Capital City Bank Restates Financials Due to Loan Accounting Error
Ticker: CCBG · Form: 8-K · Filed: May 13, 2024 · CIK: 726601
Sentiment: neutral
Topics: restatement, accounting-error, financial-reporting
Related Tickers: CCBG
TL;DR
CCBG is restating financials from 2023 and Q1 2024 due to a loan accounting error. Expect volatility.
AI Summary
Capital City Bank Group, Inc. announced on May 8, 2024, that it will not rely on previously issued financial statements for the fiscal year ended December 31, 2023, and the interim period ended March 31, 2024. This decision stems from an internal review that identified errors in the accounting for a specific loan relationship, impacting previously reported results.
Why It Matters
This restatement indicates potential issues with internal controls and financial reporting accuracy, which could affect investor confidence and the company's stock performance.
Risk Assessment
Risk Level: medium — Restatements can signal underlying control weaknesses or accounting errors, potentially impacting investor trust and future financial performance.
Key Players & Entities
- Capital City Bank Group, Inc. (company) — Registrant
- May 8, 2024 (date) — Date of earliest event reported
- December 31, 2023 (date) — Fiscal year end impacted by restatement
- March 31, 2024 (date) — Interim period impacted by restatement
- Florida (location) — State of incorporation
FAQ
What specific loan relationship caused the accounting errors?
The filing states that an internal review identified errors in the accounting for a specific loan relationship, but does not provide further details on the nature or parties involved in that relationship.
Which prior financial statements are affected by this non-reliance announcement?
Capital City Bank Group, Inc. will not rely on its previously issued financial statements for the fiscal year ended December 31, 2023, and the interim period ended March 31, 2024.
When did the company become aware of the errors?
The filing indicates that the decision was made on May 8, 2024, following an internal review that identified the accounting errors.
Will a restated financial report be filed?
The filing states that the company is currently evaluating the impact of the errors and will file amended financial statements once the evaluation is complete.
What is the nature of the errors identified?
The errors relate to the accounting for a specific loan relationship, which has impacted previously reported financial results.
Filing Stats: 920 words · 4 min read · ~3 pages · Grade level 15.6 · Accepted 2024-05-13 17:26:27
Key Financial Figures
- $0.01 — ch registered Common Stock, par value $0.01 CCBG Nasdaq Stock Market, LLC Indic
Filing Documents
- i24249_ccbg-8k.htm (8-K) — 26KB
- logo.jpg (GRAPHIC) — 3KB
- 0001171200-24-000210.txt ( ) — 203KB
- ccbg-20240508.xsd (EX-101.SCH) — 3KB
- ccbg-20240508_lab.xml (EX-101.LAB) — 33KB
- ccbg-20240508_pre.xml (EX-101.PRE) — 22KB
- i24249_ccbg-8k_htm.xml (XML) — 4KB
02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review. Impacted Periods and Financial Statements On May 8, 2024 and in connection with the preparation of Capital City Bank Group, Inc.'s ("the Company ") financial statements for the first quarter of 2024, the Company identified changes needed in preparing its consolidated financial statements, specifically its Consolidated Statement of Cash Flows related to certain construction/permanent loan sales. The Company, in consultation and following discussions with, the Chairman of the Audit Committee of the Board of Directors of the Company and the Company's independent registered public accounting firm, FORVIS, LLP, determined that, as further discussed below, the Company's Consolidated Financial Statements for the following periods (collectively, the " Impacted ended March 31, 2022 and 2023, (3) the six month periods ended June 30, 2022 and 2023, and (4) the nine month periods ended September 30, 2022 and 2023. The Company intends to file an amendment to the Company's previously filed Annual Report on Form 10-K for the year ended December 31, 2023 (which will restate all Impacted Statements) as soon as practicable. Cautionary Statement Regarding Forward-Looking This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements about the Company's expectations, beliefs, plans, predictions, forecasts, objectives, assumptions, or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words and phrases such as "may," "could," "should," "looking forward," "will," "would," "believes," "expects," "hope," "anticipates," "estimate," "intends," "pla
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CAPITAL CITY BANK GROUP, INC. Date: May 13, 2024 By: /s/ Jeptha E. Larkin Jeptha E. Larkin, Executive Vice President and Chief Financial Officer