MidFirst Bank Reports Second Quarter Earnings of $68.9 Million

July 23, 2011

PHOENIX, AZ – MidFirst Bank, Arizona's largest privately held bank, reported second quarter earnings of $68.9 million, a 6.3% increase over the same period in 2010. "I'm pleased with the second quarter results and expect solid earnings to continue this year, accompanied by strong organic deposit and loan growth," remarked Jeff Records, chairman and chief executive officer for MidFirst Bank.

The bank finished the quarter with an increase in consumer and commercial deposits of $448 million over the prior year. The bank's growth of consumer checking deposits exceeded 20%. "We are grateful our customer focus has been met with steady deposit growth," Records said.

MidFirst's regulatory capital and reserves of $1.40 billion represent a $134 million increase over levels reported a year ago. The bank's core capital ratio of 12.75% would have ranked ninth highest among the top 100 largest banks in the country based on prior quarter results.

MidFirst is a significant contributor to community activities including the MidFirst Bank Fundraising Van Program, which has helped raise more than $1 million for schools and charities.