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
AerCap Holdings NV SHS N00985106 3,106 80,000 SH   SOLE   80,000 0 0
Astoria Financial Corporation COM 046265104 5,230 391,500 SH   SOLE   391,500 0 0
AJS Bancorp, Inc. COM 001503101 2,327 171,100 SH   SOLE   171,100 0 0
Alliance Bancorp, Inc. of Pennsylvania COM 01890A108 4,093 222,300 SH   SOLE   222,300 0 0
Ambac Financial Group Inc. - Warrant $16.67 Exp 4/30/2023 Warrant 023139116 1,088 75,000 SH   SOLE   75,000 0 0
American Homes 4 Rent CL A 02665T306 13,776 808,900 SH   SOLE   808,900 0 0
American River Bankshares COM 029326105 6,271 665,700 SH   SOLE   665,700 0 0
Access National Corporation COM 004337101 2,420 143,000 SH   SOLE   143,000 0 0
Ares Capital Corporation COM 04010L103 1,560 100,000 SH   SOLE   100,000 0 0
Avidbank Holdings, Inc. COM 05368J103 685 56,871 SH   SOLE   56,871 0 0
Avolon Holdings, Inc. COM G52237107 3,465 175,000 SH   SOLE   175,000 0 0
Bank of America Corporation COM 060505104 1,789 100,000 SH   SOLE   100,000 0 0
BancFirst Corporation COM 05945F103 5,502 86,800 SH   SOLE   86,800 0 0
Bay Banks of Virginia, Inc. COM 072035108 2,557 476,200 SH   SOLE   476,200 0 0
BBCN Bancorp, Inc. COM 073295107 775 53,900 SH   SOLE   53,900 0 0
Bridge Capital Holdings COM 108030107 2,883 128,800 SH   SOLE   128,800 0 0
Bank of the Carolinas Corporation (7/16/2014) COM 06425J102 2,953 21,094,900 SH   SOLE   21,094,900 0 0
Bridge Bancorp, Inc. COM 108035106 4,093 153,000 SH   SOLE   153,000 0 0
Franklin Resources, Inc. COM 354613101 703 12,700 SH   SOLE   12,700 0 0
Bank of New York Mellon Corporation COM 064058100 5,927 146,100 SH   SOLE   146,100 0 0
BankUnited, Inc. COM 06652K103 7,689 265,420 SH   SOLE   265,420 0 0
Bank of Marin Bancorp COM 063425102 2,735 52,000 SH   SOLE   52,000 0 0
C1 Financial, Inc. COM 12591N109 12,254 670,000 SH   SOLE   670,000 0 0
Bank of Commerce Holdings COM 06424J103 805 135,000 SH   SOLE   135,000 0 0
Boston Private Financial Holdings, Inc. COM 101119105 7,595 563,857 SH   SOLE   563,857 0 0
Sierra Bancorp COM 82620P102 2,406 137,000 SH   SOLE   137,000 0 0
First Busey Corporation COM 319383105 749 115,000 SH   SOLE   115,000 0 0
Citigroup Inc. COM 172967424 12,770 236,000 SH   SOLE   236,000 0 0
Camden National Corporation COM 133034108 107 2,692 SH   SOLE   2,692 0 0
Capital Bank Financial Corporation CL A COM 139794101 2,066 77,100 SH   SOLE   77,100 0 0
Chicopee Bancorp, Inc. COM 168565109 3,117 186,100 SH   SOLE   186,100 0 0
CNB Financial Corporation COM 126128107 2,340 126,500 SH   SOLE   126,500 0 0
Century Communities, Inc. COM 156504300 1,728 100,000 SH   SOLE   100,000 0 0
Citizens Financial Group, Inc. COM 174610105 2,486 100,000 SH   SOLE   100,000 0 0
Chemical Financial Corporation COM 163731102 7,522 245,500 SH   SOLE   245,500 0 0
Comerica Incorporated COM 200340107 1,639 35,000 SH   SOLE   35,000 0 0
Century Bancorp, Inc. CL A NON VTG 156432106 12,122 302,600 SH   SOLE   302,600 0 0
Colonial Financial Services, Inc. COM 19566B101 391 29,200 SH   SOLE   29,200 0 0
CoBiz Financial Inc. COM 190897108 5,646 430,000 SH   SOLE   430,000 0 0
Carroll Bancorp, Inc. COM 144702107 781 47,169 SH   SOLE   47,169 0 0
CenterState Banks, Inc. COM 15201P109 4,369 366,800 SH   SOLE   366,800 0 0
Century Next Financial Corporation COM 156635104 561 32,693 SH   SOLE   32,693 0 0
Coastway Bancorp, Inc. COM 190632109 5,647 486,000 SH   SOLE   486,000 0 0
Community West Bancshares COM 204157101 1,193 181,900 SH   SOLE   181,900 0 0
Commercewest Bank, N.A. COM 20084T103 2,433 186,400 SH   SOLE   186,400 0 0
City National Corporation COM 178566105 10,796 133,600 SH   SOLE   133,600 0 0
Citizens & Northern Corporation COM 172922106 1,817 87,900 SH   SOLE   87,900 0 0
Citizens Community Bancorp, Inc. COM 174903104 766 83,700 SH   SOLE   83,700 0 0
DCB Financial Corp COM 233075100 1,356 193,725 SH   SOLE   193,725 0 0
Dime Community Bancshares, Inc. COM 253922108 4,558 280,000 SH   SOLE   280,000 0 0
Discover Financial Services COM 254709108 3,890 59,400 SH   SOLE   59,400 0 0
DNB Financial Corporation COM 233237106 1,110 51,410 SH   SOLE   51,410 0 0
Eureka Financial Corporation COM 29855C108 1,103 54,882 SH   SOLE   54,882 0 0
ESSA Bancorp, Inc. COM 29667D104 2,875 239,600 SH   SOLE   239,600 0 0
Community Bankers Trust Corporation COM 203612106 221 50,000 SH   SOLE   50,000 0 0
E*TRADE Financial Corporation COM 269246401 6,875 283,500 SH   SOLE   283,500 0 0
Evans Bancorp, Inc. COM 29911Q208 7,271 299,100 SH   SOLE   299,100 0 0
Evercore Partners Inc. CLASS A 29977A105 2,357 45,000 SH   SOLE   45,000 0 0
Evertec Inc COM 30040P103 2,877 130,000 SH   SOLE   130,000 0 0
First American International Corp. COM 31849X107 2,917 168,100 SH   SOLE   168,100 0 0
Flagstar Bancorp, Inc. COM 337930705 3,976 252,742 SH   SOLE   252,742 0 0
First Business Financial Services, Inc. COM 319390100 575 12,000 SH   SOLE   12,000 0 0
First Community Corporation COM 319835104 4,861 429,755 SH   SOLE   429,755 0 0
First Citizens BancShares, Inc. CL A 31946M103 5,056 20,000 SH   SOLE   20,000 0 0
1st Century Bancshares, Inc. COM 31943X102 6,352 1,000,300 SH   SOLE   1,000,300 0 0
First Capital Bancorp, Inc. COM 319438107 110 25,000 SH   SOLE   25,000 0 0
First Citizens Banc Corp, Inc. Series B Conv. Pfd. 6.50% PFD SER B 319459400 2,260 68,700 SH   SOLE   68,700 0 0
First Financial Bancorp. COM 320209109 8,356 449,500 SH   SOLE   449,500 0 0
First Intercontinental Bank COM 32056Y101 920 126,857 SH   SOLE   126,857 0 0
Fifth Third Bancorp COM 316773100 2,492 122,300 SH   SOLE   122,300 0 0
First Midwest Bancorp, Inc. COM 320867104 15,529 907,600 SH   SOLE   907,600 0 0
FirstMerit Corporation COM 337915102 1,417 75,000 SH   SOLE   75,000 0 0
Fairmount Bancorp Inc. COM 305468100 671 29,156 SH   SOLE   29,156 0 0
FNF Group CL A 31620R303 5,684 165,000 SH   SOLE   165,000 0 0
Fidelity National Financial Inc. FNFV GROUP COM 31620R402 1,810 115,000 SH   SOLE   115,000 0 0
Fraternity Community Bancorp, Inc. COM 35553P101 2,056 130,554 SH   SOLE   130,554 0 0
First South Bancorp, Inc. COM 33646W100 240 30,200 SH   SOLE   30,200 0 0
Fulton Financial Corporation COM 360271100 494 40,000 SH   SOLE   40,000 0 0
Fox Chase Bancorp, Inc. COM 35137T108 7,719 463,021 SH   SOLE   463,021 0 0
Guaranty Bancorp COM 40075T607 7,697 533,000 SH   SOLE   533,000 0 0
Green Bancorp, Inc. COM 39260X100 2,066 171,600 SH   SOLE   171,600 0 0
Georgetown Bancorp, Inc. COM 372591107 1,316 80,000 SH   SOLE   80,000 0 0
Eagle Bancorp Inc. - Warrant $7.44 Exp 12/05/2018 Warrant 2699929B1 11,366 385,434 SH   SOLE   385,434 0 0
Great Western Bancorp, Inc. COM 391416104 1,823 80,000 SH   SOLE   80,000 0 0
Hanmi Financial Corporation COM 410495204 2,637 120,900 SH   SOLE   120,900 0 0
Hancock Holding Company COM 410120109 3,543 115,400 SH   SOLE   115,400 0 0
Hamilton Bancorp Inc. COM 407015106 4,355 335,000 SH   SOLE   335,000 0 0
Hudson City Bancorp, Inc. COM 443683107 8,953 884,656 SH   SOLE   884,656 0 0
Heritage Oaks Bancorp COM 42724R107 2,989 356,200 SH   SOLE   356,200 0 0
HopFed Bancorp, Inc. COM 439734104 6,998 550,143 SH   SOLE   550,143 0 0
Home Federal Bancorp, Inc. of Louisiana COM 43708L108 1,416 72,600 SH   SOLE   72,600 0 0
HF Financial Corp. COM 404172108 9,150 655,900 SH   SOLE   655,900 0 0
Hibernia Bancorp, Inc. COM 42866N104 150 8,607 SH   SOLE   8,607 0 0
Hingham Institution for Savings COM 433323102 2,829 32,512 SH   SOLE   32,512 0 0
HMN Financial, Inc. COM 40424G108 391 31,500 SH   SOLE   31,500 0 0
HomeTrust Bancshares, Inc. COM 437872104 4,182 251,000 SH   SOLE   251,000 0 0
Heritage Commerce Corp COM 426927109 9,755 1,104,767 SH   SOLE   1,104,767 0 0
Hilltop Holdings Inc. COM 432748101 8,644 433,300 SH   SOLE   433,300 0 0
Heartland Financial USA, Inc. COM 42234Q102 5,962 220,000 SH   SOLE   220,000 0 0
Intervest Bancshares Corporation COM 460927106 1,005 100,000 SH   SOLE   100,000 0 0
Independent Bank Corporation COM 453838609 20,234 1,550,500 SH   SOLE   1,550,500 0 0
IF Bancorp, Inc. COM 44951J105 6,534 386,400 SH   SOLE   386,400 0 0
Investar Holding Corporation COM 46134L105 4,339 313,300 SH   SOLE   313,300 0 0
Invesco Ltd. SHS G491BT108 7,509 190,000 SH   SOLE   190,000 0 0
Jacksonville Bancorp, Inc. COM 469249205 3,840 312,707 SH   SOLE   312,707 0 0
JPMorgan Chase & Co. COM 46625H100 5,006 80,000 SH   SOLE   80,000 0 0
JPMorgan Chase & Co. - Warrant $42.42 Exp 10/28/2018 Warrant 46634E114 1,456 70,000 SH   SOLE   70,000 0 0
Jacksonville Bancorp, Inc. (IL) COM 46924R106 1,380 60,000 SH   SOLE   60,000 0 0
KeyCorp COM 493267108 1,325 95,300 SH   SOLE   95,300 0 0
Louisiana Bancorp, Inc. COM 54619P104 3,143 140,000 SH   SOLE   140,000 0 0
Legg Mason, Inc. COM 524901105 1,868 35,000 SH   SOLE   35,000 0 0
La Porte Bancorp, Inc. COM 516651106 3,747 300,000 SH   SOLE   300,000 0 0
MB Bancorp, Inc. COM 55280E104 1,329 126,000 SH   SOLE   126,000 0 0
Minden Bancorp, Inc. COM 60255R106 339 17,815 SH   SOLE   17,815 0 0
Melrose Bancorp, Inc. COM 585553100 2,317 175,000 SH   SOLE   175,000 0 0
Metro Bancorp Inc. COM 59161R101 2,592 100,000 SH   SOLE   100,000 0 0
Malvern Bancorp, Inc. COM 561409103 6,337 524,175 SH   SOLE   524,175 0 0
MidWestOne Financial Group, Inc. COM 598511103 4,918 170,700 SH   SOLE   170,700 0 0
Morgan Stanley COM 617446448 3,492 90,000 SH   SOLE   90,000 0 0
MainSource Financial Group, Inc. COM 56062Y102 6,040 288,700 SH   SOLE   288,700 0 0
M&T Bank Corp - Warrant $73.86 Exp 12/23/2018 Warrant 55261F112 5,531 121,300 SH   SOLE   121,300 0 0
Meetinghouse Bancorp, Inc. COM 58514H109 627 47,500 SH   SOLE   47,500 0 0
Meritage Homes Corporation COM 59001A102 2,159 60,000 SH   SOLE   60,000 0 0
First NBC Bank Holding Company COM 32115D106 10,866 308,700 SH   SOLE   308,700 0 0
National Bank Holdings Corporation CL A 633707104 9,608 495,000 SH   SOLE   495,000 0 0
NBT Bancorp Inc. COM 628778102 5,459 207,800 SH   SOLE   207,800 0 0
New Jersey Community Bank COM 64577U102 348 65,000 SH   SOLE   65,000 0 0
NMI Holdings, Inc. CL A 629209305 5,159 565,100 SH   SOLE   565,100 0 0
National Penn Bancshares, Inc. COM 637138108 368 35,000 SH   SOLE   35,000 0 0
Northstar Realty Finance Corp. COM 66704R704 6,088 346,300 SH   SOLE   346,300 0 0
Northrim BanCorp, Inc. COM 666762109 2,036 77,600 SH   SOLE   77,600 0 0
NVR, Inc. COM 62944T105 1,403 1,100 SH   SOLE   1,100 0 0
Southwest Bancorp, Inc. COM 844767103 5,208 300,000 SH   SOLE   300,000 0 0
Old Line Bancshares, Inc. COM 67984M100 2,533 160,100 SH   SOLE   160,100 0 0
Old Second Bancorp, Inc. COM 680277100 6,820 1,270,000 SH   SOLE   1,270,000 0 0
Oak Valley Bancorp. COM 671807105 638 62,800 SH   SOLE   62,800 0 0
Polonia Bancorp, Inc. COM 73158Q109 3,425 330,000 SH   SOLE   330,000 0 0
Pathfinder Bancorp, Inc. (MHC) COM 70320A103 2,711 276,600 SH   SOLE   276,600 0 0
Prudential Bancorp, Inc. COM 74431A101 6,061 484,900 SH   SOLE   484,900 0 0
Poage Bankshares, Inc. COM 730206109 3,054 205,400 SH   SOLE   205,400 0 0
Peoples Bancorp of North Carolina, Inc. COM 710577107 1,105 61,419 SH   SOLE   61,419 0 0
Peoples Bancorp Inc. (8/7/2014) COM 709789101 7,779 300,000 SH   SOLE   300,000 0 0
Preferred Bank COM 740367404 3,712 133,100 SH   SOLE   133,100 0 0
Premier Financial Bancorp, Inc. COM 74050M105 480 30,800 SH   SOLE   30,800 0 0
Provident Financial Services, Inc. COM 74386T105 4,587 254,000 SH   SOLE   254,000 0 0
Peapack-Gladstone Financial Corporation COM 704699107 6,125 330,000 SH   SOLE   330,000 0 0
PHH Corporation COM 693320202 3,594 150,000 SH   SOLE   150,000 0 0
Palmetto Bancshares, Inc. COM 697062206 13,192 789,936 SH   SOLE   789,936 0 0
Pilgrim Bancshares, Inc. COM 72143J105 1,361 124,675 SH   SOLE   124,675 0 0
Provident Financial Holdings, Inc. COM 743868101 1,951 128,931 SH   SOLE   128,931 0 0
QNB Corporation COM 74726N107 430 15,097 SH   SOLE   15,097 0 0
Regions Financial Corporation COM 7591EP100 8,290 785,000 SH   SOLE   785,000 0 0
Riverview Bancorp, Inc. COM 769397100 2,240 500,000 SH   SOLE   500,000 0 0
Silvercrest Asset Management Group Inc. CL A 828359109 3,524 225,200 SH   SOLE   225,200 0 0
Seacoast Banking Corporation of Florida COM 811707801 12,712 924,500 SH   SOLE   924,500 0 0
Sunshine Bancorp, Inc. COM 86777J108 3,058 250,000 SH   SOLE   250,000 0 0
Silver Bay Realty Trust Corp. COM 82735Q102 1,656 100,000 SH   SOLE   100,000 0 0
The Charles Schwab Corporation COM 808513105 5,123 169,700 SH   SOLE   169,700 0 0
Stifel Financial Corp. COM 860630102 5,383 105,500 SH   SOLE   105,500 0 0
Simmons First National Corporation CL A 828730200 4,195 103,200 SH   SOLE   103,200 0 0
Stonegate Mortgage Corp COM 86181Q300 4,093 342,221 SH   SOLE   342,221 0 0
Shore Bancshares, Inc. COM 825107105 6,452 690,810 SH   SOLE   690,810 0 0
State Investors Bancorp, Inc. COM 857030100 4,146 200,100 SH   SOLE   200,100 0 0
SI Financial Group, Inc. COM 78425V104 6,377 562,798 SH   SOLE   562,798 0 0
Southern Missouri Bancorp, Inc. COM 843380106 5,094 134,162 SH   SOLE   134,162 0 0
Sun Bancorp, Inc. COM 86663B201 8,761 451,600 SH   SOLE   451,600 0 0
State National Companies, Inc. COM 85711T305 2,875 240,000 SH   SOLE   240,000 0 0
Sunnyside Bancorp, Inc. COM 867475105 468 47,500 SH   SOLE   47,500 0 0
Synovus Financial Corp. COM 87161C501 2,308 85,200 SH   SOLE   85,200 0 0
Southcoast Financial Corporation COM 84129R100 399 56,600 SH   SOLE   56,600 0 0
South State Corporation COM 840441109 1,872 27,900 SH   SOLE   27,900 0 0
Sunshine Financial Inc. COM 86782T109 1,177 65,400 SH   SOLE   65,400 0 0
State Bank Financial Corporation COM 856190103 25,530 1,277,800 SH   SOLE   1,277,800 0 0
Suntrust Banks Inc. - Warrant $33.70 Exp 12/31/2018 Warrant 867914129 2,021 169,861 SH   SOLE   169,861 0 0
Standard Financial Corp. COM 853393106 4,274 196,500 SH   SOLE   196,500 0 0
State Street Corporation COM 857477103 5,103 65,000 SH   SOLE   65,000 0 0
Suffolk Bancorp COM 864739107 1,294 57,000 SH   SOLE   57,000 0 0
Sugar Creek Financial Corporation COM 86481Y102 313 33,481 SH   SOLE   33,481 0 0
Triumph Bancorp Inc. COM 89679E300 3,956 291,920 SH   SOLE   291,920 0 0
Territorial Bancorp Inc. COM 88145X108 11,609 538,700 SH   SOLE   538,700 0 0
Two River Bancorp COM 90207C105 44 5,200 SH   SOLE   5,200 0 0
United Security Bancshares COM 911460103 495 90,631 SH   SOLE   90,631 0 0
Union Bankshares Corp. COM 90539J109 1,727 71,700 SH   SOLE   71,700 0 0
United Community Bancorp COM 90984R101 3,515 302,200 SH   SOLE   302,200 0 0
United Community Banks, Inc. COM 90984P303 1,701 89,800 SH   SOLE   89,800 0 0
United Community Financial Corp. COM 909839102 11,975 2,230,000 SH   SOLE   2,230,000 0 0
Umpqua Holdings Corporation COM 904214103 7,821 459,800 SH   SOLE   459,800 0 0
ViewPoint Financial Group, Inc. COM 92672A101 1,627 68,200 SH   SOLE   68,200 0 0
Washington Federal, Inc. COM 938824109 4,459 201,300 SH   SOLE   201,300 0 0
Wolverine Bancorp, Inc. COM 977880103 4,210 175,800 SH   SOLE   175,800 0 0
Walker & Dunlop, Inc. COM 93148P102 6,204 353,700 SH   SOLE   353,700 0 0
Waddell & Reed Financial, Inc. CL A 930059100 747 15,000 SH   SOLE   15,000 0 0
West End Indiana Bancshares, Inc. COM 952678100 2,714 130,500 SH   SOLE   130,500 0 0
Westfield Financial, Inc. COM 96008P104 184 25,000 SH   SOLE   25,000 0 0
Wilshire Bancorp, Inc. COM 97186T108 4,913 485,000 SH   SOLE   485,000 0 0
Willis Lease Finance Corporation COM 970646105 2,091 95,500 SH   SOLE   95,500 0 0
Waterstone Financial Inc. COM 94188P101 4,245 322,800 SH   SOLE   322,800 0 0
WSFS Financial Corporation COM 929328102 6,520 84,800 SH   SOLE   84,800 0 0
WSFS Financial Corporation 6.25% Pfd. Stock COM 929328409 4,865 182,896 SH   SOLE   182,896 0 0
West Bancorporation, Inc. CAP STK 95123P106 851 50,000 SH   SOLE   50,000 0 0
Wintrust Financial Corporation COM 97650W108 2,385 51,000 SH   SOLE   51,000 0 0
Xenith Bankshares, Inc. COM 98410X105 3,514 549,000 SH   SOLE   549,000 0 0
Zions Bancorporation COM 989701107 15,681 550,000 SH   SOLE   550,000 0 0
Zions Bancorporation - Warrant $36.27 Exp 11/14/2018 Warrant 989701131 5,138 1,802,660 SH   SOLE   1,802,660 0 0