Ginoris López-Lay

About Ginoris López-Lay

Executive Vice President and Strategic Management Director at First BanCorp. (FBP); age 56; EVP since March 2010; joined FBP in 2006 after serving as SVP and head of Strategic Planning & Marketing at Banco Popular (1996–2005) . She leads corporate strategic planning; marketing, digital, and internal communications in Puerto Rico; oversees branding and marketing ROI in Florida and the Eastern Caribbean; and heads retail banking, small business, and digital/electronic banking in Puerto Rico . Education: BA in Economics (University of Pennsylvania) and MBA (University of Michigan) . Company performance context: 2024 revenue $938M, net income $298.7M, ROAA 1.58%; cumulative TSR (base $100 at 12/31/2019) reached $206 in 2024, with TSR path shown below—relevant because her remit includes digital and retail where 2024 saw 492,929 registered users, 325,674 active users, +4% user growth, and 41% of deposit transactions via digital channels .

Past Roles

External Roles

Fixed Compensation

• Individual base salary, target bonus, and paid bonus for Ms. López-Lay are not disclosed; she was not listed among the 2024 Named Executive Officers (NEOs) for whom cash/equity compensation tables were provided .
• Program context (applies to executives broadly): FBP’s executive pay mix emphasizes at-risk variable pay (short-term cash incentives and long-term equity), governed by a performance-oriented philosophy and robust governance (clawback, stock ownership, no hedging/pledging) .

Performance Compensation

FBP links annual incentives to corporate results (profitability, asset quality, efficiency) and individual scorecards; long-term incentives use 50% performance shares (TBV and relative TSR) and 50% time-vested RS, with three-year performance cycles and double-trigger vesting on change-in-control for awards (see vesting terms below) .

• 2024 corporate scorecard outcomes (drivers of annual bonuses):

• Long-term incentive design (applies to executives):
  • 50% Performance Shares: equally weighted TBV vs. TSR relative to KBW Regional Bank Index over 3 years; payout 50–150% of target; TSR capped at 100% if relative TSR is negative even at/above 75th percentile .
  • 50% Time-Vested Restricted Stock: vests 50% on second and 50% on third anniversaries of grant (e.g., 3/21/2024 grant vests 3/21/2026 and 3/21/2027) .

Equity Ownership & Alignment

• Insider selling pressure indicators:

  • Typical equity vesting “supply” windows (for executives) cluster around mid-March grant anniversaries: RS vests at 2 and 3 years; PS vests at 3 years (e.g., 3/16 or 3/21 cycles depending on grant year) . Blackout and insider trading policy constraints apply .

• Ownership disclosure:

  • FBP discloses beneficial ownership for directors and NEOs and for the executive group as a whole; Ms. López-Lay’s individual beneficial ownership was not itemized in the 2025 table (not an NEO), though executives as a group owned 3,730,743 shares (2.3%) as of March 24, 2025 .

Employment Terms

• Individual employment agreement terms for Ms. López-Lay are not disclosed (only NEO agreements summarized) .
• Omnibus Incentive Plan award treatment (applies to executives):
  • Restricted Stock: vests on death/disability/retirement; forfeited on resignation/termination for cause; vests on termination without cause or involuntary termination within 1 year after change-in-control .
  • Performance Shares: vests on death/disability; remains outstanding at retirement to vest per actual performance; forfeited on resignation/termination for cause; vests on termination without cause; vests if voluntarily or involuntarily terminated within 1 year after change-in-control .

Performance & Track Record

• Operating and digital context (2024): 492,929 registered users, 325,674 active users, +4% user growth; 41% of deposit transactions via digital channels; 95% via self-service platforms; CET1 16.3% and Total Capital 18.02% . These outcomes sit within Ms. López-Lay’s remit over retail/digital strategy and customer marketing, albeit results are company-wide.

Compensation Structure Analysis

• Strong pay-for-performance linkage: Annual metrics tied to EPS, pre-tax pre-provision income, NPA ratio, and efficiency; long-term metrics tied to TBV and relative TSR, promoting multi-year value creation and balance sheet quality .
• Governance features reduce risk: broad clawback coverage; stock ownership requirements; hedging/pledging prohibitions; independently overseen program .
• Vesting cadence: March grant/vesting cadence can create periodic selling pressure windows for executives as awards vest; mitigated by ownership guidelines and trading policy .

Investment Implications

• Alignment: Ms. López-Lay’s equity (RS/PS) participation, combined with 2x salary ownership guidelines and anti-hedging/pledging rules, aligns her incentives with long-term TSR/TBV performance and prudent credit/efficiency outcomes that drive bonuses and 3-year vesting .
• Execution signals: Company scorecard delivered above-target EPS and asset quality in 2024 (110% EPS; 134% NPA ratio achievement), supporting incentive payouts; continued focus on digital adoption and self-service mix (within her remit) underpin efficiency and customer experience KPIs used in annual incentives .
• Trading/flow watchouts: Expect vest-driven supply windows around March award anniversaries (RS 2- and 3-year tranches; PS at 3 years); monitor Form 4s around those dates and standard blackout periods; note her prior late Form 4 related to RS/PS award .
• Disclosure gap: As a non-NEO, Ms. López-Lay’s specific salary/bonus/equity sizes and severance terms are not disclosed, limiting precision on dollar exposures; however, the corporate plan structure and policies apply consistently across executive officers .