-----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, Jq3HVZQsgH4ea583pTOUtVfyaMfNelHpTalmtMrVAl3SskKDoCZyp4GDsOEehzbO ICsOXvLa3jQcpZZiV1iFUg== 0000909654-06-000124.txt : 20060118 0000909654-06-000124.hdr.sgml : 20060118 20060118140731 ACCESSION NUMBER: 0000909654-06-000124 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060118 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060118 DATE AS OF CHANGE: 20060118 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: 06535237 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 firstcapital8kjan18.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) January 18, 2006 ---------------- 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) File Number) Identification No.) 220 Federal Drive N.W., Corydon, Indiana 47112 ---------------------------------------- ----- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (812) 738-2198 -------------- 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)) 2 ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION. --------------------------------------------- On January 18, 2006, First Capital, Inc., the holding company for First Harrison Bank, announced its financial results for the year and quarter ended December 31, 2005. The press release announcing financial results for the year and quarter ended December 31, 2005 is included as Exhibit 99.1 and incorporated herein by reference. ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS. (a) Financial Statements of Businesses Acquired: Not applicable (b) Pro Forma Financial Information: Not applicable (c) Exhibits Number Description ------ ----------- 99.1 Press Release Dated January 18, 2006 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: January 18, 2006 By: /s/ M. Chris Frederick ------------------------------------ M. Chris Frederick Senior Vice President and Chief Financial Officer EX-99.1 2 firstcapitalexb99jan18.txt 1 FIRST CAPITAL, INC. REPORTS 12% FOURTH QUARTER EARNINGS INCREASE Corydon, Indiana--(BUSINESS WIRE)--January 18, 2006. First Capital, Inc. (NASDAQ: FCAP - news), the holding company for First Harrison Bank (the "Bank"), today reported net income of $985,000 or $0.38 per diluted share for the quarter ended December 31, 2005, compared to $881,000 or $0.32 per diluted share during the same period in 2004. The increase in earnings is due to an increase in net interest income after the provision for loan losses and a decrease in noninterest expense. Net interest income after provision for loan losses increased $99,000 for the quarter ended December 31, 2005 as compared to the quarter ended December 31, 2004. Interest income increased $406,000 when comparing the two periods as the average tax-equivalent yield of interest-earning assets increased from 5.84% during the quarter ended December 31, 2004 to 6.12% for the same period in 2005. Interest expense increased $372,000 as the average cost of interest-bearing liabilities increased from 2.74% to 3.08% when comparing the same two periods. The provision for loan losses decreased $65,000 to $100,000 for the three months ended December 31, 2005. Noninterest income decreased $6,000 for the quarter ended December 31, 2005 as compared to the quarter ended December 31, 2004. Service charges on deposits accounts increased $50,000 while gains on the sale of mortgage loans and mortgage brokerage fees decreased together $59,000 when comparing the two periods. Noninterest expenses decreased $54,000 as compared to the quarter ended December 31, 2004. Data processing fees decreased $45,000 when comparing the two periods primarily due to a reduction in electronic banking expenses as the Bank is now using a less expensive system developed by the Bank's core system processor. Occupancy and equipment fees increased $35,000 as compared to the same period in the prior year primarily due to increased depreciation and property tax expense. Other operating expenses decreased $68,000 during the quarter ended December 31, 2005 as compared to the quarter ended December 31, 2005 primarily due to a decrease in charitable contributions. The Bank fulfilled pledges on several large contributions during the fourth quarter of 2004. For the year ended December 31, 2005, the Company earned $3.7 million or $1.42 per diluted share compared to $3.4 million or $1.23 per diluted share for 2004, an increase of 7.5%. Net interest income after provision for loan loss increased $271,000 during 2005 as compared to 2004. Interest income increased $1.6 million when comparing the two periods, due to an increase in the average balance of interest-earning assets from $390.5 million during 2004 to $403.5 million for 2005 and an increase in the average tax-equivalent yield on those assets from 5.75% to 5.95%. Interest expense increased $1.2 million as the average balance of interest-bearing liabilities increased $14.0 million and the average cost of those liabilities increased from 2.69% to 2.93% when comparing the two periods. The provision for loan losses increased $53,000 when comparing the two periods. Noninterest income increased $295,000 primarily due to increases in service charges on deposits and gains on the sale of mortgage loans of $198,000 and $50,000, respectively. Noninterest expenses increased $194,000 when comparing 2005 to 2004, primarily due to increases of $107,000 in occupancy and equipment expense and $61,000 in advertising expenses. Equipment depreciation and maintenance were the primary factors in the occupancy increase. Total assets as of December 31, 2005 were $438.4 million compared to $425.3 million at December 31, 2004. Securities available for sale and net loans receivable increased $10.5 million and $5.4 million, respectively. The primary funding for this growth was provided by increases in retail repurchase agreements of $10.1 million and a reduction of cash and cash equivalents of $2.8 million. First Harrison Bank currently has twelve offices in the Indiana communities of Corydon, Crandall, Georgetown, Greenville, Floyds Knobs, Hardinsburg, Palmyra, New Albany, New Salisbury and Jeffersonville. The Bank has submitted an application to the Office of Thrift Supervision to close the Crandall office and consolidate that operation into the New Salisbury office. This is expected to take place on or around April 1, 2006. 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 complement the Bank's offering of traditional banking products and services. 2 This report may contain forward-looking statements within the meaning of the federal securities laws. These statements are not historical facts; rather, they are 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. 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)
TWELVE MONTHS ENDED THREE MONTHS ENDED DECEMBER 31, DECEMBER 31, OPERATING DATA 2005 2004 2005 2004 ---- ---- ---- ---- (Dollars in thousands, except per share data) Total interest income $ 23,659 $ 22,109 $ 6,128 $ 5,722 Total interest expense 10,343 9,117 2,740 2,368 --------------- --------------- --------------- --------------- Net interest income 13,316 12,992 3,388 3,354 Provision for loan losses 563 510 100 165 --------------- --------------- --------------- --------------- Net interest income after provision for loan losses 12,753 12,482 3,288 3,189 Total non-interest income 2,961 2,666 693 699 Total non-interest expense 10,112 9,918 2,464 2,518 --------------- --------------- --------------- --------------- Income before income taxes 5,602 5,230 1,517 1,370 Income tax expense 1,914 1,799 532 489 --------------- --------------- --------------- --------------- Net income $ 3,688 $ 3,431 $ 985 $ 881 =============== =============== =============== =============== Net income per common share, basic $ 1.44 $ 1.24 $ 0.38 $ 0.32 =============== =============== =============== =============== Weighted average common shares outstanding - basic 2,565,247 2,763,983 2,563,770 2,732,384 Net income per common share, diluted $ 1.42 $ 1.23 $ 0.38 $ 0.32 =============== =============== =============== =============== Weighted average common shares outstanding - diluted 2,589,672 2,798,253 2,584,263 2,765,041 OTHER FINANCIAL DATA Cash dividends per share $ 0.62 $ 0.60 $ 0.16 $ 0.15 Return on average assets (three month data, annualized) 0.86% 0.82% 0.91% 0.83% Return on average equity (three month data, annualized) 8.91% 7.75% 9.40% 7.95% Net interest margin 3.39% 3.42% 3.42% 3.47% Net overhead expense as a percentage of average assets (three month data, annualized) 2.35% 2.38% 2.27% 2.36%
3 DECEMBER 31, DECEMBER 31, BALANCE SHEET INFORMATION 2005 2004 ---- ---- Cash and cash equivalents $ 14,673 $ 17,425 Investment securities 76,915 66,450 Gross loans 324,622 319,564 Allowance for loan losses 2,104 2,478 Earning assets 405,161 390,948 Total assets 438,354 425,302 Deposits 317,264 316,462 FHLB debt 65,947 65,099 Repurchase agreements 10,704 635 Stockholders' equity 41,957 40,714 Non-performing assets: Nonaccrual loans 1,906 2,075 Foreclosed real estate 749 442 CONTACT: First Capital, Inc. M. Chris Frederick, 812/738-2198, ext. 234 -----END PRIVACY-ENHANCED MESSAGE-----