Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ABCB	Ameris Bancorp	764,000	$20.16M	2.3%	$22.05	0.0%	COM	03076K108
IBCP	Independent Bank Corporation	1,551,700	$19.91M	2.3%	$7.02	+25.5%	COM	453838609
C	Citigroup Inc.	320,000	$16.49M	1.9%	$37.26	+1.8%	COM	172967424
—	State Bank Financial Corporation	774,900	$16.27M	1.9%	$15.03	—	COM	856190103
ZION	Zions Bancorporation	576,200	$15.56M	1.8%	$28.80	-9.1%	COM	989701107
—	Palmetto Bancshares, Inc.	808,836	$15.37M	1.8%	$13.23	—	COM	697062206
—	First Midwest Bancorp, Inc.	882,500	$15.33M	1.8%	$15.08	—	COM	320867104
EGBN	Eagle Bancorp, Inc.	380,000	$14.59M	1.7%	$27.84	0.0%	COM	268948106
SBCF	Seacoast Banking Corporation of Florida	969,803	$13.84M	1.6%	$12.15	+8.7%	COM	811707801
AMH	American Homes 4 Rent	825,200	$13.66M	1.6%	$16.26	—	CL A	02665T306
—	Territorial Bancorp Inc.	538,700	$12.8M	1.5%	$22.32	—	COM	88145X108
—	C1 Financial, Inc.	675,500	$12.67M	1.5%	$18.13	—	COM	12591N109
—	Eagle Bancorp Inc. - Warrant $7.44 Exp 12/05/2018	385,434	$12.28M	1.4%	$29.49	—	Warrant	2699929B1
—	E*TRADE Financial Corporation	420,000	$11.99M	1.4%	$25.08	—	COM	269246401
—	Century Bancorp, Inc.	294,100	$11.68M	1.4%	$34.83	—	CL A NON VTG	156432106
—	Umpqua Holdings Corporation	623,500	$10.71M	1.2%	$16.87	—	COM	904214103
—	Boston Private Financial Holdings, Inc.	880,000	$10.69M	1.2%	$11.29	—	COM	101119105
NBHC	National Bank Holdings Corporation	540,000	$10.16M	1.2%	$15.20	-2.6%	CL A	633707104
—	United Community Financial Corp.	1,853,600	$10.12M	1.2%	$4.24	—	COM	909839102
HTBK	Heritage Commerce Corp	1,107,767	$10.11M	1.2%	$7.52	+15.5%	COM	426927109
—	Hudson City Bancorp, Inc.	959,656	$10.06M	1.2%	$9.88	—	COM	443683107
—	HF Financial Corp.	655,900	$9.688M	1.1%	$13.01	—	COM	404172108
IVZ	Invesco Ltd.	236,800	$9.399M	1.1%	$20.65	+16.9%	SHS	G491BT108
—	Sun Bancorp, Inc.	492,000	$9.304M	1.1%	$18.18	—	COM	86663B201
—	First NBC Bank Holding Company	280,000	$9.234M	1.1%	$24.63	—	COM	32115D106
—	Guaranty Bancorp	529,500	$8.98M	1.0%	$12.96	—	COM	40075T607
—	SI Financial Group, Inc.	716,998	$8.712M	1.0%	$11.38	—	COM	78425V104
—	Fox Chase Bancorp, Inc.	463,821	$7.806M	0.9%	$17.00	—	COM	35137T108
—	Evans Bancorp, Inc.	299,100	$7.418M	0.9%	$18.55	—	COM	29911Q208
FFBC	First Financial Bancorp.	410,000	$7.302M	0.8%	$9.58	+21.1%	COM	320209109
CMA	Comerica Incorporated	158,600	$7.158M	0.8%	$30.22	-1.7%	COM	200340107
IROQ	IF Bancorp, Inc.	423,900	$7.1M	0.8%	$15.41	+8.8%	COM	44951J105
—	Dime Community Bancshares, Inc.	440,000	$7.084M	0.8%	$16.21	—	COM	253922108
—	1st Century Bancshares, Inc.	1,000,300	$6.842M	0.8%	$6.25	—	COM	31943X102
—	Northstar Realty Finance Corp.	375,000	$6.795M	0.8%	$17.62	—	COM	66704R704
BKU	BankUnited, Inc.	204,650	$6.7M	0.8%	$22.44	-1.0%	COM	06652K103
FNF	FNF Group	182,100	$6.694M	0.8%	$14.32	+17.3%	CL A	31620R303
RF	Regions Financial Corporation	700,000	$6.615M	0.8%	$6.94	-6.8%	COM	7591EP100
OSBC	Old Second Bancorp, Inc.	1,140,000	$6.521M	0.8%	$4.39	+13.5%	COM	680277100
—	CoBiz Financial Inc.	525,000	$6.468M	0.8%	$9.65	—	COM	190897108
AER	AerCap Holdings NV	146,900	$6.412M	0.7%	$43.29	-4.1%	SHS	N00985106
—	M&T Bank Corp - Warrant $73.86 Exp 12/23/2018	121,300	$6.368M	0.7%	$50.18	—	Warrant	55261F112
—	American River Bankshares	665,700	$6.304M	0.7%	$8.22	—	COM	029326105
BK	Bank of New York Mellon Corporation	155,000	$6.237M	0.7%	$29.75	-0.0%	COM	064058100
—	Prudential Bancorp, Inc.	485,900	$6.171M	0.7%	$10.80	—	COM	74431A101
—	Malvern Bancorp, Inc.	445,000	$6.008M	0.7%	$11.97	—	COM	561409103
PGC	Peapack-Gladstone Financial Corporation	277,400	$5.992M	0.7%	$16.62	+8.0%	COM	704699107
WSFS	WSFS Financial Corporation	79,000	$5.975M	0.7%	$23.47	+8.7%	COM	929328102
—	Standard Financial Corp.	280,500	$5.891M	0.7%	$19.94	—	COM	853393106
SHBI	Shore Bancshares, Inc.	636,410	$5.842M	0.7%	$9.29	-0.5%	COM	825107105
WD	Walker & Dunlop, Inc.	323,500	$5.736M	0.7%	$13.59	+2.3%	COM	93148P102
BANF	BancFirst Corporation	92,400	$5.635M	0.7%	$17.25	+37.9%	COM	05945F103
CFG	Citizens Financial Group, Inc.	230,000	$5.55M	0.6%	$16.28	+2.7%	COM	174610105
—	Astoria Financial Corporation	425,000	$5.504M	0.6%	$12.86	—	COM	046265104
—	Discover Financial Services	96,800	$5.455M	0.6%	$61.28	—	COM	254709108
—	Southwest Bancorp, Inc.	305,500	$5.435M	0.6%	$13.97	—	COM	844767103
—	MainSource Financial Group, Inc.	276,000	$5.421M	0.6%	$14.33	—	COM	56062Y102
—	Coastway Bancorp, Inc.	486,000	$5.39M	0.6%	$10.28	—	COM	190632109
—	Wilshire Bancorp, Inc.	515,000	$5.135M	0.6%	$7.69	—	COM	97186T108
FCCO	First Community Corporation	440,000	$5.13M	0.6%	$6.95	+25.5%	COM	319835104
WTFC	Wintrust Financial Corporation	106,800	$5.092M	0.6%	$45.77	+1.0%	COM	97650W108
PFBC	Preferred Bank	179,700	$4.936M	0.6%	$18.94	+43.1%	COM	740367404
SMBC	Southern Missouri Bancorp, Inc.	252,624	$4.767M	0.6%	$12.74	+22.6%	COM	843380106
MOFG	MidWestOne Financial Group, Inc.	162,100	$4.673M	0.5%	$23.93	+19.2%	COM	598511103
NBTB	NBT Bancorp Inc.	184,000	$4.611M	0.5%	$23.77	+2.4%	COM	628778102
BOKF	BOK Financial Corporation	75,000	$4.592M	0.5%	$44.24	0.0%	COM	05561Q201
—	Hamilton Bancorp Inc.	335,000	$4.583M	0.5%	$13.24	—	COM	407015106
PFS	Provident Financial Services, Inc.	240,000	$4.476M	0.5%	$10.19	+8.4%	COM	74386T105
—	CenterState Banks, Inc.	366,800	$4.369M	0.5%	$11.09	—	COM	15201P109
HTB	HomeTrust Bancshares, Inc.	270,000	$4.312M	0.5%	$15.71	+0.9%	COM	437872104
—	Wolverine Bancorp, Inc.	175,800	$4.307M	0.5%	$19.33	—	COM	977880103
—	Legg Mason, Inc.	77,200	$4.261M	0.5%	$54.37	—	COM	524901105
—	City National Corporation	46,765	$4.166M	0.5%	$70.06	—	COM	178566105
TOL	Toll Brothers, Inc.	105,000	$4.131M	0.5%	$36.54	0.0%	COM	889478103
—	Polonia Bancorp, Inc.	330,000	$4.125M	0.5%	$9.38	—	COM	73158Q109
NMIH	NMI Holdings, Inc.	540,000	$4.045M	0.5%	$12.84	-39.1%	CL A	629209305
ISTR	Investar Holding Corporation	234,600	$4.012M	0.5%	$13.94	+6.8%	COM	46134L105
TFIN	Triumph Bancorp Inc.	291,920	$3.988M	0.5%	$13.63	-4.5%	COM	89679E300
—	Synovus Financial Corp.	140,000	$3.921M	0.5%	$25.35	—	COM	87161C501
—	Zions Bancorporation - Warrant $36.27 Exp 11/14/2018	1,812,204	$3.806M	0.4%	$3.19	—	Warrant	989701131
—	Fidelity National Financial Inc.	268,519	$3.786M	0.4%	$14.80	—	FNFV GROUP COM	31620R402
FITB	Fifth Third Bancorp	195,600	$3.687M	0.4%	$13.34	-2.8%	COM	316773100
JPM	JPMorgan Chase & Co.	60,000	$3.635M	0.4%	$37.14	+19.2%	COM	46625H100
—	Stonegate Mortgage Corp	335,000	$3.625M	0.4%	$16.24	—	COM	86181Q300
MS	Morgan Stanley	100,000	$3.569M	0.4%	$21.77	+22.5%	COM	617446448
—	Bridge Bancorp, Inc.	136,600	$3.528M	0.4%	$23.61	—	COM	108035106
—	United Community Bancorp	273,500	$3.509M	0.4%	$10.42	—	COM	90984R101
—	Jacksonville Bancorp, Inc.	312,707	$3.44M	0.4%	$12.13	—	COM	469249205
—	Metro Bancorp Inc.	124,700	$3.438M	0.4%	$24.26	—	COM	59161R101
—	ESSA Bancorp, Inc.	262,200	$3.361M	0.4%	$11.58	—	COM	29667D104
WAFD	Washington Federal, Inc.	154,100	$3.361M	0.4%	$15.65	-1.9%	COM	938824109
—	WSFS Financial Corporation 6.25% Pfd. Stock	128,096	$3.339M	0.4%	$26.50	—	COM	929328409
—	Xenith Bankshares, Inc.	549,000	$3.338M	0.4%	$5.41	—	COM	98410X105
PEBO	Peoples Bancorp Inc.	140,000	$3.31M	0.4%	$24.88	-3.8%	COM	709789101
—	National Commerce Corporation	150,000	$3.293M	0.4%	$21.95	—	COM	63546L102
FCNCA	First Citizens BancShares, Inc.	12,400	$3.22M	0.4%	$191.35	+24.1%	CL A	31946M103
—	La Porte Bancorp, Inc.	247,400	$3.219M	0.4%	$10.12	—	COM	516651106
SAMG	Silvercrest Asset Management Group Inc.	225,200	$3.209M	0.4%	$13.19	+7.8%	CL A	828359109
SCHW	The Charles Schwab Corporation	105,000	$3.196M	0.4%	$24.76	+2.6%	COM	808513105
HAFC	Hanmi Financial Corporation	149,100	$3.153M	0.4%	$21.64	-5.0%	COM	410495204
—	FCB Financial Holdings, Inc.	109,500	$2.997M	0.3%	$27.37	—	CL A	30255G103
PBHC	Pathfinder Bancorp, Inc.	300,000	$2.991M	0.3%	$7.97	0.0%	COM	70319R109
—	Louisiana Bancorp, Inc.	140,000	$2.958M	0.3%	$17.00	—	COM	54619P104
NRIM	Northrim BanCorp, Inc.	120,000	$2.945M	0.3%	$3.70	+5.6%	COM	666762109
—	Chicopee Bancorp, Inc.	179,400	$2.944M	0.3%	$16.90	—	COM	168565109
STT	State Street Corporation	40,000	$2.941M	0.3%	$55.11	+0.1%	COM	857477103
—	South State Corporation	42,500	$2.907M	0.3%	$60.21	—	COM	840441109
—	Poage Bankshares, Inc.	186,300	$2.86M	0.3%	$15.00	—	COM	730206109
—	William Lyon Homes	110,500	$2.853M	0.3%	$25.82	—	CL A	552074700
—	Heritage Oaks Bancorp	342,635	$2.847M	0.3%	$6.71	—	COM	42724R107
—	Bay Banks of Virginia, Inc.	475,400	$2.805M	0.3%	$5.80	—	COM	072035108
—	Old Line Bancshares, Inc.	175,400	$2.771M	0.3%	$13.88	—	COM	67984M100
—	Flagstar Bancorp, Inc.	190,000	$2.757M	0.3%	$16.93	—	COM	337930705
—	Avolon Holdings, Inc.	129,450	$2.756M	0.3%	$19.80	—	COM	G52237107
—	Bank of the Carolinas Corporation	19,997,000	$2.7M	0.3%	$0.10	—	COM	06425J102
—	First American International Corp.	168,100	$2.693M	0.3%	$17.35	—	COM	31849X107
KEY	KeyCorp	190,000	$2.69M	0.3%	$8.85	+1.1%	COM	493267108
—	BancorpSouth, Inc.	114,809	$2.666M	0.3%	$23.22	—	COM	059692103
MC	Moelis & Company	85,100	$2.563M	0.3%	$14.19	0.0%	CL A	60786M105
—	Melrose Bancorp, Inc.	185,700	$2.477M	0.3%	$13.25	—	COM	585553100
BSRR	Sierra Bancorp	147,000	$2.455M	0.3%	$9.27	+23.3%	COM	82620P102
UCB	United Community Banks, Inc.	130,000	$2.454M	0.3%	$14.37	+28.6%	COM	90984P303
RNST	Renasant Corporation	80,000	$2.404M	0.3%	$28.20	0.0%	COM	75970E107
INBK	First Internet Bancorp	129,000	$2.396M	0.3%	$16.56	0.0%	COM	320557101
—	First Citizens Banc Corp, Inc. Series B Conv. Pfd.	68,700	$2.371M	0.3%	$29.75	—	6.50% PFD SER B	319459400
—	AJS Bancorp, Inc.	171,100	$2.353M	0.3%	$12.20	—	COM	001503101
CCNE	CNB Financial Corporation	135,200	$2.301M	0.3%	$12.46	-0.3%	COM	126128107
RVSB	Riverview Bancorp, Inc.	500,000	$2.25M	0.3%	$1.95	+75.9%	COM	769397100
HTH	Hilltop Holdings Inc.	115,500	$2.245M	0.3%	$22.44	-15.3%	COM	432748101
—	State National Companies Inc.	223,883	$2.228M	0.3%	$11.98	—	COM	85711T305
—	Alliance Bancorp, Inc. of Pennsylvania	101,300	$2.188M	0.3%	$14.01	—	COM	01890A108
—	Fraternity Community Bancorp, Inc.	130,088	$2.176M	0.3%	$15.02	—	COM	35553P101
—	County Bancorp, Inc.	106,700	$2.1M	0.2%	$19.68	—	COM	221907108
PROV	Provident Financial Holdings, Inc.	131,200	$2.098M	0.2%	$14.88	+5.3%	COM	743868101
LEN	Lennar Corporation	40,000	$2.072M	0.2%	$41.32	0.0%	CL A	526057104
—	Silver Bay Realty Trust Corp.	126,900	$2.051M	0.2%	$16.27	—	COM	82735Q102
WSBF	Waterstone Financial Inc.	157,400	$2.021M	0.2%	$10.47	+23.2%	COM	94188P101
—	West End Indiana Bancshares, Inc.	100,000	$2.02M	0.2%	$19.20	—	COM	952678100
BMRC	Bank of Marin Bancorp	37,800	$1.924M	0.2%	$14.99	+21.7%	COM	063425102
WLFC	Willis Lease Finance Corporation	101,784	$1.891M	0.2%	$14.61	+41.4%	COM	970646105
—	MB Bancorp, Inc.	159,142	$1.782M	0.2%	$10.68	—	COM	55280E104
—	Suntrust Banks Inc. - Warrant $33.70 Exp 12/31/2018	169,861	$1.75M	0.2%	$10.53	—	Warrant	867914129
—	Access National Corporation	90,000	$1.687M	0.2%	$13.60	—	COM	004337101
HIFS	Hingham Institution for Savings	16,949	$1.678M	0.2%	$58.67	+38.9%	COM	433323102
—	JPMorgan Chase & Co. - Warrant $42.42 Exp 10/28/2018	75,000	$1.651M	0.2%	$19.76	—	Warrant	46634E114
FNB	F.N.B. Corporation	125,000	$1.643M	0.2%	$8.39	0.0%	COM	302520101
—	DCB Financial Corp	214,725	$1.557M	0.2%	$7.48	—	COM	233075100
AVBH	Avidbank Holdings, Inc.	125,161	$1.533M	0.2%	$11.95	+2.8%	COM	05368J103
—	Georgetown Bancorp, Inc.	80,000	$1.436M	0.2%	$14.20	—	COM	372591107
—	Jacksonville Bancorp, Inc. (IL)	59,700	$1.433M	0.2%	$19.41	—	COM	46924R106
—	FirstMerit Corporation	75,000	$1.429M	0.2%	$18.89	—	COM	337915102
—	Pilgrim Bancshares, Inc.	125,900	$1.386M	0.2%	$10.92	—	COM	72143J105
—	Community West Bancshares	209,200	$1.374M	0.2%	$6.56	—	COM	204157101
—	DNB Financial Corporation	51,745	$1.345M	0.2%	$19.32	—	COM	233237106
—	Sterling Bancorp	100,000	$1.341M	0.2%	$13.41	—	COM	85917A100
HFBL	Home Federal Bancorp, Inc. of Louisiana	69,500	$1.338M	0.2%	$8.84	+10.2%	COM	43708L108
PEBK	Peoples Bancorp of North Carolina, Inc.	72,200	$1.334M	0.2%	$14.76	+12.6%	COM	710577107
—	Union Bankshares Corp.	60,000	$1.333M	0.2%	$23.10	—	COM	90539J109
—	Capital Bank Financial Corporation	48,100	$1.328M	0.2%	$19.02	—	CL A COM	139794101
—	Suffolk Bancorp	53,800	$1.278M	0.1%	$16.90	—	COM	864739107
HFWA	Heritage Financial Corporation	75,000	$1.275M	0.1%	$16.34	0.0%	COM	42722X106
—	Eureka Financial Corporation	54,882	$1.207M	0.1%	$18.31	—	COM	29855C108
—	Sunshine Financial Inc.	65,400	$1.203M	0.1%	$18.50	—	COM	86782T109
BAC	Bank of America Corporation	75,000	$1.154M	0.1%	$13.55	-5.9%	COM	060505104
—	Great Western Bancorp, Inc.	50,600	$1.114M	0.1%	$22.79	—	COM	391416104
—	First Security Group, Inc.	438,200	$1.052M	0.1%	$2.40	—	COM	336312202
PB	Prosperity Bancshares, Inc.	20,000	$1.05M	0.1%	$37.50	0.0%	COM	743606105
—	First Intercontinental Bank	140,613	$984K	0.1%	$7.23	—	COM	32056Y101
—	Fly Leasing Ltd.	64,600	$941K	0.1%	$14.57	—	SPONSORED ADR	34407D109
—	BlackRock, Inc.	2,500	$915K	0.1%	$366.00	—	COM	09247X101
CZWI	Citizens Community Bancorp, Inc.	99,057	$906K	0.1%	$6.21	+21.4%	COM	174903104
—	EverBank Financial Corp	50,000	$902K	0.1%	$18.04	—	COM	29977G102
GBCI	Glacier Bancorp, Inc.	35,000	$880K	0.1%	$17.29	0.0%	COM	37637Q105
—	HMN Financial, Inc.	69,858	$845K	0.1%	$10.80	—	COM	40424G108
—	First Busey Corporation	123,300	$825K	0.1%	$4.99	—	COM	319383105
—	Bank of Commerce Holdings	142,900	$800K	0.1%	$6.11	—	COM	06424J103
—	Talmer Bancorp, Inc.	50,000	$766K	0.1%	$15.32	—	COM	87482X101
—	BBCN Bancorp, Inc.	52,500	$760K	0.1%	$14.52	—	COM	073295107
—	Southcoast Financial Corporation	98,800	$715K	0.1%	$6.89	—	COM	84129R100
—	Cardinal Financial Corporation	35,000	$699K	0.1%	$19.97	—	COM	14149F109
—	Fairmount Bancorp Inc.	29,156	$678K	0.1%	$21.99	—	COM	305468100
MTG	MGIC Investment Corporation	70,000	$674K	0.1%	$9.15	0.0%	COM	552848103
OVLY	Oak Valley Bancorp.	65,000	$641K	0.1%	$9.28	+8.1%	COM	671807105
—	Meetinghouse Bancorp, Inc.	47,500	$637K	0.1%	$12.00	—	COM	58514H109
UBFO	United Security Bancshares	110,000	$591K	0.1%	$3.17	+2.1%	COM	911460103
—	New Jersey Community Bank	100,900	$560K	0.1%	$5.45	—	COM	64577U102
—	First South Bancorp, Inc.	70,000	$560K	0.1%	$7.96	—	COM	33646W100
—	Ambac Financial Group Inc. - Warrant $16.67 Exp 4/30/2023	40,000	$538K	0.1%	$16.78	—	Warrant	023139116
FBIZ	First Business Financial Services, Inc.	12,000	$519K	0.1%	$12.82	+33.5%	COM	319390100
—	Sunnyside Bancorp, Inc.	48,600	$491K	0.1%	$9.53	—	COM	867475105
QNBC	QNB Corporation	15,097	$435K	0.1%	$27.67	+4.2%	COM	74726N107
—	Colonial Financial Services, Inc.	29,200	$418K	0.0%	$13.35	—	COM	19566B101
—	Premier Financial Bancorp, Inc.	27,200	$414K	0.0%	$12.04	—	COM	74050M105
—	Sugar Creek Financial Corporation	33,781	$361K	0.0%	$9.21	—	COM	86481Y102
—	Minden Bancorp, Inc.	15,600	$300K	0.0%	$18.98	—	COM	60255R106
—	First Capital Bancorp, Inc.	51,100	$222K	0.0%	$4.43	—	COM	319438107
—	Two River Bancorp	25,500	$222K	0.0%	$8.66	—	COM	90207C105
—	Community Bankers Trust Corporation	50,000	$219K	0.0%	$4.40	—	COM	203612106
FMNB	Farmers National Banc Corp.	25,000	$205K	0.0%	$5.51	0.0%	COM	309627107
—	Westfield Financial, Inc.	25,000	$193K	0.0%	$7.36	—	COM	96008P104
—	Farmers Capital Bank Corporation	7,200	$167K	0.0%	$23.19	—	COM	309562106
—	Hibernia Bancorp, Inc.	8,607	$157K	0.0%	$17.35	—	COM	42866N104
—	Pzena Investment Management, Inc.	12,384	$114K	0.0%	$9.21	—	CL A	74731Q103
—	First Financial Bancorp - Warrahnt $12.90 Exp 12/23/2018	14,899	$89,000	0.0%	$5.97	—	Warrant	320209117
—	Select Bancorp Inc.	1,200	$9,000	0.0%	$7.50	—	COM	81617L108