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
ALLSTATE CORP COM 020002101 5,882 64,000 SH Put OTR 35 0 0 64,000
ALLY FINL INC COM 02005n100 10,868 448,000 SH Put OTR 35 0 0 448,000
AMERICAN EXPRESS CO COM 025816109 5,789 64,000 SH Put OTR 35 0 0 64,000
AMERICAN INTL GROUP INC COM NEW 026874784 3,929 64,000 SH Put OTR 35 0 0 64,000
AMERIS BANCORP COM 03076k108 9,600 200,000 SH   OTR 35 0 0 200,000
ASB BANCORP INC N C COM 00213T109 4,773 105,823 SH   OTR 35 0 0 105,823
ATLANTIC CAP BANCSHARES INC COM 048269203 25,800 1,421,463 SH   OTR 35 0 0 1,421,463
ATLANTIC CAP BANCSHARES INC COM 048269203 572 31,510 SH   OTR 34 0 0 31,510
ATLANTIC COAST FINL CORP COM 048426100 1,388 157,529 SH   OTR 34 0 0 157,529
ATLANTIC COAST FINL CORP COM 048426100 4,748 538,908 SH   OTR 35 0 0 538,908
BANC OF CALIFORNIA INC COM 05990k106 2,075 100,000 SH   OTR 35 0 0 100,000
BANCORP 34 INC COM 05970v106 483 34,489 SH   OTR 34 0 0 34,489
BANCORPSOUTH INC COM 059692103 3,205 100,000 SH   OTR 35 0 0 100,000
BANK AMER CORP COM 060505104 11,418 450,600 SH   OTR 35 0 0 450,600
BANK NEW YORK MELLON CORP COM 064058100 3,393 64,000 SH Put OTR 35 0 0 64,000
BANKUNITED INC COM 06652k103 10,671 300,000 SH   OTR 35 0 0 300,000
BAY BANCORP INC COM 07203T106 5,465 481,470 SH   OTR 35 0 0 481,470
BB&T CORP COM 054937107 6,008 128,000 SH Put OTR 35 0 0 128,000
BERKSHIRE HILLS BANCORP INC COM 084680107 2,906 75,000 SH   OTR 35 0 0 75,000
BOSTON PRIVATE FINL HLDGS IN COM 101119105 8,275 500,000 SH   OTR 35 0 0 500,000
BROOKLINE BANCORP INC DEL COM 11373m107 3,100 200,000 SH   OTR 35 0 0 200,000
BYLINE BANCORP INC COM 124411109 7,066 332,365 SH   OTR 35 0 0 332,365
CAPITAL BK FINL CORP CL A COM 139794101 8,210 200,000 SH   OTR 35 0 0 200,000
CAPITAL ONE FINL CORP COM 14040H105 10,836 128,000 SH Put OTR 35 0 0 128,000
CAROLINA FINL CORP NEW COM 143873107 6,567 183,030 SH   OTR 35 0 0 183,030
CHUBB LIMITED COM h1467j104 9,123 64,000 SH Put OTR 35 0 0 64,000
CITIZENS FINL GROUP INC COM 174610105 7,574 200,000 SH   OTR 35 0 0 200,000
CIVISTA BANCSHARES INC COM NO PAR 178867107 488 21,860 SH   OTR 34 0 0 21,860
COBIZ FINANCIAL INC COM 190897108 2,470 125,782 SH   OTR 35 0 0 125,782
COMERICA INC COM 200340107 4,881 64,000 SH Put OTR 35 0 0 64,000
CONNECTONE BANCORP INC NEW COM 20786W107 4,245 172,571 SH   OTR 35 0 0 172,571
COWEN INC CL A NEW 223622606 10,565 593,514 SH   OTR 35 0 0 593,514
E TRADE FINANCIAL CORP COM NEW 269246401 4,361 100,000 SH   OTR 35 0 0 100,000
EQUITY BANCSHARES INC COM CL A 29460x109 656 18,430 SH   OTR 34 0 0 18,430
EQUITY BANCSHARES INC COM CL A 29460x109 15,230 428,050 SH   OTR 35 0 0 428,050
ESQUIRE FINL HLDGS INC COM 29667J101 714 44,400 SH   OTR 34 0 0 44,400
EVANS BANCORP INC COM NEW 29911Q208 3,916 90,644 SH   OTR 35 0 0 90,644
FB FINL CORP COM 30257x104 48,390 1,282,870 SH   OTR 35 0 0 1,282,870
FIDELITY SOUTHERN CORP NEW COM 316394105 16,843 712,489 SH   OTR 35 0 0 712,489
FIFTH THIRD BANCORP COM 316773100 3,582 128,000 SH Put OTR 35 0 0 128,000
FIRST BANCORP N C COM 318910106 567 16,475 SH   OTR 34 0 0 16,475
FIRST BANCORP N C COM 318910106 25,807 750,000 SH   OTR 35 0 0 750,000
FIRST BANCSHARES INC MS COM 318916103 11,847 392,934 SH   OTR 35 0 0 392,934
FIRST CMNTY CORP S C COM 319835104 1,115 54,509 SH   OTR 34 0 0 54,509
FIRST CMNTY CORP S C COM 319835104 4,848 237,065 SH   OTR 35 0 0 237,065
FIRST CONN BANCORP INC MD COM 319850103 1,590 59,454 SH   OTR 35 0 0 59,454
FIRST FNDTN INC COM 32026v104 25,289 1,413,596 SH   OTR 35 0 0 1,413,596
FIRST FNDTN INC COM 32026v104 660 36,886 SH   OTR 34 0 0 36,886
FIRST INTST BANCSYSTEM INC COM CL A 32055Y201 3,825 100,000 SH   OTR 35 0 0 100,000
FIRST INTST BANCSYSTEM INC COM CL A 32055Y201 893 23,341 SH   OTR 34 0 0 23,341
FIRST SOUTH BANCORP INC VA COM 33646W100 461 24,868 SH   OTR 34 0 0 24,868
FIRST SOUTH BANCORP INC VA COM 33646W100 4,608 248,668 SH   OTR 35 0 0 248,668
FSB BANCORP INC COM 30289C102 291 17,550 SH   OTR 34 0 0 17,550
GREEN BANCORP INC COM 39260x100 4,730 200,000 SH   OTR 35 0 0 200,000
GUARANTY BANCORP DEL COM NEW 40075T607 11,120 400,000 SH   OTR 35 0 0 400,000
HARTFORD FINL SVCS GROUP INC COM 416515104 3,548 64,000 SH Put OTR 35 0 0 64,000
HERITAGE FINL CORP WASH COM 42722X106 11,800 400,000 SH   OTR 35 0 0 400,000
HOME BANCSHARES INC COM 436893200 8,480 336,250 SH   OTR 35 0 0 336,250
HOMESTREET INC COM 43785v102 7,664 283,850 SH   OTR 35 0 0 283,850
IBERIABANK CORP COM 450828108 12,322 150,000 SH   OTR 35 0 0 150,000
INTERACTIVE BROKERS GROUP IN COM 45841n107 0 64,000 SH Put OTR 35 0 0 64,000
INVESTAR HLDG CORP COM 46134L105 345 14,330 SH   OTR 34 0 0 14,330
ISHARES TR MSCI EMG MKT ETF 464287234 20,076 448,000 SH Put OTR 35 0 0 448,000
ISHARES TR RUSSELL 2000 ETF 464287655 42,678 288,000 SH Put OTR 35 0 0 288,000
ISHARES TR IBOXX HI YD ETF 464288513 11,362 128,000 SH Put OTR 35 0 0 128,000
JPMORGAN CHASE & CO COM 46625h100 6,113 64,000 SH Put OTR 35 0 0 64,000
LAKELAND BANCORP INC COM 511637100 10,200 500,000 SH   OTR 35 0 0 500,000
LIVE OAK BANCSHARES INC COM 53803x105 27,900 1,189,760 SH   OTR 35 0 0 1,189,760
M & T BK CORP *W EXP 12/23/201 55261F112 3,422 40,000 SH   OTR 35 0 0 40,000
MANNING & NAPIER INC CL A 56382q102 3,569 903,497 SH   OTR 35 0 0 903,497
MASTERCARD INCORPORATED CL A 57636Q104 13,555 96,000 SH Put OTR 35 0 0 96,000
MELROSE BANCORP INC COM 585553100 239 12,000 SH   OTR 34 0 0 12,000
MIDSOUTH BANCORP INC COM 598039105 1,026 85,109 SH   OTR 34 0 0 85,109
MIDSOUTH BANCORP INC COM 598039105 7,046 584,730 SH   OTR 35 0 0 584,730
MORGAN STANLEY COM NEW 617446448 6,166 128,000 SH Put OTR 35 0 0 128,000
OCEANFIRST FINL CORP COM 675234108 15,285 556,036 SH   OTR 35 0 0 556,036
OLD LINE BANCSHARES INC COM 67984m100 5,600 200,000 SH   OTR 35 0 0 200,000
OPUS BK IRVINE CALIF COM 684000102 25,751 1,072,965 SH   OTR 35 0 0 1,072,965
PACIFIC PREMIER BANCORP COM 69478x105 29,309 776,390 SH   OTR 35 0 0 776,390
PARAGON COML CORP COM NEW 69911U403 5,646 100,000 SH   OTR 35 0 0 100,000
PARK STERLING CORP COM 70086Y105 40,483 3,259,513 SH   OTR 35 0 0 3,259,513
PARK STERLING CORP COM 70086Y105 598 48,145 SH   OTR 34 0 0 48,145
PCSB FINL CORP COM 69324R104 576 30,530 SH   OTR 34 0 0 30,530
PCSB FINL CORP COM 69324R104 5,500 291,630 SH   OTR 35 0 0 291,630
PEAPACK-GLADSTONE FINL CORP COM 704699107 7,752 229,770 SH   OTR 35 0 0 229,770
PERFORMANT FINL CORP COM 71377e105 1,062 583,418 SH   OTR 35 0 0 583,418
PINNACLE FINL PARTNERS INC COM 72346q104 56,323 841,264 SH   OTR 35 0 0 841,264
PNC FINL SVCS GROUP INC COM 693475105 8,626 64,000 SH Put OTR 35 0 0 64,000
PROGRESSIVE CORP OHIO COM 743315103 3,099 64,000 SH Put OTR 35 0 0 64,000
REGIONS FINL CORP NEW COM 7591ep100 1,523 100,000 SH   OTR 35 0 0 100,000
SCHWAB CHARLES CORP NEW COM 808513105 8,397 192,000 SH Put OTR 35 0 0 192,000
SEACOAST BKG CORP FLA COM NEW 811707801 25,401 1,063,240 SH   OTR 35 0 0 1,063,240
SELECT BANCORP INC NEW COM 81617L108 574 48,986 SH   OTR 34 0 0 48,986
SELECT BANCORP INC NEW COM 81617L108 563 48,080 SH   OTR 35 0 0 48,080
SELECT SECTOR SPDR TR SBI INT-FINL 81369y605 34,756 1,344,000 SH Put OTR 35 0 0 1,344,000
SHORE BANCSHARES INC COM 825107105 2,960 177,750 SH   OTR 35 0 0 177,750
SI FINL GROUP INC MD COM 78425V104 1,495 100,000 SH   OTR 34 0 0 100,000
SILVERCREST ASSET MGMT GROUP CL A 828359109 8,741 600,761 SH   OTR 35 0 0 600,761
SOUTHERN FIRST BANCSHARES IN COM 842873101 1,206 33,167 SH   OTR 34 0 0 33,167
SOUTHERN FIRST BANCSHARES IN COM 842873101 11,257 309,692 SH   OTR 35 0 0 309,692
SOUTHERN NATL BANCORP OF VA COM 843395104 1,179 69,417 SH   OTR 34 0 0 69,417
SOUTHERN NATL BANCORP OF VA COM 843395104 3,398 200,000 SH   OTR 35 0 0 200,000
SPDR S&P 500 ETF TR TR UNIT 78462F103 48,237 192,000 SH Put OTR 35 0 0 192,000
SPDR SERIES TRUST S&P REGL BKG 78464a698 34,512 608,000 SH Put OTR 35 0 0 608,000
SPDR SERIES TRUST S&P BK ETF 78464a797 11,544 256,000 SH Put OTR 35 0 0 256,000
STATE BK FINL CORP COM 856190103 8,595 300,000 SH   OTR 35 0 0 300,000
STATE STR CORP COM 857477103 3,057 32,000 SH Put OTR 35 0 0 32,000
SUN BANCORP INC COM NEW 86663b201 3,322 133,688 SH   OTR 35 0 0 133,688
SUNSHINE BANCORP INC COM 86777J108 1,507 64,864 SH   OTR 34 0 0 64,864
SUNSHINE BANCORP INC COM 86777J108 6,884 296,206 SH   OTR 35 0 0 296,206
SUNTRUST BKS INC COM 867914103 3,825 64,000 SH Put OTR 35 0 0 64,000
SYNCHRONY FINL COM 87165B103 8,942 288,000 SH Put OTR 35 0 0 288,000
SYNOVUS FINL CORP COM NEW 87161c501 4,606 100,000 SH   OTR 35 0 0 100,000
TD AMERITRADE HLDG CORP COM 87236Y108 0 160,000 SH Put OTR 35 0 0 160,000
TFS FINL CORP COM 87240R107 4,014 248,860 SH   OTR 35 0 0 248,860
TRIUMPH BANCORP INC COM 89679e300 2,442 75,731 SH   OTR 34 0 0 75,731
TRIUMPH BANCORP INC COM 89679e300 40,888 1,267,839 SH   OTR 35 0 0 1,267,839
UNITED FINL BANCORP INC NEW COM 910304104 14,639 800,375 SH   OTR 35 0 0 800,375
US BANCORP DEL COM NEW 902973304 10,290 192,000 SH Put OTR 35 0 0 192,000
VALLEY NATL BANCORP COM 919794107 16,893 1,401,918 SH   OTR 35 0 0 1,401,918
VERITEX HLDGS INC COM 923451108 11,576 429,380 SH   OTR 35 0 0 429,380
VISA INC COM CL A 92826c839 10,103 96,000 SH Put OTR 35 0 0 96,000
WELLS FARGO CO NEW COM 949746101 10,590 192,000 SH Put OTR 35 0 0 192,000
WESTERN ALLIANCE BANCORP COM 957638109 10,085 190,000 SH   OTR 35 0 0 190,000
WESTERN NEW ENG BANCORP INC COM 958892101 155 14,187 SH   OTR 34 0 0 14,187
WESTERN NEW ENG BANCORP INC COM 958892101 9,292 852,471 SH   OTR 35 0 0 852,471
XENITH BANKSHARES INC NEW COM NEW 984102202 13,000 400,000 SH   OTR 35 0 0 400,000
ZIONS BANCORPORATION COM 989701107 7,549 160,000 SH Put OTR 35 0 0 160,000