Financial Performance - Net income attributable to First Capital, Inc. for the three months ended March 31, 2025, was $3,235 thousand, compared to $2,952 thousand for the same period in 2024, reflecting an increase of 9.6%[11]. - Earnings per common share attributable to First Capital, Inc. increased to $0.97 for Q1 2025, compared to $0.88 for Q1 2024, representing a growth of 10.2%[11]. - Comprehensive income attributable to First Capital, Inc. for Q1 2025 was $6,426 thousand, significantly higher than $1,319 thousand in Q1 2024[14]. - Net income for the three months ended March 31, 2025, was $3,238,000, an increase of 9.5% compared to $2,955,000 for the same period in 2024[19]. - Cash dividends paid during the three months ended March 31, 2025, totaled $974,000, compared to $905,000 in the same period of 2024, reflecting an increase of 7.6%[19]. Asset Growth - Total assets increased to $1,214,538 thousand as of March 31, 2025, up from $1,187,523 thousand at December 31, 2024, representing a growth of 2.3%[9]. - Cash and cash equivalents totaled $116,623 thousand as of March 31, 2025, up from $105,917 thousand at the end of 2024, an increase of 10.8%[9]. - Total deposits reached $1,083,921 thousand as of March 31, 2025, an increase of 1.5% from $1,066,439 thousand at the end of 2024[9]. - The net increase in deposits for the three months ended March 31, 2025, was $17,482,000, compared to a decrease of $15,119,000 in the same period of 2024[19]. - Total loans increased to $651,359,000 as of March 31, 2025, up from $639,376,000 at December 31, 2024, representing a growth of approximately 1.54%[42]. Income and Interest - Total interest income rose to $13,346 thousand for Q1 2025, a 12.7% increase from $11,837 thousand in Q1 2024[11]. - Net interest income after provision for credit losses was $9,243 thousand for Q1 2025, up from $8,320 thousand in Q1 2024, marking an increase of 11.1%[11]. - The tax equivalent net interest margin increased from 3.14% for the quarter ended March 31, 2024, to 3.34% for the same period in 2025[137]. - Total interest income increased by $1.5 million due to an increase in the average tax-equivalent yield on interest-earning assets from 4.29% to 4.63%[135]. Credit Losses and Provisions - The allowance for credit losses was $9,535 thousand as of March 31, 2025, compared to $9,281 thousand in 2024, indicating a slight increase in credit risk management[9]. - The provision for credit losses increased to $338,000 for the three months ended March 31, 2025, from $280,000 in the same period of 2024[19]. - Nonperforming loans totaled $4,075,000 as of March 31, 2025, compared to $4,382,000 as of December 31, 2024, showing a decrease of approximately 6.99%[59]. - The total charge-offs for the three months ended March 31, 2025, were $127,000, compared to $100,000 for the same period in 2024, representing a 27% increase[52]. Loan Portfolio - The principal loan balance for 1-4 Family Residential Mortgage increased to $140,853,000 as of March 31, 2025, from $138,936,000 at December 31, 2024, reflecting a growth of 1.31%[42]. - Multi-family Residential loans rose to $45,891,000 as of March 31, 2025, compared to $36,822,000 at December 31, 2024, marking a significant increase of 24.6%[42]. - Commercial Real Estate loans increased to $189,309,000 as of March 31, 2025, up from $184,851,000 at December 31, 2024, which is an increase of 2.48%[42]. - Consumer and Other loans decreased slightly to $57,148,000 as of March 31, 2025, from $58,406,000 at December 31, 2024, a decline of 2.15%[42]. Securities and Investments - As of March 31, 2025, total securities available for sale amounted to $417,251,000 with a fair value of $391,718,000, reflecting a gross unrealized loss of $26,555,000[26]. - The company purchased securities available for sale totaling $30,783,000 during the three months ended March 31, 2025, compared to $27,030,000 in 2024[19]. - The investment in qualified affordable housing projects was $1.5 million as of March 31, 2025, down from $1.6 million at the end of 2024[76]. - The balance of investments in renewable energy tax credits increased significantly to $4.1 million as of March 31, 2025, compared to $401,000 at December 31, 2024[78]. Risk Management and Compliance - The Bank's Community Bank Leverage Ratio (CBLR) was 10.61% as of March 31, 2025, indicating compliance with capital adequacy requirements[148]. - The Company does not engage in high-risk derivative instruments and is not exposed to foreign currency exchange rate risk or commodity price risk[156]. - The Company has not experienced any material changes in risk factors since the last annual report[174]. - There have been no changes in the Company's internal control over financial reporting that materially affect its effectiveness[170].

Financial Performance - First Capital, Inc. reported net income of $3.2 million, or $0.97 per diluted share, for Q1 2025, compared to $3.0 million, or $0.88 per diluted share, for Q1 2024, representing a 6.67% increase in net income year-over-year[2] - Net interest income after provision for credit losses increased by $923,000 to $9.243 million for Q1 2025, compared to $8.320 million for Q1 2024, reflecting a 11.09% growth[3][16] - Noninterest income decreased by $51,000 to $1.848 million in Q1 2025, primarily due to a $55,000 loss on the sale of available-for-sale securities[5][17] - Noninterest expenses increased by $424,000 to $7.181 million in Q1 2025, driven by higher compensation and benefits, and occupancy and equipment expenses[6][17] - The effective tax rate increased to 17.2% for Q1 2025, compared to 14.6% for Q1 2024[7] Interest Income and Margin - Total interest income rose to $13.346 million in Q1 2025, up from $11.837 million in Q1 2024, marking an increase of 12.74%[16] - Net interest income for the three months ended March 31, 2025, was $9,581,000, an increase from $8,600,000 in the same period of 2024, representing a growth of 11.4%[21] - Total interest income on a tax-equivalent basis increased to $13,542,000 in Q1 2025 from $12,038,000 in Q1 2024, reflecting a year-over-year increase of 12.5%[25] - The net interest margin improved to 3.28% in Q1 2025 from 3.07% in Q1 2024, indicating a positive trend in profitability[24] - The interest rate spread increased to 2.85% in Q1 2025, up from 2.67% in Q1 2024, suggesting enhanced earnings from interest-earning assets[21] - The average yield on interest-earning assets on a tax-equivalent basis was 4.63% in Q1 2025, compared to 4.29% in Q1 2024, indicating improved asset performance[25] Asset and Deposit Growth - Total assets grew to $1.21 billion as of March 31, 2025, compared to $1.19 billion at December 31, 2024, reflecting a 1.68% increase[8][17] - Total assets as of March 31, 2025, were $1,198,710,000, compared to $1,148,486,000 as of March 31, 2024, reflecting a growth of 4.4%[21] - Deposits increased by $17.5 million to $1.08 billion from $1.07 billion at the end of 2024[8] - Total deposits increased to $881,635,000 in Q1 2025 from $798,357,000 in Q1 2024, representing a growth of 10.4%[21] Credit Quality - The provision for credit losses increased from $280,000 in Q1 2024 to $338,000 in Q1 2025, due to loan growth and macroeconomic uncertainty[4] - Nonperforming assets decreased from $4.5 million at December 31, 2024, to $4.1 million at March 31, 2025[9] Equity and Leverage - Stockholders' equity increased to $116,409,000 as of March 31, 2025, from $104,985,000 in the same period of 2024, reflecting a growth of 10.4%[21] - The ratio of average interest-earning assets to average interest-bearing liabilities was 132.65% in Q1 2025, slightly down from 134.48% in Q1 2024, indicating a stable leverage position[21] - Average interest-earning assets rose to $1,169,491,000 in Q1 2025, compared to $1,121,160,000 in Q1 2024, marking an increase of 4.3%[24]

Financial Performance - Net income attributable to the Company for 2024 was $11.9 million, or $3.57 per diluted share, a decrease from $12.8 million, or $3.82 per diluted share in 2023 [242]. - Return on average assets for 2024 was 1.02%, down from 1.12% in 2023, and return on average equity decreased to 10.97% from 14.03% [242]. - The efficiency ratio for 2024 was 64.1%, compared to 61.6% in 2023, indicating a decline in operational efficiency [242]. - Total annual shareholder return for 2024 was 19.6%, up from 16.4% in 2023, reflecting an increase in stock price from $27.90 to $32.25 [242]. - Net income attributable to the Company for the year ended December 31, 2024 was $11.9 million, a decrease from $12.8 million in 2023, resulting in diluted earnings per share of $3.57 compared to $3.82 in 2023 [263]. Asset and Deposit Growth - Total assets increased to $1,187.5 million in 2024 from $1,157.9 million in 2023, while total deposits rose to $1,066.4 million from $1,025.2 million [256]. - Total assets increased from $1.16 billion at December 31, 2023 to $1.19 billion at December 31, 2024, primarily due to increases in total cash and cash equivalents and net loans receivable [290]. - Total deposits increased by $41.2 million to $1.07 billion at December 31, 2024, with time deposits rising by $74.3 million [294]. - Cash and cash equivalents rose from $38.7 million at December 31, 2023 to $105.9 million at December 31, 2024, primarily due to inflows from available for sale security proceeds and deposit increases [293]. Interest Income and Expense - Net interest income for 2024 was $35.8 million, an increase from $34.6 million in 2023, driven by higher interest income of $50.5 million [256]. - Net interest income increased by $1.2 million, or 3.5%, from $34.6 million in 2023 to $35.8 million in 2024, driven by an increase in the average tax-equivalent yield on interest-earning assets [264]. - Total interest income rose by $6.9 million in 2024, primarily due to an increase in the tax-equivalent yield on interest-earning assets from 3.96% in 2023 to 4.49% in 2024 [265]. - Total interest expense increased by $5.7 million, from $9.0 million in 2023 to $14.7 million in 2024, due to higher average costs and balances of interest-bearing liabilities [266]. Credit Quality - Nonperforming assets increased to $4.4 million, or 0.37% of total assets, from $1.8 million, or 0.15% of total assets in the previous year [242]. - Provision for credit losses increased from $1.1 million in 2023 to $1.4 million in 2024, attributed to loan growth and an increase in nonperforming assets [267]. - Nonperforming loans rose from $1.8 million at December 31, 2023 to $4.4 million at December 31, 2024, primarily due to the nonaccrual classification of two commercial loan relationships totaling $2.6 million [267]. Operational Strategy - The Company plans to enhance profitability by expanding product offerings and leveraging technology investments to improve efficiency [245]. - Management intends to focus on growth in the loan portfolio and secondary market lending programs in 2025 [245]. - The Company is evaluating growth opportunities through acquisitions to expand its market area and market share [245]. Tax and Regulatory Compliance - The effective tax rate for 2024 was 15.6%, a slight increase from 14.9% in 2023, with income tax expense decreasing by $32,000 [270]. - The Company maintained a CBLR of 10.57% as of December 31, 2024, in compliance with all regulatory capital requirements [301]. Interest Rate Sensitivity - As of December 31, 2024, a 300 basis point increase in interest rates could result in a net interest income increase of $1,314,000 (3.56%) compared to a base case scenario [311]. - The Economic Value of Equity (EVE) at December 31, 2024 would increase by $257,887,000 (10,236) (4.13%) with a 300 basis point increase in interest rates [315]. - The Company expects a decrease in EVE with a sudden and sustained decrease of 100, 200, and 300 basis points in prevailing interest rates as of December 31, 2024 [316]. - The Company utilizes both Net Interest Income at Risk and Economic Value of Equity models to assess interest rate risk exposure [313]. Recent Developments - Recent accounting pronouncements may impact the Company's financial statements, as discussed in Note 1 of the accompanying Notes to Consolidated Financial Statements [318].

Company Information - First Capital, Inc. is the holding company for First Harrison Bank, which will hold its annual meeting of stockholders on May 21, 2025 [1] - First Harrison Bank operates eighteen offices across Indiana and Kentucky, serving communities such as Corydon, New Albany, and Shepherdsville [2] Online Services - Customers can access First Harrison Bank accounts, including online banking and electronic bill payments, through the bank's website [3]

Net Income and Earnings Per Share - Net income for the year ended December 31, 2024 was $11.9 million, compared to $12.8 million in 2023, with diluted earnings per share of $3.57 and $3.82, respectively[1] - Net income for Q4 2024 was $3.3 million, or $0.97 per diluted share, compared to $3.1 million, or $0.93 per diluted share, in Q4 2023[7] - Basic earnings per share increased to $0.97 in 2024 from $0.93 in 2023, while diluted earnings per share remained the same at $0.97 and $0.93 respectively[23] Net Interest Income and Margin - Net interest income after provision for credit losses increased by $894,000 in 2024, driven by a rise in the average tax-equivalent yield on interest-earning assets from 3.96% to 4.49%[2] - Net interest margin increased from 3.11% in Q4 2023 to 3.33% in Q4 2024, driven by higher yields on interest-earning assets[8] - Net interest margin improved to 3.26% in 2024 from 3.03% in 2023[23] - Net interest income (tax equivalent basis) increased to $36,568 thousand in 2024 from $35,530 thousand in 2023[26] - Interest rate spread (tax equivalent basis) decreased to 2.76% in 2024 from 2.85% in 2023[26] - Net interest income grew to $9,408 million, up from $8,548 million in the previous period[31] - Interest rate spread improved to 2.81%, compared to 2.61% in the prior period[31] - Net interest margin increased to 3.26%, up from 3.03%[31] - Average yield on interest-earning assets rose to 4.57%, compared to 4.12%[35] - Interest rate spread on a tax-equivalent basis improved to 2.88%, compared to 2.69%[35] - Net interest margin on a tax-equivalent basis increased to 3.33%, up from 3.11%[35] Provision for Credit Losses - Provision for credit losses increased from $1.1 million in 2023 to $1.4 million in 2024 due to loan growth and macroeconomic uncertainty[3] Noninterest Income and Expenses - Noninterest income increased by $24,000 in 2024, primarily due to gains on the sale of loans and service charges on deposit accounts[4] - Noninterest expenses rose by $1.8 million in 2024, mainly due to increases in professional fees, compensation, and benefits[5] Total Assets and Deposits - Total assets increased from $1.16 billion in 2023 to $1.19 billion in 2024, with deposits growing by $41.2 million to $1.07 billion[13] - Total assets grew to $1,187,523 thousand in 2024 from $1,157,880 thousand in 2023[23] - Gross loans increased to $640,480 thousand in 2024 from $622,414 thousand in 2023[23] - Total deposits rose to $1,066,439 thousand in 2024 from $1,025,211 thousand in 2023[23] - Total deposits increased to $846,996 thousand in 2024 from $789,350 thousand in 2023[30] Nonperforming Assets - Nonperforming assets increased from $1.8 million in 2023 to $4.5 million in 2024, largely due to the nonaccrual classification of two commercial loan relationships totaling $2.6 million[13] Income Tax Expense - Income tax expense for Q4 2024 increased by $206,000, resulting in an effective tax rate of 17.3%, up from 13.3% in Q4 2023[12] Return on Equity - Return on average equity (annualized) decreased to 11.33% in 2024 from 13.67% in 2023[23] Interest-Bearing Liabilities and Advances - BTFP Advances increased to $12,621 million, up 4.88% from the previous period[31] - Total interest-bearing liabilities rose to $859,617 million, a 1.76% increase[31] Total Interest Income and Costs - Total interest income reached $13,192 million, up from $11,639 million[35] - Average cost of interest-bearing liabilities increased to 1.76%, up from 1.51%[35] Total Interest Earning Assets - Total interest earning assets grew to $1,153,409 thousand in 2024 from $1,129,160 thousand in 2023[30]

Financial Performance - Net income for the year ended December 31, 2024 was $11.9 million, or $3.57 per diluted share, compared to $12.8 million, or $3.82 per diluted share, for the year ended December 31, 2023 [1] - Net interest income after provision for credit losses increased by $894,000 for the year ended December 31, 2024 compared to the same period in 2023 [2] - Interest income increased by $6.9 million due to an increase in the average tax-equivalent yield on interest-earning assets from 3.96% in 2023 to 4.49% in 2024 [2] - Interest expense increased by $5.7 million as the average cost of interest-bearing liabilities rose from 1.11% in 2023 to 1.73% in 2024 [2] - The tax-equivalent net interest margin increased from 3.16% in 2023 to 3.20% in 2024 [2] Credit Losses and Noninterest Income - Provision for credit losses increased from $1.1 million in 2023 to $1.4 million in 2024 due to loan growth, increased nonperforming assets, and macroeconomic uncertainty [3] - Net charge-offs decreased from $469,000 in 2023 to $173,000 in 2024 [3] - Noninterest income increased by $24,000 in 2024, driven by gains on the sale of loans and service charges on deposit accounts, partially offset by higher losses on equity securities [4] Noninterest Expenses and Taxes - Noninterest expenses increased by $1.8 million in 2024, primarily due to higher professional fees, compensation and benefits, and other expenses [5] - Income tax expense decreased by $32,000 in 2024, resulting in an effective tax rate of 15.6% compared to 14.9% in 2023 [6] Quarterly Performance - Net income for the quarter ended December 31, 2024 was $3.3 million, or $0.97 per diluted share, compared to $3.1 million, or $0.93 per diluted share, for the same period in 2023 [7] - Net interest income after provision for credit losses increased by $822,000 in Q4 2024 compared to Q4 2023 [8] - Interest income increased by $1.6 million in Q4 2024 due to a higher average tax-equivalent yield on interest-earning assets [8] - Interest expense increased by $693,000 in Q4 2024 due to a higher average cost of interest-bearing liabilities [8] - The tax-equivalent net interest margin increased from 3.11% in Q4 2023 to 3.33% in Q4 2024 [9] Credit Losses and Noninterest Income (Quarterly) - Provision for credit losses increased from $308,000 in Q4 2023 to $346,000 in Q4 2024 [10] - Net charge-offs decreased from $89,000 in Q4 2023 to $24,000 in Q4 2024 [10] - Noninterest income increased by $103,000 in Q4 2024, driven by gains on the sale of loans and service charges on deposit accounts [11] Noninterest Expenses and Taxes (Quarterly) - Noninterest expenses increased by $567,000 in Q4 2024, primarily due to higher professional fees, compensation and benefits, and occupancy and equipment expenses [12] - Income tax expenses increased by $206,000 in Q4 2024, resulting in an effective tax rate of 17.3% compared to 13.3% in Q4 2023 [13] Financial Condition - Total assets increased from $1.16 billion at December 31, 2023 to $1.19 billion at December 31, 2024 [14] - Total cash and cash equivalents increased by $67.2 million, while net loans receivable increased by $16.8 million [14] - Securities available for sale decreased by $48.0 million, and deposits increased by $41.2 million [14] - Nonperforming assets increased from $1.8 million at December 31, 2023 to $4.5 million at December 31, 2024 [14] Operational Highlights - The Bank operates 18 offices across Indiana and Kentucky [15] - Online banking and electronic bill payments are available through the Bank's website [16] Financial Metrics - Return on average assets (annualized) was 1.10% for Q4 2024 compared to 1.09% for Q4 2023 [25] - Return on average equity (annualized) was 11.33% for Q4 2024 compared to 13.67% for Q4 2023 [25] - Net interest margin (tax-equivalent basis) was 3.33% for Q4 2024 compared to 3.11% for Q4 2023 [25] - Allowance for credit losses as a percent of gross loans was 1.45% at December 31, 2024 compared to 1.29% at December 31, 2023 [25]

Equity and Capital - Total stockholders' equity increased from $105.2 million at December 31, 2023 to $116.8 million at September 30, 2024, driven by a $5.9 million increase in retained net income and a $5.5 million net unrealized gain on available-for-sale securities[151] - The Bank's Community Bank Leverage Ratio (CBLR) was 10.24% as of September 30, 2024, compared to 9.92% as of December 31, 2023, and the Bank was considered "well-capitalized" under regulatory guidelines[173] Net Income and Earnings - Net income for Q3 2024 was $2.9 million ($0.87 per diluted share), compared to $3.1 million ($0.94 per diluted share) in Q3 2023[151] - Net income for the nine months ended September 30, 2024, was $8.7 million ($2.59 per diluted share), compared to $9.7 million ($2.89 per diluted share) for the same period in 2023[161] Interest Income and Expense - Net interest income after provision for credit losses increased by $415,000 in Q3 2024 compared to Q3 2023[152] - Total interest income increased by $2.0 million in Q3 2024, driven by a rise in the average yield on interest-earning assets from 3.96% to 4.53% and an increase in the average balance of interest-earning assets from $1.13 billion to $1.17 billion[153] - Total interest expense increased by $1.5 million in Q3 2024 due to a rise in the average cost of interest-bearing liabilities from 1.30% to 1.87% and an increase in the average balance of interest-bearing liabilities from $813.2 million to $875.8 million[154] - Net interest margin increased from 3.02% in Q3 2023 to 3.12% in Q3 2024[155] Credit Losses and Noninterest Income - Provision for credit losses increased from $290,000 in Q3 2023 to $463,000 in Q3 2024, driven by loan growth, increased nonperforming assets, and macroeconomic uncertainty[156] - Noninterest income decreased by $147,000 in Q3 2024, primarily due to a $196,000 loss on equity securities compared to a $131,000 loss in Q3 2023[157] Interest Rate Sensitivity and Risk Management - The company uses a Net Interest Income at Risk simulation to model interest rate sensitivity, quantifying the impact of changing interest rates on projected net interest income over a one-year horizon[179] - The Economic Value of Equity (EVE) interest rate sensitivity analysis is used to evaluate the impact of interest rate risk on earnings and capital, measuring changes in net EVE for cash flows from assets, liabilities, and off-balance sheet items[182] - A 300 basis point increase in interest rates would result in a $19.668 million decrease in EVE, representing a 9.33% decline[185] - A 200 basis point increase in interest rates would result in a $6.134 million decrease in EVE, representing a 2.91% decline[185] - A 100 basis point increase in interest rates would result in a $666,000 increase in EVE, representing a 0.32% gain[185] - A 100 basis point decrease in interest rates would result in a $1.569 million decrease in EVE, representing a 0.74% decline[185] - A 200 basis point decrease in interest rates would result in a $6.134 million decrease in EVE, representing a 2.91% decline[185] - A 300 basis point decrease in interest rates would result in a $19.668 million decrease in EVE, representing a 9.33% decline[185] - The company adjusted deposit rate betas, interest rate spreads, and rate index ties in its scenarios to better reflect the current interest rate environment and increased competitive pressure for deposits[185] Internal Controls - There have been no material changes to the company's internal control over financial reporting during the quarter ended September 30, 2024[189]

Net Income and Earnings Per Share - Net income for Q3 2024 was $2.9 million, or $0.87 per diluted share, compared to $3.1 million, or $0.94 per diluted share, in Q3 2023[1] - For the nine months ended September 30, 2024, net income was $8.7 million, or $2.59 per diluted share, compared to $9.7 million, or $2.89 per diluted share, in the same period in 2023[7] - Net income attributable to First Capital, Inc. for the nine months ended September 30, 2024, was $8,678, compared to $9,680 for the same period in 2023[17] - Basic net income per share for the nine months ended September 30, 2024, was $2.59, compared to $2.89 for the same period in 2023[18] Net Interest Income and Margin - Net interest income after provision for credit losses increased by $415,000 in Q3 2024 compared to Q3 2023, driven by a rise in the average yield on interest-earning assets from 3.96% to 4.53%[2] - The average balance of interest-earning assets increased from $1.13 billion in Q3 2023 to $1.17 billion in Q3 2024, with loans yielding 6.09% compared to 5.74% in the same period last year[2] - Net interest margin decreased slightly from 3.10% for the nine months ended September 30, 2023, to 3.09% for the same period in 2024[8] - Net interest margin for the nine months ended September 30, 2024, was 3.09%, compared to 3.10% for the same period in 2023[19] Provision for Credit Losses and Loan Performance - Provision for credit losses increased from $290,000 in Q3 2023 to $463,000 in Q3 2024 due to loan growth and macroeconomic uncertainty[3] - Nonperforming assets increased from $1.8 million at December 31, 2023, to $4.5 million at September 30, 2024, primarily due to the nonaccrual classification of two commercial loan relationships totaling $2.6 million[12] - Gross loans as of September 30, 2024, were $639,566, compared to $622,414 as of December 31, 2023[21] - Allowance for credit losses as a percent of gross loans was 1.40% as of September 30, 2024, compared to 1.29% as of December 31, 2023[21] Noninterest Income and Expenses - Noninterest income decreased by $147,000 in Q3 2024, primarily due to a $196,000 loss on equity securities compared to a $131,000 loss in Q3 2023[4] - Noninterest expenses increased by $543,000 in Q3 2024, driven by higher professional fees ($213,000) and compensation and benefits ($160,000)[5] - Net overhead expense as a percentage of average assets (annualized) for the nine months ended September 30, 2024, was 2.38%, compared to 2.28% for the same period in 2023[19] Asset and Liability Management - Total assets increased from $1.16 billion at December 31, 2023, to $1.19 billion at September 30, 2024, with net loans receivable and cash equivalents rising by $16.2 million and $51.3 million, respectively[12] - Total assets as of September 30, 2024, were $1,189,295, compared to $1,157,880 as of December 31, 2023[21] - Community Bank Leverage Ratio (CBLR) as of September 30, 2024, was 10.25%, compared to 9.92% as of December 31, 2023[22] Return on Equity and Dividends - Return on average equity (annualized) for the nine months ended September 30, 2024, was 10.84%, compared to 14.14% for the same period in 2023[19] - Cash dividends per share for the nine months ended September 30, 2024, were $0.83, compared to $0.81 for the same period in 2023[19]

Dividend Announcement - First Capital Inc declared a quarterly cash dividend of $0 29 per share of common stock, representing a 7 4% increase from the previous dividend of $0 27 per share [1] - The increased dividend is attributed to the company's continued profitability and commitment to returning capital to shareholders [2] Company Overview - First Capital Inc is the holding company for First Harrison Bank, which operates 18 offices across Indiana and Kentucky communities [2] - First Harrison Bank offers online banking and electronic bill payments accessible through its website [2] Contact Information - Joshua Stevens, Chief Financial Officer, can be contacted at 812-738-1570 for further information [3]

Total Assets and Liabilities - Total assets increased to $1,163.6 million as of June 30, 2024, compared to $1,157.9 million as of December 31, 2023[4] - Total deposits decreased to $1,014.2 million as of June 30, 2024, from $1,025.2 million as of December 31, 2023[4] - Loans, net of allowance for credit losses, increased to $630.0 million as of June 30, 2024, from $614.4 million as of December 31, 2023[4] - Securities available for sale decreased to $414.3 million as of June 30, 2024, from $437.3 million as of December 31, 2023[4] - Borrowed funds under the Bank Term Funding Program (BTFP) increased to $33.6 million as of June 30, 2024, from $21.5 million as of December 31, 2023[4] - Retained earnings increased to $101.1 million as of June 30, 2024, from $97.1 million as of December 31, 2023[4] - Total equity increased to $107.9 million as of June 30, 2024, from $105.3 million as of December 31, 2023[4] - Cash and cash equivalents increased to $50.6 million as of June 30, 2024, from $38.7 million as of December 31, 2023[4] - Interest-bearing deposits with banks decreased to $1.7 million as of June 30, 2024, from $3.2 million as of December 31, 2023[4] - Federal funds sold increased to $25.9 million as of June 30, 2024, from $15.5 million as of December 31, 2023[4] - Total assets remained at $1.16 billion at June 30, 2024, with a $5.7 million increase from December 31, 2023[126] - Net loans receivable increased by $15.6 million to $630.0 million at June 30, 2024, driven by increases in commercial real estate, construction, and residential mortgage loans[126] - Cash and cash equivalents increased from $38.7 million to $50.6 million at June 30, 2024, supported by maturities of available-for-sale securities and increased borrowings[127] - Securities available for sale decreased by $23.0 million to $414.3 million at June 30, 2024, with $19.2 million in sales and an unrealized loss of $1.9 million due to rising interest rates[128] - Total deposits decreased by $20 million to $1.01 billion at June 30, 2024, with time deposits increasing by $28.1 million while other deposit categories declined[129] Income and Expenses - Total interest income for the six months ended June 30, 2024, was $24.055 million, compared to $20.787 million in the same period in 2023, representing a 15.7% increase[5] - Net interest income for the six months ended June 30, 2024, was $17.257 million, slightly lower than $17.503 million in the same period in 2023, a decrease of 1.4%[5] - Net income attributable to First Capital, Inc. for the six months ended June 30, 2024, was $5.780 million, down from $6.542 million in the same period in 2023, a decline of 11.6%[5] - Earnings per common share (diluted) for the six months ended June 30, 2024, were $1.73, compared to $1.95 in the same period in 2023, a decrease of 11.3%[5] - Total noninterest income for the six months ended June 30, 2024, was $3.922 million, up from $3.854 million in the same period in 2023, a 1.8% increase[5] - Total noninterest expense for the six months ended June 30, 2024, was $13.757 million, compared to $13.067 million in the same period in 2023, a 5.3% increase[5] - Comprehensive income attributable to First Capital, Inc. for the six months ended June 30, 2024, was $4.214 million, down from $9.786 million in the same period in 2023, a 56.9% decrease[6] - Unrealized losses on securities available for sale for the six months ended June 30, 2024, were $1.878 million, compared to unrealized gains of $4.216 million in the same period in 2023[6] - Provision for credit losses for the six months ended June 30, 2024, was $640 thousand, up from $543 thousand in the same period in 2023, an 18.0% increase[5] - Dividends per share for the six months ended June 30, 2024, remained unchanged at $0.54 compared to the same period in 2023[5] - Net income for Q2 2024 was $2.832 million, compared to $2.730 million in Q2 2023[8] - Net income attributable to First Capital, Inc. for the three months ended June 30, 2024 was $2.828 million, compared to $2.726 million in the same period in 2023, representing a 3.7% increase[91] - Net income attributable to First Capital, Inc. for the six months ended June 30, 2024 was $5.780 million, compared to $6.542 million in the same period in 2023, representing an 11.6% decrease[91] - Basic earnings per share for the three months ended June 30, 2024 was $0.85, compared to $0.82 in the same period in 2023, representing a 3.7% increase[91] - Basic earnings per share for the six months ended June 30, 2024 was $1.73, compared to $1.95 in the same period in 2023, representing an 11.3% decrease[91] - Compensation expense related to restricted stock for the three months ended June 30, 2024 was $56,000, compared to $61,000 in the same period in 2023, representing an 8.2% decrease[95] - Compensation expense related to restricted stock for the six months ended June 30, 2024 was $134,000, compared to $145,000 in the same period in 2023, representing a 7.6% decrease[95] - Total income tax benefit related to stock-based compensation for the three months ended June 30, 2024 was $9,000, compared to $14,000 in the same period in 2023, representing a 35.7% decrease[95] - Total income tax benefit related to stock-based compensation for the six months ended June 30, 2024 was $27,000, compared to $34,000 in the same period in 2023, representing a 20.6% decrease[95] - Cash payments for interest for the six months ended June 30, 2024 were $5.655 million, compared to $2.701 million in the same period in 2023, representing a 109.3% increase[99] - Revenue from contracts with customers was $1,759 thousand for the three months ended June 30, 2024, slightly down from $1,769 thousand in the same period of 2023[115] - Total noninterest income increased to $2,023 thousand for the three months ended June 30, 2024, up from $1,863 thousand in the same period of 2023[115] - Service charges on deposit accounts generated $564 thousand in revenue for the three months ended June 30, 2024, down from $578 thousand in the same period of 2023[115] - ATM and debit card fees increased to $1,150 thousand for the three months ended June 30, 2024, up from $1,141 thousand in the same period of 2023[115] - Investment advisory income decreased to $12 thousand for the three months ended June 30, 2024, down from $19 thousand in the same period of 2023[115] - Net income attributable to the company was $2.8 million ($0.85 per diluted share) for Q2 2024, up from $2.7 million ($0.82 per diluted share) in Q2 2023[132] - Total interest income increased by $1.6 million in Q2 2024, driven by a rise in the average tax-equivalent yield on interest-earning assets to 4.42%[133] - Total interest expense increased by $1.3 million in Q2 2024 due to a higher average cost of interest-bearing liabilities at 1.71% and increased borrowing balances[134] - Noninterest income increased by $160,000 in Q2 2024, primarily due to higher gains on loan sales and reduced losses on equity securities[136] - The company's effective tax rate for Q2 2024 was 14.7%, up from 13.6% in Q2 2023, due to the recognition of tax credit benefits in 2023[138] Loans and Credit Losses - Principal loan balance increased to $637.5 million at June 30, 2024, up from $621.2 million at December 31, 2023[39] - Allowance for credit losses on loans increased to $8.6 million at June 30, 2024, up from $8.0 million at December 31, 2023[39] - 1-4 Family Residential Mortgage loans increased to $137.2 million at June 30, 2024, up from $133.5 million at December 31, 2023[39] - Commercial Real Estate loans increased to $177.5 million at June 30, 2024, up from $168.8 million at December 31, 2023[39] - Total loans amounted to $622.414 million, with the largest segment being 1-4 Family Residential Mortgage at $133.601 million[51] - The Allowance for Credit Losses (ACL) on loans increased to $8.560 million as of June 30, 2024, up from $8.230 million at the beginning of the quarter[52] - Provision for credit losses for the three months ended June 30, 2024, was $360 thousand, with the largest provision in Commercial Business at $617 thousand[52] - Charge-offs for the three months ended June 30, 2024, totaled $85 thousand, primarily driven by Consumer Other at $82 thousand[52] - Recoveries for the three months ended June 30, 2024, were $55 thousand, with the highest recovery in 1-4 Family Residential Mortgage at $13 thousand[52] - The ACL on loans for the six months ended June 30, 2024, increased by $555 thousand, reaching $8.560 million[55] - Provision for credit losses for the six months ended June 30, 2024, was $640 thousand, with the largest provision in Commercial Business at $488 thousand[55] - Charge-offs for the six months ended June 30, 2024, totaled $185 thousand, primarily driven by Consumer Other at $181 thousand[55] - Recoveries for the six months ended June 30, 2024, were $100 thousand, with the highest recovery in Consumer Other at $80 thousand[55] - The Company uses a combination of Open Pool/Snapshot and Weighted Average Remaining Maturity (WARM) methods to estimate expected future credit losses[57] - Collateral dependent loans as of June 30, 2024, totaled $7.112 million, with an ACL allocation of $901 thousand[61] - Nonperforming loans as of June 30, 2024, amounted to $4.122 million, including $3.738 million in nonaccrual loans and $384 thousand in loans past due 90+ days[63] - Total loans at June 30, 2024, were $638.584 million, with $5.075 million past due and $633.509 million current[65] - Nonperforming loans as of December 31, 2023, were $1.751 million, including $1.628 million in nonaccrual loans with no ACL and $123 thousand with ACL[64] - Total loans at December 31, 2023, were $622.414 million, with $4.790 million past due and $617.624 million current[66] - 1-4 Family Residential Mortgage loans past due 30-59 days increased from $2.104 million in December 2023 to $1.293 million in June 2024[66][65] - Home Equity and Second Mortgage loans past due 30-59 days increased from $396 thousand in December 2023 to $586 thousand in June 2024[66][65] - Commercial Real Estate loans past due 60-89 days increased from $0 in December 2023 to $718 thousand in June 2024[66][65] - Consumer and Other loans past due 30-59 days decreased from $302 thousand in December 2023 to $296 thousand in June 2024[66][65] - No interest income was recognized on nonaccrual loans during the three and six months ended June 30, 2024 and 2023[65] - Modified Commercial Business loans with an amortized cost basis of $2.0 million, approximately 3% of all Commercial Business loans, for borrowers experiencing financial distress[68] - No principal forgiven, no payments delayed, and no interest rates reduced for the modified loans[68] - Modified loans extended by three months with an interest-only payment period, totaling six months of interest-only payments for the six months ended June 30, 2024[68] - No modified loans were delinquent as of June 30, 2024[68] - Total loans categorized as "Pass" for 1-4 Family Residential Mortgage amounted to $135.413 million as of June 30, 2024[71] - Loans classified as "Doubtful" for 1-4 Family Residential Mortgage totaled $1.066 million as of June 30, 2024[71] - Current period gross write-offs for 1-4 Family Residential Mortgage were $4,000 as of June 30, 2024[71] - Total loans categorized as "Pass" for Multifamily Residential amounted to $37.207 million as of June 30, 2024[72] - No loans classified as "Special Mention," "Substandard," or "Doubtful" for Multifamily Residential as of June 30, 2024[72] - No current period gross write-offs for Multifamily Residential as of June 30, 2024[72] - Total loans as of June 30, 2024, amounted to $638.584 million, with pass loans contributing $624.419 million[74] - Commercial Real Estate loans totaled $177.347 million, with pass loans making up $169.063 million[73] - Consumer and Other loans reached $59.694 million, with pass loans accounting for $59.601 million[74] - Commercial Business loans stood at $64.685 million, with pass loans comprising $61.850 million[73] - Construction loans totaled $14.400 million, with pass loans contributing $14.313 million[73] - Other Construction, Development, and Land loans amounted to $83.261 million, with pass loans making up $83.159 million[73] - Current period gross write-offs for Consumer and Other loans were $181 thousand[74] - Special Mention loans across all categories totaled $6.960 million[74] - Substandard loans across all categories amounted to $3.467 million[74] - Doubtful loans across all categories totaled $3.738 million[74] - Total loans for 1-4 Family Residential Mortgage increased to $133.6 million in 2023 from $131.8 million in 2022[75] - Pass category loans for Multifamily Residential totaled $39.9 million in 2023, with no significant changes in Special Mention, Substandard, or Doubtful categories[76] - Other Construction, Development, and Land loans in the Pass category reached $76.6 million in 2023, with minimal changes in Special Mention and Doubtful categories[77] - Commercial Real Estate loans in the Pass category grew to $163.5 million in 2023, with Special Mention loans at $4.0 million and Substandard loans at $1.1 million[78] - Commercial Business loans in the Pass category totaled $65.4 million in 2023, with Special Mention loans at $2.8 million and Substandard loans at $38,000[78] - Consumer and Other loans in the Pass category amounted to $56.3 million in 2023, with Substandard loans at $90,000[78] - Total Pass category loans across all segments reached $611.8 million in 2023, with Special Mention loans at $7.1 million and Substandard loans at $1.8 million[78] - Doubtful loans across all segments remained minimal, with the highest amount in Commercial Real Estate at $0[78] - Revolving loans for Commercial Real Estate increased to $2.3 million in 2023, compared to $1.8 million in 2022[78] - Total loans across all categories reached $622.4 million in 2023, reflecting a slight increase from previous years[78] - The company had no foreclosed real estate at June 30, 2024, and no loans secured by residential real estate properties with formal foreclosure proceedings initiated, compared to $1,000 in such loans at December 31, 2023[79] - The ACL for off-balance-sheet credit exposures remained unchanged at $131,000 at both June 30, 2024, and December 31, 2023[80] - The company recognized provisions for credit losses on collateral dependent loans of $852,000 for the three months ended June 30, 2024[110] - Provisions for credit losses on collateral dependent loans for the six months ended June 30, 2024, were $841,000, compared to $40,000 for the same period in 2023[110] - The fair value of collateral dependent loans is determined using a 20% discount from appraised value to account for market conditions, collateral condition,