Company: FCAP
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001171843-25-001868
Chunk: 509

Company: FIRST CAPITAL INC
Filing Date: 2025-03-31
Form: 10-K
Item: Item 13
Chunk 509
---
	(In thousands)

			2024

			2023

			2022

			Current

			$
			2,767

			$
			2,946

			$
			2,438

			Deferred

			(551
			)

			(698
			)

			(118
			)

			Totals

			$
			2,216

			$
			2,248

			$
			2,320

The reconciliation of income tax expense with the amount which would have been provided at the federal statutory rate of 21% for the years ended December 31, 2024, 2023, and 2022 follows:

			(In thousands)

			2024

			2023

			2022

			Provision at federal statutory tax rate

			$
			2,975

			$
			3,161

			$
			2,989

			State income tax-net of federal tax benefit

			120

			178

			301

			Tax-exempt interest income

			(608
			)

			(733
			)

			(709
			)

			Bank-owned life insurance income

			(47
			)

			(43
			)

			(42
			)

			Captive insurance net premiums

			-

			(126
			)

			(169
			)

			Investment in tax credit entities

			(288
			)

			(228
			)

			(63
			)

			Other

			64

			39

			13

			Totals

			$
			2,216

			$
			2,248

			$
			2,320

			Effective tax rate

			15.6
			%

			14.9
			%

			16.3
			%

F-44

FIRST CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

(12 - continued)

Significant components of the deferred tax assets and liabilities as of December 31, 2024 and 2023 were as follows:

			(In thousands)

			2024

			2023