Banc Funds Co. LLC

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

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Banc Funds Co. LLC reported 115 stock positions worth $661.6 million. Its top holding was Unity Bancorp (UNTY) at 3.7% of the portfolio, followed by Finemark (FNBT, 3.3%) and Old Second Bancorp (OSBC, 3.1%). Compared with Q1 2025, it opened 1 new position, sold out of 4, added to 4 and reduced 86. The biggest buy was a new position in Old National Bancorp (ONB) and the biggest sale Southern States Bancshares (SSBK, shares −42%).

Most Recent 13F: Q2 2026
Location: CHICAGO, IL
CIK: 0001029311
Portfolio Value: $661.6M (Q2 2025)
SEC Filing: 0001029311-25-000009 ↗ filed Aug 14, 2025

Holdings Value

Holdings 115 stocks · $661.6M


UNTY Unity Bancorp Inc.	3.73%	524,218	$24.7M	Reduce -13.3%
FNBT Finemark Holdings Inc.	3.34%	535,265	$22.1M	Reduce -17.7%
OSBC Old Second Bancorp Inc.	3.10%	1,157,378	$20.5M	Reduce -9.9%
PBAM Private Bancorp of America I	2.73%	332,531	$18.0M	Reduce -7.2%
BCAL California Bancorp	2.37%	993,400	$15.7M	Reduce -15.9%
FRBA First Bank/Hamilton NJ	2.32%	991,249	$15.3M	Reduce -17.6%
FRST Primis Financial Corp.	2.25%	1,369,088	$14.9M	Reduce -14.5%
AMBZ American Business Bank	2.24%	347,447	$14.8M	Reduce -27.9%
WCCB West Coast Community Bancorp	2.15%	363,820	$14.2M	Reduce -14.9%
SSBK Southern States Bancshares	2.10%	382,380	$13.9M	Reduce -42.4%
AVBH Avidbank Holdings Inc.	2.07%	670,039	$13.7M	Reduce -8.9%
FBIZ First Business Financial Ser	2.03%	264,477	$13.4M	Reduce -3.6%
PGC Peapack Gladstone Finl Corp.	1.97%	462,399	$13.1M	Reduce -2.3%
MBIN Merchants Bancorp	1.93%	385,790	$12.8M	Reduce -0.0%
MNSB Mainstreet Bancshares Inc.	1.86%	651,014	$12.3M	No change
TCBI Texas Capital Bancshares Inc.	1.79%	149,205	$11.8M	Reduce -16.7%
MCB Metropolitan Bank Holding Co.	1.68%	159,054	$11.1M	Reduce -31.5%
MYFW First Western Financial Inc.	1.67%	490,521	$11.1M	Reduce -22.9%
SFST Southern First Bancshares	1.65%	286,704	$10.9M	Reduce -4.4%
MPB Mid Penn Bancorp Inc.	1.60%	375,786	$10.6M	Reduce -8.9%
TFIN Triumph Financial Inc.	1.58%	189,394	$10.4M	Reduce -1.6%
BANC Banc of California Inc.	1.57%	741,545	$10.4M	Reduce -24.8%
CBAN Colony Bankcorp	1.55%	621,159	$10.2M	Reduce -11.3%
INBK First Internet Bancorp	1.42%	350,296	$9.4M	No change
CCNE CNB Financial Corp.	1.41%	406,776	$9.3M	Add +1.2%
ISTR Investar Holding Corp.	1.40%	480,906	$9.3M	Reduce -5.9%
BUSE First Busey Corp.	1.40%	405,929	$9.3M	Reduce -5.8%
MCBI Mountain Commerce Bancorp Inc.	1.40%	464,783	$9.2M	Reduce -9.3%
MBWM Mercantile Bank Corp.	1.37%	195,152	$9.1M	Reduce -9.4%
ALRS Alerus Financial Corp.	1.30%	398,538	$8.6M	Reduce -11.8%
BFST Business First Bancshares	1.29%	347,116	$8.6M	Reduce -14.9%
OBT Orange County Bancorp Inc.	1.29%	329,956	$8.5M	Reduce -23.9%
ALPIB Alpine Banks of Colorado-B	1.29%	315,338	$8.5M	Reduce -2.2%
BRBS Blue Ridge Bankshares Inc.	1.27%	2,341,902	$8.4M	Reduce -6.6%
CNOB Connectone Bancorp Inc.	1.20%	342,186	$7.9M	Reduce -28.0%
MRBK Meridian Corp.	1.17%	600,415	$7.7M	Reduce -8.9%
TCBX Third Coast Bancshares Inc.	1.06%	215,383	$7.0M	Reduce -19.8%
FNRN First Northern Community Ban	1.05%	715,588	$7.0M	Reduce -18.9%
SMBK Smartfinancial Inc.	1.02%	200,587	$6.8M	Reduce -32.0%
FFWM First Foundation Inc.	0.88%	1,143,054	$5.8M	Reduce -12.5%
FSUN Firstsun Capital Bancorp	0.86%	163,705	$5.7M	Reduce -12.8%
CZWI Citizens Community Bancorp I	0.86%	411,996	$5.7M	Reduce -12.1%
BSVN BANK7 Corp.	0.81%	128,519	$5.4M	Reduce -25.2%
COSO Coastal South Bancshares Inc.	0.80%	247,605	$5.3M	Reduce -2.7%
ORPB Oregon Pacific Bancorp	0.75%	631,086	$5.0M	Reduce -2.2%
SHBI Shore Bancshares Inc.	0.72%	303,809	$4.8M	Reduce -24.8%
FSRL First Reliance Bancshares Inc.	0.72%	493,284	$4.7M	Reduce -0.5%
BPRN Princeton Bancorp Inc.	0.71%	153,926	$4.7M	Reduce -51.2%
VBTX Veritex Holdings Inc.	0.71%	179,895	$4.7M	Reduce -36.5%
UBFO United Security Bancshare	0.70%	536,316	$4.6M	Reduce -1.7%
RCBC River City Bank	0.70%	13,720	$4.6M	Reduce -30.8%
LNKB Linkbancorp Inc.	0.69%	623,533	$4.6M	No change
BWFG Bankwell Financial Group Inc.	0.69%	126,377	$4.6M	Reduce -20.7%
STBK Studio Financial Holdings Inc.	0.64%	425,956	$4.3M	Add +4.1%
SSBI Summit State Bank	0.63%	385,128	$4.2M	Reduce -10.3%
WRIV White River Bancshares Co.	0.63%	99,000	$4.1M	No change
EBTC Enterprise Bancorp Inc.	0.62%	103,375	$4.1M	Reduce -7.8%
FGFH Foresight Financial Group	0.61%	131,068	$4.0M	Reduce -8.1%
COFS Choiceone Financial SVCS Inc.	0.59%	135,435	$3.9M	Reduce -55.4%
FCPB First Capital Bancshares Inc.	0.58%	368,316	$3.8M	No change
PMHG Prime Meridian Holding Co.	0.57%	76,418	$3.7M	Reduce -15.2%
CMHF Community Heritage Financial	0.55%	143,258	$3.7M	Reduce -25.2%
CCNB Coastal Carolina Bancshares	0.55%	324,238	$3.6M	Reduce -9.2%
BSRR Sierra Bancorp	0.54%	121,424	$3.6M	Reduce -21.1%
HNVR Hanover Bancorp Inc.	0.47%	136,929	$3.1M	Reduce -28.8%
AMTB Amerant Bancorp Inc.	0.47%	170,000	$3.1M	Add +3.0%
BY Byline Bancorp Inc.	0.43%	107,612	$2.9M	Reduce -11.5%
SABK South Atlantic Bancshares	0.43%	179,496	$2.9M	Reduce -41.9%
ARBV American Riviera Bancorp	0.43%	147,189	$2.8M	Reduce -33.7%
PSBQ PSB Holdings Inc. filed as PSB HLDGS INC WIS	0.43%	118,094	$2.8M	Reduce -32.9%
FSBC Five Star Bancorp	0.41%	95,919	$2.7M	Reduce -23.2%
SBKO Summit Bank Group Inc.	0.41%	190,501	$2.7M	No change
FISI Financial Institutions Inc.	0.40%	104,000	$2.7M	No change
DCOM Dime Commercial Bancshares I filed as DIME CMNTY BANCSHARES INC	0.40%	97,948	$2.6M	No change
BLHK Blueharbor Bank	0.39%	96,602	$2.6M	Reduce -9.4%
GNRV Grand River Commerce Inc.	0.38%	675,014	$2.5M	No change
FVCB Fvcbankcorp Inc.	0.38%	214,088	$2.5M	Reduce -20.4%
USCB Uscb Financial Holdings Inc.	0.37%	149,230	$2.5M	No change
MFGI Merchants Financial Group Inc.	0.36%	96,077	$2.4M	Reduce -7.4%
SOUB Southpoint Bancshares Inc.	0.36%	113,414	$2.4M	Reduce -4.3%
ONB Old National Bancorp	0.35%	109,251	$2.3M	New
UBAB United Bancorporation Alab-A	0.35%	43,474	$2.3M	Reduce -60.8%
BBT Beacon Financial Corp. filed as BERKSHIRE HILLS BANCORP INC	0.33%	86,206	$2.2M	No change
EFSI Eagle Financial Services Inc.	0.30%	65,000	$2.0M	No change
BCTF Bancorp 34 Inc.	0.30%	162,857	$2.0M	No change
CBWA Commencement Bancorp Inc.	0.30%	161,960	$2.0M	Reduce -2.4%
FSBH FSBH Corp.	0.29%	234,250	$1.9M	No change
BAFN Bayfirst Financial Corp.	0.27%	125,272	$1.8M	Reduce -16.6%
MVLY Mission Valley Bancorp	0.24%	105,117	$1.6M	Reduce -12.8%
BWB Bridgewater Bancshares Inc.	0.24%	101,479	$1.6M	Reduce -15.1%
PPBN Pinnacle Bankshares Corp.	0.24%	48,382	$1.6M	Reduce -16.1%
RNST Renasant Corp.	0.23%	41,875	$1.5M	No change
EDVR Endeavor Bancorp	0.22%	101,072	$1.5M	Reduce -2.9%
WEX Wex Inc.	0.22%	9,955	$1.5M	No change
PWBK Pacific West Bancorp	0.22%	135,715	$1.4M	Reduce -6.9%
MVBF MVB Financial Corp.	0.21%	62,789	$1.4M	Reduce -42.5%
TRCY Tri City Bankshares Corp.	0.20%	94,772	$1.4M	Reduce -37.7%
TBBK The Bancorp Inc.	0.20%	23,592	$1.3M	No change
FXNC First National Corp.	0.19%	65,880	$1.3M	Reduce -28.7%
PBNK Pinnacle Bank/Gilroy Ca	0.19%	63,514	$1.3M	Reduce -8.6%
DSBX Dogwood State Bank	0.18%	79,721	$1.2M	No change
HTBK Heritage Commerce Corp.	0.18%	121,539	$1.2M	Reduce -28.3%
SBNC Southern Bancshares Inc./N C	0.16%	124	$1.0M	No change
FCCO First Community Corp.	0.15%	41,317	$1.0M	Reduce -54.9%
CNBW CNB Corp.	0.13%	14,348	$839K	No change
MLGF Malaga Financial Corp.	0.13%	41,269	$830K	No change
NPB Northpointe Bancshares Inc.	0.12%	60,000	$823K	No change
SOME Somerset Trust Holding Co.	0.09%	11,787	$625K	Add +8.3%
BORT Bank of Botetourt Buchanan V filed as BANK BOTETOURT	0.09%	16,504	$581K	Reduce -46.1%
CBNK Capital Bancorp Inc.	0.07%	14,400	$484K	Reduce -40.0%
PTBS Potomac Bancshares Inc.	0.07%	27,792	$482K	Reduce -13.9%
FCOB 1ST Colonial Bancorp Inc.	0.07%	29,457	$477K	Reduce -57.7%
HBT HBT Financial Inc.	0.07%	18,403	$464K	No change
LOB Live Oak Bancshares Inc.	0.05%	10,350	$308K	No change
FFMH First Farmers & Merchants	0.04%	6,129	$256K	Reduce -69.5%

Portfolio Sells Q1 2025 → Q2 2025


SSBK Southern States Bancshares	Reduce -42.4%	2.10%	−1.03
BREMER FINANCIAL CORP	Sold out	0.00%	−0.63
AMBZ American Business Bank	Reduce -27.9%	2.24%	−0.59
COFS Choiceone Financial SVCS Inc.	Reduce -55.4%	0.59%	−0.56
BPRN Princeton Bancorp Inc.	Reduce -51.2%	0.71%	−0.56
UBAB United Bancorporation Alab-A	Reduce -60.8%	0.35%	−0.43
CNOB Connectone Bancorp Inc.	Reduce -28.0%	1.20%	−0.32
SBT Sterling Bancorp Inc.	Sold out	0.00%	−0.32
BANC Banc of California Inc.	Reduce -24.8%	1.57%	−0.27
VBTX Veritex Holdings Inc.	Reduce -36.5%	0.71%	−0.22
RCBC River City Bank	Reduce -30.8%	0.70%	−0.22
SABK South Atlantic Bancshares	Reduce -41.9%	0.43%	−0.19
SMBK Smartfinancial Inc.	Reduce -32.0%	1.02%	−0.18
PSBQ PSB Holdings Inc.	Reduce -32.9%	0.43%	−0.17
ACNB Acnb Corp.	Sold out	0.00%	−0.15
ARBV American Riviera Bancorp	Reduce -33.7%	0.43%	−0.13
FNRN First Northern Community Ban	Reduce -18.9%	1.05%	−0.13
AVBH Avidbank Holdings Inc.	Reduce -8.9%	2.07%	−0.12
FCCO First Community Corp.	Reduce -54.9%	0.15%	−0.12
TCBX Third Coast Bancshares Inc.	Reduce -19.8%	1.06%	−0.12
HNVR Hanover Bancorp Inc.	Reduce -28.8%	0.47%	−0.08
MRBK Meridian Corp.	Reduce -8.9%	1.17%	−0.08
SOUB Southpoint Bancshares Inc.	Reduce -4.3%	0.36%	−0.08
FXNC First National Corp.	Reduce -28.7%	0.19%	−0.08
TRCY Tri City Bankshares Corp.	Reduce -37.7%	0.20%	−0.07
CMHF Community Heritage Financial	Reduce -25.2%	0.55%	−0.07
BAFN Bayfirst Financial Corp.	Reduce -16.6%	0.27%	−0.07
BSVN BANK7 Corp.	Reduce -25.2%	0.81%	−0.07
FCOB 1ST Colonial Bancorp Inc.	Reduce -57.7%	0.07%	−0.06
FFMH First Farmers & Merchants	Reduce -69.5%	0.04%	−0.06
WCCB West Coast Community Bancorp	Reduce -14.9%	2.15%	−0.06
OBT Orange County Bancorp Inc.	Reduce -23.9%	1.29%	−0.05
BORT Bank of Botetourt Buchanan V	Reduce -46.1%	0.09%	−0.05
FSBC Five Star Bancorp	Reduce -23.2%	0.41%	−0.04
MVBF MVB Financial Corp.	Reduce -42.5%	0.21%	−0.04
FSUN Firstsun Capital Bancorp	Reduce -12.8%	0.86%	−0.03
ALPIB Alpine Banks of Colorado-B	Reduce -2.2%	1.29%	−0.03
MCB Metropolitan Bank Holding Co.	Reduce -31.5%	1.68%	−0.03
FRBA First Bank/Hamilton NJ	Reduce -17.6%	2.32%	−0.03
HTBK Heritage Commerce Corp.	Reduce -28.3%	0.18%	−0.03
CZWI Citizens Community Bancorp I	Reduce -12.1%	0.86%	−0.03
BSRR Sierra Bancorp	Reduce -21.1%	0.54%	−0.02
BFST Business First Bancshares	Reduce -14.9%	1.29%	−0.02
CBNK Capital Bancorp Inc.	Reduce -40.0%	0.07%	−0.02
FFWM First Foundation Inc.	Reduce -12.5%	0.88%	−0.01
RVSB Riverview Bancorp Inc.	Sold out	0.00%	−0.01
SHBI Shore Bancshares Inc.	Reduce -24.8%	0.72%	+0.00
MVLY Mission Valley Bancorp	Reduce -12.8%	0.24%	+0.00
PTBS Potomac Bancshares Inc.	Reduce -13.9%	0.07%	+0.00
PPBN Pinnacle Bankshares Corp.	Reduce -16.1%	0.24%	+0.01

Portfolio Buys Q1 2025 → Q2 2025


ONB Old National Bancorp	New	0.35%	+0.35
CCNE CNB Financial Corp.	Add +1.2%	1.41%	+0.23
STBK Studio Financial Holdings Inc.	Add +4.1%	0.64%	+0.07
SOME Somerset Trust Holding Co.	Add +8.3%	0.09%	+0.02
AMTB Amerant Bancorp Inc.	Add +3.0%	0.47%	+0.02

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