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 MARCH 31, 1999
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)
(843) 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>
COMMUNITYCORP
INDEX
<TABLE>
<CAPTION>
PART I. FINANCIAL INFORMATION Page No.
<S> <C>
Item 1. Financial Statements (Unaudited)
Condensed Consolidated Balance Sheets - March 31, 1999 and
December 31, 1998....................................................................... 3
Condensed Consolidated Statements of Income - Three months ended
March 31, 1999 and 1998................................................................. 4
Condensed Consolidated Statement of Shareholders' Equity - Three
months ended March 31, 1999............................................................. 5
Condensed Consolidated Statements of Cash Flows - Three months
ended March 31, 1999 and 1998........................................................... 6
Notes to Condensed Consolidated Financial Statements.................................... 7
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations............................................................ 8-12
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders..................................... 12
Item 6. Exhibits and Reports on Form 8-K........................................................ 12-14
(a) Exhibits............................................................................ 12-14
(b) Reports on Form 8-K................................................................. 12-14
</TABLE>
2
<PAGE>
COMMUNITYCORP
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
<TABLE>
<CAPTION>
MARCH 31, DECEMBER 31,
1999 1998
---------------- ----------------
<S> <C> <C>
ASSETS:
Cash and cash equivalents:
Cash and due from banks $ 2,973,607 $ 3,864,460
Federal funds sold and securities purchased under agreements to resell 14,570,000 15,610,000
---------------- ----------------
17,543,607 19,474,460
Securities available-for-sale 12,608,312 10,744,051
Securities held-to-maturity (estimated market value of $5,316,669 and
$5,259,426 at March 31, 1999 and December 31, 1998, respectively) 5,289,454 5,192,435
Loans receivable 53,614,604 51,879,654
Less allowance for loan losses (942,349) (929,482)
---------------- ----------------
Loans, net 52,672,255 50,950,172
Accrued interest receivable 791,434 790,130
Premises, furniture & equipment, net 1,891,145 1,905,761
Other assets 470,886 445,961
---------------- ----------------
Total assets $ 91,267,093 $ 89,502,970
================ ================
LIABILITIES AND SHAREHOLDERS' EQUITY:
Liabilities:
Deposits:
Non-interest bearing $ 7,684,042 $ 8,532,818
Interest bearing 74,022,098 71,815,951
---------------- ----------------
81,706,140 80,348,769
Short-term borrowings 510,000 410,000
Accrued interest payable 503,326 498,256
Other liabilities 258,190 76,367
---------------- ----------------
Total liabilities 82,977,656 81,333,392
---------------- ----------------
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
Accumulated other comprehensive income (23,620) 39,620
Retained earnings 5,108,760 4,925,661
Treasury stock (1,583 shares in 1999 and 1,583 shares in 1998) (27,411) (27,411)
---------------- ----------------
Total shareholders' equity 8,289,437 8,169,578
---------------- ----------------
Total liabilities and shareholders' equity $ 91,267,093 $ 89,502,970
================ ================
</TABLE>
See notes to condensed consolidated financial statements
3
<PAGE>
COMMUNITYCORP
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
---------------------------------
1999 1998
--------------- ---------------
<S> <C> <C>
Interest income:
Loans, including fees $ 1,239,225 $ 1,007,620
Securities 220,566 217,786
Other interest income 178,710 66,230
--------------- ---------------
Total 1,638,501 1,291,636
--------------- ---------------
Interest expense:
Deposit accounts 779,724 588,552
Other interest expense 4,866 5,436
--------------- ---------------
784,590 593,988
--------------- ---------------
Net interest income 853,911 697,648
Provision for loan losses 95,000 30,000
--------------- ---------------
Net interest income after
provision for loan losses 758,911 667,648
--------------- ---------------
Other operating income:
Service charges 92,372 67,547
Other income 24,523 12,353
--------------- ---------------
Total 116,895 79,900
--------------- ---------------
Other operating expenses:
Salaries and benefits 210,794 200,885
Net occupancy expense 26,976 30,316
Equipment expense 57,701 57,612
Other operating expenses 129,795 122,648
--------------- ---------------
Total 425,266 411,461
--------------- ---------------
Income before taxes 450,540 336,087
Income tax provision 148,058 111,500
--------------- ---------------
Net income 302,482 224,587
--------------- ---------------
Other comprehensive income, net of tax:
Unrealized gains (losses) on securities during the period (63,240) 1,122
--------------- ---------------
Other comprehensive income (63,240) 1,122
--------------- ---------------
Comprehensive income $ 239,242 $ 225,709
=============== ===============
Earnings per share:
Weighted average common shares outstanding 298,646 298,646
Net income per common share $ 1.01 $ .75
</TABLE>
See notes to condensed consolidated financial statements
4
<PAGE>
COMMUNITYCORP
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
FOR THE THREE MONTHS ENDED MARCH 31, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
Accumulated
Common Stock Other Total
---------------------- Capital Comprehensive Retained Treasury Shareholders'
Shares Amount Surplus Income Earnings Stock Equity
---------- ---------- ---------- ---------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Balance,
December 31, 1998 300,000 $1,500,000 $1,731,708 $ 39,620 $ 4,925,661 $ (27,411) $8,169,578
Cash dividends declared
- $.40 per share (119,383) (119,383)
Other comprehensive
income (63,240) (63,240)
Net income
for the period 302,482 302,482
---------- ---------- ---------- ---------- ----------- ---------- ----------
Balance,
March 31, 1999 300,000 $1,500,000 $1,731,708 $ (23,620) $ 5,108,760 $ (27,411) $8,289,437
========== ========== ========== ========== =========== ========== ==========
</TABLE>
See notes to condensed consolidated financial statements
5
<PAGE>
COMMUNITYCORP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
---------------------------------
1999 1998
--------------- ---------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 302,482 $ 224,587
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation 46,208 48,881
Provision for possible loan losses 95,000 30,000
Amortization less accretion on investments (3,088) 178
Amortization of deferred loan costs 19,142 16,794
Gain on sale of premises and equipment (18,500) -
(Increase) decrease in interest receivable (1,304) 43,106
Increase (decrease) in interest payable 5,070 129,203
(Increase) decrease in other assets 7,700 (29,532)
Increase (decrease) in other liabilities 181,823 (1,932)
--------------- ---------------
Net cash provided by operating activities 634,533 461,285
--------------- ---------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Net (increase) decrease in loans to customers (1,836,225) (1,334,883)
Purchases of securities available-for-sale (2,705,750) (299,750)
Maturities of securities available-for-sale 750,361 983,496
Purchases of securities held-to-maturity (725,000) (309,567)
Maturities of securities held-to-maturity 626,332 897,786
Proceeds from disposal of premises and equipment 18,500 -
Purchases of premises and equipment (31,592) (60,097)
--------------- ---------------
Net cash used by investing activities (3,903,374) (123,015)
--------------- ---------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase in deposits accounts 1,357,371 2,119,546
Increase (decrease) in short-term borrowings 100,000 (30,000)
Dividends paid (119,383) (92,509)
--------------- ---------------
Net cash provided by financing activities 1,337,988 1,997,037
--------------- ---------------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (1,930,853) 2,335,307
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 19,474,460 5,732,260
--------------- ---------------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 17,543,607 $ 8,067,567
=============== ===============
Cash paid during the period for:
Income taxes $ 13,030 $ -
Interest $ 779,520 $ 595,920
</TABLE>
See notes to condensed consolidated financial statements
6
<PAGE>
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 March 31, 1999 and for the interim periods ended
March 31, 1999 and 1998 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, 1998 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 1998 Annual Report.
NOTE 2 - ADOPTION OF ACCOUNTING PRINCIPLE
On January 1, 1998, the Company adopted Statement of Financial Accounting
Standards No. 130 (SFAS 130), "Reporting Comprehensive Income." SFAS 130
establishes standards for reporting comprehensive income. Comprehensive income
includes net income and other comprehensive income which is defined as non-owner
related transactions in equity. Prior periods have been reclassified to reflect
the application of the provisions of SFAS 130. The following table sets forth
the amounts of other comprehensive income included in equity along with the
related tax effect for the three months ended March 31, 1999 and 1998:
<TABLE>
<CAPTION>
Pre-tax (Expense) Net of tax
FOR THE QUARTER ENDED MARCH 31, 1999: Amount Benefit Amount
--------------- --------------- ---------------
<S> <C> <C> <C>
Net unrealized gains (losses) on securities
available for sale arising in 1999 $ (95,865) $ 32,625 $ (63,240)
--------------- --------------- ---------------
Other comprehensive income $ (95,865) $ 32,625 $ (63,240)
=============== =============== ===============
Pre-tax (Expense) Net of tax
FOR THE QUARTER ENDED MARCH 31, 1998: Amount Benefit Amount
--------------- --------------- ---------------
Net unrealized gains (losses) on securities
available for sale arising in 1998 $ 1,729 $ (607) $ 1,122
--------------- --------------- ---------------
Other comprehensive income $ 1,729 $ (607) $ 1,122
=============== =============== ===============
</TABLE>
Accumulated other comprehensive income consists solely of the unrealized gain on
securities available for sale, net of the deferred tax effects.
7
<PAGE>
COMMUNITYCORP
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
The following is a discussion of the Company's financial condition as of March
31, 1999 compared to December 31, 1998, and the results of operations for the
three months ended March 31, 1999 compared to the three months ended March 31,
1998. 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 three months ended March 31, 1999, net interest income increased
$156,263 or 22.40% over the same period in 1998. The net interest margin
realized on earning assets decreased slightly from 4.49% for the three months
ended March 31, 1998 to 4.04% for the same period in 1999. The interest rate
spread decreased from 3.56% at March 31, 1998 to 3.45% at March 31, 1999.
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 three months ended March 31, 1999, the provision
charged to expense was $95,000. This was $65,000 greater than for the comparable
period in 1998. Based on present information, management believes the allowance
for loan losses is adequate at March 31, 1999 to meet presently known and
inherent risks in the loan portfolio.
NON-INTEREST INCOME
Non-interest income during the three months ended March 31, 1999 was $116,895,
an increase of $36,995 or 46.30% from the comparable period in 1998. The
increase is primarily a result of an increase in service charges from $67,547 at
March 31, 1998 to $92,372 at March 31, 1999. Overdraft and NSF fees increased by
$16,613 to $61,944 at March 31, 1999. This change is a result of the increase in
deposit accounts over the two periods. Deposits at March 31, 1999 were
$81,706,140 compared to $59,062,634 at March 31, 1998.
NON-INTEREST EXPENSE
Total non-interest expense for the three months ended March 31, 1999 was
$425,266 or 3.36% higher than the three months and quarter ended March 31, 1998.
Salaries and employee benefits increased from $200,885 at March 31, 1998 to
$210,794 for the three months ended March 31, 1999. This increase is primarily
attributable to annual pay raises. Other operating expenses increased $7,147 or
5.83% to $129,795 for the three months ended March 31, 1999 when compared to the
same period in 1998.
INCOME TAXES
The income tax provision for the three months ended March 31, 1999 was $148,058
as compared to $111,500 for the same period in 1998. This increase was primarily
a result of an increase in income before taxes. The effective tax rates were
32.86% and 33.18% at March 31, 1999 and 1998, respectively.
8
<PAGE>
COMMUNITYCORP
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS -- continued
NET INCOME
The combination of the above factors resulted in net income for the three months
ended March 31, 1999 of $302,482 as compared to $224,587 for the same period in
1998. This represents an increase of $77,895 or 34.68% from the same period in
1998.
ASSETS AND LIABILITIES
During the first three months of 1999, total assets increased $1,764,123 or
1.97% when compared to December 31, 1998. The primary source of growth in assets
was in securities available for sale with an increase of $1,864,261 or 17.35%
over the December 31, 1998 amount of $10,744,051 and in loans receivable with an
increase of $1,734,950 or 3.34% since December 31, 1998. Total deposits
increased $1,357,371 over the December 31, 1998 amount of $80,348,769 to
$81,706,140 at March 31, 1999.
LOANS
The demand for loans continued to increase in the Walterboro marketplace during
the first three months of 1999. Net loans increased $1,722,083 or 3.38% during
the period. Balances within the major loans receivable categories as of March
31, 1999 and December 31, 1998 are as follows:
<TABLE>
<CAPTION>
March 31, December 31,
1999 1998
---------------- ----------------
<S> <C> <C>
Commercial and industrial $ 36,574,639 $ 34,733,571
Real estate 7,637,403 7,813,792
Consumer 9,005,539 8,864,037
Agricultural 169,727 161,719
Other, net 227,296 306,535
---------------- ----------------
$ 53,614,604 $ 51,879,654
================ ================
</TABLE>
RISK ELEMENTS IN THE LOAN PORTFOLIO
The following is a summary of risk elements in the loan portfolio:
<TABLE>
<CAPTION>
Loans: 1999 1998
---------------------------------------
<S> <C> <C>
Nonaccrual loans $ 889,859 $ 562,544
Accruing loans more than 90 days past due $ 3,000 $ 5,016
Loans identified by the internal review mechanism:
Criticized $ 177,748 $ 204,833
Classified $ 740,184 $ 686,274
Activity in the Allowance for Loan Losses is as follows:
1999 1998
------------------ -------------------
Balance, January 1, $ 929,482 $ 743,260
Provision for loan losses for the period 95,000 30,000
Net loans (charged off) recovered for the period (82,133) (22,278)
---------------- ----------------
Balance, end of period $ 942,349 $ 750,982
================ ================
Gross loans outstanding, end of period $ 53,614,604 $ 42,652,925
Allowance for Loan Losses to loans outstanding 1.76% 1.76%
</TABLE>
9
<PAGE>
COMMUNITYCORP
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS -- continued
DEPOSITS
Total deposits increased $1,357,371 or 1.69% from December 31, 1998. Expressed
in percentages, non-interest bearing deposits decreased 9.95% and interest
bearing deposits increased 3.07%.
Balances within the major deposit categories as of March 31, 1999 and December
31, 1998 are as follows:
<TABLE>
<CAPTION>
March 31, December 31,
1999 1998
---------------- ----------------
<S> <C> <C>
Non-interest bearing demand deposits $ 7,684,042 $ 8,532,818
Interest bearing demand deposits 18,589,031 19,872,854
Savings deposits 16,593,255 13,731,101
Certificates of deposit 38,839,812 38,211,996
---------------- ----------------
$ 81,706,140 $ 80,348,769
================ ================
</TABLE>
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 funds ratio which was at 65.21% at March 31, 1999 and 64.24% at
December 31, 1998.
Securities available-for-sale which totaled $12,608,312 at March 31, 1999, 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 March 31, 1999, unused lines of credit totaled $2,500,000.
CAPITAL RESOURCES
Total shareholders' equity increased $119,859 to $8,289,437 at March 31, 1999.
The increase is primarily attributable to earnings for the period of $302,482
less dividends paid of $119,383. A decline of $63,240 in the fair value of
securities available-for-sale offset a portion of the increase in equity that
resulted from earnings.
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 2 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%.
10
<PAGE>
COMMUNITYCORP
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS -- continued
CAPITAL RESOURCES -- continued
The following table summarizes the Company's risk-based capital at March 31,
1999:
Shareholders' equity $ 8,313,057
Less: intangibles (16,213)
----------------
Tier I capital 8,296,844
Plus: allowance for loan losses (1) 746,676
----------------
Total capital $ 9,043,520
================
Risk-weighted assets $ 59,382,115
================
Risk based capital ratios
Tier I 13.89%
Total capital 15.14%
Leverage ratio 9.19%
(1) limited to 1.25% of risk-weighted assets
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.
YEAR 2000
Like many financial institutions, the Bank relies upon computers for the daily
conduct of its business and for information systems processing. There is concern
among industry experts that on January 1, 2000 computers will be unable to
"read" the new year, which may result in widespread computer malfunctions. While
the Bank believes that it has available resources and has adopted a plan to
address Year 2000 compliance, it is still dependent to a certain degree on other
third party vendors. The Bank acquired a new data processing system in early
1997 which the Bank believes is Year 2000 compliant. Testing for this new system
was completed as of March 31, 1999. All phases of the testing were considered to
be successful. The Bank has incurred approximately $15,000 in expenses to
upgrade its computer systems to become Year 2000 compliant. Any other costs
associated with upgrading are not expected to be material.
The Bank anticipates that the costs to upgrade other ancillary systems will not
materially differ from normal costs incurred during prior years to upgrade and
maintain its computer systems. The Bank has completed an evaluation of all its
internal systems and software and the network connections it maintains, and it
may incur only minor additional costs. The Bank is seeking assurances about the
Year 2000 compliance with respect to the other third party hardware and software
systems it uses, and the Bank believes that its internal systems and software
and the network connections it maintains will be adequately programmed to
address the Year 2000 issue. The Bank has completed testing all ancillary
systems, such as telephone systems and security devices, as of March 31, 1999.
There can be no assurances that all hardware and software that the Bank uses
will be Year 2000 compliant, and the Bank cannot predict with any certainty the
costs it will incur to respond to any Year 2000 issues. Factors which may affect
the amount of these costs include the Bank's inability to control third party
modification plans, the Bank's ability to identify and correct all relevant
computer codes, the availability and cost of engaging personnel trained in
solving Year 2000 issues, and other similar uncertainties.
11
<PAGE>
COMMUNITYCORP
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS -- continued
YEAR 2000 -- continued
Further, the business of many of the Bank's customers may be negatively affected
by the Year 2000 issue, and any financial difficulties incurred by the Bank's
customers in solving Year 2000 issues could negatively affect those customers'
ability to repay any loans which the Bank may have extended. Therefore, even if
the Bank does not incur significant direct costs in connection with responding
to the Year 2000 issue, there can be no assurance that the failure or delay of
the Bank's customers or other third parties in addressing the Year 2000 issue or
the costs involved in such process will not have a material adverse effect on
the Bank's business, financial condition, or results of operations.
The Bank has developed a Contingency Plan (Plan) to ensure its ability to
continue as a functioning entity after January 1, 2000. The Plan includes
remediation contingency planning and business resumption contingency planning.
The remediation contingency plans are designed to ensure that responsible
personnel, vendors and service providers adhere to the Bank's Year 2000 plans
and objectives. The business resumption contingency plans are designed to
provide assurance that mission-critical functions will continue in the event
that systems or applications fail as a result of year 2000 problems.
PART II - OTHER INFORMATION
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
On April 27, 1999, 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, L.L.P., as the Company's
independent auditors for the fiscal year ending December 31, 1999.
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 218,930 shareholders voting for the nominees out of a total
300,000 outstanding shareholders. There were 600 abstention votes and no votes
against the election of the directors. Tourville, Simpson & Henderson, L.L.P.
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, 219,580 shareholders voted for their selection as independent
auditors. There were no abstention or no votes against their selection as
auditors.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
27. Financial Data Schedule
(b) Reports on Form 8-K - No reports on Form 8-K were filed during the
quarter ended March 31, 1999.
Items 1, 2, 3 and 5 are not applicable.
12
<PAGE>
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: May 14, 1999 By:
-------------------------------------
Gwen P. Bunton
Chief Financial Officer
13
<TABLE> <S> <C>
<ARTICLE> 9
<S> <C>
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-1-1999
<PERIOD-END> MAR-31-1999
<PERIOD-TYPE> 3-MOS
<CASH> 2,973,607
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 14,570,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 12,608,312
<INVESTMENTS-CARRYING> 5,289,454
<INVESTMENTS-MARKET> 5,316,669
<LOANS> 53,614,604
<ALLOWANCE> 942,349
<TOTAL-ASSETS> 91,267,093
<DEPOSITS> 81,706,140
<SHORT-TERM> 510,000
<LIABILITIES-OTHER> 761,516
<LONG-TERM> 0
0
0
<COMMON> 1,500,000
<OTHER-SE> 6,789,437
<TOTAL-LIABILITIES-AND-EQUITY> 91,267,093
<INTEREST-LOAN> 1,239,225
<INTEREST-INVEST> 220,566
<INTEREST-OTHER> 178,710
<INTEREST-TOTAL> 1,638,501
<INTEREST-DEPOSIT> 779,724
<INTEREST-EXPENSE> 784,590
<INTEREST-INCOME-NET> 853,911
<LOAN-LOSSES> 95,000
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 425,266
<INCOME-PRETAX> 450,540
<INCOME-PRE-EXTRAORDINARY> 450,540
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 302,482
<EPS-PRIMARY> 1.01
<EPS-DILUTED> 1.01
<YIELD-ACTUAL> 4.04
<LOANS-NON> 889,859
<LOANS-PAST> 3,000
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 917,932
<ALLOWANCE-OPEN> 929,482
<CHARGE-OFFS> 83,113
<RECOVERIES> 980
<ALLOWANCE-CLOSE> 942,349
<ALLOWANCE-DOMESTIC> 942,349
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
