Company: FCAP
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001171843-25-001868
Chunk: 1

Company: FIRST CAPITAL INC
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 1
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 Reports on Form 8-K and any amendments to such reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 are made available free of charge on the Company’s Internet website, www.firstharrison.com, as soon as practicable after the Company electronically files such material with, or furnishes it to, the SEC.  The contents of the Company’s website shall not be incorporated by reference into this Form 10-K or into any reports the Company files with or furnishes to the Securities and Exchange Commission.

Market Area and Competition

The Bank considers Harrison, Floyd, Clark and Washington counties in Indiana and Bullitt County in Kentucky its primary market area.  All of its offices are located in these five counties, which results in most of the Bank’s loans being made in these five counties.  The main office of the Bank is located in Corydon, Indiana, 35 miles west of Louisville, Kentucky.  The Bank aggressively competes for business with local banks, as well as large regional banks.  Its most direct competition for deposit and loan business comes from the commercial banks operating in these five counties.  Based on data published by the FDIC, the Bank is the leader in FDIC-insured institutions in deposit market share in Harrison County, Indiana, which includes the Bank’s main office, and in Bullitt County, Kentucky, where Peoples was headquartered.

Lending Activities

General.  The Bank has transformed the composition of its balance sheet from that of a traditional thrift institution to that of a commercial bank.  On the asset side, this was accomplished in part by selling in the secondary market the newly-originated qualified fixed-rate residential mortgage loans while retaining variable rate residential mortgage loans in the portfolio.  This transformation was also enhanced by expanding commercial lending staff dedicated to growing commercial real estate and commercial business loans.  The Bank also originates consumer loans and residential construction loans for the loan portfolio.  The Bank does not offer, and has not offered, Alt-A, sub-prime or no-document mortgage loans.

Loan Portfolio Analysis.  The following table presents the composition of the Bank’s loan portfolio by type of loan at the dates indicated.

			At December 31,

			2024

			2023

			Amount

			Percent

			Amount

			Percent

			(Dollars in thousands)

			Mortgage Loans:

			1-4 Family Residential Mortgage

			$
			138,936