-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Sa3aPuiW+gCzxQ5KonYRetNlpZ+OLeTPa2VMMvWKasvl75jS4Y/Gwi2ak6ChSgdU 9uTnZA47CenriOve+Cmkng== 0000909654-03-000585.txt : 20030506 0000909654-03-000585.hdr.sgml : 20030506 20030506094748 ACCESSION NUMBER: 0000909654-03-000585 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030502 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030506 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST CAPITAL INC CENTRAL INDEX KEY: 0001070296 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 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: 03683254 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 firstcapital8k0505-03.txt 1 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): May 2, 2003 ----------- FIRST CAPITAL, INC. ------------------- (Exact name of registrant as specified in its charter) Indiana 0-25023 35-2056949 ------- ------------- -------------- (State or other Jurisdiction of (Commission (IRS Employer incorporation or organization) File Number) Identification No.) 220 Federal Drive N.W., Corydon, Indiana 47112 - ---------------------------------------- --------- (Address of principal executive offices) (Zip Code) (812) 738-2198 -------------- (Registrant's telephone number, including area code) Not Applicable -------------- (Former name or former address, if changed since last report.) 2 ITEM 7. FINANCIAL STATEMENTS AND OTHER EXHIBITS --------------------------------------- Exhibit 99.1 Press Release Dated May 2, 2003 ITEM 9. REGULATION FD DISCLOSURE ------------------------ On May 2, 2003, First Capital, Inc. announced its financial results for the quarter ended March 31, 2003. The press release announcing financial results for the quarter ended March 31, 2003 is filed as Exhibit 99.1 and incorporated herein by reference. This information is being furnished pursuant to Item 12 of Form 8-K and is being presented under Item 9 as provided in the Commission's interim guidance regarding Form 8-K Item 11 and Item 12 filing requirements (Release No. 34-47583). 2 3 SIGNATURES 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. Dated: May 5, 2003 By: /s/ William W. Harrod -------------------------------------- William W. Harrod President and Chief Executive Officer 3 EX-99.1 3 firstcap8kex990505-03.txt 1 EXHIBIT 99.1 FIRST CAPITAL, INC. REPORTS FIRST QUARTER EARNINGS Corydon, Indiana--(BUSINESS WIRE)--May 2, 2003. First Capital, Inc. (NASDAQ: FCAP - news), the holding company for First Harrison Bank (the "Bank"), today reported net income of $721,000 or $0.28 per diluted share for the quarter ended March 31, 2003, compared to $793,000 or $0.32 per diluted share for the quarter ended March 31, 2002. The earnings reduction is due to an increase in noninterest expenses partially offset by increases in noninterest income and net interest income after provision for loan losses. The March 2003 acquisition of Hometown Bancshares, Inc. (Hometown), the holding company for Hometown National Bank in New Albany, Indiana, and the addition of personnel for the new branch office in Jeffersonville, Indiana scheduled to open later this month, were the primary factors in the increase of noninterest expenses. Net interest income after provision for loan losses increased $89,000 for the quarter ended March 31, 2003 as compared to the prior year. Interest expense decreased $163,000 when comparing the first quarter of 2003 against the first quarter of 2002. This was partially offset by an increase of $105,000 in the provision for loan losses when comparing the same two periods. Items affecting management's evaluation of the loan loss provision include the levels and trends in charge-offs and recoveries, trends in volume and terms of loans, levels and trends in delinquencies, effects of changes in credit concentrations, changes in industry and market conditions and national and local economic trends and conditions. Noninterest income increased $113,000 as compared to the quarter ended March 31, 2002. Service charges on deposits increased $59,000 during the period. The Bank also recognized a gain of $51,000 on the sale of securities during the first quarter of 2003 but did not sell any securities during the same period in 2002. Noninterest expenses increased $320,000 for the quarter ended March 31, 2003 compared to the quarter ended March 31, 2002. Compensation and benefits increased by $147,000 compared to the same period last year primarily due to additional personnel from the Hometown acquisition and in anticipation of the opening of the Jeffersonville office. Other factors include the increased costs of employee health insurance and normal salary increases. Data processing fees increased $87,000 and other operating expenses increased $71,000 when comparing the first quarter of 2003 to the same period of 2002. The primary factor for the increase in data processing fees was the conversion of the Hometown accounts to the Bank's computer system. An increase of $42,000 in advertising expense was the primary reason for the change in other operating expenses. The Bank has adopted a more aggressive marketing campaign to target the areas where the acquired offices are located as well as the new Jeffersonville location. Total assets as of March 31, 2003 were $396.9 million compared to $308.6 million at December 31, 2002. At the time of the Hometown acquisition, Hometown National Bank had assets of $90.5 million, including gross loans receivable of $65.4 million, allowance for loan losses of $1.1 million, nonaccrual loans of $518,000, foreclosed real estate of $80,000 and short-term investments totaling $18.2 million. Hometown deposits at the acquisition date totaled $84.7 million. First Harrison Bank currently has eleven offices in the Indiana communities of Corydon, Crandall, Georgetown, Greenville, Floyds Knobs, Hardinsburg, Palmyra, New Albany and New Salisbury. The new location in Jeffersonville is expected to open in May. Access to First Harrison Bank accounts, including online banking and electronic bill payments, is available anywhere with Internet access through the Bank's website at www.firstharrison.com. First Harrison Financial Services, --------------------- a subsidiary of the Bank, offers a full array of property, casualty and life insurance products, as well as non FDIC insured investments to compliment the Bank's offering of traditional banking products and services. 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. 2 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 may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking statements.
FIRST CAPITAL, INC. AND SUBSIDIARY Consolidated Financial Highlights (Unaudited) THREE MONTHS ENDED MARCH 31, 2003 2002 ---- ---- OPERATING DATA (Dollars in thousands, except per share data) Total interest income $ 4,708 $ 4,677 Total interest expense 2,062 2,225 ------------------------------------ Net interest income 2,646 2,452 Provision for loan losses 150 45 ------------------------------------ Net interest income after provision for loan losses 2,496 2,407 Total non-interest income 509 396 Total non-interest expense 1,918 1,598 ------------------------------------ Income before income taxes 1,087 1,205 Income tax expense 366 412 ------------------------------------ Net income $ 721 $ 793 ==================================== Net income per common share, basic $ 0.29 $ 0.32 ==================================== Net income per common share, diluted $ 0.28 $ 0.32 ==================================== MARCH 31, DECEMBER 31, BALANCE SHEET INFORMATION 2003 2002 ---- ---- Cash and due from banks $ 8,051 $ 6,610 Interest bearing deposits with banks 16,943 6,044 Investment securities 68,034 66,454 Gross loans 283,023 217,214 Allowance for loan losses 2,395 1,218 Earning assets 368,586 291,210 Total assets 396,909 308,553 Deposits 297,307 216,202 FHLB debt 54,595 53,320 Stockholders' equity 42,613 36,330 Non-performing assets: Nonaccrual loans 1,170 607 Foreclosed real estate 363 102
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