8-K

UNITED STATES

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

April 27, 2010

Date of Report (Date of earliest event reported)

TIB FINANCIAL CORP.

(Exact name of registrant as specified in its charter)

Florida	0000-21329	65-0655973
(State or other jurisdiction of incorporation)	(Commission file number)	(IRS employer identification number)
599 9th Street North, Suite 101 Naples, Florida		34102-5624
(Address of principal executive offices)		(Zip Code)
	(239) 263-3344
(Registrant's telephone number, including area code)
	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 27, 2010, TIB Financial Corp. issued a press release announcing financial results for the quarter ended March 31, 2010.  A copy of the press release is attached as Exhibit 99.1 to this Form 8-K.

The information contained in this Current Report shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(a) Exhibits

99.1 Press release dated April 27, 2010

SIGNATURES

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.

		TIB FINANCIAL CORP.
Date:  April 27, 2010	By:	/s/  Stephen J. Gilhooly
		Stephen J. Gilhooly
		EVP, Chief Financial Officer and Treasurer
		(Principal Accounting Officer)

EX-99.1

FOR IMMEDIATE RELEASE

TIB FINANCIAL CORP. REPORTS FIRST QUARTER RESULTS

NAPLES, FL. April 27, 2010 – TIB Financial Corp. (NASDAQ: TIBB), parent company of TIB Bank and Naples Capital Advisors, leading financial services providers serving the greater Naples, Bonita Springs, Fort Myers and Cape Coral areas, South Miami-Dade County, the Florida Keys and Sarasota County, today reported its financial results for the first quarter of 2010.  The net loss for the quarter was $5.1 million compared to $3.5 million for the first quarter of 2009. The increased loss is primarily due to no tax benefit recorded in the current period as a result of the Company’s deferred income tax assets being fully reserved.

“The net loss before the effect of income taxes for the first quarter of 2010 indicates a 9% improvement over the pre-tax operating results from the prior year first quarter. Importantly, as of March 31, 2010, our subsidiary bank, TIB Bank, remained adequately capitalized for regulatory purposes with shareholder’s equity of approximately $83 million. As previously announced, we have been meeting with potential investors and with the recent announcement of our stock offering terms with Patriot Financial Partners, L.P. we are moving forward to raise additional capital during the second quarter,” said Thomas J. Longe, Chief Executive Officer and President.

Significant first quarter highlights are outlined below.

·   Non-performing loans declined from $72.8 million at December 31, 2009 to $55.7 million at March 31, 2010. Approximately $22.0 million of this decline resulted from the transfer of some of these loans to other real estate owned.

·   Our credit risk exposure in the construction and development loan portfolio declined significantly as this portfolio segment declined 49% from $142.2 million as of March 31, 2009 to $72.2 million at March 31, 2010.  This loan segment now represents approximately 6% of our outstanding loans, down from approximately 12% a year ago.

·   Our indirect auto loan portfolio declined $24.5 million, or 49%, during the quarter to $25.6 million, or 2% of total loans due primarily to the sale of approximately $20.1 million in loans at a price in excess of par. Considering the related impact on the allowance for loan losses, we estimate that the transaction resulted in a small net positive impact on the income statement for the quarter.

·   The net interest margin increased 18 basis points to 2.94% during the quarter in comparison to 2.76% in the fourth quarter of 2009 due primarily to the $314,000 increase in net interest income. This increase is largely attributable to a 28 basis point decrease in the cost of interest bearing liabilities as we have been successful in repricing or replacing higher priced deposits with lower cost funding and generating an increase in our core deposit base during the quarter. We continue to maintain a higher level of short-term investments in light of the continuing economic uncertainty, which has a negative impact on the margin.

·   Brokered deposits declined $29.8 million during the first quarter to $18.4 million, from $48.2 million at December 31, 2009. Brokered deposits have declined $136.3 million since December 2008.

·   Our special asset workout group was able to work with borrowers to return $764,000 in nonperforming loans to performing status, achieve the pay off or pay down of approximately $2.9 million in nonaccrual loans, foreclose or negotiate deeds in lieu of foreclosure for approximately $22.0 million of nonaccrual loans and sell approximately $1.7 million of other real estate owned during the quarter.

·   We continue to focus on relationship-based lending and generated approximately $9 million of new commercial loans and originated $25 million of residential mortgages as well as approximately $5 million in consumer and indirect loans to prime borrowers during the quarter.

·   Naples Capital Advisors and TIB Bank’s trust department continued to establish new investment management and trust relationships, increasing the market value of assets under management by $65 million or 66% from March 31, 2009 and by $18 million, or 12% during the quarter to $164 million as of March 31, 2010.

“Our successes at risk reduction are evident in the reduction of construction and vacant land and indirect auto loans outstanding, two segments of the portfolio in which we have incurred significant charge-offs. Operationally, our indirect loan department accomplished a strategic goal by selling approximately $20.1 million of indirect auto loans at a price in excess of par. As always, we continue to monitor our loan portfolio closely, work diligently to resolve our nonperforming assets and restructure customer obligations as prudent,” said Longe.

“We are encouraged by the increase in our net interest margin, the decline in non-performing loans, relative stability of non-performing assets as a whole and the progress we have made during the quarter on resolving nonperforming loans and converting loans to other real estate owned. Additionally, we believe we are continuing to see signs of improvement in our local real estate markets as increases in unit volume sales of residential real estate in our markets continue along with interest in commercial real estate from knowledgeable, fundamentals-driven investors,” added Longe.

The net loss before dividends and discount accretion on preferred stock for the three months ended March 31, 2010 of $5.1 million was primarily due to the provision for loan losses of $4.9 million and compared to net losses of $45.1 million for the fourth quarter of 2009 and $3.5 million for the first quarter of 2009. The first quarter 2010 provision for loan losses reflects net charge offs of $6.2 million and a reduction in the reserve due to the $69.6 million decline in loans during the quarter. The net loss allocated to common shareholders was $5.7 million, or $0.38 per share, for the current quarter, compared to a net loss of $3.08 per share for the fourth quarter of 2009 and $0.28 for the comparable 2009 quarter. In comparison, the 2010 first quarter net loss was higher than the 2009 first quarter loss due to the income tax benefit r ecorded during the prior year period.

TIB Financial reported total assets of $1.69 billion as of March 31, 2010, a decrease of 1% from December 31, 2009. Total loans declined to $1.13 billion compared to $1.20 billion at December 31, 2009 as a $25.2 million, or 26%, decline in construction and land loans, a $24.5 million, or 49%, decline in indirect auto loans and a $17.5 million, or 3%, decline in commercial real estate loans led the decline of our loan portfolio. Total deposits of $1.37 billion as of March 31, 2010 remained relatively unchanged from December 31, 2009.

Credit Quality

Total nonaccrual loans decreased by $17.1 million during the quarter to $55.7 million. Excluding indirect auto and consumer loans, approximately $14.1 million of loans were placed on nonaccrual during the first quarter. Offsetting this increase were $3.7 million of net loan principal paid down and/or returned to accrual, $4.9 million of loans charged-off and $22.0 million of loans foreclosed and transferred to other real estate owned.

The first quarter results include a provision for loan losses of $4.9 million. Total net charge-offs were $6.2 million and include $1.6 million of charge-downs on loans classified as impaired, as of March 31, 2010, based upon updated net realizable values and estimates of anticipated recovery. Due primarily to the sale of indirect auto loans and charge-downs on loans classified as impaired as discussed above, the reserve for loan losses decreased 4% to $27.8 million and amounted to 2.47% of loans at March 31, 2010.

Detailed Financial Discussion

The higher net loss, before the preferred dividend, for the first quarter of 2010 compared to the net loss for the first quarter of 2009 was due to the tax benefit recorded during 2009 and higher non-interest expenses, primarily relating to almost $900,000 in increased costs associated with the workout of problem loans. During the current quarter, no income tax benefit was recorded as an incremental valuation allowance was recorded offsetting the increase in deferred tax assets attributed to the net operating loss for the quarter. Partially offsetting this impact was higher interest income and non-interest income. TIB Financial’s results of operations include the operations of nine former branches of Riverside Bank of the Gulf Coast subsequent to their assumption on February 13, 2009.

Our provision for loan losses of $4.9 million reflects net charge-offs of $6.2 million. As of March 31, 2010, non-performing loans were $55.7 million or 4.94% of loans, a decrease from the $72.8 million and 6.08% of loans as of December 31, 2009. As of March 31, 2010, the balance of nonaccrual loans reflects cumulative charge downs of $14.0 million.

The allowance for loan losses decreased 4% to $27.8 million, or 2.47%, of total loans and represented 50% of non-performing loans, an increase from 40% at December 31, 2009. The decrease in the allowance was largely due to the overall decline in the outstanding balance of our loan portfolio during the quarter and the sale of indirect auto loans discussed above. Net charge-offs during the quarter decreased to 2.13% of average loans on an annualized basis compared to 6.40% for the prior quarter.

The tax equivalent net interest margin of 2.94% for the three months ended March 31, 2010 increased 18 basis points in comparison with the 2.76% net interest margin reported during the fourth quarter of 2009.  The increase is primarily due to repricing or replacement of deposits which resulted in a 34 basis point decrease in the overall cost of our interest bearing deposits as older, higher cost CDs matured. However, this was partially offset by the continued maintenance of higher levels of liquid investment securities and cash equivalents and change in asset mix resulting in lower volumes of higher yielding loans. The average interest cost of interest bearing deposits declined to 1.67% in the first quarter of 2010 from 2.01% and 2.76% in the fourth and first quarters of 2009, respectively.

Excluding net gains (losses) on investment securities, non-interest income was $1.8 million in the first quarter of 2010 even with the comparable prior year quarter. Higher fees from the origination and sale of residential mortgages in the secondary market and investment advisory fees were offset by a $346,000 loss recorded upon the sale of indirect auto loans related to the premiums paid to auto dealers upon origination of the loans sold. As discussed above, including the related impact on the allowance for loan losses, we estimate the indirect auto loan sale transaction resulted in a net positive impact of approximately $275,000 on the income statement during the first quarter of 2010. Net gains from the sale of investment securities were $1.6 million in the first quarter compared to $596,000 in the prior year first quarter.

During the first quarter of 2010, non-interest expense increased $1.7 million, or 12%, to $15.0 million compared to $13.4 million for the first quarter of 2009. Non-interest expense includes $1.6 million attributed to the operations of the assumed former Riverside and includes $254,000 of amortization of intangible assets. This compares to $904,000 of non-interest expense attributable to the assumed former Riverside operations from the February 13, 2009 date of acquisition through March 31, 2009. Excluding the effect of the former Riverside operations, salaries and employee benefits costs declined by $703,000, or approximately 10%, due largely to severance costs incurred in the 2009 first quarter and FDIC insurance costs increased $183,000 due to higher deposit insurance premium rates. The higher level of other expense is primarily attrib utable to an increase of $900,000 in OREO and other workout related expenses.

About TIB Financial Corp.

Headquartered in Naples, Florida, TIB Financial Corp. is a financial services company with approximately $1.7 billion in total assets and 28 full-service banking offices throughout the Florida Keys, Homestead, Naples, Bonita Springs, Fort Myers, Cape Coral and Venice. TIB Financial Corp. is also the parent company of Naples Capital Advisors, Inc., a registered investment advisor with approximately $164 million of assets under advisement.

TIB Financial Corp., through its wholly owned subsidiaries, TIB Bank and Naples Capital Advisors, Inc., serves the personal and commercial banking and investment management needs of local residents and businesses in its market areas. The companies’ experienced professionals are local community leaders, who focus on a relationship-based approach built around anticipating specific customer needs, providing sound advice and making timely decisions. To learn more about TIB Bank and Naples Capital Advisors, Inc., visit www.tibbank.com and www.naplescapitaladvisors.com, respectively.

Copies of recent news releases, SEC filings, price quotes, stock charts and other valuable information may be found on TIB’s investor relations site at www.tibfinancialcorp.com.  For more information, contact Thomas J. Longe, Chief Executive Officer and President at (239) 659-5857, or Stephen J. Gilhooly, Executive Vice President and Chief Financial Officer, at (239) 659-5876.

#           #           #           #           #

Except for historical information contained herein, the statements made in this press release constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.  Such statements involve certain risks and uncertainties, including statements regarding the Company’s strategic direction, prospects and future results.  Certain factors, including those outside the Company’s control, may cause actual results to differ materially from those in the “forward-looking” statements, including economic and other conditions in the markets in which the Company operates; risks associated with acquisitions, competition, seasonality and the other risks discussed in our filings with the Securities and Exchange Co mmission, which discussions are incorporated in this press release by reference.

SUPPLEMENTAL FINANCIAL DATA IS ATTACHED

TIB FINANCIAL CORP. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in thousands, except per share data)

	For the Quarter Ended
	March 31, 2010			December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009
Interest and dividend income	$	18,287		$	19,120		$	20,327		$	20,858		$	20,822
Interest expense		6,793			7,943			8,564			9,164			10,065
NET INTEREST INCOME		11,494			11,177			11,763			11,694			10,757
Provision for loan losses		4,925			16,428			14,756			5,763			5,309
NON-INTEREST INCOME:
Service charges on deposit accounts		915			1,009			988			1,202			966
Fees on mortgage loans sold		283			370			340			318			115
Investment securities gain (loss), net		1,642			2,477			1,127			95			596
Investment advisory and trust fees		307			297			279			228			193
Gain on bank owned life insurance policy		-			-			1,186			-			-
Other income		267			647			679			489			509
Total non-interest income		3,414			4,800			4,599			2,332			2,379
NON-INTEREST EXPENSE:
Salaries & employee benefits		6,836			6,858			7,288			7,068			7,380
Net occupancy expense		2,284			2,487			2,365			2,438			2,152
Goodwill impairment charge		-			5,887			-			-			-
Other expense		5,914			5,391			5,541			6,652			3,835
Total non-interest expense		15,034			20,623			15,194			16,158			13,367
Loss before income taxes		(5,051	)		(21,074	)		(13,588	)		(7,895	)		(5,540	)
Income tax expense (benefit)		-			24,032			(5,491	)		(3,008	)		(2,082	)
NET LOSS	$	(5,051	)	$	(45,106	)	$	(8,097	)	$	(4,887	)	$	(3,458	)
Dividends earned by preferred shareholders  and discount accretion		660			654			650			650			708
Net loss allocated to common shareholders	$	(5,711	)	$	(45,760	)	$	(8,747	)	$	(5,537	)	$	(4,166	)
NET LOSS PER COMMON SHARE:	$	(0.38	)	$	(3.08	)	$	(0.59	)	$	(0.37	)	$	(0.28	)

TIB FINANCIAL CORP. AND SUBSIDIARIES

SELECTED FINANCIAL DATA

(Dollars in thousands, except per share data)

	For the Quarter Ended
	March 31, 2010			December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009
Real estate mortgage loans:
Commercial	$	662,875		$	680,409		$	683,828		$	683,763		$	666,780
Residential		234,608			236,945			240,485			222,260			213,037
Farmland		13,798			13,866			13,346			13,497			13,438
Construction and vacant land		72,215			97,424			114,613			139,425			142,175
Commercial and agricultural loans		70,660			69,246			71,789			67,214			65,723
Indirect auto loans		25,634			50,137			55,805			63,243			71,868
Home equity loans		37,226			37,947			38,056			38,100			34,325
Other consumer loans		9,592			10,190			10,305			10,854			11,245
Total loans	$	1,126,608		$	1,196,164		$	1,228,227		$	1,238,356		$	1,218,591
Gross loans	$	1,127,616		$	1,197,516		$	1,229,631		$	1,239,711		$	1,220,073
Net loan charge-offs	$	6,179		$	19,461		$	8,086		$	5,805		$	3,604
Allowance for loan losses	$	27,829		$	29,083		$	32,115		$	25,446		$	25,488
Allowance for loan losses/total loans		2.47	%		2.43	%		2.61	%		2.05	%		2.09	%
Allowance for loan losses excluding specific reserves	$	19,523		$	20,043		$	17,014		$	16,962		$	17,541
Allowance for loan losses excluding specific reserves/non-impaired loans		1.92	%		1.91	%		1.53	%		1.49	%		1.55	%
Non-performing loans	$	55,697		$	72,833		$	66,235		$	61,809		$	45,647
Allowance for loan losses/non-performing loans		50	%		40	%		48	%		41	%		56	%
Non performing loans/gross loans		4.94	%		6.08	%		5.39	%		4.99	%		3.74	%
Annualized net charge-offs/average loans		2.13	%		6.40	%		2.58	%		1.89	%		1.19	%
Total interest-earning assets	$	1,571,804		$	1,604,710		$	1,593,287		$	1,681,065		$	1,731,271
Other real estate owned	$	41,078		$	21,352		$	19,582		$	7,142		$	5,032
Other repossessed assets	$	280		$	326		$	473		$	431		$	407
Goodwill and intangibles, net of accumulated amortization	$	6,899		$	7,289		$	13,417		$	13,806		$	14,225
Interest-bearing deposits:
NOW accounts	$	197,058		$	195,960		$	177,955		$	180,952		$	174,524
Money market		192,127			214,531			208,919			217,534			204,974
Savings deposits		78,649			122,292			129,021			127,502			114,806
Time deposits		700,816			664,780			643,702			686,594			759,061
Non-interest bearing deposits		200,340			171,821			174,027			182,236			183,095
Total deposits	$	1,368,990		$	1,369,384		$	1,333,624		$	1,394,818		$	1,436,460
Tax equivalent net interest margin		2.94	%		2.76	%		2.86	%		2.78	%		2.65	%
Non-interest expense/tax equivalent net interest income and non-interest income		100.49	%		128.64	%		92.56	%		114.87	%		101.47	%
Average common shares outstanding		14,839,113			14,834,706			14,828,133			14,815,798			14,801,339
End of quarter shares outstanding		14,887,922			14,887,922			14,888,083			14,895,143			14,895,143
Total equity	$	50,786		$	55,518		$	104,302		$	111,968		$	117,852
Book value per common share	$	1.05		$	1.42		$	4.75		$	5.28		$	5.69
Tangible book value per common share	$	0.59		$	0.93		$	3.85		$	4.35		$	4.73
Tier 1 capital to average assets - TIB Bank		4.7	%		4.8	%		5.6	%		6.5	%		6.8	%
Tier 1 capital to risk weighted assets - TIB Bank		6.9	%		6.8	%		7.8	%		8.8	%		8.9	%
Total capital to risk weighted assets - TIB Bank		8.1	%		8.1	%		9.1	%		10.0	%		10.2	%
Total assets	$	1,690,657		$	1,705,407		$	1,717,622		$	1,797,081		$	1,836,526

TIB FINANCIAL CORP. AND SUBSIDIARIES

QUARTERLY AVERAGE BALANCES AND YIELDS

(Dollars in thousands)

	Quarter Ended March 31, 2010							Quarter Ended March 31, 2009
	Average Balances		Interest*		Yield*			Average Balances		Interest*			Yield*
Loans	$	1,178,851	$	16,018		5.51	%	$	1,223,542	$	17,840			5.91	%
Investments		283,694		2,244		3.21	%		287,829		2,913			4.10	%
Money Market Mutual Funds		-		-		-			84,409		103			0.49	%
Interest bearing deposits		120,197		74		0.25	%		38,393		20			0.21	%
Federal Home Loan Bank stock		10,447		3		0.12	%		11,728		(19	)		-0.67	%
Fed funds sold and securities purchased under agreements to resell		13		-		0.00	%		7,564		3			0.16	%
Total interest earning assets		1,593,202		18,339		4.67	%		1,653,465		20,860			5.12	%
Non-interest earning assets		107,086							116,199
Total assets	$	1,700,288						$	1,769,664
Interest bearing liabilities:
NOW	$	210,514	$	192		0.37	%	$	167,889	$	329			0.79	%
Money market		203,291		529		1.06	%		155,485		661			1.72	%
Savings		87,211		153		0.71	%		91,984		408			1.80	%
Time		689,850		4,028		2.37	%		746,393		6,501			3.53	%
Total interest-bearing deposits		1,190,866		4,902		1.67	%		1,161,751		7,899			2.76	%
Short-term borrowings and FHLB advances		194,095		1,237		2.58	%		252,160		1,430			2.30	%
Long-term borrowings		63,000		654		4.21	%		63,000		736			4.74	%
Total interest bearing liabilities		1,447,961		6,793		1.90	%		1,476,911		10,065			2.76	%
Non-interest bearing deposits		185,156							155,839
Other liabilities		11,565							15,597
Shareholders’ equity		55,606							121,317
Total liabilities and shareholders’ equity	$	1,700,288						$	1,769,664
Net interest income and spread			$	11,546		2.77	%			$	10,795			2.36	%
Net interest margin						2.94	%							2.65	%
_______ * Presented on a fully tax equivalent basis

 TIB FINANCIAL CORP. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

(Dollars in thousands)

Impaired loans are as follows:

	March 31, 2010		December 31, 2009
Loans with no allocated allowance for loan losses	$	38,972	$	60,629
Loans with allocated allowance for loan losses		73,164		87,823
Total	$	112,136	$	148,452
Amount of the allowance for loan losses allocated	$	8,306	$	9,040

Nonaccrual loans are as follows:

	As of March 31, 2010				As of December 31, 2009
Loan/Collateral Type	Number of Loans		Outstanding Balance		Number of Loans		Outstanding Balance
Residential		39	$	10,290		44	$	10,738
Commercial 1-4 family investment		10		5,443		19		8,733
Commercial and agricultural		5		2,770		7		2,454
Commercial real estate		25		17,585		29		24,392
Land development		18		19,063		13		25,295
Government guaranteed loans		1		137		2		143
Indirect auto, auto and consumer loans		42		409		97		1,078
Total			$	55,697			$	72,833

Nonaccrual Loan Activity (Other Than Indirect Auto and Consumer)
Nonaccrual loans at December 31, 2009	$	71,755
Returned to accrual		(764	)
Net principal paid down on nonaccrual loans		(2,932	)
Charge-downs		(4,893	)
Loans foreclosed		(21,975	)
Loans placed on nonaccrual		14,097
Nonaccrual loans at March 31, 2010	$	55,288

An expanded analysis of the more significant loans classified as nonaccrual during the first quarter of 2010 and remaining classified as of March 31, 2010, is as follows:

Significant Nonaccrual Loans (Other Than Indirect Auto and Consumer)
(Dollars in thousands)
Collateral Description	Original Loan Amount		Original Loan to Value (Based on Original Appraisal)			Current Loan Amount		Specific Allocation of Reserve in Allowance for Loan Losses at March 31, 2010		Amount Charged Against Allowance for Loan Losses During the Quarter Ended March 31, 2010		Impact on the Provision for Loan Losses During the Quarter Ended March 31, 2010 (1)
Arising in First Quarter 2010
Commercial lots in SW Florida	$	3,840		54	%	$	3,749	$	713	$	-	$	713
Commercial lots in SW Florida		1,450		76	%		1,383		49		-		49
Commercial 1-4 family residential		1,288		75	%		1,228		-		-		-
Commercial real estate SW Florida		1,700		65	%		1,153		266		-		266
Waterfront residential 1-4 family home		1,050		32	%		1,023		-		-		-
Office Building SW Florida		895		82	%		815		23		-		23
Residential 1-4 family home		743		71	%		734		89		-		89
Numerous smaller balance primarily 1-4 family residential and commercial real estate loans							4,012		262		377		322
			Total			$	14,097	$	1,402	$	377	$	1,462
Nonaccrual Prior to First Quarter 2010 Remaining on Nonaccrual at March 31, 2010
Commercial 1-4 family residential	$	1,640		75	%	$	1,337	$	102	$	20	$	(10	)
Commercial real estate, business assets and accounts receivable		3,392		80	%		3,357		2,438		-		1,000
Mixed use – developer		3,602		80	%		2,300		17		-		17
Commercial real estate		1,720		78	%		1,676		20		34		54
Vacant land – residential development		10,000		61	%		5,198		188		414		-
Two restaurants SW Florida		5,099		57-70	%		4,914		1,312		-		595
Two office buildings – developer		4,807		75	%		2,222		176		63		63
Vacant land – residential development		4,750		42	%		4,795		-		-		-
Office Building		1,118		66	%		1,116		12		-		(8	)
Numerous smaller balance primarily 1-4 family residential and commercial real estate loans							14,276		953		659		509
						$	41,191	$	5,218	$	1,190	$	2,220
			Total			$	55,288	$	6,620	$	1,567	$	3,682

(1) Impact on the provision for loan losses during the quarter represents the increase (decrease) in specific reserves.

TIB FINANCIAL CORP. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

(Dollars in thousands)

OREO Activity
OREO as of December 31, 2009	$	21,352
Real estate acquired		21,975
Write-down of value		(637	)
Property sold		(1,741	)
Other		129
OREO as of March 31, 2010	$	41,078

OREO Analysis as of March 31, 2010
Property Description	Original Loan Amount		Original LTV			Carrying Value at March 31, 2010
Seven developed commercial lots	$	13,500		50	%	$	9,422
Luxury boutique hotel in Southwest Florida		9,775		88	%		6,755
Bayfront land in the Florida Keys		5,622		54	%		5,592
Vacant land in Southwest Florida		5,826		60	%		5,014
Five 1-4 family residential condominiums (new construction)		7,066		72	%		4,134
Luxury 1-4 family residence in Southwest Florida		2,493		67	%		2,494
Commercial 1-4 family residential Southwest Florida		2,138		74	%		1,739
Five commercial 1-4 family residential loans Southwest Florida		1,933		73-80	%		907
Commercial real estate (4 loans)							2,868
Other land (4 lots – 3 loans)							1,245
Other 1-4 family residential (3 loans)							908
			Total			$	41,078