Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TFSL	TFS FINL CORP	1,357,525	$16.25M	7.3%	$5.61	+6.2%	COM	87240R107
—	SYNOVUS FINL CORP	3,819,205	$12.6M	5.7%	$3.12	—	COM	87161C105
—	YADKIN FINL CORP	590,132	$10.17M	4.6%	$14.04	—	COM	984305102
BAC	BANK OF AMERICA CORPORATION	718,200	$9.911M	4.5%	$10.03	+12.0%	COM	060505104
—	FIRSTMERIT CORP	365,890	$7.947M	3.6%	$20.03	—	COM	337915102
FITB	FIFTH THIRD BANCORP	425,200	$7.675M	3.5%	$11.47	+8.7%	COM	316773100
COF	CAPITAL ONE FINL CORP	103,100	$7.087M	3.2%	$47.00	+14.8%	COM	14040H105
PFBC	PREFERRED BK LOS ANGELES CA	383,748	$6.827M	3.1%	$16.11	+5.1%	COM NEW	740367404
WFC	WELLS FARGO & CO NEW	161,200	$6.661M	3.0%	$27.36	+10.3%	COM	949746101
C	CITIGROUP INC	128,900	$6.253M	2.8%	$35.76	+5.2%	COM NEW	172967424
—	ELLINGTON FINANCIAL LLC	251,200	$5.644M	2.6%	$22.81	—	COM	288522303
HAFC	HANMI FINL CORP	338,883	$5.615M	2.5%	$15.99	+7.1%	COM NEW	410495204
—	TOWER FINANCIAL CORP	229,713	$5.336M	2.4%	$14.64	—	COM	891769101
—	M & T BK CORP	138,500	$5.299M	2.4%	$38.00	—	*W EXP12/23/2018	55261F112
OFG	OFG BANCORP	314,500	$5.092M	2.3%	$16.55	+8.2%	COM	67103X102
IBCP	INDEPENDENT BANK CORP MICH	460,100	$4.601M	2.1%	$5.76	0.0%	COM NEW	453838609
RF	REGIONS FINL CORP NEW	496,300	$4.596M	2.1%	$5.80	+12.8%	COM	7591EP100
—	SUFFOLK BANCORP	251,459	$4.456M	2.0%	$16.34	—	COM	864739107
—	TWO HBRS INVT CORP	450,100	$4.37M	2.0%	$9.89	—	COM	90187B101
—	ANCHOR BANCORP WA	244,403	$4.226M	1.9%	$17.29	—	COM	032838104
—	BNC BANCORP	305,745	$4.079M	1.8%	$11.42	—	COM	05566T101
—	CHARTER FINL CORP MD	362,345	$3.913M	1.8%	$10.08	—	COM	16122W108
—	FIDELITY SOUTHERN CORP NEW	236,605	$3.63M	1.6%	$12.37	—	COM	316394105
—	WILSHIRE BANCORP INC	442,300	$3.614M	1.6%	$6.62	—	COM	97186T108
—	MERIDIAN INTERSTAT BANCORP I	165,345	$3.603M	1.6%	$18.83	—	COM	58964Q104
—	FIRST NBC BK HLDG CO	146,861	$3.58M	1.6%	$24.40	—	COM	32115D106
—	FIRST MIDWEST BANCORP DEL	236,700	$3.569M	1.6%	$13.72	—	COM	320867104
UMBF	UMB FINL CORP	65,000	$3.532M	1.6%	$58.33	0.0%	COM	902788108
—	SOUTHWEST BANCORP INC OKLA	226,452	$3.354M	1.5%	$13.20	—	COM	844767103
—	BSB BANCORP INC MD	236,006	$3.306M	1.5%	$13.15	—	COM	05573H108
JPM	JPMORGAN CHASE & CO	63,900	$3.303M	1.5%	$36.24	+6.3%	COM	46625H100
—	BENEFICIAL MUTUAL BANCORP IN	325,800	$3.248M	1.5%	$9.97	—	COM	08173R104
—	FIRST BANCSHARES INC MS	205,185	$2.873M	1.3%	$12.93	—	COM	318916103
BMRC	BANK OF MARIN BANCORP	66,758	$2.774M	1.3%	$13.79	+6.6%	COM	063425102
—	COMMUNITY BANKERS TR CORP	748,900	$2.756M	1.2%	$3.67	—	COM	203612106
HFWA	HERITAGE FINL CORP WASH	163,274	$2.534M	1.1%	$13.97	+12.3%	COM	42722X106
—	STERLING BANCORP	181,100	$2.487M	1.1%	$11.62	—	COM	859158107
—	COMMUNITY WEST BANCSHARES	427,382	$2.363M	1.1%	$4.72	—	COM	204157101
FFBC	FIRST FINL BANCORP OH	153,286	$2.325M	1.1%	$9.47	+4.0%	COM	320209109
—	BBCN BANCORP INC	167,704	$2.306M	1.0%	$14.22	—	COM	073295107
WTFC	WINTRUST FINL CORP	50,822	$2.087M	0.9%	$36.77	+10.5%	COM	97650W108
—	PACIFIC PREMIER BANCORP	152,300	$2.044M	0.9%	$12.22	—	COM	69478X105
—	CHEMICAL FINL CORP	70,000	$1.954M	0.9%	$27.91	—	COM	163731102
—	OLD POINT FINL CORP	147,857	$1.922M	0.9%	$13.03	—	COM	680194107
EFSC	ENTERPRISE FINL SVCS CORP	107,200	$1.812M	0.8%	$12.10	+17.1%	COM	293712105
—	CU BANCORP CALIF	92,039	$1.68M	0.8%	$15.80	—	COM	126534106
—	PACIFIC CONTINENTAL CORP	124,500	$1.632M	0.7%	$11.80	—	COM	69412V108
RNST	RENASANT CORP	27,800	$755K	0.3%	$23.18	+14.5%	COM	75970E107
—	METROCORP BANCSHARES INC	54,900	$754K	0.3%	$13.73	—	COM	591650106
RVSB	RIVERVIEW BANCORP INC	277,675	$730K	0.3%	$1.91	+8.2%	COM	769397100
CBSH	COMMERCE BANCSHARES INC	13,401	$587K	0.3%	$21.46	+8.3%	COM	200525103
—	FOX CHASE BANCORP INC NEW	22,000	$383K	0.2%	$17.41	—	COM	35137T108
—	MAINSOURCE FINANCIAL GP INC	23,500	$357K	0.2%	$15.19	—	COM	56062Y102
SFNC	SIMMONS 1ST NATL CORP	10,100	$314K	0.1%	$12.60	+8.8%	CL A $1PAR	828730200
—	BANCORPSOUTH INC	10,300	$205K	0.1%	$17.67	—	COM	059692103
—	MALVERN BANCORP INC	10,850	$138K	0.1%	$11.98	—	COM	561409103