UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
____________________________
(Mark One)
[X]
1934
[ ]
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
Commission file number 0-13358
A. Full title of the plan and the address of the plan, if different from that of the issuer named below:
CAPITAL CITY BANK GROUP, INC. 401(k) Plan
(Exact name of the plan)
B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
Capital City Bank Group, Inc.
217 North Monroe Street
Tallahassee, Florida 32301
REQUIRED INFORMATION
The following financial statements shall be furnished for the plan:
The Capital City Bank Group, Inc. 401(k) Plan (“Plan”) is subject to the Employee Retirement Income
Security Act of 1974 (“ERISA”). Therefore, in lieu of the requirements of items 1-3 of Form 11-K, the
financial statements as of December 31, 2024 and 2023, and for the year ended December 31, 2024, and
schedules of the Plan as of December 31, 2024 have been prepared in accordance with the financial
reporting requirements of ERISA.
F
INANCIAL
S
TATEMENTS AND
S
UPPLEMENTAL
S
CHEDULE
S
Capital City Bank Group, Inc. 401(k) Plan
December 31, 2024 and 2023
and Year Ended December 31, 2024
With Report of Independent Registered Public Accounting Firm
Capital City Bank Group, Inc. 401(k) Plan
Financial Statements and Supplemental Schedules
December 31, 2024 and 2023 and Year Ended December 31, 2024
Contents
Report of Independent Registered Public Accounting Firm ............................................................1
Financial Statements
Statements of Net Assets Available for Benefits .............................................................................2
Statement of Changes in Net Assets Available for Benefits ............................................................3
Notes to Financial Statements ..........................................................................................................4
Supplemental Schedules
Schedule H, Line 4a – Schedule of Delinquent Participant Contributions ....................................12
Schedule H, Line 4i – Schedule of Assets (Held at End of Year) .................................................13
1
Report of Independent Registered Public Accounting Firm
Plan Administrator, Plan Participants, and Retirement Committee
Capital City Bank Group, Inc. 401(k) Plan
Tallahassee, Florida
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of Capital City Bank Group, Inc. 401(k)
Plan (Plan) as of December 31, 2024 and 2023, the related statement of changes in net assets available for benefits for the
year ended December 31, 2024, and the related notes (collectively referred to as the “financial statements”). In our
opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for
benefits of Capital City Bank Group, Inc. 401(k) Plan as of December 31, 2024 and 2023, and the changes in net assets
available for benefits for the year ended December 31, 2024 in conformity with accounting principles generally accepted
in the United States of America
Basis of Opinion
These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States)
(“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws
and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement,
whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal
control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over
financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over
financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether
due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a
test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating
the accounting principles used and significant estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Report on Supplemental Information
The supplemental information in the accompanying Schedule H, Line 4i – Schedule of Assets (Held at End of Year) as of
December 31, 2024 and Schedule H, Line 4a – Schedule of Delinquent Participant Contributions for the Year Ended
December 31, 2024 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial
statements. The supplemental schedules are the responsibility of the Plan’s management. Our audit procedures included
determining whether the supplemental schedules reconcile to the financial statements or the underlying accounting and
other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented
in the supplemental schedules. In forming our opinion on the supplemental schedules, we evaluated whether the
supplemental schedules, including their form and content, are presented in conformity with the Department of Labor’s
Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our
opinion, the Schedule H, Line 4i – Schedule of Assets (Held at End of Year) as of December 31, 2024 and Schedule H,
Line 4a – Schedule of Delinquent Participant Contributions for the Year Ended December 31, 2024 are fairly stated, in all
material respects, in relation to the basic financial statements taken as a whole.
/s/
Forvis Mazars, LLP
Little Rock, Arkansas
June 25, 2025
We have served as the Plan’s auditor since 2022.
2
Capital City Bank Group, Inc. 401(k) Plan
Statements of Net Assets Available for Benefits
December 31,
2024
2023
Assets
Investments at fair value
$
56,782,158
$
48,086,856
Total assets
56,782,158
48,086,856
Net assets available for benefits
$
56,782,158
$
48,086,856
See accompanying notes.
3
Capital City Bank Group, Inc. 401(k) Plan
Statement of Changes in Net Assets Available for Benefits
Year Ended December 31, 2024
2024
Additions
Investment income:
Dividends and interest income
$
517,579
Net appreciation in fair value of investments
6,585,684
Total Investment Income
7,103,263
Contributions:
Participants
4,111,952
Employer
1,866,732
Rollover
172,937
Total Contributions
6,151,621
Total Additions
13,254,884
Deductions
Benefit payments
4,413,727
Administrative expenses
145,855
Total Deductions
4,559,582
Net increase
8,695,302
Net assets available for benefits at beginning of year
48,086,856
Net assets available for benefits at end of year
$
56,782,158
See accompanying notes.
4
Capital City Bank Group, Inc. 401(k) Plan
Notes to Financial Statements
December 31, 2024 and 2023
1. Description of Plan
The following description of the Capital City Bank Group, Inc. 401(k) Plan (the “Plan”) provides general
information about the Plan’s provisions. Capital City Bank Group, Inc. (the “Company”) is the plan
sponsor. Participants should refer to the Plan document and Summary Plan Description for a more
complete description of the Plan’s provisions, copies of which may be obtained from the plan sponsor.
General
The Plan is a defined contribution retirement plan established under the provisions of Section 401(a) of
the Internal Revenue Code (the “IRC”), which includes a qualified deferred arrangement as described in
Section 401(k) of the IRC. The Plan is intended to provide benefits to all eligible employees of the
Company. Employees of the Company become eligible to participate in the Plan at the time of
employment. Employees may enter the Plan on the first day of the month coinciding with or following the
date on which the employee becomes eligible to participate in the Plan.
Capital City Home Loans, LLC (“CCHL”) became a wholly owned subsidiary of the Company on
January 1, 2025. Effective January 1, 2025, the Plan was restated to include the employees of CCHL and
merge the assets of CCHL’s existing 401(k) plan. As a result of this merger, net plan assets of
approximately $16,632,000 were transferred to the Plan.
The overall responsibility for administering the Plan rests with the Company. However, the Company has
delegated administration of the Plan to the Company’s Retirement Committee (the “Plan
Administrator”). The administrative and record-keeping services are outsourced to Empower Annuity
Insurance Company of America, while Reliance Trust serves as trustee and asset custodian. Strategic
Retirement Partners served as the 3(38) fiduciary for the plan year ended December 31, 2024.
Capital City Bank Group, Inc. 401(k) Plan
Notes to Financial Statements (continued)
5
1. Description of Plan (continued)
Contributions
Each year, participants may elect to contribute up to 100% of pretax annual compensation, as defined in
the Plan document and subject to certain limitations under the IRC. Participants may choose to change
their deferral percentage at any time. The Plan also includes an automatic contribution arrangement that
applies to all employees of the Company. The automatic deferral amount is 3% of eligible compensation.
The Plan auto-escalated participants’ deferral rate by 1% annually each June until a 6% deferral rate is
achieved. Employees who do not wish to be automatically enrolled or auto-escalate may elect not to
defer or to defer another percentage. The Plan also allows participants who reach the age of 50 during the
taxable year to make catch-up contributions. Catch-up contributions are 401(k) elective deferral
contributions in excess of any limit on such contributions under the Plan subject to IRC limitations. The
Plan also allows participants to contribute monies as Roth contributions, subject to the same limitations as
are in place for pretax contributions.
For 2024, the Company provided a 50% match on participant contributions of 6% or less of eligible
compensation. Only employees hired after January 1, 2002, and who have completed 90 days of service,
are eligible for this match. In addition, only employees hired or rehired after December 31, 2019, are
eligible to receive a separate non-elective contribution equal to 3% of their eligible annual compensation,
calculated on a payroll basis. Ninety days of service is required before this non-elective contribution
begins. No additional discretionary employer contributions were made for 2024.
Participant Accounts
Each participant’s account is credited with the participant’s contribution, the Company matching
contributions, and effective January 1, 2020 the 3% non-elective contribution for eligible employees, and
allocations of Plan earnings based on the participant’s investment elections; any withdrawal distribution
fees are charged to the participant account. Administrative expenses are paid by the Plan, the
participants, or directly by the Company, as defined in the Plan document and/or vendor agreements. The
benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested
account. Each participant directs the investment of his or her account to any of the investment options
available under the Plan.
Vesting
Participants are immediately vested in their contributions plus actual earnings thereon. Vesting in the
Company’s matching portion of their accounts (including the 3% non-elective contributions) plus actual
earnings thereon is based on years of credited service. A participant is 100% vested in the Company’s
matching, 3% non-elective and discretionary contributions (if any), and related earnings thereon, after
three years of credited service (on a cliff basis). Credited service for vesting purposes requires 1,000
Hours of Service during the Plan year.
A participant becomes fully vested in his or her account balance upon retirement, death or disability.
Capital City Bank Group, Inc. 401(k) Plan
Notes to Financial Statements (continued)
6
1. Description of Plan (continued)
Forfeitures
Forfeitures are used to reduce the employer contributions and/or pay Plan administrative expenses.
Unallocated forfeited balances as of December 31, 2024 and 2023 were approximately $44,800 and
$28,200, respectively. During 2024, forfeitures of approximately $52,900 were allocated to participant
accounts to offset administrative expenses. The Company used forfeitures of approximately $63,900 to
reduce Company contributions in 2024.
Payment of Benefits
Upon termination of service due to death, disability, retirement or other reason, participants (or their
beneficiary in the event of death) will, upon request, receive a lump-sum amount equal to the value of the
vested interest in their account. Participants may also receive a distribution while in service upon
demonstration of financial hardship or reaching age 59 ½. Participants that are qualified reservists and
are called upon for active duty for more than 179 days or an indefinite period may receive a distribution.
Administrative Expenses
The Plan’s administrative expenses were paid, pro rata, by participants. Forfeitures were used to offset
participant expenses. Expenses relating to purchases, sales, transfers or distributions of the Plan’s
investments are charged to the particular investment fund and/or participant to which the expense relates.
Plan Termination
Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue
its contributions at any time and to terminate the Plan subject to the provisions of the Employee
Retirement Income Security Act of 1974, as amended (ERISA). In the event of Plan termination,
participants would become 100% vested in their employer contributions and earnings thereon.
Amendments
On November 2, 2023, the Plan was amended to exclude certain additional types of compensation in the
definition of eligible compensation. The amendment was made retroactively to September 2017 to
coincide with the Plan document in effect at that time and subsequently.
On September 18, 2024, the Plan was amended to allow auto portability effective January 1, 2025,
whereby upon termination a third-party service provider will move the terminated participant’s account
balance to an active account at a new employer’s plan.
Capital City Bank Group, Inc. 401(k) Plan
Notes to Financial Statements (continued)
7
2. Summary of Significant Accounting Policies
Basis of Accounting
The financial statements of the Plan are prepared under the accrual basis of accounting in accordance with
U.S. generally accepted accounting principles.
Payment of Benefits
Benefits are recorded when paid.
Contributions
Contributions from Plan participants and the matching contributions from the Employer are recorded in
the year in which the employee contributions are withheld from compensation.
Use of Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting principles
requires management to make estimates and assumptions that affect the amounts reported in the financial
statements and accompanying notes and supplemental schedule. Actual results could differ from those
estimates.
Investment Valuation and Income Recognition
Investments held by the Plan are stated at fair value. Fair value is defined as the price that would be
received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date (an exit price). See Note 3 for further discussion and disclosures related to fair
value measurements.
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded as earned.
Dividends are recorded on the ex-dividend date. Net appreciation / (depreciation) include the Plan’s gains
and losses on investments bought and sold as well as held during the year.
Recent Accounting Pronouncements
Presently, Plan management is not aware of any recent accounting pronouncements from the Financial
Accounting Standards Board that will have a material impact on the Plan’s present or future financial
statements.
Capital City Bank Group, Inc. 401(k) Plan
Notes to Financial Statements (continued)
8
3. Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants on the measurement date (i.e., an exit price). The fair
value hierarchy prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy
gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities
(Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value
hierarchy are described below:
Level 1: Unadjusted quoted prices in active markets that are accessible to the reporting entity at
the measurement date for identical assets and liabilities.
Level 2: Inputs other than quoted prices in active markets for identical assets and liabilities that
are observable either directly or indirectly for substantially the full term of the asset or liability.
Level 2 inputs include the following:
●
quoted prices for similar assets and liabilities in active markets
●
quoted prices for identical or similar assets or liabilities in markets that are not active
●
observable inputs other than quoted prices that are used in the valuation of the asset or
liabilities (e.g., interest rate and yield curve quotes at commonly quoted intervals)
●
inputs that are derived principally or corroborated by observable market data by correlation or
other means
Level 3: Unobservable inputs for the asset or liability (i.e., supported by little or no market activity).
Level 3 inputs include management’s own assumption about the assumptions that market participants
would use in pricing the asset or liability (including assumptions about risk).
The level in the fair value hierarchy within which the fair value measurement is classified is determined
based upon the lowest level input that is significant to the fair value measurement in its entirety.
Following is a description of the valuation techniques and inputs used for each general type of
investments measured at fair value by the Plan. There have been no changes in the valuation techniques
used at December 31, 2024 and 2023.
Company common stock
: Valued at the closing price reported on the active market on which the common
stock is traded.
Mutual funds
: Valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are
open-ended mutual funds that are registered with the SEC. These funds are required to publish their daily
net asset value (NAV) and to transact at that price. The mutual funds held by the Plan are deemed to be
actively traded.
Capital City Bank Group, Inc. 401(k) Plan
Notes to Financial Statements (continued)
9
3. Fair Value Measurements (continued)
Collective investment trusts:
provided by the trustee, is used as a practical expedient to estimate fair value. The NAV is based on the
fair value of the underlying investments held by the fund less its liabilities. This practical expedient is not
used when it is determined to be probable that the fund will sell the investment for an amount different
than the reported NAV. Participant transactions (purchased and sales) may occur daily. There were no
unfunded commitments at December 31, 2024, or 2023. The fund has a daily redemption frequency and
redemption notice period.
The following tables set forth by level, within the fair value hierarchy, the Plan’s assets carried at fair
value.
December 31, 2024
Level 1
Level 2
Level 3
Total
Company common stock
$
2,665,825
$
-
$
-
$
2,665,825
Mutual funds
12,537,491
-
-
12,537,491
Collective investment trusts
(a)
-
-
-
41,578,842
$
15,203,316
$
-
$
-
$
56,782,158
December 31, 2023
Level 1
Level 2
Level 3
Total
Company common stock
$
1,991,663
$
-
$
-
$
1,991,663
Mutual funds
10,699,291
-
-
10,699,291
Collective investment trusts
(a)
-
-
-
35,395,902
$
12,690,954
$
-
$
-
$
48,086,856
(a)
4. Risks and Uncertainties
The Plan holds various investment securities. Investment securities are exposed to various risks such as
interest rate, market, liquidity and credit risks. Due to the level of risk associated with certain investment
securities, it is at least reasonably possible that changes in the fair values of investment securities will
occur in the near term and that such changes could materially affect participants’ account balances and the
amounts reported in the statements of net assets available for benefits.
Capital City Bank Group, Inc. 401(k) Plan
Notes to Financial Statements (continued)
10
5. Related Party and Party-In-Interest Transactions
The Plan invests in the common stock of the Company. This transaction qualifies as party-in-interest
transaction; however, it is exempt from the prohibited transaction rules under ERISA. During 2024, the
Plan received common stock cash dividends of $62,632 from the Company. Certain administrative
functions are performed by officers or employees of the Company. No such officer or employee receives
compensation from the Plan. Administrative expenses of the Plan are netted directly from the participant
accounts and were $145,855 as of December 31, 2024. In 2024, the Plan paid $111,855 of recordkeeping
fees to Empower Annuity Insurance Company of America. Individually nonmaterial expenses paid to
other parties in interest aggregated $34,000 during the year ended December 31, 2024. Additionally,
purchases and sales of the Company’s stock by participants were approximately $193,000 and $39,000,
respectively, during 2024.
6. Tax Status
The underlying pre-approved plan has received an opinion letter from the Internal Revenue Service (IRS)
dated November 14, 2022, stating that the written form of the underlying pre-approved document is
qualified under Section 401 of the IRC. Any employer adopting this form of the plan will be considered
to have a plan qualified under Section 401 of the IRC, and, therefore, the related trust is tax-exempt. Once
qualified, the Plan is required to operate in conformity with the IRC to maintain its qualified status. The
plan administrator believes the Plan is being operated in compliance with the applicable requirements of
the IRC and, therefore, believes the Plan is qualified and the related trust is tax exempt.
Accounting principles generally accepted in the United States require plan management to evaluate tax
positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain position that
more likely than not would not be sustained upon examination by the IRS. Plan management has analyzed
the tax positions taken by the Plan, and has concluded that there are no uncertain positions taken or
expected to be taken. The Plan is subject to routine audits by taxing jurisdictions; however, currently there
are no audits for any tax periods in progress.
7. Nonexempt Transaction
Defined-contribution plans are required to remit employee contributions to the Plan as soon as they can be
reasonably segregated from the employer’s general assets. Employee contributions of $9,801 were not
remitted within the required time period for the year ended December 31, 2023. The instance of late
remittance of employee contributions was corrected by the Company during 2024 through the DOL
Voluntary Fiduciary Correction Program, including restoration of applicable lost earnings.
Supplemental Schedules
12
Capital City Bank Group, Inc. 401(k) Plan
Plan No. 003 EIN 59-2273542
Schedule H, Line 4a - Schedule of Delinquent Participant Contributions
Year Ended December 31, 2024
Year
Participant
Contributions
Transferred Late
to Plan
Contributions Not
Corrected
Contributions
Corrected Outside
VFCP
Contributions
Pending
Correction in
VFCP
Total Fully
Corrected under
VFCP and PTE
2002-51
2023
$
$
$
$
$
13
Capital City Bank Group, Inc. 401(k) Plan
Plan No. 003 EIN 59-2273542
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
December 31, 2024
Identity of Issue, Borrower,
Lessor, or Similar Party
Description of Investment Including Maturity Date, Rate of
Interest, Collateral, Par, or Maturity Value
Cost
Current
Mutual funds:
Cohen & Steers
Real Estate Securities Z, 18,195 shares
**
$
314,223
Fidelity
Advisor Small Cap Growth I, 45,988 shares
**
1,543,357
Fidelity
Advisor Total Bond I, 86,290 shares
**
810,264
PGIM
High-Yield R6, 36,109 shares
**
172,242
Fidelity
Emerging Markets Index, 51,173 shares
**
535,266
Franklin Templeton
Franklin Utilities R6, 21,718 shares
**
494,091
Touchstone
Mid Cap Y, 7,407 shares
**
408,988
MFS
Mid Cap Value R6, 4,429 shares
**
140,791
JP Morgan
100% U.S. Treas Sec MM Inst, 1,961,315 shares
**
1,961,315
MFS
Md Cap Growth R6, 23,961 shares
**
752,851
Vanguard
Mid Cap Index Fund - Admiral, 4,409 shares
**
1,441,175
Fidelity
Advisor Growth Opps Z, 9,895 shares
**
1,988,813
Pimco
RAE US Small Instl, 17,040 shares
**
194,255
American
Funds Mortgage R6, 3,818 shares
**
32,869
T. Rowe Price
U.S. Equity Research, 11,796 shares
**
689,715
Blackrock
Advantage Small Cap Core K, 17,249 shares
**
317,553
Vanguard
Equity Income ADM, 8,390 shares
**
739,723
Total
12,537,491
Collective investment trusts:
Blackrock
Equity Index Fund R, 5,196 shares
**
4,328,103
Blackrock
Lifepath Index Retirement S, 223,445 shares
**
4,858,801
Blackrock
Lifepath Index 2030 Fund S, 115,817 shares
**
3,998,034
Blackrock
Lifepath Index 2035 Fund S, 180,396 shares
**
6,992,327
Blackrock
Lifepath Index 2040 Fund S, 124,851 shares
**
5,349,924
Blackrock
Lifepath Index 2045 Fund S, 84,159 shares
**
3,939,295
Blackrock
Lifepath Index 2050 Fund S, 63,986 shares
**
3,053,785
Blackrock
Lifepath Index 2055 Fund S, 88,179 shares
**
2,215,130
Blackrock
Lifepath Index 2060 Fund S, 54,771 shares
**
1,333,335
Blackrock
Lifepath IDX 2065 Fund Fee S, 37,092 shares
**
575,028
Blackrock
MSCI ACWI ex-U.S. Index R, 42,214 shares
**
698,778
Blackrock
Russell 1000 Growth R, 60,193 shares
**
2,640,062
Blackrock
Russell 1000 Value Index Fund R, 22,082 shares
**
508,363
Blackrock
Russell 2000 Index Fund R, 4,056 shares
**
1,087,877
Total
41,578,842
Company common stock:
*Capital City Bank Group, Inc.
Capital City Bank Group Stock, 72,737 shares
**
2,665,825
$
56,782,158
* Party-in-interest
** Participant-directed investment, cost not required
CAPITAL CITY BANK GROUP, INC. 401(K) PLAN
EXHIBIT INDEX
Exhibit No. Document
23.1*
*Filed herewith
SIGNATURES
The Plan.
Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other
persons who administer the employee benefit plan) have duly caused this annual report to be signed on its
behalf by the undersigned hereunto duly authorized.
CAPITAL CITY BANK GROUP, INC. 401(K) PLAN
By: /s/ Bethany H. Corum
Dated: June 25, 2025