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, 2022
 
 
 
 
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 as of December 31, 2022 and 2021, and for
 
the year ended December 31, 2022, and
schedule of the Plan as of December 31, 2022 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, 2022 and 2021
and Year
 
Ended December 31, 2022
With Report of Independent Registered Public Accounting Firm
Capital City Bank Group, Inc. 401(k) Plan
Financial Statements and Supplemental Schedule
December 31, 2022 and 2021 and Year Ended December 31, 2022
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 Schedule
Schedule H, Line 4i – Schedule of Assets (Held at End of Year) .................................................12
 
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 statements
 
of net assets available for benefits of Capital City Bank Group, Inc. 401(k)
Plan (the Plan) as of December 31, 2022 and 2021, the related statement of changes in net assets available for benefits
for
the year ended December 31, 2022, 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, 2022 and 2021, and the changes in net assets available for benefits for the year
ended December 31, 2022, 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)
 
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
 
We have served as the Plan’s
 
auditor since 2022.
Little Rock, Arkansas
June 23, 2023
 
 
 
 
 
 
 
 
 
2
Capital City Bank Group, Inc. 401(k) Plan
Statements of Net Assets Available for Benefits
December 31,
2022
2021
Assets
Investments at fair value
$
42,020,583
$
49,773,148
Total assets
42,020,583
49,773,148
Net assets available for benefits
$
42,020,583
$
49,773,148
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, 2022
2022
Additions
Investment income:
 
Dividends and interest income
$
265,657
Total Investment
 
Income
265,657
Contributions:
Participants
3,624,057
Employer
1,410,840
Rollover
455,857
Total Contributions
5,490,754
Total Additions
5,756,411
Deductions
Net depreciation in fair value of investments
7,479,171
Benefit payments
5,886,635
Administrative expenses
143,170
Total deductions
13,508,976
Net decrease
(7,752,565)
Net assets available for benefits at beginning of year
49,773,148
Net assets available for benefits at end of year
$
42,020,583
See accompanying notes.
4
Capital City Bank Group, Inc. 401(k) Plan
Notes to Financial Statements
December 31, 2022 and 2021
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.
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, 2022.
 
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
 
2022,
 
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
 
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 2022.
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.
 
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,
 
2022
 
and
 
2021
 
were
 
approximately
 
$29,800
 
and
$21,900
 
respectively.
 
The
 
Company
 
used
 
forfeitures
 
of
 
$103,628
 
and
 
zero
 
dollars
 
for
 
Qualified
Nonelective Contributions in 2022 and 2021, respectively.
 
In 2022 and 2021, forfeitures were not used to
reduce Company contributions.
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.
 
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.
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.
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.
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, 2022 and 2021.
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.
 
 
 
 
 
 
 
 
 
 
9
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, 2022
Level 1
Level 2
Level 3
Total
Company common stock
$
2,554,227
$
-
$
-
$
2,554,227
Mutual funds
10,085,737
-
-
10,085,737
Collective investment trusts
(a)
-
-
-
29,380,619
$
12,639,964
$
-
$
-
$
42,020,583
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
(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
 
2022, the
Plan
 
received
 
common
 
stock
 
cash
 
dividends
 
of
 
$51,227
 
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.
 
10
6. Tax Status
The underlying pre-approved plan has received an
 
opinion letter from the Internal Revenue Service
 
(IRS)
dated June
 
30, 2020,
 
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.
Supplemental Schedule
 
 
 
 
 
 
12
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, 2022
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, 17,095 shares
**
$
259,331
Fidelity
Advisor Small Cap Growth I, 39,715 shares
**
942,431
Fidelity
Advisor Total Bond
 
I, 81,818 shares
**
762,546
Goldman Sachs
Small Cap Value
 
Insights R6, 2,226 shares
**
109,007
Fidelity
Emerging Markets Index, 47,416 shares
**
447,131
Franklin Templeton
Franklin Utilities R6, 17,448 shares
**
380,201
Touchstone
Mid Cap Y,
 
7,925 shares
**
327,161
MFS
Mid Cap Value
 
R6, 4,637 shares
**
130,405
JP Morgan
100% U.S. Treas Sec MM Inst, 3,303,831 shares
**
3,303,831
MFS
Md Cap Growth R6, 24,722 shares
**
594,556
Vanguard
Mid Cap Index Fund - Admiral, 4,067 shares
**
1,026,896
Fidelity
Advisor Growth Opps Z, 7,661 shares
**
759,134
Victory
High Yield Y,
 
35,859 shares
**
187,903
American
Funds Mortgage R6, 4,613 shares
**
41,470
T. Rowe Price
U.S. Equity Research, 2,723 shares
**
98,803
Blackrock
Advantage Small Cap Core K, 16,993 shares
**
244,365
Vanguard
Equity Income ADM, 5,560 shares
**
470,566
Total
10,085,737
Collective investment trusts:
Blackrock
Equity Index Fund R, 5,972 shares
**
3,152,138
Blackrock
LifePath Index 2025 Fund CL 35, 136,640 shares
**
3,504,829
Blackrock
LifePath Index 2030 Fund CL 35, 97,618 shares
**
2,756,737
Blackrock
LifePath Index 2035 Fund CL 35, 166,774 shares
**
5,124,968
Blackrock
LifePath Index 2040 Fund CL 35, 110,803
 
shares
**
3,624,373
Blackrock
LifePath Index 2045 Fund CL 35, 64,898 shares
**
2,253,261
Blackrock
LifePath Index 2050 Fund CL 35, 48,721 shares
**
1,694,014
Blackrock
LifePath Index 2055 CL 35, 77,691 shares
**
1,392,226
Blackrock
LifePath Index 2060 CL 35, 17,349 shares
**
299,618
Blackrock
LifePath Index 2065 Fund CL 35, 12,349 shares
**
135,350
Blackrock
LifePath Index Retire CL 35, 112,781 shares
**
2,099,987
Blackrock
MSCI ACWI ex-U.S. Index R, 41,777 shares
**
567,748
Blackrock
Russell 1000 Growth R, 49,957 shares
**
1,152,501
Blackrock
Russell 1000 Value
 
Index Fund R, 48,717 shares
**
880,307
Blackrock
Russell 2000 Index Fund R, 3,617 shares
**
742,563
Total
29,380,619
Company common stock:
*Capital City Bank Group, Inc.
Capital City Bank Group Stock, 78,592 shares
**
2,554,227
$
42,020,583
* 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
 
Bethany H. Corum, Chief Operating Officer
 
Capital City Bank Group, Inc.
 
Retirement Committee, Chairman
Dated: June 23, 2023