Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FITB	FIFTH THIRD BANCORP	323,493	$15.03M	3.2%	$51.27	0.0%	COM	316773100
ALRS	ALERUS FINL CORP	338,924	$8.036M	1.7%	$24.47	0.0%	COM	01446U103
NIC	NICOLET BANKSHARES INC	52,805	$7.848M	1.7%	$143.63	0.0%	COM	65406E102
MCB	METROPOLITAN BK HLDG CORP	75,000	$6.247M	1.3%	$88.66	0.0%	COM	591774104
PNFP	PINNACLE FINL PARTNERS INC	60,000	$5.168M	1.1%	$97.40	0.0%	COM	72348N109

Increased Positions (9)

ONB OLD NATL BANCORP IND 3.5%

Value $16.45M (+30.2%) Shares 744,434 (+31.4%) Est. Cost $21.94 Unrealized +10.1%

SSB SOUTHSTATE BK CORP 5.3%

Value $24.93M (+7.6%) Shares 269,500 (+9.4%) Est. Cost $97.07 Unrealized +3.9%

HBNC HORIZON BANCORP IND 2.0%

Value $9.269M (+23.1%) Shares 559,410 (+26.0%) Est. Cost $16.42 Unrealized +7.5%

COLB COLUMBIA BKG SYS INC 6.9%

Value $32.53M (+4.9%) Shares 1,185,832 (+6.9%) Est. Cost $21.09 Unrealized +42.0%

CNOB CONNECTONE BANCORP INC 4.1%

Value $19.32M (+5.4%) Shares 721,639 (+3.2%) Est. Cost $23.63 Unrealized +15.1%

CCB COASTAL FINL CORP WA 1.8%

Value $8.414M (+11.6%) Shares 110,571 (+68.1%) Est. Cost $70.97 Unrealized +39.4%

FNB F N B CORP 3.1%

Value $14.59M (+3.4%) Shares 872,591 (+5.7%) Est. Cost $11.55 Unrealized +54.2%

CIVB CIVISTA BANCSHARES INC 0.6%

Value $2.886M (+18.4%) Shares 126,653 (+15.5%) Est. Cost $21.01 Unrealized +11.3%

PFBC PREFERRED BK LOS ANGELES CA 2.4%

Value $11.12M (-0.1%) Shares 122,621 (+4.0%) Est. Cost $43.47 Unrealized +110.3%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ONB	OLD NATL BANCORP IND	744,434 (+31.4%)	$16.45M (+30.2%)	3.5%	$21.94	+10.1%	COM	680033107
SSB	SOUTHSTATE BK CORP	269,500 (+9.4%)	$24.93M (+7.6%)	5.3%	$97.07	+3.9%	COM	84472E102
HBNC	HORIZON BANCORP IND	559,410 (+26.0%)	$9.269M (+23.1%)	2.0%	$16.42	+7.5%	COM	440407104
COLB	COLUMBIA BKG SYS INC	1,185,832 (+6.9%)	$32.53M (+4.9%)	6.9%	$21.09	+42.0%	COM	197236102
CNOB	CONNECTONE BANCORP INC	721,639 (+3.2%)	$19.32M (+5.4%)	4.1%	$23.63	+15.1%	COM	20786W107
CCB	COASTAL FINL CORP WA	110,571 (+68.1%)	$8.414M (+11.6%)	1.8%	$70.97	+39.4%	COM NEW	19046P209
FNB	F N B CORP	872,591 (+5.7%)	$14.59M (+3.4%)	3.1%	$11.55	+54.2%	COM	302520101
CIVB	CIVISTA BANCSHARES INC	126,653 (+15.5%)	$2.886M (+18.4%)	0.6%	$21.01	+11.3%	COM NO PAR	178867107
PFBC	PREFERRED BK LOS ANGELES CA	122,621 (+4.0%)	$11.12M (-0.1%)	2.4%	$43.47	+110.3%	COM NEW	740367404

Exited Positions (8)

WBS WEBSTER FINL CORP 7.7%

Value $35.81M Shares 568,988 Est. Cost $46.83 Unrealized +45.6%

CMA COMERICA INC 3.2%

Value $15.12M Shares 173,888 Est. Cost $54.04 Unrealized +70.7%

PB PROSPERITY BANCSHARES INC 2.6%

Value $12.35M Shares 178,658 Est. Cost $67.46 Unrealized +7.0%

DCOM DIME CMNTY BANCSHARES INC 2.1%

Value $9.615M Shares 319,543 Est. Cost $25.48 Unrealized +29.4%

MOFG MIDWESTONE FINL GROUP INC NE 1.7%

Value $7.9M Shares 205,200 Est. Cost $29.64 Unrealized +52.5%

BUSE FIRST BUSEY CORP 1.6%

Value $7.441M Shares 312,764 Est. Cost $23.29 Unrealized +8.4%

FISV FISERV INC 1.3%

Value $5.978M Shares 89,000 Est. Cost $83.87 Unrealized -23.7%

V VISA INC 1.2%

Value $5.787M Shares 16,500 Est. Cost $340.38 Unrealized -3.3%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WBS	WEBSTER FINL CORP	568,988	$35.81M	7.7%	$46.83	+45.6%	—	947890109
CMA	COMERICA INC	173,888	$15.12M	3.2%	$54.04	+70.7%	—	200340107
PB	PROSPERITY BANCSHARES INC	178,658	$12.35M	2.6%	$67.46	+7.0%	—	743606105
DCOM	DIME CMNTY BANCSHARES INC	319,543	$9.615M	2.1%	$25.48	+29.4%	—	25432X102
MOFG	MIDWESTONE FINL GROUP INC NE	205,200	$7.9M	1.7%	$29.64	+52.5%	—	598511103
BUSE	FIRST BUSEY CORP	312,764	$7.441M	1.6%	$23.29	+8.4%	—	319383204
FISV	FISERV INC	89,000	$5.978M	1.3%	$83.87	-23.7%	—	337738108
V	VISA INC	16,500	$5.787M	1.2%	$340.38	-3.3%	—	92826C839

Decreased Positions (11)

WAL WESTERN ALLIANCE BANCORP 6.0%

Value $27.88M (-16.6%) Shares 393,485 (-1.0%) Est. Cost $40.75 Unrealized +120.7%

WTFC WINTRUST FINL CORP 2.9%

Value $13.35M (-23.0%) Shares 96,083 (-22.5%) Est. Cost $87.73 Unrealized +71.0%

BAC BANK AMERICA CORP 1.1%

Value $4.94M (-39.4%) Shares 101,337 (-31.7%) Est. Cost $32.55 Unrealized +64.9%

EWBC EAST WEST BANCORP INC 4.3%

Value $19.97M (-12.4%) Shares 187,024 (-7.7%) Est. Cost $48.16 Unrealized +141.3%

FCNCA FIRST CTZNS BANCSHARES INC D 2.5%

Value $11.48M (-19.1%) Shares 6,091 (-7.9%) Est. Cost $986.82 Unrealized +112.1%

RNST RENASANT CORP 1.4%

Value $6.692M (-27.4%) Shares 185,213 (-29.2%) Est. Cost $33.27 Unrealized +15.4%

BANR BANNER CORP 1.9%

Value $9.124M (-18.6%) Shares 150,356 (-16.0%) Est. Cost $45.22 Unrealized +39.8%

AX AXOS FINANCIAL INC 4.4%

Value $20.48M (-7.1%) Shares 240,745 (-5.9%) Est. Cost $49.50 Unrealized +91.1%

HAFC HANMI FINL CORP 2.5%

Value $11.78M (-8.0%) Shares 446,917 (-5.6%) Est. Cost $18.06 Unrealized +52.7%

HWC HANCOCK WHITNEY CORPORATION 4.1%

Value $19.11M (-3.7%) Shares 300,496 (-3.6%) Est. Cost $42.44 Unrealized +63.2%

MCHB MECHANICS BANCORP 1.4%

Value $6.47M (-7.9%) Shares 438,635 (-8.7%) Est. Cost $11.34 Unrealized +32.2%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WAL	WESTERN ALLIANCE BANCORP	393,485 (-1.0%)	$27.88M (-16.6%)	6.0%	$40.75	+120.7%	COM	957638109
WTFC	WINTRUST FINL CORP	96,083 (-22.5%)	$13.35M (-23.0%)	2.9%	$87.73	+71.0%	COM	97650W108
BAC	BANK AMERICA CORP	101,337 (-31.7%)	$4.94M (-39.4%)	1.1%	$32.55	+64.9%	COM	060505104
EWBC	EAST WEST BANCORP INC	187,024 (-7.7%)	$19.97M (-12.4%)	4.3%	$48.16	+141.3%	COM	27579R104
FCNCA	FIRST CTZNS BANCSHARES INC D	6,091 (-7.9%)	$11.48M (-19.1%)	2.5%	$986.82	+112.1%	CL A	31946M103
RNST	RENASANT CORP	185,213 (-29.2%)	$6.692M (-27.4%)	1.4%	$33.27	+15.4%	COM	75970E107
BANR	BANNER CORP	150,356 (-16.0%)	$9.124M (-18.6%)	1.9%	$45.22	+39.8%	COM NEW	06652V208
AX	AXOS FINANCIAL INC	240,745 (-5.9%)	$20.48M (-7.1%)	4.4%	$49.50	+91.1%	COM	05465C100
HAFC	HANMI FINL CORP	446,917 (-5.6%)	$11.78M (-8.0%)	2.5%	$18.06	+52.7%	COM NEW	410495204
HWC	HANCOCK WHITNEY CORPORATION	300,496 (-3.6%)	$19.11M (-3.7%)	4.1%	$42.44	+63.2%	COM	410120109
MCHB	MECHANICS BANCORP	438,635 (-8.7%)	$6.47M (-7.9%)	1.4%	$11.34	+32.2%	CL A	43785V102

Unchanged Positions (10)

CCNE CNB FINL CORP PA 2.8%

Value $13.28M Shares 458,573 Est. Cost $23.62 Unrealized +18.4%

UMBF UMB FINL CORP 5.5%

Value $25.81M Shares 228,789 Est. Cost $109.49 Unrealized +14.2%

CFG CITIZENS FINL GROUP INC 4.8%

Value $22.42M Shares 373,880 Est. Cost $33.35 Unrealized +89.2%

RF REGIONS FINANCIAL CORP NEW 2.5%

Value $11.54M Shares 441,682 Est. Cost $12.77 Unrealized +127.0%

OSBC OLD SECOND BANCORP INC DEL 3.3%

Value $15.59M Shares 773,528 Est. Cost $13.62 Unrealized +48.8%

FBK FB FINL CORP 1.2%

Value $5.564M Shares 107,116 Est. Cost $50.36 Unrealized +16.4%

SMBK SMARTFINANCIAL INC 1.2%

Value $5.754M Shares 147,234 Est. Cost $27.53 Unrealized +45.8%

AUB ATLANTIC UN BANKSHARES CORP 5.7%

Value $26.45M Shares 740,157 Est. Cost $31.67 Unrealized +22.4%

FBP FIRST BANCORP CORPORATION 1.4%

Value $6.62M Shares 309,910 Est. Cost $6.11 Unrealized +259.5%

VLY VALLEY NATL BANCORP 0.4%

Value $1.942M Shares 158,166 Est. Cost $8.81 Unrealized +43.5%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CCNE	CNB FINL CORP PA	458,573	$13.28M	2.8%	$23.62	+18.4%	COM	126128107
UMBF	UMB FINL CORP	228,789	$25.81M	5.5%	$109.49	+14.2%	COM	902788108
CFG	CITIZENS FINL GROUP INC	373,880	$22.42M	4.8%	$33.35	+89.2%	COM	174610105
RF	REGIONS FINANCIAL CORP NEW	441,682	$11.54M	2.5%	$12.77	+127.0%	COM	7591EP100
OSBC	OLD SECOND BANCORP INC DEL	773,528	$15.59M	3.3%	$13.62	+48.8%	COM	680277100
FBK	FB FINL CORP	107,116	$5.564M	1.2%	$50.36	+16.4%	COM	30257X104
SMBK	SMARTFINANCIAL INC	147,234	$5.754M	1.2%	$27.53	+45.8%	COM NEW	83190L208
AUB	ATLANTIC UN BANKSHARES CORP	740,157	$26.45M	5.7%	$31.67	+22.4%	COM	04911A107
FBP	FIRST BANCORP CORPORATION	309,910	$6.62M	1.4%	$6.11	+259.5%	COM NEW	318672706
VLY	VALLEY NATL BANCORP	158,166	$1.942M	0.4%	$8.81	+43.5%	COM	919794107