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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000909654-05-001540.txt : 20050722
<SEC-HEADER>0000909654-05-001540.hdr.sgml : 20050722
<ACCEPTANCE-DATETIME>20050722153357
ACCESSION NUMBER:		0000909654-05-001540
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050721
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20050722
DATE AS OF CHANGE:		20050722

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:		05968693

	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>firstcapital8kjuly22.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) July 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 July 21, 2005, First Capital, Inc., the holding company for First
Harrison Bank, announced its financial results for the quarter ended June 30,
2005. The press release announcing financial results for the quarter ended June
30, 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 July 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: July 22, 2005                    By: /s/ M. Chris Frederick
                                            ------------------------------------
                                            M. Chris Frederick
                                            Senior Vice President and Chief
                                            Financial Officer
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>firstcapitalexb99july22.txt
<TEXT>
<PAGE> 1

          FIRST CAPITAL, INC. REPORTS SECOND QUARTER EARNINGS INCREASE

Corydon, Indiana--(BUSINESS WIRE)--July 21, 2005. First Capital, Inc. (NASDAQ:
FCAP - news), the holding company for First Harrison Bank (the "Bank"), today
reported net income of $872,000 or $0.34 per diluted share for the quarter ended
June 30, 2005, compared to $861,000 or $0.31 per diluted share during the same
period in 2004.

The increase in earnings is due to increases in net interest income after the
provision for loan loses and noninterest income, partially offset by an increase
in noninterest expense.

Net interest income after provision for loan losses increased $100,000 for the
quarter ended June 30, 2005 as compared to the quarter ended June 30, 2004.
Interest income increased $447,000 when comparing the two periods as the average
tax-equivalent yield of interest-earning assets increased from 5.65% during the
quarter ended June 30, 2004 to 5.89% for the same period in 2005. Interest
expense increased $304,000 as the average cost of interest-bearing liabilities
increased from 2.63% to 2.87% when comparing the same two periods. The provision
for loan losses increased $43,000 to a total of $163,000 for the three months
ended June 30, 2005.

Noninterest income increased $47,000 for the quarter ended June 30, 2005 as
compared to the quarter ended June 30, 2004. The primary factor in this increase
was gains on the sale of mortgage loans, which increased $42,000 when comparing
the two periods.

Noninterest expenses increased $143,000 as compared to the quarter ended June
30, 2004. Occupancy and equipment expense increased $40,000 when comparing the
quarters ended June 30, 2005 and June 30, 2004 primarily due to increased
depreciation and equipment maintenance charges. Other operating expenses
increased $45,000 during the quarter ended June 30, 2005 as compared to the same
period in the prior year primarily due to the donation of improved real estate
to Harrison County, Indiana for an access road adjacent to a branch.

For the six months ended June 30, 2005, the Company earned $1.7 million or $0.67
per diluted share compared to $1.7 million or $0.60 for the same period in 2004.

Net interest income after provision for loan loss increased $81,000 during the
first six months of 2005 compared to the same period in 2004. Interest income
increased $628,000 when comparing the two periods, due to an increase in the
average balance of interest-earning assets from $386.4 million during the first
six months of 2004 to $400.0 million for the same period in 2005 and an increase
in the average tax-equivalent yield on those assets from 5.71% to 5.83%.
Interest expense increased $479,000 as the average balance of interest-bearing
liabilities increased $14.2 million and the average cost of those liabilities
increased from 2.65% to 2.81% when comparing the two periods. The provision for
loan losses increased $68,000 when comparing the two periods.

Noninterest income increased $245,000 primarily due to increases in gains on the
sale of mortgage loans and service charges on deposits of $129,000 and $103,000,
respectively.

Noninterest expenses increased $295,000 when comparing the six months ended June
30, 2005 to the same period in 2004, primarily due to an increase of $106,000 in
compensation and benefits. Advertising expense increased $36,000 when comparing
the two periods as the Bank initiated a more aggressive marketing effort to
increase loans.

Total assets as of June 30, 2005 were $438.4 million compared to $425.3 million
at December 31, 2004. The primary factor behind the asset growth was an increase
of $11.5 million in securities available for sale. The funding for this growth
was provided by increases in retail repurchase agreements and deposits of $8.1
million and $7.9 million, respectively.

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 report 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

<PAGE> 2

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.

<TABLE>
<CAPTION>

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

                                                                   SIX MONTHS ENDED                      THREE MONTHS ENDED
                                                                       JUNE 30,                               JUNE 30,
OPERATING DATA                                                  2005             2004                     2005          2004
                                                                ----             ----                     ----          ----
   (Dollars in thousands, except per share data)
<S>                                                        <C>               <C>                     <C>           <C>
Total interest income                                      $   11,485        $   10,857              $    5,865    $    5,418
Total interest expense                                          4,938             4,459                   2,537         2,233
                                                           ----------------------------              ------------------------
Net interest income                                             6,547             6,398                   3,328         3,185
Provision for loan losses                                         313               245                     163           120
                                                           ----------------------------              ------------------------
Net interest income after provision for loan losses             6,234             6,153                   3,165         3,065
Total non-interest income                                       1,541             1,296                     755           708
Total non-interest expense                                      5,183             4,888                   2,592         2,449
                                                           ----------------------------              ------------------------
Income before income taxes                                      2,592             2,561                   1,328         1,324
Income tax expense                                                864               867                     456           463
                                                           ----------------------------              ------------------------
Net income                                                 $    1,728        $    1,694              $      872    $      861
                                                           ============================              ========================

Net income per common share, basic                         $     0.67        $     0.61              $     0.34    $     0.31
                                                           ============================              ========================
Weighted average common shares outstanding - basic          2,565,333         2,774,654               2,566,197     2,773,463

Net income per common share, diluted                       $     0.67        $     0.60              $     0.34    $     0.31
                                                           ============================              ========================
Weighted average common shares outstanding -diluted         2,592,113         2,810,700               2,591,954     2,809,951

OTHER FINANCIAL DATA

Cash dividends per share                                   $    0.15         $    0.15               $    0.30     $    0.30
Return on average assets (annualized)                           0.81%             0.83%                   0.81%         0.82%
Return on average equity (annualized)                           8.49%             7.80%                   8.43%         7.67%
Net interest margin                                             3.38%             3.36%                   3.36%         3.40%
Net overhead expense as a percentage
     of average assets (annualized)                             2.40%             2.35%                   2.42%         2.37%

</TABLE>

<PAGE> 3


                                              JUNE 30,       DECEMBER 31,
BALANCE SHEET INFORMATION                       2005             2004
                                                ----             ----
Cash and cash equivalents                     $ 19,102       $ 17,425
Investment securities                           77,945         66,450
Gross loans                                    318,271        319,564
Allowance for loan losses                        2,110          2,478
Earning assets                                 400,067        390,948
Total assets                                   438,420        425,302
Deposits                                       324,353        316,462
FHLB debt                                       61,274         65,099
Repurchase agreements                            8,710            635
Stockholders' equity                            41,550         40,714
Non-performing assets:
  Nonaccrual loans                               1,193          2,075
  Foreclosed real estate                           647            442


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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