##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-K
  þ
    
    Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 For the fiscal year ended: December 31, 2010
 or
 o
    
    Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 For the transition period from  to
 Commission File Number: 000-53555
 HIBERNIA HOMESTEAD BANCORP, INC.
  Louisiana
    
    26-2833386(State or Other Jurisdiction of
    
    (I.R.S. EmployerIncorporation or Organization)
    
    Identification Number)325 Carondelet Street, New Orleans, Louisiana
    
    70130(Address of Principal Executive Offices)
    
    (Zip Code)
  
 Common Stock, $.01 par value per share
 o þ
 o þ
 YES þ NO o
 o o
 þ
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer o
    
    Smaller reporting company þ(Do not check if a smaller reporting company)
 o þ
   DOCUMENTS INCORPORATED BY REFERENCE




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##### 



HIBERNIA HOMESTEAD BANCORP, INC.
2010 ANNUAL REPORT ON FORM 10-K
 TABLE OF CONTENTS
 PagePART IItem 1. Business
    
    
    1Item 1A. Risk Factors
    
    
    26Item 1B. Unresolved Staff Comments
    
    
    26Item 2. Properties
    
    
    26Item 3. Legal Proceedings
    
    
    26Item 4. (Removed and Reserved)
    
    
    26PART IIItem 5. Market for the Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
    
    
    27Item 6. Selected Financial Data
    
    
    28Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    29Item 7A. Quantitative and Qualitative Disclosures about Market Risk
    
    
    42Item 8. Financial Statements and Supplementary Data
    
    
    43Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
    
    
    81Item 9A(T). Controls and Procedures
    
    
    81Item 9B. Other Information
    
    
    82PART IIIItem 10. Directors, Executive Officers and Corporate Governance
    
    
    82Item 11. Executive Compensation
    
    
    82Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
    
    
    82Item 13. Certain Relationships and Related Transactions, and Director Independence
    
    
    83Item 14. Principal Accounting Fees and Services
    
    
    83PART IVItem 15.Exhibits and Financial Statement Schedules
    
    
    83SIGNATURESExhibit 23.0Exhibit 31.1Exhibit 31.2Exhibit 32.0
   ii




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Forward-Looking Statements
 This Annual Report on Form 10-K contains certain forward looking statements (as defined
in the Securities Exchange Act of 1934 and the regulations thereunder). Forward looking statements
are not historical facts but instead represent only the beliefs, expectations or opinions of
Hibernia Homestead Bancorp, Inc. and its management regarding future events, many of which, by
their nature, are inherently uncertain. Forward looking statements may be identified by the use of
such words as: believe, expect, anticipate, intend, plan, estimate, or words of similar
meaning, or future or conditional terms such as will, would, should, could, may,
likely, probably, or possibly. Forward looking statements include, but are not limited to,
financial projections and estimates and their underlying assumptions; statements regarding plans,
objectives and expectations with respect to future operations, products and services; and
statements regarding future performance. Such statements are subject to certain risks,
uncertainties and assumption, many of which are difficult to predict and generally are beyond the
control of Hibernia Homestead Bancorp, Inc. and its management, that could cause actual results to
differ materially from those expressed in, or implied or projected by, forward looking statements.
The following factors, among others, could cause actual results to differ materially from the
anticipated results or other expectations expressed in the forward looking statements: (1) economic
and competitive conditions which could affect the volume of loan originations, deposit flows and
real estate values; (2) the levels of non-interest income and expense and the amount of loan
losses; (3) competitive pressure among depository institutions increasing significantly; (4)
changes in the interest rate environment causing reduced interest margins; (5) general economic
conditions, either nationally or in the markets in which Hibernia Homestead Bancorp, Inc. is or
will be doing business, being less favorable than expected;(6) political and social unrest,
including acts of war or terrorism; or (7) legislation or changes in regulatory requirements
adversely affecting the business in which Hibernia Homestead Bancorp, Inc. will be engaged.
Hibernia Homestead Bancorp, Inc. undertakes no obligation to update these forward looking
statements to reflect events or circumstances that occur after the date on which such statements
were made.
  
 PART I
 
 Item 1.
    
    Business.
 General.
   1




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Market Area and Competition
     2




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##### Table of Contents



Hibernia Homestead Banks Lending Activities
 General.
   Loan Portfolio Composition.
 December 31,2010
    
    
    2009Amount
    
    
    %
    
    
    Amount
    
    
    %(Dollars in thousands)Real estate loans:One-to four-family residential
    
    $
    41,421
    
    
    
    66.50
    %
    
    $
    35,736
    
    
    
    78.95
    %Multi-family residential
    
    
    173
    
    
    
    0.28
    
    
    
    184
    
    
    
    0.41Second mortgage residential
    
    
    174
    
    
    
    0.28
    
    
    
    219
    
    
    
    0.48Residential construction and land loans
    
    
    3,375
    
    
    
    5.42
    
    
    
    410
    
    
    
    0.91Commercial-real estate secured
    
    
    14,317
    
    
    
    22.99
    
    
    
    8,447
    
    
    
    18.66Total real estate loans
    
    
    59,460
    
    
    
    95.47
    
    
    
    44,996
    
    
    
    99.41Commercial and Industrial Loans
    
    
    2,375
    
    
    
    3.81
    
    
    
    
    
    
    
    Other loans:Home equity lines of credit
    
    
    426
    
    
    
    0.68
    
    
    
    244
    
    
    
    0.54Loans secured by deposits
    
    
    24
    
    
    
    0.04
    
    
    
    25
    
    
    
    0.05Total other loans
    
    
    450
    
    
    
    0.72
    
    
    
    269
    
    
    
    0.59Total loans
    
    
    62,285
    
    
    
    100.00
    %
    
    
    45,265
    
    
    
    100.00
    %Less:Allowance for loan losses
    
    
    (394
    )
    
    
    
    
    
    
    (330
    )Deferred loan fees
    
    
    62
    
    
    
    
    
    
    
    52(332
    )
    
    
    
    
    
    
    (278
    )Net loans
    
    $
    61,953
    
    
    
    
    
    
    $
    44,987
  3




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Origination of Loans.
  ex officio
  Year EndedDecember 31,2010
    
    
    2009(In thousands)Loan originations:One-to-four family residential
    
    $
    10,053
    
    
    $
    11,985Multi-family residential
    
    
    
    
    
    
    Second mortgage residential
    
    
    
    
    
    
    196Residential construction and land loans
    
    
    3,426
    
    
    
    1,222Commercial-real estate secured
    
    
    6,682
    
    
    
    7,556Commercial and Industrial
    
    
    2,500
    
    
    
    Other
    
    
    2
    
    
    
    261Total loan originations
    
    
    22,663
    
    
    
    21,220Loans purchased
    
    
    733
    
    
    
    1,750Loans sold
    
    
    
    
    
    
    Loan principal repayments
    
    
    (6,376
    )
    
    
    (10,029
    )Total loans sold and principal repayments
    
    
    (6,376
    )
    
    
    (10,029
    )Decrease due to other items, net(1)
    
    
    (54
    )
    
    
    (227
    )Net increase in total loans
    
    $
    16,966
    
    
    $
    12,714
 
 (1)
    
    Other items consist of undisbursed portions of construction loans in process, deferred
fees and the allowance for loan losses.   4




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Loan Maturities.
 Residential
    
    
    
    
    
    
    CommercialOne-to-Four
    
    
    Multi-
    
    
    Second
    
    
    Construction
    
    
    Commercial-
    
    
    andFamily
    
    
    Family
    
    
    Mortgage
    
    
    and Land
    
    
    Real Estate
    
    
    IndustrialResidential
    
    
    Residential
    
    
    Residential
    
    
    Loans
    
    
    Secured
    
    
    Loans
    
    
    Other
    
    
    Total(In thousands)Amounts due after December 31, 2010 in:One year or less
    
    $
    2,157
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    1,601
    
    
    $
    
    
    
    $
    98
    
    
    $
    3,856After one year through two years
    
    
    8
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    46
    
    
    
    
    
    
    
    69
    
    
    
    123After two years through three years
    
    
    292
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    61
    
    
    
    353After three years through five years
    
    
    211
    
    
    
    
    
    
    
    174
    
    
    
    
    
    
    
    1,953
    
    
    
    
    
    
    
    222
    
    
    
    2,560After five years through ten years
    
    
    2,926
    
    
    
    
    
    
    
    
    
    
    
    280
    
    
    
    9,480
    
    
    
    2,375
    
    
    
    
    
    
    
    15,061After ten years through 15 years
    
    
    4,630
    
    
    
    173
    
    
    
    
    
    
    
    459
    
    
    
    1,237
    
    
    
    
    
    
    
    
    
    
    
    6,499After 15 years
    
    
    31,197
    
    
    
    
    
    
    
    
    
    
    
    _2,636
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    33,833Total
    
    $
    41,421
    
    
    $
    173
    
    
    $
    174
    
    
    $
    3,375
    
    
    $
    14,317
    
    
    $
    2,375
    
    
    $
    450
    
    
    $
    62,285
  Floating or
    
    
    Total atFixed-Rate
    
    
    Adjustable Rate
    
    
    December 31, 2010(In thousands)One-to-four family residential
    
    $
    37,864
    
    
    $
    1,400
    
    
    $
    39,264Multi-family residential
    
    
    173
    
    
    
    
    
    
    
    173Second mortgage residential
    
    
    174
    
    
    
    
    
    
    
    174Residential construction and land loans
    
    
    3,375
    
    
    
    
    
    
    
    3,375Commercialreal estate secured
    
    
    12,670
    
    
    
    46
    
    
    
    12,716Commercial and industrial loans
    
    
    2,375
    
    
    
    
    
    
    
    2,375Other loans
    
    
    
    
    
    
    352
    
    
    
    352Total
    
    $
    56,631
    
    
    $
    1,798
    
    
    $
    58,429
  One-to-Four Family Residential Real Estate Loans.
   5




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Residential Construction and Land Loans.
 Residential Second Mortgage Loans and Lines of Credit.
 Commercial Real Estate Loans.
  Commercial and Industrial Loans.
  6




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Consumer Loans.
 Loan Origination and Other Fees.
 Asset Quality
 General.
   Potential Problem Loans
  7




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Non-Performing Assets.
 December 31,2010
    
    
    2009(Dollars in thousands)Non-accruing loans:One-to-four family residential (1)
    
    $
    1,138
    
    
    $
    315Multi-family residential
    
    
    
    
    
    
    Second mortgage residential
    
    
    
    
    
    
    Residential construction and land loans
    
    
    
    
    
    
    Commercial-real estate secured
    
    
    
    
    
    
    Other loans
    
    
    
    
    
    
    Total non-accruing loans
    
    
    1,138
    
    
    
    315Accruing loans 90 days or more past due:One-to-four family residential
    
    
    
    
    
    
    Multi-family residential
    
    
    
    
    
    
    Second mortgage residential
    
    
    
    
    
    
    Residential construction and land loans
    
    
    
    
    
    
    Commercial-real estate secured
    
    
    
    
    
    
    Other
    
    
    
    
    
    
    Total accruing loans 90 days or more past due
    
    
    
    
    
    
    Total non-performing loans (2)
    
    
    1,138
    
    
    
    315Real estate owned, net
    
    
    
    
    
    
    Total non-performing assets
    
    $
    1,138
    
    
    $
    315Total non-performing loans as a percentage of loans, net
    
    
    1.84
    %
    
    
    0.70
    %Total non-performing assets as a percentage of total assets
    
    
    1.47
    %
    
    
    0.47
    %
 
 (1)
    
    Included in this category of non-accruing loans at December 31, 2010 and 2009, was one
troubled debt restructurings with a balance of $102,000 and $54,000, respectively.(2)
    
    Non-performing loans consist of non-accruing loans plus accruing loans 90 days or more past
due. Classified Assets.
   8




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Allowance for Loan Losses.
   At or for the YearEnded December 31,2010
    
    
    2009(Dollars in thousands)Total loans outstanding at end of period
    
    $
    62,285
    
    
    $
    45,265Average loans outstanding
    
    
    54,371
    
    
    
    36,749Allowance for loan losses, beginning of period
    
    
    330
    
    
    
    273Provision for loan losses
    
    
    64
    
    
    
    78Charge-offs
    
    
    
    
    
    
    (21
    )Recoveries on loans previously charged off
    
    
    
    
    
    
    Allowance for loan losses, end of period
    
    $
    394
    
    
    $
    330Allowance for loan losses as a percent of
non-performing loans
    
    
    34.6
    %
    
    
    104.8
    %Ratio of net charge-offs during the period to
average loans outstanding during the period
    
    
    
    %
    
    
    0.06
    %
  December 31,2010
    
    
    2009Loan
    
    
    
    
    
    
    LoanCategory
    
    
    
    
    
    
    CategoryAmount of
    
    
    as a % of
    
    
    Amount of
    
    
    as a % ofAllowance
    
    
    Total Loans
    
    
    Allowance
    
    
    Total Loans(Dollars in thousands)One-to-four family residential
    
    $
    310
    
    
    
    66.50
    %
    
    $
    266
    
    
    
    78.95
    %Multi-family residential
    
    
    
    
    
    
    0.28
    
    
    
    
    
    
    
    0.41Second mortgage residential
    
    
    
    
    
    
    0.28
    
    
    
    
    
    
    
    0.48Residential construction and land loans
    
    
    
    
    
    
    5.42
    
    
    
    
    
    
    
    0.91Commercial, real estate secured
    
    
    72
    
    
    
    22.99
    
    
    
    64
    
    
    
    18.66Commercial and industrial
    
    
    12
    
    
    
    3.81
    
    
    
    
    
    
    
    Other
    
    
    
    
    
    
    0.72
    
    
    
    
    
    
    
    0.59Total
    
    $
    394
    
    
    
    100.00
    %
    
    $
    330
    
    
    
    100.00
    %
 Investment Activities
 General.
  9




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10




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Investment Securities Portfolio.
 December 31,2010
    
    
    2009Amortized
    
    
    Market
    
    
    Amortized
    
    
    MarketCost
    
    
    Value
    
    
    Cost
    
    
    Value(In thousands)Securities available for sale:Mortgage-backed securities
    
    $
    3,609
    
    
    $
    3,728
    
    
    $
    6,591
    
    
    $
    6,784U.S. Government Agencies
    
    
    500
    
    
    
    502
    
    
    
    1,501
    
    
    
    1,509FNBB stock
    
    
    210
    
    
    
    210
    
    
    
    210
    
    
    
    210FHLB stock
    
    
    171
    
    
    
    171
    
    
    
    171
    
    
    
    171Total investment and
mortgage-backed securities
    
    $
    4,490
    
    
    $
    4,611
    
    
    $
    8,473
    
    
    $
    8,674
  Amounts at December 31, 2010 Which Mature InAfter FiveOne Year
    
    
    After One to
    
    
    to 10
    
    
    Over 10or Less
    
    
    Five Years
    
    
    Years
    
    
    Years
    
    
    Total(Dollars in thousands)Available for sale:Mortgage-backed securities
    
    $
    402
    
    
    $
    2,434
    
    
    $
    669
    
    
    $
    223
    
    
    $
    3,728U.S. Government Agency Securities
    
    
    
    
    
    
    502
    
    
    
    
    
    
    
    
    
    
    
    502Total
    
    $
    402
    
    
    $
    2,936
    
    
    $
    669
    
    
    $
    223
    
    
    $
    4,230Weighted-average yield
    
    
    4.15
    %
    
    
    3.91
    %
    
    
    4.24
    %
    
    
    5.22
    %
    
    
    4.30
    %
  December 31,2010
    
    
    2009(Dollars in thousands)Fixed-rate
    
    $
    3,684
    
    
    $
    6,731Adjustable-rate
    
    
    44
    
    
    
    53Total mortgage-backed securities
    
    $
    3,728
    
    
    $
    6,784
  Amounts at December 31, 2010 Which Mature inAfterOne
    
    
    Weighted-
    
    
    One to
    
    
    Weighted-
    
    
    After Five
    
    
    Weighted-
    
    
    
    
    
    
    Weighted-Year or
    
    
    average
    
    
    Five
    
    
    average
    
    
    to Ten
    
    
    average
    
    
    Over 10
    
    
    averageLess
    
    
    Yield
    
    
    Years
    
    
    Yield
    
    
    Years
    
    
    Yield
    
    
    years
    
    
    Yield(Dollars in thousands)Fixed-rate
    
    $
    402
    
    
    
    4.15
    %
    
    $
    2,434
    
    
    
    3.91
    %
    
    $
    669
    
    
    
    4.24
    %
    
    $
    179
    
    
    
    5.82
    %Adjustable-rate
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    44
    
    
    
    2.75
    %Total mortgage-backed securities
    
    $
    402
    
    
    
    4.15
    %
    
    $
    2,434
    
    
    
    3.91
    %
    
    $
    669
    
    
    
    4.24
    %
    
    $
    223
    
    
    
    5.22
    %
  11




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Sources of Funds
 General.
 Deposits. .
      December 31,2010
    
    
    2009Amount
    
    
    %
    
    
    Amount
    
    
    %(Dollars in thousands)Certificate accounts:0.00%  1.00%
    
    $
    7,364
    
    
    
    13.49
    %
    
    $
    397
    
    
    
    0.93
    %1.01%  2.00%
    
    
    15,027
    
    
    
    27.52
    
    
    
    14,720
    
    
    
    34.522.01%  3.00%
    
    
    10,547
    
    
    
    19.31
    
    
    
    8,286
    
    
    
    19.433.01%  4.00%
    
    
    1,339
    
    
    
    2.45
    
    
    
    984
    
    
    
    2.314.01%  5.00%
    
    
    
    
    
    
    
    
    
    
    60
    
    
    
    0.14Total certificate accounts
    
    
    34,277
    
    
    
    62.77
    %
    
    
    24,447
    
    
    
    57.33
    %Transaction accounts:Savings
    
    
    6,566
    
    
    
    12.02
    %
    
    
    6,444
    
    
    
    15.11
    %Checking:Interest bearing
    
    
    3,958
    
    
    
    7.25
    
    
    
    3,777
    
    
    
    8.86Non-interest bearing
    
    
    3,156
    
    
    
    5.78
    
    
    
    2,404
    
    
    
    5.64Money market
    
    
    6,650
    
    
    
    12.18
    
    
    
    5,568
    
    
    
    13.06Total transaction accounts
    
    
    20,330
    
    
    
    37.23
    
    
    
    18,193
    
    
    
    42.67Total deposits
    
    $
    54,607
    
    
    
    100.00
    %
    
    $
    42,640
    
    
    
    100.00
    %
  12




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Year Ended December 31,2010
    
    
    2009Average
    
    
    Interest
    
    
    Average
    
    
    Average
    
    
    Interest
    
    
    AverageBalance
    
    
    Expense
    
    
    Rate Paid
    
    
    Balance
    
    
    Expense
    
    
    Rate Paid(Dollars in thousands)Savings accounts
    
    $
    6,352
    
    
    $
    41
    
    
    
    0.65
    %
    
    $
    7,118
    
    
    $
    52
    
    
    
    0.74
    %Checking
    
    
    3,590
    
    
    
    9
    
    
    
    0.25
    
    
    
    3,853
    
    
    
    15
    
    
    
    0.39Money market
    
    
    6,761
    
    
    
    64
    
    
    
    0.95
    
    
    
    3,422
    
    
    
    35
    
    
    
    1.02Certificates of deposit
    
    
    28,301
    
    
    
    522
    
    
    
    1.84
    
    
    
    20,812
    
    
    
    479
    
    
    
    2.30Total interest-bearing deposits
    
    $
    45,004
    
    
    $
    636
    
    
    
    1.42
    %
    
    $
    35,205
    
    
    $
    581
    
    
    
    1.65
    %
  Year Ended December 31,2010
    
    
    2009(In thousands)Net deposits (withdrawals)
    
    $
    11,501
    
    
    $
    (966
    )Interest credited
    
    
    466
    
    
    
    463Total increase (decrease) in deposits
    
    $
    11,967
    
    
    $
    (503
    )
  Balance at December 31, 2010Maturing in the 12 Months Ending December 31,Certificates of Deposit
    
    2011
    
    
    2012
    
    
    2013
    
    
    Thereafter
    
    
    Total(In thousands)Less than 1.00%
    
    $
    5,977
    
    
    $
    1,142
    
    
    $
    245
    
    
    $
    
    
    
    $
    7,3641.01%  2.00%
    
    
    9,154
    
    
    
    4,924
    
    
    
    454
    
    
    
    495
    
    
    
    15,0272.01% 3.00%
    
    
    5,533
    
    
    
    655
    
    
    
    2,021
    
    
    
    2,338
    
    
    
    10,5473.01%  4.00%
    
    
    
    
    
    
    
    
    
    
    52
    
    
    
    1,287
    
    
    
    1,339Total certificate accounts
    
    $
    20,664
    
    
    $
    6,721
    
    
    $
    2,772
    
    
    $
    4,120
    
    
    $
    34,277
  Quarter Ending:
    
    Amount
    
    
    Weighted-average Rate(Dollars in thousands)March 31, 2011
    
    $
    1,672
    
    
    
    1.07
    %June 30, 2011
    
    
    989
    
    
    
    1.57September 30, 2011
    
    
    2,629
    
    
    
    1.80December 31, 2011
    
    
    2,472
    
    
    
    1.55After December 31, 2011
    
    
    8,452
    
    
    
    1.91Total certificates of deposit with balances of $100,000 or more
    
    $
    16,214
    
    
    
    1.73
    %
    13




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##### Table of Contents



Borrowings.
   At or For the Year Ended December 31,2010
    
    
    2009(Dollars in thousands)FHLB advances and Federal Funds Purchased:Average balance outstanding
    
    $
    197
    
    
    $
    15Maximum amount outstanding at any month-end
during the period
    
    
    2,500
    
    
    
    Balance outstanding at end of period
    
    
    
    
    
    
    Interest expense (1)
    
    
    
    
    
    
    Average interest rate during the period
    
    
    
    %
    
    
    
    %Weighted-average interest rate at end of period
    
    
    
    %
    
    
    
    %
 
 (1)
    
    Amounts that do not round to $1,000 are reflected as none.  Subsidiaries
  Employees
  REGULATION
 General
   14




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##### Table of Contents



Recently Enacted Regulatory Reform
   
    
    A new independent consumer financial protection bureau will be established within the
Federal Reserve Board, empowered to exercise broad regulatory, supervisory and enforcement
authority with respect to both new and existing consumer financial protection laws. Smaller
financial institutions, like Hibernia Homestead Bank, will be subject to the supervision
and enforcement of their primary federal banking regulator with respect to the federal
consumer financial protection laws.
 
    
    Tier 1 capital treatment for hybrid capital items like trust preferred securities is
eliminated subject to various grandfathering and transition rules.
 
    
    The current prohibition on payment of interest on demand deposits was repealed,
effective July 21, 2011.
 
    
    Deposit insurance is permanently increased to $250,000 and unlimited deposit insurance
for noninterest-bearing transaction accounts extended through the end of 2012.
 
    
    The deposit insurance assessment base calculation will equal the depository
institutions total assets minus the sum of its average tangible equity during the
assessment period.
 
    
    The minimum reserve ratio of the Deposit Insurance Fund increased to 1.35 percent of
estimated annual insured deposits or assessment base; however, the FDIC is directed to
offset the effect of the increased reserve ratio for insured depository institutions with
total consolidated assets of less than $10 billion.
  15




---



##### Table of Contents




    
    Authority over savings and loan holding companies will transfer to the Federal Reserve
Board.
 
    
    Leverage capital requirements and risk based capital requirements applicable to
depository institutions and bank holding companies will be extended to thrift holding
companies.
 
    
    The Federal Deposit Insurance Act was amended to direct federal regulators to require
depository institution holding companies to serve as a source of strength for their
depository institution subsidiaries.
 
    
    The Securities and Exchange Commission is authorized to adopt rules requiring public
companies to make their proxy materials available to shareholders for nomination of their
own candidates for election to the board of directors.
 
    
    Public companies will be required to provide their shareholders with a non-binding vote:
(i) at least once every three years on the compensation paid to executive officers, and
(ii) at least once every six years on whether they should have a say on pay vote every
one, two or three years.
 
    
    A separate, non-binding shareholder vote will be required regarding golden parachutes
for named executive officers when a shareholder vote takes place on mergers, acquisitions,
dispositions or other transactions that would trigger the parachute payments.
 
    
    Securities exchanges will be required to prohibit brokers from using their own
discretion to vote shares not beneficially owned by them for certain significant matters,
which include votes on the election of directors, executive compensation matters, and any
other matter determined to be significant.
 
    
    Stock exchanges will be prohibited from listing the securities of any issuer that does
not have a policy providing for (i) disclosure of its policy on incentive compensation
payable on the basis of financial information reportable under the securities laws, and
(ii) the recovery from current or former executive officers, following an accounting
restatement triggered by material noncompliance with securities law reporting requirements,
of any incentive compensation paid erroneously during the three-year period preceding the
date on which the restatement was required that exceeds the amount that would have been
paid on the basis of the restated financial information.
 
    
    Disclosure in annual proxy materials will be required concerning the relationship
between the executive compensation paid and the financial performance of the issuer.
 
    
    Item 402 of Regulation S-K will be amended to require companies to disclose the ratio of
the Chief Executive Officers annual total compensation to the median annual total
compensation of all other employees.
 
    
    Smaller reporting companies are exempt from complying with the internal control auditor
attestation requirements of Section 404(b) of the Sarbanes-Oxley Act.
 Regulation of Hibernia Homestead Bank
 Louisiana Banking Law.
  16




---



##### Table of Contents



Insurance of Accounts.
      17




---



##### Table of Contents



Capital Requirements.
    Prompt Corrective Action.
 Total Risk-based
    
    Tier 1 Risk-based
    
    Tier 1 LeverageCapital Category
    
    Capital
    
    Capital
    
    CapitalWell capitalized
    
    10% or more
    
    6% or more
    
    5% or moreAdequately capitalized
    
    8% or more
    
    4% or more
    
    4% or moreUndercapitalized
    
    Less than 8%
    
    Less than 4%
    
    Less than 4%Significantly undercapitalized
    
    Less than 6%
    
    Less than 3%
    
    Less than 3%
  18




---



##### Table of Contents



Activities and Investments of Insured State-Chartered Savings Banks.
 
    
    acquiring or retaining a majority interest in a subsidiary;
 
    
    investing as a limited partner in a partnership the sole purpose of which is direct
or indirect investment in the acquisition, rehabilitation or new construction of a
qualified housing project, provided that such limited partnership investments may not
exceed 2% of the banks total assets;
 
    
    acquiring up to 10% of the voting stock of a company that solely provides or
reinsures directors, trustees and officers liability insurance coverage or bankers
blanket bond group insurance coverage for insured depository institutions; and
 
    
    acquiring or retaining the voting shares of a depository institution if certain
requirements are met.
  Restrictions on Capital Distributions.
 
    
    the total capital distributions for the applicable calendar year exceed
the sum of the institutions net income for that year to date plus the institutions
retained net income for the preceding two years;
 
    
    the institution would not be at least adequately capitalized following the
distribution;
 
    
    the distribution would violate any applicable statute, regulation,
agreement or OTS-imposed condition; or
 
    
    the institution is not eligible for expedited treatment of its filings
with the OTS.
  19




---



##### Table of Contents



Loans-to-One Borrower Limitations.
 Privacy Requirements.
 Anti-Money Laundering.
  20




---



##### Table of Contents



Regulatory Enforcement Authority.
 Regulation of Hibernia Homestead Bancorp, Inc.
 General
 Restrictions Applicable to Hibernia Homestead Bancorp, Inc.
 
    
    furnishing or performing management services for a subsidiary savings institution;
 
    
    conducting an insurance agency or escrow business;
 
    
    holding, managing, or liquidating assets owned or acquired from a subsidiary savings
institution;
 
    
    holding or managing properties used or occupied by a subsidiary savings institution;
 
    
    acting as trustee under a deed of trust;
 
    
    any other activity (i) that the Federal Reserve Board, by regulation, has determined
to be permissible for bank holding companies under Section 4(c) of the Bank Holding
Company Act of 1956, unless the Director of the OTS, by regulation, prohibits or limits
any such activity for savings and loan holding companies, or (ii) in which multiple
savings and loan holding companies were authorized by regulation to directly engage in
on March 5, 1987;
 
    
    purchasing, holding, or disposing of stock acquired in connection with a qualified
stock issuance if the purchase of such stock by such holding company is approved by the
Director of the OTS; and
 
    
    any activity permissible for financial holding companies under section 4(k) of the
Bank Holding Company Act.
  
    
    lending, exchanging, transferring, investing for others, or safeguarding money or
securities;
 
    
    insurance activities or providing and issuing annuities, and acting as principal,
agent, or broker;
 
    
    financial, investment, or economic advisory services;
  21




---



##### Table of Contents




    
    issuing or selling instruments representing interests in pools of assets that a bank
is permitted to hold directly;
 
    
    underwriting, dealing in, or making a market in securities;
 
    
    activities previously determined by the Federal Reserve Board to be closely related
to banking;
 
    
    activities that bank holding companies are permitted to engage in outside of the
U.S.; and
 
    
    portfolio investments made by an insurance company.
    Qualified Thrift Lender Test
 
    
    the institution may not engage in any new activity or make any new investment, directly or
indirectly, unless such activity or investment is permissible for a national bank;
 
    
    the branching powers of the institution shall be restricted to those of a national bank;
and
 
    
    payment of dividends by the institution shall be subject to the rules regarding payment of
dividends by a national bank.
    22




---



##### Table of Contents



Limitations on Transactions with Affiliates.
  Restrictions on Acquisitions
  Federal Securities Laws
  23




---



##### Table of Contents



The Sarbanes-Oxley Act
 
    
    the creation of an independent accounting oversight board;
 
    
    auditor independence provisions that restrict non-audit services that accountants
may provide to their audit clients;
 
    
    additional corporate governance and responsibility measures, including the
requirement that the chief executive officer and chief financial officer certify
financial statements;
 
    
    a requirement that companies establish and maintain a system of internal control
over financial reporting and that a companys management provide an annual report
regarding its assessment of the effectiveness of such internal control over financial
reporting to the companys independent accountants and that such accountants provide an
attestation report with respect to managements assessment of the effectiveness of the
companys internal control over financial reporting;
 
    
    the forfeiture of bonuses or other incentive-based compensation and profits from the
sale of an issuers securities by directors and senior officers in the twelve month
period following initial publication of any financial statements that later require
restatement;
 
    
    an increase in the oversight of, and enhancement of certain requirements relating to
audit committees of public companies and how they interact with the companys
independent auditors;
 
    
    the requirement that audit committee members must be independent and are absolutely
barred from accepting consulting, advisory or other compensatory fees from the issuer;
 
    
    the requirement that companies disclose whether at least one member of the committee
is a financial expert (as such term is defined by the Securities and Exchange
Commission) and if not, why not;
 
    
    expanded disclosure requirements for corporate insiders, including accelerated
reporting of stock transactions by insiders and a prohibition on insider trading during
pension blackout periods;
 
    
    a prohibition on personal loans to directors and officers, except certain loans made
by insured financial institutions;
 
    
    disclosure of a code of ethics and the requirement of filing of a Form 8-K for a
change or waiver of such code;
 
    
    mandatory disclosure by analysts of potential conflicts of interest; and
 
    
    a range of enhanced penalties for fraud and other violations.
   24




---



##### Table of Contents



TAXATION
 Federal Taxation
 General.
 Method of Accounting.
 Bad Debt Reserves.
 Taxable Distributions and Recapture.
 Alternative Minimum Tax.
 Net Operating Loss Carryovers
 Corporate Dividends Received Deduction.
 Other Matters.
 State and Local Taxation
  (a)
    
    20% of our capitalized earnings, plus
 (b)
    
    80% of our taxable stockholders equity, minus
 (c)
    
    50% of our real and personal property assessment
   25




---



##### Table of Contents



Item 1A.
    
    Risk Factors.
  
 Item 1B.
    
    Unresolved Staff Comments.
  
 Item 2.
    
    Properties.
  Net Book Value
    
    
    Amount ofDescription/Address
    
    Leased/Owned
    
    of Property
    
    
    Deposits(In thousands)Main Office:325 Carondelet Street
New Orleans, Louisiana 70130
    
    Owned
    
    $
    2,912
    
    
    $
    22,110Branch Offices:700 S. Carrollton Avenue
New Orleans, Louisiana 70118
    
    Owned
    
    
    377
    
    
    
    8,248933 Metairie Road
Metairie, Louisiana 70005
    
    Owned
    
    
    1,384
    
    
    
    24,249Total
    
    
    
    $
    4,673
    
    
    $
    54,607
 
 Item 3.
    
    Legal Proceedings.
  
 Item 4.
    
    (Removed and Reserved)
  26




---



##### Table of Contents



PART II
 
 Item 5.
    
    Market for the Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
   Year Ended December 31, 2010Quarter Ended
    
    High Bid
    
    
    Low Bid
    
    
    High Sale
    
    
    Low SaleDecember 31, 2010
    
    $
    
    
    
    $
    
    
    
    $
    15.00
    
    
    $
    14.50September 30, 2010
    
    
    
    
    
    
    
    
    
    
    14.75
    
    
    
    14.75June 30, 2010
    
    
    15.45
    
    
    
    15.45
    
    
    
    15.50
    
    
    
    14.05March 31, 2010
    
    
    14.00
    
    
    
    14.00
    
    
    
    14.00
    
    
    
    14.00
 Year Ended December 31, 2009Quarter Ended
    
    High Bid
    
    
    Low Bid
    
    
    High Sale
    
    
    Low SaleDecember 31, 2009
    
    $
    13.75
    
    
    $
    13.75
    
    
    $
    13.75
    
    
    $
    13.75September 30, 2009
    
    
    13.90
    
    
    
    13.90
    
    
    
    14.00
    
    
    
    14.00June 30, 2009
    
    
    14.00
    
    
    
    10.31
    
    
    
    14.00
    
    
    
    10.50March 31, 2009
    
    
    10.50
    
    
    
    10.50
    
    
    
    12.00
    
    
    
    10.10
    Total Number ofShares
    
    
    MaximumPurchased as
    
    
    Number of SharesTotal
    
    
    Average
    
    
    Part of Publicly
    
    
    that May Yet BeNumber of
    
    
    Price
    
    
    Announced
    
    
    Purchased UnderShares
    
    
    Paid per
    
    
    Plans or
    
    
    the Plans orPeriod
    
    Purchased
    
    
    Share
    
    
    Programs
    
    
    Programs (a)October 1, 2010  October 31, 2010
    
    
    25,000
    
    
    $
    14.55
    
    
    
    25,000
    
    
    
    27,883November 1, 2010  November 30, 2010
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    27,883December 1, 2010  December 31, 2010
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    27,883Total
    
    
    25,000
    
    
    $
    14.55
    
    
    
    25,000
    
    
    
    27,883
  27




---



##### Table of Contents



Total Number of
    
    
    Maximum NumberShares Purchased as
    
    
    of Shares that MayTotal Number
    
    
    Average
    
    
    Part of Publicly
    
    
    Yet Be Purchasedof Shares
    
    
    Price Paid
    
    
    Announced Plans or
    
    
    Under the Plans orPeriod
    
    Purchased
    
    
    per Share
    
    
    Programs
    
    
    ProgramsOctober 1, 2010  October 31, 2010
    
    
    
    
    
    $
    
    
    
    
    
    
    
    
    24,533November 1, 2010  November 30, 2010
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    24,533December 1, 2010  December 31, 2010
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    24,533Total
    
    
    
    
    
    $
    
    
    
    
    
    
    
    
    24,533
 Notes to this table:(a)
    
    The Companys 2009 Recognition and Retention Plan was authorized to purchase up to a maximum of
44,533 shares of common stock, or 4.0% of the common stock sold in the initial public offering
completed on January 27, 2009, as disclosed in the Companys prospectus dated November 12, 2008,
and announced by press release on July 31, 2009.(b)
    
    On July 30, 2009, the shareholders of Hibernia approved the adoption of the 2009 Recognition
and Retention Plan and Trust Agreement. 
 Item 6.
    
    Selected Financial Data.
  At December 31,(Dollars in thousands, except per share amounts)
    
    2010
    
    
    2009Selected Financial and Other Data:Total assets
    
    $
    77,253
    
    
    $
    66,503Cash and cash equivalents
    
    
    4,593
    
    
    
    6,233Investment securities, available for sale
    
    
    4,230
    
    
    
    8,293Loans receivable, net
    
    
    61,953
    
    
    
    44,987Deposits
    
    
    54,607
    
    
    
    42,640FHLB advances and Federal Funds Purchased
    
    
    
    
    
    
    Equity capital
    
    
    21,953
    
    
    
    23,396Banking offices
    
    
    3
    
    
    
    3
 For theYear Ended December 31,2010
    
    
    2009Selected Operating Data:Total interest income
    
    $
    3,249
    
    
    $
    2,541Total interest expense
    
    
    636
    
    
    
    581Net interest income
    
    
    2,613
    
    
    
    1,960Provision for loan losses
    
    
    64
    
    
    
    78Net interest income after provision for loan losses
    
    
    2,549
    
    
    
    1,882Total non-interest income
    
    
    144
    
    
    
    233Total non-interest expense
    
    
    2,783
    
    
    
    2,605Loss before income tax benefit
    
    
    (90
    )
    
    
    (490
    )Income tax benefit
    
    
    (8
    )
    
    
    (166
    )Net loss
    
    $
    (82
    )
    
    $
    (324
    )
  28




---



##### Table of Contents



At or For theYear Ended December 31,2010
    
    
    2009Selected Operating Ratios:(1)Average yield on interest-earning assets
    
    
    5.21
    %
    
    
    4.92
    %Average rate on interest-bearing liabilities
    
    
    1.42
    
    
    
    1.65Average interest rate spread(2)
    
    
    3.79
    
    
    
    3.27Net interest margin(2)
    
    
    4.19
    
    
    
    3.79Average interest-earning assets to average interest-bearing liabilities
    
    
    137.86
    
    
    
    146.69Net interest income after provision for loan losses to non-interest expense
    
    
    91.59
    
    
    
    72.26Total non-interest expense to average assets
    
    
    3.97
    
    
    
    4.40Efficiency ratio(3)
    
    
    100.94
    
    
    
    118.77Return on average assets
    
    
    (0.12
    )
    
    
    (0.55
    )Return on average equity
    
    
    (0.36
    )
    
    
    (1.41
    )Average equity to average assets
    
    
    32.20
    
    
    
    38.71Asset Quality Ratios:(4)Non-performing loans as a percent of total loans receivable, net
    
    
    1.84
    %
    
    
    0.70
    %Non-performing assets as a percent of total assets
    
    
    1.47
    
    
    
    0.47Allowance for loan losses as a percent of non-performing loans
    
    
    34.62
    
    
    
    104.76Net charge-offs to average loans receivable
    
    
    
    
    
    
    0.06Capital Ratios:(5)Tier 1 leverage ratio
    
    
    25.61
    %
    
    
    29.37
    %Tier 1 risk-based capital ratio
    
    
    35.97
    %
    
    
    50.41
    %Total risk-based capital ratio
    
    
    36.73
    %
    
    
    51.31
    %
 
 (1)
    
    With the exception of end of period ratios, all ratios are based on average daily balances
during the indicated periods.(2)
    
    Average interest rate spread represents the difference between the average yield on
interest-earning assets and the average rate paid on interest-bearing liabilities, and net
interest margin represents net interest income as a percentage of average interest-earning
assets.(3)
    
    The efficiency ratio represents the ratio of non-interest expense divided by the sum of net
interest income and non-interest income.(4)
    
    Non-performing loans consist of non-accruing loans and accruing loans 90 days or more past
due. Non-performing assets include non-performing loans and real estate owned. Hibernia
Homestead Bank did not have any real estate owned as of the dates indicated. Real estate
owned would consist of real estate acquired through foreclosure and real estate acquired by
acceptance of a deed-in-lieu of foreclosure.(5)
    
    Capital ratios are end of period ratios. 
 Item 7.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations.
 Overview
   29




---



##### Table of Contents



Business Strategy
  
    
    Growing Our Loan Portfolio by Adding Commercial Real Estate and Commercial and
Industrial Loans.We plan to originate additional commercial real estate loans secured
by owner-occupied commercial real estate and investment real estate with strong
guarantor support and to develop full service banking relationships with small and
medium-sized businesses in our local market area. We also plan to originate commercial
and industrial loans and lines of credit to established businesses. As a local
community bank with a senior management team that has significant commercial banking
experience in the New Orleans metropolitan area, Hibernia Homestead Bank is positioned
to meet the commercial banking needs of local businesses. Hibernias ability to provide
small and medium-sized commercial banking customers with local decision-making and
personal service is a core marketing focus in competing for commercial loans and
deposits. The Boards and senior managements ties to the local business community and
previous commercial banking relationships also support implementation of the commercial
banking strategy. We will continue to pursue residential lending which we expect will
also be a potential source of core deposit growth, as we will continue to emphasize
developing a full service banking relationship with all of our loan customers.
 
    
    Growing our Retail Core Deposits.We plan to continue growing our retail deposits by
emphasizing transactional deposit accounts. Growth of retail core deposits will be
pursued through offering products and services that meet the full service banking needs
of all age groups and continuing to develop more of a sales culture in the branches.
The ability to attract and retain core deposits should also continue to be enhanced by
our affiliation with Community Cash network. As part of the Community Cash network,
customers of Hibernia Homestead Bank have access to over 150 ATMs in the area with no
service fee. To further enhance deposit services Hibernia introduced a new online
banking system in 2009 and converted to a much improved core data processing system in
April 2010.
 
    
    Maintaining High Asset Quality.Even with the lingering effects of Hurricane
Katrina from 2005, we continue to maintain exceptional levels of asset quality. At
December 31, 2010, we had six non-performing loans totaling $1.1 million, or 1.8% of
our total loan portfolio. We attribute our high asset quality to our prudent and
conservative underwriting practices, and we intend to maintain high asset quality even
as we increase Hibernia Homestead Banks loan portfolio.
 
    
    Continuing to Provide Exceptional Customer Service.As a community oriented savings
bank, we take pride in providing exceptional customer service as a means to attract and
retain customers. The personalized service we deliver to our customers distinguishes
us from the large regional and national banks operating in our market area. Our
management team has strong ties to and deep roots in, the community. We believe that
we know our customers banking needs and can respond quickly to address them.
  30




---



##### Table of Contents



Critical Accounting Policies
  Allowance for Loan Losses
  Income Taxes
 Comparison of Financial Condition at December 31, 2010 and December 31, 2009
    31




---



##### Table of Contents



Comparison of Operating Results for the Years Ended December 31, 2010 and 2009
 General.
 Net Interest Income.
   32




---



##### Table of Contents



Interest Income.
 Interest Expense.
 Non-Interest Income.
  Non-Interest Expense.
 Income Tax Benefit.
 Average Balances, Net Interest Income, and Yields Earned and Rates Paid.
  33




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##### Table of Contents



Year Ended December 31,2010
    
    
    2009Average
    
    
    
    
    
    
    
    
    
    
    AverageAverage
    
    
    
    
    
    
    Yield/
    
    
    Average
    
    
    
    
    
    
    Yield/Balance
    
    
    Interest(3)
    
    
    Rate
    
    
    Balance
    
    
    Interest(3)
    
    
    Rate(Dollars in thousands)Interest-earning assets:Loans receivable(1)
    
    $
    54,084
    
    
    $
    3,016
    
    
    
    5.58
    %
    
    $
    36,459
    
    
    $
    2,097
    
    
    
    5.75
    %Investment securities
    
    
    5,837
    
    
    
    224
    
    
    
    3.84
    
    
    
    11,387
    
    
    
    428
    
    
    
    3.76Other interest-earning assets
    
    
    2,391
    
    
    
    9
    
    
    
    0.38
    
    
    
    3,817
    
    
    
    16
    
    
    
    0.41Total interest-earning assets
    
    
    62,312
    
    
    
    3,249
    
    
    
    5.21
    %
    
    
    51,663
    
    
    
    2,541
    
    
    
    4.92
    %Non-interest-earning assets
    
    
    7,752
    
    
    
    
    
    
    
    
    
    
    
    7,514Total assets
    
    $
    70,064
    
    
    
    
    
    
    
    
    
    
    $
    59,177Interest-bearing liabilities:Savings, NOW and money market accounts
    
    $
    16,703
    
    
    
    114
    
    
    
    0.68
    %
    
    $
    14,393
    
    
    
    102
    
    
    
    0.71
    %Certificates of deposit
    
    
    28,301
    
    
    
    522
    
    
    
    1.84
    
    
    
    20,812
    
    
    
    479
    
    
    
    2.30Total interest bearing deposits
    
    
    45,004
    
    
    
    636
    
    
    
    1.42
    
    
    
    35,205
    
    
    
    581
    
    
    
    1.65FHLB advances and Federal Funds Purchased
    
    
    197
    
    
    
    
    
    
    
    
    
    
    
    15
    
    
    
    
    
    
    
    Total interest-bearing liabilities
    
    
    45,201
    
    
    
    636
    
    
    
    1.42
    %
    
    
    35,220
    
    
    
    581
    
    
    
    1.65
    %Non-interest-bearing liabilities
    
    
    2,299
    
    
    
    
    
    
    
    
    
    
    
    1,048Total liabilities
    
    
    47,500
    
    
    
    
    
    
    
    
    
    
    
    36,268Equity
    
    
    22,564
    
    
    
    
    
    
    
    
    
    
    
    22,909Total liabilities and equity
    
    $
    70,064
    
    
    
    
    
    
    
    
    
    
    $
    59,177Net interest-earning assets
    
    $
    17,111
    
    
    
    
    
    
    
    
    
    
    $
    16,443Net interest income; average interest rate spread
    
    
    
    
    
    $
    2,613
    
    
    
    3.79
    %
    
    
    
    
    
    $
    1,960
    
    
    
    3.27
    %Net interest margin(2)
    
    
    
    
    
    
    
    
    
    
    4.19
    %
    
    
    
    
    
    
    
    
    
    
    3.79
    %Average interest-earning assets to
average interest-bearing liabilities
    
    
    
    
    
    
    
    
    
    
    137.86
    %
    
    
    
    
    
    
    
    
    
    
    146.69
    %
 
 (1)
    
    Includes non-accrual loans for the years ended December 31, 2010 and 2009. Calculated net
of deferred fees and discounts, loans in process and allowance for loan losses.(2)
    
    Equals net interest income divided by average interest-earning assets.(3)
    
    Amounts that do not round to $1,000 are reflected as none. Rate/Volume Analysis.
 Year Ended December 31,
    
    
    Year Ended December 31,2010 compared to 2009
    
    
    2009 compared to 2008Increase (Decrease) Due to
    
    
    Increase (Decrease) Due toTotal
    
    
    
    
    
    
    
    
    
    
    TotalIncrease
    
    
    
    
    
    
    
    
    
    
    IncreaseRate
    
    
    Volume
    
    
    (Decrease)
    
    
    Rate
    
    
    Volume
    
    
    (Decrease)(In thousands)Interest income:Loans receivable
    
    $
    (95
    )
    
    $
    1,014
    
    
    $
    919
    
    
    $
    (132
    )
    
    $
    410
    
    
    $
    278Investment securities
    
    
    5
    
    
    
    (209
    )
    
    
    (204
    )
    
    
    (65
    )
    
    
    (77
    )
    
    
    (142
    )Other interest-earning assets
    
    
    
    
    
    
    (7
    )
    
    
    (7
    )
    
    
    (49
    )
    
    
    56
    
    
    
    7Total interest income
    
    
    (90
    )
    
    
    798
    
    
    
    708
    
    
    
    (246
    )
    
    
    389
    
    
    
    143Interest expense:Savings, NOW and money market accounts
    
    
    (4
    )
    
    
    16
    
    
    
    12
    
    
    
    (54
    )
    
    
    19
    
    
    
    (35
    )Certificates of deposit
    
    
    (129
    )
    
    
    172
    
    
    
    43
    
    
    
    (302
    )
    
    
    (46
    )
    
    
    (348
    )Total deposits
    
    
    (133
    )
    
    
    188
    
    
    
    55
    
    
    
    (356
    )
    
    
    (27
    )
    
    
    (383
    )FHLB advances
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (7
    )
    
    
    (7
    )Total interest expense
    
    
    (133
    )
    
    
    188
    
    
    
    55
    
    
    
    (356
    )
    
    
    (34
    )
    
    
    (390
    )Increase (decrease) in net
interest income
    
    $
    43
    
    
    $
    610
    
    
    $
    653
    
    
    $
    110
    
    
    $
    423
    
    
    $
    533
  34




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##### Table of Contents



Provision for Loan Losses.
       35




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##### Table of Contents



Exposure to Changes in Interest Rates
  Gap Analysis.
   36




---



##### Table of Contents



More than
    
    
    More than
    
    
    More than
    
    
    More3 Months
    
    
    3 Months
    
    
    1 Year
    
    
    3 Years
    
    
    than
    
    
    Totalor Less
    
    
    to 1 Year
    
    
    to 3 Years
    
    
    to 5 Years
    
    
    5 Years
    
    
    Amount(Dollars in thousands)Interest-earning assets(1):Loans receivable(2)
    
    $
    6,511
    
    
    $
    9,590
    
    
    $
    8,029
    
    
    $
    7,868
    
    
    $
    30,287
    
    
    $
    62,285Investment securities and stock
    
    
    1,499
    
    
    
    1,390
    
    
    
    1,192
    
    
    
    28
    
    
    
    502
    
    
    
    4,611Other interest-earning assets
    
    
    4,212
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,212Total interest-earning assets
    
    $
    12,222
    
    
    $
    10,980
    
    
    $
    9,221
    
    
    $
    7,896
    
    
    $
    30,789
    
    
    $
    71,108Interest-bearing liabilities:Savings accounts
    
    $
    996
    
    
    $
    
    
    
    $
    5,570
    
    
    $
    
    
    
    $
    
    
    
    $
    6,566Checking accounts
    
    
    388
    
    
    
    
    
    
    
    3,570
    
    
    
    
    
    
    
    
    
    
    
    3,958Money market accounts
    
    
    665
    
    
    
    
    
    
    
    5,985
    
    
    
    
    
    
    
    
    
    
    
    6,650Certificate accounts
    
    
    5,770
    
    
    
    14,961
    
    
    
    9,528
    
    
    
    4,018
    
    
    
    
    
    
    
    34,277FHLB advances
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total interest-bearing liabilities
    
    $
    7,819
    
    
    $
    14,961
    
    
    $
    24,653
    
    
    $
    4,018
    
    
    $
    
    
    
    $
    51,451Interest-earning assets less interest-bearing liabilities
    
    $
    4,403
    
    
    $
    (3,981
    )
    
    $
    (15,432
    )
    
    $
    3,878
    
    
    $
    30,789Cumulative interest-rate sensitivity gap(3)
    
    $
    4,403
    
    
    $
    422
    
    
    $
    (15,010
    )
    
    $
    (11,132
    )
    
    $
    19,657Cumulative interest-rate gap as a percentage
of total assets at December 31, 2010
    
    
    6
    %
    
    
    1
    %
    
    
    (19
    )%
    
    
    (14
    )%
    
    
    25
    %Cumulative interest-earning assets as a
percentage of cumulative interest-bearing
liabilities at December 31, 2010
    
    
    156
    %
    
    
    102
    %
    
    
    68
    %
    
    
    78
    %
    
    
    138
    %
 
 (1)
    
    Interest-earning assets are included in the period in which the balances are expected to be
redeployed and/or repriced as a result of anticipated prepayments, scheduled rate adjustments
and contractual maturities.(2)
    
    For purposes of the gap analysis, loans receivable includes non-performing loans gross of the
allowance for loan losses and undisbursed loan funds.(3)
    
    Interest-rate sensitivity gap represents the difference between net interest-earning assets
and interest-bearing liabilities. Net Portfolio Value and Net Interest Income Analysis.
 Change inInterestRatesIn Basis Points
    
    Net Portfolio Value
    
    
    NPV as % of Portfolio Value of Assets(Rate Shock)
    
    Amount
    
    
    $ Change
    
    
    % Change
    
    
    NPV Ratio
    
    
    Change(Dollars in thousands)300bp
    
    $
    9,953
    
    
    $
    (8,610
    )
    
    
    (46.38
    )%
    
    
    15.34
    %
    
    (907) bp200
    
    
    13,572
    
    
    
    (4,991
    )
    
    
    (26.89
    )%
    
    
    19.58
    %
    
    (483) bp100
    
    
    16,525
    
    
    
    (2,038
    )
    
    
    (10.98
    )%
    
    
    22.60
    %
    
    (181) bpStatic
    
    
    18,563
    
    
    
    
    
    
    
    
    %
    
    
    24.41
    %
    
     bp(100)
    
    
    21,045
    
    
    
    2,482
    
    
    
    13.37
    %
    
    
    26.63
    %
    
    222 bp(200)
    
    
    24,060
    
    
    
    5,497
    
    
    
    29.61
    %
    
    
    29.25
    %
    
    484 bp(300)
    
    
    26,375
    
    
    
    7,812
    
    
    
    42.08
    %
    
    
    31.17
    %
    
    676 bp
  37




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##### Table of Contents



Change in Interest Rates in Basis Points(Rate Shock)
    
    Net Interest Income
    
    
    $ Change
    
    
    % Change(Dollars in thousands)300bp
    
    $
    2,888
    
    
    $
    (181
    )
    
    
    (5.90
    )%200
    
    
    2,974
    
    
    
    (95
    )
    
    
    (3.10
    )%100
    
    
    3,042
    
    
    
    (27
    )
    
    
    (0.88
    )%Static
    
    
    3,069
    
    
    
    
    
    
    
    
    %(100)
    
    
    3,085
    
    
    
    16
    
    
    
    0.52
    %(200)
    
    
    3,005
    
    
    
    (64
    )
    
    
    (2.09
    )%(300)
    
    
    2,855
    
    
    
    (214
    )
    
    
    (6.97
    )%
  Qualitative Analysis.
 Liquidity and Capital Resources
     38




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##### Table of Contents



Contractual Cash Obligations.
 Total at
    
    
    Payments Due By PeriodDecember 31,
    
    
    To
    
    
    1-3
    
    
    4-5
    
    
    After 52010
    
    
    1 Year
    
    
    Years
    
    
    Years
    
    
    Years(In thousands)Certificates of deposit
    
    $
    34,277
    
    
    $
    20,664
    
    
    $
    9,493
    
    
    $
    4,120
    
    
    $
    FHLB advances
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total contractual obligations
    
    $
    34,277
    
    
    $
    20,664
    
    
    $
    9,493
    
    
    $
    4,120
    
    
    $
    
  Off-Balance Sheet Arrangements
  Commitments.
 TotalAmountsCommittedat
    
    
    Amount of Commitment Expiration - Per PeriodDecember 31,
    
    
    To
    
    
    1-3
    
    
    4-5
    
    
    After 52010
    
    
    1 Year
    
    
    Years
    
    
    Years
    
    
    Years(In thousands)Lines of credit
    
    $
    986
    
    
    $
    986
    
    
    $
    
    
    
    $
    
    
    
    $
    Undisbursed portion of loans in process
    
    
    2,187
    
    
    
    2,187
    
    
    
    
    
    
    
    
    
    
    
    Commitments to originate loans
    
    
    3,389
    
    
    
    3,389
    
    
    
    
    
    
    
    
    
    
    
    Total commitments
    
    $
    6,562
    
    
    $
    6,562
    
    
    $
    
    
    
    $
    
    
    
    $
    
  39




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##### Table of Contents



Impact of Inflation and Changing Prices
  Recent Accounting Pronouncements
   Financial Instruments Interim
Disclosures
about Fair Value of Financial Instruments Interim
Financial Reporting
  
    
    the period after the balance sheet date during which management of a reporting
entity should evaluate events or transactions that may occur for potential recognition
or disclosure in the financial statements;
    
    the circumstances under which an entity should recognize events or transactions
occurring after the balance sheet date in its financial statements; and
    
    the disclosures that an entity should make about events or transactions that
occurred after the balance sheet date.
   40




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##### Table of Contents



The Hierarchy of Generally Accepted Accounting Principles FASB Accounting
Standards Codification TM
      41




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##### Table of Contents



Fair Value Measurements and Disclosures
(Topic 820)
   Disclosures about the Credit Quality of
Financing Receivables and the Allowance for Credit Losses Receivables
 
 Item 7A.
    
    Quantitative and Qualitative Disclosures about Market Risk.
   42




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##### Table of Contents



Item 8.
    
    Financial Statements and Supplementary Data.
 
 
 Report of Independent Registered Public Accounting Firm
 
    
  
 
  43




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
 
 Consolidated Balance Sheets
 December 31, 2010 and 2009
 2010
    
    
    2009(In Thousands)AssetsCash, Non-Interest Bearing
    
    $
    481
    
    
    $
    1,067Cash, Interest Bearing
    
    
    4,112
    
    
    
    16Federal Funds Sold
    
    
    
    
    
    
    5,150Total Cash and Cash Equivalents
    
    
    4,593
    
    
    
    6,233Certificates of Deposit
    
    
    100
    
    
    
    475Securities Available for Sale
    
    
    4,230
    
    
    
    8,293Loans Receivable, Net
    
    
    61,953
    
    
    
    44,987Accrued Interest Receivable
    
    
    227
    
    
    
    206Investment in FHLB of Dallas Stock
    
    
    171
    
    
    
    171Investment in FNBB Stock
    
    
    210
    
    
    
    210Premises and Equipment, Net
    
    
    4,988
    
    
    
    5,127Deferred Income Taxes
    
    
    528
    
    
    
    492Prepaid Expenses and Other Assets
    
    
    253
    
    
    
    309Total Assets
    
    $
    77,253
    
    
    $
    66,503Liabilities and EquityLiabilitiesDeposits
    
    $
    54,607
    
    
    $
    42,640Advance Payments by Borrowers for Taxes and Insurance
    
    
    477
    
    
    
    386Accrued Interest Payable
    
    
    3
    
    
    
    2Accounts Payable and Other Liabilities
    
    
    213
    
    
    
    79Total Liabilities
    
    
    55,300
    
    
    
    43,107EquityPreferred Stock, $.01 par value  1,000,000 shares
authorized; none issued
    
    
    
    
    
    
    Common Stock, $.01 par value  9,000,000 shares authorized;
1,113,334 shares issued; 1,032,667 and 1,113,334 shares
outstanding at December 31, 2010 and 2009, respectively
    
    
    11
    
    
    
    11Additional Paid-in Capital
    
    
    10,466
    
    
    
    10,365Treasury Stock at Cost  80,667 shares at
December 31, 2010 and none at December 31, 2009
    
    
    (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 Effect
    
    
    80
    
    
    
    133Retained Earnings
    
    
    13,660
    
    
    
    13,742Total Equity
    
    
    21,953
    
    
    
    23,396Total Liabilities and Equity
    
    $
    77,253
    
    
    $
    66,503
   44




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
 
 Consolidated Statements of Operations
 For the Years Ended December 31, 2010 and 2009
 2010
    
    
    2009(In Thousands, Except Per Share Data)Interest IncomeLoans ReceivableMortgage Loans
    
    $
    2,243
    
    
    $
    1,940Commercial Loans
    
    
    761
    
    
    
    151Consumer and Other Loans
    
    
    12
    
    
    
    6Federal Funds Sold and Interest Bearing Deposits
    
    
    9
    
    
    
    16Investment Securities
    
    
    224
    
    
    
    428Total Interest Income
    
    
    3,249
    
    
    
    2,541Interest ExpenseDeposits
    
    
    636
    
    
    
    581Total Interest Expense
    
    
    636
    
    
    
    581Net Interest Income
    
    
    2,613
    
    
    
    1,960Provision for Loan Losses
    
    
    64
    
    
    
    78Net Interest Income After Provision for Loan Losses
    
    
    2,549
    
    
    
    1,882Non-Interest IncomeRealized Gains on Investments
    
    
    
    
    
    
    83Gains on Sale of Foreclosed Real Estate
    
    
    
    
    
    
    39Other Income
    
    
    35
    
    
    
    24Rental Income, Net of Related Expenses
    
    
    109
    
    
    
    87Total Non-Interest Income
    
    
    144
    
    
    
    233Non-Interest ExpensesSalaries and Employee Benefits
    
    
    1,219
    
    
    
    1,164Occupancy Expenses
    
    
    438
    
    
    
    360Data Processing
    
    
    319
    
    
    
    288Advertising
    
    
    103
    
    
    
    137Professional Fees
    
    
    274
    
    
    
    214Insurance Expense
    
    
    32
    
    
    
    81Supplies and Stationary
    
    
    75
    
    
    
    46Telephone and Postage
    
    
    55
    
    
    
    57Supervision, Exams and Assessments
    
    
    73
    
    
    
    78Directors Fees
    
    
    51
    
    
    
    48Franchise and Shares Taxes
    
    
    37
    
    
    
    Other Operating Expenses
    
    
    107
    
    
    
    132Total Non-Interest Expenses
    
    
    2,783
    
    
    
    2,605Loss Before Income Tax Benefit
    
    
    (90
    )
    
    
    (490
    )Income Tax Benefit
    
    
    (8
    )
    
    
    (166
    )Net Loss
    
    $
    (82
    )
    
    $
    (324
    )Loss per Share, Basic
    
    $
    (0.08
    )
    
    $
    (0.29
    )Loss per Share, Diluted
    
    $
    (0.08
    )
    
    $
    (0.29
    )
   45




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
 
 Consolidated Statements of Comprehensive Loss
 For the Years Ended December 31, 2010 and 2009
 2010
    
    
    2009(In Thousands)Net Loss
    
    $
    (82
    )
    
    $
    (324
    )Other Comprehensive (Loss) Income,Net of TaxUnrealized (Loss) Gain on Securities Available for Sale
    
    
    (53
    )
    
    
    25Total Other Comprehensive (Loss) Income
    
    
    (53
    )
    
    
    25Total Comprehensive Loss
    
    $
    (135
    )
    
    $
    (299
    )
   46




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
 
 Consolidated Statements of Changes in Equity
 For the Years Ended December 31, 2010 and 2009
 AccumulatedOtherAdditional
    
    
    
    
    
    
    Common
    
    
    Common
    
    
    ComprehensiveCommon
    
    
    Paid-in
    
    
    Treasury
    
    
    Stock held
    
    
    Stock held
    
    
    Income
    
    
    RetainedStock
    
    
    Capital
    
    
    Stock
    
    
    by ESOP
    
    
    by RRP
    
    
    (Loss)
    
    
    Earnings
    
    
    Total(In Thousands)Balance  January 1, 2009
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    108
    
    
    $
    14,066
    
    
    $
    14,174Issuance of Common Stock
    
    
    11
    
    
    
    10,356
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    10,367Shares Purchased for ESOP
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (891
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (891
    )ESOP Stock Released for Allocation
    
    
    
    
    
    
    9
    
    
    
    
    
    
    
    36
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    45Net Loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (324
    )
    
    
    (324
    )Other Comprehensive Income, Net
of Applicable Deferred Taxes
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    25
    
    
    
    
    
    
    
    25Balance  December 31, 2009
    
    
    11
    
    
    
    10,365
    
    
    
    
    
    
    
    (855
    )
    
    
    
    
    
    
    133
    
    
    
    13,742
    
    
    
    23,396Shares Purchased for RRP
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (293
    )
    
    
    
    
    
    
    
    
    
    
    (293
    )Purchase of Treasury Stock
    
    
    
    
    
    
    
    
    
    
    (1,152
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,152
    )ESOP Stock Released for Allocation
    
    
    
    
    
    
    16
    
    
    
    
    
    
    
    36
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    52RRP Stock Earned
    
    
    
    
    
    
    22
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    22Stock-Based Compensation Cost
    
    
    
    
    
    
    63
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    63Net Loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (82
    )
    
    
    (82
    )Other Comprehensive Loss, Net
of Applicable Deferred Taxes
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (53
    )
    
    
    
    
    
    
    (53
    )Balance  December 31, 2010
    
    $
    11
    
    
    $
    10,466
    
    
    $
    (1,152
    )
    
    $
    (819
    )
    
    $
    (293
    )
    
    $
    80
    
    
    $
    13,660
    
    
    $
    21,953
   47




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
 
 Consolidated Statements of Cash Flows
 For the Years Ended December 31, 2010 and 2009
 2010
    
    
    2009(In Thousands)Cash Flows from Operating ActivitiesNet Loss
    
    $
    (82
    )
    
    $
    (324
    )Adjustments to Reconcile Net Loss toNet Cash Provided by (Used in) Operating ActivitiesProvision for Loan Losses
    
    
    64
    
    
    
    78Foreclosed Assets Valuation Adjustment
    
    
    
    
    
    
    10Deferred Income Taxes
    
    
    (8
    )
    
    
    (165
    )Depreciation and Amortization
    
    
    287
    
    
    
    275Net Discount Accretion
    
    
    (9
    )
    
    
    (19
    )Gain on Sale of Securities
    
    
    
    
    
    
    (83
    )Gain on Sale of Foreclosed Real Estate
    
    
    
    
    
    
    (39
    )Loss on Disposal of Premises and Equipment
    
    
    1
    
    
    
    Non-Cash Compensation
    
    
    137
    
    
    
    45(Increase) Decrease in:Accrued Interest Receivable
    
    
    (21
    )
    
    
    (14
    )Prepaid Expenses and Other Assets
    
    
    56
    
    
    
    559(Decrease) Increase in:Accrued Interest Payable
    
    
    1
    
    
    
    (5
    )Accounts Payable and Other Liabilities
    
    
    134
    
    
    
    (403
    )Net Cash Provided by (Used in) Operating Activities
    
    
    560
    
    
    
    (85
    )Cash Flows from Investing ActivitiesNet Increase in Loans Receivable
    
    
    (17,030
    )
    
    
    (12,964
    )Purchase of Certificates of Deposit
    
    
    (100
    )
    
    
    (1,055
    )Purchase of Securities Available for Sale
    
    
    
    
    
    
    (2,527
    )Maturities and Redemptions of Certificates of Deposit
    
    
    475
    
    
    
    580Maturities, Redemptions and Sales of Securities Available for Sale
    
    
    3,991
    
    
    
    6,320Proceeds on Sale of Foreclosed Real Estate
    
    
    
    
    
    
    247Improvements to Foreclosed Real Estate
    
    
    
    
    
    
    (46
    )Purchase of Premises and Equipment
    
    
    (149
    )
    
    
    (56
    )Net Cash Used in Investing Activities
    
    
    (12,813
    )
    
    
    (9,501
    )Cash Flows from Financing ActivitiesNet Increase (Decrease) in Deposits
    
    
    11,967
    
    
    
    (503
    )Net Increase (Decrease) in Advance Payments by Borrowers
    
    
    91
    
    
    
    (24
    )Proceeds from Issuance of Common Stock
    
    
    
    
    
    
    11,133Cost of Issuance of Common Stock
    
    
    
    
    
    
    (766
    )Purchase of Treasury Stock
    
    
    (1,152
    )
    
    
    Purchase of Stock for RRP
    
    
    (293
    )
    
    
    Purchase of Stock for ESOP
    
    
    
    
    
    
    (891
    )Net Cash Provided by Financing Activities
    
    
    10,613
    
    
    
    8,949Net Decrease in Cash and Cash Equivalents
    
    
    (1,640
    )
    
    
    (637
    )Cash and Cash Equivalents, Beginning of Year
    
    
    6,233
    
    
    
    6,870Cash and Cash Equivalents, End of Year
    
    $
    4,593
    
    
    $
    6,233Supplemental Schedule of Cash Flow InformationCash Paid for Interest on Deposits
    
    $
    635
    
    
    $
    586Cash Paid for Income Taxes
    
    $
    
    
    
    $
    Market Value Adjustment for (Loss) Gain on Securities Available for Sale
    
    $
    (80
    )
    
    $
    37
   48




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
 
 Notes to Consolidated Financial Statements
 Note 1.
    
    Nature of Operations and Summary of Significant Accounting Policies
 Nature of Operations
     Principles of Consolidation
  Use of Estimates
    49




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
 Note 1.
    
    Nature of Operations and Summary of Significant Accounting Policies (Continued)
 Use of Estimates (Continued)
  Cash Equivalents
  Loans Receivable
  Disclosures about the Credit Quality of Financing Receivables and
the Allowance for Credit Losses,
 Interest on Loans
  Allowance for Loan Losses
    50




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
 Note 1.
    
    Nature of Operations and Summary of Significant Accounting Policies (Continued)
 Allowance for Loan Losses (Continued)
   Impaired Loans
 Receivables Accounting by Creditors for Impairment of a Loan and SFAS No. 118 Accounting by Creditors for Impairment of a Loan  Income Recognition and Disclosures)
  Loan Origination Fees and Related Costs
 Receivables Accounting for Nonrefundable Fees and Costs Associated with Originating
or Acquiring Loans and Indirect Costs of Leases)
 Securities
 Accounting for Certain Investments in Debt and Equity Securities)
  51




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
 Note 1.
    
    Nature of Operations and Summary of Significant Accounting Policies (Continued)
 Securities (Continued)
    Impaired Securities
  Investment in FHLB of Dallas and FNBB Stock
  Foreclosed Real Estate
   Premises and Equipment
   52




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
 Note 1.
    
    Nature of Operations and Summary of Significant Accounting Policies (Continued)
 Income Taxes
 Income Taxes Accounting for Income Taxes)
    Earnings Per Share
  Comprehensive Income
 Comprehensive Income Reporting Comprehensive Income)
 Statements of Cash Flows
 Statement of Cash Flows Statement of Cash Flows -
Net Reporting of Certain Cash Receipts and Cash Payments and Classification of Cash Flows
from Hedging Transactions)
  53




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
 Note 1.
    
    Nature of Operations and Summary of Significant Accounting Policies (Continued)
 Recent Accounting Pronouncements
   Financial Instruments Interim
Disclosures
about Fair Value of Financial Instruments Interim
Financial Reporting
  
    
    the period after the balance sheet date during which management of a reporting
entity should evaluate events or transactions that may occur for potential recognition
or disclosure in the financial statements;
    
    the circumstances under which an entity should recognize events or transactions
occurring after the balance sheet date in its financial statements; and
    
    the disclosures that an entity should make about events or transactions that
occurred after the balance sheet date.
   54




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
 Note 1.
    
    Nature of Operations and Summary of Significant Accounting Policies (Continued)
 Recent Accounting Pronouncements (Continued)
 The Hierarchy of Generally Accepted Accounting Principles FASB Accounting
Standards Codification TM
      55




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
 Note 1.
    
    Nature of Operations and Summary of Significant Accounting Policies (Continued)
 Recent Accounting Pronouncements (Continued)
 Fair Value Measurements and Disclosures
(Topic 820)
   Disclosures about the Credit Quality of
Financing Receivables and the Allowance for Credit Losses Receivables
 Advertising
   56




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
 Note 2.
    
    Investment Securities
  Trading Securities
  Available for Sale
  Amortized
    
    
    Gross Unrealized
    
    
    Gross Unrealized
    
    
    Fair2010
    
    Cost
    
    
    Gains
    
    
    Losses
    
    
    Value(In Thousands)U.S. Government Agencies
    
    $
    500
    
    
    $
    2
    
    
    $
    
    
    
    $
    502Mortgage-Backed Securities
    
    
    3,609
    
    
    
    119
    
    
    
    
    
    
    
    3,728Available for Sale Securities
    
    $
    4,109
    
    
    $
    121
    
    
    $
    
    
    
    $
    4,230
 Amortized
    
    
    Gross Unrealized
    
    
    Gross Unrealized
    
    
    Fair2009
    
    Cost
    
    
    Gains
    
    
    Losses
    
    
    Value(In Thousands)U.S. Government Agencies
    
    $
    1,501
    
    
    $
    8
    
    
    $
    
    
    
    $
    1,509Mortgage-Backed Securities
    
    
    6,591
    
    
    
    193
    
    
    
    
    
    
    
    6,784Available for Sale Securities
    
    $
    8,092
    
    
    $
    201
    
    
    $
    
    
    
    $
    8,293
  Amortized
    
    
    FairCost
    
    
    Value(In Thousands)Due in One Year or Less
    
    $
    398
    
    
    $
    402Due After One Year Through Five Years
    
    
    2,863
    
    
    
    2,936Due After Five Years Through Ten Years
    
    
    640
    
    
    
    669Due After Ten Years Through Twenty Years
    
    
    43
    
    
    
    44Due After Twenty Years
    
    
    165
    
    
    
    179$
    4,109
    
    
    $
    4,230
   Held to Maturity
   57




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
 Note 2.
    
    Investment Securities (Continued)
   Note 3.
    
    Loans Receivable
  2010
    
    
    2009(In Thousands)One-to-Four Family Residential
    
    $
    41,421
    
    
    $
    35,736Multi-Family Residential
    
    
    173
    
    
    
    184Second Mortgage Residential
    
    
    174
    
    
    
    219Residential Construction and Land Loans
    
    
    3,375
    
    
    
    410Commercial Loans Secured by Real Estate
    
    
    14,317
    
    
    
    8,447Commercial and Industrial Loans
    
    
    2,375
    
    
    
    Home Equity Lines of Credit
    
    
    426
    
    
    
    244Loans Secured by Deposits
    
    
    24
    
    
    
    2562,285
    
    
    
    45,265Deferred Loan Origination Costs (Fees)
    
    
    62
    
    
    
    52Less: Allowance for Loan Losses
    
    
    (394
    )
    
    
    (330
    )Total
    
    $
    61,953
    
    
    $
    44,987
  58




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
 Note 3.
    
    Loans Receivable (Continued)
  Commercial and
    
    
    CommercialIndustrial
    
    
    Real Estate
    
    
    Consumer
    
    
    Residential
    
    
    Total(In Thousands)2010Allowance for loan losses:Beginning Balance
    
    $
    
    
    
    $
    64
    
    
    $
    
    
    
    $
    266
    
    
    $
    330Charge-offs
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Recoveries
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Provisions
    
    
    12
    
    
    
    8
    
    
    
    
    
    
    
    44
    
    
    
    64Ending Balance
    
    $
    12
    
    
    $
    72
    
    
    $
    
    
    
    $
    310
    
    
    $
    394Ending balance: individually evaluated
for impairment
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    62
    
    
    $
    62Ending balance: collectively evaluated
for impairment
    
    $
    12
    
    
    $
    72
    
    
    $
    
    
    
    $
    248
    
    
    $
    332Ending balance: loans acquired with
deteriorated credit quality
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    Financing receivables:Ending Balance
    
    $
    2,375
    
    
    $
    14,317
    
    
    $
    450
    
    
    $
    45,143
    
    
    $
    62,285Ending balance: individually evaluated
for impariment
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    1,043
    
    
    $
    1,043Ending balance: collectively evaluated
for impariment
    
    $
    2,375
    
    
    $
    14,317
    
    
    $
    450
    
    
    $
    44,100
    
    
    $
    61,242Ending balance: loans acquired with
deteriorated credit quality
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
 Commercial and
    
    
    Commercial RealIndustrial
    
    
    Estate
    
    
    Consumer
    
    
    Residential
    
    
    Total(In Thousands)2009Allowance for loan losses:Beginning Balance
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    273
    
    
    $
    273Charge-offs
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (21
    )
    
    
    (21
    )Recoveries
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Provisions
    
    
    
    
    
    
    64
    
    
    
    
    
    
    
    14
    
    
    
    78Ending Balance
    
    $
    
    
    
    $
    64
    
    
    $
    
    
    
    $
    266
    
    
    $
    330Ending balance: individually
evaluated
for impairment
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    26
    
    
    $
    26Ending balance: collectively
evaluated
for impairment
    
    $
    
    
    
    $
    64
    
    
    $
    
    
    
    $
    266
    
    
    $
    330Ending balance: loans
acquired with
deteriorated credit quality
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    Financing receivables:Ending Balance
    
    $
    
    
    
    $
    8,447
    
    
    $
    269
    
    
    $
    36,549
    
    
    $
    45,265Ending balance: individually
evaluated
for impairment
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    403
    
    
    $
    403Ending balance: collectively
evaluated
for impairment
    
    $
    
    
    
    $
    8,447
    
    
    $
    269
    
    
    $
    36,146
    
    
    $
    44,862Ending balance: loans
acquired with
deteriorated credit quality
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
  59




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
 Note 3.
    
    Loans Receivable (Continued)
 Credit Quality Indicators
   Pass  Level 1
 Pass  Level 2
 Pass  Level 3
 Special Mention
 Substandard
 Doubtful
   60




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
 Note 3.
    
    Loans Receivable (Continued)
 Credit Quality Indicators (Continued)
  Commercial Real Estate
    
    
    Commercial Real EstateCommercial and Industrial
    
    
    Construction
    
    
    Other2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009(In Thousands)Pass  Level 1
    
    $
    2,375
    
    
    $
    
    
    
    $
    1,229
    
    
    $
    
    
    
    $
    12,709
    
    
    $
    8,447Pass  Level 2
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    379
    
    
    
    Pass  Level 3
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Special Mention
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Substandard
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Doubtful
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    $
    2,375
    
    
    $
    
    
    
    $
    1,229
    
    
    $
    
    
    
    $
    13,088
    
    
    $
    8,447
 Residential Credit Exposure
Credit Risk Profile by Internally Assigned Credit Quality Indicator
 Residential  Prime2010
    
    
    2009(In Thousands)Grade:Pass  Level 1
    
    $
    37,129
    
    
    $
    30,998Pass  Level 2
    
    
    5,536
    
    
    
    3,558Pass  Level 3
    
    
    175
    
    
    
    945Special Mention
    
    
    660
    
    
    
    314Substandard
    
    
    1,643
    
    
    
    734Doubtful
    
    
    
    
    
    
    Total
    
    $
    45,143
    
    
    $
    36,549
 Consumer Credit Exposure
Credit Risk Profile Based on Payment Activity
 Consumer  Other2010
    
    
    2009(In Thousands)Performing
    
    $
    450
    
    
    $
    269Nonperforming
    
    
    
    
    
    
    Total
    
    $
    450
    
    
    $
    269
  61




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
 Note 3.
    
    Loans Receivable (Continued)
 Impaired Loans
  Impaired Loans
As of December 31, 2010 and 2009
 Recorded
    
    
    Unpaid Principal
    
    
    Related
    
    
    Average Recorded
    
    
    Interest IncomeInvestment
    
    
    Balance
    
    
    Allowance
    
    
    Investment
    
    
    Recognized(In Thousands)2010With no related allowance recorded:Commercial
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    Commercial real estate
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Residential  prime
    
    
    261
    
    
    
    262
    
    
    
    
    
    
    
    263
    
    
    
    12With an allowance recorded:Commercial
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Commercial real estate
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Residential  prime
    
    
    782
    
    
    
    786
    
    
    
    62
    
    
    
    787
    
    
    
    26Total:Commercial
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    Consumer
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    Residential
    
    $
    1,043
    
    
    $
    1,048
    
    
    $
    62
    
    
    $
    1,050
    
    
    $
    382009With no related allowance recorded:Commercial
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    Commercial real estate
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Residential  prime
    
    
    299
    
    
    
    299
    
    
    
    
    
    
    
    293
    
    
    
    14With an allowance recorded:Commercial real estate  construction
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Commercial real estate  other
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Residential  prime
    
    
    104
    
    
    
    104
    
    
    
    26
    
    
    
    104
    
    
    
    4Total:Commercial
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    Consumer
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    Residential
    
    $
    403
    
    
    $
    403
    
    
    $
    26
    
    
    $
    397
    
    
    $
    18
   62




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
 Note 3.
    
    Loans Receivable (Continued)
   Non-Accrual Loans
  2010
    
    
    2009(In Thousands)Commercial and Industrial
    
    $
    
    
    
    $
    Commercial Real Estate
    
    
    
    
    
    
    Consumer
    
    
    
    
    
    
    Residential:Residential  prime
    
    
    1,138
    
    
    
    315$
    1,138
    
    
    $
    315
 Aging Analysis of Past Due Loans
  RecordedInvestment > 9030-59 Days Past
    
    
    60-89 Days Past
    
    
    Greater than 90
    
    
    Total Past
    
    
    
    
    
    
    Total Financing
    
    
    Days andDue
    
    
    Due
    
    
    Days
    
    
    Due
    
    
    Current
    
    
    Receivables
    
    
    Accruing(In Thousands)Commercial and
Industrial
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    2,375
    
    
    $
    2,375
    
    
    $
    Commercial real estate:Commercial real
estate  construction
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,229
    
    
    
    1,229
    
    
    
    Commercial real
estate  other
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    13,088
    
    
    
    13,088
    
    
    
    Consumer:Consumer  other
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    450
    
    
    
    450
    
    
    
    Residential:Residential  prime
    
    
    625
    
    
    
    70
    
    
    
    888
    
    
    
    1,583
    
    
    
    43,560
    
    
    
    45,143
    
    
    
    Total
    
    $
    625
    
    
    $
    70
    
    
    $
    888
    
    
    $
    1,583
    
    
    $
    60,702
    
    
    $
    62,285
    
    
    $
    
  63




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
 Note 4.
    
    Accrued Interest Receivable
  2010
    
    
    2009(In Thousands)Securities Available for Sale and Short Term Deposits
    
    $
    17
    
    
    $
    45Loans Receivable
    
    
    210
    
    
    
    161Total
    
    $
    227
    
    
    $
    206
 Note 5.
    
    Premises and Equipment
  2010
    
    
    2009(In Thousands)Land
    
    $
    921
    
    
    $
    921Building and Improvements
    
    
    4,762
    
    
    
    4,749Furniture and Equipment
    
    
    1,202
    
    
    
    1,070Website Development
    
    
    3
    
    
    
    36,888
    
    
    
    6,743Less: Accumulated Depreciation and Amortization
    
    
    (1,900
    )
    
    
    (1,616
    )Total
    
    $
    4,988
    
    
    $
    5,127
   2011
    
    $
    1502012
    
    
    46Total
    
    $
    196
   64




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
 Note 6.
    
    Deposits
  WeightedAverage Rateat December 31, 2010
    
    
    Amount
    
    
    Percent(In Thousands)Demand, NOW and Money Market Accounts
    
    
    0.53
    %
    
    $
    13,764
    
    
    
    25.21
    %Savings
    
    
    0.93
    %
    
    
    6,566
    
    
    
    12.02
    %Certificates of Deposit
    
    
    1.74
    %
    
    
    34,277
    
    
    
    62.77
    %Total
    
    
    
    
    
    $
    54,607
    
    
    
    100.00
    %
  WeightedAverage Rateat December 31, 2009
    
    
    Amount
    
    
    Percent(In Thousands)Demand, NOW
and Money Market Accounts
    
    
    0.52
    %
    
    $
    11,749
    
    
    
    27.56
    %Savings
    
    
    0.67
    %
    
    
    6,444
    
    
    
    15.11
    %Certificates of Deposit
    
    
    1.95
    %
    
    
    24,447
    
    
    
    57.33
    %Total
    
    
    
    
    
    $
    42,640
    
    
    
    100.00
    %
  Rate
    
    2011
    
    
    2012
    
    
    2013
    
    
    2014
    
    
    2015
    
    
    After
    
    
    Total(In Thousands)0.30% to 0.49%
    
    $
    331
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    3310.50% to 1.00%
    
    
    5,646
    
    
    
    1,142
    
    
    
    245
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,0331.01% to 1.25%
    
    
    4,018
    
    
    
    684
    
    
    
    200
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,9021.26% to 1.50%
    
    
    3,748
    
    
    
    2,712
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,4601.51% to 1.75%
    
    
    728
    
    
    
    12
    
    
    
    
    
    
    
    
    
    
    
    250
    
    
    
    
    
    
    
    9901.76% to 2.00%
    
    
    660
    
    
    
    1,516
    
    
    
    254
    
    
    
    
    
    
    
    245
    
    
    
    
    
    
    
    2,6752.01% to 2.25%
    
    
    3,391
    
    
    
    76
    
    
    
    1,006
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,4732.26% to 2.50%
    
    
    1,632
    
    
    
    139
    
    
    
    1,015
    
    
    
    
    
    
    
    423
    
    
    
    
    
    
    
    3,2092.51% to 2.75%
    
    
    510
    
    
    
    62
    
    
    
    
    
    
    
    22
    
    
    
    
    
    
    
    
    
    
    
    5942.76% to 3.00%
    
    
    
    
    
    
    378
    
    
    
    
    
    
    
    270
    
    
    
    1,623
    
    
    
    
    
    
    
    2,2713.01% to 3.25%
    
    
    
    
    
    
    
    
    
    
    52
    
    
    
    298
    
    
    
    601
    
    
    
    
    
    
    
    9513.26% to 3.50%
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    337
    
    
    
    
    
    
    
    
    
    
    
    3373.51% to 3.75%
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    51
    
    
    
    
    
    
    
    
    
    
    
    51Total
    
    $
    20,664
    
    
    $
    6,721
    
    
    $
    2,772
    
    
    $
    978
    
    
    $
    3,142
    
    
    $
    
    
    
    $
    34,277
   65




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
 Note 6.
    
    Deposits (Continued)
    2010
    
    
    2009(In Thousands)Money Market Accounts and Interest-Bearing Checking
    
    $
    73
    
    
    $
    50Savings
    
    
    41
    
    
    
    52Certificates of Deposit
    
    
    522
    
    
    
    479Total
    
    $
    636
    
    
    $
    581
 Note 7.
    
    Advances from FHLB and Federal Funds Purchased
   Note 8.
    
    Income Taxes
   2010
    
    
    2009(In Thousands)FederalCurrent
    
    $
    
    
    
    $
    Deferred
    
    
    (8
    )
    
    
    (166
    )Total Income Tax Benefit
    
    $
    (8
    )
    
    $
    (166
    )
  66




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
 Note 8.
    
    Income Taxes (Continued)
   2010
    
    
    2009(In Thousands)Expected Income Tax Benefit at Federal Statutory Tax Rate
    
    $
    (30
    )
    
    $
    (167
    )Non-Deductible Stock Compensation Award Programs
    
    
    18
    
    
    
    Other
    
    
    4
    
    
    
    1Total Income Tax Benefit
    
    $
    (8
    )
    
    $
    (166
    )
  2010
    
    
    2009(In Thousands)Deferred Tax Assets (Liabilities):Excess Tax over Financial Reporting Depreciation
    
    $
    (149
    )
    
    $
    (164
    )Loan Costs Deferred for Financial Reporting Purposes
    
    
    (21
    )
    
    
    (18
    )Allowance for Uncollectible Interest and Loan Fees
    
    
    13
    
    
    
    2Excess Bad Debt Provisions for Financial Reporting Purposes
    
    
    110
    
    
    
    84Income Deferred for Financial Reporting Purposes
    
    
    1
    
    
    
    (1
    )Stock-Based Compensation
    
    
    16
    
    
    
    Employee Stock Ownership Plan
    
    
    4
    
    
    
    Benefit of Net Operating Loss Carryforward
    
    
    460
    
    
    
    526Benefit of First Year Asset Expensing Carryforward
    
    
    68
    
    
    
    68Benefit of Contribution Carryforward
    
    
    13
    
    
    
    13Benefit of Capital Loss Carryforward
    
    
    4
    
    
    
    Benefit of Employment Credit Carryforward
    
    
    50
    
    
    
    50Unrealized Holding Gain on Securities Available-for-Sale
    
    
    (41
    )
    
    
    (68
    )Net Deferred Tax Asset
    
    $
    528
    
    
    $
    492
  (In Thousands)2027
    
    $
    1062028
    
    
    9432029
    
    
    302Total
    
    $
    1,351
  67




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
 Note 8.
    
    Income Taxes (Continued)
   (In Thousands)2025
    
    $
    332026
    
    
    17Total
    
    $
    50
    Note 9.
    
    Employee Benefits
   68




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY  Notes to Consolidated Financial Statements
 Note 10.
    
    Employee Stock Ownership Plan
      2010
    
    
    2009Allocated Shares
    
    
    7,125
    
    
    
    3,563Unreleased Shares
    
    
    81,941
    
    
    
    85,503Total ESOP Shares
    
    
    89,066
    
    
    
    89,066Fair Value of Unreleased Shares (In
Thousands)
    
    $
    1,229
    
    
    $
    1,176Stock Price at December 31
    
    $
    15.00
    
    
    $
    13.75
 Note 11.
    
    Recognition and Retention Plan
   69




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY  Notes to Consolidated Financial Statements
 Note 11.
    
    Recognition and Retention Plan (Continued)
   Unawarded Shares
    
    
    Awarded Shares2010
    
    
    2009
    
    
    2010
    
    
    2009Balance  Beginning of Year
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Purchased by Plan
    
    
    20,000
    
    
    
    
    
    
    
    
    
    
    
    Granted
    
    
    (11,133
    )
    
    
    
    
    
    
    11,133
    
    
    
    Forfeited
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Earned and Issued
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Balance  End of Year
    
    
    8,867
    
    
    
    
    
    
    
    11,133
    
    
    
    
 Note 12.
    
    Stock Option Plan
   Number of
    
    
    Weighted-averageShares
    
    
    Exercise PriceOutstanding at January 1, 2009
    
    
    
    
    
    $
    Granted
    
    
    
    
    
    
    Exercised
    
    
    
    
    
    
    Forfeited
    
    
    
    
    
    
    Outstanding at December 31, 2009
    
    
    
    
    
    $
    Options Exercisable at December 31, 2009
    
    
    
    
    
    $
    Outstanding at January 1, 2010
    
    
    
    
    
    $
    Granted
    
    
    63,833
    
    
    
    14.65Exercised
    
    
    
    
    
    
    Forfeited
    
    
    
    
    
    
    Outstanding at December 31, 2010
    
    
    63,833
    
    
    $
    14.65Options Exercisable at December 31, 2010
    
    
    
    
    
    $
    
  70




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY  Notes to Consolidated Financial Statements
 Note 12.
    
    Stock Option Plan (Continued)
  Grant DateAssumption
    
    March 25, 2010
    
    
    May 13, 2010Dividend Yield
    
    NA
    
    
    NAExpected Term
    
    10 Years
    
    
    10 YearsRisk-Free Interest Rate
    
    
    3.91
    %
    
    
    3.55
    %Expected Life
    
    10 Years
    
    
    10 YearsExpected Volatility
    
    
    29.34
    %
    
    
    28.97
    %Grant Date Fair Value
    
    $
    6.79
    
    
    $
    7.29
  Options Outstanding
    
    
    Options ExercisableWeightedAverage
    
    
    Weighted
    
    
    
    
    
    
    WeightedExercise
    
    
    
    
    
    Remaining
    
    
    Average
    
    
    
    
    
    
    AveragePrice
    
    
    
    
    
    Contractual
    
    
    Exercise
    
    
    
    
    
    
    ExerciseRange
    
    Number
    
    
    Life
    
    
    Price
    
    
    Number
    
    
    Price$14.00  $15.50
    
    
    63,833
    
    
    9.30 Years
    
    
    $
    14.65
    
    
    
    
    
    
    $
    
 Note 13.
    
    Other Comprehensive Income
  2010
    
    
    2009(In Thousands)Gross Unrealized Holding (Losses) Gains Arising During the Period
    
    $
    (80
    )
    
    $
    38Tax Benefit (Expense)
    
    
    27
    
    
    
    (13
    )Net Unrealized Holding (Losses) Gains Arising During the Period
    
    $
    (53
    )
    
    $
    25
 Note 14.
    
    Earnings Per Share
    71




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY  Notes to Consolidated Financial Statements
 Note 15.
    
    Regulatory Matters
     Actual
    
    
    RequiredAmount
    
    
    Ratio
    
    
    Amount
    
    
    Ratio(Dollars in Thousands)December 31, 2010:Tier 1 Capital(to Average Assets)
    
    $
    18,518
    
    
    
    25.61
    %
    
    $
    2,892
    
    
    
    4.00
    %Tier 1 Capital(to Risk-Weighted Assets)
    
    $
    18,518
    
    
    
    35.97
    %
    
    $
    2,059
    
    
    
    4.00
    %Total Capital(to Risk-Weighted Assets)
    
    $
    18,912
    
    
    
    36.73
    %
    
    $
    4,119
    
    
    
    8.00
    %December 31, 2009:Tier 1 Capital(to Average Assets)
    
    $
    18,525
    
    
    
    29.37
    %
    
    $
    2,523
    
    
    
    4.00
    %Tier 1 Capital(to Risk-Weighted Assets)
    
    $
    18,525
    
    
    
    50.41
    %
    
    $
    1,470
    
    
    
    4.00
    %Total Capital(to Risk-Weighted Assets)
    
    $
    18,855
    
    
    
    51.31
    %
    
    $
    2,940
    
    
    
    8.00
    %
  72




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY  Notes to Consolidated Financial Statements
 Note 16.
    
    Related Party Transactions
   2010
    
    
    2009(In Thousands)Balance, Beginning of Year
    
    $
    
    
    
    $
    217Advances
    
    
    
    
    
    
    Less: Payments
    
    
    
    
    
    
    (217
    )Balance, End of Year
    
    $
    
    
    
    $
    
 Note 17.
    
    Financial Instruments with Off-Balance Sheet Risk
   Note 18.
    
    Commitments and Contingencies
   73




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HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY  Notes to Consolidated Financial Statements
 Note 19.
    
    Significant Group Concentrations of Credit Risk
   Note 20.
    
    Disclosure about Fair Value of Financial Instruments
 Financial
Instruments.
   Cash and Short-Term Investments
  Certificates of Deposit
  Investment Securities
  Loans
  Deposits and Advance Payments by Borrowers for Taxes and Insurance
   74




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY  Notes to Consolidated Financial Statements
 Note 20.
    
    Disclosure about Fair Value of Financial Instruments (Continued)
 Commitments to Extend Credit
   December 31, 2010Carrying
    
    
    FairAmount
    
    
    Value(In Thousands)Financial AssetsCash and Short-Term Investments
    
    $
    4,593
    
    
    $
    4,593Certificates of Deposit
    
    
    100
    
    
    
    100Investment Securities
    
    
    4,230
    
    
    
    4,230Loans
    
    
    62,347
    
    
    
    60,778Less: Allowance for Loan Losses
    
    
    (394
    )
    
    
    $
    70,876
    
    
    $
    69,701Financial LiabilitiesDeposits and Advance Payments by Borrowers
for Taxes and Insurance
    
    $
    55,084
    
    
    $
    54,404$
    55,084
    
    
    $
    54,404Unrecognized Financial InstrumentsCommitments to Extend Credit
    
    $
    6,562
    
    
    $
    6,562
 December 31, 2009Carrying
    
    
    FairAmount
    
    
    Value(In Thousands)Financial AssetsCash and Short-Term Investments
    
    $
    6,233
    
    
    $
    6,233Certificates of Deposit
    
    
    475
    
    
    
    475Investment Securities
    
    
    8,293
    
    
    
    8,293Loans
    
    
    45,317
    
    
    
    44,072Less: Allowance for Loan Losses
    
    
    (330
    )
    
    
    $
    59,988
    
    
    $
    59,073Financial LiabilitiesDeposits and Advance Payments by Borrowers
for Taxes and Insurance
    
    $
    43,026
    
    
    $
    41,977$
    43,026
    
    
    $
    41,977Unrecognized Financial InstrumentsCommitments to Extend Credit
    
    $
    8,519
    
    
    $
    8,519
  75




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY  Notes to Consolidated Financial Statements
 Note 21.
    
    Fair Value of Financial Instruments
        76




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY  Notes to Consolidated Financial Statements
 Note 21.
    
    Fair Value of Financial Instruments (Continued)
  December 31, 2010Total
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3(In Thousands)AssetsInvestment Securities
    
    $
    4,230
    
    
    $
    
    
    
    $
    4,230
    
    
    $
    Total
    
    $
    4,230
    
    
    $
    
    
    
    $
    4,230
    
    
    $
    Liabilities
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    Total
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
 December 31, 2009Total
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3(In Thousands)AssetsInvestment Securities
    
    $
    8,293
    
    
    $
    
    
    
    $
    8,293
    
    
    $
    Total
    
    $
    8,293
    
    
    $
    
    
    
    $
    8,293
    
    
    $
    Liabilities
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    Total
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
 Note 22.
    
    Conversion and Stock Offering
    77




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY  Notes to Consolidated Financial Statements
 Note 23.
    
    Condensed Parent Company Only Financial Statements
  HIBERNIA HOMESTEAD BANCORP, INC.
Condensed Balance Sheets  Parent Only
December 31, 2010 and 2009
 2010
    
    
    2009(In Thousands)AssetsCash and Cash Equivalents
    
    $
    2,888
    
    
    $
    4,266Investment in Subsidiary
    
    
    19,057
    
    
    
    19,119Deferred Tax Asset
    
    
    69
    
    
    
    31Total Assets
    
    $
    22,014
    
    
    $
    23,416Liabilities and Stockholders EquityAccounts Payable and Other Liabilities
    
    $
    61
    
    
    $
    20Stockholders Equity
    
    
    21,953
    
    
    
    23,396Total Liabilities and Stockholders Equity
    
    $
    22,014
    
    
    $
    23,416
  78




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY  Notes to Consolidated Financial Statements
 Note 23.
    
    Condensed Parent Company Only Financial Statements (Continued)
 HIBERNIA HOMESTEAD BANCORP, INC.
Condensed Statements of Operations  Parent Only
For the Years Ended December 31, 2010 and 2009
 2010
    
    
    2009(In Thousands)Equity in Undistributed Loss of Subsidiary
    
    $
    (9
    )
    
    $
    (264
    )Interest Income
    
    
    50
    
    
    
    53Total Income (Loss)
    
    
    41
    
    
    
    (211
    )Operating Expenses
    
    
    161
    
    
    
    144Total Expenses
    
    
    161
    
    
    
    144Loss Before Income Tax Benefit
    
    
    (120
    )
    
    
    (355
    )Income Tax Benefit
    
    
    (38
    )
    
    
    (31
    )Net Loss
    
    $
    (82
    )
    
    $
    (324
    )
  79




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY  Notes to Consolidated Financial Statements
 Note 23.
    
    Condensed Parent Company Only Financial Statements (Continued)
 HIBERNIA HOMESTEAD BANCORP, INC.
Condensed Statements of Cash Flows
For the Years Ended December 31, 2010 and 2009
 2010
    
    
    2009(In Thousands)Operating ActivitiesNet Loss
    
    $
    (82
    )
    
    $
    (324
    )Adjustments to Reconcile Net Loss to NetCash Used in Operating ActivitiesEquity in Undistributed Loss of Subsidiary
    
    
    9
    
    
    
    264Increase in Deferred Tax Asset
    
    
    (38
    )
    
    
    (31
    )Increase in Accounts Payable and Other Liabilities
    
    
    41
    
    
    
    20Net Cash Used in Operating Activities
    
    
    (70
    )
    
    
    (71
    )Investing ActivitiesCapital Contributed to Subsidiary
    
    
    
    
    
    
    (5,184
    )Net Cash Used by Investing Activities
    
    
    
    
    
    
    (5,184
    )Financing ActivitiesProceeds from Issuance of Common Stock, net of cost
    
    
    
    
    
    
    10,367Purchase of Treasury Stock
    
    
    (1,152
    )
    
    
    Purchase of Stock for ESOP
    
    
    
    
    
    
    (891
    )Purchase of Stock for RRP
    
    
    (293
    )
    
    
    Non-Cash Stock Awards
    
    
    137
    
    
    
    45Net Cash (Used) Provided by Financing Activities
    
    
    (1,308
    )
    
    
    9,521(Decrease) Increase in Cash and Cash Equivalents
    
    
    (1,378
    )
    
    
    4,266Cash and Cash Equivalents, Beginning of Year
    
    
    4,266
    
    
    
    Cash and Cash Equivalents, End of Year
    
    $
    2,888
    
    
    $
    4,266
 Note 24.
    
    Subsequent Events
    80




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##### Table of Contents



Supplementary Data
Selected Quarterly Financial Data
  For the quarter ended3/31/10
    
    
    6/30/10
    
    
    9/30/10
    
    
    12/31/10(Dollars in thousands)Total interest income
    
    $
    735
    
    
    $
    820
    
    
    $
    848
    
    
    $
    846Total interest expense
    
    
    141
    
    
    
    153
    
    
    
    173
    
    
    
    169Net interest income
    
    
    594
    
    
    
    667
    
    
    
    675
    
    
    
    677Provision for loan loss
    
    
    
    
    
    
    10
    
    
    
    28
    
    
    
    26Total non-interest income
    
    
    38
    
    
    
    31
    
    
    
    31
    
    
    
    44Total non-interest expense
    
    
    653
    
    
    
    718
    
    
    
    711
    
    
    
    701Income tax expense (benefit)
    
    
    (8
    )
    
    
    (4
    )
    
    
    
    
    
    
    4Net loss
    
    
    (13
    )
    
    
    (26
    )
    
    
    (33
    )
    
    
    (10
    )
 For the quarter ended3/31/09
    
    
    6/30/09
    
    
    9/30/09
    
    
    12/31/09(Dollars in thousands)Total interest income
    
    $
    603
    
    
    $
    628
    
    
    $
    649
    
    
    $
    661Total interest expense
    
    
    170
    
    
    
    135
    
    
    
    134
    
    
    
    142Net interest income
    
    
    433
    
    
    
    493
    
    
    
    515
    
    
    
    519Provision for loan loss
    
    
    15
    
    
    
    
    
    
    
    33
    
    
    
    30Total non-interest income
    
    
    22
    
    
    
    36
    
    
    
    114
    
    
    
    61Total non-interest expense
    
    
    608
    
    
    
    656
    
    
    
    682
    
    
    
    659Income tax benefit
    
    
    (56
    )
    
    
    (44
    )
    
    
    (30
    )
    
    
    (36
    )Net loss
    
    
    (112
    )
    
    
    (83
    )
    
    
    (56
    )
    
    
    (73
    )
 
 Item 9.
    
    Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
  
 Item 9A(T).
    
    Controls and Procedures.
  Managements Report on Internal Control Over Financial Reporting.
  81




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##### Table of Contents



Item 9B.
    
    Other Information.
  
 PART III
 
 Item 10.
    
    Directors, Executive Officers and Corporate Governance.
   
 Item 11.
    
    Executive Compensation.
  
 Item 12.
    
    Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
 Security Ownership of Certain Beneficial Owners and Management.
  82




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##### Table of Contents



Equity Compensation Plan Information.
 Number of securities
    
    
    Weighted-average
    
    
    Number of securities remainingto be issued upon
    
    
    exercise price of
    
    
    available for future issuanceexercise of
    
    
    outstanding
    
    
    under equity compensationoutstanding options,
    
    
    options,
    
    
    plans (excluding securitieswarrants and rights
    
    
    warrants and rights
    
    
    reflected in column (a))Plan Category
    
    (a)
    
    
    (b)
    
    
    (c)Equity compensation plans
approved by security holders
    
    
    74,966
    (1)
    
    $
    14.65
    (1)
    
    
    80,900Equity compensation plans
not approved by security
holders
    
    
    
    
    
    
    
    
    
    
    Total
    
    
    74,966
    
    
    $
    14.65
    
    
    
    80,900
 (1)
    
    Includes 11,133 shares subject to restricted stock grants which were not vested as of December
31, 2010. The weighted-average exercise price excludes such restricted stock grants. 
 Item 13.
    
    Certain Relationships and Related Transactions, and Director Independence.
  
 Item 14.
    
    Principal Accounting Fees and Services.
  
 PART IV
 
 Item 15.
    
    Exhibits and Financial Statement Schedules.
  Report of Independent Registered Public Accounting FirmConsolidated Balance SheetsConsolidated Statements of OperationsConsolidated Statements of Comprehensive LossConsolidated Statements of Changes in EquityConsolidated Statements of Cash FlowsNotes to Consolidated Financial Statements
    83




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##### Table of Contents



No.
    
    Description
    
    Location3.1
    
    
    Articles of Incorporation of Hibernia Homestead Bancorp, Inc.
    
    
    (1
    )3.2
    
    
    Bylaws of Hibernia Homestead Bancorp, Inc.
    
    
    (1
    )4.0
    
    
    Form of Stock Certificate of Hibernia Homestead Bancorp, Inc.
    
    
    (1
    )10.1
    
    
    Hibernia Homestead Bancorp, Inc. 2009 Stock Option Plan
    
    
    (2
    )10.2
    
    
    Hibernia Homestead Bancorp, Inc. 2009 Recognition and Retention
Plan and Trust Agreement
    
    
    (2
    )10.3
    
    
    Letter Agreement between Hibernia Homestead Bank and Michael G.
Gretchen, dated November 19, 2007*
    
    
    (1
    )21.0
    
    
    Subsidiaries of the Registrant
    
    Reported in Item 123.0
    
    
    Consent of LaPorte, Sehrt, Romig & Hand
    
    Filed herewith31.1
    
    
    Rule 13(a)-14(a) Certification of the Chief Executive Officer
    
    Filed herewith31.2
    
    
    Rule 13(a)-14(a) Certification of the Chief Financial Officer
    
    Filed herewith32.0
    
    
    Section 1350 Certification
    
    Filed herewith
 
 *
    
    Denotes a management contract or compensatory plan or arrangement.(1)
    
    Incorporated by reference from the like-numbered exhibit included in Hibernias registration
statement on Form S-1, filed June 13, 2008 (SEC File No. 333-151656).(2)
    
    Incorporated by reference from the Companys definitive proxy statement on Schedule 14A,
filed June 19, 2009 (SEC File No. 000-53555).    84




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##### Table of Contents



SIGNATURES
  HIBERNIA HOMESTEAD BANCORP, INC.March 28, 2011
    By:
    /s/ A. Peyton Bush, IIIA. Peyton Bush, IIIPresident and Chief Executive Officer  Name
    
    Title
    
    Date/s/ Patrick W. Browne, Jr.
    
    Chairman of the Board
    
    March 28, 2011Patrick W. Browne, Jr./s/ A. Peyton Bush, III
    
    President and Chief Executive Officer
    
    March 28, 2011A. Peyton Bush, III/s/ Donna T. Guerra
Donna T. Guerra
    
    Assistant Secretary and Chief
Financial Officer (Principal
Financial and Accounting
Officer)
    
    March 28, 2011/s/ Morrison C. Bethea, M.D.
    
    Director
    
    March 28, 2011Morrison C. Bethea, M.D./s/ Richard J. Brennan, Jr.
    
    Director
    
    March 28, 2011Richard J. Brennan, Jr./s/ H. Merritt Lane, III
    
    Director
    
    March 28, 2011H. Merritt Lane, III/s/ Robert H. Saer
    
    Director
    
    March 28, 2011Robert H. Saer/s/ J. Kenneth Saer
    
    Director
    
    March 28, 2011J. Kenneth Saer/s/ John J. Weigel
    
    Director
    
    March 28, 2011John J. Weigel