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
AFFILIATED MANAGERS GROUP COM 008252108 12,886 78,600 SH   SOLE   78,600 0 0
AJS Bancorp, Inc. COM 001503101 2,862 188,900 SH   SOLE   188,900 0 0
ALLY FINL INC COM 02005N100 1,017 50,000 SH Put SOLE   50,000 0 0
American Business Bank Unlisted 02475L105 1,976 49,100 SH   SOLE   49,100 0 0
AMERICAN RIVER BANKSHARES COM 029326105 6,321 426,505 SH   SOLE   426,505 0 0
AMERIS BANCORP COM 03076K108 27,199 590,000 SH   SOLE   590,000 0 0
AMES NATL CORP COM 031001100 60 1,951 SH   SOLE   1,951 0 0
ANNALY CAP MGMT INC COM 035710409 2,939 264,500 SH   SOLE   264,500 0 0
ASSOCIATED BANC CORP COM 045487105 1,098 45,000 SH   SOLE   45,000 0 0
Avidbank Holdings, Inc. COM 05368J103 2,428 127,103 SH   SOLE   127,103 0 0
BANC OF CALIFORNIA INC COM 05990K106 2,588 125,000 SH   SOLE   125,000 0 0
BANCFIRST CORP COM 05945F103 3,974 44,209 SH   SOLE   44,209 0 0
BANCORP 34 INC COM 05970V106 788 61,906 SH   SOLE   61,906 0 0
BANCORPSOUTH INC COM 059692103 13,915 460,000 SH   SOLE   460,000 0 0
BANK AMER CORP COM 060505104 17,169 727,800 SH   SOLE   727,800 0 0
BANK COMM HLDGS COM 06424J103 3,264 305,000 SH   SOLE   305,000 0 0
BANK OF NT BUTTERFIELD&SON L SHS NEW G0772R208 7,818 245,000 SH   SOLE   245,000 0 0
BANK OF THE ST JAMES FINL GP COM 470299108 2,344 160,200 SH   SOLE   160,200 0 0
BANKUNITED INC COM 06652K103 1,866 50,000 SH   SOLE   50,000 0 0
Bay Banks of Virginia, Inc. COM 072035108 4,420 469,700 SH   SOLE   469,700 0 0
Blackhawk Bancorp, Inc. Unlisted 09237E204 3,229 157,000 SH   SOLE   157,000 0 0
BOSTON PRIVATE FINL HLDGS IN COM 101119105 7,905 482,000 SH   SOLE   482,000 0 0
BRYN MAWR BK CORP COM 117665109 3,619 91,625 SH   SOLE   91,625 0 0
CAMDEN NATL CORP COM 133034108 2,092 47,500 SH   SOLE   47,500 0 0
CARDINAL FINL CORP COM 14149F109 162 5,400 SH   SOLE   5,400 0 0
Carolina Alliance Bank Unlisted 14376R107 426 34,439 SH   SOLE   34,439 0 0
CAROLINA FINL CORP NEW COM 143873107 3,450 115,000 SH   SOLE   115,000 0 0
Carroll Bancorp, Inc. Unlisted 144702107 120 7,301 SH   SOLE   7,301 0 0
CENTERSTATE BANKS INC COM 15201P109 16,965 655,000 SH   SOLE   655,000 0 0
Central Federal Bancshares, Inc. Unlisted 15346T107 2,069 165,500 SH   SOLE   165,500 0 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 17,094 281,040 SH   SOLE   281,040 0 0
CITIGROUP INC COM NEW 172967424 24,257 405,500 SH   SOLE   405,500 0 0
CITIZENS HLDG CO MISS COM 174715102 69 2,800 SH   SOLE   2,800 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 3,324 150,000 SH   SOLE   150,000 0 0
CIVISTA BANCSHARES INC 6.50% PFD SER B 178867206 7,505 115,000 SH   SOLE   115,000 0 0
CNB FINL CORP PA COM 126128107 5,645 236,300 SH   SOLE   236,300 0 0
COASTWAY BANCORP INC COM 190632109 7,572 430,000 SH   SOLE   430,000 0 0
CODORUS VY BANCORP INC COM 192025104 8,031 309,967 SH   SOLE   309,967 0 0
COMERICA INC COM 200340107 13,874 202,300 SH   SOLE   202,300 0 0
COMERICA INC COM 200340107 1,715 25,000 SH Call SOLE   25,000 0 0
Community Bank Of Santa Maria Unlisted 203598107 5 550 SH   SOLE   550 0 0
COMMUNITY BANKERS TR CORP COM 203612106 6,527 815,855 SH   SOLE   815,855 0 0
COMMUNITY TR BANCORP INC COM 204149108 4,026 88,000 SH   SOLE   88,000 0 0
COMMUNITY WEST BANCSHARES COM 204157101 2,652 260,000 SH   SOLE   260,000 0 0
CULLEN FROST BANKERS INC COM 229899109 12,456 140,000 SH   SOLE   140,000 0 0
DCB Financial Corp COM 233075100 1,194 66,200 SH   SOLE   66,200 0 0
DISCOVER FINL SVCS COM 254709108 4,391 64,200 SH   SOLE   64,200 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 2,913 83,500 SH   SOLE   83,500 0 0
EAST WEST BANCORP INC COM 27579R104 3,355 65,000 SH   SOLE   65,000 0 0
ENTERPRISE FINL SVCS CORP COM 293712105 2,756 65,000 SH   SOLE   65,000 0 0
EQUITABLE FINL CORP NEW COM 29448T105 3,163 308,629 SH   SOLE   308,629 0 0
EQUITY BANCSHARES INC COM CL A 29460X109 7,129 224,400 SH   SOLE   224,400 0 0
ESSA BANCORP INC COM 29667D104 6,632 454,900 SH   SOLE   454,900 0 0
EVANS BANCORP INC COM NEW 29911Q208 9,024 235,000 SH   SOLE   235,000 0 0
FARMERS NATL BANC CORP COM 309627107 502 35,000 SH   SOLE   35,000 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 3,602 92,500 SH   SOLE   92,500 0 0
First American International Corp. COM 31849X107 3,589 168,880 SH   SOLE   168,880 0 0
FIRST AMERN FINL CORP COM 31847R102 2,946 75,000 SH   SOLE   75,000 0 0
FIRST BANCSHARES INC MS COM 318916103 8,028 281,690 SH   SOLE   281,690 0 0
FIRST CMNTY CORP S C COM 319835104 3,748 170,370 SH   SOLE   170,370 0 0
FIRST DEFIANCE FINL CORP COM 32006W106 1,000 20,188 SH   SOLE   20,188 0 0
FIRST HORIZON NATL CORP COM 320517105 9,805 530,000 SH   SOLE   530,000 0 0
First Intercontinental Bank COM 32056Y101 1,196 131,439 SH   SOLE   131,439 0 0
FIRST MID ILL BANCSHARES INC COM 320866106 722 21,332 SH   SOLE   21,332 0 0
FIRST MIDWEST BANCORP DEL COM 320867104 2,368 100,000 SH   SOLE   100,000 0 0
First Northern Community Bancorp Unlisted 335925103 1 104 SH   SOLE   104 0 0
FIRST SOUTH BANCORP INC VA COM 33646W100 1,435 118,271 SH   SOLE   118,271 0 0
FLEETCOR TECHNOLOGIES INC COM 339041105 757 5,000 SH   SOLE   5,000 0 0
FNB CORP PA COM 302520101 5,205 350,000 SH   SOLE   350,000 0 0
FNB CORP PA *W $3.161 EXP 1/30/2019 302520945 4,571 389,724 SH   SOLE   389,724 0 0
Four Oaks Fincorp, Inc. Unlisted 350891107 525 37,360 SH   SOLE   37,360 0 0
FRANKLIN FINL NETWORK INC COM 35352P104 1,938 50,000 SH   SOLE   50,000 0 0
FSB BANCORP INC COM 30289C102 1,020 71,541 SH   SOLE   71,541 0 0
GUARANTY BANCORP DEL COM NEW 40075T607 3,653 150,000 SH   SOLE   150,000 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 1,870 98,100 SH   SOLE   98,100 0 0
HAMILTON BANCORP INC MD COM 407015106 2,129 140,961 SH   SOLE   140,961 0 0
HENNESSY ADVISORS INC COM 425885100 1,584 94,205 SH   SOLE   94,205 0 0
Hibernia Bancorp, Inc. COM 42866N104 319 15,000 SH   SOLE   15,000 0 0
HILLTOP HOLDINGS INC COM 432748101 1,099 40,000 SH   SOLE   40,000 0 0
HMN FINL INC COM 40424G108 2,181 120,834 SH   SOLE   120,834 0 0
HMN FINL INC *W $4.68 EXP 12/23/2018 40424G975 3,747 277,778 SH   SOLE   277,778 0 0
HOME BANCORP INC COM 43689E107 1,113 32,985 SH   SOLE   32,985 0 0
HOMESTREET INC COM 43785V102 1,537 55,000 SH   SOLE   55,000 0 0
HOMETRUST BANCSHARES INC COM 437872104 6,843 291,191 SH   SOLE   291,191 0 0
HOPE BANCORP INC COM 43940T109 3,067 160,000 SH   SOLE   160,000 0 0
HOWARD BANCORP INC COM 442496105 3,740 200,000 SH   SOLE   200,000 0 0
HUNTINGTON BANCSHARES INC COM 446150104 5,825 435,000 SH   SOLE   435,000 0 0
IBERIABANK CORP COM 450828108 16,611 210,000 SH   SOLE   210,000 0 0
IF BANCORP INC COM 44951J105 5,075 255,000 SH   SOLE   255,000 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 17,220 831,900 SH   SOLE   831,900 0 0
INDEPENDENT BK GROUP INC COM 45384B106 1,608 25,000 SH   SOLE   25,000 0 0
INVESCO LTD SHS G491BT108 6,031 196,900 SH   SOLE   196,900 0 0
INVESTAR HLDG CORP COM 46134L105 6,680 305,000 SH   SOLE   305,000 0 0
INVESTORS BANCORP INC NEW COM 46146L101 2,301 160,000 SH   SOLE   160,000 0 0
JACKSONVILLE BANCORP INC MD COM 46924R106 1,932 63,769 SH   SOLE   63,769 0 0
JPMORGAN CHASE & CO COM 46625H100 11,858 135,000 SH   SOLE   135,000 0 0
JPMORGAN CHASE & CO *W EXP 10/28/201 46634E114 5,673 122,500 SH   SOLE   122,500 0 0
KEYCORP NEW COM 493267108 18,580 1,045,000 SH   SOLE   1,045,000 0 0
LAKELAND BANCORP INC COM 511637100 5,880 300,000 SH   SOLE   300,000 0 0
LEGG MASON INC COM 524901105 722 20,000 SH   SOLE   20,000 0 0
LENNAR CORP CL B 526057302 10,584 253,208 SH   SOLE   253,208 0 0
M & T BK CORP *W EXP 12/23/201 55261F112 6,054 75,019 SH   SOLE   75,019 0 0
MAINSOURCE FINANCIAL GP INC COM 56062Y102 10,017 304,200 SH   SOLE   304,200 0 0
MB Bancorp, Inc. COM 55280E104 2,790 188,500 SH   SOLE   188,500 0 0
Meetinghouse Bancorp, Inc. COM 58514H109 626 38,400 SH   SOLE   38,400 0 0
MELROSE BANCORP INC COM 585553100 2,737 162,432 SH   SOLE   162,432 0 0
MERITAGE HOMES CORP COM 59001A102 2,944 80,000 SH   SOLE   80,000 0 0
MIDDLEBURG FINANCIAL CORP COM 596094102 2,302 57,500 SH   SOLE   57,500 0 0
MIDWESTONE FINL GROUP INC NE COM 598511103 9,430 275,000 SH   SOLE   275,000 0 0
Minden Bancorp, Inc. COM 60255R106 358 14,900 SH   SOLE   14,900 0 0
MORGAN STANLEY COM NEW 617446448 6,640 155,000 SH   SOLE   155,000 0 0
MUTUALFIRST FINL INC COM 62845B104 6,881 218,100 SH   SOLE   218,100 0 0
NATIONAL COMM CORP COM 63546L102 1,647 45,000 SH   SOLE   45,000 0 0
New Bancorp, Inc. COM 642142103 922 66,200 SH   SOLE   66,200 0 0
New Jersey Community Bank COM 64577U102 730 160,488 SH   SOLE   160,488 0 0
NICOLET BANKSHARES INC COM 65406E102 80 1,700 SH   SOLE   1,700 0 0
NMI HLDGS INC CL A 629209305 6,498 570,000 SH   SOLE   570,000 0 0
NORTHRIM BANCORP INC COM 666762109 5,265 175,200 SH   SOLE   175,200 0 0
OAK VALLEY BANCORP OAKDALE C COM 671807105 1,093 82,825 SH   SOLE   82,825 0 0
OLD SECOND BANCORP INC ILL COM 680277100 10,901 969,000 SH   SOLE   969,000 0 0
OM ASSET MGMT PLC SHS G67506108 1,663 110,000 SH   SOLE   110,000 0 0
OTTAWA BANCORP INC COM 689195105 3,124 237,785 SH   SOLE   237,785 0 0
PACIFIC MERCANTILE BANCORP COM 694552100 904 119,800 SH   SOLE   119,800 0 0
PARAGON COML CORP COM NEW 69911U403 419 7,829 SH   SOLE   7,829 0 0
PATHFINDER BANCORP INC MD COM 70319R109 3,762 257,661 SH   SOLE   257,661 0 0
PAYPAL HLDGS INC COM 70450Y103 2,151 50,000 SH   SOLE   50,000 0 0
PB BANCORP INC COM 70454T100 3,075 301,430 SH   SOLE   301,430 0 0
PEOPLES BANCORP N C INC COM 710577107 1,979 66,622 SH   SOLE   66,622 0 0
Pilgrim Bancshares, Inc. COM 72143J105 2,162 136,000 SH   SOLE   136,000 0 0
PLUMAS BANCORP COM 729273102 599 32,909 SH   SOLE   32,909 0 0
PNC FINL SVCS GROUP INC *W EXP 12/31/201 693475121 827 15,647 SH   SOLE   15,647 0 0
POAGE BANKSHARES INC COM 730206109 5,275 270,505 SH   SOLE   270,505 0 0
PREFERRED BK LOS ANGELES CA COM NEW 740367404 11,000 205,000 SH   SOLE   205,000 0 0
PRICE T ROWE GROUP INC COM 74144T108 3,258 47,800 SH   SOLE   47,800 0 0
PRIVATEBANCORP INC COM 742962103 9,202 155,000 SH   SOLE   155,000 0 0
QCR HOLDINGS INC COM 74727A104 15,987 377,500 SH   SOLE   377,500 0 0
QNB Corporation COM 74726N107 2,480 65,000 SH   SOLE   65,000 0 0
REGIONS FINL CORP NEW COM 7591EP100 3,923 270,000 SH   SOLE   270,000 0 0
RIVERVIEW BANCORP INC COM 769397100 5,025 702,800 SH   SOLE   702,800 0 0
S & T BANCORP INC COM 783859101 3,633 105,000 SH   SOLE   105,000 0 0
SB FINL GROUP INC DEP SHS PFD 6.5% 78408D204 1,280 80,000 SH   SOLE   80,000 0 0
SCHWAB CHARLES CORP NEW COM 808513105 7,346 180,000 SH   SOLE   180,000 0 0
SEACOAST BKG CORP FLA COM NEW 811707801 13,441 560,500 SH   SOLE   560,500 0 0
SI FINL GROUP INC MD COM 78425V104 11,826 841,737 SH   SOLE   841,737 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 1,988 13,400 SH   SOLE   13,400 0 0
SOUTHERN MO BANCORP INC COM 843380106 3,644 102,600 SH   SOLE   102,600 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 4,715 20,000 SH Put SOLE   20,000 0 0
Standard AVB Financial Corp. COM 853393106 5,605 211,500 SH   SOLE   211,500 0 0
STATE BK FINL CORP COM 856190103 14,587 558,463 SH   SOLE   558,463 0 0
STONEGATE BK FT LAUDERDALE F COM 861811107 7,534 160,000 SH   SOLE   160,000 0 0
Sugar Creek Financial Corporation COM 86481Y102 1,174 83,575 SH   SOLE   83,575 0 0
SUN BANCORP INC COM NEW 86663B201 20,289 831,500 SH   SOLE   831,500 0 0
Sunnyside Bancorp, Inc. COM 867475105 858 64,871 SH   SOLE   64,871 0 0
SUNSHINE BANCORP INC COM 86777J108 1,573 75,100 SH   SOLE   75,100 0 0
Sunshine Financial Inc. COM 86782T109 1,346 66,000 SH   SOLE   66,000 0 0
SUNTRUST BKS INC COM 867914103 10,507 190,000 SH   SOLE   190,000 0 0
SUNTRUST BKS INC *W EXP 12/31/201 867914129 800 37,000 SH   SOLE   37,000 0 0
SUTHERLAND ASSET MGMT CORP M COM 86933G105 1,734 120,000 SH   SOLE   120,000 0 0
SVB FINL GROUP COM 78486Q101 13,771 74,000 SH   SOLE   74,000 0 0
SYNOVUS FINL CORP COM NEW 87161C501 9,024 220,000 SH   SOLE   220,000 0 0
TRI POINTE GROUP INC COM 87265H109 1,317 105,000 SH   SOLE   105,000 0 0
TWO RIV BANCORP COM 90207C105 2,874 162,633 SH   SOLE   162,633 0 0
UNITED CMNTY BANCORP IND COM 90984R101 5,255 296,886 SH   SOLE   296,886 0 0
UNITED CMNTY BKS BLAIRSVLE G COM 90984P303 11,076 400,000 SH   SOLE   400,000 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 8,882 1,065,000 SH   SOLE   1,065,000 0 0
UNITED FINL BANCORP INC NEW COM 910304104 10,072 592,108 SH   SOLE   592,108 0 0
UNITED SECURITY BANCSHARES C COM 911460103 1,802 246,800 SH   SOLE   246,800 0 0
UNIVEST CORP PA COM 915271100 5,051 195,000 SH   SOLE   195,000 0 0
US BANCORP DEL COM NEW 902973304 1,288 25,000 SH   SOLE   25,000 0 0
WASHINGTONFIRST BANKSHARES I COM 940730104 4,701 167,900 SH   SOLE   167,900 0 0
WESBANCO INC COM 950810101 964 25,300 SH   SOLE   25,300 0 0
WEST BANCORPORATION INC CAP STK 95123P106 560 24,400 SH   SOLE   24,400 0 0
West End Indiana Bancshares, Inc. COM 952678100 695 22,800 SH   SOLE   22,800 0 0
WESTERN NEW ENG BANCORP INC COM 958892101 3,961 377,267 SH   SOLE   377,267 0 0
WILLIS LEASE FINANCE CORP COM 970646105 559 25,000 SH   SOLE   25,000 0 0
WINTRUST FINL CORP COM 97650W108 8,294 120,000 SH   SOLE   120,000 0 0
WOLVERINE BANCORP INC COM 977880103 6,516 200,000 SH   SOLE   200,000 0 0
WSFS FINL CORP COM 929328102 7,655 166,600 SH   SOLE   166,600 0 0
Xenith Bankshares, Inc. COM 984102103 5,011 197,500 SH   SOLE   197,500 0 0
ZIONS BANCORPORATION COM 989701107 20,370 485,000 SH   SOLE   485,000 0 0
ZIONS BANCORPORATION *W EXP 11/14/201 989701131 13,053 1,437,500 SH   SOLE   1,437,500 0 0