Banc Funds Co. LLC

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

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 Q4 2024 Q1 2025: $758.5M $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 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
RNST Renasant Corp. 0.19% 41,875 $1.4M Reduce -10.7%
PBNK Pinnacle Bank/Gilroy Ca 0.17% 69,512 $1.3M Reduce -24.6%
TBBK The Bancorp Inc. 0.16% 23,592 $1.2M Reduce -48.3%
DSBX Dogwood State Bank 0.15% 79,721 $1.2M No change
CNBW CNB Corp. 0.15% 14,348 $1.1M No change
ACNB Acnb Corp. 0.15% 26,767 $1.1M New
FCOB 1ST Colonial Bancorp Inc. 0.14% 69,644 $1.0M Reduce -35.6%
BORT Bank of Botetourt Buchanan V filed as BANK BOTETOURT 0.13% 30,624 $1.0M Reduce -16.4%
SBNC Southern Bancshares Inc./N C 0.13% 124 $1.0M Reduce -48.1%
NPB Northpointe Bancshares Inc. 0.11% 60,000 $866K New
MLGF Malaga Financial Corp. 0.11% 41,269 $856K No change
FFMH First Farmers & Merchants 0.10% 20,092 $769K No change
CBNK Capital Bancorp Inc. 0.09% 24,022 $681K No change
SOME Somerset Trust Holding Co. 0.07% 10,887 $531K Add +19.7%
PTBS Potomac Bancshares Inc. 0.07% 32,292 $522K Reduce -3.6%
HBT HBT Financial Inc. 0.05% 18,403 $412K No change
LOB Live Oak Bancshares Inc. 0.04% 10,350 $276K Reduce -16.0%
RVSB Riverview Bancorp Inc. 0.01% 7,964 $45K Reduce -93.7%

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

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