Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MCB	METROPOLITAN BK HLDG CORP	125,601	$10.46M	1.8%	$88.66	0.0%	COM	591774104
TFC	TRUIST FINL CORP	153,100	$7.038M	1.2%	$51.15	0.0%	COM	89832Q109
TOWN	TOWNEBANK PORTSMOUTH VA	200,884	$6.764M	1.1%	$35.57	0.0%	COM	89214P109
EGBN	EAGLE BANCORPORATION INC	212,341	$5.281M	0.9%	$25.04	0.0%	COM	268948106
PB	PROSPERITY BANCSHARES INC	69,500	$4.669M	0.8%	$72.15	0.0%	COM	743606105
PNFP	PINNACLE FINL PARTNERS INC	25,600	$2.205M	0.4%	$97.40	0.0%	COM	72348N109
UMBF	UMB FINL CORP	10,500	$1.184M	0.2%	$125.06	0.0%	COM	902788108
SSB	SOUTHSTATE BK CORP	12,600	$1.166M	0.2%	$100.90	0.0%	COM	84472E102
HBAN	HUNTINGTON BANCSHARES INC	70,100	$1.097M	0.2%	$17.89	0.0%	COM	446150104
ONB	OLD NATL BANCORP IND	47,000	$1.039M	0.2%	$24.15	0.0%	COM	680033107
WSBC	WESBANCO INC	30,100	$1.038M	0.2%	$35.56	0.0%	COM	950810101
ASB	ASSOCIATED BANC-CORP	40,000	$1.034M	0.2%	$27.38	0.0%	COM	045487105
CIVB	CIVISTA BANCSHARES INC	25,100	$572K	0.1%	$23.38	0.0%	COM NO PAR	178867107
COFS	CHOICEONE FINANCIA	13,682	$385K	0.1%	$29.07	0.0%	COM	170386106
VABK	VIRGINIA NATL BK CHRLOTSVLE	8,437	$322K	0.1%	$40.50	0.0%	COM	928031103
LARK	LANDMARK BANCORP INC	12,578	$312K	0.1%	$27.01	0.0%	COM	51504L107
BWB	BRIDGEWATER BANCSHARES INC	13,335	$236K	0.0%	$18.81	0.0%	COM	108621103

Increased Positions (29)

BHRB BURKE HERBERT FINL SVCS CORP 2.6%

Value $15.35M (+239.0%) Shares 246,421 (+239.1%) Est. Cost $62.23 Unrealized +5.1%

CBAN COLONY BANKCORP INC 7.0%

Value $41.24M (+35.2%) Shares 2,064,886 (+20.7%) Est. Cost $15.87 Unrealized +22.0%

CARE CARTER BANKSHARES INC 5.9%

Value $35.03M (+44.1%) Shares 1,502,119 (+21.5%) Est. Cost $18.28 Unrealized +14.5%

ATLO AMES NATL CORP 3.3%

Value $19.28M (+91.4%) Shares 683,250 (+55.7%) Est. Cost $21.83 Unrealized +17.4%

LNKB LINKBANCORP INC 2.5%

Value $14.86M (+68.6%) Shares 1,781,185 (+67.0%) Est. Cost $7.76 Unrealized +13.7%

TSBK TIMBERLAND BANCORP INC 1.5%

Value $9.082M (+131.3%) Shares 230,328 (+110.0%) Est. Cost $35.26 Unrealized +6.4%

COSO COASTALSOUTH BANCSHARES INC 4.6%

Value $27.06M (+21.3%) Shares 1,100,504 (+14.7%) Est. Cost $22.25 Unrealized +9.1%

EBMT EAGLE BANCORP MONT INC 1.9%

Value $11.36M (+66.5%) Shares 551,952 (+61.0%) Est. Cost $17.97 Unrealized +19.3%

PKBK PARKE BANCORP INC 3.4%

Value $19.89M (+27.9%) Shares 700,349 (+12.8%) Est. Cost $21.43 Unrealized +26.3%

FVCB FVCBANKCORP INC 3.3%

Value $19.38M (+27.9%) Shares 1,275,574 (+17.1%) Est. Cost $12.20 Unrealized +23.2%

OVLY OAK VY BANCORP OAKDALE CALIF 2.3%

Value $13.33M (+45.3%) Shares 411,189 (+34.6%) Est. Cost $28.41 Unrealized +12.9%

ISTR INVESTAR HOLDING CORP 3.8%

Value $22.56M (+21.3%) Shares 827,389 (+18.9%) Est. Cost $24.32 Unrealized +16.7%

NKSH NATIONAL BANKSHARES INC VA 1.8%

Value $10.51M (+38.6%) Shares 288,567 (+27.6%) Est. Cost $29.71 Unrealized +22.0%

BFST BUSINESS FIRST BANCSHARES IN 1.1%

Value $6.248M (+80.9%) Shares 231,075 (+74.8%) Est. Cost $25.69 Unrealized +8.2%

MPB MID PENN BANCORP INC 2.0%

Value $11.82M (+30.7%) Shares 367,386 (+26.1%) Est. Cost $29.46 Unrealized +10.8%

PLBC PLUMAS BANCORP 1.2%

Value $7.234M (+57.8%) Shares 148,183 (+44.4%) Est. Cost $44.99 Unrealized +10.0%

MRBK MERIDIAN CORP 3.8%

Value $22.28M (+13.0%) Shares 1,175,301 (+4.8%) Est. Cost $12.32 Unrealized +53.7%

CWBC COMMUNITY WEST BANCSHARES NE 5.4%

Value $31.74M (+7.6%) Shares 1,362,205 (+3.9%) Est. Cost $17.24 Unrealized +37.3%

PEBK PEOPLES BANCORP N C INC 1.3%

Value $7.633M (+36.4%) Shares 194,918 (+26.1%) Est. Cost $32.10 Unrealized +16.4%

BOTJ BANK OF THE JAMES FINL GP IN 1.3%

Value $7.941M (+32.8%) Shares 385,498 (+19.8%) Est. Cost $14.14 Unrealized +36.6%

WSBF WATERSTONE FINL INC MD 0.9%

Value $5.25M (+58.9%) Shares 291,191 (+45.8%) Est. Cost $15.54 Unrealized +14.0%

OVBC OHIO VY BANC CORP 1.6%

Value $9.634M (+21.2%) Shares 219,663 (+10.5%) Est. Cost $37.16 Unrealized +12.0%

FCCO FIRST CMNTY CORP S C 3.0%

Value $17.41M (+9.3%) Shares 595,521 (+10.9%) Est. Cost $22.30 Unrealized +33.0%

BMRC BANK OF MARIN BANCORP 0.2%

Value $1.072M (+353.0%) Shares 41,834 (+359.7%) Est. Cost $25.06 Unrealized +6.1%

UBFO UNITED SEC BANCSHARES CALIF 1.2%

Value $6.982M (+8.7%) Shares 664,342 (+4.1%) Est. Cost $8.37 Unrealized +27.0%

EFSI EAGLE FINL SVCS INC 3.2%

Value $18.62M (+3.1%) Shares 532,199 (+17.2%) Est. Cost $35.02 Unrealized +11.0%

PROV PROVIDENT FINL HLDGS INC 1.0%

Value $5.894M (+5.2%) Shares 365,632 (+3.8%) Est. Cost $15.16 Unrealized +6.5%

BPRN PRINCETON BANCORP INC 0.2%

Value $1.435M (+9.4%) Shares 42,485 (+12.4%) Est. Cost $31.43 Unrealized +13.3%

CBFV CB FINL SVCS INC 0.1%

Value $350K (+0.4%) Shares 10,245 (+2.4%) Est. Cost $27.96 Unrealized +26.0%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BHRB	BURKE HERBERT FINL SVCS CORP	246,421 (+239.1%)	$15.35M (+239.0%)	2.6%	$62.23	+5.1%	COM	12135Y108
CBAN	COLONY BANKCORP INC	2,064,886 (+20.7%)	$41.24M (+35.2%)	7.0%	$15.87	+22.0%	COM	19623P101
CARE	CARTER BANKSHARES INC	1,502,119 (+21.5%)	$35.03M (+44.1%)	5.9%	$18.28	+14.5%	COM NEW	146103106
ATLO	AMES NATL CORP	683,250 (+55.7%)	$19.28M (+91.4%)	3.3%	$21.83	+17.4%	COM	031001100
LNKB	LINKBANCORP INC	1,781,185 (+67.0%)	$14.86M (+68.6%)	2.5%	$7.76	+13.7%	COM	53578P105
TSBK	TIMBERLAND BANCORP INC	230,328 (+110.0%)	$9.082M (+131.3%)	1.5%	$35.26	+6.4%	COM	887098101
COSO	COASTALSOUTH BANCSHARES INC	1,100,504 (+14.7%)	$27.06M (+21.3%)	4.6%	$22.25	+9.1%	COM NEW	19058X207
EBMT	EAGLE BANCORP MONT INC	551,952 (+61.0%)	$11.36M (+66.5%)	1.9%	$17.97	+19.3%	COM	26942G100
PKBK	PARKE BANCORP INC	700,349 (+12.8%)	$19.89M (+27.9%)	3.4%	$21.43	+26.3%	COM	700885106
FVCB	FVCBANKCORP INC	1,275,574 (+17.1%)	$19.38M (+27.9%)	3.3%	$12.20	+23.2%	COM	36120Q101
OVLY	OAK VY BANCORP OAKDALE CALIF	411,189 (+34.6%)	$13.33M (+45.3%)	2.3%	$28.41	+12.9%	COM	671807105
ISTR	INVESTAR HOLDING CORP	827,389 (+18.9%)	$22.56M (+21.3%)	3.8%	$24.32	+16.7%	COM	46134L105
NKSH	NATIONAL BANKSHARES INC VA	288,567 (+27.6%)	$10.51M (+38.6%)	1.8%	$29.71	+22.0%	COM	634865109
BFST	BUSINESS FIRST BANCSHARES IN	231,075 (+74.8%)	$6.248M (+80.9%)	1.1%	$25.69	+8.2%	COM	12326C105
MPB	MID PENN BANCORP INC	367,386 (+26.1%)	$11.82M (+30.7%)	2.0%	$29.46	+10.8%	COM	59540G107
PLBC	PLUMAS BANCORP	148,183 (+44.4%)	$7.234M (+57.8%)	1.2%	$44.99	+10.0%	COM	729273102
MRBK	MERIDIAN CORP	1,175,301 (+4.8%)	$22.28M (+13.0%)	3.8%	$12.32	+53.7%	COM	58958P104
CWBC	COMMUNITY WEST BANCSHARES NE	1,362,205 (+3.9%)	$31.74M (+7.6%)	5.4%	$17.24	+37.3%	COM	203937107
PEBK	PEOPLES BANCORP N C INC	194,918 (+26.1%)	$7.633M (+36.4%)	1.3%	$32.10	+16.4%	COM	710577107
BOTJ	BANK OF THE JAMES FINL GP IN	385,498 (+19.8%)	$7.941M (+32.8%)	1.3%	$14.14	+36.6%	COM	470299108
WSBF	WATERSTONE FINL INC MD	291,191 (+45.8%)	$5.25M (+58.9%)	0.9%	$15.54	+14.0%	COM	94188P101
OVBC	OHIO VY BANC CORP	219,663 (+10.5%)	$9.634M (+21.2%)	1.6%	$37.16	+12.0%	COM	677719106
FCCO	FIRST CMNTY CORP S C	595,521 (+10.9%)	$17.41M (+9.3%)	3.0%	$22.30	+33.0%	COM	319835104
BMRC	BANK OF MARIN BANCORP	41,834 (+359.7%)	$1.072M (+353.0%)	0.2%	$25.06	+6.1%	COM	063425102
UBFO	UNITED SEC BANCSHARES CALIF	664,342 (+4.1%)	$6.982M (+8.7%)	1.2%	$8.37	+27.0%	COM	911460103
EFSI	EAGLE FINL SVCS INC	532,199 (+17.2%)	$18.62M (+3.1%)	3.2%	$35.02	+11.0%	COM	26951R104
PROV	PROVIDENT FINL HLDGS INC	365,632 (+3.8%)	$5.894M (+5.2%)	1.0%	$15.16	+6.5%	COM	743868101
BPRN	PRINCETON BANCORP INC	42,485 (+12.4%)	$1.435M (+9.4%)	0.2%	$31.43	+13.3%	COM	74179A107
CBFV	CB FINL SVCS INC	10,245 (+2.4%)	$350K (+0.4%)	0.1%	$27.96	+26.0%	COM	12479G101

Exited Positions (9)

ORRF ORRSTOWN FINL SVCS INC 5.4%

Value $31.84M Shares 899,016 Est. Cost $29.99 Unrealized +22.3%

FRAF FRANKLIN FINL SVCS CORP 1.5%

Value $8.814M Shares 175,570 Est. Cost $27.61 Unrealized +81.6%

FISI FINANCIAL INSTNS INC 1.3%

Value $7.933M Shares 254,501 Est. Cost $24.87 Unrealized +32.2%

CZWI CITIZENS CMNTY BANCORP INC M 0.5%

Value $2.994M Shares 168,029 Est. Cost $14.80 Unrealized +23.1%

FUNC FIRST UTD CORP 0.2%

Value $1.404M Shares 37,500 Est. Cost $30.62 Unrealized +23.1%

NFBK NORTHFIELD BANCORP INC DEL 0.2%

Value $1.152M Shares 100,785 Est. Cost $11.14 Unrealized +12.7%

NWFL NORWOOD FINANCIAL CORP 0.1%

Value $546K Shares 19,457 Est. Cost $25.40 Unrealized +16.6%

RVSB RIVERVIEW BANCORP INC 0.1%

Value $485K Shares 96,556 Est. Cost $5.32 Unrealized -1.6%

BSRR SIERRA BANCORP 0.1%

Value $367K Shares 11,229 Est. Cost $29.96 Unrealized +18.6%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ORRF	ORRSTOWN FINL SVCS INC	899,016	$31.84M	5.4%	$29.99	+22.3%	—	687380105
FRAF	FRANKLIN FINL SVCS CORP	175,570	$8.814M	1.5%	$27.61	+81.6%	—	353525108
FISI	FINANCIAL INSTNS INC	254,501	$7.933M	1.3%	$24.87	+32.2%	—	317585404
CZWI	CITIZENS CMNTY BANCORP INC M	168,029	$2.994M	0.5%	$14.80	+23.1%	—	174903104
FUNC	FIRST UTD CORP	37,500	$1.404M	0.2%	$30.62	+23.1%	—	33741H107
NFBK	NORTHFIELD BANCORP INC DEL	100,785	$1.152M	0.2%	$11.14	+12.7%	—	66611T108
NWFL	NORWOOD FINANCIAL CORP	19,457	$546K	0.1%	$25.40	+16.6%	—	669549107
RVSB	RIVERVIEW BANCORP INC	96,556	$485K	0.1%	$5.32	-1.6%	—	769397100
BSRR	SIERRA BANCORP	11,229	$367K	0.1%	$29.96	+18.6%	—	82620P102

Decreased Positions (14)

SHBI SHORE BANCSHARES INC 1.3%

Value $7.873M (-51.5%) Shares 421,457 (-54.1%) Est. Cost $15.22 Unrealized +24.3%

MNSB MAINSTREET BANCSHARES INC 1.4%

Value $8.543M (-45.4%) Shares 384,802 (-49.9%) Est. Cost $19.01 Unrealized +12.2%

SFST SOUTHERN FIRST BANCSHARES 0.0%

Value $249K (-96.1%) Shares 4,561 (-96.3%) Est. Cost $36.49 Unrealized +54.8%

BCAL CALIFORNIA BANCORP 0.0%

Value $182K (-96.5%) Shares 10,245 (-96.3%) Est. Cost $14.43 Unrealized +29.3%

OBT ORANGE CNTY BANCORP INC 0.1%

Value $876K (-84.1%) Shares 27,384 (-85.8%) Est. Cost $25.58 Unrealized +24.3%

FRST PRIMIS FINANCIAL CORP 1.6%

Value $9.712M (-25.1%) Shares 731,358 (-21.6%) Est. Cost $10.18 Unrealized +33.6%

CCNE CNB FINL CORP PA 0.8%

Value $4.736M (-35.3%) Shares 163,521 (-41.5%) Est. Cost $24.43 Unrealized +14.5%

WNEB WESTERN NEW ENG BANCORP INC 0.3%

Value $1.673M (-58.6%) Shares 129,357 (-59.6%) Est. Cost $8.12 Unrealized +63.7%

FXNC FIRST NATL CORP VA 3.5%

Value $20.84M (-7.1%) Shares 774,119 (-12.9%) Est. Cost $18.24 Unrealized +45.4%

AVBH AVIDBANK HLDGS INC 5.1%

Value $29.83M (+2.9%) Shares 1,046,582 (-4.1%) Est. Cost $23.73 Unrealized +19.6%

FNWB FIRST NORTHWEST BANCORP 1.4%

Value $8.023M (-9.0%) Shares 924,268 (-1.6%) Est. Cost $11.62 Unrealized -12.9%

TCBS TEXAS COMMUNITY BANCSHARES I 0.1%

Value $366K (-18.2%) Shares 20,894 (-16.0%) Est. Cost $15.65 Unrealized +8.2%

HFWA HERITAGE FINL CORP WASH 0.1%

Value $519K (-12.5%) Shares 19,970 (-20.4%) Est. Cost $23.54 Unrealized +11.8%

JMSB JOHN MARSHALL BANCORP INC 0.4%

Value $2.194M (-1.9%) Shares 108,178 (-3.3%) Est. Cost $17.53 Unrealized +15.1%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SHBI	SHORE BANCSHARES INC	421,457 (-54.1%)	$7.873M (-51.5%)	1.3%	$15.22	+24.3%	COM	825107105
MNSB	MAINSTREET BANCSHARES INC	384,802 (-49.9%)	$8.543M (-45.4%)	1.4%	$19.01	+12.2%	COM	56064Y100
SFST	SOUTHERN FIRST BANCSHARES	4,561 (-96.3%)	$249K (-96.1%)	0.0%	$36.49	+54.8%	COM	842873101
BCAL	CALIFORNIA BANCORP	10,245 (-96.3%)	$182K (-96.5%)	0.0%	$14.43	+29.3%	COM	84252A106
OBT	ORANGE CNTY BANCORP INC	27,384 (-85.8%)	$876K (-84.1%)	0.1%	$25.58	+24.3%	COM	68417L107
FRST	PRIMIS FINANCIAL CORP	731,358 (-21.6%)	$9.712M (-25.1%)	1.6%	$10.18	+33.6%	COM	74167B109
CCNE	CNB FINL CORP PA	163,521 (-41.5%)	$4.736M (-35.3%)	0.8%	$24.43	+14.5%	COM	126128107
WNEB	WESTERN NEW ENG BANCORP INC	129,357 (-59.6%)	$1.673M (-58.6%)	0.3%	$8.12	+63.7%	COM	958892101
FXNC	FIRST NATL CORP VA	774,119 (-12.9%)	$20.84M (-7.1%)	3.5%	$18.24	+45.4%	COM	32106V107
AVBH	AVIDBANK HLDGS INC	1,046,582 (-4.1%)	$29.83M (+2.9%)	5.1%	$23.73	+19.6%	COM	05368J103
FNWB	FIRST NORTHWEST BANCORP	924,268 (-1.6%)	$8.023M (-9.0%)	1.4%	$11.62	-12.9%	COM	335834107
TCBS	TEXAS COMMUNITY BANCSHARES I	20,894 (-16.0%)	$366K (-18.2%)	0.1%	$15.65	+8.2%	COM	88231Q108
HFWA	HERITAGE FINL CORP WASH	19,970 (-20.4%)	$519K (-12.5%)	0.1%	$23.54	+11.8%	COM	42722X106
JMSB	JOHN MARSHALL BANCORP INC	108,178 (-3.3%)	$2.194M (-1.9%)	0.4%	$17.53	+15.1%	COM	47805L101

Unchanged Positions (2)

CFBK CF BANKSHARES INC 3.0%

Value $17.85M Shares 639,378 Est. Cost $23.20 Unrealized +26.7%

HNVR HANOVER BANCORP INC 1.9%

Value $11.26M Shares 521,651 Est. Cost $22.07 Unrealized +4.1%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CFBK	CF BANKSHARES INC	639,378	$17.85M	3.0%	$23.20	+26.7%	COM	12520L109
HNVR	HANOVER BANCORP INC	521,651	$11.26M	1.9%	$22.07	+4.1%	COM	410709109