Hibernia Bancorp Inc. reported a fourth-quarter net loss of $407,000, or 52 cents per share, compared to net income of $68,000, or 9 cents per share, for the same period in 2016, with the loss attributed to merger expenses and provisions in the new federal tax law.
For the year, the holding company of Hibernia Bank had a net loss of $147,000, compared to net income of $226,000 in 2016.
Without the merger expenses and non-recurring deferred tax law expense, net income for the fourth quarter and year would have been $240,000 and $587,000, respectively, said Peyton Bush III, chairman, president and chief executive officer of the company and bank.
Union Savings and Loan Association has agreed to acquire Hibernia Bancorp and its bank. Union expects to change its name to Hibernia Bank when the transaction is completed, set for the second quarter.