Tarpon Coast Bancorp, Inc. Reports First Quarter 2001 Operating Results

Apr 18, 2001, 01:00 ET from Tarpon Coast Bancorp, Inc.

    PORT CHARLOTTE, Fla., April 18 /PRNewswire/ --
 Tarpon Coast Bancorp, Inc. (OTC Bulletin Board:   TCBA) today announced its
 results for the first quarter of 2001. For the three-month period ending March
 31, 2001, the Company reported a loss of $41,806, or $.04 per share, an
 improvement of approximately $26,000, or $.02 per share, over the same period
 in 2000, and an improvement of $123,000, or $.10 per share over the fourth
 quarter of 2000. The Company, through its subsidiary banking organization,
 Tarpon Coast National Bank, has adopted a growth strategy in order to fully
 leverage and utilize its capital and achieve critical mass. This strategy has
 produced significant growth in assets and deposits, together with market
 share. Moreover, total assets grew by almost $25 million, or 48% since this
 time last year, with deposits increasing by $25 million and earning assets
 increasing by over $22 million.
     The Company has continued to generate substantial loan demand while
 maintaining the credit quality of its portfolio. While gross loans have
 increased by over 50% since this time last year, at March 31, 2001, the
 Company's non-performing assets of $92,000 represented just over one-tenth of
 one percent of total assets. In addition, the Company had less than $10,000 in
 loans delinquent for more than 30 days.
     The Company has acquired and is currently renovating a banking facility in
 Englewood, Florida, which will serve coastal portions of both Charlotte and
 Sarasota Counties. This will be the Company's third full-service banking
 facility and is expected to open in June 2001. Direct incremental losses
 relating to this expansion activity aggregated $42,295 for the first quarter
 of 2001.
 
                                    Tarpon Coast Bancorp, Inc.
                                             March 31,
                                      (Dollars in Thousands)
 
                                      2001             2000
 
     Balance Sheet Data:
         Total Assets                $76,620         $51,749
         Total Customer Deposits     $67,434         $42,588
         Gross Loans                 $49,540         $32,634
 
     Operating Statement Data:
         Net Interest Income          $1,256            $778
         Provision for Loan Losses       $69             $25
         Non-interest Income            $155             $34
         Non-interest Expenses          $759            $512
         Net Loss                      ($42)           ($68)
         Net Loss Per Share           ($.04)          ($.06)
 
 

SOURCE Tarpon Coast Bancorp, Inc.
    PORT CHARLOTTE, Fla., April 18 /PRNewswire/ --
 Tarpon Coast Bancorp, Inc. (OTC Bulletin Board:   TCBA) today announced its
 results for the first quarter of 2001. For the three-month period ending March
 31, 2001, the Company reported a loss of $41,806, or $.04 per share, an
 improvement of approximately $26,000, or $.02 per share, over the same period
 in 2000, and an improvement of $123,000, or $.10 per share over the fourth
 quarter of 2000. The Company, through its subsidiary banking organization,
 Tarpon Coast National Bank, has adopted a growth strategy in order to fully
 leverage and utilize its capital and achieve critical mass. This strategy has
 produced significant growth in assets and deposits, together with market
 share. Moreover, total assets grew by almost $25 million, or 48% since this
 time last year, with deposits increasing by $25 million and earning assets
 increasing by over $22 million.
     The Company has continued to generate substantial loan demand while
 maintaining the credit quality of its portfolio. While gross loans have
 increased by over 50% since this time last year, at March 31, 2001, the
 Company's non-performing assets of $92,000 represented just over one-tenth of
 one percent of total assets. In addition, the Company had less than $10,000 in
 loans delinquent for more than 30 days.
     The Company has acquired and is currently renovating a banking facility in
 Englewood, Florida, which will serve coastal portions of both Charlotte and
 Sarasota Counties. This will be the Company's third full-service banking
 facility and is expected to open in June 2001. Direct incremental losses
 relating to this expansion activity aggregated $42,295 for the first quarter
 of 2001.
 
                                    Tarpon Coast Bancorp, Inc.
                                             March 31,
                                      (Dollars in Thousands)
 
                                      2001             2000
 
     Balance Sheet Data:
         Total Assets                $76,620         $51,749
         Total Customer Deposits     $67,434         $42,588
         Gross Loans                 $49,540         $32,634
 
     Operating Statement Data:
         Net Interest Income          $1,256            $778
         Provision for Loan Losses       $69             $25
         Non-interest Income            $155             $34
         Non-interest Expenses          $759            $512
         Net Loss                      ($42)           ($68)
         Net Loss Per Share           ($.04)          ($.06)
 
 SOURCE  Tarpon Coast Bancorp, Inc.