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First Capital, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total assets to $1.19 billion from $1.16 billion at the end of the previous year. This increase is attributed to growth in net loans receivable and cash equivalents.
Net loans receivable rose by $16.2 million, driven by increases in commercial real estate and 1-4 family residential mortgage loans, partially offset by decreases in commercial business and 1-4 family residential construction loans.
Cash and cash equivalents increased significantly, primarily due to maturities of securities and increased borrowings under the Federal Reserve Bank's Bank Term Funding Program (BTFP).
Securities available for sale decreased by $28.8 million, with purchases of $47.8 million offset by maturities, principal payments, and sales totaling $83.2 million.
Total deposits saw a slight increase of $5.0 million, with notable shifts from non-interest-bearing checking accounts to time deposits.
The company reported $33.6 million in borrowings from the Federal Reserve Bank's BTFP as of September 30, 2024, up from $21.5 million at the end of 2023.
Stockholders' equity increased to $116.8 million, driven by a rise in retained net income and unrealized gains on available for sale securities.
Net income for the quarter was $2.9 million, down from $3.1 million in the same quarter the previous year. Earnings per diluted share were $0.87, compared to $0.94 in the previous year.
Net interest income after provision for credit losses increased by $415,000, with total interest income rising due to higher yields on interest-earning assets.
Interest expense increased due to a rise in the average cost of interest-bearing liabilities and higher average balances.
The provision for credit losses increased to $463,000, reflecting loan growth and an increase in nonperforming assets.
Noninterest income decreased by $147,000, impacted by losses on equity securities and a lack of securities sales gains.
Noninterest expense rose by $543,000, primarily due to higher professional fees and compensation costs.
Income tax expense decreased slightly, with an effective tax rate of 15.6% for the quarter.
For the nine months ended September 30, 2024, net income was $8.7 million, down from $9.7 million in the previous year. Earnings per diluted share were $2.59, compared to $2.89.
The net interest margin for the nine-month period decreased slightly to 3.09%, with interest income gains offset by higher interest expenses.
The provision for credit losses increased to $1.1 million for the nine-month period, reflecting similar factors as the quarterly increase.
Noninterest income for the nine-month period decreased by $79,000, while noninterest expense increased by $1.2 million.
The company maintained a strong liquidity position, with cash and cash equivalents of $89.9 million and securities available-for-sale valued at $408.5 million.
The Bank opted into the Community Bank Leverage Ratio framework, reporting a ratio of 10.24% as of September 30, 2024, indicating strong capital adequacy.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the First Capital Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.