First Capital(FCAP) - 2024 Q4 - Annual Results

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]