Capital City Bank Group, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

LEASES

LEASES	6 Months Ended
LEASES	Jun. 30, 2023
Leases [Abstract]
Leases	NOTE 6 – LEASES Operating leases in which the Company is the lessee are recorded as operating lease right of use (“ROU”) assets and operating liabilities, included in other assets and liabilities, respectively, on its Consolidated Statement of Financial Condition. The Company’s operating leases primarily relate to banking offices with remaining lease terms from 1 to 42 years. The Company’s leases are not complex and do not contain residual value guarantees, variable lease payments, or significant assumptions or judgments made in applying the requirements of Topic 842. Operating leases with an initial term of 12 months or less are not recorded on the Consolidated Statement of Financial Condition and the related lease expense is recognized on a straight-line basis over the lease term. At June 30, 2023, the operating lease ROU assets and liabilities were $ 24.3 million and $ 24.6 million, respectively. At December 31, 2022, ROU assets and liabilities were $ 22.3 million and $ 22.7 million, respectively. The Company does not have any finance leases or any significant lessor agreements. The table below summarizes our lease expense and other information related to the Company’s operating leases. Three Months Ended Six Months Ended June 30, June 30, (Dollars in Thousands) 2023 2022 2023 2022 Operating lease expense $ 705 $ 391 $ 1,405 $ 775 Short-term lease expense 132 159 271 337 Total lease expense $ 837 $ 550 $ 1,676 $ 1,112 Other information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 706 $ 435 $ 1,411 $ 864 Right-of-use assets obtained in exchange for new operating lease liabilities 87 600 2,993 1,192 Weighted average remaining lease term — operating leases (in years) 18.5 24.5 18.5 24.5 Weighted average discount rate — operating leases 3.3% 2.2% 3.3% 2.2% The table below summarizes the maturity of remaining lease liabilities: (Dollars in Thousands) June 30, 2023 2023 $ 1,664 2024 2,697 2025 2,469 2026 2,333 2027 2,245 2028 and thereafter 21,045 Total $ 32,453 Less: Interest (7,808) Present Value of Lease liability $ 24,645 At June 30, 2023, the Company had no additional operating lease obligations for banking offices that have not yet commenced. A related party is the lessor in an operating lease with the Company. The Company’s minimum payment is $ 0.1 million annually through 2052, for an aggregate remaining obligation of $ 2.4 million at June 30, 2023.