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First Capital, Inc.(FCAP), a leading financial insti tution, recently released its unaudited financial statements for the first quarter of 2023. The report indicates impressive financial performance, with net income reaching $3.82 million and total revenue amounting to $10.19 million. The following sections delve into the detailed financial data and key highlights of the company's operations during the first quarter.
As of March 31, 2023, First Capital, Inc. recorded total assets of $1.14 billion, showing a slight decline from the previous year-end's total of $1.15 billion. The company's cash and cash equivalents amounted to $35.88 million, down from $66.30 million at the end of 2022. Interest-bearing time deposits remained stable at $3.68 million. Securities available for sale saw an increase to $470.09 million from $460.82 million, while loans held for sale decreased to $0.58 million from $0.79 million. Loans, net of allowance for credit losses, increased to $565.58 million from $557.96 million. The company's total liabilities stood at $1.04 billion, compared to $1.07 billion at the end of the previous year.
Consolidated Statements of Income
First Capital, Inc. reported a significant increase in interest income for the first quarter of 2023, reaching $10.19 million, compared to $7.21 million during the same period in 2022. The interest expense also rose to $0.99 million from $0.25 million. Net interest income after provision for credit losses amounted to $8.99 million, showcasing a healthy growth rate. The company's noninterest income reached $1.99 million, with service charges on deposit accounts and ATM/debit card fees being major contributors. Noninterest expenses amounted to $6.40 million, mainly attributed to compensation and benefits.
Consolidated Statements of Comprehensive Income
The company's comprehensive income for the first quarter of 2023 was $10.56 million, compared to a comprehensive loss of $16.64 million during the same period in 2022. The positive change was primarily driven by unrealized gains on securities available for sale, which amounted to $6.75 million.
Consolidated Statements of Changes in Stockholders' Equity
First Capital, Inc.'s stockholders' equity stood at $94.04 million as of March 31, 2023, marking an increase from $85.16 million at the end of 2022. The company's net income attributable to First Capital, Inc. for the first quarter of 2023 was $3.82 million, leading to a positive impact on stockholders' equity.
The company's net cash provided by operating activities for the first quarter of 2023 was $5.25 million, showcasing a healthy cash flow. However, net cash used in investing activities amounted to $9.49 million due to purchases of securities and equipment. Net cash used in financing activities was $26.18 million, mainly attributed to a decrease in deposits and the purchase of treasury stock.
First Capital, Inc.'s strong financial performance in the first quarter of 2023 reflects its commitment to providing excellent financial services and building shareholder value. The company remains optimistic about its future prospects despite the challenges posed by the ever-changing economic landscape.