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 468 2,670 SH   SOLE   2,670 0 0
Abbott Laboratories cs 002824100 235 5,982 SH   SOLE   5,982 0 0
Abbvie Inc cs 00287y109 647 10,443 SH   SOLE   10,443 0 0
AK Steel Holding Corp cs 001547108 1,283 275,221 SH   SOLE   275,221 0 0
Allergan PLC cs g0177j108 877 3,795 SH   SOLE   3,795 0 0
American Express Co cs 025816109 412 6,775 SH   SOLE   6,775 0 0
Apple Inc cs 037833100 508 5,309 SH   SOLE   5,309 0 0
Bancorp Inc cs 05969a105 1,783 296,205 SH   SOLE   296,205 0 0
Bank Hawaii Corp cs 062540109 317 4,609 SH   SOLE   4,609 0 0
Bank of America Corporation cs 060505104 262 19,779 SH   SOLE   19,779 0 0
Banner Corp cs 06652v208 839 19,725 SH   SOLE   19,725 0 0
Berkshire Hathaway Inc Cl B cs 084670702 1,414 9,766 SH   SOLE   9,766 0 0
Boeing Co cs 097023105 291 2,242 SH   SOLE   2,242 0 0
Bristol-Myers Squibb Co cs 110122108 986 13,404 SH   SOLE   13,404 0 0
Brown Forman Corp Cl A cs 115637100 891 8,250 SH   SOLE   8,250 0 0
Brown Forman Corp Cl B cs 115637209 714 7,154 SH   SOLE   7,154 0 0
Cambridge Bancorp cs 132152109 1,275 27,366 SH   SOLE   27,366 0 0
Caterpillar Inc cs 149123101 379 5,000 SH   SOLE   5,000 0 0
Central Securities Corp cs 155123102 668 34,000 SH   SOLE   34,000 0 0
Chevron Corp cs 166764100 2,126 20,281 SH   SOLE   20,281 0 0
Chubb Limited cs h1467j104 1,290 9,871 SH   SOLE   9,871 0 0
Cimarex Energy Co cs 171798101 796 6,669 SH   SOLE   6,669 0 0
Cincinnati Financial Corp cs 172062101 258 3,450 SH   SOLE   3,450 0 0
CoBiz Financial Inc cs 190897108 672 57,400 SH   SOLE   57,400 0 0
Coca-Cola Co cs 191216100 442 9,752 SH   SOLE   9,752 0 0
Colgate Palmolive Co cs 194162103 829 11,325 SH   SOLE   11,325 0 0
ConocoPhillips cs 20825c104 410 9,405 SH   SOLE   9,405 0 0
CVS Health Corporation cs 126650100 449 4,688 SH   SOLE   4,688 0 0
Deere & Co cs 244199105 583 7,195 SH   SOLE   7,195 0 0
Disney Walt Co Disney cs 254687106 854 8,726 SH   SOLE   8,726 0 0
Eaton Corp PLC cs g29183103 1,914 32,044 SH   SOLE   32,044 0 0
Eaton Vance Corp Non Vtg cs 278265103 377 10,665 SH   SOLE   10,665 0 0
Eli Lilly & Co cs 532457108 1,582 20,088 SH   SOLE   20,088 0 0
Emerson Electric Co cs 291011104 401 7,679 SH   SOLE   7,679 0 0
Ensco PLC Class A cs g3157s106 1,353 139,314 SH   SOLE   139,314 0 0
EOG Resources Inc cs 26875p101 596 7,149 SH   SOLE   7,149 0 0
EQT Corp cs 26884l109 670 8,648 SH   SOLE   8,648 0 0
Exxon Mobil Corp cs 30231g102 2,110 22,508 SH   SOLE   22,508 0 0
Frp Holdings Inc cs 30292l107 373 10,800 SH   SOLE   10,800 0 0
General Electric Co cs 369604103 1,237 39,305 SH   SOLE   39,305 0 0
General Mills Inc cs 370334104 1,907 26,740 SH   SOLE   26,740 0 0
Hershey Co cs 427866108 335 2,950 SH   SOLE   2,950 0 0
Home Depot Inc cs 437076102 349 2,730 SH   SOLE   2,730 0 0
Honeywell Intl Inc cs 438516106 2,222 19,101 SH   SOLE   19,101 0 0
Johnson & Johnson cs 478160104 465 3,832 SH   SOLE   3,832 0 0
Johnson Controls Inc cs 478366107 1,886 42,604 SH   SOLE   42,604 0 0
JPMorgan Chase & Co cs 46625h100 946 15,225 SH   SOLE   15,225 0 0
Kinder Morgan Inc cs 49456b101 299 15,963 SH   SOLE   15,963 0 0
Lennar Corp Cl A cs 526057104 1,816 39,390 SH   SOLE   39,390 0 0
Lyon William Homes Cl A cs 552074700 1,236 76,654 SH   SOLE   76,654 0 0
MB Financial Inc cs 55264u108 1,188 32,737 SH   SOLE   32,737 0 0
McDermott Intl Inc cs 580037109 1,585 320,843 SH   SOLE   320,843 0 0
Merck & Co Inc cs 58933y105 1,094 18,991 SH   SOLE   18,991 0 0
Meritage Homes Corp cs 59001a102 323 8,600 SH   SOLE   8,600 0 0
Meta Financial Group Inc cs 59100u108 281 5,505 SH   SOLE   5,505 0 0
MGM Resorts International cs 552953101 223 9,850 SH   SOLE   9,850 0 0
Nabors Industries Ltd cs g6359f103 1,421 141,357 SH   SOLE   141,357 0 0
NBT Bancorp Inc cs 628778102 229 8,000 SH   SOLE   8,000 0 0
Newstar Financial Inc cs 65251f105 2,014 239,158 SH   SOLE   239,158 0 0
NOBLE CORP PLC SHS USD cs g65431101 1,338 162,414 SH   SOLE   162,414 0 0
Nucor Corp cs 670346105 1,304 26,388 SH   SOLE   26,388 0 0
NVR Inc cs 62944t105 3,105 1,744 SH   SOLE   1,744 0 0
Onemain Holdings Inc cs 68268w103 219 9,604 SH   SOLE   9,604 0 0
Paccar Inc cs 693718108 1,621 31,243 SH   SOLE   31,243 0 0
PacWest Bancorp Del cs 695263103 374 9,391 SH   SOLE   9,391 0 0
PepsiCo Inc cs 713448108 786 7,415 SH   SOLE   7,415 0 0
Pfizer Inc cs 717081103 612 17,392 SH   SOLE   17,392 0 0
Procter & Gamble Co cs 742718109 532 6,285 SH   SOLE   6,285 0 0
Quantum Corp DSSG cs 747906204 13 30,100 SH   SOLE   30,100 0 0
Regional Mgmt Corp cs 75902k106 220 14,987 SH   SOLE   14,987 0 0
Seacoast Banking Corp FL cs 811707801 223 13,710 SH   SOLE   13,710 0 0
Southwestern Energy Co cs 845467109 268 21,318 SH   SOLE   21,318 0 0
Synovus Finl Corp cs 87161c501 2,295 79,160 SH   SOLE   79,160 0 0
Toll Brothers Inc cs 889478103 306 11,380 SH   SOLE   11,380 0 0
Travelers Companies Inc cs 89417e109 464 3,900 SH   SOLE   3,900 0 0
United Community Banks Blairsv cs 90984p303 1,943 106,250 SH   SOLE   106,250 0 0
United States Steel Corp cs 912909108 987 58,526 SH   SOLE   58,526 0 0
Visa Inc Cl A cs 92826c839 223 3,000 SH   SOLE   3,000 0 0
Vulcan Materials Co cs 929160109 722 6,000 SH   SOLE   6,000 0 0
Weatherford Intl PLC cs g48833100 1,253 225,703 SH   SOLE   225,703 0 0
Wells Fargo & Co cs 949746101 2,396 50,633 SH   SOLE   50,633 0 0
Western Alliance Bancorp cs 957638109 2,058 63,030 SH   SOLE   63,030 0 0
Williams Clayton Energy Inc cs 969490101 1,238 45,100 SH   SOLE   45,100 0 0
Zions Bancorporation cs 989701107 830 33,035 SH   SOLE   33,035 0 0
Arm Holdings PLC Sp ADR ad 042068106 226 4,955 SH   SOLE   4,955 0 0
Royal Dutch Shell PLC Sp ADR A ad 780259206 683 12,370 SH   SOLE   12,370 0 0
Royal Dutch Shell PLC Sp ADR B ad 780259107 208 3,709 SH   SOLE   3,709 0 0
Tekla Healthcare Invs mf 87911j103 398 17,000 SH   SOLE   17,000 0 0
Enbridge Energy Partners LP ml 29250r106 620 26,729 SH   SOLE   26,729 0 0
Energy Transfer Partners LP ml 29273r109 559 14,689 SH   SOLE   14,689 0 0
Enterprise Products Partners L ml 293792107 414 14,155 SH   SOLE   14,155 0 0
Golar LNG Partners LP Lpi ml y2745c102 447 24,375 SH   SOLE   24,375 0 0
Magellan Midstream Partners LP ml 559080106 201 2,650 SH   SOLE   2,650 0 0
Martin Midstream Partners LP ml 573331105 564 24,405 SH   SOLE   24,405 0 0
Plains All American Pipeline L ml 726503105 592 21,545 SH   SOLE   21,545 0 0
Annaly Cap Mgmt Inc re 035710409 219 19,790 SH   SOLE   19,790 0 0
Capstead Mtg Corp re 14067e506 179 18,425 SH   SOLE   18,425 0 0