First Capital Inc (FCAP) delivered a solid Q4 2024 with revenue of $10.996 million and net income of $3.262 million, translating to earnings per share (EPS) of $0.97. On a YoY basis, revenue rose 10.5% and net income advanced ~9.6%, while QoQ performance was mixed with revenue up 38% but net income flat to slightly down (-0.8%) for the quarter. The company reports a remarkably liquidity-rich balance sheet, with cash and cash equivalents of $26.6 million and short-term investments of $65.1 million, complemented by a sizable investment portfolio (long-term investments of $962.8 million) that dominates total assets ($1.188 billion). Importantly, there is no long-term debt disclosed, resulting in a net debt position of about -$26.6 million, underscoring strong liquidity versus leverage. A notable point is the negative contribution from total other income and expenses (-$7.047 million) in the quarter, which drags on pretax and net income despite healthy operating earnings of $10.996 million. This implies the quarterly net income was significantly influenced by non-operating items. The company’s ROE (~2.85%) and ROA (~0.28%) reflect a low-leverage, capital-heavy balance sheet typical of a bank holding company with substantial securities exposure, rather than a high-velocity lending operation. The stock trades with a mid-to-low earnings multiple (P/E around 8.3x) and a price-to-book below 1x, suggesting modest valuation relative to broader bank peers. Overall, FCAP appears to be prioritizing liquidity, capital preservation, and portfolio yield, with potential upside if rate environments favor net interest income and the securities portfolio retains value amid volatility. Investors should monitor non-operating items, the sensitivity of the investment portfolio to rate shifts, and any forward-looking guidance from management on loan growth and expense discipline.