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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 10-Q

 

(Mark One)

 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2021

 

OR

 

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ______ to ______         

 

Commission File No. 0-25023

 

First Capital, Inc.

(Exact name of registrant as specified in its charter)

 

Indiana35-2056949
(State or other jurisdiction of(I.R.S. Employer
incorporation or organization)Identification Number)

 

220 Federal Drive NW, Corydon, Indiana 47112        1-812-738-2198
(Address of principal executive offices, zip code, telephone number)

 

Not applicable
(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exhange on which registered

Common stock, par value $0.01 per share

FCAP

The NASDAQ Stock Market LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☒   No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes ☒   No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

 Large accelerated filerAccelerated filer
 Non-accelerated filerSmaller reporting company
   Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes No ☒

 

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: 3,375,082 shares of common stock were outstanding as of April 23, 2021.

 

 

 

 

 

FIRST CAPITAL, INC.

 

INDEX

 

    Page
     

Part I

Financial Information

 
     
 

Item 1.  Consolidated Financial Statements

 
     
 

Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020 (unaudited)

3
     
 

Consolidated Statements of Income for the three months ended March 31, 2021 and 2020 (unaudited)

4
     
 

Consolidated Statements of Comprehensive Income for the three months ended March 31, 2021 and 2020 (unaudited)

5
     
 

Consolidated Statements of Changes in Stockholders’ Equity for the three months ended March 31, 2021 and 2020 (unaudited)

6
     
 

Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020 (unaudited)

7
     
 

Notes to Consolidated Financial Statements (unaudited)

8-41
     
 

Item 2.  Managements Discussion and Analysis of Financial Condition and Results of Operations

41-46
     
  Item 3.  Quantitative and Qualitative Disclosures About Market Risk 47-50
     
 

Item 4.  Controls and Procedures

50
     

Part II

Other Information

 
     
 

Item 1.  Legal Proceedings

51
     
 

Item 1A.  Risk Factors

51
     
 

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

51
     
 

Item 3.  Defaults Upon Senior Securities

51
     
 

Item 4.  Mine Safety Disclosures

51
     
 

Item 5.  Other Information

51
     
 

Item 6.  Exhibits

52
     

Signatures

   
 

 

- 2 -

 

 

PART I - FINANCIAL INFORMATION

FIRST CAPITAL, INC. 

CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

  

March 31,

  

December 31,

 
  

2021

  

2020

 
  

(In thousands)

 

ASSETS

        

Cash and due from banks

 $20,347  $28,923 

Interest bearing deposits with banks

  3,382   6,232 

Federal funds sold

  182,227   140,733 

Total cash and cash equivalents

  205,956   175,888 
         

Interest-bearing time deposits

  6,195   6,396 

Securities available for sale, at fair value

  313,540   283,502 

Loans, net

  482,623   500,331 

Loans held for sale

  4,331   7,941 

Federal Home Loan Bank and other stock, at cost

  1,988   1,988 

Premises and equipment

  15,724   15,950 

Accrued interest receivable

  3,101   3,434 

Cash value of life insurance

  8,526   8,479 

Goodwill

  6,472   6,472 

Core deposit intangible

  636   672 

Other assets

  6,584   6,498 
         

Total Assets

 $1,055,676  $1,017,551 
         

LIABILITIES

        

Deposits:

        

Noninterest-bearing

 $234,254  $225,608 

Interest-bearing

  706,268   674,853 

Total deposits

  940,522   900,461 
         

Accrued interest payable

  124   153 

Accrued expenses and other liabilities

  5,144   6,186 

Total liabilities

  945,790   906,800 
         

EQUITY

        

Preferred stock of $.01 par value per share

        

Authorized 1,000,000 shares; none issued

  -   - 

Common stock of $.01 par value per share

        

Authorized 7,500,000 shares; issued 3,805,533 shares; outstanding 3,375,082 (3,375,760 in 2020)

  38   38 

Additional paid-in capital

  41,684   41,684 

Retained earnings-substantially restricted

  74,216   72,155 

Unearned stock compensation

  (1,405)  (1,520)

Accumulated other comprehensive income

  3,818   6,822 

Less treasury stock, at cost - 430,451 shares (429,773 in 2020)

  (8,580)  (8,540)

Total First Capital, Inc. stockholders' equity

  109,771   110,639 
         

Noncontrolling interest in subsidiary

  115   112 

Total equity

  109,886   110,751 

Total Liabilities and Equity

 $1,055,676  $1,017,551 

 

See accompanying notes to consolidated financial statements.

 

- 3 -

 

 

PART I - FINANCIAL INFORMATION

FIRST CAPITAL, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

   

Three Months Ended

 
   

March 31,

 
   

2021

   

2020

 

INTEREST INCOME

 

(In thousands, except per share data)

 

Loans, including fees

  $ 6,073     $ 6,276  

Securities:

               

Taxable

    508       737  

Tax-exempt

    634       479  

Dividends

    3       18  

Other interest income

    74       164  

Total interest income

    7,292       7,674  

INTEREST EXPENSE

               

Deposits

    288       468  

Total interest expense

    288       468  

Net interest income

    7,004       7,206  

Provision for loan losses

    75       351  

Net interest income after provision for loan losses

    6,929       6,855  

NONINTEREST INCOME

               

Service charges on deposit accounts

    410       506  

ATM and debit card fees

    968       765  

Commission and fee income

    82       113  

Gain on sale of securities available for sale

    7       -  

Unrealized gain (loss) on equity securities

    234       (394 )

Gain on sale of loans

    636       359  

Increase in cash value of life insurance

    47       47  

Other income

    54       60  

Total noninterest income

    2,438       1,456  

NONINTEREST EXPENSE

               

Compensation and benefits

    3,530       3,502  

Occupancy and equipment

    464       439  

Data processing

    809       796  

Professional fees

    239       174  

Advertising

    50       108  

Net loss on foreclosed real estate

    -       1  

Other expenses

    715       805  

Total noninterest expense

    5,807       5,825  

Income before income taxes

    3,560       2,486  

Income tax expense

    618       389  

Net Income

    2,942       2,097  

Less: net income attributable to the noncontrolling interest in subsidiary

    3       3  

Net Income Attributable to First Capital, Inc.

  $ 2,939     $ 2,094  
                 

Earnings per common share attributable to First Capital, Inc.:

               

Basic

  $ 0.88     $ 0.63  

Diluted

  $ 0.88     $ 0.63  
                 

Dividends per share on common shares

  $ 0.26     $ 0.24  

 

See accompanying notes to consolidated financial statements.

 

- 4 -

 

 

PART I - FINANCIAL INFORMATION

FIRST CAPITAL, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

 

   

Three Months Ended

 
   

March 31,

 
   

2021

   

2020

 
   

(In thousands)

 
                 

Net Income

  $ 2,942     $ 2,097  
                 

OTHER COMPREHENSIVE INCOME (LOSS)

               

Unrealized gains (losses) on securities available for sale:

               

Unrealized holding gains (losses) arising during the period

    (3,880 )     3,435  

Income tax (expense) benefit

    882       (854 )

Net of tax amount

    (2,998 )     2,581  
                 

Less: reclassification adjustment for realized gains included in net income

    (7 )     -  

Income tax expense

    1       -  

Net of tax amount

    (6 )     -  
                 

Other Comprehensive Income (Loss), net of tax

    (3,004 )     2,581  
                 

Comprehensive Income (Loss)

    (62 )     4,678  

Less: comprehensive income attributable to the noncontrolling interest in subsidiary

    3       3  
                 

Comprehensive Income (Loss) Attributable to First Capital, Inc.

  $ (65 )   $ 4,675  

 

See accompanying notes to consolidated financial statements.

 

 

 

- 5 -

 

 

PART I - FINANCIAL INFORMATION

 

FIRST CAPITAL, INC.

 

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

 

(Unaudited)

 

 

              

Accumulated

                 
      

Additional

      

Other

  

Unearned

             
  

Common

  

Paid-in

  

Retained

  

Comprehensive

  

Stock

  

Treasury

  

Noncontrolling

     

(In thousands, except share and per share data)

 

Stock

  

Capital

  

Earnings

  

Income

  

Compensation

  

Stock

  

Interest

  

Total

 
                                 

Balances at January 1, 2020

 $38  $40,723  $65,266  $2,142  $(940) $(8,393) $112  $98,948 
                                 

Net income

  -   -   2,094   -   -   -   3   2,097 
                                 

Other comprehensive income

  -   -   -   2,581   -   -   -   2,581 
                                 

Cash dividends

  -   -   (811)  -   -   -   -   (811)
                                 

Restricted stock grants

  -   961   -   -   (961)  -   -   - 
                                 

Stock compensation expense

  -   -   -   -   93   -   -   93 
                                 

Balances at March 31, 2020

 $38  $41,684  $66,549  $4,723  $(1,808) $(8,393) $115  $102,908 
                                 

Balances at January 1, 2021

 $38  $41,684  $72,155  $6,822  $(1,520) $(8,540) $112  $110,751 
                                 

Net income

  -   -   2,939   -   -   -   3   2,942 
                                 

Other comprehensive loss

  -   -   -   (3,004)  -   -   -   (3,004)
                                 

Cash dividends

  -   -   (878)  -   -   -   -   (878)
                                 

Stock compensation expense

  -   -   -   -   115   -   -   115 
                                 

Purchase of 678 treasury shares

  -   -   -   -   -   (40)  -   (40)
                                 

Balances at March 31, 2021

 $38  $41,684  $74,216  $3,818  $(1,405) $(8,580) $115  $109,886 

 

See accompanying notes to consolidated financial statements.

 

- 6 -

 

 

PART I - FINANCIAL INFORMATION

FIRST CAPITAL, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

  

Three Months Ended

 
  

March 31,

 
  

2021

  

2020

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

(In thousands)

 

Net income

 $2,942  $2,097 

Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:

        

Amortization of premiums and accretion of discounts on securities, net

  520   534 

Depreciation and amortization expense

  292   305 

Deferred income taxes

  (2)  164 

Stock compensation expense

  115   93 

Increase in cash value of life insurance

  (47)  (47)

Gain on sale of securities

  (7)  - 

Provision for loan losses

  75   351 

Proceeds from sales of loans

  38,178   23,561 

Loans originated for sale

  (33,932)  (22,111)

Gain on sale of loans

  (636)  (359)

Amortization of tax credit investment

  89   96 

Unrealized (gain) loss on equity securities

  (234)  394 

Decrease in accrued interest receivable

  333   213 

Increase (decrease) in accrued interest payable

  (29)  9 

Net change in other assets/liabilities

  (97)  (768)

Net Cash Provided By Operating Activities

  7,560   4,532 
         

CASH FLOWS FROM INVESTING ACTIVITIES

        

Proceeds from maturities of interest-bearing time deposits

  200   245 

Purchase of interest-bearing time deposits

  -   (245)

Purchase of securities available for sale

  (52,436)  (15,390)

Proceeds from maturities of securities available for sale

  5,500   9,685 

Proceeds from sales of securities available for sale

  1,798   - 

Principal collected on mortgage-backed obligations

  10,699   9,930 

Net decrease in loans receivable

  17,633   851 

Investment in tax credit entity

  -   (848)

Proceeds from sale of foreclosed real estate

  -   170 

Purchase of premises and equipment

  (29)  (198)

Net Cash Provided By (Used In) Investing Activities

  (16,635)  4,200 
         

CASH FLOWS FROM FINANCING ACTIVITIES

        

Net increase in deposits

  40,061   441 

Purchase of treasury stock

  (40)  - 

Dividends paid

  (878)  (811)

Net Cash Provided By (Used In) Financing Activities

  39,143   (370)
         

Net Increase in Cash and Cash Equivalents

  30,068   8,362 

Cash and cash equivalents at beginning of period

  175,888   51,360 

Cash and Cash Equivalents at End of Period

 $205,956  $59,722 

 

See accompanying notes to consolidated financial statements.

 

- 7 -

 

FIRST CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

 

1.        Presentation of Interim Information

 

First Capital, Inc. (“Company”) is the financial holding company for First Harrison Bank (“Bank”), an Indiana chartered commercial bank and wholly owned subsidiary. First Harrison Investments, Inc. and First Harrison Holdings, Inc. are wholly-owned Nevada corporate subsidiaries of the Bank that jointly own First Harrison, LLC, a Nevada limited liability corporation that holds and manages an investment portfolio. First Harrison REIT, Inc. (“REIT”) is a wholly-owned subsidiary of First Harrison Holdings, Inc. that holds a portion of the Bank’s real estate mortgage loan portfolio. FHB Risk Mitigation Services, Inc. (“Captive”) is a wholly-owned insurance subsidiary of the Company that provides property and casualty insurance coverage to the Company, the Bank and the Bank’s subsidiaries, and reinsurance to eight other third party insurance captives for which insurance may not be currently available or economically feasible in the insurance marketplace. Heritage Hill, LLC is a wholly-owned subsidiary of the Bank that is currently inactive.

 

In the opinion of management, the unaudited consolidated financial statements include all adjustments considered necessary to present fairly the financial position as of March 31, 2021, and the results of operations for the three months ended March 31, 2021 and 2020 and the cash flows for the three months ended March 31, 2021 and 2020. All of these adjustments are of a normal, recurring nature. Such adjustments are the only adjustments included in the unaudited consolidated financial statements. Interim results are not necessarily indicative of results for a full year or any other period.

 

The accompanying unaudited consolidated financial statements and notes have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial statements and are presented as permitted by the instructions to Form 10-Q. Accordingly, they do not contain certain information included in the Company’s annual audited consolidated financial statements and related footnotes for the year ended December 31, 2020 included in the Company’s Annual Report on Form 10-K.

 

The unaudited consolidated financial statements include the accounts of the Company and its subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform with the current period presentation. The reclassifications had no effect on net income or stockholders’ equity.

 

COVID-19

 

On March 11, 2020, the World Health Organization declared the outbreak of the novel coronavirus (“COVID-19”) as a global pandemic, which continues to spread throughout the United States and around the world. The COVID-19 pandemic has adversely affected, and may continue to adversely affect economic activity globally, nationally and locally. COVID-19 and actions taken to mitigate the spread of it have had and are expected to continue to have an adverse impact on the economies and financial markets of many countries, including the geographical area in which the Company operates. Such events also may adversely affect business and consumer confidence, generally, and the Company and its customers, and their respective suppliers, vendors and processors, may be adversely affected.

 

- 8 -

 

FIRST CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(1 – continued)

 

Due to the COVID-19 pandemic market interest rates have declined significantly, as the Federal Open Market Committee reduced the targeted federal funds interest rate range by 150 basis points during the month of March 2020 to 0% to 0.25%. These reductions in interest rates and other effects of the COVID-19 pandemic may adversely affect the Company's financial condition and results of operations in future periods. It is unknown how long the adverse conditions associated with the COVID-19 pandemic will last and what the financial impact will be to the Company. It is reasonably possible that estimates made in the financial statements could be materially and adversely impacted in the near term as a result of these conditions, including expected credit losses on loans.

 

On March 22, 2020, the federal banking agencies issued an “Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus”. This guidance encourages financial institutions to work prudently with borrowers that may be unable to meet their contractual obligations because of the effects of COVID-19. The guidance goes on to explain that in consultation with the Financial Accounting Standards Board (“FASB”) staff that the federal banking agencies concluded that short-term modifications (e.g., six months) made on a good faith basis to borrowers who were current as of the implementation date of a relief program are not troubled debt restructurings (“TDRs”). The Coronavirus Aid, Relief and Economic Security (“CARES”) Act was passed by Congress on March 27, 2020. The CARES Act also addressed COVID-19 related modifications and specified that COVID-19 related modifications on loans that were current as of December 31, 2019 are not TDRs. The Consolidated Appropriations Act of 2021 signed into law on December 27, 2020 further extended the relief from TDR accounting for qualified modifications to the earlier of January 1 2022, or 60 days after the national emergency concerning COVID-19 terminates. The Bank has applied this guidance related to payment deferrals and other COVID-19 related loan modifications made through March 31, 2021, and additional modifications may occur in the second quarter of 2021.

 

The CARES Act also included a total allocation of $659 billion for loans to be issued by financial institutions through the Small Business Administration (“SBA”) as part of the Paycheck Protection Program (“PPP”). The Consolidation Appropriations Act previously mentioned included the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act, which allocated an additional $284 million in a second round of PPP loans. PPP loans are forgivable, in whole or in part, if the proceeds are used for eligible payroll costs and other permitted purposes in accordance with the requirements of the PPP. These loans carry a fixed rate of 1.00% and a term of two or five years, if not forgiven in whole or in part. Payments are deferred until the SBA remits the borrower’s loan forgiveness amount to the lender or, if the borrow does not apply for loan forgiveness, 10 months after the end of the borrower’s loan forgiveness covered period, and the loans are 100% guaranteed by the SBA. The SBA pays the originating bank a processing fee based on the size of the loan. The SBA began accepting submissions for these PPP loans on April 3, 2020 and the second round is currently scheduled to end May 31, 2021. Through April 20, 2021, the Bank had received SBA authorizations for PPP loans totaling approximately $60.5 million, including $14.6 million in second-draw loans originated in 2021. As of April 20, 2021, the Bank has received payoffs on $31.8 million of PPP loans from the SBA and had $1.2 million remaining in deferred fees related to PPP loans. For the three months ended March 31, 2021, the Bank recognized $625,000 in PPP fees in interest income.

 

 

 

 

 

 

- 9 -

 

FIRST CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

 

2.        Investment Securities

 

Investment securities have been classified in the consolidated balance sheets according to management’s intent. Investment securities at March 31, 2021 and December 31, 2020 are summarized as follows:

 

      

Gross

  

Gross

     
  

Amortized

  

Unrealized

  

Unrealized

  

Fair

 

(In thousands)

 

Cost

  

Gains

  

Losses

  

Value

 
                 

March 31, 2021

                

Securities available for sale:

                

Agency mortgage-backed securities

 $68,008  $1,108  $96  $69,020 

Agency CMO

  14,342   275   16   14,601 

Other debt securities:

                

Agency notes and bonds

  98,034   965   566   98,433 

Municipal obligations

  128,251   4,060   825   131,486 
                 

Total securities available for sale

 $308,635  $6,408  $1,503  $313,540 

 

December 31, 2020

                

Securities available for sale:

                

Agency mortgage-backed securities

 $59,997  $1,362  $-  $61,359 

Agency CMO

  20,842   218   30   21,030 

Other debt securities:

                

Agency notes and bonds

  80,359   1,175   3   81,531 

Municipal obligations

  113,511   6,075   4   119,582 
                 

Total securities available for sale

 $274,709  $8,830  $37  $283,502 

 

Agency notes and bonds, agency mortgage-backed securities and agency collateralized mortgage obligations (“CMO”) include securities issued by the Government National Mortgage Association (“GNMA”), a U.S. government agency, and the Federal National Mortgage Association (“FNMA”), the Federal Home Loan Mortgage Corporation (“FHLMC”) and the Federal Home Loan Bank (“FHLB”), which are government-sponsored enterprises.

 

 

- 10 -

 

FIRST CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

(2 – continued)

 

The amortized cost and fair value of debt securities as of March 31, 2021, by contractual maturity, are shown below. Expected maturities of mortgage-backed securities and CMO may differ from contractual maturities because the mortgages underlying the obligations may be prepaid without penalty.

 

 

Securities Available for Sale

 

Amortized

Fair

 

Cost

Value

(In thousands)

    
     

Due in one year or less

$19,508$19,588

Due after one year through five years

 87,758 88,430

Due after five years through

    

ten years

 39,063 40,371

Due after ten years

 79,956 81,530
  226,285 229,919

Mortgage-backed securities and

    

CMO

 82,350 83,621
     
 $308,635$313,540

 

Information pertaining to investment securities with gross unrealized losses at March 31, 2021, aggregated by investment category and the length of time that individual investment securities have been in a continuous position, follows.

 

  

Number of

      

Gross

 
  

Investment

  

Fair

  

Unrealized

 
  

Positions

  

Value

  

Losses

 

(Dollars in thousands)

            
             

Continuous loss position less than twelve months:

            

Agency mortgage-backed securities

  5  $8,721  $96 

Agency CMO

  4   1,935   16 

Agency notes and bonds

  13   42,432   566 

Municipal obligations

  52   35,888   825 
             

Total less than twelve months

  74   88,976   1,503 
             

Continuous loss position more than twelve months:

  -   -   - 
             

Total securities available for sale

  74  $88,976  $1,503 

 

 

- 11 -

 

FIRST CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(2 – continued)

 

Information pertaining to investment securities with gross unrealized losses at December 31, 2020, aggregated by investment category and the length of time that individual investment securities have been in a continuous position, follows.

 

  

Number of

      

Gross

 
  

Investment

  

Fair

  

Unrealized

 
  

Positions

  

Value

  

Losses

 

(Dollars in thousands)

            
             

Continuous loss position less than twelve months:

            

Agency CMO

  12  $6,189  $18 

Agency notes and bonds

  2   5,997   3 

Municipal obligations

  2   1,303   4 
             

Total less than twelve months

  16   13,489   25 
             

Continuous loss position more than twelve months:

            

Agency CMO

  4   1,589   12 
             

Total more than twelve months

  4   1,589   12 
             

Total securities available for sale

  20  $15,078  $37 

 

Management evaluates securities for other-than-temporary impairment at least quarterly, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recover in fair value.

 

At March 31, 2021, the U.S. government agency debt securities, including agency notes and bonds, mortgage-backed securities and CMO, and municipal obligations in a loss position had depreciated approximately 1.7% from the amortized cost basis. All of the U.S. government agency securities and municipal obligations are issued by U.S. government agencies, government-sponsored enterprises and municipal governments, or are secured by first mortgage loans and municipal project revenues. These unrealized losses related principally to current interest rates for similar types of securities. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government, its agencies or other governments, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuer’s financial condition. As the Company has the ability to hold the debt securities until maturity, or the foreseeable future if classified as available for sale, no declines are deemed to be other-than-temporary.

 

While management does not anticipate any credit-related impairment losses at March 31, 2021, additional deterioration in market and economic conditions may have an adverse impact on credit quality in the future.

 

 

- 12 -

 

FIRST CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(2 – continued)

 

During the three months ended March 31, 2021, the Company realized gross gains of $12,000 and gross losses of $5,000 on sales of available for sale securities. During the three months ended March 31, 2020, the Company sold no securities.

 

Certain available for sale debt securities were pledged to secure public fund deposits at March 31, 2021 and December 31, 2020.

 

Equity Securities

 

In September 2018, the Company acquired 90,000 shares of common stock in another bank holding company, representing approximately 5% of the outstanding common stock of the entity, for a total investment of $1.9 million. During the three months ended March 31, 2021, the Company recognized an unrealized gain of $234,000 on this equity investment. During the three months ended March 31, 2020, the Company recognized an unrealized loss of $394,000 on this equity investment. At March 31, 2021 and December 31, 2020, the equity investment had a fair value of $1.8 million and $1.6 million, respectively, and is included in other assets on the consolidated balance sheets.

 

 

3.        Loans and Allowance for Loan Losses

 

The Company’s loan and allowance for loan loss policies are as follows:

 

Loans are stated at unpaid principal balances, less net deferred loan fees and the allowance for loan losses. The Company originates real estate mortgage, commercial business and consumer loans. A substantial portion of the loan portfolio is represented by mortgage loans to customers in the Louisville, Kentucky metropolitan statistical area (MSA). The ability of the Company’s customers to honor their loan agreements is largely dependent upon the real estate and general economic conditions in this area.

 

Loan origination and commitment fees, as well as certain direct costs of underwriting and closing loans, are deferred and amortized as a yield adjustment to interest income over the lives of the related loans using the interest method. Amortization of net deferred loan fees is discontinued when a loan is placed on nonaccrual status.

 

The recognition of income on a loan is discontinued and previously accrued interest is reversed, when interest or principal payments become 90 days past due unless, in the opinion of management, the outstanding interest remains collectible. Past due status is determined based on contractual terms. Generally, by applying the cash receipts method, interest income is subsequently recognized only as received until the loan is returned to accrual status. The cash receipts method is used when the likelihood of further loss on the loan is remote. Otherwise, the Company applies the cost recovery method and applies all payments as a reduction of the unpaid principal balance until the loan qualifies for return to accrual status. Interest income on impaired loans is recognized using the cost recovery method, unless the likelihood of further loss on the loan is remote.

 

A loan is restored to accrual status when all principal and interest payments are brought current and the borrower has demonstrated the ability to make future payments of principal and interest as scheduled, which generally requires that the borrower demonstrate a period of performance of at least six consecutive months.

 

 

- 13 -

 

FIRST CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

(3 – continued)

 

For portfolio segments other than consumer loans, the Company’s practice is to charge-off any loan or portion of a loan when the loan is determined by management to be uncollectible due to the borrower’s failure to meet repayment terms, the borrower’s deteriorating or deteriorated financial condition, the depreciation of the underlying collateral, the loan’s classification as a loss by regulatory examiners, or for other reasons. A partial charge-off is recorded on a loan when the uncollectibility of a portion of the loan has been confirmed, such as when a loan is discharged in bankruptcy, the collateral is liquidated, a loan is restructured at a reduced principal balance, or other identifiable events that lead management to determine the full principal balance of the loan will not be repaid. A specific reserve is recognized as a component of the allowance for estimated losses on loans individually evaluated for impairment. Partial charge-offs on nonperforming and impaired loans are included in the Company’s historical loss experience used to estimate the general component of the allowance for loan losses as discussed below. Specific reserves are not considered charge-offs in management’s analysis of the allowance for loan losses because they are estimates and the outcome of the loan relationship is undetermined.

 

Consumer loans not secured by real estate are typically charged off at 90 days past due, or earlier if deemed uncollectible, unless the loans are in the process of collection. Overdrafts are charged off after 45 days past due. Charge-offs are typically recorded on loans secured by real estate when the property is foreclosed upon.

 

The allowance for loan losses reflects management’s judgment of probable loan losses inherent in the loan portfolio at the balance sheet date. Additions to the allowance for loan losses are made by the provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance.

 

The Company uses a disciplined process and methodology to evaluate the allowance for loan losses on at least a quarterly basis that is based upon management’s periodic review of the collectibility of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral, and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available.

 

The allowance consists of specific and general components. The specific component relates to loans that are individually evaluated for impairment or loans otherwise classified as doubtful, substandard, or special mention. For such loans that are also classified as impaired, an allowance is established when the underlying discounted collateral value (or present value of estimated future cash flows) of the impaired loan is lower than the carrying value of that loan.

 

 

- 14 -

 

FIRST CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

(3 – continued)

 

The general component covers loans not considered to be impaired. Such loans are pooled by segment and losses are modeled using annualized historical loss experience adjusted for qualitative factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over the prior five years. The Company’s historical loss experience is then adjusted for qualitative factors that are reviewed on a quarterly basis based on the risks present for each portfolio segment. Management considers changes and trends in the following qualitative loss factors: underwriting standards, economic conditions, changes and trends in past due and classified loans, collateral valuations, loan concentrations and other internal and external factors.

 

Management also applies additional loss factor multiples to loans classified as watch, special mention and substandard that are not individually evaluated for impairment. The loss factor multiples for classified loans are based on management’s assessment of historical trends regarding losses experienced on classified loans in prior periods. See below for additional discussion of the qualitative factors utilized in management’s allowance for loan loss methodology at March 31, 2021 and December 31, 2020.

 

Management exercises significant judgment in evaluating the relevant historical loss experience and the qualitative factors. Management also monitors the differences between estimated and actual incurred loan losses for loans considered impaired in order to evaluate the effectiveness of the estimation process and make any changes in the methodology as necessary.

 

Management utilizes the following portfolio segments in its analysis of the allowance for loan losses: residential real estate, land, construction, commercial real estate, commercial business, home equity and second mortgage, and other consumer loans. Additional discussion of the portfolio segments and the risks associated with each segment can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

 

A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent.

 

 

- 15 -

 

FIRST CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

(3 – continued)

 

Values for collateral dependent loans are generally based on appraisals obtained from independent licensed real estate appraisers, with adjustments applied for estimated costs to sell the property, costs to complete unfinished or repair damaged property and other factors. New appraisals are generally obtained for all significant properties when a loan is identified as impaired, and a property is considered significant if the value of the property is estimated to exceed $200,000. Subsequent appraisals are obtained as needed or if management believes there has been a significant change in the market value of the property. In instances where it is not deemed necessary to obtain a new appraisal, management bases its impairment and allowance for loan loss analysis on the original appraisal with adjustments for current conditions based on management’s assessment of market factors and management’s inspection of the property.

 

At March 31, 2021 and December 31, 2020, the Company held no foreclosed real estate. At March 31, 2021 and December 31, 2020, the recorded investment in loans secured by residential real estate properties for which formal foreclosure proceedings are in process was $258,000 and $109,000, respectively.

 

Loans at March 31, 2021 and December 31, 2020 consisted of the following:

 

  

March 31,

  

December 31,

 

(In thousands)

 

2021

  

2020

 
         

Real estate mortgage loans:

        

Residential

 $125,129  $131,217 

Land

  17,005   17,328 

Residential construction

  52,792   39,160 

Commercial real estate

  133,423   135,114 

Commercial real estate construction

  7,967   4,988 

Commercial business loans

  71,916   82,274 

Consumer loans:

        

Home equity and second mortgage loans

  50,356   52,001 

Automobile loans

  43,326   43,770 

Loans secured by savings accounts

  962   1,083 

Unsecured loans

  2,465   2,766 

Other consumer loans

  15,544   16,117 

Gross loans

  520,885   525,818 

Less undisbursed portion of loans in process

  (31,808)  (19,179)
         

Principal loan balance

  489,077   506,639 
         

Deferred loan origination fees and costs, net

  174   317 

Allowance for loan losses

  (6,628)  (6,625)
         

Loans, net

 $482,623  $500,331 

 

At March 31, 2021 and December 31, 2020, PPP loans guaranteed by the SBA totaling $27.9 million and $37.3 million, respectively, were included in commercial business loans. At March 31, 2021 and December 31, 2020, net deferred loan fees related to PPP loans were $990,000 and $843,000, respectively, which will be recognized over the life of the loans and as borrowers are granted forgiveness.

 

 

- 16 -

 

FIRST CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

(3 – continued)

 

The following table provides the components of the Company’s recorded investment in loans at March 31, 2021:

 

                      

Home Equity

         
  

Residential

          

Commercial

  

Commercial

  

and Second

  

Other

     
  

Real Estate

  

Land

  

Construction

  

Real Estate

  

Business

  

Mortgage

  

Consumer

  

Total

 
  

(In thousands)

 

Recorded Investment in Loans:

                                

Principal loan balance

 $125,129  $17,005  $28,951  $133,423  $71,916  $50,356  $62,297  $489,077 
                                 

Accrued interest receivable

  479   78   58   416   265   149   201   1,646 

 

                                

Net deferred loan origination fees and costs

  119   16   (14)  (62)  (991)  1,106   -   174 
                                 

Recorded investment in loans

 $125,727  $17,099  $28,995  $133,777  $71,190  $51,611  $62,498  $490,897 
                                 

Recorded Investment in Loans as Evaluated for Impairment:

                     

 

                                

Individually evaluated for impairment

 $1,879  $100  $-  $760  $201  $355  $-  $3,295 

Collectively evaluated for impairment

  123,577   16,999   28,995   132,992   70,989   51,256   62,498   487,306 

Acquired with deteriorated credit quality

  271   -   -   25   -   -   -   296 

Ending balance

 $125,727  $17,099  $28,995  $133,777  $71,190  $51,611  $62,498  $490,897 

 

 

- 17 -

 

FIRST CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

(3 – continued)

 

The following table provides the components of the Company’s recorded investment in loans at December 31, 2020: