OFG Bancorp (OFG) 8-K Results of Operations and Financial Condition

Exhibit 99

	Puerto Rico Contact: Juan C. Cruz, Oriental Financial Group (787) 771-6820
	U.S. Contact:
	Steven Anreder and Gary Fishman,
	Anreder & Company
	(212) 532-3232

ORIENTAL FINANCIAL GROUP REPORTS RESULTS FOR THE
FOURTH QUARTER AND FISCAL YEAR ENDED DECEMBER 31, 2006

SAN JUAN, Puerto Rico, February 15, 2007 – Oriental Financial Group Inc. (NYSE: OFG) today announced results for the fourth quarter and fiscal year ended December 31, 2006.

For the quarter, the Group reported a loss to common shareholders of $19.2 million, or ($0.78) per share, compared to income available to common shareholders of $7.3 million, or $0.29 per share, in the corresponding year-ago quarter. For the year, the Group reported a loss to common shareholders of $9.8 million, or ($0.40) per share, compared to income available to common shareholders of $39.1 million, or $1.56, in 2005.

During the fourth quarter of 2006, the Group repositioned its available-for-sale (AFS) investment portfolio and reduced higher priced borrowings in order to improve net interest income going forward, while continuing to focus on its financial services and lending activities to its middle market constituency.

As previously reported, fourth quarter 2006 results included a loss on the sale of securities of approximately $16 million, or ($0.67) per share, related to the repositioning of the AFS investment securities portfolio – a strategy that is expected to benefit net interest income by approximately $16 million in 2007.

In addition, the fourth quarter included: (i) a loss of $3.8 million, or ($0.16) per share, related to $42 million of corporate securities previously held in the AFS portfolio which were deemed to be impaired ($17 million of such securities were sold in December 2006 and the remaining $25 million were sold in early January 2007); and (ii) a loss of $0.9 million, or ($0.04) per share, to write off unamortized costs as a result of exercising the call provision of approximately $36 million of outstanding Oriental Financial (PR) Statutory Trust I subordinated capital notes, which is expected to generate interest expense savings of approximately $3.0 million in 2007.

Commentary and Outlook

José Rafael Fernández, President and CEO, said: “While we realigned our AFS investment portfolio during the quarter, our performance benefited from the continuing success of Oriental’s niche-market franchise, which is focused on providing mid and high-net worth customers with all their banking and financial service needs.”

“Despite the challenging economic environment in Puerto Rico, total banking and financial service revenues for the December 2006 quarter amounted to $8.2 million, and represented a 26.8% increase over the December 2005 quarter and 6.1% over the September 2006 quarter. Net loans increased to $1.21 billion, a 34.3% year over year increase and 3.0% increase sequentially.”

Mr. Fernández also said that in February 2007, Oriental completed a review of its funding sources in light of asset/liability management considerations and changing market conditions, and decided to strategically reposition its repurchase agreements portfolio. Specifically, Oriental restructured approximately $1 billion of short-term borrowings, with a weighted average rate paid of approximately 5.35%, into 10-year, non-put 2-year structured repurchase agreements, priced at 95 basis points under 90-day LIBOR (for a current rate of 4.40%).

Separately, Mr. Fernández said the Group purchased in February 2007 approximately $900 million in agency securities for the AFS portfolio which were funded with a net spread of approximately 150 basis points, locked in for two years on $750 million and one year on $150 million. These securities are intended to replenish scheduled repayments and maturities of securities that occurred in 2006 and are expected to occur in 2007.

“Based on the strategic actions we have been making, plus favorable trends in non-interest income and expenses, we believe that we are well positioned for 2007,” Mr. Fernández concluded.

Analysis of Fourth Quarter 2006 Results of Operations

Interest income for the 2006 fourth quarter increased 5.3% to $57.2 million when compared to the fourth quarter of 2005. This reflected a 36.6% increase from loans, due to both higher balances and interest rates, and a 7.4% decline from investments, primarily due to lower balances. On a sequential quarter basis, interest income declined 6.1%, reflecting a 2.9% increase from loans and a 10.8% decline from investments.

Interest expense increased 32.5% from the year ago quarter, to $49.3 million. This reflected higher costs of funds, due to Federal Open Market Committee (FOMC) rate increases over the past year, partially offset by reduced volume of deposits and borrowings. On a sequential quarter basis, interest expense declined 5.0%, reflecting reduced repurchase agreement borrowings.

As a result, net interest income declined 53.9% from the year ago quarter, to $7.9 million, for a net interest margin of 0.72%, compared to 1.58% in the year ago quarter. On a sequential quarter basis, net interest income declined 12.2%.

Growth in banking and financial service revenues from the year ago fourth quarter reflected a 34.5% increase, to $4.7 million in financial service revenues, a 2.0% increase, to $2.3 million in banking service revenues, and an 86.1% increase, to $1.2 million in mortgage banking activities. On a sequential quarter basis, financial service revenues were up 18.6%, banking service revenues were up 13.3% and mortgage banking activities were up 5.0%. Total non-interest income for the 2006 fourth quarter included a $3.9 million net gain on derivatives instruments, compared to $1.1 million in the 2005 fourth quarter, due to a positive variance in the mark to market of such positions.

During the 2006 fourth quarter, banking service revenues benefited from a Puerto Rico law temporarily lowering taxes on early withdrawals of individual retirement accounts (IRAs), which prompted some customers to redeem IRA certificates of deposit (CDs) before maturity. In late December, Oriental opened its 25^th financial center located in the Belz Factory Outlet Mall in Canovanas, a growing suburb east of San Juan near a new highway that connects San Juan to the east coast of Puerto Rico.

Non-interest expenses in the fourth quarter of 2006 included approximately $1.8 million primarily for a supplemental pension payment and charitable contributions made in recognition of the Group’s former Chairman, President, and CEO enhancing the value of Oriental over the course of his 19 years of leadership. Excluding this amount, non-interest expenses for the 2006 fourth quarter would have been $16.7 million and for the year ended December 31, 2006 would have been $61.5 million. The 2005 expenses of $57.9 million reflected a $6.3 million reduction in non-cash compensation related to the variable accounting for certain employee stock options.

December 31, 2006 Balance Sheet Analysis

Total investments at December 31, 2006 amounted to $3.0 billion, a reduction of 13.8% from a year ago and 7.5% from September 30, 2006, primarily due to scheduled repayments and maturities in the held-to-maturity (HTM) investment portfolio.

Loan growth from December 31, 2005 to December 31, 2006 reflected increases of 46.1%, or $295.4 million in mortgages; 5.7%, or $13.0 million, in commercial loans; and 2.2%, or $0.8 million, in consumer loans. On a sequential quarterly basis, loan growth reflected a 3.2% increase in mortgages and a 2.9% increase in commercial loans, partially offset by a $2.9 million decline in consumer loans.

Loan production and purchases increased 29.5%, or $23.5 million, to $103.0 million compared to the year ago fourth quarter. Mortgage production increased 22.2%, to $75.0 million. Due to Oriental’s growing wholesale mortgage funding business, purchases from local originators totaled $10.1 million versus $0.3 million in the year ago quarter. Production of commercial loans increased 58.1%, to $15.6 million, while production of consumer loans was $2.3 million versus $8.1 million in the December 2005 quarter. On a sequential quarter basis, loan production and purchases expanded 12.3%, due to growth in mortgage and commercial loan production and in mortgage purchases from local originators.

Deposits declined 5.1%, or $65.6 million, to $1.23 billion, from a year ago. CD balances declined $234.9 million, reflecting a $104.5 million decrease in brokered CDs, the previously mentioned IRA withdrawals, and Oriental’s current strategy with regard to new CD offerings (due to the high level of rates being offered for retail CDs in Puerto Rico, the Group continues to monitor closely the local CD market to decide when to pursue such deposits). Part of the decline in CD balances was offset by a $183.5 million increase in savings accounts, reflecting the continued success of the new Oriental Money account. On a sequential quarter basis, deposits declined 4.7% due to a $109.3 million decline in CDs, partially offset by a $53.1 million increase in savings accounts. At December 31, 2006, brokered CDs totaled $179.1 million, or 14.5% of total deposits, compared to $283.6 million, or 21.8% of total deposits, a year ago.

Borrowings declined 1.8%, or $50.3 million, to $2.78 billion, from a year ago. This primarily reflected an approximately $36 million reduction in subordinated capital notes, due to the aforementioned redemption of Oriental Financial (PR) Statutory Trust I securities. On a sequential quarter basis, borrowings decreased 6.9%, or $206.9 million, reflecting a decline of 5.8%, or $156.3 million, in repurchase agreements and the redemption of the subordinated capital notes.

Credit Quality

In line with the 34.3% growth in loans during 2006, Oriental increased the provision for loan losses by 28.6%, to $4.4 million from last year’s provision of $3.4 million. The provision is based on an analysis by the Group of the credit quality and composition of its loan portfolio to maintain the allowance at an adequate level.

At December 31, 2006, non-performing loans were $38.3 million (3.14% of total loans), compared to $34.2 million (2.89%) at September 30, 2006 and $28.4 million (3.12%) at December 31, 2005. The current level reflects an increase of $8.6 million in non-performing residential mortgages in the second half of 2006, due to residential mortgage loan growth and the effects of the current economy in Puerto Rico. This increase is not expected to translate into higher losses as these loans are generally well collateralized with adequate loan to value ratios.

Net credit losses remained relatively low at $1.1 million (0.36% of average loans outstanding) for the December 2006 quarter, versus $0.7 million (0.26%) for the September 2006 quarter and $1.2 million (0.50%) for the December 2005 quarter. Net credit losses for the year decreased 30.9%, or $1.3 million, from $4.3 million in 2005 (0.49% of average loans outstanding), to $3.0 million in 2006 (0.28% of average loans outstanding).

Capital

Stockholders’ equity at December 31, 2006 was $338.0 million, or $11.04 per share, compared to $341.8 million, or $11.13 per share, a year ago, and $351.7 million, or $11.58 per share, at September 30, 2006. The Group’s capital ratios remain significantly above regulatory capital requirements; at December 31, 2006, the Leverage Capital Ratio was 8.47%, Tier 1 Risk-Based Capital Ratio was 21.72%, and Total Risk-Based Capital Ratio was 22.18%.

During the fourth quarter of 2006, Oriental repurchased 123,100 shares of common stock at an average price of $11.85 per share and a total cost of $1.5 million, leaving approximately $8.0 million available under the Group’s current stock repurchase program. For the full year 2006, Oriental repurchased 232,600 shares of common stock at an average price of $12.11 per share and a total cost of $2.8 million.

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 42^nd year in business, Oriental provides a full range of mortgage, commercial and consumer banking services through 25 financial centers in Puerto Rico, as well as financial planning, trust, insurance, investment brokerage and investment banking services. Investor information about Oriental can be found atwww.orientalfg.com.

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.

ORIENTAL FINANCIAL GROUP
Financial Summary
(NYSE:OFG)

	QUARTER ENDED												YEAR ENDED
	31-Dec-06			31-Dec-05			%			30-Sep-06			31-Dec-06			31-Dec-05			%
Summary of Operations (in thousands, except per share data):
Interest Income:
Loans	$	21,431		$	15,684			36.6	%	$	20,819		$	76,815		$	59,258			29.6	%
Investment securities		35,734			38,589			-7.4	%		40,046			154,102			142,276			8.3	%
Total interest income		57,165			54,273			5.3	%		60,865			230,917			201,534			14.6	%
Interest Expense:
Deposits		13,126			10,693			22.8	%		11,931			46,701			36,601			27.6	%
Securities sold under agreements to repurchase		32,189			22,776			41.3	%		36,035			125,714			76,877			63.5	%
Other borrowed funds		3,993			3,752			6.4	%		3,946			15,770			13,978			12.8	%
Total interest expense		49,308			37,221			32.5	%		51,912			188,185			127,456			47.6	%
Net interest income		7,857			17,052			-53.9	%		8,953			42,732			74,078			-42.3	%
Provision for loan losses		(1,470	)		(951	)		54.6	%		(870	)		(4,388	)		(3,412	)		28.6	%
Net interest income after provision for loan losses		6,387			16,101			-60.3	%		8,083			38,344			70,666			-45.7	%
Non-Interest Income:
Financial service revenues		4,726			3,513			34.5	%		3,986			16,029			14,029			14.3	%
Banking service revenues		2,294			2,250			2.0	%		2,025			9,006			8,315			8.3	%
Investment banking revenue		—			69			-100.0	%		592			3,154			235			1242.1	%
Mortgage banking activities		1,178			633			86.1	%		1,122			3,368			3,943			-14.6	%
Total banking and financial service revenues		8,198			6,465			26.8	%		7,725			31,557			26,522			19.0	%
Net gain (loss) on sale of securities and other than temporary impairments		(19,835	)		311			-6477.8	%		2,455			(17,339	)		3,125			-654.8	%
Net gain (loss) on derivatives		3,931			1,127			248.8	%		(1,571	)		3,218			(2,061	)		-256.1	%
Loss on early extinguishment of subordinated capital notes		(915	)		0			100.0	%		0			(915	)		—			100.0	%
Other		224			653			-65.7	%		1,276			1,440			1,334			7.9	%
Total non-interest income		(8,397	)		8,556			-198.1	%		9,885			17,961			28,920			-37.9	%
Non-Interest Expenses:
Compensation and employees’ benefits		6,222			6,454			-3.6	%		6,241			24,264			20,411			18.9	%
Occupancy and equipment		3,024			2,823			7.1	%		2,867			11,573			11,330			2.1	%
Advertising and business promotion		1,502			1,670			-10.1	%		950			4,466			5,277			-15.4	%
Directors and investors relations		1,729			197			777.7	%		210			2,323			916			153.6	%
Professional and service fees		1,792			2,078			-13.8	%		1,804			6,821			7,385			-7.6	%
Communication		337			424			-20.5	%		419			1,598			1,623			-1.5	%
Loan servicing expenses		527			465			13.3	%		525			2,017			1,742			15.8	%
Taxes, other than payroll and income taxes		792			598			32.4	%		440			2,405			2,129			13.0	%
Electronic banking charges		463			464			-0.2	%		489			1,914			1,914			0.0	%
Printing, postage, stationery and supplies		192			269			-28.6	%		259			995			945			5.3	%
Insurance		209			189			10.6	%		220			861			749			15.0	%
Other		1,745			792			120.3	%		721			4,110			3,435			19.7	%
Total non-interest expenses		18,534			16,423			12.9	%		15,145			63,347			57,856	(1)		9.5	%
Income (loss) before income taxes		(20,544	)		8,234			-349.5	%		2,823			(7,042	)		41,730			-116.9	%
Income tax expense (benefit)		(2,586	)		(265	)		875.8	%		446			(2,029	)		(2,168	)		-6.4	%
Net income (loss)		(17,958	)		8,499			-311.3	%		2,377			(5,013	)		43,898			-111.4	%
Less: Dividends on preferred stock		(1,200	)		(1,200	)		0.0	%		(1,200	)		(4,802	)		(4,802	)		0.0	%
Income (loss) available to common shareholders	$	(19,158	)	$	7,299			-362.5	%	$	1,177		$	(9,815	)	$	39,096			-125.1	%

		QUARTER ENDED													YEAR ENDED
		31-Dec-06			31-Dec-05			%			30-Sep-06				31-Dec-06			31-Dec-05			%
EARNINGS PER SHARE
Earning (loss) per common share (basic)	(	$	0.78	)	$	0.30			-364.3	%	$	0.05		(	$	0.40	)	$	1.58			-125.3	%
Earning (loss) per common share (diluted)	(	$	0.78	)	$	0.29			-365.8	%	$	0.05		(	$	0.40	)	$	1.56			-125.5	%
Dividends declared per common share		$	0.14		$	0.14			0.0	%	$	0.14			$	0.56		$	0.56			0.0	%
Average shares outstanding			24,455			24,628			-0.7	%		24,564				24,562			24,750			-0.8	%
Average potential common shares-options			82			223			-63.2	%		97				110			333			-67.0	%
Total average shares outstanding and equivalents			24,537			24,851			-1.3	%		24,661				24,672			25,083			-1.6	%
Common shares outstanding at end of period											$	24,510			$	24,453		$	24,605			-0.6	%
Book value per common share											$	11.58			$	11.04		$	11.13			-0.8	%
SELECTED FINANCIAL DATA
PERFORMANCE RATIOS:
Return on assets			-1.62	%		0.76	%		-313.2	%		0.20	%			-0.11	%		1.02	%		-110.8	%
Return on common equity			-27.46	%		10.60	%		-359.1	%		1.69	%			-3.55	%		15.00	%		-123.7	%
Efficiency ratio			122.44	%		69.83	%		75.3	%		90.81	%			86.34	%		57.51	%		50.1	%
Leverage capital ratio												8.96	%			8.47	%		10.13	%		-16.4	%
Tier 1 risk-based capital												28.18	%			21.72	%		34.70	%		-37.4	%
Total risk-based capital												28.68	%			22.18	%		35.22	%		-37.0	%
TAX EQUIVALENT SPREAD
Interest-earning assets			5.25	%		5.01	%		4.8	%		5.24	%			5.15	%		4.83	%		6.6	%
Tax equivalent adjustment			1.24	%		0.99	%		25.3	%		1.15	%			1.27	%		1.08	%		17.6	%
Interest-earning assets — tax equivalent			6.49	%		6.00	%		8.2	%		6.39	%			6.42	%		5.91	%		8.6	%
Interest-bearing liabilities			4.85	%		3.75	%		29.3	%		4.73	%			4.48	%		3.30	%		35.8	%
Tax equivalent interest rate spread			1.64	%		2.25	%		-27.1	%		1.66	%			1.94	%		2.61	%		-25.7	%
Tax equivalent interest rate margin			1.96	%		2.57	%		-23.7	%		1.92	%			2.22	%		2.86	%		-22.4	%
NORMAL SPREAD
Investments			4.54	%		4.52	%		0.4	%		4.53	%			4.50	%		4.32	%		4.2	%
Loans			7.10	%		6.82	%		4.1	%		7.49	%			7.28	%		6.70	%		8.7	%
Interest-earning assets			5.25	%		5.01	%		4.8	%		5.24	%			5.15	%		4.83	%		6.6	%
Deposits			4.18	%		3.29	%		27.1	%		3.92	%			3.78	%		3.04	%		24.3	%
Borrowings			5.15	%		3.97	%		29.7	%		5.04	%			4.77	%		3.42	%		39.5	%
Interest-bearing liabilities			4.85	%		3.75	%		29.3	%		4.73	%			4.48	%		3.30	%		35.8	%
Interest rate spread			0.40	%		1.26	%		-68.3	%		0.51	%			0.67	%		1.53	%		-56.2	%
Interest rate margin			0.72	%		1.58	%		-54.4	%		0.77	%			0.95	%		1.78	%		-46.6	%

(1) Compensation and employee benefits was decreased by $6,288 for the year ended December 31, 2005, reflecting the non-cash compensation benefit related to certain stock option awards with anti-dilutive provisions. Excluding this non-cash adjustment, total non-interest expenses for the year ended December 31, 2005 would have been $64,144 million.

	As of			As of
BALANCE SHEET DATA	30-Sep-06			31-Dec-06			31-Dec-05			%
Cash and cash equivalents
Cash and due from banks	$	14,734		$	15,341		$	13,789			11.3	%
Money market investments		19,318			18,729			3,480			438.2	%
Total cash and cash equivalents		34,052			34,070			17,269			97.3	%
Interest-earning assets:
Investments:
Short term investments		5,000			5,000			60,000			-91.7	%
Trading securities		347			243			146			66.4	%
Investment securities available-for-sale, at fair value		1,035,332			1,006,361			1,046,884			-3.9	%
Investment securities held-to-maturity, at amortized cost		2,182,612			1,967,477			2,346,255			-16.1	%
Federal Home Loan Bank (FHLB) stock, at cost		12,847			13,607			20,002			-32.0	%
Total investments		3,236,138			2,992,688			3,473,287			-13.8	%
Loans:
Mortgage loans		906,801			935,555			640,197			46.1	%
Commercial loans, mainly secured by real estate		234,429			241,202			228,163			5.7	%
Consumer loans		39,178			36,272			35,483			2.2	%
Loans receivable, gross		1,180,408			1,213,029			903,843			34.2	%
Less: Deferred loan fees, net		(2,894	)		(2,816	)		(2,851	)		-1.2	%
Loans receivable		1,177,514			1,210,213			900,992			34.3	%
Allowance for loan losses		(7,645	)		(8,016	)		(6,630	)		20.9	%
Loans receivable, net		1,169,869			1,202,197			894,362			34.4	%
Mortgage loans held for sale		8,582			10,603			8,946			18.5	%
Total loans, net		1,178,451			1,212,800			903,308			34.3	%
Total interest-earning assets		4,414,589			4,205,488			4,376,595			-3.9	%
Securities sold but not yet delivered		87,487			6,430			44,009			-85.4	%
Accrued interest receivable		28,661			27,940			29,067			-3.9	%
Premises and equipment, net		19,797			20,153			14,828			35.9	%
Deferred tax asset, net		12,698			13,478			12,222			10.3	%
Foreclosed real estate		3,825			4,864			4,802			1.3	%
Other assets		61,221			62,404			48,157			29.6	%
Total assets	$	4,662,330		$	4,374,827		$	4,546,949			-3.8	%
Interest-bearing liabilities:
Deposits:
Demand deposits		136,717			132,434			146,623			-9.7	%
Savings accounts		213,042			266,184			82,641			222.1	%
Certificates of deposit		943,683			834,370			1,069,304			-22.0	%
Total deposits		1,293,442			1,232,988			1,298,568			-5.1	%
Borrowings:
Federal funds purchased and other short term borrowings		45,070			13,568			4,455			204.6	%
Securities sold under agreements to repurchase		2,692,173			2,535,923			2,427,880			4.5	%
Advances from FHLB		165,000			181,900			313,300			-41.9	%
Subordinated capital notes		72,166			36,083			72,166			-50.0	%
Term notes		15,000			15,000			15,000			0.0	%
Total borrowings		2,989,409			2,782,474			2,832,801			-1.8	%
Total interest-bearing liabilities		4,282,851			4,015,462			4,131,369			-2.8	%
Securities and loans purchased but not yet received		702			—			43,354			-100.0	%
Accrued expenses and other liabilities		27,064			21,321			30,435			-29.9	%
Total liabilities		4,310,617			4,036,783			4,205,158			-4.0	%

	As of			As of
	30-Sep-06			31-Dec-06			31-Dec-05			%
Preferred Equity		68,000			68,000			68,000			0.0	%
Common Equity:
Common stock		25,379			25,431			25,350			0.3	%
Additional paid-in capital		208,670			209,033			208,454			0.3	%
Legal surplus		37,523			36,209			35,863			1.0	%
Retained earnings		49,702			28,426			52,340			-45.7	%
Treasury stock, at cost		(11,521	)		(12,956	)		(10,332	)		25.4	%
Accumulated other comprehensive loss		(26,040	)		(16,099	)		(37,884	)		-57.5	%
Total common equity		283,713			270,044			273,791			-1.4	%
Stockholders’ equity		351,713			338,044			341,791			-1.1	%
Total liabilities and stockholders’ equity	$	4,662,330		$	4,374,827		$	4,546,949			-3.8	%
Number of financial centers		24			25			24
SELECTED FINANCIAL DATA AT PERIOD-END
Trust Assets Managed	$	1,942,694		$	1,848,596		$	1,875,300			-1.4	%
Broker-Dealer Assets Gathered		1,160,725			1,143,668			1,132,286			1.0	%
Total Assets Managed		3,103,419			2,992,264			3,007,586			-0.5	%
Assets owned		4,662,330			4,374,827			4,546,949			-3.8	%
Total financial assets managed and owned	$	7,765,749		$	7,367,091		$	7,554,535			-2.5	%

	QUARTER ENDED												YEAR ENDED
CREDIT DATA	31-Dec-06			31-Dec-05			%			30-Sep-06			31-Dec-06			31-Dec-05			%
Net credit losses:
Mortgage	$	502		$	559			-10.2	%	$	(24	)	$	855		$	2,291			-62.7	%
Commercial		40			70			-42.9	%		(16	)		161			646			-75.1	%
Consumer		557			529			5.3	%		766			1,985			1,409			40.9	%
Total net credit losses	$	1,099		$	1,158			-5.1	%	$	726		$	3,001		$	4,346			-30.9	%
Net credit losses to average loans outstanding		0.36	%		0.50	%		-28.0	%		0.26	%		0.28	%		0.49	%		-42.9	%
Allowance for loan losses										$	7,645		$	8,016		$	6,630			20.9	%
Allowance coverage ratios:
Allowance for loan losses to total loans											0.64	%		0.66	%		0.73	%		-9.6	%
Allowance for loan losses to non-performing loans											22.33	%		20.93	%		23.32	%		-10.2	%
Allowance for loan losses to non-residential non-performing loans											245.81	%		205.86	%		135.36	%		52.1	%
Non-performing assets summary:
Mortgage										$	31,120		$	34,404		$	23,535			46.2	%
Commercial, mainly real estate											2,608			3,167			4,600			-31.2	%
Consumer											502			727			298			144.0	%
Non-performing loans											34,230			38,298			28,433			34.7	%
Foreclosed properties											3,852			4,864			4,802			1.3	%
Non-performing assets										$	38,082		$	43,162		$	33,235			29.9	%
Non-performing loans to total loans											2.89	%		3.14	%		3.12	%		0.6	%
Non-performing loans to total assets											0.73	%		0.88	%		0.63	%		39.7	%
Non-performing assets to total assets											0.82	%		0.99	%		0.73	%		35.6	%
Loan Production and Purchases Summary:
Mortgage loans production	$	75,041		$	61,389			22.2	%	$	68,229		$	277,311		$	275,190			0.8	%
Mortgage loans purchased		10,099			257			3829.6	%		5,636			201,177			38,415			423.7	%
Total mortgage		85,140			61,646			38.1	%		73,865			478,488			313,605			52.6	%
Commercial		15,558			9,843			58.1	%		14,543			58,095			123,536			-53.0	%
Consumer		2,302			8,060			-71.4	%		3,316			16,634			25,251			-34.1	%
Total loan production and purchases	$	103,000		$	79,549			29.5	%	$	91,724		$	553,217		$	462,392			19.6	%