FORM 10-Q/A
                                 Amendment No.1

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

         (Mark One)
  X      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
-----    EXCHANGE ACT OF 1934


                For the quarterly period ended September 30, 2003

                                       OR

         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
-----    EXCHANGE ACT OF 1934

                  For the transition period from _____ to _____

                         Commission File Number 0-24683

                               FLORIDA BANKS, INC.
             (Exact name of registrant as specified in its charter)

         FLORIDA                                                 58-2364573
(State or other jurisdiction of                               (I.R.S. Employer
 incorporation or organization)                              Identification No.)

                          5210 BELFORT ROAD, SUITE 310
                                JACKSONVILLE, FL
                                      32256
                    (Address of principal executive offices)

                                 (904) 332-7770
              (Registrant's telephone number, including area code)


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. Yes  X   No
                                       ---     ---

Indicate  by check mark  whether  the  Registrant  is an  accelerated  filer (as
defined in Exchange Act Rule 12b-2). Yes |_| No |X|

Indicate the number of shares outstanding of each of the registrant's classes of
common stock, as of the latest practicable date.

Title                                 Outstanding
COMMON STOCK, $.01 PAR VALUE          6,814,928 OUTSTANDING AT NOVEMBER 21, 2003
PER SHARE

                                      -1-

<PAGE>

EXPLANATORY NOTE

     This Amendment on Form 10-Q/A to the Florida Banks,  Inc.  Quarterly Report
on Form 10-Q for the period ended  September  30, 2003 is being filed solely for
the purpose of refiling the  consolidated  condensed  financial  statements (the
"Financial  Statements")  required by Part I, Item I. The original filing of the
Financial  Statements contained formatting errors which caused certain financial
information to be transposed.













                                      -2-

<PAGE>


<TABLE>
PART I.  Financial Information,  Item 1. Financial Statements
FLORIDA BANKS, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS  (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                 September 30,         December 31,
ASSETS                                                                                                2003                  2002

<S>                                                                                              <C>                  <C>
CASH AND DUE FROM BANKS                                                                          $ 118,456,915        $  26,964,504
FEDERAL FUNDS SOLD AND REPURCHASE AGREEMENTS                                                        47,485,000           62,515,000
                                                                                                 -------------        -------------
           Total cash and cash equivalents                                                         165,941,915           89,479,504
INVESTMENT SECURITIES:
  Available for sale, at fair value (cost $42,164,012 and $50,155,158
    at September 30, 2003 and  December 31, 2002)                                                   42,358,807           50,930,650
  Held to maturity, at cost (fair value $0 and $229,475
    at September 30, 2003 and  December 31, 2002)                                                                           227,925
  Other investments                                                                                  3,304,050            2,493,350
                                                                                                 -------------        -------------
           Total investment securities                                                              45,662,857           53,651,925
MORTGAGE LOANS HELD FOR SALE                                                                        71,182,230           54,674,248
LOANS:
  Commercial real estate                                                                           415,558,472          313,120,588
  Commercial                                                                                       162,614,539          166,122,230
  Residential mortgage                                                                              33,143,631           23,080,140
  Consumer                                                                                          51,029,440           45,859,704
  Credit card and other loans                                                                        2,248,192            2,791,678
                                                                                                 -------------        -------------
           Total loans                                                                             664,594,274          550,974,340
  Allowance for loan losses                                                                         (8,587,417)          (7,263,029)
  Net deferred loan fees                                                                              (710,077)            (519,271)
                                                                                                 -------------        -------------
           Net loans                                                                               655,296,780          543,192,040
PREMISES AND EQUIPMENT, NET                                                                          4,921,669            5,466,332
ACCRUED INTEREST RECEIVABLE                                                                          2,396,520            2,375,102
DEFERRED INCOME TAXES, NET                                                                           4,232,535            3,908,751
DERIVATIVE INSTRUMENTS                                                                               1,777,685            2,321,643
OTHER REAL ESTATE OWNED                                                                                652,500              652,500
OTHER ASSETS                                                                                        13,014,116              343,505
                                                                                                 -------------        -------------
TOTAL ASSETS                                                                                     $ 965,078,807        $ 756,065,550
                                                                                                 =============        =============
LIABILITIES AND SHAREHOLDERS' EQUITY
DEPOSITS:
  Noninterest-bearing demand                                                                     $ 100,602,517        $ 141,395,150
  Interest-bearing demand                                                                           83,795,480           52,803,427
  Regular savings                                                                                   83,706,296           66,940,672
  Money market accounts                                                                             29,140,737           19,210,512
  Time $100,000 and over                                                                           422,955,846          314,852,717
  Other time                                                                                        91,429,118           69,707,230
                                                                                                 -------------        -------------
          Total deposits                                                                           811,629,994          664,909,708
REPURCHASE AGREEMENTS SOLD                                                                          43,513,648            4,653,878
OTHER BORROWED FUNDS                                                                                19,919,686            9,921,898
ACCRUED INTEREST PAYABLE                                                                             2,858,417            2,377,963
MANDATORY MORTGAGE FORWARD DELIVERY CONTRACTS                                                        1,072,391
TRUST PREFERRED SECURITIES                                                                          20,000,000
ACCOUNTS PAYABLE AND ACCRUED EXPENSES                                                                9,683,856            4,765,136
                                                                                                 -------------        -------------
          Total liabilities                                                                        908,677,992          686,628,583
                                                                                                 -------------        -------------
COMPANY OBLIGATED MANDATORILY REDEEMABLE PREFERRED SECURITIES OF
SUBSIDIARY TRUST                                                                                                         16,473,092
                                                                                                                         ----------
SHAREHOLDERS' EQUITY:
  Series C Preferred Stock, $100.00 par value, 50,000 shares authorized, 50,000                      5,000,000            5,000,000
    shares issued and outstanding
  Common stock, $.01 par value; 30,000,000 shares authorized;
    6,814,628 and 6,768,362 shares issued, respectively                                                 68,147               67,684
  Additional paid-in capital                                                                        52,874,202           52,287,390
  Accumulated deficit (deficit of $8,434,137
     eliminated upon quasi-reorganization on December 31, 1995)                                     (1,663,028)          (4,874,873)
  Accumulated other comprehensive income, net of tax                                                   121,494              483,674
                                                                                                 -------------        -------------
          Total shareholders' equity                                                                56,400,815           52,963,875
                                                                                                 -------------        -------------

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                                                       $ 965,078,807        $ 756,065,550
                                                                                                 =============        =============
</TABLE>

See notes to condensed financial statements

                                      -3-

<PAGE>

<TABLE>
FLORIDA BANKS, INC.
CONDENSED STATEMENTS OF OPERATIONS (Unaudited)
-----------------------------------------------------------------------------------------------------------------------------------
                                                                          Three-Month Period Ended         Nine-Month Period Ended
                                                                                September 30,                  September 30,
                                                                        ---------------------------     --------------------------
                                                                            2003            2002            2003           2002
                                                                        -----------     -----------     -----------     ----------

INTEREST INCOME:
<S>                                                                     <C>             <C>             <C>             <C>
   Loans, including fees                                                $10,753,474     $ 8,208,741     $30,772,718     $23,386,476
   Investment securities                                                    300,696         570,382       1,018,185       1,716,879
   Federal funds sold                                                       160,348         287,774         383,008         647,361
                                                                        -----------     -----------     -----------     -----------
           Total interest income                                         11,214,518       9,066,897      32,173,911      25,750,713
                                                                        -----------     -----------     -----------     -----------

INTEREST EXPENSE:
   Deposits                                                               3,907,489       3,899,450      11,548,058      10,839,723
   Repurchase agreements                                                     85,346         128,367         292,620         379,825
   Interest on Trust Preferred Securities                                   245,612                         245,612
   Borrowed Funds                                                           186,023          98,299         460,937         323,402
                                                                        -----------     -----------     -----------     -----------

           Total interest expense                                         4,424,470       4,126,116      12,547,227      11,542,950
                                                                        -----------     -----------     -----------     -----------

NET INTEREST INCOME                                                       6,790,048       4,940,781      19,626,684      14,207,763

PROVISION FOR LOAN LOSSES                                                   599,433         699,286       2,452,158       2,107,236
                                                                        -----------     -----------     -----------     -----------

NET INTEREST INCOME AFTER
   PROVISION FOR LOAN LOSSES                                              6,190,615       4,241,495      17,174,526      12,100,527
                                                                        -----------     -----------     -----------     -----------

NONINTEREST INCOME:
  Service fees                                                              621,412         431,390       1,738,148       1,200,908
   Gain on sale of mortgage loans                                         1,626,442                       6,966,677
   Mortgage loan processing fees                                            441,418                       1,777,049
   Mortgage loan origination fees                                           330,686         150,445         853,712         322,577
   Gain on sale of commercial loans                                                          42,888                          42,888
   Other noninterest income                                                 308,471         130,366         844,682         294,471
                                                                        -----------     -----------     -----------     -----------
           Total noninterest income                                       3,328,429         755,089      12,180,268       1,860,844
                                                                        -----------     -----------     -----------     -----------

NONINTEREST EXPENSE:
   Salaries and benefits                                                  5,069,423       2,799,217      16,573,806       7,510,262
   Occupancy and equipment                                                  699,905         532,467       1,981,662       1,505,757
   Data processing                                                          288,184         224,260         825,418         621,456
   Dividends on preferred securities of subsidiary trusts                                   205,126         425,835         428,866
   Other                                                                  1,633,397         817,120       4,460,959       2,414,724
                                                                        -----------     -----------     -----------     -----------

           Total noninterest expense                                      7,690,909       4,578,190      24,267,680      12,481,065
                                                                        -----------     -----------     -----------     -----------

INCOME  BEFORE PROVISION
  FOR INCOME TAXES                                                        1,828,135         418,394       5,087,114       1,480,306

PROVISION FOR INCOME TAXES                                                  654,973         152,950       1,751,981         557,039
                                                                        -----------     -----------     -----------     -----------

NET INCOME                                                                1,173,162         265,444       3,335,133         923,267
                                                                        -----------     -----------     -----------     -----------

 PREFERRED STOCK DIVIDENDS                                                  (63,014)                       (186,987)       (140,058)
                                                                        -----------     -----------     -----------     -----------

 NET INCOME APPLICABLE TO COMMON SHARES                                 $ 1,110,148     $   265,444     $ 3,148,146     $   783,209
                                                                        ===========     ===========     ===========     ===========

 INCOME PER COMMON SHARE:
   Basic                                                                $      0.16     $      0.04     $      0.46     $      0.12
                                                                        ===========     ===========     ===========     ===========
   Diluted                                                              $      0.16     $      0.04     $      0.45     $      0.12
                                                                        ===========     ===========     ===========     ===========
</TABLE>

 See notes to condensed financial statements.



                                      -4-

<PAGE>


<TABLE>
FLORIDA BANKS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF SHAREHOLDERS' EQUITY  (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------




                                                    Preferred Stock                Common Stock                Additional
                                         -------------------------------------------------------------           Paid-In
                                                Shares          Par Value     Shares         Par Value           Capital


<S>                                             <C>            <C>           <C>              <C>              <C>
BALANCE, JANUARY 1, 2002                        102,283        $6,955,244    5,677,660        $56,777          $44,964,967
Comprehensive income:

   Net income
  Unrealized gain on available for sale
     investment securities,
     net of tax of $144,482
      Comprehensive income
Conversion of Series B Preferred Stock
     into common stock                         (102,283)       (6,955,244)   1,022,830          10,228           6,945,016
Exercise of stock options                                                        7,063              71              46,401
Issuance of common stock under Employee
    Stock Purchase Plan                                                         41,133             411             210,359
Issuance of restricted stock                                                    19,676             197             120,647

Issuance of Series C Preferred Stock, net        50,000         5,000,000

Series B Preferred Stock dividends paid
                                               ________        __________    _________       _________         ___________
BALANCE, DECEMBER 31, 2002                       50,000         5,000,000    6,768,362          67,684          52,287,390
Comprehensive income:
   Net income
  Unrealized loss on available for sale
     investment securities,
     net of tax of $218,516
      Comprehensive income
Issuance of common stock under Employee
    Stock Purchase Plan                                                         30,935             309             222,835
Exercise of stock warrants                                                      12,800             128             127,872
Series C Preferred Stock offering costs                                                                            (10,677)
Exercise of stock options and
    issue of stock grants                                                        2,531              26             246,782
Series C Preferred Stock dividends paid
                                               ________        __________    _________       _________         ___________
BALANCE, September 30, 2003  (Unaudited)         50,000        $5,000,000    6,814,628       $  68,147         $52,874,202




                                                                        Accumulated
                                                                           Other
                                                                       Comprehensive
                                                       Accumulated     (loss) income
                                                         Deficit        Net of Tax            Total

BALANCE, JANUARY 1, 2002                               $(6,079,156)    $     244,202      $   46,142,034
Comprehensive income:
   Net income                                            1,467,058                             1,467,058
  Unrealized gain on available for sale
     investment securities,
     net of tax of $144,482                                                  239,472             239,472
                                                                                          ______________
      Comprehensive income                                                                     1,706,530
Conversion of Series B Preferred Stock
     into common stock
Exercise of stock options                                                                         46,472
Issuance of common stock under Employee
    Stock Purchase Plan                                                                          210,770
Issuance of restricted stock                                                                     120,844

Issuance of Series C Preferred Stock, net                                                      5,000,000

Series B Preferred Stock dividends paid                   (262,775)                             (262,775)
                                                       ___________     _____________      ______________
BALANCE, DECEMBER 31, 2002                              (4,874,873)          483,674          52,963,875
Comprehensive income:
   Net income                                            3,335,133                             3,335,133
  Unrealized loss on available for sale
     investment securities,
     net of tax of $218,516                                                 (362,180)           (362,180)
      Comprehensive income                                                                     2,972,953
Issuance of common stock under Employee
    Stock Purchase Plan                                                                          223,144
Exercise of stock warrants                                                                       128,000
Series C Preferred Stock offering costs                                                          (10,677)
Exercise of stock options and
    issue of stock grants                                                                        246,808
Series C Preferred Stock dividends paid                   (123,288)                             (123,288)
                                                       ___________     _____________      ______________
BALANCE, September 30, 2003  (Unaudited)               $(1,663,028)    $     121,494      $   56,400,815
                                                       ===========     =============      ==============
</TABLE>

See notes to condensed financial statements.

                                      -5-
<PAGE>

<TABLE>
FLORIDA BANKS, INC.  CONDENSED STATEMENTS OF CASH FLOWS  (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                        Nine-Month Period Ended
                                                                                                              September 30,
                                                                                                 -----------------------------------
OPERATING ACTIVITIES:                                                                                    2003               2002
                                                                                                 ----------------------------------
<S>                                                                                                  <C>              <C>
  Net income                                                                                         $   3,335,133    $     923,267
  Adjustments to reconcile net income to net cash (used in) provided by operating activities:
      Depreciation and amortization                                                                        655,150          579,343
      Reinvested dividends on investment securities                                                        (90,301)        (116,826)
      Deferred income tax provision (benefit)                                                             (105,268)         537,751
      Accretion of premium on investments, net                                                            (689,170)         (37,177)
      Amortization of premium on loans                                                                      67,945           95,356
      Loss on sale of available for sale investment securities                                                                3,967
      Provision for loan losses                                                                          2,452,158        2,107,236
      Loss on foreign currency translation                                                                 124,139           41,675
      Gain on derivative instruments                                                                       (86,120)         (43,056)
      Increase in mortgage loans held for sale                                                         (16,507,982)
      Increase in accrued interest receivable                                                              (21,418)        (631,637)
      Decrease (increase) in accrued interest payable                                                      480,454         (297,601)
      (Increase) decrease in other assets                                                                 (635,231)          40,488
      Increase in other liabilities                                                                      4,918,720        1,053,929
                                                                                                     -------------    -------------
           Net cash (used in) provided by operating activities                                          (6,101,791)       4,256,715
                                                                                                     -------------    -------------
INVESTING ACTIVITIES:
  Proceeds from sales, paydowns and maturities of investment securities:
    Available for sale                                                                                  28,861,721       16,271,660
    Held to maturity                                                                                       227,925        2,360,879
  Purchases of investment securities:
    Available for sale                                                                                 (20,091,102)     (28,528,240)
    Other investments                                                                                     (810,700)        (188,800)
  Net increase in loans held for investment                                                           (114,524,353)    (113,968,736)
  Increase in bank owned life insurance                                                                (10,333,757)
  Proceeds from sale of other real estate owned                                                                             242,979
  Proceeds from sale of premises and equipment                                                           1,089,326
  Purchases of premises and equipment                                                                   (1,200,453)      (2,629,460)
                                                                                                     -------------    -------------
           Net cash used in investing activities                                                      (116,781,393)    (126,439,718)
                                                                                                     -------------    -------------
FINANCING ACTIVITIES:
  Net decrease in demand deposits, money market accounts and savings accounts                           16,895,269       20,754,787
  Net increase in time deposits                                                                        129,825,017       88,726,347
  Increase in repurchase agreements                                                                     38,859,770       37,603,204
  Increase (decrease) in borrowed funds                                                                  9,597,788       (2,405,911)
  Proceeds from FHLB advances                                                                              400,000        3,000,000
  Preferred stock offering costs                                                                           (10,677)
  Proceeds from exercise of stock options and issuance of stock grants                                     246,808          115,643
  Preferred dividends paid                                                                                (123,288)        (262,775)
  Proceeds from exercise of stock warrants                                                                 128,000
  Proceeds from issuance  of trust preferred securities, net                                             3,526,908        7,718,016
                                                                                                     -------------    -------------
           Net cash provided by financing activities                                                   199,345,595      155,249,311
                                                                                                     -------------    -------------

NET INCREASE IN CASH AND CASH EQUIVALENTS                                                               76,462,411       33,066,308
CASH AND CASH EQUIVALENTS:
  Beginning of period                                                                                   89,479,504       73,989,159
                                                                                                     -------------    -------------
  End of period                                                                                      $ 165,941,915    $ 107,055,467
                                                                                                     =============    =============
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
    Cash paid for interest                                                                           $  12,066,773    $  11,840,551
                                                                                                     =============    =============
    Cash paid for income taxes                                                                       $   2,043,449    $
                                                                                                     =============    =============
NONCASH FINANCING ACTIVITIES:
     Proceeds from demand deposits used to purchase shares of
     common stock under Employee Stock Purchase Plan                                                 $     223,144    $     210,771
                                                                                                     =============    =============
</TABLE>

See notes to condensed financial statements.



                                      -6-
<PAGE>

FLORIDA BANKS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE-MONTH PERIODS ENDED
SEPTEMBER 30, 2003 AND 2002 (UNAUDITED)
--------------------------------------------------------------------------------


1.   BASIS OF PRESENTATION

     Florida Banks,  Inc. (the "Company") was  incorporated  October 15, 1997 to
     become a bank holding company and acquire First National Bank of Tampa (the
     "Bank").  On August 4, 1998,  the  Company  completed  its  initial  public
     offering and its merger (the  "Merger") with the Bank pursuant to which the
     Bank was merged  with and into  Florida  Bank No.1,  N.A.,  a  wholly-owned
     subsidiary of the Company, and renamed Florida Bank, N.A.

     The  condensed  consolidated  financial  statements  have been  prepared in
     accordance  with the rules and  regulations  of the Securities and Exchange
     Commission  related  to  interim  financial  statements.   These  unaudited
     condensed  consolidated financial statements do not include all disclosures
     provided in the annual  financial  statements.  The condensed  consolidated
     financial  statements  should  be read in  conjunction  with the  financial
     statements  and notes thereto  contained in the Company's  Annual Report to
     Shareholders incorporated by reference into the Company's Form 10-K for the
     year ended December 31, 2002. All adjustments of a normal  recurring nature
     which,  in the opinion of  management,  are necessary to fairly present the
     results of the interim  periods have been made.  Results of operations  for
     the  three  and  nine-month  periods  ended  September  30,  2003  are  not
     necessarily indicative of the results to be expected for the full year. The
     condensed  consolidated  financial  statements  include the accounts of the
     Company and its  subsidiaries.  All significant  intercompany  balances and
     transactions have been eliminated in consolidation.

2.   EARNINGS PER COMMON SHARE

     The  following  is  a  reconciliation   of  the  denominator  used  in  the
     computation of basic and diluted earnings per common share.

<TABLE>
                                                  Three-Month Period Ended           Nine-Month Period Ended
                                                        September 30,                     September 30,
                                               --------------------------------   -------------------------------
                                                    2003             2002             2003             2002
                                               ---------------  ---------------   --------------   --------------

      Weighted average number of common
      <S>                                         <C>             <C>              <C>             <C>
        shares outstanding - Basic                6,812,029       6,751,156        6,793,479       6,335,832

      Incremental shares from the assumed
        conversion of stock options                 256,823          97,729          201,625          85,233
                                                  ---------       ---------        ---------       ---------
      Total - Diluted                             7,068,852       6,848,885        6,995,104       6,421,065
                                                  =========       =========        =========       =========
</TABLE>

     The incremental shares from the assumed conversion of stock options for the
     three  and  nine-month  periods  ended  September  30,  2003 and 2002  were
     determined  using the  treasury  stock  method,  under  which  the  assumed
     proceeds  were equal to (1) the amount that the Company  would receive upon
     exercise  of the options  plus (2) the amount of tax benefit  that would be
     credited to additional  paid-in capital  assuming  exercise of the options.
     The assumed proceeds are used to purchase  outstanding common shares at the
     Company's average market value for the period.

                                      -7-

<PAGE>

FLORIDA BANKS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE-MONTH PERIODS ENDED
SEPTEMBER 30, 2003 AND 2002 (UNAUDITED) (Continued)
--------------------------------------------------------------------------------


3.   DERIVATIVE INSTRUMENTS

     The following instruments qualify as derivatives as defined by Statement of
     Accounting  Standards No. 133 ("SFAS No. 133"),  Accounting  for Derivative
     Instruments and Hedging Activities, as amended:

                                                      September 30, 2003
                                             -----------------------------------
                                             Contract/Notional          Fair
                                                  Amount               Value

      Interest rate swap agreements            $ 148,500,000        $ 1,889,225
      Foreign currency swap agreements         $   2,000,000        $  (111,540)
      Commitments to fund mortgage loans       $  58,748,408        $   334,918

     Interest  rate swap  agreements at September 30, 2003 consist of twenty-one
     agreements,   which  effectively  convert  the  interest  rate  on  certain
     certificates  of  deposit  from a  fixed  rate to a  variable  rate to more
     closely match the interest  rate  sensitivity  of the Company's  assets and
     liabilities.  The Company has  designated  and assessed the  derivatives as
     highly   effective  fair  value  hedges,   as  defined  by  SFAS  No.  133.
     Additionally,  the Company  entered into a foreign  currency swap agreement
     during the first quarter of 2001 that does not qualify for hedge accounting
     under  SFAS No.  133.  Accordingly,  all  changes  in the fair value of the
     foreign  currency  swap  agreement  are  reflected  in the  earnings of the
     Company.  The  Company  recognized  a loss of $1,422  and a gain of $8,660,
     respectively,  during the three- and nine-month periods ended September 30,
     2003 as a result  of  changes  in the fair  value of the  foreign  currency
     agreement and the related translation adjustment.

     The Company has adopted the  provisions of the  Derivatives  Implementation
     Group,  Implementation Issue C13, When a Loan Commitment is Included in the
     Scope of  Statement  No.  133  ("DIG  C13").  DIG C13  requires  that  loan
     commitments that relate to the origination or acquisition of mortgage loans
     that  will  be  held  for  resale  must  be  accounted  for  as  derivative
     instruments in accordance  with SFAS No. 133. The fair value of commitments
     to fund mortgage loans is included in mortgage loans held for sale.

4.   PREFERRED STOCK

     On  December  31,  2002,  the  Company  issued  50,000  shares  of Series C
     preferred  stock for  $100.00 per share to a single  shareholder  through a
     private  placement.  The Series C  preferred  stock is not  convertible  or
     redeemable,  except  as a result  of a change  in  control.  Non-cumulative
     dividends  accrue at five  percent  annually  and are payable  quarterly in
     arrears.  In the event of any  liquidation,  dissolution  or  winding up of
     affairs of the  Company,  holders of Series C  preferred  stock at the time
     shall receive  $100.00 per share plus an amount equal to accrued and unpaid
     dividends  thereon through and including the date of distribution  prior to
     any distribution to holders of common stock. The liquidation  preference at
     September 30, 2003 was $5,061,643.

                                      -8-

<PAGE>

FLORIDA BANKS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE-MONTH PERIODS ENDED
SEPTEMBER 30, 2003 AND 2002 (UNAUDITED) (Continued)
--------------------------------------------------------------------------------


     Subject to regulatory approval,  the Company intends to exchange all of the
     Series C preferred stock for shares of Series D preferred stock, which will
     be substantially similar to the Series C preferred stock, except the Series
     D preferred stock will be immediately  converted into 500,000 shares of the
     Company's common stock. The preferred shareholder intends to formally apply
     for the necessary regulatory approvals for this exchange.

5.   RECENT ACCOUNTING PRONOUNCEMENTS

     In November 2002, the Financial  Accounting Standards Board ("FASB") issued
     FASB  Interpretation  No.  45  ("FIN  45"),   Guarantor's   Accounting  and
     Disclosure   Requirements   for   Guarantees,   Including   Guarantees   of
     Indebtedness of Others. This Interpretation addresses the disclosures to be
     made by a guarantor in its interim and annual  financial  statements  about
     its obligations under guarantees. In addition, the Interpretation clarifies
     the  requirements  related to the recognition of a liability by a guarantor
     at the inception of a guarantee for the obligations  that the guarantor has
     undertaken in issuing the  guarantee.  The Company  adopted the  disclosure
     requirements of FIN 45 for the fiscal year ended December 31, 2002, and the
     recognition  provisions on January 1, 2003. Adoption of FIN 45 did not have
     a material impact on the Company's consolidated financial position, results
     of operations or cash flows.

     In January  2003,  the FASB issued FASB  Interpretation  No. 46 ("FIN 46"),
     Consolidation of Variable Interest Entities. This Interpretation applies to
     variable  interest entities created after January 31, 2003, and to variable
     interest  entities in which an  enterprise  obtains an interest  after that
     date. FIN 46 applies in the first fiscal year or interim  period  beginning
     after June 15, 2003, to variable  interest  entities in which an enterprise
     held a variable  interest  that is acquired on or before  January 31, 2003.
     The Company adopted FIN 46 as of July 31, 2003.  Adoption of FIN 46 did not
     have a material impact on the Company's  consolidated  financial  position,
     results of operations or cash flows.

     In April 2003, the FASB issued SFAS No. 149,  Amendment of Statement 133 on
     Derivative  Instruments and Hedging  Activities (SFAS 149). SFAS 149 amends
     and clarifies the accounting for derivative instruments,  including certain
     derivative  instruments  embedded  in  other  contracts,  and  for  hedging
     activities.  In  addition,  the  statement  clarifies  when a contract is a
     derivative  and when a  derivative  contains  a  financing  component  that
     warrants  special  reporting in the  statement  of cash flows.  SFAS 149 is
     generally  effective  prospectively for contracts entered into or modified,
     and hedging  relationships  designated,  after June 30,  2003.  The Company
     adopted SFAS 149 effective July 1, 2003.  Adoption of SFAS 149 did not have
     a material impact on the Company's consolidated financial position, results
     of operations or cash flows.

                                      -9-

<PAGE>

FLORIDA BANKS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE-MONTH PERIODS ENDED
SEPTEMBER 30, 2003 AND 2002 (UNAUDITED) (Continued)
--------------------------------------------------------------------------------


     In May 2003, the FASB issued SFAS No. 150, Accounting for Certain Financial
     Instruments with Characteristics of both Liabilities and Equity (SFAS 150).
     SFAS 150  establishes  standards for how an issuer  classifies and measures
     certain financial  instruments with characteristics of both liabilities and
     equity,  and  imposes  certain  additional  disclosure  requirements.   The
     provisions  of SFAS 150 are generally  effective for financial  instruments
     entered into or modified after May 31, 2003. Additionally, the Company must
     apply the  provisions of SFAS 150 to all financial  instruments  on July 1,
     2003.  Upon the adoption of SFAS 150, the company's  obligated  manditorily
     redeemable preferred securities of subsidiary trusts have been reclassified
     from mezzanine  equity to debt. The dividends  related to these  securities
     after July 1, 2003 are  reflected  as  interest  expense  on a  prospective
     basis. At September 30, 2003, the Company had $20.0 million  outstanding as
     company obligated manditorily redeemable preferred securities of subsidiary
     trusts.  The  Company  paid  dividends  related  to  those  instruments  of
     approximately  $246  thousand  (classified  as interest  expense)  and $671
     thousand  (six months  classified as  noninterest  expense and three months
     classified as interest expense) for the three- and nine-month periods ended
     September 30, 2003, respectively.

6.   GUARANTEES

     The Company issues standby  letters of credit to provide credit support for
     some  creditors in case of default.  As of September 30, 2003, the carrying
     amount of the liability was $10,544 and the maximum  potential  payment was
     $10,477,317.

7.   SEGMENT REPORTING

     Prior to October 1, 2002, the Company had one reporting segment. In October
     2002, the Company started a mortgage banking division which is managed as a
     segment.  Accordingly,  from  October  2002  forward,  the  Company has two
     reporting  segments,  the  commercial  bank  and  the  mortgage  bank.  The
     commercial bank segment provides its commercial  customers such products as
     working capital loans,  equipment loans and leases,  commercial real estate
     loans and other business related  products and services.  This segment also
     offers  mortgage  loans to  principals  of its  commercial  customers.  The
     mortgage bank segment originates  mortgage loans through a network of third
     party  mortgage  brokers and sells these loans (on a wholesale  basis) into
     the secondary market.

                                      -10-

<PAGE>

FLORIDA BANKS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE-MONTH PERIODS ENDED
SEPTEMBER 30, 2003 AND 2002 (UNAUDITED) (Continued)
--------------------------------------------------------------------------------


     Information  about  reportable   segments,   and   reconciliation  of  such
     information  to the  consolidated  financial  statements  as of and for the
     three-month period ended September 30, 2003 follows:

<TABLE>
                                     Commercial           Mortgage                              Intersegment       Consolidated
                                        Bank                Bank               Other            Eliminations           Total
                                  ----------------   ------------------  -----------------   ------------------   ----------------

      <S>                           <C>                <C>                 <C>                                       <C>
      Net interest income           $  5,904,673       $  1,168,988        $   (283,613)                             $  6,790,048

      Noninterest income               1,231,200          2,067,860              29,369                                 3,328,429

      Provision for loan losses          599,433                                                                          599,433

      Noninterest expense              4,415,916          2,539,801             735,192                                 7,690,909

      Income (loss) before taxes       2,120,524            697,047            (989,436)                                1,828,135

      Assets                         884,565,054         73,919,602          84,457,735           (77,863,584)       $965,078,807

      Expenditures for additions
        to premises and equipment        209,904             84,134              84,184                                   378,222
</TABLE>

     Information  about  reportable   segments,   and   reconciliation  of  such
     information  to the  consolidated  financial  statements  as of and for the
     nine-month period ended September 30, 2003 follows:

<TABLE>
                                       Commercial       Mortgage                        Intersegment    Consolidated
                                          Bank            Bank             Other        Eliminations       Total
                                    --------------    -------------   --------------  ----------------  ---------------

      <S>                             <C>             <C>               <C>                              <C>
      Net interest income             $ 16,859,541    $ 2,957,577       $ (190,434)                      $ 19,626,684

      Noninterest income                 3,119,861      8,743,726           56,999                         11,920,586

      Provision for loan losses          2,452,158                                                          2,452,158

      Noninterest expense               12,886,749      8,276,138        3,104,793                         24,267,680

      Income (loss) before taxes         4,900,177      3,425,165       (3,238,228)                         5,087,114

      Assets                           884,565,054     73,919,602       84,457,735      (77,863,584)     $965,078,807

      Expenditures for additions
        to premises and equipment          667,234        378,085          155,134                       $  1,200,453
</TABLE>

                                      -11-

<PAGE>

FLORIDA BANKS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE-MONTH PERIODS ENDED
SEPTEMBER 30, 2003 AND 2002 (UNAUDITED) (Continued)
--------------------------------------------------------------------------------


     The accounting  policies of the segments are the same as those described in
     the  summary  of  significant  accounting  policies  found in Note 1 of the
     Company's  consolidated  financial  statements for the years ended December
     31, 2002,  2001 and 2000 filed in  conjunction  with the  Company's  annual
     report on form 10-K for the year  ended  December  31,  2002.  The  Company
     evaluates performance based on profit or loss from operations before income
     taxes.

     The Company's  reportable  segments are strategic business units that offer
     different  products and services.  They are managed separately because each
     segment  appeals to different  markets and accordingly  requires  different
     technology and marketing strategies.

     The Company  derives a majority of its revenues  from  interest  income and
     gain on sale of  mortgage  loans and the  chief  operating  decision  maker
     relies  primarily on net income before taxes to assess the  performance  of
     the  segments  and make  decisions  about  resources to be allocated to the
     segments.  Therefore,  the  segments  are  reported  above using net income
     before taxes.  The Company does not allocate  income taxes to the segments.
     The Company does not have  operating  segments  other than those  reported.
     Parent Company  financial  information is included in the Other category in
     the table above and is deemed to represent an overhead function rather than
     an operating segment.  The Company does not have a single external customer
     from which it derives 10 percent or more of its  revenues  and  operates in
     one geographical area.

8.   STOCK OPTIONS

     Pursuant to the  disclosure  requirements  of SFAS No. 148,  the  following
     table provides an expanded  reconciliation  for all periods  presented that
     adds back to reported  net income the  recorded  expense  under  Accounting
     Principles Board Opinion No. 25, net of related income tax effects, deducts
     the total fair value expense under SFAS No. 123, net of related  income tax
     effects and shows the reported and pro forma earnings per share amounts.

                                      -12-

<PAGE>

FLORIDA BANKS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE-MONTH PERIODS ENDED
SEPTEMBER 30, 2003 AND 2002 (UNAUDITED) (Continued)
--------------------------------------------------------------------------------


<TABLE>
                                                          Three-Month Period Ended              Nine-Month Period Ended
                                                                September 30,                         September 30,
                                                       ------------------------------        ------------------------------
                                                           2003                2002              2003               2002
<S>                                                    <C>                <C>                <C>                <C>
      Net income applicable to common shares
        As reported                                    $ 1,110,148        $   265,444        $ 3,148,146        $   783,209
      Total stock-based employee compensation
        cost included in the determination of net
        income, net of related tax effects                  57,425             18,843            144,537             56,528
      Total stock-based employee compensation
        cost determined under fair value method
        for all awards, net of related tax effects         (44,770)           (53,363)          (133,089)          (160,088)
                                                       -----------        -----------        -----------        -----------
      Pro forma net income applicable
        to common shares                               $ 1,122,803        $   230,924        $ 3,159,594        $   679,649
                                                       ===========        ===========        ===========        ===========

      Earnings per share - Basic
        As reported                                    $      0.16        $      0.04        $      0.46        $      0.12
        Pro forma                                      $      0.16        $      0.03        $      0.47        $      0.11
      Earnings per share - Diluted
        As reported                                    $      0.16        $      0.04        $      0.45        $      0.12
        Pro forma                                      $      0.16        $      0.03        $      0.45        $      0.11
      Shares used for computation
        Basic                                            6,812,029          6,751,156          6,793,479          6,335,832
        Diluted                                          7,068,852          6,848,885          6,995,104          6,421,065
</TABLE>

9.   SUBSEQUENT EVENT

     On October 2, 2003,  the Company  announced it was  postponing  the planned
     public  offering  of its  common  stock for  which it filed a  registration
     statement  with the  Securities  and Exchange  Commission on July 16, 2003.
     However,  the  Company  will  re-evaluate  its  capital  plans  during  the
     remainder of 2003 and early 2004, and may raise additional  capital through
     an underwritten public offering or otherwise.















                                      -13-

<PAGE>

                                   SIGNATURES
                                   ----------


Pursuant  to 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.

                                 Florida Banks, Inc.


Date:  November 25, 2003         By:  /s/ Charles E. Hughes, Jr.
                                      --------------------------
                                          Charles E. Hughes, Jr.
                                          President and Chief Executive Officer


Date:  November 25, 2003         By:  /s/ T. Edwin Stinson, Jr.
                                      -------------------------
                                          T. Edwin Stinson, Jr.
                                          Chief Financial Officer



                                      -14-

<PAGE>




Exhibits.

31.1      Certification  of Chief Executive  Officer  Pursuant to Rule 13a-15(e)
          and   15d-15(e),   as  Adopted   Pursuant   to  Section   302  of  the
          Sarbanes-Oxley Act of 2002.

31.2      Certification  of Chief Financial  Officer  Pursuant to Rule 13a-15(e)
          and   15d-15(e),   as  Adopted   Pursuant   to  Section   302  of  the
          Sarbanes-Oxley Act of 2002.

32.1      Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section
          1350, As Adopted Pursuant to Section 906 of the  Sarbanes-Oxley Act of
          2002.

32.2      Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section
          1350, As Adopted Pursuant to Section 906 of the  Sarbanes-Oxley Act of
          2002.




                                      -15-