-----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, IjUsD2DRZIQ4H3C/D85DffWXg4PXGUTX2HFrL2XB6847SHK0thDWsDm2K+Gb7dJ/ qiCIKFIPq6pjduRGzSTKlQ== 0000909654-06-001624.txt : 20060724 0000909654-06-001624.hdr.sgml : 20060724 20060724132732 ACCESSION NUMBER: 0000909654-06-001624 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060721 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060724 DATE AS OF CHANGE: 20060724 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: 06976111 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 firstcapital8kjuly21.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) July 21, 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 July 21, 2006, First Capital, Inc., the holding company for First Harrison Bank, announced its financial results for the quarter ended June 30, 2006. The press release announcing financial results for the quarter ended June 30, 2006 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) Shell Company Transactions: Not applicable (d) Exhibits Number Description ------ ----------- 99.1 Press Release Dated July 21, 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: July 24, 2006 By: /s/ William W. Harrod ------------------------------------- William W. Harrod President and Chief Executive Officer EX-99 2 firstcapitalexb99july21.txt 1 FIRST CAPITAL, INC. REPORTS SECOND QUARTER EARNINGS INCREASE Corydon, Indiana--July 21, 2006. First Capital, Inc. (NASDAQ: FCAP - news), the holding company for First Harrison Bank (the "Bank"), today reported net income of $936,000 or $0.33 per diluted share for the quarter ended June 30, 2006, compared to $872,000 or $0.31 per diluted share during the same period in 2005. The earnings per share figures have been adjusted to account for the stock dividend declared on June 19, 2006. The increase in earnings is due to increases in net interest income after the provision for loan loses and noninterest income, partially offset by an increase in noninterest expense. Net interest income after provision for loan losses increased $106,000 for the quarter ended June 30, 2006 as compared to the quarter ended June 30, 2005. Interest income increased $629,000 when comparing the two periods as the average tax-equivalent yield of interest-earning assets increased from 5.89% during the quarter ended June 30, 2005 to 6.37% for the same period in 2006. Interest expense increased $486,000 as the average cost of interest-bearing liabilities increased from 2.87% to 3.33% when comparing the same two periods. The provision for loan losses increased $37,000 to a total of $200,000 for the three months ended June 30, 2006. Noninterest income increased $54,000 for the quarter ended June 30, 2006 as compared to the quarter ended June 30, 2005. Service charges on deposit accounts increased $90,000 when comparing the two periods. This was partially offset by decreases of $17,000 and $16,000, respectively, in mortgage brokerage fees and gains on sales of mortgages. Noninterest expenses increased $85,000 as compared to the quarter ended June 30, 2005. Compensation and benefits increased $107,000 when comparing the quarters ended June 30, 2006 and June 30, 2005 primarily due to normal salary increases and an increase in lending staff. This was partially offset by a decrease of $39,000 in data processing expenses when comparing the two periods. A reduction in data processing equipment depreciation was the primary factor in this change. For the six months ended June 30, 2006, the Company earned $1.9 million or $0.66 per diluted share compared to $1.7 million or $0.61 for the same period in 2005. Again, the earnings per share figures reflect the stock dividend declared on June 19, 2006. Net interest income after provision for loan loss increased $295,000 during the first six months of 2006 compared to the same period in 2005. Interest income increased $1.3 million when comparing the two periods, due to an increase in the average tax-equivalent yield on interest-earning assets from 5.83% during the first six months of 2005 to 6.30% in the same period of 2006. The average balance of interest-earning assets also increased, from $400.0 million in 2005 to $413.3 million in 2006. Interest expense increased $948,000 as the average cost of interest-bearing liabilities increased from 2.81% in 2005 to 3.25% in 2006. The average balance of interest-bearing liabilities increased $10.9 million when comparing the two periods. The provision for loan losses increased $57,000 to $370,000 during the six months ended June 30, 2006. Noninterest income remained virtually unchanged at $1.5 million during the six month periods ended June 30, 2006 and 2005. Service charges on deposits increased $126,000, offset by reductions in gains on the sale of mortgage loans, mortgage brokerage fees and commission income. Noninterest expenses increased $77,000 when comparing the six months ended June 30, 2006 to the same period in 2005, primarily due to an increase of $96,000 in compensation and benefits. Data processing expenses decreased $77,000 when comparing the two periods. Total assets as of June 30, 2006 were $447.9 million compared to $438.4 million at December 31, 2005. The primary factor behind the asset growth was an increase of $12.8 million in net loans receivable. The funding for this growth was provided by increases in retail repurchase agreements and deposits of $13.6 million and $5.0 million, respectively. First Harrison Bank currently has eleven offices in the Indiana communities of Corydon, Georgetown, Greenville, Floyds Knobs, Hardinsburg, Palmyra, New Albany, New Salisbury and Jeffersonville. 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. This release 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. 2
FIRST CAPITAL, INC. AND SUBSIDIARY Consolidated Financial Highlights (Unaudited) SIX MONTHS ENDED THREE MONTHS ENDED JUNE 30, JUNE 30, OPERATING DATA 2006 2005 2006 2005 ---- ---- ---- ---- (Dollars in thousands, except per share data) Total interest income $ 12,785 $ 11,485 $ 6,494 $ 5,865 Total interest expense 5,886 4,938 3,023 2,537 ---------------------------- ------------------------ Net interest income 6,899 6,547 3,471 3,328 Provision for loan losses 370 313 200 163 ---------------------------- ------------------------ Net interest income after provision for loan losses 6,529 6,234 3,271 3,165 Total non-interest income 1,546 1,541 809 755 Total non-interest expense 5,260 5,183 2,677 2,592 ---------------------------- ------------------------ Income before income taxes 2,815 2,592 1,403 1,328 Income tax expense 945 864 467 456 ---------------------------- ------------------------ Net income $ 1,870 $ 1,728 $ 936 $ 872 ============================ ======================== Net income per common share, basic $ 0.66 $ 0.61 $ 0.33 $ 0.31 ============================ ======================== Weighted average common shares outstanding - basic 2,821,929 2,821,866 2,822,982 2,822,817 Net income per common share, diluted $ 0.66 $ 0.61 $ 0.33 $ 0.31 ============================ ======================== Weighted average common shares outstanding - diluted 2,849,075 2,851,324 2,850,015 2,851,150 OTHER FINANCIAL DATA Cash dividends per share $ 0.34 $ 0.30 $ 0.17 $0.15 Return on average assets (annualized) 0.85% 0.81% 0.85% 0.81% Return on average equity (annualized) 8.82% 8.43% 8.80% 8.49% Net interest margin 3.45% 3.36% 3.46% 3.37% Net overhead expense as a percentage of average assets (annualized) 2.39% 2.42% 2.42% 2.40%
JUNE 30, DECEMBER 31, BALANCE SHEET INFORMATION 2006 2005 ---- ---- Cash and cash equivalents 16,281 14,673 Investment securities 70,788 76,915 Gross loans 338,607 324,557 Allowance for loan losses 2,289 2,104 Earning assets 414,165 405,162 Total assets 447,949 438,354 Deposits 322,250 317,264 FHLB debt 56,049 65,947 Repurchase agreements 24,346 10,704 Stockholders' equity 42,523 41,957 Non-performing assets: Nonaccrual loans 1,893 1,906 Foreclosed real estate 677 749 Contact: Chris Frederick Chief Financial Officer 812-738-2198 ext. 234 -----END PRIVACY-ENHANCED MESSAGE-----