Ada García
About Ada García
Ada García, age 61, serves as Managing Director, Customer Intelligence and Operations at OFG Bancorp since March 2022, responsible for retail banking operations, data integrity and analytics, and execution of the retail strategy to improve client experience . She holds a bachelor’s degree in Mathematics and computer science and a master’s degree in Science from the Technical University of Dresden, Germany . Company performance during her tenure has been strong: diluted EPS rose to $4.23 in 2024 (from $3.83), total core revenues increased to $709.6 million, tangible book value per share climbed to $25.43, and total shareholder return reached 202.1 (value of $100 initial investment), with net income of $198.2 million .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| OFG Bancorp | Managing Director, Customer Intelligence & Operations | Since Mar 2022 | Lead retail operations; analytics; client experience execution |
| OFG Bancorp | Director, Business Development | Not disclosed | Growth initiatives |
| OFG Bancorp | Director, Mortgage Unit | Not disclosed | Mortgage origination/operations |
| BBVA Puerto Rico (BBVAPR) | Director, Mortgage Business | Not disclosed | Mortgage franchise leadership |
| BBVA Puerto Rico (BBVAPR) | Business Development Manager | Not disclosed | Commercial growth |
| BBVA Puerto Rico (BBVAPR) | IT Manager | Not disclosed | Tech operations |
| Accenture, Spain | Systems Analyst | Not disclosed | Technology and systems expertise |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BBVA Seguros Puerto Rico | Board Member | Not disclosed | Insurance governance |
| Governor’s Board of Mortgage Bankers Association | Secretary | Not disclosed | Industry policy/standards |
| Puerto Rico Notes Management Association | Secretary | Not disclosed | Market practice oversight |
Fixed Compensation
| Year | Base Salary ($) | Change YoY | Source |
|---|---|---|---|
| 2023 | 296,232 | — | |
| 2024 | 330,000 | +11.4% |
| Year | All Other Compensation ($) | Components (Disclosed) | Source |
|---|---|---|---|
| 2024 | 43,555 | Company car benefit $20,000; dividends on performance shares $5,049; 401(k) match and medical/life/disability insurance premiums (amounts included in total) |
Performance Compensation
| Year | Target Bonus (%) | Target Bonus ($) | Performance Score | Actual Performance Bonus ($) | Notes |
|---|---|---|---|---|---|
| 2023 | 40% | 113,926 | Not disclosed | Not disclosed | Target updated in 2024 |
| 2024 | 50% | 165,000 | 108.66 | 182,000 | Score reflects business unit adjustment; 10% of bonus tied to individual performance evaluation |
| 2024 Company Scorecard Metrics | Weight | % of Target Achieved | Score Contribution | Source |
|---|---|---|---|---|
| Market Share Operating Income 1 | 10 | 100.61% | 10.06 | |
| Market Share Operating Income 2 | 10 | 100.04% | 10.00 | |
| Deposit Growth | 15 | -16.10% | 0.00 | |
| Customer & Digital Adoption | 20 | 174.70% | 34.94 | |
| Texas Ratio | 15 | 114.54% | 17.18 | |
| Efficiency Ratio | 30 | 100.52% | 30.16 | |
| Total | — | — | 102.34 |
The digital adoption metric, directly relevant to García’s remit, significantly exceeded target at 174.7% in 2024 .
Performance Compensation – Long-Term Equity
| Grant Date | Award Type | Shares Granted (#) | Grant Date Fair Value ($) | Vesting / Performance Cycle | Source |
|---|---|---|---|---|---|
| Feb 23, 2024 | Restricted Units (RSUs) | 2,150 | 77,250 | Vests in thirds annually starting Feb 23, 2025 | |
| Feb 23, 2024 | Performance Shares (PSUs) | 2,150 | 77,250 | 3-year cycle ending Dec 31, 2026; metrics: TBV growth, Avg ROATCE |
| PSU Metrics for 2024–2027 Cycle | Threshold | Target | Maximum | Source |
|---|---|---|---|---|
| Tangible Book Value per Share | $30.38 | $31.97 | $33.57 | |
| 3-Year Average ROATCE | 13.58% | 14.30% | 15.01% |
| Stock Vested in 2024 | Shares Vested (#) | Value Realized ($) | Source |
|---|---|---|---|
| RSUs/Other | 5,800 | 218,490 |
| Outstanding at 12/31/2024 | Unvested RSUs (#) | Market Value ($) | Unearned PSUs (#) | Market Value ($) | Source |
|---|---|---|---|---|---|
| Ada García | 11,387 | 481,877 | 1,463 | 61,893 |
| RSU Vesting Schedule Details | Tranche | Commencement | Shares (#) | Vesting Pattern | Source |
|---|---|---|---|---|---|
| RSUs | Feb 23, 2025 | 2,150 | Thirds annually | ||
| RSUs | Feb 21, 2025 | 1,500 | Halves annually | ||
| RSUs | Feb 22, 2025 | 484 | Halves annually |
Equity Ownership & Alignment
| Metric | Value | Notes |
|---|---|---|
| Beneficial Ownership (12/31/2024) | 32,823 shares | Includes 1,950 restricted units vesting within 60 days |
| Shares Outstanding (Record Date) | 45,440,269 | Company-wide |
| Ownership as % of Outstanding | ~0.072% | Computed from 32,823 / 45,440,269 |
| Stock Ownership Guideline Compliance (12/31/2024) | 42,320 qualifying shares; $1,790,961 value; 5.43x multiple vs 3.0x requirement | Meets/exceeds guideline |
| Pledging/Hedging | Prohibited by Company policy | Derivatives trading, hedging, and pledging of Company securities are prohibited; blackout and pre-clearance apply |
Employment Terms
- Insider Trading & Blackout Policy: Prohibits trading when in possession of MNPI; bans derivatives trading, hedging, and pledging; mandates blackout compliance and pre-clearance for executives and directors .
- Clawback (Compensation Recoupment Policy): Recovers incentive-based compensation for three years prior to an accounting restatement due to material non-compliance or misstatement; applies to executive officers .
- Stock Ownership Requirements: 3x base salary minimum for NEOs and certain executive officers; compliance required within 2–4 years after first equity award; García compliant at 5.43x .
- Severance / Change-in-Control: CEO-specific agreements disclosed; no individual employment agreement, severance, or CIC terms disclosed for García in the proxy; Company-wide double-trigger for equity awards upon change-in-control noted at program level .
Compensation Committee Analysis and Governance
- Compensation peer group used for benchmarking includes regional U.S. banks (e.g., Amerant, First Commonwealth, Seacoast, First BanCorp (PR), Renasant) .
- 2024 say-on-pay approval: 98% support by shareholders; program emphasizes pay-for-performance, double-trigger vesting, clawbacks, and no excise tax gross-ups .
- Committee independence and use of independent consultant (Pearl Meyer); no conflicts identified .
Investment Implications
- Alignment: García exceeds stock ownership guidelines (5.43x vs 3.0x), with prohibitions on hedging/pledging reinforcing alignment; beneficial ownership of 32,823 shares and compliance support retention and long-term focus .
- Near-term vesting and potential supply: Multiple RSU tranches begin vesting in Feb 2025, with 11,387 unvested RSUs outstanding and 5,800 shares vested in 2024; while trading is restricted by blackout/pre-clearance, upcoming vesting dates can create mechanical selling pressure for tax/liquidity needs .
- Performance incentives tied to operating metrics: 2024 performance bonus was driven by a 108.66 score, with outsized achievement on customer/digital adoption (174.7%)—a lever within García’s remit—suggesting continued emphasis on digital KPIs for bonus outcomes .
- Pay trajectory and retention: 2024 base salary rose 11.4%, and target bonus increased from 40% to 50% of salary, while PSUs are tied to TBV growth and ROATCE through 2027; combined with ownership compliance, these factors mitigate retention risk and link pay to shareholder value .
Key watch items: monitor Form 4 filings around February/March vesting windows; track progress vs TBV and ROATCE PSU targets; observe corporate scorecard weights for digital adoption and efficiency ratio, which have historically driven bonus outcomes **[1030469_0001030469-25-000009_ofg-20250319.htm:33]** **[1030469_0001030469-25-000009_ofg-20250319.htm:31]**.