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 480 2,040 SH   SOLE   2,040 0 0
Abbott Laboratories cs 002824100 593 10,399 SH   SOLE   10,399 0 0
AbbVie Inc cs 00287y109 2,210 22,856 SH   SOLE   22,856 0 0
Adobe Systems Inc cs 00724f101 350 2,000 SH   SOLE   2,000 0 0
AK Steel Holding Corp cs 001547108 1,423 251,490 SH   SOLE   251,490 0 0
Allergan PLC cs g0177j108 1,247 7,622 SH   SOLE   7,622 0 0
Amazon.com Inc cs 023135106 219 187 SH   SOLE   187 0 0
American Express Co cs 025816109 710 7,150 SH   SOLE   7,150 0 0
Apple Inc cs 037833100 846 5,001 SH   SOLE   5,001 0 0
Bancorp Inc cs 05969a105 3,444 348,604 SH   SOLE   348,604 0 0
Bank America Corp cs 060505104 441 14,940 SH   SOLE   14,940 0 0
Bank Hawaii Corp cs 062540109 319 3,727 SH   SOLE   3,727 0 0
Bank New York Mellon Corp cs 064058100 202 3,750 SH   SOLE   3,750 0 0
Banner Corp cs 06652v208 740 13,433 SH   SOLE   13,433 0 0
Berkshire Hathaway Inc Cl B cs 084670702 1,881 9,491 SH   SOLE   9,491 0 0
Boeing Co cs 097023105 485 1,644 SH   SOLE   1,644 0 0
Bristol-Myers Squibb Co cs 110122108 1,517 24,761 SH   SOLE   24,761 0 0
Brown Forman Corp Cl A cs 115637100 1,066 15,850 SH   SOLE   15,850 0 0
Brown Forman Corp Cl B cs 115637209 983 14,308 SH   SOLE   14,308 0 0
Cambridge Bancorp cs 132152109 2,419 30,316 SH   SOLE   30,316 0 0
Caterpillar Inc cs 149123101 552 3,500 SH   SOLE   3,500 0 0
Celgene Corp cs 151020104 1,169 11,206 SH   SOLE   11,206 0 0
Central Securities Corp cs 155123102 863 31,500 SH   SOLE   31,500 0 0
CF Industries Holdings Inc cs 125269100 1,587 37,307 SH   SOLE   37,307 0 0
Chevron Corp cs 166764100 2,322 18,546 SH   SOLE   18,546 0 0
Chubb Limited cs h1467j104 1,203 8,233 SH   SOLE   8,233 0 0
Cimarex Energy Co cs 171798101 868 7,116 SH   SOLE   7,116 0 0
Cincinnati Financial Corp cs 172062101 251 3,350 SH   SOLE   3,350 0 0
CoBiz Financial Inc cs 190897108 1,035 51,800 SH   SOLE   51,800 0 0
Coca-Cola Co cs 191216100 330 7,192 SH   SOLE   7,192 0 0
Colgate Palmolive Co cs 194162103 858 11,375 SH   SOLE   11,375 0 0
Darden Restaurants Inc cs 237194105 224 2,330 SH   SOLE   2,330 0 0
Deere & Co cs 244199105 874 5,585 SH   SOLE   5,585 0 0
Disney Walt Co Disney cs 254687106 991 9,221 SH   SOLE   9,221 0 0
Eaton Corp PLC cs g29183103 1,593 20,163 SH   SOLE   20,163 0 0
Eaton Vance Corp Non Vtg cs 278265103 511 9,065 SH   SOLE   9,065 0 0
Emerson Electric Co cs 291011104 237 3,400 SH   SOLE   3,400 0 0
Ensco PLC Class A cs g3157s106 854 144,528 SH   SOLE   144,528 0 0
EOG Resources Inc cs 26875p101 1,489 13,803 SH   SOLE   13,803 0 0
EQT Corp cs 26884l109 1,525 26,797 SH   SOLE   26,797 0 0
Exxon Mobil Corp cs 30231g102 1,441 17,230 SH   SOLE   17,230 0 0
Frp Holdings Inc cs 30292l107 478 10,800 SH   SOLE   10,800 0 0
General Electric Co cs 369604103 542 31,051 SH   SOLE   31,051 0 0
General Mills Inc cs 370334104 1,428 24,080 SH   SOLE   24,080 0 0
Gilead Sciences Inc cs 375558103 1,483 20,703 SH   SOLE   20,703 0 0
Hershey Co cs 427866108 324 2,850 SH   SOLE   2,850 0 0
Home Depot Inc cs 437076102 456 2,405 SH   SOLE   2,405 0 0
Honeywell Intl Inc cs 438516106 1,874 12,218 SH   SOLE   12,218 0 0
Intel Corp cs 458140100 562 12,174 SH   SOLE   12,174 0 0
Intl Business Machines cs 459200101 1,075 7,010 SH   SOLE   7,010 0 0
Johnson & Johnson cs 478160104 589 4,219 SH   SOLE   4,219 0 0
JPMorgan Chase & Co cs 46625h100 1,513 14,150 SH   SOLE   14,150 0 0
Lennar Corp Cl A cs 526057104 2,203 34,840 SH   SOLE   34,840 0 0
Lilly Eli & Co cs 532457108 1,392 16,486 SH   SOLE   16,486 0 0
Lincoln Natl Corp Ind cs 534187109 244 3,178 SH   SOLE   3,178 0 0
Lyon William Homes Cl A cs 552074700 2,141 73,612 SH   SOLE   73,612 0 0
MB Financial Inc cs 55264u108 1,197 26,889 SH   SOLE   26,889 0 0
McDermott Intl Inc cs 580037109 1,928 292,993 SH   SOLE   292,993 0 0
Merck & Co Inc cs 58933y105 1,584 28,155 SH   SOLE   28,155 0 0
Meta Financial Group Inc cs 59100u108 383 4,139 SH   SOLE   4,139 0 0
MGM Resorts International cs 552953101 316 9,450 SH   SOLE   9,450 0 0
Nabors Industries Ltd cs g6359f103 943 138,123 SH   SOLE   138,123 0 0
Newstar Financial Inc cs 65251f105 435 36,350 SH   SOLE   36,350 0 0
Noble Corp PLC USD cs g65431101 1,183 261,720 SH   SOLE   261,720 0 0
Noble Energy Inc cs 655044105 2,418 82,978 SH   SOLE   82,978 0 0
NVR Inc cs 62944t105 5,010 1,428 SH   SOLE   1,428 0 0
Onemain Holdings Inc cs 68268w103 930 35,772 SH   SOLE   35,772 0 0
Paccar Inc cs 693718108 1,739 24,469 SH   SOLE   24,469 0 0
PacWest Bancorp Del cs 695263103 418 8,284 SH   SOLE   8,284 0 0
PepsiCo Inc cs 713448108 770 6,420 SH   SOLE   6,420 0 0
Pfizer Inc cs 717081103 1,739 48,024 SH   SOLE   48,024 0 0
Pioneer Natural Resources Co cs 723787107 1,486 8,595 SH   SOLE   8,595 0 0
Procter And Gamble Co cs 742718109 404 4,402 SH   SOLE   4,402 0 0
Range Resources Corp cs 75281a109 1,299 76,143 SH   SOLE   76,143 0 0
Regional Mgmt Corp cs 75902k106 356 13,517 SH   SOLE   13,517 0 0
Seacoast Banking Corp FL cs 811707801 240 9,520 SH   SOLE   9,520 0 0
Synovus Financial Corp cs 87161c501 2,475 51,620 SH   SOLE   51,620 0 0
Travelers Companies Inc cs 89417e109 387 2,855 SH   SOLE   2,855 0 0
Trinity Industries Inc cs 896522109 248 6,610 SH   SOLE   6,610 0 0
Union Pacific Corp cs 907818108 212 1,580 SH   SOLE   1,580 0 0
United Community Banks Blairsv cs 90984p303 1,800 63,975 SH   SOLE   63,975 0 0
United States Steel Corp cs 912909108 1,513 42,999 SH   SOLE   42,999 0 0
VF Corp cs 918204108 307 4,155 SH   SOLE   4,155 0 0
Visa Inc Cl A cs 92826c839 319 2,800 SH   SOLE   2,800 0 0
Vulcan Materials Co cs 929160109 770 6,000 SH   SOLE   6,000 0 0
Weatherford Intl PLC cs g48833100 1,080 258,970 SH   SOLE   258,970 0 0
Wells Fargo & Co cs 949746101 2,077 34,233 SH   SOLE   34,233 0 0
Western Alliance Bancorp cs 957638109 2,182 38,545 SH   SOLE   38,545 0 0
Zions Bancorporation cs 989701107 1,170 23,010 SH   SOLE   23,010 0 0
Royal Dutch Shell PLC Sp ADR A ad 780259206 540 8,100 SH   SOLE   8,100 0 0
Royal Dutch Shell PLC Sp ADR B ad 780259107 242 3,544 SH   SOLE   3,544 0 0
Tekla Healthcare Invs mf 87911j103 383 17,000 SH   SOLE   17,000 0 0
Blackstone Group LP ml 09253u108 381 11,888 SH   SOLE   11,888 0 0
Enbridge Energy Partners LP ml 29250r106 421 30,475 SH   SOLE   30,475 0 0
Energy Transfer Partners LP Lt ml 29278n103 531 29,622 SH   SOLE   29,622 0 0
Enterprise Products Partners L ml 293792107 385 14,535 SH   SOLE   14,535 0 0
Golar LNG Partners LP ml y2745c102 562 24,656 SH   SOLE   24,656 0 0
Martin Midstream Partners LP ml 573331105 455 32,520 SH   SOLE   32,520 0 0
Plains All American Pipeline L ml 726503105 454 22,020 SH   SOLE   22,020 0 0
Annaly Cap Mgmt Inc re 035710409 136 11,405 SH   SOLE   11,405 0 0
Genco Shipping & Trading Ltd W wt y2685t123 33 96,000 SH   SOLE   96,000 0 0