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

July 24, 2007

Date of Report (Date of earliest event reported)

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

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

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

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

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

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On July 24, 2007, TIB Financial Corp. issued a press release announcing financial results for the second quarter ended June 30, 2007.  A copy of the press release is attached as Exhibit 99.1 to this Form 8-K.

The information contained in this Current Report shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(a) Exhibits

99.1 Press release dated July 24, 2007

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.
Date:  July 26, 2007	By:	/s/  Edward V. Lett
		Edward V. Lett
		President and Chief Executive Officer

EX-99.1

FOR IMMEDIATE RELEASE

TIB FINANCIAL CORP. REPORTS SECOND QUARTER RESULTS REFLECTING THE ACQUISITION OF THE BANK OF VENICE

NAPLES, Fla. July 24 – TIB Financial Corp. (NASDAQ: TIBB), parent of TIB Bank and The Bank of Venice, leading community banks serving the greater Naples, Bonita Springs-Fort Myers area, Highlands County, South Miami-Dade County, the Florida Keys and Sarasota County, today reported net income from continuing operations for the quarter ended June 30, 2007 of $1.71 million, a decrease from the $1.87 million reported for the first quarter of 2007 and $2.33 million for the second quarter of 2006. On a per diluted share basis, earnings from continuing operations were $0.14 for the second quarter of 2007, down from $0.16 during the first quarter of 2007 and $0.20 per share for the comparable period a year ago.

TIB Financial’s results of operations during the second quarter of 2007 include the operations of The Bank of Venice subsequent to its acquisition on April 30, 2007. In connection with the acquisition, TIB Financial issued total consideration of approximately $14.7 million consisting of 944,400 shares of common stock, 82,750 stock options and approximately $568,000 of cash in exchange for all of the outstanding common shares and stock options of The Bank of Venice. Dilution to earnings per share for the second quarter of 2007 resulting from the acquisition was approximately $0.01 per share.

TIB Financial also reported total assets of $1.36 billion as of June 30, 2007, representing 3% asset growth from December 31, 2006 and 10% asset growth from $1.23 billion as of June 30, 2006. Total loans increased 8% to $1.09 billion compared to $1.00 billion a year ago, and increased 2% compared to $1.06 billion at December 31, 2006. Total deposits of $1.04 billion as of June 30, 2007 increased $14.6 million and $24.8 million from December 31, 2006 and June 30, 2006, respectively. As of June 30, 2007, the effect of the acquisition of The Bank of Venice increased total assets by $75.7 million, total loans by $54.0 million and total deposits by $54.9 million.

“We are pleased with the closing of our merger with The Bank of Venice. Our combined focus remains clear and consistent: to continue to invest our resources in building lasting relationships with small and middle-market business customers and expand into attractive markets which drives our long-term franchise value,” said Edward V. Lett, Chief Executive Officer and President.

“We continue to closely monitor economic activity in our regional and local markets which have slowed considerably due to the softness of the residential real estate market. Our operating environment remains challenging and our loan growth is muted due to loan payoffs and a lower level of loan origination and funding during the first half of the year. During this period of slower economic activity we are maintaining our disciplined underwriting standards and prudent risk assessment practices.

“We have focused on managing our cost of funds and generating a more profitable mix of deposits through business development and disciplined deposit pricing. We are focused on controlling expenses and improving productivity while positioning the Company to take advantage of attractive growth opportunities in our markets” said Lett.

Detailed Financial Discussion

The decrease in net income from continuing operations for the second quarter of 2007 compared to the second quarter of 2006 was primarily due to a lower net interest margin and increased operating expenses.

The net interest margin continues to be impacted by the challenging interest rate environment and highly competitive deposit pricing. The tax equivalent net interest margin of 3.73% for the three months ended June 30, 2007 contracted slightly in comparison with the 3.74% net interest margin reported during the first quarter of 2007. Excluding the effect of the acquisition of The Bank of Venice, the net interest margin would have been 3.74%.

Net charge offs during the second quarter of 2007 of $394,000 included a recovery of approximately $175,000 resulting from the sale of charged-off indirect loan balances to a third-party collector. Charge-offs primarily related to indirect auto loans.

Non-interest income, which includes service charges, real estate fees and other operating income, totaled $1.61 million for the second quarter of 2007, similar to the second quarter of 2006.  The increase is primarily attributable to higher deposit account service charges, fees on mortgage loans sold and the acquisition of The Bank of Venice. Second quarter non-interest income declined compared to the first quarter due primarily to non-recurring gains recognized in the first quarter from the disposition of land and lower fees on mortgage loans sold.

The company continues its investment in growth and expansion, which, combined with increased operating costs, resulted in a 16% increase in non-interest expense for the second quarter of 2007 to $10.19 million compared to $8.75 million for the second quarter of 2006. This increase includes two months of expense from The Bank of Venice totaling approximately $401,000. Compared to the previous quarter and exclusive of the effects of the merger, non-interest expense declined approximately 2% during the second quarter of 2007.

As of June 30, 2007, non-performing loans were $4.40 million, or 0.4% of loans. The allowance for loan losses increased to $9.95 million, or 0.92% of total loans, reflecting the acquisition of The Bank of Venice and the excess of our provision for loan losses over net charge-offs for the period. Net charge-offs during the quarter represented 0.15% of average loans, comparable to 0.16% for the second quarter of last year.

During the second quarter of 2007, the Board of Directors of TIB Financial Corp. declared a quarterly cash dividend of $0.06 per share on its common stock.  The cash dividend was paid on July 10, 2007 to all TIB Financial Corp. common shareholders of record as of June 30, 2007.  This dividend, when annualized, represents $0.24 per share.

About TIB Financial Corp.

Headquartered in Naples, Florida, TIB Financial Corp. is a growth-oriented financial services company with approximately $1.4 billion in total assets and 19 full-service banking offices throughout the Florida Keys, Homestead, Naples, Bonita Springs, Fort Myers, Venice and Sebring.

TIB Financial Corp., through its wholly owned subsidiaries, TIB Bank and The Bank of Venice, serves the personal and commercial banking needs of local residents and businesses in its market areas. The banks’ 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 and The Bank of Venice, visit www.tibbank.com and www.bankofvenice.com, respectively.

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 at (239) 263-3344, or Stephen J. Gilhooly, Executive Vice President and Chief Financial Officer, at (239) 659-5876.

#           #           #           #           #

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

(Dollars in thousands, except per share data)

	For the Quarter Ended
	June 30, 2007		March 31, 2007		December 31, 2006		September 30, 2006		June 30, 2006
Interest and dividend income	$	23,950	$	23,379	$	23,240	$	22,293	$	20,822
Interest expense		12,068		11,877		11,468		10,433		8,873
NET INTEREST INCOME		11,882		11,502		11,772		11,860		11,949
Provision for loan losses		632		472		1,285		670		982
NON-INTEREST INCOME:
Service charges on deposit accounts		657		643		675		650		576
Fees on mortgage loans sold		406		533		318		499		357
Other income		547		703		660		479		611
Total non-interest income		1,610		1,879		1,653		1,628		1,544
NON-INTEREST EXPENSE:
Salaries & employee benefits		5,698		5,504		5,366		4,982		4,909
Net occupancy expense		1,977		1,909		1,590		1,545		1,503
Other expense		2,513		2,563		2,552		2,471		2,342
Total non-interest expense		10,188		9,976		9,508		8,998		8,754
Income before income tax expense		2,672		2,933		2,632		3,820		3,757
Income tax expense		960		1,062		768		1,383		1,428
Income from continuing operations		1,712		1,871		1,864		2,437		2,329
Income from discontinued operations, net of tax		-		-		72		15		167
NET INCOME	$	1,712	$	1,871	$	1,936	$	2,452	$	2,496
BASIC EARNINGS PER SHARE:
Continuing operations	$	0.14	$	0.16	$	0.16	$	0.21	$	0.20
Discontinued operations		-		-		0.01		-		0.02
Basic earnings per share	$	0.14	$	0.16	$	0.17	$	0.21	$	0.22
DILUTED EARNINGS PER SHARE:
Continuing operations	$	0.14	$	0.16	$	0.16	$	0.21	$	0.20
Discontinued operations		-		-		-		-		0.01
Diluted earnings per share	$	0.14	$	0.16	$	0.16	$	0.21	$	0.21

TIB FINANCIAL CORP. AND SUBSIDIARIES

SELECTED FINANCIAL DATA

(Dollars in thousands, except per share data)

	For the Quarter Ended
	June 30, 2007			March 31, 2007			December 31, 2006			September 30, 2006			June 30, 2006
Real estate mortgage loans:
Commercial	$	580,506		$	561,267		$	546,276		$	535,077		$	508,392
Residential		109,034			80,188			82,243			81,262			82,591
Farmland		8,991			9,197			24,210			24,201			25,680
Construction and vacant land		153,917			155,421			157,672			148,115			150,604
Commercial and agricultural loans		73,426			71,382			84,905			85,666			82,127
Indirect auto dealer loans		131,078			136,892			141,552			136,409			126,469
Home equity loans		17,297			17,694			17,199			17,264			17,771
Other consumer loans		11,356			9,375			9,795			9,738			9,147
Total loans	$	1,085,605		$	1,041,416		$	1,063,852		$	1,037,732		$	1,002,781
Gross loans	$	1,087,264		$	1,042,991		$	1,065,468		$	1,039,390		$	1,004,307
Net loan charge-offs	$	394		$	1,009		$	494		$	306		$	399
Allowance for loan losses	$	9,949		$	9,044		$	9,581		$	8,790		$	8,426
Allowance for loan losses/total loans		0.92	%		0.87	%		0.90	%		0.85	%		0.84	%
Non-performing loans1	$	4,401		$	3,046		$	4,223		$	1,701		$	953
Allowance for loan losses/non-performing loans		226	%		297	%		227	%		517	%		884	%
Non performing loans/gross loans		0.40	%		0.29	%		0.40	%		0.16	%		0.09	%
Annualized net charge-offs/average loans		0.15	%		0.39	%		0.19	%		0.12	%		0.16	%
Total interest-earning assets	$	1,265,143		$	1,268,523		$	1,233,539		$	1,172,110		$	1,151,563
Other real estate owned	$	-		$	-		$	-		$	-		$	-
Other repossessed assets	$	2,370		$	2,341		$	1,958		$	1,502		$	1,222
Goodwill and intangibles, net of accumulated amortization	$	6,983		$	847		$	919		$	990		$	1,062
Interest-bearing deposits:
NOW accounts	$	151,359		$	145,216		$	132,395		$	119,899		$	140,131
Money market		198,760			188,220			164,607			162,713			172,328
Savings deposits		60,323			56,392			45,076			47,309			52,637
Time deposits		460,461			483,889			527,999			486,243			477,921
Non-interest bearing deposits		173,196			183,846			159,380			155,902			176,271
Total deposits	$	1,044,099		$	1,057,563		$	1,029,457		$	972,066		$	1,019,288
Tax equivalent net interest margin		3.73	%		3.74	%		3.90	%		4.11	%		4.30	%
Return on average assets		0.50	%		0.57	%		0.58	%		0.79	%		0.78	%
Return on average equity		7.03	%		8.75	%		8.72	%		11.77	%		11.69	%
Non-interest expense/tax equivalent net interest income and non-interest income		75.06	%		74.08	%		70.41	%		66.27	%		64.44	%
Average diluted shares		12,598,658			11,944,440			11,932,887			11,889,512			11,860,068
End of quarter shares outstanding		12,821,216			11,836,027			11,720,527			11,712,812			11,682,840
Total equity	$	102,270		$	88,125		$	85,862		$	83,961		$	80,526
Book value per common share	$	7.98		$	7.45		$	7.33		$	7.17		$	6.89
Total assets	$	1,358,773		$	1,351,414		$	1,319,093		$	1,257,480		$	1,232,022

________

¹ Non-performing loans as of June 30, 2007, March 31, 2007 and December 31, 2006 include a loan of approximately $1.64 million which is fully guaranteed as to principal and interest by a U.S. government agency. We discontinued accruing interest on this loan during the fourth quarter of 2006 pursuant to a ruling made by the agency.

TIB FINANCIAL CORP. AND SUBSIDIARIES

QUARTERLY AVERAGE BALANCES AND YIELDS

(Dollars in thousands)

	Quarter Ended June 30, 2007							Quarter Ended June 30, 2006
	Average Balances		Interest*		Yield*			Average Balances		Interest*		Yield*
Loans	$	1,083,868	$	21,398		7.92	%	$	970,639	$	19,013		7.86	%
Investments		140,683		1,796		5.12	%		129,658		1,629		5.04	%
Interest bearing deposits		340		4		4.72	%		543		7		5.17	%
Federal Home Loan Bank stock		8,288		124		6.00	%		3,907		54		5.54	%
Fed funds sold		53,247		709		5.34	%		17,334		210		4.86	%
Total interest earning assets		1,286,426		24,031		7.49	%		1,122,081		20,913		7.48	%
Non-interest earning assets		87,093							79,528
Total assets	$	1,373,519						$	1,201,609
Interest bearing liabilities:
NOW	$	159,343		1,325		3.34	%	$	145,203		952		2.63	%
Money market		195,945		2,068		4.23	%		173,289		1,498		3.47	%
Savings		58,753		274		1.87	%		51,247		91		0.71	%
Time		475,985		5,947		5.01	%		470,429		5,223		4.45	%
Total interest-bearing deposits		890,026		9,614		4.33	%		840,168		7,764		3.71	%
Short-term borrowings and FHLB advances		158,610		1,776		4.49	%		59,851		662		4.44	%
Long-term borrowings		33,000		678		8.24	%		18,756		447		9.56	%
Total interest bearing liabilities		1,081,636		12,068		4.48	%		918,775		8,873		3.87	%
Non-interest bearing deposits		174,253							187,523
Other liabilities		19,981							15,369
Shareholders’ equity		97,649							79,942
Total liabilities and shareholders’ equity	$	1,373,519						$	1,201,609
Net interest income and spread			$	11,963		3.01	%			$	12,040		3.61	%
Net interest margin						3.73	%						4.30	%
__________ * Presented on a fully tax equivalent basis

TIB FINANCIAL CORP. AND SUBSIDIARIES

YEAR TO DATE AVERAGE BALANCES AND YIELDS

(Dollars in thousands)

	Six Months Ended June 30, 2007							Six Months Ended June 30, 2006
	Average Balances		Interest*		Yield*			Average Balances		Interest*		Yield*
Loans	$	1,072,260	$	42,357		7.97	%	$	942,339	$	36,342		7.78	%
Investments		137,691		3,486		5.11	%		119,540		2,928		4.94	%
Interest bearing deposits		465		12		5.20	%		470		11		4.72	%
Federal Home Loan Bank stock		8,001		236		5.95	%		3,277		90		5.54	%
Fed funds sold		53,766		1,405		5.27	%		22,204		506		4.60	%
Total interest earning assets		1,272,183		47,496		7.53	%		1,087,830		39,877		7.39	%
Non-interest earning assets		85,397							78,154
Total assets	$	1,357,580						$	1,165,984
Interest bearing liabilities:
NOW	$	154,630		2,580		3.36	%	$	139,833		1,687		2.43	%
Money market		186,414		3,882		4.20	%		170,410		2,760		3.27	%
Savings		53,834		413		1.55	%		50,270		166		0.67	%
Time		494,557		12,268		5.00	%		456,887		9,775		4.31	%
Total interest-bearing deposits		889,435		19,143		4.34	%		817,400		14,388		3.55	%
Short-term borrowings and FHLB advances		153,518		3,444		4.52	%		49,195		1,028		4.21	%
Long-term borrowings		33,022		1,358		8.29	%		17,883		854		9.63	%
Total interest bearing liabilities		1,075,975		23,945		4.49	%		884,478		16,270		3.71	%
Non-interest bearing deposits		169,745							185,213
Other liabilities		19,651							16,965
Shareholders’ equity		92,209							79,328
Total liabilities and shareholders’ equity	$	1,357,580						$	1,165,984
Net interest income and spread			$	23,551		3.04	%			$	23,607		3.68	%
Net interest margin						3.73	%						4.38	%
__________ * Presented on a fully tax equivalent basis