Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	CENTERSTATE BK CORP	709,180	$19.89M	4.3%	$15.76	—	COM	15201P109
—	SANDY SPRING BANCORP INC	496,215	$19.51M	4.2%	$32.29	—	COM	800363103
TFIN	TRIUMPH BANCORP INC	468,007	$17.88M	3.9%	$36.32	+14.4%	COM	89679E300
BANC	BANC OF CALIFORNIA INC	881,052	$16.65M	3.6%	$13.01	+28.1%	COM	05990K106
BANR	BANNER CORP	260,225	$16.18M	3.5%	$33.89	+43.6%	COM NEW	06652V208
—	VERITEX HLDGS INC	556,417	$15.72M	3.4%	$25.36	—	COM	923451108
—	IBERIABANK CORP	188,527	$15.34M	3.3%	$78.10	—	COM	450828108
FHN	FIRST HORIZON NATL CORP	875,717	$15.12M	3.3%	$13.96	-2.3%	COM	320517105
—	PINNACLE FINL PARTNERS INC	250,665	$15.08M	3.3%	$60.67	—	COM	72346Q104
HWC	HANCOCK WHITNEY CORPORATION	311,773	$14.82M	3.2%	$41.71	+20.6%	COM	410120109
CMA	COMERICA INC	163,854	$14.78M	3.2%	$37.84	+78.1%	COM	200340107
—	PEOPLES UTAH BANCORP	434,589	$14.75M	3.2%	$24.48	—	COM	712706209
HFWA	HERITAGE FINL CORP WASH	412,196	$14.49M	3.1%	$19.10	+88.0%	COM	42722X106
PHYS	SPROTT PHYSICAL GOLD TRUST	1,448,500	$13.83M	3.0%	$9.76	—	UNIT	85207H104
—	NATIONAL COMM CORP	334,160	$13.8M	3.0%	$27.53	—	COM	63546L102
EQBK	EQUITY BANCSHARES INC	348,257	$13.67M	3.0%	$33.09	+16.9%	COM CL A	29460X109
—	SYNOVUS FINL CORP	294,112	$13.47M	2.9%	$30.60	—	COM NEW	87161C501
ZION	ZIONS BANCORPORATION	264,800	$13.28M	2.9%	$41.59	+27.0%	COM	989701107
—	GUARANTY BANCORP DEL	426,913	$12.68M	2.7%	$17.83	—	COM NEW	40075T607
—	SOUTH ST CORP	143,324	$11.75M	2.5%	$77.07	—	COM	840441109
GBCI	GLACIER BANCORP INC NEW	256,829	$11.07M	2.4%	$20.66	+66.1%	COM	37637Q105
RF	REGIONS FINL CORP NEW	589,286	$10.81M	2.3%	$8.39	+66.3%	COM	7591EP100
ISTR	INVESTAR HLDG CORP	402,080	$10.8M	2.3%	$23.21	+17.2%	COM	46134L105
FBNC	FIRST BANCORP N C	264,766	$10.73M	2.3%	$28.70	+22.6%	COM	318910106
—	PACWEST BANCORP DEL	224,587	$10.7M	2.3%	$45.52	—	COM	695263103
—	CBTX INC	249,700	$8.874M	1.9%	$32.60	—	COM	12481V104
SMBK	SMARTFINANCIAL INC	365,757	$8.614M	1.9%	$21.73	+14.5%	COM NEW	83190L208
—	KLX ENERGY SERVICS HOLDNGS I	215,000	$6.882M	1.5%	$32.01	—	COM	48253L106
—	COBIZ FINANCIAL INC	303,157	$6.712M	1.5%	$19.65	—	COM	190897108
—	UMPQUA HLDGS CORP	301,368	$6.268M	1.4%	$17.69	—	COM	904214103
—	UNIVERSAL STAINLESS & ALLOY	245,640	$6.266M	1.4%	$22.63	—	COM	913837100
ABCB	AMERIS BANCORP	130,000	$5.941M	1.3%	$44.57	0.0%	COM	03076K108
—	NEXEO SOLUTIONS INC	473,307	$5.798M	1.3%	$8.47	—	COM SHS	65342H102
OBK	ORIGIN BANCORP INC	150,000	$5.648M	1.2%	$38.81	+2.8%	COM	68621T102
FBK	FB FINL CORP	141,299	$5.536M	1.2%	$32.61	+18.9%	COM	30257X104
—	MACQUARIE INFRASTRUCTURE COR	114,084	$5.263M	1.1%	$38.91	—	COM	55608B105
—	FIRST BANCSHARES INC MS	128,277	$5.009M	1.1%	$34.20	—	COM	318916103
—	AIR TRANSPORT SERVICES GRP I	216,905	$4.657M	1.0%	$22.06	—	COM	00922R105
—	ENCORE WIRE CORP	90,781	$4.548M	1.0%	$43.29	—	COM	292562105
CMCO	COLUMBUS MCKINNON CORP N Y	98,565	$3.897M	0.8%	$22.08	+77.7%	COM	199333105
MYFW	FIRST WESTN FINL INC	215,000	$3.76M	0.8%	$17.75	0.0%	COM	33751L105
—	BMC STK HLDGS INC	182,258	$3.399M	0.7%	$22.62	—	COM	05591B109
MG	MISTRAS GROUP INC	105,000	$2.275M	0.5%	$21.52	+0.6%	COM	60649T107
SRI	STONERIDGE INC	60,000	$1.783M	0.4%	$31.70	0.0%	COM	86183P102
PID	INVESCO EXCHANGE TRADED FD T	47,500	$748K	0.2%	$15.60	—	INTL DIVI ACHI	46137V548
EFA	ISHARES TR	9,000	$612K	0.1%	$57.33	—	MSCI EAFE ETF	464287465
DVY	ISHARES TR	5,484	$547K	0.1%	$64.00	—	SELECT DIVID ETF	464287168
WM	WASTE MGMT INC DEL	5,606	$507K	0.1%	$38.48	+103.4%	COM	94106L109
VWO	VANGUARD INTL EQUITY INDEX F	11,456	$501K	0.1%	$41.74	—	FTSE EMR MKT ETF	922042858
—	VANGUARD WORLD FDS	2,400	$486K	0.1%	$202.50	—	INF TECH ETF	92204a702
VEU	VANGUARD INTL EQUITY INDEX F	9,263	$482K	0.1%	$51.63	—	ALLWRLD EX US	922042775
JNJ	JOHNSON & JOHNSON	3,050	$421K	0.1%	$59.66	+81.1%	COM	478160104
FNF	FIDELITY NATIONAL FINANCIAL	10,281	$405K	0.1%	$15.86	+75.0%	FNF GROUP COM	31620R303