First Capital Q2 net income up to $0.85/share; nonperforming assets more than double

FIRST CAPITAL INC

2024-Q2 EPS reported $1.73 revenue$3,460,000

Net income $2.8M ($0.85/diluted) vs $2.7M ($0.82) YoY; six-month net income $5.8M ($1.73) vs $6.5M ($1.95).
Nonperforming assets rose to $4.1M from $1.8M, driven by $2.0M nonaccrual commercial borrowing relationship.
Deposits fell $11M to $1.01B; BTFP borrowings increased to $33.6M from $21.5M.
Tax-equivalent net interest margin improved to 3.15% for Q2 from 3.06% YoY.
Provision for credit losses increased to $360k from $350k; net charge-offs declined to $30k from $158k.

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