CNB News & Events

CONWAY NATIONAL BANK ACHIEVES #1 MARKET SHARE FOR HORRY COUNTY | CONWAY NATIONAL BANK WINS FORBES BEST-IN-STATE AWARD | CONWAY NATIONAL BANK PROVIDES OUTLET FOR PROPER AMERICAN FLAG RETIREMENT | e-STATEMENTS NOW AVAILABLE | 1ST QUARTER '20 SHAREHOLDER LETTER | TEACH CHILDREN TO SAVE | EMPLOYEE RECOGNITION

CONWAY NATIONAL BANK ACHIEVES #1 MARKET SHARE FOR HORRY COUNTY

Conway, SC, December 15, 2020 - Based on the 2020 deposit market share report compiled by the Federal Deposit Insurance Corporation (FDIC) and published on FDIC.gov, Conway National Bank has achieved the #1 market share position in Horry County for 2020. Conway National Bank improved from the number two position in 2019 with a 17.07% increase of $156.8 million in deposits and a .03% increase in market share.

The Deposit Market Share is the percentage of deposits an FDIC-insured institution has within a defined geographic market based on an annual survey. This data is based on the annual Summary of Deposits (SOD) survey for FDIC-insured institutions as of June 30. The Deposit Market Share Report provides a summary of all FDIC-insured institutions, the number of branches, the amount of deposits and the percentage of their market share for any specified geographic area (state, county, city, zip code). From June 30, 2019 to June 30, 2020, there were 21 institutions competing in the Horry County market.

Detailed reports are available at the FDIC website.

Founded in 1903, Conway National is a locally-owned community bank that has been serving families and businesses in Horry County for over 100 years. CNB offers the latest technology and digital services for convenient online and mobile banking, as well as 15 local offices for friendly, dependable and personalized customer service.


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CONWAY NATIONAL BANK WINS FIRST PLACE IN FORBES BEST-IN-STATE BANK AWARDS FOR SOUTH CAROLINA

Conway, SC, September 25th, 2019 - For the second year in a row, Forbes partnered with market research firm Statista to gauge customers' overall grade on their banks. A brief survey was administered and Forbes awarded up to five banks per state. Conway National Bank, a community bank headquartered in Conway, South Carolina, was awarded first place for Best-in-State Bank Award for the state of South Carolina.

Forbes is a leading American business magazine that focuses on publishing articles related to finance, investing, marketing, and the overall business industry. In a time when online banks are going head to head with the accessibility and customer service of local banks, Forbes sought to measure overall satisfaction rates from actual customers.

Forbes teamed up with a top market and opinion research institute, Statista, to find the top banks in each state. An independent survey was given to a vast sample of over 25,000 United States citizens and spread among all states. Only community and regional banks were included. Large nationwide banks with branches in more than 15 states were excluded in the survey.

Participants in the survey had to have a checking account at the bank they were rating and the banks were rated on overall recommendations and satisfaction along with five subdimensions. The five subdimensions included Trust, Terms & Conditions, Branch Services, Digital Services, and Financial Advice. Total score was calculated as 30% score recommendation + 30% score general satisfaction + 40% score subdimensions.

Only three banks in South Carolina were awarded the prestigious Forbes Best-in-State Bank Awards. Conway National Bank was among those top three banks and won first place for Best-in-State Bank.

Founded in 1903, Conway National Bank is a locally-owned and managed financial institution that has been serving Horry County for over 100 years. CNB offers the latest technology for convenient online and mobile banking, as well as 15 local offices for personalized, in person service. CNB is a community bank that is dedicated to providing its customers with friendly, secure and dependable banking.


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CONWAY NATIONAL BANK PROVIDES OUTLET FOR PROPER AMERICAN FLAG RETIREMENT

Conway, SC - As a tribute to our wonderful nation, Conway National Bank is proud to serve as a drop-off location for those individuals wishing to retire their American flag. When the flag becomes worn, torn, faded or badly soiled, it is time to replace it with a new one, and the old one should be retired with all the dignity and respect befitting our nation's flag.

The U.S. Flag Code states, "The flag, when it is in such condition that it is no longer a fitting emblem for display, should be destroyed in a dignified way, preferably by burning."

CNB delivers these flags to local patriotic organizations that will ensure proper retirement is carried out.

While the ceremony for flag retirement varies by organization, these emotional ceremonies, also known as "final honors", are performed with precision and care.

"It is both an honor and privilege to have a hand in something as sacred to our country as retiring the American flag," says Jennings Duncan, President and CEO of CNB. "We have offered the service of being a drop-off location for years, and it is something we will continue to offer for years to come."

Flags can be dropped off at any of CNB's fifteen (15) locations, Monday-Thursday, 9 am – 5 pm, and Friday, 9 am – 6 pm. For physical addresses for each of CNB's locations, please visit our locations page.


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e-STATEMENTS AVAILABLE

CNB e-Statements are online bank statements that look exactly like your mailed paper statements. They are a safe, convenient way to view, print, or download your account statements from our Online Banking website. We can alert you when your statements are ready and it's FREE. To find out how you can sign up for this service, visit one of our 15 offices today.


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TO OUR SHAREHOLDERS AND FRIENDS:

The arrival of the Coronavirus and related COVID-19 disease pandemic in the U.S. quickly transitioned the country from the longest gradual expansion in history to an economy shocked by a systemic shutdown. The Bureau of Economic Analysis, in its advance estimate, indicated the U.S. national real gross domestic product (GDP) for the first quarter of 2020 decreased at an annualized rate of 4.8%. In response to the nation's change of circumstance, the Federal Reserve reduced market rates by 0.50% on March 3, 2020 and further reduced rates by 1.00% on March 16, 2020 to match its lowest historical target range of 0.00% – 0.25%. In yet another historical move, Congress speedily drafted and passed the Coronavirus Aid, Relief, & Economic Security Act (CARES Act), the largest ever economic relief package at $2 trillion. The decrease in real GDP for the first quarter of 2020 reflects negative contributions from personal consumption expenditures, nonresidential fixed investment, exports, and private inventory investment, partly offset by decreased imports and positive contributions from residential fixed investment, federal government spending, and state and local government spending. Locally, total real estate transactions were up 5.1% for the first quarter of 2020, at 4,243, as compared to the same period in 2019, 4,037.

The Company's net income for the three months ended March 31, 2020 totaled $3,725,000, an increase of 11.26% from $3,348,000 for 2019, for a return on average assets of 1.13% and a return on average equity of 11.32% as compared to 1.18% and 11.32%, respectively, for 2019. On a per share basis, earnings increased 11.96% to $2.34 for the first quarter of 2020, as compared to $2.09 for the same period in 2019.

Total assets increased to $1,269.4 million at March 31, 2020, an increase of 5.6% from $1,202.2 million at March 31, 2019; and capital stood at $134.5 million at March 31, 2020, compared to $120.3 million at March 31, 2019, up 11.8%. Total deposits were $1,023.7 million at March 31, 2020, an increase of 6.9% from $957.7 million at March 31, 2019. Repurchase agreements decreased to $103.7 million at March 31, 2020, a decrease of 12.0% from $117.9 million at March 31, 2019. Loans totaled $523.6 million at March 31, 2020, an increase of 2.4% from $511.1 million at March 31, 2019; and investment securities were $629.1 million, an increase of 7.7% from $584.3 million at March 31, 2019.

Net income for the three months ended March 31, 2020 of $3,725,000 is primarily the result of the Bank's net interest income. Net interest income increased 2.5% to $9,302,000 for the first quarter of 2020 from $9,072,000 for the same period in 2019. Other factors affecting earnings during the period include the provision for loan losses, noninterest expense, noninterest income, and income taxes. The provision for loan losses for the first three months of 2020 was $142,000, up 30.3% from $109,000 for the same period in 2019. The allowance for loan losses, as a percentage of net loans, stood at 1.25% at March 31, 2020 and 2019. Noninterest expense increased 5.0% for the first quarter of 2020 to $6,659,000 as compared to $6,344,000 for 2019; noninterest income increased 33.1% for three months of 2020 to $2,353,000 from $1,768,000 for 2019; and income taxes increased 8.7% to $1,129,000 for the first quarter of 2020 from $1,039,000 for 2019. The increase in noninterest expense was due to increases in occupancy expense and other operating expenses, partially offset by decreases in salaries and employee benefits, advertising, credit and debit card expense, and examination and professional fees. Noninterest income increased due to increased service charge revenue and other operating income, partially offset by decreased credit and debit card income, and ATM service and fee income. Other operating income includes one-time net incentive payments from vendors related to the Bank's recent debit card conversion totaling $728,000.

During the first quarter of 2020, the Bank completed a debit and ATM card processing conversion, and an ATM Network processing conversion, both to SHAZAM, an Iowa member-owned financial services provider and debit processor providing debit and credit payment processing to financial institutions nationwide.

Conway National continues to grow and maintains a substantial financial position, and earnings have been strong in recent years. Management expects that 2020 will be challenging due to the present national economic situation. However, management believes that with the Bank's present financial position, current systems, and exceptional staff, the Company is well prepared to meet the needs of our growing communities and the challenges of 2020.

W. Jennings Duncan, President
CNB Corporation and The Conway National Bank


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CNB Educates Children on the Value of Saving

Our current economic times serve as a great reminder of how important it is to teach our young children the value of saving. Conway National Bank is proud, once again, to partner with the American Bankers Association by participating in their annual Teach Children To Save Day. This event brings students and bankers together to increase savings education. Since it was started by the ABA Education Foundation in 1997, more than 60,000 bankers have reached some 2.8 million young people.

CNB has participated in this event several years and has had the privilege of reaching thousands of second graders throughout their service area in Horry County and the Waccamaw Neck area of Georgetown County. While the national program focuses on children of all ages, CNB felt if you could teach them early enough, it would become a lifelong lesson. "CNB firmly believes that teaching children about money and savings is a crucial part of providing our youth with a superior education," says Jennings Duncan, President and CEO of CNB. "Children are typically fascinated by money and enjoy spending. That's why CNB has joined the nationwide effort to help educate children on these issues."

While this year's Teach Children to Save Day was April 21, CNB will implement its program May-June to accommodate the school system's academic calendar and statewide testing. Spreading it over two months rather than just one day also allows the Bank to reach a lot more children. The 45-minute program is conducted by several bank representatives and includes games and activities allowing students to apply the concepts of saving money. "Financial literacy is critical to personal and professional success. Money is not just a resource that you work for; it is a resource that should work for you. CNB has taken a leadership role in helping educate children about financial responsibility. It is just another example that shows they are invested in our children and in our community for the long haul." says Teal Britton, Horry County Public Information Officer. At the end of the program, each student receives a CNB piggy bank and a $5.00 savings certificate, which they can deposit in their previously opened or new CNB savings account. "These children are our future. Everything we do for them today helps secure a better tomorrow," says Duncan. "We are pleased to offer this program, and are encouraged by the enormous support we receive from our community educators. Without their support, none of this would be possible."

Plans are already underway for this year's program, and schedules are being set with the schools. If you have not participated in the past, but would like a visit from CNB, call Marcie Shannon, Banking Service Representative, at 488-8310.

In addition to the Teach Children to Save program, CNB works with high school students in the Fall with a Get Smart About Credit program.


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EMPLOYEE RECOGNITION:

The Conway National Bank Honors Joye Johnson
Conway, SC - The Conway National Bank honors Joye Johnson for fifteen years of continued service to the bank, CNB officials have announced.

She is a graduate of Aynor High School and is the Head Teller at the Aynor Office. She lives in Aynor with her husband, Rock, and has a daughter, Willow.


The Conway National Bank Honors Jackie Siratt
Conway, SC - The Conway National Bank honors Jackie Siratt for forty-five years of continued service to the bank, CNB officials have announced.

She is a Banking Officer/Senior Loan Operations Specialist at the Operations and Administration Center in Conway. She lives in the Bayboro community with her husband, Tommy, and has two children, Julianna and Reed. She is a graduate of Green Sea High School and Horry-Georgetown Technical College.


The Conway National Bank Honors Page Ambrose
Conway, SC - The Conway National Bank honors Page Ambrose for thirty years of continued service to the bank, CNB officials have announced.

He is a Vice President and Loan Officer at the Aynor Office. He is a graduate of Aynor High School and The University of South Carolina. He lives in Aynor with his wife, Cynthia, and has two children, Alex and Austin. He is a member of the Aynor Lions Club, Aynor United Methodist Church, and the Aynor High School Business Education Committee.


The Conway National Bank Honors Kristine Hucks
Conway, SC - The Conway National Bank honors Kristine Hucks for five years of continued service to the bank, CNB officials have announced.

She is a graduate of West Florence High School, Horry-Georgetown Technical College and Leadership Conway. She is the Branch Operations Manager at the Main Street Office in Conway. She lives in Conway with her husband, Jarred, and has a daughter, Gracie.


The Conway National Bank Honors Christy Broughton
Conway, SC - The Conway National Bank honors Christy Broughton for twenty years of continued service to the bank, CNB officials have announced.

She is a Banking Officer-Teller Trainer Coordinator at the Operations and Administration Center in Conway. She lives in Conway with her husband, Randy, and has three children- Brandon, Brentley, and Alicia.


The Conway National Bank Honors Geraldine Owens
Conway, SC - The Conway National Bank honors Geraldine Owens for thirty-five years of continued service to the bank, CNB officials have announced.

She is a Teller at the Main Street Office in Conway. She lives in Conway with her husband, Burnett, and has a daughter, Marie, and a son, Jason. She is a graduate of Hemingway High School, Rice Business College, and The American Institute of Banking. She is a member of Trinity United Methodist Church in Conway.


The Conway National Bank Honors Michael McGriff
Conway, SC - The Conway National Bank honors Michael McGriff for five years of continued service to the bank, CNB officials have announced.

He is a Mailroom Clerk/Courier at the Operations and Administration Center in Conway. He is a graduate of Inglewood High School in Inglewood, CA., and served in the U.S. Navy. He lives in Myrtle Beach and has a son, D'Arta, and a daughter, Mikayla.


The Conway National Bank Honors Sharon Coker
Conway, SC - The Conway National Bank honors Sharon Coker for fifteen years of continued service to the bank, CNB officials have announced.

She is a Customer Service Representative at the Myrtle Beach Office. She lives in Myrtle Beach with her husband, Joel, and has a son Justin. She is a graduate of West Florence High School and Columbia College.


The Conway National Bank Honors Pam Clifton
Conway, SC - The Conway National Bank honors Pam Clifton for thirty-five years of continued service to the bank, CNB officials have announced.

She attended Huguenot High School in Richmond, Va., Virginia Tech, Coastal Carolina University, The American Institute of Banking, and Carolina's Regulatory Compliance School. She is an Assistant Vice President/Compliance Management Assistant at the Operations and Administration Center in Conway.

She lives in Conway and has a daughter, Jennifer, and a son, Jonathan. She is a member of the United Way Community Investment Council, Treasurer of Team First Book-Horry County, Treasurer for Friends of the Conway Library, and a member of the First Presbyterian Church in Myrtle Beach.


The Conway National Bank Honors Deborah Johnson
Conway, SC - The Conway National Bank honors Deborah R. Johnson for fifteen years of continued service to the bank, CNB officials have announced.

She is an Assistant Vice President/Residential Mortgage Lending Officer at the Conway Banking Office. She lives in Conway and has a daughter, Cameron DeLong. She is a graduate of Conway High School and Horry-Georgetown Technical College. She is a Board Member and Treasurer of Horry County Disabilities and Special Needs.


The Conway National Bank Honors Cathy Powell
Conway, SC - The Conway National Bank honors Cathy Powell for twenty years of continued service to the bank, CNB officials have announced.

She is an Items Processor at the Operations and Administration Center in Conway. She lives in Conway and has a son, Brandon, and a daughter, Cassie. She attended Conway High School and Horry-Georgetown Technical College.


The Conway National Bank Honors Mitch Godwin
Conway, SC - The Conway National Bank honors Mitch Godwin for forty-five years of continued service to the bank, CNB officials have announced.

He is the Vice President/Compliance Officer at the Operations and Administration Center in Conway. He lives in Conway with his wife, Nadine. He has a daughter, Ashley, a son, Shawn (Rachel), and a grandson, Kelly. He proudly served in the U.S. Navy.