First Capital Q1 net income falls 21% to $3.0M ($0.88 EPS) on higher interest expense

FIRST CAPITAL INC

2024-Q1 EPS reported $0.88 revenue$1,701,000

Net income of $3.0M ($0.88 diluted EPS), down from $3.8M ($1.14) in Q1 2023.
Net interest margin narrowed to 3.14% from 3.38% as interest expense surged $2.2M.
Provision for credit losses increased to $280K from $193K due to loan growth and macroeconomic uncertainty.
Deposits fell $15.1M to $1.01B; BTFP borrowings rose to $33.6M from $21.5M at year-end.
Nonperforming assets decreased to $1.7M from $1.8M.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

FIRST CAPITAL INC reported the quarter ended March 31, 2024 results: net income $3.0 million, EPS $0.88 per diluted share.

Period: the quarter ended March 31, 2024
Net income: $3.0 million
EPS: $0.88 per diluted share
Result: reported results

Exact text from the filing

First Capital, Inc. Reports Quarterly Earnings CORYDON, Ind., April 26, 2024 (GLOBE NEWSWIRE) -- First Capital, Inc. (the “Company”) (NASDAQ: FCAP), the holding company for First Harrison Bank (the “Bank”), today reported net income of $3.0 million, or $0.88 per diluted share, for the quarter ended March 31, 2024, compared to net income of $3.8 million, or $1.14 per diluted share, for the quarter ended March 31, 2023.

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Source: SEC EDGAR

accession 0001171843-24-002291

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