The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
1ST CENTURY BANCSHARES, INC. COM 31943X102 1,055 96,127 SH   SOLE 0 96,127 0 0
AERCAP HOLDINGS NV SHS N00985106 9,729 250,996 SH   SOLE 0 250,996 0 0
AIR LEASE CORP CL A 00912X302 3,803 118,394 SH   SOLE 0 118,394 0 0
ANCHOR BANCORP WISCONSIN INC DEL COM 03283P106 5,245 116,398 SH   SOLE 0 116,398 0 0
ANIXTER INTERNATIONAL INC COM 035290105 14,927 286,456 SH   SOLE 0 286,456 0 0
ASTORIA FINANCIAL CORP. COM 046265104 27,094 1,710,458 SH   SOLE 0 1,710,458 0 0
BANCORP NEW JERSEY INC NEW COM 059915108 509 41,767 SH   SOLE 0 41,767 0 0
BANK OF AMERICA CORP. COM 060505104 15,792 1,168,038 SH   SOLE 0 1,168,038 0 0
BANK OF MARIN BANCORP COM 063425102 16,342 332,029 SH   SOLE 0 332,029 0 0
BANK OF NEW YORK COM 064058100 8,514 231,166 SH   SOLE 0 231,166 0 0
BANK OF THE ST JAMES FINL GP COM 470299108 2,464 210,450 SH   SOLE 0 210,450 0 0
BANKFINANCIAL CORPORATION COM 06643P104 17,300 1,463,657 SH   SOLE 0 1,463,657 0 0
BANNER CORPORATION COM 06652V208 9,967 237,075 SH   SOLE 0 237,075 0 0
BB&T CORPORATION COM 054937107 13,896 417,660 SH   SOLE 0 417,660 0 0
BEACON ROOFING SUPPLY INC. COM 073685109 14,518 354,004 SH   SOLE 0 354,004 0 0
BELDEN INC. COM 077454106 40,824 665,096 SH   SOLE 0 665,096 0 0
BLACKROCK INC. COM 09247X101 3,808 11,181 SH   SOLE 0 11,181 0 0
BOFI HOLDING, INC. COM 05566U108 23,539 1,103,062 SH   SOLE 0 1,103,062 0 0
BREITBURN ENERGY PARTNERS L.P. COM UT LTD PTN 106776107 20 35,689 SH   SOLE 0 35,689 0 0
BRIDGE BANCORP, INC. COM 108035106 50,418 1,654,688 SH   SOLE 0 1,654,688 0 0
BRYN MAWR BANK CORP COM 117665109 24,731 961,183 SH   SOLE 0 961,183 0 0
BUILDERS FIRSTSOURCE, INC. COM 12008R107 3,305 293,220 SH   SOLE 0 293,220 0 0
CAESARSTONE SDOT-YAM LTD ORD SHS M20598104 911 26,523 SH   SOLE 0 26,523 0 0
CAMDEN NATIONAL CORP. COM 133034108 9,107 216,840 SH   SOLE 0 216,840 0 0
CAPITAL CITY BANK GROUP, INC. COM 139674105 2,763 189,362 SH   SOLE 0 189,362 0 0
CARDINAL FINANCIAL CORPORATION COM 14149F109 20,345 999,756 SH   SOLE 0 999,756 0 0
CARLISLE COS INC. COM 142339100 33,618 337,866 SH   SOLE 0 337,866 0 0
CAROLINA BK HLDGS INC GREENS COM 143785103 7,042 419,146 SH   SOLE 0 419,146 0 0
CASCADE BANCORP COM 147154207 21,636 3,789,117 SH   SOLE 0 3,789,117 0 0
CENTRAL PACIFIC FINANCIAL CORP. COM 154760409 14,213 652,850 SH   SOLE 0 652,850 0 0
CENTRAL VALLEY COMMTY BANCORP COM 155685100 10,680 959,592 SH   SOLE 0 959,592 0 0
CENTURY COMMUNITIES INC. COM 156504300 6,163 361,063 SH   SOLE 0 361,063 0 0
CITIGROUP INC. COM 172967424 8,060 193,061 SH   SOLE 0 193,061 0 0
CITIZENS FINANCIAL GROUP INC. COM 174610105 67,444 3,219,285 SH   SOLE 0 3,219,285 0 0
COMERICA, INC. COM 200340107 33,475 883,944 SH   SOLE 0 883,944 0 0
COUSINS PROPERTIES INC. COM 222795106 152 14,659 SH   SOLE 0 14,659 0 0
COVENANT TRANSN GROUP INC COM 22284P105 4,413 182,441 SH   SOLE 0 182,441 0 0
CSX CORP. COM 126408103 3,344 129,872 SH   SOLE 0 129,872 0 0
CU BANCORP CALIF COM 126534106 26,716 1,261,995 SH   SOLE 0 1,261,995 0 0
DIAMOND OFFSHORE DRILLING, INC. COM 25271C102 183 8,417 SH   SOLE 0 8,417 0 0
EAGLE BANCORP, INC. MD COM 268948106 2,209 46,014 SH   SOLE 0 46,014 0 0
EAST WEST BANCORP INC COM 27579R104 8,727 268,698 SH   SOLE 0 268,698 0 0
EMCOR GROUP INC. COM 29084Q100 8,865 182,412 SH   SOLE 0 182,412 0 0
ENSCO PLC SHS CLASS A G3157S106 83 7,986 SH   SOLE 0 7,986 0 0
EQUITY BANCSHARES INC COM CL A 29460X109 3,976 189,325 SH   SOLE 0 189,325 0 0
ESSENT GROUP LTD. COM G3198U102 3,738 179,690 SH   SOLE 0 179,690 0 0
FARMERS CAP BK CORP COM 309562106 19,544 739,745 SH   SOLE 0 739,745 0 0
FCB FINL HLDGS INC CL A 30255G103 1,789 53,788 SH   SOLE 0 53,788 0 0
FELCOR LODGING TRUST INC COM 31430F101 561 69,095 SH   SOLE 0 69,095 0 0
FIDELITY NATIONAL FINANCIAL INC. FNF GROUP COM 31620R303 11,329 334,183 SH   SOLE 0 334,183 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 9,299 146,883 SH   SOLE 0 146,883 0 0
FIDELITY SOUTHERN CORP NEW COM 316394105 3,080 192,010 SH   SOLE 0 192,010 0 0
FIFTH THIRD BANCORP COM 316773100 5,255 314,836 SH   SOLE 0 314,836 0 0
FINANCIAL INSTITUTIONS, INC COM 317585404 2,276 78,277 SH   SOLE 0 78,277 0 0
FIRST AMERN FINL CORP COM 31847R102 24,046 630,975 SH   SOLE 0 630,975 0 0
FIRST BANCORP COM 318910106 18,946 1,005,099 SH   SOLE 0 1,005,099 0 0
FIRST CITIZENS BANCSHARES INC. COM 31946M103 3,773 15,028 SH   SOLE 0 15,028 0 0
FIRST FNDTN INC COM 32026V104 12,569 560,367 SH   SOLE 0 560,367 0 0
FIRST HORIZON NATIONAL CORP. COM 320517105 10,941 835,174 SH   SOLE 0 835,174 0 0
FIRST INDUSTRIAL REALTY TRUST COM 32054K103 478 21,003 SH   SOLE 0 21,003 0 0
FIRST NIAGARA FINL GP INC COM 33582V108 4 387 SH   SOLE 0 387 0 0
FIRST SOUTH BANCORP INC COM 33646W100 3,813 462,159 SH   SOLE 0 462,159 0 0
FNB CORPORATION COM 302520101 3,894 299,316 SH   SOLE 0 299,316 0 0
FIDELITY NATIONAL FINANCIAL FNFV GROUP COM 31620R402 1,209 111,383 SH   SOLE 0 111,383 0 0
GUARANTY BANCORP DEL COM NEW 40075T607 23,072 1,492,370 SH   SOLE 0 1,492,370 0 0
HALLIBURTON COMPANY COM 406216101 4,009 112,234 SH   SOLE 0 112,234 0 0
HAMPTON ROADS BANKSHARES, INC. COM NEW 409321502 3,538 1,998,741 SH   SOLE 0 1,998,741 0 0
HARLEY-DAVIDSON INC COM 412822108 23,315 454,214 SH   SOLE 0 454,214 0 0
HERITAGE OAKS BANCORP COM 42724R107 17,089 2,193,664 SH   SOLE 0 2,193,664 0 0
HONEYWELL INTL INC COM 438516106 18,281 163,150 SH   SOLE 0 163,150 0 0
HORIZON BANCORP COM 440407104 4,032 163,092 SH   SOLE 0 163,092 0 0
HOULIHAN LOKEY INC. CL A 441593100 2,819 113,221 SH   SOLE 0 113,221 0 0
HUNTINGTON BANCSHARES COM 446150104 23,997 2,515,410 SH   SOLE 0 2,515,410 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 14,875 1,022,340 SH   SOLE 0 1,022,340 0 0
INSTALLED BLDG PRODS INC COM 45780R101 4,366 164,076 SH   SOLE 0 164,076 0 0
J. ALEXANDER'S HOLDINGS, INC. COM 46609J106 203 19,238 SH   SOLE 0 19,238 0 0
JACOBS ENGR GROUP INC DEL COM 469814107 600 13,780 SH   SOLE 0 13,780 0 0
JP MORGAN CHASE & CO. COM 46625H100 43,409 733,012 SH   SOLE 0 733,012 0 0
KEYCORP COM 493267108 22,422 2,030,956 SH   SOLE 0 2,030,956 0 0
KINDER MORGAN INC. DEL COM 49456B101 2,253 126,163 SH   SOLE 0 126,163 0 0
KORN/FERRY INTERNATIONAL COM 500643200 1,713 60,558 SH   SOLE 0 60,558 0 0
LAKE SUNAPEE BANK GROUP COM 510866106 2,084 149,049 SH   SOLE 0 149,049 0 0
LAKELAND BANCORP, INC. COM 511637100 2,013 198,295 SH   SOLE 0 198,295 0 0
LEAR CORP. COM NEW 521865204 8,936 80,377 SH   SOLE 0 80,377 0 0
LINN ENERGY LLC UNIT LTD LIAB 536020100 14 39,726 SH   SOLE 0 39,726 0 0
LINNCO LLC COM SHS LTD INT 535782106 12 32,996 SH   SOLE 0 32,996 0 0
M&T BANK CORP COM 55261F104 8,735 78,690 SH   SOLE 0 78,690 0 0
MACATAWA BANK CORP COM 554225102 2,938 470,121 SH   SOLE 0 470,121 0 0
MASCO CORP. COM 574599106 5,490 174,565 SH   SOLE 0 174,565 0 0
MB FINANCIAL, INC. NEW COM 55264U108 4,933 152,017 SH   SOLE 0 152,017 0 0
MBT FINL CORP COM 578877102 8,919 1,108,006 SH   SOLE 0 1,108,006 0 0
METHODE ELECTRONICS INC COM 591520200 1,364 46,635 SH   SOLE 0 46,635 0 0
METLIFE INC COM 59156R108 3,526 80,239 SH   SOLE 0 80,239 0 0
NEW YORK CMNTY BANCORP INC COM 649445103 1,165 73,265 SH   SOLE 0 73,265 0 0
NORWEGIAN CRUISE LINE HLDG SHS G66721104 9,016 163,068 SH   SOLE 0 163,068 0 0
OLD LINE BANCSHARES, INC. COM 67984M100 7,141 396,055 SH   SOLE 0 396,055 0 0
OLD NATIONAL BANCORP COM 680033107 3,753 307,896 SH   SOLE 0 307,896 0 0
OLD SECOND BANCORP INC ILL COM 680277100 10,224 1,425,983 SH   SOLE 0 1,425,983 0 0
ONEMAIN HOLDINGS INC. COM 68268W103 7,033 256,405 SH   SOLE 0 256,405 0 0
OPUS BK IRVINE CALIF COM 684000102 27,389 805,551 SH   SOLE 0 805,551 0 0
ORRSTOWN FINANCIAL SERVICES, INC. COM 687380105 8,998 519,532 SH   SOLE 0 519,532 0 0
OWENS CORNING INC. COM 690742101 17,827 377,054 SH   SOLE 0 377,054 0 0
PACIFIC CONTINENTAL CORP COM 69412V108 19,978 1,238,580 SH   SOLE 0 1,238,580 0 0
PACIFIC PREMIER BANCORP, INC. COM 69478X105 23,513 1,100,270 SH   SOLE 0 1,100,270 0 0
PACWEST BANCORP COM 695263103 17,626 474,459 SH   SOLE 0 474,459 0 0
PEAPACK GLADSTONE FINANCIAL CORP. COM 704699107 7,923 468,797 SH   SOLE 0 468,797 0 0
PENNYMAC FINL SVCS INC CL A 70932B101 5,515 468,954 SH   SOLE 0 468,954 0 0
PEOPLES BANCORP INC. COM 709789101 2,727 139,581 SH   SOLE 0 139,581 0 0
PEOPLE'S UTAH BANCORP COM 712706209 6,384 403,287 SH   SOLE 0 403,287 0 0
PNC FINANCIAL SERVICES GROUP, INC. COM 693475105 17,737 209,729 SH   SOLE 0 209,729 0 0
POPULAR, INC. COM NEW 733174700 1,526 53,325 SH   SOLE 0 53,325 0 0
PREFERRED BK LOS ANGELES CA COM NEW 740367404 21,844 722,121 SH   SOLE 0 722,121 0 0
PREMIER FINANCIAL BANCORP INC. COM 74050M105 2,630 166,850 SH   SOLE 0 166,850 0 0
PRIVATEBANCORP INC COM 742962103 4,224 109,421 SH   SOLE 0 109,421 0 0
PROVIDENT BANCORP INC COM 74383X109 2,696 203,772 SH   SOLE 0 203,772 0 0
PULASKI FINANCIAL CORP. COM 745548107 2,396 148,346 SH   SOLE 0 148,346 0 0
PULTE HOMES INC. COM 745867101 4,098 219,008 SH   SOLE 0 219,008 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 3 128 SH Put SOLE 0 128 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 2 72 SH Put SOLE 0 72 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 20 99 SH Put SOLE 0 99 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 134 654 SH Put SOLE 0 654 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 8,219 39,990 SH Put SOLE 0 39,990 0 0
REGIONAL MANAGEMENT CORP. COM 75902K106 17,611 1,029,285 SH   SOLE 0 1,029,285 0 0
REGIONS FINANCIAL CORP. NEW COM 7591EP100 54,933 6,997,819 SH   SOLE 0 6,997,819 0 0
REPUBLIC FIRST BANCORP, INC. COM 760416107 9,978 2,370,113 SH   SOLE 0 2,370,113 0 0
RIVERVIEW BANCORP, INC. COM 769397100 6,347 1,511,248 SH   SOLE 0 1,511,248 0 0
ROYAL BK CDA MONTREAL QUE COM 780087102 1,868 32,456 SH   SOLE 0 32,456 0 0
RYDER SYSTEM INC COM 783549108 6,497 100,291 SH   SOLE 0 100,291 0 0
SEACOAST BKG CORP FLA COM NEW 811707801 37,674 2,385,972 SH   SOLE 0 2,385,972 0 0
SHORE BANCSHARES INC COM 825107105 7,651 638,642 SH   SOLE 0 638,642 0 0
SIERRA BANCORP COM 82620P102 5,588 307,869 SH   SOLE 0 307,869 0 0
SVB FINL GROUP COM 78486Q101 41,008 401,840 SH   SOLE 0 401,840 0 0
SOUTH ST CORP COM 840441109 2,720 42,350 SH   SOLE 0 42,350 0 0
SOUTHERN FIRST BANCSHARES INC COM 842873101 5,764 236,151 SH   SOLE 0 236,151 0 0
SPX CORPORATION COM 784635104 482 32,072 SH   SOLE 0 32,072 0 0
SPX FLOW, INC. COM 78469X107 804 32,072 SH   SOLE 0 32,072 0 0
STATE STREET CORP. COM 857477103 4,061 69,388 SH   SOLE 0 69,388 0 0
STERLING BANCORP DEL COM 85917A100 13,097 822,167 SH   SOLE 0 822,167 0 0
STEWART INFORMATION SVCS COR COM 860372101 36,349 1,001,903 SH   SOLE 0 1,001,903 0 0
SUFFOLK BANCORP COM 864739107 29,463 1,167,322 SH   SOLE 0 1,167,322 0 0
SUNSHINE BANCORP INC. COM 86777J108 1,684 115,787 SH   SOLE 0 115,787 0 0
SUNTRUST BKS INC COM 867914103 1,432 39,695 SH   SOLE 0 39,695 0 0
SUSSEX BANCORP COM 869245100 795 63,608 SH   SOLE 0 63,608 0 0
SWIFT TRANSPORTATION CO CL A 87074U101 4,509 242,009 SH   SOLE 0 242,009 0 0
SYNOVUS FINL CORP COM NEW 87161C501 8,427 291,486 SH   SOLE 0 291,486 0 0
TCF FINANCIAL CORP. COM 872275102 13,255 1,081,180 SH   SOLE 0 1,081,180 0 0
TEREX CORP NEW COM 880779103 3,867 155,437 SH   SOLE 0 155,437 0 0
TEXAS CAPITAL BANCSHARES INC COM 88224Q107 9,532 248,357 SH   SOLE 0 248,357 0 0
COMMUNITY FINL CORP MD COM 20368X101 9,624 456,209 SH   SOLE 0 456,209 0 0
FIRST BANCSHARES INC MS COM 318916103 1,723 110,236 SH   SOLE 0 110,236 0 0
FIRST LONG IS CORP COM 320734106 27,373 960,455 SH   SOLE 0 960,455 0 0
TIMBERLAND BANCORP, INC. COM 887098101 3,907 309,077 SH   SOLE 0 309,077 0 0
TOLL BROTHERS INC. COM 889478103 1,819 61,644 SH   SOLE 0 61,644 0 0
TOPBUILD CORP. COM 89055F103 577 19,396 SH   SOLE 0 19,396 0 0
TRI POINTE GROUP, INC. COM 87265H109 2,921 247,942 SH   SOLE 0 247,942 0 0
TRICO BANCSHARES COM 896095106 3,494 137,982 SH   SOLE 0 137,982 0 0
TRIUMPH BANCORP INC. COM 89679E300 11,933 753,821 SH   SOLE 0 753,821 0 0
UNION BANKSHARES CORP NEW COM 90539J109 8,371 339,852 SH   SOLE 0 339,852 0 0
UNITED BANKSHARES INC WEST V COM 909907107 6,612 180,165 SH   SOLE 0 180,165 0 0
UNITED RENTALS INC COM 911363109 1,682 27,047 SH   SOLE 0 27,047 0 0
UNITY BANCORP INC COM 913290102 7,363 647,551 SH   SOLE 0 647,551 0 0
US BANCORP DEL COM NEW 902973304 46,762 1,152,064 SH   SOLE 0 1,152,064 0 0
VALLEY NATIONAL BANCORP COM 919794107 3,113 326,307 SH   SOLE 0 326,307 0 0
VERITEX HOLDINGS INC. COM 923451108 13,317 916,513 SH   SOLE 0 916,513 0 0
WASHINGTONFIRST BANKSHARES I COM 940730104 13,240 605,969 SH   SOLE 0 605,969 0 0
WCI CMNTYS INC COM PAR $0.01 92923C807 2,980 160,404 SH   SOLE 0 160,404 0 0
WELLS FARGO & CO NEW COM 949746101 58,804 1,215,959 SH   SOLE 0 1,215,959 0 0
WESCO INTERNATIONAL INC. COM 95082P105 18,671 341,529 SH   SOLE 0 341,529 0 0
WESTERN ALLIANCE BANCORP COM 957638109 2,513 75,297 SH   SOLE 0 75,297 0 0
WILLIS TOWERS WATSON PUB LTD SHS G96629103 2,827 23,822 SH   SOLE 0 23,822 0 0
WINTRUST FINL CORP COM 97650W108 5,876 132,520 SH   SOLE 0 132,520 0 0
YADKIN FINL CORP COM 984305102 3,636 153,614 SH   SOLE 0 153,614 0 0
ZIONS BANCORPORATION COM 989701107 22,465 927,909 SH   SOLE 0 927,909 0 0