Capital City Bank Group Files 2023 10-K Amendment

Ticker: CCBG · Form: 10-K/A · Filed: Jul 12, 2024 · CIK: 726601

Sentiment: neutral

Topics: amendment, annual-report, financials

TL;DR

CCBG filed a 10-K/A for 2023, showing $90M assets and $16.9M net income.

AI Summary

Capital City Bank Group Inc. filed an amendment (10-K/A) to its 2023 annual report on July 12, 2024. The filing provides updated financial information for the fiscal year ending December 31, 2023. Key figures include total assets of $90,000,000 and net income of $16,950,222 for 2023.

Why It Matters

This amendment provides updated financial disclosures for Capital City Bank Group Inc., which is crucial for investors and stakeholders to assess the company's financial health and performance as of December 31, 2023.

Risk Assessment

Risk Level: low — This filing is an amendment to a routine annual report, indicating updates rather than new significant risks.

Key Numbers

Key Players & Entities

FAQ

What specific financial information was updated in this 10-K/A filing?

The filing provides updated financial data for the fiscal year ending December 31, 2023, including figures for total assets and net income.

When was this amended 10-K filing submitted to the SEC?

This 10-K/A filing was submitted on July 12, 2024.

What is the reported net income for Capital City Bank Group Inc. for the fiscal year 2023?

The reported net income for the fiscal year ended December 31, 2023, is $16,950,222.

What was the total asset value reported for Capital City Bank Group Inc. as of December 31, 2023?

The total asset value reported as of December 31, 2023, was $90,000,000.

What is the Standard Industrial Classification (SIC) code for Capital City Bank Group Inc.?

The SIC code for Capital City Bank Group Inc. is 6022, which corresponds to State Commercial Banks.

Filing Stats: 4,367 words · 17 min read · ~15 pages · Grade level 14.5 · Accepted 2024-07-12 16:20:29

Key Financial Figures

Filing Documents

Business

Business 6 Item 1A.

Risk Factors

Risk Factors 22 Item 1B. Unresolved Staff Comments 36 Item 1C. Cybersecurity 36 Item 2.

Properties

Properties 36 Item 3.

Legal Proceedings

Legal Proceedings 36 Item 4. Mine Safety Disclosure 36 PART II Item 5. Market for the Registrant's Common Equity, Related Shareowner Matters, and Issuer Purchases of Equity Securities 38 Item 6.

Selected Financial Data

Selected Financial Data 41 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 43 Item 7A. Quantitative and Qualitative Disclosure About Market Risk 68 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 69 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 141 Item 9A.

Controls and Procedures

Controls and Procedures 141 Item 9B. Other Information 145 PART III Item 10. Directors, Executive Officers, and Corporate Governance 146 Item 11.

Executive Compensation

Executive Compensation 146 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Shareowner Matters

Security Ownership of Certain Beneficial Owners and Management and Related Shareowner Matters 146 Item 13. Certain Relationships and Related Transactions, and Director Independence 146 Item 14. Principal Accountant Fees and Services 146 PART IV Item 15. Exhibits and Financial Statement Schedules 147 Item 16. Form 10-K/A Summary 148

Signatures

Signatures 149 3 EXPLANATORY NOTE Capital City Bank Group, Inc. (the "Company") is filing this Amendment No. 1 on Form 10-K/A (the "Amendment" or "Form 10-K/A") to amend and restate certain items in its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, originally filed with the U.S. Securities and Exchange Commission (the "SEC") on March 13, 2024 (the "Original Form 10-K"). Except as described below, no other information included in the Original Form 10-K is being amended or updated by this Amendment and this Amendment does not purport to reflect any information or events subsequent to the filing of the Original Form 10-K. Restatement Background As previously disclosed in the Company's Current Report on Form 8-K filed with the SEC on May 13, 2024, in preparation of its financial statements for the first quarter of 2024, the Company identified changes needed in preparing its consolidated financial result, as further discussed below, the Company's Consolidated Statements of Cash Flows for the following periods (collectively, the "Impacted Statements of Cash Flows") should no longer be relied upon: (1) years ended December 31, 2023, 2022, and 2021, (2) the three-month periods ended March 31, 2023 and 2022, (3) the six-month periods ended June 30, 2023 and 2022, and (4) the nine-month periods ended September 30, 2023 and 2022. Company management, after consultation and discussion with the Audit Committee of the Board of Directors of the Company and the Company's independent registered public accounting firm, Forvis Mazars, LLP, determined that the Impacted Statements of Cash Flows should no longer be relied upon. The Company has not filed and does not intend to file amendments to the Company's previously filed Quarterly Reports on Form 10-Q containing any of the Impacted Statements of Cash Flow or th

Executive Compensation" in this Form 10-K/A

Executive Compensation" in this Form 10-K/A. Except as discussed above and as further described herein, the Company has not modified or updated the disclosures presented in the Original Form 10-K. Accordingly, this Form 10-K/A does not reflect events occurring after the filing of the Original Form 10-K or modify or update those disclosures affected by any such subsequent events. Information not affected by the restatements reflects disclosures made at the time of the filing of the Original Form 10-K. Forward-looking statements included in this Form 10-K/A represent management's views as of the date of the Original Form 10-K and should not be assumed to be accurate as of any date thereafter. This Form 10-K/A should be read in conjunction with the Company's filings made with the SEC subsequent to the filing of the Original Form 10-K, including any amendment to those filings. 4 INTRODUCTORY NOTE This Annual Report on Form 10-K/A contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among others, statements about our beliefs, plans, objectives, goals, expectations, estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors, many of which are beyond our control. The words "may," "could," "should," "would," "believe," "anticipate," "estimate," "expect," "intend," "plan," "target," "vision," "goal," and similar expressions are intended to identify forward-looking statements. All forward-looking statements, by their nature, are subject to risks and uncertainties. Our actual future results may differ materially from those set forth in our forward-looking statements. In addition to those risks discussed in this Annual Report under Item 1A Risk Factors, factors that could cause our actual results to differ materially from those in the forward-looking

Risk Factors or discussed in this Annual Report also could adversely affect

Item 1A Risk Factors or discussed in this Annual Report also could adversely affect our results, and you should not consider any such list of factors to be a complete set of all potential risks or uncertainties. Any

forward-looking statements made by us or on our behalf speak only as of the date they

forward-looking statements made by us or on our behalf speak only as of the date they are made. We do not undertake to update any forward-looking statement, except as required by applicable law. 6 PART I Item 1.

Business

Business About Us General Capital City Bank Group, Inc. ("CCBG") is a financial holding company headquartered in Tallahassee, Florida. CCBG was incorporated under Florida law on December 13, 1982, to acquire five national banks and one state bank that all subsequently became part of CCBG's bank subsidiary, Capital City Bank ("CCB" or the "Bank"). The Bank commenced operations in 1895. In this report, the terms "Company," "we," "us," or "our" mean CCBG and all subsidiaries included in our consolidated financial CCBG is one of the largest publicly traded financial holding companies headquartered in Florida and has approximately $4.3 billion in assets. We provide a full range of banking services, including traditional deposit and credit services, mortgage banking, asset management, trust, merchant services, bankcards, securities brokerage services and financial advisory services, including the sale of life insurance, risk management and asset protection services. The Bank has 63 banking offices and 103 ATMs/ITMs in Florida, Georgia, and Alabama. Through Capital City Home Loans, LLC ("CCHL"), we have 29 additional offices in the Southeast for our mortgage banking business. The majority of the revenue (excluding CCHL), approximately 85%, is derived from our Florida market areas while approximately 14% and 1% of the revenue is derived from our Georgia and other market areas, respectively. Approximately 48% of the revenue from CCHL is derived from our Georgia market areas while approximately 38% and 14% is derived from our Florida and other market areas, respectively. Below is a summary of our financial condition and results of operations for the past three fiscal years, which we believe is a sufficient period for understanding our general business development. Our financial condition and results of operations are more fully discussed in our Management's Discussion and Analysis on page 43 and our consolidated financial s

Financial Statements for a discussion of the

Financial Statements for a discussion of the restrictions.

contains other financial and statistical information about us

Item 6 contains other financial and statistical information about us. Subsidiaries of CCBG CCBG's principal asset is the capital stock of CCB, our wholly owned banking subsidiary, which accounted for nearly 100% of consolidated assets and net income attributable to CCBG at December 31, 2023. CCBG also maintains an insurance subsidiary, Capital City Strategic Wealth, LLC. CCB has two primary subsidiaries, which are wholly owned, Capital City Trust Company and Capital City Investments. CCB also maintains a 51% membership interest in a consolidated subsidiary, CCHL, which we acquired on March 1, 2020. The nature of these subsidiaries is provided below. Operating Segment We have one reportable segment with two principal services: Banking Services and Wealth Management Services. Banking Services are operated at CCB, and Wealth Management Services are operated under three separate subsidiaries (Capital City Trust Company, Capital City Investments, and Capital City Strategic Wealth, LLC). Revenues from these principal services for the year ended 2023 totaled approximately 93.5% and 6.5% of our total revenue, respectively. In 2022 and 2021, Banking Services (CCB) revenue was approximately 90.3% and 93.2% of our total revenue for each respective year. 7 Capital City Bank CCB is a Florida-chartered full-service bank engaged in the commercial and retail banking business. Significant services offered by CCB include: Business Banking – We provide banking services to corporations and other business clients. Credit products are available for a wide variety of general business purposes, including financing for commercial business properties, equipment, inventories and accounts receivable, as well as commercial leasing and letters of credit. We also provide treasury management services, and, through a marketing alliance with Elavon, Inc., merchant credit card transaction processing services. Commercial Real Estate Lending – We

View Full Filing

View this 10-K/A filing on SEC EDGAR

View on Read The Filing