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, 2019
 
 
 
 
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:
 
 
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 and schedule of the Plan for the two years
 
ended December 31, 2019 and 2018
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, 2019 and 2018
and Year
 
Ended December 31, 2019
With Report of Independent Registered Public Accounting Firm
Capital City Bank Group, Inc. 401(k) Plan
Financial Statements and Supplemental Schedule
December 31, 2019 and 2018 and Year
 
Ended December 31, 2019
Contents
Report of Independent Registered Public Accounting Firm ............................................................1
Financial Statements
Statements of Net Assets Available for Benefits
 
.............................................................................3
Statement of Changes in Net Assets Available for Benefits ............................................................4
Notes to Financial Statements ..........................................................................................................5
 
Supplemental Schedule
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
 
.................................................12
 
1
 
 
 
 
 
 
 
Report of Independent Registered Public Accounting Firm
 
 
To the Plan Participants and the Plan Administrator of Capital City Bank Group, Inc. 401(k) Plan
 
 
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, 2019
 
and 2018,
 
and the
 
related statement
 
of
changes in net
 
assets available for
 
benefits for the
 
year ended December
 
31, 2019, and
 
the related notes
(collectively referred
 
to as
 
the “financial
 
statements”). In
 
our opinion,
 
the financial
 
statements present
fairly, in
 
all material respects,
 
the net assets
 
available for benefits of
 
the Plan at
 
December 31, 2019
 
and
2018, and
 
the changes in
 
its net
 
assets available for
 
benefits for
 
the year ended
 
December 31, 2019,
 
in
conformity with U.S. generally accepted accounting principles.
 
Basis for Opinion
These financial
 
statements are
 
the responsibility
 
of the
 
Plan’s management.
 
Our responsibility
 
is to
express an
 
opinion on
 
the Plan’s
 
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 audit
 
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.
 
2
 
Supplemental Schedule
The accompanying supplemental
 
schedule of assets
 
(held at end
 
of year) as
 
of December 31,
 
2019, has
been subjected to
 
audit procedures performed in conjunction with the
 
audit of the Plan’s financial
statements. The information in the
 
supplemental schedule is the responsibility of
 
the Plan’s
 
management.
Our audit procedures included determining whether
 
the information 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 information,
 
we evaluated
 
whether such
 
information, 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 information
is fairly stated, in all material respects, in relation to the financial statements
 
as a whole.
 
 
 
/s/ Ernst & Young LLP
 
 
We have served as the Plan’s
 
auditor since 2013.
 
Tallahassee, Florida
 
June 26, 2020
 
 
 
 
 
 
 
 
 
 
3
Capital City Bank Group, Inc. 401(k) Plan
Statements of Net Assets Available for Benefits
December 31,
2019
2018
Assets
Investments at fair value
$
39,420,736
$
30,575,947
Total assets
39,420,736
30,575,947
Net assets available for benefits
$
39,420,736
$
30,575,947
See accompanying notes.
 
 
 
 
 
 
 
 
 
 
4
Capital City Bank Group, Inc. 401(k) Plan
Statement of Changes in Net Assets Available for Benefits
Year
 
Ended December 31, 2019
2019
Additions
Investment income:
 
Dividends and interest income
$
261,721
Net appreciation in fair value of investments
6,762,000
Total Investment Income
7,023,721
Contributions:
Participants
2,743,588
Employer
727,515
Rollover
574,211
Total Contributions
4,045,314
Total Additions
11,069,035
Deductions
Benefit payments
2,102,344
Administrative expenses
121,902
Total deductions
2,224,246
Net increase
8,844,789
Net assets available for benefits at beginning of year
30,575,947
Net assets available for benefits at end of year
$
39,420,736
See accompanying notes.
 
5
Capital City Bank Group, Inc. 401(k) Plan
Notes to Financial Statements
December 31, 2019
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 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, 2019.
 
 
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 n
 
ew or re-
 
hired employees of
 
the Company.
 
The automatic deferral
 
amount is 3%
 
of eligible
compensation.
 
Beginning June 1,
 
2020, automatic contribution
 
was extended to
 
include any
 
associates
not actively deferring 3% or more; these associates will be auto-enrolled with a 3% deferral rate.
 
Furthermore, beginning June 1, 2021, the plan will auto-escalate 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 2019,
 
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.
 
No additional discretionary
 
employer contributions were made
 
for 2019.
 
All
new associates
 
hired after
 
January 1,
 
2020, in
 
addition to
 
the 50%
 
match, will
 
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.
 
Capital City Bank Group, Inc. 401(k) Plan
Notes to Financial Statements (continued)
 
6
 
1.
 
Description of Plan (continued)
 
 
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,
 
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
 
effective
January 1, 2020) plus actual earnings thereon is based on years of credited service.
 
A participant is 100%
vested in
 
the Company’s
 
matching and
 
discretionary contributions,
 
and related
 
earnings thereon,
 
after
three years
 
of credited
 
service (on
 
a cliff
 
basis).
 
Credited service
 
for vesting
 
purposed requires
 
1,000
hours during the Plan year.
 
A participant becomes fully vested in his or her account balance upon retirement,
 
death or disability.
 
Forfeitures
 
Forfeitures are used to reduce
 
the employer contributions and/or pay Plan administrative
 
expenses.
Unallocated forfeited
 
balances as
 
of December
 
31, 2019
 
and 201
 
8
 
were approximately
 
$11,200 and
$3,000 respectively. The
 
Company did not use forfeitures
 
to reduce Company contributions for
 
2019 and
2018.
 
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.
 
Forfeiture monies 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.
 
Capital City Bank Group, Inc. 401(k) Plan
Notes to Financial Statements (continued)
 
7
 
1.
 
Description of Plan (continued)
 
 
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.
 
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 supplemen
 
tal 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
 
 
The Financial Accounting Standards
 
Board issued Accounting Standards Update
 
(“ASU”) 2018-13,
Fair
Value
 
Measurement (Topic
 
820): Disclosure
 
Framework – Changes
 
to the Disclosure
 
Requirements for
Fair Value
 
Measurement
.
 
The amendments in this ASU modify the disclosure requirements on fair value
measurements in
 
Topic 820,
 
including the
 
removal, modification
 
to, and
 
addition of
 
certain disclosure
requirements.
 
The updated guidance is effective for fiscal years beginning after December 15, 2019, with
early adoption permitted.
 
The Plan is
 
currently assessing the timing
 
and impact of
 
adopting the updated
provisions.
 
This ASU is not expected to have a significant impact on the Plan’s fair value disclosures and
no impact to the financial statements.
 
Capital City Bank Group, Inc. 401(k) Plan
Notes to Financial Statements (continued)
 
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.
 
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 trust funds:
 
Valued
 
at the NAV
 
of units of a collective trust fund. 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.
 
 
 
 
 
 
 
 
 
 
 
Capital City Bank Group, Inc. 401(k) Plan
Notes to Financial Statements (continued)
 
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.
Assets at Fair Value as of
December 31, 2019
Level 1
Level 2
Level 3
Total
Company common stock
$
2,149,186
$
-
$
-
$
2,149,186
Mutual funds
6,908,476
-
-
6,908,476
Collective investment trusts
(a)
-
-
-
30,363,074
$
9,057,662
$
-
$
-
$
39,420,736
 
Assets at Fair Value as of
December 31, 2018
Level 1
Level 2
Level 3
Total
Company common stock
$
1,796,534
$
-
$
-
$
1,796,534
Mutual funds
4,033,083
-
-
4,033,083
Collective investment trusts
(a)
-
-
-
24,746,330
$
5,829,617
$
-
$
-
$
30,575,947
(a)
 
These investments are valued based on net asset value (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 2019,
 
the
Plan received common stock cash dividends of $35,375 from the Company.
 
Capital City Bank Group, Inc. 401(k) Plan
Notes to Financial Statements (continued)
 
10
 
6. Tax Status
 
The underlying
 
prototype plan
 
has received
 
an opinion
 
letter from
 
the Internal
 
Revenue Service
 
(IRS)
dated March
 
31, 2014,
 
stating that
 
the written
 
form of
 
the underlying
 
prototype document
 
is qualified
under Section 401 of the Internal Revenue Code (the
 
Code). Any employer adopting this form of the plan
will be considered to have a plan qualified under
 
Section 401 of the Code, and, therefore, the related trust
is tax-exempt. Once qualified, the
 
Plan is required to operate
 
in conformity with the
 
Code to maintain its
qualified status.
 
The plan
 
administrator believes
 
the Plan
 
is being
 
operated in
 
compliance w
 
ith the
applicable requirements of
 
the Code 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.
 
7. Subsequent Events
 
 
There were
 
no other
 
events or
 
transactions discovered
 
during management’s
 
evaluation of
 
subsequent
events that
 
require recognition
 
or disclosure
 
in the
 
financial statements other
 
than the
 
events discussed
below.
 
In March
 
2020, the
 
World Health
 
Organization declared
 
the outbreak
 
and ongoing
 
coronavirus 2019
disease (Covid-19) a pandemic. Covid-19 has contributed to significant declines and volatility in financial
markets.
 
As such, the
 
Plan saw a
 
relative decline in
 
market value of
 
securities held subsequent
 
to year
end.
 
The Plan
 
adopted certain
 
features specified
 
in recent
 
Federal regulations
 
of the
 
Coronavirus Aid
Relief and Economic Security
 
Act (“CARES Act”) for
 
qualifying participants including Covid-
 
19
distribution options
 
of up
 
to $100,000,
 
and elimination
 
of 2020
 
Required Minimum
 
Distributions for
those participants who meet certain qualifications.
 
 
 
 
 
 
 
 
 
 
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, 2019
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:
Clearbridge
Large Cap Growth IS, 8,908 shares
**
$
486,901
Cohen & Steers
Real Estate Securities Z, 24,864 shares
**
437,602
Fidelity
Advisor Small Cap Growth I, 33,945 shares
**
931,453
Fidelity
Advisor Total Bond I, 79,785 shares
**
868,862
Fidelity
Emerging Markets Idx Premium, 1,361 shares
**
76,048
Goldman Sachs
Small Cap Value
 
Insights R6, 51,487 shares
**
565,326
Franklin Templeton
Franklin Utilities R6, 9,578 shares
**
213,013
Harbor
Small Cap Value
 
Retirement, 8,370 shares
**
292,363
Touchstone
Mid Cap Y,
 
9,744 shares
**
390,846
Mass Mutual
Premier Infl-Prot and Inc I, 2,086 shares
**
21,754
Mass Mutual
Select Mid Cap Growth I, 24,404 shares
**
578,138
Morgan Stanley
Inst High Yield IS, 30,834 shares
**
303,406
JP Morgan
100% U.S. Treas Sec MM Inst, 1,278,765 shares
**
1,278,765
Principal
Government & High Qual Bd Inst, 5,155 shares
**
54,233
Great-West
Mid Cap Value
 
Instl, 3,284 shares
**
30,439
Transamerica
Large Cap Value
 
I, 22,738 shares
**
254,434
Wells Fargo
Discp US Core I, 6,814 shares
**
124,893
Total
6,908,476
Collective investment trusts:
Blackrock
Equity Index Fund R, 6,762 shares
**
2,859,686
Blackrock
LifePath Index 2025 Fund CL 35, 185,082 shares
**
4,588,172
Blackrock
LifePath Index 2030 Fund CL 35, 140,079 shares
**
3,748,518
Blackrock
LifePath Index 2035 Fund CL 35, 149,321 shares
**
4,267,598
Blackrock
LifePath Index 2040 Fund CL 35, 98,441 shares
**
2,948,320
Blackrock
LifePath Index 2045 Fund CL 35, 54,986 shares
**
1,723,250
Blackrock
LifePath Index 2050 Fund CL 35, 35,624 shares
**
1,110,057
Blackrock
LifePath Index 2055 CL 35, 70,506 shares
**
1,130,204
Blackrock
LifePath Index Retire CL 35, 240,837 shares
**
4,392,871
Blackrock
Mid Cap Equity Index Fund R, 4,455 shares
**
883,848
Blackrock
MSCI ACWI ex-U.S. Index R, 50,934 shares
**
686,087
Blackrock
Russell 1000 Growth R, 58,033 shares
**
1,069,547
Blackrock
Russell 1000 Value
 
R, 19,747 shares
**
300,158
Blackrock
Russell 2000 Index Fund R, 3,497 shares
**
654,758
Total
30,363,074
*Capital City Bank Group, Inc.
Capital City Bank Group Stock, 70,465 shares
**
2,149,186
$
39,420,736
* Party-in-interest
** Participant-directed investment, cost not required
 
 
 
 
CAPITAL CITY BANK GROUP,
 
INC. 401(k) PLAN
 
EXHIBIT INDEX
 
 
 
 
 
Exhibit No. Document
 
 
 
 
 
 
 
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/Beth Corum
 
 
 
Beth Corum, Co-Chief Operating Officer
 
 
Capital City Bank Group, Inc.
 
 
Retirement Committee, Chairman
 
 
Dated: June 26, 2020
 
 
 
exhibit231
Exhibit 23.1
 
 
Consent of Independent Registered Certified Public Accounting Firm
 
We consent to the incorporation by reference in the Registration Statement (Form S-8
 
No. 333-36693)
pertaining to the Capital City Bank Group, Inc. 401(k) Plan of
 
our report dated June 26, 2020, with
respect to the financial statements and schedule of the Capital City
 
Bank Group, Inc. 401(k) Plan included
in this Annual Report (Form 11-K) for the year ended December 31, 2019.
 
 
 
/s/ Ernst & Young LLP
 
 
Tallahassee,
 
Florida
June 26, 2020