Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	SYNOVUS FINL CORP	1,632,372	$47.19M	5.7%	$28.59	—	COM NEW	87161C501
—	SANDY SPRING BANCORP INC	1,523,598	$42.4M	5.1%	$22.83	—	COM	800363103
—	CENTERSTATE BANKS INC	2,645,489	$39.39M	4.8%	$9.49	—	COM	15201P109
—	UMPQUA HLDGS CORP	2,452,049	$38.89M	4.7%	$17.53	—	COM	904214103
BANC	BANC OF CALIFORNIA INC	2,149,900	$37.62M	4.5%	$9.23	+29.6%	COM	05990K106
COLB	COLUMBIA BKG SYS INC	1,229,731	$36.79M	4.4%	$15.50	+23.8%	COM	197236102
RF	REGIONS FINL CORP NEW	4,674,577	$36.7M	4.4%	$6.16	-8.5%	COM	7591EP100
—	SOUTH ST CORP	563,287	$36.18M	4.4%	$61.41	—	COM	840441109
—	BNC BANCORP	1,655,220	$34.96M	4.2%	$16.87	—	COM	05566T101
BANR	BANNER CORP	818,538	$34.41M	4.2%	$23.85	+21.7%	COM NEW	06652V208
—	IBERIABANK CORP	661,548	$33.92M	4.1%	$56.74	—	COM	450828108
HFWA	HERITAGE FINL CORP WASH	1,895,391	$33.3M	4.0%	$15.46	+14.0%	COM	42722X106
CMA	COMERICA INC	856,562	$32.44M	3.9%	$24.87	-1.7%	COM	200340107
EGBN	EAGLE BANCORP INC MD	656,428	$31.51M	3.8%	$17.46	+110.2%	COM	268948106
NBHC	NATIONAL BK HLDGS CORP	1,508,271	$30.75M	3.7%	$15.73	+1.4%	CL A	633707104
HWC	HANCOCK HLDG CO	1,279,706	$29.38M	3.5%	$28.89	-18.5%	COM	410120109
—	PACWEST BANCORP DEL	755,527	$28.07M	3.4%	$41.37	—	COM	695263103
—	BANCORPSOUTH INC	1,283,220	$27.34M	3.3%	$18.58	—	COM	059692103
HOMB	HOME BANCSHARES INC	647,493	$26.52M	3.2%	$11.44	+71.7%	COM	436893200
—	SUNTRUST BKS INC	690,949	$24.93M	3.0%	$33.63	—	COM	867914103
—	GUARANTY BANCORP DEL	1,312,254	$20.29M	2.4%	$16.31	—	COM NEW	40075T607
GBCI	GLACIER BANCORP INC NEW	754,722	$19.18M	2.3%	$13.60	+29.7%	COM	37637Q105
—	PINNACLE FINL PARTNERS INC	350,120	$17.18M	2.1%	$36.34	—	COM	72346Q104
BANF	BANCFIRST CORP	224,880	$12.82M	1.5%	$17.21	+33.1%	COM	05945F103
BKU	BANKUNITED INC	338,631	$11.66M	1.4%	$21.91	+13.1%	COM	06652K103
—	ATLANTIC CAP BANCSHARES INC	792,723	$11.05M	1.3%	$14.85	—	COM	048269203
—	NATIONAL COMM CORP	298,951	$7.058M	0.9%	$22.68	—	COM	63546L102
—	PARK STERLING CORP	1,051,885	$7.016M	0.8%	$6.67	—	COM	70086Y105
—	VERITEX HLDGS INC	362,702	$5.27M	0.6%	$14.22	—	COM	923451108
PHYS	SPROTT PHYSICAL GOLD TRUST	500,000	$5.06M	0.6%	$10.12	—	UNIT	85207H104
—	GREEN PLAINS PARTNERS LP	273,335	$3.676M	0.4%	$15.04	—	COM REP PTR IN	393221106
—	PEOPLES UTAH BANCORP	195,481	$3.094M	0.4%	$16.98	—	COM	712706209
CMCO	COLUMBUS MCKINNON CORP N Y	163,620	$2.579M	0.3%	$21.21	-35.6%	COM	199333105
CALX	CALIX INC	330,478	$2.343M	0.3%	$7.99	-11.5%	COM	13100M509
—	ENCORE WIRE CORP	55,807	$2.173M	0.3%	$38.34	—	COM	292562105
—	TEAM INC	65,852	$2.001M	0.2%	$30.39	—	COM	878155100
—	TESCO CORP	227,000	$1.954M	0.2%	$11.23	—	COM	88157K101
KLIC	KULICKE & SOFFA INDS INC	139,500	$1.579M	0.2%	$11.22	-15.3%	COM	501242101
—	SEMGROUP CORP	70,000	$1.568M	0.2%	$27.24	—	CL A	81663A105
—	MAGELLAN MIDSTREAM PRTNRS LP	20,000	$1.376M	0.2%	$67.90	—	COM UNIT RP LP	559080106
—	STATE BK FINL CORP	59,636	$1.178M	0.1%	$18.05	—	COM	856190103
—	UNITED CMNTY BANCORP IND	74,167	$1.012M	0.1%	$10.23	—	COM	90984R101
—	LIBBEY INC	46,958	$874K	0.1%	$31.44	—	COM	529898108
DVY	ISHARES TR	9,500	$776K	0.1%	$64.00	—	SELECT DIVID ETF	464287168
—	POWERSHARES ETF TRUST	47,500	$658K	0.1%	$16.42	—	INTL DIV ACHV	73935X716
EFA	ISHARES TR	9,000	$514K	0.1%	$57.33	—	MSCI EAFE ETF	464287465
JNJ	JOHNSON & JOHNSON	3,050	$330K	0.0%	$59.66	+32.0%	COM	478160104
FNF	FIDELITY NATIONAL FINANCIAL	9,000	$305K	0.0%	$15.26	0.0%	FNF GROUP COM	31620R303
WM	WASTE MGMT INC DEL	5,030	$297K	0.0%	$30.75	+49.4%	COM	94106L109
—	VANGUARD WORLD FDS	2,400	$263K	0.0%	$80.83	—	INF TECH ETF	92204a702
—	MACQUARIE INFRASTRUCTURE COR	3,765	$254K	0.0%	$53.64	—	COM	55608B105
PG	PROCTER & GAMBLE CO	2,560	$211K	0.0%	$55.00	+12.1%	COM	742718109
—	COMMUNICATIONS SALES&LEAS IN	7,200	$160K	0.0%	$18.75	—	COM	20341J104
—	ROYAL DUTCH SHELL PLC	2,800	$138K	0.0%	$60.17	—	SPON ADR B	780259107