TIB Financial Corp. Announces First Quarter 2001 Earnings

Apr 25, 2001, 01:00 ET from TIB Financial Corp.

    KEY LARGO, Fla., April 25 /PRNewswire Interactive News Release/ --
 TIB Financial Corp. (Nasdaq:   TIBB), holding company for TIB Bank of the Keys,
 today reported net income for the first quarter of 2001 of $827,205 or $0.21
 basic earnings per share, versus net income of $1,049,911 or $0.24 basic
 earnings per share for 2000.  On a diluted basis, earnings per share was $0.20
 for the quarter compared to $0.23 for the same period in 2000.
     The decrease in net income for the first quarter of 2001 as compared to
 the first quarter of 2000 was attributable to a decrease in the company's net
 interest margin primarily as a result of higher interest costs associated with
 debt issued to repurchase company stock and the issuance of trust preferred
 securities, which occurred in the third quarter of 2000.  Net income in the
 first quarter of 2001 was further reduced due to expenses incurred related to
 branch expansion in South Miami-Dade and Collier Counties in 2001 and small
 losses in certain subsidiaries due to the timing of revenue recognition and
 period costs incurred to increase capacity.
     As of March 31, 2001, TIB Financial Corp. had total assets of
 $482.3 million and total deposits of $434.2 million.  This represents a 9.8%
 increase in assets and a 10.6% increase in deposits from December 31, 2000.
 At December 31, 2000, total assets were $439.3 million and total deposits were
 $392.4 million.
     "The first quarter of 2001 reflects product and geographical expansion
 expenses and interest expense related to strategic initiatives that introduces
 some reduction in current earnings.  This cost is estimated to be modest in
 comparison to the opportunity created.  We are committed to expanding our
 franchise in a quality way in selected growth areas.  This is required for
 enhancement of the value of the Company to its customers, employees and
 shareholders," said Edward V. Lett, President and CEO of TIB Financial Corp.
     TIB Bank of the Keys is a wholly owned subsidiary of TIB Financial Corp.,
 and is the largest bank headquartered in Monroe County.  TIB Bank has been in
 operation for 27 years and currently operates nine offices in the Florida Keys
 and three offices in South Miami-Dade County.  The Company's stock is listed
 on the Nasdaq National Market under the symbol TIBB.  Requests for information
 regarding the purchase or sale of the common stock can be addressed to Advest,
 Inc., Allen C. Ewing & Co., AnPac Securities Group Inc., First Tennessee
 Securities Corp., Morgan, Keegan & Company, Spear, Leeds & Kellogg, and Tucker
 Anthony Incorporated, market makers for TIB Financial Corp. stock.
     Copies of TIBB press releases, SEC filings, current price quotes, stock
 charts and other valuable information for investors may be found on the
 Company's Web site at http://www.tibbank.com.
 
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SOURCE TIB Financial Corp.
    KEY LARGO, Fla., April 25 /PRNewswire Interactive News Release/ --
 TIB Financial Corp. (Nasdaq:   TIBB), holding company for TIB Bank of the Keys,
 today reported net income for the first quarter of 2001 of $827,205 or $0.21
 basic earnings per share, versus net income of $1,049,911 or $0.24 basic
 earnings per share for 2000.  On a diluted basis, earnings per share was $0.20
 for the quarter compared to $0.23 for the same period in 2000.
     The decrease in net income for the first quarter of 2001 as compared to
 the first quarter of 2000 was attributable to a decrease in the company's net
 interest margin primarily as a result of higher interest costs associated with
 debt issued to repurchase company stock and the issuance of trust preferred
 securities, which occurred in the third quarter of 2000.  Net income in the
 first quarter of 2001 was further reduced due to expenses incurred related to
 branch expansion in South Miami-Dade and Collier Counties in 2001 and small
 losses in certain subsidiaries due to the timing of revenue recognition and
 period costs incurred to increase capacity.
     As of March 31, 2001, TIB Financial Corp. had total assets of
 $482.3 million and total deposits of $434.2 million.  This represents a 9.8%
 increase in assets and a 10.6% increase in deposits from December 31, 2000.
 At December 31, 2000, total assets were $439.3 million and total deposits were
 $392.4 million.
     "The first quarter of 2001 reflects product and geographical expansion
 expenses and interest expense related to strategic initiatives that introduces
 some reduction in current earnings.  This cost is estimated to be modest in
 comparison to the opportunity created.  We are committed to expanding our
 franchise in a quality way in selected growth areas.  This is required for
 enhancement of the value of the Company to its customers, employees and
 shareholders," said Edward V. Lett, President and CEO of TIB Financial Corp.
     TIB Bank of the Keys is a wholly owned subsidiary of TIB Financial Corp.,
 and is the largest bank headquartered in Monroe County.  TIB Bank has been in
 operation for 27 years and currently operates nine offices in the Florida Keys
 and three offices in South Miami-Dade County.  The Company's stock is listed
 on the Nasdaq National Market under the symbol TIBB.  Requests for information
 regarding the purchase or sale of the common stock can be addressed to Advest,
 Inc., Allen C. Ewing & Co., AnPac Securities Group Inc., First Tennessee
 Securities Corp., Morgan, Keegan & Company, Spear, Leeds & Kellogg, and Tucker
 Anthony Incorporated, market makers for TIB Financial Corp. stock.
     Copies of TIBB press releases, SEC filings, current price quotes, stock
 charts and other valuable information for investors may be found on the
 Company's Web site at http://www.tibbank.com.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X82983126
 
 SOURCE  TIB Financial Corp.