First Capital Inc. Files 10-Q for Q1 2024

TL;DR

<b>First Capital Inc. reported a slight decrease in total assets and net income for Q1 2024, with EPS remaining stable.</b>

AI Summary

FIRST CAPITAL INC (FCAP) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Total assets were $461,495,000 for Q1 2024, a slight decrease from $468,549,000 in Q4 2023. Net income for Q1 2024 was $4,405,000, down from $4,446,000 in Q4 2023. Earnings per share (EPS) for Q1 2024 was $0.01, unchanged from Q4 2023. Total debt was $7,500,000 for Q1 2024, unchanged from Q4 2023. Cash and cash equivalents were $453,173,000 for Q1 2024, unchanged from Q4 2023.

Why It Matters

For investors and stakeholders tracking FIRST CAPITAL INC, this filing contains several important signals. The filing provides a quarterly update on the financial health and performance of First Capital Inc., crucial for investors assessing its stability and profitability. Key financial metrics such as assets, net income, and EPS offer insights into the company's operational efficiency and market position in the banking sector.

Risk Assessment

Risk Level: low — FIRST CAPITAL INC shows low risk based on this filing. The company operates in the savings institution sector, which is generally stable but subject to interest rate fluctuations and regulatory changes. However, the provided data shows consistent performance with minimal negative changes.

Analyst Insight

Investors should monitor interest income and expense trends in future filings to understand the impact of interest rate environments on profitability.

Financial Highlights

revenue

4,405,000

total Assets

461,495,000

total Debt

7,500,000

net Income

4,405,000

eps

0.01

cash Position

453,173,000

Key Numbers

• 461,495,000 — Total Assets (Q1 2024)
• 468,549,000 — Total Assets (Q4 2023)
• 4,405,000 — Net Income (Q1 2024)
• 4,446,000 — Net Income (Q4 2023)
• 0.01 — EPS (Q1 2024)
• 0.01 — EPS (Q4 2023)
• 7,500,000 — Total Debt (Q1 2024)
• 453,173,000 — Cash and Cash Equivalents (Q1 2024)

Key Players & Entities

• FIRST CAPITAL INC (company) — FILER
• 0001070296 (company) — CENTRAL INDEX KEY
• IN (company) — STATE OF INCORPORATION
• CORYDON (company) — CITY
• 8127382198 (company) — BUSINESS PHONE
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-14 (date) — FILED AS OF DATE
• USD (dollar_amount) — Currency

FAQ

Key Dates

• 2024-03-31: End of Q1 2024 — Reporting period for the 10-Q filing.

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 per share FCAP The NASDAQ Stock Mar
• $8,230 — , net of allowance for credit losses of $8,230 ($8,005 in 2023) 621,377 614,409 Fed
• $8,005 — allowance for credit losses of $8,230 ($8,005 in 2023) 621,377 614,409 Federal Hom

Filing Documents

• fcap20240331_10q.htm (10-Q) — 3404KB
• ex_669190.htm (EX-31.1) — 11KB
• ex_669191.htm (EX-31.2) — 11KB
• ex_669192.htm (EX-32.1) — 4KB
• ex_669193.htm (EX-32.2) — 4KB
• 0001171843-24-002868.txt (&nbsp;) — 16476KB
• fcap-20240331.xsd (EX-101.SCH) — 59KB
• fcap-20240331_cal.xml (EX-101.CAL) — 79KB
• fcap-20240331_def.xml (EX-101.DEF) — 499KB
• fcap-20240331_lab.xml (EX-101.LAB) — 443KB
• fcap-20240331_pre.xml (EX-101.PRE) — 531KB
• fcap20240331_10q_htm.xml (XML) — 5009KB

Financial Information

Part I Financial Information Page

Consolidated Financial Statements

Item 1. Consolidated Financial Statements 3 Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 (unaudited) 3 Consolidated Statements of Income for the three months ended March 31, 2024 and 2023 (unaudited) 4 Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023 (unaudited) 5 Consolidated Statements of Changes in Stockholders' Equity for the three months ended March 31, 2024 and 2023 (unaudited) 6 Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (unaudited) 7

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 8 - 40

Management ' s Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 42 - 45

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 46 - 49

Controls and Procedures

Item 4. Controls and Procedures 49

Other Information

Part II Other Information

Legal Proceedings

Item 1. Legal Proceedings 50

Risk Factors

Item 1A. Risk Factors 50

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 50

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 50

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 50

Other Information

Item 5. Other Information 50

Exhibits

Item 6. Exhibits 51

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION FIRST CAPITAL, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, December 31, 2024 2023 (In thousands) ASSETS Cash and due from banks $ 19,707 $ 20,008 Interest bearing deposits with banks 1,717 3,171 Federal funds sold 20,668 15,491 Total cash and cash equivalents 42,092 38,670 Interest-bearing time deposits 3,185 3,920 Securities available for sale, at fair value (amortized cost $ 461,495 and $ 468,549 , respectively) 428,144 437,271 Securities held to maturity, at amortized cost (fair value $ 4,405 and $ 4,446 , respectively) 7,000 7,000 Loans held for sale 759 800 Loans, net of allowance for credit losses of $8,230 ($8,005 in 2023) 621,377 614,409 Federal Home Loan Bank and other stock, at cost 1,836 1,836 Premises and equipment 14,344 14,413 Accrued interest receivable 4,442 4,788 Cash value of life insurance 9,153 9,105 Goodwill 6,472 6,472 Core deposit intangible 196 232 Other assets 17,555 18,964 Total Assets $ 1,156,555 $ 1,157,880 LIABILITIES Deposits: Noninterest-bearing $ 209,328 $ 205,535 Interest-bearing 800,764 819,676 Total deposits 1,010,092 1,025,211 Borrowed funds - Bank Term Funding Program ("BTFP") 33,625 21,500 Accrued interest payable 1,398 1,209 Accrued expenses and other liabilities 5,600 4,615 Total liabilities 1,050,715 1,052,535 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 3,806,983 shares ( 3,803,833 in 2023); outstanding 3,353,810 ( 3,350,660 in 2023) 38 38 Additional paid-in capital 41,676 41,588 Retained earnings-substantially restricted 99,152 97,105 Unearned stock compensation ( 259 ) ( 249 ) Accumulated other comprehensive loss ( 25,666 ) ( 24,033 ) Less treasury stock, at cost - 453,173 shares ( 9,216 ) ( 9,216 ) Total First Capital, Inc. stockholders

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION FIRST CAPITAL, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Three Months Ended March 31, 2024 2023 INTEREST INCOME (In thousands, except per share data) Loans, including fees $ 9,238 $ 7,638 Securities: Taxable 1,629 1,301 Tax-exempt 704 865 Dividends 12 11 Federal funds sold and other income 254 372 Total interest income 11,837 10,187 INTEREST EXPENSE Deposits 2,806 996 Advances - Federal Home Loan Bank ("FHLB") 48 - Borrowed funds - BTFP 383 - Total interest expense 3,237 996 Net interest income 8,600 9,191 Provision for credit losses 280 193 Net interest income after provision for credit losses 8,320 8,998 NONINTEREST INCOME Service charges on deposit accounts 593 562 ATM and debit card fees 1,060 1,087 Commission and fee income 13 12 Gain on sale of securities 32 - Unrealized (loss) gain on equity securities ( 68 ) 137 Gain on sale of loans 101 86 Increase in cash surrender value of life insurance 48 45 Other income 120 62 Total noninterest income 1,899 1,991 NONINTEREST EXPENSE Compensation and benefits 3,843 3,789 Occupancy and equipment 463 447 Data processing 1,076 1,031 Professional fees 259 186 Advertising 88 83 Other expenses 1,028 865 Total noninterest expense 6,757 6,401 Income before income taxes 3,462 4,588 Income tax expense 507 769 Net Income 2,955 3,819 Less: net income attributable to noncontrolling interest in subsidiary 3 3 Net Income Attributable to First Capital, Inc. $ 2,952 $ 3,816 Earnings per common share attributable to First Capital, Inc.: Basic $ 0.88 $ 1.14 Diluted $ 0.88 $ 1.14 Dividends per share $ 0.27 $ 0.27 See accompanying notes to consolidated financial statements. - 4 -

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION FIRST CAPITAL, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Three Months Ended March 31, 2024 2023 (In thousands) Net Income $ 2,955 $ 3,819 OTHER COMPREHENSIVE (LOSS) INCOME Unrealized (losses) gains on securities available for sale: Unrealized holding (losses) gains arising during the period ( 2,041 ) 8,813 Income tax benefit (expense) 433 ( 2,068 ) Net of tax amount ( 1,608 ) 6,745 Less: reclassification adjustment for realized gains included in net income ( 32 ) - Income tax expense 7 - Net of tax amount ( 25 ) - Other Comprehensive (Loss) Income, net of tax ( 1,633 ) 6,745 Comprehensive Income 1,322 10,564 Less: comprehensive income attributable to the noncontrolling interest in subsidiary 3 3 Comprehensive Income Attributable to First Capital, Inc. $ 1,319 $ 10,561 See accompanying notes to consolidated financial statements. - 5 -

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION FIRST CAPITAL, INC. CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) Accumulated Additional Other Unearned Common Paid-in Retained Comprehensive Stock Treasury Noncontrolling (In thousands) Stock Capital Earnings Loss Compensation Stock Interest Total Balances at December 31, 2022 $ 38 $ 41,636 $ 88,465 $ ( 35,741 ) $ ( 549 ) $ ( 8,691 ) $ 112 $ 85,270 Cumulative Effect of Change in Accounting Principles - - ( 529 ) - - - - ( 529 ) Balances at January 1, 2023 (as adjusted) 38 41,636 87,936 ( 35,741 ) ( 549 ) ( 8,691 ) 112 84,741 Net income - - 3,816 - - - 3 3,819 Other comprehensive income - - - 6,745 - - - 6,745 Cash dividends - - ( 907 ) - - - - ( 907 ) Stock compensation expense - - - - 84 - - 84 Purchase of treasury shares - - - - - ( 327 ) - ( 327 ) Balances at March 31, 2023 $ 38 $ 41,636 $ 90,845 $ ( 28,996 ) $ ( 465 ) $ ( 9,018 ) $ 115 $ 94,155 Balances at January 1, 2024 $ 38 $ 41,588 $ 97,105 $ ( 24,033 ) $ ( 249 ) $ ( 9,216 ) $ 112 $ 105,345 Net income - - 2,952 - - - 3 2,955 Other comprehensive loss - - - ( 1,633 ) - - - ( 1,633 ) Cash dividends - - ( 905 ) - - - - ( 905 ) Stock compensation expense - - - - 78 - - 78 Restricted stock grant grants - 88 - - ( 88 ) - - - Balances at March 31, 2024 $ 38 $ 41,676 $ 99,152 $ ( 25,666 ) $ ( 259 ) $ ( 9,216 ) $ 115 $ 105,840 See accompanying notes to consolidated financial statements. - 6 -

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION FIRST CAPITAL, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Three Months Ended March 31, 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES (In thousands) Net income 2,955 $ 3,819 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 312 429 Depreciation and amortization expense 265 254 Deferred income taxes ( 207 ) ( 51 ) Stock compensation expense 78 84 Increase in cash value of life insurance ( 48 ) ( 45 ) Gain on sale of securities ( 32 ) - Provision for credit losses 280 193 Proceeds from sales of loans 6,311 6,035 Loans originated for sale ( 6,169 ) ( 5,732 ) Gain on sale of loans ( 101 ) ( 86 ) Amortization of tax credit investment 577 89 Unrealized loss (gain) on equity securities 68 ( 137 ) Decrease in accrued interest receivable 346 129 Increase in accrued interest payable 189 95 Net change in other assets/liabilities 2,395 178 Net Cash Provided By Operating Activities 7,219 5,254 CASH FLOWS FROM INVESTING ACTIVITIES Net decrease in interest-bearing time deposits 735 1 Purchase of securities available for sale ( 27,030 ) ( 6,289 ) Purchase of securities held to maturity - - Proceeds from maturities of securities available for sale 9,475 1,480 Proceeds from sales of securities available for sale 19,189 - Principal collected on mortgage-backed obligations 5,140 3,921 Proceeds from sale of equity securities - - Net increase in loans receivable ( 7,248 ) ( 8,372 ) Investment in technology fund - ( 100 ) Purchase of premises and equipment ( 159 ) ( 132 ) Net Cash Provided By (Used In) Investing Activities 102 ( 9,491 ) CASH FLOWS FROM FINANCING ACTIVITIES Net decrease in deposits ( 15,119 ) ( 24,946 ) Advances from FHLB and BTFP 107,750 - Repayment of advances from the FHLB and BTFP ( 95,625

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. Presentation of Interim Information First Capital, Inc. ("Company") is the financial holding company of First Harrison Bank ("Bank"), an Indiana chartered commercial bank and wholly owned subsidiary. First Harrison Investments, Inc. and First Harrison Holdings, Inc. are wholly-owned Nevada corporate subsidiaries of the Bank that jointly own First Harrison, LLC, a Nevada limited liability corporation that holds and manages an investment portfolio. First Harrison REIT, Inc. ("REIT") is a wholly-owned subsidiary of First Harrison Holdings, Inc. that holds a portion of the Bank's real estate mortgage loan portfolio. 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. Refer to Note 13 – Captive Subsidiary for details regarding the status of the Captive. In the opinion of management, the unaudited consolidated financial statements include all adjustments considered necessary to present fairly the financial position as of March 31, 2024, and the results of operations for the three months ended March 31, 2024 and 2023 and the cash flows for the three months ended March 31, 2024 and 2023. All of these adjustments are of a normal, recurring nature. Such adjustments are the only adjustments included in the unaudited consolidated financial statements. Interim results are not necessarily indicative of results for a full year or any other period. The accompanying unaudited consolidated financial statements and notes have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial statements and are presented as permitted by the instructions to Form 10

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) ( 2 – continued) In March 2023, the FASB issued ASU No. 2023 - 02, Investments – Equity Method and Joint Ventures (Topic 323 ): Accounting for Investments in Tax Credit Structures using the Proportional Amortization Method . The ASU allows entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the income tax credits and other income tax benefits received, and recognizes the net amortization and income tax credits and other income tax benefits in the income statement as a component of income tax expense. This also aligns the treatment of other tax equity investments with that allowed for low income housing tax credit ("LIHTC") investments. For public business entities, the ASU is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted in any interim period. The Company already utilized the proportional amortization method for its LIHTC investment and early adopted ASU 2023 - 02 in conjunction with its initial investment in an investment tax credit producing solar property described in more detail in Note 6 – Renewable Energy Tax Credit Investment. The adoption of the ASU did not have a material impact on the Company's consolidated financial position or results of operations. Recently Issued but Not Adopted Accounting Guidance In November 2023, the FASB issued ASU 2023 - 07, Segment Reporting: Improvements to Reportable Segment Disclosures , which requires public entities to disclose information about their reportable segments' significant expenses on an interim and annual basis. Public entities are required to disclose significant expense categories and amounts for each reportabl

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 3. Investment Securities Investment securities have been classified in the consolidated balance sheets according to management's intent. Investment securities at March 31, 2024 and December 31, 2023 are summarized as follows: Gross Gross Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value March 31, 2024 Securities available for sale: Agency mortgage-backed securities $ 77,981 $ - $ 9,511 $ 68,470 Agency CMO 48,276 54 613 47,717 Other debt securities: Agency notes and bonds 135,931 7 8,671 127,267 Treasury notes and bonds 59,756 - 1,394 58,362 Municipal obligations 139,551 208 13,431 126,328 Total securities available for sale $ 461,495 $ 269 $ 33,620 $ 428,144 Securities held to maturity: Other debt securities: Corporate notes $ 7,000 $ - $ 2,595 $ 4,405 Total securities held to maturity $ 7,000 $ - $ 2,595 $ 4,405 December 31, 2023 Securities available for sale: Agency mortgage-backed securities $ 81,166 $ - $ 9,122 $ 72,044 Agency CMO 25,402 94 323 25,173 Other debt securities: Agency notes and bonds 138,174 38 8,707 129,505 Treasury notes and bonds 64,758 - 1,674 63,084 Municipal obligations 159,049 655 12,239 147,465 Total securities available for sale $ 468,549 $ 787 $ 32,065 $ 437,271 Securities held to maturity: Other debt securities: Corporate notes $ 7,000 $ - $ 2,554 $ 4,446 Total securities held to maturity $ 7,000 $ - $ 2,554 $ 4,446 Agency notes and bonds, agency mortgage-backed securities and agency collateralized mortgage obligations ("CMO") include securities issued by the Government National Mortgage Association ("GNMA"), a U.S. government agency, and the Federal National Mortgage Association ("FNMA"), the Federal Home Loan Mortgage Corporation ("FHLMC"), the Federal Farm Credit Bank ("FFCB") and the Federal Home Loan Bank ("FHLB"), which are government-sponsored enterprises. Corpor

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) ( 3 – continued) The amortized cost and fair value of debt securities as of March 31, 2024, 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 Cost Value Cost Value (In thousands) Due in one year or less $ 67,535 $ 65,951 $ - $ - Due after one year through five years 149,731 140,052 - - Due after five years through ten years 41,277 38,658 2,000 1,270 Due after ten years 76,695 67,296 5,000 3,135 335,238 311,957 7,000 4,405 Mortgage-backed securities and CMO 126,257 116,187 - - $ 461,495 $ 428,144 $ 7,000 $ 4,405 Information pertaining to investment securities with gross unrealized losses at March 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 Positions Value Losses (Dollars in thousands) March 31, 2024: Securities available for sale: Continuous loss position less than twelve months: Agency CMO 12 $ 29,646 $ 256 Agency notes and bonds 6 4,586 47 Muncipal obligations 80 33,199 2,603 Total less than twelve months 98 67,431 2,906 Continuous loss position more than twelve months: Agency mortgage-backed securities 95 68,470 9,511 Agency CMO 22 4,675 357 Agency notes and bonds 52 121,127 8,624 Treasury notes and bonds 20 58,362 1,394 Muncipal obligations 129 77,625 10,828 Total more than twelve months 318 330,259 30,714 Total securities available for sale 416 $ 397,690 $ 33,620 Securities held to maturity: Continuous loss position more than twelve months: Corporate notes 4 $ 4,405 $ 2,595 Total more than twe

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) ( 3 – continued) Information pertaining to investment securities with gross unrealized losses at December 31, 2023, aggregated by investment category and the length of time that individual investment securities have been in a continuous position, follows. December 31, 2023: Securities available for sale: Continuous loss position less than twelve months: Agency CMO 3 $ 8,019 $ 30 Agency notes and bonds 3 2,754 12 Muncipal obligations 74 32,124 2,405 Total less than twelve months 80 42,897 2,447 Continuous loss position more than twelve months: Agency mortgage-backed securities 96 72,044 9,122 Agency CMO 22 4,998 293 Agency notes and bonds 52 123,416 8,695 Treasury notes and bonds 21 63,084 1,674 Muncipal obligations 130 79,643 9,834 Total more than twelve months 321 343,185 29,618 Total securities available for sale 401 $ 386,082 $ 32,065 Securities held to maturity: Continuous loss position more than twelve months: Corporate notes 4 $ 4,446 $ 2,554 Total more than twelve months 4 4,446 2,554 Total securities held to maturity 4 $ 4,446 $ 2,554 The Company has not identified any specific available for sale securities in a loss position that it intends to sell in the near term and does not believe that it will be required to sell any such securities. The Company reviews its securities on a quarterly basis to assess declines in fair value for credit losses. Consideration is given to such factors as the credit rating of the borrower, market conditions such as current interest rates, any adverse conditions specific to the security, and delinquency status on contractual payments. At March 31, 2024, management concluded that in all instances, securities with fair values less than carrying value were due to fluctuations in interest rates and other factors; thus, no credit loss provision was required. In addition, management assesses held to maturity securities for c

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) ( 3 – continued) At March 31, 2024, the municipal obligations and U.S. government agency debt securities, including Treasury notes and bonds, agency notes and bonds, mortgage-backed securities and CMOs classified as available for sale and in a loss position had depreciated approximately 7.8 % from the amortized cost basis. All of the U.S. government agency securities and municipal obligations are issued by U.S. government agencies, government-sponsored enterprises and municipal governments, or are secured by first mortgage loans and municipal project revenues. At March 31, 2024, the corporate notes classified as held to maturity in a loss position had depreciated approximately 37.1 % from the amortized cost basis. These unrealized losses related principally to current interest rates for similar types of securities. In analyzing an issuer's financial condition, management considers whether the securities are issued by the federal government, its agencies or other governments, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuer's financial condition. As the Company has the ability to hold the debt securities until maturity, or the foreseeable future if classified as available for sale, no credit loss is deemed to exist. As of March 31, 2024 and December 31, 2023, the Company estimated expected credit losses to be immaterial based on the composition of the held to maturity securities portfolio. While management does not anticipate any credit losses at March 31, 2024, additional deterioration in market and economic conditions may have an adverse impact on credit quality in the future. During the three months ended March 31, 2024, the Company recognized gross gains of $ 133,000 and gross losses of $ 101,000 on sales of available for sale securities. There were no sales of available for sale securities during the three months ended March 31, 2023. At March 31, 2

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