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 407 2,870 SH   SOLE   2,870 0 0
Abbott Laboratories cs 002824100 241 5,982 SH   SOLE   5,982 0 0
Abbvie Inc cs 00287y109 383 7,037 SH   SOLE   7,037 0 0
AK Steel Holding Corp cs 001547108 676 280,565 SH   SOLE   280,565 0 0
Allergan PLC cs g0177j108 1,146 4,218 SH   SOLE   4,218 0 0
American Express Co cs 025816109 519 7,000 SH   SOLE   7,000 0 0
Apple Inc cs 037833100 392 3,553 SH   SOLE   3,553 0 0
Bancorp Inc cs 05969a105 1,620 212,545 SH   SOLE   212,545 0 0
Bank Hawaii Corp cs 062540109 298 4,699 SH   SOLE   4,699 0 0
Bank of America Corporation cs 060505104 1,338 85,872 SH   SOLE   85,872 0 0
Banner Corp cs 06652v208 960 20,100 SH   SOLE   20,100 0 0
Berkshire Hathaway Inc Cl B cs 084670702 1,346 10,322 SH   SOLE   10,322 0 0
Boeing Co cs 097023105 291 2,222 SH   SOLE   2,222 0 0
Bristol-Myers Squibb Co cs 110122108 828 13,979 SH   SOLE   13,979 0 0
Brown Forman Corp Cl A cs 115637100 883 8,250 SH   SOLE   8,250 0 0
Brown Forman Corp Cl B cs 115637209 693 7,154 SH   SOLE   7,154 0 0
Cambridge Bancorp cs 132152109 1,209 25,191 SH   SOLE   25,191 0 0
Caterpillar Inc cs 149123101 350 5,350 SH   SOLE   5,350 0 0
Central Securities Corp cs 155123102 672 34,000 SH   SOLE   34,000 0 0
Chevron Corp cs 166764100 1,657 21,004 SH   SOLE   21,004 0 0
Chubb Corp cs 171232101 2,094 17,073 SH   SOLE   17,073 0 0
Cimarex Energy Co cs 171798101 611 5,965 SH   SOLE   5,965 0 0
CoBiz Financial Inc cs 190897108 982 75,450 SH   SOLE   75,450 0 0
Coca-Cola Co cs 191216100 401 9,992 SH   SOLE   9,992 0 0
Colgate Palmolive Co cs 194162103 716 11,276 SH   SOLE   11,276 0 0
ConocoPhillips cs 20825c104 507 10,565 SH   SOLE   10,565 0 0
Deere & Co cs 244199105 615 8,315 SH   SOLE   8,315 0 0
Disney Walt Co Disney cs 254687106 842 8,235 SH   SOLE   8,235 0 0
Eaton Corp PLC cs g29183103 1,630 31,775 SH   SOLE   31,775 0 0
Eaton Vance Corp Non Vtg cs 278265103 361 10,815 SH   SOLE   10,815 0 0
Eli Lilly & Co cs 532457108 1,356 16,208 SH   SOLE   16,208 0 0
Emerson Electric Co cs 291011104 346 7,825 SH   SOLE   7,825 0 0
Energy XXI (Bermuda) Ltd USD U cs g10082140 49 46,557 SH   SOLE   46,557 0 0
Ensco PLC Class A cs g3157s106 938 66,604 SH   SOLE   66,604 0 0
Exxon Mobil Corp cs 30231g102 2,128 28,623 SH   SOLE   28,623 0 0
Frp Holdings Inc cs 30292l107 326 10,800 SH   SOLE   10,800 0 0
General Electric Co cs 369604103 760 30,139 SH   SOLE   30,139 0 0
General Mills Inc cs 370334104 1,512 26,940 SH   SOLE   26,940 0 0
Hershey Co cs 427866108 285 3,100 SH   SOLE   3,100 0 0
Home Depot Inc cs 437076102 333 2,880 SH   SOLE   2,880 0 0
Honeywell Intl Inc cs 438516106 1,863 19,670 SH   SOLE   19,670 0 0
Johnson & Johnson cs 478160104 365 3,907 SH   SOLE   3,907 0 0
Johnson Controls Inc cs 478366107 1,734 41,933 SH   SOLE   41,933 0 0
JPMorgan Chase & Co cs 46625h100 1,001 16,425 SH   SOLE   16,425 0 0
Kinder Morgan Inc cs 49456b101 300 10,855 SH   SOLE   10,855 0 0
Lennar Corp Cl A cs 526057104 1,943 40,380 SH   SOLE   40,380 0 0
Lyon William Homes Cl A cs 552074700 731 35,464 SH   SOLE   35,464 0 0
Magnum Hunter Resources Corp cs 55973b102 147 432,775 SH   SOLE   432,775 0 0
MB Financial Inc cs 55264u108 1,069 32,737 SH   SOLE   32,737 0 0
McDermott Intl Inc cs 580037109 1,293 300,793 SH   SOLE   300,793 0 0
Merck & Co Inc cs 58933y105 944 19,119 SH   SOLE   19,119 0 0
Meritage Homes Corp cs 59001a102 351 9,600 SH   SOLE   9,600 0 0
MGM Resorts International cs 552953101 265 14,350 SH   SOLE   14,350 0 0
Nabors Industries Ltd cs g6359f103 696 73,604 SH   SOLE   73,604 0 0
NBT Bancorp Inc cs 628778102 232 8,600 SH   SOLE   8,600 0 0
Newstar Financial Inc cs 65251f105 1,565 190,876 SH   SOLE   190,876 0 0
NOBLE CORP PLC SHS USD cs g65431101 930 85,245 SH   SOLE   85,245 0 0
Nucor Corp cs 670346105 1,243 33,107 SH   SOLE   33,107 0 0
NVR Inc cs 62944t105 2,779 1,822 SH   SOLE   1,822 0 0
Paccar Inc cs 693718108 1,602 30,703 SH   SOLE   30,703 0 0
PacWest Bancorp Del cs 695263103 450 10,507 SH   SOLE   10,507 0 0
PepsiCo Inc cs 713448108 699 7,415 SH   SOLE   7,415 0 0
Pfizer Inc cs 717081103 291 9,257 SH   SOLE   9,257 0 0
Procter & Gamble Co cs 742718109 502 6,983 SH   SOLE   6,983 0 0
Quantum Corp DSSG cs 747906204 1,011 1,449,617 SH   SOLE   1,449,617 0 0
Seacoast Banking Corp FL cs 811707801 202 13,770 SH   SOLE   13,770 0 0
SuperValue Inc cs 868536103 1,031 143,575 SH   SOLE   143,575 0 0
Synovus Finl Corp cs 87161c501 2,512 84,863 SH   SOLE   84,863 0 0
Textron Inc cs 883203101 331 8,800 SH   SOLE   8,800 0 0
Toll Brothers Inc cs 889478103 1,337 39,055 SH   SOLE   39,055 0 0
Travelers Companies Inc cs 89417e109 433 4,350 SH   SOLE   4,350 0 0
Ultra Petroleum Corp cs 903914109 143 22,325 SH   SOLE   22,325 0 0
United Community Banks Blairsv cs 90984p303 2,274 111,250 SH   SOLE   111,250 0 0
United States Steel Corp cs 912909108 552 52,991 SH   SOLE   52,991 0 0
Visa Inc Cl A cs 92826c839 223 3,200 SH   SOLE   3,200 0 0
Vulcan Materials Co cs 929160109 535 6,000 SH   SOLE   6,000 0 0
Weatherford Intl PLC cs g48833100 768 90,547 SH   SOLE   90,547 0 0
Wells Fargo & Co cs 949746101 2,909 56,657 SH   SOLE   56,657 0 0
Western Alliance Bancorp cs 957638109 2,325 75,705 SH   SOLE   75,705 0 0
Williams Clayton Energy Inc cs 969490101 580 14,935 SH   SOLE   14,935 0 0
Zions Bancorporation cs 989701107 1,127 40,917 SH   SOLE   40,917 0 0
Arm Holdings PLC Sp ADR ad 042068106 699 16,160 SH   SOLE   16,160 0 0
Royal Dutch Shell PLC Sp ADR A ad 780259206 649 13,695 SH   SOLE   13,695 0 0
Royal Dutch Shell PLC Sp ADR B ad 780259107 223 4,699 SH   SOLE   4,699 0 0
Tekla Healthcare Invs mf 87911j103 469 17,000 SH   SOLE   17,000 0 0
Enbridge Energy Partners LP ml 29250r106 557 22,524 SH   SOLE   22,524 0 0
Energy Transfer Partners LP ml 29273r109 521 12,681 SH   SOLE   12,681 0 0
Enterprise Products Partners L ml 293792107 312 12,545 SH   SOLE   12,545 0 0
Golar LNG Partners LP Lpi ml y2745c102 270 18,425 SH   SOLE   18,425 0 0
Martin Midstream Partners LP ml 573331105 449 18,397 SH   SOLE   18,397 0 0
Plains All American Pipeline L ml 726503105 296 9,750 SH   SOLE   9,750 0 0
Annaly Cap Mgmt Inc re 035710409 201 20,340 SH   SOLE   20,340 0 0
Capstead Mtg Corp re 14067e506 124 12,549 SH   SOLE   12,549 0 0