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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 June 30, 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 incorporation or organization)(I.R.S. Employer Identification Number) 
    
    
 220 Federal Drive NW, Corydon, Indiana  471121-812-738-2198 
 (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 filer Accelerated 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:  3,373,872 shares of common stock were outstanding as of July 27, 2021.

 

 

 

 

FIRST CAPITAL, INC.

 

INDEX

 

Part I Financial Information  Page
     
  Item 1.  Consolidated Financial Statements  
     
  Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020 (unaudited) 3
     
  Consolidated Statements of Income for the three and six months ended June 30, 2021 and 2020 (unaudited) 4
     
  Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2021 and 2020 (unaudited) 5
     
  Consolidated Statements of Changes in Stockholders’ Equity for the three and six months ended June 30, 2021 and 2020 (unaudited) 6
     
  Consolidated Statements of Cash Flows for the six months ended June 30, 2021 and 2020 (unaudited) 7
     
  Notes to Consolidated Financial Statements (unaudited) 8-42
     
  Item 2.  Managements Discussion and Analysis of Financial Condition and Results of Operations 43-49
     
  Item 3.  Quantitative and Qualitative Disclosures About Market Risk 50-53
     
  Item 4.  Controls and Procedures 53
     
Part II  Other Information  
     
  Item 1.  Legal Proceedings 54
     
  Item 1A.  Risk Factors 54
     
  Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds 54
     
  Item 3.  Defaults Upon Senior Securities 54
     
  Item 4.  Mine Safety Disclosures 54
     
  Item 5.  Other Information 54
     
  Item 6.  Exhibits 55
     
Signatures   56

 

 

 

                                                                               

-2-

 

 

PART I - FINANCIAL INFORMATION

 

FIRST CAPITAL, INC.

 

CONSOLIDATED BALANCE SHEETS

 

(Unaudited)

 
         
  

June 30,

  

December 31,

 
  

2021

  

2020

 
  

(In thousands)

 

ASSETS

        

Cash and due from banks

 $19,265  $28,923 

Interest bearing deposits with banks

  7,237   6,232 

Federal funds sold

  157,494   140,733 

Total cash and cash equivalents

  183,996   175,888 
         

Interest-bearing time deposits

  6,193   6,396 

Securities available for sale, at fair value

  353,482   283,502 

Securities held to maturity

  2,000   - 

Loans, net

  484,750   500,331 

Loans held for sale

  5,353   7,941 

Federal Home Loan Bank and other stock, at cost

  1,988   1,988 

Foreclosed real estate

  110   - 

Premises and equipment

  15,511   15,950 

Accrued interest receivable

  3,315   3,434 

Cash value of life insurance

  8,597   8,479 

Goodwill

  6,472   6,472 

Core deposit intangible

  599   672 

Other assets

  6,300   6,498 
         

Total Assets

 $1,078,666  $1,017,551 
         

LIABILITIES

        

Deposits:

        

Noninterest-bearing

 $223,002  $225,608 

Interest-bearing

  738,579   674,853 

Total deposits

  961,581   900,461 
         

Accrued interest payable

  121   153 

Accrued expenses and other liabilities

  4,446   6,186 

Total liabilities

  966,148   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

  76,069   72,155 

Unearned stock compensation

  (1,290)  (1,520)

Accumulated other comprehensive income

  4,492   6,822 

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

  (8,580)  (8,540)

Total First Capital, Inc. stockholders' equity

  112,413   110,639 
         

Noncontrolling interest in subsidiary

  105   112 

Total equity

  112,518   110,751 
         

Total Liabilities and Equity

 $1,078,666  $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

  

Six Months Ended

 
  

June 30,

  

June 30,

 
  

2021

  

2020

  

2021

  

2020

 

INTEREST INCOME

 

(In thousands, except per share data)

 

Loans, including fees

 $5,746  $6,095  $11,819  $12,371 

Securities:

                

Taxable

  632   687   1,140   1,424 

Tax-exempt

  671   515   1,305   994 

Dividends

  4   17   7   35 

Other interest income

  80   60   154   224 

Total interest income

  7,133   7,374   14,425   15,048 

INTEREST EXPENSE

                

Deposits

  289   404   577   872 

Total interest expense

  289   404   577   872 

Net interest income

  6,844   6,970   13,848   14,176 

Provision for loan losses

  -   825   75   1,176 

Net interest income after provision for loan losses

  6,844   6,145   13,773   13,000 

NONINTEREST INCOME

                

Service charges on deposit accounts

  424   322   834   828 

ATM and debit card fees

  1,050   876   2,018   1,641 

Commission and fee income

  87   79   169   192 

Gain on sale of securities available for sale

  -   -   7   - 

Unrealized gain (loss) on equity securities

  193   223   427   (171)

Gain on sale of loans

  661   692   1,297   1,051 

Increase in cash surrender value of life insurance

  71   70   118   117 

Other income

  66   58   120   118 

Total noninterest income

  2,552   2,320   4,990   3,776 

NONINTEREST EXPENSE

                

Compensation and benefits

  3,612   3,372   7,142   6,874 

Occupancy and equipment

  410   459   874   898 

Data processing

  867   755   1,676   1,551 

Professional fees

  348   177   587   351 

Advertising

  80   49   130   157 

Other expenses

  848   806   1,563   1,612 

Total noninterest expense

  6,165   5,618   11,972   11,443 

Income before income taxes

  3,231   2,847   6,791   5,333 

Income tax expense

  497   405   1,115   794 

Net Income

  2,734   2,442   5,676   4,539 

Less: net income attributable to noncontrolling interest in subsidiary

  4   4   7   7 

Net Income Attributable to First Capital, Inc.

 $2,730  $2,438  $5,669  $4,532 
                 

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

                

Basic

 $0.82  $0.73  $1.70  $1.36 

Diluted

 $0.82  $0.73  $1.69  $1.35 
                 

Dividends per share

 $0.26  $0.24  $0.52  $0.48 

 

See accompanying notes to consolidated financial statements.

 

-4-

 

 

PART I - FINANCIAL INFORMATION

 

FIRST CAPITAL, INC.

 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

(Unaudited)

 
                                 
   

Three Months Ended

   

Six Months Ended

 
   

June 30,

   

June 30,

 
   

2021

   

2020

   

2021

   

2020

 
   

(In thousands)

 
                                 

Net Income

  $ 2,734     $ 2,442     $ 5,676     $ 4,539  
                                 

OTHER COMPREHENSIVE INCOME (LOSS)

                               

Unrealized gains (losses) on securities available for sale:

                               

Unrealized holding gains (losses) arising during the period

    839       1,746       (3,041 )     5,125  

Income tax (expense) benefit

    (165 )     (384 )     717       (1,182 )

Net of tax amount

    674       1,362       (2,324 )     3,943  
                                 

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

    674       1,362       (2,330 )     3,943  
                                 

Comprehensive Income

    3,408       3,804       3,346       8,482  

Less: comprehensive income attributable to the noncontrolling interest in subsidiary

    4       4       7       7  
                                 

Comprehensive Income Attributable to First Capital, Inc.

  $ 3,404     $ 3,800     $ 3,339     $ 8,475  

 

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)

 

Stock

   

Capital

   

Earnings

   

Income (Loss)

   

Compensation

   

Stock

   

Interest

   

Total

 
                                                                 
Balances at April 1, 2021   $ 38     $ 41,684     $ 74,216     $ 3,818     $ (1,405 )   $ (8,580 )   $ 115     $ 109,886  

Net income

    -       -       2,730       -       -       -       4       2,734  

Other comprehensive income

    -       -       -       674       -       -       -       674  

Cash dividends

    -       -       (877 )     -       -       -       (14 )     (891 )

Stock compensation expense

    -       -       -       -       115       -       -       115  
                                                                 
Balances at June 30, 2021   $ 38     $ 41,684     $ 76,069     $ 4,492     $ (1,290 )   $ (8,580 )   $ 105     $ 112,518  
                                                                 
Balances at April 1, 2020   $ 38     $ 41,684     $ 66,549     $ 4,723     $ (1,808 )   $ (8,393 )   $ 115     $ 102,908  

Net income

    -       -       2,438       -       -       -       4       2,442  

Other comprehensive income

    -       -       -       1,362       -       -       -       1,362  

Cash dividends

    -       -       (810 )     -       -       -       (14 )     (824 )

Stock compensation expense

    -       -       -       -       104       -       -       104  

Purchase of treasury shares

    -       -       -       -       -       (14 )     -       (14 )
                                                                 
Balances at June 30, 2020   $ 38     $ 41,684     $ 68,177     $ 6,085     $ (1,704 )   $ (8,407 )   $ 105     $ 105,978  
                                                                 
Balances at January 1, 2021   $ 38     $ 41,684     $ 72,155     $ 6,822     $ (1,520 )   $ (8,540 )   $ 112     $ 110,751  

Net income

    -       -       5,669       -       -       -       7       5,676  

Other comprehensive loss

    -       -       -       (2,330 )     -       -       -       (2,330 )

Cash dividends

    -       -       (1,755 )     -       -       -       (14 )     (1,769 )

Stock compensation expense

    -       -       -       -       230       -       -       230  

Purchase of treasury shares

    -       -       -       -       -       (40 )     -       (40 )
                                                                 
Balances at June 30, 2021   $ 38     $ 41,684     $ 76,069     $ 4,492     $ (1,290 )   $ (8,580 )   $ 105     $ 112,518  
                                                                 
Balances at January 1, 2020   $ 38     $ 40,723     $ 65,266     $ 2,142     $ (940 )   $ (8,393 )   $ 112     $ 98,948  

Net income

    -       -       4,532       -       -       -       7       4,539  

Other comprehensive income

    -       -       -       3,943       -       -       -       3,943  

Cash dividends

    -       -       (1,621 )     -       -       -       (14 )     (1,635 )

Restricted stock grants

    -       961       -       -       (961 )     -       -       -  

Stock compensation expense

    -       -       -       -       197       -       -       197  

Purchase of treasury shares

    -       -       -       -       -       (14 )     -       (14 )
                                                                 
Balances at June 30, 2020   $ 38     $ 41,684     $ 68,177     $ 6,085     $ (1,704 )   $ (8,407 )   $ 105     $ 105,978  

 

See accompanying notes to consolidated financial statements.

 

-6-

 

 

PART I - FINANCIAL INFORMATION

 

FIRST CAPITAL, INC.

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

(Unaudited)

 
   

Six Months Ended

 
   

June 30,

 
   

2021

   

2020

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

(In thousands)

 

Net income

  $ 5,676     $ 4,539  

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

    1,041       1,057  

Depreciation and amortization expense

    585       605  

Deferred income taxes

    (467 )     (402 )

Stock compensation expense

    230       197  

Increase in cash value of life insurance

    (118 )     (117 )

Gain on sale of securities

    (7 )     -  

Provision for loan losses

    75       1,176  

Proceeds from sales of loans

    73,054       62,934  

Loans originated for sale

    (69,169 )     (64,918 )

Gain on sale of loans

    (1,297 )     (1,051 )

Amortization of tax credit investment

    177       182  

Unrealized (gain) loss on equity securities

    (427 )     171  

(Increase) decrease in accrued interest receivable

    119       (227 )

Increase (decrease) in accrued interest payable

    (32 )     (23 )

Net change in other assets/liabilities

    (4 )     119  

Net Cash Provided By Operating Activities

    9,436       4,242  
                 

CASH FLOWS FROM INVESTING ACTIVITIES

               

Proceeds from maturities of interest-bearing time deposits

    200       445  

Purchase of interest-bearing time deposits

    -       (489 )

Purchase of securities available for sale

    (123,660 )     (39,764 )

Purchase of securities held to maturity

    (2,000 )     -  

Proceeds from maturities of securities available for sale

    28,231       20,440  

Proceeds from sales of securities available for sale

    1,798       -  

Principal collected on mortgage-backed obligations

    19,568       20,854  

Net (increase) decrease in loans receivable

    15,396       (33,532 )

Investment in tax credit entity

    (100 )     (848 )

Proceeds from sale of foreclosed real estate

    -       170  

Purchase of premises and equipment

    (72 )     (267 )

Net Cash Used In Investing Activities

    (60,639 )     (32,991 )
                 

CASH FLOWS FROM FINANCING ACTIVITIES

               

Net increase in deposits

    61,120       85,459  

Purchase of treasury stock

    (40 )     (14 )

Dividends paid

    (1,769 )     (1,635 )

Net Cash Provided By Financing Activities

    59,311       83,810  
                 

Net Increase in Cash and Cash Equivalents

    8,108       55,061  

Cash and cash equivalents at beginning of period

    175,888       51,360  

Cash and Cash Equivalents at End of Period

  $ 183,996     $ 106,421  

 

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 June 30, 2021, and the results of operations for the three and six months ended June 30, 2021 and 2020 and the cash flows for the six months ended June 30, 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 Act (the “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 June 30, 2021, and additional modifications may occur in the third 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 borrower 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 ended May 31, 2021.  The Bank received SBA authorizations for PPP loans totaling approximately $62.4 million, including $16.5 million in second-draw loans originated in 2021.  As of July 23, 2021, the Bank has received payoffs on $41.7 million of PPP loans from the SBA and had $1.1 million remaining in deferred fees related to PPP loans.  For the three and six months ended June 30, 2021, the Bank recognized $336,000 and $961,000, respectively, 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 June 30, 2021 and December 31, 2020 are summarized as follows:

 

      

Gross

  

Gross

     
  

Amortized

  

Unrealized

  

Unrealized

  

Fair

 

(In thousands)

 

Cost

  

Gains

  

Losses

  

Value

 
                 

June 30, 2021

                

Securities available for sale:

                

Agency mortgage-backed securities

 $86,206  $960  $191  $86,975 

Agency CMO

  11,407   218   11   11,614 

Other debt securities:

                

Agency notes and bonds

  109,489   798   736   109,551 

Municipal obligations

  140,636   5,063   357   145,342 
                 

Total securities available for sale

 $347,738  $7,039  $1,295  $353,482 
                 

Securities held to maturity:

                

Other debt securities:

                

Corporate notes

 $2,000  $25  $-  $2,025 
                 

Total securities held to maturity

 $2,000  $25  $-  $2,025 
                 

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