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13
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13
87991
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13
88441
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13
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13
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13
89731
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13
90171
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13
90621
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13
91081
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14
91153
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14
92891
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14
93341
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14
93811
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14
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14
94681
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14
95161
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14
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14
96091
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14
96531
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14
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14
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14
97831
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[ "%", "for", "the", "same", "period", "in", "2010", ".", "Net", "interest", "income", "for", "the", "three", "months", "ended", "March", "31", ",", "2011", "increased", "$", "697,000", "to", "$", "2.3", "million", ",", "or", "4.3", "%", "from", "$", "1.6", "million", "during", "the", "same", "period", "last", "year", ".", "The", "primary", "reasons", "for", "the", "increase", "in", "net", "interest", "income", "for", "the", "three", "month", "period", "reflects", "a", "higher", "average", "balance", "of", "loans", "and", "investment", "securities", "primarily", "related", "to", "the", "acquisition", "of", "assets", "from", "the", "former", "Earthstar", "Bank", ",", "a", "lower", "average", "interest", "rate", "paid", "on", "money", "market", "accounts", ",", "savings", "accounts", ",", "time", "deposits", "and", "FHLB", "advances", ".", "The", "average", "balance", "of", "loans", "increased", "during", "the", "three", "months", "ended", "March", "31", ",", "2011", "due", "to", "the", "increased", "balance", "of", "loan", "acquired", "from", "the", "former", "Earthstar", "Bank", ",", "increased", "loan", "originations", "from", "the", "same", "period", "last", "year", "as", "well", "as", "lower", "loan", "sales", "during", "the", "current", "period", "as", "compared", "to", "last", "year", ".", "Lower", "interest", "expense", "on", "deposits", "for", "the", "three", "months", "ended", "March", "31", ",", "2011", "was", "due", "to", "a", "continuing", "decline", "in", "market", "interest", "rates", ".", "The", "increase", "in", "the", "average", "balance", "of", "investment", "securities", "during", "the", "three", "month", "period", "ended", "March", "31", ",", "2011", "was", "due", "to", "the", "purchase", "of", "investment", "securities", "held", "to", "maturity", "as", "well", "as", "the", "securities", "acquired", "from", "the", "former", "Earthstar", "Bank", ".", "Provision", "for", "Loan", "Losses", ".", "We", "recorded", "a", "provision", "for", "loan", "losses", "of", "$", "309,000", "for", "the", "three", "months", "ended", "March", "31", ",", "2011", "as", "compared", "to", "a", "credit", "provision", "for", "loan", "losses", "of", "$", "134,000", "for", "the", "three", "months", "ended", "March", "31", ",", "2010", ".", "The", "increase", "in", "the", "provision", "is", "directly", "related", "to", "the", "increased", "balance", "in", "loans", "during", "the", "quarter", "primarily", "as", "a", "result", "of", "the", "purchase", "of", "loans", "through", "the", "FDIC", "assisted", "transaction", ".", "The", "provisions", "reflect", "management", "’", "s", "assessment", "of", "lending", "activities", ",", "decreased", "non-performing", "loans", ",", "levels", "of", "current", "delinquencies", "and", "current", "economic", "conditions", ".", "Provisions", "for", "loan", "losses", "are", "charged", "to", "earnings", "to", "maintain", "the", "total", "allowance", "for", "loan", "losses", "at", "a", "level", "believed", "by", "management", "sufficient", "to", "cover", "all", "known", "and", "inherent", "losses", "in", "the", "loan", "portfolio", "which", "are", "both", "probable", "and", "reasonably", "estimable", ".", "Management", "’", "s", "analysis", "includes", "consideration", "of", "the", "Company", "’", "s", "historical", "experience", ",", "the", "volume", "and", "type", "of", "lending", "conducted", "by", "the", "Company", ",", "the", "amount", "of", "the", "Company", "’", "s", "classified", "and", "criticized", "assets", ",", "the", "status", "of", "past", "due", "principal", "and", "interest", "payments", ",", "general", "economic", "conditions", ",", "particularly", "as", "they", "relate", "to", "the", "Company", "’", "s", "primary", "market", "area", ",", "and", "other", "factors", "related", "to", "the", "collectability", "of", "the", "Company", "’", "s", "loan", "portfolio", ".", "Noninterest", "Income.The", "following", "table", "summarizes", "noninterest", "income", "for", "the", "three", "months", "ended", "March", "31", ",", "2011", "and", "2010", ".", "The", "$", "319,000", "decrease", "in", "noninterest", "income", "during", "the", "three", "months", "ended", "March", "31", ",", "2011", "as" ]
14
98291
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[ "and", "2010", ".", "The", "$", "319,000", "decrease", "in", "noninterest", "income", "during", "the", "three", "months", "ended", "March", "31", ",", "2011", "as", "compared", "to", "the", "three", "months", "ended", "March", "31", ",", "2010", "was", "primarily", "due", "to", "a", "$", "294,000", "and", "$", "26,000", "decrease", "in", "gains", "on", "the", "sale", "of", "loans", "and", "investments", ",", "respectively", "and", "a", "$", "7,000", "decrease", "in", "earnings", "on", "Bank-owned", "life", "insurance", ",", "partially", "offset", "by", "a", "$", "11,000", "increase", "in", "service", "fees", "on", "deposit", "accounts", ".", "The", "following", "table", "summarizes", "noninterest", "expense", "for", "the", "three", "months", "ended", "March", "31", ",", "2011", "and", "2010", ".", "Total", "noninterest", "expense", "increased", "$", "29,000", ",", "or", "1.4", "%", ",", "to", "$", "2.1", "million", "for", "the", "three", "months", "ended", "March", "31", ",", "2011", "from", "the", "prior", "year", "period", ".", "The", "increase", "in", "noninterest", "expense", "for", "the", "three", "months", "ended", "March", "31", ",", "2011", "as", "compared", "to", "the", "prior", "year", "period", "was", "primarily", "the", "result", "of", "a", "$", "230,000", "increase", "in", "compensation", "and", "employee", "benefits", "related", "to", "the", "acquisition", "of", "Earthstar", "Bank", "and", "an", "$", "89,000", "increase", "in", "occupancy", "and", "equipment", "due", "to", "the", "upgrade", "and", "conversion", "of", "the", "systems", ",", "partially", "offset", "by", ",", "the", "decrease", "in", "expense", "related", "to", "our", "investment", "in", "a", "subsidiary", "set", "up", "to", "manage", "and", "dispose", "of", "foreclosed", "property", "for", "the", "prior", "year", "period", "and", "the", "decrease", "in", "federal", "deposit", "insurance", "premiums", ".", "Income", "Taxes.We", "recorded", "tax", "expense", "of", "$", "26,000", "for", "the", "three", "months", "ended", "March", "31", ",", "2011", "compared", "to", "a", "tax", "benefit", "of", "$", "44,000", "during", "the", "three", "months", "ended", "March", "31", ",", "2010", ".", "The", "recording", "of", "tax", "expenses", "resulted", "from", "the", "increase", "in", "our", "taxable", "operating", "profits", ".", "Liquidity", "is", "the", "ability", "to", "meet", "current", "and", "future", "financial", "obligations", "of", "a", "short-term", "nature", ".", "Our", "primary", "sources", "of", "funds", "consist", "of", "deposit", "inflows", ",", "loan", "repayments", ",", "maturities", "and", "sales", "of", "securities", "and", "borrowings", "from", "the", "FHLB", "of", "Pittsburgh", ".", "While", "maturities", "and", "scheduled", "amortization", "of", "loans", "and", "securities", "are", "predictable", "sources", "of", "funds", ",", "deposit", "flows", "and", "loan", "prepayments", "are", "greatly", "influenced", "by", "general", "interest", "rates", ",", "economic", "conditions", "and", "competition", ".", "We", "regularly", "adjust", "our", "investments", "in", "liquid", "assets", "based", "upon", "our", "assessment", "of", "(", "1", ")", "expected", "loan", "demand", ",", "(", "2", ")", "expected", "deposit", "flows", ",", "(", "3", ")", "yields", "available", "on", "interest-earning", "deposits", "and", "securities", "and", "(", "4", ")", "the", "objectives", "of", "our", "asset/liability", "management", "policy", ".", "Our", "most", "liquid", "assets", "are", "cash", "and", "cash", "equivalents", ".", "The", "levels", "of", "these", "assets", "depend", "on", "our", "operating", ",", "financing", ",", "lending", "and", "investing", "activities", "during", "any", "given", "period", ".", "At", "March", "31", ",", "2011", ",", "cash", "and", "cash", "equivalents", "totaled", "$", "8.0", "million", ".", "Securities", "classified", "as", "available-for-sale", "," ]
14
98721
[ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 3, 4, 4, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 3, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]
[ "At", "March", "31", ",", "2011", ",", "cash", "and", "cash", "equivalents", "totaled", "$", "8.0", "million", ".", "Securities", "classified", "as", "available-for-sale", ",", "which", "provide", "additional", "sources", "of", "liquidity", ",", "totaled", "$", "25.7", "million", "at", "March", "31", ",", "2011", ".", "In", "addition", ",", "at", "March", "31", ",", "2011", ",", "we", "had", "the", "ability", "to", "borrow", "a", "total", "of", "approximately", "$", "89.2", "million", "from", "the", "FHLB", "of", "Pittsburgh", ".", "On", "March", "31", ",", "2011", ",", "we", "had", "$", "31.5", "million", "of", "borrowings", "outstanding", ".", "Any", "growth", "of", "our", "loan", "portfolio", "may", "require", "us", "to", "borrow", "additional", "funds", ".", "At", "March", "31", ",", "2011", ",", "we", "had", "$", "2.7", "million", "in", "mortgage", "loan", "commitments", "outstanding", "and", "$", "36,000", "in", "a", "standby", "letter", "of", "credit", ".", "Time", "deposits", "due", "within", "one", "year", "of", "March", "31", ",", "2011", "totaled", "$", "74.6", "million", ",", "or", "66.4", "%", "of", "time", "deposits", ".", "If", "these", "maturing", "deposits", "do", "not", "remain", "with", "us", ",", "we", "will", "be", "required", "to", "seek", "other", "sources", "of", "funds", ",", "including", "other", "time", "deposits", "and", "borrowings", ".", "Depending", "onmarket", "conditions", ",", "we", "may", "be", "required", "to", "pay", "higher", "rates", "on", "such", "deposits", "or", "other", "borrowings", "than", "we", "currently", "pay", "on", "the", "time", "deposits", "due", "on", "or", "before", "March", "31", ",", "2012", ".", "We", "believe", ",", "however", ",", "based", "on", "past", "experience", "that", "a", "significant", "portion", "of", "our", "time", "deposits", "will", "remain", "with", "us", ".", "We", "have", "the", "ability", "to", "attract", "and", "retain", "deposits", "by", "adjusting", "the", "interest", "rates", "offered", ".", "Our", "primary", "investing", "activities", "are", "the", "origination", "of", "loans", "and", "the", "purchase", "of", "securities", ".", "Our", "primary", "financing", "activities", "consist", "of", "activity", "in", "deposit", "accounts", "and", "FHLB", "advances", ".", "Deposit", "flows", "are", "affected", "by", "the", "overall", "level", "of", "interest", "rates", ",", "the", "interest", "rates", "and", "products", "offered", "by", "us", "and", "our", "local", "competitors", "and", "other", "factors", ".", "We", "generally", "manage", "the", "pricing", "of", "our", "deposits", "to", "be", "competitive", "and", "to", "increase", "core", "deposit", "relationships", ".", "Occasionally", ",", "we", "offer", "promotional", "rates", "on", "certain", "deposit", "products", "to", "attract", "deposits", ".", "The", "Company", "is", "a", "separate", "entity", "and", "apart", "from", "the", "Bank", "and", "must", "provide", "for", "its", "own", "liquidity", ".", "As", "of", "March", "31", ",", "2011", ",", "the", "Company", "had", "$", "8.0", "million", "in", "cash", "and", "cash", "equivalents", "compared", "to", "$", "54.0", "million", "as", "of", "December", "31", ",", "2010", ".", "Substantially", "all", "of", "the", "Company", "’", "s", "cash", "and", "cash", "equivalents", "were", "obtained", "from", "proceeds", "it", "retained", "from", "the", "Bank", "’", "s", "mutual-to-stock", "conversion", "completed", "in", "January", "2007", ".", "In", "addition", "to", "its", "operating", "expenses", ",", "Company", "may", "utilize", "its", "cash", "position", "for", "the", "payment", "of", "dividends", "or", "to", "repurchase", "common", "stock", ",", "subject", "to", "applicable", "restrictions", ".", "The", "Company", "can", "receive", "dividends", "from", "the", "Bank", ".", "Payment", "of", "such", "dividends", "to", "the", "Company", "by", "the", "Bank", "is", "limited", "under", "federal", "law", ".", "The", "amount", "that", "can", "be" ]
14
99171
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15
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15
101251
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15
101741
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15
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15
103101
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[ "Dominic", "Minore", "Securities", "and", "Exchange", "Commission", "Investment", "Company", "Division", "100", "F.", "Street", ",", "N.E.", "This", "letter", "responds", "to", "the", "comments", "on", "Post-Effective", "Amendment", "No.", "39", "to", "the", "Registrant", "s", "registration", "statement", "on", "Form", "N-1A", "on", "behalf", "of", "the", "Ariel", "Fund", ",", "Ariel", "Appreciation", "Fund", "and", "Ariel", "Focus", "fund", "that", "were", "provided", "to", "me", "by", "telephone", "by", "the", "Securities", "and", "Exchange", "Commission", "(", "the", "Commission", ")", "on", "January", "14", ",", "2010", ".", "SEC", "Comment", ":", "In", "the", "section", "entitled", "Fund", "Summaries-Fees", "and", "Expenses", "of", "the", "Fund", "in", "the", "Prospectus", "in", "the", "lead", "in", "paragraph", ",", "please", "delete", "the", "sentence", "You", "do", "not", "pay", "a", "sales", "charge", "or", "load", "when", "you", "buy", "or", "sell", "shares", ".", "Response", ":", "In", "the", "past", ",", "the", "Registrant", "has", "received", "many", "calls", "from", "shareholders", "inquiring", "whether", "a", "Fund", "is", "a", "load", "or", "no", "load", "fund", ".", "In", "response", ",", "the", "Registrant", "added", "the", "disclosure", "You", "do", "not", "pay", "a", "sales", "charge", "or", "load", "when", "you", "buy", "or", "sell", "shares", "to", "its", "Prospectus", ".", "Therefore", "in", "order", "to", "avoid", "any", "confusion", "on", "the", "part", "of", "shareholders", "or", "potential", "investors", ",", "the", "Registrant", "believes", "the", "disclosure", "should", "remain", "in", "the", "Prospectus", ".", "SEC", "Comment", ":", "In", "the", "section", "entitled", "Fund", "Summaries-Fees", "and", "Expenses", "of", "the", "Fund", "in", "the", "Prospectus", ",", "please", "delete", "the", "sentences", "The", "expenses", "are", "based", "on", "actual", "expenses", "incurred", "for", "the", "fiscal", "year", "ended", "September", "30", ",", "2009", ".", "Expenses", "may", "vary", "in", "future", "years", ".", "Response", ":", "The", "changes", "will", "be", "made", "as", "requested", ".", "SEC", "Comment", ":", "In", "the", "section", "entitled", "Fund", "Summaries-Fees", "and", "Expenses", "of", "the", "Fund", "in", "the", "Prospectus", "in", "the", "lead", "in", "paragraph", "for", "the", "Example", ",", "please", "(", "i", ")", "delete", "the", "phrase", "based", "on", "the", "current", "level", "of", "expenses", "at", "the", "end", "of", "the", "first", "sentence", ",", "(", "ii", ")", "delete", "the", "phrase", "dividends", "and", "distributions", "are", "reinvested", "from", "the", "second", "sentence", "and", "replace", "with", "the", "Fund", "s", "operating", "expenses", "remain", "the", "same", ",", "and", "(", "iii", ")", "move", "the", "sentences", "below", "the", "example", "table", "to", "the", "lead", "in", "paragraph", "above", "the", "Example", ".", "Response", ":", "The", "changes", "will", "be", "made", "as", "requested", ".", "SEC", "Comment", ":", "Please", "provide", "the", "heading", "Portfolio", "Turnover", "before", "the", "paragraph", "that", "describes", "the", "Fund", "s", "portfolio", "turnover", ".", "Response", ":", "The", "change", "will", "be", "made", "as", "requested", ".", "SEC", "Comment", ":", "In", "the", "section", "entitled", "Fund", "Summaries-Principal", "Investment", "Strategy", "in", "the", "Prospectus", ",", "the", "first", "sentence", "of", "the", "first", "paragraph", "states", "that", "the", "Ariel", "Fund", "invests", "primarily", "in", "stocks", "of", "companies", "with", "market", "capitalizations", "between", "$", "1", "billion", "and", "$", "5", "billion", ",", "measured", "at", "the", "time", "of", "purchase", ".", "Please", "provide", "a", "definition", "of", "stocks", ".", "For", "example", ",", "stocks", "are", "common", "stocks", ",", "preferred", "stocks", "and", "securities", "convertible", "into", "common", "stock" ]
17
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17
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18
109851
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18
110321
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18
110791
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18
111251
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18
111711
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18
112191
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19
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19
115551
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19
116021
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19
119471
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19
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19
122131
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20
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20
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20
123631
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20
124111
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20
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20
125051
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20
125511
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20
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20
126461
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20
126911
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20
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21
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21
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21
128421
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