FORM 10-Q

                        SECURITIES AND EXCHANGE COMMISSION

                              Washington, D.C. 20549


Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934


For the quarterly period ended     September 30, 2000                       

                                        OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934

For the transition period from                       to                     

                                                      

For Quarter Ended September 30, 2000  Commission file number:  2-96350   


                                  CNB Corporation                            
             (Exact name of registrant as specified in its charter)


South Carolina                                 57-0792402                   
(State or other jurisdiction of               (I.R.S. Employer
incorporation or organization)                 Identification No.)

P.O. Box 320, Conway, South Carolina             29526                     
(Address of principal executive offices)        (Zip Code)


(Registrant's telephone number, including area code):  (843) 248-5721      


     Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  X .  No    .

The number of shares outstanding of the issuer's $10.00 par value common stock as of September 30, 2000 was 715,812.










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CNB Corporation
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PART I.    FINANCIAL INFORMATION

Item 1.    Financial Statements:

           Consolidated Balance Sheets as of September 30, 2000,         1
           December 31, 1999 and September 30, 1999

           Consolidated Statement of Income for the Three Months         2
           and Nine Months Ended September 30, 2000 and 1999

           Consolidated Statement of Comprehensive Income                3
           for the Three Months and Nine Months Ended
           September 30, 2000 and 1999

           Consolidated Statement of Changes in Stockholders'            4
           Equity for the Nine Months Ended September 30, 2000
           and 1999

           Consolidated Statement of Cash Flows for the Nine Months      5
           Ended September 30, 2000 and 1999

           Notes to Consolidated Financial Statements                 6-13

Item 2.    Management's Discussion and Analysis of Financial         14-23
           Condition and Results of Operations

PART II.   OTHER INFORMATION

Item 6.    Exhibits and Reports on Form 8-K                             24



SIGNATURE                                                                24




























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CNB Corporation and Subsidiary
Consolidated Balance Sheets
(All Dollar Amounts, Except Per Share Data, in Thousands)
(Unaudited)

-1-

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CNB Corporation and Subsidiary
Consolidated Statement of Income
(All Dollar Amounts, Except Per Share Data, in Thousands)
(Unaudited)

-2-

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CNB Corporation and Subsidiary
Consolidated Statements of Comprehensive Income
(All Dollar Amounts, Except Per Share Data, in Thousands)
(Unaudited)

-3-

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CNB Corporation and Subsidiary
Consolidated Statement of Changes in Stockholders' Equity
(All Dollar Amounts in Thousands)
(Unaudited)

Note:  Columns may not add due to rounding

-4-

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CNB CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)

-5-

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CNB CORPORATION AND SUBSIDIARY (The "Corporation")                            

CNB CORPORATION (The "Parent")                                                 

THE CONWAY NATIONAL BANK (The "Bank")                                          

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS                                     
(All Dollar Amounts in Thousands)                                              

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES                           

Net income per share - Net income per share is computed on the basis of the dividend-adjusted weighted average number of common shares outstanding, 715,746 for the nine-month period ended September 30, 2000 and 716,530 for the nine-month period ended September 30, 1999.                                   

NOTE 2 - RESTRICTIONS ON CASH AND DUE FROM BANKS                              

The Bank is required to maintain average reserve balances either at the Bank or on deposit with the Federal Reserve Bank. The average amount of these reserve balances for the nine-month period ended September 30, 2000 and for the years ended December 31, 1999 and 1998 were approximately $8,905, $8,300, and $6,839, respectively.

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NOTE 3 - INVESTMENT SECURITIES                                                 

Investment securities with a par value of approximately $77,860 at September 30, 2000 and $82,325 at December 31, 1999 were pledged to secure public deposits and for other purposes required by law.                               

The following summaries reflect the book value, unrealized gains and losses, approximate market value, and tax-equivalent yields of investment securities at September 30, 2000 and at December 31, 1999.                                

(1) Tax equivalent adjustment based on a 34% tax rate.                        

As of the quarter ended September 30, 2000, the Bank did not hold any securities of an issuer that exceeded 10% of stockholders' equity. The net unrealized holding gains/(losses) on available-for-sale securities component of capital is $(636) as of September 30, 2000.                                






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NOTE 3 - INVESTMENT SECURITIES (Continued)                                     

(1) Tax equivalent adjustment based on a 34% tax rate                         

As of the quarter ended December 31, 1999, the Bank did not hold any securities of an issuer that exceeded 10% of stockholders' equity. The net unrealized holding gains/(losses) on available-for-sale securities component of capital is $(1,011) as of December 31, 1999.                               

















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NOTE 4 - LOANS AND ALLOWANCE FOR LOAN LOSSES                                  

     The following is a summary of loans at September 30, 2000 and December 31, 1999 by major classification:

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     Changes in the reserve for loan losses for the quarter ended and nine-month period ended September 30, 2000 and 1999 and the year ended December 31, 1999 are summarized as follows:

The entire balance is available to absorb future loan losses.

NOTE 5 - PREMISES AND EQUIPMENT                                                   

     Property at September 30, 2000 and December 31, 1999 is summarized as follows:

     Depreciation and amortization of bank premises and equipment charged to operating expense was $131 and $393 for the quarter ended and the nine month period ended September 30, 2000, respectively and $576 for the year ended December 31, 1999.

NOTE 6 - CERTIFICATES OF DEPOSIT IN EXCESS OF $100,000                           

     At September 30, 2000 and December 31, 1999, certificates of deposit of $100,000 or more included in time deposits totaled approximately $64,913 and $71,309 respectively. Interest expense on these deposits was approximately $975 and $2,746 for the quarter ended and the nine-month period ended September 30, 2000 and $3,513 for the year ended December 31, 1999.                             

NOTE 7 - SECURITIES SOLD UNDER REPURCHASE AGREEMENTS                             

     At September 30, 2000 and December 31, 1999, securities sold under repurchase agreements totaled approximately $30,194 and $27,477. U.S. Government securities with a book value of $38,570 ($38,116 market value) and $34,588 ($34,121 market value), respectively, are used as collateral for the agreements. The weighted-average interest rate of these agreements was 5.04 percent and 4.34 percent at September 30, 2000 and December 31, 1999.                              

NOTE 8 - LINES OF CREDIT                                                          

     At September 30, 2000, the Bank had unused short-term lines of credit to purchase Federal Funds from unrelated banks totaling $23,000. These lines of credit are available on a one to seven day basis for general corporate purposes of the Bank. All of the lenders have reserved the right to withdraw these lines at their option.

     The Bank has a demand note through the U.S. Treasury, Tax and Loan system with the Federal Reserve Bank of Richmond. The Bank may borrow up to $7,000 under the arrangement at a variable interest rate. The note is secured by U.S. Treasury and Agency Notes with a market value of $7,828 at September 30, 2000. The amount outstanding under the note totaled $2,454 and $3,809 at September 30, 2000 and December 31, 1999, respectively.

     The Bank also has a line of credit from the Federal Home Loan Bank of Atlanta for $70 million secured by a lien on the Bank's 1-4 family mortgages. Allowable terms range from overnight to 20 years at varying rates set daily by the FHLB. An advance of $5,000 and $0 was outstanding at September 30, 2000 and December 31, 1999, respectively.

NOTE 9 - INCOME TAXES                                                             

     Income tax expense for the quarter ended September 30, 2000 and September 30, 1999 on pretax income of $2,469 and $2,585 totalled $804 and $843 respectively. Income tax expense for the nine-month period ended September 30, 2000 and September 30, 1999 on pretax income of $7,320 and $7,016 totalled $2,389 and $2,308 respectively. The provision for federal income taxes is calculated by applying the 34% statutory federal income tax rate and increasing or reducing this amount due to any tax-exempt interest, state bank tax (net of federal benefit), business credits, surtax exemption, tax preferences, alternative minimum tax calculations, or other factor. A summary of income tax components and a reconciliation of income taxes to the federal statutory rate are included in fiscal year-end reports.                                                       
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NOTE 9 - INCOME TAXES (Continued)                                                 

     The Company accounts for income taxes in accordance with Statement of Financial Accounting Standards ("SFAS") No. 109, "Accounting for Income Taxes".

NOTE 10 - COMMITMENTS AND CONTINGENT LIABILITIES                                 

     From time to time the bank subsidiary is a party to various litigation, both as plaintiff and as defendant, arising from its normal operations. No material losses are anticipated in connection with any of these matters at September 30, 2000.

     Also, in the normal course of business, the bank subsidiary has outstanding commitments to extend credit and other contingent liabilities, which are not reflected in the accompanying financial statements. At September 30, 2000, commitments to extend credit totalled $24,297; financial standby letters of credit totalled $670; and performance standby letters of credit totalled $441. In the opinion of management, no material losses or liabilities are expected as a result of these transactions.

NOTE 11 - EMPLOYEE BENEFIT PLAN                                                   

     The Bank has a defined contribution pension plan covering all employees who have attained age twenty-one and have a minimum of one year of service. Upon ongoing approval of the Board of Directors, the Bank matches one hundred percent of employee contributions up to three percent of employee salary deferred and fifty percent of employee contributions in excess of three percent and up to five percent of salary deferred. The Board of Directors may also make discretionary contributions to the Plan. For the three-month and nine month period ended September 30, 2000 and years ended December 31, 1999, 1998 and 1997, $109, 336, $423, $378, and $361, respectively, was charged to operations under the plan.

NOTE 12 - REGULATORY MATTERS                                                      

     The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary - actions by regulators that, if undertaken, could have a direct material effect on the financial statements. The regulations require the Bank to meet specific capital adequacy guidelines that involve quantitative measures of assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital classification is also subject to qualitative judgments by the regulators about components, risk weightings, and other factors.

     Quantitative measures established by regulation to ensure capital adequacy require the maintenance of minimum amounts and ratios (set forth in the table below) of Tier I capital to adjusted total assets (Leverage Capital ratio) and minimum ratios of Tier I and total capital to risk-weighted assets. To be considered adequately capitalized under the regulatory framework for prompt corrective action, the Bank must maintain minimum Tier I leverage, Tier I risk-based and total risked-based ratios as set forth in the table. The Bank's actual capital ratios are presented in the table below as of September 30, 2000:

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NOTE 13 - CONDENSED FINANCIAL INFORMATION

     Following is condensed financial information of CNB Corporation (parent company only):

DISCUSSION OF FORWARD-LOOKING STATEMENTS                                          

Information in the enclosed report, other than historical information, may contain forward-looking statements that involve risks and uncertainties, including, but not limited to, timing of certain business initiatives of the Company, the Company's interest rate risk condition, and future regulatory actions of the Comptroller of the Currency and Federal Reserve System. It is important to note that the Company's actual results may differ materially and adversely from those discussed in forward-looking statements.                    


























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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Management's Discussion and Analysis is provided to afford a clearer understanding of the major elements of the corporation's results of operations, financial condition, liquidity, and capital resources. The following discussion should be read in conjunction with the corporation's financial statements and notes thereto and other detailed information appearing elsewhere in this report. In addition, the results of operations for the interim periods shown in this report are not necessarily indicative of results to be expected for the fiscal year. In the opinion of management, the information contained herein reflects all adjustments necessary to make the results of operations for the interim periods a fair statement of such operations. All such adjustments are of a normal and recurring nature.                                                      

DISTRIBUTION OF ASSETS AND LIABILITIES                                            

The Company maintains a conservative approach in determining the distribution of assets and liabilities. Loans, net of unearned income, have increased 12.3% from $256,710 at September 30, 1999 to $288,244 at September 30, 2000 and have increased as a percentage of total assets from 54.6% to 61.9% over the same period as loan demand remains strong in our market. Securities and federal funds sold have decreased as a percentage of total assets from 39.1% at September 30, 1999 to 31.3% at September 30, 2000 as we have utilized funds in the lending area. This level of investments and federal funds sold provides for a more than adequate supply of secondary liquidity. Management has sought to build the deposit base with stable, relatively no n-interest-sensitive deposits by offering the small to medium deposit account holders a wide array of deposit instruments at competitive rates. Non-interest-bearing demand deposits decreased as a percentage of total assets from 16.4% at September 30, 1999 to 16.1% at September 30, 2000 as more customers, both business and personal, are attracted to interest-bearing deposit accounts. We expect the percentage of demand deposits to decline over the long-term. Interest-bearing deposits have remained constant at 64.7% of total assets at September 30, 1999 and 2000 while securities sold under agreement to repurchase have decreased from 7.7% to 6.5% over the same period. Other short-term borrowings have increased from 1.1% of total assets at September 30, 1999 to 1.6% at September 30, 2000 due primarily to a $5,000 FHLB advance outstanding at September 30, 2000.                                        

The following table sets forth the percentage relationship to total assets of significant components of the corporation's balance sheet as of September 30, 2000 and 1999:                                                                     

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NET INCOME                                                                  

Net Interest Income - Earnings are dependent to a large degree on net interest income, defined as the difference between gross interest and fees earned on earning assets, primarily loans and securities, and interest paid on deposits and borrowed funds. Net interest income is effected by the interest rates earned or paid and by volume changes in loans, securities, deposits, and borrowed funds.

Interest rates paid on deposits and borrowed funds and earned on loans and investments have generally followed the fluctuations in market interest rates in 2000 and 1999. However, fluctuations in market interest rates do not necessarily have a significant impact on net interest income, depending on the bank's rate sensitivity position. A rate sensitive asset (RSA) is any loan or investment that can be repriced either up or down in interest rate within a certain time interval. A rate sensitive liability (RSL) is an interest paying deposit or other liability that can be repriced either up or down in interest rate within a certain time interval. When a proper balance between RSA and RSL exists, market interest rate fluctuations should not have a significant impact on earnings. The larger the imbalance, the greater the interest rate risk assumed by the bank and the greater the positive or negative impact of interest rate fluctuations on earnings. The bank seeks to manage its assets and liabilities in a manner that will limit interest rate risk and thus stabilize longrun-earning power. Management believes that a rise or fall in interest rates will not materially effect earnings.

The Bank has maintained adequate net interest margins for the three-month and nine-month periods ended September 30, 2000 and 1999 by earning satisfactory yields on loans and securities and funding these assets with a favorable deposit mix containing a significant level of noninterest-bearing demand deposits.

Fully-tax-equivalent net interest income showed a 1.2% increase from $4,895 for the three-month period ended September 30, 1999 to $4,953 for the three-month period ended September 30, 2000. During the same period, total fully-tax-equivalent interest income increased by 5.7% from $8,275 to $8,744 and total interest expense increased by 12.2% from $3,380 to $3,791. Fully-tax-equivalent net interest income as a percentage of total earning assets has shown an increase of .13% from 4.45% for the three-month period ended September 30, 1999 to 4.58% for the three-month period ended September 30, 2000.

Fully-tax-equivalent net interest income showed a 7.3% increase from $14,002 for the nine-month period ended September 30, 1999 to $15,022 for the nine-month period ended September 30, 2000. During the same period, total fully-tax-equivalent interest income increased by 8.4% from $23,745 to $25,734 and total interest expense increased by 9.9% from $9,743 to $10,712. Fully-tax-equivalent net interest income as a percentage of total earning assets has shown an increase of .26% from 4.43% for the nine-month period ended September 30, 1999 to 4.69% for the nine-month period ended September 30, 2000.

The tables on the following four pages present selected financial data and an analysis of net interest income.                                         







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CNB Corporation and Subsidiary
Rate/Volume Variance Analysis
For the Three Months Ended September 30, 2000 and 1999
(Dollars in Thousands)

(1)  Tax-equivalent adjustment based on a 34% tax rate.
(2)  Includes non-accruing loans which does not have a material effect on the Net Yield on Earning Assets.

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CNB Corporation and Subsidiary
Rate/Volume Variance Analysis
For the Nine Months Ended September 30, 2000 and 1999
(Dollars in Thousands)

(1)  Tax-equivalent adjustment based on a 34% tax rate.

(2)  Includes non-accruing loans which does not have a material effect on the Net Yield on Earning Assets.

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NET INCOME (continued)                                                         

Provision for Possible Loan Losses - It is the policy of the bank to maintain the reserve for possible loan losses at the greater of 1.20% of net loans or the percentage based on the actual loan loss experience over the previous five years. In addition, management may increase the reserve to a level above these guidelines to cover potential losses identified in the portfolio.

The provision for possible loan losses was $170 for the three-month period ended September 30, 2000 and $200 for the three-month period ended September 30, 1999. Net loan charge-offs/(recoveries) totaled $155 or the three-month period ended September 30, 2000 and $144 for the same period in 1999.         

The provision for possible loan losses was $650 for the nine-month period ended September 30, 2000 and $530 for the nine-month period ended September 30, 1999. Net loan charge-offs/(recoveries) totaled $258 for the nine-month period ended September 30, 2000 and $229 for the same period in 1999.         

The reserve for possible loan losses as a percentage of net loans was 1.35% at September 30, 2000 and 1.36% at September 30, 1999. The increased provision during the nine-month period ended September 30, 2000 was due to continued strong loan growth during 2000.                                                

Securities Transactions - The Bank had no security sales during the first nine months of 2000 or 1999. At September 30, 2000, December 31, 1999, and September 30, 1999 market value appreciation/(depreciation) in the securities portfolio totaled $(1,264), $(2,121), and $(846). As indicated, market value has decreased in 1999 and 2000 due to rising market interest rates.           

Other Income - Other income, net of any gains/losses on security transactions, increased by 8.5% from $1,126 for the three-month period ended September 30, 1999 to $1,222 for the three-month period ended September 30, 2000.            

Other income, net of any gains/losses on security transactions, increased by 11.3% from $3,048 for the nine-month period ended September 30, 1999 to $3,393 for the nine-month period ended September 30, 2000.                            

This increase in the three-month period and nine-month period ended September 30, 2000 was due to an increase in deposit account volumes and higher merchant discount income.

Other Expenses - Other expenses increased by 9.4% from $3,144 for the three-month period ended September 30, 1999 to $3,438 for the three-month period ended September 30, 2000. The major components of other expenses are salaries and employee benefits which increased 8.7% from $1,852 to $2,013; occupancy expense which increased 8.2% from $401 to $434; and other operating expenses which increased by 11.2% from $891 to $991.

Other expenses increased by 4.3% from $7,016 for the nine-month period ended September 30, 1999 to $7,320 for the nine-month period ended September 30, 2000. The major components of other expenses are salaries and employee benefits which increased 9.0% from $5,561 to $6,059; occupancy expense which increased 10.0% from $1,236 to $1,359; and other operating expense which increased by 12.2% from $2,433 to $2,731.

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The increase in the three-month and nine-month period ended September 30, 2000 salaries and employee benefits and occupancy expense was due to the opening of the new "Murrells Inlet Office" in the spring of 2000 and increases in the cost to provide employee benefits - particularly health insurance coverage. Other operating expenses have shown an increase due to higher credit card department related costs to support the strong growth in merchant discount income.

Income Taxes - Provisions for income taxes decreased 4.6% from $843 for the three-month period ended September 30, 1999 to $804 for the three-month period ended September 30, 2000. Income before income taxes less interest on tax-exempt investment securities decreased by 5.3% from $2,407 for the three-month period ended September 30, 1999 to $2,280 for the same period in 2000. State tax liability increased as income before income taxes decreased 4.5% from $2,585 to $2,469 during the same period.

Provisions for income taxes increased 3.5% from $2,308 for the nine-month period ended September 30, 1999 to $2,389 for the nine-month period ended September 30, 2000. Income before income taxes less interest on tax-exempt investment securities increased by 4.0% from $6,484 for the nine-month period ended September 30, 1999 to $6,746 for the same period in 2000 and state tax liability increased as income before income taxes increased 4.3% from $7,016 to $7,320 during the same period.

LIQUIDITY

The bank's liquidity position is primarily dependent on short-term demands for funds caused by customer credit needs and deposit withdrawals and upon the liquidity of bank assets to meet these needs. The bank's liquidity sources include cash and due from banks, federal funds sold and short-term investments. In addition, the bank has established federal funds lines of credit from correspondent banks and has the ability to borrow funds from the Federal Reserve System and the Federal Home Loan Bank of Atlanta. Management feels that short-term and long-term liquidity sources are more than adequate to meet funding needs.                                                         

CAPITAL RESOURCES                                                              

Total stockholders' equity was $49,076, $43,712, $41,201 and $37,717 at September 30, 2000, December 31, 1999, December 31, 1998, and December 31, 1997, representing 10.53%, 9.59%, 9.66%, and 9.90% of total assets, respectively. At September 30, 2000, the Bank exceeds quantitative measures established by regulation to ensure capital adequacy (see NOTE 12 - REGULATORY MATTERS). Capital is considered sufficient by management to meet current and prospective capital requirements and to support anticipated growth in bank operations.

The Company paid an approximate 20% stock dividend on September 11, 2000. The Board increased the $3.00 per share annual cash dividend paid at year-end 1997 to $3.50 per share at year-end 1998 which increased the cash dividend payout ratio and cash dividend yield.                                                 











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EFFECTS OF REGULATORY ACTION                                                   

The Federal Deposit Insurance Corporation (FDIC) reduced FDIC insurance premium rates during the third quarter of 1995 which has had a positive effect on subsequent earnings and should favorably impact future year's income. Effective March 11, 2000, the Gramm-Leach-Bliley Act of 1999 allows bank holding companies to elect to be treated as financial holding companies which may engage in a broad range of securities, insurance, and other financial activities. At this time, neither the Company nor the Bank plan to enter these new lines of business. The management of the Company and the Bank is not aware of any current recommendations by the regulatory authorities which, if they were to be implemented, would have a material effect on liquidity, capital resources, or operations.                                              

ACCOUNTING ISSUES                                                              

In June 1998, the FASB issued SFAS 133, "Accounting for Derivative Instrument and Hedging Activities". All derivatives are to be measured at fair value and recognized in the balance sheet as assets or liabilities. The statement is effective for fiscal years and quarters beginning after June 15, 2000. Because the Company does not use derivative transactions at this time, management does not expect that this standard will have a significant effect on the Company.  

YEAR 2000                                                                      

The Year 2000 date change posed a unique challenge to the banking industry. This technical problem posed not only a physical system threat but also a threat to the public's confidence in the banking industry. The Conway National Bank's investment of its staff and financial resources to address operational issues and to maintain the confidence of our customers resulted in an uneventful but successful Year 2000 date change.

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See Exhibit Index appearing below.                                             

(b)  Reports on Form 8-K - No reports on Form 8-K were filed during the
     quarter covered by this report.                                           

                                   EXHIBIT INDEX                               

Exhibit
Number

  27         Financial Data Schedule - Article 9 Financial Data Schedule for              10-Q for electronic filers (pages 25 and 26).                    

All other exhibits, the filing of which are required with this Form, are not applicable.





CNB Corporation                                                                




SIGNATURE


Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.                                         




                                    CNB Corporation                            
                                    (Registrant)





                                    Paul R. Dusenbury                          
                                    ________________________________________ _
                                    Paul R. Dusenbury                          
                                    Treasurer
                                    (Chief Financial and Accounting Officer)



Date: November 13, 2000

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