MidFirst Earnings Increase 34% for the Second Quarter

July 16, 2008

PHOENIX – Earnings for the first six months of 2008 totaled $138.5 million, compared to $104.6 million for the same period last year. Earnings for the second quarter of 2008 were $70.3 million compared to $52.6 million in the same quarter of 2007, an increase of 34%. "MidFirst has been able to sustain its growth this year as the result of the diversity of its balance sheet and operating strategies. We continue to maintain the highest ratings by several independent bank rating firms," said Jeff Lowe, MidFirst Bank Arizona president.

Assets grew approximately $2.7 billion or 22% over the prior year driven primarily by growth in investment securities, government-backed mortgage loans, and commercial loans. MidFirst's combined regulatory capital and reserve base was approximately $1.1 billion at June 30, 2008.

"We have avoided the high-risk mortgage strategies that are affecting some financial institutions. For the most part, the mortgages that we hold are backed by agencies of the United States government. Within our commercial lending portfolio, we have worked to create diversity, both geographically, and by product type. As the financial markets continue to struggle, we are confident that the diversity of our balance sheet will help sustain the bank's performance," Lowe continued.

"While we are pleased with the bank's financial results this quarter, we remain vigilant in managing our credit risk and maintaining strong loan loss reserves. Despite the uncertainty within the financial markets, however, we remain strongly committed to our continued expansion plans in Arizona," Lowe further continued.

MidFirst is the third largest privately owned bank in the United States and the largest privately owned bank in Arizona. MidFirst has three banking centers open in the Valley with 12 more banking centers scheduled to open in 2008. MidFirst has more than 1,500 employees and over 100 in Arizona. MidFirst has offices in Phoenix, Oklahoma City, Tulsa, New York, Chicago, Houston and Southern California.