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

Exhibit 99

Puerto Rico Contact:
Michelle Balaguer,
Oriental Financial Group
(787) 771-6898

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

ORIENTAL FINANCIAL GROUP REPORTS RESULTS

FOR THIRD QUARTER AND NINE MONTHS ENDED MARCH 2005

SAN JUAN, Puerto Rico, April 27, 2005 – Oriental Financial Group Inc. (NYSE: OFG) today reported results for the fiscal third quarter and nine months ended March 31, 2005.

Third Quarter Summary

Net income totaled $13.1 million compared to $16.3 million in the March 2004 quarter, a decline of $3.3 million or 20.1%, while stockholders’ equity at March 31, 2005 increased 18.1%, to $338.7 million, from $286.7 million last year. On a diluted per share basis, earnings were $0.46, versus $0.64 in the March 2004 quarter, and book value per share was $10.97 at March 31, 2005, versus $9.07 a year-ago. Per share calculations are based on 7.9% more average shares and equivalents, primarily reflecting the year-ago secondary offering.

Interest income increased to $47.6 million, a $5.1 million or 12.1% increase, compared with $42.4 million in the year-ago quarter, reflecting a higher level of investments and sustained increases in loan volume. Interest expenses amounted to $27.2 million, $7.5 million or 37.9% higher, compared with $19.7 million, due to recent interest rate increases. Net interest income, after provision for loan losses, amounted to $19.8 million, a decline of approximately $2.0 million or 9.0%, from $21.7 million a year-ago. Non-interest income totaled $6.1 million, 45.5% below last year’s $11.2 million, primarily due to the absence of gains on the sale of securities as compared to the year-ago period and the lack this year of public finance investment banking business and related commissions. Non-interest expenses were $15.5 million, 3.2% higher than approximately $15.0 million last year. An income tax benefit of $2.7 million, as compared to last year’s expense of $1.6 million, includes a decrease in the amount of required tax reserves.

Net interest margin of 2.02% compared to 2.81% in the year ago quarter, reflecting increases in the Federal Reserve discount rate on borrowing costs combined with the flattening yield curve on interest income. Non-interest income was primarily affected by the Group’s current strategy of retaining most mortgage loans and investments for recurring interest income. Return on assets was 1.25% for the quarter compared to 1.93%

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Exhibit 99

in the year-ago period; return on common equity was 17.67%, versus 36.35% last year; and the efficiency ratio was 57.97%, as opposed to 48.53% in the March 2004 quarter.

Year to Date Summary

Net income totaled approximately $49.0 million, a $3.4 million or 7.5% increase, compared to $45.6 million in the corresponding year-ago nine-months period. On a diluted per share basis, earnings were $1.78, compared to $1.84 last year. There were 9.8% more average shares and equivalents in the current fiscal year period. Return on assets was 1.62% for the nine months compared to 1.87% in the year-ago period; return on common equity was 23.97%, versus 35.65% last year; and the efficiency ratio was 51.03%, as opposed to 50.25% in the 2004 period.

Interest income increased $18.5 million or 15.2%, to $140.4 million, compared with $121.9 million in the year-ago period, reflecting a higher level of investments and sustained increases in loan volume. Interest expenses amounted to $73.3 million, a $16.0 million or 27.9% increase, compared with $57.3 million, due to higher interest costs from higher borrowing volume and the 175 basis point increase in the Federal Funds Rate. Net interest income, after provision for loan losses, was $64.7 million, an increase of $3.5 million or 5.7%, from $61.2 million, and net interest spread was 2.12% compared to 2.70% last year. Non-interest income totaled $28.4 million, 15.1% below last year’s $33.5 million, primarily due to fewer gains on the sale of securities and the aforementioned absence of public finance investment banking business and related commissions. Non-interest expenses were $46.2 million, 2.6% higher than approximately $45.0 million last year. An income tax benefit for the nine months of $2.0 million, compared to a year-ago tax expense of $4.1 million, includes a decrease in the amount of required tax reserves.

Commentary

“While Oriental continued to make solid progress in growing our commercial and consumer loan portfolio, revitalizing our mortgage business, and maintaining a strong level of revenues and earnings year to date, the effect of the flattening yield curve and rising borrowing rates adversely affected our net interest margin in the third quarter,” said José Rafael Fernández, President and Chief Executive Officer.

“We are responding aggressively and appropriately,” he said. “We have already put in place various strategies to speed our transition to become a more traditionally asset based bank. While the next several quarters are likely to continue to reflect this challenging rate environment, and thus earnings will continue to be lower than a year ago, we expect to remain profitable. We look forward to resumption of year over year growth in all business areas once our transition is more complete and the interest rate environment returns to normal.”

“Meanwhile, we continue to be a well-capitalized institution, with leverage capital, Tier 1 risk-based capital and total risk-based capital ratios of 10.67%, 40.94% and 41.58%, respectively, as of March 31, 2005, well in excess of regulatory requirements, and with

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Exhibit 99

sufficient resources to support our banking and expansion activities in pursuit of our blueprint for growth, as well as our dividend,” Mr. Fernández said.

Key Elements of the Group’s Plan

1.   Higher loan volume, in particular an emphasis on variable rate loans, versus investment securities.

Net loans at March 31, 2005 totaled $859.0 million, a 19.6% increase from a year ago and an 11.3% increase from December 31, 2004, and are at their highest level in the past few years. Meanwhile, investment securities declined 1.4% from the December 2004 quarter, to $3.253 billion. The increase in loans reflected the March 2005 quarter purchase of $46.8 million of Puerto Rico mortgages yielding a floating rate with full recourse to the seller; 14.2% sequential quarterly growth in principally variable rate commercial loans, to a total of $124.5 million; and 7.2% sequential quarterly growth in consumer loans, to a total of $26.1 million. As of March 31, 2005, 25.1%, or $219.0 million, of the loan portfolio was variable rate, versus 7.1%, or $52.3 million, a year-ago. Among investment securities, the available-for-sale portfolio declined 4.1% from the December 2004 quarter, to $1.186 billion, and the held-to-maturity portfolio increased 1.2%, to $2.032 billion. At March 31, 2005, investments declined to 79% of interest-earnings assets, and loans equaled 21%, compared with 81% and 19%, respectively, at December 31, 2004. The Group’s objective is a 60%-40% ratio, with the majority of loans carrying variable rates.

2.   Revitalized mortgage and financial service production, and continued commercial loan production.

The Group took solid steps forward in the third quarter in revitalizing its mortgage business, increasing production 11.8% on a sequential quarterly basis, to $62.5 million. Production is expected to continue to improve, with a large backlog at March 31, 2005. This will benefit Oriental’s loan portfolio as the Group has decided to retain mortgages carrying more than 6 3/8% yields, but it plans to continue to sell all servicing rights. Oriental Financial Services, the Group’s broker-dealer subsidiary, is building its pipeline of Puerto Rico government and municipal fixed income offerings, which should generate growth in investment banking fee revenue and commission production for the balance of calendar 2005. The Group’s objective is to eventually increase non-interest income sufficient to cover at least 80% of non-interest expenses. Meanwhile, commercial loan production continued its growth during the third quarter, totaling $30.3 million, representing a 111.4% increase from the year-ago quarter and a 14.8% increase from the December 2004 quarter. Year-to-date, commercial production totaled $80.3 million, representing a 145.3% increase over the year-ago period.

3.   Increased use of longer-term, fixed-rate deposits versus shorter-term repurchase agreements, which reprice more often.

Third quarter deposits increased 12.3% from December 31, 2004, to $1.196 billion, its highest level over the past year, while borrowings declined 3.0%, its first decrease since last year. Deposits reflected 17.2% sequential quarterly growth in certificates of deposit, to

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Exhibit 99

$950.9 million, primarily due to increases in 1-year CDs. Borrowings reflected a 3.5% sequential quarterly decline in repurchase agreements, to $2.256 billion. At March 31, 2005, borrowings represented 69% of interest-bearing liabilities and deposits 31%, versus 72% and 28%, respectively, at December 31, 2004. The Group’s objective is a 55%-45% ratio.

4.   Expanded branch network.

On April 18, 2005, the Group announced plans for its first two new branches and its first relocated and expanded branch in more than two years. Oriental’s objective is to expand its branch distribution network by 44%, to 33 financial service centers, from its current 23, over the next three to five years. These new offices are designed to further the Group’s growth of loans and deposits, and expansion of non-interest income from its banking, financial service and mortgage operations.

5.   Reduction of non-interest expenses.

Third quarter expenses increased, primarily due to costs associated with items of a non-recurring or limited recurring nature. These included costs for the testing phase of Sarbanes-Oxley Section 404 and the implementation of Peoplesoft enterprise software, as well as legal expenses to expedite non-performing loans into foreclosure. To offset these and other expenses, the Group is in the process of reducing costs generally over the next several quarters.

6.   Faster recovery of non-performing assets.

The Group’s credit quality continued to be strong. Net charge offs to average loans were 0.61% in the March 2005 quarter compared to 0.67% in the December 2004 quarter, non-performing assets to total assets were 0.76% compared to 0.72%, and the provision for loan loss in the March 2005 quarter was $0.7 million compared to $1.1 million in the year-ago period. During the third quarter, the Group continued its effort to accelerate foreclosure on certain, older non-performing real estate loans in order to increase recoveries and reduce loan loss provisions. This resulted in a year over year increase in net loans charged off, and an increase in foreclosed properties.

Total Financial Assets

Financial assets managed and owned totaled $7.058 billion at March 31, 2005, a 13.3% year over year increase and a 1.7% sequential decline from December 31, 2004. Total assets managed, which consist of trust and broker-dealer assets, amounted to $2.843 billion, a 2.9% year over year increase and a 5.5% sequential quarterly decrease, largely reflecting the decline in the equity markets during the March 2005 quarter from their height in the December 2004 quarter. Bank assets, which primarily consist of investment securities and loans, amounted to $4.215 billion, a 21.6% year over year increase and a 1.1% sequential quarterly increase.

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Exhibit 99

About Oriental Financial Group

Oriental Financial Group Inc. (www.OrientalOnline.com) is a diversified financial holding company operating under U.S. and Puerto Rico banking laws and regulations. Now in its 40^th year in business, Oriental provides comprehensive financial services to its clients throughout Puerto Rico and offers third party pension plan administration through wholly owned subsidiary, Caribbean Pension Consultants, Inc. The Group’s core businesses include a full range of mortgage, commercial and consumer banking services offered through 23 financial centers in Puerto Rico, as well as financial planning, trust, insurance, investment brokerage and investment banking services.

Forward-Looking Statements

This news release may contain forward-looking statements that reflect management’s beliefs and expectations and are subject to risks and uncertainties inherent to the Group’s business, including, without limitation, the effect of economic and market conditions, the level and volatility of interest rates, and other risks and considerations detailed in the Group’s filings with the Securities and Exchange Commission. These or other factors could cause actual results to differ materially from forward-looking statements. The Group also disclaims any obligations to update information contained in this news release as a result of developments occurring after the date of issuance.

# # #

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ORIENTAL FINANCIAL GROUP
Financial Summary
(NYSE:OFG)

	QUARTER PERIOD												NINE-MONTH PERIOD
	31-Mar-05			31-Mar-04			%			31-Dec-04			31-Mar-05			31-Mar-04			%
Summary of Operations (In thousands, except per share data):
Interest Income:
Loans	$	13,422		$	12,538			7.1	%	$	13,320		$	40,030		$	39,572			1.2	%
Investment securities		34,150			29,909			14.2	%		34,597			100,405			82,325			22.0	%
Total interest income		47,572			42,447			12.1	%		47,917			140,435			121,897			15.2	%
Interest Expense:
Deposits		7,624			7,755			-1.7	%		6,905			21,047			23,058			-8.7	%
Securities sold under agreements to repurchase		16,386			9,083			80.4	%		14,747			42,941			26,023			65.0	%
Other borrowed funds		3,152			2,853			10.5	%		3,203			9,322			8,215			13.5	%
Total interest expense		27,162			19,691			37.9	%		24,855			73,310			57,296			27.9	%
Net interest income		20,410			22,756			-10.3	%		23,062			67,125			64,601			3.9	%
Provision for loan losses		(660	)		(1,050	)		-37.1	%		(1,105	)		(2,465	)		(3,404	)		-27.6	%
Net interest income after provision for loan losses		19,750			21,706			-9.0	%		21,957			64,660			61,197			5.7	%
Non-Interest Income:
Commissions and fees from broker,investment banking, insurance and fiduciary activities		3,348			4,357			-23.2	%		3,917			10,960			13,215			-17.1	%
Banking service revenues		1,828			1,820			0.4	%		1,908			5,688			5,225			8.9	%
Mortgage banking activities		1,073			1,946			-44.9	%		3,476			6,606			6,400			3.2	%
Total banking and financial services revenues		6,249			8,123			-23.1	%		9,301			23,254			24,840			-6.4	%
Net gain on sale of securities		444			3,327			-86.7	%		2,366			6,052			9,529			-36.5	%
Net gain (loss) on derivatives and other activities		(592	)		(251	)		135.9	%		276			(858	)		(872	)		-1.6	%
Total non-interest income		6,101			11,199			-45.5	%		11,943			28,448			33,497			-15.1	%
Non-Interest Expenses:
Compensation and employees’ benefits		6,618			6,381			3.7	%		5,911			19,297			18,155			6.3	%
Occupancy and equipment		2,466			2,465			0.0	%		2,549			7,516			7,083			6.1	%
Advertising and business promotion		1,487			1,919			-22.5	%		2,282			5,086			6,087			-16.4	%
Professional and service fees		1,837			1,382			32.9	%		1,705			5,216			4,457			17.0	%
Communication		377			463			-18.6	%		393			1,220			1,386			-12.0	%
Loan servicing expenses		401			461			-13.0	%		447			1,298			1,387			-6.4	%
Taxes, other than payroll and income taxes		463			455			1.8	%		451			1,365			1,320			3.4	%
Electronic banking charges		517			418			23.7	%		500			1,532			1,199			27.8	%
Printing, postage, stationery and supplies		210			270			-22.2	%		226			684			859			-20.4	%
Insurance, including deposit insurance		187			197			-5.1	%		194			579			591			-2.0	%
Other		909			586			55.1	%		850			2,368			2,456			-3.6	%
Total non-interest expenses		15,472			14,997			3.2	%		15,508			46,161			44,980			2.6	%
Income before income taxes		10,379			17,908			-42.0	%		18,392			46,947			49,714			-5.6	%
Income tax benefit (expense)		2,671			(1,585	)		-268.5	%		123			2,026			(4,143	)		-148.9	%
Net income		13,050			16,323			-20.1	%		18,515			48,973			45,571			7.5	%
Less: Dividends on preferred stock		(1,200	)		(1,200	)		0.0	%		(1,200	)		(3,601	)		(2,998	)		20.1	%
Net income available to common shareholders	$	11,850		$	15,123			-21.6	%	$	17,315		$	45,372		$	42,573			6.6	%

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ORIENTAL FINANCIAL GROUP
Financial Summary
(NYSE:OFG)

	QUARTER PERIOD												NINE-MONTH PERIOD
	31-Mar-05			31-Mar-04			%			31-Dec-04			31-Mar-05			31-Mar-04			%
Summary of Operations (In thousands, except per share data):
EARNINGS PER SHARE (1)
Earning per common share (basic)	$	0.48		$	0.68			-29.4	%	$	0.71		$	1.86		$	1.95			-4.6	%
Earning per common share (diluted)	$	0.46		$	0.64			-28.1	%	$	0.68		$	1.78		$	1.84			-3.0	%
Dividends declared per common share	$	0.14		$	0.13			7.7	%	$	0.14		$	0.41		$	0.38			7.9	%
Average shares outstanding (1)		24,628			22,317			10.4	%		24,552			24,481			21,799			12.3	%
Average potential common share-options (1)		862			1,305			-34.0	%		883			949			1,355			-30.0	%
Total average shares outstanding and equivalents (1)		25,490			23,622			7.9	%		25,435			25,430			23,154			9.8	%
Common shares outstanding at end of period (1)											24,598			24,676			24,114			2.3	%
Book value per common share (1)										$	10.78		$	10.97		$	9.07			21.0	%
PERFORMANCE RATIOS:
Return on assets		1.25	%		1.93	%		-35.1	%		1.78	%		1.62	%		1.87	%		-13.7	%
Return on common equity		17.67	%		36.35	%		-51.4	%		27.26	%		23.97	%		35.65	%		-32.8	%
Efficiency Ratio		57.97	%		48.53	%		19.5	%		47.88	%		51.03	%		50.25	%		1.5	%
Leverage capital ratio											10.53	%		10.67	%		11.58	%		-7.8	%
Tier 1 risk-based capital											41.51	%		40.94	%		38.43	%		6.5	%
Total risk-based capital											42.23	%		41.58	%		39.08	%		6.4	%
SELECTED FINANCIAL DATA AT PERIOD-END
Trust Assets Managed										$	1,770,938		$	1,744,642		$	1,666,052			4.7	%
Broker-Dealer Assets Gathered											1,237,960			1,098,291			1,096,906			0.1	%
Total Assets Managed											3,008,898			2,842,933			2,762,958			2.9	%
Bank assets owned											4,168,170			4,215,285			3,466,215			21.6	%
Total financial assets managed and owned										$	7,177,068		$	7,058,218		$	6,229,173			13.3	%

(1) Data adjusted to give retroactive effect to the 10% stock dividend declared on the Group’s common stock on November 30, 2004.

	31-Dec-04		31-Mar-05		31-Mar-04		%
SELECTED FINANCIAL DATA AT PERIOD-END
Cash and due from banks	$	9,843	$	15,214	$	11,651		30.6	%
Interest-earning assets:
Investments:
Short term investments		25,112		5,231		6,093		-14.1	%
Trading securities		1,115		267		2,820		-90.5	%
Investment securities available-for-sale, at fair value		1,237,153		1,186,430		1,381,415		-14.1	%
Investment securities held-to-maturity, at amortized cost		2,008,489		2,032,519		1,233,033		64.8	%
Federal Home Loan Bank (FHLB) stock, at cost		28,160		28,160		22,537		25.0	%
Total investments		3,300,029		3,252,607		2,645,898		22.9	%

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ORIENTAL FINANCIAL GROUP
Financial Summary
(NYSE:OFG)

	QUARTER PERIOD						NINE-MONTH PERIOD
	31-Mar-05	31-Mar-04	%	31-Dec-04			31-Mar-05			31-Mar-04			%
Summary of Operations (In thousands, except per share data):
Loans:
Mortgage loans					648,575			708,068			647,618			9.3	%
Commercial loans, mainly secured by real estate					109,080			124,531			64,382			93.4	%
Consumer loans					24,347			26,107			16,834			55.1	%
Loans receivable, gross					782,002			858,706			728,834			17.8	%
Less: deferred loan fees, net					(8,295	)		(8,318	)		(11,690	)		-28.8	%
Loans receivable					773,707			850,388			717,144			18.6	%
Allowance for loan losses					(7,565	)		(6,980	)		(6,632	)		5.2	%
Loans receivable, net					766,142			843,408			710,512			18.7	%
Mortgage loans held for sale					5,567			15,489			7,600			103.8	%
Total loans receivable, net					771,709			858,897			718,112			19.6	%
Total interest-earning assets					4,071,738			4,111,504			3,364,010			22.2	%
Securities sold but not yet delivered					688			179			12,188			-98.5	%
Accrued interest receivable					21,289			23,175			19,292			20.1	%
Premises and equipment, net					17,571			16,933			18,653			-9.2	%
Deferred tax asset, net					6,207			6,347			6,821			-6.9	%
Foreclosed real estate, net					2,687			4,182			447			835.6	%
Other assets					38,147			37,751			33,153			13.9	%
Total assets				$	4,168,170		$	4,215,285		$	3,466,215			21.6	%
Interest-bearing liabilities:
Deposits:
Demand deposits				$	158,228		$	151,731		$	133,286			13.8	%
Savings accounts					96,658			93,947			90,613			3.7	%
Certificates of deposit					811,037			950,886			833,823			14.0	%
Total deposits					1,065,923			1,196,564			1,057,722			13.1	%
Borrowings:
Securities sold under agreements to repurchase					2,337,826			2,256,295			1,648,339			36.9	%
Advances from FHLB					300,000			301,500			310,800			-3.0	%
Subordinated capital notes					72,166			72,166			72,166			0.0	%
Term notes					15,000			15,000			15,000			0.0	%
Total borrowings					2,724,992			2,644,961			2,046,305			29.3	%
Total interest-bearing liabilities					3,790,915			3,841,525			3,104,027			23.8	%
Securities purchased but not yet received					87			56			14,419			-99.6	%
Accrued expenses and other liabilities					44,112			35,014			61,093			-42.7	%
Total liabilities					3,835,114			3,876,595			3,179,539			21.9	%
Preferred Equity					68,000			68,000			68,000			0.0	%
Common Equity:
Common stock					24,601			24,676			22,164			11.3	%
Additional paid-in capital					186,405			186,247			124,168			50.0	%
Legal surplus					31,280			32,979			25,519			29.2	%
Retained earnings					59,884			66,581			89,832			-25.9	%
Treasury stock					(91	)		(11	)		(4,473	)		-99.8	%
Accumulated other comprehensive loss					(37,023	)		(39,782	)		(38,534	)		3.2	%
Total common equity					265,056			270,690			218,676			23.8	%
Stockholders’ equity					333,056			338,690			286,676			18.1	%
Total liabilities and stockholders’ equity				$	4,168,170		$	4,215,285		$	3,466,215			21.6	%
Number of financial centers					23			23			23

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ORIENTAL FINANCIAL GROUP
Financial Summary
(NYSE:OFG)

	QUARTER PERIOD												NINE-MONTH PERIOD
	31-Mar-05			31-Mar-04			%			31-Dec-04			31-Mar-05			31-Mar-04			%
Summary of Operations (In thousands, except per share data):
CREDIT DATA
Net charge-offs (recoveries) on loans:
Mortgage		752			40			1780.0	%		1,052		$	1,949			290			572	%
Commercial		312			(81	)		-485.2	%		81			337			403			-16	%
Consumer		180			749			-62.4	%		267			751			1,110			-32	%
Net loans charged-off	$	1,244		$	438			184.0	%	$	1,400		$	3,037		$	1,803			68.4	%
Net charge-offs to average loans outstanding		0.61	%		0.24	%		154.2	%		0.67	%		0.50	%		0.33	%		51.5	%
Allowance for loan losses										$	7,565		$	6,980		$	6,632			5.2	%
Allowance coverage ratios:
Allowance for loan losses to total loans											0.97	%		0.81	%		0.92	%		-11.9	%
Allowance for loan losses to non-performing loans											25.12	%		21.78	%		19.55	%		11.4	%
Allowance for loan losses to non-real estate non-performing loans											184.69	%		144.99	%		127.78	%		13.5	%
Non-performing assets summary:
Mortgage										$	26,024		$	27,231		$	28,738			-5.2	%
Commercial, mainly real estate											3,739			4,582			4,870			-5.9	%
Consumer											357			232			320			-27.5	%
Non-performing loans											30,120			32,045			33,928			-5.5	%
Foreclosed properties											2,687			4,182			447			835.6	%
Non-performing assets										$	32,807		$	36,227		$	34,375			5.4	%
Non-performing loans to total loans											3.87	%		3.70	%		4.68	%		-20.9	%
Non-performing assets to total assets											0.72	%		0.76	%		0.98	%		-22.4	%
Loan Production and Purchases Summary:
Mortgage loans production	$	62,547		$	76,869			-18.6	%	$	55,928		$	172,887		$	263,434			-34.4	%
Mortgage loans purchased		62,470			945			100.0	%		—			131,610			1,048			12458.2	%
Total mortgage		125,017			77,814			60.7	%		55,928			304,497			264,482			15.1	%
Commercial		30,282			14,323			111.4	%		26,378			80,323			32,750			145.3	%
Consumer		4,508			972			363.8	%		5,472			15,055			3,230			366.1	%
Total loan production and purchases	$	159,807		$	93,109			71.6	%	$	87,778		$	399,875		$	300,462			33.1	%
TAX EQUIVALENT SPREAD
Interest-earning assets		4.70	%		5.24	%		-10.3	%		4.79	%		4.83	%		5.28	%		-8.5	%
Tax equivalent adjustment		1.06	%		1.87	%		-43.3	%		1.11	%		1.10	%		1.85	%		-40.5	%
Interest-earning assets — tax equivalent		5.76	%		7.11	%		-19.0	%		5.90	%		5.93	%		7.13	%		-16.8	%
Interest-bearing liabilities		2.88	%		2.56	%		12.5	%		2.68	%		2.71	%		2.58	%		5.0	%
Tax equivalent interest rate spread		2.88	%		4.55	%		-36.7	%		3.22	%		3.22	%		4.55	%		-29.2	%
Tax equivalent interest rate margin		3.08	%		4.68	%		-34.2	%		3.42	%		3.41	%		4.65	%		-26.7	%
NORMAL SPREAD
Investments		4.22	%		4.78	%		-11.7	%		4.37	%		4.44	%		4.62	%		-3.9	%
Loans		6.60	%		6.81	%		-3.1	%		6.38	%		6.57	%		7.21	%		-8.9	%
Interest-earning assets		4.70	%		5.24	%		-10.3	%		4.79	%		4.83	%		5.28	%		-8.5	%
Deposits		2.76	%		2.91	%		-5.2	%		2.68	%		2.68	%		2.95	%		-9.2	%
Borrowings		2.93	%		2.38	%		23.1	%		2.68	%		2.72	%		2.38	%		14.3	%
Interest-bearing liabilities		2.88	%		2.56	%		12.5	%		2.68	%		2.71	%		2.58	%		5.0	%
Interest rate spread		1.82	%		2.68	%		-32.1	%		2.11	%		2.12	%		2.70	%		-21.5	%
Interest rate margin		2.02	%		2.81	%		-28.1	%		2.31	%		2.31	%		2.80	%		-17.5	%

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