Carlos Power

About Carlos Power

Carlos Power, 63, is Executive Vice President and Consumer Lending Business Executive at First BanCorp (FirstBank Puerto Rico), a role he has held since 2007; his remit spans Consumer Banking, Auto/Leasing Finance, Collections, First Federal Finance LLC d/b/a Money Express, and Credit Cards . He has 30+ years at FirstBank, progressing from Accounting Officer (1986–1989) to Vice President, Auto Finance Operations (1990–2000), to President of Money Express (2000–2007), and Senior Vice President Consumer Lending (2007–2013) before his current EVP role . Company performance in 2024 was strong: Revenues $938M, Net Income $298.7M, ROAA 1.58% ; organic loan growth +$569.0M (+4.7% YoY), NIM 4.25% (+3 bps YoY), and non‑performing assets ratio improved to 0.61% . On a pay-versus-performance horizon, a $100 initial investment in FBP at 12/31/2019 grew to $206 by year-end 2024, illustrating solid TSR over that SEC-disclosed window .

Past Roles

External Roles

Fixed Compensation

• Mr. Power is not identified as a Named Executive Officer (NEO) in the 2024 or 2025 proxies; therefore, his base salary, target bonus %, and actual bonus payments are not individually disclosed in the Summary Compensation Table .

Performance Compensation

Program design (company disclosure; specific metrics/weightings published for NEOs; non-NEO details not disclosed):

• Short‑Term Incentive (annual cash): Balanced scorecard emphasizing corporate profitability (EPS, pre‑tax pre‑provision income), asset quality (Non‑Performing Asset ratio), operating efficiency (efficiency ratio), and individual performance; payouts range from 50% of target at threshold (80% of goal) to 150% at superior (120% of goal) .
• Long‑Term Incentive (equity): 50% performance shares and 50% time‑vested restricted stock; performance shares vest after three years on equal weights of (a) absolute tangible book value per share (TBV) target and (b) relative TSR vs. KBW Regional Bank Index; 0–150% payout scale; for 2024 grants the performance cycle is 2024–2026, with TBV Performance Goal of $15.51; time‑vested RS vests 50% on the 2nd and 3rd anniversaries; dividends accrue and pay at vest .

2024 corporate STI outcomes (applied to NEO scorecards; illustrates company results):

Note: The proxy provides NEO‑specific weightings and payouts; no Carlos Power‑specific weighting or payout detail is disclosed .

Equity Ownership & Alignment

• Stock ownership guidelines: CEO 5x salary; other executive officers (including EVPs) 2x salary; as of the proxy date, all directors and executive officers were in compliance .
• Anti‑hedging/pledging: Directors and executive officers are prohibited from pledging company securities, short sales, margin accounts, or hedging/speculative trading; Section 16 officers and directors are explicitly restricted in the anti‑hedging/pledging policy .
• Individual beneficial ownership: The proxy provides individual ownership detail for directors and NEOs; Mr. Power is not included in that table (not a director/NEO), so his individual share count is not disclosed .

Employment Terms

• Mr. Power does not appear in the “Employment Agreements” table; company‑specific terms (salary, term, severance/change‑of‑control) for him are not disclosed in the proxy .
• For context on company practice (not specific to Mr. Power): listed EVPs have auto‑renewing agreements; severance/change‑of‑control constructs for named EVPs include multiples of salary and average/peak bonus, generally requiring termination without cause within two years post‑change‑of‑control (double‑trigger), with the CEO having a different construct; definitions of “cause” and “change in control” are detailed in the proxy .
• Clawback: Company‑wide clawback policy compliant with SEC/NYSE listing standards covers incentive‑based pay for current/former executive officers in the event of restatements or fraud/gross misconduct .

Investment Implications

• Alignment strong via policy: Executive officers must hold ≥2x salary in stock and are prohibited from hedging/pledging; the proxy states all executive officers are in compliance, reducing misalignment/pledging risk signals .
• Limited disclosure on Power‑specific pay and holdings: As a non‑NEO, his salary, bonus outcomes, equity grants, vesting calendar, and individual share count are not reported, limiting visibility into potential scheduled selling pressure or large vest‑driven events; monitoring Form 4 filings remains essential (proxy notes two late Forms 4 in 2024 but not for Power) .
• Operating leverage in his domain: 2024 results highlight organic loan growth (+$569M, 4.7% YoY) largely in commercial and auto/lease portfolios and improved asset quality—areas tied to consumer/auto underwriting and collections execution, which fall under his span; programmatic STI metrics emphasize EPS, PTPP income, asset quality, and efficiency, aligning incentives with prudent growth and credit quality .
• Governance and investor sentiment backdrop: Say‑on‑pay support was 95.09% in 2024, and the compensation peer group is disclosed—indicating a relatively strong external validation of the pay program and benchmarking rigor; while not a direct read‑through to Power, it frames the compensation environment in which he operates .

Notes on Data Gaps

• Because Mr. Power is not an NEO, the proxy does not disclose his base salary, annual/long‑term incentive targets or payouts, individual beneficial ownership, or specific employment/severance terms; conclusions above rely on disclosed company‑wide policies and NEO program design and do not assume Mr. Power’s individual terms mirror NEOs unless expressly stated in the proxy .