MidFirst Bank reported earnings of $60.4 million for the fourth quarter of 2007, up $8.1 million or 15 percent over the same period last year.
MidFirst Bank’s return on equity continues at industry-leading levels. Based on most the recently available data for 2007, MidFirst’s return on equity ranks it in the top 7 percent of the 7,000 banks in the U.S.
MidFirst Bank reported earnings of $224 million for the year ended Dec. 31, 2007, compared to $243 million for 2006. The bank said the decline in earnings over the prior year is primarily attributable to the aggressive expansion of MidFirst’s banking network, which represents an investment in the bank’s future performance. Over the past three years, MidFirst has invested significant capital in Oklahoma with the opening of nine offices, more than any other bank in the state.
MidFirst Bank’s assets grew $1.8 billion to $12.9 billion in 2007, an increase of 17 percent compared to last year’s $11.1 billion in assets. Capital and reserves grew by $92 million to just over $1 billion.
“MidFirst’s performance this year is especially encouraging in light of the turmoil in the financial markets. During this time, MidFirst achieved growth of 17 percent within its commercial lending portfolio. 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. The bank’s consumer lending portfolio grew 14 percent in 2007 while maintaining delinquency levels far better than industry averages. The remainder of MidFirst’s balance sheet primarily consists of government-backed loans and securities,” said Bob Dilg, MidFirst’s president and chief executive officer.
“Equally impressive is the fact that retail and commercial deposits grew $433 million, or 19 percent, this year. This growth is particularly impressive considering that the growth rate nationally, and in Oklahoma is 3 percent and 8 percent, respectively. We continue to attract new customers and have achieved an exceptionally high rate of retention among our existing retail and commercial customers,” Dilg said.
MidFirst is Oklahoma’s second largest bank and the third largest privately owned bank in the United States. The bank also has offices in Phoenix, Denver, Houston, Chicago and New York. MidFirst is a member of the Midland Group of Cos. and is Oklahoma-owned and -operated.