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 375 1,800 SH   SOLE 0 1,800 0 0
Abbott Laboratories cs 002824100 505 10,399 SH   SOLE 0 10,399 0 0
AbbVie Inc cs 00287y109 1,676 23,119 SH   SOLE 0 23,119 0 0
Adobe Systems Inc cs 00724f101 283 2,000 SH   SOLE 0 2,000 0 0
AK Steel Holding Corp cs 001547108 1,382 210,310 SH   SOLE 0 210,310 0 0
Allergan PLC cs g0177j108 947 3,895 SH   SOLE 0 3,895 0 0
American Express Co cs 025816109 602 7,150 SH   SOLE 0 7,150 0 0
Apple Inc cs 037833100 707 4,912 SH   SOLE 0 4,912 0 0
Bancorp Inc cs 05969a105 2,771 365,561 SH   SOLE 0 365,561 0 0
Bank America Corp cs 060505104 365 15,040 SH   SOLE 0 15,040 0 0
Bank Hawaii Corp cs 062540109 309 3,727 SH   SOLE 0 3,727 0 0
Bank New York Mellon Corp cs 064058100 227 4,450 SH   SOLE 0 4,450 0 0
Banner Corp cs 06652v208 782 13,833 SH   SOLE 0 13,833 0 0
Berkshire Hathaway Inc Cl B cs 084670702 1,594 9,413 SH   SOLE 0 9,413 0 0
Boeing Co cs 097023105 360 1,819 SH   SOLE 0 1,819 0 0
Bristol-Myers Squibb Co cs 110122108 977 17,529 SH   SOLE 0 17,529 0 0
Brown Forman Corp Cl A cs 115637100 781 15,850 SH   SOLE 0 15,850 0 0
Brown Forman Corp Cl B cs 115637209 695 14,308 SH   SOLE 0 14,308 0 0
Cambridge Bancorp cs 132152109 2,042 30,366 SH   SOLE 0 30,366 0 0
Caterpillar Inc cs 149123101 537 5,000 SH   SOLE 0 5,000 0 0
Celgene Corp cs 151020104 750 5,777 SH   SOLE 0 5,777 0 0
Central Securities Corp cs 155123102 785 31,500 SH   SOLE 0 31,500 0 0
CF Industries Holdings Inc cs 125269100 1,023 36,604 SH   SOLE 0 36,604 0 0
Chevron Corp cs 166764100 1,952 18,706 SH   SOLE 0 18,706 0 0
Chubb Limited cs h1467j104 1,244 8,555 SH   SOLE 0 8,555 0 0
Cimarex Energy Co cs 171798101 636 6,767 SH   SOLE 0 6,767 0 0
Cincinnati Financial Corp cs 172062101 243 3,350 SH   SOLE 0 3,350 0 0
CoBiz Financial Inc cs 190897108 924 53,100 SH   SOLE 0 53,100 0 0
Coca-Cola Co cs 191216100 347 7,742 SH   SOLE 0 7,742 0 0
Colgate Palmolive Co cs 194162103 854 11,525 SH   SOLE 0 11,525 0 0
CVS Health Corp cs 126650100 383 4,755 SH   SOLE 0 4,755 0 0
Darden Restaurants Inc cs 237194105 211 2,330 SH   SOLE 0 2,330 0 0
Deere & Co cs 244199105 696 5,635 SH   SOLE 0 5,635 0 0
Disney Walt Co Disney cs 254687106 878 8,265 SH   SOLE 0 8,265 0 0
Eaton Corp PLC cs g29183103 2,000 25,692 SH   SOLE 0 25,692 0 0
Eaton Vance Corp Non Vtg cs 278265103 405 8,565 SH   SOLE 0 8,565 0 0
Emerson Electric Co cs 291011104 295 4,950 SH   SOLE 0 4,950 0 0
Ensco PLC Class A cs g3157s106 937 181,657 SH   SOLE 0 181,657 0 0
EOG Resources Inc cs 26875p101 874 9,655 SH   SOLE 0 9,655 0 0
EQT Corp cs 26884l109 1,428 24,376 SH   SOLE 0 24,376 0 0
Exxon Mobil Corp cs 30231g102 1,422 17,610 SH   SOLE 0 17,610 0 0
Frp Holdings Inc cs 30292l107 498 10,800 SH   SOLE 0 10,800 0 0
General Electric Co cs 369604103 981 36,320 SH   SOLE 0 36,320 0 0
General Mills Inc cs 370334104 1,321 23,850 SH   SOLE 0 23,850 0 0
Gilead Sciences Inc cs 375558103 1,180 16,665 SH   SOLE 0 16,665 0 0
Halliburton Co cs 406216101 212 4,955 SH   SOLE 0 4,955 0 0
Hershey Co cs 427866108 306 2,850 SH   SOLE 0 2,850 0 0
Home Depot Inc cs 437076102 369 2,405 SH   SOLE 0 2,405 0 0
Honeywell Intl Inc cs 438516106 1,915 14,369 SH   SOLE 0 14,369 0 0
Johnson & Johnson cs 478160104 485 3,669 SH   SOLE 0 3,669 0 0
JPMorgan Chase & Co cs 46625h100 1,312 14,350 SH   SOLE 0 14,350 0 0
Lennar Corp Cl A cs 526057104 1,866 34,990 SH   SOLE 0 34,990 0 0
Lilly Eli & Co cs 532457108 1,416 17,211 SH   SOLE 0 17,211 0 0
Lincoln Natl Corp Ind cs 534187109 215 3,178 SH   SOLE 0 3,178 0 0
Lyon William Homes Cl A cs 552074700 1,828 75,713 SH   SOLE 0 75,713 0 0
MB Financial Inc cs 55264u108 1,217 27,638 SH   SOLE 0 27,638 0 0
McDermott Intl Inc cs 580037109 2,102 293,218 SH   SOLE 0 293,218 0 0
Merck & Co Inc cs 58933y105 1,032 16,104 SH   SOLE 0 16,104 0 0
Meta Financial Group Inc cs 59100u108 370 4,154 SH   SOLE 0 4,154 0 0
MGM Resorts International cs 552953101 302 9,650 SH   SOLE 0 9,650 0 0
Nabors Industries Ltd cs g6359f103 1,294 158,928 SH   SOLE 0 158,928 0 0
NBT Bancorp Inc cs 628778102 255 6,900 SH   SOLE 0 6,900 0 0
Newstar Financial Inc cs 65251f105 2,168 206,472 SH   SOLE 0 206,472 0 0
Noble Corp PLC USD cs g65431101 904 249,770 SH   SOLE 0 249,770 0 0
Noble Energy Inc cs 655044105 2,344 82,826 SH   SOLE 0 82,826 0 0
Nucor Corp cs 670346105 611 10,559 SH   SOLE 0 10,559 0 0
NVR Inc cs 62944t105 3,688 1,530 SH   SOLE 0 1,530 0 0
Onemain Holdings Inc cs 68268w103 817 33,215 SH   SOLE 0 33,215 0 0
Paccar Inc cs 693718108 1,767 26,752 SH   SOLE 0 26,752 0 0
PacWest Bancorp Del cs 695263103 410 8,784 SH   SOLE 0 8,784 0 0
PepsiCo Inc cs 713448108 738 6,390 SH   SOLE 0 6,390 0 0
Pfizer Inc cs 717081103 1,325 39,439 SH   SOLE 0 39,439 0 0
Procter And Gamble Co cs 742718109 375 4,303 SH   SOLE 0 4,303 0 0
Range Resources Corp cs 75281a109 1,050 45,311 SH   SOLE 0 45,311 0 0
Regional Mgmt Corp cs 75902k106 323 13,687 SH   SOLE 0 13,687 0 0
Seacoast Banking Corp FL cs 811707801 235 9,770 SH   SOLE 0 9,770 0 0
Southwestern Energy Co cs 845467109 296 48,700 SH   SOLE 0 48,700 0 0
Synovus Financial Corp cs 87161c501 2,592 58,597 SH   SOLE 0 58,597 0 0
Travelers Companies Inc cs 89417e109 380 3,000 SH   SOLE 0 3,000 0 0
United Community Banks Blairsv cs 90984p303 2,118 76,175 SH   SOLE 0 76,175 0 0
United States Steel Corp cs 912909108 956 43,174 SH   SOLE 0 43,174 0 0
VF Corp cs 918204108 236 4,099 SH   SOLE 0 4,099 0 0
Visa Inc Cl A cs 92826c839 234 2,500 SH   SOLE 0 2,500 0 0
Vulcan Materials Co cs 929160109 760 6,000 SH   SOLE 0 6,000 0 0
Weatherford Intl PLC cs g48833100 1,129 291,716 SH   SOLE 0 291,716 0 0
Wells Fargo & Co cs 949746101 2,461 44,408 SH   SOLE 0 44,408 0 0
Western Alliance Bancorp cs 957638109 2,004 40,730 SH   SOLE 0 40,730 0 0
Zions Bancorporation cs 989701107 1,273 28,985 SH   SOLE 0 28,985 0 0
Royal Dutch Shell PLC Sp ADR A ad 780259206 460 8,650 SH   SOLE 0 8,650 0 0
Royal Dutch Shell PLC Sp ADR B ad 780259107 205 3,759 SH   SOLE 0 3,759 0 0
Tekla Healthcare Invs mf 87911j103 427 17,000 SH   SOLE 0 17,000 0 0
Blackstone Group LP ml 09253u108 293 8,798 SH   SOLE 0 8,798 0 0
Enbridge Energy Partners LP ml 29250r106 463 28,920 SH   SOLE 0 28,920 0 0
Energy Transfer Partners LP Lt ml 29278n103 421 20,633 SH   SOLE 0 20,633 0 0
Enterprise Products Partners L ml 293792107 339 12,535 SH   SOLE 0 12,535 0 0
Golar LNG Partners LP ml y2745c102 513 25,556 SH   SOLE 0 25,556 0 0
Martin Midstream Partners LP ml 573331105 494 28,120 SH   SOLE 0 28,120 0 0
Plains All American Pipeline L ml 726503105 473 18,020 SH   SOLE 0 18,020 0 0
Annaly Cap Mgmt Inc re 035710409 134 11,140 SH   SOLE 0 11,140 0 0
Genco Shipping & Trading Ltd W wt y2685t123 10 51,185 SH   SOLE 0 51,185 0 0