Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	350,000	$78.24M	7.0%	—	—	Put	78462F103
EGBN	EAGLE BANCORP INC MD	548,400	$33.42M	3.0%	$37.53	+13.9%	COM	268948106
C	CITIGROUP INC	499,600	$29.69M	2.7%	$36.45	+11.5%	COM NEW	172967424
IBCP	INDEPENDENT BANK CORP MICH	922,500	$20.02M	1.8%	$7.84	+69.0%	COM NEW	453838609
SBCF	SEACOAST BKG CORP FLA	885,000	$19.52M	1.8%	$13.10	+45.0%	COM NEW	811707801
ZION	ZIONS BANCORPORATION	443,900	$19.11M	1.7%	$28.21	+30.6%	COM	989701107
ABCB	AMERIS BANCORP	430,000	$18.75M	1.7%	$22.73	+58.4%	COM	03076K108
—	STATE BK FINL CORP	665,000	$17.86M	1.6%	$15.87	—	COM	856190103
—	CENTURY BANCORP INC MASS	281,040	$16.86M	1.5%	$35.63	—	CL A NON VTG	156432106
KEY	KEYCORP NEW	910,000	$16.63M	1.5%	$8.31	+28.8%	COM	493267108
USB	US BANCORP DEL	315,000	$16.18M	1.5%	$33.77	0.0%	COM NEW	902973304
UCB	UNITED CMNTY BKS BLAIRSVLE G	540,000	$15.99M	1.4%	$19.26	+30.0%	COM	90984P303
PNC	PNC FINL SVCS GROUP INC	135,000	$15.79M	1.4%	$67.33	+14.6%	COM	693475105
QCRH	QCR HOLDINGS INC	338,300	$14.65M	1.3%	$23.25	+50.7%	COM	74727A104
—	SUN BANCORP INC	555,100	$14.43M	1.3%	$18.44	—	COM NEW	86663B201
—	SUNTRUST BKS INC	260,600	$14.29M	1.3%	$54.85	—	COM	867914103
—	BANCORPSOUTH INC	455,000	$14.13M	1.3%	$28.66	—	COM	059692103
—	CENTERSTATE BANKS INC	560,800	$14.12M	1.3%	$12.73	—	COM	15201P109
—	IBERIABANK CORP	159,600	$13.37M	1.2%	$83.75	—	COM	450828108
PFBC	PREFERRED BK LOS ANGELES CA	254,500	$13.34M	1.2%	$26.58	+59.4%	COM NEW	740367404
BAC	BANK AMER CORP	600,000	$13.26M	1.2%	$11.24	+39.5%	COM	060505104
—	ZIONS BANCORPORATION	1,524,700	$13.19M	1.2%	$3.19	—	*W EXP 11/14/201	989701131
—	SI FINL GROUP INC MD	841,737	$12.96M	1.2%	$11.75	—	COM	78425V104
—	BOSTON PRIVATE FINL HLDGS IN	770,000	$12.74M	1.1%	$11.36	—	COM	101119105
—	STONEGATE BK FT LAUDERDALE F	304,700	$12.71M	1.1%	$32.87	—	COM	861811107
MS	MORGAN STANLEY	293,300	$12.39M	1.1%	$22.34	+30.4%	COM NEW	617446448
—	SVB FINL GROUP	70,000	$12.02M	1.1%	$165.11	—	COM	78486Q101
BANR	BANNER CORP	206,700	$11.54M	1.0%	$32.98	+6.9%	COM NEW	06652V208
AMG	AFFILIATED MANAGERS GROUP	79,200	$11.51M	1.0%	$145.67	-3.5%	COM	008252108
CMA	COMERICA INC	164,200	$11.18M	1.0%	$26.45	+52.6%	COM	200340107
—	UNITED FINL BANCORP INC NEW	592,108	$10.75M	1.0%	$13.26	—	COM	910304104
OSBC	OLD SECOND BANCORP INC ILL	949,943	$10.5M	0.9%	$4.79	+73.4%	COM	680277100
—	AMERICAN RIVER BANKSHARES	654,400	$9.888M	0.9%	$8.29	—	COM	029326105
—	PRIVATEBANCORP INC	175,000	$9.483M	0.9%	$54.19	—	COM	742962103
RVSB	RIVERVIEW BANCORP INC	1,329,200	$9.304M	0.8%	$3.15	+50.0%	COM	769397100
—	MAINSOURCE FINANCIAL GP INC	268,397	$9.233M	0.8%	$14.74	—	COM	56062Y102
—	EVANS BANCORP INC	292,600	$9.232M	0.8%	$19.53	—	COM NEW	29911Q208
GS	GOLDMAN SACHS GROUP INC	37,100	$8.884M	0.8%	$126.59	+32.5%	COM	38141G104
SCHW	SCHWAB CHARLES CORP NEW	224,500	$8.861M	0.8%	$31.79	0.0%	COM	808513105
CFR	CULLEN FROST BANKERS INC	100,000	$8.823M	0.8%	$61.60	0.0%	COM	229899109
—	LAKELAND BANCORP INC	439,000	$8.561M	0.8%	$11.28	—	COM	511637100
NMIH	NMI HLDGS INC	784,492	$8.355M	0.8%	$9.01	-1.8%	CL A	629209305
JPM	JPMORGAN CHASE & CO	94,700	$8.172M	0.7%	$59.89	0.0%	COM	46625H100
—	UNITED CMNTY FINL CORP OHIO	893,614	$7.989M	0.7%	$4.37	—	COM	909839102
—	FIRST BANCSHARES INC MS	281,690	$7.746M	0.7%	$27.50	—	COM	318916103
CCNE	CNB FINL CORP PA	288,000	$7.701M	0.7%	$13.53	+30.1%	COM	126128107
HTB	HOMETRUST BANCSHARES INC	297,291	$7.7M	0.7%	$16.30	+33.4%	COM	437872104
—	CODORUS VY BANCORP INC	263,629	$7.54M	0.7%	$22.80	—	COM	192025104
ISTR	INVESTAR HLDG CORP	403,222	$7.52M	0.7%	$14.58	+17.6%	COM	46134L105
WTFC	WINTRUST FINL CORP	100,000	$7.257M	0.7%	$47.90	+29.6%	COM	97650W108
—	MUTUALFIRST FINL INC	218,100	$7.219M	0.6%	$25.58	—	COM	62845B104
—	CARDINAL FINL CORP	220,000	$7.214M	0.6%	$20.35	—	COM	14149F109
—	M & T BK CORP	90,000	$7.155M	0.6%	$50.18	—	*W EXP 12/23/201	55261F112
HTH	HILLTOP HOLDINGS INC	239,800	$7.146M	0.6%	$21.85	+21.6%	COM	432748101
IVZ	INVESCO LTD	235,000	$7.13M	0.6%	$20.93	-3.6%	SHS	G491BT108
—	XENITH BANKSHARES INC NEW	252,100	$7.109M	0.6%	$28.20	—	COM	984102202
—	CIVISTA BANCSHARES INC	115,000	$7.05M	0.6%	$35.83	—	6.50% PFD SER B	178867206
—	GUARANTY BANCORP DEL	286,461	$6.932M	0.6%	$14.55	—	COM NEW	40075T607
LEN/B	LENNAR CORP	198,928	$6.863M	0.6%	$30.30	-6.0%	CL B	526057302
—	COASTWAY BANCORP INC	430,000	$6.73M	0.6%	$10.28	—	COM	190632109
RF	REGIONS FINL CORP NEW	465,000	$6.677M	0.6%	$6.45	+37.1%	COM	7591EP100
—	ESSA BANCORP INC	415,600	$6.533M	0.6%	$12.28	—	COM	29667D104
UVSP	UNIVEST CORP PA	211,100	$6.523M	0.6%	$22.30	+19.6%	COM	915271100
—	COMMUNITY BANKERS TR CORP	882,100	$6.395M	0.6%	$5.82	—	COM	203612106
—	WOLVERINE BANCORP INC	200,000	$6.32M	0.6%	$20.42	—	COM	977880103
FNB	FNB CORP PA	353,300	$5.663M	0.5%	$9.99	0.0%	COM	302520101
—	VERITEX HLDGS INC	210,000	$5.609M	0.5%	$26.71	—	COM	923451108
KRE	SPDR SERIES TRUST	100,000	$5.558M	0.5%	—	—	Put	78464A698
EQBK	EQUITY BANCSHARES INC	165,000	$5.551M	0.5%	$28.00	0.0%	COM CL A	29460X109
PB	PROSPERITY BANCSHARES INC	77,200	$5.541M	0.5%	$44.61	+7.7%	COM	743606105
NRIM	NORTHRIM BANCORP INC	175,200	$5.536M	0.5%	$4.15	+19.4%	COM	666762109
FCCO	FIRST CMNTY CORP S C	302,571	$5.461M	0.5%	$7.04	+84.9%	COM	319835104
—	Standard Financial Corp.	211,500	$5.33M	0.5%	$19.94	—	COM	853393106
—	WASHINGTONFIRST BANKSHARES I	178,250	$5.167M	0.5%	$22.80	—	COM	940730104
—	FIRST MIDWEST BANCORP DEL	204,800	$5.167M	0.5%	$15.08	—	COM	320867104
—	SYNOVUS FINL CORP	125,000	$5.135M	0.5%	$28.76	—	COM NEW	87161C501
—	POAGE BANKSHARES INC	270,505	$5.085M	0.5%	$15.53	—	COM	730206109
—	FNB CORP PA	386,888	$4.979M	0.4%	$12.87	—	*W $3.161 EXP 1/30/2019	302520945
—	UNITED CMNTY BANCORP IND	296,886	$4.958M	0.4%	$10.69	—	COM	90984R101
FHN	FIRST HORIZON NATL CORP	245,000	$4.902M	0.4%	$12.82	0.0%	COM	320517105
TPH	TRI POINTE GROUP INC	423,500	$4.862M	0.4%	$11.95	0.0%	COM	87265H109
HOPE	HOPE BANCORP INC	220,000	$4.816M	0.4%	$16.45	+14.9%	COM	43940T109
IROQ	IF BANCORP INC	255,000	$4.718M	0.4%	$15.44	+22.2%	COM	44951J105
—	TD AMERITRADE HLDG CORP	107,600	$4.691M	0.4%	$43.60	—	COM	87236Y108
WSFS	WSFS FINL CORP	100,000	$4.635M	0.4%	$38.81	+3.6%	COM	929328102
—	E TRADE FINANCIAL CORP	132,200	$4.581M	0.4%	$24.44	—	COM NEW	269246401
CTBI	COMMUNITY TR BANCORP INC	89,400	$4.434M	0.4%	$23.88	+21.4%	COM	204149108
WAL	WESTERN ALLIANCE BANCORP	83,900	$4.087M	0.4%	$37.34	0.0%	COM	957638109
HBAN	HUNTINGTON BANCSHARES INC	306,600	$4.053M	0.4%	$7.91	0.0%	COM	446150104
TROW	PRICE T ROWE GROUP INC	52,900	$3.981M	0.4%	$50.63	0.0%	COM	74144T108
—	Polonia Bancorp, Inc.	317,400	$3.928M	0.4%	$9.38	—	COM	73158Q109
SMBC	SOUTHERN MO BANCORP INC	109,200	$3.863M	0.3%	$13.79	+75.9%	COM	843380106
WNEB	WESTERN NEW ENG BANCORP INC	411,102	$3.844M	0.3%	$6.49	0.0%	COM	958892101
TD	TORONTO DOMINION BK ONT	74,500	$3.676M	0.3%	$46.74	0.0%	COM NEW	891160509
—	BRYN MAWR BK CORP	86,425	$3.643M	0.3%	$31.74	—	COM	117665109
—	HMN FINL INC	277,778	$3.597M	0.3%	$12.95	—	*W $4.68 EXP 12/23/2018	40424G975
PBHC	PATHFINDER BANCORP INC MD	266,056	$3.589M	0.3%	$7.97	+29.4%	COM	70319R109
—	Bay Banks of Virginia, Inc.	469,700	$3.57M	0.3%	$5.80	—	COM	072035108
—	MELROSE BANCORP INC	194,240	$3.487M	0.3%	$13.31	—	COM	585553100
—	DCB Financial Corp	185,267	$3.437M	0.3%	$7.35	—	COM	233075100
EVR	EVERCORE PARTNERS INC	50,000	$3.435M	0.3%	$40.48	+24.8%	CLASS A	29977A105
CAC	CAMDEN NATL CORP	76,200	$3.387M	0.3%	$25.16	+5.0%	COM	133034108
BOTJ	BANK OF THE ST JAMES FINL GP	217,800	$3.304M	0.3%	$8.64	+15.0%	COM	470299108
—	PACIFIC MERCANTILE BANCORP	445,000	$3.249M	0.3%	$7.06	—	COM	694552100
—	PB BANCORP INC	323,431	$3.202M	0.3%	$8.40	—	COM	70454T100
TFIN	TRIUMPH BANCORP INC	117,068	$3.061M	0.3%	$16.11	+32.4%	COM	89679E300
EQFN	EQUITABLE FINL CORP NEW	308,629	$3.055M	0.3%	$8.28	+9.4%	COM	29448T105
—	First American International Corp.	168,880	$3.048M	0.3%	$17.34	—	COM	31849X107
OTTW	OTTAWA BANCORP INC	237,785	$3.027M	0.3%	$8.77	0.0%	COM	689195105
NTB	BANK OF NT BUTTERFIELD&SON L	95,000	$2.987M	0.3%	$16.00	+15.7%	SHS NEW	G0772R208
—	BANK COMM HLDGS	310,000	$2.945M	0.3%	$6.42	—	COM	06424J103
CFG	CITIZENS FINL GROUP INC	82,300	$2.932M	0.3%	$17.16	+24.3%	COM	174610105
—	COMMUNITY WEST BANCSHARES	308,500	$2.851M	0.3%	$6.81	—	COM	204157101
—	HAMILTON BANCORP INC MD	200,000	$2.85M	0.3%	$13.24	—	COM	407015106
UBSI	UNITED BANKSHARES INC WEST V	60,000	$2.775M	0.2%	$42.45	0.0%	COM	909907107
—	MB Bancorp, Inc.	188,500	$2.771M	0.2%	$11.06	—	COM	55280E104
—	TERRITORIAL BANCORP INC	81,981	$2.692M	0.2%	$22.43	—	COM	88145X108
PEBK	PEOPLES BANCORP N C INC	105,000	$2.632M	0.2%	$16.53	+21.3%	COM	710577107
AL	AIR LEASE CORP	75,000	$2.575M	0.2%	$28.37	0.0%	CL A	00912X302
—	AJS Bancorp, Inc.	169,100	$2.57M	0.2%	$12.71	—	COM	001503101
—	ANNALY CAP MGMT INC	250,000	$2.493M	0.2%	$9.97	—	COM	035710409
—	TWO RIV BANCORP	156,437	$2.334M	0.2%	$9.51	—	COM	90207C105
—	FRANKLIN FINL NETWORK INC	55,000	$2.302M	0.2%	$41.85	—	COM	35352P104
—	GUARANTY FED BANCSHARES INC	107,600	$2.279M	0.2%	$15.25	—	COM	40108P101
—	SUTHERLAND ASSET MGMT CORP M	167,116	$2.248M	0.2%	$13.45	—	COM	86933G105
—	Pilgrim Bancshares, Inc.	153,900	$2.247M	0.2%	$11.30	—	COM	72143J105
ASB	ASSOCIATED BANC CORP	89,800	$2.218M	0.2%	$12.96	+23.0%	COM	045487105
—	HMN FINL INC	124,800	$2.184M	0.2%	$12.53	—	COM	40424G108
—	INDEPENDENT BK GROUP INC	35,000	$2.184M	0.2%	$62.40	—	COM	45384B106
AVBH	Avidbank Holdings, Inc.	120,353	$2.16M	0.2%	$11.95	+40.0%	COM	05368J103
—	WSFS Financial Corporation 6.25 Pfd. Stock	83,275	$2.115M	0.2%	$26.50	—	6.50% PFD	929328409
—	Central Federal Bancshares, Inc.	165,500	$2.102M	0.2%	$10.84	—	Unlisted	15346T107
VLY	VALLEY NATL BANCORP	175,000	$2.037M	0.2%	$10.69	0.0%	COM	919794107
HNNA	HENNESSY ADVISORS INC	62,804	$1.994M	0.2%	$14.32	+48.0%	COM	425885100
UBFO	UNITED SECURITY BANCSHARES C	250,097	$1.938M	0.2%	$3.28	+27.3%	COM	911460103
—	STONEGATE MTG CORP	322,600	$1.926M	0.2%	$14.32	—	COM	86181Q300
—	JACKSONVILLE BANCORP INC MD	63,769	$1.913M	0.2%	$20.01	—	COM	46924R106
EWBC	EAST WEST BANCORP INC	35,000	$1.779M	0.2%	$35.99	0.0%	COM	27579R104
EFSC	ENTERPRISE FINL SVCS CORP	39,900	$1.716M	0.2%	$31.06	0.0%	COM	293712105
CMA	COMERICA INC	25,000	$1.703M	0.2%	$26.45	+52.6%	Call	200340107
QNBC	QNB Corporation	45,927	$1.644M	0.1%	$30.86	+12.8%	COM	74726N107
—	LEGACY TEX FINL GROUP INC	34,800	$1.498M	0.1%	$31.87	—	COM	52471Y106
—	FIRST SOUTH BANCORP INC VA	118,271	$1.413M	0.1%	$9.02	—	COM	33646W100
V	VISA INC	17,500	$1.365M	0.1%	$75.44	0.0%	COM CL A	92826C839
—	OM ASSET MGMT PLC	89,400	$1.296M	0.1%	$13.48	—	SHS	G67506108
—	Sunshine Financial Inc.	66,000	$1.287M	0.1%	$18.47	—	COM	86782T109
HBCP	HOME BANCORP INC	32,985	$1.274M	0.1%	$21.21	+21.5%	COM	43689E107
SHBI	SHORE BANCSHARES INC	76,200	$1.162M	0.1%	$9.30	+48.2%	COM	825107105
—	SB FINL GROUP INC	80,000	$1.134M	0.1%	$11.25	—	DEP SHS PFD 6.5%	78408D204
—	Sugar Creek Financial Corporation	83,575	$1.095M	0.1%	$10.13	—	COM	86481Y102
—	MIDDLEBURG FINANCIAL CORP	30,000	$1.043M	0.1%	$27.24	—	COM	596094102
OVLY	OAK VALLEY BANCORP OAKDALE C	82,825	$1.039M	0.1%	$9.55	+18.1%	COM	671807105
—	FIRST DEFIANCE FINL CORP	20,188	$1.024M	0.1%	$50.72	—	COM	32006W106
—	FSB BANCORP INC	71,541	$1.016M	0.1%	$12.50	—	COM	30289C102
—	First Intercontinental Bank	131,439	$954K	0.1%	$7.21	—	COM	32056Y101
—	JPMORGAN CHASE & CO	20,000	$885K	0.1%	$44.25	—	*W EXP 10/28/201	46634E114
—	New Bancorp, Inc.	66,200	$880K	0.1%	$13.00	—	COM	642142103
—	Sunnyside Bancorp, Inc.	64,871	$863K	0.1%	$10.20	—	COM	867475105
FNF	FIDELITY NATIONAL FINANCIAL	24,800	$842K	0.1%	$16.16	+3.0%	FNF GROUP COM	31620R303
—	SOUTHWEST BANCORP INC OKLA	27,700	$803K	0.1%	$14.28	—	COM	844767103
—	West End Indiana Bancshares, Inc.	22,800	$775K	0.1%	$19.76	—	COM	952678100
—	Meetinghouse Bancorp, Inc.	45,300	$757K	0.1%	$12.00	—	COM	58514H109
BCTF	BANCORP 34 INC	60,000	$755K	0.1%	$10.69	0.0%	COM	05970V106
WLFC	WILLIS LEASE FINANCE CORP	25,000	$640K	0.1%	$14.76	+75.5%	COM	970646105
—	LEGG MASON INC	20,000	$598K	0.1%	$31.70	—	COM	524901105
—	New Jersey Community Bank	160,488	$586K	0.1%	$5.30	—	COM	64577U102
—	HERITAGE OAKS BANCORP	47,000	$580K	0.1%	$7.53	—	COM	42724R107
PLBC	PLUMAS BANCORP	27,323	$519K	0.0%	$12.87	+9.6%	COM	729273102
—	SUNSHINE BANCORP INC	30,000	$514K	0.0%	$17.13	—	COM	86777J108
—	PNC FINL SVCS GROUP INC	10,000	$493K	0.0%	$25.20	—	*W EXP 12/31/201	693475121
—	PRUDENTIAL BANCORP INC NEW	25,886	$443K	0.0%	$10.80	—	COM	74431A101
SAMG	SILVERCREST ASSET MGMT GROUP	33,434	$440K	0.0%	$13.05	-4.5%	CL A	828359109
FCNCA	FIRST CTZNS BANCSHARES INC N	1,200	$426K	0.0%	$216.02	+46.5%	CL A	31946M103
—	Four Oaks Fincorp, Inc.	160,500	$425K	0.0%	$2.19	—	Unlisted	350891107
—	Carolina Alliance Bank	34,439	$420K	0.0%	$9.90	—	Unlisted	14376R107
—	Minden Bancorp, Inc.	14,900	$339K	0.0%	$18.98	—	COM	60255R106
—	Hibernia Bancorp, Inc.	15,000	$319K	0.0%	$18.92	—	COM	42866N104
HTBK	HERITAGE COMMERCE CORP	21,257	$307K	0.0%	$7.52	+61.6%	COM	426927109
—	SUNTRUST BKS INC	10,000	$212K	0.0%	$10.00	—	*W EXP 12/31/201	867914129
AMBZ	American Business Bank	6,000	$210K	0.0%	$30.41	0.0%	Unlisted	02475L105
TRCY	Tri City Bankshares Corporation	10,435	$200K	0.0%	$19.17	—	Unlisted	895364107
—	PARAGON COML CORP	2,902	$127K	0.0%	$43.76	—	COM NEW	69911U403
NIC	NICOLET BANKSHARES INC	1,700	$81,000	0.0%	$40.56	0.0%	COM	65406E102
CIZN	CITIZENS HLDG CO MISS	2,800	$72,000	0.0%	$15.49	0.0%	COM	174715102
—	Community Bank Of Santa Maria	550	$5,000	0.0%	$9.09	—	Unlisted	203598107
—	CARROLL BANCORP INC	12,169	$0	0.0%	—	—	*W $16 EXP 3/20/2017	114702115