First Capital Inc (FCAP) Reports Q3 2023 Earnings
First Capital Inc (NASDAQ:FCAP) reported a net income of $3.1 million or $0.94 per diluted share for Q3 2023, maintaining the same net income as Q3 2022.
Net interest income after provision for credit losses decreased by $236,000 compared to the same period in 2022.
Noninterest income increased by $74,000 for Q3 2023 compared to Q3 2022.
Noninterest expense decreased by $78,000 for Q3 2023 compared to the same period in 2022.
First Capital Inc (NASDAQ:FCAP) released its earnings report on October 27, 2023, revealing a steady performance for the third quarter of 2023. The company reported a net income of $3.1 million or $0.94 per diluted share, matching the net income reported for the same period in 2022.
Financial Performance
First Capital Inc (NASDAQ:FCAP) reported a decrease in net interest income after provision for credit losses by $236,000 for Q3 2023 compared to the same period in 2022. However, interest income increased by $2.1 million due to an increase in the average tax-equivalent yield on interest-earning assets from 3.27% for Q3 2022 to 4.04% for Q3 2023. The average balance of interest-earning assets was $1.13 billion for both periods.
Income and Expenses
Noninterest income saw an increase of $74,000 for Q3 2023 compared to the same period in 2022. The company recognized a $98,000 decrease in unrealized losses on equity securities and increases of $68,000 and $51,000 in ATM and debit card fees and other income, respectively. On the other hand, noninterest expense decreased by $78,000 for Q3 2023 compared to the same period in 2022, primarily due to decreases in compensation and benefits, occupancy and equipment expenses, and professional fees.
Year-to-Date Performance
For the nine months ended September 30, 2023, the company reported a net income of $9.7 million or $2.89 per diluted share, compared to a net income of $8.4 million or $2.49 per diluted share for the same period in 2022. Net interest income after provision for credit losses increased by $2.5 million for the nine months ended September 30, 2023 compared to the same period in 2022.
Balance Sheet Highlights
As of September 30, 2023, total assets were $1.14 billion compared to $1.15 billion at December 31, 2022. Net loans receivable increased by $44.4 million from December 31, 2022 to September 30, 2023, while total cash and cash equivalents and securities available for sale decreased by $34.9 million and $20.7 million, respectively, during the same period.
First Capital Inc (NASDAQ:FCAP) continues to maintain a steady financial performance amidst the challenges of the current economic climate. The company's detailed financial data can be accessed through the Investor Relations section of the Bank's website.
Explore the complete 8-K earnings release (here) from First Capital Inc for further details.
This article first appeared on GuruFocus.
