10-Q/A

   1
                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                   FORM 10-QA

                QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

                     OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended                           Commission File Number
         MARCH 31, 1998                                         0-29132

                               TIB FINANCIAL CORP.
- -------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

FLORIDA                                                   65-0655973
- -------------------------------------------------------------------------------
(State or other jurisdiction of                           (I.R.S. Employer
incorporation or organization)                            Identification No.)

              99451 OVERSEAS HIGHWAY, KEY LARGO, FLORIDA 33037-7808
- -------------------------------------------------------------------------------
               (Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code:           305-451-4660

                                 Not Applicable
- -------------------------------------------------------------------------------
              (Former name, former address and former fiscal year,
                          if changed since last report)

Indicate by mark whether the registrant (1) has filed all reports required to be
filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirements for
the past 90 days.

                           YES   X           NO
                           -------           -------

Indicate the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date:

Common Stock, $0.10 Par Value                    4,422,379
- -----------------------------          --------------------------------
        Class                          Outstanding as of April 30, 1998


   2



Part II. OTHER INFORMATION

Item 6.  EXHIBITS AND REPORTS ON FORM 8-K

         (a)      Exhibit 27   - Financial Data Schedule for March 31, 1998 as
                  previously filed (SEC use only) 
                  Exhibit 27.1 - Restated Financial Data Schedule for
                  December 31, 1996 (SEC use only)
                  Exhibit 27.2 - Restated Financial Data Schedule for 
                  March 31, 1997 (SEC use only)
                  Exhibit 27.3 - Restated Financial Data Schedule for 
                  June 30, 1997 (SEC use only)
                  Exhibit 27.4 - Restated Financial Data Schedule for 
                  September 30, 1997 (SEC use only)

         (b)      No reports on Form 8-K were filed during the quarter ended
                  March 31, 1998

                                   SIGNATURES

In accordance with the requirements of the Securities Exchange Act of 1934, the
registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.

                                       TIB FINANCIAL CORP.

                                       /s/ Edward V. Lett
                                       -------------------------------------
Date:  May 28, 1998                    Edward V. Lett
                                       President and Chief Executive Officer

EX-27

 

<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF TIB FINANCIAL CORPORATION FOR THE THREE MONTHS ENDED
MARCH 31, 1998, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.

       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               MAR-31-1998
<CASH>                                      16,922,635
<INT-BEARING-DEPOSITS>                               0
<FED-FUNDS-SOLD>                            26,790,000
<TRADING-ASSETS>                                     0
<INVESTMENTS-HELD-FOR-SALE>                 17,923,365
<INVESTMENTS-CARRYING>                      50,126,406
<INVESTMENTS-MARKET>                        50,600,714
<LOANS>                                    187,316,927
<ALLOWANCE>                                  2,273,257
<TOTAL-ASSETS>                             313,553,404
<DEPOSITS>                                 281,628,522
<SHORT-TERM>                                   748,016
<LIABILITIES-OTHER>                          5,821,653
<LONG-TERM>                                          0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                       441,855
<OTHER-SE>                                  24,913,358
<TOTAL-LIABILITIES-AND-EQUITY>             313,553,404
<INTEREST-LOAN>                              4,325,786
<INTEREST-INVEST>                              862,826
<INTEREST-OTHER>                               345,672
<INTEREST-TOTAL>                             5,534,284
<INTEREST-DEPOSIT>                           2,222,106
<INTEREST-EXPENSE>                           2,235,442
<INTEREST-INCOME-NET>                        3,298,842
<LOAN-LOSSES>                                   90,000
<SECURITIES-GAINS>                                   0
<EXPENSE-OTHER>                              3,643,754
<INCOME-PRETAX>                              1,279,656
<INCOME-PRE-EXTRAORDINARY>                     825,056
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   825,056
<EPS-PRIMARY>                                      .19
<EPS-DILUTED>                                      .18
<YIELD-ACTUAL>                                    4.96
<LOANS-NON>                                    492,448
<LOANS-PAST>                                    49,748
<LOANS-TROUBLED>                                     0
<LOANS-PROBLEM>                                      0
<ALLOWANCE-OPEN>                             2,201,974
<CHARGE-OFFS>                                   21,210
<RECOVERIES>                                     2,493
<ALLOWANCE-CLOSE>                            2,273,257
<ALLOWANCE-DOMESTIC>                         2,273,257
<ALLOWANCE-FOREIGN>                                  0
<ALLOWANCE-UNALLOCATED>                              0
        

 

EX-27.1

 

<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF TIB FINANCIAL CORPORATION FOR THE YEAR ENDED DECEMBER
31, 1996, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.

 
       
                             
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-END>                               DEC-31-1996
<CASH>                                      12,109,935
<INT-BEARING-DEPOSITS>                               0
<FED-FUNDS-SOLD>                             1,810,000
<TRADING-ASSETS>                                     0
<INVESTMENTS-HELD-FOR-SALE>                 36,490,481
<INVESTMENTS-CARRYING>                      14,387,276
<INVESTMENTS-MARKET>                        14,691,930
<LOANS>                                    164,544,622
<ALLOWANCE>                                  1,929,719
<TOTAL-ASSETS>                             241,050,553
<DEPOSITS>                                 204,983,580
<SHORT-TERM>                                11,091,426
<LIABILITIES-OTHER>                          2,354,630
<LONG-TERM>                                          0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                       432,236
<OTHER-SE>                                  22,188,681
<TOTAL-LIABILITIES-AND-EQUITY>             241,050,553
<INTEREST-LOAN>                             15,037,810
<INTEREST-INVEST>                            3,395,519
<INTEREST-OTHER>                                69,420
<INTEREST-TOTAL>                            18,502,749
<INTEREST-DEPOSIT>                           6,208,928
<INTEREST-EXPENSE>                           6,506,760
<INTEREST-INCOME-NET>                       11,995,989
<LOAN-LOSSES>                                  240,000
<SECURITIES-GAINS>                              18,478
<EXPENSE-OTHER>                             10,747,947
<INCOME-PRETAX>                              4,791,967
<INCOME-PRE-EXTRAORDINARY>                   3,202,967
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 3,202,967
<EPS-PRIMARY>                                      .75
<EPS-DILUTED>                                      .72
<YIELD-ACTUAL>                                    5.83
<LOANS-NON>                                    430,000
<LOANS-PAST>                                         0
<LOANS-TROUBLED>                                     0
<LOANS-PROBLEM>                                      0
<ALLOWANCE-OPEN>                             1,700,823
<CHARGE-OFFS>                                   11,734
<RECOVERIES>                                       630
<ALLOWANCE-CLOSE>                            1,929,719
<ALLOWANCE-DOMESTIC>                         1,929,719
<ALLOWANCE-FOREIGN>                                  0
<ALLOWANCE-UNALLOCATED>                              0
        

 

EX-27.2

 

<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF TIB FINANCIAL CORPORATION FOR THE THREE MONTHS ENDED
MARCH 31, 1997, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.

 
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               MAR-31-1997
<CASH>                                      13,094,240
<INT-BEARING-DEPOSITS>                               0
<FED-FUNDS-SOLD>                            15,381,000
<TRADING-ASSETS>                                     0
<INVESTMENTS-HELD-FOR-SALE>                 33,424,193
<INVESTMENTS-CARRYING>                      20,364,560
<INVESTMENTS-MARKET>                        20,506,333
<LOANS>                                    173,471,397
<ALLOWANCE>                                  2,001,115
<TOTAL-ASSETS>                             265,902,462
<DEPOSITS>                                 237,764,727
<SHORT-TERM>                                 2,126,302
<LIABILITIES-OTHER>                          2,912,827
<LONG-TERM>                                          0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                       435,005
<OTHER-SE>                                  22,663,601
<TOTAL-LIABILITIES-AND-EQUITY>             265,902,462
<INTEREST-LOAN>                              4,011,215
<INTEREST-INVEST>                              755,941
<INTEREST-OTHER>                               131,278
<INTEREST-TOTAL>                             4,898,434
<INTEREST-DEPOSIT>                           1,784,415
<INTEREST-EXPENSE>                           1,802,229
<INTEREST-INCOME-NET>                        3,096,205
<LOAN-LOSSES>                                   75,000
<SECURITIES-GAINS>                                   0
<EXPENSE-OTHER>                              2,896,442
<INCOME-PRETAX>                              1,150,774
<INCOME-PRE-EXTRAORDINARY>                     785,862
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   785,862
<EPS-PRIMARY>                                      .18
<EPS-DILUTED>                                      .17
<YIELD-ACTUAL>                                    5.45
<LOANS-NON>                                    356,386
<LOANS-PAST>                                         0
<LOANS-TROUBLED>                                     0
<LOANS-PROBLEM>                                      0
<ALLOWANCE-OPEN>                             1,929,719
<CHARGE-OFFS>                                    3,756
<RECOVERIES>                                       152
<ALLOWANCE-CLOSE>                            2,001,115
<ALLOWANCE-DOMESTIC>                         2,001,115
<ALLOWANCE-FOREIGN>                                  0
<ALLOWANCE-UNALLOCATED>                              0
        

 

EX-27.3

 

<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF TIB FINANCIAL CORPORATION FOR THE SIX MONTHS ENDED JUNE
30, 1997, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.


       
                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               JUN-30-1997
<CASH>                                       9,832,402
<INT-BEARING-DEPOSITS>                               0
<FED-FUNDS-SOLD>                             6,918,000
<TRADING-ASSETS>                                     0
<INVESTMENTS-HELD-FOR-SALE>                 27,520,014
<INVESTMENTS-CARRYING>                      29,482,250
<INVESTMENTS-MARKET>                        29,774,355
<LOANS>                                    177,642,391
<ALLOWANCE>                                  2,063,179
<TOTAL-ASSETS>                             263,469,273
<DEPOSITS>                                 235,152,341
<SHORT-TERM>                                 1,938,710
<LIABILITIES-OTHER>                          2,762,509
<LONG-TERM>                                          0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                       435,705
<OTHER-SE>                                  23,180,008
<TOTAL-LIABILITIES-AND-EQUITY>             263,469,273
<INTEREST-LOAN>                              8,176,249
<INTEREST-INVEST>                            1,569,710
<INTEREST-OTHER>                               302,205
<INTEREST-TOTAL>                            10,048,164
<INTEREST-DEPOSIT>                           3,718,656
<INTEREST-EXPENSE>                           3,752,490
<INTEREST-INCOME-NET>                        6,295,674
<LOAN-LOSSES>                                  150,000
<SECURITIES-GAINS>                                   0
<EXPENSE-OTHER>                              6,100,379
<INCOME-PRETAX>                              2,417,093
<INCOME-PRE-EXTRAORDINARY>                   1,631,693
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 1,631,693
<EPS-PRIMARY>                                      .38
<EPS-DILUTED>                                      .36
<YIELD-ACTUAL>                                    5.41
<LOANS-NON>                                    214,483
<LOANS-PAST>                                         0
<LOANS-TROUBLED>                                     0
<LOANS-PROBLEM>                                      0
<ALLOWANCE-OPEN>                             1,929,719
<CHARGE-OFFS>                                   16,692
<RECOVERIES>                                       152
<ALLOWANCE-CLOSE>                            2,063,179
<ALLOWANCE-DOMESTIC>                         2,063,179
<ALLOWANCE-FOREIGN>                                  0
<ALLOWANCE-UNALLOCATED>                              0
        

 

EX-27.4

 

<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF TIB FINANCIAL CORPORATION FOR THE NINE MONTHS ENDED
SEPTEMBER 30, 1997, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.

 
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               SEP-30-1997
<CASH>                                       9,586,076
<INT-BEARING-DEPOSITS>                             400
<FED-FUNDS-SOLD>                             5,283,000
<TRADING-ASSETS>                                     0
<INVESTMENTS-HELD-FOR-SALE>                 20,982,470
<INVESTMENTS-CARRYING>                      26,535,971
<INVESTMENTS-MARKET>                        26,957,216
<LOANS>                                    186,254,719
<ALLOWANCE>                                  2,133,042
<TOTAL-ASSETS>                             260,956,783
<DEPOSITS>                                 231,741,100
<SHORT-TERM>                                 1,873,207
<LIABILITIES-OTHER>                          3,224,119
<LONG-TERM>                                          0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                       436,895
<OTHER-SE>                                  23,681,462
<TOTAL-LIABILITIES-AND-EQUITY>             260,956,783
<INTEREST-LOAN>                             12,548,274
<INTEREST-INVEST>                            2,353,908
<INTEREST-OTHER>                               345,297
<INTEREST-TOTAL>                            15,247,479
<INTEREST-DEPOSIT>                           5,733,395
<INTEREST-EXPENSE>                           5,785,952
<INTEREST-INCOME-NET>                        9,461,527
<LOAN-LOSSES>                                  225,000
<SECURITIES-GAINS>                              10,664
<EXPENSE-OTHER>                              9,351,536
<INCOME-PRETAX>                              3,594,629
<INCOME-PRE-EXTRAORDINARY>                   2,438,529
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 2,438,529
<EPS-PRIMARY>                                      .56
<EPS-DILUTED>                                      .53
<YIELD-ACTUAL>                                    5.42
<LOANS-NON>                                    489,868
<LOANS-PAST>                                         0
<LOANS-TROUBLED>                                     0
<LOANS-PROBLEM>                                      0
<ALLOWANCE-OPEN>                             1,929,719
<CHARGE-OFFS>                                   32,902
<RECOVERIES>                                    11,225
<ALLOWANCE-CLOSE>                            2,133,042
<ALLOWANCE-DOMESTIC>                         2,133,042
<ALLOWANCE-FOREIGN>                                  0
<ALLOWANCE-UNALLOCATED>                              0