Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	State Bank Financial Corporation	2,229,300	$39.44M	4.8%	$15.03	—	COM	856190103
—	First Midwest Bancorp, Inc.	1,263,100	$21.57M	2.6%	$15.08	—	COM	320867104
JPM	JPMorgan Chase & Co.	351,000	$21.31M	2.6%	$37.14	+13.3%	COM	46625H100
SPY	SPDR S&P 500 ETF Trust	100,000	$18.7M	2.3%	—	—	Put	78462F103
—	OmniAmerican Bancorp, Inc.	767,600	$17.49M	2.1%	$22.03	—	COM	68216R107
—	First NBC Bank Holding Company	489,700	$17.07M	2.1%	$24.40	—	COM	32115D106
OSG	Ambac Financial Group, Inc.	497,800	$15.45M	1.9%	$22.78	+21.2%	COM	023139884
—	Southwest Bancorp, Inc.	861,200	$15.21M	1.9%	$13.67	—	COM	844767103
AMH	American Homes 4 Rent	885,000	$14.79M	1.8%	$16.20	—	CL A	02665T306
C	Citigroup Inc.	303,000	$14.42M	1.8%	$36.18	+2.5%	COM	172967424
HTH	Hilltop Holdings Inc.	591,500	$14.07M	1.7%	$22.54	+5.5%	COM	432748101
—	United Community Financial Corp.	3,264,803	$12.8M	1.6%	$4.28	—	COM	909839102
MS	Morgan Stanley	363,600	$11.33M	1.4%	$20.89	+8.6%	COM	617446448
—	Territorial Bancorp Inc.	522,600	$11.29M	1.4%	$22.38	—	COM	88145X108
STT	State Street Corporation	155,000	$10.78M	1.3%	$46.71	+7.4%	COM	857477103
IBCP	Independent Bank Corporation	810,000	$10.51M	1.3%	$5.65	+56.5%	COM	453838609
—	Palmetto Bancshares, Inc.	731,995	$10.31M	1.3%	$13.00	—	COM	697062206
BANF	BancFirst Corporation	180,400	$10.22M	1.2%	$16.45	+30.7%	COM	05945F103
—	Century Bancorp, Inc.	295,300	$10.07M	1.2%	$34.79	—	CL A NON VTG	156432106
—	CoBiz Financial Inc.	861,000	$9.919M	1.2%	$9.06	—	COM	190897108
IVZ	Invesco Ltd.	266,000	$9.842M	1.2%	$19.55	+6.7%	SHS	G491BT108
—	Hudson City Bancorp, Inc.	1,000,000	$9.83M	1.2%	$9.83	—	COM	443683107
FFBC	First Financial Bancorp.	515,400	$9.267M	1.1%	$9.58	+15.0%	COM	320209109
—	1st United Bancorp, Inc.	1,205,835	$9.237M	1.1%	$6.72	—	COM	33740N105
BKU	BankUnited, Inc.	263,900	$9.176M	1.1%	$22.37	+2.9%	COM	06652K103
FCNCA	First Citizens BancShares, Inc.	36,800	$8.86M	1.1%	$183.72	+17.1%	CL A	31946M103
—	HF Financial Corp.	655,900	$8.763M	1.1%	$13.01	—	COM	404172108
SBCF	Seacoast Banking Corporation of Florida	765,000	$8.415M	1.0%	$11.21	+1.6%	COM	811707801
—	M&T Bank Corp. Exp 12/23/2018	167,300	$7.997M	1.0%	—	—	Call	55261F112
—	HopFed Bancorp, Inc.	679,503	$7.93M	1.0%	$10.80	—	COM	439734104
—	Fox Chase Bancorp, Inc.	463,021	$7.802M	1.0%	$17.00	—	COM	35137T108
SMBC	Southern Missouri Bancorp, Inc.	220,400	$7.593M	0.9%	$10.20	+35.1%	COM	843380106
—	Zions Bancorporation Exp 11/14/2018	1,850,000	$7.585M	0.9%	—	—	Call	989701131
HWC	Hancock Holding Company	206,000	$7.55M	0.9%	$32.68	+8.7%	COM	410120109
—	Boston Private Financial Holdings, Inc.	557,200	$7.539M	0.9%	$10.64	—	COM	101119105
—	1st Century Bancshares, Inc.	899,900	$7.127M	0.9%	$6.17	—	COM	31943X102
WSBF	Waterstone Financial Inc.	679,400	$7.059M	0.9%	$10.47	0.0%	COM	94188P101
HTBK	Heritage Commerce Corp	850,000	$6.851M	0.8%	$7.33	+10.5%	COM	426927109
IROQ	IF Bancorp, Inc.	410,400	$6.673M	0.8%	$15.28	+8.5%	COM	44951J105
—	Malvern Bancorp, Inc.	640,675	$6.561M	0.8%	$11.97	—	COM	561409103
—	American River Bankshares	703,500	$6.493M	0.8%	$8.22	—	COM	029326105
—	Charter Financial Corporation	600,400	$6.49M	0.8%	$10.20	—	COM	16122W108
NBHC	National Bank Holdings Corporation	313,600	$6.294M	0.8%	$15.17	+5.1%	CL A	633707104
NMIH	NMI Holdings	523,000	$6.13M	0.7%	$13.30	-10.7%	CL A	629209305
NRIM	Northrim BanCorp, Inc.	228,619	$5.873M	0.7%	$3.58	+15.7%	COM	666762109
—	North Valley Bancorp	240,900	$5.825M	0.7%	$16.90	—	COM	66304M204
—	First Citizens Banc Corp, Inc. Series B Conv. Pfd.	194,900	$5.798M	0.7%	$29.75	—	6.50 % PFD SER B	319459400
—	SI Financial Group, Inc.	508,898	$5.735M	0.7%	$11.15	—	COM	78425V104
—	Evans Bancorp, Inc.	246,900	$5.617M	0.7%	$17.56	—	COM	29911Q208
—	Bridge Bancorp, Inc.	210,000	$5.609M	0.7%	$23.61	—	COM	108035106
USB	U.S. Bancorp	130,000	$5.572M	0.7%	$24.24	+12.8%	COM	902973304
—	City National Corporation	70,700	$5.566M	0.7%	$63.37	—	COM	178566105
—	Guaranty Bancorp	387,100	$5.516M	0.7%	$12.59	—	COM	40075T607
SAMG	Silvercrest Asset Management Group Inc.	292,400	$5.348M	0.7%	$13.19	+27.3%	CL A	828359109
BMRC	Bank of Marin Bancorp	115,000	$5.182M	0.6%	$14.97	+4.4%	COM	063425102
CMA	Comerica Incorporated	100,000	$5.18M	0.6%	$31.52	0.0%	COM	200340107
—	Laporte Bancorp Inc.	479,700	$5.162M	0.6%	$10.12	—	COM	516651106
—	FirstMerit Corporation	245,100	$5.105M	0.6%	$20.83	—	COM	337915102
—	Prudential Bancorp, Inc.	474,000	$5.048M	0.6%	$10.78	—	COM	74431A101
SFNC	Simmons First National Corporation	134,100	$4.998M	0.6%	$13.71	+31.2%	CL A $1 PAR	828730200
—	Coastway Bancorp, Inc.	486,000	$4.996M	0.6%	$10.28	—	COM	190632109
WFC	Wells Fargo & Company	100,000	$4.974M	0.6%	$29.73	+12.4%	COM	949746101
WTFC	Wintrust Financial Corporation	100,000	$4.866M	0.6%	$36.77	+25.2%	COM	97650W108
—	Hamilton Bancorp Inc.	345,000	$4.83M	0.6%	$13.24	—	COM	407015106
—	Stonegate Mortgage Corp	321,411	$4.776M	0.6%	$16.53	—	COM	86181Q300
PFBC	Preferred Bank	175,000	$4.543M	0.6%	$16.08	+41.5%	COM	740367404
FCCO	First Community Corporation	406,200	$4.541M	0.6%	$6.72	+20.7%	COM	319835104
—	Chicopee Bancorp, Inc.	247,200	$4.375M	0.5%	$16.90	—	COM	168565109
—	MainSource Financial Group, Inc.	250,000	$4.275M	0.5%	$13.88	—	COM	56062Y102
—	Lazard Ltd	90,000	$4.238M	0.5%	$33.18	—	SHS A	G54050102
RVSB	Riverview Bancorp, Inc.	1,222,700	$4.194M	0.5%	$1.95	+27.8%	COM	769397100
BOKF	BOK Financial Corporation	60,000	$4.143M	0.5%	$47.07	+2.8%	COM	05561Q201
FBIZ	First Business Financial Services, Inc.	87,600	$4.133M	0.5%	$12.82	+21.6%	COM	319390100
CZNC	Citizens & Northern Corporation	208,600	$4.112M	0.5%	$10.64	+0.9%	COM	172922106
—	Xenith Bankshares, Inc.	685,900	$4.095M	0.5%	$5.32	—	COM	98410X105
—	Peoples Federal Bancshares, Inc.	225,600	$4.038M	0.5%	$18.07	—	COM	711037101
—	Wilshire Bancorp, Inc.	359,800	$3.994M	0.5%	$6.62	—	COM	97186T108
MOFG	MidWestOne Financial Group, Inc.	155,000	$3.912M	0.5%	$23.93	+6.0%	COM	598511103
BSRR	Sierra Bancorp	243,200	$3.872M	0.5%	$9.11	+20.3%	COM	82620P102
—	OBA Financial Services, Inc.	209,500	$3.83M	0.5%	$18.44	—	COM	67424G101
UCB	United Community Banks, Inc.	196,270	$3.81M	0.5%	$11.35	+56.7%	COM	90984P303
—	Bridge Capital Holdings	157,500	$3.742M	0.5%	$15.86	—	COM	108030107
—	United Community Bancorp	329,100	$3.735M	0.5%	$10.42	—	COM	90984R101
BEN	Franklin Resources, Inc.	68,500	$3.711M	0.5%	$29.91	+7.5%	COM	354613101
—	MB Financial, Inc.	117,789	$3.647M	0.4%	$26.80	—	COM	55264U108
—	Louisiana Bancorp, Inc.	184,700	$3.522M	0.4%	$17.00	—	COM	54619P104
—	Wolverine Bancorp, Inc.	160,200	$3.46M	0.4%	$19.04	—	COM	977880103
—	Jacksonville Bancorp, Inc.	312,707	$3.283M	0.4%	$12.13	—	COM	469249205
WD	Walker & Dunlop, Inc.	200,000	$3.27M	0.4%	$14.29	-10.2%	COM	93148P102
—	Poage Bankshares, Inc.	227,200	$3.226M	0.4%	$15.00	—	COM	730206109
—	Suffolk Bancorp	140,000	$3.122M	0.4%	$16.59	—	COM	864739107
PROV	Provident Financial Holdings, Inc.	202,100	$3.116M	0.4%	$15.40	-1.5%	COM	743868101
—	Polonia Bancorp, Inc.	319,600	$3.116M	0.4%	$9.33	—	COM	73158Q109
—	State Investors Bancorp, Inc.	198,400	$3.103M	0.4%	$14.86	—	COM	857030100
MBWM	Mercantile Bank Corporation	149,000	$3.072M	0.4%	$12.50	-1.1%	COM	587376104
—	Capital Bank Financial Corporation	120,000	$3.013M	0.4%	$19.02	—	CL A	139794101
—	Alliance Bancorp, Inc. of Pennsylvania	196,100	$3.01M	0.4%	$13.75	—	COM	01890A108
—	Chemical Financial Corporation	90,000	$2.921M	0.4%	$28.27	—	COM	163731102
HIFS	Hingham Institution for Savings	37,200	$2.92M	0.4%	$55.77	+20.9%	COM	433323102
—	Susquehanna Bancshares, Inc.	255,800	$2.908M	0.4%	$11.37	—	COM	869099101
—	Beneficial Mutual Bancorp, Inc. (MHC)	210,000	$2.77M	0.3%	$12.92	—	COM	08173R104
AER	AerCap Holdings NV	63,500	$2.679M	0.3%	$16.06	+139.1%	SHS	N00985106
WLFC	Willis Lease Finance Corporation	126,100	$2.581M	0.3%	$13.54	+34.7%	COM	970646105
—	Old Line Bancshares, Inc.	144,300	$2.489M	0.3%	$13.19	—	COM	67984M100
—	Rockville Financial, Inc.	182,600	$2.482M	0.3%	$13.59	—	COM	774188106
—	First Busey Corporation	426,500	$2.474M	0.3%	$4.50	—	COM	319383105
—	Bank Mutual Corporation	390,000	$2.473M	0.3%	$5.64	—	COM	063750103
NBTB	NBT Bancorp Inc.	100,000	$2.446M	0.3%	$24.19	0.0%	COM	628778102
—	Heritage Oaks Bancorp	300,000	$2.424M	0.3%	$6.17	—	COM	42724R107
HTB	HomeTrust Bancshares, Inc.	151,430	$2.39M	0.3%	$16.07	-2.0%	COM	437872104
—	ASB Bancorp, Inc.	126,300	$2.242M	0.3%	$16.41	—	COM	00213T109
PB	Prosperity Bancshares, Inc.	33,200	$2.196M	0.3%	$45.93	0.0%	COM	743606105
MCHB	Homestreet Inc.	107,300	$2.098M	0.3%	$18.87	0.0%	COM	43785V102
—	FedFirst Financial Corporation	104,700	$2.092M	0.3%	$18.51	—	COM	31429C101
—	National Penn Bancshares, Inc.	200,000	$2.09M	0.3%	$10.45	—	COM	637138108
—	Ambac Financial Group,Inc. Exp 4/30/2023	100,162	$2.043M	0.2%	—	—	Call	023139116
—	Colonial Financial Services, Inc.	184,300	$2.038M	0.2%	$13.35	—	COM	19566B101
—	SCBT Financial Corporation	32,400	$2.029M	0.2%	$62.62	—	COM	32023E105
—	Access National Corporation	124,200	$2.013M	0.2%	$12.98	—	COM	004337101
WTBA	West Bancorporation, Inc.	128,700	$1.955M	0.2%	$12.16	+22.9%	COM	95123P106
—	First Bancshares Inc.	134,177	$1.944M	0.2%	$14.00	—	COM	318916103
AMG	Affiliated Managers Group, Inc.	9,700	$1.94M	0.2%	$190.16	0.0%	COM	008252108
HFBL	Home Federal Bancorp, Inc. of Louisiana	107,000	$1.9M	0.2%	$8.84	+0.2%	COM	43708L108
—	Brookline Bancorp, Inc.	200,000	$1.884M	0.2%	$9.42	—	COM	11373M107
ZION	Zions Bancorporation	60,000	$1.859M	0.2%	$30.38	0.0%	COM	989701107
FIBK	First Interstate BancSystem, Inc.	65,000	$1.834M	0.2%	$14.63	+8.4%	COM CL A	32055Y201
—	Georgetown Bancorp, Inc.	123,487	$1.828M	0.2%	$14.20	—	COM	372591107
WSFS	WSFS Financial Corporation	25,000	$1.786M	0.2%	$24.07	0.0%	COM	929328102
—	Westfield Financial, Inc.	203,300	$1.515M	0.2%	$7.42	—	COM	96008P104
—	Suntrust Bank Inc. Exp 12/31/2018	139,260	$1.51M	0.2%	—	—	Call	867914129
—	ESSA Bancorp, Inc.	127,900	$1.39M	0.2%	$11.52	—	COM	29667D104
CCNE	CNB Financial Corporation	76,900	$1.36M	0.2%	$12.37	0.0%	COM	126128107
—	Premier Financial Bancorp, Inc.	90,400	$1.296M	0.2%	$12.04	—	COM	74050M105
HAFC	Hanmi Financial Corporation	55,000	$1.282M	0.2%	$22.65	0.0%	COM	410495204
—	Park Sterling Corp	191,800	$1.275M	0.2%	$5.91	—	COM	70086Y105
—	Jacksonville Bancorp, Inc. (IL)	60,000	$1.26M	0.2%	$19.41	—	COM	46924R106
—	JPMorgan Chase & Co. Exp 10/28/2018	60,000	$1.212M	0.1%	—	—	Call	46634E114
—	Metro Bancorp Inc.	52,000	$1.099M	0.1%	$21.13	—	COM	59161R101
—	Talmer Bancorp, Inc.	75,000	$1.098M	0.1%	$14.64	—	COM	87482X101
WAL	Western Alliance Bancorporation	40,000	$984K	0.1%	$18.93	+6.1%	COM	957638109
WAFD	Washington Federal, Inc.	40,000	$932K	0.1%	$16.16	0.0%	COM	938824109
BHB	Bar Harbor Bankshares	23,376	$896K	0.1%	$11.13	0.0%	COM	066849100
TROW	T. Rowe Price Group, Inc.	10,000	$824K	0.1%	$47.89	+9.8%	COM	74144T108
—	Pathfinder Bancorp, Inc.	55,000	$795K	0.1%	$13.50	—	COM	70320A103
—	DNB Financial Corporation	40,600	$793K	0.1%	$18.76	—	COM	233237106
—	Cowen Group, Inc.	167,400	$738K	0.1%	$3.05	—	CL A	223622101
CZWI	Citizens Community Bancorp Inc.	86,100	$689K	0.1%	$5.89	+10.4%	COM	174903104
STBA	S&T Bancorp, Inc.	25,000	$593K	0.1%	$24.62	-4.4%	COM	783859101
FBNC	First Bancorp	30,200	$574K	0.1%	$11.29	+25.8%	COM	318910106
OVLY	Oak Valley Bancorp.	60,000	$565K	0.1%	$9.17	+4.5%	COM	671807105
PEBK	Peoples Bancorp of North Carolina	35,400	$552K	0.1%	$13.97	0.0%	COM	710577107
—	Bank of Commerce Holdings	80,000	$538K	0.1%	$6.26	—	COM	06424J103
—	CenterState Banks, Inc.	47,000	$513K	0.1%	$10.91	—	COM	15201P109
—	TF Financial Corporation	15,000	$448K	0.1%	$28.69	—	COM	872391107
—	Southcoast Financial Corporation	56,800	$414K	0.1%	$6.63	—	COM	84129R100
UBFO	United Security Bancshares	65,400	$362K	0.0%	$3.08	0.0%	COM	911460103
CAC	Camden National Corporation	8,000	$330K	0.0%	$18.06	-5.8%	COM	133034108
—	HMN Financial, Inc.	31,500	$310K	0.0%	$9.21	—	COM	40424G108
—	First South Bancorp, Inc.	30,000	$261K	0.0%	$7.80	—	COM	33646W100
ABCB	Ameris Bancorp	9,900	$231K	0.0%	$18.49	0.0%	COM	03076K108
—	First Financial Bancorp Exp 12/23/2018	13,984	$89,000	0.0%	—	—	Call	320209117
—	First Capital Bancorp, Inc.	16,100	$68,000	0.0%	$4.59	—	COM	319438107
—	Synovus Financial Corp.	17,400	$59,000	0.0%	$2.92	—	COM	87161C105