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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.
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Net interest income after provision for credit losses decreased by $236,000 compared to the same period in 2022.
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Noninterest income increased by $74,000 for Q3 2023 compared to Q3 2022.
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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.