Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	Boston Private Financial Holdings, Inc.	2,761,363	$37.11M	2.7%	$10.68	—	Common	101119105
EFSC	Enterprise Financial Services Corp	1,513,035	$27.32M	2.0%	$12.50	+20.6%	Common	293712105
MBWM	Mercantile Bank Corporation	1,178,825	$26.97M	2.0%	$11.45	+13.5%	Common	587376104
—	First Midwest Bancorp, Inc.	1,560,010	$26.57M	1.9%	$13.97	—	Common	320867104
EGBN	Eagle Bancorp, Inc.	761,584	$25.7M	1.9%	$16.56	+58.3%	Common	268948106
AMH	American Homes 4 Rent	1,357,000	$24.1M	1.7%	$17.76	—	Common	02665T306
—	State Bank Financial Corporation	1,370,551	$23.18M	1.7%	$15.05	—	Common	856190103
—	Suffolk Bancorp	1,023,643	$22.84M	1.7%	$16.34	—	Common	864739107
—	First NBC Bank	678,583	$22.74M	1.6%	$26.73	—	Common	32115D106
—	CoBiz Financial Inc.	2,044,932	$22.02M	1.6%	$8.30	—	Common	190897108
—	Sandy Spring Bancorp Inc.	882,684	$21.99M	1.6%	$22.10	—	Common	800363103
—	Centerstate Banks of Florida, Inc.	1,956,976	$21.92M	1.6%	$9.65	—	Common	15201P109
—	MB Financial, Inc.	731,921	$19.8M	1.4%	$26.80	—	Common	55264U108
WTFC	Wintrust Financial Corporation	423,018	$19.46M	1.4%	$36.77	+23.3%	Common	97650W108
—	Fidelity Southern Corporation	1,432,685	$18.61M	1.3%	$12.39	—	Common	316394105
BANR	Banner Corporation	454,908	$18.03M	1.3%	$21.83	+24.5%	Common	06652V208
—	Pacific Continental Corporation	1,262,231	$17.33M	1.3%	$11.80	—	Common	69412V108
BMRC	Bank of Marin Bancorp	369,506	$16.85M	1.2%	$13.84	+14.6%	Common	063425102
CPF	Central Pacific Financial Corp.	843,499	$16.74M	1.2%	$11.24	+12.2%	Common	154760409
—	Park Sterling Corp.	2,513,135	$16.56M	1.2%	$5.91	—	Common	70086Y105
PGC	Peapack-Gladstone Financial Corporation	768,811	$16.31M	1.2%	$15.42	+16.5%	Common	704699107
—	Cambridge Bancorp	359,450	$15.91M	1.2%	$39.20	—	Common	132152109
—	Southwest Bancorp, Inc.	918,207	$15.66M	1.1%	$14.01	—	Common	844767103
—	Union Bankshares Corporation	597,351	$15.32M	1.1%	$25.42	—	Common	90539J109
FRME	First Merchants Corp.	712,280	$15.06M	1.1%	$11.60	+30.3%	Common	320817109
—	CU Bancorp	779,102	$14.86M	1.1%	$15.80	—	Common	126534106
FBIZ	First Business Financial Services	301,000	$14.16M	1.0%	$10.24	+67.7%	Common	319390100
—	Bank Kentucky Financial	400,912	$13.95M	1.0%	$31.96	—	Common	062896105
—	Capital Bank Financial Corp.	570,524	$13.47M	1.0%	$22.79	—	Common	139794101
—	Yadkin Financial Corporation	703,018	$13.24M	1.0%	$14.04	—	Common	984305102
—	Lakeland Bancorp, Inc.	1,198,859	$12.95M	0.9%	$11.01	—	Common	511637100
HTBK	Heritage Commerce Corp	1,568,091	$12.81M	0.9%	$6.76	+19.8%	Common	426927109
NBHC	National Bank Holdings Corporation	639,700	$12.76M	0.9%	$14.46	+7.2%	Common	633707104
—	Stonegate Bank	496,017	$12.5M	0.9%	$17.86	—	Common	861811107
—	Heritage Oaks Bancorp	1,573,478	$12.01M	0.9%	$6.17	—	Common	42724R107
SYBT	Stock Yards Bancorp, Inc.	400,323	$11.97M	0.9%	$19.95	-2.3%	Common	861025104
OSBC	Old Second Bancorp, Inc.	2,329,484	$11.58M	0.8%	$4.40	-0.2%	Common	680277100
HFWA	Heritage Financial Corporation	713,212	$11.48M	0.8%	$14.79	+9.9%	Common	42722X106
—	BNC Bancorp	655,091	$11.18M	0.8%	$11.42	—	Common	05566T101
SF	Stifel Financial Corp.	229,096	$10.85M	0.8%	$20.11	+36.1%	Common	860630102
—	United Bancorp, Inc.	867,152	$10.81M	0.8%	$7.20	—	Common	90944L103
—	First Citizens Bancorporation, Inc.	10,752	$10.75M	0.8%	$635.21	—	Common	319460101
—	Codorus Valley Bancorp, Inc.	504,974	$10.67M	0.8%	$19.01	—	Common	192025104
—	Heritage Financial Group	532,797	$10.56M	0.8%	$14.97	—	Common	42726X102
—	Old Line Bancshares, Inc.	670,319	$10.56M	0.8%	$13.24	—	Common	67984M100
—	Central Valley Community Bancorp	752,118	$9.845M	0.7%	$10.08	—	Common	155685100
—	BSB Bancorp, Inc.	561,937	$9.643M	0.7%	$13.46	—	Common	05573H108
—	Metro Bancorp Inc.	395,856	$9.152M	0.7%	$20.03	—	Common	59161R101
—	Bridge Capital Holdings	376,509	$9.115M	0.7%	$15.89	—	Common	108030107
WTBFB	W.T.B. Financial Corporation	49,660	$8.577M	0.6%	$149.88	+14.3%	Common	929334209
—	TriState Capital Holdings, Inc.	577,587	$8.161M	0.6%	$13.23	—	Common	89678F100
TCBI	Texas Capital Bancshares, Inc.	150,772	$8.134M	0.6%	$43.11	+30.1%	Common	88224Q107
—	SVB Financial Group	67,600	$7.884M	0.6%	$83.31	—	Common	78486Q101
WSBF	Waterstone Financial, Inc.	687,587	$7.845M	0.6%	$10.44	+2.7%	Common	94188P101
SBCF	Seacoast Banking Corporation of Florida	698,029	$7.588M	0.5%	$11.18	-4.9%	Common	811707801
QCRH	QCR Holdings, Inc.	432,435	$7.46M	0.5%	$14.97	+8.0%	Common	74727A104
BSRR	Sierra Bancorp	471,569	$7.451M	0.5%	$9.00	+19.4%	Common	82620P102
—	Georgia-Carolina Bancshares, Inc.	341,419	$7.392M	0.5%	$15.91	—	Common	373145101
—	Southern National Bancorp of Virginia,Inc.	638,580	$7.127M	0.5%	$9.78	—	Common	843395104
—	Centrix Bank & Trust	171,400	$6.967M	0.5%	$27.92	—	Common	15640A101
—	1st Enterprise Bank	277,731	$6.94M	0.5%	$24.99	—	Common	32008C108
—	Iberiabank Corp	96,004	$6.643M	0.5%	$53.61	—	Common	450828108
—	Mackinac Financial Corporation	502,509	$6.482M	0.5%	$9.07	—	Common	554571109
—	First Security Group, Inc.	2,980,000	$6.467M	0.5%	$2.17	—	Common	336312202
—	NorthWest Indiana Bancorp	243,244	$6.446M	0.5%	$23.62	—	Common	667516108
FBNC	First Bancorp	347,118	$6.37M	0.5%	$11.87	+21.2%	Common	318910106
—	FNB Bancorp	221,751	$6.342M	0.5%	$21.47	—	Common	302515101
—	ViewPoint Financial Group, Inc.	219,072	$5.895M	0.4%	$21.55	—	Common	92672A101
AMBZ	American Business Bank	198,455	$5.874M	0.4%	$23.58	+2.9%	Common	02475L105
—	City National Corp.	76,132	$5.768M	0.4%	$63.37	—	Common	178566105
—	Security California Bancorp	502,955	$5.583M	0.4%	$10.70	—	Common	81412M103
GNW	Genworth Financial, Inc.	319,822	$5.565M	0.4%	$16.23	+7.8%	Common	37247D106
UVSP	Univest Corporation of Pennsylvania	267,365	$5.534M	0.4%	$18.34	+8.9%	Common	915271100
—	1st Constitution Bancorp	539,708	$5.473M	0.4%	$9.63	—	Common	31986N102
—	First of Long Island Corp.	139,695	$5.459M	0.4%	$33.33	—	Common	320734106
—	Meridian Interstate Bancorp	207,526	$5.329M	0.4%	$18.83	—	Common	58964Q104
—	Community Financial Corporation	222,500	$5.284M	0.4%	$20.71	—	Common	20368X101
SFST	Southern First Bancshares, Inc.	389,904	$5.248M	0.4%	$10.90	+24.2%	Common	842873101
—	Aspen Insurance Holdings Limited	111,712	$5.074M	0.4%	$39.70	—	Common	G05384105
—	Chemical Financial Corp.	175,000	$4.914M	0.4%	$27.99	—	Common	163731102
HTH	Hilltop Holdings Inc.	227,532	$4.837M	0.4%	$15.00	+46.0%	Common	432748101
AVBH	Avidbank Holdings, Inc.	417,179	$4.798M	0.3%	$10.58	+8.4%	Common	05368J103
WTBA	West Bancorporation, Inc.	313,578	$4.776M	0.3%	$11.55	+27.2%	Common	95123P106
IBCP	Independent Bank Corporation	370,000	$4.762M	0.3%	$5.76	+53.2%	Common	453838609
—	DCB Financial Corp	605,941	$4.545M	0.3%	$5.63	—	Common	233075100
—	Bryn Mawr Bank Corporation	154,952	$4.512M	0.3%	$23.93	—	Common	117665109
—	Bay Commercial Bank	419,615	$4.448M	0.3%	$9.74	—	Common	072199102
—	Palmetto Bancshares, Inc.	308,095	$4.433M	0.3%	$13.00	—	Common	697062206
—	First United Bancorp	507,883	$4.378M	0.3%	$6.72	—	Common	33740N105
—	Charter Financial Corporation	391,719	$4.348M	0.3%	$10.40	—	Common	16122W108
BANC	Banc of California, Inc.	398,762	$4.347M	0.3%	$9.14	-7.5%	Common	05990K106
OVLY	Oak Valley Bancorp	433,591	$4.306M	0.3%	$8.19	+20.0%	Common	671807105
—	Hudson Valley Holding Corp.	238,508	$4.305M	0.3%	$18.09	—	Common	444172100
—	First Bancshares, Inc.	302,635	$4.297M	0.3%	$14.07	—	Common	318916103
—	Intermountain Community Bancorp	263,268	$4.286M	0.3%	$13.30	—	Common	45881M308
NODB	North Dallas Bank & Trust Co.	74,487	$4.246M	0.3%	$46.65	—	Common	659012108
RVSB	Riverview Bancorp, Inc.	1,060,564	$4.115M	0.3%	$1.91	+46.3%	Common	769397100
—	Virginia Heritage Bank	148,738	$4.09M	0.3%	$27.50	—	Common	927819102
—	Valley Financial Corporation	311,653	$4.067M	0.3%	$11.10	—	Common	919629105
—	Beneficial Mutual Bancorp, Inc.	277,158	$3.758M	0.3%	$8.54	—	Common	08173R104
SHBI	Shore Bancshares, Inc.	411,204	$3.705M	0.3%	$9.34	0.0%	Common	825107105
—	Community Bankers Trust Corporation	842,845	$3.692M	0.3%	$3.92	—	Common	203612106
—	First Virginia Community Bank	240,000	$3.6M	0.3%	$14.25	—	Common	337480107
UNTY	Unity Bancorp, Inc.	386,982	$3.591M	0.3%	$5.45	+19.8%	Common	913290102
—	California Bank of Commerce	332,186	$3.588M	0.3%	$10.80	—	Common	13005C101
FRBKQ	Republic First Bancorp, Inc.	695,900	$3.507M	0.3%	$2.90	+58.2%	Common	760416107
ISTR	Investar Holding	250,000	$3.5M	0.3%	$14.00	—	Common	46134L105
PSBQ	PSB Holdings, Inc.	107,079	$3.472M	0.3%	$9.64	+12.5%	Common	69360N108
—	John Marshall Bank	190,000	$3.468M	0.3%	$18.25	—	Common	47804G103
OBT	Orange County Bancorp	87,143	$3.468M	0.3%	$9.89	0.0%	Common	68417L107
—	Westfield Financial Inc.	459,026	$3.424M	0.2%	$7.43	—	Common	96008P104
FMNB	Farmers National Banc Corp.	438,850	$3.419M	0.2%	$4.33	+21.4%	Common	309627107
—	San Diego Private Bank	274,189	$3.414M	0.2%	$12.45	—	Common	79744Y100
BHB	Bar Harbor Bankshares	121,621	$3.391M	0.2%	$10.17	+9.6%	Common	066849100
—	Valley Commerce Bancorp	225,420	$3.359M	0.2%	$12.86	—	Common	919518100
—	MainSource Financial Group, Inc.	190,938	$3.294M	0.2%	$13.89	—	Common	56062Y102
—	ConnectOne Bancorp, Inc. ( TO 6/30/14)	65,000	$3.243M	0.2%	$30.74	—	Common	20786U101
—	Greater Sacramento Bancorp	199,116	$3.238M	0.2%	$15.87	—	Common	39233Q109
—	Southeastern Bank Financial Corporation	139,789	$3.229M	0.2%	$19.75	—	Common	841584105
—	Enterprise Bancorp, Inc.	153,661	$3.17M	0.2%	$18.49	—	Common	293668109
HIFS	Hingham Institution for Savings	39,603	$3.144M	0.2%	$55.69	+13.8%	Common	433323102
VABK	Virginia National Bankshares Corp.	134,409	$3.094M	0.2%	$17.57	+20.9%	Common	928031103
SFBS	ServisFirst Bancshares, Inc.	35,200	$3.042M	0.2%	$12.28	0.0%	Common	81768T108
—	Century Bancorp, Inc.	83,688	$2.958M	0.2%	$34.44	—	Common	156432106
—	Northeast Community Bancorp, Inc.	414,307	$2.929M	0.2%	$6.32	—	Common	664112109
ACIC	United Insurance Holdings Corp.	168,671	$2.911M	0.2%	$10.44	+18.8%	Common	910710102
BWFG	Bankwell Financial Group, Inc.	170,000	$2.89M	0.2%	$15.80	0.0%	Common	06654A103
FXNC	First National Corporation	361,474	$2.888M	0.2%	$5.09	+17.5%	Common	32106V107
—	Square 1 Financial, Inc.	150,000	$2.852M	0.2%	$19.01	—	Common	85223W101
AUBN	Auburn National Bancorporation, Inc.	118,226	$2.84M	0.2%	$14.50	+10.9%	Common	050473107
FCCO	First Community Corporation	263,209	$2.803M	0.2%	$6.90	+18.2%	Common	319835104
—	CommerceWest Bank	196,244	$2.796M	0.2%	$12.25	—	Common	20084T103
—	Fauquier Bancshares, Inc.	182,128	$2.768M	0.2%	$12.37	—	Common	312059108
—	Talmer Bancorp, Inc.	200,000	$2.758M	0.2%	$14.64	—	Common	87482X101
—	MBT Financial Corp.	496,587	$2.716M	0.2%	$4.93	—	Common	578877102
OCFC	OceanFirst Financial Corp.	160,777	$2.662M	0.2%	$9.27	+19.4%	Common	675234108
—	Independent Bank Group, Inc	47,500	$2.644M	0.2%	$30.40	—	Common	45384B106
CBKM	Consumers Bancorp, Inc.	136,792	$2.633M	0.2%	$13.41	0.0%	Common	210509105
PKBK	Parke Bancorp, Inc.	224,972	$2.619M	0.2%	$4.28	+54.9%	Common	700885106
—	Eastern Virginia Bankshares, Inc.	406,593	$2.602M	0.2%	$5.00	—	Common	277196101
—	VantageSouth Bancshares, Inc.	430,392	$2.561M	0.2%	$6.23	—	Common	92209W105
—	Cardinal Financial Corporation	137,030	$2.53M	0.2%	$14.89	—	Common	14149F109
ORRF	Orrstown Financial Services, Inc	152,138	$2.516M	0.2%	$11.17	+7.8%	Common	687380105
—	Guaranty Federal Bancshares, Inc.	200,000	$2.5M	0.2%	$12.82	—	Common	40108P101
—	Guaranty Bancorp	178,488	$2.481M	0.2%	$11.35	—	Common	40075T607
—	First Defiance Financial Corp.	84,463	$2.424M	0.2%	$22.60	—	Common	32006W106
—	Monarch Community Bancorp Inc.	850,000	$2.397M	0.2%	$2.70	—	Common	609045208
—	First Security, Inc.	83,942	$2.392M	0.2%	$28.50	—	Common	336327101
—	Chicopee Bancorp, Inc.	135,730	$2.307M	0.2%	$16.90	—	Common	168565109
FRBA	First Bank	375,000	$2.25M	0.2%	$5.37	+3.4%	Common	31931U102
—	Bank of Commerce Holdings	346,821	$2.195M	0.2%	$5.04	—	Common	06424J103
—	Bridge Bancorp Inc.	90,024	$2.16M	0.2%	$24.92	—	Common	108035106
—	Access National Corporation	137,764	$2.089M	0.2%	$13.05	—	Common	004337101
—	National General Holdings Corporation	120,000	$2.088M	0.2%	$14.00	—	Common	636220303
BFC	Bank First National Corporation	97,102	$2.029M	0.1%	$16.17	0.0%	Common	06211J100
FNLC	The First Bancorp, Inc.	115,000	$2.008M	0.1%	$9.14	+2.3%	Common	31866P102
—	United Financial Bancorp, Inc.	147,071	$1.993M	0.1%	$13.55	—	Common	910304104
CZFS	Citizens Financial Services	36,556	$1.992M	0.1%	$34.74	0.0%	Common	174615104
QNBC	QNB Corp.	74,487	$1.974M	0.1%	$24.55	+6.5%	Common	74726N107
DHIL	Diamond Hill Investment Group, Inc.	15,288	$1.953M	0.1%	$41.91	+59.5%	Common	25264R207
—	Pinnacle Financial Partners, Inc.	49,429	$1.951M	0.1%	$27.73	—	Common	72346Q104
—	Blackhawk Bancorp, Inc.	138,744	$1.942M	0.1%	$8.71	—	Common	09237E204
—	Clifton Savings Bancorp Inc.	148,332	$1.879M	0.1%	$11.72	—	Common	186873105
—	Carolina Trust Bank	371,214	$1.856M	0.1%	$3.48	—	Common	144200102
COLB	Columbia Banking System, Inc.	70,396	$1.852M	0.1%	$12.82	+22.6%	Common	197236102
—	HopFed Bancorp, Inc.	157,300	$1.828M	0.1%	$10.80	—	Common	439734104
—	Xenith Bankshares, Inc.	281,019	$1.779M	0.1%	$6.05	—	Common	98410X105
—	Columbia Commercial Bancorp	397,728	$1.774M	0.1%	$4.46	—	Common	19738Q101
—	Baylake Corp.	141,600	$1.774M	0.1%	$10.16	—	Common	072788102
—	Southcoast Financial Corporation	243,680	$1.772M	0.1%	$6.11	—	Common	84129R100
—	Presidio Bank	147,600	$1.749M	0.1%	$11.85	—	Common	74101A100
ABCB	Ameris Bancorp	80,551	$1.737M	0.1%	$13.28	+41.1%	Common	03076K108
PEBK	Peoples Bancorp of North Carolina, Inc.	106,884	$1.71M	0.1%	$11.25	+33.4%	Common	710577107
—	1st Capital Bank	144,383	$1.696M	0.1%	$11.42	—	Common	31944C107
—	United Community Banks	101,604	$1.663M	0.1%	$16.37	—	Common	90984P204
FISI	Financial Institutions, Inc.	69,485	$1.627M	0.1%	$13.96	+4.2%	Common	317585404
—	LSB Financial Corp.	38,767	$1.624M	0.1%	$36.51	—	Common	501925101
—	OBA Financial Services, Inc.	70,622	$1.58M	0.1%	$18.44	—	Common	67424G101
FNRN	First Northern Community Bancorp	208,795	$1.576M	0.1%	$5.49	0.0%	Common	335925103
—	SBM Financial - Maine	18,000	$1.557M	0.1%	$86.50	—	Common	78404H100
—	Illini Corporation	33,900	$1.548M	0.1%	$42.62	—	Common	45177K206
—	Lake Shore Bancorp	123,154	$1.533M	0.1%	$11.77	—	Common	510700107
LKFN	Lakeland Financial Corporation	39,092	$1.492M	0.1%	$13.19	+40.5%	Common	511656100
QNTO	Quaint Oak Bancorp	86,500	$1.484M	0.1%	$8.01	+5.8%	Common	74732T106
—	First Community Financial Partners, Inc.	340,717	$1.465M	0.1%	$4.30	—	Common	31985Q106
—	Royal Financial, Inc.	184,982	$1.461M	0.1%	$5.28	—	Common	78027P109
LFGP	Ledyard Financial Group, Inc.	33,820	$1.454M	0.1%	$14.06	0.0%	Common	523338101
CCNE	CNB Financial Corporation	84,367	$1.417M	0.1%	$11.22	+4.8%	Common	126128107
—	Heritage Bankshares, Inc.	91,390	$1.394M	0.1%	$13.53	—	Common	42721M101
WASH	Washington Trust Bancorp, Inc.	37,875	$1.393M	0.1%	$19.87	+1.1%	Common	940610108
—	People's Bank of Commerce	142,800	$1.385M	0.1%	$9.70	—	Common	710311101
—	NI Bancshares Corporation	35,201	$1.373M	0.1%	$39.00	—	Common	62913U109
—	Capital Pacific Bancorp	151,385	$1.364M	0.1%	$9.01	—	Common	14042V102
—	Puget Sound Bank	96,787	$1.328M	0.1%	$12.94	—	Common	74531Y108
—	Midsouth Bancorp, Inc.	66,622	$1.325M	0.1%	$15.53	—	Common	598039105
—	American Riviera Bank	133,029	$1.324M	0.1%	$9.95	—	Common	02932A106
—	SBT Bancorp, Inc.	58,160	$1.32M	0.1%	$28.22	—	Common	78391C106
—	SouthCrest Financial Group, Inc.	251,400	$1.32M	0.1%	$5.41	—	Common	84129X107
—	Ameriana Bancorp	88,523	$1.315M	0.1%	$13.70	—	Common	023613102
—	ESSA Bancorp, Inc.	116,286	$1.294M	0.1%	$10.96	—	Common	29667D104
—	Community Bank of Santa Maria	175,175	$1.27M	0.1%	$7.25	—	Common	203598107
—	Pacific Premier Bancorp, Inc.	88,500	$1.247M	0.1%	$12.22	—	Common	69478X105
WBBW	Westbury Bancorp, Inc.	79,800	$1.206M	0.1%	$14.44	0.0%	Common	95727P106
SAMG	Silvercrest Asset Management Group Inc.	69,000	$1.187M	0.1%	$13.19	+32.3%	Common	828359109
—	North Valley Bancorp	54,191	$1.181M	0.1%	$16.55	—	Common	66304M204
—	Northwest Bancorporation, Inc.	156,051	$1.17M	0.1%	$7.50	—	Common	667337109
—	American River Bankshares	132,333	$1.157M	0.1%	$8.22	—	Common	029326105
EFSI	Eagle Financial Services Inc.	47,612	$1.124M	0.1%	$14.66	+4.1%	Common	26951R104
—	DNB Financial Corporation	51,792	$1.101M	0.1%	$17.76	—	Common	233237106
—	Select Bancorp, Inc.	160,767	$1.064M	0.1%	$6.62	—	Common	81617L108
HFBL	Home Federal Bancorp, Inc. of Louisiana	54,425	$1.063M	0.1%	$8.58	+8.1%	Common	43708L108
MFGI	Merchants Financial Group, Inc.	29,881	$1.061M	0.1%	$8.52	0.0%	Common	588538108
—	MainStreet Bank	124,043	$1.054M	0.1%	$8.50	—	Common	56064A102
FCOB	1st Colonial Bancorp	183,492	$1.05M	0.1%	$5.23	+6.2%	Common	319716106
BKOR	Oak Ridge Financial Services, Inc.	147,739	$1.042M	0.1%	$6.60	—	Common	671768109
—	HomeTown Bankshares Corporation	165,418	$1.034M	0.1%	$6.25	—	Common	43787N108
TCBK	TriCo Bancshares	44,000	$1.018M	0.1%	$18.87	+25.7%	Common	896095106
—	Cornerstone Bancshares, Inc.	389,406	$993K	0.1%	$2.01	—	Common	218924108
CSHX	Cashmere Valley Bank	29,338	$986K	0.1%	$23.76	0.0%	Common	14756K102
TRVR	Two Rivers Financial Group, Inc.	42,585	$979K	0.1%	$16.26	0.0%	Common	90206L106
—	Federated National Holding Company	35,675	$910K	0.1%	$14.67	—	Common	31422T101
GLBZ	Glen Burnie Bancorp	67,395	$836K	0.1%	$7.72	+7.9%	Common	377407101
—	WashingtonFirst Bankshares, Inc.	55,841	$832K	0.1%	$11.30	—	Common	940730104
—	Atlantic Coast Financial Corporation	200,000	$812K	0.1%	$4.33	—	Common	048426100
—	Bank of Santa Clarita	87,349	$804K	0.1%	$9.20	—	Common	06424K100
FGFH	Foresight Financial Group, Inc.	43,675	$799K	0.1%	$15.41	0.0%	Common	345526107
SOMC	Southern Michigan Bancorp Inc.	42,100	$794K	0.1%	$6.53	0.0%	Common	84336P103
—	PrivateBancorp, Inc.	26,500	$770K	0.1%	$28.94	—	Common	742962103
MBCN	Middlefield Banc Corp.	25,963	$766K	0.1%	$9.86	0.0%	Common	596304204
RNST	Renasant Corporation	26,195	$761K	0.1%	$26.53	+5.9%	Common	75970E107
RCBC	River City Bank	6,767	$744K	0.1%	$9.83	+9.6%	Common	76803X106
—	Salisbury Bancorp, Inc.	24,606	$738K	0.1%	$26.07	—	Common	795226109
—	Fentura Financial, Inc.	69,400	$715K	0.1%	$10.30	—	Common	314645102
—	PSB Holdings	105,486	$709K	0.1%	$5.61	—	Common	69360W108
—	BancorpSouth, Inc.	28,200	$693K	0.1%	$17.70	—	Common	059692103
PFBC	Preferred Bank	27,600	$652K	0.0%	$16.93	+37.2%	Common	740367404
—	Fox Chase Bancorp, Inc.	38,429	$648K	0.0%	$16.99	—	Common	35137T108
—	Aquesta Financial Holdings, Inc.	74,318	$643K	0.0%	$8.65	—	Common	03842L109
—	First Capital Bancorp, Inc.	141,514	$637K	0.0%	$3.94	—	Common	319438107
—	Town and Country Financial Corporation	57,014	$634K	0.0%	$10.34	—	Common	892039108
—	West Suburban Bancorp, Inc.	1,914	$624K	0.0%	$326.02	—	Common	956152409
—	Community National Bank - Lakeway Area	115,000	$614K	0.0%	$5.34	—	Common	20375S103
—	Northway Financial, Inc.	30,710	$590K	0.0%	$19.21	—	Common	667270201
—	North State Bancorp	105,478	$585K	0.0%	$5.55	—	Common	662585108
INDB	Independent Bank Corp.	14,793	$568K	0.0%	$26.21	+3.3%	Common	453836108
SSBI	Summit State Bank	43,000	$566K	0.0%	$4.89	+15.9%	Common	866264203
—	Jacksonville Bancorp, Inc.	53,850	$565K	0.0%	$12.61	—	Common	469249205
BAOB	Baraboo Bancorporation, Inc.	262,964	$539K	0.0%	$1.25	+16.9%	Common	067021105
—	First America Holdings Corporation	106,250	$531K	0.0%	$5.00	—	Common	318476108
—	Community Southern Holdings, Inc.	63,251	$528K	0.0%	$8.35	—	Common	20405E108
—	Flagstar Bancorp, Inc.	29,000	$525K	0.0%	$19.62	—	Common	337930705
—	Commerce Union Bancshares, Inc.	39,600	$515K	0.0%	$13.01	—	Common	200828101
CBOE	CBOE Holdings	10,000	$492K	0.0%	$33.33	+30.7%	Common	12503M108
—	Old Point Financial Corporation	31,927	$491K	0.0%	$13.10	—	Common	680194107
CYFL	Century Financial Corporation	37,266	$484K	0.0%	$8.87	0.0%	Common	15652L102
CCBG	Capital City Bank Group, Inc.	32,400	$471K	0.0%	$10.54	+3.8%	Common	139674105
PGNN	Paragon Financial Solutions, Inc.	77,318	$458K	0.0%	$5.86	0.0%	Common	69912S100
—	Sun Bancorp, Inc.	111,900	$449K	0.0%	$4.01	—	Common	86663B102
PBNK	Pinnacle Bank	66,840	$444K	0.0%	$5.66	0.0%	Common	72346K107
—	Independent Alliance Banks, Inc.	17,950	$427K	0.0%	$23.79	—	Common	45380E104
—	First Financial Service Corporation	115,338	$421K	0.0%	$3.39	—	Common	32022D108
EMYB	Embassy Bancorp, Inc.	45,000	$403K	0.0%	$6.66	0.0%	Common	290791102
—	Lighthouse Bank	32,351	$376K	0.0%	$11.62	—	Common	53223T106
FFBC	First Financial Bancorp.	21,000	$361K	0.0%	$9.47	+14.4%	Common	320209109
—	Cornerstone Financial	93,071	$344K	0.0%	$2.51	—	Common	21925G102
—	First Financial Northwest, Inc.	28,200	$307K	0.0%	$10.89	—	Common	32022K102
—	Kearny Financial Corp.	20,200	$306K	0.0%	$10.50	—	Common	487169104
—	Malvern Bancorp, Inc.	28,198	$297K	0.0%	$10.25	—	Common	561409103
—	Idaho Independent Bank	39,737	$286K	0.0%	$7.20	—	Common	45129P105
—	Coastal Banking Co., Inc.	35,000	$271K	0.0%	$7.74	—	Common	19041N100
NFBK	Northfield Bancorp, Inc.	18,447	$242K	0.0%	$7.68	+14.7%	Common	66611T108
—	BankFinancial Corporation	20,000	$223K	0.0%	$11.15	—	Common	06643P104
—	Carolina Bank Holdings, Inc.	22,500	$220K	0.0%	$10.27	—	Common	143785103
—	Centerpointe Community Bank	31,200	$217K	0.0%	$6.96	—	Common	15200G100
CCFN	CCFNB Bancorp Inc.	6,000	$212K	0.0%	$21.81	0.0%	Common	124880105
—	HMN Financial	15,000	$165K	0.0%	$9.87	—	Common	40424G108
UCB	United Community Banks, Inc.	10,000	$164K	0.0%	$17.78	-5.7%	Common	90984P303
—	NewBridge Bancorp	15,018	$121K	0.0%	$8.06	—	Common	65080T102
MVLY	Mission Valley Bancorp	19,355	$119K	0.0%	$6.02	-0.5%	Common	60520E104
—	Howard Bancorp, Inc.	10,187	$98,000	0.0%	$11.29	—	Common	442496105
—	Bank of Napa, N.A.	10,000	$86,000	0.0%	$8.60	—	Common	063770101
ORPB	Oregon Pacific Bancorp	21,659	$65,000	0.0%	$3.45	-8.0%	Common	686040205
—	CBOE Holdings - Put short position	100	$28,000	0.0%	—	—	Put	12503M958