Form 4: OFG Bancorp Director Converts RUs, Sells Shares for Tax

An OFG Bancorp director converted restricted units into common stock and subsequently sold a portion to cover tax obligations.

Summary

• Angel E. Vazquez, a Director of OFG Bancorp, reported transactions on March 4, 2026.
• 1,500 Restricted Units (RUs) were converted into 1,500 shares of Common Stock. These RUs were part of a grant from February 20, 2025, under the OFG Bancorp Amended and Restated 2007 Omnibus Performance Incentive Plan.
• Following the conversion, 150 shares of Common Stock were disposed of at a price of $42.66 per share to satisfy tax withholding obligations related to the vesting of the Restricted Units.
• After these transactions, Angel E. Vazquez directly beneficially owns 2,250 shares of OFG Bancorp Common Stock.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a neutral to slightly positive event, as it represents the vesting of long-term equity incentives for a director, indicating continued alignment with shareholder interests, despite a small tax-related sale.

Positives

• Conversion of Restricted Units indicates vesting of previously granted equity awards, aligning director interests with shareholders.

Negatives

• Sale of 150 shares, although for tax purposes, represents a reduction in direct beneficial ownership.

Industry Context

StockSavvy.ai notes that insider transactions, such as the conversion of restricted stock units and subsequent tax-related sales, are common occurrences in the financial industry as part of executive compensation plans. These transactions typically reflect the vesting schedule of long-term incentives rather than a discretionary investment decision.

Corporate Governance

Stakeholder Impact

• Shareholders: The director's continued beneficial ownership of common stock aligns their interests with shareholders, though a small portion was sold for tax purposes.
• Employees/Management: Reflects the standard operation of the company's equity incentive plan for its leadership.

Key Dates

Recommendation

The reported transactions are routine insider filings related to equity compensation vesting and tax withholding. They do not indicate a change in the company's fundamental performance or strategic direction, nor do they suggest a significant shift in the director's investment conviction. Therefore, a 'hold' recommendation is appropriate as this filing provides no new material information to alter an existing investment thesis.

Keywords

OFG Bancorp, OFG, Form 4, Insider Trading, Restricted Units, Common Stock, Director, Equity Compensation, Tax Withholding