Banc Funds Co. LLC

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 14, 2026), Banc Funds Co. LLC reported 97 stock positions worth $537.2 million. Its top holding was Private Bancorp of America I (PBAM) at 3.9% of the portfolio, followed by Old Second Bancorp (OSBC, 3.9%) and Unity Bancorp (UNTY, 3.6%). Compared with Q4 2025, it opened 5 new positions, sold out of 6, added to 28 and reduced 26. The biggest buy was a new position in Bank of San Francisco (BSFO) and the biggest sale an exit from Finemark (FNBT).

Most Recent 13F
Q2 2026
Location
CHICAGO, IL
CIK
0001029311
Portfolio Value
$537.2M (Q1 2026)
SEC Filing
0001029311-26-000046 ↗ filed May 14, 2026

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 Q3 2025 Q4 2025: $505.2M Q4 2025 Q1 2026: $537.2M $537.2M Q1 2026 Q2 2026: $605.5M Q2 2026

Holdings 97 stocks · $537.2M
PBAM Private Bancorp of America I 3.92% 309,859 $21.1M Add +9.2%
OSBC Old Second Bancorp Inc. 3.86% 1,029,143 $20.7M Add +13.7%
UNTY Unity Bancorp Inc. 3.62% 375,469 $19.5M No change
AVBH Avidbank Holdings Inc. 3.53% 665,100 $19.0M Add +11.5%
AMBZ American Business Bank 3.25% 245,773 $17.4M Reduce -5.8%
BCAL California Bancorp 2.74% 831,155 $14.7M Add +8.5%
FRBA First Bank/Hamilton NJ 2.57% 864,205 $13.8M Add +31.3%
WCCB West Coast Community Bancorp 2.45% 276,651 $13.1M Add +1.2%
MBIN Merchants Bancorp 2.25% 281,062 $12.1M Add +15.0%
MCB Metropolitan Bank Holding Co. 2.21% 142,221 $11.8M Add +10.4%
MNSB Mainstreet Bancshares Inc. 2.19% 530,941 $11.8M Add +25.8%
FRST Primis Financial Corp. 2.16% 872,961 $11.6M Add +10.7%
TCBI Texas Capital Bancshares Inc. 2.12% 119,762 $11.4M No change
ALPIB Alpine Banks of Colorado-B 1.82% 204,321 $9.8M Reduce -13.9%
PGC Peapack Gladstone Finl Corp. 1.80% 273,947 $9.6M Reduce -8.0%
SFST Southern First Bancshares 1.74% 171,655 $9.4M No change
BANC Banc of California Inc. 1.70% 519,738 $9.1M No change
FBIZ First Business Financial Ser 1.67% 166,224 $9.0M No change
MYFW First Western Financial Inc. 1.59% 348,404 $8.6M Add +0.7%
CBAN Colony Bankcorp 1.56% 419,478 $8.4M Reduce -1.9%
CNOB Connectone Bancorp Inc. 1.55% 310,195 $8.3M Add +36.2%
ALRS Alerus Financial Corp. 1.54% 349,165 $8.3M Add +62.4%
ISTR Investar Holding Corp. 1.53% 306,896 $8.2M No change
MCBI Mountain Commerce Bancorp Inc. 1.49% 351,330 $8.0M No change
BRBS Blue Ridge Bankshares Inc. 1.48% 1,889,033 $7.9M Reduce -6.9%
MRBK Meridian Corp. 1.30% 369,333 $7.0M Add +15.1%
TFIN Triumph Financial Inc. 1.30% 117,136 $7.0M No change
MPB Mid Penn Bancorp Inc. 1.25% 207,982 $6.7M No change
MBWM Mercantile Bank Corp. 1.23% 131,160 $6.6M Add +0.2%
CCNB Coastal Carolina Bancshares 1.21% 466,771 $6.5M No change
CCNE CNB Financial Corp. 1.20% 222,375 $6.4M Add +2.4%
TCBX Third Coast Bancshares Inc. 1.19% 169,064 $6.4M Add +7.3%
BFST Business First Bancshares 1.18% 234,257 $6.3M Add +22.9%
OBT Orange County Bancorp Inc. 1.18% 197,536 $6.3M No change
FSUN Firstsun Capital Bancorp 1.14% 168,489 $6.1M No change
SMBK Smartfinancial Inc. 1.09% 150,087 $5.9M Reduce -25.2%
UBFO United Security Bancshare 1.04% 532,316 $5.6M Reduce -0.8%
BPRN Princeton Bancorp Inc. 0.97% 153,926 $5.2M No change
STBK Studio Financial Holdings Inc. 0.97% 429,056 $5.2M Add +0.7%
BSVN BANK7 Corp. 0.95% 128,519 $5.1M No change
FSRL First Reliance Bancshares Inc. 0.88% 341,313 $4.7M Reduce -2.7%
WRIV White River Bancshares Co. 0.88% 89,000 $4.7M No change
BWFG Bankwell Financial Group Inc. 0.87% 96,423 $4.7M No change
FCPB First Capital Bancshares Inc. 0.81% 358,995 $4.4M Reduce -0.5%
BSFO Bank of San Francisco 0.80% 115,072 $4.3M New
CBSH Commerce Bancshares Inc. 0.79% 86,774 $4.3M New
RCBC River City Bank 0.79% 101,590 $4.3M Add +0.8%
CZWI Citizens Community Bancorp I 0.76% 206,055 $4.1M Reduce -16.3%
SABK South Atlantic Bancshares 0.76% 179,396 $4.1M Reduce -0.1%
ORPB Oregon Pacific Bancorp 0.74% 361,932 $4.0M No change
AMTB Amerant Bancorp Inc. 0.74% 180,000 $4.0M No change
CMHF Community Heritage Financial 0.72% 125,424 $3.9M Add +30.7%
BLHK Blueharbor Bank 0.72% 96,402 $3.9M Reduce -0.2%
BSRR Sierra Bancorp 0.72% 113,255 $3.8M Reduce -6.7%
FNRN First Northern Community Ban 0.69% 234,181 $3.7M Reduce -22.4%
SBKO Summit Bank Group Inc. 0.69% 190,501 $3.7M No change
SHBI Shore Bancshares Inc. 0.68% 195,563 $3.7M Reduce -4.4%
LNKB Linkbancorp Inc. 0.62% 401,593 $3.3M No change
INBK First Internet Bancorp 0.62% 162,176 $3.3M No change
FVCB Fvcbankcorp Inc. 0.61% 214,088 $3.3M No change
FSBC Five Star Bancorp 0.60% 85,919 $3.2M Reduce -10.4%
BUSE First Busey Corp. 0.60% 127,077 $3.2M Add +68.1%
EDVR Endeavor Bancorp 0.51% 167,738 $2.7M Add +66.0%
SSBI Summit State Bank 0.50% 199,227 $2.7M Add +3.1%
FFWM First Foundation Inc. 0.47% 432,396 $2.6M No change
EFSI Eagle Financial Services Inc. 0.42% 65,000 $2.3M No change
MVBF MVB Financial Corp. 0.42% 91,244 $2.3M Add +160.4%
CBNK Capital Bancorp Inc. 0.42% 75,300 $2.2M Add +251.9%
CBWA Commencement Bancorp Inc. 0.41% 130,720 $2.2M No change
FSBH FSBH Corp. 0.40% 135,250 $2.2M No change
ARBV American Riviera Bancorp 0.39% 89,380 $2.1M Reduce -5.2%
COSO Coastal South Bancshares Inc. 0.39% 85,715 $2.1M No change
PSBQ PSB Holdings Inc. filed as PSB HLDGS INC WIS 0.39% 74,794 $2.1M Reduce -3.9%
PNFP Pinnacle Financial Partners 0.35% 21,800 $1.9M New
FBK FB Financial Corp. filed as FB FINL CORP 0.34% 35,496 $1.8M Reduce -73.4%
BWB Bridgewater Bancshares Inc. 0.33% 101,479 $1.8M No change
USCB Uscb Financial Holdings Inc. 0.33% 95,580 $1.8M No change
PPBN Pinnacle Bankshares Corp. 0.33% 37,464 $1.7M No change
HNVR Hanover Bancorp Inc. 0.31% 76,757 $1.7M Reduce -19.6%
BCTF Bancorp 34 Inc. 0.30% 106,857 $1.6M Reduce -34.4%
RNST Renasant Corp. 0.28% 41,875 $1.5M No change
GNRV Grand River Commerce Inc. 0.28% 357,400 $1.5M No change
MVLY Mission Valley Bancorp 0.27% 78,507 $1.5M No change
F&M Bank Corp 0.27% 47,100 $1.4M No change
TOWN Towne Bank 0.26% 40,804 $1.4M New
FXNC First National Corp. 0.25% 49,391 $1.3M Reduce -18.4%
TBBK The Bancorp Inc. 0.24% 23,592 $1.3M No change
SOME Somerset Trust Holding Co. 0.21% 16,017 $1.1M Add +35.9%
PWBK Pacific West Bancorp 0.20% 92,857 $1.1M No change
BY Byline Bancorp Inc. 0.20% 34,157 $1.1M Reduce -12.8%
SOUB Southpoint Bancshares Inc. 0.20% 74,938 $1.0M Reduce -4.5%
HTBK Heritage Commerce Corp. 0.17% 75,139 $938K Reduce -38.2%
LRBI Lake Ridge Bancorp Inc. 0.17% 7,084 $921K New
PBNK Pinnacle Bank/Gilroy Ca 0.13% 44,514 $723K No change
BAFN Bayfirst Financial Corp. 0.11% 91,679 $582K No change
FCCO First Community Corp. 0.09% 16,317 $477K Reduce -60.5%
PTBS Potomac Bancshares Inc. 0.05% 12,432 $246K Add +329.3%

Portfolio Sells Q4 2025 → Q1 2026
FNBT Finemark Holdings Inc. Sold out 0.00% −1.65
FBK FB Financial Corp. Reduce -73.4% 0.34% −1.13
PMHG Prime Meridian Holding Co. Sold out 0.00% −0.86
UBAB United Bancorporation Alab-A Sold out 0.00% −0.39
SMBK Smartfinancial Inc. Reduce -25.2% 1.09% −0.38
DSBX Dogwood State Bank Sold out 0.00% −0.37
BRBS Blue Ridge Bankshares Inc. Reduce -6.9% 1.48% −0.24
FCCO First Community Corp. Reduce -60.5% 0.09% −0.15
BORT Bank of Botetourt Buchanan V Sold out 0.00% −0.14
BCTF Bancorp 34 Inc. Reduce -34.4% 0.30% −0.14
HNVR Hanover Bancorp Inc. Reduce -19.6% 0.31% −0.13
HTBK Heritage Commerce Corp. Reduce -38.2% 0.17% −0.11
CZWI Citizens Community Bancorp I Reduce -16.3% 0.76% −0.11
FNRN First Northern Community Ban Reduce -22.4% 0.69% −0.11
AMBZ American Business Bank Reduce -5.8% 3.25% −0.10
HBT HBT Financial Inc. Sold out 0.00% −0.09
FSBC Five Star Bancorp Reduce -10.4% 0.60% −0.08
BSRR Sierra Bancorp Reduce -6.7% 0.72% −0.07
FXNC First National Corp. Reduce -18.4% 0.25% −0.05
ARBV American Riviera Bancorp Reduce -5.2% 0.39% −0.05
ALPIB Alpine Banks of Colorado-B Reduce -13.9% 1.82% −0.05
SHBI Shore Bancshares Inc. Reduce -4.4% 0.68% −0.04
SOUB Southpoint Bancshares Inc. Reduce -4.5% 0.20% −0.03
UBFO United Security Bancshare Reduce -0.8% 1.04% −0.03
BY Byline Bancorp Inc. Reduce -12.8% 0.20% −0.03
FCPB First Capital Bancshares Inc. Reduce -0.5% 0.81% −0.02
PSBQ PSB Holdings Inc. Reduce -3.9% 0.39% −0.02
FSRL First Reliance Bancshares Inc. Reduce -2.7% 0.88% +0.03
CBAN Colony Bankcorp Reduce -1.9% 1.56% +0.05
SABK South Atlantic Bancshares Reduce -0.1% 0.76% +0.06
BLHK Blueharbor Bank Reduce -0.2% 0.72% +0.12
PGC Peapack Gladstone Finl Corp. Reduce -8.0% 1.80% +0.15

Portfolio Buys Q4 2025 → Q1 2026
BSFO Bank of San Francisco New 0.80% +0.80
CBSH Commerce Bancshares Inc. New 0.79% +0.79
PBAM Private Bancorp of America I Add +9.2% 3.92% +0.69
MBIN Merchants Bancorp Add +15.0% 2.25% +0.60
ALRS Alerus Financial Corp. Add +62.4% 1.54% +0.58
MNSB Mainstreet Bancshares Inc. Add +25.8% 2.19% +0.49
FRBA First Bank/Hamilton NJ Add +31.3% 2.57% +0.43
AVBH Avidbank Holdings Inc. Add +11.5% 3.53% +0.39
OSBC Old Second Bancorp Inc. Add +13.7% 3.86% +0.37
CNOB Connectone Bancorp Inc. Add +36.2% 1.55% +0.36
PNFP Pinnacle Financial Partners New 0.35% +0.35
CBNK Capital Bancorp Inc. Add +251.9% 0.42% +0.30
MCB Metropolitan Bank Holding Co. Add +10.4% 2.21% +0.26
TOWN Towne Bank New 0.26% +0.26
MVBF MVB Financial Corp. Add +160.4% 0.42% +0.24
BUSE First Busey Corp. Add +68.1% 0.60% +0.24
CMHF Community Heritage Financial Add +30.7% 0.72% +0.21
BFST Business First Bancshares Add +22.9% 1.18% +0.19
MRBK Meridian Corp. Add +15.1% 1.30% +0.19
LRBI Lake Ridge Bancorp Inc. New 0.17% +0.17
EDVR Endeavor Bancorp Add +66.0% 0.51% +0.17
CCNE CNB Financial Corp. Add +2.4% 1.20% +0.07
WCCB West Coast Community Bancorp Add +1.2% 2.45% +0.06
SOME Somerset Trust Holding Co. Add +35.9% 0.21% +0.06
SSBI Summit State Bank Add +3.1% 0.50% +0.05
PTBS Potomac Bancshares Inc. Add +329.3% 0.05% +0.03
TCBX Third Coast Bancshares Inc. Add +7.3% 1.19% +0.01
MBWM Mercantile Bank Corp. Add +0.2% 1.23% −0.01
FRST Primis Financial Corp. Add +10.7% 2.16% −0.01
STBK Studio Financial Holdings Inc. Add +0.7% 0.97% −0.03
RCBC River City Bank Add +0.8% 0.79% −0.08
BCAL California Bancorp Add +8.5% 2.74% −0.09
MYFW First Western Financial Inc. Add +0.7% 1.59% −0.24

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