Form 4: OFG Bancorp Officer Converts Restricted Units

OFG Bancorp's Chief Retail Banking Officer, Mari Evelyn Rodriguez, converted restricted stock units into common stock, with shares withheld for taxes.

Summary

• Mari Evelyn Rodriguez, Chief Retail Banking Officer of OFG Bancorp, converted 717 Restricted Units into 717 shares of Common Stock on March 10, 2026.
• This conversion was part of a grant of Restricted Units from February 23, 2024, under the OFG Bancorp Amended and Restated 2007 Omnibus Performance Incentive Plan.
• 199 shares of Common Stock were withheld at a price of $41.39 per share to cover applicable taxes related to the Restricted Unit conversion.
• Following these transactions, Rodriguez directly holds 6,979 shares of Common Stock and 5,537 Restricted Units.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral event, reflecting routine executive compensation and tax management rather than a discretionary investment decision or a significant change in company outlook.

Positives

• Conversion of Restricted Units into Common Stock indicates vesting and retention of equity by a key executive, aligning their interests with shareholders.

Negatives

• Disposition of 199 shares to cover tax obligations, while a standard practice, results in a reduction of the executive's direct shareholding.

Industry Context

StockSavvy.ai notes that Form 4 filings are routine disclosures of insider transactions and typically do not provide broader industry context. This filing reflects standard executive compensation practices within the banking sector, where equity awards like Restricted Units are common for aligning executive interests with shareholder value.

Related Party Transactions

• The conversion of Restricted Units and subsequent tax withholding represent a transaction between an insider (Chief Retail Banking Officer) and the company, which is inherently a related party transaction under executive compensation plans.

Stakeholder Impact

• Shareholders: The conversion and tax withholding are routine and have minimal direct impact on the broader shareholder base, primarily reflecting executive compensation practices.
• Employees: This transaction is specific to a senior executive's equity compensation and does not directly impact the general employee base.

Key Dates

Recommendation

This Form 4 filing details a routine conversion of restricted stock units and subsequent tax withholding by a company officer. Such transactions are typically pre-scheduled and do not reflect discretionary buying or selling based on new material information. Therefore, it provides no strong signal for a 'buy' or 'sell' recommendation, warranting a 'hold' position based solely on this filing.

Keywords

OFG Bancorp, OFG, Insider Transaction, Form 4, Restricted Stock Units, RSU Conversion, Executive Compensation, Mari Evelyn Rodriguez, Chief Retail Banking Officer