Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	SYNOVUS FINL CORP	306,876	$9.983M	4.9%	$28.59	—	COM NEW	87161C501
—	CENTERSTATE BANKS INC	546,948	$9.697M	4.8%	$9.49	—	COM	15201P109
—	BNC BANCORP	362,200	$8.809M	4.3%	$16.87	—	COM	05566T101
CMA	COMERICA INC	171,874	$8.133M	4.0%	$24.87	+25.0%	COM	200340107
RF	REGIONS FINL CORP NEW	819,338	$8.087M	4.0%	$6.16	+8.0%	COM	7591EP100
HFWA	HERITAGE FINL CORP WASH	438,214	$7.866M	3.9%	$15.46	+15.7%	COM	42722X106
—	GUARANTY BANCORP DEL	435,911	$7.781M	3.8%	$16.31	—	COM NEW	40075T607
—	SANDY SPRING BANCORP INC	253,110	$7.74M	3.8%	$22.83	—	COM	800363103
BANR	BANNER CORP	175,790	$7.689M	3.8%	$23.85	+29.1%	COM NEW	06652V208
—	IBERIABANK CORP	110,716	$7.431M	3.7%	$56.74	—	COM	450828108
COLB	COLUMBIA BKG SYS INC	205,721	$6.731M	3.3%	$15.50	+35.2%	COM	197236102
BANC	BANC OF CALIFORNIA INC	382,945	$6.686M	3.3%	$9.23	+80.7%	COM	05990K106
PHYS	SPROTT PHYSICAL GOLD TRUST	600,000	$6.57M	3.2%	$10.26	—	UNIT	85207H104
—	NATIONAL COMM CORP	234,641	$6.349M	3.1%	$22.77	—	COM	63546L102
—	UMPQUA HLDGS CORP	409,368	$6.161M	3.0%	$17.53	—	COM	904214103
—	SOUTH ST CORP	98,181	$5.49M	2.7%	$61.41	—	COM	840441109
EGBN	EAGLE BANCORP INC MD	110,101	$5.431M	2.7%	$17.46	+124.4%	COM	268948106
—	PACWEST BANCORP DEL	125,976	$5.406M	2.7%	$41.37	—	COM	695263103
—	GREEN PLAINS PARTNERS LP	273,335	$5.248M	2.6%	$15.04	—	COM REP PTR IN	393221106
—	ATLANTIC CAP BANCSHARES INC	342,399	$5.129M	2.5%	$14.85	—	COM	048269203
NBHC	NATIONAL BK HLDGS CORP	213,045	$4.979M	2.4%	$15.73	+13.9%	CL A	633707104
—	PINNACLE FINL PARTNERS INC	88,154	$4.767M	2.3%	$38.94	—	COM	72346Q104
—	SUNTRUST BKS INC	106,494	$4.664M	2.3%	$33.63	—	COM	867914103
GBCI	GLACIER BANCORP INC NEW	136,184	$3.884M	1.9%	$13.60	+53.3%	COM	37637Q105
HWC	HANCOCK HLDG CO	116,026	$3.763M	1.9%	$28.89	+4.6%	COM	410120109
CMCO	COLUMBUS MCKINNON CORP N Y	202,420	$3.611M	1.8%	$19.52	-20.4%	COM	199333105
—	STONEGATE BK FT LAUDERDALE F	104,907	$3.541M	1.7%	$33.75	—	COM	861811107
—	KLX INC	98,650	$3.472M	1.7%	$31.00	—	COM	482539103
—	BANCORPSOUTH INC	137,033	$3.179M	1.6%	$18.58	—	COM	059692103
—	PARK STERLING CORP	371,791	$3.019M	1.5%	$6.83	—	COM	70086Y105
—	SEMGROUP CORP	72,500	$2.564M	1.3%	$27.52	—	CL A	81663A105
CALX	CALIX INC	330,478	$2.429M	1.2%	$7.99	-6.2%	COM	13100M509
—	PEOPLES UTAH BANCORP	115,945	$2.359M	1.2%	$16.74	—	COM	712706209
—	TEAM INC	65,852	$2.154M	1.1%	$30.92	—	COM	878155100
KLIC	KULICKE & SOFFA INDS INC	139,500	$1.804M	0.9%	$11.22	-2.5%	COM	501242101
—	ENCORE WIRE CORP	44,607	$1.64M	0.8%	$38.34	—	COM	292562105
—	MAGELLAN MIDSTREAM PRTNRS LP	21,080	$1.491M	0.7%	$68.05	—	COM UNIT RP LP	559080106
—	VERITEX HLDGS INC	66,578	$1.158M	0.6%	$14.22	—	COM	923451108
—	UNITED CMNTY BANCORP IND	74,167	$1.124M	0.6%	$10.23	—	COM	90984R101
FLO	FLOWERS FOODS INC	60,000	$907K	0.4%	$11.44	0.0%	COM	343498101
DVY	ISHARES TR	9,500	$814K	0.4%	$64.00	—	SELECT DIVID ETF	464287168
—	POWERSHARES ETF TRUST	47,500	$700K	0.3%	$16.42	—	INTL DIV ACHV	73935X716
EFA	ISHARES TR	9,000	$532K	0.3%	$57.33	—	MSCI EAFE ETF	464287465
JNJ	JOHNSON & JOHNSON	3,050	$360K	0.2%	$59.66	+56.9%	COM	478160104
FNF	FIDELITY NATIONAL FINANCIAL	9,000	$332K	0.2%	$15.26	+16.9%	FNF GROUP COM	31620R303
WM	WASTE MGMT INC DEL	5,030	$321K	0.2%	$30.75	+79.3%	COM	94106L109
—	MACQUARIE INFRASTRUCTURE COR	3,765	$313K	0.2%	$53.64	—	COM	55608B105
—	VANGUARD WORLD FDS	2,400	$289K	0.1%	$80.83	—	INF TECH ETF	92204a702
PG	PROCTER AND GAMBLE CO	2,560	$230K	0.1%	$55.00	+22.8%	COM	742718109
—	COMMUNICATIONS SALES&LEAS IN	7,200	$226K	0.1%	$18.75	—	COM	20341J104
VWO	VANGUARD INTL EQUITY INDEX F	5,100	$192K	0.1%	$37.65	—	FTSE EMR MKT ETF	922042858
VEU	VANGUARD INTL EQUITY INDEX F	3,200	$145K	0.1%	$45.31	—	ALLWRLD EX US	922042775