MidFirst Bank Reports Third Quarter Earnings of $77 Million

October 27, 2011

PHOENIX, AZ – MidFirst Bank, Arizona's largest privately held bank, reported third quarter earnings of $77 million, a 14 percent increase over the same period in 2010. "In our core markets we are seeing a return to stable asset values and increased customer confidence. Our commercial customers, in general, have strengthened their balance sheets. And, following this year's strong, organic increase in commercial and consumer deposits at MidFirst, we are starting to see customer demand for loan growth as well," remarked Jeff Records, chairman and CEO for MidFirst Bank.

The bank finished the quarter with an increase in consumer and commercial deposits of $537 million over the prior year. The bank's growth of consumer checking account deposits exceeded 23 percent. The bank also added 74 jobs during the third quarter, bringing the total jobs added for this calendar year to 147. "We are grateful that our steady growth is translating into new jobs" Records said.

MidFirst's regulatory capital and reserves of $1.45 billion represent a $110 million increase over levels reported a year ago. The bank's core capital ratio of 13.2 percent would have ranked ninth highest among the 100 largest U.S. banks based on prior quarter results.

Headquartered in Oklahoma City, MidFirst has 22 banking centers across the Valley and serves more than 600,000 customers nationwide.