Bank grows pre-tax net income by 77%

SARASOTA — Sabal Palm Bank has experienced a healthy growth rate since the end of 2015.

The bank's pre-tax net income through the first six months of 2016 was $397,973, a 77.3% increase over the first six months of 2015, a statement to shareholders says. That growth is in part due to Sabal Palm's growth in total loans, which rose to $99.3 million, up 8.3% from $91.7 million on Dec. 31, 2015. That growth represents at 16.5% annualized growth rate for Sabal Palm.

During that same period, Sabal Palm's non-CD deposit accounts grew by 9.5% to $87.1 million. That marks an increase of $7.5 million, the statement says.

Sarasota-based Sabal Palm Bank had $135.7 million in assets as of March 31, 2016, according to FDIC data. The bank reported revenue of $4.7 million in 2015.