Montgomery Investment Management 13F-HR Quarterly holdings report by institutional manager

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
Expires:	Oct 31, 2018
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
AFLAC Inc.	COM	001055102	362	5,200	SH		DFND	01 02	5,000	0	200
AFLAC Inc.	COM	001055102	70	1,000	SH		OTR	2	1,000	0	0
AbbVie Inc.	COM	00287Y109	1,070	17,090	SH		DFND	01 02	11,490	0	5,600
AbbVie Inc.	COM	00287Y109	188	3,000	SH		OTR	2	3,000	0	0
Abbott Laboratories Co.	COM	002824100	692	18,010	SH		DFND	01 02	12,410	0	5,600
Abbott Laboratories Co.	COM	002824100	115	3,000	SH		OTR	2	3,000	0	0
Agilent Technologies Inc.	COM	00846U101	181	3,964	SH		DFND	01 02	3,278	0	686
Agilent Technologies Inc.	COM	00846U101	111	2,440	SH		OTR	2	2,440	0	0
American Express Co.	COM	025816109	540	7,292	SH		DFND	01 02	7,222	0	70
Anadarko Petroleum	COM	032511107	5,621	80,613	SH		DFND	01 02	73,243	0	7,370
Anadarko Petroleum	COM	032511107	2,929	42,000	SH		OTR	2	42,000	0	0
Apache Corporation	COM	037411105	4,618	72,759	SH		DFND	01 02	64,759	0	8,000
Apache Corporation	COM	037411105	1,936	30,500	SH		OTR	2	30,500	0	0
Apple Inc.	COM	037833100	2,086	18,010	SH		DFND	01 02	16,080	0	1,930
Apple Inc.	COM	037833100	243	2,100	SH		OTR	2	2,100	0	0
B B & T Corporation	COM	054937107	20,166	428,891	SH		DFND	01 02	388,330	0	40,561
B B & T Corporation	COM	054937107	8,181	174,000	SH		OTR	2	174,000	0	0
BHP Billiton PLC ADR	COM	05545E209	652	20,731	SH		DFND	01 02	17,731	0	3,000
BHP Billiton PLC ADR	COM	05545E209	378	12,000	SH		OTR	2	12,000	0	0
BP PLC	COM	055622104	717	19,178	SH		DFND	01 02	13,378	0	5,800
BP PLC	COM	055622104	262	7,000	SH		OTR	2	7,000	0	0
Bank of America Corporation	COM	060505104	5,941	268,831	SH		DFND	01 02	258,233	0	10,598
Bank of America Corporation	COM	060505104	751	34,000	SH		OTR	2	34,000	0	0
Berkshire Hathaway Inc. Class	COM	084670108	732	3	SH		DFND	01 02	3	0	0
Berkshire Hathaway Inc. Class	COM	084670702	221	1,357	SH		DFND	01 02	1,357	0	0
Burke and Herbert Bank & Trust	COM	121331102	402	200	SH		DFND	01 02	200	0	0
Burke and Herbert Bank & Trust	COM	121331102	201	100	SH		OTR	2	100	0	0
CF Industries Holdings Inc.	COM	125269100	2,084	66,215	SH		DFND	01 02	58,895	0	7,320
CF Industries Holdings Inc.	COM	125269100	598	19,000	SH		OTR	2	19,000	0	0
CSRA Inc.	COM	12650T104	256	8,050	SH		DFND	01 02	8,050	0	0
CSRA Inc.	COM	12650T104	127	4,000	SH		OTR	2	4,000	0	0
CSX Corporation	COM	126408103	341	9,500	SH		DFND	01 02	9,500	0	0
CalAtlantic Group Inc.	COM	128195104	3,794	111,559	SH		DFND	01 02	98,159	0	13,400
CalAtlantic Group Inc.	COM	128195104	2,126	62,500	SH		OTR	2	62,500	0	0
Carter Bank & Trust	COM	146102108	548	41,208	SH		DFND	01 02	41,208	0	0
Caterpillar Inc.	COM	149123101	2,031	21,901	SH		DFND	01 02	17,856	0	4,045
Caterpillar Inc.	COM	149123101	185	2,000	SH		OTR	2	2,000	0	0
Cenovus Energy Inc.	COM	15135U109	1,132	74,795	SH		DFND	01 02	70,505	0	4,290
Cenovus Energy Inc.	COM	15135U109	469	31,000	SH		OTR	2	31,000	0	0
Chesapeake Energy Corp.	COM	165167107	389	55,370	SH		DFND	01 02	49,370	0	6,000
Chesapeake Energy Corp.	COM	165167107	309	44,000	SH		OTR	2	44,000	0	0
Chevron Corporation	COM	166764100	7,875	66,904	SH		DFND	01 02	59,904	0	7,000
Chevron Corporation	COM	166764100	2,354	20,000	SH		OTR	2	20,000	0	0
Citigroup Inc.	COM	172967424	177	2,984	SH		DFND	01 02	1,684	0	1,300
Citigroup Inc.	COM	172967424	149	2,500	SH		OTR	2	2,500	0	0
Cliffs Natural Resources Inc.	COM	18683K101	145	17,300	SH		DFND	01 02	15,000	0	2,300
Cliffs Natural Resources Inc.	COM	18683K101	252	30,000	SH		OTR	2	30,000	0	0
Comcast Corporation Cl A New	COM	20030N101	216	3,131	SH		DFND	01 02	3,131	0	0
Comcast Corporation Cl A New	COM	20030N101	335	4,852	SH		OTR	2	4,852	0	0
Computer Sciences Corp.	COM	205363104	478	8,050	SH		DFND	01 02	8,050	0	0
Computer Sciences Corp.	COM	205363104	238	4,000	SH		OTR	2	4,000	0	0
ConocoPhillips	COM	20825C104	4,702	93,781	SH		DFND	01 02	82,081	0	11,700
ConocoPhillips	COM	20825C104	2,256	45,000	SH		OTR	2	45,000	0	0
Costco Wholesale Corporation	COM	22160K105	240	1,500	SH		DFND	01 02	1,400	0	100
Darden Restaurants Inc.	COM	237194105	364	5,000	SH		DFND	01 02	5,000	0	0
Dell Technologies In Class V	COM	24703l103	201	3,659	SH		DFND	01 02	3,659	0	0
Delta Air Lines Inc.	COM	247361702	2,005	40,770	SH		DFND	01 02	34,470	0	6,300
Delta Air Lines Inc.	COM	247361702	187	3,800	SH		OTR	2	3,800	0	0
Duke Energy Corp.	COM	26441C204	266	3,428	SH		DFND	01 02	2,095	0	1,333
Eagle Bancorp Inc. MD	COM	268948106	475	7,788	SH		DFND	01 02	7,788	0	0
Encana Corporation	COM	292505104	967	82,373	SH		DFND	01 02	77,848	0	4,525
Encana Corporation	COM	292505104	364	31,000	SH		OTR	2	31,000	0	0
Ensco PLC	COM	G3157S106	388	39,947	SH		DFND	01 02	36,947	0	3,000
Ensco PLC	COM	G3157S106	253	26,000	SH		OTR	2	26,000	0	0
Exxon Mobil Corp.	COM	30231G102	1,789	19,823	SH		DFND	01 02	19,823	0	0
Exxon Mobil Corp.	COM	30231G102	245	2,709	SH		OTR	2	2,709	0	0
Federal Realty Trust	COM	313747206	1,293	9,100	SH		DFND	01 02	9,100	0	0
Freeport-McMoRan Inc.	COM	35671D857	1,958	148,456	SH		DFND	01 02	116,638	0	31,818
Freeport-McMoRan Inc.	COM	35671D857	1,055	80,000	SH		OTR	2	80,000	0	0
General Electric Co.	COM	369604103	1,164	36,845	SH		DFND	01 02	30,845	0	6,000
General Electric Co.	COM	369604103	316	10,000	SH		OTR	2	10,000	0	0
General Mills Inc.	COM	370334104	14,423	233,495	SH		DFND	01 02	229,795	0	3,700
General Mills Inc.	COM	370334104	2,841	46,000	SH		OTR	2	46,000	0	0
Gulf Coast Ultra Deep Royalty	COM	40222T104	2	13,000	SH		DFND	01 02	13,000	0	0
HP Inc.	COM	40434L105	1,906	128,457	SH		DFND	01 02	106,957	0	21,500
HP Inc.	COM	40434L105	594	40,000	SH		OTR	2	40,000	0	0
Halliburton Company	COM	406216101	216	4,000	SH		DFND	01 02	3,500	0	500
Halliburton Company	COM	406216101	108	2,000	SH		OTR	2	2,000	0	0
Helmerich & Payne Inc.	COM	423452101	271	3,500	SH		DFND	01 02	2,800	0	700
Helmerich & Payne Inc.	COM	423452101	155	2,000	SH		OTR	2	2,000	0	0
Hewlett Packard Enterprise Co.	COM	42824C109	3,016	130,357	SH		DFND	01 02	108,857	0	21,500
Hewlett Packard Enterprise Co.	COM	42824C109	926	40,000	SH		OTR	2	40,000	0	0
Home Depot Inc.	COM	437076102	458	3,413	SH		DFND	01 02	3,413	0	0
Honeywell International Inc.	COM	438516106	417	3,600	SH		DFND	01 02	3,600	0	0
International Business Machine	COM	459200101	9,742	58,693	SH		DFND	01 02	50,203	0	8,490
International Business Machine	COM	459200101	3,154	19,000	SH		OTR	2	19,000	0	0
JetBlue Airways Corporation	COM	477143101	177	7,900	SH		DFND	01 02	5,400	0	2,500
JetBlue Airways Corporation	COM	477143101	90	4,000	SH		OTR	2	4,000	0	0
John Deere & Co.	COM	244199105	3,071	29,800	SH		DFND	01 02	25,200	0	4,600
John Deere & Co.	COM	244199105	618	6,000	SH		OTR	2	6,000	0	0
Johnson & Johnson	COM	478160104	2,771	24,051	SH		DFND	01 02	19,371	0	4,680
Johnson & Johnson	COM	478160104	691	6,000	SH		OTR	2	6,000	0	0
LGI Homes Inc	COM	50187T106	692	24,100	SH		DFND	01 02	23,600	0	500
LGI Homes Inc	COM	50187T106	1,006	35,000	SH		OTR	2	35,000	0	0
Laboratory Corp. of America Ho	COM	50540R409	476	3,710	SH		DFND	01 02	3,710	0	0
Laboratory Corp. of America Ho	COM	50540R409	642	5,000	SH		OTR	2	5,000	0	0
MDU Resources	COM	552690109	4,106	142,703	SH		DFND	01 02	132,268	0	10,435
MDU Resources	COM	552690109	1,942	67,500	SH		OTR	2	67,500	0	0
McDonalds Corporation	COM	580135101	1,721	14,139	SH		DFND	01 02	11,639	0	2,500
McDonalds Corporation	COM	580135101	243	2,000	SH		OTR	2	2,000	0	0
Merck & Company Inc. New	COM	58933Y105	2,680	45,528	SH		DFND	01 02	39,353	0	6,175
Merck & Company Inc. New	COM	58933Y105	177	3,000	SH		OTR	2	3,000	0	0
Microsoft Corp.	COM	594918104	947	15,237	SH		DFND	01 02	11,837	0	3,400
Microsoft Corp.	COM	594918104	311	5,000	SH		OTR	2	5,000	0	0
Middleburg Financial Corporati	COM	596094102	1,181	33,978	SH		DFND	01 02	33,978	0	0
NVR Inc.	COM	62944T105	3,088	1,850	SH		DFND	01 02	750	0	1,100
NVR Inc.	COM	62944T105	3,338	2,000	SH		OTR	2	2,000	0	0
Nabors Industries Ltd.	COM	G6359F103	1,086	66,221	SH		DFND	01 02	53,946	0	12,275
Nabors Industries Ltd.	COM	G6359F103	268	16,320	SH		OTR	2	16,320	0	0
National Oil Well Varco Inc.	COM	637071101	2,156	57,578	SH		DFND	01 02	52,923	0	4,655
National Oil Well Varco Inc.	COM	637071101	749	20,000	SH		OTR	2	20,000	0	0
NextEra Energy Inc.	COM	65339F101	1,768	14,800	SH		DFND	01 02	9,800	0	5,000
Noble Corp. PLC	COM	G65431101	32	5,400	SH		DFND	01 02	3,400	0	2,000
Noble Corp. PLC	COM	G65431101	59	10,000	SH		OTR	2	10,000	0	0
Noble Energy Inc.	COM	655044105	41	1,087	SH		DFND	01 02	1,087	0	0
Noble Energy Inc.	COM	655044105	200	5,252	SH		OTR	2	5,252	0	0
Now Inc.	COM	67011P100	291	14,225	SH		DFND	01 02	12,812	0	1,413
Now Inc.	COM	67011P100	102	5,000	SH		OTR	2	5,000	0	0
Old Dominion Freight Line Inc.	COM	679580100	271	3,160	SH		DFND	01 02	2,700	0	460
Old Dominion Freight Line Inc.	COM	679580100	172	2,000	SH		OTR	2	2,000	0	0
PNC Financial Services Group I	COM	693475105	3,945	33,729	SH		DFND	01 02	32,325	0	1,404
PNC Financial Services Group I	COM	693475105	351	3,000	SH		OTR	2	3,000	0	0
Pfizer Inc.	COM	717081103	291	8,962	SH		DFND	01 02	3,762	0	5,200
Pfizer Inc.	COM	717081103	325	10,000	SH		OTR	2	10,000	0	0
Philip Morris Intl Inc.	COM	718172109	362	3,955	SH		DFND	01 02	3,955	0	0
Phillips 66	COM	718546104	4,047	46,839	SH		DFND	01 02	39,639	0	7,200
Phillips 66	COM	718546104	1,944	22,500	SH		OTR	2	22,500	0	0
Potash Corp. of Saskatchewan I	COM	73755L107	206	11,400	SH		DFND	01 02	8,250	0	3,150
Potash Corp. of Saskatchewan I	COM	73755L107	145	8,000	SH		OTR	2	8,000	0	0
Quest Diagnostics	COM	74834L100	931	10,135	SH		DFND	01 02	10,135	0	0
Quest Diagnostics	COM	74834L100	276	3,000	SH		OTR	2	3,000	0	0
Rayonier Advanced Materials In	COM	75508B104	926	59,885	SH		DFND	01 02	54,817	0	5,068
Rayonier Advanced Materials In	COM	75508B104	93	6,000	SH		OTR	2	6,000	0	0
Rayonier Incorporated	COM	754907103	2,891	108,690	SH		DFND	01 02	92,897	0	15,793
Rayonier Incorporated	COM	754907103	479	18,000	SH		OTR	2	18,000	0	0
Raytheon Company	COM	755111507	852	6,000	SH		DFND	01 02	5,000	0	1,000
Raytheon Company	COM	755111507	568	4,000	SH		OTR	2	4,000	0	0
Regions Financial Corp. New	COM	7591EP100	437	30,457	SH		DFND	01 02	26,457	0	4,000
Regions Financial Corp. New	COM	7591EP100	790	55,000	SH		OTR	2	55,000	0	0
SPDR S&P 500 ETF Trust	COM	78462F103	391	1,748	SH		DFND	01 02	1,748	0	0
Schlumberger Ltd.	COM	806857108	1,032	12,288	SH		DFND	01 02	10,288	0	2,000
Schlumberger Ltd.	COM	806857108	707	8,426	SH		OTR	2	8,426	0	0
South32 Limited	COM	84473L105	107	10,828	SH		DFND	01 02	8,588	0	2,240
South32 Limited	COM	84473L105	48	4,800	SH		OTR	2	4,800	0	0
Spectra Energy Corp.	COM	847560109	761	18,510	SH		DFND	01 02	15,010	0	3,500
Spectra Energy Corp.	COM	847560109	82	2,000	SH		OTR	2	2,000	0	0
Stonegate Bank	COM	861811107	430	10,303	SH		DFND	01 02	10,303	0	0
Suncor Energy Inc. New	COM	867224107	866	26,500	SH		DFND	01 02	21,500	0	5,000
Suncor Energy Inc. New	COM	867224107	1,308	40,000	SH		OTR	2	40,000	0	0
Sysco Corporation	COM	871829107	432	7,800	SH		DFND	01 02	7,800	0	0
Torchmark Corporation	COM	891027104	3,922	53,172	SH		DFND	01 02	53,172	0	0
Transocean Ltd.	COM	H8817H100	160	10,884	SH		DFND	01 02	7,884	0	3,000
Transocean Ltd.	COM	H8817H100	118	8,000	SH		OTR	2	8,000	0	0
Umpqua Holdings Corporation	COM	904214103	495	26,374	SH		DFND	01 02	26,374	0	0
Union Pacific Corp.	COM	907818108	259	2,500	SH		DFND	01 02	2,500	0	0
United Rentals Inc.	COM	911363109	948	8,975	SH		DFND	01 02	8,275	0	700
United Rentals Inc.	COM	911363109	106	1,000	SH		OTR	2	1,000	0	0
VSE Corporation	COM	918284100	9,164	235,946	SH		DFND	01 02	235,946	0	0
Valero Energy Corp.	COM	91913Y100	2,184	31,960	SH		DFND	01 02	24,860	0	7,100
Valero Energy Corp.	COM	91913Y100	1,025	15,000	SH		OTR	2	15,000	0	0
Vanguard FTSE Emerging Markets	COM	922042858	372	10,390	SH		DFND	01 02	10,390	0	0
Wal-Mart Stores Inc.	COM	931142103	868	12,554	SH		DFND	01 02	12,254	0	300
Wal-Mart Stores Inc.	COM	931142103	276	4,000	SH		OTR	2	4,000	0	0
Washington REIT SBI	COM	939653101	1,796	54,931	SH		DFND	01 02	50,641	0	4,290
Weatherford International PLC	COM	G48833100	55	11,080	SH		OTR	2	11,080	0	0
Weyerhaeuser Company	COM	962166104	1,900	63,160	SH		DFND	01 02	51,197	0	11,963
Weyerhaeuser Company	COM	962166104	506	16,800	SH		OTR	2	16,800	0	0
Central Europe, Russia & Turke	CFND	153436100	225	10,920	SH		DFND	01 02	7,920	0	3,000
Central Europe, Russia & Turke	CFND	153436100	206	10,000	SH		OTR	2	10,000	0	0
Munivest	CFND	09253r105	152	15,785	SH		DFND	01 02	15,785	0	0