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OFG Bancorp (NYSE: OFG) executive exercises 717 units, withholds shares for tax

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

OFG Bancorp executive Ada Garcia reported routine equity compensation activity. On March 10, 2026, she exercised 717 Restricted Units that converted into 717 shares of Common Stock on a one-for-one basis and received these shares at a price of $0.00 per share.

The award, granted under the OFG Bancorp Amended and Restated 2007 Omnibus Performance Incentive Plan, represents 33% of a Restricted Unit grant dated February 23, 2024. To cover applicable taxes, 231 shares of Common Stock were withheld at $41.39 per share, a non-market, tax-withholding disposition rather than an open-market sale. After these transactions, Garcia directly holds 37,281 shares of Common Stock and 2,037 Restricted Units, reflecting ongoing alignment with shareholders through equity-based compensation.

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Insider Garcia Ada
Role Managing Dir Customer Intelli
Type Security Shares Price Value
Exercise Restricted Units 717 $0.00 $0.00
Grant/Award Common Stock 717 $0.00 $0.00
Exercise Price or Tax Liability Common Stock 231 $41.39 $10K
Holdings After Transaction: Restricted Units — 2,037 shares (Direct); Common Stock — 37,281 shares (Direct)
Footnotes (4)
  1. F1. Not applicable.
  2. F2. Represents shares of Common Stock withheld against Restricted Units for payment of applicable taxes.
  3. F3. Awarded pursuant to the OFG Bancorp Amended and Restated 2007 Omnibus Performance Incentive Plan. They represent 33% of a grant of Restricted Units of February 23, 2024.
  4. F4. The Restricted Units convert to Common Stock on a one-for-one basis.

FAQ

What insider transactions did OFG (OFG Bancorp) report for Ada Garcia?
Ada Garcia exercised 717 Restricted Units into Common Stock and received a 717-share stock award. To satisfy taxes, 231 shares were withheld. These transactions are compensation-related and not open-market buying or selling of OFG Bancorp shares.

How many OFG Bancorp shares does Ada Garcia hold after this Form 4?
After the reported transactions, Ada Garcia directly holds 37,281 shares of OFG Bancorp Common Stock. She also has 2,037 Restricted Units outstanding, which are equity awards that may convert into additional shares based on the plan’s terms and vesting.

Were the OFG Bancorp insider transactions open-market purchases or sales?
The transactions were not open-market trades. They reflect equity compensation: exercise of 717 Restricted Units into shares and a related stock award, plus 231 shares withheld at $41.39 per share solely to cover tax obligations on the award.

What plan governs Ada Garcia’s OFG Bancorp Restricted Units?
The Restricted Units were granted under the OFG Bancorp Amended and Restated 2007 Omnibus Performance Incentive Plan. The 717 units exercised and awarded represent 33% of a February 23, 2024 grant and convert into Common Stock on a one-for-one basis.

How do the Restricted Units convert into OFG Bancorp Common Stock?
Each Restricted Unit converts into one share of OFG Bancorp Common Stock on a one-for-one basis. On March 10, 2026, 717 Restricted Units converted into 717 shares, illustrating how these awards increase the executive’s direct share ownership when they vest.

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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Garcia Ada
(Last) (First) (Middle)
P.O. BOX 195115
(Street)
SAN JUAN PR 00919-5115
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
OFG BANCORP [ OFG ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
Managing Dir Customer Intelli
3. Date of Earliest Transaction (Month/Day/Year)
03/10/2026
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 03/10/2026 A 717 A (1) 37,512 D
Common Stock 03/10/2026 F 231(2) D $41.39 37,281 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Restricted Units(3) (4) 03/10/2026 M 717 (1) (1) Common Stock 717 (1) 2,037 D
Explanation of Responses:
1. Not applicable.
2. Represents shares of Common Stock withheld against Restricted Units for payment of applicable taxes.
3. Awarded pursuant to the OFG Bancorp Amended and Restated 2007 Omnibus Performance Incentive Plan. They represent 33% of a grant of Restricted Units of February 23, 2024.
4. The Restricted Units convert to Common Stock on a one-for-one basis.
Remarks:
/s/ Nilda M. Vazquez-Rodriguez, Attorney-in-Fact for Garcia Ada 03/12/2026
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR