Hibernia Homestead Bancorp, Inc. and Subsidiary
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
December 31, December 31,
2010 2009
----------- -----------
(Unaudited)
ASSETS
Cash - Non-Interest Bearing $ 481 $ 1,067
Cash - Interest Bearing 4,112 16
Federal Funds Sold - 5,150
----------- -----------
TOTAL CASH AND CASH EQUIVALENTS 4,593 6,233
Certificates of Deposit 100 475
Securities - Available For Sale 4,230 8,293
Loans receivable - net 61,953 44,987
Accrued Interest receivable 227 206
Investment in FHLB Stock 171 171
Investment in FNBB Stock 210 210
Prepaid Expenses and Other Assets 253 309
Premises and Equipment, Net 4,988 5,127
Deferred Income Taxes 528 492
----------- -----------
TOTAL ASSETS $ 77,253 $ 66,503
=========== ===========
LIABILITIES AND EQUITY
LIABILITIES
Deposits $ 54,607 $ 42,640
Advance Payments by Borrowers for Taxes and
Insurance 477 386
Accrued Interest Payable 3 2
Accounts Payable and Other Liabilities 213 79
----------- -----------
TOTAL LIABILITIES 55,300 43,107
----------- -----------
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; 1,032,667 and
1,113,334 shares outstanding at December 31,
2010 and 2009, respectively 11 11
Additional Paid in Capital 10,466 10,365
Treasury Stock at cost - 80,667 shares at
December 31, 2010 (1,152) -
Unallocated common stock held by:
Employee Stock Ownership Plan (819) (855)
Recognition and Retention Plan (293) -
Accumulated Other Comprehensive Income,
Net of Tax Effects 80 133
Retained Earnings 13,660 13,742
----------- -----------
TOTAL EQUITY 21,953 23,396
----------- -----------
TOTAL LIABILITIES AND EQUITY $ 77,253 $ 66,503
=========== ===========
Hibernia Homestead Bancorp, Inc. and Subsidiary
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share data)
Three Months Ended Year Ended
December 31, December 31,
---------------- ----------------
2010 2009 2010 2009
------- ------- ------- -------
(Unaudited) (Unaudited)
Total Interest Income $ 846 $ 662 $ 3,249 $ 2,541
Total Interest Expense 169 142 636 581
------- ------- ------- -------
Net Interest Income 677 520 2,613 1,960
Provision For Loan Losses 26 30 64 78
------- ------- ------- -------
Net Interest Income After Provision
For Loan Losses 651 490 2,549 1,882
Total Non-Interest Income 44 61 144 233
Non-Interest Expenses
Salaries and Employee Benefits 315 286 1,219 1,164
Occupancy Expenses 107 96 438 360
Data Processing 79 79 319 288
Advertising 25 51 103 137
Professional Fees 64 38 274 214
Other Non-Interest Expenses 111 111 430 442
------- ------- ------- -------
Total Non-Interest Expenses 701 661 2,783 2,605
------- ------- ------- -------
Loss Before Income Taxes (6) (110) (90) (490)
Income Tax Expense (Benefit) 4 (37) (8) (166)
------- ------- ------- -------
NET LOSS $ (10) $ (73) $ (82) $ (324)
======= ======= ======= =======
LOSS PER COMMON SHARE
Basic $ (0.01) $ (0.07) $ (0.08) $ (0.29)
Diluted $ (0.01) $ (0.07) $ (0.08) $ (0.29)
Hibernia Homestead Bancorp, Inc. Reports Operating Results for the Fourth Quarter and Year Ended December 31, 2010
| Source: Hibernia Homestead Bancorp, Inc.
NEW ORLEANS, LA--(Marketwire - February 11, 2011) - Hibernia Homestead Bancorp, Inc. (the
"Company") (OTCBB : HIBE ), the holding company of Hibernia Homestead Bank
("Hibernia" or the "Bank"), today reported a net loss of $10,000 for the
quarter ended December 31, 2010 compared to a net loss of $73,000 for the
quarter ended December 31, 2009. For the year ended December 31, 2010, the
Company reported a net loss of $82,000 compared to a net loss of $324,000
for the year ended December 31, 2009.
A. Peyton Bush, III, President and Chief Executive Officer of the Company
and the Bank, stated, "While we did not achieve profitability in 2010, our
operating loss was substantially reduced and we continued to make good
progress in building Hibernia's base of commercial and retail customers.
Despite the modest pace of recovery in the national and local economies,
net loans increased 37.7% and total deposits increased 28.1 % in 2010.
While nonperforming loans increased over the 2009 level, Hibernia's overall
asset quality remains strong. Non-performing assets consist of six single
family first mortgage residential loans, and we believe that reserves
allocated to those loans are adequate to cover any losses that may be
incurred by the Bank."
Mr. Bush added, "We continue to emphasize prudent growth of our loan
portfolio as the most effective way of deploying the capital raised in the
Company's 2009 stock offering. At the same time we are actively marketing
the Bank's commercial and personal deposit services and have further
improved those services through additional upgrades to our data processing
infrastructure. In April 2010 we converted to a fully integrated
commercial banking system that allows us to compete against banks many
times our size in areas such as cash management and online banking. We are
optimistic that 2011 will be another year of significant progress for
Hibernia."
Net interest income increased 30.2% to $677,000 for the quarter ended
December 31, 2010, from $520,000 for quarter ended December 31, 2009.
Several factors affected net interest income for the period. 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
expense was higher due to an increase in interest bearing deposits
partially offset by a reduction in the average rate paid on certificates of
deposit and other interest bearing deposits. During the quarter ended
December 31, 2010, we made a provision for loan and lease losses of
$26,000, which consisted of an increase in general reserves due to the
higher volume of loans outstanding and an increase in the reserve for
impaired loans. Non-interest expense increased 6.1% from $661,000 for the
quarter ended December 31, 2009 to $701,000 for the quarter ended December
31, 2010. The increase in non-interest expense for the quarter ended
December 31, 2010 was due primarily to an increase in employee salary and
benefits expense along with an increase in professional fees partially
offset by a decrease in advertising and promotions expense.
For the year ended December 31, 2010, net interest income increased 33.3%
to $2.6 million from $2.0 million for the year ended December 31, 2009,
primarily due to a $708,000, or 27.9%, increase in interest income net of
an increase of $55,000, or 9.5%, in interest expense. Non-interest expense
for the year ended December 31, 2010 increased 6.8% to $2.8 million from
$2.6 million for the year ended December 31, 2009. The increase in
non-interest expense for the year ended December 31, 2010 was due primarily
to an increase in occupancy expense, an increase in employee salary and
benefits expense, an increase in professional fees and data processing
expense and Louisiana bank shares tax expense which became effective for
the Company in 2010. These increases were partially offset by decreases
in general insurance and advertising and promotions expense. For the
fourth quarter and year ended December 31, 2010, an increase in occupancy
expense was due to unscheduled repairs to the Company's main office. The
higher employee compensation and benefits expense reflects costs associated
with the Company's Stock Option Plan and the Recognition and Retention Plan
for equity awards made in the first and second quarter of 2010, partially
offset by lower health insurance expenses. The increase in professional
fees for the year ended December 31, 2010, reflects accounting and legal
expense associated with the Company's financial and SEC reporting
requirements as well as $27,000 incurred in connection with Bank's 2010
conversion to a fully integrated commercial banking system. The increase
in data processing expense was due primarily to the data processing
conversion.
Hibernia Homestead Bancorp's total consolidated assets at December 31, 2010
were $77.3 million compared to $66.5 million at December 31, 2009. Net
loans increased 37.7% from $45.0 million at December 31, 2009 to $62.0
million at December 31, 2010, reflecting a $5.9 million increase in
commercial loans secured by real estate, a $2.4 million increase in
commercial and industrial loans compared to none at December 31, 2009, a
$5.2 million increase in residential mortgage loans, a $3.4 million
increase in residential construction loans and a $182,000 increase in Home
Equity Lines of Credit. The additional loan volume was primarily funded by
our growth in deposits of $12.0 million, and decreases in federal funds
sold of $5.2 million, and investment securities of $4.1 million. Total
deposits increased 28.1% from $42.6 million at December 31, 2009 to $54.6
million at December 31, 2010.
Nonperforming assets, defined as non-accrual loans, accruing loans past due
90 days or more and foreclosed property, totaled $1.1 million, or 1.5%, of
total assets at December 31, 2010, compared to $315,000, or 0.5%, of total
assets at December 31, 2009. The non-performing assets at December 31,
2010 consist of six loans secured by first mortgages on one-to-four family
residential real estate. Management believes that the allowance for loan
and lease losses is sufficient to cover any losses that may be incurred on
these loans. There was no foreclosed property at December 31, 2010 or
December 31, 2009.
The Company's total stockholders' equity decreased to $22.0 million at
December 31, 2010 from $23.4 million at December 31, 2009. The decrease
was due primarily to purchases of treasury stock and shares to fund our
Recognition and Retention Plan and, to a lesser extent, our net loss for
the year. During 2010 we repurchased 80,667 shares of the Company's common
stock as treasury stock and purchased 20,000 shares to fund our Recognition
and Retention Plan for an aggregate cost of approximately $1.4 million.
Our flexibility to undertake these stock purchases is the result of our
strong overall capital position. While total stockholders' equity
decreased, the Company's book value per share increased from $21.01 at
December 31, 2009 to $21.26 at December 31, 2010. Hibernia Homestead
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 as that term is defined in the Private
Securities Litigation Reform Act of 1995. 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, general economic conditions as well
as other factors discussed in documents filed by the Company with the
Securities and Exchange Commission from time to time. We undertake no
obligation to update any forward-looking statements.
Hibernia Homestead Bank, the wholly-owned subsidiary of Hibernia Homestead
Bancorp, Inc., has served the New Orleans metropolitan area since 1903.
Operating from its main office and two branches, Hibernia Homestead Bank
offers loan, deposit and on-line banking services to commercial and
individual clients in the New Orleans metropolitan area. Additional
information about Hibernia Homestead Bank is available at www.hibbank.com.