OFG Bancorp (OFG) 8-K Oriental Financial Group First Quarter 2011 Results

Exhibit 99

Oriental Financial Group First Quarter 2011 Results

SAN JUAN, Puerto Rico, April 29, 2011 — Oriental Financial Group Inc. (NYSE: OFG) today announced results for the first quarter ended March 31, 2011.

“Our core banking and wealth management operations continued to perform well during the quarter, and we experienced a strong rebound in net interest income,” said José Rafael Fernández, Vice Chairman of the Board, President and Chief Executive Officer.

“Core retail deposits continued to grow, and we continued to build a good pipeline of quality commercial banking prospects. At the same time, the cost of retail deposits, the total provision for loan and lease losses, and non-interest expenses, all declined, resulting in a 58% increase in net interest income after provision for loan and lease losses and a 120% increase in pre-tax operating income.

“Amid signs that the economy may be stabilizing, and that loan and deposit pricing are becoming more rational, Oriental remains on track to increase its market share this year in the commercial lending business in Puerto Rico.”

1Q11 Financial Summary

• Pre-tax operating income of $13.1 million increased 4.7% from the year ago quarter and more than doubled from the preceding December 2010 quarter.

• Income available to common shareholders was $1.9 million, or $0.04 per share. This compares to $10.7 million, or $0.41 per share, in the year ago quarter, and $3.9 million, or $0.08 per share, in the preceding quarter. First quarter 2011 results include an income tax expense of $5.4 million for the re-measurement of the deferred tax asset and a $4.0 million loss on the strategic sale of forward-settled interest rate swaps.

• Wealth management revenues increased 17.5% year over year, reflecting growth in brokerage and trust, and a successful 2011 Individual Retirement Account campaign. Assets under management grew 35.0% year over year, to $4.0 billion.

• Banking service revenues increased 136.4% year over year, reflecting Oriental’s expanded and more strategically located branch network. Retail deposits grew 36.7% year over year, to $2.0 billion, while cost of deposits declined to 1.91% from 2.71% in the year ago quarter.

• Total loans increased 53.1% year over year to $1.7 billion, reflecting the addition of the former Eurobank loan and leasing business, and increases in commercial and consumer loans of 13.5% and 69.0%, respectively.

• Book value per common share was $14.22 at March 31, 2011 compared to $11.97 at March 31, 2010 and $14.33 at December 31, 2010; total stockholders’ equity was $713.1 million (which reflects approximately $12.5 million in stock repurchases during the first quarter of 2011), compared to $464.2 million and $732.3 million, respectively; and tangible common equity to total assets was 8.92% compared to 6.06% and 9.02%, respectively.

1Q11 Income Statement Analysis

Unless otherwise noted, all comparisons are to the quarter ended December 31, 2010

• Total interest income increased 7.6%, to $77.9 million, after declining 10.9%, in the preceding quarter. Growth reflects a 21.6% increase in interest income from mortgage backed securities (mainly as result of lower premium amortization based on a slowdown in pre-payments), which more than offset a 5.9% decline from interest income on loans.

• Total interest expense declined $1.1 million. This reflects lower cost of deposits (1.91% vs. 1.95%) on increased balances of core retail deposits and lower balances of institutional and brokered deposits, and lower cost of borrowings (2.91% vs. 2.95%).

• Provision for covered loan and lease losses fell 91.3%, or $5.7 million, while there was a minor increase in the provision for non-covered loans and leases.

• As a result of the above factors, net interest income after provision for loan and lease losses increased 59.1%, or $12.2 million, to $32.8 million, and net interest margin expanded to 2.30% from 1.90%.

• Total banking and wealth management revenues amounted to $10.5 million, reflecting continued strength in wealth management, banking service and mortgage banking activities.

• Assets under management, which generate recurring non-interest income, increased 4.3%, or $166.5 million, to $4.0 billion.

• The results for the quarter included a derivatives loss of $4.0 million from the strategic decision to sell the Company’s former forward-settled swaps and purchase new swaps. Oriental has elected to apply hedge accounting on the new swaps. As a result, any future fluctuations in the valuation of the swaps that meet the hedge effectiveness requirements will be recorded in Other Comprehensive Income.

• Non-interest expenses fell 2.7%, or $860,000, due to cost control measures. Expenses are expected to rise slightly in the second half of 2011 compared to the first half as Oriental invests in increased brand building marketing and advertising activities.

• Income tax expense of $6.5 million increased $10.7 million. In the March 2011 quarter, Oriental reduced by approximately $5.4 million its deferred tax asset as a result of the Puerto Rico government lowering in January 2011 the statutory income tax rates to 30% from 39%.

March 31, 2011 Balance Sheet Analysis

Unless otherwise noted, all comparisons are to the amounts as of December 31, 2010

• Cash of $317.4 million declined $131.5 million, as excess liquidity was partially used to invest in mortgage-backed securities and to repay maturing brokered certificates of deposit.

• Loan production declined $23.5 million, as Oriental’s enhanced commercial banking team made the strategic decision to focus on developing a larger and higher quality pipeline of new business, with the goal of increasing commercial loan production during the balance of 2011.

• Core retail deposits increased 0.4% to $2.0 billion, while Oriental strategically reduced institutional and brokered deposits by $95.4 million. Total borrowings declined 0.3% due to a reduction of short-term borrowings.

• Investment securities of $4.5 billion increased 1.7% or $73.6 million. This reflects a reduction of $112.1 million in the available for sale portfolio, mainly due to the principal repayments received on FNMA and FHLMC certificates, and an increase of $185.6 million in the held to maturity portfolio.

• Approximately 98% of Oriental’s investment portfolio consists of agency mortgage-backed securities guaranteed or issued by FNMA, FHLMC or GNMA.

1Q11 Credit Quality (Loans Not Covered Under the Shared-Loss Agreements with the FDIC)

• The allowance of $32.7 million increased 4.1%, or $1.3 million, rising to 2.78% of total non-covered loans and leases versus 2.66% at December 31, 2010. Net credit losses of $2.5 million (0.85% of average loans outstanding) increased approximately $600,000. Non-performing loans of $121.1 million declined 1.4% or $1.7 million, primarily due to loss mitigation efforts on residential mortgage loans.

Share Count and Repurchases

• Common shares outstanding totaled 45.8 million at March 31, 2011 versus 33.1 million a year ago. The increase reflects a capital raise in the June 2010 quarter related to the FDIC-assisted acquisition of Eurobank, less repurchases during the March 2011 quarter.

• During the first quarter, Oriental returned approximately $12.5 million to shareholders through its current $30 million share repurchase program, buying back 1.029 million shares, at an average cost of $12.18 per share.

Capital

• Oriental continues to maintain regulatory capital ratios well above the requirements for a well-capitalized institution. At March 31, 2011, the Leverage Capital Ratio was 9.52%, Tier-1 Risk-Based Capital Ratio was 30.29%, and Total Risk-Based Capital Ratio was 31.57%.

Conference Call

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

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.

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, 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.

# # #

Contacts:

Puerto Rico:Marilyn Santiago (msantiago@OrientalFG.com), Oriental Financial Group Inc., (787) 993-4648

U.S.:Steven Anreder (steven.anreder@anreder.com) and Gary Fishman (gary.fishman@anreder.com), Anreder & Company, (212) 532-3232

ORIENTAL FINANCIAL GROUP
Financial Summary
(NYSE: OFG)

	QUARTER ENDED
SUMMARY OF OPERATIONS (Dollars in thousands):	31-Mar-11			31-Mar-10			%			31-Dec-10
Interest Income:
Loans
Loans not covered under shared-loss agreements with the FDIC	$	17,841		$	17,637			1.2	%	$	18,160
Loans covered under shared-loss agreements with the FDIC		14,226			—			100.0	%		15,926
Mortgage-backed securities		43,738			43,594			0.3	%		35,977
Investment securities		1,855			9,063			-79.5	%		2,205
Short term investments		250			42			495.2	%		134
Total interest income		77,910			70,336			10.8	%		72,402
Interest Expense:
Deposits		12,214			11,243			8.6	%		12,661
Securities sold under agreements to repurchase		24,159			25,285			-4.5	%		24,709
Advances from FHLB and other borrowings		3,049			3,012			1.2	%		3,101
FDIC-guaranteed term notes		1,021			1,021			0.0	%		1,021
Subordinated capital notes		302			298			1.3	%		308
Total interest expense		40,745			40,859			-0.3	%		41,800
Net interest income		37,165			29,477			26.1	%		30,602
Provision for non-covered loan and lease losses		3,800			4,014			-5.3	%		3,700
Provision for covered loan and lease losses, net		549			—			100.0	%		6,282
Net interest income after provision for loan and lease losses		32,816			25,463			28.9	%		20,620
Non-Interest Income:
Wealth management revenues		4,676			3,978			17.5	%		4,692
Banking service revenues		3,835			1,622			136.4	%		3,805
Mortgage banking activities		1,959			1,797			9.0	%		1,999
Investment banking revenues		6			—			100.0	%		25
Total banking and wealth management revenues		10,476			7,397			41.6	%		10,521
Total loss on other-than-temporarily impaired securities		—			(39,590	)		-100.0	%		—
Portion of loss on securities recognized in other comprehensive income		—			38,958			-100.0	%		—
Other-than-temporary impairments on securities		—			(632	)		-100.0	%		—
Net gain (loss) on:
Sales of securities		(2	)		12,020			-100.0	%		(22,775	)
Derivatives		(3,968	)		(10,636	)		-62.7	%		22,941
Trading securities		(31	)		(3	)		933.3	%		21
Accretion of FDIC loss-share indemnification asset		1,211			—			100.0	%		1,416
Foreclosed real estate		(132	)		(117	)		12.8	%		(241	)
Other		(27	)		9			-400.0	%		4
Total non-interest income, net		7,527			8,038			-6.4	%		11,887
Non-Interest Expenses:
Compensation and employee benefits		11,688			8,250			41.7	%		11,354
Professional and service fees		5,451			2,153			153.2	%		4,939
Occupancy and equipment		4,405			3,594			22.6	%		5,073
Insurance		1,985			1,833			8.3	%		1,788
Electronic banking charges		1,454			678			114.5	%		1,392
Taxes, other than payroll and income taxes		1,380			857			61.0	%		1,348
Advertising and business promotion		1,165			699			66.7	%		1,639
Loan servicing and clearing expenses		1,021			724			41.0	%		512
Foreclosure and repossession expenses		729			302			141.4	%		1,311
Communication		397			342			16.1	%		656
Directors and investor relations		287			315			-8.9	%		365
Printing, postage, stationery and supplies		282			203			38.9	%		393
Other		546			443			23.3	%		879
Total non-interest expenses		30,790			20,393			51.0	%		31,649
Income before income taxes		9,553			13,108			-27.1	%		858
Income tax expense (benefit) (includes $5,362 remeasurement of the deferred tax asset for reduction in statutory tax rate for the quarter ended March 31, 2011)		6,472			1,172			452.2	%		(4,216	)
Net income		3,081			11,936			-74.2	%		5,074
Less: Dividends on preferred stock		(1,201	)		(1,201	)		0.0	%		(1,200	)
Income available to common shareholders	$	1,880		$	10,735			-82.5	%	$	3,874

Page 1 of 6

ORIENTAL FINANCIAL GROUP
Financial Summary
(NYSE: OFG)

	QUARTER ENDED
(Dollars in thousands, except per share data)	31-Mar-11			31-Mar-10			%			31-Dec-10
PRE-TAX OPERATING INCOME
Net interest income	$	37,165		$	29,477			26.1	%	$	30,602
Less provision for non-covered loan and lease losses		(3,800	)		(4,014	)		-5.3	%		(3,700	)
Core non-interest income:
Wealth management revenues		4,676			3,978			17.5	%		4,692
Banking service revenues		3,835			1,622			136.4	%		3,805
Mortgage banking activities		1,959			1,797			9.0	%		1,999
Investment banking revenues		6			—			100.0	%		25
Total core non-interest income		10,476			7,397			41.6	%		10,521
Less non interest expenses		(30,790	)		(20,393	)		51.0	%		(31,649	)
Total Pre-tax operating income	$	13,051		$	12,467			4.7	%	$	5,774
INCOME (LOSS) PER COMMON SHARE
Basic	$	0.04		$	0.42			-90.2	%	$	0.08
Diluted	$	0.04		$	0.41			-90.2	%	$	0.08
COMMON STOCK DATA
Average common shares outstanding and equivalents		46,179			25,932			78.1	%		46,433
Cash dividends per share of common stock	$	0.05		$	0.04			25.2	%	$	0.05
Cash dividends declared on common shares	$	2,269		$	1,322			71.7	%	$	2,320
Pay-out ratio		122.85	%		9.64	%		1173.8	%		60.02	%
SELECTED FINANCIAL DATA
PERFORMANCE RATIOS:
Return on average assets		0.17	%		0.73	%		-76.8	%		0.28	%
Return on average common equity		1.15	%		13.39	%		-91.4	%		2.35	%
Equity-to-assets ratio		9.94	%		7.13	%		39.3	%		10.02	%
Efficiency ratio		64.63	%		55.30	%		16.9	%		76.96	%
Expense ratio		1.26	%		0.83	%		50.9	%		1.31	%
TAX EQUIVALENT SPREAD
Interest-earning assets		4.82	%		4.50	%		7.1	%		4.50	%
Tax equivalent adjustment		0.93	%		1.49	%		-37.6	%		1.46	%
Interest-earning assets — tax equivalent		5.75	%		5.99	%		-4.0	%		5.96	%
Interest-bearing liabilities		2.51	%		2.88	%		-12.8	%		2.55	%
Tax equivalent interest rate spread		3.24	%		3.11	%		4.2	%		3.41	%
Tax equivalent interest rate margin		3.23	%		3.37	%		-4.2	%		3.36	%
NORMAL SPREAD
Investments		3.96	%		4.13	%		-4.1	%		3.35	%
Loans
Loans not covered under shared-loss agreements with the FDIC		6.09	%		6.19	%		-1.6	%		6.27	%
Loans covered under shared-loss agreements with the FDIC		8.61	%		—			—			9.06	%
		7.00	%		6.19	%		13.1	%		7.32	%
Interest-earning assets		4.82	%		4.50	%		7.1	%		4.50	%
Deposits		1.91	%		2.71	%		-29.5	%		1.95	%
Borrowings
Securities sold under agreements to repurchase		2.79	%		2.85	%		-2.1	%		2.84	%
Advances from FHLB and other borrowings		3.79	%		3.75	%		1.1	%		3.78	%
FDIC-guaranteed term notes		3.86	%		3.70	%		4.3	%		3.88	%
Subordinated capital notes		3.35	%		3.30	%		1.5	%		3.41	%
		2.91	%		2.95	%		-1.4	%		2.95	%
Interest-bearing liabilities		2.51	%		2.88	%		-12.8	%		2.55	%
Interest rate spread		2.31	%		1.62	%		42.6	%		1.95	%
Interest rate margin		2.30	%		1.89	%		21.7	%		1.90	%
AVERAGE BALANCES
Investments	$	4,635,369		$	5,106,338			-9.2	%	$	4,574,376
Loans		1,833,485			1,140,111			60.8	%		1,862,265
Interest-earning assets	$	6,468,854		$	6,246,449			3.6	%	$	6,436,641
Deposits	$	2,560,501		$	1,658,924			54.3	%	$	2,603,713
Borrowings		3,925,939			4,018,051			-2.3	%		3,954,446
Interest-bearing liabilities	$	6,486,440		$	5,676,975			14.3	%	$	6,558,159

Page 2 of 6

ORIENTAL FINANCIAL GROUP
Financial Summary
(NYSE: OFG)

	AS OF
(Dollars in thousands)	31-Mar-11			31-Mar-10			%			31-Dec-10
BALANCE SHEET
Cash and cash equivalents	$	317,411		$	468,081			-32.2	%	$	448,946
Investments:
Trading securities		1,444			293			392.8	%		1,330
Investment securities available-for-sale, at fair value, with amortized cost of $3,562,745 (March 31, 2010 - $4,673,956, December 31, 2010 - $3,661,146):
FNMA and FHLMC certificates		3,187,292			3,277,246			-2.7	%		3,282,190
Obligations of US Government sponsored agencies		—			595,501			-100.0	%		3,000
Non-agency collateralized mortgage obligations		—			71,197			-100.0	%		—
CMO’s issued by US Government sponsored agencies		160,508			248,713			-35.5	%		177,804
GNMA certificates		117,710			317,559			-62.9	%		127,714
Structured credit investments		45,162			40,090			12.7	%		41,693
Puerto Rico Government and agency obligations		67,305			66,513			1.2	%		67,663
Other debt securities		9,953			—			100.0	%		—
Total investment securities available-for-sale		3,587,930			4,616,819			-22.3	%		3,700,064
FNMA and FHLMC certificates held-to-maturity, at amortized cost, with fair value of $855,816 (December 31, 2010 - $675,721)		875,494			—			100.0	%		689,917
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		4,487,514			4,637,199			-3.2	%		4,413,957
Securities sold but not yet delivered		—			116,747			-100.0	%		—
Loans:
Loans not covered under shared-loss agreements with the FDIC:
Mortgage		861,602			906,282			-4.9	%		872,482
Commercial		231,288			203,739			13.5	%		234,992
Leasing		13,763			—			100.0	%		10,257
Consumer		38,788			22,954			69.0	%		35,912
Total loans receivable not covered under shared-loss agreements with the FDIC, gross		1,145,441			1,132,975			1.1	%		1,153,643
Less: Deferred loan fees, net		(4,390	)		(3,504	)		25.3	%		(4,354	)
Total loans receivable not covered under shared-loss agreements with the FDIC		1,141,051			1,129,471			1.0	%		1,149,289
Allowance for loan and lease losses on non-covered loans		(32,727	)		(25,977	)		26.0	%		(31,430	)
Loans receivable, net		1,108,324			1,103,494			0.4	%		1,117,859
Mortgage loans held for sale		34,216			27,785			23.1	%		33,979
Total loans not covered under shared-loss agreements with the FDIC, net		1,142,540			1,131,279			1.0	%		1,151,838
Loans covered under shared-loss agreements with the FDIC:
Loans secured by 1-4 family residential properties		161,145			—			100.0	%		166,865
Construction and development secured by 1-4 family residential properties		16,516			—			100.0	%		17,253
Commercial and other construction		378,961			—			100.0	%		388,261
Leasing		69,630			—			100.0	%		79,093
Consumer		17,140			—			100.0	%		18,546
Loans covered under shared-loss agreements with the FDIC		643,392			—			100.0	%		670,018
Allowance for loan and lease losses on covered loans		(53,480	)		—			-100.0	%		(49,286	)
Loans covered under shared-loss agreements with the FDIC, net		589,912			—			100.0	%		620,732
Total loans, net		1,732,452			1,131,279			53.1	%		1,772,570
FDIC shared-loss indemnification asset		436,889			—			100.0	%		471,872
Foreclosed real estate covered under shared-loss agreements with the FDIC		17,302			—			100.0	%		15,962
Foreclosed real estate not covered under shared-loss agreements with the FDIC		12,793			9,918			29.0	%		11,969
Other repossessed assets covered under shared-loss agreements with the FDIC		2,503			—			100.0	%		2,350
Core deposit intangible		1,292			—			100.0	%		1,328
Accrued interest receivable		28,634			37,100			-22.8	%		28,716
Deferred tax asset, net		30,404			32,186			-5.5	%		30,350
Prepaid FDIC Insurance		15,173			20,996			-27.7	%		16,796
Premises and equipment, net		23,353			18,571			25.7	%		23,941
Other prepaid expenses		8,133			3,496			132.6	%		7,897
Derivative asset		7,203			49			100.0	%		11,023
Servicing asset		9,963			7,569			31.6	%		9,695
Mortgage tax credits		3,105			3,819			-18.7	%		3,432
Debt issuance costs		1,991			3,223			-38.2	%		2,299
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		11,764			7,875			49.4	%		9,870
Investment in swap options		7,804			—			100.0	%		7,422
Accounts receivable and other assets		15,698			7,320			114.5	%		15,877
Total assets	$	7,176,129		$	6,508,520			10.3	%	$	7,311,020

Page 3 of 6

ORIENTAL FINANCIAL GROUP
Financial Summary
(NYSE: OFG)

	AS OF
(Dollars in thousands)	31-Mar-11			31-Mar-10			%			31-Dec-10
Deposits:
Non-interest bearing demand deposits	$	175,679		$	90,925			93.2	%	$	170,705
Interest-bearing savings and demand deposits		1,012,710			747,504			35.5	%		1,019,539
Individual retirement accounts		358,688			321,189			11.7	%		361,972
Retail certificates of deposit		490,313			330,641			48.3	%		477,180
Total Retail Deposits		2,037,390			1,490,259			36.7	%		2,029,396
Institutional deposits		242,379			181,194			33.8	%		281,444
Brokered Deposits		221,703			144,879			53.0	%		278,048
Total deposits		2,501,472			1,816,332			37.7	%		2,588,888
Borrowings:
Short-term borrowings		32,335			37,953			-14.8	%		42,470
Securities sold under agreements to repurchase		3,456,605			3,557,149			-2.8	%		3,456,781
Advances from FHLB		281,687			281,687			0.0	%		281,753
FDIC-guaranteed term notes		105,112			105,112			0.0	%		105,834
Subordinated capital notes		36,083			36,083			0.0	%		36,083
Total borrowings		3,911,822			4,017,984			-2.6	%		3,922,921
Total interest-bearing liabilities		6,413,294			5,834,316			9.9	%		6,511,809
Securities purchased but not yet received		—			171,813			-100.0	%		—
FDIC net settlement payable		1,774			—			100.0	%		23,082
Accrued expenses and other liabilities		47,933			38,217			25.4	%		43,798
Total liabilities		6,463,001			6,044,346			6.9	%		6,578,689
Preferred stock		68,000			68,000	��		0.0	%		68,000
Common stock		47,808			34,479			38.7	%		47,808
Additional paid-in capital		498,303			299,542			66.4	%		498,435
Legal surplus		46,717			46,480			0.5	%		46,331
Retained earnings		50,727			85,796			-40.9	%		51,502
Treasury stock, at cost		(28,746	)		(17,127	)		67.8	%		(16,732	)
Accumulated other comprehensive income (loss), net		30,319			(52,996	)		-157.2	%		36,987
Total stockholders’ equity		713,128			464,174			53.6	%		732,331
Total liabilities and stockholders’ equity	$	7,176,129		$	6,508,520			10.3	%	$	7,311,020
SELECTED FINANCIAL DATA AT PERIOD-END
Common shares outstanding at end of period		45,375			33,103			37.1	%		46,349
Book value per common share	$	14.22		$	11.97			18.8	%	$	14.33
Tangible book value per common share	$	14.11		$	11.91			18.5	%	$	14.23
Trust assets managed	$	2,245,158		$	1,688,831			32.9	%	$	2,175,270
Broker-dealer assets gathered		1,792,264			1,301,080			37.8	%		1,695,635
Total assets managed	$	4,037,422		$	2,989,911			35.0	%	$	3,870,905

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ORIENTAL FINANCIAL GROUP
Financial Summary
(NYSE: OFG)

	AS OF
	31-Mar-11			31-Mar-10			%			31-Dec-10
CAPITAL DATA
Leverage capital ratio		9.52	%		7.82	%		21.7	%		9.56	%
Leverage capital ratio required		4.00	%		4.00	%					4.00	%
Actual tier 1 capital	$	686,202		$	518,423			32.4	%	$	698,836
Tier 1 capital required	$	288,462		$	265,217			8.8	%	$	292,449
Excess over regulatory requirement	$	397,740		$	253,206			57.1	%	$	406,387
Tier 1 risk-based capital ratio		30.29	%		23.55	%		28.6	%		30.98	%
Tier 1 risk-based capital ratio required		4.00	%		4.00	%					4.00	%
Actual tier 1 risk-based capital	$	686,202		$	518,423			32.4	%	$	698,836
Tier 1 risk-based capital required	$	90,618		$	88,069			2.9	%	$	90,228
Excess over regulatory requirement	$	595,584		$	430,354			38.4	%	$	608,608
Risk-weighted assets	$	2,265,457		$	2,201,715			2.9	%	$	2,255,691
Total risk-based capital ratio		31.57	%		24.73	%		27.7	%		32.26	%
Total risk-based capital ratio required		8.00	%		8.00	%					8.00	%
Actual total risk-based capital	$	715,243		$	544,400			31.4	%	$	727,689
Total risk-based capital required	$	181,237		$	176,137			2.9	%	$	180,455
Excess over regulatory requirement	$	534,006		$	368,263			45.0	%	$	547,234
Risk-weighted assets	$	2,265,457		$	2,201,715			2.9	%	$	2,255,691
Tangible common equity to total assets		8.92	%		6.06	%		47.2	%		9.02	%
Tangible common equity to total risk-weighted assets		28.26	%		17.90	%		57.9	%		29.23	%
Total equity to total assets		9.94	%		7.13	%		39.4	%		10.01	%
Total equity to risk-weighted assets		31.48	%		21.08	%		49.3	%		32.47	%
Tier 1 common equity	$	618,202		$	450,423			37.2	%	$	630,836

Page 5 of 6

ORIENTAL FINANCIAL GROUP
Financial Summary
(NYSE: OFG)

	QUARTER ENDED
(Dollars in thousands)	31-Mar-11			31-Mar-10			%			31-Dec-10
Loan Production and Purchases Summary:
Mortgage loans production	$	48,166		$	52,310			-7.9	%	$	50,726
Mortgage loans purchased		4,641			3,499			32.6	%		6,626
Total mortgage		52,807			55,809			-5.4	%		57,352
Commercial		16,643			20,070			-17.1	%		34,381
Leasing		4,872			—			100.0	%		5,242
Consumer		3,640			2,232			63.1	%		4,503
Total loan production and purchases	$	77,962		$	78,111			-0.2	%	$	101,478
CREDIT DATA
Net credit losses, excluding loans covered under shared-loss agreements with the FDIC:
Mortgage	$	1,775		$	1,096			62.0	%	$	978
Commercial		272			99			174.7	%		488
Consumer		395			115			243.5	%		445
Leasing		61			—			—			—
Total net credit losses	$	2,503		$	1,310			91.1	%	$	1,911
Net credit losses to average loans outstanding		0.85	%		0.46	%		85.6	%		0.66	%

	AS OF
	31-Mar-11			31-Mar-10			%			31-Dec-10
Allowance for loan and lease losses on non-covered loans	$	32,727		$	25,977			26.0	%	$	31,430
Allowance coverage ratios:
Allowance for loan and lease losses to total loans (excluding loans covered under shared-loss agreements with the FDIC)		2.78	%		2.24	%		24.1	%		2.66	%
Allowance for loan and lease losses to non-performing loans		27.02	%		23.77	%		13.7	%		25.59	%
Non-performing assets summary (excluding assets covered under shared-loss agreements with the FDIC):
Mortgage	$	92,403		$	92,532			-0.1	%	$	98,389
Commercial		27,562			16,156			70.6	%		23,619
Consumer		777			602			29.1	%		761
Leasing		395			—			—			35
Non-performing loans		121,137			109,290			10.8	%		122,804
Foreclosed properties		13,390			9,918			35.0	%		11,969
Non-performing assets	$	134,527		$	119,208			12.9	%	$	134,773
Non-performing loans to:
Total loans, excluding covered loans		10.62	%		9.68	%		9.7	%		10.69	%
Total assets, excluding covered assets		1.86	%		1.68	%		10.7	%		1.85	%
Total capital		16.99	%		23.55	%		-27.9	%		16.77	%
Non-performing assets to total assets, excluding covered assets		2.06	%		1.83	%		12.6	%		2.04	%
Non-performing assets to total capital		18.78	%		25.68	%		-26.9	%		18.40	%

Page 6 of 6