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 1,686,360 52,000 SH   SOLE 0 52,000 0 0
ACNB Corp COM 000868109 450,000 15,000 SH   SOLE 0 15,000 0 0
Alerus Finacial Corp COM 01446U103 1,982,399 120,000 SH   SOLE 0 120,000 0 0
Allegiance Bancshares Inc COM 01748H107 1,241,665 51,500 SH   SOLE 0 51,500 0 0
American National Bankshares Inc COM 027745108 179,250 7,500 SH   SOLE 0 7,500 0 0
Ames Natl Corp COM 031001100 306,750 15,000 SH   SOLE 0 15,000 0 0
Auburn Natl Bancorp COM 050473107 419,800 10,000 SH   SOLE 0 10,000 0 0
Axos Finacial Inc COM 05465C100 638,393 35,212 SH   SOLE 0 35,212 0 0
Bancorp Inc COM 05969A105 485,210 79,936 SH   SOLE 0 79,936 0 0
Banner Corporation COM 06652V208 600,733 18,182 SH   SOLE 0 18,182 0 0
BancFirst Corp COM 05945F103 2,836,450 85,000 SH   SOLE 0 85,000 0 0
Bank of Marin Bancorp COM 063425102 1,725,000 57,500 SH   SOLE 0 57,500 0 0
Bank of South Carolina Corp COM 065066102 882,330 58,782 SH   SOLE 0 58,782 0 0
Bankwell Finl Group Inc COM 06654A103 839,300 55,000 SH   SOLE 0 55,000 0 0
Benchmark Bankshares COM 08160E207 200,250 15,000 SH   SOLE 0 15,000 0 0
Berkshire Hills Bancopr Inc COM 084680107 148,600 10,000 SH   SOLE 0 10,000 0 0
Bridge Bancorp Inc. COM 108035106 169,280 8,000 SH   SOLE 0 8,000 0 0
Bridgewater Bancshares Inc. COM 108621103 1,602,899 164,400 SH   SOLE 0 164,400 0 0
Bryn Mawr Bk Corp COM 117665109 1,649,757 58,131 SH   SOLE 0 58,131 0 0
Burke & Herbert B&T COM 121331102 116,340 60 SH   SOLE 0 60 0 0
Business First Bancshares Inc COM 12326C105 526,500 39,000 SH   SOLE 0 39,000 0 0
CSB Bancorp, Inc. COM 12628R107 297,500 8,750 SH   SOLE 0 8,750 0 0
Cambridge Bancorp COM 132152109 260,000 5,000 SH   SOLE 0 5,000 0 0
Carolina Finl Corp New COM 143873107 1,921,313 74,268 SH   SOLE 0 74,268 0 0
Century Bancorp Inc Mass CL A NON VTG 156432106 1,867,200 30,000 SH   SOLE 0 30,000 0 0
CNB Financial Corp COM 126128107 93,614 4,961 SH   SOLE 0 4,961 0 0
CommerceWest Bank COM 20084T103 2,409,000 146,000 SH   SOLE 0 146,000 0 0
Connectone Bancorp Inc NEW COM 20786W107 1,747,200 130,000 SH   SOLE 0 130,000 0 0
Crossfirst Bankshares Inc COM 22766M109 429,138 51,088 SH   SOLE 0 51,088 0 0
Eagle Bancorp Inc MD COM 268948106 604,199 20,000 SH   SOLE 0 20,000 0 0
Eagle Financial Services COM 26951R104 298,875 12,500 SH   SOLE 0 12,500 0 0
Enterprise Bancorp Inc Mass COM 293668109 924,785 34,264 SH   SOLE 0 34,264 0 0
Fidelity D & D Bancorp COM 31609R100 204,080 4,000 SH   SOLE 0 4,000 0 0
First Busey Corp COM NEW 319383204 1,283,250 75,000 SH   SOLE 0 75,000 0 0
First Bus Finl Svcs Inc Wis COM 319390100 1,085,000 70,000 SH   SOLE 0 70,000 0 0
First Choice Bancorp COM 31948P104 82,555 5,500 SH   SOLE 0 5,500 0 0
First Fndtn Inc COM 32026V104 1,430,800 140,000 SH   SOLE 0 140,000 0 0
First Interstate Banc System COM 32055Y201 720,999 25,000 SH   SOLE 0 25,000 0 0
First Long Is Corp COM 320734106 2,428,726 139,983 SH   SOLE 0 139,983 0 0
First National Bk Alaska COM 32112J106 202,000 1,000 SH   SOLE 0 1,000 0 0
FVCBankcorp Inc COM 36120Q101 673,992 50,600 SH   SOLE 0 50,600 0 0
German Amern Bancorp Inc COM 373865104 2,744,998 100,000 SH   SOLE 0 100,000 0 0
Heritage Commerce Corp COM 426927109 997,099 130,000 SH   SOLE 0 130,000 0 0
Heritage Finl Corp Wash COM 42722X106 760,000 38,000 SH   SOLE 0 38,000 0 0
Horizon Bancorp Inc COM 440407104 1,133,900 115,000 SH   SOLE 0 115,000 0 0
Investar Holding Corp COM 46134L105 747,044 58,500 SH   SOLE 0 58,500 0 0
Kentucky Bancshares COM 491203105 352,000 20,000 SH   SOLE 0 20,000 0 0
Lakeland Finl Corp COM 511656100 4,157,527 113,130 SH   SOLE 0 113,130 0 0
Level One Bancorp Inc COM 52730D208 1,440,000 80,000 SH   SOLE 0 80,000 0 0
Mercantile Bank Corp COM 587376104 1,587,750 75,000 SH   SOLE 0 75,000 0 0
Meta Finl Group Inc COM 59100U108 3,149,616 145,010 SH   SOLE 0 145,010 0 0
MidWestOne Finl Group Inc NE COM 598511103 1,233,240 58,894 SH   SOLE 0 58,894 0 0
Northrim BanCorp Inc COM 666762109 270,000 10,000 SH   SOLE 0 10,000 0 0
Oak Valley Bancorp Oakdale C COM 671807105 880,889 55,965 SH   SOLE 0 55,965 0 0
Oceanfirst Financial Corp. COM 675234108 477,300 30,000 SH   SOLE 0 30,000 0 0
Peoples Utah Bancorp COM 712706209 1,468,245 75,800 SH   SOLE 0 75,800 0 0
QNB Corp COM 74726N107 345,630 12,300 SH   SOLE 0 12,300 0 0
Riverview Bancorp Incorporated COM 769397100 200,400 40,000 SH   SOLE 0 40,000 0 0
Sandy Spring Bancorp Inc COM 800363103 1,132,000 50,000 SH   SOLE 0 50,000 0 0
Seacost BKG Corporation COM 811707306 647,001 35,336 SH   SOLE 0 35,336 0 0
Sierra Bancorp COM 82620P102 878,999 50,000 SH   SOLE 0 50,000 0 0
Stock Yds Bancorp Inc COM 861025104 2,500,651 86,438 SH   SOLE 0 86,438 0 0
Summit St Bk Santa Rosa Cali COM 866264203 127,840 16,000 SH   SOLE 0 16,000 0 0
Sussex Bancorp COM 869245100 680,000 40,000 SH   SOLE 0 40,000 0 0
Tompkins Financial Corporati COM 890110109 2,254,519 31,400 SH   SOLE 0 31,400 0 0
TowneBank Portsmouth VA COM 89214P109 1,809,000 100,000 SH   SOLE 0 100,000 0 0
Trico Bancshares COM 896095106 214,704 7,200 SH   SOLE 0 7,200 0 0
Washington Tr Bancorp COM 940610108 1,462,399 40,000 SH   SOLE 0 40,000 0 0
West Bancorporation Inc CAP STK 95123P106 2,375,654 145,300 SH   SOLE 0 145,300 0 0
WSFS Financial Corp COM 929328102 498,400 20,000 SH   SOLE 0 20,000 0 0
SPDR S&P Regional Banking COM 78464A698 840,267 25,783 SH   SOLE 0 25,783 0 0