Annual report [Section 13 and 15(d), not S-K Item 405]

EMPLOYEE BENEFIT PLANS

v3.25.0.1
EMPLOYEE BENEFIT PLANS
 12 Months Ended
Dec. 31, 2024
Employee benefits plans [Abstract]  
EMPLOYEE BENEFIT PLANS
Note 15
EMPLOYEE BENEFIT PLANS
Pension Plan
The Company sponsors a noncontributory pension plan covering
 
a portion of its associates.
 
On December 30, 2019, the plan was
amended to remove plan eligibility for new associates hired after December 31,
 
2019. There were no amendments to the Plan in
2020 or 2021. The Plan was also amended in December 2022, effective
 
January 1, 2020, increasing the required minimum
distribution age to
72
, per the SECURE Act 1.0. During 2023 and effective January 1, 2023, the Plan
 
was amended increasing the
required minimum distribution age to
73
, per the SECURE Act 2.0. Benefits under this plan generally are based on the associate’s
total years of service and average of the
five
 
highest years of compensation during the
ten years
 
immediately preceding their
departure.
 
The Company’s general funding policy
 
is to contribute amounts sufficient to meet minimum funding requirements as
set by law and to ensure deductibility for federal income tax purposes.
 
The following table details on a consolidated basis the changes in benefit
 
obligation, changes in plan assets, the funded status of
the plan, components of pension expense, amounts recognized in the
 
Company’s Consolidated Statements of
 
Financial Condition,
and major assumptions used to determine these amounts.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in Thousands)
2024
2023
2022
Change in Projected Benefit Obligation:
Benefit Obligation at Beginning of Year
$
120,287
$
108,151
$
172,508
Service Cost
3,715
3,488
6,289
Interest Cost
6,097
5,831
4,665
Actuarial (Gain) Loss
(1,974)
6,936
(39,962)
Benefits Paid
(4,829)
(3,843)
(2,139)
Expenses Paid
(277)
(276)
(416)
Settlements
-
-
(32,794)
Projected Benefit Obligation at End of Year
$
123,019
$
120,287
$
108,151
Change in Plan Assets:
Fair Value
 
of Plan Assets at Beginning of Year
$
125,295
$
104,276
$
165,274
Actual Return on Plan Assets
20,288
19,138
(25,649)
Employer Contributions
-
6,000
-
Benefits Paid
(4,829)
(3,843)
(2,139)
Expenses Paid
(277)
(276)
(416)
Settlements
-
-
(32,794)
Fair Value
 
of Plan Assets at End of Year
$
140,477
$
125,295
$
104,276
Funded Status of Plan and Accrued Liability Recognized at End of Year:
Other (Assets) Liabilities
$
(17,458)
$
(5,008)
$
3,875
Accumulated Benefit Obligation at End of Year
$
105,201
$
102,642
$
91,770
Components of Net Periodic Benefit Costs:
Service Cost
$
3,715
$
3,488
$
6,289
Interest Cost
6,097
5,831
4,665
Expected Return on Plan Assets
(8,117)
(6,805)
(10,701)
Amortization of Prior Service Costs
-
5
15
Net Loss Amortization
165
934
1,713
Net Loss Settlements
-
-
2,321
Net Periodic Benefit Cost
$
1,860
$
3,453
$
4,302
Weighted-Average
 
Assumptions Used to Determine Benefit Obligation:
Discount Rate
5.82%
5.29%
5.63%
Rate of Compensation Increase
(1)
4.75%
5.10%
5.10%
Measurement Date
12/31/24
12/31/23
12/31/22
Weighted-Average
 
Assumptions Used to Determine Benefit Cost:
Discount Rate
5.29%
5.63%
3.11%
Expected Return on Plan Assets
6.75%
6.75%
6.75%
Rate of Compensation Increase
(1)
4.75%
5.10%
4.40%
Amortization Amounts from Accumulated Other Comprehensive Loss:
Net Actuarial Gain
 
$
(14,145)
$
(5,397)
$
(3,612)
Prior Service Cost
-
(5)
(15)
Net Loss
(165)
(934)
(4,034)
Deferred Tax Expense
3,628
1,606
1,942
Other Comprehensive Gain, net of tax
$
(10,682)
$
(4,730)
$
(5,719)
Amounts Recognized in Accumulated Other Comprehensive (Gain) Loss:
Net Actuarial (Gain) Loss
$
(12,988)
$
1,322
$
7,653
Prior Service Cost
-
-
5
Deferred Tax Expense
 
(Benefit)
3,293
(335)
(1,941)
Accumulated Other Comprehensive (Gain) Loss, net of tax
$
(9,695)
$
987
$
5,717
(1)
 
The Company utilized an age-graded approach that varies the rate based
 
on the age of the participants.
During 2022, lump sum payments made under the Company’s
 
defined benefit pension plan triggered settlement accounting,
which resulted in $
2.3
 
million of settlement losses during 2022 in accordance with applicable accounting
 
guidance for defined
benefit plans.
 
The Company recorded
no
 
settlement losses during 2024 and 2023.
 
The service cost component of net periodic benefit cost is reflected in compensation
 
expense in the accompanying Consolidated
Statements of Income.
 
The other components of net periodic cost are included in “other” within the noninterest
 
expense category
in the Consolidated Statements of Income.
 
See Note 1 – Significant Accounting Policies for additional information.
The Company expects to recognize $
1.7
 
million of the net actuarial gain reflected in accumulated other comprehensive
 
loss at
December 31, 2024 as a component of net periodic benefit cost during 202
 
5.
Plan Assets.
The Company’s pension
 
plan asset allocation at December 31, 2024 and 2023, and the target
 
asset allocation for
2024 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Target
Percentage of Plan
Allocation
Assets at December 31
(1)
2025
2024
2023
Equity Securities
68
%
73
%
70
%
Debt Securities
27
%
20
%
18
%
Cash and Cash Equivalents
5
%
7
%
12
%
Total
100
%
100
%
100
%
(1)
Represents asset allocation at December 31 which
 
may differ from the average target
 
allocation for the year due to the year-
end cash contribution to the plan.
The Company’s pension plan assets are overseen
 
by the CCBG Retirement Committee.
 
Capital City Trust Company acts as the
investment manager for the plan.
 
The investment strategy is to maximize return on investments while minimizing risk.
 
The
Company believes the best way to accomplish this goal is to take a conservative
 
approach to its investment strategy by investing
in mutual funds that include various high-grade equity securities and investment
 
-grade debt issuances with varying investment
strategies.
 
The target asset allocation will periodically be adjusted based
 
on market conditions and will operate within the
following investment policy statement allocation ranges: equity securities ranging
 
from
55
% and
75
%, debt securities ranging
from
17
% and
37
%, and cash and cash equivalents ranging from
0
% and
10
%.
 
The overall expected long-term rate of return on
assets is a weighted-average expectation for the return on plan assets.
 
The Company considers historical performance data and
economic/financial data to arrive at expected long-term rates of return for each asset category.
The major categories of assets in the Company’s
 
pension plan at December 31 are presented in the following table.
 
Assets are
segregated by the level of the valuation inputs within the fair value hierarchy
 
established by ASC Topic 820
 
utilized to measure
fair value (see Note 22 – Fair Value
 
Measurements).
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in Thousands)
2024
2023
Level 1:
U.S. Treasury Securities
$
17,039
$
16,126
Mutual Funds
111,426
92,991
Cash and Cash Equivalents
9,010
15,717
Level 2:
Corporate Notes/Bonds
3,002
461
Total Fair Value
 
of Plan Assets
$
140,477
$
125,295
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expected Benefit Payments.
 
At December 31, expected benefit payments related to the defined benefit pension
 
plan were as
follows:
(Dollars in Thousands)
2024
2025
$
12,571
2026
11,522
2027
10,958
2028
9,503
2029
9,430
2030 through 2034
48,260
Total
$
102,244
Contributions.
 
The following table details the amounts contributed to the pension plan in 2024
 
and 2023, and the expected
amount to be contributed in 2025.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expected
Contribution
(Dollars in Thousands)
2023
2024
2025
(1)
Actual Contributions
$
6,000
$
-
$
5,000
(1)
 
For 2025, the Company will have the option to make a cash contribution
 
to the plan or utilize pre-funding balances.
 
Supplemental Executive Retirement Plan
The Company has a Supplemental Executive Retirement Plan (“SERP”) and
 
a Supplemental Executive Retirement Plan II
(“SERP II”) covering selected executive officers.
 
Benefits under this plan generally are based on the same service and
compensation as used for the pension plan, except the benefits are calculated without
 
regard to the limits set by the Internal
Revenue Code on compensation and benefits.
 
The net benefit payable from the SERP is the difference between
 
this gross benefit
and the benefit payable by the pension plan.
 
The SERP II was adopted by the Company’s Board
 
on May 21, 2020 and covers
certain executive officers that were not covered by
 
the SERP.
The following table details on a consolidated basis the changes in benefit
 
obligation, the funded status of the plan, components of
pension expense, amounts recognized in the Company’s
 
Consolidated Statements of Financial Condition, and major assumptions
used to determine these amounts.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in Thousands)
2024
2023
2022
Change in Projected Benefit Obligation:
Benefit Obligation at Beginning of Year
$
9,204
$
10,948
$
13,534
Service Cost
37
18
31
Interest Cost
454
501
315
Actuarial (Gain) Loss
198
201
(2,932)
Plan Amendments
239
-
-
Net Settlements
-
(2,464)
-
Projected Benefit Obligation at End of Year
$
10,132
$
9,204
$
10,948
Funded Status of Plan and Accrued Liability Recognized at End of Year:
Other Liabilities
$
10,132
$
9,204
$
10,948
Accumulated Benefit Obligation at End of Year
$
9,580
$
8,943
$
10,887
Components of Net Periodic Benefit Costs:
Service Cost
$
37
$
18
$
31
Interest Cost
454
501
315
Amortization of Prior Service Cost
-
151
277
Net Loss Amortization
(281)
(531)
718
Net Gain Settlements
-
(291)
-
Net Periodic Benefit Cost
$
210
$
(152)
$
1,341
Weighted-Average
 
Assumptions Used to Determine Benefit Obligation:
Discount Rate
5.57%
5.11%
5.45%
Rate of Compensation Increase
(1)
4.75%
5.10%
5.10%
Measurement Date
12/31/24
12/31/23
12/31/22
Weighted-Average
 
Assumptions Used to Determine Benefit Cost:
Discount Rate
5.11%
5.45%
2.80%
Rate of Compensation Increase
(1)
4.75%
5.10%
4.40%
Amortization Amounts from Accumulated Other Comprehensive Loss:
Net Actuarial Loss (Gain)
$
198
$
201
$
(2,932)
Prior Service (Benefit) Cost
239
(151)
(277)
Net Gain (Loss)
281
531
(718)
Settlement Gain
 
-
291
-
Deferred Tax (Benefit)
 
Expense
(183)
(222)
995
Other Comprehensive Loss (Gain), net of tax
$
535
$
650
$
(2,932)
Amounts Recognized in Accumulated Other Comprehensive Gain:
Net Actuarial Gain
$
(275)
$
(753)
$
(1,775)
Prior Service Cost
239
-
151
Deferred Tax Benefit
 
9
191
412
Accumulated Other Comprehensive Gain, net of tax
$
(27)
$
(562)
$
(1,212)
(1)
 
The Company utilized an age-graded approach that varies the rate based
 
on the age of the participants.
The Company expects to recognize approximately $
15,000
 
of the net actuarial gain reflected in accumulated other comprehensive
loss at December 31, 2024 as a component of net periodic benefit cost during
 
2025.
 
In June 2023, lump sum retirement distributions to two plan participants
 
required the application of settlement accounting.
 
The
amount of the settlement gain was $
0.3
 
million.
Expected Benefit Payments
. As of December 31, expected benefit payments related to the SERP were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in Thousands)
2024
2025
$
9,351
2026
95
2027
116
2028
137
2029
129
2030 through 2034
1,121
Total
$
10,949
401(k) Plan
The Company has a 401(k) Plan which enables CCB and CCBG associates to defer
 
a portion of their salary on a pre-tax
basis.
 
The plan covers substantially all associates of the Company who meet
 
minimum age requirements.
 
The plan is designed to
enable participants to contribute any amount, up to the maximum annual limit allowed
 
by the IRS, of their compensation withheld
in any plan year placed in the 401(k) Plan trust account.
 
Matching contributions of
50
% from the Company are made for up to
6
% of the participant’s compensation for
 
eligible associates.
 
Further, in addition to the
50
% match, all associates hired after
December 31, 2019 will receive annually a contribution by the Company
 
equal to
3
% of their compensation.
 
For 2024, the
Company made annual matching contributions of $
1.9
 
million.
 
For 2023 and 2022, the Company made annual matching
contributions of $
1.7
 
million and $
1.4
 
million, respectively.
 
The participant may choose to invest their contributions into thirty-
four investment options available to 401(k) participants, including the Company’s
 
common stock.
 
A total of
50,000
 
shares of
CCBG common stock have been reserved for issuance.
 
Shares issued to participants have historically been purchased in the open
market.
 
CCHL has a 401(k) Plan available to all CCHL associates who are
 
employed.
 
The plan allows participants to contribute any
amount, up to the maximum annual limit allowed by the IRS, of their compensation
 
withheld in any plan year placed in the
401(k) Plan trust account.
 
A discretionary matching contribution is determined annually by CCHL.
 
For 2024, 2023, and 2022,
matching contributions were made by CCHL up to
3
% of eligible participant’s
 
compensation totaling $
0.4
 
million for each
respective year.
 
Other Plans
The Company has an Amended and Restated Dividend Reinvestment Plan (the
 
“DRIP”). The DRIP is an “Open Market Only”
plan, which means that shares that participants receive under the DRIP will only
 
be purchased by the plan agent in the open
market. The Company did
no
t issue any new shares under the DRIP in 2024, 2023 and 2022.