SOURCE: Hibernia Bancorp, Inc.

Hibernia Bancorp, Inc.

August 08, 2016 17:11 ET

Hibernia Bancorp, Inc. Reports Operating Results for the Second Quarter and Six Months Ended June 30, 2016

NEW ORLEANS, LA--(Marketwired - Aug 8, 2016) -  Hibernia Bancorp, Inc. (the "Company") (OTCBB: HIBE), the holding company of Hibernia Bank ("Hibernia" or the "Bank"), today reported net income of $50,000 for the quarter ended June 30, 2016 compared to net income of $49,000 for the quarter ended June 30, 2015. Earnings per basic and diluted share were $0.07 and $0.06, respectively, for the quarter ended June 30, 2016, compared to $0.06 per basic and diluted share for the quarter ended June 30, 2015. For the six months ended June 30, 2016, the Company reported net income of $109,000 compared to net income of $77,000 for the six months ended June 30, 2015. Earnings per basic and diluted share were $0.14 and $0.13, respectively, for the six months ended June 30, 2016, compared to $0.09 per basic and diluted share for the six months ended June 30, 2015. 

Peyton Bush, III, President and Chief Executive Officer of the Company and the Bank, stated, "Net interest income after provision for loan losses increased 6.0% for the second quarter of 2016 compared to the same period in 2015. However, net income was essentially flat compared to the prior year period primarily due to an increase in other non-interest expenses. Net income for the first half of 2016 increased 41.5% over the prior year period. Loan quality remains strong with non-performing assets at 0.2% of total assets at June 30, 2016." 

Net interest income increased 3.6% to $898,000 for the quarter ended June 30, 2016, from $867,000 for quarter ended June 30, 2015. Total interest and dividend income increased $79,000, or 7.8%, for the quarter ended June 30, 2016 compared to the quarter ended June 30, 2015. The increase in interest and dividend income reflects a net increase in interest-earning assets and a change in the mix of earning assets from lower earning to higher earning assets. Total interest expense increased $48,000, or 31.8%, for the quarter ended June 30, 2016 compared to the quarter ended June 30, 2015. The increase in interest expense for the quarter ended June 30, 2016 as compared to the quarter ended June 30, 2015 was primarily due to higher average balances of interest bearing deposits. The net interest margin decreased to 3.22% for the quarter ended June 30, 2016 as compared to 3.38% for the quarter ended June 30, 2015. 

The Company made an $8,000 loan loss provision for the quarter ended June 30, 2016, compared to $27,000 for the quarter ended June 30, 2015. The Company reported no net charge-offs for the quarters ended June 30, 2016 and 2015.

Non-interest income increased to $34,000 for the quarter ended June 30, 2016 from $24,000 for the quarter ended June 30, 2015. The increase in non-interest income was primarily due to higher net rental income which resulted from lower repairs and maintenance expenses on office space leased by the Bank to third parties. 

Non-interest expense increased 7.3% to $841,000 for the quarter ended June 30, 2016 from $784,000 for the quarter ended June 30, 2015. Income tax expense for the quarter ended June 30, 2016 was $33,000 as compared to $31,000 for the quarter ended June 30, 2015. The increase in income tax expense was due to the slight increase in the Company's pre-tax income.

For the six months ended June 30, 2016, net interest income increased 6.0% to $1.8 million from $1.7 million for the six months ended June 30, 2015. This increase was due primarily to an increase of $8.9 million in the average balance of loans for the six months ended June 30, 2016 compared to the six months ended June 30, 2015. Total interest expense increased $93,000, or 32.1%, for the six months ended June 30, 2016 compared to the six months ended June 30, 2015. This increase is attributable to both an increase in the average rate paid for deposits as well as an increase in the average balance of our interest bearing deposits for the six months ended June 30, 2016 compared to the six months ended June 30, 2015. The net interest margin decreased to 3.26% for the six months ended June 30, 2016 from 3.40% for the six months ended June 30, 2015.

During the six months ended June 30, 2016, the Company made provisions for loan and lease losses of $32,000 compared to provisions of $42,000 during the six months ended June 30, 2015. The Company reported no net charge-offs for the six months ended June 30, 2016 and 2015.

Non-interest expense for the six months ended June 30, 2016 increased $74,000, or 4.6%, to $1.67 million compared to $1.60 million for the six months ended June 30, 2015. For the six months ended June 30, 2016, income tax expense was $72,000 compared to $57,000 for the six months ended June 30, 2015. Income tax expenses are computed by applying the statutory rate to federal taxable income, which consists of financial statement income before taxes, increased by the amount of permanent income tax differences for the period. 

Hibernia Bancorp's total consolidated assets at June 30, 2016 were $119.7 million compared to $112.9 million at December 31, 2015, an increase of $6.9 million, or 6.1%. Cash and Cash Equivalents increased by $5.3 million, or 170.7%, at June 30, 2016 compared to December 31, 2015. Investment securities increased by $716,000, or 10.4%, as a result of investment purchases of $1.1 million partially offset by maturities and repayments. Net loans increased 0.9% to $97.9 million at June 30, 2016 from $97.1 million at December 31, 2015. The increase in net loans reflects a $3.8 million net increase in commercial loans partially offset by an aggregate decrease of $2.4 million in residential mortgage and residential construction loans and a $500,000 decrease in commercial and industrial loans. Total deposits increased 8.3% to $97.0 million at June 30, 2016 from $89.6 million at December 31, 2015, reflecting increases of $6.0 million in certificates of deposit, $1.7 million in money market and interest bearing checking accounts and $268,000 in non-interest bearing demand deposits partially offset by decreases of $596,000 in savings accounts.

Non-performing assets, defined as non-accrual loans, accruing loans past due 90 days or more and other real estate owned, remained at 0.2% of total assets, totaling $251,000 at June 30, 2016, compared to $259,000 at December 31, 2015. The non-performing assets at June 30, 2016 consisted of four loans secured by first mortgages on one-to-four family residential real estate. Our allowance for loan and lease losses was $808,000, or 0.82%, of total loans at June 30, 2016, and $776,000, or 0.79%, of total loans at December 31, 2015. Management believes that the allowance for loan and lease losses is sufficient to cover any losses that may be incurred on its loans. At June 30, 2016 and December 31, 2015, there was no other real estate owned. 

The Company's total stockholders' equity decreased slightly to $20.5 million as of June 30, 2016 from $20.8 million as of December 31, 2015. During the six months ended June 30, 2016, the Company repurchased 23,966 shares of its common stock for an aggregate cost of $478,000. An additional 244 shares are available under the Company's fifth stock repurchase program. The Company's book value per share increased to $23.98 at June 30, 2016 from $23.62 at December 31, 2015 due to our net income for the six month period and our stock repurchases. Hibernia Bank's regulatory capital levels continue to exceed requirements for well capitalized institutions. 

Statements contained in this news release which are not historical facts may be forward-looking statements identified by words like "believe," "expect," "anticipate," "estimate," and "intend" or future or conditional verbs such as "will," "would," "should," "could" or "may." Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, including, but not limited to, changes in interest rates, changes in demand for loans, deposits and other financial services in the Company's market area, changes in asset quality and general economic conditions. We undertake no obligation to update any forward-looking statements.

Hibernia Bank, the wholly-owned subsidiary of Hibernia Bancorp, Inc., has served the New Orleans metropolitan area since 1903. Operating from its main office and two branches, Hibernia Bank offers loan, deposit and on-line banking services to commercial and individual customers in the New Orleans metropolitan area. Additional information about Hibernia Bank is available at www.hibbank.com.

   
   
Hibernia Bancorp, Inc. and Subsidiary  
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION  
(In thousands)  
   
    June 30,     December 31,  
    2016     2015  
    (Unaudited)        
ASSETS                
                 
Cash - Non-Interest Bearing   $ 944     $ 624  
Cash - Interest Bearing     7,453       2,478  
                 
Total Cash and Cash Equivalents     8,397       3,102  
                 
Certificates of Deposit     100       100  
Securities - Available For Sale     7,612       6,896  
Loans Receivable, Net of Allowances for Loan  
  Losses of $808,000 at June 30, 2016 and $776,000 at December 31, 2015     97,909       97,087  
Accrued Interest Receivable     266       238  
Investment in FHLB Stock     186       104  
Investment in FNBB Stock     210       210  
Premises and Equipment, Net     4,520       4,634  
Deferred Income Taxes     287       262  
Prepaid Expenses and Other Assets     242       227  
  TOTAL ASSETS   $ 119,729     $ 112,860  
LIABILITIES AND EQUITY                
LIABILITIES                
Deposits                
  Non-Interest Bearing   $ 9,070     $ 8,801  
  Interest Bearing     87,893       80,756  
Total Deposits     96,963       89,557  
                 
Escrow Balances     482       676  
FHLB Advances     1,500       1,500  
Accrued Interest Payable     54       38  
Accounts Payable and Other Liabilities     223       323  
  TOTAL LIABILITIES     99,222       92,094  
                 
                 
                 
EQUITY                
Preferred Stock, $.01 par value - 1,000,000 shares authorized; none issued     -       -  
Common Stock, $.01 par value - 9,000,000 shares authorized; 855,028 and 878,994 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively     8       9  
Additional Paid in Capital     11,089       11,059  
Unallocated Common Stock held by:                
  Employee Stock Ownership Plan     (623 )     (641 )
  Recognition and Retention Plan     (133 )     (133 )
Accumulated Other Comprehensive Income, Net of Tax Effects     66       3  
Retained Earnings     10,100       10,469  
                 
  TOTAL EQUITY     20,507       20,766  
  TOTAL LIABILITIES AND EQUITY   $ 119,729     $ 112,860  
                 
                 
                 
Hibernia Bancorp, Inc. and Subsidiary
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
 
    Three Months Ended   Six Months Ended
    June 30,   June 30,
    2016   2015   2016   2015
    (Unaudited)   (Unaudited)
                 
Total Interest and Dividend Income   $ 1,097   $ 1,018   $ 2,193   $ 1,998
                         
Total Interest Expense     199     151     383     290
                         
  Net Interest Income     898     867     1,810     1,708
                         
Provision For Loan Losses     8     27     32     42
                         
  Net Interest Income After Provision For Loan Losses     890     840     1,778     1,666
                         
Total Non-Interest Income     34     24     77     68
                         
Non-Interest Expenses                        
    Salaries and Employee Benefits     384     380     793     786
    Occupancy Expenses     134     126     268     264
    Data Processing     102     97     201     194
    Advertising and Promotional Expenses     32     27     63     53
    Professional Fees     43     40     86     75
    Other Non-Interest Expenses     146     114     263     228
                         
Total Non-Interest Expenses     841     784     1,674     1,600
                         
  Income Before Income Taxes     83     80     181     134
                         
Income Tax Expense     33     31     72     57
                         
  NET INCOME   $ 50   $ 49   $ 109   $ 77
                           
  INCOME PER COMMON SHARE                        
    Basic   $ 0.07   $ 0.06   $ 0.14   $ 0.09
    Diluted   $ 0.06   $ 0.06   $ 0.13   $ 0.09
                             

Contact Information

  • CONTACT:

    A. Peyton Bush, III
    President and Chief Executive Officer
    Donna T. Guerra
    Chief Operating Officer and Chief Financial Officer
    504-522-3203