<SEC-DOCUMENT>0001171843-20-002919.txt : 20200427
<SEC-HEADER>0001171843-20-002919.hdr.sgml : 20200427
<ACCEPTANCE-DATETIME>20200427170012
ACCESSION NUMBER:		0001171843-20-002919
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200427
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200427
DATE AS OF CHANGE:		20200427

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:		20820941

	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>f8k_042720.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<html><head><title></title></head><body><div style="margin-top: 3pt; margin-bottom: 12pt;"><div style="font-size: 1pt; border-top: Black 2.5pt solid; border-bottom: Black 1.1pt solid; width: 100%;"><font style="font-size: 10pt;">&#160;</font></div></div><p style="text-align: center;"><font style="font-size: 14pt;"><strong>UNITED STATES</strong><br /><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br /><strong>Washington, D.C. 20549</strong><br />_____________________</font></p><p style="text-transform: uppercase; text-align: center;"><font style="font-size: 14pt;"><strong>Form 8-K</strong><br />_____________________</font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>CURRENT REPORT</strong></font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</strong></font></p><p align="center"><font style="font-size: 10pt;">Date of Report (Date of earliest event Reported): <!--April 27, 2020-->April 27, 2020 &#160;</font></p><p align="center"><font style="font-size: 12pt;"><strong>FIRST CAPITAL, INC.</strong></font><br /><font style="font-size: 10pt;">(Exact Name of Registrant as Specified in Charter)</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;"><strong>Indiana</strong></font></td><td align="center" width="34%"><font style="font-size: 10pt;"><strong>0-25023</strong></font></td><td align="center" width="33%"><font style="font-size: 10pt;"><strong>35-2056949</strong></font></td></tr><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;">(State or Other Jurisdiction of Incorporation)</font></td><td align="center" width="34%"><font style="font-size: 10pt;">(Commission File Number)</font></td><td align="center" width="33%"><font style="font-size: 10pt;">(I.R.S. 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Results of Operations and Financial Condition.</strong></font></p><p><font style="font-size: 10pt;">On April 27, 2020, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.</font></p><p><font style="font-size: 10pt;"><strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 9.01. Financial Statements and Exhibits.</strong></font></p><p><font style="font-size: 10pt;">
 <p><font><a href="exh_991.htm" rel="nofollow">Exhibit 99.1. Press release dated April 27, 2020</a></font></p> </font></p><p><font style="font-size: 10pt;"></font></p><p><font style="font-size: 10pt;"></font></p><hr style="page-break-after: always;" noshade="noshade" /><p align="center"><font style="font-size: 10pt;"><strong>SIGNATURE</strong></font></p><p><font style="font-size: 10pt;">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.</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td valign="top" width="49%"><font style="font-size: 10pt;">&#160;</font></td><td style="font-size: 12pt;" colspan="2" valign="top"><font style="font-size: 10pt;"><strong>FIRST CAPITAL, INC.</strong></font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">&#160;</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;"></font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">Date: April 27, 2020</font></td><td width="2%"><font style="font-size: 10pt;">By:&#160;</font></td><td style="text-decoration: underline;" width="49%"><font style="font-size: 10pt;">/s/ M. Chris Frederick&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">M. Chris Frederick</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">Executive Vice President and Chief Financial Officer</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;"></font></td></tr></table><p /></body></html>
</TEXT>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html lang="en-US"><head><title>EdgarFiling</title><meta content="text/html; charset=windows-1252" ><meta name="GENERATOR" content="MSHTML 8.00.7601.18094" ></head><body bgcolor="#ffffff"><p style="text-align: right;"><strong>EXHIBIT 99.1</strong></p><p style="text-align: center;"><font style="font-size: 14pt;"><strong>First Capital, Inc. Reports Quarterly Earnings</strong></font></p><p style="text-align: center;"><strong></strong></p><p>
     <p align="justify">CORYDON, Ind., April  27, 2020  (GLOBE NEWSWIRE) -- First Capital, Inc. (the &#8220;Company&#8221;) (NASDAQ:&#160; FCAP), the holding company for First Harrison Bank (the &#8220;Bank&#8221;), today reported net income of $2.1 million or $0.63 per diluted share for the quarter ended March 31, 2020, compared to $2.1 million or $0.64 per diluted share for the quarter ended March 31, 2019. &#160;Net income remained flat despite an increase in net interest income after provision for loan losses due to a decrease in noninterest income and an increase in noninterest expense.<br ></p>      <p align="justify">Net interest income after provision for loan losses increased $103,000 for the quarter ended March 31, 2020 as compared to the same period in 2019.&#160; Interest income increased $16,000 when comparing the periods due to an increase in the average balance of interest-earning assets from $741.0 million for the first quarter of 2019 to $761.7 million for the first quarter of 2020 partially offset by a decrease in the average tax-equivalent yield on interest-earning assets from 4.19% for the first quarter of 2019 to 4.10% for the first quarter of 2020.&#160; Interest expense increased $12,000 when comparing the periods due to an increase in the average balance of interest-bearing liabilities from $558.6 million for the first quarter of 2019 to $571.2 million for the first quarter of 2020.&#160; The average cost of interest-bearing liabilities remained 0.33% during each of the two periods.&#160; As a result of the changes in interest-earning assets and interest-bearing liabilities, the interest rate spread decreased from 3.86% for the quarter ended March 31, 2019 to 3.77% for the same period in 2020.&#160;</p>      <p align="justify">Based on management&#8217;s analysis of the allowance for loan losses, the provision for loan losses decreased from $450,000 for the quarter ended March 31, 2019 to $351,000 for the quarter ended March 31, 2020. &#160;During the three-month period ended March 31, 2019, net loans receivable increased $15.5 million and net charge-offs totaled $176,000 compared to a decrease in net loans receivable of $1.2 million and net charge-offs of $105,000 during the same period in 2020.&#160; The $351,000 provision during 2020 primarily reflects changes to qualitative factors within the Bank&#8217;s allowance for loan losses calculation related to uncertainties surrounding COVID-19.&#160; While it is too early to know the full extent of potential future losses associated with the impact of COVID-19, the Bank continues to monitor the situation and may need to adjust future expectations as developments occur throughout the remainder of the year.&#160; &#160;&#160;</p>      <p align="justify">Noninterest income decreased $49,000 for the quarter ended March 31, 2020 as compared to the same period in 2019. &#160;The first quarter of 2020 included a $394,000 unrealized loss on equity securities compared to a $131,000 unrealized gain on equity securities during the same period in 2019.&#160; Gains on the sale of loans and ATM and debit card fees increased $201,000 and $118,000, respectively, when comparing the two periods.&#160;</p>      <p align="justify">Noninterest expense increased $160,000 for the quarter ended March 31, 2020 as compared to the same period in 2019, due primarily to an increase in compensation and benefits expense of $460,000 partially offset by a decrease in net losses on foreclosed real estate of $194,000.</p>      <p align="justify">Income tax expense decreased $53,000 for the first quarter of 2020 as compared to the first quarter of 2019 primarily due to an increase in nontaxable income.&#160;&#160; As a result, the effective tax rate for the quarter ended March 31, 2020 was 15.6% compared to 17.1% for the same period in 2019. &#160;&#160;</p>      <p align="justify">Total assets increased $3.7 million to $831.2 million at March 31, 2020 from $827.5 million at December 31, 2019.&#160; Cash and cash equivalents increased $8.4 million from December 31, 2019 to March 31, 2020 while investment securities, net loans receivable and loans held for sale decreased $1.4 million, $1.2 million and $1.1 million, respectively.&#160; Deposits increased $441,000 at March 31, 2020.&#160; Nonperforming assets (consisting of nonaccrual loans, accruing loans 90 days or more past due, troubled debt restructurings on accrual status, and foreclosed real estate) decreased from $3.1 million at December 31, 2019 to $3.0 million at March 31, 2020. &#160;The Bank is assisting its customers experiencing a COVID-19 related hardship by approving payment extensions and waiving or refunding certain banking fees.&#160; As of April 24, 2020, the Bank has approved such extensions on approximately 10.8% of balances in the loan portfolio, primarily related to commercial real estate lending relationships.&#160; Additionally, the Bank is participating in the Small Business Administration&#8217;s Paycheck Protection Program (PPP), and as has approved approximately $35.1 million of PPP loans as of April 24, 2020.</p>      <p align="justify">At March 31, 2020, the Bank was considered well-capitalized under applicable federal regulatory capital guidelines.</p>      <p align="justify">The Bank currently has eighteen offices in the Indiana communities of Corydon, Edwardsville, Greenville, Floyds Knobs, Palmyra, New Albany, New Salisbury, Jeffersonville, Salem, Lanesville and Charlestown and the Kentucky communities of Shepherdsville, Mt. Washington and Lebanon Junction.&#160;</p>      <p align="justify">Access to First Harrison Bank accounts, including online banking and electronic bill payments, is available through the Bank&#8217;s website at www.firstharrison.com.&#160; The Bank offers non-FDIC insured investments to complement its offering of traditional banking products and services through its business arrangement with LPL Financial LLC (&#8220;LPL&#8221;), member SIPC.&#160; For more information and financial data about the Company, please visit Investor Relations at the Bank&#8217;s aforementioned website. The Bank can also be followed on Facebook.</p>      <p align="center"><strong><u>Cautionary Note Regarding Forward-Looking Statements</u></strong></p>      <p align="justify">This press release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of the words &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;intend,&#8221; &#8220;could&#8221; and &#8220;should,&#8221; and other words of similar meaning. Forward-looking statements are not historical facts nor guarantees of future performance; rather, they are statements based on the Company&#8217;s current beliefs, assumptions, and expectations regarding its business strategies and their intended results and its future performance.</p>      <p align="justify">Numerous risks and uncertainties could cause or contribute to the Company&#8217;s actual results, performance and achievements to be materially different from those expressed or implied by these forward-looking statements.&#160; Factors that may cause or contribute to these differences include, without limitation, the severity, magnitude and duration of the COVID-19 pandemic, including impacts of the pandemic and of businesses&#8217; and governments&#8217; responses to the pandemic on our operations and personnel, and on commercial activity and demand across our and our customers&#8217; businesses, market, economic, operational, liquidity, credit and interest rate risks associated with the Company&#8217;s business (including developments and volatility arising from the COVID-19 pandemic), general economic conditions, including changes in market interest rates and changes in monetary and fiscal policies of the federal government; competition; the ability of the Company to execute its business plan; legislative and regulatory changes; and other factors disclosed periodically in the Company&#8217;s filings with the Securities and Exchange Commission.</p>      <p align="justify">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 press release, the Company&#8217;s reports, or made elsewhere from time to time by the Company or on its behalf.&#160; These forward-looking statements are made only as of the date of this press release, and the Company assumes no obligation to update any forward-looking statements after the date of this press release.</p>      <p align="justify"><u>Contact:</u><br >Chris Frederick<br >Chief Financial Officer<br >812-734-3464</p>   <table style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; "><tr><td colspan="7" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>FIRST CAPITAL, INC. 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