8-K

UNITED STATES
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) July 25, 2005

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)
599 9th Street North, Suite 101, Naples, Florida		34102-5624
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code      (239) 263-3344     

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-k filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

	ITEM 2.02. Results of Operations and Financial Condition
	ITEM 9.01. Financial Statements and Exhibits
SIGNATURES
Ex-99.1 April 25, 2005 Press Release

ITEM 2.02. Results of Operations and Financial Condition

     On July 25, 2005, 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.

ITEM 9.01. Financial Statements and Exhibits

(a) Exhibits

99.1 Press Release dated April 25, 2005

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: July 25, 2005

EX-99.1

Exhibit 99.1

NAPLES, Fla. July 25 – TIB Financial Corp. (Nasdaq: TIBB), a leading community banking company serving the greater Naples-Fort Myers area, South Miami-Dade County and the Florida Keys, today reported record second quarter net income of $2.18 million, an increase of 74% compared with the $1.26 million reported for the same period a year ago. On a per diluted share basis, earnings were $0.37 for the second quarter of 2005, an increase of 68% compared with the $0.22 reported for the second quarter of 2004.

For the first six months of 2005, net income was $3.73 million, an increase of 47% over $2.53 million for the same period a year ago. On a per diluted share basis, earnings were $0.64 for the first six months of 2005, up 31% over $0.49 for the same period a year ago.

TIB Financial also reported that total assets surpassed the $1 billion milestone for the first time in its history. As of June 30, 2005, total assets were $1.01 billion, compared with $939.3 million as of March 31, 2005, and $829.3 million as of December 31, 2004.

“It has been very rewarding to witness not only the consistent growth in earnings and assets but also the quality of these achievements,” said Edward V. Lett, Chief Executive Officer and President of TIB Financial Corp. “In just the last 18 months, total assets have grown more than 50% from approximately $669.3 million as of December 31, 2003. This strong performance is indicative of the continuing successful execution of our strategic plan and the focus and competencies of the officers implementing that strategy.”

The increase in net income for the second quarter of 2005 over the same period a year ago resulted primarily from a 31% rise in net interest income from $7.36 million a year ago to $9.64 million in the current quarter. The net interest margin on a tax equivalent basis for the three months ended June 30, 2005 remained consistent with the 4.40% reported during the first quarter, a slight contraction from the 4.49% reported during the second quarter of 2004.

Non-interest income, which includes real estate fees, credit card fees and other operating income, totaled $3.58 million for the second quarter of 2005, representing a 7.4% increase from $3.33 million for the second quarter of 2004. The increase in non-interest income was primarily attributable to growth in merchant bankcard processing income and a gain of $267,000 on the sale of vacant land in Homestead, Florida. This strategic sale provides additional resources which will be redeployed to fund further expansion in the higher growth southwest Florida market.

Non-interest expense for the second quarter of 2005 was $9.07 million, compared with $8.15 million for the second quarter of 2004. The increase in non-interest expense is primarily attributable to a 22% increase in employee salaries and benefits related to the Company’s growth and expansion in the southwest Florida market. Net occupancy and other expenses for the second quarter of 2005 increased less than 3% over the second quarter of 2004, reflecting the Company’s continued focus on cost containment.

Credit quality remained solid during the second quarter of 2005. As of June 30, 2005, the allowance for loan losses totaled $7.01 million, or 0.91% of total loans and 1455% of non-performing loans. These figures compare with 0.98% and 464%, respectively, as of June 30, 2004. Annualized net charge-offs represented 0.14% of average loans for the quarter ended June 30, 2005 and 0.13% for the quarter ended June 30, 2004.

Total loans increased more than 31% to $773.8 million as of June 30, 2005, compared with $590.4 million as of June 30, 2004. Total deposits increased approximately 39% to $870.2 million as of June 30, 2005, compared with $624.4 million as of June 30, 2004.

For the quarter ended June 30, 2005, average fully diluted common shares outstanding were 5,885,595, compared with 5,597,842 a year ago. Book value per common share as of June 30, 2005 was $12.38 per share. Tangible book value per common share as of June 30, 2005 was $12.14 per share. Total shareholders’ equity as of June 30, 2005 was $70.7 million.

During the second quarter of 2005, the Board of Directors of TIB Financial Corp. declared a quarterly cash dividend of $0.115 per share on its common stock. The cash dividend was paid on July 11, 2005 to all TIB Financial Corp. common shareholders of record as of June 30, 2005. This dividend, when annualized, represents $0.46 per share.

TIB Financial Corp. also announced that it has been included in the new Russell Microcap Index. This investment index will measure the performance of the microcap segment, representing less than 3% of the U.S. equity market. It is comprised of the smallest 1,000 securities in the small-cap Russell 2000 Index, plus the next 1,000 companies based on market capitalization. This equity index offers investors a comprehensive, unbiased barometer to compare their performance against the true microcap marketplace of stocks.

“Our inclusion in the new Russell Microcap Index reflects our company’s consistent growth and will further enhance our visibility among institutional investors,” Lett said.

About TIB Financial Corp.
Headquartered in Naples, Florida, TIB Financial Corp. is a growth-oriented financial services company with more than $1 billion in total assets and 16 full-service banking offices throughout the Florida Keys, Homestead, Naples, Bonita Springs and Fort Myers. The Company’s stock is traded on The Nasdaq Stock Market under the symbol TIBB.

TIB Financial Corp. has been featured in the July 2005 issue of USBanker magazine as one of America’s “Top 200 Publicly Traded Community Banks.” Each financial institution was ranked for its three-year average Return on Equity (ROE). With an average ROE over three years of 12.5%, TIB ranked 81^st among the nation’s community banks and thrifts.

TIB Financial Corp., through its wholly owned subsidiary TIB Bank, serves the personal and commercial banking needs of local residents and businesses in their market areas. The Bank’s experienced bankers are local community leaders who focus on a relationship-based approach

built around anticipating specific customer needs, providing sound advice and making timely decisions. To learn more about TIB Bank, visit www.tibbank.com.

Copies of recent news releases, SEC filings, price quotes, stock charts and other valuable information may be found on TIB’s investor relations site at www.tibfinancialcorp.com. For more information, contact Edward V. Lett, Chief Executive Officer and President; David P. Johnson, Executive Vice President and Chief Financial Officer; or Clay W. Cone, Senior Vice President/Director of Corporate Communications, at (239)263-3344.

#      #      #      #      #

Except for historical information contained herein, the statements made in this press release constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements involve certain risks and uncertainties, including statements regarding the Company’s strategic direction, prospects and future results. Certain factors, including those outside the Company’s control, may cause actual results to differ materially from those in the forward-looking statements, including economic and other conditions in the markets in which the Company operates; risks associated with acquisitions, competition, seasonality and the other risks discussed in our filings with the Securities and Exchange Commission, which discussions are incorporated in this press release by reference.

SUPPLEMENTAL FINANCIAL DATA IS ATTACHED

TIB Financial Corp. and Subsidiaries
Unaudited Consolidated Statements of Income

	For the Quarter Ended
	June 30,		March 31,		December 31,		September 30,		June 30,
(in thousands, except per share data)	2005		2005		2004		2004		2004
Interest and dividend income	$	14,225	$	12,346	$	11,351	$	10,528	$	9,819
Interest expense		4,589		3,732		3,135		2,747		2,458
Net interest income		9,636		8,614		8,216		7,781		7,361
Provision for loan losses		730		586		966		471		649
Non-interest income:
Service charges on deposit accounts		567		608		646		619		637
Investment securities gains, net		—		—		3		7		52
Merchant bankcard processing income		1,762		1,896		1,242		1,221		1,534
Fees on mortgage loans sold		582		492		446		363		645
Other income		668		398		479		433		463
Total non-interest income		3,579		3,394		2,816		2,643		3,331
Non-interest expense:
Salaries & employee benefits		4,410		4,212		3,931		3,699		3,614
Net occupancy expense		1,349		1,276		1,439		1,212		1,191
Other expense		3,311		3,565		2,683		3,013		3,348
Total non-interest expense		9,070		9,053		8,053		7,924		8,153
Income before income tax expense		3,415		2,369		2,013		2,029		1,890
Income tax expense		1,231		822		682		692		633
NET INCOME	$	2,184	$	1,547	$	1,331	$	1,337	$	1,257
BASIC EARNINGS PER SHARE:	$	0.38	$	0.27	$	0.23	$	0.24	$	0.23
DILUTED EARNINGS PER SHARE:	$	0.37	$	0.26	$	0.23	$	0.23	$	0.22

Selected Financial Data  (Dollars in thousands)

Selected Ratios and Statistics	As Of or For the Quarter Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2005			2005			2004			2004			2004
Real estate mortgage loans:
Commercial	$	411,504		$	393,362		$	351,346		$	338,198		$	329,542
Residential		75,540			70,490			67,204			64,624			61,461
Farmland		4,550			4,825			4,971			4,924			3,347
Construction and vacant land		85,134			67,552			49,815			41,510			36,972
Commercial and agricultural loans		62,864			57,647			64,622			62,851			57,934
Indirect auto dealer loans		108,178			98,633			91,890			83,680			76,821
Home equity loans		16,056			14,637			13,856			12,259			13,822
Other consumer loans		10,022			10,075			9,817			10,248			10,454
Total loans	$	773,848		$	717,221		$	653,521		$	618,294		$	590,353
Gross loans	$	775,759		$	719,285		$	655,678		$	620,333		$	592,459
Net loan charge-offs	$	258		$	288		$	812		$	188		$	190
Allowance for loan losses	$	7,013		$	6,541		$	6,243		$	6,089		$	5,806
Allowance for loan losses/total loans		0.91	%		0.91	%		0.96	%		0.98	%		0.98	%
Non-performing loans	$	482		$	391		$	704		$	1,174		$	1,250
Allowance for loan losses/non-performing loans		1,454.98	%		1,672.89	%		886.79	%		518.65	%		464.48	%
Non performing loans/gross loans		0.06	%		0.05	%		0.11	%		0.19	%		0.21	%
Interest bearing deposits:
NOW accounts	$	85,479		$	89,055		$	92,402		$	83,835		$	75,071
Money market		179,815			169,391			146,009			127,376			134,216
Savings deposits		49,884			48,783			46,231			47,247			43,223
Time deposits		341,703			307,040			251,182			245,953			226,491
Non-interest bearing deposits		213,328			185,012			152,035			133,888			145,393
Total deposits	$	870,209		$	799,281		$	687,859		$	638,299		$	624,394
Net interest margin		4.40	%		4.40	%		4.64	%		4.58	%		4.49	%
Return on average assets		0.91	%		0.72	%		0.67	%		0.70	%		0.69	%
Return on average equity		12.62	%		9.20	%		7.83	%		8.06	%		8.31	%
Non-interest expense/net interest income and non-interest income		68.63	%		75.39	%		73.00	%		76.02	%		76.25	%
Average diluted shares		5,885,595			5,866,099			5,845,224			5,806,733			5,597,842
End of quarter shares outstanding		5,712,264			5,706,939			5,679,239			5,672,202			5,657,957
Total equity	$	70,740		$	68,279		$	68,114		$	67,527		$	65,166
Total assets	$	1,012,885		$	939,326		$	829,325		$	765,686		$	760,520

Quarterly average balances and yields (Dollars in thousands)

	Quarter Ended							Quarter Ended
	June 30, 2005							June 30, 2004
	Average							Average
	Balances		Interest*		Yield*			Balances		Interest*		Yield*
Loans	$	745,462	$	12,934		6.96	%	$	569,878	$	8,960		6.32	%
Investments		84,148		948		4.52	%		76,463		890		4.68	%
Interest bearing deposits		295		2		2.72	%		1,307		4		1.23	%
Federal Home Loan Bank stock		2,782		31		4.47	%		1,157		8		2.78	%
Fed funds sold		53,013		389		2.94	%		17,851		41		0.92	%
Total interest earning assets		885,700		14,304		6.48	%		666,656		9,903		5.97	%
Non-interest earning assets		73,989							67,527
Total assets	$	959,689						$	734,183
Interest bearing liabilities:
NOW	$	93,953	$	207		0.88	%	$	77,902	$	64		0.33	%
Money market		175,426		927		2.12	%		129,786		268		0.83	%
Savings		49,604		63		0.51	%		44,443		42		0.38	%
Time		322,523		2,699		3.36	%		218,215		1,606		2.96	%
Total interest-bearing deposits		641,506		3,896		2.44	%		470,346		1,980		1.69	%
Short-term borrowings and FHLB advances		41,042		303		2.96	%		28,995		82		1.14	%
Long-term borrowings		17,000		391		9.23	%		18,250		396		8.73	%
Total interest bearing liabilities		699,548		4,590		2.63	%		517,591		2,458		1.91	%
Non-interest bearing deposits		178,936							147,457
Other liabilities		11,770							8,608
Shareholders’ equity		69,435							60,527
Total liabilities and shareholders’ equity	$	959,689						$	734,183
Net interest income and spread			$	9,714		3.85	%			$	7,445		4.06	%
Net interest margin						4.40	%						4.49	%

* Presented on a fully tax equivalent basis.

Year to date average balances and yields (Dollars in thousands)

	Six Months Ended							Six Months Ended
	June 30, 2005							June 30, 2004
	Average							Average
	Balances		Interest*		Yield*			Balances		Interest*		Yield*
Loans	$	716,103	$	24,246		6.83	%	$	558,197	$	17,562		6.33	%
Investments		80,943		1,823		4.54	%		64,278		1,530		4.79	%
Interest bearing deposits		463		6		2.53	%		948		5		0.98	%
Federal Home Loan Bank stock		2,669		58		4.38	%		1,518		24		3.21	%
Fed funds sold		43,732		598		2.76	%		17,038		79		0.94	%
Total interest earning assets		843,910		26,731		6.39	%		641,979		19,200		6.01	%
Non-interest earning assets		73,883							63,656
Total assets	$	917,793						$	705,635
Interest bearing liabilities:
NOW	$	92,846	$	385		0.84	%	$	74,269	$	120		0.32	%
Money market		167,087		1,560		1.88	%		126,115		494		0.79	%
Savings		48,079		115		0.48	%		42,860		82		0.39	%
Time		303,483		4,937		3.28	%		213,760		3,176		2.99	%
Total interest-bearing deposits		611,495		6,997		2.31	%		457,004		3,872		1.70	%
Short-term borrowings and FHLB advances		40,431		551		2.75	%		32,052		185		1.16	%
Long-term borrowings		17,104		774		9.13	%		18,250		791		8.71	%
Total interest bearing liabilities		669,030		8,322		2.51	%		507,306		4,848		1.92	%
Non-interest bearing deposits		168,787							138,656
Other liabilities		11,166							8,265
Shareholders’ equity		68,810							51,408
Total liabilities and shareholders’ equity	$	917,793						$	705,635
Net interest income and spread			$	18,409		3.88	%			$	14,352		4.09	%
Net interest margin						4.40	%						4.50	%

* Presented on a fully tax equivalent basis.