Paragon Commercial Corp.’s chief executive officer saw a compensation increase of $110,000 during the 2016 fiscal year, according to a filing Friday with the Securities and Exchange Commission.

Robert Hatley has served as the bank’s president, chief executive officer and director since the establishment of the company in 1998. His compensation rose from $659,000 in 2015 to $769,000, with a bonus of $92,000.

Hatley’s term as director of the company is up this year, but is seeking re-election, according to the filing, along with several other members of the board.

Overall, Hatley’s raise comes after a year of strong success at Paragon, according to Hatley. “We are delighted with our 2016 results as well as the progress we’ve achieved in 2017,” he said in a proxy statement to shareholders.

The company, the parent of Paragon Bank, offers private and commercial banking for small and mid-size businesses, professional firms, and nonprofit enterprises across Raleigh, Charlotte and Cary.

The Raleigh-based bank recently announced its merger with TowneBank with the merger being completed by the first quarter of 2018. Paragon shareholders will be voting to approve the proposed merger at its annual meeting next month.

Paragon’s shares fell 25 cents to $59.19 in Friday trading.