CenterState Bank (CSFL) 8-K First Quarter 2006 Operating Results

Exhibit 99.1

FOR IMMEDIATE RELEASE

April 25, 2006

CenterState Banks of Florida, Inc. Announces

First Quarter 2006 Operating Results

WINTER HAVEN, FL. – April 25, 2006 — CenterState Banks of Florida, Inc. (NASDAQ SYMBOL: CSFL) reported net income for the first quarter 2006 of $1,810,000, up 43%, compared to $1,262,000 earned in the first quarter of 2005. Earnings per share for the current quarter was $0.34, up 13%, compared to $0.30 for the year ago quarter. All per share data is presented herein on a diluted basis, unless otherwise stated. Quarterly condensed consolidated income statements (unaudited) are shown below for the periods indicated.

Quarterly Condensed Consolidated Income Statements (unaudited)

Amounts in thousands of dollars (except per share data)

For the quarter ended:	3/31/06			12/31/05			9/30/05			6/30/05			3/31/05
Net interest income	$	8,264		$	7,955		$	7,499		$	6,817		$	6,273
Provision for loan losses		(240	)		(270	)		(255	)		(255	)		(285	)
Net interest income after loan loss provision		8,024			7,685			7,244			6,562			5,988
Non interest income		1,495			1,313			1,416			1,310			1,341
Non interest expense		(6,590	)		(6,117	)		(5,784	)		(5,583	)		(5,321	)
Income before income tax		2,929			2,881			2,876			2,289			2,008
Income tax expense		(1,119	)		(1,046	)		(1,075	)		(857	)		(746	)
NET INCOME	$	1,810		$	1,835		$	1,801		$	1,432		$	1,262
EPS (basic)	$	0.34		$	0.35		$	0.34		$	0.35		$	0.31
EPS (diluted)	$	0.34		$	0.34		$	0.34		$	0.33		$	0.30

The Company crossed the billion dollar mark for the first time when it reported total assets of $1,004,713,000 as of March 31, 2006. This was an increase of $133,192,000, or 15%, during the current quarter. Approximately $94,000,000 of this increase relates to the March 31, 2006 acquisition of the CenterState Mid FL bank. Excluding the Mid FL acquisition, organic asset growth for the current quarter was approximately $39,192,000, or 4.5% (18% annualized).

Exclusive of the $53,336,000 of loans acquired through the Mid FL transaction, organic loan growth during the current quarter was approximately $29,890,000, or 5.8% (23% annualized). In terms of deposits, again excluding the deposits acquired through the Mid FL transaction (approximately $78,302,000), organic deposit growth during the current quarter was approximately $34,028,000, or 4.7% (19% annualized).

The net interest margin for the current quarter was 4.13% compared to 3.58% for the comparable quarter in 2005. Annualized return on average assets was 0.83% for the current quarter compared to 0.66% for the same quarter last year. Presented below are condensed consolidated balance sheets, condensed consolidated average balance sheets, and selected financial ratios for the periods indicated.

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Condensed Consolidated Balance Sheets (unaudited)

Amounts in thousands of dollars

	3/31/2006			12/31/2005			9/30/2005			6/30/2005			3/31/2005
Cash and due from banks	$	35,165		$	41,949		$	28,086		$	42,727		$	41,912
Fed funds and money market		91,294			52,977			57,401			70,229			54,500
Investments		222,305			218,841			224,092			197,010			198,897
Loans		599,884			516,658			504,783			487,468			461,667
Allowance for loan losses		(7,095	)		(6,491	)		(6,426	)		(6,169	)		(5,941	)
Goodwill and other intangibles		13,660			5,154			5,172			5,190			5,208
Bank owned life insurance		6,108			6,043			—			—			—
Other assets		43,392			36,390			35,053			33,587			33,570
TOTAL ASSETS	$	1,004,713		$	871,521		$	848,161		$	830,042		$	789,813
Deposits	$	829,667		$	717,337		$	696,121		$	686,553		$	680,506
Other borrowings		56,973			52,811			52,741			50,598			48,570
Other liabilities		8,146			4,012			2,740			2,328			2,452
Minority interest		—			120			120			120			120
Stockholders’ equity		109,927			97,241			96,439			90,443			58,165
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,004,713		$	871,521		$	848,161		$	830,042		$	789,813
Condensed Consolidated Average Balance Sheets (unaudited)
Amounts in thousands of dollars
For the quarter ended:	3/31/06			12/31/05			9/30/05			6/30/05			3/31/05
Investments and fed funds	$	268,788		$	264,232		$	279,354		$	251,795		$	250,536
Loans		531,895			511,339			494,493			474,937			450,505
Allowance for loan losses		(6,524	)		(6,444	)		(6,294	)		(6,040	)		(5,795	)
All other assets		80,120			76,612			66,467			69,499			67,511
TOTAL ASSETS	$	874,279		$	845,739		$	834,020		$	790,191		$	762,757
Deposits- interest bearing	$	519,587		$	498,465		$	498,576		$	497,829		$	489,317
Deposits- non interest bearing		195,670			193,218			183,159			179,339			172,696
Other borrowings		57,022			52,880			51,807			49,234			40,545
Other liabilities		3,520			4,123			5,170			1,738			1,984
Minority interest		120			120			120			120			120
Stockholders’ equity		98,360			96,933			95,188			61,931			58,095
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	874,279		$	845,739		$	834,020		$	790,191		$	762,757
Selected financial ratios (unaudited)
As of or for the quarter ended:	3/31/06			12/31/05			9/30/05			6/30/05			3/31/05
Return on average assets		0.83	%		0.87	%		0.86	%		0.72	%		0.66	%
Return on average equity		7.36	%		7.57	%		7.57	%		9.25	%		8.69	%
Net interest margin		4.13	%		4.10	%		3.88	%		3.75	%		3.58	%
Loan / deposit ratio		72.3	%		72.0	%		72.5	%		71.0	%		67.8	%
Stockholders’ equity / total assets		10.9	%		11.2	%		11.4	%		10.9	%		7.4	%
Efficiency ratio		68	%		66	%		65	%		69	%		70	%
Book value per share	$	19.81		$	18.52		$	18.37		$	17.74		$	14.27

The Company’s credit quality remains good. Net charge-offs for the current quarter was $283,000, or 0.05% of average loans for the period. Allowance for loan losses was $7,095,000 at March 31, 2006, or 1.18% of loans outstanding. Nonperforming assets, which the Company defines as (1) non-accrual loans; (2) accruing loans that are 90 days or more delinquent and are deemed by management to

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be adequately secured and in the process of collection; (3) OREO (i.e. real estate acquired through foreclosure or deed in lieu of foreclosure); and (4) other repossessed assets that is not real estate, was $1,263,000 at March 31, 2006, compared to $1,549,000 at December 31, 2005. Nonperforming assets as a percentage of total assets was 0.13% at March 31, 2006, compared to 0.18% at December 31, 2005. The ratio of allowance for loan losses to nonperforming assets was 562% at March 31, 2006, compared to 419% at December 31, 2005. The table below summarizes selected credit quality data for the periods indicated.

Selected credit quality ratios, dollars are in thousands

(unaudited)

As of or for the quarter ended:	3/31/06			12/31/05			9/30/05			6/30/05			3/31/05
Non-accrual loans	$	647		$	852		$	932		$	735		$	1,120
Past due loans 90 days or more and still accruing interest		551			658			442			136			221
Other real estate owned (“OREO”)		—			—			—			65			65
Repossessed assets other than real estate		65			39			—			5			21
Total non performing assets	$	1,263		$	1,549		$	1,374		$	941		$	1,427
Non performing assets as a percentage of total assets		0.13	%		0.18	%		0.16	%		0.11	%		0.18	%
Net charge-offs (recoveries)	$	283		$	205		$	(2	)	$	27		$	29
Net charge-offs as a percentage of average loans for the period		0.05	%		0.04	%		0.00	%		0.01	%		0.01	%
Allowance for loan losses as a percentage of period end loans		1.18	%		1.26	%		1.27	%		1.27	%		1.29	%

Non interest income and non interest expense

The tables below summarize the Company’s non interest income and non interest expense for the periods indicated.

Quarterly Condensed Consolidated Non Interest Income (unaudited)

Amounts in thousands of dollars

For the quarter ended:	3/31/06		12/31/05			9/30/05		6/30/05		3/31/05
Service charges on deposit accounts	$	748	$	809		$	833	$	775	$	805
Commissions from mortgage broker activities		85		106			126		160		107
Loan related fees		79		63			79		69		72
Commissions from sale of mutual funds and annuities		270		39			126		68		88
Rental income		50		49			50		49		55
Debit card and ATM fees		137		134			128		126		120
BOLI income		65		43			—		—		—
Gain on sale of other real estate owned		—		—			7		—		1
Gain (loss) on sale of investments		—		(3	)		—		—		—
Other service charges and fees		61		73			67		63		93
Total non interest income	$	1,495	$	1,313		$	1,416	$	1,310	$	1,341

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Quarterly Condensed Consolidated Non Interest Expense (unaudited)

Amounts in thousands of dollars

For the quarter ended:	3/31/06		12/31/05		9/30/05		6/30/05		3/31/05
Salaries, wages and employee benefits	$	3,876	$	3,440	$	3,189	$	3,086	$	2,908
Occupancy expense		768		730		727		689		634
Depreciation of premises and equipment		456		428		402		400		412
Supplies, stationary and printing		146		130		139		122		131
Marketing expenses		132		119		117		115		96
Data processing expenses		252		240		246		241		234
Legal, auditing and other professional fees		131		175		138		127		137
Bank regulatory related expenses		58		75		98		83		60
Postage and delivery		79		54		72		68		76
ATM related expenses		116		110		107		92		90
Other expenses		576		616		549		560		543
Total non interest expense	$	6,590	$	6,117	$	5,784	$	5,583	$	5,321

CenterState Banks of Florida, Inc. is a multi bank holding company which operates through four wholly owned subsidiary banks with twenty-five full service locations and four mini-locations in eight counties throughout Central Florida. The Company’s stock is listed on the NASDAQ national market under the symbol CSFL. Request for information regarding the purchase or sale of the common stock can be obtained from James Stevens, at Keefe, Bruyette & Woods (800-221-3246), Chris Cerniglia, at Ryan Beck & Co (800-793-7226) or Eric Lawless, at FIG Partners, LLC (866-344-2657). For additional information contact Ernest S. Pinner, CEO, or James J. Antal, CFO, at 863-293-2600.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Some of the statements in this report constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. These statements related to future events, other future financial performance or business strategies, and may be identified by terminology such as “may,” “will,” “should,” “expects,” “scheduled,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “potential,” or “continue” or the negative of such terms or other comparable terminology. Actual events or results may differ materially. In evaluating these statements, you should specifically consider the factors described throughout this report. We cannot be assured that future results, levels of activity, performance or goals will be achieved.

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