First Capital(FCAP) - 2021 Q3 - Quarterly Report

Part I - Financial Information This section presents the Company's unaudited consolidated financial statements and management's discussion and analysis of financial condition and results of operations Item 1. Consolidated Financial Statements This section presents First Capital, Inc.'s unaudited consolidated financial statements, including balance sheets, income statements, and cash flow statements, with detailed accounting notes Consolidated Balance Sheets This section provides a snapshot of the Company's financial position, detailing assets, liabilities, and equity at specific points in time Consolidated Balance Sheet Highlights (thousands) | Metric | September 30, 2021 | December 31, 2020 | Change (%) | | :-------------------------------- | :------------------- | :------------------ | :--------- | | Total Assets | $1,122,757 | $1,017,551 | 10.3% | | Total Deposits | $1,002,294 | $900,461 | 11.3% | | Total Equity | $114,462 | $110,751 | 3.3% | | Loans, net | $485,505 | $500,331 | -3.0% | | Securities available for sale, at fair value | $418,934 | $283,502 | 47.8% | Consolidated Statements of Income This section outlines the Company's financial performance over periods, detailing revenues, expenses, and net income Net Income and EPS Attributable to First Capital, Inc. (thousands, except per share data) | Metric | 3 Months Ended Sep 30, 2021 | 3 Months Ended Sep 30, 2020 | YoY Change (%) | 9 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2020 | YoY Change (%) | | :--------------------------------------- | :-------------------------- | :-------------------------- | :------------- | :-------------------------- | :-------------------------- | :------------- | | Net Income Attributable to First Capital, Inc. | $2,936 | $2,746 | 6.9% | $8,605 | $7,278 | 18.2% | | Basic EPS | $0.88 | $0.82 | 7.3% | $2.57 | $2.18 | 17.9% | | Diluted EPS | $0.88 | $0.82 | 7.3% | $2.57 | $2.17 | 18.4% | Key Income Statement Items (thousands) | Metric | 3 Months Ended Sep 30, 2021 | 3 Months Ended Sep 30, 2020 | YoY Change (%) | 9 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2020 | YoY Change (%) | | :--------------------------------------- | :-------------------------- | :-------------------------- | :------------- | :-------------------------- | :-------------------------- | :------------- | | Total Interest Income | $7,745 | $7,240 | 7.0% | $22,170 | $22,288 | -0.5% | | Total Interest Expense | $278 | $371 | -25.1% | $855 | $1,243 | -31.2% | | Net Interest Income | $7,467 | $6,869 | 8.7% | $21,315 | $21,045 | 1.3% | | Provision for Loan Losses | $0 | $400 | -100.0% | $75 | $1,576 | -95.2% | | Total Noninterest Income | $2,270 | $2,616 | -13.3% | $7,260 | $6,392 | 13.6% | | Total Noninterest Expense | $6,202 | $5,923 | 4.7% | $18,174 | $17,366 | 4.7% | | Income Tax Expense | $596 | $413 | 44.3% | $1,711 | $1,207 | 41.8% | Consolidated Statements of Comprehensive Income This section presents the Company's comprehensive income, including net income and other comprehensive income items Comprehensive Income Attributable to First Capital, Inc. (thousands) | Metric | 3 Months Ended Sep 30, 2021 | 3 Months Ended Sep 30, 2020 | YoY Change (%) | 9 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2020 | YoY Change (%) | | :--------------------------------------- | :-------------------------- | :-------------------------- | :------------- | :-------------------------- | :-------------------------- | :------------- | | Net Income | $2,939 | $2,749 | 6.9% | $8,615 | $7,288 | 18.2% | | Unrealized holding gains (losses) on securities available for sale, net of tax | $(193) | $215 | -189.8% | $(2,517) | $4,158 | -160.5% | | Comprehensive Income Attributable to First Capital, Inc. | $2,743 | $2,961 | -7.3% | $6,082 | $11,436 | -46.8% | Consolidated Statements of Changes in Stockholders' Equity This section details changes in the Company's equity accounts, reflecting net income, dividends, and other comprehensive income Changes in Stockholders' Equity (thousands) | Item | Balances at Jan 1, 2021 | Net Income | Other Comprehensive Loss | Cash Dividends | Stock Compensation Expense | Purchase of Treasury Shares | Balances at Sep 30, 2021 | | :-------------------------- | :---------------------- | :--------- | :----------------------- | :------------- | :------------------------- | :-------------------------- | :----------------------- | | Common Stock | $38 | - | - | - | - | - | $38 | | Additional Paid-in Capital | $41,684 | - | - | - | - | - | $41,684 | | Retained Earnings | $72,155 | $8,605 | - | $(2,632) | - | - | $78,128 | | Accumulated Other Comprehensive Income | $6,822 | - | $(2,523) | - | - | - | $4,299 | | Unearned Stock Compensation | $(1,520) | - | - | - | $359 | - | $(1,161) | | Treasury Stock | $(8,540) | - | - | - | - | $(94) | $(8,634) | | Noncontrolling Interest | $112 | $10 | - | $(14) | - | - | $108 | | Total Equity | $110,751 | $8,615 | $(2,523) | $(2,646) | $359 | $(94) | $114,462 | Consolidated Statements of Cash Flows This section reports the Company's cash inflows and outflows from operating, investing, and financing activities Consolidated Statements of Cash Flows (thousands) | Cash Flow Activity | 9 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2020 | YoY Change (%) | | :--------------------------------------- | :-------------------------- | :-------------------------- | :------------- | | Net Cash Provided By Operating Activities | $15,701 | $9,151 | 71.6% | | Net Cash Used In Investing Activities | $(126,382) | $(34,929) | 261.8% | | Net Cash Provided By Financing Activities | $99,093 | $108,629 | -8.7% | | Net Increase (Decrease) in Cash and Cash Equivalents | $(11,588) | $82,851 | -114.0% | | Cash and Cash Equivalents at End of Period | $164,300 | $134,211 | 22.4% | Notes to Consolidated Financial Statements This section provides detailed explanations of the accounting policies and specific financial items presented in the consolidated financial statements 1. Presentation of Interim Information This note describes the Company's structure, the basis of interim financial statement preparation, and the impact of COVID-19 - First Capital, Inc. is the financial holding company for First Harrison Bank and its wholly-owned subsidiaries, including First Harrison Investments, Inc., First Harrison Holdings, Inc., First Harrison, LLC, First Harrison REIT, Inc., FHB Risk Mitigation Services, Inc., and Heritage Hill, LLC[22] - The unaudited consolidated financial statements include all necessary normal, recurring adjustments and are prepared in accordance with U.S. GAAP for interim financial statements[23][24] - The COVID-19 pandemic led to significant declines in market interest rates in 2020, which may adversely affect the Company's future financial condition and results of operations. Estimates in financial statements could be materially impacted[29] - Regulatory guidance and the CARES Act allowed short-term COVID-19 related loan modifications (e.g., six months) not to be classified as troubled debt restructurings (TDRs) if loans were current, with relief extended to January 1, 2022[30] - The Bank originated approximately $62.4 million in Paycheck Protection Program (PPP) loans, including $16.5 million in second-draw loans in 2021. As of October 19, 2021, $49.7 million of PPP loans had been paid off by the SBA[31] PPP Fees Recognized in Interest Income (thousands) | Period | PPP Fees Recognized | | :-------------------------- | :------------------ | | 3 months ended Sep 30, 2021 | $784 | | 3 months ended Sep 30, 2020 | $204 | | 9 months ended Sep 30, 2021 | $1,700 | | 9 months ended Sep 30, 2020 | $358 | 2. Investment Securities This note details the Company's investment securities portfolio, including available-for-sale and held-to-maturity categories, and associated unrealized gains or losses Investment Securities Available for Sale (Fair Value, thousands) | Category | September 30, 2021 | December 31, 2020 | | :---------------------------- | :------------------- | :------------------ | | Agency mortgage-backed securities | $96,953 | $61,359 | | Agency CMO | $9,562 | $21,030 | | Agency notes and bonds | $124,845 | $81,531 | | Treasury notes and bonds | $40,528 | N/A | | Municipal obligations | $147,046 | $119,582 | | Total | $418,934 | $283,502 | Investment Securities Held to Maturity (Fair Value, thousands) | Category | September 30, 2021 | December 31, 2020 | | :-------------- | :------------------- | :------------------ | | Corporate notes | $2,037 | N/A | | Total | $2,037 | N/A | Gross Unrealized Losses on Securities Available for Sale (thousands) | Period | Gross Unrealized Losses | | :----- | :---------------------- | | Sep 30, 2021 | $1,427 | | Dec 31, 2020 | $37 | - At September 30, 2021, U.S. government agency debt securities, Treasury notes and bonds, and municipal obligations in a loss position had depreciated approximately 0.7% from amortized cost, primarily due to current interest rates. Management does not anticipate other-than-temporary impairment losses[44][45] - For equity securities, the Company recognized an unrealized loss of $67,000 for the three months ended September 30, 2021, and an unrealized gain of $360,000 for the nine months ended September 30, 2021. The fair value was $1.9 million at September 30, 2021[49] 3. Loans and Allowance for Loan Losses This note provides a detailed breakdown of the Company's loan portfolio, allowance for loan losses, nonperforming loans, and troubled debt restructurings - The Company's loan portfolio is primarily composed of real estate mortgage, commercial business, and consumer loans, with a substantial portion in the Louisville, Kentucky metropolitan statistical area[50] Loans by Type (Principal Loan Balance, thousands) | Loan Type | September 30, 2021 | December 31, 2020 | | :-------------------------------- | :------------------- | :------------------ | | Residential real estate mortgage | $132,226 | $131,217 | | Land | $18,187 | $17,328 | | Residential construction | $50,197 | $39,160 | | Commercial real estate | $133,480 | $135,114 | | Commercial real estate construction | $9,592 | $4,988 | | Commercial business loans | $60,143 | $82,274 | | Home equity and second mortgage loans | $52,456 | $52,001 | | Automobile loans | $44,277 | $43,770 | | Loans secured by savings accounts | $1,007 | $1,083 | | Unsecured loans | $2,241 | $2,766 | | Other consumer loans | $13,827 | $16,117 | | Gross Loans | $517,633 | $525,818 | - PPP loans guaranteed by the SBA, included in commercial business loans, totaled $13.2 million at September 30, 2021, down from $37.3 million at December 31, 2020[72] Allowance for Loan Losses (thousands) | Period | Allowance for Loan Losses | | :----- | :------------------------ | | Sep 30, 2021 | $6,567 | | Dec 31, 2020 | $6,625 | Provision for Loan Losses (thousands) | Period | Provision for Loan Losses | | :-------------------------- | :------------------------ | | 3 months ended Sep 30, 2021 | $0 | | 3 months ended Sep 30, 2020 | $400 | | 9 months ended Sep 30, 2021 | $75 | | 9 months ended Sep 30, 2020 | $1,576 | - The provision for loan losses was significantly higher in 2020 due to economic uncertainties related to the COVID-19 pandemic, with management maintaining qualitative factor adjustments in 2021 due to continued uncertainty[90][215] Nonperforming Loans (Recorded Investment, thousands) | Category | September 30, 2021 | December 31, 2020 | | :-------------------------------- | :------------------- | :------------------ | | Nonaccrual Loans | $1,332 | $1,406 | | Loans 90+ Days Due Still Accruing | $52 | $59 | | Total Nonperforming Loans | $1,384 | $1,465 | Troubled Debt Restructurings (TDRs) (thousands) | Category | September 30, 2021 Total | December 31, 2020 Total | | :-------------------------------- | :----------------------- | :---------------------- | | Residential real estate | $526 | $556 | | Commercial real estate | $595 | $621 | | Commercial business | $181 | $210 | | Home equity and second mortgage | $287 | $345 | | Total | $1,589 | $1,732 | - During the nine months ended September 30, 2021, one second mortgage loan TDR ($290,000) was moved to nonaccrual status, resulting in a $7,000 specific reserve[119] - As of September 30, 2021, the Bank had approved payment extensions on $68.1 million of loans (primarily commercial real estate) due to COVID-19, with $53.0 million remaining outstanding and all having resumed payments. These were not identified as TDRs due to regulatory relief[120] Purchased Credit Impaired (PCI) Loans (thousands) | Metric | September 30, 2021 | December 31, 2020 | | :-------------------------------- | :------------------- | :------------------ | | Carrying amount | $288 | $297 | | Allowance for loan losses | $30 | $31 | | Carrying amount, net of allowance | $258 | $266 | - There was a reduction of $1,000 to the provision for loan losses related to PCI loans for the nine-month period ended September 30, 2021, and no net provisions for the three-month period[125] 4. Qualified Affordable Housing Project Investment This note details the Bank's investment in affordable housing projects, including its carrying amount, unfunded commitments, and associated tax benefits - The Bank's investment in qualified affordable housing projects was $2.6 million at September 30, 2021, with an unfunded commitment of $396,000, expected to be fulfilled through 2029[127] Amortization Expense and Tax Benefits from Housing Project Investment (thousands) | Metric | 3 Months Ended Sep 30, 2021 | 3 Months Ended Sep 30, 2020 | 9 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2020 | | :-------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Amortization Expense | $89 | $67 | $266 | $249 | | Tax Credits and Other Tax Benefits | $106 | $129 | $317 | $349 | 5. Supplemental Disclosure for Earnings Per Share This note provides a detailed calculation of basic and diluted earnings per common share attributable to First Capital, Inc. Earnings Per Common Share Attributable to First Capital, Inc. (dollars, except shares) | Metric | 3 Months Ended Sep 30, 2021 | 3 Months Ended Sep 30, 2020 | 9 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2020 | | :--------------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net income attributable to First Capital, Inc. | $2,936 | $2,746 | $8,605 | $7,278 | | Weighted average common shares outstanding (Basic) | 3,349,494 | 3,343,038 | 3,344,832 | 3,338,705 | | Basic EPS | $0.88 | $0.82 | $2.57 | $2.18 | | Weighted average common shares outstanding (Diluted) | 3,349,494 | 3,348,332 | 3,346,273 | 3,348,802 | | Diluted EPS | $0.88 | $0.82 | $2.57 | $2.17 | 6. Stock-Based Compensation Plan This note outlines the Company's equity incentive plan, including restricted stock grants, compensation expense, and unrecognized compensation - The Company adopted the 2019 Equity Incentive Plan, authorizing up to 176,150 shares, with 161,900 shares available for issuance as of September 30, 2021. No stock options have been granted under the plans[136][137][138] - On February 18, 2020, 14,250 restricted stock shares were granted at $67.43 per share, totaling $961,000. These shares vest ratably (20% annually) from July 1, 2021, through July 1, 2025[141] Stock-Based Compensation Expense (thousands) | Period | Compensation Expense | | :-------------------------- | :------------------- | | 3 months ended Sep 30, 2021 | $129 | | 3 months ended Sep 30, 2020 | $92 | | 9 months ended Sep 30, 2021 | $359 | | 9 months ended Sep 30, 2020 | $289 | - At September 30, 2021, there was $1.2 million of unrecognized compensation expense related to nonvested restricted shares, expected to be recognized over a weighted average period of 2.9 years[143] - 8,350 shares vested during the nine-month period ended September 30, 2021[143] 7. Supplemental Disclosures of Cash Flow Information This note provides additional details on non-cash investing and financing activities and other cash flow items Supplemental Cash Flow Information (thousands) | Item | 9 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2020 | | :--------------------------------------- | :-------------------------- | :-------------------------- | | Cash payments for interest | $907 | $1,285 | | Cash payments for taxes (net of refunds) | $1,755 | $656 | | Transfers from loans to real estate acquired through foreclosure | $151 | $58 | 8. Fair Value Measurements This note describes the Company's fair value hierarchy and the valuation techniques used for assets measured at fair value on both recurring and nonrecurring bases - The Company uses a fair value hierarchy (Level 1, 2, 3) to categorize inputs for valuation techniques. Level 1 uses quoted prices in active markets, Level 2 uses observable market data, and Level 3 uses unobservable inputs requiring significant management judgment[146][147][148] Assets Measured at Fair Value on a Recurring Basis (September 30, 2021, thousands) | Asset Type | Level 1 | Level 2 | Level 3 | Total | | :---------------------------- | :------ | :------ | :------ | :------ | | Securities available for sale | $0 | $418,934 | $0 | $418,934 | | Equity securities | $1,913 | $0 | $0 | $1,913 | Assets Measured at Fair Value on a Nonrecurring Basis (September 30, 2021, thousands) | Asset Type | Level 1 | Level 2 | Level 3 | Total | | :---------------------------- | :------ | :------ | :------ | :------ | | Impaired loans | $0 | $0 | $2,644 | $2,644 | | Loans held for sale | $0 | $4,087 | $0 | $4,087 | | Foreclosed real estate | $0 | $0 | $64 | $64 | - All impaired loans were considered collateral dependent, with fair value determined by appraisals adjusted by a weighted average discount of 22% at September 30, 2021 (compared to 27% at December 31, 2020)[159][161] - Foreclosed real estate is reported at fair value less estimated disposal costs, with a 54% discount from appraised value at September 30, 2021[164] 9. Revenue from Contracts with Customers This note disaggregates the Company's noninterest income, detailing revenue from various customer contracts and their recognition methods Total Noninterest Income (thousands) | Period | 3 Months Ended Sep 30, 2021 | 3 Months Ended Sep 30, 2020 | 9 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2020 | | :----------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Total Noninterest Income | $2,270 | $2,616 | $7,260 | $6,392 | Revenue from Contracts with Customers (thousands) | Revenue Type | 3 Months Ended Sep 30, 2021 | 3 Months Ended Sep 30, 2020 | 9 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2020 | | :-------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Service charges on deposit accounts | $514 | $464 | $1,348 | $1,292 | | ATM and debit card fees | $1,009 | $939 | $3,027 | $2,580 | | Investment advisory income | $103 | $86 | $272 | $278 | | Other | $28 | $28 | $91 | $92 | | Total Revenue from Contracts with Customers | $1,654 | $1,517 | $4,738 | $4,242 | - Revenue recognition varies by service: transaction-based fees (e.g., stop payment, ATM) are recognized at the point of transaction, account maintenance fees are recognized over the month, and investment advisory fees are primarily earned over time[175][176][177] 10. Recent Accounting Pronouncements This note discusses the impact and adoption timeline of ASU No. 2016-13 (CECL) on the Company's financial statements - ASU No. 2016-13 (CECL) replaces the incurred loss methodology with an expected credit loss methodology. Its effective date for smaller reporting companies like First Capital, Inc. is delayed to fiscal years beginning after December 15, 2022[181][182] - First Capital, Inc. does not intend to early adopt CECL and expects its allowance for loan losses to increase through a one-time adjustment to retained earnings upon adoption, though the magnitude is currently unknown[181][182] Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This section analyzes First Capital, Inc.'s financial performance, condition, and the impact of COVID-19 on assets, liabilities, and net income - The Company has implemented various procedures in response to the COVID-19 pandemic, including updating branch operating procedures, expanding remote work capabilities, and assisting customers with payment extensions. As of September 30, 2021, $53.0 million of approved payment extensions (primarily commercial real estate) remained outstanding, with all having resumed payments[190][191][192] - The Bank actively participated in the PPP, originating approximately $62.4 million in loans, with $49.7 million paid off by the SBA as of October 19, 2021[193] - Total assets increased by $105.2 million (10.3%) to $1.12 billion at September 30, 2021, from $1.02 billion at December 31, 2020[198] - Net loans receivable decreased by $14.8 million to $485.5 million, primarily due to a $22.1 million decrease in commercial business loans driven by PPP loan forgiveness[199] - Securities available for sale increased by $135.4 million to $418.9 million, largely due to $211.8 million in purchases[200] - Total deposits increased by $101.8 million to $1.00 billion, mainly from increases in interest-bearing demand, savings, and noninterest-bearing demand deposits[201] - Total stockholders' equity increased by $3.8 million to $114.4 million, driven by a $6.0 million increase in retained net income, partially offset by a $2.5 million decrease in the net unrealized gain on available for sale securities[202] - Net income attributable to the Company for the nine months ended September 30, 2021, increased to $8.6 million ($2.57 diluted EPS) from $7.3 million ($2.17 diluted EPS) in 2020, primarily due to a decrease in the provision for loan losses and an increase in noninterest income[203] - Net interest income increased by $270,000 for the nine months ended September 30, 2021, due to increased interest-earning assets, despite a decrease in the interest rate spread[207] - The provision for loan losses decreased significantly from $1.6 million in 2020 to $75,000 in 2021, reflecting reduced uncertainties surrounding the COVID-19 pandemic[215] - Noninterest income for the nine months ended September 30, 2021, increased by $868,000, primarily due to a $360,000 unrealized gain on equity securities (compared to a $126,000 loss in 2020) and a $447,000 increase in ATM and debit card fees[219] - Noninterest expense for the nine months ended September 30, 2021, increased by $808,000, mainly due to higher compensation and benefits, professional fees, and data processing expenses[223] - The Bank's Community Bank Leverage Ratio (CBLR) was 8.90% at September 30, 2021, classifying it as 'well-capitalized' under regulatory guidelines[232] Item 3. Quantitative and Qualitative Disclosures About Market Risk This section details the Company's market risk exposure, primarily interest rate risk, and mitigation strategies using NII at Risk and EVE simulations - The Company's principal financial objective is to achieve long-term profitability while reducing exposure to fluctuating market interest rates by managing asset and liability maturities, shortening effective maturities of interest-earning assets, and relying on stable retail deposits[238] - The Company does not maintain a trading account, engage in hedging activities, or purchase high-risk derivative instruments, and is not subject to foreign currency exchange rate risk or commodity price risk[239] - Net Interest Income at Risk (NII at Risk) simulation projects the impact of immediate and sustained parallel shifts in market interest rates on net interest income over a one-year horizon[241][244] Projected Net Interest Income Change (September 30, 2021, thousands) | Immediate Change in Interest Rates | One Year Dollar Change | One Year Percent Change | | :--------------------------------- | :--------------------- | :---------------------- | | +300bp | $1,198 | 4.40% | | +200bp | $1,967 | 7.22% | | +100bp | $956 | 3.51% | | -100bp | $(922) | (3.38)% | | -200bp | $(1,984) | (7.28)% | - Economic Value of Equity (EVE) interest rate sensitivity analysis evaluates the impact of interest rate risk on earnings and capital by discounting present values of all cash flows under different interest rate scenarios[245] Projected Economic Value of Equity (EVE) Change (September 30, 2021, thousands) | Immediate Change in Interest Rates | Dollar Change | Percent Change | | :--------------------------------- | :------------ | :------------- | | +300bp | $44,829 | 27.67% | | +200bp | $41,009 | 25.32% | | +100bp | $22,054 | 13.61% | | -100bp | $(31,498) | (19.45)% | | -200bp | $(61,425) | (37.92)% | - Both NII and EVE simulations indicate an expected increase in value with rising interest rates and a decrease with falling rates. However, these models have inherent shortcomings, as actual results may differ due to various market factors and behavioral assumptions[249][252] Item 4. Controls and Procedures This section confirms the effectiveness of the Company's disclosure controls and procedures, with no material changes to internal control over financial reporting - The Company's management, including the principal executive officer and principal financial officer, concluded that disclosure controls and procedures were effective as of September 30, 2021[254] - There have been no changes in the Company's internal control over financial reporting during the quarter ended September 30, 2021, that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting[255] Part II - Other Information This section provides additional disclosures, including legal proceedings, risk factors, equity sales, and exhibits Item 1. Legal Proceedings This section states that there are no legal proceedings to report for the Company - None[258] Item 1A. Risk Factors This section confirms that there have been no material changes to the risk factors previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 - There have been no material changes to the risk factors previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2020[259] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds This section provides details on the Company's common stock repurchases under its authorized program for the period of July 1 through September 30, 2021 Common Stock Repurchases (July 1 - September 30, 2021) | Period | Total Number of Shares Purchased | Average Price Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | | :--------------------------------- | :------------------------------- | :---------------------- | :------------------------------------------------------------------------------- | :----------------------------------------------------------------------------- | | July 1 through July 31, 2021 | 1,210 | $44.40 | 1,210 | 137,340 | | August 1 through August 31, 2021 | 0 | N/A | 0 | 137,340 | | September 1 through September 30, 2021 | 0 | N/A | 0 | 137,340 | | Total | 1,210 | $44.40 | 1,210 | | - The board of directors authorized the repurchase of up to 240,467 shares of the Company's outstanding common stock on August 19, 2008[260] Item 3. Defaults Upon Senior Securities This section states that this item is not applicable to the Company - Not applicable[261] Item 4. Mine Safety Disclosures This section states that this item is not applicable to the Company - Not applicable[262] Item 5. Other Information This section states that there is no other information to report for the Company - None[263] Item 6. Exhibits This section lists all exhibits filed with the Form 10-Q, including corporate governance documents, financial certifications, and XBRL-related files - Exhibits include Articles of Incorporation, Bylaws, Statement Re: Computation of Per Share Earnings, Rule 13a-14(a)/15d-14(a) Certifications of Chief Executive Officer and Chief Financial Officer, Section 1350 Certifications of Chief Executive Officer and Chief Financial Officer, and various Inline XBRL documents[266] Signatures This section provides the official signatures of the Company's principal executive and financial officers, certifying the report's accuracy - The report was signed on November 12, 2021, by William W. Harrod, President and CEO, and Michael C. Frederick, Executive Vice President, CFO and Treasurer, of First Capital, Inc.[270]