Company: FCAP
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001171843-25-003186
Chunk: 1

Company: FIRST CAPITAL INC
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 2
Chunk 1
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 the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. The estimates and judgments that management believes involve the most complex and subjective estimates and judgments and have the most effect on the Company's reported financial position and results of operations are described as critical accounting policies in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. During the three months ended March 31, 2025, there was no significant change in the Company’s critical account policies or the application of critical accounting policies as disclosed in the Company’s Annual report on Form 10-K for the year ended December 31, 2024. 

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PART I - ITEM 2

MANAGEMENT’S DISCUSSION AND

ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS

FIRST CAPITAL, INC.

Comparison of Financial Condition at March 31, 2025 and December 31, 2024

Total assets increased $27.0 million from $1.19 billion at December 31, 2024 to $1.21 billion at March 31, 2025.

Net loans receivable (excluding loans held for sale) increased $11.7 million from $631.2 million at December 31, 2024 to $642.9 million at March 31, 2025.  Multifamily residential, commercial real estate, 1-4 family residential construction, and 1-4 family residential mortgage loan increases of $9.1 million, $4.5 million, $2.3 million, and $1.9 million, respectively, were partially offset by decreases of $5.7 million and $1.3 million in other construction, development and land and consumer and other loans, respectively, during the three months ended March 31, 2025. 

Cash and cash equivalents increased from $105.9 million at December 31, 2024 to $116.6 million at March 31, 2025 primarily due to net deposit inflows at the Bank.

Securities available for sale increased $2.5 million from $389.2 million at December 31, 2024 to $391.7 million at March 31, 2025.  Purchases of $30.8 million of securities classified as available for sale were made during the three months ended March 31, 2025 and consisted primarily of