First Capital, Inc. Reports Quarterly Earnings
First Capital (NASDAQ: FCAP) reported net income of $2.9 million ($0.87 per diluted share) for Q3 2024, compared to $3.1 million ($0.94 per diluted share) in Q3 2023. Net interest income after provision for credit losses increased by $415,000. Interest income rose $2.0 million due to higher average yield on interest-earning assets (4.53% vs 3.96%). The net interest margin improved to 3.12% from 3.02%. Noninterest income decreased $147,000, while noninterest expense increased $543,000. Total assets reached $1.19 billion, with deposits stable at $1.03 billion. Nonperforming assets increased to $4.5 million from $1.8 million at year-end 2023.
First Capital (NASDAQ: FCAP) ha riportato un utile netto di 2,9 milioni di dollari (0,87 dollari per azione diluita) per il terzo trimestre del 2024, rispetto ai 3,1 milioni di dollari (0,94 dollari per azione diluita) del terzo trimestre del 2023. Il reddito netto da interessi, dopo le provisioni per perdite creditizie, è aumentato di 415.000 dollari. Il reddito da interessi è salito di 2,0 milioni di dollari grazie a un rendimento medio più elevato sugli attivi produttivi di interessi (4,53% rispetto al 3,96%). Il margine di interesse netto è migliorato al 3,12% dal 3,02%. Le entrate non da interessi sono diminuite di 147.000 dollari, mentre le spese non da interessi sono aumentate di 543.000 dollari. Gli attivi totali hanno raggiunto 1,19 miliardi di dollari, con depositi stabili a 1,03 miliardi di dollari. Gli attivi non performanti sono aumentati a 4,5 milioni di dollari rispetto ai 1,8 milioni di dollari a fine anno 2023.
First Capital (NASDAQ: FCAP) reportó una ganancia neta de 2.9 millones de dólares (0.87 dólares por acción diluida) para el tercer trimestre de 2024, en comparación con 3.1 millones de dólares (0.94 dólares por acción diluida) en el tercer trimestre de 2023. Los ingresos netos por intereses, después de la provisión para pérdidas crediticias, aumentaron en 415,000 dólares. Los ingresos por intereses subieron 2.0 millones de dólares debido a un mayor rendimiento promedio en los activos que generan intereses (4.53% frente al 3.96%). El margen de interés neto mejoró al 3.12% desde el 3.02%. Los ingresos no relacionados con intereses disminuyeron en 147,000 dólares, mientras que los gastos no relacionados con intereses aumentaron en 543,000 dólares. Los activos totales alcanzaron 1.19 mil millones de dólares, con depósitos estables en 1.03 mil millones de dólares. Los activos no productivos aumentaron a 4.5 millones de dólares desde 1.8 millones de dólares a finales de 2023.
퍼스트 캐피탈 (NASDAQ: FCAP)은 2024년 3분기에 290만 달러 (희석 주당 0.87 달러)의 순이익을 보고했으며, 이는 2023년 3분기 310만 달러 (희석 주당 0.94 달러)와 비교됩니다. 신용 손실 충당금 차감 후 순이자 수익은 415,000달러 증가했습니다. 이자 수익은 이자 발생 자산의 평균 수익률이 높아져 200만 달러 증가했습니다 (4.53% 대 3.96%). 순이자 마진은 3.02%에서 3.12%로 개선되었습니다. 비이자 수익은 147,000달러 감소하였고, 비이자 경비는 543,000달러 증가하였습니다. 총 자산은 12억 1,900만 달러에 이르렀고, 예금은 10억 3천만 달러로 안정적이었습니다. 부실 자산은 2023년 연말 180만 달러에서 450만 달러로 증가했습니다.
First Capital (NASDAQ: FCAP) a rapporté un revenu net de 2,9 millions de dollars (0,87 dollar par action diluée) pour le troisième trimestre 2024, comparé à 3,1 millions de dollars (0,94 dollar par action diluée) pour le troisième trimestre 2023. Le revenu net d'intérêts après provision pour pertes de crédit a augmenté de 415 000 dollars. Les revenus d'intérêts ont augmenté de 2,0 millions de dollars grâce à un rendement moyen plus élevé sur les actifs générateurs d'intérêts (4,53% contre 3,96%). La marge d'intérêt net s'est améliorée à 3,12% contre 3,02%. Les revenus non liés aux intérêts ont diminué de 147 000 dollars, tandis que les dépenses non liées aux intérêts ont augmenté de 543 000 dollars. Les actifs totaux ont atteint 1,19 milliard de dollars, avec des dépôts stables à 1,03 milliard de dollars. Les actifs non performants ont augmenté à 4,5 millions de dollars contre 1,8 million de dollars à la fin de l'année 2023.
First Capital (NASDAQ: FCAP) berichtete für das 3. Quartal 2024 einen Nettogewinn von 2,9 Millionen USD (0,87 USD pro verwässerter Aktie), verglichen mit 3,1 Millionen USD (0,94 USD pro verwässerter Aktie) im 3. Quartal 2023. Die Nettozinseinnahmen nach Rückstellungen für Kreditausfälle stiegen um 415.000 USD. Die Zinseinnahmen stiegen um 2,0 Millionen USD aufgrund einer höheren durchschnittlichen Rendite auf zinstragenden Vermögenswerten (4,53% gegenüber 3,96%). Die Nettozinsspanne verbesserte sich auf 3,12% von 3,02%. Die Nichtzinseinnahmen sanken um 147.000 USD, während die nichtzinsbezogenen Aufwendungen um 543.000 USD stiegen. Die Gesamtsumme der Vermögenswerte erreichte 1,19 Milliarden USD, die Einlagen blieben stabil bei 1,03 Milliarden USD. Die notleidenden Kredite stiegen von 1,8 Millionen USD Ende 2023 auf 4,5 Millionen USD.
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CORYDON, Ind., Oct. 25, 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 September 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 decreased
Noninterest expense increased
Income tax expense decreased
Results of Operations for the Nine Months Ended September 30, 2024 and 2023
For the nine months ended September 30, 2024, the Company reported net income of
Net interest income after provision for credit losses increased
Based on management’s analysis of the ACL on loans and unfunded loan commitments, the provision for credit losses increased from
Noninterest income decreased
Noninterest expenses increased
Income tax expense decreased
Comparison of Financial Condition at September 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 | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
OPERATING DATA | 2024 | 2023 | 2024 | 2023 | |||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||
Total interest income | $ | 13,224 | $ | 11,179 | $ | 37,279 | $ | 31,966 | |||||||
Total interest expense | 4,099 | 2,642 | 10,897 | 5,926 | |||||||||||
Net interest income | 9,125 | 8,537 | 26,382 | 26,040 | |||||||||||
Provision for credit losses | 463 | 290 | 1,103 | 833 | |||||||||||
Net interest income after provision for credit losses | 8,662 | 8,247 | 25,279 | 25,207 | |||||||||||
Total non-interest income | 1,800 | 1,947 | 5,722 | 5,801 | |||||||||||
Total non-interest expense | 7,024 | 6,481 | 20,781 | 19,548 | |||||||||||
Income before income taxes | 3,438 | 3,713 | 10,220 | 11,460 | |||||||||||
Income tax expense | 537 | 572 | 1,532 | 1,770 | |||||||||||
Net income | 2,901 | 3,141 | 8,688 | 9,690 | |||||||||||
Less net income attributable to the noncontrolling interest | 3 | 3 | 10 | 10 | |||||||||||
Net income attributable to First Capital, Inc. | $ | 2,898 | $ | 3,138 | $ | 8,678 | $ | 9,680 | |||||||
Net income per share attributable to First Capital, Inc. common shareholders: | |||||||||||||||
Basic | $ | 0.87 | $ | 0.94 | $ | 2.59 | $ | 2.89 | |||||||
Diluted | $ | 0.87 | $ | 0.94 | $ | 2.59 | $ | 2.89 | |||||||
Weighted average common shares outstanding: | |||||||||||||||
Basic | 3,347,236 | 3,345,869 | 3,345,863 | 3,347,823 | |||||||||||
Diluted | 3,347,236 | 3,345,869 | 3,345,863 | 3,347,823 | |||||||||||
OTHER FINANCIAL DATA | |||||||||||||||
Cash dividends per share | $ | 0.29 | $ | 0.27 | $ | 0.83 | $ | 0.81 | |||||||
Return on average assets (annualized) (1) | 0.97 | % | 1.09 | % | 0.99 | % | 1.13 | % | |||||||
Return on average equity (annualized) (1) | 10.48 | % | 13.53 | % | 10.84 | % | 14.14 | % | |||||||
Net interest margin | 3.12 | % | 3.02 | % | 3.09 | % | 3.10 | % | |||||||
Interest rate spread | 2.66 | % | 2.66 | % | 2.65 | % | 2.82 | % | |||||||
Net overhead expense as a percentage of average assets (annualized) (1) | 2.35 | % | 2.25 | % | 2.38 | % | 2.28 | % | |||||||
September 30, | December 31, | ||||||||||||||
BALANCE SHEET INFORMATION | 2024 | 2023 | |||||||||||||
Cash and cash equivalents | $ | 89,939 | $ | 38,670 | |||||||||||
Interest-bearing time deposits | 2,695 | 3,920 | |||||||||||||
Investment securities | 415,469 | 444,271 | |||||||||||||
Gross loans | 639,566 | 622,414 | |||||||||||||
Allowance for credit losses | 8,959 | 8,005 | |||||||||||||
Earning assets | 1,119,791 | 1,083,898 | |||||||||||||
Total assets | 1,189,295 | 1,157,880 | |||||||||||||
Deposits | 1,030,249 | 1,025,211 | |||||||||||||
Borrowed funds | 33,625 | 21,500 | |||||||||||||
Stockholders' equity, net of noncontrolling interest | 116,775 | 105,233 | |||||||||||||
Allowance for credit losses as a percent of gross loans | 1.40 | % | 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) | 10.25 | % | 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 | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Return on average assets before annualization | 0.24 | % | 0.27 | % | 0.75 | % | 0.85 | % | |||||||
Annualization factor | 4.00 | 4.00 | 1.33 | 1.33 | |||||||||||
Annualized return on average assets | 0.97 | % | 1.09 | % | 0.99 | % | 1.13 | % | |||||||
Return on average equity before annualization | 2.62 | % | 3.38 | % | 8.13 | % | 10.60 | % | |||||||
Annualization factor | 4.00 | 4.00 | 1.33 | 1.33 | |||||||||||
Annualized return on average equity | 10.48 | % | 13.53 | % | 10.84 | % | 14.14 | % | |||||||
Net overhead expense as a % of average assets before annualization | 0.59 | % | 0.56 | % | 1.78 | % | 1.71 | % | |||||||
Annualization factor | 4.00 | 4.00 | 1.33 | 1.33 | |||||||||||
Annualized net overhead expense as a % of average assets | 2.35 | % | 2.25 | % | 2.38 | % | 2.28 | % | |||||||
FAQ
What was First Capital's (FCAP) earnings per share in Q3 2024?
How did FCAP's net interest margin change in Q3 2024 compared to Q3 2023?
What was First Capital's (FCAP) total deposit balance as of September 30, 2024?