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 CONSTITUTION BANCORP COM 31986N102 1,181 63,152 SH   SOLE   63,152 0 0
AARON'S INC COM 002535300 2,793 87,319 SH   SOLE   87,319 0 0
AERCAP HOLDINGS NV SHS N00985106 30,878 742,079 SH   SOLE   742,079 0 0
AIR LEASE CORP CL A 00912X302 33,697 981,549 SH   SOLE   981,549 0 0
ALLY FINANCIAL INC COM 02005N100 25,414 1,336,148 SH   SOLE   1,336,148 0 0
AMERICAN RIVER BANKSHARES COM 029326105 1,503 99,500 SH   SOLE   99,500 0 0
APPLE INC. COM 037833100 1,856 16,025 SH   SOLE   16,025 0 0
ASTORIA FINANCIAL CORP. COM 046265104 110,855 5,943,959 SH   SOLE   5,943,959 0 0
BANCORP OF NEW JERSEY INC. COM 059915108 2,032 150,538 SH   SOLE   150,538 0 0
BANK OF AMERICA CORP. COM 060505104 47,443 2,146,722 SH   SOLE   2,146,722 0 0
BANK OF MARIN BANCORP COM 063425102 21,460 307,677 SH   SOLE   307,677 0 0
BANK OF NEW YORK MELLON CORP. COM 064058100 7,577 159,912 SH   SOLE   159,912 0 0
BANK OF THE ST JAMES FINL GP COM 470299108 3,317 218,666 SH   SOLE   218,666 0 0
BANNER CORPORATION COM 06652V208 22,172 397,272 SH   SOLE   397,272 0 0
BATS GLOBAL MARKETS INC COM 05491G109 5,027 150,000 SH   SOLE   150,000 0 0
BAY BANCORP INC COM 07203T106 1,492 226,070 SH   SOLE   226,070 0 0
BEACON ROOFING SUPPLY INC. COM 073685109 16,309 354,004 SH   SOLE   354,004 0 0
BELDEN INC. COM 077454106 49,811 666,187 SH   SOLE   666,187 0 0
BLACKROCK INC. COM 09247X101 2,489 6,541 SH   SOLE   6,541 0 0
BOFI HOLDING, INC. COM 05566U108 19,245 674,091 SH   SOLE   674,091 0 0
BRIDGE BANCORP, INC. COM 108035106 91,315 2,409,369 SH   SOLE   2,409,369 0 0
BRYN MAWR BANK CORP COM 117665109 25,197 597,804 SH   SOLE   597,804 0 0
CALATLANTIC GROUP INC. COM 128195104 4,503 132,407 SH   SOLE   132,407 0 0
CAMDEN NATIONAL CORP. COM 133034108 14,458 325,260 SH   SOLE   325,260 0 0
CAPITAL CITY BANK GROUP, INC. COM 139674105 712 34,764 SH   SOLE   34,764 0 0
CAPITAL ONE FINANCIAL CORP. COM 14040H105 26,487 303,613 SH   SOLE   303,613 0 0
CARDINAL FINANCIAL CORPORATION COM 14149F109 8,689 265,000 SH   SOLE   265,000 0 0
CARLISLE COS INC. COM 142339100 37,263 337,866 SH   SOLE   337,866 0 0
CAROLINA BK HLDGS INC GREENS COM 143785103 3,805 147,291 SH   SOLE   147,291 0 0
CASCADE BANCORP COM NEW 147154207 2,555 314,674 SH   SOLE   314,674 0 0
CENTRAL VALLEY CMNTY BANCORP COM 155685100 4,595 230,217 SH   SOLE   230,217 0 0
CENTURY CMNTYS INC COM 156504300 7,520 358,085 SH   SOLE   358,085 0 0
CITIGROUP INC. COM NEW 172967424 11,474 193,061 SH   SOLE   193,061 0 0
CITIZENS FINANCIAL GROUP INC. COM 174610105 66,633 1,870,137 SH   SOLE   1,870,137 0 0
COMERICA, INC. COM 200340107 26,082 382,936 SH   SOLE   382,936 0 0
COMMUNITY FINL CORP MD COM 20368X101 13,272 457,658 SH   SOLE   457,658 0 0
COUSINS PPTYS INC COM 222795106 125 14,659 SH   SOLE   14,659 0 0
CSX CORP. COM 126408103 84 2,328 SH   SOLE   2,328 0 0
CU BANCORP CALIF COM 126534106 32,485 907,410 SH   SOLE   907,410 0 0
DANA INCORPORATED COM 235825205 4,548 239,638 SH   SOLE   239,638 0 0
DELPHI AUTOMOTIVE PLC SHS G27823106 3,419 50,764 SH   SOLE   50,764 0 0
DELTA AIR LINES INC COM NEW 247361702 3,703 75,274 SH   SOLE   75,274 0 0
DIAMOND OFFSHORE DRILLING, INC. COM 25271C102 149 8,417 SH   SOLE   8,417 0 0
DNB FINANCIAL CORP COM 233237106 125 4,390 SH   SOLE   4,390 0 0
EAGLE BANCORP, INC. COM 268948106 2,805 46,014 SH   SOLE   46,014 0 0
EAST WEST BANCORP INC COM 27579R104 14,663 288,480 SH   SOLE   288,480 0 0
EMCOR GROUP INC. COM 29084Q100 11,414 161,305 SH   SOLE   161,305 0 0
ENSCO PLC SHS CL A G3157S106 78 7,986 SH   SOLE   7,986 0 0
EQUITY ONE INC COM 294752100 8,661 282,213 SH   SOLE   282,213 0 0
ESSENT GROUP LTD. COM G3198U102 4,221 130,392 SH   SOLE   130,392 0 0
FARMERS CAP BK CORP COM 309562106 10,910 259,460 SH   SOLE   259,460 0 0
FAUQUIER BANKSHARES, INC. COM 312059108 356 21,623 SH   SOLE   21,623 0 0
FCB FINANCIAL HOLDINGS INC. CL A 30255G103 2,566 53,788 SH   SOLE   53,788 0 0
FIDELITY NATIONAL FINANCIAL INC. FNF GROUP COM 31620R303 11,349 334,183 SH   SOLE   334,183 0 0
FIDELITY NATIONAL INFORMATION SVCS. COM 31620M106 11,110 146,883 SH   SOLE   146,883 0 0
FIFTH THIRD BANCORP COM 316773100 21,876 811,126 SH   SOLE   811,126 0 0
FIRST AMERN FINL CORP COM 31847R102 31,791 867,900 SH   SOLE   867,900 0 0
FIRST BANCORP COM 318910106 2,137 78,755 SH   SOLE   78,755 0 0
FIRST BANCSHARES INC MS COM 318916103 6,166 225,352 SH   SOLE   225,352 0 0
FIRST BUSEY CORPORATION COM NEW 319383204 3,607 117,193 SH   SOLE   117,193 0 0
FIRST CITIZENS BANCSHARES INC. (FCNCA) CL A 31946M103 5,335 15,028 SH   SOLE   15,028 0 0
FIRST FNDTN INC COM 32026V104 20,528 720,282 SH   SOLE   720,282 0 0
FIRST INDUSTRIAL REALTY TRUST COM 32054K103 589 21,003 SH   SOLE   21,003 0 0
FIRST INTERNET BANCORP COM 320557101 7,351 229,705 SH   SOLE   229,705 0 0
FIRST SOUTH BANCORP INC COM 33646W100 4,006 335,260 SH   SOLE   335,260 0 0
FNB CORPORATION COM 302520101 4,798 299,316 SH   SOLE   299,316 0 0
FNFV GROUP FNFV GROUP 31620R402 1,526 111,383 SH   SOLE   111,383 0 0
GUARANTY BANCORP COM NEW 40075T607 24,464 1,010,903 SH   SOLE   1,010,903 0 0
HARLEY-DAVIDSON INC COM 412822108 26,499 454,214 SH   SOLE   454,214 0 0
HERITAGE OAKS BANCORP COM 42724R107 6,211 503,770 SH   SOLE   503,770 0 0
HONEYWELL INTERNATIONAL INC. COM 438516106 18,901 163,150 SH   SOLE   163,150 0 0
HUNTINGTON BANCSHARES COM 446150104 14,114 1,067,623 SH   SOLE   1,067,623 0 0
INDEPENDENT BANK CORPORATION COM NEW 453838609 22,523 1,037,940 SH   SOLE   1,037,940 0 0
INSTALLED BUILDING PRODUCTS, INC. COM 45780R101 6,776 164,076 SH   SOLE   164,076 0 0
ISHARES TR RUS 1000 ETF 464287622 3,878 31,159 SH   SOLE   31,159 0 0
ISLE OF CAPRI CASINOS COM 464592104 1,706 69,115 SH   SOLE   69,115 0 0
J. ALEXANDER'S HOLDINGS, INC. COM 46609J106 207 19,238 SH   SOLE   19,238 0 0
JP MORGAN CHASE & CO. COM 46625H100 63,337 733,997 SH   SOLE   733,997 0 0
KEYCORP COM 493267108 18,572 1,016,527 SH   SOLE   1,016,527 0 0
KINDER MORGAN INC. COM 49456B101 2,613 126,163 SH   SOLE   126,163 0 0
KORN FERRY INTL COM NEW 500643200 2,414 82,020 SH   SOLE   82,020 0 0
LAKELAND BANCORP, INC. COM 511637100 3,622 185,729 SH   SOLE   185,729 0 0
LEAR CORP. COM 521865204 13,628 102,953 SH   SOLE   102,953 0 0
LENNAR CORP. CL A 526057104 4,520 105,278 SH   SOLE   105,278 0 0
M&T BANK CORPORATION COM 55261F104 911 5,823 SH   SOLE   5,823 0 0
MARLIN BUSINESS SERVICES INC COM 571157106 1,427 68,283 SH   SOLE   68,283 0 0
MASCO CORP. COM 574599106 5,520 174,565 SH   SOLE   174,565 0 0
MB FINANCIAL, INC. COM 55264U108 7,180 152,017 SH   SOLE   152,017 0 0
MBT FINANCIAL CORP. COM 578877102 2,679 236,063 SH   SOLE   236,063 0 0
METALDYNE PERFORMANCE GROUP COM 59116R107 1,320 57,500 SH   SOLE   57,500 0 0
MORGAN STANLEY COM NEW 617446448 83 1,960 SH   SOLE   1,960 0 0
NORWEGIAN CRUISE LINE HOLDINGS LTD. SHS G66721104 7,724 181,624 SH   SOLE   181,624 0 0
OLD LINE BANCSHARES, INC. COM 67984M100 7,892 329,118 SH   SOLE   329,118 0 0
OLD NATIONAL BANCORP COM 680033107 10,022 552,157 SH   SOLE   552,157 0 0
OLD POINT FINANCIAL CORPORATION COM 680194107 248 9,903 SH   SOLE   9,903 0 0
OLD SECOND BANCORP, INC. COM 680277100 253 22,864 SH   SOLE   22,864 0 0
ONEMAIN HOLDINGS INC. COM 68268W103 22,075 997,082 SH   SOLE   997,082 0 0
ORRSTOWN FINANCIAL SERVICES, INC. COM 687380105 12,580 561,607 SH   SOLE   561,607 0 0
OWENS CORNING INC. COM 690742101 19,441 377,054 SH   SOLE   377,054 0 0
PACIFIC CONTINENTAL CORP COM 69412V108 11,618 531,727 SH   SOLE   531,727 0 0
PACIFIC PREMIER BANCORP, INC. COM 69478X105 8,874 251,040 SH   SOLE   251,040 0 0
PACWEST BANCORP COM 695263103 25,830 474,460 SH   SOLE   474,460 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 34,524 1,117,997 SH   SOLE   1,117,997 0 0
PENNYMAC FINANCIAL SERVICE CL A 70932B101 18,388 1,104,412 SH   SOLE   1,104,412 0 0
PNC FINANCIAL SERVICES GROUP, INC. COM 693475105 31,736 271,337 SH   SOLE   271,337 0 0
POPULAR, INC. COM NEW 733174700 2,337 53,325 SH   SOLE   53,325 0 0
PREFERRED BANK/LOS ANGELES COM NEW 740367404 18,851 359,609 SH   SOLE   359,609 0 0
PREMIER FINANCIAL BANCORP INC. COM 74050M105 3,832 190,625 SH   SOLE   190,625 0 0
PRIVATEBANCORP INC COM 742962103 5,930 109,421 SH   SOLE   109,421 0 0
PROVIDENT BANCORP INC COM 74383X109 3,809 212,808 SH   SOLE   212,808 0 0
PULTE HOMES INC. COM 745867101 4,372 237,851 SH   SOLE   237,851 0 0
REGIONAL MANAGEMENT CORP. OPTIONS 75902K106 28,581 1,087,564 SH   SOLE   1,087,564 0 0
REGIONS FINANCIAL CORP. OPTIONS 7591EP100 211,083 14,699,378 SH   SOLE   14,699,378 0 0
REPUBLIC FIRST BANCORP, INC. COM 760416107 20,813 2,492,599 SH   SOLE   2,492,599 0 0
ROYAL BK CDA MONTREAL QUE COM 780087102 2,198 32,456 SH   SOLE   32,456 0 0
SEACOAST BANKING CORP COM NEW 811707801 51,952 2,355,043 SH   SOLE   2,355,043 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 450 19,347 SH Put SOLE   19,347 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 820 35,279 SH Put SOLE   35,279 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 1,093 47,000 SH Put SOLE   47,000 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 574 24,700 SH Put SOLE   24,700 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 445 19,157 SH Put SOLE   19,157 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 364 15,674 SH Put SOLE   15,674 0 0
SHORE BANCSHARES INC COM 825107105 5,832 382,417 SH   SOLE   382,417 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 30,454 202,753 SH   SOLE   202,753 0 0
SOUTH STATE CORP. COM 840441109 3,701 42,350 SH   SOLE   42,350 0 0
SOUTHERN FIRST BANCSHARES INC COM 842873101 2,917 81,017 SH   SOLE   81,017 0 0
SOUTHWEST BANCORP, INC. COM 844767103 4,060 140,000 SH   SOLE   140,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 41 185 SH Put SOLE   185 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 198 884 SH Put SOLE   884 0 0
STATE STREET CORP. COM 857477103 5,393 69,388 SH   SOLE   69,388 0 0
STERLING BANCORP COM 85917A100 12,754 545,047 SH   SOLE   545,047 0 0
STEWART INFORMATION SERVICES COM 860372101 6,967 151,194 SH   SOLE   151,194 0 0
STONEGATE BK FT LAUDERDALE F COM 861811107 5,334 127,820 SH   SOLE   127,820 0 0
SUFFOLK BANCORP COM 864739107 3,946 92,163 SH   SOLE   92,163 0 0
SUNSHINE BANCORP INC. COM 86777J108 3,015 175,892 SH   SOLE   175,892 0 0
SUSSEX BANCORP COM 869245100 5,707 273,061 SH   SOLE   273,061 0 0
SVB FINL GROUP COM 78486Q101 27,765 161,742 SH   SOLE   161,742 0 0
SWIFT TRANSPORTATION CO. CL A 87074U101 84 3,466 SH   SOLE   3,466 0 0
SYNOVUS FINANCIAL CORP. COM NEW 87161C501 11,974 291,486 SH   SOLE   291,486 0 0
TCF FINANCIAL CORP. COM 872275102 18,307 934,501 SH   SOLE   934,501 0 0
TEXAS CAPITAL BANCSHARES, INC. COM 88224Q107 7,535 96,115 SH   SOLE   96,115 0 0
THE FIRST OF LONG ISLAND CORP COM 320734106 34,488 1,207,971 SH   SOLE   1,207,971 0 0
TOLL BROTHERS INC. COM 889478103 4,595 148,219 SH   SOLE   148,219 0 0
TOPBUILD CORP. COM 89055F103 691 19,396 SH   SOLE   19,396 0 0
TRI POINTE GROUP, INC. COM 87265H109 81 7,029 SH   SOLE   7,029 0 0
TRICO BANCSHARES COM 896095106 4,716 137,982 SH   SOLE   137,982 0 0
TRIUMPH BANCORP INC. COM 89679E300 23,862 912,517 SH   SOLE   912,517 0 0
TWO RIVER BANCORP COM 90207C105 149 10,000 SH   SOLE   10,000 0 0
UNITED BANKSHARES INC WEST V COM 909907107 8,333 180,165 SH   SOLE   180,165 0 0
UNITY BANCORP INC COM 913290102 6,949 442,600 SH   SOLE   442,600 0 0
US BANCORP COM 902973304 59,182 1,152,064 SH   SOLE   1,152,064 0 0
VALLEY NATIONAL BANCORP COM 919794107 3,798 326,307 SH   SOLE   326,307 0 0
VERITEX HOLDINGS INC. COM 923451108 35,954 1,346,103 SH   SOLE   1,346,103 0 0
WASHINGTONFIRST BANKSHARE INC. COM 940730104 14,280 492,584 SH   SOLE   492,584 0 0
WASTE MANAGEMENT INC COM 94106L109 85 1,198 SH   SOLE   1,198 0 0
WCI COMMUNITIES, INC. COM PAR $0.01 92923C807 1,875 79,972 SH   SOLE   79,972 0 0
WELLS FARGO & CO COM 949746101 67,012 1,215,959 SH   SOLE   1,215,959 0 0
WESTERN ALLIANCE BANCORP COM 957638109 3,668 75,297 SH   SOLE   75,297 0 0
WESTERN REFINING INC COM 959319104 1,703 45,000 SH   SOLE   45,000 0 0
WINTRUST FINANCIAL CORPORATION COM 97650W108 14,379 198,142 SH   SOLE   198,142 0 0
YADKIN FINANCIAL CORPORATION COM 984305102 5,263 153,614 SH   SOLE   153,614 0 0
ZIONS BANCORPORATION COM 989701107 21,232 493,315 SH   SOLE   493,315 0 0