Midfirst Bank Earnings Strong, Adds 100 Jobs

Despite the worst economic downturn in the past 60 years, Oklahoma’s second largest bank, MidFirst, continues to post solid results.
Similar to its peers, MidFirst’s earnings declined from the same quarter last year as it added to its loan loss reserves.
However, based on the most recently available industry data, MidFirst’s earnings performance ranks it in the top 5 percent of all banks in the U.S. MidFirst’s assets grew by 2 percent compared to the same period last year.
In light of the nation’s recession, the bank decided to further strengthen its reserves as protection from future potential loan losses, resulting in a first quarter net income of $44.8 million, compared to $68.2 million for the same quarter last year. MidFirst’s assets total $14.4 billion and the bank has a combined regulatory capital and reserve base of $1.2 billion, exceeding well-capitalized criteria established by its regulators.
“MidFirst’s strong capital position and diversified business strategies have enabled the bank to establish a long trend of superior financial results, consistently outperforming national averages relative to its peers. Among the 100 largest banks in the United States, only 14, including MidFirst, achieved year-over-year earnings growth in 2008,” said Jeff Records, chairman, president and chief executive officer for MidFirst Bank.
“While many banks struggle as a result of the decisions that led to the mortgage crisis, MidFirst’s role as the fifth largest government loan servicer in the United States with 340,000 loans totaling $26.6 billion, and its related government-backed investments provide exceptional strength and stability to the bank’s balance sheet. During 2008 MidFirst expanded its government loan servicing operation with the purchase of servicing rights related to loans totaling $14.5 billion. This sizeable acquisition led to the creation of 100 additional jobs within MidFirst’s mortgage servicing operation in Oklahoma City at I-44 and Broadway Extension. The acquisition also had an immediate positive impact on MidFirst’s core earnings,” Records said.
“Although the decline in earnings for the first quarter partially reflects the strengthening of the bank’s reserves, it also reflects the fact that 2008 was an exceptionally strong year as evidenced by comparison to peers. As such, we remain committed to our expansion plans. This is a time when MidFirst is not only investing in its future, but also positively impacting the economy with continued growth and job creation. MidFirst’s optimism is evidenced by its increasing investment in Oklahoma where two new banking centers are scheduled to open in 2009,” he said.
MidFirst is Oklahoma’s second largest bank with over 570,000 retail, commercial, and mortgage customers, 50 offices and over 100 ATMs across Oklahoma. MidFirst is a member of the Midland Group of companies and is Oklahoma owned and operated. The Midland Group has served the financial needs of Oklahomans for more than 55 years and is among the largest employers in the state with more than 1,800 employees.

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