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 4,361 185,905 SH   SOLE 185,905 0 0
AMERIS BANCORP COM 03076K108 6,649 156,289 SH   SOLE 156,289 0 0
BANC OF CALIFORNIA INC COM 05990K106 10,987 639,499 SH   SOLE 639,499 0 0
BANKUNITED INC COM 06652K103 4,936 135,000 SH   SOLE 135,000 0 0
BANNER CORP COM NEW 06652V208 13,091 231,336 SH   SOLE 231,336 0 0
BMC STK HLDGS INC COM 05591B109 5,767 201,008 SH   SOLE 201,008 0 0
CADENCE BANCORPORATION CL A 12739A100 10,578 583,454 SH   SOLE 583,454 0 0
CENTERSTATE BK CORP COM 15201P109 14,006 560,697 SH   SOLE 560,697 0 0
COLUMBUS MCKINNON CORP N Y COM 199333105 3,986 99,565 SH   SOLE 99,565 0 0
ENCORE WIRE CORP COM 292562105 3,481 60,651 SH   SOLE 60,651 0 0
EQUITY BANCSHARES INC COM CL A 29460X109 8,152 264,072 SH   SOLE 264,072 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 466 10,281 SH   SOLE 10,281 0 0
FIRST BANCORP N C COM 318910106 11,580 290,163 SH   SOLE 290,163 0 0
FIRST HORIZON NATL CORP COM 320517105 2,814 169,947 SH   SOLE 169,947 0 0
FRANCO NEVADA CORP COM 351858105 4,545 44,000 SH   SOLE 44,000 0 0
GLACIER BANCORP INC NEW COM 37637Q105 4,108 89,322 SH   SOLE 89,322 0 0
HANCOCK WHITNEY CORPORATION COM 410120109 12,398 282,538 SH   SOLE 282,538 0 0
HERITAGE FINL CORP WASH COM 42722X106 7,390 261,130 SH   SOLE 261,130 0 0
HILLTOP HOLDINGS INC COM 432748101 9,412 377,541 SH   SOLE 377,541 0 0
IBERIABANK CORP COM 450828108 5,304 70,874 SH   SOLE 70,874 0 0
INVESCO EXCHANGE TRADED FD T INTL DIVI ACHI 46137V548 725 42,500 SH   SOLE 42,500 0 0
INVESTAR HLDG CORP COM 46134L105 6,891 287,137 SH   SOLE 287,137 0 0
ISHARES TR SELECT DIVID ETF 464287168 579 5,484 SH   SOLE 5,484 0 0
ISHARES TR MSCI EAFE ETF 464287465 625 9,000 SH   SOLE 9,000 0 0
JOHNSON & JOHNSON COM 478160104 226 1,550 SH   SOLE 1,550 0 0
KLX ENERGY SERVICS HOLDNGS I COM 48253L106 1,126 174,788 SH   SOLE 174,788 0 0
MACQUARIE INFRASTRUCTURE COR COM 55608B105 3,174 74,084 SH   SOLE 74,084 0 0
NEWMONT GOLDCORP CORPORATION COM 651639106 4,078 93,850 SH   SOLE 93,850 0 0
ORIGIN BANCORP INC COM 68621T102 2,526 66,764 SH   SOLE 66,764 0 0
PACWEST BANCORP DEL COM 695263103 5,132 134,090 SH   SOLE 134,090 0 0
PEOPLES UTAH BANCORP COM 712706209 10,488 348,221 SH   SOLE 348,221 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104 15,008 234,502 SH   SOLE 234,502 0 0
REGIONS FINL CORP NEW COM 7591EP100 8,838 515,059 SH   SOLE 515,059 0 0
SANDY SPRING BANCORP INC COM 800363103 13,832 365,153 SH   SOLE 365,153 0 0
SMARTFINANCIAL INC COM NEW 83190L208 5,187 219,337 SH   SOLE 219,337 0 0
SPROTT PHYSICAL GOLD TRUST UNIT 85207H104 18,013 1,478,918 SH   SOLE 1,478,918 0 0
STONERIDGE INC COM 86183P102 880 30,000 SH   SOLE 30,000 0 0
SYNOVUS FINL CORP COM NEW 87161C501 13,358 340,773 SH   SOLE 340,773 0 0
TRIUMPH BANCORP INC COM 89679E300 8,098 212,980 SH   SOLE 212,980 0 0
UMPQUA HLDGS CORP COM 904214103 4,514 255,000 SH   SOLE 255,000 0 0
UNIVAR SOLUTIONS INC COM 91336L107 3,991 164,626 SH   SOLE 164,626 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 4,167 279,639 SH   SOLE 279,639 0 0
VANECK VECTORS ETF TRUST GOLD MINERS ETF 92189F106 4,421 151,000 SH   SOLE 151,000 0 0
VANGUARD INTL EQUITY INDEX F ALLWRLD EX US 922042775 947 17,623 SH   SOLE 17,623 0 0
VANGUARD WORLD FDS INF TECH ETF 92204a702 294 1,200 SH   SOLE 1,200 0 0
VERITEX HLDGS INC COM 923451108 10,593 363,636 SH   SOLE 363,636 0 0
WASTE MGMT INC DEL COM 94106L109 388 3,406 SH   SOLE 3,406 0 0
ZIONS BANCORPORATION N A COM 989701107 10,619 204,518 SH   SOLE 204,518 0 0