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
FCB Financial Holdings Inc CL A	common	30255G197	2,862	90,000	SH		SOLE		90,000	0	0
Anchor Bank Wis INC Del	common	03283P106	3,798	100,000	SH		SOLE		100,000	0	0
Bank of Marin Bancorp	common	063425102	407	8,000	SH		SOLE		8,000	0	0
Popular Inc	common	733174700	1,010	35,000	SH		SOLE		35,000	0	0
Popular Inc Dec 18 2015 23.00	call	733174Q9M	361	500	SH	Call	SOLE		500	0	0
Bay Bancorp Inc	common	07203T106	4,403	850,000	SH		SOLE		850,000	0	0
Carolina Bk Hldgs Greensboro	common	143785103	2,176	179,500	SH		SOLE		179,500	0	0
Columbia Bkg Sys Inc	common	197236102	976	30,000	SH		SOLE		30,000	0	0
Columbia Bkg Sys Inc Aug 21 2015 19.86	call	197236Y1I	257	200	SH	Call	SOLE		200	0	0
CU Bancorp Calif	common	126534106	4,875	220,000	SH		SOLE		220,000	0	0
Direxion SHS ETF Tr Dly S&P 500 Bear	common	25459Y371	18	1,000	SH		SOLE		1,000	0	0
Evans Bancorp Inc	common	29911Q208	4,783	197,241	SH		SOLE		197,241	0	0
First Bancshares Inc MS	common	318916103	4,992	299,793	SH		SOLE		299,793	0	0
First Mid Ill Bancshares, Inc.	common	320866106	3,031	138,095	SH		SOLE		138,095	0	0
Franklin Financial Network	common	35352P104	5,339	232,759	SH		SOLE		232,759	0	0
Green Bancorp Inc	common	39260X100	2,304	150,000	SH		SOLE		150,000	0	0
Heritage Commerce Corp	common	426927109	3,665	379,290	SH		SOLE		379,290	0	0
IBERIBANK Corp	common	450828108	1,706	25,000	SH		SOLE		25,000	0	0
MB Financial Inc New	common	55264U108	1,240	36,000	SH		SOLE		36,000	0	0
MB Financial Inc New Aug 21 2015 25.00	call	55264UHVI	279	300	SH	Call	SOLE		300	0	0
First NBC Bk Hldg Co	common	32115D106	1,080	30,000	SH		SOLE		30,000	0	0
Pacific Premier Bancorp	common	69478X105	5,295	312,200	SH		SOLE		312,200	0	0
Pulaski Financial Corp	common	745548107	2,683	207,690	SH		SOLE		207,690	0	0
Servisfirst Bancshares Inc	common	81768T108	5,260	140,000	SH		SOLE		140,000	0	0
Triumph Bancorp Inc	common	89679E300	3,419	260,000	SH		SOLE		260,000	0	0
Webster Financial Corp Conn	common	947890109	989	25,000	SH		SOLE		25,000	0	0
Wilshire Bancorp Inc	common	97186T108	884	70,000	SH		SOLE		70,000	0	0
ZIONS Bancorporation Jan 20 2017 20.00	call	989701DJA	791	650	SH	Call	SOLE		650	0	0