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<SEC-DOCUMENT>0000909654-05-000970.txt : 20050421
<SEC-HEADER>0000909654-05-000970.hdr.sgml : 20050421
<ACCEPTANCE-DATETIME>20050421135549
ACCESSION NUMBER:		0000909654-05-000970
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050421
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20050421
DATE AS OF CHANGE:		20050421

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:		05764225

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>firstcapital8kapril21-05.txt
<TEXT>
<PAGE> 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 21, 2005
                                                          --------------


                               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))




<PAGE> 2



ITEM 2.02   RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
            ---------------------------------------------

      On April 21, 2005, First Capital, Inc., the holding company for First
Harrison Bank, announced its financial results for the quarter ended March 31,
2005. The press release announcing financial results for the quarter ended March
31, 2005 is included as Exhibit 99.1 and 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)   Exhibits

            Number            Description
            ------            -----------

            99.1              Press Release Dated April 21, 2005






                                        2

<PAGE> 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 21, 2005                 By: /s/ William W. Harrod
                                           -------------------------------------
                                           William W. Harrod
                                           President and Chief Executive Officer





                                        3

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>firstcapital8kapr21-05ex99.txt
<TEXT>
<PAGE> 1


         FIRST CAPITAL, INC. REPORTS INCREASE IN FIRST QUARTER EARNINGS


Corydon, Indiana--(BUSINESS WIRE)--April 21, 2005. First Capital, Inc. (NASDAQ:
FCAP - news), the holding company for First Harrison Bank (the "Bank"), today
reported net income of $856,000 or $0.33 per diluted share for the quarter ended
March 31, 2005, compared to $833,000 or $0.30 per diluted share for the quarter
ended March 31, 2004.

The increase in earnings is due to an increase in noninterest income partially
offset by an increase in noninterest expense and a slight decrease in net
interest income after the provision for loan losses.

Net interest income after provision for loan losses decreased $19,000 for the
quarter ended March 31, 2005 as compared to the prior year. Interest income
increased $181,000 while interest expense increased $175,000 when comparing the
two periods. The provision for loan losses increased from $125,000 during the
quarter ended March 31, 2004 to $150,000 for the same period in 2005.

Noninterest income increased $198,000 for the three months ended March 31, 2005
as compared to the same period in 2004. Gains on loans sold for the quarter
ended March 31, 2005 were $87,000 while the Bank sold no loans during the same
period of 2004. Service charges on deposit accounts and commission income
increased $76,000 and $30,000 when comparing the same two periods.

Noninterest expenses increased $152,000 during the three months ended March 31,
2005 as compared to the three months ended March 31, 2004. Compensation and
benefits accounted for $87,000 of this increase primarily due to increases in
wages, the cost of health insurance and acceleration of the release of ESOP plan
shares. Other operating expenses increased $53,000 when comparing the two
periods. The primary causes were increases in advertising, employee training and
postage expense.

Total assets as of March 31, 2005 were $436.6 million compared to $425.3 million
at December 31, 2004. The primary factors behind the asset growth were increases
in interest bearing deposits with banks and available-for-sale securities of
$9.8 million and $3.3 million, respectively. The funding for the growth was
provided by increases of $7.9 million in retail repurchase agreements and $4.9
million in deposits.

First Harrison Bank currently has twelve offices in the Indiana communities of
Corydon, Crandall, Georgetown, Greenville, Floyds Knobs, Hardinsburg, Palmyra,
New Albany, New Salisbury and Jeffersonville. 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 subsidiary of the
Bank, offers a full array of property, casualty and life insurance products, as
well as non FDIC insured investments to compliment the Bank's offering of
traditional banking products and services.

This press release may contain forward-looking statements within the meaning of
the federal securities laws. These statements are not historical facts, rather
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.



<PAGE> 2
<TABLE>
<CAPTION>



                                     FIRST CAPITAL, INC. AND SUBSIDIARY
                                Consolidated Financial Highlights (Unaudited)

                                                                                       THREE MONTHS ENDED
                                                                                            MARCH 31,
OPERATING DATA                                                                    2005                    2004
(Dollars in thousands, except per share data)                                     ----                    ----
<S>                                                                           <C>                     <C>
Total interest income                                                         $    5,620              $    5,439
Total interest expense                                                             2,401                   2,226
                                                                              -----------             -----------
Net interest income                                                                3,219                   3,213
Provision for loan losses                                                            150                     125
                                                                              -----------             -----------
Net interest income after provision for loan losses                                3,069                   3,088

Total non-interest income                                                            786                     588
Total non-interest expense                                                         2,591                   2,439
                                                                              -----------             -----------
Income before income taxes                                                         1,264                   1,237
Income tax expense                                                                   408                     404
                                                                              -----------             -----------
Net income                                                                    $      856              $      833
                                                                              ===========             ===========

Net income per common share, basic                                            $     0.33              $     0.30
                                                                              ===========             ===========
Weighted average common shares outstanding - basic                             2,564,467               2,775,847

Net income per common share, diluted                                          $     0.33              $     0.30
                                                                              ===========             ===========
Weighted average common shares outstanding - diluted                           2,591,884               2,812,220


                                                                                MARCH 31,             DECEMBER 31,
BALANCE SHEET INFORMATION                                                         2005                    2004
 (Dollars in thousands)                                                           ----                    ----

Cash and cash equivalents                                                     $   28,274              $   17,425
Investment securities                                                             69,697                  66,450
Gross loans receivable                                                           315,428                 319,564
Allowance for loan losses                                                          2,228                   2,478
Earning assets                                                                   400,640                 390,948
Total assets                                                                     436,633                 425,302
Deposits                                                                         321,319                 316,462
FHLB debt                                                                         63,399                  65,099
Repurchase agreements                                                              8,583                     635
Stockholders' equity                                                              40,604                  40,714
Non-performing assets:
    Nonaccrual loans                                                               1,480                   2,075
    Foreclosed real estate                                                           868                     442

</TABLE>

Contact:

          First Capital, Inc.
          M. Chris Frederick, 812-738-2198, ext. 234
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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