---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-23-012850"
form_type: "8-K"
ticker: "FBP"
cik: "0001057706"
company_name: "FIRST BANCORP /PR/"
filed_at: "2023-03-22T23:59:59+00:00"
generated_at: "2026-06-17T21:00:29.082531+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# First BanCorp boosts CEO base salary & revamps incentive metrics for NEOs

## Summary
- CEO Aurelio Alemán base salary increased to $1,040,000 from $1,000,000, effective April 1, 2023.
- Short-term incentive metrics for NEOs changed to EPS, Pre-Tax Pre-Provision Income, Non-Performing Asset Ratio, and Efficiency Ratio.
- CEO short-term target opportunity raised to 115% of base salary; effective for 2023 performance paid in 2024.
- Long-term incentive max payout raised to 150% of target; vesting 50% on TSR vs KBW Regional Bank Index and 50% on tangible book value per share goal.
- Long-term target opportunities increased: CEO to 165%, CFO to 90%, CRO to 80%, Business Group Executive to 70% of base salary.

## SEC filing metadata
- accession: 0001140361-23-012850
- form_type: 8-K
- ticker: FBP
- cik: 0001057706
- company_name: FIRST BANCORP /PR/
- filed_at: 2023-03-22T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 5.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1057706/000114036123012850/0001140361-23-012850-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1057706/000114036123012850/brhc10050089_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-23-012850
- JSON: https://secwatch.observer/filing/0001140361-23-012850.json
- Plain text: https://secwatch.observer/filing/0001140361-23-012850.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.