UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2010

OR

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission file number: 000-53555

Hibernia Homestead Bancorp, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Louisiana	26-2833386
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)
325 Carondelet Street New Orleans, Louisiana	70130
(Address of Principal Executive Offices)	(Zip Code)

(504) 522-3203

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. þ Yes o No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Date File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). o Yes o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check One):

Large accelerated filer o	Accelerated filer o	Non-accelerated filer o	Smaller reporting company þ
	(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). o Yes þ No

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: As of May 14, 2010, 1,063,534 shares of the Registrant’s common stock were issued and outstanding.

Hibernia Homestead Bancorp, Inc.
Form 10-Q

Table of Contents

	Page
PART I — FINANCIAL INFORMATION
Item 1 — Financial Statements (Unaudited)		1
Item 2 — Management’s Discussion and Analysis of Financial Condition and Results of Operations		25
Item 3 — Quantitative and Qualitative Disclosures About Market Risk		32
Item 4T — Controls and Procedures		32
PART II — OTHER INFORMATION
Item 1 — Legal Proceedings		33
Item 1A — Risk Factors		33
Item 2 — Unregistered Sales of Equity Securities and Use of Proceeds		34
Item 3 — Defaults Upon Senior Securities		35
Item 4 — (Removed and Reserved)		35
Item 5 — Other Information		35
Item 6 — Exhibits		35
Signatures		36
Exhibit 31.1
Exhibit 31.2
Exhibit 32.1

Hibernia Homestead Bancorp, Inc.

Consolidated Balance Sheets

	At March 31,			At December 31,
	2010			2009
	(Unaudited)
	(In Thousands)
Assets
Cash, Non-Interest Bearing	$	856		$	1,067
Cash, Interest Bearing		16			16
Federal Funds Sold		3,375			5,150
Total Cash and Cash Equivalents		4,247			6,233
Certificates of Deposit		—			475
Investment Securities Available-for-Sale		6,506			8,293
Loans Receivable, Net		48,396			44,987
Accrued Interest Receivable		214			206
Investment in FHLB of Dallas Stock		171			171
Investment in FNBB Stock		210			210
Premises and Equipment, Net		5,079			5,127
Deferred Income Taxes		506			492
Prepaid Expenses and Other Assets		335			309
Total Assets	$	65,664		$	66,503
Liabilities and Equity
Liabilities
Deposits	$	42,706		$	42,640
Advance Payments by Borrowers for Taxes and Insurance		260			386
Accrued Interest Payable		2			2
Accounts Payable and Other Liabilities		104			79
Total Liabilities		43,072			43,107
Equity
Preferred Stock, $.01 par value – 1,000,000 Shares authorized; None Issued		—			—
Common Stock, $.01 par value – 9,000,000 Shares Authorized; 1,113,334 Issued; 1,063,534 and 1,113,334 Shares Outstanding at March 31, 2010 and December 31, 2009, respectively		11			11
Additional Paid-In Capital		10,369			10,365
Treasury Stock at cost – 49,800 shares at March 31, 2010		(700	)		—
Unallocated Common Stock held by:
Employee Stock Option Plan (ESOP)		(846	)		(855	)
Recognition and Retention Plan (RPP)		(92	)		—
Accumulated Other Comprehensive Income		121			133
Retained Earnings		13,729			13,742
Total Equity		22,592			23,396
Total Liabilities and Equity	$	65,664		$	66,503

See notes to consolidated financial statements.

1

Hibernia Homestead Bancorp, Inc.

Consolidated Statements of Operations (Unaudited)

	Three Months Ended
	March 31,
	2010			2009
	(In Thousands, Except Per Share Data)
Interest Income
Loans Receivable
First Mortgage Loans	$	533		$	468
Commercial Loans		129			2
Consumer and Other Loans		2			2
Federal Funds Sold and Cash – Interest Bearing		2			3
Mortgage-Backed Securities		64			122
Investment Securities		4			6
Interest Bearing Cash in Banks		1			—
Total Interest Income		735			603
Interest Expense
Deposits		141			170
Total Interest Expense		141			170
Net Interest Income		594			433
Provision for Loan Losses		—			15
Net Interest Income After
Provision for Loan Losses		594			418
Non-Interest Income
Other Income		7			8
Rental Income, Net of Related Expenses		31			14
Total Non-Interest Income		38			22
Non-Interest Expenses
Salaries and Employee Benefits		289			294
Occupancy Expenses		92			91
Data Processing		71			70
Advertising		26			2
Professional Fees		63			53
Insurance Expense		13			20
Supplies and Stationery		10			12
Telephone and Postage		15			12
Regulatory Assessments		20			10
Directors’ Fees		13			12
Other Operating Expenses		41			32
Total Non-Interest Expenses		653			608
Loss Before Income Tax Benefit		(21	)		(168	)
Income Tax Benefit		(8	)		(56	)
Net Loss	$	(13	)	$	(112	)
Loss Per Common Share
Basic	$	(0.01	)	$	(0.10	)
Diluted	$	(0.01	)	$	(0.10	)

See notes to consolidated financial statements.

2

Hibernia Homestead Bancorp, Inc.

Consolidated Statements of Equity (Unaudited)

Three Months Ended March 31, 2010 and 2009

								Unallocated			Unallocated			Accumulated
			Additional					Common			Common			Other
	Common		Paid-In		Treasury			Stock Held			Stock Held			Comprehensive			Retained
	Stock		Capital		Stock			by ESOP			by RRP			Income (Loss)			Earnings			Total
	(In Thousands)
BALANCE – January 1, 2009	$	—	$	—	$	—		$	—		$	—		$	108		$	14,066		$	14,174
Net Loss		—		—		—			—			—			—			(112	)		(112	)
Other Comprehensive Income		—		—		—			—			—			72			—			72
Issuance of Common Stock for Initial Public Offering		11		10,345		—			—			—			—			—			10,356
Shares Purchased for ESOP		—		—		—			(891	)		—			—			—			(891	)
ESOP Shares released for allocation		—		—		—			9			—			—			—			9
BALANCE – March 31, 2009	$	11	$	10,345	$	—		$	(882	)	$	—		$	180		$	13,954		$	23,608
BALANCE – January 1, 2010	$	11	$	10,365	$	—		$	(855	)	$	—		$	133		$	13,742		$	23,396
Net Loss		—		—		—			—			—			—			(13	)		(13	)
Other Comprehensive Loss		—		—		—			—			—			(12	)		—			(12	)
Shares Purchased for RRP		—		—		—			—			(92	)		—			—			(92	)
Purchase of Treasury Stock		—		—		(700	)		—			—			—			—			(700	)
ESOP Shares released for allocation		—		4		—			8			—			—			—			12
Stock-based compensation cost		—		—		—			1			—			—			—			1
BALANCE – March 31, 2010	$	11	$	10,369	$	(700	)	$	(846	)	$	(92	)	$	121		$	13,729		$	22,592

See notes to consolidated financial statements.

3

Hibernia Homestead Bancorp, Inc.

Consolidated Statements of Cash Flows (Unaudited)

	Three Months Ended March 31,
	2010			2009
	(In Thousands)
Cash Flows from Operating Activities
Net Loss	$	(13	)	$	(112	)
Adjustments to Reconcile Net Loss to Net Cash Provided by Operating Activities
Provision for Loan Losses		—			15
Deferred Income Taxes		(8	)		(54	)
Depreciation and Amortization		72			69
Net Discount Accretion		(7	)		(4	)
Non-Cash Compensation		13			9
(Increase) Decrease in:
Accrued Interest Receivable		(8	)		2
Prepaid Expenses and Other Assets		(26	)		635
(Decrease) Increase in:
Accrued Interest Payable		—			(4	)
Accounts Payable and Other Liabilities		25			(373	)
Net Cash Provided by Operating Activities		48			183
Cash Flows from Investing Activities
Net Increase in Loans Receivable		(3,409	)		(844	)
Purchases of Securities Available-for-Sale		—			(2,527	)
Maturities, Redemptions and Sales of Securities Available-for-Sale		1,777			604
Maturities, Redemptions and Sales of Certificates of Deposit		475			—
Purchase of Premises and Equipment		(24	)		(14	)
Net Cash Used in Investing Activities		(1,181	)		(2,781	)
Cash Flows from Financing Activities
Net Increase (Decrease) in Deposits		66			(9,881	)
Net Decrease in Advance Payments by Borrowers for Taxes and Insurance		(126	)		(179	)
Proceeds from Issuance of Common Stock		—			11,133
Cost of Issuance of Common Stock		—			(777	)
Purchase of Stock for ESOP		—			(891	)
Purchase of Stock for RRP		(92	)		—
Purchase of treasury stock		(700	)		—
Net Cash Used in Financing Activities		(852	)		(595	)
Net Decrease in Cash and Cash Equivalents		(1,986	)		(3,193	)
Cash and Cash Equivalents – Beginning of Period		6,233			6,870
Cash and Cash Equivalents – End of Period	$	4,247		$	3,677
Supplementary Schedule of Cash Flow Information
Cash Paid for Interest on Deposits and Borrowings	$	141		$	174
Market Value Adjustment for (Loss) Gain on Securities Available-for-Sale	$	(17	)	$	107

See notes to consolidated financial statements.

4

Hibernia Homestead Bancorp, Inc.

Notes to Consolidated Financial Statements

Note 1. Nature of Operations and Summary of Significant Accounting Policies

Nature of Operations

On January 27, 2009, Hibernia Homestead Bank (the Bank) completed its conversion from a mutual to a stock form of organization as a subsidiary of Hibernia Homestead Bancorp, Inc. (the Holding Company), and the Holding Company completed an initial public offering in which it issued 1,113,334 shares of its common stock for a total of $11,133,340 in gross offering proceeds.

Hibernia Homestead Bank is a Louisiana-chartered and FDIC-insured savings bank and provides a variety of financial services primarily to individual customers through its three branches in New Orleans and Metairie, Louisiana. The Bank’s primary deposit products are checking accounts, money market accounts and interest bearing savings and certificates of deposit. Its primary lending products are residential mortgage loans and commercial loans secured by real estate. The Bank provides services to customers in the New Orleans, Metairie and surrounding areas.

The Bank’s operations are subject to customary business risks associated with activities of a financial institution. Some of those risks include competition from other institutions and changes in economic conditions, interest rates and regulatory requirements.

In August 2005, Hurricane Katrina caused wide-spread devastation in the areas in which the Bank operates. Certain of the affected areas are still in the process of recovering from the adverse impacts caused by the hurricane. The adverse financial effects of that catastrophe upon the Bank were recognized in its financial statements at that time. To date, no significant additional adverse effects have manifested themselves. However, since some areas within the Bank’s market are still recovering, whether the extent to which those areas eventually recover could adversely affect the future financial condition of area businesses, and the degree of such adverse impact, if any, is unknown at this time.

On April 22, 2010, an oil rig exploded in the Gulf of Mexico off the coast of Louisiana. Since that date a substantial amount of oil has continued to leak from the damaged well into the Gulf. The leaking oil poses a potentially grave threat to the coast of Louisiana and its estuaries. The economic impact of the spill on the economy of Louisiana has not been determined but could be severe should the oil leak continue for an extended period. The Company is monitoring developments in the Gulf and will assess potential adverse impacts on the Bank’s customers as events unfold and more information is available.

The accompanying unaudited financial statements were prepared in accordance with the instructions to Form 10-Q, and therefore do not include all the information or footnotes necessary for complete financial statements in conformity with accounting principles generally accepted in the United States of America. However, all normal recurring adjustments that, in the opinion of management, are necessary for a fair presentation of the financial statements have been included. The results for the three month period ended March 31, 2010, are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2010, or any other period. These financial statements should be read in conjunction with the audited financial statements of the Bank and the accompanying notes thereto for the year ended December 31, 2009, included in the Company’s Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 29, 2010 (File No. 000-53555).

5

Hibernia Homestead Bancorp, Inc.
Notes to Consolidated Financial Statements (Continued)

Note 1. Nature of Operations and Summary of Significant Accounting Policies (Continued)

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Hibernia Homestead Bank. All significant intercompany balances and transactions between the Company and its wholly owned subsidiary have been eliminated.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for losses on loans and the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans. In connection with the determination of the allowance for losses on loans and foreclosed real estate, management obtains independent appraisals for significant properties.

A majority of the Bank’s loan portfolio consists of single-family residential loans in the metropolitan New Orleans area. In recent periods, we began offering commercial real estate loans on both owner-occupied and non-owner occupied properties. It is our policy to lend in a first lien position on such properties. The majority of loans are secured by first mortgages and are expected to be repaid from the cash flows of the customers. Some of the activities that the economy of this region is dependent upon include the petrochemical industry, the port of New Orleans, healthcare and tourism. Significant declines in economic activities in these areas could affect the borrowers’ ability to repay loans and cause a decline in value of assets securing the loan portfolio.

While management uses available information to recognize losses on loans and foreclosed assets, future additions to the allowance may be necessary based on changes in local economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Bank’s allowances for losses on loans and foreclosed assets. Such agencies may require the Bank to recognize additions to the allowance based on their judgments about information available to them at the time of their examination. Because of these factors, it is reasonably possible that the allowance for losses on loans and foreclosed assets may change in the near term.

Cash Equivalents

Cash equivalents consist of cash on hand, in banks, and federal funds sold. For purposes of the statements of cash flows, the Company considers all highly liquid debt instruments with original maturities, when purchased, of less than three months to be cash equivalents.

6

Hibernia Homestead Bancorp, Inc.
Notes to Consolidated Financial Statements (Continued)

Note 1. Nature of Operations and Summary of Significant Accounting Policies (Continued)

Loans Receivable

Loans receivable are stated at unpaid principal balances, less the allowance for loan losses, and net of deferred loan origination fees and discounts.

Interest on Loans

Interest on residential mortgage and commercial loans is credited to income as earned. An allowance is established for interest accrued on loans contractually delinquent three months or more. Unearned discounts on mortgage and commercial loans are taken into income over the life of the loan using the interest method. Interest on savings account loans is credited to income as earned using the simple interest method.

Allowance for Loan Losses

The allowance for loan losses is maintained to provide for probable credit losses related to specifically identified loans and for losses inherent in the loan portfolio that have been incurred as of the balance sheet date. The allowance is comprised of specific reserves and a general reserve. Specific reserves are assessed for each loan that is reviewed for impairment or for which a probable loss has been identified. The allowance related to loans that are identified as impaired is based on discounted expected future cash flows (using the loan’s initial effective interest rate), the observable market value of the loan, or the estimated fair value of the collateral for certain collateral dependent loans. Factors contributing to the determination of specific reserves include the financial condition of the borrower, changes in the value of pledged collateral and general economic conditions. General reserves are established based on historical charge-offs considering factors that include risk rating, concentrations and loan type. In addition, the general reserve considers trends in delinquencies and non-accrual loans, concentrations, volatility of risk ratings and the evolving mix in terms of collateral, relative loan size and the degree of seasoning within the various loan products.

Changes in underwriting standards, credit administration and collection policies, regulation and other factors which affect the credit quality and collectability of the loan portfolio also impact the unallocated reserve levels. The allowance for loan losses is based on management’s estimate of probable credit losses inherent in the loan portfolio; actual credit losses may vary from the current estimate. The allowance for loan losses is reviewed periodically, taking into consideration the risk characteristics of the loan portfolio, past charge-off experience, general economic conditions and other factors that warrant current recognition. As adjustments to the allowance for loan losses become necessary, they are reflected as a provision for loan losses in current-period earnings. Actual loan charge-offs are deducted from and subsequent recoveries of previously charged-off loans are added to the allowance.

7

Hibernia Homestead Bancorp, Inc.
Notes to Consolidated Financial Statements (Continued)

Note 1. Nature of Operations and Summary of Significant Accounting Policies (Continued)

Impaired Loans

FASB ASC Topic 310 “Receivables” (which includes former Statement of Financial Accounting Standards (SFAS) No. 114, “Accounting by Creditors for Impairment of a Loan” and SFAS No. 118, “Accounting by Creditors for Impairment of a Loan — Income Recognition and Disclosures”), requires that impaired loans be measured based on the present value of expected future cash flows discounted at the loan’s original effective interest rate. As a practical expedient, impairment may be measured based on the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. When the measure of the impaired loan is less than the recorded investment in the loan, the impairment is recorded through a valuation allowance. This valuation allowance is recorded in the allowance for loan losses on the balance sheet.

Interest payments received on impaired loans are recorded as interest income unless collection of the remaining recorded investment is doubtful, at which time payments received are recorded as reductions of principal. Changes in the present value due to the passage of time are recorded as interest income, while changes in estimated cash flows are recorded in the provision for loan losses.

Loan Origination Fees, Commitment Fees and Related Costs

The Bank has adopted the provisions of FASB ASC Topic 310 “Receivables” (which includes former SFAS No. 91, Accounting for Nonrefundable Fees and Costs Associated with Originating or Acquiring Loans and Indirect Costs of Leases”). Accordingly, loan origination fees and certain direct loan origination costs are deferred, and the net fee or cost is recognized as an adjustment to interest income using the interest method over the contractual life of the loans, adjusted for any prepayments.

Securities

FASB ASC Topic 320 “Investments — Debt and Equity Securities” (which includes former SFAS No. 115, “Accounting for Certain Investments in Debt and Equity Securities”), requires the classification of securities into one of three categories: Trading, Available-for-Sale or Held-to-Maturity.

Management determines the appropriate classification of debt securities at the time of purchase and re-evaluates this classification periodically. Trading account securities are held for resale in anticipation of short-term market movements. Debt securities are classified as held-to-maturity when the Bank has the positive intent and ability to hold the securities to maturity. Securities not classified as held-to-maturity or trading are classified as available-for-sale.

Trading account securities are carried at market value. Gains and losses, both realized and unrealized, are reflected in earnings.

Held-to-maturity securities are stated at amortized cost. Available-for-sale securities are stated at fair value, with unrealized gains and losses, net of applicable deferred income taxes, reported in a separate component of other comprehensive income. The amortized cost of debt securities classified as held-to-maturity or available-for-sale is adjusted for amortization of premiums and accretion of discounts to maturity or, in the case of mortgage-backed securities, over the estimated life of the security. Amortization, accretion and accruing interest are included in interest income on securities. Realized gains and losses, and declines in value judged to be other than temporary, are included in net securities gains. The cost of securities sold is determined based on the specific identification method.

8

Hibernia Homestead Bancorp, Inc.
Notes to Consolidated Financial Statements (Continued)

Note 1. Nature of Operations and Summary of Significant Accounting Policies (Continued)

Impaired Securities

Securities available-for-sale or held-to-maturity for which, after acquisition, the Company believes it will not be able to collect all amounts due according to their contractual terms are considered to be other-than- temporarily impaired. In accordance with generally accepted accounting principles, securities considered to be other-than-temporarily impaired are written down to fair value, and any unrealized loss is charged to net income. The written down amount then becomes the security’s new cost basis.

Investment in FHLB of Dallas and FNBB Stock

The Bank maintains investments in membership stocks of the Federal Home Loan Bank (FHLB) of Dallas and First National Bankers Bank (FNBB). The carrying amounts of these investments are stated at cost. The Bank is required by law to have an investment in stock of the Federal Home Loan Bank of Dallas. Effective April 16, 2007, the membership investment requirement is .06% of the member’s total assets, and the activity-based requirement is 4.1% of advances and applicable Mortgage Partnership Finance assets.

Foreclosed Assets

Assets acquired through, or in lieu of, foreclosure are initially recorded at the lower of cost (principal balance of the former mortgage loan plus costs of obtaining title and possession) or fair value at the date of acquisition. Costs relating to development and improvement of property are capitalized, whereas costs relating to the holding of property are expensed.

Management periodically performs valuations, and an allowance for losses is established by a charge to operations if the carrying value of a property exceeds its estimated net realizable value.

Premises and Equipment

Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets. Estimated lives are 10 to 30 years for buildings and improvements and 3 to 10 years for furniture, fixtures and equipment. Amortization of leasehold improvements is calculated on the straight-line basis over the terms of the leases.

Income Taxes

The Company recognizes income taxes in accordance with FASB ASC Topic 740 “Income Taxes” (formerly SFAS No. 109, “Accounting for Income Taxes”). Topic 740 uses the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred income taxes are recognized for the tax consequences of “temporary differences” by applying enacted statutory tax rates applicable to future years to the difference between financial statement carrying amounts and the tax basis of existing assets and liabilities. Deferred taxes are also recognized for operating losses and tax credits that are available to offset future income taxes.

9

Hibernia Homestead Bancorp, Inc.
Notes to Consolidated Financial Statements (Continued)

Note 1. Nature of Operations and Summary of Significant Accounting Policies (Continued)

Income Taxes (Continued)

When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any.

Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above would be reflected as a liability for unrecognized tax benefits in the consolidated balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest and penalties associated with unrecognized tax benefits would be classified as additional income taxes in the statement of operations.

While the Bank is exempt from Louisiana Income tax, it is subject to the Louisiana Ad Valorem Tax, commonly referred to as the Louisiana Share Tax, which is based on stockholders’ equity and net income.

In accordance with FASB ASC Topic No. 740 “Income Taxes” (formerly SFAS 109 “Accounting for Income Taxes”), the Company recognizes certain tax assets whose realization depends upon generating future taxable income. These tax assets can only be realized through the generation of future taxable income and thereby utilizing the net operating loss carryforwards we have available. At March 31, 2010, the Company has net operating loss carryforwards of approximately $1.5 million. The net operating loss carryforwards expire as follows:

2027	$	922
2028		309
2029		302
	$	1,533

As a result of the Company’s acquisition of the stock of the Bank in connection with the Bank’s conversion in January 2009, a limitation on the ability to fully utilize the net operating losses generated in 2008 and prior periods occurred. Based on management’s best estimate, the amount of annual taxable income that can be offset each year by the net operating loss carryforward is approximately $611,000.

10

Hibernia Homestead Bancorp, Inc.
Notes to Consolidated Financial Statements (Continued)

Note 1. Nature of Operations and Summary of Significant Accounting Policies (Continued)

Comprehensive Income

The Company reports comprehensive income in accordance with FASB ASC Topic No. 220 “Comprehensive Income” (formerly SFAS No. 130, “Reporting Comprehensive Income”). Topic 220 establishes standards for reporting and presentation of comprehensive income and its components in a full set of financial statements. Comprehensive income consists of net income and net unrealized gains (losses) on securities and is presented in the statements of equity and comprehensive income. Topic 220 requires only additional disclosures in the financial statements; it does not affect the Company’s financial position or results of operations.

	Three Months Ended
	March 31,
	2010			2009
	(Unaudited)
	(In Thousands)
Net Loss	$	(13	)	$	(112	)
Other Comprehensive (Loss) Income, Net of Tax
Unrealized (Loss) Gain on Securities Available-for-Sale		(12	)		72
Total Other Comprehensive (Loss) Income		(12	)		72
Total Comprehensive Loss	$	(25	)	$	(40	)

Statement of Cash Flows

The statements of cash flows were prepared in accordance with the provisions of FASB ASC Topic No. 230 “Statement of Cash Flows” (formerly SFAS No. 104, “Statement of Cash Flows — Net Reporting of Certain Cash Receipts and Cash Payments and Classification of Cash Flows from Hedging Transactions”). This Topic permits certain financial institutions to report, in a statement of cash flows, net receipts and payments for deposits placed, time deposits accepted and repaid and loans made and collected. Additionally, in accordance with generally accepted accounting principles, interest credited directly to deposit accounts has been accounted for as operating cash payments.

11

Hibernia Homestead Bancorp, Inc.
Notes to Consolidated Financial Statements (Continued)

Note 1. Nature of Operations and Summary of Significant Accounting Policies (Continued)

Recent Accounting Pronouncements

In June 2009, the FASB replaced The Hierarchy of Generally Accepted Accounting Principles, with the FASB Accounting Standards CodificationTM (the Codification) as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in conformity with GAAP. Rules and interpretive releases of the Securities and Exchange Commission under authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. The Codification was effective for financial statements issued for periods ending after September 15, 2009.

On January 1, 2009, the Company adopted new guidance that related to accounting for noncontrolling interests in consolidated financial statements. The new accounting guidance states that entities should provide sufficient disclosures that clearly identify and distinguish between the interests of the parent and the interests of the non-controlling owners separately within the consolidated statement of financial condition within equity, but separate from the parent’s equity and separately on the face of the consolidated statement of operations. Further, the new guidance states that changes in a parent’s ownership interest while the parent retains its controlling financial interest in its subsidiary should be accounted for consistently and when a subsidiary is deconsolidated, any retained non-controlling equity investment in the former subsidiary should be initially measured at fair value. The adoption of this guidance had no impact on the Company.

In June 2008, the FASB issued guidance which addresses whether instruments granted in share-based payment transactions are participating securities prior to vesting and, therefore, included in the earnings allocation in computing earnings per common share (EPS) under the two-class method. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of EPS pursuant to the two-class method. This guidance was effective for financial statements issued for fiscal years beginning after December 15, 2008, and interim periods within those years. All prior-period EPS data presented were to be adjusted retrospectively (including interim financial statements, summaries of earnings, and selected financial data) to conform to the provisions of this guidance. Since the Company’s unvested restricted stock awards do not contain nonforfeitable rights to dividends, they are not included under the scope of this pronouncement, and therefore, the adoption of this guidance had no impact on the Company.

12

Hibernia Homestead Bancorp, Inc.
Notes to Consolidated Financial Statements (Continued)

Note 1. Nature of Operations and Summary of Significant Accounting Policies (Continued)

Recent Accounting Pronouncements (Continued)

In May 2009, FASB issued new guidance relating to subsequent events and established general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. The new guidance sets forth:

• 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.

FASB ASC Topic 825 “Financial Instruments” (formerly FSP SFAS 107-1 “Interim Disclosures about Fair Value of Financial Instruments”, which also amended APB Opinion No. 28 “Interim Financial Reporting”) was issued in April 2009. This Topic requires disclosures about fair value of financial instruments for interim reporting periods of publicly traded companies as well as in annual financial statements. The Topic is effective for interim reporting periods ending after June 15, 2009. Adoption of this Topic did not have a monetary effect on the financial position and results of operations of the Company, but resulted in expanded disclosures.

In June 2009, the FASB changed the accounting guidance for the consolidation of variable interest entities. The current quantitative-based risks and rewards calculation for determining which enterprise is the primary beneficiary of the variable interest entity will be replaced with an approach focused on identifying which enterprise has the power to direct the activities of a variable interest entity and the obligation to absorb losses of the entity or the right to receive benefits from the entity. The new guidance is effective for the Company beginning January 1, 2010. Adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

13

Hibernia Homestead Bancorp, Inc.
Notes to Consolidated Financial Statements (Continued)

Note 1. Nature of Operations and Summary of Significant Accounting Policies (Continued)

Recent Accounting Pronouncements (Continued)

In June 2009, the FASB changed the accounting guidance for transfers of financial assets. The new guidance increases the information that a reporting entity provides in its financial reports about a transfer of financial assets; the effects of a transfer on its statement of financial condition, financial performance and cash flows; and a continuing interest in transferred financial assets. In addition, the guidance amends various concepts associated with the accounting for transfers and servicing of financial assets and extinguishments of liabilities including removing the concept of qualified special purpose entities. This new guidance is applicable to transfers occurring on or after January 1, 2010. Adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

In August 2009, the FASB updated its guidance for the fair value measurement of liabilities. The update provided clarification that in circumstances in which a quoted price in an active market for the identical liability is not available, a reporting entity is required to measure fair value of the liability using: (1) the quoted price of the identical liability when traded as an asset, (2) quoted prices for similar liabilities or similar liabilities when traded as assets, (3) an income approach, such as a present value technique, (4) a market approach such as the amount the reporting entity would pay to transfer the liability or enter into the identical liability. The update also states that a reporting entity would not adjust the fair value of a liability for restrictions that prevent the transfer of the liability. The updated liability fair value measurement guidance is effective as of September 30, 2009. This update did not have a material effect on the Company’s financial statements.

In March 2008, FASB ASC Topic 815 “Derivative and Hedging” (formerly SFAS No. 161, “Disclosures about Derivative Instruments and Hedging Activities”) was issued. Topic 815 is intended to improve financial reporting about derivative instruments and hedging activities by requiring enhanced disclosures to enable investors to better understand their effects on an entity’s financial position, financial performance, and cash flows. Topic 815 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008, with early application encouraged. The adoption of Topic 815 did not have a material impact on the Company’s consolidated financial statements.

In September 2008 FASB ASC Topic 815 “Derivatives and Hedging” (which includes former FASB Staff Position (FSP) FAS 133-1 and FIN 45-4, “Disclosures about Credit Derivatives and Financial Guarantees”) was issued. This Topic requires companies that sell credit derivatives to disclose information that will enable financial statement users to assess the potential effect of the credit derivatives on the seller’s financial position, financial performance, and cash flows. Topic 815 is effective for interim and annual periods ending after November 15, 2008. This pronouncement did not have an effect on the financial position and results of operations of the Company.

14

Hibernia Homestead Bancorp, Inc.
Notes to Consolidated Financial Statements (Continued)

Note 1. Nature of Operations and Summary of Significant Accounting Policies (Continued)

Recent Accounting Pronouncements (Continued)

In February 2008, FASB ASC Topic 860 “Transfers and Servicing” (which includes former FSP FAS 140-3, “Accounting for Transfers of Financial Assets and Repurchase Financing Transactions”) was issued, which provides guidance on accounting for a transfer of a financial asset and a repurchase financing. The Topic presumes that an initial transfer of a financial asset and a repurchase financing are considered part of the same arrangement under Topic 860. However, if certain criteria are met, the initial transfer and repurchase shall not be evaluated as a linked transaction and therefore evaluated separately under Topic 860. The Topic is effective for repurchase financing in which the initial transfer is entered in fiscal years beginning after November 15, 2008. The pronouncement did not have a material impact on the Company’s consolidated financial statements.

In April 2008, FASB ASC Topic 350 “Intangibles — Goodwill and Other” (which includes former FSP 142-3) was issued which amends the list of factors an entity should consider in developing renewal of extension assumptions used in determining the useful life of recognized intangible assets under Topic 350. The new guidance applies to intangible assets that are acquired individually or with a group of other assets and to intangible assets acquired in both business combinations and asset acquisitions. The Topic is effective for financial statements issued for fiscal years beginning after December 15, 2008 and interim periods within those fiscal years. The guidance must be applied prospectively only to intangible assets acquired after the Topic’s effective date. This pronouncement did not have a material impact on the Company’s financial statements.

Advertising

The Company follows the policy of charging the costs of advertising to expense as incurred. Advertising expense was $26,000 and $2,000 for the three months ended March 31, 2010 and 2009, respectively.

15

Hibernia Homestead Bancorp, Inc.
Notes to Consolidated Financial Statements (Continued)

Note 2. Investment Securities

A summary of investment securities classified as trading, held-to-maturity and available-for-sale is presented below.

Trading Securities

The Company had no securities classified as trading securities at March 31, 2010 and December 31, 2009.

Held-to-Maturity

There were no held-to-maturity securities at March 31, 2010 or December 31, 2009.

Available-for-Sale

The carrying values and estimated market values of available-for-sale securities at March 31, 2010 and December 31, 2009, are summarized as follows:

	March 31, 2010 (Unaudited)
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In Thousands)
Government Agencies	$	500	$	7	$	—	$	507
Mortgage Backed Securities		5,823		176		—		5,999
Total Securities Available-for-Sale	$	6,323	$	183	$	—	$	6,506

	December 31, 2009
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In Thousands)
Government Agencies	$	1,501	$	8	$	—	$	1,509
Mortgage Backed Securities		6,591		193		—		6,784
Total Securities Available-for-Sale	$	8,092	$	201	$	—	$	8,293

16

Hibernia Homestead Bancorp, Inc.
Notes to Consolidated Financial Statements (Continued)

Note 2. Investment Securities (Continued)

Available-For-Sale (Continued)

The amortized cost and estimated market values of available-for-sale securities at March 31, 2010 and at December 31, 2009, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	March 31, 2010 (Unaudited)
	Amortized		Fair
	Cost		Value
	(In Thousands)
Due in One Year or Less	$	332	$	334
Due After One Year Through Five Years		3,328		3,407
Due After Five Years Through Ten Years		2,361		2,447
Due After Ten Years Through Twenty Years		51		52
Due After Twenty Years		251		266
	$	6,323	$	6,506

	December 31, 2009
	Amortized		Fair
	Cost		Value
	(In Thousands)
Due in One Year or Less	$	915	$	919
Due After One Year Through Five Years		4,179		4,268
Due After Five Years Through Ten Years		2,649		2,739
Due After Ten Years Through Twenty Years		—		—
Due After Twenty Years		349		367
	$	8,092	$	8,293

Fair values for securities are determined from quoted prices or quoted market prices of similar securities of comparable risk and maturity where no quoted market price exists. Management does not anticipate a requirement to sell any of Hibernia’s investment securities for liquidity or other operating purposes.

The proceeds from the sales, redemptions and maturities of securities available-for-sale for the three months ended March 31, 2010 and 2009 were approximately $1.8 million and $604,000, respectively. There were no gross realized gains for the three-month periods ended March 31, 2010 and March 31, 2009, respectively.

17

Hibernia Homestead Bancorp, Inc.
Notes to Consolidated Financial Statements (Continued)

Note 2. Investment Securities (Continued)

There were no gross unrealized losses in investment securities at March 31, 2010 or December 31, 2009 existing for continuous periods of less than 12 months or for continuous periods of 12 months or more.

Management evaluates securities for other-than-temporary impairment on a periodic and regular basis, as well as when economic or market concerns warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of Hibernia to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value.

Note 3. Loans Receivable

Loans receivable at March 31, 2010 and December 31, 2009 are summarized as follows:

	March 31, 2010			December 31, 2009
	(Unaudited)
	(In Thousands)
Real Estate Loans:
One-to-Four Family Residential	$	36,957		$	35,736
Multi-Family Residential		182			184
Second Mortgage Residential		216			219
Residential Construction and Land Loans		1,350			410
Commercial Loans Secured by Real Estate		9,699			8,447
Total Real Estate Loans	$	48,404		$	44,996
Other Loans:
Home equity line of credit		242			244
Loans secured by deposits		25			25
Total Other Loans		267			269
Total Loans	$	48,671		$	45,265
Less:
Allowance for loan losses		330			330
Deferred loan fees		(55	)		(52	)
		275			278
Net Loans	$	48,396		$	44,987

Loans past due more than ninety days amounted to $104,000 and $0 at March 31, 2010 and December 31, 2009, respectively. Non-accruing loan balances amounted to $261,000 and $315,000 at March 31, 2010 and December 31, 2009, respectively.

18

Hibernia Homestead Bancorp, Inc.
Notes to Consolidated Financial Statements (Continued)

Note 3. Loans Receivable (Continued)

Activity in the allowance for loan losses is summarized as follows:

	Three Months Ended		Year Ended
	March 31, 2010		December 31, 2009
	(Unaudited)
	(In Thousands)
Balance, Beginning of Period	$	330	$	273
Provision Charged to Operating Expense		—		78
Loans Charged Off, Net of Recoveries		—		(21	)
Balance, End of Period	$	330	$	330

At March 31, 2010 and December 31, 2009, the total recorded investment in impaired loans, all of which have reserves determined in accordance with FASB ASC Topic 310, amounted to $348,000 and $403,000, respectively. The allowance for loan losses related to impaired loans at March 31, 2010 and December 31, 2009 amounted to $27,000 and $26,000, respectively. Interest income recognized on impaired loans was not significant for the three months ended March 31, 2010 and 2009. The Bank is not committed to lend additional funds to debtors whose loans have been modified.

In 2005 Hurricane Katrina affected the residents and businesses within the Bank’s operating area. The adverse financial impacts of this event on the Bank’s loan portfolio were recognized at that time. Management continues to closely monitor the loan portfolio, and no substantial additional losses directly related to this catastrophe have been experienced to date. However, as indicated previously, the extent to which the still affected areas within the Bank’s market area eventually recover is unknown at this time as are the ultimate adverse additional impacts that the hurricane might have, if any, on the Bank’s loan portfolio.

The Company is monitoring the developments of the oil spill in the Gulf of Mexico following the destruction of a drilling rig on April 22, 2010. The extent of the potential effects on our customers and the areas in which they operate is presently being evaluated. The future effects of the oil spill could impact the Company and our earnings, but until more is known about the magnitude of the situation, it is premature to reasonably determine the impact on the Bank’s loan portfolio.

Note 4. Regulatory Matters

The Bank is subject to various regulatory capital requirements administered by its primary federal regulator, the Federal Deposit Insurance Corporation. Failure to meet the minimum regulatory capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators, which if undertaken, could have a direct material affect on the Bank and the consolidated financial statements. As a savings and loan holding company, Hibernia Homestead Bancorp is not subject to any regulatory capital requirements.

19

Hibernia Homestead Bancorp, Inc.
Notes to Consolidated Financial Statements (Continued)

Note 4. Regulatory Matters (Continued)

Under the regulatory capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines involving quantitative measures of the Bank’s assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification under the prompt corrective action guidelines are also subject to qualitative judgments by the regulators about components, risk weightings and other factors.

Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios of: total risk-based capital and Tier I capital to risk-weighted assets (as defined in the regulations), Tier I capital to adjusted total assets (as defined), and tangible capital to adjusted total assets (as defined). Management believes, as of March 31, 2010, that the Bank meets all capital adequacy requirements to which they are subject. The Bank was considered well capitalized according to its last regulatory examination.

The Bank, at March 31, 2010 and December 31, 2009, exceeds all of the capital adequacy requirements to which it is subject as illustrated by the following:

	Actual					Required
	Amount		Ratio			Amount		Ratio
	(Unaudited)
	(Dollars in Thousands)
March 31, 2010
Tier 1 Capital (to Average Assets)	$	18,517		28.43	%	$	2,605		4.00	%
Tier 1 Capital (to Risk-Weighted Assets)	$	18,517		48.21	%	$	1,536		4.00	%
Total Risk-Based Capital (to Risk-Weighted Assets)	$	18,847		49.07	%	$	3,073		8.00	%

	Actual					Required
	Amount		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 Risk-Based Capital (to Risk-Weighted Assets)	$	18,855		51.31	%	$	2,940		8.00	%

Note 5. Mutual to Stock Conversion

On January 27, 2009, the Bank completed its conversion from a mutual to a stock form of organization as a subsidiary of Hibernia Homestead Bancorp and the Company completed an initial public offering in which it issued 1,113,334 shares of its common stock for a total of $11,133,340 in gross offering proceeds. In conjunction with the conversion, the Bank established a liquidation account in an amount equal to the Bank’s retained earnings contained in the final prospectus. The liquidation account will be maintained for the benefit of eligible account holders and supplemental eligible account holders who maintain deposit accounts in the Bank after the conversion.

20

Hibernia Homestead Bancorp, Inc.
Notes to Consolidated Financial Statements (Continued)

Note 5. Mutual to Stock Conversion (Continued)

In the event of a complete liquidation (and only in such event), each eligible account holder and supplemental eligible account holder will be entitled to receive a liquidation distribution from the liquidation account in the amount of the then current adjusted balance of deposit accounts held, before any liquidation distribution may be made with respect to common stock. Except for the repurchase of stock and payment of dividends by the Bank, the existence of the liquidation account will not restrict the use or application of such retained earnings.

Note 6. Disclosure About Fair Value of Financial Instruments

The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate the value:

Cash and Short -Term Investments

For cash, the carrying amount approximates fair value. For short-term investments, fair values are calculated based upon general investment market interest rates for similar maturity investments.

Investment Securities

For securities and marketable equity securities held-for-investment purposes, fair values are based on quoted market prices.

Loan Receivables

For certain homogeneous categories of loans, such as residential mortgages, commercial real estate loans, credit card receivables and other consumer loans, fair value is estimated using the current U.S. treasury interest rate curve, a factor for cost of processing and a factor for historical credit risk to determine the discount rate.

Deposit Liabilities

The fair value of demand deposits, savings deposits and certain money market deposits are calculated based upon general investment market interest rates for investments with similar maturities. The value of fixed maturity certificates of deposit is estimated using the U.S. treasury interest rate curve currently offered for deposits of similar remaining maturities.

Commitments to Extend Credit

The fair value of commitments is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present credit-worthiness of the counterparties.

21

Hibernia Homestead Bancorp, Inc.
Notes to Consolidated Financial Statements (Continued)

Note 6. Disclosure About Fair Value of Financial Instruments (Continued)

The estimated fair values of the Bank’s financial instruments at March 31, 2010 and December 31, 2009, are as follows (reported in thousands):

	March 31, 2010
	(Unaudited)
	Carrying		Fair
	Amount		Value
Financial Assets
Cash and Short-Term Investments	$	4,247	$	4,247
Investment Securities		6,506		6,506
Loans, net		48,396		47,596
	$	59,149	$	58,349
Financial Liabilities
Deposits and Advance Payments by Borrowers for Taxes and Insurance	$	42,966	$	41,887
Unrecognized Financial Instruments
Commitments to Extend Credit	$	7,603	$	7,603

	December 31, 2009
	Carrying		Fair
	Amount		Value
Financial Assets
Cash and Short-Term Investments	$	6,233	$	6,233
Investment Securities		8,293		8,293
Certificates of Deposit		475		475
Loans, net		44,987		43,742
	$	59,988	$	58,743
Financial Liabilities
Deposits and Advance Payments by Borrowers for Taxes and Insurance	$	43,026	$	41,977
Unrecognized Financial Instruments
Commitments to Extend Credit	$	8,519	$	8,519

22

Hibernia Homestead Bancorp, Inc.
Notes to Consolidated Financial Statements (Continued)

Note 7. Fair Value of Financial Instruments

The Company adopted FASB ASC Topic No. 820, “Fair Value Measurement and Disclosures” (formerly SFAS No. 157 “Fair Value Measurements”), on January 1, 2008 for all financial assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). This Topic defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements.

Topic No. 820 defines fair value as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk including our own credit risk.

In addition to defining fair value, Topic No. 820 expands the disclosure requirements around fair value and establishes a fair value hierarchy for valuation inputs. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels which are determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are:

• 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.

The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis at March 31, 2010:

	Total		Level 1		Level 2		Level 3
	(In Thousands)
Assets
Investment Securities	$	6,506	$	—	$	6,506	$	—
Total	$	6,506	$	—	$	6,506	$	—
Liabilities	$	—	$	—	$	—	$	—
Total	$	—	$	—	$	—	$	—

23

Hibernia Homestead Bancorp, Inc.
Notes to Consolidated Financial Statements (Continued)

Note 8. Employee Stock Ownership Plan

In connection with the Conversion, the Company established an employee stock ownership plan (“ESOP”) that provides retirement benefits to all eligible employees of Hibernia Homestead Bank. On January 27, 2009, the ESOP borrowed $890,660 from the Company and used these funds to purchase 8%, or 89,066 shares, of the shares sold in the Company’s initial public offering. As the loan is repaid and shares are released from collateral, the shares are allocated to the ESOP participants based on their individual compensation as a percentage of total compensation of all eligible participants. The Bank recognizes compensation expense equal to the fair value of the ESOP shares committed to be released during the period. ESOP compensation expense for the quarters ended March 31, 2010 and 2009 amounted to 12,000 and $9,000 respectively.

Note 9. Recognition and Retention Plan

On July 30, 2009, the shareholders of the Company approved the Company’s 2009 Recognition and Retention Plan. The 2009 Recognition and Retention Plan will provide the Company’s directors and key employees with an equity interest in the Company as compensation for their contributions to the success of the Company, and as an incentive for future such contributions. The Board of Directors of the Company may make grants under the 2009 Recognition and Retention Plan to eligible participants based on these factors. Plan participants will vest in their share awards at a rate no more rapid than 20% per year over a five year period, beginning on the date of the plan share award. If service to the Company is terminated for any reason other than death, disability or change in control, the unvested share awards shall be forfeited. As of March 31, 2010, no awards had been made under the Plan.

The Recognition and Retention Plan Trust (“RRP”) has been established to acquire, hold, administer, invest, and make distributions from the Trust in accordance with provisions of the Plan and Trust. The Trust will acquire 4%, or 44,533 shares, of the shares sold in the Company’s initial public offering, which will be held in the Trust subject to the Plan’s vesting requirements. The Recognition and Retention Plan provides that grants to each employee and non-employee director shall not exceed 25% and 5% of the shares available under the Plan, respectively. Shares awarded to non-employee directors in the aggregate shall not exceed 30% of the shares available under the Plan. As of March 31, 2010, 6,700 shares have been acquired by the Trust.

Note 10. Stock Option Plan

On July 30, 2009, the shareholders of the Company approved the Company’s 2009 Stock Option Plan. The 2009 Stock Option Plan will provide the Company’s directors and key employees with a proprietary interest in the Company as compensation for their contributions to the success of the Company, and as an incentive for future such contributions. The Board of Directors of the Company may grant options to eligible employees and non-employee directors based on these factors. Plan participants will vest in their options at a rate no more rapid than 20% per year over a five year period, beginning on the grant date of the option. Vested options will have an exercise period of ten years commencing on the date of grant. If service to the Company is terminated for any reason other than death, disability or change in control, the unvested options shall be forfeited. The Company recognizes compensation expense during the vesting period based on the fair value of the option on the date of grant. As of March 31, 2010, 36,000 options have been granted to eligible employees. For the quarters ended March 31, 2010 and 2009, respectively, the Company recognized $800 and $0 of compensation expense related to stock options granted.

24

Hibernia Homestead Bancorp, Inc.
Notes to Consolidated Financial Statements (Continued)

Note 11. Subsequent Events

In accordance with the subsequent events topic of the FASB ASC, Topic No. 855, “Subsequent Events”, the Company evaluates events and transactions that occur after the balance sheet date for potential recognition in the financial statements. The effects of all subsequent events that provide additional evidence of conditions that existed at the balance sheet date are recognized in the financial statements as of March 31, 2010. In preparing these financial statements, the Company evaluated the events and transactions that occurred through the date these financial statements were issued.

Item 2 — Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains certain forward-looking statements and information relating to Hibernia Homestead Bancorp, Inc. (the “Company” or “Hibernia”) and Hibernia Homestead Bank (the “Bank”) that are based on the beliefs of management as well as assumptions made by and information currently available to management. In addition, in portions of this document the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “should” and similar expressions, or the negative thereof, as they relate to the Company or the Bank or their management, are intended to identify forward-looking statements. Such statements reflect the current views of the Company and/or the Bank with respect to forward-looking events and are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or intended. The Company does not intend to update these forward-looking statements.

General

The Company was formed by the Bank in June 2008, in connection with the Bank’s conversion to a Louisiana chartered stock form savings bank (the “Conversion”) completed on January 27, 2009. The Company’s results of operations are primarily dependent on the results of the Bank, which became a wholly owned subsidiary upon completion of the Conversion. The Bank’s results of operations depend, to a large extent, on net interest income, which is the difference between the income earned on its loan and investment portfolios and the cost of funds, consisting of the interest paid on deposits and borrowings. Results of operations are also affected by provisions for loan losses, fee income and other non-interest income and non-interest expense. Non-interest expense principally consists of compensation and employee benefits, office occupancy and equipment expense, data processing, advertising and business promotion and other expense. The Bank’s results of operations are also significantly affected by general economic and competitive conditions, particularly changes in interest rates, government policies and actions of regulatory authorities. Future changes in applicable law, regulations or government policies may materially impact our financial condition and results of operations.

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Critical Accounting Policies

In reviewing and understanding financial information for Hibernia, you are encouraged to read and understand the significant accounting policies used in preparing our financial statements. These policies are described in Note 1 of the notes to our financial statements. The accounting and financial reporting policies of Hibernia conform to accounting principles generally accepted in the United States of America and to general practices within the banking industry. Accordingly, the consolidated financial statements require certain estimates, judgments, and assumptions, which are believed to be reasonable, based upon the information available. These estimates and assumptions affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the periods presented. The following accounting policies comprise those that management believes are the most critical to aid in fully understanding and evaluating our reported financial results. These policies require numerous estimates or economic assumptions that may prove inaccurate or may be subject to variations which may significantly affect our reported results and financial condition for the period or in future periods.

Allowance for Loan Losses. The allowance for loan losses is maintained at a level to provide for probable credit losses related to specifically identified loans and for losses inherent in the loan portfolio that have been incurred as of the balance sheet date. The allowance is comprised of specific reserves and a general reserve. Specific reserves are assessed for each loan that is reviewed for impairment or for which a probable loss has been identified. The allowance related to loans that are identified as impaired is based on discounted expected future cash flows using the loan’s initial effective interest rate, the observable market value of the loan, or the estimated fair value of the collateral for certain collateral dependent loans. Factors contributing to the determination of specific reserves include the financial condition of the borrower, changes in the value of pledged collateral and general economic conditions. General reserves are established based on historical charge-offs considering factors that include risk rating, concentrations and loan type. For the general reserve, management also considers trends in delinquencies and non-accrual loans, concentrations, volatility of risk ratings and the evolving mix in terms of collateral, relative loan size and the degree of seasoning within the various loan products.

Changes in underwriting standards, credit administration and collection policies, regulation and other factors which affect the credit quality and collectability of the loan portfolio also impact the allowance levels. The allowance for loan losses is based on management’s estimate of probable credit losses inherent in the loan portfolio; actual credit losses may vary from the current estimate. The allowance for loan losses is reviewed periodically, taking into consideration the risk characteristics of the loan portfolio, past charge-off experience, general economic conditions and other factors that warrant current recognition. As adjustments to the allowance for loan losses become necessary, they are reflected as a provision for loan losses in current-period earnings. Actual loan charge-offs are deducted from and subsequent recoveries of previously charged-off loans are added to the allowance.

Income Taxes. Deferred income tax assets and liabilities are determined using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various assets and liabilities and gives current recognition to changes in tax rates and laws. Realizing our deferred tax assets principally depends upon our achieving projected future taxable income. We may change our judgments regarding future profitability due to future market conditions and other factors. We may adjust our deferred tax asset balances if our judgments change.

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Comparison of Financial Condition at March 31, 2010 and December 31, 2009

Hibernia Homestead Bancorp’s total assets decreased $839,000, or 1.3%, to $65.7 million at March 31, 2010 compared to $66.5 million at December 31, 2009. During the first three months of 2010, net loans receivable increased $3.4 million offset by a decrease of $1.8 million in investment securities available-for-sale and a decrease of $1.8 million in federal funds sold. The decrease of $2.0 million in cash and cash equivalents as of March 31, 2010, is primarily a result of the funding of new loans. Our net loans receivable increased by $3.4 million, or 7.6%, to $48.4 million at March 31, 2010, compared to $45.0 million at December 31, 2009 primarily due to an increase in commercial loans secured by real estate of $1.3 million and an increase of $1.2 million in one-to-four family residential loans. During the first three months of 2010 our total loan originations amounted to approximately $4.3 million and loan principal repayments were approximately $874,000. Our total investment securities amounted to $6.5 million at March 31, 2010, compared to $8.3 million at December 31, 2009, a decrease of $1.8 million, or 21.5%. The decrease in investment securities was due to maturities, redemptions and sales of securities available-for-sale received during the period.

Hibernia’s deposits increased $66,000, or 0.2%, to $42.7 million at March 31, 2010, compared to $42.6 million at December 31, 2009. The Bank had no Federal Home Loan Bank advances at March 31, 2010 or December 31, 2009, as we continued our strategy in recent periods of managing interest rate risk by paying down higher cost borrowings. Our stockholders’ equity amounted to $22.6 million at March 31, 2010 compared to $23.4 million at December 31, 2009, a decrease of $804,000, or 3.4%. The decrease in stockholders’ equity was due primarily to purchases of treasury stock for an aggregate purchase price of $700,000 and purchases of shares to fund our Recognition and Retention Plan of $92,000 and, to a lesser extent, our net loss of $13,000 for the quarter and other comprehensive loss of $12,000. During the first quarter of 2010 we repurchased 49,800 shares of the Company’s common stock as treasury stock and purchased 6,700 shares to fund our Recognition and Retention Plan.

Comparison of Operating Results for the Three Months Ended March 31, 2010 and 2009.

For the three months ended March 31, 2010, Hibernia Homestead Bancorp had a net loss of $13,000 compared to a net loss of $112,000 for the three months ended March 31, 2009. Our results in the 2010 quarterly period reflect an increase in our net interest margin for the quarter ended March 31, 2010. Our net interest margin increased by 58 basis points to 4.13% for the three months ended March 31, 2010 compared to 3.55% for the three months ended March 31, 2009, while our average interest rate spread improved to 3.64% for the three months ended March 31, 2010, compared to 2.98% for the three months ended March 31, 2009. During the three months ended March 31, 2010, the average rate paid on certificates of deposit decreased 85 basis points from 2.75% for the three months ended March 31, 2009, to 1.90% for the three months ended March 31, 2010.

Interest Income. Hibernia’s total interest income was $735,000 for the three months ended March 31, 2010, compared to $603,000 for the three months ended March 31, 2009, a $132,000 or 21.9% increase. The increase in interest income in the three months ended March 31, 2010, compared to the three months ended March 31, 2009, was due primarily to increases in average interest-earning assets, partially offset by decreases in the average yields on loans and investments. The average yield on our interest-earning assets was 5.04% for the three months ended March 31, 2010, compared to 4.88% for the comparable period in 2009. Average interest-earning assets were $58.3 million for the three months ended March 31, 2010, compared to $49.5 million for the comparable period in 2009.

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Interest Expense. Hibernia’s total interest expense was $141,000 for the three months ended March 31, 2010, compared to $170,000 for the three months ended March 31, 2009, a decrease of $29,000, or 17.1%. The decrease in interest expense for the three month period ended March 31, 2010 was primarily due to lower average rates of interest paid on our certificates of deposit in the 2010 period offset by increases in the average balances of certificates of deposit. Our average rate paid on interest-bearing liabilities was 1.40% for the three months ended March 31, 2010, compared to 1.90% for the three months ended March 31, 2009.

Non-Interest Income. Hibernia’s non-interest income consists of rental income, net of related expenses, fees and service charges, and realized gains and losses on investments.

Hibernia’s total non-interest income amounted to $38,000 for the three months ended March 31, 2010, compared to $22,000 for the three months ended March 31, 2009, a $16,000 or 72.7%, increase. The increase for the three month period was primarily due to a decrease in expenses related to rental property.

Non-Interest Expense. Hibernia’s total non-interest expense increased by $45,000, or 7.4%, to $653,000 for the three months ended March 31, 2010, compared to $608,000 for the three months ended March 31, 2009. The primary reasons for the increase in non-interest expense for the three months ended March 31, 2010 was higher marketing costs, professional fees and Federal Deposit Insurance Corporation assessments.

Average Balances, Net Interest Income, and Yields Earned and Rates Paid. The following table shows for the periods indicated the total dollar amount of interest from average interest-earning assets and the resulting yields, as well as the interest expense on average interest-bearing liabilities, expressed both in dollars and rates, and the net interest margin. As the Company owned no tax-exempt securities during the periods presented, no yield adjustments were made. All average balances are based on daily averages.

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	Three Months Ended March 31,
	2010							2009
					Average							Average
	Average				Yield/			Average				Yield/
	Balance(3)		Interest(3)		Rate(1)			Balance(3)		Interest(3)		Rate
	(Dollars in thousands)
Interest-earning assets:
Loans receivable(1)	$	46,275	$	664		5.74	%	$	32,091	$	472		5.88	%
Investment securities		7,244		68		3.75			12,719		128		4.04
Other interest-earning assets		4,769		3		0.22			4,640		3		0.24
Total interest-earning assets		58,287		735		5.04	%		49,450		603		4.88	%
Non-interest-earning assets		7,971							7,960
Total assets	$	66,258						$	57,410
Interest-bearing liabilities:
Savings, NOW and money market accounts		16,627		27		0.67	%		16,508		36		0.88	%
Certificates of deposit		24,277		114		1.90			19,759		134		2.75
Total interest-bearing deposits		40,904		141		1.40			36,267		170		1.90	%
FHLB advances and Federal Funds Purchased		—		—		0.00			1		—		0.73
Total interest-bearing liabilities		40,904		141		1.40	%		36,268		170		1.90	%
Non-interest-bearing liabilities		2,083							232
Total liabilities		42,987							36,500
Equity		23,271							20,910
Total liabilities and equity	$	66,258						$	57,410
Net interest-earning assets	$	17,383						$	13,182
Net interest income; average interest rate spread			$	594		3.64	%			$	433		2.98	%
Net interest margin(2)						4.13	%						3.55	%
Average interest-earning assets to average interest-bearing liabilities						142.50	%						136.35	%

(1)	Calculated net of deferred fees and discounts, loans in process and allowance for loan losses.
(2)	Equals net interest income divided by average interest-earning assets.
(3)	Amounts that do not round to $1,000 are reflected as zero.

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Provision for Loan Losses. The allowance for loan losses is established through a provision for loan losses charged to earnings as losses are estimated to have occurred in our loan portfolio. The allowance for loan losses is maintained at a level to provide for probable credit losses related to specifically identified loans and for losses inherent in the loan portfolio that have been incurred as of the balance sheet date. The allowance is comprised of specific reserves and a general reserve.

Specific reserves are assessed for each loan that is reviewed for impairment or for which a probable loss has been identified. The reserve related to loans that are identified as impaired is based on discounted expected future cash flows using the loan’s initial effective interest rate, the observable market value of the loan, or the estimated fair value of the collateral for certain collateral dependent loans. Factors contributing to the determination of specific reserves include the financial condition of the borrower, changes in the value of pledged collateral and general economic conditions. General reserves are established based on historical charge-offs considering factors that include risk rating, concentrations and loan type. For the general reserve, management also considers trends in delinquencies and non-accrual loans, concentrations, volatility of risk ratings and the evolving mix in terms of collateral, relative loan size and the degree of seasoning within the various loan products.

Changes in underwriting standards, credit administration and collection policies, regulation and other factors which affect the credit quality and collectability of the loan portfolio also impact the allowance levels. The allowance for loan losses is based on management’s estimate of probable credit losses inherent in the loan portfolio; actual credit losses may vary from the current estimate. The allowance for loan losses is reviewed periodically, taking into consideration the risk characteristics of the loan portfolio, past charge-off experience, general economic conditions and other factors that warrant current recognition. As adjustments to the allowance for loan losses become necessary, they are reflected as a provision for loan losses in current-period earnings. Actual loan charge-offs are deducted from and subsequent recoveries of previously charged-off loans are added to the allowance.

Hibernia’s nonperforming assets, defined as non-accrual loans, accruing loans past due 90 days or more and foreclosed property, totaled $261,000, or 0.4%, of total assets at March 31, 2010, compared to $315,000, or 0.5%, of total assets at December 31, 2009. The non-performing loans totaling $261,000 at March 31, 2010, consist of two loans secured by first mortgages on one-to-four family residential real estate. Management believes that the allowance for loan and lease losses is sufficient to cover any losses that may be incurred on these loans. The Company had no foreclosed property at March 31, 2010 or December 31, 2009.

No loan loss provisions were made to the allowance for loan losses during the three months ended March 31, 2010, compared to $15,000 for the three months ended March 31, 2009. To the best of management’s knowledge, the allowance is maintained at a level believed to cover all known and inherent losses in the loan portfolio, both probable and reasonable.

In 2005, Hurricane Katrina affected the residents and businesses within Hibernia’s market area. The adverse financial impacts of this event on the Bank’s loan portfolio were recognized at that time. Management continues to closely monitor the loan portfolio, and no substantial additional losses directly related to Hurricane Katrina have been experienced to date. However, the extent to which the still affected areas within the Company’s market area eventually recover is unknown at this time as are the ultimate adverse additional impacts that might have, if any, on the Company’s loan portfolio.

The Company is monitoring the developments of the oil spill in the Gulf of Mexico following the destruction of a drilling rig on April 22, 2010. The extent of the potential effects on our customers and the areas in which they operate is presently being evaluated. The future effects of the oil spill could impact the Company and our earnings, but until more is known about the magnitude of the situation, it is premature to reasonably determine the impact on the Bank’s loan portfolio.

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Liquidity and Capital Resources

Hibernia maintains levels of liquid assets deemed adequate by management. Hibernia adjusts its liquidity levels to fund deposit outflows, repay its borrowings and to fund loan commitments. Hibernia also adjusts liquidity as appropriate to meet asset and liability management objectives.

Hibernia’s primary sources of funds are deposits, amortization and prepayment of loans and to a lesser extent, rental income and funds provided from operations. While scheduled principal repayments on loans are a relatively predictable source of funds, deposit flows and loan prepayments are greatly influenced by general interest rates, economic conditions and competition. Hibernia sets the interest rates on its deposits to maintain a desired level of total deposits. In addition, the Company invests excess funds in short-term interest-earning accounts and other assets, which provide liquidity to meet lending requirements. Hibernia Homestead Bancorp’s cash and cash equivalents amounted to $4.3 million at March 31, 2010.

A significant portion of the Hibernia’s liquidity consists of non-interest earning deposits. Primary sources of cash are principal repayments on loans and increases in deposit accounts. If the Bank requires funds beyond its ability to generate them internally, borrowing agreements exist with the Federal Home Loan Bank of Dallas, which provide an additional source of funds. At March 31, 2010, Hibernia did not have any advances from the Federal Home Loan Bank of Dallas and had $3.3 million in borrowing capacity. At March 31, 2010, the Bank was also a party to a Master Purchase Agreement with First National Banker’s Bank whereby First National Banker’s Bank may sell to Hibernia Homestead Bank federal funds in an amount not to exceed $5.0 million. As of March 31, 2010, Hibernia Homestead Bank had no federal funds purchased from First National Banker’s Bank. As of March 31, 2010, the Bank participated in the Certificate of Deposit Account Registry Service (CDARS) of Promontory Interfinancial Network, which allows the Bank to provide FDIC deposit insurance in excess of account coverage limits by exchanging deposits (known as “reciprocal deposits”) with other CDARS members. The Company may also purchase deposits (known as “One-Way Buy” deposits) from other CDARS members in an amount not to exceed $6.6 million, or 10% of the Bank’s total assets. Such deposits are generally considered a form of brokered deposits. As of March 31, 2010, the Bank held no reciprocal deposits or One-Way Buy deposits in the CDARS program.

At March 31, 2010, the Bank had outstanding loan commitments of $7.6 million to originate loans. At March 31, 2010, certificates of deposit scheduled to mature in less than one year totaled $16.6 million. Based on prior experience, management believes that a significant portion of such deposits will remain with us, although there can be no assurance that this will be the case. In addition, in a rising interest rate environment, the cost of such deposits could be significantly higher upon renewal. The Bank intends to utilize its liquidity to fund its lending activities.

Contractual Cash Obligations. The following table summarizes our contractual cash obligations at March 31, 2010.

			Payments Due By Period
	Total at		To		1-3		4-5		After 5
	March 31, 2010		1 Year		Years		Years		Years
			(In thousands)
Certificates of deposit	$	23,944	$	16,584	$	6,368	$	992	$	—
Total contractual obligations	$	23,944	$	16,584	$	6,368	$	992	$	—

Hibernia Homestead Bank is required to maintain regulatory capital sufficient to meet tier 1 leverage, tier 1 risk-based and total risk-based capital ratios of at least 4.0%, 4.0% and 8.0%, respectively. At March 31, 2010, Hibernia Homestead Bank exceeded each of its capital requirements with ratios of 28.43%, 48.21% and 49.07%, respectively.

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Off-Balance Sheet Arrangements

In the normal course of operations, we engage in a variety of financial transactions that, in accordance with generally accepted accounting principles are not recorded in our financial statements. These transactions involve, to varying degrees, elements of credit, interest rate, and liquidity risk. Such transactions are used primarily to manage customers’ requests for funding and take the form of loan commitments and lines of credit. Our exposure to credit loss from non-performance by the other party to the above-mentioned financial instruments is represented by the contractual amount of those instruments. We use the same credit policies in making commitments and conditional obligations as we do for on-balance sheet instruments. In general, we do not require collateral or other security to support financial instruments with off-balance sheet credit risk.

Commitments. The following table summarizes our outstanding commitments to originate loans and to advance additional amounts pursuant to outstanding letters of credit, lines of credit and undisbursed construction loans at March 31, 2010.

	Total Amounts		Amount of Commitment Expiration - Per Period
	Committed at		To		1-3		4-5		After 5
	March 31, 2010		1 Year		Years		Years		Years
	(In thousands)
Lines of credit	$	672	$	672	$	—	$	—	$	—
Undisbursed portion of loans in process		1,265		1,265		—		—		—
Commitments to originate loans		7,603		7,603		—		—		—
Total commitments	$	9,540	$	9,540	$	—	$	—	$	—

Impact of Inflation and Changing Prices

The consolidated financial statements and related financial data presented herein regarding Hibernia Homestead Bancorp, Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America which generally require the measurement of financial position and operating results in terms of historical dollars, without considering changes in relative purchasing power over time due to inflation. Unlike most industrial companies, virtually all of Hibernia’s assets and liabilities are monetary in nature. As a result, interest rates generally have a more significant impact on the Company’s performance than does the effect of inflation. Interest rates do not necessarily move in the same direction or in the same magnitude as the prices of goods and services, since such prices are affected by inflation to a larger extent than interest rates.

Item 3 — Quantitative and Qualitative Disclosures About Market Risk.

Not applicable.

Item 4T — Controls and Procedures.

Our management evaluated, with the participation of our President and Chief Executive Officer and our Assistant Secretary and Chief Financial Officer, our disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) under the Securities Exchange Act of 1934) as of the end of the period covered by this report. Based on such evaluation, our President and Chief Executive Officer and our Assistant Secretary and Chief Financial Officer concluded that our disclosure controls and procedures are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and regulations and are operating in an effective manner.

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No change in our internal control over financial reporting (as defined in Rules 13a-15(f) or 15(d)-15(f) under the Securities Exchange Act of 1934) occurred during the most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II — OTHER INFORMATION

Item 1 — Legal Proceedings.

There are no matters required to be reported under this item.

Item 1A — Risk Factors.

Not applicable.

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Item 2 — Unregistered Sales of Equity Securities and Use of Proceeds.

(a) Not applicable.

(b) Not applicable.

(c) Purchases of Equity Securities

The Company’s repurchases of its common stock made during the quarter ended March 31, 2010, are set forth in the table below:

					Total
					Number of		Maximum
					Shares		Number of
					Purchased		Shares that
					as Part of		May Yet Be
	Total		Average		Publicly		Purchased
	Number of		Price		Announced		Under the
	Shares		Paid per		Plans or		Plans or
Period	Purchased		Share		Programs		Programs
January 1, 2010 – January 31, 2010		—	$	—		—		—
February 1, 2010 – February 28, 2010		—		—		—		55,667
March 1, 2010 – March 31, 2010		49,800		14.05		49,800		5,867
Total		49,800	$	14.05		49,800		5,867

Notes to this table:

(a) On February 12, 2010, the Company announced by press release its first stock repurchase program to repurchase 55,667 shares, or 5% of its outstanding common stock. The program does not have an expiration date.

The following table represents the purchasing activity of the Recognition and Retention Plan Trust as of March 31, 2010:

					Total Number		Maximum
					of Shares		Number of
					Purchased as		Shares that May
	Total		Average		Part of Publicly		Yet Be
	Number of		Price		Announced		Purchased
	Shares		Paid per		Plans or		Under the Plans
Period	Purchased		Share		Programs		or Programs
January 1, 2010 – January 31, 2010		—	$	—		—		44,533
February 1, 2010 – February 28, 2010		—		—		—		44,533
March 1, 2010 – March 31, 2010		6,700		13.80		6,700		37,833
Total		6,700	$	13.80		6,700		37,833

Notes to this table:

(a) The Company’s 2009 Recognition and Retention Plan was authorized to purchase up to a maximum of 44,533 shares of common stock, or 4.0% of the common stock sold in the initial public offering completed on January 27, 2009, as disclosed in the Company’s prospectus dated November 12, 2008, and announced by press release on July 31, 2009.

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Item 3 — Defaults Upon Senior Securities.

There are no matters required to be reported under this item.

Item 4 — (Removed and Reserved)

Item 5 — Other Information.

There are no matters required to be reported under this item.

Item 6 — Exhibits.

List of exhibits: (filed herewith unless otherwise noted)

No.		Description
	31.1	Rule 13a-14(a)/15d-14(a) Certification of the Chief Executive Officer
	31.2	Rule 13a-14(a)/15d-14(a) Certification of the Chief Financial Officer
	32.1	Section 1350 Certification

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	HIBERNIA HOMESTEAD BANCORP, INC.
Date: May 17, 2010	By:	/s/ A. Peyton Bush, III
		A. Peyton Bush, III
		President and Chief Executive Officer
Date: May 17, 2010	By:	/s/ Donna T. Guerra
		Donna T. Guerra
		Assistant Secretary and Chief Financial Officer

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