First Capital, Inc. reported net income of $11.9 million, or $3.57 per diluted share, for the year ended December 31, 2024, a decrease from $12.8 million, or $3.82 per diluted share, for the year ended December 31, 2023. For the fourth quarter of 2024, net income was $3.3 million, or $0.97 per diluted share, an increase from $3.1 million, or $0.93 per diluted share, for the same quarter in 2023.
The company's tax-equivalent net interest margin increased from 3.16% in 2023 to 3.20% in 2024 for the full year, and from 3.11% in Q4 2023 to 3.33% in Q4 2024. This was driven by an increase in the average tax-equivalent yield on interest-earning assets, despite a rise in the average cost of interest-bearing liabilities.
The provision for credit losses increased to $1.4 million for the full year 2024 and $346,000 for Q4 2024, attributed to loan growth and macroeconomic uncertainty. Nonperforming assets increased from $1.8 million at December 31, 2023, to $4.5 million at December 31, 2024, primarily due to the nonaccrual classification of two commercial loan relationships totaling $2.6 million.
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