Capital City Bank Group, Inc. Announces Replacement Stock Repurchase Program
02 Febrero 2024 - 12:59PM
Capital City Bank Group, Inc. (NASDAQ: CCBG) announced today that
its Board of Directors approved a new stock repurchase program on
January 25, 2024. Under the newly approved stock repurchase
program, the company is authorized to repurchase up to 750,000
shares of its common stock over the next five years, from time to
time, in the open market or through private transactions, as market
conditions warrant. However, the new stock repurchase program does
not obligate the company to repurchase any specified number of
shares of its common stock. Currently, the company has
approximately 16,990,240 shares of common stock issued and
outstanding and the number of shares authorized for repurchase
under the new repurchase program currently represents approximately
4.4% of the company’s issued and outstanding shares of common
stock. In connection with the approval of the new stock repurchase
program, the Board of Directors terminated the company’s existing
stock repurchase program.
About Capital City Bank Group,
Inc.Capital City Bank Group, Inc. (NASDAQ: CCBG) is one of
the largest publicly traded financial holding companies
headquartered in Florida and has approximately $4.3 billion in
assets. We provide a full range of banking services, including
traditional deposit and credit services, mortgage banking, asset
management, trust, merchant services, bankcards, securities
brokerage services and financial advisory services, including the
sale of life insurance, risk management and asset protection
services. Our bank subsidiary, Capital City Bank, was founded in
1895 and now has 63 banking offices and 103 ATMs/ITMs in Florida,
Georgia and Alabama. For more information about Capital City Bank
Group, Inc., visit www.ccbg.com.
FORWARD-LOOKING STATEMENTSThis
press release contains forward-looking statements (within the
meaning of the Private Securities Litigation Reform Act of 1995 and
other legal authority) that are based on current plans and
expectations that are subject to uncertainties and risks, which
could cause our future results to differ materially. The words
“may,” “could,” “should,” “would,” “believe,” “anticipate,”
“estimate,” “expect,” “intend,” “plan,” “target,” “vision,” “goal,”
and similar expressions are intended to identify forward-looking
statements. We may not actually achieve the plans, carry out the
intentions or meet the expectations disclosed in the
forward-looking statements, and you should not rely on these
forward-looking statements due to many factors, including: our
ability to successfully manage credit risk, interest rate risk,
liquidity risk, and other risks inherent to our industry;
legislative or regulatory changes; adverse developments in the
financial services industry generally, such as bank failures and
any related impact on depositor behavior; the effects of changes in
the level of checking or savings account deposits and the
competition for deposits on our funding costs, net interest margin
and ability to replace maturing deposits and advances, as
necessary; inflation, interest rate, market and monetary
fluctuations; uncertainty in the pricing of residential mortgage
loans that we sell, as well as competition for the mortgage
servicing rights related to these loans and related interest rate
risk or price risk resulting from retaining mortgage servicing
rights and the potential effects of higher interest rates on our
loan origination volumes; the effects of actions taken by
governmental agencies to stabilize the recent volatility in the
financial system and the effectiveness of such actions; changes in
monetary and fiscal policies of the U.S. Government; the effects of
security breaches and computer viruses that may affect our computer
systems or fraud related to debit card products; the accuracy of
our financial statement estimates and assumptions, including the
estimates used for our allowance for credit losses, deferred tax
asset valuation and pension plan; changes in our liquidity
position; changes in accounting principles, policies, practices or
guidelines; the frequency and magnitude of foreclosure of our
loans; the effects of our lack of a diversified loan portfolio,
including the risks of loan segments, geographic and industry
concentrations; the strength of the United States economy in
general and the strength of the local economies in which we conduct
operations; our ability to declare and pay dividends, the payment
of which is subject to our capital requirements; changes in the
securities and real estate markets; structural changes in the
markets for origination, sale and servicing of residential
mortgages; risks related to changes in key personnel and any
changes in our ability to retain key personnel; the effect of
corporate restructuring, acquisitions or dispositions, including
the actual restructuring and other related charges and the failure
to achieve the expected gains, revenue growth or expense savings
from such corporate restructuring, acquisitions or dispositions;
the effects of natural disasters, harsh weather conditions
(including hurricanes), widespread health emergencies (including
pandemics, such as the COVID-19 pandemic), military conflict, acts
of war, terrorism, civil unrest or other geopolitical events; our
ability to comply with the extensive laws and regulations to which
we are subject, including the laws for each jurisdiction where we
operate; the impact of the restatement of our previously issued
financial statements as of and 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; any inability to implement and
maintain effective internal control over financial reporting or
inability to remediate our existing material weaknesses in our
internal controls deemed ineffective; the inherent limitations in
internal control over financial reporting and disclosure controls
and procedures; the willingness of clients to accept third-party
products and services rather than our products and services and
vice versa; increased competition and its effect on pricing;
technological changes; the outcomes of litigation or regulatory
proceedings; negative publicity and the impact on our reputation;
changes in consumer spending and saving habits; growth and
profitability of our noninterest income; the limited trading
activity of our common stock; the concentration of ownership of our
common stock; anti-takeover provisions under federal and state law
as well as our Articles of Incorporation and our Bylaws; other
risks described from time to time in our filings with the
Securities and Exchange Commission; and our ability to manage the
risks involved in the foregoing. Additional factors can be found in
our Annual Report on Form 10-K for the fiscal year ended December
31, 2022, as amended, and our other filings with the SEC, which are
available at the SEC’s internet site (http://www.sec.gov).
Forward-looking statements in this press release speak only as of
the date of this press release, and we assume no obligation to
update forward-looking statements or the reasons why actual results
could differ, except as may be required by law.
For Information Contact:Jep LarkinExecutive Vice
President and Chief Financial Officer850.402. 8450
Capital City Bank (NASDAQ:CCBG)
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