Form 4: OFG Bancorp Executive Ada Garcia Reports Stock Transactions
SEC Form 4 Filing
Ada Garcia, a Managing Director at OFG Bancorp, reported the vesting of restricted stock units and subsequent tax withholding.
Summary
- On March 5, 2025, Ada Garcia, a Managing Director at OFG Bancorp, reported transactions involving OFG Bancorp's common stock.
- 1,950 restricted stock units vested and converted into common stock.
- 575 shares were withheld to cover applicable taxes at a price of $41.63 per share.
- Following these transactions, Garcia directly owns 33,782 shares of OFG Bancorp common stock.
- These transactions were executed under the OFG Bancorp Amended and Restated 2007 Omnibus Performance Incentive Plan.
Sentiment
Score: 7
Explanation: The document reflects standard executive compensation practices and insider trading reporting, which is neutral to slightly positive as it indicates alignment of interests. There are no red flags or negative implications.
Industry Context
This Form 4 filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies. It provides transparency to investors regarding insider transactions.
Comparison to Industry Standards
- Executive compensation packages often include restricted stock units that vest over time, aligning executive interests with shareholder value.
- Tax withholding practices on vested equity are standard procedure across the industry.
- Comparable companies such as Popular, Inc. and First BanCorp also utilize equity-based compensation for their executives.
Stakeholder Impact
- The vesting of restricted stock units aligns the executive's interests with those of the shareholders.
- Tax withholding impacts the executive's net compensation.
Key Dates
| Date | Description |
|---|---|
| 2022-02-22 | Date of one of the grants of Restricted Units (RUs), 33% of which vested on 2025-03-05 |
| 2023-01-27 | Date of Limited Power of Attorney for Section 16 Reporting Obligations |
| 2023-02-21 | Date of one of the grants of Restricted Units (RUs), 33% of which vested on 2025-03-05 |
| 2024-02-23 | Date of one of the grants of Restricted Units (RUs), 33% of which vested on 2025-03-05 |
| 2025-03-05 | Date of transaction: vesting of restricted stock units and tax withholding. |
| 2025-03-07 | Date of signature of the Form 4 filing. |
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