-----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, C2n4Ta4yWqEflMIKLio0egzHDRFzt2AEIVKJhwlvjjqNWNlWyx402JobwBE0+z9u Abp1KYhN+hmiVxqHi7/FeQ== 0000909654-07-000948.txt : 20070427 0000909654-07-000948.hdr.sgml : 20070427 20070427154743 ACCESSION NUMBER: 0000909654-07-000948 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070426 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070427 DATE AS OF CHANGE: 20070427 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: 07795713 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 firstcapital8k27april07.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) April 26, 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)) 2 ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION. --------------------------------------------- On April 26, 2007, First Capital, Inc., the holding company for First Harrison Bank, announced its financial results for the quarter ended March 31, 2007. The press release announcing financial results for the quarter ended March 31, 2007 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 April 26, 2007 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: April 27, 2007 By: /s/ M. Chris Frederick ------------------------------- M. Chris Frederick Senior Vice President and Chief Financial Officer EX-99 2 firstcaprelease.txt 1 FIRST CAPITAL, INC. REPORTS FIRST QUARTER EARNINGS Corydon, Indiana--(BUSINESS WIRE)--April 26, 2007. First Capital, Inc. (NASDAQ: FCAP - news), the holding company for First Harrison Bank (the "Bank"), today reported net income of $749,000 or $0.26 per diluted share for the quarter ended March 31, 2007, compared to $934,000 or $0.33 per diluted share for the quarter ended March 31, 2006. The decrease in earnings is due to an increase in noninterest expense and a decrease in net interest income after provision for loan losses partially offset by an increase in noninterest income. Net interest income after provision for loan losses decreased $164,000 for the quarter ended March 31, 2007 as compared to the prior year. Interest income increased $473,000 when comparing the periods as the average tax-equivalent yield of interest-earning assets increased from 6.23% in the three-month period ended March 31, 2006 to 6.48% during the same period in 2007. Interest expense increased $582,000 when comparing the periods as the average cost of interest-bearing liabilities increased from 3.18% to 3.74%. The provision for loan losses increased from $170,000 for the quarter ended March 31, 2006 to $225,000 for the same period in 2007. Noninterest income increased $66,000 for the three months ended March 31, 2007 as compared to the same period in 2006. Gains on mortgage loan sales increased $97,000 when comparing the two periods while commission income decreased $38,000. The decrease in commission income is primarily due to the Bank selling its property and casualty insurance business in December 2006. Noninterest expenses increased $208,000 during the three months ended March 31, 2007 as compared to the three months ended March 31, 2006. Compensation and benefits increased $125,000 when comparing the two periods primarily due to normal increases in salaries and benefits. Other operating expenses increased $64,000 when comparing the two periods due primarily to expenses related to the maintenance and sale of foreclosed real estate properties. Total assets as of March 31, 2007 were $450.5 million compared to $457.1 million at December 31, 2006. The primary factor behind the decline in assets was a $5.3 million decrease in gross loans receivable due to net loan repayments. These funds were used primarily to pay down Federal Home Loan Bank debt by $3.0 million and retail repurchase agreements by $2.9 million. 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 also has received regulatory approval to open a new office in Salem, Indiana, and construction is expected to begin in the second quarter of 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 Financial Services, a division of the Bank, offers non-FDIC insured investments to compliment 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) THREE MONTHS ENDED MARCH 31, OPERATING DATA 2007 2006 ---- ---- (Dollars in thousands, except per share data) Total interest income $ 6,764 $ 6,291 Total interest expense 3,445 2,863 ---------------------------- Net interest income 3,319 3,428 Provision for loan losses 225 170 ---------------------------- Net interest income after provision for loan losses 3,094 3,258 Total non-interest income 803 737 Total non-interest expense 2,791 2,583 ---------------------------- Income before income taxes 1,106 1,412 Income tax expense 357 478 ---------------------------- Net income 749 934 ============================ Net income per common share, basic $ 0.27 $ 0.33 Weighted average common shares outstanding - basic 2,823,487 2,820,781 Net income per common share, diluted $ 0.26 $ 0.33 ============================ Weighted average common shares outstanding - diluted 2,848,301 2,844,985 OTHER FINANCIAL DATA Cash dividends per share $ 0.17 $ 0.17 Return on average assets (annualized) 0.67% 0.85% Return on average equity (annualized) 6.75% 8.83% Net interest margin 3.23% 3.44% Net overhead expense as a percentage of average assets (annualized) 2.49% 2.36%
MARCH 31, DECEMBER 31, BALANCE SHEET INFORMATION 2007 2006 ---- ---- (Dollars in thousands) Cash and cash equivalents $ 21,196 $ 24,468 Investment securities 75,704 72,480 Gross loans receivable 330,628 335,895 Allowance for loan losses 2,469 2,320 Earning assets 421,924 422,347 Total assets 450,515 457,105 Deposits 330,023 331,143 FHLB debt 56,436 59,461 Repurchase agreements 16,337 19,228 Stockholders' equity 44,415 44,089 Non-performing assets: Nonaccrual loans 3,128 3,245 Foreclosed real estate 695 941
Contact: First Capital, Inc. Chris Frederick, CFO 812-734-3464 cfrederick@firstharrison.com -----END PRIVACY-ENHANCED MESSAGE-----