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<SEC-DOCUMENT>0000909654-05-002006.txt : 20051031
<SEC-HEADER>0000909654-05-002006.hdr.sgml : 20051031
<ACCEPTANCE-DATETIME>20051031095933
ACCESSION NUMBER:		0000909654-05-002006
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20051028
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20051031
DATE AS OF CHANGE:		20051031

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:		051164992

	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>firstcapital8kearningsoct-05.txt
<TEXT>
<PAGE>


                                  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) October 28, 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>



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

      On October 28, 2005, First Capital, Inc., the holding company for First
Harrison Bank, announced its financial results for the quarter ended September
30, 2005. The press release announcing financial results for the quarter ended
September 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 October 28, 2005




<PAGE>


                                   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: October 28, 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>firstcapital8kearnoct-05ex99.txt
<TEXT>
<PAGE>



        FIRST CAPITAL, INC. REPORTS 14% THIRD QUARTER EARNINGS INCREASE

Corydon, Indiana--(BUSINESS WIRE)--October 28, 2005. First Capital, Inc.
(NASDAQ: FCAP - news), the holding company for First Harrison Bank (the "Bank"),
today reported net income of $975,000 or $0.38 per diluted share for the quarter
ended September 30, 2005, compared to $856,000 or $0.30 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 losses and noninterest income and a decrease in noninterest
expense.

Net interest income after provision for loan losses increased $91,000 for the
quarter ended September 30, 2005 as compared to the quarter ended September 30,
2004. Interest income increased $516,000 when comparing the two periods as the
average tax-equivalent yield of interest-earning assets increased from 5.74%
during the quarter ended September 30, 2004 to 6.05% for the same period in
2005. Interest expense increased $375,000 as the average cost of
interest-bearing liabilities increased from 2.69% to 2.99% when comparing the
same two periods. The provision for loan losses increased $50,000 to a total of
$150,000 for the three months ended September 30, 2005.

Noninterest income increased $48,000 for the quarter ended September 30, 2005 as
compared to the quarter ended September 30, 2004. Service charges on deposits
accounts and commission income increased $45,000 and $35,000, respectively while
gains on the sale of mortgage loans decreased $34,000 when comparing the two
periods.

Noninterest expenses decreased $55,000 as compared to the quarter ended
September 30, 2004. Compensation and benefits decreased $52,000 when comparing
the two periods primarily due to decreased stock compensation expense and
employee salaries. Other operating expenses decreased $26,000 during the quarter
ended September 30, 2005 as compared to the same period in the prior year
primarily due to decreases in telephone and office supply expenses. Professional
fees and occupancy and equipment expenses increased $19,000 and $17,000,
respectively.

For the nine months ended September 30, 2005, the Company earned $2.7 million or
$1.04 per diluted share compared to $2.6 million or $0.91 for the same period in
2004.

Net interest income after provision for loan loss increased $172,000 during the
first nine months of 2005 compared to the same period in 2004. Interest income
increased $1.1 million when comparing the two periods, due to an increase in the
average balance of interest-earning assets from $388.2 million during the first
nine months of 2004 to $402.4 million for the same period in 2005 and an
increase in the average tax-equivalent yield on those assets from 5.72% to
5.89%. Interest expense increased $854,000 as the average balance of
interest-bearing liabilities increased $15.1 million and the average cost of
those liabilities increased from 2.67% to 2.87% when comparing the two periods.
The provision for loan losses increased $118,000 when comparing the two periods.

Noninterest income increased $293,000 primarily due to increases in service
charges on deposits and gains on the sale of mortgage loans of $148,000 and
$95,000, respectively.

Noninterest expenses increased $240,000 when comparing the nine months ended
September 30, 2005 to the same period in 2004, primarily due to increases of
$72,000 in occupancy and equipment expense and $70,000 in other operating
expenses. Equipment depreciation and maintenance were the primary factors in the
occupancy increase while charitable contributions and correspondent bank charges
increased the other operating expenses.

Total assets as of September 30, 2005 were $437.7 million compared to $425.3
million at December 31, 2004. Securities available for sale and net loans
receivable increased $11.6 million and $2.0 million, respectively. The funding
for this growth was provided by increases in retail repurchase agreements and
deposits of $9.4 million and $7.8 million, respectively.


<PAGE>


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 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>
<TABLE>
<CAPTION>
                                           FIRST CAPITAL, INC. AND SUBSIDIARY
                                    Consolidated Financial Highlights (Unaudited)


                                                                   NINE MONTHS ENDED                 THREE MONTHS ENDED
                                                                      SEPTEMBER 30,                     SEPTEMBER 30,
                                                                2005              2004                2005           2004
                                                                ----              ----                ----           ----

<S>                                                        <C>               <C>                  <C>             <C>
OPERATING DATA
   (Dollars in thousands, except per share data)

Total interest income                                      $     17,531      $    16,387          $      6,046    $     5,530
Total interest expense                                            7,603            6,749                 2,665          2,290
                                                           ------------      -----------          ------------    -----------
Net interest income                                               9,928            9,638                 3,381          3,240
Provision for loan losses                                           463              345                   150            100
                                                           ------------      -----------          ------------    -----------
Net interest income after provision for loan losses               9,465            9,293                 3,231          3,140
Total non-interest income                                         2,268            1,975                   727            679
Total non-interest expense                                        7,648            7,408                 2,465          2,520
                                                           ------------      -----------          ------------    -----------
Income before income taxes                                        4,085            3,860                 1,493          1,299
Income tax expense                                                1,382            1,310                   518            443
                                                           ------------      -----------          ------------    -----------
Net income                                                 $      2,703      $     2,550          $        975    $       856
                                                           ============      ===========          ============    ===========

Net income per common share, basic                         $       1.05      $      0.92          $       0.38    $      0.31
                                                           ============      ===========          ============    ===========
Weighted average common shares outstanding - basic            2,565,757        2,774,604             2,566,627      2,774,524


Net income per common share, diluted                       $       1.04      $      0.91          $       0.38    $      0.30
                                                           ============      ===========          ============    ===========
Weighted average common shares outstanding - diluted          2,591,453        2,809,512             2,590,114      2,807,355

OTHER FINANCIAL DATA

Cash dividends per share                                   $       0.46      $      0.45          $       0.16    $      0.15
Return on average assets (annualized)                              0.84%            0.82%                 0.90%          0.82%
Return on average equity (annualized)                              8.75%            7.68%                 9.36%          7.71%
Net interest margin                                                3.37%            3.40%                 3.42%          3.41%
Net overhead expense as a percentage
     of average assets (annualized)                                2.37%            2.38%                 2.27%          2.41%
</TABLE>

                                              SEPTEMBER 30,     DECEMBER 31,
BALANCE SHEET INFORMATION                         2005              2004
                                                  ----              ----

Cash and cash equivalents                     $   16,308        $   17,425
Investment securities                             78,035            66,450
Gross loans                                      321,225           319,564
Allowance for loan losses                          2,175             2,478
Earning assets                                   404,206           390,948
Total assets                                     437,657           425,302
Deposits                                         324,256           316,462
FHLB debt                                         58,647            65,099
Repurchase agreements                             10,002               635
Stockholders' equity                              41,842            40,714
Non-performing assets:
  Nonaccrual loans                                 2,043             2,075
  Foreclosed real estate                             640               442
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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