Net income rises for Xenith Bankshares

Xenith Bankshares Inc., the Richmond-based successor to SuffolkFirst Bank and First Bankshares Inc., reported third-quarter net income of $6.79 million, or 65 cents a diluted share.

Xenith attributed part of the improvement to a pretax gain of $8.7 million from the acquisition of loans and deposits at a failed Richmond bank. In the year-earlier quarter, Xenith suffered a net loss of $1.95 million, or 33 cents a diluted shares. Xenith said net interest income for the recent quarter more than doubled to $4.83 million, helped by loan growth and a wider net interest margin. Its income from noninterest sources, including a one-time gain related to an acquisition, jumped to $8.58 million from $102,000 in the comparable period last year.