Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	BNC BANCORP	1,753,276	$61.45M	4.9%	$23.92	—	COM	05566T101
IWM	ISHARES TR	412,500	$56.71M	4.6%	—	—	Put	464287655
SPY	SPDR S&P 500 ETF TR	225,000	$53.04M	4.3%	—	—	Put	78462F103
—	SPDR SERIES TRUST	675,000	$36.86M	3.0%	—	—	Put	78464a698
—	PARK STERLING CORP	2,920,738	$35.95M	2.9%	$10.05	—	COM	70086Y105
—	SELECT SECTOR SPDR TR	1,425,000	$33.81M	2.7%	—	—	Put	81369y605
SBCF	SEACOAST BKG CORP FLA	1,306,346	$31.33M	2.5%	$19.16	+19.6%	COM NEW	811707801
—	IBERIABANK CORP	358,300	$28.34M	2.3%	$80.40	—	COM	450828108
—	ATLANTIC CAP BANCSHARES INC	1,454,294	$27.56M	2.2%	$15.06	—	COM	048269203
—	OPUS BK IRVINE CALIF	1,228,420	$24.75M	2.0%	$30.90	—	COM	684000102
TFIN	TRIUMPH BANCORP INC	927,560	$23.93M	1.9%	$13.85	+91.4%	COM	89679E300
ABCB	AMERIS BANCORP	515,030	$23.74M	1.9%	$27.83	+45.9%	COM	03076K108
—	FB FINL CORP	652,224	$23.06M	1.9%	$24.68	—	COM	30257x104
—	FIRST FNDTN INC	1,450,582	$22.5M	1.8%	$15.51	—	COM	32026v104
—	BANKUNITED INC	585,720	$21.85M	1.8%	$35.18	—	COM	06652k103
—	UNITED FINL BANCORP INC NEW	1,172,513	$19.94M	1.6%	$13.51	—	COM	910304104
—	METLIFE INC	375,000	$19.8M	1.6%	—	—	Put	59156r108
FBNC	FIRST BANCORP N C	605,015	$17.72M	1.4%	$21.95	+11.5%	COM	318910106
VLY	VALLEY NATL BANCORP	1,496,500	$17.66M	1.4%	$11.48	+4.5%	COM	919794107
—	ASTORIA FINL CORP	825,000	$16.92M	1.4%	$15.77	—	COM	046265104
OCFC	OCEANFIRST FINL CORP	578,860	$16.31M	1.3%	$13.64	+53.1%	COM	675234108
—	COWEN GROUP INC NEW	1,053,757	$15.75M	1.3%	$15.50	—	CL A NEW	223622606
—	BOSTON PRIVATE FINL HLDGS IN	959,511	$15.74M	1.3%	$11.57	—	COM	101119105
—	GUARANTY BANCORP DEL	619,061	$15.07M	1.2%	$24.20	—	COM NEW	40075T607
WAL	WESTERN ALLIANCE BANCORP	300,000	$14.73M	1.2%	$30.48	+42.6%	COM	957638109
—	XENITH BANKSHARES INC NEW	579,855	$14.71M	1.2%	$27.67	—	COM NEW	984102202
—	EQUITY BANCSHARES INC	446,480	$14.19M	1.1%	$25.45	—	COM CL A	29460x109
BK	BANK NEW YORK MELLON CORP	300,000	$14.17M	1.1%	—	—	Put	064058100
AIG	AMERICAN INTL GROUP INC	225,000	$14.05M	1.1%	—	—	Put	026874784
—	STATE BK FINL CORP	528,728	$13.81M	1.1%	$20.72	—	COM	856190103
—	VISA INC	150,000	$13.33M	1.1%	$88.87	—	COM CL A	92826c839
COF	CAPITAL ONE FINL CORP	150,000	$13M	1.0%	—	—	Put	14040H105
—	LAKELAND BANCORP INC	650,000	$12.74M	1.0%	$19.50	—	COM	511637100
WFC	WELLS FARGO & CO NEW	225,000	$12.52M	1.0%	—	—	Put	949746101
STT	STATE STR CORP	150,000	$11.94M	1.0%	—	—	Put	857477103
—	PACIFIC PREMIER BANCORP	306,619	$11.82M	0.9%	$38.55	—	COM	69478x105
EEM	ISHARES TR	300,000	$11.82M	0.9%	—	—	Put	464287234
HTB	HOMETRUST BANCSHARES INC	492,539	$11.57M	0.9%	$15.70	+56.3%	COM	437872104
HFWA	HERITAGE FINL CORP WASH	455,332	$11.27M	0.9%	$25.05	0.0%	COM	42722X106
—	FIRST BANCSHARES INC MS	392,934	$11.2M	0.9%	$19.13	—	COM	318916103
—	CIT GROUP INC	259,030	$11.12M	0.9%	$42.93	—	COM NEW	125581801
HOMB	HOME BANCSHARES INC	386,250	$10.46M	0.8%	$20.58	+33.5%	COM	436893200
—	FIDELITY SOUTHERN CORP NEW	459,501	$10.28M	0.8%	$17.66	—	COM	316394105
—	BB&T CORP	225,000	$10.06M	0.8%	—	—	Put	054937107
—	ATHENE HLDG LTD	198,870	$9.942M	0.8%	$49.99	—	CL A	G0684D107
JPM	JPMORGAN CHASE & CO	112,500	$9.882M	0.8%	—	—	Put	46625H100
—	CAPITAL BK FINL CORP	225,000	$9.765M	0.8%	$39.25	—	CL A COM	139794101
SFST	SOUTHERN FIRST BANCSHARES IN	289,852	$9.464M	0.8%	$22.19	+54.0%	COM	842873101
SCHW	SCHWAB CHARLES CORP NEW	225,000	$9.183M	0.7%	—	—	Put	808513105
—	VERITEX HLDGS INC	322,860	$9.079M	0.7%	$21.56	—	COM	923451108
CFG	CITIZENS FINL GROUP INC	250,000	$8.637M	0.7%	$16.42	+57.1%	COM	174610105
SAMG	SILVERCREST ASSET MGMT GROUP	600,761	$7.99M	0.6%	$12.89	+6.0%	CL A	828359109
WNEB	WESTERN NEW ENG BANCORP INC	719,518	$7.555M	0.6%	$7.76	0.0%	COM	958892101
—	HOMESTREET INC	262,670	$7.342M	0.6%	$27.95	—	COM	43785v102
—	CASCADE BANCORP	948,910	$7.316M	0.6%	$7.71	—	COM NEW	147154207
BAC	BANK AMER CORP	300,600	$7.091M	0.6%	$11.72	+65.4%	COM	060505104
AER	AERCAP HOLDINGS NV	150,000	$6.895M	0.6%	$42.37	+4.1%	SHS	N00985106
—	HERITAGE OAKS BANCORP	507,720	$6.778M	0.5%	$13.35	—	COM	42724r107
—	OLD LINE BANCSHARES INC	229,211	$6.528M	0.5%	$18.00	—	COM	67984m100
—	M & T BK CORP	80,000	$6.456M	0.5%	$37.91	—	*W EXP 12/23/201	55261F112
KBE	SPDR SERIES TRUST	150,000	$6.446M	0.5%	—	—	Put	78464A797
FCCO	FIRST CMNTY CORP S C	292,490	$6.434M	0.5%	$10.08	+61.5%	COM	319835104
—	PARAGON COML CORP	117,810	$6.302M	0.5%	$36.36	—	COM NEW	69911U403
—	ALLY FINL INC	302,650	$6.153M	0.5%	$20.33	—	COM	02005n100
ALL	ALLSTATE CORP	75,000	$6.112M	0.5%	—	—	Put	020002101
AXP	AMERICAN EXPRESS CO	75,000	$5.933M	0.5%	—	—	Put	025816109
PGR	PROGRESSIVE CORP OHIO	150,000	$5.876M	0.5%	—	—	Put	743315103
—	CENTERSTATE BANKS INC	218,375	$5.656M	0.5%	$25.90	—	COM	15201P109
—	SOUTHERN NATL BANCORP OF VA	321,441	$5.441M	0.4%	$11.01	—	COM	843395104
—	CAROLINA FINL CORP NEW	181,175	$5.436M	0.4%	$30.00	—	COM	143873107
HLI	HOULIHAN LOKEY INC	154,982	$5.339M	0.4%	$17.75	+49.6%	CL A	441593100
—	ATLANTIC COAST FINL CORP	696,762	$5.309M	0.4%	$4.38	—	COM	048426100
CAC	CAMDEN NATL CORP	120,000	$5.285M	0.4%	$22.06	+39.0%	COM	133034108
—	MANNING & NAPIER INC	903,497	$5.15M	0.4%	$6.73	—	CL A	56382q102
CMA	COMERICA INC	75,000	$5.143M	0.4%	—	—	Put	200340107
—	SYNOVUS FINL CORP	125,000	$5.127M	0.4%	$28.74	—	COM NEW	87161C501
RNST	RENASANT CORP	121,880	$4.837M	0.4%	$37.92	+6.6%	COM	75970E107
—	ASB BANCORP INC N C	141,615	$4.815M	0.4%	$20.80	—	COM	00213T109
—	NEW YORK CMNTY BANCORP INC	331,478	$4.631M	0.4%	$16.01	—	COM	649445103
—	FIRST CONN BANCORP INC MD	185,854	$4.609M	0.4%	$18.95	—	COM	319850103
—	FIRST MIDWEST BANCORP DEL	190,824	$4.519M	0.4%	$23.68	—	COM	320867104
PNC	PNC FINL SVCS GROUP INC	37,500	$4.509M	0.4%	—	—	Put	693475105
C	CITIGROUP INC	75,000	$4.486M	0.4%	$36.36	+22.9%	Put	172967424
—	GREEN BANCORP INC	251,620	$4.479M	0.4%	$17.80	—	COM	39260x100
—	BANCORPSOUTH INC	145,880	$4.413M	0.4%	$30.25	—	COM	059692103
UBSI	UNITED BANKSHARES INC WEST V	100,000	$4.225M	0.3%	$42.45	+3.8%	COM	909907107
—	SUNTRUST BKS INC	75,000	$4.147M	0.3%	—	—	Put	867914103
USB	US BANCORP DEL	75,000	$3.862M	0.3%	—	—	Put	902973304
FITB	FIFTH THIRD BANCORP	150,000	$3.81M	0.3%	—	—	Put	316773100
SHBI	SHORE BANCSHARES INC	219,321	$3.665M	0.3%	$9.89	+66.2%	COM	825107105
HIG	HARTFORD FINL SVCS GROUP INC	75,000	$3.605M	0.3%	—	—	Put	416515104
—	EVANS BANCORP INC	93,364	$3.585M	0.3%	$31.97	—	COM NEW	29911Q208
—	E TRADE FINANCIAL CORP	100,000	$3.489M	0.3%	$26.75	—	COM NEW	269246401
—	DISCOVER FINL SVCS	50,000	$3.419M	0.3%	$52.94	—	COM	254709108
NTRS	NORTHERN TR CORP	37,500	$3.247M	0.3%	—	—	Put	665859104
OSBC	OLD SECOND BANCORP INC ILL	283,288	$3.187M	0.3%	$6.75	+46.6%	COM	680277100
ZION	ZIONS BANCORPORATION	75,000	$3.15M	0.3%	—	—	Put	989701107
—	INDEPENDENT BK GROUP INC	45,820	$2.946M	0.2%	$63.61	—	COM	45384b106
—	TD AMERITRADE HLDG CORP	75,000	$2.914M	0.2%	—	—	Put	87236Y108
—	REGIONS FINL CORP NEW	200,000	$2.906M	0.2%	$14.53	—	COM	7591ep100
—	WASHINGTONFIRST BANKSHARES I	100,957	$2.827M	0.2%	$22.53	—	COM	940730104
AFL	AFLAC INC	37,500	$2.716M	0.2%	—	—	Put	001055102
—	SUN BANCORP INC	96,788	$2.362M	0.2%	$22.77	—	COM NEW	86663b201
—	PINNACLE FINL PARTNERS INC	32,770	$2.178M	0.2%	$66.46	—	COM	72346Q104
—	COBIZ FINANCIAL INC	125,782	$2.113M	0.2%	$10.93	—	COM	190897108
—	PERFORMANT FINL CORP	583,418	$1.709M	0.1%	$2.35	—	COM	71377e105
—	KEARNY FINL CORP MD	113,212	$1.704M	0.1%	$13.61	—	COM	48716p108
—	SUNSHINE BANCORP INC	67,447	$1.412M	0.1%	$20.93	—	COM	86777J108
UVSP	UNIVEST CORP PA	45,000	$1.165M	0.1%	$20.22	+38.6%	COM	915271100
—	ALLEGIANCE BANCSHARES INC	24,100	$897K	0.1%	$37.22	—	COM	01748H107
—	BSB BANCORP INC MD	21,804	$616K	0.0%	$22.53	—	COM	05573H108
—	COMMERCE UN BANCSHARES INC	27,530	$599K	0.0%	$21.76	—	COM	200828101
CIVB	CIVISTA BANCSHARES INC	21,590	$478K	0.0%	$17.19	0.0%	COM NO PAR	178867107
—	SELECT BANCORP INC NEW	43,671	$476K	0.0%	$7.64	—	COM	81617L108
—	BANCORP 34 INC	34,049	$433K	0.0%	$12.59	—	COM	05970v106
—	HOWARD BANCORP INC	19,930	$373K	0.0%	$18.72	—	COM	442496105
ISTR	INVESTAR HLDG CORP	14,150	$310K	0.0%	$20.29	0.0%	COM	46134L105
—	FSB BANCORP INC	17,335	$247K	0.0%	$12.55	—	COM	30289C102