-----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, R6yCjahzQ+aIWdecgCujGRtNEhqvbVdIA+f2m62wJECokQ3hDAgl2aZL18I77gh4 SLCDXFixwWnZtcQGh3MB1Q== 0000909654-08-000784.txt : 20080425 0000909654-08-000784.hdr.sgml : 20080425 20080425141949 ACCESSION NUMBER: 0000909654-08-000784 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080425 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080425 DATE AS OF CHANGE: 20080425 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: 08777098 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 corydon8kapr25.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 25, 2008 -------------- 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 25, 2008, First Capital, Inc., the holding company for First Harrison Bank, announced its financial results for the quarter ended March 31, 2008. The press release announcing financial results for the quarter ended March 31, 2008 is included as Exhibit 99.1 and is 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 25, 2008 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 25, 2008 By: /s/ M. Chris Frederick ---------------------------------- M. Chris Frederick Senior Vice President and Chief Financial Officer EX-99.1 2 corydon8kreleaseapr25.txt 1 FIRST CAPITAL, INC. REPORTS 20% FIRST QUARTER EARNINGS INCREASE Corydon, Indiana--(BUSINESS WIRE)--April 25, 2008. First Capital, Inc. (NASDAQ: FCAP - news), the holding company for First Harrison Bank (the "Bank"), today reported net income of $899,000 or $0.32 per diluted share for the quarter ended March 31, 2008, compared to $749,000 or $0.26 per diluted share for the quarter ended March 31, 2007. The increase in earnings is due to increases in net interest income after provision for loan losses and noninterest income, partially offset by an increase in noninterest expense. Net interest income after provision for loan losses increased $218,000 for the quarter ended March 31, 2008 as compared to the same prior year period. Interest income decreased $110,000 when comparing the periods as the average tax-equivalent yield of interest-earning assets decreased from 6.48% in the three-month period ended March 31, 2007 to 6.37% during the same period in 2008. Interest expense decreased $328,000 when comparing the periods as the average cost of interest-bearing liabilities decreased from 3.74% to 3.35%. The provision for loan losses remained unchanged at $225,000 for both periods in the comparison. Noninterest income increased $64,000 for the three months ended March 31, 2008 as compared to the same period in 2007. Service charges on deposit accounts and the earnings from bank-owned life insurance increased $64,000 and $45,000, respectively, when comparing the two periods. The increase in cash surrender value of bank-owned life insurance was due to the purchase of $3.6 million of bank-owned life insurance in May 2007. Noninterest expenses increased $80,000 during the three months ended March 31, 2008 as compared to the three months ended March 31, 2007. Occupancy expenses and professional services increased $49,000 and $30,000 when comparing the two periods. The increase in occupancy expense can be partially attributed to the opening of a new office in Salem, Indiana, in November 2007. Total assets as of March 31, 2008 were $455.6 million compared to $453.2 million at December 31, 2007. The primary factors behind the increase in assets were a $10.1 million increase in cash and cash equivalents, partially offset by a decrease of $7.5 million in gross loans receivable. Cash and cash equivalents also increased due to growth in deposits and retail repurchase agreements of $3.9 million and $1.7 million, respectively. Nonperforming assets decreased from $6.5 million at December 31, 2007 to $6.4 million at March 31, 2008. First Harrison Bank currently has twelve offices in the Indiana communities of Corydon, Edwardsville, Greenville, Floyds Knobs, Hardinsburg, Palmyra, New Albany, New Salisbury, Jeffersonville and Salem. The Bank also has received regulatory approval to relocate its Edwardsville office within that town. Construction began on the new office in the first quarter of 2008. 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 2008 2007 ---- ---- (Dollars in thousands, except per share data) Total interest income $ 6,654 $ 6,764 Total interest expense 3,117 3,445 --------------------------- Net interest income 3,537 3,319 Provision for loan losses 225 225 --------------------------- Net interest income after provision for loan losses 3,312 3,094 Total non-interest income 878 814 Total non-interest expense 2,882 2,802 --------------------------- Income before income taxes 1,308 1,106 Income tax expense 409 357 --------------------------- Net income $ 899 $ 749 =========================== Net income per common share, basic 0.32 0.27 =========================== Weighted average common shares outstanding basic 2,807,152 2,823,487 Net income per common share, diluted $ 0.32 $ 0.26 =========================== Weighted average common shares outstanding - diluted 2,824,456 2,848,301 OTHER FINANCIAL DATA Cash dividends per share $ 0.17 $ 0.17 Return on average assets (annualized) 0.79% 0.67% Return on average equity (annualized) 7.76% 6.75% Net interest margin 3.44% 3.23% Net overhead expense as a percentage of average assets (annualized) 2.52% 2.50%
MARCH 31, DECEMBER 31, BALANCE SHEET INFORMATION 2008 2007 ---- ---- (Dollars in thousands) Cash and cash equivalents $ 25,117 $ 15,055 Investment securities 72,630 74,041 Gross loans receivable 329,207 336,695 Allowance for loan losses 2,275 2,232 Earning assets 420,469 417,358 Total assets 455,630 453,179 Deposits 332,041 328,151 FHLB debt 56,644 60,694 Repurchase agreements 17,245 15,562 Stockholders' equity 46,755 45,736 Non-performing assets: Nonaccrual loans 4,390 4,879 Accruing loans past due 90 days 914 795 Foreclosed real estate 1,125 833
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