Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AROW	ASSOCIATED BANC-CORP	847,563	$26.08M	7.9%	—	—	COM	042744102
WABC	WESTAMERICA BANCP	324,824	$19.06M	5.8%	—	—	COM	957090103
CVBF	CVB FINANCIAL	314,278	$7.087M	2.1%	—	—	COM	126600105
FCNCA	FIRST CITIZENS BANCSHARES, INC.	2,980	$6.201M	1.9%	—	—	COM	31946M103
MBWM	MERCANTILE BANK CP	93,925	$5.393M	1.6%	—	—	COM	587376104

Increased Positions (11)

HBAN HUNTINGTON BANCSHARES INCORPORATED 9.7%

Value $32.19M (+133.3%) Shares 1,815,699 (+105.9%) Est. Cost — Unrealized —

COLB COLUMBIA BANKING SYSTEM, INC. 7.3%

Value $23.99M (+264.7%) Shares 748,420 (+212.1%) Est. Cost — Unrealized —

ONB OLD NATIONAL BANCORP 4.9%

Value $16.19M (+150.7%) Shares 624,990 (+113.9%) Est. Cost — Unrealized —

PNFP PINNACLE FINL PARTNERS INC COM 2.5%

Value $8.311M (+222.2%) Shares 82,389 (+175.1%) Est. Cost — Unrealized —

FNB F.N.B. CORPORATION 7.8%

Value $25.7M (+27.3%) Shares 1,346,701 (+11.5%) Est. Cost — Unrealized —

BUSE 1ST BUSEY CORP 5.2%

Value $17.11M (+37.6%) Shares 580,113 (+17.9%) Est. Cost — Unrealized —

ZION ZIONS BANCORPORATION N A 2.8%

Value $9.354M (+41.6%) Shares 135,198 (+17.9%) Est. Cost — Unrealized —

HFWA HERITAGE FINANCIAL 3.3%

Value $11.06M (+28.7%) Shares 373,459 (+13.0%) Est. Cost — Unrealized —

FMBH FIRST MID BANCSHARES INC 2.4%

Value $7.974M (+22.9%) Shares 165,818 (+5.2%) Est. Cost — Unrealized —

TOWN TOWNEBANK 3.4%

Value $11.08M (+14.4%) Shares 305,662 (+6.2%) Est. Cost — Unrealized —

CFBK CF BANKSHARES INC 1.3%

Value $4.441M (+26.9%) Shares 135,517 (+8.1%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HBAN	HUNTINGTON BANCSHARES INCORPORATED	1,815,699 (+105.9%)	$32.19M (+133.3%)	9.7%	—	—	COM	446150104
COLB	COLUMBIA BANKING SYSTEM, INC.	748,420 (+212.1%)	$23.99M (+264.7%)	7.3%	—	—	COM	197236102
ONB	OLD NATIONAL BANCORP	624,990 (+113.9%)	$16.19M (+150.7%)	4.9%	—	—	COM	680033107
PNFP	PINNACLE FINL PARTNERS INC COM	82,389 (+175.1%)	$8.311M (+222.2%)	2.5%	—	—	COM	72348N109
FNB	F.N.B. CORPORATION	1,346,701 (+11.5%)	$25.7M (+27.3%)	7.8%	—	—	COM	302520101
BUSE	1ST BUSEY CORP	580,113 (+17.9%)	$17.11M (+37.6%)	5.2%	—	—	COM	319383204
ZION	ZIONS BANCORPORATION N A	135,198 (+17.9%)	$9.354M (+41.6%)	2.8%	—	—	COM	989701107
HFWA	HERITAGE FINANCIAL	373,459 (+13.0%)	$11.06M (+28.7%)	3.3%	—	—	COM	42722X106
FMBH	FIRST MID BANCSHARES INC	165,818 (+5.2%)	$7.974M (+22.9%)	2.4%	—	—	COM	320866106
TOWN	TOWNEBANK	305,662 (+6.2%)	$11.08M (+14.4%)	3.4%	—	—	COM	89214P109
CFBK	CF BANKSHARES INC	135,517 (+8.1%)	$4.441M (+26.9%)	1.3%	—	—	COM	12520L109

Exited Positions (12)

ASB ASSOCIATED BANC-CORP 6.4%

Value $21.31M Shares 824,104 Est. Cost — Unrealized —

SFST SOUTHERN FIRST BAN 3.5%

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

BWB BRIDGEWATER BANCSHARES INC 2.3%

Value $7.619M Shares 430,456 Est. Cost — Unrealized —

PKBK PARKE BANCORP INC 2.0%

Value $6.469M Shares 227,766 Est. Cost — Unrealized —

KRE ST STR SPDR S&P REGIONAL BANKING ETF 1.8%

Value $5.932M Shares 91,048 Est. Cost — Unrealized —

WTBA WEST BANCORP 1.6%

Value $5.33M Shares 224,038 Est. Cost — Unrealized —

AMBZ AMERICAN BUSINESS BK LA CALIF 1.0%

Value $3.303M Shares 46,552 Est. Cost — Unrealized —

FVCB FVCBANKCORP INC 0.9%

Value $3.026M Shares 199,179 Est. Cost — Unrealized —

NKSH NATIONAL BANKSHARE 0.8%

Value $2.562M Shares 70,353 Est. Cost — Unrealized —

JMSB JOHN MARSHALL BANCORP INC 0.7%

Value $2.405M Shares 118,580 Est. Cost — Unrealized —

FMAO FARMERS & MERCHANTS BANK (OHIO) 0.5%

Value $1.765M Shares 68,746 Est. Cost — Unrealized —

CHMG CHEMUNG FINANCIAL 0.3%

Value $1.134M Shares 21,069 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ASB	ASSOCIATED BANC-CORP	824,104	$21.31M	6.4%	—	—	—	045487105
SFST	SOUTHERN FIRST BAN	210,121	$11.45M	3.5%	—	—	—	842873101
BWB	BRIDGEWATER BANCSHARES INC	430,456	$7.619M	2.3%	—	—	—	108621103
PKBK	PARKE BANCORP INC	227,766	$6.469M	2.0%	—	—	—	700885106
KRE	ST STR SPDR S&P REGIONAL BANKING ETF	91,048	$5.932M	1.8%	—	—	—	78464A698
WTBA	WEST BANCORP	224,038	$5.33M	1.6%	—	—	—	95123P106
AMBZ	AMERICAN BUSINESS BK LA CALIF	46,552	$3.303M	1.0%	—	—	—	02475L105
FVCB	FVCBANKCORP INC	199,179	$3.026M	0.9%	—	—	—	36120Q101
NKSH	NATIONAL BANKSHARE	70,353	$2.562M	0.8%	—	—	—	634865109
JMSB	JOHN MARSHALL BANCORP INC	118,580	$2.405M	0.7%	—	—	—	47805L101
FMAO	FARMERS & MERCHANTS BANK (OHIO)	68,746	$1.765M	0.5%	—	—	—	30779N105
CHMG	CHEMUNG FINANCIAL	21,069	$1.134M	0.3%	—	—	—	164024101

Decreased Positions (16)

HOPE HOPE BANCORP INC 3.7%

Value $12.28M (-57.6%) Shares 897,937 (-65.4%) Est. Cost — Unrealized —

FULT FULTON FINANCIAL CORPORATION 1.5%

Value $4.905M (-71.3%) Shares 202,777 (-75.9%) Est. Cost — Unrealized —

WSBC WESBANCO INC 3.8%

Value $12.55M (-48.3%) Shares 321,548 (-54.3%) Est. Cost — Unrealized —

QCRH QCR HOLDINGS INC 0.3%

Value $1.115M (-90.2%) Shares 11,449 (-91.4%) Est. Cost — Unrealized —

HAFC HANMI FINANCIAL CO 4.0%

Value $13.15M (-43.5%) Shares 405,727 (-54.0%) Est. Cost — Unrealized —

TMP TOMPKINS FINL CORP 1.0%

Value $3.407M (-74.1%) Shares 36,042 (-78.4%) Est. Cost — Unrealized —

SFNC SIMMONS FIRST NATL 2.6%

Value $8.573M (-39.4%) Shares 378,515 (-47.9%) Est. Cost — Unrealized —

MPB MID PENN BANCORP, INC. 0.6%

Value $2.07M (-72.3%) Shares 59,419 (-74.4%) Est. Cost — Unrealized —

MSBI MIDLAND STATES BANCORP INC 0.6%

Value $2.119M (-70.3%) Shares 68,063 (-78.7%) Est. Cost — Unrealized —

NWBI NORTHWEST BANCSHAR 1.2%

Value $4.128M (-37.4%) Shares 272,320 (-47.6%) Est. Cost — Unrealized —

RBB RBB BANCORP 1.5%

Value $4.891M (-32.5%) Shares 178,388 (-47.3%) Est. Cost — Unrealized —

PCB PCB BANK 3.6%

Value $11.91M (+24.3%) Shares 419,878 (-1.4%) Est. Cost — Unrealized —

WEX WEX INC 2.5%

Value $8.142M (-13.1%) Shares 57,705 (-5.7%) Est. Cost — Unrealized —

TFC TRUIST FINANCIAL CORP 1.7%

Value $5.605M (-4.8%) Shares 112,500 (-12.2%) Est. Cost — Unrealized —

FNLC FIRST BANCORP INC 0.3%

Value $1.122M (-17.6%) Shares 32,225 (-33.7%) Est. Cost — Unrealized —

CZWI CITIZENS CMNTY BAN 1.0%

Value $3.369M (+4.8%) Shares 144,034 (-11.3%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HOPE	HOPE BANCORP INC	897,937 (-65.4%)	$12.28M (-57.6%)	3.7%	—	—	COM	43940T109
FULT	FULTON FINANCIAL CORPORATION	202,777 (-75.9%)	$4.905M (-71.3%)	1.5%	—	—	COM	360271100
WSBC	WESBANCO INC	321,548 (-54.3%)	$12.55M (-48.3%)	3.8%	—	—	COM	950810101
QCRH	QCR HOLDINGS INC	11,449 (-91.4%)	$1.115M (-90.2%)	0.3%	—	—	COM	74727A104
HAFC	HANMI FINANCIAL CO	405,727 (-54.0%)	$13.15M (-43.5%)	4.0%	—	—	COM	410495204
TMP	TOMPKINS FINL CORP	36,042 (-78.4%)	$3.407M (-74.1%)	1.0%	—	—	COM	890110109
SFNC	SIMMONS FIRST NATL	378,515 (-47.9%)	$8.573M (-39.4%)	2.6%	—	—	COM	828730200
MPB	MID PENN BANCORP, INC.	59,419 (-74.4%)	$2.07M (-72.3%)	0.6%	—	—	COM	59540G107
MSBI	MIDLAND STATES BANCORP INC	68,063 (-78.7%)	$2.119M (-70.3%)	0.6%	—	—	COM	597742105
NWBI	NORTHWEST BANCSHAR	272,320 (-47.6%)	$4.128M (-37.4%)	1.2%	—	—	COM	667340103
RBB	RBB BANCORP	178,388 (-47.3%)	$4.891M (-32.5%)	1.5%	—	—	COM	74930B105
PCB	PCB BANK	419,878 (-1.4%)	$11.91M (+24.3%)	3.6%	—	—	COM	69320M109
WEX	WEX INC	57,705 (-5.7%)	$8.142M (-13.1%)	2.5%	—	—	COM	96208T104
TFC	TRUIST FINANCIAL CORP	112,500 (-12.2%)	$5.605M (-4.8%)	1.7%	—	—	COM	89832Q109
FNLC	FIRST BANCORP INC	32,225 (-33.7%)	$1.122M (-17.6%)	0.3%	—	—	COM	31866P102
CZWI	CITIZENS CMNTY BAN	144,034 (-11.3%)	$3.369M (+4.8%)	1.0%	—	—	COM	174903104