The utility usually doesn't care if the system is slightly capacitive, but consistent excessive leading PF may cause them to notice.
As far as the overcompensation, if it is a fixed bank, that is, it doesn't have steps that close in and out as the reactive load changes, the capacitor bank may be too large for the application. If it is an automatically switched bank with steps, it should be checked out for proper programming and connections, especially if it is overcompensating on only one phase. What type of capacitor system is it? Voltage? kVAR rating?