Fourthstone LLC Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CBAN	COLONY BANKCORP INC	1,711,213 (+165.9%)	$30,494 (+178.5%)	5.7%	$15.15	+11.0%	COM	19623P101
COSO	COASTALSOUTH BANCSHARES INC	959,797 (+153.8%)	$22,315 (+170.6%)	4.2%	$21.95	+1.1%	COM NEW	19058X207
ISTR	INVESTAR HLDG CORP	695,992 (+148.7%)	$18,597 (+186.3%)	3.5%	$23.55	+4.4%	COM	46134L105
EFSI	EAGLE FINL SVCS INC	453,918 (+64.0%)	$18,064 (+72.5%)	3.4%	$34.36	+7.7%	COM	26951R104
SHBI	SHORE BANCSHARES INC	918,202 (+61.6%)	$16,234 (+74.1%)	3.0%	$15.22	+10.2%	COM	825107105
PKBK	PARKE BANCORP INC	620,899 (+52.9%)	$15,547 (+77.7%)	2.9%	$20.71	+8.0%	COM	700885106
FRST	PRIMIS FINANCIAL CORP	932,437 (+31.9%)	$12,970 (+74.6%)	2.4%	$10.18	+9.9%	COM	74167B109
ATLO	AMES NATL CORP	438,696 (+94.9%)	$10,072 (+121.3%)	1.9%	$19.71	+8.4%	COM	031001100
OVBC	OHIO VY BANC CORP	198,804 (+172.2%)	$7,948 (+194.3%)	1.5%	$36.69	+2.7%	COM	677719106
EBMT	EAGLE BANCORP MONT INC	342,748 (+272.3%)	$6,821 (+329.0%)	1.3%	$15.85	+8.6%	COM	26942G100
MNSB	MAINSTREET BANCSHARES INC	767,792 (+50.6%)	$15,632 (+47.2%)	2.9%	$19.01	+2.2%	COM	56064Y100
OVLY	OAK VY BANCORP OAKDALE CALIF	305,401 (+84.1%)	$9,180 (+96.5%)	1.7%	$27.14	+3.9%	COM	671807105
CARE	CARTER BANKSHARES INC	1,236,393 (+19.1%)	$24,307 (+20.6%)	4.5%	$17.71	+5.2%	COM NEW	146103106
LNKB	LINKBANCORP INC	1,066,836 (+56.2%)	$8,812 (+81.0%)	1.6%	$7.05	+6.0%	COM	53578P105
NKSH	NATIONAL BANKSHARES INC VA	226,138 (+76.0%)	$7,582 (+100.4%)	1.4%	$27.91	+6.9%	COM	634865109
OBT	ORANGE CNTY BANCORP INC	192,846 (+169.9%)	$5,506 (+205.7%)	1.0%	$25.58	+2.7%	COM	68417L107
CCNE	CNB FINL CORP PA	279,557 (+72.1%)	$7,316 (+86.1%)	1.4%	$24.43	+3.4%	COM	126128107
FVCB	FVCBANKCORP INC	1,088,952 (+19.6%)	$15,147 (+28.2%)	2.8%	$11.71	+8.7%	COM	36120Q101
PEBK	PEOPLES BANCORP N C INC	154,533 (+104.4%)	$5,594 (+141.3%)	1.0%	$30.72	+4.8%	COM	710577107
MRBK	MERIDIAN CORPORATION	1,121,775 (+4.6%)	$19,721 (+16.5%)	3.7%	$12.00	+28.8%	COM	58958P104
MPB	MID PENN BANCORP INC	291,396 (+32.7%)	$9,039 (+43.7%)	1.7%	$28.63	+2.0%	COM	59540G107
TSBK	TIMBERLAND BANCORP INC	109,687 (+207.5%)	$3,927 (+230.7%)	0.7%	$32.77	+1.9%	COM	887098101
PLBC	PLUMAS BANCORP	102,585 (+125.9%)	$4,585 (+134.0%)	0.9%	$43.00	-0.2%	COM	729273102
FXNC	FIRST NATL CORP	888,672 (+1.7%)	$22,430 (+13.2%)	4.2%	$18.24	+29.6%	COM	32106V107
HNVR	HANOVER BANCORP INC	516,702 (+22.6%)	$11,941 (+26.2%)	2.2%	$22.07	+0.9%	COM	410709109
AVBH	AVIDBANK HLDGS INC	1,091,019 (+4.7%)	$28,977 (+9.0%)	5.4%	$23.73	+9.3%	COM	05368J103
FNWB	FIRST NORTHWEST BANCORP	939,429 (+8.1%)	$8,812 (+28.8%)	1.6%	$11.62	-21.8%	COM	335834107
PROV	PROVIDENT FINL HLDGS INC	352,151 (+52.6%)	$5,603 (+54.1%)	1.0%	$15.12	+3.3%	COM	743868101
CFBK	CF BANKSHARES INC	634,535 (+6.4%)	$15,832 (+10.9%)	3.0%	$23.20	+2.5%	COM	12520L109
BOTJ	BANK OF THE JAMES FINL GP IN	321,908 (+10.3%)	$5,981 (+31.4%)	1.1%	$13.12	+28.8%	COM	470299108
WSBF	WATERSTONE FINL INC MD	199,702 (+55.3%)	$3,305 (+64.8%)	0.6%	$14.55	+7.8%	COM	94188P101
UBFO	UNITED SEC BANCSHARES CALIF	637,917 (+14.8%)	$6,424 (+23.9%)	1.2%	$8.28	+14.6%	COM	911460103
WNEB	WESTERN NEW ENG BANCORP INC	319,953 (+11.3%)	$4,038 (+17.0%)	0.8%	$8.12	+46.8%	COM	958892101
BPRN	PRINCETON BANCORP INC	37,789 (+36.8%)	$1,311 (+49.1%)	0.2%	$30.91	+5.0%	COM	74179A107
JMSB	JOHN MARSHALL BANCORP INC	111,874 (+6.9%)	$2,236 (+7.8%)	0.4%	$17.53	+12.3%	COM	47805L101
NFBK	NORTHFIELD BANCORP INC DEL	100,785 (+14.8%)	$1,152 (+11.2%)	0.2%	$11.14	-2.0%	COM	66611T108
CBFV	CB FINL SVCS INC	10,006 (+1.0%)	$349 (+6.0%)	0.1%	$27.79	+20.7%	COM	12479G101

Exited Positions (31)

COFS CHOICEONE FINL SVCS INC 5.9%

Value ($000) $31,668 Shares 1,093,522 Est. Cost $30.11 Unrealized -2.5%

MCB METROPOLITAN BK HLDG CORP 3.0%

Value ($000) $16,093 Shares 215,083 Est. Cost $65.25 Unrealized +13.2%

BWFG BANKWELL FINL GROUP INC 1.5%

Value ($000) $7,846 Shares 177,321 Est. Cost $30.65 Unrealized +46.5%

WSBC WESBANCO INC 1.3%

Value ($000) $7,141 Shares 223,648 Est. Cost $31.18 Unrealized +3.7%

MVBF MVB FINL CORP 1.3%

Value ($000) $6,823 Shares 272,282 Est. Cost $18.54 Unrealized +42.6%

BVFL BV FINL INC 0.9%

Value ($000) $4,798 Shares 297,624 Est. Cost $13.80 Unrealized +24.7%

KRNY KEARNY FINL CORP MD 0.9%

Value ($000) $4,593 Shares 699,086 Est. Cost $6.43 Unrealized +7.4%

CIVB CIVISTA BANCSHARES INC 0.8%

Value ($000) $4,395 Shares 216,410 Est. Cost $20.69 Unrealized +5.7%

FDSB FIFTH DIST BANCORP INC 0.6%

Value ($000) $3,443 Shares 248,966 Est. Cost $12.96 Unrealized +6.0%

MOFG MIDWESTONE FINL GROUP INC NE 0.6%

Value ($000) $3,395 Shares 120,000 Est. Cost $28.92 Unrealized +26.1%

CNOB CONNECTONE BANCORP INC 0.6%

Value ($000) $3,027 Shares 122,000 Est. Cost $22.80 Unrealized +9.9%

EGBN EAGLE BANCORP INC MD 0.5%

Value ($000) $2,862 Shares 141,541 Est. Cost $22.32 Unrealized -13.7%

OPBK OP BANCORP 0.4%

Value ($000) $2,185 Shares 156,951 Est. Cost $12.86 Unrealized +6.3%

OPHC OPTIMUMBANK HLDGS INC 0.3%

Value ($000) $1,597 Shares 389,554 Est. Cost $4.43 Unrealized -7.0%

PBHC PATHFINDER BANCORP INC MD 0.3%

Value ($000) $1,367 Shares 87,231 Est. Cost $14.88 Unrealized -2.0%

INBK FIRST INTERNET BANCORP 0.2%

Value ($000) $1,261 Shares 56,238 Est. Cost $25.88 Unrealized -22.3%

BBT BEACON FINANCIAL CORP. 0.2%

Value ($000) $1,091 Shares 46,000 Est. Cost $26.82 Unrealized -7.0%

FBLA FB BANCORP INC 0.2%

Value ($000) $964 Shares 80,210 Est. Cost $11.96 Unrealized +3.8%

RBB RBB BANCORP 0.2%

Value ($000) $938 Shares 50,000 Est. Cost $16.29 Unrealized +20.6%

MSBI MIDLAND STATES BANCORP INC 0.2%

Value ($000) $902 Shares 52,609 Est. Cost $17.22 Unrealized +0.2%

FBIZ FIRST BUSINESS FINL SVCS INC 0.1%

Value ($000) $622 Shares 12,131 Est. Cost $50.44 Unrealized +2.8%

HTBK HERITAGE COMM CORP 0.1%

Value ($000) $616 Shares 62,000 Est. Cost $9.18 Unrealized +18.2%

OCFC OCEANFIRST FINL CORP 0.1%

Value ($000) $596 Shares 33,926 Est. Cost $16.64 Unrealized +10.7%

DCOM DIME CMNTY BANCSHARES INC 0.1%

Value ($000) $571 Shares 19,141 Est. Cost $27.95 Unrealized +2.3%

FRBA FIRST BK WILLIAMSTOWN NEW JE 0.1%

Value ($000) $554 Shares 34,016 Est. Cost $14.27 Unrealized +11.3%

LSBK LAKE SHORE BANCORP INC 0.1%

Value ($000) $546 Shares 42,000 Est. Cost $12.57 Unrealized +11.5%

CHMG CHEMUNG FINL CORP 0.1%

Value ($000) $527 Shares 10,028 Est. Cost $45.08 Unrealized +17.0%

FFIC FLUSHING FINL CORP 0.1%

Value ($000) $525 Shares 38,000 Est. Cost $12.17 Unrealized +23.4%

FFWM FIRST FNDTN INC 0.1%

Value ($000) $490 Shares 88,000 Est. Cost $5.79 Unrealized -3.4%

CFFN CAPITOL FED FINL INC 0.1%

Value ($000) $476 Shares 74,887 Est. Cost $5.38 Unrealized +18.2%

OSBC OLD SECOND BANCORP INC ILL 0.0%

Value ($000) $216 Shares 12,500 Est. Cost $16.11 Unrealized +15.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
COFS	CHOICEONE FINL SVCS INC	1,093,522	$31,668	5.9%	$30.11	-2.5%	—	170386106
MCB	METROPOLITAN BK HLDG CORP	215,083	$16,093	3.0%	$65.25	+13.2%	—	591774104
BWFG	BANKWELL FINL GROUP INC	177,321	$7,846	1.5%	$30.65	+46.5%	—	06654A103
WSBC	WESBANCO INC	223,648	$7,141	1.3%	$31.18	+3.7%	—	950810101
MVBF	MVB FINL CORP	272,282	$6,823	1.3%	$18.54	+42.6%	—	553810102
BVFL	BV FINL INC	297,624	$4,798	0.9%	$13.80	+24.7%	—	05603E208
KRNY	KEARNY FINL CORP MD	699,086	$4,593	0.9%	$6.43	+7.4%	—	48716P108
CIVB	CIVISTA BANCSHARES INC	216,410	$4,395	0.8%	$20.69	+5.7%	—	178867107
FDSB	FIFTH DIST BANCORP INC	248,966	$3,443	0.6%	$12.96	+6.0%	—	316926104
MOFG	MIDWESTONE FINL GROUP INC NE	120,000	$3,395	0.6%	$28.92	+26.1%	—	598511103
CNOB	CONNECTONE BANCORP INC	122,000	$3,027	0.6%	$22.80	+9.9%	—	20786W107
EGBN	EAGLE BANCORP INC MD	141,541	$2,862	0.5%	$22.32	-13.7%	—	268948106
OPBK	OP BANCORP	156,951	$2,185	0.4%	$12.86	+6.3%	—	67109R109
OPHC	OPTIMUMBANK HLDGS INC	389,554	$1,597	0.3%	$4.43	-7.0%	—	68401P403
PBHC	PATHFINDER BANCORP INC MD	87,231	$1,367	0.3%	$14.88	-2.0%	—	70319R109
INBK	FIRST INTERNET BANCORP	56,238	$1,261	0.2%	$25.88	-22.3%	—	320557101
BBT	BEACON FINANCIAL CORP.	46,000	$1,091	0.2%	$26.82	-7.0%	—	084680107
FBLA	FB BANCORP INC	80,210	$964	0.2%	$11.96	+3.8%	—	31425A109
RBB	RBB BANCORP	50,000	$938	0.2%	$16.29	+20.6%	—	74930B105
MSBI	MIDLAND STATES BANCORP INC	52,609	$902	0.2%	$17.22	+0.2%	—	597742105
FBIZ	FIRST BUSINESS FINL SVCS INC	12,131	$622	0.1%	$50.44	+2.8%	—	319390100
HTBK	HERITAGE COMM CORP	62,000	$616	0.1%	$9.18	+18.2%	—	426927109
OCFC	OCEANFIRST FINL CORP	33,926	$596	0.1%	$16.64	+10.7%	—	675234108
DCOM	DIME CMNTY BANCSHARES INC	19,141	$571	0.1%	$27.95	+2.3%	—	25432X102
FRBA	FIRST BK WILLIAMSTOWN NEW JE	34,016	$554	0.1%	$14.27	+11.3%	—	31931U102
LSBK	LAKE SHORE BANCORP INC	42,000	$546	0.1%	$12.57	+11.5%	—	510704109
CHMG	CHEMUNG FINL CORP	10,028	$527	0.1%	$45.08	+17.0%	—	164024101
FFIC	FLUSHING FINL CORP	38,000	$525	0.1%	$12.17	+23.4%	—	343873105
FFWM	FIRST FNDTN INC	88,000	$490	0.1%	$5.79	-3.4%	—	32026V104
CFFN	CAPITOL FED FINL INC	74,887	$476	0.1%	$5.38	+18.2%	—	14057J101
OSBC	OLD SECOND BANCORP INC ILL	12,500	$216	0.0%	$16.11	+15.4%	—	680277100

Decreased Positions (14)

ORRF ORRSTOWN FINL SVCS INC 6.0%

Value ($000) $31,843 (-35.5%) Shares 899,016 (-38.1%) Est. Cost $29.99 Unrealized +15.2%

BCAL CALIFORNIA BANCORP 1.0%

Value ($000) $5,142 (-76.3%) Shares 275,432 (-78.8%) Est. Cost $14.43 Unrealized +26.8%

FRAF FRANKLIN FINL SVCS CORP 1.6%

Value ($000) $8,814 (-42.2%) Shares 175,570 (-47.1%) Est. Cost $27.61 Unrealized +76.4%

CZWI CITIZENS CMNTY BANCORP INC M 0.6%

Value ($000) $2,994 (-64.5%) Shares 168,029 (-68.0%) Est. Cost $14.80 Unrealized +12.7%

BMRC BANK MARIN BANCORP 0.0%

Value ($000) $237 (-95.6%) Shares 9,100 (-95.9%) Est. Cost $19.53 Unrealized +30.0%

BHRB BURKE HERBERT FINL SVCS CORP 0.8%

Value ($000) $4,528 (-46.7%) Shares 72,663 (-47.3%) Est. Cost $54.58 Unrealized +13.5%

FUNC FIRST UTD CORP 0.3%

Value ($000) $1,404 (-71.8%) Shares 37,500 (-72.3%) Est. Cost $30.62 Unrealized +20.4%

NWFL NORWOOD FINANCIAL CORP 0.1%

Value ($000) $546 (-74.4%) Shares 19,457 (-76.8%) Est. Cost $25.40 Unrealized +7.3%

FCCO FIRST CMNTY CORP S C 3.0%

Value ($000) $15,924 (-7.6%) Shares 537,072 (-12.1%) Est. Cost $21.50 Unrealized +30.8%

CWBC COMMUNITY WEST BANCSHARES NE 5.5%

Value ($000) $29,495 (-3.2%) Shares 1,310,897 (-10.4%) Est. Cost $16.99 Unrealized +28.1%

FISI FINANCIAL INSTNS INC 1.5%

Value ($000) $7,933 (-9.5%) Shares 254,501 (-21.0%) Est. Cost $24.87 Unrealized +17.6%

SFST SOUTHERN FIRST BANCSHARES 1.2%

Value ($000) $6,349 (-9.4%) Shares 123,240 (-22.4%) Est. Cost $36.49 Unrealized +31.4%

RVSB RIVERVIEW BANCORP INC 0.1%

Value ($000) $485 (-51.4%) Shares 96,556 (-48.1%) Est. Cost $5.32 Unrealized -1.9%

BFST BUSINESS FIRST BANCSHARES IN 0.6%

Value ($000) $3,455 (-10.8%) Shares 132,169 (-19.4%) Est. Cost $24.12 Unrealized +4.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ORRF	ORRSTOWN FINL SVCS INC	899,016 (-38.1%)	$31,843 (-35.5%)	6.0%	$29.99	+15.2%	COM	687380105
BCAL	CALIFORNIA BANCORP	275,432 (-78.8%)	$5,142 (-76.3%)	1.0%	$14.43	+26.8%	COM	84252A106
FRAF	FRANKLIN FINL SVCS CORP	175,570 (-47.1%)	$8,814 (-42.2%)	1.6%	$27.61	+76.4%	COM	353525108
CZWI	CITIZENS CMNTY BANCORP INC M	168,029 (-68.0%)	$2,994 (-64.5%)	0.6%	$14.80	+12.7%	COM	174903104
BMRC	BANK MARIN BANCORP	9,100 (-95.9%)	$237 (-95.6%)	0.0%	$19.53	+30.0%	COM	063425102
BHRB	BURKE HERBERT FINL SVCS CORP	72,663 (-47.3%)	$4,528 (-46.7%)	0.8%	$54.58	+13.5%	COM	12135Y108
FUNC	FIRST UTD CORP	37,500 (-72.3%)	$1,404 (-71.8%)	0.3%	$30.62	+20.4%	COM	33741H107
NWFL	NORWOOD FINANCIAL CORP	19,457 (-76.8%)	$546 (-74.4%)	0.1%	$25.40	+7.3%	COM	669549107
FCCO	FIRST CMNTY CORP S C	537,072 (-12.1%)	$15,924 (-7.6%)	3.0%	$21.50	+30.8%	COM	319835104
CWBC	COMMUNITY WEST BANCSHARES NE	1,310,897 (-10.4%)	$29,495 (-3.2%)	5.5%	$16.99	+28.1%	COM	203937107
FISI	FINANCIAL INSTNS INC	254,501 (-21.0%)	$7,933 (-9.5%)	1.5%	$24.87	+17.6%	COM	317585404
SFST	SOUTHERN FIRST BANCSHARES	123,240 (-22.4%)	$6,349 (-9.4%)	1.2%	$36.49	+31.4%	COM	842873101
RVSB	RIVERVIEW BANCORP INC	96,556 (-48.1%)	$485 (-51.4%)	0.1%	$5.32	-1.9%	COM	769397100
BFST	BUSINESS FIRST BANCSHARES IN	132,169 (-19.4%)	$3,455 (-10.8%)	0.6%	$24.12	+4.0%	COM	12326C105

Unchanged Positions (1)

TCBS TEXAS COMMUNITY BANCSHARES I 0.1%

Value ($000) $447 Shares 24,881 Est. Cost $15.65 Unrealized +3.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TCBS	TEXAS COMMUNITY BANCSHARES I	24,881	$447	0.1%	$15.65	+3.4%	COM	88231Q108