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
American Business Bank COM 02475L105 2,305 58,567 SH   SOLE   0 0 0
Associated Banc-Corp COM 045487105 7,751 343,128 SH   SOLE   0 0 0
Banco Bilbao Vizcaya Argentaria, S.A. ADR ADR 00709P108 3,409 580,692 SH   SOLE   0 0 0
The Bank of New York Mellon Corporation COM 064058100 14,829 255,318 SH   SOLE   0 0 0
POPULAR INC COM 733174700 4,319 52,641 SH   SOLE   0 0 0
Bank7 Corp. COM 06652N107 5,862 254,858 SH   SOLE   0 0 0
CITIZENS FINANCIAL GROUP INC COM 174610105 11,710 247,833 SH   SOLE   0 0 0
COMERICA INC COM 200340107 11,247 129,275 SH   SOLE   0 0 0
Columbia Banking System, Inc. COM 197236102 8,240 251,834 SH   SOLE   0 0 0
CVB Financial Corporation COM 126600105 7,517 351,104 SH   SOLE   0 0 0
Central Valley Community Bank COM 155685100 371 17,867 SH   SOLE   0 0 0
First Community Corp. COM 319835104 573 27,428 SH   SOLE   0 0 0
Huntington Bancshares COM 446150104 5,269 341,711 SH   SOLE   0 0 0
HERITAGE FINANCIAL CORP COM 42722X106 1,857 76,000 SH   SOLE   0 0 0
HERITAGE COMMERCE CORP COM 426927109 3,890 325,813 SH   SOLE   0 0 0
HANCOCK WHITNEY CORP COM 410120109 6,622 132,390 SH   SOLE   0 0 0
ING Groep N.V. ADS ADR 04930A104 2,547 183,000 SH   SOLE   0 0 0
KB Financial Group Inc. ADS ADR 48241A105 2,239 48,505 SH   SOLE   0 0 0
KEYCORP COM 493267108 6,067 262,308 SH   SOLE   0 0 0
Metropolitan Bank Holding Corp. COM 61744Y132 1,961 18,408 SH   SOLE   0 0 0
Macatawa Bank Corporation COM 554225102 5,464 619,489 SH   SOLE   0 0 0
Medallion Financial Corp. COM 583928106 213 36,846 SH   SOLE   0 0 0
M&T Bank Corp COM 55261F104 8,984 58,500 SH   SOLE   0 0 0
OceanFirst Financial Corp. COM 675234108 7,469 336,434 SH   SOLE   0 0 0
Open Bank COM 67109R109 5,410 427,855 SH   SOLE   0 0 0
OLD SECOND BANCORP INC COM 680277100 4,205 334,006 SH   SOLE   0 0 0
OAK VALLEY BANCORP COM 671807105 2,152 123,671 SH   SOLE   0 0 0
PACWEST BANCORP COM 695263103 12,800 283,380 SH   SOLE   0 0 0
PEOPLES BANCORP OF NORTH CAROL COM 710577107 1,119 40,588 SH   SOLE   0 0 0
Riverview Bancorp Inc COM 769397100 2,020 262,689 SH   SOLE   0 0 0
Sterling Bancorp Inc COM 744028101 937 162,930 SH   SOLE   0 0 0
SYNOVUS FINANCIAL CORP COM 87161C501 8,583 179,295 SH   SOLE   0 0 0
State Street Corporation COM 857477103 11,399 122,568 SH   SOLE   0 0 0
TIMBERLAND BANCORP INC/WA COM 887098108 5,774 208,459 SH   SOLE   0 0 0
UNITED SECURITY BANCSHARES/FRE COM 911460103 3,512 432,451 SH   SOLE   0 0 0
Umpqua Holdings Corp COM 904214103 1,340 69,667 SH   SOLE   0 0 0
Webster Financial Corporation COM 947890109 12,526 224,321 SH   SOLE   0 0 0
ZIONS BANCORPORATION COM 989701107 8,882 140,639 SH   SOLE   0 0 0