Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2022 | |
Cover [Abstract] | |
Document Type | DEF 14A |
Amendment Flag | false |
Entity Registrant Name | FIRST BANCORP. |
Entity Central Index Key | 0001057706 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pay vs Performance Disclosure [Table] | |||
Pay vs Performance [Table Text Block] | PAY VERSUS PERFORMANCE As discussed in the CD&A above, the Compensation Committee has implemented an executive compensation program designed to link a substantial portion of the NEOs’ realized compensation to the achievement of the Corporation’s financial and strategic objectives. As required by SEC rules, the following information is being presented to disclose the relationship during 2022, 2021 and 2020 between (i) executive compensation actually paid (“CAP”), as such term is defined in accordance with SEC rules, to the Corporation’s (a) CEO, and (b) our other NEOs on an average basis, and (ii) the Corporation’s financial performance. The methodology followed for calculating amounts presented in the columns “Compensation Actually Paid to CEO” and “Average Compensation Actually Paid to non-CEO NEOs,” including details of the amounts that were added to, and deducted from, the Summary Compensation Table totals to determine the CAP, are provided in the footnotes to the table. Please refer to the “Executive Compensation Disclosure – Compensation Discussion & Analysis” section in this Proxy Statement for a complete description of how executive compensation relates to the Corporation’s performance and how the Compensation Committee makes its decisions. Year Summary Compensation Table Total for CEO Compensation Actually Paid to CEO (a) Average Summary Compensation Table Total for non-CEO NEOs Average Compensation Actually Paid to non-CEO NEOs (a) Value of Initial Fixed $100 Investment Based On: Net Income (in millions) Pre-Tax, Pre-Provision Income (in millions) (c) Corporation’s TSR Peer Group TSR (b) 2022 $3,767,180(d) $3,327,913 $1,173,516 $1,094,728(d) $131 $97 $305.1 $475.3 2021 4,183,057(d) 7,420,884 1,135,883 1,732,848(d) 137 118 281.0 391.5 2020 3,639,706(d) 5,231,444 1,348,801 1,571,134(d) 90 87 102.3 299.8 (a) The table below sets forth each of the amounts (as calculated in accordance with SEC rules) to be deducted from or added to the amount of total compensation as reflected in the Summary Compensation Table in order to calculate the CAP: 2022 2021 2020 CEO Average for Other NEOs CEO Average for Other NEOs CEO Average for Other NEOs Total Compensation from Summary Compensation Table $3,767,180 $1,173,516 $4,183,057 $1,135,883 $3,639,706 $1,348,801 Less: amount reported under the “Stock Awards” column of the Summary Compensation Table (1,390,547) (318,746) (1,246,696) (269,367) (1,732,911) (283,161) Add: year-end fair value (FV) of equity awards granted during the year that are outstanding and unvested as of year-end 1,345,076 308,323 1,525,708 329,652 3,916,038 639,889 Add: change in FV as of year-end of awards granted in prior years that are outstanding and unvested as of year-end (455,025) (80,103) 2,391,953 408,992 (363,103) (80,154) Add: change in FV from end of the prior fiscal year to the vesting date for equity awards granted in prior years for which vesting conditions were satisfied during year or at year-end (70,104) (12,889) 495,663 111,629 (236,001) (56,072) Add: for equity awards that earn dividends, the dollar value of such dividends paid in the covered fiscal year, prior to the vesting date 131,332 24,637 71,199 16,059 $7,715 $1,833 Compensation Actually Paid 3,327,913 1,094,728 7,420,884 1,732,848 5,231,444 1,571,134 (b) The Corporation’s peer group for purposes of Item 201(e) of Regulation S-K, which is the S&P Supercom Banks Index, was utilized for purposes of calculating peer group TSR for years 2022, 2021 and 2020. The TSR for both the Corporation and the peer group is based on an initial investment of $100, measured on a cumulative basis from market close on December 31, 2019, through and including the end of the fiscal year for which the TSR is being presented in the table. The TSR calculations reflect the investment of dividends. (c) The Corporation has identified pre-tax, pre-provision income as our Company-Selected Measure. Pre-tax, pre-provision income is a non-GAAP financial measure. See Appendix A for a reconciliation of the most directly comparable GAAP financial measure to this non-GAAP financial measure. (d) The CEO and the non-CEO NEOs included in this calculation for each fiscal year were as indicated in the table below: Year CEO Non-CEO NEOs 2022 Aurelio Alemán Orlando Berges, Donald Kafka, Cassan Pancham and Nayda Rivera 2021 Aurelio Alemán Orlando Berges, Donald Kafka, Cassan Pancham and Nayda Rivera 2020 Aurelio Alemán Orlando Berges, Calixto García-Vélez, Donald Kafka and Nayda Rivera | ||
Company Selected Measure Name | Pre-Tax, Pre-Provision Income | ||
Named Executive Officers, Footnote [Text Block] | (d) The CEO and the non-CEO NEOs included in this calculation for each fiscal year were as indicated in the table below: Year CEO Non-CEO NEOs 2022 Aurelio Alemán Orlando Berges, Donald Kafka, Cassan Pancham and Nayda Rivera 2021 Aurelio Alemán Orlando Berges, Donald Kafka, Cassan Pancham and Nayda Rivera 2020 Aurelio Alemán Orlando Berges, Calixto García-Vélez, Donald Kafka and Nayda Rivera | ||
Peer Group Issuers, Footnote [Text Block] | (b) The Corporation’s peer group for purposes of Item 201(e) of Regulation S-K, which is the S&P Supercom Banks Index, was utilized for purposes of calculating peer group TSR for years 2022, 2021 and 2020. The TSR for both the Corporation and the peer group is based on an initial investment of $100, measured on a cumulative basis from market close on December 31, 2019, through and including the end of the fiscal year for which the TSR is being presented in the table. The TSR calculations reflect the investment of dividends. | ||
PEO Total Compensation Amount | $ 3,767,180 | $ 4,183,057 | $ 3,639,706 |
PEO Actually Paid Compensation Amount | $ 3,327,913 | 7,420,884 | 5,231,444 |
Adjustment To PEO Compensation, Footnote [Text Block] | (a) The table below sets forth each of the amounts (as calculated in accordance with SEC rules) to be deducted from or added to the amount of total compensation as reflected in the Summary Compensation Table in order to calculate the CAP: 2022 2021 2020 CEO Average for Other NEOs CEO Average for Other NEOs CEO Average for Other NEOs Total Compensation from Summary Compensation Table $3,767,180 $1,173,516 $4,183,057 $1,135,883 $3,639,706 $1,348,801 Less: amount reported under the “Stock Awards” column of the Summary Compensation Table (1,390,547) (318,746) (1,246,696) (269,367) (1,732,911) (283,161) Add: year-end fair value (FV) of equity awards granted during the year that are outstanding and unvested as of year-end 1,345,076 308,323 1,525,708 329,652 3,916,038 639,889 Add: change in FV as of year-end of awards granted in prior years that are outstanding and unvested as of year-end (455,025) (80,103) 2,391,953 408,992 (363,103) (80,154) Add: change in FV from end of the prior fiscal year to the vesting date for equity awards granted in prior years for which vesting conditions were satisfied during year or at year-end (70,104) (12,889) 495,663 111,629 (236,001) (56,072) Add: for equity awards that earn dividends, the dollar value of such dividends paid in the covered fiscal year, prior to the vesting date 131,332 24,637 71,199 16,059 $7,715 $1,833 Compensation Actually Paid 3,327,913 1,094,728 7,420,884 1,732,848 5,231,444 1,571,134 | ||
Non-PEO NEO Average Total Compensation Amount | $ 1,173,516 | 1,135,883 | 1,348,801 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 1,094,728 | 1,732,848 | 1,571,134 |
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] | (a) The table below sets forth each of the amounts (as calculated in accordance with SEC rules) to be deducted from or added to the amount of total compensation as reflected in the Summary Compensation Table in order to calculate the CAP: 2022 2021 2020 CEO Average for Other NEOs CEO Average for Other NEOs CEO Average for Other NEOs Total Compensation from Summary Compensation Table $3,767,180 $1,173,516 $4,183,057 $1,135,883 $3,639,706 $1,348,801 Less: amount reported under the “Stock Awards” column of the Summary Compensation Table (1,390,547) (318,746) (1,246,696) (269,367) (1,732,911) (283,161) Add: year-end fair value (FV) of equity awards granted during the year that are outstanding and unvested as of year-end 1,345,076 308,323 1,525,708 329,652 3,916,038 639,889 Add: change in FV as of year-end of awards granted in prior years that are outstanding and unvested as of year-end (455,025) (80,103) 2,391,953 408,992 (363,103) (80,154) Add: change in FV from end of the prior fiscal year to the vesting date for equity awards granted in prior years for which vesting conditions were satisfied during year or at year-end (70,104) (12,889) 495,663 111,629 (236,001) (56,072) Add: for equity awards that earn dividends, the dollar value of such dividends paid in the covered fiscal year, prior to the vesting date 131,332 24,637 71,199 16,059 $7,715 $1,833 Compensation Actually Paid 3,327,913 1,094,728 7,420,884 1,732,848 5,231,444 1,571,134 | ||
Compensation Actually Paid vs. Total Shareholder Return [Text Block] | Descriptions of the Information Presented in the Pay Versus Performance Table One of the objectives of the SEC’s “Pay Versus Performance Table” required disclosures is to illustrate the relationship between the CAP under the Corporation’s executive compensation program and certain financial performance metrics, as well as the Corporation’s TSR and the TSR of the peer group. The Corporation believes that the below information reflects an alignment of the CAP with the Corporation’s strong performance, including on the highlighted key financial performance. The illustrations below compare CAP and the following measures: • The Corporation’s cumulative TSR; • The peer group cumulative TSR; • The Corporation’s Net Income; and • The Corporation’s Pre-Tax, Pre-Provision Income. CAP versus First BanCorp’s TSR | ||
Compensation Actually Paid vs. Net Income [Text Block] | Descriptions of the Information Presented in the Pay Versus Performance Table One of the objectives of the SEC’s “Pay Versus Performance Table” required disclosures is to illustrate the relationship between the CAP under the Corporation’s executive compensation program and certain financial performance metrics, as well as the Corporation’s TSR and the TSR of the peer group. The Corporation believes that the below information reflects an alignment of the CAP with the Corporation’s strong performance, including on the highlighted key financial performance. The illustrations below compare CAP and the following measures: • The Corporation’s cumulative TSR; • The peer group cumulative TSR; • The Corporation’s Net Income; and • The Corporation’s Pre-Tax, Pre-Provision Income. CAP versus Net Income | ||
Compensation Actually Paid vs. Company Selected Measure [Text Block] | Descriptions of the Information Presented in the Pay Versus Performance Table One of the objectives of the SEC’s “Pay Versus Performance Table” required disclosures is to illustrate the relationship between the CAP under the Corporation’s executive compensation program and certain financial performance metrics, as well as the Corporation’s TSR and the TSR of the peer group. The Corporation believes that the below information reflects an alignment of the CAP with the Corporation’s strong performance, including on the highlighted key financial performance. The illustrations below compare CAP and the following measures: • The Corporation’s cumulative TSR; • The peer group cumulative TSR; • The Corporation’s Net Income; and • The Corporation’s Pre-Tax, Pre-Provision Income. CAP versus Pre-Tax, Pre-Provision Income* * See Appendix A for a reconciliation of the most directly comparable GAAP financial measure to this non-GAAP financial measure. | ||
Total Shareholder Return Vs Peer Group [Text Block] | Descriptions of the Information Presented in the Pay Versus Performance Table One of the objectives of the SEC’s “Pay Versus Performance Table” required disclosures is to illustrate the relationship between the CAP under the Corporation’s executive compensation program and certain financial performance metrics, as well as the Corporation’s TSR and the TSR of the peer group. The Corporation believes that the below information reflects an alignment of the CAP with the Corporation’s strong performance, including on the highlighted key financial performance. The illustrations below compare CAP and the following measures: • The Corporation’s cumulative TSR; • The peer group cumulative TSR; • The Corporation’s Net Income; and • The Corporation’s Pre-Tax, Pre-Provision Income. First BanCorp’s TSR versus Peer Group TSR In accordance with SEC rules, TSR for the Corporation and its peer group were calculated on a cumulative, market weighted basis over the three-year period of 2020 through 2022. The TSR calculations assumed an initial investment of $100 made on December 31, 2019. | ||
Tabular List [Table Text Block] | Most Important Performance Measures In our assessment, the most important performance measures used to link CAP (as calculated in accordance with SEC rules) to the Corporation’s performance are listed in the table below, not ranked in order of importance. The role of each of these performance measures in our executive compensation program is discussed in the CD&A section of this Proxy Statement. Financial Performance Measures Pre-Tax, Pre-Provision Income Adjusted Net Income Non-Performing Assets Ratio Classified Assets Ratio | ||
Total Shareholder Return Amount | $ 131 | 137 | 90 |
Peer Group Total Shareholder Return Amount | 97 | 118 | 87 |
Net Income (Loss) | $ 305,100,000 | $ 281,000,000 | $ 102,300,000 |
Company Selected Measure Amount | 475,300,000 | 391,500,000 | 299,800,000 |
PEO Name | Aurelio Alemán | Aurelio Alemán | Aurelio Alemán |
Measure [Axis]: 1 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Pre-Tax, Pre-Provision Income | ||
Non-GAAP Measure Description [Text Block] | (c) The Corporation has identified pre-tax, pre-provision income as our Company-Selected Measure. Pre-tax, pre-provision income is a non-GAAP financial measure. See Appendix A for a reconciliation of the most directly comparable GAAP financial measure to this non-GAAP financial measure. | ||
Measure [Axis]: 2 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Adjusted Net Income | ||
Measure [Axis]: 3 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Non-Performing Assets Ratio | ||
Measure [Axis]: 4 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Classified Assets Ratio | ||
PEO [Member] | Amount Reported Under the Stock Awards Column of the Summary Compensation Table [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ (1,390,547) | $ (1,246,696) | $ (1,732,911) |
PEO [Member] | Year-end Fair Value (FV) of Equity Awards Granted During the Year that are Outstanding and Unvested As of Year-end [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 1,345,076 | 1,525,708 | 3,916,038 |
PEO [Member] | Change in FV as of Year-end of Awards Granted in Prior Years that are Outstanding and Unvested as of Year-end [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (455,025) | 2,391,953 | (363,103) |
PEO [Member] | Change in FV from End of the Prior Fiscal Year to the Vesting Date for Equity Awards Granted in Prior Years for Which Vesting Conditions were Satisfied During Year or at Year-end [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (70,104) | 495,663 | (236,001) |
PEO [Member] | For Equity Awards that Earn Dividends, the Dollar Value of Such Dividends Paid in the Covered Fiscal Year, Prior to the Vesting Date [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 131,332 | 71,199 | 7,715 |
Non-PEO NEO [Member] | Amount Reported Under the Stock Awards Column of the Summary Compensation Table [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (318,746) | (269,367) | (283,161) |
Non-PEO NEO [Member] | Year-end Fair Value (FV) of Equity Awards Granted During the Year that are Outstanding and Unvested As of Year-end [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 308,323 | 329,652 | 639,889 |
Non-PEO NEO [Member] | Change in FV as of Year-end of Awards Granted in Prior Years that are Outstanding and Unvested as of Year-end [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (80,103) | 408,992 | (80,154) |
Non-PEO NEO [Member] | Change in FV from End of the Prior Fiscal Year to the Vesting Date for Equity Awards Granted in Prior Years for Which Vesting Conditions were Satisfied During Year or at Year-end [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (12,889) | 111,629 | (56,072) |
Non-PEO NEO [Member] | For Equity Awards that Earn Dividends, the Dollar Value of Such Dividends Paid in the Covered Fiscal Year, Prior to the Vesting Date [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ 24,637 | $ 16,059 | $ 1,833 |