Form 4: OFG Bancorp CRO Reports Restricted Stock Vesting, Tax Withholding

OFG Bancorp's Chief Risk Officer, Cesar A. Ortiz, reported the vesting of restricted stock units and subsequent tax withholding transactions.

Summary

• Cesar A. Ortiz, Chief Risk Officer of OFG Bancorp, reported transactions related to his beneficial ownership of company securities.
• On March 10, 2026, 717 shares of Common Stock were acquired upon the vesting of Restricted Units.
• Concurrently, 376 shares of Common Stock were disposed of at a price of $41.39 per share to cover applicable taxes related to the vesting.
• The Restricted Units were awarded under the OFG Bancorp Amended and Restated 2007 Omnibus Performance Incentive Plan and represent 33% of a grant from February 23, 2024.
• Following these transactions, Mr. Ortiz directly owns 2,738 shares of Common Stock and 2,037 Restricted Units, which convert to Common Stock on a one-for-one basis.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral. It reports a routine executive compensation event (vesting and tax withholding) that does not indicate a significant change in the company's operational or financial outlook.

Positives

• The vesting of Restricted Units indicates a portion of the Chief Risk Officer's long-term incentive compensation has matured, aligning executive interests with shareholder value.

Negatives

• The disposition of 376 shares for tax withholding reduces the direct shareholding of the Chief Risk Officer, though this is a standard practice for equity compensation.

Future Outlook

The filing does not contain any forward-looking statements or guidance.

Industry Context

StockSavvy.ai notes that insider transaction reports like this Form 4 are routine disclosures in the financial services industry, reflecting the standard compensation practices for executives, particularly regarding equity awards and their vesting schedules. These transactions are generally not indicative of broader industry trends but rather specific company compensation events.

Comparison to Industry Standards

• The use of Restricted Units as part of executive compensation is a common practice across the financial industry, aligning executive incentives with long-term company performance, similar to practices at peers like Popular, Inc. (BPOP) or First Bancorp (FBP).
• The disposition of shares to cover tax obligations upon vesting is a standard and expected procedure for equity awards, consistent with practices observed at most publicly traded companies offering similar compensation structures.

Related Party Transactions

• The reported transactions involve the Chief Risk Officer, Cesar A. Ortiz, acquiring shares through the vesting of Restricted Units and disposing of shares for tax purposes, which are standard related-party transactions for executive compensation.

Stakeholder Impact

• Shareholders: The transactions are routine and reflect standard executive compensation practices, with minimal direct impact on existing shareholders beyond the slight increase in outstanding shares from vesting (offset by tax withholding).

Key Dates

Keywords

OFG Bancorp, OFG, Form 4, Insider Transaction, Restricted Stock Units, Equity Compensation, Chief Risk Officer, Cesar A Ortiz, Tax Withholding