Quarterly report pursuant to Section 13 or 15(d)

BUSINESS AND BASIS OF PRESENTATION

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BUSINESS AND BASIS OF PRESENTATION
6 Months Ended
Jun. 30, 2024
Business and Basis of Presentation [Abstract]  
Business and Basis of Presentation
NOTE 1 –
BUSINESS AND BASIS OF PRESENTATION
Nature of Operations
.
 
Capital City Bank Group, Inc. (“CCBG” or the “Company”) provides a full range of
 
banking and banking-
related services to individual and corporate clients through its subsidiary,
 
Capital City Bank, with banking offices located in Florida,
Georgia, and Alabama.
 
The Company is subject to competition from other financial institutions, is subject to
 
regulation by certain
government agencies and undergoes periodic examinations
 
by those regulatory authorities.
Basis of Presentation
.
 
The consolidated financial statements in this Quarterly Report on Form
 
10-Q include the accounts of CCBG
and its wholly owned subsidiary,
 
Capital City Bank (“CCB” or the “Bank”).
 
All material inter-company transactions and accounts
have been eliminated.
 
Certain previously reported amounts have been reclassified to conform to the current year’s
 
presentation.
The accompanying unaudited consolidated financial statements have
 
been prepared in accordance with generally accepted accounting
principles for interim financial information and with the instructions to Form
 
10-Q and Article 10 of Regulation S-X.
 
Accordingly,
they do not include all of the information and notes required by generally accepted
 
accounting principles for complete financial
statements.
 
In the opinion of management, all adjustments (consisting of normal
 
recurring accruals) considered necessary for a fair
presentation have been included.
 
The Consolidated Statement of Financial Condition at December
 
31, 2023 has been derived from the audited consolidated financial
statements at that date, but does not include all of the information and notes
 
required by generally accepted accounting principles for
complete financial statements.
 
For further information, refer to the consolidated financial statements and notes
 
thereto included in the
Company’s 2023 Form
 
10-K/A.
Accounting Standards Updates
Proposed Accounting Standards
,
ASU
 
2023-01, “Leases (Topic
 
842)
:
 
Common Control Arrangements.” Accounting Standards
Update (“ASU”) 2023-01 requires entities to amortize leasehold
 
improvements associated with common control leases over the useful
life to the common control group. ASU 2023-01 also provides certain practical
 
expedients applicable to private companies and not-
for-profit organizations. The standard is effective
 
for the Company on January 1, 2024. As the Company does not have any such
common control leases, adoption of this standard did not have any immediate impact
 
on its consolidated financial statements and
related disclosures.
ASU No.
 
2023-02, “Investments—Equity Method and Joint Ventures
 
(Topic
 
323)
: Accounting for Investments in Tax
 
Credit
Structures Using the Proportional Amortization Method.” ASU 2023-02
 
is intended to improve the accounting and disclosures for
investments in tax credit structures. ASU 2023-02 allows entities to elect to account
 
for qualifying tax equity investments using the
proportional amortization method, regardless of the program giving
 
rise to the related income tax credits. Previously,
 
this method was
only available for qualifying tax equity investments in low-income
 
housing tax credit structures. The standard was effective for the
Company on January 1, 2024. As the Company does not have any such investments
 
in tax credit structures that are accounted for
using the proportional amortization method, adoption of this standard did not have
 
any immediate impact on its consolidated financial
statements or disclosures.
 
ASU No. 2023-06, “Disclosure Improvements:
 
Codification Amendments in Response to the SEC’s
 
Disclosure Update and
Simplification Initiative.”
 
ASU 2023-06 is intended to clarify or improve disclosure and presentation
 
requirements of a variety of
topics, which will allow users to more easily compare entities subject to the SEC's existing
 
disclosures with those entities that were
not previously subject to the requirements and align the requirements in the
 
FASB accounting standard
 
codification with the SEC's
regulations. The Company is currently evaluating the provisions of
 
the amendments and the impact on its future consolidated
statements.
ASU No. 2023-07, “Improvements to Reportable
 
Segment Disclosures.”
ASU
 
2023-07 requires disclosure of significant segment
expenses and other segment items on an interim and annual basis. The standard
 
is effective for fiscal years beginning after December
15, 2023, and for interim periods beginning after December 15,
 
2024. The Company is currently evaluating the provisions of the
amendments
 
and the impact on its future consolidated statements.
ASU 2023-09, ”Income Taxes
 
(Topic
 
740) – Improvements to Income Tax
 
Disclosures.”
ASU 2023-09 is intended to increase
transparency about income tax information by requiring consistent categories
 
and greater disaggregation of information in the rate
reconciliation and income taxes paid, disaggregated by jurisdiction. This guidance
 
will be effective for annual periods beginning after
December 15, 2024. The Company is currently evaluating the provisions
 
of the amendments and the impact on its future consolidated
statements.