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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)

 

Indiana35-2056949

(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

Page

   
 

Item 1. Consolidated Financial Statements

 
   
 

Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021 (unaudited)

3
   
 

Consolidated Statements of Income for the three and six months ended June 30, 2022 and 2021 (unaudited)

4
   
 

Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2022 and 2021 (unaudited)

5
   
 

Consolidated Statements of Changes in Stockholders’ Equity for the three and six months ended June 30, 2022 and 2021 (unaudited)

6
   
 

Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021 (unaudited)

7
   
 

Notes to Consolidated Financial Statements (unaudited)

8-43
   

 

Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations

44-50
   

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

51-54
   

 

Item 4. Controls and Procedures

54
   

Part II

Other Information

 
   
 

Item 1. Legal Proceedings

55
   
 

Item 1A. Risk Factors

55
   
 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

55
   
 

Item 3. Defaults Upon Senior Securities

55
   
 

Item 4. Mine Safety Disclosures

55
   
 

Item 5. Other Information

55
   
 

Item 6. Exhibits

56
   
   
   

Signatures

 

 

 

 

 

-2-

 

 

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.

 

-3-

 

 

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.

 

-4-

 

 

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.

 

 

 

 

 

 

 

 

-5-

 

 

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.

 

-6-

 

 

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.

 

-7-

 

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.

 

- 8-

 

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.     

 

- 9-
 

 

FIRST CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

 

2.

Investment Securities

 

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.

 

- 10-

 

 

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