8-K

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) April 28, 2003

TIB FINANCIAL CORP.

(Exact name of registrant as specified in its charter)

Florida	0000-21329	65-0655973
(State or other jurisdiction of incorporation)	(Commission file number)	(IRS employer identification number)

99451 Overseas Highway, Key Largo, Florida 33037

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code (305) 451-4660

Not Applicable

(Former name or former address, if changed since last report)

ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits

     (a)  Financial Statements of Business Acquired: None

     (b)  Pro Forma Financial Information: None

     (c)  Exhibits

99.1 Press Release dated April 28, 2003

ITEM 12. Results of Operations and Financial Condition

On April 28, 2003, TIB Financial Corp. issued a press release announcing certain financial results and additional information. A copy of the press release is attached to this Form 8-K.

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SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	TIB FINANCIAL CORP.
	By: /s/ Edward V. Lett
	Edward V. Lett, President and Chief Executive Officer
Date: April 28, 2003

3 EX-99.1 3 g82360exv99w1.txt EX-99.1 APRIL 29, 2003 PRESS RELEASE TIB FINANCIAL CORP ANNOUNCES FIRST QUARTER 2003 EARNINGS KEY LARGO, FLA. (APRIL 28, 2003) -- TIB Financial Corp., (Nasdaq: TIBB) holding company for TIB Bank of the Keys, today reported net income for the first quarter of 2003 of $1,189,269 or $0.29 basic earnings per share, versus net income of $1,190,918 or $0.30 basic earnings per share for the first quarter of 2002. On a diluted basis, earnings per share was $0.28 for the quarter compared to $0.29 for the same period in 2002. Net income for the first quarter of 2003 decreased $1,649 over the respective prior year period. During this time, net interest income increased approximately $871,000 driven primarily by loan growth from $441.7 million on December 31, 2002 to $458.4 million at month end March 31, 2003. Further, the Company's net interest margin increased from 4.45% for the three months ended March 31, 2002 to 4.56% for the comparable period in 2003. Non-interest sources of income were up $373,000 from the prior year level and other expenses increased by $1,044,000 over the prior year. As of March 31, 2003, TIB Financial Corp. had total assets of $621.5 million and total deposits of $546.0 million. This represents a 9.6% increase in assets and a 13.1% increase in deposits from December 31, 2002. At December 31, 2002, total assets were $567.0 million and total deposits were $482.7 million. "Strong balance sheet growth continued in both our core market of the Florida Keys and South Dade as well as our new markets of Naples and Bonita Springs in Southwest Florida. As anticipated, the dilutive nature of facility and personnel costs associated with expansion is felt on a short-term basis. Our progress and results in the Southwest Florida market, however, continue to exceed our internal projections. Dollars invested in expansion today position TIB to serve the large and fast growing markets of Southwest Florida," said Edward V. Lett, President and CEO of TIB Financial Corp. TIB Bank of the Keys is a wholly owned subsidiary of TIB Financial Corp., and is the largest bank headquartered in Monroe County. TIB Bank has been in operation for 29 years and currently operates nine offices in the Florida Keys, two offices in South Miami-Dade County, and three offices in Naples and Bonita Springs, the newest markets. In addition to its retail and commercial product lines, TIB Bank also provides investment services and government guaranteed lending, as well as merchant bankcard services. A subsidiary of TIB Financial Corp., Keys Insurance Agency, offers a full line of commercial and personal insurance products. Copies of TIBB press releases, SEC filings, current price quotes, stock charts and other valuable information for investors may be found on the Company's website at tibbank.com. For further information, contact Edward V. Lett, President and CEO at (305) 451-4660. EXCEPT FOR HISTORICAL INFORMATION CONTAINED HEREIN, THIS NEWS RELEASE CONTAINS COMMENTS OR INFORMATION THAT CONSTITUTE FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995, WHICH INVOLVE SIGNIFICANT RISKS AND UNCERTAINTIES. ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THE RESULTS DISCUSSED IN THE FORWARD-LOOKING STATEMENTS. 2 TIB Financial Corp. and Subsidiaries Consolidated Statements of Income Unaudited (in thousands, except per share data) For the Quarter Ended March 31, ----------------------- 2003 2002 --------- ----------- Interest income $8,290 $7,541 Interest expense 2,457 2,579 ------ ------ Net interest income 5,833 4,962 Provision for loan losses 330 135 Other income: Service charges on deposit accounts 573 533 Investment securities gains, net 5 74 Merchant bank card processing income 1,378 1,333 Commissions on sales by Keys Insurance Agency 436 400 Gain on sale of government guaranteed loans 87 -- Fees on mortgage loans sold 602 359 Retail investment services 87 90 Other income 346 352 ------ ------ Total other income 3,514 3,141 ------ ------ Other expense: Salaries & employee benefits 3,454 2,744 Net occupancy expense 1,082 963 Other expense 2,639 2,424 ------ ------ Total other expense 7,175 6,131 ------ ------ Income before income tax expense 1,842 1,837 Income tax expense 653 646 ------ ------ Net income $1,189 $1,191 ------ ------ Basic earnings per share $ 0.29 $ 0.30 Diluted earnings per share 0.28 0.29 3 -----END PRIVACY-ENHANCED MESSAGE-----

EX-99.1

                          TIB FINANCIAL CORP ANNOUNCES
                           FIRST QUARTER 2003 EARNINGS


         KEY LARGO, FLA. (APRIL 28, 2003) -- TIB Financial Corp., (Nasdaq: TIBB)
holding company for TIB Bank of the Keys, today reported net income for the
first quarter of 2003 of $1,189,269 or $0.29 basic earnings per share, versus
net income of $1,190,918 or $0.30 basic earnings per share for the first quarter
of 2002. On a diluted basis, earnings per share was $0.28 for the quarter
compared to $0.29 for the same period in 2002.

         Net income for the first quarter of 2003 decreased $1,649 over the
respective prior year period. During this time, net interest income increased
approximately $871,000 driven primarily by loan growth from $441.7 million on
December 31, 2002 to $458.4 million at month end March 31, 2003. Further, the
Company's net interest margin increased from 4.45% for the three months ended
March 31, 2002 to 4.56% for the comparable period in 2003. Non-interest sources
of income were up $373,000 from the prior year level and other expenses
increased by $1,044,000 over the prior year.

         As of March 31, 2003, TIB Financial Corp. had total assets of $621.5
million and total deposits of $546.0 million. This represents a 9.6% increase in
assets and a 13.1% increase in deposits from December 31, 2002. At December 31,
2002, total assets were $567.0 million and total deposits were $482.7 million.

                    "Strong balance sheet growth continued in both our core
market of the Florida Keys and South Dade as well as our new markets of Naples
and Bonita Springs in Southwest Florida. As anticipated, the dilutive nature of
facility and personnel costs associated with expansion is felt on a short-term
basis. Our progress and results in the Southwest Florida market, however,
continue to exceed our internal projections. Dollars invested in expansion today
position TIB to serve the large and fast growing markets of Southwest Florida,"
said Edward V. Lett, President and CEO of TIB Financial Corp.






         TIB Bank of the Keys is a wholly owned subsidiary of TIB Financial
Corp., and is the largest bank headquartered in Monroe County. TIB Bank has been
in operation for 29 years and currently operates nine offices in the Florida
Keys, two offices in South Miami-Dade County, and three offices in Naples and
Bonita Springs, the newest markets. In addition to its retail and commercial
product lines, TIB Bank also provides investment services and government
guaranteed lending, as well as merchant bankcard services. A subsidiary of TIB
Financial Corp., Keys Insurance Agency, offers a full line of commercial and
personal insurance products.

         Copies of TIBB press releases, SEC filings, current price quotes, stock
charts and other valuable information for investors may be found on the
Company's website at tibbank.com. For further information, contact Edward V.
Lett, President and CEO at (305) 451-4660.

         EXCEPT FOR HISTORICAL INFORMATION CONTAINED HEREIN, THIS NEWS RELEASE
CONTAINS COMMENTS OR INFORMATION THAT CONSTITUTE FORWARD-LOOKING STATEMENTS
WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995,
WHICH INVOLVE SIGNIFICANT RISKS AND UNCERTAINTIES. ACTUAL RESULTS MAY DIFFER
MATERIALLY FROM THE RESULTS DISCUSSED IN THE FORWARD-LOOKING STATEMENTS.



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TIB Financial Corp. and Subsidiaries
Consolidated Statements of Income
Unaudited

(in thousands, except per share data)

                                                      For the Quarter Ended
                                                            March 31,
                                                      -----------------------
                                                         2003        2002
                                                      ---------   -----------

Interest income                                         $8,290      $7,541
Interest expense                                         2,457       2,579
                                                        ------      ------
Net interest income                                      5,833       4,962

Provision for loan losses                                  330         135

Other income:
     Service charges on deposit accounts                   573         533
     Investment securities gains, net                        5          74
     Merchant bank card processing income                1,378       1,333
     Commissions on sales by Keys Insurance Agency         436         400
     Gain on sale of government guaranteed loans            87          --
     Fees on mortgage loans sold                           602         359
     Retail investment services                             87          90
     Other income                                          346         352
                                                        ------      ------
Total other income                                       3,514       3,141
                                                        ------      ------

Other expense:
     Salaries & employee benefits                        3,454       2,744
     Net occupancy expense                               1,082         963
     Other expense                                       2,639       2,424
                                                        ------      ------
Total other expense                                      7,175       6,131
                                                        ------      ------

Income before income tax expense                         1,842       1,837

Income tax expense                                         653         646

                                                        ------      ------
Net income                                              $1,189      $1,191
                                                        ------      ------

Basic earnings per share                                $ 0.29      $ 0.30
Diluted earnings per share                                0.28        0.29


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