Fourthstone LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Fourthstone LLC reported 83 stock positions worth $557.6 million. Its top holding was Orrstown Finl Services (ORRF) at 8.9% of the portfolio, followed by Choiceone Financial SVCS (COFS, 5.7%) and Community West Bancshares (CWBC, 5.5%). Compared with Q2 2025, it opened 6 new positions, sold out of 21, added to 44 and reduced 33. The biggest buy was a new position in Avidbank (AVBH) and the biggest sale California Bancorp (BCAL, shares −41%).
- Most Recent 13F
- Q2 2026
- Location
- ST LOUIS, MO
- CIK
- 0001767803
- Portfolio Value
- $557.6M (Q3 2025)
- SEC Filing
- 0001420506-25-003264 ↗ filed Nov 14, 2025
Holdings Value
Holdings 83 stocks · $557.6M
| ORRF Orrstown Finl Services Inc. | 8.85% | 1,453,010 | $49.4M | Add +15.4% |
| COFS Choiceone Financial SVCS Inc. | 5.68% | 1,093,522 | $31.7M | Reduce -4.3% |
| CWBC Community West Bancshares | 5.47% | 1,462,786 | $30.5M | Reduce -7.1% |
| AVBH Avidbank Holdings Inc. | 4.77% | 1,042,169 | $26.6M | New |
| BCAL California Bancorp | 3.89% | 1,301,394 | $21.7M | Reduce -40.6% |
| CARE Carter Bankshares Inc. | 3.62% | 1,038,543 | $20.2M | Add +77.9% |
| FXNC First National Corp. | 3.55% | 873,646 | $19.8M | Add +5.5% |
| FCCO First Community Corp. | 3.09% | 610,974 | $17.2M | Add +9.3% |
| MRBK Meridian Corp. | 3.04% | 1,072,214 | $16.9M | Reduce -1.1% |
| MCB Metropolitan Bank Holding Co. | 2.89% | 215,083 | $16.1M | Add +65.9% |
| FRAF Franklin Financial Services | 2.74% | 331,586 | $15.3M | Reduce -11.8% |
| CFBK CF Bankshares Inc. | 2.56% | 596,276 | $14.3M | Add +41.6% |
| FVCB Fvcbankcorp Inc. | 2.12% | 910,820 | $11.8M | Add +24.0% |
| CBAN Colony Bankcorp | 1.96% | 643,673 | $10.9M | Add +5.7% |
| MNSB Mainstreet Bancshares Inc. | 1.90% | 509,933 | $10.6M | Add +50.8% |
| EFSI Eagle Financial Services Inc. | 1.88% | 276,786 | $10.5M | Reduce -1.6% |
| HNVR Hanover Bancorp Inc. | 1.70% | 421,508 | $9.5M | Add +44.2% |
| SHBI Shore Bancshares Inc. | 1.67% | 568,190 | $9.3M | Add +0.2% |
| FISI Financial Institutions Inc. | 1.57% | 322,202 | $8.8M | Reduce -61.9% |
| PKBK Parke Bancorp Inc. | 1.57% | 405,954 | $8.7M | Add +102.1% |
| BHRB Burke & Herbert Financial SE | 1.52% | 137,761 | $8.5M | Add +21.4% |
| CZWI Citizens Community Bancorp I | 1.51% | 525,039 | $8.4M | Add +107.7% |
| COSO Coastal South Bancshares Inc. | 1.48% | 378,141 | $8.2M | New |
| BWFG Bankwell Financial Group Inc. | 1.41% | 177,321 | $7.8M | Reduce -33.5% |
| FRST Primis Financial Corp. | 1.33% | 706,933 | $7.4M | Add +22.7% |
| WSBC Wesbanco Inc. | 1.28% | 223,648 | $7.1M | Add +7.4% |
| SFST Southern First Bancshares | 1.26% | 158,754 | $7.0M | Add +22.9% |
| FNWB First Northwest Bancorp | 1.23% | 869,092 | $6.8M | Reduce -7.3% |
| MVBF MVB Financial Corp. | 1.22% | 272,282 | $6.8M | Add +5.0% |
| ISTR Investar Holding Corp. | 1.16% | 279,847 | $6.5M | Add +825.6% |
| MPB Mid Penn Bancorp Inc. | 1.13% | 219,569 | $6.3M | Add +969.5% |
| BMRC Bank of Marin Bancorp filed as BANK MARIN BANCORP | 0.97% | 222,134 | $5.4M | Reduce -19.7% |
| UBFO United Security Bancshare | 0.93% | 555,820 | $5.2M | Add +11.7% |
| FUNC First United Corp. | 0.89% | 135,366 | $5.0M | Add +41.6% |
| LNKB Linkbancorp Inc. | 0.87% | 682,823 | $4.9M | Add +108.5% |
| BVFL BV Financial Inc. filed as BV FINL INC | 0.86% | 297,624 | $4.8M | Reduce -64.7% |
| OVLY Oak Valley Bancorp filed as OAK VY BANCORP OAKDALE CALIF | 0.84% | 165,856 | $4.7M | Add +17.3% |
| KRNY Kearny Financial Corp. | 0.82% | 699,086 | $4.6M | Reduce -37.0% |
| BOTJ Bank of the James Financial | 0.82% | 291,782 | $4.6M | Add +29.3% |
| ATLO Ames National Corp. | 0.82% | 225,099 | $4.6M | Add +125.6% |
| CIVB Civista Bancshares Inc. | 0.79% | 216,410 | $4.4M | Add +970.0% |
| CCNE CNB Financial Corp. | 0.70% | 162,457 | $3.9M | Add +169.1% |
| BFST Business First Bancshares | 0.69% | 164,024 | $3.9M | Add +373.3% |
| NKSH National Bankshares Inc. | 0.68% | 128,497 | $3.8M | Add +53.0% |
| PROV Provident Financial Hldgs | 0.65% | 230,822 | $3.6M | Add +100.3% |
| WNEB Western New England Bancorp | 0.62% | 287,393 | $3.5M | Reduce -46.8% |
| FDSB Fifth District Bancorp Inc. | 0.62% | 248,966 | $3.4M | Add +172.5% |
| MOFG Midwestone Financial Group I | 0.61% | 120,000 | $3.4M | Add +282.6% |
| CNOB Connectone Bancorp Inc. | 0.54% | 122,000 | $3.0M | Reduce -41.4% |
| EGBN Eagle Bancorp Inc. | 0.51% | 141,541 | $2.9M | Reduce -78.0% |
| OVBC Ohio Valley Banc Corp. filed as OHIO VY BANC CORP | 0.48% | 73,031 | $2.7M | Add +346.5% |
| PEBK Peoples Bancorp of NC | 0.42% | 75,612 | $2.3M | Add +115.0% |
| OPBK Op Bancorp | 0.39% | 156,951 | $2.2M | Reduce -40.5% |
| NWFL Norwood Financial Corp. | 0.38% | 83,764 | $2.1M | Add +323.2% |
| JMSB John Marshall Bancorp Inc. | 0.37% | 104,641 | $2.1M | Add +26.3% |
| WSBF Waterstone Financial Inc. | 0.36% | 128,559 | $2.0M | Add +103.4% |
| PLBC Plumas Bancorp | 0.35% | 45,418 | $2.0M | Add +58.1% |
| OBT Orange County Bancorp Inc. | 0.32% | 71,444 | $1.8M | Reduce -70.3% |
| OPHC Optimumbank Holdings Inc. | 0.29% | 389,554 | $1.6M | Reduce -22.2% |
| EBMT Eagle Bancorp Montana Inc. | 0.29% | 92,067 | $1.6M | Reduce -40.3% |
| PBHC Pathfinder Bancorp Inc. | 0.25% | 87,231 | $1.4M | Add +8.9% |
| INBK First Internet Bancorp | 0.23% | 56,238 | $1.3M | Reduce -61.3% |
| TSBK Timberland Bancorp Inc. | 0.21% | 35,676 | $1.2M | Add +176.6% |
| BBT Beacon Financial Corp. | 0.20% | 46,000 | $1.1M | Reduce -9.8% |
| NFBK Northfield Bancorp Inc. | 0.19% | 87,802 | $1.0M | New |
| RVSB Riverview Bancorp Inc. | 0.18% | 185,874 | $998K | Reduce -72.8% |
| FBLA FB Bancorp Inc. | 0.17% | 80,210 | $964K | Reduce -21.9% |
| RBB RBB Bancorp | 0.17% | 50,000 | $938K | Reduce -69.6% |
| MSBI Midland States Bancorp Inc. | 0.16% | 52,609 | $902K | New |
| BPRN Princeton Bancorp Inc. | 0.16% | 27,617 | $879K | Add +35.0% |
| FBIZ First Business Financial Ser | 0.11% | 12,131 | $622K | New |
| HTBK Heritage Commerce Corp. | 0.11% | 62,000 | $616K | Add +1.5% |
| OCFC Oceanfirst Financial Corp. | 0.11% | 33,926 | $596K | Reduce -70.0% |
| DCOM Dime Commercial Bancshares I filed as DIME CMNTY BANCSHARES INC | 0.10% | 19,141 | $571K | Reduce -83.5% |
| FRBA First Bank/Hamilton NJ | 0.10% | 34,016 | $554K | Reduce -27.0% |
| LSBK Lake Shore Bancorp Inc. | 0.10% | 42,000 | $546K | New |
| CHMG Chemung Financial Corp. | 0.09% | 10,028 | $527K | Reduce -38.4% |
| FFIC Flushing Financial Corp. | 0.09% | 38,000 | $525K | Reduce -85.3% |
| FFWM First Foundation Inc. | 0.09% | 88,000 | $490K | Reduce -86.9% |
| CFFN Capitol Federal Financial Inc. | 0.09% | 74,887 | $476K | Reduce -62.2% |
| TCBS Texas Community Bancshares | 0.07% | 24,881 | $402K | Add +6.0% |
| CBFV CB Financial Services Inc. filed as CB FINL SVCS INC | 0.06% | 9,906 | $329K | Reduce -71.4% |
| OSBC Old Second Bancorp Inc. | 0.04% | 12,500 | $216K | Reduce -72.8% |
Portfolio Sells Q2 2025 → Q3 2025
| BCAL California Bancorp | Reduce -40.6% | 3.89% | −2.88 |
| FISI Financial Institutions Inc. | Reduce -61.9% | 1.57% | −2.69 |
| AUB Atlantic Union Bankshares Co. | Sold out | 0.00% | −1.97 |
| EGBN Eagle Bancorp Inc. | Reduce -78.0% | 0.51% | −1.95 |
| BVFL BV Financial Inc. | Reduce -64.7% | 0.86% | −1.66 |
| OBT Orange County Bancorp Inc. | Reduce -70.3% | 0.32% | −0.90 |
| COFS Choiceone Financial SVCS Inc. | Reduce -4.3% | 5.68% | −0.76 |
| VLY Valley National Bancorp | Sold out | 0.00% | −0.62 |
| KRNY Kearny Financial Corp. | Reduce -37.0% | 0.82% | −0.58 |
| FFWM First Foundation Inc. | Reduce -86.9% | 0.09% | −0.58 |
| WBS Webster Financial Corp. | Sold out | 0.00% | −0.57 |
| RVSB Riverview Bancorp Inc. | Reduce -72.8% | 0.18% | −0.56 |
| CWBC Community West Bancshares | Reduce -7.1% | 5.47% | −0.56 |
| INBK First Internet Bancorp | Reduce -61.3% | 0.23% | −0.54 |
| DCOM Dime Commercial Bancshares I | Reduce -83.5% | 0.10% | −0.51 |
| FFIC Flushing Financial Corp. | Reduce -85.3% | 0.09% | −0.51 |
| BWFG Bankwell Financial Group Inc. | Reduce -33.5% | 1.41% | −0.48 |
| CNOB Connectone Bancorp Inc. | Reduce -41.4% | 0.54% | −0.40 |
| RBB RBB Bancorp | Reduce -69.6% | 0.17% | −0.39 |
| WNEB Western New England Bancorp | Reduce -46.8% | 0.62% | −0.36 |
| WAL Western Alliance Bancorp | Sold out | 0.00% | −0.33 |
| FNWD Finward Bancorp | Sold out | 0.00% | −0.30 |
| OCFC Oceanfirst Financial Corp. | Reduce -70.0% | 0.11% | −0.28 |
| OPBK Op Bancorp | Reduce -40.5% | 0.39% | −0.28 |
| BMRC Bank of Marin Bancorp | Reduce -19.7% | 0.97% | −0.27 |
| EBC Eastern Bankshares Inc. | Sold out | 0.00% | −0.25 |
| CFG Citizens Financial Group | Sold out | 0.00% | −0.22 |
| BUSE First Busey Corp. | Sold out | 0.00% | −0.22 |
| EBMT Eagle Bancorp Montana Inc. | Reduce -40.3% | 0.29% | −0.22 |
| TFC Truist Financial Corp. | Sold out | 0.00% | −0.21 |
| FNWB First Northwest Bancorp | Reduce -7.3% | 1.23% | −0.19 |
| AMTB Amerant Bancorp Inc. | Sold out | 0.00% | −0.19 |
| OPHC Optimumbank Holdings Inc. | Reduce -22.2% | 0.29% | −0.15 |
| CFFN Capitol Federal Financial Inc. | Reduce -62.2% | 0.09% | −0.15 |
| BSRR Sierra Bancorp | Sold out | 0.00% | −0.15 |
| CBFV CB Financial Services Inc. | Reduce -71.4% | 0.06% | −0.13 |
| INDB Independent Bank Corp. | Sold out | 0.00% | −0.12 |
| OSBC Old Second Bancorp Inc. | Reduce -72.8% | 0.04% | −0.12 |
| CFFI C & F Financial Corp. | Sold out | 0.00% | −0.12 |
| ONB Old National Bancorp | Sold out | 0.00% | −0.12 |
| PFIS Peoples Financial Services | Sold out | 0.00% | −0.11 |
| PFS Provident Financial Services | Sold out | 0.00% | −0.10 |
| HBNC Horizon Bancorp Inc. | Sold out | 0.00% | −0.10 |
| BWB Bridgewater Bancshares Inc. | Sold out | 0.00% | −0.07 |
| VABK Virginia National Bankshares | Sold out | 0.00% | −0.06 |
| CHMG Chemung Financial Corp. | Reduce -38.4% | 0.09% | −0.06 |
| BBT Beacon Financial Corp. | Reduce -9.8% | 0.20% | −0.05 |
| FBLA FB Bancorp Inc. | Reduce -21.9% | 0.17% | −0.05 |
| FSUN Firstsun Capital Bancorp | Sold out | 0.00% | −0.05 |
| FRBA First Bank/Hamilton NJ | Reduce -27.0% | 0.10% | −0.04 |
Portfolio Buys Q2 2025 → Q3 2025
| AVBH Avidbank Holdings Inc. | New | 4.77% | +4.77 |
| CARE Carter Bankshares Inc. | Add +77.9% | 3.62% | +1.63 |
| COSO Coastal South Bancshares Inc. | New | 1.48% | +1.48 |
| MCB Metropolitan Bank Holding Co. | Add +65.9% | 2.89% | +1.11 |
| ISTR Investar Holding Corp. | Add +825.6% | 1.16% | +1.05 |
| MPB Mid Penn Bancorp Inc. | Add +969.5% | 1.13% | +1.01 |
| ORRF Orrstown Finl Services Inc. | Add +15.4% | 8.85% | +0.99 |
| CZWI Citizens Community Bancorp I | Add +107.7% | 1.51% | +0.83 |
| PKBK Parke Bancorp Inc. | Add +102.1% | 1.57% | +0.77 |
| CIVB Civista Bancshares Inc. | Add +970.0% | 0.79% | +0.70 |
| MNSB Mainstreet Bancshares Inc. | Add +50.8% | 1.90% | +0.65 |
| CFBK CF Bankshares Inc. | Add +41.6% | 2.56% | +0.58 |
| BFST Business First Bancshares | Add +373.3% | 0.69% | +0.53 |
| ATLO Ames National Corp. | Add +125.6% | 0.82% | +0.47 |
| CCNE CNB Financial Corp. | Add +169.1% | 0.70% | +0.43 |
| MOFG Midwestone Financial Group I | Add +282.6% | 0.61% | +0.43 |
| FVCB Fvcbankcorp Inc. | Add +24.0% | 2.12% | +0.42 |
| FCCO First Community Corp. | Add +9.3% | 3.09% | +0.42 |
| LNKB Linkbancorp Inc. | Add +108.5% | 0.87% | +0.40 |
| FDSB Fifth District Bancorp Inc. | Add +172.5% | 0.62% | +0.40 |
| FXNC First National Corp. | Add +5.5% | 3.55% | +0.39 |
| HNVR Hanover Bancorp Inc. | Add +44.2% | 1.70% | +0.38 |
| OVBC Ohio Valley Banc Corp. | Add +346.5% | 0.48% | +0.38 |
| FUNC First United Corp. | Add +41.6% | 0.89% | +0.31 |
| PROV Provident Financial Hldgs | Add +100.3% | 0.65% | +0.30 |
| SFST Southern First Bancshares | Add +22.9% | 1.26% | +0.29 |
| NWFL Norwood Financial Corp. | Add +323.2% | 0.38% | +0.28 |
| NKSH National Bankshares Inc. | Add +53.0% | 0.68% | +0.23 |
| PEBK Peoples Bancorp of NC | Add +115.0% | 0.42% | +0.22 |
| BHRB Burke & Herbert Financial SE | Add +21.4% | 1.52% | +0.19 |
| BOTJ Bank of the James Financial | Add +29.3% | 0.82% | +0.19 |
| WSBF Waterstone Financial Inc. | Add +103.4% | 0.36% | +0.19 |
| NFBK Northfield Bancorp Inc. | New | 0.19% | +0.19 |
| MSBI Midland States Bancorp Inc. | New | 0.16% | +0.16 |
| TSBK Timberland Bancorp Inc. | Add +176.6% | 0.21% | +0.13 |
| FBIZ First Business Financial Ser | New | 0.11% | +0.11 |
| FRST Primis Financial Corp. | Add +22.7% | 1.33% | +0.11 |
| PLBC Plumas Bancorp | Add +58.1% | 0.35% | +0.10 |
| LSBK Lake Shore Bancorp Inc. | New | 0.10% | +0.10 |
| UBFO United Security Bancshare | Add +11.7% | 0.93% | +0.09 |
| OVLY Oak Valley Bancorp | Add +17.3% | 0.84% | +0.08 |
| MVBF MVB Financial Corp. | Add +5.0% | 1.22% | +0.08 |
| JMSB John Marshall Bancorp Inc. | Add +26.3% | 0.37% | +0.07 |
| BPRN Princeton Bancorp Inc. | Add +35.0% | 0.16% | +0.04 |
| PBHC Pathfinder Bancorp Inc. | Add +8.9% | 0.25% | +0.00 |
| TCBS Texas Community Bancshares | Add +6.0% | 0.07% | −0.00 |
| CBAN Colony Bankcorp | Add +5.7% | 1.96% | −0.00 |
| HTBK Heritage Commerce Corp. | Add +1.5% | 0.11% | −0.01 |
| WSBC Wesbanco Inc. | Add +7.4% | 1.28% | −0.01 |
| SHBI Shore Bancshares Inc. | Add +0.2% | 1.67% | −0.08 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 25 | $140.5M | AVBH, FNRN, EFSI, MRBK, FNWB |
| Q1 2026 | 62 | $590.0M | CBAN, CARE, CWBC, AVBH, COSO |
| Q4 2025 | 54 | $534.4M | ORRF, CBAN, CWBC, AVBH, CARE |
| Q3 2025 | 83 | $557.6M | ORRF, COFS, CWBC, AVBH, BCAL |
| Q2 2025 | 98 | $509.7M | ORRF, BCAL, COFS, CWBC, FISI |
| Q1 2025 | 75 | $403.4M | ORRF, COFS, BCAL, CWBC, FXNC |
| Q4 2024 | 68 | $512.1M | ORRF, BCAL, SHBI, CWBC, EGBN |
| Q3 2024 | 66 | $448.8M | ORRF, SHBI, BCAL, CWBC, BHRB |
| Q2 2024 | 46 | $314.1M | SHBI, CWBC, BCAL, CVLY, CHMG |
| Q1 2024 | 29 | $307.0M | SHBI, CWBC, BCAL, CVLY, CHMG |