The Board of Directors of OFG Bancorp continued to broaden and strengthen its membership by selecting experienced individuals from different backgrounds. On April 24, 2013, OFG Bancorp’s Board of Directors increased the number of seats on the Board from seven to nine and appointed Rafael Martínez-Margarida, a certified public accountant with over 40 years experience and former Managing Partner of PricewaterhouseCoopers LLP, San Juan, Puerto Rico, as a new member of the Board. The appointment of Mr. Martínez-Margarida is effective immediately. Mr. Martínez-Margarida was not named to any Board committee at the time of his appointment, but it is expected that he will eventually be named to one or more committees.

OFG Bancorp announced that its annual meeting of shareholders held on April 24, 2013 approved the proposal to amend Article first of the company's Articles of Incorporation, as amended, to change the name of the company to OFG Bancorp" was approved by a majority of the outstanding shares entitled to vote.

OFG Bancorp reported earnings results for the first quarter ended March 31, 2013. For the quarter, the company’s income available to common shareholders increased to $17.7 million, or $0.37 per share diluted, compared to $9.5 million, or $0.23 per share diluted, in the year ago quarter. Return on assets (ROA) was 0.95%. Return on equity (ROE) was 10.14%. Interest income from loans totaled $100.5 million, up 153.4% from the year ago quarter and 109.8% from the preceding quarter, while interest income from investments of $13.1 million declined 56.6% from the year ago quarter and 20.3% from the preceding quarter. The changes primarily reflect OFG's significantly larger and higher yielding loan assets, along with the sharply reduced size of the investment securities portfolio. Net interest income (after provision for loan and lease losses) was $84.0 million increased 191.4% from the year ago quarter. On a per common share basis, book value as at March 31, 2013 was $15.44 increased 0.9% and tangible book value as at March 31, 2013 was $13.73 increased 1.1% from the end of last year. The company provided earnings guidance for the year 2013. For the year, the company expects to achieve initial guidance of $1.40 GAAP EPS. Operations are moving in line with plan. ROA, ROE and the efficiency ratio were on, or moving towards the targets of more than 1.00% and 12.00%, and the low 50% range, respectively.