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
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
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
AIR TRANSPORT SERVICES GRP I COM 00922R105 4,448 196,905 SH   SOLE 196,905 0 0
BANC OF CALIFORNIA INC COM 05990K106 12,642 646,673 SH   SOLE 646,673 0 0
BANNER CORP COM NEW 06652V208 10,845 180,360 SH   SOLE 180,360 0 0
BMC STK HLDGS INC COM 05591B109 3,800 182,258 SH   SOLE 182,258 0 0
CBTX INC COM 12481V104 4,121 124,700 SH   SOLE 124,700 0 0
CENTERSTATE BK CORP COM 15201P109 15,563 521,888 SH   SOLE 521,888 0 0
COBIZ FINANCIAL INC COM 190897108 6,512 303,157 SH   SOLE 303,157 0 0
COLUMBUS MCKINNON CORP N Y COM 199333105 5,314 122,565 SH   SOLE 122,565 0 0
COMERICA INC COM 200340107 10,607 116,666 SH   SOLE 116,666 0 0
ENCORE WIRE CORP COM 292562105 3,453 72,781 SH   SOLE 72,781 0 0
EQUITY BANCSHARES INC COM CL A 29460X109 12,583 303,342 SH   SOLE 303,342 0 0
FB FINL CORP COM 30257X104 5,754 141,299 SH   SOLE 141,299 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 387 10,281 SH   SOLE 10,281 0 0
FIRST BANCORP N C COM 318910106 8,011 195,826 SH   SOLE 195,826 0 0
FIRST BANCSHARES INC MS COM 318916103 4,612 128,277 SH   SOLE 128,277 0 0
FIRST HORIZON NATL CORP COM 320517105 8,977 503,200 SH   SOLE 503,200 0 0
GLACIER BANCORP INC NEW COM 37637Q105 8,465 218,854 SH   SOLE 218,854 0 0
GREEN PLAINS PARTNERS LP COM REP PTR IN 393221106 1,978 115,311 SH   SOLE 115,311 0 0
GUARANTY BANCORP DEL COM NEW 40075T607 15,346 514,973 SH   SOLE 514,973 0 0
HANCOCK WHITNEY CORPORATION COM 410120109 6,430 137,826 SH   SOLE 137,826 0 0
HERITAGE FINL CORP WASH COM 42722X106 12,341 354,117 SH   SOLE 354,117 0 0
IBERIABANK CORP COM 450828108 8,378 110,525 SH   SOLE 110,525 0 0
INVESCO EXCHANGE TRADED FD T INTL DIVI ACHI 46137V548 741 47,500 SH   SOLE 47,500 0 0
INVESTAR HLDG CORP COM 46134L105 8,464 306,124 SH   SOLE 306,124 0 0
ISHARES TR SELECT DIVID ETF 464287168 536 5,484 SH   SOLE 5,484 0 0
ISHARES TR MSCI EAFE ETF 464287465 603 9,000 SH   SOLE 9,000 0 0
JOHNSON & JOHNSON COM 478160104 370 3,050 SH   SOLE 3,050 0 0
KLX INC COM 482539103 1,679 23,354 SH   SOLE 23,354 0 0
MACQUARIE INFRASTRUCTURE COR COM 55608B105 4,814 114,084 SH   SOLE 114,084 0 0
MISTRAS GROUP INC COM 60649T107 1,982 105,000 SH   SOLE 105,000 0 0
NATIONAL COMM CORP COM 63546L102 13,806 298,181 SH   SOLE 298,181 0 0
NEXEO SOLUTIONS INC COM SHS 65342H102 3,661 411,096 SH   SOLE 411,096 0 0
ORIGIN BANCORP INC COM 68621T102 6,141 150,000 SH   SOLE 150,000 0 0
PACWEST BANCORP DEL COM 695263103 10,195 206,287 SH   SOLE 206,287 0 0
PEOPLES UTAH BANCORP COM 712706209 15,515 434,589 SH   SOLE 434,589 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104 11,997 195,546 SH   SOLE 195,546 0 0
REGIONS FINL CORP NEW COM 7591EP100 7,829 440,344 SH   SOLE 440,344 0 0
ROYAL DUTCH SHELL PLC SPON ADR B 780259107 203 2,800 SH   SOLE 2,800 0 0
SANDY SPRING BANCORP INC COM 800363103 15,389 375,262 SH   SOLE 375,262 0 0
SMARTFINANCIAL INC COM NEW 83190L208 8,418 326,784 SH   SOLE 326,784 0 0
SOUTH ST CORP COM 840441109 7,448 86,352 SH   SOLE 86,352 0 0
SPROTT PHYSICAL GOLD TRUST UNIT 85207H104 14,746 1,448,500 SH   SOLE 1,448,500 0 0
SYNOVUS FINL CORP COM NEW 87161C501 15,538 294,112 SH   SOLE 294,112 0 0
TRIUMPH BANCORP INC COM 89679E300 15,066 369,720 SH   SOLE 369,720 0 0
UMPQUA HLDGS CORP COM 904214103 6,808 301,368 SH   SOLE 301,368 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 6,074 256,598 SH   SOLE 256,598 0 0
VANGUARD INTL EQUITY INDEX F ALLWRLD EX US 922042775 480 9,263 SH   SOLE 9,263 0 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 515 12,211 SH   SOLE 12,211 0 0
VANGUARD WORLD FDS INF TECH ETF 92204A702 435 2,400 SH   SOLE 2,400 0 0
VERITEX HLDGS INC COM 923451108 18,375 591,417 SH   SOLE 591,417 0 0
WASTE MGMT INC DEL COM 94106L109 456 5,606 SH   SOLE 5,606 0 0
ZIONS BANCORPORATION COM 989701107 13,626 258,600 SH   SOLE 258,600 0 0