Form 4: OFG Bancorp Executive's Stock Transactions Reported

OFG Bancorp's Managing Director of Commercial Banking, Patrick J. Haggarty, reported the acquisition of 717 common shares and the disposition of 175 shares for tax purposes, stemming from restricted unit vesting.

Summary

• Patrick J. Haggarty, Managing Director of Commercial Banking at OFG Bancorp, reported transactions involving the company's common stock.
• On March 10, 2026, 717 shares of common stock were acquired.
• Following this acquisition, the beneficial ownership of common stock increased to 30,434 shares.
• Also on March 10, 2026, 175 shares of common stock were disposed of at a price of $41.39 per share.
• This disposition was specifically for the payment of applicable taxes related to the vesting of Restricted Units.
• After the tax-related disposition, the beneficial ownership of common stock was 30,259 shares.
• The transactions involved the conversion of 717 Restricted Units into common stock on a one-for-one basis.
• These Restricted Units were awarded under the OFG Bancorp Amended and Restated 2007 Omnibus Performance Incentive Plan and represent 33% of a grant made on February 23, 2024.
• Patrick J. Haggarty beneficially owns 2,037 derivative securities (Restricted Units) following these transactions.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as slightly positive. While a portion of shares was sold for taxes, the net effect of the vesting event is an increase in the insider's direct beneficial ownership, which is generally seen as a positive signal of alignment.

Positives

• An insider, Patrick J. Haggarty, acquired 717 shares of common stock through the vesting of restricted units, indicating continued alignment with shareholder interests.
• The acquisition of shares increases the insider's direct beneficial ownership in the company.

Negatives

• 175 shares of common stock were disposed of to cover tax obligations, which is a routine event for vested equity awards and not necessarily a negative signal regarding company performance.

Future Outlook

This Form 4 filing reports past insider transactions and does not contain forward-looking statements or guidance regarding the company's future performance or strategic direction.

Industry Context

StockSavvy.ai notes that routine insider transactions, such as those related to the vesting of restricted stock and subsequent tax withholding, are common in the financial services industry. While not indicative of discretionary buying or selling, the continued accumulation of shares by executives through compensation plans generally signals ongoing alignment between management and shareholder interests, a common practice among peers like Bank of America or JPMorgan Chase.

Stakeholder Impact

• Shareholders: The increase in an executive's beneficial ownership through equity compensation aligns management's interests with those of shareholders, potentially fostering confidence.

Key Dates

Keywords

OFG Bancorp, OFG, Insider Transaction, Form 4, Stock Acquisition, Restricted Units, Executive Compensation, Common Stock, Equity Vesting