TowneBank (TOWN) in Suffolk, Va., reported record quarterly profit driven by mortgage-banking and insurance revenue.

The $4.4 billion-asset company said Thursday it earned $10.5 million in the first quarter, 11% more than in the first quarter of 2012, as its noninterest income rose 20%, to $23.8 million. Income from TowneBank's recently expanded mortgage operations rose 37%, to $7.8 million, and insurance commissions increased by 25%, to $8 million. TowneBank bought The Clement Companies, an insurance agency in Greenville, N.C., in February.

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