Company: FCAP
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001171843-25-001868
Chunk: 1832

Company: FIRST CAPITAL INC
Filing Date: 2025-03-31
Form: 10-K
Item: Item 9
Chunk 1832
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2024, the Company realized gross gains of $133,000 and gross losses of $101,000 on the sale of available for sale securities.  During the year ended December 31, 2023, the Company realized gross gains of $79,000 and gross losses of $193,000 on the sale of available for sale securities.  During the year ended December 31, 2022, the Company sold no available for sale securities.

Equity Securities

In September 2018, the Company acquired 90,000 shares of common stock in another bank holding company, representing approximately 5% of the outstanding common stock of the entity, for a total investment of $1.9 million.  During the years ended December 31, 2024, 2023 and 2022, the Company recognized losses of $374,000, $207,000, and $414,000, respectively, on this equity investment.  At December 31, 2024 and 2023, the equity investment had a fair value of $887,000 and $1.3 million, respectively, and is included in other assets on the consolidated balance sheets.

In October 2021 the Company entered into an agreement to invest in a bank technology fund through a limited partnership.  At December 31, 2024 and 2023, the Company’s investment in the limited partnership was $965,000 and $1.0 million, respectively, and is reflected in other assets on the consolidated balance sheets. The Company did recognize a $35,000 return of capital from this investment during the year ended December 31, 2024. There were no returns of capital during the years ended December 31, 2023 or 2022. The unfunded commitment related to the limited partnership investment at December 31, 2024 and 2023 was $380,000 and $530,000, respectively, and is reflected in other liabilities on the consolidated balance sheets.  The Company expects to fulfill the commitment as capital calls are made through 2026.  The investment is accounted for as an equity security without a readily determinable fair value, and has been recorded at cost, less any impairment, and adjustments resulting from observable price changes.  There were no impairments or adjustments on equity securities without readily determinable fair values during the years ended December 31, 2024, 2023 or 2022.

F-25

FIRST CAPITAL, INC.

NOTES TO CONS