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].
First Capital(FCAP) - 2025 Q1 - Quarterly Report