Company: FCAP
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001171843-25-001868
Chunk: 862

Company: FIRST CAPITAL INC
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1B
Chunk 862
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ACL on Off-Balance-Sheet Credit Exposures

The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The Company recorded an ACL for unfunded commitments of $131,000 in conjunction with the Company’s adoption of ASU 2016-13 on January 1, 2023.  The ACL for off-balance-sheet credit exposures is presented in accrued expenses and other liabilities on the consolidated balance sheets. Changes in the ACL for off-balance-sheet credit exposures are reflected in the provision for credit losses on the consolidated statements of income. There were no changes to the ACL for off-balance-sheet credit exposures during the years ended December 31, 2024 and 2023.

			(5)

			PREMISES AND EQUIPMENT

Premises and equipment as of December 31, 2024 and 2023 consisted of the following:

			(In thousands)

			2024

			2023

			Land and land improvements

			$
			5,219

			$
			5,219

			Leasehold improvements

			134

			134

			Office buildings

			17,210

			17,015

			Furniture, fixtures and equipment

			6,104

			6,906

			28,667

			29,274

			Less accumulated depreciation

			14,488

			14,861

			Totals

			$
			14,179

			$
			14,413

Depreciation expense was $951,000, $882,000 and $924,000 for the years ended December 31, 2024, 2023 and 2022, respectively.

			(6)

			FORECLOSED REAL ESTATE

There was no foreclosed real estate activity for the year ended December 31, 2024. During the year ended December 31, 2023, the Company transferred $64,000 from loans to foreclosed real estate and sold $64,000 of foreclosed real estate. The Company had $36,000 in fore