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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For Quarter Ended June 30, 2002

COMMISSION FILE NUMBER 33 ACT FILE NO. -33-90524

VALRICO BANCORP, INC.

1815 EAST STATE ROAD 60, VALRICO, FLORIDA 33594

(813) 689-1231

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 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. (1) Yes [X]   (2) No [   ]

AS OF June 30, 2002, THERE WERE 307,077 SHARES OF COMMON STOCK OUTSTANDING

VALRICO BANCORP, INC.

INDEX

2

VALRICO BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)

See Notes to Consolidated Financial Statements

3

VALRICO BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)

See Notes to Consolidated Financial Statements

4

VALRICO BANCORP, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(UNAUDITED)
(In Thousands)

See Notes to Consolidated Financial Statements

5

VALRICO BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)

See Notes to Consolidated Financial Statements

6

VALRICO BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
March 31, 2002

BASIS OF PRESENTATION

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. In the opinion of management, all necessary adjustments (consisting of normal recurring entries) have been made for a fair presentation of the accompanying unaudited consolidated financial statements. These financial statements rely, in part, on estimates. The results for the period are not necessarily indicative of the results to be expected for the entire year.

Valrico Bancorp, Inc., a one-bank holding company, acquired 100% of the common stock of Valrico State Bank as of May 31, 1995 in a transaction accounted for similar to a pooling of interests. Therefore, the unaudited consolidated financial statements include the accounts of Valrico Bancorp, Inc. (the Company) and its wholly owned subsidiary, Valrico State Bank (the Bank). Significant intercompany balances and transactions have been eliminated in consolidation.

Net income per share has been computed by dividing net income by the average number of common shares outstanding of 306,018 as of June 30, 2002, and 304,257 as of June 30, 2001.

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VALRICO BANCORP, INC.

MANAGEMENT’S DISCUSSIONS AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS

The Company’s primary asset is its subsidiary bank, which is in its twelfth year of operation. During the six months ended June 30, 2002, the Bank experienced a growth in deposits with an increase of $6,909,000 or 7.4%. Demand Deposit Accounts had the highest percentage of growth at 31.8%, or an increase of $4,450,000 in the six months ended June 30, 2002.

Loan growth decreased $253,000 or 1.4% for the six months ended June 30, 2002. The allowance for credit losses at June 30, 2002 was at $984,000 compared to 978,000 at December 31, 2001. The Bank had $60,000 in charge-offs and had recoveries in the amount of $6,000 during the six months ended June 30, 2002, and has loan classified as troubled in the amount of $68,000 as of June 30, 2002. A total of $60,000 was expensed for provision for loan losses during the period. Management considers the allowance to be adequate at this time.

Nonaccrual loans amounted to $455,000 and $483,000 at June 30, 2002 and 2001, respectively. Loans 90 days or more past due amounted to $0 and $504,000 at June 30, 2002 and 2001, respectively. There were restructured loans in the amount of $168,000 and $356,000 at June 30, 2002 and 2001, respectively. The following table sets forth a summary of loan loss experience:

Analysis of the Allowance for Loan Losses

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VALRICO BANCORP, INC.

MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (CONTINUED)

Consolidated net income for the three months ending June 30, 2002 was $145,000 or $0.47 per share which compares to $211,000 or $0.67 per share for the same period in 2001. This represents a decrease over the comparable quarter of $66,000, which is attributable mostly to the costs associated with an OREO property. The bank expects to recover most, if not all, of these costs in time.

Salaries and benefits represent 50.1% of non-interest expenses for the six months ended June 30, 2002, compared to 56.4% for the six months ended June 30, 2001. Salary expense for the six months ended June 30, 2002 increased 3.7% over the same period for 2001

The Tier I capital ratio was 7.01% and Total Capital ratio was 7.91% at June 30, 2002. The tier I capital to total risk-weighted assets ratio was 9.68% at June 30, 2002.

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PART II. OTHER INFORMATION

Item 6. Exhibits and Reports on Form 8-K

No reports on Form 8-K were filed for the quarter ended June 30, 2002.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on August 14th, 2002 on its behalf by the undersigned thereunto duly authorized.

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