Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	170,000	$36.77M	4.5%	—	—	Put	78462F103
C	CITIGROUP INC	630,000	$29.75M	3.6%	$36.45	-6.3%	COM NEW	172967424
BAC	BANK AMER CORP	1,285,000	$20.11M	2.4%	$11.24	+7.3%	COM	060505104
ZION	ZIONS BANCORPORATION	554,500	$17.2M	2.1%	$28.21	+0.7%	COM	989701107
IBCP	INDEPENDENT BANK CORP MICH	980,000	$16.49M	2.0%	$7.84	+44.1%	COM NEW	453838609
—	STATE BK FINL CORP	710,400	$16.21M	2.0%	$15.87	—	COM	856190103
ABCB	AMERIS BANCORP	458,900	$16.04M	1.9%	$22.73	+29.5%	COM	03076K108
SBCF	SEACOAST BKG CORP FLA	930,000	$14.96M	1.8%	$13.10	+25.2%	COM NEW	811707801
—	CENTURY BANCORP INC MASS	320,700	$14.53M	1.8%	$35.63	—	CL A NON VTG	156432106
—	SI FINL GROUP INC MD	1,040,347	$13.73M	1.7%	$11.75	—	COM	78425V104
UCB	UNITED CMNTY BKS BLAIRSVLE G	629,400	$13.23M	1.6%	$19.26	+3.0%	COM	90984P303
—	SUN BANCORP INC	555,100	$12.8M	1.5%	$18.44	—	COM NEW	86663B201
—	BOSTON PRIVATE FINL HLDGS IN	922,600	$11.84M	1.4%	$11.36	—	COM	101119105
FITB	FIFTH THIRD BANCORP	515,000	$10.54M	1.3%	$13.29	+4.1%	COM	316773100
QCRH	QCR HOLDINGS INC	328,600	$10.43M	1.3%	$22.91	+24.2%	COM	74727A104
MS	MORGAN STANLEY	315,000	$10.1M	1.2%	$22.34	+2.3%	COM NEW	617446448
—	SYNOVUS FINL CORP	310,000	$10.08M	1.2%	$28.76	—	COM NEW	87161C501
—	MUTUALFIRST FINL INC	363,192	$10.07M	1.2%	$25.58	—	COM	62845B104
CMA	COMERICA INC	205,000	$9.701M	1.2%	$26.45	+17.5%	COM	200340107
EGBN	EAGLE BANCORP INC MD	196,200	$9.679M	1.2%	$28.14	+39.3%	COM	268948106
PFBC	PREFERRED BK LOS ANGELES CA	269,700	$9.642M	1.2%	$26.58	+26.5%	COM NEW	740367404
—	CENTERSTATE BANKS INC	540,900	$9.59M	1.2%	$12.27	—	COM	15201P109
CFG	CITIZENS FINL GROUP INC	380,000	$9.39M	1.1%	$17.16	-6.2%	COM	174610105
BK	BANK NEW YORK MELLON CORP	232,500	$9.272M	1.1%	$31.15	+0.4%	COM	064058100
OSBC	OLD SECOND BANCORP INC ILL	1,110,000	$9.224M	1.1%	$4.79	+46.4%	COM	680277100
—	XENITH BANKSHARES INC NEW	3,819,000	$8.822M	1.1%	$2.31	—	COM	984102103
KEY	KEYCORP NEW	720,000	$8.762M	1.1%	$7.68	+5.4%	COM	493267108
PNC	PNC FINL SVCS GROUP INC	95,600	$8.613M	1.0%	$63.28	0.0%	COM	693475105
—	STONEGATE BK FT LAUDERDALE F	243,033	$8.202M	1.0%	$30.63	—	COM	861811107
—	UNITED FINL BANCORP INC NEW	592,108	$8.195M	1.0%	$13.26	—	COM	910304104
AMG	AFFILIATED MANAGERS GROUP	56,600	$8.19M	1.0%	$147.70	-6.2%	COM	008252108
—	EVANS BANCORP INC	293,598	$8.03M	1.0%	$19.53	—	COM NEW	29911Q208
—	HERITAGE OAKS BANCORP	950,580	$7.795M	0.9%	$7.53	—	COM	42724R107
RVSB	RIVERVIEW BANCORP INC	1,375,000	$7.398M	0.9%	$3.15	+24.7%	COM	769397100
NMIH	NMI HLDGS INC	949,836	$7.238M	0.9%	$9.01	-22.3%	CL A	629209305
—	LAKELAND BANCORP INC	512,100	$7.19M	0.9%	$11.28	—	COM	511637100
—	AMERICAN RIVER BANKSHARES	655,100	$7.101M	0.9%	$8.29	—	COM	029326105
—	MAINSOURCE FINANCIAL GP INC	279,800	$6.981M	0.8%	$14.74	—	COM	56062Y102
IVZ	INVESCO LTD	219,700	$6.87M	0.8%	$20.99	-9.0%	SHS	G491BT108
WTFC	WINTRUST FINL CORP	120,000	$6.668M	0.8%	$47.90	+12.3%	COM	97650W108
GS	GOLDMAN SACHS GROUP INC	41,300	$6.66M	0.8%	$126.59	+5.7%	COM	38141G104
—	TERRITORIAL BANCORP INC	226,243	$6.484M	0.8%	$22.43	—	COM	88145X108
—	UNITED CMNTY FINL CORP OHIO	901,414	$6.409M	0.8%	$4.37	—	COM	909839102
HTB	HOMETRUST BANCSHARES INC	337,068	$6.236M	0.8%	$16.30	+15.7%	COM	437872104
RF	REGIONS FINL CORP NEW	624,500	$6.164M	0.7%	$6.45	+3.2%	COM	7591EP100
ISTR	INVESTAR HLDG CORP	398,122	$6.111M	0.7%	$14.55	+6.1%	COM	46134L105
—	COASTWAY BANCORP INC	442,100	$6.057M	0.7%	$10.28	—	COM	190632109
FCCO	FIRST CMNTY CORP S C	380,000	$5.985M	0.7%	$7.04	+67.4%	COM	319835104
—	GUARANTY BANCORP DEL	329,900	$5.889M	0.7%	$14.55	—	COM NEW	40075T607
UVSP	UNIVEST CORP PA	250,000	$5.84M	0.7%	$22.30	0.0%	COM	915271100
BANF	BANCFIRST CORP	80,000	$5.801M	0.7%	$18.61	+48.1%	COM	05945F103
—	ESSA BANCORP INC	415,600	$5.748M	0.7%	$12.28	—	COM	29667D104
—	CARDINAL FINL CORP	220,000	$5.74M	0.7%	$20.35	—	COM	14149F109
—	WOLVERINE BANCORP INC	209,423	$5.618M	0.7%	$20.42	—	COM	977880103
BSRR	SIERRA BANCORP	285,600	$5.358M	0.6%	$10.98	+17.5%	COM	82620P102
—	POAGE BANKSHARES INC	270,505	$5.219M	0.6%	$15.53	—	COM	730206109
CCNE	CNB FINL CORP PA	245,000	$5.184M	0.6%	$12.81	+15.4%	COM	126128107
—	PRUDENTIAL BANCORP INC NEW	341,510	$4.945M	0.6%	$10.80	—	COM	74431A101
—	FCB FINL HLDGS INC	128,301	$4.931M	0.6%	$29.65	—	CL A	30255G103
HWC	HANCOCK HLDG CO	150,000	$4.865M	0.6%	$25.88	+16.8%	COM	410120109
—	E TRADE FINANCIAL CORP	165,000	$4.805M	0.6%	$24.44	—	COM NEW	269246401
—	Standard Financial Corp.	210,000	$4.788M	0.6%	$19.94	—	COM	853393106
HTH	HILLTOP HOLDINGS INC	212,000	$4.762M	0.6%	$21.23	+4.1%	COM	432748101
IROQ	IF BANCORP INC	255,000	$4.753M	0.6%	$15.44	+21.7%	COM	44951J105
—	CIVISTA BANCSHARES INC	110,050	$4.713M	0.6%	$34.69	—	6.50% PFD SER B	178867206
—	CHICOPEE BANCORP INC	250,971	$4.643M	0.6%	$16.81	—	COM	168565109
FNF	FIDELITY NATIONAL FINANCIAL	125,000	$4.614M	0.6%	$16.16	+10.3%	FNF GROUP COM	31620R303
BANR	BANNER CORP	105,000	$4.593M	0.6%	$30.78	0.0%	COM NEW	06652V208
—	UNITED CMNTY BANCORP IND	296,886	$4.498M	0.5%	$10.69	—	COM	90984R101
—	M & T BK CORP	106,100	$4.488M	0.5%	$50.18	—	*W EXP 12/23/201	55261F112
CTBI	COMMUNITY TR BANCORP INC	120,200	$4.461M	0.5%	$23.88	+5.9%	COM	204149108
LEN/B	LENNAR CORP	130,000	$4.364M	0.5%	$31.26	-0.7%	CL B	526057302
—	CODORUS VY BANCORP INC	194,928	$4.265M	0.5%	$20.75	—	COM	192025104
—	FIRST MIDWEST BANCORP DEL	220,000	$4.259M	0.5%	$15.08	—	COM	320867104
—	WASHINGTONFIRST BANKSHARES I	171,000	$4.208M	0.5%	$22.53	—	COM	940730104
EVR	EVERCORE PARTNERS INC	80,800	$4.162M	0.5%	$40.48	+1.4%	CLASS A	29977A105
SMBC	SOUTHERN MO BANCORP INC	166,730	$4.152M	0.5%	$13.79	+52.0%	COM	843380106
—	NEW YORK CMNTY BANCORP INC	275,000	$3.913M	0.5%	$14.23	—	COM	649445103
—	ZIONS BANCORPORATION	1,746,600	$3.738M	0.5%	$3.19	—	*W EXP 11/14/201	989701131
—	PACIFIC MERCANTILE BANCORP	495,000	$3.648M	0.4%	$7.06	—	COM	694552100
—	Polonia Bancorp, Inc.	329,900	$3.626M	0.4%	$9.38	—	COM	73158Q109
FCNCA	FIRST CTZNS BANCSHARES INC N	12,000	$3.527M	0.4%	$216.02	+22.0%	CL A	31946M103
MSBI	MIDLAND STS BANCORP INC ILL	138,900	$3.52M	0.4%	$14.17	+6.5%	COM	597742105
NRIM	NORTHRIM BANCORP INC	136,151	$3.506M	0.4%	$3.91	+20.4%	COM	666762109
HOPE	HOPE BANCORP INC	200,000	$3.474M	0.4%	$16.20	0.0%	COM	43940T109
PBHC	PATHFINDER BANCORP INC MD	276,600	$3.363M	0.4%	$7.97	+23.9%	COM	70319R109
—	DCB Financial Corp	434,174	$3.321M	0.4%	$7.35	—	COM	233075100
—	COMMUNITY BANKERS TR CORP	612,000	$3.317M	0.4%	$5.19	—	COM	203612106
NTB	BANK OF NT BUTTERFIELD&SON L	125,000	$3.095M	0.4%	$16.00	0.0%	SHS NEW	G0772R208
—	BANCORPSOUTH INC	130,000	$3.016M	0.4%	$22.69	—	COM	059692103
—	PB BANCORP INC	345,730	$3.001M	0.4%	$8.40	—	COM	70454T100
—	MELROSE BANCORP INC	194,240	$2.894M	0.4%	$13.31	—	COM	585553100
DHI	D R HORTON INC	95,000	$2.869M	0.3%	$26.77	+8.0%	COM	23331A109
—	Bay Banks of Virginia, Inc.	469,700	$2.846M	0.3%	$5.80	—	COM	072035108
—	First American International Corp.	168,880	$2.797M	0.3%	$17.34	—	COM	31849X107
EQFN	EQUITABLE FINL CORP NEW	307,929	$2.761M	0.3%	$8.28	+3.5%	COM	29448T105
ASB	ASSOCIATED BANC CORP	139,700	$2.737M	0.3%	$12.96	+5.0%	COM	045487105
—	HAMILTON BANCORP INC MD	200,000	$2.72M	0.3%	$13.24	—	COM	407015106
BOTJ	BANK OF THE ST JAMES FINL GP	217,400	$2.641M	0.3%	$8.64	+6.9%	COM	470299108
—	COMMUNITY WEST BANCSHARES	310,000	$2.542M	0.3%	$6.81	—	COM	204157101
—	MB Bancorp, Inc.	188,500	$2.526M	0.3%	$11.06	—	COM	55280E104
HTBK	HERITAGE COMMERCE CORP	230,000	$2.516M	0.3%	$7.52	+47.2%	COM	426927109
—	WSFS Financial Corporation 6.25% Pfd. Stock	94,596	$2.469M	0.3%	$26.50	—	6.50% PFD	929328409
SAMG	SILVERCREST ASSET MGMT GROUP	204,000	$2.421M	0.3%	$13.05	-7.2%	CL A	828359109
—	BRYN MAWR BK CORP	75,100	$2.402M	0.3%	$30.17	—	COM	117665109
STBA	S & T BANCORP INC	82,100	$2.38M	0.3%	$26.30	+2.4%	COM	783859101
HNNA	HENNESSY ADVISORS INC	64,204	$2.277M	0.3%	$14.32	+64.8%	COM	425885100
—	BANK COMM HLDGS	304,887	$2.195M	0.3%	$6.37	—	COM	06424J103
FFBC	FIRST FINL BANCORP OH	100,000	$2.184M	0.3%	$10.99	+35.5%	COM	320209109
—	MIDDLEBURG FINANCIAL CORP	75,100	$2.124M	0.3%	$27.24	—	COM	596094102
—	AJS Bancorp, Inc.	140,400	$2.106M	0.3%	$12.20	—	COM	001503101
—	Pilgrim Bancshares, Inc.	155,600	$2.038M	0.2%	$11.30	—	COM	72143J105
—	PNC FINL SVCS GROUP INC	83,100	$1.952M	0.2%	$25.20	—	*W EXP 12/31/201	693475121
PB	PROSPERITY BANCSHARES INC	35,000	$1.921M	0.2%	$40.49	0.0%	COM	743606105
—	SOUTHWEST BANCORP INC OKLA	100,300	$1.905M	0.2%	$14.28	—	COM	844767103
TCBK	TRICO BANCSHARES	70,000	$1.874M	0.2%	$26.86	0.0%	COM	896095106
—	STONEGATE MTG CORP	407,186	$1.865M	0.2%	$14.32	—	COM	86181Q300
AVBH	Avidbank Holdings, Inc.	120,353	$1.865M	0.2%	$11.95	+27.8%	COM	05368J103
—	YADKIN FINL CORP	70,000	$1.84M	0.2%	$23.08	—	COM	984305102
—	Central Federal Bancshares, Inc.	155,800	$1.834M	0.2%	$10.72	—	COM	15346T107
TFIN	TRIUMPH BANCORP INC	92,200	$1.829M	0.2%	$14.70	+23.1%	COM	89679E300
—	JACKSONVILLE BANCORP INC MD	63,769	$1.817M	0.2%	$20.01	—	COM	46924R106
—	HEARTLAND FINL USA INC	50,300	$1.814M	0.2%	$35.30	—	COM	42234Q102
—	TWO RIV BANCORP	152,483	$1.757M	0.2%	$9.37	—	COM	90207C105
—	GUARANTY FED BANCSHARES INC	107,600	$1.738M	0.2%	$15.25	—	COM	40108P101
—	HMN FINL INC	115,356	$1.638M	0.2%	$12.12	—	COM	40424G108
PEBK	PEOPLES BANCORP N C INC	76,900	$1.615M	0.2%	$15.24	+22.3%	COM	710577107
PEBO	PEOPLES BANCORP INC	65,000	$1.598M	0.2%	$20.52	+12.9%	COM	709789101
—	SB FINL GROUP INC	125,000	$1.561M	0.2%	$11.25	—	DEP SHS PFD 6.5%	78408D204
UBFO	UNITED SECURITY BANCSHARES C	240,100	$1.517M	0.2%	$3.24	+18.2%	COM	911460103
—	DNB FINL CORP	58,801	$1.488M	0.2%	$20.93	—	COM	233237106
—	GEORGETOWN BANCORP INC MD	69,100	$1.443M	0.2%	$14.20	—	COM	372591107
SHBI	SHORE BANCSHARES INC	121,393	$1.43M	0.2%	$9.30	+25.8%	COM	825107105
PGC	PEAPACK-GLADSTONE FINL CORP	59,200	$1.327M	0.2%	$16.70	+13.7%	COM	704699107
—	Sunshine Financial Inc.	66,000	$1.287M	0.2%	$18.47	—	COM	86782T109
CMA	COMERICA INC	25,000	$1.183M	0.1%	$26.45	+17.5%	Put	200340107
—	FIDELITY NATIONAL FINANCIAL	91,975	$1.148M	0.1%	$12.09	—	FNFV GROUP COM	31620R402
—	OM ASSET MGMT PLC	79,900	$1.111M	0.1%	$13.36	—	SHS	G67506108
—	First Intercontinental Bank	131,439	$1.065M	0.1%	$7.21	—	COM	32056Y101
QNBC	QNB Corporation	31,194	$1.061M	0.1%	$29.00	+16.0%	COM	74726N107
—	Sugar Creek Financial Corporation	83,575	$995K	0.1%	$10.13	—	COM	86481Y102
—	LEGACY TEX FINL GROUP INC	31,000	$981K	0.1%	$30.50	—	COM	52471Y106
CAC	CAMDEN NATL CORP	20,000	$955K	0.1%	$21.63	0.0%	COM	133034108
HBCP	HOME BANCORP INC	33,085	$926K	0.1%	$21.21	+7.1%	COM	43689E107
—	New Bancorp, Inc.	66,200	$896K	0.1%	$13.00	—	COM	642142103
—	FSB BANCORP INC	71,541	$894K	0.1%	$12.50	—	COM	30289C102
—	FIRST SOUTH BANCORP INC VA	89,232	$888K	0.1%	$8.07	—	COM	33646W100
MTH	MERITAGE HOMES CORP	25,000	$868K	0.1%	$18.13	+0.2%	COM	59001A102
—	SUNTRUST BKS INC	73,800	$843K	0.1%	$10.00	—	*W EXP 12/31/201	867914129
—	SVB FINL GROUP	7,500	$829K	0.1%	$110.53	—	COM	78486Q101
—	UMPQUA HLDGS CORP	55,000	$828K	0.1%	$15.05	—	COM	904214103
—	Sunnyside Bancorp, Inc.	64,871	$815K	0.1%	$10.20	—	COM	867475105
—	Meetinghouse Bancorp, Inc.	47,500	$791K	0.1%	$12.00	—	COM	58514H109
OVLY	OAK VALLEY BANCORP OAKDALE C	77,203	$787K	0.1%	$9.42	+5.7%	COM	671807105
—	West End Indiana Bancshares, Inc.	30,000	$756K	0.1%	$19.76	—	COM	952678100
—	MALVERN BANCORP INC	44,900	$736K	0.1%	$11.97	—	COM	561409103
WLFC	WILLIS LEASE FINANCE CORP	30,000	$713K	0.1%	$14.76	+69.1%	COM	970646105
BMRC	BANK OF MARIN BANCORP	14,100	$701K	0.1%	$18.41	0.0%	COM	063425102
FISI	FINANCIAL INSTNS INC	25,000	$678K	0.1%	$17.97	-0.6%	COM	317585404
—	New Jersey Community Bank	160,488	$602K	0.1%	$5.30	—	COM	64577U102
—	BANK OF THE OZARKS INC	15,000	$576K	0.1%	$38.40	—	COM	063904106
INBK	FIRST INTERNET BANCORP	24,900	$575K	0.1%	$23.63	0.0%	COM	320557101
BBT	BERKSHIRE HILLS BANCORP INC	20,000	$554K	0.1%	$20.69	0.0%	COM	084680107
—	FIDELITY SOUTHERN CORP NEW	23,800	$438K	0.1%	$18.40	—	COM	316394105
WSFS	WSFS FINL CORP	10,000	$365K	0.0%	$26.23	+37.4%	COM	929328102
—	Four Oaks Fincorp, Inc.	150,750	$344K	0.0%	$2.16	—	COM	350891107
—	Carolina Alliance Bank	34,439	$341K	0.0%	$9.90	—	COM	14376R107
—	Minden Bancorp, Inc.	14,900	$337K	0.0%	$18.98	—	COM	60255R106
—	LEGG MASON INC	10,000	$335K	0.0%	$33.50	—	COM	524901105
WTBA	WEST BANCORPORATION INC	16,000	$314K	0.0%	$19.15	0.0%	CAP STK	95123P106
BKU	BANKUNITED INC	10,000	$302K	0.0%	$24.81	-7.3%	COM	06652K103
—	Hibernia Bancorp, Inc.	15,000	$287K	0.0%	$18.92	—	COM	42866N104
—	WCI CMNTYS INC	10,000	$237K	0.0%	$23.70	—	COM PAR $0.01	92923C807
FSFG	FIRST SAVINGS FINL GROUP INC	4,066	$147K	0.0%	$9.62	+2.2%	COM	33621E109
PLBC	PLUMAS BANCORP	7,876	$81,000	0.0%	$9.81	0.0%	COM	729273102
LPLA	LPL FINL HLDGS INC	2,500	$75,000	0.0%	$30.19	-10.4%	COM	50212V100