Company: FCAP
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001171843-25-001868
Chunk: 986

Company: FIRST CAPITAL INC
Filing Date: 2025-03-31
Form: 10-K
Item: Item 2
Chunk 986
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 sold $36,000 of foreclosed real estate during the year ended December 31, 2022.

The Company had no foreclosed real estate at December 31, 2024, 2023 or 2022. At December 31, 2024 and 2023, the amortized cost of consumer mortgage loans secured by residential real estate properties where formal foreclosure procedures are in process was $203,000 and $1,000, respectively.

F-40

FIRST CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

			(7)

			GOODWILL AND OTHER INTANGIBLES

The Company acquired goodwill of $1.1 million in the acquisition of Peoples Bancorp, Inc. of Bullitt County and Peoples during 2015 in addition to acquiring goodwill of $5.4 million in the acquisition of Hometown Bancshares, Inc. (“Hometown”) during 2003.  Goodwill is evaluated for impairment at least annually or more frequently upon the occurrence of an event or when circumstances indicate that the carrying amount is greater than its fair value.  No impairment of goodwill was recognized during 2024, 2023 or 2022.

The Company acquired a core deposit intangible of $1.4 million in the acquisition of Peoples.  All of the Company’s previously acquired core deposit intangibles had been fully amortized prior to 2015.  Core deposit intangible amortization expense totaled $147,000 each year for 2024, 2023, and 2022. 

Core deposit intangibles subject to amortization as of December 31, 2024 and 2023 consisted of the following:

			(In thousands)

			2024

			2023

			Core deposit intangible acquired in Peoples acquisition

			$
			1,418

			$
			1,418

			Less accumulated amortization

			1,332

			1,186

			$
			86

			$
			232

The remaining $86,000 of core deposit intangible associated with the Peoples acquisition is expected to amortize in 2025.

			(8)

			DEPOSITS

Deposits at December 31, 2024 and 2023 consisted of the following:

			(In thousands)

			2024

			2023

			Noninterest-bearing demand deposits