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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-QSB

(Mark One)

xQuarterly report under Section 13 or 15(d) of the Securities Exchange
Act of 1934

For the quarterly period ended March 31, 2002

o
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
of Incorporation or Organization) |  | (I.R.S. Employer
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  o

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 April 10, 2002










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TABLE OF CONTENTS



|                              |                                                                                               |                                                                     |  |  |  |  |  | 
|----------------------------- | --------------------------------------------------------------------------------------------- | ------------------------------------------------------------------- |  |  |  |  |  | 
|PART I. FINANCIAL INFORMATION
|                              | Item 1. Financial Statements                                                                 
|                              |                                                                                               | Condensed Consolidated Balance Sheets                              
|                              |                                                                                               | Condensed Consolidated Statements of Operations                    
|                              |                                                                                               | Condensed Consolidated Statement of Changes in Stockholders Equity
|                              |                                                                                               | Condensed Consolidated Statements of Cash Flows                    
|                              |                                                                                               | Notes to Condensed Consolidated Financial Statements (unaudited)   
|                              |                                                                                               | Review by Independent Certified Public Accountants                 
|                              |                                                                                               | Report on Review by Independent Certified Public Accountants       
|                              | Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
|                              | Item 3. Quantitative and Qualitative Disclosures About Market Risk                           
|PART II. OTHER INFORMATION   
|                              | Item 6. Exhibits and Reports on Form 8-K                                                     
|SIGNATURES                   



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##### Table of Contents



SUNCOAST BANCORP, INC. AND SUBSIDIARY

INDEX

|                              |                                                                                               |                                                                                                                   |    |       |     | 
|----------------------------- | --------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------- | -- | ----- | --- | 
|                              |                                                                                               |                                                                                                                   |    | Page 
|                              |                                                                                               |                                                                                                                   |    |      
|PART I. FINANCIAL INFORMATION |                                                                                               |                                                                                                                   |    |      
|                              | Item 1. Financial Statements                                                                  |                                                                                                                   |    |       |    
|                              |                                                                                               | Condensed Consolidated Balance Sheets -
At March 31, 2002 (unaudited) and At December 31, 2001                    |    |       | 2   | 
|                              |                                                                                               | Condensed Consolidated Statements of Operations -
Three Months ended March 31, 2002 and 2001 (unaudited)          |    |       | 3   | 
|                              |                                                                                               | Condensed Consolidated Statement of Changes in Stockholders Equity
Three Months Ended March 31, 2002 (unaudited) |    |       | 4   | 
|                              |                                                                                               | Condensed Consolidated Statements of Cash Flows -
Three Months Ended March 31, 2002 and 2001 (unaudited)          |    |       | 5   | 
|                              |                                                                                               | Notes to Condensed Consolidated Financial Statements (unaudited)                                                  |    |       | 6-7 | 
|                              |                                                                                               | Review by Independent Certified Public Accountants                                                                |    |       | 8   | 
|                              |                                                                                               | Report on Review by Independent Certified Public Accountants                                                      |    |       | 9   | 
|                              | Item 2. Managements Discussion and Analysis of Financial Condition
and Results of Operations |                                                                                                                   |    | 10-13 |    
|                              | Item 3. Quantitative and Qualitative Disclosure about Market Risk                             |                                                                                                                   |    | 14    |    
|PART II. OTHER INFORMATION    |                                                                                               |                                                                                                                   |    |      
|                              | Item 6. Exhibits and Reports on Form 8-K                                                      |                                                                                                                   |    | 14    |    
|SIGNATURES                    |                                                                                               |                                                                                                                   | 15 |      

1



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SUNCOAST BANCORP, INC. AND SUBSIDIARY




PART I.  FINANCIAL INFORMATION




Item 1. Financial Statements




Condensed Consolidated Balance Sheets
($ in thousands, except share amounts)

|                                                                         |                                                                                                  |   |                                            |        |   |             |        |              |   |        |  | 
|------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------ | - | ------------------------------------------ | ------ | - | ----------- | ------ | ------------ | - | ------ |  | 
|                                                                         |                                                                                                  |   |                                            |        |   | March 31,   |        | December 31,
|                                                                         |                                                                                                  |   |                                            |        |   | 2002        |        | 2001        
|                                                                         |                                                                                                  |   |                                            |        |   |             |        |             
|                                                                         |                                                                                                  |   |                                            |        |   | (unaudited) |        |              |   |       
|Assets                                                                   |                                                                                                  |   |                                            |        |   |             |        |             
|Cash and due from banks                                                  |                                                                                                  | $ | 869                                        |        |   |             | 1,804  |             
|Interest-bearing deposits with banks                                     |                                                                                                  |   | 8                                          |        |   |             | 1,023  |             
|Federal funds sold                                                       |                                                                                                  |   | 6,565                                      |        |   |             | 151    |             
|                                                                         |                                                                                                  |   |                                            |        |   |             |        |             
|                                                                         |                                                                                                  |   | Total cash and cash equivalents            |        |   | 7,442       |        |              |   | 2,978  | 
|Securities available for sale                                            |                                                                                                  |   | 8,829                                      |        |   |             | 8,466  |             
|Loans, net of allowance for loan losses of $395 in 2002 and
$352 in 2001 |                                                                                                  |   | 32,405                                     |        |   |             | 28,586 |             
|Premises and equipment, net                                              |                                                                                                  |   | 524                                        |        |   |             | 551    |             
|Federal Reserve Bank stock, at cost                                      |                                                                                                  |   | 140                                        |        |   |             | 140    |             
|Federal Home Loan Bank stock, at cost                                    |                                                                                                  |   | 108                                        |        |   |             | 56     |             
|Accrued interest receivable                                              |                                                                                                  |   | 220                                        |        |   |             | 287    |             
|Deferred tax assets                                                      |                                                                                                  |   | 721                                        |        |   |             | 658    |             
|Other assets                                                             |                                                                                                  |   | 74                                         |        |   |             | 83     |             
|                                                                         |                                                                                                  |   |                                            |        |   |             |        |             
|                                                                         |                                                                                                  |   | Total assets                               |        | $ | 50,463      |        |              |   | 41,805 | 
|                                                                         |                                                                                                  |   |                                            |        |   |             |        |             
|Liabilities and Stockholders Equity                                     |                                                                                                  |   |                                            |        |   |             |        |             
|Liabilities:                                                             |                                                                                                  |   |                                            |        |   |             |        |             
|                                                                         | Noninterest-bearing demand deposits                                                              |   |                                            | 2,727  |   |             |        | 2,409        |  
|                                                                         | Savings and NOW deposits                                                                         |   |                                            | 3,860  |   |             |        | 3,276        |  
|                                                                         | Money-market deposits                                                                            |   |                                            | 20,234 |   |             |        | 14,970       |  
|                                                                         | Time deposits                                                                                    |   |                                            | 17,338 |   |             |        | 14,749       |  
|                                                                         |                                                                                                  |   |                                            |        |   |             |        |             
|                                                                         |                                                                                                  |   | Total deposits                             |        |   | 44,159      |        |              |   | 35,404 | 
|                                                                         | Other liabilities                                                                                |   |                                            | 84     |   |             |        | 65           |  
|                                                                         | Other borrowings                                                                                 |   |                                            | 1,018  |   |             |        | 1,016        |  
|                                                                         |                                                                                                  |   |                                            |        |   |             |        |             
|                                                                         |                                                                                                  |   | Total liabilities                          |        |   | 45,261      |        |              |   | 36,485 | 
|                                                                         |                                                                                                  |   |                                            |        |   |             |        |             
|Stockholders equity:                                                    |                                                                                                  |   |                                            |        |   |             |        |             
|                                                                         | Preferred stock, $.01 par value, 3,000,000 shares authorized,
none issued or outstanding         |   |                                            |       |   |             |        |             |  
|                                                                         | Common stock, $.01 par value 10,000,000 shares authorized,
700,000 shares issued and outstanding |   |                                            | 7      |   |             |        | 7            |  
|                                                                         | Additional paid-in capital                                                                       |   |                                            | 6,394  |   |             |        | 6,394        |  
|                                                                         | Accumulated deficit                                                                              |   |                                            | (1,209 | ) |             |        | (1,188       | )
|                                                                         | Accumulated other comprehensive income                                                           |   |                                            | 10     |   |             |        | 107          |  
|                                                                         |                                                                                                  |   |                                            |        |   |             |        |             
|                                                                         |                                                                                                  |   | Total stockholders equity                 |        |   | 5,202       |        |              |   | 5,320  | 
|                                                                         |                                                                                                  |   |                                            |        |   |             |        |             
|                                                                         |                                                                                                  |   | Total liabilities and stockholders equity |        | $ | 50,463      |        |              |   | 41,805 | 
|                                                                         |                                                                                                  |   |                                            |        |   |             |        |             

See Accompanying Notes to Condensed Consolidated Financial Statements.

2



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SUNCOAST BANCORP, INC. AND SUBSIDIARY




Condensed Consolidated Statements of Operations
($ in thousands, except share amounts)
(Unaudited)

|                                                     |                                               |                                                     |         |                    |     |      |         |     |      |  
|---------------------------------------------------- | --------------------------------------------- | --------------------------------------------------- | ------- | ------------------ | --- | ---- | ------- | --- | ---- | -
|                                                     |                                               |                                                     |         | Three Months Ended
|                                                     |                                               |                                                     |         | March 31,         
|                                                     |                                               |                                                     |         |                   
|                                                     |                                               |                                                     |         | 2002               |     | 2001
|                                                     |                                               |                                                     |         |                    |     |     
|Interest income:                                     |                                               |                                                     |         |                    |     |      |         |    
|                                                     | Loans                                         |                                                     | $       | 538                |     |      |         | 317 |     
|                                                     | Securities                                    |                                                     |         | 116                |     |      |         | 108 |     
|                                                     | Other interest-earning assets                 |                                                     |         | 16                 |     |      |         | 65  |     
|                                                     |                                               |                                                     |         |                    |     |      |         |    
|                                                     |                                               | Total interest income                               |         |                    | 670 |      |         |     | 490  |  
|                                                     |                                               |                                                     |         |                    |     |      |         |    
|Interest expense:                                    |                                               |                                                     |         |                    |     |      |         |    
|                                                     | Deposits                                      |                                                     |         | 307                |     |      |         | 283 |     
|                                                     | Other borrowings                              |                                                     |         | 3                  |     |      |         | 12  |     
|                                                     |                                               |                                                     |         |                    |     |      |         |    
|                                                     |                                               | Total interest expense                              |         |                    | 310 |      |         |     | 295  |  
|                                                     |                                               |                                                     |         |                    |     |      |         |    
|                                                     |                                               | Net interest income                                 |         |                    | 360 |      |         |     | 195  |  
|Provision for loan losses                            |                                               |                                                     | 43      |                    |     |      | 34      |    
|                                                     |                                               |                                                     |         |                    |     |      |         |    
|                                                     |                                               | Net interest income after provision for loan losses |         |                    | 317 |      |         |     | 161  |  
|                                                     |                                               |                                                     |         |                    |     |      |         |    
|Noninterest income:                                  |                                               |                                                     |         |                    |     |      |         |    
|                                                     | Service charges and fees                      |                                                     |         | 15                 |     |      |         | 6   |     
|                                                     | Gain on sale of securities available for sale |                                                     |         | 35                 |     |      |         |    |     
|                                                     |                                               |                                                     |         |                    |     |      |         |    
|                                                     |                                               | Total noninterest income                            |         |                    | 50  |      |         |     | 6    |  
|                                                     |                                               |                                                     |         |                    |     |      |         |    
|Noninterest expense:                                 |                                               |                                                     |         |                    |     |      |         |    
|                                                     | Salaries and employee benefits                |                                                     |         | 213                |     |      |         | 185 |     
|                                                     | Occupancy expense                             |                                                     |         | 79                 |     |      |         | 63  |     
|                                                     | Professional fees                             |                                                     |         | 26                 |     |      |         | 26  |     
|                                                     | Data processing                               |                                                     |         | 26                 |     |      |         | 19  |     
|                                                     | Stationery and supplies                       |                                                     |         | 17                 |     |      |         | 11  |     
|                                                     | Advertising                                   |                                                     |         | 5                  |     |      |         | 3   |     
|                                                     | Other                                         |                                                     |         | 35                 |     |      |         | 28  |     
|                                                     |                                               |                                                     |         |                    |     |      |         |    
|                                                     |                                               | Total noninterest expense                           |         |                    | 401 |      |         |     | 335  |  
|                                                     |                                               |                                                     |         |                    |     |      |         |    
|                                                     |                                               | Loss before income tax benefit                      |         |                    | (34 | )    |         |     | (168 | )
|Income tax benefit                                   |                                               |                                                     | (13     | )                  |     |      | (63     | )  
|                                                     |                                               |                                                     |         |                    |     |      |         |    
|                                                     |                                               | Net loss                                            |         | $                  | (21 | )    |         |     | (105 | )
|                                                     |                                               |                                                     |         |                    |     |      |         |    
|Loss per share, basic and diluted                    |                                               | $                                                   | (.03    | )                  |     |      | (.15    | )  
|                                                     |                                               |                                                     |         |                    |     |      |         |    
|Weighted-average number of common shares outstanding |                                               |                                                     | 700,000 |                    |     |      | 700,000 |    
|                                                     |                                               |                                                     |         |                    |     |      |         |    
|Dividends per share                                  |                                               |                                                     |        |                    |     |      |        |    
|                                                     |                                               |                                                     |         |                    |     |      |         |    

See Accompanying Notes to Condensed Consolidated Financial Statements.

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SUNCOAST BANCORP, INC. AND SUBSIDIARY




Condensed Consolidated Statement of Changes in Stockholders Equity

For the Three Months Ended March 31, 2002
(In thousands)

|                                        |                                                                            |   |        |   |         |  |             |   |         |  |               |     |         |  |             |     |   |  |       |     |  
|--------------------------------------- | -------------------------------------------------------------------------- | - | ------ | - | ------- |  | ----------- | - | ------- |  | ------------- | --- | ------- |  | ----------- | --- | - |  | ----- | --- | -
|                                        |                                                                            |   |        |   |         |  |             |   |         |  |               |     |         |  | Accumulated |     |   |  |      
|                                        |                                                                            |   |        |   |         |  |             |   |         |  |               |     |         |  | Other       |     |   |  |      
|                                        |                                                                            |   |        |   |         |  | Additional  |   |         |  |               |     | Compre- |  | Total      
|                                        |                                                                            |   | Common |   | Paid-In |  | Accumulated |   | hensive |  | Stockholders'
|                                        |                                                                            |   | Stock  |   | Capital |  | Deficit     |   | Income  |  | Equity       
|                                        |                                                                            |   |        |   |         |  |             |   |         |  |              
|Balance at December 31, 2001            |                                                                            | $ | 7      |   |         |  | 6,394       |   |         |  | (1,188        | )   |         |  | 107         |     |   |  | 5,320 |    
|                                        |                                                                            |   |        |   |         |  |             |   |         |  |               |     |         |  |             |     |   |  |       |    
|Comprehensive income (loss):            |                                                                            |   |        |   |         |  |             |   |         |  |               |     |         |  |             |     |   |  |       |    
|                                        | Net loss (unaudited)                                                       |   |        |  |         |  |             |  |         |  |               | (21 | )       |  |             |    |   |  |       | (21 | )
|                                        | Net change in unrealized
gain on securities available
for sale (unaudited) |   |        |  |         |  |             |  |         |  |               |    |         |  |             | (97 | ) |  |       | (97 | )
|                                        |                                                                            |   |        |   |         |  |             |   |         |  |               |     |         |  |             |     |   |  |       |    
|Comprehensive income (loss)
(unaudited) |                                                                            |   |        |   |         |  |             |   |         |  |               |     |         |  |             |     |   |  | (118  | )  
|                                        |                                                                            |   |        |   |         |  |             |   |         |  |               |     |         |  |             |     |   |  |       |    
|Balance at March 31, 2002
(unaudited)   |                                                                            | $ | 7      |   |         |  | 6,394       |   |         |  | (1,209        | )   |         |  | 10          |     |   |  | 5,202 |    
|                                        |                                                                            |   |        |   |         |  |             |   |         |  |               |     |         |  |             |     |   |  |       |    

See Accompanying Notes to Condensed Consolidated Financial Statements.

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SUNCOAST BANCORP, INC. AND SUBSIDIARY




Condensed Consolidated Statements of Cash Flows
($ in thousands, except per share amounts)
(Unaudited)

|                                                  |                                                                                           |                                                                                                                |                                                     |        |                    |        |       |        |     |        |  
|------------------------------------------------- | ----------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------- | --------------------------------------------------- | ------ | ------------------ | ------ | ----- | ------ | --- | ------ | -
|                                                  |                                                                                           |                                                                                                                |                                                     |        | Three Months Ended
|                                                  |                                                                                           |                                                                                                                |                                                     |        | March 31,         
|                                                  |                                                                                           |                                                                                                                |                                                     |        |                   
|                                                  |                                                                                           |                                                                                                                |                                                     |        | 2002               |        | 2001 
|                                                  |                                                                                           |                                                                                                                |                                                     |        |                    |        |      
|Cash flows from operating activities:             |                                                                                           |                                                                                                                |                                                     |        |                    |        |       |       
|                                                  | Net loss                                                                                  |                                                                                                                | $                                                   | (21    | )                  |        |       | (105   | )  
|                                                  | Adjustments to reconcile net loss to net cash provided by
(used in) operating activities: |                                                                                                                |                                                     |        |                    |        |       |        |    
|                                                  |                                                                                           | Depreciation                                                                                                   |                                                     |        | 29                 |        |       |        | 23  |       
|                                                  |                                                                                           | Provision for loan losses                                                                                      |                                                     |        | 43                 |        |       |        | 34  |       
|                                                  |                                                                                           | Net amortization of loan fees, premiums and discounts                                                          |                                                     |        | (9                 | )      |       |        | (2  | )     
|                                                  |                                                                                           | Credit for deferred income taxes                                                                               |                                                     |        | (13                | )      |       |        | (63 | )     
|                                                  |                                                                                           | Gain on sale of securities available for sale                                                                  |                                                     |        | (35                | )      |       |        |    |       
|                                                  |                                                                                           | Decrease in accrued interest receivable                                                                        |                                                     |        | 67                 |        |       |        | 62  |       
|                                                  |                                                                                           | Decrease (increase) in other assets                                                                            |                                                     |        | 9                  |        |       |        | (4  | )     
|                                                  |                                                                                           | Increase in other liabilities                                                                                  |                                                     |        | 19                 |        |       |        | 34  |       
|                                                  |                                                                                           |                                                                                                                |                                                     |        |                    |        |       |       
|                                                  |                                                                                           |                                                                                                                | Net cash provided by (used in) operating activities |        |                    | 89     |       |        |     | (21    | )
|                                                  |                                                                                           |                                                                                                                |                                                     |        |                    |        |       |       
|Cash flows from investing activities:             |                                                                                           |                                                                                                                |                                                     |        |                    |        |       |       
|                                                  | Purchase of securities available for sale                                                 |                                                                                                                |                                                     | (4,473 | )                  |        |       | (3,098 | )  
|                                                  | Maturities and call of securities available for sale                                      |                                                                                                                |                                                     |       |                    |        |       | 2,470  |    
|                                                  | Repayment of securities available for sale                                                |                                                                                                                |                                                     | 172    |                    |        |       | 16     |    
|                                                  | Proceeds from sale of securities available for sale                                       |                                                                                                                |                                                     | 3,826  |                    |        |       |       |    
|                                                  | Purchase of Federal Home Loan Bank stock                                                  |                                                                                                                |                                                     | (52    | )                  |        |       | (33    | )  
|                                                  | Net increase in loans                                                                     |                                                                                                                |                                                     | (3,853 | )                  |        |       | (2,246 | )  
|                                                  | Purchase of premises and equipment                                                        |                                                                                                                |                                                     | (2     | )                  |        |       | (24    | )  
|                                                  |                                                                                           |                                                                                                                |                                                     |        |                    |        |       |       
|                                                  |                                                                                           |                                                                                                                | Net cash used in investing activities               |        |                    | (4,382 | )     |        |     | (2,915 | )
|                                                  |                                                                                           |                                                                                                                |                                                     |        |                    |        |       |       
|Cash flows from financing activities:             |                                                                                           |                                                                                                                |                                                     |        |                    |        |       |       
|                                                  | Net increase in deposits                                                                  |                                                                                                                |                                                     | 8,755  |                    |        |       | 7,787  |    
|                                                  | Net increase in other borrowings                                                          |                                                                                                                |                                                     | 2      |                    |        |       | 12     |    
|                                                  |                                                                                           |                                                                                                                |                                                     |        |                    |        |       |       
|                                                  |                                                                                           |                                                                                                                | Net cash provided by financing activities           |        |                    | 8,757  |       |        |     | 7,799  |  
|                                                  |                                                                                           |                                                                                                                |                                                     |        |                    |        |       |       
|Net increase in cash and cash equivalents         |                                                                                           |                                                                                                                | 4,464                                               |        |                    |        | 4,863 |       
|Cash and cash equivalents at beginning of period  |                                                                                           |                                                                                                                | 2,978                                               |        |                    |        | 3,678 |       
|                                                  |                                                                                           |                                                                                                                |                                                     |        |                    |        |       |       
|Cash and cash equivalents at end of period        |                                                                                           | $                                                                                                              | 7,442                                               |        |                    |        | 8,541 |       
|                                                  |                                                                                           |                                                                                                                |                                                     |        |                    |        |       |       
|Supplemental disclosure of cash flow information: |                                                                                           |                                                                                                                |                                                     |        |                    |        |       |       
|                                                  | Cash paid during the period for-
Interest                                                 |                                                                                                                | $                                                   | 312    |                    |        |       | 275    |    
|                                                  |                                                                                           |                                                                                                                |                                                     |        |                    |        |       |       
|                                                  | Noncash transaction-                                                                      |                                                                                                                |                                                     |        |                    |        |       |        |    
|                                                  |                                                                                           | Accumulated other comprehensive income, change in
unrealized gain on securities available for sale,
net of tax |                                                     | $      | (97                | )      |       |        | 19  |       
|                                                  |                                                                                           |                                                                                                                |                                                     |        |                    |        |       |       

See Accompanying Notes to Condensed Consolidated Financial Statements.

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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 March 31, 2002 and the results of operations
and cash flows for the three-month periods ended March 31, 2002 and
2001. The results of operations for the three months ended March 31,
2002 are not necessarily indicative of the results to be expected for
the year ending December 31, 2002.                                                                                                                                                                                        
|   
|    |  | 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 provides a variety of
community banking services to businesses and individuals through its two
banking offices located in Sarasota County, Florida.
|   
|(2) |  | Loan Impairment and Loan Losses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   
|    |  | No loans were identified as impaired at or during the three months ended
March 31, 2001. One loan was identified as impaired during the three
months ended March 31, 2002. The following is a summary of information
pertaining to the impaired loan (in thousands):                                                                                                                                                                                                                                                                                                                                                                                                                                                         

|                                                                        |  |                |     | 
|----------------------------------------------------------------------- |  | -------------- | --- | 
|                                                                        |  | Three Months  
|                                                                        |  | Ended         
|                                                                        |  | March 31, 2002
|                                                                        |  |               
|Gross loan with related allowance for losses recorded,
at end of period |  | $              | 154 | 
|Less: Allowance on this loan                                            |  |                | 15  | 
|                                                                        |  |                |     | 
|Net investment in impaired loan                                         |  | $              | 139 | 
|                                                                        |  |                |     | 
|Average net investment in impaired loan                                 |  | $              | 137 | 
|                                                                        |  |                |     | 
|Interest income recognized on impaired loan                             |  | $              |    | 
|                                                                        |  |                |     | 
|Interest income received on impaired loan                               |  | $              |    | 
|                                                                        |  |                |     | 

(continued)

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SUNCOAST BANCORP, INC. AND SUBSIDIARY

Notes to Condensed Consolidated Financial Statements (unaudited), Continued

|    |  |                                                                            
|--- |  | ---------------------------------------------------------------------------
|(2) |  | Loan Impairment and Loan Losses, Continued                                 
|   
|    |  | The activity in the allowance for loan losses is as follows (in thousands):

|                               |  |                    |     |      |  |  |     | 
|------------------------------ |  | ------------------ | --- | ---- |  |  | --- | 
|                               |  | Three Months Ended
|                               |  | March 31,         
|                               |  |                   
|                               |  | 2002               |     | 2001
|                               |  |                    |     |     
|Balance at beginning of period |  | $                  | 352 |      |  |  | 153 | 
|Provision charged to earnings  |  |                    | 43  |      |  |  | 34  | 
|                               |  |                    |     |      |  |  |     | 
|Balance at end of period       |  | $                  | 395 |      |  |  | 187 | 
|                               |  |                    |     |      |  |  |     | 

|    |  |                                                                                                                                                                                                                                                 
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(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 March 31, 2002 of the
regulatory capital requirements and the Banks actual capital on a
percentage basis:                      

|                                                |  |        |       |       |  |             |       |  
|----------------------------------------------- |  | ------ | ----- | ----- |  | ----------- | ----- | -
|                                                |  |        |       |       |  | Regulatory 
|                                                |  |        |       |       |  | Requirement
|                                                |  |        |       |       |  | for Well-  
|                                                |  |        |       |       |  | Capitalized
|                                                |  | Actual |       | Banks
|                                                |  |        |       |      
|Total capital to risk-weighted assets           |  |        | 12.98 | %     |  |             | 10.00 | %
|Tier I capital to risk-weighted assets          |  |        | 11.90 | %     |  |             | 6.00  | %
|Tier I capital to total assets  leverage ratio |  |        | 9.50  | %     |  |             | 5.00  | %

7



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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 March 31, 2002, and for the
three-month periods ended March 31, 2002 and 2001 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.

8



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##### Table of Contents






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 March 31, 2002, and
the related condensed consolidated statements of operations and cash flows for
the three-month periods ended March 31, 2002 and 2001, and the condensed
consolidated statement of changes in stockholders equity for the three-month
period ended March 31, 2002. These financial statements are the responsibility
of the Companys management.

We conducted our reviews 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 auditing standards generally accepted in the United States
of America, 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 reviews, 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 accounting principles generally
accepted in the United States of America.

We have previously audited, in accordance with auditing standards
generally accepted in the United States of America, the consolidated balance
sheet as of December 31, 2001, 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 21, 2002 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, 2001, 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
April 10, 2002

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SUNCOAST BANCORP, INC. AND SUBSIDIARY




Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations

Comparison of March 31, 2002 and December 31, 2001

General

| |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | SunCoast Bancorp, Inc. (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 provides a variety of
community banking services to businesses and individuals through its two
banking offices located in Sarasota County, Florida.

Liquidity and Capital Resources

| |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The Companys primary sources of cash during the three months ended March 31,
2002 was from net deposit inflows of $8.8 million and proceeds from sale of
securities of $3.8 million. Cash was used primarily to originate loans, net
of principal repayments, totaling $3.9 million and to purchase securities of
$4.5 million. At March 31, 2002, the Company had outstanding commitments to
originate loans totaling $300,000. At March 31, 2002, the Bank exceeded its
regulatory liquidity requirements.

10



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SUNCOAST BANCORP, INC. AND SUBSIDIARY

Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations, Continued

The following rates are presented for the dates and periods indicated:

|                                                                                                |  |              |       |              |  |           |       |              |  |  |       |   
|----------------------------------------------------------------------------------------------- |  | ------------ | ----- | ------------ |  | --------- | ----- | ------------ |  |  | ----- | --
|                                                                                                |  | Three Months |       |              |  |           |       | Three Months
|                                                                                                |  | Ended        |       | Year Ended   |  | Ended    
|                                                                                                |  | March 31,    |       | December 31, |  | March 31,
|                                                                                                |  | 2002         |       | 2001         |  | 2001     
|                                                                                                |  |              |       |              |  |          
|Average equity as a percentage
of average assets                                                |  |              | 11.27 | %            |  |           | 15.91 | %            |  |  | 19.55 | % 
|Equity to total assets at end of period                                                         |  |              | 10.31 | %            |  |           | 12.73 | %            |  |  | 16.67 | % 
|Return on average assets(1)                                                                     |  |              | (0.18 | )%           |  |           | (0.98 | )%           |  |  | (1.48 | )%
|Return on average equity(1)                                                                     |  |              | (1.60 | )%           |  |           | (6.44 | )%           |  |  | (7.57 | )%
|Noninterest expenses to average assets(1)                                                       |  |              | 3.44  | %            |  |           | 3.94  | %            |  |  | 4.72  | % 
|Nonperforming loans and foreclosed real estate as
a percentage of total assets at end of period |  |              | .31   | %            |  |           |      | %            |  |  |      | % 



---

|(1) |  | Annualized for the three months ended March 31.
|--- |  | -----------------------------------------------

(continued)

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SUNCOAST BANCORP, INC. AND SUBSIDIARY

Results of Operations

The following table sets forth, for the periods indicated, information
regarding (i) the total dollar amount of interest and dividend income of the
Company from interest-earning assets and the resultant average yields; (ii) the
total dollar amount of interest expense on interest-bearing liabilities and the
resultant average cost; (iii) net interest income; (iv) interest-rate spread;
and (v) net interest margin.

|                                                                                 |                                             |                                            |       |                              |        |           |     |          |     |         |      |           |      |        |       |          |        |         |     |     |     |  |      |      |      | 
|-------------------------------------------------------------------------------- | ------------------------------------------- | ------------------------------------------ | ----- | ---------------------------- | ------ | --------- | --- | -------- | --- | ------- | ---- | --------- | ---- | ------ | ----- | -------- | ------ | ------- | --- | --- | --- |  | ---- | ---- | ---- | 
|                                                                                 |                                             |                                            |       | Three Months Ended March 31,
|                                                                                 |                                             |                                            |       |                             
|                                                                                 |                                             |                                            |       | 2002                         |        | 2001     
|                                                                                 |                                             |                                            |       |                              |        |          
|                                                                                 |                                             |                                            |       |                              |        |           |     | Interest |     | Average |      |           |      |        |       | Interest |        | Average
|                                                                                 |                                             |                                            |       | Average                      |        | and       |     | Yield/   |     | Average |      | and       |      | Yield/
|                                                                                 |                                             |                                            |       | Balance                      |        | Dividends |     | Rate     |     | Balance |      | Dividends |      | Rate  
|                                                                                 |                                             |                                            |       |                              |        |           |     |          |     |         |      |           |      |       
|                                                                                 |                                             |                                            |       | (Dollars in thousands)      
|Interest-earning assets:                                                         |                                             |                                            |       |                              |        |           |     |          |     |         |      |           |      |        |       |          |        |         |     |     |     |  |      |     
|                                                                                 | Loans                                       |                                            | $     | 30,895                       |        |           |     | 538      |     |         |      | 6.97      | %    |        | $     | 14,398   |        |         |     | 317 |     |  |      | 8.81 | %   
|                                                                                 | Securities                                  |                                            |       | 7,690                        |        |           |     | 116      |     |         |      | 6.03      |      |        |       | 6,495    |        |         |     | 108 |     |  |      | 6.65 |     
|                                                                                 | Other interest-earning assets(1)            |                                            |       | 4,462                        |        |           |     | 16       |     |         |      | 1.43      |      |        |       | 5,215    |        |         |     | 65  |     |  |      | 4.99 |     
|                                                                                 |                                             |                                            |       |                              |        |           |     |          |     |         |      |           |      |        |       |          |        |         |     |     |     |  |      |     
|                                                                                 |                                             | Total interest-earning assets              |       |                              | 43,047 |           |     |          | 670 |         |      |           | 6.23 |        |       |          | 26,108 |         |     |     | 490 |  |      |      | 7.51 | 
|                                                                                 |                                             |                                            |       |                              |        |           |     |          |     |         |      |           |      |        |       |          |        |         |     |     |     |  |      |     
|Noninterest-earning assets                                                       |                                             |                                            | 3,630 |                              |        |           |     |          |     |         |      |           |      |        | 2,244 |          |        |         |     |     |     |  |      |     
|                                                                                 |                                             |                                            |       |                              |        |           |     |          |     |         |      |           |      |        |       |          |        |         |     |     |     |  |      |     
|                                                                                 |                                             | Total assets                               |       | $                            | 46,677 |           |     |          |     |         |      |           |      |        |       | $        | 28,352 |         |     |     |     |  |      |      |      | 
|                                                                                 |                                             |                                            |       |                              |        |           |     |          |     |         |      |           |      |        |       |          |        |         |     |     |     |  |      |     
|Interest-bearing liabilities:                                                    |                                             |                                            |       |                              |        |           |     |          |     |         |      |           |      |        |       |          |        |         |     |     |     |  |      |     
|                                                                                 | Savings, NOW, money-market
deposit accounts |                                            |       | 21,051                       |        |           |     | 127      |     |         |      | 2.41      |      |        |       | 9,065    |        |         |     | 106 |     |  |      | 4.68 |     
|                                                                                 | Time deposits                               |                                            |       | 16,724                       |        |           |     | 180      |     |         |      | 4.31      |      |        |       | 11,103   |        |         |     | 177 |     |  |      | 6.38 |     
|                                                                                 | Other interest-bearing liabilities(2)       |                                            |       | 1,008                        |        |           |     | 3        |     |         |      | 1.19      |      |        |       | 990      |        |         |     | 12  |     |  |      | 4.85 |     
|                                                                                 |                                             |                                            |       |                              |        |           |     |          |     |         |      |           |      |        |       |          |        |         |     |     |     |  |      |     
|                                                                                 |                                             | Total interest-bearing liabilities         |       |                              | 38,783 |           |     |          | 310 |         |      |           | 3.20 |        |       |          | 21,158 |         |     |     | 295 |  |      |      | 5.58 | 
|                                                                                 |                                             |                                            |       |                              |        |           |     |          |     |         |      |           |      |        |       |          |        |         |     |     |     |  |      |     
|Noninterest-bearing deposits                                                     |                                             |                                            | 2,541 |                              |        |           |     |          |     |         |      |           |      |        | 1,571 |          |        |         |     |     |     |  |      |     
|Noninterest-bearing liabilities                                                  |                                             |                                            | 92    |                              |        |           |     |          |     |         |      |           |      |        | 81    |          |        |         |     |     |     |  |      |     
|Stockholders equity                                                             |                                             |                                            | 5,261 |                              |        |           |     |          |     |         |      |           |      |        | 5,542 |          |        |         |     |     |     |  |      |     
|                                                                                 |                                             |                                            |       |                              |        |           |     |          |     |         |      |           |      |        |       |          |        |         |     |     |     |  |      |     
|                                                                                 |                                             | Total liabilities and
stockholders equity |       | $                            | 46,677 |           |     |          |     |         |      |           |      |        |       | $        | 28,352 |         |     |     |     |  |      |      |      | 
|                                                                                 |                                             |                                            |       |                              |        |           |     |          |     |         |      |           |      |        |       |          |        |         |     |     |     |  |      |     
|Net interest income                                                              |                                             |                                            |       |                              |        | $         | 360 |          |     |         |      |           |      |        |       |          |        | $       | 195 |     |     |  |      |     
|                                                                                 |                                             |                                            |       |                              |        |           |     |          |     |         |      |           |      |        |       |          |        |         |     |     |     |  |      |     
|Interest-rate spread(3)                                                          |                                             |                                            |       |                              |        |           |     |          |     |         | 3.03 | %         |      |        |       |          |        |         |     |     |     |  | 1.93 | %   
|                                                                                 |                                             |                                            |       |                              |        |           |     |          |     |         |      |           |      |        |       |          |        |         |     |     |     |  |      |     
|Net interest margin(4)                                                           |                                             |                                            |       |                              |        |           |     |          |     |         | 3.35 | %         |      |        |       |          |        |         |     |     |     |  | 2.99 | %   
|                                                                                 |                                             |                                            |       |                              |        |           |     |          |     |         |      |           |      |        |       |          |        |         |     |     |     |  |      |     
|Ratio of average interest-earning assets to
average interest-bearing liabilities |                                             |                                            | 1.11  |                              |        |           |     |          |     |         |      |           |      |        | 1.23  |          |        |         |     |     |     |  |      |     
|                                                                                 |                                             |                                            |       |                              |        |           |     |          |     |         |      |           |      |        |       |          |        |         |     |     |     |  |      |     



---

|(1) |  | Includes Federal Home Loan Bank stock, Federal Reserve Bank stock,
federal funds sold and interest-bearing deposits.                                     
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|(2) |  | Includes securities sold under agreements to repurchase.                                                                                                 
|   
|(3) |  | Interest-rate spread represents the difference between the average yield
on interest-earning assets and the average rate of interest-bearing
liabilities.
|   
|(4) |  | Net interest margin is net interest income divided by average
interest-earning assets.                                                                   

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SUNCOAST BANCORP, INC. AND SUBSIDIARY

Comparison of the Three-Month Periods Ended March 31, 2002 and 2001

| |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | General. Net loss for the three months ended March 31, 2002 was $21,000 or
$.03 basic and diluted loss per share compared to a net loss of $105,000
or $.15 basic and diluted loss per share for the three months ended March
31, 2001. The decrease in the Companys net loss was primarily due to an
increase in net interest income and noninterest income, partially offset
by an increase in noninterest expenses.                                                                                                                                                                                                                                                                                                                                                                                           
|
| |  | Interest Income and Expense. Interest income increased by $180,000, from $.5
million for the three months ended March 31, 2001 to $.7 million for the
three months ended March 31, 2002. Interest income on loans increased
$221,000 primarily due to an increase in the average loan portfolio
balance from $14.4 million for the three months ended March 31, 2001 to
$30.9 million for the comparable period in 2002 which was partially
offset by a decrease in the weighted-average yield from 8.81% in 2001 to
6.97% in 2002. Interest on securities increased $8,000 primarily due to
an increase in the average securities portfolio balance from $6.5 million
in 2001 to $7.7 million in 2002 which was partially offset by a decrease
in the weighted average yield from 6.65% in 2001 to 6.03% in 2002.
|
| |  | Interest expense on interest-bearing deposits increased to $307,000 for the
three months ended March 31, 2002 from $283,000 for the three months ended
March 31, 2001. Interest expense on interest-bearing deposits increased due
to an increase in the average balance from $20.2 million in 2001 to $37.8
million in 2002 which was partially offset by a decrease in the weighted
rate paid from 5.61% in 2001 to 3.25% in 2002.                                                                                                                                                                                                                                                                                                                                                                              
|
| |  | Provision for Loan Losses. The provision for loan losses is charged to
operations to bring the total allowance to a level deemed appropriate by
management and is based upon historical experience, the volume and type
of lending conducted by the Company, industry standards, the amount of
nonperforming loans, 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 provision was
$43,000 for the three months ended March 31, 2002 compared to $34,000 for
the comparable period in 2001. Management believes the balance in the
allowance for loan losses of $395,000 at March 31, 2002 is adequate.                                                                               
|
| |  | Noninterest Income. Noninterest income increased $44,000 during the three
month period ended March 31, 2002 compared to the same period in 2001
primarily due to gains recognized in 2002 on the sale of securities
available for sale of $35,000.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|
| |  | Noninterest Expenses. Noninterest expenses increased $66,000 during the
three-month period ended March 31, 2002 compared to the same period in
2001. Noninterest expense increased primarily due to a increase in
salaries and employee benefits and occupancy expense due to the opening
of a second banking office during the second quarter of 2001.                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|
| |  | Provision for Income Taxes. The income tax benefit for the three months ended
March 31, 2002 was $13,000 (an effective rate of 38.2%) compared to
$63,000 (an effective rate of 37.5%) for the comparable 2001 period.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            

13



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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,
2001.




PART II. OTHER INFORMATION




Item 6. Exhibits and Reports on Form 8-K

(a)     Exhibits

|           |  |                                                                                                                                                                                                                     
|---------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|ExhibitNo. |  | Description of Exhibit                                                                                                                                                                                              
|           |  |                                                                                                                                                                                                                     
|3.1        |  | Restated Articles of Incorporation of SunCoast Bancorp,
Inc. (Incorporated by reference to Exhibit 3.1 to SunCoasts
Registration Statement No. 333-70231 (the Registration
Statement)                            
|3.2        |  | Bylaws of SunCoast Bancorp, Inc. (Incorporated by
reference to Exhibit 3.2 to the Registration Statement)                                                                                                           
|4.1        |  | Specimen Stock certificate of SunCoast Bancorp, Inc.
(Incorporated by reference to Exhibit 4.2 to the Registration
Statement)                                                                                       
|10.1       |  | Form of Employment Agreement entered into between the
Bank and William F. Gnerre (Incorporated by reference to Exhibit
10.2 to the Registration Statement)*                                                         
|10.2       |  | SunCoast Bancorp, Inc. Director Stock Option Plan
(Incorporated by reference to Exhibit 10.3 to the Registration
Statement)*                                                                                        
|10.3       |  | SunCoast Bancorp, Inc. Employee Stock Option Plan
(Incorporated by reference to Exhibit 10.4 to the Registration
Statement)*                                                                                        
|10.4       |  | Lease Agreement dated August 28, 1998 between SunCoast
Bancorp, Inc. and Palmer Medical Center Ltd. (Incorporated by
reference to Exhibit 10.5 to the Form 10-KSB filed for the fiscal
year ended December 31, 1999)



|* |  | Represents a management contract or compensatory plan or announcement
required to be filed as an exhibit.
|- |  | ---------------------------------------------------------------------------------------------------------



|(b) |  | Reports on Form 8-K.There were no reports on Form 8-K filed during the
three months ended March 31, 2002.
|--- |  | ---------------------------------------------------------------------------------------------------------

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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: May 1, 2002 |  | By:   John T. Stafford                                                                                      
|                  |  |                                                                                                             
|                  |  | John T. Stafford, President and Chief Executive Officer                                                     
|                 
|Date: May 1, 2002 |  | By:   John S. Wilks                                                                                         
|                  |  |                                                                                                             
|                  |  | John S. Wilks, Chief Financial Officer
       (Principal Financial Officer and Principal
Accounting Officer)

15