Santander Bancorp 8-K Other Events

Exhibit 99.2

SANTANDER BANCORP
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
AS OF MARCH 31, 2008 AND 2007 AND DECEMBER 31, 2007
(Dollars in thousands, except share data)

										Variance
	31-Mar-08			31-Mar-07			31-Dec-07			03/08-12/07
ASSETS
CASH AND CASH EQUIVALENTS:
Cash and due from banks	$	184,960		$	124,870		$	118,096			56.62	%
Interest-bearing deposits		1,059			841			1,167			-9.25	%
Federal funds sold and securities purchased under agreements to resell		290,803			53,279			82,434			252.77	%
Total cash and cash equivalents		476,822			178,990			201,697			136.41	%
INTEREST-BEARING DEPOSITS		9,134			56,517			5,439			67.94	%
TRADING SECURITIES, at fair value		61,874			45,050			68,500			-9.67	%
INVESTMENT SECURITIES AVAILABLE FOR SALE, at fair value		1,073,020			1,366,023			1,268,198			-15.39	%
OTHER INVESTMENT SECURITIES, at amortized cost		70,184			50,710			64,559			8.71	%
LOANS HELD FOR SALE, net		142,452			191,096			141,902			0.39	%
LOANS, net		6,954,775			6,852,586			6,936,430			0.26	%
ALLOWANCE FOR LOAN LOSSES		(179,150	)		(115,171	)		(166,952	)		7.31	%
ACCRUED INTEREST RECEIVABLE		67,412			93,423			80,029			-15.77	%
PREMISES AND EQUIPMENT, net		30,416			54,861			29,523			3.02	%
GOODWILL		121,482			148,300			121,482			0.00	%
INTANGIBLE ASSETS		29,904			47,212			30,203			-0.99	%
OTHER ASSETS		446,693			224,965			379,203			17.80	%
	$	9,305,018		$	9,194,562		$	9,160,213			1.58	%
LIABILITIES AND STOCKHOLDERS’ EQUITY
DEPOSITS:
Non interest-bearing	$	809,197		$	773,289		$	755,457			7.11	%
Interest-bearing		4,744,468			4,395,266			4,405,246			7.70	%
Total deposits		5,553,665			5,168,555			5,160,703			7.61	%
FEDERAL FUNDS PURCHASED AND OTHER BORROWINGS		1,422,330			1,585,030			1,952,110			-27.14	%
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE		575,000			823,012			635,597			-9.53	%
COMMERCIAL PAPER ISSUED		583,179			438,457			284,482			105.00	%
TERM NOTES		19,518			41,853			19,371			0.76	%
SUBORDINATED CAPITAL NOTES		243,069			244,709			247,170			-1.66	%
ACCRUED INTEREST PAYABLE		58,744			85,620			77,356			-24.06	%
OTHER LIABILITIES		282,664			221,447			246,888			14.49	%
		8,738,169			8,608,683			8,623,677			1.33	%
STOCKHOLDERS’ EQUITY:
Series A Preferred stock, $25 par value; 10,000,000 shares authorized, none issued or outstanding		—			—			—			N/A
Common stock, $2.50 par value; 200,000,000 shares authorized; 50,650,364 shares issued; 46,639,104 shares outstanding		126,626			126,626			126,626			0.00	%
Capital paid in excess of par value		313,884			304,171			308,373			1.79	%
Treasury stock at cost, 4,011,260 shares		(67,552	)		(67,552	)		(67,552	)		0.00	%
Accumulated other comprehensive loss, net of taxes		(15,951	)		(41,296	)		(24,478	)		-34.84	%
Retained earnings:
Reserve fund		139,250			137,511			139,250			0.00	%
Undivided profits		70,592			126,419			54,317			29.96	%
Total stockholders’ equity		566,849			585,879			536,536			5.65	%
	$	9,305,018		$	9,194,562		$	9,160,213			1.58	%

SANTANDER BANCORP
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007

(Dollars in thousands, except per share data)

	For the three months ended
	March 31,		March 31,
	2008		2007
INTEREST INCOME:
Loans	$	143,670	$	148,355
Investment securities		14,120		16,908
Interest-bearing deposits		451		1,150
Federal funds sold and securities purchased under agreements to resell		788		666
Total interest income		159,029		167,079
INTEREST EXPENSE:
Deposits		39,206		45,964
Securities sold under agreements to repurchase and other borrowings		31,559		37,779
Subordinated capital notes		3,665		3,934
Total interest expense		74,430		87,677
Net interest income		84,599		79,402
PROVISION FOR LOAN LOSSES		39,575		22,024
Net interest income after provision for loan losses		45,024		57,378
OTHER INCOME:
Bank service charges, fees and other		12,425		12,317
Broker-dealer, asset management and insurance fees		21,987		16,288
Gain on sale of securities, net		2,874		—
Gain on sale of loans		1,438		2,348
Other income		13,635		3,099
Total other income		52,359		34,052
OPERATING EXPENSES:
Salaries and employee benefits		29,987		31,829
Occupancy costs		6,416		5,574
Equipment expenses		1,193		1,165
EDP servicing, amortization and technical assistance		10,178		9,434
Communication expenses		2,535		2,685
Business promotion		1,965		3,453
Other taxes		3,406		3,106
Other operating expenses		15,764		14,801
Total operating expenses		71,444		72,047
Income before provision for income tax		25,939		19,383
PROVISION FOR INCOME TAX		8,217		7,654
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	17,722	$	11,729
EARNINGS PER COMMON SHARE	$	0.38	$	0.25

SANTANDER BANCORP

SELECTED CONSOLIDATED FINANCIAL INFORMATION:

(DOLLARS IN THOUSANDS)

	For the Quarter Ended
	31-Mar			31-Mar			31-Dec			1Q08/1Q07			1Q08/4Q07
	2008			2007			2007			Variation			Variation
Interest Income	$	159,029		$	167,079		$	168,742			-4.8	%		-5.8	%
Tax equivalent adjustment		1,434			2,224			1,551			-35.5	%		-7.5	%
Interest income on a tax equivalent basis		160,463			169,303			170,293			-5.2	%		-5.8	%
Interest expense		74,430			87,677			90,701			-15.1	%		-17.9	%
Net interest income on a tax equivalent basis		86,033			81,626			79,592			5.4	%		8.1	%
Provision for loan losses		39,575			22,024			47,600			79.7	%		-16.9	%
Net interest income on a tax equivalent basis after provision		46,458			59,602			31,992			-22.1	%		45.2	%
Other operating income		48,047			31,704			49,098			51.5	%		-2.1	%
Gain on sale of securities		2,874			—			1,026			N/A			180.1	%
Gain on sale of loans		1,438			2,348			1,538			N/A			-6.5	%
Goodwill and other intangibles impairment charges		—			—			3,644			N/A			N/A
Other operating expenses		71,444			72,047			80,378			-0.8	%		-11.1	%
Income on a tax equivalent basis before income taxes		27,373			21,607			(368	)		26.7	%		-7538.3	%
Provision for income taxes		8,217			7,654			52			7.4	%		15701.9	%
Tax equivalent adjustment		(1,434	)		(2,224	)		(1,551	)		-35.5	%		-7.5	%
NET INCOME	$	17,722		$	11,729		$	(1,971	)		51.1	%		-999.1	%
SELECTED RATIOS:
Per share data (1):
Earnings per common share	$	0.38		$	0.25		$	(.04	)
Average common shares outstanding		46,639,104			46,639,104			46,639,104
Common shares outstanding at end of period		46,639,104			46,639,104			46,639,104
Cash Dividends per Share	$	0.10		$	0.16		$	0.16

(1)	Per share data is based on the average number of shares outstanding during the period.
	Basic and diluted earnings per share are the same.

SANTANDER BANCORP

	QTD			QTD			YTD			QTD
	31-Mar			31-Mar			31-Dec			31-Dec
SELECTED RATIOS	2008			2007			2007			2007
Net interest margin (1)		4.12	%		3.94	%		3.74	%		3.70	%
Return on average assets (2)		0.78	%		0.53	%		(0.39	)%		(0.08	)%
Return on average common equity (2)		12.90	%		8.20	%		(6.32	)%		(1.44	)%
Efficiency Ratio (1,3)		55.76	%		62.28	%		66.32	%		68.16	%
Non-interest income to revenues		24.77	%		16.93	%		18.01	%		23.44	%
Capital:
Total capital to risk-adjusted assets		7.70			7.88	%		—			7.43	%
Tier I capital to risk-adjusted assets		10.74			10.96	%		—			10.56	%
Leverage ratio		5.83			5.88	%		—			5.38	%
Non-performing loans to total loans		4.42			1.68	%		—			4.16	%
Non-performing loans plus accruing loans past-due 90 days or more to loans		4.56	%		1.92	%		—			4.26	%
Allowance for loan losses to non- performing loans		57.06	%		97.07	%		—			56.70	%
Allowance for loans losses to period- end loans		2.52	%		1.64	%		—			2.36	%

OTHER SELECTED FINANCIAL DATA	3/31/2008		3/31/2007		12/31/2007
	(dollars in millions)
Customer Financial Assets Under Control:
Bank deposits (excluding brokered deposits)	$	4,287.0	$	3,845.0	$	3,705.0
Broker-dealer customer accounts		5,910.0		5,845.0		5,855.0
Mutual fund and assets managed		3,210.0		2,997.0		3,066.0
Trust, institutional and private accounts assets under management		689.0		1,544.0		637.0
Total	$	14,096.0	$	14,231.0	$	13,263.0

(1)	On a tax-equivalent basis.
(2)	Ratios for the quarters are annualized.
(3)	Operating expenses, excluding goodwill and other intangible impairment charges for 4Q07, divided by net interest income, on a tax equivalent basis, plus other income, excluding gain on sale of securities, gain on equity securities and extinguishment of liabilities. Also excluding for 4Q07 gain on sale of POS and TRUST.