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 439 2,090 SH   SOLE   2,090 0 0
Abbott Laboratories cs 002824100 555 10,399 SH   SOLE   10,399 0 0
AbbVie Inc cs 00287y109 2,054 23,119 SH   SOLE   23,119 0 0
Adobe Systems Inc cs 00724f101 298 2,000 SH   SOLE   2,000 0 0
AK Steel Holding Corp cs 001547108 1,176 210,310 SH   SOLE   210,310 0 0
Allergan PLC cs g0177j108 1,073 5,237 SH   SOLE   5,237 0 0
American Express Co cs 025816109 647 7,150 SH   SOLE   7,150 0 0
Apple Inc cs 037833100 786 5,097 SH   SOLE   5,097 0 0
Bancorp Inc cs 05969a105 3,011 364,034 SH   SOLE   364,034 0 0
Bank America Corp cs 060505104 381 15,040 SH   SOLE   15,040 0 0
Bank Hawaii Corp cs 062540109 311 3,727 SH   SOLE   3,727 0 0
Banner Corp cs 06652v208 825 13,458 SH   SOLE   13,458 0 0
Berkshire Hathaway Inc Cl B cs 084670702 1,761 9,606 SH   SOLE   9,606 0 0
Boeing Co cs 097023105 428 1,682 SH   SOLE   1,682 0 0
Bristol-Myers Squibb Co cs 110122108 1,326 20,801 SH   SOLE   20,801 0 0
Brown Forman Corp Cl A cs 115637100 883 15,850 SH   SOLE   15,850 0 0
Brown Forman Corp Cl B cs 115637209 777 14,308 SH   SOLE   14,308 0 0
Cambridge Bancorp cs 132152109 2,115 30,316 SH   SOLE   30,316 0 0
Caterpillar Inc cs 149123101 624 5,000 SH   SOLE   5,000 0 0
Celgene Corp cs 151020104 895 6,138 SH   SOLE   6,138 0 0
Central Securities Corp cs 155123102 814 31,500 SH   SOLE   31,500 0 0
CF Industries Holdings Inc cs 125269100 1,326 37,707 SH   SOLE   37,707 0 0
Chevron Corp cs 166764100 2,193 18,661 SH   SOLE   18,661 0 0
Chubb Limited cs h1467j104 1,166 8,183 SH   SOLE   8,183 0 0
Cimarex Energy Co cs 171798101 809 7,116 SH   SOLE   7,116 0 0
Cincinnati Financial Corp cs 172062101 257 3,350 SH   SOLE   3,350 0 0
CoBiz Financial Inc cs 190897108 1,023 52,100 SH   SOLE   52,100 0 0
Coca-Cola Co cs 191216100 324 7,192 SH   SOLE   7,192 0 0
Colgate Palmolive Co cs 194162103 840 11,525 SH   SOLE   11,525 0 0
CVS Health Corp cs 126650100 377 4,635 SH   SOLE   4,635 0 0
Deere & Co cs 244199105 708 5,635 SH   SOLE   5,635 0 0
Disney Walt Co Disney cs 254687106 911 9,244 SH   SOLE   9,244 0 0
Eaton Corp PLC cs g29183103 1,658 21,588 SH   SOLE   21,588 0 0
Eaton Vance Corp Non Vtg cs 278265103 448 9,065 SH   SOLE   9,065 0 0
Emerson Electric Co cs 291011104 239 3,800 SH   SOLE   3,800 0 0
Ensco PLC Class A cs g3157s106 1,206 201,941 SH   SOLE   201,941 0 0
EOG Resources Inc cs 26875p101 1,244 12,858 SH   SOLE   12,858 0 0
EQT Corp cs 26884l109 1,688 25,867 SH   SOLE   25,867 0 0
Exxon Mobil Corp cs 30231g102 1,434 17,495 SH   SOLE   17,495 0 0
Frp Holdings Inc cs 30292l107 489 10,800 SH   SOLE   10,800 0 0
General Electric Co cs 369604103 810 33,481 SH   SOLE   33,481 0 0
General Mills Inc cs 370334104 1,254 24,235 SH   SOLE   24,235 0 0
Gilead Sciences Inc cs 375558103 1,499 18,499 SH   SOLE   18,499 0 0
Hershey Co cs 427866108 311 2,850 SH   SOLE   2,850 0 0
Home Depot Inc cs 437076102 393 2,405 SH   SOLE   2,405 0 0
Honeywell Intl Inc cs 438516106 1,758 12,404 SH   SOLE   12,404 0 0
Intel Corp cs 458140100 334 8,775 SH   SOLE   8,775 0 0
Johnson & Johnson cs 478160104 563 4,329 SH   SOLE   4,329 0 0
JPMorgan Chase & Co cs 46625h100 1,364 14,285 SH   SOLE   14,285 0 0
Lennar Corp Cl A cs 526057104 1,840 34,840 SH   SOLE   34,840 0 0
Lilly Eli & Co cs 532457108 1,419 16,586 SH   SOLE   16,586 0 0
Lincoln Natl Corp Ind cs 534187109 234 3,178 SH   SOLE   3,178 0 0
Lyon William Homes Cl A cs 552074700 1,722 74,909 SH   SOLE   74,909 0 0
MB Financial Inc cs 55264u108 1,217 27,029 SH   SOLE   27,029 0 0
McDermott Intl Inc cs 580037109 2,132 293,218 SH   SOLE   293,218 0 0
Merck & Co Inc cs 58933y105 1,242 19,393 SH   SOLE   19,393 0 0
Meta Financial Group Inc cs 59100u108 326 4,154 SH   SOLE   4,154 0 0
MGM Resorts International cs 552953101 308 9,450 SH   SOLE   9,450 0 0
Nabors Industries Ltd cs g6359f103 1,590 197,082 SH   SOLE   197,082 0 0
Newstar Financial Inc cs 65251f105 2,183 185,947 SH   SOLE   185,947 0 0
Noble Corp PLC USD cs g65431101 1,289 280,234 SH   SOLE   280,234 0 0
Noble Energy Inc cs 655044105 2,352 82,928 SH   SOLE   82,928 0 0
NVR Inc cs 62944t105 4,294 1,504 SH   SOLE   1,504 0 0
Onemain Holdings Inc cs 68268w103 938 33,265 SH   SOLE   33,265 0 0
Paccar Inc cs 693718108 1,797 24,845 SH   SOLE   24,845 0 0
PacWest Bancorp Del cs 695263103 418 8,284 SH   SOLE   8,284 0 0
PepsiCo Inc cs 713448108 712 6,390 SH   SOLE   6,390 0 0
Pfizer Inc cs 717081103 1,709 47,874 SH   SOLE   47,874 0 0
Pioneer Natural Resources Co cs 723787107 979 6,634 SH   SOLE   6,634 0 0
Procter And Gamble Co cs 742718109 416 4,577 SH   SOLE   4,577 0 0
Range Resources Corp cs 75281a109 1,604 81,969 SH   SOLE   81,969 0 0
Regional Mgmt Corp cs 75902k106 331 13,687 SH   SOLE   13,687 0 0
Seacoast Banking Corp FL cs 811707801 232 9,720 SH   SOLE   9,720 0 0
Synovus Financial Corp cs 87161c501 2,382 51,720 SH   SOLE   51,720 0 0
Travelers Companies Inc cs 89417e109 350 2,855 SH   SOLE   2,855 0 0
Trinity Industries Inc cs 896522109 211 6,610 SH   SOLE   6,610 0 0
United Community Banks Blairsv cs 90984p303 1,977 69,275 SH   SOLE   69,275 0 0
United States Steel Corp cs 912909108 1,108 43,174 SH   SOLE   43,174 0 0
VF Corp cs 918204108 264 4,155 SH   SOLE   4,155 0 0
Visa Inc Cl A cs 92826c839 311 2,955 SH   SOLE   2,955 0 0
Vulcan Materials Co cs 929160109 718 6,000 SH   SOLE   6,000 0 0
Weatherford Intl PLC cs g48833100 1,474 321,785 SH   SOLE   321,785 0 0
Wells Fargo & Co cs 949746101 2,200 39,883 SH   SOLE   39,883 0 0
Western Alliance Bancorp cs 957638109 2,104 39,645 SH   SOLE   39,645 0 0
Zions Bancorporation cs 989701107 1,103 23,385 SH   SOLE   23,385 0 0
Royal Dutch Shell PLC Sp ADR A ad 780259206 491 8,100 SH   SOLE   8,100 0 0
Royal Dutch Shell PLC Sp ADR B ad 780259107 222 3,544 SH   SOLE   3,544 0 0
Tekla Healthcare Invs mf 87911j103 429 17,000 SH   SOLE   17,000 0 0
Blackstone Group LP ml 09253u108 333 9,988 SH   SOLE   9,988 0 0
Enbridge Energy Partners LP ml 29250r106 484 30,275 SH   SOLE   30,275 0 0
Energy Transfer Partners LP Lt ml 29278n103 435 23,784 SH   SOLE   23,784 0 0
Enterprise Products Partners L ml 293792107 340 13,035 SH   SOLE   13,035 0 0
Golar LNG Partners LP ml y2745c102 603 25,956 SH   SOLE   25,956 0 0
Martin Midstream Partners LP ml 573331105 450 28,920 SH   SOLE   28,920 0 0
Plains All American Pipeline L ml 726503105 405 19,120 SH   SOLE   19,120 0 0
Annaly Cap Mgmt Inc re 035710409 136 11,140 SH   SOLE   11,140 0 0
Genco Shipping & Trading Ltd W wt y2685t123 9 51,185 SH   SOLE   51,185 0 0