Midfirst Reports $190 Million in Earnings

As MidFirst’s earnings continue to moderate from the record high levels of prior years, the bank’s performance continues to rank high relative to its peers. MidFirst’s exceptional earnings over the past several years is evidenced by the fact that it was
recognized by the American Banker’s Association as the top-performing privately-owned bank in the United States in 2005. It has maintained that distinction through the first half of 2006 (for privately-owned banks larger than $3 billion in assets).
Earnings for the first nine months of 2006 totaled $190.9 million, compared to $252.2 million for the same period last year. Earnings for the third quarter of 2006 were $59.1 million compared to $88.1 million in the same quarter of 2005.
Assets, primarily commercial loans, grew $743 million over the prior year. MidFirst’s capital and reserve base was approximately $905 million at September 30, 2006. “MidFirst has been able to sustain its growth this year as the result of its strong commercial banking performance, including its growing Phoenix operation” commented
Bob Dilg, MidFirst’s president.
“We expect that our significant past and continuing investment in Oklahoma and
Arizona will be the foundation of our future growth,” Dilg continued. “We have built outstanding and experienced commercial banking teams in both Oklahoma and Arizona,” Dilg further added. Commercial and retail banking profitability continue to be a larger component of the bank’s profitability.
MidFirst continues to aggressively expand its office network in Oklahoma and Arizona, with numerous new offices planned in each of the next five years. Three new Oklahoma offices were opened in the third quarter, bringing the total to 49.
MidFirst is Oklahoma’s second largest bank, and the third largest privately-owned bank in the United States. The Midland Group has served the nation’s financial needs for over 50 years, and is among the largest employers in the state with approximately 1,500 employees.

Was this article helpful?

Related Articles

Leave A Comment?