<PAGE> 1
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(X) QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1999
( ) TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 FOR THE TRANSITION REPORT FROM TO
---------- ----------
Commission file number 333-70231
SunCoast Bancorp, Inc.
(Exact name of small business issuer as specified in its charter)
Florida 65-0827141
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
8592 Potter Park Drive, Suite 200
Sarasota, FL 34238
(Address of principal executive offices)
941-923-0500
(Issuer's telephone number)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant, as required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes X No
--- ---
State the number of shares outstanding of each of the issuer's classes of common
equity as of the latest practicable date.
<TABLE>
<CAPTION>
Class Outstanding as of November 5, 1999
----- ----------------------------------
<S> <C>
Common Stock, $.01 par value 700,000
</TABLE>
Transitional Small Business Disclosure Format: Yes No X
--- ---
<PAGE> 2
SUNCOAST BANCORP, INC. AND SUBSIDIARY
INDEX
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
<TABLE>
<S> <C> <C> <C>
Condensed Consolidated Balance Sheets -
At September 30, 1999 and At December 31, 1998........................ 1
Condensed Consolidated Statements of Operations -
Three Months ended September 30, 1999 and 1998 (unaudited)............ 2
Condensed Consolidated Statements of Operations -
Nine Months ended September 30, 1999 and 1998 (unaudited)............. 3
Condensed Consolidated Statement of Stockholder's Equity (Deficit)
Nine Months ended September 30, 1999 (unaudited)...................... 4
Condensed Consolidated Statements of Cash Flows -
Nine Months ended September 30, 1999 and 1998 (unaudited)............. 5
Notes to Condensed Consolidated Financial Statements (unaudited) ..... 6-8
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS............................................. 9-10
PART II - OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders................... 11
Item 6. Exhibits and Reports on Form 8-K...................................... 11
SIGNATURES.............................................................................. 11
EXHIBIT INDEX........................................................................... 11
</TABLE>
<PAGE> 3
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
SUNCOAST BANCORP, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
September 30, 1999 December 31, 1998
------------------ -----------------
ASSETS (Unaudited)
<S> <C> <C>
Cash and due from banks $ 202,280 $ 4,774
Federal funds sold 1,530,000 --
----------- ---------
Total cash and cash equivalents 1,732,280 4,774
Securities available for sale 5,332,371 --
Loans 92,273 --
Less allowance for loan losses (1,153) --
----------- ---------
Net loans 91,120 --
Deferred offering costs -- 48,059
Premises and equipment, net 563,793 1,410
Deferred tax asset 151,325 --
Accrued interest & other assets 100,462 16,477
----------- ---------
Total assets $ 7,971,352 $ 70,720
=========== =========
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
Deposits:
Non-interest bearing $ 101,169 $ --
Interest bearing 1,672,060 --
----------- ---------
Total deposits 1,773,229 --
Accounts payable 51,423 53,911
Loans payable -- 101,188
Accrued interest & other liabilities 1,452 1,441
----------- ---------
Total liabilities 1,826,104 156,539
----------- ---------
Shareholders' equity (deficit):
Preferred stock, par value $.01 per share,
3,000,000 shares authorized; no shares
issued and outstanding -- --
Common stock, par value $.01 per share, 7,000 0
10,000,000 shares authorized; 700,000 shares
issued and outstanding
Additional paid-in capital 6,393,888 1
Accumulated Deficit (252,209) (85,821)
Accumulated other comprehensive income (loss) (3,431) --
----------- ---------
Total shareholders' equity (deficit) 6,145,248 (85,820)
----------- ---------
Total liabilities and shareholders' equity (deficit) $ 7,971,352 $ 70,720
=========== =========
</TABLE>
See accompanying notes to condensed consolidated financial statements
1
<PAGE> 4
SUNCOAST BANCORP, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Three months ended September 30
-------------------------------
1999 1998
---- ----
<S> <C> <C>
Interest income:
Interest and fees on loans $ 173 $ --
Interest on securities 45,171 --
Interest on federal funds sold 7,909 --
Interest other -- --
--------- --------
Total interest income 53,253 --
--------- --------
Interest expense:
Interest on deposits 3,002 --
Interest other 2,171 527
--------- --------
Total interest expense 5,174 527
--------- --------
Net interest income (loss) 48,079 (527)
Provision for loan losses 1,153 --
--------- --------
Net interest income (loss) after
Provision for loan losses 46,926 (527)
--------- --------
Non-interest expense:
Salaries and benefits 120,817 12,000
Occupancy and equipment expense 27,393 12,420
Other expense 93,461 26,246
--------- --------
Total non-interest expense 241,671 50,666
--------- --------
Loss before income tax benefit (194,745) (51,193)
--------- --------
Income tax benefit 151,325 --
--------- --------
Net Loss $ (43,420) $(51,193)
--------- --------
Other comprehensive income (loss) (3,431) --
--------- --------
Comprehensive income (loss) $ (46,851) $(51,193)
========= ========
Net loss per share $ (0.07) $(51,193)
========= ========
Average shares outstanding 608,697 1
========= ========
</TABLE>
See accompanying notes to condensed consolidated financial statements
2
<PAGE> 5
SUNCOAST BANCORP, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Nine months ended September 30,
-------------------------------
1999 1998
---- ----
<S> <C> <C>
Interest income:
Interest and fees on loans $ 173 $ --
Interest on securities 45,171 --
Interest on federal funds sold 7,909 --
Interest other -- --
--------- --------
Total interest income 53,253 --
--------- --------
Interest expense:
Interest on deposits 3,002 --
Interest other 16,263 527
--------- --------
Total interest expense 19,265 527
--------- --------
Net interest income (loss) 33,988 (527)
Provision for loan losses 1,153 --
--------- --------
Net interest income (loss) after
Provision for loan losses 32,835 (527)
--------- --------
Non-interest expense:
Salaries and benefits 190,192 20,000
Occupancy and equipment expense 33,885 12,420
Other expense 126,471 35,152
--------- --------
Total non-interest expense 350,548 67,572
--------- --------
Loss before income tax benefit (317,713) (68,100)
--------- --------
Income tax benefit 151,325 --
--------- --------
Net loss (166,388) (68,100)
--------- --------
Other comprehensive income (loss) (3,431) --
--------- --------
Comprehensive income (loss) $(321,144) $(68,100)
========= ========
Net loss per share $ (0.81) $(68,100)
========= ========
Average shares outstanding 205,128 1
========= ========
</TABLE>
See accompanying notes to condensed consolidated financial statements
3
<PAGE> 6
SunCoast Bancorp, Inc. and Subsidiary
Condensed Consolidated Statement of Stockholders' Equity (Deficit)
For the Nine Months Ended September 30, 1999
<TABLE>
<CAPTION>
Total
Additional Accumulated Other Stockholders'
Preferred Common Paid-In Accumulated Comprehensive Equity
Stock Stock Capital Defecit Income (Loss) (Deficit)
----- ----- ------- ------- ------------- ---------
<S> <C> <C> <C> <C> <C> <C>
Balance at December 31, 1998 (unaudited) $ -- -- -- (85,821) -- (85,821)
Common stock issuance (700,000 shares)
net of stock issuance costs of
$599,112 (unaudited) -- 7,000 6,393,888 -- -- 6,400,888
Accumulated other comprehensive income (loss) -- -- -- -- (3,431) (3,431)
(unaudited)
Net Loss (unaudited) -- -- -- (166,388) -- (166,388)
---------------------------------------------------------------------------
Balance at September 30, 1999 (unaudited) $ -- 7,000 6,393,888 (252,209) (3,431) 6,145,248
===========================================================================
</TABLE>
See accompanying notes to condensed consolidated financial statements
4
<PAGE> 7
SUNCOAST BANCORP, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
Nine months ended September 30,
------------------------------
1999 1998
---- ----
<S> <C> <C>
Cash flows from operating activities:
Net loss $ (166,388) $(68,100)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation 7,886 --
Provision for loan losses 1,153 --
Credit for deferred income taxes (151,325)
(Increase) Decrease in deferred
offering costs 48,059 --
(Increase) Decrease in accrued interest
and other assets (83,984) --
Increase (Decrease) in accrued interest
and other liabilities (2,477) --
------------ --------
Total adjustments (180,688) --
------------ --------
Net cash used in operating activities (347,076) (68,100)
------------ --------
Cash flow from investing activities:
Net increase in loans (92,273) --
Purchase of securities available for sale (10,822,965) --
Maturity of securities available for sale 44,874 --
Sale of securities available for sale 5,442,289 --
Purchase of premises and equipment (570,271) --
------------ --------
Net cash used in investing activities (5,998,346) --
------------ --------
Cash flow from financing activities:
Net increase in demand, savings, NOW, and money-
market deposits 1,525,729 --
Net increase in time deposits 247,500 --
Net proceeds (retirement) of common stock -- --
Payments on loans payable (674,525) --
Proceeds from short-term financing 573,337 80,000
Net Proceeds on issuance of common stock 6,400,888 --
------------ --------
Net cash provided by financing activities 8,072,929 80,000
------------ --------
Increase (Decrease) in cash and cash equivalents 1,727,507 11,900
Cash and cash equivalents, beginning of period 4,774 --
------------ --------
Cash and cash equivalents, end of period $ 1,732,280 $ 11,900
============ ========
Supplemental disclosure of cash flow information:
Cash paid during the period for interest $ 18,560 $ 527
============ ========
</TABLE>
See accompanying notes to condensed consolidated financial statements
5
<PAGE> 8
SUNCOAST BANCORP, INC. AND SUBSIDIARY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(1) DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES.
GENERAL. SunCoast Bancorp, Inc. ("SUNB") was incorporated on April 1,
1998. SUNB owns 100% of the outstanding common stock of SunCoast
National Bank ("Bank") (collectively the "Company"). SUNB was organized
simultaneously with the Bank and its only business is the ownership and
operation of the Bank. The Bank is a nationally chartered commercial
bank and its deposits are insured by the Federal Deposit Insurance
Corporation. The Bank opened for business on September 7, 1999 and
provides community banking services to businesses and individuals in
Sarasota, Florida. The Company's fiscal year end is December 31.
In the opinion of the management of the Company, the accompanying
condensed consolidated financial statements contain all adjustments
(consisting principally of normal recurring accruals) necessary to
present fairly the financial position at September 30, 1999, the
results of operations for three- and nine-month periods ended September
30, 1999 and 1998 and cash flows for the nine-month periods ended
September 30, 1999 and 1998. The results of operations for the three
and nine months ended September 30, 1999 are not necessarily indicative
of the results to be expected for the year ending December 31, 1999.
BASIS OF PRESENTATION. The accompanying condensed consolidated
financial statements of the Company include the accounts of SUNB and
the Bank. All significant intercompany accounts and transactions have
been eliminated in consolidation. The accounting and reporting
practices of the Company conform to generally accepted accounting
principles and to general practices within the banking industry.
ESTIMATES. The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities at
the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. Actual results could
differ from those estimates.
SECURITIES. Securities may be classified as either trading, held to
maturity or available for sale. Trading securities are held principally
for resale and recorded at their fair values. Unrealized gains and
losses on trading securities are included immediately in earnings.
Held-to-maturity securities are those, which the Company has the
positive intent and ability to hold to maturity, and are reported at
amortized cost. Available-for-sale securities consist of securities not
classified as trading securities or as held-to-maturity securities.
Unrealized holding gains and losses, net of tax, on available-for-sale
securities are reported as a net amount in a separate component of
stockholders' equity until realized. Gains and losses on the sale of
available-for-sale securities are determined using the
specific-identification method. Premiums and discounts on securities
available for sale are recognized in interest income using the interest
method over the period to maturity.
6
<PAGE> 9
SUNCOAST BANCORP, INC. AND SUBSIDIARY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(1) DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES,
CONTINUED
LOANS RECEIVABLE. Loans receivable that management has the intent and
ability to hold for the foreseeable future or until maturity or pay-off
are reported at their outstanding principal adjusted for any
charge-offs, the allowance for loan losses, and any deferred fees or
costs on originated loans.
Loan origination fees and certain direct origination costs are
capitalized and recognized as an adjustment of the yield of the related
loan.
The accrual of interest on impaired loans is discounted when, in
management's opinion, the borrower may be unable to meet payments as
they become due. When interest accrual is discontinued, all unpaid
accrued interest is reversed. Interest income is subsequently
recognized only to the extent cash payments are received.
The allowance for loan losses is increased by charges to income and
decreased by charge-offs (net of recoveries). Management's periodic
evaluation of the adequacy of the allowance is based on the Company's
past loan loss experience, known and inherent risks in the portfolio,
adverse situations that may affect the borrower's ability to repay, the
estimated value of any underlying collateral, and current economic
conditions.
PREMISES AND EQUIPMENT. Premises and equipment are stated at cost less
accumulated depreciation. Depreciation expense is computed on the
straight-line basis over the estimated useful life of each type of
asset.
INCOME TAXES. Deferred tax assets and liabilities are reflected at
currently enacted income tax rates applicable to the period in which
the deferred tax assets or liabilities are expected to be realized or
settled. As changes in tax laws or rates are enacted, deferred tax
assets and liabilities are adjusted through the provision for income
taxes. Note: An income tax benefit was booked in the third quarter
of 1999. The income tax credit represents the total benefit for
losses incurred in 1998 and 1999 to date.
ORGANIZATIONAL AND PREOPENING COSTS. Organizational and preopening
costs totaled $351,700 and were charged to expense as incurred.
OFF-BALANCE-SHEET INSTRUMENTS. In the ordinary course of business the
Company has entered into off-balance-sheet financial instruments
consisting of commitments to extend credit. Such financial instruments
are recorded in the financial statements when they are funded.
ADVERTISING. The Company expenses all media advertising as incurred.
LOSS PER SHARE. Basic and diluted loss per share have been computed on
the basis of the weighted-average number of shares of common stock
outstanding during the period.
7
<PAGE> 10
SUNCOAST BANCORP, INC. AND SUBSIDIARY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(1) DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES,
CONTINUED
FUTURE ACCOUNTING REQUIREMENTS. Financial Accounting Standards 133 -
Accounting for Derivative Investments and Hedging Activities requires
companies to record derivatives on the balance sheet as assets or
liabilities, measured at fair value. Gains or losses resulting from
changes in the values of those derivatives would be accounted for
depending on the use of the derivatives and whether they qualify for
hedge accounting. The key criterion for hedge accounting is that the
hedging relationship must be highly effective in achieving offsetting
changes in fair value or cash flows. The Company will be required to
adopt this Statement January 1, 2001. Management does not anticipate
that this Statement will have a material impact on the Company.
(2) LOAN IMPAIRMENT AND LOAN LOSSES. No loans were identified as impaired
at September 30, 1999. The activity in the allowance for loan losses is
as follows:
<TABLE>
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30 SEPTEMBER 30
------------ --------------
1999 1998 1999 1998
------ ------ ------ ------
<S> <C> <C> <C> <C>
Balance at beginning of period $ -- -- $ -- --
Provision charged to earnings 1,153 -- 1,153 --
------ ---- ------ ----
Balance at end of period $1,153 $1,153
====== ==== ====== ====
</TABLE>
(3) REGULATORY MATTERS. Banking laws and regulations limit the amount of
dividends that may be paid by the Bank. The FDIC requires insured banks
to maintain certain specified levels of capital.
LEVERAGE-CAPITAL RATIO. The FDIC requires banks to maintain a minimum
leverage-capital ratio of Tier I (as defined) to total assets. The
leverage-capital ratio generally ranges from 3% to 5% based on the
bank's rating under the regulatory rating system. The Bank's required
leverage-capital ratio at September 30, 1999 was 4%.
RISK-WEIGHTED ASSETS CAPITAL RATIOS. The FDIC has also adopted a
risk-based capital statement of policy which imposes an additional
capital standard on insured banks. Under this regulation, a bank must
classify its assets and certain off-balance sheet activities into
categories, and maintain specified levels of capital for each category.
The amount of capital that is required is dependent upon the amount of
risk attributed to each category by the FDIC. A bank must have a total
risk-based capital ratio of no less than 8% and a Tier I capital to
risk-weighted assets ratio of no less than 4%. Under the statement of
policy, certain assets are required to be deducted from risk-based
capital. Such assets include certain nonqualifying intangible assets,
unconsolidated banking and finance subsidiaries, investments in
securities subsidiaries and reciprocal holdings of capital instruments
with other banks. In addition, the FDIC may consider deducting other
assets on a case-by-case basis or investments in other subsidiaries on
a case-by-case basis or based on the general characteristics or
functional nature of the subsidiaries.
At September 30, 1999, the Bank was in compliance with all regulatory
capital requirements.
8
<PAGE> 11
SUNCOAST BANCORP, INC. AND SUBSIDIARY
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
GENERAL
SunCoast Bancorp, Inc. ("SUNB"), which was incorporated on April 1,
1998, owns 100% of the outstanding common stock of SunCoast National
Bank ("Bank") (collectively the "Company"). SUNB's only business is the
ownership and operation of the Bank. The Bank is a nationally chartered
commercial bank and its deposits are insured by the Federal Deposit
Insurance Corporation. The Company's fiscal year end is December 31.
LIQUIDITY AND CAPITAL RESOURCES
The Company's primary source of cash during the nine months ended
September 30, 1999 was from the net proceeds from the sale of common
stock of $6.4 million and net deposit inflows of $1.7 million. Cash was
used primarily to purchase securities of $5.3 million, fund loans
totaling $92,000 and repay borrowings of $650,000. At September 30,
1999, the Bank exceeded its regulatory liquidity requirements.
COMMON STOCK OFFERING
On July 13, 1999, SUNB sold 700,000 shares of common stock at $10 per
share in a public offering providing net proceeds of approximately $6.4
million after deducting underwriters discounts and offering costs.
RESULTS OF OPERATIONS:
GENERAL. Net losses for the three and nine months ended September 30,
1999 was $(194,745) and $(317,713), respectively. The Bank commenced
operations on September 7, 1999. A discussion of operating results at
September 30, 1999, or for the three and nine months ended September
30, 1999 and 1998 would not be meaningful. At September 30, 1999, the
Company had not achieved the asset size to operate profitably.
9
<PAGE> 12
SUNCOAST BANCORP, INC. AND SUBSIDIARY
YEAR 2000 ISSUES
The Company is acutely aware of the many areas affected by the Year 2000
computer issue, as addressed by the Federal Financial Institutions Examination
Council ("FFIEC") in its interagency statement which provided an outline for
institutions to effectively manage the Year 2000 challenges. A Year 2000 plan
has been approved by the Board of Directors which includes multiple phases,
tasks to be completed, and target dates for completion. Issues addressed therein
include awareness, assessment, renovation, validation, implementation, testing,
and contingency planning.
The Company has formed a Year 2000 committee that is charged with the oversight
of completing the Year 2000 project on a timely basis. At the present time, the
Company has completed all phases of its Year 2000 project including the
development and testing of its business resumption contingency plan. Since it
routinely upgrades and purchases technologically advanced software and hardware
on a continual basis, the Company has determined that the cost of making
modifications to correct any Year 2000 issues will not substantially affect
reported operating results.
The main service provider has completed testing of its mission critical
application software and item processing software. The test results have been
documented and validated.
The Company also recognizes the importance of determining that its borrowers are
facing the Year 2000 problem in a timely manner to avoid deterioration of the
loan portfolio solely due to this issue. Significant relationships have been
identified and questionnaires have been completed to assess the inherent risks.
Deposit customers have been questioned about special funding needs at year end.
The Company plans to be prepared on a one-on-one basis with significant
borrowers who have been identified as having high Year 2000 risk exposure.
There can be no assurances that all hardware and software that the Company will
use will be Year 2000 compliant. Management cannot predict the amount of
financial difficulties it may incur due to customers and vendors inability to
perform according to their agreements with the Company or the effects that other
third parties may cause as a result of this issue. Therefore, there can be no
assurance that the failure or delay of others to address the issue or that the
costs involved in such process will not have a significant adverse effect on the
Company's business, financial condition, and results of operations.
As stated previously, the contingency plans relative to Year 2000 issues have
been developed and tested. The plans will remain under discussion and review for
the remainder of the year. Revisions will be made should the need arise.
Management has developed a "worst case scenario" contingency plan. With regards
to nonmission critical internal systems, the Company's contingency plans are to
replace and/or upgrade those systems that test as being noncompliant.
Alternatively, some systems could be handled manually on an interim basis.
Should outside service providers not be able to provide compliant systems, the
Company will terminate those relationships and transfer to other vendors. It is
anticipated that the Company's deposit customers will have increased demands for
cash in the latter part of 1999 and correspondingly the Company will maintain
higher liquidity levels.
10
<PAGE> 13
PART II - OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders
During the third quarter, there were no matters submitted to a vote of
security holders
Item 6. Exhibits and Reports on Form 8-K
a. Exhibits
27 Financial Data Schedule (for SEC use only).
b. Reports on Form 8-K
The Company did file a Current report on Form 8-K during the quarter
ended September 30, 1999. The Company filed the 8-K report as a result
of a change in the Company's external auditors.
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereto duly
authorized.
Date: November 5, 1999 /s/ John S. Wilks
--------------------------------------
John S. Wilks
Chief Financial Officer
Date: November 5, 1999 /s/ John T. Stafford
--------------------------------------
John T. Stafford
President and Chief Executive Officer
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit
Number
- -------
<S> <C>
27 Financial Data Schedule (for SEC use only).
</TABLE>
11
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY INFORMATION EXTRACTED FROM THE UNAUDITED
FINANCIAL STATEMENTS OF SUNCOAST BANCORP, INC. DATED SEPTEMBER 30, 1999 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> SEP-30-1999
<CASH> 202,280
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 1,530,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 5,332,371
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 92,273
<ALLOWANCE> 1,153
<TOTAL-ASSETS> 7,971,352
<DEPOSITS> 1,773,229
<SHORT-TERM> 0
<LIABILITIES-OTHER> 52,875
<LONG-TERM> 0
0
0
<COMMON> 7,000
<OTHER-SE> 6,145,248
<TOTAL-LIABILITIES-AND-EQUITY> 7,971,352
<INTEREST-LOAN> 173
<INTEREST-INVEST> 45,171
<INTEREST-OTHER> 7,909
<INTEREST-TOTAL> 53,253
<INTEREST-DEPOSIT> (3,002)
<INTEREST-EXPENSE> (19,265)
<INTEREST-INCOME-NET> 33,988
<LOAN-LOSSES> (1,153)
<SECURITIES-GAINS> (390)
<EXPENSE-OTHER> (350,158)
<INCOME-PRETAX> (317,713)
<INCOME-PRE-EXTRAORDINARY> (317,713)
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (166,388)
<EPS-BASIC> (.81)
<EPS-DILUTED> (.81)
<YIELD-ACTUAL> 4.27
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 0
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 1,153
<ALLOWANCE-DOMESTIC> 1,153
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
