Lilian Díaz-Bento
FIRST BANCORP /PR/About Lilian Díaz-Bento
Executive Vice President and Business Group Director at First BanCorp (FBP) since May 2021; responsible for Retail Banking (branch network in Puerto Rico and USVI), Small Business, Commercial Transaction Banking, and Prime Banking, with expanded 2025 remit over the entire Eastern Caribbean Region (ECR) including commercial and administration affairs . She has over 35 years in Puerto Rico banking; age 58 (2025) . Education: B.S. in Finance, The Wharton School, University of Pennsylvania (1988) . Corporate performance context for 2024: EPS $1.81 vs $1.64 target (110%), Pre-tax, pre-provision income $451.13m vs $455.77m target (99%), Non-performing asset ratio 0.61% vs 0.92% target (134%), Efficiency ratio 51.92% vs 52.39% target (101%) . FBP reported GAAP net income of $298.7m, NIM 4.25%, ROAA 1.58%, ROAE 19.09%, and cumulative TSR value of $206 vs peer group $164 (initial $100, SEC methodology) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| First BanCorp | EVP & Business Group Director (Retail, Small Business, Transaction Banking, Prime Banking) | 2021–present | Leads core customer-facing segments across PR/USVI; broadened to ECR oversight in 2025 |
| Banco Santander Puerto Rico | Deputy Director Corporate Banking; Director Institutional Banking; Director Corporate & Institutional Banking; Director Corporate & Retail Banking | 2003–2020 | Led multi-segment growth and client coverage in PR market |
| Scotiabank de Puerto Rico | Account Manager; Senior Account Manager; VP, Commercial Banking Center | 1994–2003 | Commercial lending, relationship management and origination |
| The First National Bank of Boston (PR) | Management Trainee; Credit Officer; Relationship Manager, Commercial Finance Division | 1988–1994 | Credit structuring and RM foundational roles |
Fixed Compensation
- Not individually disclosed. Ms. Díaz-Bento is not a Named Executive Officer (NEO) in FBP’s 2022–2025 proxies; the Summary Compensation Tables cover the CEO and other NEOs only .
Performance Compensation
- While individual targets for Ms. Díaz-Bento are not disclosed, FBP’s executive program uses balanced scorecards and long-term equity with explicit corporate metrics and vesting mechanics.
Short‑Term Incentive (2024 corporate metrics and results)
| Metric | Target | Actual | % Achievement |
|---|---|---|---|
| Earnings Per Share | $1.64 | $1.81 | 110% |
| Pre‑tax, Pre‑Provision Income (non‑GAAP) | $455.77 million | $451.13 million | 99% |
| Non‑Performing Asset Ratio | 0.92% | 0.61% | 134% |
| Efficiency Ratio | 52.39% | 51.92% | 101% |
Program notes:
- Balanced scorecard across profitability, asset quality, efficiency, and individual goals; payouts interpolate 50%–150% of target, zero below threshold .
- Clawback applies to Section 16 officers and covered employees for erroneous incentive-based compensation tied to financial restatements or fraud/gross misconduct (3-year lookback) .
Long‑Term Incentive (design features)
| Component | Metric/Peer | Weight | Vesting | Payout range |
|---|---|---|---|---|
| Performance Shares | Three‑year relative TSR vs KBW Regional Bank Index (market condition) | 50% | Cliff at 3 years | 0%–150% of target; capped at 100% if TSR negative at ≥75th percentile |
| Performance Shares | Tangible Book Value per share (TBV) goal at cycle end | 50% | Cliff at 3 years | 0%–150% of target; threshold 80% of target goal, max 120% |
| Time‑Vested Restricted Stock | N/A | — | 50% on 2nd anniversary; 50% on 3rd anniversary of grant | Time-based |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Individual beneficial ownership | Not individually disclosed for Ms. Díaz-Bento in 2025 proxy; individual tables list directors and NEOs only . |
| Group ownership | All current directors and executive officers as a group (20 persons): 3,730,743 shares, 2.3% of outstanding (as of Mar 24, 2025) . |
| Stock ownership guidelines | CEO: 5x salary; other NEOs: 2x salary; all NEOs in compliance as of proxy date . |
| Anti‑hedging/pledging | Section 16 officers and directors are prohibited from pledging, short sales, margin accounts, and hedging transactions in FBP securities . |
| Clawback | Mandatory recovery policy compliant with SEC/NYSE for erroneously awarded incentive-based pay . |
Employment Terms
| Topic | Status/Terms |
|---|---|
| Employment agreement | Not disclosed for Ms. Díaz-Bento; employment agreements summarized for NEOs only . |
| Equity award treatment on termination (Omnibus Plan) | Restricted stock vests on death, disability, retirement, termination without cause, or involuntary termination within one year after a Change in Control; forfeited upon resignation or termination for cause . |
| Puerto Rico Act 80 (statutory severance) | PR law provides baseline severance for employees terminated without “just cause,” scaled by tenure (2–6 months plus weeks per year of service) . |
Performance & Track Record
| Indicator | Evidence |
|---|---|
| Scope expansion (confidence signal) | 8‑K announced Jan 31, 2025: Ms. Díaz (EVP & Business Group Executive) given increased responsibilities to oversee the entire Eastern Caribbean Region, adding ECR commercial and administrative affairs to branch oversight . |
| Corporate operating performance context (2024) | Net income $298.7m; NIM 4.25%; ROAA 1.58%; ROAE 19.09%; non‑performing assets 0.61% of total assets . |
| Long‑term value alignment | Pay‑versus‑performance disclosure shows cumulative TSR value $206 vs peer $164 (SEC methodology), indicating relative outperformance over the multi‑year period (context, not individually attributed) . |
Investment Implications
- Alignment strong; programmatically, executives are tied to EPS, pre‑tax pre‑provision income, NPA ratio, efficiency, and multi‑year TBV and relative TSR—metrics that directly influence earnings quality, credit, efficiency, and shareholder returns .
- Retention risk moderate/opaque; Ms. Díaz-Bento is not an NEO, so no individual salary/bonus/contract terms are published; however, 2025 scope expansion to ECR signals internal sponsorship and raises opportunity cost of departure .
- Selling pressure assessment limited; individual share ownership and vesting schedules for Ms. Díaz-Bento are not disclosed; anti‑pledging and anti‑hedging policies for Section 16 officers reduce risk of collateral calls or derivative overhang .
- Change‑of‑control economics for Ms. Díaz-Bento are not disclosed; equity awards may accelerate under Omnibus Plan in certain terminations, while PR Act 80 provides statutory floor if terminated without cause .
- Monitoring plan: track future proxies and any Form 4 filings for Ms. Díaz-Bento to quantify ownership/vesting cadence; watch performance against STI/LTI metrics (EPS, PTPP, NPA, efficiency; TBV and relative TSR) as leading indicators of incentive realizability .