Company: FCAP
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001171843-25-001868
Chunk: 18

Company: FIRST CAPITAL INC
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 18
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 to match more closely the interest-rate sensitivities of its assets and liabilities.

The Bank periodically invests in mortgage-backed securities, including mortgage-backed securities guaranteed or insured by Ginnie Mae, Fannie Mae or Freddie Mac.  Mortgage-backed securities generally increase the quality of the Bank’s assets by virtue of the guarantees that back them, are more liquid than individual mortgage loans and may be used to collateralize borrowings or other obligations of the Bank.  As of December 31, 2024, all of the Bank’s mortgage-backed securities had fixed rates.

The Bank also invests in collateralized mortgage obligations (“CMOs”) issued by Ginnie Mae, Fannie Mae and Freddie Mac, and on occasion, private issuers.  CMOs are complex mortgage-backed securities that restructure the cash flows and risks of the underlying mortgage collateral.

11

The following table sets forth the securities portfolio at the dates indicated.

			At December 31,

			At December 31,

			2024

			2023

			Weighted

			Weighted

			Fair

			Amortized

			Percent of

			Average

			Fair

			Amortized

			Percent of

			Average

			Value

			Cost

			Portfolio

			Yield (1)

			Value

			Cost

			Portfolio

			Yield (1)

			(Dollars in thousands)

			SECURITIES AVAILABLE FOR SALE

			Debt securities:

			U.S. Agency notes and bonds:

			Due in one year or less

			$
			44,604

			$
			45,650

			10.72
			%

			0.77
			%
			 
			$
			16,110

			$
			16,363

			3.44
			%

			2.33
			%

			Due after one year through five years

			69,986

			73,658

			17.29
			%

			1.04
			%

			110,124

			118,563

			24.93
			%

			0.92
			%

			Due after five years through ten years

			3,490

			3,526

			0.83
			%

			4.76