Banc Funds 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
1st Capital Bancorp	Common	319427100	6,511	445,970	SH		SOLE		445,970	0	0
1st Colonial Bancorp	Common	319716106	3,200	335,444	SH		SOLE		335,444	0	0
1st Constitution Bancorp	Common	31986N102	11,336	442,138	SH		SOLE		442,138	0	0
Alerus Financial Corporation	Common	01446U103	6,090	208,000	SH		SOLE		208,000	0	0
Allegiance Bancshares, Inc.	Common	01748H107	8,124	192,475	SH		SOLE		192,475	0	0
AMB Financial Corp.	Common	001984103	650	26,000	SH		SOLE		26,000	0	0
American Business Bank	Common	02475L105	25,015	633,463	SH		SOLE		633,463	0	0
American National Bankshares Inc.	Common	027745108	1,473	39,092	SH		SOLE		39,092	0	0
American Riviera Bank	Common	02932A106	4,972	245,046	SH		SOLE		245,046	0	0
Avidbank Holdings, Inc.	Common	05368J103	11,288	449,725	SH		SOLE		449,725	0	0
Banc of California, Inc.	Common	05990K106	12,721	648,356	SH		SOLE		648,356	0	0
Bank of Botetourt	Common	063907208	1,386	46,204	SH		SOLE		46,204	0	0
Bank of Marin Bancorp	Common	063425102	3,729	100,169	SH		SOLE		100,169	0	0
Bank of Princeton	Common	064520109	2,669	91,011	SH		SOLE		91,011	0	0
Bank of the James Financial Group, Inc.	Common	470299108	3,016	195,074	SH		SOLE		195,074	0	0
Bank7 Corp	Common	06652N107	8,625	375,000	SH		SOLE		375,000	0	0
Bankwell Financial Group, Inc.	Common	06654A103	8,559	260,623	SH		SOLE		260,623	0	0
Bay Community Bancorp	Common	072205107	6,093	834,706	SH		SOLE		834,706	0	0
BayFirst Financial Corp.	Common	07279B104	3,042	133,593	SH		SOLE		133,593	0	0
BCB Bancorp, Inc.	Common	055298103	4,284	277,648	SH		SOLE		277,648	0	0
Beach Bancorp, Inc.	Common	07332T100	3,375	900,000	SH		SOLE		900,000	0	0
Blue Ridge Bankshares, Inc.	Common	095825105	19,172	1,071,081	SH		SOLE		1,071,081	0	0
Blueharbor Bank	Common	095613105	1,929	142,351	SH		SOLE		142,351	0	0
Bridgewater Bancshares, Inc.	Common	108621103	3,673	207,652	SH		SOLE		207,652	0	0
BTRS Holdings Inc.	Common	11778X104	621	79,400	SH		SOLE		79,400	0	0
Business First Bancshares, Inc.	Common	12326C105	6,455	228,003	SH		SOLE		228,003	0	0
Byline Bancorp, Inc.	Common	124411109	18,941	692,523	SH		SOLE		692,523	0	0
California BanCorp	Common	13005U101	16,416	773,259	SH		SOLE		773,259	0	0
Cambridge Bancorp	Common	132152109	8,842	94,472	SH		SOLE		94,472	0	0
Capital Bancorp, Inc.	Common	139737100	1,287	49,122	SH		SOLE		49,122	0	0
CapStar Financial Holdings, Inc.	Common	14070T102	300	14,268	SH		SOLE		14,268	0	0
Cashmere Valley Bank	Common	14756K102	6,333	88,567	SH		SOLE		88,567	0	0
CBTX, Inc.	Common	12481V104	948	32,700	SH		SOLE		32,700	0	0
CCB Financial	Common	19046P209	4,653	91,922	SH		SOLE		91,922	0	0
Centric Financial Corporation	Common	15641J101	7,867	811,073	SH		SOLE		811,073	0	0
Century Financial Corporation	Common	15652L102	1,807	68,434	SH		SOLE		68,434	0	0
Chino Commercial Bancorp	Common	16957L102	2,190	167,179	SH		SOLE		167,179	0	0
Citizens Bancorp	Common	172950107	1,875	111,634	SH		SOLE		111,634	0	0
Citizens Community Bancorp, Inc.	Common	174903104	13,103	951,531	SH		SOLE		951,531	0	0
CNB Corporation	Common	12612R105	1,180	14,348	SH		SOLE		14,348	0	0
CNB Financial Corporation	Common	126128107	6,338	239,160	SH		SOLE		239,160	0	0
Coastal Carolina Bancshares, Inc.	Common	190435107	2,633	251,992	SH		SOLE		251,992	0	0
CoastalSouth Bancshares, Inc.	Common	19058X207	3,525	204,249	SH		SOLE		204,249	0	0
Codorus Valley Bancorp, Inc.	Common	192025104	5,215	242,321	SH		SOLE		242,321	0	0
Colony Bankcorp Inc.	Common	19623P101	14,842	869,500	SH		SOLE		869,500	0	0
Columbia Banking System, Inc.	Common	197236102	131	4,000	SH		SOLE		4,000	0	0
Commencement Bancorp, Inc.	Common	20051D107	3,605	269,060	SH		SOLE		269,060	0	0
Community Bancorp of Santa Maria	Common	20344R103	1,203	106,443	SH		SOLE		106,443	0	0
Community Financial Corporation	Common	20368X101	1,051	26,732	SH		SOLE		26,732	0	0
Community First Bancorporation	Common	203916101	904	113,744	SH		SOLE		113,744	0	0
Community Heritage Financial Inc.	Common	20370L103	1,569	64,558	SH		SOLE		64,558	0	0
ConnectOne Bancorp, Inc.	Common	20786W107	18,390	562,204	SH		SOLE		562,204	0	0
Cornerstone Financial Corporation	Common	21925G201	1,575	150,000	SH		SOLE		150,000	0	0
CrossFirst Bankshares, Inc.	Common	22766M109	24,512	1,570,289	SH		SOLE		1,570,289	0	0
Crystal Valley Financial	Common	22941P100	1,344	20,600	SH		SOLE		20,600	0	0
Dime Community Bancshares, Inc	Common	25432X102	9,165	260,662	SH		SOLE		260,662	0	0
Eagle Bancorp, Inc.	Common	268948106	2,556	43,810	SH		SOLE		43,810	0	0
Eagle Financial Services Inc.	Common	26951R104	1,615	46,620	SH		SOLE		46,620	0	0
ECN Capital Corporation	Common	26829L107	285	53,300	SH		SOLE		53,300	0	0
Enova International, Inc.	Common	29357K103	7,136	174,214	SH		SOLE		174,214	0	0
Enterprise Bancorp, Inc.	Common	293668109	14,321	318,821	SH		SOLE		318,821	0	0
Enterprise Financial Services Corp	Common	293712105	1,318	27,995	SH		SOLE		27,995	0	0
Equity Bancshares, Inc.	Common	29460X109	5,867	172,926	SH		SOLE		172,926	0	0
ES Bancshares, Inc.	Common	296049109	1,880	361,445	SH		SOLE		361,445	0	0
Farmers & Merchants Bancorp	Common	307795104	2,191	2,283	SH		SOLE		2,283	0	0
FB Financial Corp.	Common	30257X104	7,216	164,678	SH		SOLE		164,678	0	0
Fentura Financial, Inc.	Common	314645102	7,937	280,649	SH		SOLE		280,649	0	0
FineMark Holdings, Inc.	Common	31788B108	29,481	854,516	SH		SOLE		854,516	0	0
Finward Bancorp	Common	31812F109	2,261	49,291	SH		SOLE		49,291	0	0
First Bancshares, Inc.	Common	318916103	3,714	96,179	SH		SOLE		96,179	0	0
First Bank	Common	31931U102	16,577	1,142,453	SH		SOLE		1,142,453	0	0
First Business Financial Services	Common	319390100	12,853	440,610	SH		SOLE		440,610	0	0
First Capital Bancshares, Inc.	Common	31941G101	2,286	240,600	SH		SOLE		240,600	0	0
First Citrus Bancorporation, Inc.	Common	31959T102	1,686	54,401	SH		SOLE		54,401	0	0
First Community Corporation	Common	319835104	7,527	360,504	SH		SOLE		360,504	0	0
First Farmers and Merchants Corporation	Common	320148109	443	12,500	SH		SOLE		12,500	0	0
First Foundation Inc.	Common	32026V104	29,401	1,182,667	SH		SOLE		1,182,667	0	0
First Internet Bancorp	Common	320557101	17,050	362,460	SH		SOLE		362,460	0	0
First National Corporation	Common	32106V107	5,131	223,120	SH		SOLE		223,120	0	0
First Northern Community Bancorp	Common	335925103	8,562	835,350	SH		SOLE		835,350	0	0
First Reliance Bancshares, Inc.	Common	33615Q100	8,427	826,166	SH		SOLE		826,166	0	0
First Southern Bank	Common	33650R104	1,874	196,250	SH		SOLE		196,250	0	0
First Virginia Community Bank	Common	36120Q101	3,633	184,606	SH		SOLE		184,606	0	0
First Western Financial, Inc.	Common	33751L105	21,568	710,417	SH		SOLE		710,417	0	0
Five Star Bancorp	Common	33830T103	5,250	175,000	SH		SOLE		175,000	0	0
Foresight Financial Group, Inc.	Common	345526107	5,303	161,181	SH		SOLE		161,181	0	0
Franklin Financial Services Corp.	Common	353525108	2,806	84,796	SH		SOLE		84,796	0	0
Galaxy Digital	Common	G37092106	3,772	211,910	SH		SOLE		211,910	0	0
Grand River Commerce, Inc.	Common	386441109	3,733	497,738	SH		SOLE		497,738	0	0
GrandSouth Bancorporation	Common	386627301	3,183	117,885	SH		SOLE		117,885	0	0
HBT Financial, Inc.	Common	404111106	23,108	1,233,737	SH		SOLE		1,233,737	0	0
Heritage Commerce Corp	Common	426927109	14,791	1,238,754	SH		SOLE		1,238,754	0	0
Heritage Southeast Bancorporation, Inc.	Common	42727V105	37	1,401	SH		SOLE		1,401	0	0
Howard Bancorp, Inc.	Common	442496105	393	18,037	SH		SOLE		18,037	0	0
i3 Verticals, Inc.	Common	46571Y107	688	30,200	SH		SOLE		30,200	0	0
Investar Holding Corporation	Common	46134L105	10,405	565,199	SH		SOLE		565,199	0	0
Lakeland Bancorp, Inc.	Common	511637100	13,919	732,941	SH		SOLE		732,941	0	0
Ledyard Financial Group, Inc.	Common	523338101	429	17,374	SH		SOLE		17,374	0	0
LendingClub Corp.	Common	52603A208	1,984	82,053	SH		SOLE		82,053	0	0
Level One Bancorp, Inc.	Common	52730D208	14,702	372,758	SH		SOLE		372,758	0	0
Lewis & Clark Bancorp	Common	52757L109	2,768	79,888	SH		SOLE		79,888	0	0
Limestone Bancorp, Inc.	Common	53262L105	8,001	428,777	SH		SOLE		428,777	0	0
Live Oak Bancshares	Common	53803X105	768	8,800	SH		SOLE		8,800	0	0
MainStreet Bancshares, Inc.	Common	56064Y100	14,605	593,930	SH		SOLE		593,930	0	0
Malvern Bancorp, Inc.	Common	561409103	8,336	531,959	SH		SOLE		531,959	0	0
McHenry Bancorp, Inc.	Common	580683100	1,949	60,000	SH		SOLE		60,000	0	0
Mercantile Bank Corporation	Common	587376104	16,322	465,945	SH		SOLE		465,945	0	0
Merchants Bancorp	Common	58844R108	9,389	198,378	SH		SOLE		198,378	0	0
Merchants Financial Group, Inc.	Common	588538108	8,107	107,728	SH		SOLE		107,728	0	0
Meridian Bank	Common	58958P104	15,953	433,857	SH		SOLE		433,857	0	0
Metropolitan Bank Holding Corp.	Common	591774104	17,371	163,061	SH		SOLE		163,061	0	0
Mid Penn Bank	Common	59540G107	14,731	464,127	SH		SOLE		464,127	0	0
Mission Valley Bancorp	Common	60520E104	3,349	234,190	SH		SOLE		234,190	0	0
Mountain Commerce Bancorp	Common	624004107	14,709	478,354	SH		SOLE		478,354	0	0
MPB BHC, Inc.	Common	55317L105	4,384	207,767	SH		SOLE		207,767	0	0
MPB BHC, Inc. (arb)	Common	55317L105	2,047	97,000	SH		SOLE		97,000	0	0
MVB Financial Corp.	Common	553810102	3,560	85,733	SH		SOLE		85,733	0	0
nCino, Inc.	Common	63947X101	395	7,200	SH		SOLE		7,200	0	0
Nicolet Bankshares, Inc.	Common	65406E102	1,179	13,753	SH		SOLE		13,753	0	0
Northway Financial, Inc.	Common	667270201	5,507	168,138	SH		SOLE		168,138	0	0
Nuvei Corp	Common	67079A102	357	5,500	SH		SOLE		5,500	0	0
Oak Ridge Financial Services, Inc.	Common	671768109	1,201	66,364	SH		SOLE		66,364	0	0
Oak Valley Bancorp	Common	671807105	5,337	306,747	SH		SOLE		306,747	0	0
Old Second Bancorp, Inc.	Common	680277100	24,544	1,949,456	SH		SOLE		1,949,456	0	0
Open Lending Corporation	Common	68373J104	356	15,840	SH		SOLE		15,840	0	0
Orange County Bancorp	Common	68417L107	17,212	428,164	SH		SOLE		428,164	0	0
Oregon Pacific Bancorp	Common	686040205	4,980	677,586	SH		SOLE		677,586	0	0
Origin Bancorp Inc.	Common	68621T102	9,766	227,542	SH		SOLE		227,542	0	0
Pacific Financial Corporation	Common	694275108	6,922	607,205	SH		SOLE		607,205	0	0
Pacific West Bank	Common	69506W202	2,444	185,715	SH		SOLE		185,715	0	0
Paya Holdings Inc.	Common	70434P103	384	60,604	SH		SOLE		60,604	0	0
Payoneer Global Inc	Common	70451X104	685	93,200	SH		SOLE		93,200	0	0
Peapack-Gladstone Financial Corporation	Common	704699107	27,431	774,890	SH		SOLE		774,890	0	0
Peoples Bancorp	Common	70979X107	3,242	14,737	SH		SOLE		14,737	0	0
Pilot Bancshares, Inc.	Common	721530103	3,571	571,429	SH		SOLE		571,429	0	0
Pinnacle Bancshares, Inc.	Common	722903101	963	24,065	SH		SOLE		24,065	0	0
Pinnacle Bank	Common	72346K107	3,486	272,682	SH		SOLE		272,682	0	0
Pinnacle Bankshares Corporation	Common	72345E102	1,739	70,393	SH		SOLE		70,393	0	0
Pioneer Bancshares, Inc	Common	72357G102	2,910	97,000	SH		SOLE		97,000	0	0
Potomac Bancshares, Inc.	Common	737643106	763	41,492	SH		SOLE		41,492	0	0
Prime Meridian Holding Company	Common	74164R107	6,020	213,176	SH		SOLE		213,176	0	0
Primis Financial Corporation	Common	74167B109	21,336	1,418,643	SH		SOLE		1,418,643	0	0
Private Bancorp of America, Inc.	Common	74274F100	8,694	322,597	SH		SOLE		322,597	0	0
Professional Holding Corp.	Common	743139107	3,427	178,887	SH		SOLE		178,887	0	0
Provident Financial Services, Inc.	Common	74386T105	5,261	217,212	SH		SOLE		217,212	0	0
PSB Holdings, Inc.	Common	69360N108	7,283	279,563	SH		SOLE		279,563	0	0
QNB Corp.	Common	74726N107	4,361	121,135	SH		SOLE		121,135	0	0
Red River Bancshares, Inc.	Common	75686R202	1,783	33,334	SH		SOLE		33,334	0	0
Reliant Bancorp, Inc.	Common	75956B101	6,372	179,497	SH		SOLE		179,497	0	0
Republic First Bancorp, Inc.	Common	760416107	3,731	1,003,081	SH		SOLE		1,003,081	0	0
River City Bank	Common	76803X106	6,764	24,867	SH		SOLE		24,867	0	0
Riverview Bancorp, Inc.	Common	769397100	1,102	143,288	SH		SOLE		143,288	0	0
Salisbury Bancorp, Inc.	Common	795226109	2,382	43,336	SH		SOLE		43,336	0	0
Sandy Spring Bancorp Inc.	Common	800363103	1,057	21,991	SH		SOLE		21,991	0	0
Santa Cruz County Bank	Common	801827106	16,158	343,423	SH		SOLE		343,423	0	0
Seacoast Banking Corporation of Florida	Common	811707801	2,622	74,095	SH		SOLE		74,095	0	0
Shore Bancshares, Inc.	Common	825107105	8,707	417,591	SH		SOLE		417,591	0	0
Sierra Bancorp	Common	82620P102	4,245	156,354	SH		SOLE		156,354	0	0
Signature Bank	Common	82669G104	2,976	9,200	SH		SOLE		9,200	0	0
Silvercrest Asset Management Group Inc.	Common	828359109	3,490	203,286	SH		SOLE		203,286	0	0
Silvergate Capital Corporation	Common	82837P408	1,919	12,950	SH		SOLE		12,950	0	0
SmartFinancial, Inc.	Common	83190L208	18,583	679,185	SH		SOLE		679,185	0	0
South Atlantic Bancshares, Inc.	Common	83636T104	6,541	423,608	SH		SOLE		423,608	0	0
South Plains Financial, Inc.	Common	83946P107	5,838	209,919	SH		SOLE		209,919	0	0
Southern BancShares (N.C.), Inc.	Common	842243107	10,973	1,995	SH		SOLE		1,995	0	0
Southern California Bancorp	Common	84252A106	10,978	732,351	SH		SOLE		732,351	0	0
Southern First Bancshares, Inc.	Common	842873101	21,781	348,552	SH		SOLE		348,552	0	0
Southern States Bancshares, Inc.	Common	843878307	8,343	426,322	SH		SOLE		426,322	0	0
SouthPoint Bancshares, Inc.	Common	844647107	3,669	104,826	SH		SOLE		104,826	0	0
Spirit of Texas Bancshares, Inc.	Common	84861D103	16,578	576,008	SH		SOLE		576,008	0	0
Sterling Bancorp, Inc.	Common	85917W102	2,887	502,061	SH		SOLE		502,061	0	0
Summit Bank Group, Inc.	Common	86603R100	256	17,375	SH		SOLE		17,375	0	0
Summit State Bank	Common	866264203	3,189	205,850	SH		SOLE		205,850	0	0
Suncrest Bank	Common	86723G109	11,010	626,271	SH		SOLE		626,271	0	0
Surrey Bancorp	Common	86888W105	957	63,785	SH		SOLE		63,785	0	0
SVB Financial Group	Common	78486Q101	6,421	9,467	SH		SOLE		9,467	0	0
Synovus Financial Corp.	Common	87161C501	3,089	64,526	SH		SOLE		64,526	0	0
Texas Capital Bancshares, Inc.	Common	88224Q107	8,989	149,200	SH		SOLE		149,200	0	0
The Bancorp, Inc.	Common	05969A105	845	33,400	SH		SOLE		33,400	0	0
Third Coast Bancshares	Common	88422P109	7,145	275,000	SH		SOLE		275,000	0	0
Town and Country Financial Corporation	Common	892039108	297	10,914	SH		SOLE		10,914	0	0
Traditions Bancorp, Inc.	Common	89269L102	3,873	177,235	SH		SOLE		177,235	0	0
Tri City Bankshares Corporation	Common	895364107	3,680	172,141	SH		SOLE		172,141	0	0
TriState Capital Holdings, Inc.	Common	89678F100	5,323	175,913	SH		SOLE		175,913	0	0
Triumph Bancorp, Inc.	Common	89679E300	39,465	331,418	SH		SOLE		331,418	0	0
Two Rivers Financial Group, Inc.	Common	90206L106	3,201	75,044	SH		SOLE		75,044	0	0
United Bancorporation of Alabama, Inc.	Common	90944R100	3,289	111,200	SH		SOLE		111,200	0	0
United Bankshares	Common	909907107	585	16,118	SH		SOLE		16,118	0	0
Unity Bancorp, Inc.	Common	913290102	20,221	770,323	SH		SOLE		770,323	0	0
USCB Financial Holdings Inc.	Common	90355N101	5,254	375,000	SH		SOLE		375,000	0	0
Veritex Holdings, Inc.	Common	923451108	1,122	28,215	SH		SOLE		28,215	0	0
Village Bank and Trust Financial Corp.	Common	92705T200	1,321	22,838	SH		SOLE		22,838	0	0
Virginia National Bankshares Corp.	Common	928031103	1,832	48,357	SH		SOLE		48,357	0	0
Voyager Digital	Common	92919V108	4,378	350,775	SH		SOLE		350,775	0	0
W.T.B. Financial Corporation	Common	929334209	6,528	16,957	SH		SOLE		16,957	0	0
Westbury Bancorp, Inc.	Common	95727P106	3,251	108,131	SH		SOLE		108,131	0	0
WEX Inc.	Common	96208T104	1,398	9,955	SH		SOLE		9,955	0	0
White River Bancshares Company	Common	96445A108	3,825	47,227	SH		SOLE		47,227	0	0