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Exhibit 10.23

HUMAN RESOURCES

EXECUTIVE INCENTIVE PLAN

PURPOSE

        First Community Bancorp is the sponsor of this incentive plan ("the
Plan"). First Community Bancorp and its subsidiaries ("the Company") have
designed the Plan to focus First Community Bancorp executives on achieving the
annual business plan in 2004. The Plan provides aggressive award opportunities
and is intended to provide significant rewards to First Community Bancorp's
executive team for exceptional corporate performance.

APPROVAL AND ADMINISTRATION

        The Plan has been approved for 2004 by the Compensation, Nominating and
Governance ("CNG") Committee of the Board of Directors and will be administered
by the Incentive Plan Committee ("the IP Committee") which is comprised of First
Community Bancorp's CEO and executives reporting directly to the CEO. The IP
Committee will recommend to the CNG Committee, for their approval as early in
the Plan Year as possible: the Plan Participants; Plan Performance Measures;
Performance Measure Weights; Achievement Levels and corresponding Award
Opportunities. At the end of the Plan Year, the IP Committee will review
achievements against Performance Measures, present results and recommend Awards
to the CNG Committee for their approval. In evaluating any such Awards, the CNG
Committee shall do so outside the presence of management, except CNG Committee
may request the presence of the CEO when considering Awards to members of
executive management other than the CEO. Notwithstanding any recommendations
from the IP Committee, the CNG Committee will be solely responsible for
determining and granting any Awards pursuant to the Plan.

        Interpretation and application of the Plan to a particular circumstance
will be made by the CNG Committee of the Board of Directors in its sole
discretion. Subject to any authority granted to the full Board of Directors or a
committee of the independent directors thereof, the CNG Committee has the sole
and absolute power and authority to make all factual determinations, construe
and interpret terms and make eligibility and Award determinations in accordance
with its interpretation of the Plan.

PLAN YEAR

        The Plan is an annual plan adopted for the 2004 calendar year.

ELIGIBILITY

        Executives in salary grades 1, 2, 3, A, and B are eligible for
participation in the Plan. The IP Committee will review those eligible and
recommend Participants to the Board of Directors for their approval. The IP
Committee may recommend executives in salary grade C for participation in the
Plan on an exception basis for approval by the CNG Committee.

PARTICIPANT

        An individual who has been selected for participation in the Plan by the
IP Committee and approved by the CNG Committee.

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PERFORMANCE MEASURES

        The IP Committee will select one to two Performance Measures for the
Plan for approval by the CNG Committee. All Performance Measures will be key
indicators of financial performance.

        Each Performance Measure will operate independently i.e. it is possible
for one Performance Measure to generate an award and not the other; likewise, it
is possible for one Performance Measure to be achieved at a higher level than
the other. Performance Measures will be individually weighted i.e. one
Performance Measure may be counted more heavily in calculating Awards than the
other. Weights for each Performance Measure will be established at the beginning
of the Plan Year by the IP Committee for approval by the CNG Committee.
Achievement Levels will be established for each Performance Measure along with
corresponding Award Opportunities.

        For 2004, the IP Committee has recommended and the CNG Committee has
approved Cash Earnings Per Share (Cash EPS), as determined by the CNG Committee,
as the sole Performance Measure for Grades 1, 2, 3 and A. The Cash EPS Target
for 2004 shall be established by resolution of the CNG Committee.

ACHIEVEMENT LEVELS AND AWARD OPPORTUNITIES

        Achievement Levels and Award Opportunities for 2004 have been approved
and are expressed as a percentage of base salary. The Achievement Levels
represent various percentages of the Cash EPS Target, as established by the CNG
Committee, and result in the maximum Award Opportunity for each specified
Achievement Level. Mathematical interpolation will be used to calculate Award
Opportunities for achievement between the levels established below.

 
  Achievement of Target

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Overall Performance Measure: Cash EPS
Achievement Level (% of Plan)

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  90%

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  100%

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  Over 100%

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Award Opportunities                 CEO First Community Bancorp (Grade 1)   60%
of Base $     100% of Base $     Board Discretion Other Executives (Grades 2,3
and A)   50% of Base $     80% of Base $     CEO/Board Discretion

 
  Achievement of Target

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Overall Performance Measure: To be determined
Achievement Level (% of Plan)

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  90%

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  100%

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  Over 100%

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Award Opportunities                   Key Contributors (Grades B)   10% of Base
$     30% of Base $       CEO Discretion Other Key Officers (Grade C)   10% of
Base $     20% of Base $     30% of Base $  

AWARDS

        Awards under the Plan will be determined by the IP Committee based upon
achievement of Performance Measures and will be submitted to the CNG Committee
for approval.

        For purposes of the Plan, salary means annual base salary in effect at
the end of the performance year. Awards will be made through the payroll system,
minus legally required and authorized deductions. Awards under the Plan shall be
considered eligible compensation for purposes of employee benefit calculations
in each case where permitted under the relevant employee benefit plan.

        Awards for individuals who are Participants for less than a full Plan
Year will be prorated using Participant's actual base salary paid during the
time of participation in the Plan. Awards for Participants who leave First
Community Bancorp during a Plan Year due to retirement, total and permanent
disability or death will be prorated using the same method.

        To be eligible to receive an Award under the Plan, a Participant must
have a performance rating of "Achieves Expectations" or better for 2004.

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ADJUSTMENTS

        Performance Measures, Achievement Levels and Award Opportunities may be
adjusted during the Plan Year only upon approval by the CNG Committee as it
deems appropriate. It is anticipated that such adjustments will be made
infrequently and only in the most extraordinary circumstances.

        Because the Plan has aggressive Award Opportunities intended for use
with below market base salaries, some adjustments may need to be made to Awards
to recognize the fact that some Participant base salaries are currently above
market. In such cases, the IP Committee may recommend, and the CNG Committee may
approve, a reduction in an Award as it deems appropriate to achieve a reasonable
level of total compensation for each participant. All adjustments are subject to
approval of the CNG Committee, in its sole discretion.

PAYMENT OF AWARDS

        Awards will be paid as soon as administratively feasible after review of
performance against targets and approval by the CNG Committee. To be eligible
for Award payment, a Participant must have been an employee of First Community
Bancorp for at least three months and be an employee of First Community Bancorp
on the date that Awards are paid or have left First Community Bancorp during the
Performance Period due to retirement, permanent disability or death.

        Participants otherwise eligible to receive an Award and who were
assigned to different parts of the organization during the Performance Period
will have their Award calculated based upon the part of the organization they
are in at the end of the Performance Period and the Performance targets achieved
by that group for the Performance Period.

NO RIGHT OF ASSIGNMENT

        No right or interest of any Participant in the Plan is assignable or
transferable. In the event of a Participant's death, payment of any earned but
unpaid Awards will be made to the Participant's legal successor, if not
prohibited by law.

NO RIGHT OF EMPLOYMENT

        The Plan does not give any employee any right to continue in the
employment of First Community Bancorp and does not constitute any contract or
agreement of employment or interfere in any way with the right the organization
has to terminate such person's employment. First Community Bancorp is an "at
will" employer and as such, can terminate an employment relationship between
itself and any of its employees at will, with or without cause, and with or
without notice.

AMENDMENT OR TERMINATION OF THE PLAN

        First Community Bancorp reserves the right to change, amend, modify,
suspend, continue or terminate all or any part of the Plan either in an
individual case or in general, at any time without notice.

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Exhibit 10.23