Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
—	State Bank Financial Corporation	1,277,800	$25.53M	3.0%	$19.98	—	—	COM	856190103
IBCP	Independent Bank Corporation	1,550,500	$20.23M	2.4%	$13.05	—	—	COM	453838609
ZION	Zions Bancorporation	550,000	$15.68M	1.9%	$28.51	—	—	COM	989701107
—	First Midwest Bancorp, Inc.	907,600	$15.53M	1.8%	$17.11	—	—	COM	320867104
AMH	American Homes 4 Rent	808,900	$13.78M	1.6%	$17.03	—	—	CL A	02665T306
—	Palmetto Bancshares, Inc.	789,936	$13.19M	1.6%	$16.70	—	—	COM	697062206
C	Citigroup Inc.	236,000	$12.77M	1.5%	$54.11	—	—	COM	172967424
SBCF	Seacoast Banking Corporation of Florida	924,500	$12.71M	1.5%	$13.75	—	—	COM	811707801
—	C1 Financial, Inc.	670,000	$12.25M	1.5%	$18.29	—	—	COM	12591N109
—	Century Bancorp, Inc.	302,600	$12.12M	1.4%	$40.06	—	—	CL A NON VTG	156432106
—	United Community Financial Corp.	2,230,000	$11.97M	1.4%	$5.37	—	—	COM	909839102
—	Territorial Bancorp Inc.	538,700	$11.61M	1.4%	$21.55	—	—	COM	88145X108
—	Eagle Bancorp Inc. - Warrant $7.44 Exp 12/05/2018	385,434	$11.37M	1.3%	$29.49	—	—	Warrant	2699929B1
—	First NBC Bank Holding Company	308,700	$10.87M	1.3%	$35.20	—	—	COM	32115D106
—	City National Corporation	133,600	$10.8M	1.3%	$80.81	—	—	COM	178566105
HTBK	Heritage Commerce Corp	1,104,767	$9.755M	1.2%	$8.83	—	—	COM	426927109
NBHC	National Bank Holdings Corporation	495,000	$9.608M	1.1%	$19.41	—	—	CL A	633707104
—	HF Financial Corp.	655,900	$9.15M	1.1%	$13.95	—	—	COM	404172108
—	Hudson City Bancorp, Inc.	884,656	$8.953M	1.1%	$10.12	—	—	COM	443683107
—	Sun Bancorp, Inc.	451,600	$8.761M	1.0%	$19.40	—	—	COM	86663B201
HTH	Hilltop Holdings Inc.	433,300	$8.644M	1.0%	$19.95	—	—	COM	432748101
FFBC	First Financial Bancorp.	449,500	$8.356M	1.0%	$18.59	—	—	COM	320209109
RF	Regions Financial Corporation	785,000	$8.29M	1.0%	$10.56	—	—	COM	7591EP100
—	Umpqua Holdings Corporation	459,800	$7.821M	0.9%	$17.01	—	—	COM	904214103
PEBO	Peoples Bancorp Inc. (8/7/2014)	300,000	$7.779M	0.9%	$25.93	—	—	COM	709789101
—	Fox Chase Bancorp, Inc.	463,021	$7.719M	0.9%	$16.67	—	—	COM	35137T108
—	Guaranty Bancorp	533,000	$7.697M	0.9%	$14.44	—	—	COM	40075T607
BKU	BankUnited, Inc.	265,420	$7.689M	0.9%	$28.97	—	—	COM	06652K103
—	Boston Private Financial Holdings, Inc.	563,857	$7.595M	0.9%	$13.47	—	—	COM	101119105
—	Chemical Financial Corporation	245,500	$7.522M	0.9%	$30.64	—	—	COM	163731102
IVZ	Invesco Ltd.	190,000	$7.509M	0.9%	$39.52	—	—	SHS	G491BT108
—	Evans Bancorp, Inc.	299,100	$7.271M	0.9%	$24.31	—	—	COM	29911Q208
—	HopFed Bancorp, Inc.	550,143	$6.998M	0.8%	$12.72	—	—	COM	439734104
—	E*TRADE Financial Corporation	283,500	$6.875M	0.8%	$24.25	—	—	COM	269246401
OSBC	Old Second Bancorp, Inc.	1,270,000	$6.82M	0.8%	$5.37	—	—	COM	680277100
IROQ	IF Bancorp, Inc.	386,400	$6.534M	0.8%	$16.91	—	—	COM	44951J105
WSFS	WSFS Financial Corporation	84,800	$6.52M	0.8%	$76.89	—	—	COM	929328102
SHBI	Shore Bancshares, Inc.	690,810	$6.452M	0.8%	$9.34	—	—	COM	825107105
—	SI Financial Group, Inc.	562,798	$6.377M	0.8%	$11.33	—	—	COM	78425V104
—	1st Century Bancshares, Inc.	1,000,300	$6.352M	0.8%	$6.35	—	—	COM	31943X102
—	Malvern Bancorp, Inc.	524,175	$6.337M	0.7%	$12.09	—	—	COM	561409103
—	American River Bankshares	665,700	$6.271M	0.7%	$9.42	—	—	COM	029326105
WD	Walker & Dunlop, Inc.	353,700	$6.204M	0.7%	$17.54	—	—	COM	93148P102
PGC	Peapack-Gladstone Financial Corporation	330,000	$6.125M	0.7%	$18.56	—	—	COM	704699107
—	Northstar Realty Finance Corp.	346,300	$6.088M	0.7%	$17.58	—	—	COM	66704R704
—	Prudential Bancorp, Inc.	484,900	$6.061M	0.7%	$12.50	—	—	COM	74431A101
—	MainSource Financial Group, Inc.	288,700	$6.04M	0.7%	$20.92	—	—	COM	56062Y102
—	Heartland Financial USA, Inc.	220,000	$5.962M	0.7%	$27.10	—	—	COM	42234Q102
BK	Bank of New York Mellon Corporation	146,100	$5.927M	0.7%	$40.57	—	—	COM	064058100
FNF	FNF Group	165,000	$5.684M	0.7%	$34.45	—	—	CL A	31620R303
—	Coastway Bancorp, Inc.	486,000	$5.647M	0.7%	$11.62	—	—	COM	190632109
—	CoBiz Financial Inc.	430,000	$5.646M	0.7%	$13.13	—	—	COM	190897108
—	M&T Bank Corp - Warrant $73.86 Exp 12/23/2018	121,300	$5.531M	0.7%	$45.60	—	—	Warrant	55261F112
BANF	BancFirst Corporation	86,800	$5.502M	0.7%	$63.39	—	—	COM	05945F103
NBTB	NBT Bancorp Inc.	207,800	$5.459M	0.6%	$26.27	—	—	COM	628778102
SF	Stifel Financial Corp.	105,500	$5.383M	0.6%	$51.02	—	—	COM	860630102
—	Astoria Financial Corporation	391,500	$5.23M	0.6%	$13.36	—	—	COM	046265104
—	Southwest Bancorp, Inc.	300,000	$5.208M	0.6%	$17.36	—	—	COM	844767103
NMIH	NMI Holdings, Inc.	565,100	$5.159M	0.6%	$9.13	—	—	CL A	629209305
—	Zions Bancorporation - Warrant $36.27 Exp 11/14/2018	1,802,660	$5.138M	0.6%	$2.85	—	—	Warrant	989701131
SCHW	The Charles Schwab Corporation	169,700	$5.123M	0.6%	$30.19	—	—	COM	808513105
STT	State Street Corporation	65,000	$5.103M	0.6%	$78.51	—	—	COM	857477103
SMBC	Southern Missouri Bancorp, Inc.	134,162	$5.094M	0.6%	$37.97	—	—	COM	843380106
FCNCA	First Citizens BancShares, Inc.	20,000	$5.056M	0.6%	$252.80	—	—	CL A	31946M103
JPM	JPMorgan Chase & Co.	80,000	$5.006M	0.6%	$62.58	—	—	COM	46625H100
MOFG	MidWestOne Financial Group, Inc.	170,700	$4.918M	0.6%	$28.81	—	—	COM	598511103
—	Wilshire Bancorp, Inc.	485,000	$4.913M	0.6%	$10.13	—	—	COM	97186T108
—	WSFS Financial Corporation 6.25% Pfd. Stock	182,896	$4.865M	0.6%	$26.60	—	—	COM	929328409
FCCO	First Community Corporation	429,755	$4.861M	0.6%	$11.31	—	—	COM	319835104
PFS	Provident Financial Services, Inc.	254,000	$4.587M	0.5%	$18.06	—	—	COM	74386T105
—	Dime Community Bancshares, Inc.	280,000	$4.558M	0.5%	$16.28	—	—	COM	253922108
WAFD	Washington Federal, Inc.	201,300	$4.459M	0.5%	$22.15	—	—	COM	938824109
—	CenterState Banks, Inc.	366,800	$4.369M	0.5%	$11.91	—	—	COM	15201P109
—	Hamilton Bancorp Inc.	335,000	$4.355M	0.5%	$13.00	—	—	COM	407015106
ISTR	Investar Holding Corporation	313,300	$4.339M	0.5%	$13.85	—	—	COM	46134L105
—	Standard Financial Corp.	196,500	$4.274M	0.5%	$21.75	—	—	COM	853393106
WSBF	Waterstone Financial Inc.	322,800	$4.245M	0.5%	$13.15	—	—	COM	94188P101
—	Wolverine Bancorp, Inc.	175,800	$4.21M	0.5%	$23.95	—	—	COM	977880103
SFNC	Simmons First National Corporation	103,200	$4.195M	0.5%	$40.65	—	—	CL A	828730200
HTB	HomeTrust Bancshares, Inc.	251,000	$4.182M	0.5%	$16.66	—	—	COM	437872104
—	State Investors Bancorp, Inc.	200,100	$4.146M	0.5%	$20.72	—	—	COM	857030100
—	Stonegate Mortgage Corp	342,221	$4.093M	0.5%	$11.96	—	—	COM	86181Q300
—	Bridge Bancorp, Inc.	153,000	$4.093M	0.5%	$26.75	—	—	COM	108035106
—	Alliance Bancorp, Inc. of Pennsylvania	222,300	$4.093M	0.5%	$18.41	—	—	COM	01890A108
—	Flagstar Bancorp, Inc.	252,742	$3.976M	0.5%	$15.73	—	—	COM	337930705
TFIN	Triumph Bancorp Inc.	291,920	$3.956M	0.5%	$13.55	—	—	COM	89679E300
—	Discover Financial Services	59,400	$3.89M	0.5%	$65.49	—	—	COM	254709108
—	Jacksonville Bancorp, Inc.	312,707	$3.84M	0.5%	$12.28	—	—	COM	469249205
—	La Porte Bancorp, Inc.	300,000	$3.747M	0.4%	$12.49	—	—	COM	516651106
PFBC	Preferred Bank	133,100	$3.712M	0.4%	$27.89	—	—	COM	740367404
—	PHH Corporation	150,000	$3.594M	0.4%	$23.96	—	—	COM	693320202
HWC	Hancock Holding Company	115,400	$3.543M	0.4%	$30.70	—	—	COM	410120109
SAMG	Silvercrest Asset Management Group Inc.	225,200	$3.524M	0.4%	$15.65	—	—	CL A	828359109
—	United Community Bancorp	302,200	$3.515M	0.4%	$11.63	—	—	COM	90984R101
—	Xenith Bankshares, Inc.	549,000	$3.514M	0.4%	$6.40	—	—	COM	98410X105
MS	Morgan Stanley	90,000	$3.492M	0.4%	$38.80	—	—	COM	617446448
—	Avolon Holdings, Inc.	175,000	$3.465M	0.4%	$19.80	—	—	COM	G52237107
—	Polonia Bancorp, Inc.	330,000	$3.425M	0.4%	$10.38	—	—	COM	73158Q109
—	Louisiana Bancorp, Inc.	140,000	$3.143M	0.4%	$22.45	—	—	COM	54619P104
—	Chicopee Bancorp, Inc.	186,100	$3.117M	0.4%	$16.75	—	—	COM	168565109
AER	AerCap Holdings NV	80,000	$3.106M	0.4%	$38.83	—	—	SHS	N00985106
—	Sunshine Bancorp, Inc.	250,000	$3.058M	0.4%	$12.23	—	—	COM	86777J108
—	Poage Bankshares, Inc.	205,400	$3.054M	0.4%	$14.87	—	—	COM	730206109
—	Heritage Oaks Bancorp	356,200	$2.989M	0.4%	$8.39	—	—	COM	42724R107
—	Bank of the Carolinas Corporation (7/16/2014)	21,094,900	$2.953M	0.3%	$0.14	—	—	COM	06425J102
—	First American International Corp.	168,100	$2.917M	0.3%	$17.35	—	—	COM	31849X107
—	Bridge Capital Holdings	128,800	$2.883M	0.3%	$22.38	—	—	COM	108030107
EVTC	Evertec Inc	130,000	$2.877M	0.3%	$22.13	—	—	COM	30040P103
—	State National Companies, Inc.	240,000	$2.875M	0.3%	$11.98	—	—	COM	85711T305
—	ESSA Bancorp, Inc.	239,600	$2.875M	0.3%	$12.00	—	—	COM	29667D104
HIFS	Hingham Institution for Savings	32,512	$2.829M	0.3%	$87.01	—	—	COM	433323102
BMRC	Bank of Marin Bancorp	52,000	$2.735M	0.3%	$52.60	—	—	COM	063425102
—	West End Indiana Bancshares, Inc.	130,500	$2.714M	0.3%	$20.80	—	—	COM	952678100
—	Pathfinder Bancorp, Inc. (MHC)	276,600	$2.711M	0.3%	$9.80	—	—	COM	70320A103
HAFC	Hanmi Financial Corporation	120,900	$2.637M	0.3%	$21.81	—	—	COM	410495204
—	Metro Bancorp Inc.	100,000	$2.592M	0.3%	$25.92	—	—	COM	59161R101
—	Bay Banks of Virginia, Inc.	476,200	$2.557M	0.3%	$5.37	—	—	COM	072035108
—	Old Line Bancshares, Inc.	160,100	$2.533M	0.3%	$15.82	—	—	COM	67984M100
FITB	Fifth Third Bancorp	122,300	$2.492M	0.3%	$20.38	—	—	COM	316773100
CFG	Citizens Financial Group, Inc.	100,000	$2.486M	0.3%	$24.86	—	—	COM	174610105
—	Commercewest Bank, N.A.	186,400	$2.433M	0.3%	$13.05	—	—	COM	20084T103
—	Access National Corporation	143,000	$2.42M	0.3%	$16.92	—	—	COM	004337101
BSRR	Sierra Bancorp	137,000	$2.406M	0.3%	$17.56	—	—	COM	82620P102
WTFC	Wintrust Financial Corporation	51,000	$2.385M	0.3%	$46.76	—	—	COM	97650W108
EVR	Evercore Partners Inc.	45,000	$2.357M	0.3%	$52.38	—	—	CLASS A	29977A105
CCNE	CNB Financial Corporation	126,500	$2.34M	0.3%	$18.50	—	—	COM	126128107
—	AJS Bancorp, Inc.	171,100	$2.327M	0.3%	$13.60	—	—	COM	001503101
—	Melrose Bancorp, Inc.	175,000	$2.317M	0.3%	$13.24	—	—	COM	585553100
—	Synovus Financial Corp.	85,200	$2.308M	0.3%	$27.09	—	—	COM	87161C501
—	First Citizens Banc Corp, Inc. Series B Conv. Pfd.	68,700	$2.26M	0.3%	$32.90	—	—	6.50% PFD SER B	319459400
RVSB	Riverview Bancorp, Inc.	500,000	$2.24M	0.3%	$4.48	—	—	COM	769397100
MTH	Meritage Homes Corporation	60,000	$2.159M	0.3%	$35.98	—	—	COM	59001A102
WLFC	Willis Lease Finance Corporation	95,500	$2.091M	0.2%	$21.90	—	—	COM	970646105
—	Capital Bank Financial Corporation	77,100	$2.066M	0.2%	$26.80	—	—	CL A COM	139794101
—	Green Bancorp, Inc.	171,600	$2.066M	0.2%	$12.04	—	—	COM	39260X100
—	Fraternity Community Bancorp, Inc.	130,554	$2.056M	0.2%	$15.75	—	—	COM	35553P101
NRIM	Northrim BanCorp, Inc.	77,600	$2.036M	0.2%	$26.24	—	—	COM	666762109
—	Suntrust Banks Inc. - Warrant $33.70 Exp 12/31/2018	169,861	$2.021M	0.2%	$11.90	—	—	Warrant	867914129
PROV	Provident Financial Holdings, Inc.	128,931	$1.951M	0.2%	$15.13	—	—	COM	743868101
—	South State Corporation	27,900	$1.872M	0.2%	$67.10	—	—	COM	840441109
—	Legg Mason, Inc.	35,000	$1.868M	0.2%	$53.37	—	—	COM	524901105
—	Great Western Bancorp, Inc.	80,000	$1.823M	0.2%	$22.79	—	—	COM	391416104
CZNC	Citizens & Northern Corporation	87,900	$1.817M	0.2%	$20.67	—	—	COM	172922106
—	Fidelity National Financial Inc.	115,000	$1.81M	0.2%	$15.74	—	—	FNFV GROUP COM	31620R402
BAC	Bank of America Corporation	100,000	$1.789M	0.2%	$17.89	—	—	COM	060505104
CCS	Century Communities, Inc.	100,000	$1.728M	0.2%	$17.28	—	—	COM	156504300
—	Union Bankshares Corp.	71,700	$1.727M	0.2%	$24.09	—	—	COM	90539J109
UCB	United Community Banks, Inc.	89,800	$1.701M	0.2%	$18.94	—	—	COM	90984P303
—	Silver Bay Realty Trust Corp.	100,000	$1.656M	0.2%	$16.56	—	—	COM	82735Q102
CMA	Comerica Incorporated	35,000	$1.639M	0.2%	$46.83	—	—	COM	200340107
—	ViewPoint Financial Group, Inc.	68,200	$1.627M	0.2%	$23.86	—	—	COM	92672A101
ARCC	Ares Capital Corporation	100,000	$1.56M	0.2%	$15.60	—	—	COM	04010L103
—	JPMorgan Chase & Co. - Warrant $42.42 Exp 10/28/2018	70,000	$1.456M	0.2%	$20.80	—	—	Warrant	46634E114
—	FirstMerit Corporation	75,000	$1.417M	0.2%	$18.89	—	—	COM	337915102
HFBL	Home Federal Bancorp, Inc. of Louisiana	72,600	$1.416M	0.2%	$19.50	—	—	COM	43708L108
NVR	NVR, Inc.	1,100	$1.403M	0.2%	$1275.45	—	—	COM	62944T105
—	Jacksonville Bancorp, Inc. (IL)	60,000	$1.38M	0.2%	$23.00	—	—	COM	46924R106
—	Pilgrim Bancshares, Inc.	124,675	$1.361M	0.2%	$10.92	—	—	COM	72143J105
—	DCB Financial Corp	193,725	$1.356M	0.2%	$7.00	—	—	COM	233075100
—	MB Bancorp, Inc.	126,000	$1.329M	0.2%	$10.55	—	—	COM	55280E104
KEY	KeyCorp	95,300	$1.325M	0.2%	$13.90	—	—	COM	493267108
—	Georgetown Bancorp, Inc.	80,000	$1.316M	0.2%	$16.45	—	—	COM	372591107
—	Suffolk Bancorp	57,000	$1.294M	0.2%	$22.70	—	—	COM	864739107
—	Community West Bancshares	181,900	$1.193M	0.1%	$6.56	—	—	COM	204157101
—	Sunshine Financial Inc.	65,400	$1.177M	0.1%	$18.00	—	—	COM	86782T109
—	DNB Financial Corporation	51,410	$1.11M	0.1%	$21.59	—	—	COM	233237106
PEBK	Peoples Bancorp of North Carolina, Inc.	61,419	$1.105M	0.1%	$17.99	—	—	COM	710577107
—	Eureka Financial Corporation	54,882	$1.103M	0.1%	$20.10	—	—	COM	29855C108
—	Ambac Financial Group Inc. - Warrant $16.67 Exp 4/30/2023	75,000	$1.088M	0.1%	$14.51	—	—	Warrant	023139116
—	Intervest Bancshares Corporation	100,000	$1.005M	0.1%	$10.05	—	—	COM	460927106
—	First Intercontinental Bank	126,857	$920K	0.1%	$7.25	—	—	COM	32056Y101
WTBA	West Bancorporation, Inc.	50,000	$851K	0.1%	$17.02	—	—	CAP STK	95123P106
—	Bank of Commerce Holdings	135,000	$805K	0.1%	$5.96	—	—	COM	06424J103
—	Carroll Bancorp, Inc.	47,169	$781K	0.1%	$16.56	—	—	COM	144702107
—	BBCN Bancorp, Inc.	53,900	$775K	0.1%	$14.38	—	—	COM	073295107
CZWI	Citizens Community Bancorp, Inc.	83,700	$766K	0.1%	$9.15	—	—	COM	174903104
—	First Busey Corporation	115,000	$749K	0.1%	$6.51	—	—	COM	319383105
—	Waddell & Reed Financial, Inc.	15,000	$747K	0.1%	$49.80	—	—	CL A	930059100
BEN	Franklin Resources, Inc.	12,700	$703K	0.1%	$55.35	—	—	COM	354613101
AVBH	Avidbank Holdings, Inc.	56,871	$685K	0.1%	$12.04	—	—	COM	05368J103
—	Fairmount Bancorp Inc.	29,156	$671K	0.1%	$23.01	—	—	COM	305468100
OVLY	Oak Valley Bancorp.	62,800	$638K	0.1%	$10.16	—	—	COM	671807105
—	Meetinghouse Bancorp, Inc.	47,500	$627K	0.1%	$13.20	—	—	COM	58514H109
FBIZ	First Business Financial Services, Inc.	12,000	$575K	0.1%	$47.92	—	—	COM	319390100
CTUY	Century Next Financial Corporation	32,693	$561K	0.1%	$17.16	—	—	COM	156635104
UBFO	United Security Bancshares	90,631	$495K	0.1%	$5.46	—	—	COM	911460103
FULT	Fulton Financial Corporation	40,000	$494K	0.1%	$12.35	—	—	COM	360271100
—	Premier Financial Bancorp, Inc.	30,800	$480K	0.1%	$15.58	—	—	COM	74050M105
—	Sunnyside Bancorp, Inc.	47,500	$468K	0.1%	$9.85	—	—	COM	867475105
QNBC	QNB Corporation	15,097	$430K	0.1%	$28.48	—	—	COM	74726N107
—	Southcoast Financial Corporation	56,600	$399K	0.0%	$7.05	—	—	COM	84129R100
—	HMN Financial, Inc.	31,500	$391K	0.0%	$12.41	—	—	COM	40424G108
—	Colonial Financial Services, Inc.	29,200	$391K	0.0%	$13.39	—	—	COM	19566B101
—	National Penn Bancshares, Inc.	35,000	$368K	0.0%	$10.51	—	—	COM	637138108
—	New Jersey Community Bank	65,000	$348K	0.0%	$5.35	—	—	COM	64577U102
—	Minden Bancorp, Inc.	17,815	$339K	0.0%	$19.03	—	—	COM	60255R106
—	Sugar Creek Financial Corporation	33,481	$313K	0.0%	$9.35	—	—	COM	86481Y102
—	First South Bancorp, Inc.	30,200	$240K	0.0%	$7.95	—	—	COM	33646W100
—	Community Bankers Trust Corporation	50,000	$221K	0.0%	$4.42	—	—	COM	203612106
—	Westfield Financial, Inc.	25,000	$184K	0.0%	$7.36	—	—	COM	96008P104
—	Hibernia Bancorp, Inc.	8,607	$150K	0.0%	$17.43	—	—	COM	42866N104
—	First Capital Bancorp, Inc.	25,000	$110K	0.0%	$4.40	—	—	COM	319438107
CAC	Camden National Corporation	2,692	$107K	0.0%	$39.75	—	—	COM	133034108
—	Two River Bancorp	5,200	$44,000	0.0%	$8.46	—	—	COM	90207C105