Statement of Condition
Dear Clients, Friends and Colleagues:
I am pleased to report Fidelity Bank experienced another excellent year in 2014 while remaining a strong and well capitalized organization. As the economy strengthened throughout the year, our customers invested in their growth through increased capital expenditures, property improvements, and various acquisitions. This enabled us to partner with them and is reflected in the Bank’s commercial portfolio growth and performance.
Our mortgage warehouse business also exhibited another solid year and we continued our efforts to further serve the mortgage banking industry. In May we opened a loan production office in Houston Texas after completing the acquisition of Warehouse Lending Group. This expansion provides us with opportunities for additional growth and diversification.
As with prior years, solid growth in core deposits and the accumulation of additional capital provided support for our loan demand. Capital is arguably the most important measure of financial stability in banking and Fidelity Bank maintains levels of capital well in excess of both current regulatory requirements as well as those under the new Basel III capital requirements.
Finally, I want to thank you for your business and your support. The formula of continuity and commitment which comes with long term relationships is key to our success. It is our pleasure to serve you.
Charles R. Mueller President/CEO
FIDELITY BANK STATEMENT OF CONDITION
|Cash and Due from Banks||$42,707,237||$68,184,328|
|Mortgage Loans Held for Sale||$84,358,243||$75,411,892|
|Goodwill and Intangible Assets||$27,222,607||$27,046,570|
|LIABILITIES AND EQUITY CAPITAL|
|Borrowing and Other Liabilities||$2,437,515||$1,861,353|
|TOTAL liabilities and shareholder's equity||$450,985,814||$403,622,921|