Siena Capital Partners GP, LLC Activity Q4 2016-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
SBNC	Sell	Southern BancShares NC Inc	$7,668,000	-26.2%	1,420	-26.2%	2.75%	-25.4%
MSBC	Buy	Mission Bancorp/Bakersfield CA	$5,617,984	+10.5%	68,512	+10.5%	2.02%	+11.7%
CSHX	Buy	Cashmere Valley Bank	$3,283,061	+0.8%	77,194	+0.8%	1.18%	+1.9%
COLB	Buy	Columbia Banking System Inc	$3,169,805	+16.4%	156,302	+16.4%	1.14%	+17.6%
FSBC	Buy	Five Star Bancorp	$3,016,527	+99.7%	134,847	+99.7%	1.08%	+101.7%
FOTB	Buy	First Ottawa Bancshares Inc	$2,782,550	+0.3%	29,290	+0.3%	1.00%	+1.4%
NYCB	Sell	New York Community Bancorp Inc	$2,716,719	-13.8%	241,701	-75.2%	0.98%	-12.9%
SNLC	Buy	Security National Corp/IA	$2,263,300	+2.7%	17,410	+2.7%	0.81%	+3.8%
SHBI	Buy	Shore Bancshares Inc	$2,257,518	+609.5%	195,287	+609.5%	0.81%	+617.7%
CWBC	Sell	Community West Bancshares	$2,051,236	-13.2%	168,826	-13.2%	0.74%	-12.2%
	Sell	Embassy Bancorp Inc	$1,614,517	-14.2%	109,089	-14.2%	0.58%	-13.2%
BYLB	Buy	Boyle Bancorp Inc	$1,554,009	+1.8%	19,671	+1.8%	0.56%	+2.8%
FMFG	Sell	Farmers and Merchants Bancshar	$1,039,949	-58.7%	50,118	-58.7%	0.37%	-58.3%
	Buy	Finwise Bancorp	$872,052	+195.6%	97,436	+195.6%	0.31%	+198.1%
BKOR	Buy	Oak Ridge Financial Services I	$660,870	+4.2%	44,058	+4.2%	0.24%	+5.3%
NYCB	New	New York Community Bancorp Inccall	$435,196	–	733,600	–	0.16%	–
AVBH	Sell	Avidbank Holdings Inc	$212,560	-84.0%	13,285	-84.0%	0.08%	-83.9%
TCFC	Sell	Community Financial Corp/The	$0	-100.0%	0	-100.0%	0.00%	-100.0%
SABK	Sell	South Atlantic Bancshares Inc	$0	-100.0%	0	-100.0%	0.00%	-100.0%
BRBS	Sell	Blue Ridge Bankshares Inc	$0	-100.0%	0	-100.0%	0.00%	-100.0%
SRYB	Exit	Surrey Bancorp	$0	–	0	–	0.00%	–
DNVB	Exit	Denver Bankshares Inc	$0	–	0	–	0.00%	–
DBIN	Exit	Dacotah Banks Inc	$0	–	0	–	0.00%	–
BANC	Exit	Banc of California Inc	$0	–	0	–	0.00%	–

Q2 2023

			Value		Shares		↓ Weighting
FCNCA	New	First Citizens BancShares Inc/	$21,139,602	–	16,633	–	7.51%	–
SBNC	New	Southern BancShares NC Inc	$10,389,600	–	1,924	–	3.69%	–
FINN	New	First National of Nebraska Inc	$9,491,625	–	715	–	3.37%	–
OVLY	New	Oak Valley Bancorp	$9,032,958	–	358,593	–	3.21%	–
PLBC	New	Plumas Bancorp	$7,844,733	–	219,802	–	2.79%	–
EXSR	New	Exchange Bank/Santa Rosa CA	$6,294,045	–	69,895	–	2.24%	–
TSBK	New	Timberland Bancorp Inc/WA	$5,905,066	–	230,847	–	2.10%	–
SCZC	New	Santa Cruz County Bank	$5,734,595	–	224,446	–	2.04%	–
MFGI	New	Merchants Financial Group Inc	$5,385,870	–	209,160	–	1.91%	–
FXNC	New	First National Corp/VA	$5,229,150	–	316,343	–	1.86%	–
MSBC	New	Mission Bancorp/Bakersfield CA	$5,084,984	–	62,012	–	1.81%	–
BUSE	New	First Busey Corp	$4,151,675	–	206,551	–	1.48%	–
MCBC	New	Macatawa Bank Corp	$4,079,117	–	439,560	–	1.45%	–
FCBC	New	First Community Bankshares Inc	$4,075,834	–	137,095	–	1.45%	–
EBTC	New	Enterprise Bancorp Inc/MA	$3,937,779	–	136,067	–	1.40%	–
CRSB	New	Cornerstone Community Bancorp	$3,822,633	–	143,708	–	1.36%	–
CBOBA	New	BAY Community Bancorp	$3,715,272	–	464,409	–	1.32%	–
ORPB	New	Oregon Pacific Bancorp	$3,607,016	–	644,110	–	1.28%	–
WTBFB	New	WTB Financial Corp	$3,513,312	–	12,672	–	1.25%	–
	New	Alpine Banks of Colorado	$3,362,313	–	128,174	–	1.19%	–
CMA	New	Comerica Inc	$3,352,582	–	79,145	–	1.19%	–
HTBK	New	Heritage Commerce Corp	$3,312,075	–	400,009	–	1.18%	–
SNV	New	Synovus Financial Corp	$3,272,869	–	108,194	–	1.16%	–
RRBI	New	Red River Bancshares Inc	$3,266,778	–	66,479	–	1.16%	–
CSHX	New	Cashmere Valley Bank	$3,257,543	–	76,594	–	1.16%	–
RWCB	New	Redwood Capital Bancorp	$3,189,356	–	179,278	–	1.13%	–
OXBC	New	Oxford Bank Corp/MI	$3,154,511	–	111,231	–	1.12%	–
NYCB	New	New York Community Bancorp Inc	$3,151,915	–	975,301	–	1.12%	–
FMBH	New	First Mid Bancshares Inc	$3,099,673	–	128,404	–	1.10%	–
PMHG	New	Prime Meridian Holding Co	$3,088,764	–	147,014	–	1.10%	–
LBAI	New	Lakeland Bancorp Inc	$3,053,456	–	228,040	–	1.08%	–
SMBC	New	Southern Missouri Bancorp Inc	$3,049,623	–	79,314	–	1.08%	–
UBAB	New	United BanCorp of Alabama Inc	$3,026,469	–	77,029	–	1.08%	–
FHN	New	First Horizon Corp	$3,002,091	–	266,379	–	1.07%	–
TRBK	New	Traditions Bancorp Inc	$2,995,963	–	173,679	–	1.06%	–
CFG	New	Citizens Financial Group Inc	$2,929,592	–	112,331	–	1.04%	–
BCAL	New	Southern California Bancorp	$2,861,388	–	208,556	–	1.02%	–
FOTB	New	First Ottawa Bancshares Inc	$2,773,620	–	29,196	–	0.98%	–
TYFG	New	Tri-County Financial Group Inc	$2,724,348	–	61,917	–	0.97%	–
COLB	New	Columbia Banking System Inc	$2,723,645	–	134,302	–	0.97%	–
ZION	New	Zions Bancorp NA	$2,720,649	–	101,290	–	0.97%	–
CYVF	New	Crystal Valley Financial Corp	$2,715,560	–	46,820	–	0.96%	–
BWFG	New	Bankwell Financial Group Inc	$2,690,040	–	110,338	–	0.96%	–
BANR	New	Banner Corp	$2,662,691	–	60,973	–	0.95%	–
	New	American Riviera Bancorp	$2,658,256	–	183,328	–	0.94%	–
FETM	New	Fentura Financial Inc	$2,644,738	–	137,389	–	0.94%	–
FNB	New	FNB Corp/PA	$2,599,168	–	227,200	–	0.92%	–
FMFG	New	Farmers and Merchants Bancshar	$2,518,386	–	121,368	–	0.90%	–
PNFP	New	Pinnacle Financial Partners In	$2,492,657	–	44,001	–	0.88%	–
PKBK	New	Parke Bancorp Inc	$2,460,441	–	144,817	–	0.87%	–
CWBC	New	Community West Bancshares	$2,362,774	–	194,467	–	0.84%	–
CVCY	New	Central Valley Community Banco	$2,277,933	–	147,439	–	0.81%	–
CNBB	New	CNB Community Bancorp Inc	$2,251,994	–	63,205	–	0.80%	–
HLAN	New	Heartland BancCorp	$2,219,494	–	27,067	–	0.79%	–
SOBS	New	Solvay Bank	$2,212,584	–	76,296	–	0.79%	–
PBNK	New	Pinnacle Bank/Gilroy CA	$2,204,642	–	191,708	–	0.78%	–
SNLC	New	Security National Corp/IA	$2,204,540	–	16,958	–	0.78%	–
OSBC	New	Old Second Bancorp Inc	$2,129,276	–	163,038	–	0.76%	–
VBTX	New	Veritex Holdings Inc	$2,079,880	–	116,000	–	0.74%	–
VLY	New	Valley National Bancorp	$1,980,435	–	255,540	–	0.70%	–
HBT	New	HBT Financial Inc	$1,979,442	–	107,345	–	0.70%	–
MCHB	New	Mechanics Bank/Walnut Creek CA	$1,978,000	–	86	–	0.70%	–
TCFC	New	Community Financial Corp/The	$1,951,591	–	72,041	–	0.69%	–
	New	Embassy Bancorp Inc	$1,880,917	–	127,089	–	0.67%	–
CMHF	New	Community Heritage Financial I	$1,876,950	–	129,000	–	0.67%	–
PFC	New	Premier Financial Corp	$1,864,728	–	116,400	–	0.66%	–
CCNE	New	CNB Financial Corp/PA	$1,765,000	–	100,000	–	0.63%	–
FCAP	New	First Capital Inc	$1,664,093	–	54,029	–	0.59%	–
WSFS	New	WSFS Financial Corp	$1,652,853	–	43,819	–	0.59%	–
BYLB	New	Boyle Bancorp Inc	$1,527,149	–	19,331	–	0.54%	–
FSBC	New	Five Star Bancorp	$1,510,668	–	67,531	–	0.54%	–
FISB	New	1st Capital Bancorp	$1,499,044	–	167,491	–	0.53%	–
CNND	New	Canandaigua National Corp	$1,446,060	–	6,573	–	0.51%	–
CBAF	New	Citba Financial Corp	$1,393,576	–	61,391	–	0.50%	–
WDFN	New	Woodlands Financial Services C	$1,370,097	–	69,372	–	0.49%	–
	New	Mountain Commerce Bancorp Inc	$1,351,951	–	83,197	–	0.48%	–
AVBH	New	Avidbank Holdings Inc	$1,327,728	–	82,983	–	0.47%	–
SMAL	New	Summit Bancshares Inc/CA	$1,281,618	–	35,161	–	0.46%	–
SEBC	New	Southeastern Banking Corp	$1,248,091	–	65,689	–	0.44%	–
TRCY	New	Tri City Bankshares Corp	$1,242,952	–	93,455	–	0.44%	–
WAYN	New	Wayne Savings Bancshares Inc	$1,209,142	–	46,685	–	0.43%	–
	New	Pacific Valley Bancorp	$1,093,515	–	122,729	–	0.39%	–
BCTF	New	Bancorp 34 Inc	$1,070,052	–	107,142	–	0.38%	–
AMBZ	New	American Business Bank	$1,049,217	–	39,077	–	0.37%	–
	New	Peoples Bancorp/WA	$950,000	–	5,000	–	0.34%	–
FCOB	New	1st Colonial Bancorp Inc	$940,171	–	95,352	–	0.33%	–
BSPA	New	Ballston Spa Bancorp Inc	$922,488	–	18,088	–	0.33%	–
LFGP	New	Ledyard Financial Group Inc	$874,878	–	64,282	–	0.31%	–
	New	Studio Financial Holdings Inc	$872,971	–	83,061	–	0.31%	–
	New	Farmers & Merchants Bank of Lo	$738,480	–	136	–	0.26%	–
	New	Citizens Bancorp/OR	$709,615	–	65,766	–	0.25%	–
BKOR	New	Oak Ridge Financial Services I	$634,305	–	42,287	–	0.22%	–
	New	Grand River Commerce Inc	$610,123	–	159,718	–	0.22%	–
	New	Cecil Bancorp Inc	$470,401	–	367,501	–	0.17%	–
MDVT	New	Middlebury National Corp	$438,872	–	15,674	–	0.16%	–
WFCL	New	1867 Western Financial Corp	$414,400	–	74	–	0.15%	–
SHBI	New	Shore Bancshares Inc	$318,201	–	27,526	–	0.11%	–
FBTT	New	First Bankers Trustshares Inc	$311,513	–	17,750	–	0.11%	–
	New	Finwise Bancorp	$295,046	–	32,966	–	0.10%	–
FCNCB	New	First Citizens BancShares Inc/	$281,370	–	249	–	0.10%	–
SABK	New	South Atlantic Bancshares Inc	$261,888	–	26,400	–	0.09%	–
BRBS	New	Blue Ridge Bankshares Inc	$37,674	–	4,257	–	0.01%	–
VBFC	New	Village Bank and Trust Financi	$14,386	–	333	–	0.01%	–
DBIN	New	Dacotah Banks Inc	$0	–	0	–	0.00%	–
BANC	New	Banc of California Inc	$0	–	0	–	0.00%	–
DNVB	New	Denver Bankshares Inc	$0	–	0	–	0.00%	–
SRYB	New	Surrey Bancorp	$0	–	0	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
BSSC	Exit	Bank of Southside Virginia Cor	$0	–	0	–	0.00%	–
FMAO	Exit	Farmers & Merchants Bancorp In	$0	–	0	–	0.00%	–
	Exit	Beach Bank	$0	–	0	–	0.00%	–
CBAN	Exit	Colony Bankcorp Inc	$0	–	0	–	0.00%	–
FBVA	Exit	Farmers Bankshares Inc	$0	–	0	–	0.00%	–
	Exit	Horizon Bancorp Inc/AZ	$0	–	0	–	0.00%	–
MNAT	Exit	Marquette National Corp	$0	–	0	–	0.00%	–
WFCL	Exit	1867 Western Financial Corp	$0	–	-74	–	-0.13%	–
	Exit	Cecil Bancorp Inc	$0	–	-367,501	–	-0.19%	–
BKOR	Exit	Oak Ridge Financial Services I	$0	–	-30,333	–	-0.19%	–
MDVT	Exit	Middlebury National Corp	$0	–	-15,674	–	-0.19%	–
DNVB	Exit	Denver Bankshares Inc	$0	–	-1,980	–	-0.20%	–
	Exit	Citizens Bancorp/OR	$0	–	-55,766	–	-0.23%	–
CHBH	Exit	Croghan Bancshares Inc	$0	–	-14,899	–	-0.28%	–
FBTT	Exit	First Bankers Trustshares Inc	$0	–	-34,860	–	-0.30%	–
	Exit	Grand River Commerce Inc	$0	–	-159,718	–	-0.30%	–
NYCB	Exit	New York Community Bancorp Inc	$0	–	-574,001	–	-0.32%	–
	Exit	Pacific Valley Bancorp	$0	–	-92,101	–	-0.33%	–
BSPA	Exit	Ballston Spa Bancorp Inc	$0	–	-17,912	–	-0.34%	–
BMRC	Exit	Bank of Marin Bancorp	$0	–	-33,765	–	-0.34%	–
	Exit	Peoples Bancorp/WA	$0	–	-5,000	–	-0.35%	–
WAYN	Exit	Wayne Savings Bancshares Inc	$0	–	-46,685	–	-0.36%	–
FCOB	Exit	1st Colonial Bancorp Inc	$0	–	-90,352	–	-0.36%	–
	Exit	Studio Financial Holdings Inc	$0	–	-83,061	–	-0.37%	–
	Exit	Southern States Bancshares Inc	$0	–	-40,650	–	-0.38%	–
DBIN	Exit	Dacotah Banks Inc	$0	–	-31,927	–	-0.38%	–
SRYB	Exit	Surrey Bancorp	$0	–	-87,653	–	-0.42%	–
SMAL	Exit	Summit Bancshares Inc/CA	$0	–	-35,161	–	-0.43%	–
SEBC	Exit	Southeastern Banking Corp	$0	–	-65,689	–	-0.48%	–
BYLB	Exit	Boyle Bancorp Inc	$0	–	-18,147	–	-0.51%	–
SFIGA	Exit	Star Financial Group Inc	$0	–	-18,903	–	-0.51%	–
TRCY	Exit	Tri City Bankshares Corp	$0	–	-92,963	–	-0.53%	–
CBAF	Exit	Citba Financial Corp	$0	–	-61,391	–	-0.53%	–
FNWD	Exit	Finward Bancorp	$0	–	-49,198	–	-0.57%	–
FISB	Exit	1st Capital Bancorp	$0	–	-162,491	–	-0.57%	–
MCHB	Exit	Mechanics Bank/Walnut Creek CA	$0	–	-85	–	-0.58%	–
CNBB	Exit	CNB Community Bancorp Inc	$0	–	-48,048	–	-0.58%	–
CNND	Exit	Canandaigua National Corp	$0	–	-6,573	–	-0.59%	–
AVBH	Exit	Avidbank Holdings Inc	$0	–	-82,983	–	-0.59%	–
FCNCA	Exit	First Citizens BancShares Inc/	$0	–	-2,205	–	-0.60%	–
WDFN	Exit	Woodlands Financial Services C	$0	–	-64,372	–	-0.61%	–
UBAB	Exit	United BanCorp of Alabama Inc	$0	–	-69,029	–	-0.61%	–
LFGP	Exit	Ledyard Financial Group Inc	$0	–	-93,002	–	-0.62%	–
PMHG	Exit	Prime Meridian Holding Co	$0	–	-80,014	–	-0.68%	–
TWCF	Exit	Town and Country Financial Cor	$0	–	-59,333	–	-0.68%	–
PBNK	Exit	Pinnacle Bank/Gilroy CA	$0	–	-174,258	–	-0.69%	–
WSFS	Exit	WSFS Financial Corp	$0	–	-43,819	–	-0.69%	–
SNLC	Exit	Security National Corp/IA	$0	–	-16,958	–	-0.74%	–
FOTB	Exit	First Ottawa Bancshares Inc	$0	–	-25,647	–	-0.75%	–
	Exit	Embassy Bancorp Inc	$0	–	-113,461	–	-0.76%	–
	Exit	Mountain Commerce Bancorp Inc	$0	–	-82,897	–	-0.79%	–
CCNE	Exit	CNB Financial Corp/PA	$0	–	-100,000	–	-0.80%	–
PNFP	Exit	Pinnacle Financial Partners In	$0	–	-29,155	–	-0.80%	–
HLAN	Exit	Heartland BancCorp	$0	–	-27,067	–	-0.81%	–
CMHF	Exit	Community Heritage Financial I	$0	–	-119,000	–	-0.83%	–
CYVF	Exit	Crystal Valley Financial Corp	$0	–	-43,320	–	-0.84%	–
SOBS	Exit	Solvay Bank	$0	–	-72,663	–	-0.84%	–
TCFC	Exit	Community Financial Corp/The	$0	–	-72,041	–	-0.84%	–
AMBZ	Exit	American Business Bank	$0	–	-64,379	–	-0.84%	–
FBMS	Exit	First Bancshares Inc/The	$0	–	-85,269	–	-0.86%	–
BRBS	Exit	Blue Ridge Bankshares Inc	$0	–	-199,480	–	-0.86%	–
CVCY	Exit	Central Valley Community Banco	$0	–	-147,439	–	-0.88%	–
FMFG	Exit	Farmers and Merchants Bancshar	$0	–	-121,368	–	-0.89%	–
SABK	Exit	South Atlantic Bancshares Inc	$0	–	-185,109	–	-0.89%	–
CWBC	Exit	Community West Bancshares	$0	–	-194,467	–	-0.92%	–
	Exit	American Riviera Bancorp	$0	–	-161,517	–	-0.92%	–
VLY	Exit	Valley National Bancorp	$0	–	-255,540	–	-0.94%	–
TYFG	Exit	Tri-County Financial Group Inc	$0	–	-61,917	–	-0.99%	–
RRBI	Exit	Red River Bancshares Inc	$0	–	-60,015	–	-1.00%	–
PFC	Exit	Premier Financial Corp	$0	–	-116,400	–	-1.01%	–
RWCB	Exit	Redwood Capital Bancorp	$0	–	-176,578	–	-1.02%	–
PKBK	Exit	Parke Bancorp Inc	$0	–	-144,817	–	-1.03%	–
FETM	Exit	Fentura Financial Inc	$0	–	-132,389	–	-1.03%	–
VBTX	Exit	Veritex Holdings Inc	$0	–	-116,000	–	-1.04%	–
CSHX	Exit	Cashmere Valley Bank	$0	–	-64,194	–	-1.07%	–
OXBC	Exit	Oxford Bank Corp/MI	$0	–	-111,231	–	-1.08%	–
BCAL	Exit	Southern California Bancorp	$0	–	-208,556	–	-1.09%	–
BWFG	Exit	Bankwell Financial Group Inc	$0	–	-110,338	–	-1.09%	–
EBTC	Exit	Enterprise Bancorp Inc/MA	$0	–	-108,253	–	-1.10%	–
BUSE	Exit	First Busey Corp	$0	–	-153,214	–	-1.14%	–
	Exit	Farmers & Merchants Bank of Lo	$0	–	-438	–	-1.16%	–
TRBK	Exit	Traditions Bancorp Inc	$0	–	-173,679	–	-1.16%	–
FRME	Exit	First Merchants Corp	$0	–	-89,656	–	-1.17%	–
FMBH	Exit	First Mid Bancshares Inc	$0	–	-109,523	–	-1.18%	–
OSBC	Exit	Old Second Bancorp Inc	$0	–	-271,103	–	-1.20%	–
BANR	Exit	Banner Corp	$0	–	-60,973	–	-1.22%	–
LBAI	Exit	Lakeland Bancorp Inc	$0	–	-228,040	–	-1.24%	–
CRSB	Exit	Cornerstone Community Bancorp	$0	–	-138,708	–	-1.25%	–
	Exit	Alpine Banks of Colorado	$0	–	-128,174	–	-1.27%	–
ORPB	Exit	Oregon Pacific Bancorp	$0	–	-582,710	–	-1.27%	–
HTBK	Exit	Heritage Commerce Corp	$0	–	-331,365	–	-1.27%	–
CFG	Exit	Citizens Financial Group Inc	$0	–	-112,331	–	-1.31%	–
CBOBA	Exit	BAY Community Bancorp	$0	–	-464,409	–	-1.32%	–
SMBC	Exit	Southern Missouri Bancorp Inc	$0	–	-79,314	–	-1.37%	–
SNV	Exit	Synovus Financial Corp	$0	–	-108,194	–	-1.38%	–
MCBC	Exit	Macatawa Bank Corp	$0	–	-439,560	–	-1.38%	–
WTBFB	Exit	WTB Financial Corp	$0	–	-12,180	–	-1.40%	–
PGC	Exit	Peapack-Gladstone Financial Co	$0	–	-127,300	–	-1.45%	–
MSBC	Exit	Mission Bancorp/Bakersfield CA	$0	–	-52,418	–	-1.49%	–
FXNC	Exit	First National Corp/VA	$0	–	-316,343	–	-1.64%	–
SCZC	Exit	Santa Cruz County Bank	$0	–	-209,946	–	-1.65%	–
MFGI	Exit	Merchants Financial Group Inc	$0	–	-209,160	–	-1.88%	–
CMA	Exit	Comerica Inc	$0	–	-79,145	–	-1.90%	–
OVLY	Exit	Oak Valley Bancorp	$0	–	-358,593	–	-2.17%	–
TSBK	Exit	Timberland Bancorp Inc/WA	$0	–	-234,951	–	-2.20%	–
PLBC	Exit	Plumas Bancorp	$0	–	-229,263	–	-2.20%	–
EXSR	Exit	Exchange Bank/Santa Rosa CA	$0	–	-69,895	–	-2.72%	–
SBNC	Exit	Southern BancShares NC Inc	$0	–	-1,944	–	-3.03%	–
FINN	Exit	First National of Nebraska Inc	$0	–	-715	–	-3.30%	–
FCNCB	Exit	First Citizens BancShares Inc/	$0	–	-20,253	–	-4.77%	–

Q3 2022

			Value		Shares		↓ Weighting
ORPB	Buy	Oregon Pacific Bancorp	$3,747,000	-2.5%	582,710	+0.8%	1.27%	-2.6%
	Buy	Alpine Banks of Colorado	$3,744,000	+120.8%	128,174	+121.0%	1.27%	+120.5%
CRSB	Buy	Cornerstone Community Bancorp	$3,690,000	-0.4%	138,708	+3.0%	1.25%	-0.5%
CSHX	Buy	Cashmere Valley Bank	$3,149,000	-2.9%	64,194	+7.4%	1.07%	-3.0%
FETM	Buy	Fentura Financial Inc	$3,045,000	+3.7%	132,389	+11.8%	1.03%	+3.6%
RRBI	Buy	Red River Bancshares Inc	$2,967,000	+25.5%	60,015	+37.3%	1.00%	+25.5%
	Buy	American Riviera Bancorp	$2,730,000	+14.8%	161,517	+17.5%	0.92%	+14.6%
CVCY	New	Central Valley Community Banco	$2,611,000	–	147,439	–	0.88%	–
BRBS	Sell	Blue Ridge Bankshares Inc	$2,551,000	-50.5%	199,480	-40.7%	0.86%	-50.5%
FBMS	New	First Bancshares Inc/The	$2,548,000	–	85,269	–	0.86%	–
CMHF	New	Community Heritage Financial I	$2,441,000	–	119,000	–	0.83%	–
CCNE	New	CNB Financial Corp/PA	$2,359,000	–	100,000	–	0.80%	–
FOTB	Buy	First Ottawa Bancshares Inc	$2,212,000	+19.4%	25,647	+18.4%	0.75%	+19.3%
BYLB	Buy	Boyle Bancorp Inc	$1,506,000	+5.8%	18,147	+8.4%	0.51%	+5.8%
	Sell	Southern States Bancshares Inc	$1,108,000	-9.7%	40,650	-25.5%	0.38%	-9.9%
BMRC	Sell	Bank of Marin Bancorp	$1,011,000	-67.5%	33,765	-65.5%	0.34%	-67.6%
	Buy	Pacific Valley Bancorp	$985,000	+2.0%	92,101	+1.1%	0.33%	+2.1%
FBTT	Sell	First Bankers Trustshares Inc	$889,000	-49.6%	34,860	-46.1%	0.30%	-49.6%
BKOR	Buy	Oak Ridge Financial Services I	$563,000	+20.6%	30,333	+20.9%	0.19%	+20.9%
FBVA	Sell	Farmers Bankshares Inc	$0	-100.0%	0	-100.0%	0.00%	-100.0%
	Sell	Beach Bank	$0	-100.0%	0	-100.0%	0.00%	-100.0%
BSSC	Sell	Bank of Southside Virginia Cor	$0	-100.0%	0	-100.0%	0.00%	-100.0%
MNAT	Sell	Marquette National Corp	$0	-100.0%	0	-100.0%	0.00%	-100.0%
FMAO	Sell	Farmers & Merchants Bancorp In	$0	-100.0%	0	-100.0%	0.00%	-100.0%
CBAN	Sell	Colony Bankcorp Inc	$0	-100.0%	0	-100.0%	0.00%	-100.0%
	Sell	Horizon Bancorp Inc/AZ	$0	-100.0%	0	-100.0%	0.00%	-100.0%

Q2 2022

			Value		Shares		↓ Weighting
FCNCB	New	First Citizens BancShares Inc/	$12,354,000	–	20,253	–	4.19%	–
FINN	New	First National of Nebraska Inc	$10,082,000	–	715	–	3.42%	–
SBNC	New	Southern BancShares NC Inc	$8,758,000	–	1,944	–	2.97%	–
EXSR	New	Exchange Bank/Santa Rosa CA	$8,457,000	–	69,895	–	2.87%	–
PLBC	New	Plumas Bancorp	$6,543,000	–	229,263	–	2.22%	–
OVLY	New	Oak Valley Bancorp	$6,168,000	–	358,593	–	2.09%	–
TSBK	New	Timberland Bancorp Inc/WA	$5,874,000	–	234,951	–	1.99%	–
CMA	New	Comerica Inc	$5,808,000	–	79,145	–	1.97%	–
FXNC	New	First National Corp/VA	$5,773,000	–	316,343	–	1.96%	–
MFGI	New	Merchants Financial Group Inc	$5,281,000	–	209,160	–	1.79%	–
BRBS	New	Blue Ridge Bankshares Inc	$5,149,000	–	336,128	–	1.74%	–
SCZC	New	Santa Cruz County Bank	$4,505,000	–	209,946	–	1.53%	–
MSBC	New	Mission Bancorp/Bakersfield CA	$4,375,000	–	52,418	–	1.48%	–
WTBFB	New	WTB Financial Corp	$4,032,000	–	12,180	–	1.37%	–
CFG	New	Citizens Financial Group Inc	$4,009,000	–	112,331	–	1.36%	–
FMBH	New	First Mid Bancshares Inc	$3,907,000	–	109,523	–	1.32%	–
SNV	New	Synovus Financial Corp	$3,900,000	–	108,194	–	1.32%	–
MCBC	New	Macatawa Bank Corp	$3,886,000	–	439,560	–	1.32%	–
CBOBA	New	BAY Community Bancorp	$3,878,000	–	464,409	–	1.31%	–
ORPB	New	Oregon Pacific Bancorp	$3,845,000	–	578,210	–	1.30%	–
TRBK	New	Traditions Bancorp Inc	$3,800,000	–	173,679	–	1.29%	–
PGC	New	Peapack-Gladstone Financial Co	$3,781,000	–	127,300	–	1.28%	–
CRSB	New	Cornerstone Community Bancorp	$3,704,000	–	134,708	–	1.26%	–
OSBC	New	Old Second Bancorp Inc	$3,627,000	–	271,103	–	1.23%	–
SMBC	New	Southern Missouri Bancorp Inc	$3,590,000	–	79,314	–	1.22%	–
HTBK	New	Heritage Commerce Corp	$3,542,000	–	331,365	–	1.20%	–
BUSE	New	First Busey Corp	$3,501,000	–	153,214	–	1.19%	–
EBTC	New	Enterprise Bancorp Inc/MA	$3,485,000	–	108,253	–	1.18%	–
BANR	New	Banner Corp	$3,427,000	–	60,973	–	1.16%	–
BWFG	New	Bankwell Financial Group Inc	$3,426,000	–	110,338	–	1.16%	–
VBTX	New	Veritex Holdings Inc	$3,394,000	–	116,000	–	1.15%	–
RWCB	New	Redwood Capital Bancorp	$3,373,000	–	176,578	–	1.14%	–
LBAI	New	Lakeland Bancorp Inc	$3,334,000	–	228,040	–	1.13%	–
	New	Farmers & Merchants Bank of Lo	$3,329,000	–	438	–	1.13%	–
OXBC	New	Oxford Bank Corp/MI	$3,294,000	–	111,231	–	1.12%	–
CSHX	New	Cashmere Valley Bank	$3,244,000	–	59,794	–	1.10%	–
FRME	New	First Merchants Corp	$3,194,000	–	89,656	–	1.08%	–
BMRC	New	Bank of Marin Bancorp	$3,113,000	–	97,966	–	1.06%	–
BCAL	New	Southern California Bancorp	$3,097,000	–	208,556	–	1.05%	–
PKBK	New	Parke Bancorp Inc	$3,035,000	–	144,817	–	1.03%	–
PFC	New	Premier Financial Corp	$2,951,000	–	116,400	–	1.00%	–
FETM	New	Fentura Financial Inc	$2,936,000	–	118,389	–	1.00%	–
TYFG	New	Tri-County Financial Group Inc	$2,802,000	–	61,917	–	0.95%	–
CWBC	New	Community West Bancshares	$2,783,000	–	194,467	–	0.94%	–
SABK	New	South Atlantic Bancshares Inc	$2,740,000	–	185,109	–	0.93%	–
SOBS	New	Solvay Bank	$2,693,000	–	72,663	–	0.91%	–
VLY	New	Valley National Bancorp	$2,660,000	–	255,540	–	0.90%	–
TCFC	New	Community Financial Corp/The	$2,657,000	–	72,041	–	0.90%	–
CYVF	New	Crystal Valley Financial Corp	$2,578,000	–	43,320	–	0.87%	–
AMBZ	New	American Business Bank	$2,546,000	–	64,379	–	0.86%	–
FMAO	New	Farmers & Merchants Bancorp In	$2,481,000	–	74,752	–	0.84%	–
FMFG	New	Farmers and Merchants Bancshar	$2,471,000	–	121,368	–	0.84%	–
HLAN	New	Heartland BancCorp	$2,409,000	–	27,067	–	0.82%	–
	New	American Riviera Bancorp	$2,378,000	–	137,442	–	0.81%	–
	New	Mountain Commerce Bancorp Inc	$2,363,000	–	82,897	–	0.80%	–
RRBI	New	Red River Bancshares Inc	$2,364,000	–	43,714	–	0.80%	–
	New	Beach Bank	$2,282,000	–	498,365	–	0.77%	–
PBNK	New	Pinnacle Bank/Gilroy CA	$2,222,000	–	174,258	–	0.75%	–
	New	Embassy Bancorp Inc	$2,139,000	–	113,461	–	0.72%	–
SNLC	New	Security National Corp/IA	$2,120,000	–	16,958	–	0.72%	–
PNFP	New	Pinnacle Financial Partners In	$2,108,000	–	29,155	–	0.71%	–
MCHB	New	Mechanics Bank/Walnut Creek CA	$2,049,000	–	85	–	0.69%	–
FISB	New	1st Capital Bancorp	$1,991,000	–	162,491	–	0.68%	–
LFGP	New	Ledyard Financial Group Inc	$1,869,000	–	93,002	–	0.63%	–
FOTB	New	First Ottawa Bancshares Inc	$1,853,000	–	21,670	–	0.63%	–
FNWD	New	Finward Bancorp	$1,844,000	–	49,198	–	0.62%	–
WDFN	New	Woodlands Financial Services C	$1,838,000	–	64,372	–	0.62%	–
PMHG	New	Prime Meridian Holding Co	$1,809,000	–	80,014	–	0.61%	–
UBAB	New	United BanCorp of Alabama Inc	$1,771,000	–	69,029	–	0.60%	–
FBTT	New	First Bankers Trustshares Inc	$1,763,000	–	64,713	–	0.60%	–
WSFS	New	WSFS Financial Corp	$1,757,000	–	43,819	–	0.60%	–
CBAF	New	Citba Financial Corp	$1,725,000	–	61,391	–	0.58%	–
	New	Alpine Banks of Colorado	$1,696,000	–	57,999	–	0.58%	–
CNBB	New	CNB Community Bancorp Inc	$1,695,000	–	48,048	–	0.57%	–
TRCY	New	Tri City Bankshares Corp	$1,683,000	–	92,963	–	0.57%	–
AVBH	New	Avidbank Holdings Inc	$1,643,000	–	82,983	–	0.56%	–
CBAN	New	Colony Bankcorp Inc	$1,633,000	–	108,216	–	0.55%	–
TWCF	New	Town and Country Financial Cor	$1,572,000	–	59,333	–	0.53%	–
CNND	New	Canandaigua National Corp	$1,532,000	–	6,573	–	0.52%	–
SEBC	New	Southeastern Banking Corp	$1,445,000	–	65,689	–	0.49%	–
FCNCA	New	First Citizens BancShares Inc/	$1,442,000	–	2,205	–	0.49%	–
BYLB	New	Boyle Bancorp Inc	$1,423,000	–	16,741	–	0.48%	–
SFIGA	New	Star Financial Group Inc	$1,370,000	–	18,903	–	0.46%	–
	New	Horizon Bancorp Inc/AZ	$1,303,000	–	78,028	–	0.44%	–
SMAL	New	Summit Bancshares Inc/CA	$1,266,000	–	35,161	–	0.43%	–
FBVA	New	Farmers Bankshares Inc	$1,246,000	–	70,811	–	0.42%	–
	New	Southern States Bancshares Inc	$1,227,000	–	54,576	–	0.42%	–
SRYB	New	Surrey Bancorp	$1,228,000	–	87,653	–	0.42%	–
WAYN	New	Wayne Savings Bancshares Inc	$1,218,000	–	46,685	–	0.41%	–
	New	Studio Financial Holdings Inc	$1,106,000	–	83,061	–	0.38%	–
DBIN	New	Dacotah Banks Inc	$1,101,000	–	31,927	–	0.37%	–
	New	Peoples Bancorp/WA	$1,075,000	–	5,000	–	0.36%	–
	New	Grand River Commerce Inc	$1,038,000	–	159,718	–	0.35%	–
NYCB	New	New York Community Bancorp Inc	$1,023,000	–	574,001	–	0.35%	–
BSPA	New	Ballston Spa Bancorp Inc	$997,000	–	17,912	–	0.34%	–
FCOB	New	1st Colonial Bancorp Inc	$991,000	–	90,352	–	0.34%	–
	New	Pacific Valley Bancorp	$966,000	–	91,069	–	0.33%	–
CHBH	New	Croghan Bancshares Inc	$899,000	–	14,899	–	0.30%	–
	New	Citizens Bancorp/OR	$698,000	–	55,766	–	0.24%	–
MDVT	New	Middlebury National Corp	$600,000	–	15,674	–	0.20%	–
	New	Cecil Bancorp Inc	$551,000	–	367,501	–	0.19%	–
BKOR	New	Oak Ridge Financial Services I	$467,000	–	25,087	–	0.16%	–
WFCL	New	1867 Western Financial Corp	$444,000	–	74	–	0.15%	–
DNVB	New	Denver Bankshares Inc	$392,000	–	1,980	–	0.13%	–
MNAT	New	Marquette National Corp	$276,000	–	9,961	–	0.09%	–
BSSC	New	Bank of Southside Virginia Cor	$58,000	–	240	–	0.02%	–

Q4 2021

			Value		Shares		↓ Weighting
IOFB	Exit	Iowa First Bancshares Corp	$0	–	0	–	0.00%	–
FNRN	Exit	First Northern Community Banco	$0	–	0	–	0.00%	–
SCSG	Exit	SouthCrest Financial Group Inc	$0	–	0	–	0.00%	–
BFTL	Exit	Bank of Fincastle/The	$0	–	0	–	0.00%	–
AMRB	Exit	American River Bankshares	$0	–	0	–	0.00%	–
SCYT	Exit	Security Bancorp Inc/TN	$0	–	0	–	0.00%	–
BSSC	Exit	Bank of Southside Virginia Cor	$0	–	-240	–	-0.02%	–
MCHB	Exit	Mechanics Bank/Walnut Creek CA	$0	–	-6	–	-0.05%	–
CBCZ	Exit	Comunibanc Corp	$0	–	-8,363	–	-0.09%	–
DNVB	Exit	Denver Bankshares Inc	$0	–	-1,980	–	-0.13%	–
NYCB	Exit	New York Community Bancorp Inccall	$0	–	-446,100	–	-0.15%	–
	Exit	Cecil Bancorp Inc	$0	–	-367,501	–	-0.15%	–
WFCL	Exit	1867 Western Financial Corp	$0	–	-74	–	-0.19%	–
CHBH	Exit	Croghan Bancshares Inc	$0	–	-10,899	–	-0.21%	–
	Exit	Horizon Bancorp Inc/AZ	$0	–	-80,412	–	-0.22%	–
MDVT	Exit	Middlebury National Corp	$0	–	-15,674	–	-0.22%	–
PVBK	Exit	Pacific Valley Bank	$0	–	-72,245	–	-0.24%	–
FNWD	Exit	Finward Bancorp	$0	–	-19,363	–	-0.25%	–
CVCY	Exit	Central Valley Community Banco	$0	–	-39,346	–	-0.27%	–
FCOB	Exit	1st Colonial Bancorp Inc	$0	–	-90,352	–	-0.27%	–
BSPA	Exit	Ballston Spa Bancorp Inc	$0	–	-17,795	–	-0.29%	–
	Exit	Citizens Bancorp/OR	$0	–	-55,766	–	-0.29%	–
	Exit	American Riviera Bank	$0	–	-51,199	–	-0.31%	–
	Exit	Southern States Bancshares Inc	$0	–	-54,576	–	-0.33%	–
RYFL	Exit	Royal Financial Inc	$0	–	-55,500	–	-0.33%	–
FOTB	Exit	First Ottawa Bancshares Inc	$0	–	-13,134	–	-0.33%	–
DBIN	Exit	Dacotah Banks Inc	$0	–	-31,927	–	-0.34%	–
STBK	Exit	Studio Bank	$0	–	-83,061	–	-0.34%	–
	Exit	Peoples Bancorp/WA	$0	–	-5,000	–	-0.35%	–
WAYN	Exit	Wayne Savings Bancshares Inc	$0	–	-46,685	–	-0.38%	–
SMAL	Exit	Summit Bancshares Inc/CA	$0	–	-35,261	–	-0.40%	–
SRYB	Exit	Surrey Bancorp	$0	–	-87,653	–	-0.40%	–
	Exit	Grand River Commerce Inc	$0	–	-176,693	–	-0.41%	–
FBVA	Exit	Farmers Bankshares Inc	$0	–	-70,811	–	-0.42%	–
NYCB	Exit	New York Community Bancorp Inc	$0	–	-103,201	–	-0.42%	–
BYLB	Exit	Boyle Bancorp Inc	$0	–	-16,101	–	-0.43%	–
SEBC	Exit	Southeastern Banking Corp	$0	–	-65,689	–	-0.44%	–
	Exit	Mountain Commerce Bancorp Inc	$0	–	-52,897	–	-0.46%	–
SFIGA	Exit	Star Financial Group Inc	$0	–	-18,903	–	-0.46%	–
RRBI	Exit	Red River Bancshares Inc	$0	–	-30,416	–	-0.48%	–
CNND	Exit	Canandaigua National Corp	$0	–	-6,373	–	-0.48%	–
TWCF	Exit	Town and Country Financial Cor	$0	–	-59,333	–	-0.49%	–
CBAF	Exit	Citba Financial Corp	$0	–	-61,391	–	-0.54%	–
CNBB	Exit	CNB Community Bancorp Inc	$0	–	-40,548	–	-0.54%	–
PKBK	Exit	Parke Bancorp Inc	$0	–	-78,693	–	-0.54%	–
	Exit	Beach Bank	$0	–	-498,365	–	-0.55%	–
PMHG	Exit	Prime Meridian Holding Co	$0	–	-80,014	–	-0.57%	–
FISB	Exit	1st Capital Bancorp	$0	–	-142,791	–	-0.59%	–
TRCY	Exit	Tri City Bankshares Corp	$0	–	-92,963	–	-0.59%	–
	Exit	First Reliance Bancshares Inc	$0	–	-180,845	–	-0.59%	–
AVBH	Exit	Avidbank Holdings Inc	$0	–	-82,983	–	-0.59%	–
MNAT	Exit	Marquette National Corp	$0	–	-52,528	–	-0.60%	–
MBCN	Exit	Middlefield Banc Corp	$0	–	-80,110	–	-0.60%	–
WDFN	Exit	Woodlands Financial Services C	$0	–	-64,372	–	-0.61%	–
	Exit	Embassy Bancorp Inc	$0	–	-108,461	–	-0.65%	–
UBAB	Exit	United BanCorp of Alabama Inc	$0	–	-69,029	–	-0.65%	–
SNLC	Exit	Security National Corp/IA	$0	–	-16,958	–	-0.68%	–
FMAO	Exit	Farmers & Merchants Bancorp In	$0	–	-97,593	–	-0.69%	–
FGFH	Exit	Foresight Financial Group Inc	$0	–	-69,047	–	-0.69%	–
	Exit	Alpine Banks of Colorado	$0	–	-57,999	–	-0.69%	–
SMBC	Exit	Southern Missouri Bancorp Inc	$0	–	-50,691	–	-0.72%	–
PBNK	Exit	Pinnacle Bank/Gilroy CA	$0	–	-174,258	–	-0.73%	–
LFGP	Exit	Ledyard Financial Group Inc	$0	–	-96,064	–	-0.76%	–
AMBZ	Exit	American Business Bank	$0	–	-64,379	–	-0.76%	–
HLAN	Exit	Heartland BancCorp	$0	–	-27,067	–	-0.78%	–
CWBC	Exit	Community West Bancshares	$0	–	-194,467	–	-0.80%	–
MCBC	Exit	Macatawa Bank Corp	$0	–	-323,396	–	-0.82%	–
SABK	Exit	South Atlantic Bancshares Inc	$0	–	-185,109	–	-0.82%	–
SOBS	Exit	Solvay Bank	$0	–	-69,203	–	-0.83%	–
TCFC	Exit	Community Financial Corp/The	$0	–	-72,041	–	-0.84%	–
CYVF	Exit	Crystal Valley Financial Corp	$0	–	-43,320	–	-0.87%	–
FETM	Exit	Fentura Financial Inc	$0	–	-113,389	–	-0.92%	–
TYFG	Exit	Tri-County Financial Group Inc	$0	–	-61,917	–	-0.92%	–
FBTT	Exit	First Bankers Trustshares Inc	$0	–	-99,013	–	-0.95%	–
FMFG	Exit	Farmers and Merchants Bancshar	$0	–	-121,368	–	-0.96%	–
BWFG	Exit	Bankwell Financial Group Inc	$0	–	-110,338	–	-1.01%	–
CBAN	Exit	Colony Bankcorp Inc	$0	–	-175,720	–	-1.03%	–
BCAL	Exit	Southern California Bancorp	$0	–	-208,556	–	-1.03%	–
OXBC	Exit	Oxford Bank Corp/MI	$0	–	-111,231	–	-1.06%	–
VLY	Exit	Valley National Bancorp	$0	–	-255,540	–	-1.07%	–
CBOBA	Exit	BAY Community Bancorp	$0	–	-464,409	–	-1.08%	–
RWCB	Exit	Redwood Capital Bancorp	$0	–	-171,978	–	-1.08%	–
CRSB	Exit	Cornerstone Community Bancorp	$0	–	-127,779	–	-1.09%	–
	Exit	Farmers & Merchants Bank of Lo	$0	–	-438	–	-1.12%	–
WSFS	Exit	WSFS Financial Corp	$0	–	-69,311	–	-1.12%	–
MSBC	Exit	Mission Bancorp/Bakersfield CA	$0	–	-44,122	–	-1.13%	–
LEVL	Exit	Level One Bancorp Inc	$0	–	-125,096	–	-1.16%	–
BMRC	Exit	Bank of Marin Bancorp	$0	–	-97,966	–	-1.16%	–
PFC	Exit	Premier Financial Corp	$0	–	-116,400	–	-1.17%	–
TRBK	Exit	Traditions Bancorp Inc	$0	–	-173,679	–	-1.17%	–
HTBK	Exit	Heritage Commerce Corp	$0	–	-331,365	–	-1.21%	–
EBTC	Exit	Enterprise Bancorp Inc/MA	$0	–	-108,253	–	-1.23%	–
ORPB	Exit	Oregon Pacific Bancorp	$0	–	-561,808	–	-1.23%	–
CSHX	Exit	Cashmere Valley Bank	$0	–	-55,294	–	-1.24%	–
FCCY	Exit	1st Constitution Bancorp	$0	–	-167,961	–	-1.25%	–
PGC	Exit	Peapack-Gladstone Financial Co	$0	–	-127,300	–	-1.34%	–
FMBH	Exit	First Mid Bancshares Inc	$0	–	-109,523	–	-1.42%	–
SCZC	Exit	Santa Cruz County Bank	$0	–	-95,430	–	-1.43%	–
VBTX	Exit	Veritex Holdings Inc	$0	–	-116,000	–	-1.44%	–
WTBFB	Exit	WTB Financial Corp	$0	–	-12,180	–	-1.45%	–
SNV	Exit	Synovus Financial Corp	$0	–	-108,194	–	-1.50%	–
MFGI	Exit	Merchants Financial Group Inc	$0	–	-69,720	–	-1.60%	–
WNRP	Exit	West Suburban Bancorp Inc	$0	–	-6,392	–	-1.61%	–
CFG	Exit	Citizens Financial Group Inc	$0	–	-112,331	–	-1.66%	–
PNFP	Exit	Pinnacle Financial Partners In	$0	–	-61,655	–	-1.83%	–
BRBS	Exit	Blue Ridge Bankshares Inc	$0	–	-336,130	–	-1.86%	–
OVLY	Exit	Oak Valley Bancorp	$0	–	-344,593	–	-1.90%	–
CMA	Exit	Comerica Inc	$0	–	-79,145	–	-2.01%	–
TSBK	Exit	Timberland Bancorp Inc/WA	$0	–	-234,951	–	-2.14%	–
FXNC	Exit	First National Corp/VA	$0	–	-316,343	–	-2.29%	–
PLBC	Exit	Plumas Bancorp	$0	–	-265,369	–	-2.64%	–
FINN	Exit	First National of Nebraska Inc	$0	–	-715	–	-3.13%	–
SBNC	Exit	Southern BancShares NC Inc	$0	–	-1,944	–	-3.20%	–
EXSR	Exit	Exchange Bank/Santa Rosa CA	$0	–	-69,895	–	-3.30%	–
FCNCB	Exit	First Citizens BancShares Inc/	$0	–	-22,458	–	-5.16%	–

Q3 2021

			Value		Shares		↓ Weighting
FXNC	Buy	First National Corp/VA	$7,276,000	+53.5%	316,343	+34.0%	2.29%	+49.3%
BMRC	New	Bank of Marin Bancorp	$3,698,000	–	97,966	–	1.16%	–
CBAN	New	Colony Bankcorp Inc	$3,272,000	–	175,720	–	1.03%	–
FMFG	Sell	Farmers and Merchants Bancshar	$3,034,000	+16.1%	121,368	-0.7%	0.96%	+12.9%
FBTT	Sell	First Bankers Trustshares Inc	$3,015,000	-10.9%	99,013	-8.4%	0.95%	-13.3%
TYFG	Buy	Tri-County Financial Group Inc	$2,911,000	+22.1%	61,917	+18.8%	0.92%	+18.9%
AMBZ	Buy	American Business Bank	$2,415,000	+60.6%	64,379	+79.8%	0.76%	+56.4%
	Buy	Alpine Banks of Colorado	$2,204,000	+9.3%	57,999	+14.3%	0.69%	+6.4%
FGFH	Sell	Foresight Financial Group Inc	$2,189,000	-29.3%	69,047	-30.3%	0.69%	-31.2%
MBCN	Sell	Middlefield Banc Corp	$1,909,000	-37.8%	80,110	-38.4%	0.60%	-39.5%
MNAT	Sell	Marquette National Corp	$1,910,000	-35.9%	52,528	-34.0%	0.60%	-37.7%
	Sell	First Reliance Bancshares Inc	$1,872,000	-25.4%	180,845	-29.6%	0.59%	-27.5%
FISB	Buy	1st Capital Bancorp	$1,865,000	+15.6%	142,791	+19.4%	0.59%	+12.5%
PMHG	Buy	Prime Meridian Holding Co	$1,824,000	+3.9%	80,014	+0.3%	0.57%	+1.1%
PKBK	New	Parke Bancorp Inc	$1,723,000	–	78,693	–	0.54%	–
CNBB	Buy	CNB Community Bancorp Inc	$1,715,000	+15.3%	40,548	+18.6%	0.54%	+12.3%
	Buy	Mountain Commerce Bancorp Inc	$1,471,000	+24.1%	52,897	+16.5%	0.46%	+20.9%
BYLB	Buy	Boyle Bancorp Inc	$1,365,000	+24.9%	16,101	+22.2%	0.43%	+21.5%
NYCB	New	New York Community Bancorp Inc	$1,328,000	–	103,201	–	0.42%	–
FOTB	Buy	First Ottawa Bancshares Inc	$1,051,000	+684.3%	13,134	+594.6%	0.33%	+669.8%
RYFL	New	Royal Financial Inc	$1,046,000	–	55,500	–	0.33%	–
	New	Southern States Bancshares Inc	$1,041,000	–	54,576	–	0.33%	–
	Buy	American Riviera Bank	$983,000	+147.0%	51,199	+147.0%	0.31%	+140.3%
FNWD	Buy	Finward Bancorp	$796,000	+24.6%	19,363	+34.8%	0.25%	+21.3%
PVBK	New	Pacific Valley Bank	$773,000	–	72,245	–	0.24%	–
	Buy	Horizon Bancorp Inc/AZ	$692,000	+123.9%	80,412	+129.2%	0.22%	+118.0%
WFCL	Buy	1867 Western Financial Corp	$607,000	+20.4%	74	+17.5%	0.19%	+17.2%
NYCB	New	New York Community Bancorp Inccall	$468,000	–	446,100	–	0.15%	–
DNVB	Buy	Denver Bankshares Inc	$426,000	-11.4%	1,980	+0.1%	0.13%	-14.1%
CBCZ	Sell	Comunibanc Corp	$272,000	-77.6%	8,363	-79.1%	0.09%	-78.1%
BSSC	Buy	Bank of Southside Virginia Cor	$52,000	-5.5%	240	+9.1%	0.02%	-11.1%
SCYT	Sell	Security Bancorp Inc/TN	$0	-100.0%	0	-100.0%	0.00%	-100.0%
SCSG	Sell	SouthCrest Financial Group Inc	$0	-100.0%	0	-100.0%	0.00%	-100.0%
AMRB	Sell	American River Bankshares	$0	-100.0%	0	-100.0%	0.00%	-100.0%
ZION	Exit	Zions Bancorp NAcall	$0	–	0	–	0.00%	–
KRE	Exit	SPDR S&P Regional Banking ETFcall	$0	–	0	–	0.00%	–
FITB	Exit	Fifth Third Bancorpcall	$0	–	0	–	0.00%	–
KEY	Exit	KeyCorpcall	$0	–	0	–	0.00%	–
CALB	Exit	California BanCorp	$0	–	0	–	0.00%	–
BFTL	Sell	Bank of Fincastle/The	$0	-100.0%	0	-100.0%	0.00%	-100.0%
HSBI	Exit	Heritage Southeast BanCorp Inc	$0	–	0	–	0.00%	–
IOFB	Sell	Iowa First Bancshares Corp	$0	-100.0%	0	-100.0%	0.00%	-100.0%
FNRN	Sell	First Northern Community Banco	$0	-100.0%	0	-100.0%	0.00%	-100.0%

Q2 2021

			Value		Shares		↓ Weighting
FCNCB	New	First Citizens BancShares Inc/	$16,844,000	–	22,458	–	5.45%	–
EXSR	New	Exchange Bank/Santa Rosa CA	$10,631,000	–	69,895	–	3.44%	–
SBNC	New	Southern BancShares NC Inc	$9,802,000	–	1,944	–	3.17%	–
FINN	New	First National of Nebraska Inc	$9,511,000	–	715	–	3.08%	–
PLBC	New	Plumas Bancorp	$8,500,000	–	265,369	–	2.75%	–
TSBK	New	Timberland Bancorp Inc/WA	$6,607,000	–	234,951	–	2.14%	–
OVLY	New	Oak Valley Bancorp	$6,261,000	–	344,593	–	2.02%	–
BRBS	New	Blue Ridge Bankshares Inc	$5,889,000	–	336,130	–	1.90%	–
CMA	New	Comerica Inc	$5,646,000	–	79,145	–	1.83%	–
PNFP	New	Pinnacle Financial Partners In	$5,444,000	–	61,655	–	1.76%	–
CFG	New	Citizens Financial Group Inc	$5,153,000	–	112,331	–	1.67%	–
MFGI	New	Merchants Financial Group Inc	$5,037,000	–	69,720	–	1.63%	–
WNRP	New	West Suburban Bancorp Inc	$4,935,000	–	6,392	–	1.60%	–
WTBFB	New	WTB Financial Corp	$4,758,000	–	12,180	–	1.54%	–
SNV	New	Synovus Financial Corp	$4,748,000	–	108,194	–	1.54%	–
FXNC	New	First National Corp/VA	$4,741,000	–	236,123	–	1.53%	–
SCZC	New	Santa Cruz County Bank	$4,681,000	–	95,430	–	1.51%	–
FMBH	New	First Mid Bancshares Inc	$4,437,000	–	109,523	–	1.44%	–
VBTX	New	Veritex Holdings Inc	$4,108,000	–	116,000	–	1.33%	–
CSHX	New	Cashmere Valley Bank	$3,998,000	–	55,294	–	1.29%	–
PGC	New	Peapack-Gladstone Financial Co	$3,955,000	–	127,300	–	1.28%	–
ORPB	New	Oregon Pacific Bancorp	$3,854,000	–	561,808	–	1.25%	–
TRBK	New	Traditions Bancorp Inc	$3,746,000	–	173,679	–	1.21%	–
RWCB	New	Redwood Capital Bancorp	$3,698,000	–	171,978	–	1.20%	–
HTBK	New	Heritage Commerce Corp	$3,688,000	–	331,365	–	1.19%	–
	New	Farmers & Merchants Bank of Lo	$3,592,000	–	438	–	1.16%	–
EBTC	New	Enterprise Bancorp Inc/MA	$3,545,000	–	108,253	–	1.15%	–
MSBC	New	Mission Bancorp/Bakersfield CA	$3,536,000	–	44,122	–	1.14%	–
FCCY	New	1st Constitution Bancorp	$3,475,000	–	167,961	–	1.12%	–
VLY	New	Valley National Bancorp	$3,432,000	–	255,540	–	1.11%	–
LEVL	New	Level One Bancorp Inc	$3,415,000	–	125,096	–	1.10%	–
CBOBA	New	BAY Community Bancorp	$3,395,000	–	464,409	–	1.10%	–
SCSG	New	SouthCrest Financial Group Inc	$3,393,000	–	276,774	–	1.10%	–
FBTT	New	First Bankers Trustshares Inc	$3,385,000	–	108,113	–	1.10%	–
CRSB	New	Cornerstone Community Bancorp	$3,386,000	–	127,779	–	1.10%	–
OXBC	New	Oxford Bank Corp/MI	$3,371,000	–	111,231	–	1.09%	–
PFC	New	Premier Financial Corp	$3,307,000	–	116,400	–	1.07%	–
WSFS	New	WSFS Financial Corp	$3,229,000	–	69,311	–	1.04%	–
FGFH	New	Foresight Financial Group Inc	$3,095,000	–	99,047	–	1.00%	–
MBCN	New	Middlefield Banc Corp	$3,071,000	–	130,110	–	0.99%	–
AMRB	New	American River Bankshares	$3,063,000	–	170,378	–	0.99%	–
BWFG	New	Bankwell Financial Group Inc	$3,050,000	–	110,338	–	0.99%	–
MNAT	New	Marquette National Corp	$2,982,000	–	79,528	–	0.96%	–
BCAL	New	Southern California Bancorp	$2,982,000	–	208,556	–	0.96%	–
FETM	New	Fentura Financial Inc	$2,937,000	–	113,389	–	0.95%	–
SOBS	New	Solvay Bank	$2,907,000	–	69,203	–	0.94%	–
MCBC	New	Macatawa Bank Corp	$2,830,000	–	323,396	–	0.92%	–
SABK	New	South Atlantic Bancshares Inc	$2,686,000	–	185,109	–	0.87%	–
CYVF	New	Crystal Valley Financial Corp	$2,664,000	–	43,320	–	0.86%	–
FMFG	New	Farmers and Merchants Bancshar	$2,614,000	–	122,268	–	0.85%	–
CWBC	New	Community West Bancshares	$2,606,000	–	194,467	–	0.84%	–
LFGP	New	Ledyard Financial Group Inc	$2,560,000	–	96,064	–	0.83%	–
	New	First Reliance Bancshares Inc	$2,509,000	–	257,045	–	0.81%	–
HLAN	New	Heartland BancCorp	$2,497,000	–	27,067	–	0.81%	–
TCFC	New	Community Financial Corp/The	$2,485,000	–	72,041	–	0.80%	–
PBNK	New	Pinnacle Bank/Gilroy CA	$2,405,000	–	174,258	–	0.78%	–
TYFG	New	Tri-County Financial Group Inc	$2,384,000	–	52,107	–	0.77%	–
SMBC	New	Southern Missouri Bancorp Inc	$2,279,000	–	50,691	–	0.74%	–
TRCY	New	Tri City Bankshares Corp	$2,143,000	–	92,963	–	0.69%	–
FMAO	New	Farmers & Merchants Bancorp In	$2,129,000	–	97,593	–	0.69%	–
SNLC	New	Security National Corp/IA	$2,082,000	–	16,958	–	0.67%	–
	New	Embassy Bancorp Inc	$2,061,000	–	108,461	–	0.67%	–
UBAB	New	United BanCorp of Alabama Inc	$2,054,000	–	69,029	–	0.66%	–
	New	Alpine Banks of Colorado	$2,017,000	–	50,732	–	0.65%	–
WDFN	New	Woodlands Financial Services C	$1,996,000	–	64,372	–	0.65%	–
AVBH	New	Avidbank Holdings Inc	$1,963,000	–	82,983	–	0.64%	–
IOFB	New	Iowa First Bancshares Corp	$1,836,000	–	53,990	–	0.59%	–
PMHG	New	Prime Meridian Holding Co	$1,756,000	–	79,775	–	0.57%	–
	New	Beach Bank	$1,744,000	–	498,365	–	0.56%	–
CBAF	New	Citba Financial Corp	$1,701,000	–	61,391	–	0.55%	–
FISB	New	1st Capital Bancorp	$1,614,000	–	119,591	–	0.52%	–
CNND	New	Canandaigua National Corp	$1,568,000	–	6,373	–	0.51%	–
BFTL	New	Bank of Fincastle/The	$1,566,000	–	486,486	–	0.51%	–
RRBI	New	Red River Bancshares Inc	$1,536,000	–	30,416	–	0.50%	–
AMBZ	New	American Business Bank	$1,504,000	–	35,800	–	0.49%	–
CNBB	New	CNB Community Bancorp Inc	$1,488,000	–	34,185	–	0.48%	–
TWCF	New	Town and Country Financial Cor	$1,454,000	–	59,333	–	0.47%	–
SEBC	New	Southeastern Banking Corp	$1,353,000	–	65,689	–	0.44%	–
SFIGA	New	Star Financial Group Inc	$1,352,000	–	18,903	–	0.44%	–
FNRN	New	First Northern Community Banco	$1,352,000	–	121,780	–	0.44%	–
SRYB	New	Surrey Bancorp	$1,285,000	–	87,653	–	0.42%	–
	New	Grand River Commerce Inc	$1,281,000	–	176,693	–	0.41%	–
SMAL	New	Summit Bancshares Inc/CA	$1,256,000	–	35,261	–	0.41%	–
CBCZ	New	Comunibanc Corp	$1,212,000	–	40,082	–	0.39%	–
FBVA	New	Farmers Bankshares Inc	$1,204,000	–	70,811	–	0.39%	–
WAYN	New	Wayne Savings Bancshares Inc	$1,197,000	–	46,685	–	0.39%	–
	New	Mountain Commerce Bancorp Inc	$1,185,000	–	45,397	–	0.38%	–
	New	Peoples Bancorp/WA	$1,150,000	–	5,000	–	0.37%	–
BYLB	New	Boyle Bancorp Inc	$1,093,000	–	13,174	–	0.35%	–
DBIN	New	Dacotah Banks Inc	$1,025,000	–	31,927	–	0.33%	–
BSPA	New	Ballston Spa Bancorp Inc	$979,000	–	17,795	–	0.32%	–
	New	Citizens Bancorp/OR	$975,000	–	55,766	–	0.32%	–
STBK	New	Studio Bank	$876,000	–	83,061	–	0.28%	–
FCOB	New	1st Colonial Bancorp Inc	$827,000	–	90,352	–	0.27%	–
CVCY	New	Central Valley Community Banco	$793,000	–	39,346	–	0.26%	–
MDVT	New	Middlebury National Corp	$690,000	–	15,674	–	0.22%	–
CHBH	New	Croghan Bancshares Inc	$651,000	–	10,899	–	0.21%	–
FNWD	New	Finward Bancorp	$639,000	–	14,363	–	0.21%	–
WFCL	New	1867 Western Financial Corp	$504,000	–	63	–	0.16%	–
DNVB	New	Denver Bankshares Inc	$481,000	–	1,979	–	0.16%	–
	New	Cecil Bancorp Inc	$413,000	–	367,501	–	0.13%	–
	New	American Riviera Bank	$398,000	–	20,726	–	0.13%	–
SCYT	New	Security Bancorp Inc/TN	$360,000	–	5,790	–	0.12%	–
	New	Horizon Bancorp Inc/AZ	$309,000	–	35,085	–	0.10%	–
MCHB	New	Mechanics Bank/Walnut Creek CA	$174,000	–	6	–	0.06%	–
FOTB	New	First Ottawa Bancshares Inc	$134,000	–	1,891	–	0.04%	–
BSSC	New	Bank of Southside Virginia Cor	$55,000	–	220	–	0.02%	–
ZION	New	Zions Bancorp NAcall	$0	–	0	–	0.00%	–
KRE	New	SPDR S&P Regional Banking ETFcall	$0	–	0	–	0.00%	–
KEY	New	KeyCorpcall	$0	–	0	–	0.00%	–
HSBI	New	Heritage Southeast BanCorp Inc	$0	–	0	–	0.00%	–
FITB	New	Fifth Third Bancorpcall	$0	–	0	–	0.00%	–
CALB	New	California BanCorp	$0	–	0	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
FFDF	Exit	FFD Financial Corp	$0	–	0	–	0.00%	–
KEY	Exit	KeyCorpcall	$0	–	-10,000	–	-0.01%	–
ZION	Exit	Zions Bancorp NAcall	$0	–	-10,000	–	-0.01%	–
XLF	Exit	Financial Select Sector SPDR Fcall	$0	–	-25,000	–	-0.02%	–
RF	Exit	Regions Financial Corpcall	$0	–	-50,000	–	-0.02%	–
BSSC	Exit	Bank of Southside Virginia Cor	$0	–	-220	–	-0.02%	–
FOTB	Exit	First Ottawa Bancshares Inc	$0	–	-1,107	–	-0.03%	–
FITB	Exit	Fifth Third Bancorpcall	$0	–	-45,000	–	-0.07%	–
CHBH	Exit	Croghan Bancshares Inc	$0	–	-6,058	–	-0.13%	–
BSPA	Exit	Ballston Spa Bancorp Inc	$0	–	-6,695	–	-0.14%	–
WFCL	Exit	1867 Western Financial Corp	$0	–	-48	–	-0.14%	–
SCYT	Exit	Security Bancorp Inc/TN	$0	–	-5,790	–	-0.15%	–
	Exit	Cecil Bancorp Inc	$0	–	-367,501	–	-0.19%	–
DNVB	Exit	Denver Bankshares Inc	$0	–	-1,951	–	-0.20%	–
KRE	Exit	SPDR S&P Regional Banking ETFcall	$0	–	-110,000	–	-0.20%	–
CVCY	Exit	Central Valley Community Banco	$0	–	-39,346	–	-0.24%	–
FCOB	Exit	1st Colonial Bancorp Inc	$0	–	-90,352	–	-0.25%	–
	Exit	Mountain Commerce Bancorp Inc	$0	–	-33,197	–	-0.26%	–
MDVT	Exit	Middlebury National Corp	$0	–	-15,674	–	-0.27%	–
WAYN	Exit	Wayne Savings Bancshares Inc	$0	–	-37,584	–	-0.32%	–
UNTN	Exit	United Tennessee Bankshares In	$0	–	-37,003	–	-0.34%	–
CNBB	Exit	CNB Community Bancorp Inc	$0	–	-24,709	–	-0.38%	–
	Exit	Peoples Bancorp/WA	$0	–	-5,000	–	-0.38%	–
	Exit	Alpine Banks of Colorado	$0	–	-210	–	-0.38%	–
	Exit	Citizens Bancorp/OR	$0	–	-55,766	–	-0.38%	–
BYLB	Exit	Boyle Bancorp Inc	$0	–	-13,174	–	-0.42%	–
	Exit	Grand River Commerce Inc	$0	–	-176,693	–	-0.43%	–
SMAL	Exit	Summit Bancshares Inc/CA	$0	–	-35,261	–	-0.43%	–
FBVA	Exit	Farmers Bankshares Inc	$0	–	-70,811	–	-0.45%	–
DBIN	Exit	Dacotah Banks Inc	$0	–	-31,927	–	-0.45%	–
SRYB	Exit	Surrey Bancorp	$0	–	-87,653	–	-0.49%	–
BFTL	Exit	Bank of Fincastle/The	$0	–	-486,486	–	-0.50%	–
CNND	Exit	Canandaigua National Corp	$0	–	-5,690	–	-0.52%	–
CBCZ	Exit	Comunibanc Corp	$0	–	-40,082	–	-0.52%	–
TCFC	Exit	Community Financial Corp/The	$0	–	-49,308	–	-0.53%	–
FISB	Exit	1st Capital Bank	$0	–	-119,591	–	-0.54%	–
AVBH	Exit	Avidbank Holdings Inc	$0	–	-82,983	–	-0.55%	–
NODB	Exit	North Dallas Bank & Trust Co	$0	–	-18,113	–	-0.55%	–
SFIGA	Exit	Star Financial Group Inc	$0	–	-18,903	–	-0.55%	–
PMHG	Exit	Prime Meridian Holding Co	$0	–	-79,009	–	-0.56%	–
SEBC	Exit	Southeastern Banking Corp	$0	–	-65,689	–	-0.56%	–
TWCF	Exit	Town and Country Financial Cor	$0	–	-59,333	–	-0.59%	–
PBNK	Exit	Pinnacle Bank/Gilroy CA	$0	–	-166,558	–	-0.59%	–
SMBC	Exit	Southern Missouri Bancorp Inc	$0	–	-50,691	–	-0.60%	–
CALB	Exit	California Bancorp Inc	$0	–	-107,695	–	-0.62%	–
TRCY	Exit	Tri City Bankshares Corp	$0	–	-86,663	–	-0.65%	–
RRBI	Exit	Red River Bancshares Inc	$0	–	-30,416	–	-0.66%	–
	Exit	Embassy Bancorp Inc	$0	–	-108,461	–	-0.66%	–
UBAB	Exit	United BanCorp of Alabama Inc	$0	–	-69,029	–	-0.66%	–
FNRN	Exit	First Northern Community Banco	$0	–	-162,838	–	-0.66%	–
TYFG	Exit	Tri-County Financial Group Inc	$0	–	-44,217	–	-0.67%	–
CBAF	Exit	Citba Financial Corp	$0	–	-61,391	–	-0.70%	–
IOFB	Exit	Iowa First Bancshares Corp	$0	–	-56,640	–	-0.70%	–
HSBI	Exit	Heritage Southeast BanCorp Inc	$0	–	-128,955	–	-0.71%	–
LFGP	Exit	Ledyard Financial Group Inc	$0	–	-88,564	–	-0.74%	–
FCCY	Exit	1st Constitution Bancorp	$0	–	-128,214	–	-0.77%	–
BAYK	Exit	Bay Banks of Virginia Inc	$0	–	-231,345	–	-0.77%	–
SABK	Exit	South Atlantic Bancshares Inc	$0	–	-185,109	–	-0.77%	–
CWBC	Exit	Community West Bancshares	$0	–	-194,467	–	-0.79%	–
BWFG	Exit	Bankwell Financial Group Inc	$0	–	-110,338	–	-0.79%	–
WDFN	Exit	Woodlands Financial Services C	$0	–	-64,372	–	-0.80%	–
MCBC	Exit	Macatawa Bank Corp	$0	–	-242,535	–	-0.80%	–
FMFG	Exit	Farmers and Merchants Bancshar	$0	–	-122,768	–	-0.81%	–
MNAT	Exit	Marquette National Corp	$0	–	-79,528	–	-0.85%	–
AMRB	Exit	American River Bankshares	$0	–	-170,378	–	-0.86%	–
VLY	Exit	Valley National Bancorp	$0	–	-255,540	–	-0.88%	–
SCSG	Exit	SouthCrest Financial Group Inc	$0	–	-276,774	–	-0.88%	–
CRSB	Exit	Cornerstone Community Bancorp	$0	–	-121,379	–	-0.91%	–
SNLC	Exit	Security National Corp/IA	$0	–	-16,958	–	-0.91%	–
	Exit	Beach Community Bank	$0	–	-600,000	–	-0.91%	–
PFC	Exit	Premier Financial Corp	$0	–	-116,400	–	-0.91%	–
WSFS	Exit	WSFS Financial Corp	$0	–	-69,311	–	-0.94%	–
	Exit	First Reliance Bancshares Inc	$0	–	-317,045	–	-0.94%	–
BCAL	Exit	Southern California Bancorp	$0	–	-228,556	–	-0.95%	–
FETM	Exit	Fentura Financial Inc	$0	–	-113,389	–	-0.96%	–
PGC	Exit	Peapack-Gladstone Financial Co	$0	–	-127,300	–	-0.97%	–
CYVF	Exit	Crystal Valley Financial Corp	$0	–	-42,710	–	-0.98%	–
EBTC	Exit	Enterprise Bancorp Inc/MA	$0	–	-93,202	–	-0.99%	–
VBTX	Exit	Veritex Holdings Inc	$0	–	-116,000	–	-1.00%	–
RWCB	Exit	Redwood Capital Bancorp	$0	–	-171,978	–	-1.03%	–
CSHX	Exit	Cashmere Valley Bank	$0	–	-47,730	–	-1.04%	–
OXBC	Exit	Oxford Bank Corp/MI	$0	–	-111,231	–	-1.06%	–
HLAN	Exit	Heartland BancCorp	$0	–	-33,067	–	-1.07%	–
SOBS	Exit	Solvay Bank	$0	–	-69,203	–	-1.08%	–
WNRP	Exit	West Suburban Bancorp Inc	$0	–	-6,392	–	-1.09%	–
ORPB	Exit	Oregon Pacific Bancorp	$0	–	-561,808	–	-1.10%	–
PNFP	Exit	Pinnacle Financial Partners In	$0	–	-61,655	–	-1.11%	–
HTBK	Exit	Heritage Commerce Corp	$0	–	-331,365	–	-1.11%	–
SNV	Exit	Synovus Financial Corp	$0	–	-108,194	–	-1.15%	–
	Exit	Community Bank of the Bay	$0	–	-464,409	–	-1.17%	–
YRKB	Exit	York Traditions Bank	$0	–	-173,679	–	-1.20%	–
MSBC	Exit	Mission Bancorp/Bakersfield CA	$0	–	-41,138	–	-1.23%	–
MBCN	Exit	Middlefield Banc Corp	$0	–	-130,110	–	-1.27%	–
FGFH	Exit	Foresight Financial Group Inc	$0	–	-116,041	–	-1.28%	–
	Exit	Farmers & Merchants Bank of Lo	$0	–	-438	–	-1.34%	–
BRBS	Exit	Blue Ridge Bankshares Inc	$0	–	-200,503	–	-1.37%	–
FMBH	Exit	First Mid Bancshares Inc	$0	–	-109,523	–	-1.38%	–
SCZC	Exit	Santa Cruz County Bank	$0	–	-75,485	–	-1.39%	–
CFG	Exit	Citizens Financial Group Inc	$0	–	-112,331	–	-1.43%	–
FBTT	Exit	First Bankers Trustshares Inc	$0	–	-121,519	–	-1.51%	–
CMA	Exit	Comerica Inc	$0	–	-79,145	–	-1.53%	–
OVLY	Exit	Oak Valley Bancorp	$0	–	-288,176	–	-1.66%	–
FXNC	Exit	First National Corp/VA	$0	–	-236,123	–	-1.68%	–
ZION	Exit	Zions Bancorp NA	$0	–	-114,668	–	-1.69%	–
WTBFB	Exit	WTB Financial Corp	$0	–	-12,180	–	-1.70%	–
MFGI	Exit	Merchants Financial Group Inc	$0	–	-72,720	–	-1.98%	–
TSBK	Exit	Timberland Bancorp Inc/WA	$0	–	-234,951	–	-2.13%	–
RF	Exit	Regions Financial Corp	$0	–	-385,110	–	-2.24%	–
PLBC	Exit	Plumas Bancorp	$0	–	-265,369	–	-2.63%	–
SBNC	Exit	Southern BancShares NC Inc	$0	–	-1,944	–	-3.23%	–
FCNCB	Exit	First Citizens BancShares Inc/	$0	–	-23,958	–	-3.26%	–
FINN	Exit	First National of Nebraska Inc	$0	–	-715	–	-3.73%	–
EXSR	Exit	Exchange Bank/Santa Rosa CA	$0	–	-69,895	–	-4.23%	–

Q3 2020

			Value		Shares		↓ Weighting
EXSR	Sell	Exchange Bank/Santa Rosa CA	$8,389,000	-5.4%	69,895	-10.8%	4.23%	+1.6%
FCNCB	Sell	First Citizens BancShares Inc/	$6,469,000	-28.6%	23,958	-16.7%	3.26%	-23.4%
TSBK	Sell	Timberland Bancorp Inc/WA	$4,229,000	-4.2%	234,951	-3.1%	2.13%	+2.8%
MFGI	Sell	Merchants Financial Group Inc	$3,927,000	-13.8%	72,720	-15.4%	1.98%	-7.5%
FXNC	Sell	First National Corp/VA	$3,334,000	-16.1%	236,123	-16.8%	1.68%	-9.9%
BRBS	Sell	Blue Ridge Bankshares Inc	$2,717,000	-15.3%	200,503	-5.0%	1.37%	-9.1%
FGFH	Sell	Foresight Financial Group Inc	$2,530,000	-16.3%	116,041	-0.2%	1.28%	-10.1%
YRKB	Sell	York Traditions Bank	$2,372,000	-21.3%	173,679	-16.5%	1.20%	-15.5%
HTBK	Buy	Heritage Commerce Corp	$2,205,000	+4.6%	331,365	+18.0%	1.11%	+12.3%
ORPB	Sell	Oregon Pacific Bancorp	$2,191,000	-16.9%	561,808	-16.9%	1.10%	-10.8%
SOBS	Sell	Solvay Bank	$2,153,000	-16.3%	69,203	-16.6%	1.08%	-10.2%
OXBC	Sell	Oxford Bank Corp/MI	$2,097,000	-11.8%	111,231	-11.8%	1.06%	-5.3%
EBTC	Buy	Enterprise Bancorp Inc/MA	$1,959,000	+129.9%	93,202	+160.6%	0.99%	+147.0%
	Sell	First Reliance Bancshares Inc	$1,874,000	+4.7%	317,045	-10.2%	0.94%	+12.5%
FMFG		Farmers and Merchants Bancshar	$1,608,000	–	122,768	–	0.81%	–
MCBC	Buy	Macatawa Bank Corp	$1,584,000	-5.8%	242,535	+12.8%	0.80%	+1.1%
SABK	Sell	South Atlantic Bancshares Inc	$1,531,000	-24.7%	185,109	-21.7%	0.77%	-19.1%
BAYK	Sell	Bay Banks of Virginia Inc	$1,527,000	-11.9%	231,345	-23.2%	0.77%	-5.4%
FCCY	Sell	1st Constitution Bancorp	$1,526,000	-16.2%	128,214	-12.7%	0.77%	-10.1%
HSBI	Sell	Heritage Southeast BanCorp Inc	$1,413,000	-26.9%	128,955	-8.3%	0.71%	-21.6%
IOFB	Sell	Iowa First Bancshares Corp	$1,388,000	-28.1%	56,640	-13.4%	0.70%	-22.8%
TYFG	Sell	Tri-County Financial Group Inc	$1,327,000	-25.7%	44,217	-17.0%	0.67%	-20.2%
TRCY	Buy	Tri City Bankshares Corp	$1,283,000	+1.7%	86,663	+4.8%	0.65%	+9.3%
PBNK	Buy	Pinnacle Bank/Gilroy CA	$1,166,000	+6.8%	166,558	+13.6%	0.59%	+14.6%
TWCF	Sell	Town and Country Financial Cor	$1,164,000	+5.1%	59,333	-9.7%	0.59%	+12.9%
SEBC	Sell	Southeastern Banking Corp	$1,111,000	-17.5%	65,689	-16.9%	0.56%	-11.4%
CNND	Sell	Canandaigua National Corp	$1,024,000	-0.3%	5,690	-2.5%	0.52%	+7.1%
SRYB	Sell	Surrey Bancorp	$966,000	-0.9%	87,653	-4.2%	0.49%	+6.3%
FBVA	Sell	Farmers Bankshares Inc	$885,000	-13.3%	70,811	-11.9%	0.45%	-6.9%
SMAL	Sell	Summit Bancshares Inc/CA	$849,000	-17.6%	35,261	-17.0%	0.43%	-11.6%
	Sell	Grand River Commerce Inc	$848,000	-16.0%	176,693	-16.9%	0.43%	-9.7%
	Buy	Alpine Banks of Colorado	$756,000	+36.5%	210	+21.4%	0.38%	+46.5%
UNTN	Sell	United Tennessee Bankshares In	$680,000	-1.3%	37,003	-8.7%	0.34%	+6.2%
MDVT	Sell	Middlebury National Corp	$533,000	-16.6%	15,674	-16.6%	0.27%	-10.3%
KRE	New	SPDR S&P Regional Banking ETFcall	$391,000	–	110,000	–	0.20%	–
FITB	New	Fifth Third Bancorpcall	$138,000	–	45,000	–	0.07%	–
BSSC	Buy	Bank of Southside Virginia Cor	$48,000	+500.0%	220	+450.0%	0.02%	+500.0%
RF	New	Regions Financial Corpcall	$38,000	–	50,000	–	0.02%	–
XLF	New	Financial Select Sector SPDR Fcall	$31,000	–	25,000	–	0.02%	–
ZION	New	Zions Bancorp NAcall	$25,000	–	10,000	–	0.01%	–
KEY	New	KeyCorpcall	$16,000	–	10,000	–	0.01%	–
CCVS	Exit	Citizens Commerce Bancshares I	$0	–	0	–	0.00%	–
FFDF	Sell	FFD Financial Corp	$0	-100.0%	0	-100.0%	0.00%	-100.0%
BBBK	Exit	Baker Boyer Bancorp	$0	–	0	–	0.00%	–
FDBC	Exit	Fidelity D&D Bancorp Inc	$0	–	0	–	0.00%	–
MNBC	Exit	MNB Corp	$0	–	0	–	0.00%	–
ZIONW	Exit	ZIONS BANCORP NAwarrant	$0	–	0	–	0.00%	–
DBCP	Exit	Delmar Bancorp	$0	–	0	–	0.00%	–
DLMV	Exit	Delmarva Bancshares Inc	$0	–	0	–	0.00%	–
	Exit	KeyCorpcall	$0	–	-10,000	–	-0.01%	–
	Exit	Financial Select Sector SPDR Fcall	$0	–	-25,000	–	-0.02%	–
	Exit	Zions Bancorp NAcall	$0	–	-10,000	–	-0.03%	–
	Exit	Regions Financial Corpcall	$0	–	-50,000	–	-0.03%	–
	Exit	Fifth Third Bancorpcall	$0	–	-45,000	–	-0.06%	–
	Exit	SPDR S&P Regional Banking ETFcall	$0	–	-110,000	–	-0.32%	–

Q2 2020

			Value		Shares		↓ Weighting
FCNCB	New	First Citizens BancShares Inc/	$9,065,000	–	28,778	–	4.26%	–
EXSR	New	Exchange Bank/Santa Rosa CA	$8,868,000	–	78,394	–	4.16%	–
FINN	New	First National of Nebraska Inc	$6,936,000	–	715	–	3.26%	–
SBNC	New	Southern BancShares NC Inc	$6,415,000	–	1,944	–	3.01%	–
PLBC	New	Plumas Bancorp	$5,870,000	–	265,369	–	2.76%	–
MFGI	New	Merchants Financial Group Inc	$4,557,000	–	85,984	–	2.14%	–
TSBK	New	Timberland Bancorp Inc/WA	$4,416,000	–	242,506	–	2.07%	–
RF	New	Regions Financial Corp	$4,282,000	–	385,110	–	2.01%	–
FXNC	New	First National Corp/VA	$3,972,000	–	283,736	–	1.86%	–
ZION	New	Zions Bancorp NA	$3,899,000	–	114,668	–	1.83%	–
OVLY	New	Oak Valley Bancorp	$3,654,000	–	288,176	–	1.72%	–
WTBFB	New	WTB Financial Corp	$3,369,000	–	12,180	–	1.58%	–
BRBS	New	Blue Ridge Bankshares Inc	$3,209,000	–	210,989	–	1.51%	–
FBTT	New	First Bankers Trustshares Inc	$3,099,000	–	121,519	–	1.46%	–
FGFH	New	Foresight Financial Group Inc	$3,022,000	–	116,241	–	1.42%	–
YRKB	New	York Traditions Bank	$3,015,000	–	207,909	–	1.42%	–
CMA	New	Comerica Inc	$3,015,000	–	79,145	–	1.42%	–
MSBC	New	Mission Bancorp/Bakersfield CA	$2,933,000	–	41,138	–	1.38%	–
FMBH	New	First Mid Bancshares Inc	$2,873,000	–	109,523	–	1.35%	–
CFG	New	Citizens Financial Group Inc	$2,835,000	–	112,331	–	1.33%	–
SCZC	New	Santa Cruz County Bank	$2,812,000	–	75,485	–	1.32%	–
MBCN	New	Middlefield Banc Corp	$2,700,000	–	130,110	–	1.27%	–
ORPB	New	Oregon Pacific Bancorp	$2,638,000	–	676,412	–	1.24%	–
	New	Farmers & Merchants Bank of Lo	$2,596,000	–	438	–	1.22%	–
PNFP	New	Pinnacle Financial Partners In	$2,589,000	–	61,655	–	1.22%	–
SOBS	New	Solvay Bank	$2,572,000	–	82,972	–	1.21%	–
WNRP	New	West Suburban Bancorp Inc	$2,544,000	–	6,392	–	1.19%	–
PGC	New	Peapack-Gladstone Financial Co	$2,384,000	–	127,300	–	1.12%	–
OXBC	New	Oxford Bank Corp/MI	$2,378,000	–	126,149	–	1.12%	–
	New	Community Bank of the Bay	$2,276,000	–	464,409	–	1.07%	–
SNV	New	Synovus Financial Corp	$2,221,000	–	108,194	–	1.04%	–
BCAL	New	Southern California Bancorp	$2,171,000	–	228,556	–	1.02%	–
HLAN	New	Heartland BancCorp	$2,156,000	–	33,067	–	1.01%	–
HTBK	New	Heritage Commerce Corp	$2,108,000	–	280,879	–	0.99%	–
	New	Beach Community Bank	$2,100,000	–	600,000	–	0.99%	–
PFC	New	Premier Financial Corp	$2,057,000	–	116,400	–	0.97%	–
VBTX	New	Veritex Holdings Inc	$2,053,000	–	116,000	–	0.96%	–
SABK	New	South Atlantic Bancshares Inc	$2,032,000	–	236,329	–	0.95%	–
CSHX	New	Cashmere Valley Bank	$2,009,000	–	47,730	–	0.94%	–
VLY	New	Valley National Bancorp	$1,998,000	–	255,540	–	0.94%	–
WSFS	New	WSFS Financial Corp	$1,989,000	–	69,311	–	0.93%	–
FETM	New	Fentura Financial Inc	$1,956,000	–	113,389	–	0.92%	–
SNLC	New	Security National Corp/IA	$1,950,000	–	16,958	–	0.92%	–
HSBI	New	Heritage Southeast BanCorp Inc	$1,934,000	–	140,573	–	0.91%	–
IOFB	New	Iowa First Bancshares Corp	$1,931,000	–	65,425	–	0.91%	–
CYVF	New	Crystal Valley Financial Corp	$1,922,000	–	42,710	–	0.90%	–
RWCB	New	Redwood Capital Bancorp	$1,912,000	–	171,978	–	0.90%	–
MNAT	New	Marquette National Corp	$1,909,000	–	79,528	–	0.90%	–
CRSB	New	Cornerstone Community Bancorp	$1,821,000	–	121,379	–	0.86%	–
FCCY	New	1st Constitution Bancorp	$1,822,000	–	146,936	–	0.86%	–
AMRB	New	American River Bankshares	$1,815,000	–	170,378	–	0.85%	–
	New	First Reliance Bancshares Inc	$1,790,000	–	352,977	–	0.84%	–
TYFG	New	Tri-County Financial Group Inc	$1,785,000	–	53,281	–	0.84%	–
BWFG	New	Bankwell Financial Group Inc	$1,754,000	–	110,338	–	0.82%	–
BAYK	New	Bay Banks of Virginia Inc	$1,733,000	–	301,345	–	0.81%	–
MCBC	New	Macatawa Bank Corp	$1,682,000	–	215,077	–	0.79%	–
SCSG	New	SouthCrest Financial Group Inc	$1,650,000	–	276,774	–	0.78%	–
CWBC	New	Community West Bancshares	$1,637,000	–	194,467	–	0.77%	–
LFGP	New	Ledyard Financial Group Inc	$1,618,000	–	88,564	–	0.76%	–
CALB	New	California Bancorp Inc	$1,605,000	–	107,695	–	0.75%	–
WDFN	New	Woodlands Financial Services C	$1,593,000	–	64,372	–	0.75%	–
UBAB	New	United BanCorp of Alabama Inc	$1,394,000	–	69,029	–	0.65%	–
	New	Embassy Bancorp Inc	$1,372,000	–	108,461	–	0.64%	–
CBAF	New	Citba Financial Corp	$1,357,000	–	61,391	–	0.64%	–
SEBC	New	Southeastern Banking Corp	$1,347,000	–	79,016	–	0.63%	–
RRBI	New	Red River Bancshares Inc	$1,335,000	–	30,416	–	0.63%	–
FNRN	New	First Northern Community Banco	$1,306,000	–	162,838	–	0.61%	–
TRCY	New	Tri City Bankshares Corp	$1,261,000	–	82,663	–	0.59%	–
AVBH	New	Avidbank Holdings Inc	$1,234,000	–	82,983	–	0.58%	–
SMBC	New	Southern Missouri Bancorp Inc	$1,232,000	–	50,691	–	0.58%	–
TCFC	New	Community Financial Corp/The	$1,203,000	–	49,308	–	0.56%	–
FISB	New	1st Capital Bank	$1,166,000	–	119,591	–	0.55%	–
SFIGA	New	Star Financial Group Inc	$1,146,000	–	18,903	–	0.54%	–
TWCF	New	Town and Country Financial Cor	$1,108,000	–	65,725	–	0.52%	–
NODB	New	North Dallas Bank & Trust Co	$1,108,000	–	18,113	–	0.52%	–
PBNK	New	Pinnacle Bank/Gilroy CA	$1,092,000	–	146,558	–	0.51%	–
PMHG	New	Prime Meridian Holding Co	$1,082,000	–	79,009	–	0.51%	–
SMAL	New	Summit Bancshares Inc/CA	$1,030,000	–	42,458	–	0.48%	–
CNND	New	Canandaigua National Corp	$1,027,000	–	5,833	–	0.48%	–
DBIN	New	Dacotah Banks Inc	$1,022,000	–	31,927	–	0.48%	–
FBVA	New	Farmers Bankshares Inc	$1,021,000	–	80,403	–	0.48%	–
	New	Grand River Commerce Inc	$1,010,000	–	212,727	–	0.47%	–
SRYB	New	Surrey Bancorp	$975,000	–	91,528	–	0.46%	–
BFTL	New	Bank of Fincastle/The	$973,000	–	486,486	–	0.46%	–
CBCZ	New	Comunibanc Corp	$964,000	–	40,082	–	0.45%	–
FFDF	New	FFD Financial Corp	$912,000	–	14,704	–	0.43%	–
EBTC	New	Enterprise Bancorp Inc/MA	$852,000	–	35,769	–	0.40%	–
BYLB	New	Boyle Bancorp Inc	$830,000	–	13,174	–	0.39%	–
	New	Citizens Bancorp/OR	$767,000	–	55,766	–	0.36%	–
CNBB	New	CNB Community Bancorp Inc	$735,000	–	24,709	–	0.34%	–
UNTN	New	United Tennessee Bankshares In	$689,000	–	40,545	–	0.32%	–
	New	SPDR S&P Regional Banking ETFcall	$681,000	–	110,000	–	0.32%	–
	New	Peoples Bancorp/WA	$650,000	–	5,000	–	0.30%	–
MDVT	New	Middlebury National Corp	$639,000	–	18,783	–	0.30%	–
WAYN	New	Wayne Savings Bancshares Inc	$635,000	–	37,584	–	0.30%	–
CVCY	New	Central Valley Community Banco	$606,000	–	39,346	–	0.28%	–
	New	Alpine Banks of Colorado	$554,000	–	173	–	0.26%	–
	New	Mountain Commerce Bancorp Inc	$518,000	–	33,197	–	0.24%	–
FCOB	New	1st Colonial Bancorp Inc	$463,000	–	90,352	–	0.22%	–
DNVB	New	Denver Bankshares Inc	$390,000	–	1,951	–	0.18%	–
	New	Cecil Bancorp Inc	$368,000	–	367,501	–	0.17%	–
BSPA	New	Ballston Spa Bancorp Inc	$291,000	–	6,695	–	0.14%	–
SCYT	New	Security Bancorp Inc/TN	$272,000	–	5,790	–	0.13%	–
WFCL	New	1867 Western Financial Corp	$264,000	–	48	–	0.12%	–
CHBH	New	Croghan Bancshares Inc	$235,000	–	6,058	–	0.11%	–
	New	Fifth Third Bancorpcall	$132,000	–	45,000	–	0.06%	–
	New	Regions Financial Corpcall	$63,000	–	50,000	–	0.03%	–
	New	Zions Bancorp NAcall	$57,000	–	10,000	–	0.03%	–
FOTB	New	First Ottawa Bancshares Inc	$58,000	–	1,107	–	0.03%	–
	New	Financial Select Sector SPDR Fcall	$33,000	–	25,000	–	0.02%	–
	New	KeyCorpcall	$20,000	–	10,000	–	0.01%	–
BSSC	New	Bank of Southside Virginia Cor	$8,000	–	40	–	0.00%	–
FMFG	New	Farmers and Merchants Bancshar	$0	–	0	–	0.00%	–
FDBC	New	Fidelity D&D Bancorp Inc	$0	–	0	–	0.00%	–
BBBK	New	Baker Boyer Bancorp	$0	–	0	–	0.00%	–
ZIONW	New	ZIONS BANCORP NAwarrant	$0	–	0	–	0.00%	–
CCVS	New	Citizens Commerce Bancshares I	$0	–	0	–	0.00%	–
MNBC	New	MNB Corp	$0	–	0	–	0.00%	–
DBCP	New	Delmar Bancorp	$0	–	0	–	0.00%	–
DLMV	New	Delmarva Bancshares Inc	$0	–	0	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
SFDL	Exit	Security Federal Corpequity	$0	–	0	–	0.00%	–
LBAI	Exit	Lakeland Bancorp Incequity	$0	–	0	–	0.00%	–
CART	Exit	Carolina Trust Bancshares Incequity	$0	–	0	–	0.00%	–
ICBK	Exit	County Bancorp Incequity	$0	–	-30	–	0.00%	–
FCNCA	Exit	First Citizens BancShares Inc/equity	$0	–	0	–	0.00%	–
	Exit	Heritage Bancorporation Incequity	$0	–	0	–	0.00%	–
STXB	Exit	Spirit of Texas Bancshares Incequity	$0	–	0	–	0.00%	–
BSSC	Exit	Bank of Southside Virginia Corequity	$0	–	-80	–	-0.00%	–
FOTB	Exit	First Ottawa Bancshares Incequity	$0	–	-594	–	-0.01%	–
	Exit	Alpine Banks of Coloradoequity	$0	–	-30	–	-0.02%	–
	Exit	Coeur d'Alene Bancorp Incequity	$0	–	-44,000	–	-0.06%	–
FISB	Exit	1st Capital Bankequity	$0	–	-28,344	–	-0.07%	–
	Exit	CNB Bank Shares Incequity	$0	–	-29,424	–	-0.08%	–
OCBI	Exit	Orange County Bancorp Incequity	$0	–	-21,600	–	-0.09%	–
CHBH	Exit	Croghan Bancshares Incequity	$0	–	-12,010	–	-0.10%	–
CBBI	Exit	CBB Bancorp Incequity	$0	–	-64,150	–	-0.10%	–
BSPA	Exit	Ballston Spa Bancorp Incequity	$0	–	-13,728	–	-0.11%	–
CNBB	Exit	CNB Community Bancorp Incequity	$0	–	-22,400	–	-0.13%	–
NWYF	Exit	Northway Financial Incequity	$0	–	-31,560	–	-0.15%	–
SHRC	Exit	Shore Community Bankequity	$0	–	-61,238	–	-0.15%	–
BBBK	Exit	Baker Boyer Bancorpequity	$0	–	-14,636	–	-0.15%	–
WFCL	Exit	1867 Western Financial Corpequity	$0	–	-126	–	-0.15%	–
WAYN	Exit	Wayne Savings Bancshares Incequity	$0	–	-49,208	–	-0.16%	–
DNVB	Exit	Denver Bankshares Incequity	$0	–	-3,966	–	-0.16%	–
	Exit	Cecil Bancorp Incequity	$0	–	-735,002	–	-0.16%	–
	Exit	Mountain Commerce Bancorp Incequity	$0	–	-66,394	–	-0.19%	–
ZIONW	Exit	ZIONS BANCORP NAwarrant	$0	–	-110,000	–	-0.20%	–
MDVT	Exit	Middlebury National Corpequity	$0	–	-35,766	–	-0.20%	–
LGHT	Exit	Lighthouse Bankequity	$0	–	-63,304	–	-0.25%	–
SCYT	Exit	Security Bancorp Inc/TNequity	$0	–	-31,828	–	-0.28%	–
CVCY	Exit	Central Valley Community Bancoequity	$0	–	-94,728	–	-0.29%	–
CALW	Exit	CalWest Bancorpequity	$0	–	-5,105,000	–	-0.29%	–
	Exit	Citizens Bancorp/ORequity	$0	–	-104,618	–	-0.29%	–
UNTN	Exit	United Tennessee Bankshares Inequity	$0	–	-88,926	–	-0.30%	–
PDOB	Exit	Presidio Bankequity	$0	–	-68,450	–	-0.30%	–
FCOB	Exit	1st Colonial Bancorp Incequity	$0	–	-207,462	–	-0.32%	–
CPKF	Exit	Chesapeake Financial Shares Inequity	$0	–	-92,258	–	-0.32%	–
HBSI	Exit	Highlands Bankshares Inc/WVequity	$0	–	-55,338	–	-0.33%	–
CNND	Exit	Canandaigua National Corpequity	$0	–	-11,630	–	-0.34%	–
FFDF	Exit	FFD Financial Corpequity	$0	–	-40,100	–	-0.35%	–
CCVS	Exit	Citizens Commerce Bancshares Iequity	$0	–	-386,364	–	-0.36%	–
RIVE	Exit	Riverview Financial Corpequity	$0	–	-203,174	–	-0.36%	–
REDW	Exit	Redwood Financial Incequity	$0	–	-24,014	–	-0.36%	–
BYLB	Exit	Boyle Bancorp Incequity	$0	–	-32,300	–	-0.36%	–
BFTL	Exit	Bank of Fincastle/Theequity	$0	–	-972,972	–	-0.37%	–
TRCY	Exit	Tri City Bankshares Corpequity	$0	–	-123,244	–	-0.37%	–
DBIN	Exit	Dacotah Banks Incequity	$0	–	-76,854	–	-0.38%	–
DBCP	Exit	Delmar Bancorpequity	$0	–	-354,120	–	-0.39%	–
WEBK	Exit	Wellesley Bankequity	$0	–	-84,656	–	-0.40%	–
	Exit	Grand River Commerce Incequity	$0	–	-425,454	–	-0.40%	–
PBNK	Exit	Pinnacle Bank/Gilroy CAequity	$0	–	-240,132	–	-0.42%	–
SRYB	Exit	Surrey Bancorpequity	$0	–	-196,912	–	-0.42%	–
MNBC	Exit	MNB Corpequity	$0	–	-84,174	–	-0.43%	–
CIBH	Exit	CIB Marine Bancshares Incequity	$0	–	-2,317,490	–	-0.44%	–
FBVA	Exit	Farmers Bankshares Incequity	$0	–	-170,140	–	-0.44%	–
SBAZ	Exit	State Bank Corpequity	$0	–	-182,988	–	-0.44%	–
TWCF	Exit	Town & Country Financial Corpequity	$0	–	-142,172	–	-0.44%	–
SFIGA	Exit	Star Financial Group Incequity	$0	–	-46,032	–	-0.44%	–
CBCZ	Exit	Comunibanc Corpequity	$0	–	-96,476	–	-0.44%	–
RRBI	Exit	Red River Bancshares Incequity	$0	–	-68,346	–	-0.44%	–
SEBC	Exit	Southeastern Banking Corpequity	$0	–	-158,032	–	-0.47%	–
PSBP	Exit	PSB Holding Corpequity	$0	–	-119,710	–	-0.50%	–
SMAL	Exit	Summit Bancshares Inc/CAequity	$0	–	-84,916	–	-0.50%	–
CRSB	Exit	Cornerstone Community Bancorpequity	$0	–	-204,058	–	-0.54%	–
PMHG	Exit	Prime Meridian Holding Coequity	$0	–	-181,400	–	-0.55%	–
NODB	Exit	North Dallas Bank & Trust Coequity	$0	–	-49,160	–	-0.59%	–
TCFC	Exit	Community Financial Corp/Theequity	$0	–	-118,694	–	-0.60%	–
LFGP	Exit	Ledyard Financial Group Incequity	$0	–	-194,556	–	-0.60%	–
WDFN	Exit	Woodlands Financial Services Cequity	$0	–	-132,948	–	-0.61%	–
FNRN	Exit	First Northern Community Bancoequity	$0	–	-373,838	–	-0.62%	–
	Exit	Embassy Bancorp Incequity	$0	–	-260,972	–	-0.63%	–
AVBH	Exit	Avidbank Holdings Incequity	$0	–	-180,012	–	-0.64%	–
TYFG	Exit	Tri-County Financial Group Incequity	$0	–	-106,562	–	-0.65%	–
UBAB	Exit	United Bancorporation of Alabaequity	$0	–	-216,942	–	-0.65%	–
CWBC	Exit	Community West Bancsharesequity	$0	–	-467,222	–	-0.69%	–
HLND	Exit	Highlands Bankshares Inc/VAequity	$0	–	-551,324	–	-0.70%	–
SMBC	Exit	Southern Missouri Bancorp Incequity	$0	–	-130,788	–	-0.72%	–
HTBK	Exit	Heritage Commerce Corpequity	$0	–	-412,648	–	-0.73%	–
FCCY	Exit	1st Constitution Bancorpequity	$0	–	-260,820	–	-0.73%	–
CALB	Exit	California Bancorp Incequity	$0	–	-262,148	–	-0.73%	–
SOBS	Exit	Solvay Bankequity	$0	–	-137,088	–	-0.74%	–
FMFG	Exit	Farmers & Merchants Bancsharesequity	$0	–	-171,586	–	-0.78%	–
CBAF	Exit	Citba Financial Corpequity	$0	–	-173,880	–	-0.79%	–
OXBC	Exit	Oxford Bank Corp/MIequity	$0	–	-267,576	–	-0.81%	–
AMRB	Exit	American River Banksharesequity	$0	–	-410,472	–	-0.83%	–
FETM	Exit	Fentura Financial Incequity	$0	–	-272,728	–	-0.84%	–
IOFB	Exit	Iowa First Bancshares Corpequity	$0	–	-136,360	–	-0.85%	–
SCSG	Exit	SouthCrest Financial Group Incequity	$0	–	-666,634	–	-0.86%	–
RWCB	Exit	Redwood Capital Bancorpequity	$0	–	-348,956	–	-0.86%	–
DLMV	Exit	Delmarva Bancshares Incequity	$0	–	-733,324	–	-0.87%	–
	Exit	First Reliance Bancshares Incequity	$0	–	-763,354	–	-0.87%	–
BAYK	Exit	Bay Banks of Virginia Incequity	$0	–	-725,488	–	-0.89%	–
MNAT	Exit	Marquette National Corpequity	$0	–	-191,450	–	-0.90%	–
	Exit	Beach Community Bankequity	$0	–	-1,200,000	–	-0.90%	–
VLY	Exit	Valley National Bancorpequity	$0	–	-609,622	–	-0.99%	–
HSBI	Exit	Heritage Southeast Bancorporatequity	$0	–	-310,210	–	-1.00%	–
	Exit	Bank of Southern California NAequity	$0	–	-550,000	–	-1.02%	–
SABK	Exit	South Atlantic Bancshares Incequity	$0	–	-569,014	–	-1.06%	–
YRKB	Exit	York Traditions Bankequity	$0	–	-418,096	–	-1.09%	–
BWFG	Exit	Bankwell Financial Group Incequity	$0	–	-265,590	–	-1.10%	–
CYVF	Exit	Crystal Valley Financial Corpequity	$0	–	-137,736	–	-1.10%	–
CSHX	Exit	Cashmere Valley Bankequity	$0	–	-128,894	–	-1.11%	–
SCZC	Exit	Santa Cruz County Bankequity	$0	–	-148,604	–	-1.11%	–
HLAN	Exit	Heartland BancCorpequity	$0	–	-91,102	–	-1.13%	–
SNLC	Exit	Security National Corp/IAequity	$0	–	-60,232	–	-1.13%	–
ORPB	Exit	Oregon Pacific Bancorpequity	$0	–	-1,352,824	–	-1.15%	–
	Exit	Community Bank of the Bayequity	$0	–	-1,118,000	–	-1.17%	–
CFG	Exit	Citizens Financial Group Incequity	$0	–	-230,200	–	-1.22%	–
PGC	Exit	Peapack Gladstone Financial Coequity	$0	–	-306,418	–	-1.29%	–
FBTT	Exit	First Bankers Trustshares Incequity	$0	–	-292,500	–	-1.34%	–
WNRP	Exit	West Suburban Bancorp Incequity	$0	–	-15,394	–	-1.37%	–
FMBH	Exit	First Mid Bancshares Incequity	$0	–	-263,800	–	-1.37%	–
SNV	Exit	Synovus Financial Corpequity	$0	–	-260,000	–	-1.40%	–
OVLY	Exit	Oak Valley Bancorpequity	$0	–	-566,352	–	-1.42%	–
BRBS	Exit	Blue Ridge Bankshares Incequity	$0	–	-482,240	–	-1.44%	–
MBCN	Exit	Middlefield Banc Corpequity	$0	–	-206,348	–	-1.45%	–
FGFH	Exit	Foresight Financial Group Incequity	$0	–	-279,514	–	-1.48%	–
FXNC	Exit	First National Corp/VAequity	$0	–	-569,502	–	-1.57%	–
CMA	Exit	Comerica Incequity	$0	–	-185,470	–	-1.84%	–
ZION	Exit	Zions Bancorp NAequity	$0	–	-276,000	–	-1.84%	–
	Exit	Farmers & Merchants Bank of Loequity	$0	–	-1,552	–	-1.84%	–
WTBFB	Exit	WTB Financial Corpequity	$0	–	-35,282	–	-1.87%	–
MFGI	Exit	Merchants Financial Group Incequity	$0	–	-175,790	–	-1.92%	–
PLBC	Exit	Plumas Bancorpequity	$0	–	-695,494	–	-2.11%	–
RF	Exit	Regions Financial Corpequity	$0	–	-926,766	–	-2.20%	–
MSBC	Exit	Mission Bancorp/Bakersfield CAequity	$0	–	-173,714	–	-2.27%	–
TSBK	Exit	Timberland Bancorp Inc/WAequity	$0	–	-565,838	–	-2.33%	–
SBNC	Exit	Southern BancShares NC Incequity	$0	–	-5,086	–	-2.83%	–
FCNCB	Exit	First Citizens BancShares Inc/equity	$0	–	-56,910	–	-3.39%	–
FINN	Exit	First National of Nebraska Incequity	$0	–	-2,422	–	-3.67%	–
EXSR	Exit	Exchange Bank/Santa Rosa CAequity	$0	–	-168,612	–	-3.97%	–

Q3 2019

			Value		Shares		↓ Weighting
EXSR	Buy	Exchange Bank/Santa Rosa CAequity	$26,472,000	+91.4%	168,612	+100.0%	3.97%	-3.2%
FINN	Buy	First National of Nebraska Incequity	$24,462,000	+112.6%	2,422	+100.0%	3.67%	+7.5%
FCNCB	Buy	First Citizens BancShares Inc/equity	$22,594,000	+109.9%	56,910	+103.6%	3.39%	+6.2%
SBNC	Buy	Southern BancShares NC Incequity	$18,894,000	+99.2%	5,086	+100.0%	2.83%	+0.7%
TSBK	Buy	Timberland Bancorp Inc/WAequity	$15,560,000	+84.1%	565,838	+100.0%	2.33%	-6.9%
MSBC	Buy	Mission Bancorp/Bakersfield CAequity	$15,114,000	+86.5%	173,714	+81.2%	2.27%	-5.7%
RF	Buy	Regions Financial Corpequity	$14,662,000	+111.8%	926,766	+100.0%	2.20%	+7.1%
PLBC	Buy	Plumas Bancorpequity	$14,042,000	+66.2%	695,494	+100.0%	2.11%	-16.0%
MFGI	Buy	Merchants Financial Group Incequity	$12,832,000	+101.4%	175,790	+100.0%	1.92%	+1.9%
WTBFB	Buy	WTB Financial Corpequity	$12,454,000	+94.2%	35,282	+100.0%	1.87%	-1.8%
	Buy	Farmers & Merchants Bank of Loequity	$12,300,000	+91.0%	1,552	+100.0%	1.84%	-3.4%
ZION	Buy	Zions Bancorp NAequity	$12,288,000	+93.7%	276,000	+100.0%	1.84%	-2.1%
CMA	Buy	Comerica Incequity	$12,240,000	+81.7%	185,470	+100.0%	1.84%	-8.1%
FXNC	Buy	First National Corp/VAequity	$10,450,000	+81.9%	569,502	+101.7%	1.57%	-8.0%
FGFH	Buy	Foresight Financial Group Incequity	$9,838,000	+104.0%	279,514	+100.0%	1.48%	+3.2%
MBCN	Buy	Middlefield Banc Corpequity	$9,656,000	+128.3%	206,348	+100.0%	1.45%	+15.5%
BRBS	Buy	Blue Ridge Bankshares Incequity	$9,580,000	+107.6%	482,240	+100.0%	1.44%	+5.0%
OVLY	Buy	Oak Valley Bancorpequity	$9,498,000	+71.9%	566,352	+100.4%	1.42%	-13.1%
SNV	Buy	Synovus Financial Corpequity	$9,298,000	+104.4%	260,000	+100.0%	1.40%	+3.4%
FMBH	Buy	First Mid Bancshares Incequity	$9,132,000	+98.3%	263,800	+100.0%	1.37%	+0.3%
WNRP	Buy	West Suburban Bancorp Incequity	$9,128,000	+97.7%	15,394	+100.0%	1.37%	-0.1%
FBTT	Buy	First Bankers Trustshares Incequity	$8,950,000	+95.8%	292,500	+100.0%	1.34%	-1.0%
PGC	Buy	Peapack Gladstone Financial Coequity	$8,588,000	+99.4%	306,418	+100.0%	1.29%	+0.8%
CFG	New	Citizens Financial Group Incequity	$8,142,000	–	230,200	–	1.22%	–
	Buy	Community Bank of the Bayequity	$7,826,000	+99.7%	1,118,000	+100.0%	1.17%	+1.0%
ORPB	Buy	Oregon Pacific Bancorpequity	$7,644,000	+96.2%	1,352,824	+100.0%	1.15%	-0.8%
SNLC	Buy	Security National Corp/IAequity	$7,560,000	+110.2%	60,232	+101.0%	1.13%	+6.4%
HLAN	Buy	Heartland BancCorpequity	$7,526,000	+108.7%	91,102	+100.0%	1.13%	+5.6%
SCZC	Buy	Santa Cruz County Bankequity	$7,430,000	+108.4%	148,604	+100.0%	1.11%	+5.3%
CSHX	Buy	Cashmere Valley Bankequity	$7,392,000	+97.8%	128,894	+100.0%	1.11%	0.0%
CYVF	Buy	Crystal Valley Financial Corpequity	$7,334,000	+106.6%	137,736	+100.0%	1.10%	+4.5%
BWFG	Buy	Bankwell Financial Group Incequity	$7,304,000	+91.7%	265,590	+100.0%	1.10%	-3.1%
YRKB	Buy	York Traditions Bankequity	$7,288,000	+83.0%	418,096	+100.0%	1.09%	-7.5%
SABK	Buy	South Atlantic Bancshares Incequity	$7,068,000	+99.9%	569,014	+100.0%	1.06%	+1.0%
	Buy	Bank of Southern California NAequity	$6,766,000	+90.3%	550,000	+100.0%	1.02%	-3.8%
HSBI	New	Heritage Southeast Bancorporatequity	$6,670,000	–	310,210	–	1.00%	–
VLY	Buy	Valley National Bancorpequity	$6,626,000	+101.6%	609,622	+100.0%	0.99%	+2.1%
	Buy	Beach Community Bankequity	$6,000,000	+100.3%	1,200,000	+100.0%	0.90%	+1.4%
MNAT	Buy	Marquette National Corpequity	$5,974,000	+94.6%	191,450	+100.0%	0.90%	-1.5%
BAYK	Buy	Bay Banks of Virginia Incequity	$5,950,000	+101.3%	725,488	+100.0%	0.89%	+1.7%
	Buy	First Reliance Bancshares Incequity	$5,794,000	+115.3%	763,354	+100.0%	0.87%	+8.9%
DLMV	Buy	Delmarva Bancshares Incequity	$5,794,000	+94.8%	733,324	+100.0%	0.87%	-1.5%
RWCB	Buy	Redwood Capital Bancorpequity	$5,762,000	+97.7%	348,956	+100.0%	0.86%	0.0%
SCSG	Buy	SouthCrest Financial Group Incequity	$5,700,000	+75.4%	666,634	+100.0%	0.86%	-11.3%
IOFB	Buy	Iowa First Bancshares Corpequity	$5,686,000	+80.5%	136,360	+74.4%	0.85%	-8.7%
FETM	Buy	Fentura Financial Incequity	$5,612,000	+105.2%	272,728	+100.0%	0.84%	+3.8%
AMRB	Buy	American River Banksharesequity	$5,546,000	+120.4%	410,472	+100.0%	0.83%	+11.5%
OXBC	Buy	Oxford Bank Corp/MIequity	$5,378,000	+138.3%	267,576	+125.3%	0.81%	+20.6%
CBAF	Buy	Citba Financial Corpequity	$5,242,000	+6.9%	173,880	+100.0%	0.79%	-45.9%
FMFG	Buy	Farmers & Merchants Bancsharesequity	$5,236,000	+100.8%	171,586	+100.0%	0.78%	+1.6%
SOBS	Buy	Solvay Bankequity	$4,950,000	+89.1%	137,088	+103.0%	0.74%	-4.4%
CALB	Buy	California Bancorp Incequity	$4,894,000	+158.0%	262,148	+172.9%	0.73%	+30.4%
FCCY	Buy	1st Constitution Bancorpequity	$4,890,000	+103.9%	260,820	+100.9%	0.73%	+3.1%
HTBK	Buy	Heritage Commerce Corpequity	$4,850,000	+691.2%	412,648	+725.3%	0.73%	+299.5%
SMBC	Buy	Southern Missouri Bancorp Incequity	$4,764,000	+109.1%	130,788	+100.0%	0.72%	+5.8%
HLND	Buy	Highlands Bankshares Inc/VAequity	$4,654,000	+47.5%	551,324	+22.3%	0.70%	-25.4%
CWBC	Buy	Community West Bancsharesequity	$4,620,000	+105.0%	467,222	+100.0%	0.69%	+3.7%
UBAB	Buy	United Bancorporation of Alabaequity	$4,358,000	+100.3%	216,942	+100.0%	0.65%	+1.4%
TYFG	Buy	Tri-County Financial Group Incequity	$4,310,000	+93.4%	106,562	+100.0%	0.65%	-2.3%
AVBH	Buy	Avidbank Holdings Incequity	$4,294,000	+102.5%	180,012	+100.0%	0.64%	+2.4%
	Buy	Embassy Bancorp Incequity	$4,176,000	+94.6%	260,972	+100.0%	0.63%	-1.6%
FNRN	Buy	First Northern Community Bancoequity	$4,130,000	+97.1%	373,838	+100.0%	0.62%	-0.3%
WDFN	Buy	Woodlands Financial Services Cequity	$4,062,000	+117.9%	132,948	+110.8%	0.61%	+10.1%
LFGP	Buy	Ledyard Financial Group Incequity	$4,008,000	+109.2%	194,556	+100.0%	0.60%	+5.8%
TCFC	Buy	Community Financial Corp/Theequity	$3,972,000	+98.4%	118,694	+100.0%	0.60%	+0.3%
NODB	Buy	North Dallas Bank & Trust Coequity	$3,952,000	+97.9%	49,160	+100.0%	0.59%	+0.2%
PMHG	Buy	Prime Meridian Holding Coequity	$3,648,000	+98.5%	181,400	+100.0%	0.55%	+0.4%
CRSB	Buy	Cornerstone Community Bancorpequity	$3,580,000	+130.5%	204,058	+126.8%	0.54%	+16.5%
SMAL	Buy	Summit Bancshares Inc/CAequity	$3,332,000	+29.6%	84,916	+78.9%	0.50%	-34.4%
PSBP	Buy	PSB Holding Corpequity	$3,316,000	+109.9%	119,710	+100.0%	0.50%	+6.0%
SEBC	Buy	Southeastern Banking Corpequity	$3,160,000	+107.8%	158,032	+100.0%	0.47%	+5.1%
RRBI	Buy	Red River Bancshares Incequity	$2,964,000	+7700.0%	68,346	+8662.3%	0.44%	+3945.5%
CBCZ	Buy	Comunibanc Corpequity	$2,956,000	+100.5%	96,476	+100.0%	0.44%	+1.4%
SFIGA	Buy	Star Financial Group Incequity	$2,936,000	+100.8%	46,032	+100.0%	0.44%	+1.4%
SBAZ	Buy	State Bank Corpequity	$2,932,000	+117.2%	182,988	+62.7%	0.44%	+10.0%
TWCF	Buy	Town & Country Financial Corpequity	$2,934,000	+107.8%	142,172	+101.4%	0.44%	+5.0%
FBVA	Buy	Farmers Bankshares Incequity	$2,928,000	+96.5%	170,140	+100.0%	0.44%	-0.7%
CIBH	Buy	CIB Marine Bancshares Incequity	$2,920,000	+76.4%	2,317,490	+93.2%	0.44%	-10.8%
MNBC	Buy	MNB Corpequity	$2,840,000	+104.9%	84,174	+100.0%	0.43%	+3.6%
SRYB	Buy	Surrey Bancorpequity	$2,790,000	+93.5%	196,912	+100.0%	0.42%	-2.3%
PBNK	Buy	Pinnacle Bank/Gilroy CAequity	$2,766,000	+93.6%	240,132	+100.0%	0.42%	-2.1%
	Buy	Grand River Commerce Incequity	$2,650,000	+81.9%	425,454	+100.0%	0.40%	-8.1%
WEBK	Buy	Wellesley Bankequity	$2,642,000	+91.4%	84,656	+100.0%	0.40%	-3.2%
DBCP	Buy	Delmar Bancorpequity	$2,586,000	+95.3%	354,120	+100.0%	0.39%	-1.3%
DBIN	Buy	Dacotah Banks Incequity	$2,536,000	+94.0%	76,854	+100.0%	0.38%	-2.1%
TRCY	Buy	Tri City Bankshares Corpequity	$2,464,000	+250.0%	123,244	+266.6%	0.37%	+77.0%
BFTL	Buy	Bank of Fincastle/Theequity	$2,462,000	+108.3%	972,972	+100.0%	0.37%	+5.1%
BYLB	Buy	Boyle Bancorp Incequity	$2,422,000	+91.9%	32,300	+100.0%	0.36%	-2.9%
REDW	Buy	Redwood Financial Incequity	$2,410,000	+110.7%	24,014	+100.0%	0.36%	+6.5%
RIVE	Buy	Riverview Financial Corpequity	$2,374,000	+12.1%	203,174	+0.8%	0.36%	-43.3%
CCVS	Buy	Citizens Commerce Bancshares Iequity	$2,376,000	+103.3%	386,364	+100.0%	0.36%	+2.6%
FFDF	Buy	FFD Financial Corpequity	$2,326,000	+122.6%	40,100	+102.3%	0.35%	+12.6%
CNND	Buy	Canandaigua National Corpequity	$2,232,000	+125.7%	11,630	+115.1%	0.34%	+14.3%
HBSI	Buy	Highlands Bankshares Inc/WVequity	$2,220,000	+93.2%	55,338	+95.1%	0.33%	-2.3%
CPKF	Buy	Chesapeake Financial Shares Inequity	$2,152,000	+113.9%	92,258	+140.0%	0.32%	+8.4%
FCOB	Buy	1st Colonial Bancorp Incequity	$2,136,000	+100.0%	207,462	+100.0%	0.32%	+0.9%
PDOB	Buy	Presidio Bankequity	$1,996,000	+103.3%	68,450	+104.2%	0.30%	+2.7%
UNTN	Buy	United Tennessee Bankshares Inequity	$1,966,000	+102.3%	88,926	+100.0%	0.30%	+2.4%
	Buy	Citizens Bancorp/ORequity	$1,962,000	+179.1%	104,618	+182.9%	0.29%	+41.3%
CALW	Buy	CalWest Bancorpequity	$1,946,000	+94.4%	5,105,000	+100.0%	0.29%	-1.7%
CVCY	Buy	Central Valley Community Bancoequity	$1,928,000	+89.6%	94,728	+100.0%	0.29%	-4.3%
SCYT	Buy	Security Bancorp Inc/TNequity	$1,878,000	+111.5%	31,828	+100.0%	0.28%	+7.2%
LGHT	Buy	Lighthouse Bankequity	$1,646,000	+159.6%	63,304	+149.7%	0.25%	+31.4%
MDVT	Buy	Middlebury National Corpequity	$1,314,000	+118.3%	35,766	+119.7%	0.20%	+10.1%
ZIONW	Buy	ZIONS BANCORP NAwarrant	$1,300,000	+78.1%	110,000	+100.0%	0.20%	-9.7%
	Buy	Mountain Commerce Bancorp Incequity	$1,270,000	+186.0%	66,394	+182.6%	0.19%	+43.9%
	Buy	Cecil Bancorp Incequity	$1,102,000	+100.0%	735,002	+100.0%	0.16%	+1.2%
DNVB	Buy	Denver Bankshares Incequity	$1,094,000	+100.0%	3,966	+100.0%	0.16%	+1.2%
WAYN	Buy	Wayne Savings Bancshares Incequity	$1,038,000	+540.7%	49,208	+533.1%	0.16%	+225.0%
BBBK	Buy	Baker Boyer Bancorpequity	$1,006,000	+97.6%	14,636	+100.0%	0.15%	0.0%
SHRC	Buy	Shore Community Bankequity	$1,010,000	+108.7%	61,238	+100.0%	0.15%	+4.9%
WFCL	Buy	1867 Western Financial Corpequity	$1,008,000	+100.0%	126	+100.0%	0.15%	+1.3%
NWYF	Sell	Northway Financial Incequity	$984,000	-59.8%	31,560	-61.4%	0.15%	-79.6%
CNBB	Buy	CNB Community Bancorp Incequity	$840,000	+257.4%	22,400	+250.0%	0.13%	+80.0%
BSPA	Buy	Ballston Spa Bancorp Incequity	$756,000	+110.0%	13,728	+100.0%	0.11%	+5.6%
CBBI	Sell	CBB Bancorp Incequity	$676,000	-40.3%	64,150	-35.4%	0.10%	-69.9%
CHBH	Buy	Croghan Bancshares Incequity	$636,000	+101.3%	12,010	+100.0%	0.10%	+1.1%
OCBI	New	Orange County Bancorp Incequity	$600,000	–	21,600	–	0.09%	–
	Buy	CNB Bank Shares Incequity	$554,000	+156.5%	29,424	+155.6%	0.08%	+29.7%
FISB	Buy	1st Capital Bankequity	$452,000	+116.3%	28,344	+126.6%	0.07%	+9.7%
	Buy	Coeur d'Alene Bancorp Incequity	$396,000	+100.0%	44,000	+100.0%	0.06%	0.0%
	New	Alpine Banks of Coloradoequity	$150,000	–	30	–	0.02%	–
FOTB	Buy	First Ottawa Bancshares Incequity	$40,000	+471.4%	594	+494.0%	0.01%	+200.0%
BSSC	Buy	Bank of Southside Virginia Corequity	$24,000	+84.6%	80	+100.0%	0.00%	0.0%
LBAI	Sell	Lakeland Bancorp Incequity	$0	-100.0%	0	-100.0%	0.00%	-100.0%
SFDL	Sell	Security Federal Corpequity	$0	-100.0%	0	-100.0%	0.00%	-100.0%
BMBN	Exit	Benchmark Bankshares Incequity	$0	–	0	–	0.00%	–
HFBA	Exit	HFB Financial Corpequity	$0	–	0	–	0.00%	–
CZFC	Exit	Citizens First Corpequity	$0	–	0	–	0.00%	–
FSDK	Exit	First Citizens National Bank/Uequity	$0	–	0	–	0.00%	–
REVB	Exit	Revere Bankequity	$0	–	0	–	0.00%	–
BFC	Exit	Bank First Corpequity	$0	–	0	–	0.00%	–
SMBK	Exit	SmartFinancial Incequity	$0	–	0	–	0.00%	–
ICBK	New	County Bancorp Incequity	$0	–	30	–	0.00%	–
CART	Sell	Carolina Trust Bancshares Incequity	$0	-100.0%	0	-100.0%	0.00%	-100.0%
STXB	Sell	Spirit of Texas Bancshares Incequity	$0	-100.0%	0	-100.0%	0.00%	-100.0%
FCNCA	Sell	First Citizens BancShares Inc/equity	$0	-100.0%	0	-100.0%	0.00%	-100.0%
	Sell	Heritage Bancorporation Incequity	$0	-100.0%	0	-100.0%	0.00%	-100.0%
	Exit	State Bond Common Stockfund	$0	–	-2,192	–	-0.04%	–

Q2 2019

			Value		Shares		↓ Weighting
EXSR	New	Exchange Bank/Santa Rosa CAequity	$13,828,000	–	84,306	–	4.10%	–
FINN	New	First National of Nebraska Incequity	$11,505,000	–	1,211	–	3.41%	–
FCNCB	New	First Citizens BancShares Inc/equity	$10,763,000	–	27,955	–	3.19%	–
SBNC	New	Southern BancShares NC Incequity	$9,485,000	–	2,543	–	2.81%	–
TSBK	New	Timberland Bancorp Inc/WAequity	$8,454,000	–	282,919	–	2.51%	–
PLBC	New	Plumas Bancorpequity	$8,450,000	–	347,747	–	2.51%	–
MSBC	New	Mission Bancorp/Bakersfield CAequity	$8,105,000	–	95,857	–	2.40%	–
RF	New	Regions Financial Corpequity	$6,923,000	–	463,383	–	2.05%	–
CMA	New	Comerica Incequity	$6,736,000	–	92,735	–	2.00%	–
	New	Farmers & Merchants Bank of Loequity	$6,441,000	–	776	–	1.91%	–
WTBFB	New	WTB Financial Corpequity	$6,413,000	–	17,641	–	1.90%	–
MFGI	New	Merchants Financial Group Incequity	$6,372,000	–	87,895	–	1.89%	–
ZION	New	Zions Bancorp NAequity	$6,345,000	–	138,000	–	1.88%	–
FXNC	New	First National Corp/VAequity	$5,745,000	–	282,307	–	1.70%	–
OVLY	New	Oak Valley Bancorpequity	$5,526,000	–	282,665	–	1.64%	–
CBAF	New	Citba Financial Corpequity	$4,903,000	–	86,940	–	1.45%	–
FGFH	New	Foresight Financial Group Incequity	$4,822,000	–	139,757	–	1.43%	–
WNRP	New	West Suburban Bancorp Incequity	$4,618,000	–	7,697	–	1.37%	–
BRBS	New	Blue Ridge Bankshares Incequity	$4,614,000	–	241,120	–	1.37%	–
FMBH	New	First Mid Bancshares Incequity	$4,606,000	–	131,900	–	1.37%	–
FBTT	New	First Bankers Trustshares Incequity	$4,570,000	–	146,250	–	1.36%	–
SNV	New	Synovus Financial Corpequity	$4,550,000	–	130,000	–	1.35%	–
PGC	New	Peapack Gladstone Financial Coequity	$4,308,000	–	153,209	–	1.28%	–
MBCN	New	Middlefield Banc Corpequity	$4,230,000	–	103,174	–	1.25%	–
YRKB	New	York Traditions Bankequity	$3,982,000	–	209,048	–	1.18%	–
	New	Community Bank of the Bayequity	$3,919,000	–	559,000	–	1.16%	–
ORPB	New	Oregon Pacific Bancorpequity	$3,896,000	–	676,412	–	1.16%	–
BWFG	New	Bankwell Financial Group Incequity	$3,811,000	–	132,795	–	1.13%	–
CSHX	New	Cashmere Valley Bankequity	$3,738,000	–	64,447	–	1.11%	–
HLAN	New	Heartland BancCorpequity	$3,606,000	–	45,551	–	1.07%	–
SNLC	New	Security National Corp/IAequity	$3,596,000	–	29,966	–	1.07%	–
SCZC	New	Santa Cruz County Bankequity	$3,566,000	–	74,302	–	1.06%	–
	New	Bank of Southern California NAequity	$3,556,000	–	275,000	–	1.06%	–
CYVF	New	Crystal Valley Financial Corpequity	$3,550,000	–	68,868	–	1.05%	–
SABK	New	South Atlantic Bancshares Incequity	$3,536,000	–	284,507	–	1.05%	–
VLY	New	Valley National Bancorpequity	$3,286,000	–	304,811	–	0.97%	–
SCSG	New	SouthCrest Financial Group Incequity	$3,250,000	–	333,317	–	0.96%	–
HLND	New	Highlands Bankshares Inc/VAequity	$3,155,000	–	450,764	–	0.94%	–
IOFB	New	Iowa First Bancshares Corpequity	$3,151,000	–	78,180	–	0.93%	–
MNAT	New	Marquette National Corpequity	$3,070,000	–	95,725	–	0.91%	–
	New	Beach Community Bankequity	$2,996,000	–	600,000	–	0.89%	–
DLMV	New	Delmarva Bancshares Incequity	$2,974,000	–	366,662	–	0.88%	–
BAYK	New	Bay Banks of Virginia Incequity	$2,956,000	–	362,744	–	0.88%	–
RWCB	New	Redwood Capital Bancorpequity	$2,914,000	–	174,478	–	0.86%	–
	New	Heritage Bancorporation Incequity	$2,776,000	–	163,200	–	0.82%	–
FETM	New	Fentura Financial Incequity	$2,735,000	–	136,364	–	0.81%	–
	New	First Reliance Bancshares Incequity	$2,691,000	–	381,677	–	0.80%	–
SOBS	New	Solvay Bankequity	$2,617,000	–	67,539	–	0.78%	–
FMFG	New	Farmers & Merchants Bancsharesequity	$2,608,000	–	85,793	–	0.77%	–
SMAL	New	Summit Bancshares Inc/CAequity	$2,571,000	–	47,458	–	0.76%	–
AMRB	New	American River Banksharesequity	$2,516,000	–	205,236	–	0.75%	–
NWYF	New	Northway Financial Incequity	$2,446,000	–	81,810	–	0.72%	–
FCCY	New	1st Constitution Bancorpequity	$2,398,000	–	129,849	–	0.71%	–
SMBC	New	Southern Missouri Bancorp Incequity	$2,278,000	–	65,394	–	0.68%	–
OXBC	New	Oxford Bank Corp/MIequity	$2,257,000	–	118,788	–	0.67%	–
CWBC	New	Community West Bancsharesequity	$2,254,000	–	233,611	–	0.67%	–
TYFG	New	Tri-County Financial Group Incequity	$2,228,000	–	53,281	–	0.66%	–
UBAB	New	United Bancorporation of Alabaequity	$2,176,000	–	108,471	–	0.64%	–
	New	Embassy Bancorp Incequity	$2,146,000	–	130,486	–	0.64%	–
AVBH	New	Avidbank Holdings Incequity	$2,120,000	–	90,006	–	0.63%	–
RIVE	New	Riverview Financial Corpequity	$2,117,000	–	201,587	–	0.63%	–
FNRN	New	First Northern Community Bancoequity	$2,095,000	–	186,919	–	0.62%	–
TCFC	New	Community Financial Corp/Theequity	$2,002,000	–	59,347	–	0.59%	–
NODB	New	North Dallas Bank & Trust Coequity	$1,997,000	–	24,580	–	0.59%	–
LFGP	New	Ledyard Financial Group Incequity	$1,916,000	–	97,278	–	0.57%	–
CALB	New	California Bancorp Incequity	$1,897,000	–	96,075	–	0.56%	–
WDFN	New	Woodlands Financial Services Cequity	$1,864,000	–	63,074	–	0.55%	–
PMHG	New	Prime Meridian Holding Coequity	$1,838,000	–	90,700	–	0.54%	–
SFDL	New	Security Federal Corpequity	$1,754,000	–	54,548	–	0.52%	–
CIBH	New	CIB Marine Bancshares Incequity	$1,655,000	–	1,199,545	–	0.49%	–
PSBP	New	PSB Holding Corpequity	$1,580,000	–	59,855	–	0.47%	–
CRSB	New	Cornerstone Community Bancorpequity	$1,553,000	–	89,990	–	0.46%	–
SEBC	New	Southeastern Banking Corpequity	$1,521,000	–	79,016	–	0.45%	–
FBVA	New	Farmers Bankshares Incequity	$1,490,000	–	85,070	–	0.44%	–
CBCZ	New	Comunibanc Corpequity	$1,474,000	–	48,238	–	0.44%	–
SFIGA	New	Star Financial Group Incequity	$1,462,000	–	23,016	–	0.43%	–
	New	Grand River Commerce Incequity	$1,457,000	–	212,727	–	0.43%	–
SRYB	New	Surrey Bancorpequity	$1,442,000	–	98,456	–	0.43%	–
PBNK	New	Pinnacle Bank/Gilroy CAequity	$1,429,000	–	120,066	–	0.42%	–
TWCF	New	Town & Country Financial Corpequity	$1,412,000	–	70,586	–	0.42%	–
MNBC	New	MNB Corpequity	$1,386,000	–	42,087	–	0.41%	–
WEBK	New	Wellesley Bankequity	$1,380,000	–	42,328	–	0.41%	–
SBAZ	New	State Bank Corpequity	$1,350,000	–	112,494	–	0.40%	–
DBCP	New	Delmar Bancorpequity	$1,324,000	–	177,060	–	0.39%	–
DBIN	New	Dacotah Banks Incequity	$1,307,000	–	38,427	–	0.39%	–
BYLB	New	Boyle Bancorp Incequity	$1,262,000	–	16,150	–	0.37%	–
BFTL	New	Bank of Fincastle/Theequity	$1,182,000	–	486,486	–	0.35%	–
CCVS	New	Citizens Commerce Bancshares Iequity	$1,169,000	–	193,182	–	0.35%	–
HBSI	New	Highlands Bankshares Inc/WVequity	$1,149,000	–	28,364	–	0.34%	–
REDW	New	Redwood Financial Incequity	$1,144,000	–	12,007	–	0.34%	–
CBBI	New	CBB Bancorp Incequity	$1,132,000	–	99,228	–	0.34%	–
FCOB	New	1st Colonial Bancorp Incequity	$1,068,000	–	103,731	–	0.32%	–
FFDF	New	FFD Financial Corpequity	$1,045,000	–	19,825	–	0.31%	–
CVCY	New	Central Valley Community Bancoequity	$1,017,000	–	47,364	–	0.30%	–
CPKF	New	Chesapeake Financial Shares Inequity	$1,006,000	–	38,441	–	0.30%	–
CALW	New	CalWest Bancorpequity	$1,001,000	–	2,552,500	–	0.30%	–
CNND	New	Canandaigua National Corpequity	$989,000	–	5,407	–	0.29%	–
PDOB	New	Presidio Bankequity	$982,000	–	33,525	–	0.29%	–
UNTN	New	United Tennessee Bankshares Inequity	$972,000	–	44,463	–	0.29%	–
SCYT	New	Security Bancorp Inc/TNequity	$888,000	–	15,914	–	0.26%	–
FCNCA	New	First Citizens BancShares Inc/equity	$816,000	–	1,812	–	0.24%	–
ZIONW	New	ZIONS BANCORP NAwarrant	$730,000	–	55,000	–	0.22%	–
TRCY	New	Tri City Bankshares Corpequity	$704,000	–	33,622	–	0.21%	–
	New	Citizens Bancorp/ORequity	$703,000	–	36,980	–	0.21%	–
LGHT	New	Lighthouse Bankequity	$634,000	–	25,347	–	0.19%	–
HTBK	New	Heritage Commerce Corpequity	$613,000	–	50,000	–	0.18%	–
MDVT	New	Middlebury National Corpequity	$602,000	–	16,280	–	0.18%	–
LBAI	New	Lakeland Bancorp Incequity	$578,000	–	35,764	–	0.17%	–
	New	Cecil Bancorp Incequity	$551,000	–	367,501	–	0.16%	–
DNVB	New	Denver Bankshares Incequity	$547,000	–	1,983	–	0.16%	–
BBBK	New	Baker Boyer Bancorpequity	$509,000	–	7,318	–	0.15%	–
WFCL	New	1867 Western Financial Corpequity	$504,000	–	63	–	0.15%	–
SHRC	New	Shore Community Bankequity	$484,000	–	30,619	–	0.14%	–
	New	Mountain Commerce Bancorp Incequity	$444,000	–	23,497	–	0.13%	–
STXB	New	Spirit of Texas Bancshares Incequity	$423,000	–	18,800	–	0.12%	–
BSPA	New	Ballston Spa Bancorp Incequity	$360,000	–	6,864	–	0.11%	–
CHBH	New	Croghan Bancshares Incequity	$316,000	–	6,005	–	0.09%	–
CNBB	New	CNB Community Bancorp Incequity	$235,000	–	6,400	–	0.07%	–
	New	CNB Bank Shares Incequity	$216,000	–	11,512	–	0.06%	–
FISB	New	1st Capital Bankequity	$209,000	–	12,508	–	0.06%	–
	New	Coeur d'Alene Bancorp Incequity	$198,000	–	22,000	–	0.06%	–
WAYN	New	Wayne Savings Bancshares Incequity	$162,000	–	7,772	–	0.05%	–
	New	State Bond Common Stockfund	$149,000	–	2,192	–	0.04%	–
CART	New	Carolina Trust Bancshares Incequity	$109,000	–	13,875	–	0.03%	–
RRBI	New	Red River Bancshares Incequity	$38,000	–	780	–	0.01%	–
BSSC	New	Bank of Southside Virginia Corequity	$13,000	–	40	–	0.00%	–
FOTB	New	First Ottawa Bancshares Incequity	$7,000	–	100	–	0.00%	–
BMBN	New	Benchmark Bankshares Incequity	$0	–	0	–	0.00%	–
SMBK	New	SmartFinancial Incequity	$0	–	0	–	0.00%	–
HFBA	New	HFB Financial Corpequity	$0	–	0	–	0.00%	–
REVB	New	Revere Bankequity	$0	–	0	–	0.00%	–
FSDK	New	First Citizens National Bank/Uequity	$0	–	0	–	0.00%	–
CZFC	New	Citizens First Corpequity	$0	–	0	–	0.00%	–
BFC	New	Bank First Corpequity	$0	–	0	–	0.00%	–

Q4 2018

			Value		Shares		↓ Weighting
FBMS	Exit	First Bancshares Inc/Theequity	$0	–	0	–	0.00%	–
BCML	Exit	Baycom Corpequity	$0	–	0	–	0.00%	–
SMBK	Exit	SmartFinancial Incequity	$0	–	-25,350	–	-0.60%	–
NODK	Exit	NI Holdings Incequity	$0	–	-56,971	–	-0.97%	–
ZIONW	Exit	ZIONS BANCORP NAwarrant	$0	–	-55,000	–	-1.00%	–
CVCY	Exit	Central Valley Community Bancoequity	$0	–	-47,364	–	-1.04%	–
WEBK	Exit	Wellesley Bankequity	$0	–	-42,328	–	-1.47%	–
TCFC	Exit	Community Financial Corp/Theequity	$0	–	-59,347	–	-2.01%	–
SMBC	Exit	Southern Missouri Bancorp Incequity	$0	–	-69,094	–	-2.61%	–
FCCY	Exit	1st Constitution Bancorpequity	$0	–	-125,198	–	-2.63%	–
AMRB	Exit	American River Banksharesequity	$0	–	-196,532	–	-3.05%	–
RIVE	Exit	Riverview Financial Corpequity	$0	–	-240,487	–	-3.32%	–
VLY	Exit	Valley National Bancorpequity	$0	–	-304,811	–	-3.48%	–
CWBC	Exit	Community West Bancsharesequity	$0	–	-308,058	–	-3.75%	–
MBCN	Exit	Middlefield Banc Corpequity	$0	–	-85,748	–	-4.10%	–
FCNCA	Exit	First Citizens BancShares Inc/equity	$0	–	-9,290	–	-4.26%	–
BWFG	Exit	Bankwell Financial Group Incequity	$0	–	-139,359	–	-4.43%	–
CZFC	Exit	Citizens First Corpequity	$0	–	-175,677	–	-4.68%	–
PGC	Exit	Peapack Gladstone Financial Coequity	$0	–	-152,009	–	-4.76%	–
OVLY	Exit	Oak Valley Bancorpequity	$0	–	-269,758	–	-5.38%	–
FMBH	Exit	First Mid-Illinois Bancsharesequity	$0	–	-140,589	–	-5.75%	–
ZION	Exit	Zions Bancorp NAequity	$0	–	-138,000	–	-7.02%	–
CMA	Exit	Comerica Incequity	$0	–	-79,016	–	-7.23%	–
RF	Exit	Regions Financial Corpequity	$0	–	-458,383	–	-8.53%	–
PLBC	Exit	Plumas Bancorpequity	$0	–	-352,747	–	-8.89%	–
TSBK	Exit	Timberland Bancorp Inc/WAequity	$0	–	-285,919	–	-9.06%	–

Q3 2018

			Value		Shares		↓ Weighting
TSBK	Sell	Timberland Bancorp Inc/WAequity	$8,932,000	-21.7%	285,919	-6.4%	9.06%	-15.6%
OVLY	Sell	Oak Valley Bancorpequity	$5,301,000	-14.7%	269,758	-0.7%	5.38%	-8.1%
MBCN	Buy	Middlefield Banc Corpequity	$4,039,000	-6.2%	85,748	+0.9%	4.10%	+1.0%
RIVE	New	Riverview Financial Corpequity	$3,271,000	–	240,487	–	3.32%	–
AMRB	Buy	American River Banksharesequity	$3,011,000	+9.3%	196,532	+13.1%	3.05%	+17.7%
FBMS	Sell	First Bancshares Inc/Theequity	$0	-100.0%	0	-100.0%	0.00%	-100.0%
BCML	Sell	Baycom Corpequity	$0	-100.0%	0	-100.0%	0.00%	-100.0%
HBMD	Exit	Howard Bancorp Incequity	$0	–	0	–	0.00%	–
NWFL	Exit	Norwood Financial Corpequity	$0	–	0	–	0.00%	–
LION	Exit	Fidelity Southern Corpequity	$0	–	0	–	0.00%	–

Q2 2018

			Value		Shares		↓ Weighting
TSBK	New	Timberland Bancorp Inc/WAequity	$11,404,000	–	305,418	–	10.73%	–
PLBC	New	Plumas Bancorpequity	$9,947,000	–	352,747	–	9.36%	–
RF	New	Regions Financial Corpequity	$8,150,000	–	458,383	–	7.67%	–
ZION	New	Zions Bancorporationequity	$7,271,000	–	138,000	–	6.84%	–
CMA	New	Comerica Incequity	$7,184,000	–	79,016	–	6.76%	–
OVLY	New	Oak Valley Bancorpequity	$6,214,000	–	271,727	–	5.85%	–
FMBH	New	First Mid-Illinois Bancsharesequity	$5,525,000	–	140,589	–	5.20%	–
PGC	New	Peapack Gladstone Financial Coequity	$5,258,000	–	152,009	–	4.95%	–
CZFC	New	Citizens First Corpequity	$4,581,000	–	175,677	–	4.31%	–
BWFG	New	Bankwell Financial Group Incequity	$4,480,000	–	139,359	–	4.22%	–
MBCN	New	Middlefield Banc Corpequity	$4,307,000	–	84,956	–	4.05%	–
FCNCA	New	First Citizens BancShares Inc/equity	$3,747,000	–	9,290	–	3.53%	–
VLY	New	Valley National Bancorpequity	$3,707,000	–	304,811	–	3.49%	–
CWBC	New	Community West Bancsharesequity	$3,635,000	–	308,058	–	3.42%	–
BCML	New	Baycom Corpequity	$3,245,000	–	131,105	–	3.05%	–
FCCY	New	1st Constitution Bancorpequity	$2,867,000	–	125,198	–	2.70%	–
AMRB	New	American River Banksharesequity	$2,755,000	–	173,815	–	2.59%	–
SMBC	New	Southern Missouri Bancorp Incequity	$2,696,000	–	69,094	–	2.54%	–
TCFC	New	Community Financial Corp/Theequity	$2,099,000	–	59,347	–	1.98%	–
FBMS	New	First Bancshares Inc/Theequity	$2,025,000	–	56,338	–	1.91%	–
WEBK	New	Wellesley Bankequity	$1,432,000	–	42,328	–	1.35%	–
ZIONW	New	ZIONS BANCORPORATIONwarrant	$1,117,000	–	55,000	–	1.05%	–
CVCY	New	Central Valley Community Bancoequity	$1,002,000	–	47,364	–	0.94%	–
NODK	New	NI Holdings Incequity	$966,000	–	56,971	–	0.91%	–
SMBK	New	SmartFinancial Incequity	$653,000	–	25,350	–	0.61%	–
LION	New	Fidelity Southern Corpequity	$0	–	0	–	0.00%	–
HBMD	New	Howard Bancorp Incequity	$0	–	0	–	0.00%	–
NWFL	New	Norwood Financial Corpequity	$0	–	0	–	0.00%	–

Q4 2017

			Value		Shares		↓ Weighting
QCRH	Exit	QCR Holdings Incequity	$0	–	0	–	0.00%	–
SMBK	Exit	SmartFinancial Incequity	$0	–	-25,350	–	-0.62%	–
WEBK	Exit	Wellesley Bankequity	$0	–	-25,466	–	-0.70%	–
ZIONW	Exit	Zions Bancorporationwarrant	$0	–	-55,000	–	-0.85%	–
NWFL	Exit	Norwood Financial Corpequity	$0	–	-32,561	–	-1.01%	–
NODK	Exit	NI Holdings Incequity	$0	–	-56,971	–	-1.03%	–
CVCY	Exit	Central Valley Community Bancoequity	$0	–	-57,364	–	-1.30%	–
HBMD	Exit	Howard Bancorp Incequity	$0	–	-73,057	–	-1.55%	–
FBMS	Exit	First Bancshares Inc/Theequity	$0	–	-56,338	–	-1.72%	–
FCCY	Exit	1st Constitution Bancorpequity	$0	–	-125,198	–	-2.30%	–
TCFC	Exit	Community Financial Corp/Theequity	$0	–	-64,347	–	-2.31%	–
CARO	Exit	Carolina Financial Corpequity	$0	–	-86,977	–	-3.16%	–
CWBC	Exit	Community West Bancsharesequity	$0	–	-308,058	–	-3.25%	–
MBCN	Exit	Middlefield Banc Corpequity	$0	–	-75,000	–	-3.51%	–
CZFC	Exit	Citizens First Corpequity	$0	–	-170,677	–	-4.12%	–
SMBC	Exit	Southern Missouri Bancorp Incequity	$0	–	-115,680	–	-4.28%	–
PGC	Exit	Peapack Gladstone Financial Coequity	$0	–	-132,009	–	-4.52%	–
OVLY	Exit	Oak Valley Bancorpequity	$0	–	-295,362	–	-5.03%	–
BWFG	Exit	Bankwell Financial Group Incequity	$0	–	-139,359	–	-5.22%	–
FCNCA	Exit	First Citizens BancShares Inc/equity	$0	–	-17,121	–	-6.49%	–
LION	Exit	Fidelity Southern Corpequity	$0	–	-274,141	–	-6.57%	–
CMA	Exit	Comerica Incequity	$0	–	-87,000	–	-6.73%	–
ZION	Exit	Zions Bancorporationequity	$0	–	-145,000	–	-6.94%	–
RF	Exit	Regions Financial Corpequity	$0	–	-478,383	–	-7.39%	–
PLBC	Exit	Plumas Bancorpequity	$0	–	-352,747	–	-7.47%	–
TSBK	Exit	Timberland Bancorp Inc/WAequity	$0	–	-375,899	–	-11.94%	–

Q3 2017

			Value		Shares		↓ Weighting
FCNCA	Sell	First Citizens BancShares Inc/equity	$6,401,000	-10.2%	17,121	-10.5%	6.49%	-4.9%
OVLY	Buy	Oak Valley Bancorpequity	$4,959,000	+25.0%	295,362	+3.5%	5.03%	+32.4%
PGC	Buy	Peapack Gladstone Financial Coequity	$4,454,000	+21.7%	132,009	+12.8%	4.52%	+28.8%
SMBC	Sell	Southern Missouri Bancorp Incequity	$4,221,000	-4.5%	115,680	-15.5%	4.28%	+1.2%
CARO	Sell	Carolina Financial Corpequity	$3,121,000	-29.5%	86,977	-36.5%	3.16%	-25.4%
CVCY	Sell	Central Valley Community Bancoequity	$1,279,000	-36.4%	57,364	-36.8%	1.30%	-32.7%
NWFL	Buy	Norwood Financial Corpequity	$994,000	+8.4%	32,561	+50.0%	1.01%	+14.8%
WEBK	Buy	Wellesley Bankequity	$688,000	+882.9%	25,466	+906.6%	0.70%	+941.8%
CVBF	Exit	CVB Financial Corpequity	$0	–	0	–	0.00%	–
QCRH	Sell	QCR Holdings Incequity	$0	-100.0%	0	-100.0%	0.00%	-100.0%
RBPAA	Exit	Royal Bancshares of Pennsylvanequity	$0	–	-101,378	–	-0.41%	–
PBNC	Exit	Paragon Commercial Corpequity	$0	–	-22,044	–	-1.11%	–
FMBH	Exit	First Mid-Illinois Bancsharesequity	$0	–	-56,369	–	-1.85%	–
HBNC	Exit	Horizon Bancorp/INequity	$0	–	-125,151	–	-3.16%	–

Q2 2017

			Value		Shares		↓ Weighting
TSBK	New	Timberland Bancorp Inc/WAequity	$9,499,000	–	375,899	–	9.10%	–
PLBC	New	Plumas Bancorpequity	$7,514,000	–	352,747	–	7.19%	–
FCNCA	New	First Citizens BancShares Inc/equity	$7,126,000	–	19,121	–	6.82%	–
RF	New	Regions Financial Corpequity	$7,004,000	–	478,383	–	6.71%	–
CMA	New	Comerica Incequity	$6,372,000	–	87,000	–	6.10%	–
ZION	New	Zions Bancorporationequity	$6,367,000	–	145,000	–	6.10%	–
LION	New	Fidelity Southern Corpequity	$6,267,000	–	274,141	–	6.00%	–
CARO	New	Carolina Financial Corpequity	$4,427,000	–	136,977	–	4.24%	–
SMBC	New	Southern Missouri Bancorp Incequity	$4,419,000	–	136,970	–	4.23%	–
BWFG	New	Bankwell Financial Group Incequity	$4,352,000	–	139,359	–	4.17%	–
OVLY	New	Oak Valley Bancorpequity	$3,966,000	–	285,320	–	3.80%	–
MBCN	New	Middlefield Banc Corpequity	$3,780,000	–	75,000	–	3.62%	–
CZFC	New	Citizens First Corpequity	$3,779,000	–	170,677	–	3.62%	–
PGC	New	Peapack Gladstone Financial Coequity	$3,661,000	–	117,009	–	3.50%	–
HBNC	New	Horizon Bancorp/INequity	$3,298,000	–	125,151	–	3.16%	–
CWBC	New	Community West Bancsharesequity	$3,111,000	–	308,058	–	2.98%	–
QCRH	New	QCR Holdings Incequity	$3,005,000	–	63,394	–	2.88%	–
TCFC	New	Community Financial Corp/Theequity	$2,477,000	–	64,347	–	2.37%	–
FCCY	New	1st Constitution Bancorpequity	$2,210,000	–	125,198	–	2.12%	–
CVCY	New	Central Valley Community Bancoequity	$2,012,000	–	90,787	–	1.93%	–
FMBH	New	First Mid-Illinois Bancsharesequity	$1,930,000	–	56,369	–	1.85%	–
FBMS	New	First Bancshares Inc/Theequity	$1,555,000	–	56,338	–	1.49%	–
HBMD	New	Howard Bancorp Incequity	$1,406,000	–	73,057	–	1.35%	–
PBNC	New	Paragon Commercial Corpequity	$1,157,000	–	22,044	–	1.11%	–
NODK	New	NI Holdings Incequity	$1,019,000	–	56,971	–	0.98%	–
NWFL	New	Norwood Financial Corpequity	$917,000	–	21,707	–	0.88%	–
ZIONW	New	ZIONS BANCORPORATIONwarrant	$708,000	–	55,000	–	0.68%	–
SMBK	New	SmartFinancial Incequity	$605,000	–	25,350	–	0.58%	–
RBPAA	New	Royal Bancshares of Pennsylvanequity	$429,000	–	101,378	–	0.41%	–
WEBK	New	Wellesley Bankequity	$70,000	–	2,530	–	0.07%	–
CVBF	New	CVB Financial Corpequity	$0	–	0	–	0.00%	–

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