Form 4: OFG Bancorp Executive Haggarty Reports Stock Transactions
SEC Form 4
Patrick J. Haggarty, a Managing Director at OFG Bancorp, reported the vesting of restricted stock units and subsequent withholding of shares for tax obligations.
Summary
- On February 26, 2024, Patrick J. Haggarty, a Managing Director at OFG Bancorp, reported transactions involving common stock.
- The transactions involved the vesting of restricted stock units (RSUs) and the subsequent withholding of shares to cover applicable taxes.
- Specifically, 500, 483 and 750 Restricted Units vested and converted to common stock.
- A total of 118, 114 and 176 shares were withheld to cover tax obligations at prices of $35.55, $35.48 and $35.71 respectively.
- Following these transactions, Haggarty directly owns 23,175 shares of OFG Bancorp common stock, 3,217, 2,734 and 1,984 Restricted Units.
Sentiment
Score: 5
Explanation: This is a neutral report on stock transactions, with no inherent positive or negative sentiment.
Industry Context
This filing is a routine disclosure related to insider transactions and is a standard practice for publicly traded companies. It provides transparency into the trading activities of company executives.
Comparison to Industry Standards
- Executive compensation packages often include restricted stock units that vest over time.
- The withholding of shares for tax obligations is a common practice in the administration of equity compensation plans.
- Similar filings are made by executives at comparable financial institutions like Popular, Inc. and First BanCorp.
- The vesting schedules and tax withholding rates are generally consistent with industry norms.
Stakeholder Impact
- The transactions have a minimal impact on shareholders as they represent a small portion of the total outstanding shares.
- Employees who hold RSUs may be affected by the vesting schedules and tax implications.
- The transactions do not directly impact customers, suppliers, or creditors.
Key Dates
| Date | Description |
|---|---|
| 2021-02-17 | Date of grant for Restricted Units, 34% of which vested on 02/26/2024 |
| 2022-02-22 | Date of grant for Restricted Units, 33% of which vested on 02/26/2024 |
| 2023-01-26 | Date of Limited Power of Attorney for Section 16 Reporting Obligations |
| 2023-02-21 | Date of grant for Restricted Units, 33% of which vested on 02/26/2024 |
| 2024-02-26 | Date of transactions involving vesting of restricted stock units and share withholding for taxes. |
| 2024-02-28 | Date of signature on the Form 4 filing. |
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