First Capital Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Impairment Charges for the Fourth Quarter Ended December 31, 2014
January 30, 2015 at 04:00 am IST
Share
First Capital Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the year, the company's net interest income was $17,255,000 against $16,758,000 a year ago. Income before income taxes was $7,919,000 against $7,342,000 a year ago. Net income attributable to the company was $5,594,000 or $2.03 per basic and diluted share against $5,074,000 or $1.82 per basic and diluted share a year ago. Return on average assets (annualized) was 1.22% and return on average equity (annualized) was 10.09% compared to return on average assets (three months date annualized) was 1.11% and return on average equity (three months date annualized) was 9.56% a year ago period. The increase in earnings is primarily due to increases in net interest income after provision for loan losses and noninterest income which were partially offset by an increase in noninterest expenses.
For the quarter, the company's net income attributable to company was $1,255,000 or $0.46 per diluted share compared to $1,244,000 $0.45 per diluted share for the same period in 2013. Net interest income was $4,319,000 compared to $4,285,000 a year ago. Income before income taxes was $1,708,000 to $1,781,000 a year ago. Return on average assets (annualized) was 1.06% and return on average equity (annualized) was 8.82% compared to return on average assets (annualized) was 1.10% and return on average equity (annualized) was 9.32% a year ago period.
The provision for loan losses decreased from $725,000 for 2013 to $190,000 for 2014 primarily due to a decrease in net charge-offs from $539,000 during 2013 to $266,000 during 2014 and a decrease in net provisions for loan losses on impaired loans from $150,000 for 2013 to $32,000 for 2014.
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. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Impairment Charges for the Fourth Quarter Ended December 31, 2014