BANC FUNDS CO LLC

CIK 1029311 · View on SEC EDGAR ↗

Portfolio value QoQ: +12.7% 13F does not disclose cash

Top 10 holdings weight30.97%

Top 25 holdings weight58.65%

Positions above 1%37

Effective number of positions53.7

Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)

Turnover Q2 2026: 7.94% Est. buys $45,371,833 · sells $46,506,940

Median holding: 6.0 quarters Tracked Q1 2025–Q2 2026 · 68.7% still held

New positions5

Increased19

Decreased28

Closed10

Portfolio value $605.5M #3,428 of 9,337 by 13F value · top 36.7%

Positions 92

As of June 30, 2026 Data as of Q2 2026

Sector breakdown

Financials 70.0%

Other/Unmapped 30.0%

Full portfolio 92 positions

					Streak
OSBC Old Second Bancorp, Inc. - Common Stock	$24,116,215	3.98%	1,034,143	$3,368,692	Up ×2
PBAM Private Bancorp of America, Inc. - Common Stock	$23,225,566	3.84%	313,859	$2,158,253	Up ×3
AVBH Avidbank Holdings, Inc. - Common Stock	$22,067,343	3.64%	668,100	$3,111,993	Up ×2
UNTY Unity Bancorp, Inc. - Common Stock	$21,742,826	3.59%	370,469	$2,282,268	Down ×1
Unknown issuer (CUSIP: 31943F200)	$17,725,050	2.93%	1,338,750		Up ×1
BCAL California BanCorp - Common Stock	$17,008,670	2.81%	816,155	$2,280,603	Down ×1
AMBZ CUSIP: 02475L105	$16,674,627	2.75%	229,173	$-762,967	Down ×6
FRBA First Bank - Common Stock	$15,322,355	2.53%	864,205	$1,495,075
WCCB West Coast Community Bancorp - Common Stock	$15,071,000	2.49%	301,420	$1,930,077	Up ×2
MCB Metropolitan Bank Holding Corp. Common Stock	$14,539,546	2.40%	147,221	$2,693,959	Up ×2
FRST Primis Financial Corp. - Common Stock	$14,290,372	2.36%	872,961	$2,697,450
MBIN Merchants Bancorp - Common Stock	$14,253,100	2.35%	285,062	$2,192,730	Up ×2
MNSB MainStreet Bancshares, Inc. - Common Stock	$13,472,815	2.23%	545,679	$1,685,925	Up ×2
PGC Peapack-Gladstone Financial Corporation - Common Stock	$12,965,912	2.14%	273,947	$3,320,238
TCBI Texas Capital Bancshares, Inc. - Common Stock	$12,366,624	2.04%	119,762	$1,003,605
MYFW First Western Financial, Inc. - Common Stock	$10,994,592	1.82%	342,404	$2,430,822	Down ×1
ALRS Alerus Financial Corporation - Common Stock	$10,859,032	1.79%	349,165	$2,580,330
BANC Banc of California, Inc. Common Stock	$10,618,247	1.75%	519,738	$1,481,253
CNOB ConnectOne Bancorp, Inc. - Common Stock	$10,372,921	1.71%	310,195	$2,069,001
FBIZ First Business Financial Services, Inc. - Common Stock	$10,310,860	1.70%	163,224	$1,346,400	Down ×1
SFST Southern First Bancshares, Inc. - Common Stock	$9,938,221	1.64%	162,655	$583,023	Down ×1
ALPIB CUSIP: 020810107	$9,803,322	1.62%	204,321	$36,778
FSUN FirstSun Capital Bancorp - Common Stock	$9,230,842	1.52%	238,031	$3,087,733	Up ×1
ISTR Investar Holding Corporation - Common Stock	$9,194,604	1.52%	306,896	$994,343
TFIN TFIN	$8,938,648	1.48%	117,136	$1,950,314
CBAN Colony Bankcorp, Inc. Common Stock	$8,869,293	1.46%	441,478	$492,317	Up ×1
CCNB CUSIP: 190435107	$8,281,555	1.37%	492,071	$1,793,438	Up ×1
MRBK Meridian Corporation - Common Stock	$7,662,136	1.27%	382,533	$659,582	Up ×2
MBWM Mercantile Bank Corporation - Common Stock	$7,531,207	1.24%	131,160	$907,627
CCNE CNB Financial Corporation - Common Stock	$7,496,261	1.24%	222,375	$1,056,281
MPB Mid Penn Bancorp - Common Stock	$7,246,093	1.20%	207,982	$557,392
BFST Business First Bancshares, Inc. - Common Stock	$7,198,718	1.19%	234,257	$864,409
OBT Orange County Bancorp, Inc. - Common Stock	$6,842,367	1.13%	186,035	$525,166	Down ×1
TCBX Third Coast Bancshares, Inc. - Common Stock	$6,830,186	1.13%	169,064	$434,495
BRBS CUSIP: 095825105	$6,668,286	1.10%	1,889,033	$-1,265,653
CWBC Community West Bancshares - Common Stock	$6,462,677	1.07%	240,606		Up ×1
BSVN Bank7 Corp. - Common stock	$6,291,005	1.04%	128,519	$1,165,667
BHRB Burke & Herbert Financial Services Corp. - Common Stock	$5,919,396	0.98%	82,374		Up ×1
BPRN Princeton Bancorp, Inc. - Common Stock	$5,841,492	0.96%	153,926	$643,411
STBK CUSIP: 864001102	$5,642,086	0.93%	429,056	$450,508
RCBC River City Bank - Common stock	$5,576,981	0.92%	128,354	$1,310,201	Up ×3
FSRL CUSIP: 33615Q100	$5,482,409	0.91%	297,472	$738,158	Down ×2
BWFG Bankwell Financial Group, Inc. - Common Stock	$5,312,351	0.88%	90,423	$633,907	Down ×1
BSFO CUSIP: 064774102	$5,092,632	0.84%	117,072	$775,131	Up ×1
WRIV CUSIP: 96445A108	$4,859,400	0.80%	89,000	$142,400
SMBK SmartFinancial, Inc. Common Stock	$4,580,612	0.76%	97,626	$-1,284,788	Down ×2
CZWI Citizens Community Bancorp, Inc. - Common Stock	$4,562,336	0.75%	195,055	$482,447	Down ×2
INBK First Internet Bancorp - Common Stock	$4,508,493	0.74%	162,176	$1,203,346
SABK CUSIP: 83636T104	$4,477,698	0.74%	175,596	$407,203	Down ×2
CMHF CUSIP: 20370L103	$4,471,366	0.74%	125,424	$583,222
AMTB Amerant Bancorp Inc. Class A Common Stock	$4,440,480	0.73%	174,000	$473,280	Down ×1
FSBC Five Star Bancorp - Common Stock	$4,183,396	0.69%	85,919	$942,531
SBKO CUSIP: 86603R100	$4,108,837	0.68%	184,501	$403,593	Down ×1
FCPB CUSIP: 31941G101	$4,051,237	0.67%	318,995	$-324,912	Down ×2
ORPB CUSIP: 686040205	$4,046,400	0.67%	361,932	$72,387
BSRR Sierra Bancorp - Common Stock	$4,045,634	0.67%	99,255	$204,024	Down ×2
FVCB FVCBankcorp, Inc. - Common Stock	$3,746,540	0.62%	214,088	$494,543
BLHK CUSIP: 095613105	$3,714,585	0.61%	87,402	$-141,495	Down ×2
PNFP Pinnacle Financial Partners, Inc. - Common Stock	$3,611,504	0.60%	35,800	$1,733,652	Up ×1
MVBF MVB Financial Corp. - Common Stock	$3,365,450	0.56%	116,010	$1,099,861	Up ×2
BUSE First Busey Corporation - Common Stock	$3,365,272	0.56%	114,077	$154,036	Down ×1
EDVR CUSIP: 29260B109	$3,293,527	0.54%	171,092	$551,011	Up ×2
HOMB Home BancShares, Inc. Common Stock	$3,200,426	0.53%	112,099		Up ×1
SHBI Shore Bancshares, Inc. - Common Stock	$3,126,777	0.52%	136,243	$-526,340	Down ×5
SSBI Summit State Bank - Common Stock	$2,652,702	0.44%	195,627	$-10,963	Down ×1
CBNK Capital Bancorp, Inc. - Common Stock	$2,644,536	0.44%	75,300	$405,114
CBWA CUSIP: 20051D107	$2,434,536	0.40%	138,720	$247,590	Up ×1
EFSI Eagle Financial Services Inc - Common Stock	$2,342,490	0.39%	56,500	$68,790	Down ×1
COSO CoastalSouth Bancshares, Inc. Common Stock	$2,301,448	0.38%	85,715	$193,716
ARBV CUSIP: 02933K103	$2,288,128	0.38%	89,380	$178,760
RNST Renasant Corporation Common Stock	$2,206,763	0.36%	51,875	$693,819	Up ×1
FSBH CUSIP: 30325F101	$2,204,575	0.36%	135,250	$40,575
BWB Bridgewater Bancshares, Inc. - Common Stock	$2,029,918	0.34%	96,479	$233,740	Down ×1
FBK FB Financial Corporation Common Stock	$1,964,704	0.32%	35,496	$121,042
USCB USCB Financial Holdings, Inc. - Class A Common Stock	$1,955,567	0.32%	95,580	$183,514
LRBI CUSIP: 78391L106	$1,714,236	0.28%	11,429	$793,316	Up ×1
Unknown issuer (CUSIP: 30137P106)	$1,696,542	0.28%	47,100	$260,934
GNRV CUSIP: 386441109	$1,601,144	0.26%	304,400	$110,786	Down ×1
MVLY CUSIP: 60520E104	$1,542,663	0.25%	78,507	$90,283
TOWN Towne Bank - Common Stock	$1,478,737	0.24%	40,804	$104,866
TBBK The Bancorp, Inc. - Common Stock	$1,477,803	0.24%	23,592	$210,205
PPBN CUSIP: 72345E102	$1,412,997	0.23%	25,464	$-335,448	Down ×1
SOME CUSIP: 835126103	$1,233,149	0.20%	16,017	$95,942
PWBK CUSIP: 69506J102	$1,155,141	0.19%	92,857	$73,357
SOUB CUSIP: 844647107	$1,053,889	0.17%	74,638	$4,757	Down ×5
BCTF CUSIP: 05970V106	$951,670	0.16%	61,857	$-645,842	Down ×2
FXNC First National Corporation - Common Stock	$941,847	0.16%	31,374	$-387,759	Down ×3
PBNK CUSIP: 72346K107	$796,801	0.13%	44,514	$73,448
SYBT Stock Yards Bancorp, Inc. - Common Stock	$764,700	0.13%	10,000		Up ×1
BY Byline Bancorp, Inc. Common Stock	$741,224	0.12%	19,682	$-337,112	Down ×2
BAFN BayFirst Financial Corp. - Common Stock	$458,395	0.08%	91,679	$-123,767
PTBS CUSIP: 737643106	$295,384	0.05%	12,432	$49,852
No matches

Conviction holdings

Positions increased for 3+ consecutive quarters.

Share counts are as reported in 13F filings (not split-adjusted)

Security	Value	% of portfolio	Streak
PBAM	$23,225,566	3.84%	up ×3
RCBC	$5,576,981	0.92%	up ×3

Biggest new bets

New positions opened this quarter, largest first.

Security	Value	Shares	% of portfolio
Unknown issuer (CUSIP: 31943F200)	$17,725,050	1,338,750	2.93%
CWBC	$6,462,677	240,606	1.07%
BHRB	$5,919,396	82,374	0.98%
HOMB	$3,200,426	112,099	0.53%
SYBT	$764,700	10,000	0.13%

Top movers (QoQ)

Security	Action	Shares Δ	Value Δ
OSBC	Bought more	+5K	+$3.4M
PGC	Price move only	+0	+$3.3M
AVBH	Bought more	+3K	+$3.1M
FSUN	Bought more	+70K	+$3.1M
FRST	Price move only	+0	+$2.7M
MCB	Bought more	+5K	+$2.7M
ALRS	Price move only	+0	+$2.6M
MYFW	Trimmed	-6K	+$2.4M
UNTY	Trimmed	-5K	+$2.3M
BCAL	Trimmed	-15K	+$2.3M

Exited positions

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

Security	Quarter	Shares before	Value before	Price since exit
SSBK	Sept. 30, 2025	382,380	$13,907,161	No longer tracked
FNBT	March 31, 2026	219,426	$8,353,548	No longer tracked
MCBI	June 30, 2026	351,330	$8,003,297	No longer tracked
UBFO	June 30, 2026	532,316	$5,594,641	No longer tracked
VBTX	Dec. 31, 2025	157,895	$5,294,219	No longer tracked
PMHG	March 31, 2026	76,418	$4,325,259	No longer tracked
CBSH	June 30, 2026	86,774	$4,269,281	-4.5%
EBTC	Sept. 30, 2025	103,375	$4,097,785	No longer tracked
COFS	Dec. 31, 2025	135,435	$3,922,198	12.0%
FNRN	June 30, 2026	234,181	$3,721,136	-1.2%
LNKB	June 30, 2026	401,593	$3,349,286	No longer tracked
DCOM	Dec. 31, 2025	97,948	$2,921,789	31.3%
FISI	Dec. 31, 2025	104,000	$2,828,800	27.1%
FFWM	June 30, 2026	432,396	$2,551,136	No longer tracked
SBT	June 30, 2025	502,061	$2,429,975	No longer tracked
MFGI	Sept. 30, 2025	96,077	$2,411,533	No longer tracked
ONB	Sept. 30, 2025	109,251	$2,331,416	13.3%
PSBQ	June 30, 2026	74,794	$2,074,786	No longer tracked
BBT	Dec. 31, 2025	86,206	$2,043,944	6.7%
UBAB	March 31, 2026	37,117	$1,974,624	No longer tracked
DSBX	March 31, 2026	79,721	$1,859,891	No longer tracked
HNVR	June 30, 2026	76,757	$1,657,184	10.1%
WEX	Sept. 30, 2025	9,955	$1,462,290	9.5%
FGFH	Dec. 31, 2025	38,418	$1,250,506	No longer tracked
INDB	Dec. 31, 2025	16,449	$1,137,777	9.1%
ACNB	June 30, 2025	26,767	$1,101,730	48.9%
TRCY	Dec. 31, 2025	65,076	$1,067,897	No longer tracked
SBNC	Sept. 30, 2025	124	$1,041,600	No longer tracked
HTBK	June 30, 2026	75,139	$937,735	No longer tracked
MLGF	Dec. 31, 2025	41,269	$847,253	No longer tracked
NPB	Sept. 30, 2025	60,000	$822,600	-10.1%
BORT	March 31, 2026	16,504	$726,176	No longer tracked
CNBW	Dec. 31, 2025	8,348	$667,840	No longer tracked
HBNC	Dec. 31, 2025	35,000	$560,350	13.4%
FCOB	Sept. 30, 2025	29,457	$477,203	No longer tracked
FCCO	June 30, 2026	16,317	$476,946	-0.3%
HBT	March 31, 2026	18,403	$475,718	35.9%
LOB	Dec. 31, 2025	10,350	$364,527	6.4%
FFMH	Dec. 31, 2025	2,629	$116,333	No longer tracked
RVSB	June 30, 2025	7,964	$44,997	8.9%