CNB News & Events

CONWAY NATIONAL BANK NAMED ONE OF AMERICAN BANKER'S TOP 200
CONWAY NATIONAL BANK ACHIEVES #1 MARKET SHARE FOR HORRY COUNTY
CONWAY NATIONAL BANK WINS FORBES BEST-IN-STATE AWARD
2ND QUARTER '22 SHAREHOLDER LETTER
CONWAY NATIONAL BANK PROVIDES OUTLET FOR PROPER AMERICAN FLAG RETIREMENT
e-STATEMENTS NOW AVAILABLE
TEACH CHILDREN TO SAVE
EMPLOYEE RECOGNITION


CONWAY NATIONAL BANK NAMED ONE OF THE TOP 200 COMMUNITY BANKS BY AMERICAN BANKER FOR 2021

Conway, SC, June 21, 2021 - Conway National Bank, headquartered in Conway, South Carolina, was again ranked in the "Top 200 Community Banks" by American Banker. The full list of recognized banks is featured in the May issue of American Banker magazine, as well as featured on its website.

American Banker is a leading banking financial magazine and an essential research resource for banks and financial institutions, keeping users updated and informed on vital developments in the industry and providing the latest research and data.

Founded in 1903, Conway National Bank is a locally-owned and managed community bank, serving Horry County and the Waccamaw Neck area of Georgetown County. CNB offers the latest technology for convenient online and mobile banking, as well as 15 local offices for personalized, in person service. CNB is dedicated to providing its customers and all the communities it serves with friendly, secure, and dependable banking.


__________________________________________________

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.


__________________________________________________

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.


__________________________________________________

TO OUR SHAREHOLDERS AND FRIENDS:

During the second quarter of 2022, the U. S. economy and productivity continue to be impacted by increasing and sustained inflation, supply chain disruptions, and continued labor shortages. The Bureau of Economic Analysis, in its advance estimate, indicated the U.S. national real gross domestic product (GDP) for the second quarter of 2022 decreased at an annualized rate of 0.9%, following first quarter real GDP decline of 1.6%. The deceleration in the second quarter was led by decreasing inventory investment, housing investment, exports, and state and federal government spending, while imports increased during the period. Locally, total real estate transactions were only down slightly, 0.6% for the first six months of 2022, at 12,668, as compared to 12,744 transactions during the same period in 2021.

The Company's net income for the six months ended June 30, 2022 totaled $7,402,000, a decrease of 8.2% from $8,062,000 for the same period in 2021, for a return on average assets of .83% and a return on average equity of 11.31% as compared to 1.01% and 11.45%, respectively, for 2021. On a per share basis, earnings decreased 7.9% to $4.69 for the first half of 2022, as compared to $5.09 for 2021. The decline in operating results for the first half of 2022 is attributable to anticipated lower first quarter operating results. However, net income for the second quarter of 2022, enhanced by improving net interest income, was well above expectations at $3,857,000 and represents an increase of 4.1% above the $3,705,000 net income for the second quarter of 2021.

Total assets increased to $1,835.2 million at June 30, 2022, an increase of 8.3% from $1,693.8 million at June 30, 2021; and capital stood at $126.0 million at June 30, 2022, compared to $142.7 million at June 30, 2021, down 11.7%. The decline in capital is due to growth in unrealized losses associated with the Bank's investment portfolio and reflects increased yields in the bond markets. Management has classified these losses as temporary and does not expect that the Bank will realize any of these losses as the Bank's investments mature over a very short term. This situation is evident throughout the industry. Total deposits were $1,583.5 million at June 30, 2022, an increase of 13.1% from $1,399.7 million at June 30, 2021. Loans totaled $614.9 million at June 30, 2022, an increase of 5.8% from $581.3 million at June 30, 2021. Investment securities were $1,040.4 million at June 30, 2022, an increase of 5.4% from $986.9 million at June 30, 2021.

Net income for the six months ended June 30, 2022 of $7,402,000 is primarily the result of the Bank's net interest income. Net interest income increased 2.5% to $18,944,000 for the six months ended June 30, 2022 from $18,481,000 for the same period in 2021. 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 six months ended June 30, 2022 was $40,000, up 114.6% from $(274,000) for the same period in 2021. The allowance for loan losses, as a percentage of net loans, stood at 1.25% at both June 30, 2022 and 2021. Noninterest expense increased 8.9% for the six months ended June 30, 2022 to $14,080,000 as compared to $12,927,000 for the same period in 2021 consisting of increases to salaries and employee benefits, occupancy costs, and other operating expenses. Noninterest income increased 3.1% for 2022 to $4,844,000 from $4,697,000 for the same period in 2021; and income taxes decreased 8.0% to $2,266,000 for the six months ended June 30, 2022 from $2,463,000 for the same period in 2021.

Conway National continues to grow and maintains a substantial financial position, and earnings have been strong in recent years. Management expects that the immediate future periods will continue to be challenging due to rapidly rising interest rates, continued growth in deposits, increased and sustained inflation, and growing economic concerns. However, management believes that with the Bank's financial position, current systems, and exceptional staff, the Company is well prepared to meet the needs of our growing communities and the challenges which lie ahead.

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


__________________________________________________

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.


__________________________________________________

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.


__________________________________________________

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.


__________________________________________________

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 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 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.