BANC FUNDS CO LLC

CIK

1029311

Location

CHICAGO, IL

Portfolio Value

Small $375,433,518

Diversification

Diversified

Filing Date

Global Rank

#3,047 / 8,603 ▲ 198 · as of Mar 2026

Top Industry

Banks - Regional 100.0%

3Y Alpha vs SPY

+4.2%

Period ended 3 months ago

Filed May 14, 2026 · 56d

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+93.9%

SPY

+76.5%

Annualised alpha

+3.8%

Max drawdown

−25.0%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

64 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

5.5%

+0.4 pts

Top 5

20.9%

+0.8 pts

Top 10

35.3%

+1.5 pts

HHI

237

Diversified+6

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Financial Services	100.0%	$375,433,518	64

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

18 positions

Ticker	Company	Δ Shares	Shares	Value
ALRS	Alerus Financial Corp	+134,198	349,165	$8,278,702
OSBC	Old Second Bancorp Inc	+123,953	1,029,143	$20,747,522
MNSB	MainStreet Bancshares, Inc.	+108,960	530,941	$11,786,890
FRST	Primis Financial Corp.	+84,200	872,961	$11,592,922
CNOB	ConnectOne Bancorp, Inc.	+82,400	310,195	$8,303,920
AVBH	Avidbank Holdings, Inc.	+68,670	665,100	$18,955,350
BCAL	California BanCorp \ CA	+65,000	831,155	$14,728,066
MVBF	Mvb Financial Corp	+56,200	91,244	$2,265,588
CBNK	Capital Bancorp Inc	+53,900	75,300	$2,239,422
BUSE	First Busey Corp /Nv/	+51,500	127,077	$3,211,235
MRBK	Meridian Corp	+48,414	369,333	$7,002,553
BFST	Business First Bancshares, Inc.	+43,708	234,257	$6,334,309
MBIN	Merchants Bancorp	+36,600	281,062	$12,060,370
MCB	Metropolitan Bank Holding Corp.	+13,400	142,221	$11,845,587
TCBX	Third Coast Bancshares, Inc.	+11,558	169,064	$6,395,691
CCNE	Cnb Financial Corp/Pa	+5,200	222,375	$6,439,980
MYFW	First Western Financial Inc	+2,314	348,404	$8,563,770
MBWM	Mercantile Bank Corp	+319	131,160	$6,623,580
No positions match the current search.

Trimmed

Positions the filer reduced

18 positions

Ticker	Company	Δ Shares	Shares	Value
BRBS	Blue Ridge Bankshares, Inc.	−140,000	1,889,033	$7,933,938
FBK	FB Financial Corp	−98,000	35,496	$1,843,662
FNRN	First Northern Community Bancorp	−67,516	234,181	$3,721,136
BCTF	Bancorp 34, Inc.	−56,000	106,857	$1,597,512
SMBK	Smartfinancial Inc.	−50,500	150,087	$5,865,399
HTBK	HERITAGE COMMERCE CORP	−46,400	75,139	$937,734
CZWI	Citizens Community Bancorp Inc.	−40,231	206,055	$4,079,889
ALPIB	Alpine Banks Of Colorado	−32,994	204,321	$9,766,543
FCCO	First Community Corp /Sc/	−25,000	16,317	$476,945
PGC	Peapack Gladstone Financial Corp	−23,800	273,947	$9,645,673
HNVR	Hanover Bancorp, Inc. /MD	−18,703	76,757	$1,657,183
FXNC	First National Corp /Va/	−11,101	49,391	$1,329,605
FSBC	Five Star Bancorp	−10,000	85,919	$3,240,864
SHBI	Shore Bancshares Inc	−9,000	195,563	$3,653,116
BSRR	Sierra Bancorp	−8,169	113,255	$3,841,609
CBAN	Colony Bankcorp Inc	−8,000	419,478	$8,376,975
BY	Byline Bancorp, Inc.	−5,000	34,157	$1,078,336
UBFO	UNITED SECURITY BANCSHARES	−4,000	532,316	$5,594,641
No positions match the current search.

New Positions

Positions the filer opened this quarter

2 positions

Ticker	Company	Shares	Value
CBSH	Commerce Bancshares Inc /Mo/	86,774	$4,269,280
PNFP	Pinnacle Financial Partners, Inc.	21,800	$1,877,852
No positions match the current search.

Sold Out

Positions the filer fully exited

1 positions

Ticker	Company	Shares	Value	Open
HBT	HBT Financial, Inc.	18,403	$475,717
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

64 positions · $375,433,518 total · as of Mar 31, 2026

All sectors Financial Services

Showing 1–50 of 64 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
OSBC	Old Second Bancorp Inc Financial Services	Added	1,029,143	+123,953	$20,747,522	+17.5%	5.53%
AVBH	Avidbank Holdings, Inc. Financial Services	Added	665,100	+68,670	$18,955,350	+19.7%	5.05%
BCAL	California BanCorp \ CA Financial Services	Added	831,155	+65,000	$14,728,066	+3.0%	3.92%
MBIN	Merchants Bancorp Financial Services	Added	281,062	+36,600	$12,060,370	+44.8%	3.21%
MCB	Metropolitan Bank Holding Corp. Financial Services	Added	142,221	+13,400	$11,845,587	+20.4%	3.16%
MNSB	MainStreet Bancshares, Inc. Financial Services	Added	530,941	+108,960	$11,786,890	+37.2%	3.14%
FRST	Primis Financial Corp. Financial Services	Added	872,961	+84,200	$11,592,922	+5.7%	3.09%
TCBI	Texas Capital Bancshares Inc/Tx Financial Services	Held	119,762	0	$11,363,018	+4.8%	3.03%
ALPIB	Alpine Banks Of Colorado Financial Services	Reduced	204,321	-32,994	$9,766,543	+3.4%	2.60%
PGC	Peapack Gladstone Financial Corp Financial Services	Reduced	273,947	-23,800	$9,645,673	+16.3%	2.57%
SFST	Southern First Bancshares Inc Financial Services	Held	171,655	0	$9,355,197	+5.8%	2.49%
BANC	Banc Of California, Inc. Financial Services	Held	519,738	0	$9,136,994	−8.9%	2.43%
FBIZ	First Business Financial Services, Inc. Financial Services	Held	166,224	0	$8,964,460	−0.7%	2.39%
MYFW	First Western Financial Inc Financial Services	Added	348,404	+2,314	$8,563,770	−7.7%	2.28%
CBAN	Colony Bankcorp Inc Financial Services	Reduced	419,478	-8,000	$8,376,975	+10.0%	2.23%
ISTR	Investar Holding Corp Financial Services	Reduced	306,896	-306,896	$8,369,053	−49.0%	2.23%
CNOB	ConnectOne Bancorp, Inc. Financial Services	Added	310,195	+82,400	$8,303,920	+39.0%	2.21%
ALRS	Alerus Financial Corp Financial Services	Added	349,165	+134,198	$8,278,702	+71.0%	2.21%
BRBS	Blue Ridge Bankshares, Inc. Financial Services	Reduced	1,889,033	-140,000	$7,933,938	−8.4%	2.11%
MRBK	Meridian Corp Financial Services	Added	369,333	+48,414	$7,002,553	+24.1%	1.87%
TFIN	Triumph Financial, Inc. Financial Services	Held	117,136	0	$6,988,333	−4.7%	1.86%
MPB	Mid Penn Bancorp Inc Financial Services	Held	207,982	0	$6,688,701	+3.7%	1.78%
MBWM	Mercantile Bank Corp Financial Services	Added	131,160	+319	$6,623,580	+5.2%	1.76%
CCNB	Coastal Carolina Bancshares, Inc. Financial Services	Held	466,771	0	$6,488,116	+7.1%	1.73%
CCNE	Cnb Financial Corp/Pa Financial Services	Added	222,375	+5,200	$6,439,980	+13.3%	1.72%
TCBX	Third Coast Bancshares, Inc. Financial Services	Added	169,064	+11,558	$6,395,691	+6.8%	1.70%
BFST	Business First Bancshares, Inc. Financial Services	Added	234,257	+43,708	$6,334,309	+27.2%	1.69%
OBT	Orange County Bancorp, Inc. /DE/ Financial Services	Held	197,536	0	$6,317,201	+12.0%	1.68%
FSUN	Firstsun Capital Bancorp Financial Services	Held	168,489	0	$6,143,108	−3.1%	1.64%
SMBK	Smartfinancial Inc. Financial Services	Reduced	150,087	-50,500	$5,865,399	−20.9%	1.56%
UBFO	UNITED SECURITY BANCSHARES Financial Services	Reduced	532,316	-4,000	$5,594,641	+3.6%	1.49%
BPRN	Princeton Bancorp, Inc. Financial Services	Held	153,926	0	$5,198,081	−2.7%	1.38%
BSVN	Bank7 Corp. Financial Services	Held	128,519	0	$5,125,337	−2.7%	1.37%
WRIV	White River Bancshares Co Financial Services	Held	89,000	0	$4,717,000	+7.1%	1.26%
BWFG	Bankwell Financial Group, Inc. Financial Services	Held	96,423	0	$4,678,443	+5.9%	1.25%
CBSH	Commerce Bancshares Inc /Mo/ Financial Services	NEW	86,774	NEW	$4,269,280	NEW	1.14%
CZWI	Citizens Community Bancorp Inc. Financial Services	Reduced	206,055	-40,231	$4,079,889	−7.0%	1.09%
AMTB	Amerant Bancorp Inc. Financial Services	Held	180,000	0	$3,967,200	+13.0%	1.06%
BSRR	Sierra Bancorp Financial Services	Reduced	113,255	-8,169	$3,841,609	−3.2%	1.02%
FNRN	First Northern Community Bancorp Financial Services	Reduced	234,181	-67,516	$3,721,136	−3.1%	0.99%
SHBI	Shore Bancshares Inc Financial Services	Reduced	195,563	-9,000	$3,653,116	+1.0%	0.97%
LNKB	LINKBANCORP, Inc. Financial Services	Held	401,593	0	$3,349,285	+1.0%	0.89%
INBK	First Internet Bancorp Financial Services	Held	162,176	0	$3,305,146	−2.3%	0.88%
FVCB	FVCBankcorp, Inc. Financial Services	Held	214,088	0	$3,251,996	+9.2%	0.87%
FSBC	Five Star Bancorp Financial Services	Reduced	85,919	-10,000	$3,240,864	−5.6%	0.86%
BUSE	First Busey Corp /Nv/ Financial Services	Added	127,077	+51,500	$3,211,235	+78.6%	0.86%
FFWM	First Foundation Inc. Financial Services	Held	432,396	0	$2,551,136	−4.2%	0.68%
EFSI	Eagle Financial Services Inc Financial Services	Held	65,000	0	$2,273,700	−12.1%	0.61%
MVBF	Mvb Financial Corp Financial Services	Added	91,244	+56,200	$2,265,588	+150.3%	0.60%
CBNK	Capital Bancorp Inc Financial Services	Added	75,300	+53,900	$2,239,422	+271.5%	0.60%