BANC FUNDS CO LLC Q1 2020 Filing

Filed May 14, 2020

Portfolio Value

$839.7M

Holdings

206

Report Date

Q1 2020

Filing Type

13F-HR

All Holdings (206 positions)

#	Stock	Shares	Value	% Portfolio
1	SFSTSouthern First Bancshares, Inc.	675,212	$19.2M	2.28%
2	PGCPeapack-Gladstone Financial Corporation	922,088	$16.6M	1.97%
3	FFWMFirst Foundation Inc.	1,563,684	$16.0M	1.90%
4	MBWMMercantile Bank Corporation	694,732	$14.7M	1.75%
5	—SB One Bancorp	839,425	$14.3M	1.70%
6	LBAIUSDLakeland Bancorp, Inc.	1,301,827	$14.1M	1.68%
7	OSBCOld Second Bancorp, Inc.	2,030,600	$14.0M	1.67%
8	SD2Sandy Spring Bancorp Inc.	607,968	$13.8M	1.64%
9	TFINTriumph Bancorp, Inc.	481,781	$12.5M	1.49%
10	CFBCrossFirst Bankshares, Inc.	1,470,289	$12.3M	1.47%
11	BPFHBoston Private Financial Holdings, Inc.	1,712,893	$12.2M	1.46%
12	—Southern National Bancorp of Virginia,Inc.	1,223,187	$12.0M	1.43%
13	—TriState Capital Holdings, Inc.	1,197,549	$11.6M	1.38%
14	WTBFBW.T.B. Financial Corporation	43,625	$11.4M	1.35%
15	FBIZFirst Business Financial Services	720,023	$11.2M	1.33%
16	FBMSUSDFirst Bancshares, Inc.	582,681	$11.1M	1.32%
17	—Codorus Valley Bancorp, Inc.	672,507	$10.8M	1.29%
18	—First Choice Bancorp	680,419	$10.2M	1.22%
19	—Level One Bancorp, Inc.	550,205	$9.9M	1.18%
20	MNSBMainStreet Bancshares, Inc.	587,941	$9.9M	1.17%
21	UTBUnity Bancorp, Inc.	832,478	$9.7M	1.16%
22	ISTRInvestar Holding Corporation	737,594	$9.4M	1.12%
23	AMBZAmerican Business Bank	405,596	$9.2M	1.10%
24	FRBAFirst Bank	1,325,264	$9.2M	1.10%
25	SMBKSmartFinancial, Inc.	572,643	$8.7M	1.04%
26	MYFWFirst Western Financial, Inc.	613,207	$8.7M	1.03%
27	BYByline Bancorp, Inc.	829,365	$8.6M	1.02%
28	EBTCEnterprise Bancorp, Inc.	317,955	$8.6M	1.02%
29	AVBHAvidbank Holdings, Inc.	530,504	$8.5M	1.01%
30	VBTXVeritex Holdings, Inc.	572,310	$8.0M	0.95%
31	—1st Constitution Bancorp	601,656	$8.0M	0.95%
32	—Suncrest Bank	989,630	$7.8M	0.93%
33	MRBKMeridian Bank	559,964	$7.7M	0.91%
34	OBKOrigin Bancorp Inc.	368,708	$7.5M	0.89%
35	—Allegiance Bancshares, Inc.	301,561	$7.3M	0.87%
36	BFSTBusiness First Bancshares, Inc.	525,149	$7.1M	0.84%
37	PBAMPrivate Bancorp of America, Inc.	525,909	$6.8M	0.81%
38	—Spirit of Texas Bancshares, Inc.	660,705	$6.8M	0.81%
39	CNOBConnectOne Bancorp, Inc.	505,988	$6.8M	0.81%
40	—Bank of Southern California, N. A.	773,465	$6.8M	0.81%
41	SBNCSouthern BancShares (N.C.), Inc.	2,066	$6.7M	0.79%
42	BPRNUSDBank of Princeton	283,521	$6.6M	0.79%
43	MFGIMerchants Financial Group, Inc.	106,949	$6.5M	0.77%
44	FNRNFirst Northern Community Bancorp	761,059	$6.5M	0.77%
45	MBINMerchants Bancorp	418,298	$6.3M	0.76%
46	PSBQPSB Holdings, Inc.	252,263	$6.2M	0.74%
47	—Cambridge Bancorp	119,870	$6.2M	0.74%
48	SHBIShore Bancshares, Inc.	568,916	$6.2M	0.74%
49	HBTHBT Financial, Inc.	584,114	$6.2M	0.73%
50	MCBIMountain Commerce Bancorp	450,953	$5.9M	0.70%
51	—Malvern Bancorp, Inc.	473,642	$5.8M	0.69%
52	—Dime Community Bancshares, Inc.	409,600	$5.6M	0.67%
53	—California BanCorp	474,362	$5.6M	0.66%
54	CSFLUSDCenterState Bank Corporation	319,976	$5.5M	0.66%
55	—Centric Financial Corporation	791,006	$5.5M	0.66%
56	SAMGSilvercrest Asset Management Group Inc.	552,858	$5.2M	0.62%
57	—Northway Financial, Inc.	207,523	$5.0M	0.60%
58	—Revere Bank	223,617	$5.0M	0.60%
59	CBNABridge Bancorp Inc.	237,689	$5.0M	0.60%
60	MCBMetropolitan Bank Holding Corp.	186,592	$5.0M	0.60%
61	BWFGBankwell Financial Group, Inc.	324,393	$5.0M	0.59%
62	EGBNEagle Bancorp, Inc.	163,777	$4.9M	0.59%
63	OVLYOak Valley Bancorp	304,734	$4.8M	0.57%
64	OBTOrange County Bancorp	191,083	$4.8M	0.57%
65	—Bank of Commerce Holdings	601,866	$4.7M	0.56%
66	—Pacific Mercantile Bancorp	998,884	$4.7M	0.56%
67	FRBKQRepublic First Bancorp, Inc.	2,145,576	$4.7M	0.56%
68	QCRHQCR Holdings, Inc.	169,996	$4.6M	0.55%
69	—Beach Community Bancshares, Inc.	900,000	$4.5M	0.54%
70	—County Bancorp, Inc.	240,370	$4.4M	0.53%
71	—FineMark Holdings, Inc.	210,000	$4.4M	0.53%
72	CCNECNB Financial Corporation	233,537	$4.4M	0.52%
73	RCBCRiver City Bank	27,057	$4.3M	0.51%
74	BSRRSierra Bancorp	243,383	$4.3M	0.51%
75	—Fentura Financial, Inc.	273,270	$4.2M	0.50%
76	BCBPBCB Bancorp, Inc.	389,860	$4.2M	0.49%
77	SYU1Synovus Financial Corp.	236,320	$4.2M	0.49%
78	QNBCQNB Corp.	134,364	$4.1M	0.48%
79	—American Riviera Bank	336,640	$4.0M	0.48%
80	—TGR Financial, Inc.	462,195	$4.0M	0.48%
81	INBKFirst Internet Bancorp	237,950	$3.9M	0.47%
82	CZWICitizens Community Bancorp, Inc.	602,825	$3.9M	0.46%
83	TCFCUSDCommunity Financial Corporation	174,532	$3.9M	0.46%
84	—Limestone Bancorp, Inc.	344,846	$3.8M	0.46%
85	FGFHForesight Financial Group, Inc.	139,524	$3.8M	0.46%
86	—Santa Cruz County Bank	105,018	$3.8M	0.45%
87	—Reliant Bancorp, Inc.	323,364	$3.6M	0.43%
88	BRBSBlue Ridge Bankshares, Inc.	225,000	$3.6M	0.43%
89	ALRSAlerus Financial Corporation	215,000	$3.6M	0.42%
90	—Community Bank of the Bay	706,007	$3.5M	0.42%
91	—Bay Banks of Virginia, Inc.	635,322	$3.5M	0.41%
92	EQBKEquity Bancshares, Inc.	200,656	$3.5M	0.41%
93	—York Traditions Bank	242,499	$3.5M	0.41%
94	—Sevier County Bancshares, Inc.	217,675	$3.3M	0.40%
95	SBG1Seacoast Banking Corporation of Florida	179,042	$3.3M	0.39%
96	SPFISouth Plains Financial, Inc.	209,919	$3.3M	0.39%
97	—Carolina Financial Corporation	125,441	$3.2M	0.39%
98	SABKSouth Atlantic Bancshares, Inc.	362,388	$3.2M	0.38%
99	—Southern States Bancshares, Inc.	232,143	$3.1M	0.37%
100	—Commencement Bank	323,133	$3.1M	0.37%

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