May 15--Hampton Roads Bankshares Inc. reported net income of $3.9 million in the first quarter, up from $0.6 million for the same quarter in 2013.
Douglas Glenn, president and chief executive officer, said in a statement that the increase comes in part from a strategic plan implemented last year that calls for avoiding undue risk.
The company's share of non-performing assets dropped to 5.16 percent from 7.5 percent at the end of the first quarter last year. The allowance for loan losses decreased 28.5 percent to $31.3 million from $43.7 million in the same quarter of 2013.
As of March 31, total assets were $1.9 billion, down 4.7 percent from $2 billion last year -- due to a decrease in gross loans, among other factors.
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