Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HBAN	HUNTINGTON BANCSHARES INCORPORATED	881,678	$13.8M	3.8%	—	—	COM	446150104
ZION	ZIONS BANCORPORATION N A	114,645	$6.606M	1.8%	—	—	COM	989701107
NWBI	NORTHWEST BANCSHAR	519,707	$6.595M	1.8%	—	—	COM	667340103
COLB	COLUMBIA BANKING SYSTEM, INC.	239,797	$6.578M	1.8%	—	—	COM	197236102
PKBK	PARKE BANCORP INC	227,766	$6.469M	1.8%	—	—	COM	700885106
ONB	OLD NATIONAL BANCORP	292,145	$6.456M	1.8%	—	—	COM	680033107
CFBK	CF BANKSHARES INC	125,377	$3.499M	1.0%	—	—	COM	12520L109
CZWI	CITIZENS CMNTY BAN	162,312	$3.214M	0.9%	—	—	COM	174903104
PNFP	PINNACLE FINL PARTNERS INC COM	29,948	$2.58M	0.7%	—	—	COM	72348N109
FMAO	FARMERS & MERCHANTS BANK (OHIO)	68,746	$1.765M	0.5%	—	—	COM	30779N105
FNLC	FIRST BANCORP INC	48,585	$1.362M	0.4%	—	—	COM	31866P102

Increased Positions (19)

ASB ASSOCIATED BANC-CORP 5.9%

Value $21.31M (+82.1%) Shares 824,104 (+35.8%) Est. Cost — Unrealized —

FULT FULTON FINANCIAL CORPORATION 4.8%

Value $17.09M (+116.2%) Shares 840,319 (+105.4%) Est. Cost — Unrealized —

TMP TOMPKINS FINL CORP 3.7%

Value $13.16M (+105.0%) Shares 166,941 (+88.5%) Est. Cost — Unrealized —

BUSE 1ST BUSEY CORP 3.5%

Value $12.44M (+113.8%) Shares 492,113 (+101.3%) Est. Cost — Unrealized —

QCRH QCR HOLDINGS INC 3.2%

Value $11.39M (+127.9%) Shares 133,324 (+122.1%) Est. Cost — Unrealized —

FNB F.N.B. CORPORATION 5.6%

Value $20.19M (+44.5%) Shares 1,207,418 (+47.8%) Est. Cost — Unrealized —

MPB MID PENN BANCORP, INC. 2.1%

Value $7.463M (+175.9%) Shares 232,072 (+166.1%) Est. Cost — Unrealized —

WSBC WESBANCO INC 6.8%

Value $24.27M (+23.1%) Shares 703,723 (+18.7%) Est. Cost — Unrealized —

HFWA HERITAGE FINANCIAL 2.4%

Value $8.592M (+95.4%) Shares 330,459 (+77.7%) Est. Cost — Unrealized —

TOWN TOWNEBANK 2.7%

Value $9.686M (+73.3%) Shares 287,682 (+71.8%) Est. Cost — Unrealized —

WEX WEX INC 2.6%

Value $9.367M (+49.7%) Shares 61,205 (+45.7%) Est. Cost — Unrealized —

HOPE HOPE BANCORP INC 8.1%

Value $28.99M (+12.0%) Shares 2,595,281 (+9.9%) Est. Cost — Unrealized —

MSBI MIDLAND STATES BANCORP INC 2.0%

Value $7.146M (+29.1%) Shares 320,288 (+22.5%) Est. Cost — Unrealized —

FMBH FIRST MID BANCSHARES INC 1.8%

Value $6.491M (+30.0%) Shares 157,581 (+23.1%) Est. Cost — Unrealized —

RBB RBB BANCORP 2.0%

Value $7.24M (+13.3%) Shares 338,810 (+9.4%) Est. Cost — Unrealized —

CHMG CHEMUNG FINANCIAL 0.3%

Value $1.134M (+206.6%) Shares 21,069 (+217.8%) Est. Cost — Unrealized —

HAFC HANMI FINANCIAL CO 6.5%

Value $23.25M (+2.3%) Shares 881,957 (+4.9%) Est. Cost — Unrealized —

JMSB JOHN MARSHALL BANCORP INC 0.7%

Value $2.405M (+26.8%) Shares 118,580 (+25.0%) Est. Cost — Unrealized —

BWB BRIDGEWATER BANCSHARES INC 2.1%

Value $7.619M (+6.5%) Shares 430,456 (+5.5%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ASB	ASSOCIATED BANC-CORP	824,104 (+35.8%)	$21.31M (+82.1%)	5.9%	—	—	COM	045487105
FULT	FULTON FINANCIAL CORPORATION	840,319 (+105.4%)	$17.09M (+116.2%)	4.8%	—	—	COM	360271100
TMP	TOMPKINS FINL CORP	166,941 (+88.5%)	$13.16M (+105.0%)	3.7%	—	—	COM	890110109
BUSE	1ST BUSEY CORP	492,113 (+101.3%)	$12.44M (+113.8%)	3.5%	—	—	COM	319383204
QCRH	QCR HOLDINGS INC	133,324 (+122.1%)	$11.39M (+127.9%)	3.2%	—	—	COM	74727A104
FNB	F.N.B. CORPORATION	1,207,418 (+47.8%)	$20.19M (+44.5%)	5.6%	—	—	COM	302520101
MPB	MID PENN BANCORP, INC.	232,072 (+166.1%)	$7.463M (+175.9%)	2.1%	—	—	COM	59540G107
WSBC	WESBANCO INC	703,723 (+18.7%)	$24.27M (+23.1%)	6.8%	—	—	COM	950810101
HFWA	HERITAGE FINANCIAL	330,459 (+77.7%)	$8.592M (+95.4%)	2.4%	—	—	COM	42722X106
TOWN	TOWNEBANK	287,682 (+71.8%)	$9.686M (+73.3%)	2.7%	—	—	COM	89214P109
WEX	WEX INC	61,205 (+45.7%)	$9.367M (+49.7%)	2.6%	—	—	COM	96208T104
HOPE	HOPE BANCORP INC	2,595,281 (+9.9%)	$28.99M (+12.0%)	8.1%	—	—	COM	43940T109
MSBI	MIDLAND STATES BANCORP INC	320,288 (+22.5%)	$7.146M (+29.1%)	2.0%	—	—	COM	597742105
FMBH	FIRST MID BANCSHARES INC	157,581 (+23.1%)	$6.491M (+30.0%)	1.8%	—	—	COM	320866106
RBB	RBB BANCORP	338,810 (+9.4%)	$7.24M (+13.3%)	2.0%	—	—	COM	74930B105
CHMG	CHEMUNG FINANCIAL	21,069 (+217.8%)	$1.134M (+206.6%)	0.3%	—	—	COM	164024101
HAFC	HANMI FINANCIAL CO	881,957 (+4.9%)	$23.25M (+2.3%)	6.5%	—	—	COM	410495204
JMSB	JOHN MARSHALL BANCORP INC	118,580 (+25.0%)	$2.405M (+26.8%)	0.7%	—	—	COM	47805L101
BWB	BRIDGEWATER BANCSHARES INC	430,456 (+5.5%)	$7.619M (+6.5%)	2.1%	—	—	COM	108621103

Exited Positions (9)

AROW ASSOCIATED BANC-CORP 5.7%

Value $20.33M Shares 789,305 Est. Cost — Unrealized —

KEY KEYCORP 3.4%

Value $12.22M Shares 592,056 Est. Cost — Unrealized —

CFG RBS CITIZENS FINANCIAL GROUP INC 2.9%

Value $10.45M Shares 178,973 Est. Cost — Unrealized —

MTB M&T BANK CORP 1.9%

Value $6.987M Shares 34,680 Est. Cost — Unrealized —

FISI FINANCIAL INSTITUTIONS, INC. 1.9%

Value $6.729M Shares 215,887 Est. Cost — Unrealized —

OBK ORIGIN BANCORP INC 1.7%

Value $6.209M Shares 165,094 Est. Cost — Unrealized —

BPOP POPULAR, INC. 1.5%

Value $5.362M Shares 43,058 Est. Cost — Unrealized —

PNC PNC FINANCIAL SERVICES GRP INC 1.1%

Value $4.02M Shares 19,261 Est. Cost — Unrealized —

HTBK HERITAGE COMMERCE CORP 0.1%

Value $248K Shares 20,617 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AROW	ASSOCIATED BANC-CORP	789,305	$20.33M	5.7%	—	—	—	042744102
KEY	KEYCORP	592,056	$12.22M	3.4%	—	—	—	493267108
CFG	RBS CITIZENS FINANCIAL GROUP INC	178,973	$10.45M	2.9%	—	—	—	174610105
MTB	M&T BANK CORP	34,680	$6.987M	1.9%	—	—	—	55261F104
FISI	FINANCIAL INSTITUTIONS, INC.	215,887	$6.729M	1.9%	—	—	—	317585404
OBK	ORIGIN BANCORP INC	165,094	$6.209M	1.7%	—	—	—	68621T102
BPOP	POPULAR, INC.	43,058	$5.362M	1.5%	—	—	—	733174700
PNC	PNC FINANCIAL SERVICES GRP INC	19,261	$4.02M	1.1%	—	—	—	693475105
HTBK	HERITAGE COMMERCE CORP	20,617	$248K	0.1%	—	—	—	426927109

Decreased Positions (7)

TFC TRUIST FINANCIAL CORP 1.6%

Value $5.888M (-77.5%) Shares 128,091 (-75.9%) Est. Cost — Unrealized —

KRE ST STR SPDR S&P REGIONAL BANKING ETF 1.7%

Value $5.932M (-73.9%) Shares 91,048 (-74.0%) Est. Cost — Unrealized —

SFNC SIMMONS FIRST NATL 3.9%

Value $14.14M (-45.2%) Shares 726,883 (-46.9%) Est. Cost — Unrealized —

AMBZ AMERICAN BUSINESS BK LA CALIF 0.9%

Value $3.303M (-64.0%) Shares 46,552 (-67.1%) Est. Cost — Unrealized —

NKSH NATIONAL BANKSHARE 0.7%

Value $2.562M (-33.0%) Shares 70,353 (-38.3%) Est. Cost — Unrealized —

WTBA WEST BANCORP 1.5%

Value $5.33M (+5.9%) Shares 224,038 (-1.3%) Est. Cost — Unrealized —

FVCB FVCBANKCORP INC 0.8%

Value $3.026M (-4.2%) Shares 199,179 (-12.3%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TFC	TRUIST FINANCIAL CORP	128,091 (-75.9%)	$5.888M (-77.5%)	1.6%	—	—	COM	89832Q109
KRE	ST STR SPDR S&P REGIONAL BANKING ETF	91,048 (-74.0%)	$5.932M (-73.9%)	1.7%	—	—	COM	78464A698
SFNC	SIMMONS FIRST NATL	726,883 (-46.9%)	$14.14M (-45.2%)	3.9%	—	—	COM	828730200
AMBZ	AMERICAN BUSINESS BK LA CALIF	46,552 (-67.1%)	$3.303M (-64.0%)	0.9%	—	—	COM	02475L105
NKSH	NATIONAL BANKSHARE	70,353 (-38.3%)	$2.562M (-33.0%)	0.7%	—	—	COM	634865109
WTBA	WEST BANCORP	224,038 (-1.3%)	$5.33M (+5.9%)	1.5%	—	—	COM	95123P106
FVCB	FVCBANKCORP INC	199,179 (-12.3%)	$3.026M (-4.2%)	0.8%	—	—	COM	36120Q101

Unchanged Positions (2)

SFST SOUTHERN FIRST BAN 3.2%

Value $11.45M Shares 210,121 Est. Cost — Unrealized —

PCB PCB BANK 2.7%

Value $9.58M Shares 425,984 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SFST	SOUTHERN FIRST BAN	210,121	$11.45M	3.2%	—	—	COM	842873101
PCB	PCB BANK	425,984	$9.58M	2.7%	—	—	COM	69320M109