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) April 23, 2007

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 April 23, 2007, 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 April 23, 2007

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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: April 23, 2007

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EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

April 23, 2007

WINTER HAVEN, FL. – April 23, 2007 — CenterState Banks of Florida, Inc. (NASDAQ SYMBOL: CSFL) reported net income for the first quarter 2007 of $1,808,000 compared to $1,810,000 earned in the first quarter of 2006. Earnings per share for the current quarter was $0.16, down $0.01, compared to $0.17 for the same quarter 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:	3/31/07			12/31/06			9/30/06			6/30/06			3/31/06
Net interest income	$	9,598		$	9,622		$	9,636		$	9,581		$	8,264
Provision for loan losses		(282	)		(142	)		(129	)		(206	)		(240	)
Net interest income after loan loss provision		9,316			9,480			9,507			9,375			8,024
Non interest income		1,540			1,584			1,550			1,507			1,495
Non interest expense		(8,073	)		(7,854	)		(7,463	)		(7,297	)		(6,590	)
Income before income tax		2,783			3,210			3,594			3,585			2,929
Income tax expense		(975	)		(1,019	)		(1,343	)		(1,378	)		(1,119	)
NET INCOME	$	1,808		$	2,191		$	2,251		$	2,207		$	1,810
EPS (basic)	$	0.16		$	0.20		$	0.20		$	0.20		$	0.17
EPS (diluted)	$	0.16		$	0.19		$	0.20		$	0.19		$	0.17

Acquisition of Valrico Bancorp, Inc.

On April 2, 2007, the Company acquired Valrico Bancorp, Inc. (“VBI”) and it’s wholly owned subsidiary Valrico State Bank, as previously announced. The $36.1 million purchase price was a combination of 65% stock and 35% cash. VBI is a one bank holding company operating through its subsidiary, Valrico State Bank (the “Bank”). The Bank opened for business in 1989 and operates through four banking locations in Hillsborough County, Florida. At December 31, 2006, VBI reported total consolidated assets of approximately $149.5 million, loans of $124.0 million, deposits of $119.7 million and stockholders’ equity of $15.9 million. VBI also reported consolidated net income of $1.9 million for the year ended December 31, 2006. The Company intends to operate the Bank as a separate wholly owned subsidiary, similar to the Company’s other subsidiary banks.

Branch activity

During February, the Company opened its 31^st banking location with the newly constructed branch office in Osceola County. At the end of October 2006, the Company opened a newly constructed branch office in Polk County. Also, two new branch offices were opened in September and October 2006, in temporary locations while their permanent facilities are being constructed.

With the April 2^nd acquisition of Valrico, the number of banking locations increased from 31 in eight Counties to 35 in nine Counties in central Florida. In addition, Valrico has a new branch under construction that is near completion and expected to open during the second quarter of 2007, at which time will increase the Company’s total banking locations to 36. Five of these offices will be less than one year old.

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Financial highlights

At March 31, 2007 total loans were $684,141,000, which is an increase of $26,178,000, or 4% compared to December 31, 2006.

At March 31, 2007 total deposits were $889,638,000, which is a decrease of $3,168,000, or 0.35% compared to December 31, 2006.

Net interest margin (“NIM”) for the current quarter was 4.09%, which was the same as the previous quarter. The Company is focused on the goal of growing deposits without additional NIM compression. Management has implemented incentive and other marketing plans focusing on checking account and other non time deposit account growth, which contributed to the higher marketing expenses in the first quarter of this year and last quarter of last year compared to prior quarters.

Annualized return on average assets was 0.69% for the current quarter compared to 0.84% 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:	3/31/2007			12/31/2006			9/30/2006			6/30/2006			3/31/2006
Cash and due from banks	$	41,433		$	40,385		$	35,345		$	36,625		$	35,165
Fed funds and money market		58,821			79,636			48,250			80,285			91,294
Investments		236,492			235,350			240,286			229,428			219,938
Loans		684,141			657,963			637,684			621,638			599,884
Allowance for loan losses		(7,632	)		(7,355	)		(7,367	)		(7,310	)		(7,095	)
Premises and equipment, net		41,531			39,879			38,748			36,996			34,859
Goodwill		9,863			9,863			9,863			9,863			10,080
Core deposit intangible		2,944			3,083			3,249			3,414			3,580
Bank owned life insurance		7,394			7,320			7,246			6,172			6,108
Other assets		11,831			10,978			11,386			11,519			10,900
TOTAL ASSETS	$	1,086,818		$	1,077,102		$	1,024,690		$	1,028,630		$	1,004,713
Deposits	$	889,638		$	892,806		$	845,849		$	855,031		$	829,667
Other borrowings		73,536			62,792			59,605			58,595			56,973
Other liabilities		3,928			4,172			4,424			3,932			8,146
Stockholders’ equity		119,716			117,332			114,812			111,072			109,927
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,086,818		$	1,077,102		$	1,024,690		$	1,028,630		$	1,004,713

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Condensed Consolidated Average Balance Sheets (unaudited) Amounts in thousands of dollars
At quarter ended:	3/31/07			12/31/06			9/30/06			6/30/06			3/31/06
Investments, fed funds, and other	$	295,365		$	299,467		$	300,846		$	287,099		$	268,788
Loans		669,005			645,103			632,568			611,379			531,895
Allowance for loan losses		(7,423	)		(7,398	)		(7,371	)		(7,226	)		(6,524	)
All other assets		104,594			100,502			97,844			99,470			80,120
TOTAL ASSETS	$	1,061,541		$	1,037,674		$	1,023,887		$	990,722		$	874,279
Deposits- interest bearing	$	673,561		$	657,654		$	654,009		$	611,678		$	519,587
Deposits- non interest bearing		192,945			196,093			191,057			204,138			195,670
Other borrowings		72,582			62,399			60,486			59,413			57,022
Other liabilities		3,695			4,989			4,825			4,726			3,640
Stockholders’ equity		118,758			116,539			113,510			110,767			98,360
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,061,541		$	1,037,674		$	1,023,887		$	990,722		$	874,279

Selected financial ratios (unaudited)
As of or for the quarter ended:	3/31/07			12/31/06			9/30/06			6/30/06			3/31/06
Return on average assets		0.69	%		0.84	%		0.87	%		0.89	%		0.84	%
Return on average equity		6.17	%		7.46	%		7.87	%		7.99	%		7.46	%
Net interest margin (tax equivalent basis)		4.09	%		4.09	%		4.12	%		4.29	%		4.20	%
Loan / deposit ratio		76.9	%		73.7	%		75.4	%		72.7	%		72.3	%
Stockholders’ equity / total assets		11.0	%		10.9	%		11.2	%		10.8	%		10.9	%
Efficiency ratio		72	%		70	%		67	%		66	%		68	%
Book value per share	$	10.71		$	10.54		$	10.32		$	10.00		$	9.91

The Company’s credit quality remains good. Net charge-offs for the three month period ending March 31, 2007 were $5,000. 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 $1,475,000 at March 31, 2007, compared to $645,000 at December 31, 2006. Non performing assets as a percentage of total assets was 0.14% at March 31, 2007, compared to 0.06% at December 31, 2006.

The Company defines non performing loans as non accrual loans plus loans past due 90 days or more and still accruing interest. Non performing loans as a percentage of total loans was 0.18% at March 31, 2007, compared to 0.09% at December 31, 2006. The ratio of allowance for loan losses to non performing loans was 606% at March 31, 2007, compared to 1,206% at December 31, 2006.

The allowance for loan losses (“ALLL”) as a percentage of total loans outstanding was 1.12% at March 31, 2007 and at December 31, 2006. The Company’s ALLL increased $277,000 during this three month period. Of this amount, $199,000 relates to an increase in the Company’s general reserve, which is due to the growth in the loan portfolio. The remaining $78,000 increase is due to an increase in the Company’s specific reserves, which results from specific reserve analyses prepared for each of the Company’s impaired loans.

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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:	3/31/07			12/31/06			9/30/06			6/30/06			3/31/06
Non-accrual loans	$	1,196		$	448		$	696		$	850		$	647
Past due loans 90 days or more And still accruing interest		64			162			458			1			551
Total non performing loans		1,260			610			1,154			851			1,198
Other real estate owned (“OREO”)		215			—			—			—			—
Repossessed assets other than real estate		—			35			35			50			65
Total non performing assets	$	1,475		$	645		$	1,189		$	901		$	1,263
Non performing assets as a percentage of total assets		0.14	%		0.06	%		0.12	%		0.09	%		0.13	%
Non performing loans as a percentage of total loans		0.18	%		0.09	%		0.18	%		0.14	%		0.20	%
Net charge-offs (recoveries)	$	5		$	154		$	72		($	9	)	$	283
Net charge-offs as a percentage of average loans for the period		0.00	%		0.02	%		0.01	%		0.00	%		0.05	%
Allowance for loan losses as a percentage of period end loans		1.12	%		1.12	%		1.16	%		1.18	%		1.18	%

Loan growth and deposit growth over the previous twelve months were 14% and 7% 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:	3/31/07			12/31/06			9/30/06			6/30/06			3/31/06
Real estate loans
Residential	$	185,820		$	180,869		$	181,579		$	173,011		$	172,895
Commercial		296,788			291,536			277,888			267,834			256,598
Construction, development and land loans		68,543			60,950			56,112			60,289			51,304
Total real estate loans		551,151			533,355			515,579			501,134			480,797
Commercial		76,558			68,948			67,642			64,978			65,173
Consumer and other loans		57,418			56,684			55,489			56,567			54,917
Total loans before unearned fees and costs		685,127			658,987			638,710			622,679			600,887
Unearned fees and costs		(986	)		(1,024	)		(1,026	)		(1,041	)		(1,003	)
Total loans	$	684,141		$	657,963		$	637,684		$	621,638		$	599,884

Deposit mix (in thousands of dollars)
At quarter ended:	3/31/07		12/31/06		9/30/06		6/30/06		3/31/06
Checking accounts
Non interest bearing	$	202,840	$	223,602	$	198,386	$	207,804	$	220,541
Interest bearing		114,636		110,627		97,060		107,035		123,214
Savings deposits		44,462		46,806		47,562		48,471		45,899
Money market accounts		117,322		100,528		102,114		111,445		107,449
Time deposits		410,378		411,243		400,727		380,276		332,564
Total deposits	$	889,638	$	892,806	$	845,849	$	855,031	$	829,667

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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:	3/31/07			12/31/06			9/30/06			6/30/06			3/31/06
Service charges on deposit accounts	$	953		$	876		$	902		$	875		$	748
Commissions from mortgage broker activities		52			71			79			106			85
Loan related fees		75			91			70			75			79
Commissions from sale of mutual funds and annuities		80			202			142			81			270
Rental income		55			50			53			50			50
Debit card and ATM fees		188			176			138			141			137
BOLI income		74			75			74			63			65
Gain (loss) on sale of investments		—			—			—			17			—
Other service charges and fees		63			43			92			99			61
Total non interest income	$	1,540		$	1,584		$	1,550		$	1,507		$	1,495
Quarterly Condensed Consolidated Non Interest Expense (unaudited) Amounts in thousands of dollars
For the quarter ended:	3/31/07			12/31/06			9/30/06			6/30/06			3/31/06
Employee salaries and wages	$	3,243		$	3,200		$	3,116		$	3,000		$	2,748
Employee incentive/bonus compensation		513			586			515			523			438
Employee stock option expense		135			136			147			181			130
Health insurance and other employee benefits		542			537			432			419			372
Payroll taxes		331			210			214			220			289
Other employee related expenses		170			189			159			149			147
Incremental direct cost of loan origination		(279	)		(276	)		(248	)		(324	)		(248	)
Total salaries, wages and employee benefits	$	4,655		$	4,582		$	4,335		$	4,168		$	3,876
Occupancy expense		914			912			907			856			768
Depreciation of premises and equipment		504			497			484			498			456
Supplies, stationary and printing		146			146			141			174			146
Marketing expenses		287			249			98			106			132
Data processing expenses		280			280			300			273			252
Legal, auditing and other professional fees		196			187			190			165			131
Bank regulatory related expenses		98			93			96			79			58
Postage and delivery		68			65			66			66			79
ATM related expenses		103			94			110			114			116
Amortization of CDI		139			166			165			166			17
Other expenses		683			583			571			632			559
Total non interest expense	$	8,073		$	7,854		$	7,463		$	7,297		$	6,590

CenterState Banks of Florida, Inc. is a multi bank holding company which operates through four wholly owned subsidiary banks with 31 locations in eight counties throughout Central Florida. Effective with the April 2, 2007 acquisition of Valrico, the Company is now operating through five wholly owned subsidiary banks with 35 locations in nine 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.

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“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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