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) July 25, 2005

CENTERSTATE BANKS OF FLORIDA, INC.

(Exact name of registrant as specified in charter)

Florida	333-95087	59-3606741
(State or other jurisdiction of incorporation)	(Commission file number)	(IRS employer identification no.)

1101 First Street South, Suite 202, Winter Haven, FL	33880
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (863) 293-2600

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 25, 2005, CenterState Banks of Florida, Inc. issued a press release announcing certain financial results and additional information. A copy of the press release is furnish with this Form 8-K.

Item 9.01. Financial Statements and Exhibits.

(a) Exhibits:

Exhibit 99.1 Press release dated July 25, 2005

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SIGNATURE

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.

CENTERSTATE BANKS OF FLORIDA, INC.
By:	/s/ James J. Antal
	James J. Antal
	Senior Vice President and
	Chief Financial Officer

Date: July 25, 2005

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EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

July 25, 2005

CenterState Banks of Florida, Inc. Announces

Second Quarter 2005 Operating Results

Increase in quarterly dividend

Declaration of third quarter dividend

WINTER HAVEN, FL. – July 25, 2005 — CenterState Banks of Florida, Inc. (NASDAQ SYMBOL: CSFL) reported net income for the second quarter 2005 of $1,432,000, up 77%, compared to $808,000 earned in the second quarter of 2004. Earnings per share for the current quarter was $0.33, up 43%, compared to $0.23 for the year ago quarter.

Net income for the six month period ending June 30, 2005 was $2,694,000, or $0.63 per share, compared to $2,561,000, or $0.73 per share ($1,411,000, or $0.40 per share exclusive of the one time gain on sale of branches that occurred in February 2004), for the same period last year. Condensed consolidated income statements (unaudited) for the three and six month periods ending June 30, 2005 and 2004, and a reconciliation between net income and net income exclusive of gain on sale of branches, are presented below. All per share data is presented herein on a diluted basis.

Condensed Consolidated Income Statements (unaudited)

amounts in thousands of dollars (except per share data)

	Three months ended June 30,						Increase (decrease)			%
	2005			2004
Net interest income	$	6,817		$	5,097		$	1,720		33.7	%
Provision for loan losses		(255	)		(240	)		(15	)	6.3	%
Net interest income after loan loss provision		6,562			4,857			1,705		35.1	%
Non interest income		1,310			1,247			63		5.1	%
Non interest expense		(5,583	)		(4,824	)		(759	)	15.7	%
Income before income tax		2,289			1,280			1,009		78.8	%
Income tax expense		(857	)		(472	)		(385	)	81.6	%
NET INCOME	$	1,432		$	808			624		77.2	%
EPS (diluted)	$	0.33		$	0.23		$	0.10		43.5	%

Condensed Consolidated Income Statements (unaudited)

And reconciliation between net income and net income exclusive of gain on sale of branches

amounts in thousands of dollars (except per share data)

	Six months ended June 30,						Increase (decrease)			%
	2005			2004
Net interest income	$	13,090		$	10,002		$	3,088		30.9	%
Provision for loan losses		(540	)		(675	)		135		(20.0	)%
Net interest income after loan loss provision		12,550			9,327			3,223		34.6	%
Non interest income		2,651			2,481			170		6.9	%
Gain on sale of branches		—			1,844			(1,844	)	n/a
Non interest expense		(10,904	)		(9,580	)		(1,324	)	13.8	%
Income before income tax		4,297			4,072			225		5.5	%
Income tax expense		(1,603	)		(1,511	)		(92	)	6.1	%
NET INCOME	$	2,694		$	2,561		$	133		5.2	%

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NET INCOME	$	2,694	$	2,561		$	133		5.2	%
Gain on sale of branches, net of tax of $694		—		(1,150	)		1,150		n/a
Net income exclusive of gain on sale of branches	$	2,694	$	1,411		$	1,283		90.9	%
EPS (diluted)	$	0.63	$	0.73		$	(0.10	)	(13.7	)%
Gain on sale of branches, net of tax of $0.20 per share		—		(0.33	)		0.33		n/a
EPS (diluted) exclusive of gain on sale of branches	$	0.63	$	0.40		$	0.23		57.5	%

During the six month period ended June 30, 2005, total assets grew by 10% to $830,042,000. The organic growth rate (i.e. exclusive of the net proceeds received from the June 24, 2005 public offering) was approximately 6%. During this same period, loans grew by $46,463,000 or 10.5%, and deposits grew by $26,923,000 or 4%. The loan to deposit ratio at June 30, 2005 was 71% compared to 68% as of March 31, 2005 and 67% as of December 31, 2004. The net interest margin for the quarter ended June 30, 2005 was 3.75% compared to 3.43% for the comparable quarter in 2004, and compared to 3.58% for the quarter ended March 31, 2005. Annualized return on average assets (“ROA”) was 0.72% for the quarter ended June 30, 2005 compared to 0.50% for the same quarter last year, and compared to 0.66% for the quarter ended March 31, 2005. Presented below are condensed consolidated balance sheets as of June 30, 2005 and December 31, 2004.

Condensed Consolidated Balance Sheets (unaudited)

amounts in thousands of dollars

	6/30/2005			12/31/2004			increase (decrease)			%
Cash and due from banks	$	42,727		$	27,306		$	15,421		56.5	%
Fed funds and money market		70,229			62,809			7,420		11.8	%
Investments		197,010			191,400			5,610		2.9	%
Loans		487,468			441,005			46,463		10.5	%
Allowance for loan losses		(6,169	)		(5,685	)		(484	)	8.5	%
Other assets		38,777			36,944			1,833		5.0	%
TOTAL ASSETS	$	830,042		$	753,779		$	76,263		10.1	%
Deposits	$	686,553		$	659,630		$	26,923		4.1	%
Other borrowings		50,598			34,627			15,971		46.1	%
Other liabilities		2,328			1,738			590		33.9	%
Minority interest		120			120			—		—	%
Stockholders’ equity		90,443			57,664			32,779		56.8	%
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	830,042		$	753,779		$	76,263		10.1	%

The Company’s credit quality remains good. Net charge-offs for the six month period ending June 30, 2005 was $56,000 compared to $48,000 for the comparable period last year. Allowance for loan losses was $6,169,000 at June 30, 2005, or 1.27% of loans outstanding, compared to $5,685,000 at December 31, 2004, or 1.29% of loans outstanding. Nonperforming assets, which the Company defines as (1) non-accrual loans; (2) accruing loans that are 90 days or more delinquent and are deemed by management to be adequately secured and in the process of collection; (3) OREO (i.e. real estate acquired through foreclosure or deed in lieu of foreclosure); and (4) other repossessed assets that is not real estate, was $941,000 at June 30, 2005, compared to $1,305,000 at December 31, 2004. Nonperforming assets as a percentage of total assets was 0.11% at June 30, 2005, compared to 0.17% at December 31, 2004. The ratio of allowance for loan losses to nonperforming assets was 656% at June 30, 2005, compared to 436% at December 31, 2004.

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The Company has also increased its quarterly dividend from $0.06 to $0.07 per share. At the Company’s July board meeting, the board declared a quarterly dividend of $0.07 per share payable on September 30, 2005 to shareholders of record as of the close of business September 15, 2005.

CenterState Banks of Florida, Inc. is a multi bank holding company which operates through four wholly owned subsidiary banks with twenty-one full service locations and four mini-locations in seven counties throughout Central Florida. The Company’s stock is listed on the NASDAQ national market under the symbol CSFL. Request for information regarding the purchase or sale of the common stock can be obtained from James Stevens, at Keefe, Bruyette & Woods (800-221-3246), Michael Acamparo, at Advest, Inc. (866-273-6661), Chris Cerniglia, at Ryan Beck & Co (800-793-7226) or Eric Lawless, at FIG Partners, LLC (866-344-2657). For additional information contact Ernest S. Pinner, CEO, or James J. Antal, CFO, at 863-293-2600.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Some of the statements in this report constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. These statements related to future events, other future financial performance or business strategies, and may be identified by terminology such as “may,” “will,” “should,” “expects,” “scheduled,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “potential,” or “continue” or the negative of such terms or other comparable terminology. Actual events or results may differ materially. In evaluating these statements, you should specifically consider the factors described throughout this report. We cannot be assured that future results, levels of activity, performance or goals will be achieved.

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