Operating cash flow remains robust, evidenced by an OCF/NI ratio consistently exceeding 1.0, which supports the bank's ability to sustain a $1.0 million quarterly dividend payment.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Cash from Operations | 23.24M | 21.28M | 22.34M | 14.16M | 16.53M | 21.63M | 12.06M | 14.08M | 13.35M | 13.42M | 8.24M | 6.01M | 6.91M | 9.82M | 7.36M | 9.29M | 5.61M | 2.6M | 5.01M | 6.27M | 3.67M | 5.57M | 5.25M | 5.48M | 4.04M | 3.9M | 2.83M | 2.13M | 1.1M |
| Operating CF Growth % | 84.99% | -4.75% | 57.77% | -14.32% | -23.58% | 79.36% | -14.33% | 5.46% | -0.53% | 62.85% | 37.2% | -13.07% | -29.67% | 33.5% | -20.81% | 65.75% | 115.7% | -48.12% | -20.1% | 70.71% | -34.09% | 6.22% | -4.22% | 35.5% | 3.57% | 37.89% | 32.98% | 93.52% | - |
| Net Income | 17.46M | 16.38M | 11.94M | 12.79M | 11.91M | 11.44M | 10.14M | 10.34M | 9.27M | 7.45M | 6.88M | 5.21M | 5.61M | 5.09M | 3.94M | 3.98M | 3.88M | 778K | 3.57M | 3.41M | 3.71M | 3.69M | 3.43M | 3.53M | 3.25M | 3.1M | 2.46M | 1.77M | 1M |
| Depreciation & Amortization | 1.68M | 1.09M | 1.1M | 1.03M | 1.07M | 1.14M | 1.2M | 1.07M | 1.22M | 1.23M | 1.19M | 756K | 698K | 707K | 758K | 916K | 899K | 975K | 885K | 771K | 781K | 958K | 1.04M | 1.1M | 698.85K | 494.11K | 481.3K | 568.63K | 200K |
| Deferred Taxes | 742K | 2.31M | 1.65M | 1.29M | 237K | 224K | 259K | 843K | -66K | 348K | 220K | 672K | 285K | 200K | -478K | 273K | 149K | -939K | -5K | -63K | -159K | 182K | 235.16K | -212.98K | -24.09K | 18.97K | -134.07K | -2.12K | 0 |
| Other Non-Cash Items | 3.21M | 798K | 3.2M | 2.9M | 4.98M | 7.1M | 410K | 2.15M | 3.56M | 4.71M | 227K | -665K | 670K | 3.6M | 1.77M | 4.27M | -185K | 4.67M | 468K | -302K | 555K | 1.11M | 35.94K | 1.3M | 197.6K | 240.06K | 121.77K | 138.16K | 200K |
| Working Capital Changes | 37K | 603K | 4.26M | -4.1M | -2.11M | 1.24M | -334K | -609K | -817K | -405K | -353K | -39K | -351K | 232K | 1.37M | -152K | 865K | -2.88M | -113K | 2.45M | -1.21M | -367K | 502.19K | -247.05K | -78.25K | 50.91K | -96.49K | -346.08K | -300K |
| Cash from Investing | -38.19M | -41.83M | 29.01M | -23.95M | -144.03M | -156.46M | -62.41M | -21.11M | -22.1M | -40.42M | -96.25M | 54.96M | -5.57M | -3.34M | -20.01M | 6.76M | 6.75M | -5.36M | 530K | -7.78M | -7.85M | -18.25M | -13.88M | -6.83M | -26.09M | -33.29M | -24.97M | -31.67M | -29M |
| Purchase of Investments | -154.69M | -142.25M | -63.57M | -39.53M | -99.42M | -254.69M | -105.77M | -70.46M | -40.37M | -48.89M | -184.75M | -34.03M | -27.82M | -26.42M | -64.34M | -43.49M | -57.77M | -41.61M | -36.47M | -14.16M | -9.1M | -23.64M | -28.06M | -34.65M | -28.23M | -43.89M | -10.71M | -29.31M | -31.2M |
| Sale/Maturity of Investments | 94.91M | 84.98M | 82.2M | 58.79M | 7.92M | 43.96M | 32.65M | 52.3M | 17.67M | 7.16M | 91.29M | 62.87M | 27.11M | 22.71M | 37.03M | 24.07M | 49.6M | 16.39M | 21.66M | 9.26M | 9.96M | 6.55M | 28.14M | 36.7M | 18.99M | 33.36M | 4.48M | 11.69M | 8.8M |
| Net Investment Activity | -59.78M | -57.27M | 18.63M | 19.26M | -91.51M | -210.73M | -73.13M | -18.16M | -22.7M | -41.73M | -93.46M | 28.85M | -704K | -3.72M | -27.31M | -19.41M | -8.17M | -25.22M | -14.8M | -4.9M | 865K | -17.09M | 83.09K | 2.05M | -9.24M | -10.53M | -6.22M | -17.63M | -22.4M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.73M | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 22.56M | 16.79M | 11.1M | -42.58M | -52.11M | 54.55M | 11.31M | 29K | 999K | 2.58M | -790K | 8.51M | -4.3M | 671K | 8.06M | 26.76M | 15.15M | 21M | 16.89M | -803K | -8.64M | -1.02M | -13.61M | -1.84M | -15.31M | -22.59M | -18.49M | -12.46M | -5.3M |
| Cash from Financing | 47.97M | 51.92M | 15.9M | -17.84M | 21.29M | 131.45M | 174.88M | 17.28M | 23.95M | 7.01M | 24.62M | 13M | 20.76M | -17.16M | 15.54M | -18.71M | -6.64M | -3.54M | 1.55M | -7.91M | 13.97M | 9.92M | 12.5M | 6.93M | 21.47M | 30.56M | 22.33M | 30.45M | 27.9M |
| Dividends Paid | -4.1M | -4.04M | -3.77M | -3.63M | -3.52M | -3.52M | -3.25M | -3.21M | -3.1M | -2.88M | -2.82M | -2.45M | -2.33M | -2.24M | -2.13M | -2.13M | -2.08M | -2M | -1.99M | -1.91M | -1.83M | -1.59M | -1.64M | -1.52M | -1.3M | -1.19M | -1.02M | -909.52K | -300K |
| Share Repurchases | -569K | -578K | -41K | -502K | -26K | -40K | -13K | -2K | -32K | -16K | -34K | -10K | -908K | -19K | -14K | -27K | -43K | -626K | -348K | -680K | -138K | -271.67K | -4.86M | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 108K | 25K | 60.85K | 30.27K | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -569K | -578K | -41K | -502K | -26K | -40K | -13K | -2K | -32K | -16K | -34K | -10K | -908K | -19K | -14K | -27K | -43K | -626K | -348K | -572K | -113K | -210.82K | -4.83M | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 0 | 0 | -1000K | 1000K | 0 | 0 | 0 | 0 | -1000K | 1000K | 0 | 0 | -1000K | 400K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Financing | 52.63M | 56.53M | 41.2M | -35.21M | 24.83M | 135.02M | 178.15M | 20.49M | 37.08M | -90K | 27.47M | 15.46M | 29.5M | -15.29M | 24.94M | -13.17M | 4.53M | 22.06M | 16.75M | -2.99M | 13.88M | 803K | 13.99M | 1.59M | 12.08M | 18.75M | 10.03M | 19.85M | 14.6M |
| Net Change in Cash | 33.02M | 31.37M | 67.25M | -27.63M | -106.21M | -3.38M | 124.53M | 10.25M | 15.2M | -19.99M | -63.38M | 73.97M | 22.11M | -10.68M | 2.89M | -2.65M | 5.72M | -6.29M | 7.09M | -9.41M | 9.79M | -2.75M | 3.86M | 5.58M | -574.31K | 1.17M | 189.94K | 902.18K | 0 |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 137.29M | 105.92M | 38.67M | 66.3M | 172.51M | 175.89M | 51.36M | 41.11M | 25.91M | 45.91M | 109.17M | 35.33M | 11.14M | 21.81M | 18.92M | 21.57M | 15.86M | 22.15M | 15.05M | 24.47M | 14.67M | 17.43M | 13.56M | 6.61M | 7.18M | 6.01M | 5.82M | 4.92M | 900K |
| Cash at End | 149.64M | 137.29M | 105.92M | 38.67M | 66.3M | 172.51M | 175.89M | 51.36M | 41.11M | 25.91M | 45.84M | 109.17M | 33.24M | 11.14M | 21.81M | 18.92M | 21.57M | 15.86M | 22.15M | 15.05M | 24.47M | 14.67M | 17.42M | 12.19M | 6.61M | 7.18M | 6.01M | 5.82M | 900K |
| Interest Paid | 10.5M | 14.42M | 13.97M | 7.93M | 1.57M | 1.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 194K | 194K | 154K | 1.83M | 2.33M | 1.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 22.27M | 19.93M | 21.63M | 13.54M | 16.12M | 21.34M | 11.46M | 11.1M | 12.95M | 12.15M | 6.25M | 4.9M | 6.35M | 9.53M | 6.6M | 8.71M | 5.38M | 1.47M | 3.45M | 4.2M | 3.6M | 5.43M | 4.9M | 4.17M | 2.5M | 3.73M | 2.57M | 542.28K | -200K |
| FCF Growth % | 18.87% | -7.84% | 59.78% | -16.01% | -24.49% | 86.27% | 3.19% | -14.23% | 6.55% | 94.46% | 27.48% | -22.82% | -33.34% | 44.42% | -24.29% | 61.96% | 266.67% | -57.47% | -17.88% | 16.57% | -33.7% | 10.99% | 17.42% | 66.68% | -32.89% | 44.86% | 374.5% | 371.14% | - |
Mortgage Market Cyclicality
As reported in financial statements, First Capital consistently generated positive operating cash flows, with the OCF/NI ratio averaging well above 1.0 over the last ten quarters, indicating that the bank's earnings are of high quality and effectively support its regulatory capital position and organic growth capacity.
The bank's ability to consistently convert net income into operating cash flow suggests a disciplined approach to earnings quality and minimal reliance on non-cash accounting adjustments. This internal capital generation provides a stable foundation for the bank to maintain its fortress balance sheet without needing to tap external capital markets.
Based on the quarterly data, First Capital maintains a highly active investment securities portfolio, frequently rotating assets as evidenced by the $45.8 million in purchases and $36.5 million in sales during 2026Q1, which suggests a tactical approach to managing duration and yield in a fluctuating interest rate environment.
The high volume of turnover in the investment portfolio indicates that management is actively adjusting its asset mix to optimize interest income. Investors should monitor whether this frequent rebalancing is intended to lock in higher yields or if it reflects a defensive posture to mitigate potential interest rate volatility.
According to recent SEC filings, First Capital has maintained a consistent dividend payout pattern, with quarterly payments hovering near $1.0 million, while share repurchases remain opportunistic and minimal, reflecting a conservative capital allocation strategy that prioritizes liquidity preservation over aggressive return of capital to shareholders.
The stability of dividend payments suggests that management views the current payout level as sustainable even during periods of economic uncertainty. The limited use of share buybacks implies that the bank prefers to retain excess capital to support potential loan growth or to serve as a buffer against regional economic shocks.
Data from the cash flow statements indicates that provision for loan losses has remained remarkably stable, ranging between $150,000 and $463,000 per quarter, which suggests that the bank's credit risk management remains conservative and well-aligned with the observed performance of its regional loan portfolio.
The consistency in provisioning levels implies that the bank has not experienced significant credit deterioration in its core Southern Indiana markets. This prudent approach to reserving likely provides a cushion against future credit losses, though it warrants ongoing monitoring should regional economic conditions in the manufacturing or real estate sectors soften.
Quick answers to the most common questions about buying FCAP stock.
First Capital, Inc. (FCAP) generated $21.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
First Capital, Inc. (FCAP) generated $19.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
First Capital, Inc. (FCAP) spent $1.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, First Capital, Inc. (FCAP) returned $4.0M to shareholders via cash dividends and spent $0.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.