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
AFFILIATED MANAGERS GROUP COM 008252108 8,190 56,600 SH   SOLE   56,600 0 0
AJS Bancorp, Inc. COM 001503101 2,106 140,400 SH   SOLE   140,400 0 0
AMERICAN RIVER BANKSHARES COM 029326105 7,101 655,100 SH   SOLE   655,100 0 0
AMERIS BANCORP COM 03076K108 16,039 458,900 SH   SOLE   458,900 0 0
ASSOCIATED BANC CORP COM 045487105 2,737 139,700 SH   SOLE   139,700 0 0
Avidbank Holdings, Inc. COM 05368J103 1,865 120,353 SH   SOLE   120,353 0 0
BANCFIRST CORP COM 05945F103 5,801 80,000 SH   SOLE   80,000 0 0
BANCORPSOUTH INC COM 059692103 3,016 130,000 SH   SOLE   130,000 0 0
BANK AMER CORP COM 060505104 20,110 1,285,000 SH   SOLE   1,285,000 0 0
BANK COMM HLDGS COM 06424J103 2,195 304,887 SH   SOLE   304,887 0 0
BANK NEW YORK MELLON CORP COM 064058100 9,272 232,500 SH   SOLE   232,500 0 0
BANK OF MARIN BANCORP COM 063425102 701 14,100 SH   SOLE   14,100 0 0
BANK OF NT BUTTERFIELD&SON L SHS NEW G0772R208 3,095 125,000 SH   SOLE   125,000 0 0
BANK OF THE OZARKS INC COM 063904106 576 15,000 SH   SOLE   15,000 0 0
BANK OF THE ST JAMES FINL GP COM 470299108 2,641 217,400 SH   SOLE   217,400 0 0
BANKUNITED INC COM 06652K103 302 10,000 SH   SOLE   10,000 0 0
BANNER CORP COM NEW 06652V208 4,593 105,000 SH   SOLE   105,000 0 0
Bay Banks of Virginia, Inc. COM 072035108 2,846 469,700 SH   SOLE   469,700 0 0
BERKSHIRE HILLS BANCORP INC COM 084680107 554 20,000 SH   SOLE   20,000 0 0
BOSTON PRIVATE FINL HLDGS IN COM 101119105 11,837 922,600 SH   SOLE   922,600 0 0
BRYN MAWR BK CORP COM 117665109 2,402 75,100 SH   SOLE   75,100 0 0
CAMDEN NATL CORP COM 133034108 955 20,000 SH   SOLE   20,000 0 0
CARDINAL FINL CORP COM 14149F109 5,740 220,000 SH   SOLE   220,000 0 0
Carolina Alliance Bank COM 14376R107 341 34,439 SH   SOLE   34,439 0 0
CENTERSTATE BANKS INC COM 15201P109 9,590 540,900 SH   SOLE   540,900 0 0
Central Federal Bancshares, Inc. COM 15346T107 1,834 155,800 SH   SOLE   155,800 0 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 14,534 320,700 SH   SOLE   320,700 0 0
CHICOPEE BANCORP INC COM 168565109 4,643 250,971 SH   SOLE   250,971 0 0
CITIGROUP INC COM NEW 172967424 29,755 630,000 SH   SOLE   630,000 0 0
CITIZENS FINL GROUP INC COM 174610105 9,390 380,000 SH   SOLE   380,000 0 0
CIVISTA BANCSHARES INC 6.50% PFD SER B 178867206 4,713 110,050 SH   SOLE   110,050 0 0
CNB FINL CORP PA COM 126128107 5,184 245,000 SH   SOLE   245,000 0 0
COASTWAY BANCORP INC COM 190632109 6,057 442,100 SH   SOLE   442,100 0 0
CODORUS VY BANCORP INC COM 192025104 4,265 194,928 SH   SOLE   194,928 0 0
COMERICA INC COM 200340107 9,701 205,000 SH   SOLE   205,000 0 0
COMERICA INC COM 200340107 1,183 25,000 SH Put SOLE   25,000 0 0
COMMUNITY BANKERS TR CORP COM 203612106 3,317 612,000 SH   SOLE   612,000 0 0
COMMUNITY TR BANCORP INC COM 204149108 4,461 120,200 SH   SOLE   120,200 0 0
COMMUNITY WEST BANCSHARES COM 204157101 2,542 310,000 SH   SOLE   310,000 0 0
D R HORTON INC COM 23331A109 2,869 95,000 SH   SOLE   95,000 0 0
DCB Financial Corp COM 233075100 3,321 434,174 SH   SOLE   434,174 0 0
DNB FINL CORP COM 233237106 1,488 58,801 SH   SOLE   58,801 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 4,805 165,000 SH   SOLE   165,000 0 0
EAGLE BANCORP INC MD COM 268948106 9,679 196,200 SH   SOLE   196,200 0 0
EQUITABLE FINL CORP NEW COM 29448T105 2,761 307,929 SH   SOLE   307,929 0 0
ESSA BANCORP INC COM 29667D104 5,748 415,600 SH   SOLE   415,600 0 0
EVANS BANCORP INC COM NEW 29911Q208 8,030 293,598 SH   SOLE   293,598 0 0
EVERCORE PARTNERS INC CLASS A 29977A105 4,162 80,800 SH   SOLE   80,800 0 0
FCB FINL HLDGS INC CL A 30255G103 4,931 128,301 SH   SOLE   128,301 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 4,614 125,000 SH   SOLE   125,000 0 0
FIDELITY NATIONAL FINANCIAL FNFV GROUP COM 31620R402 1,148 91,975 SH   SOLE   91,975 0 0
FIDELITY SOUTHERN CORP NEW COM 316394105 438 23,800 SH   SOLE   23,800 0 0
FIFTH THIRD BANCORP COM 316773100 10,537 515,000 SH   SOLE   515,000 0 0
FINANCIAL INSTNS INC COM 317585404 678 25,000 SH   SOLE   25,000 0 0
First American International Corp. COM 31849X107 2,797 168,880 SH   SOLE   168,880 0 0
FIRST CMNTY CORP S C COM 319835104 5,985 380,000 SH   SOLE   380,000 0 0
FIRST CTZNS BANCSHARES INC N CL A 31946M103 3,527 12,000 SH   SOLE   12,000 0 0
FIRST FINL BANCORP OH COM 320209109 2,184 100,000 SH   SOLE   100,000 0 0
First Intercontinental Bank COM 32056Y101 1,065 131,439 SH   SOLE   131,439 0 0
FIRST INTERNET BANCORP COM 320557101 575 24,900 SH   SOLE   24,900 0 0
FIRST MIDWEST BANCORP DEL COM 320867104 4,259 220,000 SH   SOLE   220,000 0 0
FIRST SAVINGS FINL GROUP INC COM 33621E109 147 4,066 SH   SOLE   4,066 0 0
FIRST SOUTH BANCORP INC VA COM 33646W100 888 89,232 SH   SOLE   89,232 0 0
Four Oaks Fincorp, Inc. COM 350891107 344 150,750 SH   SOLE   150,750 0 0
FSB BANCORP INC COM 30289C102 894 71,541 SH   SOLE   71,541 0 0
GEORGETOWN BANCORP INC MD COM 372591107 1,443 69,100 SH   SOLE   69,100 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 6,660 41,300 SH   SOLE   41,300 0 0
GUARANTY BANCORP DEL COM NEW 40075T607 5,889 329,900 SH   SOLE   329,900 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 1,738 107,600 SH   SOLE   107,600 0 0
HAMILTON BANCORP INC MD COM 407015106 2,720 200,000 SH   SOLE   200,000 0 0
HANCOCK HLDG CO COM 410120109 4,865 150,000 SH   SOLE   150,000 0 0
HEARTLAND FINL USA INC COM 42234Q102 1,814 50,300 SH   SOLE   50,300 0 0
HENNESSY ADVISORS INC COM 425885100 2,277 64,204 SH   SOLE   64,204 0 0
HERITAGE COMMERCE CORP COM 426927109 2,516 230,000 SH   SOLE   230,000 0 0
HERITAGE OAKS BANCORP COM 42724R107 7,795 950,580 SH   SOLE   950,580 0 0
Hibernia Bancorp, Inc. COM 42866N104 287 15,000 SH   SOLE   15,000 0 0
HILLTOP HOLDINGS INC COM 432748101 4,762 212,000 SH   SOLE   212,000 0 0
HMN FINL INC COM 40424G108 1,638 115,356 SH   SOLE   115,356 0 0
HOME BANCORP INC COM 43689E107 926 33,085 SH   SOLE   33,085 0 0
HOMETRUST BANCSHARES INC COM 437872104 6,236 337,068 SH   SOLE   337,068 0 0
HOPE BANCORP INC COM 43940T109 3,474 200,000 SH   SOLE   200,000 0 0
IF BANCORP INC COM 44951J105 4,753 255,000 SH   SOLE   255,000 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 16,493 980,000 SH   SOLE   980,000 0 0
INVESCO LTD SHS G491BT108 6,870 219,700 SH   SOLE   219,700 0 0
INVESTAR HLDG CORP COM 46134L105 6,111 398,122 SH   SOLE   398,122 0 0
JACKSONVILLE BANCORP INC MD COM 46924R106 1,817 63,769 SH   SOLE   63,769 0 0
KEYCORP NEW COM 493267108 8,762 720,000 SH   SOLE   720,000 0 0
LAKELAND BANCORP INC COM 511637100 7,190 512,100 SH   SOLE   512,100 0 0
LEGACY TEX FINL GROUP INC COM 52471Y106 981 31,000 SH   SOLE   31,000 0 0
LEGG MASON INC COM 524901105 335 10,000 SH   SOLE   10,000 0 0
LENNAR CORP CL B 526057302 4,364 130,000 SH   SOLE   130,000 0 0
LPL FINL HLDGS INC COM 50212V100 75 2,500 SH   SOLE   2,500 0 0
M & T BK CORP *W EXP 12/23/201 55261F112 4,488 106,100 SH   SOLE   106,100 0 0
MAINSOURCE FINANCIAL GP INC COM 56062Y102 6,981 279,800 SH   SOLE   279,800 0 0
MALVERN BANCORP INC COM 561409103 736 44,900 SH   SOLE   44,900 0 0
MB Bancorp, Inc. COM 55280E104 2,526 188,500 SH   SOLE   188,500 0 0
Meetinghouse Bancorp, Inc. COM 58514H109 791 47,500 SH   SOLE   47,500 0 0
MELROSE BANCORP INC COM 585553100 2,894 194,240 SH   SOLE   194,240 0 0
MERITAGE HOMES CORP COM 59001A102 868 25,000 SH   SOLE   25,000 0 0
MIDDLEBURG FINANCIAL CORP COM 596094102 2,124 75,100 SH   SOLE   75,100 0 0
MIDLAND STS BANCORP INC ILL COM 597742105 3,520 138,900 SH   SOLE   138,900 0 0
Minden Bancorp, Inc. COM 60255R106 337 14,900 SH   SOLE   14,900 0 0
MORGAN STANLEY COM NEW 617446448 10,099 315,000 SH   SOLE   315,000 0 0
MUTUALFIRST FINL INC COM 62845B104 10,071 363,192 SH   SOLE   363,192 0 0
New Bancorp, Inc. COM 642142103 896 66,200 SH   SOLE   66,200 0 0
New Jersey Community Bank COM 64577U102 602 160,488 SH   SOLE   160,488 0 0
NEW YORK CMNTY BANCORP INC COM 649445103 3,913 275,000 SH   SOLE   275,000 0 0
NMI HLDGS INC CL A 629209305 7,238 949,836 SH   SOLE   949,836 0 0
NORTHRIM BANCORP INC COM 666762109 3,506 136,151 SH   SOLE   136,151 0 0
OAK VALLEY BANCORP OAKDALE C COM 671807105 787 77,203 SH   SOLE   77,203 0 0
OLD SECOND BANCORP INC ILL COM 680277100 9,224 1,110,000 SH   SOLE   1,110,000 0 0
OM ASSET MGMT PLC SHS G67506108 1,111 79,900 SH   SOLE   79,900 0 0
PACIFIC MERCANTILE BANCORP COM 694552100 3,648 495,000 SH   SOLE   495,000 0 0
PATHFINDER BANCORP INC MD COM 70319R109 3,363 276,600 SH   SOLE   276,600 0 0
PB BANCORP INC COM 70454T100 3,001 345,730 SH   SOLE   345,730 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 1,327 59,200 SH   SOLE   59,200 0 0
PEOPLES BANCORP INC COM 709789101 1,598 65,000 SH   SOLE   65,000 0 0
PEOPLES BANCORP N C INC COM 710577107 1,615 76,900 SH   SOLE   76,900 0 0
Pilgrim Bancshares, Inc. COM 72143J105 2,038 155,600 SH   SOLE   155,600 0 0
PLUMAS BANCORP COM 729273102 81 7,876 SH   SOLE   7,876 0 0
PNC FINL SVCS GROUP INC COM 693475105 8,613 95,600 SH   SOLE   95,600 0 0
PNC FINL SVCS GROUP INC *W EXP 12/31/201 693475121 1,952 83,100 SH   SOLE   83,100 0 0
POAGE BANKSHARES INC COM 730206109 5,219 270,505 SH   SOLE   270,505 0 0
Polonia Bancorp, Inc. COM 73158Q109 3,626 329,900 SH   SOLE   329,900 0 0
PREFERRED BK LOS ANGELES CA COM NEW 740367404 9,642 269,700 SH   SOLE   269,700 0 0
PROSPERITY BANCSHARES INC COM 743606105 1,921 35,000 SH   SOLE   35,000 0 0
PRUDENTIAL BANCORP INC NEW COM 74431A101 4,945 341,510 SH   SOLE   341,510 0 0
QCR HOLDINGS INC COM 74727A104 10,430 328,600 SH   SOLE   328,600 0 0
QNB Corporation COM 74726N107 1,061 31,194 SH   SOLE   31,194 0 0
REGIONS FINL CORP NEW COM 7591EP100 6,164 624,500 SH   SOLE   624,500 0 0
RIVERVIEW BANCORP INC COM 769397100 7,398 1,375,000 SH   SOLE   1,375,000 0 0
S & T BANCORP INC COM 783859101 2,380 82,100 SH   SOLE   82,100 0 0
SB FINL GROUP INC DEP SHS PFD 6.5% 78408D204 1,561 125,000 SH   SOLE   125,000 0 0
SEACOAST BKG CORP FLA COM NEW 811707801 14,964 930,000 SH   SOLE   930,000 0 0
SHORE BANCSHARES INC COM 825107105 1,430 121,393 SH   SOLE   121,393 0 0
SI FINL GROUP INC MD COM 78425V104 13,733 1,040,347 SH   SOLE   1,040,347 0 0
SIERRA BANCORP COM 82620P102 5,358 285,600 SH   SOLE   285,600 0 0
SILVERCREST ASSET MGMT GROUP CL A 828359109 2,421 204,000 SH   SOLE   204,000 0 0
SOUTHERN MO BANCORP INC COM 843380106 4,152 166,730 SH   SOLE   166,730 0 0
SOUTHWEST BANCORP INC OKLA COM 844767103 1,905 100,300 SH   SOLE   100,300 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 36,771 170,000 SH Put SOLE   170,000 0 0
Standard Financial Corp. COM 853393106 4,788 210,000 SH   SOLE   210,000 0 0
STATE BK FINL CORP COM 856190103 16,211 710,400 SH   SOLE   710,400 0 0
STONEGATE BK FT LAUDERDALE F COM 861811107 8,202 243,033 SH   SOLE   243,033 0 0
STONEGATE MTG CORP COM 86181Q300 1,865 407,186 SH   SOLE   407,186 0 0
Sugar Creek Financial Corporation COM 86481Y102 995 83,575 SH   SOLE   83,575 0 0
SUN BANCORP INC COM NEW 86663B201 12,801 555,100 SH   SOLE   555,100 0 0
Sunnyside Bancorp, Inc. COM 867475105 815 64,871 SH   SOLE   64,871 0 0
Sunshine Financial Inc. COM 86782T109 1,287 66,000 SH   SOLE   66,000 0 0
SUNTRUST BKS INC *W EXP 12/31/201 867914129 843 73,800 SH   SOLE   73,800 0 0
SVB FINL GROUP COM 78486Q101 829 7,500 SH   SOLE   7,500 0 0
SYNOVUS FINL CORP COM NEW 87161C501 10,084 310,000 SH   SOLE   310,000 0 0
TERRITORIAL BANCORP INC COM 88145X108 6,484 226,243 SH   SOLE   226,243 0 0
TRICO BANCSHARES COM 896095106 1,874 70,000 SH   SOLE   70,000 0 0
TRIUMPH BANCORP INC COM 89679E300 1,829 92,200 SH   SOLE   92,200 0 0
TWO RIV BANCORP COM 90207C105 1,757 152,483 SH   SOLE   152,483 0 0
UMPQUA HLDGS CORP COM 904214103 828 55,000 SH   SOLE   55,000 0 0
UNITED CMNTY BANCORP IND COM 90984R101 4,498 296,886 SH   SOLE   296,886 0 0
UNITED CMNTY BKS BLAIRSVLE G COM 90984P303 13,230 629,400 SH   SOLE   629,400 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 6,409 901,414 SH   SOLE   901,414 0 0
UNITED FINL BANCORP INC NEW COM 910304104 8,195 592,108 SH   SOLE   592,108 0 0
UNITED SECURITY BANCSHARES C COM 911460103 1,517 240,100 SH   SOLE   240,100 0 0
UNIVEST CORP PA COM 915271100 5,840 250,000 SH   SOLE   250,000 0 0
WASHINGTONFIRST BANKSHARES I COM 940730104 4,208 171,000 SH   SOLE   171,000 0 0
WCI CMNTYS INC COM PAR $0.01 92923C807 237 10,000 SH   SOLE   10,000 0 0
WEST BANCORPORATION INC CAP STK 95123P106 314 16,000 SH   SOLE   16,000 0 0
West End Indiana Bancshares, Inc. COM 952678100 756 30,000 SH   SOLE   30,000 0 0
WILLIS LEASE FINANCE CORP COM 970646105 713 30,000 SH   SOLE   30,000 0 0
WINTRUST FINL CORP COM 97650W108 6,668 120,000 SH   SOLE   120,000 0 0
WOLVERINE BANCORP INC COM 977880103 5,618 209,423 SH   SOLE   209,423 0 0
WSFS Financial Corporation 6.25% Pfd. Stock 6.50% PFD 929328409 2,469 94,596 SH   SOLE   94,596 0 0
WSFS FINL CORP COM 929328102 365 10,000 SH   SOLE   10,000 0 0
XENITH BANKSHARES INC NEW COM 984102103 8,822 3,819,000 SH   SOLE   3,819,000 0 0
YADKIN FINL CORP COM 984305102 1,840 70,000 SH   SOLE   70,000 0 0
ZIONS BANCORPORATION COM 989701107 17,201 554,500 SH   SOLE   554,500 0 0
ZIONS BANCORPORATION *W EXP 11/14/201 989701131 3,738 1,746,600 SH   SOLE   1,746,600 0 0