Patrick Haggarty
About Patrick Haggarty
Managing Director, Commercial Banking at OFG Bancorp since 2012; age 65. Responsible for Corporate & Institutional Banking, Transactional Services, International Trade Services, and Trust Operations; previously held similar roles at BBVA Puerto Rico. Education: BA, Tufts University; MBA, IESE Business School (University of Navarra). Company performance during his tenure includes FY2024 diluted EPS of $4.23 (up from $3.83 in FY2023), total core revenues of $709.6M (up from $682.7M), and tangible book value of $25.43 per share, with cumulative TSR value of $202.10 for a $100 investment vs $143.68 for the peer index in 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| OFG Bancorp | Managing Director, Commercial Banking | 2012–present | Leads corporate/institutional banking, transactional services, international trade, trust operations; previously supervised Trust Sales and Oriental Pensions Consultants through Nov 2021 . |
| BBVA Puerto Rico (BBVAPR) | Commercial banking leadership | Pre-2012 | Held similar roles prior to OFG; continuity of commercial banking expertise . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Colegio de Educación Especial & Rehabilitation, Inc. (PR non-profit) | Board Member and Treasurer | — | Financial stewardship for a local educational and rehabilitation non-profit . |
Fixed Compensation
| Metric | FY2022 |
|---|---|
| Base Salary ($) | $282,000 |
| Target Bonus % | 40% |
| Target Bonus ($) | $112,800 |
| Actual Performance Bonus Paid ($) | $116,400 |
| All Other Compensation ($) | $34,091 (car allowance, medical, 401(k) match, life/disability premiums) |
2022 salary increased 6.9% vs 2021 ($263,699 → $282,000); target bonus raised from 30% to 40% of salary .
Performance Compensation
| Component | Metric | Weight | Target | Actual (% of Target) | Score/Outcome | Payout/Vesting Terms |
|---|---|---|---|---|---|---|
| Annual Bonus (Company Scorecard FY2022) | Market Share Operating Income | 35 | Internal target | 101.25% | 35.44 | Multiplies target bonus; Haggarty’s business unit adjustment yielded total score 100.73% . |
| Annual Bonus (Company Scorecard FY2022) | Average Revenues per Customer | 20 | Internal target | 104.45% | 20.89 | See above . |
| Annual Bonus (Company Scorecard FY2022) | Texas Ratio | 15 | Internal target | 101.90% | 15.29 | See above . |
| Annual Bonus (Company Scorecard FY2022) | Efficiency Ratio | 30 | Internal target | 105.98% | 31.79 | See above . |
| Annual Bonus (Company Scorecard FY2022) | Total | 100 | — | 103.41% | 103.41 | Used for NEO payouts; Haggarty’s performance score applied was 100.73%; his bonus paid was $116,400 . |
| Long-Term Incentive (granted Feb 22, 2022) | RSUs | — | 1,450 units | — | Grant-date FV $40,441 | Vests 33%/33%/34% on 1st/2nd/3rd anniversaries . |
| Long-Term Incentive (granted Feb 22, 2022) | PSUs | — | 1,450 units (target) | Threshold/Target/Max values | Grant-date FV $40,441; payout range $20,220/$40,441/$60,661 | 3-year cycle to 12/31/2024; pays vs TBV growth and ROATCE goals (50/100/150% of target per metric interpolation) . |
Program-level PSU metrics for cycles ending 12/31/2025 (2023 grants) target TBV $25.01 and 3-year average ROATCE 14.47% (threshold/target/max defined) . Company-wide 2024 scorecard metrics emphasize growth, digital adoption, Texas Ratio, and efficiency ratio (weights specified) .
Equity Ownership & Alignment
| Metric | 12/31/2022 | 02/03/2023 (Form 3) | 12/31/2023 (Form 5) | 12/31/2024 (Policy Compliance) |
|---|---|---|---|---|
| Beneficial Ownership – Total Shares (#) | 43,762 (<1% of SO) | 49,395.538 (38,472 direct; 9,733.538 401(k); 1,190 deferred comp trust) | 401(k) shares 6,729.877 after 9/25/2023 sale of 3,347.718 @ $28.9552 | Qualifying Common Stock 41,479; value $1,755,387; 5.40× compensation; min requirement 3.00× |
| Unvested RSUs (#); Market Value ($) | 8,905; $245,408 | — | — | — |
| Unearned PSUs (#); Market Value ($) | 363; $9,991 (cycles end 12/31/2022–2024 noted) | — | — | — |
| Ownership Guideline | 2× salary (policy circa 2022 for key officers like Haggarty) | — | — | 3× salary (updated NEO/executive policy); in compliance at 5.40× |
| Hedging/Pledging | Prohibited by Insider Trading Policy | — | — | Prohibited; pre-clearance and blackout strictly enforced |
RSU vesting schedules (awarded 2020/2021/2022) lapse 33%/33%/34% annually; PSUs had cycles ending 12/31/2022 (1,700), 12/31/2023 (1,500), 12/31/2024 (1,450) for Haggarty . 2022 stock vested: 5,756 shares; value realized $160,331 .
Employment Terms
- No individual employment or change-in-control agreement disclosed for Haggarty; CIC agreements named for CEO (3× salary+bonus) and previously for COO (2×), not for Haggarty .
- Equity awards governed by Omnibus Plan: on change-in-control, options/SARs become fully exercisable; restrictions on RSUs lapse; PSU awards paid at target—subject to double-trigger if successor assumes awards and executive is involuntarily terminated without cause; awards are non-transferable except by will/descent .
- Clawback: incentive compensation recoverable for restatements due to material non-compliance; applies to executives .
- Ownership requirements: currently 3× salary for NEOs/selected executives; compliance tracked (Haggarty at 5.40× in 2024) .
- Insider Trading/Blackout: prohibits hedging, pledging, derivatives; mandates pre-clearance and trading windows .
Investment Implications
- Compensation alignment: Meaningful equity exposure and above-guideline ownership (5.40× in 2024) align incentives with shareholders; LTIs split between RSUs and PSUs tied to tangible book value growth and ROATCE support capital discipline and shareholder value creation .
- Vesting and potential selling pressure: Regular RSU vesting (three-year ratable) and PSU cycles can create periodic liquidity events; 9/25/2023 401(k) sale indicates portfolio management rather than discretionary insider selling, but monitor future Form 4 activity around vest dates and blackout windows .
- Retention and governance: Absence of an individualized CIC/severance agreement reduces parachute risk; retention primarily via unvested equity and ownership policy; clawback and hedging/pledging prohibitions mitigate risk-taking and misalignment .
- Performance linkage: Annual bonuses driven by company scorecard (efficiency, Texas Ratio, growth) and business unit adjustments create operating leverage discipline; PSU targets and interpolation structure reduce windfall risk if targets are marginally met .
Overall, Patrick Haggarty exhibits strong “skin in the game” and compensation structures that tie pay to OFG’s capital and profitability metrics; watch vesting calendars and any Section 16 activity for near-term trading signals, and note that program-level double-trigger CIC terms would accelerate equity only upon termination after a bona fide transaction .