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 473 2,870 SH   SOLE   2,870 0 0
Abbott Laboratories cs 002824100 277 5,982 SH   SOLE   5,982 0 0
Abbvie Inc cs 00287y109 470 8,037 SH   SOLE   8,037 0 0
Actavis PLC cs g0083b108 1,359 4,565 SH   SOLE   4,565 0 0
AK Steel Holding Corp cs 001547108 733 163,973 SH   SOLE   163,973 0 0
American Express Co cs 025816109 547 7,000 SH   SOLE   7,000 0 0
Apple Inc cs 037833100 424 3,411 SH   SOLE   3,411 0 0
Bancorp Inc cs 05969a105 2,023 223,980 SH   SOLE   223,980 0 0
Bank Hawaii Corp cs 062540109 349 5,705 SH   SOLE   5,705 0 0
Bank of America Corporation cs 060505104 1,539 99,973 SH   SOLE   99,973 0 0
Banner Corp cs 06652v208 998 21,750 SH   SOLE   21,750 0 0
Berkshire Hathaway Inc Cl B cs 084670702 1,490 10,325 SH   SOLE   10,325 0 0
Boeing Co cs 097023105 382 2,545 SH   SOLE   2,545 0 0
Bristol-Myers Squibb Co cs 110122108 960 14,885 SH   SOLE   14,885 0 0
Brown Forman Corp Cl A cs 115637100 753 8,300 SH   SOLE   8,300 0 0
Brown Forman Corp Cl B cs 115637209 646 7,154 SH   SOLE   7,154 0 0
Cambridge Bancorp cs 132152109 1,075 24,266 SH   SOLE   24,266 0 0
Caterpillar Inc cs 149123101 428 5,350 SH   SOLE   5,350 0 0
Central Securities Corp cs 155123102 783 35,900 SH   SOLE   35,900 0 0
Chevron Corp cs 166764100 2,285 21,769 SH   SOLE   21,769 0 0
Chubb Corp cs 171232101 1,825 18,048 SH   SOLE   18,048 0 0
Cimarex Energy Co cs 171798101 738 6,415 SH   SOLE   6,415 0 0
CoBiz Financial Inc cs 190897108 944 76,650 SH   SOLE   76,650 0 0
Coca-Cola Co cs 191216100 878 21,642 SH   SOLE   21,642 0 0
Colgate Palmolive Co cs 194162103 813 11,725 SH   SOLE   11,725 0 0
ConocoPhillips cs 20825c104 632 10,145 SH   SOLE   10,145 0 0
Darden Restaurants Inc cs 237194105 236 3,405 SH   SOLE   3,405 0 0
Deere & Co cs 244199105 992 11,315 SH   SOLE   11,315 0 0
Disney Walt Co Disney cs 254687106 999 9,525 SH   SOLE   9,525 0 0
Eaton Corp PLC cs g29183103 2,272 33,447 SH   SOLE   33,447 0 0
Eaton Vance Corp Non Vtg cs 278265103 833 19,995 SH   SOLE   19,995 0 0
Eli Lilly & Co cs 532457108 1,236 17,017 SH   SOLE   17,017 0 0
Emerson Electric Co cs 291011104 1,892 33,414 SH   SOLE   33,414 0 0
Energy XXI (Bermuda) Ltd USD U cs g10082140 368 101,165 SH   SOLE   101,165 0 0
Ensco PLC Class A cs g3157s106 533 25,301 SH   SOLE   25,301 0 0
Exxon Mobil Corp cs 30231g102 2,912 34,254 SH   SOLE   34,254 0 0
Fifth Third Bancorp cs 316773100 250 13,250 SH   SOLE   13,250 0 0
Frp Holdings Inc cs 30292l107 393 10,800 SH   SOLE   10,800 0 0
General Electric Co cs 369604103 801 32,284 SH   SOLE   32,284 0 0
General Mills Inc cs 370334104 1,584 27,990 SH   SOLE   27,990 0 0
Hershey Co cs 427866108 313 3,100 SH   SOLE   3,100 0 0
Home Depot Inc cs 437076102 327 2,880 SH   SOLE   2,880 0 0
Honeywell Intl Inc cs 438516106 2,181 20,913 SH   SOLE   20,913 0 0
Johnson & Johnson cs 478160104 416 4,139 SH   SOLE   4,139 0 0
Johnson Controls Inc cs 478366107 2,280 45,212 SH   SOLE   45,212 0 0
JPMorgan Chase & Co cs 46625h100 995 16,425 SH   SOLE   16,425 0 0
Kinder Morgan Inc cs 49456b101 592 14,069 SH   SOLE   14,069 0 0
Lennar Corp Cl A cs 526057104 2,250 43,430 SH   SOLE   43,430 0 0
Lyon William Homes Cl A cs 552074700 1,036 40,126 SH   SOLE   40,126 0 0
Magnum Hunter Resources Corp cs 55973b102 803 300,780 SH   SOLE   300,780 0 0
MB Financial Inc cs 55264u108 1,025 32,737 SH   SOLE   32,737 0 0
McDermott Intl Inc cs 580037109 1,242 323,345 SH   SOLE   323,345 0 0
Merck & Co Inc cs 58933y105 1,135 19,748 SH   SOLE   19,748 0 0
Meritage Homes Corp cs 59001a102 503 10,350 SH   SOLE   10,350 0 0
MGM Resorts International cs 552953101 409 19,450 SH   SOLE   19,450 0 0
Nabors Industries Ltd cs g6359f103 762 55,848 SH   SOLE   55,848 0 0
NBT Bancorp Inc cs 628778102 216 8,600 SH   SOLE   8,600 0 0
Newstar Financial Inc cs 65251f105 2,246 191,455 SH   SOLE   191,455 0 0
NOBLE CORP PLC SHS USD cs g65431101 375 26,280 SH   SOLE   26,280 0 0
Nucor Corp cs 670346105 1,916 40,302 SH   SOLE   40,302 0 0
NVR Inc cs 62944t105 2,544 1,915 SH   SOLE   1,915 0 0
Paccar Inc cs 693718108 2,073 32,826 SH   SOLE   32,826 0 0
PacWest Bancorp Del cs 695263103 493 10,507 SH   SOLE   10,507 0 0
PepsiCo Inc cs 713448108 709 7,415 SH   SOLE   7,415 0 0
Pfizer Inc cs 717081103 339 9,732 SH   SOLE   9,732 0 0
Procter & Gamble Co cs 742718109 584 7,133 SH   SOLE   7,133 0 0
Quantum Corp DSSG cs 747906204 2,471 1,544,674 SH   SOLE   1,544,674 0 0
Regional Mgmt Corp cs 75902k106 527 35,726 SH   SOLE   35,726 0 0
Regions Financial Corp cs 7591ep100 189 20,040 SH   SOLE   20,040 0 0
Seacoast Banking Corp FL cs 811707801 211 14,770 SH   SOLE   14,770 0 0
State Street Corp cs 857477103 215 2,924 SH   SOLE   2,924 0 0
SuperValue Inc cs 868536103 1,570 134,970 SH   SOLE   134,970 0 0
Synovus Finl Corp cs 87161c501 2,445 87,291 SH   SOLE   87,291 0 0
Terex Corp cs 880779103 245 9,200 SH   SOLE   9,200 0 0
Textron Inc cs 883203101 390 8,800 SH   SOLE   8,800 0 0
Toll Brothers Inc cs 889478103 1,639 41,655 SH   SOLE   41,655 0 0
Travelers Companies Inc cs 89417e109 470 4,350 SH   SOLE   4,350 0 0
Trinity Industries Inc cs 896522109 291 8,200 SH   SOLE   8,200 0 0
Ultra Petroleum Corp cs 903914109 329 21,080 SH   SOLE   21,080 0 0
United Community Banks Blairsv cs 90984p303 2,211 117,100 SH   SOLE   117,100 0 0
United States Steel Corp cs 912909108 1,184 48,515 SH   SOLE   48,515 0 0
United Technologies Corp cs 913017109 220 1,875 SH   SOLE   1,875 0 0
US Bancorp Del cs 902973304 340 7,775 SH   SOLE   7,775 0 0
Visa Inc Cl A cs 92826c839 235 3,600 SH   SOLE   3,600 0 0
Vulcan Materials Co cs 929160109 506 6,000 SH   SOLE   6,000 0 0
Weatherford Intl PLC cs g48833100 801 65,156 SH   SOLE   65,156 0 0
Wells Fargo & Co cs 949746101 3,155 57,999 SH   SOLE   57,999 0 0
Western Alliance Bancorp cs 957638109 2,290 77,255 SH   SOLE   77,255 0 0
Williams Clayton Energy Inc cs 969490101 746 14,725 SH   SOLE   14,725 0 0
Zions Bancorporation cs 989701107 1,314 48,667 SH   SOLE   48,667 0 0
Arm Holdings PLC Sp ADR ad 042068106 952 19,310 SH   SOLE   19,310 0 0
Royal Dutch Shell PLC Sp ADR A ad 780259206 900 15,090 SH   SOLE   15,090 0 0
Royal Dutch Shell PLC Sp ADR B ad 780259107 319 5,080 SH   SOLE   5,080 0 0
Total SA Sp ADR ad 89151e109 267 5,375 SH   SOLE   5,375 0 0
Fidelity Contrafund Inc mf 316071109 206 2,042 SH   SOLE   2,042 0 0
Tekla Healthcare Invs mf 87911j103 592 17,000 SH   SOLE   17,000 0 0
Enbridge Energy Partners LP ml 29250r106 811 22,530 SH   SOLE   22,530 0 0
Energy Transfer Partners LP ml 29273r109 703 12,610 SH   SOLE   12,610 0 0
Enterprise Products Partners L ml 293792107 412 12,520 SH   SOLE   12,520 0 0
Golar LNG Partners LP Lpi ml y2745c102 361 13,430 SH   SOLE   13,430 0 0
Magellan Midstream Partners LP ml 559080106 245 3,200 SH   SOLE   3,200 0 0
Martin Midstream Partners LP ml 573331105 646 18,230 SH   SOLE   18,230 0 0
Plains All American Pipeline L ml 726503105 467 9,575 SH   SOLE   9,575 0 0
Annaly Cap Mgmt Inc re 035710409 218 21,000 SH   SOLE   21,000 0 0
Capstead Mtg Corp re 14067e506 155 13,150 SH   SOLE   13,150 0 0
Chimera Inv Corp re 16934q109 57 18,000 SH   SOLE   18,000 0 0