Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	YADKIN FINANCIAL CORPORATION C	811,443	$15.94M	6.7%	$20.24	—	COM	984305102
—	CONNECTONE BANCORP INC	727,733	$13.83M	5.8%	$19.04	—	COM	20786w107
HTB	HOMETRUST BANCSHARES INC COM	802,401	$13.37M	5.6%	$15.67	-1.1%	COM	437872104
—	C1 FINANCIAL INC COM	434,458	$7.946M	3.3%	$18.23	—	COM	12591n109
—	SOUTH ST CORP	100,000	$6.708M	2.8%	$61.00	—	COM	840441109
—	TRIUMPH BANCORP INC COM	443,387	$6.008M	2.5%	$13.55	—	COM	89679e300
—	INVESTORS BANCORP NEW	500,000	$5.612M	2.3%	$10.13	—	COM	46146l101
—	BNC BANCORP	319,216	$5.494M	2.3%	$15.66	—	COM	05566t101
—	PALMETTO BANCSHARES INC COM	308,482	$5.152M	2.2%	$15.56	—	COM	697062206
—	OPUS BANK	179,370	$5.089M	2.1%	$29.02	—	COM	684000102
—	ASB BANCORP INC	235,990	$5.074M	2.1%	$20.15	—	COM	00213t109
SBCF	SEACOAST BANKING CORPORATION O	365,895	$5.031M	2.1%	$11.38	+11.3%	COM	811707801
—	BANC OF CALIFORNIA INC	438,473	$5.029M	2.1%	$11.63	—	COM	05990k106
—	AMERIS BANCORP COM	194,595	$4.989M	2.1%	$21.95	—	COM	03076k108
—	PUT XLF JAN 24.00000 01/17/201	200,000	$4.76M	2.0%	$23.80	—	PUT	XLF150
—	PUT XLF JAN 25.00000 01/17/201	200,000	$4.76M	2.0%	$23.80	—	PUT	XLF15011
—	COWEN GROUP INC CLASS A	920,321	$4.418M	1.8%	$2.98	—	COM	223622101
—	M&T BANK CORP -WT18 WARRANTS 1	80,000	$4.134M	1.7%	$51.77	—	WT	55261F112
—	PUT BBT JAN 39.00000 01/17/201	100,000	$3.889M	1.6%	$38.89	—	PUT	8GHSTL2
BAC	BANK OF AMERICA CORP	200,600	$3.589M	1.5%	$10.40	+30.4%	COM	060505104
SAMG	SILVERCREST ASSET MANAGEMENT G	223,211	$3.493M	1.5%	$15.08	-3.8%	COM	828359109
—	FIDELITY SOUTHERN CORP NEW	197,076	$3.175M	1.3%	$12.88	—	COM	316394105
—	ATLANTIC COAST FINANCIAL CORPO	724,470	$2.876M	1.2%	$4.36	—	COM	048426100
—	PUT ZION JAN 28.00000 01/17/20	100,000	$2.851M	1.2%	$28.51	—	PUT	8CWVKX5
—	PUT AXP JAN 91.00000 01/17/201	30,000	$2.791M	1.2%	$93.03	—	PUT	8GYSBV2
—	NEWBRIDGE BANCORP CLASS A NO P	319,035	$2.779M	1.2%	$8.71	—	COM	65080t102
—	PUT WFC JAN 55.00000 01/17/201	50,000	$2.741M	1.1%	$54.82	—	PUT	8CTLYG9
—	SYNOVUS FINL CORP	100,000	$2.709M	1.1%	$23.64	—	COM	87161C501
C	CITIGROUP INC COM NEW	50,000	$2.705M	1.1%	$37.07	+6.7%	COM	172967424
—	SQUARE 1 FINANCIAL INC CL A	108,809	$2.688M	1.1%	$19.23	—	COM	85223w101
—	PUT TRV JAN 95.00000 01/17/201	25,000	$2.646M	1.1%	$105.84	—	PUT	8CTFCP6
—	FIRST SECURITY GROUP INC	1,134,657	$2.564M	1.1%	$2.13	—	COM	336312202
LADR	LADDER CAPITAL CORP CL A	126,996	$2.49M	1.0%	$19.61	—	COM	505743104
—	PARK STERLING CORP	330,247	$2.427M	1.0%	$6.63	—	COM	70086y105
—	PUT STT JAN 75.00000 01/17/201	30,000	$2.355M	1.0%	$78.50	—	PUT	8V00233
—	PUT PNC JAN 87.50000 01/17/201	25,000	$2.281M	1.0%	$91.24	—	PUT	8X71339
—	PUT USB JAN 45.50000 01/17/201	50,000	$2.248M	0.9%	$44.96	—	PUT	8GZTDV7
NBTB	NBT BANCORP INC	81,670	$2.145M	0.9%	$21.18	+16.5%	COM	628778102
—	PUT COF JAN 80.00000 01/17/201	25,000	$2.064M	0.9%	$82.56	—	PUT	9BVYNM3
—	PUT KRE JAN 40.50000 01/17/201	50,000	$2.039M	0.9%	$40.78	—	PUT	8GZGPF5
—	STATE BK FINL CORP COM	101,906	$2.036M	0.9%	$16.40	—	COM	856190103
—	PUT MS JAN 38.50000 01/17/2015	50,000	$1.94M	0.8%	$38.80	—	PUT	8GZJPW7
—	PUT MS JAN 36.00000 01/17/2015	50,000	$1.94M	0.8%	$38.80	—	PUT	8GJGXC7
FCCO	FIRST COMMUNITY CORPORATION	166,760	$1.886M	0.8%	$7.12	+15.7%	COM	319835104
—	PUT CMA JAN 44.00000 01/17/201	40,000	$1.874M	0.8%	$46.85	—	PUT	8BYQXD7
—	PUT WU JAN 17.00000 01/17/2015	100,000	$1.791M	0.7%	$17.91	—	PUT	8CSFDQ0
SHBI	SHORE BANCSHARES INC	188,170	$1.757M	0.7%	$9.34	-1.1%	COM	825107105
—	JACKSONVILLE BANCORP INC	137,336	$1.686M	0.7%	$10.60	—	COM	469249205
—	PUT NTRS JAN 65.00000 01/17/20	25,000	$1.685M	0.7%	$67.40	—	PUT	8GKSFP6
—	PUT COF JAN 82.50000 01/17/201	20,000	$1.651M	0.7%	$82.55	—	PUT	8CTQTN3
—	PUT DFS JAN 62.50000 01/17/201	25,000	$1.637M	0.7%	$65.48	—	PUT	8CYQGW1
HOMB	HOME BANCSHARES INC	50,000	$1.608M	0.7%	$11.69	+32.6%	COM	436893200
—	FLAGSTAR BANCORP INC	100,000	$1.573M	0.7%	$15.73	—	COM	337930507
—	PUT STT JAN 77.50000 01/17/201	20,000	$1.57M	0.7%	$78.50	—	PUT	STT15011
—	PUT JPM JAN 61.50000 01/17/201	25,000	$1.565M	0.7%	$62.60	—	PUT	8GZGDL5
—	SOUTHERN NATIONAL BANCORP OF V	134,740	$1.527M	0.6%	$9.68	—	COM	843395104
—	PUT SCHW JAN 30.00000 01/17/20	50,000	$1.51M	0.6%	$30.20	—	PUT	8BTPJW7
—	PUT AMTD JAN 34.50000 01/17/20	40,000	$1.431M	0.6%	$35.77	—	PUT	8BZTQQ6
FISI	FINANCIAL INSTITUTIONS INC COM	55,324	$1.391M	0.6%	$14.45	+6.7%	COM	317585404
—	PUT PNC JAN 90.00000 01/17/201	15,000	$1.368M	0.6%	$91.20	—	PUT	8BZTDB7
—	ASTORIA FINANCIAL CORP	100,000	$1.336M	0.6%	$12.39	—	COM	046265104
—	SWS GROUP INC	183,068	$1.265M	0.5%	$6.77	—	COM	78503N107
—	PUT CMA JAN 42.00000 01/17/201	25,000	$1.171M	0.5%	$46.84	—	PUT	9CSBWZ3
—	PUT USB JAN 44.00000 01/17/201	25,000	$1.124M	0.5%	$44.96	—	PUT	USB15011
—	FRANKLIN FINANCIAL CORPORATION	50,000	$1.059M	0.4%	$19.78	—	COM	35353C102
RF	REGIONS FINANCIAL CORP	100,000	$1.056M	0.4%	$6.45	+5.4%	COM	7591EP100
—	SUNTRUST BANKS INC	25,000	$1.047M	0.4%	$28.81	—	COM	867914103
—	PUT BK JAN 41.50000 01/17/2015	25,000	$1.014M	0.4%	$40.56	—	PUT	8GYSVS8
—	FIRST NIAGARA FINLGROUP INC NE	117,860	$994K	0.4%	$8.43	—	COM	33582v108
—	COBIZ FINANCIAL INC	75,000	$985K	0.4%	$8.08	—	COM	190897108
TFSL	TFS FINANCIAL CORP	65,050	$968K	0.4%	$5.55	+38.5%	COM	87240R107
—	KEARNY FINL CORP COM ISIN#US48	70,000	$962K	0.4%	$10.49	—	COM	487169104
—	PERFORMANT FINANCIAL COR	142,200	$946K	0.4%	$6.65	—	COM	71377E105
—	PUT CMA JAN 45.00000 01/17/201	20,000	$937K	0.4%	$46.85	—	PUT	8CSBWZ5
—	SOUTHCOAST FINANCIAL CORP	110,855	$782K	0.3%	$7.09	—	COM	84129r100
—	SELECT BANCORP INC COM	104,272	$768K	0.3%	$7.43	—	COM	81617l108
—	GUARANTY BANCORP DEL COM NEW	51,865	$749K	0.3%	$13.52	—	COM	40075t607
—	CARTER BK & TR MARTINSVILLE VA	58,184	$739K	0.3%	$11.50	—	COM	146102108
—	VIEWPOINT FINL GROUP INCMD COM	27,933	$666K	0.3%	$23.94	—	COM	92672a101
—	TALMER BANCORP INC -CL A	43,325	$608K	0.3%	$14.03	—	COM	87482X101
—	FOX CHASE BANCORP INC	35,186	$586K	0.2%	$16.30	—	COM	35137t108
FBNC	FIRST BANCORP NC	28,050	$518K	0.2%	$14.16	-0.9%	COM	318910106
—	FIRST BANCSHARES INC-MISS	35,665	$517K	0.2%	$11.23	—	COM	318916103
—	SUN BANCORP INC NJ	24,038	$466K	0.2%	$18.10	—	COM	86663B201
—	SIMPLICITY BANCORP INC	18,409	$316K	0.1%	$17.17	—	COM	828867101
—	HERITAGE OAKS BANCORP	37,252	$313K	0.1%	$7.01	—	COM	42724r107
—	PEREGRINE HOLDINGS	275,000	$298K	0.1%	$1.08	—	COM	995331600
—	BSB BANCORP INC MD	15,313	$285K	0.1%	$18.42	—	COM	05573h108
—	CITIZENS FIRST CORPORATION	15,968	$190K	0.1%	$11.52	—	COM	17462q107
—	OAK VIEW NATIONAL BANK WARRENT	32,144	$166K	0.1%	$5.44	—	COM	67134x105
—	FIRST CAPITAL BANCORP INC	27,432	$121K	0.1%	$4.13	—	COM	319438107
—	PORTER BANCORP WTS 6/30/15	182,607	$0	0.0%	—	—	WT	932875