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
AIR TRANSPORT SERVICES GRP I COM 00922R105 4,125 176,905 SH   SOLE 176,905 0 0
BANC OF CALIFORNIA INC COM 05990K106 12,307 637,673 SH   SOLE 637,673 0 0
BANNER CORP COM NEW 06652V208 10,008 180,360 SH   SOLE 180,360 0 0
BMC STK HLDGS INC COM 05591B109 3,563 182,258 SH   SOLE 182,258 0 0
CBTX INC COM 12481V104 3,671 124,700 SH   SOLE 124,700 0 0
CENTERSTATE BK CORP COM 15201P109 13,846 521,888 SH   SOLE 521,888 0 0
COBIZ FINANCIAL INC COM 190897108 5,942 303,157 SH   SOLE 303,157 0 0
COLUMBUS MCKINNON CORP N Y COM 199333105 3,981 111,065 SH   SOLE 111,065 0 0
COMERICA INC COM 200340107 11,096 115,666 SH   SOLE 115,666 0 0
ENCORE WIRE CORP COM 292562105 5,256 92,707 SH   SOLE 92,707 0 0
EQUITY BANCSHARES INC COM CL A 29460X109 11,879 203,342 SH   SOLE 203,342 0 0
FB FINL CORP COM 30257X104 5,671 139,715 SH   SOLE 139,715 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 411 10,281 SH   SOLE 10,281 0 0
FIRST BANCORP N C COM 318910106 6,981 195,826 SH   SOLE 195,826 0 0
FIRST BANCSHARES INC MS COM 318916103 4,137 128,277 SH   SOLE 128,277 0 0
FIRST HORIZON NATL CORP COM 320517105 9,157 486,300 SH   SOLE 486,300 0 0
GLACIER BANCORP INC NEW COM 37637Q105 8,400 218,854 SH   SOLE 218,854 0 0
GREEN PLAINS PARTNERS LP COM REP PTR IN 393221106 4,829 277,546 SH   SOLE 277,546 0 0
GUARANTY BANCORP DEL COM NEW 40075T607 15,469 545,633 SH   SOLE 545,633 0 0
HANCOCK HLDG CO COM 410120109 7,126 137,826 SH   SOLE 137,826 0 0
HERITAGE FINL CORP WASH COM 42722X106 11,907 389,117 SH   SOLE 389,117 0 0
INDEPENDENT BK GROUP INC COM 45384B106 4,704 66,541 SH   SOLE 66,541 0 0
INVESTAR HLDG CORP COM 46134L105 7,900 305,624 SH   SOLE 305,624 0 0
ISHARES TR SELECT DIVID ETF 464287168 522 5,484 SH   SOLE 5,484 0 0
ISHARES TR MSCI EAFE ETF 464287465 627 9,000 SH   SOLE 9,000 0 0
JOHNSON & JOHNSON COM 478160104 391 3,050 SH   SOLE 3,050 0 0
KLX INC COM 482539103 2,583 36,354 SH   SOLE 36,354 0 0
KULICKE & SOFFA INDS INC COM 501242101 2,942 117,641 SH   SOLE 117,641 0 0
MACQUARIE INFRASTRUCTURE COR COM 55608B105 3,475 94,084 SH   SOLE 94,084 0 0
MISTRAS GROUP INC COM 60649T107 1,989 105,000 SH   SOLE 105,000 0 0
NATIONAL COMM CORP COM 63546L102 12,986 298,181 SH   SOLE 298,181 0 0
NEXEO SOLUTIONS INC COM SHS 65342H102 4,398 411,022 SH   SOLE 411,022 0 0
NEXEO SOLUTIONS INC *W EXP 06/09/202 65342H110 8 10,789 SH   SOLE 10,789 0 0
PACWEST BANCORP DEL COM 695263103 10,316 208,287 SH   SOLE 208,287 0 0
PEOPLES UTAH BANCORP COM 712706209 14,037 434,589 SH   SOLE 434,589 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104 11,475 178,746 SH   SOLE 178,746 0 0
POWERSHARES ETF TRUST INTL DIV ACHV 73935X716 748 47,500 SH   SOLE 47,500 0 0
REGIONS FINL CORP NEW COM 7591EP100 14,014 754,239 SH   SOLE 754,239 0 0
SANDY SPRING BANCORP INC COM 800363103 14,080 363,262 SH   SOLE 363,262 0 0
SMARTFINANCIAL INC COM NEW 83190L208 7,699 326,784 SH   SOLE 326,784 0 0
SOUTH ST CORP COM 840441109 10,309 120,852 SH   SOLE 120,852 0 0
SPROTT PHYSICAL GOLD TRUST UNIT 85207H104 15,865 1,485,998 SH   SOLE 1,485,998 0 0
SYNOVUS FINL CORP COM NEW 87161C501 14,039 281,112 SH   SOLE 281,112 0 0
TRIUMPH BANCORP INC COM 89679E300 10,082 244,720 SH   SOLE 244,720 0 0
UMPQUA HLDGS CORP COM 904214103 6,688 312,368 SH   SOLE 312,368 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 5,832 212,074 SH   SOLE 212,074 0 0
VANGUARD INTL EQUITY INDEX F ALLWRLD EX US 922042775 504 9,263 SH   SOLE 9,263 0 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 574 12,211 SH   SOLE 12,211 0 0
VANGUARD WORLD FDS INF TECH ETF 92204A702 410 2,400 SH   SOLE 2,400 0 0
VERITEX HLDGS INC COM 923451108 16,365 591,417 SH   SOLE 591,417 0 0
WASTE MGMT INC DEL COM 94106L109 475 5,606 SH   SOLE 5,606 0 0
ZIONS BANCORPORATION COM 989701107 13,003 246,600 SH   SOLE 246,600 0 0