Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
C	CITIGROUP INC	626,700	$26.57M	3.3%	$36.45	-9.2%	COM NEW	172967424
CMA	COMERICA INC	486,900	$20.03M	2.5%	$26.45	+10.0%	COM	200340107
BAC	BANK AMER CORP	1,478,100	$19.61M	2.4%	$11.24	+0.9%	COM	060505104
ABCB	AMERIS BANCORP	518,400	$15.4M	1.9%	$22.73	+18.5%	COM	03076K108
SBCF	SEACOAST BKG CORP FLA	945,542	$15.36M	1.9%	$13.10	+24.2%	COM NEW	811707801
—	STATE BK FINL CORP	741,400	$15.09M	1.9%	$15.87	—	COM	856190103
—	SI FINL GROUP INC MD	1,040,347	$13.77M	1.7%	$11.75	—	COM	78425V104
—	FOX CHASE BANCORP INC NEW	673,500	$13.7M	1.7%	$18.16	—	COM	35137T108
SPY	SPDR S&P 500 ETF TR	65,000	$13.62M	1.7%	—	—	Put	78462F103
—	CENTURY BANCORP INC MASS	320,700	$13.57M	1.7%	$35.63	—	CL A NON VTG	156432106
IBCP	INDEPENDENT BANK CORP MICH	922,600	$13.39M	1.7%	$7.63	+37.5%	COM NEW	453838609
ZION	ZIONS BANCORPORATION	528,200	$13.27M	1.7%	$28.20	-5.9%	COM	989701107
—	SUN BANCORP INC	555,100	$11.47M	1.4%	$18.44	—	COM NEW	86663B201
—	BOSTON PRIVATE FINL HLDGS IN	910,000	$10.72M	1.3%	$11.34	—	COM	101119105
—	MUTUALFIRST FINL INC	385,200	$10.54M	1.3%	$25.58	—	COM	62845B104
QCRH	QCR HOLDINGS INC	371,300	$10.1M	1.3%	$22.91	+7.9%	COM	74727A104
UCB	UNITED CMNTY BKS BLAIRSVLE G	520,100	$9.513M	1.2%	$19.14	+0.9%	COM	90984P303
EGBN	EAGLE BANCORP INC MD	196,200	$9.439M	1.2%	$28.14	+36.4%	COM	268948106
RF	REGIONS FINL CORP NEW	1,071,100	$9.115M	1.1%	$6.45	-0.8%	COM	7591EP100
OSBC	OLD SECOND BANCORP INC ILL	1,330,606	$9.088M	1.1%	$4.79	+35.4%	COM	680277100
MSBI	MIDLAND STS BANCORP INC ILL	413,700	$8.973M	1.1%	$14.17	0.0%	COM	597742105
—	CENTERSTATE BANKS INC	562,600	$8.861M	1.1%	$12.27	—	COM	15201P109
CFG	CITIZENS FINL GROUP INC	435,600	$8.703M	1.1%	$17.16	-9.9%	COM	174610105
MS	MORGAN STANLEY	325,600	$8.459M	1.1%	$22.34	-10.9%	COM NEW	617446448
—	SYNOVUS FINL CORP	290,000	$8.407M	1.0%	$28.50	—	COM NEW	87161C501
—	TERRITORIAL BANCORP INC	293,405	$7.766M	1.0%	$22.43	—	COM	88145X108
—	HERITAGE OAKS BANCORP	950,800	$7.549M	0.9%	$7.53	—	COM	42724R107
—	GUARANTY BANCORP DEL	446,400	$7.455M	0.9%	$14.55	—	COM NEW	40075T607
—	XENITH BANKSHARES INC	933,000	$7.417M	0.9%	$6.31	—	COM	98410X105
—	STONEGATE BK FT LAUDERDALE F	222,433	$7.178M	0.9%	$30.34	—	COM	861811107
—	EVANS BANCORP INC	290,598	$7.16M	0.9%	$19.45	—	COM NEW	29911Q208
WFC	WELLS FARGO & CO NEW	150,000	$7.1M	0.9%	$37.23	0.0%	COM	949746101
—	UNITED CMNTY FINL CORP OHIO	1,152,600	$7.008M	0.9%	$4.37	—	COM	909839102
HWC	HANCOCK HLDG CO	265,000	$6.919M	0.9%	$25.88	-1.7%	COM	410120109
—	AMERICAN RIVER BANKSHARES	655,100	$6.724M	0.8%	$8.29	—	COM	029326105
WTFC	WINTRUST FINL CORP	130,000	$6.63M	0.8%	$47.90	+4.5%	COM	97650W108
GS	GOLDMAN SACHS GROUP INC	44,200	$6.567M	0.8%	$126.59	+1.0%	COM	38141G104
KEY	KEYCORP NEW	590,300	$6.523M	0.8%	$7.59	+5.3%	COM	493267108
—	MAINSOURCE FINANCIAL GP INC	283,654	$6.255M	0.8%	$14.74	—	COM	56062Y102
HTB	HOMETRUST BANCSHARES INC	337,413	$6.242M	0.8%	$16.30	+14.4%	COM	437872104
FCCO	FIRST CMNTY CORP S C	445,982	$6.239M	0.8%	$7.04	+60.3%	COM	319835104
FNF	FIDELITY NATIONAL FINANCIAL	165,900	$6.221M	0.8%	$16.16	0.0%	FNF GROUP COM	31620R303
FCNCA	FIRST CTZNS BANCSHARES INC N	24,000	$6.214M	0.8%	$216.02	+12.6%	CL A	31946M103
—	DISCOVER FINL SVCS	114,600	$6.141M	0.8%	$53.59	—	COM	254709108
—	Standard Financial Corp.	263,300	$6.109M	0.8%	$19.94	—	COM	853393106
PFBC	PREFERRED BK LOS ANGELES CA	209,300	$6.045M	0.8%	$24.55	+26.8%	COM NEW	740367404
HTBK	HERITAGE COMMERCE CORP	568,094	$5.982M	0.7%	$7.52	+38.8%	COM	426927109
BANF	BANCFIRST CORP	98,800	$5.96M	0.7%	$18.61	+33.6%	COM	05945F103
AMG	AFFILIATED MANAGERS GROUP	41,200	$5.8M	0.7%	$151.11	+4.9%	COM	008252108
—	COASTWAY BANCORP INC	458,099	$5.703M	0.7%	$10.28	—	COM	190632109
—	CARDINAL FINL CORP	258,200	$5.665M	0.7%	$20.35	—	COM	14149F109
—	LAKELAND BANCORP INC	496,300	$5.648M	0.7%	$11.20	—	COM	511637100
—	PRUDENTIAL BANCORP INC NEW	400,000	$5.64M	0.7%	$10.80	—	COM	74431A101
—	UNITED FINL BANCORP INC NEW	430,000	$5.581M	0.7%	$13.04	—	COM	910304104
—	ESSA BANCORP INC	415,600	$5.569M	0.7%	$12.28	—	COM	29667D104
IVZ	INVESCO LTD	213,800	$5.46M	0.7%	$21.04	-9.2%	SHS	G491BT108
NMIH	NMI HLDGS INC	977,900	$5.359M	0.7%	$9.01	-37.0%	CL A	629209305
DHI	D R HORTON INC	170,000	$5.352M	0.7%	$26.77	+2.5%	COM	23331A109
—	FCB FINL HLDGS INC	156,200	$5.311M	0.7%	$29.65	—	CL A	30255G103
SMBC	SOUTHERN MO BANCORP INC	218,892	$5.151M	0.6%	$13.79	+48.2%	COM	843380106
—	YADKIN FINL CORP	197,100	$4.945M	0.6%	$23.08	—	COM	984305102
—	M & T BK CORP	112,800	$4.898M	0.6%	$50.18	—	*W EXP 12/23/201	55261F112
—	WOLVERINE BANCORP INC	189,423	$4.836M	0.6%	$19.74	—	COM	977880103
IROQ	IF BANCORP INC	255,000	$4.677M	0.6%	$15.44	+19.9%	COM	44951J105
ISTR	INVESTAR HLDG CORP	302,800	$4.657M	0.6%	$14.27	+7.7%	COM	46134L105
—	POAGE BANKSHARES INC	270,505	$4.647M	0.6%	$15.53	—	COM	730206109
—	CIVISTA BANCSHARES INC	110,050	$4.622M	0.6%	$34.69	—	6.50% PFD SER B	178867206
BK	BANK NEW YORK MELLON CORP	118,200	$4.592M	0.6%	$31.02	0.0%	COM	064058100
—	CHICOPEE BANCORP INC	251,100	$4.585M	0.6%	$16.81	—	COM	168565109
CCNE	CNB FINL CORP PA	254,200	$4.525M	0.6%	$12.81	+4.4%	COM	126128107
BSRR	SIERRA BANCORP	264,000	$4.406M	0.6%	$10.82	+15.4%	COM	82620P102
—	FIRST MIDWEST BANCORP DEL	244,500	$4.293M	0.5%	$15.08	—	COM	320867104
—	WASHINGTONFIRST BANKSHARES I	195,000	$4.214M	0.5%	$22.53	—	COM	940730104
—	UNITED CMNTY BANCORP IND	296,886	$4.177M	0.5%	$10.69	—	COM	90984R101
—	C1 FINL INC	175,000	$4.083M	0.5%	$24.20	—	COM	12591N109
BUSE	FIRST BUSEY CORP	189,450	$4.052M	0.5%	$13.44	+9.1%	COM NEW	319383204
—	E TRADE FINANCIAL CORP	165,400	$3.885M	0.5%	$24.44	—	COM NEW	269246401
WSFS	WSFS FINL CORP	120,000	$3.863M	0.5%	$26.23	+29.7%	COM	929328102
SCHW	SCHWAB CHARLES CORP NEW	148,100	$3.748M	0.5%	$26.81	-6.1%	COM	808513105
CTBI	COMMUNITY TR BANCORP INC	106,300	$3.684M	0.5%	$23.69	+4.2%	COM	204149108
—	EVERBANK FINL CORP	245,000	$3.641M	0.5%	$15.52	—	COM	29977G102
—	PACIFIC MERCANTILE BANCORP	500,000	$3.55M	0.4%	$7.06	—	COM	694552100
—	Polonia Bancorp, Inc.	329,900	$3.546M	0.4%	$9.38	—	COM	73158Q109
—	FIDELITY NATIONAL FINANCIAL	286,900	$3.291M	0.4%	$12.09	—	FNFV GROUP COM	31620R402
NRIM	NORTHRIM BANCORP INC	123,628	$3.25M	0.4%	$3.83	+17.9%	COM	666762109
EVR	EVERCORE PARTNERS INC	72,100	$3.186M	0.4%	$40.41	0.0%	CLASS A	29977A105
—	WILSHIRE BANCORP INC	305,000	$3.178M	0.4%	$7.95	—	COM	97186T108
PBHC	PATHFINDER BANCORP INC MD	280,000	$3.156M	0.4%	$7.97	+17.6%	COM	70319R109
RVSB	RIVERVIEW BANCORP INC	643,700	$3.045M	0.4%	$2.27	+58.3%	COM	769397100
—	MELROSE BANCORP INC	193,515	$3.003M	0.4%	$13.31	—	COM	585553100
—	BANCORPSOUTH INC	129,882	$2.947M	0.4%	$22.69	—	COM	059692103
FFBC	FIRST FINL BANCORP OH	150,000	$2.917M	0.4%	$10.99	+21.5%	COM	320209109
—	PB BANCORP INC	345,730	$2.911M	0.4%	$8.40	—	COM	70454T100
—	WSFS Financial Corporation 6.25% Pfd. Stock	110,796	$2.904M	0.4%	$26.50	—	6.50% PFD	929328409
—	CODORUS VY BANCORP INC	141,568	$2.884M	0.4%	$20.33	—	COM	192025104
—	Bay Banks of Virginia, Inc.	469,700	$2.795M	0.3%	$5.80	—	COM	072035108
—	HAMILTON BANCORP INC MD	200,000	$2.782M	0.3%	$13.24	—	COM	407015106
ASB	ASSOCIATED BANC CORP	162,100	$2.78M	0.3%	$12.96	-1.7%	COM	045487105
—	PNC FINL SVCS GROUP INC	158,900	$2.768M	0.3%	$25.20	—	*W EXP 12/31/201	693475121
SAMG	SILVERCREST ASSET MGMT GROUP	220,700	$2.701M	0.3%	$13.05	-3.9%	CL A	828359109
—	DCB Financial Corp	379,228	$2.674M	0.3%	$7.31	—	COM	233075100
BOTJ	BANK OF THE ST JAMES FINL GP	214,000	$2.622M	0.3%	$8.63	+0.3%	COM	470299108
LEN/B	LENNAR CORP	68,215	$2.541M	0.3%	$31.46	-3.0%	CL B	526057302
EQFN	EQUITABLE FINL CORP NEW	302,629	$2.515M	0.3%	$8.28	+0.3%	COM	29448T105
—	MB Bancorp, Inc.	190,400	$2.494M	0.3%	$11.06	—	COM	55280E104
—	First American International Corp.	168,880	$2.474M	0.3%	$17.34	—	COM	31849X107
—	COMMUNITY WEST BANCSHARES	301,100	$2.216M	0.3%	$6.76	—	COM	204157101
HNNA	HENNESSY ADVISORS INC	66,004	$2.209M	0.3%	$14.32	+50.0%	COM	425885100
FITB	FIFTH THIRD BANCORP	125,000	$2.199M	0.3%	$11.61	+9.9%	COM	316773100
TOWN	TOWNEBANK PORTSMOUTH VA	100,592	$2.178M	0.3%	$18.50	+13.3%	COM	89214P109
—	BRYN MAWR BK CORP	71,700	$2.094M	0.3%	$30.08	—	COM	117665109
—	AJS Bancorp, Inc.	140,400	$2.092M	0.3%	$12.20	—	COM	001503101
—	COMMUNITY BANKERS TR CORP	400,000	$2.072M	0.3%	$5.07	—	COM	203612106
STC	STEWART INFORMATION SVCS COR	50,000	$2.071M	0.3%	$36.82	0.0%	COM	860372101
—	MIDDLEBURG FINANCIAL CORP	72,500	$1.972M	0.2%	$27.20	—	COM	596094102
WAL	WESTERN ALLIANCE BANCORP	60,000	$1.959M	0.2%	$30.48	0.0%	COM	957638109
PGC	PEAPACK-GLADSTONE FINL CORP	105,300	$1.949M	0.2%	$16.70	+2.7%	COM	704699107
SHBI	SHORE BANCSHARES INC	164,193	$1.929M	0.2%	$9.30	+25.0%	COM	825107105
—	Pilgrim Bancshares, Inc.	149,200	$1.917M	0.2%	$11.22	—	COM	72143J105
—	ZIONS BANCORPORATION	1,755,000	$1.913M	0.2%	$3.19	—	*W EXP 11/14/201	989701131
—	CAROLINA FINL CORP NEW	100,000	$1.868M	0.2%	$18.00	—	COM	143873107
—	FIRST LONG IS CORP	65,000	$1.864M	0.2%	$28.68	—	COM	320734106
STBA	S & T BANCORP INC	75,000	$1.834M	0.2%	$26.24	-3.3%	COM	783859101
HTH	HILLTOP HOLDINGS INC	86,200	$1.809M	0.2%	$19.95	0.0%	COM	432748101
—	HEARTLAND FINL USA INC	50,000	$1.765M	0.2%	$35.30	—	COM	42234Q102
AVBH	Avidbank Holdings, Inc.	120,353	$1.763M	0.2%	$11.95	+20.0%	COM	05368J103
—	Central Federal Bancshares, Inc.	155,800	$1.747M	0.2%	$10.72	—	COM	15346T107
—	PARAGON COML CORP	49,769	$1.742M	0.2%	$34.89	—	COM NEW	69911U403
—	JACKSONVILLE BANCORP INC MD	63,769	$1.728M	0.2%	$20.01	—	COM	46924R106
—	GUARANTY FED BANCSHARES INC	107,600	$1.718M	0.2%	$15.25	—	COM	40108P101
—	SOUTHWEST BANCORP INC OKLA	100,000	$1.693M	0.2%	$14.28	—	COM	844767103
—	TWO RIV BANCORP	152,483	$1.656M	0.2%	$9.37	—	COM	90207C105
—	BANK COMM HLDGS	247,800	$1.635M	0.2%	$6.18	—	COM	06424J103
MTH	MERITAGE HOMES CORP	40,000	$1.502M	0.2%	$18.13	0.0%	COM	59001A102
—	SB FINL GROUP INC	125,000	$1.479M	0.2%	$11.25	—	DEP SHS PFD 6.5%	78408D204
PEBK	PEOPLES BANCORP N C INC	75,400	$1.479M	0.2%	$15.17	+14.2%	COM	710577107
UBFO	UNITED SECURITY BANCSHARES C	226,300	$1.453M	0.2%	$3.20	+2.5%	COM	911460103
PEBO	PEOPLES BANCORP INC	65,000	$1.416M	0.2%	$20.52	+2.3%	COM	709789101
—	GEORGETOWN BANCORP INC MD	69,100	$1.404M	0.2%	$14.20	—	COM	372591107
—	DNB FINL CORP	58,801	$1.388M	0.2%	$20.93	—	COM	233237106
—	STONEGATE MTG CORP	407,186	$1.368M	0.2%	$14.32	—	COM	86181Q300
—	ACCESS NATL CORP	70,000	$1.366M	0.2%	$15.80	—	COM	004337101
PROV	PROVIDENT FINL HLDGS INC	70,000	$1.281M	0.2%	$15.64	+13.7%	COM	743868101
—	Sunshine Financial Inc.	66,000	$1.264M	0.2%	$18.47	—	COM	86782T109
BKU	BANKUNITED INC	40,000	$1.229M	0.2%	$24.81	0.0%	COM	06652K103
AMH	AMERICAN HOMES 4 RENT	60,000	$1.229M	0.2%	$16.23	—	CL A	02665T306
AXP	AMERICAN EXPRESS CO	20,000	$1.215M	0.2%	$55.25	0.0%	COM	025816109
—	OM ASSET MGMT PLC	90,000	$1.202M	0.2%	$13.36	—	SHS	G67506108
IWM	ISHARES TR	10,000	$1.15M	0.1%	—	—	Put	464287655
TFIN	TRIUMPH BANCORP INC	70,100	$1.122M	0.1%	$13.63	+16.5%	COM	89679E300
—	FIRST NBC BK HLDG CO	65,000	$1.091M	0.1%	$24.63	—	COM	32115D106
—	MALVERN BANCORP INC	68,000	$1.061M	0.1%	$11.97	—	COM	561409103
RDN	RADIAN GROUP INC	100,000	$1.042M	0.1%	$9.73	0.0%	COM	750236101
QNBC	QNB Corporation	31,194	$998K	0.1%	$29.00	+7.0%	COM	74726N107
—	HMN FINL INC	73,034	$992K	0.1%	$10.92	—	COM	40424G108
LPLA	LPL FINL HLDGS INC	42,500	$958K	0.1%	$30.19	-16.8%	COM	50212V100
—	Sugar Creek Financial Corporation	83,575	$953K	0.1%	$10.13	—	COM	86481Y102
WLFC	WILLIS LEASE FINANCE CORP	42,400	$943K	0.1%	$14.76	+61.5%	COM	970646105
—	First Intercontinental Bank	131,439	$933K	0.1%	$7.21	—	COM	32056Y101
HBAN	HUNTINGTON BANCSHARES INC	100,000	$894K	0.1%	$6.58	0.0%	COM	446150104
—	SUNTRUST BKS INC	93,400	$866K	0.1%	$10.00	—	*W EXP 12/31/201	867914129
—	New Bancorp, Inc.	66,200	$850K	0.1%	$13.00	—	COM	642142103
HBCP	HOME BANCORP INC	30,000	$824K	0.1%	$21.06	+4.0%	COM	43689E107
—	Sunnyside Bancorp, Inc.	64,871	$812K	0.1%	$10.20	—	COM	867475105
—	Meetinghouse Bancorp, Inc.	47,500	$791K	0.1%	$12.00	—	COM	58514H109
GABC	GERMAN AMERN BANCORP INC	24,600	$786K	0.1%	$15.89	+6.8%	COM	373865104
—	Connectone Bancorp, Inc.	50,000	$785K	0.1%	$15.70	—	COM	20786U101
—	FIRST SOUTH BANCORP INC VA	83,264	$778K	0.1%	$7.94	—	COM	33646W100
—	OCEAN SHORE HLDG CO NEW	45,000	$763K	0.1%	$17.20	—	COM	67501R103
—	LAZARD LTD	25,000	$744K	0.1%	$29.76	—	SHS A	G54050102
—	West End Indiana Bancshares, Inc.	30,000	$743K	0.1%	$19.76	—	COM	952678100
—	SILVER BAY RLTY TR CORP	40,000	$681K	0.1%	$16.27	—	COM	82735Q102
FISI	FINANCIAL INSTNS INC	25,000	$652K	0.1%	$17.97	+1.8%	COM	317585404
—	New Jersey Community Bank	160,488	$650K	0.1%	$5.30	—	COM	64577U102
—	MBT FINL CORP	80,000	$640K	0.1%	$8.05	—	COM	578877102
OVLY	OAK VALLEY BANCORP OAKDALE C	63,200	$616K	0.1%	$9.30	+2.5%	COM	671807105
SFST	SOUTHERN FIRST BANCSHARES IN	25,000	$603K	0.1%	$24.98	0.0%	COM	842873101
BNCC	BNCCORP, Inc.	33,471	$515K	0.1%	$9.23	-7.4%	COM	055936108
—	BANK MUTUAL CORP NEW	55,100	$423K	0.1%	$7.68	—	COM	063750103
—	Minden Bancorp, Inc.	14,900	$354K	0.0%	$18.98	—	COM	60255R106
—	FIRST CLOVER LEAF FIN CORP	25,000	$298K	0.0%	$11.92	—	COM	31969M105
—	Hibernia Bancorp, Inc.	15,000	$287K	0.0%	$18.92	—	COM	42866N104
ATLO	AMES NATL CORP	10,000	$268K	0.0%	$15.86	+6.1%	COM	031001100
EBMT	EAGLE BANCORP MONT INC	21,000	$267K	0.0%	$8.97	+8.2%	COM	26942G100
HAFC	HANMI FINL CORP	10,000	$235K	0.0%	$21.44	+6.9%	COM NEW	410495204
FMBH	FIRST MID ILL BANCSHARES INC	8,890	$222K	0.0%	$20.07	-1.1%	COM	320866106
—	CASCADE BANCORP	40,000	$222K	0.0%	$5.55	—	COM NEW	147154207
—	LEGACY TEX FINL GROUP INC	7,600	$205K	0.0%	$26.97	—	COM	52471Y106
NVR	NVR INC	100	$178K	0.0%	$1636.54	+4.5%	COM	62944T105
—	Four Oaks Fincorp, Inc.	81,000	$167K	0.0%	$2.05	—	COM	350891107
FSFG	FIRST SAVINGS FINL GROUP INC	4,066	$140K	0.0%	$9.62	0.0%	COM	33621E109
CIVB	CIVISTA BANCSHARES INC	10,000	$131K	0.0%	$8.50	+7.0%	COM NO PAR	178867107
WD	WALKER & DUNLOP INC	800	$18,000	0.0%	$19.15	0.0%	COM	93148P102