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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
MARCH 31, 2002 |  | Commission File Number
0-29132

TIB FINANCIAL CORP.




(Exact name of registrant as specified in its charter)


|                                                                       |  |                                                
|---------------------------------------------------------------------- |  | -----------------------------------------------
|FLORIDA
(State or other jurisdiction of
incorporation or organization) |  | 65-0655973
(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 |  | 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 |  | 3,977,000                    
|                              |  |                              
|Class                         |  | Outstanding as of May 1, 2002



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Part I. FINANCIAL INFORMATION

Item 1. Financial Statements

TIB FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS

|                                                                                                  |                                            |                            |             |                |             |                   |             |             |             | 
|------------------------------------------------------------------------------------------------- | ------------------------------------------ | -------------------------- | ----------- | -------------- | ----------- | ----------------- | ----------- | ----------- | ----------- | 
|                                                                                                  |                                            |                            |             | March 31, 2002 |             | December 31, 2001
|                                                                                                  |                                            |                            |             |                |             |                  
|                                                                                                  |                                            |                            |             | (Unaudited)   
|ASSETS                                                                                            |                                            |                            |             |                |             |                   |             |            
|Cash and due from banks                                                                           |                                            | $                          | 14,997,266  |                |             | $                 | 21,269,909  |            
|Federal funds sold                                                                                |                                            |                            | 27,183,000  |                |             |                   |            |            
|Investment securities held to maturity                                                            |                                            |                            | 18,505,752  |                |             |                   | 18,505,912  |            
|Investment securities available for sale                                                          |                                            |                            | 42,781,120  |                |             |                   | 35,473,748  |            
|Loans, net of deferred loan fees                                                                  |                                            |                            | 388,943,888 |                |             |                   | 378,946,753 |            
|Less: allowance for loan losses                                                                   |                                            |                            | 3,933,316   |                |             |                   | 3,793,842   |            
|                                                                                                  |                                            |                            |             |                |             |                   |             |            
|                                                                                                  | Loans, net                                 |                            |             | 385,010,572    |             |                   |             | 375,152,911 |            
|Premises and equipment, net                                                                       |                                            |                            | 17,550,730  |                |             |                   | 17,633,154  |            
|Goodwill                                                                                          |                                            |                            | 2,305,405   |                |             |                   | 2,305,405   |            
|Intangible assets, net                                                                            |                                            |                            | 2,202,033   |                |             |                   | 2,276,006   |            
|Other assets                                                                                      |                                            |                            | 20,117,867  |                |             |                   | 21,375,200  |            
|                                                                                                  |                                            |                            |             |                |             |                   |             |            
|                                                                                                  | TOTAL ASSETS                               |                            | $           | 530,653,745    |             |                   | $           | 493,992,245 |            
|                                                                                                  |                                            |                            |             |                |             |                   |             |            
|LIABILITIES                                                                                       |                                            |                            |             |                |             |                   |             |            
|Deposits:                                                                                         |                                            |                            |             |                |             |                   |             |            
|                                                                                                  | Noninterest-bearing demand                 |                            | $           | 100,894,118    |             |                   | $           | 82,110,626  |            
|                                                                                                  | Interest-bearing demand and money market   |                            |             | 181,254,166    |             |                   |             | 175,742,070 |            
|                                                                                                  | Savings                                    |                            |             | 29,765,825     |             |                   |             | 26,132,494  |            
|                                                                                                  | Time deposits of $100,000 or more          |                            |             | 61,932,222     |             |                   |             | 56,345,992  |            
|                                                                                                  | Other time deposits                        |                            |             | 81,042,160     |             |                   |             | 75,404,677  |            
|                                                                                                  |                                            |                            |             |                |             |                   |             |            
|                                                                                                  |                                            | Total Deposits             |             |                | 454,888,491 |                   |             |             | 415,735,859 | 
|Federal Home Loan Bank advances                                                                   |                                            |                            | 20,000,000  |                |             |                   | 25,000,000  |            
|Short-term borrowings                                                                             |                                            |                            | 2,308,197   |                |             |                   | 733,760     |            
|Notes payable                                                                                     |                                            |                            | 5,250,000   |                |             |                   | 5,250,000   |            
|Trust preferred securities                                                                        |                                            |                            | 13,000,000  |                |             |                   | 13,000,000  |            
|Other liabilities                                                                                 |                                            |                            | 5,733,179   |                |             |                   | 5,600,534   |            
|                                                                                                  |                                            |                            |             |                |             |                   |             |            
|                                                                                                  | TOTAL LIABILITIES                          |                            |             | 501,179,867    |             |                   |             | 465,320,153 |            
|                                                                                                  |                                            |                            |             |                |             |                   |             |            
|STOCKHOLDERS EQUITY                                                                              |                                            |                            |             |                |             |                   |             |            
|Common stock  $.10 par value: 7,500,000 shares
authorized, 3,976,900 and 3,946,100 shares
issued |                                            |                            | 397,690     |                |             |                   | 394,610     |            
|Additional paid in capital                                                                        |                                            |                            | 8,430,641   |                |             |                   | 8,221,937   |            
|Retained earnings                                                                                 |                                            |                            | 20,782,547  |                |             |                   | 20,019,145  |            
|Accumulated other comprehensive income (loss)                                                     |                                            |                            | (137,000    | )              |             |                   | 36,400      |            
|                                                                                                  |                                            |                            |             |                |             |                   |             |            
|                                                                                                  |                                            | TOTAL STOCKHOLDERS EQUITY |             |                | 29,473,878  |                   |             |             | 28,672,092  | 
|                                                                                                  |                                            |                            |             |                |             |                   |             |            
|                                                                                                  | TOTAL LIABILITIES AND STOCKHOLDERS
EQUITY |                            | $           | 530,653,745    |             |                   | $           | 493,992,245 |            
|                                                                                                  |                                            |                            |             |                |             |                   |             |            

(See notes to consolidated financial statements)

1



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##### 



TIB FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

|                                                                                      |                                               |                                                     |           |                    |           |      |           |         |           | 
|------------------------------------------------------------------------------------- | --------------------------------------------- | --------------------------------------------------- | --------- | ------------------ | --------- | ---- | --------- | ------- | --------- | 
|                                                                                      |                                               |                                                     |           | Three months ended
|                                                                                      |                                               |                                                     |           | March 31,         
|                                                                                      |                                               |                                                     |           |                   
|                                                                                      |                                               |                                                     |           | 2002               |           | 2001
|                                                                                      |                                               |                                                     |           |                    |           |     
|INTEREST INCOME                                                                       |                                               |                                                     |           |                    |           |      |           |        
|Loans, including fees                                                                 |                                               | $                                                   | 6,637,969 |                    |           | $    | 7,390,122 |        
|Investment securities:                                                                |                                               |                                                     |           |                    |           |      |           |        
|                                                                                      | U.S. Treasury securities                      |                                                     |           | 40,783             |           |      |           | 39,779  |          
|                                                                                      | U.S. Government agencies and corporations     |                                                     |           | 589,809            |           |      |           | 870,015 |          
|                                                                                      | States and political subdivisions, tax-exempt |                                                     |           | 66,868             |           |      |           | 68,716  |          
|                                                                                      | States and political subdivisions, taxable    |                                                     |           | 77,865             |           |      |           | 29,638  |          
|                                                                                      | Other investments                             |                                                     |           | 67,439             |           |      |           | 24,455  |          
|Interest bearing deposits in other bank                                               |                                               |                                                     | 1,714     |                    |           |      | 1,158     |        
|Federal funds sold                                                                    |                                               |                                                     | 58,916    |                    |           |      | 363,433   |        
|                                                                                      |                                               |                                                     |           |                    |           |      |           |        
|                                                                                      |                                               | TOTAL INTEREST INCOME                               |           |                    | 7,541,363 |      |           |         | 8,787,316 | 
|                                                                                      |                                               |                                                     |           |                    |           |      |           |        
|INTEREST EXPENSE                                                                      |                                               |                                                     |           |                    |           |      |           |        
|Interest-bearing demand and money market                                              |                                               |                                                     | 483,859   |                    |           |      | 1,696,503 |        
|Savings                                                                               |                                               |                                                     | 52,787    |                    |           |      | 129,070   |        
|Time deposits of $100,000 or more                                                     |                                               |                                                     | 684,065   |                    |           |      | 1,008,539 |        
|Other time deposits                                                                   |                                               |                                                     | 850,980   |                    |           |      | 1,334,358 |        
|Long term debt  trust preferred securities                                           |                                               |                                                     | 285,517   |                    |           |      | 214,302   |        
|Federal Home Loan Bank advances                                                       |                                               |                                                     | 98,771    |                    |           |      |          |        
|Notes payable                                                                         |                                               |                                                     | 118,618   |                    |           |      | 171,118   |        
|Short-term borrowings                                                                 |                                               |                                                     | 4,879     |                    |           |      | 16,844    |        
|                                                                                      |                                               |                                                     |           |                    |           |      |           |        
|                                                                                      |                                               | TOTAL INTEREST EXPENSE                              |           |                    | 2,579,476 |      |           |         | 4,570,734 | 
|                                                                                      |                                               |                                                     |           |                    |           |      |           |        
|                                                                                      |                                               | NET INTEREST INCOME                                 |           |                    | 4,961,887 |      |           |         | 4,216,582 | 
|                                                                                      |                                               |                                                     |           |                    |           |      |           |        
|PROVISION FOR LOAN LOSSES                                                             |                                               |                                                     | 135,000   |                    |           |      | 135,000   |        
|                                                                                      |                                               |                                                     |           |                    |           |      |           |        
|                                                                                      |                                               | NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES |           |                    | 4,826,887 |      |           |         | 4,081,582 | 
|OTHER INCOME                                                                          |                                               |                                                     |           |                    |           |      |           |        
|Service charges on deposit accounts                                                   |                                               |                                                     | 532,685   |                    |           |      | 591,802   |        
|Investment securities gains, net                                                      |                                               |                                                     | 74,284    |                    |           |      | 1,866     |        
|Merchant bankcard processing income                                                   |                                               |                                                     | 1,333,336 |                    |           |      | 1,247,295 |        
|Fees on mortgage loans sold at origination                                            |                                               |                                                     | 359,611   |                    |           |      | 212,422   |        
|Commissions on sales by Keys Insurance Agency, Inc.                                   |                                               |                                                     | 399,893   |                    |           |      | 319,198   |        
|Retail investment services                                                            |                                               |                                                     | 89,653    |                    |           |      | 39,042    |        
|Equity in (loss), net of goodwill amortization, from investment in ERAS Joint Venture |                                               |                                                     |          |                    |           |      | (43,926   | )      
|Other income                                                                          |                                               |                                                     | 304,428   |                    |           |      | 257,493   |        
|                                                                                      |                                               |                                                     |           |                    |           |      |           |        
|                                                                                      |                                               | TOTAL OTHER INCOME                                  |           |                    | 3,093,890 |      |           |         | 2,625,192 | 
|                                                                                      |                                               |                                                     |           |                    |           |      |           |        
|OTHER EXPENSE                                                                         |                                               |                                                     |           |                    |           |      |           |        
|Salaries and employee benefits                                                        |                                               |                                                     | 2,710,504 |                    |           |      | 2,366,059 |        
|Net occupancy expense                                                                 |                                               |                                                     | 963,283   |                    |           |      | 769,137   |        
|Other expense                                                                         |                                               |                                                     | 2,409,672 |                    |           |      | 2,303,373 |        
|                                                                                      |                                               |                                                     |           |                    |           |      |           |        
|                                                                                      |                                               | TOTAL OTHER EXPENSE                                 |           |                    | 6,083,459 |      |           |         | 5,438,569 | 
|                                                                                      |                                               |                                                     |           |                    |           |      |           |        
|                                                                                      |                                               | INCOME BEFORE INCOME TAX EXPENSE                    |           |                    | 1,837,318 |      |           |         | 1,268,205 | 
|INCOME TAX EXPENSE                                                                    |                                               |                                                     | 646,400   |                    |           |      | 441,000   |        
|                                                                                      |                                               |                                                     |           |                    |           |      |           |        
|                                                                                      |                                               | NET INCOME                                          |           | $                  | 1,190,918 |      |           | $       | 827,205   | 
|                                                                                      |                                               |                                                     |           |                    |           |      |           |        
|BASIC EARNINGS PER SHARE:                                                             |                                               | $                                                   | 0.30      |                    |           | $    | 0.21      |        
|DILUTED EARNINGS PER SHARE:                                                           |                                               | $                                                   | 0.29      |                    |           | $    | 0.20      |        

(See notes to consolidated financial statements)

2



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

|                                          |                                                             |                                                                    |            |       |          |        |           |               |          |               |            |               |  |         |          |             |   |   |         |  |  |            |           |  |  | 
|----------------------------------------- | ----------------------------------------------------------- | ------------------------------------------------------------------ | ---------- | ----- | -------- | ------ | --------- | ------------- | -------- | ------------- | ---------- | ------------- |  | ------- | -------- | ----------- | - | - | ------- |  |  | ---------- | --------- |  |  | 
|                                          |                                                             |                                                                    |            |       |          |        |           |               |          |               |            |               |  |         |          | Accumulated |   |   |         |  |  |           
|                                          |                                                             |                                                                    |            |       |          |        |           |               |          |               |            |               |  |         |          | Other       |   |   |         |  |  | Additional
|                                          |                                                             |                                                                    |            |       |          |        |           | Comprehensive |          | Retained      |            | Comprehensive |  | Common  |          | 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
IncomeNet Income            |                                                             |                                                                    | 1,190,918  |       |          | $      | 1,190,918 |               |          |               | 1,190,918  |               |  |         |          |             |   |   |         |  |  |            |           | 
|                                          | Other comprehensive income, net of tax
benefit of $104,900: |                                                                    |            |       |          |        |           |               |          |               |            |               |  |         |          |             |   |   |         |  |  |            |           |  | 
|                                          |                                                             | Net market valuation adjustment on
securities available for sale   |            |       | (127,047 | )      |           |               | (127,047 | )             |            |               |  |         |          |             |   |   |         |  |  |            |           |  |  | 
|                                          |                                                             | Less: reclassification adjustment
for gains included in net income |            |       | (46,353  | )      |           |               | (46,353  | )             |            |               |  |         |          |             |   |   |         |  |  |            |           |  |  | 
|                                          |                                                             |                                                                    |            |       |          |        |           |               |          |               |            |               |  |         |          |             |   |   |         |  |  |            |           | 
|                                          | Other comprehensive income, net of tax                      |                                                                    |            |       |          |        |           | (173,400      | )        |               |            |               |  |         |          | (173,400    | ) |   |         |  |  |            |           |  | 
|                                          |                                                             |                                                                    |            |       |          |        |           |               |          |               |            |               |  |         |          |             |   |   |         |  |  |            |           | 
|                                          | Comprehensive income                                        |                                                                    |            |       |          |        | $         | 1,017,518     |          |               |            |               |  |         |          |             |   |   |         |  |  |            |           |  | 
|                                          |                                                             |                                                                    |            |       |          |        |           |               |          |               |            |               |  |         |          |             |   |   |         |  |  |            |           | 
|Exercise of stock options                 |                                                             |                                                                    | 211,784    |       |          |        |           |               |          |               |            |               |  |         |          |             |   |   | 3,080   |  |  |            | 208,704   | 
|Cash dividends declared, $.1075 per share |                                                             |                                                                    | (427,516   | )     |          |        |           |               |          |               | (427,516   | )             |  |         |          |             |   |   |         |  |  |            |           | 
|                                          |                                                             |                                                                    |            |      
|Balance at March 31, 2002                 |                                                             | $                                                                  | 29,473,878 |       |          |        |           |               |          | $             | 20,782,547 |               |  | $       | (137,000 | )           |   | $ | 397,690 |  |  | $          | 8,430,641 | 
|                                          |                                                             |                                                                    |            |      

|                                                |                                                             |                                                                  |            |       |         |        |         |               |         |               |            |               |  |         |         |             |         |   |         |  |  |            |           |  |  | 
|----------------------------------------------- | ----------------------------------------------------------- | ---------------------------------------------------------------- | ---------- | ----- | ------- | ------ | ------- | ------------- | ------- | ------------- | ---------- | ------------- |  | ------- | ------- | ----------- | ------- | - | ------- |  |  | ---------- | --------- |  |  | 
|                                                |                                                             |                                                                  |            |       |         |        |         |               |         |               |            |               |  |         |         | Accumulated |         |   |         |  |  |           
|                                                |                                                             |                                                                  |            |       |         |        |         |               |         |               |            |               |  |         |         | Other       |         |   |         |  |  | Additional
|                                                |                                                             |                                                                  |            |       |         |        |         | Comprehensive |         | Retained      |            | Comprehensive |  | Common  |         | 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                |                                                             |                                                                  | 827,205    |       |         | $      | 827,205 |               |         |               | 827,205    |               |  |         |         |             |         |   |         |  |  |            |           | 
|                                                | Other comprehensive income, net of tax
expense of $154,000: |                                                                  |            |       |         |        |         |               |         |               |            |               |  |         |         |             |         |   |         |  |  |            |           |  | 
|                                                |                                                             | Net market valuation adjustment on
securities available for sale |            |       | 255,000 |        |         |               | 255,000 |               |            |               |  |         |         |             | 255,000 |   |         |  |  |            |           |  |  | 
|                                                |                                                             |                                                                  |            |       |         |        |         |               |         |               |            |               |  |         |         |             |         |   |         |  |  |            |           | 
|                                                | Comprehensive income                                        |                                                                  |            |       |         |        | $       | 1,082,205     |         |               |            |               |  |         |         |             |         |   |         |  |  |            |           |  | 
|                                                |                                                             |                                                                  |            |       |         |        |         |               |         |               |            |               |  |         |         |             |         |   |         |  |  |            |           | 
|Exercise of stock options                       |                                                             |                                                                  | 57,900     |       |         |        |         |               |         |               |            |               |  |         |         |             |         |   | 1,025   |  |  |            | 56,875    | 
|Income tax benefit from stock options exercised |                                                             |                                                                  | 10,078     |       |         |        |         |               |         |               |            |               |  |         |         |             |         |   |         |  |  |            | 10,078    | 
|Cash dividends declared, $.1075 per share       |                                                             |                                                                  | (420,612   | )     |         |        |         |               |         |               | (420,612   | )             |  |         |         |             |         |   |         |  |  |            |           | 
|                                                |                                                             |                                                                  |            |      
|Balance at March 31, 2001                       |                                                             | $                                                                | 26,966,225 |       |         |        |         |               |         | $             | 18,221,959 |               |  | $       | 400,000 |             |         | $ | 391,266 |  |  | $          | 7,953,000 | 
|                                                |                                                             |                                                                  |            |      

3



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##### 



TIB FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
(Unaudited)

|                                                                                                      |                                                                          |   |                                  |             |      |   |             |            |  
|----------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------ | - | -------------------------------- | ----------- | ---- | - | ----------- | ---------- | -
|                                                                                                      |                                                                          |   | For the three month period ended
|                                                                                                      |                                                                          |   | March 31,                       
|                                                                                                      |                                                                          |   | 2002                             |             | 2001
|                                                                                                      |                                                                          |   |                                  |             |     
|CASH FLOWS FROM OPERATING ACTIVITIES                                                                  |                                                                          |   |                                  |             |      |   |             |           
|Net Income                                                                                            |                                                                          | $ | 1,190,918                        |             |      | $ | 827,205     |           
|Adjustments to reconcile net income to net cash provided by operating activities:                     |                                                                          |   |                                  |             |      |   |             |           
|                                                                                                      | Net amortization of investments                                          |   |                                  | 14,262      |      |   |             | 6,413      |  
|                                                                                                      | Amortization of intangible assets                                        |   |                                  | 73,973      |      |   |             | 119,914    |  
|                                                                                                      | Depreciation of premises and equipment                                   |   |                                  | 382,082     |      |   |             | 324,499    |  
|                                                                                                      | Provision for loan losses                                                |   |                                  | 135,000     |      |   |             | 135,000    |  
|                                                                                                      | Deferred income tax provision (benefit)                                  |   |                                  | (138,535    | )    |   |             | (70,325    | )
|                                                                                                      | Deferred net loan fees                                                   |   |                                  | (39,194     | )    |   |             | (109,052   | )
|                                                                                                      | Investment securities (gains), net                                       |   |                                  | (74,284     | )    |   |             | (1,866     | )
|                                                                                                      | Net (gain) loss on sale/disposal of premises and equipment               |   |                                  | (891        | )    |   |             | 9,812      |  
|                                                                                                      | Gain on sale of servicing rights                                         |   |                                  | (477        | )    |   |             |           |  
|                                                                                                      | Net proceeds received from servicing rights sale                         |   |                                  | 36,088      |      |   |             |           |  
|                                                                                                      | (Increase) decrease in other assets                                      |   |                                  | 1,458,517   |      |   |             | (3,666,397 | )
|                                                                                                      | Increase in other liabilities                                            |   |                                  | 135,974     |      |   |             | 691,224    |  
|                                                                                                      | Equity in loss, net of goodwill amortization, from investment in ERAS JV |   |                                  |            |      |   |             | 43,926     |  
|                                                                                                      |                                                                          |   |                                  |             |      |   |             |           
|                                                                                                      | NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES                         |   |                                  | 3,173,433   |      |   |             | (1,689,647 | )
|                                                                                                      |                                                                          |   |                                  |             |      |   |             |           
|CASH FLOWS FROM INVESTING ACTIVITIES                                                                  |                                                                          |   |                                  |             |      |   |             |           
|Purchases of investment securities held to maturity                                                   |                                                                          |   |                                 |             |      |   | (117,500    | )         
|Purchases of investment securities available for sale                                                 |                                                                          |   | (11,909,634                      | )           |      |   | (3,726,210  | )         
|Repayments of principal and maturities of investment securities available for sale                    |                                                                          |   | 1,147,894                        |             |      |   | 1,179,970   |           
|Sales of investment securities available for sale                                                     |                                                                          |   | 3,236,250                        |             |      |   |            |           
|Maturities of investment securities held to maturity                                                  |                                                                          |   |                                 |             |      |   | 10,000,000  |           
|Loans originated or acquired, net of principal repayments                                             |                                                                          |   | (9,953,467                       | )           |      |   | (12,360,384 | )         
|Purchases of premises and equipment                                                                   |                                                                          |   | (310,433                         | )           |      |   | (2,629,495  | )         
|Surrender value of purchased life insurance policies                                                  |                                                                          |   |                                 |             |      |   | (310,000    | )         
|Sales of premises and equipment                                                                       |                                                                          |   | 11,666                           |             |      |   | 4,340       |           
|                                                                                                      |                                                                          |   |                                  |             |      |   |             |           
|                                                                                                      | NET CASH USED IN INVESTING ACTIVITIES                                    |   |                                  | (17,777,724 | )    |   |             | (7,959,279 | )
|                                                                                                      |                                                                          |   |                                  |             |      |   |             |           
|CASH FLOWS FROM FINANCING ACTIVITIES                                                                  |                                                                          |   |                                  |             |      |   |             |           
|Net increase (decrease) in federal funds purchased and securities sold under
agreements to repurchase |                                                                          |   | 1,574,437                        |             |      |   | (186,586    | )         
|Net increase (decrease) in FHLB advances                                                              |                                                                          |   | (5,000,000                       | )           |      |   |            |           
|Net increase in demand, money market and savings accounts                                             |                                                                          |   | 27,928,919                       |             |      |   | 35,542,415  |           
|Net increase in time deposits                                                                         |                                                                          |   | 11,223,713                       |             |      |   | 6,182,642   |           
|Proceeds from exercise of stock options                                                               |                                                                          |   | 211,784                          |             |      |   | 57,900      |           
|Cash dividends paid                                                                                   |                                                                          |   | (424,205                         | )           |      |   | (419,509    | )         
|                                                                                                      |                                                                          |   |                                  |             |      |   |             |           
|                                                                                                      | NET CASH PROVIDED BY FINANCING ACTIVITIES                                |   |                                  | 35,514,648  |      |   |             | 41,176,862 |  
|                                                                                                      |                                                                          |   |                                  |             |      |   |             |           
|NET INCREASE IN CASH AND CASH EQUIVALENTS                                                             |                                                                          |   | 20,910,357                       |             |      |   | 31,527,936  |           
|CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                                                      |                                                                          |   | 21,269,909                       |             |      |   | 23,565,494  |           
|                                                                                                      |                                                                          |   |                                  |             |      |   |             |           
|CASH AND CASH EQUIVALENTS AT END OF PERIOD                                                            |                                                                          | $ | 42,180,266                       |             |      | $ | 55,093,430  |           
|                                                                                                      |                                                                          |   |                                  |             |      |   |             |           
|SUPPLEMENTAL DISCLOSURES OF CASH FLOWS:                                                               |                                                                          |   |                                  |             |      |   |             |           
|Cash paid for:                                                                                        |                                                                          |   |                                  |             |      |   |             |           
|                                                                                                      | Interest                                                                 |   | $                                | 3,501,473   |      |   | $           | 4,609,883  |  
|                                                                                                      | Income taxes                                                             |   |                                  | 31,000      |      |   |             |           |  

(See notes to consolidated financial statements)

4



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##### 



TIB FINANCIAL CORP.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2002
(Unaudited)

NOTE 1  BASIS OF PRESENTATION

The accompanying unaudited consolidated financial statements for TIB Financial
Corp. (the Company) have been prepared in accordance with accounting
principles generally accepted in the United States of America for interim
financial information and Regulation S-X. Accordingly, they do not include all
of the information and footnotes required by accounting principles generally
accepted in the United States of America for complete financial statement
presentation. In the opinion of management, all adjustments (consisting of
normal recurring accruals) considered necessary for a fair presentation have
been included. Operating results for the three months ended March 31, 2002 are
not necessarily indicative of trends or results to be expected for the year
ended December 31, 2002. For further information, refer to the Companys
consolidated financial statements and footnotes thereto for the year ended
December 31, 2001.

The consolidated statements include the accounts of TIB Financial Corp. and its
wholly-owned subsidiaries, TIB Bank of the Keys, TIB Software and Services,
Inc., TIBFL Statutory Trust I, TIBFL Statutory Trust II, and Keys Insurance
Agency, Inc. and the Banks two subsidiaries, TIB Government Loan Specialists,
Inc. and TIB Investment Center Inc., collectively known as the Company. All
significant intercompany accounts and transactions have been eliminated in
consolidation.

Certain amounts previously reported on have been reclassified to conform with
current period presentation.

NOTE 2  INVESTMENT SECURITIES

Securities available-for-sale are securities which management believes may be
sold prior to maturity for liquidity or other reasons and are reported at fair
value, with unrealized gains and losses, net of related income taxes, reported
as a separate component of stockholders equity. Securities held-to-maturity
are those securities for which management has both the ability and intent to
hold to maturity and are carried at amortized cost.

The amortized cost and estimated fair value of investment securities
held-to-maturity at March 31, 2002 and December 31, 2001 are presented below:

|                                          |  |                |            |            |  |            |         |       |  |   |         |  |  |   |            | 
|----------------------------------------- |  | -------------- | ---------- | ---------- |  | ---------- | ------- | ----- |  | - | ------- |  |  | - | ---------- | 
|                                          |  | March 31, 2002
|                                          |  |               
|                                          |  | Amortized      |            | Unrealized |  | Unrealized |         | Fair 
|                                          |  | Cost           |            | Gains      |  | Losses     |         | Value
|                                          |  |               
|U.S. Treasury securities                  |  | $              | 205,622    |            |  | $          | 1,958   |       |  | $ | 236     |  |  | $ | 207,344    | 
|U.S. Government
agencies and
corporations |  |                | 16,674,370 |            |  |            | 110,995 |       |  |   | 131,809 |  |  |   | 16,653,556 | 
|Other investments                         |  |                | 1,625,760  |            |  |            |        |       |  |   |        |  |  |   | 1,625,760  | 
|                                          |  |               
|                                          |  | $              | 18,505,752 |            |  | $          | 112,953 |       |  | $ | 132,045 |  |  | $ | 18,486,660 | 
|                                          |  |               

|                                          |  |                   |            |            |  |            |         |       |  |   |   |  |  |   |            | 
|----------------------------------------- |  | ----------------- | ---------- | ---------- |  | ---------- | ------- | ----- |  | - | - |  |  | - | ---------- | 
|                                          |  | December 31, 2001
|                                          |  |                  
|                                          |  | Amortized         |            | Unrealized |  | Unrealized |         | Fair 
|                                          |  | Cost              |            | Gains      |  | Losses     |         | Value
|                                          |  |                  
|U.S. Treasury securities                  |  | $                 | 205,897    |            |  | $          | 4,572   |       |  | $ |  |  |  | $ | 210,469    | 
|U.S. Government
agencies and
corporations |  |                   | 16,674,255 |            |  |            | 297,653 |       |  |   |  |  |  |   | 16,971,908 | 
|Other investments                         |  |                   | 1,625,760  |            |  |            |        |       |  |   |  |  |  |   | 1,625,760  | 
|                                          |  |                  
|                                          |  | $                 | 18,505,912 |            |  | $          | 302,225 |       |  | $ |  |  |  | $ | 18,808,137 | 
|                                          |  |                  

Other investments consist of stock in the Independent Bankers Bank of Florida
and the Federal Home Loan Bank of Atlanta.

5



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##### 



The amortized cost and estimated fair value of investment securities available
for sale at March 31, 2002 and December 31, 2001 are presented below:

|                                               |  |                |            |            |  |            |         |       |  |   |         |  |  |   |            | 
|---------------------------------------------- |  | -------------- | ---------- | ---------- |  | ---------- | ------- | ----- |  | - | ------- |  |  | - | ---------- | 
|                                               |  | March 31, 2002
|                                               |  |               
|                                               |  | Amortized      |            | Unrealized |  | Unrealized |         | Fair 
|                                               |  | Cost           |            | Gains      |  | Losses     |         | Value
|                                               |  |               
|U.S. Treasury securities                       |  | $              | 3,011,716  |            |  | $          | 46,424  |       |  | $ |        |  |  | $ | 3,058,140  | 
|U.S. Government agencies and corporations      |  |                | 10,298,053 |            |  |            |        |       |  |   | 170,009 |  |  |   | 10,128,044 | 
|States and political
subdivisions  tax-exempt |  |                | 5,518,929  |            |  |            | 120,633 |       |  |   |        |  |  |   | 5,639,562  | 
|States
and political subdivisions  taxable    |  |                | 4,845,766  |            |  |            | 29,754  |       |  |   | 505,704 |  |  |   | 4,369,816  | 
|Mortgage-backed securities                     |  |                | 19,326,657 |            |  |            | 306,656 |       |  |   | 47,755  |  |  |   | 19,585,558 | 
|                                               |  |               
|                                               |  | $              | 43,001,121 |            |  | $          | 503,467 |       |  | $ | 723,468 |  |  | $ | 42,781,120 | 
|                                               |  |               

|                                               |  |                   |            |            |  |            |         |       |  |   |         |  |  |   |            | 
|---------------------------------------------- |  | ----------------- | ---------- | ---------- |  | ---------- | ------- | ----- |  | - | ------- |  |  | - | ---------- | 
|                                               |  | December 31, 2001
|                                               |  |                  
|                                               |  | Amortized         |            | Unrealized |  | Unrealized |         | Fair 
|                                               |  | Cost              |            | Gains      |  | Losses     |         | Value
|                                               |  |                  
|U.S. Treasury securities                       |  | $                 | 3,017,174  |            |  | $          | 71,896  |       |  | $ |        |  |  | $ | 3,089,070  | 
|U.S. Government agencies and corporations      |  |                   | 105,757    |            |  |            | 712     |       |  |   |        |  |  |   | 106,469    | 
|States and political
subdivisions  tax-exempt |  |                   | 5,742,409  |            |  |            | 90,163  |       |  |   | 693     |  |  |   | 5,831,879  | 
|States
and political subdivisions  taxable    |  |                   | 5,016,978  |            |  |            | 49,216  |       |  |   | 269,075 |  |  |   | 4,797,119  | 
|Mortgage-backed securities                     |  |                   | 18,359,772 |            |  |            | 84,675  |       |  |   | 5,236   |  |  |   | 18,439,211 | 
|Corporate bonds                                |  |                   | 3,173,358  |            |  |            | 36,642  |       |  |   |        |  |  |   | 3,210,000  | 
|                                               |  |                  
|                                               |  | $                 | 35,415,448 |            |  | $          | 333,304 |       |  | $ | 275,004 |  |  | $ | 35,473,748 | 
|                                               |  |                  

NOTE 3  LOANS

Loans are reported at the gross amount outstanding, reduced by net deferred
loan fees and an allowance for loan losses. Interest income on loans is
recognized over the terms of the loans based on the unpaid daily principal
amount outstanding. If the collectibility of interest appears doubtful, the
accrual thereof is discontinued. Loan origination fees, net of direct loan
origination costs, are deferred and recognized as income over the life of the
related loan on a level-yield basis. Gains on sales of government guaranteed
loans are recognized as income when the sale occurs.

Major classifications of loans are as follows:

|                            |                                  |  |                |             |                   |  |            |             | 
|--------------------------- | -------------------------------- |  | -------------- | ----------- | ----------------- |  | ---------- | ----------- | 
|                            |                                  |  | March 31, 2002 |             | December 31, 2001
|                            |                                  |  |                |             |                  
|Real estate mortgage loans: |                                  |  |                |             |                   |  |            |            
|                            | Commercial                       |  | $              | 238,967,959 |                   |  | $          | 233,025,987 | 
|                            | Residential                      |  |                | 70,575,564  |                   |  |            | 68,372,957  | 
|                            | Construction                     |  |                | 10,593,119  |                   |  |            | 6,433,674   | 
|Commercial loans            |                                  |  | 45,200,561     |             |                   |  | 46,927,000 |            
|Consumer loans              |                                  |  | 9,096,187      |             |                   |  | 9,636,806  |            
|Home equity loans           |                                  |  | 14,628,197     |             |                   |  | 14,707,222 |            
|                            |                                  |  |                |             |                   |  |            |            
|                            | Total loans                      |  |                | 389,061,587 |                   |  |            | 379,103,646 | 
|Net deferred loan fees      |                                  |  | 117,699        |             |                   |  | 156,893    |            
|                            |                                  |  |                |             |                   |  |            |            
|                            | Loans, net of deferred loan fees |  | $              | 388,943,888 |                   |  | $          | 378,946,753 | 
|                            |                                  |  |                |             |                   |  |            |            

NOTE 4  ALLOWANCE FOR LOAN LOSSES

The allowance for loan losses is established through a provision for loan
losses charged to expense. The allowance represents an amount which, in
managements judgment, will be adequate to absorb probable losses on existing
loans that may become uncollectible. Managements judgment in determining the
adequacy of the allowance is based on evaluations of the collectibility of
loans and takes into consideration such factors as current economic conditions
that may affect the borrowers ability to pay, overall portfolio quality,
review of specific problem loans, and changes in the nature and volume of the
loan portfolio. Periodic revisions are made to the allowance when
circumstances which necessitate such revisions become known. Recognized losses
are charged to the allowance for loan losses, while subsequent recoveries are
added to the allowance.

6



---



##### 



Activity in the allowance for loan losses for the three months ended March 31,
2002 and March 31, 2001 follows:

|                                           |  |      |           |      |  |   |           |  
|------------------------------------------ |  | ---- | --------- | ---- |  | - | --------- | -
|                                           |  | 2002 |           | 2001
|                                           |  |      |           |     
|Balance, January 1                         |  | $    | 3,793,842 |      |  | $ | 3,267,873 |  
|Provision charged to expense               |  |      | 135,000   |      |  |   | 135,000   |  
|Loans charged off                          |  |      |          |      |  |   | (364,265  | )
|Recoveries of loans previously charged off |  |      | 4,474     |      |  |   | 4,486     |  
|                                           |  |      |           |      |  |   |           |  
|Balance, March 31                          |  | $    | 3,933,316 |      |  | $ | 3,043,094 |  
|                                           |  |      |           |      |  |   |           |  

NOTE 5  EARNINGS PER SHARE AND COMMON STOCK

Basic earnings per share have been computed based on the weighted average
number of common equivalent shares outstanding during the period. Stock
options are considered to be common stock equivalents for purposes of
calculating diluted earnings per share.

The reconciliation of basic earnings per share to diluted earnings per share is
as follows:

|                                           |                                  |                                   |   |              |           |               |  |                  |           |  |   |      |     | 
|------------------------------------------ | -------------------------------- | --------------------------------- | - | ------------ | --------- | ------------- |  | ---------------- | --------- |  | - | ---- | --- | 
|                                           |                                  |                                   |   | Net Earnings |           | Common Shares |  | Per Share Amount
|                                           |                                  |                                   |   |             
|For the three months ended March 31, 2002: |                                  |                                   |   |              |           |               |  |                  |           |  |   |     
|                                           | Basic earnings per common share  |                                   | $ | 1,190,918    |           |               |  | 3,952,229        |           |  | $ | .30  |    
|                                           | Effect of dilutive stock options |                                   |   |             |           |               |  | 149,828          |           |  |   | (.01 | )  
|                                           |                                  |                                   |   |             
|                                           |                                  | Diluted earnings per common share |   | $            | 1,190,918 |               |  |                  | 4,102,057 |  |   | $    | .29 | 
|                                           |                                  |                                   |   |             
|For the three months ended March 31, 2001: |                                  |                                   |   |              |           |               |  |                  |           |  |   |     
|                                           | Basic earnings per common share  |                                   | $ | 827,205      |           |               |  | 3,905,653        |           |  | $ | .21  |    
|                                           | Effect of dilutive stock options |                                   |   |             |           |               |  | 150,290          |           |  |   | (.01 | )  
|                                           |                                  |                                   |   |             
|                                           |                                  | Diluted earnings per common share |   | $            | 827,205   |               |  |                  | 4,055,943 |  |   | $    | .20 | 
|                                           |                                  |                                   |   |             

NOTE 6  STOCK BASED COMPENSATION

Under the Banks 1994 Incentive Stock Option and Nonstatutory Stock Option Plan
(the Plan), the Company may grant stock options to persons who are now or who
during the term of the Plan become directors, officers, or key executives as
defined by the Plan. Stock options granted under the Plan may either be
incentive stock options or nonqualified stock options for federal income tax
purposes. The Companys Board of Directors may grant nonqualified stock
options to any director, and incentive stock options or nonqualified stock
options to any officer, key executive, administrative, or other employee
including an employee who is a director of the Company. Subject to the
provisions of the Plan, the maximum number of shares of Company common stock
that may be optioned or sold is 978,000 shares. Such shares may be treasury,
or authorized but unissued, shares of common stock of the Company. If options
granted under the Plan expire or terminate for any reason without having been
exercised in full, the shares not purchased shall again be available for option
for the purposes of the Plan.

Total options granted, exercised, and expired during the three months ended
March 31, 2002, were 134,500, 30,800, and 27,086, respectively. As of March
31, 2002, 662,016 options for shares were outstanding.

NOTE 7  RECENT ACCOUNTING PRONOUNCEMENTS

In July 2001, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standard (SFAS) No. 141, Business Combinations and SFAS
No.142, Goodwill and Other Intangible Assets. SFAS No. 141 addresses the
initial recognition and measurement of goodwill and other intangible assets
acquired in a business combination and SFAS No. 142 addresses the initial
recognition and measurement of intangible assets acquired outside of a business
combination whether acquired individually or with a group of other assets.
These standards require all future business combinations to be accounted for
using the purchase method of accounting. Goodwill will no longer be amortized
but instead will be subject to impairment tests at least annually. The Company
adopted SFAS No. 141 on July 1, 2001, and is required to adopt SFAS 142 on a
prospective basis as of January 1, 2002. During the second quarter of 2002,
the Company will perform its evaluation of

7



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##### 



possible impairment of goodwill as required under SFAS 142. The Company will
continue to evaluate goodwill for impairment on an annual basis.

SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets,
addresses accounting and reporting for the impairment or disposal of long-lived
assets. SFAS No. 144 supersedes SFAS No. 121, Accounting for the Impairment of
Long-Lived Assets and for Long-Lived Assets to be Disposed Of. SFAS No. 144
establishes a single accounting model for long-lived assets to be disposed of
by sale and expands on the guidance provided by SFAS No. 121 with respect to
cash flow estimations. SFAS No. 144 is effective for the Companys fiscal year
beginning January 1, 2002. There will be no current impact of adoption on its
financial position or results of operations.

In April 2002, the FASB issued Statement of Financial Accounting Standards
(SFAS) No. 145, Rescission of SFAS No. 4, 44, 64, Amendment of SFAS No. 13,
and Technical Corrections. SFAS No. 4, which was amended by SFAS No. 64,
required all gains and losses from the extinguishment of debt to be aggregated
and, if material, classified as an extraordinary item, net of related income
tax effect. As a result, the criteria in Opinion 30 will now be used to
classify those gains and losses. SFAS No. 13 was amended to eliminate an
inconsistency between the required accounting for sale-leaseback transactions
and the required accounting for certain lease modifications that have economic
effects that are similar to sale-leaseback transactions. The adoption of SFAS
No. 145 will not have a current impact on the Companys consolidated financial
statements.

NOTE 8  SEGMENT REPORTING

TIB Financial Corp. has four reportable segments: community banking, merchant
bankcard processing, insurance sales, and government guaranteed loan sales and
servicing. The community banking segments business is to attract deposits
from the public and to use such deposits to make real estate, business and
consumer loans in its primary service area. The merchant bankcard processing
segment processes credit card transactions for local merchants. The insurance
agency offers a full line of commercial and residential coverage as well as
life, health and annuities. The government guaranteed loan segment originates
and sells the government guaranteed portion of loans that qualify for
government guaranteed loan programs, such as those offered by the Small
Business Administration and the U.S. Department of Agricultural Rural
Development Business and Industry Program.

Segment information is presented in accordance with SFAS 131, Disclosures
about Segments of an Enterprise and Related Information. This standard is
based on a management approach, which requires segmentation based upon the
companys internal organization and disclosure of operating results based upon
internal accounting methods.

The results of the Companys segments are as follows:

|                              |  |           |             |            |  |               |           |            |  |           |         |        |  |   |           |  |  |   |           |   |  |   |             | 
|----------------------------- |  | --------- | ----------- | ---------- |  | ------------- | --------- | ---------- |  | --------- | ------- | ------ |  | - | --------- |  |  | - | --------- | - |  | - | ----------- | 
|                              |  |           |             |            |  |               |           | Government |  |           |         |        |  |   |           |  |  |  
|                              |  |           |             |            |  | Merchant      |           | Guaranteed |  | Insurance |         |        |  |   |           |  |  |  
|Three months ended            |  | Community |             | Bankcard   |  | Loans Sales   |           | Agency     |  | All       |         |        |  |  
|March 31, 2002                |  | Banking   |             | Processing |  | and Servicing |           | Sales      |  | Other     |         | Totals
|                             
|Interest income               |  | $         | 7,532,564   |            |  | $             |          |            |  | $         |        |        |  | $ |          |  |  | $ | 8,799     |   |  | $ | 7,541,363   | 
|Interest expense              |  |           | 2,174,668   |            |  |               |          |            |  |           |        |        |  |   |          |  |  |   | 404,808   |   |  |   | 2,579,476   | 
|                              |  |          
|Net interest income           |  |           | 5,357,896   |            |  |               |          |            |  |           |        |        |  |   |          |  |  |   | (396,009  | ) |  |   | 4,961,887   | 
|Other income                  |  |           | 1,244,927   |            |  |               | 1,333,336 |            |  |           | 26,081  |        |  |   | 399,893   |  |  |   | 89,653    |   |  |   | 3,093,890   | 
|Depreciation and amortization |  |           | 427,376     |            |  |               | 10,500    |            |  |           | 4,095   |        |  |   | 12,781    |  |  |   | 1,303     |   |  |   | 456,055     | 
|Other expense                 |  |           | 4,183,838   |            |  |               | 1,082,664 |            |  |           | 23,123  |        |  |   | 349,549   |  |  |   | 123,230   |   |  |   | 5,762,404   | 
|                              |  |          
|Pretax segment profit (loss)  |  | $         | 1,991,609   |            |  | $             | 240,172   |            |  | $         | (1,137  | )      |  | $ | 37,563    |  |  | $ | (430,889  | ) |  | $ | 1,837,318   | 
|                              |  |          
|Segment Assets                |  | $         | 527,131,127 |            |  | $             | 83,849    |            |  | $         | 162,203 |        |  | $ | 2,260,005 |  |  | $ | 1,016,561 |   |  | $ | 530,653,745 | 

8



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##### 



|                                                                                  |  |           |             |            |  |               |           |            |  |           |         |        |  |   |           |   |  |   |           |   |  |   |             |  
|--------------------------------------------------------------------------------- |  | --------- | ----------- | ---------- |  | ------------- | --------- | ---------- |  | --------- | ------- | ------ |  | - | --------- | - |  | - | --------- | - |  | - | ----------- | -
|                                                                                  |  |           |             |            |  |               |           | Government |  |           |         |        |  |   |           |   |  |  
|                                                                                  |  |           |             |            |  | Merchant      |           | Guaranteed |  | Insurance |         |        |  |   |           |   |  |  
|Three months ended                                                                |  | Community |             | Bankcard   |  | Loans Sales   |           | Agency     |  | All       |         |        |  |  
|March 31, 2001                                                                    |  | Banking   |             | Processing |  | and Servicing |           | Sales      |  | Other     |         | Totals
|                                                                                 
|Interest income                                                                   |  | $         | 8,770,434   |            |  | $             |          |            |  | $         |        |        |  | $ |          |   |  | $ | 16,882    |   |  | $ | 8,787,316   |  
|Interest expense                                                                  |  |           | 4,183,438   |            |  |               |          |            |  |           |        |        |  |   |          |   |  |   | 387,296   |   |  |   | 4,570,734   |  
|                                                                                  |  |          
|Net interest income                                                               |  |           | 4,586,996   |            |  |               |          |            |  |           |        |        |  |   |          |   |  |   | (370,414  | ) |  |   | 4,216,582   |  
|Other income                                                                      |  |           | 1,031,328   |            |  |               | 1,247,295 |            |  |           | 32,255  |        |  |   | 319,198   |   |  |   | 39,042    |   |  |   | 2,669,118   |  
|Equity in income (loss), net
of goodwill amortization,
from investment in ERAS JV |  |           |            |            |  |               |          |            |  |           |        |        |  |   |          |   |  |   | (43,926   | ) |  |   | (43,926     | )
|Depreciation and amortization                                                     |  |           | 380,681     |            |  |               | 10,481    |            |  |           | 7,581   |        |  |   | 44,483    |   |  |   | 1,187     |   |  |   | 444,413     |  
|Other expense                                                                     |  |           | 3,630,839   |            |  |               | 1,025,710 |            |  |           | 64,058  |        |  |   | 312,086   |   |  |   | 96,463    |   |  |   | 5,129,156   |  
|                                                                                  |  |          
|Pretax segment profit (loss)                                                      |  | $         | 1,606,804   |            |  | $             | 211,104   |            |  | $         | (39,384 | )      |  | $ | (37,371   | ) |  | $ | (472,948  | ) |  | $ | 1,268,205   |  
|                                                                                  |  |          
|Segment Assets                                                                    |  | $         | 477,821,875 |            |  | $             | 93,563    |            |  | $         | 189,506 |        |  | $ | 2,379,919 |   |  | $ | 1,785,573 |   |  | $ | 482,270,436 |  

NOTE 9  GOODWILL AND INTANGIBLE ASSETS

In accordance with SFAS 142, the following information is presented on the
Companys goodwill and intangible assets:

|                            |       |                |           |              |  |          |         |         |  |   |           |           | 
|--------------------------- | ----- | -------------- | --------- | ------------ |  | -------- | ------- | ------- |  | - | --------- | --------- | 
|Amortized Intangible Assets |       | Gross Carrying |           | Accumulated  |  | Net Book
|at March 31, 2002:          |       | Amount         |           | Amortization |  | Value   
|                           
|Core Deposit Intangible     |       | $              | 2,941,234 |              |  | $        | 787,620 |         |  | $ | 2,153,614 |          
|Excess Servicing Fees       |       |                | 110,495   |              |  |          | 62,076  |         |  |   | 48,419    |          
|                            |       |                |          
|                            | Total |                | $         | 3,051,729    |  |          | $       | 849,696 |  |   | $         | 2,202,033 | 
|                            |       |                |          

Intangible amortization expense totaled $73,973 for the three months ended
March 31, 2002.

The changes in the carrying amount of goodwill for the three months ended March
31, 2002, are as follows:

|                                    |  |                 |         |                  |  |               |           |        |  |   |         |  |  |   |           | 
|----------------------------------- |  | --------------- | ------- | ---------------- |  | ------------- | --------- | ------ |  | - | ------- |  |  | - | --------- | 
|                                    |  | Government      |         |                  |  |               |           |        |  |   |         |  |  |  
|                                    |  | Guaranteed Loan |         |                  |  |               |           |        |  |   |         |  |  |  
|                                    |  | Sales and       |         | Insurance Agency |  | Investment in |           |        |  |  
|                                    |  | Servicing       |         | Sales            |  | ERAS JV (a)   |           | Totals
|                                    |  |                
|Balance as of January 1, 2002       |  | $               | 155,232 |                  |  | $             | 2,010,211 |        |  | $ | 139,962 |  |  | $ | 2,305,405 | 
|Goodwill acquired during the period |  |                 |        |                  |  |               |          |        |  |   |        |  |  |   |          | 
|Impairment losses                   |  |                 |        |                  |  |               |          |        |  |   |        |  |  |   |          | 
|                                    |  |                
|Goodwill as of March 31, 2002       |  | $               | 155,232 |                  |  | $             | 2,010,211 |        |  | $ | 139,962 |  |  | $ | 2,305,405 | 
|                                    |  |                

(a)  Investment in ERAS JV is reported as All Other in the segment
reporting table in Note 8.

The following table indicates what reported net income would have been had
goodwill not been amortized:

|                                                   |                       |   |                            |      |                |   |         |      | 
|-------------------------------------------------- | --------------------- | - | -------------------------- | ---- | -------------- | - | ------- | ---- | 
|                                                   |                       |   | For the three months ended
|                                                   |                       |   | March 31, 2002             |      | March 31, 2001
|                                                   |                       |   |                           
|Reported net income                                |                       | $ | 1,190,918                  |      |                | $ | 827,205 |     
|Add back: Goodwill amortization, net of tax effect |                       |   |                           |      |                |   | 35,346  |     
|                                                   |                       |   |                           
|Adjusted net income                                |                       | $ | 1,190,918                  |      |                | $ | 862,551 |     
|                                                   |                       |   |                           
|Basic earnings per share:                          |                       |   |                            |      |                |   |         |     
|                                                   | Reported net income   |   | $                          | 0.30 |                |   | $       | 0.21 | 
|                                                   | Goodwill amortization |   |                            |     |                |   |         | 0.01 | 

9



---



##### 



|                            |                       |  |                            |      |                |  |   |      | 
|--------------------------- | --------------------- |  | -------------------------- | ---- | -------------- |  | - | ---- | 
|                            |                       |  | For the three months ended
|                            |                       |  | March 31, 2002             |      | March 31, 2001
|                            |                       |  |                           
|                            | Adjusted net income   |  | $                          | 0.30 |                |  | $ | 0.22 | 
|                            |                       |  |                           
|Diluted earnings per share: |                       |  |                            |      |                |  |   |     
|                            | Reported net income   |  | $                          | 0.29 |                |  | $ | 0.20 | 
|                            | Goodwill amortization |  |                            |     |                |  |   | 0.01 | 
|                            |                       |  |                           
|                            | Adjusted net income   |  | $                          | 0.29 |                |  | $ | 0.21 | 
|                            |                       |  |                           

MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS

Certain of the matters discussed under the caption Managements Discussion and
Analysis of Financial Condition and Results of Operations and elsewhere in
this Form 10-Q may constitute forward-looking statements within the meaning
of the Private Securities Litigation Reform Act and as such may involve known
and unknown risk, uncertainties and other factors which may cause the actual
results, performance or achievements of TIB Financial Corp. to be materially
different from future results described in such forward-looking statements.
Actual results may differ materially from the results anticipated in these
forward looking statements due to a variety of factors, including, without
limitation: the effects of future economic conditions; governmental monetary
and fiscal policies, as well as legislative and regulatory changes; the risks
of changes in interest rates on the level and composition of deposits, loan
demand, and the values of loan collateral, and interest rate risks; the effects
of competition from other commercial banks, thrifts, consumer finance
companies, and other financial institutions operating in the Companys market
area and elsewhere. All forward looking statements attributable to the Company
are expressly qualified in their entirety by these cautionary statements. The
Company disclaims any intent or obligation to update these forward-looking
statements, whether as a result of new information, future events or otherwise.

The following discussion addresses the factors that have affected the financial
condition and results of operations of TIB Financial Corp. (the Company) as
reflected in the unaudited consolidated statement of condition as of March 31,
2002, and statement of income for the three months ended March 31, 2002.

The Companys net income of $1,190,918 for the first quarter of 2002 was a
44.0% increase compared to $827,205 for the same period last year. The
increase in net income is attributed to the net of the following: an increase
of $745,305 or 17.7%, in net interest income; an increase of $468,698, or
17.9%, in other income; an increase in other expense of $644,890, or 11.9%; and
an increase in income tax expense of $205,400 or 46.6%.

Basic and diluted earnings per share for the first quarter of 2002 were $0.30
and $0.29 respectively as compared to $0.21 and $0.20 per share in the previous
years quarter.

Book value per share increased to $7.41 at March 31, 2002 from $7.27 at
December 31, 2001. The Company paid a quarterly dividend of $0.1075 per share
in each of the first quarters of 2002 and 2001.

Performance of banks is often measured by various ratio analyses. Two widely
recognized indicators are return on average equity and return on average
assets. Annualized return on average equity for the three months ended March
31, 2002 was 16.27% on average equity of $29,286,000, compared to 12.42% on
average equity of $26,641,000 for the same period in 2001. Annualized return
on average assets of $508,007,000 for the three months ended March 31, 2002 was
0.94%, compared to 0.72% on average assets of $460,263,000 for the same period
in 2001.

The Companys expansion into Southwest Florida began in 2001 with the opening
of two new branch facilities. On July 16, 2001, its office on J & C Boulevard
in Naples opened and is located in an industrial park and trade center. This
facility is targeted to serve the small to midsize commercial customer and
houses the commercial lending offices for the area. On December 3rd, a full
service retail branch opened in Bonita Springs and is situated in the fast
growing area north of Naples in southern Lee County. Currently under
construction is the Companys third branch which is located in downtown Naples
and is expected to open in the fourth quarter of 2002. Opening new branch
facilities is dilutive to earnings in the near term but is a factor in achieving
sustainable long-term growth.

Net interest income is one measurement of how management has balanced the
Companys interest rate sensitive assets and liabilities. The Companys net
interest income is its principal source of income. Interest earning assets for
the Company include loans, federal funds sold, interest bearing deposits in other banks and investment securities. The
Companys interest-bearing liabilities include its deposits, federal funds
purchased, notes payable related to Company shares repurchased, trust preferred
securities, advances from the

10



---



##### 



Federal Home Loan Bank, and other short-term borrowings. Net interest income
increased $745,305 or 17.7% to $5.0 million, in the three months ended March
31, 2002 as compared to the same period last year. The prime rate as published
in the Wall Street Journal began 2001 at 9.5% and by December 2001 it had
declined to 4.75% due to declines in the Federal Funds Rate which were matched
by all the major banks in this key lending rate. The majority of the Banks
loans are indexed to the Prime Rate and most of those reset within every six
months. The average yield on interest earnings assets for the first quarter of
2002 was 6.75% which was a decrease of 187 basis points compared to the 8.62%
yield earned during the first quarter of 2001. The average cost of interest
bearing deposits declined 266 basis points from 5.11% during the first quarter
of 2001 to 2.45% for the comparable period in 2002, and the rate of all
interest bearing liabilities decreased 264 basis points, from 5.37% in 2001 to
2.73% in 2002. The Companys net interest margin increased to 4.45% in the
first three months of 2002 compared to 4.16% in the first three months of 2001.

The following table presents average balances of the Company, the
taxable-equivalent interest earned, and the rate paid thereon during the three
months ended March 31, 2002 and March 31, 2001.

|                                                                |                                          |          |         |         |         |       |         |          |        |         |         |       |         |   |         |         |   |  |       |       |  |  |      |       |   |  | 
|--------------------------------------------------------------- | ---------------------------------------- | -------- | ------- | ------- | ------- | ----- | ------- | -------- | ------ | ------- | ------- | ----- | ------- | - | ------- | ------- | - |  | ----- | ----- |  |  | ---- | ----- | - |  | 
|                                                                |                                          |          |         |         |         |       |         |          | 2002   |         |         |       |         |   |         |         |   |  | 2001  |       |  |  |     
|                                                                |                                          |          |         |         |         |       |         |          |        |         |         |       |         |   |         |         |   |  |       |       |  |  |     
|                                                                |                                          |          |         |         | AVERAGE |       | INCOME/ |          | YIELDS |         | AVERAGE |       | INCOME/ |   | YIELDS 
|(Dollars in thousands)                                          |                                          | BALANCES |         | EXPENSE |         | RATES |         | BALANCES |        | EXPENSE |         | RATES
|                                                               
|Interest-earning assets:                                        |                                          |          |         |         |         |       |         |          |        |         |         |       |         |   |         |         |   |  |       |       |  |  |      |      
|                                                                | Loans (1)(2)                             |          | $       | 384,315 |         |       | $       | 6,644    |        |         |         | 7.01  | %       |   | $       | 321,646 |   |  | $     | 7,390 |  |  |      | 9.32  | %
|                                                                | Investment securities  taxable          |          |         | 50,908  |         |       |         | 776      |        |         |         | 6.18  | %       |   |         | 60,428  |   |  |       | 964   |  |  |      | 6.47  | %
|                                                                | Investment securities  tax exempt (2)   |          |         | 5,596   |         |       |         | 101      |        |         |         | 7.34  | %       |   |         | 5,738   |   |  |       | 104   |  |  |      | 7.36  | %
|                                                                | Interest bearing deposits in other banks |          |         | 406     |         |       |         | 2        |        |         |         | 1.71  | %       |   |         | 84      |   |  |       | 1     |  |  |      | 5.56  | %
|                                                                | Federal funds sold                       |          |         | 14,263  |         |       |         | 59       |        |         |         | 1.68  | %       |   |         | 26,958  |   |  |       | 364   |  |  |      | 5.47  | %
|                                                                |                                          |          |         |         |         |       |         |          |        |         |         |       |         |   |        
|Total interest-earning assets                                   |                                          |          | 455,488 |         |         |       | 7,582   |          |        |         | 6.75    | %     |         |   | 414,854 |         |   |  | 8,823 |       |  |  | 8.62 | %    
|                                                                |                                          |          |         |         |         |       |         |          |        |         |         |       |         |   |        
|Non-interest-earning assets:                                    |                                          |          |         |         |         |       |         |          |        |         |         |       |         |   |         |         |   |  |       |       |  |  |      |      
|                                                                | Cash and due from banks                  |          |         | 13,875  |         |       |         |          |        |         |         |       |         |   |         | 13,003  |   |  |       |       |  |  |      |       |  
|                                                                | Investment in ERAS                       |          |         | 255     |         |       |         |          |        |         |         |       |         |   |         | 995     |   |  |       |       |  |  |      |       |  
|                                                                | Premises and equipment, net              |          |         | 17,559  |         |       |         |          |        |         |         |       |         |   |         | 14,972  |   |  |       |       |  |  |      |       |  
|                                                                | Allowances for loan losses               |          |         | (3,841  | )       |       |         |          |        |         |         |       |         |   |         | (3,316  | ) |  |       |       |  |  |      |       |  
|                                                                | Other assets                             |          |         | 24,671  |         |       |         |          |        |         |         |       |         |   |         | 19,755  |   |  |       |       |  |  |      |       |  
|                                                                |                                          |          |         |         |         |       |         |          |        |         |         |       |         |   |         |         |   |  |       |       |  |  |      |      
|Total non-interest earning assets                               |                                          |          | 52,519  |         |         |       |         |          |        |         |         |       |         |   | 45,409  |         |   |  |       |       |  |  |      |      
|                                                                |                                          |          |         |         |         |       |         |          |        |         |         |       |         |   |         |         |   |  |       |       |  |  |      |      
|Total assets                                                    |                                          | $        | 508,007 |         |         |       |         |          |        |         |         |       |         | $ | 460,263 |         |   |  |       |       |  |  |      |      
|                                                                |                                          |          |         |         |         |       |         |          |        |         |         |       |         |   |         |         |   |  |       |       |  |  |      |      
|Interest-bearing liabilities:                                   |                                          |          |         |         |         |       |         |          |        |         |         |       |         |   |         |         |   |  |       |       |  |  |      |      
|                                                                | Interest bearing deposits:               |          |         |         |         |       |         |          |        |         |         |       |         |   |         |         |   |  |       |       |  |  |      |       |  
|                                                                | NOW accounts                             |          | $       | 49,987  |         |       |         | 71       |        |         |         | 0.57  | %       |   | $       | 39,084  |   |  |       | 146   |  |  |      | 1.51  | %
|                                                                | Money market                             |          |         | 128,584 |         |       |         | 413      |        |         |         | 1.30  | %       |   |         | 117,616 |   |  |       | 1,551 |  |  |      | 5.35  | %
|                                                                | Savings deposits                         |          |         | 27,826  |         |       |         | 53       |        |         |         | 0.77  | %       |   |         | 23,267  |   |  |       | 129   |  |  |      | 2.25  | %
|                                                                | Other time deposits                      |          |         | 136,960 |         |       |         | 1,535    |        |         |         | 4.55  | %       |   |         | 151,117 |   |  |       | 2,343 |  |  |      | 6.29  | %
|                                                                |                                          |          |         |         |         |       |         |          |        |         |         |       |         |   |        
|Total interest-bearing deposits                                 |                                          |          | 343,357 |         |         |       | 2,072   |          |        |         | 2.45    | %     |         |   | 331,084 |         |   |  | 4,169 |       |  |  | 5.11 | %    
|                                                                |                                          |          |         |         |         |       |         |          |        |         |         |       |         |   |         |         |   |  |       |       |  |  |      |       |   |  | 
|                                                                | Other interest-bearing liabilities:      |          |         |         |         |       |         |          |        |         |         |       |         |   |         |         |   |  |       |       |  |  |      |       |  
|                                                                | Notes payable                            |          |         | 5,250   |         |       |         | 118      |        |         |         | 9.16  | %       |   |         | 5,250   |   |  |       | 171   |  |  |      | 13.22 | %
|                                                                | Short-term borrowings and FHLB advances  |          |         | 21,555  |         |       |         | 104      |        |         |         | 1.95  | %       |   |         | 1,119   |   |  |       | 17    |  |  |      | 6.10  | %
|                                                                | Trust preferred securities               |          |         | 13,000  |         |       |         | 285      |        |         |         | 8.91  | %       |   |         | 8,000   |   |  |       | 214   |  |  |      | 10.86 | %
|                                                                |                                          |          |         |         |         |       |         |          |        |         |         |       |         |   |        
|Total interest-bearing liabilities                              |                                          |          | 383,162 |         |         |       | 2,579   |          |        |         | 2.73    | %     |         |   | 345,453 |         |   |  | 4,571 |       |  |  | 5.37 | %    
|                                                                |                                          |          |         |         |         |       |         |          |        |         |         |       |         |   |        
|Non-interest bearing liabilities and
stockholders equity:      |                                          |          |         |         |         |       |         |          |        |         |         |       |         |   |         |         |   |  |       |       |  |  |      |      
|                                                                | Demand deposits                          |          |         | 90,105  |         |       |         |          |        |         |         |       |         |   |         | 81,325  |   |  |       |       |  |  |      |       |  
|                                                                | Other liabilities                        |          |         | 5,454   |         |       |         |          |        |         |         |       |         |   |         | 6,844   |   |  |       |       |  |  |      |       |  
|                                                                | Stockholders equity                     |          |         | 29,286  |         |       |         |          |        |         |         |       |         |   |         | 26,641  |   |  |       |       |  |  |      |       |  
|                                                                |                                          |          |         |         |         |       |         |          |        |         |         |       |         |   |         |         |   |  |       |       |  |  |      |      
|Total non-interest bearing liabilities and
stockholders equity |                                          |          | 124,845 |         |         |       |         |          |        |         |         |       |         |   | 114,810 |         |   |  |       |       |  |  |      |      
|                                                                |                                          |          |         |         |         |       |         |          |        |         |         |       |         |   |         |         |   |  |       |       |  |  |      |      
|Total liabilities and stockholders equity                      |                                          | $        | 508,007 |         |         |       |         |          |        |         |         |       |         | $ | 460,263 |         |   |  |       |       |  |  |      |      
|                                                                |                                          |          |         |         |         |       |         |          |        |         |         |       |         |   |         |         |   |  |       |       |  |  |      |      

11



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##### 



|                        |  |  |  |  |  |   |       |  |  |  |      |   |  |  |  |  |  |   |       |  |  |  |      |   |  |  | 
|----------------------- |  |  |  |  |  | - | ----- |  |  |  | ---- | - |  |  |  |  |  | - | ----- |  |  |  | ---- | - |  |  | 
|Interest rate spread    |  |  |  |  |  |   |       |  |  |  | 4.02 | % |  |  |  |  |  |   |       |  |  |  | 3.25 | %
|                        |  |  |  |  |  |   |       |  |  |  |      |   |  |  |  |  |  |   |       |  |  |  |      |  
|Net interest income     |  |  |  |  |  | $ | 5,003 |  |  |  |      |   |  |  |  |  |  | $ | 4,252 |  |  |  |      |  
|                        |  |  |  |  |  |   |       |  |  |  |      |   |  |  |  |  |  |   |       |  |  |  |      |  
|Net interest margin (3) |  |  |  |  |  |   |       |  |  |  | 4.45 | % |  |  |  |  |  |   |       |  |  |  | 4.16 | %
|                        |  |  |  |  |  |   |       |  |  |  |      |   |  |  |  |  |  |   |       |  |  |  |      |  



---

|(1) |  | Average loans include non-performing loans.                                                                                                                                                                          
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|(2) |  | Interest income and rates include the effects of a tax equivalent
adjustment using a Federal tax rate of 34% in adjusting tax exempt
interest on tax exempt investment securities and loans to a fully taxable
basis.
|   
|(3) |  | Net interest margin is net interest income divided by average total
interest-earning assets.                                                                                                                         

The table below details the components of the changes in net interest income.
For each major category of interest-earning assets and interest-bearing
liabilities, information is provided with respect to changes due to average
volumes, changes due to rates, with the changes in both volumes and rates
allocated to these two categories based on the proportionate absolute changes
in each category.

|                                         |                        |        |                           |       |         |            |          |        |   |     |        |        |  
|---------------------------------------- | ---------------------- | ------ | ------------------------- | ----- | ------- | ---------- | -------- | ------ | - | --- | ------ | ------ | -
|                                         |                        |        | 2002 compared to 2001 (1)
|                                         |                        |        | Due to changes in        
|                                         |                        |        |                          
|(In thousands)                           |                        |        |                           |       |         |            |          |        |   | Net
|                                         |                        |        | Average                   |       | Average |            | Increase
|INTEREST INCOME                          |                        | Volume |                           | Rate  |         | (Decrease)
|                                        
|Loans (2)                                |                        | $      | 6,212                     |       |         | $          | (6,958   | )      |   | $   | (746   | )     
|Investment Securities (2)                |                        |        | (149                      | )     |         |            | (42      | )      |   |     | (191   | )     
|Interest bearing deposits in other banks |                        |        | 6                         |       |         |            | (5       | )      |   |     | 1      |       
|Federal Funds sold                       |                        |        | (123                      | )     |         |            | (182     | )      |   |     | (305   | )     
|                                         |                        |        |                          
|                                         | Total interest income  |        |                           | 5,946 |         |            |          | (7,187 | ) |     |        | (1,241 | )
|                                         |                        |        |                          
|INTEREST
EXPENSE                         |                       
|NOW Accounts                             |                        |        | 204                       |       |         |            | (279     | )      |   |     | (75    | )     
|Money Market                             |                        |        | 920                       |       |         |            | (2,058   | )      |   |     | (1,138 | )     
|Savings deposits                         |                        |        | 141                       |       |         |            | (217     | )      |   |     | (76    | )     
|Other time deposits                      |                        |        | (204                      | )     |         |            | (604     | )      |   |     | (808   | )     
|Notes payable                            |                        |        |                          |       |         |            | (53      | )      |   |     | (53    | )     
|Trust preferred securities               |                        |        | 298                       |       |         |            | (227     | )      |   |     | 71     |       
|Short-term borrowings and FHLB advances  |                        |        | 173                       |       |         |            | (86      | )      |   |     | 87     |       
|                                         |                        |        |                          
|                                         | Total interest expense |        |                           | 1,532 |         |            |          | (3,524 | ) |     |        | (1,992 | )
|                                         |                        |        |                          
|Change in net interest income            |                        | $      | 4,414                     |       |         | $          | (3,663   | )      |   | $   | 751    |       
|                                         |                        |        |                          



|(1) |  | The change in interest due to both rate and volume has been allocated to
the volume and rate components in proportion to the relationship of the
dollar amounts of the absolute change in each.             
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|(2) |  | Interest income includes the effects of a tax equivalent adjustment using
a federal tax rate of 34% in adjusting tax exempt interest on tax exempt
investment securities and loans to a fully taxable basis.

Based on managements evaluation of specific loans and inherent losses within
the loan portfolio, the provision for loan losses was $135,000 for the first
three months of 2002 and 2001. Gross charged off loans for the first three
months of 2002 were $0 with recoveries of $4,474, resulting in an annualized
net charge-off rate of (0.005)% of total loans. This compares to net charge
offs during the same period last year of $359,779. Approximately $338,000 of
the prior year charge-off relates to the nonguaranteed portion of two loans
made to one customer. The allowance for loan losses amounted to $3,933,316 and
$3,793,842 at March 31, 2002 and December 31, 2001, respectively.

The Companys formalized process for assessing the adequacy of the allowance
for loan losses and the resultant need, if any, for periodic provisions to the
allowance charged to income, includes both individual loan analyses and loan
pool analyses. Individual loan analyses are periodically performed on loan
relationships of a significant size, or when otherwise deemed necessary, and
primarily encompass commercial real estate and other commercial loans. The
result is that commercial real estate loans and commercial loans are divided
into the following risk categories: Pass, Special Mention and Substandard or
worse. When appropriate a specific reserve will be established for individual
loans. Otherwise, the Company allocates an

12



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##### 



allowance for each risk category. The allocations are based on factors
including perceived economic conditions (local, national and global), perceived
strength of the Companys management, recent trends in loan loss history, and
concentrations of credit.

Home equity loans, residential loans and consumer loans generally are not
analyzed individually. These loans are grouped into pools and assigned risk
categories based on their current payment status and managements assessment of
risk inherent in the various types of loans. As above, when appropriate, a
specific reserve will be established for individual loans. Otherwise, the
Company allocates an allowance for each loan classification. The allocations
are based on the same factors mentioned above.

Non-performing assets include non-accrual loans, accruing loans contractually
past due 90 days or more, and other real estate. Loans are placed on
non-accrual status when management has concerns relating to the ability to
collect the loan principal and interest and generally when such loans are 90
days or more past due. A loan is considered impaired if it is in a nonaccruing
status. Non-performing assets for the periods ended March 31, 2002 and
December 31, 2001 were as follows:

|                                                       |  |                |           |                   |  |   |           |  
|------------------------------------------------------ |  | -------------- | --------- | ----------------- |  | - | --------- | -
|                                                       |  | March 31, 2002 |           | December 31, 2001
|                                                       |  |               
|Loans on nonaccrual                                    |  | $              | 2,176,692 |                   |  | $ | 1,590,391 |  
|Loans 90 days past due (a)                             |  |                |          |                   |  |   |          |  
|Other real estate owned (b)                            |  |                | 550,000   |                   |  |   | 550,000   |  
|Other assets (b)                                       |  |                | 2,331,147 |                   |  |   | 2,290,432 |  
|                                                       |  |               
|Total non-performing assets                            |  | $              | 5,057,839 |                   |  | $ | 4,430,823 |  
|                                                       |  |               
|Percentage of non-performing assets
to total loans (c) |  |                | 1.29      | %                 |  |   | 1.16      | %



|(a) |  | Loans 90 days past due exclude loans on nonaccrual that are reported
separately.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|(b) |  | The Bank has made a loan originally totaling $10,000,000 to construct a
lumber mill in north Florida. Of this amount, $6,400,000 had been sold by
the Bank to other lenders. The loan was partially guaranteed as to
principal and interest by the U.S. Department of Agriculture (USDA). In
addition to business real estate and equipment, the loan is collateralized
by the business owners interest in a trust. Under provisions of the trust
agreement, beneficiaries cannot receive trust assets until November 2010.
At December 31, 2000, the loan was past due greater than 90 days but was
still maintained as an accruing loan because of the USDA guarantee and
collateral value. During 2001, upon completion of foreclosure on the
underlying collateral, the non-guaranteed portion of this loan and
interest accrued through the foreclosure date was reclassified into other
real estate ($550,000) and other assets (approximately $1,886,000) based
on the fair value of the underlying-collateral. In addition, the bank has
capitalized liquidation costs and protective advances totaling
approximately $445,000 and $404,000 at March 31, 2002 and December 31,
2001, respectively, which the Bank expects to be fully reimbursed by the
USDA. The non guaranteed principal and interest ($1,886,000) and the
capitalized costs totaling approximately $445,000 and $404,000 at March
31, 2002 and December 31, 2001, respectively are included as other
assets in the table above. The portion of this loan guaranteed by the
USDA was approximately $1,641,000 at March 31, 2002 and December 31, 2001,
and is accruing interest. Accrued interest on this loan totals
approximately $433,000 and $409,000 at March 31, 2002 and December 31,
2001, respectively. Under the USDA program, eligible portions of both
principal and interest are covered under the USDA guarantee. Management
believes the value of all assets pledged as collateral for this loan
exceeds the unpaid amount.
|   
|(c) |  | For the purpose of this computation, total loans includes other real
estate owned and other assets.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    

Other income increased $468,698 to $3,093,890 for the three month period ended
March 31, 2002 from $2,625,192 in the comparable period last year. The
increase in non interest income is attributable to an increase of $86,041 in
merchant bankcard processing income; a $72,418 increase in net investment
security gains; a $80,695 increase in commissions on sales by Keys Insurance; a
$50,611 increase in retail investment services; a $43,926 decrease in equity in
loss, net of goodwill amortization, from the investment in ERAS JV ($0 in 2002,
$43,926 loss in 2001); a $46,935 increase in other income; a $147,189 increase
in fees on mortgage loans sold at origination; offset by a decrease of $59,117
in service charges on deposit accounts. The increases in merchant bankcard,
commissions on sales by Keys Insurance, increase in fees on mortgage loans sold
at origination, and retail investment services income is primarily a result of
volume increases, and also additional activity as a result of the Companys
expansion into Southwest Florida. The increase in net gain from the sale of
securities is primarily the result of the sale of two corporate securities
which netted a gain of approximately $65,000 in the first quarter of 2002.
Prior to January 1, 2002, the Company accounted for its investment in ERAS JV
under the equity method. This resulted in a net loss of $43,926 in the first
quarter of 2001. On December 31, 2001, the Company sold two thirds of its 30%
interest in ERAS JV. At the resulting 10% ownership, the remaining investment
in ERAS is accounted for under the cost method in 2002.

13



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##### 



Other expense increased $644,890 or 11.9% to $6,083,459, in the first three
months of 2002 as compared to the prior year period. The increase in other
expense is attributable to salaries and employee benefits increasing $344,445,
net occupancy expense increasing $194,146, and other expense increasing
$106,299. As discussed previously, the Bank opened two new locations during
the second half of 2001. The addition of these facilities has caused the bank
to hire additional personnel and incur additional operating costs that were
absent in the comparable period during 2001.

Total assets at March 31, 2002 were $530,653,745, up from total assets of
$493,992,245 at December 31, 2001. Loans net of deferred loan fees increased
$9,997,135 to $388,943,888 for the first three months of 2002 from year end
2001. Also, in the same period, federal funds sold increased $27,183,000, and
investment securities increased $7,307,212. Asset growth was primarily funded
by an increase in deposits of $39,152,632, or 9.4%. At March 31, 2002, the
Company had $2,308,197 in short-term borrowings compared to $733,760 at
December 31, 2001. Short-term borrowings consist of securities sold under
agreements to repurchase and Treasury tax deposits. Advances from the Federal
Home Loan Bank totaled $20 million at March 31, 2002 as compared to $25 million
at December 31, 2001.

The Company entered into an agreement with the Companys largest shareholder
effective July 1, 2000, to purchase 525,000 shares of the Companys common
stock in exchange for four subordinated debt instruments of the Company
totaling $5,250,000. The interest rate on these original notes was 13%, with
interest payments required quarterly. The principal balance was payable in
full on October 1, 2010, the maturity date of the notes, and the notes could be
prepaid by the Company at par any time after July 1, 2003. Subsequent to
December 31, 2001, the Company renegotiated the notes payable. Effective
January 1, 2002, the interest rate was reduced to 9%, the option to prepay was
extended to July 1, 2007, and the maturity date was extended to January 1,
2012. The debt issued by the Company qualifies as Tier 2 capital at the holding
company level under applicable regulatory capital guidelines.

On September 7, 2000, the Company participated in a pooled offering of trust
preferred securities in the amount of $8 million. The Company formed TIBFL
Statutory Trust I (the Trust), a wholly-owned statutory trust subsidiary, for
the purpose of issuing the trust preferred securities. The trust used the
proceeds from the issuance of the trust preferred securities to acquire junior
subordinated notes of the Company. The trust preferred securities essentially
mirror the debt securities, carrying a cumulative preferred dividend at a fixed
rate equal to the 10.6% interest rate on the debt securities. The debt
securities and the trust preferred securities each have 30-year lives. The
trust preferred securities and the debt securities are callable by the Company
or the Trust, at their respective option after ten years, and at varying
premiums and sooner in specific events, subject to prior approval by the
Federal Reserve Board, if then required.

In July 2001, the Company participated in a pooled offering of trust preferred
securities in the amount of $5 million. The Company formed TIBFL Statutory
Trust II (the Trust), a wholly-owned statutory trust subsidiary, for the
purpose of issuing the trust preferred securities. The trust used the proceeds
from the issuance of the trust preferred securities to acquire junior
subordinated notes of the Company. The trust preferred securities essentially
mirror the debt securities, carrying a cumulative preferred dividend at a
variable rate equal to the interest rate on the debt securities (three month
LIBOR plus 358 basis points). The initial rate in effect at the time of
issuance was 7.29% and is subject to change quarterly. The rate in effect at
March 31, 2002 is 5.45%. The debt securities and the trust preferred
securities each have 30-year lives. The trust preferred securities and the
debt securities are callable by the Company or the Trust, at their respective
option after five years, and at varying premiums and sooner in specific events,
subject to prior approval by the Federal Reserve Board, if then required. For
federal regulatory purposes, the Company plans to treat the trust preferred
securities as Tier 1 capital up to the maximum amount allowed, and the
remainder as Tier 2 capital.

On October 31, 2000, the Company purchased Keys Insurance Agency of Monroe
County, Inc. from a Company director. Keys Insurance Agency, Inc. (the new
name subsequent to the purchase) has three offices in the Florida Keys and one
office in Naples. Keys Insurance Agency, Inc. offers a full line of commercial
and residential hazard insurance coverage as well as life and health insurance
and annuities. Total consideration paid at closing for the agency was
$1,870,000. This was comprised of $220,000 in the Companys common stock and
$1,650,000 in cash paid at closing. Under the purchase agreement, annual cash
payments of $110,000 are to be made following each of the first three
anniversaries of the closing date, subject to the agencys ability to achieve
certain earning thresholds. Any of this additional consideration that is paid
at the end of each contingency period, will at that time be recorded as
goodwill and increase the total recorded purchase price of the agency. No
amount was required to be paid in 2001.

On September 25, 2001, Keys Insurance Agency, Inc. purchased BonData Group
Limited, Inc., a Ft. Myers, Florida based insurance agency specializing in
surety bond underwriting and placement. Total consideration paid at closing
for the agency was $273,000. This was comprised of approximately $68,000 in
the Companys common stock and approximately $205,000

14



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##### 



in cash. Under the purchase agreement, annual cash payments of $24,000 are to
be made following each of the first two anniversaries of the closing date,
subject to the agencys ability to achieve certain earning thresholds. Any of
this additional consideration that is paid at the end of each contingency
period, will at that time be recorded as goodwill and increase the total
recorded purchase price of the agency.

CAPITAL ADEQUACY

Federal banking regulators have established certain capital adequacy standards
required to be maintained by banks and bank holding companies. The minimum
requirements established in the regulations are set forth in the table below,
along with the actual ratios at March 31, 2002 and December 31, 2001:

|                                         |              |  |             |     |             |  |                |    |                   |  |  |      |   |  |  |      |  
|---------------------------------------- | ------------ |  | ----------- | --- | ----------- |  | -------------- | -- | ----------------- |  |  | ---- | - |  |  | ---- | -
|                                         |              |  | Well        |     | Adequately  |  |                |    |                  
|                                         |              |  | Capitalized |     | Capitalized |  | March 31, 2002 |    | December 31, 2001
|                                         |              |  | Requirement |     | Requirement |  | Actual         |    | Actual           
|                                        
|Tier 1 Capital (to Average Assets)       |              |  |             |     |             |  |                |    |                   |  |  |      |   |  |  |     
|                                         | Consolidated |  |             | >5  | %           |  |                | >4 | %                 |  |  | 7.0  | % |  |  | 7.1  | %
|                                         | Bank         |  |             | >5  | %           |  |                | >4 | %                 |  |  | 8.4  | % |  |  | 8.5  | %
|Tier 1 Capital (to Risk Weighted Assets) |              |  |             |     |             |  |                |    |                   |  |  |      |   |  |  |     
|                                         | Consolidated |  |             | >6  | %           |  |                | >4 | %                 |  |  | 8.5  | % |  |  | 8.4  | %
|                                         | Bank         |  |             | >6  | %           |  |                | >4 | %                 |  |  | 10.2 | % |  |  | 10.2 | %
|Total Capital (to Risk Weighted Assets)  |              |  |             |     |             |  |                |    |                   |  |  |      |   |  |  |     
|                                         | Consolidated |  |             | >10 | %           |  |                | >8 | %                 |  |  | 11.5 | % |  |  | 11.6 | %
|                                         | Bank         |  |             | >10 | %           |  |                | >8 | %                 |  |  | 11.2 | % |  |  | 11.1 | %

Management believes, as of March 31, 2002, that the Company and the Bank met
all capital requirements to which they are subject. The Company has included
in Tier 1 Capital a portion of the trust preferred securities that were issued
in September 2000 and July 2001.

LIQUIDITY

The goal of liquidity management is to ensure the availability of an adequate
level of funds to meet the loan demand and deposit withdrawal needs of the
Companys customers. The Company manages the levels, types and maturities of
earning assets in relation to the sources available to fund current and future
needs to ensure that adequate funding will be available at all times.

The Bank has invested in Federal Home Loan Bank stock for the purpose of
establishing credit lines with the Federal Home Loan Bank. The credit
availability to the Bank is equal to 14 percent of the Banks total assets as
reported on the most recent quarterly financial information submitted to the
regulators. The credit availability approximated $73.9 million at March 31,
2002, under which $20 million was outstanding. Any advances are secured by the
Banks one-to-four family residential mortgage loans.

The Bank has an unsecured line of credit for federal funds purchased from its
principal correspondent bank totaling $7,500,000. Securities sold under
agreements to repurchase (wholesale) represent a wholesale agreement with a
correspondent bank which is collateralized by a U.S. Treasury note. The Bank
also has several securities sold under repurchase agreements (retail) with
commercial account holders whereby the Bank sweeps the customers accounts on a
daily basis and pays interest on these amounts. These agreements are
collateralized by investment securities chosen by the Bank.

RATE SENSITIVITY

The Companys interest rate sensitivity position at March 31, 2002 is presented
in the table below.

15



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##### 



|                                       |  |          |         |        |  |         |        |        |  |        |         |       |  |   |        |   |  |   |        |   |  |   |         |  
|-------------------------------------- |  | -------- | ------- | ------ |  | ------- | ------ | ------ |  | ------ | ------- | ----- |  | - | ------ | - |  | - | ------ | - |  | - | ------- | -
|                                       |  | 3 months |         | 4 to 6 |  | 7 to 12 |        | 1 to 5 |  | Over 5 |         |       |  |  
|(Dollars in thousands)                 |  | or less  |         | Months |  | Months  |        | years  |  | Years  |         | Total
|                                      
|Interest-earning assets:               |  |          |         |        |  |         |        |        |  |        |         |       |  |   |        |   |  |   |        |   |  |   |         |  
|Loans                                  |  | $        | 181,852 |        |  | $       | 30,392 |        |  | $      | 30,251  |       |  | $ | 88,147 |   |  | $ | 58,420 |   |  | $ | 389,062 |  
|Investment securities-taxable          |  |          | 331     |        |  |         | 3,058  |        |  |        | 7,961   |       |  |   | 11,372 |   |  |   | 32,925 |   |  |   | 55,647  |  
|Investment securities-tax exempt       |  |          | 350     |        |  |         |       |        |  |        |        |       |  |   | 449    |   |  |   | 4,841  |   |  |   | 5,640   |  
|Federal funds sold                     |  |          | 27,183  |        |  |         |       |        |  |        |        |       |  |   |       |   |  |   |       |   |  |   | 27,183  |  
|Interest bearing deposit in other
bank |  |          | 348     |        |  |         |       |        |  |        |        |       |  |   |       |   |  |   |       |   |  |   | 348     |  
|Note receivable                        |  |          |        |        |  |         |       |        |  |        | 264     |       |  |   |       |   |  |   |       |   |  |   | 264     |  
|                                       |  |         
|Total interest-bearing assets          |  |          | 210,064 |        |  |         | 33,450 |        |  |        | 38,476  |       |  |   | 99,968 |   |  |   | 96,186 |   |  |   | 478,144 |  
|                                       |  |         
|Interest-bearing liabilities:          |  |          |         |        |  |         |        |        |  |        |         |       |  |   |        |   |  |   |        |   |  |   |         |  
|NOW accounts (A)                       |  |          | 20,611  |        |  |         |       |        |  |        |        |       |  |   |       |   |  |   | 30,916 |   |  |   | 51,527  |  
|Money Market                           |  |          | 129,727 |        |  |         |       |        |  |        |        |       |  |   |       |   |  |   |       |   |  |   | 129,727 |  
|Savings Deposits (B)                   |  |          |        |        |  |         |       |        |  |        | 29,766  |       |  |   |       |   |  |   |       |   |  |   | 29,766  |  
|Other time deposits                    |  |          | 32,290  |        |  |         | 28,544 |        |  |        | 47,401  |       |  |   | 34,644 |   |  |   | 95     |   |  |   | 142,974 |  
|Notes payable                          |  |          |        |        |  |         |       |        |  |        |        |       |  |   |       |   |  |   | 5,250  |   |  |   | 5,250   |  
|Trust preferred securities             |  |          | 5,000   |        |  |         |       |        |  |        |        |       |  |   |       |   |  |   | 8,000  |   |  |   | 13,000  |  
|Other borrowings                       |  |          | 22,277  |        |  |         |       |        |  |        |        |       |  |   |       |   |  |   |       |   |  |   | 22,277  |  
|                                       |  |         
|Total interest-bearing liabilities     |  |          | 209,905 |        |  |         | 28,544 |        |  |        | 77,167  |       |  |   | 34,644 |   |  |   | 44,261 |   |  |   | 394,521 |  
|                                       |  |         
|Interest sensitivity gap               |  | $        | 159     |        |  | $       | 4,906  |        |  | $      | (38,691 | )     |  | $ | 65,324 |   |  | $ | 51,925 |   |  | $ | 83,623  |  
|                                       |  |         
|Cumulative interest sensitivity gap    |  | $        | 159     |        |  | $       | 5,065  |        |  | $      | (33,626 | )     |  | $ | 31,698 |   |  | $ | 83,623 |   |  | $ | 83,623  |  
|                                       |  |         
|Cumulative sensitivity ratio           |  |          | 0.0     | %      |  |         | 1.1    | %      |  |        | (7.0    | )%    |  |   | 6.6    | % |  |   | 17.5   | % |  |   | 17.5    | %
|                                       |  |         



---

|(A) |  | 40% of outstanding balance considered repricable immediately and 60%
repricable in the furthest time period.
|--- |  | ------------------------------------------------------------------------------------------------------------
|   
|(B) |  | Savings Deposits considered repricable in the one year time horizon.                                        

The Company is cumulatively liability sensitive in the 7 to 12 month time frame
and cumulatively asset sensitive in each of the 3 month or less, 4 to 6 months,
1 to 5 year, and over 5 year timeframes. Certain liabilities such as NOW and
passbook savings accounts, while technically subject to immediate repricing in
response to changing market rates, historically do not reprice as quickly nor
to the extent as other interest sensitive accounts. Therefore, to include the
entire balance of these liability accounts in the earliest repricing period
would be unrealistic. To compensate for the fact that changes in general
market interest rates will not be fully reflected in changes in NOW rates, only
40% of NOW balances is included as immediately rate sensitive based on the
Companys own and industry repricing experience. Also, passbook savings will
not reprice as quickly as market rates and therefore the repricing of savings
deposits is included in the 7 to 12 month repricing period, based on the
Companys repricing experience. Because of non-interest bearing liabilities,
total interest-earning assets are substantially greater than the total
interest-bearing liabilities and therefore over time the effects on net
interest income from changes in asset yield will be greater than the change in
expense from liability cost. Accordingly, if market interest rates should
decrease, the net interest margin would decrease. Conversely, if rates
increase the net interest margin would over time increase.

Even in the near term, the $33.6 million one year cumulative negative
sensitivity gap exaggerates the probable effects on earnings in a rising rate
environment for two reasons. First, the liabilities subject to repricing are
predominately not indexed to any specific market rate and therefore offer the
Company the opportunity to delay or diminish any rate repricings. Second, a
static gap model does not factor the effects of growing volumes which would
likely include greater additional rate sensitive assets than rate sensitive
liabilities.

Interest-earning assets and other time deposits are presented based on their
contractual terms. It is anticipated that run off in any deposit category will
be approximately offset by new deposit generation. Since the Company has
experienced steady growth in deposits, no net run off in any deposit category
is assumed in the interest rate sensitivity table. It is the Companys policy
to maintain its cumulative one year gap ratio in the 20% to +10% range. At
March 31, 2002, the Company was within this range with a one year cumulative
sensitivity ratio of 7.0%.

QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

16



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##### 



All financial institutions have financial instruments which are subject to
market risk comprised of interest rate risk, foreign currency exchange rate
risk, commodity price risk and other relevant market risks, such as equity
price risks. The Company has assessed its market risk as predominately
interest rate risk.

The following interest rate sensitivity analysis information as of March 31,
2002 was developed using simulation analysis of the Companys sensitivity to
changes in net interest income under varying assumptions for changes in market
interest rates. Specifically, the model derives expected interest income and
interest expense resulting from an immediate and parallel shift in the yield
curve in the amounts shown.

These rate changes are matched with known repricing intervals and assumptions
for new growth net of expected prepayments. The assumptions are based
primarily on experience in the Companys market under varying rate
environments. The imbedded options that the Companys loan customers possess
to refinance are considered for purposes of this analysis and cause the larger
decreases in income in a declining rate scenario versus the income increases in
the same size rising rate scenario.

This analysis intentionally exaggerates interest sensitivity. For the sake of
simplicity and comparability, an immediate change in rates is assumed.
However, any significant change in actual market rates would probably be phased
in over an extended period of time. This phase in would reduce the net
interest income effects for any absolute change in rates.

The Company attempts to retain interest rate neutrality by generating mostly
adjustable rate loans and managing the securities and Fed Funds positions to
offset the repricing characteristics of the deposit liabilities.

|                                                 |  |                         |        |                |  |                         |        |        |  |        |        |  |  |   |        |  |  |   |        | 
|------------------------------------------------ |  | ----------------------- | ------ | -------------- |  | ----------------------- | ------ | ------ |  | ------ | ------ |  |  | - | ------ |  |  | - | ------ | 
|(Dollars in thousands)                           |  | Interest Rates Decrease |        | Interest Rates |  | Interest Rates Increase
|                                                 |  | 200 BP                  |        | 100 BP         |  | Remain Constant         |        | 100 BP |  | 200 BP
|                                                 |  |                        
|2002 Interest Income                             |  | $                       | 26,133 |                |  | $                       | 28,504 |        |  | $      | 30,928 |  |  | $ | 33,141 |  |  | $ | 35,354 | 
|2002 Interest Expense                            |  |                         | 5,502  |                |  |                         | 6,457  |        |  |        | 8,369  |  |  |   | 10,476 |  |  |   | 12,583 | 
|                                                 |  |                        
|Net Interest Income                              |  | $                       | 20,631 |                |  | $                       | 22,047 |        |  | $      | 22,559 |  |  | $ | 22,665 |  |  | $ | 22,771 | 
|                                                 |  |                        
|Change in net income
after tax vs
constant rates |  | $                       | (1,203 | )              |  | $                       | (319   | )      |  |        |        |  |  | $ | 66     |  |  | $ | 133    | 

17



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Part II. OTHER INFORMATION



|Item 6. |  | EXHIBITS AND REPORTS ON FORM 8-K
|------- |  | --------------------------------



| | (a) |  | Exhibit 99  Report of Independent Certified Public Accountants           
| | --- |  | --------------------------------------------------------------------------
|
| | (b) |  | No reports on Form 8-K were filed during the quarter ended
March 31, 2002.

SIGNATURES

In accordance with the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

|                   |                                                                      
|------------------ | ---------------------------------------------------------------------
|                   | TIB FINANCIAL CORP.                                                  
|                  
|                  
|                  
|Date: May 10, 2002 | Edward V. Lett
President and Chief Executive Officer                 
|                  
|                   | David P. Johnson
Executive Vice President and Chief Financial Officer

18



---



##### 





|Exhibit
Number |  | Description                                                    
|-------------- |  | ---------------------------------------------------------------
|               |  |                                                                
|              
|(a)            |  | Exhibit 99  Report of Independent Certified Public Accountants

19