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First Bancorp Executive Compensation (FY25)

FBP · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Aurelio Alemán
Latest say-on-pay support
=
May 6, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of October 21, 2026Latest filing (8-K): May 12, 2026
13 filings cited on this page
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267 figures on this page: 258 cited to the filing that reported them, 9 calculated from figures it prints. See the citations
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Aurelio Alemán: $4,774,195 → $5,026,356 (5.3% higher)
Say-on-pay support: 89.4% → 96.5% (7.1 points higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is First Bancorp's chief executive and what were they paid?
Aurelio Alemán was paid $5,026,356 in total compensation as President and Chief Executive Officer for fiscal 2025. Alemán's total moved 5.3% higher from the $4,774,195 reported for fiscal 2024.
What was First Bancorp's say-on-pay result?
The say-on-pay proposal drew 96.5% of votes cast including abstentions in favor at the meeting held May 6, 2026 for fiscal 2025.
Which companies are in First Bancorp's peer group?
The disclosed peer group names Ameris Bancorp, Atlantic Union Bankshares Corporation, BankUnited, Inc., Berkshire Hills Bancorp, Inc. and Community Financial System, Inc., among others.
What is First Bancorp's chief executive pay ratio?
The company reported a chief executive pay ratio of 127.1:1 for fiscal 2025, against median employee compensation of $39,557.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Aurelio Alemán
President and Chief Executive Officer
◇◇◇—◇—◇◇
Orlando Berges
Executive Vice President and Chief Financial Officer
◇◇◇—◇—◇◇
Nayda Rivera
Executive Vice President and Chief Risk Officer
◇◇◇—◇—◇◇
Donald Kafka
Executive Vice President and Chief Operations Officer
◇◇◇—◇—◇◇
Cassan Pancham
Executive Vice President and Business Region Executive
◇◇◇—◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Aurelio Alemán
President and Chief Executive Officer
◇◇◇—◇—◇◇
Orlando Berges
Executive Vice President and Chief Financial Officer
◇◇◇—◇—◇◇
Nayda Rivera
Executive Vice President and Chief Customer Officer and Chief of Staff
◇◇◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Aurelio Alemán
President and Chief Executive Officer
◇◇◇—◇—◇◇
Orlando Berges
Executive Vice President and Chief Financial Officer
◇◇◇—◇—◇◇
Nayda Rivera
Executive Vice President and Chief Risk Officer
◇◇◇—◇—◇◇
Juan C. Pavía
Executive Vice President and Chief Credit Officer
◇◇◇—◇—◇◇
Donald Kafka
Executive Vice President and Chief Operations Officer
◇◇◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Aurelio Alemán
President and Chief Executive Officer
◇◇◇—◇—◇◇
Orlando Berges
Executive Vice President and Chief Financial Officer
◇◇◇—◇—◇◇
Nayda Rivera
Executive Vice President and Chief Consumer Officer and Chief of Staff
◇◇◇—◇—◇◇
Juan Carlos Pavía
Executive Vice President and Chief Operating Officer
◇◇◇—◇—◇◇
Lilian Díaz-Bento
Executive Vice President and Business Group Director
◇◇◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Aurelio AlemánRSU◇——◇——◇
Aurelio AlemánPSU◇◇◇—◇—◇
Juan C. PavíaRSU◇——◇——◇
Juan C. PavíaPSU◇◇◇—◇—◇
Lilian Díaz-BentoPSU◇◇◇—◇—◇
Lilian Díaz-BentoRSU◇——◇——◇
Nayda RiveraPSU◇◇◇—◇—◇
Nayda RiveraRSU◇——◇——◇
Orlando BergesRSU◇——◇——◇
Orlando BergesPSU◇◇◇—◇—◇
Fiscal 2022, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Aurelio AlemánPSU◇◇——
RSU◇◇——
PSU◇◇——
Orlando BergesRSU◇◇——
PSU◇◇——
PSU◇◇——
Juan PavíaPSU◇◇——
RSU◇◇——
PSU◇◇——
Lilian Díaz-BentoRSU◇◇——
PSU◇◇——
PSU◇◇——
Nayda RiveraPSU◇◇——
RSU◇◇——
PSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Aurelio Alemán
President and Chief Executive Officer · Employment agreement
Severance multiple◇
Severance base◇
Change-in-control multiple◇
Juan Carlos Pavía
Chief Operating Officer · Employment agreement
Severance multiple◇
Change-in-control multiple◇
Lilian Díaz-Bento
Executive Vice President and Business Group Director · Employment agreement
Severance multiple◇
Change-in-control multiple◇
Nayda Rivera
Executive Vice President and Chief Consumer Officer and Chief of Staff · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance cash amount◇
Orlando Berges
Executive Vice President and Chief Financial Officer · Employment agreement
Change-in-control multiple◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Roberto R. Herencia
Board chair
◇◇———◇◇
John A. Heffern
◇◇———◇◇
Juan Acosta Reboyras
◇◇———◇◇
Luz A. Crespo
◇◇———◇◇
Daniel E. Frye
◇◇———◇◇
Tracey Dedrick
◇◇———◇◇
Félix M. Villamil
◇◇———◇◇
Patricia M. Eaves
◇◇———◇◇
Aurelio Alemán served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Audit committee chair◇
Audit committee member◇
Compensation committee chair◇
Compensation committee member◇
Nominating and governance chair◇
Nominating and governance member◇
Stock ownership guideline: Under the Director Stock Ownership Guidelines, non-management directors are expected to hold an investment position in our Common Stock having a market value equivalent to four times his or her Annual Retainer.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Ameris Bancorp ABCB
  • Atlantic Union Bankshares Corporation AUB
  • BankUnited, Inc. BKU
  • Berkshire Hills Bancorp, Inc. BBT
  • Community Financial System, Inc. CBU
  • First Financial Bancorp. FFBC
  • First Merchants Corporation FRME
  • Fulton Financial Corporation FULT
  • Hancock Whitney Corporation HWC
  • OFG Bancorp OFG
  • Pinnacle Financial Partners, Inc. PNFP
  • Popular, Inc. BPOP
  • Renasant Corporation RNST
  • Simmons First National Corp. SFNC
  • TowneBank TOWN
  • Trustmark Corporation TRMK
  • United Bankshares, Inc. UBSI
  • United Community Banks, Inc. UCB
  • WesBanco, Inc. WSBC

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 6, 2026=◇◇◇
2024May 21, 2025=◇◇◇
2023May 23, 2024=◇◇◇
2022May 18, 2023=◇◇◇
2021May 20, 2022=◇◇◇
2020May 21, 2021=◇◇◇
2019May 22, 2020=◇◇◇
2018May 16, 2019=◇◇◇
2017May 24, 2018=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

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Sample answer — “What is the CEO’s total compensation?”
- Aurelio Alemán (President and Chief Executive Officer), FY2025 total compensation $5,026,356 (base salary $1,107,914) [exec_comp, SEC accession 0001140361-26-011118, filed 2026-03-25]

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What this page does not include

Everything above is a fact First Bancorp disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where First Bancorp sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
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Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
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Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
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Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
267 figures on this page: 258 cited to the filing that reported them, 9 calculated from figures it prints.
258 cited to the filing
9 calculated from the filing

Documents cited

  1. 0001140361-26-020795
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001140361-26-011118
    CEO Pay Ratio · COMPENSATION OF DIRECTORS · Compensation Discussion and Analysis · Director Compensation · and 5 more sections
  3. 0001140361-25-020499
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0001140361-25-012813
    Summary Compensation Table
  5. 0001140361-24-027921
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0001140361-24-018674
    Summary Compensation Table
  7. 0001140361-23-026112
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0001140361-23-016586
    Summary Compensation Table
  9. 0001140361-22-020284
    Item 5.07 Submission of Matters to a Vote of Security Holders
  10. 0001140361-21-018536
    Item 5.07 Submission of Matters to a Vote of Security Holders
  11. 0001140361-20-012538
    Item 5.07 Submission of Matters to a Vote of Security Holders
  12. 0001140361-19-009307
    Item 5.07 Submission of Matters to a Vote of Security Holders
  13. 0001299933-18-000455
    Item 5.07 Submission of Matters to a Vote of Security Holders
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Velarion, “First Bancorp executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/FBP (accessed 2026).
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13 filings cited on this page
Method: intel.velarion.ai/methodology
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Banking rankings

Chief executive pay — BankingCEO pay ratio — BankingSay-on-pay support — Banking

Peers First Bancorp discloses

The companies named in FBP's own disclosed peer group.

Ameris BancorpAtlantic Union Bankshares CorporationBankUnited, Inc.Berkshire Hills Bancorp, Inc.Community Financial System, Inc.First Financial Bancorp.First Merchants CorporationFulton Financial CorporationHancock Whitney CorporationOFG BancorpPinnacle Financial Partners, Inc.Popular, Inc.Renasant CorporationSimmons First National Corp.TowneBankTrustmark CorporationUnited Bankshares, Inc.United Community Banks, Inc.WesBanco, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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