Jacobs Asset Management, LLC In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Jacobs Asset Management, LLC reported 30 stock positions worth $158.0 million . Its top holding was First Citizens Bcshs Class A (FCNCA) at 10.0% of the portfolio, followed by Sprott (SII, 8.2% ) and Popular (BPOP, 7.2% ). Compared with Q4 2024, it opened 3 new positions, sold out of 2, added to 9 and reduced 16. The biggest buy was a new position in Northpointe Bancshares (NPB) and the biggest sale an exit from Westamerica Bancorporation (WABC).
Location NEW YORK, NY
CIK 0001351063
Portfolio Value $158.0M (Q1 2025) Holdings 30 stocks · $158.0M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 FCNCA First Citizens Bcshs Class A 8,500 $15.8M Add +41.7% SII Sprott Inc. 288,779 $13.0M Add +11.2% BPOP Popular Inc. 122,934 $11.4M Reduce -10.6% ALL Allstate Corp. 48,500 $10.0M Reduce -11.8% NPB Northpointe Bancshares Inc. 623,148 $9.0M New QNST Quinstreet Inc. 493,865 $8.8M Add +23.5% CCB Coastal Financial Corp. 82,500 $7.5M Reduce -25.1% QCRH QCR Holdings Inc. 101,309 $7.2M Add +10.9% GOLD Gold.com Inc. filed as A-MARK PRECIOUS METALS INC 272,500 $6.9M Reduce -12.1% OSBC Old Second Bancorp Inc. 403,373 $6.7M Add +25.6% MYFW First Western Financial Inc. 325,177 $6.4M Add +4.2% MOFG Midwestone Financial Group I 200,000 $5.9M Reduce -15.8% FSUN Firstsun Capital Bancorp 150,000 $5.4M New EVER Everquote Inc. Class A 187,500 $4.9M Reduce -33.0% COFS Choiceone Financial SVCS Inc. 156,159 $4.5M Add +149.8% IBOC International Bancshares CRP 70,000 $4.4M Reduce -41.7% MAX Mediaalpha Inc. Class A 408,412 $3.8M Add +14.4% BBT Beacon Financial Corp. filed as BERKSHIRE HILLS BANCORP INC 137,931 $3.6M No change OFG Ofg Bancorp 79,330 $3.2M Reduce -20.7% FISI Financial Institutions Inc. 124,696 $3.1M Reduce -17.7% AGNC AGNC Investment Corp. 300,000 $2.9M Reduce -20.1% PGR Progressive Corp. 10,000 $2.8M Add +33.3% AOMR Angel Oak Mortgage REIT Inc. 274,243 $2.6M Reduce -19.7% EFSI Eagle Financial Services Inc. 78,237 $2.6M New NWFL Norwood Financial Corp. 60,000 $1.5M Reduce -2.3% BRBS Blue Ridge Bankshares Inc. 425,000 $1.4M Reduce -7.0% SFBS Servisfirst Bancshares Inc. 12,922 $1.1M No change PPBI Pacific Premier Bancorp Inc. 50,000 $1.1M Reduce -40.6% MITT TPG Mortgage Investment Trus 70,409 $514K Reduce -29.6% EFC Ellington Financial Inc. 12,500 $166K Reduce -90.2%
Options reported separately and not counted above: MAX calls ($1.8M).
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ WABC Westamerica Bancorporation Sold out 0.00% −4.40 IBOC International Bancshares CRP Reduce -41.7% 2.79% −2.05 CCB Coastal Financial Corp. Reduce -25.1% 4.72% −1.25 BPOP Popular Inc. Reduce -10.6% 7.19% −1.08 GOLD Gold.com Inc. Reduce -12.1% 4.38% −1.05 EFC Ellington Financial Inc. Reduce -90.2% 0.10% −0.88 OFG Ofg Bancorp Reduce -20.7% 2.01% −0.69 FISI Financial Institutions Inc. Reduce -17.7% 1.97% −0.67 MOFG Midwestone Financial Group I Reduce -15.8% 3.75% −0.67 PPBI Pacific Premier Bancorp Inc. Reduce -40.6% 0.67% −0.67 EVER Everquote Inc. Class A Reduce -33.0% 3.11% −0.47 ALL Allstate Corp. Reduce -11.8% 6.36% −0.42 AGNC AGNC Investment Corp. Reduce -20.1% 1.82% −0.39 AOMR Angel Oak Mortgage REIT Inc. Reduce -19.7% 1.65% −0.37 ALRS Alerus Financial Corp. Sold out 0.00% −0.37 NWFL Norwood Financial Corp. Reduce -2.3% 0.92% −0.15 MITT TPG Mortgage Investment Trus Reduce -29.6% 0.33% −0.10 BRBS Blue Ridge Bankshares Inc. Reduce -7.0% 0.88% −0.06
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ NPB Northpointe Bancshares Inc. New 5.70% +5.70 FSUN Firstsun Capital Bancorp New 3.43% +3.43 FCNCA First Citizens Bcshs Class A Add +41.7% 9.98% +1.87 EFSI Eagle Financial Services Inc. New 1.62% +1.62 COFS Choiceone Financial SVCS Inc. Add +149.8% 2.84% +1.42 SII Sprott Inc. Add +11.2% 8.20% +1.20 PGR Progressive Corp. Add +33.3% 1.79% +0.64 OSBC Old Second Bancorp Inc. Add +25.6% 4.25% +0.60 MYFW First Western Financial Inc. Add +4.2% 4.04% +0.14 QCRH QCR Holdings Inc. Add +10.9% 4.57% −0.13 MAX Mediaalpha Inc. Class A Add +14.4% 2.39% −0.19 QNST Quinstreet Inc. Add +23.5% 5.58% −0.32
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ XLF SS Financial Select Sector put Sold out 200,000 $9.7Mbefore exit MAX Mediaalpha Inc. Class A call New 200,000 $1.8M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 21 $132.8M SII, QNST, MAX, GOLD, SFBS Q1 2026 28 $167.1M SII, QNST, SFBS, GOLD, MAX Q4 2025 32 $179.5M SII, QNST, GOLD, CCB, ALL Q3 2025 31 $182.7M SII, BPOP, ALL, QNST, QCRH Q2 2025 29 $175.5M SII, BPOP, FCNCA, QNST, ALL Q1 2025 30 $158.0M FCNCA, SII, BPOP, ALL, NPB Q4 2024 29 $156.5M BPOP, FCNCA, SII, ALL, CCB Q3 2024 30 $151.1M SII, GOLD, FCNCA, ALL, CCB Q2 2024 35 $157.3M SII, GOLD, ALL, BPOP, FCNCA Q1 2024 27 $130.6M SII, GOLD, ALL, BPOP, QCRH