First Capital Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011
January 27, 2012 at 01:00 pm
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First Capital Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the fourth quarter, the company reported total interest income of $4,923,000 compared to $5,289,000 a year ago. Net interest income was $4,118,000 compared to $4,055,000 a year ago. Income before income taxes was $1,460,000 compared to $1,386,000 a year ago. Net income was $1,045,000 compared to $969,000 a year ago. Net income attributable to the company was $1,042,000 or $0.37 per basic and diluted share compared to $966,000 or $0.35 per basic and diluted share a year ago. Return on average assets (annualized) was 0.94% compared to 0.85% a year ago. Return on average equity (annualized) was 8.22% compared to 7.95% a year ago.
For the full year, the company reported total interest income of $20,273,000 compared to $21,834,000 a year ago. Net interest income was $16,513,000 compared to $16,332,000 a year ago. Income before income taxes was $5,528,000 compared to $5,439,000 a year ago. Net income was $3,985,000 compared to $3,878,000 a year ago. Net income attributable to the company was $3,972,000 or $1.43 per basic and diluted share compared to $3,865,000 or $1.39 per basic and diluted share a year ago. The increase in earnings is primarily due to increases in net interest income after provision for loan losses and noninterest income, partially offset by an increase in noninterest expenses. Return on average assets (annualized) was 0.90% compared to 0.84% a year ago. Return on average equity (annualized) was 8.04% compared to 8.10% a year ago.
First Capital, Inc. is the holding company for First Harrison Bank (the Bank). The Bank is a chartered commercial bank, which provides a variety of banking services to individuals and business customers. The Bank primarily provides real estate mortgage loans. The Bank originates mortgage loans for sale in the secondary market. The Bank also originates consumer loans and residential construction loans for the loan portfolio. First Harrison Investments, Inc. and First Harrison Holdings, Inc. are wholly owned subsidiaries of the Bank that jointly own First Harrison, LLC, which holds and manages an investment securities portfolio. First Harrison REIT, Inc. is a wholly owned subsidiary of First Harrison Holdings, Inc., which holds a portion of the Bankâs real estate mortgage loan portfolio. The Bank has about 18 offices in the Indiana communities of Corydon, Edwardsville, Greenville, Floyds Knobs, Palmyra, New Albany, New Salisbury, Jeffersonville, Lanesville, and Charlestown and others.