Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	State Bank Financial Corporation	2,120,500	$34.44M	4.2%	$15.03	—	COM	856190103
—	United Community Financial Corp.	3,600,700	$16.85M	2.0%	$4.24	—	COM	909839102
—	First NBC Bank Holding Company	506,700	$16.59M	2.0%	$24.63	—	COM	32115D106
IBCP	Independent Bank Corporation	1,300,000	$15.5M	1.9%	$6.75	+26.0%	COM	453838609
—	First Midwest Bancorp, Inc.	940,000	$15.13M	1.8%	$15.08	—	COM	320867104
—	Southwest Bancorp, Inc.	851,000	$13.96M	1.7%	$13.90	—	COM	844767103
AMH	American Homes 4 Rent	803,500	$13.57M	1.6%	$16.25	—	CL A	02665T306
HTH	Hilltop Holdings Inc.	622,100	$12.47M	1.5%	$22.44	-7.8%	COM	432748101
—	C1 Financial, Inc.	673,900	$12.22M	1.5%	$18.13	—	COM	12591N109
—	City National Corporation	153,700	$11.63M	1.4%	$70.06	—	COM	178566105
C	Citigroup Inc.	222,500	$11.53M	1.4%	$36.86	+1.5%	COM	172967424
—	Century Bancorp, Inc.	327,100	$11.32M	1.4%	$34.83	—	CL A NON VTG	156432106
—	Palmetto Bancshares, Inc.	797,995	$11.28M	1.4%	$13.09	—	COM	697062206
—	Territorial Bancorp Inc.	547,900	$11.12M	1.3%	$22.32	—	COM	88145X108
ZION	Zions Bancorporation	372,700	$10.83M	1.3%	$29.26	-0.8%	COM	989701107
FCNCA	First Citizens BancShares, Inc.	46,800	$10.14M	1.2%	$191.35	+13.1%	CL A	31946M103
—	Chemical Financial Corporation	369,800	$9.944M	1.2%	$27.85	—	COM	163731102
CMA	Comerica Incorporated	186,100	$9.279M	1.1%	$31.98	+3.5%	COM	200340107
HTBK	Heritage Commerce Corp	1,116,700	$9.168M	1.1%	$7.52	+8.9%	COM	426927109
BKU	BankUnited, Inc.	296,900	$9.052M	1.1%	$22.44	+1.2%	COM	06652K103
—	HF Financial Corp.	655,900	$8.815M	1.1%	$13.01	—	COM	404172108
JPM	JPMorgan Chase & Co.	142,800	$8.602M	1.0%	$37.14	+16.1%	COM	46625H100
—	Hudson City Bancorp, Inc.	884,656	$8.599M	1.0%	$9.83	—	COM	443683107
AER	AerCap Holdings NV	207,900	$8.503M	1.0%	$44.76	0.0%	SHS	N00985106
—	Sun Bancorp, Inc.	450,000	$8.15M	1.0%	$18.11	—	COM	86663B201
FFBC	First Financial Bancorp.	506,400	$8.016M	1.0%	$9.58	+13.3%	COM	320209109
WFC	Wells Fargo & Company	150,300	$7.796M	0.9%	$37.41	0.0%	COM	949746101
—	Fox Chase Bancorp, Inc.	463,021	$7.552M	0.9%	$17.00	—	COM	35137T108
SMBC	Southern Missouri Bancorp, Inc.	210,020	$7.536M	0.9%	$10.20	+42.2%	COM	843380106
—	Guaranty Bancorp	549,100	$7.418M	0.9%	$12.96	—	COM	40075T607
—	Malvern Bancorp, Inc.	640,675	$7.297M	0.9%	$11.97	—	COM	561409103
IVZ	Invesco Ltd.	180,400	$7.122M	0.9%	$19.55	+22.8%	SHS	G491BT108
—	1st Century Bancshares, Inc.	960,300	$7.077M	0.9%	$6.25	—	COM	31943X102
—	Call - MTB $73.86 Exp 12/23/2018	140,000	$7.007M	0.8%	$50.18	—	Warrant	55261F112
—	CoBiz Financial Inc.	618,400	$6.914M	0.8%	$9.06	—	COM	190897108
NBHC	National Bank Holdings Corporation	352,300	$6.736M	0.8%	$15.20	+3.6%	CL A	633707104
—	Evans Bancorp, Inc.	291,000	$6.708M	0.8%	$18.39	—	COM	29911Q208
WSFS	WSFS Financial Corporation	92,163	$6.6M	0.8%	$23.47	+3.0%	COM	929328102
—	Boston Private Financial Holdings, Inc.	531,400	$6.584M	0.8%	$10.64	—	COM	101119105
—	HopFed Bancorp, Inc.	565,943	$6.508M	0.8%	$10.80	—	COM	439734104
IROQ	IF Bancorp, Inc.	385,600	$6.501M	0.8%	$15.28	+10.6%	COM	44951J105
—	Discover Financial Services	99,800	$6.426M	0.8%	$64.39	—	COM	254709108
BANF	BancFirst Corporation	97,900	$6.125M	0.7%	$16.83	+46.8%	COM	05945F103
—	American River Bankshares	665,600	$6.09M	0.7%	$8.22	—	COM	029326105
RF	Regions Financial Corporation	603,600	$6.06M	0.7%	$6.98	-1.0%	COM	7591EP100
—	TD Ameritrade Holding Corporation	177,800	$5.933M	0.7%	$33.37	—	COM	87236Y108
—	Prudential Bancorp, Inc.	484,900	$5.93M	0.7%	$10.80	—	COM	74431A101
—	SI Financial Group, Inc.	520,198	$5.821M	0.7%	$11.15	—	COM	78425V104
OSBC	Old Second Bancorp, Inc.	1,206,200	$5.802M	0.7%	$4.39	+0.0%	COM	680277100
—	Call - ZION $36.27 Exp 11/14/2018	1,768,160	$5.304M	0.6%	$3.20	—	Warrant	989701131
—	Coastway Bancorp, Inc.	486,000	$5.215M	0.6%	$10.28	—	COM	190632109
NBTB	NBT Bancorp Inc.	231,500	$5.213M	0.6%	$23.77	-0.4%	COM	628778102
CFG	Citizens Financial Group, Inc.	215,700	$5.052M	0.6%	$15.71	0.0%	COM	174610105
BMRC	Bank of Marin Bancorp	109,600	$5.03M	0.6%	$14.99	+10.4%	COM	063425102
FCCO	First Community Corporation	470,500	$5.006M	0.6%	$6.91	+17.3%	COM	319835104
—	Astoria Financial Corporation	403,700	$5.002M	0.6%	$12.85	—	COM	046265104
—	MainSource Financial Group, Inc.	289,100	$4.987M	0.6%	$14.33	—	COM	56062Y102
—	Lazard Ltd	97,500	$4.943M	0.6%	$34.57	—	SHS A	G54050102
SHBI	Shore Bancshares, Inc.	548,215	$4.934M	0.6%	$9.30	-3.8%	COM	825107105
FRME	First Merchants Corporation	241,300	$4.877M	0.6%	$14.89	-0.1%	COM	320817109
—	WSFS Financial Corporation 6.25% Pfd. Stock	183,596	$4.865M	0.6%	$26.50	—	PFD	929328409
BXMT	Blackstone Mortgage Trust, Inc.	179,100	$4.854M	0.6%	$27.10	—	COM CL A	09257W100
NMIH	NMI Holdings, Inc.	559,600	$4.841M	0.6%	$12.84	-24.0%	CL A	629209305
—	Green Bancorp, Inc.	278,743	$4.78M	0.6%	$17.15	—	COM	39260X100
—	CenterState Banks, Inc.	454,000	$4.699M	0.6%	$11.09	—	COM	15201P109
WSBF	Waterstone Financial Inc.	401,000	$4.632M	0.6%	$10.47	+9.2%	COM	94188P101
PFS	Provident Financial Services, Inc.	278,800	$4.564M	0.6%	$10.19	-0.5%	COM	74386T105
SFNC	Simmons First National Corporation	117,500	$4.526M	0.5%	$14.84	+33.7%	CL A	828730200
—	Hamilton Bancorp Inc.	335,000	$4.456M	0.5%	$13.24	—	COM	407015106
—	Xenith Bankshares, Inc.	688,100	$4.356M	0.5%	$5.41	—	COM	98410X105
—	Stonegate Mortgage Corp	334,434	$4.344M	0.5%	$16.34	—	COM	86181Q300
—	Synovus Financial Corp.	181,100	$4.281M	0.5%	$23.64	—	COM	87161C501
MOFG	MidWestOne Financial Group, Inc.	185,600	$4.271M	0.5%	$23.93	-0.7%	COM	598511103
ISTR	Investar Holding Corporation	320,800	$4.267M	0.5%	$13.94	0.0%	COM	46134L105
NRIM	Northrim BanCorp, Inc.	160,500	$4.242M	0.5%	$3.58	+17.3%	COM	666762109
—	South State Corporation	74,839	$4.185M	0.5%	$55.92	—	COM	840441109
—	Bridge Bancorp, Inc.	172,300	$4.075M	0.5%	$23.61	—	COM	108035106
—	Standard Financial Corp.	196,500	$4.038M	0.5%	$19.49	—	COM	853393106
—	Wolverine Bancorp, Inc.	174,100	$3.954M	0.5%	$19.33	—	COM	977880103
SBCF	Seacoast Banking Corporation of Florida	361,000	$3.946M	0.5%	$11.21	-5.9%	COM	811707801
—	La Porte Bancorp, Inc.	350,000	$3.924M	0.5%	$10.12	—	COM	516651106
—	Colony Financial, Inc.	175,100	$3.919M	0.5%	$22.38	—	COM	19624R106
WAFD	Washington Federal, Inc.	191,662	$3.902M	0.5%	$15.66	-1.9%	COM	938824109
—	1st United Bancorp, Inc.	450,000	$3.834M	0.5%	$6.72	—	COM	33740N105
HTB	HomeTrust Bancshares, Inc.	261,600	$3.822M	0.5%	$15.70	-3.3%	COM	437872104
—	Wilshire Bancorp, Inc.	405,700	$3.745M	0.5%	$7.04	—	COM	97186T108
MS	Morgan Stanley	107,600	$3.72M	0.4%	$21.22	+16.0%	COM	617446448
—	United Community Bancorp	302,400	$3.614M	0.4%	$10.42	—	COM	90984R101
—	Alliance Bancorp, Inc. of Pennsylvania	222,300	$3.557M	0.4%	$14.01	—	COM	01890A108
—	Umpqua Holdings Corporation	210,500	$3.467M	0.4%	$16.47	—	COM	904214103
—	Heritage Oaks Bancorp	493,200	$3.452M	0.4%	$6.71	—	COM	42724R107
—	Polonia Bancorp, Inc.	331,000	$3.413M	0.4%	$9.38	—	COM	73158Q109
—	Jacksonville Bancorp, Inc.	312,707	$3.374M	0.4%	$12.13	—	COM	469249205
—	Fidelity National Financial, Inc.	120,600	$3.345M	0.4%	$27.74	—	CL A	31620R105
—	Bridge Capital Holdings	146,800	$3.338M	0.4%	$15.86	—	COM	108030107
PFBC	Preferred Bank	147,900	$3.331M	0.4%	$16.08	+44.9%	COM	740367404
WD	Walker & Dunlop, Inc.	249,000	$3.309M	0.4%	$13.83	-17.8%	COM	93148P102
—	Flagstar Bancorp, Inc.	193,800	$3.262M	0.4%	$17.29	—	COM	337930705
—	E*TRADE Financial Corporation	144,116	$3.256M	0.4%	$22.59	—	COM	269246401
—	First Busey Corporation	579,800	$3.229M	0.4%	$4.86	—	COM	319383105
BSRR	Sierra Bancorp	192,300	$3.223M	0.4%	$9.11	+23.9%	COM	82620P102
—	State Investors Bancorp, Inc.	200,100	$3.202M	0.4%	$14.86	—	COM	857030100
—	ViewPoint Financial Group, Inc.	131,300	$3.143M	0.4%	$23.94	—	COM	92672A101
—	Chicopee Bancorp, Inc.	210,000	$3.137M	0.4%	$16.90	—	COM	168565109
—	Poage Bankshares, Inc.	205,600	$3.084M	0.4%	$15.00	—	COM	730206109
SAMG	Silvercrest Asset Management Group Inc.	225,200	$3.067M	0.4%	$13.19	+21.5%	CL A	828359109
RVSB	Riverview Bancorp, Inc.	761,800	$3.04M	0.4%	$1.95	+50.6%	COM	769397100
—	First Citizens Banc Corp, Inc. Series B Conv. Pfd.	96,800	$3.003M	0.4%	$29.75	—	6.50% PFD SER B	319459400
SCHW	The Charles Schwab Corporation	101,000	$2.968M	0.4%	$24.70	0.0%	COM	808513105
—	Louisiana Bancorp, Inc.	145,200	$2.885M	0.3%	$17.00	—	COM	54619P104
—	Sunshine Bancorp, Inc.	243,100	$2.881M	0.3%	$11.85	—	COM	86777J108
HWC	Hancock Holding Company	89,200	$2.859M	0.3%	$33.37	0.0%	COM	410120109
PB	Prosperity Bancshares, Inc.	49,000	$2.801M	0.3%	$43.78	0.0%	COM	743606105
—	Heartland Financial USA, Inc.	116,650	$2.786M	0.3%	$24.41	—	COM	42234Q102
—	Old Line Bancshares, Inc.	166,900	$2.584M	0.3%	$13.69	—	COM	67984M100
—	West End Indiana Bancshares, Inc.	130,500	$2.577M	0.3%	$19.20	—	COM	952678100
—	Access National Corporation	158,000	$2.564M	0.3%	$13.60	—	COM	004337101
—	Union Bankshares Corp.	109,300	$2.525M	0.3%	$23.10	—	COM	90539J109
—	Bay of Banks of Virginia; Inc.	476,200	$2.524M	0.3%	$5.80	—	COM	072035108
UCB	United Community Banks, Inc.	150,000	$2.469M	0.3%	$12.53	+32.7%	COM	90984P303
—	ESSA Bancorp, Inc.	218,100	$2.465M	0.3%	$11.42	—	COM	29667D104
AL	Air Lease Corporation	75,100	$2.441M	0.3%	$31.06	0.0%	CLA	00912X302
—	Commercewest Bank, N.A.	171,200	$2.397M	0.3%	$14.00	—	COM	20084T103
HAFC	Hanmi Financial Corporation	115,100	$2.32M	0.3%	$21.95	-4.8%	COM	410495204
—	AJS Bancorp, Inc.	171,100	$2.301M	0.3%	$12.20	—	COM	001503101
—	Bank of the Carolinas Corporation	22,240,896	$2.224M	0.3%	$0.10	—	COM	06425J102
HIFS	Hingham Institution for Savings	27,098	$2.21M	0.3%	$55.77	+27.7%	COM	433323102
—	Susquehanna Bancshares, Inc.	220,300	$2.203M	0.3%	$11.37	—	COM	869099101
CCS	Century Communities, Inc.	126,900	$2.202M	0.3%	$18.84	0.0%	COM	156504300
AXP	American Express Company	24,500	$2.145M	0.3%	$76.50	0.0%	COM	025816109
WTBA	West Bancorporation, Inc.	151,200	$2.136M	0.3%	$12.55	+18.1%	CAP STK	95123P106
—	Fraternity Community Bancorp, Inc.	134,700	$1.994M	0.2%	$15.02	—	COM	35553P101
—	Georgetown Bancorp, Inc.	122,587	$1.976M	0.2%	$14.20	—	COM	372591107
CZNC	Citizens & Northern Corporation	97,500	$1.853M	0.2%	$10.64	+1.8%	COM	172922106
—	Capital Bank Financial Corporation	77,100	$1.841M	0.2%	$19.02	—	CL A COM	139794101
LKFN	Lakeland Financial Corporation	48,800	$1.83M	0.2%	$18.53	+2.5%	COM	511656100
WLFC	Willis Lease Finance Corporation	87,400	$1.793M	0.2%	$13.54	+66.8%	COM	970646105
MBWM	Mercantile Bank Corporation	93,100	$1.774M	0.2%	$12.50	+4.5%	COM	587376104
—	Sandy Spring Bancorp, Inc.	76,400	$1.749M	0.2%	$24.63	—	COM	800363103
—	PHH Corporation	75,800	$1.695M	0.2%	$22.36	—	COM	693320202
HFBL	Home Federal Bancorp, Inc. of Louisiana	80,000	$1.54M	0.2%	$8.84	+7.7%	COM	43708L108
WSBC	WesBanco, Inc.	50,000	$1.53M	0.2%	$30.58	0.0%	COM	950810101
—	Suffolk Bancorp	75,700	$1.469M	0.2%	$16.90	—	COM	864739107
—	DCB Financial Corp.	197,325	$1.468M	0.2%	$7.50	—	COM	233075100
FBIZ	First Business Financial Services, Inc.	32,800	$1.44M	0.2%	$12.82	+31.1%	COM	319390100
—	IBERIABANK Corporation	22,700	$1.419M	0.2%	$62.51	—	COM	450828108
—	Call - STI $33.70 Exp 12/31/2018	151,356	$1.4M	0.2%	$10.36	—	Warrant	867914129
—	BancorpSouth, Inc.	68,200	$1.374M	0.2%	$20.15	—	COM	059692103
—	Call - AMBC $16.67 Exp 4/30/2023	94,911	$1.319M	0.2%	$16.78	—	Warrant	023139116
—	Jacksonville Bancorp, Inc. (IL)	60,000	$1.306M	0.2%	$19.41	—	COM	46924R106
EWBC	East West Bancorp, Inc.	38,300	$1.302M	0.2%	$26.72	+0.2%	COM	27579R104
—	Metro Bancorp Inc.	52,600	$1.276M	0.2%	$21.21	—	COM	59161R101
CCNE	CNB Financial Corporation	80,900	$1.27M	0.2%	$12.34	-4.2%	COM	126128107
—	Call - JPM $42.42 Exp 10/28/2018	60,000	$1.207M	0.1%	$19.39	—	Warrant	46634E114
—	Sunshine Financial Inc.	65,400	$1.19M	0.1%	$18.50	—	COM	86782T109
—	Silver Bay Realty Trust Corp.	73,400	$1.19M	0.1%	$16.21	—	COM	82735Q102
—	Premier Financial Bancorp, Inc.	80,800	$1.183M	0.1%	$12.04	—	COM	74050M105
FISI	Financial Institutions, Inc.	48,600	$1.093M	0.1%	$14.56	-0.8%	COM	317585404
—	DNB Financial Corporation	50,810	$1.09M	0.1%	$19.29	—	COM	233237106
PEBK	Peoples Bancorp of North Carolina, Inc.	63,500	$1.077M	0.1%	$14.43	+4.4%	COM	710577107
—	Eureka Finacnial Corporation	56,082	$1.038M	0.1%	$18.31	—	COM	29855C108
PROV	Provident Financial Holdings, Inc.	64,900	$947K	0.1%	$14.92	-1.7%	COM	743868101
—	Greenhill & Co., Inc.	19,700	$916K	0.1%	$46.50	—	COM	395259104
ONB	Old National Bancorp	68,600	$890K	0.1%	$13.50	0.0%	COM	680033107
—	BlackRock, Inc.	2,500	$821K	0.1%	$328.40	—	COM	09247X101
WAL	Western Alliance Bancorporation	34,109	$815K	0.1%	$20.53	0.0%	COM	957638109
—	Carroll Bancorp, Inc.	47,169	$774K	0.1%	$16.11	—	COM	144702107
—	United Financial Bancorp, Inc.	58,800	$746K	0.1%	$12.69	—	COM	910304104
CZWI	Citizens Community Bancorp, Inc.	79,100	$700K	0.1%	$5.89	+21.8%	COM	174903104
BEN	Franklin Resources, Inc.	12,700	$694K	0.1%	$29.91	+12.3%	COM	354613101
—	Investors Bancorp, Inc.	68,500	$694K	0.1%	$11.05	—	COM	46146L101
OVLY	Oak Valley Bancorp.	67,000	$672K	0.1%	$9.25	+9.2%	COM	671807105
CTUY	Century Next Financial Corporation	39,248	$667K	0.1%	$15.07	0.0%	COM	156635104
KEY	KeyCorp	48,800	$651K	0.1%	$8.87	-0.5%	COM	493267108
—	Fairmount Bancorp Inc.	29,156	$639K	0.1%	$21.99	—	COM	305468100
—	Meetinghouse Bancorp, Inc.	47,500	$622K	0.1%	$12.00	—	COM	58514H109
AVBH	Avidbank Holdings, Inc.	47,209	$541K	0.1%	$11.52	0.0%	COM	05368J103
—	BBCN Bancorp, Inc.	35,000	$511K	0.1%	$14.60	—	COM	073295107
—	Bank of Commerce Holdings	80,800	$496K	0.1%	$6.25	—	COM	06424J103
—	Intervest Bancshares Corporation	47,200	$451K	0.1%	$9.56	—	COM	460927106
—	Cardinal Financial Corporation	24,500	$418K	0.1%	$17.06	—	COM	14149F109
—	HMN Financial, Inc.	31,500	$416K	0.1%	$9.21	—	COM	40424G108
—	Southcoast Financial Corporation	56,600	$402K	0.0%	$6.63	—	COM	84129R100
—	Colonial Financial Services, Inc.	29,200	$388K	0.0%	$13.35	—	COM	19566B101
TROW	T. Rowe Price Group, Inc.	4,900	$384K	0.0%	$52.60	0.0%	COM	74144T108
—	Minden Bancorp, Inc.	19,917	$378K	0.0%	$18.98	—	COM	60255R106
UBFO	United Security Bancshares	67,316	$375K	0.0%	$3.08	+13.3%	COM	911460103
—	New Jersey Community Bank	65,000	$351K	0.0%	$5.40	—	COM	64577U102
—	Sunnyside Bancorp, Inc.	35,000	$347K	0.0%	$9.40	—	COM	867475105
—	Hudson Valley Holding Corp.	18,700	$339K	0.0%	$18.13	—	COM	444172100
—	Sugar Creek Financial Corpotation	32,600	$308K	0.0%	$9.20	—	COM	86481Y102
—	Fidelity Southern Corporation	20,900	$286K	0.0%	$13.68	—	COM	316394105
—	OmniAmerican Bancorp, Inc.	10,000	$260K	0.0%	$26.00	—	COM	68216R107
—	First South Bancorp, Inc.	30,000	$243K	0.0%	$7.90	—	COM	33646W100
—	National Penn Bancshares, Inc.	25,000	$243K	0.0%	$10.45	—	COM	637138108
—	Hibernia Bancorp, Inc.	8,127	$141K	0.0%	$17.35	—	COM	42866N104
—	Community Bankers Trust Corporation	32,100	$140K	0.0%	$4.39	—	COM	203612106
—	Call - FFBC $12.90 Exp 12/23/2018	15,684	$79,000	0.0%	$5.46	—	Warrant	320209117
—	First Capital Bancorp, Inc.	16,100	$72,000	0.0%	$4.59	—	COM	319438107
QNBC	QNB Corporation	468	$13,000	0.0%	$26.74	0.0%	COM	74726N107