MidFirst Bank Earnings Increase 31 Percent

MidFirst Bank reported earnings of $68.2 million for the quarter ended March 31, 2008, compared to $51.9 million for the same quarter in 2007. The increase in earnings reflects the continued growth of MidFirst Bank’s core operating strategies and continued high asset quality.
Balance sheet growth was also strong. MidFirst Bank’s assets ended the quarter at $14.1 billion, an increase of about $2.8 billion, or 25 percent over the same period last year. MidFirst’s regulatory capital and reserves exceeded $1 billion at March 31, 2008.
“MidFirst remains a top performer in the banking industry,” said Bob Dilg, MidFirst Bank’s president. “As measured by return on equity, MidFirst ranks among the top 2 percent of all banks in the United States, based on recently available data.”
Commercial and consumer loans grew 23 percent over the past twelve months to about $5.6 billion at March 31, 2008. Retail deposits have also experienced strong growth, ending the quarter up 17 percent over the prior year.
“MidFirst’s performance this quarter is especially encouraging in light of the continuing turmoil in the housing and financial markets. The bank’s growth was achieved while maintaining its status among the top banks in Oklahoma and the United States in terms of asset quality,” Dilg said.



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