Elizabeth Park Capital Advisors, Ltd. Activity Q4 2013-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
QCRH	Sell	QCR HOLDINGS INC	$6,990,568	-1.0%	144,076	-16.3%	5.75%	+11.7%
MCBC	Sell	MACATAWA BK CORP	$4,777,786	-16.9%	533,235	-14.0%	3.93%	-6.3%
	Sell	PRINCETON BANCORP INC	$3,553,362	-12.7%	122,572	-17.7%	2.92%	-1.5%
IBOC	Sell	INTERNATIONAL BANCSHARES COR	$3,441,976	-37.8%	79,418	-36.6%	2.83%	-29.8%
TCBI	Sell	TEXAS CAP BANCSHARES INC	$3,434,341	-24.7%	58,308	-34.1%	2.82%	-15.0%
PNFP	Sell	PINNACLE FINL PARTNERS INC	$3,165,696	+3.1%	47,221	-12.9%	2.60%	+16.3%
PEBO	Sell	PEOPLES BANCORP INC	$3,136,866	-16.8%	123,596	-13.0%	2.58%	-6.1%
EFSC	Sell	ENTERPRISE FINL SVCS CORP	$3,044,475	-22.7%	81,186	-19.4%	2.50%	-12.8%
EWBC	Sell	EAST WEST BANCORP INC	$3,041,367	-13.6%	57,700	-13.5%	2.50%	-2.5%
WBS	Sell	WEBSTER FINL CORP	$3,034,335	-2.2%	75,275	-8.4%	2.50%	+10.3%
ONB	Sell	OLD NATL BANCORP IND	$2,996,694	-5.5%	206,100	-9.4%	2.46%	+6.6%
MTB	Buy	M & T BK CORP	$2,800,994	+2.8%	22,151	+0.6%	2.30%	+16.0%
CFG	Buy	CITIZENS FINL GROUP INC	$2,782,644	+7.1%	103,830	+4.2%	2.29%	+20.9%
FITB	Sell	FIFTH THIRD BANCORP	$2,773,635	-6.7%	109,500	-3.4%	2.28%	+5.3%
OSBC	Sell	OLD SECOND BANCORP INC ILL	$2,614,848	-8.5%	192,127	-12.2%	2.15%	+3.2%
CMA	New	COMERICA INC	$2,560,602	–	61,627	–	2.10%	–
OFG	New	OFG BANCORP	$2,422,213	–	81,119	–	1.99%	–
BANR	Sell	BANNER CORP	$2,390,698	-17.1%	56,411	-14.5%	1.97%	-6.4%
KEY	New	KEYCORP	$2,254,220	–	209,500	–	1.85%	–
RVSB	Sell	RIVERVIEW BANCORP INC	$2,211,712	-15.6%	397,790	-23.5%	1.82%	-4.8%
CBNK	Sell	CAPITAL BANCORP INC MD	$2,185,889	-26.0%	114,265	-30.0%	1.80%	-16.6%
COLB	Sell	COLUMBIA BKG SYS INC	$2,125,268	-17.0%	104,693	-17.1%	1.75%	-6.4%
UMBF	Buy	UMB FINL CORP	$2,118,883	+8.6%	34,148	+6.6%	1.74%	+22.5%
IBTX	New	INDEPENDENT BANK GROUP INC	$2,099,116	–	53,075	–	1.73%	–
HTLF	Sell	HEARTLAND FINL USA INC	$1,738,930	-6.2%	59,087	-11.1%	1.43%	+5.9%
SNV	Sell	SYNOVUS FINL CORP	$1,721,265	-43.6%	61,916	-38.6%	1.42%	-36.3%
CUBI	New	CUSTOMERS BANCORP INC	$1,575,571	–	45,735	–	1.30%	–
CCNE	Sell	CNB FINL CORP PA	$1,384,654	-10.1%	76,458	-12.3%	1.14%	+1.4%
CIVB	Buy	CIVISTA BANCSHARES INC	$1,342,672	+2.7%	86,624	+15.3%	1.10%	+15.8%
PFC	New	PREMIER FINANCIAL CORP	$1,338,084	–	78,434	–	1.10%	–
	Sell	USCB FINANCIAL HOLDINGS INC	$1,312,688	-24.3%	124,899	-26.5%	1.08%	-14.6%
EBTC	Exit	ENTERPRISE BANCORP INC MASS	$0	–	-35,032	–	-0.74%	–
CAC	Exit	CAMDEN NATL CORP	$0	–	-47,144	–	-1.06%	–
FSBC	Exit	FIVE STAR BANCORP	$0	–	-100,000	–	-1.63%	–
CFR	Exit	CULLEN FROST BANKERS INC	$0	–	-26,246	–	-2.06%	–
HBAN	Exit	HUNTINGTON BANCSHARES INC	$0	–	-268,695	–	-2.11%	–
UBFO	Exit	UNITED SEC BANCSHARES CALIF	$0	–	-467,776	–	-2.27%	–
BOKF	Exit	BOK FINL CORP	$0	–	-40,003	–	-2.36%	–

Q2 2023

			Value		Shares		↓ Weighting
QCRH	New	QCR HOLDINGS INC	$7,058,719	–	172,038	–	5.14%	–
MCBC	New	MACATAWA BK CORP	$5,752,551	–	619,887	–	4.19%	–
IBOC	New	INTERNATIONAL BANCSHARES COR	$5,534,901	–	125,224	–	4.03%	–
TCBI	New	TEXAS CAP BANCSHARES INC	$4,558,162	–	88,508	–	3.32%	–
	New	PRINCETON BANCORP INC	$4,069,123	–	148,943	–	2.96%	–
EFSC	New	ENTERPRISE FINL SVCS CORP	$3,938,778	–	100,736	–	2.87%	–
MNSB	New	MAINSTREET BANCSHARES INC	$3,837,584	–	169,355	–	2.80%	–
PEBO	New	PEOPLES BANCORP INC	$3,770,127	–	142,001	–	2.75%	–
JMSB	New	JOHN MARSHALL BANCORP INC	$3,537,266	–	176,071	–	2.58%	–
EWBC	New	EAST WEST BANCORP INC	$3,521,093	–	66,700	–	2.57%	–
PGC	New	PEAPACK-GLADSTONE FINL CORP	$3,285,291	–	121,318	–	2.39%	–
ESQ	New	ESQUIRE FINL HLDGS INC	$3,256,688	–	71,200	–	2.37%	–
BOKF	New	BOK FINL CORP	$3,231,442	–	40,003	–	2.36%	–
SMBK	New	SMARTFINANCIAL INC	$3,186,922	–	148,160	–	2.32%	–
ONB	New	OLD NATL BANCORP IND	$3,172,744	–	227,600	–	2.31%	–
VABK	New	VIRGINIA NATL BANKSHARES COR	$3,153,143	–	98,076	–	2.30%	–
UBFO	New	UNITED SEC BANCSHARES CALIF	$3,115,388	–	467,776	–	2.27%	–
WBS	New	WEBSTER FINL CORP	$3,102,106	–	82,175	–	2.26%	–
PNFP	New	PINNACLE FINL PARTNERS INC	$3,071,620	–	54,221	–	2.24%	–
SNV	New	SYNOVUS FINL CORP	$3,049,684	–	100,816	–	2.22%	–
FITB	New	FIFTH THIRD BANCORP	$2,972,214	–	113,400	–	2.17%	–
EVBN	New	EVANS BANCORP INC	$2,971,008	–	119,174	–	2.16%	–
CBNK	New	CAPITAL BANCORP INC MD	$2,955,205	–	163,271	–	2.15%	–
HBAN	New	HUNTINGTON BANCSHARES INC	$2,896,532	–	268,695	–	2.11%	–
BANR	New	BANNER CORP	$2,882,700	–	66,011	–	2.10%	–
OSBC	New	OLD SECOND BANCORP INC ILL	$2,858,325	–	218,861	–	2.08%	–
CFR	New	CULLEN FROST BANKERS INC	$2,822,232	–	26,246	–	2.06%	–
FCCO	New	FIRST CMNTY CORP S C	$2,808,570	–	161,784	–	2.05%	–
CALB	New	CALIFORNIA BANCORP INC	$2,764,215	–	184,281	–	2.01%	–
	New	STELLAR BANCORP INC	$2,746,800	–	120,000	–	2.00%	–
MTB	New	M & T BK CORP	$2,724,081	–	22,011	–	1.98%	–
RVSB	New	RIVERVIEW BANCORP INC	$2,622,020	–	520,242	–	1.91%	–
CFG	New	CITIZENS FINL GROUP INC	$2,598,350	–	99,630	–	1.89%	–
COLB	New	COLUMBIA BKG SYS INC	$2,561,222	–	126,293	–	1.87%	–
RRBI	New	RED RIVER BANCSHARES INC	$2,537,835	–	51,645	–	1.85%	–
CFBK	New	CF BANKSHARES INC	$2,247,450	–	149,830	–	1.64%	–
FSBC	New	FIVE STAR BANCORP	$2,237,000	–	100,000	–	1.63%	–
VBFC	New	VILLAGE BK & TR FINL CORP	$1,955,794	–	45,273	–	1.42%	–
UMBF	New	UMB FINL CORP	$1,951,723	–	32,048	–	1.42%	–
HTLF	New	HEARTLAND FINL USA INC	$1,852,993	–	66,487	–	1.35%	–
	New	USCB FINANCIAL HOLDINGS INC	$1,734,000	–	170,000	–	1.26%	–
CCNE	New	CNB FINL CORP PA	$1,539,433	–	87,220	–	1.12%	–
CAC	New	CAMDEN NATL CORP	$1,460,050	–	47,144	–	1.06%	–
CIVB	New	CIVISTA BANCSHARES INC	$1,307,732	–	75,157	–	0.95%	–
EBTC	New	ENTERPRISE BANCORP INC MASS	$1,013,826	–	35,032	–	0.74%	–
	New	FIRST SEACOAST BANCORP INC	$1,002,500	–	125,000	–	0.73%	–

Q4 2022

			Value		Shares		↓ Weighting
FRC	Exit	FIRST REP BK SAN FRANCISCO C	$0	–	-7,500	–	-0.45%	–
MBIN	Exit	MERCHANTS BANCORP IND	$0	–	-42,808	–	-0.45%	–
SNV	Exit	SYNOVUS FINL CORP	$0	–	-26,488	–	-0.46%	–
OCBI	Exit	ORANGE CNTY BANCORP INC	$0	–	-25,959	–	-0.46%	–
HMST	Exit	HOMESTREET INC	$0	–	-35,770	–	-0.47%	–
	Exit	USCB FINANCIAL HOLDINGS INC	$0	–	-170,000	–	-1.02%	–
ALRS	Exit	ALERUS FINL CORP	$0	–	-108,395	–	-1.10%	–
RRBI	Exit	RED RIVER BANCSHARES INC	$0	–	-51,645	–	-1.17%	–
RBCAA	Exit	REPUBLIC BANCORP INC KYcl a	$0	–	-67,094	–	-1.18%	–
EBTC	Exit	ENTERPRISE BANCORP INC MASS	$0	–	-86,593	–	-1.19%	–
CFBK	Exit	CF BANKSHARES INC	$0	–	-129,116	–	-1.22%	–
CCNE	Exit	CNB FINL CORP PA	$0	–	-116,596	–	-1.26%	–
FFIC	Exit	FLUSHING FINL CORP	$0	–	-144,287	–	-1.28%	–
FMNB	Exit	FARMERS NATIONAL BANC CORP	$0	–	-215,695	–	-1.29%	–
FCCO	Exit	FIRST CMNTY CORP S C	$0	–	-161,784	–	-1.30%	–
FSBC	Exit	FIVE STAR BANCORP	$0	–	-100,000	–	-1.30%	–
OSBC	Exit	OLD SECOND BANCORP INC ILL	$0	–	-218,861	–	-1.31%	–
UBFO	Exit	UNITED SEC BANCSHARES CALIF	$0	–	-467,776	–	-1.40%	–
VABK	Exit	VIRGINIA NATL BANKSHARES COR	$0	–	-98,076	–	-1.46%	–
RVSB	Exit	RIVERVIEW BANCORP INC	$0	–	-516,936	–	-1.50%	–
CAC	Exit	CAMDEN NATL CORP	$0	–	-77,418	–	-1.51%	–
SMBK	Exit	SMARTFINANCIAL INC	$0	–	-148,160	–	-1.68%	–
OCFC	Exit	OCEANFIRST FINL CORP	$0	–	-196,972	–	-1.68%	–
CALB	Exit	CALIFORNIA BANCORP INC	$0	–	-184,281	–	-1.71%	–
EVBN	Exit	EVANS BANCORP INC	$0	–	-101,993	–	-1.71%	–
CBNK	Exit	CAPITAL BANCORP INC MD	$0	–	-163,271	–	-1.73%	–
HONE	Exit	HARBORONE BANCORP INC NEW	$0	–	-281,854	–	-1.73%	–
MOFG	Exit	MIDWESTONE FINL GROUP INC NE	$0	–	-139,053	–	-1.74%	–
PFC	Exit	PREMIER FINANCIAL CORP	$0	–	-149,193	–	-1.76%	–
FFWM	Exit	FIRST FNDTN INC	$0	–	-220,153	–	-1.83%	–
HTBK	Exit	HERITAGE COMM CORP	$0	–	-359,824	–	-1.87%	–
PGC	Exit	PEAPACK-GLADSTONE FINL CORP	$0	–	-121,318	–	-1.87%	–
PEBO	Exit	PEOPLES BANCORP INC	$0	–	-142,158	–	-1.88%	–
BANR	Exit	BANNER CORP	$0	–	-72,879	–	-1.97%	–
WBS	Exit	WEBSTER FINL CORP	$0	–	-95,300	–	-1.97%	–
JMSB	Exit	JOHN MARSHALL BANCORP INC	$0	–	-176,071	–	-1.98%	–
	Exit	CADENCE BANK	$0	–	-176,096	–	-2.05%	–
ONB	Exit	OLD NATL BANCORP IND	$0	–	-273,042	–	-2.06%	–
BPRN	Exit	BANK PRINCETON NEW JERSEY	$0	–	-158,918	–	-2.06%	–
CFR	Exit	CULLEN FROST BANKERS INC	$0	–	-34,501	–	-2.09%	–
CNOB	Exit	CONNECTONE BANCORP INC	$0	–	-222,698	–	-2.35%	–
CMA	Exit	COMERICA INC	$0	–	-72,650	–	-2.36%	–
BHLB	Exit	BERKSHIRE HILLS BANCORP INC	$0	–	-195,443	–	-2.44%	–
EWBC	Exit	EAST WEST BANCORP INC	$0	–	-82,323	–	-2.53%	–
MCBC	Exit	MACATAWA BK CORP	$0	–	-619,887	–	-2.63%	–
MYFW	Exit	FIRST WESTN FINL INC	$0	–	-234,019	–	-2.64%	–
PNFP	Exit	PINNACLE FINL PARTNERS INC	$0	–	-72,471	–	-2.69%	–
PB	Exit	PROSPERITY BANCSHARES INC	$0	–	-90,277	–	-2.76%	–
EFSC	Exit	ENTERPRISE FINL SVCS CORP	$0	–	-148,075	–	-2.98%	–
MTB	Exit	M & T BK CORP	$0	–	-38,350	–	-3.10%	–
TCBI	Exit	TEXAS CAP BANCSHARES INC	$0	–	-118,348	–	-3.20%	–
LMST	Exit	LIMESTONE BANCORP INC	$0	–	-378,859	–	-3.40%	–
IBOC	Exit	INTERNATIONAL BANCSHARES COR	$0	–	-207,939	–	-4.05%	–
QCRH	Exit	QCR HOLDINGS INC	$0	–	-204,397	–	-4.77%	–

Q3 2022

			Value		Shares		↓ Weighting
QCRH	Sell	QCR HOLDINGS INC	$10,412,000	-10.9%	204,397	-5.5%	4.77%	-5.1%
IBOC	Sell	INTERNATIONAL BANCSHARES COR	$8,837,000	-4.1%	207,939	-9.6%	4.05%	+2.1%
TCBI	Buy	TEXAS CAP BANCSHARES INC	$6,986,000	+23.1%	118,348	+9.7%	3.20%	+31.1%
MTB	Buy	M & T BK CORP	$6,762,000	+15.9%	38,350	+4.8%	3.10%	+23.4%
EFSC	Sell	ENTERPRISE FINL SVCS CORP	$6,521,000	-1.1%	148,075	-6.8%	2.98%	+5.3%
PB	Buy	PROSPERITY BANCSHARES INC	$6,020,000	+5.9%	90,277	+8.4%	2.76%	+12.8%
PNFP	Buy	PINNACLE FINL PARTNERS INC	$5,877,000	+52.0%	72,471	+35.5%	2.69%	+61.9%
MYFW	Sell	FIRST WESTN FINL INC	$5,769,000	-17.8%	234,019	-9.3%	2.64%	-12.4%
MCBC	Sell	MACATAWA BK CORP	$5,740,000	+0.4%	619,887	-4.1%	2.63%	+7.0%
EWBC	Buy	EAST WEST BANCORP INC	$5,527,000	+8.2%	82,323	+4.4%	2.53%	+15.2%
BHLB	Buy	BERKSHIRE HILLS BANCORP INC	$5,336,000	+14.9%	195,443	+4.3%	2.44%	+22.4%
CNOB	Sell	CONNECTONE BANCORP INC	$5,135,000	-22.8%	222,698	-18.2%	2.35%	-17.8%
CFR	New	CULLEN FROST BANKERS INC	$4,562,000	–	34,501	–	2.09%	–
ONB	Buy	OLD NATL BANCORP IND	$4,497,000	+21.8%	273,042	+9.4%	2.06%	+29.7%
	Buy	CADENCE BANK	$4,475,000	+13.5%	176,096	+4.9%	2.05%	+21.0%
WBS	Buy	WEBSTER FINL CORP	$4,308,000	+17.7%	95,300	+9.8%	1.97%	+25.4%
BANR	Buy	BANNER CORP	$4,306,000	+13.7%	72,879	+8.2%	1.97%	+21.1%
PEBO	Sell	PEOPLES BANCORP INC	$4,113,000	-4.6%	142,158	-12.3%	1.88%	+1.6%
FFWM	Sell	FIRST FNDTN INC	$3,994,000	-37.3%	220,153	-29.2%	1.83%	-33.3%
PFC	Sell	PREMIER FINANCIAL CORP	$3,834,000	-17.4%	149,193	-18.6%	1.76%	-12.1%
MOFG	Buy	MIDWESTONE FINL GROUP INC NE	$3,795,000	+10.9%	139,053	+20.8%	1.74%	+18.1%
HONE	Buy	HARBORONE BANCORP INC NEW	$3,782,000	+6.8%	281,854	+9.7%	1.73%	+13.7%
CBNK	Buy	CAPITAL BANCORP INC MD	$3,772,000	+13.0%	163,271	+6.1%	1.73%	+20.3%
OCFC	Sell	OCEANFIRST FINL CORP	$3,672,000	-14.7%	196,972	-12.4%	1.68%	-9.1%
OSBC	Sell	OLD SECOND BANCORP INC ILL	$2,856,000	-3.0%	218,861	-0.6%	1.31%	+3.2%
FMNB	Buy	FARMERS NATIONAL BANC CORP	$2,823,000	+0.1%	215,695	+14.7%	1.29%	+6.6%
CCNE	New	CNB FINL CORP PA	$2,748,000	–	116,596	–	1.26%	–
CFBK	Sell	CF BANKSHARES INC	$2,662,000	-52.0%	129,116	-41.3%	1.22%	-48.9%
ALRS	Sell	ALERUS FINL CORP	$2,396,000	-13.6%	108,395	-7.0%	1.10%	-8.0%
HMST	Sell	HOMESTREET INC	$1,031,000	-86.3%	35,770	-83.6%	0.47%	-85.4%
SNV	New	SYNOVUS FINL CORP	$994,000	–	26,488	–	0.46%	–
MBIN	Sell	MERCHANTS BANCORP IND	$988,000	-23.4%	42,808	-24.7%	0.45%	-18.4%
FRC	New	FIRST REP BK SAN FRANCISCO C	$979,000	–	7,500	–	0.45%	–
HTBI	Exit	HOMETRUST BANCSHARES INC	$0	–	-59,434	–	-0.64%	–
LBAI	Exit	LAKELAND BANCORP INC	$0	–	-200,178	–	-1.26%	–
SBNY	Exit	SIGNATURE BK NEW YORK N Y	$0	–	-24,210	–	-1.86%	–
WAL	Exit	WESTERN ALLIANCE BANCORP	$0	–	-78,552	–	-2.38%	–

Q2 2022

			Value		Shares		↓ Weighting
QCRH	New	QCR HOLDINGS INC	$11,683,000	–	216,397	–	5.02%	–
IBOC	New	INTERNATIONAL BANCSHARES COR	$9,216,000	–	229,939	–	3.96%	–
HMST	New	HOMESTREET INC	$7,544,000	–	217,602	–	3.24%	–
MYFW	New	FIRST WESTN FINL INC	$7,016,000	–	258,019	–	3.02%	–
LMST	New	LIMESTONE BANCORP INC	$6,973,000	–	378,859	–	3.00%	–
CNOB	New	CONNECTONE BANCORP INC	$6,655,000	–	272,198	–	2.86%	–
EFSC	New	ENTERPRISE FINL SVCS CORP	$6,593,000	–	158,875	–	2.83%	–
FFWM	New	FIRST FNDTN INC	$6,372,000	–	311,153	–	2.74%	–
MTB	New	M & T BK CORP	$5,834,000	–	36,600	–	2.51%	–
MCBC	New	MACATAWA BK CORP	$5,715,000	–	646,503	–	2.46%	–
PB	New	PROSPERITY BANCSHARES INC	$5,685,000	–	83,277	–	2.44%	–
TCBI	New	TEXAS CAP BANCSHARES INC	$5,677,000	–	107,848	–	2.44%	–
CFBK	New	CF BANKSHARES INC	$5,548,000	–	219,944	–	2.38%	–
WAL	New	WESTERN ALLIANCE BANCORP	$5,546,000	–	78,552	–	2.38%	–
CMA	New	COMERICA INC	$5,331,000	–	72,650	–	2.29%	–
EWBC	New	EAST WEST BANCORP INC	$5,108,000	–	78,823	–	2.20%	–
PFC	New	PREMIER FINANCIAL CORP	$4,644,000	–	183,193	–	2.00%	–
BHLB	New	BERKSHIRE HILLS BANCORP INC	$4,643,000	–	187,443	–	2.00%	–
BPRN	New	BANK PRINCETON NEW JERSEY	$4,364,000	–	158,918	–	1.88%	–
SBNY	New	SIGNATURE BK NEW YORK N Y	$4,339,000	–	24,210	–	1.86%	–
PEBO	New	PEOPLES BANCORP INC	$4,313,000	–	162,158	–	1.85%	–
OCFC	New	OCEANFIRST FINL CORP	$4,304,000	–	224,972	–	1.85%	–
JMSB	New	JOHN MARSHALL BANCORP INC	$3,969,000	–	176,071	–	1.71%	–
	New	CADENCE BANK	$3,941,000	–	167,846	–	1.69%	–
PNFP	New	PINNACLE FINL PARTNERS INC	$3,866,000	–	53,471	–	1.66%	–
HTBK	New	HERITAGE COMM CORP	$3,847,000	–	359,824	–	1.65%	–
BANR	New	BANNER CORP	$3,787,000	–	67,379	–	1.63%	–
ONB	New	OLD NATL BANCORP IND	$3,691,000	–	249,542	–	1.59%	–
WBS	New	WEBSTER FINL CORP CONN	$3,659,000	–	86,800	–	1.57%	–
PGC	New	PEAPACK-GLADSTONE FINL CORP	$3,603,000	–	121,318	–	1.55%	–
SMBK	New	SMARTFINANCIAL INC	$3,580,000	–	148,160	–	1.54%	–
UBFO	New	UNITED SEC BANCSHARES CALIF	$3,564,000	–	467,776	–	1.53%	–
CALB	New	CALIFORNIA BANCORP INC	$3,551,000	–	184,281	–	1.53%	–
HONE	New	HARBORONE BANCORP INC NEW	$3,542,000	–	256,854	–	1.52%	–
EVBN	New	EVANS BANCORP INC	$3,467,000	–	101,993	–	1.49%	–
MOFG	New	MIDWESTONE FINL GROUP INC NE	$3,422,000	–	115,155	–	1.47%	–
CAC	New	CAMDEN NATL CORP	$3,410,000	–	77,418	–	1.47%	–
RVSB	New	RIVERVIEW BANCORP INC	$3,401,000	–	516,936	–	1.46%	–
CBNK	New	CAPITAL BANCORP INC MD	$3,338,000	–	153,841	–	1.44%	–
RBCAA	New	REPUBLIC BANCORP INC KYcl a	$3,237,000	–	67,094	–	1.39%	–
FCCO	New	FIRST CMNTY CORP S C	$3,101,000	–	161,784	–	1.33%	–
VABK	New	VIRGINIA NATL BANKSHARES COR	$3,088,000	–	98,076	–	1.33%	–
FFIC	New	FLUSHING FINL CORP	$3,068,000	–	144,287	–	1.32%	–
OSBC	New	OLD SECOND BANCORP INC ILL	$2,945,000	–	220,111	–	1.27%	–
LBAI	New	LAKELAND BANCORP INC	$2,927,000	–	200,178	–	1.26%	–
FMNB	New	FARMERS NATIONAL BANC CORP	$2,820,000	–	188,026	–	1.21%	–
RRBI	New	RED RIVER BANCSHARES INC	$2,793,000	–	51,645	–	1.20%	–
EBTC	New	ENTERPRISE BANCORP INC MASS	$2,787,000	–	86,593	–	1.20%	–
ALRS	New	ALERUS FINL CORP	$2,774,000	–	116,509	–	1.19%	–
FSBC	New	FIVE STAR BANCORP	$2,642,000	–	100,000	–	1.14%	–
	New	USCB FINANCIAL HOLDINGS INC	$1,962,000	–	170,000	–	0.84%	–
HTBI	New	HOMETRUST BANCSHARES INC	$1,486,000	–	59,434	–	0.64%	–
MBIN	New	MERCHANTS BANCORP IND	$1,289,000	–	56,840	–	0.55%	–
OCBI	New	ORANGE CNTY BANCORP INC	$986,000	–	25,959	–	0.42%	–

Q4 2021

			Value		Shares		↓ Weighting
OCBI	Exit	ORANGE CNTY BANCORP INC	$0	–	-25,959	–	-0.32%	–
FMNB	Exit	FARMERS NATIONAL BANC CORP	$0	–	-83,422	–	-0.46%	–
MBIN	Exit	MERCHANTS BANCORP IND	$0	–	-37,893	–	-0.53%	–
CIVB	Exit	CIVISTA BANCSHARES INC	$0	–	-78,337	–	-0.64%	–
	Exit	U S CENTY BK DORAL FLA	$0	–	-150,000	–	-0.64%	–
EBTC	Exit	ENTERPRISE BANCORP INC MASS	$0	–	-52,260	–	-0.66%	–
FSBC	Exit	FIVE STAR BANCORP	$0	–	-100,000	–	-0.84%	–
RBCAA	Exit	REPUBLIC BANCORP INC KYcl a	$0	–	-53,280	–	-0.95%	–
FCCO	Exit	FIRST CMNTY CORP S C	$0	–	-150,186	–	-1.05%	–
CALB	Exit	CALIFORNIA BANCORP INC	$0	–	-184,281	–	-1.14%	–
UBFO	Exit	VIRGINIA NATL BANKSHARES COR	$0	–	-407,022	–	-1.14%	–
FFIC	Exit	FLUSHING FINL CORP	$0	–	-144,287	–	-1.15%	–
SMBK	Exit	SMARTFINANCIAL INC	$0	–	-126,946	–	-1.15%	–
RVSB	Exit	RIVERVIEW BANCORP INC	$0	–	-459,714	–	-1.18%	–
CBNK	Exit	CAPITAL BANCORP INC MD	$0	–	-145,239	–	-1.23%	–
LBAI	Exit	LAKELAND BANCORP INC	$0	–	-200,178	–	-1.24%	–
VABK	Exit	VIRGINIA NATL BANKSHARES COR	$0	–	-98,076	–	-1.25%	–
CAC	Exit	CAMDEN NATL CORP	$0	–	-77,418	–	-1.30%	–
HONE	Exit	HARBORONE BANCORP INC NEW	$0	–	-266,304	–	-1.32%	–
BPRN	Exit	BANK PRINCETON NEW JERSEY	$0	–	-129,259	–	-1.36%	–
BRKL	Exit	BROOKLINE BANCORP INC DEL	$0	–	-253,278	–	-1.36%	–
PGC	Exit	PEAPACK-GLADSTONE FINL CORP	$0	–	-121,318	–	-1.42%	–
PCSB	Exit	PCSB FINL CORP	$0	–	-220,067	–	-1.43%	–
EWBC	Exit	East West Bancorp Inc	$0	–	-58,347	–	-1.59%	–
STXB	Exit	SPIRIT OF TEX BANCSHARES INC	$0	–	-188,276	–	-1.60%	–
KEY	Exit	KEYCORP	$0	–	-237,000	–	-1.80%	–
MCBC	Exit	MACATAWA BK CORP	$0	–	-646,503	–	-1.83%	–
OCFC	Exit	OCEANFIRST FINL CORP	$0	–	-251,972	–	-1.90%	–
HTBI	Exit	HOMETRUST BANCSHARES INC	$0	–	-195,211	–	-1.92%	–
TCBI	Exit	TEXAS CAP BANCSHARES INC	$0	–	-92,348	–	-1.95%	–
UMPQ	Exit	UMPQUA HLDGS CORP	$0	–	-274,689	–	-1.96%	–
HWC	Exit	HANCOCK WHITNEY CORPORATION	$0	–	-118,218	–	-1.96%	–
TSC	Exit	TRISTATE CAP HLDGS INC	$0	–	-264,940	–	-1.97%	–
CUBI	Exit	CUSTOMERS BANCORP INC	$0	–	-130,382	–	-1.97%	–
PNFP	Exit	PINNACLE FINL PARTNERS INC	$0	–	-60,294	–	-2.00%	–
BHLB	Exit	BERKSHIRE HILLS BANCORP INC	$0	–	-211,443	–	-2.01%	–
PEBO	Exit	PEOPLES BANCORP INC	$0	–	-182,158	–	-2.03%	–
VBTX	Exit	VERITEX HLDGS INC	$0	–	-150,687	–	-2.09%	–
VLY	Exit	VALLEY NATL BANCORP	$0	–	-466,780	–	-2.19%	–
DCOM	Exit	DIME CMNTY BANCSHARES INC	$0	–	-205,235	–	-2.36%	–
LMST	Exit	LIMESTONE BANCORP INC	$0	–	-399,449	–	-2.53%	–
HTBK	Exit	HERITAGE COMM CORP	$0	–	-617,190	–	-2.53%	–
EFSC	Exit	ENTERPRISE FINL SVCS CORP	$0	–	-158,975	–	-2.53%	–
MYFW	Exit	FIRST WESTN FINL INC	$0	–	-258,019	–	-2.62%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-160,233	–	-2.65%	–
SBNY	Exit	SIGNATURE BK NEW YORK N Y	$0	–	-28,493	–	-2.73%	–
FFWM	Exit	FIRST FNDTN INC	$0	–	-307,179	–	-2.84%	–
CNOB	Exit	CONNECTONE BANCORP INC	$0	–	-288,623	–	-3.05%	–
IBOC	Exit	INTERNATIONAL BANCSHARES COR	$0	–	-209,939	–	-3.08%	–
PFC	Exit	PREMIER FINANCIAL CORP	$0	–	-275,044	–	-3.08%	–
PACW	Exit	PACWEST BANCORP DEL	$0	–	-199,676	–	-3.18%	–
WAL	Exit	WESTERN ALLIANCE BANCORP	$0	–	-97,652	–	-3.74%	–
HMST	Exit	HOMESTREET INC	$0	–	-264,861	–	-3.84%	–
QCRH	Exit	QCR HOLDINGS INC	$0	–	-261,805	–	-4.74%	–

Q3 2021

			Value		Shares		↓ Weighting
PACW	Sell	PACWEST BANCORP DEL	$9,049,000	+1.2%	199,676	-8.1%	3.18%	-6.8%
IBOC	Buy	INTERNATIONAL BANCSHARES COR	$8,742,000	+8.2%	209,939	+11.6%	3.08%	-0.4%
FFWM	Buy	FIRST FNDTN INC	$8,079,000	+18.8%	307,179	+1.7%	2.84%	+9.4%
SBNY	New	SIGNATURE BK NEW YORK N Y	$7,758,000	–	28,493	–	2.73%	–
CFG	Buy	CITIZENS FINL GROUP INC	$7,528,000	+11.2%	160,233	+8.5%	2.65%	+2.4%
HTBK	Buy	HERITAGE COMM CORP	$7,178,000	+137.9%	617,190	+127.7%	2.53%	+119.1%
LMST	Buy	LIMESTONE BANCORP INC	$7,178,000	+103.9%	399,449	+88.8%	2.53%	+87.8%
VBTX	Buy	VERITEX HLDGS INC	$5,931,000	+19.1%	150,687	+7.1%	2.09%	+9.7%
PEBO	Buy	PEOPLES BANCORP INC	$5,758,000	+41.6%	182,158	+32.7%	2.03%	+30.4%
BHLB	Sell	BERKSHIRE HILLS BANCORP INC	$5,705,000	-30.9%	211,443	-29.8%	2.01%	-36.4%
TSC	Buy	TRISTATE CAP HLDGS INC	$5,603,000	+59.8%	264,940	+54.0%	1.97%	+47.1%
HWC	Buy	HANCOCK WHITNEY CORPORATION	$5,570,000	+18.2%	118,218	+11.5%	1.96%	+8.9%
UMPQ	Buy	UMPQUA HLDGS CORP	$5,565,000	+13.5%	274,689	+3.4%	1.96%	+4.5%
TCBI	New	TEXAS CAP BANCSHARES INC	$5,543,000	–	92,348	–	1.95%	–
HTBI	Buy	HOMETRUST BANCSHARES INC	$5,462,000	+57.4%	195,211	+56.9%	1.92%	+44.9%
OCFC	Buy	OCEANFIRST FINL CORP	$5,395,000	+42.5%	251,972	+38.7%	1.90%	+31.2%
KEY	Sell	KEYCORP	$5,124,000	-23.3%	237,000	-26.7%	1.80%	-29.4%
EWBC	New	East West Bancorp Inc	$4,524,000	–	58,347	–	1.59%	–
PCSB	Buy	PCSB FINL CORP	$4,058,000	+70.6%	220,067	+68.2%	1.43%	+57.1%
BRKL	Sell	BROOKLINE BANCORP INC DEL	$3,865,000	-6.4%	253,278	-8.3%	1.36%	-13.8%
BPRN	Buy	BANK PRINCETON NEW JERSEY	$3,861,000	+560.0%	129,259	+533.0%	1.36%	+506.2%
CBNK	Buy	CAPITAL BANCORP INC MD	$3,494,000	+108.6%	145,239	+77.3%	1.23%	+92.0%
SMBK	New	SMARTFINANCIAL INC	$3,275,000	–	126,946	–	1.15%	–
FFIC	New	FLUSHING FINL CORP	$3,261,000	–	144,287	–	1.15%	–
UBFO	New	VIRGINIA NATL BANKSHARES COR	$3,252,000	–	407,022	–	1.14%	–
CALB	Buy	CALIFORNIA BANCORP INC	$3,230,000	+2.7%	184,281	+9.6%	1.14%	-5.5%
RBCAA	New	REPUBLIC BANCORP INC KYcl a	$2,699,000	–	53,280	–	0.95%	–
EBTC	New	ENTERPRISE BANCORP INC MASS	$1,879,000	–	52,260	–	0.66%	–
	New	U S CENTY BK DORAL FLA	$1,830,000	–	150,000	–	0.64%	–
CIVB	Buy	CIVISTA BANCSHARES INC	$1,820,000	+5.6%	78,337	+0.5%	0.64%	-2.7%
OCBI	New	ORANGE CNTY BANCORP INC	$912,000	–	25,959	–	0.32%	–
RF	Exit	REGIONS FINANCIAL CORP NEW	$0	–	-57,274	–	-0.44%	–
CMA	Exit	COMERICA INC	$0	–	-35,204	–	-0.96%	–
FCCY	Exit	1ST CONSTITUTION BANCORP	$0	–	-180,017	–	-1.42%	–
FVCB	Exit	FVCBANKCORP INC	$0	–	-230,941	–	-1.52%	–
SASR	Exit	SANDY SPRING BANCORP INC	$0	–	-90,881	–	-1.53%	–
HBMD	Exit	HOWARD BANCORP INC	$0	–	-298,775	–	-1.84%	–
ISBC	Exit	INVESTORS BANCORP INC NEW	$0	–	-575,500	–	-3.14%	–
ACBI	Exit	ATLANTIC CAP BANCSHARES INC	$0	–	-497,352	–	-4.84%	–

Q2 2021

			Value		Shares		↓ Weighting
ACBI	New	ATLANTIC CAP BANCSHARES INC	$12,663,000	–	497,352	–	4.84%	–
QCRH	New	QCR HOLDINGS INC	$12,590,000	–	261,805	–	4.81%	–
HMST	New	HOMESTREET INC	$10,790,000	–	264,861	–	4.12%	–
WAL	New	WESTERN ALLIANCE BANCORP	$9,067,000	–	97,652	–	3.46%	–
PACW	New	PACWEST BANCORP DEL	$8,939,000	–	217,176	–	3.42%	–
BHLB	New	BERKSHIRE HILLS BANCORP INC	$8,254,000	–	301,125	–	3.15%	–
ISBC	New	INVESTORS BANCORP INC NEW	$8,207,000	–	575,500	–	3.14%	–
IBOC	New	INTERNATIONAL BANCSHARES COR	$8,080,000	–	188,163	–	3.09%	–
PFC	New	PREMIER FINANCIAL CORP	$7,814,000	–	275,044	–	2.99%	–
CNOB	New	CONNECTONE BANCORP INC	$7,553,000	–	288,623	–	2.89%	–
EFSC	New	ENTERPRISE FINL SVCS CORP	$7,375,000	–	158,975	–	2.82%	–
DCOM	New	DIME CMNTY BANCSHARES INC	$6,900,000	–	205,235	–	2.64%	–
FFWM	New	FIRST FNDTN INC	$6,802,000	–	302,179	–	2.60%	–
CFG	New	CITIZENS FINL GROUP INC	$6,772,000	–	147,633	–	2.59%	–
MYFW	New	FIRST WESTN FINL INC	$6,680,000	–	258,019	–	2.55%	–
KEY	New	KEYCORP	$6,681,000	–	323,525	–	2.55%	–
VLY	New	VALLEY NATL BANCORP	$6,269,000	–	466,780	–	2.40%	–
MCBC	New	MACATAWA BK CORP	$5,657,000	–	646,503	–	2.16%	–
PNFP	New	PINNACLE FINL PARTNERS INC	$5,323,000	–	60,294	–	2.03%	–
CUBI	New	CUSTOMERS BANCORP INC	$5,084,000	–	130,382	–	1.94%	–
VBTX	New	VERITEX HLDGS INC	$4,981,000	–	140,674	–	1.90%	–
UMPQ	New	UMPQUA HLDGS CORP	$4,902,000	–	265,689	–	1.87%	–
HBMD	New	HOWARD BANCORP INC	$4,819,000	–	298,775	–	1.84%	–
HWC	New	HANCOCK WHITNEY CORPORATION	$4,711,000	–	106,018	–	1.80%	–
STXB	New	SPIRIT OF TEX BANCSHARES INC	$4,300,000	–	188,276	–	1.64%	–
BRKL	New	BROOKLINE BANCORP INC DEL	$4,128,000	–	276,142	–	1.58%	–
PEBO	New	PEOPLES BANCORP INC	$4,066,000	–	137,260	–	1.55%	–
SASR	New	SANDY SPRING BANCORP INC	$4,011,000	–	90,881	–	1.53%	–
FVCB	New	FVCBANKCORP INC	$3,986,000	–	230,941	–	1.52%	–
HONE	New	HARBORONE BANCORP INC NEW	$3,819,000	–	266,304	–	1.46%	–
VABK	New	VIRGINIA NATL BANKSHARES COR	$3,814,000	–	98,076	–	1.46%	–
OCFC	New	OCEANFIRST FINL CORP	$3,787,000	–	181,711	–	1.45%	–
PGC	New	PEAPACK-GLADSTONE FINL CORP	$3,769,000	–	121,318	–	1.44%	–
FCCY	New	1ST CONSTITUTION BANCORP	$3,725,000	–	180,017	–	1.42%	–
CAC	New	CAMDEN NATL CORP	$3,697,000	–	77,418	–	1.41%	–
LMST	New	LIMESTONE BANCORP INC	$3,520,000	–	211,537	–	1.34%	–
TSC	New	TRISTATE CAP HLDGS INC	$3,507,000	–	172,016	–	1.34%	–
LBAI	New	LAKELAND BANCORP INC	$3,499,000	–	200,178	–	1.34%	–
HTBI	New	HomeTrust Bancshares Inc	$3,471,000	–	124,395	–	1.33%	–
RVSB	New	RIVERVIEW BANCORP INC	$3,259,000	–	459,714	–	1.24%	–
CALB	New	CALIFORNIA BANCORP INC	$3,145,000	–	168,164	–	1.20%	–
FCCO	New	FIRST CMNTY CORP S C	$3,034,000	–	150,186	–	1.16%	–
HTBK	New	HERITAGE COMM CORP	$3,017,000	–	271,088	–	1.15%	–
CMA	New	COMERICA INC	$2,511,000	–	35,204	–	0.96%	–
FSBC	New	FIVE STAR BANCORP	$2,415,000	–	100,000	–	0.92%	–
PCSB	New	PCSB FINL CORP	$2,378,000	–	130,854	–	0.91%	–
CIVB	New	CIVISTA BANCSHARES INC	$1,723,000	–	77,960	–	0.66%	–
CBNK	New	CAPITAL BANCORP INC MD	$1,675,000	–	81,923	–	0.64%	–
MBIN	New	MERCHANTS BANCORP IND	$1,487,000	–	37,893	–	0.57%	–
FMNB	New	FARMERS NATIONAL BANC CORP	$1,294,000	–	83,422	–	0.49%	–
RF	New	REGIONS FINANCIAL CORP NEW	$1,156,000	–	57,274	–	0.44%	–
BPRN	New	BANK PRINCETON NEW JERSEY	$585,000	–	20,420	–	0.22%	–

Q4 2020

			Value		Shares		↓ Weighting
UNTY	Exit	UNITY BANCORP INC	$0	–	-24,522	–	-0.19%	–
PNFP	Exit	PINNACLE FINL PARTNERS INC	$0	–	-16,763	–	-0.39%	–
BWFG	Exit	BANKWELL FINL GROUP INC	$0	–	-45,365	–	-0.42%	–
WBS	Exit	WEBSTER FINL CORP CONN	$0	–	-47,325	–	-0.82%	–
KEY	Exit	KEYCORP	$0	–	-126,190	–	-0.98%	–
RF	Exit	REGIONS FINANCIAL CORP NEW	$0	–	-133,383	–	-1.00%	–
PGC	Exit	PEAPACK-GLADSTONE FINL CORP	$0	–	-102,360	–	-1.01%	–
CALB	Exit	CALIFORNIA BANCORP	$0	–	-147,663	–	-1.09%	–
RVSB	Exit	RIVERVIEW BANCORP INC	$0	–	-454,599	–	-1.23%	–
FCCO	Exit	FIRST CMNTY CORP S C	$0	–	-150,186	–	-1.34%	–
SLCT	Exit	SELECT BANCORP INC NEW	$0	–	-292,041	–	-1.37%	–
BRKL	Exit	BROOKLINE BANCORP INC DEL	$0	–	-268,267	–	-1.52%	–
LBAI	Exit	LAKELAND BANCORP INC	$0	–	-233,291	–	-1.52%	–
SFST	Exit	SOUTHERN FIRST BANCSHARES IN	$0	–	-96,790	–	-1.53%	–
CAC	Exit	CAMDEN NATL CORP	$0	–	-77,418	–	-1.53%	–
NBHC	Exit	NATIONAL BK HLDGS CORPcl a	$0	–	-91,678	–	-1.57%	–
HBMD	Exit	HOWARD BANCORP INC	$0	–	-286,875	–	-1.68%	–
MBCN	Exit	MIDDLEFIELD BANC CORP	$0	–	-162,182	–	-2.04%	–
FVCB	Exit	FVCBANKCORP INC	$0	–	-318,030	–	-2.08%	–
AUB	Exit	ATLANTIC UN BANKSHARES CORP	$0	–	-158,166	–	-2.21%	–
FMBI	Exit	FIRST MIDWEST BANCORP DEL	$0	–	-367,076	–	-2.59%	–
MYFW	Exit	MIDDLEFIELD BANC CORP	$0	–	-316,912	–	-2.68%	–
SBNY	Exit	SIGNATURE BK NEW YORK N Y	$0	–	-51,717	–	-2.80%	–
WAL	Exit	WESTERN ALLIANCE BANCORP	$0	–	-144,476	–	-2.98%	–
BANR	Exit	BANNER CORP	$0	–	-142,946	–	-3.01%	–
ZION	Exit	ZIONS BANCORPORATION N A	$0	–	-161,365	–	-3.08%	–
FFWM	Exit	FIRST FNDTN INC	$0	–	-361,543	–	-3.09%	–
EFSC	Exit	ENTERPRISE FINL SVCS CORP	$0	–	-174,552	–	-3.11%	–
TSC	Exit	TRISTATE CAP HLDGS INC	$0	–	-359,978	–	-3.11%	–
CADE	Exit	CADENCE BANCORPORATIONcl a	$0	–	-556,179	–	-3.12%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-197,082	–	-3.26%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-235,549	–	-3.28%	–
CMA	Exit	COMERICA INC	$0	–	-131,413	–	-3.28%	–
WSBC	Exit	WESBANCO INC	$0	–	-240,865	–	-3.36%	–
HWC	Exit	HANCOCK WHITNEY CORPORATION	$0	–	-275,534	–	-3.39%	–
HOMB	Exit	HOME BANCSHARES INC	$0	–	-353,018	–	-3.50%	–
PB	Exit	PROSPERITY BANCSHARES INC	$0	–	-105,375	–	-3.57%	–
ACBI	Exit	ATLANTIC CAP BANCSHARES INC	$0	–	-484,797	–	-3.60%	–
MCBC	Exit	MACATAWA BK CORP	$0	–	-857,281	–	-3.66%	–
PFC	Exit	PREMIER FINANCIAL CORP	$0	–	-368,651	–	-3.75%	–
QCRH	Exit	QCR HOLDINGS INC	$0	–	-275,354	–	-4.93%	–
HMST	Exit	HOMESTREET INC	$0	–	-316,014	–	-5.32%	–

Q3 2020

			Value		Shares		↓ Weighting
HMST	Buy	HOMESTREET INC	$8,141,000	+22.6%	316,014	+17.1%	5.32%	+26.2%
QCRH	Buy	QCR HOLDINGS INC	$7,547,000	+30.1%	275,354	+48.0%	4.93%	+33.8%
PFC	Buy	PREMIER FINANCIAL CORP	$5,742,000	+56.5%	368,651	+77.6%	3.75%	+61.1%
MCBC	Sell	MACATAWA BK CORP	$5,598,000	-24.4%	857,281	-9.4%	3.66%	-22.2%
ACBI	Sell	ATLANTIC CAP BANCSHARES INC	$5,502,000	-7.3%	484,797	-0.7%	3.60%	-4.6%
PB	Buy	PROSPERITY BANCSHARES INC	$5,462,000	+10.5%	105,375	+26.5%	3.57%	+13.7%
HOMB	New	HOME BANCSHARES INC	$5,352,000	–	353,018	–	3.50%	–
HWC	Buy	HANCOCK WHITNEY CORPORATION	$5,183,000	+45.3%	275,534	+63.8%	3.39%	+49.5%
WSBC	New	WESBANCO INC	$5,145,000	–	240,865	–	3.36%	–
CMA	Buy	COMERICA INC	$5,027,000	+32.6%	131,413	+32.1%	3.28%	+36.5%
FITB	Sell	FIFTH THIRD BANCORP	$5,022,000	-13.8%	235,549	-22.1%	3.28%	-11.3%
CFG	Sell	CITIZENS FINL GROUP INC	$4,982,000	-26.0%	197,082	-26.1%	3.26%	-23.8%
CADE	Buy	CADENCE BANCORPORATIONcl a	$4,778,000	+60.3%	556,179	+65.3%	3.12%	+64.9%
TSC	Buy	TRISTATE CAP HLDGS INC	$4,766,000	+47.9%	359,978	+75.5%	3.11%	+52.2%
EFSC	Buy	ENTERPRISE FINL SVCS CORP	$4,760,000	+10.6%	174,552	+26.2%	3.11%	+13.8%
FFWM	Buy	FIRST FNDTN INC	$4,725,000	+31.4%	361,543	+64.3%	3.09%	+35.2%
ZION	Sell	ZIONS BANCORPORATION N A	$4,715,000	-28.2%	161,365	-16.5%	3.08%	-26.2%
BANR	New	BANNER CORP	$4,611,000	–	142,946	–	3.01%	–
WAL	Buy	WESTERN ALLIANCE BANCORP	$4,568,000	-12.3%	144,476	+5.1%	2.98%	-9.7%
SBNY	Buy	SIGNATURE BK NEW YORK N Y	$4,292,000	+10.0%	51,717	+41.7%	2.80%	+13.1%
MYFW	Buy	MIDDLEFIELD BANC CORP	$4,104,000	-9.0%	316,912	+0.1%	2.68%	-6.4%
FMBI	Buy	FIRST MIDWEST BANCORP DEL	$3,957,000	+41.9%	367,076	+75.8%	2.59%	+46.1%
AUB	Buy	ATLANTIC UN BANKSHARES CORP	$3,380,000	-0.6%	158,166	+7.7%	2.21%	+2.3%
FVCB	Sell	FVCBANKCORP INC	$3,180,000	-26.7%	318,030	-21.1%	2.08%	-24.6%
HBMD	Buy	HOWARD BANCORP INC	$2,576,000	-14.3%	286,875	+1.3%	1.68%	-11.9%
CAC	New	CAMDEN NATL CORP	$2,340,000	–	77,418	–	1.53%	–
SFST	Sell	SOUTHERN FIRST BANCSHARES IN	$2,337,000	-46.7%	96,790	-38.8%	1.53%	-45.1%
LBAI	Buy	LAKELAND BANCORP INC	$2,321,000	+9.5%	233,291	+25.8%	1.52%	+12.7%
BRKL	New	BROOKLINE BANCORP INC DEL	$2,319,000	–	268,267	–	1.52%	–
FCCO	Sell	FIRST CMNTY CORP S C	$2,047,000	-37.9%	150,186	-31.0%	1.34%	-36.1%
RVSB	Buy	RIVERVIEW BANCORP INC	$1,887,000	-25.8%	454,599	+1.0%	1.23%	-23.6%
RF	Sell	REGIONS FINANCIAL CORP NEW	$1,538,000	-71.8%	133,383	-72.8%	1.00%	-71.0%
KEY	Sell	KEYCORP	$1,505,000	-74.9%	126,190	-74.3%	0.98%	-74.1%
WBS	New	WEBSTER FINL CORP CONN	$1,250,000	–	47,325	–	0.82%	–
BWFG	Sell	BANKWELL FINL GROUP INC	$642,000	-62.1%	45,365	-57.4%	0.42%	-61.1%
PNFP	Sell	PINNACLE FINL PARTNERS INC	$597,000	-88.3%	16,763	-86.2%	0.39%	-88.0%
PMBC	Exit	PACIFIC MERCANTILE BANCORP	$0	–	-294,990	–	-0.69%	–
BDGE	Exit	Bridge Bancorp Inc	$0	–	-59,411	–	-0.86%	–
CBU	Exit	Community BK SYS INC	$0	–	-38,368	–	-1.39%	–
FMNB	Exit	FARMERS NATIONAL BANC CORP	$0	–	-213,786	–	-1.61%	–
SFBS	Exit	SERVISFIRST BANCSHARES INC	$0	–	-137,540	–	-3.12%	–

Q2 2020

			Value		Shares		↓ Weighting
MCBC	New	MACATAWA BK CORP	$7,400,000	–	946,270	–	4.70%	–
CFG	New	CITIZENS FINANCIAL GROUP INC	$6,728,000	–	266,566	–	4.27%	–
HMST	New	HOMESTREET INC	$6,639,000	–	269,763	–	4.22%	–
ZION	New	ZIONS BANCORPORATION N A	$6,569,000	–	193,200	–	4.17%	–
KEY	New	KEYCORP	$5,986,000	–	491,502	–	3.80%	–
ACBI	New	ATLANTIC CAP BANCSHARES INC	$5,935,000	–	488,097	–	3.77%	–
FITB	New	Fifth Third Bancorp	$5,828,000	–	302,304	–	3.70%	–
QCRH	New	QCR HOLDINGS INC	$5,801,000	–	186,042	–	3.68%	–
RF	New	REGIONS FINANCIAL CORP NEW	$5,450,000	–	490,098	–	3.46%	–
WAL	New	Western Alliance Bancorp	$5,208,000	–	137,516	–	3.31%	–
PNFP	New	PINNACLE FINL PARTNERS INC	$5,107,000	–	121,623	–	3.24%	–
PB	New	PROSPERITY BANCSHARES INC	$4,945,000	–	83,275	–	3.14%	–
SFBS	New	SERVISFIRST BANCSHARES INC	$4,918,000	–	137,540	–	3.12%	–
MYFW	New	FIRST WESTN FINL INC	$4,511,000	–	316,573	–	2.86%	–
SFST	New	SOUTHERN FIRST BANCSHARES IN	$4,382,000	–	158,141	–	2.78%	–
FVCB	New	FVCBANKCORP INC	$4,339,000	–	403,208	–	2.76%	–
EFSC	New	ENTERPRISE FINL SVCS CORP	$4,304,000	–	138,306	–	2.73%	–
SBNY	New	Signature BK New York N Y	$3,903,000	–	36,500	–	2.48%	–
CMA	New	COMERICA INC	$3,791,000	–	99,500	–	2.41%	–
PFC	New	PREMIER FINANCIAL CORP	$3,668,000	–	207,592	–	2.33%	–
FFWM	New	FIRST FNDTN INC	$3,596,000	–	220,085	–	2.28%	–
HWC	New	HANCOCK WHITNEY CORPORATION	$3,566,000	–	168,200	–	2.26%	–
AUB	New	ATLANTIC UN BANKSHARES CORP	$3,401,000	–	146,866	–	2.16%	–
MBCN	New	MIDDLEFIELD BANC CORP	$3,365,000	–	162,182	–	2.14%	–
FCCO	New	FIRST CMNTY CORP S C	$3,296,000	–	217,584	–	2.09%	–
TSC	New	TRISTATE CAP HLDGS INC	$3,222,000	–	205,065	–	2.05%	–
HBMD	New	HOWARD BANCORP INC	$3,007,000	–	283,179	–	1.91%	–
CADE	New	CADENCE BANCORPORATIONcl a	$2,981,000	–	336,442	–	1.89%	–
FMBI	New	First Midwest Bancorp DEL	$2,788,000	–	208,846	–	1.77%	–
RVSB	New	RIVERVIEW BANCORP INC	$2,542,000	–	449,951	–	1.61%	–
FMNB	New	FARMERS NATIONAL BANC CORP	$2,536,000	–	213,786	–	1.61%	–
NBHC	New	NATIONAL BK HLDGS CORPcl a	$2,475,000	–	91,678	–	1.57%	–
SLCT	New	SELECT BANCORP INC NEW	$2,377,000	–	292,041	–	1.51%	–
CALB	New	CALIFORNIA BANCORP	$2,200,000	–	147,663	–	1.40%	–
CBU	New	Community BK SYS INC	$2,188,000	–	38,368	–	1.39%	–
LBAI	New	Lakeland Bancorp Inc	$2,119,000	–	185,391	–	1.35%	–
PGC	New	PEAPACK-GLADSTONE FINL CORP	$1,917,000	–	102,360	–	1.22%	–
BWFG	New	BANKWELL FINL GROUP INC	$1,694,000	–	106,535	–	1.08%	–
BDGE	New	Bridge Bancorp Inc	$1,357,000	–	59,411	–	0.86%	–
PMBC	New	PACIFIC MERCANTILE BANCORP	$1,080,000	–	294,990	–	0.69%	–
UNTY	New	Unity Bancorp Inc	$351,000	–	24,522	–	0.22%	–

Q4 2019

			Value		Shares		↓ Weighting
ALRS	Exit	ALERUS FINL CORP	$0	–	-125,000	–	-1.07%	–
BWFG	Exit	BANKWELL FINL GROUP INC	$0	–	-101,035	–	-1.10%	–
PGC	Exit	PEAPACK-GLADSTONE FINL CORP	$0	–	-102,360	–	-1.13%	–
HBMD	Exit	HOWARD BANCORP INC	$0	–	-194,885	–	-1.28%	–
PMBC	Exit	Pacific Mercantile Bancorp	$0	–	-495,127	–	-1.47%	–
MBCN	Exit	Middlefield Banc Corp	$0	–	-81,091	–	-1.50%	–
CSTR	Exit	CAPSTAR FINL HLDGS INC	$0	–	-237,661	–	-1.55%	–
UBFO	Exit	UNITED SECURITY BANCSHARES C	$0	–	-545,037	–	-2.26%	–
SLCT	Exit	SELECT BANCORP INC NEW	$0	–	-514,471	–	-2.35%	–
CLDB	Exit	CORTLAND BANCORP	$0	–	-274,074	–	-2.37%	–
FCCO	Exit	FIRST CMNTY CORP S C	$0	–	-313,782	–	-2.41%	–
QCRH	Exit	QCR HOLDINGS INC	$0	–	-164,291	–	-2.46%	–
UCFC	Exit	UNITED CMNTY FINL CORP OHIO	$0	–	-600,950	–	-2.55%	–
SFST	Exit	SOUTHERN FIRST BANCSHARES IN	$0	–	-167,392	–	-2.63%	–
PEBO	Exit	PEOPLES BANCORP INC	$0	–	-213,275	–	-2.67%	–
HBAN	Exit	HUNTINGTON BANCSHARES INC	$0	–	-493,000	–	-2.78%	–
FMNB	Exit	FARMERS NATL BANC CORP	$0	–	-493,287	–	-2.82%	–
OSBC	Exit	OLD SECOND BANCORP INC ILL	$0	–	-591,916	–	-2.85%	–
UCBI	Exit	UNITED CMNTY BKS BLAIRSVLE G	$0	–	-267,987	–	-3.00%	–
MYFW	Exit	FIRST WESTN FINL INC	$0	–	-467,441	–	-3.15%	–
FVCB	Exit	FVCBANKCORP INC	$0	–	-465,187	–	-3.22%	–
ZION	Exit	ZIONS BANCORPORATION N A	$0	–	-216,696	–	-3.80%	–
BANR	Exit	BANNER CORP	$0	–	-178,383	–	-3.95%	–
SNV	Exit	SYNOVUS FINL CORP	$0	–	-296,054	–	-4.17%	–
EFSC	Exit	ENTERPRISE FINL SVCS CORP	$0	–	-290,980	–	-4.67%	–
NBHC	Exit	NATIONAL BK HLDGS CORPcl a	$0	–	-347,389	–	-4.68%	–
CVCY	Exit	CENTRAL VALLEY CMNTY BANCORP	$0	–	-600,433	–	-4.82%	–
IBTX	Exit	INDEPENDENT BK GROUP INC	$0	–	-243,538	–	-5.06%	–
MCBC	Exit	MACATAWA BK CORP	$0	–	-1,249,399	–	-5.12%	–
PNFP	Exit	PINNACLE FINL PARTNERS INC	$0	–	-231,118	–	-5.17%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-404,755	–	-5.64%	–
ACBI	Exit	ATLANTIC CAP BANCSHARES INC	$0	–	-921,441	–	-6.30%	–

Q3 2019

			Value		Shares		↓ Weighting
ACBI	Buy	ATLANTIC CAP BANCSHARES INC	$15,978,000	+5.4%	921,441	+4.1%	6.30%	+1.6%
CFG	Buy	CITIZENS FINL GROUP INC	$14,316,000	+5.1%	404,755	+5.1%	5.64%	+1.3%
PNFP	Sell	PINNACLE FINL PARTNERS INC	$13,116,000	-13.3%	231,118	-12.2%	5.17%	-16.4%
MCBC	Buy	MACATAWA BK CORP	$12,981,000	+6.3%	1,249,399	+5.0%	5.12%	+2.4%
IBTX	Sell	INDEPENDENT BK GROUP INC	$12,822,000	-13.3%	243,538	-9.5%	5.06%	-16.4%
CVCY	Sell	CENTRAL VALLEY CMNTY BANCORP	$12,219,000	-10.0%	600,433	-5.1%	4.82%	-13.3%
NBHC	Sell	NATIONAL BK HLDGS CORPcl a	$11,877,000	-26.5%	347,389	-21.9%	4.68%	-29.1%
EFSC	Buy	ENTERPRISE FINL SVCS CORP	$11,857,000	-0.9%	290,980	+1.2%	4.67%	-4.5%
SNV	Buy	SYNOVUS FINL CORP	$10,587,000	+23.4%	296,054	+20.8%	4.17%	+18.9%
BANR	Buy	BANNER CORP	$10,020,000	+4.8%	178,383	+1.0%	3.95%	+1.0%
ZION	Sell	ZIONS BANCORPORATION N A	$9,647,000	-34.8%	216,696	-32.7%	3.80%	-37.2%
FVCB	Buy	FVCBANKCORP INC	$8,169,000	+7.9%	465,187	+19.4%	3.22%	+4.0%
MYFW	Buy	FIRST WESTN FINL INC	$7,989,000	+29.1%	467,441	+0.2%	3.15%	+24.5%
UCBI	Buy	UNITED CMNTY BKS BLAIRSVLE G	$7,597,000	+10.1%	267,987	+10.9%	3.00%	+6.1%
OSBC	Buy	OLD SECOND BANCORP INC ILL	$7,233,000	-3.5%	591,916	+0.9%	2.85%	-7.0%
FMNB	Buy	FARMERS NATL BANC CORP	$7,143,000	-2.1%	493,287	+0.2%	2.82%	-5.7%
HBAN	New	HUNTINGTON BANCSHARES INC	$7,040,000	–	493,000	–	2.78%	–
PEBO	Buy	PEOPLES BANCORP INC	$6,784,000	-0.5%	213,275	+0.9%	2.67%	-4.1%
UCFC	Sell	UNITED CMNTY FINL CORP OHIO	$6,478,000	-4.3%	600,950	-15.0%	2.55%	-7.8%
QCRH	Buy	QCR HOLDINGS INC	$6,240,000	+9.7%	164,291	+0.7%	2.46%	+5.7%
CLDB	Sell	CORTLAND BANCORP	$6,002,000	-19.4%	274,074	-15.0%	2.37%	-22.3%
SLCT	Buy	SELECT BANCORP INC NEW	$5,968,000	+158.7%	514,471	+155.1%	2.35%	+149.3%
UBFO	Sell	UNITED SECURITY BANCSHARES C	$5,734,000	-14.8%	545,037	-7.8%	2.26%	-17.9%
CSTR	Sell	CAPSTAR FINL HLDGS INC	$3,940,000	-23.9%	237,661	-30.5%	1.55%	-26.7%
MBCN	New	Middlefield Banc Corp	$3,794,000	–	81,091	–	1.50%	–
PMBC	Buy	Pacific Mercantile Bancorp	$3,718,000	+84.6%	495,127	+102.8%	1.47%	+77.9%
HBMD	New	HOWARD BANCORP INC	$3,253,000	–	194,885	–	1.28%	–
PGC	Buy	PEAPACK-GLADSTONE FINL CORP	$2,869,000	+15.5%	102,360	+15.8%	1.13%	+11.2%
BWFG	Buy	BANKWELL FINL GROUP INC	$2,778,000	+14.9%	101,035	+20.0%	1.10%	+10.7%
ALRS	New	ALERUS FINL CORP	$2,725,000	–	125,000	–	1.07%	–
LTXB	Exit	LEGACY TEX FINL GROUP INC	$0	–	-632	–	-0.01%	–
CFBK	Exit	CENTRAL FED CORP	$0	–	-100,599	–	-0.50%	–
OLBK	Exit	OLD LINE BANCSHARES INC	$0	–	-75,536	–	-0.82%	–

Q2 2019

			Value		Shares		↓ Weighting
NBHC	New	NATIONAL BK HLDGS CORPcl a	$16,151,000	–	444,939	–	6.61%	–
ACBI	New	ATLANTIC CAP BANCSHARES INC	$15,158,000	–	885,397	–	6.20%	–
PNFP	New	PINNACLE FINL PARTNERS INC	$15,124,000	–	263,118	–	6.19%	–
ZION	New	ZIONS BANCORPORATION N A	$14,801,000	–	321,896	–	6.06%	–
IBTX	New	INDEPENDENT BK GROUP INC	$14,786,000	–	269,038	–	6.05%	–
CFG	New	CITIZENS FINL GROUP INC	$13,623,000	–	385,255	–	5.57%	–
CVCY	New	CENTRAL VALLEY CMNTY BANCORP	$13,584,000	–	632,704	–	5.56%	–
MCBC	New	MACATAWA BK CORP	$12,213,000	–	1,190,380	–	5.00%	–
EFSC	New	ENTERPRISE FINL SVCS CORP	$11,959,000	–	287,480	–	4.89%	–
BANR	New	BANNER CORP	$9,562,000	–	176,583	–	3.91%	–
SNV	New	Synovus Finl Corp	$8,580,000	–	245,154	–	3.51%	–
FVCB	New	FVCBANKCORP INC	$7,568,000	–	389,678	–	3.10%	–
OSBC	New	OLD SECOND BANCORP INC ILL	$7,495,000	–	586,916	–	3.07%	–
CLDB	New	CORTLAND BANCORP	$7,449,000	–	322,469	–	3.05%	–
FMNB	New	FARMERS NATL BANC CORP	$7,299,000	–	492,187	–	2.99%	–
UCBI	New	United Cmnty Bks Blairsvle g	$6,900,000	–	241,587	–	2.82%	–
PEBO	New	PEOPLES BANCORP INC	$6,819,000	–	211,375	–	2.79%	–
UCFC	New	UNITED CMNTY FINL CORP OHIO	$6,769,000	–	707,319	–	2.77%	–
UBFO	New	UNITED SECURITY BANCSHARES C	$6,730,000	–	590,853	–	2.75%	–
SFST	New	SOUTHERN FIRST BANCSHARES IN	$6,555,000	–	167,392	–	2.68%	–
MYFW	New	FIRST WESTN FINL INC	$6,188,000	–	466,683	–	2.53%	–
FCCO	New	FIRST CMNTY CORP S C	$5,808,000	–	313,782	–	2.38%	–
QCRH	New	QCR HOLDINGS INC	$5,690,000	–	163,191	–	2.33%	–
CSTR	New	CAPSTAR FINL HLDGS INC	$5,178,000	–	341,763	–	2.12%	–
PGC	New	PEAPACK-GLADSTONE FINL CORP	$2,485,000	–	88,360	–	1.02%	–
BWFG	New	BANKWELL FINL GROUP INC	$2,417,000	–	84,202	–	0.99%	–
SLCT	New	SELECT BANCORP INC NEW	$2,307,000	–	201,639	–	0.94%	–
PMBC	New	Pacific Mercantile Bancorp	$2,014,000	–	244,163	–	0.82%	–
OLBK	New	OLD LINE BANCSHARES INC	$2,010,000	–	75,536	–	0.82%	–
CFBK	New	CENTRAL FED CORP	$1,211,000	–	100,599	–	0.50%	–
LTXB	New	LEGACY TEX FINL GROUP INC	$26,000	–	632	–	0.01%	–

Q4 2018

			Value		Shares		↓ Weighting
CNOB	Exit	CONNECTONE BANCORP INC NEW	$0	–	-17,992	–	-0.12%	–
OSBC	Exit	Old Second Bancorp Inc ILL	$0	–	-109,988	–	-0.47%	–
PGC	Exit	PEAPACK-GLADSTONE FINL CORP	$0	–	-71,438	–	-0.61%	–
BWFG	Exit	BANKWELL FINL GROUP INC	$0	–	-73,602	–	-0.64%	–
SLCT	Exit	SELECT BANCORP INC NEW	$0	–	-200,239	–	-0.69%	–
FISI	Exit	FINANCIAL INSTNS INC	$0	–	-94,229	–	-0.82%	–
MYFW	Exit	FIRST WESTN FINL INC	$0	–	-192,713	–	-0.94%	–
CFBK	Exit	CENTRAL FED CORP	$0	–	-229,928	–	-0.99%	–
ZION	Exit	ZIONS BANCORPORATION	$0	–	-73,856	–	-1.03%	–
OCFC	Exit	OCEANFIRST FINL CORP	$0	–	-175,505	–	-1.33%	–
CSTR	Exit	CAPSTAR FINL HLDGS INC	$0	–	-289,186	–	-1.34%	–
CMA	Exit	COMERICA INC	$0	–	-55,955	–	-1.40%	–
BCML	Exit	BAYCOM CORP	$0	–	-201,510	–	-1.49%	–
FVCB	Exit	FVCBANKCORP INC	$0	–	-278,457	–	-1.53%	–
IBTX	Exit	Independent BK Group Inc	$0	–	-99,328	–	-1.83%	–
ORRF	Exit	ORRSTOWN FINL SVCS INC	$0	–	-286,012	–	-1.89%	–
FMNB	Exit	FARMERS NATL BANC CORP	$0	–	-474,731	–	-2.02%	–
FCCO	Exit	FIRST CMNTY CORP S C	$0	–	-307,257	–	-2.07%	–
UBFO	Exit	UNITED SECURITY BANCSHARES C	$0	–	-714,633	–	-2.20%	–
PEBO	Exit	PEOPLES BANCORP INC	$0	–	-227,510	–	-2.22%	–
SFST	Exit	SOUTHERN FIRST BANCSHARES IN	$0	–	-206,004	–	-2.25%	–
OLBK	Exit	OLD LINE BANCSHARES INC	$0	–	-264,985	–	-2.33%	–
CVCY	Exit	CENTRAL VALLEY CMNTY BANCORP	$0	–	-389,105	–	-2.34%	–
QCRH	Exit	QCR HOLDINGS INC	$0	–	-243,691	–	-2.77%	–
UCFC	Exit	UNITED CMNTY FINL CORP OHIO	$0	–	-1,060,219	–	-2.85%	–
VBTX	Exit	VERITEX HLDGS INC	$0	–	-363,947	–	-2.86%	–
MCBC	Exit	MACATAWA BK CORP	$0	–	-947,838	–	-3.08%	–
FCB	Exit	FCB FINL HLDGS INCcl a	$0	–	-274,667	–	-3.62%	–
KEY	Exit	KEYCORP NEW	$0	–	-662,776	–	-3.66%	–
CMAWS	Exit	COMERICA INC*w exp 11/14/201	$0	–	-214,548	–	-3.68%	–
PNFP	Exit	PINNACLE FINL PARTNERS INC	$0	–	-224,418	–	-3.75%	–
ACBI	Exit	ATLANTIC CAP BANCSHARES INC	$0	–	-809,171	–	-3.77%	–
EFSC	Exit	ENTERPRISE FINL SVCS CORP	$0	–	-261,280	–	-3.85%	–
LTXB	Exit	LEGACY TEX FINL GROUP INC	$0	–	-354,174	–	-4.19%	–
NCOM	Exit	NATIONAL COMM CORP	$0	–	-378,843	–	-4.35%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-432,755	–	-4.64%	–
HBAN	Exit	HUNTINGTON BANCSHARES INC	$0	–	-1,127,996	–	-4.68%	–
STI	Exit	SUNTRUST BKS INC	$0	–	-263,085	–	-4.88%	–
BANR	Exit	BANNER CORP	$0	–	-285,692	–	-4.94%	–
NBHC	Exit	NATIONAL BK HLDGS CORPcl a	$0	–	-563,036	–	-5.89%	–

Q3 2018

			Value		Shares		↓ Weighting
NBHC	Buy	NATIONAL BK HLDGS CORPcl a	$21,198,000	+14.2%	563,036	+17.0%	5.89%	+16.5%
BANR	Buy	BANNER CORP	$17,762,000	+8.7%	285,692	+5.1%	4.94%	+10.9%
STI	Buy	SUNTRUST BKS INC	$17,571,000	+7.3%	263,085	+6.0%	4.88%	+9.5%
HBAN	Buy	HUNTINGTON BANCSHARES INC	$16,830,000	+7.1%	1,127,996	+5.9%	4.68%	+9.3%
CFG	Buy	CITIZENS FINL GROUP INC	$16,691,000	+5.0%	432,755	+5.9%	4.64%	+7.1%
NCOM	Buy	NATIONAL COMM CORP	$15,646,000	-6.7%	378,843	+4.6%	4.35%	-4.8%
LTXB	Buy	LEGACY TEX FINL GROUP INC	$15,088,000	+18.7%	354,174	+8.7%	4.19%	+21.1%
EFSC	Buy	ENTERPRISE FINL SVCS CORP	$13,861,000	+4.7%	261,280	+6.4%	3.85%	+6.8%
ACBI	Buy	ATLANTIC CAP BANCSHARES INC	$13,554,000	-9.8%	809,171	+5.8%	3.77%	-8.0%
PNFP	Buy	PINNACLE FINL PARTNERS INC	$13,499,000	+4.1%	224,418	+6.1%	3.75%	+6.2%
CMAWS	Sell	COMERICA INC*w exp 11/14/201	$13,248,000	-4.4%	214,548	-2.4%	3.68%	-2.4%
KEY	Buy	KEYCORP NEW	$13,183,000	+7.8%	662,776	+5.9%	3.66%	+10.0%
VBTX	Sell	VERITEX HLDGS INC	$10,285,000	-25.6%	363,947	-18.2%	2.86%	-24.0%
UCFC	Sell	UNITED CMNTY FINL CORP OHIO	$10,252,000	-17.7%	1,060,219	-6.4%	2.85%	-16.0%
QCRH	Buy	QCR HOLDINGS INC	$9,955,000	-10.9%	243,691	+3.5%	2.77%	-9.1%
CVCY	New	CENTRAL VALLEY CMNTY BANCORP	$8,409,000	–	389,105	–	2.34%	–
OLBK	Buy	OLD LINE BANCSHARES INC	$8,384,000	-5.1%	264,985	+4.7%	2.33%	-3.1%
SFST	Buy	SOUTHERN FIRST BANCSHARES IN	$8,096,000	-7.0%	206,004	+4.6%	2.25%	-5.1%
PEBO	Buy	PEOPLES BANCORP INC	$7,970,000	+79.4%	227,510	+93.5%	2.22%	+83.1%
UBFO	Buy	UNITED SECURITY BANCSHARES C	$7,932,000	+19.8%	714,633	+20.9%	2.20%	+22.2%
FCCO	Sell	FIRST CMNTY CORP S C	$7,436,000	-6.9%	307,257	-3.4%	2.07%	-4.9%
FMNB	Buy	FARMERS NATL BANC CORP	$7,263,000	+4.2%	474,731	+8.6%	2.02%	+6.3%
IBTX	New	Independent BK Group Inc	$6,585,000	–	99,328	–	1.83%	–
FVCB	New	FVCBANKCORP INC	$5,513,000	–	278,457	–	1.53%	–
OCFC	Buy	OCEANFIRST FINL CORP	$4,777,000	-3.1%	175,505	+6.6%	1.33%	-1.2%
ZION	Sell	ZIONS BANCORPORATION	$3,704,000	-77.5%	73,856	-76.3%	1.03%	-77.0%
CFBK	Sell	CENTRAL FED CORP	$3,564,000	+17.4%	229,928	-81.8%	0.99%	+19.9%
MYFW	New	FIRST WESTN FINL INC	$3,371,000	–	192,713	–	0.94%	–
FISI	Sell	FINANCIAL INSTNS INC	$2,959,000	-68.4%	94,229	-66.9%	0.82%	-67.8%
SLCT	New	SELECT BANCORP INC NEW	$2,483,000	–	200,239	–	0.69%	–
OSBC	New	Old Second Bancorp Inc ILL	$1,699,000	–	109,988	–	0.47%	–
CNOB	Sell	CONNECTONE BANCORP INC NEW	$427,000	-95.3%	17,992	-95.1%	0.12%	-95.2%
FCCY	Exit	1ST CONSTITUTION BANCORP	$0	–	-24,498	–	-0.15%	–
COBZ	Exit	COBIZ FINANCIAL INC	$0	–	-363,133	–	-2.12%	–

Q2 2018

			Value		Shares		↓ Weighting
NBHC	New	NATIONAL BK HLDGS CORPcl a	$18,565,000	–	481,081	–	5.05%	–
NCOM	New	NATIONAL COMM CORP	$16,766,000	–	362,126	–	4.56%	–
ZION	New	ZIONS BANCORPORATION	$16,433,000	–	311,873	–	4.47%	–
STI	New	SUNTRUST BKS INC	$16,382,000	–	248,135	–	4.46%	–
BANR	New	BANNER CORP	$16,343,000	–	271,792	–	4.45%	–
FCB	New	FCB FINL HLDGS INCcl a	$16,150,000	–	274,667	–	4.40%	–
CFG	New	CITIZENS FINL GROUP INC	$15,901,000	–	408,755	–	4.33%	–
HBAN	New	HUNTINGTON BANCSHARES INC	$15,719,000	–	1,064,996	–	4.28%	–
ACBI	New	ATLANTIC CAP BANCSHARES INC	$15,029,000	–	764,829	–	4.09%	–
CMAWS	New	COMERICA INC*w exp 11/14/201	$13,855,000	–	219,748	–	3.77%	–
VBTX	New	VERITEX HLDGS INC	$13,821,000	–	444,824	–	3.76%	–
EFSC	New	ENTERPRISE FINL SVCS CORP	$13,244,000	–	245,492	–	3.61%	–
PNFP	New	PINNACLE FINL PARTNERS INC	$12,971,000	–	211,418	–	3.53%	–
LTXB	New	LEGACY TEX FINL GROUP INC	$12,712,000	–	325,781	–	3.46%	–
UCFC	New	UNITED CMNTY FINL CORP OHIO	$12,452,000	–	1,133,009	–	3.39%	–
KEY	New	KEYCORP NEW	$12,228,000	–	625,776	–	3.33%	–
MCBC	New	MACATAWA BK CORP	$11,507,000	–	947,838	–	3.13%	–
QCRH	New	QCR HOLDINGS INC	$11,174,000	–	235,491	–	3.04%	–
FISI	New	FINANCIAL INSTNS INC	$9,376,000	–	284,976	–	2.55%	–
CNOB	New	CONNECTONE BANCORP INC NEW	$9,080,000	–	364,663	–	2.47%	–
OLBK	New	OLD LINE BANCSHARES INC	$8,832,000	–	252,985	–	2.40%	–
SFST	New	SOUTHERN FIRST BANCSHARES IN	$8,708,000	–	197,004	–	2.37%	–
FCCO	New	FIRST CMNTY CORP S C	$7,983,000	–	318,034	–	2.17%	–
COBZ	New	COBIZ FINANCIAL INC	$7,800,000	–	363,133	–	2.12%	–
ORRF	New	ORRSTOWN FINL SVCS INC	$7,436,000	–	286,012	–	2.02%	–
FMNB	New	FARMERS NATL BANC CORP	$6,970,000	–	436,991	–	1.90%	–
UBFO	New	UNITED SECURITY BANCSHARES C	$6,621,000	–	591,132	–	1.80%	–
CSTR	New	CAPSTAR FINL HLDGS INC	$5,359,000	–	289,186	–	1.46%	–
CMA	New	COMERICA INC	$5,087,000	–	55,955	–	1.38%	–
BCML	New	BAYCOM CORP	$4,987,000	–	201,510	–	1.36%	–
OCFC	New	OCEANFIRST FINL CORP	$4,931,000	–	164,585	–	1.34%	–
PEBO	New	PEOPLES BANCORP INC	$4,443,000	–	117,595	–	1.21%	–
CFBK	New	CENTRAL FED CORP	$3,035,000	–	1,264,611	–	0.83%	–
PGC	New	PEAPACK-GLADSTONE FINL CORP	$2,471,000	–	71,438	–	0.67%	–
BWFG	New	BANKWELL FINL GROUP INC	$2,366,000	–	73,602	–	0.64%	–
FCCY	New	1ST CONSTITUTION BANCORP	$561,000	–	24,498	–	0.15%	–

Q4 2017

			Value		Shares		↓ Weighting
GNTY	Exit	GUARANTY BANCSHARES INC TEX	$0	–	-10,000	–	-0.12%	–
HBMD	Exit	HOWARD BANCORP INC	$0	–	-20,000	–	-0.16%	–
BOCH	Exit	BANK COMM HLDGS	$0	–	-50,000	–	-0.22%	–
FCCY	Exit	1st Constitution Bancorp	$0	–	-31,858	–	-0.22%	–
PGC	Exit	PEAPACK-GLADSTONE FINL CORP	$0	–	-32,038	–	-0.42%	–
SFST	Exit	SOUTHERN FIRST BANCSHARES IN	$0	–	-31,189	–	-0.44%	–
BWFG	Exit	BANKWELL FINL GROUP INC	$0	–	-33,864	–	-0.48%	–
DNBF	Exit	XENITH BANKSHARES INC NEW	$0	–	-42,616	–	-0.58%	–
CFBK	Exit	CENTRAL FED CORP	$0	–	-1,264,611	–	-1.19%	–
OCFC	Exit	OCEANFIRST FINL CORP	$0	–	-146,288	–	-1.56%	–
CMA	Exit	COMERICA INC	$0	–	-55,955	–	-1.66%	–
ORRF	Exit	ORRSTOWN FINL SVCS INC	$0	–	-173,370	–	-1.68%	–
OLBK	Exit	Old Line Bancshares Inc	$0	–	-173,102	–	-1.88%	–
FCCO	Exit	FIRST CMNTY CORP S C	$0	–	-238,208	–	-1.89%	–
MCBC	Exit	MACATAWA BK CORP	$0	–	-530,454	–	-2.11%	–
CSTR	Exit	CAPSTAR FINL HLDGS INC	$0	–	-283,995	–	-2.16%	–
RVSB	Exit	RIVERVIEW BANCORP INC	$0	–	-667,045	–	-2.17%	–
UBFO	Exit	UNITED SECURITY BANCSHARES C	$0	–	-591,132	–	-2.18%	–
FMNB	Exit	FARMERS NATL BANC CORP	$0	–	-398,961	–	-2.33%	–
HTBK	Exit	HERITAGE COMMERCE CORP	$0	–	-426,866	–	-2.36%	–
CNOB	Exit	CONNECTONE BANCORP INC NEW	$0	–	-266,835	–	-2.55%	–
VBTX	Exit	VERITEX HLDGS INC	$0	–	-251,475	–	-2.63%	–
NCOM	Exit	NATIONAL COMM CORP	$0	–	-176,244	–	-2.93%	–
ACBI	Exit	ATLANTIC CAP BANCSHARES INC	$0	–	-478,254	–	-3.37%	–
QCRH	Exit	QCR HOLDINGS INC	$0	–	-191,930	–	-3.39%	–
RF	Exit	REGIONS FINL CORP NEW	$0	–	-631,470	–	-3.73%	–
CMAWS	Exit	COMERICA INC*w exp 11/14/201	$0	–	-219,748	–	-4.01%	–
UCFC	Exit	UNITED CMNTY FINL CORP OHIO	$0	–	-1,108,009	–	-4.13%	–
EGBN	Exit	EAGLE BANCORP INC MD	$0	–	-160,095	–	-4.17%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-293,755	–	-4.32%	–
HBAN	Exit	Huntington Bancshares Inc	$0	–	-869,196	–	-4.71%	–
COBZ	Exit	CoBiz Financial Inc	$0	–	-617,958	–	-4.71%	–
ZION	Exit	ZIONS BANCORPORATION	$0	–	-258,852	–	-4.74%	–
PNFP	Exit	PINNACLE FINL PARTNERS INC	$0	–	-182,418	–	-4.74%	–
STI	Exit	SUNTRUST BKS INC	$0	–	-206,135	–	-4.78%	–
KEY	Exit	KEYCORP NEW	$0	–	-673,776	–	-4.92%	–
FCB	Exit	FCB FINL HLDGS INCcl a	$0	–	-275,968	–	-5.17%	–
BANR	Exit	Banner Corp	$0	–	-218,023	–	-5.18%	–

Q3 2017

			Value		Shares		↓ Weighting
KEY	Buy	KEYCORP NEW	$12,681,000	+31.7%	673,776	+31.1%	4.92%	+29.7%
STI	Sell	SUNTRUST BKS INC	$12,321,000	-5.2%	206,135	-10.0%	4.78%	-6.6%
ZION	Sell	ZIONS BANCORPORATION	$12,213,000	+2.7%	258,852	-4.4%	4.74%	+1.2%
PNFP	Buy	PINNACLE FINL PARTNERS INC	$12,213,000	+41.5%	182,418	+32.7%	4.74%	+39.5%
COBZ	Buy	CoBiz Financial Inc	$12,137,000	+27.0%	617,958	+12.5%	4.71%	+25.2%
CFG	Sell	CITIZENS FINL GROUP INC	$11,125,000	-14.3%	293,755	-19.2%	4.32%	-15.5%
RF	Sell	REGIONS FINL CORP NEW	$9,617,000	-4.3%	631,470	-8.0%	3.73%	-5.7%
ACBI	Buy	ATLANTIC CAP BANCSHARES INC	$8,680,000	+25.5%	478,254	+31.4%	3.37%	+23.7%
FMNB	Sell	FARMERS NATL BANC CORP	$6,004,000	-3.6%	398,961	-7.2%	2.33%	-5.1%
UBFO	Buy	UNITED SECURITY BANCSHARES C	$5,616,000	+4.5%	591,132	+1.7%	2.18%	+3.0%
CSTR	Buy	CAPSTAR FINL HLDGS INC	$5,561,000	+30.3%	283,995	+18.0%	2.16%	+28.4%
MCBC	Buy	MACATAWA BK CORP	$5,443,000	+125.8%	530,454	+109.9%	2.11%	+122.6%
ORRF	Buy	ORRSTOWN FINL SVCS INC	$4,317,000	+23883.3%	173,370	+21571.2%	1.68%	+23828.6%
CMA	Sell	COMERICA INC	$4,267,000	-11.7%	55,955	-15.2%	1.66%	-12.9%
DNBF	Sell	XENITH BANKSHARES INC NEW	$1,500,000	-2.1%	42,616	-4.6%	0.58%	-3.5%
SFST	Buy	SOUTHERN FIRST BANCSHARES IN	$1,134,000	+143.3%	31,189	+148.2%	0.44%	+139.1%
FNBG	Exit	FNB BANCORP	$0	–	-20,441	–	-0.22%	–
EVBN	Exit	EVANS BANCORP INC	$0	–	-28,887	–	-0.45%	–
CUBN	Exit	COMMERCE UNION BANCSHARES INC	$0	–	-79,576	–	-0.75%	–
XBKS	Exit	XENITH BANKSHARES INC	$0	–	-80,684	–	-0.99%	–
SGBK	Exit	Stonegate Bank	$0	–	-87,577	–	-1.59%	–
SBCP	Exit	SUNSHINE BANCORP INC	$0	–	-192,781	–	-1.62%	–
BKMU	Exit	Bank Mutual Corp	$0	–	-679,887	–	-2.45%	–

Q2 2017

			Value		Shares		↓ Weighting
FCB	New	FCB FINANCIAL HOLDINGS INCcl a	$13,178,000	–	275,968	–	5.19%	–
STI	New	SUNTRUST BANKS INC	$12,997,000	–	229,135	–	5.12%	–
CFG	New	CITIZENS FINANCIAL GROUP INC COM STK	$12,979,000	–	363,755	–	5.11%	–
BANR	New	Banner Corp	$12,321,000	–	218,023	–	4.85%	–
ZION	New	ZIONS BANCORPORATION	$11,893,000	–	270,852	–	4.68%	–
HBAN	New	Huntington Bancshares Inc	$11,752,000	–	869,196	–	4.63%	–
EGBN	New	EAGLE BANCORP INC	$10,134,000	–	160,095	–	3.99%	–
RF	New	Regions Financial Corp	$10,050,000	–	686,470	–	3.96%	–
CMAWS	New	COMERICA INC WARRANT EXP*w exp 11/14/201	$9,687,000	–	219,748	–	3.82%	–
KEY	New	KEYCORP	$9,632,000	–	514,000	–	3.79%	–
COBZ	New	CoBiz Financial Inc	$9,554,000	–	549,068	–	3.76%	–
UCFC	New	UNITED COMMUNITY FINANCIAL CORP	$9,208,000	–	1,108,009	–	3.63%	–
QCRH	New	QCR HOLDINGS INC	$9,098,000	–	191,930	–	3.58%	–
PNFP	New	Pinnacle Financial Partners Inc	$8,630,000	–	137,418	–	3.40%	–
NCOM	New	NATIONAL COMMERCE CORP	$6,971,000	–	176,244	–	2.74%	–
ACBI	New	ATLANTIC CAPITAL BANCSHARES INC	$6,914,000	–	363,917	–	2.72%	–
VBTX	New	VERITEX HOLDINGS INC	$6,621,000	–	251,475	–	2.61%	–
FMNB	New	FARMERS NATIONAL BANC CORP	$6,231,000	–	429,722	–	2.45%	–
BKMU	New	Bank Mutual Corp	$6,221,000	–	679,887	–	2.45%	–
CNOB	New	ConnectOne Bancorp Inc	$6,017,000	–	266,835	–	2.37%	–
HTBK	New	HERITAGE COMMERCE CORP	$5,882,000	–	426,866	–	2.32%	–
UBFO	New	UNITED SECURITY BANCSHARES	$5,376,000	–	581,132	–	2.12%	–
FCCO	New	First Community Corp	$5,002,000	–	238,208	–	1.97%	–
OLBK	New	Old Line Bancshares Inc	$4,878,000	–	173,102	–	1.92%	–
CMA	New	COMERICA INC	$4,831,000	–	65,955	–	1.90%	–
RVSB	New	RIVERVIEW BANCORP INC	$4,429,000	–	667,045	–	1.74%	–
CSTR	New	CAPSTAR FINANCIAL HOLDINGS INC	$4,269,000	–	240,619	–	1.68%	–
SBCP	New	SUNSHINE BANCORP INC	$4,108,000	–	192,781	–	1.62%	–
SGBK	New	Stonegate Bank	$4,044,000	–	87,577	–	1.59%	–
OCFC	New	OCEANFIRST FINANCIAL CORP	$3,967,000	–	146,288	–	1.56%	–
CFBK	New	CENTRAL FEDERAL CORP	$2,630,000	–	1,264,611	–	1.04%	–
XBKS	New	XENITH BANKSHARES INC	$2,506,000	–	80,684	–	0.99%	–
MCBC	New	MACATAWA BANK CORP	$2,411,000	–	252,690	–	0.95%	–
CUBN	New	COMMERCE UNION BANCSHARES INC	$1,900,000	–	79,576	–	0.75%	–
DNBF	New	DNB FINANCIAL CORP	$1,532,000	–	44,657	–	0.60%	–
EVBN	New	EVANS BANCORP INC	$1,154,000	–	28,887	–	0.45%	–
BWFG	New	Bankwell Financial Group Inc	$1,058,000	–	33,864	–	0.42%	–
PGC	New	Peapack-Gladstone Financial Corp	$1,003,000	–	32,038	–	0.40%	–
FCCY	New	1st Constitution Bancorp	$562,000	–	31,858	–	0.22%	–
FNBG	New	FNB BANCORP	$561,000	–	20,441	–	0.22%	–
BOCH	New	Bank of Commerce Holdings	$553,000	–	50,000	–	0.22%	–
SFST	New	SOUTHERN FIRST BANCSHARES INC	$466,000	–	12,568	–	0.18%	–
HBMD	New	HOWARD BANCORP INC	$385,000	–	20,000	–	0.15%	–
GNTY	New	GUARANTY BANCSHARES INC	$320,000	–	10,000	–	0.13%	–
ORRF	New	Orrstown Financial Services Inc	$18,000	–	800	–	0.01%	–

Q4 2016

			Value		Shares		↓ Weighting
SBBX	Exit	SUSSEX BANCORP	$0	–	-200	–	-0.00%	–
BMRC	Exit	Bank of Marin Bancorp	$0	–	-2,000	–	-0.04%	–
CUBN	Exit	COMMERCE UNION BANCSHARES INC	$0	–	-13,732	–	-0.12%	–
FCCY	Exit	1st Constitution Bancorp	$0	–	-31,858	–	-0.19%	–
SFST	Exit	Southern First Bancshares Inc	$0	–	-17,455	–	-0.21%	–
BWFG	Exit	Bankwell Financial Group Inc	$0	–	-20,555	–	-0.21%	–
ASBB	Exit	ASB Bancorp Inc	$0	–	-23,092	–	-0.27%	–
EFSC	Exit	ENTERPRISE FINANCIAL SERVICES CORP	$0	–	-19,957	–	-0.27%	–
PBNC	Exit	PARAGON COMMERCIAL CORP	$0	–	-20,000	–	-0.32%	–
SHBI	Exit	SHORE BANCSHARES INC	$0	–	-73,558	–	-0.38%	–
ANCX	Exit	Access National Corp	$0	–	-41,724	–	-0.44%	–
PSTB	Exit	Park Sterling Corp	$0	–	-126,986	–	-0.45%	–
SBCP	Exit	SUNSHINE BANCORP INC	$0	–	-71,359	–	-0.46%	–
NCOM	Exit	NATIONAL COMMERCE CORP	$0	–	-46,960	–	-0.56%	–
SGBK	Exit	Stonegate Bank	$0	–	-44,880	–	-0.66%	–
PPBI	Exit	Pacific Premier Bancorp Inc	$0	–	-60,720	–	-0.70%	–
CSTR	Exit	CAPSTAR FINANCIAL HOLDINGS INC	$0	–	-110,200	–	-0.82%	–
CFBK	Exit	CENTRAL FEDERAL CORP	$0	–	-1,416,624	–	-0.88%	–
FCCO	Exit	First Community Corp	$0	–	-134,928	–	-0.93%	–
MCBC	Exit	MACATAWA BANK CORP	$0	–	-274,841	–	-0.96%	–
EVBN	Exit	EVANS BANCORP INC	$0	–	-90,887	–	-1.09%	–
LTXB	Exit	LegacyTexas Financial Group Inc	$0	–	-78,976	–	-1.10%	–
OCFC	Exit	OCEANFIRST FINANCIAL CORP	$0	–	-146,288	–	-1.24%	–
FBIZ	Exit	FIRST BUSINESS FINANCIAL SERVICES INC	$0	–	-127,762	–	-1.32%	–
OLBK	Exit	Old Line Bancshares Inc	$0	–	-163,102	–	-1.41%	–
UBFO	Exit	UNITED SECURITY BANCSHARES	$0	–	-545,610	–	-1.51%	–
RVSB	Exit	RIVERVIEW BANCORP INC	$0	–	-667,045	–	-1.58%	–
VBTX	Exit	VERITEX HOLDINGS INC	$0	–	-214,543	–	-1.64%	–
DNBF	Exit	DNB FINANCIAL CORP	$0	–	-153,296	–	-1.71%	–
CMA	Exit	COMERICA INC	$0	–	-83,155	–	-1.73%	–
TBNK	Exit	Territorial Bancorp Inc	$0	–	-144,689	–	-1.82%	–
GBNK	Exit	GUARANTY BANCORP	$0	–	-242,852	–	-1.90%	–
CMAWS	Exit	COMERICA INC WARRANT EXP*w exp 11/14/201	$0	–	-246,120	–	-1.98%	–
HTBK	Exit	HERITAGE COMMERCE CORP	$0	–	-415,166	–	-1.99%	–
FMNB	Exit	FARMERS NATIONAL BANC CORP	$0	–	-430,029	–	-2.03%	–
UCBI	Exit	United Community Banks Inc	$0	–	-333,800	–	-3.08%	–
COBZ	Exit	CoBiz Financial Inc	$0	–	-549,068	–	-3.21%	–
STI	Exit	SUNTRUST BANKS INC	$0	–	-167,865	–	-3.23%	–
UCFC	Exit	UNITED COMMUNITY FINANCIAL CORP	$0	–	-1,045,186	–	-3.26%	–
CFG	Exit	CITIZENS FINANCIAL GROUP INC COM STK	$0	–	-334,800	–	-3.63%	–
BNCN	Exit	BNC BANCORP	$0	–	-343,212	–	-3.66%	–
CSFL	Exit	CENTERSTATE BANKS INC	$0	–	-481,527	–	-3.75%	–
PB	Exit	PROSPERITY BANCSHARES INC	$0	–	-155,893	–	-3.76%	–
QCRH	Exit	QCR HOLDINGS INC	$0	–	-271,101	–	-3.78%	–
EGBN	Exit	EAGLE BANCORP INC	$0	–	-174,536	–	-3.78%	–
TSC	Exit	TRISTATE CAPITAL HOLDINGS INC	$0	–	-610,583	–	-4.33%	–
PFBC	Exit	PREFERRED BANK	$0	–	-293,206	–	-4.60%	–
RF	Exit	Regions Financial Corp	$0	–	-1,084,170	–	-4.70%	–
OPB	Exit	OPUS BANK	$0	–	-343,627	–	-5.33%	–
ZION	Exit	ZIONS BANCORPORATION	$0	–	-470,838	–	-6.41%	–
FCB	Exit	FCB FINANCIAL HOLDINGS INCcl a	$0	–	-389,751	–	-6.57%	–

Q3 2016

			Value		Shares		↓ Weighting
FCB	Sell	FCB FINANCIAL HOLDINGS INCcl a	$14,978,000	+7.5%	389,751	-4.9%	6.57%	+10.8%
ZION	Sell	ZIONS BANCORPORATION	$14,605,000	+12.5%	470,838	-8.9%	6.41%	+16.0%
OPB	Sell	OPUS BANK	$12,154,000	-10.5%	343,627	-14.5%	5.33%	-7.7%
RF	Sell	Regions Financial Corp	$10,701,000	-21.9%	1,084,170	-32.7%	4.70%	-19.5%
PFBC	Sell	PREFERRED BANK	$10,482,000	+15.3%	293,206	-6.8%	4.60%	+19.0%
TSC	Sell	TRISTATE CAPITAL HOLDINGS INC	$9,861,000	+11.6%	610,583	-5.1%	4.33%	+15.1%
EGBN	Sell	EAGLE BANCORP INC	$8,610,000	-24.7%	174,536	-26.6%	3.78%	-22.3%
QCRH	Buy	QCR HOLDINGS INC	$8,605,000	+16.7%	271,101	+0.0%	3.78%	+20.4%
PB	Sell	PROSPERITY BANCSHARES INC	$8,557,000	-37.4%	155,893	-41.8%	3.76%	-35.4%
CSFL	Sell	CENTERSTATE BANKS INC	$8,538,000	+4.8%	481,527	-6.9%	3.75%	+8.1%
BNCN	Sell	BNC BANCORP	$8,347,000	-29.4%	343,212	-34.1%	3.66%	-27.2%
CFG	Buy	CITIZENS FINANCIAL GROUP INC COM STK	$8,273,000	+620.0%	334,800	+482.3%	3.63%	+642.5%
UCFC	Buy	UNITED COMMUNITY FINANCIAL CORP	$7,431,000	+18.4%	1,045,186	+1.2%	3.26%	+22.1%
STI	Sell	SUNTRUST BANKS INC	$7,353,000	-41.0%	167,865	-44.6%	3.23%	-39.1%
COBZ	Buy	CoBiz Financial Inc	$7,308,000	+15.7%	549,068	+1.7%	3.21%	+19.3%
UCBI	Buy	United Community Banks Inc	$7,017,000	+17.4%	333,800	+2.1%	3.08%	+21.1%
FMNB	Sell	FARMERS NATIONAL BANC CORP	$4,636,000	+8.3%	430,029	-11.6%	2.03%	+11.7%
CMAWS	Sell	COMERICA INC WARRANT EXP*w exp 11/14/201	$4,516,000	+39.3%	246,120	-1.3%	1.98%	+43.7%
TBNK	New	Territorial Bancorp Inc	$4,147,000	–	144,689	–	1.82%	–
CMA	Buy	COMERICA INC	$3,935,000	+42.5%	83,155	+23.8%	1.73%	+47.0%
RVSB	Buy	RIVERVIEW BANCORP INC	$3,589,000	+23.4%	667,045	+8.5%	1.58%	+27.3%
UBFO	Buy	UNITED SECURITY BANCSHARES	$3,448,000	+20.3%	545,610	+22.2%	1.51%	+24.1%
OLBK	New	Old Line Bancshares Inc	$3,218,000	–	163,102	–	1.41%	–
FBIZ	Sell	FIRST BUSINESS FINANCIAL SERVICES INC	$3,002,000	-29.8%	127,762	-29.9%	1.32%	-27.6%
OCFC	Buy	OCEANFIRST FINANCIAL CORP	$2,818,000	+8.2%	146,288	+2.0%	1.24%	+11.6%
LTXB	Buy	LegacyTexas Financial Group Inc	$2,498,000	+24.3%	78,976	+5.8%	1.10%	+28.2%
EVBN	Sell	EVANS BANCORP INC	$2,486,000	-9.0%	90,887	-18.0%	1.09%	-6.1%
MCBC	Sell	MACATAWA BANK CORP	$2,196,000	-16.1%	274,841	-22.1%	0.96%	-13.4%
FCCO	Buy	First Community Corp	$2,125,000	+410.8%	134,928	+353.9%	0.93%	+427.1%
CSTR	New	CAPSTAR FINANCIAL HOLDINGS INC	$1,865,000	–	110,200	–	0.82%	–
PPBI	Sell	Pacific Premier Bancorp Inc	$1,607,000	-11.9%	60,720	-20.1%	0.70%	-9.1%
SGBK	New	Stonegate Bank	$1,515,000	–	44,880	–	0.66%	–
SBCP	New	SUNSHINE BANCORP INC	$1,055,000	–	71,359	–	0.46%	–
PSTB	Buy	Park Sterling Corp	$1,031,000	+3865.4%	126,986	+3332.1%	0.45%	+4009.1%
SHBI	Sell	SHORE BANCSHARES INC	$867,000	-71.7%	73,558	-71.7%	0.38%	-70.8%
EFSC	Buy	ENTERPRISE FINANCIAL SERVICES CORP	$624,000	+40.2%	19,957	+25.1%	0.27%	+45.0%
ASBB	Buy	ASB Bancorp Inc	$606,000	+39.0%	23,092	+29.8%	0.27%	+43.8%
FCCY	New	1st Constitution Bancorp	$438,000	–	31,858	–	0.19%	–
CUBN	New	COMMERCE UNION BANCSHARES INC	$272,000	–	13,732	–	0.12%	–
SBBX	New	SUSSEX BANCORP	$3,000	–	200	–	0.00%	–
CLBH	Exit	CAROLINA BANK HOLDINGS INC	$0	–	-105,867	–	-0.79%	–
CVCY	Exit	CENTRAL VALLEY COMMUNITY BANCORP	$0	–	-176,629	–	-1.05%	–
YDKN	Exit	YADKIN FINANCIAL CORP	$0	–	-150,977	–	-1.61%	–
UBSH	Exit	UNION BANKSHARES CORP	$0	–	-219,052	–	-2.30%	–
CFNL	Exit	CARDINAL FINANCIAL CORP	$0	–	-331,832	–	-3.10%	–

Q2 2016

			Value		Shares		↓ Weighting
FCB	New	FCB FINANCIAL HOLDINGS INC	$13,938,000	–	409,935	–	5.93%	–
RF	New	Regions Financial Corp	$13,702,000	–	1,610,125	–	5.83%	–
PB	New	PROSPERITY BANCSHARES INC	$13,666,000	–	268,022	–	5.81%	–
OPB	New	OPUS BANK	$13,581,000	–	401,817	–	5.78%	–
ZION	New	ZIONS BANCORPORATION	$12,982,000	–	516,909	–	5.52%	–
STI	New	SUNTRUST BANKS INC	$12,454,000	–	303,165	–	5.30%	–
BNCN	New	BNC BANCORP	$11,825,000	–	520,688	–	5.03%	–
EGBN	New	EAGLE BANCORP INC	$11,433,000	–	237,637	–	4.86%	–
PFBC	New	PREFERRED BANK	$9,089,000	–	314,755	–	3.87%	–
TSC	New	TRISTATE CAPITAL HOLDINGS INC	$8,835,000	–	643,457	–	3.76%	–
CSFL	New	CENTERSTATE BANKS INC	$8,146,000	–	517,176	–	3.47%	–
QCRH	New	QCR HOLDINGS INC	$7,371,000	–	271,099	–	3.14%	–
CFNL	New	CARDINAL FINANCIAL CORP	$7,280,000	–	331,832	–	3.10%	–
COBZ	New	CoBiz Financial Inc	$6,319,000	–	540,068	–	2.69%	–
UCFC	New	UNITED COMMUNITY FINANCIAL CORP	$6,278,000	–	1,032,524	–	2.67%	–
UCBI	New	United Community Banks Inc	$5,977,000	–	326,800	–	2.54%	–
UBSH	New	UNION BANKSHARES CORP	$5,413,000	–	219,052	–	2.30%	–
HTBK	New	HERITAGE COMMERCE CORP	$4,372,000	–	415,166	–	1.86%	–
FMNB	New	FARMERS NATIONAL BANC CORP	$4,279,000	–	486,222	–	1.82%	–
FBIZ	New	FIRST BUSINESS FINANCIAL SERVICES INC	$4,275,000	–	182,162	–	1.82%	–
GBNK	New	GUARANTY BANCORP	$4,056,000	–	242,852	–	1.73%	–
YDKN	New	YADKIN FINANCIAL CORP	$3,788,000	–	150,977	–	1.61%	–
DNBF	New	DNB FINANCIAL CORP	$3,618,000	–	153,296	–	1.54%	–
VBTX	New	VERITEX HOLDINGS INC	$3,437,000	–	214,543	–	1.46%	–
CMAWS	New	COMERICA INC WARRANT EXP*w exp 11/14/201	$3,241,000	–	249,276	–	1.38%	–
SHBI	New	SHORE BANCSHARES INC	$3,059,000	–	260,301	–	1.30%	–
RVSB	New	RIVERVIEW BANCORP INC	$2,908,000	–	614,815	–	1.24%	–
UBFO	New	UNITED SECURITY BANCSHARES	$2,866,000	–	446,356	–	1.22%	–
CMA	New	COMERICA INC	$2,762,000	–	67,155	–	1.18%	–
EVBN	New	EVANS BANCORP INC	$2,732,000	–	110,887	–	1.16%	–
MCBC	New	MACATAWA BANK CORP	$2,617,000	–	352,679	–	1.11%	–
OCFC	New	OCEANFIRST FINANCIAL CORP	$2,605,000	–	143,388	–	1.11%	–
CVCY	New	CENTRAL VALLEY COMMUNITY BANCORP	$2,473,000	–	176,629	–	1.05%	–
LTXB	New	LegacyTexas Financial Group Inc	$2,010,000	–	74,676	–	0.86%	–
CFBK	New	CENTRAL FEDERAL CORP	$1,927,000	–	1,416,624	–	0.82%	–
CLBH	New	CAROLINA BANK HOLDINGS INC	$1,851,000	–	105,867	–	0.79%	–
PPBI	New	Pacific Premier Bancorp Inc	$1,824,000	–	75,996	–	0.78%	–
CFG	New	CITIZENS FINANCIAL GROUP INC COM STK	$1,149,000	–	57,500	–	0.49%	–
NCOM	New	NATIONAL COMMERCE CORP	$1,095,000	–	46,960	–	0.47%	–
ANCX	New	Access National Corp	$814,000	–	41,724	–	0.35%	–
PBNC	New	PARAGON COMMERCIAL CORP	$700,000	–	20,000	–	0.30%	–
BWFG	New	Bankwell Financial Group Inc	$453,000	–	20,555	–	0.19%	–
EFSC	New	ENTERPRISE FINANCIAL SERVICES CORP	$445,000	–	15,957	–	0.19%	–
ASBB	New	ASB Bancorp Inc	$436,000	–	17,792	–	0.18%	–
SFST	New	Southern First Bancshares Inc	$421,000	–	17,455	–	0.18%	–
FCCO	New	First Community Corp	$416,000	–	29,728	–	0.18%	–
BMRC	New	Bank of Marin Bancorp	$97,000	–	2,000	–	0.04%	–
PSTB	New	Park Sterling Corp	$26,000	–	3,700	–	0.01%	–

Q4 2015

			Value		Shares		↓ Weighting
CLBH	Exit	Carolina Bank Holdings Inc	$0	–	-23,065	–	-0.11%	–
NCOM	Exit	NATIONAL COMMERCE CORP	$0	–	-46,493	–	-0.36%	–
VBTX	Exit	VERITEX HOLDINGS INC	$0	–	-91,486	–	-0.50%	–
	Exit	GRAND RIVER COMMERCE INC	$0	–	-362,619	–	-0.58%	–
FFKT	Exit	Farmers Capital Bank Corp	$0	–	-65,570	–	-0.58%	–
FNBG	Exit	FNB BANCORP	$0	–	-64,638	–	-0.61%	–
UBFO	Exit	UNITED SECURITY BANCSHARES	$0	–	-367,985	–	-0.63%	–
CFBK	Exit	CENTRAL FEDERAL CORP	$0	–	-1,415,949	–	-0.64%	–
SOMC	Exit	SOUTHERN MICHIGAN BANCORP INC	$0	–	-86,378	–	-0.70%	–
SCNB	Exit	SUFFOLK BANCORP	$0	–	-75,719	–	-0.76%	–
CVCY	Exit	CENTRAL VALLEY COMMUNITY BANCORP	$0	–	-217,722	–	-0.82%	–
	Exit	DCB FINANCIAL CORP	$0	–	-381,503	–	-0.84%	–
FCTY	Exit	1ST CENTURY BANCSHARES INC	$0	–	-334,833	–	-0.84%	–
EVBN	Exit	EVANS BANCORP INC	$0	–	-105,587	–	-0.87%	–
COFS	Exit	CHOICEONE FINANCIAL SERVICES INC	$0	–	-115,002	–	-0.87%	–
	Exit	SUNCREST BANK	$0	–	-375,255	–	-0.88%	–
FMBM	Exit	F & M BANK CORP	$0	–	-122,268	–	-0.90%	–
PROV	Exit	PROVIDENT FINANCIAL HOLDINGS INC	$0	–	-165,929	–	-0.92%	–
RVSB	Exit	RIVERVIEW BANCORP INC	$0	–	-592,901	–	-0.96%	–
SHBI	Exit	SHORE BANCSHARES INC	$0	–	-295,730	–	-0.99%	–
QCRH	Exit	QCR HOLDINGS INC	$0	–	-130,433	–	-1.02%	–
FDEF	Exit	FIRST DEFIANCE FINANCIAL CORP	$0	–	-82,680	–	-1.08%	–
MFNC	Exit	MACKINAC FINANCIAL CORP	$0	–	-336,335	–	-1.15%	–
CLDB	Exit	CORTLAND BANCORP	$0	–	-248,835	–	-1.18%	–
MFSF	Exit	MUTUALFIRST FINANCIAL INC	$0	–	-157,333	–	-1.21%	–
PULB	Exit	PULASKI FINANCIAL CORP	$0	–	-240,630	–	-1.24%	–
EBTC	Exit	ENTERPRISE BANCORP INC	$0	–	-170,322	–	-1.31%	–
DNBF	Exit	DNB FINANCIAL CORP	$0	–	-164,978	–	-1.47%	–
FMNB	Exit	FARMERS NATIONAL BANC CORP	$0	–	-533,308	–	-1.48%	–
CMAWS	Exit	COMERICA INC WARRANT EXP	$0	–	-309,615	–	-1.50%	–
FBIZ	Exit	FIRST BUSINESS FINANCIAL SERVICES INC	$0	–	-199,126	–	-1.71%	–
HTBK	Exit	HERITAGE COMMERCE CORP	$0	–	-451,173	–	-1.73%	–
UCFC	Exit	UNITED COMMUNITY FINANCIAL CORP	$0	–	-989,997	–	-1.86%	–
OCFC	Exit	OCEANFIRST FINANCIAL CORP	$0	–	-318,512	–	-2.01%	–
ISBC	Exit	INVESTORS BANCORP INC	$0	–	-481,105	–	-2.03%	–
IBCP	Exit	INDEPENDENT BANK CORP	$0	–	-421,737	–	-2.04%	–
UBSH	Exit	UNION BANKSHARES CORP	$0	–	-243,903	–	-2.08%	–
CFNL	Exit	CARDINAL FINANCIAL CORP	$0	–	-282,772	–	-2.15%	–
WIBC	Exit	WILSHIRE BANCORP INC	$0	–	-633,497	–	-2.26%	–
PEBO	Exit	PEOPLES BANCORP INC	$0	–	-324,999	–	-2.30%	–
TSC	Exit	TRISTATE CAPITAL HOLDINGS INC	$0	–	-561,078	–	-2.33%	–
CSFL	Exit	CENTERSTATE BANKS INC	$0	–	-480,831	–	-2.34%	–
FCB	Exit	FCB FINANCIAL HOLDINGS INC	$0	–	-210,443	–	-2.44%	–
GBNK	Exit	GUARANTY BANCORP	$0	–	-436,483	–	-2.46%	–
PFBC	Exit	PREFERRED BANK	$0	–	-266,351	–	-3.05%	–
YDKN	Exit	YADKIN FINANCIAL CORP	$0	–	-461,816	–	-3.49%	–
BNCN	Exit	BNC BANCORP	$0	–	-537,472	–	-3.95%	–
HAFC	Exit	HANMI FINANCIAL CORP	$0	–	-486,548	–	-4.41%	–
PB	Exit	PROSPERITY BANCSHARES INC	$0	–	-263,029	–	-4.44%	–
KEY	Exit	KEYCORP	$0	–	-1,020,579	–	-4.55%	–
OPB	Exit	OPUS BANK	$0	–	-375,011	–	-4.55%	–
STI	Exit	SUNTRUST BANKS INC	$0	–	-338,037	–	-4.64%	–
ZION	Exit	ZIONS BANCORPORATION	$0	–	-527,109	–	-4.98%	–
EGBN	Exit	EAGLE BANCORP INC	$0	–	-329,542	–	-5.20%	–

Q3 2015

			Value		Shares		↓ Weighting
EGBN	Buy	EAGLE BANCORP INC	$15,670,000	+19.0%	329,542	+10.0%	5.20%	+20.9%
ZION	Buy	ZIONS BANCORPORATION	$15,017,000	-7.9%	527,109	+2.6%	4.98%	-6.5%
STI	Buy	SUNTRUST BANKS INC	$13,985,000	+34.1%	338,037	+39.4%	4.64%	+36.1%
OPB	Buy	OPUS BANK	$13,725,000	+59.6%	375,011	+57.8%	4.55%	+62.0%
KEY	Sell	KEYCORP	$13,717,000	-10.8%	1,020,579	-0.3%	4.55%	-9.5%
PB	Buy	PROSPERITY BANCSHARES INC	$13,399,000	-1.9%	263,029	+11.2%	4.44%	-0.4%
HAFC	Buy	HANMI FINANCIAL CORP	$13,302,000	+10.9%	486,548	+0.7%	4.41%	+12.6%
BNCN	Buy	BNC BANCORP	$11,900,000	+23.5%	537,472	+7.8%	3.95%	+25.3%
YDKN	Buy	YADKIN FINANCIAL CORP	$10,520,000	+10.8%	461,816	+1.9%	3.49%	+12.5%
PFBC	Buy	PREFERRED BANK	$9,189,000	+51.8%	266,351	+32.2%	3.05%	+54.0%
GBNK	Sell	GUARANTY BANCORP	$7,433,000	+2.2%	436,483	-0.9%	2.46%	+3.7%
FCB	New	FCB FINANCIAL HOLDINGS INC	$7,349,000	–	210,443	–	2.44%	–
CSFL	Buy	CENTERSTATE BANKS INC	$7,054,000	+15.2%	480,831	+6.0%	2.34%	+16.9%
TSC	Buy	TRISTATE CAPITAL HOLDINGS INC	$7,019,000	+3.6%	561,078	+7.1%	2.33%	+5.2%
PEBO	Buy	PEOPLES BANCORP INC	$6,932,000	-1.7%	324,999	+6.9%	2.30%	-0.2%
WIBC	Sell	WILSHIRE BANCORP INC	$6,810,000	-25.6%	633,497	-12.7%	2.26%	-24.5%
CFNL	Sell	CARDINAL FINANCIAL CORP	$6,487,000	-32.6%	282,772	-36.0%	2.15%	-31.6%
UBSH	Buy	UNION BANKSHARES CORP	$6,285,000	+16.4%	243,903	+4.9%	2.08%	+18.1%
IBCP	Buy	INDEPENDENT BANK CORP	$6,157,000	+8.1%	421,737	+0.4%	2.04%	+9.7%
ISBC	Buy	INVESTORS BANCORP INC	$6,110,000	+13.4%	481,105	+9.8%	2.03%	+15.1%
OCFC	Buy	OCEANFIRST FINANCIAL CORP	$6,052,000	+7.3%	318,512	+5.3%	2.01%	+9.0%
UCFC	Buy	UNITED COMMUNITY FINANCIAL CORP	$5,623,000	+6.7%	989,997	+0.5%	1.86%	+8.3%
HTBK	Sell	HERITAGE COMMERCE CORP	$5,229,000	+18.8%	451,173	-1.5%	1.73%	+20.6%
FBIZ	Buy	FIRST BUSINESS FINANCIAL SERVICES INC	$5,161,000	+10.6%	199,126	+100.0%	1.71%	+12.2%
CMAWS	Buy	COMERICA INC WARRANT EXP	$4,536,000	-31.8%	309,615	+3.0%	1.50%	-30.8%
FMNB	Sell	FARMERS NATIONAL BANC CORP	$4,450,000	-0.5%	533,308	-1.6%	1.48%	+1.0%
DNBF	Sell	DNB FINANCIAL CORP	$4,430,000	+3.2%	164,978	-0.7%	1.47%	+4.8%
EBTC	Sell	ENTERPRISE BANCORP INC	$3,958,000	-1.1%	170,322	-0.3%	1.31%	+0.4%
PULB	Buy	PULASKI FINANCIAL CORP	$3,744,000	+58.0%	240,630	+31.2%	1.24%	+60.5%
FDEF	Buy	FIRST DEFIANCE FINANCIAL CORP	$3,263,000	+12.9%	82,680	+7.3%	1.08%	+14.6%
QCRH	Buy	QCR HOLDINGS INC	$3,066,000	+11.3%	130,433	+3.0%	1.02%	+13.0%
SHBI	Buy	SHORE BANCSHARES INC	$2,975,000	+8.1%	295,730	+1.3%	0.99%	+9.8%
RVSB	Sell	RIVERVIEW BANCORP INC	$2,905,000	+14.5%	592,901	-0.0%	0.96%	+16.2%
FMBM	Buy	F & M BANK CORP	$2,720,000	+26.4%	122,268	+27.2%	0.90%	+28.3%
EVBN	Sell	EVANS BANCORP INC	$2,623,000	+0.9%	105,587	-1.5%	0.87%	+2.5%
	New	DCB FINANCIAL CORP	$2,518,000	–	381,503	–	0.84%	–
CVCY	Sell	CENTRAL VALLEY COMMUNITY BANCORP	$2,458,000	-23.2%	217,722	-19.5%	0.82%	-22.0%
SCNB	Sell	SUFFOLK BANCORP	$2,279,000	-2.7%	75,719	-17.1%	0.76%	-1.2%
CFBK	Buy	CENTRAL FEDERAL CORP	$1,926,000	+4.0%	1,415,949	+0.1%	0.64%	+5.6%
UBFO	Buy	UNITED SECURITY BANCSHARES	$1,906,000	+6.3%	367,985	+3.4%	0.63%	+7.8%
FNBG	Buy	FNB BANCORP	$1,845,000	+2.1%	64,638	+0.2%	0.61%	+3.7%
FFKT	New	Farmers Capital Bank Corp	$1,763,000	–	65,570	–	0.58%	–
	New	GRAND RIVER COMMERCE INC	$1,753,000	–	362,619	–	0.58%	–
VBTX	Buy	VERITEX HOLDINGS INC	$1,498,000	+22.8%	91,486	+11.9%	0.50%	+24.6%
NCOM	Buy	NATIONAL COMMERCE CORP	$1,080,000	+67.4%	46,493	+86.0%	0.36%	+69.7%
CLBH	New	Carolina Bank Holdings Inc	$342,000	–	23,065	–	0.11%	–
	Exit	GRAND RIVER COMMERCE INC	$0	–	-362,619	–	-0.79%	–
DCBF	Exit	DCB FINANCIAL CORP	$0	–	-381,503	–	-0.90%	–
MBVT	Exit	MERCHANTS BANCSHARES INC	$0	–	-89,831	–	-0.97%	–
MBWM	Exit	MERCANTILE BANK CORP	$0	–	-145,486	–	-1.02%	–
MSFG	Exit	MAINSOURCE FINANCIAL GROUP INC	$0	–	-158,864	–	-1.14%	–
TCBK	Exit	TRICO BANCSHARES	$0	–	-148,250	–	-1.16%	–
EFSC	Exit	ENTERPRISE FINANCIAL SERVICES CORP	$0	–	-229,361	–	-1.71%	–
HFWA	Exit	HERITAGE FINANCIAL CORP	$0	–	-306,445	–	-1.79%	–
FFIC	Exit	FLUSHING FINANCIAL CORP	$0	–	-285,669	–	-1.96%	–

Q2 2015

			Value		Shares		↓ Weighting
ZION	New	ZIONS BANCORPORATION	$16,305,000	–	513,797	–	5.33%	–
KEY	New	KEYCORP	$15,377,000	–	1,023,829	–	5.02%	–
PB	New	PROSPERITY BANCSHARES INC	$13,661,000	–	236,604	–	4.46%	–
EGBN	New	EAGLE BANCORP INC	$13,163,000	–	299,450	–	4.30%	–
HAFC	New	HANMI FINANCIAL CORP	$11,997,000	–	482,990	–	3.92%	–
STI	New	SUNTRUST BANKS INC	$10,429,000	–	242,427	–	3.41%	–
BNCN	New	BNC BANCORP	$9,637,000	–	498,562	–	3.15%	–
CFNL	New	CARDINAL FINANCIAL CORP	$9,624,000	–	441,708	–	3.14%	–
YDKN	New	YADKIN FINANCIAL CORP	$9,492,000	–	453,097	–	3.10%	–
WIBC	New	WILSHIRE BANCORP INC	$9,159,000	–	725,249	–	2.99%	–
OPB	New	OPUS BANK	$8,599,000	–	237,683	–	2.81%	–
GBNK	New	GUARANTY BANCORP	$7,272,000	–	440,458	–	2.38%	–
PEBO	New	PEOPLES BANCORP INC	$7,051,000	–	304,023	–	2.30%	–
TSC	New	TRISTATE CAPITAL HOLDINGS INC	$6,775,000	–	524,046	–	2.21%	–
CMAWS	New	COMERICA INC WARRANT EXP	$6,651,000	–	300,685	–	2.17%	–
CSFL	New	CENTERSTATE BANKS INC	$6,125,000	–	453,431	–	2.00%	–
PFBC	New	PREFERRED BANK	$6,053,000	–	201,450	–	1.98%	–
FFIC	New	FLUSHING FINANCIAL CORP	$6,001,000	–	285,669	–	1.96%	–
IBCP	New	INDEPENDENT BANK CORP	$5,696,000	–	420,077	–	1.86%	–
OCFC	New	OCEANFIRST FINANCIAL CORP	$5,638,000	–	302,355	–	1.84%	–
HFWA	New	HERITAGE FINANCIAL CORP	$5,476,000	–	306,445	–	1.79%	–
UBSH	New	UNION BANKSHARES CORP	$5,401,000	–	232,400	–	1.76%	–
ISBC	New	INVESTORS BANCORP INC	$5,388,000	–	438,100	–	1.76%	–
UCFC	New	UNITED COMMUNITY FINANCIAL CORP	$5,270,000	–	985,132	–	1.72%	–
EFSC	New	ENTERPRISE FINANCIAL SERVICES CORP	$5,222,000	–	229,361	–	1.71%	–
FBIZ	New	FIRST BUSINESS FINANCIAL SERVICES INC	$4,667,000	–	99,563	–	1.52%	–
FMNB	New	FARMERS NATIONAL BANC CORP	$4,473,000	–	542,218	–	1.46%	–
HTBK	New	HERITAGE COMMERCE CORP	$4,401,000	–	457,970	–	1.44%	–
DNBF	New	DNB FINANCIAL CORP	$4,291,000	–	166,068	–	1.40%	–
EBTC	New	ENTERPRISE BANCORP INC	$4,004,000	–	170,841	–	1.31%	–
MFSF	New	MUTUALFIRST FINANCIAL INC	$3,654,000	–	157,333	–	1.19%	–
TCBK	New	TRICO BANCSHARES	$3,565,000	–	148,250	–	1.16%	–
MFNC	New	MACKINAC FINANCIAL CORP	$3,541,000	–	336,335	–	1.16%	–
CLDB	New	CORTLAND BANCORP	$3,521,000	–	248,835	–	1.15%	–
MSFG	New	MAINSOURCE FINANCIAL GROUP INC	$3,487,000	–	158,864	–	1.14%	–
CVCY	New	CENTRAL VALLEY COMMUNITY BANCORP	$3,200,000	–	270,556	–	1.04%	–
MBWM	New	MERCANTILE BANK CORP	$3,114,000	–	145,486	–	1.02%	–
	New	SUNCREST BANK	$3,095,000	–	375,255	–	1.01%	–
MBVT	New	MERCHANTS BANCSHARES INC	$2,970,000	–	89,831	–	0.97%	–
FDEF	New	FIRST DEFIANCE FINANCIAL CORP	$2,890,000	–	77,021	–	0.94%	–
PROV	New	PROVIDENT FINANCIAL HOLDINGS INC	$2,777,000	–	165,929	–	0.91%	–
DCBF	New	DCB FINANCIAL CORP	$2,765,000	–	381,503	–	0.90%	–
QCRH	New	QCR HOLDINGS INC	$2,754,000	–	126,603	–	0.90%	–
SHBI	New	SHORE BANCSHARES INC	$2,752,000	–	291,930	–	0.90%	–
COFS	New	CHOICEONE FINANCIAL SERVICES INC	$2,648,000	–	115,002	–	0.86%	–
EVBN	New	EVANS BANCORP INC	$2,599,000	–	107,187	–	0.85%	–
RVSB	New	RIVERVIEW BANCORP INC	$2,538,000	–	593,101	–	0.83%	–
	New	GRAND RIVER COMMERCE INC	$2,415,000	–	362,619	–	0.79%	–
PULB	New	PULASKI FINANCIAL CORP	$2,369,000	–	183,426	–	0.77%	–
SCNB	New	SUFFOLK BANCORP	$2,342,000	–	91,299	–	0.76%	–
FCTY	New	1ST CENTURY BANCSHARES INC	$2,343,000	–	334,833	–	0.76%	–
FMBM	New	F & M BANK CORP	$2,152,000	–	96,103	–	0.70%	–
SOMC	New	SOUTHERN MICHIGAN BANCORP INC	$1,986,000	–	86,378	–	0.65%	–
CFBK	New	CENTRAL FEDERAL CORP	$1,852,000	–	1,414,449	–	0.60%	–
FNBG	New	FNB BANCORP	$1,807,000	–	64,538	–	0.59%	–
UBFO	New	UNITED SECURITY BANCSHARES	$1,793,000	–	355,886	–	0.59%	–
VBTX	New	VERITEX HOLDINGS INC	$1,220,000	–	81,748	–	0.40%	–
NCOM	New	NATIONAL COMMERCE CORP	$645,000	–	25,000	–	0.21%	–

Q4 2014

			Value		Shares		↓ Weighting
MBRG	Exit	MIDDLEBURG FINANCIALCORP	$0	–	-13,163	–	-0.09%	–
RIVR	Exit	RIVER VALLEY BANCORP COM STK	$0	–	-11,299	–	-0.09%	–
BBNK	Exit	BRIDGE CAP HLDGS COM STK	$0	–	-12,890	–	-0.11%	–
FMAO	Exit	FARMERS & MERCHANTS STATE BANK COM STK	$0	–	-28,887	–	-0.27%	–
SHBI	Exit	SHORE BANCSHARES INC COM STK	$0	–	-105,586	–	-0.35%	–
BCML	Exit	BAY COML BK WALNUT CREEK CALIF COM STK	$0	–	-118,027	–	-0.50%	–
MBWM	Exit	MERCANTILE BANK CORP MI COM STK	$0	–	-76,630	–	-0.54%	–
FMBM	Exit	F & M BANK CORP COM STK	$0	–	-84,077	–	-0.55%	–
CFBK	Exit	CENTRAL FEDERAL CORP COM STK	$0	–	-1,131,985	–	-0.56%	–
FNBG	Exit	FNB BANCORP CALIF COM STK	$0	–	-54,360	–	-0.56%	–
CBNJ	Exit	CAPE BANCORP INC COM	$0	–	-173,420	–	-0.61%	–
COFS	Exit	CHOICEONE FINANCIAL SERVICES I COM STK	$0	–	-87,454	–	-0.67%	–
UBFO	Exit	UNITED SEC BANCSHARES CALIF COM STK	$0	–	-333,297	–	-0.69%	–
FCTY	Exit	1ST CENTY BK NATL ASSN COM STK	$0	–	-302,502	–	-0.83%	–
MCBF	Exit	MONARCH COMMUNITY BANCORP INC COM STK	$0	–	-807,416	–	-0.86%	–
RVSB	Exit	RIVERVIEW BANCORP INC COM STK	$0	–	-592,001	–	-0.88%	–
PROV	Exit	PROVIDENT FINANCIAL HOLDINGS I COM STK	$0	–	-164,225	–	-0.89%	–
EVBN	Exit	EVANS BANCORP INC COM STK	$0	–	-107,187	–	-0.92%	–
UCFC	Exit	UNITED CMNTY FINL CORP OHIO COM STK	$0	–	-538,387	–	-0.94%	–
MBVT	Exit	MERCHANTS BANCSHARES INC COM STK	$0	–	-89,631	–	-0.94%	–
CLDB	Exit	CORTLAND BANCORP COM STK	$0	–	-200,908	–	-1.01%	–
DCBF	Exit	DCB FINANCIAL CORP COM STK	$0	–	-367,014	–	-1.01%	–
CVCY	Exit	CENTRAL VALLEY COMMUNITY BANCO COM STK	$0	–	-245,809	–	-1.05%	–
EBTC	Exit	ENTERPRISE BNCP	$0	–	-166,109	–	-1.16%	–
FBIZ	Exit	FIRST BUSINESS FINANCIAL SERVI COM STK	$0	–	-72,533	–	-1.18%	–
FXCB	Exit	FOX CHASE BANCORP INC COM STK	$0	–	-199,115	–	-1.21%	–
DNBF	Exit	DNB FINANCIAL CORP COM STK	$0	–	-159,411	–	-1.27%	–
EFSC	Exit	ENTERPRISE FINL SVCS CORP COM STK	$0	–	-207,351	–	-1.29%	–
MFSF	Exit	MUTUALFIRST FINANCIAL INC COM STK	$0	–	-155,102	–	-1.30%	–
FDEF	Exit	FIRST DEFIANCE FINANCIAL CORP COM STK	$0	–	-130,488	–	-1.31%	–
BKMU	Exit	BANK MUTUAL CORP COM STK	$0	–	-564,608	–	-1.34%	–
NOVB	Exit	NORTH VY BANCORP COM STK	$0	–	-171,582	–	-1.38%	–
HTBK	Exit	HERITAGE COMM CORP COM STK	$0	–	-453,201	–	-1.38%	–
MFNC	Exit	MACKINAC FINL CORP COM STK	$0	–	-332,791	–	-1.40%	–
FMNB	Exit	FARMERS NATL BANC CORP COM STK	$0	–	-473,867	–	-1.41%	–
MSFG	Exit	MAINSOURCE FINL GROUP INC COM STK	$0	–	-242,622	–	-1.56%	–
HFWA	Exit	HERITAGE FINANCIAL CORPORATION COM STK	$0	–	-284,900	–	-1.68%	–
GBNK	Exit	GUARANTY BANCORP DEL COM STK	$0	–	-337,493	–	-1.69%	–
IBCP	Exit	INDEPENDENT BK CORP MICH COM STK	$0	–	-395,570	–	-1.75%	–
PFBC	Exit	PREFERRED BK LOS ANGELES CALIF COM STK	$0	–	-209,712	–	-1.75%	–
OCFC	Exit	OCEANFIRST FINL CORP COM STK	$0	–	-299,895	–	-1.77%	–
FIBK	Exit	FIRST INTERSTATE BANCSYSTEM INC	$0	–	-179,700	–	-1.77%	–
CFNL	Exit	CARDINAL FINL CORP COM STK	$0	–	-286,783	–	-1.82%	–
5021PS	Exit	LNB BANCORP INC COM STK	$0	–	-351,602	–	-1.87%	–
EGBN	Exit	EAGLE BANCORP INC COM STK	$0	–	-187,344	–	-2.21%	–
BANR	Exit	BANNER CORP COM STK	$0	–	-155,110	–	-2.22%	–
PEBO	Exit	PEOPLES BANCORP INC COM STK	$0	–	-302,800	–	-2.66%	–
BNCN	Exit	BNC BANCORP COM STK	$0	–	-492,904	–	-2.87%	–
YDKN	Exit	YADKIN VALLEY FINANCIAL CORP COM STK	$0	–	-443,367	–	-2.99%	–
WBS	Exit	WEBSTER FINL CORP WATERBURY CO COM STK	$0	–	-294,081	–	-3.18%	–
CMAWS	Exit	COMERICA INC WARRANT EXP	$0	–	-418,035	–	-3.21%	–
KEY	Exit	KEYCORP NY COM STK	$0	–	-681,874	–	-3.38%	–
ZION	Exit	ZIONS BANCORPORATION COM STK	$0	–	-315,800	–	-3.41%	–
STI	Exit	SUNTRUST BKS INC COM STK	$0	–	-242,197	–	-3.42%	–
HBAN	Exit	HUNTINGTON BANCSHARES INC COM	$0	–	-947,089	–	-3.42%	–
EWBC	Exit	EAST-WEST BANCORP INC COM STK	$0	–	-295,875	–	-3.74%	–
FFIC	Exit	FLUSHING FINANCIAL CORP COM STK	$0	–	-566,183	–	-3.84%	–
WIBC	Exit	WILSHIRE BANCORP INC COM	$0	–	-1,152,612	–	-3.95%	–
HAFC	Exit	HANMI FINL CORP COM STK	$0	–	-572,000	–	-4.28%	–
PB	Exit	PROSPERITY BANCSHARES INC COM STK	$0	–	-237,357	–	-5.04%	–

Q3 2014

			Value		Shares		↓ Weighting
PB	Buy	PROSPERITY BANCSHARES INC COM STK	$13,569,000	+1.6%	237,357	+11.2%	5.04%	-12.1%
HAFC	Buy	HANMI FINL CORP COM STK	$11,531,000	+8.3%	572,000	+13.2%	4.28%	-6.3%
WIBC	Buy	WILSHIRE BANCORP INC COM	$10,638,000	+1.6%	1,152,612	+13.1%	3.95%	-12.0%
FFIC	Buy	FLUSHING FINANCIAL CORP COM STK	$10,344,000	-1.6%	566,183	+10.7%	3.84%	-14.8%
EWBC	Buy	EAST-WEST BANCORP INC COM STK	$10,059,000	+8.0%	295,875	+11.2%	3.74%	-6.5%
HBAN	New	HUNTINGTON BANCSHARES INC COM	$9,215,000	–	947,089	–	3.42%	–
STI	New	SUNTRUST BKS INC COM STK	$9,210,000	–	242,197	–	3.42%	–
ZION	New	ZIONS BANCORPORATION COM STK	$9,177,000	–	315,800	–	3.41%	–
KEY	Buy	KEYCORP NY COM STK	$9,089,000	+28.8%	681,874	+38.5%	3.38%	+11.5%
CMAWS	Buy	COMERICA INC WARRANT EXP	$8,644,000	+9.0%	418,035	+11.0%	3.21%	-5.6%
WBS	Buy	WEBSTER FINL CORP WATERBURY CO COM STK	$8,569,000	+2.5%	294,081	+11.0%	3.18%	-11.2%
YDKN	Buy	YADKIN VALLEY FINANCIAL CORP COM STK	$8,051,000	+30.6%	443,367	+35.5%	2.99%	+13.1%
BNCN	Buy	BNC BANCORP COM STK	$7,718,000	+2.0%	492,904	+11.2%	2.87%	-11.7%
PEBO	Buy	PEOPLES BANCORP INC COM STK	$7,147,000	+4.6%	302,800	+17.2%	2.66%	-9.5%
BANR	Buy	BANNER CORP COM STK	$5,967,000	+5.8%	155,110	+9.0%	2.22%	-8.4%
EGBN	Buy	EAGLE BANCORP INC COM STK	$5,961,000	+29.2%	187,344	+37.0%	2.21%	+11.8%
5021PS	Buy	LNB BANCORP INC COM STK	$5,024,000	+17.7%	351,602	+0.3%	1.87%	+1.9%
CFNL	Buy	CARDINAL FINL CORP COM STK	$4,895,000	+2.7%	286,783	+11.0%	1.82%	-11.1%
FIBK	New	FIRST INTERSTATE BANCSYSTEM INC	$4,774,000	–	179,700	–	1.77%	–
OCFC	Buy	OCEANFIRST FINL CORP COM STK	$4,771,000	+75.3%	299,895	+82.5%	1.77%	+51.7%
PFBC	Buy	PREFERRED BK LOS ANGELES CALIF COM STK	$4,722,000	+0.5%	209,712	+5.5%	1.75%	-13.0%
IBCP	Buy	INDEPENDENT BK CORP MICH COM STK	$4,715,000	+2.9%	395,570	+11.1%	1.75%	-10.9%
GBNK	Buy	GUARANTY BANCORP DEL COM STK	$4,559,000	+78.0%	337,493	+83.1%	1.69%	+54.0%
HFWA	New	HERITAGE FINANCIAL CORPORATION COM STK	$4,512,000	–	284,900	–	1.68%	–
MSFG	Buy	MAINSOURCE FINL GROUP INC COM STK	$4,185,000	+800.0%	242,622	+798.7%	1.56%	+677.5%
FMNB	Buy	FARMERS NATL BANC CORP COM STK	$3,786,000	+11.8%	473,867	+9.0%	1.41%	-3.2%
MFNC	Buy	MACKINAC FINL CORP COM STK	$3,760,000	-2.6%	332,791	+11.2%	1.40%	-15.7%
HTBK	Buy	HERITAGE COMM CORP COM STK	$3,720,000	+11.3%	453,201	+10.8%	1.38%	-3.6%
NOVB	Buy	NORTH VY BANCORP COM STK	$3,702,000	+9.9%	171,582	+11.0%	1.38%	-4.9%
BKMU	Sell	BANK MUTUAL CORP COM STK	$3,619,000	-18.0%	564,608	-25.8%	1.34%	-29.0%
FDEF	Buy	FIRST DEFIANCE FINANCIAL CORP COM STK	$3,524,000	+24.5%	130,488	+32.3%	1.31%	+7.8%
MFSF	Buy	MUTUALFIRST FINANCIAL INC COM STK	$3,489,000	+29.5%	155,102	+9.8%	1.30%	+12.1%
EFSC	Buy	ENTERPRISE FINL SVCS CORP COM STK	$3,466,000	+2.2%	207,351	+10.5%	1.29%	-11.5%
DNBF	Buy	DNB FINANCIAL CORP COM STK	$3,419,000	+24.9%	159,411	+23.7%	1.27%	+8.1%
FXCB	Buy	FOX CHASE BANCORP INC COM STK	$3,247,000	+7.4%	199,115	+11.0%	1.21%	-7.1%
FBIZ	Buy	FIRST BUSINESS FINANCIAL SERVI COM STK	$3,184,000	-6.2%	72,533	+0.5%	1.18%	-18.8%
EBTC	Buy	ENTERPRISE BNCP	$3,129,000	+1.6%	166,109	+11.2%	1.16%	-12.1%
CVCY	Buy	CENTRAL VALLEY COMMUNITY BANCO COM STK	$2,821,000	-1.4%	245,809	+12.4%	1.05%	-14.7%
DCBF	New	DCB FINANCIAL CORP COM STK	$2,730,000	–	367,014	–	1.01%	–
CLDB	Sell	CORTLAND BANCORP COM STK	$2,712,000	+12.6%	200,908	-0.8%	1.01%	-2.6%
MBVT	Buy	MERCHANTS BANCSHARES INC COM STK	$2,526,000	-0.3%	89,631	+13.1%	0.94%	-13.7%
UCFC	New	UNITED CMNTY FINL CORP OHIO COM STK	$2,519,000	–	538,387	–	0.94%	–
EVBN	Buy	EVANS BANCORP INC COM STK	$2,470,000	+43.5%	107,187	+44.1%	0.92%	+24.3%
PROV	Buy	PROVIDENT FINANCIAL HOLDINGS I COM STK	$2,396,000	+11.2%	164,225	+10.8%	0.89%	-3.7%
RVSB	Buy	RIVERVIEW BANCORP INC COM STK	$2,362,000	+18.8%	592,001	+15.5%	0.88%	+2.8%
MCBF	New	MONARCH COMMUNITY BANCORP INC COM STK	$2,325,000	–	807,416	–	0.86%	–
FCTY	Buy	1ST CENTY BK NATL ASSN COM STK	$2,228,000	+3.6%	302,502	+6.6%	0.83%	-10.3%
UBFO	Buy	UNITED SEC BANCSHARES CALIF COM STK	$1,859,000	+21.3%	333,297	+20.9%	0.69%	+5.0%
COFS	Buy	CHOICEONE FINANCIAL SERVICES I COM STK	$1,792,000	+14.1%	87,454	+2.7%	0.67%	-1.2%
CBNJ	Sell	CAPE BANCORP INC COM	$1,635,000	-40.2%	173,420	-31.9%	0.61%	-48.3%
FNBG	Sell	FNB BANCORP CALIF COM STK	$1,511,000	-3.3%	54,360	-0.5%	0.56%	-16.4%
CFBK	Buy	CENTRAL FEDERAL CORP COM STK	$1,505,000	+4.7%	1,131,985	+16.6%	0.56%	-9.4%
FMBM	New	F & M BANK CORP COM STK	$1,482,000	–	84,077	–	0.55%	–
MBWM	New	MERCANTILE BANK CORP MI COM STK	$1,459,000	–	76,630	–	0.54%	–
BCML	Buy	BAY COML BK WALNUT CREEK CALIF COM STK	$1,339,000	+251.4%	118,027	+226.0%	0.50%	+204.9%
SHBI	Buy	SHORE BANCSHARES INC COM STK	$950,000	+40.7%	105,586	+40.8%	0.35%	+21.7%
FMAO	Buy	FARMERS & MERCHANTS STATE BANK COM STK	$737,000	+100.8%	28,887	+92.7%	0.27%	+74.5%
BBNK	Sell	BRIDGE CAP HLDGS COM STK	$293,000	-6.7%	12,890	-0.7%	0.11%	-19.3%
RIVR	New	RIVER VALLEY BANCORP COM STK	$242,000	–	11,299	–	0.09%	–
MBRG	Sell	MIDDLEBURG FINANCIALCORP	$233,000	-57.6%	13,163	-52.1%	0.09%	-63.1%
TCFC	Exit	TRI COUNTY FINANCIAL CORP COM STK	$0	–	-13,500	–	-0.14%	–
	Exit	F & M BANK CORP COM STK	$0	–	-79,070	–	-0.60%	–
	Exit	MONARCH COMMUNITY BANCORP INC COM STK	$0	–	-666,600	–	-0.81%	–
7101PS	Exit	PEOPLE FED BANC	$0	–	-121,902	–	-0.96%	–
	Exit	DCB FINANCIAL CORP COM STK	$0	–	-318,537	–	-1.02%	–
FMER	Exit	FIRSTMERIT CORP COM STK	$0	–	-166,700	–	-1.41%	–
OKSB	Exit	SOUTHWEST BANCORP INC OKLA COM STK	$0	–	-253,535	–	-1.86%	–
PCBK	Exit	PACIFIC CONTINENTAL CORP COM STK	$0	–	-338,489	–	-1.99%	–
FITB	Exit	FIFTH THIRD BANCORP COM STK	$0	–	-317,439	–	-2.91%	–
RF	Exit	REGIONS FINANCIAL CORP NEW	$0	–	-639,079	–	-2.91%	–

Q2 2014

			Value		Shares		↓ Weighting
PB	New	PROSPERITY BANCSHARES INC COM STK	$13,357,000	–	213,372	–	5.73%	–
HAFC	New	HANMI FINL CORP COM STK	$10,651,000	–	505,297	–	4.57%	–
FFIC	New	FLUSHING FINANCIAL CORP COM STK	$10,515,000	–	511,688	–	4.51%	–
WIBC	New	WILSHIRE BANCORP INC COM	$10,467,000	–	1,019,209	–	4.49%	–
EWBC	New	EAST-WEST BANCORP INC COM STK	$9,313,000	–	266,175	–	4.00%	–
WBS	New	WEBSTER FINL CORP WATERBURY CO COM STK	$8,357,000	–	264,977	–	3.59%	–
CMAWS	New	COMERICA INC WARRANT EXPw exp 11/14/2018	$7,930,000	–	376,550	–	3.40%	–
BNCN	New	BNC BANCORP COM STK	$7,567,000	–	443,328	–	3.25%	–
KEY	New	KEYCORP NY COM STK	$7,054,000	–	492,321	–	3.03%	–
PEBO	New	PEOPLES BANCORP INC COM STK	$6,835,000	–	258,449	–	2.93%	–
RF	New	REGIONS FINANCIAL CORP NEW	$6,787,000	–	639,079	–	2.91%	–
FITB	New	FIFTH THIRD BANCORP COM STK	$6,777,000	–	317,439	–	2.91%	–
YDKN	New	YADKIN VALLEY FINANCIAL CORP COM STK	$6,164,000	–	327,180	–	2.64%	–
BANR	New	BANNER CORP COM STK	$5,639,000	–	142,310	–	2.42%	–
CFNL	New	CARDINAL FINL CORP COM STK	$4,768,000	–	258,310	–	2.05%	–
PFBC	New	PREFERRED BK LOS ANGELES CALIF COM STK	$4,697,000	–	198,696	–	2.02%	–
PCBK	New	PACIFIC CONTINENTAL CORP COM STK	$4,647,000	–	338,489	–	1.99%	–
EGBN	New	EAGLE BANCORP INC COM STK	$4,614,000	–	136,724	–	1.98%	–
IBCP	New	INDEPENDENT BK CORP MICH COM STK	$4,581,000	–	355,982	–	1.97%	–
BKMU	New	BANK MUTUAL CORP COM STK	$4,413,000	–	761,001	–	1.89%	–
OKSB	New	SOUTHWEST BANCORP INC OKLA COM STK	$4,325,000	–	253,535	–	1.86%	–
5021PS	New	LNB BANCORP INC COM STK	$4,269,000	–	350,552	–	1.83%	–
MFNC	New	MACKINAC FINL CORP COM STK	$3,861,000	–	299,333	–	1.66%	–
FBIZ	New	FIRST BUSINESS FINANCIAL SERVI COM STK	$3,394,000	–	72,177	–	1.46%	–
EFSC	New	ENTERPRISE FINL SVCS CORP COM STK	$3,390,000	–	187,721	–	1.46%	–
FMNB	New	FARMERS NATL BANC CORP COM STK	$3,385,000	–	434,612	–	1.45%	–
NOVB	New	NORTH VY BANCORP COM STK	$3,369,000	–	154,637	–	1.45%	–
HTBK	New	HERITAGE COMM CORP COM STK	$3,342,000	–	409,110	–	1.43%	–
FMER	New	FIRSTMERIT CORP COM STK	$3,292,000	–	166,700	–	1.41%	–
EBTC	New	ENTERPRISE BNCP	$3,081,000	–	149,385	–	1.32%	–
FXCB	New	FOX CHASE BANCORP INC COM STK	$3,024,000	–	179,409	–	1.30%	–
CVCY	New	CENTRAL VALLEY COMMUNITY BANCO COM STK	$2,861,000	–	218,617	–	1.23%	–
FDEF	New	FIRST DEFIANCE FINANCIAL CORP COM STK	$2,830,000	–	98,637	–	1.21%	–
DNBF	New	DNB FINANCIAL CORP COM STK	$2,738,000	–	128,857	–	1.18%	–
CBNJ	New	CAPE BANCORP INC COM	$2,733,000	–	254,724	–	1.17%	–
OCFC	New	OCEANFIRST FINL CORP COM STK	$2,721,000	–	164,360	–	1.17%	–
MFSF	New	MUTUALFIRST FINANCIAL INC COM STK	$2,694,000	–	141,212	–	1.16%	–
GBNK	New	GUARANTY BANCORP DEL COM STK	$2,561,000	–	184,295	–	1.10%	–
MBVT	New	MERCHANTS BANCSHARES INC COM STK	$2,534,000	–	79,267	–	1.09%	–
CLDB	New	CORTLAND BANCORP COM STK	$2,409,000	–	202,475	–	1.03%	–
	New	DCB FINANCIAL CORP COM STK	$2,389,000	–	318,537	–	1.02%	–
7101PS	New	PEOPLE FED BANC	$2,250,000	–	121,902	–	0.96%	–
PROV	New	PROVIDENT FINANCIAL HOLDINGS I COM STK	$2,154,000	–	148,164	–	0.92%	–
FCTY	New	1ST CENTY BK NATL ASSN COM STK	$2,151,000	–	283,818	–	0.92%	–
RVSB	New	RIVERVIEW BANCORP INC COM STK	$1,988,000	–	512,622	–	0.85%	–
	New	MONARCH COMMUNITY BANCORP INC COM STK	$1,879,000	–	666,600	–	0.81%	–
EVBN	New	EVANS BANCORP INC COM STK	$1,721,000	–	74,366	–	0.74%	–
COFS	New	CHOICEONE FINANCIAL SERVICES I COM STK	$1,571,000	–	85,187	–	0.67%	–
FNBG	New	FNB BANCORP CALIF COM STK	$1,563,000	–	54,660	–	0.67%	–
UBFO	New	UNITED SEC BANCSHARES CALIF COM STK	$1,533,000	–	275,759	–	0.66%	–
CFBK	New	CENTRAL FEDERAL CORP COM STK	$1,437,000	–	971,101	–	0.62%	–
	New	F & M BANK CORP COM STK	$1,399,000	–	79,070	–	0.60%	–
SHBI	New	SHORE BANCSHARES INC COM STK	$675,000	–	75,000	–	0.29%	–
MBRG	New	MIDDLEBURG FINANCIALCORP	$550,000	–	27,501	–	0.24%	–
MSFG	New	MAINSOURCE FINL GROUP INC COM STK	$465,000	–	26,996	–	0.20%	–
BCML	New	BAY COML BK WALNUT CREEK CALIF COM STK	$381,000	–	36,207	–	0.16%	–
FMAO	New	FARMERS & MERCHANTS STATE BANK COM STK	$367,000	–	14,992	–	0.16%	–
TCFC	New	TRI COUNTY FINANCIAL CORP COM STK	$320,000	–	13,500	–	0.14%	–
BBNK	New	BRIDGE CAP HLDGS COM STK	$314,000	–	12,987	–	0.14%	–

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Export Elizabeth Park Capital Advisors, Ltd.'s holdings