CASTINE CAPITAL MANAGEMENT, LLC Activity Q4 2006-Q3 2020

Q3 2020

			Value		Shares		↓ Weighting
	New	N/A000000000	$0	–	0	–	0.00%	–
FBNC	Exit	FIRST BANCORP N C	$0	–	-129,921	–	-2.52%	–
HONE	Exit	HARBORONE BANCORP INC NEW	$0	–	-398,561	–	-2.63%	–
SFST	Exit	SOUTHERN FIRST BANCSHARES IN	$0	–	-139,215	–	-2.98%	–
CALB	Exit	CALIFORNIA BANCORP	$0	–	-275,980	–	-3.18%	–
CIVB	Exit	CIVISTA BANCSHARES INC	$0	–	-326,155	–	-3.88%	–
FBMS	Exit	FIRST BANCSHARES INC MS	$0	–	-225,931	–	-3.93%	–
HMNF	Exit	HMN FINL INC	$0	–	-371,891	–	-4.20%	–
HTH	Exit	HILLTOP HOLDINGS INC	$0	–	-335,996	–	-4.79%	–
BANC	Exit	BANC OF CALIFORNIA INC	$0	–	-603,168	–	-5.05%	–
KRNY	Exit	KEARNY FINL CORP MD	$0	–	-802,599	–	-5.08%	–
FBP	Exit	FIRST BANCORP P R	$0	–	-1,301,240	–	-5.62%	–
NBN	Exit	NORTHEAST BK LEWISTON ME	$0	–	-421,708	–	-5.72%	–
ESXB	Exit	COMMUNITY BANKERS TR CORP	$0	–	-1,378,593	–	-5.86%	–
TCF	Exit	TCF FINANCIAL CORPORATION NE	$0	–	-303,733	–	-6.91%	–
CNOB	Exit	CONNECTONE BANCORP INC NEW	$0	–	-556,861	–	-6.94%	–
ABCB	Exit	AMERIS BANCORP	$0	–	-386,148	–	-7.04%	–
STL	Exit	STERLING BANCORP DEL	$0	–	-789,000	–	-7.15%	–
QCRH	Exit	QCR HOLDINGS INC	$0	–	-310,592	–	-7.48%	–
CFG	Exit	CITIZENS FINANCIAL GROUP INC	$0	–	-464,103	–	-9.05%	–

Q2 2020

			Value		Shares		↓ Weighting
CFG	New	CITIZENS FINANCIAL GROUP INC	$11,714,000	–	464,103	–	9.05%	–
QCRH	New	QCR HOLDINGS INC	$9,684,000	–	310,592	–	7.48%	–
STL	New	STERLING BANCORP DEL	$9,248,000	–	789,000	–	7.15%	–
ABCB	New	AMERIS BANCORP	$9,109,000	–	386,148	–	7.04%	–
CNOB	New	CONNECTONE BANCORP INC NEW	$8,976,000	–	556,861	–	6.94%	–
TCF	New	TCF FINANCIAL CORPORATION NE	$8,935,000	–	303,733	–	6.91%	–
ESXB	New	COMMUNITY BANKERS TR CORP	$7,582,000	–	1,378,593	–	5.86%	–
NBN	New	NORTHEAST BK LEWISTON ME	$7,401,000	–	421,708	–	5.72%	–
FBP	New	FIRST BANCORP P R	$7,274,000	–	1,301,240	–	5.62%	–
KRNY	New	KEARNY FINL CORP MD	$6,566,000	–	802,599	–	5.08%	–
BANC	New	BANC OF CALIFORNIA INC	$6,532,000	–	603,168	–	5.05%	–
HTH	New	HILLTOP HOLDINGS INC	$6,199,000	–	335,996	–	4.79%	–
HMNF	New	HMN FINL INC	$5,429,000	–	371,891	–	4.20%	–
FBMS	New	FIRST BANCSHARES INC MS	$5,083,000	–	225,931	–	3.93%	–
CIVB	New	CIVISTA BANCSHARES INC	$5,023,000	–	326,155	–	3.88%	–
CALB	New	CALIFORNIA BANCORP	$4,112,000	–	275,980	–	3.18%	–
SFST	New	SOUTHERN FIRST BANCSHARES IN	$3,858,000	–	139,215	–	2.98%	–
HONE	New	HARBORONE BANCORP INC NEW	$3,403,000	–	398,561	–	2.63%	–
FBNC	New	FIRST BANCORP N C	$3,259,000	–	129,921	–	2.52%	–

Q4 2019

			Value		Shares		↓ Weighting
CNOB	Exit	CONNECTONE BANCORP INC NEW	$0	–	-32,097	–	-0.20%	–
OPOF	Exit	OLD POINT FINL CORP	$0	–	-54,751	–	-0.36%	–
FSEA	Exit	FIRST SEACOAST BANCORP	$0	–	-230,916	–	-0.59%	–
PBBI	Exit	PB BANCORP INC	$0	–	-205,347	–	-0.65%	–
AMNB	Exit	AMERICAN NATL BANKSHARES INC	$0	–	-82,065	–	-0.80%	–
FBSS	Exit	FAUQUIER BANKSHARES INC VA	$0	–	-158,325	–	-0.86%	–
RRBI	Exit	RED RIVER BANCSHARES INC	$0	–	-80,911	–	-0.96%	–
STXB	Exit	SPIRIT OF TEX BANCSHARES INC	$0	–	-164,873	–	-0.97%	–
FMBH	Exit	FIRST MID BANCSHARES INC	$0	–	-125,244	–	-1.19%	–
MNSB	Exit	MAINSTREET BANCSHARES INC	$0	–	-214,509	–	-1.24%	–
BDGE	Exit	BRIDGE BANCORP INC	$0	–	-162,169	–	-1.31%	–
BANC	Exit	BANC OF CALIFORNIA INC	$0	–	-342,802	–	-1.32%	–
PVBC	Exit	PROVIDENT BANCORP INC	$0	–	-261,539	–	-1.72%	–
HMNF	Exit	HMN FINL INC	$0	–	-286,740	–	-1.79%	–
FBNC	Exit	FIRST BANCORP N C	$0	–	-195,190	–	-1.92%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-60,731	–	-2.33%	–
OSBC	Exit	OLD SECOND BANCORP INC ILL	$0	–	-711,942	–	-2.38%	–
EBSB	Exit	MERIDIAN BANCORP INC MD	$0	–	-476,153	–	-2.44%	–
CATC	Exit	CAMBRIDGE BANCORP	$0	–	-126,401	–	-2.59%	–
FBMS	Exit	FIRST BANCSHARES INC MS	$0	–	-293,731	–	-2.59%	–
CSFL	Exit	CENTERSTATE BK CORP	$0	–	-404,374	–	-2.65%	–
SFST	Exit	SOUTHERN FIRST BANCSHARES IN	$0	–	-249,789	–	-2.72%	–
SNV	Exit	SYNOVUS FINL CORP	$0	–	-297,952	–	-2.91%	–
PCSB	Exit	PCSB FINL CORP	$0	–	-552,653	–	-3.02%	–
PBCT	Exit	PEOPLES UTD FINL INC	$0	–	-720,000	–	-3.08%	–
ZION	Exit	ZIONS BANCORPORATION N A	$0	–	-257,775	–	-3.14%	–
CIVB	Exit	CIVISTA BANCSHARES INC	$0	–	-538,061	–	-3.20%	–
OPB	Exit	OPUS BK IRVINE CALIF	$0	–	-604,857	–	-3.60%	–
HWC	Exit	HANCOCK WHITNEY CORPORATION	$0	–	-383,040	–	-4.01%	–
WAL	Exit	WESTERN ALLIANCE BANCORP	$0	–	-320,109	–	-4.03%	–
IBKC	Exit	IBERIABANK CORP	$0	–	-197,791	–	-4.09%	–
ESXB	Exit	COMMUNITY BANKERS TR CORP	$0	–	-1,872,022	–	-4.40%	–
QCRH	Exit	QCR HOLDINGS INC	$0	–	-434,044	–	-4.51%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-500,000	–	-4.84%	–
STL	Exit	STERLING BANCORP DEL	$0	–	-891,498	–	-4.89%	–
TCF	Exit	TCF FINANCIAL CORPORATION NE	$0	–	-502,323	–	-5.23%	–
NBN	Exit	NORTHEAST BK LEWISTON ME	$0	–	-880,535	–	-5.34%	–
ABCB	Exit	AMERIS BANCORP	$0	–	-558,900	–	-6.15%	–

Q3 2019

			Value		Shares		↓ Weighting
ABCB	Buy	AMERIS BANCORP	$22,490,000	+318.9%	558,900	+307.9%	6.15%	+342.4%
NBN	Buy	NORTHEAST BK LEWISTON ME	$19,521,000	-19.6%	880,535	+0.1%	5.34%	-15.0%
TCF	New	TCF FINANCIAL CORPORATION NE	$19,123,000	–	502,323	–	5.23%	–
STL	Buy	STERLING BANCORP DEL	$17,883,000	-1.2%	891,498	+4.8%	4.89%	+4.3%
CFG	Buy	CITIZENS FINL GROUP INC	$17,685,000	+5.0%	500,000	+5.0%	4.84%	+10.9%
QCRH	Sell	QCR HOLDINGS INC	$16,485,000	+7.8%	434,044	-1.1%	4.51%	+13.8%
ESXB	Sell	COMMUNITY BANKERS TR CORP	$16,100,000	-7.9%	1,872,022	-9.3%	4.40%	-2.7%
IBKC	Buy	IBERIABANK CORP	$14,941,000	+10.6%	197,791	+11.1%	4.09%	+16.8%
WAL	Sell	WESTERN ALLIANCE BANCORP	$14,751,000	-4.4%	320,109	-7.2%	4.03%	+1.0%
HWC	Buy	HANCOCK WHITNEY CORPORATION	$14,669,000	+2.8%	383,040	+7.5%	4.01%	+8.6%
OPB	Sell	OPUS BK IRVINE CALIF	$13,167,000	+2.4%	604,857	-0.7%	3.60%	+8.1%
CIVB	Buy	CIVISTA BANCSHARES INC	$11,692,000	-0.8%	538,061	+2.5%	3.20%	+4.8%
ZION	Buy	ZIONS BANCORPORATION N A	$11,476,000	+20.5%	257,775	+24.4%	3.14%	+27.3%
PBCT	New	PEOPLES UTD FINL INC	$11,258,000	–	720,000	–	3.08%	–
PCSB	Sell	PCSB FINL CORP	$11,048,000	-1.4%	552,653	-0.1%	3.02%	+4.1%
SNV	Buy	SYNOVUS FINL CORP	$10,655,000	+16.5%	297,952	+14.0%	2.91%	+23.1%
SFST	Buy	SOUTHERN FIRST BANCSHARES IN	$9,955,000	+3.6%	249,789	+1.8%	2.72%	+9.4%
CSFL	Sell	CENTERSTATE BK CORP	$9,699,000	+4.0%	404,374	-0.1%	2.65%	+9.8%
FBMS	Buy	FIRST BANCSHARES INC MS	$9,488,000	+13.6%	293,731	+6.7%	2.59%	+19.9%
CATC	Sell	CAMBRIDGE BANCORP	$9,481,000	-11.6%	126,401	-3.9%	2.59%	-6.6%
EBSB	Sell	MERIDIAN BANCORP INC MD	$8,927,000	+4.6%	476,153	-0.1%	2.44%	+10.5%
OSBC	Buy	OLD SECOND BANCORP INC ILL	$8,700,000	+6.9%	711,942	+11.7%	2.38%	+12.9%
PNC	Buy	PNC FINL SVCS GROUP INC	$8,512,000	+4.7%	60,731	+2.5%	2.33%	+10.5%
FBNC	Buy	FIRST BANCORP N C	$7,008,000	+0.5%	195,190	+2.0%	1.92%	+6.1%
HMNF	Buy	HMN FINL INC	$6,561,000	+21.6%	286,740	+11.6%	1.79%	+28.4%
PVBC	Sell	PROVIDENT BANCORP INC	$6,285,000	-16.0%	261,539	-2.2%	1.72%	-11.3%
BANC	New	BANC OF CALIFORNIA INC	$4,847,000	–	342,802	–	1.32%	–
BDGE	Buy	BRIDGE BANCORP INC	$4,794,000	+91.4%	162,169	+90.7%	1.31%	+102.0%
FMBH	Buy	FIRST MID BANCSHARES INC	$4,336,000	+0.8%	125,244	+1.7%	1.19%	+6.6%
STXB	New	SPIRIT OF TEX BANCSHARES INC	$3,553,000	–	164,873	–	0.97%	–
RRBI	Buy	RED RIVER BANCSHARES INC	$3,510,000	+53.3%	80,911	+71.3%	0.96%	+61.9%
FBSS	Buy	FAUQUIER BANKSHARES INC VA	$3,127,000	-4.3%	158,325	+3.2%	0.86%	+1.1%
PBBI	New	PB BANCORP INC	$2,367,000	–	205,347	–	0.65%	–
FSEA	New	FIRST SEACOAST BANCORP	$2,164,000	–	230,916	–	0.59%	–
OPOF	New	OLD POINT FINL CORP	$1,303,000	–	54,751	–	0.36%	–
CNOB	New	CONNECTONE BANCORP INC NEW	$712,000	–	32,097	–	0.20%	–
AUBN	Exit	AUBURN NATL BANCORP	$0	–	-9,337	–	-0.08%	–
MBTF	Exit	MBT FINL CORP	$0	–	-58,000	–	-0.15%	–
FUNC	Exit	FIRST UTD CORP	$0	–	-174,685	–	-0.89%	–
FRME	Exit	FIRST MERCHANTS CORP	$0	–	-214,531	–	-2.10%	–
DNBF	Exit	DNB FINL CORP	$0	–	-219,042	–	-2.52%	–
LION	Exit	FIDELITY SOUTHERN CORP NEW	$0	–	-598,670	–	-4.80%	–
CHFC	Exit	CHEMICAL FINL CORP	$0	–	-490,000	–	-5.22%	–
UBNK	Exit	UNITED FINL BANCORP INC NEW	$0	–	-1,914,882	–	-7.03%	–

Q2 2019

			Value		Shares		↓ Weighting
UBNK	New	UNITED FINL BANCORP INC NEW	$27,153,000	–	1,914,882	–	7.03%	–
NBN	New	NORTHEAST BK LEWISTON ME	$24,265,000	–	879,790	–	6.28%	–
CHFC	New	CHEMICAL FINL CORP	$20,144,000	–	490,000	–	5.22%	–
LION	New	FIDELITY SOUTHERN CORP NEW	$18,541,000	–	598,670	–	4.80%	–
STL	New	STERLING BANCORP DEL	$18,103,000	–	850,683	–	4.69%	–
ESXB	New	COMMUNITY BANKERS TR CORP	$17,480,000	–	2,063,765	–	4.53%	–
CFG	New	CITIZENS FINL GROUP INC	$16,841,000	–	476,280	–	4.36%	–
WAL	New	WESTERN ALLIANCE BANCORP	$15,422,000	–	344,862	–	3.99%	–
QCRH	New	QCR HOLDINGS INC	$15,299,000	–	438,764	–	3.96%	–
HWC	New	HANCOCK WHITNEY CORPORATION	$14,271,000	–	356,242	–	3.70%	–
IBKC	New	IBERIABANK CORP	$13,506,000	–	178,056	–	3.50%	–
OPB	New	OPUS BK IRVINE CALIF	$12,861,000	–	609,221	–	3.33%	–
CIVB	New	CIVISTA BANCSHARES INC	$11,783,000	–	524,817	–	3.05%	–
PCSB	New	PCSB FINL CORP	$11,208,000	–	553,477	–	2.90%	–
CATC	New	CAMBRIDGE BANCORP	$10,721,000	–	131,548	–	2.78%	–
DNBF	New	DNB FINL CORP	$9,741,000	–	219,042	–	2.52%	–
SFST	New	SOUTHERN FIRST BANCSHARES IN	$9,610,000	–	245,404	–	2.49%	–
ZION	New	ZIONS BANCORPORATION N A	$9,526,000	–	207,176	–	2.47%	–
CSFL	New	CENTERSTATE BK CORP	$9,327,000	–	404,977	–	2.42%	–
SNV	New	SYNOVUS FINL CORP	$9,147,000	–	261,344	–	2.37%	–
EBSB	New	MERIDIAN BANCORP INC MD	$8,531,000	–	476,862	–	2.21%	–
FBMS	New	FIRST BANCSHARES INC MS	$8,353,000	–	275,319	–	2.16%	–
OSBC	New	OLD SECOND BANCORP INC ILL	$8,136,000	–	637,098	–	2.11%	–
PNC	New	PNC FINL SVCS GROUP INC	$8,132,000	–	59,236	–	2.11%	–
FRME	New	FIRST MERCHANTS CORP	$8,131,000	–	214,531	–	2.10%	–
PVBC	New	PROVIDENT BANCORP INC	$7,486,000	–	267,453	–	1.94%	–
FBNC	New	FIRST BANCORP N C	$6,971,000	–	191,403	–	1.80%	–
HMNF	New	HMN FINL INC	$5,394,000	–	256,890	–	1.40%	–
ABCB	New	AMERIS BANCORP	$5,369,000	–	137,007	–	1.39%	–
MNSB	New	MAINSTREET BANCSHARES INC	$4,889,000	–	214,509	–	1.27%	–
FMBH	New	FIRST MID BANCSHARES INC	$4,300,000	–	123,137	–	1.11%	–
FUNC	New	FIRST UTD CORP	$3,443,000	–	174,685	–	0.89%	–
FBSS	New	FAUQUIER BANKSHARES INC VA	$3,269,000	–	153,394	–	0.85%	–
AMNB	New	AMERICAN NATL BANKSHARES INC	$3,180,000	–	82,065	–	0.82%	–
BDGE	New	BRIDGE BANCORP INC	$2,505,000	–	85,036	–	0.65%	–
RRBI	New	RED RIVER BANCSHARES INC	$2,289,000	–	47,235	–	0.59%	–
MBTF	New	MBT FINL CORP	$581,000	–	58,000	–	0.15%	–
AUBN	New	AUBURN NATL BANCORP	$313,000	–	9,337	–	0.08%	–

Q4 2018

			Value		Shares		↓ Weighting
CNOB	Exit	CONNECTONE BANCORP INC NEW	$0	–	-30,000	–	-0.21%	–
CBNK	Exit	CAPITAL BANCORP INC MD	$0	–	-60,000	–	-0.23%	–
FBSS	Exit	FAUQUIER BANKSHARES INC VA	$0	–	-53,234	–	-0.40%	–
FVCB	Exit	FVCBANKCORP INC	$0	–	-73,800	–	-0.43%	–
ENFC	Exit	ENTEGRA FINL CORP	$0	–	-61,715	–	-0.49%	–
	Exit	HOMETOWN BANKSHARES CORP	$0	–	-171,798	–	-0.68%	–
HTH	Exit	HILLTOP HOLDINGS INC	$0	–	-119,789	–	-0.72%	–
OBNK	Exit	ORIGIN BANCORP INC	$0	–	-78,660	–	-0.88%	–
EGBN	Exit	EAGLE BANCORP INC MD	$0	–	-80,364	–	-1.21%	–
FMBH	Exit	FIRST MID ILL BANCSHARES INC	$0	–	-105,948	–	-1.27%	–
MBIN	Exit	MERCHANTS BANCORP IND	$0	–	-177,491	–	-1.34%	–
DCOM	Exit	DIME CMNTY BANCSHARES	$0	–	-256,400	–	-1.36%	–
DNBF	Exit	DNB FINL CORP	$0	–	-127,072	–	-1.39%	–
THFF	Exit	FIRST FINL CORP IND	$0	–	-97,442	–	-1.46%	–
PCSB	Exit	PCSB FINL CORP	$0	–	-251,265	–	-1.52%	–
OLBK	Exit	OLD LINE BANCSHARES INC	$0	–	-172,203	–	-1.62%	–
NCOM	Exit	NATIONAL COMM CORP	$0	–	-143,442	–	-1.76%	–
LCNB	Exit	LCNB CORP	$0	–	-328,603	–	-1.82%	–
VBTX	Exit	VERITEX HLDGS INC	$0	–	-238,371	–	-2.00%	–
OSBC	Exit	OLD SECOND BANCORP INC ILL	$0	–	-455,122	–	-2.09%	–
SFST	Exit	SOUTHERN FIRST BANCSHARES IN	$0	–	-182,282	–	-2.13%	–
TSC	Exit	TRISTATE CAP HLDGS INC	$0	–	-264,238	–	-2.17%	–
PVBC	Exit	PROVIDENT BANCORP INC	$0	–	-260,317	–	-2.24%	–
IBTX	Exit	INDEPENDENT BK GROUP INC	$0	–	-116,419	–	-2.30%	–
BY	Exit	BYLINE BANCORP INC	$0	–	-343,039	–	-2.32%	–
FBNC	Exit	FIRST BANCORP N C	$0	–	-195,878	–	-2.36%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-58,578	–	-2.37%	–
IBKC	Exit	IBERIABANK CORP	$0	–	-100,952	–	-2.44%	–
EQBK	Exit	EQUITY BANCSHARES INC	$0	–	-210,758	–	-2.46%	–
UBNK	Exit	UNITED FINL BANCORP INC NEW	$0	–	-500,796	–	-2.51%	–
TCBK	Exit	TRICO BANCSHARES	$0	–	-223,888	–	-2.57%	–
CHFC	Exit	CHEMICAL FINL CORP	$0	–	-172,414	–	-2.74%	–
FRME	Exit	FIRST MERCHANTS CORP	$0	–	-217,258	–	-2.91%	–
CIVB	Exit	CIVISTA BANCSHARES INC	$0	–	-413,133	–	-2.96%	–
WAL	Exit	WESTERN ALLIANCE BANCORP	$0	–	-199,635	–	-3.38%	–
CATC	Exit	CAMBRIDGE BANCORP	$0	–	-131,243	–	-3.51%	–
QCRH	Exit	QCR HOLDINGS INC	$0	–	-289,390	–	-3.52%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-353,984	–	-4.06%	–
FBMS	Exit	FIRST BANCSHARES INC MS	$0	–	-356,006	–	-4.13%	–
KEY	Exit	KEYCORP NEW	$0	–	-767,932	–	-4.54%	–
ESXB	Exit	COMMUNITY BANKERS TR CORP	$0	–	-1,759,855	–	-4.61%	–
ABCB	Exit	AMERIS BANCORP	$0	–	-339,414	–	-4.61%	–
NTB	Exit	BANK OF NT BUTTERFIELD&SON L	$0	–	-325,070	–	-5.01%	–
STL	Exit	STERLING BANCORP DEL	$0	–	-803,659	–	-5.26%	–

Q3 2018

			Value		Shares		↓ Weighting
STL	Buy	STERLING BANCORP DEL	$17,680,000	+5.7%	803,659	+12.9%	5.26%	+1.2%
NTB	Buy	BANK OF NT BUTTERFIELD&SON L	$16,858,000	+19.5%	325,070	+5.3%	5.01%	+14.3%
ABCB	Buy	AMERIS BANCORP	$15,511,000	+10.5%	339,414	+29.0%	4.61%	+5.7%
ESXB	Buy	COMMUNITY BANKERS TR CORP	$15,486,000	+3.1%	1,759,855	+4.8%	4.61%	-1.4%
KEY	Buy	KEYCORP NEW	$15,274,000	+8.1%	767,932	+6.2%	4.54%	+3.4%
FBMS	Sell	FIRST BANCSHARES INC MS	$13,902,000	+7.6%	356,006	-1.0%	4.13%	+2.9%
CFG	Buy	CITIZENS FINL GROUP INC	$13,654,000	+14.7%	353,984	+15.6%	4.06%	+9.7%
QCRH	Buy	QCR HOLDINGS INC	$11,821,000	-9.8%	289,390	+4.8%	3.52%	-13.7%
CATC	Sell	CAMBRIDGE BANCORP	$11,810,000	+3.2%	131,243	-0.7%	3.51%	-1.2%
WAL	Buy	WESTERN ALLIANCE BANCORP	$11,357,000	+6.5%	199,635	+6.0%	3.38%	+1.9%
CIVB	Buy	CIVISTA BANCSHARES INC	$9,952,000	+4.4%	413,133	+5.0%	2.96%	-0.1%
FRME	Sell	FIRST MERCHANTS CORP	$9,775,000	-9.3%	217,258	-6.5%	2.91%	-13.2%
CHFC	Buy	CHEMICAL FINL CORP	$9,207,000	+2.1%	172,414	+6.4%	2.74%	-2.3%
TCBK	New	TRICO BANCSHARES	$8,647,000	–	223,888	–	2.57%	–
UBNK	Sell	UNITED FINL BANCORP INC NEW	$8,428,000	-23.0%	500,796	-19.9%	2.51%	-26.4%
EQBK	Buy	EQUITY BANCSHARES INC	$8,274,000	-0.3%	210,758	+5.4%	2.46%	-4.5%
IBKC	New	IBERIABANK CORP	$8,213,000	–	100,952	–	2.44%	–
PNC	Buy	PNC FINL SVCS GROUP INC	$7,978,000	+7.4%	58,578	+6.5%	2.37%	+2.8%
FBNC	Buy	FIRST BANCORP N C	$7,935,000	+5.6%	195,878	+6.7%	2.36%	+1.1%
BY	Buy	BYLINE BANCORP INC	$7,787,000	+8.1%	343,039	+6.4%	2.32%	+3.5%
IBTX	Sell	INDEPENDENT BK GROUP INC	$7,718,000	-24.2%	116,419	-23.7%	2.30%	-27.5%
PVBC	Buy	PROVIDENT BANCORP INC	$7,536,000	+11.7%	260,317	+1.1%	2.24%	+6.9%
TSC	Sell	TRISTATE CAP HLDGS INC	$7,293,000	-26.5%	264,238	-30.5%	2.17%	-29.7%
SFST	Buy	SOUTHERN FIRST BANCSHARES IN	$7,164,000	-9.6%	182,282	+1.7%	2.13%	-13.4%
OSBC	Buy	OLD SECOND BANCORP INC ILL	$7,031,000	+24.9%	455,122	+16.4%	2.09%	+19.6%
VBTX	Sell	VERITEX HLDGS INC	$6,737,000	-28.5%	238,371	-21.4%	2.00%	-31.6%
LCNB	New	LCNB CORP	$6,128,000	–	328,603	–	1.82%	–
NCOM	Buy	NATIONAL COMM CORP	$5,924,000	-5.1%	143,442	+6.4%	1.76%	-9.2%
OLBK	Buy	OLD LINE BANCSHARES INC	$5,449,000	-3.5%	172,203	+6.4%	1.62%	-7.6%
PCSB	New	PCSB FINL CORP	$5,111,000	–	251,265	–	1.52%	–
THFF	Buy	FIRST FINL CORP IND	$4,891,000	+111.5%	97,442	+91.0%	1.46%	+102.4%
DNBF	Buy	DNB FINL CORP	$4,689,000	+23.8%	127,072	+17.6%	1.39%	+18.4%
DCOM	New	DIME CMNTY BANCSHARES	$4,577,000	–	256,400	–	1.36%	–
MBIN	Sell	MERCHANTS BANCORP IND	$4,512,000	-18.4%	177,491	-8.4%	1.34%	-21.9%
FMBH	Buy	FIRST MID ILL BANCSHARES INC	$4,273,000	+8.8%	105,948	+5.9%	1.27%	+4.1%
EGBN	New	EAGLE BANCORP INC MD	$4,067,000	–	80,364	–	1.21%	–
HTH	New	HILLTOP HOLDINGS INC	$2,416,000	–	119,789	–	0.72%	–
	Buy	HOMETOWN BANKSHARES CORP	$2,302,000	+9.3%	171,798	+14.7%	0.68%	+4.6%
ENFC	Sell	ENTEGRA FINL CORP	$1,638,000	-74.3%	61,715	-71.6%	0.49%	-75.4%
FVCB	New	FVCBANKCORP INC	$1,461,000	–	73,800	–	0.43%	–
FBSS	New	FAUQUIER BANKSHARES INC VA	$1,347,000	–	53,234	–	0.40%	–
CBNK	New	CAPITAL BANCORP INC MD	$763,000	–	60,000	–	0.23%	–
CNOB	New	CONNECTONE BANCORP INC NEW	$712,000	–	30,000	–	0.21%	–
GNTY	Exit	GUARANTY BANCSHARES INC TEX	$0	–	-19,909	–	-0.20%	–
OCFC	Exit	OCEANFIRST FINL CORP	$0	–	-87,058	–	-0.81%	–
MFNC	Exit	MACKINAC FINL CORP	$0	–	-240,000	–	-1.24%	–
TBK	Exit	TRIUMPH BANCORP INC	$0	–	-105,000	–	-1.33%	–
BCML	Exit	BAYCOM CORP	$0	–	-304,374	–	-2.34%	–
CMA	Exit	COMERICA INC	$0	–	-98,417	–	-2.78%	–

Q2 2018

			Value		Shares		↓ Weighting
STL	New	STERLING BANCORP DEL	$16,724,000	–	711,678	–	5.20%	–
ESXB	New	COMMUNITY BANKERS TR CORP	$15,027,000	–	1,678,984	–	4.67%	–
KEY	New	KEYCORP NEW	$14,128,000	–	723,010	–	4.39%	–
NTB	New	BANK OF NT BUTTERFIELD&SON L	$14,112,000	–	308,668	–	4.39%	–
ABCB	New	AMERIS BANCORP	$14,038,000	–	263,133	–	4.36%	–
QCRH	New	QCR HOLDINGS INC	$13,103,000	–	276,165	–	4.07%	–
FBMS	New	FIRST BANCSHARES INC MS	$12,921,000	–	359,432	–	4.02%	–
CFG	New	CITIZENS FINL GROUP INC	$11,909,000	–	306,146	–	3.70%	–
CATC	New	CAMBRIDGE BANCORP	$11,442,000	–	132,212	–	3.56%	–
UBNK	New	UNITED FINL BANCORP INC NEW	$10,950,000	–	625,000	–	3.40%	–
FRME	New	FIRST MERCHANTS CORP	$10,782,000	–	232,356	–	3.35%	–
WAL	New	WESTERN ALLIANCE BANCORP	$10,664,000	–	188,385	–	3.31%	–
IBTX	New	INDEPENDENT BK GROUP INC	$10,186,000	–	152,481	–	3.17%	–
TSC	New	TRISTATE CAP HLDGS INC	$9,929,000	–	380,469	–	3.09%	–
CIVB	New	CIVISTA BANCSHARES INC	$9,536,000	–	393,439	–	2.96%	–
VBTX	New	VERITEX HLDGS INC	$9,422,000	–	303,288	–	2.93%	–
CHFC	New	CHEMICAL FINL CORP	$9,020,000	–	162,024	–	2.80%	–
CMA	New	COMERICA INC	$8,948,000	–	98,417	–	2.78%	–
EQBK	New	EQUITY BANCSHARES INC	$8,296,000	–	200,000	–	2.58%	–
SFST	New	SOUTHERN FIRST BANCSHARES IN	$7,921,000	–	179,208	–	2.46%	–
BCML	New	BAYCOM CORP	$7,533,000	–	304,374	–	2.34%	–
FBNC	New	FIRST BANCORP N C	$7,513,000	–	183,653	–	2.34%	–
PNC	New	PNC FINL SVCS GROUP INC	$7,430,000	–	55,000	–	2.31%	–
BY	New	BYLINE BANCORP INC	$7,202,000	–	322,366	–	2.24%	–
PVBC	New	PROVIDENT BANCORP INC	$6,748,000	–	257,541	–	2.10%	–
ENFC	New	ENTEGRA FINL CORP	$6,365,000	–	217,230	–	1.98%	–
NCOM	New	NATIONAL COMM CORP	$6,241,000	–	134,796	–	1.94%	–
OLBK	New	OLD LINE BANCSHARES INC	$5,648,000	–	161,780	–	1.76%	–
OSBC	New	OLD SECOND BANCORP INC ILL	$5,629,000	–	390,947	–	1.75%	–
MBIN	New	MERCHANTS BANCORP IND	$5,529,000	–	193,802	–	1.72%	–
TBK	New	TRIUMPH BANCORP INC	$4,278,000	–	105,000	–	1.33%	–
MFNC	New	MACKINAC FINL CORP	$3,979,000	–	240,000	–	1.24%	–
FMBH	New	FIRST MID ILL BANCSHARES INC	$3,929,000	–	100,000	–	1.22%	–
DNBF	New	DNB FINL CORP	$3,788,000	–	108,079	–	1.18%	–
OBNK	New	ORIGIN BANCORP INC	$3,220,000	–	78,660	–	1.00%	–
OCFC	New	OCEANFIRST FINL CORP	$2,608,000	–	87,058	–	0.81%	–
THFF	New	FIRST FINL CORP IND	$2,313,000	–	51,004	–	0.72%	–
	New	HOMETOWN BANKSHARES CORP	$2,107,000	–	149,785	–	0.66%	–
GNTY	New	GUARANTY BANCSHARES INC TEX	$656,000	–	19,909	–	0.20%	–

Q4 2017

			Value		Shares		↓ Weighting
GNTY	Exit	GUARANTY BANCSHARES INC TEX	$0	–	-98,385	–	-1.16%	–
OLBK	Exit	OLD LINE BANCSHARES INC	$0	–	-149,800	–	-1.55%	–
STL	Exit	STERLING BANCORP DEL	$0	–	-177,219	–	-1.61%	–
EVBN	Exit	EVANS BANCORP INC	$0	–	-106,425	–	-1.70%	–
SC	Exit	SANTANDER CONSUMER USA HDG I	$0	–	-320,000	–	-1.82%	–
PVBC	Exit	PROVIDENT BANCORP INC	$0	–	-230,000	–	-1.96%	–
NCOM	Exit	NATIONAL COMM CORP	$0	–	-124,777	–	-1.97%	–
TSC	Exit	TRISTATE CAP HLDGS INC	$0	–	-235,789	–	-1.99%	–
FFKT	Exit	FARMERS CAP BK CORP	$0	–	-138,029	–	-2.14%	–
BY	Exit	BYLINE BANCORP INC	$0	–	-298,478	–	-2.34%	–
SFST	Exit	SOUTHERN FIRST BANCSHARES IN	$0	–	-185,329	–	-2.49%	–
SBNY	Exit	SIGNATURE BK NEW YORK N Y	$0	–	-52,645	–	-2.49%	–
ENFC	Exit	ENTEGRA FINL CORP	$0	–	-274,308	–	-2.53%	–
FFWM	Exit	FIRST FNDTN INC	$0	–	-394,289	–	-2.60%	–
OPB	Exit	OPUS BK IRVINE CALIF	$0	–	-304,213	–	-2.70%	–
CMA	Exit	COMERICA INC	$0	–	-95,977	–	-2.70%	–
IBTX	Exit	INDEPENDENT BK GROUP INC	$0	–	-121,538	–	-2.70%	–
CIVB	Exit	CIVISTA BANCSHARES INC	$0	–	-334,843	–	-2.76%	–
FBNC	Exit	FIRST BANCORP N C	$0	–	-225,662	–	-2.86%	–
EQBK	Exit	EQUITY BANCSHARES INC	$0	–	-220,044	–	-2.89%	–
CHFC	Exit	CHEMICAL FINL CORP	$0	–	-150,000	–	-2.89%	–
PACW	Exit	PACWEST BANCORP DEL	$0	–	-166,680	–	-3.11%	–
AF	Exit	ASTORIA FINL CORP	$0	–	-401,005	–	-3.18%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-235,000	–	-3.28%	–
WAL	Exit	WESTERN ALLIANCE BANCORP	$0	–	-173,663	–	-3.40%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-69,341	–	-3.45%	–
FBMS	Exit	FIRST BANCSHARES INC MS	$0	–	-322,714	–	-3.59%	–
VBTX	Exit	VERITEX HLDGS INC	$0	–	-362,565	–	-3.61%	–
FRME	Exit	FIRST MERCHANTS CORP	$0	–	-233,321	–	-3.70%	–
NTB	Exit	BANK OF NT BUTTERFIELD&SON L	$0	–	-345,000	–	-4.66%	–
QCRH	Exit	QCR HOLDINGS INC	$0	–	-280,479	–	-4.71%	–
ABCB	Exit	AMERIS BANCORP	$0	–	-268,532	–	-4.76%	–
ESXB	Exit	COMMUNITY BANKERS TR CORP	$0	–	-1,528,565	–	-5.19%	–
KEY	Exit	KEYCORP NEW	$0	–	-791,564	–	-5.50%	–

Q3 2017

			Value		Shares		↓ Weighting
KEY	Buy	KEYCORP NEW	$14,897,000	+56.4%	791,564	+55.7%	5.50%	+28.3%
ESXB	Sell	COMMUNITY BANKERS TR CORP	$14,063,000	+1.0%	1,528,565	-9.4%	5.19%	-17.1%
ABCB	Buy	AMERIS BANCORP	$12,890,000	+8.4%	268,532	+8.9%	4.76%	-11.1%
QCRH	Buy	QCR HOLDINGS INC	$12,761,000	+5.3%	280,479	+9.7%	4.71%	-13.6%
NTB	Buy	BANK OF NT BUTTERFIELD&SON L	$12,641,000	+27.2%	345,000	+18.4%	4.66%	+4.4%
FRME	Sell	FIRST MERCHANTS CORP	$10,016,000	+4.0%	233,321	-2.8%	3.70%	-14.7%
VBTX	Buy	VERITEX HLDGS INC	$9,774,000	+10.4%	362,565	+7.8%	3.61%	-9.4%
FBMS	Buy	FIRST BANCSHARES INC MS	$9,730,000	+17.9%	322,714	+7.9%	3.59%	-3.2%
PNC	Buy	PNC FINL SVCS GROUP INC	$9,346,000	+22.8%	69,341	+13.8%	3.45%	+0.7%
WAL	Buy	WESTERN ALLIANCE BANCORP	$9,218,000	+44.7%	173,663	+34.1%	3.40%	+18.7%
CFG	Buy	CITIZENS FINL GROUP INC	$8,900,000	+111.0%	235,000	+98.8%	3.28%	+73.2%
AF	New	ASTORIA FINL CORP	$8,622,000	–	401,005	–	3.18%	–
PACW	Buy	PACWEST BANCORP DEL	$8,419,000	+92.0%	166,680	+77.5%	3.11%	+57.6%
CHFC	New	CHEMICAL FINL CORP	$7,839,000	–	150,000	–	2.89%	–
EQBK	Buy	EQUITY BANCSHARES INC	$7,830,000	+41.5%	220,044	+21.8%	2.89%	+16.1%
FBNC	Buy	FIRST BANCORP N C	$7,764,000	+26.3%	225,662	+14.8%	2.86%	+3.7%
CIVB	Buy	CIVISTA BANCSHARES INC	$7,480,000	+56.0%	334,843	+45.8%	2.76%	+28.0%
IBTX	Buy	INDEPENDENT BK GROUP INC	$7,328,000	+37.8%	121,538	+36.0%	2.70%	+13.1%
CMA	Sell	COMERICA INC	$7,319,000	-22.6%	95,977	-25.6%	2.70%	-36.5%
OPB	Sell	OPUS BK IRVINE CALIF	$7,301,000	-7.6%	304,213	-6.8%	2.70%	-24.1%
FFWM	Buy	FIRST FNDTN INC	$7,054,000	+14.2%	394,289	+4.9%	2.60%	-6.3%
ENFC	Buy	ENTEGRA FINL CORP	$6,845,000	+26.1%	274,308	+15.0%	2.53%	+3.5%
SBNY	Buy	SIGNATURE BK NEW YORK N Y	$6,741,000	+57.8%	52,645	+76.9%	2.49%	+29.5%
SFST	Buy	SOUTHERN FIRST BANCSHARES IN	$6,737,000	+7.6%	185,329	+9.7%	2.49%	-11.7%
BY	Buy	BYLINE BANCORP INC	$6,345,000	+42.1%	298,478	+34.0%	2.34%	+16.6%
FFKT	Buy	FARMERS CAP BK CORP	$5,804,000	+19.7%	138,029	+9.7%	2.14%	-1.8%
TSC	Buy	TRISTATE CAP HLDGS INC	$5,399,000	-0.3%	235,789	+9.7%	1.99%	-18.2%
NCOM	Buy	NATIONAL COMM CORP	$5,341,000	+18.7%	124,777	+9.7%	1.97%	-2.6%
PVBC	Buy	PROVIDENT BANCORP INC	$5,325,000	+8.9%	230,000	+5.8%	1.96%	-10.7%
SC	New	SANTANDER CONSUMER USA HDG I	$4,919,000	–	320,000	–	1.82%	–
EVBN	Sell	EVANS BANCORP INC	$4,597,000	-3.3%	106,425	-10.6%	1.70%	-20.7%
STL	Sell	STERLING BANCORP DEL	$4,368,000	-61.3%	177,219	-63.5%	1.61%	-68.2%
OLBK	New	OLD LINE BANCSHARES INC	$4,194,000	–	149,800	–	1.55%	–
GNTY	Buy	GUARANTY BANCSHARES INC TEX	$3,147,000	+4.8%	98,385	+4.7%	1.16%	-14.1%
CBU	Exit	COMMUNITY BK SYS INC	$0	–	-78,941	–	-1.98%	–
GWB	Exit	GREAT WESTN BANCORP INC	$0	–	-166,070	–	-3.05%	–

Q2 2017

			Value		Shares		↓ Weighting
ESXB	New	COMMUNITY BANKERS TR CORP	$13,926,000	–	1,687,998	–	6.26%	–
QCRH	New	QCR HOLDINGS INC	$12,115,000	–	255,583	–	5.45%	–
ABCB	New	AMERIS BANCORP	$11,891,000	–	246,699	–	5.35%	–
STL	New	STERLING BANCORP DEL	$11,289,000	–	485,541	–	5.08%	–
NTB	New	BANK OF NT BUTTERFIELD&SON L	$9,934,000	–	291,305	–	4.47%	–
FRME	New	FIRST MERCHANTS CORP	$9,635,000	–	240,051	–	4.33%	–
KEY	New	KEYCORP NEW	$9,525,000	–	508,284	–	4.28%	–
CMA	New	COMERICA INC	$9,452,000	–	129,056	–	4.25%	–
VBTX	New	VERITEX HLDGS INC	$8,856,000	–	336,352	–	3.98%	–
FBMS	New	FIRST BANCSHARES INC MS	$8,251,000	–	298,950	–	3.71%	–
OPB	New	OPUS BK IRVINE CALIF	$7,898,000	–	326,363	–	3.55%	–
PNC	New	PNC FINL SVCS GROUP INC	$7,612,000	–	60,958	–	3.42%	–
GWB	New	GREAT WESTN BANCORP INC	$6,777,000	–	166,070	–	3.05%	–
WAL	New	WESTERN ALLIANCE BANCORP	$6,370,000	–	129,467	–	2.86%	–
SFST	New	SOUTHERN FIRST BANCSHARES IN	$6,259,000	–	168,952	–	2.82%	–
FFWM	New	FIRST FNDTN INC	$6,176,000	–	375,873	–	2.78%	–
FBNC	New	FIRST BANCORP N C	$6,146,000	–	196,598	–	2.76%	–
EQBK	New	EQUITY BANCSHARES INC	$5,534,000	–	180,616	–	2.49%	–
ENFC	New	ENTEGRA FINL CORP	$5,428,000	–	238,595	–	2.44%	–
TSC	New	TRISTATE CAP HLDGS INC	$5,417,000	–	214,954	–	2.44%	–
IBTX	New	INDEPENDENT BK GROUP INC	$5,317,000	–	89,353	–	2.39%	–
PVBC	New	PROVIDENT BANCORP INC	$4,892,000	–	217,441	–	2.20%	–
FFKT	New	FARMERS CAP BK CORP	$4,849,000	–	125,767	–	2.18%	–
CIVB	New	CIVISTA BANCSHARES INC	$4,795,000	–	229,615	–	2.16%	–
EVBN	New	EVANS BANCORP INC	$4,755,000	–	119,023	–	2.14%	–
NCOM	New	NATIONAL COMM CORP	$4,499,000	–	113,751	–	2.02%	–
BY	New	BYLINE BANCORP INC	$4,466,000	–	222,775	–	2.01%	–
CBU	New	COMMUNITY BK SYS INC	$4,403,000	–	78,941	–	1.98%	–
PACW	New	PACWEST BANCORP DEL	$4,385,000	–	93,905	–	1.97%	–
SBNY	New	SIGNATURE BK NEW YORK N Y	$4,271,000	–	29,754	–	1.92%	–
CFG	New	CITIZENS FINL GROUP INC	$4,218,000	–	118,215	–	1.90%	–
GNTY	New	GUARANTY BANCSHARES INC TEX	$3,003,000	–	93,986	–	1.35%	–

Q4 2016

			Value		Shares		↓ Weighting
GLBZ	Exit	GLEN BURNIE BANCORP	$0	–	-87,256	–	-0.44%	–
CACB	Exit	CASCADE BANCORP	$0	–	-152,141	–	-0.46%	–
ENFC	Exit	ENTEGRA FINL CORP	$0	–	-103,388	–	-0.94%	–
FBK	Exit	FB FINL CORP	$0	–	-100,000	–	-1.00%	–
EQBK	Exit	EQUITY BANCSHARES INC	$0	–	-95,583	–	-1.23%	–
GBNK	Exit	GUARANTY BANCORP DEL	$0	–	-140,687	–	-1.25%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-113,449	–	-1.39%	–
CIVB	Exit	CIVISTA BANCSHARES INC	$0	–	-200,000	–	-1.41%	–
VBTX	Exit	VERITEX HLDGS INC	$0	–	-179,863	–	-1.55%	–
SFST	Exit	SOUTHERN FIRST BANCSHARES IN	$0	–	-113,719	–	-1.56%	–
MOFG	Exit	MIDWESTONE FINL GROUP INC NE	$0	–	-110,830	–	-1.67%	–
PVBC	Exit	PROVIDENT BANCORP INC	$0	–	-220,141	–	-1.71%	–
WAL	Exit	WESTERN ALLIANCE BANCORP	$0	–	-92,380	–	-1.72%	–
ZION	Exit	ZIONS BANCORPORATION	$0	–	-113,449	–	-1.75%	–
NCOM	Exit	NATIONAL COMM CORP	$0	–	-133,664	–	-1.80%	–
FFWM	Exit	FIRST FNDTN INC	$0	–	-158,666	–	-1.94%	–
CMAWS	Exit	COMERICA INC*w exp 11/14/201	$0	–	-239,800	–	-2.19%	–
MBWM	Exit	MERCANTILE BANK CORP	$0	–	-171,907	–	-2.29%	–
EVBN	Exit	EVANS BANCORP INC	$0	–	-172,018	–	-2.34%	–
FFKT	Exit	FARMERS CAP BK CORP	$0	–	-159,363	–	-2.35%	–
UBNK	Exit	UNITED FINL BANCORP INC NEW	$0	–	-350,000	–	-2.41%	–
CMA	Exit	COMERICA INC	$0	–	-114,562	–	-2.69%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-62,067	–	-2.78%	–
IBTX	Exit	INDEPENDENT BK GROUP INC	$0	–	-126,787	–	-2.78%	–
BNCN	Exit	BNC BANCORP	$0	–	-231,436	–	-2.80%	–
TSC	Exit	TRISTATE CAP HLDGS INC	$0	–	-429,566	–	-3.45%	–
GWB	Exit	GREAT WESTN BANCORP INC	$0	–	-225,136	–	-3.73%	–
FRME	Exit	FIRST MERCHANTS CORP	$0	–	-288,965	–	-3.84%	–
SBCF	Exit	SEACOAST BKG CORP FLA	$0	–	-482,136	–	-3.86%	–
FBP	Exit	FIRST BANCORP P R	$0	–	-1,535,000	–	-3.97%	–
KEY	Exit	KEYCORP NEW	$0	–	-664,486	–	-4.02%	–
PACW	Exit	PACWEST BANCORP DEL	$0	–	-200,664	–	-4.28%	–
ABCB	Exit	AMERIS BANCORP	$0	–	-253,703	–	-4.41%	–
ESXB	Exit	COMMUNITY BANKERS TR CORP	$0	–	-1,770,339	–	-4.77%	–
YDKN	Exit	YADKIN FINL CORP	$0	–	-388,080	–	-5.07%	–
MBVT	Exit	MERCHANTS BANCSHARES	$0	–	-383,655	–	-6.18%	–
QCRH	Exit	QCR HOLDINGS INC	$0	–	-506,619	–	-7.99%	–

Q3 2016

			Value		Shares		↓ Weighting
QCRH	Sell	QCR HOLDINGS INC	$16,080,000	-15.5%	506,619	-27.6%	7.99%	-12.5%
MBVT	Buy	MERCHANTS BANCSHARES	$12,427,000	+43.9%	383,655	+35.4%	6.18%	+49.0%
YDKN	Sell	YADKIN FINL CORP	$10,203,000	+2.9%	388,080	-1.8%	5.07%	+6.6%
ESXB	Buy	COMMUNITY BANKERS TR CORP	$9,593,000	+15.7%	1,770,339	+10.6%	4.77%	+19.9%
ABCB	Sell	AMERIS BANCORP	$8,867,000	-3.6%	253,703	-18.1%	4.41%	-0.1%
PACW	Sell	PACWEST BANCORP DEL	$8,610,000	+3.1%	200,664	-4.4%	4.28%	+6.7%
KEY	Sell	KEYCORP NEW	$8,087,000	+4.6%	664,486	-5.1%	4.02%	+8.3%
FBP	Sell	FIRST BANCORP P R	$7,982,000	+26.8%	1,535,000	-3.2%	3.97%	+31.3%
SBCF	Sell	SEACOAST BKG CORP FLA	$7,758,000	-5.3%	482,136	-4.4%	3.86%	-1.9%
FRME	Sell	FIRST MERCHANTS CORP	$7,730,000	+2.5%	288,965	-4.5%	3.84%	+6.1%
GWB	Sell	GREAT WESTN BANCORP INC	$7,502,000	+1.2%	225,136	-4.2%	3.73%	+4.8%
TSC	Sell	TRISTATE CAP HLDGS INC	$6,937,000	+12.3%	429,566	-4.5%	3.45%	+16.3%
BNCN	Sell	BNC BANCORP	$5,629,000	+1.2%	231,436	-5.5%	2.80%	+4.8%
IBTX	Sell	INDEPENDENT BK GROUP INC	$5,600,000	+0.4%	126,787	-2.5%	2.78%	+4.0%
PNC	Sell	PNC FINL SVCS GROUP INC	$5,592,000	+5.7%	62,067	-4.5%	2.78%	+9.5%
CMA	New	COMERICA INC	$5,421,000	–	114,562	–	2.69%	–
UBNK	New	UNITED FINL BANCORP INC NEW	$4,844,000	–	350,000	–	2.41%	–
FFKT	Sell	FARMERS CAP BK CORP	$4,724,000	+3.6%	159,363	-4.4%	2.35%	+7.3%
EVBN	Sell	EVANS BANCORP INC	$4,705,000	+6.1%	172,018	-4.4%	2.34%	+9.9%
MBWM	Sell	MERCANTILE BANK CORP	$4,616,000	+7.5%	171,907	-4.5%	2.29%	+11.3%
CMAWS	Sell	COMERICA INC*w exp 11/14/201	$4,400,000	-3.0%	239,800	-31.2%	2.19%	+0.5%
FFWM	Sell	FIRST FNDTN INC	$3,914,000	+9.6%	158,666	-4.5%	1.94%	+13.5%
NCOM	Sell	NATIONAL COMM CORP	$3,617,000	+10.8%	133,664	-4.5%	1.80%	+14.8%
ZION	New	ZIONS BANCORPORATION	$3,519,000	–	113,449	–	1.75%	–
WAL	Sell	WESTERN ALLIANCE BANCORP	$3,468,000	+6.2%	92,380	-7.6%	1.72%	+10.0%
PVBC	Sell	PROVIDENT BANCORP INC	$3,434,000	-4.7%	220,141	-5.8%	1.71%	-1.3%
MOFG	Sell	MIDWESTONE FINL GROUP INC NE	$3,366,000	-49.8%	110,830	-52.8%	1.67%	-48.0%
SFST	Sell	SOUTHERN FIRST BANCSHARES IN	$3,136,000	+5.0%	113,719	-8.2%	1.56%	+8.7%
VBTX	Sell	VERITEX HLDGS INC	$3,128,000	+3.6%	179,863	-4.5%	1.55%	+7.3%
CFG	New	CITIZENS FINL GROUP INC	$2,803,000	–	113,449	–	1.39%	–
GBNK	Sell	GUARANTY BANCORP DEL	$2,511,000	-1.3%	140,687	-7.6%	1.25%	+2.3%
EQBK	Sell	EQUITY BANCSHARES INC	$2,479,000	+12.0%	95,583	-4.4%	1.23%	+16.0%
FBK	New	FB FINL CORP	$2,018,000	–	100,000	–	1.00%	–
ENFC	Sell	ENTEGRA FINL CORP	$1,900,000	+0.3%	103,388	-4.5%	0.94%	+3.9%
CACB	Sell	CASCADE BANCORP	$922,000	+4.5%	152,141	-4.4%	0.46%	+8.3%
GLBZ	Sell	GLEN BURNIE BANCORP	$894,000	-19.2%	87,256	-15.8%	0.44%	-16.4%
OLBK	Exit	OLD LINE BANCSHARES INC	$0	–	-15,569	–	-0.13%	–
CHMI	Exit	CHERRY HILL MTG INVT CORP	$0	–	-144,900	–	-1.08%	–
CNOB	Exit	CONNECTONE BANCORP INC NEW	$0	–	-225,000	–	-1.69%	–
USB	Exit	US BANCORP DEL	$0	–	-111,250	–	-2.15%	–
BDGE	Exit	BRIDGE BANCORP INC	$0	–	-162,039	–	-2.21%	–
YCB	Exit	YOUR CMNTY BANKSHARES INC	$0	–	-180,000	–	-3.21%	–
TLMR	Exit	TALMER BANCORP INC	$0	–	-410,000	–	-3.77%	–

Q2 2016

			Value		Shares		↓ Weighting
QCRH	New	QCR HOLDINGS INC	$19,033,000	–	700,000	–	9.13%	–
YDKN	New	YADKIN FINL CORP	$9,913,000	–	395,080	–	4.76%	–
ABCB	New	AMERIS BANCORP	$9,196,000	–	309,614	–	4.41%	–
MBVT	New	MERCHANTS BANCSHARES	$8,637,000	–	283,362	–	4.14%	–
PACW	New	PACWEST BANCORP DEL	$8,354,000	–	210,000	–	4.01%	–
ESXB	New	COMMUNITY BANKERS TR CORP	$8,288,000	–	1,600,000	–	3.98%	–
SBCF	New	SEACOAST BKG CORP FLA	$8,191,000	–	504,373	–	3.93%	–
TLMR	New	TALMER BANCORP INC	$7,860,000	–	410,000	–	3.77%	–
KEY	New	KEYCORP NEW	$7,735,000	–	700,000	–	3.71%	–
FRME	New	FIRST MERCHANTS CORP	$7,543,000	–	302,566	–	3.62%	–
GWB	New	GREAT WESTN BANCORP INC	$7,412,000	–	235,000	–	3.56%	–
MOFG	New	MIDWESTONE FINL GROUP INC NE	$6,707,000	–	234,828	–	3.22%	–
YCB	New	YOUR CMNTY BANKSHARES INC	$6,689,000	–	180,000	–	3.21%	–
FBP	New	FIRST BANCORP P R	$6,296,000	–	1,586,000	–	3.02%	–
TSC	New	TRISTATE CAP HLDGS INC	$6,179,000	–	450,000	–	2.96%	–
IBTX	New	INDEPENDENT BK GROUP INC	$5,578,000	–	130,000	–	2.68%	–
BNCN	New	BNC BANCORP	$5,564,000	–	245,000	–	2.67%	–
PNC	New	PNC FINL SVCS GROUP INC	$5,290,000	–	65,000	–	2.54%	–
BDGE	New	BRIDGE BANCORP INC	$4,602,000	–	162,039	–	2.21%	–
FFKT	New	FARMERS CAP BK CORP	$4,559,000	–	166,689	–	2.19%	–
CMAWS	New	COMERICA INC*w exp 11/14/201	$4,534,000	–	348,740	–	2.18%	–
USB	New	US BANCORP DEL	$4,487,000	–	111,250	–	2.15%	–
EVBN	New	EVANS BANCORP INC	$4,435,000	–	180,000	–	2.13%	–
MBWM	New	MERCANTILE BANK CORP	$4,295,000	–	180,000	–	2.06%	–
PVBC	New	PROVIDENT BANCORP INC	$3,604,000	–	233,718	–	1.73%	–
FFWM	New	FIRST FNDTN INC	$3,572,000	–	166,138	–	1.71%	–
CNOB	New	CONNECTONE BANCORP INC NEW	$3,530,000	–	225,000	–	1.69%	–
WAL	New	WESTERN ALLIANCE BANCORP	$3,265,000	–	100,000	–	1.57%	–
NCOM	New	NATIONAL COMM CORP	$3,264,000	–	139,954	–	1.57%	–
VBTX	New	VERITEX HLDGS INC	$3,018,000	–	188,372	–	1.45%	–
SFST	New	SOUTHERN FIRST BANCSHARES IN	$2,986,000	–	123,882	–	1.43%	–
CIVB	New	CIVISTA BANCSHARES INC	$2,620,000	–	200,000	–	1.26%	–
GBNK	New	GUARANTY BANCORP DEL	$2,543,000	–	152,293	–	1.22%	–
CHMI	New	CHERRY HILL MTG INVT CORP	$2,256,000	–	144,900	–	1.08%	–
EQBK	New	EQUITY BANCSHARES INC	$2,214,000	–	100,000	–	1.06%	–
ENFC	New	ENTEGRA FINL CORP	$1,894,000	–	108,282	–	0.91%	–
GLBZ	New	GLEN BURNIE BANCORP	$1,106,000	–	103,619	–	0.53%	–
CACB	New	CASCADE BANCORP	$882,000	–	159,154	–	0.42%	–
OLBK	New	OLD LINE BANCSHARES INC	$280,000	–	15,569	–	0.13%	–

Q4 2015

			Value		Shares		↓ Weighting
NBBC	Exit	NEWBRIDGE BANCORPcl a no par	$0	–	-18,426	–	-0.07%	–
FBP	Exit	FIRST BANCORP P R	$0	–	-200,000	–	-0.32%	–
ENFC	Exit	ENTEGRA FINL CORP	$0	–	-108,282	–	-0.85%	–
GLBZ	Exit	GLEN BURNIE BANCORP	$0	–	-135,153	–	-0.87%	–
NVSL	Exit	NAUGATUCK VY FINL CORP MD	$0	–	-191,344	–	-0.94%	–
SGBK	Exit	STONEGATE BK FT LAUDERDALE F	$0	–	-65,958	–	-0.95%	–
VBTX	Exit	VERITEX HLDGS INC	$0	–	-177,700	–	-1.26%	–
PVBC	Exit	PROVIDENT BANCORP INC	$0	–	-243,714	–	-1.37%	–
CNBKA	Exit	CENTURY BANCORP INC MASScl a non vtg	$0	–	-74,217	–	-1.37%	–
BWFG	Exit	BANKWELL FINL GROUP INC	$0	–	-181,012	–	-1.50%	–
NCOM	Exit	NATIONAL COMM CORP	$0	–	-139,954	–	-1.52%	–
PACW	Exit	PACWEST BANCORP DEL	$0	–	-79,163	–	-1.54%	–
CWAY	Exit	COASTWAY BANCORP INC	$0	–	-309,592	–	-1.55%	–
SFST	Exit	SOUTHERN FIRST BANCSHARES IN	$0	–	-166,796	–	-1.55%	–
CMAWS	Exit	COMERICA INC*w exp 11/14/201	$0	–	-274,400	–	-1.56%	–
SQBK	Exit	SQUARE 1 FINL INCcl a	$0	–	-135,000	–	-1.57%	–
IBCP	Exit	INDEPENDENT BANK CORP MICH	$0	–	-235,586	–	-1.58%	–
PEBO	Exit	PEOPLES BANCORP INC	$0	–	-178,403	–	-1.68%	–
FFWM	Exit	FIRST FNDTN INC	$0	–	-166,138	–	-1.72%	–
NSAM	Exit	NORTHSTAR ASSET MGMT GROUP I	$0	–	-279,521	–	-1.82%	–
CHMI	Exit	CHERRY HILL MTG INVT CORP	$0	–	-265,937	–	-1.84%	–
ESXB	Exit	COMMUNITY BANKERS TR CORP	$0	–	-819,705	–	-1.86%	–
OLBK	Exit	OLD LINE BANCSHARES INC	$0	–	-257,682	–	-1.90%	–
MBVT	Exit	MERCHANTS BANCSHARES	$0	–	-145,256	–	-1.94%	–
FDEF	Exit	FIRST DEFIANCE FINL CORP	$0	–	-118,136	–	-1.96%	–
BDGE	Exit	BRIDGE BANCORP INC	$0	–	-162,039	–	-1.96%	–
HFWA	Exit	HERITAGE FINL CORP WASH	$0	–	-238,357	–	-2.04%	–
USB	Exit	US BANCORP DEL	$0	–	-111,250	–	-2.07%	–
TLMR	Exit	TALMER BANCORP INC	$0	–	-283,880	–	-2.14%	–
MBWM	Exit	MERCANTILE BANK CORP	$0	–	-236,176	–	-2.23%	–
CASH	Exit	META FINL GROUP INC	$0	–	-118,236	–	-2.24%	–
MOFG	Exit	MIDWESTONE FINL GROUP INC NE	$0	–	-188,811	–	-2.51%	–
IBTX	Exit	INDEPENDENT BK GROUP INC	$0	–	-147,454	–	-2.57%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-250,000	–	-2.71%	–
YCB	Exit	YOUR CMNTY BANKSHARES INC	$0	–	-206,200	–	-2.72%	–
BNCN	Exit	BNC BANCORP	$0	–	-272,301	–	-2.75%	–
FIS	Exit	FIDELITY NATL INFORMATION SV	$0	–	-90,681	–	-2.76%	–
SBCF	Exit	SEACOAST BKG CORP FLA	$0	–	-421,372	–	-2.81%	–
NRF	Exit	NORTHSTAR RLTY FIN CORP	$0	–	-513,735	–	-2.88%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-344,247	–	-2.95%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-75,724	–	-3.06%	–
LPSB	Exit	LAPORTE BANCORP INC MD	$0	–	-482,809	–	-3.23%	–
EVBN	Exit	EVANS BANCORP INC	$0	–	-315,306	–	-3.55%	–
FRME	Exit	FIRST MERCHANTS CORP	$0	–	-302,566	–	-3.60%	–
GWB	Exit	GREAT WESTN BANCORP INC	$0	–	-391,087	–	-4.50%	–
QCRH	Exit	QCR HOLDINGS INC	$0	–	-471,569	–	-4.68%	–
ABCB	Exit	AMERIS BANCORP	$0	–	-377,663	–	-4.93%	–

Q3 2015

			Value		Shares		↓ Weighting
ABCB	Sell	AMERIS BANCORP	$10,858,000	-26.1%	377,663	-35.0%	4.93%	-20.2%
QCRH	Buy	QCR HOLDINGS INC	$10,313,000	+7.3%	471,569	+6.8%	4.68%	+15.8%
GWB	Sell	GREAT WESTN BANCORP INC	$9,922,000	-6.5%	391,087	-11.1%	4.50%	+1.0%
FRME	Sell	FIRST MERCHANTS CORP	$7,933,000	-0.5%	302,566	-6.3%	3.60%	+7.4%
EVBN	Buy	EVANS BANCORP INC	$7,819,000	+7.5%	315,306	+5.1%	3.55%	+16.0%
LPSB	Buy	LAPORTE BANCORP INC MD	$7,122,000	+15.2%	482,809	+5.9%	3.23%	+24.4%
PNC	Sell	PNC FINL SVCS GROUP INC	$6,754,000	-20.2%	75,724	-14.4%	3.06%	-13.9%
FITB	Sell	FIFTH THIRD BANCORP	$6,509,000	-15.4%	344,247	-6.8%	2.95%	-8.7%
NRF	Sell	NORTHSTAR RLTY FIN CORP	$6,345,000	-27.4%	513,735	-6.6%	2.88%	-21.7%
SBCF	Sell	SEACOAST BKG CORP FLA	$6,186,000	-13.0%	421,372	-6.4%	2.81%	-6.1%
FIS	Sell	FIDELITY NATL INFORMATION SV	$6,083,000	+1.4%	90,681	-6.6%	2.76%	+9.5%
BNCN	Sell	BNC BANCORP	$6,053,000	+3.0%	272,301	-10.4%	2.75%	+11.3%
YCB	New	YOUR CMNTY BANKSHARES INC	$5,990,000	–	206,200	–	2.72%	–
CFG	New	CITIZENS FINL GROUP INC	$5,965,000	–	250,000	–	2.71%	–
IBTX	Sell	INDEPENDENT BK GROUP INC	$5,666,000	-32.3%	147,454	-24.4%	2.57%	-26.9%
MOFG	Buy	MIDWESTONE FINL GROUP INC NE	$5,524,000	-11.0%	188,811	+0.2%	2.51%	-3.9%
CASH	Sell	META FINL GROUP INC	$4,939,000	-9.2%	118,236	-6.7%	2.24%	-2.0%
MBWM	Sell	MERCANTILE BANK CORP	$4,908,000	-8.3%	236,176	-5.5%	2.23%	-1.0%
TLMR	Sell	TALMER BANCORP INC	$4,726,000	-12.2%	283,880	-11.7%	2.14%	-5.2%
USB	Sell	US BANCORP DEL	$4,562,000	-18.7%	111,250	-13.9%	2.07%	-12.2%
HFWA	Sell	HERITAGE FINL CORP WASH	$4,486,000	-10.0%	238,357	-14.5%	2.04%	-2.8%
BDGE	Sell	BRIDGE BANCORP INC	$4,328,000	-6.4%	162,039	-6.5%	1.96%	+1.0%
FDEF	Sell	FIRST DEFIANCE FINL CORP	$4,319,000	-9.0%	118,136	-6.6%	1.96%	-1.8%
MBVT	Buy	MERCHANTS BANCSHARES	$4,271,000	-4.5%	145,256	+7.5%	1.94%	+3.1%
OLBK	Sell	OLD LINE BANCSHARES INC	$4,190,000	-4.4%	257,682	-6.5%	1.90%	+3.3%
ESXB	Buy	COMMUNITY BANKERS TR CORP	$4,106,000	+77.7%	819,705	+76.3%	1.86%	+91.7%
CHMI	Sell	CHERRY HILL MTG INVT CORP	$4,050,000	-7.5%	265,937	-1.5%	1.84%	-0.2%
NSAM	Sell	NORTHSTAR ASSET MGMT GROUP I	$4,013,000	-27.7%	279,521	-6.8%	1.82%	-21.9%
FFWM	New	FIRST FNDTN INC	$3,783,000	–	166,138	–	1.72%	–
PEBO	Sell	PEOPLES BANCORP INC	$3,709,000	-17.3%	178,403	-7.1%	1.68%	-10.7%
IBCP	Buy	INDEPENDENT BANK CORP MICH	$3,478,000	+164.7%	235,586	+143.0%	1.58%	+185.9%
SFST	Sell	SOUTHERN FIRST BANCSHARES IN	$3,418,000	+7.7%	166,796	-6.0%	1.55%	+16.2%
CWAY	Sell	COASTWAY BANCORP INC	$3,418,000	-5.3%	309,592	-3.4%	1.55%	+2.2%
PACW	Sell	PACWEST BANCORP DEL	$3,389,000	-19.5%	79,163	-12.0%	1.54%	-13.1%
NCOM	Sell	NATIONAL COMM CORP	$3,356,000	-11.0%	139,954	-4.2%	1.52%	-3.9%
BWFG	Sell	BANKWELL FINL GROUP INC	$3,309,000	-4.1%	181,012	-6.5%	1.50%	+3.6%
CNBKA	Sell	CENTURY BANCORP INC MASScl a non vtg	$3,025,000	-6.6%	74,217	-6.8%	1.37%	+0.8%
PVBC	New	PROVIDENT BANCORP INC	$3,019,000	–	243,714	–	1.37%	–
VBTX	Sell	VERITEX HLDGS INC	$2,776,000	+3.0%	177,700	-1.6%	1.26%	+11.2%
SGBK	Sell	STONEGATE BK FT LAUDERDALE F	$2,099,000	+0.5%	65,958	-6.3%	0.95%	+8.5%
GLBZ	Buy	GLEN BURNIE BANCORP	$1,917,000	+22.8%	135,153	+4.0%	0.87%	+32.6%
FBP	New	FIRST BANCORP P R	$712,000	–	200,000	–	0.32%	–
NBBC	New	NEWBRIDGE BANCORPcl a no par	$157,000	–	18,426	–	0.07%	–
PUB	Exit	PEOPLES UTAH BANCORP	$0	–	-60,000	–	-0.43%	–
VIRT	Exit	VIRTU FINL INCcl a	$0	–	-50,000	–	-0.49%	–
TSC	Exit	TRISTATE CAP HLDGS INC	$0	–	-98,090	–	-0.53%	–
COB	Exit	COMMUNITYONE BANCORP	$0	–	-216,450	–	-0.98%	–
CBIN	Exit	COMMUNITY BK SHS IND INC	$0	–	-180,000	–	-2.07%	–
METR	Exit	METRO BANCORP INC PA	$0	–	-300,000	–	-3.30%	–

Q2 2015

			Value		Shares		↓ Weighting
ABCB	New	AMERIS BANCORP	$14,684,000	–	580,619	–	6.17%	–
GWB	New	GREAT WESTN BANCORP INC	$10,609,000	–	440,000	–	4.46%	–
QCRH	New	QCR HOLDINGS INC	$9,610,000	–	441,650	–	4.04%	–
NRF	New	NORTHSTAR RLTY FIN CORP	$8,745,000	–	550,000	–	3.68%	–
PNC	New	PNC FINL SVCS GROUP INC	$8,465,000	–	88,503	–	3.56%	–
IBTX	New	INDEPENDENT BK GROUP INC	$8,368,000	–	195,048	–	3.52%	–
FRME	New	FIRST MERCHANTS CORP	$7,973,000	–	322,806	–	3.35%	–
METR	New	METRO BANCORP INC PA	$7,842,000	–	300,000	–	3.30%	–
FITB	New	FIFTH THIRD BANCORP	$7,692,000	–	369,472	–	3.23%	–
EVBN	New	EVANS BANCORP INC	$7,275,000	–	300,000	–	3.06%	–
SBCF	New	SEACOAST BKG CORP FLA	$7,110,000	–	450,000	–	2.99%	–
MOFG	New	MIDWESTONE FINL GROUP INC NE	$6,204,000	–	188,447	–	2.61%	–
LPSB	New	LAPORTE BANCORP INC MD	$6,180,000	–	456,069	–	2.60%	–
CMAWS	New	COMERICA INC*w exp 11/14/201	$6,069,000	–	274,400	–	2.55%	–
FIS	New	FIDELITY NATL INFORMATION SV	$6,000,000	–	97,084	–	2.52%	–
BNCN	New	BNC BANCORP	$5,874,000	–	303,883	–	2.47%	–
USB	New	US BANCORP DEL	$5,608,000	–	129,218	–	2.36%	–
NSAM	New	NORTHSTAR ASSET MGMT GROUP I	$5,547,000	–	300,000	–	2.33%	–
CASH	New	META FINL GROUP INC	$5,439,000	–	126,727	–	2.29%	–
TLMR	New	TALMER BANCORP INC	$5,382,000	–	321,321	–	2.26%	–
MBWM	New	MERCANTILE BANK CORP	$5,353,000	–	250,000	–	2.25%	–
HFWA	New	HERITAGE FINL CORP WASH	$4,982,000	–	278,790	–	2.09%	–
CBIN	New	COMMUNITY BK SHS IND INC	$4,927,000	–	180,000	–	2.07%	–
FDEF	New	FIRST DEFIANCE FINL CORP	$4,747,000	–	126,482	–	2.00%	–
BDGE	New	BRIDGE BANCORP INC	$4,626,000	–	173,316	–	1.94%	–
PEBO	New	PEOPLES BANCORP INC	$4,484,000	–	192,123	–	1.88%	–
MBVT	New	MERCHANTS BANCSHARES	$4,470,000	–	135,173	–	1.88%	–
OLBK	New	OLD LINE BANCSHARES INC	$4,381,000	–	275,683	–	1.84%	–
CHMI	New	CHERRY HILL MTG INVT CORP	$4,379,000	–	270,000	–	1.84%	–
PACW	New	PACWEST BANCORP DEL	$4,208,000	–	90,000	–	1.77%	–
NCOM	New	NATIONAL COMM CORP	$3,769,000	–	146,092	–	1.58%	–
SQBK	New	SQUARE 1 FINL INCcl a	$3,692,000	–	135,000	–	1.55%	–
CWAY	New	COASTWAY BANCORP INC	$3,611,000	–	320,403	–	1.52%	–
BWFG	New	BANKWELL FINL GROUP INC	$3,449,000	–	193,500	–	1.45%	–
CNBKA	New	CENTURY BANCORP INC MASScl a non vtg	$3,239,000	–	79,653	–	1.36%	–
SFST	New	SOUTHERN FIRST BANCSHARES IN	$3,175,000	–	177,372	–	1.34%	–
VBTX	New	VERITEX HLDGS INC	$2,696,000	–	180,503	–	1.13%	–
COB	New	COMMUNITYONE BANCORP	$2,331,000	–	216,450	–	0.98%	–
ESXB	New	COMMUNITY BANKERS TR CORP	$2,311,000	–	464,973	–	0.97%	–
SGBK	New	STONEGATE BK FT LAUDERDALE F	$2,088,000	–	70,359	–	0.88%	–
NVSL	New	NAUGATUCK VY FINL CORP MD	$2,032,000	–	191,344	–	0.85%	–
ENFC	New	ENTEGRA FINL CORP	$1,900,000	–	108,282	–	0.80%	–
GLBZ	New	GLEN BURNIE BANCORP	$1,561,000	–	130,000	–	0.66%	–
IBCP	New	INDEPENDENT BANK CORP MICH	$1,314,000	–	96,935	–	0.55%	–
TSC	New	TRISTATE CAP HLDGS INC	$1,269,000	–	98,090	–	0.53%	–
VIRT	New	VIRTU FINL INCcl a	$1,174,000	–	50,000	–	0.49%	–
PUB	New	PEOPLES UTAH BANCORP	$1,019,000	–	60,000	–	0.43%	–

Q4 2014

			Value		Shares		↓ Weighting
BKMU	Exit	BANK MUTUAL CORP NEW	$0	–	-169,501	–	-0.49%	–
NVSL	Exit	NAUGATUCK VY FINL CORP MD	$0	–	-187,244	–	-0.66%	–
GLBZ	Exit	GLEN BURNIE BANCORP	$0	–	-128,164	–	-0.73%	–
HFBL	Exit	HOME FED BANCORP INC LA NEW	$0	–	-86,068	–	-0.74%	–
COB	Exit	COMMUNITYONE BANCORP	$0	–	-220,000	–	-0.87%	–
QCRH	Exit	QCR HOLDINGS INC	$0	–	-112,578	–	-0.89%	–
BWFG	Exit	BANKWELL FINL GROUP INC	$0	–	-113,857	–	-0.97%	–
MBWM	Exit	MERCANTILE BANK CORP	$0	–	-127,483	–	-1.09%	–
SQBK	Exit	SQUARE 1 FINL INCcl a	$0	–	-150,000	–	-1.30%	–
CNBKA	Exit	CENTURY BANCORP INC MASScl a non vtg	$0	–	-84,292	–	-1.31%	–
CWAY	Exit	COASTWAY BANCORP INC	$0	–	-311,540	–	-1.50%	–
MBVT	Exit	MERCHANTS BANCSHARES	$0	–	-123,913	–	-1.57%	–
CMAWS	Exit	COMERICA INC*w exp 11/14/201	$0	–	-170,000	–	-1.58%	–
BDGE	Exit	BRIDGE BANCORP INC	$0	–	-162,000	–	-1.72%	–
CHMI	Exit	CHERRY HILL MTG INVT CORP	$0	–	-205,377	–	-1.72%	–
OLBK	Exit	OLD LINE BANCSHARES INC	$0	–	-260,401	–	-1.81%	–
FDEF	Exit	FIRST DEFIANCE FINL CORP	$0	–	-155,312	–	-1.88%	–
BNCN	Exit	BNC BANCORP	$0	–	-275,855	–	-1.94%	–
LPSB	Exit	LAPORTE BANCORP INC MD	$0	–	-400,000	–	-2.01%	–
TLMR	Exit	TALMER BANCORP INC	$0	–	-350,000	–	-2.17%	–
WD	Exit	WALKER & DUNLOP INC	$0	–	-421,900	–	-2.52%	–
FIS	Exit	FIDELITY NATL INFORMATION SV	$0	–	-100,000	–	-2.53%	–
WBBW	Exit	WESTBURY BANCORP INC	$0	–	-376,000	–	-2.54%	–
PEBO	Exit	PEOPLES BANCORP INC	$0	–	-241,507	–	-2.58%	–
HFWA	Exit	HERITAGE FINL CORP WASH	$0	–	-378,248	–	-2.69%	–
FXCB	Exit	FOX CHASE BANCORP INC NEW	$0	–	-375,000	–	-2.75%	–
FRME	Exit	FIRST MERCHANTS CORP	$0	–	-305,000	–	-2.77%	–
USB	Exit	US BANCORP DEL	$0	–	-150,000	–	-2.82%	–
EVBN	Exit	EVANS BANCORP INC	$0	–	-275,000	–	-2.85%	–
HBOS	Exit	HERITAGE FINL GROUP INC	$0	–	-325,000	–	-2.95%	–
PACW	Exit	PACWEST BANCORP DEL	$0	–	-161,500	–	-2.99%	–
CASH	Exit	META FINL GROUP INC	$0	–	-201,400	–	-3.19%	–
IBTX	Exit	INDEPENDENT BK GROUP INC	$0	–	-154,000	–	-3.28%	–
KEY	Exit	KEYCORP NEW	$0	–	-550,000	–	-3.29%	–
NRF	Exit	NORTHSTAR RLTY FIN CORP	$0	–	-450,000	–	-3.57%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-95,000	–	-3.65%	–
ABCB	Exit	AMERIS BANCORP	$0	–	-385,000	–	-3.80%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-440,000	–	-3.96%	–
NSAM	Exit	NORTHSTAR ASSET MGMT GROUP I	$0	–	-490,000	–	-4.05%	–
SBCF	Exit	SEACOAST BKG CORP FLA	$0	–	-860,000	–	-4.22%	–
METR	Exit	METRO BANCORP INC PA	$0	–	-439,356	–	-4.78%	–
SMPL	Exit	SIMPLICITY BANCORP	$0	–	-699,400	–	-5.28%	–

Q3 2014

			Value		Shares		↓ Weighting
SMPL	Sell	SIMPLICITY BANCORP	$11,750,000	-3.8%	699,400	-0.1%	5.28%	+0.0%
SBCF	New	SEACOAST BKG CORP FLA	$9,400,000	–	860,000	–	4.22%	–
NSAM	New	NORTHSTAR ASSET MGMT GROUP I	$9,026,000	–	490,000	–	4.05%	–
FITB	Buy	FIFTH THIRD BANCORP	$8,809,000	-2.9%	440,000	+3.5%	3.96%	+0.9%
ABCB	Buy	AMERIS BANCORP	$8,451,000	+3.2%	385,000	+1.3%	3.80%	+7.3%
NRF	New	NORTHSTAR RLTY FIN CORP	$7,951,000	–	450,000	–	3.57%	–
CASH	Sell	META FINL GROUP INC	$7,101,000	-15.1%	201,400	-3.7%	3.19%	-11.8%
PACW	Buy	PACWEST BANCORP DEL	$6,659,000	+0.9%	161,500	+5.6%	2.99%	+4.9%
EVBN	Buy	EVANS BANCORP INC	$6,338,000	+4.1%	275,000	+4.5%	2.85%	+8.2%
WD	Sell	WALKER & DUNLOP INC	$5,607,000	-21.8%	421,900	-16.9%	2.52%	-18.7%
LPSB	Buy	LAPORTE BANCORP INC MD	$4,484,000	+13.0%	400,000	+10.9%	2.01%	+17.5%
BNCN	Buy	BNC BANCORP	$4,319,000	+229.4%	275,855	+259.3%	1.94%	+242.8%
OLBK	Buy	OLD LINE BANCSHARES INC	$4,031,000	+5.6%	260,401	+7.6%	1.81%	+9.8%
MBVT	Buy	MERCHANTS BANCSHARES	$3,493,000	-8.2%	123,913	+4.2%	1.57%	-4.4%
MBWM	New	MERCANTILE BANK CORP	$2,428,000	–	127,483	–	1.09%	–
BWFG	New	BANKWELL FINL GROUP INC	$2,160,000	–	113,857	–	0.97%	–
QCRH	Buy	QCR HOLDINGS INC	$1,988,000	+5.5%	112,578	+3.0%	0.89%	+9.7%
GLBZ	Buy	GLEN BURNIE BANCORP	$1,617,000	+1.9%	128,164	+0.2%	0.73%	+6.0%
BKMU	Sell	BANK MUTUAL CORP NEW	$1,086,000	-1.3%	169,501	-10.6%	0.49%	+2.7%
CNOB	Exit	CONNECTONE BANCORP INC	$0	–	-44,060	–	-0.95%	–
HTBI	Exit	HOMETRUST BANCSHARES INC	$0	–	-188,266	–	-1.28%	–
7101PS	Exit	PEOPLES FED BANCSHARES INC	$0	–	-230,000	–	-1.83%	–
STI	Exit	SUNTRUST BKS INC	$0	–	-130,000	–	-2.25%	–
TBBK	Exit	BANCORP INC DEL	$0	–	-525,000	–	-2.70%	–
NRF	Exit	NORTHSTAR RLTY FIN CORP	$0	–	-900,000	–	-6.76%	–

Q2 2014

			Value		Shares		↓ Weighting
NRF	New	NORTHSTAR RLTY FIN CORP	$15,643,000	–	900,000	–	6.76%	–
SMPL	New	SIMPLICITY BANCORP	$12,215,000	–	700,000	–	5.28%	–
METR	New	METRO BANCORP INC PA	$10,158,000	–	439,356	–	4.39%	–
FITB	New	FIFTH THIRD BANCORP	$9,074,000	–	425,000	–	3.92%	–
IBTX	New	INDEPENDENT BK GROUP INC	$8,573,000	–	154,000	–	3.70%	–
PNC	New	PNC FINL SVCS GROUP INC	$8,460,000	–	95,000	–	3.65%	–
CASH	New	META FINL GROUP INC	$8,368,000	–	209,200	–	3.61%	–
ABCB	New	AMERIS BANCORP	$8,192,000	–	380,000	–	3.54%	–
KEY	New	KEYCORP NEW	$7,881,000	–	550,000	–	3.40%	–
WD	New	WALKER & DUNLOP INC	$7,168,000	–	507,979	–	3.10%	–
PACW	New	PACWEST BANCORP DEL	$6,601,000	–	152,915	–	2.85%	–
USB	New	US BANCORP DEL	$6,498,000	–	150,000	–	2.81%	–
FRME	New	FIRST MERCHANTS CORP	$6,447,000	–	305,000	–	2.78%	–
HBOS	New	HERITAGE FINL GROUP INC	$6,445,000	–	325,000	–	2.78%	–
PEBO	New	PEOPLES BANCORP INC	$6,388,000	–	241,507	–	2.76%	–
FXCB	New	FOX CHASE BANCORP INC NEW	$6,323,000	–	375,000	–	2.73%	–
TBBK	New	BANCORP INC DEL	$6,253,000	–	525,000	–	2.70%	–
EVBN	New	EVANS BANCORP INC	$6,090,000	–	263,092	–	2.63%	–
HFWA	New	HERITAGE FINL CORP WASH	$6,086,000	–	378,248	–	2.63%	–
WBBW	New	WESTBURY BANCORP INC	$5,682,000	–	376,000	–	2.45%	–
FIS	New	FIDELITY NATL INFORMATION SV	$5,474,000	–	100,000	–	2.36%	–
STI	New	SUNTRUST BKS INC	$5,208,000	–	130,000	–	2.25%	–
TLMR	New	TALMER BANCORP INC	$4,827,000	–	350,000	–	2.08%	–
FDEF	New	FIRST DEFIANCE FINL CORP	$4,458,000	–	155,312	–	1.92%	–
7101PS	New	PEOPLES FED BANCSHARES INC	$4,246,000	–	230,000	–	1.83%	–
CHMI	New	CHERRY HILL MTG INVT CORP	$4,118,000	–	205,377	–	1.78%	–
LPSB	New	LAPORTE BANCORP INC MD	$3,969,000	–	360,841	–	1.71%	–
BDGE	New	BRIDGE BANCORP INC	$3,886,000	–	162,000	–	1.68%	–
OLBK	New	OLD LINE BANCSHARES INC	$3,816,000	–	242,101	–	1.65%	–
MBVT	New	MERCHANTS BANCSHARES	$3,803,000	–	118,913	–	1.64%	–
CMAWS	New	COMERICA INC*w exp 11/14/201	$3,580,000	–	170,000	–	1.55%	–
CWAY	New	COASTWAY BANCORP INC	$3,408,000	–	311,540	–	1.47%	–
CNBKA	New	CENTURY BANCORP INC MASScl a non vtg	$2,979,000	–	84,292	–	1.29%	–
HTBI	New	HOMETRUST BANCSHARES INC	$2,969,000	–	188,266	–	1.28%	–
SQBK	New	SQUARE 1 FINL INCcl a	$2,852,000	–	150,000	–	1.23%	–
CNOB	New	CONNECTONE BANCORP INC	$2,198,000	–	44,060	–	0.95%	–
COB	New	COMMUNITYONE BANCORP	$2,134,000	–	220,000	–	0.92%	–
QCRH	New	QCR HOLDINGS INC	$1,884,000	–	109,253	–	0.81%	–
HFBL	New	HOME FED BANCORP INC LA NEW	$1,636,000	–	86,068	–	0.71%	–
GLBZ	New	GLEN BURNIE BANCORP	$1,587,000	–	127,937	–	0.68%	–
NVSL	New	NAUGATUCK VY FINL CORP MD	$1,560,000	–	187,244	–	0.67%	–
BNCN	New	BNC BANCORP	$1,311,000	–	76,769	–	0.57%	–
BKMU	New	BANK MUTUAL CORP NEW	$1,100,000	–	189,601	–	0.48%	–

Q4 2013

			Value		Shares		↓ Weighting
PACW	Exit	PACWEST BANCORP DEL	$0	–	-40,000	–	-0.66%	–
GLBZ	Exit	GLEN BURNIE BANCORP	$0	–	-115,337	–	-0.66%	–
BKMU	Exit	BANK MUTUAL CORP NEW	$0	–	-258,552	–	-0.78%	–
CNOB	Exit	CONNECTONE BANCORP INC	$0	–	-50,000	–	-0.84%	–
WBBW	Exit	WESTBURY BANCORP INC	$0	–	-145,000	–	-0.99%	–
UBNK	Exit	UNITED FINANCIAL BANCORP INC	$0	–	-129,027	–	-1.00%	–
MBVT	Exit	MERCHANTS BANCSHARES	$0	–	-82,350	–	-1.14%	–
FISI	Exit	FINANCIAL INSTNS INC	$0	–	-117,252	–	-1.15%	–
CSE	Exit	CAPITALSOURCE INC	$0	–	-217,895	–	-1.24%	–
CBNJ	Exit	CAPE BANCORP INC	$0	–	-285,401	–	-1.25%	–
LPSB	Exit	LAPORTE BANCORP INC MD	$0	–	-250,000	–	-1.25%	–
EGBN	Exit	EAGLE BANCORP INC MD	$0	–	-94,700	–	-1.28%	–
CHEV	Exit	CHEVIOT FINL CORP NEW	$0	–	-249,700	–	-1.30%	–
HFBL	Exit	HOME FED BANCORP INC LA NEW	$0	–	-161,068	–	-1.31%	–
IBCP	Exit	INDEPENDENT BANK CORP MICH	$0	–	-285,000	–	-1.36%	–
HBOS	Exit	HERITAGE FINL GROUP INC	$0	–	-164,000	–	-1.37%	–
STSA	Exit	STERLING FINL CORP WASH	$0	–	-100,000	–	-1.37%	–
7101PS	Exit	PEOPLES FED BANCSHARES INC	$0	–	-177,700	–	-1.48%	–
HTBI	Exit	HOMETRUST BANCSHARES INC	$0	–	-188,266	–	-1.49%	–
FDEF	Exit	FIRST DEFIANCE FINL CORP	$0	–	-138,811	–	-1.55%	–
WLFC	Exit	WILLIS LEASE FINANCE CORP	$0	–	-224,900	–	-1.69%	–
OLBK	Exit	OLD LINE BANCSHARES INC	$0	–	-281,686	–	-1.81%	–
SIFI	Exit	SI FINL GROUP INC MD	$0	–	-340,000	–	-1.85%	–
CNBKA	Exit	CENTURY BANCORP INC MASScl a non vtg	$0	–	-118,090	–	-1.88%	–
CMAWS	Exit	COMERICA INC*w exp 11/14/201	$0	–	-292,000	–	-1.94%	–
FRME	Exit	FIRST MERCHANTS CORP	$0	–	-244,360	–	-2.03%	–
FFIC	Exit	FLUSHING FINL CORP	$0	–	-230,000	–	-2.03%	–
WBCO	Exit	WASHINGTON BKG CO OAK HBR WA	$0	–	-309,736	–	-2.08%	–
STI	Exit	SUNTRUST BKS INC	$0	–	-135,000	–	-2.09%	–
EVBN	Exit	EVANS BANCORP INC	$0	–	-231,865	–	-2.17%	–
FIS	Exit	FIDELITY NATL INFORMATION SV	$0	–	-100,000	–	-2.22%	–
NBN	Exit	NORTHEAST BANCORP	$0	–	-481,695	–	-2.30%	–
STL	Exit	STERLING BANCORP	$0	–	-390,000	–	-2.56%	–
ABCB	Exit	AMERIS BANCORP	$0	–	-292,543	–	-2.57%	–
IBTX	Exit	INDEPENDENT BK GROUP INC	$0	–	-150,000	–	-2.58%	–
USB	Exit	US BANCORP DEL	$0	–	-150,000	–	-2.63%	–
WD	Exit	WALKER & DUNLOP INC	$0	–	-391,961	–	-2.98%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-400,000	–	-3.46%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-100,000	–	-3.47%	–
TBBK	Exit	BANCORP INC DEL	$0	–	-430,915	–	-3.65%	–
KEY	Exit	KEYCORP NEW	$0	–	-700,000	–	-3.82%	–
CASH	Exit	META FINL GROUP INC	$0	–	-226,703	–	-4.12%	–
METR	Exit	METRO BANCORP INC PA	$0	–	-468,136	–	-4.71%	–
SMPL	Exit	SIMPLICITY BANCORP	$0	–	-686,000	–	-5.10%	–
NOVB	Exit	NORTH VALLEY BANCORP	$0	–	-579,543	–	-5.24%	–
FXCB	Exit	FOX CHASE BANCORP INC NEW	$0	–	-666,494	–	-5.55%	–

Q3 2013

			Value		Shares		↓ Weighting
FXCB	Sell	FOX CHASE BANCORP INC NEW	$11,597,000	-2.8%	666,494	-5.1%	5.55%	-3.7%
NOVB	Sell	NORTH VALLEY BANCORP	$10,954,000	+9.3%	579,543	-4.3%	5.24%	+8.3%
METR	Sell	METRO BANCORP INC PA	$9,835,000	-16.8%	468,136	-20.7%	4.71%	-17.5%
CASH	Sell	META FINL GROUP INC	$8,615,000	+27.9%	226,703	-11.6%	4.12%	+26.7%
KEY	Sell	KEYCORP NEW	$7,980,000	-11.1%	700,000	-13.9%	3.82%	-11.9%
TBBK	Sell	BANCORP INC DEL	$7,623,000	-4.1%	430,915	-18.8%	3.65%	-5.0%
FITB	Sell	FIFTH THIRD BANCORP	$7,220,000	-5.2%	400,000	-5.2%	3.46%	-6.1%
WD	Buy	WALKER & DUNLOP INC	$6,236,000	+49.7%	391,961	+64.7%	2.98%	+48.4%
USB	New	US BANCORP DEL	$5,487,000	–	150,000	–	2.63%	–
STL	Sell	STERLING BANCORP	$5,355,000	+12.6%	390,000	-4.7%	2.56%	+11.5%
NBN	Sell	NORTHEAST BANCORP	$4,817,000	-6.8%	481,695	-9.9%	2.30%	-7.7%
STI	Sell	SUNTRUST BKS INC	$4,376,000	-3.0%	135,000	-5.5%	2.09%	-3.9%
WBCO	Sell	WASHINGTON BKG CO OAK HBR WA	$4,355,000	-5.8%	309,736	-4.8%	2.08%	-6.6%
FFIC	Sell	FLUSHING FINL CORP	$4,243,000	-9.7%	230,000	-19.5%	2.03%	-10.5%
FRME	Sell	FIRST MERCHANTS CORP	$4,235,000	-3.1%	244,360	-4.2%	2.03%	-4.0%
CMAWS	Buy	COMERICA INC*w exp 11/14/201	$4,044,000	+11.6%	292,000	+10.4%	1.94%	+10.6%
CNBKA	Sell	CENTURY BANCORP INC MASScl a non vtg	$3,936,000	-9.9%	118,090	-5.4%	1.88%	-10.7%
SIFI	Sell	SI FINL GROUP INC MD	$3,859,000	-30.7%	340,000	-32.6%	1.85%	-31.4%
WLFC	Sell	WILLIS LEASE FINANCE CORP	$3,538,000	-30.5%	224,900	-40.3%	1.69%	-31.2%
FDEF	Buy	FIRST DEFIANCE FINL CORP	$3,247,000	+7.4%	138,811	+3.5%	1.55%	+6.4%
STSA	New	STERLING FINL CORP WASH	$2,865,000	–	100,000	–	1.37%	–
HBOS	Sell	HERITAGE FINL GROUP INC	$2,857,000	+0.3%	164,000	-15.0%	1.37%	-0.6%
IBCP	New	INDEPENDENT BANK CORP MICH	$2,850,000	–	285,000	–	1.36%	–
EGBN	Sell	EAGLE BANCORP INC MD	$2,679,000	-13.2%	94,700	-31.4%	1.28%	-14.0%
CSE	New	CAPITALSOURCE INC	$2,588,000	–	217,895	–	1.24%	–
FISI	Buy	FINANCIAL INSTNS INC	$2,399,000	+21.3%	117,252	+9.1%	1.15%	+20.2%
GLBZ	Buy	GLEN BURNIE BANCORP	$1,384,000	+22.7%	115,337	+20.2%	0.66%	+21.5%
PACW	New	PACWEST BANCORP DEL	$1,372,000	–	40,000	–	0.66%	–
PFBX	Exit	PEOPLES FINL CORP MISS	$0	–	-26,276	–	-0.17%	–
FIBK	Exit	FIRST INTST BANCSYSTEM INC	$0	–	-34,604	–	-0.35%	–
MCBC	Exit	MACATAWA BK CORP	$0	–	-260,150	–	-0.63%	–
NFBK	Exit	NORTHFIELD BANCORP INC DEL	$0	–	-150,000	–	-0.85%	–
FNBCQ	Exit	FIRST NBC BK HLDG CO	$0	–	-125,000	–	-1.47%	–
OFG	Exit	OFG BANCORP	$0	–	-352,301	–	-3.08%	–

Q2 2013

			Value		Shares		↓ Weighting
FXCB	New	FOX CHASE BANCORP INC NEW	$11,935,000	–	702,041	–	5.76%	–
METR	New	METRO BANCORP INC PA	$11,817,000	–	590,000	–	5.71%	–
NOVB	New	NORTH VALLEY BANCORP	$10,022,000	–	605,601	–	4.84%	–
SMPL	New	SIMPLICITY BANCORP	$9,947,000	–	686,000	–	4.80%	–
KEY	New	KEYCORP NEW	$8,975,000	–	813,000	–	4.33%	–
TBBK	New	BANCORP INC DEL	$7,953,000	–	530,579	–	3.84%	–
FITB	New	FIFTH THIRD BANCORP	$7,617,000	–	422,000	–	3.68%	–
PNC	New	PNC FINL SVCS GROUP INC	$7,292,000	–	100,000	–	3.52%	–
CASH	New	META FINL GROUP INC	$6,738,000	–	256,403	–	3.25%	–
OFG	New	OFG BANCORP	$6,380,000	–	352,301	–	3.08%	–
SIFI	New	SI FINL GROUP INC MD	$5,572,000	–	504,239	–	2.69%	–
NBN	New	NORTHEAST BANCORP	$5,169,000	–	534,519	–	2.50%	–
WLFC	New	WILLIS LEASE FINANCE CORP	$5,092,000	–	376,868	–	2.46%	–
ABCB	New	AMERIS BANCORP	$4,929,000	–	292,543	–	2.38%	–
STL	New	STERLING BANCORP	$4,757,000	–	409,300	–	2.30%	–
FFIC	New	FLUSHING FINL CORP	$4,698,000	–	285,550	–	2.27%	–
WBCO	New	WASHINGTON BKG CO OAK HBR WA	$4,621,000	–	325,436	–	2.23%	–
IBTX	New	INDEPENDENT BK GROUP INC	$4,560,000	–	150,000	–	2.20%	–
STI	New	SUNTRUST BKS INC	$4,511,000	–	142,900	–	2.18%	–
FRME	New	FIRST MERCHANTS CORP	$4,372,000	–	254,960	–	2.11%	–
CNBKA	New	CENTURY BANCORP INC MASScl a non vtg	$4,367,000	–	124,782	–	2.11%	–
FIS	New	FIDELITY NATL INFORMATION SV	$4,284,000	–	100,000	–	2.07%	–
WD	New	WALKER & DUNLOP INC	$4,165,000	–	238,000	–	2.01%	–
EVBN	New	EVANS BANCORP INC	$4,071,000	–	231,865	–	1.97%	–
OLBK	New	OLD LINE BANCSHARES INC	$3,715,000	–	281,686	–	1.79%	–
CMAWS	New	COMERICA INC*w exp 11/14/201	$3,624,000	–	264,531	–	1.75%	–
7101PS	New	PEOPLES FED BANCSHARES INC	$3,211,000	–	177,700	–	1.55%	–
HTBI	New	HOMETRUST BANCSHARES INC	$3,193,000	–	188,266	–	1.54%	–
EGBN	New	EAGLE BANCORP INC MD	$3,088,000	–	137,965	–	1.49%	–
FNBCQ	New	FIRST NBC BK HLDG CO	$3,050,000	–	125,000	–	1.47%	–
FDEF	New	FIRST DEFIANCE FINL CORP	$3,024,000	–	134,111	–	1.46%	–
HBOS	New	HERITAGE FINL GROUP INC	$2,848,000	–	193,036	–	1.38%	–
CHEV	New	CHEVIOT FINL CORP NEW	$2,829,000	–	249,700	–	1.37%	–
HFBL	New	HOME FEDERAL BANCORP INC LA NEW	$2,793,000	–	161,068	–	1.35%	–
CBNJ	New	CAPE BANCORP INC	$2,711,000	–	285,401	–	1.31%	–
LPSB	New	LAPORTE BANCORP INC MD	$2,530,000	–	250,000	–	1.22%	–
MBVT	New	MERCHANTS BANCSHARES	$2,435,000	–	82,350	–	1.18%	–
WBBW	New	WESTBURY BANCORP INC	$1,981,000	–	145,000	–	0.96%	–
FISI	New	FINANCIAL INSTNS INC	$1,978,000	–	107,452	–	0.96%	–
UBNK	New	UNITED FINANCIAL BANCORP INC	$1,955,000	–	129,027	–	0.94%	–
NFBK	New	NORTHFIELD BANCORP INC DEL	$1,758,000	–	150,000	–	0.85%	–
CNOB	New	CONNECTONE BANCORP INC	$1,537,000	–	50,000	–	0.74%	–
BKMU	New	BANK MUTUAL CORP NEW	$1,458,000	–	258,552	–	0.70%	–
MCBC	New	MACATAWA BK CORP	$1,311,000	–	260,150	–	0.63%	–
GLBZ	New	GLEN BURNIE BANCORP	$1,128,000	–	95,986	–	0.54%	–
FIBK	New	FIRST INTST BANCSYSTEM INC	$717,000	–	34,604	–	0.35%	–
PFBX	New	PEOPLES FINL CORP MISS	$351,000	–	26,276	–	0.17%	–

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