EXHIBIT 99.1
FOR IMMEDIATE RELEASE
TIB FINANCIAL CORP ANNOUNCES
FOURTH QUARTER AND ANNUAL 2002 EARNINGS
Key Largo, Fla. (February 26, 2003) -- TIB Financial Corp., (Nasdaq:
TIBB) holding company for TIB Bank of the Keys, today reported net income for
the fourth quarter of 2002 of $1,222,130 or $0.30 basic earnings per share,
versus net income of $1,121,956 or $0.28 basic earnings per share for the fourth
quarter of 2001. On a diluted basis, earnings per share was $0.29 for the
quarter compared to $0.27 for the same period in 2001, an increase of 7%.
Net income for the twelve months ended December 31, 2002, was
$4,735,272 or $1.19 basic earnings per share, compared to net income of
$3,894,340 or $0.99 basic earnings per share for the year 2001. On a diluted
basis, net income per share was $1.14 for the twelve months ended December 31,
2002, compared to $0.95 per share for the same period in 2001, an increase of
20%.
The increase for 2002 resulted primarily from an increase in net
interest income from $17.9 million to $21.0 million, or 17%. This growth is
attributed to both solid growth in earning assets and an increase in net
interest margin from 4.22% to 4.39%. The principal offset to this increase in
income was an increase in other expense from $22.2 million to $25.0 million that
was necessary to safely support the growth of the Company.
As of December 31, 2002, TIB Financial Corp. had total assets of $567.0
million and total deposits of $482.7 million. This represents a 14.8% increase
in assets and a 16.1% increase in deposits from December 31, 2001. At December
31, 2001, total assets were $494.0 million and total deposits were $415.7
million.
"We continue to focus TIB Financial Corp.'s effort on those areas of
core banking and related services that most directly affect financial
performance. The results in 2002 reflect our ability to balance the requirement
of growing reported earnings while making the investments necessary to be
successful in new markets" 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 29 years and currently operates nine offices in the Florida
Keys, two offices in South Miami-Dade County, and three offices in Naples and
Bonita Springs, the newest markets. In addition to its retail and commercial
product lines, TIB Bank also provides investment services and government
guaranteed lending, as well as merchant bankcard services. A subsidiary of TIB
Financial Corp., Keys Insurance Agency, offers a full line of commercial and
personal insurance products.
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 website at tibbank.com. For
further information, contact Edward V. Lett, President and CEO at
(305) 451-4660.
Except for historical information contained herein, this news release
contains comments or information that constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995,
which involve significant risks and uncertainties. Actual results may differ
materially from the results discussed in the forward-looking statements.
TIB Financial Corp. and Subsidiaries
Consolidated Statements of Income
Unaudited
(in thousands, except per share data)
For the Twelve Months
For the Quarter Ended Ended
December 31, December 31,
2002 2001 2002 2001
------ ------- ------- --------
Interest income $8,152 $ 7,785 $31,316 $ 33,717
Interest expense 2,563 3,159 10,329 15,797
------ ------- ------- --------
Net interest income 5,589 4,626 20,987 17,920
Provision for loan losses 409 519 816 1,124
Other income:
Service charges on deposit accounts 615 555 2,240 2,225
Investment securities gains (losses), net 75 (3) 218 284
Merchant bankcard processing income 965 786 4,387 4,010
Equity in loss, including goodwill amortization,
from investment in ERAS JV -- (63) -- (235)
Commissions on sales by Keys Insurance Agency
378 326 1,801 1,458
Gain on sale of government guaranteed loans 5 42 28 97
Fees on mortgage loans sold at origination 505 343 1,583 1,075
Retail investment services 37 26 206 177
Gain on sale of investment in ERAS JV 211 820 211 820
Gain on sale of servicing rights -- 92 -- 255
Other income 453 230 1,324 1,123
------ ------- ------- --------
Total other income 3,244 3,154 11,998 11,289
------ ------- ------- --------
Other expense:
Salaries & employee benefits 3,144 2,306 11,574 9,718
Net occupancy expense 1,001 976 3,933 3,489
Other expense 2,387 2,316 9,463 8,954
------ ------- ------- --------
Total other expense 6,532 5,598 24,970 22,161
------ ------- ------- --------
Income before income tax expense 1,892 1,663 7,199 5,924
Income tax expense 670 541 2,464 2,030
------ ------- ------- --------
Net income $1,222 $ 1,122 $ 4,735 $ 3,894
------ ------- ------- --------
Basic earnings per share $ 0.30 $ 0.28 $ 1.19 $ 0.99
Diluted earnings per share 0.29 0.27 1.14 0.95