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 344 1,800 SH   SOLE   1,800 0 0
Abbott Laboratories cs 002824100 451 10,165 SH   SOLE   10,165 0 0
Abbvie Inc cs 00287y109 1,459 22,394 SH   SOLE   22,394 0 0
Adobe Systems Inc cs 00724f101 260 2,000 SH   SOLE   2,000 0 0
AK Steel Holding Corp cs 001547108 1,512 210,310 SH   SOLE   210,310 0 0
Allergan PLC cs g0177j108 907 3,795 SH   SOLE   3,795 0 0
American Express Co cs 025816109 570 7,200 SH   SOLE   7,200 0 0
Apple Inc cs 037833100 706 4,912 SH   SOLE   4,912 0 0
AT&T Inc cs 00206r102 204 4,917 SH   SOLE   4,917 0 0
Bancorp Inc cs 05969a105 1,878 368,275 SH   SOLE   368,275 0 0
Bank Hawaii Corp cs 062540109 307 3,727 SH   SOLE   3,727 0 0
Bank of America Corporation cs 060505104 355 15,040 SH   SOLE   15,040 0 0
Bank of New York Mellon Corp cs 064058100 237 5,025 SH   SOLE   5,025 0 0
Banner Corp cs 06652v208 770 13,833 SH   SOLE   13,833 0 0
Berkshire Hathaway Inc Cl B cs 084670702 1,570 9,421 SH   SOLE   9,421 0 0
Boeing Co cs 097023105 330 1,866 SH   SOLE   1,866 0 0
Bristol-Myers Squibb Co cs 110122108 892 16,405 SH   SOLE   16,405 0 0
Brown Forman Corp Cl A cs 115637100 746 15,850 SH   SOLE   15,850 0 0
Brown Forman Corp Cl B cs 115637209 661 14,308 SH   SOLE   14,308 0 0
Cambridge Bancorp cs 132152109 1,974 30,366 SH   SOLE   30,366 0 0
Capital Bank Financial Corp Cl cs 139794101 219 5,057 SH   SOLE   5,057 0 0
Caterpillar Inc cs 149123101 464 5,000 SH   SOLE   5,000 0 0
Celgene Corp cs 151020104 562 4,513 SH   SOLE   4,513 0 0
Central Securities Corp cs 155123102 755 31,500 SH   SOLE   31,500 0 0
CF Industries Holdings Inc cs 125269100 906 30,883 SH   SOLE   30,883 0 0
Chevron Corp cs 166764100 2,030 18,906 SH   SOLE   18,906 0 0
Chubb Limited cs h1467j104 1,275 9,356 SH   SOLE   9,356 0 0
Cimarex Energy Co cs 171798101 737 6,166 SH   SOLE   6,166 0 0
Cincinnati Financial Corp cs 172062101 242 3,350 SH   SOLE   3,350 0 0
CoBiz Financial Inc cs 190897108 892 53,100 SH   SOLE   53,100 0 0
Coca-Cola Co cs 191216100 337 7,942 SH   SOLE   7,942 0 0
Colgate Palmolive Co cs 194162103 844 11,525 SH   SOLE   11,525 0 0
ConocoPhillips cs 20825c104 239 4,785 SH   SOLE   4,785 0 0
CVS Health Corporation cs 126650100 406 5,170 SH   SOLE   5,170 0 0
Deere & Co cs 244199105 613 5,635 SH   SOLE   5,635 0 0
Disney Walt Co Disney cs 254687106 936 8,255 SH   SOLE   8,255 0 0
Eaton Corp PLC cs g29183103 1,905 25,693 SH   SOLE   25,693 0 0
Eaton Vance Corp Non Vtg cs 278265103 385 8,565 SH   SOLE   8,565 0 0
Eli Lilly & Co cs 532457108 1,448 17,213 SH   SOLE   17,213 0 0
Emerson Electric Co cs 291011104 327 5,464 SH   SOLE   5,464 0 0
Ensco PLC Class A cs g3157s106 1,482 165,590 SH   SOLE   165,590 0 0
EOG Resources Inc cs 26875p101 886 9,078 SH   SOLE   9,078 0 0
EQT Corp cs 26884l109 1,222 19,998 SH   SOLE   19,998 0 0
Exxon Mobil Corp cs 30231g102 1,471 17,935 SH   SOLE   17,935 0 0
Frp Holdings Inc cs 30292l107 432 10,800 SH   SOLE   10,800 0 0
General Electric Co cs 369604103 1,084 36,360 SH   SOLE   36,360 0 0
General Mills Inc cs 370334104 1,525 25,850 SH   SOLE   25,850 0 0
Gilead Sciences Inc cs 375558103 757 11,151 SH   SOLE   11,151 0 0
Halliburton Co cs 406216101 244 4,955 SH   SOLE   4,955 0 0
Hershey Co cs 427866108 311 2,850 SH   SOLE   2,850 0 0
Home Depot Inc cs 437076102 353 2,405 SH   SOLE   2,405 0 0
Honeywell Intl Inc cs 438516106 1,870 14,976 SH   SOLE   14,976 0 0
Johnson & Johnson cs 478160104 445 3,574 SH   SOLE   3,574 0 0
JPMorgan Chase & Co cs 46625h100 1,261 14,350 SH   SOLE   14,350 0 0
Kinder Morgan Inc cs 49456b101 243 11,165 SH   SOLE   11,165 0 0
Lennar Corp Cl A cs 526057104 1,791 34,990 SH   SOLE   34,990 0 0
Lincoln Natl Corp Ind cs 534187109 208 3,178 SH   SOLE   3,178 0 0
Lyon William Homes Cl A cs 552074700 1,573 76,267 SH   SOLE   76,267 0 0
MB Financial Inc cs 55264u108 1,200 28,015 SH   SOLE   28,015 0 0
McDermott Intl Inc cs 580037109 1,979 293,218 SH   SOLE   293,218 0 0
Merck & Co Inc cs 58933y105 1,020 16,056 SH   SOLE   16,056 0 0
Meta Financial Group Inc cs 59100u108 368 4,154 SH   SOLE   4,154 0 0
MGM Resorts International cs 552953101 270 9,850 SH   SOLE   9,850 0 0
Nabors Industries Ltd cs g6359f103 1,842 140,952 SH   SOLE   140,952 0 0
NBT Bancorp Inc cs 628778102 282 7,600 SH   SOLE   7,600 0 0
Newstar Financial Inc cs 65251f105 2,482 234,557 SH   SOLE   234,557 0 0
NOBLE CORP PLC SHS USD cs g65431101 1,376 222,231 SH   SOLE   222,231 0 0
Nucor Corp cs 670346105 1,388 23,238 SH   SOLE   23,238 0 0
NVR Inc cs 62944t105 3,521 1,671 SH   SOLE   1,671 0 0
Onemain Holdings Inc cs 68268w103 711 28,630 SH   SOLE   28,630 0 0
Paccar Inc cs 693718108 1,800 26,781 SH   SOLE   26,781 0 0
PacWest Bancorp Del cs 695263103 477 8,948 SH   SOLE   8,948 0 0
PepsiCo Inc cs 713448108 715 6,390 SH   SOLE   6,390 0 0
Pfizer Inc cs 717081103 1,162 33,980 SH   SOLE   33,980 0 0
Procter & Gamble Co cs 742718109 388 4,316 SH   SOLE   4,316 0 0
Range Resources Corp cs 75281a109 703 24,175 SH   SOLE   24,175 0 0
Regional Mgmt Corp cs 75902k106 266 13,687 SH   SOLE   13,687 0 0
Seacoast Banking Corp FL cs 811707801 237 9,870 SH   SOLE   9,870 0 0
Southwestern Energy Co cs 845467109 487 59,600 SH   SOLE   59,600 0 0
Synovus Finl Corp cs 87161c501 2,449 59,705 SH   SOLE   59,705 0 0
Travelers Companies Inc cs 89417e109 362 3,000 SH   SOLE   3,000 0 0
United Community Banks Blairsv cs 90984p303 2,179 78,700 SH   SOLE   78,700 0 0
United States Steel Corp cs 912909108 1,466 43,374 SH   SOLE   43,374 0 0
VF Corp cs 918204108 236 4,299 SH   SOLE   4,299 0 0
Visa Inc Cl A cs 92826c839 222 2,500 SH   SOLE   2,500 0 0
Vulcan Materials Co cs 929160109 723 6,000 SH   SOLE   6,000 0 0
Weatherford Intl PLC cs g48833100 1,854 278,740 SH   SOLE   278,740 0 0
Wells Fargo & Co cs 949746101 2,522 45,310 SH   SOLE   45,310 0 0
Western Alliance Bancorp cs 957638109 2,080 42,380 SH   SOLE   42,380 0 0
Williams Clayton Energy Inc cs 969490101 3,017 22,845 SH   SOLE   22,845 0 0
Zions Bancorporation cs 989701107 1,226 29,185 SH   SOLE   29,185 0 0
Royal Dutch Shell PLC Sp ADR A ad 780259206 464 8,800 SH   SOLE   8,800 0 0
Royal Dutch Shell PLC Sp ADR B ad 780259107 210 3,759 SH   SOLE   3,759 0 0
Tekla Healthcare Invs mf 87911j103 409 17,000 SH   SOLE   17,000 0 0
Enbridge Energy Partners LP ml 29250r106 536 28,190 SH   SOLE   28,190 0 0
Energy Transfer Partners LP ml 29273r109 504 13,789 SH   SOLE   13,789 0 0
Enterprise Products Partners L ml 293792107 369 13,355 SH   SOLE   13,355 0 0
Golar LNG Partners LP Lpi ml y2745c102 571 25,556 SH   SOLE   25,556 0 0
Martin Midstream Partners LP ml 573331105 552 27,620 SH   SOLE   27,620 0 0
Plains All American Pipeline L ml 726503105 618 19,545 SH   SOLE   19,545 0 0
Annaly Cap Mgmt Inc re 035710409 124 11,140 SH   SOLE   11,140 0 0
Genco Shipping & Trading Ltd W wt y2685t123 7 47,249 SH   SOLE   47,249 0 0