Company: FCAP
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001171843-25-001868
Chunk: 84

Company: FIRST CAPITAL INC
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 84
---
earing liabilities

			4,514

			1,057

			93

			5,664

			6,734

			(17
			)

			706

			7,423

			Net change in net interest

			income (tax equivalent basis)

			$
			(497
			)
			 
			$
			1,524

			$
			11

			$
			1,038

			$
			3,062

			$
			2,124

			$
			(2,904
			)
			 
			$
			2,282

50

Comparison of Financial Condition at December 31, 2024 and 2023

Total assets increased from $1.16 billion at December 31, 2023 to $1.19 billion at December 31, 2024 primarily due to increases in total cash and cash equivalents and net loans receivable partially offset by a decrease in securities available for sale. 

Net loans receivable (excluding loans held for sale) increased $16.8 million from $614.4 million at December 31, 2023 to $631.2 million at December 31, 2024.  Increases in commercial real estate, 1-4 family residential mortgage, and home equity and second mortgage loans of $16.1 million, $5.5 million, and $4.5 million were partially offset by decreases in commercial business loans and multifamily residential loans of $5.5 million and $3.1 million, respectively. The Bank continued to sell the majority of newly originated fixed-rate residential mortgage loans in the secondary market.  The Bank originated $32.8 million in residential mortgages for sale in the secondary market during 2024 compared to $31.6 million in 2023.  Of the total originations in 2024, $6.7 million paid off existing loans in the Bank’s portfolio.  Originating mortgage loans for sale in the secondary market allows the Bank to better manage its interest rate risk, while offering a full line of mortgage products to prospective customers. 

Securities available for sale, at fair value, consisting primarily of U.S. agency mortgage-backed securities and collateralized mortgage obligations, U.S. agency notes and bonds, Treasury notes and bonds and municipal obligations, decreased from $437.3 million at December 31, 2023