Business
Capital City Bank Group, Inc. Announces Late Filing of Third Quarter 2023 10-Q and Planned Restatements
TALLAHASSEE, Fla., Nov. 13, 2023 (GLOBE NEWSWIRE) -- Capital City Bank Group, Inc. today announced that in preparing its Quarterly Report on Form 10-Q for the
About this update from Capital City Bank Group
[{"type":"text","content":"TALLAHASSEE, Fla., Nov. 13, 2023 (GLOBE NEWSWIRE) -- Capital City Bank Group, Inc. today announced that in preparing its Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, it identified certain inter-company transactions between its subsidiaries, Capital City Bank and Capital City Home Loans Inc., involving residential mortgage loan purchases that were not properly recorded in accordance with generally accepted accounting principles, which impacted the Company’s earnings release for the third quarter of 2023 and the Company’s consolidated financial statements for the year ended December 31, 2022, the three months ended March 31, 2022 and 2023, the three and six months ended June 30, 2022 and 2023, and the three and nine months ended September 30, 2022. As a result, the Company is unable to file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 in a timely manner and has determined that financial statements and the related report of the Company’s independent auditor, FORVIS, LLP, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, and the Company’s consolidated financial statements for the other periods referred to above, should no longer be relied upon and that certain of such financial statements should be restated. Further, investors should no longer rely upon the financial statements and related information in the Company’s earnings releases issued, and investor presentations distributed, for those periods as well as for the quarter ended September 30, 2023. “In the course of preparing our 10-Q for the third quarter, we identified specific accounting items that need revision and will require restating certain historical financial information,” said William G. Smith, Jr., President and Chief Executive Officer of Capital City Bank Group. “We are committed to the integrity of our reporting and are working diligently to complete our third-quarter reporting and rectify affected prior period financials.” In light of the matters discussed above, management is reassessing the effectiveness of CCBG’s internal control over financial reporting and disclosure controls and procedures, and CCBG expects to report a material weakness in its internal controls with respect to the inaccuracies mentioned above. Management intends to implement new controls to rem...