Company: FCAP
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001171843-25-003186
Chunk: 75

Company: FIRST CAPITAL INC
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 75
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5 million from $1.07 billion at December 31, 2024 to $1.08 billion at March 31, 2025.  Savings accounts, non-interest-bearing checking accounts and time deposits increased $5.4 million, $5.8 million and $8.8 million, respectively, during the three months ended March 31, 2025, while interest bearing deposits decreased $2.5 million during the period.  Deposit inflows and outflows are influenced by prevailing market interest rates, competition, local and national economic conditions, and fluctuations in our customers' own liquidity needs and may also be influenced by recent developments in the financial services industry. Significant competition for deposits remains and the deposit growth during the quarter ended March 31, 2025 was accompanied by increased costs to attract those deposits.

The Company had no outstanding borrowings at March 31, 2025 or December 31, 2024.

Total stockholders' equity attributable to the Company increased from $114.6 million at December 31, 2024 to $120.1 million at March 31, 2025, due to a $2.3 million increase in retained net income as well as a $3.2 million net unrealized gain on available for sale securities.  The net unrealized gain on available for sale securities during the period is primarily due to decreased market interest rates.

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PART I - ITEM 2

MANAGEMENT’S DISCUSSION AND

ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS

FIRST CAPITAL, INC.

Results of Operations for the Three Month Periods Ended March 31, 2025 and 2024

Net income.  Net income attributable to the Company was $3.2 million ($0.97 per diluted share) for the three months ended March 31, 2025 compared to $3.0 million ($0.88 per diluted share) for the three months ended March 31, 2024. 

Net interest income.  Net interest income after provision for credit losses increased $923,000 for the three months ended March 31, 2025 as compared to the same period in 2024. 

Total interest income increased $1.5 million when comparing the two periods due to an increase in the average tax-equivalent yield on interest-earning assets from 4.29% for the quarter ended March 31, 2024 to 4.63% for the same period in