TIB Financial (TIBB) 8-K Tib Financial Corp. Reports a 38% Asset Increase and 50% Increase In Net Income from Prior Year

Exhibit 99.1

FOR IMMEDIATE RELEASE

TIB FINANCIAL CORP. REPORTS A 38% ASSET INCREASE AND 50% INCREASE
IN NET INCOME FROM PRIOR YEAR

NAPLES, Fla.October 24 — TIB Financial Corp. (Nasdaq: TIBB), a leading community banking company serving the greater Naples-Fort Myers area, South Miami-Dade County and the Florida Keys, today reported record third quarter net income of $2.05 million, an increase of 54% compared with the $1.34 million reported for the same period a year ago. On a per diluted share basis, earnings were $0.35 for the third quarter of 2005, an increase of 52% compared with the $0.23 reported for the third quarter of 2004.

For the first nine months of 2005, net income was $5.79 million, an increase of 50% over $3.87 million for the same period a year ago. On a per diluted share basis, earnings were $0.98 for the first nine months of 2005, up 36% over $0.72 for the same period a year ago.

TIB Financial also reported total assets of $1.05 billion as of September 30, 2005 representing a 27% increase from $829.3 million as of December 31, 2004 and a 38% increase over $765.7 million reported as of September 30, 2004.

“The entire TIB team is delighted to again, for the third consecutive quarter, see the results of a successful implementation of our strategic plan. Impressive asset and earnings growth rates are indicators of the value that has been created by investments made over the past few years,” said Edward V. Lett, Chief Executive Officer and President of TIB Financial Corp. “The execution risk of our geographic expansion has been minimized with our experienced and trusted management team focusing only on their core competencies. Our strategic objective of quality asset production, supported by organically generated in-market core deposits, is being achieved at a more rapid pace than originally projected.”

“Our markets display diversity, economic strength and are among the nation’s fastest growing. Additionally, merger-related market disruption continues to provide opportunities in gathering commercial, household and municipal relationships. As TIB continues to gain name recognition and momentum in our new markets, it would not be unreasonable to achieve the position of a dominant community banking force in the near term. The market creates the opportunity; the team, its history and the current positioning create the compelling story.”

The increase in net income for the third quarter of 2005 over the same period a year ago resulted primarily from a 30% rise in net interest income from $7.78 million a year ago to $10.09 million in the current quarter. The tax equivalent net interest margin of 4.37% for the three months ended September 30, 2005 contracted slightly from the 4.40% reported during both the first and second quarters and from the 4.51% reported during the third quarter of 2004.

Non-interest income, which includes real estate fees, credit card fees and other operating income, totaled $2.82 million for the third quarter of 2005, representing a 7% increase from $2.64 million for the third quarter of 2004. The increase in non-interest income was primarily attributable to increased fees on residential mortgage loans sold during the quarter.

Non-interest expense for the third quarter of 2005 was $9.28 million, compared with $7.92 million for the third quarter of 2004. The increase in non-interest expense is primarily attributable to a 25% increase in employee salaries and benefits related to the Company’s growth and expansion in the southwest Florida market. Net occupancy and other expenses for the second quarter of 2005 increased less than 11% over the third quarter of 2004, reflecting the Company’s continued focus on cost containment.

Credit quality remained solid during the third quarter of 2005. As of September 30, 2005, the allowance for loan losses totaled $7.15 million, or 0.87% of total loans and 1345% of non-performing loans. These figures compare with 0.98% and 519%, respectively, as of September 30, 2004. Annualized net charge-offs represented 0.15% of average loans for the quarter ended September 30, 2005 and 0.12% for the quarter ended September 30, 2004.

Total loans increased 34% to $826.3 million as of September 30, 2005, compared with $618.3 million as of September 30, 2004. Total deposits increased more than 43% to $913.3 million as of September 30, 2005, compared with $638.3 million as of September 30, 2004.

For the quarter ended September 30, 2005, average fully diluted common shares outstanding were 5,914,540, compared with 5,806,733 a year ago. Book value per common share as of September 30, 2005 was $12.50 per share. Tangible book value per common share as of September 30, 2005 was $12.27 per share. Total shareholders’ equity as of September 30, 2005 was $72.0 million.

During the third quarter of 2005, the Board of Directors of TIB Financial Corp. declared a quarterly cash dividend of $0.115 per share on its common stock. The cash dividend was paid on October 10, 2005 to all TIB Financial Corp. common shareholders of record as of September 30, 2005. This dividend, when annualized, represents $0.46 per share.

About TIB Financial Corp.

Headquartered in Naples, Florida, TIB Financial Corp. is a growth-oriented financial services company with more than $1 billion in total assets and 16 full-service banking offices throughout the Florida Keys, Homestead, Naples, Bonita Springs and Fort Myers. The Company’s stock is traded on The Nasdaq Stock Market under the symbol TIBB.

TIB Financial Corp., through its wholly owned subsidiary TIB Bank, serves the personal and commercial banking needs of local residents and businesses in their market areas. The Bank’s experienced bankers 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, visit www.tibbank.com.

Copies of recent news releases, SEC filings, price quotes, stock charts and other valuable information may be found on TIB’s investor relations site atwww.tibfinancialcorp.com. For more information, contact Edward V. Lett, Chief Executive Officer and President, or David P. Johnson, Executive Vice President and Chief Financial Officer, at (239)263-3344.

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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 Commission, which discussions are incorporated in this press release by reference.

SUPPLEMENTAL FINANCIAL DATA IS ATTACHED

TIB Financial Corp. and Subsidiaries
Unaudited Consolidated Statements of Income

	For the Quarter Ended
(in thousands, except per share data)	September 30,		June 30,		March 31,		December 31,		September 30,
	2005		2005		2005		2004		2004
Interest and dividend income	$	15,503	$	14,225	$	12,346	$	11,351	$	10,528
Interest expense		5,409		4,589		3,732		3,135		2,747
Net interest income		10,094		9,636		8,614		8,216		7,781
Provision for loan losses		448		730		586		966		471
Non-interest income:
Service charges on deposit accounts		601		567		608		646		619
Investment securities gains, net		1		—		—		3		7
Merchant bankcard processing income		1,261		1,762		1,896		1,242		1,221
Fees on mortgage loans sold		461		582		492		446		363
Other income		491		668		398		479		433
Total non-interest income		2,815		3,579		3,394		2,816		2,643
Non-interest expense:
Salaries & employee benefits		4,608		4,410		4,212		3,931		3,699
Net occupancy expense		1,386		1,349		1,276		1,439		1,212
Other expense		3,289		3,311		3,565		2,683		3,013
Total non-interest expense		9,283		9,070		9,053		8,053		7,924
Income before income tax expense		3,178		3,415		2,369		2,013		2,029
Income tax expense		1,124		1,231		822		682		692
NET INCOME	$	2,054	$	2,184	$	1,547	$	1,331	$	1,337
BASIC EARNINGS PER SHARE:	$	0.36	$	0.38	$	0.27	$	0.23	$	0.24
DILUTED EARNINGS PER SHARE:	$	0.35	$	0.37	$	0.26	$	0.23	$	0.23

     Selected Financial Data (Dollars in thousands)

Selected Ratios and Statistics

	As Of or For the Quarter Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2005			2005			2005			2004			2004
Real estate mortgage loans:
Commercial	$	428,314		$	411,504		$	393,362		$	351,346		$	338,198
Residential		73,474			75,540			70,490			67,204			64,624
Farmland		3,991			4,550			4,825			4,971			4,924
Construction and vacant land		106,015			85,134			67,552			49,815			41,510
Commercial and agricultural loans		74,202			62,864			57,647			64,622			62,851
Indirect auto dealer loans		113,639			108,178			98,633			91,890			83,680
Home equity loans		17,220			16,056			14,637			13,856			12,259
Other consumer loans		9,428			10,022			10,075			9,817			10,248
Total loans	$	826,283		$	773,848		$	717,221		$	653,521		$	618,294
Gross loans	$	828,081		$	775,759		$	719,285		$	655,678		$	620,333
Net loan charge-offs	$	308		$	258		$	288		$	812		$	188
Allowance for loan losses	$	7,153		$	7,013		$	6,541		$	6,243		$	6,089
Allowance for loan losses/total loans		0.87	%		0.91	%		0.91	%		0.96	%		0.98	%
Non-performing loans	$	532		$	482		$	391		$	704		$	1,174
Allowance for loan losses/non-performing loans		1,344.55	%		1,454.98	%		1,672.89	%		886.79	%		518.65	%
Non performing loans/gross loans		0.06	%		0.06	%		0.05	%		0.11	%		0.19	%
Interest bearing deposits:
NOW accounts	$	88,570		$	85,479		$	89,055		$	92,402		$	83,835
Money market		164,007			179,815			169,391			146,009			127,376
Savings deposits		47,638			49,884			48,783			46,231			47,247
Time deposits		446,309			341,703			307,040			251,182			245,953
Non-interest bearing deposits		166,821			213,328			185,012			152,035			133,888
Total deposits	$	913,345		$	870,209		$	799,281		$	687,859		$	638,299
Net interest margin		4.37	%		4.40	%		4.40	%		4.64	%		4.51	%
Return on average assets		0.82	%		0.91	%		0.72	%		0.67	%		0.70	%
Return on average equity		11.45	%		12.62	%		9.20	%		7.83	%		8.06	%
Non-interest expense/tax equivalent net interest income and non-interest income		71.47	%		68.23	%		74.89	%		72.47	%		75.60	%
Average diluted shares		5,914,540			5,885,595			5,866,099			5,845,224			5,806,733
End of quarter shares outstanding		5,761,746			5,712,264			5,706,939			5,679,239			5,672,202
Total equity	$	72,011		$	70,740		$	68,279		$	68,114		$	67,527
Total assets	$	1,053,894		$	1,012,885		$	939,326		$	829,325		$	765,686

Quarterly average balances and yields (Dollars in thousands)

	Quarter Ended							Quarter Ended
	September 30, 2005							September 30, 2004
	Average							Average
	Balances		Interest*		Yield*			Balances		Interest*		Yield*
Loans	$	795,970	$	14,222		7.09	%	$	605,271	$	9,650		6.34	%
Investments		87,109		1,006		4.58	%		80,030		922		4.58	%
Interest bearing deposits		246		2		3.23	%		1,014		4		1.57	%
Federal Home Loan Bank stock		2,779		23		3.28	%		1,301		16		4.89	%
Fed funds sold		38,314		330		3.42	%		6,903		23		1.33	%
Total interest earning assets		924,418		15,583		6.69	%		694,519		10,615		6.08	%
Non-interest earning assets		70,746							61,910
Total assets	$	995,164						$	756,429
Interest bearing liabilities:
NOW	$	86,175	$	176		0.81	%	$	77,021	$	94		0.49	%
Money market		168,099		1,038		2.45	%		131,896		299		0.90	%
Savings		48,364		63		0.52	%		45,475		45		0.39	%
Time		376,766		3,397		3.58	%		236,806		1,793		3.01	%
Total interest-bearing deposits		679,404		4,674		2.73	%		491,198		2,231		1.81	%
Short-term borrowings and FHLB advances		38,226		336		3.49	%		29,687		114		1.53	%
Long-term borrowings		17,000		399		9.31	%		18,250		402		8.76	%
Total interest bearing liabilities		734,630		5,409		2.92	%		539,135		2,747		2.03	%
Non-interest bearing deposits		175,674							141,864
Other liabilities		13,697							9,220
Shareholders’ equity		71,163							66,210
Total liabilities and shareholders’ equity	$	995,164						$	756,429
Net interest income and spread			$	10,174		3.77	%			$	7,868		4.05	%
Net interest margin						4.37	%						4.51	%

* Presented on a fully tax equivalent basis.

Year to date average balances and yields (Dollars in thousands)

	Nine Months Ended								Nine Months Ended
	September 30, 2005								September 30, 2004
	Average								Average
	Balances		Interest*		Yield*				Balances		Interest*		Yield*
Loans	$	743,018	$	38,468		6.92	%		$	574,003	$	27,212		6.33	%
Investments		83,021		2,829		4.56	%			69,567		2,452		4.71	%
Interest bearing deposits		390		8		2.68	%			970		9		1.18	%
Federal Home Loan Bank stock		2,706		81		4.00	%			1,445		40		3.70	%
Fed funds sold		41,906		928		2.96	%			13,635		102		1.00	%
Total interest earning assets		871,041		42,314		6.49	%			659,620		29,815		6.04	%
Non-interest earning assets		72,826								63,070
Total assets	$	943,867							$	722,690
Interest bearing liabilities:
NOW	$	90,598	$	561		0.83	%		$	75,193	$	214		0.38	%
Money market		167,428		2,597		2.07	%			128,056		793		0.83	%
Savings		48,175		178		0.49	%			43,738		127		0.39	%
Time		328,179		8,334		3.39	%	��		221,498		4,969		3.00	%
Total interest-bearing deposits		634,380		11,670		2.46	%			468,485		6,103		1.74	%
Short-term borrowings and FHLB advances		39,688		887		2.98	%			31,258		299		1.28	%
Long-term borrowings		17,069		1,173		9.19	%			18,250		1,193		8.73	%
Total interest bearing liabilities		691,137		13,730		2.66	%			517,993		7,595		1.96	%
Non-interest bearing deposits		171,108								139,733
Other liabilities		12,019								8,586
Shareholders’ equity		69,603								56,378
Total liabilities and shareholders’ equity	$	943,867							$	722,690
Net interest income and spread			$	28,584		3.83	%				$	22,220		4.08	%
Net interest margin						4.39	%							4.50	%

* Presented on a fully tax equivalent basis.