-----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, WQZoX2eIRTeShXioElFJh2nul1fq5itQKDvLEimkiqFS3KJlZTJro4bPC2qChpkP 8/I8CqufGj8MNJmy/peq2w== 0000909654-06-002440.txt : 20061120 0000909654-06-002440.hdr.sgml : 20061120 20061120143032 ACCESSION NUMBER: 0000909654-06-002440 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20061113 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20061120 DATE AS OF CHANGE: 20061120 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: 061229409 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 firstcapital8knov20.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) November 13, 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 8.01 OTHER EVENTS. ------------ On November 13, 2006, First Capital, Inc., the holding company for First Harrison Bank, mailed a third quarter report to its shareholders for the quarter ended September 30, 2006. The quarterly report to shareholders for the quarter ended September 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 Third Quarter Report to Shareholders 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: November 20, 2006 By: /s/ M. Chris Frederick ------------------------------------ M. Chris Frederick Senior Vice President and Chief Financial Officer EX-99.1 2 firstcapitalexb99nov20.txt 1 [First Capital, Inc. Letterhead] Report to Shareholders ---------------------- First Capital, Inc. THIRD QUARTER REPORT The third quarter is starting to show signs of margin pressure directly related to the flat/inverted shape of the U.S.Treasury yield curve.While year-to-date earnings are slightly ahead of last year, our third quarter results show a decline in net income from $975,000 to $852,000. This reduction is the direct effect of the continued pressure on funding cost for loan growth.While we have had good loan growth, our higher funding cost put continued pressure on our spread. It is a challenge to achieve our historical margins when short and long term funding rates are the same.The challenge is pricing quality loans that give us our desired spread, leading to an improved margin. In our efforts to find opportunities for growth of lower cost funds and especially growth in checking and savings accounts, we have applied for two branch locations. One is new and the other is a relocation of an existing branch.We expect approval for our new location in Salem, Indiana in the near future. Salem is a growing community that offers us an opportunity to expand our market share in Washington County,Indiana.We are confident we can add this office to our existing franchise without significant impact on our overhead.We have a very good reputation in this market and currently service customers on the fringes of Salem. Our other move is relocating our Edwardsville Office from the existing location to a new location that is part of a commercial development on Highway 64.We are negotiating to locate our new office in a historic home site, which is a landmark in this area. Our new office will incorporate the house in with the office.We are confident moving to a location on the highway, where we will experience much higher traffic, will offer us greater opportunities for growth. Our goal continues to be transitioning our balance sheet from that of a traditional thrift to be more like a commercial bank. We will put all of our efforts into managing through this challenging rate environment while staying focused on overall growth. Sincerely, /s/ William Harrod William Harrod President and CEO NINE MONTHS ENDED SEPTEMBER 30, 2006 2
First Capital, Inc. THIRD QUARTER REPORT CORPORATE ADDRESS BALANCE SHEET HIGHLIGHTS As of September 30, Percent First Capital, Inc. (In thousands, except per share information) 2006 2005 Change 220 Federal Drive, NW ------------------------------------------------------------------------------------ Corydon, Indiana 47112 Total loans (excluding loans held for sale) $342,915 $321,225 6.75% Allowance for loan losses 2,262 2,175 4.00% Allowance for loan losses as a percentage 0.66% 0.68% -2.58% COMMON SHARES of total loans (excluding loans held for sale) The common shares of the Company are listed on Total assets $451,725 $437,657 3.21% The Nasdaq Stock Market*. The trading symbol is Total deposits 323,628 324,256 -0.19% FCAP. In newspaper listings, Company shares are Other borrowings 81,634 68,649 18.92% frequently listed as First Capital, Inc. Shareholders equity 43,508 41,842 3.98% Book value per share * 15.28 14.68 4.15% TRANSER AGENT Investor Relations Department Nine Registrar and Transfer Company Three Months Nine Months Months' 10 Commerce Drive INCOME STATEMENT SUMMARY Ended September 30, Ended September 30, Percent Cranford, New Jersey 07016-9982 (In thousands) 2006 2005 2006 2005 Change Tel: (800) 368-5948 ------------------------------------------------------------------------------------ www.rtco.com Net interest income $ 3,284 $ 3,381 $10,183 $ 9,928 2.57% Provision for loan losses 215 150 585 463 26.35% Noninterest income 830 727 2,376 2,268 4.76% Noninterest expense 2,645 2,465 7,905 7,648 3.36% MARKET MAKERS Earnings before taxes 1,254 1,493 4,069 4,085 -0.39% Sweeney Cartwright Provision for income taxes 402 518 1,347 1,382 -2.53% Keefe, Bruyette & Woods, Inc. Net income 852 975 2,722 2,703 0.70% UBS Financial Services
Nine Three Months Nine Months Months' Ended September 30, Ended September 30, Percent OTHER FINANCIAL DATA 2006 2005 2006 2005 Change ----------------------------------------------------------------------------------------------- Diluted earnings per share * $ 0.30 $ 0.34 $ 0.96 $ 0.95 1.05% Cash dividends per share * 0.17 0.16 0.51 0.46 10.87% Return on average assets (annualized) 0.77% 0.90% 0.82% 0.84% -2.38% Return on average equity (annualized) 7.94% 9.36% 8.52% 8.75% -2.63% Net interest margin 3.24% 3.42% 3.38% 3.37% 0.30% Net overhead expense as a percentage of average assets (annualized) 2.38% 2.27% 2.39% 2.37% 0.84% * Per share information provided gives effect to the 10% stock dividend declared on June 19, 2006.
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