OFG Bancorp (OFG) 8-K Oriental Financial Group Reports Fourth Quarter 2010 Results

Exhibit 99

Puerto Rico Contact:
Marilyn Santiago-Colón,
Oriental Financial Group Inc.
(787) 993-4648

U.S. Contact:
Steven Anreder and Gary Fishman,
Anreder & Company
(212) 532-3232

ORIENTAL FINANCIAL GROUP REPORTS FOURTH QUARTER 2010 RESULTS

SAN JUAN, Puerto Rico, February 3, 2011 — Oriental Financial Group Inc. (NYSE: OFG) announced results for the quarter ended December 31, 2010.

“Our core Oriental Bank and Trust and Oriental Financial Services banking and financial services operations performed well as we continued to benefit from increased volume in our commercial and retail businesses,” said José Rafael Fernández, Vice Chairman of the Board, President and Chief Executive Officer.

“This was due to our larger and more strategically located network of 30 branches and our expanded commercial lending team, as well as a somewhat more rational market environment in Puerto Rico. We expect to continue to make strong progress in 2011 in line with our strategy of generating a greater proportion of income from lending and wealth management activities.”

4Q10 Financial Summary

• Income available to common shareholders of $3.9 million, or $0.08 per share, for the quarter ended December 31, 2010, compared to a loss of $75.3 million, or ($3.09) per diluted share, in the year ago quarter and a loss of $31.7 million, or ($0.70) per share in the quarter ended September 30, 2010.

• Book value per share increased to $14.33, up 32.5% from $10.82 a year ago and 3.9% from $13.79 at September 30, 2010.

• Total stockholders’ equity reached $732.3 million at December 31, 2010, an increase of 122.0% from a year ago and 3.7% from September 30, 2010.

• Tangible common equity to total assets increased to 9.04% from 3.97% at December 31, 2009 and 8.72% at September 30, 2010.

4Q10 Key Factors

• Strong performance in core banking operations, including increases in interest income from loans not covered under the shared-loss agreements with the FDIC, commercial loan and lease production and balances, retail and commercial deposits, and non-interest revenue, as well as reductions in the cost of deposits and the provision for loan and lease losses not covered under the shared-loss agreements with the FDIC.

• Strong performance in core wealth management operations, including greater non-interest revenues, and increases in trust assets and customer assets with the broker-dealer.

• Decline of $7.3 million in interest income from mortgage-backed securities primarily due to higher premium amortization, reflecting increases in pre-payments as well as a lower average yield on recently purchased securities. With the recent rise in interest rates, pre-payment speeds are showing signs of leveling off.

• Net credit impairment of $6.3 million attributable to various pools of loans covered under the shared-loss agreements with the FDIC.

• Gain on derivative activities of $22.9 million, representing the increase in the valuation of interest rate swaps used to manage the Group’s future interest rate risk exposure.

• Strategic decision in December 2010 to sell the remaining balance of the BALTA private label collateralized mortgage obligation (CMO). The proceeds from such sale amounted to approximately $63.5 million, which were slightly higher than the $63.2 million fair value at which this instrument was carried in books. This $300,000 difference represents a positive effect on stockholders’equity of this transaction for Oriental. A loss of $22.8 million was recorded in the fourth quarter for the difference between the amortized cost and the sales price,

• Reduction of $1.1 million in non-interest expenses compared to the previous quarter, due to continued cost savings related to the former Eurobank operations and our on-going cost control strategy.

4Q10 Income Statement Analysis

• Interest income of $72.4 million declined 10.9%, or $8.8 million, primarily due to higher premium amortization as a result of increase in pre-payments on mortgage-backed securities early in the fourth quarter. Interest income from non-covered loans increased to $18.2 million from $17.7 million, while interest income from covered loans (the former Eurobank loans) fell to $15.9 million from $16.6 million. Loan yield increased to 7.32% from 7.20% in the third quarter. Loans generated 47% of total interest income versus 42% in the third quarter and 24% in year ago quarter.

• Interest expense of $41.8 million fell 2.9%, or $1.3 million. Interest expense on borrowings declined 4.1%, primarily due to the September 2010 repayment of the FDIC note related to the Eurobank transaction. Interest expense on deposits declined to an average cost of 1.95% versus 2.03% in the previous quarter as deposit pricing within the Puerto Rico market is reflecting a more reasonable level of competition.

• The net credit impairment on covered loans, recorded as a provision, consisted of $49.3 million in gross estimated losses, mostly attributed to certain pools which have shown increase in credit deterioration in recent months, less a $43.0 million increase in the FDIC shared-loss indemnification asset. Conversely, from their acquisition on April 30, 2010 through December 31, 2010, covered loans have generated $23.4 million more in cash flows than originally expected. If the cash flows continue to outperform the original estimate, the allowance for loan losses for these pools may be reduced and interest income for these loans may be increased.

• Non-interest income from wealth management and banking services of $8.4 million increased 5.8%. Total wealth management assets of $3.9 billion at December 31, 2010 grew 9.2% from September 30, 2010, with increases of 2.6% in trust assets and 19.0% in customer assets with the broker-dealer.

• Mortgage banking activities revenue fell $1.4 million primarily due to reduced production versus a strong third quarter. Oriental typically sells more than 90% of its residential mortgage production, which is focused primarily on re-sales versus new home sales, into the secondary market.

• Total non-interest expenses of $31.7 million included $7.9 million related to former Eurobank operations versus $10.2 million in the third quarter. As of year end 2010, Oriental had achieved approximately 30% annualized Eurobank cost savings, as previously planned.

December 31, 2010 Balance Sheet Analysis

• Cash of $448.9 million increased 214.1% or $306.0 million. This reflects principal pre-payments from investment securities, a $120.7 million reimbursement from the FDIC to cover its 80% share of former Eurobank loan losses claimed to date, and the proceeds from the sale of the BALTA CMO. Some of this cash was reinvested in new agency securities in January 2011.

• Non-covered loans of $1.2 billion increased 1.2% or $13.1 million from September 30, 2010. This reflects increases in commercial loans, leases and consumer loans, which offset the decrease in residential mortgage loans. While total loan production and purchases declined 1.8%, to $101.5 million, production of commercial loans and leases was $39.6 million, an increase of 28.2% or $8.7 million.

• Total retail deposits were a record $2.0 billion, increasing 6.0% or $115.3 million. Total borrowings of $3.9 billion declined 1.8% or $71.4 million, reflecting Oriental’s third quarter deleveraging from the previously reported retirement at maturity of a $100 million repurchase agreement.

• Investment securities of $4.4 billion increased 1.7% or $74.1 million. As a result of the sale of the BALTA CMO, approximately 98% of Oriental’s investment securities portfolio as of December 31, 2010 consists of fixed-rate mortgage-backed securities or notes, guaranteed or issued by FNMA, FHLMC or GNMA, and U.S. agency senior debt obligations, backed by a U.S. government sponsored entity or the full faith and credit of the U.S. government.

• During the quarter, Oriental purchased FNMA and FHLMC certificates and categorized these as Held-to-Maturity with a December 31, 2010 balance of $689.9 million.

4Q10 Credit Quality on Loans Not Covered Under the Shared-Loss Agreements with the FDIC

• Provision for loan and lease losses of $3.7 million declined 9.8% or $0.4 million, while the allowance of $31.4 million increased 6.0% or $1.8 million, rising to 2.66% of total loans and leases versus 2.54% at September 30, 2010.

• Net credit losses of $1.9 million (0.66% of average loans outstanding) declined 22.4%, or $0.6 million. For the year, net credit losses totaled $7.7 million, below Oriental’s previously stated expectations of $8-$9 million.

• Non-performing loans of $122.8 million increased 10.9% or $12.1 million. The increase mainly reflects Oriental’s $10.0 million participation in a Shared National Credit commercial loan. This loan continues to comply with all contractual payments, but was classified as non-performing due to an estimated reduction in the appraised value of the property held as collateral.

Capital

• Oriental continues to maintain regulatory capital ratios well above the requirements for a well-capitalized institution. At December 31, 2010, the Leverage Capital Ratio was 9.56%, Tier-1 Risk-Based Capital Ratio was 26.42%, and Total Risk-Based Capital Ratio was 27.69%.

Non-GAAP Financial Measures

From time to time, Oriental uses certain non-GAAP measures of financial performance to supplement the financial statements presented in accordance with GAAP. Oriental presents non-GAAP measures when its management believes that the additional information is useful and meaningful to investors. Non-GAAP measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. The presentation of non-GAAP measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with GAAP.

Oriental’s management has reported and discussed the results of operations herein both on a GAAP basis and on a pre-tax operating income basis (defined as net interest income, less provision for non-covered loan and lease losses, plus banking and wealth management revenues, less non-interest expenses, and calculated on the accompanying table). Oriental’s management believes that, given the nature of the items excluded from the definition of pre-tax operating income, it is useful to state what the results of operations would have been without them so that investors can see the financial trends from Oriental’s continuing business.

Tangible common equity consists of common equity less goodwill. Management believes that the ratios of tangible common equity to total assets and to risk-weighted assets assist investors in analyzing Oriental’s capital position.

Conference Call

A conference call to discuss Oriental’s results, outlook and related matters will be held on Thursday, February 3, 2011, at 10:00 AM Eastern & 11:00 AM Puerto Rico Time. The call will be accessible live via a webcast on Oriental’s Investor Relations website atwww.orientalfg.com. A webcast replay will be available shortly thereafter. Access the webcast link in advance to download any necessary software.

About Oriental Financial Group

Oriental Financial Group Inc. is a diversified financial holding company operating under U.S. and Puerto Rico banking laws and regulations. Now in its 47^th year in business, Oriental provides a full range of mortgage, commercial and consumer banking services, as well as financial planning, trust, insurance, investment brokerage and investment banking services, primarily in Puerto Rico, through 30 financial centers. Investor information about Oriental can be found atwww.orientalfg.com.

Forward-Looking Statements

The information included in this document contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and involve certain risks and uncertainties that may cause actual results to differ materially from those expressed in forward-looking statements. Factors that might cause such a difference include, but are not limited to (i) the rate of declining growth in the economy and employment levels, as well as general business and economic conditions; (ii) changes in interest rates, as well as the magnitude of such changes; (iii) the fiscal and monetary policies of the federal government and its agencies; (iv) changes in federal bank regulatory and supervisory policies, including required levels of capital; (v) the relative strength or weakness of the consumer and commercial credit sectors and of the real estate market in Puerto Rico; (vi) the performance of the stock and bond markets; (vii) competition in the financial services industry; (viii) possible legislative, tax or regulatory changes; and (ix) difficulties in combining the operations of any acquired entity. For a discussion of such factors and certain risks and uncertainties to which Oriental is subject, see Oriental’s annual report on Form 10-K for the year ended December 31, 2009, and its quarterly reports on Form 10-Q for the quarters ended March 31, 2010, June 30, 2010, and September 30, 2010, as well as its other filings with the U.S. Securities and Exchange Commission. Other than to the extent required by applicable law, including the requirements of applicable securities laws, Oriental assumes no obligation to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements.

# # #

ORIENTAL FINANCIAL GROUP
Financial Summary
(NYSE: OFG)

	QUARTER ENDED												YEAR ENDED
(Dollars in thousands):	31-Dec-10			31-Dec-09			%			30-Sep-10			31-Dec-10			31-Dec-09			%
SUMMARY OF OPERATIONS
Interest Income:
Loans
Loans not covered under shared-loss agreements with the FDIC	$	18,160		$	17,826			1.9	%	$	17,700		$	71,310		$	73,155			-2.5	%
Loans covered under shared-loss agreements with the FDIC		15,926			—			100.0	%		16,647			44,158			—			100.0	%
Mortgage-backed securities		33,132			46,837			-29.3	%		40,429			158,674			198,015			-19.9	%
Investment securities		5,050			10,209			-50.5	%		6,367			29,262			47,776			-38.8	%
Short term investments		134			23			482.6	%		78			397			534			-25.7	%
Total interest income		72,402			74,895			-3.3	%		81,221			303,801			319,480			-4.9	%
Interest Expense:
Deposits		12,661			12,731			-0.5	%		12,680			48,535			54,693			-11.3	%
Securities sold under agreements to repurchase		24,709			25,818			-4.3	%		25,128			100,609			116,755			-13.8	%
Advances from FHLB and other borrowings		3,101			3,103			-0.1	%		3,082			12,248			12,380			-1.1	%
FDIC-guaranteed term notes		1,021			1,021			0.0	%		1,021			4,084			3,175			28.6	%
Note payable to the FDIC		—			—			0.0	%		823			1,887			—			100.0	%
Subordinated capital notes		308			307			0.3	%		327			1,238			1,465			-15.5	%
Total interest expense		41,800			42,980			-2.7	%		43,061			168,601			188,468			-10.5	%
Net interest income		30,602			31,915			-4.1	%		38,160			135,200			131,012			3.2	%
Provision for non-covered loan and lease losses		3,700			4,400			-15.9	%		4,100			15,914			15,650			1.7	%
Provision for covered loan and lease losses, net		6,282			—			100.0	%		—			6,282			—			100.0	%
Net interest income after provision for loan and lease losses		20,620			27,515			-25.1	%		34,060			113,004			115,362			-2.0	%
Non-Interest Income (Loss):
Wealth management revenues		4,692			4,309			8.9	%		4,554			17,849			14,473			23.3	%
Banking service revenues		3,742			1,612			132.1	%		3,414			11,772			5,942			98.1	%
Mortgage banking activities		1,999			2,537			-21.2	%		3,418			9,554			9,728			-1.8	%
Investment banking revenues (losses)		25			—			100.0	%		59			118			(4	)		-3050.0	%
Total banking and wealth management revenues		10,458			8,458			23.6	%		11,445			39,293			30,139			30.4	%
Total loss on other-than-temporarily impaired securities		—			(53,789	)		-100.0	%		(14,739	)		(39,674	)		(101,472	)		-60.9	%
Portion of loss on securities recognized in other comprehensive income		—			6,390			-100.0	%		—			22,508			41,398			-45.6	%
Other-than-temporary impairments on securities		—			(47,399	)		-100.0	%		(14,739	)		(17,166	)		(60,074	)		-71.4	%
Net gain (loss) on:
Sales of securities		(22,775	)		(52,003	)		-56.2	%		13,954			15,032			4,385			242.8	%
Derivatives		22,941			9,149			150.7	%		(22,580	)		(36,891	)		28,927			-227.5	%
Trading securities		21			137			-84.7	%		4			23			12,564			-99.8	%
Fair value adjustment on FDIC equity appreciation instrument		—			—			0.0	%		—			909			—			100.0	%
Accretion of FDIC loss-share indemnification asset		1,416			—			100.0	%		1,600			4,330			—			100.0	%
Foreclosed real estate		(241	)		6			-4116.7	%		(140	)		(524	)		(570	)		-8.1	%
Early extinguishment of repurchase agreements		—			—			0.0	%		—			—			(17,551	)		-100.0	%
Other		67			19			252.6	%		(8	)		124			113			9.7	%
Total non-interest income (loss), net		11,887			(81,633	)		-114.6	%		(10,464	)		5,130			(2,067	)		-348.2	%
Non-Interest Expenses:
Compensation and employee benefits		11,354			8,345			36.1	%		11,686			41,723			32,020			30.3	%
Occupancy and equipment		5,073			3,768			34.6	%		5,486			18,556			14,763			25.7	%
Professional and service fees		4,939			2,968			66.4	%		5,480			16,491			10,379			58.9	%
Insurance		1,788			1,673			6.9	%		1,651			7,006			7,233			-3.1	%
Taxes, other than payroll and income taxes		1,348			875			54.1	%		1,641			5,106			3,004			70.0	%
Advertising and business promotion		1,639			880			86.3	%		1,275			4,978			4,208			18.3	%
Electronic banking charges		1,392			587			137.1	%		1,322			4,504			2,194			105.3	%
Communication		656			404			62.4	%		827			2,561			1,567			63.4	%
Loan servicing and clearing expenses		512			363			41.0	%		1,021			3,051			2,390			27.7	%
Foreclosure and repossession expenses		1,311			279			369.9	%		694			2,830			929			204.6	%
Directors and investor relations		365			344			6.1	%		396			1,463			1,374			6.5	%
Printing, postage, stationery and supplies		393			237			65.8	%		299			1,188			902			31.7	%
Other		879			683			28.7	%		927			3,141			2,415			30.1	%
Total non-interest expenses		31,649			21,406			47.9	%		32,705			112,598			83,378			35.0	%
Income (loss) before income taxes		858			(75,524	)		-101.1	%		(9,109	)		5,536			29,917			-81.5	%
Income tax expense (benefit)		(4,216	)		(1,479	)		185.1	%		(1,287	)		(4,298	)		6,972			-161.6	%
Net income (loss)		5,074			(74,045	)		-106.9	%		(7,822	)		9,834			22,945			-57.1	%
Less: Dividends on preferred stock		(1,200	)		(1,201	)		-0.1	%		(1,200	)		(5,334	)		(4,802	)		11.1	%
Less: Deemed dividend on preferred stock beneficial conversion feature		—			—			0.0	%		(22,711	)		(22,711	)		—			-100.0	%
Income available (loss) to common shareholders	$	3,874		$	(75,246	)		-105.1	%	$	(31,733	)	$	(18,211	)	$	18,143			-200.4	%

Page 1 of 6

ORIENTAL FINANCIAL GROUP
Financial Summary
(NYSE: OFG)

	QUARTER ENDED												YEAR ENDED
(Dollars in thousands, except per share data)	31-Dec-10			31-Dec-09			%			30-Sep-10			31-Dec-10			31-Dec-09			%
PRE-TAX OPERATING INCOME
Net interest income	$	30,602		$	31,915			-4.1	%	$	38,160		$	135,200		$	131,012			3.2	%
Less provision for non-covered loan and lease losses		(3,700	)		(4,400	)		-15.9	%		(4,100	)		(15,914	)		(15,650	)		-1.7	%
Core non-interest income:
Wealth management revenues		4,692			4,309			8.9	%		4,554			17,849			14,473			23.3	%
Banking service revenues		3,742			1,612			132.1	%		3,414			11,772			5,942			98.1	%
Mortgage banking activities		1,999			2,537			-21.2	%		3,418			9,554			9,728			-1.8	%
Investment banking revenues		25			—			100.0	%		59			118			(4	)		100.0	%
Total core non-interest income		10,458			8,458			23.6	%		11,445			39,293			30,139			30.4	%
Less non interest expenses		(31,649	)		(21,406	)		47.9	%		(32,705	)		(112,598	)		(83,378	)		-35.0	%
Total Pre-tax operating income	$	5,711		$	14,567			-60.8	%	$	12,800		$	45,981		$	62,123			-26.0	%
INCOME (LOSS) PER COMMON SHARE
Basic	$	0.08		$	(3.10	)		-102.7	%	$	(0.70	)	$	(0.50	)	$	0.75			-166.4	%
Diluted	$	0.08		$	(3.09	)		-102.7	%	$	(0.70	)	$	(0.49	)	$	0.75			-166.3	%
COMMON STOCK DATA
Average common shares outstanding and equivalents		46,433			24,354			90.7	%		45,482			36,810			24,306			51.4	%
Cash dividends per share of common stock	$	0.05		$	0.04			24.8	%	$	0.04		$	0.17		$	0.16			4.2	%
Cash dividends declared on common shares	$	2,320		$	972			138.7	%	$	1,855		$	6,820		$	3,888			75.4	%
Pay-out ratio		60.02	%		-1.30	%		-4723.0	%		-5.74	%		-33.79	%		21.50	%		-257.2	%
SELECTED FINANCIAL DATA
PERFORMANCE RATIOS:
Return on average assets		0.28	%		-4.49	%		-106.1	%		-0.39	%		0.14	%		0.35	%		-61.3	%
Return on average common equity		2.35	%		-103.93	%		-102.3	%		-20.28	%		-3.63	%		7.16	%		-150.7	%
Equity-to-assets ratio		10.01	%		5.04	%		98.7	%		9.55	%		10.01	%		5.04	%		98.7	%
Efficiency ratio		77.08	%		53.02	%		45.4	%		65.93	%		64.53	%		51.74	%		24.7	%
Expense ratio		1.32	%		0.85	%		54.2	%		1.24	%		1.14	%		0.87	%		31.3	%
TAX EQUIVALENT SPREAD
Interest-earning assets		4.50	%		4.94	%		-8.9	%		4.73	%		4.74	%		5.22	%		-9.2	%
Tax equivalent adjustment		0.80	%		1.78	%		-55.1	%		0.92	%		0.99	%		1.72	%		-42.4	%
Interest-earning assets — tax equivalent		5.30	%		6.72	%		-21.1	%		5.65	%		5.73	%		6.94	%		-17.4	%
Interest-bearing liabilities		2.55	%		2.98	%		-14.4	%		2.42	%		2.57	%		3.22	%		-20.2	%
Tax equivalent interest rate spread		2.75	%		3.74	%		-26.5	%		3.23	%		3.16	%		3.72	%		-15.1	%
Tax equivalent interest rate margin		2.70	%		3.88	%		-30.4	%		3.14	%		3.10	%		3.86	%		-19.7	%
NORMAL SPREAD
Investments		3.35	%		4.65	%		-28.0	%		3.78	%		3.96	%		4.99	%		-20.6	%
Loans
Loans not covered under shared-loss agreements with the FDIC		6.26	%		6.16	%		1.6	%		6.10	%		6.14	%		6.21	%		-1.1	%
Loans covered under shared-loss agreements with the FDIC		9.06	%		—			—			8.93	%		8.93	%		—			—
		7.32	%		6.16	%		18.8	%		7.20	%		6.97	%		6.21	%		12.2	%
Interest-earning assets		4.50	%		4.94	%		-8.9	%		4.73	%		4.74	%		5.22	%		-9.2	%
Deposits		1.95	%		2.90	%		-32.8	%		2.03	%		2.12	%		3.13	%		-32.3	%
Borrowings
Securities sold under agreements to repurchase		2.84	%		2.91	%		-2.4	%		2.84	%		2.84	%		3.19	%		-11.0	%
Advances from FHLB and other borrowings		3.78	%		3.80	%		-0.5	%		3.82	%		3.77	%		3.76	%		0.3	%
FDIC-guaranteed term notes		3.88	%		3.71	%		4.6	%		3.86	%		3.87	%		3.58	%		8.1	%
Purchase money note issued to the FDIC		—			—			—			0.53	%		0.73	%		—			—
Subordinated capital notes		3.41	%		3.40	%		0.3	%		3.62	%		3.43	%		4.06	%		-15.5	%
		2.95	%		3.01	%		-2.0	%		2.63	%		2.81	%		3.25	%		-13.5	%
Interest-bearing liabilities		2.55	%		2.98	%		-14.4	%		2.42	%		2.57	%		3.22	%		-20.2	%
Interest rate spread		1.95	%		1.96	%		-0.5	%		2.31	%		2.17	%		2.00	%		8.5	%
Interest rate margin		1.90	%		2.10	%		-9.5	%		2.22	%		2.11	%		2.14	%		-1.4	%
AVERAGE BALANCES
Investments	$	4,574,376		$	4,907,790			-6.8	%	$	4,960,528		$	4,755,710		$	4,938,214			-3.7	%
Loans		1,862,267			1,158,245			60.8	%		1,906,851			1,656,891			1,178,890			40.5	%
Interest-earning assets	$	6,436,643		$	6,066,035			6.1	%	$	6,867,379		$	6,412,601		$	6,117,104			4.8	%
Deposits	$	2,603,713		$	1,755,052			48.4	%	$	2,494,167		$	2,289,167		$	1,746,042			31.1	%
Borrowings		3,954,446			4,022,421			-1.7	%		4,623,159			4,272,056			4,113,207			3.9	%
Interest-bearing liabilities	$	6,558,159		$	5,777,473			13.5	%	$	7,117,326		$	6,561,223		$	5,859,249			12.0	%

Page 2 of 6

ORIENTAL FINANCIAL GROUP
Financial Summary
(NYSE: OFG)

	AS OF
(Dollars in thousands)	31-Dec-10			31-Dec-09			%			30-Sep-10
BALANCE SHEET
Cash and cash equivalents	$	448,946		$	277,123			62.0	%	$	142,936
Investments:
Trading securities		1,330			523			154.3	%		102
Investment securities available-for-sale, at fair value, with amortized cost of $3,661,146 (December 31, 2009 — $5,044,017, September 30, 2010 — $4,304,055):
FNMA and FHLMC certificates		3,282,190			2,764,172			18.7	%		3,509,126
Obligations of US Government sponsored agencies		3,000			1,007,091			-99.7	%		301,550
Non-agency collateralized mortgage obligations		—			446,037			-100.0	%		63,246
CMO’s issued by US Government sponsored agencies		177,804			286,509			-37.9	%		194,427
GNMA certificates		127,714			346,103			-63.1	%		137,890
Structured credit investments		41,693			38,383			8.6	%		42,443
Puerto Rico Government and agency obligations		67,663			65,364			3.5	%		68,406
Total investment securities available-for-sale		3,700,064			4,953,659			-25.3	%		4,317,088
FNMA and FHLMC certificates held-to-maturity, at amortized cost, with fair value of $675,721 at December 31, 2010		689,917			—			100.0	%		—
Federal Home Loan Bank (FHLB) stock, at cost		22,496			19,937			12.8	%		22,496
Other investments		150			150			0.0	%		150
Total investments		4,413,957			4,974,269			-11.3	%		4,339,836
Securities sold but not yet delivered		—			—			0.0	%		317,209
Loans:
Loans not covered under shared-loss agreements with the FDIC:
Mortgage		872,482			918,935			-5.1	%		887,251
Commercial		234,992			197,777			18.8	%		217,280
Leasing		10,257			—			100.0	%		5,926
Consumer		35,912			22,864			57.1	%		30,757
Total loans receivable not covered under shared-loss agreements with the FDIC, gross		1,153,643			1,139,576			1.2	%		1,141,214
Less: Deferred loan fees, net		(4,354	)		(3,496	)		24.5	%		(4,236	)
Total loans receivable not covered under shared-loss agreements with the FDIC		1,149,289			1,136,080			1.2	%		1,136,978
Allowance for loan and lease losses on non-covered loans		(31,430	)		(23,272	)		35.1	%		(29,640	)
Loans receivable, net		1,117,859			1,112,808			0.5	%		1,107,338
Mortgage loans held for sale		33,979			27,261			24.6	%		31,432
Total loans not covered under shared-loss agreements with the FDIC, net		1,151,838			1,140,069			1.0	%		1,138,770
Loans covered under shared-loss agreements with the FDIC:
Loans secured by 1-4 family residential properties		166,865			—			100.0	%		174,355
Construction and development secured by 1-4 family residential properties		17,253			—			100.0	%		18,165
Commercial and other construction		388,261			—			100.0	%		411,188
Leasing		79,093			—			100.0	%		95,207
Consumer		18,546			—			100.0	%		19,692
Loans covered under shared-loss agreements with the FDIC		670,018			—			100.0	%		718,607
Allowance for loan and lease losses on covered loans		(49,286	)		—			-100.0	%		—
Loans covered under shared-loss agreements with the FDIC, net		620,732			—			100.0	%		718,607
Total loans, net		1,772,570			1,140,069			55.5	%		1,857,377
FDIC shared-loss indemnification asset		471,872			—			100.0	%		548,127
Foreclosed real estate covered under shared-loss agreements with the FDIC		15,962			—			100.0	%		16,380
Foreclosed real estate not covered under shared-loss agreements with the FDIC		11,969			9,347			28.1	%		13,765
Other repossessed assets covered under shared-loss agreements with the FDIC		2,350			—			100.0	%		2,748
Core deposit intangible		1,328			—			100.0	%		1,363
FDIC loss share receivable		1,757			—			100.0	%		426
Accrued interest receivable		28,716			33,656			-14.7	%		30,644
Deferred tax asset, net		30,350			31,685			-4.2	%		35,583
Prepaid FDIC Insurance		16,796			22,568			-25.6	%		18,235
Premises and equipment, net		23,941			19,775			21.1	%		17,125
Other prepaid expenses		7,897			4,269			85.0	%		10,514
Derivative asset		11,023			8,511			29.5	%		—
Servicing asset		9,695			7,120			36.2	%		9,647
Mortgage tax credits		3,432			3,819			-10.1	%		1,954
Debt issuance costs		2,299			3,531			-34.9	%		2,607
Goodwill		3,662			2,006			82.6	%		3,662
Investment in statutory trust		1,086			1,086			0.0	%		1,086
Investment in equity indexed options		9,870			6,464			52.7	%		7,106
Investment in swap options		7,422			—			100.0	%		—
Accounts receivable and other assets		15,877			5,535			186.8	%		20,889
Total assets	$	7,312,777		$	6,550,833			11.6	%	$	7,399,219

Page 3 of 6

ORIENTAL FINANCIAL GROUP
Financial Summary
(NYSE: OFG)

	AS OF
(Dollars in thousands)	31-Dec-10			31-Dec-09			%			30-Sep-10
Deposits:
Non-interest bearing demand deposits	$	170,649		$	73,548			132.0	%	$	168,596
Interest-bearing savings and demand deposits		1,019,594			706,750			44.3	%		954,762
Individual retirement accounts		359,730			312,843			15.0	%		351,743
Retail certificates of deposit		477,180			312,410			52.7	%		436,706
Total Retail Deposits		2,027,153			1,405,551			44.2	%		1,911,807
Institutional deposits		283,686			136,683			107.6	%		406,266
Brokered Deposits		278,048			203,267			36.8	%		278,048
Total deposits		2,588,887			1,745,501			48.3	%		2,596,121
Borrowings:
Short-term borrowings		42,470			49,179			-13.6	%		29,875
Securities sold under agreements to repurchase		3,456,781			3,557,308			-2.8	%		3,541,520
Advances from FHLB		281,753			281,753			0.0	%		281,753
FDIC-guaranteed term notes		105,834			105,834			0.0	%		105,112
Subordinated capital notes		36,083			36,083			0.0	%		36,083
Total borrowings		3,922,921			4,030,157			-2.7	%		3,994,343
Total interest-bearing liabilities		6,511,808			5,775,658			12.7	%		6,590,464
FDIC net settlement payable		24,839			—			100.0	%		41,601
Derivative liability		64			—			100.0	%		8,289
Securities purchased but not yet received		—			413,359			-100.0	%		—
Accrued expenses and other liabilities		43,735			31,650			38.2	%		52,328
Total liabilities		6,580,446			6,220,667			5.8	%		6,692,682
Preferred stock		68,000			68,000			0.0	%		68,000
Common stock		47,808			25,739			85.7	%		47,808
Additional paid-in capital		498,435			213,445			133.5	%		498,486
Legal surplus		46,331			45,279			2.3	%		45,906
Retained earnings		51,502			77,584			-33.6	%		50,374
Treasury stock, at cost		(16,732	)		(17,142	)		-2.4	%		(17,116	)
Accumulated other comprehensive income (loss), net		36,987			(82,739	)		-144.7	%		13,079
Total stockholders’ equity		732,331			330,166			121.8	%		706,537
Total liabilities and stockholders’ equity	$	7,312,777		$	6,550,833			11.6	%	$	7,399,219
SELECTED FINANCIAL DATA AT PERIOD-END
Common shares outstanding at end of period		46,349			24,235			91.2	%		46,317
Book value per common share	$	14.33		$	10.82			32.5	%	$	13.79
Trust assets managed	$	2,175,270		$	1,818,498			19.6	%	$	2,120,833
Broker-dealer assets gathered		1,695,635			1,269,285			33.6	%		1,425,445
Total assets managed	$	3,870,905		$	3,087,783			25.4	%	$	3,546,278

Page 4 of 6

ORIENTAL FINANCIAL GROUP
Financial Summary
(NYSE: OFG)

	AS OF
	31-Dec-10			31-Dec-09			%			30-Sep-10
CAPITAL RATIOS
Leverage capital ratio		9.56	%		6.52	%		46.6	%		8.99	%
Leverage capital ratio required		4.00	%		4.00	%					4.00	%
Actual tier I capital	$	698,836		$	414,702			68.5	%	$	708,869
Tier 1 capital required	$	292,448		$	254,323			15.0	%	$	315,235
Excess over regulatory requirement	$	406,388		$	160,379			153.4	%	$	393,634
Tier I risk-based capital ratio		26.42	%		18.79	%		40.6	%		24.00	%
Tier I risk-based capital ratio required		4.00	%		4.00	%					4.00	%
Actual tier I risk-based capital	$	698,836		$	414,702			68.5	%	$	708,869
Tier I risk-based capital required	$	105,797		$	88,295			19.8	%	$	118,134
Excess over regulatory requirement	$	593,039		$	326,407			81.7	%	$	590,735
Risk-weighted assets	$	2,644,927		$	2,207,383			19.8	%	$	2,953,361
Total risk-based capital ratio		27.69	%		19.84	%		39.6	%		25.02	%
Total risk-based capital ratio required		8.00	%		8.00	%					8.00	%
Actual total risk-based capital	$	732,359		$	437,975			67.2	%	$	739,062
Total risk-based capital required	$	211,594		$	176,591			19.8	%	$	236,269
Excess over regulatory requirement	$	520,765		$	261,384			99.2	%	$	502,793
Risk-weighted assets	$	2,644,927		$	2,207,383			19.8	%	$	2,953,361
Tangible common equity to total assets		9.04	%		3.97	%		127.7	%		8.72	%
Tangible common equity to total risk-weighted assets		24.99	%		11.79	%		112.0	%		21.86	%
Total equity to total assets		10.01	%		5.04	%		98.7	%		9.69	%
Total equity to risk-weighted assets		27.69	%		14.96	%		85.1	%		24.28	%

Page 5 of 6

ORIENTAL FINANCIAL GROUP
Financial Summary
(NYSE: OFG)

	QUARTER ENDED												YEAR ENDED
(Dollars in thousands)	31-Dec-10			31-Dec-09			%			30-Sep-10			31-Dec-10			31-Dec-09			%
Loan Production and Purchases Summary:
Mortgage loans production	$	50,726		$	63,214			-19.8	%	$	58,958		$	220,253		$	243,727			-9.6	%
Mortgage loans purchased		6,626			5,013			32.2	%		9,933			24,925			12,558			98.5	%
Total mortgage		57,352			68,227			-15.9	%		68,891			245,178			256,285			-4.3	%
Commercial		34,381			21,746			58.1	%		26,354			101,042			57,850			74.7	%
Leasing		5,242			—			100.0	%		4,597			11,633			—			100.0	%
Consumer		4,503			3,392			32.8	%		3,514			13,758			9,198			49.6	%
Total loan production and purchases	$	101,478		$	93,365			8.7	%	$	103,356		$	371,611		$	323,333			14.9	%
CREDIT DATA
Net credit losses, excluding loans covered under shared-loss agreements with the FDIC:
Mortgage	$	978		$	717			36.4	%	$	432		$	3,773		$	3,423			10.2	%
Commercial		488			408			19.6	%		1,710			2,753			2,167			27.0	%
Consumer		445			179			148.6	%		320			1,230			1,080			13.9	%
Total net credit losses	$	1,911		$	1,304			46.5	%	$	2,462		$	7,756		$	6,670			16.3	%
Net credit losses to average loans outstanding		0.66	%		0.45	%		46.5	%		0.85	%		0.67	%		0.57	%		17.1	%

	AS OF
	31-Dec-10			31-Dec-09			%			30-Sep-10
Allowance for loan and lease losses on non-covered loans	$	31,430		$	23,272			35.1	%	$	29,640
Allowance coverage ratios:
Allowance for loan and lease losses to total loans (excluding loans covered under shared-loss agreements with the FDIC)		2.66	%		2.00	%		32.8	%		2.54	%
Allowance for loan and lease losses to non-performing loans		25.59	%		22.30	%		14.8	%		26.76	%
Non-performing assets summary (excluding assets covered under shared-loss agreements with the FDIC):
Mortgage	$	98,389		$	88,238			11.5	%	$	96,286
Commercial		23,619			15,688			50.6	%		13,862
Consumer		761			445			71.0	%		604
Leasing		35			—			100.0	%		—
Non-performing loans		122,804			104,371			17.7	%		110,752
Foreclosed properties		11,969			9,347			28.1	%		13,765
Non-performing assets	$	134,773		$	113,718			18.5	%	$	124,517
Non-performing loans to total loans (excluding loans covered under shared-loss agreements with the FDIC)		10.38	%		8.97	%		15.7	%		9.48	%
Non-performing loans to total assets (excluding assets covered under shared-loss agreements with the FDIC)		1.85	%		1.59	%		16.4	%		1.66	%
Non-performing assets to total assets (excluding assets covered under shared-loss agreements with the FDIC)		2.03	%		1.74	%		16.7	%		1.87	%
Non-performing assets to total capital		18.40	%		34.44	%		-46.6	%		17.62	%

Page 6 of 6