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 3,307 142,905 SH   SOLE 142,905 0 0
BANC OF CALIFORNIA INC COM 05990K106 13,849 670,673 SH   SOLE 670,673 0 0
BANNER CORP COM NEW 06652V208 10,493 190,360 SH   SOLE 190,360 0 0
BMC STK HLDGS INC COM 05591B109 5,117 202,258 SH   SOLE 202,258 0 0
CBTX INC COM 12481V104 3,699 124,700 SH   SOLE 124,700 0 0
CENTERSTATE BK CORP COM 15201P109 12,564 488,314 SH   SOLE 488,314 0 0
COBIZ FINANCIAL INC COM 190897108 6,050 302,657 SH   SOLE 302,657 0 0
COLUMBUS MCKINNON CORP N Y COM 199333105 4,236 105,965 SH   SOLE 105,965 0 0
COMERICA INC COM 200340107 11,604 133,666 SH   SOLE 133,666 0 0
ENCORE WIRE CORP COM 292562105 4,510 92,707 SH   SOLE 92,707 0 0
EQUITY BANCSHARES INC COM CL A 29460X109 11,391 321,692 SH   SOLE 321,692 0 0
FB FINL CORP COM 30257X104 8,474 201,800 SH   SOLE 201,800 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 403 10,281 SH   SOLE 10,281 0 0
FIRST BANCORP N C COM 318910106 6,915 195,826 SH   SOLE 195,826 0 0
FIRST BANCSHARES INC MS COM 318916103 4,353 127,277 SH   SOLE 127,277 0 0
FIRST HORIZON NATL CORP COM 320517105 9,121 456,300 SH   SOLE 456,300 0 0
GLACIER BANCORP INC NEW COM 37637Q105 8,621 218,854 SH   SOLE 218,854 0 0
GREEN PLAINS PARTNERS LP COM REP PTR IN 393221106 5,190 277,546 SH   SOLE 277,546 0 0
GUARANTY BANCORP DEL COM NEW 40075T607 15,087 545,633 SH   SOLE 545,633 0 0
HANCOCK HLDG CO COM 410120109 6,822 137,826 SH   SOLE 137,826 0 0
HERITAGE FINL CORP WASH COM 42722X106 11,985 389,117 SH   SOLE 389,117 0 0
INDEPENDENT BK GROUP INC COM 45384B106 4,498 66,541 SH   SOLE 66,541 0 0
INVESTAR HLDG CORP COM 46134L105 7,366 305,624 SH   SOLE 305,624 0 0
ISHARES TR SELECT DIVID ETF 464287168 641 6,500 SH   SOLE 6,500 0 0
ISHARES TR MSCI EAFE ETF 464287465 633 9,000 SH   SOLE 9,000 0 0
JOHNSON & JOHNSON COM 478160104 426 3,050 SH   SOLE 3,050 0 0
KLX INC COM 482539103 3,710 54,354 SH   SOLE 54,354 0 0
KULICKE & SOFFA INDS INC COM 501242101 2,863 117,641 SH   SOLE 117,641 0 0
MACQUARIE INFRASTRUCTURE COR COM 55608B105 326 5,084 SH   SOLE 5,084 0 0
MISTRAS GROUP INC COM 60649T107 2,464 105,000 SH   SOLE 105,000 0 0
NATIONAL COMM CORP COM 63546L102 12,002 298,181 SH   SOLE 298,181 0 0
NEXEO SOLUTIONS INC COM SHS 65342H102 3,711 407,820 SH   SOLE 407,820 0 0
NEXEO SOLUTIONS INC *W EXP 06/09/202 65342H110 7 10,789 SH   SOLE 10,789 0 0
PACWEST BANCORP DEL COM 695263103 6,163 122,287 SH   SOLE 122,287 0 0
PEOPLES UTAH BANCORP COM 712706209 12,623 416,589 SH   SOLE 416,589 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104 11,785 177,746 SH   SOLE 177,746 0 0
POWERSHARES ETF TRUST INTL DIV ACHV 73935X716 786 47,500 SH   SOLE 47,500 0 0
REGIONS FINL CORP NEW COM 7591EP100 13,396 775,239 SH   SOLE 775,239 0 0
SANDY SPRING BANCORP INC COM 800363103 12,575 322,262 SH   SOLE 322,262 0 0
SMARTFINANCIAL INC COM NEW 83190L208 6,724 309,868 SH   SOLE 309,868 0 0
SOUTH ST CORP COM 840441109 10,532 120,852 SH   SOLE 120,852 0 0
SPROTT PHYSICAL GOLD TRUST UNIT 85207H104 15,578 1,478,335 SH   SOLE 1,478,335 0 0
SYNOVUS FINL CORP COM NEW 87161C501 13,477 281,112 SH   SOLE 281,112 0 0
TRIUMPH BANCORP INC COM 89679E300 5,365 170,332 SH   SOLE 170,332 0 0
UMPQUA HLDGS CORP COM 904214103 9,617 462,368 SH   SOLE 462,368 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 3,579 167,074 SH   SOLE 167,074 0 0
VANGUARD INTL EQUITY INDEX F ALLWRLD EX US 922042775 335 6,126 SH   SOLE 6,126 0 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 394 8,574 SH   SOLE 8,574 0 0
VANGUARD WORLD FDS INF TECH ETF 92204a702 395 2,400 SH   SOLE 2,400 0 0
VERITEX HLDGS INC COM 923451108 17,035 617,417 SH   SOLE 617,417 0 0
WASTE MGMT INC DEL COM 94106L109 583 6,760 SH   SOLE 6,760 0 0
ZIONS BANCORPORATION COM 989701107 10,095 198,600 SH   SOLE 198,600 0 0