Annual report pursuant to Section 13 and 15(d)

RELATED PARTY TRANSACTIONS

v3.24.2
RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2023
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS
Note 19
RELATED PARTY
 
TRANSACTIONS
At December 31, 2023 and 2022, certain officers and directors were indebted
 
to the Bank in the aggregate amount of $
6.3
 
million
and $
7.3
 
million, respectively.
 
During 2023 and 2022, $
1.7
 
million and $
8.5
 
million in new loans were made and repayments
totaled $
2.7
 
million and $
5.0
 
million, respectively.
 
These loans were all current at December 31, 2023 and 2022.
Deposits from certain directors, executive officers, and
 
their related interests totaled $
36.9
 
million and $
66.3
 
million at December
31, 2023 and 2022, respectively.
The Company leases land from a partnership (Smith Interests General
 
Partnership L.L.P.)
 
in which William G. Smith, Jr.
 
has an
interest.
 
The Company made lease payments totaling $
0.2
 
million in 2023 and in December 2023 the lease payments adjusted to
$
0.1
 
million annually due to a reduction in the size of the parcel leased by the Company.
 
The payments under the lease
agreement provide for annual lease payments of approximately $
0.1
 
million annually through December 2033, and thereafter,
increase by
5
% every
10
 
years until 2053 at which time the rent amount will adjust based on reappraisal of the parcel
 
rental value.
 
The Company then has
four
 
successive options to extend the lease for
five years
 
each with rental increases of
5
% at each
extension.
 
William G. Smith, III, the son of our Chairman,
 
President and Chief Executive Officer,
 
William G. Smith, Jr.,
 
is employed as
President, North Florida Region at Capital City Bank.
 
In 2023, William G. Smith, III’s
 
total compensation (consisting of annual
base salary, annual bonus,
 
and stock-based compensation) was determined in accordance with the Company’s
 
standard
employment and compensation practices applicable to associates with similar responsibilities
 
and positions.