-----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, KzOnBj+g5fvnkG+qeeOG2V6g4SXyaBmVxq1/2iWxPEFOhkyVzBH+wPaHbMVuCc3q DKIsK1HAWNWf2drl5o83fA== 0000909654-07-000147.txt : 20070126 0000909654-07-000147.hdr.sgml : 20070126 20070126155856 ACCESSION NUMBER: 0000909654-07-000147 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070125 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070126 DATE AS OF CHANGE: 20070126 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: 07556648 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 firstcapital8kjan26-07.txt 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 25, 2007 ---------------- 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)) ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION. --------------------------------------------- On January 25, 2007, First Capital, Inc., the holding company for First Harrison Bank, announced its financial results for the quarter and year ended December 31, 2006. The press release announcing financial results for the quarter and year ended December 31, 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 January 25, 2007 2 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 26, 2007 By: /s/ William W. Harrod -------------------------------------- William W. Harrod PRESIDENT AND CHIEF EXECUTIVE OFFICER 3 EX-99.1 2 firstcapital8kjan26-07ex99.txt FIRST CAPITAL, INC. REPORTS 2006 EARNINGS RESULTS Corydon, Indiana--January 26, 2007. First Capital, Inc. (NASDAQ: FCAP - news), the holding company for First Harrison Bank (the "Bank"), today reported net income of $3.7 million or $1.30 per diluted share for the year ended December 31, 2006, compared to $3.7 million or $1.29 per diluted share for the year ended December 31, 2005. The earnings per share figure for 2005 has been adjusted to account for the stock dividend declared on June 19, 2006. Net interest income after provision for loan losses decreased $93,000 for the year ended December 31, 2006 as compared to the year ended December 31, 2005. Interest income increased $2.6 million when comparing the two periods as the average tax-equivalent yield of interest-earning assets increased from 5.95% during the year ended December 31, 2005 to 6.38% for 2006. The average balance of interest-earning assets increased from $403.5 million in 2005 to $417.9 million in 2006. Interest expense increased $2.4 million as the average cost of interest-bearing liabilities increased from 2.93% to 3.48% when comparing the same two periods. The average balance of those liabilities increased from $353.6 million in 2005 to $365.8 in 2006. The provision for loan losses increased $247,000 to $810,000 for the year ended December 31, 2006. Noninterest income increased $469,000 for the year ended December 31, 2006 as compared to the year ended December 31, 2005. Service charges on deposit accounts increased $254,000 while gains on the sale of mortgage loans and other income increased $184,000 and $129,000, respectively, when comparing the two periods. Noninterest expenses increased $398,000 during 2006 compared to the year ended December 31, 2005. An increase in compensation and benefits represented $283,000 of the additional expenses, primarily due to normal salary increases and an increase in the cost of employee insurance. Other operating expenses increased $95,000 during the year ended December 31, 2006 as compared to the year ended December 31, 2005 primarily due to losses on the sale of foreclosed assets and other expenses associated with those assets. For the quarter ended December 31, 2006, the Company earned $986,000 or $0.35 per diluted share compared to $985,000 or $0.35 per diluted share for the same period in 2005. The earnings per share figure for 2005 has been adjusted to account for the stock dividend declared on June 19, 2006. Net interest income after provision for loan loss decreased $226,000 during the quarter ended December 31, 2006 as compared to the quarter ended December 31, 2005. Interest income increased $663,000 when comparing the two periods, due to an increase in the average tax-equivalent yield on interest earning assets from 6.12% during the fourth quarter of 2005 to 6.50% during the same period of 2006. Interest expense increased $764,000 as the average cost of interest-bearing liabilities increased from 3.08% to 3.77% when comparing the two periods. The provision for loan losses increased $125,000 when comparing the two periods. Noninterest income increased $361,000 when comparing the quarter ended December 31, 2006 to the quarter ended December 31, 2005, primarily due to increases in other income and gains on the sale of mortgage loans of $147,000 and $145,000, respectively. Noninterest expenses increased $141,000 when comparing the quarter ended December 31, 2006 to the quarter ended December 31, 2005, primarily due to increases of $55,000 in compensation and benefits expense and $38,000 in other operating expenses. The increase in other operating expenses is primarily due to losses and expenses on foreclosed assets. Total assets as of December 31, 2006 were $457.1 million compared to $438.4 million at December 31, 2005. Net loans receivable and cash and cash equivalents increased $11.1 million and $9.8 million, respectively. The primary funding for this growth was provided by increases in deposits and retail repurchase agreements of $13.9 million and $8.5 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. The Bank has received regulatory approval to open a new office in Salem, Indiana. Construction is expected to begin on or around April 1, 2007. 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 Bank, through its business arrangement with Great American Advisors, continues to offer 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.
FIRST CAPITAL, INC. AND SUBSIDIARY Consolidated Financial Highlights (Unaudited) (Dollars in thousands, except per share data) TWELVE MONTHS ENDED THREE MONTHS ENDED DECEMBER 31, DECEMBER 31, OPERATING DATA 2006 2005 2006 2005 ---- ---- ---- ---- Total interest income $ 26,211 $ 23,659 $ 6,791 $ 6,128 Total interest expense 12,741 10,343 3,504 2,740 ----------- ------------ ----------- ----------- Net interest income 13,470 13,316 3,287 3,388 Provision for loan losses 810 563 225 100 ----------- ------------ ----------- ----------- Net interest income after provision for loan losses 12,660 12,753 3,062 3,288 Total non-interest income 3,430 2,961 1,054 693 Total non-interest expense 10,510 10,112 2,605 2,464 ----------- ------------ ----------- ----------- Income before income taxes 5,580 5,602 1,511 1,517 Income tax expense 1,872 1,914 525 532 ----------- ------------ ----------- ----------- Net income $ 3,708 $ 3,688 $ 986 $ 985 =========== ============ =========== =========== Net income per common share, basic $ 1.31 $ 1.31 $ 0.35 $ 0.35 =========== ============ =========== =========== Weighted average common shares outstanding - basic 2,823,372 2,821,772 2,824,424 2,820,147 Net income per common share, diluted $ 1.30 $ 1.29 $ 0.35 $ 0.35 =========== ============ =========== =========== Weighted average common shares outstanding - diluted 2,848,229 2,848,640 2,850,449 2,842,689 OTHER FINANCIAL DATA Cash dividends per share $ 0.68 $ 0.62 $ 0.17 $ 0.16 Return on average assets (three month data, annualized) 0.84% 0.86% 0.88% 0.91% Return on average equity (three month data, annualized) 8.64% 8.91% 9.01% 9.40% Net interest margin 3.34% 3.39% 3.20% 3.42% Net overhead expense as a percentage of average assets (three month data, annualized) 2.37% 2.35% 2.33% 2.27%
BALANCE SHEET DECEMBER 31, DECEMBER 31, INFORMATION 2006 2005 ---- ---- Cash and cash equivalents $ 24,468 $ 14,673 Investment securities 72,480 76,915 Gross loans 335,895 324,557 Allowance for loan losses 2,320 2,104 Earning assets 422,347 405,162 Total assets 457,105 438,354 Deposits 331,143 317,264 FHLB debt 59,461 65,947 Repurchase agreements 19,228 10,704 Stockholders' equity 44,089 41,957 Non-performing assets: Nonaccrual loans 3,245 1,906 Foreclosed real estate 941 749
CONTACT: First Capital Chris Frederick (812) 738-2198 -----END PRIVACY-ENHANCED MESSAGE-----