<SEC-DOCUMENT>0000892917-11-000171.txt : 20120224
<SEC-HEADER>0000892917-11-000171.hdr.sgml : 20120224
<ACCEPTANCE-DATETIME>20111011201537
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000892917-11-000171
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20111011

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BARRETT BUSINESS SERVICES INC
		CENTRAL INDEX KEY:			0000902791
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-HELP SUPPLY SERVICES [7363]
		IRS NUMBER:				520812977
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		8100 NE PARKWAY DRIVE
		STREET 2:		SUITE 200
		CITY:			VANCOUVER
		STATE:			WA
		ZIP:			98662
		BUSINESS PHONE:		(800) 494-5669

	MAIL ADDRESS:	
		STREET 1:		8100 NE PARKWAY DRIVE
		STREET 2:		SUITE 200
		CITY:			VANCOUVER
		STATE:			WA
		ZIP:			98662
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<p style="margin:0in;margin-bottom:.0001pt;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>





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<p style="margin-bottom:.25in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><img height=111 src="x11101116535200.jpg" width=213></p>

<p align=right style="margin-bottom:24.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">October 11, 2011</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><u><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Submitted on EDGAR under &quot;CORRESP</font></u><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">&quot;&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Mr. Robert S. Littlepage</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Accounting Branch Chief</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Division of Corporation Finance</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Securities and Exchange Commission</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">100 F Street, NE</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Washington, DC 20549-4561</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:12.0pt;text-indent:-1.0in;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Subject:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Barrett Business Services, Inc.</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:12.0pt;text-indent:-1.0in;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Form 10-K for the fiscal year ended December 31, 2010<br>
Filed April 1, 2011<br>
File No. 0-21886</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font color=black face=Georgia lang=EN-US style="font-size:12.0pt;">Dear Mr. Littlepage:</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">We are in receipt of Larry Spirgel's letter dated September
26, 2011, regarding the subject filing.&#160; Our responses correspond to the
numbered comments in the letter.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><u><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Goodwill and intangible
assets, page F-9</font></u></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We
note your response to comment one from our letter dated August 23, 2011.&#160; In
order that we may better understand how your CODM reviews your operations as
described in your response, please provide us with all reports that are
provided to your CODM.&#160; Additionally, please provide us a management
organizational chart, including a more detailed organizational chart depicting
your branches.</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><b><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Response:&#160;
</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Under separate cover, we are forwarding by air courier paper
copies of the reports you have requested as follows:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.25in;"><font color=windowtext face=Symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Organizational chart</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.25in;"><font color=windowtext face=Symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Monthly income statement &#8211; entity level</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.25in;"><font color=windowtext face=Symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Monthly balance sheet</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>





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<p style="margin:0in;margin-bottom:.0001pt;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">Mr. Robert S. Littlepage</font></p>







<p style="margin:0in;margin-bottom:24.0pt;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">Page 2</font></p>





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<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.25in;"><font color=windowtext face=Symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Monthly actual&#160; versus forecast &#8211; only prepared at the entity
level</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.25in;"><font color=windowtext face=Symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Weekly activity report &#8211; entity wide</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.25in;"><font color=windowtext face=Symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Weekly activity report &#8211; summarized by zone</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.25in;"><font color=windowtext face=Symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Weekly activity report &#8211; summarized by branch</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.25in;"><font color=windowtext face=Symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">New business report</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.25in;"><font color=windowtext face=Symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Current customers with $5,000 or more AR out of terms by 5 days
or more</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">The foregoing documents will be accompanied by an
application for confidential treatment as provided in Rule 83 (17 CFR&#160; &#167;200.83)
pursuant to the Freedom of Information Act.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">The CODM also has electronic access to monthly individual
branch income statements.&#160; These statements are only sporadically reviewed by
the CODM as this level of the business does not provide the most effective
point from which to manage the operations of our business.&nbsp; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">As noted in our previous response, for the year ended
December 31, 2010 we determined we have one operating segment in accordance with
paragraph 280-10-50-1 of the ASC.&#160;&#160; The following summary of our analysis of
the criteria of ASC paragraph 280-10-50-1 addresses how the reports identified
above are utilized by our CODM and describes our overall conclusion that we
have only one operating segment.&#160; We have also included our consideration of
reporting units as required by ASC 350-20-35.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<div align=center>

<table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:100.0%;">
 <tr>
  <td width=50% style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><i><font color=black face=Georgia style="font-size:12.0pt;">Paragraph</font></i></b></p>
  </td>
 <td width=50% style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><i><font color=black face=Georgia style="font-size:12.0pt;">Analysis</font></i></b></p>
  </td>
 </tr>
<tr>
  <td valign=top width=50% style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-left:0in;margin-right:0in;"><b><font color=windowtext face=Georgia style="font-size:12.0pt;">ASC 280-10-50-1</font></b><font color=windowtext face=Georgia style="font-size:12.0pt;">  As defined in that paragraph,
  an</font><b><font color=windowtext face=Georgia style="font-size:12.0pt;text-decoration:none;"> </font></b><font color=windowtext face=Georgia style="font-size:12.0pt;text-decoration:none;">operating
  segment</font><b><font color=windowtext face=Georgia style="font-size:12.0pt;text-decoration:none;"> </font></b><font color=windowtext face=Georgia style="font-size:12.0pt;">is a component of a</font><font color=windowtext face=Georgia style="font-size:12.0pt;text-decoration:none;">
  public entity </font><font color=windowtext face=Georgia style="font-size:12.0pt;">that has all of the following characteristics:</font></p>
  </td>
 <td width=50% style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Georgia style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=50% style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Georgia style="font-size:12.0pt;">ASC
  280-10-50-1(a)</font></b><font color=black face=Georgia style="font-size:12.0pt;">  It engages in
  business activities from which it may earn revenues and incur expenses
  (including revenues and expenses relating to transactions with other
  components of the same public entity).</font><font color=black face="Times New Roman" style="font-size:12.0pt;"><br>
  <br>
  </font></p>
  </td>
 <td width=50% style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia style="font-size:12.0pt;">The question of whether or not the branch operations are
  engaged in the generation of revenue or incur expenses requires further
  analysis.  While it is clear we incur expenses related to branch personnel,
  it is not clear that the branches generate revenue.  While branch personnel
  facilitate payroll processing and customer service, the ultimate delivery of
  the services occurs through a centralized information system and the revenues
  are collected through our corporate office. The funds for payroll costs,
  operating costs and servicing workers&#8217; compensation claims are distributed
  out of our corporate accounts. Aside from the customer contact element, there are no limitations on our ability to service any
  of our customers from any branch. This indicates our customers are customers
  of BBSI and not of a specific branch. Our view of the business model and
  approach to managing significant risks and expenses are at the entity level. Similar
  to certain concepts described in ASC 350-20-35 related t0 consideration of
  components and reporting units, there simply is not enough economic diversity
  in our branch operations to justify managing the business at the branch
  level.</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Georgia style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=50% style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Georgia style="font-size:12.0pt;">ASC
  280-10-50-1(b)</font></b><font color=black face=Georgia style="font-size:12.0pt;">   Its operating
  results are regularly reviewed by the public entity's chief operating
  decision maker to make decisions about resources to be allocated to the
  segment and assess its performance.</font><font color=black face="Times New Roman" style="font-size:12.0pt;"><br>
  <br>
  </font></p>
  </td>
 <td width=50% style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia style="font-size:12.0pt;">Operating results are regularly reviewed by our CODM.  As
  noted above, the CODM has access to financial information for the Company as
  a whole, geographic zones and our branches.  The information received
  routinely relates only to revenue and the related direct costs of payroll and
  workers&#8217; compensation.  Branch administrative costs are a significant
  component of our business but are not regularly reviewed by our CODM.  Our
  branch managers have primary responsibility for these costs and the regular
  monitoring at the branch level.  There is no active management or decisions
  made by geographic zone.  In summary, we have concluded that our CODM is not
  regularly reviewing sufficient information to make branch level resource
  allocation decisions, nor do we intend that meaningful resource allocation
  decisions will be made at the branch level.</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Georgia style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

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<p style="margin:0in;margin-bottom:.0001pt;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">Mr. Robert S. Littlepage</font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">October 11, 2011</font></p>



<p style="margin:0in;margin-bottom:24.0pt;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">Page 3</font></p>





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<div align=center>

<table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:100.0%;">
 <tr>
  <td valign=top width=50% style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=windowtext face=Georgia style="font-size:12.0pt;">ASC 280-10-50-1(c)</font></b><font color=windowtext face=Georgia style="font-size:12.0pt;">   Its discrete financial
  information is available.</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Georgia style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td width=50% style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia style="font-size:12.0pt;">The documents listed above show that we produce
  information at the entity level, by geographic zone and by branch.  From an
  operational perspective, we have no organizational structure by zone.  This
  information is produced only to provide market information at a more
  summarized level.  We do not maintain complete financial statements for our
  branches and there is no additional information for the geographic zones
  beyond the high level revenue and payroll data included in the reports above.</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Georgia style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td width=50% style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=windowtext face=Georgia style="font-size:12.0pt;">350-20-35-34</font></b><font color=windowtext face=Georgia style="font-size:12.0pt;">&nbsp;&nbsp;A component of an</font><font color=windowtext face=Georgia style="font-size:12.0pt;text-decoration:none;"> operating segment </font><font color=windowtext face=Georgia style="font-size:12.0pt;">is a reporting unit if the component
  constitutes a business or a</font><font color=windowtext face=Georgia style="font-size:12.0pt;text-decoration:none;"> nonprofit activity </font><font color=windowtext face=Georgia style="font-size:12.0pt;">for which discrete financial information
  is available and segment management, as that term is defined in paragraph
  280-10-50-7, regularly reviews the operating results of that component.
  Subtopic 805-10 includes guidance on determining whether an asset group
  constitutes a business.</font></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=windowtext face=Georgia style="font-size:12.0pt;">&nbsp;</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=windowtext face=Georgia style="font-size:12.0pt;">350-20-35-35</font></b><font color=windowtext face=Georgia style="font-size:12.0pt;">&nbsp;&nbsp;&nbsp;</font><font color=black face=Verdana style="font-size:12.0pt;"> </font><font color=black face=Georgia style="font-size:12.0pt;">Two or more components of an operating segment
  shall be aggregated and deemed a single reporting unit if the components have
  similar economic characteristics.  Paragraph 280-10-50-11 shall be considered
  in determining if the components of an operating segment have similar
  economic characteristics.</font></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Georgia style="font-size:12.0pt;">&nbsp;</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=windowtext face=Georgia style="font-size:12.0pt;">350-20-35-36</font></b><font color=windowtext face=Georgia style="font-size:12.0pt;">&nbsp;&nbsp;</font><font color=black face=Georgia style="font-size:12.0pt;">An
  operating segment shall be deemed to be a reporting unit if all of its
  components are similar, if none of its components is a reporting unit, or if
  it comprises only a single component.</font></p>
  </td>
 <td width=50% style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia style="font-size:12.0pt;">As noted in paragraph 34, a component of an operating
  segment is a reporting unit if discrete financial information is available
  and the CODM regularly reviews the operating results of that component.
  Paragraph 35 further clarifies that two or more components should be deemed a
  single reporting unit if all of the components have similar economic
  characteristics.</font></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=windowtext face=Georgia style="font-size:12.0pt;">&nbsp;</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia style="font-size:12.0pt;">In our business, our branches are our components.  In
  applying the requirements of the ASC we have concluded that there is discrete
  (albeit limited) financial information available for our branch operations.
  However, as noted above, these results are not regularly reviewed by our
  CODM.  Further, our branch operations provide the same services at all
  locations and share very similar economic characteristics.  Based on our
  evaluation, we have concluded that our entity as a whole, in addition to
  being our only operating segment, is our only reporting unit.</font></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Georgia style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Based on these considerations, we have concluded that we
have only one operating segment, as some of the characteristics of an operating
segment are not present in our </font><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">branches.&#160; We have also
concluded that we do not have any identifiable reporting units below our one
operating segment.</font></p>
<a name="_bclFooter3"></a><DIV>





<p style="margin:0in;margin-bottom:.0001pt;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>





</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_4"></a><a name="_bclPageBorder4"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<a name="_bclHeader4"></a><DIV>





<p style="margin:0in;margin-bottom:.0001pt;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">Mr. Robert S. Littlepage</font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">October 11, 2011</font></p>



<p style="margin:0in;margin-bottom:24.0pt;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">Page 4</font></p>





</DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><b><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:0in;"><u><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Fair
Value of Financial Instruments and Concentration of Credit Risk, page F-17</font></u></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As
set forth in comment three from our letter dated June 30, 2011 and reiterated
in part in comment three of our letter dated August 23, 2011, please include
the following in your proposed disclosure:</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For
each class of security with fair value measurements using significant other
observable inputs (Level 2)</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font color=windowtext face=Symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Please include a description of the valuation technique (or
multiple valuation techniques) used, such as the market approach, income
approach, or the cost approach, and the inputs used in determining the fair
values of each class of assets or liabilities.</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font color=windowtext face=Symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">If there has been a change in the valuation technique(s) (for
example, changing from a market approach to an income approach or the use of an
additional valuation technique), please disclose that change and the reason for
making it.</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Please provide
us your proposed disclosure.</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><b><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Response:&#160;
</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:0in;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Our proposed
disclosure is as follows:</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:0in;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">In determining
the fair value of our financial assets, the Company predominately uses the
market approach.&nbsp; In determining the fair value of its municipal bonds,
corporate bonds, and variable rate demand notes classified as level 2, the
Company utilizes the services of an independent third party.&nbsp; The third party&#8217;s
fair value assessment is based upon observable market prices in less active
markets or quoted market prices for securities with similar credit
characteristics and rates traded in an active market. &nbsp;&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Please feel free to call me at 360-828-0700 if you have
any questions regarding the information contained in this letter.</font></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;text-indent:0in;"><img border=0 height=108 id="Picture 2" src="x11101116535200.gif" width=213></p>




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<p style="margin:0in;margin-bottom:.0001pt;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>





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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
