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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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
1st Source Corp COM 336901103 2,021,010 43,500 SH   SOLE 0 43,500 0 0
Altabancorp COM 021347109 1,692,597 39,081 SH   SOLE 0 39,081 0 0
Alerus Finacial Corp COM 01446U103 3,951,682 136,218 SH   SOLE 0 136,218 0 0
Allegiance Bancshares Inc COM 01748H107 1,499,160 39,000 SH   SOLE 0 39,000 0 0
Bancorp Inc COM 05969A105 7,561,912 328,636 SH   SOLE 0 328,636 0 0
Banner Corporation COM 06652V208 2,641,272 48,723 SH   SOLE 0 48,723 0 0
BancFirst Corp COM 05945F103 3,766,401 60,330 SH   SOLE 0 60,330 0 0
Bank of Marin Bancorp COM 063425102 1,556,720 48,800 SH   SOLE 0 48,800 0 0
Bridgewater Bancshares Inc. COM 108621103 3,515,160 217,657 SH   SOLE 0 217,657 0 0
Cambridge Bancorp COM 132152109 414,950 5,000 SH   SOLE 0 5,000 0 0
CommerceWest Bank COM 20084T103 3,690,750 129,500 SH   SOLE 0 129,500 0 0
Connectone Bancorp Inc NEW COM 20786W107 3,271,250 125,000 SH   SOLE 0 125,000 0 0
Central Pacific Finacial Corp COM 154760409 347,457 13,333 SH   SOLE 0 13,333 0 0
First Bus Finl Svcs Inc Wis COM 319390100 1,353,500 50,000 SH   SOLE 0 50,000 0 0
First Fndtn Inc COM 32026V104 2,746,220 122,000 SH   SOLE 0 122,000 0 0
First Horizon Corp COM 320517105 1,728,000 100,000 SH   SOLE 0 100,000 0 0
Farmers National Banc Corp COM 309627107 334,318 21,555 SH   SOLE 0 21,555 0 0
First Mid Bancshares Inc. COM 320866106 810,200 20,000 SH   SOLE 0 20,000 0 0
FVCBankcorp Inc COM 36120Q101 761,166 44,100 SH   SOLE 0 44,100 0 0
German Amern Bancorp Inc COM 373865104 2,739,110 73,632 SH   SOLE 0 73,632 0 0
Glacier Bancorp Inc. COM 37637Q105 988,686 17,950 SH   SOLE 0 17,950 0 0
Horizon Bancorp Inc COM 440407104 2,004,450 115,000 SH   SOLE 0 115,000 0 0
Hancock Whitney Corp COM 410120109 1,333,200 30,000 SH   SOLE 0 30,000 0 0
Lakeland Finl Corp COM 511656100 5,646,223 91,600 SH   SOLE 0 91,600 0 0
Level One Bancorp Inc COM 52730D208 2,018,834 73,950 SH   SOLE 0 73,950 0 0
Live Oak Bancshares Inc COM 53803X105 3,203,700 54,300 SH   SOLE 0 54,300 0 0
Merchants Bancorp Ind COM 58844R108 490,500 12,500 SH   SOLE 0 12,500 0 0
Mercantile Bank Corp COM 587376104 1,510,000 50,000 SH   SOLE 0 50,000 0 0
Meridian Bancorp Incorporated COM 58958U103 255,750 12,500 SH   SOLE 0 12,500 0 0
Meta Finl Group Inc COM 59100U108 9,507,301 187,780 SH   SOLE 0 187,780 0 0
Primis Financial Corp COM 74167B109 305,200 20,000 SH   SOLE 0 20,000 0 0
Northrim BanCorp Inc COM 666762109 265,050 6,200 SH   SOLE 0 6,200 0 0
Origin Bancorp COM 68621T102 976,580 23,000 SH   SOLE 0 23,000 0 0
Pacific Premier Bancorp COM 69478X105 4,290,616 101,457 SH   SOLE 0 101,457 0 0
Pacwest Bancorp COM 695263103 1,852,200 45,000 SH   SOLE 0 45,000 0 0
Regions Financial Corp COM 7591EP100 4,676,613 231,745 SH   SOLE 0 231,745 0 0
Riverview Bancorp Incorporated COM 769397100 283,600 40,000 SH   SOLE 0 40,000 0 0
Sandy Spring Bancorp Inc COM 800363103 1,628,397 36,900 SH   SOLE 0 36,900 0 0
Seacost BKG Corporation COM 811707306 3,478,551 101,861 SH   SOLE 0 101,861 0 0
SVB Finacial Group COM 78486Q101 7,005,452 12,590 SH   SOLE 0 12,590 0 0
Signature Bank COM 82669G104 3,623,337 14,750 SH   SOLE 0 14,750 0 0
Stock Yds Bancorp Inc COM 861025104 3,599,907 70,739 SH   SOLE 0 70,739 0 0
Summit St Bk Santa Rosa Cali COM 866264203 248,640 16,000 SH   SOLE 0 16,000 0 0
TowneBank Portsmouth VA COM 89214P109 2,098,980 69,000 SH   SOLE 0 69,000 0 0
Trico Bancshares COM 896095106 306,576 7,200 SH   SOLE 0 7,200 0 0
University Bancorp COM 914090105 626,960 39,185 SH   SOLE 0 39,185 0 0
Verotex Holdings Inc COM 923451108 1,947,550 55,000 SH   SOLE 0 55,000 0 0
West Bancorporation Inc CAP STK 95123P106 2,515,953 90,665 SH   SOLE 0 90,665 0 0
Wintrust Finacial Corp COM 97650W108 6,241,213 82,523 SH   SOLE 0 82,523 0 0
WSFS Financial Corp COM 929328102 1,211,340 26,000 SH   SOLE 0 26,000 0 0
Zions Bancorporation COM 989701107 3,903,711 73,850 SH   SOLE 0 73,850 0 0