Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (39 quarters reported)
$101M in Q4 2016 → $413M now. Hover for any quarter.
As reported for the quarter ended June 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| West Coast Community Bancorp | 3.5% | Unchanged | 295,357 | $14.7M |
| Plumas Bancorp | 3.4% | Unchanged | 239,006 | $14M |
| SB Southern Bancshares Nc Inc | 3.3% | Unchanged | 1,100 | $13.6M |
| EB Exchange Bank/santa Rosa Ca | 2.8% | Unchanged | 69,895 | $11.5M |
| TB Timberland Bancorp Inc/wa | 2.5% | Unchanged | 230,847 | $10.3M |
| MB Mission Bancorp/bakersfield Ca | 2.3% | Added 5.0% | 90,542 | $9.51M |
| FN First National Of Nebraska Inc | 2.2% | Unchanged | 500 | $9.18M |
| First Citizens Bancshares Inc/ | 2.2% | Unchanged | 4,344 | $9.04M |
| Oak Valley Bancorp | 2.2% | Trimmed 18% | 263,847 | $8.9M |
| First Ottawa Bancshares Inc | 2.1% | Unchanged | 39,908 | $8.66M |
| MF Merchants Financial Group Inc | 2.0% | Unchanged | 209,160 | $8.18M |
| OP Oregon Pacific Bancorp | 1.8% | Unchanged | 661,804 | $7.31M |
| ZB Zions Bancorp Na | 1.7% | Unchanged | 101,290 | $7.01M |
| Bankwell Financial Group Inc | 1.7% | Unchanged | 116,138 | $6.82M |
| Alpine Banks Of Colorado | 1.6% | Unchanged | 143,174 | $6.76M |
| Five Star Bancorp | 1.6% | Unchanged | 134,847 | $6.57M |
| FN First National Corp/va | 1.5% | Trimmed 24% | 208,687 | $6.26M |
| First Mid Bancshares Inc | 1.5% | Unchanged | 128,404 | $6.17M |
| CV Cashmere Valley Bank | 1.5% | Trimmed 17% | 75,597 | $6.12M |
| Southern Missouri Bancorp Inc | 1.5% | Unchanged | 79,314 | $6.05M |
| OB Oxford Bank Corp/mi | 1.4% | Unchanged | 135,499 | $5.93M |
| Hbt Financial Inc | 1.4% | Unchanged | 182,331 | $5.83M |
| RC Redwood Capital Bancorp | 1.4% | Trimmed 2.7% | 181,278 | $5.69M |
| MB Mechanics Bancorp | 1.4% | Unchanged | 353,216 | $5.62M |
| WF Wtb Financial Corp | 1.2% | Unchanged | 12,672 | $5.02M |
| FC Fnb Corp/pa | 1.2% | Unchanged | 262,593 | $5.01M |
| Columbia Banking System Inc | 1.2% | Unchanged | 156,302 | $5.01M |
| Mercantile Bank Corp | 1.2% | Unchanged | 83,966 | $4.82M |
| Parke Bancorp Inc | 1.2% | Unchanged | 144,817 | $4.8M |
| Chino Commercial Bancorp | 1.1% | Added 20% | 275,095 | $4.75M |
| F& Farmers & Merchants Bancorp/lo | 1.1% | Unchanged | 3,662 | $4.71M |
| AR American Riviera Bancorp | 1.1% | Unchanged | 183,328 | $4.67M |
| PB Private Bancorp Of America Inc | 1.1% | Unchanged | 62,397 | $4.6M |
| CH Community Heritage Financial I | 1.1% | Unchanged | 129,000 | $4.52M |
| UB United Bancorp Of Alabama Inc | 1.1% | Unchanged | 81,896 | $4.51M |
| PF Provident Financial Services I | 1.1% | Unchanged | 189,706 | $4.48M |
| CV Crystal Valley Financial Corp | 1.1% | Added 4.6% | 56,945 | $4.44M |
| Red River Bancshares Inc | 1.1% | Trimmed 27% | 48,446 | $4.42M |
| Washington Trust Bancorp Inc | 1.1% | Unchanged | 120,049 | $4.38M |
| Commercial Bancgroup Inc | 1.0% | Unchanged | 133,664 | $4.32M |
| Banner Corp | 1.0% | Unchanged | 60,973 | $4.05M |
| BB Boyle Bancorp Inc | 1.0% | Unchanged | 34,514 | $4M |
| HB Horizon Bancorp Inc/in | 1.0% | Unchanged | 200,000 | $4M |
| Tri-county Financial Group Inc | 1.0% | Unchanged | 61,917 | $3.98M |
| Wintrust Financial Corp | 0.9% | Unchanged | 24,284 | $3.9M |
| Old Second Bancorp Inc | 0.9% | Unchanged | 163,038 | $3.81M |
| OR Oak Ridge Financial Services I | 0.9% | Unchanged | 122,152 | $3.78M |
| SN Security National Corp/ia | 0.9% | Unchanged | 18,476 | $3.77M |
| Valley National Bancorp | 0.9% | Unchanged | 255,540 | $3.74M |
| PB Pinnacle Bank/gilroy Ca | 0.9% | Unchanged | 211,708 | $3.74M |
| CC Coastal Carolina Bancshares In | 0.9% | Unchanged | 230,000 | $3.62M |
| Independent Bank Corp | 0.9% | Unchanged | 42,370 | $3.55M |
| International Bancshares Corp | 0.8% | Unchanged | 45,725 | $3.47M |
| CC Cnb Community Bancorp Inc | 0.8% | Unchanged | 68,411 | $3.43M |
| SB Southeastern Banking Corp | 0.8% | Unchanged | 120,149 | $3.43M |
| Community West Bancshares | 0.8% | Unchanged | 127,116 | $3.41M |
| BI Bancorp Inc/the | 0.8% | Unchanged | 54,465 | $3.41M |
| CF Cnb Financial Corp/pa | 0.8% | Unchanged | 100,000 | $3.37M |
| CB Community Bancorp Of Santa Mar | 0.8% | Unchanged | 172,595 | $3.33M |
| Embassy Bancorp Inc | 0.8% | Unchanged | 152,639 | $3.26M |
Showing top 60 of 101 positions.
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Citizens Financial Group Inc | Exited | −92,831 | −$5.57M | — |
| Fifth Third Bancorp | Exited | −74,922 | −$3.48M | — |
| Shore Bancshares Inc | Trimmed | −95,574 | −$2.19M | 0.6% |
| FN First National Corp/va | Trimmed | −67,356 | −$2.02M | 1.5% |
| Oak Valley Bancorp | Trimmed | −59,340 | −$2M | 2.2% |
| Red River Bancshares Inc | Trimmed | −18,033 | −$1.65M | 1.1% |
| CV Cashmere Valley Bank | Trimmed | −16,000 | −$1.3M | 1.5% |
| Steele Bancorp Inc | New | +27,399 | +$1.18M | 0.3% |
| California Bancorp | Trimmed | −52,194 | −$1.09M | 0.8% |
| First Capital Inc | Trimmed | −15,474 | −$1M | 0.8% |
Showing the 10 largest of 30 changes.
quarter ended March 31, 2026 · filed May 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Prime Meridian Holding Co | Exited | −127,014 | −$7.19M | — |
| Comerica Inc | Exited | −40,145 | −$3.49M | — |
| Fifth Third Bancorp | New | +74,922 | +$3.48M | 0.9% |
| EB Endeavor Bancorp | New | +133,334 | +$2.03M | 0.5% |
| Community West Bancshares | Trimmed | −83,141 | −$1.94M | 0.8% |
| Finwise Bancorp | Exited | −91,588 | −$1.64M | — |
| BI Bancorp Inc/the | Added | +21,000 | +$1.13M | 0.8% |
| Fidelity D&D Bancorp Inc | Added | +23,913 | +$1.03M | 0.5% |
| HC High Country Bancorp Inc | Added | +18,303 | +$654K | 0.2% |
| CB Cecil Bancorp Inc | Exited | −367,501 | −$643K | — |
Showing the 10 largest of 31 changes.
quarter ended December 31, 2025 · filed February 11, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Comerica Inc | Trimmed | −39,000 | −$3.39M | 0.9% |
| Commercial Bancgroup Inc | New | +133,664 | +$3.28M | 0.9% |
| Mercantile Bank Corp | Added | +63,966 | +$3.08M | 1.1% |
| International Bancshares Corp | New | +45,725 | +$3.04M | 0.8% |
| CC Coastal Carolina Bancshares In | New | +230,000 | +$2.66M | 0.7% |
| First Citizens Bancshares Inc/ | Trimmed | −1,115 | −$2.39M | 2.5% |
| Plumas Bancorp | Trimmed | −47,746 | −$2.13M | 2.9% |
| Independent Bank Corp | Trimmed | −22,030 | −$1.61M | 0.8% |
| First Capital Inc | Trimmed | −26,498 | −$1.57M | 1.1% |
| Fs Bancorp Inc | Added | +31,965 | +$1.32M | 0.6% |
Showing the 10 largest of 41 changes.
quarter ended September 30, 2025 · filed November 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| MB Mechanics Bancorp | New | +353,216 | +$4.7M | 1.3% |
| MB Mechanics Bank/walnut Creek Ca | Exited | −107 | −$4.15M | — |
| Wintrust Financial Corp | Trimmed | −23,980 | −$3.18M | 0.9% |
| Plumas Bancorp | Added | +66,950 | +$2.89M | 3.5% |
| First Citizens Bancshares Inc/ | Trimmed | −1,525 | −$2.73M | 2.8% |
| HB Horizon Bancorp Inc/in | New | +130,714 | +$2.09M | 0.6% |
| 1C 1st Colonial Bancorp Inc | Trimmed | −64,288 | −$1.18M | 0.2% |
| Mercantile Bank Corp | New | +20,000 | +$900K | 0.3% |
| Fs Bancorp Inc | New | +20,476 | +$817K | 0.2% |
| CB Community Bancorp Of Santa Mar | Added | +38,700 | +$568K | 0.7% |
Showing the 10 largest of 37 changes.
quarter ended June 30, 2025 · filed July 30, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| FN First National Of Nebraska Inc | Trimmed | −215 | −$2.8M | 1.9% |
| Prime Meridian Holding Co | Trimmed | −20,000 | −$960K | 1.8% |
| LF Ledyard Financial Group Inc | Trimmed | −58,692 | −$813K | — |
| CC Cornerstone Community Bancorp | Trimmed | −15,100 | −$581K | 1.4% |
| CF Century Financial Corp/ma | Added | +12,063 | +$507K | 0.5% |
| First Capital Inc | Trimmed | −9,975 | −$412K | 1.1% |
| MB Mission Bancorp/bakersfield Ca | Added | +4,106 | +$386K | 2.4% |
| FF Ffd Financial Corp | Added | +7,300 | +$256K | 0.4% |
| Ballston Spa Bancorp Inc | Added | +3,100 | +$191K | 0.5% |
| SB Southeastern Banking Corp | Added | +6,818 | +$153K | 0.7% |
Showing the 10 largest of 33 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Enterprise Bancorp Inc/ma | Trimmed | −38,191 | −$1.49M | 0.8% |
| F& Farmers & Merchants Bank Of Lo | Trimmed | −237 | −$1.33M | 0.2% |
| Wesbanco Inc | New | +34,864 | +$1.08M | 0.3% |
| BI Bancorp Inc/the | New | +20,000 | +$1.06M | 0.3% |
| F& Farmers & Merchants Bancorp/lo | Added | +497 | +$493K | 1.0% |
| Finwise Bancorp | Added | +23,405 | +$410K | 0.7% |
| MB Mechanics Bank/walnut Creek Ca | Added | +10 | +$349K | 1.1% |
| FF Ffd Financial Corp | Added | +9,281 | +$310K | 0.3% |
| OR Oak Ridge Financial Services I | Added | +10,000 | +$208K | 0.7% |
| CV Crystal Valley Financial Corp | Added | +3,000 | +$192K | 1.0% |
Showing the 10 largest of 35 changes.
quarter ended December 31, 2024 · filed February 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| West Coast Community Bancorp | New | +295,357 | +$12.2M | 3.4% |
| West Coast Community Bancorp | Exited | −224,446 | −$8.67M | — |
| Premier Financial Corp | Trimmed | −105,620 | −$2.7M | 0.4% |
| HB Heartland Banccorp | Trimmed | −11,441 | −$1.72M | 0.9% |
| Enterprise Bancorp Inc/ma | Trimmed | −38,042 | −$1.5M | 1.2% |
| Jd Bancshares Inc | Added | +37,771 | +$912K | 0.4% |
| MC Mountain Commerce Bancorp Inc | Added | +31,950 | +$679K | 0.7% |
| PB Partners Bank Of California | New | +39,457 | +$395K | 0.1% |
| FF Fentura Financial Inc | Trimmed | −7,971 | −$350K | 1.3% |
| CB Community Bancorp Of Santa Mar | Added | +31,996 | +$344K | 0.4% |
Showing the 10 largest of 41 changes.
quarter ended September 30, 2024 · filed November 12, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Wintrust Financial Corp | New | +48,264 | +$5.24M | 1.5% |
| F& Farmers & Merchants Bancorp/lo | Added | +2,024 | +$1.97M | 0.8% |
| PB Private Bancorp Of America Inc | Added | +28,000 | +$1.24M | 0.8% |
| Community West Bancshares | Trimmed | −54,760 | −$1.05M | 1.2% |
| FF Fentura Financial Inc | Trimmed | −24,568 | −$953K | 1.3% |
| MB Merchants Bancorp/in | New | +18,290 | +$822K | 0.2% |
| CB Community Bancorp Of Santa Mar | Added | +58,382 | +$611K | 0.3% |
| OB Oxford Bank Corp/mi | Added | +18,753 | +$605K | 1.2% |
| First Capital Inc | Added | +15,277 | +$534K | 1.0% |
| FF Ffd Financial Corp | Added | +18,524 | +$525K | 0.2% |
Showing the 10 largest of 38 changes.
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