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
American Business Bank COM 02475L105 3,026 72,567 SH   SOLE   0 0 0
Associated Banc-Corp COM 045487105 8,080 355,028 SH   SOLE   0 0 0
Banco Bilbao Vizcaya Argentaria, S.A. ADR ADR 05946K101 316 55,466 SH   SOLE   0 0 0
Blue Foundry Bancorp COM 09549B104 894 65,991 SH   SOLE   0 0 0
Bank of Marin Bancorp COM 063425102 3,504 99,918 SH   SOLE   0 0 0
POPULAR INC COM 733174700 4,770 58,358 SH   SOLE   0 0 0
Bank7 Corp. COM 06652N107 4,152 175,934 SH   SOLE   0 0 0
CAPITAL CITY BANK GROUP INC COM 139674105 1,902 72,150 SH   SOLE   0 0 0
CITIZENS FINANCIAL GROUP INC COM 174610105 9,714 214,291 SH   SOLE   0 0 0
COMERICA INC COM 200340107 8,055 89,079 SH   SOLE   0 0 0
Columbia Banking System, Inc. COM 197236102 9,344 289,554 SH   SOLE   0 0 0
CVB Financial Corporation COM 126600105 9,131 393,414 SH   SOLE   0 0 0
CENTRAL VALLEY COMMUNITY BANCO COM 155685100 3,416 146,281 SH   SOLE   0 0 0
Exchange Bank (Santa Rosa, CA) COM 301227203 392 2,541 SH   SOLE   0 0 0
First Community Corp. COM 319835104 624 29,428 SH   SOLE   0 0 0
First Horizon Corporation COM 320517105 1,715 73,000 SH   SOLE   0 0 0
FIRST INTERSTATE BANCSYSTEM IN COM 32055Y201 4,931 134,100 SH   SOLE   0 0 0
FIRST UNITED CORP COM 33741H107 617 27,382 SH   SOLE   0 0 0
Guaranty Bancshares, Inc COM 400764106 2,379 67,964 SH   SOLE   0 0 0
HUNTINGTON BANCSHARES INC/OH COM 446150104 3,360 229,811 SH   SOLE   0 0 0
HERITAGE FINANCIAL CORP-WASH COM 42722X106 3,647 145,521 SH   SOLE   0 0 0
HERITAGE COMMERCE CORP COM 426927109 3,930 349,313 SH   SOLE   0 0 0
HANCOCK WHITNEY CORP COM 410120109 9,193 176,273 SH   SOLE   0 0 0
ING Groep N.V. ADS ADR 04930A104 1,231 118,000 SH   SOLE   0 0 0
KB Financial Group Inc. ADS ADR 48241A105 2,124 43,505 SH   SOLE   0 0 0
KEYCORP COM 493267108 4,640 207,308 SH   SOLE   0 0 0
SPDR S&P REGIONAL BANKING COM 78464A698 7,892 114,542 SH   SOLE   0 0 0
Metropolitan Bank Holding Corp. COM 61744Y132 1,365 13,408 SH   SOLE   0 0 0
Macatawa Bank Corporation COM 554225102 7,681 852,524 SH   SOLE   0 0 0
M&T Bank Corp COM 55261F104 11,265 66,462 SH   SOLE   0 0 0
OceanFirst Financial Corp. COM 675234108 6,762 336,434 SH   SOLE   0 0 0
Open Bank COM 67109R109 2,207 159,777 SH   SOLE   0 0 0
OLD SECOND BANCORP INC COM 680277100 7,376 508,348 SH   SOLE   0 0 0
OAK VALLEY BANCORP COM 671807105 2,410 130,602 SH   SOLE   0 0 0
PACWEST BANCORP COM 695263103 9,948 230,653 SH   SOLE   0 0 0
PEOPLES BANCORP OF NORTH CAROL COM 710577107 1,297 45,188 SH   SOLE   0 0 0
RIVERVIEW BANCORP INC COM 769397100 2,726 361,036 SH   SOLE   0 0 0
STERLING BANCORP INC COM 744028101 464 65,409 SH   SOLE   0 0 0
SYNOVUS FINANCIAL CORP COM 87161C501 9,969 203,445 SH   SOLE   0 0 0
FIRST FINANCIAL CORP/IN COM 320218100 10,634 245,702 SH   SOLE   0 0 0
TIMBERLAND BANCORP INC/WA COM 887098101 5,630 208,459 SH   SOLE   0 0 0
UNITED SECURITY BANCSHARES/FRE COM 911460103 3,589 432,451 SH   SOLE   0 0 0
UMPQUA HOLDINGS CORP COM 904214103 2,108 111,752 SH   SOLE   0 0 0
Webster Financial Corporation COM 947890109 13,459 239,826 SH   SOLE   0 0 0
William Penn Bancorporation COM 96925V101 891 69,858 SH   SOLE   0 0 0
ZIONS BANCORPORATION COM 989701107 11,695 178,389 SH   SOLE   0 0 0