Exhibit 99

OFG Bancorp Reports 3Q14 Results

SAN JUAN, Puerto Rico, October 23, 2014 – OFG Bancorp (NYSE: OFG) today reported results for the third quarter ended September 30, 2014.

3Q14 Highlights

·         Income available to common shareholders totaled $16.1 million, or $0.34 per share diluted, equal to the year ago quarter.

·         Compared to the second quarter of 2014, net interest income declined $4.2 million, reflecting significantly lower levels of cost recoveries on the former Eurobank portfolio, as such recoveries can vary quarter to quarter.

·         Originated loan balances and yield expanded, mortgage and commercial loan production increased, and non-interest expenses remained level.

·         Demand deposit and savings account balances grew to $3.3 billion from June 30, 2014, while total deposit costs declined 8 basis points.

·         Performance metrics remained high, with net interest margin at a more normalized 5.84%, return on average assets of 1.02%, return on average tangible common stockholders’ equity of 9.78% and an efficiency ratio of 49.30%.

·         Puerto Rico government related loan and investment security balances declined 4.4% from the prior quarter, to $647.7 million at September 30, 2014.

·         Tangible book value per common share increased 0.7%, to $14.82 at September 30, 2014, from June 30, 2014, and book value per common share rose 0.5% to $16.96.

CEO Comment

José Rafael Fernandez, President, Chief Executive Officer, and Vice Chairman, commented:

“OFG has achieved notable success in a tough operating environment. Our third quarter results were solid despite Puerto Rico’s continued economic malaise. For the seventh consecutive quarter since our last acquisition, performance metrics were comparable to top tier SMID cap banks that operate in much more favorable markets. All of this reflects our ability to be highly adaptive, with sound capital management and operating capabilities over the last few years.”

“Loan generation exceeded that of the second quarter. This is despite a steep drop in the overall market, especially in auto and mortgage loans, and it has helped partially to offset our own strategic de-risking efforts and normal runoffs of acquired loans. We also maintained strong pricing and spending discipline, continuing to expand yield on originated loans, lowering the cost of deposits, and controlling operating expenses.”

“At the same time, we continued to build our brand and franchise for consumer friendly, service oriented banking. The results of our initiatives to deploy convenient and technologically advanced solutions are bearing good results. Our Cuenta Libre account, with no constraints on ATM access and advanced mobile features, is attracting 600-700 new customers a month. The total number of customers with mobile access has increased seven-fold over the last year.”

3Q14 Income Statement Highlights

The following compares data for the third quarter 2014 to the second quarter of 2014 unless otherwise noted.

·         Non-covered loan income was approximately level at $87.7 million compared to $88.1 million. Increased income from a higher balance of originated loans offset lower income from the reduction of government loan balances, and scheduled maturities as well as repayment of acquired loans.

·         Covered loan income declined $4.0 million, to $20.9 million from $24.9 million. There were no significant cost recoveries during the quarter, which can vary from quarter to quarter. Balances also declined as these loans continued to be repaid.

·         Investment securities interest income declined  $1.2 million, to $11.8 million, primarily due to higher premium amortization.

·         Total interest expense on deposits declined 16.4%, to $7.7 million from $9.2 million. Cost of deposits fell to 68 bps from 76 bps. OFG’s funding profile continued to improve as lower cost demand and savings deposits rose and higher cost time deposits, many of which were acquired, matured.

·         Total provision for loan and lease losses (excluding acquired loans) increased $1.1 million, to $8.6 million. This was due primarily to an increase in charge off levels on originated auto loans and higher portfolio balances. Additionally, we provisioned $8.7 million, up $1.3 million, on acquired loans, primarily due to impairment of estimated cash flows on certain commercial loans.

·         Total core non-interest income remained approximately level at $19.0 million compared to $18.9 million. Mortgage banking activity increased 34.9% due to increased production, offsetting minor changes in banking service and wealth management.

·         The FDIC indemnification asset amortization declined $1.4 million, to $16.9 million, due to reduced cost recoveries, as previously mentioned. The indemnification asset was $120.6 million at September 30, 2014 versus $143.7 million at June 30, 2014.

·         Non-interest expenses remained approximately level, in line with plans, at $59.6 million compared to $59.8 million.

·         The effective income tax rate declined to 29.05% from 33.25%. The quarter included a $1.0 million benefit from the resolution of a tax position contingency.

September 30, 2014 Balance Sheet Highlights

The following compares data as of September 30, 2014 to June 30, 2014 or for the third quarter of 2014 to the second quarter of 2014 unless otherwise noted.

·         Production of new loans (excluding renewals) increased 9.5%, to $242.6 million. Increases in commercial and mortgage loan volumes more than offset declines in auto and consumer loans.

·         Puerto Rico government related loans and securities fell primarily due to reductions of $17.0 million in central government loans and $10.8 million in loans to municipalities. Year over year, PR government related loans and securities declined 32.3%, from $956.7 million at September 30, 2013.

o   As part of the bank syndicate, OFG agreed during the quarter to extend its credit facility with PREPA to March 31, 2015. The credit was then classified substandard and as TDR. OFG, along with the bank syndicate, retained an outside expert to assist us in the forecast of PREPA cash flows which includes a series of assumptions to build up our own models. Based on the results of our analysis, the loan is being maintained in accrual status requiring no impairment.

·         Average interest earning assets of $6.9 billion declined 0.7%. Originated loans increased 3.3%. Acquired loans and securities declined 7.0% due to the reduction of government loan balances in the 2014 third and second quarters, scheduled maturities, and repayment of acquired loans.

·         Demand deposit and savings account balances increased $29.9 million, to $3.3 billion, equal to 65% of total deposits compared to 64% at the end of last quarter. Higher cost time deposits declined 4.6% due to maturities. Brokered deposits declined 6.8% as this funding was no longer needed.

·         Total stockholders’ equity increased 0.5% to $930.0 million from $925.2 million, reflecting a 6.5% increase in retained earnings that more than offset a decline in other comprehensive income.

Credit Quality Highlights

The following compares data excluding acquired loans for the third quarter 2014 to the second quarter 2014 unless otherwise noted.

·         Net charge offs increased $2.6 million, to $9.0 million, primarily in auto and consumer loans, reflecting trends in Puerto Rico’s economic environment.

·         Nonperforming loans increased $9.9 million, primarily due to incremental entries in the form of repurchases from GSEs and as well as TDRs in mortgages.

·         Allowance for loan and lease losses remained approximately level at $50.3 million compared to $50.6 million.

Capital Position

The following compares data for the third quarter 2014 to the second quarter of 2014.

Regulatory capital ratios continued to be significantly above requirements for a well-capitalized institution.

·         Tangible common equity to total tangible assets increased to 8.81% from 8.70%, based on a 0.8% increase in tangible common equity, to $667.8 million, and a 0.5% decline in tangible assets, to $7.6 billion.

·         Tier 1 risk-based capital ratio increased to 15.99% from 15.49%, based on a 1.2% increase in Tier 1 capital, to $782.8 million, and a 2.0% decline in total risk weighted assets, to $4.9 billion.

·         Total risk-based capital ratio increased to 17.50% from 17.30%, based on a 0.6% decline in total risk-based capital, to $858.4 million, and total risk weighted assets of $4.9 billion.

Conference Call

A conference call to discuss OFG’s results for the third quarter of 2014, outlook and related matters will be held Friday, October 24, 2014 at 10:00 AM Eastern Time. The call will be accessible live via a webcast on OFG’s Investor Relations website at www.ofgbancorp.com. A webcast replay will be available shortly thereafter. Access the webcast link in advance to download any necessary software.

Financial Supplement

OFG’s Financial Supplement, with full financial tables for the quarter ended September 30, 2014, can be found on the Webcasts, Presentations & Other Files page, on OFG’s Investor Relations website at www.ofgbancorp.com.

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 the forward-looking statements.

Factors that might cause such a difference include, but are not limited to (i) the rate of 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) a credit default by the government of Puerto Rico; (iv) the fiscal and monetary policies of the federal government and its agencies; (v) changes in federal bank regulatory and supervisory policies, including required levels of capital; (vi) the relative strength or weakness of the consumer and commercial credit sectors and of the real estate market in Puerto Rico; (vii) the performance of the stock and bond markets; (viii) competition in the financial services industry; and (ix) possible legislative, tax or regulatory changes.

For a discussion of such factors and certain risks and uncertainties to which OFG is subject, see OFG’s annual report on Form 10-K for the year ended December 31, 2013, 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, OFG assumes no obligation to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements.

About OFG Bancorp

Now in its 50th year in business, OFG Bancorp is a diversified financial holding company that operates under U.S. and Puerto Rico banking laws and regulations. Its three principal subsidiaries, Oriental Bank, Oriental Financial Services and Oriental Insurance, provide a full range of commercial, consumer and mortgage banking services, as well as financial planning, trust, insurance, investment brokerage and investment banking services, primarily in Puerto Rico, through 55 financial centers. Investor information can be found at www.ofgbancorp.com.

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Contacts

Puerto Rico: Alexandra López (allopez@orientalbank.com), OFG Bancorp, (787) 522-6970

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