NEW ORLEANS, LA--(Marketwired - May 6, 2016) - Hibernia Bancorp, Inc. (the "Company") (OTCBB: HIBE), the holding company of Hibernia Bank ("Hibernia" or the "Bank"), today reported net income of $59,000 for the quarter ended March 31, 2016, compared to net income of $28,000 for the quarter ended March 31, 2015. Earnings per basic and diluted share were $0.07 for the quarter ended March 31, 2016, compared to $0.03 per basic and diluted share for the quarter ended March 31, 2015.

Peyton Bush, III, President and Chief Executive Officer of the Company and the Bank, stated, "Net income for the first quarter ended March 31, 2016 showed improvement from the same period of 2015 due primarily to higher net interest income resulting from the continued growth of our loan portfolio. The increase in net interest income was partially offset by an increase in our provision for loan losses and slightly higher non-interest expense. The increase in our provision for loan losses was due solely to the growth in the Bank's loan portfolio. Asset quality remains strong with non-performing assets holding steady at 0.2% of total assets."

For the quarter ended March 31, 2016, net interest income increased by 8.4% to $912,000 from $841,000 for quarter ended March 31, 2015. Total interest and dividend income increased $116,000, or 11.8%, for the quarter ended March 31, 2016 compared to the quarter ended March 31, 2015. The increase in interest and dividend income reflects a net increase of $11.3 million in interest-earning assets primarily resulting from a net increase in commercial loans secured by real estate. Total interest expense increased $45,000, or 32.4%, for the quarter ended March 31, 2016 compared to the quarter ended March 31, 2015. Higher interest expense for the quarter ended March 31, 2016 as compared to the quarter ended March 31, 2015 was primarily due to a higher average balance of interest bearing deposits combined with a higher average rate on deposits. The net interest margin decreased to 3.30% for the quarter ended March 31, 2016 as compared to 3.41% for the quarter ended March 31, 2015. 

During the quarter ended March 31, 2016, provisions for loan and lease losses were $24,000 compared to $15,000 for the quarter ended March 31, 2015. The provision in the 2016 period is higher due primarily to an increase in commercial loan volume during the first quarter of 2016. The Company reported no net charge-offs for the quarters ended March 31, 2016 and March 31, 2015.

Non-interest income decreased to $43,000 for the quarter ended March 31, 2016 from $44,000 for the quarter ended March 31, 2015. Non-interest expenses for the quarter ended March 31, 2016 increased by $17,000, or 2.1%, compared to the quarter ended March 31, 2015. The increase in non-interest expenses was due to increases in legal and accounting fees, fraud losses and loan-related expenses.

For the quarter ended March 31, 2016, income tax expense was $39,000 compared to $26,000 for the quarter ended March 31, 2015. Income tax expenses are computed by applying the statutory rate to federal taxable income, which consists of financial statement income before taxes, adjusted by the amount of permanent income tax differences for the period.

The Company's total consolidated assets at March 31, 2016 were $117.7 million compared to $112.9 million at December 31, 2015, an increase of $4.9 million, or 4.3%. The increase in total assets was due to an increase in cash and cash equivalents of $4.0 million and an increase in net loans receivable of $1.0 million to $98.1 million at March 31, 2016 from $97.1 million at December 31, 2015. The increase in net loans receivable reflects net increases of $2.2 million in commercial real estate loans. The net loan increases were funded by an increase of 5.8% in total deposits which increased to $94.7 million at March 31, 2016 from $89.6 million at December 31, 2015. The increase in deposits primarily reflects increases of $4.2 million in certificates of deposit and $1.1 million in money market and interest bearing checking accounts. Investment securities decreased by $210,000, or 3.0%, primarily as a result of maturities and repayments. Interest bearing cash increased by $4.0 million during the three months ended March 31, 2016 as a result of net cash inflows for the period. As of March 31, 2016 and December 31, 2015, the Bank had outstanding advances of $1.5 million from the FHLB of Dallas. Advances from the FHLB are collateralized by loans or investments and are utilized as a source of funding for the Bank.

Non-performing assets, defined as non-accrual loans, accruing loans past due 90 days or more and other real estate owned, remained constant at 0.2% of total assets, totaling $258,000 at March 31, 2016, compared to $259,000 at December 31, 2015. The non-performing assets at March 31, 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 $800,000, or 0.81% of total loans at March 31, 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 March 31, 2016 and December 31, 2015, there was no other real estate owned. 

The Company's total stockholders' equity increased slightly to $20.9 million as of March 31, 2016 from $20.8 million as of December 31, 2015. During the quarter ended March 31, 2016, the Company did not repurchase any shares of its common stock. An additional 24,210 shares are available under the Company's fifth stock repurchase program. The Company's book value per share increased to $23.77 at March 31, 2016 from $23.62 at December 31, 2015 due to our net income for the quarter. 

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)
				March 31,				December 31,
				2016				2015
				(Unaudited)
ASSETS
Cash - Non-Interest Bearing				$	626			$	624
Cash - Interest Bearing					6,435				2,478
Total Cash and Cash Equivalents					7,061				3,102
Certificates of Deposit					100				100
Securities - Available For Sale					6,686				6,896
Loans Receivable, Net of Allowances for Loan Losses of $800,000 at March 31, 2016 and $776,000 at December 31, 2015					98,091				97,087
Accrued Interest Receivable					263				238
Investment in FHLB Stock					186				104
Investment in FNBB Stock					210				210
Premises and Equipment, Net					4,593				4,634
Deferred Income Taxes					270				262
Prepaid Expenses and Other Assets					272				227
		TOTAL ASSETS		$	117,732			$	112,860
LIABILITIES AND EQUITY
LIABILITIES
Deposits
	Non-Interest Bearing			$	8,724			$	8,801
	Interest Bearing				85,984				80,756
Total Deposits					94,708				89,557
Escrow Balances					357				676
FHLB Advances					1,500				1,500
Accrued Interest Payable					48				38
Accounts Payable and Other Liabilities					227				323
		TOTAL LIABILITIES			96,840				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; 878,994 shares issued and outstanding at March 31, 2016 and December 31, 2015					9				9
Additional Paid in Capital					11,074				11,059
Unallocated Common Stock held by:
	Employee Stock Ownership Plan				(632	)			(641	)
	Recognition and Retention Plan				(133	)			(133	)
Accumulated Other Comprehensive Income, Net of Tax Effects					47				3
Retained Earnings					10,527				10,469
		TOTAL EQUITY			20,892				20,766
		TOTAL LIABILITIES AND EQUITY		$	117,732			$	112,860

Hibernia Bancorp, Inc. and Subsidiary
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
				Three Months Ended
				March 31,
				2016			2015
				(Unaudited)
Total Interest and Dividend Income				$	1,096		$	980
Total Interest Expense					184			139
	Net Interest Income				912			841
Provision For Loan Losses					24			15
	Net Interest Income After Provision For Loan Losses				888			826
Total Non-Interest Income					43			44
Non-Interest Expenses
		Salaries and Employee Benefits			409			406
		Occupancy Expenses			134			138
		Data Processing			99			97
		Advertising and Promotional Expenses			31			26
		Professional Fees			43			36
		Other Non-Interest Expenses			117			113
Total Non-Interest Expenses					833			816
	Income Before Income Taxes				98			54
Income Tax Expense					39			26
	NET INCOME			$	59		$	28
	INCOME PER COMMON SHARE
		Basic		$	0.07		$	0.03
		Diluted		$	0.07		$	0.03