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
ATLANTIC CAP BANCSHARES INC COM 048269203 14,394 757,581 SH   SOLE 757,581 0 0
BANC OF CALIFORNIA INC COM 05990K106 8,841 509,563 SH   SOLE 509,563 0 0
BANNER CORP COM NEW 06652V208 11,762 210,742 SH   SOLE 210,742 0 0
BNC BANCORP COM 05566T101 9,179 287,750 SH   SOLE 287,750 0 0
CALIX INC COM 13100M509 1,075 139,556 SH   SOLE 139,556 0 0
CENTERSTATE BANKS INC COM 15201P109 14,243 565,878 SH   SOLE 565,878 0 0
COLUMBIA BKG SYS INC COM 197236102 6,410 143,471 SH   SOLE 143,471 0 0
COLUMBUS MCKINNON CORP N Y COM 199333105 5,473 202,420 SH   SOLE 202,420 0 0
COMERICA INC COM 200340107 12,532 184,001 SH   SOLE 184,001 0 0
COMMUNICATIONS SALES&LEAS IN COM 20341J104 183 7,200 SH   SOLE 7,200 0 0
EAGLE BANCORP INC MD COM 268948106 5,294 86,851 SH   SOLE 86,851 0 0
ENCORE WIRE CORP COM 292562105 2,913 67,207 SH   SOLE 67,207 0 0
EQUITY BANCSHARES INC COM CL A 29460X109 3,681 109,420 SH   SOLE 109,420 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 306 9,000 SH   SOLE 9,000 0 0
GLACIER BANCORP INC NEW COM 37637Q105 5,484 151,354 SH   SOLE 151,354 0 0
GREEN PLAINS PARTNERS LP COM REP PTR IN 393221106 5,412 273,335 SH   SOLE 273,335 0 0
GUARANTY BANCORP DEL COM NEW 40075T607 13,064 539,833 SH   SOLE 539,833 0 0
HANCOCK HLDG CO COM 410120109 5,552 128,826 SH   SOLE 128,826 0 0
HERITAGE FINL CORP WASH COM 42722X106 12,018 466,714 SH   SOLE 466,714 0 0
IBERIABANK CORP COM 450828108 6,174 73,716 SH   SOLE 73,716 0 0
ISHARES TR MSCI EAFE ETF 464287465 520 9,000 SH   SOLE 9,000 0 0
ISHARES TR SELECT DIVID ETF 464287168 841 9,500 SH   SOLE 9,500 0 0
JOHNSON & JOHNSON COM 478160104 351 3,050 SH   SOLE 3,050 0 0
KLX INC COM 482539103 4,450 98,650 SH   SOLE 98,650 0 0
KULICKE & SOFFA INDS INC COM 501242101 2,929 183,641 SH   SOLE 183,641 0 0
MACQUARIE INFRASTRUCTURE COR COM 55608B105 308 3,765 SH   SOLE 3,765 0 0
MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 1,594 21,080 SH   SOLE 21,080 0 0
NATIONAL COMM CORP COM 63546L102 10,946 294,641 SH   SOLE 294,641 0 0
PACWEST BANCORP DEL COM 695263103 5,922 108,787 SH   SOLE 108,787 0 0
PARK STERLING CORP COM 70086Y105 6,414 594,462 SH   SOLE 594,462 0 0
PEOPLES UTAH BANCORP COM 712706209 11,033 410,895 SH   SOLE 410,895 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104 8,331 120,221 SH   SOLE 120,221 0 0
POWERSHARES ETF TRUST INTL DIV ACHV 73935X716 684 47,500 SH   SOLE 47,500 0 0
PROCTER AND GAMBLE CO COM 742718109 215 2,560 SH   SOLE 2,560 0 0
REGIONS FINL CORP NEW COM 7591EP100 11,018 767,239 SH   SOLE 767,239 0 0
ROYAL DUTCH SHELL PLC SPON ADR B 780259107 162 2,800 SH   SOLE 2,800 0 0
SANDY SPRING BANCORP INC COM 800363103 12,217 305,512 SH   SOLE 305,512 0 0
SEMGROUP CORP CL A 81663A105 3,027 72,500 SH   SOLE 72,500 0 0
SOUTH ST CORP COM 840441109 7,739 88,543 SH   SOLE 88,543 0 0
SPROTT PHYSICAL GOLD TRUST UNIT 85207H104 13,601 1,448,500 SH   SOLE 1,448,500 0 0
STONEGATE BK FT LAUDERDALE F COM 861811107 5,364 128,548 SH   SOLE 128,548 0 0
SUNTRUST BKS INC COM 867914103 7,871 143,492 SH   SOLE 143,492 0 0
SYNOVUS FINL CORP COM NEW 87161C501 13,684 333,112 SH   SOLE 333,112 0 0
TEAM INC COM 878155100 2,585 65,852 SH   SOLE 65,852 0 0
UMPQUA HLDGS CORP COM 904214103 8,589 457,368 SH   SOLE 457,368 0 0
UNITED CMNTY BANCORP IND COM 90984R101 1,239 74,167 SH   SOLE 74,167 0 0
VANGUARD INTL EQUITY INDEX F ALLWRLD EX US 922042775 141 3,200 SH   SOLE 3,200 0 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 182 5,100 SH   SOLE 5,100 0 0
VANGUARD WORLD FDS INF TECH ETF 92204a702 292 2,400 SH   SOLE 2,400 0 0
VERITEX HLDGS INC COM 923451108 14,973 560,558 SH   SOLE 560,558 0 0
WASTE MGMT INC DEL COM 94106L109 357 5,030 SH   SOLE 5,030 0 0
ZIONS BANCORPORATION COM 989701107 7,747 180,000 SH   SOLE 180,000 0 0