M3F, Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), M3F, Inc. reported 28 stock positions worth $352.9 million. Its top holding was Willis Lease Finance (WLFC) at 23.5% of the portfolio, followed by Ponce Financial (PDLB, 9.4%) and Sumisho Air Lease (AL, 8.4%). Compared with Q2 2025, it opened 3 new positions, sold out of 5, added to 10 and reduced 14. The biggest buy was a new position in Avidia Bancorp (AVBC) and the biggest sale an exit from Eastern Bankshares (EBC).
- Most Recent 13F
- Q2 2026
- Location
- SALT LAKE CITY, UT
- CIK
- 0001511291
- Portfolio Value
- $352.9M (Q3 2025)
- SEC Filing
- 0001511291-25-000006 ↗ filed Nov 12, 2025
Holdings Value
Holdings 28 stocks · $352.9M
| WLFC Willis Lease Finance Corp. | 23.54% | 606,026 | $83.1M | Add +6.9% |
| PDLB Ponce Financial Group Inc. | 9.40% | 2,255,981 | $33.2M | Reduce -2.6% |
| AL Sumisho Air Lease Corp. filed as AIR LEASE CORP | 8.44% | 467,901 | $29.8M | Add +4.3% |
| AER Aercap Holdings NV | 7.15% | 208,500 | $25.2M | Add +17.5% |
| PBFS Pioneer Bancorp Inc. | 6.97% | 1,884,081 | $24.6M | Reduce -9.9% |
| ASLE Aersale Corp. | 6.48% | 2,791,074 | $22.9M | Reduce -19.6% |
| NODK Ni Holdings Inc. filed as NI HLDGS INC | 5.63% | 1,464,794 | $19.9M | Add +0.1% |
| SNFCA Security Natl Finl Corp. Class A | 5.49% | 2,233,648 | $19.4M | Add +5.2% |
| BFIN Bankfinancial Corp. | 3.41% | 1,000,000 | $12.0M | Reduce -6.1% |
| RBKB Rhinebeck Bancorp Inc. | 3.21% | 997,800 | $11.3M | Reduce -2.4% |
| SWKH SWK Holdings Corp. filed as SWK HLDGS CORP | 3.02% | 733,155 | $10.7M | Add +5.0% |
| PKBK Parke Bancorp Inc. | 2.35% | 384,157 | $8.3M | Reduce -12.3% |
| ALRS Alerus Financial Corp. | 1.65% | 262,403 | $5.8M | Add +21.1% |
| PROV Provident Financial Hldgs | 1.63% | 366,036 | $5.8M | Reduce -8.8% |
| MGYR Magyar Bancorp Inc. | 1.62% | 330,732 | $5.7M | Reduce -16.3% |
| CBFV CB Financial Services Inc. filed as CB FINL SVCS INC | 1.54% | 164,014 | $5.4M | Reduce -6.5% |
| AVBC Avidia Bancorp Inc. | 1.39% | 328,766 | $4.9M | New |
| BSBK Bogota Financial Corp. | 1.27% | 493,732 | $4.5M | Reduce -0.3% |
| SSBI Summit State Bank | 1.20% | 354,229 | $4.2M | Add +0.4% |
| FBIZ First Business Financial Ser | 0.97% | 66,477 | $3.4M | Reduce -31.2% |
| BBT Beacon Financial Corp. | 0.89% | 133,121 | $3.2M | New |
| FBLA FB Bancorp Inc. | 0.87% | 254,832 | $3.1M | Reduce -18.8% |
| BYFC Broadway Financial Corp. | 0.83% | 409,685 | $2.9M | Add +19.0% |
| LSBK Lake Shore Bancorp Inc. | 0.28% | 74,801 | $972K | New |
| SHFS SHF Holdings Inc. | 0.23% | 111,943 | $802K | Reduce -59.8% |
| WSBK Winchester Bancorp Inc. | 0.22% | 82,552 | $788K | Add +39.2% |
| CPBI Central Plains Bancshares Inc. | 0.19% | 42,258 | $684K | Reduce -1.3% |
| NSTS NSTS Bancorp Inc. | 0.12% | 38,099 | $440K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| EBC Eastern Bankshares Inc. | Sold out | 0.00% | −2.10 |
| TSBK Timberland Bancorp Inc. | Sold out | 0.00% | −1.51 |
| BROOKLINE BANCORP INC | Sold out | 0.00% | −1.25 |
| OVLY Oak Valley Bancorp | Sold out | 0.00% | −0.87 |
| LSBK Lake Shore Bancorp Inc. | Sold out | 0.00% | −0.47 |
| FBIZ First Business Financial Ser | Reduce -31.2% | 0.97% | −0.41 |
| MGYR Magyar Bancorp Inc. | Reduce -16.3% | 1.62% | −0.24 |
| RBKB Rhinebeck Bancorp Inc. | Reduce -2.4% | 3.21% | −0.17 |
| PKBK Parke Bancorp Inc. | Reduce -12.3% | 2.35% | −0.17 |
| FBLA FB Bancorp Inc. | Reduce -18.8% | 0.87% | −0.13 |
| PBFS Pioneer Bancorp Inc. | Reduce -9.9% | 6.97% | −0.12 |
| PROV Provident Financial Hldgs | Reduce -8.8% | 1.63% | −0.12 |
| BFIN Bankfinancial Corp. | Reduce -6.1% | 3.41% | −0.07 |
| CPBI Central Plains Bancshares Inc. | Reduce -1.3% | 0.19% | +0.01 |
| SHFS SHF Holdings Inc. | Reduce -59.8% | 0.23% | +0.06 |
| CBFV CB Financial Services Inc. | Reduce -6.5% | 1.54% | +0.13 |
| BSBK Bogota Financial Corp. | Reduce -0.3% | 1.27% | +0.19 |
| PDLB Ponce Financial Group Inc. | Reduce -2.6% | 9.40% | +0.36 |
| ASLE Aersale Corp. | Reduce -19.6% | 6.48% | +0.59 |
Portfolio Buys Q2 2025 → Q3 2025
| AVBC Avidia Bancorp Inc. | New | 1.39% | +1.39 |
| AER Aercap Holdings NV | Add +17.5% | 7.15% | +1.29 |
| AL Sumisho Air Lease Corp. | Add +4.3% | 8.44% | +1.04 |
| BBT Beacon Financial Corp. | New | 0.89% | +0.89 |
| WLFC Willis Lease Finance Corp. | Add +6.9% | 23.54% | +0.71 |
| NODK Ni Holdings Inc. | Add +0.1% | 5.63% | +0.37 |
| ALRS Alerus Financial Corp. | Add +21.1% | 1.65% | +0.32 |
| LSBK Lake Shore Bancorp Inc. | New | 0.28% | +0.28 |
| BYFC Broadway Financial Corp. | Add +19.0% | 0.83% | +0.13 |
| SWKH SWK Holdings Corp. | Add +5.0% | 3.02% | +0.12 |
| SSBI Summit State Bank | Add +0.4% | 1.20% | +0.12 |
| WSBK Winchester Bancorp Inc. | Add +39.2% | 0.22% | +0.07 |
| SNFCA Security Natl Finl Corp. Class A | Add +5.2% | 5.49% | −0.41 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 22 | $422.2M | WLFC, PDLB, PBFS, AER, ASLE |
| Q1 2026 | 28 | $403.5M | WLFC, PDLB, AER, PBFS, ASLE |
| Q4 2025 | 25 | $364.1M | WLFC, PDLB, AER, AL, PBFS |
| Q3 2025 | 28 | $352.9M | WLFC, PDLB, AL, AER, PBFS |
| Q2 2025 | 30 | $354.5M | WLFC, PDLB, AL, PBFS, SNFCA |
| Q1 2025 | 31 | $363.8M | WLFC, PDLB, PBFS, SNFCA, ASLE |
| Q4 2024 | 29 | $345.9M | WLFC, PDLB, PBFS, SNFCA, NODK |
| Q3 2024 | 29 | $324.6M | WLFC, PDLB, PBFS, SNFCA, NODK |
| Q2 2024 | 34 | $270.2M | WLFC, PBFS, PDLB, SNFCA, SWKH |
| Q1 2024 | 37 | $282.5M | WLFC, PDLB, PBFS, NWLI, WFC |