SOURCE: Hibernia Bancorp, Inc.

Hibernia Bancorp, Inc.

August 08, 2012 13:00 ET

Hibernia Bancorp, Inc. Reports Operating Results for the Second Quarter and Six Months Ended June 30, 2012

NEW ORLEANS, LA--(Marketwire - Aug 8, 2012) - Hibernia Bancorp, Inc. (the "Company") (OTCBB: HIBE), the holding company of Hibernia Bank (the "Bank"), today reported net income of $35,000 for the quarter ended June 30, 2012 compared to net income of $2,000 for the quarter ended June 30, 2011. Earnings per basic and diluted share for the quarter ended June 30, 2012 were $0.04, compared to no material net income on a per share basis for the quarter ended June 30, 2011. For the six months ended June 30, 2012, the Company reported net income of $86,000 compared to net income of $21,000 for the six months ended June 30, 2011. Earnings per basic and diluted share were $0.09 for the six months ended June 30, 2012, compared to $0.02 per basic and diluted share for the six months ended June 30, 2011.

A. Peyton Bush, III, President and Chief Executive Officer of the Company and the Bank, stated, "While we are pleased with the growth and improving profitability experienced in the first half of 2012, we recognize that Hibernia faces challenges in attaining the level of performance needed to provide acceptable long term shareholder returns. We are confident in our ability to meet these challenges, but we are also mindful that today's uncertain economic conditions call for a degree of caution and patience in the pursuit of growth and earnings. Asset quality will continue to be our highest priority."

Net interest income increased 19.6% to $873,000 for the quarter ended June 30, 2012, from $730,000 for quarter ended June 30, 2011. Several factors affected net interest income for the period. Gross interest income was higher due to an increase in loans and a decrease in lower yielding investment securities as a percentage of earning assets. Interest bearing deposits increased, but the average rate paid for deposits declined. As a result, there was little change in total interest expense. During the quarter ended June 30, 2012, the Company made a provision for loan and lease losses of $32,000.

Non-interest expense increased 11.3% from $718,000 for the quarter ended June 30, 2011 to $799,000 for the quarter ended June 30, 2012. The increase in non-interest expense for the quarter ended June 30, 2012 reflected increases in personnel expenses, advertising and promotional expense, occupancy expenses, and professional fees. The increase in personnel expense included merit based salary increases, the addition of two staff members and costs associated with the Company's stock benefit plans. These increases were offset partially by decreases in other operating expenses.

For the six months ended June 30, 2012, net interest income increased 19.8% to $1.7 million from $1.5 million for the six months ended June 30, 2011, primarily due to higher loan volume. During the six months ended June 30, 2012, the Company made provisions for loan and lease losses of $64,000 compared to provisions of $38,000 during the six months ended June 30, 2011.

Non-interest expense for the six months ended June 30, 2012 increased $160,000, or 11.2%, to $1.6 million compared to $1.4 million for the six months ended June 30, 2011. The non-interest expense for the six months ended June 30, 2012 reflected increases in personnel expense, occupancy expenses, data processing expenses and marketing related expenses. These increases were partially offset by decreases in other operating expenses.

Income tax expense for the quarter ended June 30, 2012 was $38,000 as compared to $11,000 for the quarter ended June 30, 2011. For the six months ended June 30, 2012, income tax expense was $76,000 compared to $30,000 for the six months ended June 30, 2011. The increases in quarterly and year-to-date taxes were due to increases in pre-tax income and Alternative Minimum Tax (AMT) recorded following the filing of the Company's consolidated federal income tax return for the year ended December 31, 2011.

Hibernia Bancorp's total consolidated assets at June 30, 2012 were $101.3 million compared to $88.5 million at December 31, 2011. Net loans increased 8.8% from $76.9 million at December 31, 2011 to $83.7 million at June 30, 2012, reflecting a $4.8 million increase in residential mortgage and residential construction loans and $2.0 million increase in commercial real estate loans. An increase of $12.9 million in deposits and a $1.1 million decrease in investment securities funded the increase in loan volume, increased interest bearing cash by $7.5 million and funded the $224,000 repurchase of the Company's stock for treasury. Total deposits increased 19.6% from $65.5 million at December 31, 2011 to $78.4 million at June 30, 2012, reflecting increases of $5.1 million in certificates of deposit, $5.6 million in interest bearing checking deposits, $2.1 million in non-interest bearing demand deposits, and $60,000 in savings deposits.

Non-performing assets, defined as non-accrual loans, accruing loans past due 90 days or more and other real estate owned, totaled $673,000, or 0.7%, of total assets at June 30, 2012, compared to $695,000, or 0.8%, of total assets, at December 31, 2011. The non-performing assets at June 30, 2012 consisted of three loans secured by first mortgages on one-to-four family residential real estate and a one-to-four family residential property acquired through foreclosure. Management believes that the allowance for loan and lease losses is sufficient to cover any losses that may be incurred on its non-performing loans and does not expect to incur further losses on the disposition of the other real estate owned. Other real estate owned at June 30, 2012 and December 31, 2011 totaled $126,000.

The Company reported no net charge-offs for the three and six months ended June 30, 2012 compared to charge-offs of $26,000 for the three and six months ended June 30, 2011. The Company's loan loss provision for the quarter ended June 30, 2012 was $32,000, compared to $23,000 for the quarter ended June 30, 2011. For the six months ended June 30, 2012, the Company's loan loss provision was $64,000, compared to $38,000 for the six months ended June 30, 2011. The increases in the provision for the three and six months ended June 30, 2012 were primarily due to increases in general reserves driven by the higher volume of loans outstanding.

The Company's total stockholders' equity remained essentially unchanged at $22.1 million as of June 30, 2012 and December 31, 2011. During the quarter ending June 30, 2012, the Company repurchased 14,000 shares of its common stock as treasury stock for an aggregate cost of $224,000 which leaves 7,332 shares remaining to be repurchased under the Company's stock repurchase program. The Company's book value per share increased from $21.55 at December 31, 2011 to $21.82 at June 30, 2012 due to our net income for the period and, to a lesser extent, to our purchase of treasury stock. 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,  
    2012     2011  
    (Unaudited)        
ASSETS                
                 
Cash - Non-Interest Bearing   $ 773     $ 831  
Cash - Interest Bearing     9,241       1,788  
                 
TOTAL CASH AND CASH EQUIVALENTS     10,014       2,619  
                 
                 
Certificates of Deposit     100       100  
Securities - Available For Sale     1,099       2,229  
Loans Receivable, Net     83,691       76,947  
Accrued Interest Receivable     286       275  
Investment in FHLB Stock     36       172  
Investment in FNBB Stock     210       210  
Prepaid Expenses and Other Assets     260       216  
Other Real Estate Owned, Net     126       126  
Premises and Equipment, Net     5,059       5,174  
Deferred Income Taxes     372       431  
                 
  TOTAL ASSETS   $ 101,253     $ 88,499  
                 
LIABILITIES AND EQUITY                
                 
LIABILITIES                
Deposits                
  Non-Interest Bearing     6,104       3,975  
  Interest Bearing     72,288       61,567  
Total Deposits     78,392       65,542  
                 
Advance Payments by Borrowers for Taxes and Insurance     482       634  
Accrued Interest Payable     56       11  
Accounts Payable and Other Liabilities     243       203  
                 
  TOTAL LIABILITIES     79,173       66,390  
                 
                 
                 
EQUITY                
                 
Preferred Stock, $.01 par value - 1,000,000 shares authorized; none issued     -       -  
Common Stock, $.01 par value - 9,000,000 shares authorized; 1,113,334 issued; 1,012,116 and 1,026,116 shares outstanding at June 30, 2012 and December 31, 2011, respectively     11       11  
Additional Paid in Capital     10,628       10,560  
Treasury Stock at cost - 101,218 and 87,218 shares at June 30, 2012 and December 31, 2011, respectively     (1,484 )     (1,260 )
Unallocated Common Stock held by:                
  Employee Stock Ownership Plan     (766 )     (784 )
  Recognition and Retention Plan     (231 )     (262 )
Accumulated Other Comprehensive Income, Net of Tax Effects     48       56  
Retained Earnings     13,874       13,788  
                 
  TOTAL EQUITY     22,080       22,109  
                 
  TOTAL LIABILITIES AND EQUITY   $ 101,253     $ 88,499  
 
 
 
Hibernia Bancorp, Inc. and Subsidiary
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share data)
 
    Three Months Ended       Six Months Ended
    June 30,       June 30,
    2012   2011       2012   2011
    (Unaudited)       (Unaudited)
                             
Total Interest and Dividend Income   $ 1,045   $ 899       $ 2,083   $ 1,792
                             
Total Interest Expense     172     169         342     339
                             
  Net Interest Income     873     730         1,741     1,453
                             
Provision For Loan Losses     32     23         64     38
                             
  Net Interest Income After Provision For                            
  Loan Losses     841     707         1,677     1,415
                             
Total Non-Interest Income     31     24         74     65
                             
Non-Interest Expenses                            
  Salaries and Employee Benefits     373     321         749     657
  Occupancy Expenses     122     106         244     209
  Data Processing     91     85         180     149
  Advertising and Promotional Expenses     46     27         77     55
  Professional Fees     58     48         117     108
  Other Non-Interest Expenses     109     131         222     251
                             
Total Non-Interest Expenses     799     718         1,589     1,429
                             
  Income Before Income Taxes     73     13         162     51
                             
Income Tax Expense     38     11         76     30
                             
  NET INCOME   $ 35   $ 2       $ 86   $ 21
                             
  INCOME PER COMMON SHARE                            
    Basic   $ 0.04   $ N/M   *   $ 0.09   $ 0.02
    Diluted   $ 0.04   $ N/M   *   $ 0.09   $ 0.02
                             
                             
* Not Meaningful                            

Contact Information

  • CONTACT:

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