First Capital, Inc. reported net income of $3.2 million, or $0.97 per diluted share, for the quarter ended March 31, 2025. This represents an increase from $3.0 million, or $0.88 per diluted share, for the same period in 2024.
Net interest income after the provision for credit losses increased by $923,000, driven by a $1.5 million increase in interest income. The tax-equivalent net interest margin expanded from 3.14% in Q1 2024 to 3.34% in Q1 2025, reflecting an increase in the average tax-equivalent yield on interest-earning assets from 4.29% to 4.63%.
The provision for credit losses increased from $280,000 to $338,000 due to loan growth and macroeconomic uncertainty. However, nonperforming assets decreased from $4.5 million at December 31, 2024, to $4.1 million at March 31, 2025, indicating an improvement in asset quality.
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