-----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, A5EOQNqmjQuRIps7qO8Rhjfh10/uscrAwT46DoQJTJO1k51me4Y4V/xBfMfL/kXi 9m0dsuWYg1Nclhbueev7pg== 0000909654-09-000820.txt : 20090826 0000909654-09-000820.hdr.sgml : 20090826 20090826104907 ACCESSION NUMBER: 0000909654-09-000820 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090825 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090826 DATE AS OF CHANGE: 20090826 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: 091035439 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 firstcapital8kaug24-09.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) August 25, 2009 --------------- 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 8.01 OTHER EVENTS. ------------ On August 25, 2009, First Capital, Inc., the holding company for First Harrison Bank, mailed a second quarter report to its shareholders for the quarter ended June 30, 2009. The quarterly report to shareholders for the quarter ended June 30, 2009 is included as Exhibit 99.1 to this Report 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 Second Quarter Report to Shareholders 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: August 25, 2009 By: /s/ M. Chris Frederick ---------------------------------- M. Chris Frederick Senior Vice President and Chief Financial Officer EX-99.1 2 firstcapital8kaug24-09ex99.txt REPORT TO SHAREHOLDERS First Capital, Inc. Dear Shareholders: Year-to-date net income for the first six months totaled $398,000 or $0.14 per diluted share. This compares to $1.8 million or $.63 per diluted share for the same period in 2008. The provision for loan losses increased from $738,000 for the six months ended June 30, 2008 to $2.4 million for the six months ended June 30, 2009. This increase was primarily to allocate specific reserves on two nonperforming commercial real estate loans with balances totaling $4.5 million. We also had to reverse out of income $77,000 of previously accrued interest on these two loans which negatively impacted our net interest margin. Despite the impact of these nonperforming loans, our net interest margin for the six months ended June 30, 2009 improved to 3.60% as compared to 3.57% for the same period in 2008. Noninterest expenses increased $686,000 compared to the six months ended June 30, 2008. This increase in other operating expenses was primarily due to $445,000 increase in FDIC deposit insurance premiums. This included the special assessment imposed on all banks by the FDIC effective June 30, 2009. We recognized $318,000 in gains from the sale of mortgage loans as our originations of loans held for sale increased to $26.6 million during the six months ended June 30, 2009 compared to $15.2 million during the same period in 2008. Residential mortgage loan rates remain at historically low rates. These low rates have had a positive effect on loan activity. Our Lanesville branch opened for business on June 29th. Craig Engleman is directing this team as branch manager of the office. Our community support activities pick up during the summer as our staff becomes involved with county fairs, relay for life, and back to school programs. Many people believe the recession has ended and banks will begin to see improvement in consumer demand and consumer budgets. We are cautiously optimistic about the near term economy. We continue to closely monitor asset quality and look for opportunities to originate good loans. Please feel free to contact us with any questions. Sincerely, /s/ William Harrod William Harrod President and CEO SECOND QUARTER REPORT THREE MONTHS ENDED JUNE 30, 2009 First Capital, Inc. FINANCIAL HIGHLIGHTS (UNAUDITED) CORPORATE ADDRESS First Capital, Inc. 220 Federal Drive, NW Corydon, Indiana 47112 COMMON SHARES The common shares of the Company are listed on The Nasdaq Stock Market(R). The trading symbol is FCAP. In newspaper listings, Company shares are frequently listed as First Capital, Inc. TRANSFER AGENT Investor Relations Department Registrar and Transfer Company 10 Commerce Drive Cranford, New Jersey 07016-9982 Tel: (800) 368-5948 www.rtco.com MARKET MAKERS Sweeney Cartwright Keefe, Bruyette & Woods, Inc.
BALANCE SHEET HIGHLIGHTS As of June 30, Percent (Dollars in thousands except per share in per share information) 2009 2008 Change ---------- ---------- ---------- Total loans (excluding loans held for sale) $ 321,128 $ 330,782 -2.92% Allowance for loan losses 4,345 2,451 77.27% Allowance for loan losses as a percentage of total loans (excluding loans held for sale) 1.35% 0.74% 82.60% Total assets $ 449,344 $ 452,233 -0.64% Total deposits 353,189 338,008 4.49% Other borrowings 46,852 65,178 -28.12% Total equity 46,705 46,318 0.84% Book value per share 16.86 16.49 2.23% Six Three Months Six Months Months INCOME STATEMENT SUMMARY Ended June 30, Ended June 30, Percent (In thousands) 2009 2008 2009 2008 Change -------- -------- -------- -------- ---------- Net interest income $ 3,618 $ 3,768 $ 7,337 $ 7,305 0.44% Provision for loan losses 1,959 513 2,384 738 223.04% Noninterest income 894 923 1,700 1,801 -5.61% Noninterest expense 3,438 2,901 6,469 5,783 11.86% Earnings (loss) before taxes (885) 1,277 184 2,585 -92.88% Income tax expense (benefit) (484) 388 (220) 797 -127.60% Less net income attributable to the noncontrolling interest in subsidiary 4 - 6 - Net income (loss) attributable to First Capital, Inc. (405) 889 398 1,788 -77.74% Six Three Months Six Months Months OTHER FINANCIAL DATA Ended June 30, Ended June 30, Percent 2009 2008 2009 2008 Change -------- ---------- --------- --------- ------------ Diluted earnings (loss) per share $ (0.15) $ 0.32 $ 0.14 $ 0.63 -77.78% Cash dividends per share 0.18 0.18 0.36 0.35 2.86% Return on average assets (annualized) -0.36% 0.78% 0.18% 0.78% -76.92% Return on average equity (annualized) -3.38% 7.59% 1.66% 7.67% -78.36% Net interest margin 3.56% 3.69% 3.60% 3.57% 0.84% Net overhead expense as a percentage of average assets (annualized) 3.04% 2.55% 2.85% 2.54% 12.20%
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