##### 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, 2009
 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)
    
 YES o NO þ
 YES o NO þ
 þ o
 o o
 þ
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer o
(Do not check if a smaller reporting company)
    
    Smaller reporting company þ
 o þ
   DOCUMENTS INCORPORATED BY REFERENCE




---



##### 



HIBERNIA HOMESTEAD BANCORP, INC.
2009 ANNUAL REPORT ON FORM 10-K
 TABLE OF CONTENTS
 PagePART IItem 1. Business
    
    
    1Item 1A. Risk Factors
    
    
    24Item 1B. Unresolved Staff Comments
    
    
    24Item 2. Properties
    
    
    24Item 3. Legal Proceedings
    
    
    24Item 4. (Removed and Reserved)
    
    
    24PART IIItem 5. Market for the Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
    
    
    25Item 6. Selected Financial Data
    
    
    26Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    27Item 7A. Quantitative and Qualitative Disclosures about Market Risk
    
    
    39Item 8. Financial Statements and Supplementary Data
    
    
    40Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
    
    
    75Item 9A(T). Controls and Procedures
    
    
    75Item 9B. Other Information
    
    
    76PART IIIItem 10. Directors, Executive Officers and Corporate Governance
    
    
    76Item 11. Executive Compensation
    
    
    76Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
    
    
    76Item 13. Certain Relationships and Related Transactions, and Director Independence
    
    
    77Item 14. Principal Accounting Fees and Services
    
    
    77PART IVItem 15. Exhibits and Financial Statement Schedules
    
    
    77SIGNATURES
    
    
    79Exhibit 23.0Exhibit 31.1Exhibit 31.2Exhibit 32.0




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##### Table of Contents



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.




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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 31,2009
    
    
    2008Amount
    
    
    %
    
    
    Amount
    
    
    %(Dollars in thousands)Real estate loans:One-to four-family residential
    
    $
    35,736
    
    
    
    78.95
    %
    
    $
    29,936
    
    
    
    92.07
    %Multi-family residential
    
    
    184
    
    
    
    0.41
    
    
    
    769
    
    
    
    2.37Second mortgage residential
    
    
    219
    
    
    
    0.48
    
    
    
    63
    
    
    
    0.19Residential construction and land loans
    
    
    410
    
    
    
    0.91
    
    
    
    1,468
    
    
    
    4.52Commercial-real estate secured
    
    
    8,447
    
    
    
    18.66
    
    
    
    91
    
    
    
    0.28Total real estate loans
    
    
    44,996
    
    
    
    99.41
    
    
    
    32,327
    
    
    
    99.43Other loans:Home equity lines of credit
    
    
    244
    
    
    
    0.54
    
    
    
    153
    
    
    
    0.47Loans secured by deposit
    
    
    25
    
    
    
    0.05
    
    
    
    32
    
    
    
    0.10Total other loans
    
    
    269
    
    
    
    0.59
    
    
    
    185
    
    
    
    0.57Total loans
    
    $
    45,265
    
    
    
    100.00
    %
    
    $
    32,512
    
    
    
    100.00
    %Less:Allowance for loan losses
    
    
    330
    
    
    
    
    
    
    
    273Deferred loan fees
    
    
    (52
    )
    
    
    
    
    
    
    (34
    )278
    
    
    
    
    
    
    
    239Net loans
    
    $
    44,987
    
    
    
    
    
    
    $
    32,273
 Origination of Loans.
  3




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ex officio
  Year EndedDecember 31,2009
    
    
    2008(In thousands)Loan originations:One-to-four family residential
    
    $
    11,985
    
    
    $
    4,946Multi-family residential
    
    
    
    
    
    
    Second mortgage residential
    
    
    196
    
    
    
    Residential construction and land loans
    
    
    1,222
    
    
    
    1,465Commercial-real estate secured
    
    
    7,556
    
    
    
    100Other
    
    
    261
    
    
    
    9Total loan originations
    
    
    21,220
    
    
    
    6,520Loans purchased
    
    
    1,750
    
    
    
    Loans sold
    
    
    
    
    
    
    Loan principal repayments
    
    
    (10,029
    )
    
    
    (3,394
    )Total loans sold and principal repayments
    
    
    (10,029
    )
    
    
    (3,394
    )Increase or (decrease) due to other items, net(1)
    
    
    (227
    )
    
    
    (293
    )Net increase (decrease) in total loans
    
    $
    12,714
    
    
    $
    2,833
 
 (1)
    
    Other items consist of loans in process, deferred fees and the allowance for loan
losses.  Contractual Terms to Final Maturities.
 ResidentialOne- to Four-
    
    
    Multi-
    
    
    Second
    
    
    Construction
    
    
    Commercial-Family
    
    
    Family
    
    
    Mortgage
    
    
    and Land
    
    
    Real EstateResidential
    
    
    Residential
    
    
    Residential
    
    
    Loans
    
    
    Secured
    
    
    Other
    
    
    Total(In thousands)Amounts due after December 31, 2009 in:One year or less
    
    $
    829
    
    
    $
    
    
    
    $
    
    
    
    $
    62
    
    
    $
    30
    
    
    $
    25
    
    
    $
    946After one year through two years
    
    
    1,348
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,348After two years through three years
    
    
    11
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    53
    
    
    
    64After three years through five years
    
    
    416
    
    
    
    
    
    
    
    189
    
    
    
    
    
    
    
    1,590
    
    
    
    191
    
    
    
    2,386After five years through ten years
    
    
    2,525
    
    
    
    
    
    
    
    
    
    
    
    136
    
    
    
    4,457
    
    
    
    
    
    
    
    7,118After ten years through 15 years
    
    
    4,530
    
    
    
    184
    
    
    
    30
    
    
    
    
    
    
    
    2,370
    
    
    
    
    
    
    
    7,114After 15 years
    
    
    26,077
    
    
    
    
    
    
    
    
    
    
    
    212
    
    
    
    
    
    
    
    
    
    
    
    26,289Total
    
    $
    35,736
    
    
    $
    184
    
    
    $
    219
    
    
    $
    410
    
    
    $
    8,447
    
    
    $
    269
    
    
    $
    45,265
  4




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##### Table of Contents



Floating or
    
    
    Total atFixed-Rate
    
    
    Adjustable-Rate
    
    
    December 31, 2009(In thousands)One-to-four family residential
    
    $
    34,907
    
    
    $
    
    
    
    $
    34,907Multi-family residential
    
    
    184
    
    
    
    
    
    
    
    184Second mortgage residential
    
    
    219
    
    
    
    
    
    
    
    219Residential construction and land loans
    
    
    348
    
    
    
    
    
    
    
    348Commercial-real estate secured
    
    
    5,953
    
    
    
    2,464
    
    
    
    8,417Other loans
    
    
    
    
    
    
    244
    
    
    
    244Total
    
    $
    41,611
    
    
    $
    2,708
    
    
    $
    44,319
  One-to-Four Family Residential Real Estate Loans.
    Residential Construction and Land Loans.
  5




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##### Table of Contents



Residential Second Mortgage Loans and Lines of Credit.
 Commercial Real Estate Loans.
  Consumer Loans.
 Loan Origination and Other Fees.
 Asset Quality
 General.
   6




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Potential Problem Loans
 Non-Performing Assets.
 December 31,2009
    
    
    2008(Dollars in thousands)Non-accruing loans:One-to-four family residential
    
    $
    261
    
    
    $
    150Multi-family residential
    
    
    
    
    
    
    Second mortgage residential
    
    
    
    
    
    
    Residential construction and land loans
    
    
    
    
    
    
    Commercial-real estate secured
    
    
    
    
    
    
    Other loans
    
    
    
    
    
    
    Troubled debt restructurings
    
    
    54
    
    
    
    Total non-accruing loans
    
    
    315
    
    
    
    150Accruing 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(1)
    
    
    315
    
    
    
    150Real estate owned, net
    
    
    
    
    
    
    Total non-performing assets
    
    $
    315
    
    
    $
    150Total non-performing loans as a percentage of loans, net
    
    
    0.70
    %
    
    
    0.46
    %Total non-performing loans as a percentage of total assets
    
    
    0.47
    %
    
    
    0.26
    %Total non-performing assets as a percentage of total assets
    
    
    0.47
    %
    
    
    0.26
    %
 
 (1)
    
    Non-performing loans consist of non-accruing loans plus accruing loans 90 days or more past
due. Classified Assets.
  7




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Allowance for Loan Losses.
   At or for theYear Ended December 31,2009
    
    
    2008(Dollars in thousands)Total loans outstanding at end of period
    
    $
    45,265
    
    
    $
    32,512Average loans outstanding
    
    
    36,749
    
    
    
    30,031Allowance for loan losses, beginning of period
    
    
    273
    
    
    
    273Provision for loan losses
    
    
    78
    
    
    
    Charge-offs
    
    
    (21
    )
    
    
    Recoveries on loans previously charged off
    
    
    
    
    
    
    Allowance for loan losses, end of period
    
    $
    330
    
    
    $
    273Allowance for loan losses as a percent of
non-performing loans
    
    
    104.8
    %
    
    
    182.2
    %Ratio of net charge-offs during the period to
average loans outstanding during the period
    
    
    0.06
    %
    
    
    
    %
  8




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##### Table of Contents



December 31,2009
    
    
    2008Loan
    
    
    
    
    
    
    LoanCategory
    
    
    
    
    
    
    CategoryAmount of
    
    
    as a % of
    
    
    Amount of
    
    
    as a % ofAllowance
    
    
    Total Loans
    
    
    Allowance
    
    
    Total Loans(Dollars
in thousands)One-to four-family residential
    
    $
    266
    
    
    
    78.95
    %
    
    $
    273
    
    
    
    92.07
    %Multi-family residential
    
    
    
    
    
    
    0.41
    
    
    
    
    
    
    
    2.37Second mortgage residential
    
    
    
    
    
    
    0.48
    
    
    
    
    
    
    
    0.19Residential construction and land loans
    
    
    
    
    
    
    0.91
    
    
    
    
    
    
    
    4.52Commercial-real estate secured
    
    
    64
    
    
    
    18.66
    
    
    
    
    
    
    
    0.28Other
    
    
    
    
    
    
    0.59
    
    
    
    
    
    
    
    0.57Total
    
    $
    330
    
    
    
    100.00
    %
    
    $
    273
    
    
    
    100.00
    %
 Investment Activities
 General.
       9




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December 31,2009
    
    
    2008Amortized
    
    
    Market
    
    
    Amortized
    
    
    MarketCost
    
    
    Value
    
    
    Cost
    
    
    Value(In thousands)Mortgage-backed securities
    
    $
    6,591
    
    
    $
    6,784
    
    
    $
    11,782
    
    
    $
    11,947U.S. Government Agencies
    
    
    1,501
    
    
    
    1,509
    
    
    
    
    
    
    
    FNBB stock
    
    
    210
    
    
    
    210
    
    
    
    210
    
    
    
    210FHLB stock
    
    
    171
    
    
    
    171
    
    
    
    171
    
    
    
    171Total investment and
mortgage-backed securities,    FNBB stock and FHLB stock
    
    $
    8,473
    
    
    $
    8,674
    
    
    $
    12,163
    
    
    $
    12,328
  Amounts at December 31, 2009 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
    
    $
    418
    
    
    $
    3,260
    
    
    $
    2,739
    
    
    $
    367
    
    
    $
    6,784U.S. Government Agency Securities
    
    
    501
    
    
    
    1,008
    
    
    
    
    
    
    
    
    
    
    
    1,509Total
    
    $
    919
    
    
    $
    4,268
    
    
    $
    2,739
    
    
    $
    367
    
    
    $
    8,293Weighted average yield
    
    
    2.93
    %
    
    
    3.60
    %
    
    
    4.10
    %
    
    
    5.41
    %
    
    
    3.77
    %
  10




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##### Table of Contents



December 31,2009
    
    
    2008(Dollars in thousands)Fixed-rate
    
    $
    6,731
    
    
    $
    11,883Adjustable-rate
    
    
    53
    
    
    
    64Total mortgage-backed securities
    
    $
    6,784
    
    
    $
    11,947
  Amounts at December 31, 2009 Which Mature inOne
    
    
    Weighted
    
    
    After One
    
    
    Weighted
    
    
    After Five
    
    
    Weighted
    
    
    
    
    
    
    WeightedYear or
    
    
    Average
    
    
    to Five
    
    
    Average
    
    
    to Ten
    
    
    Average
    
    
    Over 10
    
    
    AverageLess
    
    
    Yield
    
    
    Years
    
    
    Yield
    
    
    Years
    
    
    Yield
    
    

Years
    
    
    Yield(Dollars in thousands)Fixed-rate
    
    $
    418
    
    
    
    4.04
    %
    
    $
    3,260
    
    
    
    4.09
    %
    
    $
    2,739
    
    
    
    4.10
    %
    
    $
    314
    
    
    
    5.70
    %Adjustable-rate
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    53
    
    
    
    3.66
    %Total
mortgage-backed
securities
    
    $
    418
    
    
    
    4.04
    %
    
    $
    3,260
    
    
    
    4.09
    %
    
    $
    2,739
    
    
    
    4.10
    %
    
    $
    367
    
    
    
    5.41
    %
 Sources of Funds
 General.
 Deposits. .
    11




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##### Table of Contents



December 31,2009
    
    
    2008Amount
    
    
    %
    
    
    Amount
    
    
    %(Dollars in thousands)Certificate accounts:0.50% - 1.00%
    
    $
    397
    
    
    
    0.93
    %
    
    $
    
    
    
    
    
    %1.01% - 2.00%
    
    
    14,720
    
    
    
    34.52
    
    
    
    1,315
    
    
    
    3.052.01% - 3.00%
    
    
    8,286
    
    
    
    19.43
    
    
    
    14,494
    
    
    
    33.593.01% - 4.00%
    
    
    984
    
    
    
    2.31
    
    
    
    1,478
    
    
    
    3.434.01% - 5.00%
    
    
    60
    
    
    
    0.14
    
    
    
    3,495
    
    
    
    8.105.01% - 6.00%
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6.01% or more
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total certificate accounts
    
    
    24,447
    
    
    
    57.33
    %
    
    
    20,782
    
    
    
    48.17
    %Transaction accounts:Savings
    
    
    6,444
    
    
    
    15.11
    %
    
    
    14,955
    
    
    
    34.66
    %Checking:Interest bearing
    
    
    3,777
    
    
    
    8.86
    
    
    
    3,722
    
    
    
    8.63Non-interest bearing
    
    
    2,404
    
    
    
    5.64
    
    
    
    558
    
    
    
    1.29Money market
    
    
    5,568
    
    
    
    13.06
    
    
    
    3,126
    
    
    
    7.25Total transaction accounts
    
    
    18,193
    
    
    
    42.67
    
    
    
    22,361
    
    
    
    51.83Total deposits
    
    $
    42,640
    
    
    
    100.00
    %
    
    $
    43,143
    
    
    
    100.00
    %
  Year Ended December 31,2009
    
    
    2008Average
    
    
    Interest
    
    
    Average
    
    
    Average
    
    
    Interest
    
    
    AverageBalance
    
    
    Expense
    
    
    Rate Paid
    
    
    Balance
    
    
    Expense
    
    
    Rate Paid(Dollars in thousands)Savings accounts
    
    $
    7,118
    
    
    $
    52
    
    
    
    0.74
    %
    
    $
    7,241
    
    
    $
    86
    
    
    
    1.19
    %Checking
    
    
    3,853
    
    
    
    15
    
    
    
    0.39
    
    
    
    3,451
    
    
    
    30
    
    
    
    0.86Money market
    
    
    3,422
    
    
    
    35
    
    
    
    1.02
    
    
    
    1,917
    
    
    
    21
    
    
    
    1.10Certificates of deposit
    
    
    20,812
    
    
    
    479
    
    
    
    2.30
    
    
    
    22,023
    
    
    
    827
    
    
    
    3.76Total interest-bearing deposits
    
    $
    35,205
    
    
    $
    581
    
    
    
    1.65
    %
    
    $
    34,632
    
    
    $
    964
    
    
    
    2.78
    %
  Year Ended December 31,2009
    
    
    2008(In thousands)Total deposits
    
    $
    48,473
    
    
    $
    40,300Total withdrawals
    
    
    (49,439
    )
    
    
    (32,637
    )Interest credited
    
    
    463
    
    
    
    788Total increase (decrease) in deposits
    
    $
    (503
    )
    
    $
    8,451
  12




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##### Table of Contents



Balance at December 31, 2009Maturing in the 12 Months Ending December 31,Certificates of Deposit
    
    2010
    
    
    2011
    
    
    2012
    
    
    Thereafter
    
    
    Total(In thousands)Less than 1.00%
    
    $
    397
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    3971.01% - 2.00%
    
    
    13,977
    
    
    
    743
    
    
    
    
    
    
    
    
    
    
    
    14,7202.01% - 3.00%
    
    
    1,955
    
    
    
    5,499
    
    
    
    568
    
    
    
    264
    
    
    
    8,2863.01% - 4.00%
    
    
    264
    
    
    
    
    
    
    
    
    
    
    
    720
    
    
    
    9844.01% - 5.00%
    
    
    60
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    60Total certificate accounts
    
    $
    16,653
    
    
    $
    6,242
    
    
    $
    568
    
    
    $
    984
    
    
    $
    24,447
  Weighted AverageQuarter Ending:
    
    Amount
    
    
    Rate(Dollars in thousands)March 31, 2010
    
    $
    1,298
    
    
    
    1.32
    %June 30, 2010
    
    
    307
    
    
    
    1.53September 30, 2010
    
    
    1,181
    
    
    
    1.87December 31, 2010
    
    
    1,001
    
    
    
    1.91After December 31, 2010
    
    
    3,325
    
    
    
    2.44Total certificates of deposit with balances of $100,000 or more
    
    $
    7,112
    
    
    
    2.03
    %
  Borrowings.
   13




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##### Table of Contents



At or For the
 Year Ended December 31,2009
    
    
    2008(Dollars in thousands)FHLB Advances and Federal Funds Purchased:Average balance outstanding
    
    $
    15
    
    
    $
    290Maximum amount outstanding at any month-end
during the period
    
    
    
    
    
    
    1,300Balance outstanding at end of period
    
    
    
    
    
    
    Average interest rate during the period
    
    
    0.38
    %
    
    
    2.52
    %Weighted average interest rate at end of period
    
    
    
    %
    
    
    
    %
  Subsidiaries
  Employees
  REGULATION
 General
     14




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##### Table of Contents



Regulation of Hibernia Homestead Bank
 Louisiana Banking Law.
   Emergency Economic Stabilization Act of 2008.
  Insurance of Accounts.
  15




---



##### Table of Contents



Capital Requirements.
   16




---



##### 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
Office of Thrift Supervision-imposed condition; or
 
    
    the institution is not eligible for expedited treatment of its filings with the
Office of Thrift Supervision.
  17




---



##### Table of Contents



Loans-to-One Borrower Limitations.
 Privacy Requirements of the Gramm-Leach-Bliley Act.
 Anti-Money Laundering.
  18




---



##### Table of Contents



Regulatory Enforcement Authority.
 Regulation of Hibernia Homestead Bancorp
 General
 Restrictions Applicable to Hibernia Homestead Bancorp.
 
    
    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 Office of Thrift Supervision, 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 Office of Thrift Supervision; 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;
  19




---



##### 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.
    20




---



##### Table of Contents



Limitations on Transactions with Affiliates.
  Restrictions on Acquisitions
  Federal Securities Laws
  21




---



##### 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.
   22




---



##### 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.
  23




---



##### Table of Contents



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
  
 Item 1A. Risk Factors.
  
 Item 1B. Unresolved Staff Comments .
  
 Item 2.
Properties.
  Net BookValue of
    
    
    Amount ofDescription/Address
    
    Leased/Owned
    
    Property
    
    
    Deposits(In thousands)Main Office:325 Carondelet Street
New Orleans, Louisiana 70130
    
    Owned
    
    $
    3,016
    
    
    $
    14,840Branch Offices:700 S. Carrollton Avenue
New Orleans, Louisiana 70118
    
    Owned
    
    
    398
    
    
    
    7,799933 Metairie Road
Metairie, Louisiana 70005
    
    Owned
    
    
    1,423
    
    
    
    20,001Total
    
    
    
    $
    4,837
    
    
    $
    42,640
 
 Item 3. Legal Proceedings .
  
 Item 4.
(Removed and Reserved) .
  24




---



##### Table of Contents



PART II
 
 Item 5. Market for the Registrants Common Equity, Related Stockholder Matters and
Issuer Purchases of Equity Securities .
   Fiscal 2009Quarter Ended:
    

High
Bid
    
    

Low
BidDecember 31, 2009
    
    $
    13.75
    
    
    $
    13.75September 30, 2009
    
    
    13.90
    
    
    
    13.90June 30, 2009
    
    
    14.00
    
    
    
    10.31March 31, 2009
    
    
    10.50
    
    
    
    10.50
  Purchases of Equity Securities.
 Total Number of
    
    
    Maximum NumberShares Purchased
    
    
    of Shares that MayTotal Number
    
    
    Average
    
    
    as Part of Publicly
    
    
    Yet Be Purchasedof Shares
    
    
    Price Paid
    
    
    Announced Plans or
    
    
    Under the Plans orPeriod
    
    Purchased
    
    
    per Share
    
    
    Programs
    
    
    ProgramsOctober 1, 2009 - October 31, 2009
    
    
    
    
    
    $
    
    
    
    
    
    
    
    
    44,533November 1, 2009 - November 30, 2009
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    44,533December 1, 2009 - December 31, 2009
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    44,533Total
    
    
    
    
    
    $
    
    
    
    
    
    
    
    
    44,533
 
 Notes to this table:
    25




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##### Table of Contents



Item 6. Selected Financial Data .
  At December 31,(Dollars in thousands, except per share amounts)
    
    2009
    
    
    2008Selected Financial and Other Data:Total assets
    
    $
    66,503
    
    
    $
    58,216Cash and cash equivalents
    
    
    6,233
    
    
    
    6,870Investment securities, available for sale
    
    
    8,293
    
    
    
    11,947Loans receivable, net
    
    
    44,987
    
    
    
    32,273Deposits
    
    
    42,640
    
    
    
    43,143FHLB advances
    
    
    
    
    
    
    Equity capital
    
    
    23,396
    
    
    
    14,174Banking offices
    
    
    3
    
    
    
    3
 At or For theYear Ended December 31,2009
    
    
    2008Selected Operating Data:Total interest income
    
    $
    2,541
    
    
    $
    2,398Total interest expense
    
    
    581
    
    
    
    971Net interest income
    
    
    1,960
    
    
    
    1,427Provision for loan losses
    
    
    78
    
    
    
    Net interest income after provision for loan losses
    
    
    1,882
    
    
    
    1,427Total non-interest income
    
    
    233
    
    
    
    127Total non-interest expense
    
    
    2,605
    
    
    
    2,262Loss before income tax benefit
    
    
    (490
    )
    
    
    (708
    )Income tax benefit
    
    
    (166
    )
    
    
    (242
    )Net loss
    
    $
    (324
    )
    
    $
    (466
    )Selected Operating Ratios:(1)Average yield on interest-earning assets
    
    
    4.92
    %
    
    
    5.52
    %Average rate on interest-bearing liabilities
    
    
    1.65
    
    
    
    2.78Average interest rate spread(2)
    
    
    3.27
    
    
    
    2.74Net interest margin(2)
    
    
    3.79
    
    
    
    3.28Average interest-earning assets to average interest-bearing liabilities
    
    
    146.69
    
    
    
    124.39Net interest income after provision for loan losses to non-interest expense
    
    
    72.26
    
    
    
    63.09Total non-interest expense to average assets
    
    
    4.40
    
    
    
    4.49Efficiency ratio(3)
    
    
    118.77
    
    
    
    145.56Return on average assets
    
    
    (0.55
    )
    
    
    (0.93
    )Return on average equity
    
    
    (1.41
    )
    
    
    (3.29
    )Average equity to average assets
    
    
    38.71
    %
    
    
    28.15
    %Asset Quality Ratios:(4)Non-performing loans as a percent of total loans receivable
    
    
    0.70
    %
    
    
    0.46
    %Non-performing assets as a percent of total assets
    
    
    0.47
    
    
    
    0.26Non-performing assets and troubled debt restructurings as a percent of total assets
    
    
    0.47
    
    
    
    0.26Allowance for loan losses as a percent of non-performing loans
    
    
    104.76
    
    
    
    182.00Net charge-offs to average loans receivable
    
    
    0.06
    
    
    
    Capital Ratios:(5)Tier 1 leverage ratio
    
    
    29.37
    %
    
    
    26.83
    %Tier 1 risk-based capital ratio
    
    
    50.41
    %
    
    
    47.98
    %Total risk-based capital ratio
    
    
    51.31
    %
    
    
    48.93
    %
 (Footnotes on following page)
  26




---



##### Table of Contents



(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
    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 will be 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 will 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 emphasize
developing a full service banking relationship with all of our loan customers.
  27




---



##### Table of Contents




    
    Growing our Retail Core Deposits.We plan to grow 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 developing more of a sales culture in the branches. The ability to attract
and retain core deposits should also continue to be enhanced by our recent affiliation
with Community Cash network in 2008. 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 will convert 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,
2009, we had three non-performing loans totaling $315,000, or 0.7% 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.
 Critical Accounting Policies
  Allowance for Loan Losses
  28




---



##### Table of Contents



Income Taxes
 Comparison of Financial Condition at December 31, 2009 and December 31, 2008
        29




---



##### Table of Contents



Comparison of Operating Results for the Years Ended December 31, 2009 and 2008
 General.
 Net Interest Income.
  Interest Income.
 Interest Expense.
 Non-Interest Income.
  30




---



##### Table of Contents



Non-Interest Expense.
 Income Tax Benefit.
 Average Balances, Net Interest Income, and Yields Earned and Rates Paid.
 Year Ended December 31,2009
    
    
    2008Average
    
    
    
    
    
    
    
    
    
    
    AverageAverage
    
    
    
    
    
    
    Yield/
    
    
    Average
    
    
    
    
    
    
    Yield/Balance
    
    
    Interest
    
    
    Rate
    
    
    Balance
    
    
    Interest
    
    
    Rate(Dollars in thousands)Interest-earning assets:Loans receivable(1)
    
    $
    36,459
    
    
    $
    2,097
    
    
    
    5.75
    %
    
    $
    29,758
    
    
    $
    1,819
    
    
    
    6.11
    %Investment securities
    
    
    11,387
    
    
    
    428
    
    
    
    3.76
    
    
    
    13,162
    
    
    
    570
    
    
    
    4.33Other interest-earning assets
    
    
    3,817
    
    
    
    16
    
    
    
    0.41
    
    
    
    520
    
    
    
    9
    
    
    
    1.70Total interest-earning assets
    
    
    51,663
    
    
    
    2,541
    
    
    
    4.92
    %
    
    
    43,440
    
    
    
    2,398
    
    
    
    5.52
    %Non-interest-earning assets
    
    
    7,514
    
    
    
    
    
    
    
    
    
    
    
    6,930Total assets
    
    $
    59,177
    
    
    
    
    
    
    
    
    
    
    $
    50,370Interest-bearing liabilities:Savings,
interest-bearing checking and money market accounts
    
    $
    14,393
    
    
    
    102
    
    
    
    0.71
    %
    
    $
    12,609
    
    
    
    137
    
    
    
    1.08
    %Certificates of deposit
    
    
    20,812
    
    
    
    479
    
    
    
    2.30
    
    
    
    22,023
    
    
    
    827
    
    
    
    3.76Total interest bearing deposits
    
    
    35,205
    
    
    
    581
    
    
    
    1.65
    
    
    
    34,632
    
    
    
    964
    
    
    
    2.78FHLB advances
    
    
    15
    
    
    
    
    
    
    
    
    
    
    
    290
    
    
    
    7
    
    
    
    2.52Total interest-bearing liabilities
    
    
    35,220
    
    
    
    581
    
    
    
    1.65
    %
    
    
    34,922
    
    
    
    971
    
    
    
    2.78
    %Non-interest-bearing liabilities
    
    
    1,048
    
    
    
    
    
    
    
    
    
    
    
    1,267Total liabilities
    
    
    36,268
    
    
    
    
    
    
    
    
    
    
    
    36,189Equity
    
    
    22,909
    
    
    
    
    
    
    
    
    
    
    
    14,181Total liabilities and equity
    
    $
    59,177
    
    
    
    
    
    
    
    
    
    
    $
    50,370Net interest-earning assets
    
    $
    16,443
    
    
    
    
    
    
    
    
    
    
    $
    8,518Net interest income; average interest rate spread
    
    
    
    
    
    $
    1,960
    
    
    
    3.27
    %
    
    
    
    
    
    $
    1,427
    
    
    
    2.74
    %Net interest margin(2)
    
    
    
    
    
    
    
    
    
    
    3.79
    %
    
    
    
    
    
    
    
    
    
    
    3.28
    %Average interest-earning assets to
average interest-bearing liabilities
    
    
    
    
    
    
    
    
    
    
    146.69
    %
    
    
    
    
    
    
    
    
    
    
    124.39
    %
 
 (1)
    
    Includes non-accrual loans for the year ended December 31, 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.  31




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##### Table of Contents



Rate/Volume Analysis.
 Year Ended December 31,
    
    
    Year Ended December 31,2009 compared to 2008
    
    
    2008 compared to 2007Increase (Decrease) Due to
    
    
    Increase (Decrease) Due toTotal
    
    
    
    
    
    
    
    
    
    
    TotalIncrease
    
    
    
    
    
    
    
    
    
    
    IncreaseRate
    
    
    Volume
    
    
    (Decrease)
    
    
    Rate
    
    
    Volume
    
    
    (Decrease)(In thousands)Interest income:Loans receivable
    
    $
    (132
    )
    
    $
    410
    
    
    $
    278
    
    
    $
    3
    
    
    $
    47
    
    
    $
    50Investment securities
    
    
    (65
    )
    
    
    (77
    )
    
    
    (142
    )
    
    
    (13
    )
    
    
    (155
    )
    
    
    (168
    )Other interest-earning assets
    
    
    (49
    )
    
    
    56
    
    
    
    7
    
    
    
    (16
    )
    
    
    
    
    
    
    (16
    )Total interest income
    
    
    (246
    )
    
    
    389
    
    
    
    143
    
    
    
    (26
    )
    
    
    (108
    )
    
    
    (134
    )Interest expense:Savings, NOW and money
market accounts
    
    
    (54
    )
    
    
    19
    
    
    
    (35
    )
    
    
    3
    
    
    
    
    
    
    
    3Certificates of deposit
    
    
    (302
    )
    
    
    (46
    )
    
    
    (348
    )
    
    
    (205
    )
    
    
    (63
    )
    
    
    (268
    )Total deposits
    
    
    (356
    )
    
    
    (27
    )
    
    
    (383
    )
    
    
    (202
    )
    
    
    (63
    )
    
    
    (265
    )FHLB advances
    
    
    
    
    
    
    (7
    )
    
    
    (7
    )
    
    
    (8
    )
    
    
    (14
    )
    
    
    (22
    )Total interest expense
    
    
    (356
    )
    
    
    (34
    )
    
    
    (390
    )
    
    
    (210
    )
    
    
    (77
    )
    
    
    (287
    )Increase (decrease) in net
Interest income
    
    $
    110
    
    
    $
    423
    
    
    $
    533
    
    
    $
    184
    
    
    $
    (31
    )
    
    $
    153
 Provision for Loan Losses.
     32




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##### Table of Contents



Exposure to Changes in Interest Rates
  Gap Analysis.
   33




---



##### 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)
    
    $
    2,263
    
    
    $
    5,998
    
    
    $
    11,179
    
    
    $
    8,125
    
    
    $
    17,700
    
    
    $
    45,265Investment securities and stock
    
    
    2,094
    
    
    
    2,112
    
    
    
    2,918
    
    
    
    467
    
    
    
    1,083
    
    
    
    8,674Other interest-earning assets
    
    
    5,641
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5,641Total interest-earning assets
    
    $
    9,998
    
    
    $
    8,110
    
    
    $
    14,097
    
    
    $
    8,592
    
    
    $
    18,783
    
    
    $
    59,580Interest-bearing liabilities:Savings accounts
    
    $
    1,059
    
    
    $
    
    
    
    $
    5,385
    
    
    $
    
    
    
    $
    
    
    
    $
    6,444Checking accounts
    
    
    435
    
    
    
    
    
    
    
    3,342
    
    
    
    
    
    
    
    
    
    
    
    3,777Money market accounts
    
    
    557
    
    
    
    
    
    
    
    5,011
    
    
    
    
    
    
    
    
    
    
    
    5,568Certificate accounts
    
    
    6,217
    
    
    
    10,598
    
    
    
    6,680
    
    
    
    952
    
    
    
    
    
    
    
    24,447FHLB advances
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total interest-bearing liabilities
    
    $
    8,268
    
    
    $
    10,598
    
    
    $
    20,418
    
    
    $
    952
    
    
    $
    
    
    
    $
    40,236Interest-earning assets less interest-bearing liabilities
    
    $
    1,730
    
    
    $
    (2,488
    )
    
    $
    (6,321
    )
    
    $
    7,640
    
    
    $
    18,783Cumulative interest-rate sensitivity gap(3)
    
    $
    1,730
    
    
    $
    (758
    )
    
    $
    (7,079
    )
    
    $
    561
    
    
    $
    19,344Cumulative interest-rate gap as a percentage
of total assets at December 31, 2009
    
    
    3
    %
    
    
    (1
    )%
    
    
    (12
    )%
    
    
    1
    %
    
    
    33
    %Cumulative interest-earning assets as a
percentage of cumulative interest-bearing
liabilities at December 31, 2009
    
    
    121
    %
    
    
    96
    %
    
    
    82
    %
    
    
    101
    %
    
    
    148
    %
 
 (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 in Interest Rates In Basis Points
    
    Net Portfolio Value
    
    
    NPV as % of Portfolio Value of Assets(Rate Shock)
    
    Amount
    
    
    $ Change
    
    
    % Change
    
    
    NPV Ratio
    
    
    Change(Dollars in thousands)300bp
    
    $
    13,721
    
    
    $
    (5,533
    )
    
    
    (28.74
    )%
    
    
    23.68
    %
    
    (569
    ) bp200
    
    
    16,179
    
    
    
    (3,075
    )
    
    
    (15.97
    )%
    
    
    26.48
    %
    
    (289
    ) bp100
    
    
    18,087
    
    
    
    (1,167
    )
    
    
    (6.06
    )%
    
    
    28.39
    %
    
    (98
    ) bpStatic
    
    
    19,254
    
    
    
    
    
    
    
    
    %
    
    
    29.37
    %
    
    
    bp(100)
    
    
    20,654
    
    
    
    1,400
    
    
    
    7.27
    %
    
    
    30.63
    %
    
    126
    bp(200)
    
    
    22,514
    
    
    
    3,260
    
    
    
    16.93
    %
    
    
    32.46
    %
    
    309
    bp(300)
    
    
    24,038
    
    
    
    4,784
    
    
    
    24.85
    %
    
    
    33.91
    %
    
    454
    bp
  34




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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
    
    $
    2,596
    
    
    $
    (42
    )
    
    
    (1.59
    )%200
    
    
    2,628
    
    
    
    (10
    )
    
    
    (0.39
    )%100
    
    
    2,640
    
    
    
    2
    
    
    
    0.07
    %Static
    
    
    2,638
    
    
    
    
    
    
    
    
    %(100)
    
    
    2,629
    
    
    
    (9
    )
    
    
    (0.35
    )%(200)
    
    
    2,602
    
    
    
    (36
    )
    
    
    (1.35
    )%(300)
    
    
    2,558
    
    
    
    (80
    )
    
    
    (3.03
    )%
  Qualitative Analysis.
 Liquidity and Capital Resources
     35




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##### Table of Contents



Contractual Cash Obligations.
 Total at
    
    
    Payments Due By PeriodDecember 31,
    
    
    To
    
    
    1-3
    
    
    4-5
    
    
    After 52009
    
    
    1 Year
    
    
    Years
    
    
    Years
    
    
    Years(In thousands)Certificates of deposit
    
    $
    24,447
    
    
    $
    16,653
    
    
    $
    6,810
    
    
    $
    984
    
    
    $
    FHLB advances
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total contractual obligations
    
    $
    24,447
    
    
    $
    16,653
    
    
    $
    6,810
    
    
    $
    984
    
    
    $
    
  Off-Balance Sheet Arrangements
  Commitments.
 TotalAmountsCommitted at
    
    
    Amount of Commitment Expiration - Per PeriodDecember 31,
    
    
    To
    
    
    1-3
    
    
    4-5
    
    
    After 52009
    
    
    1 Year
    
    
    Years
    
    
    Years
    
    
    Years(In thousands)Lines of credit
    
    $
    521
    
    
    $
    521
    
    
    $
    
    
    
    $
    
    
    
    $
    Undisbursed portion of loans in process
    
    
    709
    
    
    
    709
    
    
    
    
    
    
    
    
    
    
    
    Commitments to originate loans
    
    
    8,519
    
    
    
    8,519
    
    
    
    
    
    
    
    
    
    
    
    Total commitments
    
    $
    9,749
    
    
    $
    9,749
    
    
    $
    
    
    
    $
    
    
    
    $
    
 Impact of Inflation and Changing Prices
   36




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##### Table of Contents



Recent Accounting Pronouncements
     
    
    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.
   37




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##### Table of Contents



38




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##### Table of Contents



Item 7A. Quantitative and Qualitative Disclosures about Market Risk .
   39




---



##### Table of Contents



Item 8. Financial Statements and Supplementary Data.
 (LOGO) Report of Independent Registered Public Accounting Firm
 
    (SIGNATURE)  
  (FOOTER)  40




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY

Consolidated Balance Sheets

December 31, 2009 and 2008
 2009
    
    
    2008(In Thousands)AssetsCash, Non-Interest Bearing
    
    $
    1,067
    
    
    $
    879Cash, Interest Bearing
    
    
    16
    
    
    
    16Federal Funds Sold
    
    
    5,150
    
    
    
    5,975Total Cash and Cash Equivalents
    
    
    6,233
    
    
    
    6,870Certificates of Deposit
    
    
    475
    
    
    
    Investment Securities
Available for Sale
    
    
    8,293
    
    
    
    11,947Loans Receivable, Net
    
    
    44,987
    
    
    
    32,273Accrued Interest Receivable
    
    
    206
    
    
    
    192Investment in FHLB of Dallas Stock
    
    
    171
    
    
    
    171Investment in FNBB Stock
    
    
    210
    
    
    
    210Premises and Equipment, Net
    
    
    5,127
    
    
    
    5,346Deferred Income Taxes
    
    
    492
    
    
    
    339Prepaid Expenses and Other Assets
    
    
    309
    
    
    
    868Total Assets
    
    $
    66,503
    
    
    $
    58,216Liabilities and EquityLiabilitiesDeposits
    
    $
    42,640
    
    
    $
    43,143Advance Payments by Borrowers for Taxes and Insurance
    
    
    386
    
    
    
    410Accrued Interest Payable
    
    
    2
    
    
    
    7Accounts Payable and Other Liabilities
    
    
    79
    
    
    
    482Total Liabilities
    
    
    43,107
    
    
    
    44,042Commitments and Contingencies
    
    
    
    
    
    
    EquityPreferred Stock, $.01 Par Value - 1,000,000 Shares Authorized; None Issued
    
    
    
    
    
    
    Common Stock, $.01 Par Value - 9,000,000 Shares Authorized;
1,113,334 and None Issued and Outstanding at
December 31, 2009 and 2008, Respectively
    
    
    11
    
    
    
    Additional Paid-In Capital
    
    
    10,365
    
    
    
    Unearned ESOP Stock
    
    
    (855
    )
    
    
    Accumulated Other Comprehensive Income
    
    
    133
    
    
    
    108Retained Earnings
    
    
    13,742
    
    
    
    14,066Total Equity
    
    
    23,396
    
    
    
    14,174Total Liabilities and Equity
    
    $
    66,503
    
    
    $
    58,216
   41




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Operations

For the Years Ended December 31, 2009 and 2008
 2009
    
    
    2008(In Thousands, Except Per Share Data)Interest IncomeLoans ReceivableFirst Mortgage Loans
    
    $
    1,940
    
    
    $
    1,810Commercial Loans
    
    
    151
    
    
    
    Consumer and Other Loans
    
    
    6
    
    
    
    9Federal Funds Sold and Cash  Interest Bearing
    
    
    16
    
    
    
    9Investment Securities
    
    
    428
    
    
    
    570Total Interest Income
    
    
    2,541
    
    
    
    2,398Interest ExpenseDeposits
    
    
    581
    
    
    
    964Borrowed Funds
    
    
    
    
    
    
    7Total Interest Expense
    
    
    581
    
    
    
    971Net Interest Income
    
    
    1,960
    
    
    
    1,427Provision for Loan Losses
    
    
    78
    
    
    
    Net Interest Income After
Provision for Loan Losses
    
    
    1,882
    
    
    
    1,427Non-Interest IncomeRealized Gains and Losses on Investments
    
    
    83
    
    
    
    Gains and Losses on Sale of Foreclosed Assets
    
    
    39
    
    
    
    Other Income
    
    
    24
    
    
    
    40Rental Income, Net of Related Expenses
    
    
    87
    
    
    
    87Total Non-Interest Income
    
    
    233
    
    
    
    127Non-Interest ExpensesSalaries and Employee Benefits
    
    
    1,164
    
    
    
    1,047Occupancy Expenses
    
    
    360
    
    
    
    332Data Processing
    
    
    288
    
    
    
    240Advertising
    
    
    137
    
    
    
    136Professional Fees
    
    
    214
    
    
    
    155Insurance Expense
    
    
    81
    
    
    
    37Supplies and Stationary
    
    
    46
    
    
    
    55Telephone and Postage
    
    
    57
    
    
    
    61Regulatory Assessments
    
    
    78
    
    
    
    34Directors Fees
    
    
    48
    
    
    
    45Other Operating Expenses
    
    
    132
    
    
    
    120Total Non-Interest Expenses
    
    
    2,605
    
    
    
    2,262Loss Before Income Tax Benefit
    
    
    (490
    )
    
    
    (708
    )Income Tax Benefit
    
    
    (166
    )
    
    
    (242
    )Net Loss
    
    $
    (324
    )
    
    $
    (466
    )Loss per Share, Basic
    
    $
    (0.29
    )
    
    
    N/ALoss per Share, Diluted
    
    $
    (0.29
    )
    
    
    N/A
   42




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Comprehensive Loss

For the Years Ended December 31, 2009 and 2008
 2009
    
    
    2008(In Thousands)Net Loss
    
    $
    (324
    )
    
    $
    (466
    )Other Comprehensive Income,
Net of TaxUnrealized Gain on Securities Available-for-Sale
    
    
    25
    
    
    
    332Total Other Comprehensive Income
    
    
    25
    
    
    
    332Total Comprehensive Loss
    
    $
    (299
    )
    
    $
    (134
    )
   43




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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, 2009 and 2008
 AccumulatedAdditional
    
    
    Unearned
    
    
    OtherCommon
    
    
    Paid-in
    
    
    ESOP
    
    
    Comprehensive
    
    
    RetainedStock
    
    
    Capital
    
    
    Stock
    
    
    Income
    
    
    Earnings
    
    
    Total(In Thousands)Balance  January 1, 2008
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    (224
    )
    
    $
    14,532
    
    
    $
    14,308Net Loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (466
    )
    
    
    (466
    )Other Comprehensive Income,
Net of Applicable Deferred Taxes
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    332
    
    
    
    
    
    
    
    332Balance  December 31, 2008
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    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
    
    
    $
    23,396
   44




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Cash Flows

For the Years Ended December 31, 2009 and 2008
 2009
    
    
    2008(In Thousands)Cash Flows from Operating ActivitiesNet Loss
    
    $
    (324
    )
    
    $
    (466
    )Adjustments to Reconcile Net Loss to
Net Cash Used in Operating ActivitiesProvision for Loan Losses
    
    
    78
    
    
    
    Foreclosed Assets Valuation Adjustment
    
    
    10
    
    
    
    Deferred Income Taxes
    
    
    (165
    )
    
    
    (238
    )Depreciation and Amortization
    
    
    275
    
    
    
    258Net Discount Accretion
    
    
    (19
    )
    
    
    (18
    )Gain on Sale of Securities
    
    
    (83
    )
    
    
    Gain on Sale
of Foreclosed Assets
    
    
    (39
    )
    
    
    Stock Dividend on FHLB of Dallas Stock
    
    
    
    
    
    
    (5
    )Non-Cash Compensation
    
    
    45
    
    
    
    (Increase) Decrease in:Accrued Interest Receivable
    
    
    (14
    )
    
    
    (4
    )Prepaid Expenses and Other Assets
    
    
    559
    
    
    
    (745
    )Prepaid Income Taxes
    
    
    
    
    
    
    90(Decrease) Increase in:Accrued Interest Payable
    
    
    (5
    )
    
    
    2Accounts Payable and Other Liabilities
    
    
    (403
    )
    
    
    246Net Cash Used in Operating Activities
    
    
    (85
    )
    
    
    (880
    )Cash Flows from Investing ActivitiesNet Increase in Loans Receivable
    
    
    (12,964
    )
    
    
    (2,833
    )Purchase of Certificates of Deposit
    
    
    (1,055
    )
    
    
    Purchase of Securities Available-for-Sale
    
    
    (2,527
    )
    
    
    Maturities and Redemptions of Certificates of Deposit
    
    
    580
    
    
    
    Maturities, Redemptions and Sales of Securities Available-for-Sale
    
    
    6,320
    
    
    
    3,580Proceeds on Sale of Foreclosed Assets
    
    
    247
    
    
    
    Improvements to Foreclosed Assets
    
    
    (46
    )
    
    
    Purchase of Premises and Equipment
    
    
    (56
    )
    
    
    (1,006
    )Net Cash Used in Investing Activities
    
    
    (9,501
    )
    
    
    (259
    )Cash Flows from Financing ActivitiesNet (Decrease) Increase in Deposits
    
    
    (503
    )
    
    
    8,451Repayments of Short-Term Borrowings from FHLB of Dallas
    
    
    
    
    
    
    (600
    )Net (Decrease) Increase in Advance Payments by Borrowers
    
    
    (24
    )
    
    
    75Proceeds from Issuance of Common Stock
    
    
    11,133
    
    
    
    Cost of Issuance of Common Stock
    
    
    (766
    )
    
    
    Purchase of Stock for ESOP
    
    
    (891
    )
    
    
    Net Cash Provided by Financing Activities
    
    
    8,949
    
    
    
    7,926Net (Decrease) Increase in Cash and Cash Equivalents
    
    
    (637
    )
    
    
    6,787Cash and Cash Equivalents, Beginning of Year
    
    
    6,870
    
    
    
    83Cash and Cash Equivalents, End of Year
    
    $
    6,233
    
    
    $
    6,870Supplemental Schedule of Cash Flow InformationCash Paid for Interest on Deposits
    
    $
    586
    
    
    $
    970Cash Received for Income Taxes
    
    $
    
    
    
    $
    (91
    )Market Value Adjustment for Gain on Securities Available-for-Sale
    
    $
    37
    
    
    $
    507
   45




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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
     46




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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
  Interest on Loans
  Allowance for Loan Losses
     47




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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
 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, Commitment Fees and Related Costs
 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)
    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 (Continued)
 Securities (Continued)
  Impaired Securities
   Investment in FHLB of Dallas and FNBB Stock
  Foreclosed Real Estate
   Premises and Equipment
  Income Taxes
 Accounting for Income
Taxes)
  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)
 Income Taxes (Continued)
     Comprehensive Income
 Reporting Comprehensive
Income)
 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)
 Recent Accounting Pronouncements
 The Hierarchy of Generally Accepted Accounting Principles FASB Accounting Standards Codification TM
   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)
 Recent Accounting Pronouncements (Continued)
    
    
    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.
 The Company has adopted the new guidance that was effective for financial statements issued
for interim and annual periods ending after June 15, 2009.In April 2009, the FASB amended existing guidance for determining whether impairment is
other-than-temporary for debt securities. The guidance requires an entity to assess
whether it intends to sell, or it is more likely than not that it will be required to sell,
a security in an unrealized loss position before recovery of its amortized cost basis. If
either of these criteria are met, the entire difference between amortized cost and fair
value is recognized as impairment through earnings. For securities that do not meet the
aforementioned criteria, the amount of impairment is split into two components as follows:
1) other-than-temporary impairment (OTTI) related to other factors, which is recognized in
other comprehensive income and 2) OTTI related to credit loss, which must be recognized in
the income statement. The credit loss is defined as the difference between the present
value of
the cash flows expected to be collected and the amortized cost basis. Additionally,
disclosures about other-than-temporary impairments for debt and equity securities were
expanded. This guidance was effective for interim and annual reporting periods ending after
June 15, 2009. The adoption of this guidance had no impact on the Company.
  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)
 Recent Accounting Pronouncements (Continued)
 Interim Disclosures
about Fair Value of Financial Instruments Interim
Financial Reporting
     Disclosures about Derivative Instruments and Hedging Activities)
 The Hierarchy of Generally Accepted Accounting Principles)
  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)
 Recent Accounting Pronouncements (Continued)
 Disclosures about Credit Derivatives and
Financial Guarantees)
  Accounting for Transfers of Financial Assets and Repurchase Financing
Transactions)
  Advertising
  Note 2. Investment Securities
  Trading Securities
   53




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
 Notes to Consolidated Financial Statements
 Note 2. Investment Securities (Continued)
 Available-for-Sale
  Gross
    
    
    GrossAmortized
    
    
    Unrealized
    
    
    Unrealized
    
    
    Fair2009
    
    Cost
    
    
    Gains
    
    
    Losses
    
    
    Value(In Thousands)Government Agencies
    
    $
    1,501
    
    
    $
    8
    
    
    $
    
    
    
    $
    1,509Mortgage Backed Securities
    
    
    6,591
    
    
    
    193
    
    
    
    
    
    
    
    6,784Available for Sale Securities
    
    $
    8,092
    
    
    $
    201
    
    
    $
    
    
    
    $
    8,293
 Gross
    
    
    GrossAmortized
    
    
    Unrealized
    
    
    Unrealized
    
    
    Fair2008
    
    Cost
    
    
    Gains
    
    
    Losses
    
    
    Value(In Thousands)Mortgage Backed Securities
    
    $
    11,782
    
    
    $
    167
    
    
    $
    2
    
    
    $
    11,947
  Amortized
    
    
    FairCost
    
    
    Value(In Thousands)Due in One Year or Less
    
    $
    915
    
    
    $
    919Due After One Year Through Five Years
    
    
    4,179
    
    
    
    4,268Due After Five Years Through Ten Years
    
    
    2,649
    
    
    
    2,739Due After Ten Years Through Twenty Years
    
    
    
    
    
    
    Due After Twenty Years
    
    
    349
    
    
    
    367$
    8,092
    
    
    $
    8,293
   54




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
 Notes to Consolidated Financial Statements
 Note 2. Investment Securities (Continued)
 Available-for-Sale (Continued)
  Held-to-Maturity
   December 31, 2008Less Than 12 Months
    
    
    12 Months or More
    
    
    TotalGross
    
    
    
    
    
    
    Gross
    
    
    
    
    
    
    GrossSecurity
    
    Fair
    
    
    Unrealized
    
    
    Fair
    
    
    Unrealized
    
    
    Fair
    
    
    UnrealizedDescription
    
    Value
    
    
    Losses
    
    
    Value
    
    
    Losses
    
    
    Value
    
    
    Losses(In Thousands)Available-for-SaleMortgage Backed Securities
    
    $
    331
    
    
    $
    2
    
    
    $
    
    
    
    $
    
    
    
    $
    331
    
    
    $
    2
    55




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
 Notes to Consolidated Financial Statements
 Note 3. Loans Receivable
  2009
    
    
    2008(In Thousands)First Mortgage Real Estate Loans
    
    $
    36,330
    
    
    $
    32,173Second Mortgage Real Estate Loans
    
    
    463
    
    
    
    216Commercial Loans Secured by Real Estate
    
    
    8,447
    
    
    
    91Loans on Savings Accounts
    
    
    25
    
    
    
    3245,265
    
    
    
    32,512Deferred Loan Origination Costs (Fees)
    
    
    52
    
    
    
    34Less: Allowance for Loan Losses
    
    
    (330
    )
    
    
    (273
    )Total
    
    $
    44,987
    
    
    $
    32,273
   2009
    
    
    2008(In Thousands)Balance, Beginning of Year
    
    $
    273
    
    
    $
    273Provision Charged to Operating Expense
    
    
    78
    
    
    
    Loans Charged Off, Net of Recoveries
    
    
    (21
    )
    
    
    Balance, End of Year
    
    $
    330
    
    
    $
    273
    56




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
 Notes to Consolidated Financial Statements
 Note 4. Accrued Interest Receivable
  2009
    
    
    2008(In Thousands)Securities Available-for-Sale
    
    $
    45
    
    
    $
    41Loans Receivable
    
    
    161
    
    
    
    151Total
    
    $
    206
    
    
    $
    192
 Note 5. Premises and Equipment
  2009
    
    
    2008(In Thousands)Land
    
    $
    921
    
    
    $
    921Building and Improvements
    
    
    4,749
    
    
    
    4,739Furniture and Equipment
    
    
    1,070
    
    
    
    1,025Website Development
    
    
    3
    
    
    
    36,743
    
    
    
    6,688Less: Accumulated Depreciation and Amortization
    
    
    (1,616
    )
    
    
    (1,342
    )Total
    
    $
    5,127
    
    
    $
    5,346
   2010
    
    $
    1242011
    
    
    942012
    
    
    462013
    
    
    2014
    
    
    Total
    
    $
    264
  57




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
 Notes to Consolidated Financial Statements
 Note 5. Premises and
Equipment (Continued)
  Note 6. Deposits
  WeightedAverage Rateat December 31, 2009
    
    
    Amount
    
    
    Percent(In Thousands)Demand and Interest-bearing
Checking 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
    %
  WeightedAverage Rateat December 31, 2008
    
    
    Amount
    
    
    Percent(In Thousands)Demand and Interest-bearing
Checking Accounts
    
    
    0.95
    %
    
    $
    7,406
    
    
    
    17.17
    %Savings
    
    
    1.24
    %
    
    
    14,955
    
    
    
    34.66
    %Certificates of Deposit
    
    
    2.99
    %
    
    
    20,782
    
    
    
    48.17
    %Total
    
    
    
    
    
    $
    43,143
    
    
    
    100.00
    %
  58




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
 Notes to Consolidated Financial Statements
 Note 6. Deposits (Continued)
  Rate
    
    2010
    
    
    2011
    
    
    2012
    
    
    2013
    
    
    2014
    
    
    After
    
    
    Total(In Thousands)0.50% to 1.00%
    
    $
    397
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    3971.01% to 1.25%
    
    
    1,174
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,1741.26% to 1.50%
    
    
    6,834
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,8341.51% to 1.75%
    
    
    3,879
    
    
    
    52
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,9311.76% to 2.00%
    
    
    2,090
    
    
    
    691
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,7812.01% to 2.25%
    
    
    399
    
    
    
    3,367
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,7662.26% to 2.50%
    
    
    182
    
    
    
    1,627
    
    
    
    135
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,9442.51% to 2.75%
    
    
    740
    
    
    
    505
    
    
    
    61
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,3062.76% to 3.00%
    
    
    634
    
    
    
    
    
    
    
    372
    
    
    
    
    
    
    
    264
    
    
    
    
    
    
    
    1,2703.01% to 3.25%
    
    
    3
    
    
    
    
    
    
    
    
    
    
    
    53
    
    
    
    288
    
    
    
    
    
    
    
    3443.26% to 3.50%
    
    
    165
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    330
    
    
    
    
    
    
    
    4953.51% to 3.75%
    
    
    35
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    49
    
    
    
    
    
    
    
    843.76% to 4.00%
    
    
    61
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    614.01% to 4.25%
    
    
    60
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    604.26% to 4.50%
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4.51% to 4.75%
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    16,653
    
    
    $
    6,242
    
    
    $
    568
    
    
    $
    53
    
    
    $
    931
    
    
    $
    
    
    
    $
    24,447
     59




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
 Notes to Consolidated Financial Statements
 Note 6. Deposits (Continued)
  2009
    
    
    2008(In Thousands)Money Market and Interest-Bearing Checking
    
    $
    50
    
    
    $
    51Savings
    
    
    52
    
    
    
    86Certificates of Deposit
    
    
    479
    
    
    
    827Total
    
    $
    581
    
    
    $
    964
 Note 7. Advances from FHLB and Federal Funds Purchased
   Note 8. Income Taxes
   2009
    
    
    2008(In Thousands)FederalCurrent
    
    $
    
    
    
    $
    (4
    )Deferred
    
    
    (166
    )
    
    
    (238
    )Total Income Tax Benefit
    
    $
    (166
    )
    
    $
    (242
    )
   60




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
 Notes to Consolidated Financial Statements
 Note 8. Income Taxes (Continued)
  2009
    
    
    2008(In Thousands)Expected Income Tax Benefit at
Federal Statutory Tax Rate
    
    $
    (167
    )
    
    $
    (242
    )Other
    
    
    1
    
    
    
    Total Income Tax Benefit
    
    $
    (166
    )
    
    $
    (242
    )
  2009
    
    
    2008(In Thousands)Excess Tax over Financial Reporting Depreciation
    
    $
    (164
    )
    
    $
    (214
    )Loan Costs Deferred for Financial Reporting Purposes
    
    
    (18
    )
    
    
    (14
    )Allowance for Uncollectible Interest and Loan Fees
    
    
    2
    
    
    
    2Excess Bad Debt Provisions for Financial Reporting Purposes
    
    
    84
    
    
    
    68Income Deferred for Financial Reporting Purposes
    
    
    (1
    )
    
    
    (1
    )Benefit of Net Operating Loss Carryforward
    
    
    526
    
    
    
    426Benefit of First Year Asset Expensing Carryforward
    
    
    68
    
    
    
    69Benefit of Contribution Carryforward
    
    
    13
    
    
    
    9Benefit of Employment Credit Carryforward
    
    
    50
    
    
    
    50560
    
    
    
    395Unrealized Holding Loss on Securities Available-for-Sale
    
    
    (68
    )
    
    
    (56
    )Deferred Tax Asset
    
    $
    492
    
    
    $
    339
  (In Thousands)2027
    
    $
    9432028
    
    
    3092029
    
    
    302Total
    
    $
    1,554
  61




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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
   62




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
 Notes to Consolidated Financial Statements
 Note 10. Employee Stock Ownership Plan
      Allocated Shares
    
    
    3,563Unreleased Shares
    
    
    85,503Total ESOP Shares
    
    
    89,066Fair Value of Unreleased Shares (In Thousands)
    
    $
    1,176Stock Price at December 31, 2009
    
    $
    13.75
  63




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
 Notes to Consolidated Financial Statements
 Note 11. Recognition and Retention Plan
   Note 12. Stock Option Plan
   64




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
 Notes to Consolidated Financial Statements
 Note 13. Other Comprehensive Income
  2009
    
    
    2008(In Thousands)Gross Unrealized Holding Gains Arising
During the Period
    
    $
    38
    
    
    $
    503Tax Expense
    
    
    (13
    )
    
    
    (171
    )25
    
    
    
    332Reclassification Adjustment for Gains
Included in Income
    
    
    
    
    
    
    Tax Expense
    
    
    
    
    
    
    
    
    
    
    Net Unrealized Holding Gains Arising
During the Period
    
    $
    25
    
    
    $
    332
 Note 14. Regulatory Matters
     65




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
 Notes to Consolidated Financial Statements
 Note 14. Regulatory Matters (Continued)
  Actual
    
    
    RequiredAmount
    
    
    Ratio
    
    
    Amount
    
    
    Ratio(Dollars in Thousands)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
    %December 31, 2008:Tier 1 Capital
(to Average Assets)
    
    $
    13,727
    
    
    
    26.83
    %
    
    $
    2,047
    
    
    
    4.00
    %Tier 1 Capital
(to Risk-Weighted Assets)
    
    $
    13,727
    
    
    
    47.98
    %
    
    $
    1,144
    
    
    
    4.00
    %Total Capital
(to Risk-Weighted Assets)
    
    $
    14,000
    
    
    
    48.93
    %
    
    $
    2,289
    
    
    
    8.00
    %
 Note 15. Related Party Transactions
   66




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
 Notes to Consolidated Financial Statements
 Note 15. Related Party Transactions (Continued)
  2009
    
    
    2008(In Thousands)Balance, Beginning of Year
    
    $
    217
    
    
    $
    296Advances
    
    
    
    
    
    
    Appointment of New Director
    
    
    
    
    
    
    220Less: Directors Emeritus
    
    
    
    
    
    
    (80
    )Less: Payments
    
    
    (217
    )
    
    
    (219
    )Balance, End of Year
    
    $
    
    
    
    $
    217
 Note 16. Commitments and Contingencies
  Note 17. Financial Instruments with Off-Balance-Sheet Risk
   Note 18. Significant Group Concentrations of Credit Risk
    67




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HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
 Notes to Consolidated Financial Statements
 Note 19. Disclosure about Fair Value of Financial Instruments
  Cash and Certificates of Deposit
  Investment Securities
  Loan Receivables
  Deposit Liabilities
  Commitments to Extend Credit
   68




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
 Notes to Consolidated Financial Statements
 Note 19. Disclosure about Fair Value of Financial Instruments (Continued)
  December 31, 2009Carrying
    
    
    FairAmount
    
    
    Value(In Thousands)Financial AssetsCash and Short-Term Investments
    
    $
    6,233
    
    
    $
    6,233Investment Securities
    
    
    8,293
    
    
    
    8,293Certificates of Deposit
    
    
    475
    
    
    
    475Loans
    
    
    45,317
    
    
    
    44,072Less: Allowance for Loan Losses
    
    
    (330
    )
    
    
    (330
    )$
    59,988
    
    
    $
    58,743Financial 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
 December 31, 2008Carrying
    
    
    FairAmount
    
    
    Value(In Thousands)Financial AssetsCash and Short-Term Investments
    
    $
    6,870
    
    
    $
    6,870Investment Securities
    
    
    11,947
    
    
    
    11,947Loans
    
    
    32,546
    
    
    
    31,358Less: Allowance for Loan Losses
    
    
    (273
    )
    
    
    (273
    )$
    51,090
    
    
    $
    49,902Financial LiabilitiesDeposits and Advance Payments by Borrowers
for Taxes and Insurance
    
    $
    43,553
    
    
    $
    43,122$
    43,553
    
    
    $
    43,122Unrecognized Financial InstrumentsCommitments to Extend Credit
    
    $
    512
    
    
    $
    512
  69




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
 Notes to Consolidated Financial Statements
 Note 20. Fair Value of Financial Instruments
    
    
    Level 1  Inputs are based upon unadjusted quoted prices for identical
instruments traded in active markets
 
    
    Level 2  Inputs are based upon quoted prices for similar instruments in
active markets, quoted prices for identical or similar instruments in markets
that are not active, and model-based valuation techniques for which all
significant assumptions are observable in the market or can be corroborated by
observable market data for substantially the full term of the assets or
liabilities.
 
    
    Level 3  Inputs are generally unobservable and typically reflect
managements estimates of assumptions that market participants would use in
pricing the asset or liability. The fair values are therefore determined using
model-based techniques that include option pricing models, discounted cash flow
models, and similar techniques.
  70




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
 Notes to Consolidated Financial Statements
 Note 20. Fair Value of Financial Instruments (Continued)
  December 31, 2009Total
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3(In Thousands)AssetsInvestment Securities
    
    $
    8,293
    
    
    $
    
    
    
    $
    8,293
    
    
    $
    Total
    
    $
    8,293
    
    
    $
    
    
    
    $
    8,293
    
    
    $
    Liabilities
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    Total
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
 December 31, 2008Total
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3(In Thousands)AssetsInvestment Securities
    
    $
    11,947
    
    
    $
    
    
    
    $
    11,947
    
    
    $
    Total
    
    $
    11,947
    
    
    $
    
    
    
    $
    11,947
    
    
    $
    Liabilities
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    Total
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
 Note 21. Conversion and Stock Offering
     71




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
 Notes to Consolidated Financial Statements
 Note 21. Conversion and Stock Offering (Continued)
  Note 22. Condensed Parent Company Only Financial Statements
  Condensed
Balance Sheet  Parent OnlyDecember 31,
2009
 2009(In Thousands)AssetsCash and Cash Equivalents
    
    $
    4,266Investment in Subsidiary
    
    
    19,119Deferred Tax Asset
    
    
    31Total Assets
    
    $
    23,416Liabilities and Stockholders EquityOther Liabilities
    
    $
    20Stockholders Equity
    
    
    23,396Total Liabilities and Stockholders Equity
    
    $
    23,416
  72




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
 Notes to Consolidated Financial Statements
 Note 22. Condensed Parent Company Only Financial Statements (Continued)
 Condensed Statement of Operations  Parent Only
For the Year Ended December 31, 2009
 2009(In Thousands)Equity in Undistributed Loss of Subsidiary
    
    $
    (264
    )Interest Income
    
    
    53Total Loss
    
    
    (211
    )Operating Expenses
    
    
    144Total Expenses
    
    
    144Loss Before Income Tax Benefit
    
    
    (355
    )Income Tax Benefit
    
    
    (31
    )Net Loss
    
    $
    (324
    )
  73




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##### Table of Contents



HIBERNIA HOMESTEAD BANCORP, INC. AND SUBSIDIARY
 Notes to Consolidated Financial Statements
 Note 22. Condensed Parent Company Only Financial Statements (Continued)
 Condensed
Statement of Cash Flows  Parent OnlyFor the Year Ended December 31,
2009
 2009(In Thousands)Operating ActivitiesNet Loss
    
    $
    (324
    )Adjustments to Reconcile Net Loss to Net
Cash Used in Operating ActivitiesEquity in Undistributed Loss of Subsidiary
    
    
    264Non-Cash Compensation
    
    
    45Increase in Deferred Tax Asset
    
    
    (31
    )Increase in Other Liabilities
    
    
    20Net Cash Used in Operating Activities
    
    
    (26
    )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 Stock for ESOP
    
    
    (891
    )Net Cash Provided by Financing Activities
    
    
    9,476Increase in Cash and Cash Equivalents
    
    
    4,266Cash and Cash Equivalents, Beginning of Year
    
    
    Cash and Cash Equivalents, End of Year
    
    $
    4,266
 Note 23. Subsequent Events
   74




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##### Table of Contents



Selected Quarterly Financial Data
  For the quarter ended03/31/09
    
    
    06/30/09
    
    
    9/30/09
    
    
    12/31/09(Dollars in thousands, except per share data)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 expense (benefit)
    
    
    (56
    )
    
    
    (44
    )
    
    
    (30
    )
    
    
    (36
    )Net income (loss)
    
    
    (112
    )
    
    
    (83
    )
    
    
    (56
    )
    
    
    (73
    )
 For the quarter ended03/31/08
    
    
    06/30/08
    
    
    9/30/08
    
    
    12/31/08(Dollars in thousands, except per share data)Total interest income
    
    $
    608
    
    
    $
    594
    
    
    $
    590
    
    
    $
    606Total interest expense
    
    
    283
    
    
    
    252
    
    
    
    227
    
    
    
    209Net interest income
    
    
    325
    
    
    
    342
    
    
    
    363
    
    
    
    397Provision for loan loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total non-interest income
    
    
    38
    
    
    
    46
    
    
    
    25
    
    
    
    18Total non-interest expense
    
    
    536
    
    
    
    555
    
    
    
    592
    
    
    
    579Income tax expense (benefit)
    
    
    (59
    )
    
    
    (57
    )
    
    
    (69
    )
    
    
    (57
    )Net income (loss)
    
    
    (114
    )
    
    
    (110
    )
    
    
    (135
    )
    
    
    (107
    )
 
 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.
  75




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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.
  76




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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
    
    
    
    
    
    $
    
    
    
    
    155,866Equity compensation plans
not approved by security
holders
    
    
    
    
    
    
    
    
    
    
    Total
    
    
    
    
    
    $
    
    
    
    
    155,866
 
 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
   77




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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
    
    
    Letter Agreement between Hibernia Homestead Bank and Michael G. Gretchen, dated November 19, 2007*
    
    
    (1
    )10.2
    
    
    Hibernia Homestead Bancorp, Inc. 2009 Stock Option Plan*
    
    
    (2
    )10.3
    
    
    Hibernia Homestead Bancorp, Inc. 2009 Recognition and Retention Plan and Trust Agreement*
    
    
    (2
    )21.0
    
    
    Subsidiaries of the Registrant - Information reported in Item 1
    
    Filed herewith23.0
    
    
    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 Homestead
Bancorp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).
 (b)
    
    The exhibits listed under (a)(3) of this Item 15 are filed herewith.(c)
    
    Reference is made to (a)(2) of this Item 15.  78




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##### Table of Contents



SIGNATURES
  HIBERNIA HOMESTEAD BANCORP, INC.March 29, 2010
    By:
    /s/ A. Peyton Bush, IIIA. Peyton Bush, IIIPresident and Chief Executive Officer  Name
    
    Title
    
    Date/s/ Patrick W. Browne, Jr.Patrick W. Browne, Jr.
    
    Chairman
of the Board
    
    March 29, 2010/s/ A. Peyton Bush, IIIA. Peyton Bush, III
    
    President
and Chief Executive
Officer
    
    March 29, 2010/s/ Donna T. GuerraDonna T. Guerra
    
    Chief
Financial Officer 
(Principal
Financial and Accounting Officer)
    
    March 29, 2010/s/ Morrison C. BetheaMorrison C. Bethea, M.D.
    
    Director
    
    March 29, 2010/s/ Richard J. Brennan, Jr.Richard J. Brennan, Jr.
    
    Director
    
    March 29, 2010/s/ H. Merritt Lane, IIIH. Merritt Lane, III
    
    Director
    
    March 29, 2010/s/ Robert H. SaerRobert H. Saer
    
    Director
    
    March 29, 2010/s/ J. Kenneth SaerJ. Kenneth Saer
    
    Director
    
    March 29, 2010/s/ John J. WeigelJohn J. Weigel
    
    Director
    
    March 29, 2010
  79