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 11,508 79,200 SH   SOLE   79,200 0 0
AIR LEASE CORP CL A 00912X302 2,575 75,000 SH   SOLE   75,000 0 0
AJS Bancorp, Inc. COM 001503101 2,570 169,100 SH   SOLE   169,100 0 0
American Business Bank Unlisted 02475L105 210 6,000 SH   SOLE   6,000 0 0
AMERICAN RIVER BANKSHARES COM 029326105 9,888 654,400 SH   SOLE   654,400 0 0
AMERIS BANCORP COM 03076K108 18,748 430,000 SH   SOLE   430,000 0 0
ANNALY CAP MGMT INC COM 035710409 2,493 250,000 SH   SOLE   250,000 0 0
ASSOCIATED BANC CORP COM 045487105 2,218 89,800 SH   SOLE   89,800 0 0
Avidbank Holdings, Inc. COM 05368J103 2,160 120,353 SH   SOLE   120,353 0 0
BANCORP 34 INC COM 05970V106 755 60,000 SH   SOLE   60,000 0 0
BANCORPSOUTH INC COM 059692103 14,128 455,000 SH   SOLE   455,000 0 0
BANK AMER CORP COM 060505104 13,260 600,000 SH   SOLE   600,000 0 0
BANK COMM HLDGS COM 06424J103 2,945 310,000 SH   SOLE   310,000 0 0
BANK OF NT BUTTERFIELD&SON L SHS NEW G0772R208 2,987 95,000 SH   SOLE   95,000 0 0
BANK OF THE ST JAMES FINL GP COM 470299108 3,304 217,800 SH   SOLE   217,800 0 0
BANNER CORP COM NEW 06652V208 11,536 206,700 SH   SOLE   206,700 0 0
Bay Banks of Virginia, Inc. COM 072035108 3,570 469,700 SH   SOLE   469,700 0 0
BOSTON PRIVATE FINL HLDGS IN COM 101119105 12,744 770,000 SH   SOLE   770,000 0 0
BRYN MAWR BK CORP COM 117665109 3,643 86,425 SH   SOLE   86,425 0 0
CAMDEN NATL CORP COM 133034108 3,387 76,200 SH   SOLE   76,200 0 0
CARDINAL FINL CORP COM 14149F109 7,214 220,000 SH   SOLE   220,000 0 0
Carolina Alliance Bank Unlisted 14376R107 420 34,439 SH   SOLE   34,439 0 0
CARROLL BANCORP INC *W $16 EXP 3/20/2017 114702115 0 12,169 SH   SOLE   12,169 0 0
CENTERSTATE BANKS INC COM 15201P109 14,115 560,800 SH   SOLE   560,800 0 0
Central Federal Bancshares, Inc. Unlisted 15346T107 2,102 165,500 SH   SOLE   165,500 0 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 16,862 281,040 SH   SOLE   281,040 0 0
CITIGROUP INC COM NEW 172967424 29,691 499,600 SH   SOLE   499,600 0 0
CITIZENS FINL GROUP INC COM 174610105 2,932 82,300 SH   SOLE   82,300 0 0
CITIZENS HLDG CO MISS COM 174715102 72 2,800 SH   SOLE   2,800 0 0
CIVISTA BANCSHARES INC 6.50% PFD SER B 178867206 7,050 115,000 SH   SOLE   115,000 0 0
CNB FINL CORP PA COM 126128107 7,701 288,000 SH   SOLE   288,000 0 0
COASTWAY BANCORP INC COM 190632109 6,730 430,000 SH   SOLE   430,000 0 0
CODORUS VY BANCORP INC COM 192025104 7,540 263,629 SH   SOLE   263,629 0 0
COMERICA INC COM 200340107 11,184 164,200 SH   SOLE   164,200 0 0
COMERICA INC COM 200340107 1,703 25,000 SH Call SOLE   25,000 0 0
Community Bank Of Santa Maria Unlisted 203598107 5 550 SH   SOLE   550 0 0
COMMUNITY BANKERS TR CORP COM 203612106 6,395 882,100 SH   SOLE   882,100 0 0
COMMUNITY TR BANCORP INC COM 204149108 4,434 89,400 SH   SOLE   89,400 0 0
COMMUNITY WEST BANCSHARES COM 204157101 2,851 308,500 SH   SOLE   308,500 0 0
CULLEN FROST BANKERS INC COM 229899109 8,823 100,000 SH   SOLE   100,000 0 0
DCB Financial Corp COM 233075100 3,437 185,267 SH   SOLE   185,267 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 4,581 132,200 SH   SOLE   132,200 0 0
EAGLE BANCORP INC MD COM 268948106 33,425 548,400 SH   SOLE   548,400 0 0
EAST WEST BANCORP INC COM 27579R104 1,779 35,000 SH   SOLE   35,000 0 0
ENTERPRISE FINL SVCS CORP COM 293712105 1,716 39,900 SH   SOLE   39,900 0 0
EQUITABLE FINL CORP NEW COM 29448T105 3,055 308,629 SH   SOLE   308,629 0 0
EQUITY BANCSHARES INC COM CL A 29460X109 5,551 165,000 SH   SOLE   165,000 0 0
ESSA BANCORP INC COM 29667D104 6,533 415,600 SH   SOLE   415,600 0 0
EVANS BANCORP INC COM NEW 29911Q208 9,232 292,600 SH   SOLE   292,600 0 0
EVERCORE PARTNERS INC CLASS A 29977A105 3,435 50,000 SH   SOLE   50,000 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 842 24,800 SH   SOLE   24,800 0 0
First American International Corp. COM 31849X107 3,048 168,880 SH   SOLE   168,880 0 0
FIRST BANCSHARES INC MS COM 318916103 7,746 281,690 SH   SOLE   281,690 0 0
FIRST CMNTY CORP S C COM 319835104 5,461 302,571 SH   SOLE   302,571 0 0
FIRST CTZNS BANCSHARES INC N CL A 31946M103 426 1,200 SH   SOLE   1,200 0 0
FIRST DEFIANCE FINL CORP COM 32006W106 1,024 20,188 SH   SOLE   20,188 0 0
FIRST HORIZON NATL CORP COM 320517105 4,902 245,000 SH   SOLE   245,000 0 0
First Intercontinental Bank COM 32056Y101 954 131,439 SH   SOLE   131,439 0 0
FIRST MIDWEST BANCORP DEL COM 320867104 5,167 204,800 SH   SOLE   204,800 0 0
FIRST SOUTH BANCORP INC VA COM 33646W100 1,413 118,271 SH   SOLE   118,271 0 0
FNB CORP PA COM 302520101 5,663 353,300 SH   SOLE   353,300 0 0
FNB CORP PA *W $3.161 EXP 1/30/2019 302520945 4,979 386,888 SH   SOLE   386,888 0 0
Four Oaks Fincorp, Inc. Unlisted 350891107 425 160,500 SH   SOLE   160,500 0 0
FRANKLIN FINL NETWORK INC COM 35352P104 2,302 55,000 SH   SOLE   55,000 0 0
FSB BANCORP INC COM 30289C102 1,016 71,541 SH   SOLE   71,541 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 8,884 37,100 SH   SOLE   37,100 0 0
GUARANTY BANCORP DEL COM NEW 40075T607 6,932 286,461 SH   SOLE   286,461 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 2,279 107,600 SH   SOLE   107,600 0 0
HAMILTON BANCORP INC MD COM 407015106 2,850 200,000 SH   SOLE   200,000 0 0
HENNESSY ADVISORS INC COM 425885100 1,994 62,804 SH   SOLE   62,804 0 0
HERITAGE COMMERCE CORP COM 426927109 307 21,257 SH   SOLE   21,257 0 0
HERITAGE OAKS BANCORP COM 42724R107 580 47,000 SH   SOLE   47,000 0 0
Hibernia Bancorp, Inc. COM 42866N104 319 15,000 SH   SOLE   15,000 0 0
HILLTOP HOLDINGS INC COM 432748101 7,146 239,800 SH   SOLE   239,800 0 0
HMN FINL INC COM 40424G108 2,184 124,800 SH   SOLE   124,800 0 0
HMN FINL INC *W $4.68 EXP 12/23/2018 40424G975 3,597 277,778 SH   SOLE   277,778 0 0
HOME BANCORP INC COM 43689E107 1,274 32,985 SH   SOLE   32,985 0 0
HOMETRUST BANCSHARES INC COM 437872104 7,700 297,291 SH   SOLE   297,291 0 0
HOPE BANCORP INC COM 43940T109 4,816 220,000 SH   SOLE   220,000 0 0
HUNTINGTON BANCSHARES INC COM 446150104 4,053 306,600 SH   SOLE   306,600 0 0
IBERIABANK CORP COM 450828108 13,367 159,600 SH   SOLE   159,600 0 0
IF BANCORP INC COM 44951J105 4,718 255,000 SH   SOLE   255,000 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 20,018 922,500 SH   SOLE   922,500 0 0
INDEPENDENT BK GROUP INC COM 45384B106 2,184 35,000 SH   SOLE   35,000 0 0
INVESCO LTD SHS G491BT108 7,130 235,000 SH   SOLE   235,000 0 0
INVESTAR HLDG CORP COM 46134L105 7,520 403,222 SH   SOLE   403,222 0 0
JACKSONVILLE BANCORP INC MD COM 46924R106 1,913 63,769 SH   SOLE   63,769 0 0
JPMORGAN CHASE & CO *W EXP 10/28/201 46634E114 885 20,000 SH   SOLE   20,000 0 0
JPMORGAN CHASE & CO COM 46625H100 8,172 94,700 SH   SOLE   94,700 0 0
KEYCORP NEW COM 493267108 16,626 910,000 SH   SOLE   910,000 0 0
LAKELAND BANCORP INC COM 511637100 8,561 439,000 SH   SOLE   439,000 0 0
LEGACY TEX FINL GROUP INC COM 52471Y106 1,498 34,800 SH   SOLE   34,800 0 0
LEGG MASON INC COM 524901105 598 20,000 SH   SOLE   20,000 0 0
LENNAR CORP CL B 526057302 6,863 198,928 SH   SOLE   198,928 0 0
M & T BK CORP *W EXP 12/23/201 55261F112 7,155 90,000 SH   SOLE   90,000 0 0
MAINSOURCE FINANCIAL GP INC COM 56062Y102 9,233 268,397 SH   SOLE   268,397 0 0
MB Bancorp, Inc. COM 55280E104 2,771 188,500 SH   SOLE   188,500 0 0
Meetinghouse Bancorp, Inc. COM 58514H109 757 45,300 SH   SOLE   45,300 0 0
MELROSE BANCORP INC COM 585553100 3,487 194,240 SH   SOLE   194,240 0 0
MIDDLEBURG FINANCIAL CORP COM 596094102 1,043 30,000 SH   SOLE   30,000 0 0
Minden Bancorp, Inc. COM 60255R106 339 14,900 SH   SOLE   14,900 0 0
MORGAN STANLEY COM NEW 617446448 12,392 293,300 SH   SOLE   293,300 0 0
MUTUALFIRST FINL INC COM 62845B104 7,219 218,100 SH   SOLE   218,100 0 0
New Bancorp, Inc. COM 642142103 880 66,200 SH   SOLE   66,200 0 0
New Jersey Community Bank COM 64577U102 586 160,488 SH   SOLE   160,488 0 0
NICOLET BANKSHARES INC COM 65406E102 81 1,700 SH   SOLE   1,700 0 0
NMI HLDGS INC CL A 629209305 8,355 784,492 SH   SOLE   784,492 0 0
NORTHRIM BANCORP INC COM 666762109 5,536 175,200 SH   SOLE   175,200 0 0
OAK VALLEY BANCORP OAKDALE C COM 671807105 1,039 82,825 SH   SOLE   82,825 0 0
OLD SECOND BANCORP INC ILL COM 680277100 10,497 949,943 SH   SOLE   949,943 0 0
OM ASSET MGMT PLC SHS G67506108 1,296 89,400 SH   SOLE   89,400 0 0
OTTAWA BANCORP INC COM 689195105 3,027 237,785 SH   SOLE   237,785 0 0
PACIFIC MERCANTILE BANCORP COM 694552100 3,249 445,000 SH   SOLE   445,000 0 0
PARAGON COML CORP COM NEW 69911U403 127 2,902 SH   SOLE   2,902 0 0
PATHFINDER BANCORP INC MD COM 70319R109 3,589 266,056 SH   SOLE   266,056 0 0
PB BANCORP INC COM 70454T100 3,202 323,431 SH   SOLE   323,431 0 0
PEOPLES BANCORP N C INC COM 710577107 2,632 105,000 SH   SOLE   105,000 0 0
Pilgrim Bancshares, Inc. COM 72143J105 2,247 153,900 SH   SOLE   153,900 0 0
PLUMAS BANCORP COM 729273102 519 27,323 SH   SOLE   27,323 0 0
PNC FINL SVCS GROUP INC COM 693475105 15,790 135,000 SH   SOLE   135,000 0 0
PNC FINL SVCS GROUP INC *W EXP 12/31/201 693475121 493 10,000 SH   SOLE   10,000 0 0
POAGE BANKSHARES INC COM 730206109 5,085 270,505 SH   SOLE   270,505 0 0
Polonia Bancorp, Inc. COM 73158Q109 3,928 317,400 SH   SOLE   317,400 0 0
PREFERRED BK LOS ANGELES CA COM NEW 740367404 13,341 254,500 SH   SOLE   254,500 0 0
PRICE T ROWE GROUP INC COM 74144T108 3,981 52,900 SH   SOLE   52,900 0 0
PRIVATEBANCORP INC COM 742962103 9,483 175,000 SH   SOLE   175,000 0 0
PROSPERITY BANCSHARES INC COM 743606105 5,541 77,200 SH   SOLE   77,200 0 0
PRUDENTIAL BANCORP INC NEW COM 74431A101 443 25,886 SH   SOLE   25,886 0 0
QCR HOLDINGS INC COM 74727A104 14,648 338,300 SH   SOLE   338,300 0 0
QNB Corporation COM 74726N107 1,644 45,927 SH   SOLE   45,927 0 0
REGIONS FINL CORP NEW COM 7591EP100 6,677 465,000 SH   SOLE   465,000 0 0
RIVERVIEW BANCORP INC COM 769397100 9,304 1,329,200 SH   SOLE   1,329,200 0 0
SB FINL GROUP INC DEP SHS PFD 6.5% 78408D204 1,134 80,000 SH   SOLE   80,000 0 0
SCHWAB CHARLES CORP NEW COM 808513105 8,861 224,500 SH   SOLE   224,500 0 0
SEACOAST BKG CORP FLA COM NEW 811707801 19,523 885,000 SH   SOLE   885,000 0 0
SHORE BANCSHARES INC COM 825107105 1,162 76,200 SH   SOLE   76,200 0 0
SI FINL GROUP INC MD COM 78425V104 12,963 841,737 SH   SOLE   841,737 0 0
SILVERCREST ASSET MGMT GROUP CL A 828359109 440 33,434 SH   SOLE   33,434 0 0
SOUTHERN MO BANCORP INC COM 843380106 3,863 109,200 SH   SOLE   109,200 0 0
SOUTHWEST BANCORP INC OKLA COM 844767103 803 27,700 SH   SOLE   27,700 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 78,236 350,000 SH Put SOLE   350,000 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 5,558 100,000 SH Put SOLE   100,000 0 0
Standard Financial Corp. COM 853393106 5,330 211,500 SH   SOLE   211,500 0 0
STATE BK FINL CORP COM 856190103 17,862 665,000 SH   SOLE   665,000 0 0
STONEGATE BK FT LAUDERDALE F COM 861811107 12,715 304,700 SH   SOLE   304,700 0 0
STONEGATE MTG CORP COM 86181Q300 1,926 322,600 SH   SOLE   322,600 0 0
Sugar Creek Financial Corporation COM 86481Y102 1,095 83,575 SH   SOLE   83,575 0 0
SUN BANCORP INC COM NEW 86663B201 14,433 555,100 SH   SOLE   555,100 0 0
Sunnyside Bancorp, Inc. COM 867475105 863 64,871 SH   SOLE   64,871 0 0
SUNSHINE BANCORP INC COM 86777J108 514 30,000 SH   SOLE   30,000 0 0
Sunshine Financial Inc. COM 86782T109 1,287 66,000 SH   SOLE   66,000 0 0
SUNTRUST BKS INC COM 867914103 14,294 260,600 SH   SOLE   260,600 0 0
SUNTRUST BKS INC *W EXP 12/31/201 867914129 212 10,000 SH   SOLE   10,000 0 0
SUTHERLAND ASSET MGMT CORP M COM 86933G105 2,248 167,116 SH   SOLE   167,116 0 0
SVB FINL GROUP COM 78486Q101 12,016 70,000 SH   SOLE   70,000 0 0
SYNOVUS FINL CORP COM NEW 87161C501 5,135 125,000 SH   SOLE   125,000 0 0
TD AMERITRADE HLDG CORP COM 87236Y108 4,691 107,600 SH   SOLE   107,600 0 0
TERRITORIAL BANCORP INC COM 88145X108 2,692 81,981 SH   SOLE   81,981 0 0
TORONTO DOMINION BK ONT COM NEW 891160509 3,676 74,500 SH   SOLE   74,500 0 0
Tri City Bankshares Corporation Unlisted 895364107 200 10,435 SH   SOLE   10,435 0 0
TRI POINTE GROUP INC COM 87265H109 4,862 423,500 SH   SOLE   423,500 0 0
TRIUMPH BANCORP INC COM 89679E300 3,061 117,068 SH   SOLE   117,068 0 0
TWO RIV BANCORP COM 90207C105 2,334 156,437 SH   SOLE   156,437 0 0
UNITED BANKSHARES INC WEST V COM 909907107 2,775 60,000 SH   SOLE   60,000 0 0
UNITED CMNTY BANCORP IND COM 90984R101 4,958 296,886 SH   SOLE   296,886 0 0
UNITED CMNTY BKS BLAIRSVLE G COM 90984P303 15,995 540,000 SH   SOLE   540,000 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 7,989 893,614 SH   SOLE   893,614 0 0
UNITED FINL BANCORP INC NEW COM 910304104 10,753 592,108 SH   SOLE   592,108 0 0
UNITED SECURITY BANCSHARES C COM 911460103 1,938 250,097 SH   SOLE   250,097 0 0
UNIVEST CORP PA COM 915271100 6,523 211,100 SH   SOLE   211,100 0 0
US BANCORP DEL COM NEW 902973304 16,182 315,000 SH   SOLE   315,000 0 0
VALLEY NATL BANCORP COM 919794107 2,037 175,000 SH   SOLE   175,000 0 0
VERITEX HLDGS INC COM 923451108 5,609 210,000 SH   SOLE   210,000 0 0
VISA INC COM CL A 92826C839 1,365 17,500 SH   SOLE   17,500 0 0
WASHINGTONFIRST BANKSHARES I COM 940730104 5,167 178,250 SH   SOLE   178,250 0 0
West End Indiana Bancshares, Inc. COM 952678100 775 22,800 SH   SOLE   22,800 0 0
WESTERN ALLIANCE BANCORP COM 957638109 4,087 83,900 SH   SOLE   83,900 0 0
WESTERN NEW ENG BANCORP INC COM 958892101 3,844 411,102 SH   SOLE   411,102 0 0
WILLIS LEASE FINANCE CORP COM 970646105 640 25,000 SH   SOLE   25,000 0 0
WINTRUST FINL CORP COM 97650W108 7,257 100,000 SH   SOLE   100,000 0 0
WOLVERINE BANCORP INC COM 977880103 6,320 200,000 SH   SOLE   200,000 0 0
WSFS Financial Corporation 6.25 Pfd. Stock 6.50% PFD 929328409 2,115 83,275 SH   SOLE   83,275 0 0
WSFS FINL CORP COM 929328102 4,635 100,000 SH   SOLE   100,000 0 0
XENITH BANKSHARES INC NEW COM 984102202 7,109 252,100 SH   SOLE   252,100 0 0
ZIONS BANCORPORATION COM 989701107 19,105 443,900 SH   SOLE   443,900 0 0
ZIONS BANCORPORATION *W EXP 11/14/201 989701131 13,189 1,524,700 SH   SOLE   1,524,700 0 0