First Capital, Inc. Reports Quarterly Earnings
First Capital, Inc. (NASDAQ: FCAP) reported net income of $2.8 million, or $0.85 per diluted share, for Q2 2024, compared to $2.7 million, or $0.82 per diluted share, in Q2 2023. Key highlights include:
- Net interest income after provision for credit losses increased by $335,000
- Interest income rose by $1.6 million due to higher average tax-equivalent yield
- Interest expense increased by $1.3 million
- Tax-equivalent net interest margin improved from 3.06% to 3.15%
- Noninterest income increased by $160,000
- Noninterest expense rose by $334,000
For the first half of 2024, net income was $5.8 million, or $1.73 per diluted share, compared to $6.5 million, or $1.95 per diluted share, in the same period of 2023. Total assets remained stable at $1.16 billion, while deposits decreased by $11.0 million to $1.01 billion.
First Capital, Inc. (NASDAQ: FCAP) ha riportato un utile netto di 2,8 milioni di dollari, ovvero 0,85 dollari per azione diluita, per il secondo trimestre 2024, rispetto a 2,7 milioni di dollari, o 0,82 dollari per azione diluita, nel secondo trimestre 2023. I punti salienti includono:
- Il reddito da interessi netto dopo le svalutazioni per perdite su crediti è aumentato di 335.000 dollari
- Il reddito da interessi è cresciuto di 1,6 milioni di dollari grazie a maggiori rendimenti medi equivalenti fiscali
- Le spese per interessi sono aumentate di 1,3 milioni di dollari
- Il margine d'interesse netto equivalente fiscale è migliorato dal 3,06% al 3,15%
- Il reddito non da interessi è aumentato di 160.000 dollari
- Le spese non da interessi sono cresciute di 334.000 dollari
Per il primo semestre del 2024, l'utile netto è stato di 5,8 milioni di dollari, ovvero 1,73 dollari per azione diluita, rispetto a 6,5 milioni di dollari, o 1,95 dollari per azione diluita, nello stesso periodo del 2023. Il totale degli attivi è rimasto stabile a 1,16 miliardi di dollari, mentre i depositi sono diminuiti di 11,0 milioni di dollari a 1,01 miliardi di dollari.
First Capital, Inc. (NASDAQ: FCAP) reportó un ingreso neto de 2.8 millones de dólares, o 0.85 dólares por acción diluida, para el segundo trimestre de 2024, en comparación con 2.7 millones de dólares, o 0.82 dólares por acción diluida, en el segundo trimestre de 2023. Los aspectos destacados incluyen:
- Los ingresos netos por intereses después de la provisión para pérdidas crediticias aumentaron en 335,000 dólares
- Los ingresos por intereses crecieron en 1.6 millones de dólares debido a un mayor rendimiento promédio equivalente fiscal
- Los gastos por intereses aumentaron en 1.3 millones de dólares
- El margen de interés neto equivalente fiscal mejoró del 3.06% al 3.15%
- Los ingresos no por intereses aumentaron en 160,000 dólares
- Los gastos no por intereses aumentaron en 334,000 dólares
Para la primera mitad de 2024, el ingreso neto fue de 5.8 millones de dólares, o 1.73 dólares por acción diluida, en comparación con 6.5 millones de dólares, o 1.95 dólares por acción diluida, en el mismo período de 2023. Los activos totales permanecieron estables en 1.16 mil millones de dólares, mientras que los depósitos disminuyeron en 11.0 millones de dólares a 1.01 mil millones de dólares.
First Capital, Inc. (NASDAQ: FCAP)는 2024년 2분기에 순이익 280만 달러, 즉 희석주당 0.85달러를 보고했습니다. 이는 2023년 2분기 순이익 270만 달러, 희석주당 0.82달러에 비해 증가한 수치입니다. 주요 하이라이트는 다음과 같습니다:
- 신용 손실 충당금 차감 후 순이자 수익이 33만5천 달러 증가했습니다.
- 이자 수익이 평균 세금 대등 수익률 상승으로 160만 달러 증가했습니다.
- 이자 비용이 130만 달러 증가했습니다.
- 세금 대등 순이자 마진이 3.06%에서 3.15%로 개선되었습니다.
- 비이자 수익이 16만 달러 증가했습니다.
- 비이자 비용이 33만4천 달러 상승했습니다.
2024년 상반기 동안 순이익은 580만 달러, 즉 희석주당 1.73달러로, 2023년 같은 기간의 650만 달러, 즉 1.95달러 대비 감소했습니다. 총 자산은 11.6억 달러로 안정세를 유지했으며, 예금은 1100만 달러가 감소하여 10.1억 달러에 달했습니다.
First Capital, Inc. (NASDAQ: FCAP) a rapporté un revenu net de 2,8 millions de dollars, soit 0,85 dollar par action diluée, pour le deuxième trimestre 2024, contre 2,7 millions de dollars, soit 0,82 dollar par action diluée, au deuxième trimestre 2023. Les points clés comprennent :
- Le revenu net d'intérêts après provision pour pertes de crédit a augmenté de 335 000 dollars
- Le revenu d'intérêts a grimpé de 1,6 million de dollars grâce à un rendement fiscal équivalent moyen plus élevé
- Les charges d'intérêts ont augmenté de 1,3 million de dollars
- La marge nette d'intérêts équivalente fiscale a progressé de 3,06 % à 3,15 %
- Le revenu non d'intérêts a augmenté de 160 000 dollars
- Les charges non d'intérêts ont augmenté de 334 000 dollars
Pour le premier semestre 2024, le revenu net s'est élevé à 5,8 millions de dollars, soit 1,73 dollar par action diluée, contre 6,5 millions de dollars, soit 1,95 dollar par action diluée, au même période de 2023. Le total des actifs est resté stable à 1,16 milliard de dollars, tandis que les dépôts ont diminué de 11 millions de dollars à 1,01 milliard de dollars.
First Capital, Inc. (NASDAQ: FCAP) berichtete über einen Nettoertrag von 2,8 Millionen Dollar, oder 0,85 Dollar pro verwässerter Aktie, für das zweite Quartal 2024, verglichen mit 2,7 Millionen Dollar, oder 0,82 Dollar pro verwässerter Aktie, im zweiten Quartal 2023. Zu den wichtigsten Highlights gehören:
- Der Nettozinsüberschuss nach Rückstellungen für Kreditverluste hat um 335.000 Dollar zugenommen.
- Zinserträge stiegen um 1,6 Millionen Dollar aufgrund höherer durchschnittlicher steueräquivalenter Erträge
- Zinsaufwendungen stiegen um 1,3 Millionen Dollar
- Der steueräquivalente Nettozinsmargen verbesserte sich von 3,06 % auf 3,15 %
- Nichtzinsüberschüsse stiegen um 160.000 Dollar
- Nichtzinsaufwendungen stiegen um 334.000 Dollar
Für die erste Hälfte des Jahres 2024 betrug der Nettoertrag 5,8 Millionen Dollar, oder 1,73 Dollar pro verwässerter Aktie, verglichen mit 6,5 Millionen Dollar, oder 1,95 Dollar pro verwässerter Aktie, im gleichen Zeitraum des Jahres 2023. Die Gesamtaktiva blieben stabil bei 1,16 Milliarden Dollar, während die Einlagen um 11 Millionen Dollar auf 1,01 Milliarden Dollar sanken.
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CORYDON, Ind., July 26, 2024 (GLOBE NEWSWIRE) -- First Capital, Inc. (the “Company”) (NASDAQ: FCAP), the holding company for First Harrison Bank (the “Bank”), today reported net income of
Results of Operations for the Three Months Ended June 30, 2024 and 2023
Net interest income after provision for credit losses increased
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
Noninterest income increased
Noninterest expense increased
Income tax expense increased
Results of Operations for the Six Months Ended June 30, 2024 and 2023
For the six months ended June 30, 2024, the Company reported net income of
Net interest income after provision for credit losses decreased
Based on management’s analysis of the ACL on loans and unfunded loan commitments, the provision for credit losses increased from
Noninterest income increased
Noninterest expenses increased
Income tax expense decreased
Comparison of Financial Condition at June 30, 2024 and December 31, 2023
Total assets were
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
FIRST CAPITAL, INC. AND SUBSIDIARIES | |||||||||||||||
Consolidated Financial Highlights (Unaudited) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
OPERATING DATA | 2024 | 2023 | 2024 | 2023 | |||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||
Total interest income | $ | 12,218 | $ | 10,600 | $ | 24,055 | $ | 20,787 | |||||||
Total interest expense | 3,561 | 2,288 | 6,798 | 3,284 | |||||||||||
Net interest income | 8,657 | 8,312 | 17,257 | 17,503 | |||||||||||
Provision for credit losses | 360 | 350 | 640 | 543 | |||||||||||
Net interest income after provision for credit losses | 8,297 | 7,962 | 16,617 | 16,960 | |||||||||||
Total non-interest income | 2,023 | 1,863 | 3,922 | 3,854 | |||||||||||
Total non-interest expense | 7,000 | 6,666 | 13,757 | 13,067 | |||||||||||
Income before income taxes | 3,320 | 3,159 | 6,782 | 7,747 | |||||||||||
Income tax expense | 488 | 429 | 995 | 1,198 | |||||||||||
Net income | 2,832 | 2,730 | 5,787 | 6,549 | |||||||||||
Less net income attributable to the noncontrolling interest | 4 | 4 | 7 | 7 | |||||||||||
Net income attributable to First Capital, Inc. | $ | 2,828 | $ | 2,726 | $ | 5,780 | $ | 6,542 | |||||||
Net income per share attributable to | |||||||||||||||
First Capital, Inc. common shareholders: | |||||||||||||||
Basic | $ | 0.85 | $ | 0.82 | $ | 1.73 | $ | 1.95 | |||||||
Diluted | $ | 0.85 | $ | 0.82 | $ | 1.73 | $ | 1.95 | |||||||
Weighted average common shares outstanding: | |||||||||||||||
Basic | 3,345,278 | 3,344,063 | 3,345,169 | 3,348,817 | |||||||||||
Diluted | 3,345,401 | 3,344,063 | 3,345,169 | 3,348,817 | |||||||||||
OTHER FINANCIAL DATA | |||||||||||||||
Cash dividends per share | $ | 0.27 | $ | 0.27 | $ | 0.54 | $ | 0.54 | |||||||
Return on average assets (annualized) (1) | 0.99 | % | 0.95 | % | 1.01 | % | 1.15 | % | |||||||
Return on average equity (annualized) (1) | 10.78 | % | 11.71 | % | 11.03 | % | 14.44 | % | |||||||
Net interest margin (tax-equivalent basis) | 3.15 | % | 3.06 | % | 3.15 | % | 3.22 | % | |||||||
Interest rate spread (tax-equivalent basis) | 2.71 | % | 2.76 | % | 2.73 | % | 2.99 | % | |||||||
Net overhead expense as a percentage | |||||||||||||||
of average assets (annualized) (1) | 2.44 | % | 2.33 | % | 2.40 | % | 2.29 | % | |||||||
June 30, | December 31, | ||||||||||||||
BALANCE SHEET INFORMATION | 2024 | 2023 | |||||||||||||
Cash and cash equivalents | $ | 50,571 | $ | 38,670 | |||||||||||
Interest-bearing time deposits | 2,940 | 3,920 | |||||||||||||
Investment securities | 421,301 | 444,271 | |||||||||||||
Gross loans | 638,584 | 622,414 | |||||||||||||
Allowance for credit losses | 8,560 | 8,005 | |||||||||||||
Earning assets | 1,085,879 | 1,083,898 | |||||||||||||
Total assets | 1,163,596 | 1,157,880 | |||||||||||||
Deposits | 1,014,246 | 1,025,211 | |||||||||||||
Borrowed funds | 33,625 | 21,500 | |||||||||||||
Stockholders' equity, net of noncontrolling interest | 107,757 | 105,233 | |||||||||||||
Allowance for credit losses as a percent of gross loans | 1.34 | % | 1.29 | % | |||||||||||
Non-performing assets: | |||||||||||||||
Nonaccrual loans | 3,738 | 1,751 | |||||||||||||
Accruing loans past due 90 days | 384 | - | |||||||||||||
Foreclosed real estate | - | - | |||||||||||||
Regulatory capital ratios (Bank only): | |||||||||||||||
Community Bank Leverage Ratio (2) | 10.44 | % | 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. | |||||||||||||||
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 | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Return on average assets before annualization | 0.25 | % | 0.24 | % | 0.50 | % | 0.57 | % | |||||||
Annualization factor | 4.00 | 4.00 | 2.00 | 2.00 | |||||||||||
Annualized return on average assets | 0.99 | % | 0.95 | % | 1.01 | % | 1.15 | % | |||||||
Return on average equity before annualization | 2.70 | % | 2.93 | % | 5.51 | % | 7.22 | % | |||||||
Annualization factor | 4.00 | 4.00 | 2.00 | 2.00 | |||||||||||
Annualized return on average equity | 10.78 | % | 11.71 | % | 11.03 | % | 14.44 | % | |||||||
Net overhead expense as a % of average assets before | |||||||||||||||
annualization | 0.61 | % | 0.58 | % | 1.20 | % | 1.15 | % | |||||||
Annualization factor | 4.00 | 4.00 | 2.00 | 2.00 | |||||||||||
Annualized net overhead expense as a % of average assets | 2.44 | % | 2.33 | % | 2.40 | % | 2.29 | % | |||||||
![](https://ml.globenewswire.com/media/MjNlNTc4NDctMDQ0Ny00ZmFlLThlMjctNTBlYjQ0ZDg4ZGZlLTEwMzg3NzA=/tiny/First-Capital-Inc-.png)
FAQ
What was First Capital's (FCAP) net income for Q2 2024?
How did FCAP's net interest margin change in Q2 2024 compared to Q2 2023?
What was the total asset value of First Capital (FCAP) as of June 30, 2024?
How did FCAP's deposits change from December 31, 2023 to June 30, 2024?