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
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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 Source Corp COM 336901103 2,412,800 52,000 SH   SOLE   52,000 0 0
ACNB Corp COM 000868109 593,550 15,000 SH   SOLE   15,000 0 0
Allegiance Bancshares Inc COM 01748H107 1,717,010 51,500 SH   SOLE   51,500 0 0
American National Bankshares Inc COM 027745108 290,625 7,500 SH   SOLE   7,500 0 0
Ames Natl Corp COM 031001100 406,500 15,000 SH   SOLE   15,000 0 0
Auburn Natl Bancorp COM 050473107 418,750 12,500 SH   SOLE   12,500 0 0
BancFirst Corp COM 05945F103 4,731,100 85,000 SH   SOLE   85,000 0 0
Bank of Marin Bancorp COM 063425102 2,358,650 57,500 SH   SOLE   57,500 0 0
Bank of South Carolina Corp COM 065066102 1,484,383 78,622 SH   SOLE   78,622 0 0
Bankwell Finl Group Inc COM 06654A103 1,578,500 55,000 SH   SOLE   55,000 0 0
Benchmark Bankshares COM 08160E207 299,850 15,000 SH   SOLE   15,000 0 0
Berkshire Hills Bancopr Inc COM 084680107 313,900 10,000 SH   SOLE   10,000 0 0
Bridge Bancorp Inc. COM 108035106 235,680 8,000 SH   SOLE   8,000 0 0
Bryn Mawr Bk Corp COM 117665109 3,358,800 90,000 SH   SOLE   90,000 0 0
Burke & Herbert B&T COM 121331102 160,200 60 SH   SOLE   60 0 0
CSB Bancorp, Inc. COM 12628R107 350,000 8,750 SH   SOLE   8,750 0 0
Cambridge Bancorp COM 132152109 407,500 5,000 SH   SOLE   5,000 0 0
Carolina Finl Corp New COM 143873107 2,606,064 69,753 SH   SOLE   69,753 0 0
Century Bancorp Inc Mass CL A NON VTG 156432106 3,516,000 40,000 SH   SOLE   40,000 0 0
CNB Financial Corp COM 126128107 140,098 4,961 SH   SOLE   4,961 0 0
CommerceWest Bank COM 20084T103 3,029,500 146,000 SH   SOLE   146,000 0 0
Connectone Bancorp Inc NEW COM 20786W107 2,945,800 130,000 SH   SOLE   130,000 0 0
Eagle Bancorp Inc MD COM 268948106 3,832,999 86,544 SH   SOLE   86,544 0 0
Eagle Financial Services COM 26951R104 387,500 12,500 SH   SOLE   12,500 0 0
Enterprise Bancorp Inc Mass COM 293668109 1,268,400 40,000 SH   SOLE   40,000 0 0
Enterprise Finl Svcs Corp COM 293712105 832,000 20,000 SH   SOLE   20,000 0 0
Equity Bancshares Inc COM CL A 29460X109 1,333,000 50,000 SH   SOLE   50,000 0 0
Fidelity D & D Bancorp COM 31609R100 268,800 4,000 SH   SOLE   4,000 0 0
First Busey Corp COM NEW 319383204 2,641,000 100,000 SH   SOLE   100,000 0 0
First Bus Finl Svcs Inc Wis COM 319390100 1,645,000 70,000 SH   SOLE   70,000 0 0
First Fndtn Inc COM 32026V104 1,881,600 140,000 SH   SOLE   140,000 0 0
First Long Is Corp COM 320734106 3,274,732 163,084 SH   SOLE   163,084 0 0
First National Bk Alaska COM 32112J106 484,000 2,000 SH   SOLE   2,000 0 0
FVCBankcorp Inc COM 36120Q101 330,140 17,000 SH   SOLE   17,000 0 0
German Amern Bancorp Inc COM 373865104 3,087,300 102,500 SH   SOLE   102,500 0 0
Heritage Commerce Corp COM 426927109 2,817,500 230,000 SH   SOLE   230,000 0 0
Heritage Finl Corp Wash COM 42722X106 1,122,520 38,000 SH   SOLE   38,000 0 0
Horizon Bancorp Inc COM 440407104 1,879,100 115,000 SH   SOLE   115,000 0 0
Independent Bank Group Inc COM 45384B106 2,061,000 37,500 SH   SOLE   37,500 0 0
Kentucky Bancshares COM 491203105 488,000 20,000 SH   SOLE   20,000 0 0
Lakeland Finl Corp COM 511656100 5,297,877 113,130 SH   SOLE   113,130 0 0
LCNB Corp COM 50181P100 95,000 5,000 SH   SOLE   5,000 0 0
Marlin Business Svcs Corp COM 571157106 373,950 15,000 SH   SOLE   15,000 0 0
Mercantile Bank Corp COM 587376104 2,606,400 80,000 SH   SOLE   80,000 0 0
Meta Finl Group Inc COM 59100U108 3,927,000 140,000 SH   SOLE   140,000 0 0
Middlefield Banc Corp COM NEW 596304204 156,907 3,827 SH   SOLE   3,827 0 0
MidWestOne Finl Group Inc NE COM 598511103 1,957,200 70,000 SH   SOLE   70,000 0 0
Northrim BanCorp Inc COM 666762109 356,600 10,000 SH   SOLE   10,000 0 0
Oak Valley Bancorp Oakdale C COM 671807105 1,368,500 70,000 SH   SOLE   70,000 0 0
Oceanfirst Financial Corp. COM 675234108 372,750 15,000 SH   SOLE   15,000 0 0
Peoples Utah Bancorp COM 712706209 2,499,000 85,000 SH   SOLE   85,000 0 0
QNB Corp COM 74726N107 455,100 12,300 SH   SOLE   12,300 0 0
Republic First Bancorp, Inc. COM 760416107 245,500 50,000 SH   SOLE   50,000 0 0
Riverview Bancorp Incorporated COM 769397100 170,800 20,000 SH   SOLE   20,000 0 0
Sandy Spring Bancorp Inc COM 800363103 1,744,000 50,000 SH   SOLE   50,000 0 0
SPDR Series Trust S&P REGL BKG 78464A698 1,172,681 21,948 SH   SOLE   21,948 0 0
Stock Yds Bancorp Inc COM 861025104 5,378,758 148,790 SH   SOLE   148,790 0 0
Summit St Bk Santa Rosa Cali COM 866264203 176,000 16,000 SH   SOLE   16,000 0 0
Sussex Bancorp COM 869245100 894,000 40,000 SH   SOLE   40,000 0 0
Tompkins Financial Corporati COM 890110109 3,729,120 45,700 SH   SOLE   45,700 0 0
TowneBank Portsmouth VA COM 89214P109 3,000,800 110,000 SH   SOLE   110,000 0 0
Tri City Bankshares Corporation COM 895364107 314,250 15,000 SH   SOLE   15,000 0 0
United Bancorp Inc Ohio COM 909911109 420,483 37,310 SH   SOLE   37,310 0 0
Washington Tr Bancorp COM 940610108 2,895,990 55,500 SH   SOLE   55,500 0 0
West Bancorporation Inc CAP STK 95123P106 3,289,100 155,000 SH   SOLE   155,000 0 0
WSFS Financial Corp COM 929328102 413,000 10,000 SH   SOLE   10,000 0 0