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 443 2,870 SH   SOLE   2,870 0 0
Abbott Laboratories cs 002824100 294 5,982 SH   SOLE   5,982 0 0
Abbvie Inc cs 00287y109 543 8,087 SH   SOLE   8,087 0 0
AK Steel Holding Corp cs 001547108 820 211,822 SH   SOLE   211,822 0 0
Allergan PLC cs g0177j108 1,385 4,565 SH   SOLE   4,565 0 0
American Express Co cs 025816109 544 7,000 SH   SOLE   7,000 0 0
Apple Inc cs 037833100 433 3,452 SH   SOLE   3,452 0 0
Bancorp Inc cs 05969a105 2,078 223,915 SH   SOLE   223,915 0 0
Bank Hawaii Corp cs 062540109 380 5,699 SH   SOLE   5,699 0 0
Bank of America Corporation cs 060505104 1,545 90,772 SH   SOLE   90,772 0 0
Banner Corp cs 06652v208 1,042 21,750 SH   SOLE   21,750 0 0
Berkshire Hathaway Inc Cl B cs 084670702 1,405 10,322 SH   SOLE   10,322 0 0
Boeing Co cs 097023105 353 2,542 SH   SOLE   2,542 0 0
Bristol-Myers Squibb Co cs 110122108 990 14,879 SH   SOLE   14,879 0 0
Brown Forman Corp Cl A cs 115637100 919 8,250 SH   SOLE   8,250 0 0
Brown Forman Corp Cl B cs 115637209 717 7,154 SH   SOLE   7,154 0 0
Cambridge Bancorp cs 132152109 1,191 25,916 SH   SOLE   25,916 0 0
Caterpillar Inc cs 149123101 454 5,350 SH   SOLE   5,350 0 0
Central Securities Corp cs 155123102 766 35,900 SH   SOLE   35,900 0 0
Chevron Corp cs 166764100 2,101 21,774 SH   SOLE   21,774 0 0
Chubb Corp cs 171232101 1,724 18,123 SH   SOLE   18,123 0 0
Cimarex Energy Co cs 171798101 708 6,415 SH   SOLE   6,415 0 0
Citigroup Inc cs 172967424 204 3,688 SH   SOLE   3,688 0 0
CoBiz Financial Inc cs 190897108 986 75,450 SH   SOLE   75,450 0 0
Coca-Cola Co cs 191216100 842 21,467 SH   SOLE   21,467 0 0
Colgate Palmolive Co cs 194162103 760 11,626 SH   SOLE   11,626 0 0
ConocoPhillips cs 20825c104 623 10,141 SH   SOLE   10,141 0 0
Darden Restaurants Inc cs 237194105 238 3,355 SH   SOLE   3,355 0 0
Deere & Co cs 244199105 1,014 10,445 SH   SOLE   10,445 0 0
Disney Walt Co Disney cs 254687106 1,095 9,590 SH   SOLE   9,590 0 0
Eaton Corp PLC cs g29183103 2,257 33,439 SH   SOLE   33,439 0 0
Eaton Vance Corp Non Vtg cs 278265103 782 19,995 SH   SOLE   19,995 0 0
Eli Lilly & Co cs 532457108 1,420 17,008 SH   SOLE   17,008 0 0
Emerson Electric Co cs 291011104 1,579 28,494 SH   SOLE   28,494 0 0
Energy XXI (Bermuda) Ltd USD U cs g10082140 216 82,282 SH   SOLE   82,282 0 0
Ensco PLC Class A cs g3157s106 1,219 54,744 SH   SOLE   54,744 0 0
Exxon Mobil Corp cs 30231g102 2,794 33,579 SH   SOLE   33,579 0 0
Fifth Third Bancorp cs 316773100 276 13,250 SH   SOLE   13,250 0 0
Frp Holdings Inc cs 30292l107 350 10,800 SH   SOLE   10,800 0 0
General Electric Co cs 369604103 859 32,322 SH   SOLE   32,322 0 0
General Mills Inc cs 370334104 1,557 27,940 SH   SOLE   27,940 0 0
Hershey Co cs 427866108 275 3,100 SH   SOLE   3,100 0 0
Home Depot Inc cs 437076102 320 2,880 SH   SOLE   2,880 0 0
Honeywell Intl Inc cs 438516106 2,130 20,892 SH   SOLE   20,892 0 0
Johnson & Johnson cs 478160104 405 4,157 SH   SOLE   4,157 0 0
Johnson Controls Inc cs 478366107 2,239 45,207 SH   SOLE   45,207 0 0
JPMorgan Chase & Co cs 46625h100 1,113 16,425 SH   SOLE   16,425 0 0
Kinder Morgan Inc cs 49456b101 447 11,634 SH   SOLE   11,634 0 0
Lennar Corp Cl A cs 526057104 2,213 43,355 SH   SOLE   43,355 0 0
Lincoln Natl Corp Ind cs 534187109 200 3,378 SH   SOLE   3,378 0 0
Lyon William Homes Cl A cs 552074700 1,076 41,914 SH   SOLE   41,914 0 0
Magnum Hunter Resources Corp cs 55973b102 852 455,495 SH   SOLE   455,495 0 0
MB Financial Inc cs 55264u108 1,127 32,737 SH   SOLE   32,737 0 0
McDermott Intl Inc cs 580037109 1,729 323,843 SH   SOLE   323,843 0 0
Merck & Co Inc cs 58933y105 1,104 19,394 SH   SOLE   19,394 0 0
Meritage Homes Corp cs 59001a102 487 10,350 SH   SOLE   10,350 0 0
MGM Resorts International cs 552953101 317 17,350 SH   SOLE   17,350 0 0
Nabors Industries Ltd cs g6359f103 813 56,328 SH   SOLE   56,328 0 0
NBT Bancorp Inc cs 628778102 225 8,600 SH   SOLE   8,600 0 0
Newstar Financial Inc cs 65251f105 2,197 199,755 SH   SOLE   199,755 0 0
NOBLE CORP PLC SHS USD cs g65431101 989 64,255 SH   SOLE   64,255 0 0
Nucor Corp cs 670346105 1,747 39,641 SH   SOLE   39,641 0 0
NVR Inc cs 62944t105 2,566 1,915 SH   SOLE   1,915 0 0
Paccar Inc cs 693718108 2,095 32,828 SH   SOLE   32,828 0 0
PacWest Bancorp Del cs 695263103 491 10,507 SH   SOLE   10,507 0 0
PepsiCo Inc cs 713448108 692 7,415 SH   SOLE   7,415 0 0
Pfizer Inc cs 717081103 331 9,857 SH   SOLE   9,857 0 0
Procter & Gamble Co cs 742718109 558 7,133 SH   SOLE   7,133 0 0
Quantum Corp DSSG cs 747906204 2,572 1,530,674 SH   SOLE   1,530,674 0 0
Seacoast Banking Corp FL cs 811707801 232 14,670 SH   SOLE   14,670 0 0
State Street Corp cs 857477103 225 2,924 SH   SOLE   2,924 0 0
SuperValue Inc cs 868536103 1,239 153,144 SH   SOLE   153,144 0 0
Synovus Finl Corp cs 87161c501 2,690 87,289 SH   SOLE   87,289 0 0
Terex Corp cs 880779103 214 9,200 SH   SOLE   9,200 0 0
Textron Inc cs 883203101 393 8,800 SH   SOLE   8,800 0 0
Toll Brothers Inc cs 889478103 1,591 41,655 SH   SOLE   41,655 0 0
Travelers Companies Inc cs 89417e109 420 4,350 SH   SOLE   4,350 0 0
Trinity Industries Inc cs 896522109 217 8,200 SH   SOLE   8,200 0 0
Ultra Petroleum Corp cs 903914109 290 23,136 SH   SOLE   23,136 0 0
United Community Banks Blairsv cs 90984p303 2,444 117,100 SH   SOLE   117,100 0 0
United States Steel Corp cs 912909108 998 48,414 SH   SOLE   48,414 0 0
United Technologies Corp cs 913017109 208 1,875 SH   SOLE   1,875 0 0
US Bancorp Del cs 902973304 337 7,775 SH   SOLE   7,775 0 0
Visa Inc Cl A cs 92826c839 242 3,600 SH   SOLE   3,600 0 0
Vulcan Materials Co cs 929160109 504 6,000 SH   SOLE   6,000 0 0
Weatherford Intl PLC cs g48833100 843 68,726 SH   SOLE   68,726 0 0
Wells Fargo & Co cs 949746101 3,258 57,932 SH   SOLE   57,932 0 0
Western Alliance Bancorp cs 957638109 2,608 77,255 SH   SOLE   77,255 0 0
Williams Clayton Energy Inc cs 969490101 980 14,910 SH   SOLE   14,910 0 0
Zions Bancorporation cs 989701107 1,434 45,192 SH   SOLE   45,192 0 0
Arm Holdings PLC Sp ADR ad 042068106 951 19,310 SH   SOLE   19,310 0 0
Royal Dutch Shell PLC Sp ADR A ad 780259206 829 14,540 SH   SOLE   14,540 0 0
Royal Dutch Shell PLC Sp ADR B ad 780259107 275 4,799 SH   SOLE   4,799 0 0
Total SA Sp ADR ad 89151e109 228 4,645 SH   SOLE   4,645 0 0
Fidelity Contrafund Inc mf 316071109 208 2,042 SH   SOLE   2,042 0 0
Tekla Healthcare Invs mf 87911j103 604 17,000 SH   SOLE   17,000 0 0
Enbridge Energy Partners LP ml 29250r106 751 22,524 SH   SOLE   22,524 0 0
Energy Transfer Partners LP ml 29273r109 662 12,681 SH   SOLE   12,681 0 0
Enterprise Products Partners L ml 293792107 375 12,545 SH   SOLE   12,545 0 0
Golar LNG Partners LP Lpi ml y2745c102 392 15,905 SH   SOLE   15,905 0 0
Martin Midstream Partners LP ml 573331105 568 18,347 SH   SOLE   18,347 0 0
Plains All American Pipeline L ml 726503105 420 9,650 SH   SOLE   9,650 0 0
Annaly Cap Mgmt Inc re 035710409 196 21,340 SH   SOLE   21,340 0 0
Capstead Mtg Corp re 14067e506 143 12,898 SH   SOLE   12,898 0 0