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, a key banking performance measure, continues at industry leading levels. Based on most recently available data for 2007, MidFirst’s return on equity ranks it in the top 7% of the approximately 7,000 banks in the United States.
MidFirst Bank reported earnings of $224 million for the year ended December 31, 2007, compared to $243 million for 2006. This slight 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% compared to last year’s $11.1 billion in assets. Capital and reserves grew by $92 million to just over $1 billion. MidFirst’s regulatory core capital ratio also improved.