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
Ameris Bancorp COM 03076K108 231 9,900 SH   SOLE   9,900 0 0
AerCap Holdings NV SHS N00985106 2,679 63,500 SH   SOLE   63,500 0 0
Alliance Bancorp, Inc. of Pennsylvania COM 01890A108 3,010 196,100 SH   SOLE   196,100 0 0
Ambac Financial Group, Inc. COM 023139884 15,447 497,800 SH   SOLE   497,800 0 0
Ambac Financial Group,Inc. Exp 4/30/2023 Warrant 023139116 2,043 100,162 SH Call SOLE   100,162 0 0
Affiliated Managers Group, Inc. COM 008252108 1,940 9,700 SH   SOLE   9,700 0 0
American Homes 4 Rent CL A 02665T306 14,788 885,000 SH   SOLE   885,000 0 0
American River Bankshares COM 029326105 6,493 703,500 SH   SOLE   703,500 0 0
Access National Corporation COM 004337101 2,013 124,200 SH   SOLE   124,200 0 0
ASB Bancorp, Inc. COM 00213T109 2,242 126,300 SH   SOLE   126,300 0 0
BancFirst Corporation COM 05945F103 10,216 180,400 SH   SOLE   180,400 0 0
Bridge Bancorp, Inc. COM 108035106 5,609 210,000 SH   SOLE   210,000 0 0
Bridge Capital Holdings COM 108030107 3,742 157,500 SH   SOLE   157,500 0 0
Franklin Resources, Inc. COM 354613101 3,711 68,500 SH   SOLE   68,500 0 0
Bar Harbor Bankshares COM 066849100 896 23,376 SH   SOLE   23,376 0 0
Bank Mutual Corporation COM 063750103 2,473 390,000 SH   SOLE   390,000 0 0
BankUnited, Inc. COM 06652K103 9,176 263,900 SH   SOLE   263,900 0 0
Bank of Marin Bancorp COM 063425102 5,182 115,000 SH   SOLE   115,000 0 0
Beneficial Mutual Bancorp, Inc. (MHC) COM 08173R104 2,770 210,000 SH   SOLE   210,000 0 0
Bank of Commerce Holdings COM 06424J103 538 80,000 SH   SOLE   80,000 0 0
BOK Financial Corporation COM 05561Q201 4,143 60,000 SH   SOLE   60,000 0 0
Boston Private Financial Holdings, Inc. COM 101119105 7,539 557,200 SH   SOLE   557,200 0 0
Brookline Bancorp, Inc. COM 11373M107 1,884 200,000 SH   SOLE   200,000 0 0
Sierra Bancorp COM 82620P102 3,872 243,200 SH   SOLE   243,200 0 0
First Busey Corporation COM 319383105 2,474 426,500 SH   SOLE   426,500 0 0
Citigroup Inc. COM 172967424 14,423 303,000 SH   SOLE   303,000 0 0
Camden National Corporation COM 133034108 330 8,000 SH   SOLE   8,000 0 0
Capital Bank Financial Corporation CL A 139794101 3,013 120,000 SH   SOLE   120,000 0 0
Chicopee Bancorp, Inc. COM 168565109 4,375 247,200 SH   SOLE   247,200 0 0
CNB Financial Corporation COM 126128107 1,360 76,900 SH   SOLE   76,900 0 0
Chemical Financial Corporation COM 163731102 2,921 90,000 SH   SOLE   90,000 0 0
Charter Financial Corporation COM 16122W108 6,490 600,400 SH   SOLE   600,400 0 0
Comerica Incorporated COM 200340107 5,180 100,000 SH   SOLE   100,000 0 0
Century Bancorp, Inc. CL A NON VTG 156432106 10,073 295,300 SH   SOLE   295,300 0 0
Colonial Financial Services, Inc. COM 19566B101 2,038 184,300 SH   SOLE   184,300 0 0
CoBiz Financial Inc. COM 190897108 9,919 861,000 SH   SOLE   861,000 0 0
Cowen Group, Inc. CL A 223622101 738 167,400 SH   SOLE   167,400 0 0
CenterState Banks, Inc. COM 15201P109 513 47,000 SH   SOLE   47,000 0 0
Coastway Bancorp, Inc. COM 190632109 4,996 486,000 SH   SOLE   486,000 0 0
City National Corporation COM 178566105 5,566 70,700 SH   SOLE   70,700 0 0
Citizens & Northern Corporation COM 172922106 4,112 208,600 SH   SOLE   208,600 0 0
Citizens Community Bancorp Inc. COM 174903104 689 86,100 SH   SOLE   86,100 0 0
DNB Financial Corporation COM 233237106 793 40,600 SH   SOLE   40,600 0 0
ESSA Bancorp, Inc. COM 29667D104 1,390 127,900 SH   SOLE   127,900 0 0
Evans Bancorp, Inc. COM 29911Q208 5,617 246,900 SH   SOLE   246,900 0 0
First Business Financial Services, Inc. COM 319390100 4,133 87,600 SH   SOLE   87,600 0 0
First Bancshares Inc. COM 318916103 1,944 134,177 SH   SOLE   134,177 0 0
First Bancorp COM 318910106 574 30,200 SH   SOLE   30,200 0 0
First Community Corporation COM 319835104 4,541 406,200 SH   SOLE   406,200 0 0
First Citizens BancShares, Inc. CL A 31946M103 8,860 36,800 SH   SOLE   36,800 0 0
1st Century Bancshares, Inc. COM 31943X102 7,127 899,900 SH   SOLE   899,900 0 0
First Capital Bancorp, Inc. COM 319438107 68 16,100 SH   SOLE   16,100 0 0
First Citizens Banc Corp, Inc. Series B Conv. Pfd. 6.50 % PFD SER B 319459400 5,798 194,900 SH   SOLE   194,900 0 0
First Financial Bancorp. COM 320209109 9,267 515,400 SH   SOLE   515,400 0 0
First Financial Bancorp Exp 12/23/2018 Warrant 320209117 89 13,984 SH Call SOLE   13,984 0 0
FedFirst Financial Corporation COM 31429C101 2,092 104,700 SH   SOLE   104,700 0 0
First Interstate BancSystem, Inc. COM CL A 32055Y201 1,834 65,000 SH   SOLE   65,000 0 0
First Midwest Bancorp, Inc. COM 320867104 21,574 1,263,100 SH   SOLE   1,263,100 0 0
FirstMerit Corporation COM 337915102 5,105 245,100 SH   SOLE   245,100 0 0
First South Bancorp, Inc. COM 33646W100 261 30,000 SH   SOLE   30,000 0 0
1st United Bancorp, Inc. COM 33740N105 9,237 1,205,835 SH   SOLE   1,205,835 0 0
Fox Chase Bancorp, Inc. COM 35137T108 7,802 463,021 SH   SOLE   463,021 0 0
Guaranty Bancorp COM 40075T607 5,516 387,100 SH   SOLE   387,100 0 0
Georgetown Bancorp, Inc. COM 372591107 1,828 123,487 SH   SOLE   123,487 0 0
Hanmi Financial Corporation COM 410495204 1,282 55,000 SH   SOLE   55,000 0 0
Hancock Holding Company COM 410120109 7,550 206,000 SH   SOLE   206,000 0 0
Hamilton Bancorp Inc. COM 407015106 4,830 345,000 SH   SOLE   345,000 0 0
Hudson City Bancorp, Inc. COM 443683107 9,830 1,000,000 SH   SOLE   1,000,000 0 0
Heritage Oaks Bancorp COM 42724R107 2,424 300,000 SH   SOLE   300,000 0 0
HopFed Bancorp, Inc. COM 439734104 7,930 679,503 SH   SOLE   679,503 0 0
Home Federal Bancorp, Inc. of Louisiana COM 43708L108 1,900 107,000 SH   SOLE   107,000 0 0
HF Financial Corp. COM 404172108 8,763 655,900 SH   SOLE   655,900 0 0
Hingham Institution for Savings COM 433323102 2,920 37,200 SH   SOLE   37,200 0 0
HMN Financial, Inc. COM 40424G108 310 31,500 SH   SOLE   31,500 0 0
Homestreet Inc. COM 43785V102 2,098 107,300 SH   SOLE   107,300 0 0
HomeTrust Bancshares, Inc. COM 437872104 2,390 151,430 SH   SOLE   151,430 0 0
Heritage Commerce Corp COM 426927109 6,851 850,000 SH   SOLE   850,000 0 0
Hilltop Holdings Inc. COM 432748101 14,072 591,500 SH   SOLE   591,500 0 0
Invesco Ltd. SHS G491BT108 9,842 266,000 SH   SOLE   266,000 0 0
Independent Bank Corporation COM 453838609 10,514 810,000 SH   SOLE   810,000 0 0
IF Bancorp, Inc. COM 44951J105 6,673 410,400 SH   SOLE   410,400 0 0
Jacksonville Bancorp, Inc. COM 469249205 3,283 312,707 SH   SOLE   312,707 0 0
JPMorgan Chase & Co. COM 46625H100 21,309 351,000 SH   SOLE   351,000 0 0
JPMorgan Chase & Co. Exp 10/28/2018 Warrant 46634E114 1,212 60,000 SH Call SOLE   60,000 0 0
Jacksonville Bancorp, Inc. (IL) COM 46924R106 1,260 60,000 SH   SOLE   60,000 0 0
Louisiana Bancorp, Inc. COM 54619P104 3,522 184,700 SH   SOLE   184,700 0 0
Lazard Ltd SHS A G54050102 4,238 90,000 SH   SOLE   90,000 0 0
Laporte Bancorp Inc. COM 516651106 5,162 479,700 SH   SOLE   479,700 0 0
MB Financial, Inc. COM 55264U108 3,647 117,789 SH   SOLE   117,789 0 0
Mercantile Bank Corporation COM 587376104 3,072 149,000 SH   SOLE   149,000 0 0
Metro Bancorp Inc. COM 59161R101 1,099 52,000 SH   SOLE   52,000 0 0
Malvern Bancorp, Inc. COM 561409103 6,561 640,675 SH   SOLE   640,675 0 0
MidWestOne Financial Group, Inc. COM 598511103 3,912 155,000 SH   SOLE   155,000 0 0
Morgan Stanley COM 617446448 11,333 363,600 SH   SOLE   363,600 0 0
MainSource Financial Group, Inc. COM 56062Y102 4,275 250,000 SH   SOLE   250,000 0 0
M&T Bank Corp. Exp 12/23/2018 Warrant 55261F112 7,997 167,300 SH Call SOLE   167,300 0 0
First NBC Bank Holding Company COM 32115D106 17,071 489,700 SH   SOLE   489,700 0 0
National Bank Holdings Corporation CL A 633707104 6,294 313,600 SH   SOLE   313,600 0 0
NBT Bancorp Inc. COM 628778102 2,446 100,000 SH   SOLE   100,000 0 0
NMI Holdings CL A 629209305 6,130 523,000 SH   SOLE   523,000 0 0
North Valley Bancorp COM 66304M204 5,825 240,900 SH   SOLE   240,900 0 0
National Penn Bancshares, Inc. COM 637138108 2,090 200,000 SH   SOLE   200,000 0 0
Northrim BanCorp, Inc. COM 666762109 5,873 228,619 SH   SOLE   228,619 0 0
OmniAmerican Bancorp, Inc. COM 68216R107 17,494 767,600 SH   SOLE   767,600 0 0
OBA Financial Services, Inc. COM 67424G101 3,830 209,500 SH   SOLE   209,500 0 0
Southwest Bancorp, Inc. COM 844767103 15,209 861,200 SH   SOLE   861,200 0 0
Old Line Bancshares, Inc. COM 67984M100 2,489 144,300 SH   SOLE   144,300 0 0
Oak Valley Bancorp. COM 671807105 565 60,000 SH   SOLE   60,000 0 0
Prosperity Bancshares, Inc. COM 743606105 2,196 33,200 SH   SOLE   33,200 0 0
Polonia Bancorp, Inc. COM 73158Q109 3,116 319,600 SH   SOLE   319,600 0 0
Pathfinder Bancorp, Inc. COM 70320A103 795 55,000 SH   SOLE   55,000 0 0
Prudential Bancorp, Inc. COM 74431A101 5,048 474,000 SH   SOLE   474,000 0 0
Poage Bankshares, Inc. COM 730206109 3,226 227,200 SH   SOLE   227,200 0 0
Peoples Bancorp of North Carolina COM 710577107 552 35,400 SH   SOLE   35,400 0 0
Peoples Federal Bancshares, Inc. COM 711037101 4,038 225,600 SH   SOLE   225,600 0 0
Preferred Bank COM 740367404 4,543 175,000 SH   SOLE   175,000 0 0
Premier Financial Bancorp, Inc. COM 74050M105 1,296 90,400 SH   SOLE   90,400 0 0
Palmetto Bancshares, Inc. COM 697062206 10,314 731,995 SH   SOLE   731,995 0 0
Provident Financial Holdings, Inc. COM 743868101 3,116 202,100 SH   SOLE   202,100 0 0
Park Sterling Corp COM 70086Y105 1,275 191,800 SH   SOLE   191,800 0 0
Rockville Financial, Inc. COM 774188106 2,482 182,600 SH   SOLE   182,600 0 0
Riverview Bancorp, Inc. COM 769397100 4,194 1,222,700 SH   SOLE   1,222,700 0 0
Silvercrest Asset Management Group Inc. CL A 828359109 5,348 292,400 SH   SOLE   292,400 0 0
Seacoast Banking Corporation of Florida COM 811707801 8,415 765,000 SH   SOLE   765,000 0 0
SCBT Financial Corporation COM 32023E105 2,029 32,400 SH   SOLE   32,400 0 0
Simmons First National Corporation CL A $1 PAR 828730200 4,998 134,100 SH   SOLE   134,100 0 0
Stonegate Mortgage Corp COM 86181Q300 4,776 321,411 SH   SOLE   321,411 0 0
State Investors Bancorp, Inc. COM 857030100 3,103 198,400 SH   SOLE   198,400 0 0
SI Financial Group, Inc. COM 78425V104 5,735 508,898 SH   SOLE   508,898 0 0
Southern Missouri Bancorp, Inc. COM 843380106 7,593 220,400 SH   SOLE   220,400 0 0
Synovus Financial Corp. COM 87161C105 59 17,400 SH   SOLE   17,400 0 0
Southcoast Financial Corporation COM 84129R100 414 56,800 SH   SOLE   56,800 0 0
SPDR S&P 500 ETF Trust TR UNIT 78462F103 18,701 100,000 SH Put SOLE   100,000 0 0
S&T Bancorp, Inc. COM 783859101 593 25,000 SH   SOLE   25,000 0 0
State Bank Financial Corporation COM 856190103 39,436 2,229,300 SH   SOLE   2,229,300 0 0
Suntrust Bank Inc. Exp 12/31/2018 Warrant 867914129 1,510 139,260 SH Call SOLE   139,260 0 0
State Street Corporation COM 857477103 10,780 155,000 SH   SOLE   155,000 0 0
Suffolk Bancorp COM 864739107 3,122 140,000 SH   SOLE   140,000 0 0
Susquehanna Bancshares, Inc. COM 869099101 2,908 255,800 SH   SOLE   255,800 0 0
Territorial Bancorp Inc. COM 88145X108 11,288 522,600 SH   SOLE   522,600 0 0
TF Financial Corporation COM 872391107 448 15,000 SH   SOLE   15,000 0 0
Talmer Bancorp, Inc. COM 87482X101 1,098 75,000 SH   SOLE   75,000 0 0
T. Rowe Price Group, Inc. COM 74144T108 824 10,000 SH   SOLE   10,000 0 0
United Security Bancshares COM 911460103 362 65,400 SH   SOLE   65,400 0 0
United Community Bancorp COM 90984R101 3,735 329,100 SH   SOLE   329,100 0 0
United Community Banks, Inc. COM 90984P303 3,810 196,270 SH   SOLE   196,270 0 0
United Community Financial Corp. COM 909839102 12,798 3,264,803 SH   SOLE   3,264,803 0 0
U.S. Bancorp COM 902973304 5,572 130,000 SH   SOLE   130,000 0 0
Washington Federal, Inc. COM 938824109 932 40,000 SH   SOLE   40,000 0 0
Western Alliance Bancorporation COM 957638109 984 40,000 SH   SOLE   40,000 0 0
Wolverine Bancorp, Inc. COM 977880103 3,460 160,200 SH   SOLE   160,200 0 0
Walker & Dunlop, Inc. COM 93148P102 3,270 200,000 SH   SOLE   200,000 0 0
Wells Fargo & Company COM 949746101 4,974 100,000 SH   SOLE   100,000 0 0
Westfield Financial, Inc. COM 96008P104 1,515 203,300 SH   SOLE   203,300 0 0
Wilshire Bancorp, Inc. COM 97186T108 3,994 359,800 SH   SOLE   359,800 0 0
Willis Lease Finance Corporation COM 970646105 2,581 126,100 SH   SOLE   126,100 0 0
Waterstone Financial Inc. COM 94188P101 7,059 679,400 SH   SOLE   679,400 0 0
WSFS Financial Corporation COM 929328102 1,786 25,000 SH   SOLE   25,000 0 0
West Bancorporation, Inc. COM 95123P106 1,955 128,700 SH   SOLE   128,700 0 0
Wintrust Financial Corporation COM 97650W108 4,866 100,000 SH   SOLE   100,000 0 0
Xenith Bankshares, Inc. COM 98410X105 4,095 685,900 SH   SOLE   685,900 0 0
Zions Bancorporation COM 989701107 1,859 60,000 SH   SOLE   60,000 0 0
Zions Bancorporation Exp 11/14/2018 Warrant 989701131 7,585 1,850,000 SH Call SOLE   1,850,000 0 0