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
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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 Source Corp COM 336901103 2,377,960 52,000 SH   SOLE   52,000 0 0
ACNB Corp COM 000868109 514,500 15,000 SH   SOLE   15,000 0 0
Alerus Finacial Corp COM 01446U103 1,367,099 62,711 SH   SOLE   51,500 0 0
Allegiance Bancshares Inc COM 01748H107 1,652,635 51,500 SH   SOLE   7,500 0 0
American National Bankshares Inc COM 027745108 266,025 7,500 SH   SOLE   15,000 0 0
Ames Natl Corp COM 031001100 429,150 15,000 SH   SOLE   12,500 0 0
Auburn Natl Bancorp COM 050473107 567,625 12,500 SH   SOLE   85,000 0 0
BancFirst Corp COM 05945F103 4,710,700 85,000 SH   SOLE   57,500 0 0
Bank of Marin Bancorp COM 063425102 2,385,675 57,500 SH   SOLE   78,622 0 0
Bank of South Carolina Corp COM 065066102 1,427,725 76,349 SH   SOLE   55,000 0 0
Bankwell Finl Group Inc COM 06654A103 1,512,500 55,000 SH   SOLE   15,000 0 0
Benchmark Bankshares COM 08160E207 274,500 15,000 SH   SOLE   10,000 0 0
Berkshire Hills Bancopr Inc COM 084680107 292,900 10,000 SH   SOLE   8,000 0 0
Bridge Bancorp Inc. COM 108035106 236,480 8,000 SH   SOLE   90,000 0 0
Bridgewater Bancshares Inc. COM 108621103 416,706 34,900 SH   SOLE   60 0 0
Bryn Mawr Bk Corp COM 117665109 2,172,345 59,500 SH   SOLE   8,750 0 0
Burke & Herbert B&T COM 121331102 136,800 60 SH   SOLE   5,000 0 0
CSB Bancorp, Inc. COM 12628R107 338,362 8,750 SH   SOLE   69,753 0 0
Cambridge Bancorp COM 132152109 375,050 5,000 SH   SOLE   40,000 0 0
Carolina Finl Corp New COM 143873107 2,639,484 74,268 SH   SOLE   4,961 0 0
Century Bancorp Inc Mass CL A NON VTG 156432106 3,504,000 40,000 SH   SOLE   146,000 0 0
CNB Financial Corp COM 126128107 142,380 4,961 SH   SOLE   130,000 0 0
CommerceWest Bank COM 20084T103 3,219,300 146,000 SH   SOLE   86,544 0 0
Connectone Bancorp Inc NEW COM 20786W107 2,886,000 130,000 SH   SOLE   12,500 0 0
Crossfirst Bankshares Inc COM 22766M109 730,813 51,088 SH   SOLE   40,000 0 0
Eagle Bancorp Inc MD COM 268948106 892,399 20,000 SH   SOLE   20,000 0 0
Eagle Financial Services COM 26951R104 369,000 12,500 SH   SOLE   50,000 0 0
Enterprise Bancorp Inc Mass COM 293668109 1,049,300 35,000 SH   SOLE   4,000 0 0
Fidelity D & D Bancorp COM 31609R100 249,000 4,000 SH   SOLE   100,000 0 0
First Busey Corp COM NEW 319383204 1,896,000 75,000 SH   SOLE   70,000 0 0
First Bus Finl Svcs Inc Wis COM 319390100 1,685,600 70,000 SH   SOLE   140,000 0 0
First Choice Bancorp COM 31948P104 31,980 1,500 SH   SOLE   163,084 0 0
First Fndtn Inc COM 32026V104 2,138,500 140,000 SH   SOLE   2,000 0 0
First Long Is Corp COM 320734106 3,618,438 159,052 SH   SOLE   17,000 0 0
First National Bk Alaska COM 32112J106 333,840 1,391 SH   SOLE   102,500 0 0
FVCBankcorp Inc COM 36120Q101 412,660 23,500 SH   SOLE   230,000 0 0
German Amern Bancorp Inc COM 373865104 3,108,852 97,000 SH   SOLE   38,000 0 0
Heritage Commerce Corp COM 426927109 2,703,649 230,000 SH   SOLE   115,000 0 0
Heritage Finl Corp Wash COM 42722X106 1,024,479 38,000 SH   SOLE   37,500 0 0
Horizon Bancorp Inc COM 440407104 1,996,400 115,000 SH   SOLE   20,000 0 0
Kentucky Bancshares COM 491203105 466,000 20,000 SH   SOLE   113,130 0 0
Lakeland Finl Corp COM 511656100 4,975,457 113,130 SH   SOLE   5,000 0 0
Marlin Business Svcs Corp COM 571157106 377,850 15,000 SH   SOLE   15,000 0 0
Mercantile Bank Corp COM 587376104 2,460,000 75,000 SH   SOLE   80,000 0 0
Meta Finl Group Inc COM 59100U108 3,424,050 105,000 SH   SOLE   140,000 0 0
MidWestOne Finl Group Inc NE COM 598511103 2,136,400 70,000 SH   SOLE   3,827 0 0
Northrim BanCorp Inc COM 666762109 396,700 10,000 SH   SOLE   70,000 0 0
Oak Valley Bancorp Oakdale C COM 671807105 1,006,200 60,000 SH   SOLE   10,000 0 0
Oceanfirst Financial Corp. COM 675234108 354,000 15,000 SH   SOLE   70,000 0 0
Peoples Utah Bancorp COM 712706209 2,144,381 75,800 SH   SOLE   15,000 0 0
QNB Corp COM 74726N107 449,565 12,300 SH   SOLE   85,000 0 0
Republic First Bancorp, Inc. COM 760416107 210,000 50,000 SH   SOLE   12,300 0 0
Riverview Bancorp Incorporated COM 769397100 295,200 40,000 SH   SOLE   50,000 0 0
Sandy Spring Bancorp Inc COM 800363103 1,685,500 50,000 SH   SOLE   20,000 0 0
Stock Yds Bancorp Inc COM 861025104 3,901,541 106,338 SH   SOLE   50,000 0 0
Summit St Bk Santa Rosa Cali COM 866264203 188,640 16,000 SH   SOLE   21,948 0 0
Sussex Bancorp COM 869245100 902,400 40,000 SH   SOLE   148,790 0 0
Tompkins Financial Corporati COM 890110109 2,692,217 33,184 SH   SOLE   16,000 0 0
TowneBank Portsmouth VA COM 89214P109 3,058,550 110,000 SH   SOLE   40,000 0 0
Tri City Bankshares Corporation COM 895364107 300,000 15,000 SH   SOLE   45,700 0 0
Trico Bancshares COM 896095106 172,207 4,744 SH   SOLE   110,000 0 0
Washington Tr Bancorp COM 940610108 2,536,274 52,500 SH   SOLE   15,000 0 0
West Bancorporation Inc CAP STK 95123P106 3,158,821 145,300 SH   SOLE   37,310 0 0
WSFS Financial Corp COM 929328102 441,000 10,000 SH   SOLE   55,500 0 0
US Treasury Bond FED Strip CAP STK 912833XP0 2,517,390 3,000,000 SH   SOLE   155,000 0 0