Capital City Bank Group delays Q1 filing due to financial statement revisions

Tallahassee, Fla.-based Capital City Bank Group Inc. announced a delay in filing its Form 10-Q report for the quarter ended March 31.

The delay stems from the need to adjust its consolidated financial statements, specifically the statement of cash flows, due to issues with certain construction and permanent loan sales transactions, the group said in its notification of late filing.

The adjustment requires additional time for the company to compile, analyze and review relevant transaction-level information, both internally and with its independent accounting firm, Forvis LLP. The revised statements will then be subject to approval by the company's audit committee.

Further, Capital City Bank Group identified inaccuracies in previously issued consolidated financial statements, rendering them unreliable, according to a Form 8-K filing. These include annual reports for 2021, 2022 and 2023, as well as various quarterly and semiannual reports from 2022 and 2023.

The disclosure follows a similar delay that the company announced in November 2023 regarding the quarterly report for the period ended Sept. 30, 2023, which was attributed to incorrect reporting of intercompany transactions between Capital City Bank and Capital City Home Loans LLC involving residential mortgage purchases.