---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-24-015405"
form_type: "8-K"
ticker: "FBP"
cik: "0001057706"
company_name: "FIRST BANCORP /PR/"
filed_at: "2024-03-27T23:59:59+00:00"
generated_at: "2026-06-04T06:56:38.093458+00:00"
event_type: "other"
sentiment: "neutral"
materiality_score: 0.3
calibrated_materiality_score: 0.3
confidence: "high"
source: SEC EDGAR
---

# First BanCorp increases CEO base salary to $1.08M and CRO to $550K; adjusts incentive targets for CFO and CRO

## Summary
- CEO Aurelio Alemán base salary increase from $1.04M to $1.08M, effective April 1, 2024.
- CRO Nayda Rivera base salary increase from $500K to $550K, effective April 1, 2024.
- CFO Orlando Berges short-term incentive target raised from 50% to 60% of base salary.
- CRO Nayda Rivera short-term incentive target raised from 50% to 60% of base salary.
- CEO long-term incentive target increased from 165% to 200% of base salary, effective March 21, 2024.

## SEC filing metadata
- accession: 0001140361-24-015405
- form_type: 8-K
- ticker: FBP
- cik: 0001057706
- company_name: FIRST BANCORP /PR/
- filed_at: 2024-03-27T23:59:59+00:00
- event_type: other
- sentiment: neutral
- materiality_score: 0.3
- calibrated_materiality_score: 0.3
- confidence: high
- sec_items: 5.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1057706/000114036124015405/0001140361-24-015405-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1057706/000114036124015405/ef20025235_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-24-015405
- JSON: https://secwatch.observer/filing/0001140361-24-015405.json
- Plain text: https://secwatch.observer/filing/0001140361-24-015405.txt

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