Company: FCAP
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001171843-25-003186
Chunk: 55

Company: FIRST CAPITAL INC
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 55
---
 Residential Construction

			-

			-

			90

			90

			15,155

			15,245

			Other Construction, Development and Land

			98

			25

			59

			182

			75,629

			75,811

			Commercial Real Estate

			252

			1,027

			413

			1,692

			183,014

			184,706

			Commercial Business

			80

			25

			140

			245

			62,473

			62,718

			Consumer and Other

			472

			54

			-

			526

			57,880

			58,406

			Total

			$
			2,929

			$
			1,538

			$
			1,678

			$
			6,145

			$
			634,335

			$
			640,480

-21-

FIRST CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(4 – continued)

Occasionally, the Company modifies loans to borrowers in financial distress by providing principal forgiveness, a term extension, an other-than-insignificant payment delay or an interest rate reduction.  When principal forgiveness is provided, the amount of forgiveness is charged-off against the ACL on loans.  In some cases, the Company may provide multiple types of concessions on one loan.  Typically, one type of concession, such as a term extension, is granted initially.  If the borrower continues to experience financial difficulty, another concession, such as principal forgiveness, may be granted.

During the three months ended March 31, 2025, there were no modifications to borrowers in financial distress.  During the three months ended March 31, 2024, the Company modified Commercial Business loans with an amortized cost basis of $2.0 million, or approximately 3% of the amortized cost of all Commercial Business loans, for which the borrowers were experiencing financial distress.  The modification for each loan was the granting of a three-month, interest only payment period with an additional three months added to the original term of the loans.  No principal was forgiven, no payments were delayed, and no interest rates were reduced for the modified loans. 

The Company monitors the performance of