Income per common share of $0.35 compared to a loss of $0.75 in the year ago quarter and income of $0.56 in the quarter ended June 30, 2011

Book value per share of $14.96 increased 8.5% from a year ago and 0.3% from June 30, 2011

Common shares outstanding at quarter end of 44.0 million were reduced 5.0% from a year ago due to stock repurchases

Continued growth of commercial lending business and of lower-cost retail deposits

Continued increase in fee income from wealth management business

Improvement in expected cash flows on the former Eurobank portfolio, resulting in higher interest income and a recapture of the loan loss provision

Higher premium amortization on mortgage backed securities due to an increase in pre-payments

Gain on sale of securities and deleveraging of a repurchase agreement

Continued reduction of wholesale funding balances

Good execution of cost control strategy

Interest income from covered loans (the former Eurobank loans) of $18.2 million increased $1.6 million or 9.5% year over year and $5.2 million or 39.5% from the second quarter. Due to effective servicing and collection, actual cash flows have exceeded original estimates by approximately $20 million since the April 30, 2010 acquisition. As a result, there was a $1.9 million net recapture of the loss provision on these loans and a $2.4 million reduction of the FDIC indemnification asset, compared to accretion of $1.0 million in the second quarter.

Interest income from non-covered loans of $17.3 million increased 8.3% from the second quarter, which included a $1.8 million negative adjustment. Excluding this adjustment, interest income from non-covered loans remained approximately level as increased income from commercial loans offset a decline in interest income from residential mortgages.

Interest income from investment securities of $36.2 million declined 22.9% year over year and 32.0% from the quarter ended June 30, 2011. This primarily reflected: (i) increased premium amortization in the third quarter of 2011 due to the decline in interest rates which caused an increase in pre-payments, versus a decrease in pre-payments and premium amortization in the second quarter of 2011, and (ii) lower balance in the investment securities portfolio.

Interest expense of $39.2 million declined 8.9% year over year and 0.7% from the quarter ended June 30, 2011, reflecting higher retail balances at a lower cost and lower balances of wholesale funding. On August 16, 2011, Oriental extinguished a 4.47% $100 million repurchase agreement; this will reduce interest expense going forward.

Total banking and wealth management revenues of $11.3 million increased 9.3% from the quarter ended June 30, 2011. Wealth management revenues grew 17.8% from the quarter ended June 30, 2011 due to increased brokerage and trust business. Mortgage banking activities were up 7.7% from the quarter ended June 30, 2011 as a result of favorable pricing on loans sold into the secondary market.

Non-core, non-interest income of $5.9 million compared to a loss of $21.9 million in the year ago quarter and income of $6.5 million in the second quarter. The third quarter of 2011 primarily reflected: (i) gain of close to $14.0 million on the sale of approximately $205 million in investment securities, (ii) $4.8 million loss on early extinguishment of the aforementioned repurchase agreement, and (iii) $2.4 million amortization of the FDIC loss-share indemnification asset.

Non-interest expenses of $30.4 million declined 7.0% year over year and 0.9% quarter over quarter.

Total investment securities of $4.1 billion declined 5.8% from a year ago and 8.5% from June 30, 2011, primarily reflecting the aforementioned deleveraging and reduced purchases of new investments, which resulted in Oriental increasing its cash position by 84.1%, to $517.3 million, from June 30, 2011. Approximately 97% of Oriental’s investment portfolio consists of agency mortgage-backed securities guaranteed or issued by FNMA, FHLMC or GNMA.

Total non-covered loans of approximately $1.2 billion increased 1.8% from a year ago and declined 0.5% from June 30, 2011 as growth of commercial loans and leases offset the reduction in residential mortgage loans. Covered loans of $524.5 million declined from a year ago and from June 30, 2011 as they continue to pay-down.

Loan production for the quarter totaled $94.1 million, with residential mortgage volume of $52.7 million, commercial of $30.0 million, and leasing and consumer of $11.3 million combined. Year to date, total loan production of $288.7 million is up 6.6%, with commercial production up 38.5%.

Retail deposits of $2.0 billion increased 3.9% from a year ago and 0.2% from June 30, 2011, while cost of deposits dropped to 1.82%. Interest-bearing savings and demand deposits increased 10.5% from a year ago and 4.6% from June 30, 2011, more than offsetting the decrease in certificates of deposit.

Stockholders’ equity of $726.6 million was up 2.8% from a year ago and 0.3% from June 30, 2011. The sequential improvement primarily reflects increased retained earnings and decreased Other Comprehensive Income, net of a decrease in mark to market of forward settled swaps.

Credit Quality: The allowance of $35.9 million increased 4.8%, equal to 3.00% of total non-covered loans and leases versus 2.85% at June 30, 2011. Net credit losses of $2.2 million were down 12.2% year over year and 5.9% from the quarter ended June 30, 2011. Non-performing loans increased $2.7 million from June 30, 2011.

Stock Repurchases: As part of its authorization to repurchase $70 million in shares of its common stock in the open market, Oriental has bought approximately 894,000 shares, at an average price of $10.24 per share, just before the end of the third quarter and subsequent to the quarter-end. All of these purchases will reduce the fourth quarter share count as they settle after September 30, 2011.

Capital: Oriental maintains regulatory capital ratios well above the requirements for a well-capitalized institution. At September 30, 2011, the Leverage Capital Ratio was 10.12%, Tier-1 Risk-Based Capital Ratio was 31.41%, and Total Risk-Based Capital Ratio was 32.69%.

Interest Income:

Loans

Loans not covered under shared-loss agreements with the FDIC

Loans covered under shared-loss agreements with the FDIC

Mortgage-backed securities

Investment securities

Short term investments

Total interest income

Interest Expense:

Deposits

Securities sold under agreements to repurchase

Advances from FHLB and other borrowings

FDIC-guaranteed term notes

Note payable to the FDIC

Subordinated capital notes

Total interest expense

Net interest income

Provision for non-covered loan and lease losses

Recapture of covered loan and lease losses, net

Net interest income after provision for loan and lease losses

Non-Interest Income (Loss):

Wealth management revenues

Banking service revenues

Mortgage banking activities

Total banking and wealth management revenues

Total loss on other-than-temporarily impaired securities

Portion of loss on securities recognized in other comprehensive income

Other-than-temporary impairments on securities

Accretion (amortization) of FDIC loss-share indemnification asset

Fair value adjustment on FDIC equity appreciation instrument

Net gain (loss) on:

Sales of securities

Derivative activities

Trading securities

Foreclosed real estate

Early extinguishment of repurchase agreement

Other

Total non-interest income (loss), net

Non-Interest Expenses:

Compensation and employee benefits

Professional and service fees

Occupancy and equipment

Insurance

Electronic banking charges

Taxes, other than payroll and income taxes

Advertising, business promotion, and strategic initiatives

Loan servicing and clearing expenses

Foreclosure and repossession expenses

Communication

Directors and investor relations

Printing, postage, stationery and supplies

Other

Total non-interest expenses

Income (loss) before income taxes

Income tax expense (benefit)

Net income (loss)

Less: Dividends on preferred stock

Less: Deemed dividend on preferred stock beneficial conversion feature

Income available (loss) to common shareholders

(Dollars in thousands, except per share data)

PRE-TAX OPERATING INCOME

Net interest income

Less: Provision for non-covered loan and lease losses

Plus: Recapture of covered loan and lease losses, net

Core non-interest income:

Wealth management revenues

Banking service revenues

Mortgage banking activities

Total core non-interest income

Less: Non interest expenses

Total Pre-tax operating income

INCOME (LOSS) PER COMMON SHARE

Basic

Diluted

COMMON STOCK DATA

Average common shares outstanding and equivalents

Cash dividends per share of common stock

Cash dividends declared on common shares

Pay-out ratio

SELECTED FINANCIAL DATA

PERFORMANCE RATIOS:

Return on average assets

Return on average common equity

Equity-to-assets ratio

Efficiency ratio

Expense ratio

TAX EQUIVALENT SPREAD

Interest-earning assets

Tax equivalent adjustment

Interest-earning assets—tax equivalent

Interest-bearing liabilities

Tax equivalent interest rate spread

Tax equivalent interest rate margin

NORMAL SPREAD

Investments

Loans

Loans not covered under shared-loss agreements with the FDIC

Loans covered under shared-loss agreements with the FDIC