First Capital, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017
January 29, 2018 at 09:39 pm
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First Capital, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the year the company reported, total interest income was $26,422,000 against $25,094,000 a year ago. Net interest income was $25,030,000 against $23,331,000 a year ago. Income before income taxes was $10,555,000 against $9,400,000 a year ago. Net income attributable to First Capital, Inc. was $6,864,000 or $2.24 per basic and diluted share against $6,864,000 or $2.05 per basic and diluted share a year ago. Return on average assets was 0.99% against 0.94% a year ago. Return on average equity was 9.37% against 8.90% a year ago. First Capital, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the year the company reported net income of $7.4 million, or $2.23 per diluted share, for the year ended December 31, 2017, compared to net income $6.9 million, or $2.05 per diluted share, for the year ended December 31, 2016. The increase in net income is primarily due to increases in net interest income after provision for loan losses and noninterest income partially offset increases in noninterest expenses and income tax expense.
For the quarter, total interest income was $6,773,000 against $6,244,000 a year ago. Net interest income was $6,429,000 against $5,851,000 a year ago. Income before income taxes was $2,518,000 against $2,370,000 a year ago. Net income attributable to First Capital, Inc. was $1,587,000 or $0.48 per basic and diluted share against $1,741,000 or $0.52 per basic and diluted share a year ago. Return on average assets was 0.84% against 0.93% a year ago. Return on average equity was 7.79% against 8.97% a year ago. The Company's net income was $1.6 million, or $0.48 per diluted share, for the quarter ended December 31, 2017 compared to $1.7 million, or $0.52 per diluted share, for the quarter ended December 31, 2016. Excluding the additional $290,000 of income tax expense related to the 2017 federal tax reform legislation discussed above, the Company would have reported net income of $1.9 million, or $0.56 per diluted share, for the quarter ended December 31, 2017.
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.
FIRST CAPITAL, INC. 
