NASDAQ: FCAP
FIRST CAPITAL INCCIK 0001070296 · SIC 6035 · Savings Institutions (Federal)
First Capital, Inc. (the “Company,” “First Capital,” “us,” or “we”) was incorporated under Indiana law on September 11, 1998. On December 31, 1998, the Company became the holding company for First Federal Bank, A Federal Savings Bank (the “Bank”) upon the Bank’s reorganization as a wholly owned… About this business →
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FCAP Q2 2026: Net income +26% to $4.8M as net interest margin expands 39bp to 3.98%
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First Capital reports Q2 net income up 26% to $4.8M on margin expansion and loan growth
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First Capital holds routine annual meeting; directors elected, auditor and pay approved
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First Capital Q1 net income jumps 34% to $4.3M as margin expands to 3.81%
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First Capital reports quarterly results via press release
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First Capital net income surges 37% to $16.4M; stock jumps 84% on margin expansion
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Latest financial statements
From 10-Q filed Aug 12, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Income (Unaudited)
(In thousands, except per share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| INTEREST INCOME | ||||
| Loans, including fees | 10,813 | 10,254 | 21,255 | 20,028 |
| Securities: | ||||
| Taxable | 2,866 | 1,979 | 5,579 | 3,813 |
| Tax-exempt | 713 | 665 | 1,416 | 1,314 |
| Dividends | 23 | 25 | 47 | 51 |
| Interest bearing deposits with banks | 1,207 | 1,117 | 2,249 | 2,180 |
| Total interest income | 15,622 | 14,040 | 30,546 | 27,386 |
| INTEREST EXPENSE | ||||
| Deposits | 3,535 | 3,628 | 7,041 | 7,393 |
| Total interest expense | 3,535 | 3,628 | 7,041 | 7,393 |
| Net interest income | 12,087 | 10,412 | 23,505 | 19,993 |
| Provision for credit losses | 425 | 306 | 775 | 644 |
| Net interest income after provision for credit losses | 11,662 | 10,106 | 22,730 | 19,349 |
| NONINTEREST INCOME | ||||
| Service charges on deposit accounts | 642 | 588 | 1,234 | 1,181 |
| ATM and debit card fees | 1,172 | 1,147 | 2,253 | 2,183 |
| Loss on sale of securities | — | — | (92) | (55) |
| Unrealized gain (loss) on equity securities | 92 | (41) | 270 | (23) |
| Gain on sale of loans | 151 | 152 | 284 | 241 |
| Increase in cash surrender value of life insurance | 51 | 49 | 108 | 121 |
| Other income | 97 | 123 | 196 | 218 |
| Total noninterest income | 2,205 | 2,018 | 4,253 | 3,866 |
| NONINTEREST EXPENSE | ||||
| Compensation and benefits | 4,505 | 4,270 | 8,842 | 8,372 |
| Occupancy and equipment | 576 | 549 | 1,210 | 1,172 |
| Data processing | 1,165 | 1,156 | 2,261 | 2,264 |
| Professional fees | 252 | 327 | 779 | 613 |
| Advertising | 204 | 120 | 276 | 194 |
| Other expenses | 1,151 | 1,072 | 2,238 | 2,060 |
| Total noninterest expense | 7,853 | 7,494 | 15,606 | 14,675 |
| Income before income taxes | 6,014 | 4,630 | 11,377 | 8,540 |
| Income tax expense | 1,249 | 852 | 2,279 | 1,524 |
| Net Income | 4,765 | 3,778 | 9,098 | 7,016 |
| Less: net income attributable to noncontrolling interest in subsidiary | 3 | 3 | 6 | 6 |
| Net Income Attributable to First Capital, Inc. | 4,762 | 3,775 | 9,092 | 7,010 |
| Earnings per common share attributable to First Capital, Inc.: | ||||
| Basic | 1.43 | 1.13 | 2.73 | 2.09 |
| Diluted | 1.43 | 1.13 | 2.72 | 2.09 |
| Dividends per share | 0.31 | 0.29 | 0.62 | 0.58 |
Consolidated Balance Sheets (Unaudited)
(In thousands, except share and per share data)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Cash and due from banks | 20,871 | 26,873 |
| Interest bearing deposits with banks | 128,941 | 110,415 |
| Total cash and cash equivalents | 149,812 | 137,288 |
| Interest-bearing time deposits | 1,225 | 1,470 |
| Securities available for sale, at fair value (amortized cost $424,888 and $432,167, respectively) | 406,917 | 417,190 |
| Securities held to maturity, at amortized cost (fair value $5,542 and $5,243, respectively) | 7,000 | 7,000 |
| Loans held for sale | 1,326 | 1,464 |
| Loans, net of allowance for credit losses of $10,714 ($10,108 in 2025) | 668,124 | 654,100 |
| Federal Home Loan Bank and other stock, at cost | 1,836 | 1,836 |
| Premises and equipment | 14,980 | 14,357 |
| Accrued interest receivable | 5,057 | 5,100 |
| Cash value of life insurance | 9,101 | 8,993 |
| Goodwill | 6,472 | 6,472 |
| Other assets | 18,191 | 16,725 |
| Total Assets | 1,290,041 | 1,271,995 |
| LIABILITIES | ||
| Deposits: | ||
| Noninterest-bearing | 218,727 | 220,053 |
| Interest-bearing | 918,004 | 902,937 |
| Total deposits | 1,136,731 | 1,122,990 |
| Accrued interest payable | 1,942 | 2,195 |
| Accrued expenses and other liabilities | 8,753 | 8,901 |
| Total liabilities | 1,147,426 | 1,134,086 |
| 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 7,500,000 shares; issued 3,814,543 shares (3,810,883 in 2025); outstanding 3,345,245 (3,341,871 in 2025) | 38 | 38 |
| Additional paid-in capital | 42,015 | 41,823 |
| Retained earnings-substantially restricted | 124,653 | 117,635 |
| Unearned stock compensation | (335) | (178) |
| Accumulated other comprehensive loss | (13,970) | (11,646) |
| Less treasury stock, at cost 469,298 shares (469,012 in 2025) | (9,891) | (9,875) |
| Total First Capital, Inc. stockholders' equity | 142,510 | 137,797 |
| Noncontrolling interest in subsidiary | 105 | 112 |
| Total equity | 142,615 | 137,909 |
| Total Liabilities and Equity | 1,290,041 | 1,271,995 |
Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net income | 9,098 | 7,016 |
| Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities: | ||
| Amortization of premiums and accretion of discounts on securities, net | 206 | 410 |
| Depreciation and amortization expense | 569 | 561 |
| Deferred income taxes | (1,193) | 7 |
| Stock compensation expense | 35 | 77 |
| Increase in cash value of life insurance | (108) | (121) |
| Gain on life insurance | — | (46) |
| Loss on sale of securities | 92 | 55 |
| Provision for credit losses | 775 | 644 |
| Proceeds from sales of loans | 16,351 | 11,765 |
| Loans originated for sale | (15,929) | (12,645) |
| Gain on sale of loans | (284) | (241) |
| Amortization of tax credit investment | 748 | 1,343 |
| Unrealized (gain) loss on equity securities | (270) | 23 |
| (Gain) loss on disposal of premises and equipment | (39) | 58 |
| Decrease (increase) in accrued interest receivable | 43 | (67) |
| (Decrease) increase in accrued interest payable | (253) | 289 |
| Net change in other assets/liabilities | 751 | (1,017) |
| Net Cash Provided By Operating Activities | 10,592 | 8,111 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Net decrease in interest-bearing time deposits | 245 | 490 |
| Purchase of securities available for sale | (73,826) | (54,519) |
| Proceeds from maturities of securities available for sale | 33,897 | 25,705 |
| Proceeds from sales of securities available for sale | 18,722 | 11,192 |
| Principal collected on mortgage-backed obligations | 28,188 | 15,386 |
| Net increase in loans receivable | (14,799) | (18,619) |
| Investment in tax credit entities | (845) | (1,344) |
| Investment in technology fund | (134) | (60) |
| Proceeds from settlement of bank-owned life insurance policies | — | 605 |
| Proceeds from insurance claims | 39 | — |
| Purchase of premises and equipment | (1,193) | (489) |
| Net Cash Used In Investing Activities | (9,706) | (21,653) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Net increase in deposits | 13,741 | 44,188 |
| Purchase of treasury stock | (16) | (9) |
| Dividends paid | (2,087) | (1,959) |
| Net Cash Provided By Financing Activities | 11,638 | 42,220 |
| Net Increase in Cash and Cash Equivalents | 12,524 | 28,678 |
| Cash and cash equivalents at beginning of period | 137,288 | 105,917 |
| Cash and Cash Equivalents at End of Period | 149,812 | 134,595 |
Amounts as printed on the EDGAR/iXBRL face — (In thousands, except per share data); (In thousands, except share and per share data); (In thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
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About FIRST CAPITAL INC
Source: Item 1 (Business) from the 10-K filed March 31, 2026. Description as filed by the company with the SEC.
ITEM 1.BUSINESS
General
First Capital, Inc. (the “Company,” “First Capital,” “us,” or “we”) was incorporated under Indiana law on September 11, 1998. On December 31, 1998, the Company became the holding company for First Federal Bank, A Federal Savings Bank (the “Bank”) upon the Bank’s reorganization as a wholly owned subsidiary of the Company resulting from the conversion of First Capital, Inc., M.H.C. (the “MHC”), from a federal mutual holding company to a stock holding company. On January 12, 2000, the Company completed a merger of equals with HCB Bancorp, the former holding company for Harrison County Bank, and the Bank changed its name to First Harrison Bank. On March 20, 2003, the Company acquired Hometown Bancshares, Inc. (“Hometown”), a bank holding company located in New Albany, Indiana. On December 4, 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.
On September 20, 2017, the Bank filed applications with the Indiana Department of Financial Institutions (“IDFI”) and the Federal Deposit Insurance Corporation (“FDIC”) to convert from a federal savings association into an Indiana chartered commercial bank (the “Conversion”), and since June 30, 2018, the IDFI is the Bank’s primary regulator and the FDIC is the Bank’s primary federal regulator. The Conversion did not affect the Bank’s clients in any way and did not affect FDIC deposit insurance on eligible accounts as the Bank’s deposits are federally insured by the FDIC under the Deposit Insurance Fund. The Bank is a member of the Federal Home Loan Bank (“FHLB”) System.
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Additionally, in connection with the Conversion, the Company filed an application with the Federal Reserve Bank (“FRB”) of St. Louis to change from a savings and loan holding company to a financial holding company. This change occurred simultaneously with the Conversion discussed above.
The Company’s primary business activity is the ownership of the outstanding common stock of the Bank. Management of the Company and the Bank are substantially similar and the Company neither owns nor leases any property, but instead uses the premises, equipment and furniture of the Bank in accordance with applicable regulations.
Availability of Information
The Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and any amendments to such reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 are made available free of charge on the Company’s Internet website, www.firstharrison.com, as soon as practicable after the Company electronically files such material with, or furnishes it to, the SEC. The contents of the Company’s website shall not be incorporated by reference into this Form 10-K or into any reports the Company files with or furnishes to the Securities and Exchange Commission.
Market Area and Competition
The Bank considers Harrison, Floyd, Clark and Washington counties in Indiana and Bullitt County in Kentucky its primary market area. All of its offices are located in these five counties, which results in most of the Bank’s loans being made in these five counties. The main office of the Bank is located in Corydon, Indiana, 35 miles west of Louisville, Kentucky. The Bank aggressively competes for business with local banks, as well as large regional banks. Its most direct competition for deposit and loan business comes from the commercial banks operating in these five counties. Based on data published by the FDIC, the Bank is the leader in FDIC-insured institutions in deposit market share in Harrison County, Indiana, which includes the Bank’s main office, and in Bullitt County, Kentucky, where Peoples was headquartered.
Lending Activities
General. The Bank has transformed the composition of its balance sheet from that of a traditional thrift institution to that of a commercial bank. On the asset side, this was accomplished in part by selling in the secondary market the newly-originated qualified fixed-rate residential mortgage loans while retaining variable rate residential mortgage loans in the portfolio. This transformation was also enhanced by expanding commercial lending staff dedicated to growing commercial real estate and commercial business loans. The Bank also originates consumer loans and residential construction loans for the loan portfolio. The Bank does not offer, and has not offered, Alt-A, sub-prime or no-document mortgage loans.
Loan Portfolio Analysis. The following table presents the composition of the Bank’s loan portfolio by type of loan at the dates indicated.
At December 31,
Amount
Percent
Amount
Percent
(Dollars in thousands)
Mortgage Loans:
1-4 Family Residential Mortgage
$
140,677
21.21
%
$
138,936
21.73
%
Multifamily Residential
69,567
10.49
%
36,822
5.77
%
Commercial Real Estate
207,124
31.23
%
184,851
28.91
%
1-4 Family Residential Construction
15,445
2.33
%
15,245
2.38
%
Other Construction, Development and Land
41,227
6.22
%
75,840
11.86
%
Home Equity and Second Mortgage
71,435
10.77
%
66,549
10.41
%
Total Mortgage Loans
545,475
82.25
%
518,243
81.06
%
Commercial Business Loans
61,991
9.35
%
62,727
9.81
%
Consumer and Other
55,676
8.40
%
58,406
9.13
%
Total Gross Loans
663,142
100.00
%
639,376
100.00
%
Less:
Deferred Loan Fees Net of Direct Costs
(1,066)
(1,104)
Allowance for Credit Losses
10,108
9,281
Total Loans, Net
$
654,100
$
631,199
Residential Loans. The Bank’s lending activities have concentrated on the origination of residential mortgages, including those secured by 1-4 family residential and multifamily properties, both for sale in the secondary market and for retention in the Bank’s loan portfolio. Substantially all residential mortgages are collateralized by properties within the Bank’s market area.
The Bank offers both fixed-rate mortgage loans and adjustable rate mortgage (“ARM”) loans typically with terms of 15 to 30 years. The Bank uses loan documents approved by the Federal National Mortgage Corporation (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) whether the loan is originated for investment or sale in the secondary market.
Retaining fixed-rate loans in its portfolio subjects the Bank to a higher degree of interest rate risk. See “