<PAGE>

                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                   FORM 10-QSB

                                   (Mark One)
                                   ----------

           (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                  For the quarterly period ended MARCH 31, 2002
                                                 --------------

                                       OR

          ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

              For the transition period from _________ to _________

                           Commission File No. 0-25023
                                               -------

                               First Capital, Inc.
                               -------------------
             (Exact name of registrant as specified in its charter)

           Indiana                                            35-2056949
  ------------------------------------------------------------------------------
  (State or other jurisdiction of                         (I.R.S. Employer
  incorporation or organization)                          Identification Number)

                  220 Federal Drive NW, Corydon, Indiana 47112
                  --------------------------------------------
               (Address of principal executive offices) (Zip Code)

        Registrant's telephone number, including area code 1-812-738-2198
                                                           --------------
                                 Not applicable
                  --------------------------------------------
               Former name, former address and former fiscal year,
                          if changed since last report

     APPLICABLE ONLY TO CORPORATE ISSUERS; Indicate the number of shares
outstanding of each of the issuer's classes of common stock, as of the latest
practicable date: 2,539,277 shares of common stock were outstanding as of
April 30, 2002.

<PAGE>

                               FIRST CAPITAL, INC.

                                      INDEX

Part I   Financial Information                                              Page
                                                                            ----
     Item 1. Consolidated Financial Statements

             Consolidated Balance Sheets as of March 31, 2002 and
               December 31, 2001 (unaudited)                                  3

             Consolidated Statements of Income for the three
               months ended March 31, 2002 and 2001 (unaudited)               4

             Consolidated Statements of Cash Flows for the three
               months ended March 31, 2002 and 2001 (unaudited)               5

             Notes to consolidated financial statements (unaudited)         6-7

     Item 2. Management's Discussion and Analysis of Financial
               Condition and Results of Operations                          8-11


Part II  Other Information                                                   12

Signatures                                                                   13




                                     - 2 -

<PAGE>


                          PART I-FINANCIAL INFORMATION
                       FIRST CAPITAL, INC. AND SUBSIDIARY
                           CONSOLIDATED BALANCE SHEETS
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                        March 31,        December 31,
                                                                          2002               2001
                                                                        ---------        ------------
<S>                                                                     <C>               <C>

ASSETS
Cash and due from banks                                                 $   6,306         $   7,184
Interest bearing deposits with banks                                        6,085             5,199
Securities available for sale, at fair value                               60,905            54,891
Securities-held to maturity                                                 1,793             1,836
Loans receivable, net                                                     201,391           201,730
Federal Home Loan Bank stock, at cost                                       2,291             2,179
Foreclosed real estate                                                        139               212
Premises and equipment                                                      5,951             5,940
Accrued interest receivable:
  Loans                                                                     1,053             1,043
  Securities                                                                  732               798
Cash value of life insurance                                                1,227             1,214
Other assets                                                                  572               597
                                                                        ---------         ---------
    Total Assets                                                        $ 288,445         $ 282,823
                                                                        =========         =========

LIABILITIES
Deposits:
  Noninterest-bearing                                                   $  17,827         $  18,629
  Interest-bearing                                                        189,445           185,493
                                                                        ---------         ---------
    Total Deposits                                                        207,272           204,122

Retail repurchase agreements                                                  187               284
Advances from Federal Home Loan Bank                                       45,140            42,825
Accrued interest payable                                                    1,261             1,253
Accrued expenses and other liabilities                                        898               859
                                                                        ---------         ---------
    Total Liabilities                                                     254,758           249,343
                                                                        ---------         ---------

STOCKHOLDERS' EQUITY
Preferred stock of $.01 par value per share
  Authorized 1,000,000 shares; none issued                                     --                --
Common stock of $.01 par value per share
  Authorized 5,000,000 shares;
    issued 2,546,629 shares
   (2,545,961 shares in 2001)                                                  25                25
Additional paid-in capital                                                 12,892            12,878
Retained earnings-substantially restricted                                 21,596            21,127
Accumulated other comprehensive income (loss)                                 (72)              231
Unearned ESOP shares                                                         (471)             (482)
Unearned stock sompensation                                                  (196)             (212)
Less treasury stock, at cost - 7,146 shares                                   (87)              (87)
                                                                        ---------         ---------
    Total Stockholders' Equity                                             33,687            33,480
                                                                        ---------         ---------
    Total Liabilities and Stockholders' Equity                          $ 288,445         $ 282,823
                                                                        =========         =========
</TABLE>

See accompanying notes to consolidated financial statements.

                                     - 3 -

<PAGE>
                          PART I-FINANCIAL INFORMATION
                       FIRST CAPITAL, INC. AND SUBSIDIARY
                       CONSOLIDATED STATEMENTS OF INCOME

<TABLE>
<CAPTION>
                                                                  Three Months Ended
                                                                      March 31,
                                                               ------------------------
                                                                 2002            2001
                                                               --------        --------
                                                          (in thousands, except per share data)

<S>                                                            <C>             <C>
INTEREST INCOME
  Loans receivable, including fees                              $3,836          $3,772
  Securities
    Taxable                                                        659             658
    Tax-exempt                                                      93              86
  Federal Home Loan Bank dividends                                  33              31
  Interest bearing deposits with banks                              56             131
                                                                ------          ------
      Total interest income                                      4,677           4,678

INTEREST EXPENSE
  Deposits                                                       1,584           2,052
  Advances from Federal Home Loan Bank                             641             478
  Customer repurchase agreements                                    --              --
                                                                ------          ------
      Total interest expense                                     2,225           2,530
      Net interest income                                        2,452           2,148
  Provision for loan losses                                         45              36
                                                                ------          ------
      Net interest income after provision for loan losses        2,407           2,112

NONINTEREST INCOME
  Service charges on deposit accounts                              311             269
  Commission income                                                 66              84
  Gain on sale of securities                                        --              15
  Gain on sale of mortgage loans                                    --              71
  Other income                                                      22              16
                                                                ------          ------
      Total noninterest income                                     399             455
                                                                ------          ------

NONINTEREST EXPENSE
  Compensation and benefits                                        877             795
  Occupancy and equipment                                          211             214
  Other operating expenses                                         513             444
                                                                ------          ------
    Total noninterest expense                                    1,601           1,453
                                                                ------          ------
    Income before income taxes                                   1,205           1,114
  Income tax expense                                               412             397
                                                                ------          ------
    Net income                                                     793             717

OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
  Unrealized gain (loss) on securities:
  Unrealized holding gains (losses) arising
    during the period                                             (502)            331
    Less: reclassification adjustment                               --              --
                                                                ------          ------
        Other comprehensive income (loss)                         (502)            331
                                                                ------          ------
        Comprehensive Income                                    $  291          $1,048
                                                                ======          ======
        Net income per common share, basic                      $ 0.32          $ 0.29
                                                                ======          ======
        Net income per common share, diluted                    $ 0.32          $ 0.29
                                                                ======          ======
</TABLE>

See accompanying notes to consolidated financial statements.


                                     - 4 -

<PAGE>
                          PART I-FINANCIAL INFORMATION
                       FIRST CAPITAL, INC. AND SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                            Three Months Ended
                                                                                 March 31,
                                                                         ------------------------
                                                                           2002            2001
                                                                         --------        --------
                                                                              (In thousands)
<S>                                                                      <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES
  Net income                                                             $   793         $   717
  Adjustments to reconcile net income to net cash provided by
    operating activities:
        Amortization of premiums and accretion of discounts                   44             (17)
        Depreciation expense                                                 102             110
        Deferred income taxes                                                (41)             (5)
        ESOP compensation expense                                             15              12
        Stock compensation expense                                            17              18
        Increase in cash value of life insurance                             (13)            (13)
        Provision for loan losses                                             45              36
        Net gain on sale of securities held to maturity                       --             (15)
        Proceeds from sales of mortgage loans                                 --           3,138
        Mortgage loans originated for sale                                    --          (3,067)
        Net gain on sale of mortgage loans                                    --             (71)
        Decrease in accrued interest receivable                               57             293
        Increase in accrued interest payable                                   8              48
        Net change in other assets/liabilities                               305             166
                                                                         -------         -------
          Net Cash Provided By Operating Activities                        1,332           1,350
                                                                         -------         -------

CASH FLOWS FROM INVESTING ACTIVITIES
        Net increase in interest bearing deposits with banks                (886)         (6,188)
        Purchase of securities available for sale                         (9,372)         (8,328)
        Proceeds from maturities of securities available for sale          2,427           2,188
        Purchase of securities held to maturity                             (300)             --
        Proceeds from maturities of securities held to maturity              313           4,151
        Proceeds from sale of securities held to maturity                     --             356
        Principal collected on mortgage-backed securities                    415             282
        Net (increase) decrease in loans receivable                          271          (1,992)
        Purchase of Federal Home Loan Bank stock                            (112)           (100)
        Proceeds from sale of foreclosed real estate                          96              --
        Purchase of premises and equipment                                  (113)            (96)
                                                                         -------         -------
          Net Cash Used by Investing Activities                           (7,261)         (9,727)
                                                                         -------         -------

CASH FLOWS FROM FINANCING ACTIVITIES
        Net increase in deposits                                           3,150           7,508
        Net increase in advances from Federal Home Loan Bank               2,315             320
        Net increase (decrease) in retail repurchase agreements              (97)            115
        Exercise of stock options                                              7              32
        Purchase of treasury stock                                            --             (19)
        Dividends paid                                                      (324)           (274)
                                                                         -------         -------
          Net Cash Provided By Financing Activities                        5,051           7,682
                                                                         -------         -------
Net Decrease in Cash and Due From Banks                                     (878)           (695)

Cash and due from banks at beginning of period                             7,184           6,010
                                                                         -------         -------
Cash and Due From Banks at End of Period                                 $ 6,306         $ 5,315
                                                                         =======         =======
</TABLE>

See accompanying notes to consolidated financial statements.

                                     - 5 -

<PAGE>

                      FIRST CAPITAL, INC. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

1.       Presentation of Interim Information

         First Capital, Inc. ("Company") is the holding company for First
         Harrison Bank ("Bank"). The information presented in this report
         relates primarily to the Bank's operations.

         In the opinion of management, the unaudited consolidated financial
         statements include all normal adjustments considered necessary to
         present fairly the financial position as of March 31, 2002, and the
         results of operations for the three months ended March 31, 2002 and
         2001 and cash flows for the three months ended March 31, 2002 and 2001.
         All of these adjustments are of a normal, recurring nature. Interim
         results are not necessarily indicative of results for a full year.

         The consolidated financial statements and notes are presented as
         permitted by Form 10-QSB, and do not contain certain information
         included in the Company's annual audited consolidated financial
         statements.

         The consolidated financial statements include the accounts of the
         Company, the Bank and the Bank's wholly owned subsidiary, First
         Harrison Financial Services, Inc. (formerly HCB Insurance Agency,
         Inc.). All material intercompany balances and transactions have been
         eliminated in consolidation.

2.       Supplemental Disclosures of Cash Flow Information

<TABLE>
<CAPTION>
                                                         Three Months Ended
                                                              March 31,
                                                         ------------------
                                                          2002       2001
                                                          ----       ----
                                                           (In thousands)
<S>                                                     <C>        <C>
             Cash payments for:
               Interest                                 $ 2,217    $ 2,482
               Taxes                                        149         79

             Noncash investing activity:
               Amortized cost of securities
                 transferred from held to
                 maturity to available for sale              --        182

</TABLE>


                                      - 6 -

<PAGE>

                      FIRST CAPITAL, INC. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

3.       Comprehensive Income

         Comprehensive income is defined as the change in equity (net assets) of
         a business enterprise during a period from transactions and other
         events and circumstances from non-owner sources. It includes all
         changes in equity during a period except those resulting from
         investments by owners and distributions to owners. Comprehensive income
         for the Company includes net income and other comprehensive income
         representing the net unrealized gains and losses on securities
         available for sale. The following tables set forth the components of
         other comprehensive income and the allocated tax amounts for the three
         months ended March 31, 2002 and 2001:

<TABLE>
<CAPTION>
                                                                       Three Months Ended
                                                                            March 31,
                                                                       ------------------
                                                                          2002     2001
                                                                          ----     ----
                                                                          (In thousands)
<S>                                                                       <C>      <C>
         Unrealized gains (losses) on securities:
             Unrealized holding gains (losses)
               arising during the period                                  $(502)   $ 548
             Income tax (expense) benefit                                   199     (217)
                                                                          -----    -----
                 Net of tax amount                                         (303)     331
                                                                          -----    -----
             Less:  reclassification
               adjustment for (gains) losses included in net income          --       --
             Income tax (expense) benefit                                    --       --
                                                                          -----    -----
                 Other comprehensive income (loss)                        $(303)   $ 331
                                                                          =====    =====
</TABLE>


4.       Supplemental Disclosure for Earnings Per Share
         (Dollars in thousands, except per share data)

<TABLE>
<S>                                                         <C>              <C>
         Basic:
           Earnings:
              Net income                                    $      793       $      717
                                                            ==========       ==========
         Shares:
            Weighted average common shares
               outstanding                                   2,472,141        2,461,747
                                                            ==========       ==========

            Net income per common share, basic              $     0.32       $     0.29
                                                            ==========       ==========

         Diluted:
            Earnings:
               Net income                                   $      793       $      717
                                                            ==========       ==========
            Shares:
               Weighted average common shares
                   outstanding                               2,472,141        2,461,747

               Add: Dilutive effect of outstanding options      23,555            9,452
               Add: Dilutive effect of restricted shares         3,107              616
                                                            ----------       ----------
               Weighted average common shares
                   outstanding, as adjusted                  2,498,803        2,471,815
                                                            ==========       ==========

               Net income per common share, diluted         $     0.32       $     0.29
                                                            ==========       ==========
</TABLE>

                                      - 7 -

<PAGE>

                                 PART I - ITEM 2

                           MANAGEMENT'S DISCUSSION AND
                       ANALYSIS OF FINANCIAL CONDITION AND
                              RESULTS OF OPERATIONS
                      FIRST CAPITAL, INC. AND SUBSIDIARIES

Safe Harbor Statement for Forward Looking Statements

This report may contain forward-looking statements within the meaning of the
federal securities laws. These statements are not historical facts, rather
statements based on the Company's current expectations regarding its business
strategies and their intended results and its future performance.
Forward-looking statements are preceded by terms such as "expects," "believes,"
"anticipates," "intends" and similar expressions.

Forward-looking statements are not guarantees of future performance. Numerous
risks and uncertainties could cause or contribute to the Company's actual
results, performance and achievements to be materially different from those
expressed or implied by the forward-looking statements. Factors that may cause
or contribute to these differences include, without limitation, general economic
conditions, including changes in market interest rates and changes in monetary
and fiscal policies of the federal government; legislative and regulatory
changes; and other factors disclosed periodically in the Company's filings with
the Securities and Exchange Commission.

Because of the risks and uncertainties inherent in forward-looking statements,
readers are cautioned not to place undue reliance on them, whether included in
this report or made elsewhere from time to time by the Company or on its behalf.
Except as required by applicable law or regulation, the Company assumes no
obligation to update any forward-looking statements.

Financial Condition

         Total assets increased from $282.8 million at December 31, 2001 to
$288.4 million at March 31, 2002, an increase of 2.0%. When compared to March
31, 2001, the growth in assets was $30.6 million or 11.9%.

         Loans receivable, net experienced no significant change, decreasing
from $201.7 million at December 31, 2001 to $201.4 million at March 31, 2002.
The new loan originations during the quarter were offset primarily by two
commercial loan payoffs of $2.2 million. Residential mortgage loans increased by
$2.2 million and home equity lines of credit increased by $1.0 million during
the quarter ended March 31, 2002.

         Securities available for sale increased $6.0 million from $54.9 million
at December 31, 2001 to $60.9 million at March 31, 2002 as a result of purchases
of $9.4 million, offset by maturities of $2.4 million and principal repayments
of $387,000.

         Investment securities held-to-maturity decreased $43,000 as a result of
purchases of $300,000, offset by maturities of $313,000 and principal repayments
of $29,000.

         Cash and interest bearing deposits with banks were unchanged,
totaling $12.4 million at December 31, 2001 and March 31, 2002.


                                     - 8 -

<PAGE>

                                 PART I - ITEM 2

                           MANAGEMENT'S DISCUSSION AND
                       ANALYSIS OF FINANCIAL CONDITION AND
                              RESULTS OF OPERATIONS
                      FIRST CAPITAL, INC. AND SUBSIDIARIES

         Total deposits increased 1.5%, from $204.1 million at December 31, 2001
to $207.3 million at March 31, 2002. Checking and savings accounts grew by
$1.9 million while time deposits grew by $1.3 million during the period.

         Federal Home Loan Bank borrowings increased $2.3 million from
$42.8 million at December 31, 2001 to $45.1 million at March 31, 2002. The new
advances were drawn primarily to take advantage of historically low interest
rates at favorable terms.

         Total stockholders equity increased from $33.5 million at December 31,
2001 to $33.7 million at March 31, 2002 primarily as a result of retained net
income of $469,000 offset by net unrealized losses of $303,000 on securities
available for sale.

Results of Operations

         Net Income. Net income was $793,000 ($.32 per share diluted) for the
three months ended March 31, 2002 compared to $717,000 ($.29 per share diluted)
for the same period in 2001. An increase in net interest income was partially
offset by a decrease in noninterest income and an increase in noninterest
expense.

         Net interest income for the three-month periods ended March 31, 2002
and 2001. Net interest income increased 14.1% from $2.1 million in 2001 to $2.5
million in 2002 as a result of an increase in interest-earning assets funded by
growth in deposits and borrowings from the Federal Home Loan Bank and a decrease
in the average cost of funds.

         Total interest income was unchanged from the quarter ended March 31,
2002 compared to the quarter ended March 31, 2001. The average balance of
interest-earning assets was $271.3 million for the three-month period ended
March 31, 2002 compared to $239.1 million for the same period in 2001. However,
the average tax-equivalent yield on interest-earning assets decreased from 7.92%
in 2001 to 6.98% in 2002 due to a markedly lower interest rate environment in
2002.

         Total interest expense decreased $305,000 to $2.2 million for the
quarter ended March 31, 2002 as compared to $2.5 million during the same period
in 2001. Interest on deposits decreased by $468,000 while the interest on
Federal Home Loan Bank advances increased by $163,000 when comparing the first
quarter of 2002 against the same period in 2001. The average balance of
interest-bearing liabilities increased from $171.7 million in 2001 to
$187.2 million in 2002 while the average rate on these same liabilities
decreased from 5.00% in 2001 to 3.85% in 2002. Despite the steep drop in the
interest rates by the Federal Reserve Board during 2001, the tax-equivalent
interest rate spread increased from 2.92% to 3.13% and the net interest margin
increased from 3.69% to 3.70% when comparing the first quarter results of 2001
with the same period in 2002 primarily due to the Bank's interest-bearing
liabilities repricing faster than the interest-earning assets.

                                     - 9 -

<PAGE>

                                 PART I - ITEM 2

                           MANAGEMENT'S DISCUSSION AND
                       ANALYSIS OF FINANCIAL CONDITION AND
                              RESULTS OF OPERATIONS
                      FIRST CAPITAL, INC. AND SUBSIDIARIES

         Provision for loan losses. The provision for loan losses was $45,000
for the three-month period ended March 31, 2002 as compared to $36,000 for the
same period in 2001. During 2002, net loans receivable experienced no
significant change, although residential mortgages increased by $2.2 million and
home equity lines of credit by $1.0 million. Offsetting those increases were
decreases of $2.4 million in commercial loans and $1.0 million in consumer
loans. Residential mortgage loans and home equity lines of credit have an
inherently lower degree of credit risk than commercial and consumer loans.
However, the consistent application of management's allowance methodology
resulted in an increase in the provision for loan losses due to higher levels of
nonperforming loans as compared to the prior year and net charge-offs during the
period.

         Provisions for loan losses are charges to earnings to maintain the
total allowance for loan losses at a level considered reasonable by management
to provide for probable known and inherent loan losses based on management's
evaluation of the collectibility of the loan portfolio, including the nature of
the portfolio, credit concentrations, trends in historical loss experience,
specified impaired loans, and economic conditions. Although management uses the
best information available, future adjustments to the allowance may be necessary
due to changes in economic, operating, regulatory and other conditions that may
be beyond the Bank's control. While the Bank maintains the allowance for loan
losses at a level which it considers adequate to provide for estimated losses,
there can be no assurance that further additions will not be made to the
allowance for loan losses and that actual losses will not exceed the estimated
amounts.

         In determining the adequacy of the allowance for loan losses, the Bank
reviews all loans quarterly, and loans are assigned a risk weighting based on
asset classification. The allowance is calculated by applying loss factors to
outstanding loans based on the internal risk grade of each loan. Specific
allowances related to impaired and substandard loans are established in cases
where management has identified significant conditions or circumstances related
to a loan that management believes indicate the probability that a loss has been
incurred. A general allowance is calculated by applying loss factors to
performing loans that have been grouped into homogeneous pools for the purpose
of the calculation. Loss factors are based on the Bank's historical loss
experience and industry peer group data and may be adjusted for significant
factors that, in management's judgment, affect the collectibility of the
portfolio. The allowance for loan losses was $1.1 million at both March 31, 2002
and December 31, 2001. Management has deemed these amounts as adequate on those
dates based on its best estimate of probable known and inherent loan losses. At
March 31, 2002, nonperforming loans amounted to $1.4 million compared to $1.3
million at December 31, 2001. Included in nonperforming loans are loans over 90
days past due secured by one-to-four family residential real estate in the
amount of $420,000, consumer loans amounting to $182,000 and commercial loans of
$37,000. These loans are accruing interest as the estimated value of the
collateral and collection efforts are deemed sufficient to ensure full recovery.

                                     - 10 -

<PAGE>

                                 PART I - ITEM 2

                           MANAGEMENT'S DISCUSSION AND
                       ANALYSIS OF FINANCIAL CONDITION AND
                              RESULTS OF OPERATIONS
                      FIRST CAPITAL, INC. AND SUBSIDIARIES

         Noninterest income. Noninterest income decreased 12.3% to $399,000 for
the three months ended March 31, 2002 compared to $455,000 for the three months
ended March 31, 2001. The Bank recognized gains of $86,000 on the sale of loans
and securities during the first quarter of 2001. The Bank sold no loans or
securities during the same period in 2002. Service charges on deposits increased
15.6% to $311,000 for the three months ended March 31, 2002 compared to $269,000
for the same period in 2001.

         Noninterest expense. Noninterest expense increased by $148,000 or 10.2%
for the three month period ended March 31, 2002 compared to the same period in
2001. Compensation and benefits increased due to normal salary increases, an
increase in staff and an increase in the cost of health insurance. Other
significant increases in noninterest expenses as compared to the quarter ended
March 31, 2001 include office supplies expense, ATM processing fees, charitable
donations and professional fees for outsourced internal audit services.

         Income tax expense. Income tax expense for the three-month period ended
March 31, 2002 was $412,000, compared to $397,000 for the same period in 2001.
The effective tax rate decreased from 35.6% for 2001 to 34.2% for 2002.

Liquidity and Capital Resources

         The Bank's primary sources of funds are customer deposits, proceeds
from loan repayments, maturing securities and FHLB advances. While loan
repayments and maturities are a predictable source of funds, deposit flows and
mortgage prepayments are greatly influenced by market interest rates, general
economic conditions and competition. At March 31, 2002, the Bank had cash and
interest-bearing deposits with banks of $12.4 million and securities
available-for-sale with a fair value of $60.9 million. If the Bank requires
funds beyond its ability to generate them internally, it has additional
borrowing capacity with the FHLB of Indianapolis and collateral eligible for
repurchase agreements.

         The Bank's primary investing activity is the origination of one-to-four
family mortgage loans and, to a lesser extent, consumer, multi-family,
commercial real estate and residential construction loans. The Bank also invests
in U.S. Government and agency securities and mortgage-backed securities issued
by U.S. Government agencies.

         The Bank must maintain an adequate level of liquidity to ensure the
availability of sufficient funds to support loan growth and deposit withdrawals,
to satisfy financial commitments and to take advantage of investment
opportunities. Historically, the Bank has been able to retain a significant
amount of its deposits as they mature.

         The Bank is required to maintain specific amounts of capital pursuant
to OTS requirements. As of March 31, 2002, the Bank was in compliance with all
regulatory capital requirements, which were effective as of such date with
tangible, core and risk-based capital ratios of 11.3%, 11.3% and 20.3%,
respectively. The regulatory requirements at that date were 1.5%, 3.0% and 8.0%,
respectively.

                                     - 11 -

<PAGE>

                                     PART II
                                OTHER INFORMATION
                               FIRST CAPITAL, INC.

Item 1.        Legal Proceedings

               The Company is not a party to any legal proceedings.
               Periodically, there have been various claims and lawsuits
               involving the Bank, mainly as a plaintiff, such as claims to
               enforce liens, condemnation proceedings on properties in which
               the Bank holds security interests, claims involving the making
               and servicing of real property loans and other issues incident to
               the Bank's business. The Bank is not a party to any pending legal
               proceedings that it believes would have a material adverse affect
               on its financial condition or operations.

Item 2.        Changes in Securities and Use of Proceeds

               Not applicable.

Item 3.        Defaults upon Senior Securities

               Not applicable.

Item 4.        Submission of Matters to a Vote of Security Holders

               Not applicable.

Item 5.        Other Information

               Not applicable.

Item 6.        Exhibits and Reports on Form 8-K

(a)            Exhibits
               --------

               None.

(b)            Reports on Form 8-K
               -------------------

               On January 14, 2002, the Company filed Form 8-K to announce the
               annual meeting of stockholders would be held on April 24, 2002.

                                     - 12 -

<PAGE>

                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed by the undersigned thereunto
duly authorized.

                                                      FIRST CAPITAL, INC.
                                                      (Registrant)



  Dated  May 13, 2002                       BY:   /s/ William W. Harrod
  ----------------------------                 -----------------------------
                                                      William W. Harrod
                                                      President and CEO

  Dated  May 13, 2002                       BY:   /s/ Michael C. Frederick
  ----------------------------                 -----------------------------
                                                      Michael C. Frederick
                                                      Senior Vice President
                                                        and Treasurer

                                     - 13 -