Market Overview

Hibernia Bancorp, Inc. Reports Operating Results for the Second Quarter and Six Months Ended June 30, 2017

Share:

NEW ORLEANS, La., Aug. 03, 2017 (GLOBE NEWSWIRE) -- Hibernia Bancorp, Inc.  (the "Company") (OTC:HIBE), the holding company of Hibernia Bank ("Hibernia" or the "Bank"), today reported net income of $73,000 for the quarter ended June 30, 2017 compared to net income of $50,000 for the quarter ended June 30, 2016.  Earnings per basic and diluted share were $0.09 for the quarter ended June 30, 2017, compared to $0.07 and $0.06, per basic and diluted share, respectively, for the quarter ended June 30, 2016.  For the six months ended June 30, 2017, the Company reported net income of $156,000 compared to net income of $109,000 for the six months ended June 30, 2016.  Earnings per basic and diluted share were $0.20 and $0.19, respectively, for the six months ended June 30, 2017, compared to $0.14 and $0.13, respectively, for the six months ended June 30, 2016. 

For the quarter ended June 30, 2017, net interest income increased 12.6% to $1.0 million from $898,000 for quarter ended June 30, 2016.  Total interest and dividend income increased $165,000, or 15.0%, for the quarter ended June 30, 2017 compared to the quarter ended June 30, 2016.  The increase in interest and dividend income was primarily due to an increase in the average balance of loans, and to a lesser extent, an increase in average yields on loans, investment securities and interest-bearing cash.  Total interest expense increased $52,000, or 26.1%, for the quarter ended June 30, 2017 compared to the quarter ended June 30, 2016.  The increase in interest expense for the quarter ended June 30, 2017 as compared to the quarter ended June 30, 2016 was primarily due to a higher average rate on deposits, and to a lesser extent, a higher average balance of interest bearing deposits as well as an increase in volume and rate on FHLB advances.  The net interest margin increased to 3.25% for the quarter ended June 30, 2017 as compared to 3.22% for the quarter ended June 30, 2016. 

The Company made a $57,000 loan loss provision for the quarter ended June 30, 2017, compared to $8,000 for the quarter ended June 30, 2016.  The increase in the loan loss provision in the 2017 period is due to the increasing volume of loans outstanding.  The Company reported no net charge-offs for the quarters ended June 30, 2017 and 2016.

Non-interest income remained constant at $34,000 for both quarters ended June 30, 2017 and June 30, 2016.   Non-interest expenses increased 3.7% to $872,000 for the quarter ended June 30, 2017 from $841,000 for the quarter ended June 30, 2016.  The increase in non-interest expenses was due to increases in salaries and employee benefits, professional fees, and data processing expenses partially offset by decreases in other non-interest expenses and occupancy expenses.

For the six months ended June 30, 2017, net interest income increased 7.8% to $2.0 million from $1.8 million for the six months ended June 30, 2016.  This increase was primarily due to an increase of $7.6 million in the average balance of loans for the six months ended June 30, 2017 compared to the six months ended June 30, 2016 and to a lesser extent, an increase in average yields on loans, investment securities and interest-bearing cash.   Total interest expense increased $94,000, or 24.5%, for the six months ended June 30, 2017 compared to the six months ended June 30, 2016.  Similar to the quarter, this increase was primarily due to a higher average rate on deposits, and to a lesser extent, a higher average balance of interest bearing deposits as well as an increase in volume and rate on FHLB advances.    The net interest margin decreased slightly to 3.25% for the six months ended June 30, 2017 from 3.26% for the six months ended June 30, 2016.

During the six months ended June 30, 2017, the Company made provisions for loan losses of $57,000 compared to provisions of $32,000 during the six months ended June 30, 2016. Similar to the quarter, the increase in the loan loss provision in the 2017 period is due to the increasing volume of loans outstanding. The Company reported no net charge-offs for the six months ended June 30, 2017 and 2016.

Non-interest income remained constant at $77,000 for both the six month periods ended June 30, 2017 and June 30, 2016.   Non-interest expenses for the six months ended June 30, 2017 increased $49,000, or 2.9%, to $1.72 million compared to $1.67 million for the six months ended June 30, 2016. The increase in non-interest expenses was due to increases in salaries and employee benefits, data processing expenses, and professional fees, partially offset by decreases in other non-interest expenses and occupancy expenses.

Hibernia Bancorp's total consolidated assets at June 30, 2017 were $131.8 million compared to $124.7 million at December 31, 2016, an increase of $7.1 million, or 5.7%.  The increase was primarily due to a $7.0 million, or 6.7%, increase in net loans receivable to $111.5 million at June 30, 2017 from $104.5 million at December 31, 2016.   Cash and cash equivalents increased by $492,000, or 8.5%, at June 30, 2017 compared to December 31, 2016.  Investment securities decreased by $484,000, or 5.5%, as a result of maturities and repayments.  The increase in net loans was primarily due to a $4.3 million net increase in commercial real estate loans and a net increase of $2.9 million in loans secured by residential real estate.  Total deposits increased 5.1% to $106.0 million at June 30, 2017 from $100.9 million at December 31, 2016, reflecting increases of $1.9 million in certificates of deposit, $1.3 million in money market and interest bearing checking accounts, $1.5 million in non-interest bearing demand deposits and $420,000 in savings accounts.

Non-performing assets, defined as non-accrual loans, accruing loans past due 90 days or more and other real estate owned, decreased to 0.2% from 0.3% of total assets, totaling $214,000 at June 30, 2017, compared to $316,000 at December 31, 2016.  The non-performing assets at June 30, 2017 consisted of four loans secured by first mortgages on one-to-four family residential real estate.   At June 30, 2017 and December 31, 2016, there was no other real estate owned. 

Our allowance for loan losses was $898,000, or 0.80%, of total loans at June 30, 2017, and $841,000, or 0.80%, of total loans at December 31, 2016.  Management believes that the allowance for loan losses is sufficient to cover any losses that may be incurred on its loans. 

The Company's total stockholders' equity increased to $20.6 million as of June 30, 2017 from $20.4 million as of December 31, 2016.   During the six months ended June 30, 2017, the Company repurchased 992 shares of its common stock for an aggregate cost of $19,000.  An additional 61,908 shares are available under the Company's sixth stock repurchase program.  The Company's book value per share increased to $24.38 at June 30, 2017 from $24.06 at December 31, 2016 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.hibernia.bank



Hibernia Bancorp, Inc. and Subsidiary
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
    June 30,   December 31,
      2017       2016  
    (Unaudited)    
ASSETS        
         
Cash - Non-Interest Bearing   $   842     $   1,176  
Cash - Interest Bearing       5,434         4,608  
Total Cash and Cash Equivalents       6,276         5,784  
         
Certificates of Deposit       100         100  
Securities - Available for Sale       8,279         8,763  
Loans Receivable, Net of Allowances for Loan   
 Losses of $898,000 and $841,000 at June 30, 2017 
 and December 31, 2016, respectively      111,476         104,467  
Accrued Interest Receivable       317         266  
Investment in FHLB Stock       276         187  
Investment in FNBB Stock       210         210  
Premises and Equipment, Net       4,194         4,351  
Deferred Income Taxes       441         417  
Prepaid Expenses and Other Assets       202         159  
TOTAL ASSETS   $   131,771     $   124,704  
         
LIABILITIES AND EQUITY        
LIABILITIES        
Deposits        
 Non-Interest Bearing   $   10,747     $   9,217  
 Interest Bearing       95,272         91,698  
Total Deposits       106,019         100,915  
         
Escrow Balances       386         629  
FHLB Advances       4,500         2,500  
Accrued Interest Payable       71         62  
Accounts Payable and Other Liabilities       198         248  
TOTAL LIABILITIES       111,174         104,354  
         
         
         
EQUITY        
Preferred Stock, $.01 par value - 1,000,000 shares authorized; none issued       -          -   
Common Stock, $.01 par value - 9,000,000 shares authorized; 844,851 and
  845,843 shares issued and outstanding at June 30, 2017 and
  December 31, 2016, respectively
      8         8  
Additional Paid in Capital       11,137         11,118  
Unallocated Common Stock held by:        
 Employee Stock Ownership Plan       (588 )       (606 )
 Recognition and Retention Plan       (133 )       (133 )
Accumulated Other Comprehensive Income (Loss), Net of Tax Effects       7         (66 )
Retained Earnings       10,166         10,029  
         
TOTAL EQUITY       20,597         20,350  
TOTAL LIABILITIES AND EQUITY   $   131,771     $   124,704  
         


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,
     2017    2016      2017      2016
     (Unaudited)     (Unaudited) 
                 
Total Interest and Dividend Income $   1,262   $   1,097   $   2,429   $   2,193
                 
Total Interest Expense       251       199       477       383
                 
Net Interest Income       1,011       898       1,952       1,810
                 
 Provision for Loan Losses       57       8       57       32
                 
Net Interest Income After Provision for                  
 Loan Losses       954       890       1,895       1,778
                 
Total Non-Interest Income       34       34       77       77
                 
Non-Interest Expenses                
Salaries and Employee Benefits       425       384       847       793
Occupancy Expenses       123       134       243       268
Data Processing       116       102       229       201
Professional Fees       58       43       103       86
Other Non-Interest Expenses       150       178       301       326
                 
Total Non-Interest Expenses       872       841       1,723       1,674
                 
Income Before Income Taxes       116       83       249       181
                 
 Income Tax Expense       43       33       93       72
                 
 NET INCOME    $   73   $   50   $   156   $   109
                 
 INCOME PER COMMON SHARE                
     Basic   $   0.09   $   0.07   $   0.20   $   0.14
     Diluted   $   0.09   $   0.06   $   0.19   $   0.13


CONTACT:

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

Primary Logo

View Comments and Join the Discussion!
 

Partner Center