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U. S. SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549



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FORM 10-QSB



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(Mark One)

|x | QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ---------------------------------------------------------------------------------



For the Quarterly Period Ended March 31, 2005



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



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COMMUNITYCORP

(Exact name of registrant as specified in its charter)



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|                                               |  |                                     
|---------------------------------------------- |  | ------------------------------------
|South Carolina                                 |  | 57-1019001                          
|(State or other jurisdiction of incorporation) |  | (I.R.S. Employer 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)



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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 latest practicable date.



245,985 shares of common stock, $5 par value, as of May 12,
2005



Transitional Small Business Disclosure Format (Check
one):    Yes ̈No  x



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##### Table of Contents

COMMUNITYCORP



Index



|                              |  |                                                                                                                                 |  |         
|----------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------- |  | --------
|                              |  |                                                                                                                                 |  | Page No.
|PART I. FINANCIAL INFORMATION |  |                                                                                                                                
|                              |  |                                                                                                                                
|Item 1.                       |  | Financial Statements (Unaudited)                                                                                                |  |         
|                              |  |                                                                                                                                
|                              |  | Condensed Consolidated Balance Sheets - March 31, 2005 and December 31, 2004 (audited)                                          |  | 3       
|                              |  |                                                                                                                                
|                              |  | Condensed Consolidated Statements of Income - Three months ended March 31, 2005 and 2004                                        |  | 4       
|                              |  |                                                                                                                                
|                              |  | Condensed Consolidated Statements of Shareholders Equity and Comprehensive Income - Three months ended March 31, 2005 and 2004 |  | 5       
|                              |  |                                                                                                                                
|                              |  | Condensed Consolidated Statements of Cash Flows - Three months ended March 31, 2005 and 2004                                    |  | 6       
|                              |  |                                                                                                                                
|                              |  | Notes to Condensed Consolidated Financial Statements                                                                            |  | 7       
|                              |  |                                                                                                                                
|Item 2.                       |  | Managements Discussion and Analysis or Plan of Operations                                                                      |  | 8-14    
|                              |  |                                                                                                                                
|Item 3.                       |  | Controls and Procedures                                                                                                         |  | 14      
|                              | 
|PART II. OTHER INFORMATION    |  |                                                                                                                                
|                              |  |                                                                                                                                
|Item 6.                       |  | Exhibits and Reports on Form 8-K                                                                                                |  | 15      
|                              |  |                                                                                                                                
|                              |  | (a) Exhibits                                                                                                                    |  | 15      
|                              |  |                                                                                                                                
|                              |  | (b) Reports on Form 8-K                                                                                                         |  | 15      
|                              | 
|Signature                     |  | 16                                                                                                                             
|                              | 
|Index to Exhibits             |  | 17                                                                                                                             



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##### Table of Contents

COMMUNITYCORP

Condensed Consolidated Balance Sheets



|                                                                                                                                        |  |                |             |   |                  |   |             |  
|--------------------------------------------------------------------------------------------------------------------------------------- |  | -------------- | ----------- | - | ---------------- | - | ----------- | -
|                                                                                                                                        |  | March 31, 2005 |             |   | December 31,2004 |  
|                                                                                                                                        |  | (Unaudited)    |             |   | (Audited)        |  
|Assets:                                                                                                                                 |  |                |             |   |                  |   |             |  
|Cash and cash equivalents:                                                                                                              |  |                |             |   |                  |   |             |  
|Cash and due from banks                                                                                                                 |  | $              | 5,551,302   |   |                  | $ | 3,705,335   |  
|Federal funds sold                                                                                                                      |  |                | 11,465,000  |   |                  |   | 19,046,000  |  
|                                                                                                                                        |  |                |             |   |                  |   |             |  
|Total cash and cash equivalents                                                                                                         |  |                | 17,016,302  |   |                  |   | 22,751,335  |  
|                                                                                                                                        |  |                |             |   |                  |   |             |  
|Time deposits with other banks                                                                                                          |  |                | 499,000     |   |                  |   | 499,000     |  
|                                                                                                                                        |  |               
|Investment securities:                                                                                                                  |  |                |             |   |                  |   |             |  
|Securities available-for-sale                                                                                                           |  |                | 29,684,144  |   |                  |   | 25,309,730  |  
|Nonmarketable equity securities                                                                                                         |  |                | 338,157     |   |                  |   | 305,175     |  
|Securities held-to-maturity (estimated market value of $2,040,347 and $2,269,336 at March 31, 2005 and December 31, 2004,
respectively) |  |                | 1,979,313   |   |                  |   | 2,180,728   |  
|                                                                                                                                        |  |                |             |   |                  |   |             |  
|Total investment securities                                                                                                             |  |                | 32,001,614  |   |                  |   | 27,795,633  |  
|                                                                                                                                        |  |                |             |   |                  |   |             |  
|Loans receivable                                                                                                                        |  |                | 84,546,106  |   |                  |   | 83,006,251  |  
|Less allowance for loan losses                                                                                                          |  |                | (1,475,222  | ) |                  |   | (1,456,326  | )
|                                                                                                                                        |  |                |             |   |                  |   |             |  
|Loans, net                                                                                                                              |  |                | 83,070,884  |   |                  |   | 81,549,925  |  
|                                                                                                                                        |  |               
|Premises, furniture & equipment, net                                                                                                    |  |                | 3,404,757   |   |                  |   | 3,441,334   |  
|Accrued interest receivable                                                                                                             |  |                | 808,777     |   |                  |   | 822,240     |  
|Other real estate owned                                                                                                                 |  |                | 239,722     |   |                  |   | 701,880     |  
|Other assets                                                                                                                            |  |                | 736,175     |   |                  |   | 846,376     |  
|                                                                                                                                        |  |                |             |   |                  |   |             |  
|Total assets                                                                                                                            |  | $              | 137,777,231 |   |                  | $ | 138,407,723 |  
|                                                                                                                                        |  |                |             |   |                  |   |             |  
|Liabilities and Shareholders Equity:                                                                                                   |  |                |             |   |                  |   |             |  
|Liabilities:                                                                                                                            |  |                |             |   |                  |   |             |  
|Deposits:                                                                                                                               |  |                |             |   |                  |   |             |  
|Noninterest-bearing                                                                                                                     |  | $              | 18,223,141  |   |                  | $ | 16,531,784  |  
|Interest-bearing                                                                                                                        |  |                | 105,823,040 |   |                  |   | 108,379,543 |  
|                                                                                                                                        |  |                |             |   |                  |   |             |  
|Total deposits                                                                                                                          |  |                | 124,046,181 |   |                  |   | 124,911,327 |  
|Short-term borrowings                                                                                                                   |  |                | 620,000     |   |                  |   | 390,000     |  
|Accrued interest payable                                                                                                                |  |                | 357,807     |   |                  |   | 295,430     |  
|Other liabilities                                                                                                                       |  |                | 105,956     |   |                  |   | 174,838     |  
|                                                                                                                                        |  |                |             |   |                  |   |             |  
|Total liabilities                                                                                                                       |  |                | 125,129,944 |   |                  |   | 125,771,595 |  
|                                                                                                                                        |  |                |             |   |                  |   |             |  
|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                                                                                                                         |  |                | 1,716,808   |   |                  |   | 1,721,023   |  
|Accumulated other comprehensive income                                                                                                  |  |                | (138,838    | ) |                  |   | 32,129      |  
|Retained earnings                                                                                                                       |  |                | 12,926,058  |   |                  |   | 12,715,882  |  
|Treasury stock (54,015 shares in 2005 and 53,505 shares in 2004)                                                                        |  |                | (3,356,741  | ) |                  |   | (3,332,906  | )
|                                                                                                                                        |  |                |             |   |                  |   |             |  
|Total shareholders equity                                                                                                              |  |                | 12,647,287  |   |                  |   | 12,636,128  |  
|                                                                                                                                        |  |                |             |   |                  |   |             |  
|Total liabilities and shareholders equity                                                                                              |  | $              | 137,777,231 |   |                  | $ | 138,407,723 |  
|                                                                                                                                        |  |                |             |   |                  |   |             |  



See notes to condensed
consolidated financial statements.



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##### Table of Contents

COMMUNITYCORP

Condensed Consolidated Statements of Income

(Unaudited)



|                                                    |  |                              |           |      |   |          
|--------------------------------------------------- |  | ---------------------------- | --------- | ---- | - | ---------
|                                                    |  | Three Months Ended March 31,
|                                                    |  | 2005                         |           | 2004
|Interest income:                                    |  |                              |           |      |   |          
|Loans, including fees                               |  | $                            | 1,466,742 |      | $ | 1,509,756
|Securities                                          |  |                              | 234,199   |      |   | 147,251  
|Other interest income                               |  |                              | 103,847   |      |   | 46,955   
|                                                    |  |                              |           |      |   |          
|Total                                               |  |                              | 1,804,788 |      |   | 1,703,962
|                                                    |  |                              |           |      |   |          
|Interest expense:                                   |  |                              |           |      |   |          
|Deposit accounts                                    |  |                              | 482,558   |      |   | 381,764  
|Other interest expense                              |  |                              | 1,612     |      |   | 90       
|                                                    |  |                              |           |      |   |          
|                                                    |  |                              | 484,170   |      |   | 381,854  
|                                                    |  |                              |           |      |   |          
|Net interest income                                 |  |                              | 1,320,618 |      |   | 1,322,108
|                                                    |  |                             
|Provision for loan losses                           |  |                              | 75,000    |      |   | 145,951  
|                                                    |  |                              |           |      |   |          
|Net interest income after provision for loan losses |  |                              | 1,245,618 |      |   | 1,176,157
|                                                    |  |                              |           |      |   |          
|Noninterest income:                                 |  |                              |           |      |   |          
|Service charges                                     |  |                              | 93,782    |      |   | 97,416   
|Other income                                        |  |                              | 48,422    |      |   | 31,307   
|                                                    |  |                              |           |      |   |          
|Total                                               |  |                              | 142,204   |      |   | 128,723  
|                                                    |  |                              |           |      |   |          
|Noninterest expenses:                               |  |                              |           |      |   |          
|Salaries and benefits                               |  |                              | 442,440   |      |   | 385,254  
|Net occupancy expense                               |  |                              | 55,092    |      |   | 52,784   
|Equipment expense                                   |  |                              | 74,850    |      |   | 88,935   
|Other operating expenses                            |  |                              | 212,555   |      |   | 229,530  
|                                                    |  |                              |           |      |   |          
|Total                                               |  |                              | 784,937   |      |   | 756,503  
|                                                    |  |                              |           |      |   |          
|Income before taxes                                 |  |                              | 602,885   |      |   | 548,377  
|                                                    |  |                             
|Income tax provision                                |  |                              | 191,000   |      |   | 172,000  
|                                                    |  |                              |           |      |   |          
|Net income                                          |  | $                            | 411,885   |      | $ | 376,377  
|                                                    |  |                              |           |      |   |          
|Earnings per share:                                 |  |                              |           |      |   |          
|Weighted average common shares outstanding          |  |                              | 245,757   |      |   | 247,585  
|                                                    |  |                              |           |      |   |          
|Net income per common share                         |  | $                            | 1.68      |      | $ | 1.52     
|                                                    |  |                              |           |      |   |          



See notes to condensed
consolidated financial statements.



4



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COMMUNITYCORP

Condensed Consolidated Statement of Shareholders Equity and Comprehensive Income

for the three months ended March 31, 2005 and 2004

(Unaudited)



|                                                          |  |              |  |                |           |  |                                     |           |   |                  |   |          |               |  |   |            |   |  |   |            |   |  |   |            |  
|--------------------------------------------------------- |  | ------------ |  | -------------- | --------- |  | ----------------------------------- | --------- | - | ---------------- | - | -------- | ------------- |  | - | ---------- | - |  | - | ---------- | - |  | - | ---------- | -
|                                                          |  | Common stock |  | CapitalSurplus |           |  | AccumulatedOtherComprehensiveIncome |           |   | RetainedEarnings |   |          | TreasuryStock |  |   | Total      |  
|                                                          |  | Shares       |  | Amount         |           |  |                                     |           |  
|Balance, December 31, 2003                                |  | 300,000      |  | $              | 1,500,000 |  | $                                   | 1,731,708 |   |                  | $ | 64,545   |               |  | $ | 11,239,046 |   |  | $ | (3,295,076 | ) |  | $ | 11,240,223 |  
|Cash dividends paid ($.72 per share)                      |  |              |  |                |           |  |                                     |           |   |                  |   |          |               |  |   | (178,422   | ) |  |   |            |   |  |   | (178,422   | )
|                                                          |  |              |  |                |           |  |                                     |           |   |                  |   |          |               |  |   |            |   |  |   |            |   |  |   |            |  
|Net income for the period                                 |  |              |  |                |           |  |                                     |           |   |                  |   |          |               |  |   | 376,377    |   |  |   |            |   |  |   | 376,377    |  
|Other comprehensive income, net of tax expense of $48,802 |  |              |  |                |           |  |                                     |           |   |                  |   | 92,653   |               |  |   |            |   |  |   |            |   |  |   | 92,653     |  
|                                                          |  |              |  |                |           |  |                                     |           |   |                  |   |          |               |  |   |            |   |  |   |            |   |  |   |            |  
|Comprehensive income                                      |  |              |  |                |           |  |                                     |           |   |                  |   |          |               |  |   |            |   |  |   |            |   |  |   | 469,030    |  
|                                                          |  |              |  |                |           |  |                                     |           |   |                  |   |          |               |  |   |            |   |  |   |            |   |  |   |            |  
|Sale of treasury stock                                    |  |              |  |                |           |  |                                     | (10,061   | ) |                  |   |          |               |  |   |            |   |  |   | 50,161     |   |  |   | 40,100     |  
|Purchase of treasury stock                                |  |              |  |                |           |  |                                     |           |   |                  |   |          |               |  |   |            |   |  |   | (20,000    | ) |  |   | (20,000    | )
|                                                          |  |              |  |                |           |  |                                     |           |   |                  |   |          |               |  |   |            |   |  |   |            |   |  |   |            |  
|Balance, March 31, 2004                                   |  | 300,000      |  | $              | 1,500,000 |  | $                                   | 1,721,647 |   |                  | $ | 157,198  |               |  | $ | 11,437,001 |   |  | $ | (3,264,915 | ) |  | $ | 11,550,931 |  
|                                                          |  |              |  |                |           |  |                                     |           |   |                  |   |          |               |  |   |            |   |  |   |            |   |  |   |            |  
|Balance, December 31, 2004                                |  | 300,000      |  | $              | 1,500,000 |  | $                                   | 1,721,023 |   |                  | $ | 32,129   |               |  | $ | 12,715,882 |   |  | $ | (3,332,906 | ) |  | $ | 12,636,128 |  
|Cash dividends paid ($.82 per share)                      |  |              |  |                |           |  |                                     |           |   |                  |   |          |               |  |   | (201,709   | ) |  |   |            |   |  |   | (201,709   | )
|                                                          |  |              |  |                |           |  |                                     |           |   |                  |   |          |               |  |   |            |   |  |   |            |   |  |   |            |  
|Net income for the period                                 |  |              |  |                |           |  |                                     |           |   |                  |   |          |               |  |   | 411,885    |   |  |   |            |   |  |   | 411,885    |  
|Other comprehensive loss, net of tax benefit of $118,399  |  |              |  |                |           |  |                                     |           |   |                  |   | (170,967 | )             |  |   |            |   |  |   |            |   |  |   | (170,967   | )
|                                                          |  |              |  |                |           |  |                                     |           |   |                  |   |          |               |  |   |            |   |  |   |            |   |  |   |            |  
|Comprehensive income                                      |  |              |  |                |           |  |                                     |           |   |                  |   |          |               |  |   |            |   |  |   |            |   |  |   | 240,918    |  
|                                                          |  |              |  |                |           |  |                                     |           |   |                  |   |          |               |  |   |            |   |  |   |            |   |  |   |            |  
|Sale of treasury stock                                    |  |              |  |                |           |  |                                     | (4,215    | ) |                  |   |          |               |  |   |            |   |  |   | 36,665     |   |  |   | 32,450     |  
|Purchase of treasury stock                                |  |              |  |                |           |  |                                     |           |   |                  |   |          |               |  |   |            |   |  |   | (60,500    | ) |  |   | (60,500    | )
|                                                          |  |              |  |                |           |  |                                     |           |   |                  |   |          |               |  |   |            |   |  |   |            |   |  |   |            |  
|Balance, March 31, 2005                                   |  | 300,000      |  | $              | 1,500,000 |  | $                                   | 1,716,808 |   |                  | $ | (138,838 | )             |  | $ | 12,926,058 |   |  | $ | (3,356,741 | ) |  | $ | 12,647,287 |  
|                                                          |  |              |  |                |           |  |                                     |           |   |                  |   |          |               |  |   |            |   |  |   |            |   |  |   |            |  



See notes to condensed
consolidated financial statements.



5



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##### Table of Contents

COMMUNITYCORP

Condensed Consolidated Statements of Cash Flows

(Unaudited)



|                                                                                                       |  |                              |            |   |      |   |            |  
|------------------------------------------------------------------------------------------------------ |  | ---------------------------- | ---------- | - | ---- | - | ---------- | -
|                                                                                                       |  | Three Months Ended March 31, |           
|                                                                                                       |  | 2005                         |            |   | 2004 |  
|Cash flows from operating activities:                                                                  |  |                              |            |   |      |   |            |  
|Net income                                                                                             |  | $                            | 411,885    |   |      | $ | 376,377    |  
|Adjustments to reconcile net income to net cash provided by operating activities:                      |  |                              |            |   |      |   |            |  
|Provision for loan losses                                                                              |  |                              | 75,000     |   |      |   | 145,951    |  
|Depreciation expense                                                                                   |  |                              | 57,797     |   |      |   | 64,697     |  
|Premium amortization less discount accretion on investment securities                                  |  |                              | 7,885      |   |      |   | 11,926     |  
|Amortization of loan fees and costs                                                                    |  |                              | 142        |   |      |   | 944        |  
|Loss on sale of other real estate owned                                                                |  |                              | 2,255      |   |      |   |           |  
|Decrease in accrued interest receivable                                                                |  |                              | 13,463     |   |      |   | 55,326     |  
|Increase (decrease) in accrued interest payable                                                        |  |                              | 62,377     |   |      |   | (5,284     | )
|Decrease in other assets                                                                               |  |                              | 228,258    |   |      |   | 21,266     |  
|Decrease in other liabilities                                                                          |  |                              | (68,882    | ) |      |   | (37,532    | )
|                                                                                                       |  |                              |            |   |      |   |            |  
|Net cash provided by operating activities                                                              |  |                              | 790,180    |   |      |   | 633,671    |  
|                                                                                                       |  |                              |            |   |      |   |            |  
|Cash flows from investing activities:                                                                  |  |                              |            |   |      |   |            |  
|Proceeds from maturities of securities available-for-sale                                              |  |                              | 1,654,010  |   |      |   | 5,648,974  |  
|Purchases of securities available-for-sale                                                             |  |                              | (6,325,616 | ) |      |   | (5,563,574 | )
|Proceeds from maturities of securities held-to-maturity                                                |  |                              | 201,356    |   |      |   | 303,376    |  
|Purchases of nonmarketable equity securities                                                           |  |                              | (32,982    | ) |      |   |           |  
|Proceeds from the sale of other real estate owned                                                      |  |                              | 460,245    |   |      |   |           |  
|Increase in time deposits with other banks                                                             |  |                              |           |   |      |   | (200,000   | )
|Net (increase) decrease in loans to customers                                                          |  |                              | (1,596,101 | ) |      |   | 1,128,617  |  
|Purchases of premises and equipment                                                                    |  |                              | (21,220    | ) |      |   | (24,833    | )
|                                                                                                       |  |                              |            |   |      |   |            |  
|Net cash (used) provided for investing activities                                                      |  |                              | (5,660,308 | ) |      |   | 1,292,560  |  
|                                                                                                       |  |                              |            |   |      |   |            |  
|Cash flows from financing activities:                                                                  |  |                              |            |   |      |   |            |  
|Net increase (decrease) in demand deposits, interest-bearing transaction accounts and savings accounts |  |                              | (471,175   | ) |      |   | 258,128    |  
|Net increase (decrease) in time deposits                                                               |  |                              | (393,971   | ) |      |   | 1,005,822  |  
|Net increase (decrease) in short-term borrowings                                                       |  |                              | 230,000    |   |      |   | (90,000    | )
|Cash dividends paid                                                                                    |  |                              | (201,709   | ) |      |   | (178,422   | )
|Purchase of treasury stock                                                                             |  |                              | (60,500    | ) |      |   | (20,000    | )
|Sale of treasury stock                                                                                 |  |                              | 32,450     |   |      |   | 40,100     |  
|                                                                                                       |  |                              |            |   |      |   |            |  
|Net cash (used) provided by financing activities                                                       |  |                              | (864,905   | ) |      |   | 1,015,628  |  
|                                                                                                       |  |                              |            |   |      |   |            |  
|Net (decreased) increase in cash and cash equivalents                                                  |  |                              | (5,735,033 | ) |      |   | 2,941,859  |  
|Cash and cash equivalents, beginning of year                                                           |  |                              | 22,751,335 |   |      |   | 21,229,983 |  
|                                                                                                       |  |                              |            |   |      |   |            |  
|Cash and cash equivalents, end of year                                                                 |  | $                            | 17,016,302 |   |      | $ | 24,171,842 |  
|                                                                                                       |  |                              |            |   |      |   |            |  
|Cash paid during the period for:                                                                       |  |                              |            |   |      |   |            |  
|                                                                                                       |  |                             
|Income taxes                                                                                           |  | $                            | 8,620      |   |      | $ | 155,500    |  
|Interest                                                                                               |  | $                            | 421,793    |   |      | $ | 387,138    |  



See notes to condensed
consolidated financial statements.



6



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##### Table of Contents

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, 2005 and for the interim periods ended March 31, 2005 and 2004 are
unaudited and, in our opinion, include all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation. The financial information as of December 31, 2004 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 2004 Annual Report.



NOTE 2 - COMPREHENSIVE INCOME (LOSS)



The components of other comprehensive income and related tax effects are as follows:



|                                                                            |  |               |          |   |                  |   |         |                   |  |   |          |  
|--------------------------------------------------------------------------- |  | ------------- | -------- | - | ---------------- | - | ------- | ----------------- |  | - | -------- | -
|                                                                            |  | Pre-taxAmount |          |   | (Expense)Benefit |   |         | Net-of-tax Amount | 
|For the Three Months Ended March 31, 2005:                                  |  |               |          |   |                  |   |         |                   |  |   |          |  
|Unrealized losses on securities available-for-sale                          |  | $             | (289,366 | ) |                  | $ | 118,399 |                   |  | $ | (170,967 | )
|Plus: reclassification adjustment for gains (losses) realized in net income |  |               |         |   |                  |   |        |                   |  |   |         |  
|                                                                            |  |               |          |   |                  |   |         |                   |  |   |          |  
|Other comprehensive income - net unrealized losses on securities            |  | $             | (289,366 | ) |                  | $ | 118,399 |                   |  | $ | (170,967 | )
|                                                                            |  |               |          |   |                  |   |         |                   |  |   |          |  
|For the Three Months Ended March 31, 2004:                                  |  |               |          |   |                  |   |         |                   |  |   |          |  
|Unrealized gains on securities available-for-sale                           |  | $             | 141,455  |   |                  | $ | (48,802 | )                 |  | $ | 92,653   |  
|Plus: reclassification adjustment for gains (losses) realized in net income |  |               |         |   |                  |   |        |                   |  |   |         |  
|                                                                            |  |               |          |   |                  |   |         |                   |  |   |          |  
|Other comprehensive income - net unrealized gains on securities             |  | $             | 141,455  |   |                  | $ | (48,802 | )                 |  | $ | 92,653   |  
|                                                                            |  |               |          |   |                  |   |         |                   |  |   |          |  



Accumulated other comprehensive income
consists of the net unrealized gains and (losses) on securities available for sale, net of the deferred tax effects.



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##### Table of Contents

COMMUNITYCORP



Item 2. Managements Discussion and Analysis or Plan of Operations



The following is a discussion of the Companys financial condition as of March 31, 2005 compared to December 31, 2004, and the results of operations for the three months ended March 31, 2005 compared to the three
months ended March 31, 2004. These comments should be read in conjunction with the Companys condensed financial statements and accompanying footnotes appearing in this report. This report contains forward-looking statements
relating to, without limitation, future economic performance, plans and objectives of management for future operations, and projections of revenues and other financial items that are based on the beliefs of the Companys management, as well as
assumptions made by and information currently available to the Companys management. The words expect, estimate, anticipate, and believe, as well as similar expressions, are intended to identify
forward-looking statements. The Companys actual results may differ materially from the results discussed in the forward-looking statements, and the Companys operating performance each quarter is subject to various risks and uncertainties
that are discussed in detail in the Companys filings with the Securities and Exchange Commission.



Results of Operations



Net Interest
Income



The largest component of total income is net interest income, the
difference between the income earned on assets and the interest accrued or paid on deposits and borrowings used to support such assets. The volume and mix of assets and liabilities and their sensitivity to interest rate movement determine changes in
net interest income. Net interest margin is determined by dividing annualized net interest income by average earning assets. Net interest spread is derived from determining the weighted-average rate of interest paid on deposits and borrowings and
subtracting them from the weighted-average yield on earning assets.



Net
interest income for the quarter ended March 31, 2005, was $1,320,618, compared to $1,322,108 for the same period last year, a decrease of $1,490, or 0.11%. While the volume of our average earnings assets increased in 2005 compared to 2004, the
positive effect of this increase practically equaled to the combined negative impact resulting from the decline in the yield on our interest earning assets and the increase in the volume and annualized cost of our interest bearing liabilities



For the quarter ended March 31, 2005, average earning assets totaled
$130,576,860 with an annualized average yield of 5.61%. Average earning assets and annualized average yield were $116,687,100 and 5.86%, respectively, for the quarter ended March 31, 2004. For the quarter ended March 31, 2005, average
interest-bearing liabilities totaled $108,936,204 with an annualized average cost of 1.80%. Average interest-bearing liabilities and annualized average cost were $98,783,447 and 1.55%, respectively, for the quarter ended March 31, 2004.



Our net interest margin and net interest spread were 4.10% and 3.80% for the quarter ended
March 31, 2005 compared to 4.54% and 4.31%, respectively for the quarter ended March 31, 2004.



Our annualized yield on average earning assets declined 25 basis points during the first quarter of 2005 compared to the first quarter of 2004, while our annualized average cost of our interest-bearing liabilities
increased by 25 basis points.



Details of the components of earning assets and
interest-bearing liabilities are discussed in the following paragraphs.



Because loans often provide a higher yield than other types of earning assets, one of our goals is to maintain our loan portfolio as the largest component of total earning assets. Loans comprised approximately 64.18% and 67.88% of average
earning assets for the quarter ended March 31, 2005 and 2004, respectively. Loan interest income was $1,466,742 and $1, 509,756 for quarter ended March 31, 2005 and 2004, respectively. The annualized average yield on loans was 7.10% and 7.64% for
the quarter ended March 31, 2005 and 2004, respectively. Average balances of loans increased to $83,802,462 during the quarter ended March 31, 2005, an increase of $4,590,255 over the average of $79,212,207 during the quarter ended March 31, 2004.
The annualized average yield realized for 2005 was negatively impacted by the volume of fixed rate loans included in our loan portfolio that were made in prior years at rates lower then the prevailing loan rates in effect during first quarter of
2005. Fixed rates loans averaged approximately 95% of our loan portfolio during the quarter ending March 31, 2005 and 2004.



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##### Table of Contents

COMMUNITYCORP



Item 2. Managements Discussion and Analysis or Plan of Operations - continued



Net Interest Income  (continued)



Investment securities averaged approximately $29,228,254 or 22.38% of average earning
assets, for first quarter of 2005 compared to $18,596,487 or 15.94% of average earning assets, for the same period in 2004. Interest earned on investment securities amounted to $234,199 for the quarter ended March 31, 2005, compared to $147,251 for
the comparable period last year. Investment securities yielded 3.25% and 3.21% for the quarter ended March 31, 2005 and 2004, respectively.



Total interest expense for the quarter ended March 31, 2005 and 2004 was $484,170 and $381,854 respectively. The largest component of interest expense is interest on
deposit accounts. Interest expense on deposit accounts was $482,558 and $381,764, for the quarter ended March 31, 2005 and 2004, respectively. The average balance of interest bearing deposits increased to $108,521,982 during the quarter ended March
31, 2005 from $98,432,568 for the quarter ended March 31, 2004. The annualized average cost of deposits was 1.80% for the quarter ended March 31, 2005 compared to 1.56% for the same period in 2004.



For the quarter ended March 31, 2005 and 2004, the total annualized average cost of funds was
1.80% and 1.55%, respectively.



Provision and Allowance for Loan Losses



We provide for loan losses using the allowance method. Increases to the
allowance are charged by recording a provision for loan losses. Loan losses and recoveries are charged to the allowance. Charge-offs to the allowance are made when all or a portion of the loan is confirmed as a loss based on our review of the loan,
through possession of the underlying security, or through a troubled debt restructuring transaction. Likewise, recoveries offset these increases through credits to the allowance.



The allowance is maintained at a level that we believe is sufficient to cover losses in the loan portfolio at a specific point in time.
Assessing the adequacy of the allowance requires considerable judgment. The adequacy of the allowance is analyzed on a monthly basis using an internal analysis model. For purposes of this analysis, adequacy is defined as a level sufficient to absorb
probable losses in the portfolio. This methodology relies upon our judgment. Our judgments are based on our assessment of various issues, including, but not limited to, the pace of loan growth, emerging portfolio concentrations, the risk management
system relating to lending activities, entry into new markets, new product offerings, loan portfolio quality trends, and uncertainty in current economic and business conditions. An allowance model is used that takes into account factors including
the composition of the loan portfolio such as risk grade classifications, historical asset quality trends including, but not limited to, previous loss experience ratios, our assessment of current economic conditions, and reviews of specific high
risk sectors of the portfolio. Loans are graded at inception and are reviewed on a periodic basis to ensure that assigned risk grades are proper based on the definition of such classification. The value of underlying collateral is also considered
during such analysis. The resulting monthly model and the related conclusions are reviewed and approved by Senior Management. Our analysis of allowance adequacy includes consideration for loan impairment. While we use the best information available
to make evaluations, future adjustments to the allowance may be necessary if results differ substantially from the assumptions used in making the evaluations.



The methodology for assessing the adequacy of the allowance establishes both an allocated and unallocated component of the contra asset balance. The allocated
component is based principally on current loan grades and historical loss rates. The unallocated component is the result of the portion of the assessment that estimates probable losses in the portfolio that are not fully captured in the allocated
allowance. This analysis includes, but is not necessarily limited to, industry concentrations, future market expansions, model imprecision, and the estimated impact of current economic conditions on historical loss rates. On a continual basis, we
monitor trends within the portfolio, both quantitative and qualitative, and assess the reasonableness of the unallocated component.



The allowance is subject to examination and adequacy testing by regulatory agencies. In addition, such regulatory agencies could require allowance adjustments based on
information available to them at the time of their examination.



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, 2005, the provision charged to expense was $75,000,
as compared to $145,951 in the same period in 2004.



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COMMUNITY CORP



Item 2. Managements Discussion and Analysis or Plan of Operations - continued



Provision and Allowance for Loan Losses 
(continued)



The allowance for loan losses was 1.74% of total loans at March
31, 2005 and 2004. The allowance for loan losses at March 31, 2005 is reflective of the results of our allowance model methodology. We monitor and evaluate the adequacy of the allowance and loss exposure in the loan portfolio by considering the
borrowers financial conditions and other factors in the unallocated component of the allowance model methodology. Accordingly, we believe the allowance as of March 31, 2005 is adequate, based on our assessment of probable losses, and available
facts and circumstances then prevailing.



Noninterest Income



Noninterest income increased $13,481, or 10.47%, to $142,204 for the three months ended
March 31, 2005 from the comparable period in 2004. Service charges on deposit accounts decreased 3.73% to $93,782 for the three months ended March 31, 2005, while other income increased $17,115 from March 31, 2004 to $48,422 for the same period in
2005. This increase is mostly attributable to a one-time fee received from a credit card company.



Noninterest Expense



Total noninterest
expense for the three months ended March 31, 2005 was $28,434, or 3.76%, greater than the three months ended March 31, 2004. Salaries and employee benefits increased $57,186, or 14.84%, from $385,254 for the three months ended March 31, 2004 to
$442,440 for the comparable period in 2005. This increase is primarily attributable to normal salary increases plus the staff for the new Ridgeland branch, which became fully operational during the first quarter of 2005. For the three months ended
March 31, 2005, other operating expense was $16,975, or 7.40%, less than the three months ended March 31, 2004. Net occupancy and equipment expense decreased from $141,719 for the quarter ended March 31, 2004 to $129,942 for the comparable period in
2005.



Income Taxes



The income tax provision for the three months ended March 31, 2005 was $191,000 compared to
$172,000 for the same period in 2004. The increase was primarily a result of an increase in income before taxes. The effective tax rates were 31.68% and 31.37% for the three months ended March 31, 2005 and 2004, respectively.



Net Income



The combination of the above factors resulted in net income for the three months ended March 31, 2005 of $411,885 as compared to $376,377
for the same period in 2004. This represents an increase of $35,508, or 9.43%, more than the same period in 2004.



Assets and Liabilities



During the first three months of 2005, total assets decreased $630,492, or .46%, when compared to December 31, 2004. Federal funds sold decreased $7,581,000 from December 31, 2004 to $11,465,000 at March 31, 2005. The
decrease is a result of money being shifted into higher yielding investment securities. Total investment securities increased $4,205,981 from December 31, 2004 to $32,001,614 at March 31, 2005. Gross loans increased $1,539,855, or 1.86%, to
$84,546,106 at March 31, 2005.



Total deposits decreased by .69%, or $865,146,
from December 31, 2004 to $124,046,181 at March 31, 2005. Noninterest-bearing deposits increased $1,691,357 to $18,223,141 at March 31, 2005. Interest-bearing deposits decreased $2,556,503 or 2.36% to $105,823,040 at March 31, 2005.



For more analysis of the components of the changes in asset and liabilities, see the
following discussion of major balance sheet categories and the Consolidated Statements of Cash Flows included in Item 1. Financial Statements.



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##### Table of Contents

COMMUNITY CORP



Item 2. Managements Discussion and Analysis or Plan of Operations  continued



Assets and Liabilities  (continued)



We closely monitor and seek to maintain appropriate levels of interest
earning-assets and interest-bearing liabilities so that maturities of assets are such that adequate funds are provided to meet customer withdrawals and loan demand.



Loans



At March 31, 2005, our total loans were $84,546,106 compared to $83,006,251 at December 31, 2004, an increase of $1,539,855, or 1.86%. Balances within the major loans
receivable categories as of March 31, 2005 and December 31, 2004 are as follows:



|                           |  |               |            |                   |   |           
|-------------------------- |  | ------------- | ---------- | ----------------- | - | ----------
|                           |  | March 31,2005 |            | December 31, 2004
|Real estate  construction |  | $             | 5,129,482  |                   | $ | 4,695,143 
|Real estate  mortgage     |  |               | 37,984,607 |                   |   | 39,203,590
|Commercial and industrial  |  |               | 30,281,933 |                   |   | 27,991,611
|Consumer and other         |  |               | 11,150,084 |                   |   | 11,115,907
|                           |  |               |            |                   |   |           
|Total gross loans          |  | $             | 84,546,106 |                   | $ | 83,006,251
|                           |  |               |            |                   |   |           



Risk Elements in the Loan Portfolio



The following is a summary of risk elements in the loan portfolio:



|                                                 |  |           |           |      |   |          
|------------------------------------------------ |  | --------- | --------- | ---- | - | ---------
|                                                 |  | March 31,
|                                                 |  | 2005      |           | 2004
|Loans: Nonaccrual loans                          |  | $         | 613,987   |      | $ | 1,521,951
|Accruing loans more than 90 days past due        |  |           | 22,311    |      |   | 3,521    
|Loans identified by the internal review process: |  |           |           |      |   |          
|Criticized                                       |  | $         | 1,599,757 |      | $ | 522,803  
|Classified                                       |  |           | 1,528,009 |      |   | 2,570,982



Criticized loans have potential
weaknesses that deserve close attention and could, if uncorrected, result in deterioration of the prospects for repayment or the Banks credit position at a future date. Classified loans are inadequately protected by the sound worth and paying
capacity of the borrower or any collateral and there is a distinct possibility or probability that the Bank will sustain a loss if the deficiencies are not corrected.



At March 31, 2005 real estate or other collateral secured practically all of the loans that were criticized and classified. In the event of
foreclosure on these loans, there can be no assurance that in liquidation the collateral can be sold for its estimated fair market value or even for an amount at least equal to or greater than the loan amount.



The results of this internal review process are the primary determining factor in
managements assessment of the adequacy of the allowance for loan losses.



Activity in the Allowance for Loan Losses is as follows:



|                                               |  |                              |            |   |      |   |            |  
|---------------------------------------------- |  | ---------------------------- | ---------- | - | ---- | - | ---------- | -
|                                               |  | Three Months Ended March 31, |           
|                                               |  | 2005                         |            |   | 2004 |  
|Balance, January 1,                            |  | $                            | 1,456,326  |   |      | $ | 1,270,062  |  
|Provision for loan losses for the period       |  |                              | 75,000     |   |      |   | 145,951    |  
|Net loans charged-off for the period           |  |                              | (56,104    | ) |      |   | (39,179    | )
|                                               |  |                              |            |   |      |   |            |  
|Balance, end of period                         |  | $                            | 1,475,222  |   |      | $ | 1,376,834  |  
|                                               |  |                              |            |   |      |   |            |  
|Gross loans outstanding, end of period         |  | $                            | 84,546,106 |   |      | $ | 79,000,574 |  
|Allowance for loan losses to loans outstanding |  |                              | 1.74       | % |      |   | 1.74       | %



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COMMUNITY CORP



Item 2. Managements Discussion and Analysis or Plan of Operations - continued



Deposits



Total deposits decreased $865,146, or .69%, from December 31, 2004. The largest change was a decrease in interest-bearing deposits.
Interest-bearing deposits decreased $2,556,503 to $105,823,040 at March 31, 2005. The decrease was offset by a increase in noninterest-bearing deposits of $1,691,357. Expressed in percentages, interest-bearing deposits decreased 2.36% during the
period and noninterest-bearing deposits increased 10.23%.



Balances within the
major deposit categories as of March 31, 2005 and December 31, 2004 are as follows:



|                                    |  |                |             |                  |   |            
|----------------------------------- |  | -------------- | ----------- | ---------------- | - | -----------
|                                    |  | March 31, 2005 |             | December 31,2004
|Noninterest-bearing demand deposits |  | $              | 18,223,141  |                  | $ | 16,531,784 
|Interest-bearing demand deposits    |  |                | 24,299,787  |                  |   | 27,151,995 
|Savings deposits                    |  |                | 24,765,512  |                  |   | 24,075,836 
|Certificates of deposit             |  |                | 56,757,741  |                  |   | 57,151,712 
|                                    |  |                |             |                  |   |            
|                                    |  | $              | 124,046,181 |                  | $ | 124,911,327
|                                    |  |                |             |                  |   |            



Liquidity



Liquidity needs are met by us through scheduled maturities of loans and investments on the
asset side and through pricing policies on the liability side for interest-bearing deposit accounts and short-term borrowings. The level of liquidity is measured by the loan-to-total funds ratio, which was 67.82% at March 31, 2005 and 66.25% at
December 31, 2004.



Asset liquidity is provided from several sources, including
amounts due from banks and federal funds sold. Available for sale securities, particularly those maturing within one year, provide a secondary source of liquidity. In addition, funds from maturing loans are a source of liquidity



At March 31, 2005 we had available an unused short-term line of credit to purchase up to
$3,800,000 of federal funds from an unrelated correspondent institution. We also have a credit availability agreement with the Federal Home Loan Bank totaling 15 percent of the Banks assets as of any quarter end. As of March 31, 2005, the
available credit totaled approximately $20,700,000 and there were no borrowings outstanding. Any borrowings from the Federal Home Loan Bank will be secured by liens on all of the Banks 1-4 family residential first lien mortgage loans.



Interest Rate Sensitivity



Interest rate sensitivity is defined as the exposure to variability in net interest income
resulting from changes in market-based interest rates. Asset/liability management is the process by which we monitor and control the mix, maturities, and interest sensitivity of our assets and liabilities. Asset/liability management seeks to ensure
adequate liquidity and to maintain an appropriate balance between interest-sensitive assets and liabilities to minimize potentially adverse impacts on earnings from changes in market interest rates. Interest rate sensitivity can be managed by
repricing assets or liabilities, selling securities available-for-sale, replacing an asset or liability at maturity, or adjusting the interest rate during the life of an asset or liability. We believe that interest rate risk management becomes
increasingly important in an interest rate environment and economy such as the one that we are currently experiencing.



We monitor interest rate sensitivity by measuring our interest sensitivity through a gap analysis, which is the positive or negative dollar difference between
assets and liabilities that are subject to interest rate repricing within a given time period. However, since interest rates and yields on various interest sensitive assets and liabilities do not all adjust in the same degree when there is a change
in prevailing interest rates (such as prime rate), the traditional gap analysis is only a general indicator of rate sensitivity and net interest income volatility. As stated in Results of Operations for the Three Months Ended March 31, 2005
Compared to the Three Months Ended March 31, 2004  Net Interest Income, our net interest margin has been decreased during the current year. If net interest margin were to increase, net interest income will likely increase also.



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COMMUNITY CORP



Item 2. Managements Discussion and Analysis or Plan of Operations - continued



Capital Resources



Total shareholders equity increased from $12,636,128 at December 31, 2004 to $12,647,287 at March 31, 2005. The net increase of $11,159 is
attributable to earnings for the period of $411,885 before the payment of $201,709 in cash dividends. The increase was slightly offset by a net decrease for the period of $170,967 in the fair value of securities available-for-sale and the net
decrease of $28,050 from the sales and purchases of treasury stock.



Bank
holding companies, such as ours, 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 our
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 Banks risk-based capital at March 31, 2005:



|                                         |  |   |            |  
|---------------------------------------- |  | - | ---------- | -
|Shareholders equity                     |  | $ | 12,645,036 |  
|Less: intangibles                        |  |   |           |  
|                                         |  |   |            |  
|Tier 1 capital                           |  |   | 12,645,036 |  
|                                         | 
|Plus: allowance for loan losses (1)      |  |   | 1,198,588  |  
|                                         |  |   |            |  
|Total capital                            |  | $ | 13,843,624 |  
|                                         |  |   |            |  
|Risk-weighted assets                     |  | $ | 95,887,000 |  
|                                         |  |   |            |  
|Risk-based capital ratios                |  |   |            |  
|Tier 1 capital (to risk-weighted assets) |  |   | 13.19      | %
|Total capital (to risk-weighted assets)  |  |   | 14.44      | %
|Tier 1 capital (to total average assets) |  |   | 9.10       | %

---

|(1) | limited to 1.25% of risk-weighted assets
|--- | ----------------------------------------



The Federal Reserve Board has similar requirements for bank holding companies. The Company is currently not subject to these requirements because the Federal Reserve
guidelines contain an exemption for bank holding companies of less than $150,000,000 in consolidated assets.



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##### Table of Contents

COMMUNITY CORP



Item 2. Managements Discussion and Analysis or Plan of Operations - continued



Regulatory Matters



We are 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.



Off-Balance Sheet
Risk



Through the operations of our Bank, we have made contractual
commitments to extend credit in the ordinary course of our business activities. These commitments are legally binding agreements to lend money to our customers at predetermined interest rates for a specified period of time. At March 31, 2005, we had
issued commitments to extend credit of $9,119,000 and standby letters of credit of $1,123,000 through various types of commercial lending arrangements. We evaluate each customers credit worthiness on a case-by-case basis. The amount of
collateral obtained, if deemed necessary by us upon extension of credit, is based on our credit evaluation of the borrower. Collateral varies but may include accounts receivable, inventory, property, plant and equipment, commercial and residential
real estate.



Critical Accounting Policies



We have adopted various accounting policies, which govern the application of accounting
principles generally accepted in the United States in the preparation of our financial statements. Our significant accounting policies are described in the notes to the consolidated financial statements at December 31, 2004 as filed in our annual
report on Form 10-KSB. Certain accounting policies involve significant judgments and assumptions by us, which have a material impact on the carrying value of certain assets and liabilities. We consider these accounting policies to be critical
accounting policies. The judgments and assumptions we use are based on historical experience and other factors, which we believe to be reasonable under the circumstances. Because of the nature of the judgments and assumptions we make, actual results
could differ from these judgments and estimates which could have a material impact on our carrying values of assets and liabilities and our results of operations.



We believe the allowance for loan losses is a critical accounting policy that requires the most significant judgments and estimates used in
preparation of our consolidated financial statements. Refer to the portion of this discussion that addresses our allowance for loan losses for a description of our processes and methodology for determining our allowance for loan losses.



Recently Issued Accounting Standards



Accounting standards which have been issued or proposed by the Financial Accounting
Standards Board that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption.



Item 3. Controls and Procedures.



Within 90 days
prior to the date of this report, we carried out an evaluation, under the supervision and with the participation of our principal executive officer and principal financial officer, of the effectiveness of the design and operation of our disclosure
controls and procedures. Based on this evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures are effective in timely alerting them to material information required to be
included in our periodic SEC reports. The design of any system of controls is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals
under all potential future conditions, regardless of how remote.



In addition,
we reviewed our internal controls, and there have been no significant changes in our internal controls or in other factors that could significantly affect those controls subsequent to the date of their last evaluation.



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COMMUNITY CORP



PART II - OTHER INFORMATION



Item 6. Exhibits and Reports on Form 8-K



(a) Exhibits  The following exhibits are filed with this report.



|     |  |                              
|---- |  | -----------------------------
|31.1 |  | Rule 15d-14(a) Certifications
|     | 
|31.2 |  | Rule 15d-14(a) Certifications
|     | 
|32   |  | Section 1350 Certifications  



(b) Reports on Form 8-K  There were no reports on form 8-K filed during the period.



Items 1, 2, 3, 4, and 5 are not applicable.



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##### Table of Contents

COMMUNITY CORP



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
|                   |  |              
|Date: May 12, 2005 |  | By:           |  | /s/ W. ROGER CROOK                 
|                   |  |               |  | W. Roger Crook                     
|                   |  |               |  | President & Chief Executive Officer
|                   |  |              
|                   |  | By:           |  | /s/ GWEN P. BUNTON                 
|                   |  |               |  | Gwen P. Bunton                     
|                   |  |               |  | Chief Financial Officer            



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##### Table of Contents

COMMUNITY CORP



Index To
Exhibits



|            |  |                              
|----------- |  | -----------------------------
|Exhibit No. |  | Description                  
|31.1        |  | Rule 15d-14(a) Certifications
|            | 
|31.2        |  | Rule 15d-14(a) Certifications
|            | 
|32          |  | Section 1350 Certifications  



17