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
Expires: July 31, 2015
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
1867 Western Financial Corp Com 282518109 489,800 79 SH SOLE 0 79 0 0
1st Colonial Bancorp Inc Com 319716106 0 0 SH SOLE 0 0 0 0
Alpine Banks of Colorado Com 020810107 5,626,738 143,174 SH SOLE 0 143,174 0 0
American Riviera Bancorp Com 02933K103 4,308,208 183,328 SH SOLE 0 183,328 0 0
Ballston Spa Bancorp Inc Com 058701103 1,797,742 26,302 SH SOLE 0 26,302 0 0
Bancorp 34 Inc Com 05970V106 1,451,774 107,142 SH SOLE 0 107,142 0 0
Bancorp Inc/The Com 05969A105 2,259,557 33,465 SH SOLE 0 33,465 0 0
Bankwell Financial Group Inc Com 06654A103 5,321,443 116,138 SH SOLE 0 116,138 0 0
Banner Corp Com 06652V208 3,820,568 60,973 SH SOLE 0 60,973 0 0
Boyle Bancorp Inc Com 103442109 3,796,540 34,514 SH SOLE 0 34,514 0 0
C&F Financial Corp Com 12466Q104 500,145 6,890 SH SOLE 0 6,890 0 0
California BanCorp Com 84252A106 3,893,741 208,556 SH SOLE 0 208,556 0 0
Canandaigua National Corp Com 137143103 2,011,800 9,580 SH SOLE 0 9,580 0 0
Cashmere Valley Bank Com 14756K102 6,755,279 91,597 SH SOLE 0 91,597 0 0
Cecil Bancorp Inc Com 149841306 643,127 367,501 SH SOLE 0 367,501 0 0
Century Financial Corp/MA Com 15652L102 1,912,089 41,468 SH SOLE 0 41,468 0 0
Chino Commercial Bancorp Com 16957L102 3,882,330 229,046 SH SOLE 0 229,046 0 0
Citba Financial Corp Com 173024100 2,277,606 61,391 SH SOLE 0 61,391 0 0
Citizens Bancorp Investment In Com 17315T100 18,180 600 SH SOLE 0 600 0 0
Citizens Bancorp/OR Com 172950107 1,032,806 102,258 SH SOLE 0 102,258 0 0
Citizens Financial Group Inc Com 174610105 5,422,259 92,831 SH SOLE 0 92,831 0 0
CNB Community Bancorp Inc Com 12618F105 2,793,661 63,205 SH SOLE 0 63,205 0 0
CNB Financial Corp/PA Com 126128107 2,617,000 100,000 SH SOLE 0 100,000 0 0
Coastal Carolina Bancshares In Com 190435107 2,664,503 230,000 SH SOLE 0 230,000 0 0
Columbia Banking System Inc Com 197236102 4,368,641 156,302 SH SOLE 0 156,302 0 0
Comerica Inc Com 200340107 3,489,805 40,145 SH SOLE 0 40,145 0 0
Commercial Bancgroup Inc Com 20112C106 3,282,788 133,664 SH SOLE 0 133,664 0 0
Community Bancorp of Santa Mar Com 20344R103 3,020,413 172,595 SH SOLE 0 172,595 0 0
Community Heritage Financial I Com 20370L103 3,450,750 129,000 SH SOLE 0 129,000 0 0
Community West Bancshares Com 203937107 4,730,783 210,257 SH SOLE 0 210,257 0 0
Cornerstone Bancorp Inc/IL Com 21925H100 700,840 5,006 SH SOLE 0 5,006 0 0
Crystal Valley Financial Corp Com 22941P100 4,083,375 54,445 SH SOLE 0 54,445 0 0
Dimeco Inc Com 25432W104 356,811 8,165 SH SOLE 0 8,165 0 0
Embassy Bancorp Inc Com 290791102 2,747,502 152,639 SH SOLE 0 152,639 0 0
Exchange Bank/Santa Rosa CA Com 301227203 8,736,875 69,895 SH SOLE 0 69,895 0 0
Farmers & Merchants Bancorp/Lo Com 307795104 4,072,144 3,662 SH SOLE 0 3,662 0 0
Farmers and Merchants Bancshar Com 308856103 1,171,402 68,906 SH SOLE 0 68,906 0 0
FFD Financial Corp Com 30243C107 1,716,633 47,671 SH SOLE 0 47,671 0 0
Fidelity D&D Bancorp Inc Com 31609R100 929,931 21,363 SH SOLE 0 21,363 0 0
Finwise Bancorp Com 31813A109 1,643,089 91,588 SH SOLE 0 91,588 0 0
First Berlin Bancorp Inc Com 319302105 849,105 25,537 SH SOLE 0 25,537 0 0
First Capital Inc Com 31942S104 3,940,293 66,559 SH SOLE 0 66,559 0 0
First Citizens BancShares Inc/ Com 31946M103 9,323,006 4,344 SH SOLE 0 4,344 0 0
First Citizens BancShares Inc/ Com 31946M202 1,550,520 876 SH SOLE 0 876 0 0
First Mid Bancshares Inc Com 320866106 5,007,756 128,404 SH SOLE 0 128,404 0 0
First National Corp/VA Com 32106V107 6,967,325 276,043 SH SOLE 0 276,043 0 0
First National of Nebraska Inc Com 335720108 7,410,000 500 SH SOLE 0 500 0 0
First Ottawa Bancshares Inc Com 335876108 6,373,080 37,935 SH SOLE 0 37,935 0 0
Five Star Bancorp Com 33830T103 4,824,826 134,847 SH SOLE 0 134,847 0 0
FNB Corp/PA Com 302520101 4,490,340 262,593 SH SOLE 0 262,593 0 0
Foresight Financial Group Inc Com 345526107 456,500 11,000 SH SOLE 0 11,000 0 0
FS Bancorp Inc Com 30263Y104 2,158,996 52,441 SH SOLE 0 52,441 0 0
HBT Financial Inc Com 404111106 4,713,256 182,331 SH SOLE 0 182,331 0 0
High Country Bancorp Inc Com 42965Q107 305,760 8,400 SH SOLE 0 8,400 0 0
Home Loan Financial Corp Com 437183205 181,315 5,151 SH SOLE 0 5,151 0 0
Horizon Bancorp Inc/IN Com 440407104 3,392,000 200,000 SH SOLE 0 200,000 0 0
Independent Bank Corp Com 453836108 3,096,400 42,370 SH SOLE 0 42,370 0 0
International Bancshares Corp Com 459044103 3,037,969 45,725 SH SOLE 0 45,725 0 0
Jd Bancshares Inc Com 46591R108 2,280,041 73,384 SH SOLE 0 73,384 0 0
Ledyard Financial Group Inc Com 523338101 83,682 5,590 SH SOLE 0 5,590 0 0
M&T Bank Corp Com 55261F104 0 0 SH SOLE 0 0 0 0
Main Street Financial Services Com 56035X108 2,184,987 126,446 SH SOLE 0 126,446 0 0
Mechanics Bancorp Com 43785V102 5,167,550 353,216 SH SOLE 0 353,216 0 0
Mercantile Bank Corp Com 587376104 4,038,765 83,966 SH SOLE 0 83,966 0 0
Merchants Financial Group Inc Com 588538108 6,598,998 209,160 SH SOLE 0 209,160 0 0
Middlebury National Corp Com 596237107 1,173,735 26,217 SH SOLE 0 26,217 0 0
Mission Bancorp/Bakersfield CA Com 605015106 8,105,714 86,231 SH SOLE 0 86,231 0 0
Morris State BancShares Inc Com 618304109 124,400 5,000 SH SOLE 0 5,000 0 0
Mountain Commerce Bancorp Inc Com 624004107 0 0 SH SOLE 0 0 0 0
Oak Ridge Financial Services I Com 671768109 3,621,807 122,152 SH SOLE 0 122,152 0 0
Oak Valley Bancorp Com 671807105 9,715,001 323,187 SH SOLE 0 323,187 0 0
Old Second Bancorp Inc Com 680277100 3,179,241 163,038 SH SOLE 0 163,038 0 0
Oregon Pacific Bancorp Com 686040205 7,471,767 661,804 SH SOLE 0 661,804 0 0
Oxford Bank Corp/MI Com 69140P100 5,536,489 135,499 SH SOLE 0 135,499 0 0
Pacific Valley Bancorp Com 69503T103 2,143,107 216,257 SH SOLE 0 216,257 0 0
Parke Bancorp Inc Com 700885106 3,626,218 144,817 SH SOLE 0 144,817 0 0
Partners Bank of California Com 70212Y102 1,526,932 128,855 SH SOLE 0 128,855 0 0
Peoples Bancorp/WA Com 70979X107 1,055,000 5,000 SH SOLE 0 5,000 0 0
Pinnacle Bank/Gilroy CA Com 72346K107 4,096,550 211,708 SH SOLE 0 211,708 0 0
Plumas Bancorp Com 729273102 10,681,178 239,006 SH SOLE 0 239,006 0 0
Prime Meridian Holding Co Com 74164R107 7,190,263 127,014 SH SOLE 0 127,014 0 0
Private Bancorp of America Inc Com 74274F100 3,585,956 62,397 SH SOLE 0 62,397 0 0
Provident Financial Services I Com 74386T105 3,746,694 189,706 SH SOLE 0 189,706 0 0
Red River Bancshares Inc Com 75686R202 4,748,595 66,479 SH SOLE 0 66,479 0 0
Redwood Capital Bancorp Com 75777X100 5,308,923 186,278 SH SOLE 0 186,278 0 0
Security National Corp/IA Com 814784104 3,196,348 18,476 SH SOLE 0 18,476 0 0
Shore Bancshares Inc Com 825107105 3,452,674 195,287 SH SOLE 0 195,287 0 0
Solvay Bank Com 83441Q105 2,143,918 76,296 SH SOLE 0 76,296 0 0
Southeastern Banking Corp Com 84158P108 3,009,732 120,149 SH SOLE 0 120,149 0 0
Southern BancShares NC Inc Com 842243107 11,440,000 1,100 SH SOLE 0 1,100 0 0
Southern Missouri Bancorp Inc Com 843380106 4,689,044 79,314 SH SOLE 0 79,314 0 0
Studio Financial Holdings Inc Com 864001102 1,743,855 148,161 SH SOLE 0 148,161 0 0
Timberland Bancorp Inc/WA Com 887098101 8,264,323 230,847 SH SOLE 0 230,847 0 0
Tri City Bankshares Corp Com 895364107 2,967,178 146,455 SH SOLE 0 146,455 0 0
Tri-County Financial Group Inc Com 89546P108 3,080,371 61,917 SH SOLE 0 61,917 0 0
United BanCorp of Alabama Inc Com 90944R100 4,344,583 81,896 SH SOLE 0 81,896 0 0
Valley National Bancorp Com 919794107 2,984,707 255,540 SH SOLE 0 255,540 0 0
Washington Trust Bancorp Inc Com 940610108 3,547,448 120,049 SH SOLE 0 120,049 0 0
West Coast Community Bancorp Com 952170108 12,921,869 295,357 SH SOLE 0 295,357 0 0
Wintrust Financial Corp Com 97650W108 3,395,389 24,284 SH SOLE 0 24,284 0 0
Woodlands Financial Services C Com 979685104 1,982,014 74,372 SH SOLE 0 74,372 0 0
WTB Financial Corp Com 929334209 4,511,232 12,672 SH SOLE 0 12,672 0 0
Zions Bancorp NA Com 989701107 5,929,517 101,290 SH SOLE 0 101,290 0 0