Company: FCAP
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001171843-25-001868
Chunk: 261

Company: FIRST CAPITAL INC
Filing Date: 2025-03-31
Form: 10-K
Item: Item 10
Chunk 261
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 held for sale are carried at the lower of cost or market value.  The portfolio is comprised of residential real estate loans and fair value is estimated based on specific prices of underlying contracts for sales to investors.  These measurements are carried at Level 2 in the fair value hierarchy.  At December 31, 2024 and 2023, the Company did not have any loans held for sale measured at fair value on a nonrecurring basis.

Foreclosed Real Estate.  Foreclosed real estate is reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly.  The fair value of foreclosed real estate is classified as Level 3 in the fair value hierarchy.

Foreclosed real estate is reported at fair value less estimated costs to dispose of the property.  The fair values are determined by real estate appraisals which are then discounted to reflect management’s estimate of the fair value of the property given current market conditions and the condition of the property. 

At December 31, 2024 and 2023, the Company held no foreclosed real estate.

F-53

FIRST CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

(19 - continued)

There have been no changes in the valuation techniques and related inputs used for assets measured at fair value on a recurring and nonrecurring basis during the years ended December 31, 2024 and 2023.  There were no transfers in or out of the Company’s Level 3 financial assets for the years ended December 31, 2024 and 2023. 

			(20)

			DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS

The following table summarizes the carrying value and estimated fair value of financial instruments and the level within the fair value hierarchy (see Note 19) in which the fair value measurements fall at December 31, 2024 and 2023:

			Carrying

			Fair

			Fair Value Measurements Using

			(In thousands)

			Value

			Value

			Level 1

			Level 2

			Level 3

			December 31, 2024:

			Financial assets:

			Cash and cash equivalents

			$
			105,917

			$
			105,917

			$
			105,917

			$
			-

			$
			-

			Interest-bearing time deposits