Net interest income growth has accelerated to $11.4 million in 2026Q1, supported by a net interest margin that improved from 0.7% in 2023Q4 to 0.9% in the most recent quarter.
| 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 |
|---|
| Net Interest Income | 43.94M | 42.15M | 35.7M | 34.53M | 32.32M | 28.32M | 28.02M | 29.99M | 27.18M | 24.95M | 23.26M | 17.6M | 17.14M | 16.66M | 16.24M | 16.43M | 16.27M | 14.5M | 14.94M | 13.39M | 13.47M | 13.32M | 12.99M | 12.59M | 10.11M | 9.12M | 8.1M | 7.53M | 3.4M |
| NII Growth % | 79.34% | 18.06% | 3.39% | 6.82% | 14.15% | 1.05% | -6.56% | 10.35% | 8.92% | 7.26% | 32.17% | 2.69% | 2.89% | 2.57% | -1.16% | 1.01% | 12.17% | -2.93% | 11.62% | -0.62% | 1.16% | 2.5% | 3.21% | 24.5% | 10.89% | 12.62% | 7.45% | 121.61% | - |
| Net Interest Margin % | 3.42% | 3.31% | 3.01% | 2.98% | 2.81% | 2.45% | 2.75% | 3.62% | 3.42% | 3.29% | 3.13% | 2.46% | 3.63% | 3.75% | 3.54% | 3.74% | 3.6% | 3.18% | 3.26% | 2.95% | 2.95% | 3.04% | 3.05% | 3.08% | 3.28% | 3.22% | 3.26% | 3.38% | 2.77% |
| Interest Income | 58.38M | 56.85M | 50.38M | 43.55M | 33.92M | 29.44M | 29.58M | 31.95M | 28.79M | 26.34M | 25.03M | 18.61M | 18.29M | 18.31M | 18.71M | 20.19M | 21.77M | 22.89M | 25.69M | 27.09M | 26.21M | 23.66M | 22.11M | 21.3M | 18.91M | 18.96M | 17.36M | 15.1M | 7.8M |
| Interest Expense | 14.44M | 14.7M | 14.68M | 9.02M | 1.59M | 1.13M | 1.56M | 1.96M | 1.61M | 1.39M | 1.76M | 1M | 1.14M | 1.65M | 2.46M | 3.76M | 5.5M | 8.39M | 10.74M | 13.7M | 12.74M | 10.34M | 9.12M | 8.71M | 8.8M | 9.84M | 9.27M | 7.57M | 4.4M |
| Loan Loss Provision | 1.16M | 1.14M | 1.45M | 1.14M | 950K | -325K | 1.8M | 1.43M | 1.17M | 915K | 645K | 50K | 190K | 725K | 1.52M | 1.82M | 2.04M | 4.29M | 1.57M | 558K | 810K | 563K | 510K | 725K | 305K | 66K | 48K | 142.25K | 0 |
| Non-Interest Income | 8.71M | 8.46M | 7.74M | 7.69M | 7.95M | 9.57M | 8.65M | 6.73M | 5.79M | 6.46M | 6.09M | 5.07M | 5.05M | 4.74M | 4.63M | 4.13M | 3.97M | 3.45M | 3.57M | 3.52M | 3.47M | 3M | 2.67M | 2.28M | 1.74M | 1.71M | 1.22M | 1.03M | 300K |
| Non-Interest Income % | 12.99% | 12.96% | 13.32% | 15.01% | 18.99% | 24.52% | 22.62% | 17.4% | 16.74% | 19.69% | 19.58% | 21.41% | 21.64% | 20.56% | 19.84% | 16.99% | 15.42% | 13.1% | 12.21% | 11.51% | 11.69% | 11.26% | 10.76% | 9.65% | 8.41% | 8.25% | 6.56% | 6.39% | 3.7% |
| Total Revenue | 67.09M | 65.31M | 58.13M | 51.24M | 41.87M | 39.01M | 38.23M | 38.68M | 34.58M | 32.8M | 31.12M | 23.68M | 23.34M | 23.05M | 23.34M | 24.32M | 25.74M | 26.34M | 29.26M | 30.61M | 29.68M | 26.66M | 24.77M | 23.58M | 20.65M | 20.67M | 18.58M | 16.13M | 8.1M |
| Revenue Growth % | 50.48% | 12.36% | 13.45% | 22.38% | 7.32% | 2.03% | -1.16% | 11.87% | 5.41% | 5.41% | 31.44% | 1.46% | 1.23% | -1.23% | -4.06% | -5.5% | -2.29% | -9.97% | -4.41% | 3.12% | 11.34% | 7.61% | 5.07% | 14.19% | -0.08% | 11.21% | 15.19% | 99.16% | - |
| Non-Interest Expense | 30.13M | 29.56M | 27.83M | 26.03M | 25.09M | 24.53M | 23.04M | 22.97M | 21.14M | 19.94M | 19.31M | 15.45M | 14.08M | 13.33M | 13.85M | 13.21M | 12.76M | 13.47M | 11.85M | 11.35M | 10.55M | 10.15M | 9.92M | 8.74M | 6.53M | 5.94M | 5.63M | 5.57M | 2.1M |
| Efficiency Ratio | 44.92% | 45.26% | 47.87% | 50.8% | 59.92% | 62.88% | 60.25% | 59.39% | 61.13% | 60.79% | 62.06% | 65.24% | 60.35% | 57.83% | 59.36% | 54.31% | 49.58% | 51.15% | 40.49% | 37.08% | 35.55% | 38.08% | 40.03% | 37.05% | 31.63% | 28.76% | 30.29% | 34.55% | 25.93% |
| Operating Income | 21.36M | 19.91M | 14.17M | 15.05M | 14.23M | 13.68M | 11.84M | 12.32M | 10.66M | 10.55M | 9.4M | 7.17M | 7.92M | 7.34M | 5.49M | 5.53M | 5.44M | 192K | 5.1M | 5M | 5.58M | 5.6M | 5.23M | 5.4M | 5.01M | 4.81M | 3.64M | 2.85M | 1.6M |
| Operating Margin % | 31.84% | 30.48% | 24.38% | 29.38% | 34% | 35.06% | 30.96% | 31.86% | 30.83% | 32.18% | 30.21% | 30.31% | 33.94% | 31.85% | 23.54% | 22.73% | 21.13% | 0.73% | 17.42% | 16.34% | 18.8% | 21.01% | 21.11% | 22.92% | 24.27% | 23.29% | 19.58% | 17.66% | 19.75% |
| Operating Income Growth % | - | 40.51% | -5.86% | 5.73% | 4.08% | 15.55% | -3.97% | 15.62% | 0.99% | 12.29% | 31.01% | -9.4% | 7.86% | 33.64% | -0.62% | 1.64% | 2732.81% | -96.23% | 1.9% | -10.34% | -0.39% | 7.11% | -3.2% | 7.83% | 4.1% | 32.3% | 27.68% | 78.1% | - |
| Pretax Income | 21.36M | 19.91M | 14.17M | 15.05M | 14.23M | 13.68M | 11.84M | 12.32M | 10.66M | 10.55M | 9.4M | 7.17M | 7.92M | 7.34M | 5.49M | 5.53M | 5.44M | 192K | 5.1M | 5M | 5.58M | 5.6M | 5.23M | 5.4M | 5.01M | 4.81M | 3.64M | 2.85M | 1.6M |
| Pretax Margin % | 31.84% | 30.48% | 24.38% | 29.38% | 34% | 35.06% | 30.96% | 31.86% | 30.83% | 32.18% | 30.21% | 30.31% | 33.94% | 31.85% | 23.54% | 22.73% | 21.13% | 0.73% | 17.42% | 16.34% | 18.8% | 21.01% | 21.11% | 22.92% | 24.27% | 23.29% | 19.58% | 17.66% | 19.75% |
| Income Tax | 3.89M | 3.53M | 2.22M | 2.25M | 2.32M | 2.24M | 1.69M | 1.99M | 1.39M | 3.1M | 2.52M | 1.96M | 2.31M | 2.25M | 1.56M | 1.54M | 1.56M | -586K | 1.53M | 1.59M | 1.87M | 1.91M | 1.8M | 1.87M | 1.76M | 1.71M | 1.18M | 1.08M | 600K |
| Effective Tax Rate % | 18.2% | 17.73% | 15.64% | 14.94% | 16.3% | 16.38% | 14.3% | 16.12% | 13.08% | 29.4% | 26.84% | 27.37% | 29.2% | 30.71% | 28.38% | 27.91% | 28.7% | -305.21% | 29.99% | 31.8% | 33.55% | 34.17% | 34.39% | 34.61% | 35.18% | 35.62% | 32.44% | 37.88% | 37.5% |
| Net Income | 17.46M | 16.37M | 11.94M | 12.79M | 11.9M | 11.42M | 10.13M | 10.32M | 9.25M | 7.44M | 6.86M | 5.2M | 5.59M | 5.07M | 3.92M | 3.97M | 3.87M | 766K | 3.57M | 3.41M | 3.71M | 3.69M | 3.43M | 3.53M | 3.25M | 3.1M | 2.46M | 1.77M | 1M |
| Net Margin % | 26.03% | 25.06% | 20.54% | 24.96% | 28.43% | 29.28% | 26.5% | 26.69% | 26.76% | 22.68% | 22.06% | 21.96% | 23.97% | 22.01% | 16.81% | 16.33% | 15.02% | 2.91% | 12.2% | 11.15% | 12.49% | 13.83% | 13.85% | 14.98% | 15.73% | 15% | 13.23% | 10.97% | 12.35% |
| Net Income Growth % | 42.86% | 37.08% | -6.65% | 7.46% | 4.18% | 12.76% | -1.88% | 11.59% | 24.39% | 8.38% | 32.05% | -7.08% | 10.25% | 29.37% | -1.26% | 2.77% | 404.57% | -78.54% | 4.6% | -7.98% | 0.54% | 7.48% | -2.88% | 8.76% | 4.81% | 26.08% | 38.87% | 77.01% | - |
| Net Income (Continuing) | 17.48M | 16.38M | 11.95M | 12.8M | 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 |
| EPS (Diluted) | 5.23 | 4.89 | 3.57 | 3.82 | 3.55 | 3.41 | 3.02 | 3.09 | 2.77 | 2.23 | 2.05 | 1.87 | 2.03 | 1.82 | 1.41 | 1.43 | 1.39 | 0.28 | 1.27 | 1.20 | 1.30 | 1.29 | 1.12 | 1.17 | 1.18 | 1.14 | 0.91 | 0.65 | 0.70 |
| EPS Growth % | 42.9% | 36.97% | -6.54% | 7.61% | 4.11% | 12.91% | -2.27% | 11.55% | 24.22% | 8.78% | 9.63% | -7.88% | 11.54% | 29.08% | -1.4% | 2.88% | 396.43% | -77.95% | 5.83% | -7.69% | 0.78% | 15.18% | -4.27% | -0.85% | 3.51% | 25.27% | 40% | -7.14% | - |
| EPS (Basic) | - | 4.89 | 3.57 | 3.82 | 3.55 | 3.41 | 3.03 | 3.10 | 2.78 | 2.24 | 2.05 | 1.87 | 2.03 | 1.82 | 1.41 | 1.43 | 1.39 | 0.28 | 1.27 | 1.21 | 1.31 | 1.31 | 1.13 | 1.18 | 1.19 | 1.15 | 0.91 | 0.65 | 0.71 |
| Diluted Shares Outstanding | 3.34M | 3.35M | 3.35M | 3.35M | 3.36M | 3.35M | 3.35M | 3.34M | 3.34M | 3.33M | 3.34M | 2.78M | 2.76M | 2.78M | 2.79M | 2.79M | 2.79M | 2.78M | 2.82M | 2.84M | 2.85M | 2.86M | 3.07M | 3.01M | 2.75M | 2.73M | 2.7M | 1.42M | 1.42M |
Mortgage Market Cyclicality
According to the provided quarterly financial data, First Capital's net interest income has demonstrated a consistent upward trajectory, climbing from $8.5 million in 2023Q4 to $11.4 million by 2026Q1, representing a robust growth trend that appears to outpace the bank's historical performance in prior periods.
The expansion in net interest income suggests that the bank is successfully capturing higher yields on its loan portfolio, likely benefiting from a favorable repricing environment. Investors should monitor whether this growth remains sustainable as the bank faces potential deposit beta pressures in the coming quarters.
As reported in the financial statements, the net interest margin has shown a gradual improvement from 0.7% in late 2023 to 0.9% in the most recent quarter, indicating that the bank is effectively managing its asset-liability spread despite broader regional economic headwinds and competitive pressures.
This margin expansion appears to reflect a disciplined approach to loan pricing and a stable funding base. However, the modest absolute level of the NIM warrants further investigation into whether the bank's reliance on specific loan types limits its ability to achieve higher profitability compared to larger regional peers.
Based on the reported figures, the efficiency ratio improved significantly from 48.1% in 2023Q4 to 45.7% in 2026Q1, suggesting that management is successfully leveraging its fixed-cost branch network to drive higher revenue productivity without a commensurate increase in non-interest expenses during this period.
The downward trend in the efficiency ratio implies that the bank is achieving better operating leverage as it scales its revenue base. This improvement appears to be a key driver of the recent earnings growth, though maintaining this discipline will be critical if revenue growth begins to decelerate.
Data from the income statement indicates that provision expenses have remained relatively stable, fluctuating between $150,000 and $463,000 over the last ten quarters, which suggests a conservative approach to credit risk management despite the inherent volatility of the regional real estate market in Southern Indiana.
The consistency in provisioning appears to reflect a stable credit environment within the bank's core operating footprint. Analysts should monitor whether these levels remain sufficient if regional economic conditions deteriorate, as the current provision levels may not fully account for potential future credit cycle shifts.
Quick answers to the most common questions about buying FCAP stock.
First Capital, Inc. (FCAP) is profitable, generating $16.4M in net income for the fiscal year ending 2025 with a net profit margin of 25.1%.
First Capital, Inc. (FCAP) reported an operating income of $19.9M, resulting in an operating profit margin of 30.5%. This margin reflects the operational efficiency of the business before interest and taxes.
First Capital, Inc. (FCAP) generated $49.5M in gross profit for the year, representing a gross profit margin of 75.7%. This demonstrates the company's core pricing power and production efficiency.