| ALERUS FINANCIAL NA |
| 2.88% | 2.63% | #2 | $65.8M | 2.1M | $53.2M | 2.2M | -125,568-5.60% | Reduce |
| BlackRock, Inc. |
| <0.01% | <0.01% | #84 | $56.7M | 1.8M | $41.7M | 1.8M | +61,491+3.49% | Add |
| VANGUARD CAPITAL MANAGEMENT LLC |
| <0.01% | <0.01% | #92 | $29.4M | 945,852 | $22.8M | 961,776 | -15,924-1.66% | Reduce |
| DIMENSIONAL FUND ADVISORS LP |
| 0.01% | <0.01% | #50 | $29.3M | 943,445 | $21.0M | 886,815 | +56,630+6.39% | Add |
| GEODE CAPITAL MANAGEMENT, LLC |
| <0.01% | <0.01% | #77 | $20.4M | 655,184 | $14.6M | 617,676 | +37,508+6.07% | Add |
| STATE STREET CORP |
| <0.01% | <0.01% | #96 | $17.6M | 561,249 | $11.8M | 493,162 | +68,087+13.81% | Add |
| GOLDMAN SACHS GROUP INC |
| <0.01% | <0.01% | #72 | $16.3M | 525,321 | $8.7M | 366,527 | +158,794+43.32% | Add |
| M3F, Inc. |
| 3.07% | 2.45% | #1 | $13.0M | 417,108 | $9.9M | 417,108 | 00.00% | Unchanged |
| Stieven Capital Advisors, L.P. |
| 2.27% | 1.72% | #3 | $11.9M | 382,034 | $8.0M | 338,924 | +43,110+12.72% | Add |
| Phocas Financial Corp. |
| 1.53% | 0.97% | #7 | $11.0M | 354,155 | $6.2M | 260,896 | +93,259+35.75% | Add |
| BANC FUNDS CO LLC |
| 1.79% | 1.54% | #6 | $10.9M | 349,165 | $8.3M | 349,165 | 00.00% | Unchanged |
| ENDEAVOUR CAPITAL ADVISORS INC |
| 2.17% | 3.02% | #4 | $10.6M | 339,518 | $13.3M | 562,229 | -222,711-39.61% | Reduce |
| AMERIPRISE FINANCIAL INC |
| <0.01% | <0.01% | #62 | $9.7M | 310,910 | $9.1M | 383,940 | -73,030-19.02% | Reduce |
| AQR CAPITAL MANAGEMENT LLC |
| <0.01% | <0.01% | #56 | $9.2M | 296,688 | $6.4M | 269,165 | +27,523+10.23% | Add |
| CHOREO, LLC |
| 0.1% | 0.09% | #19 | $9.1M | 293,265 | $7.0M | 293,681 | -416-0.14% | Reduce |
| AMERICAN CENTURY COMPANIES INC |
| <0.01% | <0.01% | #54 | $8.6M | 277,688 | $7.4M | 310,123 | -32,435-10.46% | Reduce |
| CSM Advisors, LLC |
| 0.16% | 0.12% | #17 | $7.4M | 239,320 | $4.8M | 200,935 | +38,385+19.10% | Add |
| MORGAN STANLEY |
| <0.01% | <0.01% | #106 | $7.4M | 237,432 | $6.8M | 308,256 | -70,824-22.98% | Reduce |
| GENDELL JEFFREY L |
| 0.06% | 0.08% | #22 | $7.3M | 233,700 | $5.5M | 233,700 | 00.00% | Unchanged |
| GRACE & WHITE INC /NY |
| 1.12% | 0.96% | #9 | $7.1M | 228,108 | $5.4M | 228,108 | 00.00% | Unchanged |
| ProShare Advisors LLC |
| 0.01% | — | #41 | $7.0M | 226,312 | $0 | 0 | +226,312 | New Buy |
| VANGUARD PORTFOLIO MANAGEMENT LLC |
| <0.01% | <0.01% | #111 | $6.5M | 209,780 | $4.2M | 175,931 | +33,849+19.24% | Add |
| NORTHERN TRUST CORP |
| <0.01% | <0.01% | #88 | $6.4M | 205,180 | $4.6M | 194,464 | +10,716+5.51% | Add |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC |
| <0.01% | <0.01% | #83 | $6.4M | 205,093 | $4.9M | 205,324 | -231-0.11% | Reduce |
| MAIRS & POWER INC |
| 0.06% | 0.02% | #25 | $6.3M | 203,417 | $1.9M | 79,436 | +123,981+156.08% | Add |
| ALLIANCEBERNSTEIN L.P. |
| <0.01% | <0.01% | #61 | $5.9M | 248,961 | $5.5M | 242,681 | +6,280+2.59% | Add |
| Qube Research & Technologies Ltd |
| <0.01% | <0.01% | #52 | $5.1M | 164,333 | $2.2M | 90,841 | +73,492+80.90% | Add |
| VANGUARD FIDUCIARY TRUST CO |
| <0.01% | <0.01% | #76 | $5.1M | 162,591 | $3.7M | 157,322 | +5,269+3.35% | Add |
| FEDERATED HERMES, INC. |
| 0.01% | <0.01% | #47 | $4.3M | 139,416 | $2.3M | 98,065 | +41,351+42.17% | Add |
| GABELLI FUNDS LLC |
| 0.03% | 0.02% | #32 | $4.2M | 134,737 | $3.2M | 134,737 | 00.00% | Unchanged |
| Cutler Capital Management, LLC |
| 1.09% | 1.04% | #10 | $4.2M | 134,400 | $3.2M | 136,470 | -2,070-1.52% | Reduce |
| Bank of New York Mellon Corp |
| <0.01% | <0.01% | #91 | $3.9M | 124,414 | $2.8M | 117,753 | +6,661+5.66% | Add |
| Quantinno Capital Management LP |
| <0.01% | <0.01% | #53 | $3.9M | 124,348 | $2.2M | 92,252 | +32,096+34.79% | Add |
| Sippican Capital Advisors |
| 2.12% | — | #5 | $3.5M | 111,891 | $0 | 0 | +111,891 | New Buy |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC |
| 0.06% | 0.04% | #24 | $3.4M | 108,916 | $2.2M | 92,029 | +16,887+18.35% | Add |
| Empowered Funds, LLC |
| 0.02% | 0.01% | #36 | $3.1M | 99,166 | $2.0M | 82,279 | +16,887+20.52% | Add |
| ACADIAN ASSET MANAGEMENT LLC |
| <0.01% | <0.01% | #55 | $2.8M | 89,046 | $2.4M | 101,185 | -12,139-12.00% | Reduce |
| FIRST TRUST ADVISORS LP |
| <0.01% | <0.01% | #70 | $2.6M | 83,962 | $1.9M | 81,208 | +2,754+3.39% | Add |
| Trexquant Investment LP |
| 0.02% | 0.01% | #37 | $2.6M | 83,738 | $1.2M | 51,528 | +32,210+62.51% | Add |
| TWO SIGMA INVESTMENTS, LP |
| <0.01% | <0.01% | #64 | $2.6M | 82,300 | $834,948 | 35,215 | +47,085+133.71% | Add |
| NEW YORK STATE COMMON RETIREMENT FUND |
| <0.01% | <0.01% | #58 | $2.3M | 74,559 | $1.2M | 52,214 | +22,345+42.80% | Add |
| LOS ANGELES CAPITAL MANAGEMENT LLC |
| 0.01% | 0.01% | #42 | $2.2M | 71,187 | $1.8M | 75,617 | -4,430-5.86% | Reduce |
| FORTRESS FINANCIAL GROUP, LLC |
| 1.23% | 1.16% | #8 | $2.1M | 66,344 | $1.6M | 66,316 | +28+0.04% | Add |
| XTX Topco Ltd |
| 0.02% | 0.02% | #33 | $1.9M | 60,907 | $1.0M | 43,599 | +17,308+39.70% | Add |
| BASSWOOD CAPITAL MANAGEMENT, L.L.C. |
| 0.07% | 0.07% | #21 | $1.9M | 60,240 | $1.4M | 60,240 | 00.00% | Unchanged |
| JPMORGAN CHASE & CO |
| <0.01% | <0.01% | #129 | $1.7M | 55,490 | $1.5M | 63,454 | -7,964-12.55% | Reduce |
| Gator Capital Management, LLC |
| 0.36% | 0.33% | #13 | $1.7M | 54,420 | $1.6M | 67,960 | -13,540-19.92% | Reduce |
| Wealth Forward, LLC |
| 0.78% | 0.67% | #11 | $1.6M | 50,279 | $1.2M | 50,279 | 00.00% | Unchanged |
| Squarepoint Ops LLC |
| <0.01% | <0.01% | #66 | $1.5M | 49,419 | $1.3M | 52,858 | -3,439-6.51% | Reduce |
| Pinnacle Holdings, LLC |
| 0.47% | — | #12 | $1.5M | 49,149 | $0 | 0 | +49,149 | New Buy |
