M3F, Inc. Activity Q4 2010-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
NWLI	Sell	NATIONAL WESTN LIFE INS CO CL A	$30,763	-10.8%	70,316	-15.2%	10.28%	-5.1%
WLFC	Buy	Willis Lease Finance Corp	$26,394	+9.6%	623,973	+1.4%	8.82%	+16.6%
EBC	Buy	EASTERN BANKSHARES INC	$17,393	+9.0%	1,387,022	+6.6%	5.81%	+15.8%
	Sell	PONCE FINANCIAL GROUP INC	$16,889	-10.8%	2,159,719	-0.9%	5.64%	-5.2%
PVBC	Sell	PROVIDENT BANCORP INC	$15,432	+6.1%	1,592,539	-9.4%	5.16%	+12.8%
PBFS	Buy	PIONEER BANCORP INC/NY	$14,941	-0.5%	1,749,550	+4.2%	4.99%	+5.8%
SNFCA	Buy	SECURITY NATL FINL CORP CL A NEW	$14,132	-6.6%	1,802,504	+5.7%	4.72%	-0.7%
WFC	Sell	WELLS FARGO & CO NEW COM	$13,688	-14.5%	335,000	-10.7%	4.57%	-9.1%
NECB	Sell	NORTHEAST COMMUNITY BANCORP	$12,370	-34.2%	838,077	-33.6%	4.13%	-30.0%
SWKH	Buy	SWK HLDGS CORP COM	$12,049	+7.2%	765,008	+13.9%	4.03%	+14.0%
BFIN	Sell	BankFinancial Corp	$10,639	+3.1%	1,234,265	-2.2%	3.56%	+9.6%
SPFI	Sell	SOUTH PLAINS FINANCIAL INC	$9,260	+13.9%	350,214	-3.0%	3.10%	+21.1%
PROV	Sell	PROVIDENT FINL HLDGS INC COM	$8,889	+1.8%	679,046	-0.9%	2.97%	+8.2%
FBIZ	Sell	FIRST BUS FINL SVCS INC WIS COM	$7,661	+1.5%	255,296	-0.3%	2.56%	+7.9%
HMNF	Sell	HMN Financial Inc	$6,523	-0.3%	341,002	-2.3%	2.18%	+6.0%
RBKB	Buy	RHINEBECK BANCORP INC	$6,444	+28.5%	951,547	+27.7%	2.15%	+36.6%
TSBK	Sell	TIMBERLAND BANCORP INC	$6,316	+0.3%	233,048	-5.4%	2.11%	+6.6%
NODK	Buy	NI HOLDINGS INC	$6,229	-1.4%	483,957	+13.7%	2.08%	+4.8%
	Buy	MAGYAR BANCORP INC COM	$5,882	+0.4%	573,879	+1.3%	1.97%	+6.7%
SFBC	Sell	SOUND FINL BANCORP INC COM	$4,986	-4.4%	134,873	-8.2%	1.67%	+1.6%
BSBK	Buy	BOGOTA FINANCIAL CORP	$3,675	-8.1%	497,238	+1.4%	1.23%	-2.3%
	Buy	SHF HOLDINGS INC	$3,665	+57.2%	4,638,790	+5.4%	1.22%	+67.1%
ISTR	Sell	INVESTAR HLDG CORP COM	$3,434	-21.4%	324,270	-10.1%	1.15%	-16.4%
	Buy	FIRST SEACOAST BANCORP INC	$2,982	+2.3%	404,126	+11.2%	1.00%	+8.8%
MTB	Sell	M&T Bank Corp	$2,655	-40.4%	21,000	-41.7%	0.89%	-36.6%
	Sell	BURKE & HERBERT FINANCIAL SE	$2,471	-62.7%	53,183	-48.5%	0.83%	-60.4%
	Buy	NSTS BANCORP INC	$1,328	+157.9%	146,696	+160.2%	0.44%	+174.1%
	New	SR BANCORP INC	$1,157	–	133,568	–	0.39%	–
LSBK	Buy	LAKE SHORE BANCORP INC COM	$1,136	-1.2%	111,778	+4.7%	0.38%	+5.3%
PBHC	Sell	Pathfinder Bancorp Inc	$1,077	-7.5%	81,466	-2.4%	0.36%	-1.6%
HWBK	Sell	HAWTHORN BANCSHARES INC	$734	-9.4%	45,140	-0.0%	0.24%	-3.9%
BSRR	Sell	Sierra Bancorp	$667	-72.1%	35,199	-75.0%	0.22%	-70.3%
PLBC	Sell	PLUMAS BANCORP	$550	-6.9%	16,121	-2.6%	0.18%	-1.1%
	New	BLUE FOUNDRY BANCORP	$369	–	44,130	–	0.12%	–
	Buy	1895 BANCORP OF WISCONSIN IN	$304	-1.9%	43,030	+3.9%	0.10%	+5.2%
GBNY	Sell	GENERATIONS BANCORP NY INC	$205	-75.8%	24,260	-74.1%	0.07%	-74.2%
	Exit	THIRD COAST BANCSHARES INC	$0	–	-30,630	–	-0.15%	–
ZION	Exit	ZIONS BANCORPORATION COM	$0	–	-175,000	–	-1.48%	–

Q2 2023

			Value		Shares		↓ Weighting
NWLI	New	NATIONAL WESTN LIFE INS CO CL A	$34,471	–	82,950	–	10.84%	–
WLFC	New	Willis Lease Finance Corp	$24,074	–	615,243	–	7.57%	–
	New	PONCE FINANCIAL GROUP INC	$18,942	–	2,179,719	–	5.95%	–
NECB	New	NORTHEAST COMMUNITY BANCORP	$18,791	–	1,262,819	–	5.91%	–
WFC	New	WELLS FARGO & CO NEW COM	$16,005	–	375,000	–	5.03%	–
EBC	New	EASTERN BANKSHARES INC	$15,960	–	1,300,721	–	5.02%	–
SNFCA	New	SECURITY NATL FINL CORP CL A NEW	$15,131	–	1,705,894	–	4.76%	–
PBFS	New	PIONEER BANCORP INC/NY	$15,021	–	1,678,286	–	4.72%	–
PVBC	New	PROVIDENT BANCORP INC	$14,550	–	1,757,248	–	4.57%	–
SWKH	New	SWK HLDGS CORP COM	$11,241	–	671,479	–	3.53%	–
BFIN	New	BankFinancial Corp	$10,321	–	1,261,765	–	3.24%	–
PKBK	New	PARKE BANCORP INC	$9,420	–	554,456	–	2.96%	–
PROV	New	PROVIDENT FINL HLDGS INC COM	$8,734	–	684,998	–	2.74%	–
SPFI	New	SOUTH PLAINS FINANCIAL INC	$8,131	–	361,207	–	2.56%	–
FBIZ	New	FIRST BUS FINL SVCS INC WIS COM	$7,548	–	255,936	–	2.37%	–
	New	BURKE & HERBERT FINANCIAL SE	$6,629	–	103,252	–	2.08%	–
HMNF	New	HMN Financial Inc	$6,540	–	348,971	–	2.06%	–
NODK	New	NI HOLDINGS INC	$6,318	–	425,476	–	1.99%	–
TSBK	New	TIMBERLAND BANCORP INC	$6,300	–	246,275	–	1.98%	–
	New	MAGYAR BANCORP INC COM	$5,860	–	566,695	–	1.84%	–
SFBC	New	SOUND FINL BANCORP INC COM	$5,216	–	146,921	–	1.64%	–
RBKB	New	RHINEBECK BANCORP INC	$5,015	–	745,202	–	1.58%	–
ZION	New	ZIONS BANCORPORATION COM	$4,701	–	175,000	–	1.48%	–
MTB	New	M&T Bank Corp	$4,455	–	36,000	–	1.40%	–
ISTR	New	INVESTAR HLDG CORP COM	$4,369	–	360,788	–	1.37%	–
CWBC	New	Community West Bancshares	$4,290	–	353,079	–	1.35%	–
CMA	New	Comerica Inc	$4,236	–	100,000	–	1.33%	–
BSBK	New	BOGOTA FINANCIAL CORP	$4,000	–	490,169	–	1.26%	–
OVLY	New	OAK VALLEY BANCORP	$3,556	–	141,155	–	1.12%	–
EBTC	New	Enterprise Bancorp Inc/MA	$3,195	–	110,410	–	1.00%	–
	New	FIRST SEACOAST BANCORP INC	$2,915	–	363,504	–	0.92%	–
BSRR	New	Sierra Bancorp	$2,393	–	141,035	–	0.75%	–
	New	SHF HOLDINGS INC	$2,332	–	4,399,420	–	0.73%	–
ICCH	New	ICC HOLDINGS INC	$1,616	–	102,037	–	0.51%	–
PBHC	New	Pathfinder Bancorp Inc	$1,164	–	83,466	–	0.37%	–
LSBK	New	LAKE SHORE BANCORP INC COM	$1,150	–	106,802	–	0.36%	–
GBNY	New	GENERATIONS BANCORP NY INC	$848	–	93,549	–	0.27%	–
HWBK	New	HAWTHORN BANCSHARES INC	$810	–	45,142	–	0.26%	–
PLBC	New	PLUMAS BANCORP	$591	–	16,549	–	0.19%	–
	New	NSTS BANCORP INC	$515	–	56,371	–	0.16%	–
	New	THIRD COAST BANCSHARES INC	$486	–	30,630	–	0.15%	–
	New	1895 BANCORP OF WISCONSIN IN	$310	–	41,422	–	0.10%	–

Q4 2022

			Value		Shares		↓ Weighting
FNWD	Exit	FINWARD BANCORP	$0	–	-6,057	–	-0.07%	–
BCBP	Exit	BCB BANCORP INC COM	$0	–	-15,597	–	-0.09%	–
FFNW	Exit	First Financial Northwest Inc	$0	–	-18,717	–	-0.10%	–
	Exit	1895 BANCORP OF WISCONSIN IN	$0	–	-31,734	–	-0.12%	–
HTBI	Exit	HOMETRUST BANCSHARES INC COM	$0	–	-29,558	–	-0.23%	–
HWBK	Exit	HAWTHORN BANCSHARES INC	$0	–	-42,404	–	-0.32%	–
FSEA	Exit	FIRST SEACOAST BANCORP	$0	–	-147,854	–	-0.54%	–
ICCH	Exit	ICC HOLDINGS INC	$0	–	-105,943	–	-0.57%	–
GBNY	Exit	GENERATIONS BANCORP NY INC	$0	–	-146,736	–	-0.57%	–
PBHC	Exit	Pathfinder Bancorp Inc	$0	–	-80,323	–	-0.57%	–
OVLY	Exit	OAK VALLEY BANCORP	$0	–	-126,326	–	-0.79%	–
PCSB	Exit	PCSB FINANCIAL CORP	$0	–	-138,202	–	-0.87%	–
ASRV	Exit	AMERISERV FINL INC COM	$0	–	-945,074	–	-1.26%	–
RNDB	Exit	RANDOLPH BANCORP INC	$0	–	-142,196	–	-1.34%	–
CWBC	Exit	Community West Bancshares	$0	–	-289,292	–	-1.42%	–
EBTC	Exit	Enterprise Bancorp Inc/MA	$0	–	-136,897	–	-1.44%	–
	Exit	THIRD COAST BANCSHARES INC	$0	–	-245,065	–	-1.47%	–
OCBI	Exit	ORANGE COUNTY BANCORP INC	$0	–	-110,388	–	-1.49%	–
MCB	Exit	METROPOLITAN BANK HOLDING CO	$0	–	-74,786	–	-1.69%	–
TSBK	Exit	TIMBERLAND BANCORP INC	$0	–	-183,056	–	-1.78%	–
NODK	Exit	NI HOLDINGS INC	$0	–	-422,269	–	-1.98%	–
RBKB	Exit	RHINEBECK BANCORP INC	$0	–	-589,592	–	-2.02%	–
SFBC	Exit	SOUND FINL BANCORP INC COM	$0	–	-163,297	–	-2.32%	–
	Exit	MAGYAR BANCORP INC COM	$0	–	-548,277	–	-2.39%	–
ISTR	Exit	INVESTAR HLDG CORP COM	$0	–	-348,034	–	-2.43%	–
NWLI	Exit	NATIONAL WESTN LIFE INS CO CL A	$0	–	-40,725	–	-2.44%	–
SPFI	Exit	SOUTH PLAINS FINANCIAL INC	$0	–	-252,433	–	-2.44%	–
HMNF	Exit	HMN Financial Inc	$0	–	-343,231	–	-2.70%	–
HTH	Exit	Hilltop Holdings Inc	$0	–	-364,076	–	-3.17%	–
FBIZ	Exit	FIRST BUS FINL SVCS INC WIS COM	$0	–	-309,444	–	-3.51%	–
PROV	Exit	PROVIDENT FINL HLDGS INC COM	$0	–	-705,102	–	-3.51%	–
PKBK	Exit	PARKE BANCORP INC	$0	–	-484,875	–	-3.57%	–
WFC	Exit	WELLS FARGO & CO NEW COM	$0	–	-264,000	–	-3.72%	–
BSBK	Exit	BOGOTA FINANCIAL CORP	$0	–	-969,711	–	-3.75%	–
SNFCA	Exit	SECURITY NATL FINL CORP CL A NEW	$0	–	-1,870,977	–	-4.17%	–
BFIN	Exit	BankFinancial Corp	$0	–	-1,260,537	–	-4.18%	–
SWKH	Exit	SWK HLDGS CORP COM	$0	–	-741,886	–	-4.42%	–
PVBC	Exit	PROVIDENT BANCORP INC	$0	–	-1,011,136	–	-5.08%	–
PBFS	Exit	PIONEER BANCORP INC/NY	$0	–	-1,528,276	–	-5.10%	–
	Exit	PONCE FINANCIAL GROUP INC	$0	–	-2,074,607	–	-6.67%	–
NECB	Exit	NORTHEAST COMMUNITY BANCORP	$0	–	-1,572,106	–	-6.84%	–
WLFC	Exit	Willis Lease Finance Corp	$0	–	-597,688	–	-6.86%	–

Q3 2022

			Value		Shares		↓ Weighting
WLFC	Buy	Willis Lease Finance Corp	$19,568,000	-7.3%	597,688	+6.1%	6.86%	+0.1%
NECB	Buy	NORTHEAST COMMUNITY BANCORP	$19,494,000	+5.6%	1,572,106	+0.2%	6.84%	+14.1%
	Buy	PONCE FINANCIAL GROUP INC	$19,003,000	+5.7%	2,074,607	+6.6%	6.67%	+14.2%
PBFS	Buy	PIONEER BANCORP INC/NY	$14,549,000	+2.6%	1,528,276	+5.6%	5.10%	+10.8%
PVBC	Buy	PROVIDENT BANCORP INC	$14,469,000	+14.6%	1,011,136	+25.7%	5.08%	+23.8%
SWKH	Buy	SWK HLDGS CORP COM	$12,612,000	+11.7%	741,886	+14.8%	4.42%	+20.7%
BFIN	Buy	BankFinancial Corp	$11,925,000	+10.8%	1,260,537	+9.9%	4.18%	+19.7%
SNFCA	Buy	SECURITY NATL FINL CORP CL A NEW	$11,881,000	-24.6%	1,870,977	+0.4%	4.17%	-18.6%
BSBK	Sell	BOGOTA FINANCIAL CORP	$10,686,000	-17.6%	969,711	-16.2%	3.75%	-11.0%
PKBK	Buy	PARKE BANCORP INC	$10,163,000	+26.0%	484,875	+26.0%	3.57%	+36.2%
PROV	Buy	PROVIDENT FINL HLDGS INC COM	$10,012,000	-2.1%	705,102	+2.3%	3.51%	+5.8%
FBIZ	Buy	FIRST BUS FINL SVCS INC WIS COM	$9,998,000	+10.1%	309,444	+6.3%	3.51%	+19.0%
HTH	Buy	Hilltop Holdings Inc	$9,047,000	+60.8%	364,076	+72.5%	3.17%	+73.7%
SPFI	Buy	SOUTH PLAINS FINANCIAL INC	$6,957,000	+14.6%	252,433	+0.4%	2.44%	+23.8%
NWLI	Buy	NATIONAL WESTN LIFE INS CO CL A	$6,956,000	-9.5%	40,725	+7.4%	2.44%	-2.3%
ISTR	Sell	INVESTAR HLDG CORP COM	$6,926,000	-10.9%	348,034	-1.9%	2.43%	-3.7%
	Sell	MAGYAR BANCORP INC COM	$6,815,000	+4.9%	548,277	-0.0%	2.39%	+13.3%
SFBC	Sell	SOUND FINL BANCORP INC COM	$6,617,000	-0.9%	163,297	-7.2%	2.32%	+7.1%
RBKB	Buy	RHINEBECK BANCORP INC	$5,749,000	+13.0%	589,592	+7.2%	2.02%	+22.1%
NODK	Buy	NI HOLDINGS INC	$5,642,000	-17.1%	422,269	+2.0%	1.98%	-10.5%
TSBK	Buy	TIMBERLAND BANCORP INC	$5,061,000	+18.4%	183,056	+7.1%	1.78%	+28.0%
MCB	Buy	METROPOLITAN BANK HOLDING CO	$4,813,000	+163.0%	74,786	+183.7%	1.69%	+184.3%
OCBI	Sell	ORANGE COUNTY BANCORP INC	$4,250,000	-28.1%	110,388	-29.1%	1.49%	-22.3%
	Buy	THIRD COAST BANCSHARES INC	$4,193,000	-10.6%	245,065	+14.5%	1.47%	-3.4%
EBTC	Buy	Enterprise Bancorp Inc/MA	$4,095,000	-4.9%	136,897	+2.4%	1.44%	+2.8%
CWBC	Buy	Community West Bancshares	$4,036,000	+0.7%	289,292	+3.3%	1.42%	+8.8%
RNDB	Sell	RANDOLPH BANCORP INC	$3,834,000	-0.4%	142,196	-2.3%	1.34%	+7.6%
ASRV	Sell	AMERISERV FINL INC COM	$3,591,000	-7.6%	945,074	-4.2%	1.26%	-0.2%
PCSB	Sell	PCSB FINANCIAL CORP	$2,478,000	-60.3%	138,202	-57.7%	0.87%	-57.1%
OVLY	Sell	OAK VALLEY BANCORP	$2,257,000	-28.8%	126,326	-31.4%	0.79%	-23.0%
PBHC	Sell	Pathfinder Bancorp Inc	$1,634,000	-7.7%	80,323	-9.6%	0.57%	-0.3%
GBNY	Sell	GENERATIONS BANCORP NY INC	$1,621,000	-22.4%	146,736	-20.0%	0.57%	-16.2%
ICCH	Sell	ICC HOLDINGS INC	$1,616,000	-56.3%	105,943	-54.1%	0.57%	-52.8%
FSEA	Sell	FIRST SEACOAST BANCORP	$1,527,000	-32.4%	147,854	-30.0%	0.54%	-27.0%
HWBK	Sell	HAWTHORN BANCSHARES INC	$927,000	-16.8%	42,404	-2.9%	0.32%	-10.2%
HTBI	Sell	HOMETRUST BANCSHARES INC COM	$653,000	-89.3%	29,558	-87.9%	0.23%	-88.4%
	Sell	1895 BANCORP OF WISCONSIN IN	$330,000	-90.8%	31,734	-90.9%	0.12%	-90.1%
FFNW	New	First Financial Northwest Inc	$278,000	–	18,717	–	0.10%	–
BCBP	Sell	BCB BANCORP INC COM	$262,000	-75.7%	15,597	-75.3%	0.09%	-73.7%
FNWD	Sell	FINWARD BANCORP	$206,000	-88.1%	6,057	-86.9%	0.07%	-87.2%
PBIP	Exit	PRUDENTIAL BANCORP INC NEW COM	$0	–	-122,305	–	-0.60%	–
HTLF	Exit	HEARTLAND FINANCIAL USA INC	$0	–	-180,500	–	-2.44%	–

Q2 2022

			Value		Shares		↓ Weighting
WLFC	New	Willis Lease Finance Corp	$21,116,000	–	563,404	–	6.86%	–
NECB	New	NORTHEAST COMMUNITY BANCORP	$18,463,000	–	1,568,672	–	6.00%	–
	New	PONCE FINANCIAL GROUP INC	$17,985,000	–	1,946,458	–	5.84%	–
SNFCA	New	SECURITY NATL FINL CORP CL A NEW	$15,760,000	–	1,862,889	–	5.12%	–
PBFS	New	PIONEER BANCORP INC/NY	$14,187,000	–	1,447,648	–	4.61%	–
BSBK	New	BOGOTA FINANCIAL CORP	$12,964,000	–	1,156,506	–	4.21%	–
PVBC	New	PROVIDENT BANCORP INC	$12,626,000	–	804,226	–	4.10%	–
SWKH	New	SWK HLDGS CORP COM	$11,292,000	–	646,373	–	3.67%	–
BFIN	New	BankFinancial Corp	$10,766,000	–	1,146,487	–	3.50%	–
WFC	New	WELLS FARGO & CO NEW COM	$10,341,000	–	264,000	–	3.36%	–
PROV	New	PROVIDENT FINL HLDGS INC COM	$10,225,000	–	689,456	–	3.32%	–
FBIZ	New	FIRST BUS FINL SVCS INC WIS COM	$9,082,000	–	291,171	–	2.95%	–
PKBK	New	PARKE BANCORP INC	$8,064,000	–	384,712	–	2.62%	–
HMNF	New	HMN Financial Inc	$7,922,000	–	343,231	–	2.57%	–
ISTR	New	INVESTAR HLDG CORP COM	$7,769,000	–	354,766	–	2.52%	–
NWLI	New	NATIONAL WESTN LIFE INS CO CL A	$7,688,000	–	37,927	–	2.50%	–
HTLF	New	HEARTLAND FINANCIAL USA INC	$7,498,000	–	180,500	–	2.44%	–
NODK	New	NI HOLDINGS INC	$6,804,000	–	414,126	–	2.21%	–
SFBC	New	SOUND FINL BANCORP INC COM	$6,677,000	–	175,940	–	2.17%	–
	New	MAGYAR BANCORP INC COM	$6,499,000	–	548,449	–	2.11%	–
PCSB	New	PCSB FINANCIAL CORP	$6,244,000	–	327,096	–	2.03%	–
HTBI	New	HOMETRUST BANCSHARES INC COM	$6,087,000	–	243,495	–	1.98%	–
SPFI	New	SOUTH PLAINS FINANCIAL INC	$6,070,000	–	251,433	–	1.97%	–
OCBI	New	ORANGE COUNTY BANCORP INC	$5,910,000	–	155,656	–	1.92%	–
HTH	New	Hilltop Holdings Inc	$5,625,000	–	211,001	–	1.83%	–
RBKB	New	RHINEBECK BANCORP INC	$5,088,000	–	550,083	–	1.65%	–
	New	THIRD COAST BANCSHARES INC	$4,688,000	–	214,079	–	1.52%	–
EBTC	New	Enterprise Bancorp Inc/MA	$4,305,000	–	133,724	–	1.40%	–
TSBK	New	TIMBERLAND BANCORP INC	$4,274,000	–	170,940	–	1.39%	–
CWBC	New	Community West Bancshares	$4,009,000	–	280,133	–	1.30%	–
ASRV	New	AMERISERV FINL INC COM	$3,888,000	–	986,762	–	1.26%	–
RNDB	New	RANDOLPH BANCORP INC	$3,848,000	–	145,482	–	1.25%	–
ICCH	New	ICC HOLDINGS INC	$3,697,000	–	230,943	–	1.20%	–
	New	1895 BANCORP OF WISCONSIN IN	$3,590,000	–	350,270	–	1.17%	–
OVLY	New	OAK VALLEY BANCORP	$3,169,000	–	184,255	–	1.03%	–
FSEA	New	FIRST SEACOAST BANCORP	$2,259,000	–	211,285	–	0.73%	–
GBNY	New	GENERATIONS BANCORP NY INC	$2,090,000	–	183,354	–	0.68%	–
PBIP	New	PRUDENTIAL BANCORP INC NEW COM	$1,850,000	–	122,305	–	0.60%	–
MCB	New	METROPOLITAN BANK HOLDING CO	$1,830,000	–	26,363	–	0.59%	–
PBHC	New	Pathfinder Bancorp Inc	$1,771,000	–	88,847	–	0.58%	–
FNWD	New	FINWARD BANCORP	$1,730,000	–	46,142	–	0.56%	–
HWBK	New	HAWTHORN BANCSHARES INC	$1,114,000	–	43,687	–	0.36%	–
BCBP	New	BCB BANCORP INC COM	$1,077,000	–	63,255	–	0.35%	–

Q4 2021

			Value		Shares		↓ Weighting
FSEA	Exit	FIRST SEACOAST BANCORP	$0	–	-28,865	–	-0.09%	–
NWFL	Exit	NORWOOD FINANCIAL CORP COM	$0	–	-19,459	–	-0.16%	–
COFS	Exit	CHOICEONE FINANCIAL SVCS INC	$0	–	-26,634	–	-0.22%	–
HBCP	Exit	Home Bancorp Inc	$0	–	-21,388	–	-0.27%	–
HWBK	Exit	HAWTHORN BANCSHARES INC	$0	–	-46,660	–	-0.35%	–
PBHC	Exit	Pathfinder Bancorp Inc	$0	–	-68,113	–	-0.36%	–
FUNC	Exit	FIRST UTD CORP COM	$0	–	-63,526	–	-0.39%	–
BCBP	Exit	BCB BANCORP INC COM	$0	–	-102,847	–	-0.50%	–
NWLI	Exit	NATIONAL WESTN LIFE INS CO CL A	$0	–	-8,687	–	-0.60%	–
PBIP	Exit	PRUDENTIAL BANCORP INC NEW COM	$0	–	-122,305	–	-0.61%	–
CHMG	Exit	CHEMUNG FINL CORP COM	$0	–	-42,512	–	-0.63%	–
CWBC	Exit	Community West Bancshares	$0	–	-161,577	–	-0.69%	–
ESXB	Exit	COMMUNITY BANKERS TR CORP COM	$0	–	-199,837	–	-0.74%	–
PWOD	Exit	Penns Woods Bancorp Inc	$0	–	-102,043	–	-0.80%	–
FNWB	Exit	FIRST NORTHWEST BANCORP COM	$0	–	-143,069	–	-0.82%	–
	Exit	1895 BANCORP OF WISCONSIN IN	$0	–	-245,075	–	-0.88%	–
GBNY	Exit	GENERATIONS BANCORP NY INC	$0	–	-240,816	–	-0.90%	–
HTLF	Exit	HEARTLAND FINANCIAL USA INC	$0	–	-64,364	–	-1.01%	–
SFBC	Exit	SOUND FINL BANCORP INC COM	$0	–	-80,620	–	-1.19%	–
ICCH	Exit	ICC HOLDINGS INC	$0	–	-230,943	–	-1.25%	–
ASRV	Exit	AMERISERV FINL INC COM	$0	–	-991,000	–	-1.26%	–
TSBK	Exit	TIMBERLAND BANCORP INC	$0	–	-136,088	–	-1.29%	–
RMBI	Exit	RICHMOND MUTUAL BANCORPORATI	$0	–	-254,117	–	-1.31%	–
RNDB	Exit	RANDOLPH BANCORP INC	$0	–	-197,516	–	-1.40%	–
BRKL	Exit	Brookline Bancorp Inc	$0	–	-302,910	–	-1.51%	–
FFNW	Exit	First Financial Northwest Inc	$0	–	-289,906	–	-1.55%	–
EBTC	Exit	Enterprise Bancorp Inc/MA	$0	–	-133,730	–	-1.57%	–
OVLY	Exit	OAK VALLEY BANCORP	$0	–	-288,018	–	-1.65%	–
NODK	Exit	NI HOLDINGS INC	$0	–	-288,308	–	-1.66%	–
RBKB	Exit	RHINEBECK BANCORP INC	$0	–	-510,319	–	-1.82%	–
	Exit	MAGYAR BANCORP INC COM	$0	–	-529,396	–	-1.98%	–
HTH	Exit	Hilltop Holdings Inc	$0	–	-186,480	–	-2.00%	–
OCBI	Exit	ORANGE COUNTY BANCORP INC	$0	–	-175,945	–	-2.02%	–
SPFI	Exit	SOUTH PLAINS FINANCIAL INC	$0	–	-263,829	–	-2.11%	–
FBIZ	Exit	FIRST BUS FINL SVCS INC WIS COM	$0	–	-242,219	–	-2.28%	–
ISTR	Exit	INVESTAR HLDG CORP COM	$0	–	-330,556	–	-2.38%	–
SWKH	Exit	SWK HLDGS CORP COM	$0	–	-401,047	–	-2.39%	–
HTBI	Exit	HOMETRUST BANCSHARES INC COM	$0	–	-276,590	–	-2.53%	–
HMNF	Exit	HMN Financial Inc	$0	–	-343,231	–	-2.60%	–
PCSB	Exit	PCSB FINANCIAL CORP	$0	–	-466,903	–	-2.82%	–
FRBK	Exit	REPUBLIC FIRST BANCORP INC COM	$0	–	-2,814,198	–	-2.84%	–
BFIN	Exit	BankFinancial Corp	$0	–	-784,477	–	-2.95%	–
PROV	Exit	PROVIDENT FINL HLDGS INC COM	$0	–	-585,505	–	-3.23%	–
EBC	Exit	EASTERN BANKSHARES INC	$0	–	-533,701	–	-3.55%	–
PVBC	Exit	PROVIDENT BANCORP INC	$0	–	-702,140	–	-3.68%	–
BSBK	Exit	BOGOTA FINANCIAL CORP	$0	–	-1,174,896	–	-3.97%	–
PBFS	Exit	PIONEER BANCORP INC/NY	$0	–	-979,752	–	-4.06%	–
PDLB	Exit	PDL COMMUNITY BANCORP	$0	–	-955,677	–	-4.45%	–
SNFCA	Exit	SECURITY NATL FINL CORP CL A NEW	$0	–	-1,740,527	–	-4.69%	–
NECB	Exit	NORTHEAST COMMUNITY BANCORP	$0	–	-1,316,959	–	-4.70%	–
WLFC	Exit	Willis Lease Finance Corp	$0	–	-421,132	–	-5.13%	–
WFC	Exit	WELLS FARGO & CO NEW COM	$0	–	-405,437	–	-6.16%	–

Q3 2021

			Value		Shares		↓ Weighting
WFC	Sell	WELLS FARGO & CO NEW COM	$18,816,000	-25.1%	405,437	-26.9%	6.16%	-30.9%
WLFC	Buy	Willis Lease Finance Corp	$15,662,000	-8.1%	421,132	+5.9%	5.13%	-15.1%
NECB	New	NORTHEAST COMMUNITY BANCORP	$14,342,000	–	1,316,959	–	4.70%	–
SNFCA	Buy	SECURITY NATL FINL CORP CL A NEW	$14,325,000	-1.2%	1,740,527	+5.0%	4.69%	-8.8%
PDLB	Buy	PDL COMMUNITY BANCORP	$13,580,000	+20.3%	955,677	+15.6%	4.45%	+11.1%
PBFS	Buy	PIONEER BANCORP INC/NY	$12,384,000	+8.0%	979,752	+2.7%	4.06%	-0.2%
BSBK	Buy	BOGOTA FINANCIAL CORP	$12,113,000	+2.8%	1,174,896	+1.5%	3.97%	-5.1%
PVBC	Sell	PROVIDENT BANCORP INC	$11,248,000	-12.2%	702,140	-10.6%	3.68%	-18.9%
EBC	Buy	EASTERN BANKSHARES INC	$10,834,000	+75.6%	533,701	+77.9%	3.55%	+62.2%
PROV	Buy	PROVIDENT FINL HLDGS INC COM	$9,866,000	-0.5%	585,505	+2.0%	3.23%	-8.1%
FRBK	Sell	REPUBLIC FIRST BANCORP INC COM	$8,668,000	-23.9%	2,814,198	-1.5%	2.84%	-29.7%
PCSB	Buy	PCSB FINANCIAL CORP	$8,610,000	+2.6%	466,903	+1.1%	2.82%	-5.2%
HMNF	Buy	HMN Financial Inc	$7,932,000	+22.6%	343,231	+13.0%	2.60%	+13.2%
HTBI	Sell	HOMETRUST BANCSHARES INC COM	$7,739,000	-5.1%	276,590	-5.4%	2.53%	-12.4%
SWKH	Buy	SWK HLDGS CORP COM	$7,287,000	+69.7%	401,047	+63.9%	2.39%	+56.7%
ISTR	Buy	INVESTAR HLDG CORP COM	$7,279,000	+30.3%	330,556	+35.4%	2.38%	+20.3%
FBIZ	Buy	FIRST BUS FINL SVCS INC WIS COM	$6,954,000	+7.3%	242,219	+1.2%	2.28%	-1.0%
SPFI	Buy	SOUTH PLAINS FINANCIAL INC	$6,432,000	+106.6%	263,829	+96.0%	2.11%	+90.8%
OCBI	New	ORANGE COUNTY BANCORP INC	$6,184,000	–	175,945	–	2.02%	–
	New	MAGYAR BANCORP INC COM	$6,062,000	–	529,396	–	1.98%	–
RBKB	Buy	RHINEBECK BANCORP INC	$5,562,000	+1.1%	510,319	+1.5%	1.82%	-6.7%
NODK	Buy	NI HOLDINGS INC	$5,063,000	+25.5%	288,308	+35.9%	1.66%	+15.9%
OVLY	Buy	OAK VALLEY BANCORP	$5,046,000	-2.2%	288,018	+1.4%	1.65%	-9.7%
EBTC	Buy	Enterprise Bancorp Inc/MA	$4,808,000	+57.3%	133,730	+43.3%	1.57%	+45.2%
FFNW	Sell	First Financial Northwest Inc	$4,746,000	-18.3%	289,906	-24.4%	1.55%	-24.5%
RNDB	Buy	RANDOLPH BANCORP INC	$4,262,000	+25.5%	197,516	+20.4%	1.40%	+15.9%
RMBI	Buy	RICHMOND MUTUAL BANCORPORATI	$4,004,000	+5.8%	254,117	+0.0%	1.31%	-2.3%
TSBK	Buy	TIMBERLAND BANCORP INC	$3,933,000	+38.7%	136,088	+35.0%	1.29%	+28.2%
ASRV	Buy	AMERISERV FINL INC COM	$3,849,000	+0.4%	991,000	+1.6%	1.26%	-7.3%
SFBC	Sell	SOUND FINL BANCORP INC COM	$3,623,000	-14.3%	80,620	-12.3%	1.19%	-20.9%
HTLF	New	HEARTLAND FINANCIAL USA INC	$3,095,000	–	64,364	–	1.01%	–
GBNY	Sell	GENERATIONS BANCORP NY INC	$2,757,000	+13.4%	240,816	-0.0%	0.90%	+4.8%
	New	1895 BANCORP OF WISCONSIN IN	$2,676,000	–	245,075	–	0.88%	–
FNWB	Buy	FIRST NORTHWEST BANCORP COM	$2,512,000	+4.5%	143,069	+4.5%	0.82%	-3.4%
PWOD	Buy	Penns Woods Bancorp Inc	$2,441,000	+73.1%	102,043	+72.4%	0.80%	+59.8%
ESXB	Sell	COMMUNITY BANKERS TR CORP COM	$2,272,000	-67.0%	199,837	-67.1%	0.74%	-69.5%
CWBC	Sell	Community West Bancshares	$2,108,000	-2.8%	161,577	-0.1%	0.69%	-10.3%
PBIP	Buy	PRUDENTIAL BANCORP INC NEW COM	$1,866,000	+33.0%	122,305	+20.7%	0.61%	+22.7%
NWLI	New	NATIONAL WESTN LIFE INS CO CL A	$1,829,000	–	8,687	–	0.60%	–
BCBP	Buy	BCB BANCORP INC COM	$1,518,000	+14.1%	102,847	+4.0%	0.50%	+5.3%
FUNC	Sell	FIRST UTD CORP COM	$1,182,000	+6.3%	63,526	-0.4%	0.39%	-1.8%
HWBK	Buy	HAWTHORN BANCSHARES INC	$1,081,000	+25.7%	46,660	+24.4%	0.35%	+16.1%
HBCP	Sell	Home Bancorp Inc	$827,000	-10.5%	21,388	-11.8%	0.27%	-17.4%
COFS	Buy	CHOICEONE FINANCIAL SVCS INC	$659,000	+3.3%	26,634	+1.1%	0.22%	-4.4%
NWFL	Sell	NORWOOD FINANCIAL CORP COM	$496,000	-57.9%	19,459	-57.1%	0.16%	-61.2%
FSEA	New	FIRST SEACOAST BANCORP	$280,000	–	28,865	–	0.09%	–
AUBN	Exit	AUBURN NATL BANCORP COM	$0	–	-6,839	–	-0.09%	–
WVFC	Exit	WVS FINANCIAL CORP	$0	–	-15,947	–	-0.09%	–
ALRS	Exit	ALERUS FINANCIAL CORP	$0	–	-16,681	–	-0.17%	–
CVLY	Exit	CODORUS VY BANCORP INC	$0	–	-24,683	–	-0.18%	–
FCCO	Exit	FIRST COMMUNITY CORP	$0	–	-27,500	–	-0.20%	–
GCBC	Exit	GREENE COUNTY BANCORP INC COM	$0	–	-30,785	–	-0.31%	–
BCOW	Exit	1895 BANCORP OF WISCONSIN IN	$0	–	-185,196	–	-0.99%	–
MCB	Exit	METROPOLITAN BANK HOLDING CO	$0	–	-71,675	–	-1.53%	–
MGYR	Exit	MAGYAR BANCORP INC COM	$0	–	-487,219	–	-2.36%	–

Q2 2021

			Value		Shares		↓ Weighting
WFC	New	WELLS FARGO & CO NEW COM	$25,136,000	–	555,000	–	8.91%	–
WLFC	New	Willis Lease Finance Corp	$17,040,000	–	397,572	–	6.04%	–
SNFCA	New	SECURITY NATL FINL CORP CL A NEW	$14,504,000	–	1,657,645	–	5.14%	–
PVBC	New	PROVIDENT BANCORP INC	$12,815,000	–	785,721	–	4.54%	–
BSBK	New	BOGOTA FINANCIAL CORP	$11,783,000	–	1,157,454	–	4.18%	–
PBFS	New	PIONEER BANCORP INC/NY	$11,464,000	–	953,743	–	4.06%	–
FRBK	New	REPUBLIC FIRST BANCORP INC COM	$11,394,000	–	2,855,718	–	4.04%	–
PDLB	New	PDL COMMUNITY BANCORP	$11,289,000	–	826,428	–	4.00%	–
PROV	New	PROVIDENT FINL HLDGS INC COM	$9,914,000	–	574,071	–	3.52%	–
BFIN	New	BankFinancial Corp	$8,974,000	–	784,477	–	3.18%	–
PCSB	New	PCSB FINANCIAL CORP	$8,389,000	–	461,679	–	2.98%	–
HTBI	New	HOMETRUST BANCSHARES INC COM	$8,156,000	–	292,343	–	2.89%	–
ESXB	New	COMMUNITY BANKERS TR CORP COM	$6,880,000	–	606,705	–	2.44%	–
HTH	New	Hilltop Holdings Inc	$6,788,000	–	186,480	–	2.41%	–
MGYR	New	MAGYAR BANCORP INC COM	$6,660,000	–	487,219	–	2.36%	–
FBIZ	New	FIRST BUS FINL SVCS INC WIS COM	$6,482,000	–	239,454	–	2.30%	–
HMNF	New	HMN Financial Inc	$6,471,000	–	303,818	–	2.30%	–
EBC	New	EASTERN BANKSHARES INC	$6,171,000	–	300,000	–	2.19%	–
FFNW	New	First Financial Northwest Inc	$5,806,000	–	383,224	–	2.06%	–
ISTR	New	INVESTAR HLDG CORP COM	$5,588,000	–	244,135	–	1.98%	–
RBKB	New	RHINEBECK BANCORP INC	$5,503,000	–	502,592	–	1.95%	–
OVLY	New	OAK VALLEY BANCORP	$5,160,000	–	283,996	–	1.83%	–
BRKL	New	Brookline Bancorp Inc	$4,529,000	–	302,910	–	1.61%	–
MCB	New	METROPOLITAN BANK HOLDING CO	$4,316,000	–	71,675	–	1.53%	–
SWKH	New	SWK HLDGS CORP COM	$4,294,000	–	244,682	–	1.52%	–
SFBC	New	SOUND FINL BANCORP INC COM	$4,229,000	–	91,946	–	1.50%	–
NODK	New	NI HOLDINGS INC	$4,034,000	–	212,203	–	1.43%	–
ASRV	New	AMERISERV FINL INC COM	$3,832,000	–	975,000	–	1.36%	–
RMBI	New	RICHMOND MUTUAL BANCORPORATI	$3,785,000	–	254,017	–	1.34%	–
ICCH	New	ICC HOLDINGS INC	$3,697,000	–	230,943	–	1.31%	–
RNDB	New	RANDOLPH BANCORP INC	$3,396,000	–	164,009	–	1.20%	–
SPFI	New	SOUTH PLAINS FINANCIAL INC	$3,113,000	–	134,598	–	1.10%	–
EBTC	New	Enterprise Bancorp Inc/MA	$3,057,000	–	93,337	–	1.08%	–
TSBK	New	TIMBERLAND BANCORP INC	$2,835,000	–	100,808	–	1.00%	–
BCOW	New	1895 BANCORP OF WISCONSIN IN	$2,783,000	–	185,196	–	0.99%	–
GBNY	New	GENERATIONS BANCORP NY INC	$2,432,000	–	240,817	–	0.86%	–
FNWB	New	FIRST NORTHWEST BANCORP COM	$2,403,000	–	136,896	–	0.85%	–
CWBC	New	Community West Bancshares	$2,168,000	–	161,810	–	0.77%	–
CHMG	New	CHEMUNG FINL CORP COM	$1,884,000	–	42,512	–	0.67%	–
PWOD	New	Penns Woods Bancorp Inc	$1,410,000	–	59,190	–	0.50%	–
PBIP	New	PRUDENTIAL BANCORP INC NEW COM	$1,403,000	–	101,331	–	0.50%	–
BCBP	New	BCB BANCORP INC COM	$1,330,000	–	98,869	–	0.47%	–
NWFL	New	NORWOOD FINANCIAL CORP COM	$1,179,000	–	45,342	–	0.42%	–
FUNC	New	FIRST UTD CORP COM	$1,112,000	–	63,809	–	0.39%	–
PBHC	New	Pathfinder Bancorp Inc	$1,076,000	–	68,113	–	0.38%	–
HBCP	New	Home Bancorp Inc	$924,000	–	24,251	–	0.33%	–
GCBC	New	GREENE COUNTY BANCORP INC COM	$866,000	–	30,785	–	0.31%	–
HWBK	New	HAWTHORN BANCSHARES INC	$860,000	–	37,522	–	0.30%	–
COFS	New	CHOICEONE FINANCIAL SVCS INC	$638,000	–	26,334	–	0.23%	–
FCCO	New	FIRST COMMUNITY CORP	$556,000	–	27,500	–	0.20%	–
CVLY	New	CODORUS VY BANCORP INC	$495,000	–	24,683	–	0.18%	–
ALRS	New	ALERUS FINANCIAL CORP	$484,000	–	16,681	–	0.17%	–
WVFC	New	WVS FINANCIAL CORP	$261,000	–	15,947	–	0.09%	–
AUBN	New	AUBURN NATL BANCORP COM	$243,000	–	6,839	–	0.09%	–

Q4 2020

			Value		Shares		↓ Weighting
WVFC	Exit	WVS FINANCIAL CORP	$0	–	-12,545	–	-0.11%	–
PTRS	Exit	PARTNERS BANCORP	$0	–	-33,833	–	-0.12%	–
OFED	Exit	OCONEE FED FINL CORP COM	$0	–	-9,552	–	-0.13%	–
FISI	Exit	Financial Institutions Inc	$0	–	-15,723	–	-0.15%	–
SAL	Exit	SALISBURY BANCORP INC	$0	–	-8,120	–	-0.16%	–
EBTC	Exit	Enterprise Bancorp Inc/MA	$0	–	-12,574	–	-0.17%	–
MLVF	Exit	MALVERN BANCORP INC COM	$0	–	-22,575	–	-0.17%	–
FRAF	Exit	FRANKLIN FINANCIAL SERVICES	$0	–	-21,608	–	-0.29%	–
PBHC	Exit	Pathfinder Bancorp Inc	$0	–	-60,673	–	-0.41%	–
BPFH	Exit	Boston Private Financial Holdings Inc	$0	–	-146,091	–	-0.51%	–
BCOW	Exit	1895 BANCORP OF WISCONSIN IN	$0	–	-101,434	–	-0.58%	–
FUNC	Exit	FIRST UTD CORP COM	$0	–	-80,057	–	-0.59%	–
FCNCA	Exit	FIRST CTZNS BANCSHARES INC N C CL A	$0	–	-2,994	–	-0.60%	–
CWBC	Exit	Community West Bancshares	$0	–	-134,987	–	-0.69%	–
RBKB	Exit	RHINEBECK BANCORP INC	$0	–	-179,085	–	-0.72%	–
HBCP	Exit	Home Bancorp Inc	$0	–	-50,146	–	-0.77%	–
TOWN	Exit	TowneBank/Portsmouth VA	$0	–	-77,051	–	-0.80%	–
SPFI	Exit	SOUTH PLAINS FINANCIAL INC	$0	–	-117,068	–	-0.92%	–
CHMG	Exit	CHEMUNG FINL CORP COM	$0	–	-55,835	–	-1.02%	–
BSBK	Exit	BOGOTA FINANCIAL CORP	$0	–	-259,622	–	-1.25%	–
BOCH	Exit	BANK OF COMMERCE HOLDINGS	$0	–	-289,133	–	-1.28%	–
HMNF	Exit	HMN Financial Inc	$0	–	-153,951	–	-1.29%	–
ALTA	Exit	ALTABANCORP	$0	–	-102,393	–	-1.31%	–
FFNW	Exit	First Financial Northwest Inc	$0	–	-244,728	–	-1.42%	–
LBAI	Exit	Lakeland Bancorp Inc	$0	–	-240,408	–	-1.52%	–
ESXB	Exit	COMMUNITY BANKERS TR CORP COM	$0	–	-492,174	–	-1.58%	–
WLFC	Exit	Willis Lease Finance Corp	$0	–	-156,209	–	-1.83%	–
ICCH	Exit	ICC HOLDINGS INC	$0	–	-262,877	–	-1.95%	–
NODK	Exit	NI HOLDINGS INC	$0	–	-186,577	–	-2.00%	–
SFBC	Exit	SOUND FINL BANCORP INC COM	$0	–	-107,648	–	-2.02%	–
UMBF	Exit	UMB Financial Corp	$0	–	-65,383	–	-2.03%	–
MGYR	Exit	MAGYAR BANCORP INC COM	$0	–	-393,237	–	-2.08%	–
ASRV	Exit	AMERISERV FINL INC COM	$0	–	-1,215,196	–	-2.16%	–
FBIZ	Exit	FIRST BUS FINL SVCS INC WIS COM	$0	–	-269,038	–	-2.44%	–
HTBI	Exit	HOMETRUST BANCSHARES INC COM	$0	–	-290,038	–	-2.50%	–
PDLB	Exit	PDL COMMUNITY BANCORP	$0	–	-461,275	–	-2.58%	–
BFIN	Exit	BankFinancial Corp	$0	–	-570,689	–	-2.61%	–
PCSB	Exit	PCSB FINANCIAL CORP	$0	–	-352,944	–	-2.70%	–
ALRS	Exit	ALERUS FINANCIAL CORP	$0	–	-218,974	–	-2.72%	–
RNDB	Exit	RANDOLPH BANCORP INC	$0	–	-345,920	–	-2.72%	–
PROV	Exit	PROVIDENT FINL HLDGS INC COM	$0	–	-412,986	–	-3.12%	–
PBFS	Exit	PIONEER BANCORP INC/NY	$0	–	-653,495	–	-3.68%	–
HONE	Exit	HARBORONE BANCORP INC	$0	–	-785,629	–	-4.02%	–
FITB	Exit	Fifth Third Bancorp	$0	–	-325,000	–	-4.39%	–
FRBK	Exit	REPUBLIC FIRST BANCORP INC COM	$0	–	-3,524,637	–	-4.42%	–
WFC	Exit	WELLS FARGO & CO NEW COM	$0	–	-335,000	–	-4.99%	–
SNFCA	Exit	SECURITY NATL FINL CORP CL A NEW	$0	–	-1,406,651	–	-5.71%	–
HTH	Exit	Hilltop Holdings Inc	$0	–	-456,500	–	-5.95%	–
CFG	Exit	CITIZENS FINL GROUP INC COM	$0	–	-380,800	–	-6.10%	–
PVBC	Exit	PROVIDENT BANCORP INC	$0	–	-1,362,149	–	-6.72%	–

Q3 2020

			Value		Shares		↓ Weighting
PVBC	Buy	PROVIDENT BANCORP INC	$10,611,000	+57.0%	1,362,149	+58.4%	6.72%	+34.3%
CFG	Sell	CITIZENS FINL GROUP INC COM	$9,627,000	-7.6%	380,800	-7.8%	6.10%	-21.0%
HTH	Buy	Hilltop Holdings Inc	$9,395,000	+29.9%	456,500	+16.5%	5.95%	+11.1%
SNFCA	Buy	SECURITY NATL FINL CORP CL A NEW	$9,003,000	+5.0%	1,406,651	+10.6%	5.71%	-10.2%
WFC	New	WELLS FARGO & CO NEW COM	$7,876,000	–	335,000	–	4.99%	–
FRBK	Buy	REPUBLIC FIRST BANCORP INC COM	$6,979,000	-16.8%	3,524,637	+2.5%	4.42%	-28.8%
HONE	Sell	HARBORONE BANCORP INC	$6,340,000	-17.4%	785,629	-12.5%	4.02%	-29.3%
PBFS	Buy	PIONEER BANCORP INC/NY	$5,803,000	+78.3%	653,495	+83.7%	3.68%	+52.6%
PROV	Buy	PROVIDENT FINL HLDGS INC COM	$4,915,000	+7.2%	412,986	+20.8%	3.12%	-8.3%
RNDB	Buy	RANDOLPH BANCORP INC	$4,300,000	+33.5%	345,920	+7.9%	2.72%	+14.2%
ALRS	Sell	ALERUS FINANCIAL CORP	$4,292,000	-22.0%	218,974	-21.3%	2.72%	-33.3%
PCSB	Buy	PCSB FINANCIAL CORP	$4,260,000	+54.0%	352,944	+61.8%	2.70%	+31.8%
BFIN	Buy	BankFinancial Corp	$4,120,000	+92.8%	570,689	+124.4%	2.61%	+64.9%
PDLB	Buy	PDL COMMUNITY BANCORP	$4,068,000	+0.2%	461,275	+15.6%	2.58%	-14.3%
HTBI	Buy	HOMETRUST BANCSHARES INC COM	$3,939,000	+107.1%	290,038	+144.0%	2.50%	+77.1%
FBIZ	Buy	FIRST BUS FINL SVCS INC WIS COM	$3,845,000	-10.1%	269,038	+3.5%	2.44%	-23.1%
ASRV	Buy	AMERISERV FINL INC COM	$3,415,000	-8.6%	1,215,196	+0.2%	2.16%	-21.8%
MGYR	Buy	MAGYAR BANCORP INC COM	$3,280,000	-0.5%	393,237	+6.7%	2.08%	-14.9%
UMBF	Sell	UMB Financial Corp	$3,204,000	-33.1%	65,383	-29.6%	2.03%	-42.8%
SFBC	Buy	SOUND FINL BANCORP INC COM	$3,190,000	+23.4%	107,648	+0.6%	2.02%	+5.6%
NODK	Sell	NI HOLDINGS INC	$3,151,000	-12.5%	186,577	-23.5%	2.00%	-25.2%
ICCH	Sell	ICC HOLDINGS INC	$3,076,000	+6.3%	262,877	-0.1%	1.95%	-9.1%
WLFC	Buy	Willis Lease Finance Corp	$2,882,000	-0.4%	156,209	+31.1%	1.83%	-14.8%
ESXB	New	COMMUNITY BANKERS TR CORP COM	$2,500,000	–	492,174	–	1.58%	–
LBAI	New	Lakeland Bancorp Inc	$2,392,000	–	240,408	–	1.52%	–
FFNW	Buy	First Financial Northwest Inc	$2,232,000	+7.4%	244,728	+14.1%	1.42%	-8.1%
ALTA	New	ALTABANCORP	$2,060,000	–	102,393	–	1.31%	–
HMNF	Buy	HMN Financial Inc	$2,041,000	-8.6%	153,951	+0.6%	1.29%	-21.8%
BOCH	Sell	BANK OF COMMERCE HOLDINGS	$2,015,000	-9.0%	289,133	-1.0%	1.28%	-22.1%
BSBK	Buy	BOGOTA FINANCIAL CORP	$1,978,000	+8.1%	259,622	+24.0%	1.25%	-7.5%
CHMG	Buy	CHEMUNG FINL CORP COM	$1,612,000	+8.2%	55,835	+2.3%	1.02%	-7.4%
SPFI	Buy	SOUTH PLAINS FINANCIAL INC	$1,453,000	+7.1%	117,068	+22.9%	0.92%	-8.4%
TOWN	New	TowneBank/Portsmouth VA	$1,264,000	–	77,051	–	0.80%	–
RBKB	Buy	RHINEBECK BANCORP INC	$1,132,000	+261.7%	179,085	+274.8%	0.72%	+209.1%
FCNCA	New	FIRST CTZNS BANCSHARES INC N C CL A	$954,000	–	2,994	–	0.60%	–
FUNC	Buy	FIRST UTD CORP COM	$937,000	+40.5%	80,057	+60.1%	0.59%	+20.2%
BCOW	Buy	1895 BANCORP OF WISCONSIN IN	$923,000	+20.0%	101,434	+20.0%	0.58%	+2.6%
BPFH	New	Boston Private Financial Holdings Inc	$806,000	–	146,091	–	0.51%	–
FRAF	Sell	FRANKLIN FINANCIAL SERVICES	$462,000	-28.0%	21,608	-12.8%	0.29%	-38.4%
MLVF	Sell	MALVERN BANCORP INC COM	$266,000	-8.6%	22,575	-1.3%	0.17%	-21.8%
EBTC	New	Enterprise Bancorp Inc/MA	$264,000	–	12,574	–	0.17%	–
SAL	Sell	SALISBURY BANCORP INC	$257,000	-59.8%	8,120	-47.9%	0.16%	-65.5%
FISI	New	Financial Institutions Inc	$242,000	–	15,723	–	0.15%	–
OFED	Sell	OCONEE FED FINL CORP COM	$207,000	-61.1%	9,552	-53.7%	0.13%	-66.8%
PTRS	New	PARTNERS BANCORP	$190,000	–	33,833	–	0.12%	–
WVFC	New	WVS FINANCIAL CORP	$167,000	–	12,545	–	0.11%	–
FSEA	Exit	FIRST SEACOAST BANCORP	$0	–	-18,103	–	-0.08%	–
DBCP	Exit	DELMAR BANCORP	$0	–	-79,131	–	-0.38%	–
CBFV	Exit	CB FINL SVCS INC COM	$0	–	-41,266	–	-0.67%	–
STND	Exit	STANDARD AVB FINL CORP COM	$0	–	-194,596	–	-3.34%	–

Q2 2020

			Value		Shares		↓ Weighting
CFG	New	CITIZENS FINL GROUP INC COM	$10,419,000	–	412,800	–	7.72%	–
SNFCA	New	SECURITY NATL FINL CORP CL A NEW	$8,578,000	–	1,271,792	–	6.36%	–
FRBK	New	REPUBLIC FIRST BANCORP INC COM	$8,387,000	–	3,437,121	–	6.21%	–
HONE	New	HARBORONE BANCORP INC	$7,671,000	–	898,282	–	5.68%	–
HTH	New	Hilltop Holdings Inc	$7,232,000	–	392,000	–	5.36%	–
PVBC	New	PROVIDENT BANCORP INC	$6,758,000	–	859,752	–	5.01%	–
FITB	New	Fifth Third Bancorp	$6,266,000	–	325,000	–	4.64%	–
ALRS	New	ALERUS FINANCIAL CORP	$5,501,000	–	278,382	–	4.08%	–
UMBF	New	UMB Financial Corp	$4,788,000	–	92,883	–	3.55%	–
PROV	New	PROVIDENT FINL HLDGS INC COM	$4,584,000	–	341,804	–	3.40%	–
STND	New	STANDARD AVB FINL CORP COM	$4,515,000	–	194,596	–	3.34%	–
FBIZ	New	FIRST BUS FINL SVCS INC WIS COM	$4,276,000	–	259,965	–	3.17%	–
PDLB	New	PDL COMMUNITY BANCORP	$4,061,000	–	398,920	–	3.01%	–
ASRV	New	AMERISERV FINL INC COM	$3,735,000	–	1,212,279	–	2.77%	–
NODK	New	NI HOLDINGS INC	$3,602,000	–	243,892	–	2.67%	–
MGYR	New	MAGYAR BANCORP INC COM	$3,298,000	–	368,524	–	2.44%	–
PBFS	New	PIONEER BANCORP INC/NY	$3,254,000	–	355,670	–	2.41%	–
RNDB	New	RANDOLPH BANCORP INC	$3,222,000	–	320,560	–	2.39%	–
ICCH	New	ICC HOLDINGS INC	$2,894,000	–	263,077	–	2.14%	–
WLFC	New	Willis Lease Finance Corp	$2,893,000	–	119,146	–	2.14%	–
PCSB	New	PCSB FINANCIAL CORP	$2,766,000	–	218,129	–	2.05%	–
SFBC	New	SOUND FINL BANCORP INC COM	$2,585,000	–	107,031	–	1.92%	–
HMNF	New	HMN Financial Inc	$2,233,000	–	152,962	–	1.65%	–
BOCH	New	BANK OF COMMERCE HOLDINGS	$2,214,000	–	292,104	–	1.64%	–
BFIN	New	BankFinancial Corp	$2,137,000	–	254,369	–	1.58%	–
FFNW	New	First Financial Northwest Inc	$2,078,000	–	214,486	–	1.54%	–
HTBI	New	HOMETRUST BANCSHARES INC COM	$1,902,000	–	118,866	–	1.41%	–
BSBK	New	BOGOTA FINANCIAL CORP	$1,830,000	–	209,355	–	1.36%	–
CHMG	New	CHEMUNG FINL CORP COM	$1,490,000	–	54,570	–	1.10%	–
SPFI	New	SOUTH PLAINS FINANCIAL INC	$1,357,000	–	95,268	–	1.00%	–
HBCP	New	Home Bancorp Inc	$1,341,000	–	50,146	–	0.99%	–
CWBC	New	Community West Bancshares	$1,137,000	–	134,987	–	0.84%	–
CBFV	New	CB FINL SVCS INC COM	$900,000	–	41,266	–	0.67%	–
BCOW	New	1895 BANCORP OF WISCONSIN IN	$769,000	–	84,558	–	0.57%	–
FUNC	New	FIRST UTD CORP COM	$667,000	–	50,000	–	0.49%	–
FRAF	New	FRANKLIN FINANCIAL SERVICES	$642,000	–	24,784	–	0.48%	–
SAL	New	SALISBURY BANCORP INC	$639,000	–	15,595	–	0.47%	–
PBHC	New	Pathfinder Bancorp Inc	$579,000	–	60,673	–	0.43%	–
OFED	New	OCONEE FED FINL CORP COM	$532,000	–	20,628	–	0.39%	–
DBCP	New	DELMAR BANCORP	$520,000	–	79,131	–	0.38%	–
RBKB	New	RHINEBECK BANCORP INC	$313,000	–	47,783	–	0.23%	–
MLVF	New	MALVERN BANCORP INC COM	$291,000	–	22,875	–	0.22%	–
FSEA	New	FIRST SEACOAST BANCORP	$111,000	–	18,103	–	0.08%	–

Q4 2019

			Value		Shares		↓ Weighting
FRBK	Exit	REPUBLIC FIRST BANCORP INC COM	$0	–	-73,880	–	-0.23%	–
BCOW	Exit	1895 BANCORP OF WISCONSIN IN	$0	–	-49,006	–	-0.34%	–
OFED	Exit	OCONEE FED FINL CORP COM	$0	–	-46,926	–	-0.75%	–
BFIN	Exit	BankFinancial Corp	$0	–	-87,453	–	-0.76%	–
CWBC	Exit	Community West Bancshares	$0	–	-129,912	–	-0.94%	–
CBFV	Exit	CB FINL SVCS INC COM	$0	–	-54,619	–	-1.10%	–
PBFS	Exit	PIONEER BANCORP INC/NY	$0	–	-128,816	–	-1.17%	–
RNDB	Exit	RANDOLPH BANCORP INC	$0	–	-126,896	–	-1.34%	–
FFNW	Exit	First Financial Northwest Inc	$0	–	-128,901	–	-1.39%	–
FCCO	Exit	FIRST COMMUNITY CORP	$0	–	-107,297	–	-1.52%	–
MYFW	Exit	FIRST WESTERN FINANCIAL INC	$0	–	-129,391	–	-1.61%	–
VLY	Exit	Valley National Bancorp	$0	–	-230,400	–	-1.82%	–
SPFI	Exit	SOUTH PLAINS FINANCIAL INC	$0	–	-162,113	–	-1.92%	–
ICCH	Exit	ICC HOLDINGS INC	$0	–	-234,612	–	-2.31%	–
HMNF	Exit	HMN Financial Inc	$0	–	-138,767	–	-2.31%	–
FRAF	Exit	FRANKLIN FINANCIAL SERVICES	$0	–	-92,518	–	-2.40%	–
FUNC	Exit	FIRST UTD CORP COM	$0	–	-153,508	–	-2.46%	–
SFBC	Exit	SOUND FINL BANCORP INC COM	$0	–	-98,326	–	-2.59%	–
MGYR	Exit	MAGYAR BANCORP INC COM	$0	–	-314,526	–	-2.69%	–
PDLB	Exit	PDL COMMUNITY BANCORP	$0	–	-263,906	–	-2.70%	–
PBBI	Exit	PB BANCORP INC	$0	–	-349,735	–	-2.94%	–
NODK	Exit	NI HOLDINGS INC	$0	–	-267,027	–	-3.34%	–
WLFC	Exit	Willis Lease Finance Corp	$0	–	-85,960	–	-3.47%	–
ASRV	Exit	AMERISERV FINL INC COM	$0	–	-1,200,360	–	-3.62%	–
SNFCA	Exit	SECURITY NATL FINL CORP CL A NEW	$0	–	-1,061,310	–	-3.79%	–
CMA	Exit	Comerica Inc	$0	–	-81,500	–	-3.92%	–
WFC	Exit	WELLS FARGO & CO NEW COM	$0	–	-120,500	–	-4.43%	–
STND	Exit	STANDARD AVB FINL CORP	$0	–	-239,995	–	-4.72%	–
FBIZ	Exit	FIRST BUS FINL SVCS INC WIS COM	$0	–	-272,206	–	-4.78%	–
CFG	Exit	CITIZENS FINL GROUP INC COM	$0	–	-192,200	–	-4.95%	–
HTH	Exit	Hilltop Holdings Inc	$0	–	-300,624	–	-5.23%	–
ZION	Exit	ZIONS BANCORPORATION COM	$0	–	-165,000	–	-5.35%	–
PROV	Exit	PROVIDENT FINL HLDGS INC COM	$0	–	-365,597	–	-5.53%	–
ALRS	Exit	ALERUS FINANCIAL CORP	$0	–	-359,994	–	-5.72%	–
HONE	Exit	HARBORONE BANCORP INC	$0	–	-798,260	–	-5.85%	–

Q3 2019

			Value		Shares		↓ Weighting
HONE	New	HARBORONE BANCORP INC	$8,034,000	–	798,260	–	5.85%	–
ALRS	New	ALERUS FINANCIAL CORP	$7,848,000	–	359,994	–	5.72%	–
PROV	Sell	PROVIDENT FINL HLDGS INC COM	$7,586,000	-6.9%	365,597	-5.9%	5.53%	-20.8%
ZION	New	ZIONS BANCORPORATION COM	$7,346,000	–	165,000	–	5.35%	–
HTH	Sell	Hilltop Holdings Inc	$7,182,000	-30.7%	300,624	-38.3%	5.23%	-41.0%
CFG	Sell	CITIZENS FINL GROUP INC COM	$6,798,000	-35.7%	192,200	-35.7%	4.95%	-45.3%
FBIZ	Buy	FIRST BUS FINL SVCS INC WIS COM	$6,555,000	+9.7%	272,206	+7.1%	4.78%	-6.7%
WFC	Sell	WELLS FARGO & CO NEW COM	$6,078,000	-14.4%	120,500	-19.7%	4.43%	-27.1%
CMA	New	Comerica Inc	$5,378,000	–	81,500	–	3.92%	–
SNFCA	Buy	SECURITY NATL FINL CORP CL A NEW	$5,200,000	+5.4%	1,061,310	+8.0%	3.79%	-10.3%
WLFC	Buy	Willis Lease Finance Corp	$4,760,000	+580.0%	85,960	+616.3%	3.47%	+479.0%
NODK	Buy	NI HOLDINGS INC	$4,577,000	+12.4%	267,027	+15.5%	3.34%	-4.3%
PBBI	Sell	PB BANCORP INC	$4,032,000	-22.2%	349,735	-20.0%	2.94%	-33.8%
PDLB	Buy	PDL COMMUNITY BANCORP	$3,711,000	+2.6%	263,906	+4.3%	2.70%	-12.7%
MGYR	Buy	MAGYAR BANCORP INC COM	$3,689,000	+0.6%	314,526	+3.8%	2.69%	-14.4%
SFBC	Sell	SOUND FINL BANCORP INC COM	$3,551,000	+5.4%	98,326	-0.3%	2.59%	-10.3%
FUNC	Sell	FIRST UTD CORP COM	$3,377,000	-31.1%	153,508	-38.2%	2.46%	-41.3%
FRAF	Sell	FRANKLIN FINANCIAL SERVICES	$3,289,000	-20.7%	92,518	-15.0%	2.40%	-32.6%
ICCH	Buy	ICC HOLDINGS INC	$3,170,000	+17.0%	234,612	+20.0%	2.31%	-0.4%
SPFI	Buy	SOUTH PLAINS FINANCIAL INC	$2,642,000	+9.3%	162,113	+10.6%	1.92%	-7.0%
VLY	New	Valley National Bancorp	$2,504,000	–	230,400	–	1.82%	–
MYFW	Sell	FIRST WESTERN FINANCIAL INC	$2,211,000	+23.0%	129,391	-4.5%	1.61%	+4.7%
FCCO	Buy	FIRST COMMUNITY CORP	$2,090,000	+16.4%	107,297	+10.6%	1.52%	-0.9%
FFNW	New	First Financial Northwest Inc	$1,905,000	–	128,901	–	1.39%	–
PBFS	New	PIONEER BANCORP INC/NY	$1,609,000	–	128,816	–	1.17%	–
CBFV	Sell	CB FINL SVCS INC COM	$1,516,000	+10.7%	54,619	-5.3%	1.10%	-5.8%
BFIN	New	BankFinancial Corp	$1,041,000	–	87,453	–	0.76%	–
OFED	Buy	OCONEE FED FINL CORP COM	$1,026,000	+5.2%	46,926	+10.4%	0.75%	-10.4%
BCOW	New	1895 BANCORP OF WISCONSIN IN	$472,000	–	49,006	–	0.34%	–
FRBK	New	REPUBLIC FIRST BANCORP INC COM	$310,000	–	73,880	–	0.23%	–
FNCB	Exit	FNCB BANCORP INC	$0	–	-24,893	–	-0.16%	–
PVBC	Exit	PROVIDENT BANCORP INC COM	$0	–	-22,586	–	-0.54%	–
HBCP	Exit	Home Bancorp Inc	$0	–	-24,125	–	-0.80%	–
MBCN	Exit	MIDDLEFIELD BANC CORP	$0	–	-23,644	–	-0.83%	–
FSBW	Exit	FS BANCORP INC COM	$0	–	-26,106	–	-1.16%	–
UMBF	Exit	UMB Financial Corp	$0	–	-39,055	–	-2.20%	–
PLUS	Exit	ePlus Inc	$0	–	-67,632	–	-3.99%	–

Q2 2019

			Value		Shares		↓ Weighting
CFG	New	CITIZENS FINL GROUP INC COM	$10,573,000	–	299,000	–	9.06%	–
HTH	New	Hilltop Holdings Inc	$10,359,000	–	487,039	–	8.87%	–
PROV	New	PROVIDENT FINL HLDGS INC COM	$8,152,000	–	388,354	–	6.98%	–
WFC	New	WELLS FARGO & CO NEW COM	$7,098,000	–	150,000	–	6.08%	–
STND	New	STANDARD AVB FINL CORP	$6,585,000	–	239,995	–	5.64%	–
FBIZ	New	FIRST BUS FINL SVCS INC WIS COM	$5,975,000	–	254,256	–	5.12%	–
PBBI	New	PB BANCORP INC	$5,182,000	–	437,275	–	4.44%	–
ASRV	New	AMERISERV FINL INC COM	$4,981,000	–	1,200,360	–	4.27%	–
SNFCA	New	SECURITY NATL FINL CORP CL A NEW	$4,932,000	–	982,456	–	4.22%	–
FUNC	New	FIRST UTD CORP COM	$4,900,000	–	248,580	–	4.20%	–
PLUS	New	ePlus Inc	$4,663,000	–	67,632	–	3.99%	–
FRAF	New	FRANKLIN FINANCIAL SERVICES	$4,150,000	–	108,867	–	3.55%	–
NODK	New	NI HOLDINGS INC	$4,071,000	–	231,171	–	3.49%	–
MGYR	New	MAGYAR BANCORP INC COM	$3,666,000	–	302,969	–	3.14%	–
PDLB	New	PDL COMMUNITY BANCORP	$3,617,000	–	253,099	–	3.10%	–
SFBC	New	SOUND FINL BANCORP INC COM	$3,368,000	–	98,626	–	2.88%	–
HMNF	New	HMN Financial Inc	$2,914,000	–	138,767	–	2.50%	–
ICCH	New	ICC HOLDINGS INC	$2,709,000	–	195,473	–	2.32%	–
UMBF	New	UMB Financial Corp	$2,571,000	–	39,055	–	2.20%	–
SPFI	New	SOUTH PLAINS FINANCIAL INC	$2,418,000	–	146,552	–	2.07%	–
RNDB	New	RANDOLPH BANCORP INC	$1,916,000	–	126,896	–	1.64%	–
MYFW	New	FIRST WESTERN FINANCIAL INC	$1,797,000	–	135,502	–	1.54%	–
FCCO	New	FIRST COMMUNITY CORP	$1,795,000	–	96,994	–	1.54%	–
CBFV	New	CB FINL SVCS INC COM	$1,370,000	–	57,705	–	1.17%	–
FSBW	New	FS BANCORP INC COM	$1,354,000	–	26,106	–	1.16%	–
CWBC	New	Community West Bancshares	$1,254,000	–	129,912	–	1.07%	–
OFED	New	OCONEE FED FINL CORP COM	$975,000	–	42,502	–	0.84%	–
MBCN	New	MIDDLEFIELD BANC CORP	$969,000	–	23,644	–	0.83%	–
HBCP	New	Home Bancorp Inc	$928,000	–	24,125	–	0.80%	–
WLFC	New	Willis Lease Finance Corp	$700,000	–	12,000	–	0.60%	–
PVBC	New	PROVIDENT BANCORP INC COM	$632,000	–	22,586	–	0.54%	–
FNCB	New	FNCB BANCORP INC	$193,000	–	24,893	–	0.16%	–

Q4 2018

			Value		Shares		↓ Weighting
OFED	Exit	OCONEE FED FINL CORP COM	$0	–	-19,507	–	-0.50%	–
RIVE	Exit	RIVERVIEW FINANCIAL CORP	$0	–	-42,597	–	-0.56%	–
CWBC	Exit	Community West Bancshares	$0	–	-104,491	–	-1.21%	–
ORM	Exit	OWENS RLTY MTG INC COM	$0	–	-102,893	–	-1.67%	–
BPRN	Exit	THE BANK OF PRINCETON	$0	–	-59,024	–	-1.74%	–
SNFCA	Exit	SECURITY NATL FINL CORP CL A NEW	$0	–	-363,851	–	-1.82%	–
WLFC	Exit	Willis Lease Finance Corp	$0	–	-59,495	–	-1.98%	–
RNDB	Exit	RANDOLPH BANCORP INC	$0	–	-137,675	–	-2.19%	–
ICCH	Exit	ICC HOLDINGS INC	$0	–	-154,838	–	-2.24%	–
PDLB	Exit	PDL COMMUNITY BANCORP	$0	–	-162,994	–	-2.37%	–
HMNF	Exit	HMN Financial Inc	$0	–	-127,738	–	-2.52%	–
FLIC	Exit	First of Long Island Corp/The	$0	–	-121,705	–	-2.55%	–
FUNC	Exit	FIRST UTD CORP COM	$0	–	-145,661	–	-2.64%	–
ANCB	Exit	ANCHOR BANCORP	$0	–	-100,734	–	-2.74%	–
MGYR	Exit	MAGYAR BANCORP INC COM	$0	–	-238,961	–	-2.80%	–
NODK	Exit	NI HOLDINGS INC	$0	–	-186,170	–	-3.02%	–
MFNC	Exit	MACKINAC FINL CORP	$0	–	-206,325	–	-3.22%	–
OZK	Exit	BANK OZK	$0	–	-88,749	–	-3.24%	–
SFBC	Exit	SOUND FINL BANCORP INC COM	$0	–	-94,705	–	-3.60%	–
HTH	Exit	Hilltop Holdings Inc	$0	–	-198,490	–	-3.85%	–
FBIZ	Exit	FIRST BUS FINL SVCS INC WIS COM	$0	–	-188,009	–	-4.19%	–
HONE	Exit	HARBORONE BANCORP INC	$0	–	-229,878	–	-4.23%	–
ASRV	Exit	AMERISERV FINL INC COM	$0	–	-1,194,164	–	-4.94%	–
CFG	Exit	CITIZENS FINL GROUP INC COM	$0	–	-165,000	–	-6.12%	–
PBBI	Exit	PB BANCORP INC	$0	–	-571,578	–	-6.46%	–
STND	Exit	STANDARD FINL CORP MD COM	$0	–	-216,362	–	-6.48%	–
FITB	Exit	Fifth Third Bancorp	$0	–	-242,000	–	-6.50%	–
PROV	Exit	PROVIDENT FINL HLDGS INC COM	$0	–	-408,003	–	-7.18%	–
SIFI	Exit	SI Financial Group Inc	$0	–	-551,544	–	-7.43%	–

Q3 2018

			Value		Shares		↓ Weighting
SIFI	Buy	SI Financial Group Inc	$7,722,000	+50.4%	551,544	+58.5%	7.43%	+33.9%
PROV	Buy	PROVIDENT FINL HLDGS INC COM	$7,466,000	+4.9%	408,003	+9.4%	7.18%	-6.6%
FITB	Buy	Fifth Third Bancorp	$6,757,000	+33.0%	242,000	+36.7%	6.50%	+18.4%
STND	Buy	STANDARD FINL CORP MD COM	$6,729,000	+15.8%	216,362	+12.8%	6.48%	+3.1%
PBBI	Sell	PB BANCORP INC	$6,716,000	+3.4%	571,578	-0.1%	6.46%	-7.9%
CFG	Buy	CITIZENS FINL GROUP INC COM	$6,364,000	+20.8%	165,000	+21.9%	6.12%	+7.6%
HONE	Buy	HARBORONE BANCORP INC	$4,395,000	+8.2%	229,878	+7.2%	4.23%	-3.7%
FBIZ	Buy	FIRST BUS FINL SVCS INC WIS COM	$4,358,000	+21.6%	188,009	+36.4%	4.19%	+8.3%
HTH	New	Hilltop Holdings Inc	$4,004,000	–	198,490	–	3.85%	–
SFBC	Sell	SOUND FINL BANCORP INC COM	$3,746,000	+0.3%	94,705	-2.0%	3.60%	-10.7%
OZK	New	BANK OZK	$3,369,000	–	88,749	–	3.24%	–
MFNC	Sell	MACKINAC FINL CORP	$3,342,000	-6.0%	206,325	-3.8%	3.22%	-16.3%
MGYR	Buy	MAGYAR BANCORP INC COM	$2,906,000	+1.8%	238,961	+7.8%	2.80%	-9.4%
ANCB	Sell	ANCHOR BANCORP	$2,851,000	-21.8%	100,734	-27.8%	2.74%	-30.4%
FUNC	Buy	FIRST UTD CORP COM	$2,738,000	+3.3%	145,661	+12.4%	2.64%	-8.1%
FLIC	New	First of Long Island Corp/The	$2,647,000	–	121,705	–	2.55%	–
HMNF	Buy	HMN Financial Inc	$2,619,000	+2.0%	127,738	+0.0%	2.52%	-9.2%
PDLB	Buy	PDL COMMUNITY BANCORP	$2,463,000	+4.3%	162,994	+8.4%	2.37%	-7.2%
ICCH	Buy	ICC HOLDINGS INC	$2,324,000	+0.3%	154,838	+4.9%	2.24%	-10.7%
RNDB	Sell	RANDOLPH BANCORP INC	$2,276,000	-25.5%	137,675	-24.2%	2.19%	-33.6%
WLFC	Buy	Willis Lease Finance Corp	$2,053,000	+47.6%	59,495	+35.1%	1.98%	+31.4%
SNFCA	Buy	SECURITY NATL FINL CORP CL A NEW	$1,892,000	+36.8%	363,851	+36.8%	1.82%	+21.8%
BPRN	Sell	THE BANK OF PRINCETON	$1,803,000	-36.8%	59,024	-31.2%	1.74%	-43.7%
ORM	Sell	OWENS RLTY MTG INC COM	$1,738,000	-7.9%	102,893	-9.1%	1.67%	-18.0%
RIVE	New	RIVERVIEW FINANCIAL CORP	$579,000	–	42,597	–	0.56%	–
OFED	Buy	OCONEE FED FINL CORP COM	$517,000	+22.2%	19,507	+33.5%	0.50%	+9.0%
WFC	Exit	WELLS FARGO & CO NEW COM	$0	–	-108,000	–	-6.47%	–

Q2 2018

			Value		Shares		↓ Weighting
PROV	New	PROVIDENT FINL HLDGS INC COM	$7,117,000	–	373,020	–	7.69%	–
PBBI	New	PB BANCORP INC	$6,496,000	–	572,378	–	7.02%	–
WFC	New	WELLS FARGO & CO NEW COM	$5,988,000	–	108,000	–	6.47%	–
STND	New	STANDARD FINL CORP MD COM	$5,810,000	–	191,742	–	6.28%	–
CFG	New	CITIZENS FINL GROUP INC COM	$5,267,000	–	135,400	–	5.69%	–
SIFI	New	SI Financial Group Inc	$5,134,000	–	348,054	–	5.55%	–
FITB	New	Fifth Third Bancorp	$5,080,000	–	177,000	–	5.49%	–
ASRV	New	AMERISERV FINL INC COM	$4,896,000	–	1,194,164	–	5.29%	–
HONE	New	HARBORONE BANCORP INC	$4,063,000	–	214,509	–	4.39%	–
SFBC	New	SOUND FINL BANCORP INC COM	$3,735,000	–	96,646	–	4.04%	–
ANCB	New	ANCHOR BANCORP	$3,647,000	–	139,465	–	3.94%	–
FBIZ	New	FIRST BUS FINL SVCS INC WIS COM	$3,584,000	–	137,854	–	3.87%	–
MFNC	New	MACKINAC FINL CORP	$3,556,000	–	214,475	–	3.84%	–
NODK	New	NI HOLDINGS INC	$3,156,000	–	186,170	–	3.41%	–
RNDB	New	RANDOLPH BANCORP INC	$3,053,000	–	181,736	–	3.30%	–
MGYR	New	MAGYAR BANCORP INC COM	$2,856,000	–	221,701	–	3.09%	–
BPRN	New	THE BANK OF PRINCETON	$2,851,000	–	85,736	–	3.08%	–
FUNC	New	FIRST UTD CORP COM	$2,651,000	–	129,644	–	2.87%	–
HMNF	New	HMN Financial Inc	$2,568,000	–	127,737	–	2.78%	–
PDLB	New	PDL COMMUNITY BANCORP	$2,362,000	–	150,344	–	2.55%	–
ICCH	New	ICC HOLDINGS INC	$2,317,000	–	147,575	–	2.50%	–
ORM	New	OWENS RLTY MTG INC COM	$1,887,000	–	113,135	–	2.04%	–
WLFC	New	Willis Lease Finance Corp	$1,391,000	–	44,048	–	1.50%	–
SNFCA	New	SECURITY NATL FINL CORP CL A NEW	$1,383,000	–	265,937	–	1.50%	–
CWBC	New	Community West Bancshares	$1,233,000	–	104,491	–	1.33%	–
OFED	New	OCONEE FED FINL CORP COM	$423,000	–	14,613	–	0.46%	–

Q4 2017

			Value		Shares		↓ Weighting
ESSA	Exit	ESSA Bancorp Inc	$0	–	-18,820	–	-0.29%	–
OFED	Exit	OCONEE FED FINL CORP COM	$0	–	-15,909	–	-0.44%	–
FBIZ	Exit	FIRST BUS FINL SVCS INC WIS COM	$0	–	-28,016	–	-0.63%	–
OVLY	Exit	OAK VALLEY BANCORP	$0	–	-38,689	–	-0.64%	–
HFBC	Exit	HopFed Bancorp Inc	$0	–	-57,039	–	-0.82%	–
WNEB	Exit	WESTERN NEW ENGLAND BANCORP	$0	–	-87,463	–	-0.94%	–
CWBC	Exit	Community West Bancshares	$0	–	-98,531	–	-1.01%	–
CHMG	Exit	CHEMUNG FINL CORP COM	$0	–	-22,011	–	-1.02%	–
HONE	Exit	HARBORONE BANCORP INC	$0	–	-63,584	–	-1.18%	–
DNBF	Exit	DNB FINL CORP COM	$0	–	-36,946	–	-1.28%	–
HMNF	Exit	HMN Financial Inc	$0	–	-76,904	–	-1.36%	–
WLFC	Exit	Willis Lease Finance Corp	$0	–	-65,054	–	-1.58%	–
MGYR	Exit	MAGYAR BANCORP INC COM	$0	–	-160,428	–	-1.93%	–
BANX	Exit	STONECASTLE FINANCIAL CORP	$0	–	-98,886	–	-2.02%	–
ICCH	Exit	ICC HOLDINGS INC	$0	–	-116,919	–	-2.08%	–
AMRB	Exit	AMERICAN RIVER BANKSHARES COM	$0	–	-167,475	–	-2.29%	–
NODK	Exit	NI HOLDINGS INC	$0	–	-173,131	–	-3.06%	–
SFBC	Exit	SOUND FINL BANCORP INC COM	$0	–	-94,892	–	-3.19%	–
PROV	Exit	PROVIDENT FINL HLDGS INC COM	$0	–	-167,367	–	-3.24%	–
OPB	Exit	OPUS BK IRVINE CALIF COM	$0	–	-142,764	–	-3.39%	–
PFBX	Exit	PEOPLES FINL CORP MISS COM	$0	–	-236,325	–	-3.43%	–
PBBI	Exit	PB BANCORP INC	$0	–	-338,956	–	-3.52%	–
RNDB	Exit	RANDOLPH BANCORP INC	$0	–	-234,740	–	-3.55%	–
MBCN	Exit	MIDDLEFIELD BANC CORP	$0	–	-83,616	–	-3.81%	–
ASRV	Exit	AMERISERV FINL INC COM	$0	–	-1,111,989	–	-4.40%	–
BPRN	Exit	THE BANK OF PRINCETON	$0	–	-161,685	–	-5.11%	–
CFNB	Exit	California First National Bancorp	$0	–	-362,398	–	-6.48%	–
WFC	Exit	WELLS FARGO & CO NEW COM	$0	–	-127,000	–	-6.92%	–
FITB	Exit	Fifth Third Bancorp	$0	–	-340,000	–	-9.40%	–
CFG	Exit	CITIZENS FINL GROUP INC COM	$0	–	-265,000	–	-9.92%	–
FUNC	Exit	FIRST UTD CORP COM	$0	–	-670,681	–	-11.04%	–

Q3 2017

			Value		Shares		↓ Weighting
FUNC	Buy	FIRST UTD CORP COM	$11,167,000	+17.9%	670,681	+5.5%	11.04%	+6.2%
CFNB	Buy	California First National Bancorp	$6,559,000	+3.4%	362,398	+7.7%	6.48%	-6.9%
BPRN	New	THE BANK OF PRINCETON	$5,172,000	–	161,685	–	5.11%	–
ASRV	Buy	AMERISERV FINL INC COM	$4,448,000	+29.9%	1,111,989	+34.8%	4.40%	+17.1%
MBCN	Sell	MIDDLEFIELD BANC CORP	$3,855,000	-23.5%	83,616	-16.4%	3.81%	-31.1%
PBBI	Buy	PB BANCORP INC	$3,559,000	+57.5%	338,956	+58.2%	3.52%	+41.9%
PFBX	Buy	PEOPLES FINL CORP MISS COM	$3,474,000	+17.4%	236,325	+7.0%	3.43%	+5.7%
OPB	New	OPUS BK IRVINE CALIF COM	$3,426,000	–	142,764	–	3.39%	–
PROV	Buy	PROVIDENT FINL HLDGS INC COM	$3,280,000	+33.7%	167,367	+31.4%	3.24%	+20.4%
SFBC	Buy	SOUND FINL BANCORP INC COM	$3,226,000	+12.8%	94,892	+1.2%	3.19%	+1.6%
NODK	Buy	NI HOLDINGS INC	$3,099,000	+6.2%	173,131	+6.0%	3.06%	-4.4%
AMRB	Buy	AMERICAN RIVER BANKSHARES COM	$2,318,000	+108.8%	167,475	+119.0%	2.29%	+88.1%
BANX	Sell	STONECASTLE FINANCIAL CORP	$2,041,000	+1.1%	98,886	-0.1%	2.02%	-8.9%
MGYR	Buy	MAGYAR BANCORP INC COM	$1,949,000	+2.1%	160,428	+10.3%	1.93%	-8.0%
WLFC	New	Willis Lease Finance Corp	$1,600,000	–	65,054	–	1.58%	–
DNBF	Sell	DNB FINL CORP COM	$1,300,000	-21.8%	36,946	-23.8%	1.28%	-29.6%
HONE	New	HARBORONE BANCORP INC	$1,196,000	–	63,584	–	1.18%	–
CHMG	Sell	CHEMUNG FINL CORP COM	$1,037,000	-77.6%	22,011	-80.6%	1.02%	-79.8%
CWBC	Buy	Community West Bancshares	$1,020,000	+2.5%	98,531	+0.0%	1.01%	-7.7%
WNEB	Sell	WESTERN NEW ENGLAND BANCORP	$953,000	-51.2%	87,463	-54.5%	0.94%	-56.0%
OVLY	Sell	OAK VALLEY BANCORP	$650,000	+7.6%	38,689	-11.0%	0.64%	-3.0%
FBIZ	New	FIRST BUS FINL SVCS INC WIS COM	$637,000	–	28,016	–	0.63%	–
OFED	Buy	OCONEE FED FINL CORP COM	$446,000	+5.4%	15,909	+3.5%	0.44%	-5.0%
ESSA	New	ESSA Bancorp Inc	$295,000	–	18,820	–	0.29%	–
CVLY	Exit	CODORUS VY BANCORP INC	$0	–	-28,424	–	-0.88%	–
SGBK	Exit	STONEGATE BK FT LAUDERDALE FLA COM	$0	–	-19,942	–	-1.01%	–
MSL	Exit	MIDSOUTH BANCORP INC COM	$0	–	-120,972	–	-1.56%	–
FFWM	Exit	FIRST FNDTN INC COM	$0	–	-104,350	–	-1.88%	–

Q2 2017

			Value		Shares		↓ Weighting
FUNC	New	FIRST UTD CORP COM	$9,471,000	–	635,638	–	10.39%	–
CFG	New	CITIZENS FINL GROUP INC COM	$9,455,000	–	265,000	–	10.38%	–
FITB	New	Fifth Third Bancorp	$8,826,000	–	340,000	–	9.68%	–
WFC	New	WELLS FARGO & CO NEW COM	$7,037,000	–	127,000	–	7.72%	–
CFNB	New	California First National Bancorp	$6,344,000	–	336,555	–	6.96%	–
MBCN	New	MIDDLEFIELD BANC CORP	$5,040,000	–	100,000	–	5.53%	–
CHMG	New	CHEMUNG FINL CORP COM	$4,627,000	–	113,174	–	5.08%	–
RNDB	New	RANDOLPH BANCORP INC	$3,732,000	–	234,740	–	4.10%	–
ASRV	New	AMERISERV FINL INC COM	$3,423,000	–	824,815	–	3.76%	–
PFBX	New	PEOPLES FINL CORP MISS COM	$2,960,000	–	220,887	–	3.25%	–
NODK	New	NI HOLDINGS INC	$2,919,000	–	163,263	–	3.20%	–
SFBC	New	SOUND FINL BANCORP INC COM	$2,860,000	–	93,804	–	3.14%	–
PROV	New	PROVIDENT FINL HLDGS INC COM	$2,453,000	–	127,407	–	2.69%	–
PBBI	New	PB BANCORP INC	$2,260,000	–	214,226	–	2.48%	–
ICCH	New	ICC HOLDINGS INC	$2,024,000	–	116,919	–	2.22%	–
BANX	New	STONECASTLE FINANCIAL CORP	$2,019,000	–	98,986	–	2.22%	–
WNEB	New	WESTERN NEW ENGLAND BANCORP	$1,951,000	–	192,183	–	2.14%	–
MGYR	New	MAGYAR BANCORP INC COM	$1,908,000	–	145,428	–	2.09%	–
FFWM	New	FIRST FNDTN INC COM	$1,714,000	–	104,350	–	1.88%	–
DNBF	New	DNB FINL CORP COM	$1,663,000	–	48,498	–	1.82%	–
MSL	New	MIDSOUTH BANCORP INC COM	$1,421,000	–	120,972	–	1.56%	–
HMNF	New	HMN Financial Inc	$1,350,000	–	76,904	–	1.48%	–
AMRB	New	AMERICAN RIVER BANKSHARES COM	$1,110,000	–	76,465	–	1.22%	–
CWBC	New	Community West Bancshares	$995,000	–	98,485	–	1.09%	–
SGBK	New	STONEGATE BK FT LAUDERDALE FLA COM	$921,000	–	19,942	–	1.01%	–
HFBC	New	HopFed Bancorp Inc	$818,000	–	57,039	–	0.90%	–
CVLY	New	CODORUS VY BANCORP INC	$807,000	–	28,424	–	0.88%	–
OVLY	New	OAK VALLEY BANCORP	$604,000	–	43,472	–	0.66%	–
OFED	New	OCONEE FED FINL CORP COM	$423,000	–	15,371	–	0.46%	–

Q4 2016

			Value		Shares		↓ Weighting
PBIP	Exit	PRUDENTIAL BANCORP INC NEW COM	$0	–	-13,046	–	-0.19%	–
CWBC	Exit	Community West Bancshares	$0	–	-63,993	–	-0.52%	–
LARK	Exit	LANDMARK BANCORP INC	$0	–	-22,880	–	-0.60%	–
HFBC	Exit	HopFed Bancorp Inc	$0	–	-64,127	–	-0.71%	–
HMNF	Exit	HMN Financial Inc	$0	–	-79,101	–	-1.11%	–
DNBF	Exit	DNB FINL CORP COM	$0	–	-48,519	–	-1.21%	–
PFBI	Exit	Premier Financial Bancorp, Inc	$0	–	-78,470	–	-1.32%	–
WFD	Exit	Westfield Financial Inc	$0	–	-187,876	–	-1.42%	–
MGYR	Exit	MAGYAR BANCORP INC COM	$0	–	-147,242	–	-1.46%	–
PBBI	Exit	PB Bancorp Inc	$0	–	-214,026	–	-1.83%	–
BANX	Exit	STONECASTLE FINANCIAL CORP	$0	–	-100,000	–	-1.84%	–
CVLY	Exit	Codorus Valley Bancorp, Inc	$0	–	-90,680	–	-1.95%	–
SFBC	Exit	SOUND FINL BANCORP INC COM	$0	–	-87,272	–	-2.08%	–
CNBKA	Exit	CENTURY BANCORP INC MASS CL A NON VTG	$0	–	-50,654	–	-2.26%	–
TRCB	Exit	TWO RIV BANCORP COM	$0	–	-206,628	–	-2.34%	–
CBNK	Exit	CHICOPEE BANCORP INC COM	$0	–	-130,570	–	-2.38%	–
FFWM	Exit	FIRST FNDTN INC COM	$0	–	-99,926	–	-2.43%	–
PFBX	Exit	PEOPLES FINL CORP MISS COM	$0	–	-253,056	–	-2.66%	–
ASRV	Exit	AMERISERV FINL INC COM	$0	–	-834,800	–	-2.73%	–
RNDB	Exit	RANDOLPH BANCORP INC	$0	–	-234,840	–	-3.15%	–
CHMG	Exit	CHEMUNG FINL CORP COM	$0	–	-124,409	–	-3.55%	–
SGM	Exit	STONEGATE MTG CORP COM	$0	–	-932,091	–	-4.20%	–
OSHC	Exit	OCEAN SHORE HLDG CO NEW COM	$0	–	-191,632	–	-4.28%	–
AMRB	Exit	AMERICAN RIVER BANKSHARES COM	$0	–	-468,288	–	-5.00%	–
CFG	Exit	CITIZENS FINL GROUP INC COM	$0	–	-217,000	–	-5.28%	–
CFNB	Exit	California First National Bancorp	$0	–	-385,482	–	-5.30%	–
PUB	Exit	PEOPLES UTAH BANCORP COM	$0	–	-268,633	–	-5.38%	–
FUNC	Exit	FIRST UTD CORP COM	$0	–	-459,654	–	-5.61%	–
ZION	Exit	ZIONS BANCORPORATION COM	$0	–	-262,000	–	-8.00%	–
MBRG	Exit	Middleburg Financial Corp	$0	–	-289,622	–	-8.07%	–
CMA	Exit	Comerica Inc	$0	–	-238,846	–	-11.13%	–

Q3 2016

			Value		Shares		↓ Weighting
MBRG	Buy	Middleburg Financial Corp	$8,191,000	+10.6%	289,622	+6.4%	8.07%	+19.2%
ZION	Sell	ZIONS BANCORPORATION COM	$8,127,000	-2.6%	262,000	-21.1%	8.00%	+4.9%
FUNC	Buy	FIRST UTD CORP COM	$5,691,000	+26.8%	459,654	+0.8%	5.61%	+36.6%
PUB	Sell	PEOPLES UTAH BANCORP COM	$5,467,000	-31.9%	268,633	-44.4%	5.38%	-26.6%
CFNB	Sell	California First National Bancorp	$5,381,000	-5.5%	385,482	-0.0%	5.30%	+1.8%
CFG	Sell	CITIZENS FINL GROUP INC COM	$5,362,000	+0.3%	217,000	-18.9%	5.28%	+8.1%
AMRB	Buy	AMERICAN RIVER BANKSHARES COM	$5,076,000	+10.1%	468,288	+4.3%	5.00%	+18.6%
OSHC	Sell	OCEAN SHORE HLDG CO NEW COM	$4,340,000	-40.2%	191,632	-55.2%	4.28%	-35.5%
SGM	Buy	STONEGATE MTG CORP COM	$4,269,000	+50.4%	932,091	+10.4%	4.20%	+62.0%
CHMG	Buy	CHEMUNG FINL CORP COM	$3,607,000	+2.8%	124,409	+4.0%	3.55%	+10.7%
RNDB	New	RANDOLPH BANCORP INC	$3,201,000	–	234,840	–	3.15%	–
ASRV	Buy	AMERISERV FINL INC COM	$2,772,000	+25.4%	834,800	+14.0%	2.73%	+35.0%
PFBX	Buy	PEOPLES FINL CORP MISS COM	$2,698,000	+19.0%	253,056	+14.9%	2.66%	+28.2%
FFWM	Sell	FIRST FNDTN INC COM	$2,465,000	-23.2%	99,926	-33.1%	2.43%	-17.3%
CBNK	Buy	CHICOPEE BANCORP INC COM	$2,416,000	+62.5%	130,570	+60.3%	2.38%	+75.0%
TRCB	Sell	TWO RIV BANCORP COM	$2,380,000	-26.1%	206,628	-30.4%	2.34%	-20.4%
CNBKA	Sell	CENTURY BANCORP INC MASS CL A NON VTG	$2,296,000	+1.1%	50,654	-5.6%	2.26%	+8.9%
CVLY	Sell	Codorus Valley Bancorp, Inc	$1,984,000	+5.5%	90,680	-1.7%	1.95%	+13.7%
PBBI	Buy	PB Bancorp Inc	$1,858,000	+33.3%	214,026	+29.3%	1.83%	+43.5%
MGYR	Buy	MAGYAR BANCORP INC COM	$1,486,000	+9.3%	147,242	+7.2%	1.46%	+17.7%
WFD	Sell	Westfield Financial Inc	$1,437,000	-18.2%	187,876	-17.7%	1.42%	-11.9%
PFBI	Sell	Premier Financial Bancorp, Inc	$1,345,000	-47.5%	78,470	-48.4%	1.32%	-43.5%
HFBC	Sell	HopFed Bancorp Inc	$718,000	-10.4%	64,127	-7.2%	0.71%	-3.4%
LARK	Buy	LANDMARK BANCORP INC	$606,000	+13.7%	22,880	+8.8%	0.60%	+22.6%
GNBC	Exit	GREEN BANCORP INC COM	$0	–	-24,936	–	-0.20%	–
GTWN	Exit	GEORGETOWN BANCORP INC	$0	–	-16,699	–	-0.31%	–
WLFC	Exit	Willis Lease Finance Corp	$0	–	-17,794	–	-0.36%	–
PROV	Exit	PROVIDENT FINL HLDGS INC COM	$0	–	-46,908	–	-0.78%	–
FXCB	Exit	Fox Chase Bancorp Inc	$0	–	-85,189	–	-1.58%	–
FFNW	Exit	First Financial Northwest Inc	$0	–	-230,985	–	-2.80%	–
ISBC	Exit	INVESTORS BANCORP INC NEW COM	$0	–	-330,000	–	-3.34%	–

Q2 2016

			Value		Shares		↓ Weighting
CMA	New	Comerica Inc	$9,824,000	–	238,846	–	8.98%	–
ZION	New	ZIONS BANCORPORATION COM	$8,343,000	–	332,000	–	7.63%	–
PUB	New	PEOPLES UTAH BANCORP COM	$8,025,000	–	483,447	–	7.34%	–
MBRG	New	Middleburg Financial Corp	$7,404,000	–	272,204	–	6.77%	–
OSHC	New	OCEAN SHORE HLDG CO NEW COM	$7,252,000	–	427,611	–	6.63%	–
CFNB	New	California First National Bancorp	$5,695,000	–	385,582	–	5.21%	–
CFG	New	CITIZENS FINL GROUP INC COM	$5,345,000	–	267,500	–	4.89%	–
AMRB	New	AMERICAN RIVER BANKSHARES COM	$4,610,000	–	449,131	–	4.22%	–
FUNC	New	FIRST UTD CORP COM	$4,487,000	–	455,949	–	4.10%	–
ISBC	New	INVESTORS BANCORP INC NEW COM	$3,656,000	–	330,000	–	3.34%	–
CHMG	New	CHEMUNG FINL CORP COM	$3,510,000	–	119,576	–	3.21%	–
TRCB	New	TWO RIV BANCORP COM	$3,222,000	–	296,712	–	2.95%	–
FFWM	New	FIRST FNDTN INC COM	$3,209,000	–	149,269	–	2.94%	–
FFNW	New	First Financial Northwest Inc	$3,067,000	–	230,985	–	2.80%	–
SGM	New	STONEGATE MTG CORP COM	$2,838,000	–	844,527	–	2.60%	–
PFBI	New	Premier Financial Bancorp, Inc	$2,564,000	–	152,182	–	2.34%	–
CNBKA	New	CENTURY BANCORP INC MASS CL A NON VTG	$2,271,000	–	53,641	–	2.08%	–
PFBX	New	PEOPLES FINL CORP MISS COM	$2,268,000	–	220,174	–	2.07%	–
ASRV	New	AMERISERV FINL INC COM	$2,211,000	–	732,262	–	2.02%	–
SFBC	New	SOUND FINL BANCORP INC COM	$2,090,000	–	87,272	–	1.91%	–
CVLY	New	Codorus Valley Bancorp, Inc	$1,880,000	–	92,283	–	1.72%	–
BANX	New	STONECASTLE FINANCIAL CORP	$1,834,000	–	100,000	–	1.68%	–
WFD	New	Westfield Financial Inc	$1,757,000	–	228,238	–	1.61%	–
FXCB	New	Fox Chase Bancorp Inc	$1,733,000	–	85,189	–	1.58%	–
CBNK	New	CHICOPEE BANCORP INC COM	$1,487,000	–	81,453	–	1.36%	–
PBBI	New	PB Bancorp Inc	$1,394,000	–	165,579	–	1.28%	–
MGYR	New	MAGYAR BANCORP INC COM	$1,360,000	–	137,327	–	1.24%	–
DNBF	New	DNB FINL CORP COM	$1,145,000	–	48,519	–	1.05%	–
HMNF	New	HMN Financial Inc	$1,074,000	–	79,101	–	0.98%	–
PROV	New	PROVIDENT FINL HLDGS INC COM	$858,000	–	46,908	–	0.78%	–
HFBC	New	HopFed Bancorp Inc	$801,000	–	69,127	–	0.73%	–
LARK	New	LANDMARK BANCORP INC	$533,000	–	21,026	–	0.49%	–
CWBC	New	Community West Bancshares	$471,000	–	63,993	–	0.43%	–
WLFC	New	Willis Lease Finance Corp	$396,000	–	17,794	–	0.36%	–
GTWN	New	GEORGETOWN BANCORP INC	$339,000	–	16,699	–	0.31%	–
GNBC	New	GREEN BANCORP INC COM	$217,000	–	24,936	–	0.20%	–
PBIP	New	PRUDENTIAL BANCORP INC NEW COM	$184,000	–	13,046	–	0.17%	–

Q4 2013

			Value		Shares		↓ Weighting
MGYR	Exit	MAGYAR BANCORP INC COM	$0	–	-18,122	–	-0.10%	–
UCBA	Exit	UNITED CMNTY BANCORP IND COM	$0	–	-22,970	–	-0.18%	–
EVBS	Exit	EASTERN VA BANKSHARES INC COM	$0	–	-44,909	–	-0.22%	–
BKMU	Exit	BANK MUTUAL CORP	$0	–	-57,078	–	-0.28%	–
ACNB	Exit	ACNB CORP COM	$0	–	-23,036	–	-0.30%	–
SIFI	Exit	SI FINANCIAL GROUP INC	$0	–	-59,366	–	-0.53%	–
FCVA	Exit	FIRST CAPITAL BANCORP VA COM	$0	–	-181,922	–	-0.57%	–
OLBK	Exit	OLD LINE BANCSHARES INC	$0	–	-60,500	–	-0.64%	–
PGC	Exit	PEAPACK GLADSTONE FINANCIAL CORP	$0	–	-66,058	–	-0.96%	–
CMSB	Exit	CMS BANCORP INC COM	$0	–	-164,748	–	-1.11%	–
BERK	Exit	BERKSHIRE BANCORP INC DEL COM NEW	$0	–	-182,881	–	-1.15%	–
CMA	Exit	COMERICA INC	$0	–	-40,000	–	-1.23%	–
NWFL	Exit	NORWOOD FINANCIAL CORP COM	$0	–	-54,602	–	-1.24%	–
MLVF	Exit	MALVERN BANCORP INC COM	$0	–	-149,646	–	-1.49%	–
BFIN	Exit	BANKFINANCIAL CORP	$0	–	-224,190	–	-1.55%	–
FRBK	Exit	REPUBLIC FIRST BANCORP INC COM	$0	–	-706,674	–	-1.76%	–
PBIP	Exit	PRUDENTIAL BANCORP INC NEW COM	$0	–	-238,674	–	-1.92%	–
FCNCA	Exit	FIRST CTZNS BANCSHARES INC N C CL A	$0	–	-13,135	–	-2.12%	–
STND	Exit	STANDARD FINL CORP MD COM	$0	–	-149,750	–	-2.14%	–
OPOF	Exit	OLD POINT FINANCIAL CORP	$0	–	-246,429	–	-2.51%	–
CFNB	Exit	CALIFORNIA FIRST NATIONAL BANCORP	$0	–	-194,268	–	-2.60%	–
HFBC	Exit	HOPFED BANCORP INC	$0	–	-317,002	–	-2.78%	–
NFBK	Exit	NORTHFIELD BANCORP INC DEL COM	$0	–	-301,645	–	-2.87%	–
TRCB	Exit	TWO RIV BANCORP COM	$0	–	-588,726	–	-3.34%	–
NRIM	Exit	NORTHRIM BANCORP INC	$0	–	-184,710	–	-3.49%	–
FMNB	Exit	FARMERS NATIONAL BANC CORP	$0	–	-708,050	–	-3.50%	–
NECB	Exit	NORTHEAST COMMUNITY BANCORP INC	$0	–	-716,705	–	-3.79%	–
ISBC	Exit	INVESTORS BANCORP INC	$0	–	-258,200	–	-4.43%	–
HFFC	Exit	HF FINANCIAL CORP	$0	–	-451,200	–	-4.54%	–
OBAF	Exit	OBA FINANCIAL SERVICES INC	$0	–	-341,675	–	-5.08%	–
WLFC	Exit	WILLIS LEASE FINANCE CORP	$0	–	-494,400	–	-6.09%	–
OSHC	Exit	OCEAN SHORE HLDG CO NEW COM	$0	–	-617,951	–	-7.08%	–
FBIZ	Exit	FIRST BUS FINL SVCS INC WIS COM	$0	–	-338,097	–	-8.64%	–
BNCL	Exit	BENEFICIAL MUTUAL BANCORP INC	$0	–	-1,146,938	–	-8.96%	–
EBSB	Exit	MERIDIAN INTERSTATE BANCORP INC	$0	–	-634,468	–	-10.83%	–

Q3 2013

			Value		Shares		↓ Weighting
EBSB	Sell	MERIDIAN INTERSTATE BANCORP INC	$13,825,000	+12.7%	634,468	-2.6%	10.83%	+39.2%
BNCL	Sell	BENEFICIAL MUTUAL BANCORP INC	$11,435,000	-7.0%	1,146,938	-21.7%	8.96%	+14.8%
FBIZ	Sell	FIRST BUS FINL SVCS INC WIS COM	$11,035,000	+7.0%	338,097	-1.7%	8.64%	+32.2%
OSHC	Sell	OCEAN SHORE HLDG CO NEW COM	$9,047,000	+1.6%	617,951	-4.1%	7.08%	+25.5%
WLFC	Buy	WILLIS LEASE FINANCE CORP	$7,777,000	+51.9%	494,400	+30.5%	6.09%	+87.6%
OBAF	Sell	OBA FINANCIAL SERVICES INC	$6,492,000	+1.1%	341,675	-1.9%	5.08%	+24.8%
HFFC	Buy	HF FINANCIAL CORP	$5,793,000	-1.2%	451,200	+0.2%	4.54%	+22.1%
ISBC	New	INVESTORS BANCORP INC	$5,655,000	–	258,200	–	4.43%	–
NECB	Sell	NORTHEAST COMMUNITY BANCORP INC	$4,838,000	+6.4%	716,705	-0.4%	3.79%	+31.4%
NRIM	Sell	NORTHRIM BANCORP INC	$4,452,000	-40.2%	184,710	-40.0%	3.49%	-26.1%
TRCB	Sell	TWO RIV BANCORP COM	$4,268,000	+5.6%	588,726	-7.6%	3.34%	+30.4%
NFBK	Sell	NORTHFIELD BANCORP INC DEL COM	$3,662,000	-61.9%	301,645	-63.2%	2.87%	-53.0%
HFBC	Sell	HOPFED BANCORP INC	$3,547,000	-19.1%	317,002	-21.9%	2.78%	0.0%
CFNB	Sell	CALIFORNIA FIRST NATIONAL BANCORP	$3,316,000	-2.6%	194,268	-5.8%	2.60%	+20.3%
OPOF	Sell	OLD POINT FINANCIAL CORP	$3,204,000	-10.1%	246,429	-9.4%	2.51%	+11.0%
STND	Buy	STANDARD FINL CORP MD COM	$2,733,000	-1.5%	149,750	+2.9%	2.14%	+21.7%
FCNCA	Sell	FIRST CTZNS BANCSHARES INC N C CL A	$2,701,000	-18.9%	13,135	-24.2%	2.12%	+0.2%
PBIP	Sell	PRUDENTIAL BANCORP INC NEW COM	$2,454,000	+2.3%	238,674	-2.5%	1.92%	+26.4%
FRBK	Sell	REPUBLIC FIRST BANCORP INC COM	$2,254,000	+3.2%	706,674	-7.8%	1.76%	+27.4%
BFIN	Sell	BANKFINANCIAL CORP	$1,982,000	-8.5%	224,190	-12.1%	1.55%	+13.0%
MLVF	Sell	MALVERN BANCORP INC COM	$1,906,000	+5.1%	149,646	-1.2%	1.49%	+29.8%
NWFL	Sell	NORWOOD FINANCIAL CORP COM	$1,581,000	-13.6%	54,602	-13.5%	1.24%	+6.7%
CMA	Sell	COMERICA INC	$1,572,000	-61.7%	40,000	-61.2%	1.23%	-52.7%
BERK	Buy	BERKSHIRE BANCORP INC DEL COM NEW	$1,467,000	+8.4%	182,881	+7.5%	1.15%	+33.9%
CMSB	Buy	CMS BANCORP INC COM	$1,414,000	-5.2%	164,748	+0.5%	1.11%	+17.1%
PGC	Sell	PEAPACK GLADSTONE FINANCIAL CORP	$1,225,000	-53.3%	66,058	-56.0%	0.96%	-42.3%
FCVA	Sell	FIRST CAPITAL BANCORP VA COM	$726,000	-54.5%	181,922	-61.3%	0.57%	-43.8%
SIFI	New	SI FINANCIAL GROUP INC	$674,000	–	59,366	–	0.53%	–
ACNB	Buy	ACNB CORP COM	$388,000	+7.8%	23,036	+6.9%	0.30%	+33.3%
BKMU	Sell	BANK MUTUAL CORP	$358,000	-84.0%	57,078	-85.6%	0.28%	-80.3%
EVBS	Buy	EASTERN VA BANKSHARES INC COM	$274,000	+136.2%	44,909	+94.0%	0.22%	+190.5%
UCBA	Sell	UNITED CMNTY BANCORP IND COM	$232,000	-28.0%	22,970	-26.9%	0.18%	-10.8%
MGYR	Buy	MAGYAR BANCORP INC COM	$134,000	+78.7%	18,122	+32.8%	0.10%	+118.8%
CHMG	Exit	CHEMUNG FINL CORP COM	$0	–	-6,196	–	-0.13%	–
CIZN	Exit	CITIZENS HLDG CO MISS COM	$0	–	-13,391	–	-0.17%	–
WFBI	Exit	WASHINGTONFIRST BANKSHARES INC COM	$0	–	-28,817	–	-0.21%	–
CUNB	Exit	CU BANCORP CALIF COM	$0	–	-22,689	–	-0.23%	–
FSGI	Exit	FIRST SEC GROUP INC COM NEW	$0	–	-1,000,200	–	-1.38%	–
OCFC	Exit	OCEANFIRST FINL CORP COM	$0	–	-140,895	–	-1.39%	–
TOFC	Exit	TOWER FINANCIAL CORP COM	$0	–	-203,480	–	-1.89%	–
NFSB	Exit	NEWPORT BANCORP INC	$0	–	-195,732	–	-2.12%	–
ROMA	Exit	ROMA FINANCIAL CORP	$0	–	-198,312	–	-2.28%	–
PLUS	Exit	EPLUS INC	$0	–	-135,001	–	-5.13%	–

Q2 2013

			Value		Shares		↓ Weighting
BNCL	New	BENEFICIAL MUTUAL BANCORP INC	$12,302,000	–	1,464,527	–	7.80%	–
EBSB	New	MERIDIAN INTERSTATE BANCORP INC	$12,265,000	–	651,366	–	7.78%	–
FBIZ	New	FIRST BUS FINL SVCS INC WIS COM	$10,310,000	–	344,004	–	6.54%	–
NFBK	New	NORTHFIELD BANCORP INC DEL COM	$9,616,000	–	820,474	–	6.10%	–
OSHC	New	OCEAN SHORE HLDG CO NEW COM	$8,904,000	–	644,292	–	5.65%	–
PLUS	New	EPLUS INC	$8,085,000	–	135,001	–	5.13%	–
NRIM	New	NORTHRIM BANCORP INC	$7,445,000	–	307,759	–	4.72%	–
OBAF	New	OBA FINANCIAL SERVICES INC	$6,424,000	–	348,386	–	4.07%	–
HFFC	New	HF FINANCIAL CORP	$5,861,000	–	450,516	–	3.72%	–
WLFC	New	WILLIS LEASE FINANCE CORP	$5,119,000	–	378,938	–	3.25%	–
NECB	New	NORTHEAST COMMUNITY BANCORP INC	$4,548,000	–	719,565	–	2.88%	–
FMNB	New	FARMERS NATIONAL BANC CORP	$4,447,000	–	708,050	–	2.82%	–
HFBC	New	HOPFED BANCORP INC	$4,382,000	–	405,783	–	2.78%	–
CMA	New	COMERICA INC	$4,102,000	–	103,000	–	2.60%	–
TRCB	New	TWO RIV BANCORP COM	$4,042,000	–	637,468	–	2.56%	–
ROMA	New	ROMA FINANCIAL CORP	$3,601,000	–	198,312	–	2.28%	–
OPOF	New	OLD POINT FINANCIAL CORP	$3,564,000	–	272,040	–	2.26%	–
CFNB	New	CALIFORNIA FIRST NATIONAL BANCORP	$3,403,000	–	206,268	–	2.16%	–
NFSB	New	NEWPORT BANCORP INC	$3,335,000	–	195,732	–	2.12%	–
FCNCA	New	FIRST CTZNS BANCSHARES INC N C CL A	$3,329,000	–	17,332	–	2.11%	–
TOFC	New	TOWER FINANCIAL CORP COM	$2,979,000	–	203,480	–	1.89%	–
STND	New	STANDARD FINL CORP MD COM	$2,774,000	–	145,591	–	1.76%	–
PGC	New	PEAPACK GLADSTONE FINANCIAL CORP	$2,621,000	–	149,983	–	1.66%	–
PBIP	New	PRUDENTIAL BANCORP INC OF PENNSYLVANIA	$2,398,000	–	244,678	–	1.52%	–
BKMU	New	BANK MUTUAL CORP	$2,237,000	–	396,581	–	1.42%	–
OCFC	New	OCEANFIRST FINL CORP COM	$2,191,000	–	140,895	–	1.39%	–
FRBK	New	REPUBLIC FIRST BANCORP INC COM	$2,184,000	–	766,202	–	1.38%	–
FSGI	New	FIRST SEC GROUP INC COM NEW	$2,170,000	–	1,000,200	–	1.38%	–
BFIN	New	BANKFINANCIAL CORP	$2,167,000	–	254,943	–	1.37%	–
NWFL	New	NORWOOD FINANCIAL CORP COM	$1,830,000	–	63,099	–	1.16%	–
MLVF	New	MALVERN BANCORP INC COM	$1,814,000	–	151,514	–	1.15%	–
FCVA	New	FIRST CAPITAL BANCORP VA COM	$1,597,000	–	469,570	–	1.01%	–
CMSB	New	CMS BANCORP INC COM	$1,491,000	–	163,880	–	0.94%	–
BERK	New	BERKSHIRE BANCORP INC DEL COM NEW	$1,353,000	–	170,128	–	0.86%	–
OLBK	New	OLD LINE BANCSHARES INC	$798,000	–	60,500	–	0.51%	–
ACNB	New	ACNB CORP COM	$360,000	–	21,559	–	0.23%	–
CUNB	New	CU BANCORP CALIF COM	$358,000	–	22,689	–	0.23%	–
WFBI	New	WASHINGTONFIRST BANKSHARES INC COM	$326,000	–	28,817	–	0.21%	–
UCBA	New	UNITED CMNTY BANCORP IND COM	$322,000	–	31,433	–	0.20%	–
CIZN	New	CITIZENS HLDG CO MISS COM	$264,000	–	13,391	–	0.17%	–
CHMG	New	CHEMUNG FINL CORP COM	$208,000	–	6,196	–	0.13%	–
EVBS	New	EASTERN VA BANKSHARES INC COM	$116,000	–	23,145	–	0.07%	–
MGYR	New	MAGYAR BANCORP INC COM	$75,000	–	13,645	–	0.05%	–

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