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	5,189	415,120	SH		SOLE		415,120	0	0
1st Colonial Bancorp	Common	319716106	3,040	271,644	SH		SOLE		271,644	0	0
Alerus Financial Corporation	Common	01446U103	4,952	208,000	SH		SOLE		208,000	0	0
Allegiance Bancshares, Inc.	Common	01748H107	7,268	192,475	SH		SOLE		192,475	0	0
AMB Financial Corp.	Common	001984103	284	12,862	SH		SOLE		12,862	0	0
American Business Bank	Common	02475L105	24,184	605,363	SH		SOLE		605,363	0	0
American National Bankshares Inc.	Common	027745108	1,353	39,092	SH		SOLE		39,092	0	0
American Riviera Bancorp	Common	02933K103	6,296	351,724	SH		SOLE		351,724	0	0
Avidbank Holdings, Inc.	Common	05368J103	12,914	645,697	SH		SOLE		645,697	0	0
Banc of California, Inc.	Common	05990K106	12,200	692,412	SH		SOLE		692,412	0	0
Bank of Botetourt	Common	063907208	1,374	49,824	SH		SOLE		49,824	0	0
Bank of Princeton	Common	064520109	7,640	278,218	SH		SOLE		278,218	0	0
Bank of the James Financial Group, Inc.	Common	470299108	2,194	168,741	SH		SOLE		168,741	0	0
Bank7 Corp	Common	06652N107	8,793	385,000	SH		SOLE		385,000	0	0
Bankwell Financial Group, Inc.	Common	06654A103	8,496	273,623	SH		SOLE		273,623	0	0
Bay Community Bancorp	Common	072205107	5,866	694,206	SH		SOLE		694,206	0	0
BayFirst Financial Corp.	Common	07279B104	2,325	133,593	SH		SOLE		133,593	0	0
BCB Bancorp, Inc.	Common	055298103	1,950	114,496	SH		SOLE		114,496	0	0
Beach Bancorp, Inc.	Common	07332T100	4,500	900,000	SH		SOLE		900,000	0	0
Blue Ridge Bankshares, Inc.	Common	095825105	17,362	1,133,261	SH		SOLE		1,133,261	0	0
Blueharbor Bank	Common	095613105	2,258	161,283	SH		SOLE		161,283	0	0
Bridgewater Bancshares, Inc.	Common	108621103	3,190	197,652	SH		SOLE		197,652	0	0
BTRS Holdings Inc.	Common	11778X104	521	104,645	SH		SOLE		104,645	0	0
Business First Bancshares, Inc.	Common	12326C105	4,859	228,003	SH		SOLE		228,003	0	0
Byline Bancorp, Inc.	Common	124411109	14,492	608,923	SH		SOLE		608,923	0	0
California BanCorp	Common	13005U101	13,358	693,203	SH		SOLE		693,203	0	0
Cambridge Bancorp	Common	132152109	8,975	108,528	SH		SOLE		108,528	0	0
Capital Bancorp, Inc.	Common	139737100	1,066	49,122	SH		SOLE		49,122	0	0
CapStar Financial Holdings, Inc.	Common	14070T102	1,035	52,770	SH		SOLE		52,770	0	0
Cashmere Valley Bank	Common	14756K102	3,249	59,887	SH		SOLE		59,887	0	0
CBTX, Inc.	Common	12481V104	869	32,700	SH		SOLE		32,700	0	0
CCB Financial	Common	19046P209	3,504	91,922	SH		SOLE		91,922	0	0
Centric Financial Corporation	Common	15641J101	7,927	799,073	SH		SOLE		799,073	0	0
Century Financial Corporation	Common	15652L102	1,920	68,323	SH		SOLE		68,323	0	0
Chino Commercial Bancorp	Common	16957L102	1,718	148,079	SH		SOLE		148,079	0	0
Citizens Bancorp	Common	172950107	1,356	102,434	SH		SOLE		102,434	0	0
Citizens Community Bancorp, Inc.	Common	174903104	12,434	899,054	SH		SOLE		899,054	0	0
CNB Corporation	Common	12612R105	1,406	14,348	SH		SOLE		14,348	0	0
CNB Financial Corporation	Common	126128107	8,018	331,476	SH		SOLE		331,476	0	0
Coastal Carolina Bancshares, Inc.	Common	190435107	2,606	251,992	SH		SOLE		251,992	0	0
CoastalSouth Bancshares, Inc.	Common	19058X207	3,393	204,249	SH		SOLE		204,249	0	0
Codorus Valley Bancorp, Inc.	Common	192025104	5,117	227,321	SH		SOLE		227,321	0	0
Colony Bankcorp Inc.	Common	19623P101	14,201	941,072	SH		SOLE		941,072	0	0
Commencement Bancorp, Inc.	Common	20051D107	3,122	272,860	SH		SOLE		272,860	0	0
Community Bancorp of Santa Maria	Common	20344R103	1,096	106,443	SH		SOLE		106,443	0	0
Community Financial Corporation	Common	20368X101	986	26,732	SH		SOLE		26,732	0	0
Community First Bancorporation	Common	203916101	872	113,744	SH		SOLE		113,744	0	0
Community Heritage Financial Inc.	Common	20370L103	1,372	64,558	SH		SOLE		64,558	0	0
ConnectOne Bancorp, Inc.	Common	20786W107	13,746	562,204	SH		SOLE		562,204	0	0
Cornerstone Financial Corporation	Common	21925G201	1,613	150,000	SH		SOLE		150,000	0	0
CrossFirst Bankshares, Inc.	Common	22766M109	20,992	1,590,289	SH		SOLE		1,590,289	0	0
Crystal Valley Financial	Common	22941P100	1,008	16,800	SH		SOLE		16,800	0	0
Dime Community Bancshares, Inc	Common	25432X102	4,826	162,777	SH		SOLE		162,777	0	0
Eagle Financial Services Inc.	Common	26951R104	1,652	46,620	SH		SOLE		46,620	0	0
Enova International, Inc.	Common	29357K103	1,024	35,514	SH		SOLE		35,514	0	0
Enterprise Bancorp, Inc.	Common	293668109	10,263	318,821	SH		SOLE		318,821	0	0
Enterprise Financial Services Corp	Common	293712105	182	4,384	SH		SOLE		4,384	0	0
Equity Bancshares, Inc.	Common	29460X109	5,043	172,926	SH		SOLE		172,926	0	0
ES Bancshares, Inc.	Common	296049109	1,945	374,045	SH		SOLE		374,045	0	0
FB Financial Corp.	Common	30257X104	5,557	141,678	SH		SOLE		141,678	0	0
Fentura Financial, Inc.	Common	314645102	7,454	298,149	SH		SOLE		298,149	0	0
FineMark Holdings, Inc.	Common	31788B108	24,235	834,244	SH		SOLE		834,244	0	0
First Bancshares, Inc.	Common	318916103	1,687	58,979	SH		SOLE		58,979	0	0
First Bank	Common	31931U102	15,971	1,142,453	SH		SOLE		1,142,453	0	0
First Business Financial Services	Common	319390100	17,883	573,371	SH		SOLE		573,371	0	0
First Capital Bancshares, Inc.	Common	31941G101	1,925	240,600	SH		SOLE		240,600	0	0
First Citrus Bancorporation, Inc.	Common	31959T102	1,716	39,001	SH		SOLE		39,001	0	0
First Community Corporation	Common	319835104	7,442	388,211	SH		SOLE		388,211	0	0
First Farmers and Merchants Corporation	Common	320148109	559	21,488	SH		SOLE		21,488	0	0
First Foundation Inc.	Common	32026V104	23,850	1,164,567	SH		SOLE		1,164,567	0	0
First Internet Bancorp	Common	320557101	13,898	377,467	SH		SOLE		377,467	0	0
First National Corporation	Common	32106V107	4,072	223,120	SH		SOLE		223,120	0	0
First Northern Community Bancorp	Common	335925103	7,549	817,016	SH		SOLE		817,016	0	0
First Reliance Bancshares, Inc.	Common	33615Q100	6,768	731,627	SH		SOLE		731,627	0	0
First Southern Bank	Common	33650R104	1,764	196,250	SH		SOLE		196,250	0	0
First Virginia Community Bank	Common	36120Q101	3,228	171,436	SH		SOLE		171,436	0	0
First Western Financial, Inc.	Common	33751L105	19,805	728,386	SH		SOLE		728,386	0	0
Five Star Bancorp	Common	33830T103	4,042	153,000	SH		SOLE		153,000	0	0
Foresight Financial Group, Inc.	Common	345526107	4,893	161,181	SH		SOLE		161,181	0	0
Franklin Financial Services Corp.	Common	353525108	2,557	84,796	SH		SOLE		84,796	0	0
Grand River Commerce, Inc.	Common	386441109	3,156	496,938	SH		SOLE		496,938	0	0
GrandSouth Bancorporation	Common	386627301	3,054	97,885	SH		SOLE		97,885	0	0
Hanover Bancorp Inc.	Common	410710206	3,781	185,000	SH		SOLE		185,000	0	0
HBT Financial, Inc.	Common	404111106	21,371	1,195,937	SH		SOLE		1,195,937	0	0
Heritage Commerce Corp	Common	426927109	10,134	947,954	SH		SOLE		947,954	0	0
i3 Verticals, Inc.	Common	46571Y107	883	35,300	SH		SOLE		35,300	0	0
Investar Holding Corporation	Common	46134L105	12,542	572,699	SH		SOLE		572,699	0	0
John Marshall Bank	Common	47805L101	302	13,400	SH		SOLE		13,400	0	0
Lakeland Bancorp, Inc.	Common	511637100	20,779	1,421,241	SH		SOLE		1,421,241	0	0
Ledyard Financial Group, Inc.	Common	523338101	95	4,659	SH		SOLE		4,659	0	0
Lewis & Clark Bancorp	Common	52757L109	26	729	SH		SOLE		729	0	0
Limestone Bancorp, Inc.	Common	53262L105	7,362	399,878	SH		SOLE		399,878	0	0
LinkBancorp	Common	53578P105	735	79,000	SH		SOLE		79,000	0	0
Live Oak Bancshares	Common	53803X105	432	12,750	SH		SOLE		12,750	0	0
MainStreet Bancshares, Inc.	Common	56064Y100	14,149	621,372	SH		SOLE		621,372	0	0
Malaga Financial Corporation	Common	561046103	2,033	90,100	SH		SOLE		90,100	0	0
Malvern Bancorp, Inc.	Common	561409103	7,753	482,459	SH		SOLE		482,459	0	0
McHenry Bancorp, Inc.	Common	580683209	2,070	60,000	SH		SOLE		60,000	0	0
Mercantile Bank Corporation	Common	587376104	15,661	490,158	SH		SOLE		490,158	0	0
Merchants Bancorp	Common	58844R108	6,837	301,566	SH		SOLE		301,566	0	0
Merchants Financial Group, Inc.	Common	588538108	8,241	323,184	SH		SOLE		323,184	0	0
Meridian Bank	Common	58958P104	13,100	432,344	SH		SOLE		432,344	0	0
Metropolitan Bank Holding Corp.	Common	591774104	11,320	163,061	SH		SOLE		163,061	0	0
Mid Penn Bank	Common	59540G107	12,752	472,827	SH		SOLE		472,827	0	0
Mission Valley Bancorp	Common	60520E104	2,763	204,642	SH		SOLE		204,642	0	0
Mountain Commerce Bancorp	Common	624004107	14,909	552,195	SH		SOLE		552,195	0	0
MPB BHC, Inc.	Common	55317L105	5,689	325,058	SH		SOLE		325,058	0	0
MVB Financial Corp.	Common	553810102	2,667	85,733	SH		SOLE		85,733	0	0
nCino, Inc.	Common	63947X101	286	9,260	SH		SOLE		9,260	0	0
Nicolet Bankshares, Inc.	Common	65406E102	405	5,593	SH		SOLE		5,593	0	0
Northway Financial, Inc.	Common	667270201	5,095	168,138	SH		SOLE		168,138	0	0
Nuvei Corp	Common	67079A102	199	5,500	SH		SOLE		5,500	0	0
Oak Ridge Financial Services, Inc.	Common	671768109	1,234	66,364	SH		SOLE		66,364	0	0
Oak Valley Bancorp	Common	671807105	5,108	296,960	SH		SOLE		296,960	0	0
Old Second Bancorp, Inc.	Common	680277100	29,151	2,178,694	SH		SOLE		2,178,694	0	0
Open Lending Corporation	Common	68373J104	350	34,220	SH		SOLE		34,220	0	0
Orange County Bancorp	Common	68417L107	18,532	488,069	SH		SOLE		488,069	0	0
Oregon Pacific Bancorp	Common	686040205	4,032	606,386	SH		SOLE		606,386	0	0
Origin Bancorp Inc.	Common	68621T102	8,829	227,542	SH		SOLE		227,542	0	0
Pacific Financial Corporation	Common	694275108	5,066	494,205	SH		SOLE		494,205	0	0
Pacific West Bank	Common	69506W202	2,461	185,715	SH		SOLE		185,715	0	0
Paya Holdings Inc.	Common	70434P103	559	85,104	SH		SOLE		85,104	0	0
Payoneer Global Inc	Common	70451X104	404	103,050	SH		SOLE		103,050	0	0
Peapack-Gladstone Financial Corporation	Common	704699107	23,044	775,890	SH		SOLE		775,890	0	0
Peoples Bancorp	Common	70979X107	2,506	11,934	SH		SOLE		11,934	0	0
Pinnacle Bancshares, Inc.	Common	722903101	85	2,500	SH		SOLE		2,500	0	0
Pinnacle Bank	Common	72346K107	3,540	277,682	SH		SOLE		277,682	0	0
Pinnacle Bankshares Corporation	Common	72345E102	1,548	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	711	41,492	SH		SOLE		41,492	0	0
Prime Meridian Holding Company	Common	74164R107	6,117	241,776	SH		SOLE		241,776	0	0
Primis Financial Corporation	Common	74167B109	20,051	1,471,093	SH		SOLE		1,471,093	0	0
Private Bancorp of America, Inc.	Common	74274F100	8,668	299,097	SH		SOLE		299,097	0	0
Professional Holding Corp.	Common	743139107	2,612	130,261	SH		SOLE		130,261	0	0
PSB Holdings, Inc.	Common	69360N108	7,461	317,506	SH		SOLE		317,506	0	0
QNB Corp.	Common	74726N107	3,479	126,526	SH		SOLE		126,526	0	0
Red River Bancshares, Inc.	Common	75686R202	611	11,299	SH		SOLE		11,299	0	0
Republic First Bancorp, Inc.	Common	760416107	3,822	1,003,081	SH		SOLE		1,003,081	0	0
River City Bank	Common	76803X106	5,729	22,917	SH		SOLE		22,917	0	0
Riverview Bancorp, Inc.	Common	769397100	1,507	229,007	SH		SOLE		229,007	0	0
Salisbury Bancorp, Inc.	Common	795226109	1,023	43,336	SH		SOLE		43,336	0	0
Santa Cruz County Bank	Common	801827106	14,455	673,906	SH		SOLE		673,906	0	0
Seacoast Banking Corporation of Florida	Common	811707801	1,665	50,395	SH		SOLE		50,395	0	0
Shift4 Payments	Common	82452J109	95	2,880	SH		SOLE		2,880	0	0
Shore Bancshares, Inc.	Common	825107105	7,688	415,586	SH		SOLE		415,586	0	0
Sierra Bancorp	Common	82620P102	3,510	161,544	SH		SOLE		161,544	0	0
Signature Bank	Common	82669G104	1,649	9,200	SH		SOLE		9,200	0	0
Silvercrest Asset Management Group Inc.	Common	828359109	3,336	203,286	SH		SOLE		203,286	0	0
Silvergate Capital Corporation	Common	82837P408	820	15,320	SH		SOLE		15,320	0	0
Simmons First National Corp	Common	828730200	5,708	268,494	SH		SOLE		268,494	0	0
SmartFinancial, Inc.	Common	83190L208	16,409	679,185	SH		SOLE		679,185	0	0
South Atlantic Bancshares, Inc.	Common	83636T104	6,418	423,608	SH		SOLE		423,608	0	0
South Plains Financial, Inc.	Common	83946P107	3,025	125,319	SH		SOLE		125,319	0	0
Southern BancShares (N.C.), Inc.	Common	842243107	9,001	1,895	SH		SOLE		1,895	0	0
Southern California Bancorp	Common	84252A106	10,922	723,760	SH		SOLE		723,760	0	0
Southern First Bancshares, Inc.	Common	842873101	15,183	348,324	SH		SOLE		348,324	0	0
Southern States Bancshares, Inc.	Common	843878307	10,038	446,322	SH		SOLE		446,322	0	0
SouthPoint Bancshares, Inc.	Common	844647107	3,209	104,826	SH		SOLE		104,826	0	0
Sterling Bancorp, Inc.	Common	85917W102	2,862	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	311	22,593	SH		SOLE		22,593	0	0
Summit State Bank	Common	866264203	3,148	206,850	SH		SOLE		206,850	0	0
Surrey Bancorp	Common	86888W105	866	61,785	SH		SOLE		61,785	0	0
SVB Financial Group	Common	78486Q101	801	2,027	SH		SOLE		2,027	0	0
Synovus Financial Corp.	Common	87161C501	997	27,657	SH		SOLE		27,657	0	0
Texas Capital Bancshares, Inc.	Common	88224Q107	12,865	244,405	SH		SOLE		244,405	0	0
The Bancorp, Inc.	Common	05969A105	1,056	54,092	SH		SOLE		54,092	0	0
Third Coast Bancshares	Common	88422P109	6,171	281,774	SH		SOLE		281,774	0	0
Traditions Bancorp, Inc.	Common	89269L102	5,000	222,235	SH		SOLE		222,235	0	0
Tri City Bankshares Corporation	Common	895364107	3,167	172,141	SH		SOLE		172,141	0	0
Triumph Bancorp, Inc.	Common	89679E300	20,734	331,418	SH		SOLE		331,418	0	0
Two Rivers Financial Group, Inc.	Common	90206L106	2,949	78,629	SH		SOLE		78,629	0	0
United Bancorporation of Alabama, Inc.	Common	90944R100	3,648	137,700	SH		SOLE		137,700	0	0
Unity Bancorp, Inc.	Common	913290102	23,682	894,342	SH		SOLE		894,342	0	0
USCB Financial Holdings Inc.	Common	90355N101	4,328	375,000	SH		SOLE		375,000	0	0
Veritex Holdings, Inc.	Common	923451108	1,404	48,000	SH		SOLE		48,000	0	0
Village Bank and Trust Financial Corp.	Common	92705T200	1,051	22,838	SH		SOLE		22,838	0	0
Virginia National Bankshares Corp.	Common	928031103	1,239	39,357	SH		SOLE		39,357	0	0
Voyager Digital	Common	92919V108	184	417,315	SH		SOLE		417,315	0	0
W.T.B. Financial Corporation	Common	929334209	5,185	15,257	SH		SOLE		15,257	0	0
Westbury Bancorp, Inc.	Common	95727P106	1,977	67,031	SH		SOLE		67,031	0	0
WEX Inc.	Common	96208T104	1,549	9,955	SH		SOLE		9,955	0	0
White River Bancshares Company	Common	96445A108	3,304	43,413	SH		SOLE		43,413	0	0