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) February 24, 2010

CENTERSTATE BANKS, INC.

(Exact name of registrant as specified in charter)

Florida	000-32017	59-3606741
(State or other jurisdiction of incorporation)	(Commission file number)	(IRS employer identification no.)

42745 U.S. Highway 27, Davenport, FL	33837
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (863) 491-7750

(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 7.01. Regulation FD Disclosure

CenterState Banks, Inc. (“CSFL”) is furnishing this Current Report on Form 8-K in connection with presentations being made by management of CSFL at the Keefe, Bruyette & Woods 2010 Regional Bank Conference on February 24, 2010 and at the Raymond James Institutional Conference on March 9, 2010. Attached hereto and incorporated herein as Exhibit 99.1 is the text of that presentation. This presentation contains “forward-looking statements” within the meaning of the federal securities laws. The forward-looking statements in this presentation are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among other things, the following possibilities: (i) an inability of the company to realize elements of its strategic plans for 2010 and beyond; (ii) increases in competitive pressure in the banking industry; (iii) general economic conditions, either nationally or regionally, that are less favorable than expected; (iv) changes in the interest rate environment which reduce margins; (v) management’s assumptions regarding allowance for loan losses may not be borne out by subsequent events; and (vi) changes which may occur in the regulatory environment. When used in this presentation, the words “believes,” “estimates,” “plans,” “expects,” “should,” “may,” “might,” “outlook,” and “anticipates,” and similar expressions as they related to CSFL (including its subsidiaries) or its management are intended to identify forward-looking statements. Forward-looking statements speak only as to the date they are made. CSFL does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

Item 9.01 Financial Statements and Exhibits.

The following exhibit is furnished as Regulation FD Disclosure to this Current Report on Form 8-K:

(a) Exhibits:

Exhibit 99.1 Investor Presentation February 24, 2010 and March 9, 2010

2

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

Date: February 24, 2010

3

EX-99.1

Investor Presentation

Exhibit 99.1

This presentation contains forward-looking statements, as defined by Federal Securities

Laws, relating to present or future trends or factors affecting the operations, markets and

products

of

CenterState

Banks,

Inc.

(CSFL).

These

statements

are

provided

to

assist

in

the

understanding of future financial performance. Any such statements are based on current

expectations and involve a number of risks and uncertainties. For a discussion of factors

that may cause such forward-looking statements to differ materially from actual results,

please refer to CSFL’s

most recent Form 10-Q and Form 10-K filed with the Securities

Exchange Commission.

CSFL undertakes no obligation to release revisions to these forward-looking statements or

reflect events or circumstances after the date of this presentation.

Forward Looking Statement

2

Corporate Overview

Headquartered in Davenport, Florida

$1.8 billion in assets

$1.3 billion in deposits

Company formed:  June 2000

4 Subsidiary Banks; 38 branch banking

offices in 10 counties throughout Central

Florida

6 of 10 counties of operation rank in the top

15 fastest growing counties in Florida

Counties of Operation

Citrus

Hernando

Hillsborough

Lake

Marion

Orange

Osceola

Pasco

Polk

Sumter

Headquarters

CenterState

Bank Central Florida, N.A.

CenterState

Bank, N.A.

CenterState

Bank of Florida, N.A.

Valrico State Bank

3

Market Share Opportunity

Combined Counties of Operation

4

Deposits per

Deposits

Market

Branch

Rank

Institution

($000)

Share

Branches

($000)

1

Bank of America Corp. (NC)

$10,301,554

20.25

%

111

$92,807

2

SunTrust Banks Inc. (GA)

9,196,029

18.08

146

62,986

3

Wells Fargo & Company (CA)

8,120,483

15.96

113

71,863

4

BB&T Corp. (NC)

3,916,987

7.70

73

53,657

5

Regions Financial Corp. (AL)

3,311,920

6.51

91

36,395

6

CenterState Banks (FL)

1,204,831

2.37

37

32,563

7

Fifth Third Bancorp (OH)

1,131,031

2.22

30

37,701

8

South Financial Group Inc. (SC)

838,113

1.65

17

49,301

9

Village Bancorp Inc. (FL)

817,150

1.61

9

90,794

10

The Tampa Banking Co. (FL)

786,536

1.55

9

87,393

Source: FDIC and SNL Financial.

Deposit data as of 6/30/09.

Market share data for CSFL's combined counties of operation, excluding Orange County.

Excludes Orange County in which CSFL has $20.0 million in deposits and 1 branch.

Goals and Priorities

Achieve Return on Average Assets of 1.00%

Surpass $5 billion in assets

Expand into new markets with demographics similar to

Central Florida

Remain highly capitalized

Strategic Goals

Priorities

(18 –

24 Months)

Acquire banking institutions through FDIC assisted

transactions

Leverage Correspondent Banking Division

Reduce the level of problem assets

5

Conservative Balance Sheet

Loans / Assets of 55%

as of 12/31/09

Constr/A&D/Land loans represent 12% of total loans versus 22%

for Southeastern peers and 18% for Florida peers

NPAs

/ Assets of 3.05% versus 4.57% for Southeastern peers and

9.74% for Florida peers

Robust capital position

•

TCE and Tier 1 leverage ratios of 11.3% and 11.4%

at 12/31/09

Source: SNL Financial and Company filings, data as of most recent quarter available.

Southeastern peers include ABCB, BTFG, GRNB, PNFP, RNST, SCBT, UBSH and UCBI.

Florida peers include BBX, BOFL, BCBF, CCBG, CBKS, FCFL, FUBC, GFLB, SBCF, SAMB and TIBB.

6

NEAR-TERM DRIVERS

1.

Home sales up significantly 

Orlando up 50% over the last

year

2.

Home prices continue to slide

-

Foreclosures & shadow

inventory

3.

Unemployment continues to

creep upward

~ 12%

4.

Debt-overhang will slow

expansion in the near term

= Bank Consolidation

Florida Outlook –

Long Slow Recovery

Source: Florida Legislature Office of Economic and Demographic Research

7

LONG-TERM DRIVERS

1.

Housing more affordable

2.

Baby-Boomers nearing

retirement age

3.

Net migration to return

4.

72 degrees in January

Florida Outlook

Long-Term Future Still Bright

Florida’s Population Growth

Source: Florida Legislature Office of Economic and Demographic Research

8

9

Positioned for FDIC Acquisitions

Source:  SNL

Financial,

data

as

of

most

recent

quarter

available.

Florida

peers

include

BBX,

BOFL,

BCBF,

CCBG,

CBKS,

FCFL,

FUBC,

GFLB,

SBCF,

SAMB

and

TIBB.

Capital

NPAs

Management

Prior FDIC acquisition experience –

Ocala National Bank

4 separate executive teams within the holding company

Numerous FDIC Transaction Opportunities

10

Source: SNL Financial.

Data as of 12/31/09

Texas Ratio > 75% or Tier 1 Leverage Ratio < 5%

No. of

Institutions

No. of

Branches

Deposits

($MM)

98

688

$39,214

FDIC Deals -

Core Deposit Focus

Jumbo Time Deposits

Retail Time Deposits

Money Market & Savings Accts.

Demand –

Interest bearing

Non –

Interest bearing deposits

Total Deposits ($MM)

Number of Deposit Accounts

Core deposits defined as non-time deposits.

11

24%

20%

24%

15%

18%

Approximately 66,586 total accounts - $19,599 average balance per account

Ocala National Bank (FDIC assisted) – Core deposits up 13% in first year

Correspondent Banking Division

Management lift out from RBC (20

employees –

formerly ALAB) and

recent addition of Capital Markets

Division of Silverton

(40 employees)

Physical

operations

–

Birmingham

(AL), Atlanta (GA) and Winston-Salem

(NC)

Three primary business lines

Bond Sales

Fed funds

Safekeeping, bond accounting, and

asset/liability consulting services

Customer

base

–

400

small

to

medium

size financial institutions primarily located

in Florida, Alabama, Georgia and the

Carolinas

Opportunity

Bank Clearing & Cash Management

Talent Recruiting / M&A

Division Contribution

12

($000s, except per share)

4Q08

1Q09

2Q09

3Q09

4Q09

Net Interest Income

$43

$1,178

$1,975

$1,813

$1,656

Bond Sales

Commission

1,412

2,557

2,610

5,630

7,119

Other Income

---

40

60

381

349

Total Expenses

(1,007)

(2,104)

(2,038)

(5,312)

(6,512)

Income Tax Expense

(117)

(428)

(881)

(967)

(1,006)

Net Income Impact

$331

$1,243

$1,726

$1,545

1,606

EPS Impact

$0.03

$0.10

$0.14

$0.07

$0.06

13

Organic Growth & Ample Liquidity

Loans / Deposits ratio

CenterState

Banks, Inc.  –

73%

Southeastern

Peers

Average

–

92%

Florida

Peers

Average

–

93%

Loans

$441

$517

$658

$841

$892

$959

Deposits

660

717

893

973

994

1,305

Source: SNL

Financial

and

Company

filings,

data

as

of

most

recent

quarter

available.

Southeastern

peers

include

ABCB,

BTFG,

GRNB,

PNFP,

RNST,

SCBT,

UBSH

and

UCBI.

Florida peers include BBX, BOFL, BCBF, CCBG, CBKS, FCFL, FUBC, GFLB, SBCF, SAMB and TIBB.

Total Asset Growth

Loans / Deposits (%)

Loan Portfolio

Construction, Development, & land represents only 12% of the total portfolio

14

Loan Type

No. of 

Loans

12/31/09

Balance

Avg

Loan

Balance

Residential Real

Estate

2,605

$252MM

$97,000

Commercial Real

Estate

1,095

438MM

400,000

Construction,

A&D, & Land

574

116MM

202,000

Commercial &

Industrial

1,030

98MM

95,000

Consumer /Other

2,284

55MM

24,000

Total

7,588

$959MM

$126,000

Total

Loans

by

Type

(%)

Total

Loans

Detail

Commercial Real Estate & Construction Loans

$438 million

56% owner-occupied

$116 million

Approximately 12% of total loans

* approx. 66% commercial and 34% residential

15

Data as of  12/31/09

Commercial Real Estate by Type (%)

Constr/Dev/Land Loans by Type (%)

CRE Concentrations

16

Source: SNL Financial and Company filings, data as of most recent quarter available.

Southeastern peers include ABCB, BTFG, GRNB, PNFP, RNST, SCBT, UBSH and UCBI.

Florida peers include BBX, BOFL, BCBF, CCBG, CBKS, FCFL, FUBC, GFLB, SBCF, SAMB and TIBB.

C&D Concentration

–

Category A (%)

CRE Concentration

–

Category B (%)

Credit Quality Trends

NPAs

/ Loans & OREO (%)

Net Charge-Offs / Avg. Loans (%)

Source: SNL Financial and Company filings.

Nonperforming assets include 90 days or more past due.

Southeastern peers include ABCB, BTFG, GRNB, PNFP, RNST, SCBT, UBSH and UCBI.

Florida peers include BBX, BOFL, BCBF, CCBG, CBKS, FCFL, FUBC, GFLB, SBCF, SAMB and TIBB.

Problem Loan Trends ($MM)

Reserves / Loans (%)

•

ALLL / NPL ratio of 55% at 12/31/09 versus 29% for Florida Peers

17

Nonperforming Loans & Other Real Estate

Nonperforming Loans

Other Real Estate Owned

$42,341,000

4.42% of Gross Loans

$10,196,000

Residential Real

Estate

$9,728K

(65 loans)

Commercial Real Estate

$21,217K

(43 loans)

Construction,

A&D, & Land

$10,735K

(42 loans)

Commercial

$424K

(13 loans)

Consumer  / Other

$237K

(15 loans)

18

Commercial Buildings

(10)

$3,283K

Commercial Lots

(1)

$138K

Mobile Homes

w/ Land

(7)

$276K

Vacant Land

$1,693K

Mixed Properties

$225K

Single Family Homes

(21)

$2,654K

Residential Lots

(58)

$1,927K

Profitability

Pre-

Tax, Pre-Provision Income & ROAA

(%)

Non Interest Inc / Op. Revenue (%)

Net Income ($MM)

Net Interest Margin (%)

19

Source: SNL

Financial

and

Company

filings.

Southeastern

peers

include

ABCB,

BTFG,

GRNB,

PNFP,

RNST,

SCBT,

UBSH

and

UCBI.

Florida peers include BBX, BOFL, BCBF, CCBG, CBKS, FCFL, FUBC, GFLB, SBCF, SAMB and TIBB.

Summary

Energetic management team that is taking advantage of opportunities

Home field advantage in attractive markets

Excess capital to deploy on FDIC assisted deals

Unprecedented opportunities to add shareholder value

20