X0303 4 2010-03-19 0 0000840216 CALIFORNIA COASTAL COMMUNITIES INC CALC 0001019973 HOVDE ERIC D 1826 JEFFERSON PLACE NW WASHINGTON DC 20036 0 0 1 0 0001476438 Financial Institution Partners Master Fund, LP 1826 JEFFERSON PLACE, NW WASHINGTON DC 20036 0 0 1 0 Common Stock 2010-03-19 4 P 0 30000 1.14 A 1645000 I Footnote Common Stock 2010-03-19 4 P 0 26010 1.14 A 1425793 D This Form 4 relates to shares of common stock, $0.05 par value (the "Shares") of California Coastal Communities, Inc. ("Issuer"), owned by Financial Institution Partners Master Fund, L.P. (the "FIP Master Fund"), Financial Institution Partners III, L.P. ("FIPIII"), or Financial Institution Partners IV, L.P. ("FIPIV"; together with FIP Master Fund and FIPIII, the "Funds"), which Shares may be deemed to be beneficially owned by Eric D. Hovde ("EDH"). EDH is a managing member ("MM") of Hovde Capital Advisors LLC ("HCA"), a registered investment advisor that provides investment management services to each of the Funds. EDH is a MM of Hovde Capital I, LLC ("HC1"), the general partner to FIP Master Fund; EDH is a MM of Hovde Capital, Ltd. ("HCLTD"), the general partner to FIPIII; and EDH is a MM of Hovde Capital Limited IV LLC ("HCLTDIV"), the general partner to FIPIV. Each Reporting Person disclaims beneficial ownership of the Shares reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed an admission of beneficial ownership of such Shares for purposes of Section 16 of the Securities Exchange Act of 1934, as amended or for any other purpose. These shares are included in the transaction reported in the immediately preceding row and do not represent a separate transaction. As of the date of the transaction reported herein, FIP Master Fund, was the direct owner of 1,425,793 Shares; FIPIII, was the direct owner of 174,527 Shares; and FIPIV, was the direct owner of 44,680 Shares. /s/ Eric D. Hovde 2010-03-22 /s/ Eric D. Hovde, Managing Member of Hovde Capital I, LLC, general partner of Financial Institution Partners Master Fund LP 2010-03-22