FIRST CAPITAL INC 10-K

ITEM 9A. CONTROLS AND PROCEDURES Disclosure Controls and Procedures The Company’s management, including the Company’s principal executive officer and principal financial officer, have 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 Securities and Exchange Commission (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. Internal Control over Financial Reporting The Company’s management is responsible for establishing and maintaining effective internal control over financial reporting. Internal control is designed to provide reasonable assurance to the Company’s management and board of directors regarding the preparation of reliable published financial statements. Internal control over financial reporting includes self-monitoring mechanisms, and actions are taken to correct deficiencies as they are identified. Because of inherent limitations in any system of internal control, no matter how well designed, misstatements due to error or fraud may occur and not be detected, including the possibility of the circumvention or overriding of controls. Accordingly, even effective internal control over financial reporting can provide only reasonable assurance with respect to financial statement preparation. Further, because of changes in conditions, internal control effectiveness may vary over time. The Company’s management assessed our internal control over financial reporting as of December 31, 2025, based in part upon certain assumptions about the likelihood of future events. In making this assessment, management used the criteria set forth in the 2013 “Internal Control Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on this assessment, management asserts that the Company maintained effective internal control over financial reporting as of December 31, 2025 based on the specified criteria. This annual report does not include an attestation report of the Company’s registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s registered public accounting firm pursuant to rules of the SEC that permit the Company to provide only management’s report in this annual report. Changes to Internal Control over Financial Reporting There have been no changes in the Company’s internal control over financial reporting during the year ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. ITEM 9B. OTHER INFORMATION During the quarter ended December 31, 2025, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each item is defined in Item 408 of Regulation S-K. ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS Not applicable. ​ 53 Table of Contents PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE The information relating to the directors and officers of the Company, information regarding compliance with Section 16(a) of the Exchange Act and information regarding the audit committee and audit committee financial expert is incorporated herein by reference to the sections captioned “Item 1 – Election of Directors,” “Delinquent Section 16(a) Reports,” and “Audit Committee” in the Company’s Proxy Statement for the 2026 Annual Meeting of Stockholders (the “Proxy Statement”). Code of Ethics The Company maintains a Code of Ethics and Business Conduct that applies to all directors, officers and employees of the Company and its subsidiaries. The Code of Ethics and Business Conduct is posted on the Company’s Internet website, www.firstharrison.com. Any amendments or waivers to the Company’s Code of Ethics and Business conduct will be disclosed by the Company on its website. Insider Trading Policy We have adopted an Insider Trading Policy applicable to us and our directors, officers, and employees governing the purchase, sale, and other disposition of our securities. We believe that the Insider Trading Policy is designed to promote compliance with the insider trading laws, rules and regulations, and listing standards applicable to us. The Insider Trading Policy is filed as Exhibit 19 to this Annual Report on Form 10-K. ITEM 11. EXECUTIVE COMPENSATION The information required in response to this item will be contained in the Company’s Proxy Statement for the 2026 Annual Meeting of Shareholders and is incorporated herein by reference. ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS The information required in response to this item will be contained in the Company’s Proxy Statement for the 2026 Annual Meeting of Shareholders to be filed within 120 days after December 31, 2025 and is incorporated herein by reference. (a) Security Ownership of Certain Beneficial Owners. The information required in response to this item will be contained in the Company’s Proxy Statement for the 2026 Annual Meeting of Shareholders to be filed within 120 days after December 31, 2025 and is incorporated herein by reference. (b) Security Ownership of Management The information required in response to this item will be contained in the Company’s Proxy Statement for the 2026 Annual Meeting of Shareholders to be filed within 120 days after December 31, 2025 and is incorporated herein by reference. (c) Changes in Control Management of the Company knows of no arrangements, including any pledge by any person of securities of the Company, the operation of which may at a subsequent date result in a change in control of the registrant. (d) Equity Compensation Plan Information ​ 54 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average ​ ​ ​ Number of securities ​ ​ Number of securities ​ exercise price of ​ remaining available for ​ ​ to be issued upon ​ outstanding ​ future issuance under equity ​ ​ exercise of outstanding options, ​ options,warrants ​ compensation plans (excluding Plan Category ​ warrants and rights ​ and rights ​ securities reflected in column (a)) ​ (a) (b) (c) Equity compensation plans approved by security holders — N/A 155,750 Equity compensation plans not approved by security holders — N/A — Total — N/A 155,750 ​ The Company does not maintain any equity compensation plans that have not been approved by security holders. ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE The information required in response to this item will be contained in the Company’s Proxy Statement for the 2026 Annual Meeting of Shareholders to be filed within 120 days after December 31, 2025 and is incorporated herein by reference. ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES The information required in response to this item will be contained in the Company’s Proxy Statement for the 2026 Annual Meeting of Shareholders to be filed within 120 days after December 31, 2025 and is incorporated herein by reference. ​ 55 Table of Contents PART IV ​ ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES (a)(1) Financial Statements. The following consolidated financial statements of the Company and its subsidiaries are included in this Annual Report on Form 10-K: ​ ​ ​ ​ ​ ​ ​ Page Reference ​ ​ ​ Report of Independent Registered Public Accounting Firm (PCAOB ID: 173 ) ​ F-1 ​ ​ ​ Report of Independent Registered Public Accounting Firm (PCAOB ID: 590 ) ​ F-3 ​ ​ ​ Consolidated Balance Sheets at December 31, 2025 and 2024 ​ F-4 ​ ​ ​ Consolidated Statements of Income for the years ended December 31, 2025, 2024 and 2023 ​ F-5 ​ ​ ​ Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024 and 2023 ​ F-6 ​ ​ ​ Consolidated Statements of Changes in Stockholders’ Equity for the years ended December 31, 2025, 2024 and 2023 ​ F-7 ​ ​ ​ Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023 ​ F-8 ​ ​ ​ Notes to Consolidated Financial Statements ​ F-9 ​ (a)(2) Financial Statement Schedules. All financial statement schedules are omitted as the required information either is not required or applicable, or the required information is contained in the consolidated financial statements or related notes. ​ 56 Table of Contents (a)(3) Exhibits ​ 3.1 Articles of Incorporation of First Capital, Inc. (1) 3.2 Fifth Amended and Restated Bylaws of First Capital, Inc. (2) 4.1** Description of First Capital, Inc. common stock 10.2 *Amended and Restated Change in Control Agreement between First Capital, Inc., First Harrison Bank and M. Chris Frederick (3) 10.3 *Change in Control Agreement between First Capital, Inc., First Harrison Bank and Jennifer Incantalupo (4) 10.4 *Change in Control Agreement between First Capital, Inc., First Harrison Bank and Joe Mahuron (4) 10.6 *Change in Control Agreement between First Capital, Inc., First Harrison Bank and Joshua P. Stevens (4) 10.7 *First Capital, Inc. 2009 Equity Incentive Plan (5) 10.8 *Director Deferred Compensation Agreement between First Federal Savings & Loan Association and James Pendleton (6) 10.9 *Director Deferred Compensation Agreement between First Federal Savings & Loan Association and Gerald Uhl (6) 10.10 *Director Deferred Compensation Agreement between First Federal Savings & Loan Association and Mark Shireman (6) 10.11 *First Capital, Inc. 2019 Equity Incentive Plan (7) 10.12 *First Capital Annual Supplemental Bonus Plan (8) 11.0 Statement Re: Computation of Per Share Earnings (incorporated by reference to Item 8, “ Financial Statements and Supplementary Data ” of this Form 10-K) ​ 19.0** First Capital, Inc. Insider Trading Policy 21.0** List of Subsidiaries of First Capital, Inc. 23.0** Consent of Crowe LLP ​ 23.1** Consent of Monroe Shine and Co., Inc. 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 32.0** Section 1350 Certification of Chief Executive Officer & Chief Financial Officer 97.0 First Capital, Inc. – Clawback Policy (9) 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) * Management contract or compensatory plan, contract or arrangement. ** Filed herewith. (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 Current Report on Form 8-K filed 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. (3) Incorporated by reference to Exhibit 1.4 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on January 9, 2023. (4) Incorporated by reference to Exhibit 1.1, 1.2, 1.3, and 1.6 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on January 9, 2023. 57 Table of Contents (5) Incorporated by reference to Appendix A to the Definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on April 9, 2009. (6) Incorporated by reference to Exhibits 10.9, 10.10 and 10.11, respectively, filed with the Annual Report on Form 10-K for the year ended December 31, 2008. (7) Incorporated by reference to Exhibit 4.1 filed with the Registration Statement on Form S-8 on August 28, 2019, Registration No. 333-233485. (8) Incorporated by reference to Exhibit 10.1 filed with the Form 10-Q for the period ended September 30, 2022. (9) Incorporated by reference to Exhibit 97 filed with the Annual Report on Form 10-K for the year ended December 31, 2023. ​ ITEM 16. FORM 10-K SUMMARY Not applicable. ​ ​ 58 Table of Contents Report of Independent Registered Public Accounting Firm To the Shareholders and Board of Directors of First Capital, Inc. Corydon, Indiana Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of First Capital, Inc. (the “Company”) as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, changes in stockholders’ equity, and cash flows for each of the two years in the period ended December 31, 2025 and 2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2025 and 2024, in conformity with accounting principles generally accepted in the United States of America. Basis for Opinion These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matter The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Allowance for Credit Losses – Qualitative Adjustments As described in Notes 1 and 4 to the financial statements, the Allowance for Credit Losses (ACL) on loans is an estimate of lifetime expected credit losses inherent in the financial assets at the balance sheet date. As of December 31, 2025, the ACL amounted to $10.1 million. F-1 Table of Contents Management’s methodology for estimating the ACL includes an allowance measured on a collective basis for pools of loans that share similar risk characteristics. Management utilizes the Weighted Average Remaining Maturity method, which uses average annual charge-off rates and the remaining life of the loan, to estimate the ACL. Management 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. 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. We determined that auditing qualitative adjustments was a critical audit matter because it requires significant auditor judgment, auditor subjectivity, and audit effort to evaluate the subjective and complex judgments made by management that were applied in the determination of the qualitative adjustments of the ACL. The primary procedures we performed to address the critical audit matter included: ● Evaluating the reasonableness of management’s judgments and assumptions related to the qualitative adjustments, including the appropriateness of the qualitative adjustments framework. ● Evaluating the relevance and reliability of internal and external data used in the determination of qualitative adjustments. ● Evaluating the accuracy of the calculation of qualitative adjustments. /s/ Crowe LLP ​ We have served as the Company’s auditor since 2024. ​ Louisville, Kentucky March 31, 2026 ​ F-2 Table of Contents ​ Report of Independent Registered Public Accounting Firm To the Shareholders and Board of Directors of First Capital, Inc. Corydon, Indiana Opinion on the Financial Statements We have audited the accompanying consolidated statements of income, comprehensive income, changes in stockholders’ equity, and cash flows of First Capital, Inc. (the “Company”) for the year ended December 31, 2023, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the results of the Company’s operations and its cash flows for the year ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America. Basis for Opinion The Company’s management is responsible for these financial statements. Our responsibility is to express an opinion on the Company’s financial statements based on our audit. At the time of our audit, we were a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and were required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audit of the financial statements included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. Monroe Shine & Co., Inc. We served as the Company’s, or its predecessors’, auditor consecutively from at least 1968 until our dismissal effective March 29, 2024. New Albany, Indiana March 29, 2024 ​ F-3 Table of Contents FIRST CAPITAL, INC. CONSOLIDATED BALANCE SHEET S DECEMBER 31, 2025 AND 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands, except share and per share data) ​ 2025 ​ ​ ​ 2024 ASSETS ​ ​ ​ ​ ​ Cash and due from banks ​ $ 26,873 ​ $ 18,418 Interest bearing deposits with banks ​ 110,415 ​ 87,499 Total cash and cash equivalents ​ 137,288 ​ 105,917 ​ ​ ​ ​ ​ ​ ​ Interest-bearing time deposits ​ 1,470 ​ 2,695 Securities available for sale, at fair value (amortized cost $ 432,167 and $ 418,935 , respectively) ​ 417,190 ​ 389,243 Securities held to maturity, at amortized cost (fair value $ 5,243 and $ 4,591 , respectively) ​ 7,000 ​ 7,000 Loans held for sale ​ 1,464 ​ 472 Loans, net of allowance for credit losses of $ 10,108 ($ 9,281 in 2024) ​ 654,100 ​ 631,199 Federal Home Loan Bank and other stock, at cost ​ 1,836 ​ 1,836 Premises and equipment ​ 14,357 ​ 14,179 Accrued interest receivable ​ 5,100 ​ 4,575 Cash value of life insurance ​ 8,993 ​ 9,329 Goodwill ​ 6,472 ​ 6,472 Core deposit intangible ​ — ​ 86 Other assets ​ 16,725 ​ 14,520 ​ ​ ​ ​ ​ ​ ​ Total Assets ​ $ 1,271,995 ​ $ 1,187,523 ​ ​ ​ ​ ​ ​ ​ LIABILITIES ​ ​ ​ ​ Deposits: ​ ​ ​ ​ Noninterest-bearing ​ $ 220,053 ​ $ 197,993 Interest-bearing ​ 902,937 ​ 868,446 Total deposits ​ 1,122,990 ​ 1,066,439 ​ ​ ​ ​ ​ ​ ​ Accrued interest payable ​ 2,195 ​ 1,922 Accrued expenses and other liabilities ​ 8,901 ​ 4,451 Total liabilities ​ 1,134,086 ​ 1,072,812 ​ ​ ​ ​ ​ ​ ​ 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 3,810,883 shares ( 3,806,983 in 2024); outstanding 3,341,871 ( 3,351,703 in 2024) ​ 38 ​ 38 Additional paid-in capital ​ 41,823 ​ 41,676 Retained earnings-substantially restricted ​ 117,635 ​ 105,290 Unearned stock compensation ​ ( 178 ) ​ ( 135 ) Accumulated other comprehensive loss ​ ( 11,646 ) ​ ( 22,990 ) Less treasury stock, at cost - 469,012 shares ( 455,280 in 2024) ​ ( 9,875 ) ​ ( 9,280 ) Total First Capital, Inc. stockholders' equity ​ 137,797 ​ 114,599 ​ ​ ​ ​ ​ ​ ​ Noncontrolling interest in subsidiary ​ 112 ​ 112 Total equity ​ 137,909 ​ 114,711 ​ ​ ​ ​ ​ ​ ​ Total Liabilities and Equity ​ $ 1,271,995 ​ $ 1,187,523 ​ See notes to consolidated financial statements . ​ F-4 Table of Contents FIRST CAPITAL, INC. CONSOLIDATED STATEMENTS OF INCOME YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands, except per share data) ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 INTEREST INCOME ​ ​ ​ ​ ​ ​ ​ Loans, including fees ​ $ 40,918 ​ $ 38,272 ​ $ 33,350 Securities: ​ ​ ​ ​ ​ ​ Taxable ​ 8,608 ​ 6,830 ​ 5,577 Tax-exempt ​ 2,716 ​ 2,630 ​ 3,346 Dividends ​ 103 ​ 88 ​ 58 Interest bearing deposits with banks ​ 4,502 ​ 2,651 ​ 1,274 Total interest income ​ 56,847 ​ 50,471 ​ 43,605 INTEREST EXPENSE ​ ​ ​ ​ ​ ​ Deposits ​ 14,697 ​ 13,227 ​ 8,241 Advances - FHLB ​ — ​ 99 ​ 340 Borrowed funds - Bank Term Funding Program ("BTFP") ​ — ​ 1,355 ​ 436 Total interest expense ​ 14,697 ​ 14,681 ​ 9,017 Net interest income ​ 42,150 ​ 35,790 ​ 34,588 Provision for credit losses ​ 1,144 ​ 1,449 ​ 1,141 Net interest income after provision for credit losses ​ 41,006 ​ 34,341 ​ 33,447 NONINTEREST INCOME ​ ​ ​ ​ ​ ​ Service charges on deposit accounts ​ 2,450 ​ 2,402 ​ 2,343 ATM and debit card fees ​ 4,540 ​ 4,467 ​ 4,489 (Loss) gain on sale of securities ​ ( 94 ) ​ 32 ​ 40 Unrealized gain (loss) on equity securities ​ 149 ​ ( 374 ) ​ ( 207 ) Gain on sale of loans ​ 792 ​ 554 ​ 421 Increase in cash surrender value of life insurance ​ 222 ​ 224 ​ 206 Other income ​ 406 ​ 351 ​ 340 Total noninterest income ​ 8,465 ​ 7,656 ​ 7,632 NONINTEREST EXPENSE ​ ​ ​ ​ ​ ​ Compensation and benefits ​ 16,809 ​ 15,538 ​ 15,002 Occupancy and equipment ​ 2,391 ​ 1,919 ​ 1,762 Data processing ​ 4,622 ​ 4,522 ​ 4,366 Professional fees ​ 1,171 ​ 1,356 ​ 693 Advertising ​ 482 ​ 357 ​ 329 Other expenses ​ 4,087 ​ 4,136 ​ 3,876 Total noninterest expense ​ 29,562 ​ 27,828 ​ 26,028 Income before income taxes ​ 19,909 ​ 14,169 ​ 15,051 Income tax expense ​ 3,529 ​ 2,216 ​ 2,248 Net Income ​ 16,380 ​ 11,953 ​ 12,803 Less: net income attributable to noncontrolling interest in subsidiary ​ 13 ​ 13 ​ 13 Net Income Attributable to First Capital, Inc. ​ $ 16,367 ​ $ 11,940 ​ $ 12,790 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per common share attributable to First Capital, Inc.: ​ ​ ​ ​ ​ ​ Basic ​ $ 4.89 ​ $ 3.57 ​ $ 3.82 Diluted ​ $ 4.89 ​ $ 3.57 ​ $ 3.82 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends per share ​ $ 1.20 ​ $ 1.12 ​ $ 1.08 ​ See notes to consolidated financial statements . ​ F-5 Table of Contents FIRST CAPITAL, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Income ​ $ 16,380 ​ $ 11,953 ​ $ 12,803 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ OTHER COMPREHENSIVE INCOME ​ ​ ​ ​ ​ ​ Unrealized gains on securities available for sale: ​ ​ ​ ​ ​ ​ Unrealized holding gains arising during the period ​ 14,621 ​ 1,618 ​ 15,253 Income tax expense ​ ( 3,351 ) ​ ( 550 ) ​ ( 3,635 ) Net of tax amount ​ 11,270 ​ 1,068 ​ 11,618 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less: reclassification adjustment for realized losses (gains) included in net income ​ 94 ​ ( 32 ) ​ 114 Income tax (benefit) expense ​ ( 20 ) ​ 7 ​ ( 24 ) Net of tax amount ​ 74 ​ ( 25 ) ​ 90 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Comprehensive Income, net of tax ​ 11,344 ​ 1,043 ​ 11,708 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Comprehensive Income ​ 27,724 ​ 12,996 ​ 24,511 Less: comprehensive income attributable to the noncontrolling interest in subsidiary ​ 13 ​ 13 ​ 13 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Comprehensive Income Attributable to First Capital, Inc. ​ $ 27,711 ​ $ 12,983 ​ $ 24,498 ​ See notes to consolidated financial statements . ​ F-6 Table of Contents FIRST CAPITAL, INC. CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ ​ Other ​ Unearned ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common ​ Paid-in ​ Retained ​ Comprehensive ​ Stock ​ Treasury ​ Noncontrolling ​ ​ ​ (In thousands) ​ ​ ​ Stock ​ ​ ​ Capital ​ ​ ​ Earnings ​ ​ ​ Income (Loss) ​ ​ ​ Compensation ​ ​ ​ Stock ​ ​ ​ Interest ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances at January 1, 2023 ​ $ 38 ​ $ 41,636 ​ $ 87,936 ​ $ ( 35,741 ) ​ $ ( 549 ) ​ $ ( 8,691 ) ​ $ 112 ​ $ 84,741 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ — ​ — ​ 12,790 ​ — ​ — ​ — ​ 13 ​ 12,803 Other comprehensive income ​ — ​ — ​ — ​ 11,708 ​ — ​ — ​ — ​ 11,708 Cash dividends ​ — ​ — ​ ( 3,621 ) ​ — ​ — ​ — ​ ( 13 ) ​ ( 3,634 ) Stock compensation expense ​ — ​ — ​ — ​ — ​ 252 ​ — ​ — ​ 252 Purchase of treasury shares ​ ​ — ​ — ​ — ​ — ​ — ​ ( 502 ) ​ — ​ ( 502 ) Taxes paid on stock award shares for employees ​ — ​ — ​ — ​ — ​ — ​ ( 23 ) ​ — ​ ( 23 ) Restricted stock grant forfeitures ​ — ​ ( 48 ) ​ — ​ — ​ 48 ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances at December 31, 2023 ​ 38 ​ 41,588 ​ 97,105 ​ ( 24,033 ) ​ ( 249 ) ​ ( 9,216 ) ​ 112 ​ 105,345 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ — ​ — ​ 11,940 ​ — ​ — ​ — ​ 13 ​ 11,953 Other comprehensive income ​ — ​ — ​ — ​ 1,043 ​ — ​ — ​ — ​ 1,043 Cash dividends ​ — ​ — ​ ( 3,755 ) ​ — ​ — ​ — ​ ( 13 ) ​ ( 3,768 ) Stock compensation expense ​ — ​ — ​ — ​ — ​ 202 ​ — ​ — ​ 202 Purchase of treasury shares ​ — ​ — ​ — ​ — ​ — ​ ( 41 ) ​ — ​ ( 41 ) Taxes paid on stock award shares for employees ​ — ​ — ​ — ​ — ​ — ​ ( 23 ) ​ — ​ ( 23 ) Restricted stock grants ​ — ​ 88 ​ — ​ — ​ ( 88 ) ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances at December 31, 2024 ​ 38 ​ 41,676 ​ 105,290 ​ ( 22,990 ) ​ ( 135 ) ​ ( 9,280 ) ​ 112 ​ 114,711 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ — ​ — ​ 16,367 ​ — ​ — ​ — ​ 13 ​ 16,380 Other comprehensive income ​ — ​ — ​ — ​ 11,344 ​ — ​ — ​ — ​ 11,344 Cash dividends ​ — ​ — ​ ( 4,022 ) ​ — ​ — ​ — ​ ( 13 ) ​ ( 4,035 ) Stock compensation expense ​ — ​ — ​ — ​ — ​ 104 ​ — ​ — ​ 104 Purchase of treasury shares ​ — ​ — ​ — ​ — ​ — ​ ( 578 ) ​ — ​ ( 578 ) Taxes paid on stock award shares for employees ​ — ​ — ​ — ​ — ​ — ​ ( 17 ) ​ — ​ ( 17 ) Restricted stock grants ​ — ​ 147 ​ — ​ — ​ ( 147 ) ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances at December 31, 2025 ​ $ 38 ​ $ 41,823 ​ $ 117,635 ​ $ ( 11,646 ) ​ $ ( 178 ) ​ $ ( 9,875 ) ​ $ 112 ​ $ 137,909 ​ See notes to consolidated financial statements . ​ F-7 Table of Contents FIRST CAPITAL, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 CASH FLOWS FROM OPERATING ACTIVITIES ​ ​ ​ ​ ​ ​ ​ Net income ​ ​ $ 16,380 ​ $ 11,953 ​ $ 12,803 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 ​ ​ 736 ​ 1,078 ​ 1,583 Depreciation and amortization expense ​ ​ 1,089 ​ 1,097 ​ 1,028 Deferred income taxes ​ ​ ( 900 ) ​ ( 551 ) ​ ( 698 ) Stock compensation expense ​ ​ 104 ​ 202 ​ 252 Increase in cash value of life insurance ​ ​ ( 222 ) ​ ( 224 ) ​ ( 206 ) Gain on life insurance ​ ​ ​ ( 47 ) ​ ​ — ​ ​ — Loss (gain) on sale of securities ​ ​ 94 ​ ( 32 ) ​ ( 40 ) Provision for credit losses ​ ​ 1,144 ​ 1,449 ​ 1,141 Proceeds from sales of loans ​ ​ 41,584 ​ 33,716 ​ 32,004 Loans originated for sale ​ ​ ( 41,784 ) ​ ( 32,834 ) ​ ( 31,590 ) Gain on sale of loans ​ ​ ( 792 ) ​ ( 554 ) ​ ( 421 ) Amortization of tax credit investment ​ ​ 3,210 ​ 2,196 ​ 1,990 Unrealized (gain) loss on equity securities ​ ​ ( 149 ) ​ 374 ​ 207 Loss (gain) on disposal of premises and equipment ​ ​ 12 ​ ( 7 ) ​ — (Increase) decrease in accrued interest receivable ​ ​ ( 525 ) ​ 213 ​ ( 503 ) Increase in accrued interest payable ​ ​ 273 ​ 713 ​ 1,086 Net change in other assets/liabilities ​ ​ 1,077 ​ 3,556 ​ ( 4,473 ) Net Cash Provided By Operating Activities ​ ​ 21,284 ​ 22,345 ​ 14,163 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CASH FLOWS FROM INVESTING ACTIVITIES ​ ​ ​ ​ ​ ​ ​ Net decrease (increase) in interest-bearing time deposits ​ ​ 1,225 ​ 1,225 ​ ( 243 ) Purchase of securities available for sale ​ ​ ( 137,883 ) ​ ( 61,734 ) ​ ( 37,229 ) Proceeds from maturities of securities available for sale ​ ​ 67,066 ​ 63,010 ​ 37,990 Proceeds from sales of securities available for sale ​ ​ 17,913 ​ 19,189 ​ 20,641 Principal collected on mortgage-backed obligations ​ ​ 38,842 ​ 28,104 ​ 15,816 Proceeds from sale of equity securities ​ ​ — ​ — ​ 156 Net increase in loans receivable ​ ​ ( 24,045 ) ​ ( 18,239 ) ​ ( 58,217 ) Investment in tax credit entities ​ ​ ( 4,275 ) ​ ( 1,724 ) ​ ( 2,048 ) Investment in technology fund ​ ​ ( 89 ) ​ ( 115 ) ​ ( 250 ) Proceeds from settlement of bank-owned life insurance policies ​ ​ ​ 605 ​ ​ — ​ ​ — Proceeds from sale of foreclosed real estate ​ ​ — ​ — ​ 64 Proceeds from sale of premises and equipment ​ ​ — ​ 7 ​ — Proceeds from insurance claims ​ ​ ​ 159 ​ ​ — ​ ​ — Purchase of premises and equipment ​ ​ ( 1,352 ) ​ ( 717 ) ​ ( 627 ) Net Cash (Used In) Provided By Investing Activities ​ ​ ( 41,834 ) ​ 29,006 ​ ( 23,947 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CASH FLOWS FROM FINANCING ACTIVITIES ​ ​ ​ ​ ​ ​ ​ Net increase (decrease) in deposits ​ ​ 56,551 ​ 41,228 ​ ( 35,185 ) Advances from FHLB and BTFP ​ ​ — ​ 167,751 ​ 354,500 Repayment of advances from the FHLB and BTFP ​ ​ — ​ ( 189,251 ) ​ ( 333,000 ) Purchase of treasury stock ​ ​ ( 578 ) ​ ( 41 ) ​ ( 502 ) Taxes paid on stock award shares for employees ​ ​ ( 17 ) ​ ( 23 ) ​ ( 23 ) Dividends paid ​ ​ ( 4,035 ) ​ ( 3,768 ) ​ ( 3,634 ) Net Cash Provided By (Used In) Financing Activities ​ ​ 51,921 ​ 15,896 ​ ( 17,844 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Increase (Decrease) in Cash and Cash Equivalents ​ ​ 31,371 ​ 67,247 ​ ( 27,628 ) Cash and cash equivalents at beginning of period ​ ​ 105,917 ​ 38,670 ​ 66,298 Cash and Cash Equivalents at End of Period ​ ​ $ 137,288 ​ $ 105,917 ​ $ 38,670 ​ See notes to consolidated financial statements . ​ ​ F-8 Table of Contents FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations First Capital, Inc. (the “Company”) is the financial holding company of First Harrison Bank (the “Bank”), a wholly-owned subsidiary. The Bank is an Indiana chartered commercial bank which provides a variety of banking services to individuals and business customers through 17 locations in Indiana and Kentucky. The Bank’s primary source of revenue is real estate mortgage loans. The Bank also originates mortgage loans for sale in the secondary market. 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 company that holds and manages an investment securities portfolio. First Harrison REIT, Inc. is a wholly-owned subsidiary of First Harrison Holdings, Inc. which holds a portion of the Bank’s real estate mortgage loan portfolio. Heritage Hill, LLC is a wholly-owned subsidiary of the Bank that is currently inactive. FHB Risk Mitigation Services, Inc. (the “Captive”) was a wholly-owned insurance subsidiary of the Company that provided property and casualty insurance coverage to the Company, the Bank and the Bank’s subsidiaries, and reinsurance to nine other third party insurance captives, for which insurance was not available or economically feasible in the insurance marketplace. The Captive was dissolved during the year ended December 31, 2023. Basis of Consolidation and Reclassifications The consolidated financial statements include the accounts of the Company and its subsidiaries, have been prepared in accordance with generally accepted accounting principles in the United States of America and conform to general practices in the banking industry. Intercompany balances and transactions have been eliminated. Certain prior year amounts have been reclassified to conform to the current year presentation. The reclassifications had no effect on net income or stockholders’ equity. Statements of Cash Flows For purposes of the statements of cash flows, the Company has defined cash and cash equivalents as cash on hand, amounts due from banks (including cash items in process of clearing), interest-bearing deposits with other banks with an original maturity of 90 days or less, money market funds and federal funds sold. Subsequent Events The Company has evaluated subsequent events for recognition and disclosure through March 31, 2026, which is the date the financial statements were available to be issued. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the Allowance for Credit Losses (“ACL”) on loans and the valuation of real estate and other assets acquired in connection with foreclosures or in satisfaction of loans. In connection with the determination of the ACL on loans and the valuation of foreclosed real estate, management obtains independent appraisals for significant properties. A majority of the Company’s loan portfolio consists of single-family residential and commercial real estate loans in the southern Indiana and Louisville, Kentucky metropolitan area. Accordingly, the ultimate collectability of a substantial portion of the Company’s loan portfolio and the recovery of the carrying amount of foreclosed real estate are susceptible to changes in local market conditions. ​ F-9 Table of Contents FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED While management uses available information to recognize losses on loans and foreclosed real estate, further reductions in the carrying amounts of loans and foreclosed real estate may be necessary based on changes in local economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the estimated losses on loans and foreclosed real estate. Such agencies may require the Company to recognize additional losses based on their judgments about information available to them at the time of their examination. Because of these factors, it is reasonably possible that the estimated losses on loans and foreclosed real estate may change materially in the near term. However, the amount of the change that is reasonably possible cannot be estimated. Debt Securities Available for Sale Debt Securities : Available for sale debt securities consist primarily of mortgage-backed and other debt securities and are stated at fair value. The Company holds mortgage-backed securities and other debt 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”), and the Federal Home Loan Bank (“FHLB”), government-sponsored enterprises (collectively referred to as government agencies), as well as collateralized mortgage obligations (“CMOs”) and other mortgage-backed securities. Mortgage-backed securities represent participating interests in pools of long-term first mortgage loans originated and serviced by the issuers of the securities. CMOs are complex mortgage-backed securities that restructure the cash flows and risks of the underlying mortgage collateral. The Company also holds debt securities issued by the U.S. Treasury and municipalities and political subdivisions of state and local governments. Amortization of premiums and accretion of discounts are recognized in interest income using methods approximating the interest method over the period to maturity, adjusted for anticipated prepayments. Premiums on callable debt securities are amortized to their earliest call date. Unrealized gains and losses, net of tax, on available for sale debt securities are included in other comprehensive income and the accumulated unrealized holding gains and losses are reported as a separate component of equity until realized. Realized gains and losses on the sale of available for sale debt securities are determined using the specific identification method and are included in other noninterest income and, when applicable, are reported as a reclassification adjustment, net of tax, in other comprehensive income. For available for sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For available for sale debt securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an ACL is recorded for the credit loss, limited to the amount that the fair value is less than the amortized cost basis. Any decline in fair value that has not been recorded through an ACL is recognized in other comprehensive income, net of applicable taxes. Changes in the ACL are recorded as a provision for (or recovery of) credit loss expense. Losses are charged against the ACL when management believes that uncollectibility of an available for sale debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Accrued interest receivable on available for sale debt securities is reported in accrued interest receivable on the consolidated balance sheet and is excluded from the estimate of credit losses. Accrued interest receivable on available for sale debt securities totaled $ 2.6 million and $ 2.1 million at December 31, 2025 and 2024, respectively. F-10 Table of Contents FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED Held to Maturity Debt Securities: Debt securities for which the Company has the positive intent and ability to hold to maturity are reported at cost, adjusted for amortization of premiums and accretion of discounts that are recognized in interest income using methods approximating the interest method over the period to maturity, adjusted for anticipated prepayments. The held to maturity securities portfolio includes subordinated debt obligations issued by other bank holding companies (“BHC”). Management measures expected credit losses on held to maturity debt securities on a collective basis by major security type. Accrued interest receivable on held to maturity debt securities is reported in accrued interest receivable on the consolidated balance sheet and is excluded from the estimate of credit losses. Accrued interest receivable on held to maturity debt securities totaled $ 18,000 at both December 31, 2025 and 2024. The Company estimates expected credit losses for held to maturity debt securities and considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Equity Securities Equity securities, other than restricted securities such as FHLB stock, are carried at fair value, with changes in fair value included in earnings. Equity securities without readily determinable fair values are carried at cost, minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. Restrictions on the sale of equity securities held are not considered in the fair value measurement unless the restriction is a characteristic of the actual securities. Dividends received from equity securities, other than restricted securities such as FHLB stock, are included in other noninterest income. FHLB Stock The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. Investments in non-marketable equity securities such as FHLB stock are carried at cost and are classified as restricted securities and periodically evaluated for impairment based on ultimate recovery of par value. Dividends received from these investments are included in dividend income. Loans and ACL Loans Held for Investment Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts and deferred loan fees and costs. The Company grants real estate mortgage, commercial business and consumer loans. Loan origination and commitment fees, as well as certain direct costs of underwriting and closing loans, are deferred and amortized as a yield adjustment to interest income over the lives of the related loans using the interest method. Amortization of net deferred loan fees is discontinued when a loan is placed on nonaccrual status. Accrued interest receivable on loans is reported in accrued interest receivable on the consolidated balance sheets and is excluded from the estimate of credit losses. Accrued interest receivable on loans totaled $ 2.5 million and $ 2.4 million at December 31, 2025 and 2024, respectively. Nonaccrual Loans The recognition of income on a loan is discontinued and previously accrued interest is reversed when interest or principal payments become 90 days past due unless, in the opinion of management, the outstanding interest remains collectible. Past due status is determined based on contractual terms. Generally, by applying the cash receipts method, interest income is subsequently recognized only as received until the loan is returned to accrual status. The cash receipts method is used when the likelihood of further loss on the loan is remote. Otherwise, the Company applies the cost recovery method and applies all payments as a reduction of the unpaid principal balance until the loan qualifies for return to accrual status. F-11 Table of Contents FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED The Company follows its nonaccrual policy by reversing contractual interest income in the income statement when the Company places a loan on nonaccrual status. Therefore, management excludes the accrued interest receivable balance from the amortized cost basis in measuring expected credit losses on the portfolio and does not record an ACL on accrued interest receivable. A loan is restored to accrual status when all principal and interest payments are brought current and the borrower has demonstrated the ability to make future payments of principal and interest as scheduled, which generally requires that the borrower demonstrate a period of performance of at least six consecutive months. Loan Modifications Made to Borrowers Experiencing Financial Difficulty The Company’s loan modifications for borrowers experiencing financial difficulties will typically include one or a combination of the following: a reduction of the stated interest rate of the loan; an extension of the maturity date at a stated rate of interest lower than the current market rate for new debt with similar risk; or a permanent reduction of the recorded investment in the loan. ACL – Loans The ACL is a valuation account that is deducted from an asset’s amortized cost basis to present the net amount expected to be collected on the asset. Loans are charged off against the ACL when management believes the uncollectibility of a loan balance is confirmed. Expected recoveries do not exceed the aggregate of amounts previously charged off and expected to be charged-off. The Company utilizes the Weighted Average Remaining Maturity (“WARM”) method in determining expected future credit losses. The WARM method uses average annual net charge-off rates and the remaining life of a 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 net 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 a quarterly 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. F-12 Table of Contents FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED The ACL 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. The Company has identified and utilizes the following portfolio segments: 1–4 Family Residential Mortgage – 1–4 Family Residential Mortgage loans are primarily secured by 1-4 family residences that are owner-occupied and serve as the primary residence of the borrower. In addition, the Company typically has a senior (1st lien) position securing the collateral of loans in this portfolio. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by unemployment levels in the market area due to economic conditions. Repayment may also be impacted by changes in residential property values. Home Equity and Second Mortgage – Home Equity and Second Mortgage loans and lines of credit are primarily secured by 1-4 family residences that are owner-occupied and serve as the primary residence of the borrower. However, the Company typically has a junior lien position securing the collateral of loans in this portfolio. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by unemployment levels in the market area due to economic conditions. Repayment may also be impacted by changes in residential property values. While secured by collateral similar to that of the 1–4 Family Residential Mortgage loans, loans within this segment are considered to carry elevated risk due to the Company’s junior lien position on the underlying collateral property. Multi-family Residential – Multi-family Residential loans are primarily secured by properties such as apartment complexes and other multi-tenant properties within the Company’s market area. In some situations, the collateral may reside outside of the Company’s typical market area. Repayment of these loans is often dependent on the successful operation and management of the properties and collection of associated rents. Repayment of such loans may be affected by adverse conditions in the real estate market or the economy. 1–4 Family Residential Construction – 1–4 Family Residential Construction loans are generally secured by 1-4 family residences that will be owner-occupied upon completion. Risks inherent in construction lending are related to the market value of the property held as collateral, the cost and timing of constructing or improving a property, movements in interest rates and the real estate market during the construction phase, and the ability of the borrower to obtain permanent financing. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by unemployment levels in the market area due to economic conditions. Repayment may also be impacted by changes in residential property values. Other Construction, Development and Land – Other Construction, Development and Land loans include loans secured by multi-family properties, commercial projects, and vacant land. This portfolio includes both owner-occupied and speculative investment properties. Risks inherent in construction lending are related to the market value of the property held as collateral, the cost and timing of constructing or improving a property, the borrower’s ability to use funds generated by a project to service a loan until a project is completed, movements in interest rates and the real estate market during the construction phase, and the ability of the borrower to obtain permanent financing. Commercial Real Estate – Commercial Real Estate loans are comprised of loans secured by various types of collateral including warehouses, retail space, and mixed-use buildings, among others, located in the Company’s primary lending area. Risks related to commercial real estate lending are related to the market value of the property taken as collateral, the underlying cash flows, and general economic condition of the local real estate market. Repayment of these loans is generally dependent on the ability of the borrower to attract tenants at lease rates that provide for adequate debt service and can be impacted by local economic conditions which impact vacancy rates. The Company generally obtains loan guarantees from financially capable parties for Commercial Real Estate loans. To a lesser degree, this segment also includes loans secured by farmland. The risks associated with loans secured by farmland are related to the market value of the property taken as collateral and the underlying cash flows from farming operations and general economic conditions. F-13 Table of Contents FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED Commercial Business – Commercial Business loans include lines of credit to businesses, term loans and letters of credit secured by business assets such as equipment, accounts receivable, inventory, or other assets excluding real estate. Loans in this portfolio may also be unsecured and are generally made to finance capital expenditures or fund operations. Commercial Business loans contain risks related to the value of the collateral securing the loan and the repayment is primarily dependent upon the financial success and viability of the borrower. As with Commercial Real Estate loans, the Company generally obtains loan guarantees from financially capable parties for Commercial Business loans. Consumer and Other Loans – Consumer and Other Loans consist mainly of loans secured by new and used automobiles and trucks, recreational vehicles such as boats and RVs, mobile homes and secured and unsecured loans to individuals. The risks associated with these loans are related to local economic conditions including the unemployment level. To a lesser degree, this segment also includes loans secured by lawn and farm equipment, well as farm output and loans secured by marketable securities. The risks associated with these loans are related to local economic conditions including the unemployment level, general economic conditions impacting crop prices, the supply chain and the fair value of the security collateral. 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. A loan is individually evaluated for impairment when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management when determining the amount of impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not individually evaluated. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, past loan modifications, and the amount of the shortfall in relation to the principal and interest owed. Expected impairment is measured on a loan-by-loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. Values for collateral dependent loans are generally based on appraisals obtained from independent licensed real estate appraisers, with adjustments applied for estimated costs to sell the property, costs to complete unfinished or repair damaged property and other factors. Values for collateral dependent loans not collateralized by real estate are generally based on recent auction results, recent public and private sales, or expert opinions for similar collateral. New valuations are generally obtained for all significant collateral when a loan is individually evaluated for credit losses, and collateral is considered significant if the value of the collateral is estimated to exceed $ 200,000 . Subsequent valuations are obtained as needed or if management believes there has been a significant change in the market value of the collateral. In instances where it is not deemed necessary to obtain a new valuation, management bases its evaluation and ACL analysis on the original valuation with adjustments for current conditions based on management’s assessment of market factors and management’s inspection of the collateral. At December 31, 2025, all of the Bank’s loans evaluated on an individual basis were considered collateral dependent. ​ F-14 Table of Contents FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED ACL – 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 ACL on off-balance sheet credit exposures is included in other liabilities on the consolidated balance sheets and is adjusted as a provision for credit loss expense. 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. Expected utilization rates based on Regulatory Credit Conversion Factors are compared to the current funded portion of the total commitment amount as a practical expedient for funded exposure at default. Loan Charge-Offs For portfolio segments other than consumer loans, the Company’s practice is to charge-off any loan or portion of a loan when the loan is determined by management to be uncollectible due to the borrower’s failure to meet repayment terms, the borrower’s deteriorating or deteriorated financial condition, the depreciation of the underlying collateral, the loan’s classification as a loss by regulatory examiners, or for other reasons. A partial charge-off is recorded on a loan when the uncollectibility of a portion of the loan has been confirmed, such as when a loan is discharged in bankruptcy, the collateral is liquidated, a loan is restructured at a reduced principal balance, or other identifiable events that lead management to determine the full principal balance of the loan will not be repaid. A specific reserve is recognized as a component of the ACL on loans individually evaluated for credit losses. Partial charge-offs are included in the Company’s historical loss experience used to estimate the collective (pooled) component of the ACL on loans. Specific reserves are not considered charge-offs in management’s analysis of the ACL on loans because they are estimates and the outcome of the loan relationship is undetermined. Consumer loans not secured by real estate are typically charged off at 90 days past due, or earlier if deemed uncollectible, unless the loans are in the process of collection. Overdrafts are charged off after 45 days past due. Charge-offs are typically recorded on loans secured by real estate when the property is foreclosed upon. Loans Held for Sale Mortgage loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or market value. Aggregate market value is determined based on the quoted prices under a “best efforts” sales agreement with a third party. Net unrealized losses are recognized through a valuation allowance by charges to income. Realized gains on sales of mortgage loans are determined using the specific identification method and are included in noninterest income. Mortgage loans are sold with servicing released. Commitments to originate mortgage loans held for sale are considered derivative financial instruments to be accounted for at fair value. The Bank’s mortgage loan commitments subject to derivative accounting are fixed-rate mortgage loan commitments at market rates when initiated. At December 31, 2025, the Bank had no commitments required to be accounted for at fair value as all mortgage loan commitments were best efforts commitments where specific loans were committed to be delivered if and when the loan closed. Fair value is estimated based on fees that would be charged on commitments with similar terms. Transfers of Financial Assets The Company accounts for transfers and servicing of financial assets in accordance with FASB Accounting Standards Codification (“ASC”) Topic 860, Transfers and Servicing . Transfers of financial assets are accounted for as sales only when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free from conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. F-15 Table of Contents FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED Foreclosed Real Estate Foreclosed real estate includes formally foreclosed property and property obtained via a deed in lieu of foreclosure that is currently held for sale. At the time of acquisition, foreclosed real estate is recorded at fair value less estimated costs to sell, which becomes the property’s new basis. Any write-downs based on the property’s fair value at the date of acquisition are charged to the ACL on loans. After acquisition, valuations are periodically performed by management and property held for sale is carried at the lower of the new cost basis or fair value less cost to sell. Costs incurred in maintaining foreclosed real estate and subsequent impairment adjustments to the carrying amount of a property, if any, are included in net loss on foreclosed real estate. Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. The Company uses the straight line method of computing depreciation at rates adequate to amortize the cost of the applicable assets over their estimated useful lives. Estimated lives typically range from 15 to 39 years for buildings and improvements and three to ten years for furniture, fixtures and equipment. Maintenance and repairs are expensed as incurred. The cost and related accumulated depreciation of assets sold, or otherwise disposed of, are removed from the related accounts and any gain or loss is included in earnings. Leases Leases are classified as operating or finance leases at the lease commencement date. The Company leased one branch location during the year ended December 31, 2025. The Company has recorded the lease on the balance sheet in the form of a lease liability for the present value of future minimum payments under the lease terms and a right-of-use asset equal to the lease liability adjusted for items such as deferred or prepaid rent, lease incentives, and any impairment of the right-of-use asset. The discount rate used in determining the lease liability was based upon incremental borrowing rates the Company could obtain for similar loans as of date of commencement. The Company does not record short term leases with an initial lease term of one year or less on the consolidated balance sheets. At lease inception, the Company determines the lease term by considering the noncancelable lease term and all optional renewal periods that the Company is reasonably certain to renew. The lease term is also used to calculate straight-line lease expense. The Company’s lease does not contain residual value guarantees or material variable lease payments that will impact the Company’s ability to pay dividends or cause the Company to incur additional expenses. Operating lease expense consists of a single lease cost allocated over the remaining lease term on a straight-line basis and any impairment of the right-of-use asset. Lease expense is included in occupancy and equipment expense on the Company’s consolidated statements of income. Cash Value of Life Insurance The Bank has purchased life insurance policies on certain directors, officers and key employees to offset costs associated with the Bank’s compensation and benefit programs. The Bank is the owner and is a joint or sole beneficiary of the policies. Bank-owned life insurance is recorded at the amount that can be realized under the insurance contracts at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. Income from the increase in cash surrender value of the policies and income from the realization of death benefits is reported in noninterest income. F-16 Table of Contents FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED Goodwill and Other Intangibles Goodwill recognized in a business combination represents the excess of the cost of the acquired entity over the net of the amounts assigned to assets acquired and liabilities assumed. Goodwill is evaluated for possible impairment at least semi-annually on June 30 and December 31, or more frequently upon the occurrence of an event or change in circumstances that would more likely than not reduce the fair value of the reporting unit below its carrying amount. Such circumstances could include, but are not limited to: (1) a significant adverse change in legal factors or in business climate, (2) unanticipated competition, or (3) an adverse action or assessment by a regulator. If the carrying amount of the goodwill exceeds the fair value of the reporting unit, an impairment loss is recognized in earnings equal to that excess amount. The loss recognized cannot exceed the carrying amount of goodwill. After a goodwill impairment loss is recognized, the adjusted carrying amount of goodwill is its new accounting basis. Other intangible assets consist of acquired core deposit intangibles. Core deposit intangibles are amortized over the estimated economic lives of the acquired core deposits. The carrying amount of core deposit intangibles and the remaining estimated economic life are evaluated annually or whenever events or circumstances indicate the carrying amount may not be recoverable or the remaining period of amortization requires revision. After an impairment loss is recognized, the adjusted carrying amount of the intangible asset is its new accounting basis. Stock-Based Compensation Compensation cost is recognized for stock options and restricted stock awards issued to employees, based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of the Company’s common stock at the date of grant is used for restricted stock awards. Compensation cost is recognized over the requisite service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite period for the entire award. The Company’s accounting policy is to recognize forfeitures as they occur. Advertising Costs Advertising costs are charged to operations when incurred. Income Taxes Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. Comprehensive Income Comprehensive income consists of reported net income and other comprehensive income. Other comprehensive income refers to revenue, expenses, gains and losses that are recorded as an element of stockholders’ equity but are excluded from reported net income. Other comprehensive income includes changes in the unrealized gains and losses on securities available for sale. Amounts reclassified out of unrealized gains or losses on securities available for sale included in accumulated other comprehensive income or loss (“AOCI”) are included in the net gain (loss) on sale of available for sale securities line item in the consolidated statements of income. F-17 Table of Contents FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Concentration of Credit Risk The Company and its subsidiaries maintain cash balances at various financial institutions. At times, these cash balances may be in excess of federally insured limits. Retirement Plans Employee 401(k) and profit-sharing plan expense is the amount of matching contributions. Deferred compensation and supplemental retirement plan expense allocates the benefits over years of service. Fair Value of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Change in assumptions or in market conditions could significantly affect these estimates. Operating Segments While the chief decision-makers monitor the revenue streams of the various products and services, operations are managed, and financial performance is evaluated on a Company-wide basis. Operating segments are aggregated into one as operating results for all segments are similar. Accordingly, all of the financial service operations are considered by management to be aggregated in one reportable operating segment. Recent Accounting Pronouncements The following are summaries of recently issued or adopted accounting pronouncements that impact the accounting and reporting practices of the Company: Recently Adopted Accounting Guidance In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . Among other things, the ASU requires that public business entities on an annual basis (1) disclose specific categories in the income tax rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate). In addition, the ASU requires information pertaining to taxes paid (net of refunds received) to be disaggregated for federal, state, and foreign taxes and further disaggregated for specific jurisdictions to the extent the related amounts are equal to or greater than five percent of total income taxes paid (net of refunds received). For public business entities, the ASU is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company’s adoption of the ASU, effective January 1, 2025, did not have a material impact on the Company’s consolidated financial position or results of operations. See Footnote 12 – Income Taxes for the required disclosures. The Company has determined that all other recently issued accounting pronouncements will not have a material impact on the Company’s consolidated financial statements or do not apply to its operations. (2) RESTRICTION ON CASH AND DUE FROM BANKS Previously, the Bank was required to maintain reserve balances on hand and with the Federal Reserve Bank (“FRB”). However, the FRB Board set the reserve requirement to 0% effective March 26, 2020. F-18 Table of Contents FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED (3) INVESTMENT SECURITIES Investment securities have been classified in the consolidated balance sheets according to management’s intent. Investment securities at December 31, 2025 and 2024 are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair (In thousands) ​ ​ ​ Cost ​ ​ ​ Gains ​ ​ ​ Losses ​ ​ ​ Value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ Securities available for sale: ​ ​ ​ ​ ​ ​ ​ ​ Agency mortgage-backed securities ​ $ 76,295 ​ $ — ​ $ 8,354 ​ $ 67,941 Agency CMO ​ 47,821 ​ 197 ​ 500 ​ 47,518 Agency notes and bonds ​ 122,834 ​ 6 ​ 4,760 ​ 118,080 Treasury notes and bonds ​ 21,803 ​ — ​ 254 ​ 21,549 Municipal obligations ​ 150,182 ​ 171 ​ 16,198 ​ 134,155 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total securities available for sale ​ $ 418,935 ​ $ 374 ​ $ 30,066 ​ $ 389,243 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities held to maturity: ​ ​ ​ ​ ​ ​ ​ ​ Other debt securities: ​ ​ ​ ​ ​ ​ ​ ​ Corporate notes ​ $ 7,000 ​ $ — ​ $ 2,409 ​ $ 4,591 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total securities held to maturity ​ $ 7,000 ​ $ — ​ $ 2,409 ​ $ 4,591 ​ F-19 Table of Contents FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED The amortized cost and fair value of debt securities as of December 31, 2025, 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 ​ $ 61,010 ​ $ 60,293 ​ $ — ​ $ — Due after one year through five years ​ 35,004 ​ 33,689 ​ — ​ — Due after five years through ten years ​ 79,238 ​ 72,952 ​ 2,000 ​ 1,560 Due after ten years ​ 60,679 ​ 57,580 ​ 5,000 ​ 3,683 ​ ​ 235,931 ​ 224,514 ​ 7,000 ​ 5,243 Mortgage-backed securities and CMO ​ 196,236 ​ 192,676 ​ — ​ — ​ ​ $ 432,167 ​ $ 417,190 ​ $ 7,000 ​ $ 5,243 ​ At December 31, 2025, certain securities available for sale with an amortized cost of $ 93.1 million and fair value of $ 92.3 million were pledged to secure public fund deposits, a blanket collateral agreement with the FHLB and borrowings at the FRB’s Discount Window. At December 31, 2025 and 2024, 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 that 10% of stockholders’ equity. 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 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 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 more than twelve months: ​ ​ ​ ​ ​ ​ ​ Corporate notes 4 ​ $ 5,243 ​ $ 1,757 Total more than twelve months 4 ​ 5,243 ​ 1,757 Total securities held to maturity 4 ​ $ 5,243 ​ $ 1,757 ​ F-20 Table of Contents FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED Information pertaining to investment securities with gross unrealized losses at December 31, 2024, 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 7 $ 8,008 $ 93 Agency CMO 11 ​ 19,211 ​ 215 Agency notes and bonds 7 ​ 4,830 ​ 57 Municipal obligations 39 ​ 18,880 ​ 334 Total less than twelve months 64 ​ 50,929 ​ 699 ​ ​ ​ ​ ​ ​ ​ ​ ​ Continuous loss position more than twelve months: ​ ​ ​ ​ ​ Agency mortgage-backed securities 93 ​ 59,933 ​ 8,261 Agency CMO 22 ​ 7,271 ​ 285 Agency notes and bonds 45 ​ 112,046 ​ 4,703 Treasury notes and bonds 8 ​ 21,549 ​ 254 Municipal obligations 196 ​ 103,201 ​ 15,864 Total more than twelve months 364 ​ 304,000 ​ 29,367 ​ ​ ​ ​ ​ ​ ​ ​ ​ Total securities available for sale 428 ​ $ 354,929 ​ $ 30,066 ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities held to maturity: ​ ​ ​ ​ ​ Continuous loss position less than twelve months: ​ ​ ​ ​ ​ Corporate notes 4 ​ $ 4,591 ​ $ 2,409 Total less than twelve months 4 ​ 4,591 ​ 2,409 Total securities held to maturity 4 ​ $ 4,591 ​ $ 2,409 ​ 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 December 31, 2025, 2024, and 2023, management concluded that in all instances, securities with fair values less than carrying value were due to market 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. In July 2024, a BHC whose subordinated debt the Company holds and is classified as held to maturity, having an amortized cost balance of $ 2.0 million, announced the suspension of its quarterly dividend. Based on this announcement, management performed additional research regarding the financial stability and strength of the BHC and underlying bank in each subsequent quarter. In September 2025, the BHC resumed paying a quarterly dividend. Based on all analysis, management concluded the decline in fair value of all securities classified as held to maturity was due to changes in interest rates and other market factors for the years ended December 31, 2025 and 2024. At December 31, 2025, the municipal obligations and U.S. government agency debt securities, including agency mortgage-backed securities, Treasury notes and bonds, and agency notes and bonds, in a loss position had depreciated approximately 6.6 % from the amortized cost basis. All of the U.S. government agency securities and municipal securities are issued by U.S. government agencies, government-sponsored enterprises, or municipal governments, and are secured by first mortgage loans or municipal project revenues. At December 31, 2025, the corporate notes classified as held to maturity in a loss position had depreciated approximately 25.1 % from the amortized cost basis. These unrealized losses related principally to current interest rates for similar types of F-21 Table of Contents FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED 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 ability and intent to hold all debt securities in an unrealized loss position until maturity, or the foreseeable future if classified as available for sale, and management does not believe that it will be required to sell any such securities, no credit loss has been recorded. As of December 31, 2025 and December 31, 2024, the Company estimated expected credit losses to be immaterial based on the composition of the held to maturity securities portfolio. Accordingly, no credit loss provisions were recorded in earnings for the years ended December 31, 2025, 2024, or 2023. While management does not anticipate any credit losses at December 31, 2025, additional deterioration in market and economic conditions may have an adverse impact on credit quality in the future. During the year ended December 31, 2025, the Company realized gross gains of $ 52,000 and gross losses of $ 146,000 on the sale of available for sale securities. During the year ended December 31, 2024, the Company realized gross gains of $ 133,000 and gross losses of $ 101,000 on the sale of available for sale securities. During the year ended December 31, 2023, the Company realized gross gains of $ 79,000 and gross losses of $ 193,000 on the sale of available for sale securities. 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 year ended December 31, 2025, the Company recognized a gain of $ 149,000 on this investment compared to losses of $ 374,000 and $ 207,000 for the years ended December 31, 2024 and 2023, respectively. At December 31, 2025 and 2024, the equity investment had a fair value of $ 1.0 million and $ 887,000 , 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 December 31, 2025 and 2024, the Company’s investment in the limited partnership was $ 910,000 and $ 965,000 , respectively, and is reflected in other assets on the consolidated balance sheets. The Company recognized returns of capital totaling $ 54,000 and $ 35,000 for the years ended December 31, 2025 and 2024, respectively. There were no returns of capital during the year ended December 31, 2023. The unfunded commitment related to the limited partnership investment at December 31, 2025 and 2024 was $ 237,000 and $ 380,000 , 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 investment is accounted for as an equity security without a readily determinable fair value, and has 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 years ended December 31, 2025, 2024 or 2023. In December 2015, the Company acquired Peoples Bancorp, Inc. of Bullitt County and its wholly-owned bank subsidiary, Peoples Bank of Bullitt County (“Peoples”), headquartered in Shepherdsville, Kentucky. Peoples owned Class B shares of VISA that were carried at an amortized costs basis of zero and were subsequently transferred to the Company. During the year ended December 31, 2023, the Company sold all the VISA Class B shares owned for a gross gain of $ 157,000 which is included in the gain on sale of securities in noninterest income. ​ F-22 Table of Contents FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED (4) LOANS AND ALLOWANCE FOR CREDIT LOSSES Loans at December 31, 2025 and 2024 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ December 31, (In thousands) ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ ​ ​ ​ ​ 1-4 Family Residential Mortgage ​ $ 140,677 ​ $ 138,936 Home Equity and Second Mortgage ​ 71,435 ​ 66,549 Multifamily Residential ​ 69,567 ​ 36,822 1-4 Family Residential Construction ​ 15,445 ​ 15,245 Other Construction, Development and Land ​ 41,227 ​ 75,840 Commercial Real Estate ​ 207,124 ​ 184,851 Commercial Business ​ 61,991 ​ 62,727 Consumer and Other ​ 55,676 ​ 58,406 Principal loan balance ​ 663,142 ​ 639,376 ​ ​ ​ ​ ​ ​ ​ Deferred loan origination fees and costs, net ​ 1,066 ​ 1,104 Allowance for credit losses ​ ( 10,108 ) ​ ( 9,281 ) ​ ​ ​ ​ ​ ​ ​ Loans, net ​ $ 654,100 ​ $ 631,199 ​ The Bank has entered into loan transactions with certain directors, officers and their affiliates (i.e., related parties). The following table represents the aggregate activity for related party loans during the years ended December 31, 2025 and 2024. Adjustments are made to reflect new directors and officers added during the year, as well as directors and officers that left the Company during the year. ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 5,309 ​ $ 5,877 Adjustments due to officer and director changes ​ — ​ 29 New loans ​ 2,056 ​ 1,100 Payments ​ ( 1,298 ) ​ ( 1,697 ) ​ ​ ​ ​ ​ ​ ​ Ending balance ​ $ 6,067 ​ $ 5,309 ​ Off-balance-sheet commitments (including commitments to make loans, unused lines of credit and letters of credit) to related parties at December 31, 2025 and 2024 were $ 2.4 million and $ 2.1 million, respectively. F-23 Table of Contents FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED The following table provides the components of the Company’s amortized cost basis in loans at 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 ​ ​ (In thousands) 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 the components of the Company’s amortized cost basis in loans at December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ (In thousands) Amortized Cost Basis in Loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal loan balance ​ $ 138,936 ​ $ 66,549 ​ $ 36,822 ​ $ 15,245 ​ $ 75,840 ​ $ 184,851 ​ $ 62,727 ​ $ 58,406 ​ $ 639,376 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net deferred loan origination fees and costs ​ 98 ​ 1,206 ​ ( 17 ) ​ — ​ ( 29 ) ​ ( 145 ) ​ ( 9 ) ​ — ​ 1,104 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized cost basis in loans ​ $ 139,034 ​ $ 67,755 ​ $ 36,805 ​ $ 15,245 ​ $ 75,811 ​ $ 184,706 ​ $ 62,718 ​ $ 58,406 ​ $ 640,480 ​ The following table presents the activity in the ACL on loans by class of loan for the year ended 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 ​ ​ (In thousands) ACL on Loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 1,592 ​ $ 478 ​ $ 545 ​ $ 184 ​ $ 588 ​ $ 2,459 ​ $ 2,424 ​ $ 1,011 ​ $ 9,281 Provision for credit losses ​ ( 205 ) ​ 458 ​ 151 ​ 29 ​ ( 152 ) ​ 784 ​ ( 124 ) ​ 203 ​ 1,144 Charge-offs ​ ( 1 ) ​ — ​ — ​ — ​ — ​ — ​ ( 83 ) ​ ( 415 ) ​ ( 499 ) Recoveries ​ 7 ​ 1 ​ — ​ — ​ 1 ​ — ​ 35 ​ 138 ​ 182 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance ​ $ 1,393 ​ $ 937 ​ $ 696 ​ $ 213 ​ $ 437 ​ $ 3,243 ​ $ 2,252 ​ $ 937 ​ $ 10,108 ​ The following table presents the activity in the ACL on loans by class of loan for the year ended December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ (In thousands) ACL on Loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 1,490 ​ $ 406 ​ $ 332 ​ $ 208 ​ $ 804 ​ $ 2,119 ​ $ 1,431 ​ $ 1,215 ​ $ 8,005 Provision for credit losses ​ 77 ​ 68 ​ 213 ​ ( 24 ) ​ ( 216 ) ​ 339 ​ 991 ​ 1 ​ 1,449 Charge-offs ​ ( 4 ) ​ — ​ — ​ — ​ — ​ — ​ — ​ ( 345 ) ​ ( 349 ) Recoveries ​ 29 ​ 4 ​ — ​ — ​ — ​ 1 ​ 2 ​ 140 ​ 176 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance ​ $ 1,592 ​ $ 478 ​ $ 545 ​ $ 184 ​ $ 588 ​ $ 2,459 ​ $ 2,424 ​ $ 1,011 ​ $ 9,281 ​ F-24 Table of Contents FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED There have been no significant changes to the types of collateral securing the Company’s collateral dependent loans. The following table presents the amortized cost basis of, and ACL allocation to, individually evaluated collateral-dependent loans by class of loans as of December 31, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2025 ​ ​ Real ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ACL ​ ​ Estate ​ Equipment ​ Other ​ Total ​ Allocation ​ ​ (In thousands) 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 ​ The following table presents the amortized cost basis of, and ACL allocation to, individually evaluated collateral-dependent loans by class of loans as of December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ Real ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ACL ​ ​ Estate ​ Equipment ​ Other ​ Total ​ Allocation ​ ​ (In thousands) 1-4 Family Residential Mortgage ​ $ 1,613 ​ $ — ​ $ — ​ $ 1,613 ​ $ — Home Equity and Second Mortgage ​ 714 ​ — ​ — ​ 714 ​ — Multifamily Residential ​ — ​ — ​ — ​ — ​ — 1-4 Family Residential Construction ​ 90 ​ — ​ — ​ 90 ​ 54 Other Construction, Development and Land ​ 106 ​ — ​ — ​ 106 ​ — Commercial Real Estate ​ 3,912 ​ — ​ — ​ 3,912 ​ — Commercial Business ​ — ​ 1,926 ​ 155 ​ 2,081 ​ 1,233 Consumer and Other ​ — ​ — ​ — ​ — ​ — ​ ​ $ 6,435 ​ $ 1,926 ​ $ 155 ​ $ 8,516 ​ $ 1,287 ​ 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 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 ​ ​ (In thousands) 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 ​ F-25 Table of Contents FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED 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 December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans 90+ Days ​ ​ ​ Total ​ ​ Nonaccrual Loans ​ Nonaccrual Loans ​ Total ​ Past Due ​ Nonperforming ​ ​ with No ACL ​ with An ACL ​ Nonaccrual ​ Still Accruing ​ Loans ​ ​ (In thousands) 1-4 Family Residential Mortgage ​ $ 1,186 ​ $ — ​ $ 1,186 ​ $ — ​ $ 1,186 Home Equity and Second Mortgage ​ 568 ​ — ​ 568 ​ — ​ 568 Multifamily Residential ​ — ​ — ​ — ​ — ​ — 1-4 Family Residential Construction ​ — ​ 90 ​ 90 ​ — ​ 90 Other Construction, Development and Land ​ 59 ​ — ​ 59 ​ — ​ 59 Commercial Real Estate ​ 413 ​ — ​ 413 ​ — ​ 413 Commercial Business ​ 99 ​ 1,967 ​ 2,066 ​ — ​ 2,066 Consumer and Other ​ — ​ — ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 2,325 ​ $ 2,057 ​ $ 4,382 ​ $ — ​ $ 4,382 ​ No interest income was recognized on nonaccrual loans during the years ended December 31, 2025, 2024 and 2023. The following table presents the aging of the amortized cost basis in loans at 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 ​ ​ (In thousands) 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 ​ The following table presents the aging of the amortized cost basis in loans at December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 30-59 Days ​ ​ ​ 60-89 Days ​ ​ ​ 90 Days or More ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ Past Due ​ Past Due ​ Past Due ​ Past Due ​ Current ​ Loans ​ ​ (In thousands) 1-4 Family Residential Mortgage ​ $ 1,758 ​ $ 205 ​ $ 828 ​ $ 2,791 ​ $ 136,243 ​ $ 139,034 Home Equity and Second Mortgage ​ 269 ​ 202 ​ 148 ​ 619 ​ 67,136 ​ 67,755 Multifamily Residential ​ — ​ — ​ — ​ — ​ 36,805 ​ 36,805 1-4 Family Residential Construction ​ — ​ — ​ 90 ​ 90 ​ 15,155 ​ 15,245 Other Construction, Development and Land ​ 98 ​ 25 ​ 59 ​ 182 ​ 75,629 ​ 75,811 Commercial Real Estate ​ 252 ​ 1,027 ​ 413 ​ 1,692 ​ 183,014 ​ 184,706 Commercial Business ​ 80 ​ 25 ​ 140 ​ 245 ​ 62,473 ​ 62,718 Consumer and Other ​ 472 ​ 54 ​ — ​ 526 ​ 57,880 ​ 58,406 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 2,929 ​ $ 1,538 ​ $ 1,678 ​ $ 6,145 ​ $ 634,335 ​ $ 640,480 ​ 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. F-26 Table of Contents FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED There were no modifications to borrowers in financial distress during the year ended December 31, 2025. During the year ended December 31, 2024, the Company modified Commercial Business loans with an amortized cost basis of $ 2.0 million, or approximately 3 % of the amortized cost of all Commercial Business loans, for which the borrowers were experiencing financial distress. The modifications for each loan were the modification of principal and interest payments for 12 months. No principal was forgiven, no payments were delayed, and no interest rates were reduced for the modified loans. All modifications occurred for one borrowing relationship only. The Company monitors the performance of modified loans and none of the modified loans were delinquent at December 31, 2024. There were no loans to borrowers experiencing financial distress that were modified during the previous 12 months and which subsequently defaulted during the years ended December 31, 2025 and 2024. There were no unfunded commitments associated with loans modified for borrowers experiencing financial distress as of December 31, 2025 or 2024. Upon the Company’s determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount. The Company does not consider modified loans (or potion of a modified loan) uncollectible as of December 31, 2025 or 2024. 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. F-27 Table of Contents FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED Based on the analysis performed, the risk category of loans by class of loans as of December 31, 2025 and gross write-offs for the year then ended are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current period gross write-offs ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 1 ​ $ — ​ $ 1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current period gross write-offs ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current period gross write-offs ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current period gross write-offs ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current period gross write-offs ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current period gross write-offs ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ F-28 Table of Contents FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loans Amortized Cost Basis by Origination Year ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ 2022 ​ ​ ​ 2021 ​ ​ ​ Prior ​ ​ ​ Revolving ​ ​ ​ Total ​ ​ (In thousands) 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current period gross write-offs ​ $ — ​ $ — ​ $ 33 ​ $ 50 ​ $ — ​ $ — ​ $ — ​ $ 83 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current period gross write-offs ​ $ 12 ​ $ 162 ​ $ 89 ​ $ 34 ​ $ 6 ​ $ 5 ​ $ 107 ​ $ 415 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current period gross write-offs ​ $ 12 ​ $ 162 ​ $ 122 ​ $ 84 ​ $ 6 ​ $ 6 ​ $ 107 ​ $ 499 ​ ​ F-29 Table of Contents FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED Based on the analysis performed, the risk category of loans by class of loans as of December 31, 2024 for the year then ended are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loans Amortized Cost Basis by Origination Year ​ 2024 ​ ​ ​ 2023 ​ ​ ​ 2022 ​ ​ ​ 2021 ​ ​ ​ 2020 ​ ​ ​ Prior ​ ​ ​ Revolving ​ ​ ​ Total ​ (In thousands) 1-4 Family Residential Mortgage ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 22,095 ​ $ 31,871 ​ $ 26,756 ​ $ 23,181 ​ $ 5,824 ​ $ 27,218 ​ $ — ​ $ 136,945 Special Mention ​ — ​ 31 ​ — ​ — ​ — ​ 445 ​ — ​ 476 Substandard ​ — ​ — ​ — ​ — ​ — ​ 427 ​ — ​ 427 Doubtful ​ — ​ — ​ 41 ​ 154 ​ 73 ​ 918 ​ — ​ 1,186 ​ ​ $ 22,095 ​ $ 31,902 ​ $ 26,797 ​ $ 23,335 ​ $ 5,897 ​ $ 29,008 ​ $ — ​ $ 139,034 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current period gross write-offs ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 4 ​ $ — ​ $ 4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Home Equity and Second Mortgage ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 2,014 ​ $ 3,962 ​ $ 3,617 ​ $ 353 ​ $ 182 ​ $ 242 ​ $ 56,590 ​ $ 66,960 Special Mention ​ — ​ — ​ — ​ — ​ — ​ — ​ 80 ​ 80 Substandard ​ — ​ — ​ — ​ — ​ — ​ — ​ 147 ​ 147 Doubtful ​ — ​ — ​ — ​ — ​ — ​ 568 ​ — ​ 568 ​ ​ $ 2,014 ​ $ 3,962 ​ $ 3,617 ​ $ 353 ​ $ 182 ​ $ 810 ​ $ 56,817 ​ $ 67,755 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current period gross write-offs ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Multifamily Residential ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 964 ​ $ 3,534 ​ $ 11,820 ​ $ 8,505 ​ $ 7,663 ​ $ 4,319 ​ $ — ​ $ 36,805 Special Mention ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — Substandard ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — Doubtful ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ ​ $ 964 ​ $ 3,534 ​ $ 11,820 ​ $ 8,505 ​ $ 7,663 ​ $ 4,319 ​ $ — ​ $ 36,805 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current period gross write-offs ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1-4 Family Residential Construction ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 12,186 ​ $ 1,498 ​ $ 642 ​ $ — ​ $ 829 ​ $ — ​ $ — ​ $ 15,155 Special Mention ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — Substandard ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — Doubtful ​ — ​ — ​ — ​ 90 ​ — ​ — ​ — ​ 90 ​ ​ $ 12,186 ​ $ 1,498 ​ $ 642 ​ $ 90 ​ $ 829 ​ $ — ​ $ — ​ $ 15,245 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current period gross write-offs ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Construction, Development and Land ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 11,687 ​ $ 26,093 ​ $ 31,645 ​ $ 1,823 ​ $ 1,443 ​ $ 3,014 ​ $ — ​ $ 75,705 Special Mention ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — Substandard ​ — ​ — ​ — ​ — ​ — ​ 47 ​ — ​ 47 Doubtful ​ — ​ — ​ — ​ — ​ — ​ 59 ​ — ​ 59 ​ ​ $ 11,687 ​ $ 26,093 ​ $ 31,645 ​ $ 1,823 ​ $ 1,443 ​ $ 3,120 ​ $ — ​ $ 75,811 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current period gross write-offs ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial Real Estate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 22,024 ​ $ 20,478 ​ $ 41,583 ​ $ 26,748 ​ $ 19,760 ​ $ 44,237 ​ $ 2,129 ​ $ 176,959 Special Mention ​ — ​ 511 ​ 3,032 ​ — ​ — ​ 292 ​ — ​ 3,835 Substandard ​ 311 ​ 716 ​ — ​ 557 ​ 211 ​ 1,704 ​ — ​ 3,499 Doubtful ​ — ​ — ​ — ​ — ​ — ​ 413 ​ — ​ 413 ​ ​ $ 22,335 ​ $ 21,705 ​ $ 44,615 ​ $ 27,305 ​ $ 19,971 ​ $ 46,646 ​ $ 2,129 ​ $ 184,706 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current period gross write-offs ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ F-30 Table of Contents FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loans Amortized Cost Basis by Origination Year ​ 2024 ​ ​ ​ 2023 ​ ​ ​ 2022 ​ ​ ​ 2021 ​ ​ ​ 2020 ​ ​ ​ Prior ​ ​ ​ Revolving ​ ​ ​ Total ​ (In thousands) Commercial Business ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 8,414 ​ $ 10,636 ​ $ 9,590 ​ $ 8,699 ​ $ 4,750 ​ $ 4,543 ​ $ 12,895 ​ $ 59,527 Special Mention ​ 486 ​ 149 ​ 130 ​ 126 ​ 15 ​ — ​ 162 ​ 1,068 Substandard ​ — ​ — ​ — ​ 57 ​ — ​ — ​ — ​ 57 Doubtful ​ — ​ 107 ​ 1,926 ​ — ​ — ​ 33 ​ — ​ 2,066 ​ ​ $ 8,900 ​ $ 10,892 ​ $ 11,646 ​ $ 8,882 ​ $ 4,765 ​ $ 4,576 ​ $ 13,057 ​ $ 62,718 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current period gross write-offs ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consumer and Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 18,932 ​ $ 16,555 ​ $ 8,274 ​ $ 3,574 ​ $ 810 ​ $ 7,554 ​ $ 2,577 ​ $ 58,276 Special Mention ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — Substandard ​ — ​ — ​ — ​ — ​ — ​ — ​ 130 ​ 130 Doubtful ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ ​ $ 18,932 ​ $ 16,555 ​ $ 8,274 ​ $ 3,574 ​ $ 810 ​ $ 7,554 ​ $ 2,707 ​ $ 58,406 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current period gross write-offs ​ $ 25 ​ $ 74 ​ $ 131 ​ $ 27 ​ $ 8 ​ $ 3 ​ $ 77 ​ $ 345 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 98,316 ​ $ 114,627 ​ $ 133,927 ​ $ 72,883 ​ $ 41,261 ​ $ 91,127 ​ $ 74,191 ​ $ 626,332 Special Mention ​ 486 ​ 691 ​ 3,162 ​ 126 ​ 15 ​ 737 ​ 242 ​ 5,459 Substandard ​ 311 ​ 716 ​ — ​ 614 ​ 211 ​ 2,178 ​ 277 ​ 4,307 Doubtful ​ — ​ 107 ​ 1,967 ​ 244 ​ 73 ​ 1,991 ​ — ​ 4,382 ​ ​ $ 99,113 ​ $ 116,141 ​ $ 139,056 ​ $ 73,867 ​ $ 41,560 ​ $ 96,033 ​ $ 74,710 ​ $ 640,480 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current period gross write-offs ​ $ 25 ​ $ 74 ​ $ 131 ​ $ 27 ​ $ 8 ​ $ 7 ​ $ 77 ​ $ 349 ​ 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. At December 31, 2025 and 2024, the Company’s ACL for unfunded commitments was $ 131,000 . 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 years ended December 31, 2025 and 2024. (5) PREMISES AND EQUIPMENT Premises and equipment as of December 31, 2025 and 2024 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ ​ ​ ​ ​ Land and land improvements ​ $ 5,219 ​ $ 5,219 Leasehold improvements ​ — ​ 134 Office buildings ​ 17,423 ​ 17,210 Furniture, fixtures and equipment ​ 5,445 ​ 6,104 ​ ​ 28,087 ​ 28,667 Less accumulated depreciation ​ 13,730 ​ 14,488 ​ ​ ​ ​ ​ ​ ​ Totals ​ $ 14,357 ​ $ 14,179 ​ Depreciation expense was $ 1.0 million, $ 951,000 and $ 882,000 for the years ended December 31, 2025, 2024 and 2023, respectively. F-31 Table of Contents FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED (6) FORECLOSED REAL ESTATE There was no foreclosed real estate activity for the years ended December 31, 2025 and 2024. During the year ended December 31, 2023, the Company transferred $ 64,000 from loans to foreclosed real estate and sold $ 64,000 of foreclosed real estate. The Company had no foreclosed real estate at December 31, 2025, 2024 or 2023. At December 31, 2025 and 2024, the amortized cost of consumer mortgage loans secured by residential real estate properties where formal foreclosure procedures are in process was $ 92,000 and $ 203,000 , respectively. ​ (7) GOODWILL AND OTHER INTANGIBLES The Company acquired goodwill of $ 1.1 million in the acquisition of Peoples Bancorp, Inc. of Bullitt County and Peoples during 2015 in addition to acquiring goodwill of $ 5.4 million in the acquisition of Hometown Bancshares, Inc. (“Hometown”) during 2003. Goodwill is evaluated for impairment at least semi-annually or more frequently upon the occurrence of an event or when circumstances indicate that the carrying amount is greater than its fair value. No impairment of goodwill was recognized during 2025, 2024 or 2023. The Company acquired a core deposit intangible of $ 1.4 million in the acquisition of Peoples and it became fully amortized in 2025. All of the Company’s previously acquired core deposit intangibles had been fully amortized prior to 2015. Core deposit intangible amortization expense totaled $ 86,000 for 2025 and $ 147,000 each year for 2024 and 2023. Core deposit intangibles subject to amortization as of December 31, 2025 and 2024 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ ​ ​ ​ ​ Core deposit intangible acquired in Peoples acquisition ​ $ 1,418 ​ $ 1,418 Less accumulated amortization ​ 1,418 ​ 1,332 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ — ​ $ 86 ​ (8) DEPOSITS Deposits at December 31, 2025 and 2024 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ ​ ​ ​ ​ Noninterest-bearing demand deposits ​ $ 220,053 ​ $ 197,993 NOW accounts ​ 361,245 ​ 377,137 Savings accounts ​ 222,500 ​ 222,635 Money market accounts ​ 81,824 ​ 68,794 Time deposits ​ 237,368 ​ 199,880 ​ ​ ​ ​ ​ ​ ​ Total deposits ​ $ 1,122,990 ​ $ 1,066,439 ​ The aggregate amount of time deposit accounts with balances that met or exceeded the Federal Deposit Insurance Corporation (“FDIC”) insurance limit of $250,000 was approximately $ 69.4 million and $ 42.8 million at December 31, 2025 and 2024, respectively. F-32 Table of Contents FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED At December 31, 2025, scheduled maturities of time deposits were as follows: ​ ​ ​ ​ ​ Year ending December 31: ​ ​ ​ ​ ​ (In thousands) ​ ​ ​ 2026 ​ $ 221,957 2027 ​ 12,534 2028 ​ 875 2029 ​ 1,371 2030 ​ 631 ​ ​ ​ ​ Total ​ $ 237,368 ​ The Bank held deposits of approximately $ 12.8 million and $ 10.7 million for related parties at December 31, 2025 and 2024, respectively. (9) LINES OF CREDIT The Bank has an unsecured federal funds purchased line of credit through Independent Correspondent Bankers’ Bank with a maximum borrowing amount of $ 5.0 million. At December 31, 2025 and 2024, the Bank had no outstanding federal funds purchased under the line of credit. The Bank also has a $ 2.0 million revolving line of credit with Stock Yards Bank & Trust Company. At December 31, 2025 and 2024, the Bank had no outstanding borrowings under the line of credit. On February 28, 2024 the Bank entered into an Overdraft Line of Credit Agreement with the FHLB which established a line of credit not to exceed $ 10.0 million secured under the blanket collateral agreement. This agreement expires on March 2, 2027 and automatically renewed for an additional one -year term. At December 31, 2025 and 2024, there were no borrowings under the agreement. (10) BORROWED FUNDS At December 31, 2025 and 2024, the Company had no outstanding borrowings. On March 12, 2023, the FRB created the BTFP to make additional funding available to eligible depository institutions. The BTFP offered loans of up to one year in length to banks, savings associations, credit unions and other depository institutions which pledged collateral, such as U.S. Treasuries, U.S. agency notes and bonds and U.S. agency mortgage-backed securities. The collateral is valued at par, and advances under this program did not include any fees or prepayment penalties. In January 2024, the Company repaid all outstanding borrowings under the BTFP and advances from the FHLB and then borrowed $ 33.6 million under the BTFP at a fixed rate of 4.85 % for a one -year period. All BTFP advances were repaid in October and November 2024. Effective March 11, 2024, the BTFP ceased making new loans. During the year ended December 31, 2024, the Company utilized a series of short-term fixed-rate bullet and variable rate advances from the FHLB in order to meet daily liquidity requirements and to fund growth in earning assets. The fixed-rate bullet advances had an average term of seven days. ​ F-33 Table of Contents FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED The following table sets forth information on the short-term FHLB advances and BTFP borrowings during the year ended December 31, 2024: ​ ​ ​ ​ ​ ​ Year Ended ​ December 31, (Dollars in thousands) 2024 FHLB variable-rate advances ​ ​ Maximum balance at any month end $ 5,000 ​ Average balance 515 ​ Period end balance — ​ ​ ​ ​ ​ Weighted average interest rate (annualized): ​ ​ At end of period 0.00 % During the period 5.81 % ​ ​ ​ ​ FHLB fixed-rate bullet advances ​ ​ Maximum balance at any month end $ 13,000 ​ Average balance 1,221 ​ Period end balance — ​ ​ ​ ​ ​ Weighted average interest rate (annualized): ​ ​ At end of period 0.00 % During the period 5.68 % ​ ​ ​ ​ BTFP borrowings ​ ​ Maximum balance at any month end $ 33,625 ​ Average balance 27,918 ​ Period end balance — ​ ​ ​ ​ ​ Weighted average interest rate (annualized): ​ ​ At end of period ​ 0.00 % During the period 4.85 % ​ FHLB advances are secured under a blanket collateral agreement. 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 December 31, 2024, the carrying value of U.S. Treasury notes and mortgage loans pledged as security for FHLB advances was $ 9.9 million and $ 53.1 million, respectively. The Company also has access to the FRB Discount Window for Borrowings (“Discount Window”). At December 31, 2025 and 2024, the Company had pledged certain U.S Treasuries and U.S. agency notes and bonds with a carrying value of $ 17.2 million and $ 16.5 million, respectively, to secure borrowings through the Discount Window, if needed. While the Company has conducted a test of borrowings through the Discount Window, there were no borrowings outstanding through the Discount Window at December 31, 2025 or 2024. (11) LEASES The Company was a lessee in certain leasing agreements, such as for branch office space. During 2020, the Bank extended a noncancelable lease agreement for branch office space with annual lease payments of $ 19,000 . The lease for branch office space expired in March 2025. The Bank’s subsidiary companies headquartered in Nevada lease office space under sublease agreements that automatically renew for one year periods each October. All of the Company’s leases are classified as operating leases. The Company had no outstanding ROU assets or corresponding lease liabilities at December 31, 2025 and 2024. Certain leases may include one or more options to renew, with renewal terms that can extend the lease term from one to 20 years or more. At December 31, 2025 and 2024, the Company had not entered into any leases that had yet to commence that conveyed the right to control the use of the property to the Company. F-34 Table of Contents FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED Lease expense for the years ended December 31, 2025, 2024 and 2023 was $ 18,000 , $ 35,000 , and $ 34,000 , respectively. The components of lease expense for the years ended December 31, 2025, 2024 and 2023 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease cost ​ $ 3 ​ $ 19 ​ $ 19 Short-term lease cost ​ 15 ​ 16 ​ 15 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Totals ​ $ 18 ​ $ 35 ​ $ 34 ​ The lease term and discount rate at December 31, 2025 and 2024 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 Weighted-average remaining lease term (years) — 0.25 ​ Weighted-average discount rate 0.00 % 1.34 % ​ Supplemental cash flow information for the years ended December 31, 2025, 2024 and 2023 related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ (In thousands) Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 3 ​ $ 19 ​ $ 19 ​ The Company also leases space to tenants under various operating leases. Lease income recorded under tenant leases was $ 114,000 , $ 61,000 and $ 47,000 for the years ended December 31, 2025, 2024 and 2023, respectively. Future minimum lease payments to be received under tenant leases with initial or remaining terms in excess of one year total $ 107,000 , $ 88,000 , $ 65,000 , $ 61,000 and $ 8,000 for the years ended December 31, 2026, 2027, 2028, 2029 and 2030, respectively. (12) INCOME TAXES The Company and its corporate subsidiaries file consolidated tax returns. For the year ended December 31, 2025 the Company’s pretax income from continuing operations was $ 19.9 million and originated entirely from domestic sources. The Company has no foreign operations and pays no foreign taxes. The components of consolidated income tax expense for the years ended December 31, 2025, 2024 and 2023 are presented in the following table. The Company prospectively adopted ASU 2023-09 and as such, current and deferred components of income tax expense in prior years are not required to be disclosed by jurisdiction. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current - Federal ​ $ 4,221 ​ $ 2,767 ​ $ 2,946 Current - State ​ ​ 208 ​ ​ ​ ​ ​ ​ Total Current ​ ​ 4,429 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred - Federal ​ ​ ( 1,046 ) ​ ​ ( 551 ) ​ ​ ( 698 ) Deferred - State ​ ​ 146 ​ ​ ​ ​ ​ ​ Total Deferred ​ ( 900 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Totals ​ $ 3,529 ​ $ 2,216 ​ $ 2,248 ​ F-35 Table of Contents FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED The reconciliation of income tax expense for the year ended December 31, 2025 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ ​ 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal statutory income tax ​ $ 4,181 ​ ​ 21.0 % State and local income tax-net of federal tax benefit ​ 240 ​ 1.2 ​ Tax Credits ​ ​ ​ ​ ​ Low income housing (1) ​ ( 70 ) ​ ( 0.4 ) ​ Renewable energy (1) ​ ( 97 ) ​ ( 0.5 ) ​ Nontaxable or nondeductible items ​ ​ ​ ​ ​ Tax-exempt interest income, net of TEFRA ​ ​ ( 637 ) ​ ​ ( 3.2 ) ​ Bank-owned life insurance ​ ​ ( 57 ) ​ ​ ( 0.3 ) ​ Other ​ ​ ( 31 ) ​ ​ ( 0.1 ) ​ Totals ​ $ 3,529 ​ ​ 17.7 % ​ ​ ​ ​ ​ ​ ​ ​ (1) Includes tax credits, other tax benefits, and certain costs associated with tax credit investments. ​ ​ ​ ​ ​ ​ ​ ​ The state and local income tax category is driven entirely by Indiana and Kentucky, which together represent all of the total state and local effect for 2025. The concentration reflects statutory rate differences and apportionment, net of the federal benefit. The reconciliation of income tax expense with the amount which would have been provided at the federal statutory rate of 21 % for the years ended December 31, 2024, and 2023 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ Provision at federal statutory tax rate ​ $ 2,975 ​ $ 3,161 ​ State income tax-net of federal tax benefit ​ 120 ​ 178 ​ Tax-exempt interest income ​ ( 608 ) ​ ( 733 ) ​ Bank-owned life insurance income ​ ( 47 ) ​ ( 43 ) ​ Captive insurance net premiums ​ — ​ ( 126 ) ​ Investment in tax credit entities ​ ( 288 ) ​ ( 228 ) ​ Other ​ 64 ​ 39 ​ Totals ​ $ 2,216 ​ $ 2,248 ​ Effective tax rate ​ 15.6 % 14.9 % ​ Income taxes paid (net of refunds received) were as follows for the year ended December 31, 2025: ​ ​ ​ ​ ​ (In thousands) ​ ​ ​ 2025 ​ ​ ​ ​ Federal ​ $ 150 State and local ​ ​ Indiana ​ ( 192 ) Kentucky ​ 236 Totals ​ $ 194 ​ F-36 Table of Contents FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED Significant components of the deferred tax assets and liabilities as of December 31, 2025 and 2024 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ ​ ​ ​ ​ Deferred tax assets (liabilities): ​ ​ ​ ​ Deferred compensation plans ​ $ 40 ​ $ 51 Unrealized loss on securities available for sale ​ 3,330 ​ 6,701 ACL - loans ​ 2,450 ​ 2,297 ACL - unfunded commitments ​ 32 ​ 32 Accrued Expenses ​ — ​ 58 Unrealized loss on equity securities ​ 215 ​ 252 Restricted stock ​ 6 ​ 18 Interest on nonaccrual loans ​ 143 ​ 143 Deferred income ​ 71 ​ 102 Federal and state tax credit carryforwards ​ 1,265 ​ 305 Other ​ 4 ​ 6 Deferred tax assets ​ 7,556 ​ 9,965 ​ ​ ​ ​ ​ ​ ​ Depreciation ​ ( 873 ) ​ ( 890 ) Deferred loan fees and costs ​ ( 298 ) ​ ( 285 ) FHLB stock dividends ​ ( 37 ) ​ ( 37 ) Prepaid expenses ​ ( 307 ) ​ ( 219 ) Acquisition purchase accounting adjustments ​ ( 191 ) ​ ( 228 ) Other ​ ( 38 ) ​ ( 23 ) Deferred tax liabilities ​ ( 1,744 ) ​ ( 1,682 ) ​ ​ ​ ​ ​ ​ ​ Net deferred tax asset ​ $ 5,812 ​ $ 8,283 ​ At December 31, 2025, the Company had Federal tax credit carryforwards of $ 1.1 million, that expire at various dates from 2044 to 2047 if unused. At December 31, 2025 and 2024, the Company had Indiana tax credit carryforwards of $ 158,000 and $ 305,000 , respectively, that may be carried forward nine years and expire in 2032 if unused. At December 31, 2025 and 2024, the Company had no liability for unrecognized income tax benefits related to uncertain tax positions and does not anticipate any increase in the liability for unrecognized tax benefits during the next twelve months. The Company believes that its income tax positions would be sustained upon examination and does not anticipate any adjustments that would result in a material change to its financial position or results of operations. The Company files consolidated U.S. federal income tax returns and Indiana and Kentucky state income tax returns. Returns filed in these jurisdictions for tax years ended on or after December 31, 2022 are subject to examination by the relevant taxing authorities. Each entity included in the consolidated federal, Indiana and Kentucky state income tax returns filed by the Company are charged or given credit for the applicable tax as though separate returns were filed. Retained earnings of the Bank at December 31, 2025 and 2024 include approximately $ 909,000 for which no deferred federal income tax liability has been recognized. This amount represents an allocation of income to bad debt deductions as of December 31, 1987 for tax purposes only. Reduction of such allocated amounts for purposes other than tax bad debt losses, including redemption of bank stock, excess dividends or loss of “bank” status, would create income for tax purposes only, subject to the then-current corporate income tax rate. The unrecorded deferred liability on these amounts was approximately $ 191,000 at December 31, 2025 and 2024. ​ F-37 Table of Contents FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED (13) EMPLOYEE BENEFIT PLANS Defined Contribution Plan: The Bank has a qualified contributory defined contribution plan available to all eligible employees. The plan allows participating employees to make tax-deferred contributions under Internal Revenue Code Section 401(k). The Bank contributed $ 746,000 , $ 693,000 , and $ 683,000 to the plan for the years ended December 31, 2025, 2024 and 2023, respectively. Employee Stock Ownership Plan: On December 31, 1998, the Bank established a leveraged employee stock ownership plan (“ESOP”) covering substantially all employees. The Bank accounts for the ESOP in accordance with FASB ASC 718-40, Employee Stock Ownership Plans . The ESOP trust acquired 61,501 shares of Company common stock financed by a loan with the Company with a ten year term. The employer loan and the related interest income are not recognized in the consolidated financial statements as the debt is serviced from Bank contributions. Dividends payable on allocated shares are charged to retained earnings and are satisfied by the allocation of cash dividends to participant accounts. Dividends payable on unallocated shares are not considered dividends for financial reporting purposes. Shares held by the ESOP trust are allocated to participant accounts based on the ratio of the current year principal and interest payments to the total of the current year and future year’s principal and interest to be paid on the employer loan. The employer loan was fully paid in 2008 and all shares of the Company common stock have been allocated to participant accounts. Compensation expense is recognized based on the average fair value of shares released for allocation to participant accounts during the year with a corresponding credit to stockholders’ equity. No compensation expense was recognized for the years ended December 31, 2025, 2024 and 2023 as all shares were allocated during 2008. At December 31, 2025 and 2024, the ESOP trust held 45,872 and 48,704 shares of Company stock, respectively, including shares acquired on the open market, all of which had been allocated to participant accounts. The aggregate fair value of shares allocated to ESOP participants was $ 2.7 million and $ 1.6 million at December 31, 2025 and 2024, respectively. (14) DEFERRED COMPENSATION PLANS The Bank has a deferred compensation plan whereby certain officers will be provided specific amounts of income for a period of fifteen years following normal retirement. The benefits under the agreements are fully vested and were paid in varying amounts through 2022. As part of the acquisition of Peoples in December 2015, the Bank assumed a non-qualified deferred compensation plan for three key employees of Peoples, which provides for specific amounts of income for a period of ten years following retirement. The benefits under the Peoples plan are fully vested and, assuming normal retirement, will be paid in varying amounts through 2026. The Bank is the owner and beneficiary of insurance policies on the lives of these officers which may provide funds for a portion of the required payments. The agreements also provide for payment of benefits in the event of disability, early retirement and termination of employment or death. The Bank accrues the present value of the benefits under these plans so the amounts required will be provided at the normal retirement dates and thereafter. The balance of the accrued benefit for the plans was $ 25,000 and $ 66,000 at December 31, 2025 and 2024, respectively. Deferred compensation expense for the Bank’s deferred compensation plans for employees was $ 1,000 , $ 3,000 and $ 5,000 for the years ended December 31, 2025, 2024 and 2023, respectively. The Bank also has a directors’ deferred compensation plan whereby a director defers into a retirement account a portion of his/her monthly director fees for a specified period to provide a specified amount of income for a period of fifteen years following normal retirement. Assuming normal retirement, the benefits under the plan will be paid in varying amounts through 2041. The agreements also provide for payment of benefits in the event of F-38 Table of Contents FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED disability, early retirement and termination of service or death. The Bank accrues the interest cost on the deferred obligation so the amounts required will be provided at the normal retirement dates and thereafter. The balance of the accrued benefit for the director plan was $ 121,000 and $ 124,000 at December 31, 2025 and 2024, respectively. Deferred compensation expense for the director plan was $ 15,000 for each of the years ended December 31, 2025, 2024 and 2023, respectively. (15) STOCK-BASED COMPENSATION PLANS 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”). 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 December 31, 2025, 155,750 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. The fair market value of stock options granted is estimated at the date of grant using an option pricing model. Expected volatilities are based on historical volatility of the Company’s stock. The expected term of options granted represents the period of time that options are expected to be outstanding and is based on historical trends. The risk free rate for the expected life of the options is based on the U.S. Treasury yield curve in effect at the time of grant. As of December 31, 2025, no stock options had been granted under the Plans. On March 11, 2025, the Company granted 3,900 restricted stock shares under the 2019 Plan to directors, officers and key employees at a grant-date price of $ 37.90 per share for a total of $ 148,000 . The restricted stock vests ratably from the grant date through July 1, 2030, with 20 % of the shares vesting each year on July 1 beginning on July 1, 2026. On February 20, 2024, the Company granted 3,150 restricted stock shares under the 2019 Plan to directors, officers and key employees at a grant-date price of $ 28.00 per share for a total of $ 88,000 . The restricted stock vests ratably from the grant date through July 1, 2029 with 20 % of the shares vesting each year on July 1 beginning on July 1, 2025. No restricted stock shares were granted during 2023. 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 cost for an award is reversed in the period the award is forfeited. Compensation expense related to restricted stock recognized for the years ended December 31, F-39 Table of Contents FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED 2025, 2024 and 2023 was $ 104,000 , $ 202,000 and $ 252,000 , respectively. The income tax benefit related to stock-based compensation was $ 18,000 , $ 20,000 and $ 30,000 for the years ended December 31, 2025, 2024 and 2023, respectively. A summary of the Company’s nonvested restricted shares activity as of December 31, 2025 and changes during the year then ended is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number ​ Average ​ ​ of ​ Grant-Date ​ ​ ​ ​ Shares ​ ​ ​ Fair Value ​ ​ ​ ​ ​ ​ Nonvested at beginning of period 4,800 ​ $ 43.40 Granted 3,900 ​ 37.90 Vested 2,730 ​ 55.63 Forfeited — ​ — ​ ​ ​ ​ ​ ​ Nonvested at end of period 5,970 ​ $ 34.22 ​ There were 2,730 , 3,950 and 6,100 restricted shares vested during the years ended December 31, 2025, 2024 and 2023, respectively. The total fair value of restricted shares that vested during the years ended December 31, 2025, 2024 and 2023 was $ 125,000 , $ 120,000 and $ 188,000 , respectively. At December 31, 2025, unrecognized compensation expense related to nonvested restricted shares was $ 178,000 . The compensation expense is expected to be recognized over a weighted average period of 4.2 years. (16) COMMITMENTS AND CONTINGENCIES In the normal course of business, there are outstanding commitments, contingent liabilities and other financial instruments that are not reflected in the consolidated financial statements. These include commitments to extend credit and standby letters of credit, which are some of the instruments used by the Company to meet the financing needs of its customers. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the consolidated balance sheet. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instruments for commitments to extend credit and standby letters of credit is represented by the contractual notional amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. The following is a summary of the commitments to extend credit at December 31, 2025 and 2024: ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ ​ ​ ​ ​ Loan commitments: ​ ​ ​ ​ Fixed rate ​ $ 2,383 ​ $ 5,302 Adjustable rate ​ 18,814 ​ 11,233 ​ ​ ​ ​ ​ ​ ​ Standby letters of credit ​ 308 ​ 2,078 Undisbursed commercial and personal lines of credit ​ 39,007 ​ 34,727 Undisbursed portion of construction loans in process ​ 32,820 ​ 22,516 Undisbursed portion of home equity lines of credit ​ 86,932 ​ 79,000 ​ ​ ​ ​ ​ ​ ​ Total commitments ​ $ 180,264 ​ $ 154,856 ​ Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Certain commitments have fixed expiration dates, or other termination F-40 Table of Contents FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED clauses, and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral or other security obtained, if deemed necessary by the Company upon extension of credit, varies and is based on management’s credit evaluation. Collateral held varies but may include deposits held in financial institutions; U.S. Treasury securities; other marketable securities; accounts receivable; inventory; property and equipment; personal residences; income-producing commercial properties and land under development. Personal guarantees are also obtained to provide added security for certain commitments. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to guarantee the installation of real property improvements and similar transactions. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Company holds collateral and obtains personal guarantees supporting those commitments for which collateral or other security is deemed necessary. The Company has not been obligated to perform on any financial guarantees and has incurred no losses on its commitments in 2025 or 2024. (17) DIVIDEND RESTRICTION As an Indiana corporation, the Company is subject to Indiana law with respect to the payment of dividends. Under Indiana law, the Company may pay dividends so long as it is able to pay its debts as they become due in the usual course of business and its assets exceed the sum of its total liabilities, plus the amount that would be needed if the Company were to be dissolved at the time of the dividend to satisfy any rights that are preferential to the rights of the persons receiving the dividend. The ability of the Company to pay dividends depends primarily on the ability of the Bank to pay dividends to the Company. The payment of dividends by the Bank is subject to banking regulations and applicable Indiana state law. The amount of dividends that the Bank may pay to the Company in any calendar year without prior approval from banking regulators cannot exceed net income for that year to date plus retained net income (as defined) for the preceding two calendar years. The Bank may not declare or pay a cash dividend or repurchase any of its capital stock if the effect thereof would cause the regulatory capital of the Bank to be reduced below regulatory capital requirements imposed by the banking regulators or below the amount of the liquidation account established upon completion of the conversion of the Bank’s former mutual holding company (First Capital, Inc., MHC) from mutual to stock form on December 31, 1998. ​ (18) REGULATORY MATTERS The Bank is subject to various regulatory capital requirements administered by the banking regulators. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the Bank and the consolidated financial statements. Under the regulatory capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines involving quantitative measures of the Bank’s assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification under the prompt corrective action guidelines are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. The net unrealized gain or loss on available-for-sale securities is not included in computing regulatory capital. Management believes that the Bank met all capital adequacy requirements to which it was subject as of December 31, 2025 and 2024. Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept F-41 Table of Contents FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. As of December 31, 2025 and 2024, the most recent notification from the FDIC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Bank’s category. In 2019, the federal banking agencies jointly issued a final rule that provides for an optional, simplified measure of capital adequacy, the Community Bank Leverage Ratio (“CBLR”) framework, for qualifying community banking organizations, consistent with Section 201 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. 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 CBLR minimum requirement is 9%. An eligible banking organization is provided a two-quarter grace period to correct a ratio that falls below this required amount, provided the bank maintains a leverage ratio greater than 8%. An eligible banking organization can elect to be subject to or opt out of the CBLR framework at any time. As a qualified community bank, the Bank has opted into the CBLR framework as of December 31, 2025 and 2024. The Bank’s actual capital amounts and ratios are presented in the following table. No amounts were deducted from capital for interest-rate risk in either year. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minimum to be Well ​ ​ ​ ​ ​ ​ ​ Capitalized under ​ ​ ​ ​ ​ ​ ​ Prompt Corrective ​ ​ Actual ​ Action Provisions: (Dollars in thousands) ​ Amount ​ Ratio ​ Amount ​ Ratio As of December 31, 2025: ​ ​ ​ ​ ​ ​ ​ CBLR ​ $ 137,702 11.01 % $ 113,208 9.00 % As of December 31, 2024: ​ ​ ​ ​ ​ ​ ​ CBLR ​ $ 126,402 10.57 % $ 107,640 9.00 % ​ ​ (19) 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. F-42 Table of Contents FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED 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 independent 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, or the lower of cost or 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. 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 table below presents the balances of assets measured at fair value on a recurring and nonrecurring basis as of December 31, 2025 and 2024. The Company had no liabilities measured at fair value as of December 31, 2025 or 2024. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value (In thousands) ​ ​ ​ Level 1 ​ ​ ​ Level 2 ​ ​ ​ Level 3 ​ ​ ​ Total December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ Assets Measured on a Recurring Basis ​ ​ ​ ​ ​ ​ ​ ​ Securities available for sale: ​ ​ ​ ​ ​ ​ ​ ​ Agency mortgage-backed securities ​ $ — ​ $ 67,941 ​ $ — ​ $ 67,941 Agency CMO ​ — ​ 47,518 ​ — ​ 47,518 Agency notes and bonds ​ — ​ 118,080 ​ — ​ 118,080 Treasury notes and bonds ​ 21,549 ​ — ​ — ​ 21,549 Municipal obligations ​ — ​ 134,155 ​ — ​ 134,155 Total securities available for sale ​ $ 21,549 ​ $ 367,694 ​ $ — ​ $ 389,243 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities ​ $ 886 ​ $ — ​ $ — ​ 886 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets Measured on a Nonrecurring Basis ​ ​ ​ ​ ​ ​ ​ ​ Collateral dependent loans: ​ ​ ​ ​ ​ ​ ​ ​ Commercial Business ​ $ — ​ $ — ​ $ 693 ​ $ 693 1-4 Family Residential Construction ​ — ​ — ​ 36 ​ 36 Total collateral dependent loans ​ $ — ​ $ — ​ $ 729 ​ $ 729 ​ F-43 Table of Contents FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED 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. 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. 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 December 31, 2025, 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 20 % to 40 %, with a weighted average discount of 38.7 %. At December 31, 2024, 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 10 % to 20 %, with a weighted average discount of 10.6 %. The Company recognized provisions for loan losses of $ 6,000 , $ 1.2 million and $ 97,000 for the years ended December 31, 2025, 2024 and 2023, respectively, for collateral dependent loans. 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 December 31, 2025 and 2024, the Company did not have any loans held for sale measured at fair value on a nonrecurring basis. Foreclosed Real Estate . Foreclosed real estate is reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly. The fair value of foreclosed real estate is classified as Level 3 in the fair value hierarchy. Foreclosed real estate is reported at fair value less estimated costs to dispose of the property. The fair values are determined by real estate appraisals which are then discounted to reflect management’s estimate of the fair value of the property given current market conditions and the condition of the property. At December 31, 2025 and 2024, the Company held no foreclosed real estate. 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 years ended December 31, 2025 and 2024. There were no transfers in or out of the Company’s Level 3 financial assets for the years ended December 31, 2025 and 2024. F-44 Table of Contents FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED (20) DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS The following table summarizes the carrying value and estimated fair value of financial instruments and the level within the fair value hierarchy (see Note 19) in which the fair value measurements fall at December 31, 2025 and 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Fair ​ Fair Value Measurements Using (In thousands) ​ ​ ​ Value ​ ​ ​ Value ​ ​ ​ Level 1 ​ ​ ​ Level 2 ​ ​ ​ Level 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 105,917 ​ $ 105,917 ​ $ 105,917 ​ $ — $ — Interest-bearing time deposits ​ 2,695 ​ 2,725 ​ — ​ 2,725 — Securities available for sale ​ 389,243 ​ 389,243 ​ 21,549 ​ 367,694 — Securities held to maturity ​ 7,000 ​ 4,591 ​ — ​ 4,591 — Loans held for sale ​ 472 ​ 477 ​ — ​ 477 — Loans, net ​ 631,199 ​ 628,057 ​ — ​ — 628,057 FHLB and other restricted stock ​ 1,836 ​ N/A ​ N/A ​ N/A N/A Accrued interest receivable ​ 4,575 ​ 4,575 ​ — ​ 4,575 — Equity securities (included in other assets) ​ 886 ​ 886 ​ 886 ​ — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Deposits ​ 1,066,439 ​ ​ 1,065,687 ​ ​ 866,559 ​ ​ — ​ ​ 199,128 Accrued interest payable ​ 1,922 ​ 1,922 ​ — ​ 1,922 — ​ The carrying amounts in the preceding table are included in the consolidated balance sheets under the applicable captions. The contractual or notional amounts of financial instruments with off-balance-sheet risk are disclosed in Note 16, and the fair value of these instruments is considered immaterial. 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 December 31, 2025 and 2024 represent an approximation of exit price, but an actual exit price may differ. F-45 Table of Contents FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED (21) 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 and other income within the scope of FASB ASC 606 for the years ended December 31, 2025, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (In thousands) ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ In Scope for ASC 606 ​ ​ ​ ​ ​ ​ ​ Service charges on deposit accounts ​ $ 2,450 ​ $ 2,402 ​ $ 2,343 ATM and debit card fees ​ 4,540 ​ 4,467 ​ 4,489 Other ​ 180 ​ 190 ​ 177 Revenue from contracts with customers ​ 7,170 ​ 7,059 ​ 7,009 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Out of Scope for ASC 606 ​ ​ ​ ​ ​ ​ Net gains on loans and investments ​ 847 ​ 212 ​ 254 Increase in cash value of life insurance ​ 222 ​ 224 ​ 206 Other ​ 226 ​ 161 ​ 163 Other noninterest income ​ 1,295 ​ 597 ​ 623 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total noninterest income ​ $ 8,465 ​ $ 7,656 ​ $ 7,632 ​ 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. (22) 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 December 31, 2025 and 2024, the balance of the Bank’s investment was $ 1.2 million and $ 1.6 million, respectively, and is reflected in other assets on the consolidated balance sheets. The unfunded commitment related to the qualified affordable housing project investment at December 31, 2025 and 2024 was $ 72,000 and $ 168,000 , 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 2029. F-46 Table of Contents FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED On December 16, 2025, the Bank entered into another agreement to invest in qualified affordable housing projects through a limited liability company. At 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 December 31, 2025 was $ 3.3 million 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 2025, 2024 and 2023, the Bank recognized amortization expense of $ 346,000 , $ 291,000 and $ 307,000 , respectively, which was included in income tax expense on the consolidated statements of income. Additionally, during 2025, 2024 and 2023, the Bank recognized tax credits and other tax benefits from its qualified affordable housing project investment of $ 416,000 , $ 407,000 and $ 403,000 , respectively, which was included in income tax expense on the consolidated statements of income. (23) 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 December 31, 2025 and 2024, the balance of the Bank’s investments were $ 1.5 million and $ 401,000 , respectively, and is reflected in other assets on the consolidated balance sheets. The unfunded commitment related to the solar energy tax credit investments was $ 835,000 and $ 276,000 at December 31, 2025 and 2024, 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 investment is accounted for using the proportional amortization method. During 2025, 2024 and 2023, the Bank recognized amortization expense of $ 2.9 million, $ 1.9 million and $ 1.7 million, respectively, which was included in income tax expense on the consolidated statements of income. Additionally, during 2025, 2024 and 2023, the Bank recognized tax credits and other tax benefits from its solar energy tax credit investment of $ 3.0 million, $ 2.3 million and $ 1.8 million, respectively, which was included in income tax expense on the consolidated statements of income. F-47 Table of Contents FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED (24) PARENT COMPANY CONDENSED FINANCIAL INFORMATION Condensed financial information for the Company (parent company only) follows: Balance Sheets (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ ​ ​ ​ 2025 ​ ​ ​ ​ 2024 Assets: ​ ​ ​ ​ Cash and cash equivalents ​ $ 2,340 ​ $ 2,861 Other assets ​ 2,298 ​ 2,256 Investment in subsidiaries ​ 133,482 ​ 109,970 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 138,120 ​ $ 115,087 Liabilities and Equity: ​ ​ ​ ​ Accrued expenses and other liabilities ​ $ 323 ​ $ 488 Stockholders' equity ​ 137,797 ​ 114,599 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 138,120 ​ $ 115,087 ​ Statements of Income (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2025 2024 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividend income from subsidiaries ​ $ 4,440 ​ $ 3,150 ​ $ 3,745 Other income ​ 31 ​ 100 ​ 115 Gain (loss) on equity securities ​ 149 ​ ( 374 ) ​ ( 207 ) Other operating expenses ​ ( 491 ) ​ ( 621 ) ​ ( 681 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income before income taxes and equity in undistributed net income of shareholders ​ 4,129 ​ 2,255 ​ 2,972 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax benefit ​ 70 ​ 194 ​ 164 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income before equity in undistributed net income of subsidiaries ​ 4,199 ​ 2,449 ​ 3,136 Equity in undistributed net income of subsidiaries ​ 12,168 ​ 9,491 ​ 9,654 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Income ​ $ 16,367 ​ $ 11,940 ​ $ 12,790 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Comprehensive Income ​ $ 27,711 ​ $ 12,983 ​ $ 24,498 ​ F-48 Table of Contents FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED Statements of Cash Flows (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2025 ​ 2024 ​ 2023 Operating Activities: ​ ​ ​ ​ ​ ​ Net income ​ $ 16,367 ​ $ 11,940 ​ $ 12,790 Adjustments to reconcile net income to cash provided by operating activities: ​ ​ ​ ​ ​ ​ Equity in undistributed net income of subsidiaries ​ ( 12,168 ) ​ ( 9,491 ) ​ ( 9,654 ) Dissolution of Captive ​ — ​ — ​ 1,822 Stock compensation expense ​ 104 ​ 202 ​ 252 Unrealized (gain) loss on equity securities ​ ( 149 ) ​ 374 ​ 207 Net change in other assets and liabilities ​ 31 ​ ( 28 ) ​ 80 Net cash provided by operating activities ​ 4,185 ​ 2,997 ​ 5,497 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investing Activities: ​ ​ ​ ​ ​ ​ Investment in technology fund ​ ( 89 ) ​ ( 115 ) ​ ( 250 ) Net cash used in investing activities ​ ( 89 ) ​ ( 115 ) ​ ( 250 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing Activities: ​ ​ ​ ​ ​ ​ Purchase of treasury stock ​ ( 578 ) ​ ( 41 ) ​ ( 502 ) Tax paid on stock award shares for employees ​ ( 17 ) ​ ( 23 ) ​ ( 23 ) Cash dividends paid ​ ( 4,022 ) ​ ( 3,755 ) ​ ( 3,621 ) Net cash used in financing activities ​ ( 4,617 ) ​ ( 3,819 ) ​ ( 4,146 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (decrease) increase in cash ​ ( 521 ) ​ ( 937 ) ​ 1,101 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash at beginning of year ​ 2,861 ​ 3,798 ​ 2,697 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash at end of year ​ $ 2,340 ​ $ 2,861 ​ $ 3,798 ​ ​ ​ (25) SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (In thousands) ​ 2025 ​ 2024 ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash payments for: ​ ​ ​ ​ ​ ​ ​ Interest ​ $ 14,424 ​ $ 13,967 ​ $ 7,931 Income taxes (net of refunds received) ​ 194 ​ 154 ​ 1,828 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Noncash investing activities: ​ ​ ​ ​ ​ ​ Transfers from loans to foreclosed real estate ​ $ — ​ $ — ​ $ 64 Vehicle trade-in allowance ​ 15 ​ — ​ 22 Agreement to invest in renewable energy tax credit facility ​ ​ 822 ​ ​ 276 ​ ​ — Agreement to invest in qualified affordable housing projects ​ 3,262 ​ — ​ — ​ ​ ​ F-49 Table of Contents FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED (26) SUPPLEMENTAL DISCLOSURE FOR EARNINGS PER SHARE Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding during the periods presented. Diluted earnings per common share include the dilutive effect of additional potential common shares issuable under stock options, restricted stock and other potentially dilutive securities outstanding. Earnings and dividends per share are restated for stock splits and dividends through the date of issuance of the financial statements. Earnings per share information is presented below for the years ended December 31, 2025, 2024 and 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (In thousands, except per share data) ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ ​ ​ ​ ​ ​ Earnings: ​ ​ ​ ​ ​ ​ ​ Net income attributable to First Capital, Inc. ​ $ 16,367 ​ $ 11,940 ​ $ 12,790 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares: ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ 3,345,645 ​ 3,346,161 ​ 3,347,341 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to First Capital, Inc. per common share, basic ​ $ 4.89 ​ $ 3.57 ​ $ 3.82 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted ​ ​ ​ ​ ​ ​ Earnings: ​ ​ ​ ​ ​ ​ Net income attributable to First Capital, Inc. ​ $ 16,367 ​ $ 11,940 ​ $ 12,790 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares: ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ 3,345,645 ​ 3,346,161 ​ 3,347,341 Add: Dilutive effect of restricted stock ​ 2,344 ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding, as adjusted ​ 3,347,989 ​ 3,346,161 ​ 3,347,341 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to First Capital, Inc. per common share, diluted ​ $ 4.89 ​ $ 3.57 ​ $ 3.82 ​ 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 year ended December 31, 2025. Restricted shares totaling 4,800 and 5,600 were excluded from the calculation of diluted net income per share because their effect would be anti-dilutive for the years ended December 31, 2024 and 2023, respectively. (27) SEGMENT INFORMATION The Company’s reportable segment is determined by the Chief Executive Officer, who is the designated chief operating decision maker, 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 chief operating decision maker, 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 chief operating decision maker 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 chief operating decision maker uses revenue streams to evaluate product pricing and significant expenses to assess performance and evaluate return on assets. The chief operating decision maker 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 are the same as those described in Note 1. Segment performance is evaluated using consolidated net income as reported in the consolidated statements of income presented. F-50 Table of Contents FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED (28) SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ ​ ​ Net Interest ​ ​ ​ Net ​ ​ ​ Earnings Per Share (Dollars in thousands) ​ ​ ​ Income ​ ​ ​ Income ​ ​ ​ Income ​ ​ ​ Basic ​ ​ ​ ​ Diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Quarter ​ $ 13,346 ​ $ 9,581 ​ $ 3,235 ​ $ 0.97 ​ $ 0.97 Second Quarter ​ 14,040 ​ 10,412 ​ 3,775 ​ 1.13 ​ 1.13 Third Quarter ​ 14,658 ​ 10,956 ​ 4,478 ​ 1.34 ​ 1.34 Fourth Quarter ​ 14,803 ​ 11,201 ​ 4,879 ​ 1.46 ​ 1.46 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Quarter ​ $ 11,837 ​ $ 8,600 ​ $ 2,952 ​ $ 0.88 ​ $ 0.88 Second Quarter ​ 12,218 ​ 8,657 ​ 2,828 ​ 0.85 ​ 0.85 Third Quarter ​ 13,224 ​ 9,125 ​ 2,898 ​ 0.87 ​ 0.87 Fourth Quarter ​ 13,192 ​ 9,408 ​ 3,262 ​ 0.97 ​ 0.97 ​ Net income above represents Net Income Attributable to First Capital, Inc. ​ ​ F-51 Table of Contents SIGNATURES Pursuant to the requirements of Section 13 or 15(d) 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. ​ ​ Date: March 31, 2026 /s/ Michael C. Frederick ​ Michael C. Frederick ​ President, Chief Executive Officer and a Director ​ Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. ​ Name ​ ​ ​ Title ​ ​ ​ Date ​ ​ ​ ​ ​ /s/ Michael C. Frederick ​ President, Chief Executive Officer and Director ​ March 31, 2026 Michael C. Frederick ​ (principal executive officer) ​ ​ ​ ​ ​ ​ ​ /s/ Kathryn W. Ernstberger ​ Chairwoman ​ March 31, 2026 Kathryn W. Ernstberger ​ ​ ​ ​ ​ ​ ​ ​ ​ /s/ Joshua P. Stevens ​ Executive Vice President, Chief Financial Officer and Treasurer ​ March 31, 2026 Joshua P. Stevens ​ (principal accounting and financial officer) ​ ​ ​ ​ ​ ​ ​ /s/ William W. Harrod ​ Director ​ March 31, 2026 William W. Harrod ​ ​ ​ ​ ​ ​ ​ ​ ​ /s/ John M. Shireman ​ Director ​ March 31, 2026 John M. Shireman ​ ​ ​ ​ ​ ​ ​ ​ ​ /s/ Mark D. Shireman ​ Director ​ March 31, 2026 Mark D. Shireman ​ ​ ​ ​ ​ ​ ​ ​ ​ /s/ William I. Orwick, Sr. ​ Director ​ March 31, 2026 William I. Orwick, Sr. ​ ​ ​ ​ ​ ​ ​ ​ ​ /s/ Carolyn E. Wallace ​ Director ​ March 31, 2026 Carolyn E. Wallace ​ ​ ​ ​ ​ ​ ​ ​ ​ /s/ Pamela G. Kraft ​ Director ​ March 31, 2026 Pamela G. Kraft ​ ​ ​ ​ ​ ​ ​ ​ ​ /s/ Christopher L. Byrd ​ Director ​ March 31, 2026 Christopher L. Byrd ​ ​ ​ ​ ​ ​ ​ ​ ​ /s/ Dana L. Huber ​ Director ​ March 31, 2026 Dana L. Huber ​ ​ ​ ​ ​ ​ ​ ​ ​ /s/ Lou Ann Moore ​ Director ​ March 31, 2026 Lou Ann Moore ​ ​ ​ ​ ​ ​ ​ ​ ​ /s/ Robert C. Guilfoyle ​ Director ​ March 31, 2026 Robert C. Guilfoyle ​ ​ ​ ​ ​ ​ ​ ​ ​ /s/ Jill S. Saegesser ​ Director ​ March 31, 2026 Jill S. Saegesser ​ ​ ​ ​ ​ ​ ​