BANC FUNDS CO LLC Q1 2019 Filing

Filed May 13, 2019

Portfolio Value

$1.3B

Holdings

233

Report Date

Q1 2019

Filing Type

13F-HR

All Holdings (233 positions)

#	Stock	Shares	Value	% Portfolio
1	MBWMMercantile Bank Corporation	1,039,457	$34.0M	2.54%
2	PGCPeapack-Gladstone Financial Corporation	1,076,957	$28.2M	2.11%
3	—TriState Capital Holdings, Inc.	1,345,066	$27.5M	2.05%
4	SD2Sandy Spring Bancorp Inc.	844,793	$26.4M	1.98%
5	OSBCOld Second Bancorp, Inc.	1,866,027	$23.5M	1.76%
6	LBAIUSDLakeland Bancorp, Inc.	1,420,028	$21.2M	1.58%
7	—Southern National Bancorp of Virginia,Inc.	1,356,006	$19.9M	1.48%
8	VBTXVeritex Holdings, Inc.	811,755	$19.7M	1.47%
9	SFSTSouthern First Bancshares, Inc.	562,754	$19.1M	1.42%
10	FFWMFirst Foundation Inc.	1,355,610	$18.4M	1.37%
11	FRBAFirst Bank	1,532,103	$17.7M	1.32%
12	—SB One Bancorp	792,978	$17.2M	1.29%
13	NICNicolet Bankshares, Inc.	265,485	$15.8M	1.18%
14	FBMSUSDFirst Bancshares, Inc.	509,778	$15.8M	1.18%
15	UTBUnity Bancorp, Inc.	832,832	$15.7M	1.18%
16	OBKOrigin Bancorp Inc.	446,064	$15.2M	1.14%
17	LIONFidelity Southern Corporation	527,140	$14.4M	1.08%
18	—Iberiabank Corp	199,106	$14.3M	1.07%
19	WTBFBW.T.B. Financial Corporation	39,755	$14.0M	1.05%
20	—First Choice Bancorp	651,534	$14.0M	1.05%
21	BWFGBankwell Financial Group, Inc.	477,232	$13.9M	1.04%
22	—Level One Bancorp, Inc.	590,403	$13.7M	1.03%
23	—Codorus Valley Bancorp, Inc.	634,155	$13.5M	1.01%
24	FBIZFirst Business Financial Services	675,852	$13.5M	1.01%
25	MNSBMainStreet Bancshares, Inc.	597,895	$12.9M	0.97%
26	BFSTBusiness First Bancshares, Inc.	525,149	$12.9M	0.96%
27	—National Commerce Corporation	324,664	$12.7M	0.95%
28	CNOBConnectOne Bancorp, Inc.	636,193	$12.5M	0.94%
29	BPFHBoston Private Financial Holdings, Inc.	1,084,263	$11.9M	0.89%
30	TFINTriumph Bancorp, Inc.	403,300	$11.9M	0.89%
31	—Suncrest Bank	978,916	$11.6M	0.87%
32	SBG1Seacoast Banking Corporation of Florida	438,639	$11.6M	0.86%
33	FRBKQRepublic First Bancorp, Inc.	2,165,576	$11.4M	0.85%
34	WSBFWaterstone Financial, Inc.	671,972	$11.1M	0.83%
35	—Allegiance Bancshares, Inc.	325,532	$11.0M	0.82%
36	—Malvern Bancorp, Inc.	531,142	$10.7M	0.80%
37	ISTRInvestar Holding Corporation	459,710	$10.4M	0.78%
38	PBAMPrivate Bancorp of America, Inc.	434,309	$10.2M	0.76%
39	—Cambridge Bancorp	122,370	$10.1M	0.76%
40	QCRHQCR Holdings, Inc.	298,561	$10.1M	0.76%
41	SMBKSmartFinancial, Inc.	497,956	$9.4M	0.70%
42	BPRNUSDBank of Princeton	296,521	$9.4M	0.70%
43	EGBNEagle Bancorp, Inc.	186,777	$9.4M	0.70%
44	—1st Constitution Bancorp	523,858	$9.3M	0.70%
45	BYByline Bancorp, Inc.	485,885	$9.0M	0.67%
46	MRBKMeridian Bank	477,688	$8.6M	0.64%
47	CCNECNB Financial Corporation	339,914	$8.6M	0.64%
48	FGFHForesight Financial Group, Inc.	238,797	$8.4M	0.63%
49	PEBOPeoples Bancorp Inc.	269,294	$8.3M	0.62%
50	CSFLUSDCenterState Bank Corporation	348,867	$8.3M	0.62%
51	SHBIShore Bancshares, Inc.	551,916	$8.2M	0.62%
52	EQBKEquity Bancshares, Inc.	277,421	$8.0M	0.60%
53	SAMGSilvercrest Asset Management Group Inc.	552,858	$7.9M	0.59%
54	—Bank of Southern California, N. A.	590,175	$7.8M	0.58%
55	FBCUSDFlagstar Bancorp, Inc.	237,211	$7.8M	0.58%
56	—California BanCorp	392,374	$7.7M	0.57%
57	—Pacific Mercantile Bancorp	988,884	$7.5M	0.56%
58	MCBIMountain Commerce Bancorp	398,253	$7.5M	0.56%
59	FMBIUSDFirst Midwest Bancorp, Inc.	360,738	$7.4M	0.55%
60	EBTCEnterprise Bancorp, Inc.	255,092	$7.3M	0.55%
61	MYFWFirst Western Financial, Inc.	558,907	$7.3M	0.55%
62	—Old Line Bancshares, Inc.	288,263	$7.2M	0.54%
63	SBNCSouthern BancShares (N.C.), Inc.	1,994	$7.1M	0.53%
64	WBBWWestbury Bancorp, Inc.	307,670	$7.0M	0.52%
65	SYU1Synovus Financial Corp.	201,320	$6.9M	0.52%
66	—Centric Financial Corporation	633,087	$6.8M	0.51%
67	PSBQPSB Holdings, Inc.	293,913	$6.7M	0.50%
68	FNRNFirst Northern Community Bancorp	572,022	$6.6M	0.49%
69	AVBHAvidbank Holdings, Inc.	282,243	$6.5M	0.49%
70	—Revere Bank	223,617	$6.5M	0.49%
71	OVLYOak Valley Bancorp	366,354	$6.5M	0.48%
72	—Carolina Financial Corporation	186,580	$6.5M	0.48%
73	MVBFMVB Financial Corp.	422,375	$6.4M	0.48%
74	BSRRSierra Bancorp	264,487	$6.4M	0.48%
75	—Reliant Bancorp, Inc.	287,594	$6.4M	0.48%
76	—Fentura Financial, Inc.	297,138	$6.2M	0.46%
77	—Pacific Financial Corporation	538,166	$6.1M	0.46%
78	—American Riviera Bank	335,940	$6.1M	0.46%
79	MFGIMerchants Financial Group, Inc.	81,687	$6.1M	0.46%
80	—Bank of Commerce Holdings	559,866	$5.9M	0.44%
81	CBNABridge Bancorp Inc.	197,954	$5.8M	0.43%
82	FLICUSDFirst of Long Island Corp.	264,475	$5.8M	0.43%
83	FVCBFirst Virginia Community Bank	341,944	$5.8M	0.43%
84	QNBCQNB Corp.	154,870	$5.8M	0.43%
85	SBTEURSterling Bancorp, Inc.	563,100	$5.7M	0.43%
86	—FineMark Holdings, Inc.	191,600	$5.7M	0.42%
87	BCBPBCB Bancorp, Inc.	420,996	$5.6M	0.42%
88	CVCYUSDCentral Valley Community Bancorp	286,674	$5.6M	0.42%
89	OBTOrange County Bancorp	204,544	$5.6M	0.42%
90	MBINMerchants Bancorp	257,153	$5.5M	0.41%
91	—TGR Financial, Inc.	468,518	$5.5M	0.41%
92	TCFCUSDCommunity Financial Corporation	189,532	$5.4M	0.40%
93	—Century Bancorp, Inc.	72,882	$5.3M	0.40%
94	—County Bancorp, Inc.	295,731	$5.2M	0.39%
95	VABKVirginia National Bankshares Corp.	131,401	$5.1M	0.38%
96	BFCBank First National Corporation	86,322	$5.1M	0.38%
97	AMBZAmerican Business Bank	142,354	$5.0M	0.37%
98	—Standard AVB Financial Corp.	184,571	$5.0M	0.37%
99	FRAFFranklin Financial Services Corp.	137,909	$5.0M	0.37%
100	FDEFUSDFirst Defiance Financial Corp.	171,700	$4.9M	0.37%

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