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
1ST CENTURY BANCSHARES, INC. COM 31943X102 2,278 325,387 SH   SOLE 0 325,387 0 0
AMERIS BANCORP COM 03076K108 126 5,000 SH   SOLE 0 5,000 0 0
ANCHOR BANCORP WISCONSIN COM 03283P106 16,516 434,848 SH   SOLE 0 434,848 0 0
ANIXTER INTERNATIONAL INC COM 35290105 20,074 308,120 SH   SOLE 0 308,120 0 0
ASTORIA FINANCIAL CORP. COM 46265104 68,077 4,936,715 SH   SOLE 0 4,936,715 0 0
ATLANTIC COAST FINANCIAL CORP. COM 48426100 5,788 1,300,686 SH   SOLE 0 1,300,686 0 0
BANCFIRST CORP COM 05945F103 5,828 89,042 SH   SOLE 0 89,042 0 0
BANK OF AMERICA CORP. COM 60505104 40,531 2,381,384 SH   SOLE 0 2,381,384 0 0
BANK OF MARIN BANCORP COM 63425102 10,965 215,556 SH   SOLE 0 215,556 0 0
BANK OF NEW YORK COM 64058100 6,712 159,912 SH   SOLE 0 159,912 0 0
BANKFINANCIAL CORP COM 06643P104 24,005 2,037,783 SH   SOLE 0 2,037,783 0 0
BEACON ROOFING SUPPLY INC. COM 73685109 11,760 354,004 SH   SOLE 0 354,004 0 0
BELDEN INC. COM 77454106 49,798 613,054 SH   SOLE 0 613,054 0 0
BLACKROCK INC. COM 09247X101 990 2,860 SH   SOLE 0 2,860 0 0
BREITBURN ENERGY PARTNERS L.P. COM UT LTD PTN 106776107 285 59,865 SH   SOLE 0 59,865 0 0
BRIDGE BANCORP, INC. COM 108035106 47,316 1,772,780 SH   SOLE 0 1,772,780 0 0
BRIDGE CAPITAL HOLDINGS COM 108030107 3,771 126,558 SH   SOLE 0 126,558 0 0
BUILDERS FIRSTSOURCE, INC. COM 12008R107 5,074 395,201 SH   SOLE 0 395,201 0 0
CAPITAL CITY BANK GROUP, INC. COM 139674105 826 54,065 SH   SOLE 0 54,065 0 0
CARDINAL FINANCIAL CORP COM 14149F109 27,792 1,275,466 SH   SOLE 0 1,275,466 0 0
CARLISLE COS INC. COM 142339100 33,827 337,866 SH   SOLE 0 337,866 0 0
CAROLINA BK HLDGS INC GREENS COM 143785103 3,518 290,354 SH   SOLE 0 290,354 0 0
CASCADE BANCORP COM NEW 147154207 15,670 3,025,005 SH   SOLE 0 3,025,005 0 0
CENTERSTATE BANKS, INC. COM 15201P109 58,393 4,322,169 SH   SOLE 0 4,322,169 0 0
CENTRAL VALLEY COMMUNITY BANCORP COM 155685100 8,490 717,654 SH   SOLE 0 717,654 0 0
CENTURY COMMUNITIES INC. COM 156504300 4,929 244,865 SH   SOLE 0 244,865 0 0
CIT GROUP HOLDINGS, INC. COM NEW 125581801 5,038 108,375 SH   SOLE 0 108,375 0 0
CITIGROUP INC. COM NEW 172967424 10,665 193,061 SH   SOLE 0 193,061 0 0
CITIZENS FINANCIAL GROUP INC. COM 174610105 13,372 489,632 SH   SOLE 0 489,632 0 0
CITY NATIONAL CORP. COM 178566105 8,711 96,372 SH   SOLE 0 96,372 0 0
COMERICA, INC. COM 200340107 4,617 89,972 SH   SOLE 0 89,972 0 0
COUSINS PROPERTIES INC. COM 222795106 152 14,659 SH   SOLE 0 14,659 0 0
CU BANCORP CALIF COM 126534106 26,084 1,177,096 SH   SOLE 0 1,177,096 0 0
CUMMINS INC. COM 231021106 1,918 14,619 SH   SOLE 0 14,619 0 0
DANA HOLDING CORP COM 235825205 5,331 259,020 SH   SOLE 0 259,020 0 0
DIAMOND OFFSHORE DRILLING, INC. COM 25271C102 402 15,580 SH   SOLE 0 15,580 0 0
DUKE REALTY CORP. COM NEW 264411505 596 32,095 SH   SOLE 0 32,095 0 0
EAGLE BANCORP, INC. COM 268948106 2,199 50,027 SH   SOLE 0 50,027 0 0
EASTERN VIRGINIA BANKSHARES, INC. COM 277196101 3,046 482,789 SH   SOLE 0 482,789 0 0
EMCOR GROUP INC. COM 29084Q100 8,906 186,444 SH   SOLE 0 186,444 0 0
ENERSYS COM 29275Y102 2,759 39,253 SH   SOLE 0 39,253 0 0
ENSCO PLC SHS CLASS A G3157S106 178 7,986 SH   SOLE 0 7,986 0 0
ENTERPRISE FINANCIAL SERVICES CORP. COM 293712105 11,596 509,270 SH   SOLE 0 509,270 0 0
ESSENT GROUP LTD. COM G3198U102 4,596 168,035 SH   SOLE 0 168,035 0 0
FARMERS CAPITAL BANK CORP COM 309562106 20,104 707,123 SH   SOLE 0 707,123 0 0
FCB FINANCIAL HOLDINGS INC. CL A 30255G103 1,710 53,788 SH   SOLE 0 53,788 0 0
FELCOR LODGING TRUST INC COM 31430F101 683 69,095 SH   SOLE 0 69,095 0 0
FIDELITY NATIONAL FINANCIAL INC. FNF GROUP COM 31620R303 12,361 334,183 SH   SOLE 0 334,183 0 0
FIDELITY NATIONAL INFORMATION SVCS. COM 31620M106 9,077 146,883 SH   SOLE 0 146,883 0 0
FIDELITY SOUTHERN CORP COM 316394105 2,970 170,300 SH   SOLE 0 170,300 0 0
FIFTH THIRD BANCORP COM 316773100 11,439 549,446 SH   SOLE 0 549,446 0 0
FIRST AMERN FINL CORP COM 31847R102 16,438 441,766 SH   SOLE 0 441,766 0 0
FIRST BANCORP COM 318910106 17,085 1,024,299 SH   SOLE 0 1,024,299 0 0
FIRST CITIZENS BANCSHARES INC. CL A 31946M103 3,953 15,028 SH   SOLE 0 15,028 0 0
FIRST CONNECTICUT BANCORP INC. COM 319850103 17,062 1,075,131 SH   SOLE 0 1,075,131 0 0
FIRST INDUSTRIAL REALTY TRUST COM 32054K103 393 21,003 SH   SOLE 0 21,003 0 0
FIRST NIAGARA FINL GP INC COM 33582V108 8,895 942,243 SH   SOLE 0 942,243 0 0
FIRST SECURITY GROUP INC. COM NEW 336312202 6,997 2,855,833 SH   SOLE 0 2,855,833 0 0
FIRST SOUTH BANCORP INC COM 33646W100 3,537 447,676 SH   SOLE 0 447,676 0 0
FIDELITY NATIONAL FINANCIAL FNFV GROUP COM 31620R402 1,713 111,383 SH   SOLE 0 111,383 0 0
FRANKLIN FINANCIAL NETWORK INC. COM 35352P104 4,214 183,701 SH   SOLE 0 183,701 0 0
FULTON FINANCIAL CORP COM 360271100 1,857 142,168 SH   SOLE 0 142,168 0 0
GENERAL CABLE CORP DEL NEW COM 369300108 2,281 115,633 SH   SOLE 0 115,633 0 0
GREENHILL & CO., INC. COM 395259104 9,691 234,470 SH   SOLE 0 234,470 0 0
GUARANTY BANCORP DEL COM NEW 40075T607 22,136 1,340,790 SH   SOLE 0 1,340,790 0 0
HALLIBURTON COMPANY COM 406216101 4,834 112,234 SH   SOLE 0 112,234 0 0
HAMPTON ROADS BANKSHARES, INC. COM NEW 409321502 10,801 5,192,998 SH   SOLE 0 5,192,998 0 0
HANCOCK HOLDING CO COM 410120109 10,563 331,021 SH   SOLE 0 331,021 0 0
HARLEY-DAVIDSON INC COM 412822108 25,595 454,214 SH   SOLE 0 454,214 0 0
HEIDRICK & STRUGGLES INT'L, INC. COM 422819102 3,464 132,820 SH   SOLE 0 132,820 0 0
HERITAGE OAKS BANCORP COM 42724R107 17,078 2,170,039 SH   SOLE 0 2,170,039 0 0
HONEYWELL INTERNATIONAL INC. COM 438516106 16,636 163,150 SH   SOLE 0 163,150 0 0
HUDSON VALLEY HOLDING CORP COM 444172100 54,430 1,929,455 SH   SOLE 0 1,929,455 0 0
HUNTINGTON BANCSHARES COM 446150104 9,022 797,743 SH   SOLE 0 797,743 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 15,106 1,114,031 SH   SOLE 0 1,114,031 0 0
INSTALLED BUILDING PRODUCTS, INC. COM 45780R101 4,017 164,076 SH   SOLE 0 164,076 0 0
JACOBS ENGR GROUP INC DEL COM 469814107 560 13,780 SH   SOLE 0 13,780 0 0
JP MORGAN CHASE & CO. COM 46625H100 49,669 733,012 SH   SOLE 0 733,012 0 0
KORN FERRY INTL COM NEW 500643200 2,754 79,201 SH   SOLE 0 79,201 0 0
LAKELAND BANCORP, INC. COM 511637100 2,208 185,729 SH   SOLE 0 185,729 0 0
LEAR CORP. COM NEW 521865204 7,242 64,511 SH   SOLE 0 64,511 0 0
LINN ENERGY LLC UNIT LTD LIAB 536020100 592 66,496 SH   SOLE 0 66,496 0 0
LINNCO LLC COM SHS LTD INT 535782106 522 55,291 SH   SOLE 0 55,291 0 0
LNB BANCORP, INC. COM 502100100 526 28,436 SH   SOLE 0 28,436 0 0
MACATAWA BK CORP COM 554225102 2,492 470,121 SH   SOLE 0 470,121 0 0
MASCO CORP. COM 574599106 4,656 174,565 SH   SOLE 0 174,565 0 0
MB FINANCIAL, INC. COM 55264U108 5,235 152,017 SH   SOLE 0 152,017 0 0
MBT FINANCIAL CORP. COM 578877102 6,772 1,179,763 SH   SOLE 0 1,179,763 0 0
METLIFE INC COM 59156R108 17,167 306,601 SH   SOLE 0 306,601 0 0
METRO BANCORP INC. COM 59161R101 35,187 1,346,083 SH   SOLE 0 1,346,083 0 0
NEW YORK COM BANCORP INC COM 649445103 1,347 73,265 SH   SOLE 0 73,265 0 0
NEWBRIDGE BANCORP. CL A NO PAR 65080T102 31,676 3,547,173 SH   SOLE 0 3,547,173 0 0
NORWEGIAN CRUISE LINE HOLDINGS LTD. SHS G66721104 5,602 99,958 SH   SOLE 0 99,958 0 0
OCEANFIRST FINANCIAL CORP. COM 675234108 7,271 389,845 SH   SOLE 0 389,845 0 0
OLD LINE BANCSHARES, INC. COM 67984M100 5,435 342,062 SH   SOLE 0 342,062 0 0
OLD NATIONAL BANCORP COM 680033107 4,452 307,896 SH   SOLE 0 307,896 0 0
OLD SECOND BANCORP, INC. COM 680277100 9,152 1,386,600 SH   SOLE 0 1,386,600 0 0
OPUS BK IRVINE CALIF COM 684000102 21,275 588,034 SH   SOLE 0 588,034 0 0
ORRSTOWN FINANCIAL SERVICES, INC. COM 687380105 8,007 494,852 SH   SOLE 0 494,852 0 0
OSHKOSH CORP. COM 688239201 8,984 211,993 SH   SOLE 0 211,993 0 0
OWENS CORNING INC. COM 690742101 16,269 394,411 SH   SOLE 0 394,411 0 0
PACIFIC CONTINENTAL CORP COM 69412V108 20,850 1,541,048 SH   SOLE 0 1,541,048 0 0
PACIFIC MERCANTILE BANCORP COM 694552100 7,741 1,019,921 SH   SOLE 0 1,019,921 0 0
PACIFIC PREMIER BANCORP, INC. COM 69478X105 25,505 1,503,834 SH   SOLE 0 1,503,834 0 0
PACWEST BANCORP COM 695263103 10,124 216,514 SH   SOLE 0 216,514 0 0
PEAPACK GLADSTONE FINANCIAL CORP. COM 704699107 14,375 646,962 SH   SOLE 0 646,962 0 0
PENNYMAC FINL SVCS INC CL A 70932B101 15,077 832,085 SH   SOLE 0 832,085 0 0
PEOPLE'S UTAH BANCORP COM 712706209 4,511 265,665 SH   SOLE 0 265,665 0 0
PLY GEM HOLDINGS INC. COM 72941W100 1,719 145,841 SH   SOLE 0 145,841 0 0
PNC FINANCIAL SERVICES GROUP, INC. COM 693475105 12,134 126,861 SH   SOLE 0 126,861 0 0
POPULAR, INC. COM NEW 733174700 1,539 53,325 SH   SOLE 0 53,325 0 0
PREFERRED BANK/LOS ANGELES COM NEW 740367404 27,391 911,503 SH   SOLE 0 911,503 0 0
PREMIER FINANCIAL BANCORP INC. COM 74050M105 1,686 109,121 SH   SOLE 0 109,121 0 0
PRIVATEBANCORP INC COM 742962103 4,357 109,421 SH   SOLE 0 109,421 0 0
PULASKI FINANCIAL CORP. COM 745548107 9,714 751,858 SH   SOLE 0 751,858 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 829 34,005 SH Put SOLE 0 34,005 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 1,540 63,150 SH Put SOLE 0 63,150 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 63 307 SH Put SOLE 0 307 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 486 2,359 SH Put SOLE 0 2,359 0 0
REGIONAL MGMT CORP COM 75902K106 19,573 1,095,912 SH   SOLE 0 1,095,912 0 0
REGIONS FINANCIAL CORP. COM 7591EP100 48,272 4,659,425 SH   SOLE 0 4,659,425 0 0
REMY INTERNATIONAL, INC. COM 75971M108 440 19,914 SH   SOLE 0 19,914 0 0
REPUBLIC BANCORP KY CL A 760281204 4,422 172,052 SH   SOLE 0 172,052 0 0
REPUBLIC FIRST BANCORP, INC. COM 760416107 8,466 2,439,808 SH   SOLE 0 2,439,808 0 0
RIVERVIEW BANCORP, INC. COM 769397100 5,722 1,336,808 SH   SOLE 0 1,336,808 0 0
RYDER SYSTEM INC COM 783549108 6,470 74,051 SH   SOLE 0 74,051 0 0
SEACOAST BKG CORP FLA COM NEW 811707801 18,940 1,198,735 SH   SOLE 0 1,198,735 0 0
SERVISFIRST BANCSHARES INC. COM 81768T108 2,534 67,460 SH   SOLE 0 67,460 0 0
SHORE BANCSHARES INC COM 825107105 1,532 162,477 SH   SOLE 0 162,477 0 0
SI FINANCIAL GROUP, INC. COM 78425V104 508 43,629 SH   SOLE 0 43,629 0 0
SIERRA BANCORP COM 82620P102 19,917 1,150,587 SH   SOLE 0 1,150,587 0 0
SOUTH STATE CORP. COM 840441109 3,218 42,350 SH   SOLE 0 42,350 0 0
SOUTHCOAST FINANCIAL CORP COM 84129R100 383 45,032 SH   SOLE 0 45,032 0 0
SOUTHERN FIRST BANCSHARES INC COM 842873101 3,514 196,314 SH   SOLE 0 196,314 0 0
SPDR SERIES TRUST S&P BK ETF 78464A797 717 19,762 SH   SOLE 0 19,762 0 0
SPRINGLEAF HOLDINGS INC. COM 85172J101 3,100 67,518 SH   SOLE 0 67,518 0 0
SPX CORP COM 784635104 4,422 61,091 SH   SOLE 0 61,091 0 0
SQUARE 1 FINANCIAL, INC. CL A 85223W101 11,764 430,124 SH   SOLE 0 430,124 0 0
STATE STREET CORP. COM 857477103 20,649 268,169 SH   SOLE 0 268,169 0 0
STEINER LEISURE LTD. ORD P8744Y102 4,530 84,239 SH   SOLE 0 84,239 0 0
STERLING BANCORP COM 85917A100 15,412 1,048,418 SH   SOLE 0 1,048,418 0 0
STEWART INFORMATION SERVICES COM 860372101 27,377 687,869 SH   SOLE 0 687,869 0 0
STOCK BLDG SUPPLY HLDGS INC COM 86101X104 3,616 184,980 SH   SOLE 0 184,980 0 0
STRATEGIC HOTELS & RESORTS COM 86272T106 903 74,501 SH   SOLE 0 74,501 0 0
SUFFOLK BANCORP COM 864739107 29,562 1,152,056 SH   SOLE 0 1,152,056 0 0
SUNTRUST BANKS COM 867914103 1,708 39,695 SH   SOLE 0 39,695 0 0
SWIFT TRANSPORTATION CO. CL A 87074U101 4,883 215,410 SH   SOLE 0 215,410 0 0
SYNOVUS FINANCIAL CORP. COM NEW 87161C501 161,844 5,251,279 SH   SOLE 0 5,251,279 0 0
TCF FINANCIAL CORP. COM 872275102 12,631 760,447 SH   SOLE 0 760,447 0 0
TENNECO INC. COM 880349105 1,758 30,614 SH   SOLE 0 30,614 0 0
TEREX CORP NEW COM 880779103 3,614 155,437 SH   SOLE 0 155,437 0 0
TEXAS CAPITAL BANCSHARES, INC. COM 88224Q107 45,704 734,325 SH   SOLE 0 734,325 0 0
COMMUNITY FINL CORP MD COM 20368X101 9,614 449,165 SH   SOLE 0 449,165 0 0
FIRST BANCSHARES INC MS COM 318916103 5,879 353,111 SH   SOLE 0 353,111 0 0
FIRST LONG IS CORP COM 320734106 25,529 920,949 SH   SOLE 0 920,949 0 0
TIMBERLAND BANCORP, INC. COM 887098101 2,965 295,934 SH   SOLE 0 295,934 0 0
TRANSOCEAN LTD. REG SHS H8817H100 163 10,114 SH   SOLE 0 10,114 0 0
TRICO BANCSHARES COM 896095106 19,550 812,907 SH   SOLE 0 812,907 0 0
TRIUMPH BANCORP INC. COM 89679E300 14,617 1,111,540 SH   SOLE 0 1,111,540 0 0
TUTOR PERINI CORP. COM 901109108 5,225 242,123 SH   SOLE 0 242,123 0 0
UNION BANKSHARES CORP COM 90539J109 9,191 395,465 SH   SOLE 0 395,465 0 0
UNITED BANKSHARES INC WEST V COM 909907107 7,248 180,165 SH   SOLE 0 180,165 0 0
UNITED RENTALS INC COM 911363109 4,297 49,038 SH   SOLE 0 49,038 0 0
US BANCORP DEL COM NEW 902973304 50,000 1,152,064 SH   SOLE 0 1,152,064 0 0
VALLEY NATIONAL BANCORP COM 919794107 3,364 326,307 SH   SOLE 0 326,307 0 0
VERITEX HOLDINGS INC. COM 923451108 12,967 868,215 SH   SOLE 0 868,215 0 0
WASHINGTONFIRST BANKSHARE INC. COM 940730104 8,182 486,756 SH   SOLE 0 486,756 0 0
WCI CMNTYS INC COM PAR $0.01 92923C807 4,055 166,276 SH   SOLE 0 166,276 0 0
WEINGARTEN REALTY INVESTORS SH BEN INT 948741103 714 21,830 SH   SOLE 0 21,830 0 0
WELLS FARGO & CO COM 949746101 68,386 1,215,959 SH   SOLE 0 1,215,959 0 0
WESCO INTERNATIONAL INC. COM 95082P105 24,282 353,757 SH   SOLE 0 353,757 0 0
LYON WILLIAM HOMES CL A NEW 552074700 4,231 164,819 SH   SOLE 0 164,819 0 0
WILLIS GROUP HOLDINGS LTD SHS G96666105 3,520 75,052 SH   SOLE 0 75,052 0 0
WINTRUST FINANCIAL CORP COM 97650W108 3,058 57,291 SH   SOLE 0 57,291 0 0
XENITH BANKSHARES INC. COM 98410X105 2,139 355,934 SH   SOLE 0 355,934 0 0
YADKIN FINANCIAL CORP COM 984305102 3,308 157,884 SH   SOLE 0 157,884 0 0