[LETTERHEAD OF MULDOON MURPHY & FAUCETTE LLP]


                                                                     Exhibit 5.0


                                Janaury 30, 2003


Board of Directors
First Capital, Inc.
220 Federal Drive, NW
Corydon, Indiana 47112

         Re: Registration Statement on Form S-4

Gentlemen:

         We have acted as special counsel for First Capital, Inc., an Indiana
corporation (the "Company"), in connection with the registration statement on
Form S-4 (the "Registration Statement") initially filed on November 22, 2002, by
the Company with the Securities and Exchange Commission under the Securities Act
of 1933, as amended (the "Act"), and the regulations promulgated thereunder.



         The Registration Statement relates to the proposed issuance by the
Company of 345,000 shares (the "Shares") of common stock, $0.01 par value per
share, of the Company, pursuant to the Agreement and Plan of Merger, dated as of
September 25, 2002 (the "Agreement"), by and between the Company and Hometown
Bancshares, Inc., an Indiana corporation ("Hometown").


         The Agreement provides for the merger (the "Merger") of Hometown with
and into the Company, with the Company as the surviving corporation. The
Registration Statement contains a proxy statement-prospectus to be furnished to
the stockholders of Hometown in connection with their consideration of the
Merger. In the preparation of this opinion, we have examined originals or copies
identified to our satisfaction of: (i) the Articles of Incorporation of the
Company, as filed with the State of Indiana; (ii) the Second Amended and
Restated Bylaws of the Company; (iii) certain resolutions of the Board of
Directors of the Company relating to the issuance of the Company's common stock
being registered under the Registration Statement; (iv) the Agreement; and (v)
the Registration Statement, including the proxy statement-prospectus contained
therein and the exhibits thereto. We have also examined originals or copies of
such documents, corporate records, certificates of public officials and other
instruments, and have conducted such other investigations of law and fact, as we
have deemed necessary or advisable for purposes of our opinion.




Board of Directors
First Capital, Inc.
January 30, 2003
Page 2


         In our examination, we have assumed, without investigation, the
genuineness of all signatures, the authenticity of all documents and instruments
submitted to us as originals, the conformity to the originals of all documents
and instruments submitted to us as certified or conformed copies, the
correctness of all certificates, and the accuracy and completeness of all
records, documents, instruments and materials made available to us by the
Company.

         Our opinion is limited to the matters set forth herein, and we express
no opinion other than as expressly set forth herein. In rendering the opinion
set forth below, we do not express any opinion concerning law other than the
corporate law of the State of Indiana. Our opinion is expressed as of the date
hereof and is based on laws currently in effect. Accordingly, the conclusions
set forth in this opinion are subject to change in the event that any laws
should change or be enacted in the future. We are under no obligation to update
this opinion or to otherwise communicate with you in the event of any such
change.

         For purposes of this opinion, we have assumed that, prior to the
issuance of any shares, (i) the Registration Statement, as finally amended, will
have become effective under the Act and (ii) the Merger will have become
effective. Based upon and subject to the foregoing, it is our opinion that the
Shares, when issued in accordance with the terms of the Agreement upon
consummation of the Merger contemplated therein, will be validly issued, fully
paid and nonassessable.

         We hereby consent to the filing of this opinion as an exhibit to the
Registration Statement and to the reference to this firm under the caption
"Legal Matters" in the proxy statement-prospectus forming a part of the
Registration Statement. In giving such consent, we do not hereby admit that we
are experts or are otherwise within the category of persons whose consent is
required under Section 7 of the Act or the rules or regulations of the
Securities and Exchange Commission thereunder.

                                              Very truly yours,


                                              /s/ MULDOON MURPHY & FAUCETTE LLP


                                              MULDOON MURPHY & FAUCETTE LLP