Skip to content
Disclosery

MALTESE CAPITAL MANAGEMENT LLC

Follow

13F filer, CIK 1040762, New York, NY

MALTESE CAPITAL MANAGEMENT LLC reported $563,473,501 across 107 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 25.65% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0000919574-26-001000

Period
2025-12-31
Reported value
$563M
Holdings
107
Top 10 weight
25.65%
New
6
Sold out
23

Part of the filer group MALTESE CAPITAL MANAGEMENT LLC

How groups are built

Largest buys vs the previous quarter

SecurityShares changeApprox. value
CBCnew+368,567$8.89M
SSBadded+44,500$4.19M
CBKnew+158,350$3.89M
SMBCnew+60,110$3.55M
FITBadded+69,125$3.24M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
WALreduced-125,000-$10.5M
USBreduced-196,500-$10.5M
Creduced-76,800-$8.96M
MTBreduced-39,500-$7.96M
AMTBreduced-374,818-$7.31M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q4 2025

Share positions as resolved from 13F-HR 0000919574-26-001000, largest first. % of portfolio is the value over $563,473,501, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
SSBSOUTHSTATE BK CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 142,500 shares; 2025Q4: 187,000 shares 187,000$17.6M3.12%+44,500Timeline
CCITIGROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 376,400 shares; 2024Q4: 405,000 shares; 2025Q1: 351,000 shares; 2025Q2: 300,000 shares; 2025Q3: 209,300 shares; 2025Q4: 132,500 shares 132,500$15.5M2.74%-76,800Timeline
FFWMFIRST FNDTN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 845,000 shares; 2024Q4: 1,158,588 shares; 2025Q1: 1,680,000 shares; 2025Q2: 2,211,200 shares; 2025Q3: 2,330,149 shares; 2025Q4: 2,470,000 shares 2,470,000$15.2M2.7%+139,851Timeline
EQBKEQUITY BANCSHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 167,000 shares; 2024Q4: 326,000 shares; 2025Q1: 326,000 shares; 2025Q2: 326,000 shares; 2025Q3: 326,000 shares; 2025Q4: 329,173 shares 329,173$14.7M2.61%+3,173Timeline
WBSWEBSTER FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 334,700 shares; 2024Q4: 265,000 shares; 2025Q1: 245,000 shares; 2025Q2: 260,000 shares; 2025Q3: 268,800 shares; 2025Q4: 230,000 shares 230,000$14.5M2.57%-38,800Timeline
FRSTPRIMIS FINANCIAL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 784,693 shares; 2024Q4: 901,135 shares; 2025Q1: 929,230 shares; 2025Q2: 1,025,430 shares; 2025Q3: 986,918 shares; 2025Q4: 1,026,500 shares 1,026,500$14.3M2.53%+39,582Timeline
HBNCHORIZON BANCORP INDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 634,600 shares; 2024Q4: 664,000 shares; 2025Q1: 705,000 shares; 2025Q2: 770,000 shares; 2025Q3: 841,700 shares; 2025Q4: 792,500 shares 792,500$13.4M2.39%-49,200Timeline
NBHCNATIONAL BK HLDGS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 345,000 shares; 2024Q4: 197,100 shares; 2025Q1: 250,000 shares; 2025Q2: 405,000 shares; 2025Q3: 414,000 shares; 2025Q4: 352,500 shares 352,500$13.4M2.38%-61,500Timeline
MOFGMIDWESTONE FINANCIAL GROUP IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 350,000 shares; 2024Q4: 342,601 shares; 2025Q1: 344,101 shares; 2025Q2: 344,101 shares; 2025Q3: 363,402 shares; 2025Q4: 340,000 shares 340,000$13.1M2.32%-23,402Timeline
CCNECNB FINL CORP PAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 120,000 shares; 2024Q4: 201,200 shares; 2025Q1: 145,600 shares; 2025Q2: 145,600 shares; 2025Q3: 478,200 shares; 2025Q4: 491,500 shares 491,500$12.9M2.28%+13,300Timeline
AMTBAMERANT BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,052,207 shares; 2024Q4: 1,048,507 shares; 2025Q1: 1,042,604 shares; 2025Q2: 1,042,604 shares; 2025Q3: 967,318 shares; 2025Q4: 592,500 shares 592,500$11.6M2.05%-374,818Timeline
QCRHQCR HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 146,500 shares; 2024Q4: 157,500 shares; 2025Q1: 180,000 shares; 2025Q2: 285,000 shares; 2025Q3: 156,900 shares; 2025Q4: 130,300 shares 130,300$10.9M1.93%-26,600Timeline
MCHBMECHANICS BANCORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 978,140 shares; 2024Q4: 1,070,640 shares; 2025Q1: 1,050,000 shares; 2025Q2: 1,100,000 shares; 2025Q3: 1,014,105 shares; 2025Q4: 687,400 shares 687,400$10.1M1.78%-326,705Timeline
IBOCINTERNATIONAL BANCSHARES CORQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 68,600 shares; 2024Q4: 90,900 shares; 2025Q1: 100,000 shares; 2025Q2: 100,000 shares; 2025Q3: 109,400 shares; 2025Q4: 143,800 shares 143,800$9.55M1.7%+34,400Timeline
FCNCAFIRST CTZNS BANCSHARES INC DQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 14,100 shares; 2024Q4: 8,675 shares; 2025Q1: 9,300 shares; 2025Q2: 8,600 shares; 2025Q3: 6,515 shares; 2025Q4: 4,409 shares 4,409$9.46M1.68%-2,106Timeline
CHYMCHIME FINL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 403,400 shares; 2025Q3: 422,812 shares; 2025Q4: 368,263 shares 368,263$9.27M1.65%-54,549Timeline
WSBCWESBANCO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 436,363 shares; 2024Q4: 451,363 shares; 2025Q1: 451,363 shares; 2025Q2: 451,663 shares; 2025Q3: 401,981 shares; 2025Q4: 275,000 shares 275,000$9.14M1.62%-126,981Timeline
ABCBAMERIS BANCORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 258,800 shares; 2024Q4: 235,000 shares; 2025Q1: 234,900 shares; 2025Q2: 237,500 shares; 2025Q3: 129,000 shares; 2025Q4: 121,500 shares 121,500$9.02M1.6%-7,500Timeline
CBCCENTRAL BANCOMPANYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 368,567 shares 368,567$8.89M1.58%newTimeline
BACBANK OF AMER CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 214,600 shares; 2024Q4: 290,000 shares; 2025Q1: 350,000 shares; 2025Q2: 250,000 shares; 2025Q3: 190,000 shares; 2025Q4: 151,156 shares 151,156$8.31M1.48%-38,844Timeline
UNTYUNITY BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 162,100 shares; 2024Q4: 155,000 shares; 2025Q1: 142,200 shares; 2025Q2: 155,000 shares; 2025Q3: 155,300 shares; 2025Q4: 159,000 shares 159,000$8.22M1.46%+3,700Timeline
MTBM & T BK CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 96,000 shares; 2024Q4: 91,000 shares; 2025Q1: 93,500 shares; 2025Q2: 105,000 shares; 2025Q3: 80,000 shares; 2025Q4: 40,500 shares 40,500$8.16M1.45%-39,500Timeline
AVBHAVIDBANK HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 220,000 shares; 2025Q4: 305,000 shares 305,000$8.1M1.44%+85,000Timeline
CARECARTER BANKSHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 201,000 shares; 2025Q1: 288,456 shares; 2025Q2: 364,972 shares; 2025Q3: 369,000 shares; 2025Q4: 395,800 shares 395,800$7.78M1.38%+26,800Timeline
BYBYLINE BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 256,600 shares; 2025Q3: 215,000 shares; 2025Q4: 265,000 shares 265,000$7.72M1.37%+50,000Timeline
FCCOFIRST CMNTY CORP S CQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 196,362 shares; 2024Q4: 202,592 shares; 2025Q1: 220,000 shares; 2025Q2: 227,678 shares; 2025Q3: 239,731 shares; 2025Q4: 252,500 shares 252,500$7.49M1.33%+12,769Timeline
UMBFUMB FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 117,400 shares; 2024Q4: 74,800 shares; 2025Q1: 95,000 shares; 2025Q2: 95,400 shares; 2025Q3: 71,000 shares; 2025Q4: 65,000 shares 65,000$7.48M1.33%-6,000Timeline
COFCAPITAL ONE FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 15,000 shares; 2025Q2: 55,000 shares; 2025Q3: 49,000 shares; 2025Q4: 29,347 shares 29,347$7.11M1.26%-19,653Timeline
EWBCEAST WEST BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 181,100 shares; 2024Q4: 150,000 shares; 2025Q1: 95,000 shares; 2025Q2: 60,000 shares; 2025Q3: 47,500 shares; 2025Q4: 62,824 shares 62,824$7.06M1.25%+15,324Timeline
COLBCOLUMBIA BKG SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 92,300 shares; 2024Q4: 140,000 shares; 2025Q1: not reported; 2025Q2: 100,000 shares; 2025Q3: 305,500 shares; 2025Q4: 245,000 shares 245,000$6.85M1.22%-60,500Timeline
NPBNORTHPOINTE BANCSHARES INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 635,000 shares; 2025Q2: 585,000 shares; 2025Q3: 380,800 shares; 2025Q4: 380,000 shares 380,000$6.38M1.13%-800Timeline
INVESTAR HOLDING CORPINVESTAR HOLDING CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 238,090 shares; 2025Q4: 238,091 shares 238,091$6.36M1.13%+1
ZIONZIONS BANCORPORATION NATL ASQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 210,000 shares; 2024Q4: 187,500 shares; 2025Q1: 212,500 shares; 2025Q2: 253,000 shares; 2025Q3: 160,000 shares; 2025Q4: 105,000 shares 105,000$6.15M1.09%-55,000Timeline
PFBCPREFERRED BK LOS ANGELES CAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 74,600 shares; 2024Q4: 84,078 shares; 2025Q1: 74,245 shares; 2025Q2: 70,000 shares; 2025Q3: 72,500 shares; 2025Q4: 64,788 shares 64,788$6.12M1.09%-7,712Timeline
BBTBEACON FINANCIAL CORP.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 16,120 shares; 2025Q1: 257,500 shares; 2025Q2: 257,500 shares; 2025Q3: 230,470 shares; 2025Q4: 220,000 shares 220,000$5.8M1.03%-10,470Timeline
FSBCFIVE STAR BANCORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 301,100 shares; 2024Q4: 291,600 shares; 2025Q1: 291,600 shares; 2025Q2: 291,600 shares; 2025Q3: 277,400 shares; 2025Q4: 160,000 shares 160,000$5.72M1.02%-117,400Timeline
FFBC1ST FINL BANCORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 51,400 shares; 2024Q4: 35,000 shares; 2025Q1: 50,000 shares; 2025Q2: 52,500 shares; 2025Q3: 142,500 shares; 2025Q4: 227,917 shares 227,917$5.7M1.01%+85,417Timeline
CFGCITIZENS FINL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 70,800 shares; 2024Q4: 66,300 shares; 2025Q1: 35,000 shares; 2025Q2: 85,000 shares; 2025Q3: 122,116 shares; 2025Q4: 95,000 shares 95,000$5.55M0.98%-27,116Timeline
IBCPINDEPENDENT BK CORP MICHQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 60,000 shares; 2024Q4: 64,992 shares; 2025Q1: 64,992 shares; 2025Q2: 87,141 shares; 2025Q3: 155,000 shares; 2025Q4: 168,500 shares 168,500$5.48M0.97%+13,500Timeline
UBSIUNITED BANKSHARES INC WEST VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 68,300 shares; 2024Q4: 131,300 shares; 2025Q1: 131,300 shares; 2025Q2: 115,000 shares; 2025Q3: 102,500 shares; 2025Q4: 142,500 shares 142,500$5.47M0.97%+40,000Timeline
WFCWELLS FARGO & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 115,000 shares; 2024Q4: 324,500 shares; 2025Q1: 205,000 shares; 2025Q2: 212,500 shares; 2025Q3: 77,500 shares; 2025Q4: 58,500 shares 58,500$5.45M0.97%-19,000Timeline
JCAPJEFFERSON CAPITAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 286,800 shares; 2025Q3: 356,166 shares; 2025Q4: 231,630 shares 231,630$5.17M0.92%-124,536Timeline
EFSIEAGLE FINL SVCS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 200,000 shares; 2025Q2: 217,500 shares; 2025Q3: 190,000 shares; 2025Q4: 129,149 shares 129,149$5.14M0.91%-60,851Timeline
VLYVALLEY NATL BANCORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 390,100 shares; 2024Q4: 658,200 shares; 2025Q1: 643,900 shares; 2025Q2: 642,900 shares; 2025Q3: 570,000 shares; 2025Q4: 434,000 shares 434,000$5.07M0.9%-136,000Timeline
WALWESTERN ALLIANCE BANCORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 132,600 shares; 2024Q4: 118,500 shares; 2025Q1: 184,500 shares; 2025Q2: 201,000 shares; 2025Q3: 185,000 shares; 2025Q4: 60,000 shares 60,000$5.04M0.9%-125,000Timeline
SCHWCHARLES SCHWAB CORP (THE)Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 15,000 shares; 2025Q2: 50,000 shares; 2025Q3: 62,500 shares; 2025Q4: 50,000 shares 50,000$5M0.89%-12,500Timeline
JPMJPMORGAN CHASE & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 39,100 shares; 2024Q4: 32,450 shares; 2025Q1: 42,500 shares; 2025Q2: 32,500 shares; 2025Q3: 20,500 shares; 2025Q4: 15,014 shares 15,014$4.84M0.86%-5,486Timeline
USBUS BANCORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 505,000 shares; 2024Q4: 447,500 shares; 2025Q1: not reported; 2025Q2: 20,000 shares; 2025Q3: 284,000 shares; 2025Q4: 87,500 shares 87,500$4.67M0.83%-196,500Timeline
INDBINDEPENDENT BK CORP MASSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 20,000 shares; 2025Q1: 50,000 shares; 2025Q2: 65,000 shares; 2025Q3: 76,500 shares; 2025Q4: 63,500 shares 63,500$4.64M0.82%-13,000Timeline
FHNFIRST HORIZON CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 776,100 shares; 2024Q4: 605,700 shares; 2025Q1: 605,700 shares; 2025Q2: 560,000 shares; 2025Q3: 460,000 shares; 2025Q4: 192,500 shares 192,500$4.6M0.82%-267,500Timeline
ISTRINVESTAR HOLDING CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 259,600 shares; 2024Q4: 254,000 shares; 2025Q1: 258,153 shares; 2025Q2: 258,153 shares; 2025Q3: 248,853 shares; 2025Q4: 172,138 shares 172,138$4.6M0.82%-76,715Timeline
SFSTIFEL FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 25,000 shares; 2024Q4: 61,400 shares; 2025Q1: 61,400 shares; 2025Q2: 61,400 shares; 2025Q3: 40,350 shares; 2025Q4: 36,600 shares 36,600$4.58M0.81%-3,750Timeline
FISIFINANCIAL INSTITUTIONS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 226,100 shares; 2025Q1: 226,100 shares; 2025Q2: 220,000 shares; 2025Q3: 211,000 shares; 2025Q4: 145,000 shares 145,000$4.52M0.8%-66,000Timeline
TOWNTOWNEBANK PORTSMOUTH VAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 72,100 shares; 2025Q1: 90,000 shares; 2025Q2: 95,000 shares; 2025Q3: 102,500 shares; 2025Q4: 132,500 shares 132,500$4.42M0.78%+30,000Timeline
FITBFIFTH THIRD BANCORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 55,000 shares; 2024Q4: not reported; 2025Q1: 120,000 shares; 2025Q2: 130,000 shares; 2025Q3: 25,000 shares; 2025Q4: 94,125 shares 94,125$4.41M0.78%+69,125Timeline
MGYRMAGYAR BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 228,700 shares; 2024Q4: 231,300 shares; 2025Q1: 239,000 shares; 2025Q2: 239,100 shares; 2025Q3: 239,100 shares; 2025Q4: 242,553 shares 242,553$4.19M0.74%+3,453Timeline
RNSTRENASANT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 210,288 shares; 2024Q4: 208,288 shares; 2025Q1: 210,188 shares; 2025Q2: 260,000 shares; 2025Q3: 152,500 shares; 2025Q4: 117,521 shares 117,521$4.14M0.73%-34,979Timeline
NPNEPTUNE INS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 100,000 shares; 2025Q4: 137,500 shares 137,500$4.01M0.71%+37,500Timeline
CBKCOMMERCIAL BANCGROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 158,350 shares 158,350$3.89M0.69%newTimeline
KEYKEYCORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 189,000 shares; 2024Q4: 58,001 shares; 2025Q1: 375,000 shares; 2025Q2: 440,000 shares; 2025Q3: 280,000 shares; 2025Q4: 185,000 shares 185,000$3.82M0.68%-95,000Timeline
OPBKOP BANCORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 219,000 shares; 2024Q4: 225,000 shares; 2025Q1: 232,500 shares; 2025Q2: 245,000 shares; 2025Q3: 242,167 shares; 2025Q4: 268,867 shares 268,867$3.8M0.67%+26,700Timeline
SMBCSOUTHERN MO BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 60,110 shares 60,110$3.55M0.63%newTimeline
HBANHUNTINGTON BANCSHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 491,300 shares; 2024Q4: 400,000 shares; 2025Q1: 340,000 shares; 2025Q2: 230,000 shares; 2025Q3: 170,000 shares; 2025Q4: 192,708 shares 192,708$3.34M0.59%+22,708Timeline
CIVBCIVISTA BANCSHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 101,444 shares; 2024Q4: 124,690 shares; 2025Q1: 145,000 shares; 2025Q2: 147,000 shares; 2025Q3: 284,000 shares; 2025Q4: 149,315 shares 149,315$3.32M0.59%-134,685Timeline
WABCWESTAMERICA BANCORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 222,900 shares; 2024Q4: 244,400 shares; 2025Q1: 244,400 shares; 2025Q2: 200,000 shares; 2025Q3: 106,500 shares; 2025Q4: 68,000 shares 68,000$3.25M0.58%-38,500Timeline
ACNBACNB CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 23,880 shares; 2025Q3: 50,700 shares; 2025Q4: 66,164 shares 66,164$3.2M0.57%+15,464Timeline
CTBICOMMUNITY TR BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 15,000 shares; 2025Q4: 55,000 shares 55,000$3.11M0.55%+40,000Timeline
USCBUSCB FINANCIAL HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 329,917 shares; 2024Q4: 305,961 shares; 2025Q1: 289,200 shares; 2025Q2: 289,200 shares; 2025Q3: 262,123 shares; 2025Q4: 167,800 shares 167,800$3.09M0.55%-94,323Timeline
BWBBRIDGEWATER BANCSHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 144,900 shares; 2024Q4: 148,800 shares; 2025Q1: 148,800 shares; 2025Q2: 178,469 shares; 2025Q3: 175,000 shares; 2025Q4: 176,000 shares 176,000$3.09M0.55%+1,000Timeline
ONBOLD NATL BANCORP INDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 70,900 shares; 2025Q1: 124,561 shares; 2025Q2: 343,700 shares; 2025Q3: 38,487 shares; 2025Q4: 135,000 shares 135,000$3.01M0.53%+96,513Timeline
EFSCENTERPRISE FINL SVCS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 81,000 shares; 2024Q4: 68,200 shares; 2025Q1: 75,000 shares; 2025Q2: 75,000 shares; 2025Q3: 80,000 shares; 2025Q4: 55,559 shares 55,559$3M0.53%-24,441Timeline
FSUNFIRSTSUN CAP BANCORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 3,600 shares; 2025Q1: 225,000 shares; 2025Q2: 230,000 shares; 2025Q3: 175,000 shares; 2025Q4: 75,000 shares 75,000$2.82M0.5%-100,000Timeline
RJFRAYMOND JAMES FINL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 17,000 shares 17,000$2.73M0.48%newTimeline
FMBHFIRST MID BANCSHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 65,000 shares; 2024Q4: 87,200 shares; 2025Q1: 98,500 shares; 2025Q2: 98,500 shares; 2025Q3: 80,000 shares; 2025Q4: 70,000 shares 70,000$2.73M0.48%-10,000Timeline
WTFCWINTRUST FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 163,600 shares; 2024Q4: 70,100 shares; 2025Q1: 109,500 shares; 2025Q2: 80,000 shares; 2025Q3: 23,727 shares; 2025Q4: 19,000 shares 19,000$2.66M0.47%-4,727Timeline
BCOW1895 BANCORP WIS INC NEW COM (Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 220,709 shares; 2024Q4: 212,500 shares; 2025Q1: 212,500 shares; 2025Q2: 212,500 shares; 2025Q3: 207,000 shares; 2025Q4: 225,838 shares 225,838$2.53M0.45%+18,838Timeline
IVZINVESCO LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 70,000 shares; 2025Q2: 150,000 shares; 2025Q3: 315,000 shares; 2025Q4: 95,335 shares 95,335$2.5M0.44%-219,665Timeline
CBNKCAPITAL BANCORP INC MDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 172,900 shares; 2024Q4: 165,964 shares; 2025Q1: 140,000 shares; 2025Q2: 125,000 shares; 2025Q3: 121,176 shares; 2025Q4: 87,829 shares 87,829$2.47M0.44%-33,347Timeline
BNYBANK OF NY MELLON CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 15,000 shares; 2025Q3: 13,700 shares; 2025Q4: 19,500 shares 19,500$2.26M0.4%+5,800Timeline
EQFNEQUITABLE FINANCIAL CORP NEW CQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 164,600 shares; 2024Q4: 159,560 shares; 2025Q1: 147,513 shares; 2025Q2: 147,513 shares; 2025Q3: 147,513 shares; 2025Q4: 147,513 shares 147,513$2.24M0.4%0Timeline
HBCPHOMEBANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 66,500 shares; 2024Q4: 63,248 shares; 2025Q1: 64,448 shares; 2025Q2: 64,448 shares; 2025Q3: 58,200 shares; 2025Q4: 37,802 shares 37,802$2.18M0.39%-20,398Timeline
CADECADENCE BANKQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 30,000 shares; 2025Q4: 49,750 shares 49,750$2.13M0.38%+19,750Timeline
CCBGCAPITAL CITY BANKQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 77,400 shares; 2024Q4: 91,700 shares; 2025Q1: 91,700 shares; 2025Q2: 85,000 shares; 2025Q3: 72,400 shares; 2025Q4: 50,000 shares 50,000$2.13M0.38%-22,400Timeline
CRBGCOREBRIDGE FINL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 281,100 shares; 2024Q4: 90,000 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 62,500 shares; 2025Q4: 70,000 shares 70,000$2.11M0.37%+7,500Timeline
PCBPCB BANCORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 87,000 shares; 2024Q4: 114,300 shares; 2025Q1: 110,000 shares; 2025Q2: 112,127 shares; 2025Q3: 115,727 shares; 2025Q4: 96,363 shares 96,363$2.09M0.37%-19,364Timeline
WNEBWESTERN NEW ENG BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 122,000 shares; 2025Q2: 252,500 shares; 2025Q3: 222,500 shares; 2025Q4: 164,888 shares 164,888$2.08M0.37%-57,612Timeline
ESQESQUIRE FINL HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 94,000 shares; 2024Q4: 92,000 shares; 2025Q1: 55,000 shares; 2025Q2: 27,000 shares; 2025Q3: 20,000 shares; 2025Q4: 20,000 shares 20,000$2.04M0.36%0Timeline
FLG-PUFLAGSTAR BANK NATIONAL ASSOCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 58,205 shares; 2024Q4: 58,205 shares; 2025Q1: 58,205 shares; 2025Q2: 58,205 shares; 2025Q3: 57,000 shares; 2025Q4: 47,149 shares 47,149$1.89M0.34%-9,851Timeline
PEBKPEOPLES BANCORP N C INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 31,100 shares; 2024Q4: 32,601 shares; 2025Q1: 36,859 shares; 2025Q2: 45,000 shares; 2025Q3: 49,346 shares; 2025Q4: 49,958 shares 49,958$1.81M0.32%+612Timeline
MBBCMARATHON BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 135,000 shares; 2025Q3: 135,100 shares; 2025Q4: 145,100 shares 145,100$1.76M0.31%+10,000Timeline
MIAXMIAMI INTL HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 160,000 shares; 2025Q4: 38,675 shares 38,675$1.72M0.3%-121,325Timeline
BKUBANKUNITED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 131,800 shares; 2024Q4: 105,600 shares; 2025Q1: 100,000 shares; 2025Q2: 65,000 shares; 2025Q3: 40,000 shares; 2025Q4: 35,000 shares 35,000$1.56M0.28%-5,000Timeline
BANC CAL INC DEPSH REPSTG.2…BANC CAL INC DEPSH REPSTG.25 0Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 106,963 shares; 2024Q4: 98,889 shares; 2025Q1: 98,000 shares; 2025Q2: 98,000 shares; 2025Q3: 88,028 shares; 2025Q4: 60,000 shares 60,000$1.51M0.27%-28,028
SFSTSOUTHERN FIRST BANCSHARESQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 25,500 shares; 2025Q4: 28,644 shares 28,644$1.48M0.26%+3,144Timeline
HOMBHOME BANCSHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 83,105 shares; 2024Q4: 79,300 shares; 2025Q1: 75,000 shares; 2025Q2: 75,000 shares; 2025Q3: 65,000 shares; 2025Q4: 51,400 shares 51,400$1.43M0.25%-13,600Timeline
SBCFSEACOAST BKG CORP FLAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 29,100 shares; 2024Q4: 29,100 shares; 2025Q1: 30,000 shares; 2025Q2: 47,500 shares; 2025Q3: 37,413 shares; 2025Q4: 45,000 shares 45,000$1.41M0.25%+7,587Timeline
WLFCWILLIS LEASE FIN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 11,683 shares; 2024Q4: 10,783 shares; 2025Q1: 10,783 shares; 2025Q2: 10,783 shares; 2025Q3: 10,083 shares; 2025Q4: 10,083 shares 10,083$1.37M0.24%0Timeline
AFBIAFFINITY BANCSHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 5,000 shares; 2025Q1: 47,000 shares; 2025Q2: 47,000 shares; 2025Q3: 53,480 shares; 2025Q4: 56,439 shares 56,439$1.15M0.2%+2,959Timeline
HOPEHOPE BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 215,000 shares; 2024Q4: 263,600 shares; 2025Q1: 140,000 shares; 2025Q2: 160,000 shares; 2025Q3: 118,287 shares; 2025Q4: 105,000 shares 105,000$1.15M0.2%-13,287Timeline
WRIVWHITE RIV BANCSHARES CO COM (AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 50,638 shares; 2024Q4: 43,738 shares; 2025Q1: 40,000 shares; 2025Q2: 40,000 shares; 2025Q3: 36,000 shares; 2025Q4: 18,500 shares 18,500$916K0.16%-17,500Timeline
ECBKECB BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 46,667 shares; 2024Q4: 45,500 shares; 2025Q1: 45,500 shares; 2025Q2: 45,500 shares; 2025Q3: 45,500 shares; 2025Q4: 45,500 shares 45,500$791K0.14%0Timeline
AVBCAVIDIA BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 48,000 shares; 2025Q4: 38,250 shares 38,250$643K0.11%-9,750Timeline
MRBKMERIDIAN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 7,969 shares; 2025Q4: 34,523 shares 34,523$607K0.11%+26,554Timeline
WTWISDOMTREE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 50,000 shares; 2025Q2: 315,000 shares; 2025Q3: 200,000 shares; 2025Q4: 35,000 shares 35,000$427K0.08%-165,000Timeline
LCNBLCNB CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 20,500 shares 20,500$336K0.06%newTimeline
FVCBFVCBANKCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 9,000 shares; 2025Q1: 30,000 shares; 2025Q2: 30,000 shares; 2025Q3: 27,630 shares; 2025Q4: 18,287 shares 18,287$254K0.05%-9,343Timeline
BENFRANKLIN TEMPLETON INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 90,000 shares; 2025Q1: 177,000 shares; 2025Q2: 133,097 shares; 2025Q3: not reported; 2025Q4: 10,000 shares 10,000$239K0.04%newTimeline

Sold out in Q4 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
BLKBLACKROCK INC6,071$7.08Mshares
JHGJANUS HENDERSON GROUP PLC90,000$4.01Mshares
MBWMMERCANTILE BK CORP82,000$3.69Mshares
AUBATLANTIC UN BANKSHARES CORP92,000$3.25Mshares
KKRKKR & CO INC23,550$3.06Mshares
IROQIF BANCORP INC97,500$2.52Mshares
HTBKHERITAGE COMM CORP251,175$2.49Mshares
BAMBROOKFIELD ASSET MANAGMT LTD41,386$2.36Mshares
CMACOMERICA INC27,500$1.88Mshares
ARESARES MANAGEMENT CORPORATION10,000$1.6Mshares
CGCARLYLE GROUP INC25,000$1.57Mshares
SFNCSIMMONS FIRST NATL CORP81,322$1.56Mshares
COFSCHOICEONE FINANCIA45,359$1.31Mshares
MBINMMERCHANTS BANCORP IND DEP SHS52,000$1.29Mshares
BLSHBULLISH19,300$1.23Mshares
FFICFLUSHING FINL CORP87,626$1.21Mshares
TC Bancshares, Inc.TC Bancshares, Inc.49,900$1.05Mshares
AXAXOS FINANCIAL INC10,000$846Kshares
PFSPROVIDENT FINL SVCS INC37,280$719Kshares
CBANCOLONY BANKCORP INC38,329$652Kshares
MBINLMERCHANTS BANCORP IND DEP SHS22,000$508Kshares
OBTORANGE CNTY BANCORP INC7,921$200Kshares
TRSTTRUSTCO BK CORP N Y5,000$182Kshares

How Q4 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0000919574-26-001000 base2026-02-17acceptance time not in the bulk data set