Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EFSC	Enterprise Financial Services Corp	1,632,141	$37.16M	2.3%	$12.68	+40.6%	Common	293712105
—	State Bank Financial Corporation	1,678,045	$36.41M	2.2%	$16.08	—	Common	856190103
MBWM	Mercantile Bank Corporation	1,535,325	$32.87M	2.0%	$11.94	+14.5%	Common	587376104
—	Sandy Spring Bancorp Inc.	1,132,075	$31.68M	1.9%	$22.83	—	Common	800363103
PGC	Peapack-Gladstone Financial Corporation	1,324,019	$29.42M	1.8%	$15.94	+21.7%	Common	704699107
—	First Midwest Bancorp, Inc.	1,475,110	$27.98M	1.7%	$13.97	—	Common	320867104
—	CenterState Banks, Inc.	2,025,273	$27.36M	1.7%	$9.74	—	Common	15201P109
—	Suffolk Bancorp	1,060,163	$27.2M	1.7%	$16.61	—	Common	864739107
—	CoBiz Financial Inc.	2,025,073	$26.47M	1.6%	$8.36	—	Common	190897108
—	Fidelity Southern Corporation	1,455,529	$25.38M	1.5%	$12.50	—	Common	316394105
—	TriState Capital Holdings, Inc.	1,949,877	$25.21M	1.5%	$11.04	—	Common	89678F100
—	CU Bancorp	1,125,614	$24.94M	1.5%	$18.04	—	Common	126534106
—	First NBC Bank	678,583	$24.43M	1.5%	$26.73	—	Common	32115D106
—	Boston Private Financial Holdings, Inc.	1,813,363	$24.32M	1.5%	$10.70	—	Common	101119105
—	MB Financial, Inc.	688,021	$23.7M	1.4%	$26.80	—	Common	55264U108
CPF	Central Pacific Financial Corp.	989,166	$23.49M	1.4%	$11.43	+35.7%	Common	154760409
—	Pacific Continental Corporation	1,691,652	$22.89M	1.4%	$12.20	—	Common	69412V108
BANR	Banner Corporation	454,908	$21.8M	1.3%	$21.83	+48.3%	Common	06652V208
WTFC	Wintrust Financial Corporation	373,352	$19.93M	1.2%	$36.77	+37.0%	Common	97650W108
EGBN	Eagle Bancorp, Inc.	447,726	$19.68M	1.2%	$17.07	+82.2%	Common	268948106
—	Park Sterling Corp.	2,518,730	$18.14M	1.1%	$5.91	—	Common	70086Y105
—	Cambridge Bancorp	389,026	$17.88M	1.1%	$39.64	—	Common	132152109
FRME	First Merchants Corp.	709,280	$17.52M	1.1%	$11.60	+50.1%	Common	320817109
—	Capital Bank Financial Corp.	595,524	$17.31M	1.1%	$22.96	—	Common	139794101
—	Southwest Bancorp, Inc.	895,007	$16.66M	1.0%	$14.01	—	Common	844767103
HFWA	Heritage Financial Corporation	914,238	$16.34M	1.0%	$15.21	+13.8%	Common	42722X106
OSBC	Old Second Bancorp, Inc.	2,475,284	$16.34M	1.0%	$4.40	+26.0%	Common	680277100
—	BSB Bancorp, Inc.	727,546	$16.09M	1.0%	$14.71	—	Common	05573H108
BMRC	Bank of Marin Bancorp	314,479	$16M	1.0%	$13.89	+30.8%	Common	063425102
HTBK	Heritage Commerce Corp	1,664,391	$15.99M	1.0%	$6.90	+32.4%	Common	426927109
FBIZ	First Business Financial Services	340,364	$15.96M	1.0%	$10.96	+55.8%	Common	319390100
—	Lakeland Bancorp, Inc.	1,330,930	$15.82M	1.0%	$11.03	—	Common	511637100
—	Stonegate Bank	491,017	$14.57M	0.9%	$17.86	—	Common	861811107
—	Heritage Financial Group	462,277	$13.95M	0.8%	$15.71	—	Common	42726X102
—	Heritage Oaks Bancorp	1,748,442	$13.76M	0.8%	$6.34	—	Common	42724R107
—	Union Bankshares Corporation	580,351	$13.49M	0.8%	$25.23	—	Common	90539J109
QCRH	QCR Holdings, Inc.	614,835	$13.38M	0.8%	$16.12	+18.5%	Common	74727A104
—	Iberiabank Corp	195,535	$13.34M	0.8%	$63.67	—	Common	450828108
NBHC	National Bank Holdings Corporation	639,700	$13.32M	0.8%	$14.46	+7.7%	Common	633707104
SF	Stifel Financial Corp.	216,096	$12.48M	0.8%	$20.11	+62.8%	Common	860630102
AMH	American Homes 4 Rent	777,800	$12.48M	0.8%	$17.76	—	Common	02665T306
WSBF	Waterstone Financial, Inc.	844,368	$11.15M	0.7%	$10.88	+19.3%	Common	94188P101
—	Codorus Valley Bancorp, Inc.	549,080	$11.11M	0.7%	$19.06	—	Common	192025104
SBCF	Seacoast Banking Corporation of Florida	694,029	$10.97M	0.7%	$11.18	+32.4%	Common	811707801
WTBFB	W.T.B. Financial Corporation	57,694	$10.82M	0.7%	$153.84	+23.1%	Common	929334209
—	Metro Bancorp Inc.	412,556	$10.78M	0.7%	$20.30	—	Common	59161R101
PEBO	Peoples Bancorp Inc.	458,231	$10.7M	0.7%	$24.06	-2.2%	Common	709789101
—	Old Line Bancshares, Inc.	666,496	$10.59M	0.6%	$13.30	—	Common	67984M100
—	Central Valley Community Bancorp	889,895	$10.53M	0.6%	$10.33	—	Common	155685100
SFST	Southern First Bancshares, Inc.	553,891	$9.915M	0.6%	$12.29	+43.5%	Common	842873101
SAMG	Silvercrest Asset Management Group Inc.	644,076	$9.056M	0.6%	$14.54	-2.1%	Common	828359109
—	Valley Financial Corporation	409,480	$8.746M	0.5%	$12.05	—	Common	919629105
—	Talmer Bancorp, Inc.	509,200	$8.529M	0.5%	$15.05	—	Common	87482X101
BSRR	Sierra Bancorp	483,735	$8.373M	0.5%	$9.06	+30.2%	Common	82620P102
—	First Security Group, Inc.	3,265,000	$7.999M	0.5%	$2.15	—	Common	336312202
AMBZ	American Business Bank	264,219	$7.689M	0.5%	$24.51	+15.7%	Common	02475L105
—	First Bancshares, Inc.	458,730	$7.638M	0.5%	$14.23	—	Common	318916103
FBNC	First Bancorp	450,164	$7.509M	0.5%	$12.31	+8.6%	Common	318910106
—	Bridge Capital Holdings	251,559	$7.496M	0.5%	$15.89	—	Common	108030107
—	Southern National Bancorp of Virginia,Inc.	647,829	$7.178M	0.4%	$9.80	—	Common	843395104
—	Security California Bancorp	492,955	$7.148M	0.4%	$10.70	—	Common	81412M103
—	1st Constitution Bancorp	618,685	$7.022M	0.4%	$9.85	—	Common	31986N102
—	Southeastern Bank Financial Corporation	232,537	$6.964M	0.4%	$23.28	—	Common	841584105
SYBT	Stock Yards Bancorp, Inc.	175,915	$6.648M	0.4%	$19.95	+19.0%	Common	861025104
—	LegacyTexas Financial Group, Inc.	214,072	$6.465M	0.4%	$23.25	—	Common	52471Y106
—	Chemical Financial Corp.	194,815	$6.441M	0.4%	$29.34	—	Common	163731102
—	NorthWest Indiana Bancorp	239,951	$6.371M	0.4%	$23.62	—	Common	667516108
UNTY	Unity Bancorp, Inc.	635,725	$6.224M	0.4%	$6.10	+18.1%	Common	913290102
—	Community Bankers Trust Corporation	1,248,327	$6.204M	0.4%	$4.09	—	Common	203612106
—	United Financial Bancorp, Inc.	455,486	$6.126M	0.4%	$13.44	—	Common	910304104
—	Avenue Financial Holdings, Inc.	485,000	$6.116M	0.4%	$12.51	—	Common	05358K102
—	First of Long Island Corp.	219,543	$6.086M	0.4%	$31.42	—	Common	320734106
—	FNB Bancorp	212,837	$5.959M	0.4%	$21.77	—	Common	302515101
—	First Choice Bank	353,541	$5.922M	0.4%	$16.75	—	Common	319461109
—	Community Financial Corporation	265,032	$5.698M	0.3%	$20.63	—	Common	20368X101
WBBW	Westbury Bancorp, Inc.	323,698	$5.61M	0.3%	$16.47	+5.1%	Common	95727P106
—	CommerceWest Bank	379,102	$5.535M	0.3%	$12.79	—	Common	20084T103
—	Bay Commercial Bank	469,010	$5.534M	0.3%	$9.95	—	Common	072199102
HTH	Hilltop Holdings Inc.	227,532	$5.481M	0.3%	$15.00	+43.6%	Common	432748101
—	Mackinac Financial Corporation	516,707	$5.441M	0.3%	$9.15	—	Common	554571109
—	Aspen Insurance Holdings Limited	111,712	$5.351M	0.3%	$39.70	—	Common	G05384105
—	BB&T Corporation	132,055	$5.323M	0.3%	$40.31	—	Common	054937107
OBT	Orange County Bancorp	113,043	$5.313M	0.3%	$10.06	+13.2%	Common	68417L107
AVBH	Avidbank Holdings, Inc.	417,179	$5.256M	0.3%	$10.58	+18.3%	Common	05368J103
—	Baylake Corp.	413,668	$5.233M	0.3%	$11.78	—	Common	072788102
CNOB	ConnectOne Bancorp, Inc.	242,700	$5.225M	0.3%	$15.11	+4.3%	Common	20786W107
SHBI	Shore Bancshares, Inc.	553,037	$5.215M	0.3%	$9.32	+0.1%	Common	825107105
—	Charter Financial Corporation	411,395	$5.105M	0.3%	$10.46	—	Common	16122W108
WTBA	West Bancorporation, Inc.	251,578	$4.991M	0.3%	$11.55	+64.9%	Common	95123P106
HIFS	Hingham Institution for Savings	43,266	$4.98M	0.3%	$58.20	+65.6%	Common	433323102
—	Yadkin Financial Corporation	237,561	$4.977M	0.3%	$14.04	—	Common	984305102
—	Cornerstone Bancshares, Inc.	1,249,406	$4.973M	0.3%	$3.37	—	Common	218924108
—	Cardinal Financial Corporation	226,278	$4.931M	0.3%	$16.77	—	Common	14149F109
FCCO	First Community Corporation	404,319	$4.917M	0.3%	$7.50	+24.7%	Common	319835104
—	MBT Financial Corp.	840,633	$4.825M	0.3%	$5.04	—	Common	578877102
—	DCB Financial Corp	654,559	$4.746M	0.3%	$5.75	—	Common	233075100
—	California Bank of Commerce	333,986	$4.542M	0.3%	$10.80	—	Common	13005C101
SFBS	ServisFirst Bancshares, Inc.	120,600	$4.531M	0.3%	$12.46	+23.0%	Common	81768T108
NODB	North Dallas Bank & Trust Co.	71,687	$4.516M	0.3%	$48.15	—	Common	659012108
—	First Virginia Community Bank	300,000	$4.5M	0.3%	$14.40	—	Common	337480107
RVSB	Riverview Bancorp, Inc.	1,035,564	$4.432M	0.3%	$1.91	+74.1%	Common	769397100
—	Bryn Mawr Bank Corporation	144,952	$4.372M	0.3%	$23.93	—	Common	117665109
—	FCB Financial Holdings, Inc.	136,871	$4.352M	0.3%	$23.07	—	Common	30255G103
OVLY	Oak Valley Bancorp	439,508	$4.329M	0.3%	$8.19	+17.9%	Common	671807105
ABCB	Ameris Bancorp	170,551	$4.313M	0.3%	$17.91	+25.5%	Common	03076K108
—	MainSource Financial Group, Inc.	195,938	$4.301M	0.3%	$14.04	—	Common	56062Y102
—	Sussex Bancorp	353,488	$4.26M	0.3%	$10.62	—	Common	869245100
—	San Diego Private Bank	286,024	$4.227M	0.3%	$12.55	—	Common	79744Y100
—	Bridge Bancorp Inc.	152,965	$4.083M	0.2%	$25.83	—	Common	108035106
ISTR	Investar Holding	265,000	$4.028M	0.2%	$14.09	+10.9%	Common	46134L105
—	Valley Commerce Bancorp	257,503	$3.966M	0.2%	$13.19	—	Common	919518100
—	MainStreet Bank	383,726	$3.914M	0.2%	$8.80	—	Common	56064A102
—	First Community Financial Partners, Inc.	598,508	$3.86M	0.2%	$4.62	—	Common	31985Q106
—	Palmetto Bancshares, Inc.	194,443	$3.844M	0.2%	$13.00	—	Common	697062206
—	Westfield Financial Inc.	524,933	$3.837M	0.2%	$7.42	—	Common	96008P104
—	SBM Financial - Maine	18,000	$3.762M	0.2%	$86.50	—	Common	78404H100
—	Paragon Commercial Corporation	162,675	$3.725M	0.2%	$21.72	—	Common	69911U403
—	John Marshall Bank	228,000	$3.669M	0.2%	$17.89	—	Common	47804G103
—	Northeast Community Bancorp, Inc.	489,307	$3.65M	0.2%	$6.46	—	Common	664112109
FXNC	First National Corporation	364,474	$3.627M	0.2%	$5.09	+49.1%	Common	32106V107
—	Enterprise Bancorp, Inc.	154,016	$3.61M	0.2%	$18.83	—	Common	293668109
PSBQ	PSB Holdings, Inc.	83,079	$3.572M	0.2%	$9.64	+44.7%	Common	69360N108
PKBK	Parke Bancorp, Inc.	268,676	$3.447M	0.2%	$4.79	+55.0%	Common	700885106
—	Century Bancorp, Inc.	83,688	$3.403M	0.2%	$34.44	—	Common	156432106
—	Guaranty Federal Bancshares, Inc.	230,000	$3.386M	0.2%	$12.79	—	Common	40108P101
—	Centrue Financial Corporation	223,815	$3.357M	0.2%	$0.38	—	Common	15643B106
OCFC	OceanFirst Financial Corp.	178,451	$3.328M	0.2%	$9.84	+20.3%	Common	675234108
FMNB	Farmers National Banc Corp.	402,250	$3.319M	0.2%	$4.42	+29.7%	Common	309627107
FGFH	Foresight Financial Group, Inc.	143,753	$3.292M	0.2%	$17.02	+12.5%	Common	345526107
VABK	Virginia National Bankshares Corp.	146,909	$3.286M	0.2%	$17.96	+17.7%	Common	928031103
—	River Valley Bancorp	139,597	$3.236M	0.2%	$21.44	—	Common	768475105
—	Green Bancorp, Inc.	205,000	$3.149M	0.2%	$12.12	—	Common	39260X100
—	Premier Commercial Bancorp	483,998	$3.098M	0.2%	$4.40	—	Common	74048M100
AUBN	Auburn National Bancorporation, Inc.	120,094	$3.09M	0.2%	$14.50	+19.4%	Common	050473107
UCB	United Community Banks, Inc.	146,604	$3.06M	0.2%	$17.28	+11.2%	Common	90984P303
BWFG	Bankwell Financial Group, Inc.	171,300	$3.054M	0.2%	$15.80	-5.6%	Common	06654A103
DHIL	Diamond Hill Investment Group, Inc.	15,288	$3.052M	0.2%	$41.91	+149.3%	Common	25264R207
BFC	Bank First National Corporation	125,256	$3.019M	0.2%	$16.65	+17.8%	Common	06211J100
—	Veritex Holdings, Inc.	201,250	$3.007M	0.2%	$14.17	—	Common	923451108
ACIC	United Insurance Holdings Corp.	193,369	$3.005M	0.2%	$10.63	+24.2%	Common	910710102
UVSP	Univest Corporation of Pennsylvania	146,947	$2.992M	0.2%	$18.38	+6.8%	Common	915271100
—	Fauquier Bancshares, Inc.	186,047	$2.956M	0.2%	$12.45	—	Common	312059108
—	Carter Bank & Trust	233,558	$2.943M	0.2%	$12.17	—	Common	146102108
—	Lake Shore Bancorp	217,427	$2.92M	0.2%	$12.61	—	Common	510700107
—	Peoples Bancorp, Inc.	85,466	$2.863M	0.2%	$31.14	—	Common	709788202
ORRF	Orrstown Financial Services, Inc	175,227	$2.835M	0.2%	$11.32	+10.1%	Common	687380105
—	Macatawa Bank Corporation	532,920	$2.824M	0.2%	$5.31	—	Common	554225102
—	Emclaire Financial Corp.	117,207	$2.806M	0.2%	$23.94	—	Common	290828102
—	Presidio Bank	222,562	$2.782M	0.2%	$12.07	—	Common	74101A100
—	Xenith Bankshares, Inc.	444,932	$2.674M	0.2%	$6.08	—	Common	98410X105
—	Chicopee Bancorp, Inc.	153,730	$2.629M	0.2%	$16.88	—	Common	168565109
—	Ameriana Bancorp	121,783	$2.593M	0.2%	$14.35	—	Common	023613102
FCNCA	First Citizens BancShares, Inc.	9,801	$2.578M	0.2%	$233.09	+2.7%	Common	31946M103
—	Manning & Napier, Inc.	258,003	$2.572M	0.2%	$12.71	—	Common	56382Q102
—	Access National Corporation	129,764	$2.523M	0.2%	$13.05	—	Common	004337101
CBKM	Consumers Bancorp, Inc.	136,792	$2.517M	0.2%	$13.41	-4.1%	Common	210509105
—	Suncrest Bank	305,063	$2.517M	0.2%	$6.85	—	Common	86723G109
FRBA	First Bank	418,734	$2.512M	0.2%	$5.36	+0.1%	Common	31931U102
—	First Security, Inc.	107,442	$2.509M	0.2%	$27.37	—	Common	336327101
—	National General Holdings Corporation	120,000	$2.5M	0.2%	$14.00	—	Common	636220303
QNBC	QNB Corp.	84,712	$2.491M	0.2%	$25.12	+17.5%	Common	74726N107
—	Community Southern Holdings, Inc.	214,389	$2.491M	0.2%	$8.75	—	Common	20405E108
TFIN	Triumph Bancorp, Inc.	188,000	$2.472M	0.2%	$13.63	-3.5%	Common	89679E300
—	Sterling Bancorp	167,633	$2.464M	0.1%	$14.70	—	Common	85917A100
—	American River Bankshares	264,361	$2.464M	0.1%	$8.80	—	Common	029326105
—	Blackhawk Bancorp, Inc.	156,844	$2.439M	0.1%	$9.45	—	Common	09237E204
—	First Menasha Bancshares, Inc.	33,503	$2.419M	0.1%	$70.50	—	Common	32081P109
PEBK	Peoples Bancorp of North Carolina, Inc.	129,178	$2.369M	0.1%	$12.04	+38.7%	Common	710577107
FRBKQ	Republic First Bancorp, Inc.	670,900	$2.328M	0.1%	$2.90	+22.1%	Common	760416107
—	Guaranty Bancorp	140,942	$2.327M	0.1%	$12.08	—	Common	40075T607
HBNC	Horizon Bancorp	93,176	$2.326M	0.1%	$10.54	+0.9%	Common	440407104
—	National Commerce Corporation	90,000	$2.322M	0.1%	$21.96	—	Common	63546L102
—	American Riviera Bank	239,697	$2.313M	0.1%	$9.78	—	Common	02932A106
—	West Suburban Bancorp, Inc.	6,207	$2.297M	0.1%	$345.33	—	Common	956152409
—	Bank of Commerce Holdings	398,751	$2.285M	0.1%	$5.13	—	Common	06424J103
—	1st Capital Bank	198,221	$2.28M	0.1%	$11.43	—	Common	31944C107
—	Bank of Southern California, N. A.	320,000	$2.272M	0.1%	$6.50	—	Common	065104101
—	Puget Sound Bank	143,158	$2.269M	0.1%	$13.60	—	Common	74531Y108
FNLC	The First Bancorp, Inc.	115,000	$2.236M	0.1%	$9.14	+14.5%	Common	31866P102
FISI	Financial Institutions, Inc.	89,261	$2.217M	0.1%	$14.31	+6.8%	Common	317585404
—	Southcoast Financial Corporation	255,753	$2.176M	0.1%	$6.18	—	Common	84129R100
—	Northway Financial, Inc.	102,320	$2.154M	0.1%	$20.36	—	Common	667270201
CSHX	Cashmere Valley Bank	56,892	$2.151M	0.1%	$24.29	+9.7%	Common	14756K102
—	Northwest Bancorporation, Inc.	239,654	$2.145M	0.1%	$7.94	—	Common	667337109
—	Mechanics Bank	80	$2.144M	0.1%	$26188.87	—	Common	583614102
—	WashingtonFirst Bankshares, Inc.	125,299	$2.106M	0.1%	$13.42	—	Common	940730104
—	Clifton Bancorp Inc.	148,332	$2.075M	0.1%	$11.72	—	Common	186873105
TCBK	TriCo Bancshares	85,118	$2.047M	0.1%	$21.62	+11.0%	Common	896095106
—	Malvern Bancorp, Inc.	135,319	$2.008M	0.1%	$11.71	—	Common	561409103
BKOR	Oak Ridge Financial Services, Inc.	195,702	$2.006M	0.1%	$7.17	—	Common	671768109
TCBI	Texas Capital Bancshares, Inc.	31,936	$1.988M	0.1%	$45.57	+20.2%	Common	88224Q107
GNW	Genworth Financial, Inc.	259,822	$1.967M	0.1%	$16.23	-50.8%	Common	37247D106
JRVR	James River Group Holdings, Ltd.	75,000	$1.94M	0.1%	$22.03	+8.7%	Common	G5005R107
—	Midsouth Bancorp, Inc.	125,757	$1.919M	0.1%	$15.33	—	Common	598039105
—	Carolina Trust Bank	372,714	$1.912M	0.1%	$3.48	—	Common	144200102
FNRN	First Northern Community Bancorp	246,345	$1.885M	0.1%	$5.57	+8.6%	Common	335925103
—	HopFed Bancorp, Inc.	157,300	$1.861M	0.1%	$10.80	—	Common	439734104
QNTO	Quaint Oak Bancorp	86,500	$1.86M	0.1%	$8.01	+28.9%	Common	74732T106
BHB	Bar Harbor Bankshares	52,408	$1.857M	0.1%	$10.17	+58.9%	Common	066849100
EFSI	Eagle Financial Services Inc.	78,851	$1.853M	0.1%	$15.06	+8.7%	Common	26951R104
—	Flagstar Bancorp, Inc.	98,900	$1.828M	0.1%	$17.10	—	Common	337930705
LFGP	Ledyard Financial Group, Inc.	37,004	$1.813M	0.1%	$14.39	+20.1%	Common	523338101
—	PrivateBancorp, Inc.	45,500	$1.812M	0.1%	$30.12	—	Common	742962103
—	Federated National Holding Company	74,000	$1.791M	0.1%	$21.62	—	Common	31422T101
—	NI Bancshares Corporation	45,343	$1.705M	0.1%	$38.69	—	Common	62913U109
BANC	Banc of California, Inc.	123,204	$1.694M	0.1%	$9.14	+10.6%	Common	05990K106
WASH	Washington Trust Bancorp, Inc.	42,575	$1.681M	0.1%	$19.97	+12.0%	Common	940610108
TRVR	Two Rivers Financial Group, Inc.	72,487	$1.671M	0.1%	$16.71	+17.8%	Common	90206L106
—	First BancTrust Corporation	102,940	$1.668M	0.1%	$16.27	—	Common	31868G100
—	Independent Bank Group, Inc	38,500	$1.652M	0.1%	$30.40	—	Common	45384B106
—	Carolina Bank Holdings, Inc.	135,400	$1.64M	0.1%	$11.81	—	Common	143785103
—	Focus Business Bank	89,941	$1.619M	0.1%	$14.11	—	Common	34415X105
—	Royal Financial, Inc.	179,182	$1.613M	0.1%	$5.28	—	Common	78027P109
MFGI	Merchants Financial Group, Inc.	37,781	$1.604M	0.1%	$8.93	+19.6%	Common	588538108
CZFS	Citizens Financial Services	32,572	$1.596M	0.1%	$34.74	-2.9%	Common	174615104
—	Illini Corporation	36,532	$1.529M	0.1%	$42.70	—	Common	45177K206
FCOB	1st Colonial Bancorp	209,306	$1.528M	0.1%	$5.32	+28.6%	Common	319716106
—	First Capital Bancorp, Inc.	355,739	$1.508M	0.1%	$4.14	—	Common	319438107
—	ESSA Bancorp, Inc.	116,286	$1.495M	0.1%	$10.96	—	Common	29667D104
—	Community Bank of Santa Maria	190,954	$1.482M	0.1%	$7.36	—	Common	203598107
—	First Defiance Financial Corp.	39,463	$1.481M	0.1%	$22.60	—	Common	32006W106
PBNK	Pinnacle Bank	172,218	$1.455M	0.1%	$6.38	+12.1%	Common	72346K107
—	Heritage Bankshares, Inc.	91,319	$1.443M	0.1%	$13.73	—	Common	42721M101
MVLY	Mission Valley Bancorp	197,658	$1.433M	0.1%	$6.09	+5.1%	Common	60520E104
—	Independent Alliance Banks, Inc.	54,013	$1.431M	0.1%	$23.67	—	Common	45380E104
—	Select Bancorp, Inc.	200,772	$1.425M	0.1%	$6.71	—	Common	81617L108
—	People's Bank of Commerce	157,080	$1.414M	0.1%	$9.68	—	Common	710311101
—	Cordia Bancorp Inc.	367,435	$1.407M	0.1%	$3.76	—	Common	218513109
IROQ	IF Bancorp, Inc.	85,036	$1.406M	0.1%	$16.71	-0.4%	Common	44951J105
—	HomeTown Bankshares Corporation	180,618	$1.4M	0.1%	$6.33	—	Common	43787N108
—	Aquesta Financial Holdings, Inc.	167,808	$1.376M	0.1%	$8.46	—	Common	03842L109
—	SouthCrest Financial Group, Inc.	251,400	$1.37M	0.1%	$5.41	—	Common	84129X107
—	Eastern Virginia Bankshares, Inc.	215,078	$1.357M	0.1%	$5.00	—	Common	277196101
CCNE	CNB Financial Corporation	73,706	$1.356M	0.1%	$12.08	+5.1%	Common	126128107
—	SBT Bancorp, Inc.	58,935	$1.356M	0.1%	$28.13	—	Common	78391C106
—	Bank of Santa Clarita	143,430	$1.341M	0.1%	$9.19	—	Common	06424K100
—	NewBridge Bancorp	150,000	$1.34M	0.1%	$8.93	—	Common	65080T102
HFBL	Home Federal Bancorp, Inc. of Louisiana	65,576	$1.325M	0.1%	$8.77	+12.5%	Common	43708L108
—	Fentura Financial, Inc.	88,588	$1.262M	0.1%	$10.40	—	Common	314645102
—	Idaho Independent Bank	163,432	$1.258M	0.1%	$7.09	—	Common	45129P105
PGNN	Paragon Financial Solutions, Inc.	158,812	$1.231M	0.1%	$6.03	+24.8%	Common	69912S100
—	First Colebrook Bancorp, Inc.	58,027	$1.221M	0.1%	$21.04	—	Common	31971A107
SOMC	Southern Michigan Bancorp Inc.	52,630	$1.21M	0.1%	$6.72	+25.9%	Common	84336P103
FGBI	First Guaranty Bancshares, Inc.	65,912	$1.203M	0.1%	$9.66	0.0%	Common	32043P106
LKFN	Lakeland Financial Corporation	26,092	$1.132M	0.1%	$13.19	+56.4%	Common	511656100
FFBB	Communities First Financial Corporation	109,552	$1.117M	0.1%	$10.43	0.0%	Common	20344D104
—	Sevier County Bancshares, Inc.	110,000	$1.1M	0.1%	$10.00	—	Common	81817P206
—	BankFinancial Corporation	93,376	$1.1M	0.1%	$10.89	—	Common	06643P104
INDB	Independent Bank Corp.	23,119	$1.084M	0.1%	$27.68	+19.2%	Common	453836108
COLB	Columbia Banking System, Inc.	32,956	$1.072M	0.1%	$16.65	+15.8%	Common	197236102
—	DNB Financial Corporation	41,292	$1.067M	0.1%	$17.76	—	Common	233237106
—	North State Bancorp	110,478	$1.04M	0.1%	$5.58	—	Common	662585108
AMFC	AMB Financial Corp.	93,750	$1.022M	0.1%	$8.50	+13.8%	Common	001984103
MBCN	Middlefield Banc Corp.	30,963	$1.014M	0.1%	$10.21	+16.2%	Common	596304204
—	Professional Holding Corp.	90,000	$995K	0.1%	$11.06	—	Common	743139107
—	Commencement Bank	75,000	$994K	0.1%	$13.25	—	Common	20051L109
—	Atlantic Coast Financial Corporation	222,600	$991K	0.1%	$4.28	—	Common	048426100
RCBC	River City Bank	6,852	$959K	0.1%	$9.85	+41.5%	Common	76803X106
—	First America Holdings Corporation	106,250	$866K	0.1%	$5.00	—	Common	318476108
GLBZ	Glen Burnie Bancorp	70,849	$854K	0.1%	$7.75	+10.5%	Common	377407101
—	PSB Holdings	105,486	$854K	0.1%	$5.61	—	Common	69360W108
—	Town and Country Financial Corporation	73,228	$844K	0.1%	$10.62	—	Common	892039108
—	Square 1 Financial, Inc.	30,700	$840K	0.1%	$19.01	—	Common	85223W101
CYFL	Century Financial Corporation	57,512	$822K	0.1%	$8.84	+10.6%	Common	15652L102
—	Salisbury Bancorp, Inc.	24,606	$780K	0.0%	$26.07	—	Common	795226109
—	Franklin Financial Network, Inc.	33,500	$768K	0.0%	$17.31	—	Common	35352P104
PFBC	Preferred Bank	24,600	$739K	0.0%	$16.93	+68.9%	Common	740367404
—	Coastal Banking Co., Inc.	72,015	$713K	0.0%	$8.34	—	Common	19041N100
—	Fox Chase Bancorp, Inc.	41,429	$701K	0.0%	$16.99	—	Common	35137T108
PFLC	Pacific Financial Corporation	104,214	$669K	0.0%	$4.31	-0.7%	Common	694275108
—	County Bancorp, Inc.	35,000	$665K	0.0%	$19.69	—	Common	221907108
—	Lighthouse Bank	45,479	$655K	0.0%	$11.89	—	Common	53223T106
ONB	Old National Bancorp	45,121	$652K	0.0%	$13.50	+4.3%	Common	680033107
SOME	Somerset Trust Holding Company	15,244	$640K	0.0%	$29.91	-2.1%	Common	835126103
—	Jacksonville Bancorp, Inc.	53,850	$632K	0.0%	$12.61	—	Common	469249205
—	Foundation Bancorp, Inc.	60,880	$578K	0.0%	$9.49	—	Common	35040A105
—	Commerce Union Bancshares, Inc.	39,600	$574K	0.0%	$13.01	—	Common	200828101
CBOE	CBOE Holdings	10,000	$572K	0.0%	$33.33	+50.7%	Common	12503M108
SSBI	Summit State Bank	43,000	$564K	0.0%	$4.89	+42.3%	Common	866264203
—	Village Bank and Trust Financial Corp.	28,250	$557K	0.0%	$17.31	—	Common	92705T200
—	First Busey Corporation	83,000	$545K	0.0%	$6.37	—	Common	319383105
IBCP	Independent Bank Corporation	37,698	$511K	0.0%	$5.76	+61.2%	Common	453838609
VLY	Valley National Bancorp, Inc.	48,451	$500K	0.0%	$9.69	+0.6%	Common	919794107
—	Your Community Bankshares, Inc.	17,646	$483K	0.0%	$27.37	—	Common	98779U106
EMYB	Embassy Bancorp, Inc.	45,000	$477K	0.0%	$6.66	+28.9%	Common	290791102
—	Sun Bancorp, Inc.	24,380	$469K	0.0%	$4.01	—	Common	86663B102
SBNC	Southern BancShares (N.C.), Inc.	214	$369K	0.0%	$1689.02	+1.2%	Common	842243107
—	First Financial Northwest, Inc.	28,200	$351K	0.0%	$10.89	—	Common	32022K102
—	Old Point Financial Corporation	21,927	$343K	0.0%	$13.10	—	Common	680194107
—	America California Bank	33,000	$336K	0.0%	$10.18	—	Common	02364B101
BAOB	Baraboo Bancorporation, Inc.	179,455	$323K	0.0%	$1.27	+24.3%	Common	067021105
KRNY	Kearny Financial Corp.	27,884	$311K	0.0%	$10.55	0.0%	Common	48716P108
—	Heartland BancCorp	6,080	$293K	0.0%	$48.19	—	Common	421962101
—	Bank of Napa, N.A.	31,365	$262K	0.0%	$8.30	—	Common	063770101
—	Centerpointe Community Bank	31,200	$249K	0.0%	$6.96	—	Common	15200G100
CCFN	CCFNB Bancorp Inc.	6,000	$240K	0.0%	$21.81	+17.4%	Common	124880105
—	CNLBancshares, Inc	31,934	$232K	0.0%	$7.26	—	Common	189748106
—	Cornerstone Financial	93,071	$228K	0.0%	$2.51	—	Common	21925G102
—	AJS Bancorp, Inc.	14,500	$219K	0.0%	$13.59	—	Common	001503101
—	Mars National Bancorp	525	$218K	0.0%	$415.24	—	Common	571697101
—	York Traditions Bank	17,175	$208K	0.0%	$12.11	—	Common	987159100
CBFV	CB Financial Services, Inc.	9,731	$194K	0.0%	$13.03	0.0%	Common	12479G101
—	Merchants Bancshares, Inc.	5,801	$192K	0.0%	$33.10	—	Common	588448100
BOTJ	Bank of the James Financial Group, Inc.	15,000	$170K	0.0%	$7.83	0.0%	Common	470299108
—	Beneficial Mutual Bancorp, Inc.	13,312	$166K	0.0%	$11.27	—	Common	08171T102
—	Howard Bancorp, Inc.	11,187	$157K	0.0%	$11.32	—	Common	442496105
—	Bancorp of New Jersey, Inc.	11,716	$135K	0.0%	$11.36	—	Common	059915108
—	Cascade Bancorp	15,000	$78,000	0.0%	$4.80	—	Common	147154207
ORPB	Oregon Pacific Bancorp	21,659	$78,000	0.0%	$3.45	-17.3%	Common	686040205
SFBC	Sound Financial Bancorp	1,619	$34,000	0.0%	$16.54	0.0%	Common	83607A100