Hampton Roads Bankshares (HMPR) in Virginia Beach, Va., reported higher net income that largely reflected lower expenses and a spike in income from bank-owned life insurance.

The $2 billion-asset company's first-quarter earnings totaled $3.9 million, compared to $632,000 a year earlier. Noninterest expenses fell 5%, to $18.5 million, as the company reported lower occupancy costs and reduced expenses tied to Federal Deposit Insurance Corp. insurance.

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