Banc Funds Co. LLC

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 13, 2025), Banc Funds Co. LLC reported 121 stock positions worth $906.6 million. Its top holding was Unity Bancorp (UNTY) at 3.4% of the portfolio, followed by Old Second Bancorp (OSBC, 3.2%) and American Business Bank (AMBZ, 2.7%). Compared with Q3 2024, it opened 4 new positions, sold out of 8, added to 15 and reduced 53. The biggest buy was West Coast Community Bancorp (WCCB, shares +7%) and the biggest sale an exit from Bay Community Bancorp (CBOBA).

Most Recent 13F
Q2 2026
Location
CHICAGO, IL
CIK
0001029311
Portfolio Value
$906.6M (Q4 2024)
SEC Filing
0001029311-25-000004 ↗ filed Feb 13, 2025

Holdings Value

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $884.7M Q1 2024 Q2 2024: $843.0M Q2 2024 Q3 2024: $921.4M Q3 2024 Q4 2024: $906.6M $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 121 stocks · $906.6M
UNTY Unity Bancorp Inc. 3.44% 715,044 $31.2M Reduce -14.9%
OSBC Old Second Bancorp Inc. 3.17% 1,616,078 $28.7M Reduce -7.9%
AMBZ American Business Bank 2.69% 555,133 $24.4M Reduce -2.7%
SSBK Southern States Bancshares 2.56% 695,813 $23.2M Reduce -3.0%
PBAM Private Bancorp of America I 2.46% 386,706 $22.3M Reduce -6.0%
BCAL California Bancorp 2.43% 1,330,365 $22.0M Reduce -5.8%
FRBA First Bank/Hamilton NJ 2.33% 1,499,192 $21.1M Reduce -0.3%
WCCB West Coast Community Bancorp 2.30% 500,988 $20.9M Add +7.4%
TFIN Triumph Financial Inc. 2.23% 222,894 $20.3M Reduce -15.7%
FRST Primis Financial Corp. 2.20% 1,713,963 $20.0M No change
FNBT Finemark Holdings Inc. 2.13% 726,244 $19.3M No change
PGC Peapack Gladstone Finl Corp. 2.05% 580,799 $18.6M Reduce -3.6%
TCBI Texas Capital Bancshares Inc. 1.99% 231,205 $18.1M No change
BANC Banc of California Inc. 1.80% 1,053,629 $16.3M No change
AVBH Avidbank Holdings Inc. 1.73% 718,797 $15.7M Add +0.8%
FBIZ First Business Financial Ser 1.70% 333,443 $15.4M Reduce -17.0%
MBIN Merchants Bancorp 1.61% 400,615 $14.6M Add +2.8%
MCB Metropolitan Bank Holding Co. 1.57% 243,254 $14.2M Add +1.3%
CBAN Colony Bankcorp 1.55% 870,859 $14.1M Reduce -11.5%
OBT Orange County Bancorp Inc. 1.46% 238,025 $13.2M Reduce -17.3%
INBK First Internet Bancorp 1.45% 364,296 $13.1M No change
FETM Fentura Financial Inc. 1.45% 291,164 $13.1M Reduce -1.6%
SFST Southern First Bancshares 1.40% 319,035 $12.7M Reduce -13.8%
MYFW First Western Financial Inc. 1.37% 636,177 $12.4M Reduce -11.9%
MCBI Mountain Commerce Bancorp Inc. 1.36% 572,510 $12.3M No change
BFST Business First Bancshares 1.36% 478,494 $12.3M Add +3.5%
MPB Mid Penn Bancorp Inc. 1.31% 412,552 $11.9M Add +13.8%
ALPIB Alpine Banks of Colorado-B 1.30% 344,490 $11.8M Reduce -0.6%
MNSB Mainstreet Bancshares Inc. 1.30% 651,014 $11.8M No change
ISTR Investar Holding Corp. 1.26% 522,117 $11.5M Reduce -10.6%
SMBK Smartfinancial Inc. 1.24% 362,433 $11.2M Reduce -29.6%
CNOB Connectone Bancorp Inc. 1.21% 479,086 $11.0M Reduce -2.0%
MBWM Mercantile Bank Corp. 1.20% 244,452 $10.9M Reduce -20.1%
BSVN BANK7 Corp. 1.19% 232,036 $10.8M Reduce -24.0%
BPRN Princeton Bancorp Inc. 1.19% 314,428 $10.8M Reduce -7.7%
TCBX Third Coast Bancshares Inc. 1.18% 315,267 $10.7M Reduce -27.1%
CCNE CNB Financial Corp. 1.17% 426,776 $10.6M Reduce -11.4%
MRBK Meridian Corp. 1.15% 761,309 $10.4M Reduce -8.2%
ALRS Alerus Financial Corp. 1.08% 510,299 $9.8M Reduce -6.1%
CFB Crossfirst Bankshares Inc. 1.07% 638,098 $9.7M Reduce -33.8%
FSUN Firstsun Capital Bancorp 0.98% 221,396 $8.9M No change
BRBS Blue Ridge Bankshares Inc. 0.94% 2,634,722 $8.5M Add +23.6%
FNRN First Northern Community Ban 0.93% 840,537 $8.4M No change
CZWI Citizens Community Bancorp I 0.91% 508,221 $8.3M Reduce -9.2%
VBTX Veritex Holdings Inc. 0.91% 303,000 $8.2M No change
FFWM First Foundation Inc. 0.89% 1,306,054 $8.1M Reduce -3.5%
BWFG Bankwell Financial Group Inc. 0.86% 249,423 $7.8M Reduce -11.8%
TRBK Traditions Bancorp Inc. 0.78% 249,795 $7.0M Reduce -0.8%
BSRR Sierra Bancorp 0.72% 226,731 $6.6M Reduce -38.6%
PSBQ PSB Holdings Inc. filed as PSB HLDGS INC WIS 0.71% 241,953 $6.4M Reduce -3.6%
SHBI Shore Bancshares Inc. 0.70% 398,809 $6.3M Reduce -13.7%
UBAB United Bancorporation Alab-A 0.70% 110,813 $6.3M Reduce -13.0%
RCBC River City Bank 0.69% 20,171 $6.3M Reduce -9.0%
LNKB Linkbancorp Inc. 0.69% 831,094 $6.2M Reduce -3.8%
PMHG Prime Meridian Holding Co. 0.69% 202,376 $6.2M Reduce -5.9%
COSO Coastal South Bancshares Inc. 0.66% 271,238 $6.0M Reduce -7.3%
SABK South Atlantic Bancshares 0.64% 366,635 $5.8M Reduce -3.4%
UBFO United Security Bancshare 0.63% 573,139 $5.7M No change
FSRL First Reliance Bancshares Inc. 0.59% 558,884 $5.4M Add +3.9%
ORPB Oregon Pacific Bancorp 0.58% 661,386 $5.3M No change
ARBV American Riviera Bancorp 0.58% 264,546 $5.3M Reduce -17.9%
STBK Studio Financial Holdings Inc. 0.56% 409,215 $5.1M Add +18.8%
CMHF Community Heritage Financial 0.54% 203,558 $4.9M No change
WRIV White River Bancshares Co. 0.53% 137,422 $4.8M No change
HANOVER BANCORP INC/NY 0.53% 208,440 $4.8M Reduce -8.8%
FGFH Foresight Financial Group 0.52% 142,598 $4.7M No change
BREMER FINANCIAL CORP 0.51% 41,667 $4.6M No change
FSBC Five Star Bancorp 0.49% 148,919 $4.5M No change
EBTC Enterprise Bancorp Inc. 0.49% 112,158 $4.4M Add +5.8%
FCPB First Capital Bancshares Inc. 0.49% 382,816 $4.4M No change
SOUB Southpoint Bancshares Inc. 0.47% 113,664 $4.3M Add +3.6%
NWYF Northway Financial Inc. 0.41% 103,158 $3.7M No change
AMTB Amerant Bancorp Inc. 0.40% 160,000 $3.6M No change
FVCB Fvcbankcorp Inc. 0.39% 280,121 $3.5M No change
BY Byline Bancorp Inc. 0.38% 117,612 $3.4M Add +21.4%
CCNB Coastal Carolina Bancshares 0.37% 305,596 $3.3M Add +0.4%
SSBI Summit State Bank 0.36% 429,395 $3.3M No change
DCOM Dime Commercial Bancshares I filed as DIME CMNTY BANCSHARES INC 0.33% 97,948 $3.0M Add +28.8%
FISI Financial Institutions Inc. 0.31% 104,000 $2.8M New
SBKO Summit Bank Group Inc. 0.31% 190,501 $2.8M No change
USCB Uscb Financial Holdings Inc. 0.29% 149,230 $2.6M No change
MFGI Merchants Financial Group Inc. 0.29% 103,777 $2.6M Reduce -0.6%
CBWA Commencement Bancorp Inc. 0.28% 203,360 $2.6M Reduce -20.8%
MVLY Mission Valley Bancorp 0.28% 148,742 $2.5M Reduce -9.2%
PPBN Pinnacle Bankshares Corp. 0.27% 79,682 $2.5M No change
BBT Beacon Financial Corp. filed as BERKSHIRE HILLS BANCORP INC 0.27% 86,206 $2.5M New
TBBK The Bancorp Inc. 0.26% 45,592 $2.4M No change
SBT Sterling Bancorp Inc. 0.26% 502,061 $2.4M No change
TRCY Tri City Bankshares Corp. 0.26% 169,041 $2.4M No change
BLHK Blueharbor Bank 0.26% 106,602 $2.3M No change
MVBF MVB Financial Corp. 0.25% 109,189 $2.3M No change
FXNC First National Corp. 0.25% 97,579 $2.2M Reduce -43.4%
FCCO First Community Corp. 0.24% 91,645 $2.2M Reduce -34.3%
BAFN Bayfirst Financial Corp. 0.22% 150,272 $2.0M No change
SBNC Southern Bancshares Inc./N C 0.21% 239 $1.9M No change
BCTF Bancorp 34 Inc. 0.21% 162,857 $1.9M No change
GNRV Grand River Commerce Inc. 0.21% 675,014 $1.9M No change
PWBK Pacific West Bancorp 0.20% 145,715 $1.8M No change
PBNK Pinnacle Bank/Gilroy Ca 0.20% 92,128 $1.8M No change
WEX Wex Inc. 0.19% 9,955 $1.7M No change
FSBH FSBH Corp. 0.19% 234,250 $1.7M No change
RNST Renasant Corp. 0.18% 46,875 $1.7M No change
HTBK Heritage Commerce Corp. 0.18% 174,539 $1.6M Reduce -36.0%
BWB Bridgewater Bancshares Inc. 0.18% 119,479 $1.6M No change
FCOB 1ST Colonial Bancorp Inc. 0.18% 108,144 $1.6M No change
OBK Origin Bancorp Inc. 0.17% 47,142 $1.6M No change
EDVR Endeavor Bancorp 0.14% 104,091 $1.3M Add +24.1%
BORT Bank of Botetourt Buchanan V filed as BANK BOTETOURT 0.13% 36,624 $1.2M No change
DSBX Dogwood State Bank 0.12% 79,721 $1.1M No change
BKOR Oak Ridge Financial Services 0.11% 47,364 $980K Reduce -4.0%
MLGF Malaga Financial Corp. 0.10% 41,269 $924K Reduce -39.6%
CNBW CNB Corp. 0.09% 14,348 $832K No change
RVSB Riverview Bancorp Inc. 0.08% 126,344 $723K No change
FFMH First Farmers & Merchants 0.08% 20,092 $703K No change
CBNK Capital Bancorp Inc. 0.08% 24,022 $685K No change
PTBS Potomac Bancshares Inc. 0.06% 33,492 $569K No change
LOB Live Oak Bancshares Inc. 0.05% 12,322 $487K Reduce -3.4%
VBNK Versabank 0.05% 30,000 $416K New
SOME Somerset Trust Holding Co. 0.05% 9,096 $412K New
HBT HBT Financial Inc. 0.04% 18,403 $403K Reduce -74.6%
ESBS Es Bancshares Inc. 0.02% 28,245 $184K Reduce -80.6%

Portfolio Sells Q3 2024 → Q4 2024
CBOBA Bay Community Bancorp Sold out 0.00% −0.70
CFB Crossfirst Bankshares Inc. Reduce -33.8% 1.07% −0.68
BSRR Sierra Bancorp Reduce -38.6% 0.72% −0.43
OBT Orange County Bancorp Inc. Reduce -17.3% 1.46% −0.43
SMBK Smartfinancial Inc. Reduce -29.6% 1.24% −0.39
FISB 1ST Capital Bancorp Sold out 0.00% −0.38
FBIZ First Business Financial Ser Reduce -17.0% 1.70% −0.28
ALRS Alerus Financial Corp. Reduce -6.1% 1.08% −0.27
MBWM Mercantile Bank Corp. Reduce -20.1% 1.20% −0.25
MCHN McHenry Bancorp Inc. Sold out 0.00% −0.24
MYFW First Western Financial Inc. Reduce -11.9% 1.37% −0.20
BPRN Princeton Bancorp Inc. Reduce -7.7% 1.19% −0.17
FRBA First Bank/Hamilton NJ Reduce -0.3% 2.33% −0.15
MOFG Midwestone Financial Group I Sold out 0.00% −0.15
HBT HBT Financial Inc. Reduce -74.6% 0.04% −0.13
OVLY Oak Valley Bancorp Sold out 0.00% −0.13
CNOB Connectone Bancorp Inc. Reduce -2.0% 1.21% −0.12
HTBK Heritage Commerce Corp. Reduce -36.0% 0.18% −0.11
CBAN Colony Bankcorp Reduce -11.5% 1.55% −0.11
CCNE CNB Financial Corp. Reduce -11.4% 1.17% −0.09
ARBV American Riviera Bancorp Reduce -17.9% 0.58% −0.09
FCCO First Community Corp. Reduce -34.3% 0.24% −0.08
ESBS Es Bancshares Inc. Reduce -80.6% 0.02% −0.08
FXNC First National Corp. Reduce -43.4% 0.25% −0.08
TCBX Third Coast Bancshares Inc. Reduce -27.1% 1.18% −0.08
MLGF Malaga Financial Corp. Reduce -39.6% 0.10% −0.07
BWFG Bankwell Financial Group Inc. Reduce -11.8% 0.86% −0.06
CSHX Cashmere Valley Bank Sold out 0.00% −0.06
BCBP BCB Bancorp Inc. Sold out 0.00% −0.05
TFIN Triumph Financial Inc. Reduce -15.7% 2.23% −0.05
BSVN BANK7 Corp. Reduce -24.0% 1.19% −0.05
TRBK Traditions Bancorp Inc. Reduce -0.8% 0.78% −0.04
BOTJ Bank of the James Financial Sold out 0.00% −0.03
CBWA Commencement Bancorp Inc. Reduce -20.8% 0.28% −0.03
FFWM First Foundation Inc. Reduce -3.5% 0.89% −0.02
LOB Live Oak Bancshares Inc. Reduce -3.4% 0.05% −0.01
UBAB United Bancorporation Alab-A Reduce -13.0% 0.70% −0.01
SHBI Shore Bancshares Inc. Reduce -13.7% 0.70% −0.00
MFGI Merchants Financial Group Inc. Reduce -0.6% 0.29% +0.00
BKOR Oak Ridge Financial Services Reduce -4.0% 0.11% +0.01
MRBK Meridian Corp. Reduce -8.2% 1.15% +0.01
MVLY Mission Valley Bancorp Reduce -9.2% 0.28% +0.01
RCBC River City Bank Reduce -9.0% 0.69% +0.02
PSBQ PSB Holdings Inc. Reduce -3.6% 0.71% +0.03
SFST Southern First Bancshares Reduce -13.8% 1.40% +0.03
COSO Coastal South Bancshares Inc. Reduce -7.3% 0.66% +0.03
ISTR Investar Holding Corp. Reduce -10.6% 1.26% +0.04
CZWI Citizens Community Bancorp I Reduce -9.2% 0.91% +0.05
SABK South Atlantic Bancshares Reduce -3.4% 0.64% +0.07
LNKB Linkbancorp Inc. Reduce -3.8% 0.69% +0.08

Portfolio Buys Q3 2024 → Q4 2024
WCCB West Coast Community Bancorp Add +7.4% 2.30% +0.33
FISI Financial Institutions Inc. New 0.31% +0.31
BRBS Blue Ridge Bankshares Inc. Add +23.6% 0.94% +0.29
BBT Beacon Financial Corp. New 0.27% +0.27
AVBH Avidbank Holdings Inc. Add +0.8% 1.73% +0.22
MCB Metropolitan Bank Holding Co. Add +1.3% 1.57% +0.20
STBK Studio Financial Holdings Inc. Add +18.8% 0.56% +0.18
MPB Mid Penn Bancorp Inc. Add +13.8% 1.31% +0.14
EBTC Enterprise Bancorp Inc. Add +5.8% 0.49% +0.12
BY Byline Bancorp Inc. Add +21.4% 0.38% +0.09
DCOM Dime Commercial Bancshares I Add +28.8% 0.33% +0.09
BFST Business First Bancshares Add +3.5% 1.36% +0.07
SOUB Southpoint Bancshares Inc. Add +3.6% 0.47% +0.07
EDVR Endeavor Bancorp Add +24.1% 0.14% +0.05
VBNK Versabank New 0.05% +0.05
SOME Somerset Trust Holding Co. New 0.05% +0.05
CCNB Coastal Carolina Bancshares Add +0.4% 0.37% +0.04
FSRL First Reliance Bancshares Inc. Add +3.9% 0.59% −0.00
MBIN Merchants Bancorp Add +2.8% 1.61% −0.29

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