The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AMERIS BANCORP COM 03076K108 4,674 200,600 SH   SOLE   200,600 0 0
ANCHOR BANCORP WA COM 032838104 4,586 244,603 SH   SOLE   244,603 0 0
ARLINGTON ASSET INVT CORP CL A NEW 041356205 2,251 85,000 SH   SOLE   85,000 0 0
BANCORPSOUTH INC COM 059692103 255 10,200 SH   SOLE   10,200 0 0
BANK OF AMERICA CORPORATION COM 060505104 13,069 759,800 SH   SOLE   759,800 0 0
BANK OF MARIN BANCORP COM 063425102 2,963 65,758 SH   SOLE   65,758 0 0
BANNER CORP COM NEW 06652V208 2,826 68,577 SH   SOLE   68,577 0 0
BBCN BANCORP INC COM 073295107 2,832 165,204 SH   SOLE   165,204 0 0
BENEFICIAL MUTUAL BANCORP IN COM 08173R104 4,234 321,000 SH   SOLE   321,000 0 0
BNC BANCORP COM 05566T101 5,216 301,000 SH   SOLE   301,000 0 0
BRIDGE BANCORP INC COM 108035106 2,687 100,600 SH   SOLE   100,600 0 0
BSB BANCORP INC MD COM 05573H108 3,998 232,606 SH   SOLE   232,606 0 0
CAPITAL ONE FINL CORP COM 14040H105 6,296 81,600 SH   SOLE   81,600 0 0
CENTER BANCORP INC COM 151408101 1,003 52,800 SH   SOLE   52,800 0 0
CHERRY HILL MTG INVT CORP COM 164651101 6,473 345,200 SH   SOLE   345,200 0 0
CITIGROUP INC COM NEW 172967424 6,074 127,600 SH   SOLE   127,600 0 0
COMMERCE BANCSHARES INC COM 200525103 644 13,870 SH   SOLE   13,870 0 0
COMMUNITY BANKERS TR CORP COM 203612106 3,193 792,300 SH   SOLE   792,300 0 0
COMMUNITY WEST BANCSHARES COM 204157101 3,230 464,735 SH   SOLE   464,735 0 0
CONNECTONE BANCORP INC COM 20786U101 365 7,446 SH   SOLE   7,446 0 0
CU BANCORP CALIF COM 126534106 1,668 90,639 SH   SOLE   90,639 0 0
ELLINGTON FINANCIAL LLC COM 288522303 5,898 247,600 SH   SOLE   247,600 0 0
ENTERPRISE FINL SVCS CORP COM 293712105 2,119 105,600 SH   SOLE   105,600 0 0
FIDELITY SOUTHERN CORP NEW COM 316394105 2,590 185,429 SH   SOLE   185,429 0 0
FIFTH THIRD BANCORP COM 316773100 9,053 394,400 SH   SOLE   394,400 0 0
FIRST BANCORP P R COM NEW 318672706 3,967 729,200 SH   SOLE   729,200 0 0
FIRST BANCSHARES INC MS COM 318916103 2,951 203,641 SH   SOLE   203,641 0 0
FIRST FINL BANCORP OH COM 320209109 2,717 151,086 SH   SOLE   151,086 0 0
FIRST INTERNET BANCORP COM 320557101 2,471 108,500 SH   SOLE   108,500 0 0
FIRST MIDWEST BANCORP DEL COM 320867104 3,983 233,200 SH   SOLE   233,200 0 0
FIRST NBC BK HLDG CO COM 32115D106 4,883 140,061 SH   SOLE   140,061 0 0
FIRSTMERIT CORP COM 337915102 7,511 360,590 SH   SOLE   360,590 0 0
FOX CHASE BANCORP INC NEW COM 35137T108 3,782 224,468 SH   SOLE   224,468 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 2,051 160,000 SH   SOLE   160,000 0 0
HANMI FINL CORP COM NEW 410495204 5,902 253,303 SH   SOLE   253,303 0 0
HERITAGE FINL CORP WASH COM 42722X106 3,879 229,246 SH   SOLE   229,246 0 0
HERITAGE OAKS BANCORP COM 42724R107 1,239 153,344 SH   SOLE   153,344 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 6,248 481,337 SH   SOLE   481,337 0 0
JPMORGAN CHASE & CO COM 46625H100 3,825 63,000 SH   SOLE   63,000 0 0
KINGSTONE COS INC COM 496719105 2,745 393,900 SH   SOLE   393,900 0 0
MERCANTILE BANK CORP COM 587376104 920 44,600 SH   SOLE   44,600 0 0
MERIDIAN INTERSTAT BANCORP I COM 58964Q104 3,841 150,200 SH   SOLE   150,200 0 0
OLD POINT FINL CORP COM 680194107 2,456 145,657 SH   SOLE   145,657 0 0
OMNIAMERICAN BANCORP INC COM 68216R107 656 28,800 SH   SOLE   28,800 0 0
PACIFIC CONTINENTAL CORP COM 69412V108 1,688 122,700 SH   SOLE   122,700 0 0
PACIFIC PREMIER BANCORP COM 69478X105 2,423 150,100 SH   SOLE   150,100 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 5,351 243,248 SH   SOLE   243,248 0 0
PREFERRED BK LOS ANGELES CA COM NEW 740367404 11,683 450,048 SH   SOLE   450,048 0 0
REGIONS FINL CORP NEW COM 7591EP100 5,434 489,100 SH   SOLE   489,100 0 0
RENASANT CORP COM 75970E107 796 27,400 SH   SOLE   27,400 0 0
SIMMONS 1ST NATL CORP CL A $1 PAR 828730200 373 10,000 SH   SOLE   10,000 0 0
SOUTHWEST BANCORP INC OKLA COM 844767103 3,941 223,152 SH   SOLE   223,152 0 0
SYNOVUS FINL CORP COM 87161C105 11,035 3,255,105 SH   SOLE   3,255,105 0 0
TFS FINL CORP COM 87240R107 25,806 2,076,078 SH   SOLE   2,076,078 0 0
TOWER FINANCIAL CORP COM 891769101 5,626 226,313 SH   SOLE   226,313 0 0
TWO HBRS INVT CORP COM 90187B101 5,467 533,355 SH   SOLE   533,355 0 0
VANTAGESOUTH BANCSHARES INC COM 92209W105 1,406 200,000 SH   SOLE   200,000 0 0
WELLS FARGO & CO NEW COM 949746101 7,899 158,800 SH   SOLE   158,800 0 0
WILSHIRE BANCORP INC COM 97186T108 4,837 435,800 SH   SOLE   435,800 0 0
WINTRUST FINL CORP COM 97650W108 999 20,522 SH   SOLE   20,522 0 0
M & T BK CORP W EXP 12/2018 55261F112 6,544 136,900 SH   SOLE   136,900 0 0
YADKIN FINL CORP COM 984305102 11,380 531,532 SH   SOLE   531,532 0 0
EAST WEST BANCORP INC COM 27579R104 971 26,609 SH   SOLE   26,609 0 0
MAINSOURCE FINANCIAL GP INC COM 56062Y102 537 31,400 SH   SOLE   31,400 0 0