FCAP earnings analysis
What we found in FCAP's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
First Capital reported Q2 2026 diluted EPS of $1.43, up 26.5% from $1.13 a year earlier, with net income rising to $4.8 million from $3.8 million. Reported revenue was $14.292 million, but the supplied filing excerpt does not provide margin, cash-flow, balance-sheet, or segment details. The principal new risk disclosure concerns tariffs and trade-policy changes, while modeled EVE remains sensitive to rate moves, declining 11.79% under a 300-basis-point rate decrease.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- EPS and net income increased
- Diluted EPS was $1.43 in Q2 2026, up $0.30, or 26.5%, from $1.13 in Q2 2025. Net income increased to $4.8 million from $3.8 million.
- Q2 revenue reported
- Reported revenue was $14.292 million for Q2 2026; the filing materials do not provide comparable revenue figures for the prior quarter or prior-year quarter.
- Economic value of equity improved
- At June 30, 2026, static economic value of equity was $228.616 million, compared with $200.052 million at December 31, 2025.
- Moderate rate-rise sensitivity
- The June 30, 2026 EVE model indicates a 0.01% increase under an immediate 100-basis-point rate increase, versus a 5.57% decrease under a 200-basis-point increase.
- Controls remained effective
- Disclosure controls and procedures were effective as of June 30, 2026, and the company reported no changes in internal control that materially affected, or were reasonably likely to materially affect, internal control over financial reporting during the six months ended June 30, 2026.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- New tariff and trade-policy risk
- The company added disclosure that tariffs and other foreign trade-policy changes could increase inflation and disrupt supply chains, potentially affecting consumer and commercial borrower performance. The filing states there were no other material changes to previously disclosed risk factors.
- Material interest-rate sensitivity
- A sudden and sustained 300-basis-point decline in interest rates would reduce modeled EVE by $26.944 million, or 11.79%, at June 30, 2026; a 300-basis-point increase would reduce EVE by $7.425 million, or 3.25%.
- Competitive pressure and model risk
- Management adjusted deposit-rate betas, instrument prepayment speeds, and key interest-rate index ties during the six months ended June 30, 2026 to reflect the current environment and increased competitive pressure, indicating model assumptions remain subject to change.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.43
What they said about what is next.
The 10-Q does not provide quantitative revenue or EPS guidance, and no outlook update is disclosed.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 12, 2026
- First Capital, Inc. reported a strong Q1 2026 performance with revenue reaching $13.47 million, driven by significant growth in net interest income and favorable margin expansion. The diluted EPS also increased to…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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