Company: FCAP
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001171843-25-001868
Chunk: 766

Company: FIRST CAPITAL INC
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 766
---
 be currently available or economically feasible in the insurance marketplace. On April 10, 2023, the IRS issued IR-2023-74 and proposed regulations that may result in the Captive being considered a listed transaction. The proposed regulations include the possibility of material tax expense to the consolidated group if finalized in their current form. However, the final regulations have not been published and as such management cannot reasonably estimate or determine the potential tax liability as of December 31, 2024. The Captive was formally dissolved with all remaining assets transferred to the Company on December 31, 2023.

			(25)

			PARENT COMPANY CONDENSED FINANCIAL INFORMATION

Condensed financial information for the Company (parent company only) follows:

			Balance Sheets

			(In thousands)

			As of December 31,

			2024

			2023

			Assets:

			Cash and cash equivalents

			$
			2,861

			$
			3,798

			Other assets

			2,256

			2,528

			Investment in subsidiaries

			109,970

			99,437

			$
			115,087

			$
			105,763

			Liabilities and Equity:

			Accrued expenses and other liabilities

			$
			488

			$
			530

			Stockholders' equity

			114,599

			105,233

			$
			115,087

			$
			105,763

			Statements of Income

			(In thousands)

			Years Ended December 31,

			2024

			2023

			2022

			Dividend income from subsidiaries

			$
			3,150

			$
			3,745

			$
			4,475

			Other income

			100

			115

			105

			Loss on equity securities

			(374
			)

			(207
			)

			(414
			)

			Other operating expenses

			(621
			)

			(681
			)

			(825
			)

			Income before income taxes and equity in

			undistributed net income of shareholders

			2,255

			2,972