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
AJS Bancorp, Inc. COM 001503101 2,353 171,100 SH   SOLE   171,100 0 0
Access National Corporation COM 004337101 1,687 90,000 SH   SOLE   90,000 0 0
Alliance Bancorp, Inc. of Pennsylvania COM 01890A108 2,188 101,300 SH   SOLE   101,300 0 0
Ambac Financial Group Inc. - Warrant $16.67 Exp 4/30/2023 Warrant 023139116 538 40,000 SH   SOLE   40,000 0 0
American Homes 4 Rent CL A 02665T306 13,657 825,200 SH   SOLE   825,200 0 0
American River Bankshares COM 029326105 6,304 665,700 SH   SOLE   665,700 0 0
Ameris Bancorp COM 03076K108 20,162 764,000 SH   SOLE   764,000 0 0
Astoria Financial Corporation COM 046265104 5,504 425,000 SH   SOLE   425,000 0 0
Avidbank Holdings, Inc. COM 05368J103 1,533 125,161 SH   SOLE   125,161 0 0
BOK Financial Corporation COM 05561Q201 4,592 75,000 SH   SOLE   75,000 0 0
BancFirst Corporation COM 05945F103 5,635 92,400 SH   SOLE   92,400 0 0
BancorpSouth, Inc. COM 059692103 2,666 114,809 SH   SOLE   114,809 0 0
Bank of America Corporation COM 060505104 1,154 75,000 SH   SOLE   75,000 0 0
Bank of Marin Bancorp COM 063425102 1,924 37,800 SH   SOLE   37,800 0 0
Bank of New York Mellon Corporation COM 064058100 6,237 155,000 SH   SOLE   155,000 0 0
Bank of Commerce Holdings COM 06424J103 800 142,900 SH   SOLE   142,900 0 0
Bank of the Carolinas Corporation COM 06425J102 2,700 19,997,000 SH   SOLE   19,997,000 0 0
BankUnited, Inc. COM 06652K103 6,700 204,650 SH   SOLE   204,650 0 0
Bay Banks of Virginia, Inc. COM 072035108 2,805 475,400 SH   SOLE   475,400 0 0
BBCN Bancorp, Inc. COM 073295107 760 52,500 SH   SOLE   52,500 0 0
BlackRock, Inc. COM 09247X101 915 2,500 SH   SOLE   2,500 0 0
Boston Private Financial Holdings, Inc. COM 101119105 10,692 880,000 SH   SOLE   880,000 0 0
Bridge Bancorp, Inc. COM 108035106 3,528 136,600 SH   SOLE   136,600 0 0
C1 Financial, Inc. COM 12591N109 12,666 675,500 SH   SOLE   675,500 0 0
CNB Financial Corporation COM 126128107 2,301 135,200 SH   SOLE   135,200 0 0
Capital Bank Financial Corporation CL A COM 139794101 1,328 48,100 SH   SOLE   48,100 0 0
Cardinal Financial Corporation COM 14149F109 699 35,000 SH   SOLE   35,000 0 0
CenterState Banks, Inc. COM 15201P109 4,369 366,800 SH   SOLE   366,800 0 0
Century Bancorp, Inc. CL A NON VTG 156432106 11,676 294,100 SH   SOLE   294,100 0 0
Chicopee Bancorp, Inc. COM 168565109 2,944 179,400 SH   SOLE   179,400 0 0
Citigroup Inc. COM 172967424 16,486 320,000 SH   SOLE   320,000 0 0
Citizens Financial Group, Inc. COM 174610105 5,550 230,000 SH   SOLE   230,000 0 0
Citizens Community Bancorp, Inc. COM 174903104 906 99,057 SH   SOLE   99,057 0 0
City National Corporation COM 178566105 4,166 46,765 SH   SOLE   46,765 0 0
Coastway Bancorp, Inc. COM 190632109 5,390 486,000 SH   SOLE   486,000 0 0
CoBiz Financial Inc. COM 190897108 6,468 525,000 SH   SOLE   525,000 0 0
Colonial Financial Services, Inc. COM 19566B101 418 29,200 SH   SOLE   29,200 0 0
Comerica Incorporated COM 200340107 7,158 158,600 SH   SOLE   158,600 0 0
Community Bankers Trust Corporation COM 203612106 219 50,000 SH   SOLE   50,000 0 0
Community West Bancshares COM 204157101 1,374 209,200 SH   SOLE   209,200 0 0
County Bancorp, Inc. COM 221907108 2,100 106,700 SH   SOLE   106,700 0 0
DCB Financial Corp COM 233075100 1,557 214,725 SH   SOLE   214,725 0 0
DNB Financial Corporation COM 233237106 1,345 51,745 SH   SOLE   51,745 0 0
Dime Community Bancshares, Inc. COM 253922108 7,084 440,000 SH   SOLE   440,000 0 0
Discover Financial Services COM 254709108 5,455 96,800 SH   SOLE   96,800 0 0
Eagle Bancorp, Inc. COM 268948106 14,592 380,000 SH   SOLE   380,000 0 0
E*TRADE Financial Corporation COM 269246401 11,995 420,000 SH   SOLE   420,000 0 0
Eagle Bancorp Inc. - Warrant $7.44 Exp 12/05/2018 Warrant 2699929B1 12,280 385,434 SH   SOLE   385,434 0 0
ESSA Bancorp, Inc. COM 29667D104 3,361 262,200 SH   SOLE   262,200 0 0
Eureka Financial Corporation COM 29855C108 1,207 54,882 SH   SOLE   54,882 0 0
Evans Bancorp, Inc. COM 29911Q208 7,418 299,100 SH   SOLE   299,100 0 0
EverBank Financial Corp COM 29977G102 902 50,000 SH   SOLE   50,000 0 0
F.N.B. Corporation COM 302520101 1,643 125,000 SH   SOLE   125,000 0 0
FCB Financial Holdings, Inc. CL A 30255G103 2,997 109,500 SH   SOLE   109,500 0 0
Fairmount Bancorp Inc. COM 305468100 678 29,156 SH   SOLE   29,156 0 0
Farmers Capital Bank Corporation COM 309562106 167 7,200 SH   SOLE   7,200 0 0
Farmers National Banc Corp. COM 309627107 205 25,000 SH   SOLE   25,000 0 0
FNF Group CL A 31620R303 6,694 182,100 SH   SOLE   182,100 0 0
Fidelity National Financial Inc. FNFV GROUP COM 31620R402 3,786 268,519 SH   SOLE   268,519 0 0
Fifth Third Bancorp COM 316773100 3,687 195,600 SH   SOLE   195,600 0 0
First American International Corp. COM 31849X107 2,693 168,100 SH   SOLE   168,100 0 0
First Busey Corporation COM 319383105 825 123,300 SH   SOLE   123,300 0 0
First Business Financial Services, Inc. COM 319390100 519 12,000 SH   SOLE   12,000 0 0
First Capital Bancorp, Inc. COM 319438107 222 51,100 SH   SOLE   51,100 0 0
1st Century Bancshares, Inc. COM 31943X102 6,842 1,000,300 SH   SOLE   1,000,300 0 0
First Citizens Banc Corp, Inc. Series B Conv. Pfd. 6.50% PFD SER B 319459400 2,371 68,700 SH   SOLE   68,700 0 0
First Citizens BancShares, Inc. CL A 31946M103 3,220 12,400 SH   SOLE   12,400 0 0
First Community Corporation COM 319835104 5,130 440,000 SH   SOLE   440,000 0 0
First Financial Bancorp. COM 320209109 7,302 410,000 SH   SOLE   410,000 0 0
First Financial Bancorp - Warrahnt $12.90 Exp 12/23/2018 Warrant 320209117 89 14,899 SH   SOLE   14,899 0 0
First Internet Bancorp COM 320557101 2,396 129,000 SH   SOLE   129,000 0 0
First Intercontinental Bank COM 32056Y101 984 140,613 SH   SOLE   140,613 0 0
First Midwest Bancorp, Inc. COM 320867104 15,329 882,500 SH   SOLE   882,500 0 0
First NBC Bank Holding Company COM 32115D106 9,234 280,000 SH   SOLE   280,000 0 0
First Security Group, Inc. COM 336312202 1,052 438,200 SH   SOLE   438,200 0 0
First South Bancorp, Inc. COM 33646W100 560 70,000 SH   SOLE   70,000 0 0
FirstMerit Corporation COM 337915102 1,429 75,000 SH   SOLE   75,000 0 0
Flagstar Bancorp, Inc. COM 337930705 2,757 190,000 SH   SOLE   190,000 0 0
Fly Leasing Ltd. SPONSORED ADR 34407D109 941 64,600 SH   SOLE   64,600 0 0
Fox Chase Bancorp, Inc. COM 35137T108 7,806 463,821 SH   SOLE   463,821 0 0
Fraternity Community Bancorp, Inc. COM 35553P101 2,176 130,088 SH   SOLE   130,088 0 0
Georgetown Bancorp, Inc. COM 372591107 1,436 80,000 SH   SOLE   80,000 0 0
Glacier Bancorp, Inc. COM 37637Q105 880 35,000 SH   SOLE   35,000 0 0
Great Western Bancorp, Inc. COM 391416104 1,114 50,600 SH   SOLE   50,600 0 0
Guaranty Bancorp COM 40075T607 8,980 529,500 SH   SOLE   529,500 0 0
HF Financial Corp. COM 404172108 9,688 655,900 SH   SOLE   655,900 0 0
HMN Financial, Inc. COM 40424G108 845 69,858 SH   SOLE   69,858 0 0
Hamilton Bancorp Inc. COM 407015106 4,583 335,000 SH   SOLE   335,000 0 0
Hanmi Financial Corporation COM 410495204 3,153 149,100 SH   SOLE   149,100 0 0
Heritage Commerce Corp COM 426927109 10,114 1,107,767 SH   SOLE   1,107,767 0 0
Heritage Financial Corporation COM 42722X106 1,275 75,000 SH   SOLE   75,000 0 0
Heritage Oaks Bancorp COM 42724R107 2,847 342,635 SH   SOLE   342,635 0 0
Hibernia Bancorp, Inc. COM 42866N104 157 8,607 SH   SOLE   8,607 0 0
Hilltop Holdings Inc. COM 432748101 2,245 115,500 SH   SOLE   115,500 0 0
Hingham Institution for Savings COM 433323102 1,678 16,949 SH   SOLE   16,949 0 0
Home Federal Bancorp, Inc. of Louisiana COM 43708L108 1,338 69,500 SH   SOLE   69,500 0 0
HomeTrust Bancshares, Inc. COM 437872104 4,312 270,000 SH   SOLE   270,000 0 0
Hudson City Bancorp, Inc. COM 443683107 10,057 959,656 SH   SOLE   959,656 0 0
IF Bancorp, Inc. COM 44951J105 7,100 423,900 SH   SOLE   423,900 0 0
Independent Bank Corporation COM 453838609 19,908 1,551,700 SH   SOLE   1,551,700 0 0
Investar Holding Corporation COM 46134L105 4,012 234,600 SH   SOLE   234,600 0 0
JPMorgan Chase & Co. COM 46625H100 3,635 60,000 SH   SOLE   60,000 0 0
JPMorgan Chase & Co. - Warrant $42.42 Exp 10/28/2018 Warrant 46634E114 1,651 75,000 SH   SOLE   75,000 0 0
Jacksonville Bancorp, Inc. COM 469249205 3,440 312,707 SH   SOLE   312,707 0 0
Jacksonville Bancorp, Inc. (IL) COM 46924R106 1,433 59,700 SH   SOLE   59,700 0 0
KeyCorp COM 493267108 2,690 190,000 SH   SOLE   190,000 0 0
La Porte Bancorp, Inc. COM 516651106 3,219 247,400 SH   SOLE   247,400 0 0
Legg Mason, Inc. COM 524901105 4,261 77,200 SH   SOLE   77,200 0 0
Lennar Corporation CL A 526057104 2,072 40,000 SH   SOLE   40,000 0 0
Louisiana Bancorp, Inc. COM 54619P104 2,958 140,000 SH   SOLE   140,000 0 0
William Lyon Homes CL A 552074700 2,853 110,500 SH   SOLE   110,500 0 0
MB Bancorp, Inc. COM 55280E104 1,782 159,142 SH   SOLE   159,142 0 0
M&T Bank Corp - Warrant $73.86 Exp 12/23/2018 Warrant 55261F112 6,368 121,300 SH   SOLE   121,300 0 0
MGIC Investment Corporation COM 552848103 674 70,000 SH   SOLE   70,000 0 0
MainSource Financial Group, Inc. COM 56062Y102 5,421 276,000 SH   SOLE   276,000 0 0
Malvern Bancorp, Inc. COM 561409103 6,008 445,000 SH   SOLE   445,000 0 0
Meetinghouse Bancorp, Inc. COM 58514H109 637 47,500 SH   SOLE   47,500 0 0
Melrose Bancorp, Inc. COM 585553100 2,477 185,700 SH   SOLE   185,700 0 0
Metro Bancorp Inc. COM 59161R101 3,438 124,700 SH   SOLE   124,700 0 0
MidWestOne Financial Group, Inc. COM 598511103 4,673 162,100 SH   SOLE   162,100 0 0
Minden Bancorp, Inc. COM 60255R106 300 15,600 SH   SOLE   15,600 0 0
Moelis & Company CL A 60786M105 2,563 85,100 SH   SOLE   85,100 0 0
Morgan Stanley COM 617446448 3,569 100,000 SH   SOLE   100,000 0 0
NBT Bancorp Inc. COM 628778102 4,611 184,000 SH   SOLE   184,000 0 0
NMI Holdings, Inc. CL A 629209305 4,045 540,000 SH   SOLE   540,000 0 0
National Bank Holdings Corporation CL A 633707104 10,157 540,000 SH   SOLE   540,000 0 0
National Commerce Corporation COM 63546L102 3,293 150,000 SH   SOLE   150,000 0 0
New Jersey Community Bank COM 64577U102 560 100,900 SH   SOLE   100,900 0 0
Northrim BanCorp, Inc. COM 666762109 2,945 120,000 SH   SOLE   120,000 0 0
Northstar Realty Finance Corp. COM 66704R704 6,795 375,000 SH   SOLE   375,000 0 0
Oak Valley Bancorp. COM 671807105 641 65,000 SH   SOLE   65,000 0 0
Old Line Bancshares, Inc. COM 67984M100 2,771 175,400 SH   SOLE   175,400 0 0
Old Second Bancorp, Inc. COM 680277100 6,521 1,140,000 SH   SOLE   1,140,000 0 0
Palmetto Bancshares, Inc. COM 697062206 15,368 808,836 SH   SOLE   808,836 0 0
Pathfinder Bancorp, Inc. COM 70319R109 2,991 300,000 SH   SOLE   300,000 0 0
Peapack-Gladstone Financial Corporation COM 704699107 5,992 277,400 SH   SOLE   277,400 0 0
Peoples Bancorp Inc. COM 709789101 3,310 140,000 SH   SOLE   140,000 0 0
Peoples Bancorp of North Carolina, Inc. COM 710577107 1,334 72,200 SH   SOLE   72,200 0 0
Pilgrim Bancshares, Inc. COM 72143J105 1,386 125,900 SH   SOLE   125,900 0 0
Poage Bankshares, Inc. COM 730206109 2,860 186,300 SH   SOLE   186,300 0 0
Polonia Bancorp, Inc. COM 73158Q109 4,125 330,000 SH   SOLE   330,000 0 0
Preferred Bank COM 740367404 4,936 179,700 SH   SOLE   179,700 0 0
Premier Financial Bancorp, Inc. COM 74050M105 414 27,200 SH   SOLE   27,200 0 0
Prosperity Bancshares, Inc. COM 743606105 1,050 20,000 SH   SOLE   20,000 0 0
Provident Financial Holdings, Inc. COM 743868101 2,098 131,200 SH   SOLE   131,200 0 0
Provident Financial Services, Inc. COM 74386T105 4,476 240,000 SH   SOLE   240,000 0 0
Prudential Bancorp, Inc. COM 74431A101 6,171 485,900 SH   SOLE   485,900 0 0
QNB Corporation COM 74726N107 435 15,097 SH   SOLE   15,097 0 0
Pzena Investment Management, Inc. CL A 74731Q103 114 12,384 SH   SOLE   12,384 0 0
Regions Financial Corporation COM 7591EP100 6,615 700,000 SH   SOLE   700,000 0 0
Renasant Corporation COM 75970E107 2,404 80,000 SH   SOLE   80,000 0 0
Riverview Bancorp, Inc. COM 769397100 2,250 500,000 SH   SOLE   500,000 0 0
SI Financial Group, Inc. COM 78425V104 8,712 716,998 SH   SOLE   716,998 0 0
The Charles Schwab Corporation COM 808513105 3,196 105,000 SH   SOLE   105,000 0 0
Seacoast Banking Corporation of Florida COM 811707801 13,839 969,803 SH   SOLE   969,803 0 0
Select Bancorp Inc. COM 81617L108 9 1,200 SH   SOLE   1,200 0 0
Shore Bancshares, Inc. COM 825107105 5,842 636,410 SH   SOLE   636,410 0 0
Sierra Bancorp COM 82620P102 2,455 147,000 SH   SOLE   147,000 0 0
Silver Bay Realty Trust Corp. COM 82735Q102 2,051 126,900 SH   SOLE   126,900 0 0
Silvercrest Asset Management Group Inc. CL A 828359109 3,209 225,200 SH   SOLE   225,200 0 0
South State Corporation COM 840441109 2,907 42,500 SH   SOLE   42,500 0 0
Southcoast Financial Corporation COM 84129R100 715 98,800 SH   SOLE   98,800 0 0
Southern Missouri Bancorp, Inc. COM 843380106 4,767 252,624 SH   SOLE   252,624 0 0
Southwest Bancorp, Inc. COM 844767103 5,435 305,500 SH   SOLE   305,500 0 0
Standard Financial Corp. COM 853393106 5,891 280,500 SH   SOLE   280,500 0 0
State Bank Financial Corporation COM 856190103 16,273 774,900 SH   SOLE   774,900 0 0
State National Companies Inc. COM 85711T305 2,228 223,883 SH   SOLE   223,883 0 0
State Street Corporation COM 857477103 2,941 40,000 SH   SOLE   40,000 0 0
Sterling Bancorp COM 85917A100 1,341 100,000 SH   SOLE   100,000 0 0
Stonegate Mortgage Corp COM 86181Q300 3,625 335,000 SH   SOLE   335,000 0 0
Suffolk Bancorp COM 864739107 1,278 53,800 SH   SOLE   53,800 0 0
Sugar Creek Financial Corporation COM 86481Y102 361 33,781 SH   SOLE   33,781 0 0
Sun Bancorp, Inc. COM 86663B201 9,304 492,000 SH   SOLE   492,000 0 0
Sunnyside Bancorp, Inc. COM 867475105 491 48,600 SH   SOLE   48,600 0 0
Sunshine Financial Inc. COM 86782T109 1,203 65,400 SH   SOLE   65,400 0 0
Suntrust Banks Inc. - Warrant $33.70 Exp 12/31/2018 Warrant 867914129 1,750 169,861 SH   SOLE   169,861 0 0
Synovus Financial Corp. COM 87161C501 3,921 140,000 SH   SOLE   140,000 0 0
Talmer Bancorp, Inc. COM 87482X101 766 50,000 SH   SOLE   50,000 0 0
Territorial Bancorp Inc. COM 88145X108 12,800 538,700 SH   SOLE   538,700 0 0
Toll Brothers, Inc. COM 889478103 4,131 105,000 SH   SOLE   105,000 0 0
Triumph Bancorp Inc. COM 89679E300 3,988 291,920 SH   SOLE   291,920 0 0
Two River Bancorp COM 90207C105 222 25,500 SH   SOLE   25,500 0 0
Umpqua Holdings Corporation COM 904214103 10,712 623,500 SH   SOLE   623,500 0 0
Union Bankshares Corp. COM 90539J109 1,333 60,000 SH   SOLE   60,000 0 0
United Community Financial Corp. COM 909839102 10,121 1,853,600 SH   SOLE   1,853,600 0 0
United Community Banks, Inc. COM 90984P303 2,454 130,000 SH   SOLE   130,000 0 0
United Community Bancorp COM 90984R101 3,509 273,500 SH   SOLE   273,500 0 0
United Security Bancshares COM 911460103 591 110,000 SH   SOLE   110,000 0 0
WSFS Financial Corporation COM 929328102 5,975 79,000 SH   SOLE   79,000 0 0
WSFS Financial Corporation 6.25% Pfd. Stock COM 929328409 3,339 128,096 SH   SOLE   128,096 0 0
Walker & Dunlop, Inc. COM 93148P102 5,736 323,500 SH   SOLE   323,500 0 0
Washington Federal, Inc. COM 938824109 3,361 154,100 SH   SOLE   154,100 0 0
Waterstone Financial Inc. COM 94188P101 2,021 157,400 SH   SOLE   157,400 0 0
West End Indiana Bancshares, Inc. COM 952678100 2,020 100,000 SH   SOLE   100,000 0 0
Westfield Financial, Inc. COM 96008P104 193 25,000 SH   SOLE   25,000 0 0
Willis Lease Finance Corporation COM 970646105 1,891 101,784 SH   SOLE   101,784 0 0
Wilshire Bancorp, Inc. COM 97186T108 5,135 515,000 SH   SOLE   515,000 0 0
Wintrust Financial Corporation COM 97650W108 5,092 106,800 SH   SOLE   106,800 0 0
Wolverine Bancorp, Inc. COM 977880103 4,307 175,800 SH   SOLE   175,800 0 0
Xenith Bankshares, Inc. COM 98410X105 3,338 549,000 SH   SOLE   549,000 0 0
Zions Bancorporation COM 989701107 15,557 576,200 SH   SOLE   576,200 0 0
Zions Bancorporation - Warrant $36.27 Exp 11/14/2018 Warrant 989701131 3,806 1,812,204 SH   SOLE   1,812,204 0 0
Invesco Ltd. SHS G491BT108 9,399 236,800 SH   SOLE   236,800 0 0
Avolon Holdings, Inc. COM G52237107 2,756 129,450 SH   SOLE   129,450 0 0
AerCap Holdings NV SHS N00985106 6,412 146,900 SH   SOLE   146,900 0 0