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First Capital Inc. (FCAP+0.04%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing total assets of $1,187,523,000, an increase from $1,157,880,000 at the end of the previous year. This increase was primarily due to higher cash and cash equivalents and net loans receivable.
Net loans receivable increased by $16.8 million, reaching $631.2 million. The growth was mainly in commercial real estate and residential mortgage loans, partially offset by a decrease in commercial business loans.
Securities available for sale decreased to $389.2 million from $437.3 million due to principal repayments, maturities, and sales exceeding purchases.
Total deposits rose by $41.2 million to $1,066,439,000, with significant growth in time deposits, while noninterest-bearing demand deposits and savings accounts saw declines.
The company reported net income attributable to First Capital Inc. of $11.9 million, down from $12.8 million the previous year, with earnings per diluted share of $3.57 compared to $3.82.
Net interest income increased by $1.2 million to $35.8 million, driven by higher yields on interest-earning assets, despite an increase in interest expense due to rising interest rates.
The provision for credit losses increased to $1.4 million, reflecting loan growth and higher nonperforming assets.
Noninterest income was relatively stable, with gains on loan sales and service charges offsetting losses on equity securities.
Noninterest expenses rose due to higher professional fees, compensation, and benefits, contributing to a higher efficiency ratio of 64.1% compared to 61.6% in the previous year.
Stockholders’ equity increased by $9.4 million to $114.6 million, primarily due to retained earnings growth and a decrease in the net unrealized loss on available-for-sale securities.
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. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.