CIK: 0001029311
Total reported value
$537.2M
Reporting period: 2026-03-31 · Number of holdings: 97
BANC FUNDS CO LLC disclosed 97 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $537.2M and a quarterly turnover rate of 19.0%.
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Banc Funds Co LLC's disclosed holdings carry a Herfindahl concentration index of 0.018 — mathematically equivalent to about 56 equally-sized positions, well below its 97 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.85), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 3% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Trim FBK
-73.4% -$5.6M
Add PBAM
+9.2% $4.7M
Add MBIN
+15.0% $3.7M
Add ALRS
+62.4% $3.4M
Add MNSB
+25.8% $3.2M
Add FRBA
+31.3% $3.0M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | PBAM | Private Bancorp Of America I | Stock-Other | 3.92% | +0.69% | +9.20% | |
| 2 | OSBC | Old Second Bancorp INC | Stock-Other | 3.86% | +0.37% | +13.69% | |
| 3 | UNTY | Unity Bancorp INC | Stock-Other | 3.62% | — | — | |
| 4 | AVBH | Avidbank Holdings INC | Stock-Other | 3.53% | +0.39% | +11.51% | |
| 5 | AMBZ | American Business Bank | Stock-Other | 3.25% | -0.09% | -5.75% | |
| 6 | BCAL | California Bancorp | Stock-Other | 2.74% | — | +8.48% | |
| 7 | FRBA | First Bank/hamilton Nj | Stock-Other | 2.57% | +0.42% | +31.25% | |
| 8 | WCCB | West Coast Community Bancorp | Stock-Other | 2.45% | +0.07% | +1.17% | |
| 9 | MBIN | Merchants Bancorp/in | Stock-Other | 2.25% | +0.60% | +14.97% | |
| 10 | MCB | Metropolitan Bank Holding Co | Stock-Other | 2.21% | +0.26% | +10.40% | |
| 11 | MNSB | Mainstreet Bancshares INC | Stock-Other | 2.19% | +0.49% | +25.82% | |
| 12 | FRST | Primis Financial CORP | Stock-Other | 2.16% | -0.01% | +10.68% | |
| 13 | TCBI | Texas Capital Bancshares INC | Stock-Financials | 2.12% | -0.03% | — | |
| 14 | ALPIB | Alpine Banks Of Colorado-b | Stock-Other | 1.82% | — | -13.90% | |
| 15 | PGC | Peapack Gladstone Finl CORP | Stock-Other | 1.80% | +0.16% | -7.99% | |
| 16 | SFST | Southern First Bancshares | Stock-Other | 1.74% | -0.01% | — | |
| 17 | BANC | Banc Of California INC | Stock-Other | 1.70% | -0.28% | — | |
| 18 | FBIZ | First Business Financial Ser | Stock-Other | 1.67% | — | — | |
| 19 | MYFW | First Western Financial INC | Stock-Other | 1.59% | -0.25% | +0.67% | |
| 20 | CBAN | Colony Bankcorp | Stock-Other | 1.56% | +0.05% | -1.87% | |
| 21 | CNOB | Connectone Bancorp INC | Stock-Other | 1.55% | +0.37% | +36.17% | |
| 22 | ALRS | Alerus Financial CORP | Stock-Other | 1.54% | +0.58% | +62.43% | |
| 23 | ISTR | Investar Holding CORP | Stock-Other | 1.53% | — | — | |
| 24 | MCBI | Mountain Commerce Bancorp In | Stock-Other | 1.49% | — | — | |
| 25 | BRBS | Blue Ridge Bankshares INC | Stock-Other | 1.48% | -0.24% | -6.90% | |
| 26 | MRBK | Meridian CORP | Stock-Other | 1.30% | +0.18% | +15.09% | |
| 27 | TFIN | Triumph Financial INC | Stock-Other | 1.30% | — | — | |
| 28 | MPB | Mid Penn Bancorp INC | Stock-Other | 1.25% | — | — | |
| 29 | MBWM | Mercantile Bank CORP | Stock-Other | 1.23% | — | +0.24% | |
| 30 | CCNB | Coastal Carolina Bancshares | Stock-Other | 1.21% | +0.01% | — | |
| 31 | CCNE | Cnb Financial Corp/pa | Stock-Other | 1.20% | +0.08% | +2.39% | |
| 32 | TCBX | Third Coast Bancshares INC | Stock-Other | 1.19% | — | +7.34% | |
| 33 | BFST | Business First Bancshares | Stock-Other | 1.18% | +0.19% | +22.94% | |
| 34 | OBT | Orange County Bancorp INC | Stock-Other | 1.18% | +0.06% | — | |
| 35 | FSUN | Firstsun Capital Bancorp | Stock-Other | 1.14% | — | — | |
| 36 | SMBK | Smartfinancial INC | Stock-Other | 1.09% | -0.38% | -25.18% | |
| 37 | UBFO | United Security Bancshare/ca | Stock-Other | 1.04% | — | -0.75% | |
| 38 | BPRN | Princeton Bancorp INC | Stock-Other | 0.97% | — | — | |
| 39 | STBK | Studio Financial Holdings In | Stock-Other | 0.97% | — | +0.73% | |
| 40 | BSVN | Bank7 CORP | Stock-Other | 0.95% | — | — | |
| 41 | FSRL | First Reliance Bancshares In | Stock-Other | 0.88% | +0.03% | -2.74% | |
| 42 | WRIV | White River Bancshares Co | Stock-Other | 0.88% | — | — | |
| 43 | BWFG | Bankwell Financial Group INC | Stock-Other | 0.87% | — | — | |
| 44 | FCPB | First Capital Bancshares INC | Stock-Other | 0.81% | — | -0.50% | |
| 45 | BSFO | Bank Of San Francisco | Stock-Other | 0.80% | +0.80% | NEW | |
| 46 | CBSH | Commerce Bancshares INC | Stock-Financials | 0.79% | +0.79% | NEW | |
| 47 | RCBC | River City Bank/ca | Stock-Other | 0.79% | — | +0.81% | |
| 48 | CZWI | Citizens Community Bancorp I | Stock-Other | 0.76% | — | -16.34% | |
| 49 | SABK | South Atlantic Bancshares | Stock-Other | 0.76% | +0.06% | -0.06% | |
| 50 | ORPB | Oregon Pacific Bancorp | Stock-Other | 0.74% | — | — |
Performance for Q3 2026
+10.2%
Performance Last 4 Quarters
+41.5%
Based on 63% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 97 | $537.2M | 19 | |
| 2025-12-31 | 98 | $505.2M | 18 | |
| 2025-09-30 | 111 | $572.0M | 38 | |
| 2025-06-30 | 115 | $661.6M | 0 | |
| 2025-03-31 | 118 | $758.5M | 100 | |
| 2024-12-31 | 121 | $906.6M | 0 | |
| 2024-09-30 | 125 | $921.4M | 0 | |
| 2024-06-30 | 127 | $843.0M | 0 | |
| 2024-03-31 | 134 | $884.7M | 0 | |
| 2023-12-31 | 145 | $1.0B | 0 | |
| 2023-09-30 | 149 | $852.7M | 0 | |
| 2023-06-30 | 155 | $849.0M | 0 | |
| 2023-03-31 | 158 | $936.3M | 0 | |
| 2022-12-31 | 166 | $1.1B | 0 | |
| 2022-09-30 | 175 | $1.1B | 0 | |
| 2022-06-30 | 183 | $1.1B | 0 | |
| 2022-03-31 | 190 | $1.3B | 0 | |
| 2021-12-31 | 198 | $1.3B | 0 | |
| 2021-09-30 | 195 | $1.3B | 0 | |
| 2021-06-30 | 197 | $1.4B | 98 | |
| 2021-03-31 | 197 | $1.3B | 31 | |
| 2020-12-31 | 190 | $1.1B | 34 | |
| 2020-09-30 | 189 | $770.0M | 21 | |
| 2020-06-30 | 195 | $839.8M | 22 | |
| 2020-03-31 | 206 | $839.7M | 54 | |
| 2019-12-31 | 211 | $1.4B | 16 | |
| 2019-09-30 | 217 | $1.3B | 18 | |
| 2019-06-30 | 225 | $1.3B | 19 | |
| 2019-03-31 | 233 | $1.3B | 18 | |
| 2018-12-31 | 249 | $1.3B | 27 | |
| 2018-09-30 | 258 | $1.7B | 18 | |
| 2018-06-30 | 265 | $1.9B | 22 | |
| 2018-03-31 | 255 | $2.0B | 22 | |
| 2017-12-31 | 260 | $2.1B | 20 | |
| 2017-09-30 | 265 | $2.2B | 18 | |
| 2017-06-30 | 268 | $2.2B | 22 | |
| 2017-03-31 | 266 | $2.3B | 20 | |
| 2016-12-31 | 276 | $2.4B | 31 | |
| 2016-09-30 | 287 | $1.8B | 16 | |
| 2016-06-30 | 296 | $1.7B | 15 | |
| 2016-03-31 | 305 | $1.6B | 17 | |
| 2015-12-31 | 313 | $1.8B | 16 | |
| 2015-09-30 | 311 | $1.6B | 15 | |
| 2015-06-30 | 311 | $1.6B | 15 | |
| 2015-03-31 | 293 | $1.5B | 15 | |
| 2014-12-31 | 288 | $1.5B | 19 | |
| 2014-09-30 | 283 | $1.3B | 15 | |
| 2014-06-30 | 283 | $1.4B | 26 | |
| 2014-03-31 | 231 | $1.3B | 24 | |
| 2013-12-31 | 222 | $1.3B | 25 | |
| 2013-09-30 | 215 | $1.2B | 19 | |
| 2013-06-30 | 209 | $1.1B | 0 |
Banc Funds Co LLC's most significant position changes for 2026-03-31: Sold out: Finemark Holdings INC (FNBT); Sold out: Prime Meridian Holding Co (PMHG); New buy: Bank Of San Francisco (BSFO); New buy: Commerce Bancshares INC (CBSH); Sold out: United Bancorporation Alab-a (UBAB).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | PBAM | Private Bancorp Of America I | +0.7% | +9.20% | Add |
| 2 | MBIN | Merchants Bancorp/in | +0.6% | +14.97% | Add |
| 3 | ALRS | Alerus Financial CORP | +0.6% | +62.43% | Add |
| 4 | MNSB | Mainstreet Bancshares INC | +0.5% | +25.82% | Add |
| 5 | FRBA | First Bank/hamilton Nj | +0.4% | +31.25% | Add |
| 6 | AVBH | Avidbank Holdings INC | +0.4% | +11.51% | Add |
| 7 | OSBC | Old Second Bancorp INC | +0.4% | +13.69% | Add |
| 8 | CNOB | Connectone Bancorp INC | +0.4% | +36.17% | Add |
| 9 | CBNK | Capital Bancorp Inc/md | +0.3% | +251.87% | Add |
| 10 | MCB | Metropolitan Bank Holding Co | +0.3% | +10.40% | Add |
| 11 | BUSE | First Busey CORP | +0.2% | +68.14% | Add |
| 12 | MVBF | Mvb Financial CORP | +0.2% | +160.37% | Add |
| 13 | CMHF | Community Heritage Financial | +0.2% | +30.67% | Add |
| 14 | BFST | Business First Bancshares | +0.2% | +22.94% | Add |
| 15 | MRBK | Meridian CORP | +0.2% | +15.09% | Add |
| 16 | EDVR | Endeavor Bancorp | +0.2% | +65.96% | Add |
| 17 | PGC | Peapack Gladstone Finl CORP | +0.2% | -7.99% | Trim |
| 18 | BLHK | Blueharbor Bank | +0.1% | -0.21% | Trim |
| 19 | CCNE | Cnb Financial Corp/pa | +0.1% | +2.39% | Add |
| 20 | WCCB | West Coast Community Bancorp | +0.1% | +1.17% | Add |
| 21 | OBT | Orange County Bancorp INC | +0.1% | — | Unchanged |
| 22 | SABK | South Atlantic Bancshares | +0.1% | -0.06% | Trim |
| 23 | CBAN | Colony Bankcorp | +0.1% | -1.87% | Trim |
| 24 | AMTB | Amerant Bancorp INC | 0% | — | Unchanged |
| 25 | FSRL | First Reliance Bancshares In | 0% | -2.74% | Trim |
| 26 | CCNB | Coastal Carolina Bancshares | 0% | — | Unchanged |
| 27 | FRST | Primis Financial CORP | 0% | +10.68% | Add |
| 28 | SFST | Southern First Bancshares | 0% | — | Unchanged |
| 29 | TCBI | Texas Capital Bancshares INC | 0% | — | Unchanged |
| 30 | AMBZ | American Business Bank | -0.1% | -5.75% | Trim |
| 31 | XHC | Heritage Commerce CORP | -0.1% | -38.18% | Trim |
| 32 | HNVR | Hanover Bancorp INC | -0.1% | -19.59% | Trim |
| 33 | BCTF | Bancorp 34 INC | -0.1% | -34.39% | Trim |
| 34 | FCCO | First Community CORP | -0.2% | -60.51% | Trim |
| 35 | BRBS | Blue Ridge Bankshares INC | -0.2% | -6.90% | Trim |
| 36 | MYFW | First Western Financial INC | -0.3% | +0.67% | Add |
| 37 | BANC | Banc Of California INC | -0.3% | — | Unchanged |
| 38 | SMBK | Smartfinancial INC | -0.4% | -25.18% | Trim |
| 39 | FBK | Fb Financial CORP | -1.1% | -73.41% | Trim |
| 40 | FNBT | Finemark Holdings INC | — | EXIT | Sold out |
| 41 | PMHG | Prime Meridian Holding Co | — | EXIT | Sold out |
| 42 | BSFO | Bank Of San Francisco | — | NEW | New buy |
| 43 | CBSH | Commerce Bancshares INC | — | NEW | New buy |
| 44 | UBAB | United Bancorporation Alab-a | — | EXIT | Sold out |
| 45 | PNFP | Pinnacle Financial Partners | — | NEW | New buy |
| 46 | DSBX | Dogwood State Bank | — | EXIT | Sold out |
| 47 | TOWN | Towne Bank | — | NEW | New buy |
| 48 | LRBI | Lake Ridge Bancorp INC | — | NEW | New buy |
| 49 | BORT | Bank Of Botetourt Buchanan V | — | EXIT | Sold out |
| 50 | HBT | Hbt Financial Inc/de | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-14 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-12 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-14 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-13 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-13 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-13 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-13 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-11 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-12 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-13 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-12 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-11 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-11 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-12 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-12 | Amendment | View on EDGAR |
| 2021-06-30 | 2021-08-12 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-12 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-16 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-12 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-12 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-14 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-12 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-12 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-13 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-11 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-13 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-13 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-11 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-13 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-14 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-11 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-15 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-14 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-15 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-12 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-16 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-12 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-12 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-11 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-14 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-14 | Amendment | View on EDGAR |
| 2014-12-31 | 2015-02-12 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-12 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-13 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-14 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-14 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-13 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-07 | 13F-HR | View on EDGAR |
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