UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
ANNUAL REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
____________________________
(Mark One)
[X]
1934
[ ]
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
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:
(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:
The Capital City Bank Group, Inc. 401(k) Plan (“Plan”) is subject to the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”). Therefore, in lieu of the requirements of items 1-3 of
Form 11-K, the financial statements as of December 31, 2025 and 2024, and for the year ended December
31, 2025, and schedules of the Plan as of December 31, 2025 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, 2025 and 2024
and Year Ended December 31, 2025
With Report of Independent Registered Public Accounting Firm
Capital City Bank Group, Inc. 401(k) Plan
Financial Statements and Supplemental Schedule
December 31, 2025 and 2024 and Year Ended December 31, 2025
Contents
Report of Independent Registered Public Accounting Firm ............................................................1
Financial Statements
Statements of Net Assets Available for Benefits .............................................................................2
Statement of Changes in Net Assets Available for Benefits ............................................................3
Notes to Financial Statements ..........................................................................................................4
Supplemental Schedule
Schedule H, Line 4i – Schedule of Assets (Held at End of Year) .................................................13
1
Report of Independent Registered Public Accounting Firm
Plan Administrator, Plan Participants, and Retirement Committee
Capital City Bank Group, Inc. 401(k) Plan
Tallahassee, Florida
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, 2025 and 2024, the related statement of changes in net assets available for benefits
for the year ended December 31, 2025, and the related notes (collectively referred to as the “financial statements”). In our
opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for
benefits of Capital City Bank Group, Inc. 401(k) Plan as of December 31, 2025 and 2024, and the changes in net assets
available for benefits for the year ended December 31, 2025 in conformity with accounting principles generally accepted
in the United States of America.
Basis of Opinion
These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on
these 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 audits 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.
Report on Supplemental Information
The supplemental information in the accompanying Schedule H, Line 4i – Schedule of Assets (Held at End of Year) as of
December 31, 2025 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial
statements. The supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included
determining whether the supplemental schedule 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 supplemental schedule, we evaluated whether the
supplemental schedule, 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 Schedule H, Line 4i – Schedule of Assets (Held at End of Year) as of December 31, 2025 is fairly stated, in
all material respects, in relation to the basic financial statements taken as a whole.
/s/
Forvis Mazars, LLP
Little Rock, Arkansas
June 24, 2025
We have served as the Plan’s auditor since 2022.
2
Capital City Bank Group, Inc. 401(k) Plan
Statements of Net Assets Available for Benefits
December 31,
2025
2024
Assets
Investments at fair value
$
$
Receivables:
Notes receivable from participants
Total assets
Net assets available for benefits
$
$
See accompanying notes.
3
Capital City Bank Group, Inc. 401(k) Plan
Statement of Changes in Net Assets Available for Benefits
Year Ended December 31, 2025
2025
Additions
Investment income:
Dividends and interest income
$
Net appreciation in fair value of investments
Total Investment Income
Interest from Notes Receivable from Participants
Contributions:
Participants
Employer
Rollover
Total Contributions
Total Additions
Deductions
Benefit payments
Administrative expenses
Total Deductions
Net increase
Transfer of net assets from Capital City Home Loans 401(k) Plan
Net assets available for benefits at beginning of year
Net assets available for benefits at end of year
$
See accompanying notes.
4
Capital City Bank Group, Inc. 401(k) Plan
Notes to Financial Statements
December 31, 2025 and 2024
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 who are not excluded and otherwise meet the requirements
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.
Capital City Home Loans, LLC (“CCHL”) became a wholly owned subsidiary of the Company on
January 1, 2025. The Plan was restated to include the employees of CCHL effective January 1, 2025 and
merge the assets of the Capital City Home Loans 401(k) Plan into the Plan effective January 15, 2025.
Additionally, the Plan was amended to permit existing participant loan balances transferred in the merger
to remain outstanding; however,
net assets totaling approximately $
“Transfer of net assets from Capital City Home Loans 401(k) Plan” in the accompanying Statement of
Changes in Net Assets Available for Benefits. The transferred balances primarily included participant-
directed investments of $
receivables, inclusive of forfeiture balances applied against such contributions, totaling $
related to the predecessor plan year.
The overall responsibility for administering the Plan rests with the Company. However, the Company has
delegated administration of the Plan to the Company’s Retirement Committee (the “Plan
Administrator”). The administrative and record-keeping services are outsourced to Empower Annuity
Insurance Company of America, while Reliance Trust serves as trustee and asset custodian. Strategic
Retirement Partners served as the 3(38) fiduciary for the plan year ended December 31, 2025.
Capital City Bank Group, Inc. 401(k) Plan
Notes to Financial Statements (continued)
5
Contributions
Each year, participants may elect to contribute up to
% 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 new or re-hired employees of the Company. The automatic deferral amount is
% of eligible
compensation. The Plan auto-escalates participants’ deferral rate by
% annually each June until a
%
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 which would exceed the ordinary deferral
limits imposed by Internal Revenue Code Section 402(g). The Plan also allows participants to contribute
monies as Roth contributions, subject to the same limitations as are in place for pretax contributions.
For 2025, the Company provided a
% discretionary match on participant contributions of
% or less of
eligible compensation. Only employees hired after January 1, 2002, and who have completed
service, are eligible for this match. In addition, employees hired or rehired after December 31, 2019, are
eligible to receive a separate non-elective contribution equal to
% of their eligible annual compensation,
calculated on a payroll basis.
begins.
Effective April 1, 2026, the Plan was amended to extend the
% automatic escalation feature until
participant deferrals reach
%. Effective April 1, 2026, the Company approved increasing the
discretionary employer match on participant contributions to a
% match on participant contributions of
% or less of eligible compensation.
Participant Accounts
Each participant’s account is credited with the participant’s contribution, the Company matching
contributions, and effective January 1, 2020 the
% non-elective contribution for eligible employees, and
allocations of Plan earnings based on the participant’s investment elections. Administrative expenses and
any applicable withdrawal fees 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 (including the
% non-elective contributions) plus actual earnings thereon is
based on years of credited service. A participant is
% vested in the Company’s matching,
% non-
elective and discretionary contributions (if any), and related earnings thereon, after
service (on a cliff basis). Credited service for vesting purposes requires
1,000 Hours
the Plan year.
As part of the January 1, 2025 CCHL Plan merger, transferred participants retained vested balances
earned under the predecessor plan terms and become fully vested upon
A participant becomes fully vested in his or her account balance upon retirement, death or disability.
Capital City Bank Group, Inc. 401(k) Plan
Notes to Financial Statements (continued)
6
Notes Receivable from Participants
Participants in the legacy Capital City Home Loans 401(k) Plan were previously permitted to borrow
from their fund accounts at minimum of $
%
of their vested account balance. The loans are secured by the balance in the participant’s account. The
loan interest rate was based on Prime rate plus
% on the date of the loan. Effective October 1, 2024, the
Capital City Home Loans 401(k) Plan ceased permitting new participant loans; however, participant loan
balances outstanding prior to such date were transferred to the Plan in connection with the merger on
January 1, 2025. Outstanding principal and interest is repaid through monthly payroll deductions in
accordance with the original loan terms. No additional participant loans are permitted under the amended
Plan provisions.
Forfeitures
Forfeitures may be, and are, used to reduce employer contributions (either non-elective or matching
contributions) and/or pay Plan expenses, including Plan administrative expenses. Unallocated forfeited
balances as of December 31, 2025 and 2024 were approximately $
, respectively.
During 2025, forfeitures of approximately $
administrative expenses. The Company used forfeitures of approximately $
contributions in 2025.
Payment of Benefits
Upon termination of service due to death, disability, retirement or other reason, participants (or their
beneficiary in the event of death) will, upon request, receive a lump-sum amount, or other installment
distributions, as permitted by the Plan Document, equal to the value of the vested interest in their 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. Forfeitures 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.
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
% vested in their employer contributions and earnings thereon.
Capital City Bank Group, Inc. 401(k) Plan
Notes to Financial Statements (continued)
7
Amendments
On September 18, 2024, the Plan was amended to allow auto portability effective January 1, 2025,
whereby upon termination a third-party service provider will move the terminated participant’s account
balance to an active account at a new employer’s plan.
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.
Contributions
Contributions from Plan participants and the matching contributions from the Employer are recorded in
the year in which the employee contributions are withheld from compensation.
Notes Receivable From Participants
Notes receivable from participants are measured at their unpaid principal balance plus any accrued but
unpaid interest. Interest income is recorded on the accrual basis. Related fees are recorded as
administrative expenses and are expensed when they are incurred.
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 supplemental 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.
Capital City Bank Group, Inc. 401(k) Plan
Notes to Financial Statements (continued)
8
Recent Accounting Pronouncements
Presently, Plan management is not aware of any recent accounting pronouncements from the Financial
Accounting Standards Board that will have a material impact on the Plan’s present or future financial
statements.
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. There have been no changes in the valuation techniques
used at December 31, 2025 and 2024.
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.
Capital City Bank Group, Inc. 401(k) Plan
Notes to Financial Statements (continued)
9
Collective investment trusts:
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. There were
unfunded commitments at December 31, 2025, or 2024. The fund has a daily redemption frequency and
redemption notice period.
The following tables set forth by level, within the fair value hierarchy, the Plan’s assets carried at fair
value.
December 31, 2025
Level 1
Level 2
Level 3
Total
Company common stock
$
$
$
$
Mutual funds
Collective investment trusts
(a)
$
$
$
$
December 31, 2024
Level 1
Level 2
Level 3
Total
Company common stock
$
$
$
$
Mutual funds
Collective investment trusts
(a)
$
$
$
$
(a)
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.
Capital City Bank Group, Inc. 401(k) Plan
Notes to Financial Statements (continued)
10
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 2025, the
Plan received common stock cash dividends of $
functions are performed by officers or employees of the Company.
compensation from the Plan. Administrative expenses of the Plan are netted directly from the participant
accounts and were $
of recordkeeping fees to Empower Annuity Insurance Company of America. Individually nonmaterial
expenses paid to other parties in interest aggregated $
Additionally, purchases and sales of the Company’s stock by participants were approximately $
and $
, respectively, during 2025.
6. Tax Status
The underlying pre-approved plan has
dated
, stating that the written form of the underlying pre-approved document is
qualified under Section 401 of the IRC. Any employer adopting this form of the plan will be considered
to have a plan
qualified
qualified, the Plan is required to operate in conformity with the IRC to maintain its qualified status. The
plan administrator believes the Plan is being operated in compliance with the applicable requirements of
the IRC 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. Reconciliation of Financial Statements to Form 5500
The following is a reconciliation of net assets available for benefit per the financial statements to Form
5500 as of December 31:
2025
2024
Net assets available for benefit per the financial statements
$
$
Deemed distributions of notes receivable
(21,121 )
Net assets available for benefit per the Form 5500
$
$
Capital City Bank Group, Inc. 401(k) Plan
Notes to Financial Statements (continued)
11
The following is a reconciliation of notes receivable from participants per the financial statements to
Form 5500 as of December 31:
2025
2024
Notes receivable from participants per the financial statements
$
$
Deemed distributions of notes receivable
(21,121 )
Notes receivable from participants per the Form 5500
$
$
The following is a reconciliation of benefits paid to participants per the financial statements to Form 5500
for the year ended December 31:
2025
Benefits paid to participants per the financial statements
$
Deemed distributions of notes receivable
Benefits paid to participants per the Form 5500
$
Supplemental Schedule
13
Capital City Bank Group, Inc. 401(k) Plan
Plan No.
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
December 31, 2025
Identity of Issue, Borrower,
Lessor, or Similar Party
Description of Investment Including Maturity Date, Rate of
Interest, Collateral, Par, or Maturity Value
Cost
Current
Mutual funds:
Cohen & Steers
Real Estate Securities Z, 17,714 shares
**
$
Fidelity
Advisor Small Cap Growth I, 40,982 shares
**
Fidelity
Advisor Total Bond I, 107,466 shares
**
PGIM
High-Yield R6, 73,384 shares
**
Fidelity
Emerging Markets Index, 66,341 shares
**
Franklin Templeton
Franklin Utilities R6, 30,474 shares
**
MFS
Mid Cap Value R6, 11,468 shares
**
JP Morgan
100% U.S. Treas Sec MM Inst, 2,598,721 shares
**
Vanguard
Mid Cap Index Fund - Admiral, 6,280 shares
**
Pimco
RAE US Small Instl, 14,006 shares
**
American
Funds Mortgage R6, 11,206 shares
**
T. Rowe Price
U.S. Equity Research, 33,637 shares
**
Blackrock
Advantage Small Cap Core K, 19,235 shares
**
Vanguard
Equity Income ADM, 15,801 shares
**
Fidelity
Stock Selector Fund K, 24,343 shares
**
MFS
Blended Research Mid Cap Equity Fund, 36,483 shares
**
JP Morgan
Large Cap Growth Fund R6, 43,919 shares
**
Total
Collective investment trusts:
Blackrock
Equity Index Fund R, 6,874 shares
**
Blackrock
Lifepath Index Retirement S, 252,880 shares
**
Blackrock
Lifepath Index 2030 Fund S, 149,093 shares
**
Blackrock
Lifepath Index 2035 Fund S, 207,809 shares
**
Blackrock
Lifepath Index 2040 Fund S, 183,096 shares
**
Blackrock
Lifepath Index 2045 Fund S, 109,545 shares
**
Blackrock
Lifepath Index 2050 Fund S, 88,312 shares
**
Blackrock
Lifepath Index 2055 Fund S, 134,135 shares
**
Blackrock
Lifepath Index 2060 Fund S, 74,475 shares
**
Blackrock
Lifepath IDX 2065 Fund Fee S, 54,937 shares
**
Blackrock
MSCI ACWI ex-U.S. Index R, 72,716 shares
**
Blackrock
Russell 1000 Growth R, 75,108 shares
**
Blackrock
Russell 1000 Value Index Fund R, 23,159 shares
**
Blackrock
Russell 2000 Index Fund R, 5,988 shares
**
Total
Company common stock:
Capital City Bank Group, Inc.
Capital City Bank Group Stock, 50,122 shares
**
*
Notes Receivable from
Participant loans, interest rates ranging from
% to
%,
maturities through 2029
$
* Party-in-interest
** Participant-directed investment, cost not required
CAPITAL CITY BANK GROUP, INC. 401(K) PLAN
EXHIBIT INDEX
Exhibit No. Document
23.1*
*Filed herewith
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/ Ashley T. Leggett
Dated: June 24, 2026