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 8,100 224,074 SH   SOLE NONE 224,074 0 0
ATLANTIC CAP BANCSHARES INC COM 048269203 5,518 290,437 SH   SOLE NONE 290,437 0 0
ARCH CAP GROUP LTD ORD G0450A105 25,761 298,543 SH   SOLE NONE 12,097 0 286,446
ASTORIA FINL CORP COM 046265104 2,765 148,257 SH   SOLE NONE 4,981 0 143,276
AFLAC INC COM 001055102 8,440 121,267 SH   SOLE NONE 0 0 121,267
AMERICAN INTL GROUP INC COM NEW 026874784 27,033 413,923 SH   SOLE NONE 0 0 413,923
ASSURANT INC COM 04621X108 33,618 362,027 SH   SOLE NONE 10,015 0 352,012
GALLAGHER ARTHUR J & CO COM 363576109 42,517 818,273 SH   SOLE NONE 0 0 818,273
ALLSTATE CORP COM 020002101 43,063 580,987 SH   SOLE NONE 15,946 0 565,041
AFFILIATED MANAGERS GROUP COM 008252108 7,504 51,646 SH   SOLE NONE 0 0 51,646
AMERIPRISE FINL INC COM 03076C106 10,954 98,742 SH   SOLE NONE 0 0 98,742
AMERICAN TOWER CORP NEW COM 03027X100 8,354 79,047 SH   SOLE NONE 0 0 79,047
TD AMERITRADE HLDG CORP COM 87236Y108 2,953 67,719 SH   SOLE NONE 0 0 67,719
AON PLC SHS CL A G0408V102 7,935 71,143 SH   SOLE NONE 0 0 71,143
APOLLO GLOBAL MGMT LLC CL A SHS 037612306 406 20,996 SH   SOLE NONE 20,996 0 0
ATHENE HLDG LTD CL A G0684D107 6,743 140,503 SH   SOLE NONE 4,732 0 135,771
AMERICAN EXPRESS CO COM 025816109 27,518 371,464 SH   SOLE NONE 0 0 371,464
BANK AMER CORP COM 060505104 63,950 2,893,685 SH   SOLE NONE 0 0 2,893,685
BANNER CORP COM NEW 06652V208 8,022 143,740 SH   SOLE NONE 47,696 0 96,044
BATS GLOBAL MKTS INC COM 05491G109 6,624 197,663 SH   SOLE NONE 12,498 0 185,165
BB&T CORP COM 054937107 5,762 122,545 SH   SOLE NONE 0 0 122,545
BERKSHIRE HILLS BANCORP INC COM 084680107 5,136 139,389 SH   SOLE NONE 8,174 0 131,215
BANK NEW YORK MELLON CORP COM 064058100 14,012 295,730 SH   SOLE NONE 0 0 295,730
BLACKROCK INC COM 09247X101 7,612 20,002 SH   SOLE NONE 0 0 20,002
BSB BANCORP INC MD COM 05573H108 4,223 145,855 SH   SOLE NONE 145,855 0 0
BRYN MAWR BK CORP COM 117665109 1,073 25,459 SH   SOLE NONE 25,459 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 12,919 79,269 SH   SOLE NONE 0 0 79,269
BROWN & BROWN INC COM 115236101 9,876 220,156 SH   SOLE NONE 0 0 220,156
CITIGROUP INC COM NEW 172967424 69,527 1,169,901 SH   SOLE NONE 3,084 0 1,166,817
CAMDEN NATL CORP COM 133034108 6,779 152,500 SH   SOLE NONE 152,500 0 0
CHUBB LIMITED COM H1467J104 20,266 153,391 SH   SOLE NONE 0 0 153,391
CBOE HLDGS INC COM 12503M108 30,335 410,536 SH   SOLE NONE 12,328 0 398,208
CROWN CASTLE INTL CORP NEW COM 22822V101 5,502 63,411 SH   SOLE NONE 0 0 63,411
CITIZENS FINL GROUP INC COM 174610105 9,088 255,077 SH   SOLE NONE 7,990 0 247,087
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 8,862 581,140 SH   SOLE NONE 19,774 0 561,366
CIT GROUP INC COM NEW 125581801 2,322 54,410 SH   SOLE NONE 0 0 54,410
CME GROUP INC COM 12572Q105 37,412 324,337 SH   SOLE NONE 6,848 0 317,489
CONNECTONE BANCORP INC NEW COM 20786W107 40,941 1,577,687 SH   SOLE NONE 657,086 0 920,601
CAPITAL ONE FINL CORP COM 14040H105 14,202 162,794 SH   SOLE NONE 0 0 162,794
CAPSTAR FINL HLDGS INC COM 14070T102 1,363 62,088 SH   SOLE NONE 62,088 0 0
CU BANCORP CALIF COM 126534106 3,068 85,691 SH   SOLE NONE 85,691 0 0
DISCOVER FINL SVCS COM 254709108 8,505 117,983 SH   SOLE NONE 0 0 117,983
EQUITY BANCSHARES INC COM CL A 29460X109 11,356 337,575 SH   SOLE NONE 337,575 0 0
EMPIRE ST RLTY TR INC CL A 292104106 8,605 426,199 SH   SOLE NONE 0 0 426,199
FB FINL CORP COM 30257X104 1,452 55,950 SH   SOLE NONE 55,950 0 0
FIFTH THIRD BANCORP COM 316773100 24,079 892,791 SH   SOLE NONE 17,409 0 875,382
FIRST BANCSHARES INC MS COM 318916103 6,585 239,437 SH   SOLE NONE 239,437 0 0
FIRST MIDWEST BANCORP DEL COM 320867104 2,730 108,191 SH   SOLE NONE 3,700 0 104,491
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 10,435 307,282 SH   SOLE NONE 0 0 307,282
REPUBLIC FIRST BANCORP INC COM 760416107 4,358 521,905 SH   SOLE NONE 521,905 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 27,870 116,390 SH   SOLE NONE 0 0 116,390
HOWARD BANCORP INC COM 442496105 4,375 289,713 SH   SOLE NONE 289,713 0 0
HERITAGE OAKS BANCORP COM 42724R107 4,838 392,408 SH   SOLE NONE 392,408 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 22,045 462,641 SH   SOLE NONE 12,868 0 449,773
HUDSON PAC PPTYS INC COM 444097109 5,027 144,527 SH   SOLE NONE 0 0 144,527
INTERCONTINENTAL EXCHANGE IN COM 45866F104 49,252 872,946 SH   SOLE NONE 27,750 0 845,196
INDEPENDENCE RLTY TR INC COM 45378A106 4,233 474,500 SH   SOLE NONE 0 0 474,500
INVESTAR HLDG CORP COM 46134L105 9,722 521,270 SH   SOLE NONE 521,270 0 0
JPMORGAN CHASE & CO COM 46625H100 88,238 1,022,573 SH   SOLE NONE 2,508 0 1,020,065
KEYCORP NEW COM 493267108 15,172 830,426 SH   SOLE NONE 7,460 0 822,966
LINCOLN NATL CORP IND COM 534187109 5,314 80,193 SH   SOLE NONE 0 0 80,193
METLIFE INC COM 59156R108 10,895 202,170 SH   SOLE NONE 0 0 202,170
MARSH & MCLENNAN COS INC COM 571748102 19,683 291,213 SH   SOLE NONE 0 0 291,213
MORGAN STANLEY COM NEW 617446448 17,413 412,136 SH   SOLE NONE 0 0 412,136
MIDLAND STS BANCORP INC ILL COM 597742105 12,104 334,555 SH   SOLE NONE 334,555 0 0
M & T BK CORP COM 55261F104 5,239 33,489 SH   SOLE NONE 0 0 33,489
MGIC INVT CORP WIS COM 552848103 32,123 3,152,390 SH   SOLE NONE 107,447 0 3,044,943
NASDAQ INC COM 631103108 38,431 572,577 SH   SOLE NONE 23,104 0 549,473
NORTHERN TR CORP COM 665859104 5,993 67,302 SH   SOLE NONE 0 0 67,302
NEW YORK CMNTY BANCORP INC COM 649445103 25,574 1,607,434 SH   SOLE NONE 401,099 0 1,206,335
OAKTREE CAP GROUP LLC UNIT CL A 674001201 7,008 186,882 SH   SOLE NONE 12,588 0 174,294
SOUTHWEST BANCORP INC OKLA COM 844767103 39,927 1,376,796 SH   SOLE NONE 777,895 0 598,901
OLD LINE BANCSHARES INC COM 67984M100 13,933 581,046 SH   SOLE NONE 581,046 0 0
OPUS BK IRVINE CALIF COM 684000102 17,304 575,843 SH   SOLE NONE 143,486 0 432,357
PARAGON COML CORP COM NEW 69911U403 3,611 82,600 SH   SOLE NONE 82,600 0 0
PROGRESSIVE CORP OHIO COM 743315103 51,721 1,456,935 SH   SOLE NONE 51,180 0 1,405,755
PACIFIC MERCANTILE BANCORP COM 694552100 14,199 1,945,044 SH   SOLE NONE 1,945,044 0 0
PNC FINL SVCS GROUP INC COM 693475105 23,820 203,657 SH   SOLE NONE 0 0 203,657
PRUDENTIAL FINL INC COM 744320102 10,617 102,030 SH   SOLE NONE 0 0 102,030
QCR HOLDINGS INC COM 74727A104 8,013 185,060 SH   SOLE NONE 185,060 0 0
RADIAN GROUP INC COM 750236101 25,732 1,431,168 SH   SOLE NONE 35,009 0 1,396,159
REGIONS FINL CORP NEW COM 7591EP100 11,064 770,445 SH   SOLE NONE 12,761 0 757,684
SCHWAB CHARLES CORP NEW COM 808513105 14,282 361,845 SH   SOLE NONE 0 0 361,845
STONEGATE BK FT LAUDERDALE F COM 861811107 5,037 120,700 SH   SOLE NONE 120,700 0 0
SL GREEN RLTY CORP COM 78440X101 6,481 60,263 SH   SOLE NONE 0 0 60,263
SUN BANCORP INC COM NEW 86663B201 12,090 465,014 SH   SOLE NONE 465,014 0 0
SUNTRUST BKS INC COM 867914103 28,723 523,666 SH   SOLE NONE 15,701 0 507,965
STATE STR CORP COM 857477103 8,855 113,934 SH   SOLE NONE 0 0 113,934
UMPQUA HLDGS CORP COM 904214103 8,742 465,485 SH   SOLE NONE 8,751 0 456,734
US BANCORP DEL COM NEW 902973304 22,055 429,336 SH   SOLE NONE 0 0 429,336
VERITEX HLDGS INC COM 923451108 7,431 278,213 SH   SOLE NONE 278,213 0 0
VORNADO RLTY TR SH BEN INT 929042109 7,215 69,129 SH   SOLE NONE 0 0 69,129
VOYA FINL INC COM 929089100 19,114 487,348 SH   SOLE NONE 0 0 487,348
WELLS FARGO & CO NEW COM 949746101 76,265 1,383,865 SH   SOLE NONE 0 0 1,383,865
WILLIS TOWERS WATSON PUB LTD SHS G96629103 4,755 38,886 SH   SOLE NONE 0 0 38,886
ZIONS BANCORPORATION COM 989701107 12,455 289,379 SH   SOLE NONE 9,460 0 279,919