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 477 2,670 SH   SOLE   2,670 0 0
Abbott Laboratories cs 002824100 320 8,337 SH   SOLE   8,337 0 0
Abbvie Inc cs 00287y109 1,231 19,664 SH   SOLE   19,664 0 0
Adobe Systems Inc cs 00724f101 206 2,000 SH   SOLE   2,000 0 0
AK Steel Holding Corp cs 001547108 2,258 221,180 SH   SOLE   221,180 0 0
Allergan PLC cs g0177j108 797 3,795 SH   SOLE   3,795 0 0
American Express Co cs 025816109 570 7,700 SH   SOLE   7,700 0 0
Apple Inc cs 037833100 566 4,886 SH   SOLE   4,886 0 0
AT&T Inc cs 00206r102 209 4,917 SH   SOLE   4,917 0 0
Bancorp Inc cs 05969a105 2,644 336,375 SH   SOLE   336,375 0 0
Bank Hawaii Corp cs 062540109 395 4,459 SH   SOLE   4,459 0 0
Bank of America Corporation cs 060505104 341 15,440 SH   SOLE   15,440 0 0
Bank of New York Mellon Corp cs 064058100 238 5,025 SH   SOLE   5,025 0 0
Banner Corp cs 06652v208 878 15,725 SH   SOLE   15,725 0 0
Berkshire Hathaway Inc Cl B cs 084670702 1,576 9,671 SH   SOLE   9,671 0 0
Boeing Co cs 097023105 349 2,242 SH   SOLE   2,242 0 0
Bristol-Myers Squibb Co cs 110122108 715 12,229 SH   SOLE   12,229 0 0
Brown Forman Corp Cl A cs 115637100 756 16,350 SH   SOLE   16,350 0 0
Brown Forman Corp Cl B cs 115637209 643 14,308 SH   SOLE   14,308 0 0
Cambridge Bancorp cs 132152109 1,891 30,366 SH   SOLE   30,366 0 0
Capital Bank Financial Corp Cl cs 139794101 214 5,457 SH   SOLE   5,457 0 0
Caterpillar Inc cs 149123101 464 5,000 SH   SOLE   5,000 0 0
Celgene Corp cs 151020104 381 3,295 SH   SOLE   3,295 0 0
Central Securities Corp cs 155123102 686 31,500 SH   SOLE   31,500 0 0
CF Industries Holdings Inc cs 125269100 944 29,989 SH   SOLE   29,989 0 0
Chevron Corp cs 166764100 2,296 19,506 SH   SOLE   19,506 0 0
Chubb Limited cs h1467j104 1,249 9,456 SH   SOLE   9,456 0 0
Cimarex Energy Co cs 171798101 824 6,061 SH   SOLE   6,061 0 0
Cincinnati Financial Corp cs 172062101 254 3,350 SH   SOLE   3,350 0 0
CoBiz Financial Inc cs 190897108 964 57,100 SH   SOLE   57,100 0 0
Coca-Cola Co cs 191216100 348 8,392 SH   SOLE   8,392 0 0
Colgate Palmolive Co cs 194162103 741 11,325 SH   SOLE   11,325 0 0
ConocoPhillips cs 20825c104 338 6,735 SH   SOLE   6,735 0 0
CVS Health Corporation cs 126650100 545 6,906 SH   SOLE   6,906 0 0
Deere & Co cs 244199105 669 6,495 SH   SOLE   6,495 0 0
Disney Walt Co Disney cs 254687106 876 8,405 SH   SOLE   8,405 0 0
Eaton Corp PLC cs g29183103 1,834 27,331 SH   SOLE   27,331 0 0
Eaton Vance Corp Non Vtg cs 278265103 442 10,565 SH   SOLE   10,565 0 0
Eli Lilly & Co cs 532457108 1,321 17,963 SH   SOLE   17,963 0 0
Emerson Electric Co cs 291011104 363 6,514 SH   SOLE   6,514 0 0
Ensco PLC Class A cs g3157s106 1,467 150,972 SH   SOLE   150,972 0 0
EOG Resources Inc cs 26875p101 889 8,790 SH   SOLE   8,790 0 0
EQT Corp cs 26884l109 976 14,926 SH   SOLE   14,926 0 0
Exxon Mobil Corp cs 30231g102 1,783 19,759 SH   SOLE   19,759 0 0
Frp Holdings Inc cs 30292l107 407 10,800 SH   SOLE   10,800 0 0
General Electric Co cs 369604103 1,179 37,325 SH   SOLE   37,325 0 0
General Mills Inc cs 370334104 1,652 26,740 SH   SOLE   26,740 0 0
Gilead Sciences Inc cs 375558103 558 7,792 SH   SOLE   7,792 0 0
Halliburton Co cs 406216101 268 4,955 SH   SOLE   4,955 0 0
Hershey Co cs 427866108 300 2,900 SH   SOLE   2,900 0 0
Home Depot Inc cs 437076102 366 2,730 SH   SOLE   2,730 0 0
Honeywell Intl Inc cs 438516106 1,898 16,381 SH   SOLE   16,381 0 0
Johnson & Johnson cs 478160104 441 3,832 SH   SOLE   3,832 0 0
JPMorgan Chase & Co cs 46625h100 1,299 15,050 SH   SOLE   15,050 0 0
Kinder Morgan Inc cs 49456b101 230 11,090 SH   SOLE   11,090 0 0
Lennar Corp Cl A cs 526057104 1,532 35,690 SH   SOLE   35,690 0 0
Lincoln Natl Corp Ind cs 534187109 211 3,178 SH   SOLE   3,178 0 0
Lyon William Homes Cl A cs 552074700 1,392 73,169 SH   SOLE   73,169 0 0
MB Financial Inc cs 55264u108 1,334 28,236 SH   SOLE   28,236 0 0
McDermott Intl Inc cs 580037109 2,169 293,568 SH   SOLE   293,568 0 0
Merck & Co Inc cs 58933y105 946 16,064 SH   SOLE   16,064 0 0
Meta Financial Group Inc cs 59100u108 431 4,184 SH   SOLE   4,184 0 0
MGM Resorts International cs 552953101 284 9,850 SH   SOLE   9,850 0 0
Nabors Industries Ltd cs g6359f103 2,312 140,952 SH   SOLE   140,952 0 0
NBT Bancorp Inc cs 628778102 318 7,600 SH   SOLE   7,600 0 0
Newstar Financial Inc cs 65251f105 2,259 244,182 SH   SOLE   244,182 0 0
NOBLE CORP PLC SHS USD cs g65431101 1,134 191,504 SH   SOLE   191,504 0 0
Nucor Corp cs 670346105 1,480 24,859 SH   SOLE   24,859 0 0
NVR Inc cs 62944t105 2,827 1,694 SH   SOLE   1,694 0 0
Onemain Holdings Inc cs 68268w103 608 27,470 SH   SOLE   27,470 0 0
Paccar Inc cs 693718108 1,771 27,718 SH   SOLE   27,718 0 0
PacWest Bancorp Del cs 695263103 495 9,091 SH   SOLE   9,091 0 0
PepsiCo Inc cs 713448108 773 7,390 SH   SOLE   7,390 0 0
Pfizer Inc cs 717081103 976 30,035 SH   SOLE   30,035 0 0
Procter & Gamble Co cs 742718109 528 6,285 SH   SOLE   6,285 0 0
Quantum Corp DSSG cs 747906204 24 29,100 SH   SOLE   29,100 0 0
Range Resources Corp cs 75281a109 394 11,480 SH   SOLE   11,480 0 0
Regional Mgmt Corp cs 75902k106 360 13,687 SH   SOLE   13,687 0 0
Seacoast Banking Corp FL cs 811707801 301 13,660 SH   SOLE   13,660 0 0
Southwestern Energy Co cs 845467109 417 38,578 SH   SOLE   38,578 0 0
Synovus Finl Corp cs 87161c501 2,725 66,328 SH   SOLE   66,328 0 0
Travelers Companies Inc cs 89417e109 435 3,550 SH   SOLE   3,550 0 0
United Community Banks Blairsv cs 90984p303 2,641 89,150 SH   SOLE   89,150 0 0
United States Steel Corp cs 912909108 1,678 50,840 SH   SOLE   50,840 0 0
VF Corp cs 918204108 210 3,930 SH   SOLE   3,930 0 0
Vulcan Materials Co cs 929160109 751 6,000 SH   SOLE   6,000 0 0
Weatherford Intl PLC cs g48833100 1,243 249,085 SH   SOLE   249,085 0 0
Wells Fargo & Co cs 949746101 2,604 47,242 SH   SOLE   47,242 0 0
Western Alliance Bancorp cs 957638109 2,371 48,680 SH   SOLE   48,680 0 0
Williams Clayton Energy Inc cs 969490101 3,192 26,767 SH   SOLE   26,767 0 0
Zions Bancorporation cs 989701107 1,325 30,785 SH   SOLE   30,785 0 0
Royal Dutch Shell PLC Sp ADR A ad 780259206 654 12,020 SH   SOLE   12,020 0 0
Royal Dutch Shell PLC Sp ADR B ad 780259107 244 4,209 SH   SOLE   4,209 0 0
Tekla Healthcare Invs mf 87911j103 359 17,000 SH   SOLE   17,000 0 0
Enbridge Energy Partners LP ml 29250r106 577 22,629 SH   SOLE   22,629 0 0
Energy Transfer Partners LP ml 29273r109 494 13,789 SH   SOLE   13,789 0 0
Enterprise Products Partners L ml 293792107 356 13,155 SH   SOLE   13,155 0 0
Golar LNG Partners LP Lpi ml y2745c102 601 25,000 SH   SOLE   25,000 0 0
Martin Midstream Partners LP ml 573331105 463 25,210 SH   SOLE   25,210 0 0
Plains All American Pipeline L ml 726503105 618 19,145 SH   SOLE   19,145 0 0
Annaly Cap Mgmt Inc re 035710409 131 13,090 SH   SOLE   13,090 0 0
Genco Shipping & Trading Ltd W wt y2685t123 3 24,710 SH   SOLE   24,710 0 0