U. S. 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 September 30, 2000
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 par value
PAGE 1 OF 15
EXHIBIT INDEX ON PAGE 2
<PAGE>
COMMUNITYCORP
Index
<TABLE>
<CAPTION>
PART I. FINANCIAL INFORMATION Page No.
-----------------------------
Item 1. Financial Statements (Unaudited)
<S> <C>
Condensed Consolidated Balance Sheets - September 30, 2000 and December 31, 1999.........................3
Condensed Consolidated Statements of Income - Nine months ended
September 30, 2000 and 1999 and Three months ended September 30, 2000 and 1999.........................4
Condensed Consolidated Statements of Shareholders' Equity and Comprehensive Income -
Nine months ended September 30, 2000.....................................................................5
Condensed Consolidated Statements of Cash Flows - Nine months ended
September 30, 2000 and 1999..............................................................................6
Notes to Condensed Consolidated Financial Statements...................................................7-8
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations..................9-12
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.........................................................................13
(a) Exhibits............................................................................................13
(b) Reports on Form 8-K.................................................................................13
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COMMUNITYCORP
Condensed Consolidated Balance Sheets
September 30, December 31,
2000 1999
------------- ------------
Assets: (Unaudited)
<S> <C> <C>
Cash and cash equivalents:
Cash and due from banks $ 3,721,789 $ 5,723,770
Federal funds sold and securities purchased under
agreements to resell - 4,670,000
------------ ------------
Total cash and cash equivalents 3,721,789 10,393,770
------------ ------------
Securities available-for-sale 19,257,022 18,759,768
Securities held-to-maturity (estimated market value of $5,001,243
and $5,210,028 at September 30, 2000 and December 31, 1999,
respectively) 5,066,444 5,327,129
------------ -----------
Total investment securities 24,323,466 24,086,897
------------ ------------
Loans receivable 66,516,866 59,663,015
Less allowance for loan losses (1,184,399) (1,086,980)
------------ ------------
Loans, net 65,332,467 58,576,035
Accrued interest receivable 1,089,474 1,004,529
Premises, furniture & equipment, net 1,680,960 1,776,320
Other assets 1,025,431 857,710
------------ ------------
Total assets $ 97,173,587 $ 96,695,261
============ ============
Liabilities and Shareholders' Equity:
Liabilities:
Deposits:
Noninterest-bearing $ 9,104,027 $ 9,952,976
Interest-bearing 76,253,361 76,982,395
------------ -----------
85,357,388 86,935,371
Short-term borrowings 1,550,000 290,000
Accrued interest payable 665,797 509,943
Other liabilities 121,721 155,208
------------ ------------
Total liabilities 87,694,906 87,890,522
------------ ------------
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 (loss) (235,473) (295,119)
Retained earnings 7,196,557 6,186,081
Treasury stock (16,303 shares in 2000 and 7,999 shares in 1999) (714,111) (317,931)
------------ ------------
Total shareholders' equity 9,478,681 8,804,739
------------ ------------
Total liabilities and shareholders' equity $ 97,173,587 $ 96,695,261
============ ============
</TABLE>
See notes to condensed consolidated financial statements
3
<PAGE>
COMMUNITYCORP
Condensed Consolidated Statements of Income
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended Three Months Ended
September 30, September 30,
------------- -------------
2000 1999 2000 1999
----- ----- ----- ----
<S> <C> <C> <C> <C>
Interest income:
Loans, including fees $ 4,446,884 $ 3,841,315 $ 1,560,557 $ 1,317,761
Securities 1,067,325 801,581 354,609 319,329
Other interest income 99,036 458,262 9,356 119,859
----------- ----------- --------- ---------
Total 5,613,245 5,101,158 1,924,522 1,756,949
----------- ----------- --------- ---------
Interest expense:
Deposit accounts 2,557,191 2,345,570 903,741 789,070
Other interest expense 35,534 16,012 16,130 5,281
----------- ----------- --------- ---------
2,592,725 2,361,582 919,871 794,351
----------- ----------- --------- ---------
Net interest income 3,020,520 2,739,576 1,004,651 962,598
Provision for loan losses 230,000 250,000 75,000 70,000
----------- ----------- --------- ---------
Net interest income after provision for
loan losses 2,790,520 2,489,576 929,651 892,598
----------- ----------- --------- ---------
Other operating income:
Service charges 315,803 308,134 103,595 110,595
Other income 66,693 53,008 20,345 12,544
----------- ----------- --------- ---------
Total 382,496 361,142 123,940 123,139
----------- ----------- --------- ---------
Other operating expenses:
Salaries and benefits 704,428 654,248 235,127 224,678
Net occupancy expense 101,075 93,401 34,148 33,056
Equipment expense 188,324 182,621 61,715 63,485
Other operating expenses 480,433 426,890 168,377 149,280
----------- ----------- --------- ---------
Total 1,474,260 1,357,160 499,367 470,499
----------- ----------- --------- ---------
Income before taxes 1,698,756 1,493,558 554,224 545,238
Income tax provision 546,683 491,716 177,000 174,272
----------- ----------- --------- ---------
Net income $ 1,152,073 $ 1,001,842 $ 377,224 $ 370,966
=========== =========== ========= =========
Earnings per share:
Weighted average common shares outstanding 283,879 297,608 283,697 296,094
=========== =========== ========= =========
Net income per common share $ 4.06 $ 3.37 $ 1.33 $ 1.25
=========== =========== ========= =========
</TABLE>
See notes to condensed consolidated financial statements.
4
<PAGE>
COMMUNITYCORP
Condensed Consolidated Statement of Shareholders' Equity and Comprehensive
Income for the nine months ended September 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Accumulated
Common Stock Other
--------------------- Capital Comprehensive Retained Treasury
Shares Amount Surplus Income Earning Stock Total
-------- ----------- ----------- ------------ -------- ------- -----
<S> <C> <C> <C> <C> <C> <C> <C>
Balance, 300,000 $ 1,500,000 $ 1,731,708 $ (295,119) $ 6,186,081 $ (317,931) $ 8,804,739
December 31, 1999
Cash dividends
declared -$.50 per
share (141,597) (141,597)
Net income for the
period 1,152,073 1,152,073
Other comprehensive
income, net of taxes 59,646 59,646
-----------
Comprehensive
income 1,092,427
-----------
Purchase of
Treasury Stock (396,180) (396,180)
-------- ----------- ----------- ----------- ------------ ----------- -----------
Balance,
September 30, 2000 300,000 $ 1,500,000 $ 1,731,708 $ (235,473) $ 7,196,557 $ (714,111) $ 9,478,681
======== =========== =========== =========== ============ =========== ===========
</TABLE>
See notes to condensed consolidated fiancial statements.
5
<PAGE>
COMMUNITYCORP
Condensed Consolidated Statements of Cash Flows
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended
September 30,
-------------
2000 1999
----- ----
<S> <C> <C>
Cash flows from operating activities:
Net income $ 1,152,073 $ 1,001,842
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation 124,452 136,417
Provision for possible loan losses 230,000 250,000
Amortization less accretion on investments 14,842 5,651
Amortization of deferred loan costs 57,859 9,081
Gain on sale of premises and equipment - (18,500)
(Increase) decrease in interest receivable (84,945) (186,409)
Increase (decrease) in interest payable 155,854 (15,642)
(Increase) decrease in other assets (29,137) (249,453)
Increase (decrease) in other liabilities (33,487) 170,204
----------- ------------
Net cash provided by operating activities 1,587,511 1,103,191
----------- ------------
Cash flows from investing activities:
Net increase in loans to customers (7,214,291) (5,974,597)
Purchases of securities available-for-sale (800,000) (10,408,731)
Maturities of securities available-for-sale 385,193 2,241,551
Purchases of securities held-to-maturity - (1,683,927)
Maturities of securities held-to-maturity 254,458 912,246
Proceeds from disposal of premises and equipment - 18,500
Purchases of premises and equipment (29,092) (36,334)
----------- ------------
Net cash used by investing activities (7,403,732) (14,931,292)
----------- ------------
Cash flows from financing activities:
Net increase (decrease) in deposits accounts (1,577,983) 6,807,354
Increase in short-term borrowings 1,260,000 (180,000)
Dividends paid (141,597) (225,000)
Purchase of treasury stock (396,180) (119,383)
----------- ------------
Net cash provided (used) by financing activities (855,760) 6,282,971
----------- ------------
Net decrease in cash and cash equivalents (6,671,981) (7,545,130)
Cash and cash equivalents, beginning of period 10,393,770 19,474,460
----------- ------------
Cash and cash equivalents, end of period $ 3,721,789 $ 11,929,330
=========== ============
Cash paid during the period for:
Income taxes $ 585,180 $ 421,200
Interest $ 2,436,871 $ 2,377,224
</TABLE>
See notes to condensed consolidated fiancial 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 September 30, 2000 and for the interim periods ended
September 30, 2000 and 1999 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,
1999 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 1999 Annual Report.
Note 2 - Comprehensive Income
-----------------------------
The components of other comprehensive income and related tax effects are as
follows:
<TABLE>
<CAPTION>
Pre-tax (Expense) Net-of-tax
Amount Benefit Amount
------ ------- ------
<S> <C> <C> <C>
For the Nine Months Ended September 30, 2000:
Unrealized gains (losses) on securities available-for-sale $ 90,373 $ (30,727) $ 59,646
Plus: reclassification adjustment for - - -
gains (losses) realized in net income
---------- ---------- ----------
Net unrealized gains (losses) on securities 90,373 (30,727) 59,646
---------- ----------- ----------
Other comprehensive income $ 90,373 $ (30,727) $ 59,646
========== =========== ==========
Pre-tax (Expense) Net-of-tax
Amount Benefit Amount
------ ------- ------
For the Nine Months Ended September 30, 1999:
Unrealized gains (losses) on securities available-for-sale $(471,685) $ 162,283 $ (309,402)
Plus: reclassification adjustment for - - -
gains (losses) realized in net income
---------- ----------- ----------
Net unrealized gains (losses) on securities (471,685) 162,283 (309,402)
---------- ----------- ----------
Other comprehensive income $(471,685) $ 162,283 $(309,402)
========== =========== ==========
Pre-tax (Expense) Net-of-tax
Amount Benefit Amount
------ ------- ------
For the Three Months Ended September 30, 2000:
Unrealized gains (losses) on securities available-for-sale $ 204,815 $ (69,637) $ 135,178
Plus: reclassification adjustment for - - -
gains (losses) realized in net income
---------- ----------- ----------
Net unrealized gains (losses) on securities 204,815 (69,637) 135,178
---------- ----------- ----------
Other comprehensive income $ 204,815 $ (69,637) $ 135,178
========== =========== ==========
</TABLE>
7
<PAGE>
COMMUNITYCORP
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 2 - Comprehensive Income - continued
-----------------------------
<TABLE>
<CAPTION>
Pre-tax (Expense) Net-of-tax
Amount Benefit Amount
------ ------- ------
For the Three Months Ended September 30, 1999:
<S> <C> <C> <C>
Unrealized gains (losses) on securities available-for-sale $ (102,452) $ 35,346 $ (67,106)
Plus: reclassification adjustment for
gains (losses) realized in net income - - -
--------- ------- --------
Net unrealized gains (losses) on securities (102,452) 35,346 (67,106)
--------- ------- --------
Other comprehensive income $ (102,452) $ 35,346 $ (67,106)
=========== ========= ==========
</TABLE>
Accumulated other comprehensive income consists solely of the unrealized gain on
securities available for sale, net of the deferred tax effects.
8
<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
September 30, 2000 compared to December 31, 1999, and the results of operations
for the three and nine months ended September 30, 2000 compared to the three and
nine months ended September 30, 1999. 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 nine months ended September 30, 2000, net interest income increased
$280,944 or 10.26% over the same period in 1999. The net interest margin
realized on earning assets increased from 4.23% for the nine months ended
September 30, 1999 to 4.49% for the same period in 2000. The interest rate
spread increased by 22 basis points from 3.63% at September 30, 1999 to 3.85% at
September 30, 2000.
Net interest income increased from $962,598 for the quarter ending September 30,
1999 to $1,004,651 for the quarter ending September 30, 2000. This represents an
increase of $42,053 or 4.37%. The net interest margin realized on earning assets
increased from 4.33% for the quarter ended September 30, 1999 to 4.53% for the
quarter ended September 30, 2000. The interest rate spread also increased by 15
basis points from 3.76% at September 30, 1999 to 3.91% at September 30, 2000.
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 nine months ended September 30, 2000, the
provision charged to expense was $230,000. This was $20,000 less than for the
comparable period in 1999. Based on present information, management believes the
allowance for loan losses is adequate at September 30, 2000 to meet presently
known and inherent risks in the loan portfolio. The allowance for loan losses is
1.78% of total loans at September 30, 2000, as compared to 1.82% at September
30, 1999.
Noninterest Income
------------------
Noninterest income during the nine months ended September 30, 2000 was $382,496,
an increase of $21,354 or 5.91% from the comparable period in 1999. The increase
is primarily a result of an increase in service charges from $308,134 at
September 30, 1999 to $315,803 at September 30, 2000. Other income also
increased $13,685, or 25.82% to $66,693 for the nine months ended September 30,
2000.
For the quarter ended September 30, 2000, noninterest income increased $801 or
0.65% over the same period in 1999. This increase is primarily due to other
income, which increased 62.19% from the quarter ended September 30, 1999 to the
quarter ended September 30, 2000. Service charges decreased $7,000, or 6.33%, to
$103,595 for the quarter ended September 30, 2000.
Noninterest Expense
-------------------
Total noninterest expense for the nine months ended September 30, 2000 was
$1,474,260 or 8.63% higher than the nine months ended September 30, 1999.
Salaries and employee benefits increased from $654,248 for the nine months ended
September 30, 1999 to $704,428 for the nine months ended September 30, 2000.
This increase is primarily attributable to annual pay raises. Other operating
expenses increased $53,543 or 12.54% to $480,433 for the nine months ended
September 30, 2000 when compared to the same period in 1999.
9
<PAGE>
COMMUNITYCORP
Item 2. Management's Discussion and Analysis of Financial Condition - continued
-------------------------------------------------------------------
Noninterest Expense - continued
-------------------
For the quarter ended September 30, 2000, noninterest expense increased $28,868
or 6.14% over the same period in 1999. The largest increase between the quarter
ended September 30, 2000 and the quarter ended September 30, 1999 was in other
operating expenses, which increased $19,097, or 12.79%, for the quarter ended
September 30, 1999 to $168,377 for the quarter ended September 30, 2000.
Salaries and benefits also increased from $224,678 for the quarter ended
September 30, 1999 to $235,127 for the quarter ended September 30, 2000.
Income Taxes
------------
The income tax provision for the nine months ended September 30, 2000 was
$546,683 as compared to $491,716 for the same period in 1999. This increase was
primarily as a result of an increase in income before taxes. The effective tax
rates were 32.18% and 32.92% for the nine months ended September 30, 2000 and
September 30, 1999, respectively. The effective tax rates were 31.94% and 31.96%
for the quarter ended September 30, 2000 and September 30, 1999, respectively.
Net Income
----------
The combination of the above factors resulted in net income for the nine months
ended September 30, 2000 of $1,152,073 as compared to $1,001,842 for the same
period in 1999. This represents an increase of $150,231 or 15.00% over the same
period in 1999. Net income for the quarter ended September 30, 2000 was $6,258,
or 1.69% higher than for the same period in 1999.
Assets and Liabilities
----------------------
During the first nine months of 2000, total assets increased $478,326 or 0.49%
when compared to December 31, 1999. Cash and cash equivalents decreased
$6,671,981 from December 31, 1999 primarily because of the reduction in federal
funds sold and repurchase agreements of $4,670,000. The decrease in federal
funds and repurchase agreements was offset by the growth of the loan portfolio,
which increased by 11.49% or $6,853,851 to $66,516,866 at September 30, 2000
from $59,663,015 at December 31, 1999. Deposits also decreased by 1.82% or
$1,577,983 from December 31, 1999 to $85,357,388 at September 30, 2000. The
primary reason for the decrease in deposits was due to the loss of municipal
funds temporarily invested in interest-bearing accounts at the Bank.
Loans
-----
The demand for loans continued to increase in the Walterboro marketplace during
the first nine months of 2000. Gross loans increased $6,853,851 or 11.49% during
the period. Balances within the major loans receivable categories as of
September 30, 2000 and December 31, 1999 are as follows:
<TABLE>
<CAPTION>
September 30, December 31,
2000 1999
----- ----
<S> <C> <C>
Commercial and industrial $ 44,937,612 $ 40,503,621
Real estate 7,066,002 6,948,643
Consumer 13,974,061 10,946,282
Agricultural 184,195 152,013
Other, net 354,996 1,112,456
------------- ------------
$ 66,516,866 $ 59,663,015
============= ============
</TABLE>
10
<PAGE>
COMMUNITYCORP
Item 2. Management's Discussion And Analysis Of Financial Condition - continued
-------------------------------------------------------------------
Risk Elements in the Loan Portfolio
-----------------------------------
The following is a summary of risk elements in the loan portfolio:
<TABLE>
<CAPTION>
2000 1999
----- ----
<S> <C> <C>
Loans: Nonaccrual loans $ 1,358,434 $ 760,443
Accruing loans more than 90 days past due $ $ 8,000
Loans identified by the internal review mechanism:
Criticized $ $ 170,852
Classified $ 2,048,076 $ 708,598
Activity in the Allowance for Loan Losses is as follows:
September 30,
-------------
2000 1999
----- ----
Balance, January 1, $ 1,086,980 $ 929,482
Provision for loan losses for the period 230,000 250,000
Net loans (charged off) recovered for the period (132,581) (160,135)
----------- -----------
Balance, end of period $ 1,184,399 $ 1,019,347
=========== ===========
Gross loans outstanding, end of period $66,516,866 $57,685,035
Allowance for loan losses to loans outstanding 1.78% 1.77%
</TABLE>
Deposits
--------
Total deposits decreased $1,577,983 or 1.82% from December 31, 1999. The largest
change was a decrease in noninterest-bearing deposits. Noninterest-bearing
deposits decreased $848,949 to $9,104,027 at September 30, 2000. Expressed in
percentages, noninterest-bearing deposits decreased 8.53% and interest-bearing
deposits decreased 0.95%.
Balances within the major deposit categories as of September 30, 2000 and
December 31, 1999 are as follows:
<TABLE>
<CAPTION>
September 30, December 31,
------------- ------------
2000 1999
----- ----
<S> <C> <C>
Noninterest-bearing demand deposits $ 9,104,027 $ 9,952,976
Interest-bearing demand deposits 12,751,309 16,234,134
Savings deposits 19,208,013 19,238,515
Certificates of deposit 44,294,039 41,509,746
------------- ------------
$ 85,357,388 $ 86,935,371
============= ============
</TABLE>
11
<PAGE>
COMMUNITYCORP
Item 2. Management's Discussion And Analysis Of Financial Condition - 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 funds ratio, which was at 76.54% at September 30, 2000 and 68.40%
at December 31, 1999.
Securities available-for-sale, which totaled $19,257,022 at September 30, 2000,
serves as a ready source of liquidity. The Company also has lines of credit
available with correspondent banks to purchase federal funds. At September 30,
2000, unused lines of credit totaled $2,500,000.
Capital Resources
-----------------
Total shareholders' equity increased from $8,804,739 at December 31, 1999 to
$9,478,681 at September 30, 2000. The increase of $673,942 is attributable to
earnings for the period of $1,152,073 before the payment of $141,597 in
dividends. Equity was negatively affected by the purchase of treasury stock of
$396,180 during the period.
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 1 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 1 capital
to risk-weighted assets must be at least 4.0% and the ratio of total capital
(Tier 1 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 1 capital to adjusted quarterly average total assets of 3.0%.
The following table summarizes the Company's risk-based capital at September 30,
2000:
<TABLE>
<CAPTION>
<S> <C>
Shareholders' equity $ 9,714,154
Less: intangibles -
-----------
Tier 1 capital 9,714,154
Plus: allowance for loan losses (1) 864,253
-----------
Total capital $10,578,407
===========
Risk-weighted assets $69,140,278
===========
Risk based capital ratios
Tier 1 capital (to risk-weighted assets) 14.05%
Total capital (to risk-weighted assets) 15.30%
Tier 1 capital (to total average assets) 10.08%
(1) limited to 1.25% of risk-weighted assets
</TABLE>
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
<PAGE>
COMMUNITYCORP
PART II - OTHER INFORMATION
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 September 30, 2000.
Items 1, 2, 3, 4, and 5 are not applicable.
13
<PAGE>
COMMUNITYCORP
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: /s/ W. ROGER CROOK
-----------------------------------
W. Roger Crook
President & Chief Executive Officer
Date: November 8, 2000 By: /s/ GWEN P. BUNTON
-----------------------------------
Gwen P. Bunton
Chief Financial Officer
14
