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]
 
 
ANNUAL REPORT PURSUANT TO
 
SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
 
 
For the fiscal year ended December 31, 2021
 
 
 
 
OR
 
 
[ ]
 
 
TRANSITION
REPORT PURSUANT TO SECTION
 
15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
 
 
 
For the transition period from ____________ to ____________
 
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 and schedule of the Plan for the two years
 
ended December 31, 2021 and 2020
have been prepared in accordance with the financial reporting requirements
 
of ERISA.
F
INANCIAL
S
TATEMENTS
 
AND
S
UPPLEMENTAL
S
CHEDULE
Capital City Bank Group, Inc. 401(k) Plan
December 31, 2021 and 2020
and Year
 
Ended December 31, 2021
With Report of Independent Registered Public Accounting Firm
Capital City Bank Group, Inc. 401(k) Plan
Financial Statements and Supplemental Schedule
December 31, 2021 and 2020 and Year
 
Ended December 31, 2021
Contents
Reports of Independent Registered Public Accounting Firms
 
.........................................................1
Financial Statements
Statements of Net Assets Available for Benefits
 
.............................................................................3
Statement of Changes in Net Assets Available for Benefits
 
............................................................4
Notes to Financial Statements
 
..........................................................................................................5
Supplemental Schedule
Schedule H, Line 4i – Schedule of Assets (Held at End of Year) .................................................13
1
Report of Independent Registered Public Accounting Firm
Plan Administrator and Plan Participants
Capital City Bank Group, Inc. 401(k) Plan
Tallahassee, Florida
Opinion on the Financial Statements
We have audited the accompanying
 
statement of net assets available for benefits of Capital City Bank Group, Inc. 401(k)
 
Plan (the
Plan) as of December 31, 2021, the related statement of changes in net assets available
 
for benefits for the year then ended, 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 the Plan as of December 31, 2021 and the changes in
 
net assets
available for benefits for the year then ended 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 audit.
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 audit in accordance with the standards of the PCAOB.
 
Those standards require that we plan and perform the audit
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 audit 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 audit 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 audit 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 audit 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, 2021 has been subjected to audit procedures performed in conjunction with the audit of
 
the Plan’s financial statements.
 
The
supplemental schedule is the responsibility of the Plan’s
 
management.
 
Our audit procedures included determining whether the
supplemental schedule reconciles 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 schedule.
 
In forming
our opinion on the supplemental schedule, we evaluated whether the supplemental
 
schedule, including its form and content, is
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 supplemental information is fairly stated, in all material respects, in
relation to the basic financial statements taken as a whole.
/s/
FORVIS, LLP
 
(formerly BKD, LLP)
We have served as the Plan’s
 
auditor since 2022.
Little Rock, Arkansas
June 27, 2022
2
Report of Independent Registered Public Accounting Firm
To the Plan Participants and the Plan Administrator of Capital City Bank Group, Inc. 401(k) Plan
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 (the Plan) as of December 31, 2020, and the related notes (collectively referred
 
to as the “financial statements”). In
our opinion, the financial statement presents fairly, in all material respects, the net assets available for benefits of the Plan
at December 31, 2020, in conformity with U.S. generally accepted accounting
 
principles.
Basis for Opinion
These financial statements are the responsibility of the Plan’s management. Our responsibility is to express
 
an opinion on
the Plan’s financial statements based on our audit. 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 audit in accordance with the standards of the PCAOB. Those standards require that we plan and
perform the audit 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 audit 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 audit 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 audit 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 audit provides a reasonable basis for our opinion.
 
/s/ Ernst & Young LLP
We served as the Plan’s
 
auditor from 2013 to 2020.
Tallahassee, Florida
June 25, 2021
 
 
 
 
 
 
 
 
 
3
Capital City Bank Group, Inc. 401(k) Plan
Statements of Net Assets Available for Benefits
December 31,
2021
2020
Assets
Investments at fair value
$
49,773,148
$
43,700,762
Total assets
49,773,148
43,700,762
Net assets available for benefits
$
49,773,148
$
43,700,762
See accompanying notes.
 
 
 
 
 
 
 
 
 
4
Capital City Bank Group, Inc. 401(k) Plan
Statement of Changes in Net Assets Available for Benefits
Year
 
Ended December 31, 2021
2021
Additions
Investment income:
 
Dividends and interest income
$
505,852
Net appreciation in fair value of investments
5,537,667
Total Investment Income
6,043,519
Contributions:
Participants
3,232,607
Employer
1,048,368
Rollover
489,774
Total Contributions
4,770,749
Total Additions
10,814,268
Deductions
Benefit payments
4,600,317
Administrative expenses
141,565
Total deductions
4,741,882
Net increase
6,072,386
Net assets available for benefits at beginning of year
43,700,762
Net assets available for benefits at end of year
$
49,773,148
See accompanying notes.
5
Capital City Bank Group, Inc. 401(k) Plan
Notes to Financial Statements
December 31, 2021
1. Description of Plan
The
 
following
 
description
 
of
 
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.
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 Retirement.
 
Reliance Trust
 
serves
 
as
 
trustee
 
and
 
asset
 
custodian.
 
Strategic
 
Retirement Partners
 
served
 
as
 
the
 
3(38)
fiduciary for the plan year ended December 31, 2021.
 
In
 
March
 
2020,
 
the
 
World
 
Health
 
Organization
 
declared
 
the
 
outbreak
 
and
 
ongoing
 
coronavirus
 
2019
disease
 
(Covid-19)
 
a
 
pandemic.
 
Covid-19
 
has
 
contributed
 
to
 
volatility
 
in
 
financial
 
markets.
 
The
 
Plan
adopted
 
certain
 
features
 
specified
 
in
 
recent
 
Federal
 
regulations
 
of
 
the
 
Coronavirus
 
Aid
 
Relief
 
and
Economic
 
Security
 
Act
 
(“CARES
 
Act”)
 
for
 
qualifying
 
participants
 
including
 
Covid-19
 
distribution
options
 
of
 
up
 
to
 
$100,000,
 
and
 
elimination
 
of
 
2020
 
Required
 
Minimum
 
Distributions
 
for
 
those
participants who
 
meet certain
 
qualifications.
 
The impact
 
of these
 
provisions had
 
an immaterial
 
effect to
the Plan during 2021.
6
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
 
new or
 
re-hired employees
 
of the
 
Company.
 
The automatic
 
deferral amount
 
is 3%
 
of eligible
compensation.
 
On
 
June
 
1,
 
2020,
 
automatic
 
contribution
 
was
 
extended
 
to
 
include
 
any
 
employees
 
not
actively
 
deferring
 
3%
 
or
 
more;
 
these
 
employees
 
will
 
be
 
auto-enrolled
 
with
 
a
 
3%
 
deferral
 
rate.
 
Additionally,
 
on
 
June
 
1,
 
2021,
 
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
 
2021,
 
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.
 
Only
 
employees
 
hired
 
or
 
rehired
 
after
 
December
 
31,
 
2019,
 
and
 
who
 
have
completed
 
90
 
days
 
of
 
service
 
are
 
eligible
 
for
 
the
 
3%
 
automatic
 
contribution
 
arrangement.
 
All
 
new
employees
 
hired
 
after
 
January
 
1,
 
2021,
 
in
 
addition
 
to
 
the
 
50%
 
match,
 
received
 
a
 
separate
 
non-elective
contribution
 
equal
 
to
 
3%
 
of
 
their
 
annual
 
compensation,
 
calculated
 
on
 
a
 
monthly payroll
 
basis.
 
Ninety
days
 
of
 
service
 
is
 
required
 
before
 
this
 
non-elective
 
contribution
 
begins.
 
No
 
additional
 
discretionary
employer contributions were made for 2021.
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 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)
7
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,
 
2021
 
and
 
2020
 
were
 
approximately
 
$21,900
 
and
$1,300 respectively. The Company did not use forfeitures to reduce Company contributions for 2021.
Payment of Benefits
Upon
 
termination
 
of
 
service
 
due
 
to
 
death,
 
disability,
 
retirement
 
or
 
other
 
reason,
 
a
 
participant
 
(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
 
his
 
or
 
her
 
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.
 
Forfeiture monies
 
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.
Capital City Bank Group, Inc. 401(k) Plan
Notes to Financial Statements (continued)
8
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.
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)
9
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.
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.
Collective investment
 
trusts:
 
Valued
 
at the
 
NAV
 
of
 
units of
 
a collective
 
investment trust.
 
The
NAV,
as
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.
 
 
 
 
 
 
 
 
 
 
Capital City Bank Group, Inc. 401(k) Plan
Notes to Financial Statements (continued)
10
3. Fair Value Measurements (continued)
The
 
following
 
tables
 
set
 
forth
 
by
 
level,
 
within
 
the
 
fair
 
value
 
hierarchy,
 
the
 
Plan’s
 
assets
 
carried
 
at
 
fair
value.
December 31, 2021
Level 1
Level 2
Level 3
Total
Company common stock
$
2,005,671
$
-
$
-
$
2,005,671
Mutual funds
10,578,377
-
-
10,578,377
Collective investment trusts
(a)
-
-
-
37,189,100
$
12,584,048
$
-
$
-
$
49,773,148
December 31, 2020
Level 1
Level 2
Level 3
Total
Company common stock
$
1,893,276
$
-
$
-
$
1,893,276
Mutual funds
8,748,324
-
-
8,748,324
Collective investment trusts
(a)
-
-
-
33,059,162
$
10,641,600
$
-
$
-
$
43,700,762
(a)
 
These investments are valued based on NAV per unit, as provided by the trustee of the fund as
 
a practical expedient, and have not been classified in the fair value
 
hierarchy.
 
The fair value
 
amounts are provided to reconcile to the statement of net assets available
 
for benefits.
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.
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
 
2021, the
Plan
 
received
 
common
 
stock
 
cash
 
dividends
 
of
 
$48,603
 
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.
 
Capital City Bank Group, Inc. 401(k) Plan
Notes to Financial Statements (continued)
11
6. Tax Status
The underlying prototype plan has received opinion letters from the Internal Revenue Service
 
(IRS) dated
March 31, 2014, and June 30,
 
2020, stating that the written form
 
of the underlying prototype 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
 
Code,
 
and,
 
therefore,
 
the
 
related
 
trust
 
is
 
tax-exempt.
Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualified
 
status.
The plan administrator believes the Plan is being operated in compliance with the applicable requirements
of the Code 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.
Supplemental Schedule
 
 
 
 
 
 
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, 2021
Identity of Issue, Borrower,
Lessor, or Similar Party
Description of Investment Including Maturity Date, Rate of
Interest, Collateral, Par, or Maturity Value
Cost
Current
 
Value
Mutual funds:
Cohen & Steers
Real Estate Securities Z, 24,780 shares
**
$
546,902
Fidelity
Advisor Small Cap Growth I, 31,437 shares
**
999,378
Fidelity
Advisor Total Bond I, 116,757 shares
**
1,289,000
Goldman Sachs
Small Cap Value
 
Insights R6, 1,624 shares
**
94,389
Fidelity
Emerging Markets Index, 49,205 shares
**
594,884
Franklin Templeton
Franklin Utilities R6, 9,954 shares
**
221,272
Touchstone
Mid Cap Y,
 
8,781 shares
**
435,615
MFS
Mid Cap Value
 
R6, 2,884 shares
**
93,528
JP Morgan
100% U.S. Treas Sec MM Inst, 2,589,740 shares
**
2,610,312
Principal
Government & High Qual Bd Inst, 4,507 shares
**
46,239
MFS
Md Cap Growth R6, 17,048 shares
**
571,780
Vanguard
Mid Cap Index Fund - Admiral, 3,837 shares
**
1,210,276
Fidelity
Advisor Growth Opps Z, 4,241 shares
**
679,740
Victory
High Yield Y,
 
49,529 shares
**
334,818
T. Rowe Price
U.S. Equity Research, 5,274 shares
**
238,525
Blackrock
Advantage Small Cap Core K, 16,351 shares
**
301,679
Vanguard
Equity Income ADM, 3,362 shares
**
310,040
Total
10,578,377
Collective investment trusts:
Blackrock
Equity Index Fund R, 6,540 shares
**
4,215,975
Blackrock
LifePath Index 2025 Fund CL 35, 153,532 shares
**
4,648,950
Blackrock
LifePath Index 2030 Fund CL 35, 130,397 shares
**
4,385,245
Blackrock
LifePath Index 2035 Fund CL 35, 156,277 shares
**
5,766,631
Blackrock
LifePath Index 2040 Fund CL 35, 104,901 shares
**
4,154,087
Blackrock
LifePath Index 2045 Fund CL 35, 58,867 shares
**
2,490,672
Blackrock
LifePath Index 2050 Fund CL 35, 43,276 shares
**
1,840,982
Blackrock
LifePath Index 2055 CL 35, 72,775 shares
**
1,596,683
Blackrock
LifePath Index 2060 CL 35, 14,845 shares
**
313,969
Blackrock
LifePath Index 2065 Fund CL 35, 8,842 shares
**
118,748
Blackrock
LifePath Index Retire CL 35, 153,319 shares
**
3,346,960
Blackrock
MSCI ACWI ex-U.S. Index R, 46,325 shares
**
747,218
Blackrock
Russell 1000 Growth R, 59,154 shares
**
1,927,227
Blackrock
Russell 1000 Value
 
Index Fund R, 37,176 shares
**
726,789
Blackrock
Russell 2000 Index Fund R, 3,525 shares
**
908,964
Total
37,189,100
Company common stock:
*Capital City Bank Group, Inc.
Capital City Bank Group Stock, 75,972 shares
**
2,005,671
$
49,773,148
* Party-in-interest
** Participant-directed investment, cost not required
 
 
CAPITAL CITY BANK GROUP,
 
INC. 401(K) PLAN
EXHIBIT INDEX
Exhibit
 
No.
 
Document
23.1*
 
23.2*
*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/Beth Corum
 
Beth Corum, Chief Operating Officer
 
Capital City Bank Group, Inc.
 
Retirement Committee, Chairman
Dated: June 27, 2022