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 3,655 173,905 SH   SOLE 173,905 0 0
AMERIS BANCORP COM 03076K108 5,484 136,289 SH   SOLE 136,289 0 0
BANC OF CALIFORNIA INC COM 05990K106 8,901 629,499 SH   SOLE 629,499 0 0
BANNER CORP COM NEW 06652V208 12,994 231,336 SH   SOLE 231,336 0 0
BMC STK HLDGS INC COM 05591B109 5,262 201,008 SH   SOLE 201,008 0 0
CENTERSTATE BK CORP COM 15201P109 13,448 560,697 SH   SOLE 560,697 0 0
COLUMBUS MCKINNON CORP N Y COM 199333105 3,627 99,565 SH   SOLE 99,565 0 0
ENCORE WIRE CORP COM 292562105 3,413 60,651 SH   SOLE 60,651 0 0
EQUITY BANCSHARES INC COM CL A 29460X109 6,798 253,563 SH   SOLE 253,563 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 457 10,281 SH   SOLE 10,281 0 0
FIRST BANCORP N C COM 318910106 7,827 218,011 SH   SOLE 218,011 0 0
FIRST HORIZON NATL CORP COM 320517105 8,670 535,190 SH   SOLE 535,190 0 0
FRANCO NEVADA CORP COM 351858105 4,011 44,000 SH   SOLE 44,000 0 0
GLACIER BANCORP INC NEW COM 37637Q105 3,614 89,322 SH   SOLE 89,322 0 0
HANCOCK WHITNEY CORPORATION COM 410120109 9,575 250,038 SH   SOLE 250,038 0 0
HERITAGE FINL CORP WASH COM 42722X106 7,040 261,130 SH   SOLE 261,130 0 0
HILLTOP HOLDINGS INC COM 432748101 8,792 368,035 SH   SOLE 368,035 0 0
IBERIABANK CORP COM 450828108 11,029 146,003 SH   SOLE 146,003 0 0
INDEPENDENT BK GROUP INC COM 45384B106 8,654 164,496 SH   SOLE 164,496 0 0
INVESCO EXCHANGE TRADED FD T INTL DIVI ACHI 46137V548 762 47,500 SH   SOLE 47,500 0 0
INVESTAR HLDG CORP COM 46134L105 6,826 286,821 SH   SOLE 286,821 0 0
ISHARES TR SELECT DIVID ETF 464287168 559 5,484 SH   SOLE 5,484 0 0
ISHARES TR MSCI EAFE ETF 464287465 587 9,000 SH   SOLE 9,000 0 0
JOHNSON & JOHNSON COM 478160104 201 1,550 SH   SOLE 1,550 0 0
KLX ENERGY SERVICS HOLDNGS I COM 48253L106 2,023 234,000 SH   SOLE 234,000 0 0
MACQUARIE INFRASTRUCTURE COR COM 55608B105 2,529 64,084 SH   SOLE 64,084 0 0
NEWMONT GOLDCORP CORPORATION COM 651639106 3,559 93,850 SH   SOLE 93,850 0 0
ORIGIN BANCORP INC COM 68621T102 4,361 129,264 SH   SOLE 129,264 0 0
PACWEST BANCORP DEL COM 695263103 4,873 134,090 SH   SOLE 134,090 0 0
PEOPLES UTAH BANCORP COM 712706209 9,620 340,065 SH   SOLE 340,065 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104 13,308 234,502 SH   SOLE 234,502 0 0
REGIONS FINL CORP NEW COM 7591EP100 6,883 435,059 SH   SOLE 435,059 0 0
SANDY SPRING BANCORP INC COM 800363103 12,309 365,153 SH   SOLE 365,153 0 0
SMARTFINANCIAL INC COM NEW 83190L208 4,569 219,337 SH   SOLE 219,337 0 0
SOUTH ST CORP COM 840441109 6,017 79,910 SH   SOLE 79,910 0 0
SPROTT PHYSICAL GOLD TRUST UNIT 85207H104 17,434 1,474,918 SH   SOLE 1,474,918 0 0
STONERIDGE INC COM 86183P102 2,013 65,000 SH   SOLE 65,000 0 0
SYNOVUS FINL CORP COM NEW 87161C501 11,650 325,773 SH   SOLE 325,773 0 0
TRIUMPH BANCORP INC COM 89679E300 9,332 292,637 SH   SOLE 292,637 0 0
UNIVAR SOLUTIONS INC COM 91336L107 3,418 164,626 SH   SOLE 164,626 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 4,344 278,439 SH   SOLE 278,439 0 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 4,033 151,000 SH   SOLE 151,000 0 0
VANGUARD INTL EQUITY INDEX F ALLWRLD EX US 922042775 879 17,623 SH   SOLE 17,623 0 0
VANGUARD WORLD FDS INF TECH ETF 92204a702 302 1,400 SH   SOLE 1,400 0 0
VERITEX HLDGS INC COM 923451108 8,824 363,636 SH   SOLE 363,636 0 0
WASTE MGMT INC DEL COM 94106L109 530 4,606 SH   SOLE 4,606 0 0
ZIONS BANCORPORATION N A COM 989701107 9,105 204,518 SH   SOLE 204,518 0 0