Company: FCAP
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001171843-25-001868
Chunk: 998

Company: FIRST CAPITAL INC
Filing Date: 2025-03-31
Form: 10-K
Item: Item 2
Chunk 998
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 2022, respectively.  A summary of the Company’s nonvested restricted shares activity as of December 31, 2024 and changes during the year then ended is as follows:

			Weighted

			Number

			Average

			of

			Grant-Date

			Shares

			Fair Value

			Nonvested at beginning of year

			5,600

			$
			63.60

			Granted

			3,150

			28.00

			Vested

			3,950

			59.75

			Forfeited

			-

			-

			Nonvested at end of year

			4,800

			$
			43.40

There were 3,950, 6,100 and 8,950 restricted shares vested during the years ended December 31, 2024, 2023 and 2022, respectively.  The total fair value of restricted shares that vested during the years ended December 31, 2024, 2023 and 2022 was $120,000, $188,000 and $260,000, respectively.  At December 31, 2024, unrecognized compensation expense related to nonvested restricted shares was $135,000.  The compensation expense is expected to be recognized over a weighted average period of 2.6 years.

			(16)

			COMMITMENTS AND CONTINGENCIES

In the normal course of business, there are outstanding commitments, contingent liabilities and other financial instruments that are not reflected in the consolidated financial statements.  These include commitments to extend credit and standby letters of credit, which are some of the instruments used by the Company to meet the financing needs of its customers.  These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the consolidated balance sheet.

The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instruments for commitments to extend credit and standby letters of credit is represented by the contractual notional amount of those instruments.  The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. 

F-48

FIRST CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

(16 - continued)

The following is a summary of the commitments to extend credit