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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

     
For the Quarterly Period Ended
JUNE 30, 2002		   Commission File Number
0-29132

TIB FINANCIAL CORP.

(Exact name of registrant as specified in its charter)
     
FLORIDA   65-0655973
(State or other jurisdiction of incorporation or organization)   (I.R.S. Employer Identification No.)

99451 OVERSEAS HIGHWAY, KEY LARGO, FLORIDA 33037-7808

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: 305-451-4660

Not Applicable

(Former name, former address and former fiscal year,
if changed since last report)

Indicate by mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

     
YES [X]   NO [  ]

Indicate the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date:

     
Common Stock, $0.10 Par Value   4,014,925
 
Class   Outstanding as of August 1, 2002

 

 

TABLE OF CONTENTS

CONSOLIDATED BALANCE SHEETS
CONSOLIDATED STATEMENTS OF INCOME
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
CONSOLIDATED STATEMENTS OF CASH FLOWS
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SIGNATURES
Report of Independent Certified Public Accountants

Part I. FINANCIAL INFORMATION

Item 1. Financial Statements

TIB FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS

                     
        June 30, 2002   December 31, 2001
       
 
ASSETS
   (Unaudited)        
Cash and due from banks
   $ 16,195,833     $ 21,269,909  
Federal funds sold
     25,623,000       —  
Investment securities held to maturity
     —       18,505,912  
Investment securities available for sale
     58,411,080       35,473,748  
Loans, net of deferred loan fees
     400,835,845       378,946,753  
Less: allowance for loan losses
     3,875,563       3,793,842  
 
    
     
 
 
Loans, net
     396,960,282       375,152,911  
Premises and equipment, net
     17,866,216       17,633,154  
Goodwill
     2,305,405       2,305,405  
Intangible assets, net
     2,128,637       2,276,006  
Other assets
     19,239,748       21,375,200  
 
    
     
 
 
TOTAL ASSETS
   $ 538,730,201     $ 493,992,245  
 
    
     
 
LIABILITIES
                
Deposits:
                
 
Noninterest-bearing demand
   $ 100,607,410     $ 82,110,626  
 
Interest-bearing demand and money market
     180,086,569       175,742,070  
 
Savings
     30,367,192       26,132,494  
 
Time deposits of $100,000 or more
     65,579,116       56,345,992  
 
Other time deposits
     84,271,901       75,404,677  
 
    
     
 
   
Total Deposits
     460,912,188       415,735,859  
Federal Home Loan Bank advances
     20,000,000       25,000,000  
Short-term borrowings
     2,984,360       733,760  
Notes payable
     5,250,000       5,250,000  
Trust preferred securities
     13,000,000       13,000,000  
Other liabilities
     5,556,275       5,600,534  
 
    
     
 
 
TOTAL LIABILITIES
     507,702,823       465,320,153  
 
    
     
 
STOCKHOLDERS’ EQUITY
                
Common stock — $.10 par value: 7,500,000 shares authorized, 3,993,800 and 3,946,100 shares issued
     399,380       394,610  
Additional paid in capital
     8,563,220       8,221,937  
Retained earnings
     21,454,778       20,019,145  
Accumulated other comprehensive income
     610,000       36,400  
 
    
     
 
   
TOTAL STOCKHOLDERS’ EQUITY
     31,027,378       28,672,092  
 
    
     
 
 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
   $ 538,730,201     $ 493,992,245  
 
    
     
 

(See notes to consolidated financial statements)

1

 

TIB FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

                                     
        Three months ended   Six months ended
        June 30,   June 30,
       
 
INTEREST INCOME   2002   2001   2002   2001
   
 
 
 
Loans, including fees
   $ 6,781,175     $ 7,318,304     $ 13,419,144     $ 14,708,426  
Investment securities:
                                
   
U.S. Treasury securities
     41,176       39,379       81,959       79,158  
   
U.S. Government agencies and corporations
     626,966       733,629       1,216,775       1,603,644  
   
States and political subdivisions, tax-exempt
     66,084       68,413       132,952       137,129  
   
States and political subdivisions, taxable
     98,396       85,280       176,261       114,918  
   
Other investments
     19,909       76,089       87,348       100,544  
Interest bearing deposits in other bank
     1,354       527       3,068       1,685  
Federal funds sold
    92,142       380,313       151,058       743,746  
 
    
     
     
     
 
 
TOTAL INTEREST INCOME
     7,727,202       8,701,934       15,268,565       17,489,250  
 
    
     
     
     
 
INTEREST EXPENSE
                                
Interest-bearing demand and money market
     487,045       1,488,451       970,904       3,184,954  
Savings
     58,312       123,853       111,099       252,923  
Time deposits of $100,000 or more
     656,414       993,774       1,340,479       2,002,313  
Other time deposits
     815,376       1,247,429       1,666,356       2,581,787  
Long term debt – trust preferred securities
     285,049       214,302       570,566       428,604  
Federal Home Loan Bank advances
     99,697       —       198,468       —  
Notes payable
     119,931       173,014       238,549       344,132  
Short-term borrowings
     7,647       11,773       12,526       28,617  
 
    
     
     
     
 
 
TOTAL INTEREST EXPENSE
     2,529,471       4,252,596       5,108,947       8,823,330  
 
    
     
     
     
 
 
NET INTEREST INCOME
     5,197,731       4,449,338       10,159,618       8,665,920  
PROVISION FOR LOAN LOSSES
     147,000       135,000       282,000       270,000  
 
    
     
     
     
 
 
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
     5,050,731       4,314,338       9,877,618       8,395,920  
OTHER INCOME
                                
Service charges on deposit accounts
     544,897       532,985       1,077,582       1,124,787  
Investment securities gains, net
     63,843       —       138,127       1,866  
Merchant bankcard processing income
     1,126,508       1,085,982       2,459,844       2,333,277  
Fees on mortgage loans sold at origination
     313,767       305,151       673,378       517,573  
Gain on sale of government guaranteed loans
     23,179       34,557       23,179       34,557  
Commissions on sales by Keys Insurance Agency, Inc.
     534,820       402,132       934,713       721,330  
Retail investment services
     41,766       35,162       131,419       74,204  
Equity in loss, including goodwill amortization, from investment in ERAS Joint Venture
     —       (52,839 )     —       (96,765 )
Other income
     278,669       304,979       583,097       562,472  
 
    
     
     
     
 
 
TOTAL OTHER INCOME
     2,927,449       2,648,109       6,021,339       5,273,301  
OTHER EXPENSE
                                
Salaries and employee benefits
     2,824,793       2,470,902       5,535,297       4,836,961  
Net occupancy expense
     961,852       846,033       1,925,135       1,615,170  
Other expense
     2,503,569       2,242,956       4,913,241       4,546,329  
 
    
     
     
     
 
 
TOTAL OTHER EXPENSE
     6,290,214       5,559,891       12,373,673       10,998,460  
 
                                
 
INCOME BEFORE INCOME TAX EXPENSE
     1,687,966       1,402,556       3,525,284       2,670,761  
INCOME TAX EXPENSE
     586,400       490,500       1,232,800       931,500  
 
    
     
     
     
 
 
NET INCOME
   $ 1,101,566     $ 912,056     $ 2,292,484     $ 1,739,261  
 
    
     
     
     
 
BASIC EARNINGS PER SHARE:
   $ 0.28     $ 0.23     $ 0.58     $ 0.44  
DILUTED EARNINGS PER SHARE:
   $ 0.27     $ 0.22     $ 0.56     $ 0.43  

(See notes to consolidated financial statements)

2

 

TIB FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(Unaudited)

                                                     
                                Accumulated                
                                Other                
                Comprehensive   Retained   Comprehensive   Common   Additional Paid in
        Total   Income   Earnings   Income (Loss)   Stock   Capital
       
 
 
 
 
 
Balance at December 31, 2001
   $ 28,672,092             $ 20,019,145     $ 36,400     $ 394,610     $ 8,221,937  
Comprehensive Income
                                                
 
Net Income
     2,292,484     $ 2,292,484       2,292,484                          
 
Other comprehensive income, net of tax expense of $345,100:
                                                
   
Unrealized holding gain on securities transferred into the available for sale category from the held to maturity category
     270,480       270,480                                  
   
Net market valuation adjustment on securities available for sale
     389,311       389,311                                  
   
Less: reclassification adjustment for gains included in net income
     (86,191 )     (86,191 )                                  
 
            
                                 
 
Other comprehensive income, net of tax
             573,600               573,600                  
 
            
                                 
 
Comprehensive income
           $ 2,866,084                                  
 
            
                                 
Exercise of stock options
     343,028                               4,770       338,258  
Income tax benefit from stock options exercised
     3,025                                       3,025  
Cash dividends declared, $.215 per share
     (856,851 )             (856,851 )                        
 
    
             
     
     
     
 
Balance at June 30, 2002
   $ 31,027,378             $ 21,454,778     $ 610,000     $ 399,380     $ 8,563,220  
 
    
             
     
     
     
 
                                                     
                                Accumulated                
                                Other                
                Comprehensive   Retained   Comprehensive   Common   Additional Paid in
        Total   Income   Earnings   Income (Loss)   Stock   Capital
       
 
 
 
 
 
Balance at December 31, 2000
   $ 26,236,654             $ 17,815,366     $ 145,000     $ 390,241     $ 7,886,047  
Comprehensive Income
                                                
 
Net Income
     1,739,261     $ 1,739,261