Banc Funds Co. LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Banc Funds Co. LLC reported 111 stock positions worth $572.0 million. Its top holding was Unity Bancorp (UNTY) at 3.8% of the portfolio, followed by Old Second Bancorp (OSBC, 3.0%) and Avidbank (AVBH, 3.0%). Compared with Q2 2025, it opened 4 new positions, sold out of 8, added to 3 and reduced 67. The biggest buy was a new position in FB Financial (FBK) and the biggest sale an exit from Southern States Bancshares (SSBK).

Most Recent 13F
Q2 2026
Location
CHICAGO, IL
CIK
0001029311
Portfolio Value
$572.0M (Q3 2025)
SEC Filing
0001029311-25-000015 ↗ filed Nov 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 Q1 2025 Q2 2025: $661.6M Q2 2025 Q3 2025: $572.0M $572.0M Q3 2025 Q4 2025: $505.2M Q4 2025 Q1 2026: $537.2M Q1 2026 Q2 2026: $605.5M Q2 2026

Holdings 111 stocks · $572.0M
UNTY Unity Bancorp Inc. 3.77% 441,218 $21.6M Reduce -15.8%
OSBC Old Second Bancorp Inc. 3.04% 1,006,378 $17.4M Reduce -13.1%
AVBH Avidbank Holdings Inc. 3.02% 677,719 $17.3M Add +1.1%
PBAM Private Bancorp of America I 2.90% 280,502 $16.6M Reduce -15.7%
AMBZ American Business Bank 2.76% 289,029 $15.8M Reduce -16.8%
FNBT Finemark Holdings Inc. 2.73% 385,165 $15.6M Reduce -28.0%
BCAL California Bancorp 2.44% 835,480 $13.9M Reduce -15.9%
WCCB West Coast Community Bancorp 2.23% 301,055 $12.8M Reduce -17.3%
FRBA First Bank/Hamilton NJ 2.21% 776,059 $12.6M Reduce -21.7%
MNSB Mainstreet Bancshares Inc. 2.09% 573,373 $11.9M Reduce -11.9%
TCBI Texas Capital Bancshares Inc. 1.97% 133,205 $11.3M Reduce -10.7%
MCB Metropolitan Bank Holding Co. 1.92% 146,736 $11.0M Reduce -7.7%
MBIN Merchants Bancorp 1.89% 340,690 $10.8M Reduce -11.7%
BANC Banc of California Inc. 1.78% 615,764 $10.2M Reduce -17.0%
FBK FB Financial Corp. filed as FB FINL CORP 1.74% 178,496 $9.9M New
FBIZ First Business Financial Ser 1.73% 193,524 $9.9M Reduce -26.8%
MYFW First Western Financial Inc. 1.67% 414,629 $9.5M Reduce -15.5%
FRST Primis Financial Corp. 1.64% 892,422 $9.4M Reduce -34.8%
CBAN Colony Bankcorp 1.61% 540,245 $9.2M Reduce -13.0%
SFST Southern First Bancshares 1.59% 205,874 $9.1M Reduce -28.2%
BRBS Blue Ridge Bankshares Inc. 1.59% 2,144,949 $9.1M Reduce -8.4%
ALPIB Alpine Banks of Colorado-B 1.52% 275,198 $8.7M Reduce -12.7%
PGC Peapack Gladstone Finl Corp. 1.52% 315,099 $8.7M Reduce -31.9%
ISTR Investar Holding Corp. 1.51% 371,102 $8.6M Reduce -22.8%
BUSE First Busey Corp. 1.34% 331,729 $7.7M Reduce -18.3%
MCBI Mountain Commerce Bancorp Inc. 1.28% 356,864 $7.3M Reduce -23.2%
MBWM Mercantile Bank Corp. 1.26% 160,252 $7.2M Reduce -17.9%
SMBK Smartfinancial Inc. 1.25% 200,587 $7.2M No change
MRBK Meridian Corp. 1.25% 452,838 $7.2M Reduce -24.6%
TFIN Triumph Financial Inc. 1.22% 139,845 $7.0M Reduce -26.2%
TCBX Third Coast Bancshares Inc. 1.19% 179,383 $6.8M Reduce -16.7%
CCNE CNB Financial Corp. 1.15% 271,776 $6.6M Reduce -33.2%
BFST Business First Bancshares 1.11% 269,264 $6.4M Reduce -22.4%
FSUN Firstsun Capital Bancorp 1.10% 162,705 $6.3M Reduce -0.6%
ALRS Alerus Financial Corp. 1.09% 282,453 $6.3M Reduce -29.1%
OBT Orange County Bancorp Inc. 1.09% 247,853 $6.2M Reduce -24.9%
INBK First Internet Bancorp 1.08% 276,396 $6.2M Reduce -21.1%
CNOB Connectone Bancorp Inc. 1.05% 241,186 $6.0M Reduce -29.5%
MPB Mid Penn Bancorp Inc. 1.04% 207,982 $6.0M Reduce -44.6%
BSVN BANK7 Corp. 1.04% 128,519 $5.9M No change
FNRN First Northern Community Ban 0.94% 423,238 $5.4M Reduce -40.9%
VBTX Veritex Holdings Inc. 0.93% 157,895 $5.3M Reduce -12.2%
UBFO United Security Bancshare 0.87% 536,316 $5.0M No change
BPRN Princeton Bancorp Inc. 0.86% 153,926 $4.9M No change
RCBC River City Bank 0.85% 12,559 $4.8M Reduce -8.5%
BWFG Bankwell Financial Group Inc. 0.84% 108,423 $4.8M Reduce -14.2%
STBK Studio Financial Holdings Inc. 0.84% 425,956 $4.8M No change
FCPB First Capital Bancshares Inc. 0.73% 360,816 $4.2M Reduce -2.0%
CCNB Coastal Carolina Bancshares 0.72% 329,002 $4.1M Add +1.5%
WRIV White River Bancshares Co. 0.72% 89,000 $4.1M Reduce -10.1%
ORPB Oregon Pacific Bancorp 0.69% 384,086 $4.0M Reduce -39.1%
CMHF Community Heritage Financial 0.69% 130,258 $4.0M Reduce -9.1%
CZWI Citizens Community Bancorp I 0.69% 246,286 $4.0M Reduce -40.2%
SHBI Shore Bancshares Inc. 0.69% 239,894 $3.9M Reduce -21.0%
COFS Choiceone Financial SVCS Inc. 0.69% 135,435 $3.9M No change
PMHG Prime Meridian Holding Co. 0.68% 76,418 $3.9M No change
SSBI Summit State Bank 0.67% 323,108 $3.8M Reduce -16.1%
LNKB Linkbancorp Inc. 0.67% 537,657 $3.8M Reduce -13.8%
FFWM First Foundation Inc. 0.63% 642,158 $3.6M Reduce -43.8%
FSRL First Reliance Bancshares Inc. 0.62% 350,913 $3.5M Reduce -28.9%
BSRR Sierra Bancorp 0.61% 121,424 $3.5M No change
AMTB Amerant Bancorp Inc. 0.57% 170,000 $3.3M No change
SABK South Atlantic Bancshares 0.55% 179,496 $3.2M No change
FSBC Five Star Bancorp 0.54% 95,919 $3.1M No change
HNVR Hanover Bancorp Inc. 0.54% 136,929 $3.1M No change
SBKO Summit Bank Group Inc. 0.53% 190,501 $3.0M No change
PSBQ PSB Holdings Inc. filed as PSB HLDGS INC WIS 0.53% 118,094 $3.0M No change
DCOM Dime Commercial Bancshares I filed as DIME CMNTY BANCSHARES INC 0.51% 97,948 $2.9M No change
ARBV American Riviera Bancorp 0.51% 133,989 $2.9M Reduce -9.0%
BLHK Blueharbor Bank 0.50% 96,602 $2.9M No change
FISI Financial Institutions Inc. 0.49% 104,000 $2.8M No change
FVCB Fvcbankcorp Inc. 0.49% 214,088 $2.8M No change
EFSI Eagle Financial Services Inc. 0.43% 65,000 $2.5M No change
UBAB United Bancorporation Alab-A 0.42% 43,474 $2.4M No change
GNRV Grand River Commerce Inc. 0.41% 588,403 $2.4M Reduce -12.8%
SOUB Southpoint Bancshares Inc. 0.38% 102,414 $2.2M Reduce -9.7%
USCB Uscb Financial Holdings Inc. 0.38% 125,419 $2.2M Reduce -16.0%
BCTF Bancorp 34 Inc. 0.38% 162,857 $2.2M No change
BBT Beacon Financial Corp. 0.36% 86,206 $2.0M No change
DSBX Dogwood State Bank 0.33% 79,721 $1.9M No change
COSO Coastal South Bancshares Inc. 0.33% 85,715 $1.9M Reduce -65.4%
BWB Bridgewater Bancshares Inc. 0.31% 101,479 $1.8M No change
BAFN Bayfirst Financial Corp. 0.31% 169,772 $1.8M Add +35.5%
TBBK The Bancorp Inc. 0.31% 23,592 $1.8M No change
CBWA Commencement Bancorp Inc. 0.30% 130,720 $1.7M Reduce -19.3%
PWBK Pacific West Bancorp 0.28% 135,715 $1.6M No change
MVLY Mission Valley Bancorp 0.28% 100,117 $1.6M Reduce -4.8%
RNST Renasant Corp. 0.27% 41,875 $1.5M No change
EDVR Endeavor Bancorp 0.27% 101,072 $1.5M No change
FXNC First National Corp. 0.26% 65,880 $1.5M No change
PPBN Pinnacle Bankshares Corp. 0.25% 37,464 $1.4M Reduce -22.6%
FGFH Foresight Financial Group 0.22% 38,418 $1.3M Reduce -70.7%
F&M Bank Corp 0.21% 47,100 $1.2M New
FSBH FSBH Corp. 0.21% 135,250 $1.2M Reduce -42.3%
HTBK Heritage Commerce Corp. 0.21% 121,539 $1.2M No change
FCCO First Community Corp. 0.20% 41,317 $1.2M No change
INDB Independent Bank Corp. 0.20% 16,449 $1.1M New
PBNK Pinnacle Bank/Gilroy Ca 0.19% 53,514 $1.1M Reduce -15.7%
BY Byline Bancorp Inc. 0.19% 39,157 $1.1M Reduce -63.6%
TRCY Tri City Bankshares Corp. 0.19% 65,076 $1.1M Reduce -31.3%
MVBF MVB Financial Corp. 0.15% 35,044 $878K Reduce -44.2%
MLGF Malaga Financial Corp. 0.15% 41,269 $847K No change
SOME Somerset Trust Holding Co. 0.12% 11,787 $699K No change
CNBW CNB Corp. 0.12% 8,348 $668K Reduce -41.8%
BORT Bank of Botetourt Buchanan V filed as BANK BOTETOURT 0.11% 16,504 $644K No change
HBNC Horizon Bancorp Inc. 0.10% 35,000 $560K New
PTBS Potomac Bancshares Inc. 0.09% 27,420 $516K Reduce -1.3%
HBT HBT Financial Inc. 0.08% 18,403 $464K No change
CBNK Capital Bancorp Inc. 0.08% 14,400 $459K No change
LOB Live Oak Bancshares Inc. 0.06% 10,350 $365K No change
FFMH First Farmers & Merchants 0.02% 2,629 $116K Reduce -57.1%

Portfolio Sells Q2 2025 → Q3 2025
SSBK Southern States Bancshares Sold out 0.00% −2.10
EBTC Enterprise Bancorp Inc. Sold out 0.00% −0.62
FRST Primis Financial Corp. Reduce -34.8% 1.64% −0.61
FNBT Finemark Holdings Inc. Reduce -28.0% 2.73% −0.60
MPB Mid Penn Bancorp Inc. Reduce -44.6% 1.04% −0.56
COSO Coastal South Bancshares Inc. Reduce -65.4% 0.33% −0.47
PGC Peapack Gladstone Finl Corp. Reduce -31.9% 1.52% −0.45
FGFH Foresight Financial Group Reduce -70.7% 0.22% −0.39
MFGI Merchants Financial Group Inc. Sold out 0.00% −0.36
TFIN Triumph Financial Inc. Reduce -26.2% 1.22% −0.35
ONB Old National Bancorp Sold out 0.00% −0.35
INBK First Internet Bancorp Reduce -21.1% 1.08% −0.34
FBIZ First Business Financial Ser Reduce -26.8% 1.73% −0.29
FFWM First Foundation Inc. Reduce -43.8% 0.63% −0.26
CCNE CNB Financial Corp. Reduce -33.2% 1.15% −0.26
BY Byline Bancorp Inc. Reduce -63.6% 0.19% −0.24
WEX Wex Inc. Sold out 0.00% −0.22
ALRS Alerus Financial Corp. Reduce -29.1% 1.09% −0.21
OBT Orange County Bancorp Inc. Reduce -24.9% 1.09% −0.20
BFST Business First Bancshares Reduce -22.4% 1.11% −0.18
CZWI Citizens Community Bancorp I Reduce -40.2% 0.69% −0.17
SBNC Southern Bancshares Inc./N C Sold out 0.00% −0.16
CNOB Connectone Bancorp Inc. Reduce -29.5% 1.05% −0.15
NPB Northpointe Bancshares Inc. Sold out 0.00% −0.12
MCBI Mountain Commerce Bancorp Inc. Reduce -23.2% 1.28% −0.12
FNRN First Northern Community Ban Reduce -40.9% 0.94% −0.11
MBWM Mercantile Bank Corp. Reduce -17.9% 1.26% −0.11
FRBA First Bank/Hamilton NJ Reduce -21.7% 2.21% −0.11
FSRL First Reliance Bancshares Inc. Reduce -28.9% 0.62% −0.10
FSBH FSBH Corp. Reduce -42.3% 0.21% −0.08
FCOB 1ST Colonial Bancorp Inc. Sold out 0.00% −0.07
OSBC Old Second Bancorp Inc. Reduce -13.1% 3.04% −0.06
BUSE First Busey Corp. Reduce -18.3% 1.34% −0.06
MVBF MVB Financial Corp. Reduce -44.2% 0.15% −0.06
SFST Southern First Bancshares Reduce -28.2% 1.59% −0.06
ORPB Oregon Pacific Bancorp Reduce -39.1% 0.69% −0.06
MBIN Merchants Bancorp Reduce -11.7% 1.89% −0.03
SHBI Shore Bancshares Inc. Reduce -21.0% 0.69% −0.03
LNKB Linkbancorp Inc. Reduce -13.8% 0.67% −0.02
FFMH First Farmers & Merchants Reduce -57.1% 0.02% −0.02
TRCY Tri City Bankshares Corp. Reduce -31.3% 0.19% −0.02
CNBW CNB Corp. Reduce -41.8% 0.12% −0.01
MYFW First Western Financial Inc. Reduce -15.5% 1.67% −0.00
PBNK Pinnacle Bank/Gilroy Ca Reduce -15.7% 0.19% +0.00
CBWA Commencement Bancorp Inc. Reduce -19.3% 0.30% +0.00
PPBN Pinnacle Bankshares Corp. Reduce -22.6% 0.25% +0.01
USCB Uscb Financial Holdings Inc. Reduce -16.0% 0.38% +0.01
PTBS Potomac Bancshares Inc. Reduce -1.3% 0.09% +0.02
SOUB Southpoint Bancshares Inc. Reduce -9.7% 0.38% +0.02
GNRV Grand River Commerce Inc. Reduce -12.8% 0.41% +0.03

Portfolio Buys Q2 2025 → Q3 2025
FBK FB Financial Corp. New 1.74% +1.74
AVBH Avidbank Holdings Inc. Add +1.1% 3.02% +0.95
F&M Bank Corp New 0.21% +0.21
INDB Independent Bank Corp. New 0.20% +0.20
CCNB Coastal Carolina Bancshares Add +1.5% 0.72% +0.17
HBNC Horizon Bancorp Inc. New 0.10% +0.10
BAFN Bayfirst Financial Corp. Add +35.5% 0.31% +0.05

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