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 27,356 595,082 SH   SOLE   595,082 0 0
AIR LEASE CORP CL A 00912X302 28,847 744,434 SH   SOLE   744,434 0 0
ALLY FINL INC COM 02005N100 21,569 1,060,943 SH   SOLE   1,060,943 0 0
AMERICAN RIVER BANKSHARES COM 029326105 6,376 430,255 SH   SOLE   430,255 0 0
APPLE INC COM 037833100 2,197 15,296 SH   SOLE   15,296 0 0
ASTORIA FINL CORP COM 046265104 41,593 2,027,935 SH   SOLE   2,027,935 0 0
BANC OF CALIFORNIA INC COM 05990K106 41,873 2,022,857 SH   SOLE   2,022,857 0 0
BANCORP NEW JERSEY INC NEW COM 059915108 3,216 210,871 SH   SOLE   210,871 0 0
BANK AMER CORP COM 060505104 39,987 1,695,076 SH   SOLE   1,695,076 0 0
BANK OF MARIN BANCORP COM 063425102 19,100 296,813 SH   SOLE   296,813 0 0
BANK NEW YORK MELLON CORP COM 064058100 7,553 159,912 SH   SOLE   159,912 0 0
BANK OF THE ST JAMES FINL GP COM 470299108 4,277 292,450 SH   SOLE   292,450 0 0
BANNER CORP COM NEW 06652V208 2,864 51,465 SH   SOLE   51,465 0 0
BAY BANCORP INC COM 07203T106 2,819 359,126 SH   SOLE   359,126 0 0
BEACON ROOFING SUPPLY INC COM 073685109 17,403 354,004 SH   SOLE   354,004 0 0
BELDEN INC COM 077454106 49,133 710,111 SH   SOLE   710,111 0 0
BLACKROCK INC COM 09247X101 3,123 8,144 SH   SOLE   8,144 0 0
BOFI HLDG INC COM 05566U108 24,895 952,751 SH   SOLE   952,751 0 0
BRIDGE BANCORP INC COM 108035106 84,328 2,409,369 SH   SOLE   2,409,369 0 0
BRYN MAWR BK CORP COM 117665109 27,485 695,812 SH   SOLE   695,812 0 0
CALATLANTIC GROUP INC COM 128195104 7,218 192,746 SH   SOLE   192,746 0 0
CAMDEN NATL CORP COM 133034108 14,324 325,260 SH   SOLE   325,260 0 0
CAPITAL CITY BK GROUP INC COM 139674105 2,188 102,313 SH   SOLE   102,313 0 0
CAPITAL ONE FINL CORP COM 14040H105 23,081 266,342 SH   SOLE   266,342 0 0
CARLISLE COS INC COM 142339100 35,952 337,866 SH   SOLE   337,866 0 0
CASCADE BANCORP COM NEW 147154207 2,426 314,674 SH   SOLE   314,674 0 0
CENTURY CMNTYS INC COM 156504300 9,009 354,684 SH   SOLE   354,684 0 0
CHEMUNG FINL CORP COM 164024101 935 23,661 SH   SOLE   23,661 0 0
CITIGROUP INC COM NEW 172967424 11,549 193,061 SH   SOLE   193,061 0 0
CITIZENS FINL GROUP INC COM 174610105 35,229 1,019,643 SH   SOLE   1,019,643 0 0
COASTWAY BANCORP INC COM 190632109 1,020 57,906 SH   SOLE   57,906 0 0
COMERICA INC COM 200340107 20,106 293,172 SH   SOLE   293,172 0 0
COUSINS PPTYS INC COM 222795106 121 14,659 SH   SOLE   14,659 0 0
CU BANCORP CALIF COM 126534106 15,333 386,715 SH   SOLE   386,715 0 0
DANA INCORPORATED COM 235825205 4,953 256,515 SH   SOLE   256,515 0 0
DELPHI AUTOMOTIVE PLC SHS G27823106 3,988 49,545 SH   SOLE   49,545 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 4,503 97,968 SH   SOLE   97,968 0 0
DIAMOND OFFSHORE DRILLING IN COM 25271C102 141 8,417 SH   SOLE   8,417 0 0
DNB FINL CORP COM 233237106 318 9,367 SH   SOLE   9,367 0 0
EAGLE BANCORP INC MD COM 268948106 2,747 46,014 SH   SOLE   46,014 0 0
EAST WEST BANCORP INC COM 27579R104 16,285 315,545 SH   SOLE   315,545 0 0
EMCOR GROUP INC COM 29084Q100 10,154 161,305 SH   SOLE   161,305 0 0
ENSCO PLC SHS CLASS A G3157S106 71 7,986 SH   SOLE   7,986 0 0
ESSENT GROUP LTD COM G3198U102 2,509 69,369 SH   SOLE   69,369 0 0
FARMERS CAP BK CORP COM 309562106 5,885 145,669 SH   SOLE   145,669 0 0
FAUQUIER BANKSHARES INC VA COM 312059108 387 21,313 SH   SOLE   21,313 0 0
FCB FINL HLDGS INC CL A 30255G103 2,665 53,788 SH   SOLE   53,788 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 13,013 334,183 SH   SOLE   334,183 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 11,695 146,883 SH   SOLE   146,883 0 0
FIFTH THIRD BANCORP COM 316773100 28,465 1,120,665 SH   SOLE   1,120,665 0 0
FIRST AMERN FINL CORP COM 31847R102 36,405 926,798 SH   SOLE   926,798 0 0
FIRST BANCORP N C COM 318910106 3,610 123,266 SH   SOLE   123,266 0 0
FIRST BUSEY CORP COM NEW 319383204 3,445 117,193 SH   SOLE   117,193 0 0
FIRST CTZNS BANCSHARES INC N CL A 31946M103 5,040 15,028 SH   SOLE   15,028 0 0
FIRST FNDTN INC COM 32026V104 21,398 1,379,639 SH   SOLE   1,379,639 0 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 559 21,003 SH   SOLE   21,003 0 0
FIRST SOUTH BANCORP INC VA COM 33646W100 4,183 344,835 SH   SOLE   344,835 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 21,470 761,617 SH   SOLE   761,617 0 0
FNB CORP PA COM 302520101 9,385 631,123 SH   SOLE   631,123 0 0
FIDELITY NATIONAL FINANCIAL FNFV GROUP COM 31620R402 1,476 111,383 SH   SOLE   111,383 0 0
GUARANTY BANCORP DEL COM NEW 40075T607 20,487 841,344 SH   SOLE   841,344 0 0
HARLEY DAVIDSON INC COM 412822108 27,480 454,214 SH   SOLE   454,214 0 0
HERITAGE OAKS BANCORP COM 42724R107 6,725 503,770 SH   SOLE   503,770 0 0
HOMESTREET INC COM 43785V102 11,066 395,918 SH   SOLE   395,918 0 0
HONEYWELL INTL INC COM 438516106 20,373 163,150 SH   SOLE   163,150 0 0
HUNTINGTON BANCSHARES INC COM 446150104 19,673 1,469,226 SH   SOLE   1,469,226 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 18,386 888,219 SH   SOLE   888,219 0 0
INSTALLED BLDG PRODS INC COM 45780R101 8,655 164,076 SH   SOLE   164,076 0 0
J ALEXANDERS HLDGS INC COM 46609J106 193 19,238 SH   SOLE   19,238 0 0
JPMORGAN CHASE & CO COM 46625H100 64,388 733,012 SH   SOLE   733,012 0 0
KEYCORP NEW COM 493267108 15,630 879,086 SH   SOLE   879,086 0 0
KINDER MORGAN INC DEL COM 49456B101 2,743 126,163 SH   SOLE   126,163 0 0
KORN FERRY INTL COM NEW 500643200 1,917 60,869 SH   SOLE   60,869 0 0
LAKELAND BANCORP INC COM 511637100 3,640 185,729 SH   SOLE   185,729 0 0
LEAR CORP COM NEW 521865204 14,831 104,750 SH   SOLE   104,750 0 0
LENNAR CORP CL A 526057104 6,489 126,755 SH   SOLE   126,755 0 0
LIVE OAK BANCSHARES INC COM 53803X105 541 25,000 SH   SOLE   25,000 0 0
M & T BK CORP COM 55261F104 901 5,823 SH   SOLE   5,823 0 0
MARLIN BUSINESS SVCS CORP COM 571157106 13,126 509,751 SH   SOLE   509,751 0 0
MASCO CORP COM 574599106 5,933 174,565 SH   SOLE   174,565 0 0
MB FINANCIAL INC NEW COM 55264U108 6,509 152,017 SH   SOLE   152,017 0 0
MBT FINL CORP COM 578877102 2,391 210,701 SH   SOLE   210,701 0 0
NORWEGIAN CRUISE LINE HLDGS SHS G66721104 9,022 177,835 SH   SOLE   177,835 0 0
OLD LINE BANCSHARES INC COM 67984M100 6,379 223,972 SH   SOLE   223,972 0 0
OLD NATL BANCORP IND COM 680033107 9,580 552,157 SH   SOLE   552,157 0 0
OLD POINT FINL CORP COM 680194107 323 10,700 SH   SOLE   10,700 0 0
ONEMAIN HLDGS INC COM 68268W103 24,717 994,635 SH   SOLE   994,635 0 0
ORRSTOWN FINL SVCS INC COM 687380105 14,017 627,162 SH   SOLE   627,162 0 0
OWENS CORNING NEW COM 690742101 23,140 377,054 SH   SOLE   377,054 0 0
PACIFIC PREMIER BANCORP COM 69478X105 9,678 251,040 SH   SOLE   251,040 0 0
PACWEST BANCORP DEL COM 695263103 25,270 474,459 SH   SOLE   474,459 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 30,089 1,016,863 SH   SOLE   1,016,863 0 0
PENNYMAC FINL SVCS INC CL A 70932B101 21,292 1,248,786 SH   SOLE   1,248,786 0 0
PNC FINL SVCS GROUP INC COM 693475105 18,231 151,620 SH   SOLE   151,620 0 0
POPULAR INC COM NEW 733174700 2,172 53,325 SH   SOLE   53,325 0 0
PREFERRED BK LOS ANGELES CA COM NEW 740367404 8,976 167,283 SH   SOLE   167,283 0 0
PREMIER FINL BANCORP INC COM 74050M105 5,115 243,201 SH   SOLE   243,201 0 0
PRIVATEBANCORP INC COM 742962103 6,496 109,421 SH   SOLE   109,421 0 0
PROVIDENT BANCORP INC COM 74383X109 5,572 265,947 SH   SOLE   265,947 0 0
PULTE GROUP INC COM 745867101 6,363 270,185 SH   SOLE   270,185 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 1,073 45,219 SH Put SOLE   45,219 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 620 26,122 SH Put SOLE   26,122 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 242 1,026 SH Put SOLE   1,026 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 136 578 SH Put SOLE   578 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 55 234 SH Put SOLE   234 0 0
REGIONAL MGMT CORP COM 75902K106 22,175 1,141,275 SH   SOLE   1,141,275 0 0
REGIONS FINL CORP NEW COM 7591EP100 51,389 3,536,752 SH   SOLE   3,536,752 0 0
REPUBLIC FIRST BANCORP INC COM 760416107 22,974 2,767,923 SH   SOLE   2,767,923 0 0
ROYAL BK CDA MONTREAL QUE COM 780087102 2,366 32,456 SH   SOLE   32,456 0 0
SEACOAST BKG CORP FLA COM NEW 811707801 50,200 2,093,398 SH   SOLE   2,093,398 0 0
SHORE BANCSHARES INC COM 825107105 5,555 332,408 SH   SOLE   332,408 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 28,132 189,582 SH   SOLE   189,582 0 0
SVB FINL GROUP COM 78486Q101 17,851 95,925 SH   SOLE   95,925 0 0
SOUTH ST CORP COM 840441109 4,731 52,946 SH   SOLE   52,946 0 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 751 23,000 SH   SOLE   23,000 0 0
STATE STR CORP COM 857477103 5,524 69,388 SH   SOLE   69,388 0 0
STERLING BANCORP DEL COM 85917A100 12,833 541,457 SH   SOLE   541,457 0 0
STEWART INFORMATION SVCS COR COM 860372101 6,552 148,300 SH   SOLE   148,300 0 0
STONEGATE BK FT LAUDERDALE F COM 861811107 6,019 127,820 SH   SOLE   127,820 0 0
SUFFOLK BANCORP COM 864739107 3,724 92,163 SH   SOLE   92,163 0 0
SUNSHINE BANCORP INC COM 86777J108 5,070 242,137 SH   SOLE   242,137 0 0
SUSSEX BANCORP COM 869245100 9,444 385,465 SH   SOLE   385,465 0 0
SWIFT TRANSN CO CL A 87074U101 3,139 152,830 SH   SOLE   152,830 0 0
SYNOVUS FINL CORP COM NEW 87161C501 11,957 291,486 SH   SOLE   291,486 0 0
TEXAS CAPITAL BANCSHARES INC COM 88224Q107 18,432 220,879 SH   SOLE   220,879 0 0
COMMUNITY FINL CORP MD COM 20368X101 16,476 457,658 SH   SOLE   457,658 0 0
FIRST BANCSHARES INC MS COM 318916103 2,994 105,039 SH   SOLE   105,039 0 0
FIRST LONG IS CORP COM 320734106 34,563 1,277,762 SH   SOLE   1,277,762 0 0
TOLL BROTHERS INC COM 889478103 6,215 172,101 SH   SOLE   172,101 0 0
TOPBUILD CORP COM 89055F103 912 19,396 SH   SOLE   19,396 0 0
TRICO BANCSHARES COM 896095106 4,903 137,982 SH   SOLE   137,982 0 0
TRIUMPH BANCORP INC COM 89679E300 21,227 822,745 SH   SOLE   822,745 0 0
UNITED BANKSHARES INC WEST V COM 909907107 7,612 180,165 SH   SOLE   180,165 0 0
UNITY BANCORP INC COM 913290102 1,067 62,942 SH   SOLE   62,942 0 0
US BANCORP DEL COM NEW 902973304 59,331 1,152,064 SH   SOLE   1,152,064 0 0
VALLEY NATL BANCORP COM 919794107 3,850 326,307 SH   SOLE   326,307 0 0
VERITEX HLDGS INC COM 923451108 34,866 1,239,889 SH   SOLE   1,239,889 0 0
WASHINGTONFIRST BANKSHARES I COM 940730104 14,912 532,582 SH   SOLE   532,582 0 0
WELLS FARGO & CO NEW COM 949746101 67,680 1,215,959 SH   SOLE   1,215,959 0 0
WESTERN ALLIANCE BANCORP COM 957638109 3,696 75,297 SH   SOLE   75,297 0 0
WINTRUST FINL CORP COM 97650W108 28,211 408,141 SH   SOLE   408,141 0 0
ZIONS BANCORPORATION COM 989701107 18,626 443,488 SH   SOLE   443,488 0 0