Banc Funds Co. LLC

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 13, 2024), Banc Funds Co. LLC reported 134 stock positions worth $884.7 million. Its top holding was Old Second Bancorp (OSBC) at 3.3% of the portfolio, followed by Unity Bancorp (UNTY, 3.1%) and Triumph Financial (TFIN, 2.7%). Compared with Q4 2023, it opened 2 new positions, sold out of 13, added to 22 and reduced 69. The biggest buy was Coastal South Bancshares (COSO, shares +40%) and the biggest sale Blue Ridge Bankshares (BRBS, shares −64%).

Most Recent 13F
Q2 2026
Location
CHICAGO, IL
CIK
0001029311
Portfolio Value
$884.7M (Q1 2024)
SEC Filing
0001567619-24-000315 ↗ filed May 13, 2024

Holdings Value

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $884.7M $884.7M Q1 2024 Q2 2024: $843.0M Q2 2024 Q3 2024: $921.4M Q3 2024 Q4 2024: $906.6M Q4 2024 Q1 2025: $758.5M Q1 2025 Q2 2025: $661.6M Q2 2025 Q3 2025: $572.0M Q3 2025 Q4 2025: $505.2M Q4 2025 Q1 2026: $537.2M Q1 2026 Q2 2026: $605.5M Q2 2026

Holdings 134 stocks · $884.7M
OSBC Old Second Bancorp Inc. 3.27% 2,088,062 $28.9M Reduce -1.8%
UNTY Unity Bancorp Inc. 3.06% 980,744 $27.1M Reduce -1.1%
TFIN Triumph Financial Inc. 2.73% 304,243 $24.1M Reduce -8.2%
AMBZ American Business Bank 2.43% 580,335 $21.5M Reduce -2.2%
FRBA First Bank/Hamilton NJ 2.39% 1,537,098 $21.1M Reduce -9.1%
FNBT Finemark Holdings Inc. 2.35% 824,344 $20.8M No change
FRST Primis Financial Corp. 2.33% 1,695,396 $20.6M Add +0.1%
CFB Crossfirst Bankshares Inc. 2.32% 1,485,780 $20.6M Reduce -7.7%
SSBK Southern States Bancshares 2.15% 735,343 $19.1M Add +0.4%
MBIN Merchants Bancorp 2.03% 416,815 $18.0M Reduce -21.0%
PGC Peapack Gladstone Finl Corp. 1.94% 705,799 $17.2M Reduce -3.6%
FBIZ First Business Financial Ser 1.94% 457,725 $17.2M Reduce -0.2%
BANC Banc of California Inc. 1.80% 1,048,229 $15.9M No change
WCCB West Coast Community Bancorp 1.74% 551,267 $15.4M Reduce -2.7%
MBWM Mercantile Bank Corp. 1.72% 394,729 $15.2M Reduce -16.3%
TCBI Texas Capital Bancshares Inc. 1.70% 244,405 $15.0M No change
OBT Orange County Bancorp Inc. 1.67% 321,822 $14.8M Reduce -5.6%
AVBH Avidbank Holdings Inc. 1.55% 713,197 $13.7M Add +2.5%
SFST Southern First Bancshares 1.43% 399,213 $12.7M Reduce -4.6%
INBK First Internet Bancorp 1.43% 364,296 $12.7M Reduce -7.1%
PBAM Private Bancorp of America I 1.41% 365,065 $12.5M Add +8.3%
CALB California Bancorp Inc. 1.40% 564,521 $12.4M Reduce -2.2%
CBAN Colony Bankcorp 1.39% 1,069,772 $12.3M Reduce -3.2%
ALRS Alerus Financial Corp. 1.34% 543,586 $11.9M Reduce -6.8%
ALPIB Alpine Banks of Colorado-B 1.30% 417,171 $11.5M Reduce -10.3%
SMBK Smartfinancial Inc. 1.29% 541,148 $11.4M Reduce -5.5%
MYFW First Western Financial Inc. 1.26% 766,386 $11.2M Add +1.1%
MNSB Mainstreet Bancshares Inc. 1.25% 607,662 $11.0M Add +0.2%
BFST Business First Bancshares 1.20% 478,003 $10.7M No change
MCBI Mountain Commerce Bancorp Inc. 1.20% 580,595 $10.6M Reduce -1.3%
FFWM First Foundation Inc. 1.15% 1,353,054 $10.2M No change
CCNE CNB Financial Corp. 1.15% 497,188 $10.1M No change
ISTR Investar Holding Corp. 1.13% 609,617 $10.0M No change
TCBX Third Coast Bancshares Inc. 1.10% 487,654 $9.8M No change
BSVN BANK7 Corp. 1.09% 342,600 $9.7M Reduce -10.8%
BPRN Princeton Bancorp Inc. 1.08% 309,016 $9.5M Add +9.3%
CNOB Connectone Bancorp Inc. 1.05% 478,086 $9.3M Reduce -20.5%
MPB Mid Penn Bancorp Inc. 1.04% 459,827 $9.2M No change
CZWI Citizens Community Bancorp I 1.03% 751,796 $9.1M Reduce -11.7%
MCB Metropolitan Bank Holding Co. 1.03% 235,664 $9.1M No change
BSRR Sierra Bancorp 1.00% 436,746 $8.8M No change
LBAI Lakeland Bancorp Inc. 0.94% 685,506 $8.3M Reduce -9.1%
FSUN Firstsun Capital Bancorp 0.90% 222,396 $8.0M Reduce -6.3%
FETM Fentura Financial Inc. 0.89% 322,749 $7.9M Reduce -5.3%
MRBK Meridian Corp. 0.88% 785,703 $7.8M Add +0.4%
FNRN First Northern Community Ban 0.88% 856,537 $7.7M Reduce -3.0%
BY Byline Bancorp Inc. 0.84% 342,595 $7.4M Reduce -7.0%
BWFG Bankwell Financial Group Inc. 0.83% 282,623 $7.3M Add +0.4%
PSBQ PSB Holdings Inc. filed as PSB HLDGS INC WIS 0.76% 315,456 $6.7M Reduce -1.6%
LNKB Linkbancorp Inc. 0.74% 943,047 $6.5M Reduce -6.1%
UBAB United Bancorporation Alab-A 0.69% 145,699 $6.1M Add +23.8%
ARBV American Riviera Bancorp 0.69% 380,946 $6.1M No change
VBTX Veritex Holdings Inc. 0.68% 293,000 $6.0M Add +1.4%
RCBC River City Bank 0.66% 23,168 $5.8M Add +6.1%
SHBI Shore Bancshares Inc. 0.63% 484,836 $5.6M Add +5.2%
CATC Cambridge Bancorp 0.61% 78,928 $5.4M Reduce -4.8%
PMHG Prime Meridian Holding Co. 0.58% 235,776 $5.1M Add +1.3%
MFGI Merchants Financial Group Inc. 0.57% 212,948 $5.1M Reduce -0.8%
COSO Coastal South Bancshares Inc. 0.57% 299,973 $5.0M Add +40.0%
HTBK Heritage Commerce Corp. 0.56% 573,639 $4.9M Reduce -16.1%
ORPB Oregon Pacific Bancorp 0.54% 661,386 $4.8M No change
SSBI Summit State Bank 0.54% 439,395 $4.8M No change
FSRL First Reliance Bancshares Inc. 0.52% 568,584 $4.6M Reduce -3.9%
SABK South Atlantic Bancshares 0.51% 414,633 $4.5M Reduce -3.6%
SBNC Southern Bancshares Inc./N C 0.51% 780 $4.5M Reduce -12.1%
TRBK Traditions Bancorp Inc. 0.50% 252,235 $4.4M No change
UBFO United Security Bancshare 0.49% 559,227 $4.3M Reduce -0.9%
FGFH Foresight Financial Group 0.47% 142,598 $4.1M No change
FSBC Five Star Bancorp 0.44% 172,819 $3.9M Add +52.1%
EBTC Enterprise Bancorp Inc. 0.44% 148,889 $3.9M Reduce -17.8%
FCPB First Capital Bancshares Inc. 0.44% 414,296 $3.9M Reduce -2.0%
BCAL California Bancorp filed as SOUTHERN CALIF BANCORP 0.42% 246,737 $3.7M Reduce -22.3%
CBOBA Bay Community Bancorp 0.41% 498,316 $3.7M Reduce -6.4%
FVCB Fvcbankcorp Inc. 0.41% 297,221 $3.6M Reduce -2.4%
CMHF Community Heritage Financial 0.41% 206,558 $3.6M No change
PBNK Pinnacle Bank/Gilroy Ca 0.40% 229,128 $3.6M Reduce -16.8%
OBK Origin Bancorp Inc. 0.39% 111,142 $3.5M Reduce -29.7%
HANOVER BANCORP INC/NY 0.38% 228,440 $3.4M No change
FCCO First Community Corp. 0.37% 188,775 $3.3M Reduce -6.9%
SOUB Southpoint Bancshares Inc. 0.37% 109,704 $3.2M No change
HBT HBT Financial Inc. 0.35% 164,580 $3.1M Reduce -42.2%
STBK Studio Financial Holdings Inc. 0.35% 308,974 $3.1M Add +3.3%
CCNB Coastal Carolina Bancshares 0.35% 311,992 $3.1M No change
BRBS Blue Ridge Bankshares Inc. 0.34% 1,127,414 $3.0M Reduce -64.0%
CSTR Capstar Financial Holdings I 0.34% 173,671 $3.0M Reduce -52.5%
FISB 1ST Capital Bancorp 0.34% 266,658 $3.0M No change
FXNC First National Corp. 0.33% 182,133 $3.0M Reduce -5.8%
SAMG Silvercrest Asset Manageme-A 0.33% 183,431 $2.9M Reduce -9.8%
NWYF Northway Financial Inc. 0.33% 155,038 $2.9M No change
CBWA Commencement Bancorp Inc. 0.31% 274,560 $2.7M Reduce -1.4%
DCOM Dime Commercial Bancshares I filed as DIME CMNTY BANCSHARES INC 0.30% 136,261 $2.6M Reduce -37.4%
MVLY Mission Valley Bancorp 0.30% 188,542 $2.6M No change
OVLY Oak Valley Bancorp filed as OAK VY BANCORP OAKDALE CALIF 0.29% 104,888 $2.6M Reduce -15.5%
SBT Sterling Bancorp Inc. 0.29% 502,061 $2.6M No change
WRIV White River Bancshares Co. 0.28% 42,888 $2.5M No change
USCB Uscb Financial Holdings Inc. 0.27% 209,730 $2.4M Reduce -8.7%
BLHK Blueharbor Bank 0.27% 119,202 $2.4M Reduce -1.7%
WEX Wex Inc. 0.27% 9,955 $2.4M No change
PPBN Pinnacle Bankshares Corp. 0.26% 81,682 $2.3M Reduce -1.6%
MCHN McHenry Bancorp Inc. 0.26% 60,000 $2.3M No change
FCOB 1ST Colonial Bancorp Inc. 0.25% 146,144 $2.2M Reduce -21.5%
MVBF MVB Financial Corp. 0.24% 96,489 $2.2M Add +7.7%
TRCY Tri City Bankshares Corp. 0.23% 171,041 $2.0M No change
MLGF Malaga Financial Corp. 0.22% 87,304 $2.0M Reduce -15.5%
BAFN Bayfirst Financial Corp. 0.22% 150,272 $1.9M Add +8.3%
GNRV Grand River Commerce Inc. 0.22% 675,014 $1.9M No change
ESBS Es Bancshares Inc. 0.20% 335,445 $1.8M Reduce -18.2%
BWB Bridgewater Bancshares Inc. 0.19% 146,079 $1.7M Reduce -21.8%
TBBK The Bancorp Inc. 0.19% 50,092 $1.7M Reduce -7.4%
FSBH FSBH Corp. 0.16% 176,250 $1.4M New
SBKO Summit Bank Group Inc. 0.14% 112,901 $1.2M Add +19.7%
BCTF Bancorp 34 Inc. 0.14% 142,857 $1.2M No change
BORT Bank of Botetourt Buchanan V filed as BANK BOTETOURT 0.13% 39,624 $1.1M Reduce -20.5%
PWBK Pacific West Bancorp 0.12% 145,715 $1.1M No change
CSHX Cashmere Valley Bank 0.12% 21,387 $1.1M Reduce -12.3%
CFIC Cornerstone Financial Corp. N 0.12% 150,000 $1.1M No change
CFOK Community First Bancorp 0.11% 137,141 $987K Add +20.6%
BKOR Oak Ridge Financial Services 0.11% 55,364 $969K Reduce -9.8%
EQBK Equity Bancshares Inc. Class A 0.11% 27,281 $938K Reduce -79.1%
BCBP BCB Bancorp Inc. 0.10% 81,896 $856K Add +7.1%
IIIV I3 Verticals Inc. Class A 0.09% 35,300 $808K No change
CNBW CNB Corp. 0.09% 14,348 $760K No change
BOTJ Bank of the James Financial 0.08% 68,443 $709K No change
EDVR Endeavor Bancorp 0.07% 63,010 $655K New
VBFC Village Bank and Trust Finan 0.07% 14,381 $611K No change
RVSB Riverview Bancorp Inc. 0.07% 126,344 $596K Reduce -3.8%
FFMH First Farmers & Merchants 0.07% 20,092 $583K No change
LOB Live Oak Bancshares Inc. 0.06% 12,750 $529K No change
CBNK Capital Bancorp Inc. 0.06% 24,022 $500K Reduce -35.3%
PTBS Potomac Bancshares Inc. 0.06% 33,492 $499K No change
CVLY Codorus Valley Bancorp Inc. 0.05% 17,836 $406K Reduce -77.4%
LPRO Open Lending Corp. 0.02% 34,220 $214K No change
FOUR SHIFT4 Payments Inc. Class A 0.02% 2,880 $190K No change
AMFC Amb Financial Corp. 0.01% 3,902 $77K Reduce -63.1%

Portfolio Sells Q4 2023 → Q1 2024
BRBS Blue Ridge Bankshares Inc. Reduce -64.0% 0.34% −0.59
OBT Orange County Bancorp Inc. Reduce -5.6% 1.67% −0.35
CSTR Capstar Financial Holdings I Reduce -52.5% 0.34% −0.33
EQBK Equity Bancshares Inc. Class A Reduce -79.1% 0.11% −0.33
CNOB Connectone Bancorp Inc. Reduce -20.5% 1.05% −0.30
DCOM Dime Commercial Bancshares I Reduce -37.4% 0.30% −0.28
HBT HBT Financial Inc. Reduce -42.2% 0.35% −0.24
PGC Peapack Gladstone Finl Corp. Reduce -3.6% 1.94% −0.21
MBIN Merchants Bancorp Reduce -21.0% 2.03% −0.18
FBK FB Financial Corp. Sold out 0.00% −0.17
LBAI Lakeland Bancorp Inc. Reduce -9.1% 0.94% −0.16
OBK Origin Bancorp Inc. Reduce -29.7% 0.39% −0.16
MBWM Mercantile Bank Corp. Reduce -16.3% 1.72% −0.16
CVLY Codorus Valley Bancorp Inc. Reduce -77.4% 0.05% −0.15
FSBH Corp (was First Southern Bank) Sold out 0.00% −0.15
EBTC Enterprise Bancorp Inc. Reduce -17.8% 0.44% −0.14
BCAL California Bancorp Reduce -22.3% 0.42% −0.13
HTBK Heritage Commerce Corp. Reduce -16.1% 0.56% −0.11
CCBC Chino Commercial Bancorp Sold out 0.00% −0.10
SFST Southern First Bancshares Reduce -4.6% 1.43% −0.10
SMBK Smartfinancial Inc. Reduce -5.5% 1.29% −0.09
FXNC First National Corp. Reduce -5.8% 0.33% −0.08
OVLY Oak Valley Bancorp Reduce -15.5% 0.29% −0.07
QNBC QNB Corp. Sold out 0.00% −0.07
FRBA First Bank/Hamilton NJ Reduce -9.1% 2.39% −0.06
FCCO First Community Corp. Reduce -6.9% 0.37% −0.06
CBAN Colony Bankcorp Reduce -3.2% 1.39% −0.06
BWB Bridgewater Bancshares Inc. Reduce -21.8% 0.19% −0.06
ALPIB Alpine Banks of Colorado-B Reduce -10.3% 1.30% −0.05
LNKB Linkbancorp Inc. Reduce -6.1% 0.74% −0.05
FBMS First Bancshares Inc. Sold out 0.00% −0.05
CYSM Community Bancorp of Santa Sold out 0.00% −0.04
CYVF Crystal Valley Financial CP Sold out 0.00% −0.04
EFSI Eagle Financial Services Inc. Sold out 0.00% −0.03
CBNK Capital Bancorp Inc. Reduce -35.3% 0.06% −0.03
NCNO Ncino Inc. Sold out 0.00% −0.03
PEBO Peoples Bancorp Inc. Sold out 0.00% −0.03
SABK South Atlantic Bancshares Reduce -3.6% 0.51% −0.03
FETM Fentura Financial Inc. Reduce -5.3% 0.89% −0.02
VABK Virginia National Bankshares Sold out 0.00% −0.02
FVCB Fvcbankcorp Inc. Reduce -2.4% 0.41% −0.02
TBBK The Bancorp Inc. Reduce -7.4% 0.19% −0.02
RVSB Riverview Bancorp Inc. Reduce -3.8% 0.07% −0.02
BY Byline Bancorp Inc. Reduce -7.0% 0.84% −0.01
INBC Inbankshares Corp. Sold out 0.00% −0.01
SAMG Silvercrest Asset Manageme-A Reduce -9.8% 0.33% −0.01
BORT Bank of Botetourt Buchanan V Reduce -20.5% 0.13% −0.01
MLGF Malaga Financial Corp. Reduce -15.5% 0.22% −0.01
AMFC Amb Financial Corp. Reduce -63.1% 0.01% −0.01
USCB Uscb Financial Holdings Inc. Reduce -8.7% 0.27% −0.01

Portfolio Buys Q4 2023 → Q1 2024
COSO Coastal South Bancshares Inc. Add +40.0% 0.57% +0.25
PBAM Private Bancorp of America I Add +8.3% 1.41% +0.25
FRST Primis Financial Corp. Add +0.1% 2.33% +0.22
UBAB United Bancorporation Alab-A Add +23.8% 0.69% +0.21
RCBC River City Bank Add +6.1% 0.66% +0.17
FSBH FSBH Corp. New 0.16% +0.16
FSBC Five Star Bancorp Add +52.1% 0.44% +0.15
AVBH Avidbank Holdings Inc. Add +2.5% 1.55% +0.09
BPRN Princeton Bancorp Inc. Add +9.3% 1.08% +0.08
EDVR Endeavor Bancorp New 0.07% +0.07
MVBF MVB Financial Corp. Add +7.7% 0.24% +0.04
BAFN Bayfirst Financial Corp. Add +8.3% 0.22% +0.04
STBK Studio Financial Holdings Inc. Add +3.3% 0.35% +0.04
SSBK Southern States Bancshares Add +0.4% 2.15% +0.04
CFOK Community First Bancorp Add +20.6% 0.11% +0.04
PMHG Prime Meridian Holding Co. Add +1.3% 0.58% +0.04
SBKO Summit Bank Group Inc. Add +19.7% 0.14% +0.03
VBTX Veritex Holdings Inc. Add +1.4% 0.68% +0.02
BCBP BCB Bancorp Inc. Add +7.1% 0.10% −0.00
BWFG Bankwell Financial Group Inc. Add +0.4% 0.83% −0.01
SHBI Shore Bancshares Inc. Add +5.2% 0.63% −0.02
MRBK Meridian Corp. Add +0.4% 0.88% −0.19
MYFW First Western Financial Inc. Add +1.1% 1.26% −0.22
MNSB Mainstreet Bancshares Inc. Add +0.2% 1.25% −0.24

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 92$605.5MOSBC, PBAM, AVBH, UNTY, FCBM
Q1 2026 97$537.2MPBAM, OSBC, UNTY, AVBH, AMBZ
Q4 2025 98$505.2MUNTY, OSBC, AMBZ, PBAM, AVBH
Q3 2025 111$572.0MUNTY, OSBC, AVBH, PBAM, AMBZ
Q2 2025 115$661.6MUNTY, FNBT, OSBC, PBAM, BCAL
Q1 2025 118$758.5MUNTY, SSBK, AMBZ, OSBC, PBAM
Q4 2024 121$906.6MUNTY, OSBC, AMBZ, SSBK, PBAM
Q3 2024 125$921.4MUNTY, OSBC, FRBA, SSBK, AMBZ
Q2 2024 127$843.0MOSBC, UNTY, TFIN, SSBK, CFB
Q1 2024 134$884.7MOSBC, UNTY, TFIN, AMBZ, FRBA