Hibernia Homestead Bancorp, the newly formed holding company of Hibernia Homestead Bank (the bank), has reported that its net loss for the fourth quarter ended December 31, 2008 was $107,000, compared to a net income of $2,000 for the fourth quarter ended December 31, 2007.
The company reported a net loss of $466,000 for the year ended December 31, 2008, compared to a net loss of $149,000 for the year ended December 31, 2007.
According to Hibernia Homestead Bancorp, the losses incurred in 2008 were attributable to higher expenses associated with Hibernia Homestead Bank’s plans to convert from a mutual to a stock form of organisation and diversify its operations to include a broader array of personal and business banking services.
Net interest income increased 12.1% to $1.4m in 2008 from $1.3m in 2007. The bank’s total assets at December 31, 2008 were $58.2m, compared to $50.2m at December 31, 2007.
Peyton Bush, III, president and CEO of the company and the bank, said: Having served the New Orleans area as a residential mortgage lender since 1903, Hibernia has now put in place the talent, office facilities and systems needed to expand as a full service community bank serving local business as well as personal clients. Unlike some other banks in our region, Hibernia has not experienced asset quality problems. Our high level of capital and liquidity positions us well for future growth.
