Company: FCAP
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001171843-25-001868
Chunk: 246

Company: FIRST CAPITAL INC
Filing Date: 2025-03-31
Form: 10-K
Item: Item 10
Chunk 246
---

			$
			19

F-43

FIRST CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

(11 - continued)

The Company also leases space to tenants under various operating leases.  Lease income recorded under tenant leases was $61,000, $47,000 and $53,000 for the years ended December 31, 2024, 2023 and 2022, respectively.  Future minimum lease payments to be received under tenant leases with initial or remaining terms in excess of one year total $110,000, $95,000, $72,000, $49,000 and $45,000 for the years ended December 31, 2025, 2026, 2027, 2028 and 2029, respectively.

			(12)

			INCOME TAXES

The Company and its corporate subsidiaries file consolidated tax returns.  The components of consolidated income tax expense for the years ended December 31, 2024, 2023 and 2022 were as follows:

			(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