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 Bk La Calif COM 02475L105 3,559 89,097 SH   SOLE   0 0 0
Associated Banc-Corp COM 045487105 10,294 563,762 SH   SOLE   0 0 0
Banner Corp COM 06652V208 2,052 36,512 SH   SOLE   0 0 0
Blue Foundry Bancorp COM 09549B104 6,870 573,003 SH   SOLE   0 0 0
Bank Of Marin Banc COM 063425102 4,940 155,433 SH   SOLE   0 0 0
Popular, Inc. COM 733174700 1,120 14,558 SH   SOLE   0 0 0
Bank7 Corp COM 06652N107 4,018 175,934 SH   SOLE   0 0 0
Capital City Bank COM 139674105 3,317 118,938 SH   SOLE   0 0 0
Rbs Citizens Financial Group Inc COM 174610105 8,433 236,291 SH   SOLE   0 0 0
Comerica Incorporated COM 200340107 12,957 176,579 SH   SOLE   0 0 0
Columbia Banking System, Inc. COM 197236102 14,307 499,365 SH   SOLE   0 0 0
Cvb Financial COM 126600105 11,051 445,414 SH   SOLE   0 0 0
Central Valley Cmn COM 155685100 921 63,540 SH   SOLE   0 0 0
Exchange Bk Santa Rosa Calif COM 301227203 321 2,541 SH   SOLE   0 0 0
First Community Corporation COM 319835104 587 30,628 SH   SOLE   0 0 0
First Citizens Bancshares, Inc. COM 31946M103 3,820 5,843 SH   SOLE   0 0 0
First Horizon Corp COM 320517105 1,159 53,000 SH   SOLE   0 0 0
First Interstate B COM 32055Y201 11,842 310,744 SH   SOLE   0 0 0
1st Utd Corp COM 33741H107 932 49,697 SH   SOLE   0 0 0
Guaranty Bncsh Tex COM 400764106 2,922 80,616 SH   SOLE   0 0 0
Huntington Bancshares Incorporated COM 446150104 2,858 237,611 SH   SOLE   0 0 0
Heritage Financial COM 42722X106 5,469 217,387 SH   SOLE   0 0 0
Heritage Commerce Corp COM 426927109 5,812 543,645 SH   SOLE   0 0 0
Hancock Whitney Corporation COM 410120109 7,903 178,273 SH   SOLE   0 0 0
Ing Groep N.V. ADR 456837103 1,171 118,000 SH   SOLE   0 0 0
Keycorp COM 493267108 2,511 145,730 SH   SOLE   0 0 0
Spdr S&P Regional Banking Etf COM 78464A698 9,331 160,636 SH   SOLE   0 0 0
Mercantile Bank Cp COM 587376104 3,325 104,055 SH   SOLE   0 0 0
Macatawa Bank Corp COM 554225102 8,902 1,007,010 SH   SOLE   0 0 0
M&T Bank Corp COM 55261F104 11,900 74,662 SH   SOLE   0 0 0
Old Second Bancorp, Inc. COM 680277100 586 43,767 SH   SOLE   0 0 0
Oak Valley Bancorp COM 671807105 2,246 130,602 SH   SOLE   0 0 0
Pacwest Bancorp COM 695263103 3,179 119,253 SH   SOLE   0 0 0
Ponce Financial Group Inc COM 732344106 4,615 499,411 SH   SOLE   0 0 0
Peoples Bancorp N C Inc COM 710577107 1,227 45,188 SH   SOLE   0 0 0
Riverview Bancorp COM 769397100 2,540 385,954 SH   SOLE   0 0 0
Synovus Financial Corp. COM 87161C501 7,201 199,745 SH   SOLE   0 0 0
1st Finl Corp Ind COM 320218100 12,247 275,214 SH   SOLE   0 0 0
Timberland Bancorp COM 887098101 5,526 221,054 SH   SOLE   0 0 0
United Security Bs COM 911460103 3,295 432,451 SH   SOLE   0 0 0
Umpqua Holdings Co COM 904214103 1,991 118,702 SH   SOLE   0 0 0
Webster Financial Corporation COM 947890109 5,413 128,421 SH   SOLE   0 0 0
William Penn Bancorp Inc COM 96927A105 3,325 284,216 SH   SOLE   0 0 0
Zions Bancorporation N A COM 989701107 4,559 89,569 SH   SOLE   0 0 0