First Capital(US:FCAP)2025-11-14 21:32Financial Performance - Net income for the three months ended September 30, 2025, was $4,481,000, a 54.7% increase compared to $2,901,000 for the same period in 2024[9]. - Earnings per common share attributable to First Capital, Inc. increased to $1.34 for the three months ended September 30, 2025, compared to $0.87 in 2024, reflecting a growth of 54.0%[9]. - Comprehensive income attributable to First Capital, Inc. for the nine months ended September 30, 2025, was $20,809,000, up from $14,210,000 in 2024, reflecting a 46.5% increase[12]. - For the nine months ended September 30, 2025, net income attributable to First Capital, Inc. was $11,488,000, compared to $8,678,000 in 2024, indicating a 32.5% increase[84]. - Net income attributable to the Company was $4.5 million ($1.34 per diluted share) for the three months ended September 30, 2025, compared to $2.9 million ($0.87 per diluted share) for the same period in 2024[127]. Asset and Liability Management - Total assets increased to $1,235,477,000 as of September 30, 2025, up from $1,187,523,000 at the end of 2024, representing a growth of 4.0%[7]. - Total liabilities increased to $1,102,928,000 as of September 30, 2025, compared to $1,072,812,000 at the end of 2024, representing a growth of 2.8%[7]. - Total deposits reached $1,094,733,000 as of September 30, 2025, an increase of 2.5% from $1,066,439,000 at the end of 2024[7]. - Cash and cash equivalents increased from $105.9 million at December 31, 2024, to $112.2 million at September 30, 2025, primarily due to net deposit inflows[121]. Income and Expense Analysis - Total interest income rose to $14,658,000 for the three months ended September 30, 2025, up 10.9% from $13,224,000 in the prior year[9]. - Noninterest income increased to $2,306,000 for the three months ended September 30, 2025, compared to $1,800,000 in 2024, marking a growth of 28.1%[9]. - Noninterest expenses increased by $540,000 for the quarter ended September 30, 2025, primarily due to increases in occupancy and equipment and compensation and benefits expenses[133]. - Cash payments for interest for the nine months ended September 30, 2025, totaled $10,899,000, an increase from $9,604,000 in 2024, representing a 13.4% increase[93]. Credit Quality and Loan Performance - The provision for credit losses was $150,000 for the three months ended September 30, 2025, down from $463,000 in the same period of 2024, indicating improved credit quality[9]. - The allowance for credit losses increased to $9,861,000 from $9,281,000, indicating a rise of 6.24%[40]. - Nonperforming loans totaled $3,866 million as of September 30, 2025, consisting of $2,006 million in nonaccrual loans and $1,860 million in loans 90 days or more past due[60]. - The total for Special Mention loans across all categories is $667,000, indicating potential risk[67]. - The company continues to assess risks associated with various loan segments, including economic conditions and property values, which may impact repayment[40][41][42][43][44][45][46][47][48]. Securities and Investments - Total securities available for sale amounted to $439.2 million, with a fair value of $421.6 million, reflecting a gross unrealized loss of $19.8 million[24]. - The company’s investment in equity securities had a fair value of $1.0 million as of September 30, 2025, up from $887,000 at December 31, 2024[38]. - Securities available for sale increased by $32.4 million from $389.2 million at December 31, 2024, to $421.6 million at September 30, 2025[122]. Capital Management - The Bank's CBLR was 10.82% as of September 30, 2025, indicating compliance with capital adequacy requirements[152]. - The Company has a borrowing capacity limit of $50.2 million with the FHLB based on pledged collateral as of September 30, 2025[79]. - The Company purchased a total of 1,443 shares at an average price of $43.55 during the reporting period, with a remaining repurchase authorization of 113,236 shares[176]. Risk Management - The Company aims for long-term profitability while managing interest rate exposure through strategies like shortening asset maturities and relying on retail deposits[158]. - Management monitors the differences between estimated and actual incurred loan losses to evaluate the effectiveness of the estimation process[57]. - The Company has not engaged in trading accounts or high-risk derivatives, thus avoiding foreign currency exchange rate risk and commodity price risk[159]. Corporate Governance - The report is signed by Michael C. Frederick, President and CEO, and Joshua P. Stevens, Executive Vice President, CFO and Treasurer[184]. - Management has effective disclosure controls and procedures in place, ensuring timely and accurate reporting[170].