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
3M Co cs 88579y101 472 2,870 SH   SOLE   2,870 0 0
Abbott Laboratories cs 002824100 269 5,982 SH   SOLE   5,982 0 0
Abbvie Inc cs 00287y109 501 7,662 SH   SOLE   7,662 0 0
Actavis PLC cs g0083b108 1,175 4,565 SH   SOLE   4,565 0 0
AK Steel Holding Corp cs 001547108 612 103,080 SH   SOLE   103,080 0 0
American Express Co cs 025816109 651 7,000 SH   SOLE   7,000 0 0
Apple Inc cs 037833100 375 3,395 SH   SOLE   3,395 0 0
Bancorp Inc cs 05969a105 2,302 211,430 SH   SOLE   211,430 0 0
Bank Hawaii Corp cs 062540109 338 5,705 SH   SOLE   5,705 0 0
Bank of America Corporation cs 060505104 1,789 99,973 SH   SOLE   99,973 0 0
Banner Corp cs 06652v208 944 21,950 SH   SOLE   21,950 0 0
Berkshire Hathaway Inc Cl B cs 084670702 1,550 10,325 SH   SOLE   10,325 0 0
Boeing Co cs 097023105 331 2,545 SH   SOLE   2,545 0 0
Bristol-Myers Squibb Co cs 110122108 879 14,885 SH   SOLE   14,885 0 0
Brown Forman Corp Cl A cs 115637100 737 8,400 SH   SOLE   8,400 0 0
Brown Forman Corp Cl B cs 115637209 628 7,154 SH   SOLE   7,154 0 0
Cambridge Bancorp cs 132152109 1,095 23,541 SH   SOLE   23,541 0 0
Caterpillar Inc cs 149123101 490 5,350 SH   SOLE   5,350 0 0
Central Securities Corp cs 155123102 789 35,900 SH   SOLE   35,900 0 0
Chevron Corp cs 166764100 2,445 21,793 SH   SOLE   21,793 0 0
Chubb Corp cs 171232101 1,859 17,971 SH   SOLE   17,971 0 0
Cimarex Energy Co cs 171798101 680 6,415 SH   SOLE   6,415 0 0
CoBiz Financial Inc cs 190897108 1,994 151,900 SH   SOLE   151,900 0 0
Coca-Cola Co cs 191216100 918 21,742 SH   SOLE   21,742 0 0
Colgate Palmolive Co cs 194162103 811 11,725 SH   SOLE   11,725 0 0
ConocoPhillips cs 20825c104 697 10,095 SH   SOLE   10,095 0 0
Danaher Corp cs 235851102 203 2,363 SH   SOLE   2,363 0 0
Deere & Co cs 244199105 1,010 11,420 SH   SOLE   11,420 0 0
Disney Walt Co Disney cs 254687106 888 9,425 SH   SOLE   9,425 0 0
Eaton Corp PLC cs g29183103 2,270 33,400 SH   SOLE   33,400 0 0
Eaton Vance Corp Non Vtg cs 278265103 839 20,510 SH   SOLE   20,510 0 0
Eli Lilly & Co cs 532457108 1,174 17,017 SH   SOLE   17,017 0 0
Emerson Electric Co cs 291011104 2,068 33,498 SH   SOLE   33,498 0 0
Energy XXI (Bermuda) Ltd USD U cs g10082140 193 59,267 SH   SOLE   59,267 0 0
Ensco PLC Class A cs g3157s106 489 16,336 SH   SOLE   16,336 0 0
Exxon Mobil Corp cs 30231g102 3,169 34,279 SH   SOLE   34,279 0 0
Fifth Third Bancorp cs 316773100 276 13,550 SH   SOLE   13,550 0 0
Frp Holdings Inc cs 30292l107 423 10,800 SH   SOLE   10,800 0 0
General Electric Co cs 369604103 794 31,431 SH   SOLE   31,431 0 0
General Mills Inc cs 370334104 1,503 28,190 SH   SOLE   28,190 0 0
Hershey Co cs 427866108 322 3,100 SH   SOLE   3,100 0 0
Home Depot Inc cs 437076102 302 2,880 SH   SOLE   2,880 0 0
Honeywell Intl Inc cs 438516106 2,054 20,559 SH   SOLE   20,559 0 0
Johnson & Johnson cs 478160104 412 3,944 SH   SOLE   3,944 0 0
Johnson Controls Inc cs 478366107 2,187 45,238 SH   SOLE   45,238 0 0
JPMorgan Chase & Co cs 46625h100 1,028 16,425 SH   SOLE   16,425 0 0
Kinder Morgan Inc cs 49456b101 731 17,266 SH   SOLE   17,266 0 0
Lennar Corp Cl A cs 526057104 1,946 43,430 SH   SOLE   43,430 0 0
Lyon William Homes Cl A cs 552074700 763 37,664 SH   SOLE   37,664 0 0
Magnum Hunter Resources Corp cs 55973b102 738 235,080 SH   SOLE   235,080 0 0
MB Financial Inc cs 55264u108 1,076 32,737 SH   SOLE   32,737 0 0
McDermott Intl Inc cs 580037109 760 261,310 SH   SOLE   261,310 0 0
Merck & Co Inc cs 58933y105 1,106 19,473 SH   SOLE   19,473 0 0
Meritage Homes Corp cs 59001a102 372 10,350 SH   SOLE   10,350 0 0
MGM Resorts International cs 552953101 416 19,450 SH   SOLE   19,450 0 0
Nabors Industries Ltd cs g6359f103 662 50,995 SH   SOLE   50,995 0 0
National Oilwell Varco Inc cs 637071101 237 3,611 SH   SOLE   3,611 0 0
NBT Bancorp Inc cs 628778102 226 8,600 SH   SOLE   8,600 0 0
Newstar Financial Inc cs 65251f105 2,522 197,050 SH   SOLE   197,050 0 0
NOBLE CORP PLC SHS USD cs g65431101 203 12,235 SH   SOLE   12,235 0 0
Nucor Corp cs 670346105 1,953 39,807 SH   SOLE   39,807 0 0
NVR Inc cs 62944t105 2,444 1,916 SH   SOLE   1,916 0 0
Ocwen Financial Corp cs 675746309 329 21,785 SH   SOLE   21,785 0 0
Paccar Inc cs 693718108 2,225 32,720 SH   SOLE   32,720 0 0
PacWest Bancorp Del cs 695263103 554 12,181 SH   SOLE   12,181 0 0
PepsiCo Inc cs 713448108 701 7,415 SH   SOLE   7,415 0 0
Pfizer Inc cs 717081103 285 9,157 SH   SOLE   9,157 0 0
Procter & Gamble Co cs 742718109 668 7,333 SH   SOLE   7,333 0 0
Quantum Corp DSSG cs 747906204 2,730 1,551,174 SH   SOLE   1,551,174 0 0
Regional Mgmt Corp cs 75902k106 546 34,521 SH   SOLE   34,521 0 0
Regions Financial Corp cs 7591ep100 414 39,240 SH   SOLE   39,240 0 0
Seacoast Banking Corp FL cs 811707801 203 14,770 SH   SOLE   14,770 0 0
State Street Corp cs 857477103 230 2,924 SH   SOLE   2,924 0 0
SuperValue Inc cs 868536103 1,308 134,800 SH   SOLE   134,800 0 0
Synovus Finl Corp cs 87161c501 2,367 87,369 SH   SOLE   87,369 0 0
Tecumseh Prods Co cs 878895309 56 17,965 SH   SOLE   17,965 0 0
Terex Corp cs 880779103 256 9,200 SH   SOLE   9,200 0 0
Textron Inc cs 883203101 413 9,800 SH   SOLE   9,800 0 0
Toll Brothers Inc cs 889478103 1,428 41,680 SH   SOLE   41,680 0 0
Travelers Companies Inc cs 89417e109 460 4,350 SH   SOLE   4,350 0 0
Trinity Industries Inc cs 896522109 230 8,200 SH   SOLE   8,200 0 0
Ultra Petroleum Corp cs 903914109 274 20,843 SH   SOLE   20,843 0 0
Union Pacific Corp cs 907818108 200 1,680 SH   SOLE   1,680 0 0
United Community Banks Blairsv cs 90984p303 2,218 117,100 SH   SOLE   117,100 0 0
United States Steel Corp cs 912909108 1,301 48,665 SH   SOLE   48,665 0 0
United Technologies Corp cs 913017109 216 1,875 SH   SOLE   1,875 0 0
US Bancorp Del cs 902973304 529 11,775 SH   SOLE   11,775 0 0
Visa Inc Cl A cs 92826c839 236 900 SH   SOLE   900 0 0
Vulcan Materials Co cs 929160109 394 6,000 SH   SOLE   6,000 0 0
Weatherford Intl PLC cs g48833100 657 57,350 SH   SOLE   57,350 0 0
Wells Fargo & Co cs 949746101 3,341 60,949 SH   SOLE   60,949 0 0
Western Alliance Bancorp cs 957638109 2,148 77,255 SH   SOLE   77,255 0 0
Williams Clayton Energy Inc cs 969490101 944 14,795 SH   SOLE   14,795 0 0
Zions Bancorporation cs 989701107 1,666 58,442 SH   SOLE   58,442 0 0
Arm Holdings PLC Sp ADR cs 042068106 908 19,615 SH   SOLE   19,615 0 0
Royal Dutch Shell PLC Sp ADR A cs 780259206 1,058 15,800 SH   SOLE   15,800 0 0
Royal Dutch Shell PLC Sp ADR B cs 780259107 417 6,000 SH   SOLE   6,000 0 0
Total SA Sp ADR cs 89151e109 303 5,920 SH   SOLE   5,920 0 0
Tekla Healthcare Invs cs 87911j103 535 17,000 SH   SOLE   17,000 0 0
Enbridge Energy Partners LP cs 29250r106 914 22,910 SH   SOLE   22,910 0 0
Energy Transfer Partners LP cs 29273r109 834 12,835 SH   SOLE   12,835 0 0
Enterprise Products Partners L cs 293792107 452 12,520 SH   SOLE   12,520 0 0
Golar LNG Partners LP Lpi cs y2745c102 341 10,955 SH   SOLE   10,955 0 0
Magellan Midstream Partners LP cs 559080106 267 3,225 SH   SOLE   3,225 0 0
Martin Midstream Partners LP cs 573331105 493 18,350 SH   SOLE   18,350 0 0
Plains All American Pipeline L cs 726503105 502 9,775 SH   SOLE   9,775 0 0
Annaly Cap Mgmt Inc cs 035710409 279 25,770 SH   SOLE   25,770 0 0
Capstead Mtg Corp cs 14067e506 184 15,000 SH   SOLE   15,000 0 0
Chimera Inv Corp cs 16934q109 57 18,000 SH   SOLE   18,000 0 0