Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SHBI	SHORE BANCSHARES INC	1,247,344	$13.83M	11.6%	$16.11	-39.2%	COM	825107105
—	COMMUNITY FINANCIAL CORPORATION	487,289	$11.89M	10.0%	$31.47	—	COM	20368X101
—	CADENCE BANCORP	1,218,946	$10.8M	9.0%	$8.83	—	CL A	12739A100
CZWI	CITIZENS COMMUNITY BANCORP I	1,113,837	$7.641M	6.4%	$9.83	-36.6%	COM	174903104
—	HMN FINANCIAL INC	439,986	$6.424M	5.4%	$21.01	—	COM	40424G108
—	SELECT BANCORP INC	767,318	$6.246M	5.2%	$7.90	—	COM	81617L108
—	CODORUS VALLEY BANCORP INC	417,341	$5.772M	4.8%	$19.40	—	COM	192025104
CBAN	COLONY BANKCORP	449,206	$5.287M	4.4%	$12.85	-24.9%	COM	19623P101
BBT	BERKSHIRE HILLS BANCORP INC	446,600	$4.922M	4.1%	$10.72	0.0%	COM	084680107
—	PACIFIC MERCANTILE BANCORP	1,289,081	$4.718M	4.0%	$4.14	—	COM	694552100
—	SEVERN BANCORP INC/MD	700,892	$4.542M	3.8%	$7.72	—	COM	81811M100
FXNC	FIRST NATIONAL CORP/VA	315,449	$4.377M	3.7%	$15.92	-22.7%	COM	32106V107
PLBC	PLUMAS BANCORP	190,267	$4.209M	3.5%	$22.89	-15.5%	COM	729273102
—	MALVERN BANCORP INC	302,678	$3.853M	3.2%	$12.62	—	COM	561409103
—	COMMUNITY BANKERS TRUST CORP	522,450	$2.873M	2.4%	$5.05	—	COM	203612106
—	HOWARD BANCORP INC	242,100	$2.571M	2.2%	$10.80	—	COM	442496105
—	FIRST FINANCIAL NORTHWEST	263,002	$2.548M	2.1%	$9.69	—	COM	32022K102
WFC	WELLS FARGO & COMPANY	89,100	$2.281M	1.9%	$31.15	-23.0%	COM	949746101
—	OLD POINT FINANCIAL CORP	99,852	$1.523M	1.3%	$15.12	—	COM	680194107
HWC	HANCOCK WHITNEY CORPORATION	55,000	$1.166M	1.0%	$27.91	-26.1%	COM	410120109
—	GREAT WESTERN BANCORP INC	80,600	$1.109M	0.9%	$13.76	—	COM	391416104
CFG	CITIZENS FINANCIAL GROUP	42,600	$1.075M	0.9%	$25.07	-29.3%	COM	174610105
FITB	FIFTH THIRD BANCORP	54,100	$1.043M	0.9%	$19.66	-24.5%	COM	316773100
—	FIRST BANCSHARES INC/MS	42,942	$966K	0.8%	$19.07	—	COM	318916103
FSFG	FIRST SAVINGS FINANCIAL GRP	21,476	$931K	0.8%	$17.70	-29.9%	COM	33621E109
—	FAUQUIER BANKSHARES INC	58,557	$826K	0.7%	$14.11	—	COM	312059108
EBMT	EAGLE BANCORP /MT	46,864	$814K	0.7%	$16.26	-12.8%	COM	26942G100
HTB	HOMETRUST BANCSHARES INC	39,620	$634K	0.5%	$15.04	0.0%	COM	437872104
—	BOSTON PRIVATE FINL HOLDING	82,381	$567K	0.5%	$6.88	—	COM	101119105
CMA	COMERICA INC	14,500	$552K	0.5%	$26.51	0.0%	COM	200340107
—	STANDARD AVB FINANCIAL CORP	18,870	$438K	0.4%	$29.02	—	COM	85303B100
PEBK	PEOPLES BANCORP OF NC	24,799	$438K	0.4%	$17.77	0.0%	COM	710577107
MVBF	MVB FINANCIAL CORP	31,758	$422K	0.4%	$11.62	0.0%	COM	553810102
—	COMMUNITY WEST BANCSHARES	50,000	$421K	0.4%	$8.42	—	COM	204157101
TCBI	TEXAS CAP BANCSHARES INC	9,000	$278K	0.2%	$27.99	0.0%	COM	88224Q107
FHN	FIRST HORIZON NATIONAL CORP	13,100	$130K	0.1%	$11.70	-37.2%	COM	320517105
FVCB	FVCBANKCORP INC	11,515	$124K	0.1%	$8.65	0.0%	COM	36120Q101
KEY	KEYCORP	10,100	$123K	0.1%	$12.44	-29.1%	COM	493267108
FNB	F N B CORP	16,100	$121K	0.1%	$6.04	0.0%	COM	302520101
SAN	BANCO SANTANDER	50,100	$121K	0.1%	$2.42	—	ADR	05964H105
LYG	LLOYDS TSB GROUP PLC -SP ADR	80,100	$120K	0.1%	$1.50	—	SPONSORED ADR	539439109
BBVA	BANCO BILBAO VIZCAYA-SP ADR	35,100	$119K	0.1%	$3.39	—	SPONSORED ADR	05946K101
RF	REGIONS FINANCIAL CORP	10,100	$112K	0.1%	$10.97	-23.0%	COM	7591EP100
FRBA	FIRST BANK/WILLIAMSTOWN NJ	16,619	$108K	0.1%	$9.77	-34.3%	COM	31931U102
—	SOUTHERN NATL BANCORP OF VA	10,100	$98,000	0.1%	$9.84	—	COM	843395104
HBAN	HUNTINGTON BANCSHARES INC	10,100	$91,000	0.1%	$6.82	0.0%	COM	446150104
—	CARTER BK AND TR MARTINSVILLE VA	10,100	$82,000	0.1%	$8.12	—	COM	146102108