FCAP

First Capital is the holding company for First Harrison Bank, a $1.27B-asset federally chartered thrift with 17 branches across southern Indiana and Kentucky. On quality, this is a clean community bank: FY2025 net income of $16.4M (+37.1%) and diluted EPS of $4.89 (+37.0%), stockholders' equity up 20.2% to $138M, retained earnings up 11.7% to $118M, zero short-term borrowings, no material legal proceedings, and management asserting effective internal controls with no auditor exceptions. ROE of 11.9% is respectable for a small thrift, and the bank returns capital both ways — $4.04M of dividends (+7.1%, with the quarterly payout raised from $0.29 to $0.31 through 2025) and steady buybacks (12,039 shares repurchased in Q4 alone, 99,989 still authorized). The 8.23x liabilities/equity ratio is normal deposit-funded bank leverage, not balance-sheet stress.

Two cautions on the numbers. First, the 'revenue' line ($7.17M, +1.6%) and the resulting P/S of 30.2x, 197.6% operating margin and 228.3% net margin are artifacts — that XBRL tag captures only fee/contract income, not the net interest income that actually drives a bank. Ignore those ratios entirely; they are not evidence for or against. Second, the standout 37% earnings jump sits on top of a business whose true top line has been flat for years (FY2021–FY2025 net income only crept $11.4M→$11.9M→$12.8M→$11.9M before this year's leap). A one-year surge of that size in a no-growth thrift usually reflects margin/credit tailwinds (lower provisions or wider net interest margin) rather than a new earnings baseline, so I would not extrapolate it.