EXHIBIT 99.1

Doral Financial Corporation Reports Financial Results for the
Quarter Ended March 31, 2011

Reports Quarter Net Income of $3.3 million

Reduced Non-Performing Loans $54.9 million in Quarter

Continues to Exceed Well Capitalized Benchmarks

SAN JUAN, Puerto Rico – April 20, 2011 – Doral Financial Corporation (NYSE:DRL) (“Doral” or the “Company”), the holding company of Doral Bank and Doral Bank FSB, with operations in Puerto Rico and the U.S., reported net income of $3.3 million for the quarter ended March 31, 2011, compared with net losses of $36.1 million and $3.5 million for the quarters ended December 31, 2010 and March 31, 2010, respectively.

Doral continued to improve asset quality, reporting a decrease in non-performing loans (excluding loans guaranteed by U.S. federal government agencies) during the first quarter of $54.9 million from December 31, 2010 to March 31, 2011, and $300.6 million from March 31, 2010 to March 31, 2011.

“Our earnings results are a direct consequence of our success in improving asset quality and diversifying our business. As we move forward, we will continue to focus on improving our fundamentals and building stable earnings,” said Glen Wakeman, CEO and President of Doral Financial Corporation.

First quarter 2011 pre-tax income was $8.4 million, an increase of $40.5 million compared to a pre-tax loss of $32.1 million in the fourth quarter of 2010 driven by the following:

•

Net interest income of $43.2 million increased $5.6 million (15%) compared to the fourth quarter 2010 as a result of reduced interest expense from the exchange of higher rate advances from FHLB for lower rate advances from FHLB and calling high cost callable certificates of deposit, and increased interest income from improved collections of delinquent loans and growth in the U.S. loan portfolio.

•

Non-interest income of $28.6 million, an increase of $0.8 million from fourth quarter 2010, reflects continuing success in increasing revenues from fee-based services and mortgage banking activities.

•

Non-interest expense of $60.8 million declined $15.6 million (20%) from fourth quarter 2010 due to lower costs related to credit expenses including professional services, OREO related expenses, foreclosure and collection costs as well as reductions in other operational costs incurred for compensation, professional services, occupancy, communications, EDP among others.

•

The provision for loan and lease losses of $2.6 million was down $18.5 million compared to fourth quarter 2010 as a result of improved collections on loans over the past year, net of increased loss estimates on loans reviewed individually for impairment and refinements of the loan loss provision estimates.

Doral will be hosting an earnings call for interested parties at 10:00 a.m. Wednesday, April 20, 2011.

Call-in information is:
U.S. Participant Dial-In Number: (800) 230-8960
International Participant Dial-In Number: (612) 332-0226
Conference identification number: 201808

FINANCIAL HIGHLIGHTS

•

Net income for the quarter ended March 31, 2011 totaled $3.3 million, compared to a net loss of $36.1 million for the fourth quarter of 2010 and a net loss of $3.5 million for the quarter ended March 31, 2010.

•

The Company reported net income attributable to common shareholders of $0.9 million and earnings per common share of $0.01 for the first quarter of 2011 compared to net loss attributable to common shareholders of $38.5 million and loss per common share of $0.30 for the fourth quarter of 2010, and net income attributable to common shareholders and earnings per common share of $21.2 million and $0.34, respectively, for the first quarter of 2010.

•

Net interest income for the first quarter of 2011 was $43.2 million, an increase of $5.6 million compared to the fourth quarter of 2010, and a decrease of $0.6 million when compared to the first quarter of 2010. Net interest margin increased 38 basis points to 2.23%, compared to 1.85% for the fourth quarter of 2010. Improved net interest income results from the exchange of $555 million of high rate advances from FHLB for a comparable amount of lower rate advances from FHLB, calling $129 million of high cost callable certificates of deposit, and lowering interest rates on deposits, combined with increased interest income resulting from lower levels of delinquent loans and loss mitigation, as well as growth of the U.S. loan portfolio.

•

Provision for loan and lease losses for the first quarter of 2011 was $2.6 million, a decrease of $18.5 million over the fourth quarter 2010 provision, and a decrease of $11.3 million over the provision recorded for the first quarter of 2010. The first quarter 2011 provision for loan and lease losses included $8.3 million net provisions for construction and land, commercial real estate and commercial and industrial loans reviewed individually for impairment offset in part by net lower general reserves resulting from improved collections of past delinquent loans and adoption of certain refinements in the loss reserve calculations.

•

First quarter 2011 non-interest income of $28.6 million increased $0.8 million and decreased $8.0 million compared to non-interest income of $27.8 million for the fourth quarter of 2010 and $36.6 million for the first quarter of 2010, respectively. Non-interest income for the first quarter of 2011 included a gain on sale of investment securities of $2.9 million compared to no gain or loss for the fourth quarter 2010 and $26.4 million gain for the first quarter of 2010. The first quarter 2010 gain on securities sales was partially offset by an other-than-temporary-impairment charge of $13.3 million.

•

First quarter 2011 non-interest expense of $60.8 million decreased $15.6 million and $6.6 million from expenses for the quarters ended December 31, 2010 and March 31, 2010, respectively. Lower expenses in the first quarter of 2011 compared to the fourth quarter of 2010 were due to: (i) lower provisions and other expenses for other real estate owned properties of $3.8 million, (ii) the $1.5 million 2010 fourth quarter loss on the sale and assignment to a third party of Doral’s rights, title, and interest in and to its claims in the Lehman Brothers, Inc. Securities Investor Protection Corporation proceeding for the Lehman Brothers, Inc. (“LBI”) claim receivable, (iii) lower compensation and benefits costs of $2.3 million, (iv) lower occupancy expenses of $0.8 million, and (v) lower professional services expenses of $2.0 million.

•

First quarter 2011 income tax expense of $5.1 million increased $1.1 million and $2.6 million compared with income tax expense of $4.0 million and $2.5 million in the fourth quarter of

2010 and the first quarter of 2010, respectively. Income tax expense reflects $3.3 million resulting from the profitable operations of certain U.S. and Puerto Rico entities, and $1.8 million resulting from the net effect on Doral’s deferred tax asset of (i) Puerto Rico tax legislation approved in January 2011 lowering the effective tax rate and (ii) the increased earnings expectations for profitable Puerto Rican entities.

•

Doral’s first quarter 2011 loan production was $350.1 million, largely flat compared to $349.8 million for the fourth quarter of 2010, and up from $289.1 million for the first quarter of 2010. The running quarter production mainly resulted from lower Puerto Rico residential mortgage loan production (down $30.6 million) as residential mortgage loan originations declined on the island, offset by a commercial loan production volume increase of $36.3 million, largely due to new lending by the Company’s U.S. middle market syndicated lending unit, partially offset by decreases in construction and multifamily loan originations.

•

Doral reported total assets as of March 31, 2011 of $8.5 billion compared to $8.6 billion as of December 31, 2010 and $9.7 billion as of March 31, 2010. The Company strategically decreased its investment securities portfolio and borrowings since March 2010 as part of its interest rate risk management strategies.

•

Total deposits of $4.5 billion as of March 31, 2011, decreased $132.2 million, or 2.9%, from deposits of $4.6 billion as of December 31, 2010. The deposit decrease resulted from a $122.1 million (5.2%) decrease in brokered deposits. At March 31, 2010, deposits totaled $4.6 billion. Since March 31, 2010, brokered deposits have decreased $460.1 million (17.1%).

•

Advances from FHLB were $865.4 million as of March 31, 2011, down $36.0 million (4.0%) from advances from FHLB of $901.4 million as of December 31, 2010.

•

Non-performing loans (“NPLs”) as of March 31, 2011 were $571.5 million, a decrease of $54.9 million and $300.6 million from December 31, 2010 and March 31, 2010, respectively, as Doral continued to emphasize collections and restructures to optimize performance of the loan portfolio.

•

The Company’s capital ratios continue to exceed the published well-capitalized standards established by the federal banking agencies with ratios of Tier 1 Leverage of 8.87%, Tier 1 Risk-based Capital of 13.54% and Total Risk-based Capital of 14.80%. The Leverage, Tier 1 and Total Risk-based Capital Ratios exceeded the well-capitalized standards by $325.4 million, $415.3 million and $264.5 million, respectively.

Doral Financial and Subsidiaries
Selected Financial Data

		Quarters ended
(Dollars in thousands, except share and per share data)		Mar. 2011				Dec. 2010				Mar. 2010
Selected Income Statement data:
Interest income		$	93,991			$	92,333			$	109,228
Interest expense			50,821				54,726				65,467
Net interest income			43,170				37,607				43,761
Provision for loan and lease losses			2,590				21,102				13,921
Net interest income after provision for loan and lease losses			40,580				16,505				29,840
Non-interest income			28,624				27,820				36,584
Non-interest expense			60,784				76,422				67,398
Income (loss) before taxes			8,420				(32,097	)			(974	)
Income tax expense			5,096				3,971				2,529
Net income (loss)		$	3,324			$	(36,068	)		$	(3,503	)
Net income (loss) attributable to common shareholders		$	909			$	(38,483	)		$	21,218
Net income (loss) per share		$	0.01			$	(0.30	)		$	0.34
Dividends accrued on preferred stock		$	2,415			$	2,415			$	1,864
Preferred stock exchange premium		$	—			$	—			$	(26,585	)
Preferred shares outstanding at end of period			5,811,391				5,811,391				5,811,391
Book value per common share		$	4.00			$	4.01			$	7.58
Weighted average common shares outstanding			127,293,756				127,293,756				62,528,221
Common share outstanding at end of period			127,293,756				127,293,756				67,283,370
Selected Balance Sheet Data:
Total loans, net		$	5,724,271			$	5,784,188			$	5,693,774
Allowance for loan and lease losses			120,204				123,652				147,481
Total investment securities (1)			1,461,392				1,550,094				2,143,936
Servicing assets, net			116,299				114,342				118,236
Total assets			8,464,096				8,646,354				9,712,888
Deposits			4,486,248				4,618,475				4,586,209
Borrowings			2,853,274				2,896,213				3,981,122
Total liabilities			7,603,391				7,784,159				8,850,537
Preferred equity			352,082				352,082				352,082
Common equity			508,623				510,113				510,269
Total stockholders’ equity			860,705				862,195				862,351
Selected Average Balance Sheet Data:
Total loans			5,865,592				5,916,549				5,839,194
Total investment securities			1,588,310				1,498,631				2,925,437
Interest earning assets			7,851,951				8,054,872				9,503,734
Total assets			8,530,595				8,792,810				10,192,660
Deposits			4,535,820				4,672,345				4,652,603
Borrowings			2,848,369				2,937,144				4,309,017
Interest bearing liabilities			7,115,169				7,341,307				8,717,846
Preferred equity			352,082				352,082				409,797
Common equity			507,730				548,148				467,237
Total stockholders’ equity			859,812				900,230				877,034

Doral Financial and Subsidiaries
Selected Financial Data

		Quarters ended
(Dollars in thousands, except share and per share data)		Mar. 2011				Dec. 2010				Mar. 2010
Selected Financial Ratios:
Performance:
Net interest margin			2.23	%			1.85	%			1.87	%
Return on average assets			0.16	%			-1.63	%			-0.14	%
Return on average common equity*			0.73	%			-27.85	%			-4.66	%
Efficiency ratio			91.16	%			111.27	%			99.93	%
Capital:
Leverage ratio			8.87	%			8.56	%			8.43	%
Tier 1 risk-based capital ratio			13.54	%			13.25	%			13.83	%
Total risk-based capital ratio			14.80	%			14.51	%			15.09	%
Asset quality:
Non-performing loans			571,548				626,475				872,168
Non-performing assets			777,952				851,820				1,004,340
Allowance for loan and lease losses to period-end loans receivable			2.17	%			2.21	%			2.68	%
Allowance for loan and lease losses to period-end loans receivable (excluding FHA/VA guaranteed loans and loans on savings deposits)			2.24	%			2.29	%			2.76	%
Allowance for loan and lease losses plus partial charge-offs and discounts to loans receivable (excluding FHA/VA guaranteed loans and loans on savings deposits)			3.83	%			3.92	%			3.58	%
Allowance for loan and lease losses to non-performing loans (excluding NPLs held for sale)			21.11	%			19.82	%			16.99	%
Allowance for loan and lease losses plus partial charge-offs and discounts to non-performing loans (excluding NPLs held for sale)			36.09	%			33.83	%			22.21	%
Non-performing loans to total loans (excluding GNMA defaulted loans and FHA/VA guaranteed loans)			10.36	%			11.29	%			15.87	%
Other Non-GAAP Ratios:
Tier 1 common equity to risk-weighted assets (2)			7.15	%			6.95	%			8.16	%

FIRST QUARTER PERFORMANCE DISCUSSION
Income Statement

Net Interest Income

First Quarter 2011 vs. Fourth Quarter 2010 – Net interest margin was up 38 basis points to 2.23%, compared to 1.85% for the fourth quarter of 2010 due to an improvement in net interest income of $5.6 million driven by an increase in interest income of $1.7 million and a decrease in interest expense of $3.9 million. The increase in interest income was driven by improved performance of the loan portfolio due to the decrease in delinquent loans, loss mitigation strategies that move non-performing loans to performing status and growth of the U.S. loan portfolio. The decrease in interest expense was due to a decrease in interest on advances from FHLB of $2.7 million that resulted from a decrease in average advances from FHLB of $37.0 million and from the exchange of $555 million of high rate advances from FHLB (with an average coupon of 4.1%) for a comparable amount of lower rate advances from FHLB (with an average coupon of 1.7%). There was also a decrease of $0.7 million on interest on deposits due to a decrease in average brokered deposits of $158.7 million driven primarily by the call of $128.5 million of callable brokered deposits, partially offset by an increase in average retail deposits of $21.3 million.

First Quarter 2011 vs. First Quarter 2010 — Net interest margin increased 36 basis points to 2.23% for the quarter ended March 31, 2011 from 1.87% for the quarter ended March 31, 2010. A decrease of $0.6 million in net interest income was due to a decrease in interest income of $15.2 million and a decrease in interest expense of $14.6 million. The decrease in interest income was driven by lower average interest earning assets, primarily due to sales of mortgage backed securities during the second and third quarters of 2010. Average loans increased $26.4 million, or 0.5%, quarter over quarter and interest on loans decreased $1.4 million, or 1.7%. The decrease in interest income was only partially offset by a decrease in interest expense. A decrease in average interest-bearing deposits of $142.0 million, or 3.2%, was due to a decrease of $496.5 million, or 17.8% in brokered deposits partially offset by an increase in average retail deposits of $354.5 million, or 21.8%. Growth in retail deposits was due to the Company’s efforts to capture deposits after the market consolidation in Puerto Rico in the second quarter of 2010, and the opening of branches in the U.S. mainland, were the drivers for the increase in interest on deposits of $0.2 million, or 0.7%. There were lower average borrowings of $1.5 billion and a reduction of interest on borrowings of $14.8 million during the first quarter of 2011 compared to the same period in 2010. The variance of interest on borrowings was also impacted by the exchange of advances from FHLB which resulted in a reduction in interest expense of approximately $2.7 million, as well as the call of high cost callable certificates of deposit and lowering of interest rates on deposits. Interest on notes payable increased $1.5 million primarily as a result of the $250.0 million debt issued under the CLO, a net funding source for Doral beginning in the third quarter of 2010, at a rate of three month LIBOR plus 1.85%.

Credit Quality and the Allowance for Loan and Lease Losses

Doral’s investment securities and loans receivable are subject to credit risk. The Company has continued offering different loss mitigation alternatives to be able to reach more distressed borrowers that, coupled with increased resources allocated to collections, resulted in a reduction in non-performing loans during the quarter.

The following table summarizes the changes in the allowance for loan and lease losses for the periods indicated:

Doral Financial and Subsidiaries
Allowance for Loan and Lease Losses

		Quarters ended
(In thousands)		Mar. 2011				Dec. 2010				Mar. 2010
Balance at beginning of period		$	123,652			$	119,263			$	140,774
Provision for loan and lease losses			2,590				21,102				13,921
Total loans charged off			(6,434	)			(17,285	)			(7,650	)
Total recoveries of loans previously charged off			396				572				436
Net charge-offs			(6,038	)			(16,713	)			(7,214	)
Balance at end of period		$	120,204			$	123,652			$	147,481
Recoveries to charge-offs			6.15	%			3.31	%			5.70	%
Net charge-offs to average loans			0.11	%			0.30	%			0.13	%
Provision to net charge-offs			42.89	%			126.26	%			192.97	%

The following tables summarize key credit quality information for the periods indicated:

Doral Financial and Subsidiaries
Loan Data

(In thousands)														As of March 31, 2011
														ALLL plus partial charge-offs
														and discounts(1) as a % of								ALLL(2) as a % of
		Loans												Loans								Loans
		Receivable				NPLs(5)				ALLL				Receivable(3)(6)				NPLs(4)(5)				Receivable(6)				NPLs(5)
Consumer
Residential mortgage		$	3,543,208			$	252,849			$	54,016				2.37	%			31.88	%			1.52	%			21.36	%
FHA/VA guaranteed residential mortgage			161,429				—				—			na				na				na				na
Consumer			47,534				240				5,137				10.91	%			2163.33	%			10.81	%			2140.42	%
Lease financing			3,724				311				428				11.49	%			137.62	%			11.49	%			137.62	%
Loans on savings deposits			2,413				—				—			na				na				na				na
Total Consumer			3,758,308				253,400				59,581				2.49	%			34.03	%			1.66	%			23.51	%
Commercial
Commercial real estate			680,582				186,970				23,956				6.43	%			24.15	%			3.52	%			12.81	%
Commercial and industrial			666,352				2,789				6,025				0.90	%			216.03	%			0.90	%			216.03	%
Construction and land			433,762				126,190				30,642				14.45	%			53.95	%			7.06	%			24.28	%
Total Commercial			1,780,696				315,949				60,623				6.48	%			37.75	%			3.40	%			19.19	%
Total		$	5,539,004			$	569,349			$	120,204				3.83	%			36.09	%			2.24	%			21.11	%

Doral Financial and Subsidiaries
Loan Data

(In thousands)														As of December 31, 2010
														ALLL plus partial charge-offs
														and discounts(1) as a % of								ALLL(2) as a % of
		Loans												Loans								Loans
		Receivable				NPLs(5)				ALLL				Receivable(3)(6)				NPLs(4)(5)				Receivable(6)				NPLs(5)
Consumer
Residential mortgage		$	3,560,536			$	278,359			$	56,487				2.46	%			31.77	%			1.59	%			20.29	%
FHA/VA guaranteed residential mortgage			187,473				—				—			na				na				na				na
Consumer			51,520				404				5,756				11.22	%			1431.68	%			11.17	%			1424.75	%
Lease financing			4,807				415				518				10.78	%			124.82	%			10.78	%			124.82	%
Loans on savings deposits			2,860				—				—			na				na				na				na
Total Consumer			3,807,196				279,178				62,761				2.60	%			33.94	%			1.74	%			22.48	%
Commercial
Commercial real estate			688,946				193,348				29,712				7.17	%			26.33	%			4.31	%			15.37	%
Commercial and industrial			633,695				2,522				6,153				0.97	%			243.97	%			0.97	%			243.97	%
Construction and land			458,734				148,737				25,026				12.79	%			42.00	%			5.46	%			16.83	%
Total Commercial			1,781,375				344,607				60,891				6.55	%			34.68	%			3.42	%			17.67	%
Total		$	5,588,571			$	623,785			$	123,652				3.92	%			33.83	%			2.29	%			19.82	%

The loans receivable portfolio decreased $49.6 million, or 0.9%, NPLs decreased $54.4 million, or 8.7% and the allowance for loan and lease losses decreased $3.4 million or 2.8% as of March 31, 2011 compared to December 31, 2010. Accordingly, the loans receivable and NPL coverage ratios (ALLL plus partial charge-offs and discounts as a percentage of loans receivable and NPLs, respectively) also decreased 9 basis points and 226 basis points, respectively over the same periods. The decrease in NPLs has been the most significant contributor to the decrease in the ALLL and in the related coverage ratios. Improvement in the performance of the portfolios has directly impacted the ALLL models as roll-rates and delinquency trends and probabilities of default improve. In addition, during the first quarter of 2011 the Company revised and updated its Collateral Price Index (“CPI”).

The decrease in the loans receivable portfolio was driven by a decrease of $17.3 million in residential mortgage loans and $26.0 million in FHA/VA guaranteed residential mortgage loans due to prepayments, collections and sales and a decrease of $25.0 million in construction and land due to transfers of $13.8 million to OREO, partial charge-offs of $1.6 million and pay-downs of approximately $9.3 million. These decreases were partially offset by an increase of $32.7 million in the commercial and industrial portfolio primarily due to an increase in commercial loan production volume largely due to new lending by the Company’s U.S. middle market syndicated lending unit.

Doral has focused on reducing its credit risk. Doral discontinued new construction lending in Puerto Rico in 2007, new commercial real estate and commercial and industrial lending in Puerto Rico in 2008, and significantly tightened its residential underwriting standards in 2009. The seasoned vintages characterizing Doral’s exposures require smaller reserve increases.

Provision and Allowance for Loan and Lease Losses

The following tables summarize the effect of provisions and recoveries on the allowance for loan and lease losses by portfolio for the periods indicated:

Doral Financial and Subsidiaries
Allowance for Loan and Lease Losses

		For the quarters ended
(in thousands)						March 31, 2011												December 31, 2010																March 31, 2010
										Net																Net																Net
		Beginning								Charge-				Ending				Beginning								Charge-				Ending				Beginning								Charge-				Ending
		Balance				Provisions				offs				Balance				Balance				Provisions				offs				Balance				Balance				Provisions				offs				Balance
Residential mortgage		$	56,487			$	755			$	(3,226	)		$	54,016			$	57,507			$	6,229			$	(7,249	)		$	56,487			$	51,814			$	6,609			$	(4,715	)		$	53,708
Consumer			5,756				776				(1,395	)			5,137				6,416				1,109				(1,769	)			5,756				6,955				1,887				(1,924	)			6,918
Lease financing			518				(282	)			192				428				1,044				(577	)			51				518				1,383				(254	)			(284	)			845
Commercial real estate			29,712				(5,756	)			—				23,956				23,692				6,050				(30	)			29,712				21,883				3,068				(206	)			24,745
Commercial and industrial			6,153				(109	)			(19	)			6,025				4,866				1,509				(222	)			6,153				4,281				(74	)			(175	)			4,032
Construction and land			25,026				7,206				(1,590	)			30,642				25,738				6,782				(7,494	)			25,026				54,458				2,685				90				57,233
Total		$	123,652			$	2,590			$	(6,038	)		$	120,204			$	119,263			$	21,102			$	(16,713	)		$	123,652			$	140,774			$	13,921			$	(7,214	)		$	147,481

The ALLL decreased $3.4 million compared to December 31, 2010 due to net charge-offs of previously reserved loans of $6.0 million only partially offset by the $2.6 million provision. Doral’s first quarter 2011 provision for loan and lease losses of $2.6 million was down $18.5 million from $21.1 million as of December 31, 2010, and down $11.3 million from $13.9 million as of March 31, 2010. In general, the decrease in the provision for loan and lease losses was due to additional provisions for loans individually evaluated for impairment partially offset by improved delinquency trends as a result of effective collection and loss mitigation strategies and refinements in the collateral price index. The $18.5 million decrease in the provision for loan and lease losses in the first quarter of 2011 compared to the fourth quarter of 2010 was due to the following:

•		The current provision for residential mortgage loans decreased $5.5 million due to a $2.4 million decrease in the provision driven cures in the loan portfolio as a result of loss mitigation programs. In the fourth quarter of 2010 there had been a $2.8 million provision related to loans entering the loss mitigation process.
•		The provision for commercial real estate loans decreased $11.8 million as a result of a release of $5.4 million of provisions related to refinements of the collateral price index compared to a provision of $2.6 million in the fourth quarter of 2010 ($8.0 million reduction), a $0.1 million provision for new loans individually measured for impairment compared to a $1.4 million provision in the previous quarter ($1.3 million reduction), a decrease of $1.4 million in provisions related to TDR loans, and in the fourth quarter of 2010 there was a provision of $1.2 million related to higher delinquencies while there was no corresponding provision in 2011 (a decrease of $1.2 million).
•		The provision for commercial and industrial loans decreased $1.6 million due to a $1.1 million decrease in provisions due to lower delinquency in the Puerto Rico portfolio and a $0.5 million decrease in the U.S. portfolio.
•		The $7.2 million provision for construction and land loans includes a $10.4 million provision for loans reviewed individually for impairment, comparable to the prior period and partially offset by improvements in performance of one large loan and enhancements to the methodology.

The provision for loan and lease losses for the first quarter of 2011, reflected a decrease of $11.3 million compared to the first quarter of 2010, primarily in the residential mortgage, consumer, and commercial real estate portfolios, partially offset by higher provisions in the construction and land portfolio.

Non-Performing Assets

Doral Financial and Subsidiaries
Non-performing assets

(Dollars in thousands)		Mar. 2011				Dec. 2010				Mar. 2010
Non-performing consumer, excluding FHA/VA
Residential mortgage		$	253,172			$	278,675			$	407,057
U.S. Residential mortgage			1,770				2,166				199
Subtotal Residential mortgage			254,942				280,841				407,256
Personal			221				374				481
Revolving lines of credit			2				21				—
Lease financing receivable			311				415				637
Other consumer			17				9				30
Total non-performing consumer, excluding FHA/VA			255,493				281,660				408,404
Non-performing commercial
Commercial real estate			187,076				193,556				157,443
Construction and land			124,580				147,127				282,803
U.S. Construction and land			1,610				1,610				21,610
Subtotal Construction and land			126,190				148,737				304,413
Commercial and industrial			2,789				2,522				1,908
Total non-performing commercial			316,055				344,815				463,764
Total non-performing loans, excluding FHA/VA		$	571,548			$	626,475			$	872,168
OREO			103,117				99,623				99,595
U.S. OREO			650				650				750
Subtotal OREO			103,767				100,273				100,345
Non-performing FHA/VA guaranteed residential			99,357				121,305				31,682
Other non-performing assets			3,204				3,692				—
Repossessed assets			76				75				146
Total non-performing assets		$	777,952			$	851,820			$	1,004,341
Loans past due 90 days or more and still accruing
Consumer loans		$	1,594			$	1,995			$	2,461
Commercial and industrial			588				560				806
Residential mortgages			—				—				—
Government guaranteed residential mortgage loans			21,599				31,508				76,443
Total loans past due 90 days or more and still accruing		$	23,781			$	34,063			$	79,710

Non-performing loans (“NPLs”) as of March 31, 2011 were $571.5 million, a decrease of $54.9 million and $300.6 million from December 31, 2010 and March 31, 2010, respectively. During the first quarter of 2011, there was a decrease in non-performing mortgage loans of $25.9 million and $152.3 million compared to December 31, 2010 and March 31, 2010, respectively, due primarily to strong collection efforts and loss mitigation strategies. Non-performing commercial loans decreased $28.8 million and $147.7 million when compared to December 31, 2010 and March 31, 2010, respectively.

The decrease when compared to December 31, 2010 is due primarily to continued workout efforts. Non-performing construction and land portfolio decreased $22.5 million when compared to December 31, 2010 as a result of one large loan that was worked out and other large loans transferred to the OREO portfolio. Also, non-performing loans in this portfolio decreased by $178.2 million when compared to March 31, 2010 due to the sale of non-performing residential construction loans with an unpaid principal balance of approximately $138.0 million to a third party for $102.0 million during the third quarter of 2010, and a reduction in the U.S. portfolio of $20.0 million as one large loan was worked out.

Non-performing assets, including non-performing loans previously discussed, decreased by $73.9 million, or 8.7%, as of March 31, 2011 compared to December 31, 2010, and $226.4 million, or 22.5%, compared to March 31, 2010. The decrease in non-performing loans during the first quarter of 2011 compared to December 31, 2010 was complemented by a decrease in non-performing FHA/VA guaranteed loans of $21.9 million, but partially offset by an increase in OREO of $3.5 million, as a result of a large loan transferred to OREO from the construction portfolio and partially offset by sales of OREO properties during the quarter. Compared to March 31, 2010 the decrease in non-performing loans was partially offset by an increase in non-performing FHA/VA guaranteed loans of $67.7 million due in part to Doral’s decision to repurchase FHA/VA guaranteed loans from GNMA securitizations in June 2010 as well as an increase in OREO of $3.4 million.

The significant improvement in non-performing assets quarter over quarter is due to the Company’s continued emphasis on collections and loss mitigation strategies in order to optimize performance of its loan portfolio.

Non-Interest Income

Doral Financial and Subsidiaries
Non-Interest Income

		Quarters ended
(In thousands)		Mar. 2011				Dec. 2010				Mar. 2010
Net other-than-temporary impairment losses		$	—			$	(702	)		$	(13,259	)
Net gain on mortgage loan sales and fees			2,520				3,935				2,566
Net gain on securities held for trading			3,022				5,203				785
(Loss) gain on IO valuation			(451	)			41				659
(Loss) gain on MSR economic hedge			(523	)			(399	)			1,828
(Loss) gain on derivatives			(113	)			1,157				(1,498	)
Net gain on trading activities			1,935				6,002				1,774
Net gain (loss) on investment securities			2,853				—				26,414
Net loss on early repayment of debt			—				(2,087	)			(476	)
Servicing income			9,040				9,664				8,748
Mark-to market adjustment of MSR			(140	)			(2,558	)			(2,004	)
Total servicing income (loss)			8,900				7,106				6,744
Retail banking fees			7,007				7,313				7,143
Insurance agency commissions			2,223				5,475				2,380
Other income			3,186				778				3,298
Total commissions, fees and other income			12,416				13,566				12,821
Total non-interest income		$	28,624			$	27,820			$	36,584

First Quarter 2011 vs. Fourth Quarter 2010 and First Quarter 2010 — Non-interest income of $28.6 million for the first quarter of 2011, reflected an increase of $0.8 million and a decrease of $8.0 million compared to non-interest income of $27.8 million and $36.6 million for the fourth and first quarters of 2010, respectively. The increase in non-interest income when compared to December 31, 2010 was due to:

	•		Gains on mortgage loan sales and fees decreased $1.4 million due to a non-recurring sale of a portfolio of loans during the fourth quarter of 2010 and lower sales in the first quarter of 2011.
	•		Gains from trading activities decreased $4.1 million driven by lower gains on sales of trading securities of $2.2 million, loss of $0.5 million on the IO value, higher loss on the MSR economic hedge of $0.1 million and higher derivative losses of $1.3 million.
	•		A gain on sale of investments securities of $2.9 million related to the sale of $155.8 million of mortgage backed securities, while there were no sales in the fourth quarter of 2010.
	•		A reduction in net loss on early repayment of debt of $2.1 million recorded in the fourth quarter of 2010, while there were no early debt repayments in the first quarter of 2011.
	•		Servicing income reflected an increase of $1.8 million driven by an improvement in the mark-to-market adjustment of the MSR of $2.4 million partially offset by a reduction in servicing income of $0.6 million.
	•		Commissions, fees and other income decreased $1.2 million due to the recognition of reimbursed fees from Doral Insurance Agency of $3.1 million which are realized annually in the fourth quarter of the year, partially offset by the recognition of a gain of $2.3 million on the redemption of shares of VISA, Inc.

The $8.0 million decrease in non-interest income compared to the first quarter of 2010 was due to:

	•		An improvement of $13.3 million due to the recognition of an OTTI loss in the first quarter of 2010, while there was no impairment recognized in 2011.
	•		Gain on sale of investment securities reflected a reduction of $23.4 million as the first quarter 2010 reflected a gain of $26.4 million related to the sale of $1.2 billion of MBS and other debt securities while the first quarter of 2011 reflected a gain of $2.9 million.
	•		Servicing income increased $2.2 million related to an improvement in the mark to market adjustment of the MSR of $1.9 million and higher servicing fees of $0.3 million.

Non-Interest Expense

Doral Financial and Subsidiaries
Non-Interest Expense

		Quarters ended
(In thousands)		Mar. 2011				Dec. 2010				Mar. 2010
Compensation and employee benefits		$	18,293			$	20,602			$	16,435
Professional services			8,637				10,680				13,792
FDIC insurance expense			4,356				4,173				5,191
Occupancy expenses			4,340				5,096				3,981
Communication expenses			4,004				4,573				3,944
EDP expenses			3,275				3,843				3,779
Depreciation and amortization			3,203				3,254				3,147
Taxes, other than payroll and income taxes			2,876				3,202				2,564
Corporate insurance			1,570				1,648				1,262
Foreclosure expenses			1,370				2,159				449
Advertising			998				1,368				1,498
Office expenses			990				1,498				1,285
Recourse provision			241				533				367
Other			4,668				6,512				5,107
			58,821				69,141				62,801
Other reserves and OREO:
Loss on Lehman Brothers, Inc. claim receivable			—				1,540				—
OREO lower of cost or market adjustments			768				2,374				3,914
Loss (gain) on OREO sales			210				1,955				(17	)
OREO other related expenses			985				1,412				700
			1,963				7,281				4,597
		$	60,784			$	76,422			$	67,398

First Quarter 2011 vs. Fourth Quarter 2010 and First Quarter 2010 — First quarter 2011 non-interest expense of $60.8 million was down $15.6 million and $6.6 million compared to the fourth and first quarters of 2010, respectively. The decrease in non-interest expense for the first quarter of 2011 compared to the fourth quarter of 2010 was driven by:

	•		Compensation and benefits declined $2.3 million due to lower severance costs of $1.7 million, lower temporary expenses of $0.5 million and lower salaries of $0.2 million.
	•		Professional services declined $2.0 million was due to a reduction in legal fees incurred.
	•		Occupancy expenses declined $0.8 million was due to an impairment charge taken in December 2010 of $0.5 million on a foreclosed property and lower rent expense of $0.3 million as the Company incurred higher costs of $0.5 million on early termination of leases during the

			fourth quarter of 2010 partially offset by higher rent expense in the U.S. operations of $0.2 million.
	•		Communications expenses declined $0.5 million due primarily to lower ATH network fees due to higher transaction volume in the fourth quarter of 2010.
	•		EDP expenses declined $0.6 million related to a reduction in technical consultant fees of $0.4 million and a reduction in core system outsourcing fees of $0.2 million.
	•		Foreclosure expenses declined $0.8 million due to reduced credit costs as a result of improved collection efforts.
	•		Office expenses declined $0.5 million due to a reduction in mailing and postage costs of $0.3 million and a reduction in card, checks and other office supplies of $0.2 million.
	•		Other expenses declined $1.9 million driven by a non recurring expense of $1.1 million incurred in the fourth quarter of 2010 related to certain representation and warranty payments and reductions in other credit related reserves of $0.9 million.
	•		Other reserves and OREO decreased $5.3 million due to a non recurring expense of $1.5 million in the fourth quarter of 2010 related to the loss on the sale and assignment to a third party of Doral’s rights, title, and interest in and to its claims in the Lehman Brothers, Inc. Securities Investor Protection Corporation proceeding for the LBI claim receivable and a $3.8 million reduction in OREO expenses. The reduction in OREO losses is due to lower LOCOM adjustments as recent selling prices more closely approximate book value.

The $6.6 million decrease in non-interest expense in the first quarter of 2011 compared to the same period in 2010 resulted from the following:

	•		Higher compensation and benefits of $1.9 million comprised of higher severance costs of $0.8 million, higher payroll tax and fringe benefits of $0.4 million and higher incentive and stock compensation of $0.7 million.
	•		Lower professional services of $5.2 million due to a reduction in defense litigation costs of former company officers of $2.5 million, and lower legal fees of $1.3 million and other professional services of $1.2 million due to costs incurred in 2010 to facilitate the Company’s preferred stock exchanges and the Company’s unsuccessful effort to acquire failed banks in a an FDIC assisted transaction,.
	•		Lower FDIC insurance expense of $0.8 million.
	•		OREO expenses declined $2.6 million as the Company changed its disposition strategy during 2010.

Income Tax Expense

First quarter 2011 reflected an income tax expense of $5.1 million compared with a $4.0 million and $2.5 million income tax expense in the fourth and first quarters of 2010, respectively. The tax expense for the first quarter of 2011 includes an expense of $3.3 million from the profitable operations of U.S. and Puerto Rico entities, and a net expense of $1.8 million resulting from the net effect on Doral’s deferred tax asset of (i) lower tax rates included in the Puerto Rico tax legislation approved in January 2011, and (ii) the increased earnings expectations for profitable Puerto Rico entities.

On January 31, 2011, the Governor signed into law the Internal Revenue Code of 2011 (“2011 Code”). Under the provisions of the 2011 Code, the maximum statutory corporate income tax rate is 30% for years commenced after December 31, 2010 and ending before January 1, 2014. Notwithstanding, a corporation may elect to remain subject to the 1994 Puerto Rico Tax Code as amended (“1994 Code”), if it so elects by the time it files its income tax return for 2011. If such an election is made, it will be effective for 2011 and the next four succeeding years. The Company is evaluating the impact of the tax

reform on its results of operations including the election to be taxed under the 1994 Code. Nevertheless, the Company recorded its deferred tax assets expected to reverse after 2015 at the 30% tax rate required for all taxable earnings beginning in 2016.

Balance Sheet

Doral’s assets totaled $8.5 billion at March 31, 2011, compared to $8.6 billion at December 31, 2010. Total assets at March 31, 2011, when compared to December 31, 2010 were affected by a (i) decrease of $86.2 million in available for sale securities as part of the Company’s interest rate risk management strategies, and (ii) a decrease of $63.4 million in gross loans.

Total liabilities were $7.6 billion at March 31, 2011, compared to $7.8 billion at December 31, 2010. Total liabilities as of March 31, 2011 were principally affected by a decrease in total deposits of $132.2 million and advances from FHLB of $36.1 million.

Loan Portfolio

Doral Financial and Subsidiaries
Loan Portfolio including loans held for sale at period-end

(in thousands)		Mar. 2011												Dec. 2010												Mar. 2010
		PR				US				Total				PR				US				Total				PR				US				Total
Consumer
Residential mortgage		$	3,436,709			$	106,499			$	3,543,208			$	3,451,895			$	108,641				3,560,536			$	3,571,005			$	69,957			$	3,640,962
FHA/VA guaranteed residential mortgage			161,429				—				161,429				187,473				—				187,473				165,766				—				165,766
Personal			12,837				—				12,837				15,003				—				15,003				22,200				—				22,200
Revolving lines of credit			16,954				—				16,954				17,810				—				17,810				21,387				—				21,387
Credit cards			16,780				—				16,780				17,719				—				17,719				21,595				—				21,595
Lease financing receivable			3,724				—				3,724				4,807				—				4,807				10,470				—				10,470
Loans on savings deposits			2,413				—				2,413				2,860				—				2,860				3,059				—				3,059
Other consumer			960				3				963				962				26				988				644				16				660
Total consumer			3,651,806				106,502				3,758,308				3,698,529				108,667				3,807,196				3,816,126				69,973				3,886,099
Commercial
Commercial real estate			620,828				59,754				680,582				629,043				59,903				688,946				674,366				54,006				728,372
Commercial and industrial			38,030				628,322				666,352				36,639				597,056				633,695				40,011				305,780				345,791
Construction and land			334,584				99,178				433,762				349,899				108,835				458,734				442,414				102,818				545,232
Total commercial			993,442				787,254				1,780,696				1,015,581				765,794				1,781,375				1,156,791				462,604				1,619,395
Loans receivable, gross			4,645,248				893,756				5,539,004				4,714,110				874,461				5,588,571				4,972,917				532,577				5,505,494
Allowance for loan and lease losses			(114,768	)			(5,436	)			(120,204	)			(117,821	)			(5,831	)			(123,652	)			(143,603	)			(3,878	)			(147,481	)
Loans receivable, net			4,530,480				888,320				5,418,800				4,596,289				868,630				5,464,919				4,829,314				528,699				5,358,013
Loans held for sale
Conventional single family residential			111,027				135				111,162				119,154				136				119,290				123,365				140				123,505
FHA/VA guarantteed residential			167,246				—				167,246				172,216				—				172,216				180,972				—				180,972
Commercial real estate			27,063				—				27,063				27,763				—				27,763				31,284				—				31,284
Loans held for sale			305,336				135				305,471				319,133				136				319,269				335,621				140				335,761
Total loan portfolio, net		$	4,835,816			$	888,455			$	5,724,271			$	4,915,422			$	868,766			$	5,784,188			$	5,164,935			$	528,839			$	5,693,774

Doral’s loan portfolio consists primarily of residential mortgage loans (68.2%), and approximately 89.5% of the total net loan portfolio is secured by real estate. The total net loan portfolio decreased $59.9 million compared to December 31, 2010 and increased $30.5 million compared to March 31, 2010. The decrease when compared to December 31, 2010 was mainly due to residential mortgage loans and mortgage loans held for sale. The increase when compared to March 31, 2010 is mostly related to participation in syndicated loans in the U.S. mainland.

Capital

Doral Financial’s equity totaled $860.7 million at March 31, 2011, compared to $862.2 million at December 31, 2010. The Company reported accumulated other comprehensive income (net of tax) (“OCI”) of $1.1 million as of March 31, 2011, compared to accumulated other comprehensive income (net of tax) of $4.2 million as of December 31, 2010.

The Company’s regulatory prescribed capital ratios exceed the published well capitalized standards established in banking regulation. As of March 31, 2011 the Tier 1 Leverage, Tier 1 Risk-based Capital and Total Risk-based Capital ratios were 8.87%, 13.54% and 14.80%, respectively which represents approximately $325.4 million, $415.3 million and $264.5 million of Tier 1 Leverage, Tier 1 Risk-based Capital and Total Risk-based Capital in excess of the published well-capitalized standards of 5%, 6% and 10%, respectively.

Doral Financial and Subsidiaries

Capital Ratios

		Mar. 2011				Dec. 2010				Mar.2010
Tier 1 leverage			8.87	%			8.56	%			8.43	%
Tier 1 risk-based capital			13.54	%			13.25	%			13.83	%
Total risk-based capital			14.80	%			14.51	%			15.09	%
Tier 1 common equity *			7.15	%			6.95	%			8.16	%

The following table provides a reconciliation of stockholders’ equity (GAAP) to Tier 1 common equity (non-GAAP):

Doral Financial and Subsidiaries
Tier 1 Common Equity Reconciliation

(in thousands)		Mar. 2011				Dec. 2010				Mar. 2010
Stockholders’ equity		$	860,705			$	862,195			$	862,351
(Less) plus: net unrealized (gains) losses on available for sale securities, net of tax			(1,104	)			(4,163	)			118,824
Less: preferred stock			(352,082	)			(352,082	)			(352,082	)
Less: disallowed intangible assets			(16,561	)			(16,440	)			(17,055	)
Less: disallowed deferred tax assets			(97,122	)			(101,205	)			(105,127	)
Total Tier 1 common equity		$	393,836			$	388,305			$	506,911

Non-GAAP Financial Measures

This earnings press release contains GAAP financial measures and non-GAAP financial measures. Non-GAAP financial measures are set forth when management believes they will be helpful to an understanding of the Corporation’s results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the text or in the attached tables of this earnings release.

Tier 1 common equity to risk-weighted assets ratio

Tier 1 common equity is a non-GAAP measure. Ratios calculated based upon Tier 1 common equity have become a focus of regulators and investors, and management believes ratios based on Tier 1 common equity assist investors in analyzing Doral’s capital position. This ratio is calculated by dividing Tier 1 capital less non-common equity items by risk weighted assets, which assets are calculated in accordance with applicable bank regulatory requirements.

The Federal Reserve began supplementing its assessment of the capital adequacy of bank holding companies based on a variation of Tier 1 capital known as Tier 1 common equity in connection with the Supervisory Capital Assessment Program. Tier 1 common equity is considered to be a non-GAAP financial measure since it is not formally defined by GAAP and, unlike Tier 1 capital, is not a federal banking regulatory requirement.

FORWARD-LOOKING STATEMENTS

This Press Release contains forward-looking statements within the meaning of, and subject to the protection of, the Private Securities Litigation Reform Act of 1995. In addition, Doral Financial Corporation (the “Company” or “Doral Financial” or “Doral”) may make forward-looking statements in its other press releases, filings with the Securities and Exchange Commission (“SEC”) or in other public or shareholder communications and its senior management may make forward-looking statements orally to analysts, investors, the media and others.

These forward-looking statements may relate to the Company’s financial condition, results of operations, plans, objectives, future performance and business, including, but not limited to, statements with respect to the adequacy of the allowance for loan and lease losses, market risk and the impact of interest rate changes, capital markets conditions, capital adequacy and liquidity, and the effect of legal proceedings, regulatory matters and new accounting standards on the Company’s financial condition and results of operations. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts, but instead represents Doral Financial’s current expectations regarding future events. Such statements may be generally identified by the use of words or phrases such as “would be,” “will allow,” “intends to,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “believe,” “expect,” “predict,” “forecast,” “anticipate,” “target,” “goal,” “may” or words of similar meaning or similar expressions.

Doral Financial cautions readers not to place undue reliance on any of these forward-looking statements since they speak only as of the date made and represent Doral Financial’s expectations of future conditions or results and are not guarantees of future performance. The Company does not undertake and specifically disclaims any obligations to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of those statements.

Forward-looking statements are, by their nature, subject to risks and uncertainties and changes in circumstances, many of which are beyond Doral Financial’s control. Risk factors and uncertainties that could cause the Company’s actual results to differ materially from those described in forward-looking statements can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2010 which is available in the Company’s website at www.doralfinancial.com.

Institutional Background

Doral Financial Corporation (“Doral,” “Doral Financial” or the “Company”) is a bank holding company engaged in banking (including thrift operations), mortgage banking and insurance agency activities through its wholly-owned subsidiaries Doral Bank (“Doral Bank PR”), Doral Bank, FSB (“Doral Bank US”) with operations in the New York metropolitan area and since September 2010 in the northwest region of Florida, Doral Insurance Agency, Inc. (“Doral Insurance Agency”), and Doral Properties, Inc. (“Doral Properties”). Doral Bank PR in turn operates three wholly-owned subsidiaries Doral Mortgage LLC (“Doral Mortgage”), Doral Money, Inc. (“Doral Money”), engaged in commercial and middle market syndicated lending primarily in the New York metropolitan area, and CB, LLC, an entity formed to dispose of a real estate project of which Doral Bank PR took possession during 2005. Doral Money consolidates two variable interest entities created for the purpose of entering into a collateralized loan arrangement with a third party.

Doral Financial Corporation’s common shares trade on the New York Stock Exchange under the symbol DRL. Additional information about Doral Financial Corporation may be found on the Company’s website at www.doralfinancial.com.

For more information contact:

Investor Relations:

Christopher Poulton, EVP
christopher.poulton@doralfinancial.com
212-329-3794

Media:

Lucienne Gigante
VP Public Relations
Lucienne.Gigante@doralbank.com
787-474-6298

Doral Financial and Subsidiaries
Consolidated Statements of Financial Condition (Unaudited)

(in thousands)		Mar. 2011				Dec. 2010				Mar. 2010
Assets
Cash and due from banks		$	333,005			$	355,819			$	312,190
Interest-earning assets			153,520				156,607				48,772
Investment securities:
Trading securities, at fair value			42,560				45,029				44,600
Available for sale securities, at fair value			1,418,832				1,505,065				2,099,336
Federal Home Loan Bank of NY (FHLB) stock, at cost			77,412				78,087				110,354
Total investment securities			1,538,804				1,628,181				2,254,290
Loans held for sale, at lower of cost or market			305,471				319,269				335,761
Loans held for investment			5,539,004				5,588,571				5,505,494
Allowance for loan and lease losses			(120,204	)			(123,652	)			(147,481	)
Total loans, net of allowance for loan and lease losses			5,724,271				5,784,188				5,693,774
Accounts Receivable			31,422				28,704				123,929
Mortgage-servicing advances			48,127				51,462				30,361
Accrued interest receivable			38,961				38,774				41,603
Servicing assets, net			116,299				114,342				118,236
Premises and equipment, net			104,176				104,053				99,768
Real estate held for sale, net			103,767				100,273				100,345
Deferred tax asset			103,701				105,712				131,477
Trade date receivables			37				—				587,493
Other assets			168,006				178,239				170,650
Total Assets		$	8,464,096			$	8,646,354			$	9,712,888
Liabilities
Deposits:
Non-interest-bearing deposits		$	265,214			$	258,230			$	225,270
Interest-bearing deposits			1,983,913				2,000,991				1,663,764
Brokered deposits			2,237,121				2,359,254				2,697,175
Total deposits			4,486,248				4,618,475				4,586,209
Securities sold under agreements to repurchase			1,176,800				1,176,800				1,909,000
Advances from FHLB			865,363				901,420				1,472,920
Loans payable			298,598				304,035				329,706
Notes payable			512,513				513,958				269,496
Accrued expenses and other liabilities			263,869				269,471				283,206
Total liabilities			7,603,391				7,784,159				8,850,537
Stockholders’ equity
Preferred stock			352,082				352,082				352,082
Common stock			1,273				1,273				673
Additional paid-in capital			1,219,940				1,219,280				1,047,387
Legal surplus			23,596				23,596				23,596
Accumulated deficit			(737,290	)			(738,199	)			(442,563	)
Accumulated other comprehensive income (loss), net of tax			1,104				4,163				(118,824	)
Total stockholders’ equity			860,705				862,195				862,351
Total liabilities and stockholders’ equity		$	8,464,096			$	8,646,354			$	9,712,888