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	30255G103	2,720	80,000	SH		SOLE		80,000	0	0
Bank of Marin Bancorp	common	063425102	387	8,000	SH		SOLE		8,000	0	0
Bank of the James Financial Group	common	470299108	1,470	120,000	SH		SOLE		120,000	0	0
Bank of the Ozarks Inc	common	063904106	2,064	55,000	SH		SOLE		55,000	0	0
Bay Bancorp Inc	common	07203T106	3,017	595,000	SH		SOLE		595,000	0	0
BOFI Hldg Inc	common	05566U108	1,682	95,000	SH		SOLE		95,000	0	0
BOFI Hldg Inc July 15 2016 15.00	call	05566U908	108	400	PRN	Call	SOLE		400	0	0
BOFI Hldg Inc July 15 2016 17.50	call	05566U908	23	300	PRN	Call	SOLE		300	0	0
Carolina Bk Hldgs Greensboro	common	143785103	4,020	230,000	SH		SOLE		230,000	0	0
Columbia Bkg Sys Inc	common	197236102	842	30,000	SH		SOLE		30,000	0	0
CU Bancorp Calif	common	126534106	4,546	200,000	SH		SOLE		200,000	0	0
Cullen Frost Bankers Inc	common	229899109	3,187	50,000	SH		SOLE		50,000	0	0
Direxion SHS ETF Tr Dly S&P 500 Bear	common	25459Y371	571	41,000	SH		SOLE		41,000	0	0
Evans Bancorp Inc	common	29911Q208	5,081	206,222	SH		SOLE		206,222	0	0
First Bancshares Inc MS	common	318916103	5,031	291,335	SH		SOLE		291,335	0	0
First Busey Corp	common	319383204	4,157	194,363	SH		SOLE		194,363	0	0
First Mid Ill Bancshares, Inc.	common	320866106	3,557	142,292	SH		SOLE		142,292	0	0
Franklin Financial Network	common	35352P104	6,131	195,500	SH		SOLE		195,500	0	0
Grandsouth Bancorporation	common	386627301	1,750	125,000	SH		SOLE		125,000	0	0
Green Bancorp Inc	common	39260X100	3,021	346,500	SH		SOLE		346,500	0	0
Hampton Roads Bankshares, Inc.	common	409321502	52	29,086	SH		SOLE		29,086	0	0
Heritage Commerce Corp	common	426927109	3,972	377,210	SH		SOLE		377,210	0	0
MB Financial Inc New	common	55264U108	1,306	36,000	SH		SOLE		36,000	0	0
Northern States Financial Corp	common	665751103	2,389	3,847,685	SH		SOLE		3,847,685	0	0
Northwest Bancorporation	common	667337109	2,755	299,407	SH		SOLE		299,407	0	0
Old Natl Bancorp IND	common	680033107	4,004	319,545	SH		SOLE		319,545	0	0
Pacific Premier Bancorp	common	69478X105	7,200	300,000	SH		SOLE		300,000	0	0
Proshares TR PSHS ULSHT SP500	put	74347B950	27	500	PRN	Put	SOLE		500	0	0
Servisfirst Bancshares Inc	common	81768T108	4,692	95,000	SH		SOLE		95,000	0	0
SmartFinancial Inc	common	83190L208	2,187	136,682	SH		SOLE		136,682	0	0
Sunshine Bancorp Inc	common	86777J108	1,281	90,440	SH		SOLE		90,440	0	0
Triumph Bancorp Inc	common	89679E300	3,840	240,000	SH		SOLE		240,000	0	0
Webster Financial Corp Conn	common	947890109	849	25,000	SH		SOLE		25,000	0	0
Wilshire Bancorp Inc	common	97186T108	729	70,000	SH		SOLE		70,000	0	0
Xenith Bankshares Inc	common	98410X105	1,043	131,253	SH		SOLE		131,253	0	0
ZIONS Bancorporation	common	989701107	1,005	40,000	SH		SOLE		40,000	0	0
ZIONS Bancorporation Jan 20 2017 20.00	call	989701907	380	650	PRN	Call	SOLE		650	0	0