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
1st Century Bancshares, Inc. Common Stock 31943X102 6,758 899,900 SH   SOLE   899,900 0 0
1st United Bancorp, Inc. Common Stock 33740N105 9,478 1,293,000 SH   SOLE   1,293,000 0 0
Access National Corporation Common Stock 004337101 1,966 137,900 SH   SOLE   137,900 0 0
AerCap Holdings NV SHS SHS N00985106 12,982 667,100 SH   SOLE   667,100 0 0
Air Lease Corporation CL A Common Stock 00912X302 5,438 196,600 SH   SOLE   196,600 0 0
Alliance Bancorp, Inc. of Pennsylvania Common Stock 01890A108 3,118 215,000 SH   SOLE   215,000 0 0
Ambac Financial Group, Inc. Common Stock 023139884 11,659 642,700 SH   SOLE   642,700 0 0
American Express Company Common Stock 025816109 10,361 137,200 SH   SOLE   137,200 0 0
American Homes 4 Rent CL A Common Stock 02665T306 945 58,500 SH   SOLE   58,500 0 0
American International Group, Inc. Common Stock 026874784 10,013 205,900 SH   SOLE   205,900 0 0
American Residential Properties, Inc. Common Stock 02927E303 881 50,000 SH   SOLE   50,000 0 0
American River Bankshares Common Stock 029326105 7,375 867,700 SH   SOLE   867,700 0 0
Arthur J. Gallagher & Co. Common Stock 363576109 11,118 254,700 SH   SOLE   254,700 0 0
ASB Bancorp, Inc. Common Stock 00213T109 2,444 142,700 SH   SOLE   142,700 0 0
BancFirst Corporation Common Stock 05945F103 15,837 292,900 SH   SOLE   292,900 0 0
Bank Mutual Corporation Common Stock 063750103 5,044 804,500 SH   SOLE   804,500 0 0
Bank of America Corporation Common Stock 060505104 690 50,000 SH   SOLE   50,000 0 0
Bank of Marin Bancorp Common Stock 063425102 3,233 77,800 SH   SOLE   77,800 0 0
Bank of Montreal Common Stock 063671101 4,664 69,800 SH   SOLE   69,800 0 0
BOK Financial Corporation Common Stock 05561Q201 2,217 35,000 SH   SOLE   35,000 0 0
Boston Private Financial Holdings, Inc. Common Stock 101119105 7,150 644,700 SH   SOLE   644,700 0 0
Bridge Bancorp, Inc. Common Stock 108035106 3,408 158,500 SH   SOLE   158,500 0 0
Bridge Capital Holdings Common Stock 108030107 5,147 303,100 SH   SOLE   303,100 0 0
Brown & Brown, Inc. Common Stock 115236101 2,526 78,700 SH   SOLE   78,700 0 0
Call - AMBC $16.67 Exp 4/30/2023 Warrants 023139116 754 62,500 SH Call SOLE   62,500 0 0
Call - JPM $42.42 Exp 10/28/2018 Warrants 46634E114 947 56,500 SH Call SOLE   56,500 0 0
Call - MTB $73.86 Exp 12/23/2018 Warrants 55261F112 6,409 167,500 SH Call SOLE   167,500 0 0
Call - STI $33.70 Exp 12/31/2018 Warrants 867914129 1,200 153,896 SH Call SOLE   153,896 0 0
Call - ZION $36.27 Exp 11/14/2018 Warrants 989701131 6,131 1,965,224 SH Call SOLE   1,965,224 0 0
Camco Financial Corporation Common Stock 132618109 2,264 561,800 SH   SOLE   561,800 0 0
Capital Bank Financial Corporation Common Stock 139794101 4,508 205,368 SH   SOLE   205,368 0 0
Capital One Financial Corporation Common Stock 14040H105 13,466 195,900 SH   SOLE   195,900 0 0
Carroll Bancorp, Inc. Common Stock 144702107 569 35,000 SH   SOLE   35,000 0 0
Century Bancorp, Inc. Common Stock 156432106 8,432 253,000 SH   SOLE   253,000 0 0
Charter Financial Corporation Common Stock 16122W108 7,014 649,400 SH   SOLE   649,400 0 0
Chemical Financial Corporation Common Stock 163731102 4,188 150,000 SH   SOLE   150,000 0 0
Chicopee Bancorp, Inc. Common Stock 168565109 4,755 270,000 SH   SOLE   270,000 0 0
Citigroup Inc. Common Stock 172967424 30,421 627,100 SH   SOLE   627,100 0 0
Citizens & Northern Corporation Common Stock 172922106 1,496 75,000 SH   SOLE   75,000 0 0
Citizens Community Bancorp Inc. Common Stock 174903104 377 52,000 SH   SOLE   52,000 0 0
City National Corporation Common Stock 178566105 5,879 88,200 SH   SOLE   88,200 0 0
CoBiz Financial Inc. Common Stock 190897108 9,940 1,028,956 SH   SOLE   1,028,956 0 0
Colonial Financial Services, Inc. Common Stock 19566B101 2,337 173,100 SH   SOLE   173,100 0 0
Comerica Incorporated Common Stock 200340107 3,392 86,300 SH   SOLE   86,300 0 0
Connectone Bancorp, Inc. Common Stock 20786U101 1,461 41,600 SH   SOLE   41,600 0 0
Cowen Group, Inc. CL A Common Stock 223622101 2,184 635,000 SH   SOLE   635,000 0 0
Discover Financial Services Common Stock 254709108 9,097 180,000 SH   SOLE   180,000 0 0
DNB Financial Corporation Common Stock 233237106 363 17,300 SH   SOLE   17,300 0 0
Eagle Bancorp Montana, Inc. Common Stock 26942G100 2,746 253,100 SH   SOLE   253,100 0 0
Evans Bancorp, Inc. Common Stock 29911Q208 6,633 339,100 SH   SOLE   339,100 0 0
EverBank Financial Corp Common Stock 29977G102 375 25,000 SH   SOLE   25,000 0 0
FedFirst Financial Corporation Common Stock 31429C101 2,258 117,300 SH   SOLE   117,300 0 0
Fidelity National Financial, Inc. CL A Common Stock 31620R105 665 25,000 SH   SOLE   25,000 0 0
First Bancorp Common Stock 318910106 361 25,000 SH   SOLE   25,000 0 0
First Bancorp, Inc. Common Stock 31866P102 1,360 81,700 SH   SOLE   81,700 0 0
First Bancshares Inc. Common Stock 318916103 2,590 185,000 SH   SOLE   185,000 0 0
First Busey Corporation Common Stock 319383105 4,168 800,000 SH   SOLE   800,000 0 0
First Business Financial Services, Inc. Common Stock 319390100 816 25,000 SH   SOLE   25,000 0 0
First Citizens BancShares, Inc. CL A Common Stock 31946M103 22,822 111,000 SH   SOLE   111,000 0 0
First Community Corporation Common Stock 319835104 4,219 404,500 SH   SOLE   404,500 0 0
First Financial Bancorp. Common Stock 320209109 9,102 600,000 SH   SOLE   600,000 0 0
First Interstate BancSystem, Inc. COM CL A Common Stock 32055Y201 852 35,300 SH   SOLE   35,300 0 0
First Midwest Bancorp, Inc. Common Stock 320867104 13,732 910,600 SH   SOLE   910,600 0 0
First NBC Bank Holding Company Common Stock 32115D106 16,995 697,100 SH   SOLE   697,100 0 0
Flagstar Bancorp, Inc. COM PAR .001 Common Stock 337930705 1,707 115,677 SH   SOLE   115,677 0 0
Flushing Financial Corporation Common Stock 343873105 2,358 127,800 SH   SOLE   127,800 0 0
Fly Leasing Ltd. Sponsored ADR Common Stock 34407D109 1,388 100,000 SH   SOLE   100,000 0 0
Fortegra Financial Corporation Common Stock 34954W104 434 51,000 SH   SOLE   51,000 0 0
Fox Chase Bancorp, Inc. Common Stock 35137T108 8,613 495,000 SH   SOLE   495,000 0 0
Franklin Resources, Inc. Common Stock 354613101 2,527 50,000 SH   SOLE   50,000 0 0
Georgetown Bancorp, Inc. Common Stock 372591107 1,944 134,987 SH   SOLE   134,987 0 0
Glacier Bancorp, Inc. Common Stock 37637Q105 1,604 65,000 SH   SOLE   65,000 0 0
Guaranty Bancorp Common Stock 40075T607 3,908 285,500 SH   SOLE   285,500 0 0
Hamilton Bancorp Inc. Common Stock 407015106 5,420 365,000 SH   SOLE   365,000 0 0
Hancock Holding Company Common Stock 410120109 1,569 50,000 SH   SOLE   50,000 0 0
Heritage Commerce Corp Common Stock 426927109 4,692 613,300 SH   SOLE   613,300 0 0
Heritage Oaks Bancorp Common Stock 42724R107 9,383 1,466,100 SH   SOLE   1,466,100 0 0
HF Financial Corp. Common Stock 404172108 8,422 655,900 SH   SOLE   655,900 0 0
Hilltop Holdings Inc. Common Stock 432748101 1,850 100,000 SH   SOLE   100,000 0 0
Hingham Institution for Savings Common Stock 433323102 2,936 42,000 SH   SOLE   42,000 0 0
HMN Financial, Inc. Common Stock 40424G108 229 29,000 SH   SOLE   29,000 0 0
Home Federal Bancorp, Inc. of Louisiana Common Stock 43708L108 2,036 120,000 SH   SOLE   120,000 0 0
HomeTrust Bancshares, Inc. Common Stock 437872104 3,094 187,500 SH   SOLE   187,500 0 0
HopFed Bancorp, Inc. Common Stock 439734104 8,220 734,602 SH   SOLE   734,602 0 0
Huntington Bancshares Incorporated Common Stock 446150104 4,956 600,000 SH   SOLE   600,000 0 0
IF Bancorp, Inc. Common Stock 44951J105 7,168 445,200 SH   SOLE   445,200 0 0
Independent Bank Corporation Common Stock 453838609 13,725 1,372,500 SH   SOLE   1,372,500 0 0
Invesco Ltd. SHS SHS G491BT108 5,356 167,900 SH   SOLE   167,900 0 0
Jacksonville Bancorp, Inc. Common Stock 469249106 2,408 4,867,200 SH   SOLE   4,867,200 0 0
Jacksonville Bancorp, Inc. (IL) Common Stock 46924R106 937 48,100 SH   SOLE   48,100 0 0
JPMorgan Chase & Co. Common Stock 46625H100 23,519 455,000 SH   SOLE   455,000 0 0
Laporte Bancorp Inc. Common Stock 516651106 6,280 600,400 SH   SOLE   600,400 0 0
Lazard Ltd SHS A SHS A G54050102 15,719 436,400 SH   SOLE   436,400 0 0
Legg Mason, Inc. Common Stock 524901105 669 20,000 SH   SOLE   20,000 0 0
LNB Bancorp, Inc. Common Stock 502100100 5,073 539,700 SH   SOLE   539,700 0 0
Louisiana Bancorp, Inc. Common Stock 54619P104 3,539 201,100 SH   SOLE   201,100 0 0
MainSource Financial Group, Inc. Common Stock 56062Y102 4,044 266,200 SH   SOLE   266,200 0 0
Malvern Bancorp, Inc. Common Stock 561409103 8,217 645,000 SH   SOLE   645,000 0 0
MB Financial, Inc. Common Stock 55264U108 11,284 400,000 SH   SOLE   400,000 0 0
MetLife, Inc. Common Stock 59156R108 11,888 253,200 SH   SOLE   253,200 0 0
MidWestOne Financial Group, Inc. Common Stock 598511103 4,204 163,500 SH   SOLE   163,500 0 0
Morgan Stanley Common Stock 617446448 2,021 75,000 SH   SOLE   75,000 0 0
National Bank Holdings Corporation CL A Common Stock 633707104 3,541 172,400 SH   SOLE   172,400 0 0
Nationstar Mortgage Holdings, Inc. Common Stock 63861C109 2,755 49,000 SH   SOLE   49,000 0 0
New Century Bancorp, Inc. Common Stock 64353M100 599 88,700 SH   SOLE   88,700 0 0
North Valley Bancorp Common Stock 66304M204 11,486 607,700 SH   SOLE   607,700 0 0
Northrim BanCorp, Inc. Common Stock 666762109 5,803 240,800 SH   SOLE   240,800 0 0
OBA Financial Services, Inc. Common Stock 67424G101 4,041 212,700 SH   SOLE   212,700 0 0
Old Line Bancshares, Inc. Common Stock 67984M100 2,080 155,000 SH   SOLE   155,000 0 0
OmniAmerican Bancorp, Inc. Common Stock 68216R107 18,922 773,600 SH   SOLE   773,600 0 0
Oneida Financial Corp. Common Stock 682479100 806 60,900 SH   SOLE   60,900 0 0
Palmetto Bancshares, Inc. Common Stock 697062206 11,538 884,841 SH   SOLE   884,841 0 0
Park Sterling Corp Common Stock 70086Y105 5,854 913,300 SH   SOLE   913,300 0 0
PartnerRe Ltd. Common Stock G6852T105 829 9,056 SH   SOLE   9,056 0 0
Peoples Federal Bancshares, Inc. Common Stock 711037101 4,317 247,800 SH   SOLE   247,800 0 0
Piper Jaffray Companies Common Stock 724078100 3,086 90,000 SH   SOLE   90,000 0 0
PNC Financial Services Group, Inc. Common Stock 693475105 16,482 227,500 SH   SOLE   227,500 0 0
Poage Bankshares, Inc. Common Stock 730206109 4,537 314,000 SH   SOLE   314,000 0 0
Polonia Bancorp, Inc. Common Stock 73158Q109 2,880 288,000 SH   SOLE   288,000 0 0
Preferred Bank Common Stock 740367404 10,375 583,200 SH   SOLE   583,200 0 0
Premier Financial Bancorp, Inc. Common Stock 74050M105 1,201 104,100 SH   SOLE   104,100 0 0
Put - SPY $168 Exp 11/16/2013 Option 78462F103 1,496 4,500 SH Put SOLE   4,500 0 0
Raymond James Financial, Inc. Common Stock 754730109 13,697 328,700 SH   SOLE   328,700 0 0
Realogy Holdings Corporation Common Stock 75605Y106 6,883 160,000 SH   SOLE   160,000 0 0
Regions Financial Corporation Common Stock 7591EP100 3,241 350,000 SH   SOLE   350,000 0 0
Riverview Bancorp, Inc. Common Stock 769397100 3,257 1,238,400 SH   SOLE   1,238,400 0 0
Seacoast Banking Corporation of Florida Common Stock 811707306 4,915 2,265,000 SH   SOLE   2,265,000 0 0
SI Financial Group, Inc. Common Stock 78425V104 6,610 582,385 SH   SOLE   582,385 0 0
Sierra Bancorp Common Stock 82620P102 4,489 285,400 SH   SOLE   285,400 0 0
Silvercrest Asset Management Group Inc. CL A Common Stock 828359109 5,725 420,000 SH   SOLE   420,000 0 0
Simmons First National Corporation CL A $1 Par Common Stock 828730200 13,176 423,800 SH   SOLE   423,800 0 0
Simplicity Bancorp Inc. Common Stock 828867101 389 25,000 SH   SOLE   25,000 0 0
Southcoast Financial Corporation Common Stock 84129R100 63 11,000 SH   SOLE   11,000 0 0
Southern Missouri Bancorp, Inc. Common Stock 843380106 6,006 225,800 SH   SOLE   225,800 0 0
Southwest Bancorp, Inc. Common Stock 844767103 14,715 993,600 SH   SOLE   993,600 0 0
Standard Financial Corp. Common Stock 853393106 5,650 309,600 SH   SOLE   309,600 0 0
State Bank Financial Corporation Common Stock 856190103 39,754 2,505,000 SH   SOLE   2,505,000 0 0
State Investors Bancorp, Inc. Common Stock 857030100 4,038 245,000 SH   SOLE   245,000 0 0
State Street Corporation Common Stock 857477103 20,836 316,900 SH   SOLE   316,900 0 0
Sterling Financial Corporation Common Stock 859319303 2,126 74,200 SH   SOLE   74,200 0 0
Suffolk Bancorp Common Stock 864739107 7,173 404,800 SH   SOLE   404,800 0 0
Sunshine Financial Inc. Common Stock 86782T109 1,092 70,000 SH   SOLE   70,000 0 0
SunTrust Banks, Inc. Common Stock 867914103 1,297 40,000 SH   SOLE   40,000 0 0
Synovus Financial Corp. Common Stock 87161C105 4,373 1,325,000 SH   SOLE   1,325,000 0 0
T. Rowe Price Group, Inc. Common Stock 74144T108 2,036 28,300 SH   SOLE   28,300 0 0
Territorial Bancorp Inc. Common Stock 88145X108 12,633 575,000 SH   SOLE   575,000 0 0
Texas Capital Bancshares, Inc. Common Stock 88224Q107 6,195 135,000 SH   SOLE   135,000 0 0
Toronto-Dominion Bank Common Stock 891160509 1,350 15,000 SH   SOLE   15,000 0 0
Trustmark Corporation Common Stock 898402102 2,304 90,000 SH   SOLE   90,000 0 0
U.S. Bancorp Common Stock 902973304 1,829 50,000 SH   SOLE   50,000 0 0
United Community Bancorp Common Stock 90984R101 2,894 286,500 SH   SOLE   286,500 0 0
United Community Banks, Inc. Common Stock 90984P303 9,403 627,300 SH   SOLE   627,300 0 0
United Community Financial Corp. Common Stock 909839102 9,936 2,554,357 SH   SOLE   2,554,357 0 0
Walker & Dunlop, Inc. Common Stock 93148P102 3,023 190,000 SH   SOLE   190,000 0 0
Walter Investment Management Corporation Common Stock 93317W102 8,252 208,700 SH   SOLE   208,700 0 0
Washington Banking Company Common Stock 937303105 2,739 194,800 SH   SOLE   194,800 0 0
Wells Fargo & Company Common Stock 949746101 2,066 50,000 SH   SOLE   50,000 0 0
WesBanco, Inc. Common Stock 950810101 743 25,000 SH   SOLE   25,000 0 0
West Bancorporation, Inc. Cap Stk Common Stock 95123P106 1,622 117,500 SH   SOLE   117,500 0 0
Westfield Financial, Inc. Common Stock 96008P104 161 22,800 SH   SOLE   22,800 0 0
Willis Lease Finance Corporation Common Stock 970646105 2,366 150,400 SH   SOLE   150,400 0 0
Wilshire Bancorp, Inc. Common Stock 97186T108 4,494 550,000 SH   SOLE   550,000 0 0
Wintrust Financial Corporation Common Stock 97650W108 18,005 438,400 SH   SOLE   438,400 0 0
Wolverine Bancorp, Inc. Common Stock 977880103 2,659 134,300 SH   SOLE   134,300 0 0
WSFS Financial Corporation 6.25% Pfd. Stock Common Stock 929328409 5,057 196,400 SH   SOLE   196,400 0 0
Xenith Bankshares, Inc. Common Stock 98410X105 5,914 985,600 SH   SOLE   985,600 0 0
Yadkin Financial Corporation Common Stock 984305102 1,206 70,000 SH   SOLE   70,000 0 0