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First Capital, Inc. Reports Annual and Quarterly Earnings

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First Capital (NASDAQ: FCAP) reported net income of $11.9 million ($3.57 per diluted share) for 2024, compared to $12.8 million ($3.82 per diluted share) in 2023. The company's net interest income after provision for credit losses increased by $894,000 year-over-year.

Key financial metrics include: Interest income increased by $6.9 million, with tax-equivalent yield rising from 3.96% to 4.49%. Interest expense grew by $5.7 million as average cost of interest-bearing liabilities increased from 1.11% to 1.73%. The tax-equivalent net interest margin improved slightly from 3.16% to 3.20%.

Total assets reached $1.19 billion by December 31, 2024, up from $1.16 billion in 2023. Deposits increased by $41.2 million to $1.07 billion. Notably, nonperforming assets increased from $1.8 million to $4.5 million, primarily due to two commercial loan relationships totaling $2.6 million being classified as nonaccrual.

First Capital (NASDAQ: FCAP) ha riportato un reddito netto di $11,9 milioni ($3,57 per azione diluita) per il 2024, rispetto a $12,8 milioni ($3,82 per azione diluita) nel 2023. Il reddito netto di interesse dell'azienda, dopo le rettifiche per perdite creditizie, è aumentato di $894.000 rispetto all'anno precedente.

I principali indicatori finanziari includono: il reddito da interessi è aumentato di $6,9 milioni, con il rendimento equivalente fiscale che è salito dal 3,96% al 4,49%. Le spese per interessi sono cresciute di $5,7 milioni, poiché il costo medio delle passività a interesse è aumentato dall'1,11% all'1,73%. Il margine netto di interesse equivalente fiscale è migliorato leggermente dal 3,16% al 3,20%.

Il totale degli attivi ha raggiunto $1,19 miliardi entro il 31 dicembre 2024, in aumento rispetto a $1,16 miliardi nel 2023. I depositi sono aumentati di $41,2 milioni, raggiungendo $1,07 miliardi. È interessante notare che gli attivi non performanti sono aumentati da $1,8 milioni a $4,5 milioni, principalmente a causa di due relazioni di prestiti commerciali per un totale di $2,6 milioni classificate come non di competenza.

First Capital (NASDAQ: FCAP) reportó un ingreso neto de $11,9 millones ($3,57 por acción diluida) para 2024, en comparación con $12,8 millones ($3,82 por acción diluida) en 2023. El ingreso neto por intereses de la empresa, después de la provisión para pérdidas crediticias, aumentó en $894,000 interanualmente.

Las métricas financieras clave incluyen: los ingresos por intereses aumentaron en $6,9 millones, con un rendimiento equivalente fiscal subiendo del 3,96% al 4,49%. Los gastos por intereses crecieron en $5,7 millones a medida que el costo promedio de las pasivos que devengan intereses aumentó del 1,11% al 1,73%. El margen neto de interés equivalente fiscal mejoró ligeramente del 3,16% al 3,20%.

Los activos totales alcanzaron $1,19 mil millones al 31 de diciembre de 2024, en comparación con $1,16 mil millones en 2023. Los depósitos aumentaron en $41,2 millones, alcanzando $1,07 mil millones. Notablemente, los activos no rentables aumentaron de $1,8 millones a $4,5 millones, principalmente debido a que dos relaciones de préstamos comerciales por un total de $2,6 millones fueron clasificadas como no acumulativas.

퍼스트 캐피탈 (NASDAQ: FCAP)은 2024년 순이익이 $11.9 백만 ($3.57 희석된 주당순이익)을 보고했으며, 2023년의 $12.8 백만 ($3.82 희석된 주당순이익)과 비교됩니다. 기업의 순이자수익은 신용손실 대비 충당금 후에 작년 대비 $894,000 증가했습니다.

주요 재무 지표는 다음과 같습니다: 이자 수익은 $6.9 백만 증가했으며, 세금 종가 대비 수익률이 3.96%에서 4.49%로 상승했습니다. 이자 비용은 $5.7 백만 증가했으며, 이자 발생 부채의 평균 비용이 1.11%에서 1.73%로 증가했습니다. 세금 종가 기준 순이자 마진은 3.16%에서 3.20%로 약간 개선되었습니다.

총 자산은 2024년 12월 31일 기준으로 $1.19 십억에 도달하여 2023년의 $1.16 십억에서 증가했습니다. 예금은 $41.2 백만 증가하여 $1.07 십억에 도달했습니다. 특히, 성과가 없는 자산은 $1.8 백만에서 $4.5 백만으로 증가했으며, 이는 $2.6 백만에 해당하는 두 개의 상업 대출 관계가 비수익으로 분류되었기 때문입니다.

First Capital (NASDAQ: FCAP) a reporté un revenu net de 11,9 millions $ (3,57 $ par action diluée) pour 2024, contre 12,8 millions $ (3,82 $ par action diluée) en 2023. Le revenu net d'intérêts de l'entreprise, après provision pour pertes de crédit, a augmenté de 894 000 $ d'une année sur l'autre.

Les principaux indicateurs financiers incluent : les revenus d'intérêts ont augmenté de 6,9 millions $, avec un rendement équivalent fiscal passant de 3,96 % à 4,49 %. Les charges d'intérêts ont augmenté de 5,7 millions $, le coût moyen des passifs à intérêt étant passé de 1,11 % à 1,73 %. La marge nette d'intérêts corrigée fiscalement s'est légèrement améliorée, passant de 3,16 % à 3,20 %.

Les actifs totaux ont atteint 1,19 milliard $ au 31 décembre 2024, en hausse par rapport à 1,16 milliard $ en 2023. Les dépôts ont augmenté de 41,2 millions $, atteignant 1,07 milliard $. Notamment, les actifs non performants ont augmenté de 1,8 million $ à 4,5 millions $, principalement en raison de deux relations de prêts commerciaux totalisant 2,6 millions $ classées comme non de compétence.

First Capital (NASDAQ: FCAP) hat einen Nettogewinn von 11,9 Millionen $ (3,57 $ pro verwässerter Aktie) für 2024 gemeldet, verglichen mit 12,8 Millionen $ (3,82 $ pro verwässerter Aktie) im Jahr 2023. Das Nettodzinseinkommen des Unternehmens nach Rückstellung für Kreditrisiken stieg im Jahresvergleich um 894.000 $.

Zentrale Finanzkennzahlen sind: Die Zinserträge stiegen um 6,9 Millionen $, während die steuerlich bereinigte Rendite von 3,96 % auf 4,49 % anstieg. Die Zinsaufwendungen wuchsen um 5,7 Millionen $, da die durchschnittlichen Kosten für zinstragende Verbindlichkeiten von 1,11 % auf 1,73 % anstiegen. Die steuerlich bereinigte Nettozinsspanne verbesserte sich geringfügig von 3,16 % auf 3,20 %.

Die Gesamtaktiva beliefen sich bis zum 31. Dezember 2024 auf 1,19 Milliarden $, gegenüber 1,16 Milliarden $ im Jahr 2023. Die Einlagen stiegen um 41,2 Millionen $ auf 1,07 Milliarden $. Erwähnenswert ist, dass die notleidenden Vermögenswerte von 1,8 Millionen $ auf 4,5 Millionen $ anstiegen, was hauptsächlich auf zwei kommerzielle Kreditbeziehungen in Höhe von insgesamt 2,6 Millionen $ zurückzuführen ist, die als nicht ausfallend klassifiziert wurden.

Positive
  • Net interest income after provision for credit losses increased by $894,000
  • Interest income grew by $6.9 million year-over-year
  • Net interest margin improved from 3.16% to 3.20%
  • Total assets increased to $1.19 billion from $1.16 billion
  • Deposits grew by $41.2 million to $1.07 billion
Negative
  • Net income decreased from $12.8 million to $11.9 million
  • Earnings per share declined from $3.82 to $3.57
  • Interest expense increased by $5.7 million
  • Nonperforming assets rose significantly from $1.8 million to $4.5 million
  • Noninterest expenses increased by $1.8 million

Insights

First Capital's 2024 performance reveals concerning trends beneath the surface. The 7% decline in annual net income, despite improved net interest margin, signals operational challenges. The most alarming development is the 150% surge in nonperforming assets to $4.5 million, with two commercial loan relationships accounting for $2.6 million of the increase. This deterioration in credit quality could foreshadow increased loan loss provisions in 2025.

The bank's cost structure is under pressure, with noninterest expenses rising $1.8 million year-over-year. While some increases like professional fees and compensation are justified, the 56% jump in professional fees ($663,000) for audit and core contract negotiations suggests potential operational transformation costs ahead.

The balance sheet shows resilience with 4% deposit growth to $1.07 billion and complete elimination of BTFP borrowings, improving funding stability. However, the rising cost of funds (interest-bearing liabilities cost up to 1.73% from 1.11%) indicates margin pressure that may persist in 2025.

The fourth quarter showed some improvement with net income increasing to $3.3 million from $3.1 million, but the higher effective tax rate of 17.3% vs. 13.3% masks stronger underlying performance. The bank's liquidity position strengthened with $67.2 million increase in cash and cash equivalents, providing flexibility but potentially dragging on earnings if not deployed effectively.

CORYDON, Ind., Jan. 24, 2025 (GLOBE NEWSWIRE) -- First Capital, Inc. (the “Company”) (NASDAQ: FCAP), the holding company for First Harrison Bank (the “Bank”), today reported net income of $11.9 million, or $3.57 per diluted share, for the year ended December 31, 2024, compared to net income of $12.8 million, or $3.82 per diluted share, for the year ended December 31, 2023.

Results of Operations for the Years Ended December 31, 2024 and 2023

Net interest income after provision for credit losses increased $894,000 for the year ended December 31, 2024 compared to the same period in 2023. Interest income increased $6.9 million when comparing the two periods due to an increase in the average tax-equivalent yield(1) on interest-earning assets from 3.96% for the year ended December 31, 2023 to 4.49% for the same period in 2024. Interest expense increased $5.7 million as the average cost of interest-bearing liabilities increased from 1.11% for the year ended December 31, 2023 to 1.73% for the same period in 2024, in addition to an increase in the average balance of interest-bearing liabilities from $809.2 million for the year ended December 31, 2023 to $850.0 million for the year ended December 31, 2024. As a result of the changes in interest-earning assets and interest-bearing liabilities, the tax-equivalent net interest margin(1) increased from 3.16% for the year ended December 31, 2023 to 3.20% for the same period in 2024. Refer to the accompanying average balance sheet for more information regarding changes in the composition of the Company’s balance sheet and resulting yields and costs from the year ended December 31, 2023 to the year ended December 31, 2024.

Based on management’s analysis of the Allowance for Credit Losses (“ACL”) on loans and unfunded loan commitments, the provision for credit losses increased from $1.1 million for the year ended December 31, 2023 to $1.4 million for the year ended December 31, 2024. The increase was due to loan growth during the period, the increase in nonperforming assets during the year described later in this release, as well as management’s consideration of macroeconomic uncertainty. The Bank recognized net charge-offs of $173,000 for the year ended December 31, 2024 compared to $469,000 for the same period in 2023.  

Noninterest income increased $24,000 for the year ended December 31, 2024 as compared to the year ended December 31, 2023 primarily due to increases in gains on the sale of loans and service charges on deposit accounts of $133,000 and $59,000, respectively. These were partially offset by the Company recognizing a $374,000 loss on equity securities during the year ended December 31, 2024 compared to a $207,000 loss during the same period in 2023.

Noninterest expenses increased $1.8 million for the year ended December 31, 2024 as compared to the same period in 2023. This was primarily due to increases in professional fees, compensation and benefits, and other expenses of $663,000, $536,000 and $260,000, respectively, when comparing the two periods.   The increase in professional fees is primarily due to increased costs associated with the Company’s annual audit and fees being accrued for the Company’s ongoing core contract negotiations. The increase in compensation and benefits is due to standard increases in salary and wages as well as increases in the cost of Company-provided health insurance benefits. The increase in other expenses included a $90,000 increase in the Company’s support of local communities through sponsorships and donations, a $64,000 increase in check and debit card fraud losses, $30,000 in increased dues and subscriptions, and $25,000 in increased expenses related to employee training and education.

Income tax expense decreased $32,000 for the year ended December 31, 2024 as compared to the same period in 2023 resulting in an effective tax rate of 15.6% for the year ended December 31, 2024, compared to 14.9% for the same period in 2023.

Results of Operations for the Three Months Ended December 31, 2024 and 2023

The Company’s net income was $3.3 million, or $0.97 per diluted share, for the quarter ended December 31, 2024, compared to $3.1 million, or $0.93 per diluted share, for the quarter ended December 31, 2023.

Net interest income after provision for credit losses increased $822,000 for the quarter ended December 31, 2024 as compared to the same period in 2023. Interest income increased $1.6 million when comparing the periods due to an increase in the average tax-equivalent yield(1) on interest-earning assets from 4.20% for the fourth quarter of 2023 to 4.64% for the fourth quarter of 2024. Interest expense increased $693,000 when comparing the periods due to an increase in the average cost of interest-bearing liabilities from 1.51% for the fourth quarter of 2023 to 1.76% for the fourth quarter of 2024, in addition to an increase in the average balance of interest-bearing liabilities from $821.1 million for the fourth quarter of 2023 to $859.6 million for the fourth quarter of 2024. As a result of the changes in interest-earning assets and interest-bearing liabilities, the tax-equivalent net interest margin(1) increased from 3.11% for the quarter ended December 31, 2023 to 3.33% for the same period in 2024. Refer to the accompanying average balance sheet for more information regarding changes in the composition of the Company’s balance sheet and resulting yields and costs from the quarter ended December 31, 2023 to the quarter ended December 31, 2024.

Based on management’s analysis of the ACL on loans and unfunded loan commitments, the provision for credit losses increased from $308,000 for the quarter ended December 31, 2023 to $346,000 for the quarter ended December 31, 2024.   The Bank recognized net charge-offs of $24,000 and $89,000 for the quarters ended December 31, 2024 and 2023, respectively.

Noninterest income increased $103,000 for the quarter ended December 31, 2024 as compared to the same period in 2023.   The Company recognized increases in gain on sale of loans, service charges on deposit accounts, and an increase in the cash surrender value of bank owned life insurance policies of $56,000, $29,000, and $15,000, respectively, when comparing the two periods. These were partially offset by a $21,000 decrease in ATM and debit card fees. In addition, the Company recognized a $104,000 loss on equity securities during the quarter ended December 31, 2024 compared to a $121,000 loss during the same period in 2023.

Noninterest expense increased $567,000 for the quarter ended December 31, 2024 as compared to the same period in 2023, due primarily to increases in professional fees, compensation and benefits, and occupancy and equipment expenses of $239,000, $162,000, and $66,000, respectively. The increase in professional fees is primarily due to increased costs associated with the Company’s annual audit and fees being accrued for the Company’s ongoing core contract negotiations. The increase in compensation and benefits is due to standard increases in salary and wages as well as increases in the cost of Company-provided health insurance benefits. The increase in occupancy and equipment expenses is primarily due to increased depreciation expense and facility repairs.

Income tax expenses increased $206,000 for the fourth quarter of 2024 as compared to the fourth quarter of 2023. This was due primarily to the finalization of estimates associated with the Company’s investment in solar tax credit producing facilities during 2024. As a result, the effective tax rate for the quarter ended December 31, 2024 was 17.3% compared to 13.3% for the same period in 2023.

Comparison of Financial Condition at December 31, 2024 and 2023

Total assets were $1.19 billion at December 31, 2024 compared to $1.16 billion at December 31, 2023. Total cash and cash equivalents and net loans receivable increased $67.2 million and $16.8 million, respectively, from December 31, 2023 to December 31, 2024, while securities available for sale decreased $48.0 million during the same period. Deposits increased $41.2 million from $1.03 billion at December 31, 2023 to $1.07 billion at December 31, 2024.   The Bank had no borrowed funds outstanding at December 31, 2024 compared to $21.5 million in borrowings outstanding through the Federal Reserve Bank’s BTFP at December 31, 2023. Nonperforming assets (consisting of nonaccrual loans, accruing loans 90 days or more past due, and foreclosed real estate) increased from $1.8 million at December 31, 2023 to $4.5 million at December 31, 2024. The increase was primarily due to the nonaccrual classification of two commercial loan relationships totaling $2.6 million. Loans in the relationship are secured by a variety of real estate and business assets.

The Bank currently has 18 offices in the Indiana communities of Corydon, Edwardsville, Greenville, Floyds Knobs, Palmyra, New Albany, New Salisbury, Jeffersonville, Salem, Lanesville and Charlestown and the Kentucky communities of Shepherdsville, Mt. Washington and Lebanon Junction.

Access to First Harrison Bank accounts, including online banking and electronic bill payments, is available through the Bank’s website at www.firstharrison.com. For more information and financial data about the Company, please visit Investor Relations at the Bank’s aforementioned website. The Bank can also be followed on Facebook.

Cautionary Note Regarding Forward-Looking Statements

This press release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of the words “anticipate,” “believe,” “expect,” “intend,” “could” and “should,” and other words of similar meaning. Forward-looking statements are not historical facts nor guarantees of future performance; rather, they are statements based on the Company’s current beliefs, assumptions, and expectations regarding its business strategies and their intended results and its future performance.

Numerous risks and uncertainties could cause or contribute to the Company’s actual results, performance and achievements to be materially different from those expressed or implied by these forward-looking statements. Factors that may cause or contribute to these differences include, without limitation, general economic conditions, including changes in market interest rates and changes in monetary and fiscal policies of the federal government; competition; the ability of the Company to execute its business plan; legislative and regulatory changes; the quality and composition of the loan and investment portfolios; loan demand; deposit flows; changes in accounting principles and guidelines; and other factors disclosed periodically in the Company’s filings with the Securities and Exchange Commission.

Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included in this press release, the Company’s reports, or made elsewhere from time to time by the Company or on its behalf. These forward-looking statements are made only as of the date of this press release, and the Company assumes no obligation to update any forward-looking statements after the date of this press release.

Contact:
Joshua Stevens
Chief Financial Officer
812-738-1570

(1) Reconciliations of the non–U.S. Generally Accepted Accounting Principles (“GAAP”) measures are set forth at the end of this press release.

 
FIRST CAPITAL, INC. AND SUBSIDIARIES
Consolidated Financial Highlights (Unaudited)
        
 Three Months Ended Year Ended
 December 31, December 31,
OPERATING DATA2024 2023 2024 2023
(Dollars in thousands, except per share data)       
        
Total interest income$13,192  $11,639  $50,471  $43,605 
Total interest expense 3,784   3,091   14,681   9,017 
Net interest income 9,408   8,548   35,790   34,588 
Provision for credit losses 346   308   1,449   1,141 
Net interest income after provision for credit losses 9,062   8,240   34,341   33,447 
        
Total non-interest income 1,934   1,831   7,656   7,632 
Total non-interest expense 7,047   6,480   27,828   26,028 
Income before income taxes 3,949   3,591   14,169   15,051 
Income tax expense 684   478   2,216   2,248 
Net income 3,265   3,113   11,953   12,803 
Less net income attributable to the noncontrolling interest 3   3   13   13 
Net income attributable to First Capital, Inc.$3,262  $3,110  $11,940  $12,790 
        
Net income per share attributable to       
First Capital, Inc. common shareholders:       
Basic$0.97  $0.93  $3.57  $3.82 
        
Diluted$0.97  $0.93  $3.57  $3.82 
        
Weighted average common shares outstanding:       
Basic 3,347,043   3,345,910   3,346,161   3,347,341 
        
Diluted 3,347,321   3,345,910   3,346,161   3,347,341 
        
OTHER FINANCIAL DATA       
        
Cash dividends per share$0.29  $0.27  $1.12  $1.08 
Return on average assets (annualized) 1.10%  1.09%  1.02%  1.12%
Return on average equity (annualized) 11.33%  13.67%  10.97%  14.03%
Net interest margin 3.26%  3.03%  3.14%  3.08%
Net interest margin (tax-equivalent basis) (1) 3.33%  3.11%  3.20%  3.16%
Interest rate spread 2.81%  2.61%  2.69%  2.77%
Interest rate spread (tax-equivalent basis) (1) 2.88%  2.69%  2.76%  2.85%
Net overhead expense as a percentage of average assets (annualized) 2.38%  2.26%  2.38%  2.28%
        
 December 31, December 31,    
BALANCE SHEET INFORMATION2024 2023    
        
Cash and cash equivalents$105,917  $38,670     
Interest-bearing time deposits 2,695   3,920     
Investment securities 396,243   444,271     
Gross loans 640,480   622,414     
Allowance for credit losses 9,281   8,005     
Earning assets 1,119,944   1,083,898     
Total assets 1,187,523   1,157,880     
Deposits 1,066,439   1,025,211     
Borrowed funds -   21,500     
Stockholders' equity, net of noncontrolling interest 114,599   105,233     
Allowance for credit losses as a percent of gross loans 1.45%  1.29%    
Non-performing assets:       
Nonaccrual loans 4,483   1,751     
Accruing loans past due 90 days -   -     
Foreclosed real estate -   -     
Regulatory capital ratios (Bank only):       
Community Bank Leverage Ratio (2) 10.57%  9.92%    
        
(1) See reconciliation of GAAP and non-GAAP financial measures for additional information relating to the calculation of this item.
(2) Effective March 31, 2020, the Bank opted in to the Community Bank Leverage Ratio (CBLR) framework. As such, the other regulatory ratios are no longer provided.
        


 
FIRST CAPITAL, INC. AND SUBSIDIARIES
Consolidated Average Balance Sheets (Unaudited)
         
  For the Year ended December 31,
  2024 2023
    Average
   Average
  Average Yield/ Average Yield/
  BalanceInterestCost BalanceInterestCost
(Dollars in thousands)        
Interest earning assets:        
Loans (1) (2):        
Taxable $624,193 $37,974 6.08% $582,465 $33,153 5.69%
Tax-exempt (3)  9,805  377 3.84%  8,144  249 3.06%
Total loans  633,998  38,351 6.05%  590,609  33,402 5.66%
         
Investment securities:        
Taxable (4)  333,195  6,918 2.08%  358,860  5,635 1.57%
Tax-exempt (3)  121,947  3,329 2.73%  147,667  4,236 2.87%
Total investment securities  455,142  10,247 2.25%  506,527  9,871 1.95%
         
Federal funds sold  45,563  2,357 5.17%  19,512  989 5.07%
Other interest-earning assets (5)  6,473  294 4.54%  7,078  285 4.03%
Total interest earning assets  1,141,176  51,249 4.49%  1,123,726  44,547 3.96%
         
Non-interest earning assets  28,479     20,140   
Total assets $1,169,655    $1,143,866   
         
Interest bearing liabilities:        
Interest-bearing demand deposits $433,495 $6,086 1.40% $447,895 $4,652 1.04%
Savings accounts  230,353  810 0.35%  255,126  917 0.36%
Time deposits  156,534  6,331 4.04%  91,423  2,672 2.92%
Total deposits  820,382  13,227 1.61%  794,444  8,241 1.04%
         
FHLB Advances  1,736  99 5.70%  6,084  340 5.59%
BTFP Advances  27,918  1,355 4.85%  8,632  436 5.05%
Total interest bearing liabilities  850,036  14,681 1.73%  809,160  9,017 1.11%
         
Non-interest bearing liabilities        
Non-interest bearing deposits  203,699     236,471   
Other liabilities  7,046     7,056   
Total liabilities  1,060,781     1,052,687   
Stockholders' equity (6)  108,874     91,179   
Total liabilities and stockholders' equity$1,169,655    $1,143,866   
         
Net interest income (tax equivalent basis) $36,568    $35,530  
Less: tax equivalent adjustment   (778)    (942) 
Net interest income  $35,790    $34,588  
         
Interest rate spread   2.69%   2.77%
Interest rate spread (tax equivalent basis) (7)  2.76%   2.85%
Net interest margin   3.14%   3.08%
Net interest margin (tax equivalent basis) (7)  3.20%   3.16%
Ratio of average interest earning assets to average interest bearing liabilities   134.25%   138.88%
         
(1) Interest income on loans includes fee income of $727,000 and $961,000 for the years ended December 31, 2024 and 2023, respectively.
(2) Average loan balances include loans held for sale and nonperforming loans.
(3) Tax-exempt income has been adjusted to a tax-equivalent basis using the federal marginal tax rate of 21%.
(4) Includes taxable debt and equity securities and FHLB Stock.
(5) Includes interest-bearing deposits with banks and interest-bearing time deposits.
(6) Stockholders' equity attributable to First Capital, Inc.
(7) Reconciliations of the non-U.S. GAAP measures are set forth at the end of this press release.
         


 
FIRST CAPITAL, INC. AND SUBSIDIARIES
Consolidated Average Balance Sheets (Unaudited)
         
  For the Three Months ended December 31,
  2024 2023
    Average
   Average
  Average Yield/ Average Yield/
  BalanceInterestCost BalanceInterestCost
(Dollars in thousands)        
Interest earning assets:        
Loans (1) (2):        
Taxable $627,125 $9,748 6.22% $608,688 $9,018 5.93%
Tax-exempt (3)  11,339  123 4.34%  8,079  63 3.12%
Total loans  638,464  9,871 6.18%  616,767  9,081 5.89%
         
Investment securities:        
Taxable (4)  314,345  1,739 2.21%  352,377  1,521 1.73%
Tax-exempt (3)  121,445  838 2.76%  139,865  996 2.85%
Total investment securities  435,790  2,577 2.37%  492,242  2,517 2.05%
         
Federal funds sold  72,271  867 4.80%  13,765  194 5.64%
Other interest-earning assets (5)  6,884  78 4.53%  6,386  69 4.32%
Total interest earning assets  1,153,409  13,393 4.64%  1,129,160  11,861 4.20%
         
Non-interest earning assets  30,640     16,953   
Total assets $1,184,049    $1,146,113   
         
Interest bearing liabilities:        
Interest-bearing demand deposits $437,573 $1,535 1.40% $427,832 $1,413 1.32%
Savings accounts  224,311  159 0.28%  239,355  146 0.24%
Time deposits  185,112  1,936 4.18%  122,163  1,104 3.61%
Total deposits  846,996  3,630 1.71%  789,350  2,663 1.35%
         
FHLB Advances  -  - -   16,321  232 5.69%
BTFP Advances  12,621  154 4.88%  15,402  196 5.09%
Total interest bearing liabilities  859,617  3,784 1.76%  821,073  3,091 1.51%
         
Non-interest bearing liabilities        
Non-interest bearing deposits  202,008     227,613   
Other liabilities  7,294     6,415   
Total liabilities  209,302     234,028   
Stockholders' equity (6)  115,130     91,012   
Total liabilities and stockholders' equity$1,184,049    $1,146,113   
         
Net interest income (tax equivalent basis) $9,609    $8,770  
Less: tax equivalent adjustment   (201)    (222) 
Net interest income  $9,408    $8,548  
         
Interest rate spread   2.81%   2.61%
Interest rate spread (tax-equivalent basis) (7)  2.88%   2.69%
Net interest margin   3.26%   3.03%
Net interest margin (tax-equivalent basis) (7)  3.33%   3.11%
Ratio of average interest earning assets to average interest bearing liabilities   134.18%   137.52%
         
(1) Interest income on loans includes fee income of $210,000 and $180,000 for the three months ended December 31, 2024 and 2023, respectively.
(2) Average loan balances include loans held for sale and nonperforming loans.
(3) Tax-exempt income has been adjusted to a tax-equivalent basis using the federal marginal tax rate of 21%.
(4) Includes taxable debt and equity securities and FHLB Stock.
(5) Includes interest-bearing deposits with banks and interest-bearing time deposits.
(6) Stockholders' equity attributable to First Capital, Inc.
(7) Reconciliations of the non-U.S. GAAP measures are set forth at the end of this press release.
         


        
RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES (UNAUDITED):
        
This presentation contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management uses these "non-GAAP" measures in its analysis of the Company's performance. Management believes that these non-GAAP financial measures allow for better comparability with prior periods, as well as with peers in the industry who provide a similar presentation, and provide a further understanding of the Company's ongoing operations. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. The following table summarizes the non-GAAP financial measures derived from amounts reported in the Company's consolidated financial statements and reconciles those non-GAAP financial measures with the comparable GAAP financial measures.
                
 Three Months Ended Year Ended
 December 31, December 31,
 2024 2023 2024 2023
(Dollars in thousands)       
Net interest income (A)$9,408  $8,548  $35,790  $34,588 
Add: Tax-equivalent adjustment 201   222   778   942 
Tax-equivalent net interest income (B) 9,609   8,770   36,568   35,530 
Average interest earning assets (C) 1,153,409   1,129,160   1,141,176   1,123,726 
Net interest margin (A)/(C) 3.26%  3.03%  3.14%  3.08%
Net interest margin (tax-equivalent basis) (B)/(C) 3.33%  3.11%  3.20%  3.16%
        
Total interest income (D)$13,192  $11,639  $50,471  $43,605 
Add: Tax-equivalent adjustment 201   222   778   942 
Total interest income tax-equivalent basis (E) 13,393   11,861   51,249   44,547 
Average interest earning assets (F) 1,153,409   1,129,160   1,141,176   1,123,726 
Average yield on interest earning assets (D)/(F); (G) 4.57%  4.12%  4.42%  3.88%
Average yield on interest earning assets tax-equivalent (E)/(F); (H) 4.64%  4.20%  4.49%  3.96%
Average cost of interest bearing liabilities (I) 1.76%  1.51%  1.73%  1.11%
Interest rate spread (G)-(I) 2.81%  2.61%  2.69%  2.77%
Interest rate spread tax-equivalent (H)-(I) 2.88%  2.69%  2.76%  2.85%
                

FAQ

What was FCAP's net income for fiscal year 2024?

First Capital (FCAP) reported net income of $11.9 million, or $3.57 per diluted share, for the year ended December 31, 2024.

How much did FCAP's nonperforming assets increase in 2024?

FCAP's nonperforming assets increased from $1.8 million at December 31, 2023 to $4.5 million at December 31, 2024, primarily due to two commercial loan relationships totaling $2.6 million being classified as nonaccrual.

What was FCAP's total deposit growth in 2024?

FCAP's deposits increased by $41.2 million, from $1.03 billion at December 31, 2023 to $1.07 billion at December 31, 2024.

How did FCAP's net interest margin change in 2024?

FCAP's tax-equivalent net interest margin increased from 3.16% in 2023 to 3.20% in 2024.

What was FCAP's Q4 2024 earnings per share?

FCAP reported earnings of $0.97 per diluted share for the fourth quarter of 2024, compared to $0.93 per diluted share in Q4 2023.

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First Capital Inc

NASDAQ:FCAP

FCAP Rankings

#4413 Ranked by Market Cap
#859 Ranked by Dividends

FCAP Latest News

Nov 25, 2024
First Capital, Inc. Announces Quarterly Dividend
Oct 25, 2024
First Capital, Inc. Reports Quarterly Earnings
Aug 21, 2024
First Capital, Inc. Announces Quarterly Dividend Increase
Jul 26, 2024
First Capital, Inc. Reports Quarterly Earnings
May 24, 2024
First Capital, Inc. Announces Quarterly Dividend

FCAP Stock Data

104.62M
3.20M
4.44%
13.29%
0.15%
Banks - Regional
Savings Institution, Federally Chartered
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United States of America
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