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OFG Bancorp Executive Compensation (FY25)

OFG · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
José Fernández
Latest say-on-pay support
=
April 22, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of October 22, 2026Latest filing (8-K): April 23, 2026
15 filings cited on this page
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OFG Bancorp brief$1,500Get the executive brief
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216 figures on this page: 205 cited to the filing that reported them, 11 calculated from figures it prints. See the citations
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — José Fernández: $6,305,842 → $3,479,297 (44.8% lower)
Say-on-pay support: 92.1% → 98.3% (6.2 points higher)
CEO pay ratio: 73:1 → 80:1 (9.6% higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is OFG Bancorp's chief executive and what were they paid?
Total compensation for José Fernández, President & Chief Executive Officer, came to $3,479,297 in fiscal 2025. Compared with the $6,305,842 reported for fiscal 2024, Fernández's total was 44.8% lower.
What was OFG Bancorp's say-on-pay result?
The say-on-pay proposal drew 98.3% of votes cast including abstentions in favor at the meeting held April 22, 2026 for fiscal 2025.
Which companies are in OFG Bancorp's peer group?
The disclosed peer group names 1st Source Corporation, Amerant Bancorp Inc., BancFirst Corporation, Byline Bancorp, Inc. and Eagle Bancorp, Inc., among others. The additional disclosed peer group includes Amerant Bancorp Inc., BancFirst Corporation, Byline Bancorp, Inc., Eagle Bancorp, Inc. and FB Financial Corporation, among others.
What is OFG Bancorp's chief executive pay ratio?
The disclosed chief executive pay ratio for fiscal 2025 is 80:1, against median employee compensation of $43,732.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
José Fernández
President & Chief Executive Officer
◇—◇—◇—◇◇
Ganesh Kumar
Chief Operating Officer
◇—◇—◇—◇◇
Maritza Arizmendi
Chief Financial Officer
◇—◇—◇—◇◇
César Ortiz
Managing Director, Retail Business Development
◇—◇—◇—◇◇
Patrick Haggarty
Managing Director, Commercial Banking
◇—◇—◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
José Fernández
President & Chief Executive Officer
◇—◇—◇—◇◇
Maritza Arizmendi
Chief Financial Officer
◇—◇—◇—◇◇
Mari Evelyn Rodríguez
Chief Retail Banking Officer
◇—◇—◇—◇◇
César Ortiz
Chief Risk Officer
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
José Fernández
President, CEO and Chairman of the Board
◇—◇—◇—◇◇
Ganesh Kumar
Chief Strategy Officer, U.S. Business
◇—◇——◇◇◇†
Maritza Arizmendi
Chief Financial Officer
◇—◇—◇—◇◇
Mari Evelyn Rodríguez
Chief Retail Banking Officer
◇—◇—◇—◇◇
César Ortiz
Chief Risk Officer
◇—◇—◇◇◇◇
Ada García
Managing Director
◇—◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
José Fernández
President & Chief Executive Officer
◇◇◇—◇—◇◇
Maritza Arizmendi
Chief Financial Officer
◇◇◇—◇—◇◇
Mari Evelyn Rodríguez
Chief Retail Banking Officer
◇◇◇—◇—◇— not reconciled
César Ortiz
Chief Risk Officer
◇◇◇—◇—◇— not reconciled
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Ada GarcíaRSU◇——◇——◇
Ada GarcíaPSU◇◇◇—◇—◇
José R. FernándezRSU◇——◇——◇
José R. FernándezPSU◇◇◇—◇—◇
Mari E. RodríguezRSU◇——◇——◇
Mari E. RodríguezPSU◇◇◇—◇—◇
Maritza ArizmendiPSU◇◇◇—◇—◇
Maritza ArizmendiRSU◇——◇——◇
Fiscal 2022, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
José FernándezRSU◇◇——
Maritza ArizmendiRSU◇◇——
Mari Evelyn RodríguezRSU◇◇——
César OrtizRSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Néstor De Jesús
Lead independent director
◇◇————◇
Rafael Vélez
◇◇————◇
Angel Vázquez
◇◇————◇
Jorge Colón-Gerena
◇◇————◇
Annette Franqui
◇◇————◇
Susan Harnett
◇◇————◇
Roberto García
◇◇————◇
Lynda Grindstaff
◇◇————◇
José R. Fernández served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Lead independent director premium◇
Audit committee chair◇
Audit committee member◇
Nominating and governance chair◇
Board meeting fee◇
Equity is delivered as Restricted Stock Units.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • 1st Source Corporation SRCE
  • Amerant Bancorp Inc. AMTB
  • BancFirst Corporation BANF
  • Byline Bancorp, Inc. BY
  • Eagle Bancorp, Inc. EGBN
  • FB Financial Corporation FBK
  • First BanCorp. FBP
  • First Commonwealth Financial Corporation FCF
  • First Financial Bankshares, Inc. FFIN
  • National Bank Holdings Corporation NBHC
  • NBT Bancorp Inc. NBTB
  • Nicolet Bankshares, Inc. NIC
  • Peoples Bancorp Inc. PEBO
  • Premier Financial Corp. PFC
  • QCR Holdings, Inc. QCRH
  • Renasant Corporation RNST
  • S&T Bancorp, Inc. STBA
  • Sandy Spring Bancorp, Inc. SASR
  • Seacoast Banking Corporation of Florida SBCF
  • ServisFirst Bancshares, Inc. SFBS
  • Univest Financial Corporation UVSP
Additional disclosed peer group
  • Amerant Bancorp Inc. AMTB
  • BancFirst Corporation BANF
  • Byline Bancorp, Inc. BY
  • Eagle Bancorp, Inc. EGBN
  • FB Financial Corporation FBK
  • First Bancorp. FBNC
  • First Commonwealth Financial Corporation FCF
  • QCR Holdings, Inc. QCRH
  • Renasant Corporation RNST
  • S&T Bancorp, Inc. STBA
  • Seacoast Banking Corporation of Florida SBCF
  • ServisFirst Bancshares, Inc. SFBS
  • Univest Financial Corporation UVSP

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025April 22, 2026=◇◇◇
2024April 30, 2025=◇◇◇
2023May 8, 2024=◇◇◇
2022April 26, 2023=◇◇◇
2021April 27, 2022=◇◇◇
2020April 28, 2021=◇◇◇
2019June 1, 2020=◇◇◇
2018April 24, 2019=◇◇◇
2017April 25, 2018=◇◇◇
2016April 26, 2017=◇◇◇
2015April 27, 2016=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

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- José Fernández (President & Chief Executive Officer), FY2025 total compensation $3,479,297 (base salary $981,750) [exec_comp, SEC accession 0001030469-26-000016, filed 2026-03-03]

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What this page does not include

Everything above is a fact OFG Bancorp disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where OFG Bancorp sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $499
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
216 figures on this page: 205 cited to the filing that reported them, 11 calculated from figures it prints.
205 cited to the filing
11 calculated from the filing

Documents cited

  1. 0001030469-26-000024
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001030469-26-000016
    Grants of Plan-Based Awards
  3. 0001030469-25-000016
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0001030469-25-000009
  5. 0001030469-24-000022
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0001030469-24-000010
    Summary Compensation Table
  7. 0001030469-23-000018
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0001564590-23-003796
  9. 0001030469-22-000022
    Item 5.07 Submission of Matters to a Vote of Security Holders
  10. 0001193125-21-148000
    Item 5.07 Submission of Matters to a Vote of Security Holders
  11. 0001193125-20-163629
    Item 5.07 Submission of Matters to a Vote of Security Holders
  12. 0001030469-19-000009
    Item 5.07 Submission of Matters to a Vote of Security Holders
  13. 0001193125-18-146295
    Item 5.07 Submission of Matters to a Vote of Security Holders
  14. 0001193125-17-148997
    Item 5.07 Submission of Matters to a Vote of Security Holders
  15. 0001193125-16-572713
    Item 5.07 Submission of Matters to a Vote of Security Holders
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Velarion, “OFG Bancorp executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/OFG (accessed 2026).
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The OFG Bancorp brief, $1,500

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $499 for the board report; $2,400 for both.
Get the executive briefGet the board briefNo account needed.
15 filings cited on this page
Method: intel.velarion.ai/methodology
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Published by Velarion Company Intelligence
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Banking rankings

Chief executive pay — BankingCEO pay ratio — BankingSay-on-pay support — Banking

Peers OFG Bancorp discloses

The companies named in OFG's own disclosed peer group.

1st Source CorporationAmerant Bancorp Inc.BancFirst CorporationByline Bancorp, Inc.Eagle Bancorp, Inc.FB Financial CorporationFirst BanCorp.First Commonwealth Financial CorporationFirst Financial Bankshares, Inc.National Bank Holdings CorporationNBT Bancorp Inc.Nicolet Bankshares, Inc.Peoples Bancorp Inc.Premier Financial Corp.QCR Holdings, Inc.Renasant CorporationS&T Bancorp, Inc.Sandy Spring Bancorp, Inc.Seacoast Banking Corporation of FloridaServisFirst Bancshares, Inc.Univest Financial CorporationFirst Bancorp.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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