Banc Funds Co. LLC

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Banc Funds Co. LLC reported 118 stock positions worth $758.5 million. Its top holding was Unity Bancorp (UNTY) at 3.2% of the portfolio, followed by Southern States Bancshares (SSBK, 3.1%) and American Business Bank (AMBZ, 2.8%). Compared with Q4 2024, it opened 5 new positions, sold out of 8, added to 9 and reduced 70. The biggest buy was a new position in First Busey (BUSE) and the biggest sale an exit from Fentura Financial (FETM).

Most Recent 13F: Q2 2026
Location: CHICAGO, IL
CIK: 0001029311
Portfolio Value: $758.5M (Q1 2025)
SEC Filing: 0001029311-25-000006 ↗ filed May 14, 2025

Holdings Value

Holdings 118 stocks · $758.5M


UNTY Unity Bancorp Inc.	3.25%	604,944	$24.6M	Reduce -15.4%
SSBK Southern States Bancshares	3.13%	663,484	$23.7M	Reduce -4.7%
AMBZ American Business Bank	2.83%	481,822	$21.5M	Reduce -13.2%
OSBC Old Second Bancorp Inc.	2.82%	1,284,578	$21.4M	Reduce -20.5%
PBAM Private Bancorp of America I	2.59%	358,352	$19.6M	Reduce -7.3%
FRBA First Bank/Hamilton NJ	2.35%	1,203,049	$17.8M	Reduce -19.8%
BCAL California Bancorp	2.23%	1,181,878	$16.9M	Reduce -11.2%
FNBT Finemark Holdings Inc.	2.23%	650,172	$16.9M	Reduce -10.5%
WCCB West Coast Community Bancorp	2.21%	427,642	$16.8M	Reduce -14.6%
AVBH Avidbank Holdings Inc.	2.19%	735,277	$16.6M	Add +2.3%
FRST Primis Financial Corp.	2.06%	1,601,360	$15.6M	Reduce -6.6%
MBIN Merchants Bancorp	1.88%	385,915	$14.3M	Reduce -3.7%
BANC Banc of California Inc.	1.85%	986,629	$14.0M	Reduce -6.4%
PGC Peapack Gladstone Finl Corp.	1.77%	473,399	$13.4M	Reduce -18.5%
TCBI Texas Capital Bancshares Inc.	1.76%	179,205	$13.4M	Reduce -22.5%
MCB Metropolitan Bank Holding Co.	1.71%	232,254	$13.0M	Reduce -4.5%
FBIZ First Business Financial Ser	1.71%	274,277	$12.9M	Reduce -17.7%
MYFW First Western Financial Inc.	1.65%	636,177	$12.5M	No change
CNOB Connectone Bancorp Inc.	1.52%	475,086	$11.5M	Reduce -0.8%
CBAN Colony Bankcorp	1.49%	700,359	$11.3M	Reduce -19.6%
TFIN Triumph Financial Inc.	1.47%	192,394	$11.1M	Reduce -13.7%
MNSB Mainstreet Bancshares Inc.	1.44%	651,014	$10.9M	No change
MPB Mid Penn Bancorp Inc.	1.41%	412,552	$10.7M	No change
MCBI Mountain Commerce Bancorp Inc.	1.37%	512,310	$10.4M	Reduce -10.5%
OBT Orange County Bancorp Inc.	1.34%	433,632	$10.1M	Reduce -8.9%
ALPIB Alpine Banks of Colorado-B	1.32%	322,498	$10.0M	Reduce -6.4%
BFST Business First Bancshares	1.31%	408,145	$9.9M	Reduce -14.7%
SFST Southern First Bancshares	1.30%	299,920	$9.9M	Reduce -6.0%
BPRN Princeton Bancorp Inc.	1.27%	315,428	$9.6M	Add +0.3%
MRBK Meridian Corp.	1.25%	659,104	$9.5M	Reduce -13.4%
INBK First Internet Bancorp	1.24%	350,296	$9.4M	Reduce -3.8%
MBWM Mercantile Bank Corp.	1.23%	215,452	$9.4M	Reduce -11.9%
BUSE First Busey Corp.	1.23%	430,929	$9.3M	New
SMBK Smartfinancial Inc.	1.21%	294,911	$9.2M	Reduce -18.6%
ISTR Investar Holding Corp.	1.19%	510,906	$9.0M	Reduce -2.1%
FNRN First Northern Community Ban	1.18%	882,564	$9.0M	Add +5.0%
TCBX Third Coast Bancshares Inc.	1.18%	268,649	$9.0M	Reduce -14.8%
CCNE CNB Financial Corp.	1.18%	401,776	$8.9M	Reduce -5.9%
COFS Choiceone Financial SVCS Inc.	1.15%	303,381	$8.7M	New
ALRS Alerus Financial Corp.	1.10%	451,641	$8.3M	Reduce -11.5%
BRBS Blue Ridge Bankshares Inc.	1.08%	2,506,902	$8.2M	Reduce -4.8%
VBTX Veritex Holdings Inc.	0.93%	283,100	$7.1M	Reduce -6.6%
RCBC River City Bank	0.92%	19,837	$6.9M	Reduce -1.7%
FSUN Firstsun Capital Bancorp	0.89%	187,705	$6.8M	Reduce -15.2%
FFWM First Foundation Inc.	0.89%	1,306,054	$6.8M	No change
CZWI Citizens Community Bancorp I	0.89%	468,742	$6.7M	Reduce -7.8%
BSVN BANK7 Corp.	0.88%	171,836	$6.7M	Reduce -25.9%
UBAB United Bancorporation Alab-A	0.78%	110,813	$5.9M	No change
SHBI Shore Bancshares Inc.	0.72%	403,809	$5.5M	Add +1.3%
COSO Coastal South Bancshares Inc.	0.71%	254,557	$5.4M	Reduce -6.2%
ORPB Oregon Pacific Bancorp	0.68%	644,986	$5.1M	Reduce -2.5%
UBFO United Security Bancshare	0.64%	545,672	$4.9M	Reduce -4.8%
BREMER FINANCIAL CORP	0.63%	41,667	$4.8M	No change
BWFG Bankwell Financial Group Inc.	0.63%	159,377	$4.8M	Reduce -36.1%
SABK South Atlantic Bancshares	0.62%	308,952	$4.7M	Reduce -15.7%
CMHF Community Heritage Financial	0.62%	191,558	$4.7M	Reduce -5.9%
FSRL First Reliance Bancshares Inc.	0.62%	495,884	$4.7M	Reduce -11.3%
FGFH Foresight Financial Group	0.60%	142,598	$4.5M	No change
PSBQ PSB Holdings Inc. filed as PSB HLDGS INC WIS	0.59%	175,973	$4.5M	Reduce -27.3%
EBTC Enterprise Bancorp Inc.	0.58%	112,158	$4.4M	No change
STBK Studio Financial Holdings Inc.	0.58%	409,215	$4.4M	No change
BSRR Sierra Bancorp	0.57%	153,831	$4.3M	Reduce -32.1%
ARBV American Riviera Bancorp	0.56%	222,152	$4.3M	Reduce -16.0%
LNKB Linkbancorp Inc.	0.56%	623,533	$4.2M	Reduce -25.0%
HANOVER BANCORP INC/NY	0.56%	192,329	$4.2M	Reduce -7.7%
CCNB Coastal Carolina Bancshares	0.53%	357,232	$4.1M	Add +16.9%
SSBI Summit State Bank	0.52%	429,395	$4.0M	No change
WRIV White River Bancshares Co.	0.52%	99,000	$3.9M	Reduce -28.0%
FCPB First Capital Bancshares Inc.	0.49%	368,316	$3.7M	Reduce -3.8%
FSBC Five Star Bancorp	0.46%	124,919	$3.5M	Reduce -16.1%
AMTB Amerant Bancorp Inc.	0.45%	165,000	$3.4M	Add +3.1%
SOUB Southpoint Bancshares Inc.	0.44%	118,564	$3.4M	Add +4.3%
BY Byline Bancorp Inc.	0.42%	121,612	$3.2M	Add +3.4%
FVCB Fvcbankcorp Inc.	0.38%	269,121	$2.8M	Reduce -3.9%
SBKO Summit Bank Group Inc.	0.37%	190,501	$2.8M	No change
USCB Uscb Financial Holdings Inc.	0.37%	149,230	$2.8M	No change
DCOM Dime Commercial Bancshares I filed as DIME CMNTY BANCSHARES INC	0.36%	97,948	$2.7M	No change
GNRV Grand River Commerce Inc.	0.35%	675,014	$2.7M	No change
FISI Financial Institutions Inc.	0.34%	104,000	$2.6M	No change
MFGI Merchants Financial Group Inc.	0.33%	103,777	$2.5M	No change
PMHG Prime Meridian Holding Co.	0.33%	90,128	$2.5M	Reduce -55.5%
BAFN Bayfirst Financial Corp.	0.33%	150,272	$2.5M	No change
BLHK Blueharbor Bank	0.32%	106,602	$2.5M	No change
SBT Sterling Bancorp Inc.	0.32%	502,061	$2.4M	No change
BBT Beacon Financial Corp. filed as BERKSHIRE HILLS BANCORP INC	0.30%	86,206	$2.2M	No change
CBWA Commencement Bancorp Inc.	0.28%	165,960	$2.1M	Reduce -18.4%
EFSI Eagle Financial Services Inc.	0.28%	65,000	$2.1M	New
FSBH FSBH Corp.	0.28%	234,250	$2.1M	No change
TRCY Tri City Bankshares Corp.	0.28%	152,041	$2.1M	Reduce -10.1%
BCTF Bancorp 34 Inc.	0.27%	162,857	$2.1M	No change
FXNC First National Corp.	0.27%	92,385	$2.1M	Reduce -5.3%
FCCO First Community Corp.	0.27%	91,645	$2.1M	No change
MVBF MVB Financial Corp.	0.25%	109,189	$1.9M	No change
MVLY Mission Valley Bancorp	0.24%	120,617	$1.8M	Reduce -18.9%
PPBN Pinnacle Bankshares Corp.	0.24%	57,682	$1.8M	Reduce -27.6%
BWB Bridgewater Bancshares Inc.	0.22%	119,479	$1.7M	No change
HTBK Heritage Commerce Corp.	0.21%	169,539	$1.6M	Reduce -2.9%
PWBK Pacific West Bancorp	0.21%	145,715	$1.6M	No change
WEX Wex Inc.	0.21%	9,955	$1.6M	No change
EDVR Endeavor Bancorp	0.19%	104,091	$1.5M	No change

Show all 118 holdings

Portfolio Sells Q4 2024 → Q1 2025


FETM Fentura Financial Inc.	Sold out	0.00%	−1.45
CFB Crossfirst Bankshares Inc.	Sold out	0.00%	−1.07
TRBK Traditions Bancorp Inc.	Sold out	0.00%	−0.78
TFIN Triumph Financial Inc.	Reduce -13.7%	1.47%	−0.77
NWYF Northway Financial Inc.	Sold out	0.00%	−0.41
PMHG Prime Meridian Holding Co.	Reduce -55.5%	0.33%	−0.35
OSBC Old Second Bancorp Inc.	Reduce -20.5%	2.82%	−0.35
BSVN BANK7 Corp.	Reduce -25.9%	0.88%	−0.32
PGC Peapack Gladstone Finl Corp.	Reduce -18.5%	1.77%	−0.28
TCBI Texas Capital Bancshares Inc.	Reduce -22.5%	1.76%	−0.23
BWFG Bankwell Financial Group Inc.	Reduce -36.1%	0.63%	−0.22
INBK First Internet Bancorp	Reduce -3.8%	1.24%	−0.21
BCAL California Bancorp	Reduce -11.2%	2.23%	−0.19
UNTY Unity Bancorp Inc.	Reduce -15.4%	3.25%	−0.19
OBK Origin Bancorp Inc.	Sold out	0.00%	−0.17
BSRR Sierra Bancorp	Reduce -32.1%	0.57%	−0.16
FRST Primis Financial Corp.	Reduce -6.6%	2.06%	−0.14
LNKB Linkbancorp Inc.	Reduce -25.0%	0.56%	−0.13
OBT Orange County Bancorp Inc.	Reduce -8.9%	1.34%	−0.12
PSBQ PSB Holdings Inc.	Reduce -27.3%	0.59%	−0.12
BKOR Oak Ridge Financial Services	Sold out	0.00%	−0.11
TBBK The Bancorp Inc.	Reduce -48.3%	0.16%	−0.10
SFST Southern First Bancshares	Reduce -6.0%	1.30%	−0.10
WCCB West Coast Community Bancorp	Reduce -14.6%	2.21%	−0.09
FSUN Firstsun Capital Bancorp	Reduce -15.2%	0.89%	−0.08
SBNC Southern Bancshares Inc./N C	Reduce -48.1%	0.13%	−0.08
ISTR Investar Holding Corp.	Reduce -2.1%	1.19%	−0.08
RVSB Riverview Bancorp Inc.	Reduce -93.7%	0.01%	−0.07
CBAN Colony Bankcorp	Reduce -19.6%	1.49%	−0.06
BFST Business First Bancshares	Reduce -14.7%	1.31%	−0.05
VBNK Versabank	Sold out	0.00%	−0.05
FCOB 1ST Colonial Bancorp Inc.	Reduce -35.6%	0.14%	−0.04
PPBN Pinnacle Bankshares Corp.	Reduce -27.6%	0.24%	−0.04
FSBC Five Star Bancorp	Reduce -16.1%	0.46%	−0.04
MVLY Mission Valley Bancorp	Reduce -18.9%	0.24%	−0.04
SMBK Smartfinancial Inc.	Reduce -18.6%	1.21%	−0.03
CZWI Citizens Community Bancorp I	Reduce -7.8%	0.89%	−0.02
SABK South Atlantic Bancshares	Reduce -15.7%	0.62%	−0.02
ARBV American Riviera Bancorp	Reduce -16.0%	0.56%	−0.02
PBNK Pinnacle Bank/Gilroy Ca	Reduce -24.6%	0.17%	−0.02
ESBS Es Bancshares Inc.	Sold out	0.00%	−0.02
LOB Live Oak Bancshares Inc.	Reduce -16.0%	0.04%	−0.02
FVCB Fvcbankcorp Inc.	Reduce -3.9%	0.38%	−0.01
WRIV White River Bancshares Co.	Reduce -28.0%	0.52%	−0.01
CBWA Commencement Bancorp Inc.	Reduce -18.4%	0.28%	−0.00
TCBX Third Coast Bancshares Inc.	Reduce -14.8%	1.18%	+0.00
FBIZ First Business Financial Ser	Reduce -17.7%	1.71%	+0.00
RNST Renasant Corp.	Reduce -10.7%	0.19%	+0.00
FCPB First Capital Bancshares Inc.	Reduce -3.8%	0.49%	+0.01
BORT Bank of Botetourt Buchanan V	Reduce -16.4%	0.13%	+0.01

Portfolio Buys Q4 2024 → Q1 2025


BUSE First Busey Corp.	New	1.23%	+1.23
COFS Choiceone Financial SVCS Inc.	New	1.15%	+1.15
AVBH Avidbank Holdings Inc.	Add +2.3%	2.19%	+0.47
EFSI Eagle Financial Services Inc.	New	0.28%	+0.28
FNRN First Northern Community Ban	Add +5.0%	1.18%	+0.26
CCNB Coastal Carolina Bancshares	Add +16.9%	0.53%	+0.17
ACNB Acnb Corp.	New	0.15%	+0.15
NPB Northpointe Bancshares Inc.	New	0.11%	+0.11
BPRN Princeton Bancorp Inc.	Add +0.3%	1.27%	+0.08
AMTB Amerant Bancorp Inc.	Add +3.1%	0.45%	+0.05
BY Byline Bancorp Inc.	Add +3.4%	0.42%	+0.04
SOME Somerset Trust Holding Co.	Add +19.7%	0.07%	+0.02
SHBI Shore Bancshares Inc.	Add +1.3%	0.72%	+0.02
SOUB Southpoint Bancshares Inc.	Add +4.3%	0.44%	−0.03

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	92	$605.5M	OSBC, PBAM, AVBH, UNTY, FCBM
Q1 2026	97	$537.2M	PBAM, OSBC, UNTY, AVBH, AMBZ
Q4 2025	98	$505.2M	UNTY, OSBC, AMBZ, PBAM, AVBH
Q3 2025	111	$572.0M	UNTY, OSBC, AVBH, PBAM, AMBZ
Q2 2025	115	$661.6M	UNTY, FNBT, OSBC, PBAM, BCAL
Q1 2025	118	$758.5M	UNTY, SSBK, AMBZ, OSBC, PBAM
Q4 2024	121	$906.6M	UNTY, OSBC, AMBZ, SSBK, PBAM
Q3 2024	125	$921.4M	UNTY, OSBC, FRBA, SSBK, AMBZ
Q2 2024	127	$843.0M	OSBC, UNTY, TFIN, SSBK, CFB
Q1 2024	134	$884.7M	OSBC, UNTY, TFIN, AMBZ, FRBA