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
ALLEGIANCE BANCSHARES INC COM 01748H107 6,329 234,421 SH   SOLE   234,421 0 0
ATLANTIC CAP BANCSHARES INC COM 048269203 5,755 384,204 SH   SOLE   384,204 0 0
ARCH CAP GROUP LTD ORD G0450A105 8,742 110,293 SH   SOLE   7,802 0 102,491
AFLAC INC COM 001055102 8,715 121,267 SH   SOLE   0 0 121,267
AMERICAN INTL GROUP INC COM NEW 026874784 31,668 533,667 SH   SOLE   0 0 533,667
ASSURANT INC COM 04621X108 25,511 276,545 SH   SOLE   15,547 0 260,998
GALLAGHER ARTHUR J & CO COM 363576109 44,993 884,468 SH   SOLE   0 0 884,468
ALLSTATE CORP COM 020002101 39,446 570,194 SH   SOLE   16,277 0 553,917
AFFILIATED MANAGERS GROUP COM 008252108 9,423 65,120 SH   SOLE   3,722 0 61,398
AMERIPRISE FINL INC COM 03076C106 4,954 49,655 SH   SOLE   0 0 49,655
AMERICAN TOWER CORP NEW COM 03027X100 8,958 79,047 SH   SOLE   0 0 79,047
TD AMERITRADE HLDG CORP COM 87236Y108 2,386 67,719 SH   SOLE   0 0 67,719
AMERICAN EXPRESS CO COM 025816109 30,215 471,807 SH   SOLE   0 0 471,807
BANK AMER CORP COM 060505104 45,286 2,893,685 SH   SOLE   0 0 2,893,685
BANNER CORP COM NEW 06652V208 8,102 185,242 SH   SOLE   68,835 0 116,407
BB&T CORP COM 054937107 6,431 170,506 SH   SOLE   0 0 170,506
BERKSHIRE HILLS BANCORP INC COM 084680107 6,448 232,689 SH   SOLE   70,335 0 162,354
BANK NEW YORK MELLON CORP COM 064058100 11,794 295,730 SH   SOLE   0 0 295,730
BLACKROCK INC COM 09247X101 7,250 20,002 SH   SOLE   0 0 20,002
BSB BANCORP INC MD COM 05573H108 5,366 229,007 SH   SOLE   229,007 0 0
BRYN MAWR BK CORP COM 117665109 1,277 39,925 SH   SOLE   39,925 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 11,452 79,269 SH   SOLE   0 0 79,269
BROWN & BROWN INC COM 115236101 5,739 152,183 SH   SOLE   0 0 152,183
CITIGROUP INC COM NEW 172967424 55,342 1,171,758 SH   SOLE   4,941 0 1,166,817
CAMDEN NATL CORP COM 133034108 11,005 345,776 SH   SOLE   345,776 0 0
CHUBB LIMITED COM H1467J104 19,257 153,259 SH   SOLE   0 0 153,259
CBOE HLDGS INC COM 12503M108 9,743 150,244 SH   SOLE   8,441 0 141,803
CITIZENS FINL GROUP INC COM 174610105 22,196 898,259 SH   SOLE   82,254 0 816,005
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 3,762 241,600 SH   SOLE   0 0 241,600
CIT GROUP INC COM NEW 125581801 1,975 54,410 SH   SOLE   0 0 54,410
CME GROUP INC COM 12572Q105 22,849 218,613 SH   SOLE   7,430 0 211,183
CONNECTONE BANCORP INC NEW COM 20786W107 33,539 1,857,081 SH   SOLE   936,480 0 920,601
CAPITAL ONE FINL CORP COM 14040H105 11,693 162,794 SH   SOLE   0 0 162,794
CAPSTAR FINL HLDGS INC COM 14070T102 4,822 285,000 SH   SOLE   285,000 0 0
CU BANCORP CALIF COM 126534106 2,928 128,345 SH   SOLE   128,345 0 0
DISCOVER FINL SVCS COM 254709108 6,672 117,983 SH   SOLE   0 0 117,983
EQUITY BANCSHARES INC COM CL A 29460X109 8,783 338,605 SH   SOLE   338,605 0 0
EMPIRE ST RLTY TR INC CL A 292104106 8,929 426,199 SH   SOLE   0 0 426,199
FB FINL CORP COM 30257X104 2,119 105,000 SH   SOLE   105,000 0 0
FIFTH THIRD BANCORP COM 316773100 21,585 1,054,967 SH   SOLE   32,191 0 1,022,776
FIRST MID ILL BANCSHARES INC COM 320866106 455 16,703 SH   SOLE   16,703 0 0
FIRST MIDWEST BANCORP DEL COM 320867104 1,844 95,264 SH   SOLE   0 0 95,264
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 5,413 146,646 SH   SOLE   0 0 146,646
GOLDMAN SACHS GROUP INC COM 38141G104 18,770 116,390 SH   SOLE   0 0 116,390
HOWARD BANCORP INC COM 442496105 3,608 273,162 SH   SOLE   273,162 0 0
HERITAGE OAKS BANCORP COM 42724R107 3,231 394,006 SH   SOLE   394,006 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 45,893 1,071,760 SH   SOLE   50,162 0 1,021,598
HORACE MANN EDUCATORS CORP N COM 440327104 672 18,344 SH   SOLE   18,344 0 0
HUDSON PAC PPTYS INC COM 444097109 5,851 178,000 SH   SOLE   0 0 178,000
INTERCONTINENTAL EXCHANGE IN COM 45866F104 34,954 129,765 SH   SOLE   5,213 0 124,552
INDEPENDENCE RLTY TR INC COM 45378A106 3,600 400,000 SH   SOLE   0 0 400,000
INVESTAR HLDG CORP COM 46134L105 7,972 519,350 SH   SOLE   519,350 0 0
JPMORGAN CHASE & CO COM 46625H100 68,193 1,024,076 SH   SOLE   4,011 0 1,020,065
KEYCORP NEW COM 493267108 11,813 970,693 SH   SOLE   21,774 0 948,919
LINCOLN NATL CORP IND COM 534187109 3,767 80,193 SH   SOLE   0 0 80,193
METLIFE INC COM 59156R108 8,982 202,170 SH   SOLE   0 0 202,170
MARSH & MCLENNAN COS INC COM 571748102 9,670 143,785 SH   SOLE   4,085 0 139,700
MORGAN STANLEY COM NEW 617446448 13,213 412,136 SH   SOLE   0 0 412,136
MIDLAND STS BANCORP INC ILL COM 597742105 11,234 443,317 SH   SOLE   443,317 0 0
M & T BK CORP COM 55261F104 3,888 33,489 SH   SOLE   0 0 33,489
MGIC INVT CORP WIS COM 552848103 25,695 3,211,853 SH   SOLE   166,910 0 3,044,943
NAVIENT CORP COM 63938C108 1,731 119,611 SH   SOLE   0 0 119,611
NORTHERN TR CORP COM 665859104 4,576 67,302 SH   SOLE   0 0 67,302
NEW YORK CMNTY BANCORP INC COM 649445103 24,663 1,733,153 SH   SOLE   636,974 0 1,096,179
SOUTHWEST BANCORP INC OKLA COM 844767103 27,385 1,442,101 SH   SOLE   843,200 0 598,901
OLD LINE BANCSHARES INC COM 67984M100 12,449 630,944 SH   SOLE   630,944 0 0
BANK OF THE OZARKS INC COM 063904106 2,506 65,256 SH   SOLE   0 0 65,256
PARAGON COML CORP COM NEW 69911U403 2,997 82,600 SH   SOLE   82,600 0 0
PROGRESSIVE CORP OHIO COM 743315103 41,775 1,326,185 SH   SOLE   59,082 0 1,267,103
PACIFIC MERCANTILE BANCORP COM 694552100 13,700 1,858,866 SH   SOLE   1,858,866 0 0
PNC FINL SVCS GROUP INC COM 693475105 22,443 249,114 SH   SOLE   0 0 249,114
PRUDENTIAL FINL INC COM 744320102 8,331 102,030 SH   SOLE   0 0 102,030
QCR HOLDINGS INC COM 74727A104 11,871 373,993 SH   SOLE   373,993 0 0
RADIAN GROUP INC COM 750236101 17,018 1,255,961 SH   SOLE   44,461 0 1,211,500
REGIONS FINL CORP NEW COM 7591EP100 22,665 2,296,363 SH   SOLE   90,208 0 2,206,155
SAFETY INS GROUP INC COM 78648T100 305 4,530 SH   SOLE   4,530 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 10,236 86,412 SH   SOLE   4,772 0 81,640
SCHWAB CHARLES CORP NEW COM 808513105 11,423 361,845 SH   SOLE   0 0 361,845
STONEGATE BK FT LAUDERDALE F COM 861811107 6,663 197,431 SH   SOLE   197,431 0 0
SL GREEN RLTY CORP COM 78440X101 6,514 60,263 SH   SOLE   0 0 60,263
SUN BANCORP INC COM NEW 86663B201 14,011 607,576 SH   SOLE   607,576 0 0
SUNTRUST BKS INC COM 867914103 23,441 535,186 SH   SOLE   27,221 0 507,965
STATE STR CORP COM 857477103 7,933 113,934 SH   SOLE   0 0 113,934
TRAVELERS COMPANIES INC COM 89417E109 4,499 39,272 SH   SOLE   0 0 39,272
UMPQUA HLDGS CORP COM 904214103 11,521 765,528 SH   SOLE   43,812 0 721,716
US BANCORP DEL COM NEW 902973304 18,414 429,336 SH   SOLE   0 0 429,336
VERITEX HLDGS INC COM 923451108 4,049 232,840 SH   SOLE   232,840 0 0
VORNADO RLTY TR SH BEN INT 929042109 6,997 69,129 SH   SOLE   0 0 69,129
VOYA FINL INC COM 929089100 14,045 487,348 SH   SOLE   0 0 487,348
WELLS FARGO & CO NEW COM 949746101 64,949 1,466,789 SH   SOLE   4,824 0 1,461,965
WILLIS TOWERS WATSON PUB LTD SHS G96629103 5,163 38,886 SH   SOLE   0 0 38,886
XL GROUP LTD COM G98294104 13,477 400,752 SH   SOLE   0 0 400,752
ZIONS BANCORPORATION COM 989701107 28,372 914,623 SH   SOLE   200,464 0 714,159