Elizabeth Park Capital Advisors, Ltd.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Elizabeth Park Capital Advisors, Ltd. reported 45 stock positions worth $121.4 million. Its top holding was QCR (QCRH) at 5.8% of the portfolio, followed by Origin Bancorp (OBK, 3.9%) and Citizens Financial (CFG, 3.8%). Compared with Q3 2025, it opened 3 new positions, sold out of 6, added to 8 and reduced 8. The biggest buy was Horizon Bancorp (HBNC, shares +235%) and the biggest sale an exit from Middlefield Banc (MBCN).

Most Recent 13F
Q2 2026
Location
PEPPER PIKE, OH
CIK
0001600583
Portfolio Value
$121.4M (Q4 2025)
SEC Filing
0001600583-26-000003 ↗ filed Feb 17, 2026

Holdings Value

0$50.0M$100.0M$150.0M Q1 2024: $120.5M Q1 2024 Q2 2024: $115.5M Q2 2024 Q3 2024: $123.8M Q3 2024 Q4 2024: $122.7M Q4 2024 Q1 2025: $110.3M Q1 2025 Q2 2025: $111.5M Q2 2025 Q3 2025: $123.6M Q3 2025 Q4 2025: $121.4M $121.4M Q4 2025 Q1 2026: $129.9M Q1 2026 Q2 2026: $144.8M Q2 2026

Holdings 45 stocks · $121.4M
QCRH QCR Holdings Inc. 5.84% 85,100 $7.1M No change
OBK Origin Bancorp Inc. 3.90% 126,151 $4.7M Add +125.3%
CFG Citizens Financial Group 3.77% 78,330 $4.6M No change
HBNC Horizon Bancorp Inc. 3.59% 256,669 $4.4M Add +235.0%
VLY Valley National Bancorp 3.45% 358,935 $4.2M Reduce -8.4%
IBOC International Bancshares CRP 3.37% 61,587 $4.1M Add +20.6%
EWBC East West Bancorp Inc. 3.17% 34,200 $3.8M No change
ZION Zions Bancorp NA 2.86% 59,350 $3.5M No change
BRBS Blue Ridge Bankshares Inc. 2.83% 803,446 $3.4M No change
WTFC Wintrust Financial Corp. 2.81% 24,392 $3.4M No change
ONB Old National Bancorp 2.73% 148,600 $3.3M No change
OSBC Old Second Bancorp Inc. 2.55% 158,657 $3.1M No change
AUB Atlantic Union Bankshares Co. 2.49% 85,575 $3.0M No change
VABK Virginia National Bankshares 2.46% 74,879 $3.0M No change
FCCO First Community Corp. 2.42% 99,080 $2.9M No change
WBS Webster Financial Corp. 2.25% 43,500 $2.7M Add +27.9%
SMBK Smartfinancial Inc. 2.25% 73,891 $2.7M Reduce -8.6%
DCOM Dime Commercial Bancshares I filed as DIME CMNTY BANCSHARES INC 2.25% 90,814 $2.7M Reduce -9.9%
NRIM Northrim Bancorp Inc. 2.24% 102,268 $2.7M No change
COLB Columbia Banking System Inc. 2.23% 97,000 $2.7M Add +24.4%
BCAL California Bancorp 2.19% 142,646 $2.7M New
CNOB Connectone Bancorp Inc. 2.14% 99,219 $2.6M No change
HTB Hometrust Bancshares Inc. 2.08% 58,760 $2.5M No change
ATLO Ames National Corp. 2.03% 107,385 $2.5M No change
MBWM Mercantile Bank Corp. 2.02% 50,971 $2.5M New
BHB Bar Harbor Bankshares filed as BAR HBR BANKSHARES 1.99% 77,623 $2.4M No change
PLBC Plumas Bancorp 1.98% 53,778 $2.4M No change
OFG Ofg Bancorp 1.90% 56,219 $2.3M No change
HAFC Hanmi Financial Corporation 1.86% 83,720 $2.3M New
CCB Coastal Financial Corp. 1.79% 19,011 $2.2M Reduce -34.2%
PEBO Peoples Bancorp Inc. 1.76% 71,167 $2.1M Add +4.5%
JMSB John Marshall Bancorp Inc. 1.73% 105,339 $2.1M No change
SBCF Seacoast Banking Corp. 1.71% 65,977 $2.1M No change
USCB Uscb Financial Holdings Inc. 1.68% 110,599 $2.0M No change
HBCP Home Bancorp Inc. 1.64% 34,469 $2.0M Add +40.9%
WNEB Western New England Bancorp 1.52% 145,962 $1.8M Add +10.1%
COSO Coastal South Bancshares Inc. 1.45% 75,740 $1.8M No change
CCNE CNB Financial Corp. 1.43% 66,458 $1.7M No change
CBNK Capital Bancorp Inc. 1.40% 60,224 $1.7M Reduce -47.8%
ESQ Esquire Financial Holdings I 1.37% 16,263 $1.7M Reduce -34.4%
FSEA First Seacoast Bancorp Inc. 1.36% 125,000 $1.6M No change
SPFI South Plains Financial Inc. 1.26% 39,491 $1.5M Reduce -6.0%
CIVB Civista Bancshares Inc. 1.11% 60,891 $1.4M No change
UMBF Umb Financial Corp. 0.69% 7,302 $840K Reduce -76.1%
AVBH Avidbank Holdings Inc. 0.44% 20,000 $531K No change

Portfolio Sells Q3 2025 → Q4 2025
MBCN Middlefield Banc Corp. Sold out 0.00% −2.34
HBAN Huntington Bancshares Inc. Sold out 0.00% −2.33
UMBF Umb Financial Corp. Reduce -76.1% 0.69% −2.23
BMRC Bank of Marin Bancorp Sold out 0.00% −2.17
EFSC Enterprise Financial Service Sold out 0.00% −2.03
TCBI Texas Capital Bancshares Inc. Sold out 0.00% −1.96
MTB M & T Bank Corp. Sold out 0.00% −1.66
CBNK Capital Bancorp Inc. Reduce -47.8% 1.40% −1.58
CCB Coastal Financial Corp. Reduce -34.2% 1.79% −0.73
ESQ Esquire Financial Holdings I Reduce -34.4% 1.37% −0.68
DCOM Dime Commercial Bancshares I Reduce -9.9% 2.25% −0.18
SMBK Smartfinancial Inc. Reduce -8.6% 2.25% −0.09
SPFI South Plains Financial Inc. Reduce -6.0% 1.26% −0.05
VLY Valley National Bancorp Reduce -8.4% 3.45% +0.09

Portfolio Buys Q3 2025 → Q4 2025
HBNC Horizon Bancorp Inc. Add +235.0% 3.59% +2.59
OBK Origin Bancorp Inc. Add +125.3% 3.90% +2.34
BCAL California Bancorp New 2.19% +2.19
MBWM Mercantile Bank Corp. New 2.02% +2.02
HAFC Hanmi Financial Corporation New 1.86% +1.86
WBS Webster Financial Corp. Add +27.9% 2.25% +0.62
COLB Columbia Banking System Inc. Add +24.4% 2.23% +0.61
HBCP Home Bancorp Inc. Add +40.9% 1.64% +0.57
IBOC International Bancshares CRP Add +20.6% 3.37% +0.53
WNEB Western New England Bancorp Add +10.1% 1.52% +0.23
PEBO Peoples Bancorp Inc. Add +4.5% 1.76% +0.11

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 44$144.8MQCRH, OBK, BCAL, HBNC, VLY
Q1 2026 46$129.9MQCRH, OBK, HBNC, BCAL, VLY
Q4 2025 45$121.4MQCRH, OBK, CFG, HBNC, VLY
Q3 2025 48$123.6MQCRH, CFG, VLY, CBNK, EWBC
Q2 2025 41$111.5MQCRH, VBTX, BMRC, CCB, HBAN
Q1 2025 43$110.3MQCRH, BMRC, ONB, CCB, VLY
Q4 2024 41$122.7MQCRH, BMRC, STEL, EWBC, SMBK
Q3 2024 43$123.8MQCRH, SASR, STEL, VBFC, VABK
Q2 2024 44$115.5MQCRH, SASR, FBMS, STEL, PFC
Q1 2024 46$120.5MQCRH, PFC, EWBC, KEY, ESQ