Hibernia Bancorp Inc., the holding company of Hibernia Bank, reported first-quarter net income of $28,000, or 3 cents per shared, compared to $4,000, or 1 cent per share, a year ago.
Peyton Bush, III, president and chief executive officer, attributed the gain “primarily to higher commercial loan volume.”
The additional interest income from loans was partially offset by an addition to the bank’s reserve for loan losses, which was made based on the bank’s increasing volume of loans. It said its asset quality remains strong.
Hibernia operating a main office and two branches, serving the New Orleans metropolitan area.