First Capital posts higher Q1 2026 earnings

Q: How did noninterest income and expenses change for First Capital (FCAP) in Q1 2026?

Noninterest income increased to $2.05 million, driven by higher gains on equity securities, ATM and debit card fees, and loan sale gains. Noninterest expenses also rose to $7.75 million, mainly from higher consulting fees, compensation, health benefits and increased consumer fraud-related losses.

Q: What were First Capital (FCAP) key balance sheet figures as of March 31, 2026?

At March 31, 2026, First Capital reported total assets of $1.28 billion, deposits of $1.14 billion and gross loans of $674.75 million. Cash and cash equivalents were $149.64 million, while investment securities totaled $414.76 million on the balance sheet.

Q: What were First Capital (FCAP) returns on assets and equity in Q1 2026?

Return on average assets improved to 1.37%, up from 1.08% in the prior-year quarter. Return on average equity also increased, reaching 12.36% compared with 11.12% a year earlier, highlighting stronger profitability on both asset and equity bases.

Q: Did First Capital (FCAP) change its dividend in the quarter ended March 31, 2026?

Cash dividends per share rose to $0.31 in the quarter, compared with $0.29 a year earlier. This reflects a modest increase in cash returned to common shareholders alongside the company’s improved earnings performance in the same period.

First Capital, Inc. reported stronger quarterly results for the three months ended March 31, 2026.

Filing Impact

(Moderate)

Filing Sentiment

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Form Type

8-K

Rhea-AI Filing Summary

First Capital, Inc. reported stronger quarterly results for the three months ended March 31, 2026. Net income attributable to the company rose to $4.33 million, or $1.30 per diluted share, up from $3.24 million, or $0.97 per diluted share a year earlier.

Net interest income after provision for credit losses increased to $11.07 million, helped by higher interest income and a wider tax-equivalent net interest margin of 3.81% versus 3.34%. The average yield on interest-earning assets improved while the average cost of interest-bearing liabilities declined.

Noninterest income grew to $2.05 million, supported by higher gains on equity securities, ATM and debit card fees, and loan sale gains, partly offset by a $92,000 loss on sale of $18.7 million of available-for-sale securities. Noninterest expenses rose to $7.75 million, driven by higher consulting, compensation, benefits and consumer fraud losses.

Total assets reached $1.28 billion at March 31, 2026, with deposits increasing to $1.14 billion. Nonperforming assets declined to $4.0 million. Return on average assets improved to 1.37% and return on average equity to 12.36%, while the Bank’s Community Bank Leverage Ratio stood at 11.13%.

Positive

Stronger profitability: Net income attributable to First Capital, Inc. increased to $4.33 million and diluted EPS to $1.30 for Q1 2026, with ROA improving to 1.37% and ROE to 12.36%, reflecting meaningfully better earnings performance versus the prior-year quarter.
Margin expansion and balance sheet growth: Tax-equivalent net interest margin rose to 3.81% from 3.34%, while total assets grew to $1.28 billion and deposits to $1.14 billion, indicating improved core banking profitability and modest balance sheet expansion.

Negative

Rising operating and fraud-related costs: Noninterest expenses increased to $7.75 million, driven by higher professional services, compensation, health insurance and consumer fraud losses, which partly offset the benefit of stronger net interest income and noninterest income.
Realized securities losses to reposition portfolio: The company recorded a $92,000 loss on sale of available-for-sale securities in Q1 2026 linked to selling $18.7 million of securities to reposition the investment portfolio for anticipated future yield improvements.

Insights

First Capital delivered stronger profitability with improved margins despite higher operating costs.

First Capital, Inc. showed a notable profit increase, with net income attributable to the company rising to $4.33 million and EPS to $1.30. This was driven by higher interest income and a wider tax-equivalent net interest margin of 3.81% versus 3.34% a year earlier.

Asset growth was modest, as total assets reached $1.28 billion and deposits increased to $1.14 billion. Credit quality metrics were stable to slightly better, with nonperforming assets down to $4.0 million and the allowance for credit losses at 1.53% of gross loans.

Operating costs did rise, with noninterest expense up to $7.75 million, including higher consulting fees, compensation, health benefits and consumer fraud losses. Even so, return on average assets improved to 1.37% and return on average equity to 12.36% for Q1 2026, indicating stronger overall profitability.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Net income attributable: $4.33M Diluted EPS: $1.30 Net interest income after provision: $11.07M +5 more

8 metrics

Net income attributable $4.33M Quarter ended March 31, 2026 vs $3.24M in 2025

Diluted EPS $1.30 Quarter ended March 31, 2026 vs $0.97 in 2025

Net interest income after provision $11.07M Q1 2026 vs $9.24M in Q1 2025

Tax-equivalent net interest margin 3.81% Quarter ended March 31, 2026 vs 3.34% in 2025

Total assets $1.28B Balance at March 31, 2026 vs $1.27B at Dec. 31, 2025

Nonperforming assets $4.0M Balance at March 31, 2026 vs $4.4M at Dec. 31, 2025

Noninterest expense $7.75M Quarter ended March 31, 2026 vs $7.18M in 2025

Community Bank Leverage Ratio 11.13% Bank-only regulatory capital ratio at March 31, 2026

Key Terms

net interest margin, provision for credit losses, noninterest income, nonperforming assets, +2 more

6 terms

net interest margin financial

"the tax-equivalent net interest margin(1) increased from 3.34% for the quarter ended March 31, 2025 to 3.81% for the same period in 2026"

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

provision for credit losses financial

"the provision for credit losses increased from $338,000 for the quarter ended March 31, 2025 to $350,000 for the quarter ended March 31, 2026"

Provision for credit losses is an amount set aside by a financial institution to cover potential future losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution manage risks and stay financially healthy. For investors, it signals how cautious a lender is about potential loan defaults and can impact the company's profitability and financial stability.

noninterest income financial

"Noninterest income increased $200,000 for the quarter ended March 31, 2026 as compared to the quarter ended March 31, 2025"

Noninterest income is the money a bank or financial firm earns from activities other than charging interest on loans, such as account fees, transaction charges, advisory and underwriting fees, trading gains, and service income — like a store making extra money from repairs, warranties or delivery charges rather than product sales. It matters to investors because it shows how diversified a company’s revenue is and whether it can withstand changes in interest rates; a strong noninterest income stream can stabilize profits but may also be more variable than steady loan interest.

nonperforming assets financial

"Nonperforming assets (consisting of nonaccrual loans, accruing loans 90 days or more past due, and foreclosed real estate) decreased from $4.4 million at December 31, 2025 to $4.0 million at March 31, 2026"

Nonperforming assets are loans or investments that are not generating expected payments or returns because the borrower has fallen behind on payments or the investment has lost value. They matter to investors because a high level of nonperforming assets can indicate financial trouble for a bank or institution, potentially affecting its stability and profitability.

Community Bank Leverage Ratio financial

"Community Bank Leverage Ratio (2) | | | 11.13% | | | 11.01%"

Community bank leverage ratio is a regulatory measure that compares a bank’s core capital (its safety cushion) to the size of its balance sheet, showing what share of assets is backed by tangible equity rather than borrowed money. Investors use it like a health check: a higher ratio means the bank has more buffer to absorb losses, support lending and dividends, and face fewer regulatory limits, while a lower ratio signals greater risk.

tax-equivalent basis financial

"Tax-exempt income has been adjusted to a tax-equivalent basis using the federal marginal tax rate of 21%"

A tax-equivalent basis is a way to compare investments by converting a tax-free return into the taxable return you would need to receive the same after-tax income, using your marginal tax rate. It matters to investors because it lets you compare dissimilar securities — for example, a tax-exempt bond versus a taxable bond — on an equal footing, much like converting different currencies to the same money before comparing prices.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did First Capital (FCAP) perform financially in the quarter ended March 31, 2026?

First Capital reported higher profitability, with net income attributable to the company of $4.33 million and diluted EPS of $1.30. This compares to $3.24 million in net income and $0.97 diluted EPS in the prior-year quarter, reflecting stronger earnings.

What happened to First Capital (FCAP) net interest margin and interest income in Q1 2026?

Net interest income after provision for credit losses rose to $11.07 million, supported by a higher tax-equivalent net interest margin of 3.81% versus 3.34%. Total interest income increased to $14.92 million, helped by higher yields and larger average interest-earning asset balances.

How did noninterest income and expenses change for First Capital (FCAP) in Q1 2026?

Noninterest income increased to $2.05 million, driven by higher gains on equity securities, ATM and debit card fees, and loan sale gains. Noninterest expenses also rose to $7.75 million, mainly from higher consulting fees, compensation, health benefits and increased consumer fraud-related losses.

What were First Capital (FCAP) key balance sheet figures as of March 31, 2026?

At March 31, 2026, First Capital reported total assets of $1.28 billion, deposits of $1.14 billion and gross loans of $674.75 million. Cash and cash equivalents were $149.64 million, while investment securities totaled $414.76 million on the balance sheet.

How did credit quality and nonperforming assets trend for First Capital (FCAP)?

Credit quality indicators were stable to slightly improved. Nonperforming assets decreased to $4.0 million from $4.4 million, while the allowance for credit losses increased to $10.35 million, or 1.53% of gross loans, compared with 1.52% at year-end 2025.

What were First Capital (FCAP) returns on assets and equity in Q1 2026?

Return on average assets improved to 1.37%, up from 1.08% in the prior-year quarter. Return on average equity also increased, reaching 12.36% compared with 11.12% a year earlier, highlighting stronger profitability on both asset and equity bases.

Did First Capital (FCAP) change its dividend in the quarter ended March 31, 2026?

Cash dividends per share rose to $0.31 in the quarter, compared with $0.29 a year earlier. This reflects a modest increase in cash returned to common shareholders alongside the company’s improved earnings performance in the same period.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/24/2026 - 04:45 PM EDT

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): April 24, 2026

FIRST CAPITAL, INC.

(Exact name of registrant as specified in its charter)


Indiana	0-25023	35-2056949
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

220 Federal Drive N.W.

Corydon, Indiana 47112

(Address of Principal Executive Offices) (Zip Code)

(812) 738-2198

(Registrant's telephone number, including area code)

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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common stock, par value $0.01 per share		FCAP		The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On April 24, 2026, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.


Exhibit 99.1		Press Release dated April 24, 2026
Exhibit 104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

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.


Date: April 24, 2026	By:	/s/ Joshua P. Stevens
		Joshua P. Stevens
		Executive Vice President and Chief Financial Officer

Exhibit 99.1

FIRST CAPITAL, INC. REPORTS QUARTERLY EARNINGS

Corydon, Indiana — (BUSINESS WIRE) — April 24, 2026. First Capital, Inc. (the “Company”) (NASDAQ: FCAP), the holding company for First Harrison Bank (the “Bank”), today reported net income of $4.3 million, or $1.30 per diluted share, for the quarter ended March 31, 2026, compared to net income of $3.2 million, or $0.97 per diluted share, for the quarter ended March 31, 2025.

Results of Operations for the Three Months Ended March 31, 2026 and 2025

Net interest income after provision for credit losses increased $1.8 million for the quarter ended March 31, 2026 compared to the same period in 2025. Interest income increased $1.6 million when comparing the two periods due to an increase in the average tax-equivalent yield⁽¹⁾ on interest-earning assets from 4.63% for the first quarter of 2025 to 4.96% for the same period in 2026, in addition to an increase in the average balance of interest-earning assets from $1.17 billion for the first quarter of 2025 to $1.22 billion for the same period in 2026. Interest expense decreased $259,000 as the average cost of interest-bearing liabilities decreased from 1.71% for the quarter ended March 31, 2025 to 1.56% for the same period in 2026 while the average balance of interest-bearing liabilities increased from $881.6 million for the quarter ended March 31, 2025 to $901.4 million for the same period in 2026. As a result of the changes in interest-earning assets and interest-bearing liabilities, the tax-equivalent net interest margin⁽¹⁾ increased from 3.34% for the quarter ended March 31, 2025 to 3.81% for the same period in 2026. Refer to the accompanying average balance sheet for more information regarding changes in the composition of the Company’s balance sheet and resulting yields and costs from the quarter ended March 31, 2025 to the quarter ended March 31, 2026.

Based on management’s analysis of the ACL on loans and unfunded loan commitments, the provision for credit losses increased from $338,000 for the quarter ended March 31, 2025 to $350,000 for the quarter ended March 31, 2026. The Bank recognized net charge-offs of $111,000 and $84,000 for the quarters ended March 31, 2026 and 2025, respectively.

Noninterest income increased $200,000 for the quarter ended March 31, 2026 as compared to the quarter ended March 31, 2025. The increase is primarily due to the Company recognizing an increase of $160,000 in the gain on equity securities when comparing the two periods. In addition, the Company recognized increases of $45,000 and $44,000 in ATM and debit card fee income, and the gain on sale of loans, respectively, when comparing the two periods. These increases were partially offset by the Company recognizing a $92,000 loss on sale of available for sale securities for the quarter ended March 31, 2026 compared to a loss of $55,000 for the same period in 2025. The loss on sale of available for sale securities during the quarter ended March 31, 2026 was a result of management’s decision to sell $18.7 million of available for sale securities to better position the Company’s investment portfolio for increased future yields.

Noninterest expenses increased $572,000 for the quarter ended March 31, 2026 as compared to the same period in 2025. This was primarily due to increases in professional services, compensation and benefits and other expenses of $241,000, $235,000 and $99,000, respectively, when comparing the two periods. The increase in professional services is due to increased consulting fees. The increase in compensation and benefits is due to increases in salary and wages associated with annual cost of living and performance related adjustments as well as increases in the cost of Company-provided health insurance benefits. The increase in other expenses is primarily due to an increase in consumer fraud losses recognized for the quarter ended March 31, 2026 as compared to the same period in 2025.

Income tax expense increased $358,000 for the quarter ended March 31, 2026 as compared to the same period in 2025 resulting in an effective tax rate of 19.2% for the quarter ended March 31, 2026, compared to 17.2% for the same period in 2025. The increase in the Bank’s effective tax rate for the quarter ended March 31, 2026 reflects a higher proportion of net income being subject to taxation compared to the same period last year.

Comparison of Financial Condition at March 31, 2026 and December 31, 2025

Total assets were $1.28 billion at March 31, 2026 compared to $1.27 billion at December 31, 2025. Cash and cash equivalents and net loans receivable increased $12.4 million and $10.3 million, respectively, from December 31, 2025 to March 31, 2026. These increases were partially offset by a decrease of $9.4 million in available for sale securities when comparing the two periods. Deposits increased $13.6 million from $1.12 billion at December 31, 2025 to $1.14 billion at March 31, 2026. Nonperforming assets (consisting of nonaccrual loans, accruing loans 90 days or more past due, and foreclosed real estate) decreased from $4.4 million at December 31, 2025 to $4.0 million at March 31, 2026.

The Bank currently has 17 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.

Access to First Harrison Bank accounts, including online banking and electronic bill payments, is available through the Bank’s website at www.firstharrison.com. For more information and financial data about the Company, please visit Investor Relations at the Bank’s aforementioned website. The Bank can also be followed on Facebook.

⁽¹⁾ Reconciliations of the non–U.S. Generally Accepted Accounting Principles (“GAAP”) measures are set forth at the end of this press release.

Cautionary Note Regarding Forward-Looking Statements

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 “anticipate,” “believe,” “expect,” “intend,” “could” and “should,” 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’s current beliefs, assumptions, and expectations regarding its business strategies and their intended results and its 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 these 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; competition; the ability of the Company to execute its business plan; legislative and regulatory changes; the quality and composition of the loan and investment portfolios; loan demand; deposit flows; changes in accounting principles and guidelines; 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 press release, the Company’s reports, or made elsewhere from time to time by the Company or on its behalf. 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.

Contact:

Joshua P. Stevens

Chief Financial Officer

812-738-1570

FIRST CAPITAL, INC. AND SUBSIDIARIES

Consolidated Financial Highlights (Unaudited)


	Three Months Ended
	March 31,
OPERATING DATA	2026			2025
(Dollars in thousands, except per share data)

Total interest income	$	14,924		$	13,346
Total interest expense		3,506			3,765
Net interest income		11,418			9,581
Provision for credit losses		350			338
Net interest income after provision for credit losses		11,068			9,243

Total non-interest income		2,048			1,848
Total non-interest expense		7,753			7,181
Income before income taxes		5,363			3,910
Income tax expense		1,030			672
Net income		4,333			3,238
Less net income attributable to the noncontrolling interest		3			3
Net income attributable to First Capital, Inc.	$	4,330		$	3,235

Net income per share attributable to
First Capital, Inc. common shareholders:
Basic	$	1.30		$	0.97

Diluted	$	1.30		$	0.97

Weighted average common shares outstanding:
Basic		3,336,077			3,346,850

Diluted		3,338,634			3,348,298

OTHER FINANCIAL DATA

Cash dividends per share	$	0.31		$	0.29
Return on average assets (annualized)		1.37%			1.08%
Return on average equity (annualized)		12.36%			11.12%
Net interest margin		3.74%			3.28%
Net interest margin (tax-equivalent basis) (1)		3.81%			3.34%
Interest rate spread		3.33%			2.85%
Interest rate spread (tax-equivalent basis) (1)		3.40%			2.92%
Net overhead expense as a percentage of average assets (annualized)		2.45%			2.40%


		March 31,			December 31,
BALANCE SHEET INFORMATION		2026			2025

Cash and cash equivalents		$	149,640		$	137,288
Interest-bearing time deposits			1,225			1,470
Investment securities			414,764			424,190
Gross loans			674,751			664,208
Allowance for credit losses			10,347			10,108
Earning assets			1,210,943			1,193,475
Total assets			1,284,151			1,271,995
Deposits			1,136,573			1,122,990
Stockholders' equity, net of noncontrolling interest			138,039			137,797
Allowance for credit losses as a percentage of gross loans			1.53%			1.52%
Non-performing assets:
Nonaccrual loans			4,015			4,268
Accruing loans past due 90 days			14			83
Foreclosed real estate			—			—
Regulatory capital ratios (Bank only):
Community Bank Leverage Ratio (2)			11.13%			11.01%

(1) See reconciliation of GAAP and non-GAAP financial measures for additional information relating to the calculation of this item.

(2) Effective March 31, 2020, the Bank opted in to the Community Bank Leverage Ratio (CBLR) framework. As such, the other regulatory ratios are no longer provided.

FIRST CAPITAL, INC. AND SUBSIDIARIES

Consolidated Average Balance Sheets (Unaudited)


	For the Three Months ended March 31,
	2026					2025
					Average					Average
	Average				Yield/	Average				Yield/
	Balance		Interest		Cost	Balance		Interest		Cost
(Dollars in thousands)
Interest earning assets:
Loans (1) (2):
Taxable	$	659,761	$	10,355	6.28%	$	632,767	$	9,684	6.12%
Tax-exempt (3)		10,246		109	4.26%		10,888		114	4.19%
Total loans		670,007		10,464	6.25%		643,655		9,798	6.09%

Investment securities:
Taxable (4)		317,739		2,737	3.45%		309,978		1,860	2.40%
Tax-exempt (3)		119,129		890	2.99%		118,885		821	2.76%
Total investment securities		436,868		3,627	3.32%		428,863		2,681	2.50%

Interest bearing deposits with banks (5)		114,620		1,042	3.64%		96,973		1,063	4.38%

Total interest earning assets		1,221,495		15,133	4.96%		1,169,491		13,542	4.63%

Non-interest earning assets		45,353					29,219
Total assets	$	1,266,848				$	1,198,710

Interest bearing liabilities:
Interest-bearing demand deposits	$	437,419	$	1,164	1.06%	$	439,716	$	1,412	1.28%
Savings accounts		223,373		99	0.18%		225,408		159	0.28%
Time deposits		240,649		2,243	3.73%		216,511		2,194	4.05%
Total deposits		901,441		3,506	1.56%		881,635		3,765	1.71%

Total interest bearing liabilities		901,441		3,506	1.56%		881,635		3,765	1.71%

Non-interest bearing liabilities
Non-interest bearing deposits		213,184					194,025
Other liabilities		12,045					6,641
Total liabilities		1,126,670					1,082,301
Stockholders' equity (6)		140,178					116,409
Total liabilities and stockholders' equity	$	1,266,848				$	1,198,710

Net interest income (tax-equivalent basis)			$	11,627				$	9,777
Less: tax equivalent adjustment				(209)					(196)
Net interest income			$	11,418				$	9,581

Interest rate spread					3.33%					2.85%
Interest rate spread (tax-equivalent basis) (7)					3.40%					2.92%
Net interest margin					3.74%					3.28%
Net interest margin (tax-equivalent basis) (7)					3.81%					3.34%
Ratio of average interest earning assets to average interest bearing liabilities					135.50%					132.65%

(1) Interest income on loans includes fee income of $191,000 and $175,000 for the three months ended March 31, 2026 and 2025, respectively.

(2) Average loan balances include loans held for sale and nonperforming loans.

(3) Tax-exempt income has been adjusted to a tax-equivalent basis using the federal marginal tax rate of 21%.

(4) Includes taxable debt and equity securities and FHLB Stock.

(5) Includes interest-bearing deposits with banks and interest-bearing time deposits.

(6) Stockholders' equity attributable to First Capital, Inc.

(7) Reconciliations of the non–U.S. GAAP measures are set forth at the end of this press release.

RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES (UNAUDITED):

This presentation contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Management uses these “non-GAAP” measures in its analysis of the Company's performance. Management believes that these non-GAAP financial measures allow for better comparability with prior periods, as well as with peers in the industry who provide a similar presentation, and provide a further understanding of the Company's ongoing operations. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. The following table summarizes the non-GAAP financial measures derived from amounts reported in the Company's consolidated financial statements and reconciles those non-GAAP financial measures with the comparable GAAP financial measures.


		Three Months Ended
		March 31,
		2026			2025
(Dollars in thousands)
Net interest income (A)		$	11,418		$	9,581
Add: Tax-equivalent adjustment			209			196
Tax-equivalent net interest income (B)			11,627			9,777
Average interest earning assets (C)			1,221,495			1,169,491
Net interest margin (A)/(C)			3.74%			3.28%
Net interest margin (tax-equivalent basis) (B)/(C)			3.81%			3.34%

Total interest income (D)		$	14,924		$	13,346
Add: Tax-equivalent adjustment			209			196
Total interest income tax-equivalent basis (E)			15,133			13,542
Average interest earning assets (F)			1,221,495			1,169,491
Average yield on interest earning assets (D)/(F); (G)			4.89%			4.56%
Average yield on interest earning assets tax-equivalent (E)/(F); (H)			4.96%			4.63%
Average cost of interest bearing liabilities (I)			1.56%			1.71%
Interest rate spread (G)-(I)			3.33%			2.85%
Interest rate spread tax-equivalent (H)-(I)			3.40%			2.92%

Source: View Original Filing on SEC EDGAR

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EX-99.1 EX-99.1 371.4 KB

First Capital posts higher Q1 2026 earnings