Company: FCAP
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001171843-25-003186
Chunk: 74

Company: FIRST CAPITAL INC
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 74
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PART I - ITEM 2

MANAGEMENT’S DISCUSSION AND

ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS

FIRST CAPITAL, INC.

Comparison of Financial Condition at March 31, 2025 and December 31, 2024

Total assets increased $27.0 million from $1.19 billion at December 31, 2024 to $1.21 billion at March 31, 2025.

Net loans receivable (excluding loans held for sale) increased $11.7 million from $631.2 million at December 31, 2024 to $642.9 million at March 31, 2025.  Multifamily residential, commercial real estate, 1-4 family residential construction, and 1-4 family residential mortgage loan increases of $9.1 million, $4.5 million, $2.3 million, and $1.9 million, respectively, were partially offset by decreases of $5.7 million and $1.3 million in other construction, development and land and consumer and other loans, respectively, during the three months ended March 31, 2025. 

Cash and cash equivalents increased from $105.9 million at December 31, 2024 to $116.6 million at March 31, 2025 primarily due to net deposit inflows at the Bank.

Securities available for sale increased $2.5 million from $389.2 million at December 31, 2024 to $391.7 million at March 31, 2025.  Purchases of $30.8 million of securities classified as available for sale were made during the three months ended March 31, 2025 and consisted primarily of U.S. government agency CMOs and mortgage-backed securities and municipal bonds.  Principal payments and maturities of available for sale securities totaled $6.6 million and $15.4 million, respectively, during the three months ended March 31, 2025.  Securities classified as available for sale totaling $11.2 million were sold during the three months ended March 31, 2025 and consisted primarily of municipal and U.S. government agency notes and bonds.  In addition, there was an unrealized gain of $4.1 million on the securities available for sale portfolio during the three month period ended March 31, 2025 due primarily to decreasing market interest rates.

Total deposits increased $17.