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 28, 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 at the GulfSouth Bank Conference in New Orleans on May 6, 2010, and with various investors on April 28, 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        First Quarter 2010 Investor Presentation

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: April 28, 2010

3

EX-99.1

Investor Presentation

First Quarter 2010

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

Birmingham

Atlanta

Winston-Salem

Tampa

Winter Haven

Corporate Overview

Headquartered in Davenport, FL

$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

3

CenterState

Bank Central Florida, N.A.

CenterState

Bank, N.A.

CenterState

Bank of Florida, N.A.

Valrico State Bank

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

(3 –

5 Years)

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 53%

as of 03/31/10

Constr/A&D/Land loans represent 11% of total loans versus

21% for Southeastern peers and 16% for Florida peers

NPAs

/ Assets of 3.35% versus 4.63% for Southeastern peers and

9.73% for Florida peers

Robust capital position

•

TCE and Tier 1 leverage ratios of 11.2% and 11.6%

at 03/31/10

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 publicly traded banks and thrifts headquartered in Florida with $500 million or more in total assets.

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

Positioned for FDIC Transaction Opportunities

9

Capital  & NPA ratios

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

Florida peers include publicly traded banks and thrifts headquartered in Florida with $500 million or more in total assets.

Management

Prior FDIC acquisition experience

–

Ocala National Bank

4 separate executive teams within

the Holding Company

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

No. of

Institutions

No. of

Branches

Deposits

($MM)

89

589

$35,003

Acquisition Opportunity         Failed Banks

Core Deposit Focus

Approximately

68,456

total

accounts

-

$19,588

average

balance

per

account

Ocala

National

Bank

(FDIC

assisted)

–

Core

deposits

up

13%

in

first

year

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.

10

Correspondent Banking Division

Management lift out from RBC

(formerly ALAB) and Capital

Markets Division of Silverton (66

total 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 –

450 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

11

($000s, except per share)

1Q09

2Q09

3Q09

4Q09

1Q10

Net Interest Income

$1,178

$1,975

$1,813

$1,656

$1,526

Non-Interest Income

2,597

2,670

6,011

7,468

6,622

Non-Interest Expense

(2,104)

(2,038)

(5,312)

(6,512)

(6,164)

Income Tax Expense

(428)

(881)

(967)

(1,006)

(764)

Net Income Impact

$1,243

$1,726

$1,545

1,606

1,220

EPS Impact

$0.10

$0.14

$0.07

$0.06

$0.05

12

Organic Growth & Ample Liquidity

Total Asset Growth

Loans / Deposits (%)

Loans / Deposits ratio

CenterState

Banks, Inc.  –

71%

Southeastern Peers Average  –

87%

Florida Peers Average  –

88%

Loans

$517

$658

$841

$892

$959

$946

Deposits

717

893

973

994

1,305

1,341

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 publicly traded banks and thrifts headquartered in Florida with $500 million or more in total assets.

CRE Concentrations

C&D

Concentration

–

Category

A

(%)

CRE

Concentration

–

Category

B

(%)

13

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 publicly traded banks and thrifts headquartered in Florida with $500 million or more in total assets.

Loan Portfolio

Total Loans by Type (%)

Total Loans Detail

Construction, Development, & land represents only 11% of the total portfolio

14

Loan Type

No. of 

Loans

3/31/10

Balance

Avg

Loan

Balance

Residential Real

Estate

2,605

$251MM

$96,000

Commercial Real

Estate

1,089

444MM

408,000

Construction,

A&D, & Land

570

109MM

191,000

Commercial &

Industrial

1,006

87MM

86,000

Consumer /Other

2,222

55MM

25,000

Total

7,492

$946MM

$126,000

Commercial Real Estate & Construction Loans

Commercial Real Estate by Type (%)

Constr/Dev/Land Loans by Type (%)

$444 million (47% of total loan portfolio)

56% owner-occupied

5% Non-Accrual

$109 million (11% of total loan portfolio)

12% Non-Accrual

15

Data as of  3/31/10

NonPerforming

Loans & Other Real Estate

Non-Performing Loans

Other Real Estate Owned

$48,787,000 (5.15% of Gross Loans)

30% of NPLs

are current

80% of legal unpaid loan balance

$10,059,000

62% of legal unpaid loan balance

at repossession date

16

Data as of  3/31/10

Commercial Buildings

(9)

$3,662K

Commercial Lots

(1)

$84K

Mobile Homes

w/ Land

(4)

$231K

Vacant Land

(8 parcels of land)

$1,967K

Mixed Properties

$187K

Single Family Homes

(25)

$2,584K

Residential Lots

(50)

$1,344K

Residential Real

Estate

$11,274K

(73 loans)

Commercial Real Estate

$24,198K

(51 loans)

Construction,

A&D, & Land

$12,547K

(45 loans)

Commercial

$375K

(17 loans)

Consumer  / Other

$393K

(21 loans)

Credit Quality Trends

•

ALLL / NPL ratio of 49% versus 29% for Florida Peers (MRQ)

17

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 publicly traded banks and thrifts headquartered in Florida with $500 million or more in total assets.

NPAs

/ Loans & OREO (%)

Net Charge-Offs / Avg. Loans (%)

Problem Loan Trends ($MM)

Reserves / Loans (%)

Profitability

18

Source: SNL Financial and Company filings.

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

Florida peers include publicly traded banks and thrifts headquartered in Florida with $500 million or more in total assets.

Pre-

Tax, Pre-Provision Income & ROAA

(%)

Non Interest Inc / Op. Revenue (%)

Net Income ($MM)

Net Interest Margin (%)

*Annualized

Summary

Energetic management team that is taking advantage of opportunities

Home field advantage in attractive markets

Available capital to deploy on FDIC assisted deals

Unprecedented opportunities to add shareholder value

19