Company: FCAP
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001171843-25-001868
Chunk: 600

Company: FIRST CAPITAL INC
Filing Date: 2025-03-31
Form: 10-K
Item: Item 14
Chunk 600
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 2008 and all shares of the Company common stock have been allocated to participant accounts.

Compensation expense is recognized based on the average fair value of shares released for allocation to participant accounts during the year with a corresponding credit to stockholders’ equity. No compensation expense was recognized for the years ended December 31, 2024, 2023 and 2022 as all shares were allocated during 2008.

At December 31, 2024 and 2023, the ESOP trust held 48,704 and 48,435 shares of Company stock, respectively, including shares acquired on the open market, all of which had been allocated to participant accounts.  The aggregate fair value of shares allocated to ESOP participants was $1.6 million and $1.4 million at December 31, 2024 and 2023, respectively.

			(14)

			DEFERRED COMPENSATION PLANS

The Bank has a deferred compensation plan whereby certain officers will be provided specific amounts of income for a period of fifteen years following normal retirement.  The benefits under the agreements are fully vested and were paid in varying amounts through 2022.  As part of the acquisition of Peoples in December 2015, the Bank assumed a non-qualified deferred compensation plan for three key employees of Peoples, which provides for specific amounts of income for a period of ten years following retirement.  The benefits under the Peoples plan are fully vested and, assuming normal retirement, will be paid in varying amounts through 2026.  The Bank is the owner and beneficiary of insurance policies on the lives of these officers which may provide funds for a portion of the required payments.  The agreements also provide for payment of benefits in the event of disability, early retirement and termination of employment or death.  The Bank accrues the present value of the benefits under these plans so the amounts required will be provided at the normal retirement dates and thereafter.  The balance of the accrued benefit for the plans was $66,000 and $104,000 at December 31, 2024 and 2023, respectively. Deferred compensation expense for the Bank’s deferred compensation plans for employees was $3,000, $5,000 and $7,000 for the years ended December 31, 2024, 2023 and 2022, respectively.

F-46

FIRST CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

(14 - continued)

The Bank also has