10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                               to                               

Commission File No. 0-25023

First Capital, Inc.

(Exact name of registrant as specified in its charter)

Indiana	35-2056949
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification Number)

220 Federal Drive NW, Corydon, Indiana 47112	1-812-738-2198
(Address of principal executive offices, zip code, telephone number)

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.01 per share	FCAP	The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  ☒  No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes  ☒  No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐  No  ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 3,345,531 shares of common stock were outstanding as of April 30, 2026.

FIRST CAPITAL, INC.

INDEX

Part I	Financial Information	Page
	Item 1. Consolidated Financial Statements
	Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025 (unaudited)	3
	Consolidated Statements of Income for the three months ended March 31, 2026 and 2025 (unaudited)	4
	Consolidated Statements of Comprehensive Income for the three months ended March 31, 2026 and 2025 (unaudited)	5
	Consolidated Statements of Changes in Stockholders’ Equity for the three months ended March 31, 2026 and 2025 (unaudited)	6
	Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (unaudited)	7
	Notes to Consolidated Financial Statements (unaudited)	8-28
	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	29-31
	Item 3. Quantitative and Qualitative Disclosures About Market Risk	32-33
	Item 4. Controls and Procedures	34
Part II	Other Information	35
	Item 1. Legal Proceedings	35
	Item 1A. Risk Factors	35
	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	35
	Item 3. Defaults Upon Senior Securities	35
	Item 4. Mine Safety Disclosures	35
	Item 5. Other Information	35
	Item 6. Exhibits	36
Signatures

- 2 -

PART I – FINANCIAL INFORMATION

FIRST CAPITAL, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

	March 31,		December 31,
(In thousands, except share and per share data)	2026		2025
ASSETS
Cash and due from banks	$	21,682	$	26,873
Interest bearing deposits with banks		127,958		110,415
Total cash and cash equivalents		149,640		137,288
Interest-bearing time deposits		1,225		1,470
Securities available for sale, at fair value (amortized cost $426,668 and $432,167, respectively)		407,764		417,190
Securities held to maturity, at amortized cost (fair value $5,443 and $5,243, respectively)		7,000		7,000
Loans held for sale		756		1,464
Loans, net of allowance for credit losses of $10,347 ($10,108 in 2025)		664,404		654,100
Federal Home Loan Bank and other stock, at cost		1,836		1,836
Premises and equipment		14,567		14,357
Accrued interest receivable		4,917		5,100
Cash value of life insurance		9,050		8,993
Goodwill		6,472		6,472
Other assets		16,520		16,725
Total Assets	$	1,284,151	$	1,271,995
LIABILITIES
Deposits:
Noninterest-bearing	$	218,583	$	220,053
Interest-bearing		917,990		902,937
Total deposits		1,136,573		1,122,990
Accrued interest payable		2,156		2,195
Accrued expenses and other liabilities		7,268		8,901
Total liabilities		1,145,997		1,134,086
EQUITY
Preferred stock of $.01 par value per share
Authorized 1,000,000 shares; none issued		—		—
Common stock of $.01 par value per share
Authorized 7,500,000 shares; issued 3,814,543 shares (3,810,883 in 2025); outstanding 3,345,531 (3,341,871 in 2025)		38		38
Additional paid-in capital		42,015		41,823
Retained earnings-substantially restricted		120,927		117,635
Unearned stock compensation		(350)		(178)
Accumulated other comprehensive loss		(14,716)		(11,646)
Less treasury stock, at cost - 469,012 shares		(9,875)		(9,875)
Total First Capital, Inc. stockholders' equity		138,039		137,797
Noncontrolling interest in subsidiary		115		112
Total equity		138,154		137,909
Total Liabilities and Equity	$	1,284,151	$	1,271,995

See accompanying notes to consolidated financial statements.

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PART I – FINANCIAL INFORMATION

FIRST CAPITAL, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three Months Ended
	March 31,
(In thousands, except per share data)	2026		2025
INTEREST INCOME
Loans, including fees	$	10,442	$	9,774
Securities:
Taxable		2,713		1,834
Tax-exempt		703		649
Dividends		24		26
Interest bearing deposits with banks		1,042		1,063
Total interest income		14,924		13,346
INTEREST EXPENSE
Deposits		3,506		3,765
Total interest expense		3,506		3,765
Net interest income		11,418		9,581
Provision for credit losses		350		338
Net interest income after provision for credit losses		11,068		9,243
NONINTEREST INCOME
Service charges on deposit accounts		592		593
ATM and debit card fees		1,081		1,036
Loss on sale of securities		(92)		(55)
Unrealized gain on equity securities		178		18
Gain on sale of loans		133		89
Increase in cash surrender value of life insurance		57		72
Other income		99		95
Total noninterest income		2,048		1,848
NONINTEREST EXPENSE
Compensation and benefits		4,337		4,102
Occupancy and equipment		634		623
Data processing		1,096		1,108
Professional fees		527		286
Advertising		72		74
Other expenses		1,087		988
Total noninterest expense		7,753		7,181
Income before income taxes		5,363		3,910
Income tax expense		1,030		672
Net Income		4,333		3,238
Less: net income attributable to noncontrolling interest in subsidiary		3		3
Net Income Attributable to First Capital, Inc.	$	4,330	$	3,235
Earnings per common share attributable to First Capital, Inc.:
Basic	$	1.30	$	0.97
Diluted	$	1.30	$	0.97
Dividends per share	$	0.31	$	0.29

See accompanying notes to consolidated financial statements.

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PART I – FINANCIAL INFORMATION

FIRST CAPITAL, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended
	March 31,
(In thousands)	2026		2025
Net Income	$	4,333	$	3,238
OTHER COMPREHENSIVE (LOSS) INCOME
Unrealized (losses) gains on securities available for sale:
Unrealized holding (losses) gains arising during the period		(4,019)		4,104
Income tax benefit (expense)		876		(956)
Net of tax amount		(3,143)		3,148
Less: reclassification adjustment for realized losses included in net income		92		55
Income tax benefit		(19)		(12)
Net of tax amount		73		43
Other Comprehensive (Loss) Income, net of tax		(3,070)		3,191
Comprehensive Income		1,263		6,429
Less: comprehensive income attributable to the noncontrolling interest in subsidiary		3		3
Comprehensive Income Attributable to First Capital, Inc.	$	1,260	$	6,426

See accompanying notes to consolidated financial statements.

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PART I – FINANCIAL INFORMATION

FIRST CAPITAL, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Unaudited)

							Accumulated
			Additional				Other		Unearned
	Common		Paid-in		Retained		Comprehensive		Stock		Treasury		Noncontrolling
(In thousands)	Stock		Capital		Earnings		Loss		Compensation		Stock		Interest		Total
Balances at January 1, 2025	$	38	$	41,676	$	105,290	$	(22,990)	$	(135)	$	(9,280)	$	112	$	114,711
Net income		—		—		3,235		—		—		—		3		3,238
Other comprehensive income		—		—		—		3,191		—		—		—		3,191
Cash dividends		—		—		(974)		—		—		—		—		(974)
Stock compensation expense		—		—		—		—		38		—		—		38
Purchase of treasury shares		—		—		—		—		—		(9)		—		(9)
Restricted stock grants		—		147		—		—		(147)		—		—		—
Balances at March 31, 2025	$	38	$	41,823	$	107,551	$	(19,799)	$	(244)	$	(9,289)	$	115	$	120,195
Balances at January 1, 2026	$	38	$	41,823	$	117,635	$	(11,646)	$	(178)	$	(9,875)	$	112	$	137,909
Net income		—		—		4,330		—		—		—		3		4,333
Other comprehensive loss		—		—		—		(3,070)		—		—		—		(3,070)
Cash dividends		—		—		(1,038)		—		—		—		—		(1,038)
Stock compensation expense		—		—		—		—		20		—		—		20
Restricted stock grants		—		198		—		—		(198)		—		—		—
Restricted stock grant forfeitures		—		(6)		—		—		6		—		—		—
Balances at March 31, 2026	$	38	$	42,015	$	120,927	$	(14,716)	$	(350)	$	(9,875)	$	115	$	138,154

See accompanying notes to consolidated financial statements.

- 6 -

PART I – FINANCIAL INFORMATION

FIRST CAPITAL, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Three Months Ended
	March 31,
(In thousands)	2026		2025
CASH FLOWS FROM OPERATING ACTIVITIES	​(In thousands)
Net income	$	4,333	$	3,238
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:
Amortization of premiums and accretion of discounts on securities, net		114		220
Depreciation and amortization expense		279		281
Deferred income taxes		671		(96)
Stock compensation expense		20		38
Increase in cash value of life insurance		(57)		(72)
Loss on sale of securities		92		55
Provision for credit losses		350		338
Proceeds from sales of loans		9,218		4,812
Loans originated for sale		(8,377)		(4,592)
Gain on sale of loans		(133)		(89)
Amortization of tax credit investment		350		384
Unrealized gain on equity securities		(178)		(18)
Loss on disposal of premises and equipment		—		58
Decrease in accrued interest receivable		183		17
Decrease in accrued interest payable		(39)		(163)
Net change in other assets/liabilities		(485)		(24)
Net Cash Provided By Operating Activities		6,341		4,387
CASH FLOWS FROM INVESTING ACTIVITIES
Net decrease in interest-bearing time deposits		245		—
Purchase of securities available for sale		(45,701)		(30,783)
Proceeds from maturities of securities available for sale		17,790		15,385
Proceeds from sales of securities available for sale		18,722		11,192
Principal collected on mortgage-backed obligations		14,482		6,617
Net increase in loans receivable		(10,654)		(12,080)
Investment in tax credit entities		(845)		(291)
Investment in technology fund		(84)		—
Purchase of premises and equipment		(489)		(220)
Net Cash Used In Investing Activities		(6,534)		(10,180)
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase in deposits		13,583		17,482
Purchase of treasury stock		—		(9)
Dividends paid		(1,038)		(974)
Net Cash Provided By Financing Activities		12,545		16,499
Net Increase in Cash and Cash Equivalents		12,352		10,706
Cash and cash equivalents at beginning of period		137,288		105,917
Cash and Cash Equivalents at End of Period	$	149,640	$	116,623

See accompanying notes to consolidated financial statements.

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FIRST CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1.Presentation of Interim Information

First Capital, Inc. (“Company”) is the financial holding company of First Harrison Bank (“Bank”), an Indiana chartered commercial bank and wholly owned subsidiary. First Harrison Investments, Inc. and First Harrison Holdings, Inc. are wholly-owned Nevada corporate subsidiaries of the Bank that jointly own First Harrison, LLC, a Nevada limited liability corporation that holds and manages an investment portfolio. First Harrison REIT, Inc. (“REIT”) is a wholly-owned subsidiary of First Harrison Holdings, Inc. that holds a portion of the Bank’s real estate mortgage loan portfolio.

In the opinion of management, the unaudited consolidated financial statements include all adjustments considered necessary to present fairly the financial position as of March 31, 2026, and the results of operations for the three months ended March 31, 2026 and 2025 and the cash flows for the three months ended March 31, 2026 and 2025. All of these adjustments are of a normal, recurring nature. Such adjustments are the only adjustments included in the unaudited consolidated financial statements. Interim results are not necessarily indicative of results for a full year or any other period.

The accompanying unaudited consolidated financial statements and notes have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial statements and are presented as permitted by the instructions to Form 10-Q. Accordingly, they do not contain certain information included in the Company’s annual audited consolidated financial statements and related footnotes for the year ended December 31, 2025 included in the Company’s Annual Report on Form 10-K.

The unaudited consolidated financial statements include the accounts of the Company and its subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform with the current period presentation. The reclassifications had no effect on net income or stockholders’ equity.

2.Recent Accounting Pronouncements

The Company has determined that all recently issued accounting pronouncements will not have a material impact on the Company’s consolidated financial statements or do not apply to its operations.

- 8 -

FIRST CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

3.Investment Securities

Investment securities have been classified in the consolidated balance sheets according to management’s intent. Investment securities at March 31, 2026 and December 31, 2025 are summarized as follows:

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(In thousands)	Cost		Gains		Losses		Value
March 31, 2026
Securities available for sale:
Agency mortgage-backed securities	$	116,309	$	93	$	6,008	$	110,394
Agency CMO		102,026		478		436		102,068
Agency notes and bonds		54,198		5		670		53,533
Treasury notes and bonds		2,488		—		31		2,457
Municipal obligations		151,647		503		12,838		139,312
Total securities available for sale	$	426,668	$	1,079	$	19,983	$	407,764
Securities held to maturity:
Other debt securities:
Corporate notes	$	7,000	$	—	$	1,557	$	5,443
Total securities held to maturity	$	7,000	$	—	$	1,557	$	5,443
December 31, 2025
Securities available for sale:
Agency mortgage-backed securities	$	96,218	$	505	$	4,793	$	91,930
Agency CMO		100,018		841		113		100,746
Agency notes and bonds		75,448		30		1,087		74,391
Treasury notes and bonds		2,485		—		24		2,461
Municipal obligations		157,998		996		11,332		147,662
Total securities available for sale	$	432,167	$	2,372	$	17,349	$	417,190
Securities held to maturity:
Other debt securities:
Corporate notes	$	7,000	$	—	$	1,757	$	5,243
Total securities held to maturity	$	7,000	$	—	$	1,757	$	5,243

Agency notes and bonds, agency mortgage-backed securities and agency collateralized mortgage obligations (“CMO”) include securities issued by the Government National Mortgage Association (“GNMA”), a U.S. government agency, and the Federal National Mortgage Association (“FNMA”), the Federal Home Loan Mortgage Corporation (“FHLMC”), the Federal Farm Credit Bank (“FFCB”) and the Federal Home Loan Bank (“FHLB”), which are government-sponsored enterprises. Corporate notes classified as held to maturity include subordinated debt obligations issued by other bank holding companies (“BHC”).

- 9 -

FIRST CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(3 – continued)

The amortized cost and fair value of debt securities as of March 31, 2026, by contractual maturity, are shown below. Expected maturities of mortgage-backed securities and CMO may differ from contractual maturities because the mortgages underlying the obligations may be prepaid without penalty.

	Securities Available for Sale				Securities Held to Maturity
	Amortized		Fair		Amortized		Fair
(In thousands)	Cost		Value		Cost		Value
Due in one year or less	$	46,762	$	46,310	$	—	$	—
Due after one year through five years		23,429		22,267		—		—
Due after five years through ten years		81,765		73,799		2,000		1,630
Due after ten years		56,377		52,926		5,000		3,813
		208,333		195,302		7,000		5,443
Mortgage-backed securities and CMO		218,335		212,462		—		—
	$	426,668	$	407,764	$	7,000	$	5,443

Information pertaining to investment securities with gross unrealized losses at March 31, 2026, aggregated by investment category and the length of time that individual investment securities have been in a continuous loss position, follows.

	Number of			Gross
	Investment	Fair		Unrealized
(Dollars in thousands)	Positions	Value		Losses
Securities available for sale:
Continuous loss position less than twelve months:
Agency mortgage-backed securities	26	$	46,843	$	922
Agency CMO	13		26,700		297
Agency notes and bonds	3		3,218		30
Municipal obligations	41		20,446		386
Total less than twelve months	83		97,207		1,635
Continuous loss position more than twelve months:
Agency mortgage-backed securities	65		47,325		5,086
Agency CMO	18		5,424		139
Agency notes and bonds	17		47,960		640
Treasury notes and bonds	2		2,457		31
Municipal obligations	158		85,629		12,452
Total more than twelve months	260		188,795		18,348
Total securities available for sale	343	$	286,002	$	19,983
Securities held to maturity:
Continuous loss position more than twelve months:
Corporate notes	4	$	5,443	$	1,557
Total more than twelve months	4		5,443		1,557
Total securities held to maturity	4	$	5,443	$	1,557

- 10 -

FIRST CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(3 – continued)

Information pertaining to investment securities with gross unrealized losses at December 31, 2025, aggregated by investment category and the length of time that individual investment securities have been in a continuous position, follows.

	Number of			Gross
	Investment	Fair		Unrealized
(Dollars in thousands)	Positions	Value		Losses
Securities available for sale:
Continuous loss position less than twelve months:
Agency mortgage-backed securities	8	$	11,853	$	96
Agency CMO	1		646		1
Agency notes and bonds	1		747		1
Municipal obligations	11		3,883		9
Total less than twelve months	21		17,129		107
Continuous loss position more than twelve months:
Agency mortgage-backed securities	90		51,637		4,697
Agency CMO	19		6,335		112
Agency notes and bonds	26		70,014		1,086
Treasury notes and bonds	2		2,461		24
Municipal obligations	174		97,487		11,323
Total more than twelve months	311		227,934		17,242
Total securities available for sale	332	$	245,063	$	17,349
Securities held to maturity:
Continuous loss position less than twelve months:
Corporate notes	4	$	5,243	$	1,757
Total less than twelve months	4		5,243		1,757
Total securities held to maturity	4	$	5,243	$	1,757

The Company has not identified any specific available for sale securities in a loss position that it intends to sell in the near term and does not believe that it will be required to sell any such securities. The Company reviews its securities on a quarterly basis to assess declines in fair value for credit losses. Consideration is given to such factors as the credit rating of the borrower, market conditions such as current interest rates, any adverse conditions specific to the security, and delinquency status on contractual payments. At March 31, 2026, management concluded that in all instances, securities with fair values less than carrying value were due to fluctuations in interest rates and other factors; thus, no credit loss provision was required.

In addition, management assesses held to maturity securities for credit losses on a quarterly basis. The assessment includes review of performance metrics, identification of delinquency and evaluation of market factors.  Based on all analysis, management concludes the decline in fair value of all securities classified as held to maturity was due to changes in interest rates and other market factors.

At March 31, 2026, the municipal obligations and U.S. government agency debt securities, including Treasury notes and bonds, agency notes and bonds, mortgage-backed securities and CMOs classified as available for sale and in a loss position had depreciated approximately 6.5% from the amortized cost basis. All of the U.S. government agency securities and municipal obligations are issued by U.S. government agencies, government-sponsored enterprises and municipal governments, or are secured by first mortgage loans and municipal project revenues. At March 31, 2026, the corporate notes classified as held to maturity in a loss position had depreciated approximately 22.2% from the amortized cost basis. These unrealized losses related principally to current interest rates for similar types of securities. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government, its agencies or other governments, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuer’s financial condition. As the Company has the intent and ability to hold the debt securities until maturity, or the foreseeable future if classified as available for sale, no credit loss is deemed to exist.

As of March 31, 2026 and December 31, 2025, the Company estimated expected credit losses to be immaterial based on the composition of the held to maturity securities portfolio.

- 11 -

FIRST CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

While management does not anticipate any credit losses at March 31, 2026, additional deterioration in market and economic conditions may have an adverse impact on credit quality in the future.

During the three months ended March 31, 2026, the Company recognized gross gains of $169,000 and gross losses of $261,000 on sales of available for sale securities.  During the three months ended March 31, 2025, the Company recognized gross gains of $31,000 and gross losses of $86,000 on sales of available for sale securities.

At March 31, 2026 and December 31, 2025, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, with an aggregate book value greater than 10% of stockholders’ equity.

Accrued interest receivable on available for sale debt securities totaled $2.4 million and $2.6 million at March 31, 2026 and December 31, 2025, respectively, and was reported in accrued interest receivable on the consolidated balance sheets and is excluded from the estimate of credit losses.

Accrued interest receivable on held to maturity debt securities totaled $18,000 at both March 31, 2026 and December 31, 2025, and was reported in accrued interest receivable on the consolidated balance sheets and is excluded from the estimate of credit losses.

Equity Securities

In September 2018, the Company acquired 90,000 shares of common stock in another BHC, representing approximately 5% of the outstanding common stock of the entity, for a total investment of $1.9 million.  During the three months ended March 31, 2026 and 2025, the Company recognized a gain of $178,000 and $18,000, respectively.  At March 31, 2026 and December 31, 2025, the equity investment had a fair value of $1.2 million and $1.0 million, respectively, and is included in other assets on the consolidated balance sheets.

In October 2021, the Company entered into an agreement to invest in a bank technology fund through a limited partnership and the Company entered into an agreement to participate in a second, related fund in June 2025. At both March 31, 2026 and December 31, 2025, the Company’s investment in the limited partnerships was $910,000 and is reflected in other assets on the consolidated balance sheets. The unfunded commitment related to the limited partnership investments at March 31, 2026 and December 31, 2025 was $153,000 and $237,000, respectively, and is reflected in other liabilities on the consolidated balance sheets. The Company expects to fulfill the commitment as capital calls are made through 2026. The investments are accounted for as equity securities without a readily determinable fair value, and have been recorded at cost, less any impairment, and adjustments resulting from observable price changes. There were no impairments or adjustments on equity securities without readily determinable fair values during the three months ended March 31, 2026 or 2025.

4.Loans and Allowance for Credit Losses

Loans at March 31, 2026 and December 31, 2025 consisted of the following:

	March 31,		December 31,
(In thousands)	2026		2025
1-4 Family Residential Mortgage	$	141,957	$	140,677
Home Equity and Second Mortgage		71,200		71,435
Multifamily Residential		71,151		69,567
1-4 Family Residential Construction		15,032		15,445
Other Construction, Development and Land		47,738		41,227
Commercial Real Estate		206,800		207,124
Commercial Business		66,126		61,991
Consumer and Other		53,709		55,676
Principal loan balance		673,713		663,142
Deferred loan origination fees and costs, net		1,038		1,066
Allowance for credit losses		(10,347)		(10,108)
Loans, net	$	664,404	$	654,100

- 12 -

FIRST CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(4 – continued)

The Allowance for Credit Losses (“ACL”) on loans is measured on a collective (pooled) basis when similar risk characteristics exist. The Company’s pools/segments are largely determined based on loan types as defined by Call Report instructions.

Loans that do not share risk characteristics are evaluated on an individual basis. In addition, loans evaluated individually are not included in the collective evaluation. When management determines that foreclosure is probable or the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are based on the fair value of the collateral at the reporting date adjusted for selling costs.

The following table provides the components of the Company’s amortized cost basis in loans at March 31, 2026 and December 31, 2025:

									Other
	1-4 Family		Home Equity				1-4 Family		Construction,
	Residential		and Second		Multifamily		Residential		Development		Commercial		Commercial		Consumer
	Mortgage		Mortgage		Residential		Construction		and Land		Real Estate		Business		and Other		Total
March 31, 2026	(In thousands)
Amortized Cost Basis in Loans:
Principal loan balance	$	141,957	$	71,200	$	71,151	$	15,032	$	47,738	$	206,800	$	66,126	$	53,709	$	673,713
Net deferred loan origination fees and costs		74		1,218		(47)		(2)		(57)		(144)		(4)		—		1,038
Amortized cost basis in loans	$	142,031	$	72,418	$	71,104	$	15,030	$	47,681	$	206,656	$	66,122	$	53,709	$	674,751
December 31, 2025
Amortized Cost Basis in Loans:
Principal loan balance	$	140,677	$	71,435	$	69,567	$	15,445	$	41,227	$	207,124	$	61,991	$	55,676	$	663,142
Net deferred loan origination fees and costs		81		1,231		(45)		—		(49)		(150)		(2)		—		1,066
Amortized cost basis in loans	$	140,758	$	72,666	$	69,522	$	15,445	$	41,178	$	206,974	$	61,989	$	55,676	$	664,208

The following table provides an analysis of the changes in the ACL on loans for the three months ended March 31, 2026 and 2025:

									Other
	1-4 Family		Home Equity				1-4 Family		Construction,
	Residential		and Second		Multifamily		Residential		Development		Commercial		Commercial		Consumer
	Mortgage		Mortgage		Residential		Construction		and Land		Real Estate		Business		and Other		Total
March 31, 2026	(In thousands)
ACL on Loans:
Beginning balance	$	1,393	$	937	$	696	$	213	$	437	$	3,243	$	2,252	$	937	$	10,108
Provision for credit losses		156		22		122		20		111		(691)		421		189		350
Charge-offs		(1)		—		—		—		—		—		(64)		(155)		(220)
Recoveries		—		—		—		—		—		—		11		98		109
Ending balance	$	1,548	$	959	$	818	$	233	$	548	$	2,552	$	2,620	$	1,069	$	10,347
March 31, 2025
ACL on Loans:
Beginning balance	$	1,592	$	478	$	545	$	184	$	588	$	2,459	$	2,424	$	1,011	$	9,281
Provision for credit losses		(157)		89		(114)		39		591		(131)		(61)		82		338
Charge-offs		—		—		—		—		—		—		(27)		(100)		(127)
Recoveries		3		—		—		—		—		—		1		39		43
Ending balance	$	1,438	$	567	$	431	$	223	$	1,179	$	2,328	$	2,337	$	1,032	$	9,535

Accrued interest on loans totaled $2.5 million at March 31, 2026 and December 31, 2025 and is included in accrued interest receivable on the consolidated balance sheets and is excluded from the estimate of credit losses.

- 13 -

FIRST CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(4 – continued)

Company utilizes the Weighted Average Remaining Maturity (“WARM”) method in determining expected future credit losses. The WARM method uses average annual charge-off rates and the remaining life of the loan to estimate the ACL. For the Company’s loan portfolios, the remaining contractual life for each loan is adjusted by the expected scheduled payments and estimated prepayments. The average annual charge-off rate is applied to the amortization adjusted remaining life of the loan to determine the unadjusted lifetime historical charge-off rate. The Company’s expected loss estimate is anchored in historical credit loss experience, with an emphasis on all available portfolio data. The Company’s historical look-back periods for the loan portfolio range from one to 10 years depending on the WARM of the given portfolio segment and are updated on an annual basis.

The Company estimates the ACL on loans using relevant available information from internal and external sources relating to past events, current conditions, and reasonable and supportable forecasts. Reasonable and supportable forecasts typically utilize a 12-month period with immediate reversion to historical losses. Historical loss experience provides the basis for the estimation of expected credit losses. Qualitative adjustments to historical loss information are made for losses reflected by peers, changes in underwriting standards, changes in economic conditions, changes in delinquency levels, collateral values and other factors.

Qualitative adjustments reflect management’s overall estimate of the extent to which current expected credit losses on collectively evaluated loans will differ from historical loss experience. The analysis takes into consideration industry and collateral concentrations, acquired loan portfolio characteristics and other credit-related analytics as deemed appropriate.

Management exercises significant judgment in evaluating the relevant historical loss experience and the qualitative factors. Management also monitors the differences between estimated and actual incurred loan losses in order to evaluate the effectiveness of the estimation process and make any changes in the methodology as necessary.

Collateral dependent loans are loans for which the repayment is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. There have been no significant changes to the types of collateral securing the Company’s collateral dependent loans.

- 14 -

FIRST CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(4 – continued)

The following table presents the amortized cost basis of, and ACL allocation to, individually evaluated collateral-dependent loans by class of loans as of March 31, 2026 and December 31, 2025:

	Real								ACL
	Estate		Equipment		Other		Total		Allocation
March 31, 2026	(In thousands)
1-4 Family Residential Mortgage	$	1,658	$	—	$	—	$	1,658	$	—
Home Equity and Second Mortgage		495		—		—		495		—
Multifamily Residential		—		—		—		—		—
1-4 Family Residential Construction		98		—		—		98		61
Other Construction, Development and Land		119		—		—		119		—
Commercial Real Estate		2,171		—		—		2,171		—
Commercial Business		—		1,564		268		1,832		1,233
Consumer and Other		—		—		3		3		—
	$	4,541	$	1,564	$	271	$	6,376	$	1,294
December 31, 2025
1-4 Family Residential Mortgage	$	1,835	$	—	$	—	$	1,835	$	—
Home Equity and Second Mortgage		503		—		—		503		—
Multifamily Residential		—		—		—		—		—
1-4 Family Residential Construction		97		—		—		97		60
Other Construction, Development and Land		118		—		—		118		—
Commercial Real Estate		2,175		—		—		2,175		—
Commercial Business		—		1,645		467		2,112		1,233
Consumer and Other		—		—		15		15		—
	$	4,728	$	1,645	$	482	$	6,855	$	1,293

Nonperforming loans consists of nonaccrual loans and loans past due and still accruing interest. The following table presents the amortized cost basis of loans on nonaccrual status and loans 90 days or more past due still accruing as of March 31, 2026 and December 31, 2025:

							Loans 90+ Days		Total
	Nonaccrual Loans		Nonaccrual Loans		Total		Past Due		Nonperforming
	with No ACL		with An ACL		Nonaccrual		Still Accruing		Loans
March 31, 2026	(In thousands)
1-4 Family Residential Mortgage	$	1,400	$	—	$	1,400	$	—	$	1,400
Home Equity and Second Mortgage		322		—		322		—		322
Multifamily Residential		—		—		—		—		—
1-4 Family Residential Construction		—		98		98		—		98
Other Construction, Development and Land		73		—		73		—		73
Commercial Real Estate		418		—		418		—		418
Commercial Business		99		1,605		1,704		—		1,704
Consumer and Other		—		—		—		14		14
Total	$	2,312	$	1,703	$	4,015	$	14	$	4,029
December 31, 2025
1-4 Family Residential Mortgage	$	1,552	$	—	$	1,552	$	—	$	1,552
Home Equity and Second Mortgage		329		—		329		—		329
Multifamily Residential		—		—		—		—		—
1-4 Family Residential Construction		—		97		97		—		97
Other Construction, Development and Land		72		—		72		—		72
Commercial Real Estate		417		—		417		—		417
Commercial Business		99		1,687		1,786		83		1,869
Consumer and Other		15		—		15		—		15
Total	$	2,484	$	1,784	$	4,268	$	83	$	4,351

No interest income was recognized on nonaccrual loans during the three months ended March 31, 2026 and 2025.

- 15 -

FIRST CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(4 – continued)

The following table presents the aging of the amortized cost basis in loans at March 31, 2026 and December 31, 2025:

	30-59 Days		60-89 Days		90 Days or More		Total				Total
	Past Due		Past Due		Past Due		Past Due		Current		Loans
March 31, 2026	(In thousands)
1-4 Family Residential Mortgage	$	1,315	$	84	$	1,043	$	2,442	$	139,589	$	142,031
Home Equity and Second Mortgage		423		148		52		623		71,795		72,418
Multifamily Residential		—		—		—		—		71,104		71,104
1-4 Family Residential Construction		—		—		98		98		14,932		15,030
Other Construction, Development and Land		—		—		73		73		47,608		47,681
Commercial Real Estate		708		—		418		1,126		205,530		206,656
Commercial Business		196		—		140		336		65,786		66,122
Consumer and Other		201		13		14		228		53,481		53,709
Total	$	2,843	$	245	$	1,838	$	4,926	$	669,825	$	674,751
December 31, 2025
1-4 Family Residential Mortgage	$	849	$	249	$	1,011	$	2,109	$	138,649	$	140,758
Home Equity and Second Mortgage		668		—		52		720		71,946		72,666
Multifamily Residential		—		—		—		—		69,522		69,522
1-4 Family Residential Construction		—		—		97		97		15,348		15,445
Other Construction, Development and Land		80		—		72		152		41,026		41,178
Commercial Real Estate		827		707		417		1,951		205,023		206,974
Commercial Business		92		19		223		334		61,655		61,989
Consumer and Other		198		86		15		299		55,377		55,676
Total	$	2,714	$	1,061	$	1,887	$	5,662	$	658,546	$	664,208

Occasionally, the Company modifies loans to borrowers in financial distress by providing principal forgiveness, a term extension, an other-than-insignificant payment delay or an interest rate reduction. When principal forgiveness is provided, the amount of forgiveness is charged-off against the ACL on loans. In some cases, the Company may provide multiple types of concessions on one loan. Typically, one type of concession, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another concession, such as principal forgiveness, may be granted.

During the three months ended March 31, 2026 and 2025, there were no modifications to borrowers in financial distress. The Company monitors the performance of modified loans and no modified loans were delinquent at March 31, 2026 or December 31, 2025.  There were no loans to borrowers experiencing financial distress that were modified during the previous 12 months and which subsequently defaulted during the three months ended March 31, 2026 and 2025. There were no unfunded commitments associated with loans modified for borrowers experiencing financial distress as of March 31, 2026 and December 31, 2025.

- 16 -

FIRST CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(4 – continued)

Credit Quality Indicators

The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, public information, historical payment experience, credit documentation, and current economic trends, among other factors. The Company classifies loans based on credit risk at least quarterly. The Company uses the following regulatory definitions for risk ratings:

Special Mention:  Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date.

Substandard:  Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.

Doubtful:  Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.

Loss:  Loans classified as loss are considered uncollectible and of such little value that their continuance on the institution’s books as an asset is not warranted.

Loans not meeting the criteria above that are analyzed individually as part of the described process are considered to be pass rated loans.

- 17 -

FIRST CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(4 – continued)

The following table provides the risk category of loans by class of loans based on the analysis performed at March 31, 2026:

	Term Loans Amortized Cost Basis by Origination Year
	2026		2025		2024		2023		2022		Prior		Revolving		Total
	(In thousands)
1-4 Family Residential Mortgage
Pass	$	7,029	$	24,818	$	17,573	$	23,468	$	22,566	$	44,342	$	—	$	139,796
Special Mention		—		—		—		20		—		556		—		576
Substandard		—		—		—		—		—		260		—		260
Doubtful		—		—		205		30		31		1,133		—		1,399
	$	7,029	$	24,818	$	17,778	$	23,518	$	22,597	$	46,291	$	—	$	142,031
Current period gross write-offs	$	—	$	—	$	1	$	—	$	—	$	—	$	—	$	1
Home Equity and Second Mortgage
Pass	$	186	$	2,091	$	1,304	$	2,650	$	2,662	$	440	$	62,589	$	71,922
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		174		174
Doubtful		—		—		—		—		—		322		—		322
	$	186	$	2,091	$	1,304	$	2,650	$	2,662	$	762	$	62,763	$	72,418
Current period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Multifamily Residential
Pass	$	1,946	$	16,907	$	5,919	$	7,475	$	19,682	$	17,736	$	—	$	69,665
Special Mention		—		—		—		1,439		—		—		—		1,439
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
	$	1,946	$	16,907	$	5,919	$	8,914	$	19,682	$	17,736	$	—	$	71,104
Current period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
1-4 Family Residential Construction
Pass	$	1,719	$	11,067	$	2,146	$	—	$	—	$	—	$	—	$	14,932
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		98		—		98
	$	1,719	$	11,067	$	2,146	$	—	$	—	$	98	$	—	$	15,030
Current period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other Construction, Development and Land
Pass	$	962	$	22,418	$	8,513	$	9,408	$	2,728	$	3,533	$	—	$	47,562
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		46		—		46
Doubtful		—		—		—		—		—		73		—		73
	$	962	$	22,418	$	8,513	$	9,408	$	2,728	$	3,652	$	—	$	47,681
Current period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial Real Estate
Pass	$	7,540	$	20,524	$	21,808	$	19,310	$	54,063	$	75,102	$	4,619	$	202,966
Special Mention		—		—		—		—		161		984		375		1,520
Substandard		—		—		306		707		—		739		—		1,752
Doubtful		—		—		—		—		—		418		—		418
	$	7,540	$	20,524	$	22,114	$	20,017	$	54,224	$	77,243	$	4,994	$	206,656
Current period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

- 18 -

FIRST CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(4 – continued)

	Term Loans Amortized Cost Basis by Origination Year
	2026		2025		2024		2023		2022		Prior		Revolving		Total
	(In thousands)
Commercial Business
Pass	$	5,820	$	12,442	$	4,795	$	6,720	$	5,800	$	14,477	$	13,551	$	63,605
Special Mention		305		51		19		152		18		46		53		644
Substandard		—		—		—		—		—		23		146		169
Doubtful		—		—		—		107		1,564		33		—		1,704
	$	6,125	$	12,493	$	4,814	$	6,979	$	7,382	$	14,579	$	13,750	$	66,122
Current period gross write-offs	$	—	$	—	$	44	$	—	$	20	$	—	$	—	$	64
Consumer and Other
Pass	$	5,347	$	16,478	$	9,730	$	8,600	$	3,008	$	7,265	$	3,163	$	53,591
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		3		—		115		118
Doubtful		—		—		—		—		—		—		—		—
	$	5,347	$	16,478	$	9,730	$	8,600	$	3,011	$	7,265	$	3,278	$	53,709
Current period gross write-offs	$	—	$	52	$	33	$	38	$	2	$	5	$	25	$	155
Total Loans
Pass	$	30,549	$	126,745	$	71,788	$	77,631	$	110,509	$	162,895	$	83,922	$	664,039
Special Mention		305		51		19		1,611		179		1,586		428		4,179
Substandard		—		—		306		707		3		1,068		435		2,519
Doubtful		—		—		205		137		1,595		2,077		—		4,014
	$	30,854	$	126,796	$	72,318	$	80,086	$	112,286	$	167,626	$	84,785	$	674,751
Current period gross write-offs	$	—	$	52	$	78	$	38	$	22	$	5	$	25	$	220

The following table provides the risk category of loans by class of loans based on the analysis performed at December 31, 2025:

	Term Loans Amortized Cost Basis by Origination Year
	2025		2024		2023		2022		2021		Prior		Revolving		Total
	(In thousands)
1-4 Family Residential Mortgage
Pass	$	25,785	$	18,522	$	24,845	$	22,939	$	19,268	$	26,477	$	—	$	137,836
Special Mention		—		—		20		—		1,008		60		—		1,088
Substandard		—		—		—		—		97		185		—		282
Doubtful		—		177		31		142		120		1,082		—		1,552
	$	25,785	$	18,699	$	24,896	$	23,081	$	20,493	$	27,804	$	—	$	140,758
Home Equity and Second Mortgage
Pass	$	2,066	$	1,428	$	2,835	$	2,649	$	202	$	282	$	62,515	$	71,977
Special Mention		57		—		—		129		—		—		—		186
Substandard		—		—		—		—		—		—		174		174
Doubtful		—		—		—		—		—		329		—		329
	$	2,123	$	1,428	$	2,835	$	2,778	$	202	$	611	$	62,689	$	72,666
Multifamily Residential
Pass	$	16,912	$	5,981	$	8,955	$	19,754	$	6,759	$	11,161	$	—	$	69,522
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
	$	16,912	$	5,981	$	8,955	$	19,754	$	6,759	$	11,161	$	—	$	69,522
1-4 Family Residential Construction
Pass	$	11,472	$	3,876	$	—	$	—	$	—	$	—	$	—	$	15,348
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		97		—		—		97
	$	11,472	$	3,876	$	—	$	—	$	97	$	—	$	—	$	15,445

- 19 -

FIRST CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(4 – continued)

	Term Loans Amortized Cost Basis by Origination Year
	2025		2024		2023		2022		2021		Prior		Revolving		Total
	(In thousands)
Other Construction, Development and Land
Pass	$	21,034	$	3,987	$	9,534	$	2,827	$	955	$	2,723	$	—	$	41,060
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		46		—		46
Doubtful		—		—		—		—		—		72		—		72
	$	21,034	$	3,987	$	9,534	$	2,827	$	955	$	2,841	$	—	$	41,178
Commercial Real Estate
Pass	$	18,784	$	26,438	$	19,826	$	55,077	$	24,474	$	54,907	$	4,936	$	204,442
Special Mention		19		—		—		165		—		173		—		357
Substandard		—		306		707		—		541		204		—		1,758
Doubtful		—		—		—		—		—		417		—		417
	$	18,803	$	26,744	$	20,533	$	55,242	$	25,015	$	55,701	$	4,936	$	206,974
Commercial Business
Pass	$	13,738	$	5,223	$	7,136	$	6,426	$	7,138	$	8,141	$	11,738	$	59,540
Special Mention		54		14		160		23		14		—		30		295
Substandard		197		—		—		—		30		—		142		369
Doubtful		—		—		107		1,645		—		33		—		1,785
	$	13,989	$	5,237	$	7,403	$	8,094	$	7,182	$	8,174	$	11,910	$	61,989
Consumer and Other
Pass	$	18,791	$	10,946	$	9,962	$	3,844	$	1,129	$	6,809	$	4,103	$	55,584
Special Mention		—		—		—		3		—		—		—		3
Substandard		—		—		—		—		—		—		74		74
Doubtful		—		15		—		—		—		—		—		15
	$	18,791	$	10,961	$	9,962	$	3,847	$	1,129	$	6,809	$	4,177	$	55,676
Total Loans
Pass	$	128,582	$	76,401	$	83,093	$	113,516	$	59,925	$	110,500	$	83,292	$	655,309
Special Mention		130		14		180		320		1,022		233		30		1,929
Substandard		197		306		707		—		668		435		390		2,703
Doubtful		—		192		138		1,787		217		1,933		—		4,267
	$	128,909	$	76,913	$	84,118	$	115,623	$	61,832	$	113,101	$	83,712	$	664,208

ACL on Off-Balance-Sheet Credit Exposures

The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The ACL for off-balance-sheet credit exposures was $131,000 at both March 31, 2026 and December 31, 2025. The ACL for off-balance-sheet credit exposures is presented in accrued expenses and other liabilities on the consolidated balance sheets. Changes in the ACL for off-balance-sheet credit exposures are reflected in the provision for credit losses on the consolidated statements of income. There were no changes to the ACL for off-balance-sheet credit exposures during the three months ended March 31, 2026 and 2025.

5.Qualified Affordable Housing Project Investment

On January 19, 2018, the Bank entered into an agreement to invest in qualified affordable housing projects through a limited liability company. At March 31, 2026 and December 31, 2025, the balance of the Bank’s investment was $1.1 million and $1.2 million, respectively, and is reflected in other assets on the consolidated balance sheets. At March 31, 2026 and December 31, 2025, the unfunded commitment related to the qualified affordable housing project investment was $72,000 and is reflected in other liabilities on the consolidated balance sheets. The Bank expects to fulfill the commitment as capital calls are made through 2029.

- 20 -

FIRST CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(5 – continued)

On December 16, 2025, the Bank entered into another agreement to invest in qualified affordable housing projects through a limited liability company.  At March 31, 2026 and December 31, 2025, the balance of the Bank’s investment was $4.0 million and is reflected in other assets on the consolidated balance sheets.  The unfunded commitment related to the qualified affordable housing project investment at March 31, 2026 and December 31, 2025 was $3.1 million and $3.3 million, respectively, and is reflected in other liabilities on the consolidated balance sheets.  The Bank expects to fulfill the commitment as capital calls are made through 2036.

The investments are accounted for using the proportional amortization method.  During the three month periods ended March 31, 2026 and 2025, the Bank recognized amortization expense of $98,000 and $84,000, respectively, as a component of income tax expense on the consolidated statements of income.  Additionally, during the three month periods ended March 31, 2026 and 2025, the Bank recognized income tax credits and other income tax benefits from its qualified affordable housing project investment of $118,000 and $103,000, respectively, which was included in income tax expense on the consolidated statements of income.

6.Renewable Energy Tax Credit Investment

On March 26, 2025, April 17, 2024 and April 21, 2023, the Bank entered into agreements to invest in investment tax credits generated by solar energy producing facilities through limited liability companies. At March 31, 2026 and December 31, 2025, the balance of the Bank’s investments in the limited liability companies was $1.3 million and $1.5 million, respectively, and was reflected in other assets on the consolidated balance sheets. The unfunded commitment related to the solar energy tax credit investments was $104,000 and $835,000 at March 31, 2026 and December 31, 2025, respectively, and is reflected in other liabilities on the consolidated balance sheets. The Bank expects to fulfill the commitment as capital calls are made by December 31, 2026.

The investments are accounted for using the proportional amortization method.  During the three month periods ended March 31, 2026 and 2025, the Bank recognized amortization expense of $252,000 and $299,000, respectively, as a component of income tax expense on the consolidated statements of income.  Additionally, during the three month periods ended March 31, 2026 and 2025, the Bank recognized income tax credits and other income tax benefits from its solar energy tax credit investment of $232,000 and $304,000, respectively, which was included in income tax expense on the consolidated statements of income.  

7.Borrowed Funds

At March 31, 2026 and December 31, 2025, the Company had no outstanding borrowings.  During the three month periods ended March 31, 2026 and 2025, the Company did not utilize any FHLB advances.

The Company has access to the FRB Discount Window for Borrowings (“Discount Window”).  At March 31, 2026 and December 31, 2025, the Company had pledged certain U.S Treasuries and U.S. agency notes and bonds with a carrying value of $17.2 million to secure borrowings through the Discount Window, if needed. While the Company has conducted a test of borrowing through the Discount Window, there were no borrowings outstanding through the Discount Window at March 31, 2026 or December 31, 2025.

FHLB advances are secured under a blanket collateral agreement. At March 31, 2026, the carrying value of CMO and mortgage-backed securities, mortgage loans and home equity lines of credit pledged as security for future FHLB advances was $33.4 million, $79.9 million, and $8.6 million, respectively.  At December 31, 2025, the carrying value of CMO and mortgage-backed securities, mortgage loans and home equity lines of credit pledged as security for FHLB advances was $23.0 million, $77.7 million and $8.2 million, respectively.  At March 31, 2026, the Company had a $81.3 million borrowing capacity limit with the FHLB based on pledged collateral.

- 21 -

FIRST CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

8.Supplemental Disclosure for Earnings Per Share

	March 31,
(In thousands, except per share data)	2026		2025
Basic
Earnings:
Net income attributable to First Capital, Inc.	$	4,330	$	3,235
Shares:
Weighted average common shares outstanding		3,336,077		3,346,850
Net income attributable to First Capital, Inc. per common share, basic	$	1.30	$	0.97
Diluted
Earnings:
Net income attributable to First Capital, Inc.	$	4,330	$	3,235
Shares:
Weighted average common shares outstanding		3,336,077		3,346,850
Add: Dilutive effect of restricted stock		2,557		1,448
Weighted average common shares outstanding, as adjusted		3,338,634		3,348,298
Net income attributable to First Capital, Inc. per common share, diluted	$	1.30	$	0.97

Nonvested restricted stock shares are not considered as outstanding for purposes of computing weighted average common shares outstanding. No restricted shares were excluded from the calculation of diluted net income per share for the three month periods ending March 31, 2026 and 2025.

9.Stock-Based Compensation Plan

On May 20, 2009, the Company adopted the 2009 Equity Incentive Plan (the “2009 Plan”) which terminated as of May 20, 2019. The 2009 Plan provided for the award of stock options, restricted stock, performance shares and stock appreciation rights. The aggregate number of shares of the Company’s common stock available for issuance under the 2009 Plan could not exceed 223,000 shares and 176,150 shares were still available for issuance under the 2009 Plan at its termination.

On May 22, 2019, the Company adopted the 2019 Equity Incentive Plan (the “2019 Plan” and together with the 2009 Plan, the “Plans”). The 2019 Plan provides for the award of stock options, restricted stock, performance shares and stock appreciation rights. The aggregate number of shares of the Company’s common stock available for issuance under the 2019 Plan may not exceed 176,150 shares. If an award under the 2009 Plan is canceled, terminates, expires, is forfeited or lapses for any reason, any issued shares subject to the award shall not be available for issuance pursuant to awards subsequently granted under the 2019 Plan. Further, no additional participants, as that term is defined in the 2009 Plan, are eligible for grants of awards under the 2009 Plan. The Company generally issues new shares under the 2019 Plan from its authorized but unissued shares.

At March 31, 2026, 152,090 shares of the Company’s common stock were available for issuance under the 2019 Plan. The Company may grant both non-statutory and statutory stock options which may not have a term exceeding ten years. In the case of incentive stock options, the aggregate fair value of the stock (determined at the time the incentive stock option is granted) for which any optionee may be granted incentive options which are first exercisable during any calendar year shall not exceed $100,000. Option prices may not be less than the fair market value of the underlying stock at the date of the grant. An award of a performance share is a grant of a right to receive shares of the Company’s common stock which is contingent upon the achievement of specific performance criteria or other objectives set at the grant date. Stock appreciation rights are equity or cash settled share-based compensation arrangements whereby the number of shares that will ultimately be issued or the cash payment is based upon the appreciation of the Company’s common stock. Awards granted under the 2019 Plan may be granted either alone, in addition to, or in tandem with, any other award granted under the 2019 Plan. The terms of the 2019 Plan also include provisions whereby all unearned options and restricted shares become immediately exercisable and fully vested upon a change in control.

- 22 -

FIRST CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(9 – continued)

As of March 31, 2026, no stock options had been granted under the Plans.

Compensation expense is measured based on the fair market value of the restricted stock at the grant date and is recognized ratably over the period during which the shares are earned (the vesting period). The Company accounts for any forfeitures when they occur, and any previously recognized compensation for an award is reversed in the period the award is forfeited. Compensation expense related to restricted stock recognized for the three month periods ended March 31, 2026 and 2025 amounted to $20,000 and $38,000, respectively.  The total income tax benefit related to stock-based compensation was $5,000 and $9,000, for the three month periods ended March 31, 2026 and 2025, respectively. 

A summary of the Company’s nonvested restricted shares under the 2019 Plan as of March 31, 2026 and changes during the three month period then ended is presented below.

		Weighted
	Number	Average
	of	Grant-Date
	Shares	Fair Value
Nonvested at beginning of period	5,970	$	34.22
Granted	3,900		50.80
Vested	150		50.80
Forfeited	240		28.00
Nonvested at end of period	9,480	$	40.94

There were 150 restricted shares that vested during the three month period ending March 31, 2026 due to the retirement of an employee.   There were no restricted shares that vested during the three month period ended March 31, 2025.  The fair value of restricted shares that vested during the three month period ended March 31, 2026 was $8,000.  At March 31, 2026, there was $350,000 of unrecognized compensation expense related to nonvested restricted shares. The compensation expense is expected to be recognized over a weighted average period of 4.7 years.

10.Supplemental Disclosures of Cash Flow Information

	Three Months Ended
	March 31,
(In thousands)	2026		2025
Cash payments for:
Interest	$	3,545	$	3,928
Income taxes (net of refunds received)		(275)		—
Noncash investing activities:
Security purchased but not traded	$	—	$	1,002
Agreement to invest in renewable energy tax credit facility	$	—		3,709

- 23 -

FIRST CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

11.Fair Value Measurements

FASB ASC Topic 820, Fair Value Measurements, provides the framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under FASB ASC Topic 820 are described as follows:

Level 1:Inputs to the valuation methodology are quoted prices, unadjusted, for identical assets or liabilities in active markets. A quoted market price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available.

Level 2:Inputs to the valuation methodology include quoted market prices for similar assets or liabilities in active markets; quoted market prices for identical or similar assets or liabilities in markets that are not active; or inputs that are derived principally from or can be corroborated by observable market data by correlation or other means.

Level 3:Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using discounted cash flow methodologies, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. The following table presents the balances of assets measured at fair value on a recurring and nonrecurring basis as of March 31, 2026. The Company had no liabilities measured at fair value as of March 31, 2026.

	Carrying Value
(In thousands)	Level 1		Level 2		Level 3		Total
March 31, 2026
Assets Measured on a Recurring Basis
Securities available for sale:
Agency mortgage-backed securities	$	—	$	110,394	$	—	$	110,394
Agency CMO		—		102,068		—		102,068
Agency notes and bonds		—		53,533		—		53,533
Treasury notes and bonds		2,457		—		—		2,457
Municipal obligations		—		139,312		—		139,312
Total securities available for sale	$	2,457	$	405,307	$	—	$	407,764
Equity securities	$	1,213	$	—	$	—		1,213
Assets Measured on a Nonrecurring Basis
Collateral dependent loans:
Commercial Business	$	—	$	—	$	331	$	331
1-4 Family Residential Construction		—		—		37		37
Total collateral dependent loans	$	—	$	—	$	368	$	368

- 24 -

FIRST CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(11 – continued)

The following table presents the balances of assets measured at fair value on a recurring and nonrecurring basis as of December 31, 2025. The Company had no liabilities measured at fair value as of December 31, 2025.

	Carrying Value
(In thousands)	Level 1		Level 2		Level 3		Total
December 31, 2025
Assets Measured on a Recurring Basis
Securities available for sale:
Agency mortgage-backed securities	$	—	$	91,930	$	—	$	91,930
Agency CMO		—		100,746		—		100,746
Agency notes and bonds		—		74,391		—		74,391
Treasury notes and bonds		2,461		—		—		2,461
Municipal obligations		—		147,662		—		147,662
Total securities available for sale	$	2,461	$	414,729	$	—	$	417,190
Equity securities	$	1,035	$	—	$	—		1,035
Assets Measured on a Nonrecurring Basis
Collateral dependent loans:
Commercial Business	$	—	$	—	$	412	$	412
1-4 Family Residential Construction		—		—		37		37
Total collateral dependent loans	$	—	$	—	$	449	$	449

Fair value is based upon quoted market prices, where available. If quoted market prices are not available, fair value is based on internally developed models or obtained from third parties that primarily use, as inputs, observable market-based parameters or a matrix pricing model that employs the Bond Market Association’s standard calculations for cash flow and price/yield analysis and observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include unobservable parameters. Any such valuation adjustments have been applied consistently over time. The Company’s valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While management believes the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.

Securities Available for Sale and Equity Securities:  Securities classified as available for sale and equity securities are reported at fair value on a recurring basis. These securities are classified as Level 1 of the valuation hierarchy where quoted market prices from reputable third-party brokers are available in an active market. If quoted market prices are not available, the Company obtains fair value measurements from an independent pricing service. These securities are reported using Level 2 inputs and the fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, U.S. government and agency yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and the security’s terms and conditions, among other factors. For securities where quoted market prices, market prices of similar securities or prices from an independent third-party pricing service are not available, fair values are calculated using discounted cash flows or other market indicators and are classified within Level 3 of the fair value hierarchy. Changes in fair value of securities available for sale are recorded in other comprehensive income, net of income tax effect. Changes in fair value of equity securities are recorded in noninterest income on the consolidated statements of income.

Loans Held for Sale:  Loans held for sale are carried at the lower of cost or market value. The portfolio is comprised of residential real estate loans and fair value is estimated based on specific prices of underlying contracts for sales to investors. These measurements are carried at Level 2 in the fair value hierarchy. At March 31, 2026 and December 31, 2025, the Company did not have any loans held for sale measured at fair value on a nonrecurring basis.

Collateral Dependent Loans:  Collateral dependent loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly. In accordance with accounting standards, only collateral dependent loans for which a specific ACL has been established require classification in the fair value hierarchy. The fair value of collateral dependent loans is classified as Level 3 in the fair value hierarchy.

- 25 -

FIRST CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(11 – continued)

Collateral dependent loans with specific allocations of ACL are measured at the fair value of the collateral less estimated costs to sell. Collateral may be real estate and/or business assets, including equipment, inventory and/or accounts receivable. The fair value of the collateral is generally determined based on real estate appraisals or other independent evaluations by qualified professionals, which are then discounted to reflect management’s estimate of the fair value of the collateral given the current market conditions and the condition of the collateral.

At March 31, 2026, the significant unobservable inputs used in the fair value measurement of collateral dependent loans included a discount from appraised value for estimates of changes in market conditions, the condition of the collateral and estimated costs to sell the collateral ranging from 19% to 52%, with a weighted average discount of 49.7%.  The Company  recognized additional provision for credit losses on collateral dependent loans of less than $1,000 and $1,000 for the three month periods ended March 31, 2026 and 2025, respectively.

There have been no changes in the valuation techniques and related inputs used for assets measured at fair value on a recurring and nonrecurring basis during the three month periods ended March 31, 2026 and 2025. There were no transfers into or out of the Company’s Level 3 financial assets for the three month periods ended March 31, 2026 and 2025.

GAAP requires disclosure of the fair value of financial assets and financial liabilities, whether or not recognized in the balance sheet. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instruments. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company.

- 26 -

FIRST CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(11 – continued)

The estimated fair values of the Company’s financial instruments are as follows:

	Carrying		Fair		Fair Value Measurements Using
(In thousands)	Value		Value		Level 1		Level 2		Level 3
March 31, 2026:
Financial assets:
Cash and cash equivalents	$	149,640	$	149,640	$	149,640	$	—	$	—
Interest-bearing time deposits		1,225		1,228		—		1,228		—
Securities available for sale		407,764		407,764		2,457		405,307		—
Securities held to maturity		7,000		5,443		—		5,443		—
Loans held for sale		756		770		—		770		—
Loans, net		664,404		647,001		—		—		647,001
FHLB and other restricted stock		1,836		N/A		N/A		N/A		N/A
Accrued interest receivable		4,917		4,917		—		4,917		—
Equity securities (included in other assets)		1,213		1,213		1,213		—		—
Financial liabilities:
Deposits		1,136,573		1,136,570		893,826		—		242,744
Accrued interest payable		2,156		2,156		—		2,156		—
December 31, 2025:
Financial assets:
Cash and cash equivalents	$	137,288	$	137,288	$	137,288	$	—	$	—
Interest-bearing time deposits		1,470		1,480		—		1,480		—
Securities available for sale		417,190		417,190		2,461		414,729		—
Securities held to maturity		7,000		5,243		—		5,243		—
Loans held for sale		1,464		1,489		—		1,489		—
Loans, net		654,100		625,927		—		—		625,927
FHLB and other restricted stock		1,836		N/A		N/A		N/A		N/A
Accrued interest receivable		5,100		5,100		—		5,100		—
Equity securities (included in other assets)		1,035		1,035		1,035		—		—
Financial liabilities:
Deposits		1,122,990		1,123,123		885,622		—		237,501
Accrued interest payable		2,195		2,195		—		2,195		—

The methods and assumptions used to estimate fair value are described as follows:

Carrying amount is the estimated fair value for cash and cash equivalents, accrued interest receivable and payable, demand deposits and other transactions accounts. The fair value of securities and interest-bearing time deposits in other financial institutions is based on quoted market prices (where available) or values obtained from an independent pricing service. The fair value of loans, excluding loans held for sale, fixed-maturity certificates of deposit and borrowed funds is based on discounted cash flows using current market rates applied to the estimated life and credit risk of the instrument. The fair value of loans held for sale is based on specific prices of underlying contracts for sales to investors. It is not practicable to determine the fair value of FHLB and other restricted stock due to restrictions placed on its transferability. The methods utilized to measure the fair value of financial instruments at March 31, 2026 and December 31, 2025 represent an approximation of exit price, but an actual exit price may differ.

- 27 -

FIRST CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

12.Revenue from Contracts with Customers

Substantially all of the Company’s revenue from contracts with customers in the scope of FASB ASC 606 is recognized within noninterest income. The following table presents the Company’s sources of noninterest income for the three months ended March 31, 2026 and 2025:

	Three Months Ended
	March 31,
(In thousands)	2026		2025
In Scope for ASC 606
Service charges on deposit accounts	$	592	$	593
ATM and debit card fees		1,081		1,036
Other		49		48
Revenue from contracts with customers		1,722		1,677
Out of Scope for ASC 606
Net gains on loans and investments		219		52
Increase in cash value of life insurance		57		72
Other		50		47
Other noninterest income		326		171
Total noninterest income	$	2,048	$	1,848

A description of the Company’s revenue streams accounted for under FASB ASC 606 follows:

Service Charges on Deposit Accounts:  The Company earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which include services such as stop payment charges and statement rendering, are recognized at the time the transaction is executed as that is the point in time the Company fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs.

ATM and Debit Card Fees:  The Company earns ATM usage fees and interchange fees from debit cardholder transactions conducted through a payment network. ATM fees are recognized at the point in time the transaction occurs. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder.

Other Income:  Other income from contracts with customers includes safe deposit box fees, investment advisory income and ACH origination fees. This revenue is recognized at the time the transaction is executed or over the period the Company satisfies the performance obligation.

13.Segment Information

The Company’s reportable segment is determined by the Chief Executive Officer, who is the designated Chief Operating Decision Maker (“CODM”), based upon information provided about the Company’s products and services offered, primarily banking operations. The segment is also distinguished by the level of information provided to the CODM, who uses such information to review performance of various components of the business, which are then aggregated if operating performance, products/services, and customers are similar. The CODM will evaluate the financial performance of the Company’s business components such as by evaluating revenue streams, significant expenses, and budget to actual results in assessing the Company’s segment and in the determination of allocating resources. The CODM uses revenue streams to evaluate product pricing and significant expenses to assess performance and evaluate return on assets. The CODM uses consolidated net income to benchmark the Company against its competitors. The benchmarking analysis coupled with monitoring of budget to actual results are used in assessment performance and in establishing compensation. Loans, investments, and deposits provide the revenues in the banking operation. Interest expense, provisions for credit losses, and payroll provide the significant expenses in the banking operation. All operations are domestic. Accounting policies for segments have not changed from those described in Note 1 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Segment performance is evaluated using consolidated net income as reported in the consolidated statements of income presented.

- 28 -

PART I - ITEM 2

MANAGEMENT’S DISCUSSION AND

ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS

FIRST CAPITAL, INC.

Safe Harbor Statement for Forward-Looking Statements

This Quarterly Report on Form 10-Q may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not historical facts nor guarantees of future performance; rather they are statements based on the Company’s current expectations regarding its business strategies and their intended results and its future performance. Forward-looking statements can be identified by use of the words “expects,” “believes,” “anticipates,” “intends,” “could,” “should” and similar expressions. Forward-looking statements also include, but are not limited to, statements regarding estimated cost savings, plans and objectives for future operations, and the Company’s business and growth strategies.

Numerous risks and uncertainties could cause or contribute to the Company’s actual results, performance and achievements being materially different from those expressed or implied by the forward-looking statements. Factors that may cause or contribute to these differences include, without limitation, general economic conditions, including changes in market interest rates and changes in monetary and fiscal policies of the federal government; the ability of the Company to execute its business plan; legislative and regulatory changes; the quality and composition of the loan and investment securities portfolio; loan demand; deposit flows; competition; and changes in accounting principles and guidelines. Additional factors that may affect our results are discussed in Part II of this Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2025 under “Item 1A. Risk Factors.” These factors should be considered in evaluating the forward-looking statements and undue reliance should not be placed on such statements. These forward-looking statements are made only as of the date of this Quarterly Report on Form 10-Q and, except as required by applicable law or regulation, the Company assumes no obligation and disclaims any obligation to update any forward-looking statements.

Critical Accounting Policies

The discussion and analysis of the Company’s financial condition and results of operations are based upon the Company’s consolidated financial statements that have been prepared in accordance with GAAP. The preparation of the Company’s financial statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, income and expenses. These estimates are based upon historical experience and on various other assumptions that management believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. The estimates and judgments that management believes involve the most complex and subjective estimates and judgments and have the most effect on the Company’s reported financial position and results of operations are described as critical accounting policies in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. During the three months ended March 31, 2026, there was no significant change in the Company’s critical account policies or the application of critical accounting policies as disclosed in the Company’s Annual report on Form 10-K for the year ended December 31, 2025.

Comparison of Financial Condition at March 31, 2026 and December 31, 2025

Total assets increased $12.2 million from $1.27 billion at December 31, 2025 to $1.28 billion at March 31, 2026.

Net loans receivable (excluding loans held for sale) increased $10.3 million from $654.1 million at December 31, 2025 to $664.4 million at March 31, 2026.  Other construction, development and land, commercial business, and multifamily loan increases of $6.5 million, $4.1 million, and $1.6 million, respectively, were partially offset by a decrease of $2.0 million in consumer and other loans during the three months ended March 31, 2026.

Cash and cash equivalents increased from $137.3 million at December 31, 2025 to $149.6 million at March 31, 2026 primarily due to net deposit inflows and sales of available for sale securities at the Bank which were partially offset by loan originations.

Securities available for sale decreased $9.4 million from $417.2 million at December 31, 2025 to $407.8 million at March 31, 2026. Purchases of $45.7 million of securities classified as available for sale were made during the three months ended March 31, 2026 and consisted primarily of U.S. government agency CMOs and mortgage-backed securities and municipal bonds. Principal payments and maturities of available for sale securities totaled $14.5 million and $17.8 million, respectively, during the three months ended March 31, 2026.  Securities classified as available for sale totaling $18.7 million were sold during the three months ended March 31, 2026 and consisted primarily of municipal and U.S. government agency notes and bonds.  In addition, there was an unrealized loss of $3.9 million on the securities available for sale portfolio during the three month period ended March 31, 2026 due primarily to increasing market interest rates.

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PART I - ITEM 2

MANAGEMENT’S DISCUSSION AND

ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS

FIRST CAPITAL, INC.

Total deposits increased $13.6 million from $1.12 billion at December 31, 2025 to $1.14 billion at March 31, 2026. Savings accounts and time deposit increases of $9.0 million and $5.4 million, respectively, were partially offset by a decrease of $1.5 million in non-interest bearing checking accounts during the three months ended March 31, 2026  Deposit inflows and outflows are influenced by prevailing market interest rates, competition, local and national economic conditions, and fluctuations in our customers’ own liquidity needs and may also be influenced by recent developments in the financial services industry.

The Company had no outstanding borrowings at March 31, 2026 or December 31, 2025.

Total stockholders’ equity attributable to the Company increased from $137.8 million at December 31, 2025 to $138.0 million at March 31, 2026, primarily due to a $3.3 million increase in retained net income partially offset by a $3.1 million net unrealized loss on available for sale securities. The net unrealized loss on available for sale securities during the period is primarily due to increased market interest rates.

Results of Operations for the Three Month Periods Ended March 31, 2026 and 2025

Net income.  Net income attributable to the Company was $4.3 million ($1.30 per diluted share) for the three months ended March 31, 2026 compared to $3.2 million ($0.97 per diluted share) for the three months ended March 31, 2025.

Net interest income.  Net interest income after provision for credit losses increased $1.8 million for the three months ended March 31, 2026 as compared to the same period in 2025.

Total interest income increased $1.6 million when comparing the two periods primarily due to an increase in the average tax-equivalent yield on interest-earning assets from 4.63% for the first quarter of 2025 to 4.96% for the same period in 2026, in addition to an increase in the average balance of interest-earning assets from $1.17 billion for the first quarter of 2025 to $1.22 billion for the same period in 2026.

Total interest expense decreased $259,000 when comparing the two periods.  The average cost of interest-bearing liabilities decreased from 1.71% for the quarter ended March 31, 2025 to 1.56% for the same period in 2026, while the average balance of interest-bearing liabilities increased from $881.6 million for the quarter ended March 31, 2025 to $901.4 million for the same period in 2026.

As a result of the changes in interest-earning assets and interest-bearing liabilities, the tax-equivalent net interest margin increased from 3.34% for the quarter ended March 31, 2025 to 3.81% for the same period in 2026.

Provision for credit losses.  Based on management’s analysis of the ACL on loans and unfunded loan commitments, the provision for credit losses increased from $338,000 for the quarter ended March 31, 2025 to $350,000 for the quarter ended March 31, 2026.  The Bank recognized net charge-offs of $111,000 and $84,000 for the quarters ended March 31, 2026 and 2025, respectively.

Noninterest income.  Noninterest income increased $200,000 for the quarter ended March 31, 2026 as compared to the quarter ended March 31, 2025 primarily due to the Company recognizing an increase of $160,000 in the gain on equity securities when comparing the two periods.  In addition, the Company recognized increases of $45,000 and $44,000 in ATM and debit card fee income, and the gain on sale of loans, respectively, when comparing the two periods.  These increases were partially offset by the Company recognizing a $92,000 loss on the sale of available for sale securities for the quarter ended March 31, 2026 compared to a loss of $55,000 for the same period in 2025.  The loss on sale of available for sale securities during the quarter ended March 31, 2026 was a result of management’s decision to sell $18.7 million of available for sale securities to better position the Company’s investment portfolio for increased future yields.

Noninterest expense.  Noninterest expenses increased $572,000 for the quarter ended March 31, 2026 as compared to the same period in 2025.  This was primarily due to increases in professional services, compensation and benefits and other expenses of $241,000, $235,000 and $99,000, respectively.  The increase in professional services is due to increased consulting fees.  The increase in compensation and benefits is due to increases in salary and wages associated with annual cost of living and performance related adjustments as well as increases in the cost of Company-provided health insurance benefits.  The increase in other expenses is primarily due to an increase in consumer fraud losses recognized for the quarter ended March 31, 2026 as compared to the same period in 2025.

Income tax expense.  Income tax expense increased $358,000 for the quarter ended March 31, 2026 as compared to the same period in 2025 resulting in an effective tax rate of 19.2% for the quarter ended March 31, 2026, compared to 17.2% for the same period in 2025.  The increase in the Bank’s effective tax rate for the quarter ended March 31, 2026 reflects a higher proportion of net income being subject to taxation compared to the same period last year.

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PART I - ITEM 2

MANAGEMENT’S DISCUSSION AND

ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS

FIRST CAPITAL, INC.

Liquidity and Capital Resources

The Bank’s primary sources of funds are customer deposits, proceeds from loan repayments, maturing securities and borrowings from the FHLB or FRB. While loan repayments and maturities are a predictable source of funds, deposit flows and mortgage prepayments are greatly influenced by market interest rates, general economic conditions and competition. At March 31, 2026, the Bank had cash and cash equivalents of $149.6 million and securities available-for-sale with a fair value of $407.8 million. If the Bank requires funds beyond its ability to generate them internally, it has additional borrowing capacity with the FHLB, FRB, collateral eligible for repurchase agreements and unsecured federal funds purchased lines of credit with other financial institutions.

The Bank’s primary investing activity is the origination of one-to-four family mortgage loans and commercial real estate loans and, to a lesser extent, consumer, multi-family, commercial business and residential construction loans. The Bank also invests in U.S. Government and agency securities and mortgage-backed securities issued by U.S. Government agencies.

The Bank must maintain an adequate level of liquidity to ensure the availability of sufficient funds to support loan growth and deposit withdrawals, to satisfy financial commitments and to take advantage of investment opportunities. Historically, the Bank has been able to retain a significant amount of its deposits as they mature.

The Company is a separate legal entity from the Bank and must provide for its own liquidity. In addition to its operating expenses, the Company, on a stand-alone basis, is responsible for paying any dividends declared to its shareholders. The Board of Directors of the Company also has authorized the repurchase of shares of its common stock. The Company’s primary source of income is dividends received from the Bank. The amount of dividends that the Bank may declare and pay to the Company in any calendar year, without the receipt of prior approval from the Indiana Department of Financial Institutions (“IDFI”), cannot exceed net income for that year to date plus retained net income (as defined under Indiana law) for the preceding two calendar years. On a stand-alone basis, the Company had liquid assets of $2.3 million at March 31, 2026.

The Bank is required to maintain specific amounts of capital pursuant to regulatory requirements. Beginning in 2020, qualifying community banks with assets of less than $10 billion are eligible to opt in to the Community Bank Leverage Ratio (“CBLR”) framework. The CBLR is the ratio of a bank’s tangible equity capital to average total consolidated assets. A qualifying community bank that exceeds this ratio will be deemed to be in compliance with all other capital and leverage requirements, including the capital requirements to be considered “well capitalized” under Prompt Corrective Action statutes. The federal banking agencies may consider a financial institution’s risk profile when evaluating whether it qualifies as a community bank for purposes of the capital ratio requirement. The federal banking agencies must set the minimum capital for the new CBLR at not less than 8% and not more than 10%, and has set the minimum ratio at 9% effective January 1, 2022. A financial institution that falls below the minimum CBLR generally has a two quarter grace period to get back into compliance as long as it maintains a minimum CBLR of 8%. A financial institution can elect to be subject to or opt out of the CBLR framework at any time. As a qualified community bank, the Bank had opted into the CBLR framework as of March 31, 2026 and December 31, 2025 and its CBLR was 11.13% and 11.01% as of those dates, respectively. Management believes that the Bank met all capital adequacy requirements to which it was subject as of March 31, 2026. At both March 31, 2026 and December 31, 2025, the Bank was considered “well-capitalized” under applicable regulatory guidelines.

Off-Balance Sheet Arrangements

In the normal course of operations, the Company engages in a variety of financial transactions that, in accordance with GAAP, are not recorded on the Company’s financial statements. These transactions involve, to varying degrees, elements of credit, interest rate and liquidity risk. Such transactions are primarily used to manage customers’ requests for funding and take the form of loan commitments and letters of credit. A further presentation of the Company’s off-balance sheet arrangements is presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. See Note 4 of this quarterly report for additional information regarding the ACL for these off-balance sheet arrangements.

For the three months ended March 31, 2026, the Company did not engage in any off-balance sheet transactions reasonably likely to have a material effect on the Company’s financial condition, results of operations or cash flows.

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PART I - ITEM 3

QUANTITATIVE AND QUALITATIVE DISCLOSURES

ABOUT MARKET RISK

FIRST CAPITAL, INC.

Qualitative Aspects of Market Risk.  Market risk is the risk that the estimated fair value of the Company’s assets and liabilities will decline as a result of changes in interest rates or financial market volatility, or that the Company’s net income will be significantly reduced by interest rate changes.

The Company’s principal financial objective is to achieve long-term profitability while reducing its exposure to fluctuating market interest rates. The Company has sought to reduce the exposure of its earnings to changes in market interest rates by attempting to manage the mismatch between asset and liability maturities and interest rates. In order to reduce the exposure to interest rate fluctuations, the Company has developed strategies to manage its liquidity, shorten its effective maturities of certain interest-earning assets and decrease the interest rate sensitivity of its asset base. Management has sought to decrease the average maturity of its assets by emphasizing the origination of short-term commercial and consumer loans, all of which are retained by the Company for its portfolio. The Company relies on retail deposits as its primary source of funds. Management believes retail deposits, compared to brokered deposits, reduce the effects of interest rate fluctuations because they generally represent a more stable source of funds.

Quantitative Aspects of Market Risk. The Company does not maintain a trading account for any class of financial instrument nor does the Company engage in hedging activities or purchase high-risk derivative instruments. Furthermore, the Company is not subject to foreign currency exchange rate risk or commodity price risk.

Potential cash flows, sales, or replacement value of many of our assets and liabilities, especially those that earn or pay interest, are sensitive to changes in the general level of interest rates. This interest rate risk arises primarily from our normal business activities of gathering deposits, extending loans and investing in investment securities. Many factors affect the Company’s exposure to changes in interest rates, such as general economic and financial conditions, customer preferences, historical pricing relationships, and re-pricing characteristics of financial instruments. The Company’s earnings can also be affected by the monetary and fiscal policies of the U.S. Government and its agencies, particularly the Board of Governors of the Federal Reserve System.

An element in the Company’s ongoing process is to measure and monitor interest rate risk using a Net Interest Income at Risk simulation to model the interest rate sensitivity of the balance sheet and to quantify the impact of changing interest rates on the Company. The model quantifies the effects of various possible interest rate scenarios on projected net interest income over a one-year horizon. The model assumes a semi-static balance sheet and measures the impact on net interest income relative to a base case scenario of hypothetical changes in interest rates over twelve months and provides no effect given to any steps that management might take to counter the effect of the interest rate movements. The scenarios include prepayment assumptions, changes in the level of interest rates, the shape of the yield curve, and spreads between market interest rates in order to capture the impact from re-pricing, yield curve, option, and basis risks.

Results of the Company’s simulation modeling, which assumes an immediate and sustained parallel shift in market interest rates, project that the Company’s net interest income could change as follows over a one-year horizon, relative to our base case scenario, based on March 31, 2026 and December 31, 2025 financial information:

	At March 31, 2026				At December 31, 2025
Immediate Change	One Year Horizon				One Year Horizon
in the Level	Dollar		Percent		Dollar		Percent
of Interest Rates	Change		Change		Change		Change
	(Dollars in thousands)
300bp	$	9,546	19.34	%	$	7,555	16.40	%
200bp		6,463	13.10			5,114	11.10
100bp		3,261	6.61			2,563	5.56
Static		—	—			—	—
(100)bp		(3,353)	(6.79)			(2,624)	(5.70)
(200)bp		(7,096)	(14.38)			(5,295)	(11.49)
(300)bp		(10,788)	(21.86)			(7,191)	(15.61)

At March 31, 2026 and December 31, 2025, the Company’s simulated exposure to an increase in interest rates shows that an immediate and sustained increase in rates of 1.00%, 2.00% or 3.00% would increase the Company’s net interest income over a one year horizon compared to a flat interest rate scenario. At March 31, 2026 and December 31, 2025, the Company’s simulated exposure to a decrease in interest rates shows that an immediate and sustained decrease in rates of 1.00%, 2.00% or 3.00% would decrease the Company’s net interest income over a one year horizon compared to a flat interest rate scenario. During the three months ended March 31, 2026, management evaluated and adjusted deposit rate betas and key interest rate index ties in its scenarios to better reflect the current interest rate environment and increased competitive pressure for deposits.

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PART I - ITEM 3

QUANTITATIVE AND QUALITATIVE DISCLOSURES

ABOUT MARKET RISK

FIRST CAPITAL, INC.

The Company also has longer term interest rate risk exposure, which may not be appropriately measured by Net Interest Income at Risk modeling. Therefore, the Company also uses an Economic Value of Equity (“EVE”) interest rate sensitivity analysis in order to evaluate the impact of its interest rate risk on earnings and capital. This is measured by computing the changes in net EVE for its cash flows from assets, liabilities and off-balance sheet items in the event of a range of assumed changes in market interest rates. EVE modeling involves discounting present values of all cash flows for on and off balance sheet items under different interest rate scenarios and provides no effect given to any steps that management might take to counter the effect of the interest rate movements. The discounted present value of all cash flows represents the Company’s EVE and is equal to the market value of assets minus the market value of liabilities, with adjustments made for off-balance sheet items. The amount of base case EVE and its sensitivity to shifts in interest rates provide a measure of the longer term re-pricing and option risk in the balance sheet.

Results of the Company’s simulation modeling, which assumes an immediate and sustained parallel shift in market interest rates, project that the Company’s EVE could change as follows, relative to the Company’s base case scenario, based on March 31, 2026 and December 31, 2025 financial information:

	At March 31, 2026
Immediate Change	Economic Value of Equity						Economic Value of Equity as a
in the Level	Dollar		Dollar		Percent		Percent of Present Value of Assets
of Interest Rates	Amount		Change		Change		EVE Ratio		Change
	(Dollars in thousands)
300bp	$	220,317	$	(315)	(0.14)	%	18.90	%	127	bp
200bp		222,537		1,905	0.86		18.63		100	bp
100bp		222,856		2,224	1.01		18.22		59	bp
Static		220,632		—	—		17.63		0	bp
(100)bp		215,409		(5,223)	(2.37)		16.88		(75)	bp
(200)bp		202,123		(18,509)	(8.39)		15.56		(207)	bp
(300)bp		185,482		(35,150)	(15.93)		14.07		(356)	bp

	At December 31, 2025
Immediate Change	Economic Value of Equity						Economic Value of Equity as a
in the Level	Dollar		Dollar		Percent		Percent of Present Value of Assets
of Interest Rates	Amount		Change		Change		EVE Ratio		Change
	(Dollars in thousands)
300bp	$	196,627	$	(3,425)	(1.71)	%	17.19	%	96	bp
200bp		200,019		(33)	(0.02)		17.04		81	bp
100bp		201,438		1,386	0.69		16.73		50	bp
Static		200,052		—	—		16.23		0	bp
(100)bp		197,721		(2,331)	(1.17)		15.68		(55)	bp
(200)bp		192,020		(8,032)	(4.01)		14.87		(136)	bp
(300)bp		189,830		(10,222)	(5.11)		14.32		(191)	bp

The tables indicate that at March 31, 2026 and December 31, 2025 the Company would expect an increase in its EVE in the event of a sudden and sustained 100 basis point increase in prevailing interest rates.  At March 31, 2026, the Company would expect an increase in its EVE in the event of a sudden and sustained increase of 200 basis points and a decrease in its EVE in the event of a sudden and sustained increase of 300 basis points.  At December 31, 2025, the Company would expect a decrease in its EVE in the event of a sudden and sustained increase of 200 and 300 basis points.  At March 31, 2026 and December 31, 2025, the Company would expect a decrease in its EVE in the event of a sudden and sustained 100, 200 and 300 basis point decrease in prevailing interest rates.  As previously mentioned in this report, during the three months ended March 31, 2026, the Company evaluated and adjusted deposit rate betas and key interest rate index ties in its scenarios to better reflect the current interest rate environment and increased competitive pressure for deposits.

The models are driven by expected behavior in various interest rate scenarios and many factors besides market interest rates affect the Company’s net interest income and EVE. For this reason, the Company models many different combinations of interest rates and balance sheet assumptions to understand its overall sensitivity to market interest rate changes. Therefore, as with any method of measuring interest rate risk, certain shortcomings are inherent in the method of analysis presented in the foregoing tables and it is recognized that the model outputs are not guarantees of actual results. For example, although certain assets and liabilities may have similar maturities or periods to repricing, they may react in different degrees to changes in market interest rates. Also, the interest rates on certain types of assets and liabilities may fluctuate in advance of changes in market interest rates, while interest rates on other types may lag behind changes in market rates. Additionally, certain assets, such as adjustable-rate mortgage loans, have features that restrict changes in interest rates on a short-term basis and over the life of the asset. Further, in the event of a change in interest rates, expected rates of prepayments on loans and early withdrawals from certificates of deposit could deviate significantly from those assumed in the modeling scenarios.

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PART I - ITEM 4

CONTROLS AND PROCEDURES

FIRST CAPITAL, INC.

Controls and Procedures

The Company’s management, including the Company’s principal executive officer and principal financial officer, has evaluated the effectiveness of the Company’s “disclosure controls and procedures,” as such term is defined in Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended, (the “Exchange Act”). Based upon their evaluation, the principal executive officer and principal financial officer concluded that, as of the end of the period covered by this report, the Company’s disclosure controls and procedures were effective for the purpose of ensuring that the information required to be disclosed in the reports that the Company files or submits under the Exchange Act with the SEC (1) is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and (2) is accumulated and communicated to the Company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

There have been no changes in the Company’s internal control over financial reporting during the three months ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II

OTHER INFORMATION

FIRST CAPITAL, INC.

Item 1. Legal Proceedings

None.

Item 1A. Risk Factors

There have been no material changes to the risk factors previously disclosed in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Recent changes in international trade regulation or foreign trade policy, including tariffs, could lead to higher than anticipated inflation and supply chain disruption, which may impact consumer and commercial borrower performance.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

				(c) Total Number of	(d) Maximum
				Shares Purchased as	Number of Shares
				Part of Publicly	that May Yet Be
	(a) Total Number of	(b) Average Price		Announced Plans or	Purchased Under the
Period	Shares Purchased	Paid Per Share		Programs	Plans or Programs
January 1 through January 31, 2026	—	$	—	—	99,989
February 1 through February 28, 2026	—		—	—	99,989
March 1 through March 31, 2026	—		—	—	99,989
Total	—	$	—	—

On August 29, 2025, the Company entered into a Joint Rule 10b5-1/Rule 10b-18 Plan Agreement (the “Plan”) under which the Company’s designated broker has the authority to repurchase up to 113,236 shares of common stock of the Company.  The Plan commenced on September 4, 2025, and expires on August 28, 2026.  The Plan was established in connection with the Company’s previously disclosed stock repurchase authorization, which was approved by the Company’s Board of Directors on August 19, 2008.

Item 3. Defaults upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

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PART II

OTHER INFORMATION

FIRST CAPITAL, INC.

Item 6. Exhibits

3.1	Articles of Incorporation of First Capital, Inc. (1)
3.2	Fifth Amended and Restated Bylaws of First Capital, Inc. (2)
31.1	Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer
31.2	Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer
32.1	Section 1350 Certification of Chief Executive Officer
32.2	Section 1350 Certification of Chief Financial Officer
101.INS	Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded with the Inline XBRL document
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

(1) Incorporated by reference to Exhibit 3.1 filed with the Registration Statement on Form SB-2 on September 16, 1998, and any amendments thereto, Registration No. 333-63515, as amended by that Amendment to Articles of Incorporation provided as Exhibit 3.1 to the Report on Form 8-K files with the Securities and Exchange Commission on May 19, 2016.

(2) Incorporated by reference to Exhibit 3.2 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on June 18, 2013.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		FIRST CAPITAL, INC.
		(Registrant)
Dated May 12, 2026	BY:	/s/ Michael C. Frederick
		Michael C. Frederick
		President and CEO
Dated May 12, 2026	BY:	/s/ Joshua P. Stevens
		Joshua P. Stevens
		Executive Vice President, CFO and Treasurer

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EX-31.1

Exhibit 31.1

CERTIFICATION

I, Michael C. Frederick, certify that:

1. I have reviewed this quarterly report on Form 10-Q of First Capital, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and in preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	May 12, 2026	/s/ Michael C. Frederick
		Michael C. Frederick
		President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Joshua P. Stevens, certify that:

1. I have reviewed this quarterly report on Form 10-Q of First Capital, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and in preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	May 12, 2026	/s/ Joshua P. Stevens
		Joshua P. Stevens
		Executive Vice President, Chief Financial Officer and Treasurer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of First Capital, Inc. and Subsidiaries (the “Company”) on Form 10-Q for the period ended March 31, 2026, as filed with the Securities and Exchange Commission (the “Report”), I, Michael C. Frederick, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the period covered by the Report.

DATE:	May 12, 2026	BY:	/s/ Michael C. Frederick
			Michael C. Frederick
			President and Chief
			Executive Officer
			(Principal Executive Officer)

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of First Capital, Inc. and Subsidiaries (the “Company”) on Form 10-Q for the period ended March 31, 2026, as filed with the Securities and Exchange Commission (the “Report”), I, Joshua P. Stevens, Executive Vice President, Chief Financial Officer and Treasurer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the period covered by the Report.

DATE:	May 12, 2026	BY:	/s/ Joshua P. Stevens
			Joshua P. Stevens
			Executive Vice President, Chief
			Financial Officer and Treasurer
			(Principal Financial and Accounting Officer)

XML

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2026	Apr. 30, 2026
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	0-25023
Entity Registrant Name	First Capital, Inc.
Entity Incorporation, State or Country Code	IN
Entity Tax Identification Number	35-2056949
Entity Address, Address Line One	220 Federal Drive NW
Entity Address, City or Town	Corydon
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	47112
Country Region	1
City Area Code	812
Local Phone Number	738-2198
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	FCAP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		3,345,531
Entity Central Index Key	0001070296
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false

XML

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
ASSETS
Cash and due from banks	$ 21,682	$ 26,873
Interest bearing deposits with banks	127,958	110,415
Total cash and cash equivalents	149,640	137,288
Interest-bearing time deposits	1,225	1,470
Securities available for sale, at fair value (amortized cost $426,668 and $432,167, respectively)	407,764	417,190
Securities held to maturity, at amortized cost (fair value $5,443 and $5,243, respectively)	7,000	7,000
Loans held for sale	756	1,464
Loans, net of allowance for credit losses of $10,347 ($10,108 in 2025)	664,404	654,100
Federal Home Loan Bank and other stock, at cost	1,836	1,836
Premises and equipment	14,567	14,357
Accrued interest receivable	4,917	5,100
Cash value of life insurance	9,050	8,993
Goodwill	6,472	6,472
Other assets	16,520	16,725
Total Assets	1,284,151	1,271,995
LIABILITIES
Noninterest-bearing	218,583	220,053
Interest-bearing	917,990	902,937
Total deposits	1,136,573	1,122,990
Accrued interest payable	2,156	2,195
Accrued expenses and other liabilities	7,268	8,901
Total liabilities	1,145,997	1,134,086
EQUITY
Preferred stock of $.01 par value per share Authorized 1,000,000 shares; none issued
Common stock of $.01 par value per share Authorized 7,500,000 shares; issued 3,814,543 shares (3,810,883 in 2025); outstanding 3,345,531 (3,341,871 in 2025)	38	38
Additional paid-in capital	42,015	41,823
Retained earnings-substantially restricted	120,927	117,635
Unearned stock compensation	(350)	(178)
Accumulated other comprehensive loss	(14,716)	(11,646)
Less treasury stock, at cost - 469,012 shares	(9,875)	(9,875)
Total First Capital, Inc. stockholders' equity	138,039	137,797
Noncontrolling interest in subsidiary	115	112
Total equity	138,154	137,909
Total Liabilities and Equity	$ 1,284,151	$ 1,271,995

XML

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
CONSOLIDATED BALANCE SHEETS
Securities available for sale at fair value, amortized cost	$ 426,668	$ 432,167
Securities held to maturity at amortized cost, fair value	5,443	5,243
Allowance for credit losses	$ 10,347	$ 10,108
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	7,500,000	7,500,000
Common stock, shares, issued (in shares)	3,814,543	3,810,883
Common stock, shares outstanding (in shares)	3,345,531	3,341,871
Treasury stock, cost (in shares)	469,012	469,012

XML

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
INTEREST INCOME
Loans, including fees	$ 10,442	$ 9,774
Taxable	2,713	1,834
Tax-exempt	703	649
Dividends	24	26
Interest bearing deposits with banks	1,042	1,063
Total interest income	14,924	13,346
INTEREST EXPENSE
Deposits	3,506	3,765
Total interest expense	3,506	3,765
Net interest income	11,418	9,581
Provision for credit losses	350	338
Net interest income after provision for credit losses	11,068	9,243
NONINTEREST INCOME
Noninterest income, financial services	1,722	1,677
Loss on sale of securities	(92)	(55)
Unrealized gain on equity securities	178	18
Gain on sale of loans	133	89
Increase in cash surrender value of life insurance	57	72
Other income	99	95
Total noninterest income	2,048	1,848
NONINTEREST EXPENSE
Compensation and benefits	4,337	4,102
Occupancy and equipment	634	623
Data processing	1,096	1,108
Professional fees	527	286
Advertising	72	74
Other expenses	1,087	988
Total noninterest expense	7,753	7,181
Income before income taxes	5,363	3,910
Income tax expense	1,030	672
Net Income	4,333	3,238
Less: net income attributable to noncontrolling interest in subsidiary	3	3
Net Income Attributable to First Capital, Inc.	$ 4,330	$ 3,235
Earnings per common share attributable to First Capital, Inc.:
Basic (in dollars per share)	$ 1.3	$ 0.97
Diluted (in dollars per share)	1.3	0.97
Dividends per share	$ 0.31	$ 0.29
Service charges on deposit accounts
NONINTEREST INCOME
Noninterest income, financial services	$ 592	$ 593
ATM and debit card fees
NONINTEREST INCOME
Noninterest income, financial services	$ 1,081	$ 1,036

XML

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net Income	$ 4,333	$ 3,238
Unrealized holding (losses) gains arising during the period	(4,019)	4,104
Income tax benefit (expense)	876	(956)
Net of tax amount	(3,143)	3,148
Less: reclassification adjustment for realized losses included in net income	92	55
Income tax benefit	(19)	(12)
Net of tax amount	73	43
Other Comprehensive (Loss) Income, net of tax	(3,070)	3,191
Comprehensive Income	1,263	6,429
Less: comprehensive income attributable to the noncontrolling interest in subsidiary	3	3
Comprehensive Income Attributable to First Capital, Inc.	$ 1,260	$ 6,426

XML

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Unearned Stock Compensation	Treasury Stock	Noncontrolling Interest	Total
Beginning balance at Dec. 31, 2024	$ 38	$ 41,676	$ 105,290	$ (22,990)	$ (135)	$ (9,280)	$ 112	$ 114,711
Net income			3,235				3	3,238
Other comprehensive income				3,191				3,191
Cash dividends			(974)					(974)
Stock compensation expense					38			38
Restricted stock grants		147			(147)
Purchase of treasury shares						(9)		(9)
Ending balance at Mar. 31, 2025	38	41,823	107,551	(19,799)	(244)	(9,289)	115	120,195
Beginning balance at Dec. 31, 2025	38	41,823	117,635	(11,646)	(178)	(9,875)	112	137,909
Net income			4,330				3	4,333
Other comprehensive income				(3,070)				(3,070)
Cash dividends			(1,038)					(1,038)
Stock compensation expense					20			20
Restricted stock grants		198			(198)
Restricted stock grant forfeitures		6			(6)
Ending balance at Mar. 31, 2026	$ 38	$ 42,015	$ 120,927	$ (14,716)	$ (350)	$ (9,875)	$ 115	$ 138,154

XML

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 4,333,000	$ 3,238,000
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:
Amortization of premiums and accretion of discounts on securities, net	114,000	220,000
Depreciation and amortization expense	279,000	281,000
Deferred income taxes	671,000	(96,000)
Stock compensation expense	20,000	38,000
Increase in cash value of life insurance	(57,000)	(72,000)
Loss on sale of securities	92,000	55,000
Provision for credit losses	350,000	338,000
Proceeds from sales of loans	9,218,000	4,812,000
Loans originated for sale	(8,377,000)	(4,592,000)
Gain on sale of loans	(133,000)	(89,000)
Amortization of tax credit investment	350,000	384,000
Unrealized gain on equity securities	(178,000)	(18,000)
Loss on disposal of premises and equipment		58,000
Decrease in accrued interest receivable	183,000	17,000
Decrease in accrued interest payable	(39,000)	(163,000)
Net change in other assets/liabilities	(485,000)	(24,000)
Net Cash Provided By Operating Activities	6,341,000	4,387,000
CASH FLOWS FROM INVESTING ACTIVITIES
Net decrease in interest-bearing time deposits	245,000
Purchase of securities available for sale	(45,701,000)	(30,783,000)
Proceeds from maturities of securities available for sale	17,790,000	15,385,000
Proceeds from sales of securities available for sale	18,722,000	11,192,000
Principal collected on mortgage-backed obligations	14,482,000	6,617,000
Net increase in loans receivable	(10,654,000)	(12,080,000)
Investment in tax credit entities	(845,000)	(291,000)
Investment in technology fund	(84,000)
Purchase of premises and equipment	(489,000)	(220,000)
Net Cash Used In Investing Activities	(6,534,000)	(10,180,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase in deposits	13,583,000	17,482,000
Purchase of treasury stock		(9,000)
Dividends paid	(1,038,000)	(974,000)
Net Cash Provided By Financing Activities	12,545,000	16,499,000
Net Increase in Cash and Cash Equivalents	12,352,000	10,706,000
Cash and cash equivalents at beginning of period	137,288,000	105,917,000
Cash and Cash Equivalents at End of Period	$ 149,640,000	$ 116,623,000

XML

Presentation of Interim Information

3 Months Ended

Mar. 31, 2026

Presentation of Interim Information

Presentation of Interim Information

1.Presentation of Interim Information

First Capital, Inc. (“Company”) is the financial holding company of First Harrison Bank (“Bank”), an Indiana chartered commercial bank and wholly owned subsidiary. First Harrison Investments, Inc. and First Harrison Holdings, Inc. are wholly-owned Nevada corporate subsidiaries of the Bank that jointly own First Harrison, LLC, a Nevada limited liability corporation that holds and manages an investment portfolio. First Harrison REIT, Inc. (“REIT”) is a wholly-owned subsidiary of First Harrison Holdings, Inc. that holds a portion of the Bank’s real estate mortgage loan portfolio.

In the opinion of management, the unaudited consolidated financial statements include all adjustments considered necessary to present fairly the financial position as of March 31, 2026, and the results of operations for the three months ended March 31, 2026 and 2025 and the cash flows for the three months ended March 31, 2026 and 2025. All of these adjustments are of a normal, recurring nature. Such adjustments are the only adjustments included in the unaudited consolidated financial statements. Interim results are not necessarily indicative of results for a full year or any other period.

The accompanying unaudited consolidated financial statements and notes have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial statements and are presented as permitted by the instructions to Form 10-Q. Accordingly, they do not contain certain information included in the Company’s annual audited consolidated financial statements and related footnotes for the year ended December 31, 2025 included in the Company’s Annual Report on Form 10-K.

The unaudited consolidated financial statements include the accounts of the Company and its subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform with the current period presentation. The reclassifications had no effect on net income or stockholders’ equity.

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Recent Accounting Pronouncements

3 Months Ended

Mar. 31, 2026

Recent Accounting Pronouncements

Recent Accounting Pronouncements

2.Recent Accounting Pronouncements

The Company has determined that all recently issued accounting pronouncements will not have a material impact on the Company’s consolidated financial statements or do not apply to its operations.

XML

Investment Securities

3 Months Ended

Mar. 31, 2026

Investment Securities

Investment Securities

3.Investment Securities

Investment securities have been classified in the consolidated balance sheets according to management’s intent. Investment securities at March 31, 2026 and December 31, 2025 are summarized as follows:

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(In thousands)	Cost		Gains		Losses		Value
March 31, 2026
Securities available for sale:
Agency mortgage-backed securities	$	116,309	$	93	$	6,008	$	110,394
Agency CMO		102,026		478		436		102,068
Agency notes and bonds		54,198		5		670		53,533
Treasury notes and bonds		2,488		—		31		2,457
Municipal obligations		151,647		503		12,838		139,312
Total securities available for sale	$	426,668	$	1,079	$	19,983	$	407,764
Securities held to maturity:
Other debt securities:
Corporate notes	$	7,000	$	—	$	1,557	$	5,443
Total securities held to maturity	$	7,000	$	—	$	1,557	$	5,443
December 31, 2025
Securities available for sale:
Agency mortgage-backed securities	$	96,218	$	505	$	4,793	$	91,930
Agency CMO		100,018		841		113		100,746
Agency notes and bonds		75,448		30		1,087		74,391
Treasury notes and bonds		2,485		—		24		2,461
Municipal obligations		157,998		996		11,332		147,662
Total securities available for sale	$	432,167	$	2,372	$	17,349	$	417,190
Securities held to maturity:
Other debt securities:
Corporate notes	$	7,000	$	—	$	1,757	$	5,243
Total securities held to maturity	$	7,000	$	—	$	1,757	$	5,243

Agency notes and bonds, agency mortgage-backed securities and agency collateralized mortgage obligations (“CMO”) include securities issued by the Government National Mortgage Association (“GNMA”), a U.S. government agency, and the Federal National Mortgage Association (“FNMA”), the Federal Home Loan Mortgage Corporation (“FHLMC”), the Federal Farm Credit Bank (“FFCB”) and the Federal Home Loan Bank (“FHLB”), which are government-sponsored enterprises. Corporate notes classified as held to maturity include subordinated debt obligations issued by other bank holding companies (“BHC”).

(3 – continued)

The amortized cost and fair value of debt securities as of March 31, 2026, by contractual maturity, are shown below. Expected maturities of mortgage-backed securities and CMO may differ from contractual maturities because the mortgages underlying the obligations may be prepaid without penalty.

	Securities Available for Sale				Securities Held to Maturity
	Amortized		Fair		Amortized		Fair
(In thousands)	Cost		Value		Cost		Value
Due in one year or less	$	46,762	$	46,310	$	—	$	—
Due after one year through five years		23,429		22,267		—		—
Due after five years through ten years		81,765		73,799		2,000		1,630
Due after ten years		56,377		52,926		5,000		3,813
		208,333		195,302		7,000		5,443
Mortgage-backed securities and CMO		218,335		212,462		—		—
	$	426,668	$	407,764	$	7,000	$	5,443

Information pertaining to investment securities with gross unrealized losses at March 31, 2026, aggregated by investment category and the length of time that individual investment securities have been in a continuous loss position, follows.

	Number of			Gross
	Investment	Fair		Unrealized
(Dollars in thousands)	Positions	Value		Losses
Securities available for sale:
Continuous loss position less than twelve months:
Agency mortgage-backed securities	26	$	46,843	$	922
Agency CMO	13		26,700		297
Agency notes and bonds	3		3,218		30
Municipal obligations	41		20,446		386
Total less than twelve months	83		97,207		1,635
Continuous loss position more than twelve months:
Agency mortgage-backed securities	65		47,325		5,086
Agency CMO	18		5,424		139
Agency notes and bonds	17		47,960		640
Treasury notes and bonds	2		2,457		31
Municipal obligations	158		85,629		12,452
Total more than twelve months	260		188,795		18,348
Total securities available for sale	343	$	286,002	$	19,983
Securities held to maturity:
Continuous loss position more than twelve months:
Corporate notes	4	$	5,443	$	1,557
Total more than twelve months	4		5,443		1,557
Total securities held to maturity	4	$	5,443	$	1,557

(3 – continued)

Information pertaining to investment securities with gross unrealized losses at December 31, 2025, aggregated by investment category and the length of time that individual investment securities have been in a continuous position, follows.

	Number of			Gross
	Investment	Fair		Unrealized
(Dollars in thousands)	Positions	Value		Losses
Securities available for sale:
Continuous loss position less than twelve months:
Agency mortgage-backed securities	8	$	11,853	$	96
Agency CMO	1		646		1
Agency notes and bonds	1		747		1
Municipal obligations	11		3,883		9
Total less than twelve months	21		17,129		107
Continuous loss position more than twelve months:
Agency mortgage-backed securities	90		51,637		4,697
Agency CMO	19		6,335		112
Agency notes and bonds	26		70,014		1,086
Treasury notes and bonds	2		2,461		24
Municipal obligations	174		97,487		11,323
Total more than twelve months	311		227,934		17,242
Total securities available for sale	332	$	245,063	$	17,349
Securities held to maturity:
Continuous loss position less than twelve months:
Corporate notes	4	$	5,243	$	1,757
Total less than twelve months	4		5,243		1,757
Total securities held to maturity	4	$	5,243	$	1,757

The Company has not identified any specific available for sale securities in a loss position that it intends to sell in the near term and does not believe that it will be required to sell any such securities. The Company reviews its securities on a quarterly basis to assess declines in fair value for credit losses. Consideration is given to such factors as the credit rating of the borrower, market conditions such as current interest rates, any adverse conditions specific to the security, and delinquency status on contractual payments. At March 31, 2026, management concluded that in all instances, securities with fair values less than carrying value were due to fluctuations in interest rates and other factors; thus, no credit loss provision was required.

In addition, management assesses held to maturity securities for credit losses on a quarterly basis. The assessment includes review of performance metrics, identification of delinquency and evaluation of market factors.  Based on all analysis, management concludes the decline in fair value of all securities classified as held to maturity was due to changes in interest rates and other market factors.

At March 31, 2026, the municipal obligations and U.S. government agency debt securities, including Treasury notes and bonds, agency notes and bonds, mortgage-backed securities and CMOs classified as available for sale and in a loss position had depreciated approximately 6.5% from the amortized cost basis. All of the U.S. government agency securities and municipal obligations are issued by U.S. government agencies, government-sponsored enterprises and municipal governments, or are secured by first mortgage loans and municipal project revenues. At March 31, 2026, the corporate notes classified as held to maturity in a loss position had depreciated approximately 22.2% from the amortized cost basis. These unrealized losses related principally to current interest rates for similar types of securities. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government, its agencies or other governments, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuer’s financial condition. As the Company has the intent and ability to hold the debt securities until maturity, or the foreseeable future if classified as available for sale, no credit loss is deemed to exist.

As of March 31, 2026 and December 31, 2025, the Company estimated expected credit losses to be immaterial based on the composition of the held to maturity securities portfolio.

While management does not anticipate any credit losses at March 31, 2026, additional deterioration in market and economic conditions may have an adverse impact on credit quality in the future.

During the three months ended March 31, 2026, the Company recognized gross gains of $169,000 and gross losses of $261,000 on sales of available for sale securities.  During the three months ended March 31, 2025, the Company recognized gross gains of $31,000 and gross losses of $86,000 on sales of available for sale securities.

At March 31, 2026 and December 31, 2025, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, with an aggregate book value greater than 10% of stockholders’ equity.

Accrued interest receivable on available for sale debt securities totaled $2.4 million and $2.6 million at March 31, 2026 and December 31, 2025, respectively, and was reported in accrued interest receivable on the consolidated balance sheets and is excluded from the estimate of credit losses.

Accrued interest receivable on held to maturity debt securities totaled $18,000 at both March 31, 2026 and December 31, 2025, and was reported in accrued interest receivable on the consolidated balance sheets and is excluded from the estimate of credit losses.

Equity Securities

In September 2018, the Company acquired 90,000 shares of common stock in another BHC, representing approximately 5% of the outstanding common stock of the entity, for a total investment of $1.9 million.  During the three months ended March 31, 2026 and 2025, the Company recognized a gain of $178,000 and $18,000, respectively.  At March 31, 2026 and December 31, 2025, the equity investment had a fair value of $1.2 million and $1.0 million, respectively, and is included in other assets on the consolidated balance sheets.

In October 2021, the Company entered into an agreement to invest in a bank technology fund through a limited partnership and the Company entered into an agreement to participate in a second, related fund in June 2025. At both March 31, 2026 and December 31, 2025, the Company’s investment in the limited partnerships was $910,000 and is reflected in other assets on the consolidated balance sheets. The unfunded commitment related to the limited partnership investments at March 31, 2026 and December 31, 2025 was $153,000 and $237,000, respectively, and is reflected in other liabilities on the consolidated balance sheets. The Company expects to fulfill the commitment as capital calls are made through 2026. The investments are accounted for as equity securities without a readily determinable fair value, and have been recorded at cost, less any impairment, and adjustments resulting from observable price changes. There were no impairments or adjustments on equity securities without readily determinable fair values during the three months ended March 31, 2026 or 2025.

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Loans and Allowance for Credit Losses

3 Months Ended

Mar. 31, 2026

Loans and Allowance for Credit Losses

Loans and Allowance for Credit Losses

4.Loans and Allowance for Credit Losses

Loans at March 31, 2026 and December 31, 2025 consisted of the following:

	March 31,		December 31,
(In thousands)	2026		2025
1-4 Family Residential Mortgage	$	141,957	$	140,677
Home Equity and Second Mortgage		71,200		71,435
Multifamily Residential		71,151		69,567
1-4 Family Residential Construction		15,032		15,445
Other Construction, Development and Land		47,738		41,227
Commercial Real Estate		206,800		207,124
Commercial Business		66,126		61,991
Consumer and Other		53,709		55,676
Principal loan balance		673,713		663,142
Deferred loan origination fees and costs, net		1,038		1,066
Allowance for credit losses		(10,347)		(10,108)
Loans, net	$	664,404	$	654,100

(4 – continued)

The Allowance for Credit Losses (“ACL”) on loans is measured on a collective (pooled) basis when similar risk characteristics exist. The Company’s pools/segments are largely determined based on loan types as defined by Call Report instructions.

Loans that do not share risk characteristics are evaluated on an individual basis. In addition, loans evaluated individually are not included in the collective evaluation. When management determines that foreclosure is probable or the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are based on the fair value of the collateral at the reporting date adjusted for selling costs.

The following table provides the components of the Company’s amortized cost basis in loans at March 31, 2026 and December 31, 2025:

									Other
	1-4 Family		Home Equity				1-4 Family		Construction,
	Residential		and Second		Multifamily		Residential		Development		Commercial		Commercial		Consumer
	Mortgage		Mortgage		Residential		Construction		and Land		Real Estate		Business		and Other		Total
March 31, 2026	(In thousands)
Amortized Cost Basis in Loans:
Principal loan balance	$	141,957	$	71,200	$	71,151	$	15,032	$	47,738	$	206,800	$	66,126	$	53,709	$	673,713
Net deferred loan origination fees and costs		74		1,218		(47)		(2)		(57)		(144)		(4)		—		1,038
Amortized cost basis in loans	$	142,031	$	72,418	$	71,104	$	15,030	$	47,681	$	206,656	$	66,122	$	53,709	$	674,751
December 31, 2025
Amortized Cost Basis in Loans:
Principal loan balance	$	140,677	$	71,435	$	69,567	$	15,445	$	41,227	$	207,124	$	61,991	$	55,676	$	663,142
Net deferred loan origination fees and costs		81		1,231		(45)		—		(49)		(150)		(2)		—		1,066
Amortized cost basis in loans	$	140,758	$	72,666	$	69,522	$	15,445	$	41,178	$	206,974	$	61,989	$	55,676	$	664,208

The following table provides an analysis of the changes in the ACL on loans for the three months ended March 31, 2026 and 2025:

									Other
	1-4 Family		Home Equity				1-4 Family		Construction,
	Residential		and Second		Multifamily		Residential		Development		Commercial		Commercial		Consumer
	Mortgage		Mortgage		Residential		Construction		and Land		Real Estate		Business		and Other		Total
March 31, 2026	(In thousands)
ACL on Loans:
Beginning balance	$	1,393	$	937	$	696	$	213	$	437	$	3,243	$	2,252	$	937	$	10,108
Provision for credit losses		156		22		122		20		111		(691)		421		189		350
Charge-offs		(1)		—		—		—		—		—		(64)		(155)		(220)
Recoveries		—		—		—		—		—		—		11		98		109
Ending balance	$	1,548	$	959	$	818	$	233	$	548	$	2,552	$	2,620	$	1,069	$	10,347
March 31, 2025
ACL on Loans:
Beginning balance	$	1,592	$	478	$	545	$	184	$	588	$	2,459	$	2,424	$	1,011	$	9,281
Provision for credit losses		(157)		89		(114)		39		591		(131)		(61)		82		338
Charge-offs		—		—		—		—		—		—		(27)		(100)		(127)
Recoveries		3		—		—		—		—		—		1		39		43
Ending balance	$	1,438	$	567	$	431	$	223	$	1,179	$	2,328	$	2,337	$	1,032	$	9,535

Accrued interest on loans totaled $2.5 million at March 31, 2026 and December 31, 2025 and is included in accrued interest receivable on the consolidated balance sheets and is excluded from the estimate of credit losses.

(4 – continued)

Company utilizes the Weighted Average Remaining Maturity (“WARM”) method in determining expected future credit losses. The WARM method uses average annual charge-off rates and the remaining life of the loan to estimate the ACL. For the Company’s loan portfolios, the remaining contractual life for each loan is adjusted by the expected scheduled payments and estimated prepayments. The average annual charge-off rate is applied to the amortization adjusted remaining life of the loan to determine the unadjusted lifetime historical charge-off rate. The Company’s expected loss estimate is anchored in historical credit loss experience, with an emphasis on all available portfolio data. The Company’s historical look-back periods for the loan portfolio range from one to 10 years depending on the WARM of the given portfolio segment and are updated on an annual basis.

The Company estimates the ACL on loans using relevant available information from internal and external sources relating to past events, current conditions, and reasonable and supportable forecasts. Reasonable and supportable forecasts typically utilize a 12-month period with immediate reversion to historical losses. Historical loss experience provides the basis for the estimation of expected credit losses. Qualitative adjustments to historical loss information are made for losses reflected by peers, changes in underwriting standards, changes in economic conditions, changes in delinquency levels, collateral values and other factors.

Qualitative adjustments reflect management’s overall estimate of the extent to which current expected credit losses on collectively evaluated loans will differ from historical loss experience. The analysis takes into consideration industry and collateral concentrations, acquired loan portfolio characteristics and other credit-related analytics as deemed appropriate.

Management exercises significant judgment in evaluating the relevant historical loss experience and the qualitative factors. Management also monitors the differences between estimated and actual incurred loan losses in order to evaluate the effectiveness of the estimation process and make any changes in the methodology as necessary.

Collateral dependent loans are loans for which the repayment is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. There have been no significant changes to the types of collateral securing the Company’s collateral dependent loans.

(4 – continued)

The following table presents the amortized cost basis of, and ACL allocation to, individually evaluated collateral-dependent loans by class of loans as of March 31, 2026 and December 31, 2025:

	Real								ACL
	Estate		Equipment		Other		Total		Allocation
March 31, 2026	(In thousands)
1-4 Family Residential Mortgage	$	1,658	$	—	$	—	$	1,658	$	—
Home Equity and Second Mortgage		495		—		—		495		—
Multifamily Residential		—		—		—		—		—
1-4 Family Residential Construction		98		—		—		98		61
Other Construction, Development and Land		119		—		—		119		—
Commercial Real Estate		2,171		—		—		2,171		—
Commercial Business		—		1,564		268		1,832		1,233
Consumer and Other		—		—		3		3		—
	$	4,541	$	1,564	$	271	$	6,376	$	1,294
December 31, 2025
1-4 Family Residential Mortgage	$	1,835	$	—	$	—	$	1,835	$	—
Home Equity and Second Mortgage		503		—		—		503		—
Multifamily Residential		—		—		—		—		—
1-4 Family Residential Construction		97		—		—		97		60
Other Construction, Development and Land		118		—		—		118		—
Commercial Real Estate		2,175		—		—		2,175		—
Commercial Business		—		1,645		467		2,112		1,233
Consumer and Other		—		—		15		15		—
	$	4,728	$	1,645	$	482	$	6,855	$	1,293

Nonperforming loans consists of nonaccrual loans and loans past due and still accruing interest. The following table presents the amortized cost basis of loans on nonaccrual status and loans 90 days or more past due still accruing as of March 31, 2026 and December 31, 2025:

							Loans 90+ Days		Total
	Nonaccrual Loans		Nonaccrual Loans		Total		Past Due		Nonperforming
	with No ACL		with An ACL		Nonaccrual		Still Accruing		Loans
March 31, 2026	(In thousands)
1-4 Family Residential Mortgage	$	1,400	$	—	$	1,400	$	—	$	1,400
Home Equity and Second Mortgage		322		—		322		—		322
Multifamily Residential		—		—		—		—		—
1-4 Family Residential Construction		—		98		98		—		98
Other Construction, Development and Land		73		—		73		—		73
Commercial Real Estate		418		—		418		—		418
Commercial Business		99		1,605		1,704		—		1,704
Consumer and Other		—		—		—		14		14
Total	$	2,312	$	1,703	$	4,015	$	14	$	4,029
December 31, 2025
1-4 Family Residential Mortgage	$	1,552	$	—	$	1,552	$	—	$	1,552
Home Equity and Second Mortgage		329		—		329		—		329
Multifamily Residential		—		—		—		—		—
1-4 Family Residential Construction		—		97		97		—		97
Other Construction, Development and Land		72		—		72		—		72
Commercial Real Estate		417		—		417		—		417
Commercial Business		99		1,687		1,786		83		1,869
Consumer and Other		15		—		15		—		15
Total	$	2,484	$	1,784	$	4,268	$	83	$	4,351

No interest income was recognized on nonaccrual loans during the three months ended March 31, 2026 and 2025.

(4 – continued)

The following table presents the aging of the amortized cost basis in loans at March 31, 2026 and December 31, 2025:

	30-59 Days		60-89 Days		90 Days or More		Total				Total
	Past Due		Past Due		Past Due		Past Due		Current		Loans
March 31, 2026	(In thousands)
1-4 Family Residential Mortgage	$	1,315	$	84	$	1,043	$	2,442	$	139,589	$	142,031
Home Equity and Second Mortgage		423		148		52		623		71,795		72,418
Multifamily Residential		—		—		—		—		71,104		71,104
1-4 Family Residential Construction		—		—		98		98		14,932		15,030
Other Construction, Development and Land		—		—		73		73		47,608		47,681
Commercial Real Estate		708		—		418		1,126		205,530		206,656
Commercial Business		196		—		140		336		65,786		66,122
Consumer and Other		201		13		14		228		53,481		53,709
Total	$	2,843	$	245	$	1,838	$	4,926	$	669,825	$	674,751
December 31, 2025
1-4 Family Residential Mortgage	$	849	$	249	$	1,011	$	2,109	$	138,649	$	140,758
Home Equity and Second Mortgage		668		—		52		720		71,946		72,666
Multifamily Residential		—		—		—		—		69,522		69,522
1-4 Family Residential Construction		—		—		97		97		15,348		15,445
Other Construction, Development and Land		80		—		72		152		41,026		41,178
Commercial Real Estate		827		707		417		1,951		205,023		206,974
Commercial Business		92		19		223		334		61,655		61,989
Consumer and Other		198		86		15		299		55,377		55,676
Total	$	2,714	$	1,061	$	1,887	$	5,662	$	658,546	$	664,208

Occasionally, the Company modifies loans to borrowers in financial distress by providing principal forgiveness, a term extension, an other-than-insignificant payment delay or an interest rate reduction. When principal forgiveness is provided, the amount of forgiveness is charged-off against the ACL on loans. In some cases, the Company may provide multiple types of concessions on one loan. Typically, one type of concession, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another concession, such as principal forgiveness, may be granted.

During the three months ended March 31, 2026 and 2025, there were no modifications to borrowers in financial distress. The Company monitors the performance of modified loans and no modified loans were delinquent at March 31, 2026 or December 31, 2025.  There were no loans to borrowers experiencing financial distress that were modified during the previous 12 months and which subsequently defaulted during the three months ended March 31, 2026 and 2025. There were no unfunded commitments associated with loans modified for borrowers experiencing financial distress as of March 31, 2026 and December 31, 2025.

(4 – continued)

Credit Quality Indicators

The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, public information, historical payment experience, credit documentation, and current economic trends, among other factors. The Company classifies loans based on credit risk at least quarterly. The Company uses the following regulatory definitions for risk ratings:

Special Mention:  Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date.

Substandard:  Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.

Doubtful:  Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.

Loss:  Loans classified as loss are considered uncollectible and of such little value that their continuance on the institution’s books as an asset is not warranted.

Loans not meeting the criteria above that are analyzed individually as part of the described process are considered to be pass rated loans.

(4 – continued)

The following table provides the risk category of loans by class of loans based on the analysis performed at March 31, 2026:

	Term Loans Amortized Cost Basis by Origination Year
	2026		2025		2024		2023		2022		Prior		Revolving		Total
	(In thousands)
1-4 Family Residential Mortgage
Pass	$	7,029	$	24,818	$	17,573	$	23,468	$	22,566	$	44,342	$	—	$	139,796
Special Mention		—		—		—		20		—		556		—		576
Substandard		—		—		—		—		—		260		—		260
Doubtful		—		—		205		30		31		1,133		—		1,399
	$	7,029	$	24,818	$	17,778	$	23,518	$	22,597	$	46,291	$	—	$	142,031
Current period gross write-offs	$	—	$	—	$	1	$	—	$	—	$	—	$	—	$	1
Home Equity and Second Mortgage
Pass	$	186	$	2,091	$	1,304	$	2,650	$	2,662	$	440	$	62,589	$	71,922
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		174		174
Doubtful		—		—		—		—		—		322		—		322
	$	186	$	2,091	$	1,304	$	2,650	$	2,662	$	762	$	62,763	$	72,418
Current period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Multifamily Residential
Pass	$	1,946	$	16,907	$	5,919	$	7,475	$	19,682	$	17,736	$	—	$	69,665
Special Mention		—		—		—		1,439		—		—		—		1,439
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
	$	1,946	$	16,907	$	5,919	$	8,914	$	19,682	$	17,736	$	—	$	71,104
Current period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
1-4 Family Residential Construction
Pass	$	1,719	$	11,067	$	2,146	$	—	$	—	$	—	$	—	$	14,932
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		98		—		98
	$	1,719	$	11,067	$	2,146	$	—	$	—	$	98	$	—	$	15,030
Current period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other Construction, Development and Land
Pass	$	962	$	22,418	$	8,513	$	9,408	$	2,728	$	3,533	$	—	$	47,562
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		46		—		46
Doubtful		—		—		—		—		—		73		—		73
	$	962	$	22,418	$	8,513	$	9,408	$	2,728	$	3,652	$	—	$	47,681
Current period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial Real Estate
Pass	$	7,540	$	20,524	$	21,808	$	19,310	$	54,063	$	75,102	$	4,619	$	202,966
Special Mention		—		—		—		—		161		984		375		1,520
Substandard		—		—		306		707		—		739		—		1,752
Doubtful		—		—		—		—		—		418		—		418
	$	7,540	$	20,524	$	22,114	$	20,017	$	54,224	$	77,243	$	4,994	$	206,656
Current period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

(4 – continued)

	Term Loans Amortized Cost Basis by Origination Year
	2026		2025		2024		2023		2022		Prior		Revolving		Total
	(In thousands)
Commercial Business
Pass	$	5,820	$	12,442	$	4,795	$	6,720	$	5,800	$	14,477	$	13,551	$	63,605
Special Mention		305		51		19		152		18		46		53		644
Substandard		—		—		—		—		—		23		146		169
Doubtful		—		—		—		107		1,564		33		—		1,704
	$	6,125	$	12,493	$	4,814	$	6,979	$	7,382	$	14,579	$	13,750	$	66,122
Current period gross write-offs	$	—	$	—	$	44	$	—	$	20	$	—	$	—	$	64
Consumer and Other
Pass	$	5,347	$	16,478	$	9,730	$	8,600	$	3,008	$	7,265	$	3,163	$	53,591
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		3		—		115		118
Doubtful		—		—		—		—		—		—		—		—
	$	5,347	$	16,478	$	9,730	$	8,600	$	3,011	$	7,265	$	3,278	$	53,709
Current period gross write-offs	$	—	$	52	$	33	$	38	$	2	$	5	$	25	$	155
Total Loans
Pass	$	30,549	$	126,745	$	71,788	$	77,631	$	110,509	$	162,895	$	83,922	$	664,039
Special Mention		305		51		19		1,611		179		1,586		428		4,179
Substandard		—		—		306		707		3		1,068		435		2,519
Doubtful		—		—		205		137		1,595		2,077		—		4,014
	$	30,854	$	126,796	$	72,318	$	80,086	$	112,286	$	167,626	$	84,785	$	674,751
Current period gross write-offs	$	—	$	52	$	78	$	38	$	22	$	5	$	25	$	220

The following table provides the risk category of loans by class of loans based on the analysis performed at December 31, 2025:

	Term Loans Amortized Cost Basis by Origination Year
	2025		2024		2023		2022		2021		Prior		Revolving		Total
	(In thousands)
1-4 Family Residential Mortgage
Pass	$	25,785	$	18,522	$	24,845	$	22,939	$	19,268	$	26,477	$	—	$	137,836
Special Mention		—		—		20		—		1,008		60		—		1,088
Substandard		—		—		—		—		97		185		—		282
Doubtful		—		177		31		142		120		1,082		—		1,552
	$	25,785	$	18,699	$	24,896	$	23,081	$	20,493	$	27,804	$	—	$	140,758
Home Equity and Second Mortgage
Pass	$	2,066	$	1,428	$	2,835	$	2,649	$	202	$	282	$	62,515	$	71,977
Special Mention		57		—		—		129		—		—		—		186
Substandard		—		—		—		—		—		—		174		174
Doubtful		—		—		—		—		—		329		—		329
	$	2,123	$	1,428	$	2,835	$	2,778	$	202	$	611	$	62,689	$	72,666
Multifamily Residential
Pass	$	16,912	$	5,981	$	8,955	$	19,754	$	6,759	$	11,161	$	—	$	69,522
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
	$	16,912	$	5,981	$	8,955	$	19,754	$	6,759	$	11,161	$	—	$	69,522
1-4 Family Residential Construction
Pass	$	11,472	$	3,876	$	—	$	—	$	—	$	—	$	—	$	15,348
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		97		—		—		97
	$	11,472	$	3,876	$	—	$	—	$	97	$	—	$	—	$	15,445

(4 – continued)

	Term Loans Amortized Cost Basis by Origination Year
	2025		2024		2023		2022		2021		Prior		Revolving		Total
	(In thousands)
Other Construction, Development and Land
Pass	$	21,034	$	3,987	$	9,534	$	2,827	$	955	$	2,723	$	—	$	41,060
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		46		—		46
Doubtful		—		—		—		—		—		72		—		72
	$	21,034	$	3,987	$	9,534	$	2,827	$	955	$	2,841	$	—	$	41,178
Commercial Real Estate
Pass	$	18,784	$	26,438	$	19,826	$	55,077	$	24,474	$	54,907	$	4,936	$	204,442
Special Mention		19		—		—		165		—		173		—		357
Substandard		—		306		707		—		541		204		—		1,758
Doubtful		—		—		—		—		—		417		—		417
	$	18,803	$	26,744	$	20,533	$	55,242	$	25,015	$	55,701	$	4,936	$	206,974
Commercial Business
Pass	$	13,738	$	5,223	$	7,136	$	6,426	$	7,138	$	8,141	$	11,738	$	59,540
Special Mention		54		14		160		23		14		—		30		295
Substandard		197		—		—		—		30		—		142		369
Doubtful		—		—		107		1,645		—		33		—		1,785
	$	13,989	$	5,237	$	7,403	$	8,094	$	7,182	$	8,174	$	11,910	$	61,989
Consumer and Other
Pass	$	18,791	$	10,946	$	9,962	$	3,844	$	1,129	$	6,809	$	4,103	$	55,584
Special Mention		—		—		—		3		—		—		—		3
Substandard		—		—		—		—		—		—		74		74
Doubtful		—		15		—		—		—		—		—		15
	$	18,791	$	10,961	$	9,962	$	3,847	$	1,129	$	6,809	$	4,177	$	55,676
Total Loans
Pass	$	128,582	$	76,401	$	83,093	$	113,516	$	59,925	$	110,500	$	83,292	$	655,309
Special Mention		130		14		180		320		1,022		233		30		1,929
Substandard		197		306		707		—		668		435		390		2,703
Doubtful		—		192		138		1,787		217		1,933		—		4,267
	$	128,909	$	76,913	$	84,118	$	115,623	$	61,832	$	113,101	$	83,712	$	664,208

ACL on Off-Balance-Sheet Credit Exposures

The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The ACL for off-balance-sheet credit exposures was $131,000 at both March 31, 2026 and December 31, 2025. The ACL for off-balance-sheet credit exposures is presented in accrued expenses and other liabilities on the consolidated balance sheets. Changes in the ACL for off-balance-sheet credit exposures are reflected in the provision for credit losses on the consolidated statements of income. There were no changes to the ACL for off-balance-sheet credit exposures during the three months ended March 31, 2026 and 2025.

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Qualified Affordable Housing Project Investment

3 Months Ended

Mar. 31, 2026

Qualified Affordable Housing Project Investment

Qualified Affordable Housing Project Investment

5.Qualified Affordable Housing Project Investment

On January 19, 2018, the Bank entered into an agreement to invest in qualified affordable housing projects through a limited liability company. At March 31, 2026 and December 31, 2025, the balance of the Bank’s investment was $1.1 million and $1.2 million, respectively, and is reflected in other assets on the consolidated balance sheets. At March 31, 2026 and December 31, 2025, the unfunded commitment related to the qualified affordable housing project investment was $72,000 and is reflected in other liabilities on the consolidated balance sheets. The Bank expects to fulfill the commitment as capital calls are made through 2029.

(5 – continued)

On December 16, 2025, the Bank entered into another agreement to invest in qualified affordable housing projects through a limited liability company.  At March 31, 2026 and December 31, 2025, the balance of the Bank’s investment was $4.0 million and is reflected in other assets on the consolidated balance sheets.  The unfunded commitment related to the qualified affordable housing project investment at March 31, 2026 and December 31, 2025 was $3.1 million and $3.3 million, respectively, and is reflected in other liabilities on the consolidated balance sheets.  The Bank expects to fulfill the commitment as capital calls are made through 2036.

The investments are accounted for using the proportional amortization method.  During the three month periods ended March 31, 2026 and 2025, the Bank recognized amortization expense of $98,000 and $84,000, respectively, as a component of income tax expense on the consolidated statements of income.  Additionally, during the three month periods ended March 31, 2026 and 2025, the Bank recognized income tax credits and other income tax benefits from its qualified affordable housing project investment of $118,000 and $103,000, respectively, which was included in income tax expense on the consolidated statements of income.

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Renewable Energy Tax Credit Investment

3 Months Ended

Mar. 31, 2026

Renewable Energy Tax Credit Investment

Renewable Energy Tax Credit Investment

6.Renewable Energy Tax Credit Investment

On March 26, 2025, April 17, 2024 and April 21, 2023, the Bank entered into agreements to invest in investment tax credits generated by solar energy producing facilities through limited liability companies. At March 31, 2026 and December 31, 2025, the balance of the Bank’s investments in the limited liability companies was $1.3 million and $1.5 million, respectively, and was reflected in other assets on the consolidated balance sheets. The unfunded commitment related to the solar energy tax credit investments was $104,000 and $835,000 at March 31, 2026 and December 31, 2025, respectively, and is reflected in other liabilities on the consolidated balance sheets. The Bank expects to fulfill the commitment as capital calls are made by December 31, 2026.

The investments are accounted for using the proportional amortization method.  During the three month periods ended March 31, 2026 and 2025, the Bank recognized amortization expense of $252,000 and $299,000, respectively, as a component of income tax expense on the consolidated statements of income.  Additionally, during the three month periods ended March 31, 2026 and 2025, the Bank recognized income tax credits and other income tax benefits from its solar energy tax credit investment of $232,000 and $304,000, respectively, which was included in income tax expense on the consolidated statements of income.  

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Borrowed Funds

3 Months Ended

Mar. 31, 2026

Borrowed Funds

Borrowed Funds

7.Borrowed Funds

At March 31, 2026 and December 31, 2025, the Company had no outstanding borrowings.  During the three month periods ended March 31, 2026 and 2025, the Company did not utilize any FHLB advances.

The Company has access to the FRB Discount Window for Borrowings (“Discount Window”).  At March 31, 2026 and December 31, 2025, the Company had pledged certain U.S Treasuries and U.S. agency notes and bonds with a carrying value of $17.2 million to secure borrowings through the Discount Window, if needed. While the Company has conducted a test of borrowing through the Discount Window, there were no borrowings outstanding through the Discount Window at March 31, 2026 or December 31, 2025.

FHLB advances are secured under a blanket collateral agreement. At March 31, 2026, the carrying value of CMO and mortgage-backed securities, mortgage loans and home equity lines of credit pledged as security for future FHLB advances was $33.4 million, $79.9 million, and $8.6 million, respectively.  At December 31, 2025, the carrying value of CMO and mortgage-backed securities, mortgage loans and home equity lines of credit pledged as security for FHLB advances was $23.0 million, $77.7 million and $8.2 million, respectively.  At March 31, 2026, the Company had a $81.3 million borrowing capacity limit with the FHLB based on pledged collateral.

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Supplemental Disclosure for Earnings Per Share

3 Months Ended

Mar. 31, 2026

Supplemental Disclosure for Earnings Per Share

Supplemental Disclosure for Earnings Per Share

8.Supplemental Disclosure for Earnings Per Share

	March 31,
(In thousands, except per share data)	2026		2025
Basic
Earnings:
Net income attributable to First Capital, Inc.	$	4,330	$	3,235
Shares:
Weighted average common shares outstanding		3,336,077		3,346,850
Net income attributable to First Capital, Inc. per common share, basic	$	1.30	$	0.97
Diluted
Earnings:
Net income attributable to First Capital, Inc.	$	4,330	$	3,235
Shares:
Weighted average common shares outstanding		3,336,077		3,346,850
Add: Dilutive effect of restricted stock		2,557		1,448
Weighted average common shares outstanding, as adjusted		3,338,634		3,348,298
Net income attributable to First Capital, Inc. per common share, diluted	$	1.30	$	0.97

Nonvested restricted stock shares are not considered as outstanding for purposes of computing weighted average common shares outstanding. No restricted shares were excluded from the calculation of diluted net income per share for the three month periods ending March 31, 2026 and 2025.

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Stock-Based Compensation Plan

3 Months Ended

Mar. 31, 2026

Stock-Based Compensation Plan

Stock-Based Compensation Plan

9.Stock-Based Compensation Plan

On May 20, 2009, the Company adopted the 2009 Equity Incentive Plan (the “2009 Plan”) which terminated as of May 20, 2019. The 2009 Plan provided for the award of stock options, restricted stock, performance shares and stock appreciation rights. The aggregate number of shares of the Company’s common stock available for issuance under the 2009 Plan could not exceed 223,000 shares and 176,150 shares were still available for issuance under the 2009 Plan at its termination.

On May 22, 2019, the Company adopted the 2019 Equity Incentive Plan (the “2019 Plan” and together with the 2009 Plan, the “Plans”). The 2019 Plan provides for the award of stock options, restricted stock, performance shares and stock appreciation rights. The aggregate number of shares of the Company’s common stock available for issuance under the 2019 Plan may not exceed 176,150 shares. If an award under the 2009 Plan is canceled, terminates, expires, is forfeited or lapses for any reason, any issued shares subject to the award shall not be available for issuance pursuant to awards subsequently granted under the 2019 Plan. Further, no additional participants, as that term is defined in the 2009 Plan, are eligible for grants of awards under the 2009 Plan. The Company generally issues new shares under the 2019 Plan from its authorized but unissued shares.

At March 31, 2026, 152,090 shares of the Company’s common stock were available for issuance under the 2019 Plan. The Company may grant both non-statutory and statutory stock options which may not have a term exceeding ten years. In the case of incentive stock options, the aggregate fair value of the stock (determined at the time the incentive stock option is granted) for which any optionee may be granted incentive options which are first exercisable during any calendar year shall not exceed $100,000. Option prices may not be less than the fair market value of the underlying stock at the date of the grant. An award of a performance share is a grant of a right to receive shares of the Company’s common stock which is contingent upon the achievement of specific performance criteria or other objectives set at the grant date. Stock appreciation rights are equity or cash settled share-based compensation arrangements whereby the number of shares that will ultimately be issued or the cash payment is based upon the appreciation of the Company’s common stock. Awards granted under the 2019 Plan may be granted either alone, in addition to, or in tandem with, any other award granted under the 2019 Plan. The terms of the 2019 Plan also include provisions whereby all unearned options and restricted shares become immediately exercisable and fully vested upon a change in control.

(9 – continued)

As of March 31, 2026, no stock options had been granted under the Plans.

Compensation expense is measured based on the fair market value of the restricted stock at the grant date and is recognized ratably over the period during which the shares are earned (the vesting period). The Company accounts for any forfeitures when they occur, and any previously recognized compensation for an award is reversed in the period the award is forfeited. Compensation expense related to restricted stock recognized for the three month periods ended March 31, 2026 and 2025 amounted to $20,000 and $38,000, respectively.  The total income tax benefit related to stock-based compensation was $5,000 and $9,000, for the three month periods ended March 31, 2026 and 2025, respectively. 

A summary of the Company’s nonvested restricted shares under the 2019 Plan as of March 31, 2026 and changes during the three month period then ended is presented below.

		Weighted
	Number	Average
	of	Grant-Date
	Shares	Fair Value
Nonvested at beginning of period	5,970	$	34.22
Granted	3,900		50.80
Vested	150		50.80
Forfeited	240		28.00
Nonvested at end of period	9,480	$	40.94

There were 150 restricted shares that vested during the three month period ending March 31, 2026 due to the retirement of an employee.   There were no restricted shares that vested during the three month period ended March 31, 2025.  The fair value of restricted shares that vested during the three month period ended March 31, 2026 was $8,000.  At March 31, 2026, there was $350,000 of unrecognized compensation expense related to nonvested restricted shares. The compensation expense is expected to be recognized over a weighted average period of 4.7 years.

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Supplemental Disclosures of Cash Flow Information

3 Months Ended

Mar. 31, 2026

Supplemental Disclosures of Cash Flow Information

Supplemental Disclosures of Cash Flow Information

10.Supplemental Disclosures of Cash Flow Information

	Three Months Ended
	March 31,
(In thousands)	2026		2025
Cash payments for:
Interest	$	3,545	$	3,928
Income taxes (net of refunds received)		(275)		—
Noncash investing activities:
Security purchased but not traded	$	—	$	1,002
Agreement to invest in renewable energy tax credit facility	$	—		3,709

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Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Measurements

Fair Value Measurements

11.Fair Value Measurements

FASB ASC Topic 820, Fair Value Measurements, provides the framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under FASB ASC Topic 820 are described as follows:

Level 1:Inputs to the valuation methodology are quoted prices, unadjusted, for identical assets or liabilities in active markets. A quoted market price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available.

Level 2:Inputs to the valuation methodology include quoted market prices for similar assets or liabilities in active markets; quoted market prices for identical or similar assets or liabilities in markets that are not active; or inputs that are derived principally from or can be corroborated by observable market data by correlation or other means.

Level 3:Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using discounted cash flow methodologies, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. The following table presents the balances of assets measured at fair value on a recurring and nonrecurring basis as of March 31, 2026. The Company had no liabilities measured at fair value as of March 31, 2026.

	Carrying Value
(In thousands)	Level 1		Level 2		Level 3		Total
March 31, 2026
Assets Measured on a Recurring Basis
Securities available for sale:
Agency mortgage-backed securities	$	—	$	110,394	$	—	$	110,394
Agency CMO		—		102,068		—		102,068
Agency notes and bonds		—		53,533		—		53,533
Treasury notes and bonds		2,457		—		—		2,457
Municipal obligations		—		139,312		—		139,312
Total securities available for sale	$	2,457	$	405,307	$	—	$	407,764
Equity securities	$	1,213	$	—	$	—		1,213
Assets Measured on a Nonrecurring Basis
Collateral dependent loans:
Commercial Business	$	—	$	—	$	331	$	331
1-4 Family Residential Construction		—		—		37		37
Total collateral dependent loans	$	—	$	—	$	368	$	368

(11 – continued)

The following table presents the balances of assets measured at fair value on a recurring and nonrecurring basis as of December 31, 2025. The Company had no liabilities measured at fair value as of December 31, 2025.

	Carrying Value
(In thousands)	Level 1		Level 2		Level 3		Total
December 31, 2025
Assets Measured on a Recurring Basis
Securities available for sale:
Agency mortgage-backed securities	$	—	$	91,930	$	—	$	91,930
Agency CMO		—		100,746		—		100,746
Agency notes and bonds		—		74,391		—		74,391
Treasury notes and bonds		2,461		—		—		2,461
Municipal obligations		—		147,662		—		147,662
Total securities available for sale	$	2,461	$	414,729	$	—	$	417,190
Equity securities	$	1,035	$	—	$	—		1,035
Assets Measured on a Nonrecurring Basis
Collateral dependent loans:
Commercial Business	$	—	$	—	$	412	$	412
1-4 Family Residential Construction		—		—		37		37
Total collateral dependent loans	$	—	$	—	$	449	$	449

Fair value is based upon quoted market prices, where available. If quoted market prices are not available, fair value is based on internally developed models or obtained from third parties that primarily use, as inputs, observable market-based parameters or a matrix pricing model that employs the Bond Market Association’s standard calculations for cash flow and price/yield analysis and observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include unobservable parameters. Any such valuation adjustments have been applied consistently over time. The Company’s valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While management believes the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.

Securities Available for Sale and Equity Securities:  Securities classified as available for sale and equity securities are reported at fair value on a recurring basis. These securities are classified as Level 1 of the valuation hierarchy where quoted market prices from reputable third-party brokers are available in an active market. If quoted market prices are not available, the Company obtains fair value measurements from an independent pricing service. These securities are reported using Level 2 inputs and the fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, U.S. government and agency yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and the security’s terms and conditions, among other factors. For securities where quoted market prices, market prices of similar securities or prices from an independent third-party pricing service are not available, fair values are calculated using discounted cash flows or other market indicators and are classified within Level 3 of the fair value hierarchy. Changes in fair value of securities available for sale are recorded in other comprehensive income, net of income tax effect. Changes in fair value of equity securities are recorded in noninterest income on the consolidated statements of income.

Loans Held for Sale:  Loans held for sale are carried at the lower of cost or market value. The portfolio is comprised of residential real estate loans and fair value is estimated based on specific prices of underlying contracts for sales to investors. These measurements are carried at Level 2 in the fair value hierarchy. At March 31, 2026 and December 31, 2025, the Company did not have any loans held for sale measured at fair value on a nonrecurring basis.

Collateral Dependent Loans:  Collateral dependent loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly. In accordance with accounting standards, only collateral dependent loans for which a specific ACL has been established require classification in the fair value hierarchy. The fair value of collateral dependent loans is classified as Level 3 in the fair value hierarchy.

(11 – continued)

Collateral dependent loans with specific allocations of ACL are measured at the fair value of the collateral less estimated costs to sell. Collateral may be real estate and/or business assets, including equipment, inventory and/or accounts receivable. The fair value of the collateral is generally determined based on real estate appraisals or other independent evaluations by qualified professionals, which are then discounted to reflect management’s estimate of the fair value of the collateral given the current market conditions and the condition of the collateral.

At March 31, 2026, the significant unobservable inputs used in the fair value measurement of collateral dependent loans included a discount from appraised value for estimates of changes in market conditions, the condition of the collateral and estimated costs to sell the collateral ranging from 19% to 52%, with a weighted average discount of 49.7%.  The Company  recognized additional provision for credit losses on collateral dependent loans of less than $1,000 and $1,000 for the three month periods ended March 31, 2026 and 2025, respectively.

There have been no changes in the valuation techniques and related inputs used for assets measured at fair value on a recurring and nonrecurring basis during the three month periods ended March 31, 2026 and 2025. There were no transfers into or out of the Company’s Level 3 financial assets for the three month periods ended March 31, 2026 and 2025.

GAAP requires disclosure of the fair value of financial assets and financial liabilities, whether or not recognized in the balance sheet. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instruments. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company.

(11 – continued)

The estimated fair values of the Company’s financial instruments are as follows:

	Carrying		Fair		Fair Value Measurements Using
(In thousands)	Value		Value		Level 1		Level 2		Level 3
March 31, 2026:
Financial assets:
Cash and cash equivalents	$	149,640	$	149,640	$	149,640	$	—	$	—
Interest-bearing time deposits		1,225		1,228		—		1,228		—
Securities available for sale		407,764		407,764		2,457		405,307		—
Securities held to maturity		7,000		5,443		—		5,443		—
Loans held for sale		756		770		—		770		—
Loans, net		664,404		647,001		—		—		647,001
FHLB and other restricted stock		1,836		N/A		N/A		N/A		N/A
Accrued interest receivable		4,917		4,917		—		4,917		—
Equity securities (included in other assets)		1,213		1,213		1,213		—		—
Financial liabilities:
Deposits		1,136,573		1,136,570		893,826		—		242,744
Accrued interest payable		2,156		2,156		—		2,156		—
December 31, 2025:
Financial assets:
Cash and cash equivalents	$	137,288	$	137,288	$	137,288	$	—	$	—
Interest-bearing time deposits		1,470		1,480		—		1,480		—
Securities available for sale		417,190		417,190		2,461		414,729		—
Securities held to maturity		7,000		5,243		—		5,243		—
Loans held for sale		1,464		1,489		—		1,489		—
Loans, net		654,100		625,927		—		—		625,927
FHLB and other restricted stock		1,836		N/A		N/A		N/A		N/A
Accrued interest receivable		5,100		5,100		—		5,100		—
Equity securities (included in other assets)		1,035		1,035		1,035		—		—
Financial liabilities:
Deposits		1,122,990		1,123,123		885,622		—		237,501
Accrued interest payable		2,195		2,195		—		2,195		—

The methods and assumptions used to estimate fair value are described as follows:

Carrying amount is the estimated fair value for cash and cash equivalents, accrued interest receivable and payable, demand deposits and other transactions accounts. The fair value of securities and interest-bearing time deposits in other financial institutions is based on quoted market prices (where available) or values obtained from an independent pricing service. The fair value of loans, excluding loans held for sale, fixed-maturity certificates of deposit and borrowed funds is based on discounted cash flows using current market rates applied to the estimated life and credit risk of the instrument. The fair value of loans held for sale is based on specific prices of underlying contracts for sales to investors. It is not practicable to determine the fair value of FHLB and other restricted stock due to restrictions placed on its transferability. The methods utilized to measure the fair value of financial instruments at March 31, 2026 and December 31, 2025 represent an approximation of exit price, but an actual exit price may differ.

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Revenue from Contracts with Customers

3 Months Ended

Mar. 31, 2026

Revenue from Contracts with Customers

Revenue from Contracts with Customers

12.Revenue from Contracts with Customers

Substantially all of the Company’s revenue from contracts with customers in the scope of FASB ASC 606 is recognized within noninterest income. The following table presents the Company’s sources of noninterest income for the three months ended March 31, 2026 and 2025:

	Three Months Ended
	March 31,
(In thousands)	2026		2025
In Scope for ASC 606
Service charges on deposit accounts	$	592	$	593
ATM and debit card fees		1,081		1,036
Other		49		48
Revenue from contracts with customers		1,722		1,677
Out of Scope for ASC 606
Net gains on loans and investments		219		52
Increase in cash value of life insurance		57		72
Other		50		47
Other noninterest income		326		171
Total noninterest income	$	2,048	$	1,848

A description of the Company’s revenue streams accounted for under FASB ASC 606 follows:

Service Charges on Deposit Accounts:  The Company earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which include services such as stop payment charges and statement rendering, are recognized at the time the transaction is executed as that is the point in time the Company fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs.

ATM and Debit Card Fees:  The Company earns ATM usage fees and interchange fees from debit cardholder transactions conducted through a payment network. ATM fees are recognized at the point in time the transaction occurs. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder.

Other Income:  Other income from contracts with customers includes safe deposit box fees, investment advisory income and ACH origination fees. This revenue is recognized at the time the transaction is executed or over the period the Company satisfies the performance obligation.

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Segment Information

3 Months Ended

Mar. 31, 2026

Segment Information

Segment Information

13.Segment Information

The Company’s reportable segment is determined by the Chief Executive Officer, who is the designated Chief Operating Decision Maker (“CODM”), based upon information provided about the Company’s products and services offered, primarily banking operations. The segment is also distinguished by the level of information provided to the CODM, who uses such information to review performance of various components of the business, which are then aggregated if operating performance, products/services, and customers are similar. The CODM will evaluate the financial performance of the Company’s business components such as by evaluating revenue streams, significant expenses, and budget to actual results in assessing the Company’s segment and in the determination of allocating resources. The CODM uses revenue streams to evaluate product pricing and significant expenses to assess performance and evaluate return on assets. The CODM uses consolidated net income to benchmark the Company against its competitors. The benchmarking analysis coupled with monitoring of budget to actual results are used in assessment performance and in establishing compensation. Loans, investments, and deposits provide the revenues in the banking operation. Interest expense, provisions for credit losses, and payroll provide the significant expenses in the banking operation. All operations are domestic. Accounting policies for segments have not changed from those described in Note 1 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Segment performance is evaluated using consolidated net income as reported in the consolidated statements of income presented.

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ 4,330	$ 3,235

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Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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Investment Securities (Tables)

3 Months Ended

Mar. 31, 2026

Investment Securities

Schedule of investment securities

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(In thousands)	Cost		Gains		Losses		Value
March 31, 2026
Securities available for sale:
Agency mortgage-backed securities	$	116,309	$	93	$	6,008	$	110,394
Agency CMO		102,026		478		436		102,068
Agency notes and bonds		54,198		5		670		53,533
Treasury notes and bonds		2,488		—		31		2,457
Municipal obligations		151,647		503		12,838		139,312
Total securities available for sale	$	426,668	$	1,079	$	19,983	$	407,764
Securities held to maturity:
Other debt securities:
Corporate notes	$	7,000	$	—	$	1,557	$	5,443
Total securities held to maturity	$	7,000	$	—	$	1,557	$	5,443
December 31, 2025
Securities available for sale:
Agency mortgage-backed securities	$	96,218	$	505	$	4,793	$	91,930
Agency CMO		100,018		841		113		100,746
Agency notes and bonds		75,448		30		1,087		74,391
Treasury notes and bonds		2,485		—		24		2,461
Municipal obligations		157,998		996		11,332		147,662
Total securities available for sale	$	432,167	$	2,372	$	17,349	$	417,190
Securities held to maturity:
Other debt securities:
Corporate notes	$	7,000	$	—	$	1,757	$	5,243
Total securities held to maturity	$	7,000	$	—	$	1,757	$	5,243

Schedule of the amortized cost and fair value of debt securities by contractual maturity

	Securities Available for Sale				Securities Held to Maturity
	Amortized		Fair		Amortized		Fair
(In thousands)	Cost		Value		Cost		Value
Due in one year or less	$	46,762	$	46,310	$	—	$	—
Due after one year through five years		23,429		22,267		—		—
Due after five years through ten years		81,765		73,799		2,000		1,630
Due after ten years		56,377		52,926		5,000		3,813
		208,333		195,302		7,000		5,443
Mortgage-backed securities and CMO		218,335		212,462		—		—
	$	426,668	$	407,764	$	7,000	$	5,443

Schedule of unrealized gain (loss) on investments

	Number of			Gross
	Investment	Fair		Unrealized
(Dollars in thousands)	Positions	Value		Losses
Securities available for sale:
Continuous loss position less than twelve months:
Agency mortgage-backed securities	26	$	46,843	$	922
Agency CMO	13		26,700		297
Agency notes and bonds	3		3,218		30
Municipal obligations	41		20,446		386
Total less than twelve months	83		97,207		1,635
Continuous loss position more than twelve months:
Agency mortgage-backed securities	65		47,325		5,086
Agency CMO	18		5,424		139
Agency notes and bonds	17		47,960		640
Treasury notes and bonds	2		2,457		31
Municipal obligations	158		85,629		12,452
Total more than twelve months	260		188,795		18,348
Total securities available for sale	343	$	286,002	$	19,983
Securities held to maturity:
Continuous loss position more than twelve months:
Corporate notes	4	$	5,443	$	1,557
Total more than twelve months	4		5,443		1,557
Total securities held to maturity	4	$	5,443	$	1,557

	Number of			Gross
	Investment	Fair		Unrealized
(Dollars in thousands)	Positions	Value		Losses
Securities available for sale:
Continuous loss position less than twelve months:
Agency mortgage-backed securities	8	$	11,853	$	96
Agency CMO	1		646		1
Agency notes and bonds	1		747		1
Municipal obligations	11		3,883		9
Total less than twelve months	21		17,129		107
Continuous loss position more than twelve months:
Agency mortgage-backed securities	90		51,637		4,697
Agency CMO	19		6,335		112
Agency notes and bonds	26		70,014		1,086
Treasury notes and bonds	2		2,461		24
Municipal obligations	174		97,487		11,323
Total more than twelve months	311		227,934		17,242
Total securities available for sale	332	$	245,063	$	17,349
Securities held to maturity:
Continuous loss position less than twelve months:
Corporate notes	4	$	5,243	$	1,757
Total less than twelve months	4		5,243		1,757
Total securities held to maturity	4	$	5,243	$	1,757

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Loans and Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2026

Loans and Allowance for Credit Losses

Schedule of loans

	March 31,		December 31,
(In thousands)	2026		2025
1-4 Family Residential Mortgage	$	141,957	$	140,677
Home Equity and Second Mortgage		71,200		71,435
Multifamily Residential		71,151		69,567
1-4 Family Residential Construction		15,032		15,445
Other Construction, Development and Land		47,738		41,227
Commercial Real Estate		206,800		207,124
Commercial Business		66,126		61,991
Consumer and Other		53,709		55,676
Principal loan balance		673,713		663,142
Deferred loan origination fees and costs, net		1,038		1,066
Allowance for credit losses		(10,347)		(10,108)
Loans, net	$	664,404	$	654,100

									Other
	1-4 Family		Home Equity				1-4 Family		Construction,
	Residential		and Second		Multifamily		Residential		Development		Commercial		Commercial		Consumer
	Mortgage		Mortgage		Residential		Construction		and Land		Real Estate		Business		and Other		Total
March 31, 2026	(In thousands)
Amortized Cost Basis in Loans:
Principal loan balance	$	141,957	$	71,200	$	71,151	$	15,032	$	47,738	$	206,800	$	66,126	$	53,709	$	673,713
Net deferred loan origination fees and costs		74		1,218		(47)		(2)		(57)		(144)		(4)		—		1,038
Amortized cost basis in loans	$	142,031	$	72,418	$	71,104	$	15,030	$	47,681	$	206,656	$	66,122	$	53,709	$	674,751
December 31, 2025
Amortized Cost Basis in Loans:
Principal loan balance	$	140,677	$	71,435	$	69,567	$	15,445	$	41,227	$	207,124	$	61,991	$	55,676	$	663,142
Net deferred loan origination fees and costs		81		1,231		(45)		—		(49)		(150)		(2)		—		1,066
Amortized cost basis in loans	$	140,758	$	72,666	$	69,522	$	15,445	$	41,178	$	206,974	$	61,989	$	55,676	$	664,208

Schedule of analysis of the changes in the ACL on loan

									Other
	1-4 Family		Home Equity				1-4 Family		Construction,
	Residential		and Second		Multifamily		Residential		Development		Commercial		Commercial		Consumer
	Mortgage		Mortgage		Residential		Construction		and Land		Real Estate		Business		and Other		Total
March 31, 2026	(In thousands)
ACL on Loans:
Beginning balance	$	1,393	$	937	$	696	$	213	$	437	$	3,243	$	2,252	$	937	$	10,108
Provision for credit losses		156		22		122		20		111		(691)		421		189		350
Charge-offs		(1)		—		—		—		—		—		(64)		(155)		(220)
Recoveries		—		—		—		—		—		—		11		98		109
Ending balance	$	1,548	$	959	$	818	$	233	$	548	$	2,552	$	2,620	$	1,069	$	10,347
March 31, 2025
ACL on Loans:
Beginning balance	$	1,592	$	478	$	545	$	184	$	588	$	2,459	$	2,424	$	1,011	$	9,281
Provision for credit losses		(157)		89		(114)		39		591		(131)		(61)		82		338
Charge-offs		—		—		—		—		—		—		(27)		(100)		(127)
Recoveries		3		—		—		—		—		—		1		39		43
Ending balance	$	1,438	$	567	$	431	$	223	$	1,179	$	2,328	$	2,337	$	1,032	$	9,535

Schedule of the amortized cost basis of, and ACL allocation to, individually evaluated collateral-dependent loans

	Real								ACL
	Estate		Equipment		Other		Total		Allocation
March 31, 2026	(In thousands)
1-4 Family Residential Mortgage	$	1,658	$	—	$	—	$	1,658	$	—
Home Equity and Second Mortgage		495		—		—		495		—
Multifamily Residential		—		—		—		—		—
1-4 Family Residential Construction		98		—		—		98		61
Other Construction, Development and Land		119		—		—		119		—
Commercial Real Estate		2,171		—		—		2,171		—
Commercial Business		—		1,564		268		1,832		1,233
Consumer and Other		—		—		3		3		—
	$	4,541	$	1,564	$	271	$	6,376	$	1,294
December 31, 2025
1-4 Family Residential Mortgage	$	1,835	$	—	$	—	$	1,835	$	—
Home Equity and Second Mortgage		503		—		—		503		—
Multifamily Residential		—		—		—		—		—
1-4 Family Residential Construction		97		—		—		97		60
Other Construction, Development and Land		118		—		—		118		—
Commercial Real Estate		2,175		—		—		2,175		—
Commercial Business		—		1,645		467		2,112		1,233
Consumer and Other		—		—		15		15		—
	$	4,728	$	1,645	$	482	$	6,855	$	1,293

Schedule of nonaccrual status and loans 90 days or more past due and still accruing

							Loans 90+ Days		Total
	Nonaccrual Loans		Nonaccrual Loans		Total		Past Due		Nonperforming
	with No ACL		with An ACL		Nonaccrual		Still Accruing		Loans
March 31, 2026	(In thousands)
1-4 Family Residential Mortgage	$	1,400	$	—	$	1,400	$	—	$	1,400
Home Equity and Second Mortgage		322		—		322		—		322
Multifamily Residential		—		—		—		—		—
1-4 Family Residential Construction		—		98		98		—		98
Other Construction, Development and Land		73		—		73		—		73
Commercial Real Estate		418		—		418		—		418
Commercial Business		99		1,605		1,704		—		1,704
Consumer and Other		—		—		—		14		14
Total	$	2,312	$	1,703	$	4,015	$	14	$	4,029
December 31, 2025
1-4 Family Residential Mortgage	$	1,552	$	—	$	1,552	$	—	$	1,552
Home Equity and Second Mortgage		329		—		329		—		329
Multifamily Residential		—		—		—		—		—
1-4 Family Residential Construction		—		97		97		—		97
Other Construction, Development and Land		72		—		72		—		72
Commercial Real Estate		417		—		417		—		417
Commercial Business		99		1,687		1,786		83		1,869
Consumer and Other		15		—		15		—		15
Total	$	2,484	$	1,784	$	4,268	$	83	$	4,351

Schedule of the aging of the amortized cost basis in loans

	30-59 Days		60-89 Days		90 Days or More		Total				Total
	Past Due		Past Due		Past Due		Past Due		Current		Loans
March 31, 2026	(In thousands)
1-4 Family Residential Mortgage	$	1,315	$	84	$	1,043	$	2,442	$	139,589	$	142,031
Home Equity and Second Mortgage		423		148		52		623		71,795		72,418
Multifamily Residential		—		—		—		—		71,104		71,104
1-4 Family Residential Construction		—		—		98		98		14,932		15,030
Other Construction, Development and Land		—		—		73		73		47,608		47,681
Commercial Real Estate		708		—		418		1,126		205,530		206,656
Commercial Business		196		—		140		336		65,786		66,122
Consumer and Other		201		13		14		228		53,481		53,709
Total	$	2,843	$	245	$	1,838	$	4,926	$	669,825	$	674,751
December 31, 2025
1-4 Family Residential Mortgage	$	849	$	249	$	1,011	$	2,109	$	138,649	$	140,758
Home Equity and Second Mortgage		668		—		52		720		71,946		72,666
Multifamily Residential		—		—		—		—		69,522		69,522
1-4 Family Residential Construction		—		—		97		97		15,348		15,445
Other Construction, Development and Land		80		—		72		152		41,026		41,178
Commercial Real Estate		827		707		417		1,951		205,023		206,974
Commercial Business		92		19		223		334		61,655		61,989
Consumer and Other		198		86		15		299		55,377		55,676
Total	$	2,714	$	1,061	$	1,887	$	5,662	$	658,546	$	664,208

Schedule of the risk category of loans by class of loans

	Term Loans Amortized Cost Basis by Origination Year
	2026		2025		2024		2023		2022		Prior		Revolving		Total
	(In thousands)
1-4 Family Residential Mortgage
Pass	$	7,029	$	24,818	$	17,573	$	23,468	$	22,566	$	44,342	$	—	$	139,796
Special Mention		—		—		—		20		—		556		—		576
Substandard		—		—		—		—		—		260		—		260
Doubtful		—		—		205		30		31		1,133		—		1,399
	$	7,029	$	24,818	$	17,778	$	23,518	$	22,597	$	46,291	$	—	$	142,031
Current period gross write-offs	$	—	$	—	$	1	$	—	$	—	$	—	$	—	$	1
Home Equity and Second Mortgage
Pass	$	186	$	2,091	$	1,304	$	2,650	$	2,662	$	440	$	62,589	$	71,922
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		174		174
Doubtful		—		—		—		—		—		322		—		322
	$	186	$	2,091	$	1,304	$	2,650	$	2,662	$	762	$	62,763	$	72,418
Current period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Multifamily Residential
Pass	$	1,946	$	16,907	$	5,919	$	7,475	$	19,682	$	17,736	$	—	$	69,665
Special Mention		—		—		—		1,439		—		—		—		1,439
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
	$	1,946	$	16,907	$	5,919	$	8,914	$	19,682	$	17,736	$	—	$	71,104
Current period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
1-4 Family Residential Construction
Pass	$	1,719	$	11,067	$	2,146	$	—	$	—	$	—	$	—	$	14,932
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		98		—		98
	$	1,719	$	11,067	$	2,146	$	—	$	—	$	98	$	—	$	15,030
Current period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other Construction, Development and Land
Pass	$	962	$	22,418	$	8,513	$	9,408	$	2,728	$	3,533	$	—	$	47,562
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		46		—		46
Doubtful		—		—		—		—		—		73		—		73
	$	962	$	22,418	$	8,513	$	9,408	$	2,728	$	3,652	$	—	$	47,681
Current period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial Real Estate
Pass	$	7,540	$	20,524	$	21,808	$	19,310	$	54,063	$	75,102	$	4,619	$	202,966
Special Mention		—		—		—		—		161		984		375		1,520
Substandard		—		—		306		707		—		739		—		1,752
Doubtful		—		—		—		—		—		418		—		418
	$	7,540	$	20,524	$	22,114	$	20,017	$	54,224	$	77,243	$	4,994	$	206,656
Current period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

	Term Loans Amortized Cost Basis by Origination Year
	2026		2025		2024		2023		2022		Prior		Revolving		Total
	(In thousands)
Commercial Business
Pass	$	5,820	$	12,442	$	4,795	$	6,720	$	5,800	$	14,477	$	13,551	$	63,605
Special Mention		305		51		19		152		18		46		53		644
Substandard		—		—		—		—		—		23		146		169
Doubtful		—		—		—		107		1,564		33		—		1,704
	$	6,125	$	12,493	$	4,814	$	6,979	$	7,382	$	14,579	$	13,750	$	66,122
Current period gross write-offs	$	—	$	—	$	44	$	—	$	20	$	—	$	—	$	64
Consumer and Other
Pass	$	5,347	$	16,478	$	9,730	$	8,600	$	3,008	$	7,265	$	3,163	$	53,591
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		3		—		115		118
Doubtful		—		—		—		—		—		—		—		—
	$	5,347	$	16,478	$	9,730	$	8,600	$	3,011	$	7,265	$	3,278	$	53,709
Current period gross write-offs	$	—	$	52	$	33	$	38	$	2	$	5	$	25	$	155
Total Loans
Pass	$	30,549	$	126,745	$	71,788	$	77,631	$	110,509	$	162,895	$	83,922	$	664,039
Special Mention		305		51		19		1,611		179		1,586		428		4,179
Substandard		—		—		306		707		3		1,068		435		2,519
Doubtful		—		—		205		137		1,595		2,077		—		4,014
	$	30,854	$	126,796	$	72,318	$	80,086	$	112,286	$	167,626	$	84,785	$	674,751
Current period gross write-offs	$	—	$	52	$	78	$	38	$	22	$	5	$	25	$	220

	Term Loans Amortized Cost Basis by Origination Year
	2025		2024		2023		2022		2021		Prior		Revolving		Total
	(In thousands)
1-4 Family Residential Mortgage
Pass	$	25,785	$	18,522	$	24,845	$	22,939	$	19,268	$	26,477	$	—	$	137,836
Special Mention		—		—		20		—		1,008		60		—		1,088
Substandard		—		—		—		—		97		185		—		282
Doubtful		—		177		31		142		120		1,082		—		1,552
	$	25,785	$	18,699	$	24,896	$	23,081	$	20,493	$	27,804	$	—	$	140,758
Home Equity and Second Mortgage
Pass	$	2,066	$	1,428	$	2,835	$	2,649	$	202	$	282	$	62,515	$	71,977
Special Mention		57		—		—		129		—		—		—		186
Substandard		—		—		—		—		—		—		174		174
Doubtful		—		—		—		—		—		329		—		329
	$	2,123	$	1,428	$	2,835	$	2,778	$	202	$	611	$	62,689	$	72,666
Multifamily Residential
Pass	$	16,912	$	5,981	$	8,955	$	19,754	$	6,759	$	11,161	$	—	$	69,522
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
	$	16,912	$	5,981	$	8,955	$	19,754	$	6,759	$	11,161	$	—	$	69,522
1-4 Family Residential Construction
Pass	$	11,472	$	3,876	$	—	$	—	$	—	$	—	$	—	$	15,348
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		97		—		—		97
	$	11,472	$	3,876	$	—	$	—	$	97	$	—	$	—	$	15,445

	Term Loans Amortized Cost Basis by Origination Year
	2025		2024		2023		2022		2021		Prior		Revolving		Total
	(In thousands)
Other Construction, Development and Land
Pass	$	21,034	$	3,987	$	9,534	$	2,827	$	955	$	2,723	$	—	$	41,060
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		46		—		46
Doubtful		—		—		—		—		—		72		—		72
	$	21,034	$	3,987	$	9,534	$	2,827	$	955	$	2,841	$	—	$	41,178
Commercial Real Estate
Pass	$	18,784	$	26,438	$	19,826	$	55,077	$	24,474	$	54,907	$	4,936	$	204,442
Special Mention		19		—		—		165		—		173		—		357
Substandard		—		306		707		—		541		204		—		1,758
Doubtful		—		—		—		—		—		417		—		417
	$	18,803	$	26,744	$	20,533	$	55,242	$	25,015	$	55,701	$	4,936	$	206,974
Commercial Business
Pass	$	13,738	$	5,223	$	7,136	$	6,426	$	7,138	$	8,141	$	11,738	$	59,540
Special Mention		54		14		160		23		14		—		30		295
Substandard		197		—		—		—		30		—		142		369
Doubtful		—		—		107		1,645		—		33		—		1,785
	$	13,989	$	5,237	$	7,403	$	8,094	$	7,182	$	8,174	$	11,910	$	61,989
Consumer and Other
Pass	$	18,791	$	10,946	$	9,962	$	3,844	$	1,129	$	6,809	$	4,103	$	55,584
Special Mention		—		—		—		3		—		—		—		3
Substandard		—		—		—		—		—		—		74		74
Doubtful		—		15		—		—		—		—		—		15
	$	18,791	$	10,961	$	9,962	$	3,847	$	1,129	$	6,809	$	4,177	$	55,676
Total Loans
Pass	$	128,582	$	76,401	$	83,093	$	113,516	$	59,925	$	110,500	$	83,292	$	655,309
Special Mention		130		14		180		320		1,022		233		30		1,929
Substandard		197		306		707		—		668		435		390		2,703
Doubtful		—		192		138		1,787		217		1,933		—		4,267
	$	128,909	$	76,913	$	84,118	$	115,623	$	61,832	$	113,101	$	83,712	$	664,208

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Supplemental Disclosure for Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Supplemental Disclosure for Earnings Per Share

Schedule of supplemental disclosures for earnings per share

	March 31,
(In thousands, except per share data)	2026		2025
Basic
Earnings:
Net income attributable to First Capital, Inc.	$	4,330	$	3,235
Shares:
Weighted average common shares outstanding		3,336,077		3,346,850
Net income attributable to First Capital, Inc. per common share, basic	$	1.30	$	0.97
Diluted
Earnings:
Net income attributable to First Capital, Inc.	$	4,330	$	3,235
Shares:
Weighted average common shares outstanding		3,336,077		3,346,850
Add: Dilutive effect of restricted stock		2,557		1,448
Weighted average common shares outstanding, as adjusted		3,338,634		3,348,298
Net income attributable to First Capital, Inc. per common share, diluted	$	1.30	$	0.97

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Stock-Based Compensation Plan (Tables)

3 Months Ended

Mar. 31, 2026

Stock-Based Compensation Plan

Schedule of nonvested restricted stock

		Weighted
	Number	Average
	of	Grant-Date
	Shares	Fair Value
Nonvested at beginning of period	5,970	$	34.22
Granted	3,900		50.80
Vested	150		50.80
Forfeited	240		28.00
Nonvested at end of period	9,480	$	40.94

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Supplemental Disclosures of Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2026

Supplemental Disclosures of Cash Flow Information

Schedule of supplemental disclosures of cash flow information

	Three Months Ended
	March 31,
(In thousands)	2026		2025
Cash payments for:
Interest	$	3,545	$	3,928
Income taxes (net of refunds received)		(275)		—
Noncash investing activities:
Security purchased but not traded	$	—	$	1,002
Agreement to invest in renewable energy tax credit facility	$	—		3,709

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Measurements

Schedule of balances of assets measured at fair value on a recurring and nonrecurring basis

	Carrying Value
(In thousands)	Level 1		Level 2		Level 3		Total
March 31, 2026
Assets Measured on a Recurring Basis
Securities available for sale:
Agency mortgage-backed securities	$	—	$	110,394	$	—	$	110,394
Agency CMO		—		102,068		—		102,068
Agency notes and bonds		—		53,533		—		53,533
Treasury notes and bonds		2,457		—		—		2,457
Municipal obligations		—		139,312		—		139,312
Total securities available for sale	$	2,457	$	405,307	$	—	$	407,764
Equity securities	$	1,213	$	—	$	—		1,213
Assets Measured on a Nonrecurring Basis
Collateral dependent loans:
Commercial Business	$	—	$	—	$	331	$	331
1-4 Family Residential Construction		—		—		37		37
Total collateral dependent loans	$	—	$	—	$	368	$	368

	Carrying Value
(In thousands)	Level 1		Level 2		Level 3		Total
December 31, 2025
Assets Measured on a Recurring Basis
Securities available for sale:
Agency mortgage-backed securities	$	—	$	91,930	$	—	$	91,930
Agency CMO		—		100,746		—		100,746
Agency notes and bonds		—		74,391		—		74,391
Treasury notes and bonds		2,461		—		—		2,461
Municipal obligations		—		147,662		—		147,662
Total securities available for sale	$	2,461	$	414,729	$	—	$	417,190
Equity securities	$	1,035	$	—	$	—		1,035
Assets Measured on a Nonrecurring Basis
Collateral dependent loans:
Commercial Business	$	—	$	—	$	412	$	412
1-4 Family Residential Construction		—		—		37		37
Total collateral dependent loans	$	—	$	—	$	449	$	449

Schedule of estimated fair values of the company's financial instruments

	Carrying		Fair		Fair Value Measurements Using
(In thousands)	Value		Value		Level 1		Level 2		Level 3
March 31, 2026:
Financial assets:
Cash and cash equivalents	$	149,640	$	149,640	$	149,640	$	—	$	—
Interest-bearing time deposits		1,225		1,228		—		1,228		—
Securities available for sale		407,764		407,764		2,457		405,307		—
Securities held to maturity		7,000		5,443		—		5,443		—
Loans held for sale		756		770		—		770		—
Loans, net		664,404		647,001		—		—		647,001
FHLB and other restricted stock		1,836		N/A		N/A		N/A		N/A
Accrued interest receivable		4,917		4,917		—		4,917		—
Equity securities (included in other assets)		1,213		1,213		1,213		—		—
Financial liabilities:
Deposits		1,136,573		1,136,570		893,826		—		242,744
Accrued interest payable		2,156		2,156		—		2,156		—
December 31, 2025:
Financial assets:
Cash and cash equivalents	$	137,288	$	137,288	$	137,288	$	—	$	—
Interest-bearing time deposits		1,470		1,480		—		1,480		—
Securities available for sale		417,190		417,190		2,461		414,729		—
Securities held to maturity		7,000		5,243		—		5,243		—
Loans held for sale		1,464		1,489		—		1,489		—
Loans, net		654,100		625,927		—		—		625,927
FHLB and other restricted stock		1,836		N/A		N/A		N/A		N/A
Accrued interest receivable		5,100		5,100		—		5,100		—
Equity securities (included in other assets)		1,035		1,035		1,035		—		—
Financial liabilities:
Deposits		1,122,990		1,123,123		885,622		—		237,501
Accrued interest payable		2,195		2,195		—		2,195		—

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Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contracts with Customers

Schedule of sources of noninterest income

	Three Months Ended
	March 31,
(In thousands)	2026		2025
In Scope for ASC 606
Service charges on deposit accounts	$	592	$	593
ATM and debit card fees		1,081		1,036
Other		49		48
Revenue from contracts with customers		1,722		1,677
Out of Scope for ASC 606
Net gains on loans and investments		219		52
Increase in cash value of life insurance		57		72
Other		50		47
Other noninterest income		326		171
Total noninterest income	$	2,048	$	1,848

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Investment Securities - Other (Details) - USD ($)	1 Months Ended	3 Months Ended
	Sep. 30, 2018	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Investment Securities
Debt Securities, available-for-sale and held-to-maturity, allowance for credit loss		$ 0
Available-for-sale, securities in unrealized loss positions, depreciation from amortized cost percentage		6.50%
Held-to-maturity, securities in unrealized loss positions, depreciation from amortized cost percentage		22.20%
Debt securities, available-for-sale, realized gain		$ 169,000	$ 31,000
Debt securities, available-for-sale, realized loss		261,000	86,000
Investment, number of shares acquired	90,000
Investment ownership percentage	5.00%
Payments to acquire other investments	$ 1,900,000
Equity securities, unrealized gain (loss)		178,000	18,000
Equity securities		1,200,000	1,000,000
Investment company, financial support to investee contractually required, not provided, amount		153,000		$ 237,000
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss		$ 2,400,000		$ 2,600,000
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]		Interest Receivable		Interest Receivable
Debt securities, held-to-maturity, accrued interest, after allowance for credit loss		$ 18,000		$ 18,000
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]		Interest Receivable		Interest Receivable
Limited Partnership Interest, Technology Fund
Investment Securities
Equity securities without readily determinable fair value, impairment loss, annual amount		$ 0	$ 0
Limited Partnership Interest, Technology Fund | Other Assets
Investment Securities
Equity securities without readily determinable fair value, amount		$ 910,000		$ 910,000

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Investment Securities - Investment Securities in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale
Securities available for sale, amortized cost	$ 426,668	$ 432,167
Securities available for sale, gross unrealized gains	1,079	2,372
Securities available for sale, gross unrealized losses	19,983	17,349
Securities available for sale, fair value	407,764	417,190
Securities held to maturity, amortized cost	7,000	7,000
Securities held to maturity, gross unrealized losses	1,557	1,757
Securities held to maturity, fair value	5,443	5,243
Agency mortgage-backed securities
Debt Securities, Available-for-Sale
Securities available for sale, amortized cost	116,309	96,218
Securities available for sale, gross unrealized gains	93	505
Securities available for sale, gross unrealized losses	6,008	4,793
Securities available for sale, fair value	110,394	91,930
Agency CMO
Debt Securities, Available-for-Sale
Securities available for sale, amortized cost	102,026	100,018
Securities available for sale, gross unrealized gains	478	841
Securities available for sale, gross unrealized losses	436	113
Securities available for sale, fair value	102,068	100,746
Agency notes and bonds
Debt Securities, Available-for-Sale
Securities available for sale, amortized cost	54,198	75,448
Securities available for sale, gross unrealized gains	5	30
Securities available for sale, gross unrealized losses	670	1,087
Securities available for sale, fair value	53,533	74,391
Treasury notes and bonds
Debt Securities, Available-for-Sale
Securities available for sale, amortized cost	2,488	2,485
Securities available for sale, gross unrealized losses	31	24
Securities available for sale, fair value	2,457	2,461
Municipal obligations
Debt Securities, Available-for-Sale
Securities available for sale, amortized cost	151,647	157,998
Securities available for sale, gross unrealized gains	503	996
Securities available for sale, gross unrealized losses	12,838	11,332
Securities available for sale, fair value	139,312	147,662
Corporate notes
Debt Securities, Available-for-Sale
Securities held to maturity, amortized cost	7,000	7,000
Securities held to maturity, gross unrealized losses	1,557	1,757
Securities held to maturity, fair value	$ 5,443	$ 5,243

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Investment Securities - Amortized Cost and Fair Value of Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Investment Securities
Securities available for sale, amortized cost, due in one year or less	$ 46,762
Securities available for sale, fair value, due in one year or less	46,310
Securities available for sale, amortized cost, due in one year through five years	23,429
Securities available for sale, fair value, due in one year through five years	22,267
Securities available for sale, amortized cost, due after five years through ten years	81,765
Securities available for sale, fair value, due after five years through ten years	73,799
Securities held to maturity, amortized cost, due after five years through ten years	2,000
Securities held to maturity, fair value, due after five years through ten years	1,630
Securities available for sale, amortized cost, due after ten years	56,377
Securities available for sale, fair value, due after ten years	52,926
Securities held to maturity, amortized cost, due after ten years	5,000
Securities held to maturity, fair value, due after ten years	3,813
Securities available for sale, amortized cost, allocated and single maturity date	208,333
Securities available for sale, fair value, allocated and single maturity date	195,302
Securities held to maturity, amortized cost, allocated and single maturity date	7,000
Securities held to maturity, fair value, allocated and single maturity date	5,443
Securities available for sale, amortized cost, without single maturity date	218,335
Securities available for sale, fair value, without single maturity date	212,462
Securities available for sale, amortized cost	426,668	$ 432,167
Securities available for sale, fair value	407,764	417,190
Securities held to maturity, amortized cost	7,000	7,000
Securities held to maturity, fair value	$ 5,443	$ 5,243

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Investment Securities - Investment Securities Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale, Unrealized Loss Position
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 Months, number of positions	83	21
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 Months, fair value	$ 97,207	$ 17,129
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, gross unrealized losses	$ 1,635	$ 107
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, number of positions	260	311
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, fair value	$ 188,795	$ 227,934
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, gross unrealized losses	$ 18,348	$ 17,242
Number of investment positions	343	332
Fair value	$ 286,002	$ 245,063
Gross unrealized losses	$ 19,983	$ 17,349
Number of investment positions - more than twelve months, held to maturity	4	4
Fair value - more than twelve months, held to maturity	$ 5,443	$ 5,243
Gross unrealized losses - more than twelve months, held to maturity	$ 1,557	$ 1,757
Number of investment positions - held to maturity	4	4
Fair value - held to maturity	$ 5,443	$ 5,243
Gross unrealized losses - held to maturity	$ 1,557	$ 1,757
Agency mortgage-backed securities
Debt Securities, Available-for-Sale, Unrealized Loss Position
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 Months, number of positions	26	8
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 Months, fair value	$ 46,843	$ 11,853
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, gross unrealized losses	$ 922	$ 96
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, number of positions	65	90
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, fair value	$ 47,325	$ 51,637
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, gross unrealized losses	$ 5,086	$ 4,697
Agency CMO
Debt Securities, Available-for-Sale, Unrealized Loss Position
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 Months, number of positions	13	1
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 Months, fair value	$ 26,700	$ 646
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, gross unrealized losses	$ 297	$ 1
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, number of positions	18	19
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, fair value	$ 5,424	$ 6,335
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, gross unrealized losses	$ 139	$ 112
Agency notes and bonds
Debt Securities, Available-for-Sale, Unrealized Loss Position
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 Months, number of positions	3	1
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 Months, fair value	$ 3,218	$ 747
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, gross unrealized losses	$ 30	$ 1
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, number of positions	17	26
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, fair value	$ 47,960	$ 70,014
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, gross unrealized losses	$ 640	$ 1,086
Municipal obligations
Debt Securities, Available-for-Sale, Unrealized Loss Position
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 Months, number of positions	41	11
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 Months, fair value	$ 20,446	$ 3,883
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, gross unrealized losses	$ 386	$ 9
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, number of positions	158	174
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, fair value	$ 85,629	$ 97,487
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, gross unrealized losses	$ 12,452	$ 11,323
Treasury notes and bonds
Debt Securities, Available-for-Sale, Unrealized Loss Position
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, number of positions	2	2
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, fair value	$ 2,457	$ 2,461
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, gross unrealized losses	$ 31	$ 24
Corporate notes
Debt Securities, Available-for-Sale, Unrealized Loss Position
Number of investment positions - more than twelve months, held to maturity	4	4
Fair value - more than twelve months, held to maturity	$ 5,443	$ 5,243
Gross unrealized losses - more than twelve months, held to maturity	$ 1,557	$ 1,757

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Loans and Allowance for Credit Losses - Other (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Loans and Allowance for Credit Losses
Accrued interest receivable	$ 4,917,000		$ 5,100,000
Financing receivable, nonaccrual, interest income	0	$ 0
Financing receivable, modified in period, amount	0	0
Financing receivable, modified, subsequent default	0	0
Financing receivable, modified, commitment to lend	0		0
Unfunded loan commitment
Loans and Allowance for Credit Losses
Off-Balance-Sheet, credit loss liability	131,000		131,000
Off-Balance-Sheet, credit loss, liability, credit loss expense (reversal)	0	$ 0
Accrued interest receivable
Loans and Allowance for Credit Losses
Accrued interest receivable	$ 2,500,000		$ 2,500,000

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Loans and Allowance for Credit Losses - Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Loans and Allowance for Credit Losses
Principal loan balance	$ 673,713	$ 663,142
Deferred loan origination fees and costs, net	1,038	1,066
Financing Receivable, before Allowance for Credit Loss	674,751	664,208
Allowance for credit losses	(10,347)	(10,108)	$ (9,535)	$ (9,281)
Loans, net	664,404	654,100
Residential portfolio segment | 1-4 Family Residential Mortgage
Loans and Allowance for Credit Losses
Principal loan balance	141,957	140,677
Deferred loan origination fees and costs, net	74	81
Financing Receivable, before Allowance for Credit Loss	142,031	140,758
Allowance for credit losses	(1,548)	(1,393)	(1,438)	(1,592)
Residential portfolio segment | Home Equity and Second Mortgage
Loans and Allowance for Credit Losses
Principal loan balance	71,200	71,435
Deferred loan origination fees and costs, net	1,218	1,231
Financing Receivable, before Allowance for Credit Loss	72,418	72,666
Allowance for credit losses	(959)	(937)	(567)	(478)
Residential portfolio segment | Multifamily Residential
Loans and Allowance for Credit Losses
Principal loan balance	71,151	69,567
Deferred loan origination fees and costs, net	(47)	(45)
Financing Receivable, before Allowance for Credit Loss	71,104	69,522
Allowance for credit losses	(818)	(696)	(431)	(545)
Construction | 1-4 Family Residential Construction
Loans and Allowance for Credit Losses
Principal loan balance	15,032	15,445
Deferred loan origination fees and costs, net	(2)
Financing Receivable, before Allowance for Credit Loss	15,030	15,445
Allowance for credit losses	(233)	(213)	(223)	(184)
Construction | Other Construction, Development and Land
Loans and Allowance for Credit Losses
Principal loan balance	47,738	41,227
Deferred loan origination fees and costs, net	(57)	(49)
Financing Receivable, before Allowance for Credit Loss	47,681	41,178
Allowance for credit losses	(548)	(437)	(1,179)	(588)
Commercial portfolio segment | Commercial Real Estate
Loans and Allowance for Credit Losses
Principal loan balance	206,800	207,124
Deferred loan origination fees and costs, net		(150)
Financing Receivable, before Allowance for Credit Loss		206,974
Allowance for credit losses	(2,552)	(3,243)	(2,328)	(2,459)
Commercial portfolio segment | Commercial Business
Loans and Allowance for Credit Losses
Principal loan balance	66,126	61,991
Deferred loan origination fees and costs, net	(4)	(2)
Financing Receivable, before Allowance for Credit Loss	66,122	61,989
Allowance for credit losses	(2,620)	(2,252)	(2,337)	(2,424)
Consumer portfolio segment | Commercial Business
Loans and Allowance for Credit Losses
Principal loan balance	66,126	61,991
Consumer portfolio segment | Consumer and Other
Loans and Allowance for Credit Losses
Principal loan balance	53,709	55,676
Financing Receivable, before Allowance for Credit Loss	53,709	55,676
Allowance for credit losses	(1,069)	(937)	$ (1,032)	$ (1,011)
Commercial real estate portfolio segment | Commercial Real Estate
Loans and Allowance for Credit Losses
Principal loan balance	206,800	$ 207,124
Deferred loan origination fees and costs, net	(144)
Financing Receivable, before Allowance for Credit Loss	$ 206,656

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Loans and Allowance for Credit Losses - Allowance for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Loans and Allowance for Credit Losses
Beginning balance	$ 10,108	$ 9,281
Provision for credit losses	350	338
Charge-offs	(220)	(127)
Recoveries	109	43
Ending balance	10,347	9,535
Residential portfolio segment | 1-4 Family Residential Mortgage
Loans and Allowance for Credit Losses
Beginning balance	1,393	1,592
Provision for credit losses	156	(157)
Charge-offs	(1)
Recoveries		3
Ending balance	1,548	1,438
Residential portfolio segment | Home Equity and Second Mortgage
Loans and Allowance for Credit Losses
Beginning balance	937	478
Provision for credit losses	22	89
Ending balance	959	567
Residential portfolio segment | Multifamily Residential
Loans and Allowance for Credit Losses
Beginning balance	696	545
Provision for credit losses	122	(114)
Ending balance	818	431
Construction | 1-4 Family Residential Construction
Loans and Allowance for Credit Losses
Beginning balance	213	184
Provision for credit losses	20	39
Ending balance	233	223
Construction | Other Construction, Development and Land
Loans and Allowance for Credit Losses
Beginning balance	437	588
Provision for credit losses	111	591
Ending balance	548	1,179
Commercial portfolio segment | Commercial Real Estate
Loans and Allowance for Credit Losses
Beginning balance	3,243	2,459
Provision for credit losses	(691)	(131)
Ending balance	2,552	2,328
Commercial portfolio segment | Commercial Business
Loans and Allowance for Credit Losses
Beginning balance	2,252	2,424
Provision for credit losses	421	(61)
Charge-offs	(64)	(27)
Recoveries	11	1
Ending balance	2,620	2,337
Consumer portfolio segment | Consumer and Other
Loans and Allowance for Credit Losses
Beginning balance	937	1,011
Provision for credit losses	189	82
Charge-offs	(155)	(100)
Recoveries	98	39
Ending balance	$ 1,069	$ 1,032

XML

Loans and Allowance for Credit Losses - Collateral Dependent Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Collateral Pledged
Loans and Allowance for Credit Losses
Amortized cost basis of, and ACL allocation to, individually evaluated collateral-dependent loans	$ 6,376	$ 6,855
Allowance for credit loss	1,294	1,293
Real Estate
Loans and Allowance for Credit Losses
Amortized cost basis of, and ACL allocation to, individually evaluated collateral-dependent loans	4,541	4,728
Equipment
Loans and Allowance for Credit Losses
Amortized cost basis of, and ACL allocation to, individually evaluated collateral-dependent loans	1,564	1,645
Other
Loans and Allowance for Credit Losses
Amortized cost basis of, and ACL allocation to, individually evaluated collateral-dependent loans	271	482
Residential portfolio segment | 1-4 Family Residential Mortgage | Collateral Pledged
Loans and Allowance for Credit Losses
Amortized cost basis of, and ACL allocation to, individually evaluated collateral-dependent loans	1,658	1,835
Residential portfolio segment | 1-4 Family Residential Mortgage | Real Estate
Loans and Allowance for Credit Losses
Amortized cost basis of, and ACL allocation to, individually evaluated collateral-dependent loans	1,658	1,835
Residential portfolio segment | Home Equity and Second Mortgage | Collateral Pledged
Loans and Allowance for Credit Losses
Amortized cost basis of, and ACL allocation to, individually evaluated collateral-dependent loans	495	503
Residential portfolio segment | Home Equity and Second Mortgage | Real Estate
Loans and Allowance for Credit Losses
Amortized cost basis of, and ACL allocation to, individually evaluated collateral-dependent loans	495	503
Construction | 1-4 Family Residential Construction | Collateral Pledged
Loans and Allowance for Credit Losses
Amortized cost basis of, and ACL allocation to, individually evaluated collateral-dependent loans	98	97
Allowance for credit loss	61	60
Construction | 1-4 Family Residential Construction | Real Estate
Loans and Allowance for Credit Losses
Amortized cost basis of, and ACL allocation to, individually evaluated collateral-dependent loans	98	97
Construction | Other Construction, Development and Land | Collateral Pledged
Loans and Allowance for Credit Losses
Amortized cost basis of, and ACL allocation to, individually evaluated collateral-dependent loans	119	118
Construction | Other Construction, Development and Land | Real Estate
Loans and Allowance for Credit Losses
Amortized cost basis of, and ACL allocation to, individually evaluated collateral-dependent loans	119	118
Commercial portfolio segment | Commercial Real Estate | Collateral Pledged
Loans and Allowance for Credit Losses
Amortized cost basis of, and ACL allocation to, individually evaluated collateral-dependent loans	2,171	2,175
Commercial portfolio segment | Commercial Real Estate | Real Estate
Loans and Allowance for Credit Losses
Amortized cost basis of, and ACL allocation to, individually evaluated collateral-dependent loans	2,171	2,175
Commercial portfolio segment | Commercial Business | Collateral Pledged
Loans and Allowance for Credit Losses
Amortized cost basis of, and ACL allocation to, individually evaluated collateral-dependent loans	1,832	2,112
Allowance for credit loss	1,233	1,233
Commercial portfolio segment | Commercial Business | Equipment
Loans and Allowance for Credit Losses
Amortized cost basis of, and ACL allocation to, individually evaluated collateral-dependent loans	1,564	1,645
Commercial portfolio segment | Commercial Business | Other
Loans and Allowance for Credit Losses
Amortized cost basis of, and ACL allocation to, individually evaluated collateral-dependent loans	268	467
Consumer portfolio segment | Consumer and Other | Collateral Pledged
Loans and Allowance for Credit Losses
Amortized cost basis of, and ACL allocation to, individually evaluated collateral-dependent loans	3	15
Consumer portfolio segment | Consumer and Other | Other
Loans and Allowance for Credit Losses
Amortized cost basis of, and ACL allocation to, individually evaluated collateral-dependent loans	$ 3	$ 15

XML

Loans and Allowance for Credit Losses - Recorded Investment in Nonperforming Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Loans and Allowance for Credit Losses
Total Nonperforming Loans	$ 664,404	$ 654,100
Non-performing financial instruments
Loans and Allowance for Credit Losses
Nonaccrual Loans with No ACL	2,312	2,484
Nonaccrual Loans with An ACL	1,703	1,784
Total Nonaccrual	4,015	4,268
Loans 90+ Days Past Due Still Accruing Loans	14	83
Total Nonperforming Loans	4,029	4,351
Non-performing financial instruments | Residential portfolio segment | 1-4 Family Residential Mortgage
Loans and Allowance for Credit Losses
Nonaccrual Loans with No ACL	1,400	1,552
Total Nonaccrual	1,400	1,552
Total Nonperforming Loans	1,400	1,552
Non-performing financial instruments | Residential portfolio segment | Home Equity and Second Mortgage
Loans and Allowance for Credit Losses
Nonaccrual Loans with No ACL	322	329
Total Nonaccrual	322	329
Total Nonperforming Loans	322	329
Non-performing financial instruments | Construction | 1-4 Family Residential Construction
Loans and Allowance for Credit Losses
Nonaccrual Loans with An ACL	98	97
Total Nonaccrual	98	97
Total Nonperforming Loans	98	97
Non-performing financial instruments | Construction | Other Construction, Development and Land
Loans and Allowance for Credit Losses
Nonaccrual Loans with No ACL	73	72
Total Nonaccrual	73	72
Total Nonperforming Loans	73	72
Non-performing financial instruments | Commercial portfolio segment | Commercial Real Estate
Loans and Allowance for Credit Losses
Nonaccrual Loans with No ACL	418	417
Total Nonaccrual	418	417
Total Nonperforming Loans	418	417
Non-performing financial instruments | Commercial portfolio segment | Commercial Business
Loans and Allowance for Credit Losses
Nonaccrual Loans with No ACL	99	99
Nonaccrual Loans with An ACL	1,605	1,687
Total Nonaccrual	1,704	1,786
Loans 90+ Days Past Due Still Accruing Loans		83
Total Nonperforming Loans	1,704	1,869
Non-performing financial instruments | Consumer portfolio segment | Consumer and Other
Loans and Allowance for Credit Losses
Nonaccrual Loans with No ACL		15
Total Nonaccrual		15
Loans 90+ Days Past Due Still Accruing Loans	14
Total Nonperforming Loans	$ 14	$ 15

XML

Loans and Allowance for Credit Losses - Aging of Recorded Investment in Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Loans and Allowance for Credit Losses
Loans	$ 674,751	$ 664,208
Residential portfolio segment | 1-4 Family Residential Mortgage
Loans and Allowance for Credit Losses
Loans	142,031	140,758
Residential portfolio segment | Home Equity and Second Mortgage
Loans and Allowance for Credit Losses
Loans	72,418	72,666
Residential portfolio segment | Multifamily Residential
Loans and Allowance for Credit Losses
Loans	71,104	69,522
Construction | 1-4 Family Residential Construction
Loans and Allowance for Credit Losses
Loans	15,030	15,445
Construction | Other Construction, Development and Land
Loans and Allowance for Credit Losses
Loans	47,681	41,178
Commercial portfolio segment | Commercial Real Estate
Loans and Allowance for Credit Losses
Loans	206,656	206,974
Commercial portfolio segment | Commercial Business
Loans and Allowance for Credit Losses
Loans	66,122	61,989
Commercial portfolio segment | Consumer and Other
Loans and Allowance for Credit Losses
Loans		55,676
Consumer portfolio segment | Consumer and Other
Loans and Allowance for Credit Losses
Loans	53,709	55,676
30-59 Days Past Due
Loans and Allowance for Credit Losses
Loans	2,843	2,714
30-59 Days Past Due | Residential portfolio segment | 1-4 Family Residential Mortgage
Loans and Allowance for Credit Losses
Loans	1,315	849
30-59 Days Past Due | Residential portfolio segment | Home Equity and Second Mortgage
Loans and Allowance for Credit Losses
Loans	423	668
30-59 Days Past Due | Construction | Other Construction, Development and Land
Loans and Allowance for Credit Losses
Loans		80
30-59 Days Past Due | Commercial portfolio segment | Commercial Real Estate
Loans and Allowance for Credit Losses
Loans	708	827
30-59 Days Past Due | Commercial portfolio segment | Commercial Business
Loans and Allowance for Credit Losses
Loans	196	92
30-59 Days Past Due | Consumer portfolio segment | Consumer and Other
Loans and Allowance for Credit Losses
Loans	201	198
60-89 Days Past Due
Loans and Allowance for Credit Losses
Loans	245	1,061
60-89 Days Past Due | Residential portfolio segment | 1-4 Family Residential Mortgage
Loans and Allowance for Credit Losses
Loans	84	249
60-89 Days Past Due | Residential portfolio segment | Home Equity and Second Mortgage
Loans and Allowance for Credit Losses
Loans	148
60-89 Days Past Due | Commercial portfolio segment | Commercial Real Estate
Loans and Allowance for Credit Losses
Loans		707
60-89 Days Past Due | Commercial portfolio segment | Commercial Business
Loans and Allowance for Credit Losses
Loans		19
60-89 Days Past Due | Consumer portfolio segment | Consumer and Other
Loans and Allowance for Credit Losses
Loans	13	86
90 Days or More Past Due
Loans and Allowance for Credit Losses
Loans	1,838	1,887
90 Days or More Past Due | Residential portfolio segment | 1-4 Family Residential Mortgage
Loans and Allowance for Credit Losses
Loans	1,043	1,011
90 Days or More Past Due | Residential portfolio segment | Home Equity and Second Mortgage
Loans and Allowance for Credit Losses
Loans	52	52
90 Days or More Past Due | Construction | 1-4 Family Residential Construction
Loans and Allowance for Credit Losses
Loans	98	97
90 Days or More Past Due | Construction | Other Construction, Development and Land
Loans and Allowance for Credit Losses
Loans	73	72
90 Days or More Past Due | Commercial portfolio segment | Commercial Real Estate
Loans and Allowance for Credit Losses
Loans	418	417
90 Days or More Past Due | Commercial portfolio segment | Commercial Business
Loans and Allowance for Credit Losses
Loans	140	223
90 Days or More Past Due | Consumer portfolio segment | Consumer and Other
Loans and Allowance for Credit Losses
Loans	14	15
Total Past Due
Loans and Allowance for Credit Losses
Loans	4,926	5,662
Total Past Due | Residential portfolio segment | 1-4 Family Residential Mortgage
Loans and Allowance for Credit Losses
Loans	2,442	2,109
Total Past Due | Residential portfolio segment | Home Equity and Second Mortgage
Loans and Allowance for Credit Losses
Loans	623	720
Total Past Due | Construction | 1-4 Family Residential Construction
Loans and Allowance for Credit Losses
Loans	98	97
Total Past Due | Construction | Other Construction, Development and Land
Loans and Allowance for Credit Losses
Loans	73	152
Total Past Due | Commercial portfolio segment | Commercial Real Estate
Loans and Allowance for Credit Losses
Loans	1,126	1,951
Total Past Due | Commercial portfolio segment | Commercial Business
Loans and Allowance for Credit Losses
Loans	336	334
Total Past Due | Consumer portfolio segment | Consumer and Other
Loans and Allowance for Credit Losses
Loans	228	299
Current
Loans and Allowance for Credit Losses
Loans	669,825	658,546
Current | Residential portfolio segment | 1-4 Family Residential Mortgage
Loans and Allowance for Credit Losses
Loans	139,589	138,649
Current | Residential portfolio segment | Home Equity and Second Mortgage
Loans and Allowance for Credit Losses
Loans	71,795	71,946
Current | Residential portfolio segment | Multifamily Residential
Loans and Allowance for Credit Losses
Loans	71,104	69,522
Current | Construction | 1-4 Family Residential Construction
Loans and Allowance for Credit Losses
Loans	14,932	15,348
Current | Construction | Other Construction, Development and Land
Loans and Allowance for Credit Losses
Loans	47,608	41,026
Current | Commercial portfolio segment | Commercial Real Estate
Loans and Allowance for Credit Losses
Loans	205,530	205,023
Current | Commercial portfolio segment | Commercial Business
Loans and Allowance for Credit Losses
Loans	65,786	61,655
Current | Consumer portfolio segment | Consumer and Other
Loans and Allowance for Credit Losses
Loans	$ 53,481	$ 55,377

XML

Loans and Allowance for Credit Losses - Class of Loans Risk Category (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Loans and Allowance for Credit Losses
Amortized Cost by Origination Year 2026/2025	$ 30,854		$ 128,909
Amortized Cost by Origination Year 2025/2024	126,796		76,913
Amortized Cost by Origination Year 2024/2023	72,318		84,118
Amortized Cost by Origination Year 2023/2022	80,086		115,623
Amortized Cost by Origination Year 2022/2021	112,286		61,832
Prior	167,626		113,101
Revolving	84,785		83,712
Loans	674,751		664,208
Current period gross write-offs 2025/2024	52
Current period gross write-offs 2024/2023	78
Current period gross write-offs 2023/2022	38
Current period gross write-offs 2022/2021	22
Current period gross write-offs Prior	5
Current period gross write-offs Revolving	25
Current period gross write-offs	220	$ 127
Pass
Loans and Allowance for Credit Losses
Amortized Cost by Origination Year 2026/2025	30,549		128,582
Amortized Cost by Origination Year 2025/2024	126,745		76,401
Amortized Cost by Origination Year 2024/2023	71,788		83,093
Amortized Cost by Origination Year 2023/2022	77,631		113,516
Amortized Cost by Origination Year 2022/2021	110,509		59,925
Prior	162,895		110,500
Revolving	83,922		83,292
Loans	664,039		655,309
Special Mention
Loans and Allowance for Credit Losses
Amortized Cost by Origination Year 2026/2025	305		130
Amortized Cost by Origination Year 2025/2024	51		14
Amortized Cost by Origination Year 2024/2023	19		180
Amortized Cost by Origination Year 2023/2022	1,611		320
Amortized Cost by Origination Year 2022/2021	179		1,022
Prior	1,586		233
Revolving	428		30
Loans	4,179		1,929
Substandard
Loans and Allowance for Credit Losses
Amortized Cost by Origination Year 2026/2025			197
Amortized Cost by Origination Year 2025/2024			306
Amortized Cost by Origination Year 2024/2023	306		707
Amortized Cost by Origination Year 2023/2022	707
Amortized Cost by Origination Year 2022/2021	3		668
Prior	1,068		435
Revolving	435		390
Loans	2,519		2,703
Doubtful
Loans and Allowance for Credit Losses
Amortized Cost by Origination Year 2025/2024			192
Amortized Cost by Origination Year 2024/2023	205		138
Amortized Cost by Origination Year 2023/2022	137		1,787
Amortized Cost by Origination Year 2022/2021	1,595		217
Prior	2,077		1,933
Loans	4,014		4,267
1-4 Family Residential Mortgage | Residential portfolio segment
Loans and Allowance for Credit Losses
Amortized Cost by Origination Year 2026/2025	7,029		25,785
Amortized Cost by Origination Year 2025/2024	24,818		18,699
Amortized Cost by Origination Year 2024/2023	17,778		24,896
Amortized Cost by Origination Year 2023/2022	23,518		23,081
Amortized Cost by Origination Year 2022/2021	22,597		20,493
Prior	46,291		27,804
Loans	142,031		140,758
Current period gross write-offs 2024/2023	1
Current period gross write-offs	1
1-4 Family Residential Mortgage | Pass | Residential portfolio segment
Loans and Allowance for Credit Losses
Amortized Cost by Origination Year 2026/2025	7,029		25,785
Amortized Cost by Origination Year 2025/2024	24,818		18,522
Amortized Cost by Origination Year 2024/2023	17,573		24,845
Amortized Cost by Origination Year 2023/2022	23,468		22,939
Amortized Cost by Origination Year 2022/2021	22,566		19,268
Prior	44,342		26,477
Loans	139,796		137,836
1-4 Family Residential Mortgage | Special Mention | Residential portfolio segment
Loans and Allowance for Credit Losses
Amortized Cost by Origination Year 2024/2023			20
Amortized Cost by Origination Year 2023/2022	20
Amortized Cost by Origination Year 2022/2021			1,008
Prior	556		60
Loans	576		1,088
1-4 Family Residential Mortgage | Substandard | Residential portfolio segment
Loans and Allowance for Credit Losses
Amortized Cost by Origination Year 2022/2021			97
Prior	260		185
Loans	260		282
1-4 Family Residential Mortgage | Doubtful | Residential portfolio segment
Loans and Allowance for Credit Losses
Amortized Cost by Origination Year 2025/2024			177
Amortized Cost by Origination Year 2024/2023	205		31
Amortized Cost by Origination Year 2023/2022	30		142
Amortized Cost by Origination Year 2022/2021	31		120
Prior	1,133		1,082
Loans	1,399		1,552
Home Equity and Second Mortgage | Residential portfolio segment
Loans and Allowance for Credit Losses
Amortized Cost by Origination Year 2026/2025	186		2,123
Amortized Cost by Origination Year 2025/2024	2,091		1,428
Amortized Cost by Origination Year 2024/2023	1,304		2,835
Amortized Cost by Origination Year 2023/2022	2,650		2,778
Amortized Cost by Origination Year 2022/2021	2,662		202
Prior	762		611
Revolving	62,763		62,689
Loans	72,418		72,666
Home Equity and Second Mortgage | Pass | Residential portfolio segment
Loans and Allowance for Credit Losses
Amortized Cost by Origination Year 2026/2025	186		2,066
Amortized Cost by Origination Year 2025/2024	2,091		1,428
Amortized Cost by Origination Year 2024/2023	1,304		2,835
Amortized Cost by Origination Year 2023/2022	2,650		2,649
Amortized Cost by Origination Year 2022/2021	2,662		202
Prior	440		282
Revolving	62,589		62,515
Loans	71,922		71,977
Home Equity and Second Mortgage | Special Mention | Residential portfolio segment
Loans and Allowance for Credit Losses
Amortized Cost by Origination Year 2026/2025			57
Amortized Cost by Origination Year 2023/2022			129
Loans			186
Home Equity and Second Mortgage | Substandard | Residential portfolio segment
Loans and Allowance for Credit Losses
Revolving	174		174
Loans	174		174
Home Equity and Second Mortgage | Doubtful | Residential portfolio segment
Loans and Allowance for Credit Losses
Prior	322		329
Loans	322		329
Multifamily Residential | Residential portfolio segment
Loans and Allowance for Credit Losses
Amortized Cost by Origination Year 2026/2025	1,946		16,912
Amortized Cost by Origination Year 2025/2024	16,907		5,981
Amortized Cost by Origination Year 2024/2023	5,919		8,955
Amortized Cost by Origination Year 2023/2022	8,914		19,754
Amortized Cost by Origination Year 2022/2021	19,682		6,759
Prior	17,736		11,161
Loans	71,104		69,522
Multifamily Residential | Pass | Residential portfolio segment
Loans and Allowance for Credit Losses
Amortized Cost by Origination Year 2026/2025	1,946		16,912
Amortized Cost by Origination Year 2025/2024	16,907		5,981
Amortized Cost by Origination Year 2024/2023	5,919		8,955
Amortized Cost by Origination Year 2023/2022	7,475		19,754
Amortized Cost by Origination Year 2022/2021	19,682		6,759
Prior	17,736		11,161
Loans	69,665		69,522
Multifamily Residential | Special Mention | Residential portfolio segment
Loans and Allowance for Credit Losses
Amortized Cost by Origination Year 2023/2022	1,439
Loans	1,439
1-4 Family Residential Construction | Construction
Loans and Allowance for Credit Losses
Amortized Cost by Origination Year 2026/2025	1,719		11,472
Amortized Cost by Origination Year 2025/2024	11,067		3,876
Amortized Cost by Origination Year 2024/2023	2,146
Amortized Cost by Origination Year 2022/2021			97
Prior	98
Loans	15,030		15,445
1-4 Family Residential Construction | Pass | Construction
Loans and Allowance for Credit Losses
Amortized Cost by Origination Year 2026/2025	1,719		11,472
Amortized Cost by Origination Year 2025/2024	11,067		3,876
Amortized Cost by Origination Year 2024/2023	2,146
Loans	14,932		15,348
1-4 Family Residential Construction | Doubtful | Construction
Loans and Allowance for Credit Losses
Amortized Cost by Origination Year 2022/2021			97
Prior	98
Loans	98		97
Other Construction, Development and Land | Construction
Loans and Allowance for Credit Losses
Amortized Cost by Origination Year 2026/2025	962		21,034
Amortized Cost by Origination Year 2025/2024	22,418		3,987
Amortized Cost by Origination Year 2024/2023	8,513		9,534
Amortized Cost by Origination Year 2023/2022	9,408		2,827
Amortized Cost by Origination Year 2022/2021	2,728		955
Prior	3,652		2,841
Loans	47,681		41,178
Other Construction, Development and Land | Pass | Construction
Loans and Allowance for Credit Losses
Amortized Cost by Origination Year 2026/2025	962		21,034
Amortized Cost by Origination Year 2025/2024	22,418		3,987
Amortized Cost by Origination Year 2024/2023	8,513		9,534
Amortized Cost by Origination Year 2023/2022	9,408		2,827
Amortized Cost by Origination Year 2022/2021	2,728		955
Prior	3,533		2,723
Loans	47,562		41,060
Other Construction, Development and Land | Substandard | Construction
Loans and Allowance for Credit Losses
Prior	46		46
Loans	46		46
Other Construction, Development and Land | Doubtful | Construction
Loans and Allowance for Credit Losses
Prior	73		72
Loans	73		72
Commercial Real Estate | Commercial portfolio segment
Loans and Allowance for Credit Losses
Amortized Cost by Origination Year 2026/2025	7,540		18,803
Amortized Cost by Origination Year 2025/2024	20,524		26,744
Amortized Cost by Origination Year 2024/2023	22,114		20,533
Amortized Cost by Origination Year 2023/2022	20,017		55,242
Amortized Cost by Origination Year 2022/2021	54,224		25,015
Prior	77,243		55,701
Revolving	4,994		4,936
Loans	206,656		206,974
Commercial Real Estate | Pass | Commercial portfolio segment
Loans and Allowance for Credit Losses
Amortized Cost by Origination Year 2026/2025	7,540		18,784
Amortized Cost by Origination Year 2025/2024	20,524		26,438
Amortized Cost by Origination Year 2024/2023	21,808		19,826
Amortized Cost by Origination Year 2023/2022	19,310		55,077
Amortized Cost by Origination Year 2022/2021	54,063		24,474
Prior	75,102		54,907
Revolving	4,619		4,936
Loans	202,966		204,442
Commercial Real Estate | Special Mention | Commercial portfolio segment
Loans and Allowance for Credit Losses
Amortized Cost by Origination Year 2026/2025			19
Amortized Cost by Origination Year 2023/2022			165
Amortized Cost by Origination Year 2022/2021	161
Prior	984		173
Revolving	375
Loans	1,520		357
Commercial Real Estate | Substandard | Commercial portfolio segment
Loans and Allowance for Credit Losses
Amortized Cost by Origination Year 2025/2024			306
Amortized Cost by Origination Year 2024/2023	306		707
Amortized Cost by Origination Year 2023/2022	707
Amortized Cost by Origination Year 2022/2021			541
Prior	739		204
Loans	1,752		1,758
Commercial Real Estate | Doubtful | Commercial portfolio segment
Loans and Allowance for Credit Losses
Prior	418		417
Loans	418		417
Commercial Business | Commercial portfolio segment
Loans and Allowance for Credit Losses
Amortized Cost by Origination Year 2026/2025	6,125		13,989
Amortized Cost by Origination Year 2025/2024	12,493		5,237
Amortized Cost by Origination Year 2024/2023	4,814		7,403
Amortized Cost by Origination Year 2023/2022	6,979		8,094
Amortized Cost by Origination Year 2022/2021	7,382		7,182
Prior	14,579		8,174
Revolving	13,750		11,910
Loans	66,122		61,989
Current period gross write-offs 2024/2023	44
Current period gross write-offs 2022/2021	20
Current period gross write-offs	64	27
Commercial Business | Pass | Commercial portfolio segment
Loans and Allowance for Credit Losses
Amortized Cost by Origination Year 2026/2025	5,820		13,738
Amortized Cost by Origination Year 2025/2024	12,442		5,223
Amortized Cost by Origination Year 2024/2023	4,795		7,136
Amortized Cost by Origination Year 2023/2022	6,720		6,426
Amortized Cost by Origination Year 2022/2021	5,800		7,138
Prior	14,477		8,141
Revolving	13,551		11,738
Loans	63,605		59,540
Commercial Business | Special Mention | Commercial portfolio segment
Loans and Allowance for Credit Losses
Amortized Cost by Origination Year 2026/2025	305		54
Amortized Cost by Origination Year 2025/2024	51		14
Amortized Cost by Origination Year 2024/2023	19		160
Amortized Cost by Origination Year 2023/2022	152		23
Amortized Cost by Origination Year 2022/2021	18		14
Prior	46
Revolving	53		30
Loans	644		295
Commercial Business | Substandard | Commercial portfolio segment
Loans and Allowance for Credit Losses
Amortized Cost by Origination Year 2026/2025			197
Amortized Cost by Origination Year 2022/2021			30
Prior	23
Revolving	146		142
Loans	169		369
Commercial Business | Doubtful | Commercial portfolio segment
Loans and Allowance for Credit Losses
Amortized Cost by Origination Year 2024/2023			107
Amortized Cost by Origination Year 2023/2022	107		1,645
Amortized Cost by Origination Year 2022/2021	1,564
Prior	33		33
Loans	1,704		1,785
Consumer and Other | Commercial portfolio segment
Loans and Allowance for Credit Losses
Amortized Cost by Origination Year 2026/2025			18,791
Amortized Cost by Origination Year 2025/2024			10,961
Amortized Cost by Origination Year 2024/2023			9,962
Amortized Cost by Origination Year 2023/2022			3,847
Amortized Cost by Origination Year 2022/2021			1,129
Prior			6,809
Revolving			4,177
Loans			55,676
Consumer and Other | Consumer portfolio segment
Loans and Allowance for Credit Losses
Amortized Cost by Origination Year 2026/2025	5,347
Amortized Cost by Origination Year 2025/2024	16,478
Amortized Cost by Origination Year 2024/2023	9,730
Amortized Cost by Origination Year 2023/2022	8,600
Amortized Cost by Origination Year 2022/2021	3,011
Prior	7,265
Revolving	3,278
Loans	53,709		55,676
Current period gross write-offs 2025/2024	52
Current period gross write-offs 2024/2023	33
Current period gross write-offs 2023/2022	38
Current period gross write-offs 2022/2021	2
Current period gross write-offs Prior	5
Current period gross write-offs Revolving	25
Current period gross write-offs	155	$ 100
Consumer and Other | Pass | Commercial portfolio segment
Loans and Allowance for Credit Losses
Amortized Cost by Origination Year 2026/2025			18,791
Amortized Cost by Origination Year 2025/2024			10,946
Amortized Cost by Origination Year 2024/2023			9,962
Amortized Cost by Origination Year 2023/2022			3,844
Amortized Cost by Origination Year 2022/2021			1,129
Prior			6,809
Revolving			4,103
Loans			55,584
Consumer and Other | Pass | Consumer portfolio segment
Loans and Allowance for Credit Losses
Amortized Cost by Origination Year 2026/2025	5,347
Amortized Cost by Origination Year 2025/2024	16,478
Amortized Cost by Origination Year 2024/2023	9,730
Amortized Cost by Origination Year 2023/2022	8,600
Amortized Cost by Origination Year 2022/2021	3,008
Prior	7,265
Revolving	3,163
Loans	53,591
Consumer and Other | Special Mention | Commercial portfolio segment
Loans and Allowance for Credit Losses
Amortized Cost by Origination Year 2023/2022			3
Loans			3
Consumer and Other | Substandard | Commercial portfolio segment
Loans and Allowance for Credit Losses
Revolving			74
Loans			74
Consumer and Other | Substandard | Consumer portfolio segment
Loans and Allowance for Credit Losses
Amortized Cost by Origination Year 2022/2021	3
Revolving	115
Loans	$ 118
Consumer and Other | Doubtful | Commercial portfolio segment
Loans and Allowance for Credit Losses
Amortized Cost by Origination Year 2025/2024			15
Loans			$ 15

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Qualified Affordable Housing Project Investment (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Qualified Affordable Housing Project Investment
Investment Program, Proportional Amortization Method, Applied, Amortization Expense	$ 98,000	$ 84,000
Investment Program, Proportional Amortization Method, Elected, Income Tax Credit and Other Income Tax Benefit, before Amortization Expense	118,000	$ 103,000
Other Assets | Investment in qualified affordable housing projects on January 19, 2018
Qualified Affordable Housing Project Investment
Investments	1,100,000		$ 1,200,000
Other Assets | Investment in qualified affordable housing projects on December 16, 2025
Qualified Affordable Housing Project Investment
Investments	4,000,000		4,000,000
Other Liabilities | Investment in qualified affordable housing projects on January 19, 2018
Qualified Affordable Housing Project Investment
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments	72,000		72,000
Other Liabilities | Investment in qualified affordable housing projects on December 16, 2025
Qualified Affordable Housing Project Investment
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments	$ 3,100,000		$ 3,300,000

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Renewable Energy Tax Credit Investment (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Renewable Energy Tax Credit Investment
Amortization of Solar Energy Tax Credit Investment	$ 252,000	$ 299,000
Income Tax Credits and Adjustments	232,000	$ 304,000
Financial standby letter of credit
Renewable Energy Tax Credit Investment
Guarantor Obligations, Maximum Exposure, Undiscounted	104,000		$ 835,000
Tax Credit Carryforward
Renewable Energy Tax Credit Investment
Tax Credit, Committed Investment in the Tax Credit Producing Entity	$ 1,300,000		$ 1,500,000

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Borrowed Funds - Other (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Borrowed Funds
Outstanding borrowings	$ 0	$ 0
Securities available for sale, fair value	407,764	417,190
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available	81,300
CMO and mortgage-backed securities
Borrowed Funds
Federal Home Loan bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged	33,400	23,000
Mortgage-backed securities pledged
Borrowed Funds
Federal Home Loan bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged	79,900	77,700
home equity lines of credit
Borrowed Funds
Federal Home Loan bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged	8,600	8,200
Federal Reserve Bank Advances
Borrowed Funds
Outstanding borrowings	0	0
Federal Reserve Bank Advances | Asset pledged as collateral | Discount Window
Borrowed Funds
Securities available for sale, fair value	$ 17,200	$ 17,200

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Supplemental Disclosure for Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Restricted Stock
Supplemental Disclosure for Earnings Per Share
Antidilutive securities excluded from computation of earnings per share, Amount	0	0

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Supplemental Disclosure for Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Supplemental Disclosure for Earnings Per Share
Net income attributable to First Capital, Inc. Basic	$ 4,330	$ 3,235
Weighted average common shares outstanding, Basic (in shares)	3,336,077	3,346,850
Net income attributable to First Capital, Inc. per common share, basic (in dollars per share)	$ 1.3	$ 0.97
Net income attributable to First Capital, Inc. Diluted	$ 4,330	$ 3,235
Add: Dilutive effect of restricted stock (in shares)	2,557	1,448
Weighted Average Number of Shares Outstanding, as adjusted, Diluted (in shares)	3,338,634	3,348,298
Net income attributable to First Capital, Inc. per common share, diluted (in dollars per share)	$ 1.3	$ 0.97

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Stock-Based Compensation Plan - Other (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	May 22, 2019	May 20, 2009
Restricted Stock
Stock-Based Compensation Plan
Share-Based Payment Arrangement, Expense	$ 20,000	$ 38,000
Share-Based Payment Arrangement, Expense, Tax Benefit	$ 5,000	$ 9,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares)	150	0
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	$ 8,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 350,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	4 years 8 months 12 days
Equity Incentive Plan 2009 | Common Stock
Stock-Based Compensation Plan
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized				223,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant				176,150
Equity Incentive Plan 2019
Stock-Based Compensation Plan
Maximum Fair Value of First Exercisable Stock Incentive Options	$ 100,000
Equity Incentive Plan 2019 | Common Stock
Stock-Based Compensation Plan
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized			176,150
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant	152,090
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period	10 years
Equity Incentive Plans
Stock-Based Compensation Plan
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)	0

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Stock-Based Compensation Plan - Summary of Nonvested Restricted Shares (Details) - Restricted Stock - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Stock-Based Compensation Plan
Nonvested at beginning of period, number of shares (in shares)	5,970
Granted, number of shares (in shares)	3,900
Vested, number of shares (in shares)	150	0
Forfeited, number of shares (in shares)	240
Nonvested at end of period, number of shares (in shares)	9,480
Nonvested at beginning of year, weighted average grant date fair value (in dollars per share)	$ 34.22
Granted, weighted average grant date fair value (in dollars per share)	50.8
Vested, weighted average grant date fair value (in dollars per share)	50.8
Forfeited, weighted average grant date fair value (in dollars per share)	28
Nonvested at end of year, weighted average grant date fair value (in dollars per share)	$ 40.94

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Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Supplemental Disclosures of Cash Flow Information
Interest	$ 3,545	$ 3,928
Income taxes (net of refunds received)	(275)	0
Security purchased but trade not settled	0	1,002
Agreement to invest in renewable energy tax credit facility	$ 0	$ 3,709

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Fair Value Measurements - Narrative (Details) - USD ($)	3 Months Ended		15 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Dec. 31, 2025
Fair Value Measurements
Liabilities, Fair Value Disclosure	$ 0		$ 0	$ 0
Transfer out of level 3 financial assets			0
Transfer into level 3 financial assets			$ 0
Collateral dependent loans
Fair Value Measurements
Provision for Loan, Lease, and Other Losses		$ 1,000
Maximum | Collateral dependent loans
Fair Value Measurements
Provision for Loan, Lease, and Other Losses	$ 1,000
Level 3
Fair Value Measurements
Fair Value Inputs, Estimated Selling Costs, Weighted Average Discount	49.70%
Level 3 | Minimum
Fair Value Measurements
Fair Value Inputs, Estimated Selling Costs	19.00%
Level 3 | Maximum
Fair Value Measurements
Fair Value Inputs, Estimated Selling Costs	52.00%

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Fair Value Measurements- Assets Measured at Fair Value on Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025
Fair Value Measurements
Securities available for sale, fair value	$ 407,764	$ 417,190
Equity securities	1,200		$ 1,000
Agency mortgage-backed securities
Fair Value Measurements
Securities available for sale, fair value	110,394	91,930
Agency CMO
Fair Value Measurements
Securities available for sale, fair value	102,068	100,746
Agency notes and bonds
Fair Value Measurements
Securities available for sale, fair value	53,533	74,391
Treasury notes and bonds
Fair Value Measurements
Securities available for sale, fair value	2,457	2,461
Municipal obligations
Fair Value Measurements
Securities available for sale, fair value	139,312	147,662
Recurring
Fair Value Measurements
Securities available for sale, fair value	407,764	417,190
Equity securities	1,213	1,035
Recurring | Level 1
Fair Value Measurements
Securities available for sale, fair value	2,457	2,461
Equity securities	1,213	1,035
Recurring | Level 2
Fair Value Measurements
Securities available for sale, fair value	405,307	414,729
Equity securities	0	0
Recurring | Level 3
Fair Value Measurements
Securities available for sale, fair value	0	0
Equity securities	0	0
Recurring | Agency mortgage-backed securities
Fair Value Measurements
Securities available for sale, fair value	110,394	91,930
Recurring | Agency mortgage-backed securities | Level 1
Fair Value Measurements
Securities available for sale, fair value	0	0
Recurring | Agency mortgage-backed securities | Level 2
Fair Value Measurements
Securities available for sale, fair value	110,394	91,930
Recurring | Agency mortgage-backed securities | Level 3
Fair Value Measurements
Securities available for sale, fair value	0	0
Recurring | Agency CMO
Fair Value Measurements
Securities available for sale, fair value	102,068	100,746
Recurring | Agency CMO | Level 1
Fair Value Measurements
Securities available for sale, fair value	0	0
Recurring | Agency CMO | Level 2
Fair Value Measurements
Securities available for sale, fair value	102,068	100,746
Recurring | Agency CMO | Level 3
Fair Value Measurements
Securities available for sale, fair value	0	0
Recurring | Agency notes and bonds
Fair Value Measurements
Securities available for sale, fair value	53,533	74,391
Recurring | Agency notes and bonds | Level 1
Fair Value Measurements
Securities available for sale, fair value	0	0
Recurring | Agency notes and bonds | Level 2
Fair Value Measurements
Securities available for sale, fair value	53,533	74,391
Recurring | Agency notes and bonds | Level 3
Fair Value Measurements
Securities available for sale, fair value	0	0
Recurring | Treasury notes and bonds
Fair Value Measurements
Securities available for sale, fair value	2,457	2,461
Recurring | Treasury notes and bonds | Level 1
Fair Value Measurements
Securities available for sale, fair value	2,457	2,461
Recurring | Treasury notes and bonds | Level 2
Fair Value Measurements
Securities available for sale, fair value	0	0
Recurring | Treasury notes and bonds | Level 3
Fair Value Measurements
Securities available for sale, fair value	0	0
Recurring | Municipal obligations
Fair Value Measurements
Securities available for sale, fair value	139,312	147,662
Recurring | Municipal obligations | Level 1
Fair Value Measurements
Securities available for sale, fair value	0	0
Recurring | Municipal obligations | Level 2
Fair Value Measurements
Securities available for sale, fair value	139,312	147,662
Recurring | Municipal obligations | Level 3
Fair Value Measurements
Securities available for sale, fair value	0	0
Nonrecurring
Fair Value Measurements
Collateral dependent loans	368	449
Nonrecurring | Commercial Business
Fair Value Measurements
Collateral dependent loans	331	412
Nonrecurring | 1-4 Family Residential Construction
Fair Value Measurements
Collateral dependent loans	37	37
Nonrecurring | Level 1
Fair Value Measurements
Collateral dependent loans	0	0
Nonrecurring | Level 1 | Commercial Business
Fair Value Measurements
Collateral dependent loans	0	0
Nonrecurring | Level 1 | 1-4 Family Residential Construction
Fair Value Measurements
Collateral dependent loans	0	0
Nonrecurring | Level 2
Fair Value Measurements
Collateral dependent loans	0	0
Nonrecurring | Level 2 | Commercial Business
Fair Value Measurements
Collateral dependent loans	0	0
Nonrecurring | Level 2 | 1-4 Family Residential Construction
Fair Value Measurements
Collateral dependent loans	0	0
Nonrecurring | Level 3
Fair Value Measurements
Collateral dependent loans	368	449
Nonrecurring | Level 3 | Commercial Business
Fair Value Measurements
Collateral dependent loans	331	412
Nonrecurring | Level 3 | 1-4 Family Residential Construction
Fair Value Measurements
Collateral dependent loans	$ 37	$ 37

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Fair Value Measurements - Estimated Fair Values (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025
Fair Value Measurements
Securities available for sale, fair value	$ 407,764	$ 417,190
Equity securities (included in other assets)	1,200		$ 1,000
Carrying Value
Fair Value Measurements
Cash and cash equivalents	149,640	137,288
Interest-bearing time deposits	1,225	1,470
Securities available for sale, fair value	407,764	417,190
Securities held to maturity	7,000	7,000
Loans held for sale	756	1,464
Loans, net	664,404	654,100
FHLB and other restricted stock	1,836	1,836
Accrued interest receivable	4,917	5,100
Equity securities (included in other assets)	1,213	1,035
Deposits	1,136,573	1,122,990
Accrued interest payable	2,156	2,195
Fair Value
Fair Value Measurements
Cash and cash equivalents	149,640	137,288
Interest-bearing time deposits	1,228	1,480
Securities available for sale, fair value	407,764	417,190
Securities held to maturity	5,443	5,243
Loans held for sale	770	1,489
Loans, net	647,001	625,927
Accrued interest receivable	4,917	5,100
Equity securities (included in other assets)	1,213	1,035
Deposits	1,136,570	1,123,123
Accrued interest payable	2,156	2,195
Fair Value | Level 1
Fair Value Measurements
Cash and cash equivalents	149,640	137,288
Interest-bearing time deposits	0	0
Securities available for sale, fair value	2,457	2,461
Securities held to maturity	0	0
Loans held for sale	0	0
Loans, net	0	0
Accrued interest receivable	0	0
Equity securities (included in other assets)	1,213	1,035
Deposits	893,826	885,622
Accrued interest payable	0	0
Fair Value | Level 2
Fair Value Measurements
Cash and cash equivalents	0	0
Interest-bearing time deposits	1,228	1,480
Securities available for sale, fair value	405,307	414,729
Securities held to maturity	5,443	5,243
Loans held for sale	770	1,489
Loans, net	0	0
Accrued interest receivable	4,917	5,100
Equity securities (included in other assets)	0	0
Deposits	0	0
Accrued interest payable	2,156	2,195
Fair Value | Level 3
Fair Value Measurements
Cash and cash equivalents	0	0
Interest-bearing time deposits	0	0
Securities available for sale, fair value	0	0
Securities held to maturity	0	0
Loans held for sale	0	0
Loans, net	647,001	625,927
Accrued interest receivable	0	0
Equity securities (included in other assets)	0	0
Deposits	242,744	237,501
Accrued interest payable	$ 0	$ 0

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Revenue from Contracts with Customers - Noninterest Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue from Contracts with Customers
Revenue from contracts with customers	$ 1,722	$ 1,677
Net gains on loans and investments	219	52
Increase in cash value of life insurance	57	72
Other	50	47
Other noninterest income	326	171
Total noninterest income	2,048	1,848
Service charges on deposit accounts
Revenue from Contracts with Customers
Revenue from contracts with customers	592	593
ATM and debit card fees
Revenue from Contracts with Customers
Revenue from contracts with customers	1,081	1,036
Other
Revenue from Contracts with Customers
Revenue from contracts with customers	$ 49	$ 48