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 592,500 79 SH SOLE 79 0 0
Alpine Banks of Colorado Com 020810107 6,945,371 143,174 SH SOLE 143,174 0 0
American Riviera Bancorp Com 02933K103 5,250,514 183,328 SH SOLE 183,328 0 0
Ballston Spa Bancorp Inc Com 058701103 2,110,209 26,302 SH SOLE 26,302 0 0
Bancorp 34 Inc Com 05970V106 1,660,701 107,142 SH SOLE 107,142 0 0
Bancorp Inc/The Com 05969A105 1,774,118 36,838 SH SOLE 36,838 0 0
Bankwell Financial Group Inc Com 06654A103 7,525,742 116,138 SH SOLE 116,138 0 0
Banner Corp Com 06652V208 4,085,191 60,973 SH SOLE 60,973 0 0
Boyle Bancorp Inc Com 103442109 4,387,764 35,314 SH SOLE 35,314 0 0
C&F Financial Corp Com 12466Q104 2,004,172 20,457 SH SOLE 20,457 0 0
California BanCorp Com 84252A106 3,338,329 156,362 SH SOLE 156,362 0 0
Canandaigua National Corp Com 137143103 2,083,650 9,580 SH SOLE 9,580 0 0
Cashmere Valley Bank Com 14756K102 6,728,889 75,597 SH SOLE 75,597 0 0
Century Financial Corp/MA Com 15652L102 2,427,392 50,039 SH SOLE 50,039 0 0
Century Next Financial Corp Com 156635104 792,229 11,119 SH SOLE 11,119 0 0
Chino Commercial Bancorp Com 16957L102 5,047,993 275,095 SH SOLE 275,095 0 0
Citba Financial Corp Com 173024100 2,824,600 61,391 SH SOLE 61,391 0 0
Citizens Bancorp Investment In Com 17315T100 216,289 6,067 SH SOLE 6,067 0 0
Citizens Bancorp/OR Com 172950107 1,564,547 102,258 SH SOLE 102,258 0 0
CNB Community Bancorp Inc Com 12618F105 3,743,221 73,729 SH SOLE 73,729 0 0
CNB Financial Corp/PA Com 126128107 3,328,000 100,000 SH SOLE 100,000 0 0
Coastal Carolina Bancshares In Com 190435107 4,062,230 230,000 SH SOLE 230,000 0 0
Columbia Banking System Inc Com 197236102 4,470,237 156,302 SH SOLE 156,302 0 0
Commercial Bancgroup Inc Com 20112C106 4,190,366 133,664 SH SOLE 133,664 0 0
Community Bancorp of Santa Mar Com 20344R103 3,298,290 172,595 SH SOLE 172,595 0 0
Community Heritage Financial I Com 20370L103 5,224,500 129,000 SH SOLE 129,000 0 0
Community West Bancshares Com 203937107 3,310,101 127,116 SH SOLE 127,116 0 0
Cornerstone Bancorp Inc/IL Com 21925H100 600,720 5,006 SH SOLE 5,006 0 0
Croghan Bancshares Inc Com 227072105 637,219 8,956 SH SOLE 8,956 0 0
Crystal Valley Financial Corp Com 22941P100 4,541,364 56,945 SH SOLE 56,945 0 0
Dimeco Inc Com 25432W104 1,499,375 24,734 SH SOLE 24,734 0 0
Embassy Bancorp Inc Com 290791102 3,312,266 152,639 SH SOLE 152,639 0 0
Endeavor Bancorp Com 29260B109 2,612,780 136,000 SH SOLE 136,000 0 0
Exchange Bank/Santa Rosa CA Com 301227203 10,852,597 69,895 SH SOLE 69,895 0 0
Farmers & Merchants Bancorp/Lo Com 307795104 5,309,900 3,662 SH SOLE 3,662 0 0
Farmers and Merchants Bancshar Com 308856103 1,281,652 68,906 SH SOLE 68,906 0 0
FFD Financial Corp Com 30243C107 2,621,386 54,273 SH SOLE 54,273 0 0
Fidelity D&D Bancorp Inc Com 31609R100 3,147,264 57,950 SH SOLE 57,950 0 0
First Berlin Bancorp Inc Com 319302105 1,309,955 33,537 SH SOLE 33,537 0 0
First Capital Inc Com 31942S104 3,075,237 49,947 SH SOLE 49,947 0 0
First Citizens BancShares Inc/ Com 31946M103 8,949,509 4,344 SH SOLE 4,344 0 0
First Citizens BancShares Inc/ Com 31946M202 1,462,929 876 SH SOLE 876 0 0
First Mid Bancshares Inc Com 320866106 6,258,411 128,404 SH SOLE 128,404 0 0
First National Corp/VA Com 32106V107 6,131,224 208,687 SH SOLE 208,687 0 0
First National of Nebraska Inc Com 335720108 9,600,000 500 SH SOLE 500 0 0
First Ottawa Bancshares Inc Com 335876108 9,879,267 43,521 SH SOLE 43,521 0 0
Five Star Bancorp Com 33830T103 3,893,930 91,903 SH SOLE 91,903 0 0
FNB Corp/PA Com 302520101 4,519,226 262,593 SH SOLE 262,593 0 0
Foresight Financial Group Inc Com 345526107 702,962 14,230 SH SOLE 14,230 0 0
FS Bancorp Inc Com 30263Y104 3,421,728 79,042 SH SOLE 79,042 0 0
Georgia Banking Co Inc Com 37312R204 2,025,000 75,000 SH SOLE 75,000 0 0
HBT Financial Inc Com 404111106 6,449,047 182,331 SH SOLE 182,331 0 0
High Country Bancorp Inc Com 42965Q107 1,607,414 35,289 SH SOLE 35,289 0 0
Home Loan Financial Corp Com 437183205 757,133 16,314 SH SOLE 16,314 0 0
Horizon Bancorp Inc/IN Com 440407104 3,766,000 200,000 SH SOLE 200,000 0 0
Independent Bank Corp Com 453836108 3,290,031 42,370 SH SOLE 42,370 0 0
International Bancshares Corp Com 459044103 3,131,934 45,725 SH SOLE 45,725 0 0
Jd Bancshares Inc Com 46591R108 2,820,944 78,056 SH SOLE 78,056 0 0
Main Street Financial Services Com 56035X108 3,033,440 126,446 SH SOLE 126,446 0 0
Mechanics Bancorp Com 43785V102 5,220,532 353,216 SH SOLE 353,216 0 0
Mercantile Bank Corp Com 587376104 4,896,897 83,966 SH SOLE 83,966 0 0
Merchants Financial Group Inc Com 588538108 9,368,276 209,160 SH SOLE 209,160 0 0
Middlebury National Corp Com 596237107 1,299,577 26,217 SH SOLE 26,217 0 0
Mission Bancorp/Bakersfield CA Com 605015106 10,775,403 90,542 SH SOLE 90,542 0 0
Northeast Indiana Bancorp Inc Com 664196201 223,115 9,281 SH SOLE 9,281 0 0
Oak Ridge Financial Services I Com 671768109 3,878,326 122,152 SH SOLE 122,152 0 0
Oak Valley Bancorp Com 671807105 6,918,579 205,482 SH SOLE 205,482 0 0
Old Second Bancorp Inc Com 680277100 3,992,801 163,038 SH SOLE 163,038 0 0
Oregon Pacific Bancorp Com 686040205 8,239,460 661,804 SH SOLE 661,804 0 0
Oxford Bank Corp/MI Com 69140P100 6,112,360 135,499 SH SOLE 135,499 0 0
Pacific Valley Bancorp Com 69503T103 1,989,564 216,257 SH SOLE 216,257 0 0
Parke Bancorp Inc Com 700885106 4,735,516 144,817 SH SOLE 144,817 0 0
Partners Bank of California Com 70212Y102 2,172,776 134,955 SH SOLE 134,955 0 0
Peoples Bancorp/WA Com 70979X107 1,175,000 5,000 SH SOLE 5,000 0 0
Pinnacle Bank/Gilroy CA Com 72346K107 3,874,256 211,708 SH SOLE 211,708 0 0
Plumas Bancorp Com 729273102 14,641,508 239,006 SH SOLE 239,006 0 0
Private Bancorp of America Inc Com 74274F100 5,306,865 62,397 SH SOLE 62,397 0 0
Provident Financial Services I Com 74386T105 4,201,988 189,706 SH SOLE 189,706 0 0
Red River Bancshares Inc Com 75686R202 3,335,159 33,395 SH SOLE 33,395 0 0
Redwood Capital Bancorp Com 75777X100 6,011,178 181,278 SH SOLE 181,278 0 0
Security Federal Corp Com 813903101 1,522,834 34,221 SH SOLE 34,221 0 0
Security National Corp/IA Com 814784104 3,787,580 18,476 SH SOLE 18,476 0 0
Solvay Bank Com 83441Q105 2,677,990 76,296 SH SOLE 76,296 0 0
Somerset Trust Holding Co Com 835126103 344,776 4,201 SH SOLE 4,201 0 0
Southeastern Banking Corp Com 84158P108 3,790,701 120,149 SH SOLE 120,149 0 0
Southern BancShares NC Inc Com 842243107 14,300,000 1,100 SH SOLE 1,100 0 0
Southern Missouri Bancorp Inc Com 843380106 5,623,363 79,314 SH SOLE 79,314 0 0
Steele Bancorp Inc Com 598580108 1,279,807 27,399 SH SOLE 27,399 0 0
Studio Financial Holdings Inc Com 864001102 2,089,070 148,161 SH SOLE 148,161 0 0
SVB&T Corporation Com 784866105 596,332 8,197 SH SOLE 8,197 0 0
Timberland Bancorp Inc/WA Com 887098101 10,291,159 230,847 SH SOLE 230,847 0 0
Tri City Bankshares Corp Com 895364107 2,798,755 146,455 SH SOLE 146,455 0 0
Tri-County Financial Group Inc Com 89546P108 4,906,922 61,917 SH SOLE 61,917 0 0
United BanCorp of Alabama Inc Com 90944R100 5,386,591 84,962 SH SOLE 84,962 0 0
Valley National Bancorp Com 919794107 3,224,915 255,540 SH SOLE 255,540 0 0
Washington Trust Bancorp Inc Com 940610108 4,560,662 120,049 SH SOLE 120,049 0 0
West Coast Community Bancorp Com 952170108 17,839,563 295,357 SH SOLE 295,357 0 0
Wintrust Financial Corp Com 97650W108 3,443,957 24,284 SH SOLE 24,284 0 0
Woodlands Financial Services C Com 979685104 2,741,059 80,572 SH SOLE 80,572 0 0
WTB Financial Corp Com 929334209 5,703,667 12,672 SH SOLE 12,672 0 0
Zions Bancorp NA Com 989701107 4,560,294 72,790 SH SOLE 72,790 0 0