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 3,398 185,905 SH   SOLE 185,905 0 0
ALPS ETF TR ALERIAN MLP 00162Q866 60 17,300 SH   SOLE 17,300 0 0
AMERIS BANCORP COM 03076K108 3,713 156,289 SH   SOLE 156,289 0 0
BANC OF CALIFORNIA INC COM 05990K106 5,116 639,499 SH   SOLE 639,499 0 0
BANKUNITED INC COM 06652K103 4,647 248,514 SH   SOLE 248,514 0 0
BANNER CORP COM NEW 06652V208 7,729 233,918 SH   SOLE 233,918 0 0
CADENCE BANCORPORATION CL A 12739A100 5,721 873,454 SH   SOLE 873,454 0 0
CENTERSTATE BK CORP COM 15201P109 2,224 129,080 SH   SOLE 129,080 0 0
COLUMBUS MCKINNON CORP N Y COM 199333105 2,489 99,565 SH   SOLE 99,565 0 0
ENCORE WIRE CORP COM 292562105 2,547 60,651 SH   SOLE 60,651 0 0
EQUITY BANCSHARES INC COM CL A 29460X109 4,555 264,072 SH   SOLE 264,072 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 256 10,281 SH   SOLE 10,281 0 0
FIRST BANCORP N C COM 318910106 6,697 290,163 SH   SOLE 290,163 0 0
FRANCO NEVADA CORP COM 351858105 8,176 82,150 SH   SOLE 82,150 0 0
GLACIER BANCORP INC NEW COM 37637Q105 3,990 117,322 SH   SOLE 117,322 0 0
HANCOCK WHITNEY CORPORATION COM 410120109 7,145 366,038 SH   SOLE 366,038 0 0
HERITAGE FINL CORP WASH COM 42722X106 5,137 256,845 SH   SOLE 256,845 0 0
HILLTOP HOLDINGS INC COM 432748101 5,704 377,221 SH   SOLE 377,221 0 0
INVESCO EXCHANGE TRADED FD T INTL DIVI ACHI 46137V548 482 42,500 SH   SOLE 42,500 0 0
INVESTAR HLDG CORP COM 46134L105 2,042 159,907 SH   SOLE 159,907 0 0
ISHARES TR SELECT DIVID ETF 464287168 403 5,484 SH   SOLE 5,484 0 0
ISHARES TR MSCI EAFE ETF 464287465 481 9,000 SH   SOLE 9,000 0 0
JOHNSON & JOHNSON COM 478160104 203 1,550 SH   SOLE 1,550 0 0
KLX ENERGY SERVICS HOLDNGS I COM 48253L106 152 217,788 SH   SOLE 217,788 0 0
MACQUARIE INFRASTRUCTURE COR COM 55608B105 1,871 74,084 SH   SOLE 74,084 0 0
NEWMONT CORP COM 651639106 8,574 189,350 SH   SOLE 189,350 0 0
PACWEST BANCORP DEL COM 695263103 2,582 144,090 SH   SOLE 144,090 0 0
PEOPLES UTAH BANCORP COM 712706209 6,745 348,221 SH   SOLE 348,221 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104 8,803 234,502 SH   SOLE 234,502 0 0
REGIONS FINANCIAL CORP NEW COM 7591EP100 4,620 515,059 SH   SOLE 515,059 0 0
RENASANT CORP COM 75970E107 1,678 76,821 SH   SOLE 76,821 0 0
SANDY SPRING BANCORP INC COM 800363103 8,641 381,653 SH   SOLE 381,653 0 0
SMARTFINANCIAL INC COM NEW 83190L208 3,336 219,337 SH   SOLE 219,337 0 0
SPROTT PHYSICAL GOLD TRUST UNIT 85207H104 19,403 1,478,918 SH   SOLE 1,478,918 0 0
SYNOVUS FINL CORP COM NEW 87161C501 5,369 305,773 SH   SOLE 305,773 0 0
TRIUMPH BANCORP INC COM 89679E300 5,537 212,980 SH   SOLE 212,980 0 0
UMPQUA HLDGS CORP COM 904214103 6,213 570,000 SH   SOLE 570,000 0 0
UNIVAR SOLUTIONS INC COM 91336L107 1,765 164,626 SH   SOLE 164,626 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 2,156 279,639 SH   SOLE 279,639 0 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 6,255 271,500 SH   SOLE 271,500 0 0
VANGUARD INTL EQUITY INDEX F ALLWRLD EX US 922042775 652 15,897 SH   SOLE 15,897 0 0
VANGUARD WORLD FDS INF TECH ETF 92204a702 254 1,200 SH   SOLE 1,200 0 0
VERITEX HLDGS INC COM 923451108 5,465 391,200 SH   SOLE 391,200 0 0
WASTE MGMT INC DEL COM 94106L109 315 3,406 SH   SOLE 3,406 0 0
ZIONS BANCORPORATION N A COM 989701107 4,403 164,518 SH   SOLE 164,518 0 0