Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ABCB	AMERIS BANCORP	590,000	$27.2M	2.9%	$27.57	+47.2%	COM	03076K108
C	CITIGROUP INC	405,500	$24.26M	2.6%	$36.45	+22.6%	COM NEW	172967424
ZION	ZIONS BANCORPORATION	485,000	$20.37M	2.2%	$29.50	+47.2%	COM	989701107
—	SUN BANCORP INC	831,500	$20.29M	2.2%	$20.42	—	COM NEW	86663B201
KEY	KEYCORP NEW	1,045,000	$18.58M	2.0%	$8.85	+41.0%	COM	493267108
IBCP	INDEPENDENT BANK CORP MICH	831,900	$17.22M	1.9%	$7.84	+94.6%	COM NEW	453838609
BAC	BANK AMER CORP	727,800	$17.17M	1.9%	$12.67	+53.0%	COM	060505104
—	CENTURY BANCORP INC MASS	281,040	$17.09M	1.8%	$35.63	—	CL A NON VTG	156432106
—	CENTERSTATE BANKS INC	655,000	$16.96M	1.8%	$14.62	—	COM	15201P109
—	IBERIABANK CORP	210,000	$16.61M	1.8%	$82.64	—	COM	450828108
QCRH	QCR HOLDINGS INC	377,500	$15.99M	1.7%	$25.09	+63.0%	COM	74727A104
—	STATE BK FINL CORP	558,463	$14.59M	1.6%	$15.87	—	COM	856190103
—	BANCORPSOUTH INC	460,000	$13.91M	1.5%	$28.68	—	COM	059692103
CMA	COMERICA INC	202,300	$13.87M	1.5%	$30.55	+57.9%	COM	200340107
—	SVB FINL GROUP	74,000	$13.77M	1.5%	$166.24	—	COM	78486Q101
SBCF	SEACOAST BKG CORP FLA	560,500	$13.44M	1.5%	$13.10	+74.9%	COM NEW	811707801
—	ZIONS BANCORPORATION	1,437,500	$13.05M	1.4%	$3.19	—	*W EXP 11/14/201	989701131
AMG	AFFILIATED MANAGERS GROUP	78,600	$12.89M	1.4%	$145.67	+5.2%	COM	008252108
CFR	CULLEN FROST BANKERS INC	140,000	$12.46M	1.3%	$63.86	+8.9%	COM	229899109
JPM	JPMORGAN CHASE & CO	135,000	$11.86M	1.3%	$62.81	+10.9%	COM	46625H100
—	SI FINL GROUP INC MD	841,737	$11.83M	1.3%	$11.75	—	COM	78425V104
UCB	UNITED CMNTY BKS BLAIRSVLE G	400,000	$11.08M	1.2%	$19.26	+47.7%	COM	90984P303
PFBC	PREFERRED BK LOS ANGELES CA	205,000	$11M	1.2%	$26.58	+104.3%	COM NEW	740367404
OSBC	OLD SECOND BANCORP INC ILL	969,000	$10.9M	1.2%	$4.90	+102.0%	COM	680277100
LEN/B	LENNAR CORP	253,208	$10.58M	1.1%	$30.65	+4.3%	CL B	526057302
—	SUNTRUST BKS INC	190,000	$10.51M	1.1%	$54.85	—	COM	867914103
—	UNITED FINL BANCORP INC NEW	592,108	$10.07M	1.1%	$13.26	—	COM	910304104
—	MAINSOURCE FINANCIAL GP INC	304,200	$10.02M	1.1%	$16.88	—	COM	56062Y102
FHN	FIRST HORIZON NATL CORP	530,000	$9.805M	1.1%	$13.65	+5.2%	COM	320517105
MOFG	MIDWESTONE FINL GROUP INC NE	275,000	$9.43M	1.0%	$35.99	0.0%	COM	598511103
—	PRIVATEBANCORP INC	155,000	$9.202M	1.0%	$54.19	—	COM	742962103
—	SYNOVUS FINL CORP	220,000	$9.024M	1.0%	$34.05	—	COM NEW	87161C501
—	EVANS BANCORP INC	235,000	$9.024M	1.0%	$19.53	—	COM NEW	29911Q208
—	UNITED CMNTY FINL CORP OHIO	1,065,000	$8.882M	1.0%	$5.01	—	COM	909839102
WTFC	WINTRUST FINL CORP	120,000	$8.294M	0.9%	$51.89	+38.5%	COM	97650W108
—	CODORUS VY BANCORP INC	309,967	$8.031M	0.9%	$23.26	—	COM	192025104
—	FIRST BANCSHARES INC MS	281,690	$8.028M	0.9%	$27.50	—	COM	318916103
—	BOSTON PRIVATE FINL HLDGS IN	482,000	$7.905M	0.9%	$11.36	—	COM	101119105
NTB	BANK OF NT BUTTERFIELD&SON L	245,000	$7.818M	0.8%	$19.43	+11.2%	SHS NEW	G0772R208
WSFS	WSFS FINL CORP	166,600	$7.655M	0.8%	$41.45	+9.6%	COM	929328102
—	COASTWAY BANCORP INC	430,000	$7.572M	0.8%	$10.28	—	COM	190632109
—	STONEGATE BK FT LAUDERDALE F	160,000	$7.534M	0.8%	$32.87	—	COM	861811107
—	CIVISTA BANCSHARES INC	115,000	$7.505M	0.8%	$35.83	—	6.50% PFD SER B	178867206
SCHW	SCHWAB CHARLES CORP NEW	180,000	$7.346M	0.8%	$31.79	+15.8%	COM	808513105
EQBK	EQUITY BANCSHARES INC	224,400	$7.129M	0.8%	$28.70	+6.8%	COM CL A	29460X109
—	MUTUALFIRST FINL INC	218,100	$6.881M	0.7%	$25.58	—	COM	62845B104
HTB	HOMETRUST BANCSHARES INC	291,191	$6.843M	0.7%	$16.30	+50.6%	COM	437872104
ISTR	INVESTAR HLDG CORP	305,000	$6.68M	0.7%	$14.58	+39.2%	COM	46134L105
MS	MORGAN STANLEY	155,000	$6.64M	0.7%	$22.34	+53.8%	COM NEW	617446448
—	ESSA BANCORP INC	454,900	$6.632M	0.7%	$12.48	—	COM	29667D104
—	COMMUNITY BANKERS TR CORP	815,855	$6.527M	0.7%	$5.82	—	COM	203612106
—	WOLVERINE BANCORP INC	200,000	$6.516M	0.7%	$20.42	—	COM	977880103
NMIH	NMI HLDGS INC	570,000	$6.498M	0.7%	$9.01	+21.8%	CL A	629209305
—	AMERICAN RIVER BANKSHARES	426,505	$6.321M	0.7%	$8.29	—	COM	029326105
—	M & T BK CORP	75,019	$6.054M	0.7%	$50.18	—	*W EXP 12/23/201	55261F112
IVZ	INVESCO LTD	196,900	$6.031M	0.7%	$20.93	-1.2%	SHS	G491BT108
—	LAKELAND BANCORP INC	300,000	$5.88M	0.6%	$11.28	—	COM	511637100
HBAN	HUNTINGTON BANCSHARES INC	435,000	$5.825M	0.6%	$8.33	+12.0%	COM	446150104
—	JPMORGAN CHASE & CO	122,500	$5.673M	0.6%	$45.97	—	*W EXP 10/28/201	46634E114
CCNE	CNB FINL CORP PA	236,300	$5.645M	0.6%	$13.53	+41.8%	COM	126128107
—	Standard AVB Financial Corp.	211,500	$5.605M	0.6%	$19.94	—	COM	853393106
—	POAGE BANKSHARES INC	270,505	$5.275M	0.6%	$15.53	—	COM	730206109
NRIM	NORTHRIM BANCORP INC	175,200	$5.265M	0.6%	$4.15	+28.7%	COM	666762109
—	UNITED CMNTY BANCORP IND	296,886	$5.255M	0.6%	$10.69	—	COM	90984R101
FNB	FNB CORP PA	350,000	$5.205M	0.6%	$9.99	+8.6%	COM	302520101
IROQ	IF BANCORP INC	255,000	$5.075M	0.5%	$15.44	+27.8%	COM	44951J105
UVSP	UNIVEST CORP PA	195,000	$5.051M	0.5%	$22.30	+25.7%	COM	915271100
RVSB	RIVERVIEW BANCORP INC	702,800	$5.025M	0.5%	$3.15	+88.9%	COM	769397100
—	Xenith Bankshares, Inc.	197,500	$5.011M	0.5%	$25.37	—	COM	984102103
SPY	SPDR S&P 500 ETF TR	20,000	$4.715M	0.5%	—	—	Put	78462F103
—	WASHINGTONFIRST BANKSHARES I	167,900	$4.701M	0.5%	$22.80	—	COM	940730104
—	FNB CORP PA	389,724	$4.571M	0.5%	$12.87	—	*W $3.161 EXP 1/30/2019	302520945
—	Bay Banks of Virginia, Inc.	469,700	$4.42M	0.5%	$5.80	—	COM	072035108
—	DISCOVER FINL SVCS	64,200	$4.391M	0.5%	$68.40	—	COM	254709108
CTBI	COMMUNITY TR BANCORP INC	88,000	$4.026M	0.4%	$23.88	+39.1%	COM	204149108
BANF	BANCFIRST CORP	44,209	$3.974M	0.4%	$39.02	0.0%	COM	05945F103
WNEB	WESTERN NEW ENG BANCORP INC	377,267	$3.961M	0.4%	$6.49	+19.6%	COM	958892101
RF	REGIONS FINL CORP NEW	270,000	$3.923M	0.4%	$6.45	+64.4%	COM	7591EP100
PBHC	PATHFINDER BANCORP INC MD	257,661	$3.762M	0.4%	$7.97	+49.0%	COM	70319R109
FCCO	FIRST CMNTY CORP S C	170,370	$3.748M	0.4%	$7.04	+131.1%	COM	319835104
—	HMN FINL INC	277,778	$3.747M	0.4%	$12.95	—	*W $4.68 EXP 12/23/2018	40424G975
—	HOWARD BANCORP INC	200,000	$3.74M	0.4%	$18.70	—	COM	442496105
—	GUARANTY BANCORP DEL	150,000	$3.653M	0.4%	$14.55	—	COM NEW	40075T607
SMBC	SOUTHERN MO BANCORP INC	102,600	$3.644M	0.4%	$13.79	+113.6%	COM	843380106
STBA	S & T BANCORP INC	105,000	$3.633M	0.4%	$36.46	0.0%	COM	783859101
—	BRYN MAWR BK CORP	91,625	$3.619M	0.4%	$32.18	—	COM	117665109
FNF	FIDELITY NATIONAL FINANCIAL	92,500	$3.602M	0.4%	$17.36	+2.5%	FNF GROUP COM	31620R303
—	First American International Corp.	168,880	$3.589M	0.4%	$17.34	—	COM	31849X107
—	CAROLINA FINL CORP NEW	115,000	$3.45M	0.4%	$30.00	—	COM	143873107
EWBC	EAST WEST BANCORP INC	65,000	$3.355M	0.4%	$39.07	+9.2%	COM	27579R104
CIVB	CIVISTA BANCSHARES INC	150,000	$3.324M	0.4%	$17.19	0.0%	COM NO PAR	178867107
—	BANK COMM HLDGS	305,000	$3.264M	0.4%	$6.42	—	COM	06424J103
TROW	PRICE T ROWE GROUP INC	47,800	$3.258M	0.4%	$50.63	+0.8%	COM	74144T108
—	Blackhawk Bancorp, Inc.	157,000	$3.229M	0.3%	$20.57	—	Unlisted	09237E204
EQFN	EQUITABLE FINL CORP NEW	308,629	$3.163M	0.3%	$8.28	+22.2%	COM	29448T105
OTTW	OTTAWA BANCORP INC	237,785	$3.124M	0.3%	$8.77	+9.6%	COM	689195105
—	PB BANCORP INC	301,430	$3.075M	0.3%	$8.40	—	COM	70454T100
HOPE	HOPE BANCORP INC	160,000	$3.067M	0.3%	$16.45	+27.7%	COM	43940T109
FAF	FIRST AMERN FINL CORP	75,000	$2.946M	0.3%	$28.48	0.0%	COM	31847R102
MTH	MERITAGE HOMES CORP	80,000	$2.944M	0.3%	$17.90	0.0%	COM	59001A102
—	ANNALY CAP MGMT INC	264,500	$2.939M	0.3%	$10.03	—	COM	035710409
—	E TRADE FINANCIAL CORP	83,500	$2.913M	0.3%	$24.44	—	COM NEW	269246401
—	TWO RIV BANCORP	162,633	$2.874M	0.3%	$9.82	—	COM	90207C105
—	AJS Bancorp, Inc.	188,900	$2.862M	0.3%	$12.96	—	COM	001503101
—	MB Bancorp, Inc.	188,500	$2.79M	0.3%	$11.06	—	COM	55280E104
EFSC	ENTERPRISE FINL SVCS CORP	65,000	$2.756M	0.3%	$33.00	+9.3%	COM	293712105
—	MELROSE BANCORP INC	162,432	$2.737M	0.3%	$13.31	—	COM	585553100
—	COMMUNITY WEST BANCSHARES	260,000	$2.652M	0.3%	$6.81	—	COM	204157101
BANC	BANC OF CALIFORNIA INC	125,000	$2.588M	0.3%	$15.16	0.0%	COM	05990K106
QNBC	QNB Corporation	65,000	$2.48M	0.3%	$32.83	+14.4%	COM	74726N107
AVBH	Avidbank Holdings, Inc.	127,103	$2.428M	0.3%	$12.31	+52.7%	COM	05368J103
—	FIRST MIDWEST BANCORP DEL	100,000	$2.368M	0.3%	$15.08	—	COM	320867104
BOTJ	BANK OF THE ST JAMES FINL GP	160,200	$2.344M	0.3%	$8.64	+31.4%	COM	470299108
—	MIDDLEBURG FINANCIAL CORP	57,500	$2.302M	0.2%	$33.36	—	COM	596094102
—	INVESTORS BANCORP INC NEW	160,000	$2.301M	0.2%	$14.38	—	COM	46146L101
—	HMN FINL INC	120,834	$2.181M	0.2%	$12.53	—	COM	40424G108
—	Pilgrim Bancshares, Inc.	136,000	$2.162M	0.2%	$11.30	—	COM	72143J105
PYPL	PAYPAL HLDGS INC	50,000	$2.151M	0.2%	$41.74	0.0%	COM	70450Y103
—	HAMILTON BANCORP INC MD	140,961	$2.129M	0.2%	$13.24	—	COM	407015106
CAC	CAMDEN NATL CORP	47,500	$2.092M	0.2%	$25.16	+21.9%	COM	133034108
—	Central Federal Bancshares, Inc.	165,500	$2.069M	0.2%	$10.84	—	Unlisted	15346T107
SBNY	SIGNATURE BK NEW YORK N Y	13,400	$1.988M	0.2%	$148.36	—	COM	82669G104
PEBK	PEOPLES BANCORP N C INC	66,622	$1.979M	0.2%	$16.53	+48.4%	COM	710577107
AMBZ	American Business Bank	49,100	$1.976M	0.2%	$37.01	+2.5%	Unlisted	02475L105
—	FRANKLIN FINL NETWORK INC	50,000	$1.938M	0.2%	$41.85	—	COM	35352P104
—	JACKSONVILLE BANCORP INC MD	63,769	$1.932M	0.2%	$20.01	—	COM	46924R106
—	GUARANTY FED BANCSHARES INC	98,100	$1.87M	0.2%	$15.25	—	COM	40108P101
BKU	BANKUNITED INC	50,000	$1.866M	0.2%	$28.92	0.0%	COM	06652K103
UBFO	UNITED SECURITY BANCSHARES C	246,800	$1.802M	0.2%	$3.28	+47.1%	COM	911460103
—	SUTHERLAND ASSET MGMT CORP M	120,000	$1.734M	0.2%	$13.45	—	COM	86933G105
CMA	COMERICA INC	25,000	$1.715M	0.2%	$30.55	+57.9%	Call	200340107
—	OM ASSET MGMT PLC	110,000	$1.663M	0.2%	$13.78	—	SHS	G67506108
—	NATIONAL COMM CORP	45,000	$1.647M	0.2%	$36.60	—	COM	63546L102
—	INDEPENDENT BK GROUP INC	25,000	$1.608M	0.2%	$62.40	—	COM	45384B106
HNNA	HENNESSY ADVISORS INC	94,205	$1.584M	0.2%	$15.67	+17.3%	COM	425885100
—	SUNSHINE BANCORP INC	75,100	$1.573M	0.2%	$19.42	—	COM	86777J108
MCHB	HOMESTREET INC	55,000	$1.537M	0.2%	$27.49	0.0%	COM	43785V102
—	FIRST SOUTH BANCORP INC VA	118,271	$1.435M	0.2%	$9.02	—	COM	33646W100
—	Sunshine Financial Inc.	66,000	$1.346M	0.1%	$18.47	—	COM	86782T109
TPH	TRI POINTE GROUP INC	105,000	$1.317M	0.1%	$11.95	+2.7%	COM	87265H109
USB	US BANCORP DEL	25,000	$1.288M	0.1%	$33.77	+12.7%	COM NEW	902973304
—	SB FINL GROUP INC	80,000	$1.28M	0.1%	$11.25	—	DEP SHS PFD 6.5%	78408D204
—	First Intercontinental Bank	131,439	$1.196M	0.1%	$7.21	—	COM	32056Y101
—	DCB Financial Corp	66,200	$1.194M	0.1%	$7.35	—	COM	233075100
—	Sugar Creek Financial Corporation	83,575	$1.174M	0.1%	$10.13	—	COM	86481Y102
HBCP	HOME BANCORP INC	32,985	$1.113M	0.1%	$21.21	+35.3%	COM	43689E107
HTH	HILLTOP HOLDINGS INC	40,000	$1.099M	0.1%	$21.85	+27.9%	COM	432748101
ASB	ASSOCIATED BANC CORP	45,000	$1.098M	0.1%	$12.96	+41.0%	COM	045487105
OVLY	OAK VALLEY BANCORP OAKDALE C	82,825	$1.093M	0.1%	$9.55	+47.8%	COM	671807105
—	FSB BANCORP INC	71,541	$1.02M	0.1%	$12.50	—	COM	30289C102
ALLY	ALLY FINL INC	50,000	$1.017M	0.1%	—	—	Put	02005N100
—	FIRST DEFIANCE FINL CORP	20,188	$1M	0.1%	$50.72	—	COM	32006W106
WSBC	WESBANCO INC	25,300	$964K	0.1%	$40.40	0.0%	COM	950810101
—	New Bancorp, Inc.	66,200	$922K	0.1%	$13.00	—	COM	642142103
—	PACIFIC MERCANTILE BANCORP	119,800	$904K	0.1%	$7.06	—	COM	694552100
—	Sunnyside Bancorp, Inc.	64,871	$858K	0.1%	$10.20	—	COM	867475105
—	PNC FINL SVCS GROUP INC	15,647	$827K	0.1%	$35.18	—	*W EXP 12/31/201	693475121
—	SUNTRUST BKS INC	37,000	$800K	0.1%	$18.48	—	*W EXP 12/31/201	867914129
BCTF	BANCORP 34 INC	61,906	$788K	0.1%	$10.70	+2.6%	COM	05970V106
—	FLEETCOR TECHNOLOGIES INC	5,000	$757K	0.1%	$151.40	—	COM	339041105
—	New Jersey Community Bank	160,488	$730K	0.1%	$5.30	—	COM	64577U102
FMBH	FIRST MID ILL BANCSHARES INC	21,332	$722K	0.1%	$26.08	0.0%	COM	320866106
—	LEGG MASON INC	20,000	$722K	0.1%	$31.70	—	COM	524901105
—	West End Indiana Bancshares, Inc.	22,800	$695K	0.1%	$19.76	—	COM	952678100
—	Meetinghouse Bancorp, Inc.	38,400	$626K	0.1%	$12.00	—	COM	58514H109
PLBC	PLUMAS BANCORP	32,909	$599K	0.1%	$13.68	+29.1%	COM	729273102
WTBA	WEST BANCORPORATION INC	24,400	$560K	0.1%	$23.06	0.0%	CAP STK	95123P106
WLFC	WILLIS LEASE FINANCE CORP	25,000	$559K	0.1%	$14.76	+71.3%	COM	970646105
—	Four Oaks Fincorp, Inc.	37,360	$525K	0.1%	$2.19	—	Unlisted	350891107
FMNB	FARMERS NATL BANC CORP	35,000	$502K	0.1%	$9.86	0.0%	COM	309627107
—	Carolina Alliance Bank	34,439	$426K	0.0%	$9.90	—	Unlisted	14376R107
—	PARAGON COML CORP	7,829	$419K	0.0%	$49.90	—	COM NEW	69911U403
—	Minden Bancorp, Inc.	14,900	$358K	0.0%	$18.98	—	COM	60255R106
—	Hibernia Bancorp, Inc.	15,000	$319K	0.0%	$18.92	—	COM	42866N104
—	CARDINAL FINL CORP	5,400	$162K	0.0%	$20.35	—	COM	14149F109
—	Carroll Bancorp, Inc.	7,301	$120K	0.0%	$16.44	—	Unlisted	144702107
NIC	NICOLET BANKSHARES INC	1,700	$80,000	0.0%	$40.56	+15.0%	COM	65406E102
CIZN	CITIZENS HLDG CO MISS	2,800	$69,000	0.0%	$15.49	+5.4%	COM	174715102
ATLO	AMES NATL CORP	1,951	$60,000	0.0%	$21.79	0.0%	COM	031001100
—	Community Bank Of Santa Maria	550	$5,000	0.0%	$9.09	—	Unlisted	203598107
FNRN	First Northern Community Bancorp	104	$1,000	0.0%	$9.23	0.0%	Unlisted	335925103