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	6,630	427,770	SH		SOLE		427,770	0	0
1st Colonial Bancorp	Common	319716106	3,874	335,444	SH		SOLE		335,444	0	0
Alerus Financial Corporation	Common	01446U103	5,749	208,000	SH		SOLE		208,000	0	0
Allegiance Bancshares, Inc.	Common	01748H107	8,600	192,475	SH		SOLE		192,475	0	0
AMB Financial Corp.	Common	001984103	640	24,600	SH		SOLE		24,600	0	0
American Business Bank	Common	02475L105	25,281	599,363	SH		SOLE		599,363	0	0
American National Bankshares Inc.	Common	027745108	1,473	39,092	SH		SOLE		39,092	0	0
American Riviera Bancorp	Common	02933K103	6,837	332,224	SH		SOLE		332,224	0	0
Avidbank Holdings, Inc.	Common	05368J103	11,832	457,725	SH		SOLE		457,725	0	0
Banc of California, Inc.	Common	05990K106	13,405	692,412	SH		SOLE		692,412	0	0
Bank of Botetourt	Common	063907208	1,405	49,824	SH		SOLE		49,824	0	0
Bank of Marin Bancorp	Common	063425102	735	20,969	SH		SOLE		20,969	0	0
Bank of Princeton	Common	064520109	7,012	243,052	SH		SOLE		243,052	0	0
Bank of the James Financial Group, Inc.	Common	470299108	2,863	192,296	SH		SOLE		192,296	0	0
Bank7 Corp	Common	06652N107	9,086	385,000	SH		SOLE		385,000	0	0
Bankwell Financial Group, Inc.	Common	06654A103	9,493	280,623	SH		SOLE		280,623	0	0
Bay Community Bancorp	Common	072205107	6,302	834,706	SH		SOLE		834,706	0	0
BayFirst Financial Corp.	Common	07279B104	3,079	133,593	SH		SOLE		133,593	0	0
BCB Bancorp, Inc.	Common	055298103	3,919	214,748	SH		SOLE		214,748	0	0
Beach Bancorp, Inc.	Common	07332T100	3,375	900,000	SH		SOLE		900,000	0	0
Blue Ridge Bankshares, Inc.	Common	095825105	17,859	1,177,277	SH		SOLE		1,177,277	0	0
Blueharbor Bank	Common	095613105	2,198	156,430	SH		SOLE		156,430	0	0
Bridgewater Bancshares, Inc.	Common	108621103	3,297	197,652	SH		SOLE		197,652	0	0
BTRS Holdings Inc.	Common	11778X104	783	104,645	SH		SOLE		104,645	0	0
Business First Bancshares, Inc.	Common	12326C105	5,547	228,003	SH		SOLE		228,003	0	0
Byline Bancorp, Inc.	Common	124411109	16,540	619,923	SH		SOLE		619,923	0	0
California BanCorp	Common	13005U101	16,819	730,950	SH		SOLE		730,950	0	0
Cambridge Bancorp	Common	132152109	9,550	112,351	SH		SOLE		112,351	0	0
Capital Bancorp, Inc.	Common	139737100	1,123	49,122	SH		SOLE		49,122	0	0
CapStar Financial Holdings, Inc.	Common	14070T102	1,112	52,770	SH		SOLE		52,770	0	0
Cashmere Valley Bank	Common	14756K102	5,131	73,567	SH		SOLE		73,567	0	0
CBTX, Inc.	Common	12481V104	1,014	32,700	SH		SOLE		32,700	0	0
CCB Financial	Common	19046P209	4,205	91,922	SH		SOLE		91,922	0	0
Centric Financial Corporation	Common	15641J101	8,120	816,073	SH		SOLE		816,073	0	0
Century Financial Corporation	Common	15652L102	2,013	68,434	SH		SOLE		68,434	0	0
Chino Commercial Bancorp	Common	16957L102	2,123	167,179	SH		SOLE		167,179	0	0
Citizens Bancorp	Common	172950107	1,814	111,634	SH		SOLE		111,634	0	0
Citizens Community Bancorp, Inc.	Common	174903104	13,692	906,129	SH		SOLE		906,129	0	0
CNB Corporation	Common	12612R105	1,076	14,348	SH		SOLE		14,348	0	0
CNB Financial Corporation	Common	126128107	7,763	294,957	SH		SOLE		294,957	0	0
Coastal Carolina Bancshares, Inc.	Common	190435107	2,772	251,992	SH		SOLE		251,992	0	0
CoastalSouth Bancshares, Inc.	Common	19058X207	3,676	204,249	SH		SOLE		204,249	0	0
Codorus Valley Bancorp, Inc.	Common	192025104	5,331	242,321	SH		SOLE		242,321	0	0
Colony Bankcorp Inc.	Common	19623P101	18,198	974,744	SH		SOLE		974,744	0	0
Commencement Bancorp, Inc.	Common	20051D107	3,670	274,060	SH		SOLE		274,060	0	0
Community Bancorp of Santa Maria	Common	20344R103	1,224	106,443	SH		SOLE		106,443	0	0
Community Financial Corporation	Common	20368X101	1,081	26,732	SH		SOLE		26,732	0	0
Community First Bancorporation	Common	203916101	919	113,744	SH		SOLE		113,744	0	0
Community Heritage Financial Inc.	Common	20370L103	1,601	64,558	SH		SOLE		64,558	0	0
ConnectOne Bancorp, Inc.	Common	20786W107	17,996	562,204	SH		SOLE		562,204	0	0
Cornerstone Financial Corporation	Common	21925G201	1,593	150,000	SH		SOLE		150,000	0	0
CrossFirst Bankshares, Inc.	Common	22766M109	25,063	1,590,289	SH		SOLE		1,590,289	0	0
Crystal Valley Financial	Common	22941P100	1,380	20,600	SH		SOLE		20,600	0	0
Dime Community Bancshares, Inc	Common	25432X102	7,027	203,277	SH		SOLE		203,277	0	0
Eagle Bancorp, Inc.	Common	268948106	331	5,805	SH		SOLE		5,805	0	0
Eagle Financial Services Inc.	Common	26951R104	1,653	46,620	SH		SOLE		46,620	0	0
Enova International, Inc.	Common	29357K103	6,615	174,214	SH		SOLE		174,214	0	0
Enterprise Bancorp, Inc.	Common	293668109	12,791	318,821	SH		SOLE		318,821	0	0
Enterprise Financial Services Corp	Common	293712105	681	14,384	SH		SOLE		14,384	0	0
Equity Bancshares, Inc.	Common	29460X109	5,587	172,926	SH		SOLE		172,926	0	0
ES Bancshares, Inc.	Common	296049109	2,020	374,045	SH		SOLE		374,045	0	0
Farmers & Merchants Bancorp	Common	307795104	2,169	2,283	SH		SOLE		2,283	0	0
FB Financial Corp.	Common	30257X104	6,382	143,678	SH		SOLE		143,678	0	0
Fentura Financial, Inc.	Common	314645102	8,318	298,149	SH		SOLE		298,149	0	0
FineMark Holdings, Inc.	Common	31788B108	27,739	834,244	SH		SOLE		834,244	0	0
Finward Bancorp	Common	31812F109	210	4,543	SH		SOLE		4,543	0	0
First Bancshares, Inc.	Common	318916103	3,237	96,179	SH		SOLE		96,179	0	0
First Bank	Common	31931U102	16,246	1,142,453	SH		SOLE		1,142,453	0	0
First Business Financial Services	Common	319390100	16,893	514,871	SH		SOLE		514,871	0	0
First Capital Bancshares, Inc.	Common	31941G101	2,141	240,600	SH		SOLE		240,600	0	0
First Citrus Bancorporation, Inc.	Common	31959T102	1,741	54,401	SH		SOLE		54,401	0	0
First Community Corporation	Common	319835104	8,491	400,522	SH		SOLE		400,522	0	0
First Farmers and Merchants Corporation	Common	320148109	557	16,488	SH		SOLE		16,488	0	0
First Foundation Inc.	Common	32026V104	28,287	1,164,567	SH		SOLE		1,164,567	0	0
First Internet Bancorp	Common	320557101	15,589	362,460	SH		SOLE		362,460	0	0
First National Corporation	Common	32106V107	4,686	223,120	SH		SOLE		223,120	0	0
First Northern Community Bancorp	Common	335925103	8,661	849,116	SH		SOLE		849,116	0	0
First Reliance Bancshares, Inc.	Common	33615Q100	7,256	736,627	SH		SOLE		736,627	0	0
First Southern Bank	Common	33650R104	1,884	196,250	SH		SOLE		196,250	0	0
First Virginia Community Bank	Common	36120Q101	4,495	216,606	SH		SOLE		216,606	0	0
First Western Financial, Inc.	Common	33751L105	23,140	740,253	SH		SOLE		740,253	0	0
Five Star Bancorp	Common	33830T103	4,953	175,000	SH		SOLE		175,000	0	0
Foresight Financial Group, Inc.	Common	345526107	5,480	161,181	SH		SOLE		161,181	0	0
Franklin Financial Services Corp.	Common	353525108	2,860	84,796	SH		SOLE		84,796	0	0
Galaxy Digital	Common	G37092106	3,750	219,950	SH		SOLE		219,950	0	0
Grand River Commerce, Inc.	Common	386441109	3,484	497,738	SH		SOLE		497,738	0	0
GrandSouth Bancorporation	Common	386627301	3,360	117,885	SH		SOLE		117,885	0	0
HBT Financial, Inc.	Common	404111106	21,924	1,205,937	SH		SOLE		1,205,937	0	0
Heritage Commerce Corp	Common	426927109	12,567	1,117,054	SH		SOLE		1,117,054	0	0
i3 Verticals, Inc.	Common	46571Y107	983	35,300	SH		SOLE		35,300	0	0
Investar Holding Corporation	Common	46134L105	10,933	572,699	SH		SOLE		572,699	0	0
John Marshall Bank	Common	47805L101	293	13,400	SH		SOLE		13,400	0	0
Lakeland Bancorp, Inc.	Common	511637100	22,933	1,373,241	SH		SOLE		1,373,241	0	0
Ledyard Financial Group, Inc.	Common	523338101	424	17,374	SH		SOLE		17,374	0	0
LendingClub Corp.	Common	52603A208	1,295	82,053	SH		SOLE		82,053	0	0
Level One Bancorp, Inc.	Common	52730D208	5,482	137,279	SH		SOLE		137,279	0	0
Lewis & Clark Bancorp	Common	52757L109	967	24,788	SH		SOLE		24,788	0	0
Limestone Bancorp, Inc.	Common	53262L105	8,832	422,577	SH		SOLE		422,577	0	0
Live Oak Bancshares	Common	53803X105	649	12,750	SH		SOLE		12,750	0	0
MainStreet Bancshares, Inc.	Common	56064Y100	14,381	591,579	SH		SOLE		591,579	0	0
Malaga Financial Corporation	Common	561046103	2,275	90,100	SH		SOLE		90,100	0	0
Malvern Bancorp, Inc.	Common	561409103	7,893	489,959	SH		SOLE		489,959	0	0
McHenry Bancorp, Inc.	Common	580683100	2,070	60,000	SH		SOLE		60,000	0	0
Mercantile Bank Corporation	Common	587376104	17,361	490,158	SH		SOLE		490,158	0	0
Merchants Bancorp	Common	58844R108	8,147	297,566	SH		SOLE		297,566	0	0
Merchants Financial Group, Inc.	Common	588538108	8,564	107,728	SH		SOLE		107,728	0	0
Meridian Bank	Common	58958P104	13,874	432,344	SH		SOLE		432,344	0	0
Metropolitan Bank Holding Corp.	Common	591774104	16,595	163,061	SH		SOLE		163,061	0	0
Mid Penn Bank	Common	59540G107	12,443	464,127	SH		SOLE		464,127	0	0
Mission Valley Bancorp	Common	60520E104	3,548	234,190	SH		SOLE		234,190	0	0
Mountain Commerce Bancorp	Common	624004107	15,056	487,254	SH		SOLE		487,254	0	0
MPB BHC, Inc.	Common	55317L105	6,722	325,058	SH		SOLE		325,058	0	0
MVB Financial Corp.	Common	553810102	3,558	85,733	SH		SOLE		85,733	0	0
nCino, Inc.	Common	63947X101	379	9,260	SH		SOLE		9,260	0	0
Nicolet Bankshares, Inc.	Common	65406E102	546	5,837	SH		SOLE		5,837	0	0
Northway Financial, Inc.	Common	667270201	6,053	168,138	SH		SOLE		168,138	0	0
Nuvei Corp	Common	67079A102	413	5,500	SH		SOLE		5,500	0	0
Oak Ridge Financial Services, Inc.	Common	671768109	1,291	66,364	SH		SOLE		66,364	0	0
Oak Valley Bancorp	Common	671807105	5,479	296,960	SH		SOLE		296,960	0	0
Old Second Bancorp, Inc.	Common	680277100	31,323	2,158,694	SH		SOLE		2,158,694	0	0
Open Lending Corporation	Common	68373J104	647	34,220	SH		SOLE		34,220	0	0
Orange County Bancorp	Common	68417L107	19,131	478,164	SH		SOLE		478,164	0	0
Oregon Pacific Bancorp	Common	686040205	5,027	606,386	SH		SOLE		606,386	0	0
Origin Bancorp Inc.	Common	68621T102	9,623	227,542	SH		SOLE		227,542	0	0
Pacific Financial Corporation	Common	694275108	6,034	509,205	SH		SOLE		509,205	0	0
Pacific West Bank	Common	69506W202	2,461	185,715	SH		SOLE		185,715	0	0
Paya Holdings Inc.	Common	70434P103	499	85,104	SH		SOLE		85,104	0	0
Payoneer Global Inc	Common	70451X104	460	103,050	SH		SOLE		103,050	0	0
Peapack-Gladstone Financial Corporation	Common	704699107	27,727	797,890	SH		SOLE		797,890	0	0
Peoples Bancorp	Common	70979X107	2,530	11,934	SH		SOLE		11,934	0	0
Pinnacle Bancshares, Inc.	Common	722903101	941	24,065	SH		SOLE		24,065	0	0
Pinnacle Bank	Common	72346K107	3,613	272,682	SH		SOLE		272,682	0	0
Pinnacle Bankshares Corporation	Common	72345E102	1,675	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	747	41,492	SH		SOLE		41,492	0	0
Prime Meridian Holding Company	Common	74164R107	6,496	239,276	SH		SOLE		239,276	0	0
Primis Financial Corporation	Common	74167B109	20,342	1,455,093	SH		SOLE		1,455,093	0	0
Private Bancorp of America, Inc.	Common	74274F100	9,466	315,097	SH		SOLE		315,097	0	0
Professional Holding Corp.	Common	743139107	4,036	178,887	SH		SOLE		178,887	0	0
Provident Financial Services, Inc.	Common	74386T105	1,337	57,141	SH		SOLE		57,141	0	0
PSB Holdings, Inc.	Common	69360N108	8,255	317,506	SH		SOLE		317,506	0	0
QNB Corp.	Common	74726N107	4,600	124,526	SH		SOLE		124,526	0	0
Red River Bancshares, Inc.	Common	75686R202	1,944	36,743	SH		SOLE		36,743	0	0
Republic First Bancorp, Inc.	Common	760416107	5,176	1,003,081	SH		SOLE		1,003,081	0	0
River City Bank	Common	76803X106	6,714	24,867	SH		SOLE		24,867	0	0
Riverview Bancorp, Inc.	Common	769397100	1,654	219,007	SH		SOLE		219,007	0	0
Salisbury Bancorp, Inc.	Common	795226109	2,458	43,336	SH		SOLE		43,336	0	0
Santa Cruz County Bank	Common	801827106	17,625	705,016	SH		SOLE		705,016	0	0
Seacoast Banking Corporation of Florida	Common	811707801	2,385	68,095	SH		SOLE		68,095	0	0
Shift4 Payments	Common	82452J109	178	2,880	SH		SOLE		2,880	0	0
Shore Bancshares, Inc.	Common	825107105	8,790	429,185	SH		SOLE		429,185	0	0
Sierra Bancorp	Common	82620P102	3,956	158,354	SH		SOLE		158,354	0	0
Signature Bank	Common	82669G104	2,700	9,200	SH		SOLE		9,200	0	0
Silvercrest Asset Management Group Inc.	Common	828359109	4,157	203,286	SH		SOLE		203,286	0	0
Silvergate Capital Corporation	Common	82837P408	2,307	15,320	SH		SOLE		15,320	0	0
SmartFinancial, Inc.	Common	83190L208	17,374	679,185	SH		SOLE		679,185	0	0
South Atlantic Bancshares, Inc.	Common	83636T104	6,769	423,608	SH		SOLE		423,608	0	0
South Plains Financial, Inc.	Common	83946P107	5,580	209,919	SH		SOLE		209,919	0	0
Southern BancShares (N.C.), Inc.	Common	842243107	11,587	1,995	SH		SOLE		1,995	0	0
Southern California Bancorp	Common	84252A106	11,454	743,760	SH		SOLE		743,760	0	0
Southern First Bancshares, Inc.	Common	842873101	16,905	332,514	SH		SOLE		332,514	0	0
Southern States Bancshares, Inc.	Common	843878307	10,297	446,322	SH		SOLE		446,322	0	0
SouthPoint Bancshares, Inc.	Common	844647107	3,671	104,826	SH		SOLE		104,826	0	0
Spirit of Texas Bancshares, Inc.	Common	84861D103	9,850	374,798	SH		SOLE		374,798	0	0
Sterling Bancorp, Inc.	Common	85917W102	3,565	502,061	SH		SOLE		502,061	0	0
Studio Bank	Common	86389R100	1,000	74,074	SH		SOLE		74,074	0	0
Summit Bank Group, Inc.	Common	86603R100	333	22,593	SH		SOLE		22,593	0	0
Summit State Bank	Common	866264203	3,588	209,850	SH		SOLE		209,850	0	0
Surrey Bancorp	Common	86888W105	1,005	63,785	SH		SOLE		63,785	0	0
SVB Financial Group	Common	78486Q101	1,134	2,027	SH		SOLE		2,027	0	0
Synovus Financial Corp.	Common	87161C501	1,355	27,657	SH		SOLE		27,657	0	0
Texas Capital Bancshares, Inc.	Common	88224Q107	13,147	229,405	SH		SOLE		229,405	0	0
The Bancorp, Inc.	Common	05969A105	1,532	54,092	SH		SOLE		54,092	0	0
Third Coast Bancshares	Common	88422P109	6,353	275,000	SH		SOLE		275,000	0	0
Traditions Bancorp, Inc.	Common	89269L102	4,967	222,235	SH		SOLE		222,235	0	0
Tri City Bankshares Corporation	Common	895364107	3,601	172,141	SH		SOLE		172,141	0	0
TriState Capital Holdings, Inc.	Common	89678F100	267	8,022	SH		SOLE		8,022	0	0
Triumph Bancorp, Inc.	Common	89679E300	31,160	331,418	SH		SOLE		331,418	0	0
Two Rivers Financial Group, Inc.	Common	90206L106	3,381	78,629	SH		SOLE		78,629	0	0
United Bancorporation of Alabama, Inc.	Common	90944R100	3,993	137,700	SH		SOLE		137,700	0	0
Unity Bancorp, Inc.	Common	913290102	22,143	791,370	SH		SOLE		791,370	0	0
USCB Financial Holdings Inc.	Common	90355N101	5,374	375,000	SH		SOLE		375,000	0	0
Veritex Holdings, Inc.	Common	923451108	1,832	48,000	SH		SOLE		48,000	0	0
Village Bank and Trust Financial Corp.	Common	92705T200	1,256	22,838	SH		SOLE		22,838	0	0
Virginia National Bankshares Corp.	Common	928031103	1,668	48,357	SH		SOLE		48,357	0	0
Voyager Digital	Common	92919V108	2,228	417,315	SH		SOLE		417,315	0	0
W.T.B. Financial Corporation	Common	929334209	6,223	16,207	SH		SOLE		16,207	0	0
Westbury Bancorp, Inc.	Common	95727P106	3,589	108,131	SH		SOLE		108,131	0	0
WEX Inc.	Common	96208T104	1,776	9,955	SH		SOLE		9,955	0	0
White River Bancshares Company	Common	96445A108	3,825	47,227	SH		SOLE		47,227	0	0