UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
(Mark One)
For the quarterly period ended
OR
For the transition period from_______________________ to_______________________
Commission File No.
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification Number) |
(Address of principal executive offices, zip code, telephone number)
Not applicable
(Former name, former address and former fiscal year, if changed since last report)
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Securities registered pursuant to Section 12(b) of the Act: |
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Title of each class |
Trading Symbol(s) |
Name of each exhange on which registered |
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The |
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.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
| ☒ | Smaller reporting company | |||||
| Emerging growth company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date:
FIRST CAPITAL, INC.
INDEX
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CONSOLIDATED BALANCE SHEETS |
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(Unaudited) |
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September 30, |
December 31, |
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2024 |
2023 |
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(In thousands) |
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ASSETS |
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Cash and due from banks |
$ | $ | ||||||
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Interest bearing deposits with banks |
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Federal funds sold |
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Total cash and cash equivalents |
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Interest-bearing time deposits |
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Securities available for sale, at fair value (amortized cost $ |
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Securities held to maturity, at amortized cost (fair value $ |
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Loans held for sale |
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Loans, net of allowance for credit losses of $ |
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Federal Home Loan Bank ("FHLB") and other stock, at cost |
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Premises and equipment |
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Accrued interest receivable |
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Cash value of life insurance |
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Goodwill |
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Core deposit intangible |
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Other assets |
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Total Assets |
$ | $ | ||||||
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LIABILITIES |
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Deposits: |
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Noninterest-bearing |
$ | $ | ||||||
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Interest-bearing |
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Total deposits |
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Borrowed funds - Bank Term Funding Program ("BTFP") |
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Accrued interest payable |
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Accrued expenses and other liabilities |
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Total liabilities |
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EQUITY |
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Preferred stock of $ par value per share |
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Authorized |
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Common stock of $ par value per share |
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Authorized |
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Additional paid-in capital |
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Retained earnings-substantially restricted |
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Unearned stock compensation |
( |
) | ( |
) | ||||
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Accumulated other comprehensive loss |
( |
) | ( |
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Less treasury stock, at cost - |
( |
) | ( |
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Total First Capital, Inc. stockholders' equity |
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Noncontrolling interest in subsidiary |
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Total equity |
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Total Liabilities and Equity |
$ | $ | ||||||
See accompanying notes to consolidated financial statements.
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PART I - FINANCIAL INFORMATION |
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CONSOLIDATED STATEMENTS OF INCOME |
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(Unaudited) |
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Three Months Ended |
Nine Months Ended |
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September 30, |
September 30, |
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2024 |
2023 |
2024 |
2023 |
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(In thousands, except per share data) |
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INTEREST INCOME |
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Loans, including fees |
$ | $ | $ | $ | ||||||||||||
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Securities: |
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Taxable |
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Tax-exempt |
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Dividends |
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Federal funds sold and other income |
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Total interest income |
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INTEREST EXPENSE |
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Deposits |
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Advances - FHLB |
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Borrowed funds - BTFP |
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Total interest expense |
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Net interest income |
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Provision for credit losses |
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Net interest income after provision for credit losses |
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NONINTEREST INCOME |
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Service charges on deposit accounts |
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ATM and debit card fees |
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Commission and fee income |
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Gain on sale of securities |
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Unrealized loss on equity securities |
( |
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) | ( |
) | ( |
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Gain on sale of loans |
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Increase in cash surrender value of life insurance |
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Other income |
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Total noninterest income |
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NONINTEREST EXPENSE |
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Compensation and benefits |
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Occupancy and equipment |
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Data processing |
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Professional fees |
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Advertising |
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Other expenses |
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Total noninterest expense |
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Income before income taxes |
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Income tax expense |
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Net Income |
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Less: net income attributable to noncontrolling interest in subsidiary |
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Net Income Attributable to First Capital, Inc. |
$ | $ | $ | $ | ||||||||||||
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Earnings per common share attributable to First Capital, Inc.: |
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Basic |
$ | $ | $ | $ | ||||||||||||
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Diluted |
$ | $ | $ | $ | ||||||||||||
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Dividends per share |
$ | $ | $ | $ | ||||||||||||
See accompanying notes to consolidated financial statements.
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PART I - FINANCIAL INFORMATION |
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
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(Unaudited) |
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Three Months Ended |
Nine Months Ended |
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September 30, |
September 30, |
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2024 |
2023 |
2024 |
2023 |
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(In thousands) |
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Net Income |
$ | $ | $ | $ | ||||||||||||
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OTHER COMPREHENSIVE INCOME (LOSS) |
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Unrealized gains (losses) on securities available for sale: |
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Unrealized holding gains (losses) arising during the period |
( |
) | ( |
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Income tax (expense) benefit |
( |
) | ( |
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Net of tax amount |
( |
) | ( |
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Less: reclassification adjustment for realized (gains) losses included in net income |
( |
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Income tax (expense) benefit |
( |
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Net of tax amount |
( |
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Other Comprehensive Income (Loss), net of tax |
( |
) | ( |
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Comprehensive Income (Loss) |
( |
) | ||||||||||||||
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Less: comprehensive income attributable to the noncontrolling interest in subsidiary |
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Comprehensive Income (Loss) Attributable to First Capital, Inc. |
$ | $ | ( |
) | $ | $ | ||||||||||
See accompanying notes to consolidated financial statements.
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PART I - FINANCIAL INFORMATION |
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CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY |
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(Unaudited) |
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Accumulated |
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Additional |
Other |
Unearned |
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Common |
Paid-in |
Retained |
Comprehensive |
Stock |
Treasury |
Noncontrolling |
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(In thousands) |
Stock |
Capital |
Earnings |
Loss |
Compensation |
Stock |
Interest |
Total |
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Balances at July 1, 2024 |
$ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ( |
) | $ | $ | ||||||||||||||||||
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Net income |
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Other comprehensive income |
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Cash dividends |
( |
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Stock compensation expense |
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Purchase of treasury shares |
( |
) | ( |
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Balances at September 30, 2024 |
$ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ( |
) | $ | $ | ||||||||||||||||||
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Balances at July 1, 2023 |
$ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ( |
) | $ | $ | ||||||||||||||||||
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Net income |
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Other comprehensive loss |
( |
) | ( |
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Cash dividends |
( |
) | ( |
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Stock compensation expense |
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Purchase of treasury shares |
( |
) | ( |
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Balances at September 30, 2023 |
$ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ( |
) | $ | $ | ||||||||||||||||||
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Balances at January 1, 2024 |
$ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ( |
) | $ | $ | ||||||||||||||||||
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Net income |
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Other comprehensive income |
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Cash dividends |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
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Stock compensation expense |
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Purchase of treasury shares |
( |
) | ( |
) | ||||||||||||||||||||||||||||
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Restricted stock grant grants |
( |
) | ||||||||||||||||||||||||||||||
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Balances at September 30, 2024 |
$ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ( |
) | $ | $ | ||||||||||||||||||
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Balances at December 31, 2022 |
$ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ( |
) | $ | $ | ||||||||||||||||||
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Cumulative Effect of Change in Accounting Principles |
( |
) | ( |
) | ||||||||||||||||||||||||||||
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Balances at January 1, 2023 (as adjusted) |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
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Net income |
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Other comprehensive loss |
( |
) | ||||||||||||||||||||||||||||||