Exhibit 99.1

FOR IMMEDIATE RELEASE

October 23, 2006

CenterState Banks of Florida, Inc. Announces

Third Quarter 2006 Operating Results

WINTER HAVEN, FL. – October 23, 2006 — CenterState Banks of Florida, Inc. (NASDAQ SYMBOL: CSFL) reported net income for the third quarter 2006 of $2,251,000, up 25%, compared to $1,801,000 earned in the third quarter of 2005. Earnings per share for the current quarter was $0.20, up 18%, compared to $0.17 for the same quarter last year.

Net income for the nine month period ending 9/30/06 was $6,268,000, up 39% compared to $4,495,000 reported for the similar period last year. Earnings per share was $0.56, up 14%, compared to $0.49 for the similar period last year.

All per share data is presented herein on a diluted basis, unless otherwise stated. Quarterly condensed consolidated income statements (unaudited) are shown below for the periods indicated.

Quarterly Condensed Consolidated Income Statements (unaudited) Amounts in thousands of dollars (except per share data)
For the quarter ended:	9/30/06			6/30/06			3/31/06			12/31/05			9/30/05
Net interest income	$	9,636		$	9,581		$	8,264		$	7,955		$	7,499
Provision for loan losses		(129	)		(206	)		(240	)		(270	)		(255	)
Net interest income after loan loss provision		9,507			9,375			8,024			7,685			7,244
Non interest income		1,550			1,507			1,495			1,313			1,416
Non interest expense		(7,463	)		(7,297	)		(6,590	)		(6,117	)		(5,784	)
Income before income tax		3,594			3,585			2,929			2,881			2,876
Income tax expense		(1,343	)		(1,378	)		(1,119	)		(1,046	)		(1,075	)
NET INCOME	$	2,251		$	2,207		$	1,810		$	1,835		$	1,801
EPS (basic)	$	0.20		$	0.20		$	0.17		$	0.17		$	0.17
EPS (diluted)	$	0.20		$	0.19		$	0.17		$	0.17		$	0.17

Branch activity

During September, the Company opened a new branch office in Lake County (Eustis, Florida area) in a temporary location. Land has been purchased for the construction of a new permanent facility, which is expected to be completed sometime in 2007. Of our 30 banking locations (as of September 30, 2006), four are referred to as “freedom offices,” which are small offices located inside gated retirement communities in central Florida. The office is usually located in a small room or area of the community’s “club house,” and caters to the needs of that particular community. Two of the four are very successful. The other two have not performed as well. Consequently, those two locations were closed during October 2006. Those two offices combined had total deposits of less than $1,500,000, which were transferred to another branch office.

Also during October, the Company opened a newly constructed branch office in Polk County (south of Lakeland, Florida) as well as a second new branch office in Polk County in a temporary facility on U.S. Highway 27 near Interstate 4. Construction has begun on a permanent facility, which is expected to be completed late in 2007.

Another branch office is also under construction in Osceola County (St. Cloud, Florida area) which is expected to be completed late this year or early 2007. Several other site locations have been purchased or are in the process of being purchased for future branches in 2007 and 2008.

Dividend

The board of directors declared a quarterly dividend of $0.035 per share payable on December 29, 2006 to all shareholders of record as of December 15, 2006.

Financial highlights

At September 30, 2006 total loans were $637,684,000, which represents a 23% increase compared to December 31, 2005. Exclusive of the $53,336,000 of loans acquired through the March 31, 2006 acquisition of CenterState Bank Mid Florida (“Mid FL”), organic loan growth during the first nine months of the year was approximately $67,690,000, or 13% (17.5% annualized).

At September 30, 2006 total deposits were $845,849,000, which represents an 18% increase compared to December 31, 2005. Exclusive of the $78,302,000 deposits acquired through the Mid FL acquisition, organic deposit growth during the first nine months of the year was approximately $50,210,000, or 7% (9.3% annualized).

The net interest margin (“NIM”) for the current quarter was 4.13% compared to 3.88% for the comparable quarter in 2005, and 4.27% for the previous quarter. After six consecutive quarters of margin expansion, the Company’s current quarter NIM (4.13%) compressed 14 basis points compared to the previous quarter. This is consistent with what appears to be occurring in the industry as a result of the changing yield curve and shift in deposit mix. Management believes that part of the reason for the shrinkage in checking accounts was related to title companies and other real estate business related accounts. As the real estate market in Florida slowed down, the average balances of title companies and other real estate business related accounts decreased. Management also believes that as local market competition placed upward pressure on time deposit rates, customers tended to shift deposits from low cost deposits to higher cost time deposit products. Management has initiated incentive and other marketing plans focusing on checking account and other non time deposit account growth.

Annualized return on average assets was 0.88% for the current quarter compared to 0.86% for the same quarter last year. Presented below are condensed consolidated balance sheets, condensed consolidated average balance sheets, and selected financial ratios for the periods indicated.

Condensed Consolidated Balance Sheets (unaudited)
Amounts in thousands of dollars
At quarter ended:	9/30/2006			6/30/2006			3/31/2006			12/31/2005			9/30/2005
Cash and due from banks	$	35,345		$	36,625		$	35,165		$	41,949		$	28,086
Fed funds and money market		48,250			80,285			91,294			52,977			57,401
Investments		242,921			232,063			222,305			218,841			224,092
Loans		637,684			621,638			599,884			516,658			504,783
Allowance for loan losses		(7,367	)		(7,310	)		(7,095	)		(6,491	)		(6,426	)
Goodwill		9,863			9,863			9,986			4,675			4,675
Core deposit intangible		3,249			3,414			3,580			479			497
Bank owned life insurance		7,246			6,172			6,108			6,043			—
Other assets		47,499			45,880			41,544			36,390			35,053
TOTAL ASSETS	$	1,024,690		$	1,028,630		$	1,004,713		$	871,521		$	848,161
Deposits	$	845,849		$	855,031		$	829,667		$	717,337		$	696,121
Other borrowings		59,605			58,595			56,973			52,811			52,741
Other liabilities		4,424			3,932			8,146			4,012			2,740
Minority interest		—			—			—			120			120
Stockholders’ equity		114,812			111,072			109,927			97,241			96,439
TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY	$	1,024,690		$	1,028,630		$	1,004,713		$	871,521		$	848,161
Condensed Consolidated Average Balance Sheets (unaudited)
Amounts in thousands of dollars
At quarter ended:	9/30/06			6/30/06			3/31/06			12/31/05			9/30/05
Investments and fed funds	$	300,846		$	287,099		$	268,788		$	264,232		$	279,354
Loans		632,568			611,379			531,895			511,339			494,493
Allowance for loan losses		(7,371	)		(7,226	)		(6,524	)		(6,444	)		(6,294	)
All other assets		97,844			99,470			80,120			76,612			66,467
TOTAL ASSETS	$	1,023,887		$	990,722		$	874,279		$	845,739		$	834,020
Deposits- interest bearing	$	654,009		$	611,678		$	519,587		$	498,465		$	498,576
Deposits- non interest bearing		191,057			204,138			195,670			193,218			183,159
Other borrowings		60,486			59,413			57,022			52,880			51,807
Other liabilities		4,825			4,726			3,520			4,123			5,170
Minority interest		—			—			120			120			120
Stockholders’ equity		113,510			110,767			98,360			96,933			95,188
TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY	$	1,023,887		$	990,722		$	874,279		$	845,739		$	834,020

Selected financial ratios (unaudited)
As of or for the quarter ended:	9/30/06			6/30/06			3/31/06			12/31/05			9/30/05
Return on average assets		0.88	%		0.89	%		0.83	%		0.87	%		0.86	%
Return on average equity		7.93	%		7.97	%		7.36	%		7.57	%		7.57	%
Net interest margin		4.13	%		4.27	%		4.13	%		4.10	%		3.88	%
Loan / deposit ratio		75.4	%		72.7	%		72.3	%		72.0	%		72.5	%
Stockholders’ equity / total assets		11.2	%		10.8	%		10.9	%		11.2	%		11.4	%
Efficiency ratio		67	%		66	%		68	%		66	%		65	%
Book value per share	$	10.32		$	10.00		$	9.91		$	9.26		$	9.19

The Company’s credit quality remains good. Net charge-offs for the nine month period ending September 30, 2006 was $346,000, or 0.06% of average loans for the period. During the current quarter, net charge-offs were $72,000. Allowance for loan losses was $7,367,000 at September 30, 2006, or 1.16% 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 $1,189,000 at September 30, 2006, compared to $1,549,000 at December 31, 2005. Nonperforming assets as a percentage of total assets was 0.12% at September 30, 2006, compared to 0.18% at December 31, 2005. The ratio of allowance for loan losses to nonperforming assets was 620% at September 30, 2006, compared to 419% at December 31, 2005.

The table below summarizes selected credit quality data for the periods indicated.

Selected credit quality ratios, dollars are in thousands (unaudited)
As of or for the quarter ended:	9/30/06			6/30/06			3/31/06			12/31/05			9/30/05
Non-accrual loans	$	696		$	850		$	647		$	852		$	932
Past due loans 90 days or more and still accruing interest		458			1			551			658			442
Other real estate owned (“OREO”)		—			—			—			—			—
Repossessed assets other than real estate		35			50			65			39			—
Total non performing assets	$	1,189		$	901		$	1,263		$	1,549		$	1,374
Non performing assets as a percentage of total assets		0.12	%		0.09	%		0.13	%		0.18	%		0.16	%
Net charge-offs (recoveries)	$	72		($	9	)	$	283		$	205		($	2	)
Net charge-offs as a percentage of average loans for the period		0.01	%		0.00	%		0.05	%		0.04	%		0.00	%
Allowance for loan losses as a percentage of period end loans		1.16	%		1.18	%		1.18	%		1.26	%		1.27	%

Loan growth and deposit growth over the previous twelve months were 26.3% and 21.5% respectively. Exclusive of the $53,336,000 loans and $78,302,000 deposits acquired from the Mid FL acquisition, the previous twelve month loan and deposit growth rates were 15.8% and 10.3%, respectively. The Company does not use broker deposits nor does it solicit deposits nationally. All deposits, as well as loans, are generated from its local markets in central Florida. The tables below summarize the loan and deposit mix over the most recent five quarter ends.

Loan mix (in thousands of dollars)
At quarter ended:	9/30/06			6/30/06			3/31/06			12/31/05			9/30/05
Real estate loans
Residential	$	181,579		$	173,011		$	172,895		$	148,090		$	144,315
Commercial		277,888			267,834			256,598			219,094			214,130
Construction, development and land loans		56,112			60,289			51,304			36,352			30,927
Total real estate loans		515,579			501,134			480,797			403,536			389,372
Commercial		67,642			64,978			65,173			63,475			64,944
Consumer and other loans		55,489			56,567			54,917			50,413			51,212
Total loans before unearned fees and costs		638,710			622,679			600,887			517,424			505,528
Unearned fees and costs		(1,026	)		(1,041	)		(1,003	)		(766	)		(745	)
Total loans	$	637,684		$	621,638		$	599,884		$	516,658		$	504,783

Deposit mix (in thousands of dollars)
At quarter ended:	9/30/06		6/30/06		3/31/06		12/31/05		9/30/05
Checking accounts
Non interest bearing	$	198,386	$	207,804	$	220,541	$	219,444	$	201,749
Interest bearing		97,060		107,035		123,214		89,309		100,990
Savings deposits		47,562		48,471		45,899		47,350		46,024
Money market accounts		102,114		111,445		107,449		96,082		99,413
Time deposits		400,727		380,276		332,564		265,152		247,945
Total deposits	$	845,849	$	855,031	$	829,667	$	717,337	$	696,121

Non interest income and non interest expense

The tables below summarize the Company’s non interest income and non interest expense for the periods indicated.

Quarterly Condensed Consolidated Non Interest Income (unaudited)
Amounts in thousands of dollars
For the quarter ended:	9/30/06		6/30/06		3/31/06		12/31/05			9/30/05
Service charges on deposit accounts	$	902	$	875	$	748	$	809		$	833
Commissions from mortgage broker activities		79		106		85		106			126
Loan related fees		70		75		79		63			79
Commissions from sale of mutual funds and annuities		142		81		270		39			126
Rental income		53		50		50		49			50
Debit card and ATM fees		138		141		137		134			128
BOLI income		74		63		65		43			—
Gain on sale of other real estate owned		—		—		—		—			7
Gain (loss) on sale of investments		—		—		—		(3	)		—
Other service charges and fees		92		116		61		73			67
Total non interest income	$	1,550	$	1,507	$	1,495	$	1,313		$	1,416

Quarterly Condensed Consolidated Non Interest Expense (unaudited)
Amounts in thousands of dollars
For the quarter ended:	9/30/06			6/30/06			3/31/06			12/31/05			9/30/05
Employee salaries and wages	$	3,116		$	3,000		$	2,748		$	2,584		$	2,564
Employee incentive/bonus compensation		515			523			438			465			307
Employee stock option expense		147			181			130			—			—
Health insurance and other employee benefits		432			419			372			351			286
Payroll taxes		214			220			289			174			182
Other employee related expenses		159			149			147			119			113
Incremental direct cost of loan origination		(248	)		(324	)		(248	)		(253	)		(263	)
Total salaries, wages and employee benefits	$	4,335		$	4,168		$	3,876		$	3,440		$	3,189
Occupancy expense		907			856			768			730			727
Depreciation of premises and equipment		484			498			456			428			402
Supplies, stationary and printing		141			174			146			130			139
Marketing expenses		98			106			132			119			117
Data processing expenses		300			273			252			240			246
Legal, auditing and other professional fees		190			165			131			175			138
Bank regulatory related expenses		96			79			58			75			98
Postage and delivery		66			66			79			54			72
ATM related expenses		110			114			116			110			107
Other expenses		736			798			576			616			549
Total non interest expense	$	7,463		$	7,297		$	6,590		$	6,117		$	5,784

CenterState Banks of Florida, Inc. is a multi bank holding company which operates through four wholly owned subsidiary banks with thirty locations in eight 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), Chris Cerniglia, at Ryan Beck & Co (800-793-7226), Michael Acampora, at Raymond James (800-363-9652), 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.