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
ALLIANCE DATA SYSTEM CORP COM 018581108 877 8,421 SH   SOLE   0 0 0
American Business Bank COM 02475L105 495 11,771 SH   SOLE   0 0 0
Associated Banc-Corp COM 045487105 6,827 333,343 SH   SOLE   0 0 0
Banco Bilbao Vizcaya Argentaria, S.A. ADR 00709P108 4,751 765,000 SH   SOLE   0 0 0
Barclays PLC ADR 06738E204 6,497 673,301 SH   SOLE   0 0 0
The Bank of New York Mellon Corporation COM 064058100 12,761 249,100 SH   SOLE   0 0 0
POPULAR INC COM 733174700 4,196 55,908 SH   SOLE   0 0 0
Bank7 Corp. COM 06652N107 4,405 255,358 SH   SOLE   0 0 0
California Bancorp COM 13005C101 3,736 199,764 SH   SOLE   0 0 0
CITIZENS FINANCIAL GROUP INC COM 174610105 8,091 176,397 SH   SOLE   0 0 0
COMERICA INC COM 200340107 10,977 153,874 SH   SOLE   0 0 0
Capital One Financial Corporation COM 14040H105 1,902 12,295 SH   SOLE   0 0 0
First Community Corp. COM 319835104 720 35,642 SH   SOLE   0 0 0
FIFTH THIRD BANCORP COM 316773100 3,983 104,194 SH   SOLE   0 0 0
GREAT WESTERN BANCORP, INC. COM 391416104 685 20,897 SH   SOLE   0 0 0
HERITAGE COMMERCE CORP COM 426927109 2,529 227,214 SH   SOLE   0 0 0
HANCOCK WHITNEY CORP COM 410120109 413 9,290 SH   SOLE   0 0 0
ING Groep N.V. ADS ADR 04930A104 1,218 92,000 SH   SOLE   0 0 0
KB Financial Group Inc. ADS ADR 48241A105 2,717 55,109 SH   SOLE   0 0 0
KEYCORP COM 493267108 2,945 142,608 SH   SOLE   0 0 0
Metropolitan Bank Holding Corp. COM 61744Y132 4,267 70,853 SH   SOLE   0 0 0
Macatawa Bank Corporation COM 554225102 3,939 450,138 SH   SOLE   0 0 0
Medallion Financial Corp. COM 583928106 4,532 511,472 SH   SOLE   0 0 0
MIDWESTONE FINANCIAL GROUP, INC. COM 598511103 1,521 52,856 SH   SOLE   0 0 0
Open Bank COM 67109R109 4,443 411,929 SH   SOLE   0 0 0
OAK VALLEY BANCORP COM 671807105 1,970 108,415 SH   SOLE   0 0 0
PACWEST BANCORP COM 695263103 9,614 233,577 SH   SOLE   0 0 0
PCB Bancorp COM 69320M109 5,419 336,595 SH   SOLE   0 0 0
PEOPLES BANCORP OF NORTH CAROL COM 710577107 2,915 112,991 SH   SOLE   0 0 0
PLUMAS BANCORP COM 729273102 1,977 61,717 SH   SOLE   0 0 0
BANCO SANTANDER S A SPONSORED ADR ADR 00709P108 3,949 1,010,057 SH   SOLE   0 0 0
SYNOVUS FINANCIAL CORP COM 87161C501 1,883 42,907 SH   SOLE   0 0 0
State Street Corporation COM 857477103 12,968 157,607 SH   SOLE   0 0 0
SYNCHRONY FINANCIAL COM 87165B103 2,747 56,620 SH   SOLE   0 0 0
TEXAS CAPITAL BANCSHARES INC COM 88224Q107 4,992 78,622 SH   SOLE   0 0 0
TIMBERLAND BANCORP INC/WA COM 887098101 5,106 181,564 SH   SOLE   0 0 0
UNITED SECURITY BANCSHARES/FRE COM 911460103 4,284 524,351 SH   SOLE   0 0 0
ZIONS BANCORPORATION COM 989701107 5,711 108,039 SH   SOLE   0 0 0