Banc Funds Co. LLC

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

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), Banc Funds Co. LLC reported 98 stock positions worth $505.2 million. Its top holding was Unity Bancorp (UNTY) at 3.8% of the portfolio, followed by Old Second Bancorp (OSBC, 3.5%) and American Business Bank (AMBZ, 3.3%). Compared with Q3 2025, it sold out of 13, added to 6 and reduced 56. The biggest buy was Coastal Carolina Bancshares (CCNB, shares +42%) and the biggest sale Finemark (FNBT, shares −43%).

Most Recent 13F: Q2 2026
Location: CHICAGO, IL
CIK: 0001029311
Portfolio Value: $505.2M (Q4 2025)
SEC Filing: 0001029311-26-000002 ↗ filed Feb 12, 2026

Holdings Value

Holdings 98 stocks · $505.2M


UNTY Unity Bancorp Inc.	3.84%	375,469	$19.4M	Reduce -14.9%
OSBC Old Second Bancorp Inc.	3.49%	905,190	$17.7M	Reduce -10.1%
AMBZ American Business Bank	3.34%	260,773	$16.9M	Reduce -9.8%
PBAM Private Bancorp of America I	3.23%	283,759	$16.3M	Add +1.2%
AVBH Avidbank Holdings Inc.	3.14%	596,430	$15.8M	Reduce -12.0%
BCAL California Bancorp	2.83%	766,155	$14.3M	Reduce -8.3%
WCCB West Coast Community Bancorp	2.38%	273,451	$12.0M	Reduce -9.2%
FRST Primis Financial Corp.	2.17%	788,761	$11.0M	Reduce -11.6%
TCBI Texas Capital Bancshares Inc.	2.15%	119,762	$10.8M	Reduce -10.1%
FRBA First Bank/Hamilton NJ	2.15%	658,439	$10.8M	Reduce -15.2%
BANC Banc of California Inc.	1.98%	519,738	$10.0M	Reduce -15.6%
MCB Metropolitan Bank Holding Co.	1.95%	128,821	$9.8M	Reduce -12.2%
ALPIB Alpine Banks of Colorado-B	1.87%	237,315	$9.4M	Reduce -13.8%
MYFW First Western Financial Inc.	1.84%	346,090	$9.3M	Reduce -16.5%
FBIZ First Business Financial Ser	1.79%	166,224	$9.0M	Reduce -14.1%
SFST Southern First Bancshares	1.75%	171,655	$8.8M	Reduce -16.6%
BRBS Blue Ridge Bankshares Inc.	1.72%	2,029,033	$8.7M	Reduce -5.4%
MNSB Mainstreet Bancshares Inc.	1.70%	421,981	$8.6M	Reduce -26.4%
FNBT Finemark Holdings Inc.	1.65%	219,426	$8.4M	Reduce -43.0%
MBIN Merchants Bancorp	1.65%	244,462	$8.3M	Reduce -28.3%
PGC Peapack Gladstone Finl Corp.	1.64%	297,747	$8.3M	Reduce -5.5%
ISTR Investar Holding Corp.	1.62%	306,896	$8.2M	Reduce -17.3%
MCBI Mountain Commerce Bancorp Inc.	1.59%	351,330	$8.0M	Reduce -1.6%
CBAN Colony Bankcorp	1.51%	427,478	$7.6M	Reduce -20.9%
FBK FB Financial Corp. filed as FB FINL CORP	1.47%	133,496	$7.4M	Reduce -25.2%
SMBK Smartfinancial Inc.	1.47%	200,587	$7.4M	No change
TFIN Triumph Financial Inc.	1.45%	117,136	$7.3M	Reduce -16.2%
MPB Mid Penn Bancorp Inc.	1.28%	207,982	$6.5M	No change
FSUN Firstsun Capital Bancorp	1.26%	168,489	$6.3M	Add +3.5%
MBWM Mercantile Bank Corp.	1.25%	130,841	$6.3M	Reduce -18.4%
CCNB Coastal Carolina Bancshares	1.20%	466,771	$6.1M	Add +41.9%
TCBX Third Coast Bancshares Inc.	1.19%	157,506	$6.0M	Reduce -12.2%
CNOB Connectone Bancorp Inc.	1.18%	227,795	$6.0M	Reduce -5.5%
CCNE CNB Financial Corp.	1.13%	217,175	$5.7M	Reduce -20.1%
MRBK Meridian Corp.	1.12%	320,919	$5.6M	Reduce -29.1%
OBT Orange County Bancorp Inc.	1.12%	197,536	$5.6M	Reduce -20.3%
UBFO United Security Bancshare	1.07%	536,316	$5.4M	No change
BPRN Princeton Bancorp Inc.	1.06%	153,926	$5.3M	No change
BSVN BANK7 Corp.	1.04%	128,519	$5.3M	No change
STBK Studio Financial Holdings Inc.	1.00%	425,956	$5.1M	No change
BFST Business First Bancshares	0.99%	190,549	$5.0M	Reduce -29.2%
ALRS Alerus Financial Corp.	0.96%	214,967	$4.8M	Reduce -23.9%
RCBC River City Bank	0.88%	100,770	$4.4M	Add +702.4%
BWFG Bankwell Financial Group Inc.	0.87%	96,423	$4.4M	Reduce -11.1%
WRIV White River Bancshares Co.	0.87%	89,000	$4.4M	No change
CZWI Citizens Community Bancorp I	0.87%	246,286	$4.4M	No change
PMHG Prime Meridian Holding Co.	0.86%	76,418	$4.3M	No change
FSRL First Reliance Bancshares Inc.	0.85%	350,913	$4.3M	No change
FCPB First Capital Bancshares Inc.	0.83%	360,816	$4.2M	No change
ORPB Oregon Pacific Bancorp	0.81%	361,932	$4.1M	Reduce -5.8%
FNRN First Northern Community Ban	0.80%	301,697	$4.0M	Reduce -28.7%
BSRR Sierra Bancorp	0.79%	121,424	$4.0M	No change
SHBI Shore Bancshares Inc.	0.72%	204,563	$3.6M	Reduce -14.7%
SABK South Atlantic Bancshares	0.70%	179,496	$3.5M	No change
AMTB Amerant Bancorp Inc.	0.70%	180,000	$3.5M	Add +5.9%
FSBC Five Star Bancorp	0.68%	95,919	$3.4M	No change
SBKO Summit Bank Group Inc.	0.68%	190,501	$3.4M	No change
INBK First Internet Bancorp	0.67%	162,176	$3.4M	Reduce -41.3%
LNKB Linkbancorp Inc.	0.66%	401,593	$3.3M	Reduce -25.3%
BLHK Blueharbor Bank	0.60%	96,602	$3.0M	No change
FVCB Fvcbankcorp Inc.	0.59%	214,088	$3.0M	No change
FFWM First Foundation Inc.	0.53%	432,396	$2.7M	Reduce -32.7%
EFSI Eagle Financial Services Inc.	0.51%	65,000	$2.6M	No change
CMHF Community Heritage Financial	0.51%	95,982	$2.6M	Reduce -26.3%
ARBV American Riviera Bancorp	0.45%	94,311	$2.3M	Reduce -29.6%
SSBI Summit State Bank	0.44%	193,227	$2.2M	Reduce -40.2%
BCTF Bancorp 34 Inc.	0.44%	162,857	$2.2M	No change
HNVR Hanover Bancorp Inc.	0.44%	95,460	$2.2M	Reduce -30.3%
CBWA Commencement Bancorp Inc.	0.43%	130,720	$2.2M	No change
FSBH FSBH Corp.	0.43%	135,250	$2.2M	No change
PSBQ PSB Holdings Inc. filed as PSB HLDGS INC WIS	0.40%	77,794	$2.0M	Reduce -34.1%
COSO Coastal South Bancshares Inc.	0.39%	85,715	$2.0M	No change
UBAB United Bancorporation Alab-A	0.39%	37,117	$2.0M	Reduce -14.6%
DSBX Dogwood State Bank	0.37%	79,721	$1.9M	No change
BUSE First Busey Corp.	0.36%	75,577	$1.8M	Reduce -77.2%
BWB Bridgewater Bancshares Inc.	0.35%	101,479	$1.8M	No change
USCB Uscb Financial Holdings Inc.	0.35%	95,580	$1.8M	Reduce -23.8%
EDVR Endeavor Bancorp	0.34%	101,072	$1.7M	No change
PPBN Pinnacle Bankshares Corp.	0.34%	37,464	$1.7M	No change
TBBK The Bancorp Inc.	0.32%	23,592	$1.6M	No change
FXNC First National Corp.	0.30%	60,492	$1.5M	Reduce -8.2%
RNST Renasant Corp.	0.29%	41,875	$1.5M	No change
HTBK Heritage Commerce Corp.	0.29%	121,539	$1.5M	No change
MVLY Mission Valley Bancorp	0.27%	78,507	$1.4M	Reduce -21.6%
GNRV Grand River Commerce Inc.	0.27%	357,400	$1.4M	Reduce -39.3%
F&M Bank Corp	0.27%	47,100	$1.4M	No change
FCCO First Community Corp.	0.24%	41,317	$1.2M	No change
BY Byline Bancorp Inc.	0.23%	39,157	$1.1M	No change
SOUB Southpoint Bancshares Inc.	0.22%	78,438	$1.1M	Reduce -23.4%
PWBK Pacific West Bancorp	0.22%	92,857	$1.1M	Reduce -31.6%
MVBF MVB Financial Corp.	0.18%	35,044	$905K	No change
PBNK Pinnacle Bank/Gilroy Ca	0.17%	44,514	$861K	Reduce -16.8%
SOME Somerset Trust Holding Co.	0.16%	11,787	$790K	No change
BORT Bank of Botetourt Buchanan V filed as BANK BOTETOURT	0.14%	16,504	$726K	No change
BAFN Bayfirst Financial Corp.	0.14%	91,679	$720K	Reduce -46.0%
CBNK Capital Bancorp Inc.	0.12%	21,400	$603K	Add +48.6%
HBT HBT Financial Inc.	0.09%	18,403	$476K	No change
PTBS Potomac Bancshares Inc.	0.01%	2,896	$55K	Reduce -89.4%

Portfolio Sells Q3 2025 → Q4 2025


FNBT Finemark Holdings Inc.	Reduce -43.0%	1.65%	−1.08
BUSE First Busey Corp.	Reduce -77.2%	0.36%	−0.99
VBTX Veritex Holdings Inc.	Sold out	0.00%	−0.93
COFS Choiceone Financial SVCS Inc.	Sold out	0.00%	−0.69
DCOM Dime Commercial Bancshares I	Sold out	0.00%	−0.51
FISI Financial Institutions Inc.	Sold out	0.00%	−0.49
INBK First Internet Bancorp	Reduce -41.3%	0.67%	−0.41
MNSB Mainstreet Bancshares Inc.	Reduce -26.4%	1.70%	−0.39
BBT Beacon Financial Corp.	Sold out	0.00%	−0.36
FBK FB Financial Corp.	Reduce -25.2%	1.47%	−0.26
MBIN Merchants Bancorp	Reduce -28.3%	1.65%	−0.25
SSBI Summit State Bank	Reduce -40.2%	0.44%	−0.23
FGFH Foresight Financial Group	Sold out	0.00%	−0.22
INDB Independent Bank Corp.	Sold out	0.00%	−0.20
TRCY Tri City Bankshares Corp.	Sold out	0.00%	−0.19
CMHF Community Heritage Financial	Reduce -26.3%	0.51%	−0.18
BAFN Bayfirst Financial Corp.	Reduce -46.0%	0.14%	−0.17
SOUB Southpoint Bancshares Inc.	Reduce -23.4%	0.22%	−0.16
MLGF Malaga Financial Corp.	Sold out	0.00%	−0.15
FNRN First Northern Community Ban	Reduce -28.7%	0.80%	−0.14
GNRV Grand River Commerce Inc.	Reduce -39.3%	0.27%	−0.14
ALRS Alerus Financial Corp.	Reduce -23.9%	0.96%	−0.14
MRBK Meridian Corp.	Reduce -29.1%	1.12%	−0.13
BFST Business First Bancshares	Reduce -29.2%	0.99%	−0.13
PSBQ PSB Holdings Inc.	Reduce -34.1%	0.40%	−0.12
CNBW CNB Corp.	Sold out	0.00%	−0.12
HNVR Hanover Bancorp Inc.	Reduce -30.3%	0.44%	−0.10
CBAN Colony Bankcorp	Reduce -20.9%	1.51%	−0.10
FFWM First Foundation Inc.	Reduce -32.7%	0.53%	−0.10
HBNC Horizon Bancorp Inc.	Sold out	0.00%	−0.10
PTBS Potomac Bancshares Inc.	Reduce -89.4%	0.01%	−0.08
FRBA First Bank/Hamilton NJ	Reduce -15.2%	2.15%	−0.06
LOB Live Oak Bancshares Inc.	Sold out	0.00%	−0.06
ARBV American Riviera Bancorp	Reduce -29.6%	0.45%	−0.06
PWBK Pacific West Bancorp	Reduce -31.6%	0.22%	−0.06
USCB Uscb Financial Holdings Inc.	Reduce -23.8%	0.35%	−0.03
UBAB United Bancorporation Alab-A	Reduce -14.6%	0.39%	−0.03
CCNE CNB Financial Corp.	Reduce -20.1%	1.13%	−0.02
PBNK Pinnacle Bank/Gilroy Ca	Reduce -16.8%	0.17%	−0.02
FFMH First Farmers & Merchants	Sold out	0.00%	−0.02
MBWM Mercantile Bank Corp.	Reduce -18.4%	1.25%	−0.01
LNKB Linkbancorp Inc.	Reduce -25.3%	0.66%	−0.01
MVLY Mission Valley Bancorp	Reduce -21.6%	0.27%	−0.01
TCBX Third Coast Bancshares Inc.	Reduce -12.2%	1.19%	−0.01
OBT Orange County Bancorp Inc.	Reduce -20.3%	1.12%	+0.02
SHBI Shore Bancshares Inc.	Reduce -14.7%	0.72%	+0.03
MCB Metropolitan Bank Holding Co.	Reduce -12.2%	1.95%	+0.03
BWFG Bankwell Financial Group Inc.	Reduce -11.1%	0.87%	+0.04
FXNC First National Corp.	Reduce -8.2%	0.30%	+0.04
FBIZ First Business Financial Ser	Reduce -14.1%	1.79%	+0.05

Portfolio Buys Q3 2025 → Q4 2025


CCNB Coastal Carolina Bancshares	Add +41.9%	1.20%	+0.47
PBAM Private Bancorp of America I	Add +1.2%	3.23%	+0.34
FSUN Firstsun Capital Bancorp	Add +3.5%	1.26%	+0.15
AMTB Amerant Bancorp Inc.	Add +5.9%	0.70%	+0.12
CBNK Capital Bancorp Inc.	Add +48.6%	0.12%	+0.04
RCBC River City Bank	Add +702.4%	0.88%	+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