Jose Lacasa
FIRST BANCORP /PR/About Jose Lacasa
Jose M. Lacasa is Executive Vice President and Florida Business Director at First BanCorp (FBP) since October 2021, with prior roles as Senior Vice President and Corporate Banking Director (2015–2021) and Vice President of Corporate Banking (2013–2015) . He holds a bachelor’s degree in business management (finance & economics) from CUNEF School of Business (Spain) and has over two decades of experience across corporate/commercial banking, investment banking, and treasury management, including senior posts at Bankia and Banca Nazionale del Lavoro in London prior to joining FBP . Lacasa is 45 as of the 2025 proxy ; corporate performance during his tenure includes a TSR value of a hypothetical $100 investment rising from $176 (2023) to $206 (2024), alongside net income of $298.7 million (2024) and pre-tax, pre-provision income of $451.1 million (2024), underscoring strong earnings and shareholder returns through 2023–2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| First BanCorp | EVP, Florida Business Director | Oct 2021–Present | Leads Florida region; corporate/commercial banking growth and relationship coverage |
| First BanCorp | SVP, Corporate Banking Director | 2015–2021 | Directed corporate banking; business development and credit structuring |
| First BanCorp | VP, Corporate Banking | 2013–2015 | Corporate banking coverage and deal execution |
| Bankia (Madrid/Miami) | Credit Risk Officer (NA & LatAm) and VP Corporate Banking (Miami Intl Branch) | 2005–2012 | Regional credit risk oversight; corporate banking expansion across NA/LatAm |
| Banca Nazionale del Lavoro (London) | Corporate Banking & Capital Markets | Pre-2005 (exact years not disclosed) | Capital markets and corporate banking experience in London |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| South Florida Banking Institute | President | Current (2024–2025 proxies) | Regional industry leadership |
| Center for Financial Training | Board Member | Current | Financial education governance |
| Greater Miami Chamber of Commerce | Board of Governors | Current | Civic leadership in South Florida |
| Beacon Council | Finance Committee | Current | Regional economic development finance oversight |
| U.S.–Spain Chamber of Commerce | First Executive Vice President | Current (2022–2023 proxies) | International business community engagement |
Fixed Compensation
- Jose Lacasa is not listed as a Named Executive Officer (NEO) in FBP’s Summary Compensation Table for 2022–2024; his base salary, target bonus, and cash compensation details are not disclosed in the proxy filings .
- Corporate-wide changes in NEO pay structures (CEO/CFO/CRO) and STI/LTI program parameters were approved in March 2023, March 2024, and March 2025, but these adjustments do not disclose Lacasa-specific cash compensation .
Performance Compensation
- Lacasa is a Section 16 reporting executive officer (Form 4 filer), and participates in FBP’s Omnibus Incentive Plan with anti-hedging/anti-pledging and clawback constraints applicable to Section 16 officers .
Incentive Plan Architecture and Metrics (corporate plan)
| Component | Metric | Weighting | Target | Actual | Payout Range | Vesting |
|---|---|---|---|---|---|---|
| Short-Term Incentive (Annual) | Earnings Per Share; Pre-Tax, Pre-Provision Income; Non-Performing Asset Ratio; Efficiency Ratio | Not disclosed by % | Corporate targets set annually | Not disclosed for Jose | Corporate STI outcomes drive payouts (range not specified) | Annual cash award based on fiscal year results |
| Long-Term Incentive (Equity) | Total Shareholder Return vs KBW Regional Bank Index | 50% | 3-year relative TSR goal | Not disclosed for Jose | 0%–150% of target | Vests after 3-year cycle (e.g., 2024–2026) |
| Long-Term Incentive (Equity) | Tangible Book Value per Share (TBV) | 50% | 3-year TBV goal | Not disclosed for Jose | 0%–150% of target | Vests after 3-year cycle (e.g., 2024–2026) |
| Time-Vested RSUs | N/A | N/A | Grant price set at grant date | Not disclosed for Jose | N/A | 50% vest on 2nd anniversary; 50% on 3rd anniversary (e.g., 2024 grants vest Mar 2026 and Mar 2027) |
Notes:
- 2024 grants to NEOs were made on March 21, 2024, with RSUs vesting in two equal tranches at 2 and 3 years, and PSUs vesting at 3 years based on TSR and TBV metrics; this architecture is indicative of plan design for executive officers including Section 16 filers .
- FBP uses Monte Carlo valuation for TSR-condition PSUs and grant-date stock prices for TBV-condition PSUs; valuation citations provided for plan mechanics (not Jose-specific grant values) .
Equity Ownership & Alignment
| Item | Status | Evidence |
|---|---|---|
| Section 16 Insider | Yes | Multiple Form 4 filings as “Lacasa Jose Maria,” reporting person CIK 0001888855 |
| Beneficial Ownership (shares) | Not consolidated in proxy tables for Jose; Form 4 activity reported | Recent Form 4s filed around Mar 24–26, 2025 indicating PSU/RSU vesting events |
| Hedging/Pledging | Prohibited for Section 16 officers | Anti-hedging/pledging policy prohibits pledging, short sales, margin accounts, and hedging |
| Stock Ownership Guidelines | CEO 5x salary; NEOs 2x salary; Jose’s guideline not specified | Policy disclosure for CEO/NEOs; NEOs in compliance as of proxy date |
| Vested vs Unvested | Not disclosed for Jose | Plan-level vesting schedules disclosed; individual outstanding awards shown only for NEOs |
Insider Selling Pressure Indicators:
- Vesting clusters around late March (e.g., 3/24–3/31 in historical cycles), which can coincide with Form 4 reporting for RSU/PSU vesting and potential net share settlements; Jose’s Form 4 filings around March 2025 reflect award vesting activity timing .
Employment Terms
- Clawback Policy: Applies to current and former executive officers subject to Section 16 and other covered employees, requiring recovery of erroneously awarded incentive-based compensation over the prior 3 fiscal years in the event of restatement or upon findings of intentional fraud/gross misconduct .
- Anti-Hedging/Pledging: Section 16 officers are barred from pledging, shorting, margin accounts, hedging, or speculative/short-term trading in FBP securities .
- Employment agreements, severance, and change-of-control terms are detailed for NEOs in the proxy; Lacasa-specific employment contract terms are not disclosed in these filings .
Performance & Track Record (Corporate context during Lacasa’s tenure)
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Value of $100 Investment – Corp TSR | $90 | $137 | $131 | $176 | $206 |
| Value of $100 Investment – Peer Group TSR | $87 | $118 | $97 | $106 | $164 |
| Net Income ($ millions) | $102.3 | $281.0 | $305.1 | $302.9 | $298.7 |
| Pre-Tax, Pre-Provision Income ($ millions) | $299.8 | $391.5 | $475.3 | $459.5 | $451.1 |
Compensation Structure Notes (Plan Design)
- LTI shift toward PSUs with market-based TSR and internal TBV goals increases performance linkage and can amplify realized pay volatility; maximum PSU payout set at 150% for “maximum” performance since March 2023 .
- RSUs continue to provide retention value with time-based vesting over years 2 and 3; PSU cycles run over three fiscal years with equal weighting of TSR and TBV goals .
Related Policies and Governance
- Compensation peer group benchmarking and independent compensation consultant (Pearl Meyer) used for NEO determinations; annual reviews in 2023–2025 adjusted CEO/CFO/CRO targets and base salaries, indicating active oversight but not disclosing Lacasa-specific adjustments .
- No pension/SERP benefits for NEOs; executive retirement benefits are not a driver of compensation outcomes .
Investment Implications
- Alignment: As a Section 16 officer, Lacasa is subject to prohibitions on hedging/pledging and clawbacks, reinforcing alignment with shareholders through equity-based incentives and compliance controls .
- Retention and Vesting: RSU and PSU vesting concentrated in March suggests periodic Form 4 activity; while this can produce transactional signals, the plan’s design primarily supports retention and performance-based equity accrual rather than short-term cash payouts .
- Data Gaps: Jose is not disclosed as an NEO; therefore, exact salary, target bonus, award sizes, severance, and CIC economics for him are not publicly detailed in the proxy. Portfolio managers should monitor future 8-Ks and proxy updates for any role changes elevating him to NEO status or altering compensation visibility .
- Performance Context: Corporate TSR outperformance vs peer TSR in 2024 and sustained high PTPP income underpin incentive realizability for executives in Lacasa’s cohort, indicating favorable backdrop for PSU outcomes if TSR/TBV targets are met over 2023–2026 cycles .