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
1ST CENTURY BANCSHARES INC COM 31943X102 1,225 161,673 SH   SOLE   161,673 0 0
AMERICAN RIVER BANKSHARES COM 029326105 2,877 329,134 SH   SOLE   329,134 0 0
ANIXTER INTL INC COM 035290105 27,948 279,289 SH   SOLE   279,289 0 0
ARMSTRONG WORLD INDS INC NEW COM 04247X102 4,352 75,775 SH   SOLE   75,775 0 0
ASTORIA FINL CORP COM 046265104 15,793 1,174,223 SH   SOLE   1,174,223 0 0
ATLANTIC COAST FINL CORP COM 048426100 6,222 1,532,404 SH   SOLE   1,532,404 0 0
BANK MUTUAL CORP NEW COM 063750103 6,309 1,087,733 SH   SOLE   1,087,733 0 0
BANK OF AMERICA CORP COM 060505104 34,990 2,276,533 SH   SOLE   2,276,533 0 0
BANK OF MARIN BANCORP COM 063425102 4,553 99,862 SH   SOLE   99,862 0 0
BANK NEW YORK MELLON CORP COM 064058100 35,262 940,831 SH   SOLE   940,831 0 0
BANKFINANCIAL CORP COM 06643P104 14,324 1,283,506 SH   SOLE   1,283,506 0 0
BANNER CORP COM NEW 06652V208 1,421 35,845 SH   SOLE   35,845 0 0
BEACON ROOFING SUPPLY INC COM 073685109 11,725 354,004 SH   SOLE   354,004 0 0
BELDEN INC COM 077454106 47,916 613,054 SH   SOLE   613,054 0 0
BLACKROCK INC COM 09247X101 2,235 6,994 SH   SOLE   6,994 0 0
BOK FINL CORP COM NEW 05561Q201 7,651 114,881 SH   SOLE   114,881 0 0
BRIDGE BANCORP INC COM 108035106 14,389 599,804 SH   SOLE   599,804 0 0
BRIDGE CAP HLDGS COM 108030107 14,913 616,004 SH   SOLE   616,004 0 0
BUILDERS FIRSTSOURCE INC COM 12008R107 2,630 351,624 SH   SOLE   351,624 0 0
CAMDEN NATL CORP COM 133034108 6,646 171,469 SH   SOLE   171,469 0 0
CAPITAL CITY BK GROUP INC COM 139674105 11,995 825,551 SH   SOLE   825,551 0 0
CARDINAL FINL CORP COM 14149F109 35,713 1,934,641 SH   SOLE   1,934,641 0 0
CARLISLE COS INC COM 142339100 29,266 337,866 SH   SOLE   337,866 0 0
CARNIVAL CORP. PAIRED CTF 143658300 5,970 158,556 SH   SOLE   158,556 0 0
CAROLINA BK HLDGS INC GREENS COM 143785103 2,582 264,228 SH   SOLE   264,228 0 0
CASCADE BANCORP COM NEW 147154207 2,986 573,205 SH   SOLE   573,205 0 0
CENTERSTATE BANKS INC COM 15201P109 9,534 851,284 SH   SOLE   851,284 0 0
CENTRAL PAC FINL CORP COM NEW 154760409 25,680 1,293,681 SH   SOLE   1,293,681 0 0
CENTRAL VALLEY CMNTY BANCORP COM 155685100 6,393 488,370 SH   SOLE   488,370 0 0
CIT GROUP INC COM NEW 125581801 39,704 867,664 SH   SOLE   867,664 0 0
CITIGROUP INC COM NEW 172967424 38,164 810,284 SH   SOLE   810,284 0 0
CITY NATL CORP COM 178566105 44,269 584,330 SH   SOLE   584,330 0 0
COMERICA INC COM 200340107 4,513 89,972 SH   SOLE   89,972 0 0
COUSINS PPTYS INC COM 222795106 183 14,659 SH   SOLE   14,659 0 0
CU BANCORP CALIF COM 126534106 21,087 1,105,793 SH   SOLE   1,105,793 0 0
DANA HLDG CORP COM 235825205 6,022 246,583 SH   SOLE   246,583 0 0
DUKE REALTY CORP COM NEW 264411505 583 32,095 SH   SOLE   32,095 0 0
EASTERN VA BANKSHARES INC COM 277196101 2,184 341,272 SH   SOLE   341,272 0 0
EMCOR GROUP INC COM 29084Q100 6,793 152,540 SH   SOLE   152,540 0 0
FARMERS CAP BK CORP COM 309562106 16,180 716,225 SH   SOLE   716,225 0 0
FELCOR LODGING TR INC COM 31430F101 726 69,095 SH   SOLE   69,095 0 0
FIDELITY NATIONAL FINANCIAL CL A 31620R105 10,948 334,183 SH   SOLE   334,183 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 9,507 173,670 SH   SOLE   173,670 0 0
FIDELITY SOUTHERN CORP NEW COM 316394105 22,645 1,743,244 SH   SOLE   1,743,244 0 0
FIFTH THIRD BANCORP COM 316773100 2,667 124,899 SH   SOLE   124,899 0 0
FIRST AMERN FINL CORP COM 31847R102 16,062 577,993 SH   SOLE   577,993 0 0
FIRST BANCORP N C COM 318910106 17,291 942,279 SH   SOLE   942,279 0 0
FIRST CONN BANCORP INC MD COM 319850103 13,017 811,014 SH   SOLE   811,014 0 0
FIRST HORIZON NATL CORP COM 320517105 1,042 87,900 SH   SOLE   87,900 0 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 396 21,003 SH   SOLE   21,003 0 0
FIRST INTERNET BANCORP COM 320557101 4,981 241,800 SH   SOLE   241,800 0 0
FIRST NBC BK HLDG CO COM 32115D106 555 16,555 SH   SOLE   16,555 0 0
FIRST NIAGARA FINL GP INC COM 33582V108 13,810 1,580,090 SH   SOLE   1,580,090 0 0
FIRST SEC GROUP INC COM NEW 336312202 6,833 3,148,715 SH   SOLE   3,148,715 0 0
FIRST SOUTH BANCORP INC VA COM 33646W100 2,259 282,697 SH   SOLE   282,697 0 0
GENERAL CABLE CORP DEL NEW COM 369300108 5,182 201,965 SH   SOLE   201,965 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 14,193 84,767 SH   SOLE   84,767 0 0
GREENHILL & CO INC COM 395259104 28,533 579,348 SH   SOLE   579,348 0 0
HALLIBURTON CO COM 406216101 8,688 122,344 SH   SOLE   122,344 0 0
HAMPTON ROADS BANKSHARES INC COM NEW 409321502 14,419 8,334,761 SH   SOLE   8,334,761 0 0
HARLEY DAVIDSON INC COM 412822108 31,727 454,214 SH   SOLE   454,214 0 0
HEIDRICK & STRUGGLES INTL IN COM 422819102 4,446 240,330 SH   SOLE   240,330 0 0
HERITAGE COMMERCE CORP COM 426927109 1,882 230,332 SH   SOLE   230,332 0 0
HERITAGE OAKS BANCORP COM 42724R107 12,952 1,697,447 SH   SOLE   1,697,447 0 0
HOME BANCORP INC COM 43689E107 4,226 191,903 SH   SOLE   191,903 0 0
HOMESTREET INC COM 43785V102 20,153 1,097,069 SH   SOLE   1,097,069 0 0
HONEYWELL INTL INC COM 438516106 15,165 163,150 SH   SOLE   163,150 0 0
HUDSON VALLEY HOLDING CORP COM 444172100 35,560 1,970,074 SH   SOLE   1,970,074 0 0
HUNTINGTON BANCSHARES INC COM 446150104 18,492 1,938,355 SH   SOLE   1,938,355 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 5,134 398,929 SH   SOLE   398,929 0 0
INSTALLED BLDG PRODS INC COM 45780R101 5,670 462,884 SH   SOLE   462,884 0 0
INTERNATIONAL BANCSHARES COR COM 459044103 27,362 1,013,399 SH   SOLE   1,013,399 0 0
JACOBS ENGR GROUP INC DEL COM 469814107 734 13,780 SH   SOLE   13,780 0 0
JPMORGAN CHASE & CO COM 46625H100 42,236 733,012 SH   SOLE   733,012 0 0
KORN FERRY INTL COM NEW 500643200 2,326 79,201 SH   SOLE   79,201 0 0
LAKELAND BANCORP INC COM 511637100 2,006 185,729 SH   SOLE   185,729 0 0
LEAR CORP COM NEW 521865204 6,126 68,588 SH   SOLE   68,588 0 0
LENNAR CORP CL A 526057104 2,744 65,365 SH   SOLE   65,365 0 0
LNB BANCORP INC COM 502100100 5,045 414,173 SH   SOLE   414,173 0 0
MACATAWA BK CORP COM 554225102 1,391 274,262 SH   SOLE   274,262 0 0
MASCO CORP COM 574599106 3,875 174,565 SH   SOLE   174,565 0 0
MBT FINL CORP COM 578877102 4,630 846,395 SH   SOLE   846,395 0 0
MERCANTILE BANK CORP COM 587376104 476 20,826 SH   SOLE   20,826 0 0
METLIFE INC COM 59156R108 4,458 80,239 SH   SOLE   80,239 0 0
METRO BANCORP INC PA COM 59161R101 32,077 1,387,406 SH   SOLE   1,387,406 0 0
MOHAWK INDS INC COM 608190104 26,796 193,700 SH   SOLE   193,700 0 0
MORGAN STANLEY COM NEW 617446448 8,055 249,140 SH   SOLE   249,140 0 0
NCI BUILDING SYS INC COM NEW 628852204 2,818 145,043 SH   SOLE   145,043 0 0
NEW YORK CMNTY BANCORP INC COM 649445103 1,171 73,265 SH   SOLE   73,265 0 0
NEWBRIDGE BANCORP CL A NO PAR 65080T102 21,156 2,624,808 SH   SOLE   2,624,808 0 0
NORCRAFT COS INC COM 65557Y105 1,079 75,424 SH   SOLE   75,424 0 0
NORTH VALLEY BANCORP COM NEW 66304M204 13,022 597,604 SH   SOLE   597,604 0 0
NORWEGIAN CRUISE LINE HLDGS SHS G66721104 3,681 116,132 SH   SOLE   116,132 0 0
OCEANFIRST FINL CORP COM 675234108 6,432 388,377 SH   SOLE   388,377 0 0
OLD LINE BANCSHARES INC COM 67984M100 214 13,557 SH   SOLE   13,557 0 0
OLD SECOND BANCORP INC ILL COM 680277100 7,100 1,428,604 SH   SOLE   1,428,604 0 0
ORRSTOWN FINL SVCS INC COM 687380105 6,974 421,666 SH   SOLE   421,666 0 0
OSHKOSH CORP COM 688239201 6,747 121,504 SH   SOLE   121,504 0 0
OWENS CORNING NEW COM 690742101 15,244 394,093 SH   SOLE   394,093 0 0
PACIFIC CONTINENTAL CORP COM 69412V108 12,582 916,360 SH   SOLE   916,360 0 0
PACIFIC MERCANTILE BANCORP COM 694552100 5,620 843,792 SH   SOLE   843,792 0 0
PACIFIC PREMIER BANCORP COM 69478X105 13,022 924,218 SH   SOLE   924,218 0 0
PACWEST BANCORP DEL COM 695263103 9,347 216,514 SH   SOLE   216,514 0 0
PALMETTO BANCSHARES INC COM NEW 697062206 4,356 302,702 SH   SOLE   302,702 0 0
PARK STERLING CORP COM 70086Y105 6,982 1,059,532 SH   SOLE   1,059,532 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 3,361 158,478 SH   SOLE   158,478 0 0
PENNYMAC FINL SVCS INC CL A 70932B101 14,900 980,937 SH   SOLE   980,937 0 0
PLY GEM HLDGS INC COM 72941W100 2,526 250,070 SH   SOLE   250,070 0 0
POPULAR INC COM NEW 733174700 1,823 53,325 SH   SOLE   53,325 0 0
PREFERRED BK LOS ANGELES CA COM NEW 740367404 22,071 933,631 SH   SOLE   933,631 0 0
PREMIER FINL BANCORP INC COM 74050M105 2,669 165,979 SH   SOLE   165,979 0 0
PRIVATEBANCORP INC COM 742962103 30,486 1,049,069 SH   SOLE   1,049,069 0 0
PULASKI FINL CORP COM 745548107 11,568 1,014,752 SH   SOLE   1,014,752 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 1,091 47,994 SH Put SOLE   47,994 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 1,038 45,667 SH Put SOLE   45,667 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 341 1,740 SH Put SOLE   1,740 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 175 896 SH Put SOLE   896 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 155 790 SH Put SOLE   790 0 0
REGIONAL MGMT CORP COM 75902K106 4,936 319,074 SH   SOLE   319,074 0 0
REGIONS FINL CORP NEW COM 7591EP100 25,291 2,381,421 SH   SOLE   2,381,421 0 0
REPUBLIC BANCORP KY CL A 760281204 6,036 254,449 SH   SOLE   254,449 0 0
REPUBLIC FIRST BANCORP INC COM 760416107 7,479 1,484,019 SH   SOLE   1,484,019 0 0
RIVERVIEW BANCORP INC COM 769397100 2,999 772,954 SH   SOLE   772,954 0 0
ROWAN COMPANIES PLC SHS CL A G7665A101 2,216 69,417 SH   SOLE   69,417 0 0
RYDER SYS INC COM 783549108 6,523 74,051 SH   SOLE   74,051 0 0
SEACOAST BKG CORP FLA COM NEW 811707801 10,392 956,017 SH   SOLE   956,017 0 0
SERVISFIRST BANCSHARES INC COM 81768T108 3,938 45,562 SH   SOLE   45,562 0 0
SHORE BANCSHARES INC COM 825107105 4,004 444,375 SH   SOLE   444,375 0 0
SIERRA BANCORP COM 82620P102 19,923 1,260,955 SH   SOLE   1,260,955 0 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 359 26,659 SH   SOLE   26,659 0 0
SPX CORP COM 784635104 5,208 48,131 SH   SOLE   48,131 0 0
SQUARE 1 FINL INC CL A 85223W101 23,148 1,235,419 SH   SOLE   1,235,419 0 0
STATE STR CORP COM 857477103 39,716 590,483 SH   SOLE   590,483 0 0
STEINER LEISURE LTD ORD P8744Y102 3,522 81,357 SH   SOLE   81,357 0 0
STERLING BANCORP DEL COM 85917A100 8,718 726,525 SH   SOLE   726,525 0 0
STEWART INFORMATION SVCS COR COM 860372101 21,479 692,654 SH   SOLE   692,654 0 0
STOCK BLDG SUPPLY HLDGS INC COM 86101X104 3,722 188,666 SH   SOLE   188,666 0 0
STRATEGIC HOTELS & RESORTS COM 86272T106 872 74,501 SH   SOLE   74,501 0 0
SUFFOLK BANCORP COM 864739107 23,435 1,050,439 SH   SOLE   1,050,439 0 0
SUNTRUST BKS INC COM 867914103 3,938 98,299 SH   SOLE   98,299 0 0
SUSQUEHANNA BANCSHARES INC P COM 869099101 7,958 753,615 SH   SOLE   753,615 0 0
SYNOVUS FINL CORP COM 87161C501 93,915 3,852,127 SH   SOLE   3,852,127 0 0
TAYLOR CAP GROUP INC COM 876851106 5,053 236,352 SH   SOLE   236,352 0 0
TCF FINL CORP COM 872275102 7,698 470,272 SH   SOLE   470,272 0 0
TEREX CORP NEW COM 880779103 6,966 169,500 SH   SOLE   169,500 0 0
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 1,387 26,466 SH   SOLE   26,466 0 0
COMMUNITY FINL CORP MD COM 20368X101 9,105 383,349 SH   SOLE   383,349 0 0
FIRST BANCSHARES INC MS COM 318916103 5,753 405,165 SH   SOLE   405,165 0 0
FIRST LONG IS CORP COM 320734106 23,872 610,838 SH   SOLE   610,838 0 0
TIMBERLAND BANCORP INC COM 887098101 2,040 193,517 SH   SOLE   193,517 0 0
TITAN MACHY INC COM 88830R101 2,237 135,898 SH   SOLE   135,898 0 0
TRICO BANCSHARES COM 896095106 10,508 454,101 SH   SOLE   454,101 0 0
TUTOR PERINI CORP COM 901109108 4,531 142,756 SH   SOLE   142,756 0 0
UNITED BANKSHARES INC WEST V COM 909907107 5,825 180,165 SH   SOLE   180,165 0 0
US BANCORP DEL COM NEW 902973304 49,907 1,152,064 SH   SOLE   1,152,064 0 0
VALLEY NATL BANCORP COM 919794107 3,234 326,306 SH   SOLE   326,306 0 0
WASHINGTONFIRST BANKSHARES I COM 940730104 2,965 199,015 SH   SOLE   199,015 0 0
WCI CMNTYS INC COM PAR $0.01 92923C807 4,037 209,073 SH   SOLE   209,073 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 717 21,830 SH   SOLE   21,830 0 0
WELLS FARGO & CO NEW COM 949746101 63,911 1,215,959 SH   SOLE   1,215,959 0 0
WESCO INTL INC COM 95082P105 29,731 344,190 SH   SOLE   344,190 0 0
LYON WILLIAM HOMES CL A 552074700 3,093 101,598 SH   SOLE   101,598 0 0
WILLIS GROUP HOLDINGS PUBLIC SHS G96666105 13,529 312,442 SH   SOLE   312,442 0 0
WINTRUST FINL CORP COM 97650W108 20,547 446,683 SH   SOLE   446,683 0 0
XENITH BANKSHARES INC COM 98410X105 365 57,629 SH   SOLE   57,629 0 0
XEROX CORP COM 984121103 3,914 314,596 SH   SOLE   314,596 0 0
ZIONS BANCORPORATION COM 989701107 12,833 435,456 SH   SOLE   435,456 0 0