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

February 14, 2008

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 February 14, 2008, TIB Financial Corp. issued a press release announcing financial results for the year ended December 31, 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 February 14, 2008

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:  February 15, 2008	By:	/s/  Stephen J. Gilhooly
		Stephen J. Gilhooly
		EVP, Chief Financial Officer and Treasurer

EX-99.1

FOR IMMEDIATE RELEASE

TIB FINANCIAL CORP. REPORTS RESULTS FOR 2007

NAPLES, Fla. February 14, 2007 – TIB Financial Corp. (NASDAQ: TIBB), parent company of TIB Bank and The Bank of Venice, leading community banks serving the greater Naples, Bonita Springs and Fort Myers area, Highlands County, South Miami-Dade County, the Florida Keys and Sarasota County, today reported a net loss from continuing operations for the year ended December 31, 2007 of $2.4 million compared to net income from continuing operations of $9.0 million for 2006. On a per share basis, the net loss from continuing operations was $0.20 for 2007, compared to net income of $0.76 for 2006.

Excluding the effect of the write-down of investment securities discussed below, net income for the year ended December 31, 2007 would have been $1.1 million or $0.09 per share.

For the fourth quarter, the company reported a net loss from continuing operations of $6.5 million or $0.51 per share, compared to net income from continuing operations of $1.9 million or $0.16 per share for the fourth quarter of 2006.

Contributing significantly to the loss for the fourth quarter and the year were the $6.2 million provision for loan losses and the write-down of $5.7 million of investment securities. In response to continued slowing economic activity and softening real estate values in our markets, the reserve for loan losses was further strengthened and increased to $15.0 million or 1.32% of loans at December 31, 2007.

“TIB Financial remains a strong financial institution with shareholders’ equity of over $96 million. The Company, TIB Bank and The Bank of Venice exceed all regulatory requirements for well capitalized financial institutions,” said Edward V. Lett, Chief Executive Officer and President.  “The weak real estate market and a challenging short-term outlook for the local economy are evident in the loan delinquency trends we experienced during the fourth quarter and accordingly, we increased our reserves for possible credit losses. This reduced net income to a loss of $2.4 million for the year 2007, but positions us to work our way through a difficult economic environment during 2008. As we have over the past 34 years, we expect to successfully weather this business cycle on the strength of our underlying fundamentals: a solid capital base, a sound balance sheet, an experienced management team, a valuable franchise across both southwest Florida and the Keys, and a loyal, diversified customer base.”

“Despite a very challenging operating environment during 2007 we completed our acquisition of The Bank of Venice and expanded our presence into Sarasota County and initiated a new business focus of private banking and wealth management, through the acquisition of Naples Capital Advisors and the attraction of talented, well known, local professionals. In the coming weeks, we expect to file for authority with the Florida Office of Financial Regulation to establish a trust company as part of our integrated approach to providing comprehensive financial services to higher net worth individuals. We are excited about the growth prospects of our new business line, which will expand our products and services for our customers and prospective customers and further diversify our revenues sources.”

As previously described in our Form 10Q for September 30, 2007, we own three collateralized debt obligation investment securities aggregating $10.0 million that had an estimated fair value of $6.0 million at that time. The difference in the estimated fair value and the aggregate cost was included in Accumulated Other Comprehensive Loss and Shareholders’ Equity at September 30, 2007.  In late December 2007 these securities were downgraded below investment grade by a nationally recognized rating agency. Due to the ratings downgrade, and the amount of unrealized loss, we concluded that the loss of value was other than temporary under generally accepted accounting principles and we wrote-down these investment securities to their estimated fair value. This resulted in the recognition of a loss of $3.9 million. During the fourth quarter, the market value of an investment in equity securities, which we originally acquired in 2003 for $3.0 million to obtain community reinvestment credit, of a publicly owned company declined significantly. We determined that this unrealized loss was other than temporary and wrote this investment down by $1.8 million, resulting in a total write-down of investment securities of $5.7 million. The impairment and write-down of these securities had an after tax impact on earnings for the quarter and the year of $3.5 million or $0.28 per share.

TIB Financial also reported total assets of $1.4 billion as of December 31, 2007, representing 9% asset growth from December 31, 2006. Total loans increased 6% to $1.13 billion compared to $1.06 billion a year ago. Total deposits of $1.05 billion as of December 31, 2007 represent an increase of 2%, or $20.5 million, from $1.03 billion a year ago.

TIB Financial’s results of operations during 2007 include the operations of The Bank of Venice subsequent to its acquisition on April 30, 2007. As of December 31, 2007, the effect of the acquisition of The Bank of Venice increased total assets by $72.9 million, total loans by $58.7 million and total deposits by $51.9 million.

Detailed Financial Discussion

The decrease in net income from continuing operations for the fourth quarter of 2007 compared to the fourth quarter of 2006 was due to the increased provision for loan losses, realized losses on other than temporary impairment of securities, higher operating expenses, a lower net interest margin and lower non-interest income.

Our increased provision for loan losses results from an increase in our loan delinquencies and loan losses coupled with the ripple effect of further contraction of real estate activity on our local economy. Appropriately, we again elevated certain quantitative and qualitative factors used in estimating our allowance for loan losses. Net charge-offs for the fourth quarter were $2.8 million and are comprised principally of $1.2 million of indirect auto loans and  $1.3 million related to a single Southwest Florida real estate development loan  that was on non-accrual at September 30, 2007 and at year end. This property was foreclosed and transferred to OREO in January 2008. As of December 31, 2007, non-performing loans were $16.1 million or 1.4% of loans down from $16.6 million and 1.5% of loans as of September 30, 2007. The allowance for loan losses increased to $15.0 million, or 1.32% of total loans, reflecting the excess of our provision for loan losses over net charge-offs for the period. Net charge-offs during the quarter represented 1.00% of average loans on an annualized basis, an increase compared to 0.26% and 0.19% for the prior quarter and the fourth quarter of last year, respectively.

The tax equivalent net interest margin of 3.44% for the three months ended December 31, 2007 contracted in comparison with the 3.52% net interest margin reported during the third quarter of 2007, principally due to a highly challenging interest rate environment. Global liquidity pressures in the financial markets also exacerbated the pressure on the net interest margin. The contraction from 3.90% earned in the fourth quarter of 2006 was primarily due to the higher level of non-performing loans, the inclusion of the results of The Bank of Venice and the continued impact of the challenging interest rate environment and highly competitive deposit pricing.

Non-interest income, excluding the effect of the write-down of the investment securities, was $1.4 million in the fourth quarter compared to $1.7 million in the prior year’s period. The decrease is due primarily to gains recognized from the sale of land and other assets during the fourth quarter of 2006.

Operating costs increased during the fourth quarter of 2007 as non-interest expense rose 20% to $11.4 million compared to $9.5 million for the fourth quarter of 2006. The increase reflects $726,000 of operating costs for The Bank of Venice, $310,000 of severance and signing bonuses for employees, $417,000 of valuation allowances for repossessed automobiles and other assets related to our indirect auto lending business and $250,000 of expenses for consultants and contract termination.

During the fourth quarter of 2007, the Board of Directors of TIB Financial Corp. declared a quarterly cash dividend of $0.0625 per share on its common stock.  The cash dividend was paid on January 10, 2008 to all TIB Financial Corp. common shareholders of record as of December 31, 2007.  This dividend, when annualized, represents $0.25 per share. The Board of Directors will continue to evaluate the amount of our quarterly dividend and our dividend policy in light of current and expected trends in our financial performance and financial condition.

In August, the Board also authorized the repurchase of up to 400,000 sharesof the Company's outstanding common stock. The Company repurchased 69,200 shares during the fourth quarter at an average price of $8.23.

On February 1, 2008, a $13.5 million commercial real estate loan financing a 24 acre, 7 developed commercial lot real estate project matured. The owners of the project currently do not have adequate financial resources to service the debt. They continue to market the property for sale and TIB Bank is pursuing collection of the loan. The status of the project and the borrowers were evaluated as part of our review of the reserve for loan losses at December 31, 2007. The loan was placed on nonaccrual in February 2008.

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 20 full-service banking offices throughout the Florida Keys, Homestead, Naples, Bonita Springs, Fort Myers, Venice and Sebring. On January 2, 2008, the company completed the acquisition of Naples Capital Advisors, Inc., a registered investment advisor with approximately $80 million of assets under advisement.

TIB Financial Corp., through its wholly owned subsidiaries, TIB Bank and The Bank of Venice and Naples Capital Advisors, Inc., serves the personal and commercial banking and investment management needs of local residents and businesses in its market areas. The banks’ experienced professionals 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, The Bank of Venice and Naples Capital Advisors, Inc., visit www.tibbank.com,  www.bankofvenice.com and www.naplescapitaladvisors.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
	December 31, 2007			September 30, 2007		June 30, 2007		March 31, 2007		December 31, 2006
Interest and dividend income	$	23,863		$	23,549	$	23,950	$	23,379	$	23,240
Interest expense		12,513			12,263		12,068		11,877		11,468
NET INTEREST INCOME		11,350			11,286		11,882		11,502		11,772
Provision for loan losses		6,168			2,385		632		472		1,285
NON-INTEREST INCOME:
Service charges on deposit accounts		731			661		657		643		675
Fees on mortgage loans sold		220			287		406		533		318
Investment securities loss, net		(5,660	)		-		-		-		-
Other income		439			1,195		547		703		660
Total non-interest income		(4,270	)		2,143		1,610		1,879		1,653
NON-INTEREST EXPENSE:
Salaries & employee benefits		5,729			5,619		5,698		5,504		5,366
Net occupancy expense		2,052			2,041		1,977		1,909		1,590
Other expense		3,614			2,702		2,513		2,563		2,552
Total non-interest expense		11,395			10,362		10,188		9,976		9,508
Income (loss) before income tax expense		(10,483	)		682		2,672		2,933		2,632
Income tax expense (benefit)		(3,985	)		188		960		1,062		768
Income (loss) from continuing operations		(6,498	)		494		1,712		1,871		1,864
Income from discontinued operations, net of tax		-			-		-		-		72
NET INCOME (LOSS)	$	(6,498	)	$	494	$	1,712	$	1,871	$	1,936
BASIC EARNINGS (LOSS) PER SHARE:
Continuing operations	$	(0.51	)	$	0.04	$	0.14	$	0.16	$	0.16
Discontinued operations		-			-		-		-		0.01
Basic earnings (loss) per share	$	(0.51	)	$	0.04	$	0.14	$	0.16	$	0.17
DILUTED EARNINGS (LOSS) PER SHARE:
Continuing operations	$	(0.51	)	$	0.04	$	0.14	$	0.16	$	0.16
Discontinued operations		-			-		-		-		-
Diluted earnings (loss) per share	$	(0.51	)	$	0.04	$	0.14	$	0.16	$	0.16

TIB FINANCIAL CORP. AND SUBSIDIARIES

SELECTED FINANCIAL DATA

(Dollars in thousands, except share and per share data)

	For the Quarter Ended
	December 31, 2007			September 30, 2007			June 30, 2007			March 31, 2007			December 31, 2006
Real estate mortgage loans:
Commercial	$	612,084		$	604,286		$	580,506		$	561,267		$	546,276
Residential		112,138			110,055			109,034			80,188			82,243
Farmland		11,361			10,245			8,991			9,197			24,210
Construction and vacant land		168,595			150,808			153,917			155,421			157,672
Commercial and agricultural loans		72,076			70,847			73,426			71,382			84,905
Indirect auto dealer loans		117,439			127,219			131,078			136,892			141,552
Home equity loans		21,820			18,425			17,297			17,694			17,199
Other consumer loans		12,154			12,080			11,356			9,375			9,795
Total loans	$	1,127,667		$	1,103,965		$	1,085,605		$	1,041,416		$	1,063,852
Gross loans	$	1,129,156		$	1,105,597		$	1,087,264		$	1,042,991		$	1,065,468
Net loan charge-offs	$	2,808		$	721		$	394		$	1,009		$	494
Allowance for loan losses	$	14,973		$	11,613		$	9,949		$	9,044		$	9,581
Allowance for loan losses/total loans		1.32	%		1.05	%		0.92	%		0.87	%		0.90	%
Non-performing loans1	$	16,086		$	16,565		$	4,401		$	3,046		$	4,223
Allowance for loan losses/non-performing loans		93	%		70	%		226	%		297	%		227	%
Non performing loans/gross loans		1.42	%		1.50	%		0.40	%		0.29	%		0.40	%
Annualized net charge-offs/average loans		1.00	%		0.26	%		0.15	%		0.39	%		0.19	%
Total interest-earning assets	$	1,345,795		$	1,305,795		$	1,265,143		$	1,268,523		$	1,233,539
Other real estate owned	$	1,846		$	186		$	-		$	-		$	-
Other repossessed assets	$	3,136		$	2,773		$	2,370		$	2,341		$	1,958
Goodwill and intangibles, net of accumulated amortization	$	7,458		$	7,448		$	7,409		$	847		$	919
Interest-bearing deposits:
NOW accounts	$	161,878		$	136,892		$	151,359		$	145,216		$	132,395
Money market		176,900			185,789			198,760			188,220			164,607
Savings deposits		55,045			55,675			60,323			56,392			45,076
Time deposits		512,754			484,600			460,461			483,889			527,999
Non-interest bearing deposits		143,381			156,461			173,196			183,846			159,380
Total deposits	$	1,049,958		$	1,019,417		$	1,044,099		$	1,057,563		$	1,029,457
Tax equivalent net interest margin		3.44	%		3.52	%		3.73	%		3.74	%		3.90	%
Return (loss) on average assets		(0.46	) %		0.14	%		0.50	%		0.57	%		0.58	%
Return (loss) on average equity		(6.60	) %		1.93	%		7.03	%		8.75	%		8.72	%
Non-interest expense/tax equivalent net interest income and non-interest income		159.06	%		76.69	%		75.06	%		74.08	%		70.41	%
Average diluted shares (basic for the quarter ended December 31, 2007)		12,752,994			12,902,212			12,598,658			11,944,440			11,932,887
End of quarter shares outstanding		12,783,161			12,832,816			12,821,216			11,836,027			11,720,527
Total equity	$	96,240		$	100,651		$	102,270		$	88,125		$	85,862
Book value per common share	$	7.53		$	7.84		$	7.98		$	7.45		$	7.33
Total assets	$	1,444,739		$	1,395,547		$	1,358,773		$	1,351,414		$	1,319,093

1 Non-performing loans 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 December 31, 2007							Quarter Ended December 31, 2006
	Average Balances		Interest*		Yield*			Average Balances		Interest*		Yield*
Loans	$	1,114,161	$	21,243		7.56	%	$	1,057,033	$	21,427		8.04	%
Investments		159,486		2,144		5.33	%		129,776		1,623		4.96	%
Interest bearing deposits		353		4		4.50	%		427		5		4.65	%
Federal Home Loan Bank stock		8,966		136		6.02	%		7,244		108		5.91	%
Fed funds sold		37,128		420		4.49	%		11,729		155		5.24	%
Total interest earning assets		1,320,094		23,947		7.20	%		1,206,209		23,318		7.67	%
Non-interest earning assets		91,067							78,820
Total assets	$	1,411,161						$	1,285,029
Interest bearing liabilities:
NOW	$	146,528	$	1,097		2.97	%	$	118,674	$	884		2.96	%
Money market		176,123		1,735		3.91	%		162,296		1,629		3.98	%
Savings		55,998		280		1.98	%		45,568		86		0.75	%
Time		500,680		6,204		4.92	%		516,240		6,401		4.92	%
Total interest-bearing deposits		879,329		9,316		4.20	%		842,778		9,000		4.24	%
Short-term borrowings and FHLB advances		207,227		2,282		4.37	%		139,863		1,690		4.79	%
Long-term borrowings		56,044		915		6.48	%		36,896		778		8.37	%
Total interest bearing liabilities		1,142,600		12,513		4.34	%		1,019,537		11,468		4.46	%
Non-interest bearing deposits		151,122							160,641
Other liabilities		18,941							20,020
Shareholders’ equity		98,498							84,831
Total liabilities and shareholders’ equity	$	1,411,161						$	1,285,029
Net interest income and spread			$	11,434		2.86	%			$	11,850		3.21	%
Net interest margin						3.44	%						3.90	%
* Presented on a fully tax equivalent basis

TIB FINANCIAL CORP. AND SUBSIDIARIES

YEAR TO DATE AVERAGE BALANCES AND YIELDS

(Dollars in thousands)

	Year Ended December 31, 2007							Year Ended December 31, 2006
	Average Balances		Interest*		Yield*			Average Balances		Interest*		Yield*
Loans	$	1,088,751	$	84,775		7.79	%	$	989,617	$	78,382		7.92	%
Investments		146,376		7,633		5.21	%		123,651		6,149		4.97	%
Interest bearing deposits		383		19		4.96	%		448		22		4.94	%
Federal Home Loan Bank stock		8,408		503		5.98	%		4,935		285		5.78	%
Fed funds sold		42,187		2,144		5.08	%		15,465		739		4.78	%
Total interest earning assets		1,286,105		95,074		7.39	%		1,134,116		85,577		7.55	%
Non-interest earning assets		87,996							78,319
Total assets	$	1,374,101						$	1,212,435
Interest bearing liabilities:
NOW	$	151,745		4,967		3.27	%	$	131,386		3,500		2.66	%
Money market		186,996		7,753		4.15	%		166,501		5,959		3.58	%
Savings		55,360		968		1.75	%		48,897		346		0.71	%
Time		486,658		24,172		4.97	%		477,204		21,852		4.58	%
Total interest-bearing deposits		880,759		37,860		4.30	%		823,988		31,657		3.84	%
Short-term borrowings and FHLB advances		174,583		7,861		4.50	%		86,883		4,102		4.72	%
Long-term borrowings		39,860		3,000		7.53	%		27,442		2,412		8.79	%
Total interest bearing liabilities		1,095,202		48,721		4.45	%		938,313		38,171		4.07	%
Non-interest bearing deposits		163,478							174,798
Other liabilities		19,338							17,903
Shareholders’ equity		96,083							81,421
Total liabilities and shareholders’ equity	$	1,374,101						$	1,212,435
Net interest income and spread			$	46,353		2.94	%			$	47,406		3.48	%
Net interest margin						3.60	%						4.18	%
* Presented on a fully tax equivalent basis

TIB FINANCIAL CORP. AND SUBSIDIARIES

NONACCRUAL LOAN SUMMARY AS OF DECEMBER 31, 2007

(Dollars in thousands)

Loan Type	Number of Loans		Outstanding Balance
Residential		13	$	4,442
Commercial and agricultural		4		293
Commercial real estate		4		2,619
Residential land development		1		2,686
Participations in residential loan pools		9		1,246
Government guaranteed loan		1		1,641
Indirect auto-dealer, auto and consumer loans		238		3,159
			$	16,086