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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from_____________________ to__________________
Commission File No. 0-25023
First Capital, Inc.
(Exact name of registrant as specified in its charter)
Indiana | 35-2056949 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
220 Federal Drive NW, Corydon, Indiana 47112 1-812-738-2198
(Address of principal executive offices, zip code, telephone number)
Not applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exhange on which registered |
Common stock, par value $0.01 per share | FCAP | The NASDAQ Stock Market LLC |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐ Non-accelerated filer ☒ | Accelerated filer ☐ Smaller reporting company ☒ 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. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: 3,372,212 shares of common stock were outstanding as of July 22, 2022.
FIRST CAPITAL, INC.
INDEX
PART I - FINANCIAL INFORMATION | |
FIRST CAPITAL, INC. | |
CONSOLIDATED BALANCE SHEETS | |
(Unaudited) | |
| | | | | | | | |
| | June 30, | | | December 31, | |
| | 2022 | | | 2021 | |
| | (In thousands) | |
ASSETS | | | | | | | | |
Cash and due from banks | | $ | 28,109 | | | $ | 23,497 | |
Interest bearing deposits with banks | | | 3,943 | | | | 3,937 | |
Federal funds sold | | | 92,016 | | | | 145,075 | |
Total cash and cash equivalents | | | 124,068 | | | | 172,509 | |
| | | | | | | | |
Interest-bearing time deposits | | | 4,386 | | | | 4,839 | |
Securities available for sale, at fair value | | | 458,620 | | | | 447,335 | |
Securities held to maturity | | | 7,000 | | | | 2,000 | |
Loans, net | | | 527,309 | | | | 483,287 | |
Loans held for sale | | | 606 | | | | 2,413 | |
Federal Home Loan Bank and other stock, at cost | | | 1,836 | | | | 1,988 | |
Foreclosed real estate | | | - | | | | 36 | |
Premises and equipment | | | 14,894 | | | | 15,177 | |
Accrued interest receivable | | | 3,808 | | | | 3,430 | |
Cash value of life insurance | | | 8,811 | | | | 8,698 | |
Goodwill | | | 6,472 | | | | 6,472 | |
Core deposit intangible | | | 452 | | | | 526 | |
Other assets | | | 16,845 | | | | 7,893 | |
| | | | | | | | |
Total Assets | | $ | 1,175,107 | | | $ | 1,156,603 | |
| | | | | | | | |
LIABILITIES | | | | | | | | |
Deposits: | | | | | | | | |
Noninterest-bearing | | $ | 275,717 | | | $ | 242,685 | |
Interest-bearing | | | 808,926 | | | | 792,877 | |
Total deposits | | | 1,084,643 | | | | 1,035,562 | |
| | | | | | | | |
Accrued interest payable | | | 79 | | | | 97 | |
Accrued expenses and other liabilities | | | 4,771 | | | | 7,004 | |
Total liabilities | | | 1,089,493 | | | | 1,042,663 | |
| | | | | | | | |
EQUITY | | | | | | | | |
Preferred stock of $.01 par value per share Authorized 1,000,000 shares; none issued | | | - | | | | - | |
Common stock of $.01 par value per share Authorized 7,500,000 shares; issued 3,805,533 shares; outstanding 3,373,095 | | | 38 | | | | 38 | |
Additional paid-in capital | | | 41,684 | | | | 41,684 | |
Retained earnings-substantially restricted | | | 83,553 | | | | 80,070 | |
Unearned stock compensation | | | (837 | ) | | | (1,033 | ) |
Accumulated other comprehensive income (loss) | | | (30,264 | ) | | | 1,734 | |
Less treasury stock, at cost - 432,438 shares | | | (8,665 | ) | | | (8,665 | ) |
Total First Capital, Inc. stockholders' equity | | | 85,509 | | | | 113,828 | |
| | | | | | | | |
Noncontrolling interest in subsidiary | | | 105 | | | | 112 | |
Total equity | | | 85,614 | | | | 113,940 | |
| | | | | | | | |
Total Liabilities and Equity | | $ | 1,175,107 | | | $ | 1,156,603 | |
See accompanying notes to consolidated financial statements.
PART I - FINANCIAL INFORMATION | |
FIRST CAPITAL, INC. | |
CONSOLIDATED STATEMENTS OF INCOME | |
(Unaudited) | |
| | Three Months Ended | | | Six Months Ended | |
| | June 30, | | | June 30, | |
| | 2022 | | | 2021 | | | 2022 | | | 2021 | |
INTEREST INCOME | | (In thousands, except per share data) | |
Loans, including fees | | $ | 5,859 | | | $ | 5,746 | | | $ | 11,352 | | | $ | 11,819 | |
Securities: | | | | | | | | | | | | | | | | |
Taxable | | | 1,061 | | | | 632 | | | | 1,948 | | | | 1,140 | |
Tax-exempt | | | 780 | | | | 671 | | | | 1,521 | | | | 1,305 | |
Dividends | | | 4 | | | | 4 | | | | 9 | | | | 7 | |
Other interest income | | | 194 | | | | 80 | | | | 273 | | | | 154 | |
Total interest income | | | 7,898 | | | | 7,133 | | | | 15,103 | | | | 14,425 | |
INTEREST EXPENSE | | | | | | | | | | | | | | | | |
Deposits | | | 267 | | | | 289 | | | | 520 | | | | 577 | |
Total interest expense | | | 267 | | | | 289 | | | | 520 | | | | 577 | |
Net interest income | | | 7,631 | | | | 6,844 | | | | 14,583 | | | | 13,848 | |
Provision for loan losses | | | 200 | | | | - | | | | 375 | | | | 75 | |
Net interest income after provision for loan losses | | | 7,431 | | | | 6,844 | | | | 14,208 | | | | 13,773 | |
NONINTEREST INCOME | | | | | | | | | | | | | | | | |
Service charges on deposit accounts | | | 543 | | | | 424 | | | | 1,052 | | | | 834 | |
ATM and debit card fees | | | 1,066 | | | | 1,050 | | | | 2,073 | | | | 2,018 | |
Commission and fee income | | | 118 | | | | 87 | | | | 240 | | | | 169 | |
Gain on sale of securities available for sale | | | - | | | | - | | | | - | | | | 7 | |
Unrealized gain (loss) on equity securities | | | (99 | ) | | | 193 | | | | (36 | ) | | | 427 | |
Gain on sale of loans | | | 215 | | | | 661 | | | | 550 | | | | 1,297 | |
Increase in cash surrender value of life insurance | | | 63 | | | | 71 | | | | 113 | | | | 118 | |
Other income | | | 59 | | | | 66 | | | | 120 | | | | 120 | |
Total noninterest income | | | 1,965 | | | | 2,552 | | | | 4,112 | | | | 4,990 | |
NONINTEREST EXPENSE | | | | | | | | | | | | | | | | |
Compensation and benefits | | | 3,651 | | | | 3,612 | | | | 7,145 | | | | 7,142 | |
Occupancy and equipment | | | 456 | | | | 410 | | | | 923 | | | | 874 | |
Data processing | | | 993 | | | | 867 | | | | 1,862 | | | | 1,676 | |
Professional fees | | | 178 | | | | 348 | | | | 468 | | | | 587 | |
Advertising | | | 79 | | | | 80 | | | | 141 | | | | 130 | |
Other expenses | | | 878 | | | | 848 | | | | 1,690 | | | | 1,563 | |
Total noninterest expense | | | 6,235 | | | | 6,165 | | | | 12,229 | | | | 11,972 | |
Income before income taxes | | | 3,161 | | | | 3,231 | | | | 6,091 | | | | 6,791 | |
Income tax expense | | | 447 | | | | 497 | | | | 847 | | | | 1,115 | |
Net Income | | | 2,714 | | | | 2,734 | | | | 5,244 | | | | 5,676 | |
Less: net income attributable to noncontrolling interest in subsidiary | | | 4 | | | | 4 | | | | 7 | | | | 7 | |
Net Income Attributable to First Capital, Inc. | | $ | 2,710 | | | $ | 2,730 | | | $ | 5,237 | | | $ | 5,669 | |
| | | | | | | | | | | | | | | | |
Earnings per common share attributable to First Capital, Inc.: | | | | | | | | | | | | | | | | |
Basic | | $ | 0.81 | | | $ | 0.82 | | | $ | 1.56 | | | $ | 1.70 | |
Diluted | | $ | 0.81 | | | $ | 0.82 | | | $ | 1.56 | | | $ | 1.69 | |
| | | | | | | | | | | | | | | | |
Dividends per share | | $ | 0.26 | | | $ | 0.26 | | | $ | 0.52 | | | $ | 0.52 | |
See accompanying notes to consolidated financial statements.
PART I - FINANCIAL INFORMATION | |
FIRST CAPITAL, INC. | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |
(Unaudited) | |
| | | | | | | | | | | | | | | | |
| | Three Months Ended | | | Six Months Ended | |
| | June 30, | | | June 30, | |
| | 2022 | | | 2021 | | | 2022 | | | 2021 | |
| | (In thousands) | |
| | | | | | | | | | | | | | | | |
Net Income | | $ | 2,714 | | | $ | 2,734 | | | $ | 5,244 | | | $ | 5,676 | |
| | | | | | | | | | | | | | | | |
OTHER COMPREHENSIVE INCOME (LOSS) | | | | | | | | | | | | | | | | |
Unrealized gains (losses) on securities available for sale: | | | | | | | | | | | | | | | | |
Unrealized holding gains (losses) arising during the period | | | (16,626 | ) | | | 839 | | | | (41,540 | ) | | | (3,041 | ) |
Income tax (expense) benefit | | | 3,799 | | | | (165 | ) | | | 9,542 | | | | 717 | |
Net of tax amount | | | (12,827 | ) | | | 674 | | | | (31,998 | ) | | | (2,324 | ) |
| | | | | | | | | | | | | | | | |
Less: reclassification adjustment for realized gains included in net income | | | - | | | | - | | | | - | | | | (7 | ) |
Income tax expense | | | - | | | | - | | | | - | | | | 1 | |
Net of tax amount | | | - | | | | - | | | | - | | | | (6.00 | ) |
| | | | | | | | | | | | | | | | |
Other Comprehensive Income (Loss), net of tax | | | (12,827 | ) | | | 674 | | | | (31,998 | ) | | | (2,330 | ) |
| | | | | | | | | | | | | | | | |
Comprehensive Income | | | (10,113 | ) | | | 3,408 | | | | (26,754 | ) | | | 3,346 | |
Less: comprehensive income attributable to the noncontrolling interest in subsidiary | | | 4 | | | | 4 | | | | 7 | | | | 7 | |
| | | | | | | | | | | | | | | | |
Comprehensive Income Attributable to First Capital, Inc. | | $ | (10,117 | ) | | $ | 3,404 | | | $ | (26,761 | ) | | $ | 3,339 | |
See accompanying notes to consolidated financial statements.
PART I - FINANCIAL INFORMATION | |
FIRST CAPITAL, INC. | |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY | |
(Unaudited) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Accumulated | | | | | | | | | | | | | | | | | |
| | | | | | Additional | | | | | | | Other | | | Unearned | | | | | | | | | | | | | |
| | Common | | | Paid-in | | | Retained | | | Comprehensive | | | Stock | | | Treasury | | | Noncontrolling | | | | | |
(In thousands) | | Stock | | | Capital | | | Earnings | | | Income (Loss) | | | Compensation | | | Stock | | | Interest | | | Total | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balances at April 1, 2022 | | $ | 38 | | | $ | 41,684 | | | $ | 81,720 | | | $ | (17,437 | ) | | $ | (935 | ) | | $ | (8,665 | ) | | $ | 115 | | | $ | 96,520 | |
Net income | | | - | | | | - | | | | 2,710 | | | | - | | | | - | | | | - | | | | 4 | | | | 2,714 | |
Other comprehensive loss | | | - | | | | - | | | | - | | | | (12,827 | ) | | | - | | | | - | | | | - | | | | (12,827 | ) |
Cash dividends | | | - | | | | - | | | | (877 | ) | | | - | | | | - | | | | - | | | | (14 | ) | | | (891 | ) |
Stock compensation expense | | | - | | | | - | | | | - | | | | - | | | | 98 | | | | - | | | | - | | | | 98 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balances at June 30, 2022 | | $ | 38 | | | $ | 41,684 | | | $ | 83,553 | | | $ | (30,264 | ) | | $ | (837 | ) | | $ | (8,665 | ) | | $ | 105 | | | $ | 85,614 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balances at April 1, 2021 | | $ | 38 | | | $ | 41,684 | | | $ | 74,216 | | | $ | 3,818 | | | $ | (1,405 | ) | | $ | (8,580 | ) | | $ | 115 | | | $ | 109,886 | |
Net income | | | - | | | | - | | | | 2,730 | | | | - | | | | - | | | | - | | | | 4 | | | | 2,734 | |
Other comprehensive income | | | - | | | | - | | | | - | | | | 674 | | | | - | | | | - | | | | - | | | | 674 | |
Cash dividends | | | - | | | | - | | | | (877 | ) | | | - | | | | - | | | | - | | | | (14 | ) | | | (891 | ) |
Stock compensation expense | | | - | | | | - | | | | - | | | | - | | | | 115 | | | | - | | | | - | | | | 115 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balances at June 30, 2021 | | $ | 38 | | | $ | 41,684 | | | $ | 76,069 | | | $ | 4,492 | | | $ | (1,290 | ) | | $ | (8,580 | ) | | $ | 105 | | | $ | 112,518 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balances at January 1, 2022 | | $ | 38 | | | $ | 41,684 | | | $ | 80,070 | | | $ | 1,734 | | | $ | (1,033 | ) | | $ | (8,665 | ) | | $ | 112 | | | $ | 113,940 | |
Net income | | | - | | | | - | | | | 5,237 | | | | - | | | | - | | | | - | | | | 7 | | | | 5,244 | |
Other comprehensive loss | | | - | | | | - | | | | - | | | | (31,998 | ) | | | - | | | | - | | | | - | | | | (31,998 | ) |
Cash dividends | | | - | | | | - | | | | (1,754 | ) | | | - | | | | - | | | | - | | | | (14 | ) | | | (1,768 | ) |
Stock compensation expense | | | - | | | | - | | | | - | | | | - | | | | 196 | | | | - | | | | - | | | | 196 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balances at June 30, 2022 | | $ | 38 | | | $ | 41,684 | | | $ | 83,553 | | | $ | (30,264 | ) | | $ | (837 | ) | | $ | (8,665 | ) | | $ | 105 | | | $ | 85,614 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balances at January 1, 2021 | | $ | 38 | | | $ | 41,684 | | | $ | 72,155 | | | $ | 6,822 | | | $ | (1,520 | ) | | $ | (8,540 | ) | | $ | 112 | | | $ | 110,751 | |
Net income | | | - | | | | - | | | | 5,669 | | | | - | | | | - | | | | - | | | | 7 | | | | 5,676 | |
Other comprehensive loss | | | - | | | | - | | | | - | | | | (2,330 | ) | | | - | | | | - | | | | - | | | | (2,330 | ) |
Cash dividends | | | - | | | | - | | | | (1,755 | ) | | | - | | | | - | | | | - | | | | (14 | ) | | | (1,769 | ) |
Stock compensation expense | | | - | | | | - | | | | - | | | | - | | | | 230 | | | | - | | | | - | | | | 230 | |
Purchase of treasury shares | | | - | | | | - | | | | - | | | | - | | | | - | | | | (40 | ) | | | - | | | | (40 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balances at June 30, 2021 | | $ | 38 | | | $ | 41,684 | | | $ | 76,069 | | | $ | 4,492 | | | $ | (1,290 | ) | | $ | (8,580 | ) | | $ | 105 | | | $ | 112,518 | |
See accompanying notes to consolidated financial statements.
PART I - FINANCIAL INFORMATION | |
FIRST CAPITAL, INC. | |
CONSOLIDATED STATEMENTS OF CASH FLOWS | |
(Unaudited) | |
| | Six Months Ended | |
| | June 30, | |
| | 2022 | | | 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | | (In thousands) | |
Net incom | | $ | 5,244 | | | $ | 5,676 | |
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities: | | | | | | | | |
Amortization of premiums and accretion of discounts on securities, net | | | 1,102 | | | | 1,041 | |
Depreciation and amortization expense | | | 543 | | | | 585 | |
Deferred income taxes | | | (200 | ) | | | (467 | ) |
Stock compensation expense | | | 196 | | | | 230 | |
Increase in cash value of life insurance | | | (113 | ) | | | (118 | ) |
Gain on sale of securities | | | - | | | | (7 | ) |
Provision for loan losses | | | 375 | | | | 75 | |
Proceeds from sales of loans | | | 29,574 | | | | 73,054 | |
Loans originated for sale | | | (27,217 | ) | | | (69,169 | ) |
Gain on sale of loans | | | (550 | ) | | | (1,297 | ) |
Amortization of tax credit investment | | | 177 | | | | 177 | |
Unrealized (gain) loss on equity securities | | | 36 | | | | (427 | ) |
Net realized and unrealized gain on foreclosed real estate | | | (15 | ) | | | - | |
(Increase) decrease in accrued interest receivable | | | (378 | ) | | | 119 | |
Increase (decrease) in accrued interest payable | | | (18 | ) | | | (32 | ) |
Net change in other assets/liabilities | | | (1,655 | ) | | | (4 | ) |
Net Cash Provided By Operating Activities | | | 7,101 | | | | 9,436 | |
| | | | | | | | |
CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | | |
Net decrease in interest-bearing time deposits | | | 453 | | | | 200 | |
Purchase of securities available for sale | | | (70,693 | ) | | | (123,660 | ) |
Purchase of securities held to maturity | | | (5,000 | ) | | | (2,000 | ) |
Proceeds from maturities of securities available for sale | | | 4,051 | | | | 28,231 | |
Proceeds from sales of securities available for sale | | | - | | | | 1,798 | |
Principal collected on mortgage-backed obligations | | | 12,714 | | | | 19,568 | |
Net (increase) decrease in loans receivable | | | (44,385 | ) | | | 15,396 | |
Investment in tax credit entity | | | - | | | | (100 | ) |
Proceeds from sale of foreclosed real estate | | | 39 | | | | - | |
Proceeds from redemption of Federal Home Loan Bank stock | | | 152 | | | | - | |
Purchase of premises and equipment | | | (186 | ) | | | (72 | ) |
Net Cash Used In Investing Activities | | | (102,855 | ) | | | (60,639 | ) |
| | | | | | | | |
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | |
Net increase in deposits | | | 49,081 | | | | 61,120 | |
Purchase of treasury stock | | | - | | | | (40 | ) |
Dividends paid | | | (1,768 | ) | | | (1,769 | ) |
Net Cash Provided By Financing Activities | | | 47,313 | | | | 59,311 | |
| | | | | | | | |
Net Increase (Decrease) in Cash and Cash Equivalents | | | (48,441 | ) | | | 8,108 | |
Cash and cash equivalents at beginning of period | | | 172,509 | | | | 175,888 | |
Cash and Cash Equivalents at End of Period | | $ | 124,068 | | | $ | 183,996 | |
See accompanying notes to consolidated financial statements.
FIRST CAPITAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. | Presentation of Interim Information |
First Capital, Inc. (“Company”) is the financial holding company for First Harrison Bank (“Bank”), an Indiana chartered commercial bank and wholly owned subsidiary. First Harrison Investments, Inc. and First Harrison Holdings, Inc. are wholly-owned Nevada corporate subsidiaries of the Bank that jointly own First Harrison, LLC, a Nevada limited liability corporation that holds and manages an investment portfolio. First Harrison REIT, Inc. (“REIT”) is a wholly-owned subsidiary of First Harrison Holdings, Inc. that holds a portion of the Bank’s real estate mortgage loan portfolio. FHB Risk Mitigation Services, Inc. (“Captive”) is a wholly-owned insurance subsidiary of the Company that provides property and casualty insurance coverage to the Company, the Bank and the Bank’s subsidiaries, and reinsurance to nine other third party insurance captives for which insurance may not be currently available or economically feasible in the insurance marketplace. Heritage Hill, LLC is a wholly-owned subsidiary of the Bank that is currently inactive.
In the opinion of management, the unaudited consolidated financial statements include all adjustments considered necessary to present fairly the financial position as of June 30, 2022, and the results of operations for the three and six months ended June 30, 2022 and 2021 and the cash flows for the six months ended June 30, 2022 and 2021. All of these adjustments are of a normal, recurring nature. Such adjustments are the only adjustments included in the unaudited consolidated financial statements. Interim results are not necessarily indicative of results for a full year or any other period.
The accompanying unaudited consolidated financial statements and notes have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial statements and are presented as permitted by the instructions to Form 10-Q. Accordingly, they do not contain certain information included in the Company’s annual audited consolidated financial statements and related footnotes for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K.
The unaudited consolidated financial statements include the accounts of the Company and its subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform with the current period presentation. The reclassifications had no effect on net income or stockholders’ equity.
COVID-19
On March 11, 2020, the World Health Organization declared the outbreak of the novel coronavirus (“COVID-19”) as a global pandemic, which continues to spread throughout the United States and around the world. The COVID-19 pandemic has adversely affected, and may continue to adversely affect economic activity globally, nationally and locally. COVID-19 and actions taken to mitigate the spread of it have had and are expected to continue to have an adverse impact on the economies and financial markets of many countries, including the geographical area in which the Company operates. Such events also may adversely affect business and consumer confidence, generally, and the Company and its customers, and their respective suppliers, vendors and processors, may be adversely affected.
FIRST CAPITAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(1 – continued)
Due to the COVID-19 pandemic market interest rates initially declined significantly, as the Federal Open Market Committee (“FOMC”) reduced the targeted federal funds interest rate range by 150 basis points during the month of March 2020 to 0% to 0.25%. The FOMC has increased the targeted rate by 150 basis points through June 2022. These changes in interest rates and other effects of the COVID-19 pandemic may adversely affect the Company's financial condition and results of operations in future periods. It is unknown how long the adverse conditions associated with the COVID-19 pandemic will last and what the financial impact will be to the Company. It is reasonably possible that estimates made in the financial statements could be materially and adversely impacted in the near term as a result of these conditions, including expected credit losses on loans.
On March 22, 2020, the federal banking agencies issued an “Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus”. This guidance encourages financial institutions to work prudently with borrowers that may be unable to meet their contractual obligations because of the effects of COVID-19. The guidance goes on to explain that in consultation with the Financial Accounting Standards Board (“FASB”) staff that the federal banking agencies concluded that short-term modifications (e.g., six months) made on a good faith basis to borrowers who were current as of the implementation date of a relief program are not troubled debt restructurings (“TDRs”). The Coronavirus Aid, Relief and Economic Security (“CARES”) Act was passed by Congress on March 27, 2020. The CARES Act also addressed COVID-19 related modifications and specified that COVID-19 related modifications on loans that were current as of December 31, 2019 are not TDRs. The Consolidated Appropriations Act of 2021 signed into law on December 27, 2020 further extended the relief from TDR accounting for qualified modifications to the earlier of January 1, 2022, or 60 days after the national emergency concerning COVID-19 terminates. The Bank applied this guidance related to payment deferrals and other COVID-19 related loan modifications made through December 31, 2021.
The CARES Act also included a total allocation of $659 billion for loans to be issued by financial institutions through the Small Business Administration (“SBA”) as part of the Paycheck Protection Program (“PPP”). The Consolidation Appropriations Act previously mentioned included the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act, which allocated an additional $284 million in a second round of PPP loans. PPP loans are forgivable, in whole or in part, if the proceeds are used for eligible payroll costs and other permitted purposes in accordance with the requirements of the PPP. These loans carry a fixed rate of 1.00% and a term of two or five years, if not forgiven in whole or in part. Payments are deferred until the SBA remits the borrower’s loan forgiveness amount to the lender or, if the borrow does not apply for loan forgiveness, 10 months after the end of the borrower’s loan forgiveness covered period, and the loans are 100% guaranteed by the SBA. The SBA pays the originating bank a processing fee based on the size of the loan. The SBA began accepting submissions for these PPP loans on April 3, 2020 and the second round ended May 31, 2021. The Bank received SBA authorizations for PPP loans totaling approximately $62.4 million, including $16.5 million in second-draw loans originated in 2021. As of July 22, 2022, the Bank has received payoffs on $62.3 million of PPP loans from the SBA and all deferred fees related to PPP loans had been recognized. For the three months ended June 30, 2022 and 2021, the Bank recognized $2,000 and $336,000, respectively, in PPP fees in interest income. For the six months ended June 30, 2022 and 2021, the Bank recognized $27,000 and $961,000, respectively, in PPP fees in interest income.
FIRST CAPITAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Investment securities have been classified in the consolidated balance sheets according to management’s intent. Investment securities at June 30, 2022 and December 31, 2021 are summarized as follows:
| | | | | | Gross | | | Gross | | | | | |
| | Amortized | | | Unrealized | | | Unrealized | | | Fair | |
(In thousands) | | Cost | | | Gains | | | Losses | | | Value | |
| | | | | | | | | | | | | | | | |
June 30, 2022 | | | | | | | | | | | | | | | | |
Securities available for sale: | | | | | | | | | | | | | | | | |
Agency mortgage-backed securities | | $ | 102,404 | | | $ | 1 | | | $ | 9,096 | | | $ | 93,309 | |
Agency CMO | | | 8,204 | | | | - | | | | 197 | | | | 8,007 | |
Other debt securities: | | | | | | | | | | | | | | | | |
Agency notes and bonds | | | 142,737 | | | | - | | | | 10,100 | | | | 132,637 | |
Treasury notes and bonds | | | 79,347 | | | | 23 | | | | 2,776 | | | | 76,594 | |
Municipal obligations | | | 165,354 | | | | 100 | | | | 17,381 | | | | 148,073 | |
| | | | | | | | | | | | | | | | |
Total securities available for sale | | $ | 498,046 | | | $ | 124 | | | $ | 39,550 | | | $ | 458,620 | |
| | | | | | | | | | | | | | | | |
Securities held to maturity: | | | | | | | | | | | | | | | | |
Other debt securities: | | | | | | | | | | | | | | | | |
Corporate notes | | $ | 7,000 | | | $ | - | | | $ | 724 | | | $ | 6,276 | |
| | | | | | | | | | | | | | | | |
Total securities held to maturity | | $ | 7,000 | | | $ | - | | | $ | 724 | | | $ | 6,276 | |
| | | | | | | | | | | | | | | | |
December 31, 2021 | | | | | | | | | | | | | | | | |
Securities available for sale: | | | | | | | | | | | | | | | | |
Agency mortgage-backed securities | | $ | 102,767 | | | $ | 604 | | | $ | 635 | | | $ | 102,736 | |
Agency CMO | | | 7,863 | | | | 98 | | | | - | | | | 7,961 | |
Other debt securities: | | | | | | | | | | | | | | | | |
Agency notes and bonds | | | 130,641 | | | | 489 | | | | 2,034 | | | | 129,096 | |
Treasury notes and bonds | | | 50,339 | | | | - | | | | 545 | | | | 49,794 | |
Municipal obligations | | | 153,610 | | | | 4,721 | | | | 583 | | | | 157,748 | |
| | | | | | | | | | | | | | | | |
Total securities available for sale | | $ | 445,220 | | | $ | 5,912 | | | $ | 3,797 | | | $ | 447,335 | |
| | | | | | | | | | | | | | | | |
Securities held to maturity: | | | | | | | | | | | | | | | | |
Other debt securities: | | | | | | | | | | | | | | | | |
Corporate notes | | $ | 2,000 | | | $ | 4 | | | $ | - | | | $ | 2,004 | |
| | | | | | | | | | | | | | | | |
Total securities held to maturity | | $ | 2,000 | | | $ | 4 | | | $ | - | | | $ | 2,004 | |
Agency notes and bonds, agency mortgage-backed securities and agency collateralized mortgage obligations (“CMO”) include securities issued by the Government National Mortgage Association (“GNMA”), a U.S. government agency, and the Federal National Mortgage Association (“FNMA”), the Federal Home Loan Mortgage Corporation (“FHLMC”), the Federal Farm Credit Bank (“FFCB”) and the Federal Home Loan Bank (“FHLB”), which are government-sponsored enterprises. Corporate notes classified as held to maturity include subordinated debt obligations issues by other bank holding companies.
FIRST CAPITAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(2 – continued)
The amortized cost and fair value of debt securities as of June 30, 2022, by contractual maturity, are shown below. Expected maturities of mortgage-backed securities and CMO may differ from contractual maturities because the mortgages underlying the obligations may be prepaid without penalty.
| | Securities Available for Sale | | | Securities Held to Maturity | |
| | Amortized | | | Fair | | | Amortized | | | Fair | |
| | Cost | | | Value | | | Cost | | | Value | |
(In thousands) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Due in one year or less | | $ | 7,605 | | | $ | 7,452 | | | $ | - | | | $ | - | |
Due after one year through five years | | | 227,390 | | | | 214,814 | | | | - | | | | - | |
Due after five years through ten years | | | 48,645 | | | | 45,648 | | | | 2,000 | | | | 1,796 | |
Due after ten years | | | 103,798 | | | | 89,390 | | | | 5,000 | | | | 4,480 | |
| | | 387,438 | | | | 357,304 | | | | 7,000 | | | | 6,276 | |
Mortgage-backed securities and CMO | | | 110,608 | | | | 101,316 | | | | - | | | | - | |
| | | | | | | | | | | | | | | | |
| | $ | 498,046 | | | $ | 458,620 | | | $ | 7,000 | | | $ | 6,276 | |
Information pertaining to investment securities with gross unrealized losses at June 30, 2022, aggregated by investment category and the length of time that individual investment securities have been in a continuous position, follows.
| | Number of | | | | | | | Gross | |
| | Investment | | | Fair | | | Unrealized | |
| | Positions | | | Value | | | Losses | |
(Dollars in thousands) | | | | | | | | | | | | |
| | | | | | | | | | | | |
June 30, 2022: | | | | | | | | | | | | |
Securities available for sale: | | | | | | | | | | | | |
Continuous loss position less than twelve months: | | | | | | | | | | | | |
Agency mortgage-backed securities | | | 91 | | | $ | 84,065 | | | $ | 8,048 | |
Agency CMO | | | 29 | | | | 8,007 | | | | 197 | |
Agency notes and bonds | | | 39 | | | | 86,629 | | | | 5,759 | |
Treasury notes and bonds | | | 23 | | | | 68,544 | | | | 2,612 | |
Muncipal obligations | | | 223 | | | | 118,853 | | | | 15,918 | |
Total less than twelve months | | | 405 | | | | 366,098 | | | | 32,534 | |
| | | | | | | | | | | | |
Continuous loss position more than twelve months: | | | | | | | | | | | | |
Agency mortgage-backed securities | | | 5 | | | | 8,123 | | | | 1,048 | |
Agency notes and bonds | | | 17 | | | | 46,008 | | | | 4,341 | |
Treasury notes and bonds | | | 1 | | | | 4,830 | | | | 164 | |
Muncipal obligations | | | 11 | | | | 6,993 | | | | 1,463 | |
Total more than twelve months | | | 34 | | |