<PAGE> 1
===============================================================================
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
[X] Quarterly report under Section 13 or 15(d) of the Securities Exchange Act
of 1934
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2000
[ ] Transition report under Section 13 or 15(d) of the Exchange Act
For the transition period 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 (I.R.S. EMPLOYER
OF INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.)
8592 Potter Park Drive, Suite 200
Sarasota, Florida 34238
----------------------------------------
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
(941) 923-0500
------------------------------------------------
(ISSUER'S TELEPHONE NUMBER, INCLUDING AREA CODE)
---------------------------------------------------------------
(FORMER NAME, FORMER ADDRESS AND FORMER FISCAL YEAR, IF CHANGED
SINCE LAST REPORT)
Check whether the issuer: (1) filed all reports required to be filed
by Section 12, 13 or 15(d) of the Exchange Act during the past 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 [ ]
State the number of shares outstanding of each of the issuer's classes
of common equity, as of the latest practicable date;
Common stock, par value $.01 per share 700,000 shares
-------------------------------------- -------------------------------
(CLASS)
OUTSTANDING AT OCTOBER 24, 2000
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<PAGE> 2
SUNCOAST BANCORP, INC. AND SUBSIDIARY
INDEX
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Condensed Consolidated Balance Sheets -
At September 30, 2000 (unaudited) and At December 31, 1999.....................2
Condensed Consolidated Statements of Operations -
Three and Nine Months ended September 30, 2000 and 1999 (unaudited)............3
Condensed Consolidated Statement of Changes in Stockholders' Equity
Nine Months Ended September 30, 2000 (unaudited)...............................4
Condensed Consolidated Statements of Cash Flows -
Nine Months Ended September 30, 2000 and 1999 (unaudited)......................5
Notes to Condensed Consolidated Financial Statements (unaudited).................6
Review by Independent Certified Public Accountants...............................7
Report on Review by Independent Certified Public Accountants.....................8
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS.....................................................9-10
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK.................11
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K..........................................11
SIGNATURES............................................................................12
</TABLE>
<PAGE> 3
SUNCOAST BANCORP, INC. AND SUBSIDIARY
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
SEPTEMBER 30, DECEMBER 31,
ASSETS 2000 1999
------------ -----------
(UNAUDITED)
<S> <C> <C>
Cash and due from banks .................................... $ 447,441 511,525
Interest-bearing deposits with banks ....................... 1,013,658 8,454,133
Federal funds sold ......................................... 2,709,000 245,000
------------ -----------
Total cash and cash equivalents ............ 4,170,099 9,210,658
Securities available for sale .............................. 6,699,838 5,355,242
Loans, net of allowance for loan losses of
$124,497 in 2000 and $11,111 in 1999 ................. 9,840,268 877,756
Premises and equipment, net ................................ 533,514 588,483
Federal Reserve Bank stock, at cost ........................ 180,000 180,000
Federal Home Loan Bank stock, at cost ...................... 22,200 22,200
Accrued interest receivable ................................ 119,398 106,047
Deferred tax assets ........................................ 453,652 252,662
Other assets ............................................... 82,333 87,977
------------ -----------
Total assets ............................... $ 22,101,302 16,681,025
============ ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Noninterest-bearing demand deposits ................... 1,164,220 342,868
Savings and NOW deposits .............................. 1,289,932 612,683
Money-market deposits ................................. 6,894,688 2,820,308
Time deposits ......................................... 6,035,466 1,464,853
------------ -----------
Total deposits ............................. 15,384,306 5,240,712
Accrued interest payable and other liabilities ........ 63,487 7,294
Other borrowings ...................................... 1,009,523 5,453,234
------------ -----------
Total liabilities .......................... 16,457,316 10,701,240
------------ -----------
Stockholders' equity:
Preferred stock ....................................... -- --
Common stock .......................................... 7,000 7,000
Additional paid-in capital ............................ 6,393,888 6,393,888
Accumulated deficit ................................... (751,134) (394,732)
Accumulated other comprehensive income (loss) ......... (5,768) (26,371)
------------ -----------
Total stockholders' equity ................. 5,643,986 5,979,785
------------ -----------
Total liabilities and stockholders' equity.. $ 22,101,302 16,681,025
============ ===========
</TABLE>
See Accompanying Notes to Condensed Consolidated Financial Statements.
2
<PAGE> 4
SUNCOAST BANCORP, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
2000 1999 2000 1999
--------- -------- -------- --------
<S> <C> <C> <C> <C>
Interest income:
Loans receivable ........................ $ 194,639 173 338,178 173
Securities .............................. 109,966 45,171 303,912 45,171
Other interest-earning assets ........... 56,065 7,909 255,100 7,909
--------- -------- -------- --------
Total interest income ............. 360,670 53,253 897,190 53,253
--------- -------- -------- --------
Interest expense:
Deposits ................................ 161,426 3,002 342,905 3,002
Other borrowings ........................ 13,806 2,171 108,566 16,263
--------- -------- -------- --------
Total interest expense ............ 175,232 5,173 451,471 19,265
--------- -------- -------- --------
Net interest income ............... 185,438 48,080 445,719 33,988
Provision for loan losses .................... 38,804 1,153 113,386 1,153
--------- -------- -------- --------
Net interest income after
provision for loan losses .... 146,634 46,927 332,333 32,835
--------- -------- -------- --------
Noninterest income, service charges and fees.. 8,709 -- 25,501 --
--------- -------- -------- --------
Noninterest expense:
Salaries and employee benefits .......... 166,803 47,057 475,672 47,057
Occupancy ............................... 60,570 16,869 187,648 16,869
Advertising ............................. 17,994 7,025 38,985 7,025
Stationery and supplies ................. 9,592 9,410 35,512 9,410
Professional fees ....................... 17,501 1,988 70,971 1,988
Data processing ......................... 17,686 -- 53,530 --
Organizational and preopening costs ..... -- 159,323 -- 268,199
Other ................................... 17,943 -- 65,759 --
--------- -------- -------- --------
Total noninterest expense ......... 308,089 241,672 928,077 350,548
--------- -------- -------- --------
Loss before income tax benefit .... (152,746) (194,745) (570,243) (317,713)
Income tax benefit ........................... (57,280) (151,325) (213,841) (151,325)
--------- -------- -------- --------
Net loss .......................... $ (95,466) (43,420) (356,402) (166,388)
========= ======== ======== ========
Loss per share, basic and diluted ............ $ (.14) (.07) (.51) (.81)
========= ======== ======== ========
Weighted-average number of
common shares outstanding ............... 700,000 608,697 700,000 205,128
========= ======== ======== ========
Dividends per share .......................... $ -- -- -- --
========= ======== ======== ========
</TABLE>
See Accompanying Notes to Condensed Consolidated Financial Statements.
3
<PAGE> 5
SUNCOAST BANCORP, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS? EQUITY
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
ACCUMULATED
OTHER
COMPRE-
ADDITIONAL HENSIVE TOTAL
COMMON PAID-IN ACCUMULATED INCOME STOCKHOLDERS'
STOCK CAPITAL DEFICIT (LOSS) EQUITY
--------- ---------- ----------- ----------- -------------
<S> <C> <C> <C> <C> <C>
Balance at December 31, 1999 ............ $ 7,000 6,393,888 (394,732) (26,371) 5,979,785
----------
Comprehensive income (loss):
Net loss (unaudited) .............. -- -- (356,402) -- (356,402)
Net change in unrealized
loss on securities available
for sale (unaudited) ......... -- -- -- 20,603 20,603
----------
Comprehensive income (loss)
(unaudited) .................. (335,799)
--------- --------- -------- ------- ----------
Balance at September 30, 2000
(unaudited) ....................... $ 7,000 6,393,888 (751,134) (5,768) 5,643,986
========= ========= ======== ======= ==========
</TABLE>
See Accompanying Notes to Condensed Consolidated Financial Statements.
4
<PAGE> 6
SUNCOAST BANCORP, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
NINE MONTHS ENDED
SEPTEMBER 30,
----------------------------
2000 1999
------------ -----------
<S> <C> <C>
Cash flows from operating activities:
Net loss ............................................................... $ (356,402) (166,388)
Adjustments to reconcile net loss to net cash used in
operating activities:
Depreciation ..................................................... 67,246 7,886
Provision for loan losses ........................................ 113,386 1,153
Net amortization of premiums and discounts ....................... (18,678) (3,779)
Credit for deferred income taxes ................................. (213,841) (151,325)
Decrease in deferred offering cost ............................... -- 48,058
Increase in accrued interest receivable .......................... (13,351) (17,054)
Decrease (increase) in other assets .............................. 5,644 (66,930)
Increase (decrease) in accrued interest payable and
other liabilities ........................................... 56,193 (2,477)
------------ -----------
Net cash used in operating activities ....................... (359,803) (350,856)
------------ -----------
Cash flows from investing activities:
Purchase of securities available for sale .............................. (2,046,523) (10,819,186)
Maturities of securities available for sale ............................ 750,000 44,874
Sale of securities available for sale .................................. -- 5,442,289
Principal repayments of securities available for sale .................. 4,059 --
Net increase in loans .................................................. (9,075,898) (92,273)
Purchase of premises and equipment ..................................... (12,277) (570,271)
------------ -----------
Net cash used in investing activities ....................... (10,380,639) (5,994,567)
------------ -----------
Cash flows from financing activities:
Net increase in deposits ............................................... 10,143,594 1,773,229
Net proceeds from issuance of common stock ............................. -- 6,400,888
Net decrease in other borrowings ....................................... (4,443,711) (101,188)
------------ -----------
Net cash provided by financing activities ................... 5,699,883 8,072,929
------------ -----------
Net (decrease) increase in cash and cash equivalents ........................ (5,040,559) 1,727,506
Cash and cash equivalents at beginning of period ............................ 9,210,658 4,774
------------ -----------
Cash and cash equivalents at end of period .................................. $ 4,170,099 1,732,280
============ ===========
Supplemental disclosure of cash flow information: Cash paid during the period
for:
Interest ......................................................... $ 425,247 18,560
============ ===========
Income taxes ..................................................... $ -- --
============ ===========
Noncash transaction-
Accumulated other comprehensive income (loss), change in
unrealized loss on securities available for sale,
net of tax .................................................. $ 20,603 (3,431)
============ ===========
</TABLE>
See Accompanying Notes to Condensed Consolidated Financial Statements.
5
<PAGE> 7
SUNCOAST BANCORP, INC. AND SUBSIDIARY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(1) DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
GENERAL. In the opinion of management, 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, 2000 and the results of
operations for the three- and nine-month periods ended September 30,
2000 and 1999 and cash flows for the nine month periods ended
September 30, 2000 and 1999. The results of operations for the three-
and nine- month periods ended September 30, 2000 are not necessarily
indicative of the results to be expected for the year ending December
31, 2000.
SunCoast Bancorp, Inc. (the "Holding Company") was incorporated on
April 1, 1998. The Holding Company owns 100% of the outstanding common
stock of SunCoast National Bank (the "Bank") (collectively the
"Company"). The Holding Company was organized simultaneously with the
Bank and its only business is the ownership and operation of the Bank.
The Bank was incorporated under the laws of the United States and
received its charter from the Comptroller of the Currency. The Bank's
deposits are insured by the Federal Deposit Insurance Corporation. The
Bank opened for business on September 7, 1999 and provides a variety
of community banking services to businesses and individuals through
its banking office located in Sarasota County, Florida.
(2) LOAN IMPAIRMENT AND LOAN LOSSES
No loans were identified as impaired at or during the nine months ended
September 30, 2000 or 1999. The activity in the allowance for loan
losses is as follows:
<TABLE>
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
------------------- ------------------
2000 1999 2000 1999
-------- ----- ------- -----
<S> <C> <C> <C> <C>
Balance at beginning of period... $ 85,693 -- 11,111 --
Provision charged to operations.. 38,804 1,153 113,386 1,153
-------- ----- ------- -----
Balance at end of period ........ $124,497 1,153 124,497 1,153
======== ===== ======= =====
</TABLE>
(3) 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. Outstanding stock options are not dilutive due to the net
loss incurred by the Company.
(4) REGULATORY CAPITAL
The Bank is required to maintain certain minimum regulatory capital
requirements. The following is a summary at September 30, 2000 of the
regulatory capital requirements and the Bank's actual capital on a
percentage basis:
<TABLE>
<CAPTION>
REGULATORY
ACTUAL REQUIREMENT
------ -----------
<S> <C> <C>
Total capital to risk-weighted assets.............. 40.56% 8.00%
Tier I capital to risk-weighted assets............. 39.54% 4.00%
Tier I capital to total assets - leverage ratio.... 22.50% 4.00%
</TABLE>
6
<PAGE> 8
SUNCOAST BANCORP, INC. AND SUBSIDIARY
REVIEW BY INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
Hacker, Johnson & Smith PA, independent certified public accountants, have made
a limited review of the financial data as of September 30, 2000, and for the
three- and nine- month periods ended September 30, 2000 and 1999 presented in
this document, in accordance with standards established by the American
Institute of Certified Public Accountants.
Their report furnished pursuant to Article 10 of Regulation S-X is included
herein.
7
<PAGE> 9
REPORT ON REVIEW BY INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
The Board of Directors
SunCoast Bancorp, Inc.
Sarasota, Florida:
We have reviewed the accompanying condensed consolidated balance sheet
of SunCoast Bancorp, Inc. and Subsidiary (the "Company") as of September 30,
2000, the related condensed consolidated statements of operations for the
three- and nine- month periods ended September 30, 2000 and 1999, the related
condensed consolidated statement of changes in stockholders' equity for the
nine-month period ended September 30, 2000 and the related condensed
consolidated statements of cash flows for the nine-month periods ended
September 30, 2000 and 1999. These financial statements are the responsibility
of the Company's management.
We conducted our review in accordance with standards established by
the American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures to
financial data and making inquiries of persons responsible for financial and
accounting matters. It is substantially less in scope than an audit conducted
in accordance with generally accepted auditing standards, the objective of
which is the expression of an opinion regarding the financial statements taken
as a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications
that should be made to the condensed consolidated financial statements referred
to above for them to be in conformity with generally accepted accounting
principles.
We have previously audited, in accordance with generally accepted
auditing standards, the consolidated balance sheet as of December 31, 1999, and
the related consolidated statements of operations, changes in stockholders'
equity and cash flows for the year then ended (not presented herein); and in
our report dated February 18, 2000 we expressed an unqualified opinion on those
consolidated financial statements. In our opinion, the information set forth in
the accompanying condensed consolidated balance sheet as of December 31, 1999,
is fairly stated, in all material respects, in relation to the consolidated
balance sheet from which it has been derived.
HACKER, JOHNSON & SMITH PA
Tampa, Florida
October 24, 2000
8
<PAGE> 10
SUNCOAST BANCORP, INC. AND SUBSIDIARY
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
COMPARISON OF SEPTEMBER 30, 2000 AND DECEMBER 31, 1999
LIQUIDITY AND CAPITAL RESOURCES
The Company's primary source of cash during the nine months ended
September 30, 2000 was from net deposit inflows of $10.1 million and
proceeds from the maturity of securities of $750,000. Cash was used
primarily to originate loans, net of principal repayments, totaling $9.1
million and to purchase securities of $2.0 million. Interest-bearing
deposits with banks at December 31, 1999 were used to pay-off other
borrowings of $4.4 million. At September 30, 2000, the Company had
outstanding commitments to originate loans totaling $4.0 million. At
September 30, 2000, the Bank exceeded its regulatory liquidity
requirements.
COMPARISON OF THE THREE-MONTH PERIODS ENDED SEPTEMBER 30, 2000 AND 1999
RESULTS OF OPERATIONS:
GENERAL. Net loss for the three-months ended September 30, 2000 was
$95,466 compared to a net loss of $43,420 for the comparable period in
1999. The Bank commenced operations on September 7, 1999. At September
30, 2000, the Company had not achieved the asset size to operate
profitably.
INTEREST INCOME. Interest income was $360,670 for the three months ended
September 30, 2000. Interest income earned on loans was $194,639. The
average loan portfolio balance was $8.3 million for the three months
ended September 30, 2000 and the average yield earned was 9.4%.
Interest income earned on securities was $109,966. The average
securities portfolio balance was $6.5 million and the average yield
earned was 6.7% for the three months ended September 30, 2000.
Interest income earned on other interest-earning assets was $56,065.
The average balance of other interest-earning assets was $3.7 million
and the average yield earned was 6.0% for the 2000 period.
INTEREST EXPENSE. Interest expense was $175,232 for the three months
ended September 30, 2000. Interest expense on deposit accounts was
$161,426. The average balance of interest-bearing deposits was $12.6
million for the three months ended September 30, 2000 and the average
cost was 5.1%. Interest expense on other borrowings was $13,806. The
average balance of other borrowings was $1.0 million and the average
rate paid was 5.5% for the 2000 period.
PROVISION FOR LOAN LOSSES. The provision for loan losses is charged to
operations to increase the total allowance to a level deemed
appropriate by management and is based upon the volume and type of
lending conducted by the Company, industry standards, the amount of
nonperforming loans and general economic conditions, particularly as
they relate to the Company's market areas, and other factors related
to the collectibility of the Company's loan portfolio. The Company
recorded a provision for loan losses for the three months ended
September 30, 2000 of $38,804 and the allowance for loan losses was
$124,497 at September 30, 2000. Management believes the allowance is
adequate at September 30, 2000.
NONINTEREST EXPENSE. Noninterest expense was $308,089 for the three
months ended September 30, 2000 compared to $241,672 for the three
months ended September 30, 1999. This increase resulted from the
commencement of banking operations and the overall growth of the
Company.
9
<PAGE> 11
SUNCOAST BANCORP, INC. AND SUBSIDIARY
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, CONTINUED
INCOME TAX BENEFIT. The income tax benefit for the three months ended
September 30, 2000 was $57,280 (an effective rate of 37.5%). The tax
benefit recorded for the three months ended September 30, 1999
represents the benefit attributable to the loss incurred by the
Company since inception because it was management's belief as of
September 30, 1999 that it was more likely than not that the benefit
would be realized.
COMPARISON OF THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2000 AND 1999
RESULTS OF OPERATIONS:
GENERAL. Net loss for the nine-months ended September 30, 2000 was
$356,402 compared to a net loss of $166,388 for the comparable period
in 1999. The Bank commenced operations on September 7, 1999. As of
September 30, 2000, the Company had not achieved the asset size to
operate profitably.
INTEREST INCOME. Interest income was $897,190 for the nine months ended
September 30, 2000. Interest income earned on loans was $338,178. The
average loan portfolio balance was $4.9 million for the nine months
ended September 30, 2000 and the average yield earned was 9.2%.
Interest income earned on securities was $303,912. The average
securities portfolio balance was $6.0 million and the average yield
earned was 6.7% for the nine months ended September 30, 2000. Interest
income earned on other interest-earning assets was $255,100. The
average balance of other interest-earning assets was $6.3 million and
the average yield earned was 5.4% for the 2000 period.
INTEREST EXPENSE. Interest expense was $451,471 for the nine months ended
September 30, 2000. Interest expense on deposit accounts was $342,905.
The average balance of interest-bearing deposits was $9.5 million for
the nine months ended September 30, 2000 and the average cost was
4.8%. Interest expense on other borrowings was $108,566. The average
balance of other borrowings was $3.0 million and the average rate paid
was 4.9% for the 2000 period.
PROVISION FOR LOAN LOSSES. The provision for loan losses is charged to
operations to increase the total allowance to a level deemed
appropriate by management and is based upon the volume and type of
lending conducted by the Company, industry standards, the amount of
nonperforming loans and general economic conditions, particularly as
they relate to the Company's market areas, and other factors related
to the collectibility of the Company's loan portfolio. The Company
recorded a provision for loan losses for the nine months ended
September 30, 2000 of $113,386 and the allowance for loan losses was
$124,497 at September 30, 2000. Management believes the allowance is
adequate at September 30, 2000.
NONINTEREST EXPENSE. Noninterest expense was $928,077 for the nine months
ended September 30, 2000 compared to $350,548 for the nine months
ended September 30, 1999. This increase resulted from the commencement
of banking operations and the overall growth of the Company.
INCOME TAX BENEFIT. The income tax benefit for the nine months ended
September 30, 2000 was $213,841 (an effective rate of 37.5%). The tax
benefit recorded for the nine months ended September 30, 1999
represents the benefit attributable to the loss incurred by the
Company since inception because it was management's belief as of
September 30, 1999 that it was more likely than not that the benefit
would be realized.
10
<PAGE> 12
SUNCOAST BANCORP, INC. AND SUBSIDIARY
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Market risk is the risk of loss from adverse changes in market prices and
rates. The Company's market risk arises primarily from interest rate risk
inherent in its lending and deposit taking activities. The Company has no risk
related to trading accounts, commodities or foreign exchange.
Management actively monitors and manages its interest rate risk exposure. The
primary objective in managing interest-rate risk is to limit, within
established guidelines, the adverse impact of changes in interest rates on the
Company's net interest income and capital, while adjusting the Company's
asset-liability structure to obtain the maximum yield-cost spread on that
structure. Management relies primarily on its asset-liability structure to
control interest rate risk. However, a sudden and substantial increase in
interest rates could adversely impact the Company's earnings, to the extent
that the interest rates borne by assets and liabilities do not change at the
same speed, to the same extent, or on the same basis. There have been no
significant changes in the Company's market risk exposure since December 31,
1999.
PART II. OTHER INFORMATION
ITEM 6. EXHIBIT AND REPORTS ON FORM 8-K
(a) EXHIBIT. The following exhibit is filed with or incorporated by reference
into this report.
EXHIBIT NO. DESCRIPTION OF EXHIBIT
----------- ----------------------
27.0 Financial Data Schedule (for SEC use only)
(b) REPORTS ON FORM 8-K. There were no reports on Form 8-K filed during the
three months ended September 30, 2000.
11
<PAGE> 13
SUNCOAST BANCORP, INC. AND SUBSIDIARY
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.
SUNCOAST BANCORP, INC.
(Registrant)
Date: October 27, 2000 By: /s/ John T. Stafford
------------------------------------
John T. Stafford, President and
Chief Executive Officer
Date: October 27, 2000 By: /s/ John S. Wilks
------------------------------------
John S. Wilks, Chief Financial Officer
(Principal Financial Officer and
Principal Accounting Officer)
12
