CNB News & Events

CONWAY NATIONAL BANK PROVIDES OUTLET FOR PROPER AMERICAN FLAG RETIREMENT | e-STATEMENTS NOW AVAILABLE | 1st QUARTER '18 SHAREHOLDER LETTER | TEACH CHILDREN TO SAVE | EMPLOYEE RECOGNITION

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 makes these flags readily available 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.

Surplus flags that are not retired in the above mentioned manner are cremated with the dignity so richly deserved.

"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, 9am - 5pm, and Friday, 9am - 6pm. 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:

Economic releases continue to indicate a stimulated economy with levels of inflation approaching the Federal Reserve's target along with very low unemployment, well below the Federal Reserve's target and approaching full employment. The national economy experienced moderate growth in the first quarter of 2018. According to the Bureau of Economic Analysis, in its advance estimate, the U.S. national real gross domestic product (GDP) grew at an annual rate of 2.3% during the first quarter of 2018. Growth in real GDP for the first quarter of 2018 primarily reflects increases in personal consumption expenditures, nonresidential fixed investment, exports, private inventory investment, federal government spending, and state and local government spending, partly offset by increased imports. Locally, total real estate transactions increased 4.4% for the first three months of 2018, at 4,164, as compared to the first three months of 2017, at 3,989. Total home sales rose 10.6% to 2,101 from 1,899, for the same period in 2018 and 2017, respectively, while total land sales fell 8.4% to 621 for the first three months of 2018, as compared to 678 for the first three months of 2017.

The Company's net income for the three months ended March 31, 2018 totaled $2,971,000, an increase of 33.9% from $2,218,000 for the first three months of 2017, for a return on average assets of 1.04% and a return on average equity of 11.02% as compared to .82% and 8.37%, respectively, for the first three months of 2017. On a per share basis, earnings increased 35.0% to $1.85 for the first three months of 2018, as compared to $1.37 for the first three months of 2017.

Total assets increased to $1,153.6 million at March 31, 2018, an increase of 4.6% from $1,102.4 million at March 31, 2017; and capital stood at $108.4 million at March 31, 2018, compared to $106.6 million at March 31, 2017, up 1.7%. Total deposits were $938.3 million at March 31, 2018, an increase of 3.3% from $908.1 million at March 31, 2017. Repurchase agreements increased to $102.2 million at March 31, 2018, an increase of 23.3% from $82.9 million at March 31, 2017. Loans totaled $489.3 million at March 31, 2018, an increase of 5.4% from March 31, 2017; and investment securities were $572.0 million, an increase of 5.6% from March 31, 2017.

Net income for the three months ended March 31, 2018 of $2,971,000 is primarily the result of the Bank's net interest income. Net interest income increased 9.0% to $8,445,000 for the first three months of 2018 from $7,745,000 for the first three months of 2017. Other factors which affect earnings include the provision for loan losses, noninterest expense, noninterest income, and income taxes. The provision for loan losses for the first three months of 2018 was $107,000. There was no provision for loan losses required for the same period in 2017. The allowance for loan losses, as a percentage of net loans, stood at 1.25% at March 31, 2018 as compared to 1.61% at March 31, 2017. Noninterest expense increased 2.3% for the first three months of 2018 to $6,582,000 as compared to $6,435,000 for the first three months of 2017; noninterest income increased 4.6% for the first three months of 2018 to $2,124,000 from $2,031,000 for the first three months of 2017; and income taxes decreased 19.1% to $909,000 for the first three months of 2018 from $1,123,000 for the first three months of 2017. The increase in noninterest expense was primarily due to an increase in salaries and employee benefits, increased occupancy expense, and increased expense associated with other real estate owned, partly offset by decreased examination and professional fees and other operating expenses. Noninterest income increased due to increased service charge income and other operating income.

Conway National continues to grow, maintains a substantial financial position, and is experiencing much improved profitability, all of which compare favorably to local markets. Conway National remains dedicated to its conservative banking practices; and, as always, we are very appreciative of your continued support. We look forward to the future and continuing to build your bank steeped in our traditions of exceptional customer service, trust, and dedication to all of the communities we serve.

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

A native of Conway, she is the Branch Operations Manager at the Little River Office. She lives in Tabor City with her husband, James, and has two children, Destiny and Michelle.


The Conway National Bank Honors Debra Fralix
Conway, SC - The Conway National Bank honors Debra Fralix for ten years of continued service to the bank, CNB officials have announced.

A native of Mullins, she is a Credit Card Specialist at the Operations and Administration Center in Conway. She lives in Loris, and has a son, Brian.


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

A native of Washington, D.C., she is the receptionist at the Myrtle Beach Office. She lives in Surfside Beach with her husband, Norman, and has three children, Kelli, Karin, and Kevin.


The Conway National Bank Honors Jody Lewis
Conway, SC - The Conway National Bank honors Jody Lewis for five years of continued service to the banks, CNB officials have announced.

A native of Conway, he is the Facilities Assistant at the Operations and Administration Center in Conway. He lives in Conway with his wife, Emily, and has two children, Olivia and Ethan. He is a youth leader at Pleasant Hill Baptist Church.


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

A native of Conway, she is a graduate of Conway High School, and attended Claflin College, Horry-Georgetown Technical College, and The American Institute of Banking. She is a Customer Service Representative at the Conway Banking Office and resides in Conway with her family. She is a member of New Faith Temple COGIC in Conway.


Jennie L. Hyman Promoted to Assistant Vice President
Conway, SC - The Conway National Bank has promoted Jennie L. Hyman to Assistant Vice President, CNB officials have announced.

A native of Conway, she is a graduate of Conway High School and USC-Coastal Carolina. She is the Savings Department Manager at the Operations and Administration Center in Conway. She lives in Conway and is a member of the Juniper Bay Baptist Church where she serves on the Senior Adult Activity Committee.


F. Davis Skipper, III Promoted to Banking Officer
Conway, SC - The Conway National Bank has promoted Davis Skipper to Banking Officer, CNB officials have announced.

A native of Marion, SC, he is a graduate of Marion High School and Francis Marion University. He is a Loan Officer at the Surfside Office. He lives in Murrells Inlet with his wife, Ashley, and is a member of the Clinton Lodge #60 AFM.


Renee L. Larrimore Promoted to Senior Auditor
Conway, SC - The Conway National Bank has promoted Renee Larrimore to Senior Auditor, CNB officials have announced.

A native of Fort Wayne, Indiana, she is a graduate of Coastal Carolina University. She is a Banking Officer and Senior Auditor at the Operations and Administration Center in Conway. She lives in Britons Neck with her husband, Norman, and has two daughters, Paige and Meredith.


Sheila A. Johnston Promoted to Assistant Vice President
Conway, SC - The Conway National Bank has promoted Sheila Johnston to Assistant Vice President, CNB officials have announced.

A native of Conway, she is a graduate of Conway High School. She is the Area Operations Manager for the Inland Area Offices, and Branch Operations Manager at the Red Hill Office. She lives in Conway with her husband, Stuart, and has four children, Mallory, Rhiannon, Katlyn, and Conner.


Adrienne W. Harrelson Promoted to Investments and Accounting Specialist
Conway, SC - The Conway National Bank has promoted Adrienne Harrelson to Investments and Accounting Specialist at the Operations and Administration Center in Conway, CNB officials have announced.

She lives in Aynor with her husband, Chuck, and has two children, Lander and Meredith. She is a graduate of Conway High School.


Willis "Will" J. Duncan, Promoted to Vice President
Conway, SC - The Conway National Bank has promoted Will Duncan to Vice President, CNB officials have announced.

A native of Conway, he is a graduate of Conway Christian School and Winthrop University. He is a Loan Officer at the Myrtle Beach Office. He lives in Conway with his wife, Margaret Ann, and has a daughter, Lillian. He is a member of the Chicora Rotary Club.


Kendra G. Jordan Promoted to Banking Officer
Conway, SC - The Conway National Bank has promoted Kendra G. Jordan to Banking Officer, CNB officials have announced.

She is the Electronic Banking Manager at the Operations and Administrations Center in Conway. She is a graduate of Conway High School and lives in Conway with her husband, Phillip.


The Conway National Bank Welcomes Sherri Cox to North Myrtle Beach Office
Conway, SC - The Conway National Bank welcomes Sherri Cox to the North Myrtle Beach Office, CNB officials have announced.

A graduate of Myrtle Beach High School and USC- Coastal Carolina, Cox has returned to the Grand Strand area with lending experience in the Greenville and Charleston, SC markets. She joins CNB as a Loan Officer and Banking Officer at the North Myrtle Beach Office located at 110 Highway 17.


The Conway National Bank Honors Geri Obenour
Conway, SC - The Conway National Bank honors Geri Obenour for ten years of continued service to the bank, CNB officials have announced.

She lives in Conway with her husband, Doug, and has a daughter, Jordan. She is a Loan Insurance Specialist at the Operations and Administration Center in Conway.


The Conway National Bank Honors Laura Emmert
Conway, SC - The Conway National Bank honors Laura Emmert for ten years of continued service to the bank, CNB officials have announced.

She is a graduate of West Florence High School and The University of South Carolina. She lives in Myrtle Beach with her husband, Tom, and has two children, Hannah and Addelyn. She is the Branch Operations Manager at the Socastee Office.


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

A native of Sturgis, Michigan, she is the Branch Operations Manager at the West Conway Office. She lives in Conway with her husband, Chuck, and has a son, Austin, and a daughter, Ashley. She is a member of Conway Church of God.


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

A native of Aynor, she is a graduate or Aynor High School and Horry-Georgetown Technical College. She is a Banking Officer/Loan Officer at the Aynor Office. She lives in Galivants Ferry with her husband Casey, and has a son Jordan.