Salt Lake City-based M3F Inc.'s financial stock holdings increased 12.1% to $86.2 million in the first quarter, according to the firm's most recent 13F filing.

M3F's largest holding, a 9.9% stake in Oakland, Md.-based First United Corp. worth $13.5 million, did well in the first quarter as the stock gained 10.3%.

The hedge fund manager was bullish on a number of thrifts in the first quarter, making Provident Financial Holdings Inc. its No. 2 holding, up from No. 9 at year-end 2017, and more than doubling its positions in Bronx, N.Y.-based PDL Community Bancorp (MHC) and Brockton, Mass.-based HarborOne Bancorp Inc (MHC).

M3F initiated two new positions during the quarter, including a $1.0 million stake in Owens Realty Mortgage Inc. and a $587,000 position in Security National Financial Corp. The firm also sold off its stakes in Willis Lease Finance Corp. and Middlefield Banc Corp., which had been worth $4.5 million and $671,000 at the end of 2017.

Did you enjoy this analysis? Click here to set alerts for data-driven articles on the U.S. financial sector. Click here for a template that allows users to analyze M3F Inc.'s financial institution holdings as of March 31, 2018. Click here to view M3F's current common stock holdings as of March 31, 2018. Company filings including the 13F can be found through the filings archive tab on a company's briefing book page.