TowneBank (TOWN) in Suffolk, Va., said that improved credit quality helped boost its first-quarter earnings 6.3% from a year earlier, to $11.1 million.

After TowneBank's $191,000 in preferred dividend payments, net income available to common shareholders increased 20%, to $10.9 million, or 31 cents a share, the $4.7 billion-asset company said in a news release Thursday.

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