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

November 15, 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 November 15, 2010, TIB Financial Corp. issued a press release announcing financial results for the quarter ended September 30, 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 November 15, 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:  November 16, 2010	By:	/s/  Christopher G. Marshall
		Christopher G. Marshall
		Chief Financial Officer
		(Principal Accounting Officer)

EX-99.1

FOR IMMEDIATE RELEASE

TIB FINANCIAL CORP. REPORTS THIRD QUARTER RESULTS

NAPLES, FL. November 15, 2010 – TIB Financial Corp. (NASDAQ: TIBB) today reported its financial results and filed its quarterly report on Form 10-Q for the third quarter of 2010. On September 30, 2010, TIB closed on an investment from North American Financial Holdings, Inc. (“NAFH”) of $175 million which effectively recapitalized the Company and its subsidiary Bank, TIB Bank (the “Bank”).

“The additional capital from the NAFH investment enables the Company to refocus on, as its primary objectives, growth, expansion and improving profitability and efficiency while providing increasingly competitive financial services to the communities we serve,” said R. Eugene Taylor, Chairman and Chief Executive Officer of the Company and NAFH. “As a financial institution with the financial strength and stability of over $193 million of capital, unlike many banks, we are actively seeking to expand our franchise, originate loans, grow deposits and build new customer relationships and expand on existing ones,” continued Taylor.

“While in line with our expectations, TIB’s operating results reflect the current Florida economic environment which has persisted for several years. We are confident that the recapitalized TIB Bank is well positioned to provide highly competitive financial services to its customers and its communities,” added Chris Marshall, Chief Financial Officer of the Company and NAFH.

Significant quarterly accomplishments are outlined below.

·   We originated $9.5 million of commercial loans, $34 million of residential mortgages and $6.4 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 $40 million or 28% from September 30, 2009 and by $15 million, or 9% during the quarter to $184 million as of September 30, 2010.

·   Our special asset workout group was able to work with borrowers to return to accrual or achieve the pay off or pay down of approximately $3.7 million in nonaccrual loans, foreclose or negotiate deeds in lieu of foreclosure for approximately $9.3 million of nonaccrual loans and sell approximately $3.2 million of other real estate owned during the quarter.

·   The net interest margin increased 11 basis points to 2.85% during the quarter in comparison to 2.74% in the second quarter of 2010 due partly to the $184,000 increase in net interest income. This increase is largely attributable to a lower level of loans placed on nonaccrual during the third quarter of 2010 as compared to the second quarter. In addition, there was a decrease in the average balance of loans outstanding due in part to the charge-down or foreclosure of loans.  Both of these items led to an increase in the yield on loans.

Financial Discussion

Due to the closing of the investment by North American Financial Holdings, Inc. on September 30, 2010, resulting in their ownership of approximately 99% of the Company, significant preliminary accounting adjustments were recorded resulting in the Company’s balance sheet being revalued at the fair value. The most significant adjustments were recorded relating to loans which previously were recorded based upon their carrying amounts and were adjusted to reflect September 30, 2010 estimated fair values. Accordingly, under accounting principles generally accepted in the United States, no allowance for loan losses was required at September 30, 2010 and the operating results of the Company in future periods will be impacted by these fair value adjustments as the underlying assets and liabilities are converted in the normal course of busin ess. As the Company is still in the process of completing the fair value analysis of assets and liabilities, the final adjustments may differ significantly from the preliminary estimates recorded to date. A full valuation allowance was provided against net deferred tax assets related to the preliminary fair value adjustments due to management’s assessment that insufficient positive objective evidence existed at this time to support a conclusion that realization of such assets would be more likely than not. This had the effect of increasing the amount of goodwill recorded at September 30, 2010.

The net loss for the quarter was $33.7 million compared to $8.1 million for the third quarter of 2009. The increased loss is primarily due to the following: $14.4 million in increased valuation adjustments, losses on sale and operating expenses associated with foreclosed real estate (OREO); no tax benefit recorded in the current period as a result of the Company’s deferred income tax assets being fully reserved; a $2.3 million higher provision for loan losses; and $2.2 million in lower non-interest income.

The net loss for the three months ended September 30, 2010 of $33.7 million was primarily due to the provision for loan losses of $17.1 million and OREO related write-downs and expenses of $15.4 million. The third quarter 2010 provision for loan losses primarily reflects net charge offs of $12.4 million. The net loss allocated to common shareholders was $10.1 million, or $0.68 per share for the current quarter, compared to a net loss of $0.99 per share for the second quarter of 2010 and $0.59 for the comparable 2009 quarter. The 2010 third quarter net loss allocated to common shareholders includes the impact of a $24.3 million gain allocated to common shareholders related to the exchange of Series A preferred stock for Common Stock and Series B Preferred Stock valued at approximately $12.2 million in connection with the investment by NAFH .

During the current quarter, no income tax benefit was recorded as an incremental valuation allowance was recorded offsetting the increase in deferred tax assets attributable to the net operating loss for the quarter.

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 27 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 $184 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 Chris Marshall, Chief Financial Officer, at (704) 554-5901, or Stephen J. Gilhooly, Treasurer, 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)

	Predecessor Company
	For the Quarter Ended
	September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009			September 30, 2009
Interest and dividend income	$	17,042		$	16,988		$	18,287		$	19,120		$	20,327
Interest expense		6,256			6,386			6,793			7,943			8,564
NET INTEREST INCOME		10,786			10,602			11,494			11,177			11,763
Provision for loan losses		17,072			7,700			4,925			16,428			14,756
NON-INTEREST INCOME:
Service charges on deposit accounts		831			839			915			1,009			988
Fees on mortgage loans sold		455			481			283			370			340
Investment securities gains, net		-			993			1,642			2,477			1,127
Investment advisory and trust fees		328			313			307			297			279
Gain on bank owned life insurance policy		-			134			-			-			1,186
Other income		804			734			267			647			679
Total non-interest income		2,418			3,494			3,414			4,800			4,599
NON-INTEREST EXPENSE:
Salaries & employee benefits		6,610			6,413			6,836			6,858			7,288
Net occupancy expense		2,391			2,273			2,284			2,487			2,365
Goodwill impairment charge		-			-			-			5,887			-
Foreclosed asset related expense		15,438			5,149			1,100			733			1,017
Other expense		5,348			6,660			4,814			4,658			4,524
Total non-interest expense		29,787			20,495			15,034			20,623			15,194
Loss before income taxes		(33,655	)		(14,099	)		(5,051	)		(21,074	)		(13,588	)
Income tax expense (benefit)		-			-			-			24,032			(5,491	)
NET LOSS	$	(33,655	)	$	(14,099	)	$	(5,051	)	$	(45,106	)	$	(8,097	)
Dividends earned by preferred shareholders  and discount accretion		680			669			660			654			650
Gain on retirement of Series A preferred allocated to common shareholders		(24,276	)		-			-			-			-
Net loss allocated to common shareholders	$	(10,059	)	$	(14,768	)	$	(5,711	)	$	(45,760	)	$	(8,747	)
NET LOSS PER COMMON SHARE:	$	(0.68	)	$	(0.99	)	$	(0.38	)	$	(3.08	)	$	(0.59	)

TIB FINANCIAL CORP. AND SUBSIDIARIES

SELECTED FINANCIAL DATA

(Dollars in thousands, except per share data)

	As of or For the Quarter Ended
	September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009			September 30, 2009
	Successor Company			Predecessor Company
Real estate mortgage loans:
Commercial	$	590,433		$	649,679		$	662,875		$	680,409		$	683,828
Residential		222,477			235,423			234,608			236,945			240,485
Farmland		11,922			13,571			13,798			13,866			13,346
Construction and vacant land		47,055			60,698			72,215			97,424			114,613
Commercial and agricultural loans		61,600			68,696			70,660			69,246			71,789
Indirect auto loans		25,524			25,918			25,634			50,137			55,805
Home equity loans		32,991			36,856			37,226			37,947			38,056
Other consumer loans		8,542			9,759			9,592			10,190			10,305
Total loans	$	1,000,544		$	1,100,600		$	1,126,608		$	1,196,164		$	1,228,227
Gross loans	$	1,000,544		$	1,101,672		$	1,127,615		$	1,197,516		$	1,229,631
Net loan charge-offs (Predecessor Company)	$	12,376		$	7,819		$	6,179		$	19,461		$	8,086
	Successor Company			Predecessor Company
Allowance for loan losses	$	-		$	27,710		$	27,829		$	29,083		$	32,115
Allowance for loan losses/total loans		N/A			2.52	%		2.47	%		2.43	%		2.61	%
Allowance for loan losses excluding specific reserves		N/A		$	20,352		$	19,514		$	20,043		$	17,014
Allowance for loan losses excluding specific reserves/non-impaired loans		N/A			2.06	%		1.92	%		1.91	%		1.53	%
Non-performing loans	$	47,364		$	76,632		$	55,697		$	72,833		$	66,235
Allowance for loan losses/non-performing loans		N/A			36	%		50	%		40	%		48	%
Non performing loans/gross loans		4.73	%		6.96	%		4.94	%		6.08	%		5.39	%
Annualized net charge-offs/average loans		N/A			2.81	%		2.13	%		6.40	%		2.58	%
Total interest-earning assets	$	1,530,066		$	1,532,946		$	1,571,804		$	1,604,710		$	1,593,287
Other real estate owned	$	30,531		$	38,699		$	41,078		$	21,352		$	19,582
Other repossessed assets	$	163		$	204		$	280		$	326		$	473
Goodwill and intangibles, net of accumulated amortization	$	81,440		$	6,510		$	6,899		$	7,289		$	13,417
Interest-bearing deposits:
NOW accounts	$	175,751		$	194,663		$	197,058		$	195,960		$	177,955
Money market		177,763			171,495			192,127			214,531			208,919
Savings deposits		72,714			73,059			78,649			122,292			129,021
Time deposits		733,545			724,355			700,816			664,780			643,702
Non-interest bearing deposits		171,376			178,159			200,340			171,821			174,027
Total deposits	$	1,331,149		$	1,341,731		$	1,368,990		$	1,369,384		$	1,333,624
	Predecessor Company
Tax equivalent net interest margin		2.85	%		2.74	%		2.94	%		2.76	%		2.86	%
Non-interest expense/tax equivalent net interest income and non-interest income		224.96	%		144.96	%		100.49	%		128.64	%		92.56	%
Average common shares outstanding		14,861,623			14,849,681			14,839,113			14,834,706			14,828,133

	Successor Company			Predecessor Company
End of quarter common shares outstanding		714,887,922			14,887,922			14,887,922			14,887,922			14,888,083
Total equity	$	177,065		$	39,036		$	50,786		$	55,518		$	104,302
Book value per common share	$	0.15		$	0.22		$	1.05		$	1.42		$	4.75
Tangible book value per common share	$	0.08		$	(0.22	)	$	0.59		$	0.93		$	3.85
Tier 1 capital to average assets - TIB Bank		6.7	%		3.9	%		4.7	%		4.8	%		5.6	%
Tier 1 capital to risk weighted assets - TIB Bank		11.0	%		5.9	%		6.9	%		6.8	%		7.8	%
Total capital to risk weighted assets - TIB Bank		11.0	%		7.1	%		8.1	%		8.1	%		9.1	%
Total assets	$	1,740,891		$	1,659,065		$	1,690,657		$	1,705,407		$	1,717,622

TIB FINANCIAL CORP. AND SUBSIDIARIES

QUARTERLY AVERAGE BALANCES AND YIELDS

(Dollars in thousands)

(Predecessor Company)	Quarter Ended September 30, 2010							Quarter Ended September 30, 2009
	Average Balances		Interest*		Yield*			Average Balances		Interest*		Yield*
Loans	$	1,100,135	$	14,858		5.36	%	$	1,242,296	$	17,281		5.52	%
Investments		310,053		2,150		2.75	%		350,981		3,035		3.43	%
Money market mutual funds		-		-		-			4,925		2		0.16	%
Interest bearing deposits		86,492		55		0.25	%		27,279		18		0.26	%
Federal Home Loan Bank stock		9,946		16		0.64	%		10,447		44		1.67	%
Fed funds sold and securities purchased under agreements to resell		-		-		0.00	%		1,811		-		0.00	%
Total interest earning assets		1,506,626		17,079		4.50	%		1,637,739		20,380		4.94	%
Non-interest earning assets		124,269							124,658
Total assets	$	1,630,895						$	1,762,397
Interest bearing liabilities:
NOW	$	184,285	$	150		0.32	%	$	186,597	$	311		0.66	%
Money market		175,588		461		1.04	%		208,176		646		1.23	%
Savings		73,093		128		0.69	%		127,136		591		1.84	%
Time		722,464		3,653		2.01	%		666,856		5,053		3.01	%
Total interest-bearing deposits		1,155,430		4,392		1.51	%		1,188,765		6,601		2.20	%
Short-term borrowings and FHLB advances		185,466		1,216		2.60	%		202,213		1,284		2.52	%
Long-term borrowings		59,087		648		4.35	%		63,000		679		4.28	%
Total interest bearing liabilities		1,399,983		6,256		1.77	%		1,453,978		8,564		2.34	%
Non-interest bearing deposits		173,295							178,795
Other liabilities		17,829							18,009
Shareholders’ equity		39,788							111,615
Total liabilities and shareholders’ equity	$	1,630,895						$	1,762,397
Net interest income and spread			$	10,823		2.73	%			$	11,816		2.60	%
Net interest margin						2.85	%						2.86	%
_______ * Presented on a fully tax equivalent basis

TIB FINANCIAL CORP. AND SUBSIDIARIES

YEAR TO DATE BALANCES AND YIELDS

(Dollars in thousands)

(Predecessor Company)	Nine Months Ended September 30, 2010							Nine Months Ended September 30, 2009
	Average Balances		Interest*		Yield*			Average Balances		Interest*		Yield*
Loans	$	1,131,509	$	45,532		5.38	%	$	1,232,380	$	52,476		5.69	%
Investments		301,584		6,687		2.96	%		340,660		9,445		3.71	%
Money market mutual funds		-		-		-			41,817		132		0.42	%
Interest bearing deposits		108,712		204		0.25	%		32,742		58		0.24	%
Federal Home Loan Bank stock		10,278		26		0.34	%		11,168		25		0.30	%
Fed funds sold and securities purchased under agreements to resell		4		-		0.00	%		3,916		5		0.17	%
Total interest earning assets		1,552,087		52,449		4.52	%		1,662,683		62,141		5.00	%
Non-interest earning assets		120,229							121,743
Total assets	$	1,672,316						$	1,784,426
Interest bearing liabilities:
NOW	$	201,570	$	534		0.35	%	$	181,601	$	954		0.70	%
Money market		185,821		1,460		1.05	%		192,357		2,145		1.49	%
Savings		78,661		418		0.71	%		113,739		1,549		1.82	%
Time		708,892		11,391		2.15	%		707,882		17,003		3.21	%
Total interest-bearing deposits		1,174,944		13,803		1.57	%		1,195,579		21,651		2.42	%
Short-term borrowings and FHLB advances		190,912		3,659		2.56	%		216,688		4,019		2.48	%
Long-term borrowings		61,681		1,973		4.28	%		63,000		2,123		4.51	%
Total interest bearing liabilities		1,427,537		19,435		1.82	%		1,475,267		27,793		2.52	%
Non-interest bearing deposits		182,073							172,847
Other liabilities		14,002							18,020
Shareholders’ equity		48,704							118,292
Total liabilities and shareholders’ equity	$	1,672,316						$	1,784,426
Net interest income and spread			$	33,014		2.70	%			$	34,348		2.48	%
Net interest margin						2.84	%						2.76	%
_______ * Presented on a fully tax equivalent basis

 TIB FINANCIAL CORP. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

(Dollars in thousands)

Predecessor Company OREO Activity
OREO as of June 30, 2010	$	38,699
Real estate acquired		9,305
Changes in valuation reserve		(14,283	)
Property sold		(3,190	)
Other		-
OREO as of September 30, 2010	$	30,531