Statement of Condition
Dear Clients, Friends and Colleagues:
I am pleased to report that 2013 was another good year for Fidelity Bank. We continue to focus on our two primary market niches – commercial relationships and mortgage warehouse funding. The most notable shift in our balance sheet from last year is the decline in mortgage related assets. Interest rates were at historic lows in 2012 and, coupled with the government refinance programs, the mortgage companies we serve had very strong refinancing activity through 2012 and into the first part of 2013. As mortgage rates increased in 2013 refinancing volume contracted throughout the year.
Our balance sheet is also a reflection of the strength of our clients’ financial position. Customers carried more cash and less debt and, in turn, our core deposits increased more than commercial loans in 2013. We anticipate stronger loan growth in the coming year as sales and business activity continues to increase.
Since 1970, Fidelity Bank has maintained a very strong financial position and this year is no different. In addition to prudent underwriting and maintaining a high level of asset quality, we manage expenses closely to maximize the return to all of our stakeholders. Our capital position is as strong as it has ever been, positioning us to invest in the future.
We are grateful for your loyalty and your relationship. Thank you for choosing Fidelity Bank.
Charles R. Mueller President/CEO
FIDELITY BANK STATEMENT OF CONDITION
|Cash and Due from Banks||$68,184,328||$19,465,509|
|Mortgage Loans Held for Sale||$75,411,892||$225,514,211|
|Goodwill and Intangible Assets||$27,046,570||$27,565,533|
|LIABILITIES AND EQUITY CAPITAL|
|Borrowing and Other Liabilities||$1,861,353||$95,121,636|
|TOTAL liabilities and shareholder's equity||$403,622,921||$522,888,108|