On the uniqueness of community banks

To the public, all banks seem alike. But banking insiders make important distinctions between community banks and all other banks. Policymakers worry that community banks’ unique characteristics threaten their survival in the face of industry consolidation. However, despite dramatic regulatory and technological changes in the industry in the past two decades, community banks have not only survived but often prospered. ; This article explores the differences between community banks and larger banks to discover what makes community banks unique. Large banks engage primarily in transactional banking—the provision of highly standardized intermediation services, such as gathering deposits and extending loans, that require little human input to manage. Community banks, in contrast, typically focus on relationship banking, which requires more human input, more detailed credit evaluation, and localized decision making. ; Examining profit and risk measures for the 1998–2002 period for both community banks and large banking organizations, the authors find evidence that small banks were generally profitable. In all but the smallest size category, community banks have performed as well as, and often better than, large banks in managing net interest margins, aggregate profits, and credit risk. Also, community banks are more likely to adopt Subchapter S tax status, which allows them to avoid direct federal income taxation and pass tax benefits on to shareholders. These institutions typically have relatively higher returns on both equity and assets than larger banks do. Whether community banks will be able to sustain this good performance will depend, the authors conclude, on how well managers find valuable relationship lending niches, invest bank capital, and balance asset quality with growth.Community banks

International Negotiations on Farm Support Levels: The Role of PSEs

Agricultural and Food Policy, International Relations/Trade,

Computing equilibrium states of cholesteric liquid crystals in elliptical channels with deflation algorithms

We study the problem of a cholesteric liquid crystal confined to an elliptical channel. The system is geometrically frustrated because the cholesteric prefers to adopt a uniform rate of twist deformation, but the elliptical domain precludes this. The frustration is resolved by deformation of the layers or introduction of defects, leading to a particularly rich family of equilibrium configurations. To identify the solution set, we adapt and apply a new family of algorithms, known as deflation methods, that iteratively modify the free energy extremisation problem by removing previously known solutions. A second algorithm, deflated continuation, is used to track solution branches as a function of the aspect ratio of the ellipse and preferred pitch of the cholesteric.Comment: 9 pages, 6 figure

The potential for circular dichroism as an additional facile and sensitive method of monitoring low-molecular-weight heparins and heparinoids

The ultraviolet circular dichroism (CD) spectra of commercial low-molecular-weight heparins, heparinoids and other anticoagulant preparations have been recorded between 180 and 260 nm. Principal component analysis of the spectra allowed their differentiation into a number of groups related to the means of their production reflecting the structural changes introduced by each process. The findings suggest that CD provides a complementary technique for the rapid analysis of heparin preparations

Modelling primary blast lung injury

Primary blast lung injury is the most important component of a multisystem syndrome of injury resulting from exposure to an explosive shockwave. The fact that it occurs in areas of conflict or following unpredictable industrial accidents makes clinical study implausible. Research in this field is therefore reliant on the use of some form of biological or non-biological surrogate model. Following a description of the epidemiology of the disease in a recent conflict, we describe the development of a new disease simulator and further explore its subsequent use in assessing treatment options both in the pre-hospital and intensive care environment

Structural Landscapes in Geometrically Frustrated Smectics

A phenomenological free energy model is proposed to describe the behavior of smectic liquid crystals, an intermediate phase that exhibits orientational order and layering at the molecular scale. Advantageous properties render the functional amenable to numerical simulation. The model is applied to a number of scenarios involving geometric frustration, leading to emergent structures such as focal conic domains and oily streaks and enabling detailed elucidation of the very rich energy landscapes that arise in these problems

Evidence of Multiple r-Process Sites in the Early Galaxy: New Observations of CS 22892-052

First results are reported of a new abundance study of neutron-capture elements in the ultra-metal-poor (UMP; [Fe/H] = -3.1) halo field giant star CS 22892-052. Using new high resolution, high signal-to-noise spectra, abundances of more than 30 neutron-capture elements (Z>30) have been determined. Six elements in the 40<Z<56 domain (Nb, Ru, Rh, Pd, Ag and Cd) have been detected for the first time in a UMP star. Abundances are also derived for three of the heaviest stable elements (Os, Ir, and Pb). A second transition of thorium, Th{4086}, confirms the abundance deduced from the standard Th{4019} line, and an upper limit to the abundance of uranium is established from the absence of the U{3859} line. As found in previous studies, the abundances of the heavier (Z>=56) stable neutron-capture elements in CS 22892-052 match well the scaled solar system r-process abundance distribution. From the observed Th abundance, an average age of ~= 16 +/- 4 Gyr is derived for cs22892-052, consistent with the lower age limit of ~= 11 Gyr derived from the upper limit on the U abundance. The concordance of scaled solar r-process and CS 22892-052 abundances breaks down for the lighter neutron-capture elements, supporting previous suggestions that different r-process production sites are responsible for lighter and heavier neutron-capture elements.Comment: To be published in the Astrophysical Journal Letter

High-Resolution Slant-Angle Scene Generation and Validation of Concealed Targets in DIRSIG

Traditionally, synthetic imagery has been constructed to simulate images captured with low resolution, nadirviewing sensors. Advances in sensor design have driven a need to simulate scenes not only at higher resolutions but also from oblique view angles. The primary efforts of this research include: real image capture, scene construction and modeling, and validation of the synthetic imagery in the reflective portion of the spectrum. High resolution imagery was collected of an area named MicroScene at the Rochester Institute of Technology using the Chester F. Carlson Center for Imaging Science’s MISI and WASP sensors using an oblique view angle. Three Humvees, the primary targets, were placed in the scene under three different levels of concealment. Following the collection, a synthetic replica of the scene was constructed and then rendered with the Digital Imaging and Remote Sensing Image Generation (DIRSIG) model configured to recreate the scene both spatially and spectrally based on actual sensor characteristics. Finally, a validation of the synthetic imagery against the real images of MicroScene was accomplished using a combination of qualitative analysis, Gaussian maximum likelihood classification, and the RX algorithm. The model was updated following each validation using a cyclical development approach. The purpose of this research is to provide a level of confidence in the synthetic imagery produced by DIRSIG so that it can be used to train and develop algorithms for real world concealed target detection