SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
(MARK ONE) FORM 10-Q
X QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
---- OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1997
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
FOR THE TRANSITION PERIOD FROM _________TO_________
Commission File Number 33-76644
COMMUNITYCORP
(Exact name of registrant as specified in its charter)
South Carolina 57-1019001
(State or other jurisdiction (I.R.S. Employer
of incorporation) Identification No.)
1100 N. JEFFERIES BOULEVARD
WALTERBORO, SC 29488
(Address of principal executive
offices, including zip code)
(803) 549-2265
(Registrant's telephone number, including area code)
------------------------------------------------
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_____
Indicate the number of shares outstanding of each of the issuer's classes of
common stock as of the date of this filing.
300,000 SHARES OF COMMON STOCK, $5.00 PAR VALUE
PAGE 1 OF 14
EXHIBIT INDEX ON PAGE 2
COMMUNITYCORP
INDEX
Page No.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Condensed Consolidated Balance Sheets - June 30, 1997 and
December 31, 1996............................................ 3
Condensed Consolidated Statements of Income - Six months ended June 30,
1997 and 1996 and Three months ended June 30, 1997
and 1996..................................................... 4
Condensed Consolidated Statement of Shareholders' Equity - Six
months ended June 30, 1997................................... 5
Condensed Consolidated Statements of Cash Flows - Six months
ended June 30, 1997 and 1996................................. 6
Notes to Condensed Consolidated Financial Statements......... 7
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations................................. 7-12
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders...... 13
Item 6. Exhibits and Reports on Form 8-K......................... 13
(a) Exhibits............................................. 13
(b) Reports on Form 8-K.................................. 13
2
COMMUNITYCORP
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
JUNE 30, DECEMBER 31,
1997 1996
-------------- --------
ASSETS:
CASH AND CASH EQUIVALENTS:
CASH AND DUE FROM BANKS $ 2,203,452 $ 2,382,087
FEDERAL FUNDS SOLD & REPURCHASE AGREEMENTS 3,690,000 640,000
------------ ------------
5,893,452 3,022,087
TIME DEPOSITS WITH OTHER BANKS 10,000 10,000
SECURITIES AVAILABLE-FOR-SALE 10,306,235 10,187,941
SECURITIES HELD-TO-MATURITY (ESTIMATED MARKET VALUE
OF $6,078,211 AND $6,821,855 AT JUNE 30, 1997
AND DECEMBER 31, 1996, RESPECTIVELY) 6,109,383 6,810,399
LOANS RECEIVABLE 35,983,107 35,153,845
LESS ALLOWANCE FOR LOAN LOSSES (696,240) (638,688)
------------ ------------
LOANS, NET 35,286,867 34,515,157
ACCRUED INTEREST RECEIVABLE 702,390 690,700
PREMISES, FURNITURE & EQUIPMENT, NET 1,448,365 1,262,024
OTHER ASSETS 264,159 280,190
------------ ------------
TOTAL ASSETS $ 60,020,851 $ 56,778,498
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY:
LIABILITIES:
DEPOSITS:
NON-INTEREST BEARING $ 5,805,790 $ 5,673,918
INTEREST BEARING 46,424,401 44,391,280
------------ ------------
52,230,191 50,065,198
OTHER BORROWINGS 740,000
ACCRUED INTEREST AND OTHER LIABILITIES 344,172 330,048
------------ ------------
TOTAL LIABILITIES 53,314,363 50,395,246
------------ ------------
SHAREHOLDERS' EQUITY:
PREFERRED STOCK, $5 PAR VALUE, 3,000,000 SHARES
AUTHORIZED AND UNISSUED
COMMON STOCK, $5 PAR VALUE, 3,000,000 SHARES
AUTHORIZED, 300,000 SHARES ISSUED
AND OUTSTANDING 1,500,000 1,500,000
CAPITAL SURPLUS 1,731,708 1,731,708
UNREALIZED GAIN (LOSS) ON SECURITIES
AVAILABLE-FOR-SALE, NET OF DEFERRED TAXES (13,496) 38,800
RETAINED EARNINGS 3,516,687 3,131,155
TREASURY STOCK (1,583 SHARES IN 1997 AND 1,083
SHARES IN 1996) (28,411) (18,411)
------------ ------------
TOTAL SHAREHOLDERS' EQUITY 6,706,488 6,383,252
------------ ------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 60,020,851 $ 56,778,498
============ ============
SEE NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
3
COMMUNITYCORP
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
SIX MONTHS ENDED THREE MONTHS ENDED
JUNE 30, JUNE 30,
----------------------- ----------------
1997 1996 1997 1996
----------- ------------ ------------ --------
INTEREST INCOME:
LOANS, INCLUDING FEES $1,688,116 $1,479,293 $ 853,550 $ 740,891
SECURITIES 509,386 361,921 253,469 204,056
OTHER INTEREST INCOME 88,995 128,080 54,294 67,966
---------- ---------- ---------- ----------
TOTAL 2,286,497 1,969,294 1,161,313 1,012,913
---------- ---------- ---------- ----------
INTEREST EXPENSE:
DEPOSIT ACCOUNTS 1,035,651 910,241 519,427 472,935
OTHER INTEREST
EXPENSE 2,856 12,601 2,856 2,079
---------- ---------- ---------- ----------
1,038,507 922,842 522,283 475,014
---------- ---------- ---------- ----------
NET INTEREST INCOME 1,247,990 1,046,452 639,030 537,899
PROVISION FOR LOAN
LOSSES 65,000 60,000 35,000 30,000
---------- ---------- ---------- ----------
NET INTEREST INCOME
AFTER PROVISION FOR
LOAN LOSSES 1,182,990 986,452 604,030 507,899
---------- ---------- ---------- ----------
OTHER OPERATING INCOME:
SERVICE CHARGES 117,003 98,262 59,855 50,815
OTHER INCOME 11,777 8,577 4,842 2,070
---------- ---------- ---------- ----------
TOTAL 128,780 106,839 64,697 52,885
---------- ---------- ---------- ----------
OTHER OPERATING EXPENSES:
SALARIES AND BENEFITS 269,013 238,812 128,449 121,737
NET OCCUPANCY EXPENSE 37,538 34,387 18,837 47,380
EQUIPMENT EXPENSE 84,847 56,522 42,818 1,693
OTHER OPERATING
EXPENSES 213,644 185,831 109,777 95,163
---------- ---------- ---------- ----------
TOTAL 605,042 515,552 299,881 265,973
---------- ---------- ---------- ----------
INCOME BEFORE TAXES 706,728 577,739 368,846 294,811
INCOME TAX PROVISION 237,500 204,200 125,500 103,700
---------- ---------- ---------- ----------
NET INCOME $ 469,228 $ 373,539 $ 243,346 $ 191,111
========== ========== ========== ==========
EARNINGS PER SHARE:
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING $ 298,878 $ 299,929 $ 298,850 $ 299,857
========== ========== ========== ==========
NET INCOME PER COMMON
SHARE $ 1.57 $ 1.25 $ .81 $ .64
========== ========== ========== ==========
SEE NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
4
COMMUNITYCORP
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
FOR THE SIX MONTHS ENDED JUNE 30, 1997
(UNAUDITED)
Unrealized
Gain (Loss) on
Securities Total
Common Stock Capital Available Retained Treasury Shareholders
Shares Amount Surplus for Sale, net Earnings Stock Equity
Balance,
December 31, 1996 300,000 $ 1,500,000 $ 1,731,708 $ 38,800 $ 3,131,155 $ (18,411) $ 6,383,252
Cash dividends declared
- $.28 per share (83,696) (83,696)
Change in fair value
during for the period (52,296) (52,296)
Purchase of Treasury
Stock (10,000) (10,000)
Net income
for the period 469,228 469,228
------------ ------------ ------------ ------------ ------------- ------------ ------------
Balance,
June 30, 1997 300,000 $ 1,500,000 $ 1,731,708 $ (13,496)3,516,687 $ (28,411)$6,706,488
============ ============ ============ ============ ========= ========= ==========
SEE NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
5
COMMUNITYCORP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
SIX MONTHS ENDED
JUNE 30,
1997 1996
----------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME $ 469,228 $ 373,539
ADJUSTMENTS TO RECONCILE NET INCOME TO
NET CASH PROVIDED BY OPERATING ACTIVITIES:
DEPRECIATION 81,400 41,950
PROVISION FOR POSSIBLE LOAN LOSSES 65,000 60,000
AMORTIZATION LESS ACCRETION ON INVESTMENTS 4,558 9,139
AMORTIZATION OF DEFERRED LOAN COSTS 20,659 17,428
(INCREASE) DECREASE IN INTEREST RECEIVABLE
AND OTHER ASSETS 31,905 (126,237)
INCREASE (DECREASE) IN INTEREST PAYABLE
AND OTHER LIABILITIES 14,124 (262,481)
----------- -----------
NET CASH PROVIDED BY OPERATING
ACTIVITIES 686,874 113,338
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
NET INCREASE IN LOANS TO CUSTOMERS (857,369) (361,325)
PURCHASES OF SECURITIES AVAILABLE-FOR-SALE (626,275) (5,549,273)
MATURITIES OF SECURITIES AVAILABLE-FOR-SALE 428,925 1,289,880
SALES OF SECURITIES AVAILABLE-FOR-SALE 100,125
PURCHASES OF SECURITIES HELD-TO-MATURITY (2,589,017)
MATURITIES OF SECURITIES HELD-TO-MATURITY 695,654 648,560
PURCHASES OF PREMISES AND EQUIPMENT (274,054) (17,827)
DISPOSAL OF PREMISES AND EQUIPMENT 6,313
----------- ------------
NET CASH USED
BY INVESTING ACTIVITIES (626,806) (6,478,877)
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
NET INCREASE IN DEPOSITS ACCOUNTS 2,164,993 6,934,045
INCREASE (DECREASE) IN SHORT-TERM BORROWINGS 740,000 (989,554)
PURCHASE OF TREASURY STOCK (10,000) (18,411)
DIVIDENDS PAID (83,696) (75,000)
----------- -----------
NET CASH PROVIDED BY FINANCING ACTIVITIES 2,811,297 5,851,080
----------- -----------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 2,871,365 (514,459)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 3,022,087 6,628,028
----------- -----------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 5,893,452 $ 6,113,569
=========== ===========
CASH PAID DURING THE PERIOD FOR:
INCOME TAXES $ 174,000 $ 413,129
INTEREST $ 1,018,158 $ 925,353
SEE NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
6
COMMUNITYCORP
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1 - BASIS OF PRESENTATION
The accompanying consolidated financial statements have been prepared in
accordance with the requirements for interim financial statements and,
accordingly, they are condensed and omit disclosures which would substantially
duplicate those contained in the most recent annual report to shareholders. The
financial statements as of June 30, 1997 and for the interim periods ended June
30, 1997 and 1996 are unaudited and, in the opinion of management, include all
adjustments (consisting of normal recurring accruals) considered necessary for a
fair presentation. The financial information as of December 31, 1996 has been
derived from the audited financial statements as of that date. For further
information, refer to the financial statements and the notes included in
Communitycorp's 1996 Annual Report.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
The following is a discussion of the Company's financial condition as of June
30, 1997 compared to December 31, 1996, and the results of operations for the
three and six months ended June 30, 1997 compared to the three and six months
ended June 30, 1996. These comments should be read in conjunction with the
Company's condensed consolidated financial statements and accompanying footnotes
appearing in this report.
RESULTS OF OPERATIONS
NET INTEREST INCOME
For the six months ended June 30, 1997, net interest income increased $201,538
or 19.3% over the same period in 1996. The net interest margin realized on
earning assets increased slightly from 4.38% for the six months ended June 30,
1996 to 4.49% for the same period in 1997. Yields on earning assets increased
slightly as a result of growth in investments while the increase in certificates
of deposit resulted in higher yields on interest bearing liabilities. The
interest rate spread also increased by 18 basis points from 3.57% at June 30,
1996 to 3.75% at June 30, 1997.
Net interest income increased from $537,899 for the quarter ending June 30, 1996
to $639,030 for the quarter ending June 30, 1997. This represents an increase of
$101,131 or 18.8%. The net interest margin realized on earning assets increased
from 4.34% for the quarter ended June 30, 1996 to 4.52% for the quarter ended
June 30, 1997. The interest rate spread also increased by 21 basis points from
3.57% at June 30, 1996 to 3.78% at June 30, 1997.
7
COMMUNITYCORP
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS -- continued
PROVISION AND ALLOWANCE FOR LOAN LOSSES
The provision for loan losses is the charge to operating earnings that
management feels is necessary to maintain the allowance for possible loan losses
at an adequate level. For the six months ended June 30, 1997, the provision
charged to expense was $65,000. The increase of $5,000 from the comparable
period in 1996 is a result of management's efforts to match the growth in the
loan portfolio. For the quarter ended June 30, 1997 and 1996, the provision
charged to expense was $35,000 and 30,000, respectively. Based on present
information, management believes the allowance for loan losses is adequate at
June 30, 1997 to meet presently known and inherent risks in the loan portfolio.
NON-INTEREST INCOME
Non-interest income during the six months ended June 30, 1997 was $128,780, an
increase of $21,941 or 20.5% from the comparable period in 1996. The increase is
primarily a result of an increase in service charges from $98,262 at June 30,
1996 to $117,003 at June 30, 1997. Overdraft and NSF fees increased by $14,006
to $80,991 at June 30, 1997. This change is a result of the increase in deposit
accounts over the two periods. Deposits at June 30, 1996 were $47,573,652
compared to $52,230,191 at June 30, 1997.
For the quarter ended June 30, 1997, non-interest income increased $11,812 or
22.3% over the same period in 1996. This increase is primarily due to service
charges which increased $9,040 or 17.8% from the quarter ended June 30, 1996 to
the quarter ended June 30, 1997.
NON-INTEREST EXPENSE
Total non-interest expense for the six months ended June 30, 1997 was $605,042
or 17.4% higher than the six months ended June 30, 1996. Salaries and employee
benefits increased from $238,812 at June 30, 1996 to $269,013 for the six months
ended June 30, 1997. This increase is due to the addition of one full time
employee, pay raises and additional part-time help to assist in various areas of
the Company.
For the quarter ended June 30, 1997, non-interest expense increased $33,908 or
12.7% over the same period in 1996. The largest increase between the quarter
ended June 30, 1997 and the quarter ended June 30, 1996 was in other operating
expenses which increased $14,614 or 15.4%.
INCOME TAXES
The income tax provision for the six months ended June 30, 1997 was $237,500 as
compared to $204,200 for the same period in 1996. The effective tax rates were
33.60% and 35.34% at June 30, 1997 and 1996, respectively. The effective tax
rates were 34.02% and 35.17% for the quarter ended June 30, 1997 and June 30,
1996, respectively.
8
COMMUNITYCORP
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS -- continued
NET INCOME
The combination of the above factors resulted in net income for the six months
ended June 30, 1997 of $469,228 as compared to $373,539 for the same period in
1996. This represents an increase of $95,689 or 25.62% over the same period in
1996. For the quarter ended June 30, 1997, net income was $243,346 as compared
to $191,111 for the quarter ended June 30, 1996. This represents an increase of
$52,235 or 27.33% from the quarter ending June 30, 1997 as compared to the
quarter ending June 30, 1996.
ASSETS AND LIABILITIES
During the first six months of 1997, total assets increased $3,242,353 or 5.7%
when compared to December 31, 1996. The primary source of growth in assets was
in federal funds sold and repurchase agreements with an increase of $3,050,000
during the first six months of 1997. Total deposits increased $2,164,993 or
4.32% from the December 31, 1996 amount of $50,065,198. Within the deposit area,
certificates of deposit increased $876,789 or 3.95% during the first six months
of 1997.
INVESTMENT SECURITIES
Investment securities decreased from $16,998,340 at December 31, 1996 to
$16,415,618 at June 30, 1997. Securities held-to-maturity decreased $701,016 or
10.29% from December 31, 1996 to June 30, 1997.
LOANS
The demand for loans increased slightly in the Walterboro marketplace during the
first six months of 1997. Net loans increased $771,710 or 2.24% during the
period. Balances within the major loans receivable categories as of June 30,
1997 and December 31, 1996 are as follows:
June 30, December 31,
1997 1996
Commercial and industrial $24,480,430 $24,135,094
Real estate 4,386,557 4,564,843
Consumer 6,418,794 5,791,518
Agricultural 334,227 255,994
Other, net 363,099 406,396
----------- -----------
$35,983,107 $35,153,845
=========== ===========
9
COMMUNITYCORP
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS -- continued
RISK ELEMENTS IN THE LOAN PORTFOLIO
The following is a summary of risk elements in the loan portfolio:
June 30,
--------------------
1997 1996
------------ ---------
Loans: Nonaccrual loans $613,875 $214,047
Accruing loans more than 90
days past due $ -- $ --
Loans identified by the internal review mechanism:
Criticized $210,007 $ --
Classified $626,810 $565,559
Activity in the Allowance for Loan Losses is as follows:
June 30,
------------------------------
1997 1996
------------ ------------
Balance, January 1, $ 638,688 $ 617,457
Provision for loan losses for the period 65,000 60,000
Net loans (charged off) recovered for
the period (7,448) (51,166)
------------ ------------
Balance, end of period $ 696,240 $ 626,291
============ ============
Gross loans outstanding, end of period $ 35,983,107 $ 30,508,092
Allowance for Loan Losses to
loans outstanding 1.93% 2.05%
DEPOSITS
At June 30, 1997, total deposits increased by $2,164,993 or 4.32% from December
31, 1996. Expressed in percentages, non-interest bearing deposits increased
2.32% and interest bearing deposits increased 4.58%.
Balances within the major deposit categories as of June 30, 1997 and December
31, 1996 are as follows:
June 30 December 31,
1997 1996
---------- ---------
Non-interest bearing demand deposits $ 5,805,790 $ 5,673,918
Interest bearing demand deposits 7,195,460 6,886,479
Savings deposits 16,161,623 15,314,272
Certificates of deposit 23,067,318 22,190,529
------------- --------------
$ 52,230,191 $ 50,065,198
============= ==============
10
COMMUNITYCORP
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS -- continued
LIQUIDITY
Liquidity needs are met by the Company through scheduled maturities of loans and
investments on the asset side and through pricing policies on the liability side
for interest-bearing deposit accounts. The level of liquidity is measured by the
loan-to-total borrowed funds ratio which was at 66.6% at June 30, 1997 and
68.94% at December 31, 1996.
Securities available-for-sale which totaled $10,306,235 at June 30, 1997, serve
as a ready source of liquidity. The Company also has lines of credit available
with correspondent banks to purchase federal funds for periods from one to seven
days. At June 30, 1997, unused lines of credit totaled $2,500,000.
CAPITAL RESOURCES
Total shareholders' equity increased from $6,383,252 at December 31, 1996 to
$6,706,488 at June 30, 1997. The increase of $323,236 is primarily attributable
to earnings for the period of $469,228 with dividends paid out of $83,696. A
negative change of $52,296 in the fair value of securities available-for-sale
and the purchase of treasury stock of $10,000 resulted in decreases to total
equity.
Bank holding companies, such as the Company, and their banking subsidiaries are
required by banking regulators to meet certain minimum levels of capital
adequacy which are expressed in the form of certain ratios. Capital is separated
into Tier I capital (essentially common shareholders' equity less intangible
assets) and Tier II capital (essentially the allowance for loan losses limited
to 1.25% of risk-weighted assets). The first two ratios, which are based on the
degree of credit risk in the Company's assets, provide the weighting of assets
based on assigned risk factors and include off-balance sheet items such as loan
commitments and stand-by letters of credit. The ratio of Tier I capital to
risk-weighted assets must be at least 4.0% and the ratio of total capital (Tier
I capital plus Tier 2 capital) to risk-weighted assets must be at least 8.0%.
The capital leverage ratio supplements the risk-based capital guidelines. Banks
and bank holding companies are required to maintain a minimum ratio of Tier I
capital to adjusted quarterly average total assets of 3.0%.
The following table summarizes the Company's risk-based capital at June 30,
1997:
Shareholders' equity $ 6,719,984
Less: intangibles (35,670)
-----------
Tier I capital 6,684,314
Plus: allowance for loan losses (1) 524,257
-----------
Total capital $ 7,208,571
===========
Risk-weighted assets $41,940,582
===========
11
COMMUNITYCORP
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS -- continued
CAPITAL RESOURCES -- continued
Risk based capital ratios
Tier I 15.94%
Total capital 17.19%
Leverage ratio 11.14%
(1) limited to 1.25% of risk-weighted assets
The Company is in the process of building a branch in Ravenel, South Carolina.
During the quarter ended June 30, 1997, the Company incurred costs of
approximately $123,747 with an estimated cost to complete of $630,000. The
branch is scheduled to be completed during the third quarter of 1997.
REGULATORY MATTERS
The management of the Company is not aware of any current recommendations by
regulatory authorities which, if they were to be implemented, would have a
material effect on liquidity, capital resources, or operations.
12
COMMUNITYCORP
PART II - OTHER INFORMATION
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
On April 29, 1997, the Company held its Annual Meeting of Shareholders for the
purpose of (a) electing three directors for three-year terms, and (b) ratifying
the appointment of Tourville, Simpson & Henderson, certified public accountants,
as the Company's independent auditors for the fiscal year ending December 31,
1997.
The nominees for director received the number of affirmative votes of
shareholders required for such nominee's election in accordance with the Bylaws
of the Company with 197,720 shareholders voting for the nominees out of a total
300,000 outstanding shareholders. There were no abstentions or negative votes.
Tourville, Simpson & Henderson also received the requisite number of affirmative
votes required for approval pursuant to the Bylaws of the Company. Of the
300,000 outstanding shareholders of the Company, 197,720 shareholders voted for
their selection as independent auditors. There were no abstentions or negative
votes.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits - None
(b) Reports on Form 8-K - No reports on Form 8-K were filed
during the quarter ended June 30, 1997
Items 1, 2, 3 and 5 are not applicable.
13
COMMUNITYCORP
PART II - OTHER INFORMATION
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.
COMMUNITYCORP
By: ___________________________________
W. Roger Crook
President & Chief Executive Officer
Date: August 4, 1997 By: ___________________________________
Gwen P. Bunton
Chief Financial Officer
14