Gulfshore Bank in Tampa, Florida (FL)



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Gulfshore Bank
GeneralFDIC Certificate #: 58762
Status: Active
Federal Reserve ID: 3628777
Bank Holding Company (Regulatory Top Holder): Validus Holdings, Lllp (RSSDID: 4114585, Location: Tampa, FL)
Date Established: August 22, 2007
WWW: http://www.gulfshorebank.com
Trust Powers Granted: No
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 3 (Domestic: 3, Interstate: No)
FDIC's unique #: 467303
Numeric code: 21
Regulator: FDIC
Insurance Fund Membership: Deposit Insurance Fund (DIF)
Insured commercial Banks: Yes
FDIC Insured: Yes
Deposit Insurance Fund member: Yes
Ownership Type: Non-Stock
FFIEC Call Report 31 Filer: No
State Chartered: Yes
Subchapter S Corporations: No
Asset Concentration Hierarchy: Commercial Lending Specialization
Date of Deposit Insurance: August 22, 2007
Last Structure Change Effective Date: December 19, 2008
Last Structure Change Process Date: January 12, 2009
Last Data Update: January 12, 2009
Data Source Date: April 05, 2012
LocationAddress: 3201 South Macdill Avenue, Tampa, FL 33629
County: Hillsborough
Quarterly Banking Profile Region: Atlanta
FDIC Geographic Region: Atlanta
FDIC Supervisory Region: Atlanta
FDIC Field Office: Tampa
Office of the Comptroller the Currency (OCC) District: Southwest
Office of Thrift Supervision Region: Southeast
Metropolitan Statistical Area (MSA): Tampa-St. Petersburg-Clearwater, FL (#8280)
Core Based Statistical Area (CBSA): Tampa-St. Petersburg-Clearwater, FL (#45300)
CBSA Metro Statistical Area: Tampa-St. Petersburg-Clearwater, FL (#45300)
Financial SummaryTotal assets: $239.9 mil
Equity capital: $14.1 mil
Deposits held in domestic offices: $214.3 mil
Return on assets (ROA): -0.03% (-$0.1 mil)
Quarterly return on assets: 0.12% ($0.3 mil)
Return on Equity (ROE): -0.46% (-$0.1 mil)
Quarterly return on equity: 1.81% ($0.3 mil)
Net income: -$0.1 mil
Quarterly Net income: $0.1 mil
Pretax return on assets: -0.01% (-$24.0 mil)
Quarterly Pretax return on assets: 0.28% ($671.8 mil)

2000 - 2011 Historical total assets, liabilities and capital ($ mil)

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Historical total employees (full-time equivalent)

Assets and Liabilities (December 31, 2011)
(Dollar figures in thousands)
Total employees (full-time equivalent)30
Total assets$239,931
Cash and due from depository institutions$89,634
Interest-bearing balances$24,910
Securities$27,196
Federal funds sold & reverse repurchase agreements$289
Net loans & leases$117,585
Loan loss allowance $1,850
Trading account assets$0
Bank premises and fixed assets$2,001
Other real estate owned$655
Goodwill and other intangibles$0
All other assets$2,571
Life insurance assets$239,931
Total liabilities and capital$225,879
Total liabilities$214,286
Total deposits$160,948
Interest-bearing deposits$214,286
Deposits held in domestic offices$78
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$11,000
Other borrowed funds $0
Subordinated debt $593
All other liabilities $14,052
Total equity capital$14,052
Total bank equity capital$14,052
Perpetual preferred stock$0
Common stock$9,641
Surplus$9,761
Undivided profits $-5,350
Memoranda
Noncurrent loans and leases $0
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $0
Income earned, not collected on loans $3,990
Earning assets $1,173
Long-term assets (5+ years) $400
Average Assets, year-to-date $169,980
Average Assets, quarterly $58,094
Volatile liabilities $187,580
Insider loans $217,880
FHLB advances $141,397
Loans and leases held for sale $202,984
Unused loan commitments $0
Tier 1 (core) risk-based capital $0
Tier 2 risk-based capital $13,662
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $23,342
Derivatives$2,567
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $6,779
Total interest expense $2,049
Net interest income $4,730
Provision for loan and lease losses $722
Total noninterest income $258
Fiduciary activities $0
Service charges on deposit accounts $42
Trading account gains & fees $0
Additional noninterest income $216
Total noninterest expense $4,276
Salaries and employee benefits $2,401
Premises and equipment expense $470
Additional noninterest expense $1,405
Pre-tax net operating income -$10
Securities gains (losses) -$2
Applicable income taxes $52
Income before extraordinary items -$64
Extraordinary gains - net $0
Net income attributable to bank -$64
Net charge-offs $0
Cash dividends -$64
Sale, conversion, retirement of capital stock, net $39
Net operating income $0
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets4.20%
Cost of funding earning assets 1.27%
Net interest margin 2.93%
Noninterest income to earning assets 0.16%
Noninterest expense to earning assets 2.65%
Net operating income to assets -0.03%
Return on assets (ROA) -0.03%
Pretax return on assets -0.01%
Return on equity (ROE) -0.46%
Retained earnings to average equity (YTD only) -0.46%
Net charge-offs to loans 0.04%
Credit loss provision to net charge-offs 1851.28%
Efficiency ratio18.26%
Assets per employee$85,726
Cash dividends to net income (YTD only)8.00%
Condition Ratios (%)
Loss allowance to loans 0.00%
Loss allowance to noncurrent loans 1.55%
Noncurrent assets plus other real estate owned to assets 46.37%
Noncurrent loans to loans 1.94%
Net loans and leases to deposits3.34%
Net loans and leases to core deposits 54.87%
Equity capital to assets 63.64%
Core capital (leverage) ratio 5.86%
Tier 1 risk-based capital ratio 6.73%
Total risk-based capital ratio 9.66%
Memoranda
Average assets$11
Average earning assets$187,580
Average equity $13,889
Average loans $161,471
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3 Florida Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
0467303Gulfshore Bank3201 South Macdill Avenue, Tampa, FL 33629August 22, 2007Full Service Brick and Mortar
1522051Downtown Branch401 South Florida Avenue, Tampa, FL 33602March 10, 2011Full Service Brick and Mortar
2522052Gulfshore Bank Courier3201 South Macdill Avenue, Tampa, FL 33629Febuary 18, 2011Limited Service Messenger
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