MidFirst Bank today reported earnings of $51.9 million for the quarter ended March 31, compared to $66.5 million for the same quarter in 2006.
According to the company, the decrease was expected, and reflects a return to a more sustainable level of earnings following several years of elevated profitability resulting primarily from historically high mortgage banking profitability.
MidFirst’s earnings in the first quarter resulted in return on equity of 26 percent.
MidFirst Bank’s assets ended the quarter at $11.4 billion, an increase of approximately $1.1 billion, or 11% percent over the same period last year. MidFirst’s capital and reserves grew to approximately $964 million, an increase of approximately $71 million compared to last year. MidFirst’s regulatory capital to assets ratio ended the first quarter of 2007 at 7.1%, up slightly from the same period last year.
MidFirst Bank is Oklahoma’s second largest bank, with a full service banking operation
in Phoenix, and lending offices in Houston, Chicago, New York and Southern California. MidFirst is a member of the Midland Group of Companies and is Oklahoma owned and