JCSD Capital 13F-HR Quarterly holdings report by institutional manager

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

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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
Ameris Bancorp	common	03076K108	3,890	164,904	SH		SOLE		164,904	0	0
Bank of Fincastle	common	062113105	1,007	491,336	SH		SOLE		491,336	0	0
Cecil Bancorp, Inc.	common	149841306	1,117	367,500	SH		SOLE		367,500	0	0
Communities First Financial Corp	common	20344D104	3,977	173,647	SH		SOLE		173,647	0	0
Exchange Listed FDS TR HI YLD ETF July 17 2020 32	put	30151E954	241	680	PRN	Put	SOLE		680	0	0
FB Financial Corp	common	30257X104	248	10,000	SH		SOLE		10,000	0	0
First Bancorp NC	common	318910106	2,642	105,353	SH		SOLE		105,353	0	0
First Bancshares Inc MS	common	318916103	4,713	209,450	SH		SOLE		209,450	0	0
First Busey Corp	common	319383204	1,372	73,564	SH		SOLE		73,564	0	0
First Intst Bancsystem CL A	common	32055Y201	2,122	68,531	SH		SOLE		68,531	0	0
First Midwest Bancorp DEL	common	320867104	2,261	169,395	SH		SOLE		169,395	0	0
Franklin Financial Network	common	35352P104	3,219	125,000	SH		SOLE		125,000	0	0
Gateway Bank FSB	common	36758P102	1,200	3,000,000	SH		SOLE		3,000,000	0	0
Grandsouth Bancorporation	common	386627301	5,048	339,922	SH		SOLE		339,922	0	0
Heritage Commerce Corp	common	426927109	1,621	216,000	SH		SOLE		216,000	0	0
Invesco Exchange Traded Sr Ln ETF Jul 17 2020 21	put	46138G958	36	1,450	PRN	Put	SOLE		1,450	0	0
Invesco Exchange Traded Sr Ln ETF Oct 16 2020 17	put	46138G958	8	300	PRN	Put	SOLE		300	0	0
Investar Holding Corp	common	46134L105	2,011	138,661	SH		SOLE		138,661	0	0
iShares Trust IBOXX HI YD ETF Aug 21 2020 78	put	464288953	39	350	PRN	Put	SOLE		350	0	0
Lakeland Bancorp Inc	common	511637100	996	87,162	SH		SOLE		87,162	0	0
MainStreet Bancshares Inc	common	56064Y100	2,477	187,663	SH		SOLE		187,663	0	0
McHenry Bancorp, Inc.	common	580683100	1,257	15,000,000	SH		SOLE		15,000,000	0	0
Metro Phoenix Bank	common	59165E106	1,739	176,667	SH		SOLE		176,667	0	0
Old Natl Bancorp IND	common	680033107	1,376	100,000	SH		SOLE		100,000	0	0
Oregon Pacific Bancorp	common	686040205	1,469	358,334	SH		SOLE		358,334	0	0
Pacific Premier Bancorp	common	69478X105	2,970	137,000	SH		SOLE		137,000	0	0
Pacific West Bank	common	69506W202	1,840	163,590	SH		SOLE		163,590	0	0
Seacoast Commerce Banc Holdings	common	81171B108	3,188	255,000	SH		SOLE		255,000	0	0
Southcrest Financial Group	common	84129X107	589	96,240	SH		SOLE		96,240	0	0
United Bancorporation Ala CL A	common	90944R100	5,711	281,348	SH		SOLE		281,348	0	0
US Metro Bank	common	90343B102	1,907	866,722	SH		SOLE		866,722	0	0
Veritex Holdings Inc	common	923451108	1,213	68,550	SH		SOLE		68,550	0	0
Western Alliance Bancorp	common	957638109	5,571	147,121	SH		SOLE		147,121	0	0