Company: FCAP
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001171843-25-001868
Chunk: 1466

Company: FIRST CAPITAL INC
Filing Date: 2025-03-31
Form: 10-K
Item: Item 6
Chunk 1466
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53.1 million, respectively.

			(11)

			LEASES

The Company is a lessee in certain leasing agreements, such as for branch office space.  During 2020, the Bank extended a noncancelable lease agreement for branch office space which expires in March 2025 with annual lease payments of $19,000.  The Bank’s subsidiary companies headquartered in Nevada lease office space under sublease agreements that automatically renew for one year periods each October. All of the Company’s leases are classified as operating leases. 

The Company had no outstanding ROU assets or corresponding lease liabilities at December 31, 2024. The Company’s right to use an asset over the life of a lease was recorded as an ROU asset included in other assets on the consolidated balance sheets totaling $23,000 at December 31, 2023. The Company recorded a lease liability in other liabilities on the consolidated balance sheets totaling $23,000 at December 31, 2023. 

Certain leases may include one or more options to renew, with renewal terms that can extend the lease term from one to 20 years or more. At December 31, 2024, the Company had not entered into any leases that had yet to commence that conveyed the right to control the use of the property to the Company.

Lease expense for the years ended December 31, 2024, 2023 and 2022 was $35,000, $34,000 and $32,000, respectively.  The components of lease expense for the years ended December 31, 2024, 2023 and 2022 were as follows:

			(In thousands)

			2024

			2023

			2022

			Operating lease cost

			$
			19

			$
			19

			$
			19

			Short-term lease cost

			16

			15

			13

			Totals

			$
			35

			$
			34

			$
			32

Future minimum commitments due under operating lease agreements as of December 31, 2024 are as follows, including renewal options that are reasonably certain to be exercised:

			Year ending December 31:

			(In thousands)

			2025

			5

			Total lease payments

			5

			Less imputed interest

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