The chief executive officer of Park Sterling Corp. received a 32.7 percent increase in total compensation in 2016, according to the company’s proxy statement filed with the Securities and Exchange Commission.

James Cherry received $1,030,994 in total compensation this year, up 32.7 percent from his $776,720 total compensation in 2015.

Total compensation is composed of a base salary, bonus compensation, and equity compensation.

In 2016, Cherry’s base salary of $461,251 plus stock awards of $165,168, non-equity incentive plan compensation of $364,618, and other compensation of $39,957 totaled $1,030,994.

Cherry owns 1.9 percent of common stock in the company, or 583,305 shares.

Cherry, 66, has been CEO of the company since it formed and CEO of the bank since the IPO. He formerly served as CEO of the Mid-Atlantic Banking Region at Wachovia Corp. and before that served as president of Virginia banking, head of trust and investment management.

President Bryan Kennedy, made $706,497 in 2016 compared to $583,701 in 2015. All other executive salaries also rose from 2015 to 2016.

Park Sterling stock opened Monday at $11.74, up from Friday’s close of $11.71.

Park Sterling Bank was founded in 2006 to provide alternatives to small community banks or too large national banks. In 2015, the company was named to Fortune Magazine’s Fastest Growing Publicly Held Companies.

The company’s annual meeting will be held on May 25, 2017 at 8:30 a.m. at 4201 Congress Street, Suite 210.