Company: FCAP
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001171843-25-001868
Chunk: 970

Company: FIRST CAPITAL INC
Filing Date: 2025-03-31
Form: 10-K
Item: Item 2
Chunk 970
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, 2024 and 2023, the equity investment had a fair value of $887,000 and $1.3 million, respectively, and is included in other assets on the consolidated balance sheets.

In October 2021 the Company entered into an agreement to invest in a bank technology fund through a limited partnership.  At December 31, 2024 and 2023, the Company’s investment in the limited partnership was $965,000 and $1.0 million, respectively, and is reflected in other assets on the consolidated balance sheets. The Company did recognize a $35,000 return of capital from this investment during the year ended December 31, 2024. There were no returns of capital during the years ended December 31, 2023 or 2022. The unfunded commitment related to the limited partnership investment at December 31, 2024 and 2023 was $380,000 and $530,000, respectively, and is reflected in other liabilities on the consolidated balance sheets.  The Company expects to fulfill the commitment as capital calls are made through 2026.  The investment is accounted for as an equity security without a readily determinable fair value, and has been recorded at cost, less any impairment, and adjustments resulting from observable price changes.  There were no impairments or adjustments on equity securities without readily determinable fair values during the years ended December 31, 2024, 2023 or 2022.

F-25

FIRST CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

(3 - continued)

In December 2015, the Company acquired Peoples Bancorp, Inc. of Bullitt County and its wholly-owned bank subsidiary, Peoples Bank of Bullitt County (“Peoples”), headquartered in Shepherdsville, Kentucky.  Peoples owned Class B shares of VISA that were carried at an amortized costs basis of zero and were subsequently transferred to the Company.  During the year ended December 31, 2023, the Company sold all the VISA Class B shares owned for a gross gain of $157,000 which is included in the gain on sale of securities in noninterest income.  There were no such sales during the year ended December 31, 2022.

			(4)

			LOANS AND ALLOWANCE FOR CREDIT LOSSES

Loans at December 31, 2024 and 2023 consisted of the following:

			December 31,