Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	State Bank Financial Corporation	2,505,000	$39.75M	4.2%	$15.03	—	Common Stock	856190103
C	Citigroup Inc.	627,100	$30.42M	3.2%	$36.18	+4.0%	Common Stock	172967424
JPM	JPMorgan Chase & Co.	455,000	$23.52M	2.5%	$37.14	+3.7%	Common Stock	46625H100
FCNCA	First Citizens BancShares, Inc. CL A	111,000	$22.82M	2.4%	$183.72	+6.8%	Common Stock	31946M103
STT	State Street Corporation	316,900	$20.84M	2.2%	$46.10	+6.9%	Common Stock	857477103
—	OmniAmerican Bancorp, Inc.	773,600	$18.92M	2.0%	$22.03	—	Common Stock	68216R107
WTFC	Wintrust Financial Corporation	438,400	$18M	1.9%	$36.77	+10.5%	Common Stock	97650W108
—	First NBC Bank Holding Company	697,100	$17M	1.8%	$24.40	—	Common Stock	32115D106
PNC	PNC Financial Services Group, Inc.	227,500	$16.48M	1.7%	$51.33	0.0%	Common Stock	693475105
BANF	BancFirst Corporation	292,900	$15.84M	1.7%	$16.45	+22.9%	Common Stock	05945F103
—	Lazard Ltd SHS A	436,400	$15.72M	1.6%	$33.18	—	SHS A	G54050102
—	Southwest Bancorp, Inc.	993,600	$14.71M	1.5%	$13.67	—	Common Stock	844767103
—	First Midwest Bancorp, Inc.	910,600	$13.73M	1.4%	$13.72	—	Common Stock	320867104
IBCP	Independent Bank Corporation	1,372,500	$13.72M	1.4%	$5.65	+2.0%	Common Stock	453838609
RJF	Raymond James Financial, Inc.	328,700	$13.7M	1.4%	$24.13	+0.0%	Common Stock	754730109
COF	Capital One Financial Corporation	195,900	$13.47M	1.4%	$47.00	+14.8%	Common Stock	14040H105
SFNC	Simmons First National Corporation CL A $1 Par	423,800	$13.18M	1.4%	$13.71	0.0%	Common Stock	828730200
AER	AerCap Holdings NV SHS	667,100	$12.98M	1.4%	$16.06	+11.5%	SHS	N00985106
—	Territorial Bancorp Inc.	575,000	$12.63M	1.3%	$22.38	—	Common Stock	88145X108
MET	MetLife, Inc.	253,200	$11.89M	1.2%	$24.66	+16.8%	Common Stock	59156R108
OSG	Ambac Financial Group, Inc.	642,700	$11.66M	1.2%	$22.78	0.0%	Common Stock	023139884
—	Palmetto Bancshares, Inc.	884,841	$11.54M	1.2%	$13.00	—	Common Stock	697062206
—	North Valley Bancorp	607,700	$11.49M	1.2%	$16.90	—	Common Stock	66304M204
—	MB Financial, Inc.	400,000	$11.28M	1.2%	$26.80	—	Common Stock	55264U108
AJG	Arthur J. Gallagher & Co.	254,700	$11.12M	1.2%	$33.77	+1.4%	Common Stock	363576109
PFBC	Preferred Bank	583,200	$10.38M	1.1%	$16.08	+5.3%	Common Stock	740367404
AXP	American Express Company	137,200	$10.36M	1.1%	$63.24	0.0%	Common Stock	025816109
AIG	American International Group, Inc.	205,900	$10.01M	1.0%	$32.51	+10.8%	Common Stock	026874784
—	CoBiz Financial Inc.	1,028,956	$9.94M	1.0%	$8.96	—	Common Stock	190897108
—	United Community Financial Corp.	2,554,357	$9.936M	1.0%	$4.37	—	Common Stock	909839102
—	1st United Bancorp, Inc.	1,293,000	$9.478M	1.0%	$6.72	—	Common Stock	33740N105
UCB	United Community Banks, Inc.	627,300	$9.403M	1.0%	$11.35	+28.0%	Common Stock	90984P303
—	Heritage Oaks Bancorp	1,466,100	$9.383M	1.0%	$6.17	—	Common Stock	42724R107
FFBC	First Financial Bancorp.	600,000	$9.102M	1.0%	$9.47	+4.0%	Common Stock	320209109
—	Discover Financial Services	180,000	$9.097M	1.0%	$47.64	—	Common Stock	254709108
—	Fox Chase Bancorp, Inc.	495,000	$8.613M	0.9%	$17.00	—	Common Stock	35137T108
—	Century Bancorp, Inc.	253,000	$8.432M	0.9%	$34.92	—	Common Stock	156432106
—	HF Financial Corp.	655,900	$8.422M	0.9%	$13.01	—	Common Stock	404172108
—	Walter Investment Management Corporation	208,700	$8.252M	0.9%	$34.87	—	Common Stock	93317W102
—	HopFed Bancorp, Inc.	734,602	$8.22M	0.9%	$10.80	—	Common Stock	439734104
—	Malvern Bancorp, Inc.	645,000	$8.217M	0.9%	$11.97	—	Common Stock	561409103
—	American River Bankshares	867,700	$7.375M	0.8%	$8.22	—	Common Stock	029326105
—	Suffolk Bancorp	404,800	$7.173M	0.8%	$16.59	—	Common Stock	864739107
IROQ	IF Bancorp, Inc.	445,200	$7.168M	0.8%	$15.28	+3.3%	Common Stock	44951J105
—	Boston Private Financial Holdings, Inc.	644,700	$7.15M	0.7%	$10.64	—	Common Stock	101119105
—	Charter Financial Corporation	649,400	$7.014M	0.7%	$10.19	—	Common Stock	16122W108
—	Realogy Holdings Corporation	160,000	$6.883M	0.7%	$43.02	—	Common Stock	75605Y106
—	1st Century Bancshares, Inc.	899,900	$6.758M	0.7%	$6.17	—	Common Stock	31943X102
—	Evans Bancorp, Inc.	339,100	$6.633M	0.7%	$17.56	—	Common Stock	29911Q208
—	SI Financial Group, Inc.	582,385	$6.61M	0.7%	$11.15	—	Common Stock	78425V104
—	Call - MTB $73.86 Exp 12/23/2018	167,500	$6.409M	0.7%	$38.00	—	Call	55261F112
—	Laporte Bancorp Inc.	600,400	$6.28M	0.7%	$10.12	—	Common Stock	516651106
TCBI	Texas Capital Bancshares, Inc.	135,000	$6.195M	0.6%	$42.69	+7.8%	Common Stock	88224Q107
—	Call - ZION $36.27 Exp 11/14/2018	1,965,224	$6.131M	0.6%	$3.81	—	Call	989701131
SMBC	Southern Missouri Bancorp, Inc.	225,800	$6.006M	0.6%	$10.20	+6.3%	Common Stock	843380106
—	Xenith Bankshares, Inc.	985,600	$5.914M	0.6%	$5.32	—	Common Stock	98410X105
—	City National Corporation	88,200	$5.879M	0.6%	$63.37	—	Common Stock	178566105
—	Park Sterling Corp	913,300	$5.854M	0.6%	$5.91	—	Common Stock	70086Y105
NRIM	Northrim BanCorp, Inc.	240,800	$5.803M	0.6%	$3.58	+12.3%	Common Stock	666762109
SAMG	Silvercrest Asset Management Group Inc. CL A	420,000	$5.725M	0.6%	$13.19	0.0%	Common Stock	828359109
—	Standard Financial Corp.	309,600	$5.65M	0.6%	$19.05	—	Common Stock	853393106
AL	Air Lease Corporation CL A	196,600	$5.438M	0.6%	$23.31	-0.3%	Common Stock	00912X302
—	Hamilton Bancorp Inc.	365,000	$5.42M	0.6%	$13.24	—	Common Stock	407015106
IVZ	Invesco Ltd. SHS	167,900	$5.356M	0.6%	$18.88	+0.4%	SHS	G491BT108
—	Bridge Capital Holdings	303,100	$5.147M	0.5%	$15.86	—	Common Stock	108030107
—	LNB Bancorp, Inc.	539,700	$5.073M	0.5%	$8.59	—	Common Stock	502100100
—	WSFS Financial Corporation 6.25% Pfd. Stock	196,400	$5.057M	0.5%	$25.75	—	Common Stock	929328409
—	Bank Mutual Corporation	804,500	$5.044M	0.5%	$5.64	—	Common Stock	063750103
HBAN	Huntington Bancshares Incorporated	600,000	$4.956M	0.5%	$4.66	+14.0%	Common Stock	446150104
—	Seacoast Banking Corporation of Florida	2,265,000	$4.915M	0.5%	$2.20	—	Common Stock	811707306
—	Chicopee Bancorp, Inc.	270,000	$4.755M	0.5%	$16.90	—	Common Stock	168565109
HTBK	Heritage Commerce Corp	613,300	$4.692M	0.5%	$7.04	+2.8%	Common Stock	426927109
BMO	Bank of Montreal	69,800	$4.664M	0.5%	$37.97	0.0%	Common Stock	063671101
—	Poage Bankshares, Inc.	314,000	$4.537M	0.5%	$15.00	—	Common Stock	730206109
—	Capital Bank Financial Corporation	205,368	$4.508M	0.5%	$19.02	—	Common Stock	139794101
—	Wilshire Bancorp, Inc.	550,000	$4.494M	0.5%	$6.62	—	Common Stock	97186T108
BSRR	Sierra Bancorp	285,400	$4.489M	0.5%	$9.11	+15.4%	Common Stock	82620P102
—	Synovus Financial Corp.	1,325,000	$4.373M	0.5%	$2.92	—	Common Stock	87161C105
—	Peoples Federal Bancshares, Inc.	247,800	$4.317M	0.5%	$18.07	—	Common Stock	711037101
FCCO	First Community Corporation	404,500	$4.219M	0.4%	$6.72	+13.6%	Common Stock	319835104
MOFG	MidWestOne Financial Group, Inc.	163,500	$4.204M	0.4%	$23.69	+8.3%	Common Stock	598511103
—	Chemical Financial Corporation	150,000	$4.188M	0.4%	$27.92	—	Common Stock	163731102
—	First Busey Corporation	800,000	$4.168M	0.4%	$4.50	—	Common Stock	319383105
—	MainSource Financial Group, Inc.	266,200	$4.044M	0.4%	$13.47	—	Common Stock	56062Y102
—	OBA Financial Services, Inc.	212,700	$4.041M	0.4%	$18.44	—	Common Stock	67424G101
—	State Investors Bancorp, Inc.	245,000	$4.038M	0.4%	$14.86	—	Common Stock	857030100
—	Guaranty Bancorp	285,500	$3.908M	0.4%	$12.02	—	Common Stock	40075T607
NBHC	National Bank Holdings Corporation CL A	172,400	$3.541M	0.4%	$14.46	+9.1%	Common Stock	633707104
—	Louisiana Bancorp, Inc.	201,100	$3.539M	0.4%	$17.00	—	Common Stock	54619P104
—	Bridge Bancorp, Inc.	158,500	$3.408M	0.4%	$22.50	—	Common Stock	108035106
CMA	Comerica Incorporated	86,300	$3.392M	0.4%	$24.17	+11.7%	Common Stock	200340107
RVSB	Riverview Bancorp, Inc.	1,238,400	$3.257M	0.3%	$1.91	+8.2%	Common Stock	769397100
RF	Regions Financial Corporation	350,000	$3.241M	0.3%	$6.54	0.0%	Common Stock	7591EP100
BMRC	Bank of Marin Bancorp	77,800	$3.233M	0.3%	$14.69	0.0%	Common Stock	063425102
—	Alliance Bancorp, Inc. of Pennsylvania	215,000	$3.118M	0.3%	$13.75	—	Common Stock	01890A108
HTB	HomeTrust Bancshares, Inc.	187,500	$3.094M	0.3%	$16.07	+2.3%	Common Stock	437872104
PIPR	Piper Jaffray Companies	90,000	$3.086M	0.3%	$33.69	0.0%	Common Stock	724078100
WD	Walker & Dunlop, Inc.	190,000	$3.023M	0.3%	$14.35	-5.9%	Common Stock	93148P102
HIFS	Hingham Institution for Savings	42,000	$2.936M	0.3%	$55.77	+6.4%	Common Stock	433323102
—	United Community Bancorp	286,500	$2.894M	0.3%	$10.22	—	Common Stock	90984R101
—	Polonia Bancorp, Inc.	288,000	$2.88M	0.3%	$9.26	—	Common Stock	73158Q109
—	Nationstar Mortgage Holdings, Inc.	49,000	$2.755M	0.3%	$37.44	—	Common Stock	63861C109
EBMT	Eagle Bancorp Montana, Inc.	253,100	$2.746M	0.3%	$7.64	+3.8%	Common Stock	26942G100
—	Washington Banking Company	194,800	$2.739M	0.3%	$14.06	—	Common Stock	937303105
—	Wolverine Bancorp, Inc.	134,300	$2.659M	0.3%	$18.60	—	Common Stock	977880103
—	First Bancshares Inc.	185,000	$2.59M	0.3%	$14.00	—	Common Stock	318916103
BEN	Franklin Resources, Inc.	50,000	$2.527M	0.3%	$29.09	-1.3%	Common Stock	354613101
BRO	Brown & Brown, Inc.	78,700	$2.526M	0.3%	$13.98	+3.5%	Common Stock	115236101
—	ASB Bancorp, Inc.	142,700	$2.444M	0.3%	$16.41	—	Common Stock	00213T109
—	Jacksonville Bancorp, Inc.	4,867,200	$2.408M	0.3%	$0.48	—	Common Stock	469249106
WLFC	Willis Lease Finance Corporation	150,400	$2.366M	0.2%	$13.54	+7.1%	Common Stock	970646105
FFIC	Flushing Financial Corporation	127,800	$2.358M	0.2%	$9.24	+17.9%	Common Stock	343873105
—	Colonial Financial Services, Inc.	173,100	$2.337M	0.2%	$13.50	—	Common Stock	19566B101
TRMK	Trustmark Corporation	90,000	$2.304M	0.2%	$17.60	0.0%	Common Stock	898402102
—	Camco Financial Corporation	561,800	$2.264M	0.2%	$3.70	—	Common Stock	132618109
—	FedFirst Financial Corporation	117,300	$2.258M	0.2%	$18.51	—	Common Stock	31429C101
BOKF	BOK Financial Corporation	35,000	$2.217M	0.2%	$48.07	0.0%	Common Stock	05561Q201
—	Cowen Group, Inc. CL A	635,000	$2.184M	0.2%	$2.89	—	Common Stock	223622101
—	Sterling Financial Corporation	74,200	$2.126M	0.2%	$23.78	—	Common Stock	859319303
—	Old Line Bancshares, Inc.	155,000	$2.08M	0.2%	$13.19	—	Common Stock	67984M100
WFC	Wells Fargo & Company	50,000	$2.066M	0.2%	$27.36	+10.3%	Common Stock	949746101
TROW	T. Rowe Price Group, Inc.	28,300	$2.036M	0.2%	$47.59	-0.1%	Common Stock	74144T108
HFBL	Home Federal Bancorp, Inc. of Louisiana	120,000	$2.036M	0.2%	$8.84	-1.6%	Common Stock	43708L108
MS	Morgan Stanley	75,000	$2.021M	0.2%	$17.33	+13.4%	Common Stock	617446448
—	Access National Corporation	137,900	$1.966M	0.2%	$12.98	—	Common Stock	004337101
—	Georgetown Bancorp, Inc.	134,987	$1.944M	0.2%	$14.20	—	Common Stock	372591107
HTH	Hilltop Holdings Inc.	100,000	$1.85M	0.2%	$16.82	0.0%	Common Stock	432748101
USB	U.S. Bancorp	50,000	$1.829M	0.2%	$22.41	+8.6%	Common Stock	902973304
—	Flagstar Bancorp, Inc. COM PAR .001	115,677	$1.707M	0.2%	$13.96	—	Common Stock	337930705
WTBA	West Bancorporation, Inc. Cap Stk	117,500	$1.622M	0.2%	$11.94	+9.9%	Common Stock	95123P106
GBCI	Glacier Bancorp, Inc.	65,000	$1.604M	0.2%	$15.97	0.0%	Common Stock	37637Q105
HWC	Hancock Holding Company	50,000	$1.569M	0.2%	$28.58	+13.3%	Common Stock	410120109
CZNC	Citizens & Northern Corporation	75,000	$1.496M	0.2%	$10.24	+4.3%	Common Stock	172922106
SPY	Put - SPY $168 Exp 11/16/2013	4,500	$1.496M	0.2%	—	—	Put	78462F103
—	Connectone Bancorp, Inc.	41,600	$1.461M	0.2%	$30.74	—	Common Stock	20786U101
—	Fly Leasing Ltd. Sponsored ADR	100,000	$1.388M	0.1%	$13.88	—	Common Stock	34407D109
FNLC	First Bancorp, Inc.	81,700	$1.36M	0.1%	$9.14	+4.7%	Common Stock	31866P102
TD	Toronto-Dominion Bank	15,000	$1.35M	0.1%	$40.27	+5.5%	Common Stock	891160509
—	SunTrust Banks, Inc.	40,000	$1.297M	0.1%	$31.57	—	Common Stock	867914103
—	Yadkin Financial Corporation	70,000	$1.206M	0.1%	$14.04	—	Common Stock	984305102
—	Premier Financial Bancorp, Inc.	104,100	$1.201M	0.1%	$12.04	—	Common Stock	74050M105
—	Call - STI $33.70 Exp 12/31/2018	153,896	$1.2M	0.1%	$7.73	—	Call	867914129
—	Sunshine Financial Inc.	70,000	$1.092M	0.1%	$15.60	—	Common Stock	86782T109
—	Call - JPM $42.42 Exp 10/28/2018	56,500	$947K	0.1%	$15.60	—	Call	46634E114
AMH	American Homes 4 Rent CL A	58,500	$945K	0.1%	$16.15	—	Common Stock	02665T306
—	Jacksonville Bancorp, Inc. (IL)	48,100	$937K	0.1%	$19.06	—	Common Stock	46924R106
—	American Residential Properties, Inc.	50,000	$881K	0.1%	$17.20	—	Common Stock	02927E303
FIBK	First Interstate BancSystem, Inc. COM CL A	35,300	$852K	0.1%	$13.86	0.0%	Common Stock	32055Y201
—	PartnerRe Ltd.	9,056	$829K	0.1%	$91.54	—	Common Stock	G6852T105
FBIZ	First Business Financial Services, Inc.	25,000	$816K	0.1%	$11.85	0.0%	Common Stock	319390100
—	Oneida Financial Corp.	60,900	$806K	0.1%	$13.65	—	Common Stock	682479100
—	Call - AMBC $16.67 Exp 4/30/2023	62,500	$754K	0.1%	—	—	Call	023139116
WSBC	WesBanco, Inc.	25,000	$743K	0.1%	$24.67	+18.4%	Common Stock	950810101
BAC	Bank of America Corporation	50,000	$690K	0.1%	$10.03	+12.0%	Common Stock	060505104
—	Legg Mason, Inc.	20,000	$669K	0.1%	$31.00	—	Common Stock	524901105
—	Fidelity National Financial, Inc. CL A	25,000	$665K	0.1%	$26.60	—	Common Stock	31620R105
—	New Century Bancorp, Inc.	88,700	$599K	0.1%	$6.39	—	Common Stock	64353M100
—	Carroll Bancorp, Inc.	35,000	$569K	0.1%	$16.26	—	Common Stock	144702107
—	Fortegra Financial Corporation	51,000	$434K	0.0%	$6.86	—	Common Stock	34954W104
—	Simplicity Bancorp Inc.	25,000	$389K	0.0%	$14.93	—	Common Stock	828867101
CZWI	Citizens Community Bancorp Inc.	52,000	$377K	0.0%	$5.75	+3.9%	Common Stock	174903104
—	EverBank Financial Corp	25,000	$375K	0.0%	$15.00	—	Common Stock	29977G102
—	DNB Financial Corporation	17,300	$363K	0.0%	$17.69	—	Common Stock	233237106
FBNC	First Bancorp	25,000	$361K	0.0%	$10.64	+11.1%	Common Stock	318910106
—	HMN Financial, Inc.	29,000	$229K	0.0%	$7.90	—	Common Stock	40424G108
—	Westfield Financial, Inc.	22,800	$161K	0.0%	$7.06	—	Common Stock	96008P104
—	Southcoast Financial Corporation	11,000	$63,000	0.0%	$5.27	—	Common Stock	84129R100