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 10,357 716,259 SH   SOLE 0 716,259 0
BANC OF CALIFORNIA INC COM 05990K106 35,758 1,975,577 SH   SOLE 0 1,975,577 0
BANCORPSOUTH INC COM 059692103 25,018 1,102,612 SH   SOLE 0 1,102,612 0
BANNER CORP COM NEW 06652V208 30,447 715,720 SH   SOLE 0 715,720 0
BNC BANCORP COM 05566T101 32,685 1,439,239 SH   SOLE 0 1,439,239 0
CALIX INC COM 13100M509 2,284 330,478 SH   SOLE 330,478 0 0
CENTERSTATE BANKS INC COM 15201P109 36,093 2,291,595 SH   SOLE 0 2,291,595 0
COLUMBIA BKG SYS INC COM 197236102 29,642 1,056,392 SH   SOLE 0 1,056,392 0
COLUMBUS MCKINNON CORP N Y COM 199333105 3,065 216,620 SH   SOLE 216,620 0 0
COMERICA INC COM 200340107 28,767 699,413 SH   SOLE 0 699,413 0
COMMUNICATIONS SALES&LEAS IN COM 20341J104 208 7,200 SH   SOLE 7,200 0 0
EAGLE BANCORP INC MD COM 268948106 27,132 563,948 SH   SOLE 0 563,948 0
ENCORE WIRE CORP COM 292562105 2,080 55,807 SH   SOLE 55,807 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 338 9,000 SH   SOLE 9,000 0 0
GLACIER BANCORP INC NEW COM 37637Q105 18,509 696,338 SH   SOLE 0 696,338 0
GREEN PLAINS PARTNERS LP COM REP PTR IN 393221106 4,250 273,335 SH   SOLE 273,335 0 0
GUARANTY BANCORP DEL COM NEW 40075T607 20,592 1,233,068 SH   SOLE 0 1,233,068 0
HANCOCK HLDG CO COM 410120109 20,133 771,101 SH   SOLE 0 771,101 0
HERITAGE FINL CORP WASH COM 42722X106 29,225 1,662,400 SH   SOLE 0 1,662,400 0
HOME BANCSHARES INC COM 436893200 22,020 1,112,666 SH   SOLE 0 1,112,666 0
IBERIABANK CORP COM 450828108 33,945 568,306 SH   SOLE 0 568,306 0
ISHARES TR SELECT DIVID ETF 464287168 810 9,500 SH   SOLE 9,500 0 0
ISHARES TR MSCI EAFE ETF 464287465 502 9,000 SH   SOLE 9,000 0 0
JOHNSON & JOHNSON COM 478160104 370 3,050 SH   SOLE 3,050 0 0
KLX INC COM 482539103 3,058 98,650 SH   SOLE 98,650 0 0
KULICKE & SOFFA INDS INC COM 501242101 1,698 139,500 SH   SOLE 139,500 0 0
LIBBEY INC COM 529898108 746 46,958 SH   SOLE 46,958 0 0
MACQUARIE INFRASTRUCTURE COR COM 55608B105 279 3,765 SH   SOLE 3,765 0 0
MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 1,520 20,000 SH   SOLE 20,000 0 0
NATIONAL BK HLDGS CORP CL A 633707104 26,382 1,295,793 SH   SOLE 0 1,295,793 0
NATIONAL COMM CORP COM 63546L102 8,088 346,807 SH   SOLE 0 346,807 0
PACWEST BANCORP DEL COM 695263103 25,816 648,960 SH   SOLE 0 648,960 0
PARK STERLING CORP COM 70086Y105 12,096 1,706,082 SH   SOLE 0 1,706,082 0
PEOPLES UTAH BANCORP COM 712706209 8,803 530,301 SH   SOLE 0 530,301 0
PINNACLE FINL PARTNERS INC COM 72346Q104 21,582 441,803 SH   SOLE 0 441,803 0
POWERSHARES ETF TRUST INTL DIV ACHV 73935X716 669 47,500 SH   SOLE 47,500 0 0
PROCTER & GAMBLE CO COM 742718109 217 2,560 SH   SOLE 2,560 0 0
REGIONS FINL CORP NEW COM 7591EP100 32,578 3,828,227 SH   SOLE 0 3,828,227 0
SANDY SPRING BANCORP INC COM 800363103 38,550 1,326,564 SH   SOLE 0 1,326,564 0
SEMGROUP CORP CL A 81663A105 2,279 70,000 SH   SOLE 70,000 0 0
SOUTH ST CORP COM 840441109 34,287 503,856 SH   SOLE 0 503,856 0
SPROTT PHYSICAL GOLD TRUST UNIT 85207H104 5,490 500,000 SH   SOLE 500,000 0 0
SUNTRUST BKS INC COM 867914103 27,170 661,383 SH   SOLE 0 661,383 0
SYNOVUS FINL CORP COM NEW 87161C501 39,863 1,375,070 SH   SOLE 0 1,375,070 0
TEAM INC COM 878155100 1,263 50,852 SH   SOLE 50,852 0 0
UMPQUA HLDGS CORP COM 904214103 32,584 2,106,275 SH   SOLE 0 2,106,275 0
UNITED CMNTY BANCORP IND COM 90984R101 1,044 74,167 SH   SOLE 74,167 0 0
VANGUARD WORLD FDS INF TECH ETF 92204a702 257 2,400 SH   SOLE 2,400 0 0
VERITEX HLDGS INC COM 923451108 5,007 312,575 SH   SOLE 0 312,575 0
WASTE MGMT INC DEL COM 94106L109 333 5,030 SH   SOLE 5,030 0 0