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 CONSTITUTION BANCORP COM 31986N102 674 49,033 SH   SOLE   49,033 0 0
AERCAP HOLDINGS NV SHS N00985106 16,340 424,519 SH   SOLE   424,519 0 0
AIR LEASE CORP CL A 00912X302 18,546 648,922 SH   SOLE   648,922 0 0
AMERIPRISE FINANCIAL COM 03076C106 9,363 93,846 SH   SOLE   93,846 0 0
ANIXTER INTL INC COM 035290105 18,476 286,456 SH   SOLE   286,456 0 0
APPLE INC. COM 037833100 2,939 25,994 SH   SOLE   25,994 0 0
ASTORIA FINANCIAL CORP. COM 046265104 24,973 1,710,458 SH   SOLE   1,710,458 0 0
BANCORP OF NEW JERSEY INC. COM 059915108 819 72,041 SH   SOLE   72,041 0 0
BANK OF AMERICA CORP. COM 060505104 18,280 1,168,038 SH   SOLE   1,168,038 0 0
BANK OF MARIN BANCORP COM 063425102 17,451 350,918 SH   SOLE   350,918 0 0
BANK OF NEW YORK MELLON CORP COM 064058100 7,886 197,734 SH   SOLE   197,734 0 0
BANK OF THE JAMES FINANCIAL GP COM 470299108 2,617 215,374 SH   SOLE   215,374 0 0
BANKFINANCIAL CORPORATION COM 06643P104 1,764 138,923 SH   SOLE   138,923 0 0
BANNER CORPORATION COM NEW 06652V208 26,143 597,698 SH   SOLE   597,698 0 0
BEACON ROOFING SUPPLY INC. COM 073685109 14,893 354,004 SH   SOLE   354,004 0 0
BELDEN INC. COM 077454106 45,885 665,096 SH   SOLE   665,096 0 0
BLACKROCK INC. COM 09247X101 3,523 9,719 SH   SOLE   9,719 0 0
BOFI HLDG INC COM 05566U108 22,372 998,729 SH   SOLE   998,729 0 0
BRIDGE BANCORP, INC. COM 108035106 46,012 1,609,369 SH   SOLE   1,609,369 0 0
BRYN MAWR BANK CORP COM 117665109 18,891 590,532 SH   SOLE   590,532 0 0
BUILDERS FIRSTSOURCE, INC. COM 12008R107 3,375 293,220 SH   SOLE   293,220 0 0
CALATLANTIC GROUP INC. COM 128195104 4,570 136,662 SH   SOLE   136,662 0 0
CAMDEN NATIONAL CORP. COM 133034108 10,352 216,840 SH   SOLE   216,840 0 0
CAPITAL ONE FINANCIAL CORP. COM 14040H105 32,511 452,611 SH   SOLE   452,611 0 0
CARLISLE COS INC. COM 142339100 34,655 337,866 SH   SOLE   337,866 0 0
CAROLINA BK HLDGS INC GREENS COM 143785103 2,874 147,291 SH   SOLE   147,291 0 0
CASCADE BANCORP COM 147154207 21,837 3,603,486 SH   SOLE   3,603,486 0 0
CENTRAL VALLEY CMNTY BANCORP COM 155685100 8,792 554,365 SH   SOLE   554,365 0 0
CENTURY CMNTYS INC COM 156504300 7,170 333,350 SH   SOLE   333,350 0 0
CITIGROUP INC. COM 172967424 9,118 193,061 SH   SOLE   193,061 0 0
CITIZENS FINANCIAL GROUP INC. COM 174610105 66,924 2,708,365 SH   SOLE   2,708,365 0 0
COMERICA, INC. COM 200340107 27,684 585,040 SH   SOLE   585,040 0 0
COUSINS PROPERTIES INC. COM 222795106 153 14,659 SH   SOLE   14,659 0 0
COVENANT TRANSPORTATION GROUP INC. CL A 22284P105 2,846 147,248 SH   SOLE   147,248 0 0
CSX CORP. COM 126408103 4,171 136,767 SH   SOLE   136,767 0 0
CU BANCORP CALIF COM 126534106 21,334 935,291 SH   SOLE   935,291 0 0
DANA INCORPORATED COM 235825205 4,044 259,388 SH   SOLE   259,388 0 0
DELPHI AUTOMOTIVE PLC SHS G27823106 2,796 39,210 SH   SOLE   39,210 0 0
DELTA AIR LINES INC COM 247361702 2,753 69,944 SH   SOLE   69,944 0 0
DIAMOND OFFSHORE DRILLING, INC. COM 25271C102 148 8,417 SH   SOLE   8,417 0 0
EAGLE BANCORP, INC. MD COM 268948106 2,270 46,014 SH   SOLE   46,014 0 0
EAST WEST BANCORP INC COM 27579R104 14,979 408,038 SH   SOLE   408,038 0 0
EMCOR GROUP INC. COM 29084Q100 9,617 161,305 SH   SOLE   161,305 0 0
ENSCO PLC SH CL A G3157S106 68 7,986 SH   SOLE   7,986 0 0
EQUITY BANCSHARES INC COM CL A 29460X109 6,832 263,383 SH   SOLE   263,383 0 0
ESSENT GROUP LTD. COM G3198U102 4,879 183,367 SH   SOLE   183,367 0 0
FARMERS CAP BK CORP COM 309562106 21,153 713,677 SH   SOLE   713,677 0 0
FCB FINL HLDGS INC CL A 30255G103 2,067 53,788 SH   SOLE   53,788 0 0
FELCOR LODGING TRUST INC COM 31430F101 444 69,095 SH   SOLE   69,095 0 0
FIDELITY NATIONAL FINANCIAL INC. FNF GROUP COM 31620R303 12,335 334,183 SH   SOLE   334,183 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 11,314 146,883 SH   SOLE   146,883 0 0
FIDELITY SOUTHERN CORP COM 316394105 3,531 192,010 SH   SOLE   192,010 0 0
FIFTH THIRD BANCORP COM 316773100 19,396 948,016 SH   SOLE   948,016 0 0
FIRST AMERN FINL CORP COM 31847R102 17,072 434,619 SH   SOLE   434,619 0 0
FIRST BANCORP COM 318910106 1,559 78,755 SH   SOLE   78,755 0 0
FIRST BUSEY CORP CoM NEW 319383204 2,649 117,193 SH   SOLE   117,193 0 0
FIRST CTZNS BANCSHARES INC N CL A 31946M103 4,417 15,028 SH   SOLE   15,028 0 0
FIRST FNDTN INC COM 32026V104 13,414 543,753 SH   SOLE   543,753 0 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 593 21,003 SH   SOLE   21,003 0 0
FIRST NIAGARA FINL GP INC COM 33582V108 4 387 SH   SOLE   387 0 0
FIRST SOUTH BANCORP INC VA COM 33646W100 3,671 369,084 SH   SOLE   369,084 0 0
FNB CORPORATION COM 302520101 3,682 299,316 SH   SOLE   299,316 0 0
FIDELITY NATIONAL FINANCIAL FNFV GROUP COM 31620R402 1,390 111,383 SH   SOLE   111,383 0 0
GUARANTY BANCORP DEL COM NEW 40075T607 23,118 1,295,115 SH   SOLE   1,295,115 0 0
HALLIBURTON CO COM 406216101 5,037 112,234 SH   SOLE   112,234 0 0
HARLEY DAVIDSON INC COM 412822108 23,887 454,214 SH   SOLE   454,214 0 0
HERITAGE FINL CORP WASH COM 42722X106 1,085 60,466 SH   SOLE   60,466 0 0
HERITAGE OAKS BANCORP COM 42724R107 17,393 2,121,089 SH   SOLE   2,121,089 0 0
HONEYWELL INTL INC COM 438516106 19,022 163,150 SH   SOLE   163,150 0 0
HORIZON BANCORP IND COM 440407104 4,208 143,215 SH   SOLE   143,215 0 0
HOULIHAN LOKEY INC CL A 441593100 3,394 135,508 SH   SOLE   135,508 0 0
HUNTINGTON BANCSHARES COM 446150104 32,835 3,330,132 SH   SOLE   3,330,132 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 17,469 1,037,940 SH   SOLE   1,037,940 0 0
INSTALLED BLDG PRODS INC COM 45780R101 5,885 164,076 SH   SOLE   164,076 0 0
INVESTORS BANCORP INC NEW COM 46146L101 4,908 408,656 SH   SOLE   408,656 0 0
J ALEXANDERS HLDGS INC COM 46609J106 195 19,238 SH   SOLE   19,238 0 0
JACOBS ENGR GROUP INC DEL COM 469814107 713 13,780 SH   SOLE   13,780 0 0
JP MORGAN CHASE & CO. COM 46625H100 48,811 733,012 SH   SOLE   733,012 0 0
KEYCORP NEW COM 493267108 37,611 3,090,441 SH   SOLE   3,090,441 0 0
KINDER MORGAN INC. COM 49456B101 2,918 126,163 SH   SOLE   126,163 0 0
LAKELAND BANCORP, INC. COM 511637100 10,126 721,191 SH   SOLE   721,191 0 0
LEAR CORP. Com new 521865204 12,875 106,210 SH   SOLE   106,210 0 0
LENNAR CORP. CL A 526057104 2,006 47,378 SH   SOLE   47,378 0 0
M&T BANK CORPORATION COM 55261F104 4,040 34,795 SH   SOLE   34,795 0 0
MARLIN BUSINESS SVCS CORP COM 571157106 389 20,065 SH   SOLE   20,065 0 0
MASCO CORP. COM 574599106 5,989 174,565 SH   SOLE   174,565 0 0
MB FINANCIAL, INC. NEW COM 55264U108 5,783 152,017 SH   SOLE   152,017 0 0
MBT FINANCIAL CORP. COM 578877102 8,395 927,670 SH   SOLE   927,670 0 0
METLIFE INC COM 59156R108 3,565 80,239 SH   SOLE   80,239 0 0
NEW YORK CMNTY BANCORP INC COM 649445103 1,043 73,265 SH   SOLE   73,265 0 0
NORWEGIAN CRUISE LINE HOLDINGS SHS G66721104 6,345 168,304 SH   SOLE   168,304 0 0
OCEANFIRST FINANCIAL CORP. COM 675234108 4,285 222,498 SH   SOLE   222,498 0 0
OLD LINE BANCSHARES, INC. COM 67984M100 6,643 336,675 SH   SOLE   336,675 0 0
OLD NATIONAL BANCORP COM 680033107 9,530 677,806 SH   SOLE   677,806 0 0
OLD SECOND BANCORP INC ILL COM 680277100 10,708 1,288,521 SH   SOLE   1,288,521 0 0
ONEMAIN HOLDINGS INC. COM 68268W103 24,988 807,357 SH   SOLE   807,357 0 0
OPUS BK IRVINE CALIF COM 684000102 27,279 771,247 SH   SOLE   771,247 0 0
ORRSTOWN FINANCIAL SERVICES, INC. COM 687380105 9,890 500,741 SH   SOLE   500,741 0 0
OWENS CORNING NEW COM 690742101 20,131 377,054 SH   SOLE   377,054 0 0
PACIFIC CONTINENTAL CORP COM 69412V108 17,958 1,067,683 SH   SOLE   1,067,683 0 0
PACIFIC PREMIER BANCORP, INC. COM 69478X105 6,643 251,040 SH   SOLE   251,040 0 0
PACWEST BANCORP COM 695263103 20,359 474,459 SH   SOLE   474,459 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 24,650 1,099,971 SH   SOLE   1,099,971 0 0
PENNYMAC FINL SVCS INC CL A 70932B101 7,841 460,967 SH   SOLE   460,967 0 0
PNC FINL SVCS GROUP INC COM 693475105 29,247 324,637 SH   SOLE   324,637 0 0
POPULAR, INC. COM NEW 733174700 2,038 53,325 SH   SOLE   53,325 0 0
PREFERRED BK LOS ANGELES CA COM NEW 740367404 20,548 574,761 SH   SOLE   574,761 0 0
PREMIER FINANCIAL BANCORP INC. COM 74050M105 2,892 168,756 SH   SOLE   168,756 0 0
PRIVATEBANCORP INC COM 742962103 5,025 109,421 SH   SOLE   109,421 0 0
PROVIDENT BANCORP INC COM 74383X109 2,798 179,355 SH   SOLE   179,355 0 0
PULTE GROUP INC COM 745867101 4,071 203,162 SH   SOLE   203,162 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 3 137 SH Put SOLE   137 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 778 40,318 SH Put SOLE   40,318 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 438 22,677 SH Put SOLE   22,677 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 246 1,139 SH Put SOLE   1,139 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 40 185 SH Put SOLE   185 0 0
REGIONAL MGMT CORP COM 75902K106 21,012 970,514 SH   SOLE   970,514 0 0
REGIONS FINL CORP NEW COM 7591EP100 303,596 30,759,510 SH   SOLE   30,759,510 0 0
REPUBLIC FIRST BANCORP, INC. COM 760416107 6,857 1,668,344 SH   SOLE   1,668,344 0 0
RIVERVIEW BANCORP, INC. COM 769397100 2,292 426,062 SH   SOLE   426,062 0 0
ROYAL BK CDA MONTREAL QUE COM 780087102 2,011 32,456 SH   SOLE   32,456 0 0
RYDER SYSTEM INC COM 783549108 6,614 100,291 SH   SOLE   100,291 0 0
SEACOAST BKG CORP FLA Com new 811707801 34,942 2,171,666 SH   SOLE   2,171,666 0 0
SHORE BANCSHARES INC COM 825107105 5,268 447,199 SH   SOLE   447,199 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 31,060 262,217 SH   SOLE   262,217 0 0
SVB FINL GROUP COM 78486Q101 38,730 350,372 SH   SOLE   350,372 0 0
SOUTH STATE CORP. COM 840441109 3,178 42,350 SH   SOLE   42,350 0 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 2,234 81,017 SH   SOLE   81,017 0 0
SPDR SERIES TRUST S&P BK ETF 78464A797 674 20,179 SH   SOLE   20,179 0 0
SPX CORP COM 784635104 646 32,072 SH   SOLE   32,072 0 0
SPX FLOW INC COM 78469X107 992 32,072 SH   SOLE   32,072 0 0
STATE STREET CORP. COM 857477103 4,831 69,388 SH   SOLE   69,388 0 0
STERLING BANCORP COM 85917A100 9,475 541,457 SH   SOLE   541,457 0 0
STEWART INFORMATION SVCS COR COM 860372101 13,767 309,725 SH   SOLE   309,725 0 0
STONEGATE BK FT LAUDERDALE F COM 861811107 4,314 127,820 SH   SOLE   127,820 0 0
SUFFOLK BANCORP COM 864739107 3,205 92,163 SH   SOLE   92,163 0 0
SUNSHINE BANCORP INC. COM 86777J108 1,984 134,206 SH   SOLE   134,206 0 0
SUNTRUST BANKS COM 867914103 1,739 39,695 SH   SOLE   39,695 0 0
SUSSEX BANCORP COM 869245100 3,390 207,573 SH   SOLE   207,573 0 0
SWIFT TRANSPORTATION CO. COM 87074U101 5,279 245,898 SH   SOLE   245,898 0 0
SYNOVUS FINANCIAL CORP. COM 87161C501 9,482 291,486 SH   SOLE   291,486 0 0
TEREX CORPORATION COM 880779103 3,950 155,437 SH   SOLE   155,437 0 0
COMMUNITY FINL CORP MD COM 20368X101 10,572 457,658 SH   SOLE   457,658 0 0
FIRST LONG IS CORP COM 320734106 28,995 874,672 SH   SOLE   874,672 0 0
TIMBERLAND BANCORP, INC. COM 887098101 1,120 71,096 SH   SOLE   71,096 0 0
TOLL BROTHERS INC. COM 889478103 4,068 136,227 SH   SOLE   136,227 0 0
TOPBUILD CORP. COM 89055F103 644 19,396 SH   SOLE   19,396 0 0
TRI POINTE GROUP, INC. COM 87265H109 2,581 195,799 SH   SOLE   195,799 0 0
TRICO BANCSHARES COM 896095106 3,694 137,982 SH   SOLE   137,982 0 0
TRIUMPH BANCORP INC. COM 89679E300 17,334 873,684 SH   SOLE   873,684 0 0
UNITED BANKSHARES INC WEST V COM 909907107 6,787 180,165 SH   SOLE   180,165 0 0
US BANCORP COM 902973304 49,412 1,152,064 SH   SOLE   1,152,064 0 0
VALLEY NATIONAL BANCORP COM 919794107 3,175 326,307 SH   SOLE   326,307 0 0
VERITEX HOLDINGS INC. COM 923451108 17,088 982,648 SH   SOLE   982,648 0 0
WASHINGTONFIRST BANKSHARES I COM 940730104 11,663 473,899 SH   SOLE   473,899 0 0
WCI CMNTYS INC COM PAR $0.01 92923C807 3,359 141,607 SH   SOLE   141,607 0 0
WELLS FARGO & CO COM 949746101 53,843 1,215,959 SH   SOLE   1,215,959 0 0
WESCO INTL COM 95082P105 21,001 341,529 SH   SOLE   341,529 0 0
WESTERN ALLIANCE BANCORP COM 957638109 2,827 75,297 SH   SOLE   75,297 0 0
WILLIS TOWERS WATSON PLC COM G96629103 2,806 21,132 SH   SOLE   21,132 0 0
YADKIN FINL CORP COM 984305102 4,039 153,614 SH   SOLE   153,614 0 0
ZIONS BANCORPORATION COM 989701107 16,424 529,467 SH   SOLE   529,467 0 0