0001104659-26-048657.txt : 20260424 0001104659-26-048657.hdr.sgml : 20260424 20260424164518 ACCESSION NUMBER: 0001104659-26-048657 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20260424 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20260424 DATE AS OF CHANGE: 20260424 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST CAPITAL INC CENTRAL INDEX KEY: 0001070296 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] ORGANIZATION NAME: 02 Finance EIN: 352056949 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-25023 FILM NUMBER: 26895140 BUSINESS ADDRESS: STREET 1: 220 FEDERAL DRIVE N W CITY: CORYDON STATE: IN ZIP: 47112 BUSINESS PHONE: 8127382198 MAIL ADDRESS: STREET 1: 220 FEDERAL DRIVE N W CITY: CORYDON STATE: IN ZIP: 47112 8-K 1 fcap-20260424x8k.htm 8-K FIRST CAPITAL, INC._April 24, 2026
0001070296false00010702962026-04-242026-04-24

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  April 24, 2026

FIRST CAPITAL, INC.

(Exact name of registrant as specified in its charter)

Indiana

0-25023

35-2056949

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

220 Federal Drive N.W.

CorydonIndiana 47112

(Address of Principal Executive Offices) (Zip Code)

(812738-2198

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.01 per share

FCAP

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 2.02. Results of Operations and Financial Condition.

On April 24, 2026, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

Exhibit 99.1

 

Press Release dated April 24, 2026

Exhibit 104

 

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

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

 

FIRST CAPITAL, INC.

 

 

 

 

 

Date: April 24, 2026

By: 

/s/ Joshua P. Stevens

 

 

Joshua P. Stevens

 

 

Executive Vice President and Chief Financial Officer

 

 

EX-99.1 2 fcap-20260424xex99d1.htm EX-99.1

Exhibit 99.1

FIRST CAPITAL, INC. REPORTS QUARTERLY EARNINGS

Corydon, Indiana — (BUSINESS WIRE) — April 24, 2026.  First Capital, Inc. (the “Company”) (NASDAQ:  FCAP), the holding company for First Harrison Bank (the “Bank”), today reported net income of $4.3 million, or $1.30 per diluted share, for the quarter ended March 31, 2026, compared to net income of $3.2 million, or $0.97 per diluted share, for the quarter ended March 31, 2025.

Results of Operations for the Three Months Ended March 31, 2026 and 2025

Net interest income after provision for credit losses increased $1.8 million for the quarter ended March 31, 2026 compared to the same period in 2025.  Interest income increased $1.6 million when comparing the two periods due to an increase in the average tax-equivalent yield(1) on interest-earning assets from 4.63% for the first quarter of 2025 to 4.96% for the same period in 2026, in addition to an increase in the average balance of interest-earning assets from $1.17 billion for the first quarter of 2025 to $1.22 billion for the same period in 2026.  Interest expense decreased $259,000 as the average cost of interest-bearing liabilities decreased from 1.71% for the quarter ended March 31, 2025 to 1.56% for the same period in 2026 while the average balance of interest-bearing liabilities increased from $881.6 million for the quarter ended March 31, 2025 to $901.4 million for the same period in 2026.  As a result of the changes in interest-earning assets and interest-bearing liabilities, the tax-equivalent net interest margin(1) increased from 3.34% for the quarter ended March 31, 2025 to 3.81% for the same period in 2026. Refer to the accompanying average balance sheet for more information regarding changes in the composition of the Company’s balance sheet and resulting yields and costs from the quarter ended March 31, 2025 to the quarter ended March 31, 2026.

Based on management’s analysis of the ACL on loans and unfunded loan commitments, the provision for credit losses increased from $338,000 for the quarter ended March 31, 2025 to $350,000 for the quarter ended March 31, 2026.  The Bank recognized net charge-offs of $111,000 and $84,000 for the quarters ended March 31, 2026 and 2025, respectively.

Noninterest income increased $200,000 for the quarter ended March 31, 2026 as compared to the quarter ended March 31, 2025.  The increase is primarily due to the Company recognizing an increase of $160,000 in the gain on equity securities when comparing the two periods.  In addition, the Company recognized increases of $45,000 and $44,000 in ATM and debit card fee income, and the gain on sale of loans, respectively, when comparing the two periods.  These increases were partially offset by the Company recognizing a $92,000 loss on sale of available for sale securities for the quarter ended March 31, 2026 compared to a loss of $55,000 for the same period in 2025.  The loss on sale of available for sale securities during the quarter ended March 31, 2026 was a result of management’s decision to sell $18.7 million of available for sale securities to better position the Company’s investment portfolio for increased future yields.

Noninterest expenses increased $572,000 for the quarter ended March 31, 2026 as compared to the same period in 2025. This was primarily due to increases in professional services, compensation and benefits and other expenses of $241,000, $235,000 and $99,000, respectively, when comparing the two periods.  The increase in professional services is due to increased consulting fees.  The increase in compensation and benefits is due to increases in salary and wages associated with annual cost of living and performance related adjustments as well as increases in the cost of Company-provided health insurance benefits. The increase in other expenses is primarily due to an increase in consumer fraud losses recognized for the quarter ended March 31, 2026 as compared to the same period in 2025.  

Income tax expense increased $358,000 for the quarter ended March 31, 2026 as compared to the same period in 2025 resulting in an effective tax rate of 19.2% for the quarter ended March 31, 2026, compared to 17.2% for the same period in 2025.  The increase in the Bank’s effective tax rate for the quarter ended March 31, 2026 reflects a higher proportion of net income being subject to taxation compared to the same period last year.

Comparison of Financial Condition at March 31, 2026 and December 31, 2025

Total assets were $1.28 billion at March 31, 2026 compared to $1.27 billion at December 31, 2025.  Cash and cash equivalents and net loans receivable increased $12.4 million and $10.3 million, respectively, from December 31, 2025 to March 31, 2026. These increases were partially offset by a decrease of $9.4 million in available for sale securities when comparing the two periods.  Deposits increased $13.6 million from $1.12 billion at December 31, 2025 to $1.14 billion at March 31, 2026.  Nonperforming assets (consisting of nonaccrual loans, accruing loans 90 days or more past due, and foreclosed real estate) decreased from $4.4 million at December 31, 2025 to $4.0 million at March 31, 2026.

The Bank currently has 17 offices in the Indiana communities of Corydon, Edwardsville, Greenville, Floyds Knobs, Palmyra, New Albany, New Salisbury, Jeffersonville, Salem, Lanesville and Charlestown and the Kentucky communities of Shepherdsville, Mt. Washington and Lebanon Junction.

Access to First Harrison Bank accounts, including online banking and electronic bill payments, is available through the Bank’s website at www.firstharrison.com. For more information and financial data about the Company, please visit Investor Relations at the Bank’s aforementioned website. The Bank can also be followed on Facebook.

(1) Reconciliations of the non–U.S. Generally Accepted Accounting Principles (“GAAP”) measures are set forth at the end of this press release.


Cautionary Note Regarding Forward-Looking Statements

This press release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of the words “anticipate,” “believe,” “expect,” “intend,” “could” and “should,” and other words of similar meaning. Forward-looking statements are not historical facts nor guarantees of future performance; rather, they are statements based on the Company’s current beliefs, assumptions, and expectations regarding its business strategies and their intended results and its 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 these 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; competition; the ability of the Company to execute its business plan; legislative and regulatory changes; the quality and composition of the loan and investment portfolios; loan demand; deposit flows; changes in accounting principles and guidelines; 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 press release, the Company’s reports, or made elsewhere from time to time by the Company or on its behalf. These forward-looking statements are made only as of the date of this press release, and the Company assumes no obligation to update any forward-looking statements after the date of this press release.

Contact:

Joshua P. Stevens

Chief Financial Officer

812-738-1570


FIRST CAPITAL, INC. AND SUBSIDIARIES

Consolidated Financial Highlights (Unaudited)

Three Months Ended

  ​ ​ ​

March 31, 

OPERATING DATA

2026

  ​ ​ ​

2025

(Dollars in thousands, except per share data)

Total interest income

$

14,924

$

13,346

Total interest expense

3,506

3,765

Net interest income

11,418

9,581

Provision for credit losses

350

338

Net interest income after provision for credit losses

11,068

9,243

Total non-interest income

2,048

1,848

Total non-interest expense

7,753

7,181

Income before income taxes

5,363

3,910

Income tax expense

1,030

672

Net income

4,333

3,238

Less net income attributable to the noncontrolling interest

3

3

Net income attributable to First Capital, Inc.

$

4,330

$

3,235

Net income per share attributable to

First Capital, Inc. common shareholders:

Basic

$

1.30

$

0.97

Diluted

$

1.30

$

0.97

Weighted average common shares outstanding:

Basic

3,336,077

3,346,850

Diluted

3,338,634

3,348,298

OTHER FINANCIAL DATA

Cash dividends per share

$

0.31

$

0.29

Return on average assets (annualized)

1.37%

1.08%

Return on average equity (annualized)

12.36%

11.12%

Net interest margin

3.74%

3.28%

Net interest margin (tax-equivalent basis) (1)

3.81%

3.34%

Interest rate spread

3.33%

2.85%

Interest rate spread (tax-equivalent basis) (1)

3.40%

2.92%

Net overhead expense as a percentage of average assets (annualized)

2.45%

2.40%


March 31, 

December 31, 

BALANCE SHEET INFORMATION

  ​ ​ ​

2026

  ​ ​ ​

2025

Cash and cash equivalents

$

149,640

$

137,288

Interest-bearing time deposits

1,225

1,470

Investment securities

414,764

424,190

Gross loans

674,751

664,208

Allowance for credit losses

10,347

10,108

Earning assets

1,210,943

1,193,475

Total assets

1,284,151

1,271,995

Deposits

1,136,573

1,122,990

Stockholders' equity, net of noncontrolling interest

138,039

137,797

Allowance for credit losses as a percentage of gross loans

1.53%

1.52%

Non-performing assets:

Nonaccrual loans

4,015

4,268

Accruing loans past due 90 days

14

83

Foreclosed real estate

Regulatory capital ratios (Bank only):

Community Bank Leverage Ratio (2)

11.13%

11.01%


(1)  See reconciliation of GAAP and non-GAAP financial measures for additional information relating to the calculation of this item.

(2)  Effective March 31, 2020, the Bank opted in to the Community Bank Leverage Ratio (CBLR) framework. As such, the other regulatory ratios are no longer provided.


FIRST CAPITAL, INC. AND SUBSIDIARIES

Consolidated Average Balance Sheets (Unaudited)

For the Three Months ended March 31, 

2026

2025

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

Average

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

Average

Average

Yield/

Average

Yield/

Balance

Interest

Cost

Balance

Interest

Cost

(Dollars in thousands)

Interest earning assets:

Loans (1) (2):

Taxable

$

659,761

$

10,355

6.28%

$

632,767

$

9,684

6.12%

Tax-exempt (3)

10,246

109

4.26%

10,888

114

4.19%

Total loans

670,007

10,464

6.25%

643,655

9,798

6.09%

Investment securities:

Taxable (4)

317,739

2,737

3.45%

309,978

1,860

2.40%

Tax-exempt (3)

119,129

890

2.99%

118,885

821

2.76%

Total investment securities

436,868

3,627

3.32%

428,863

2,681

2.50%

Interest bearing deposits with banks (5)

114,620

1,042

3.64%

96,973

1,063

4.38%

Total interest earning assets

1,221,495

15,133

4.96%

1,169,491

13,542

4.63%

Non-interest earning assets

45,353

29,219

Total assets

$

1,266,848

$

1,198,710

Interest bearing liabilities:

Interest-bearing demand deposits

$

437,419

$

1,164

1.06%

$

439,716

$

1,412

1.28%

Savings accounts

223,373

99

0.18%

225,408

159

0.28%

Time deposits

240,649

2,243

3.73%

216,511

2,194

4.05%

Total deposits

901,441

3,506

1.56%

881,635

3,765

1.71%

Total interest bearing liabilities

901,441

3,506

1.56%

881,635

3,765

1.71%

Non-interest bearing liabilities

Non-interest bearing deposits

213,184

194,025

Other liabilities

12,045

6,641

Total liabilities

1,126,670

1,082,301

Stockholders' equity (6)

140,178

116,409

Total liabilities and stockholders' equity

$

1,266,848

$

1,198,710

Net interest income (tax-equivalent basis)

$

11,627

$

9,777

Less: tax equivalent adjustment

(209)

(196)

Net interest income

$

11,418

$

9,581

Interest rate spread

3.33%

2.85%

Interest rate spread (tax-equivalent basis) (7)

3.40%

2.92%

Net interest margin

3.74%

3.28%

Net interest margin (tax-equivalent basis) (7)

3.81%

3.34%

Ratio of average interest earning assets to average interest bearing liabilities

135.50%

132.65%


(1)  Interest income on loans includes fee income of $191,000 and $175,000 for the three months ended March 31, 2026 and 2025, respectively.

(2)  Average loan balances include loans held for sale and nonperforming loans.

(3)  Tax-exempt income has been adjusted to a tax-equivalent basis using the federal marginal tax rate of 21%.

(4)  Includes taxable debt and equity securities and FHLB Stock.

(5)  Includes interest-bearing deposits with banks and interest-bearing time deposits.

(6)  Stockholders' equity attributable to First Capital, Inc.

(7)  Reconciliations of the non–U.S. GAAP measures are set forth at the end of this press release.


RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES (UNAUDITED):

This presentation contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”).  Management uses these “non-GAAP” measures in its analysis of the Company's performance.  Management believes that these non-GAAP financial measures allow for better comparability with prior periods, as well as with peers in the industry who provide a similar presentation, and provide a further understanding of the Company's ongoing operations.  These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.  The following table summarizes the non-GAAP financial measures derived from amounts reported in the Company's consolidated financial statements and reconciles those non-GAAP financial measures with the comparable GAAP financial measures.  

Three Months Ended

March 31, 

  ​ ​ ​

2026

  ​ ​ ​

2025

(Dollars in thousands)

Net interest income (A)

$

11,418

$

9,581

Add: Tax-equivalent adjustment

209

196

Tax-equivalent net interest income (B)

11,627

9,777

Average interest earning assets (C)

1,221,495

1,169,491

Net interest margin (A)/(C)

3.74%

3.28%

Net interest margin (tax-equivalent basis) (B)/(C)

3.81%

3.34%

Total interest income (D)

$

14,924

$

13,346

Add: Tax-equivalent adjustment

209

196

Total interest income tax-equivalent basis (E)

15,133

13,542

Average interest earning assets (F)

1,221,495

1,169,491

Average yield on interest earning assets (D)/(F); (G)

4.89%

4.56%

Average yield on interest earning assets tax-equivalent (E)/(F); (H)

4.96%

4.63%

Average cost of interest bearing liabilities (I)

1.56%

1.71%

Interest rate spread (G)-(I)

3.33%

2.85%

Interest rate spread tax-equivalent (H)-(I)

3.40%

2.92%


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Document and Entity Information
Apr. 24, 2026
Document and Entity Information [Abstract]  
Document Type 8-K
Document Period End Date Apr. 24, 2026
Entity File Number 0-25023
Entity Registrant Name FIRST CAPITAL, INC.
Entity Incorporation, State or Country Code IN
Entity Tax Identification Number 35-2056949
Entity Address State Or Province IN
Entity Address, Address Line One 220 Federal Drive N.W.
Entity Address, City or Town Corydon
Entity Address, Postal Zip Code 47112
City Area Code 812
Local Phone Number 738-2198
Title of 12(b) Security Common stock, par value $0.01 per share
Trading Symbol FCAP
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0001070296
Amendment Flag false
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
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