Craig Hutto, 16, was attacked while fishing in waist-deep water in the waters near Cape San Blas, which is about 40 miles southeast of Panama City Beach.
Hutto is a sophomore at Lebanon High School and plays for the school’s basketball team.
Hutto was fishing on a sandbar with his older brother, Brian Hutto, about 50 yards from shore when the shark attacked him.
He was taken to a nearby hospital and then flown to Bay Medical Center in Panama City.
Hutto underwent surgery and was "stabilized," hospital spokeswoman Christa Hild said. Doctors amputated his right leg, The Associated Press reported, and he was placed in the hospital's intensive care unit.