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	4,442	415,120	SH		SOLE		415,120	0	0
1st Colonial Bancorp	Common	319716106	3,074	259,644	SH		SOLE		259,644	0	0
Alerus Financial Corporation	Common	01446U103	12,799	579,138	SH		SOLE		579,138	0	0
Allegiance Bancshares, Inc.	Common	01748H107	5,879	141,213	SH		SOLE		141,213	0	0
Alpine Banks of Colorado	Common	020810107	12,926	421,053	SH		SOLE		421,053	0	0
AMB Financial Corp.	Common	001984103	206	10,762	SH		SOLE		10,762	0	0
American Business Bank	Common	02475L105	24,231	610,363	SH		SOLE		610,363	0	0
American National Bankshares Inc.	Common	027745108	1,249	39,092	SH		SOLE		39,092	0	0
American Riviera Bancorp	Common	02933K103	6,032	351,724	SH		SOLE		351,724	0	0
Avidbank Holdings, Inc.	Common	05368J103	14,479	665,697	SH		SOLE		665,697	0	0
Banc of California, Inc.	Common	05990K106	10,818	677,412	SH		SOLE		677,412	0	0
Bank of Botetourt	Common	063907208	1,416	49,824	SH		SOLE		49,824	0	0
Bank of Princeton	Common	064520109	7,941	280,118	SH		SOLE		280,118	0	0
Bank of the James Financial Group, Inc.	Common	470299108	2,456	194,318	SH		SOLE		194,318	0	0
Bank7 Corp	Common	06652N107	8,539	385,000	SH		SOLE		385,000	0	0
Bankwell Financial Group, Inc.	Common	06654A103	7,965	273,623	SH		SOLE		273,623	0	0
Bay Community Bancorp	Common	072205107	5,722	675,206	SH		SOLE		675,206	0	0
BayFirst Financial Corp.	Common	07279B104	2,211	133,593	SH		SOLE		133,593	0	0
BCB Bancorp, Inc.	Common	055298103	1,759	104,496	SH		SOLE		104,496	0	0
Blue Ridge Bankshares, Inc.	Common	095825105	14,329	1,127,414	SH		SOLE		1,127,414	0	0
Blueharbor Bank	Common	095613105	2,750	161,283	SH		SOLE		161,283	0	0
Bridgewater Bancshares, Inc.	Common	108621103	2,301	139,711	SH		SOLE		139,711	0	0
BTRS Holdings Inc.	Common	11778X104	969	104,645	SH		SOLE		104,645	0	0
Business First Bancshares, Inc.	Common	12326C105	4,909	228,003	SH		SOLE		228,003	0	0
Byline Bancorp, Inc.	Common	124411109	11,521	568,923	SH		SOLE		568,923	0	0
California BanCorp	Common	13005U101	13,653	675,203	SH		SOLE		675,203	0	0
Cambridge Bancorp	Common	132152109	8,654	108,528	SH		SOLE		108,528	0	0
Capital Bancorp, Inc.	Common	139737100	1,135	49,122	SH		SOLE		49,122	0	0
CapStar Financial Holdings, Inc.	Common	14070T102	978	52,770	SH		SOLE		52,770	0	0
Cashmere Valley Bank	Common	14756K102	2,393	48,787	SH		SOLE		48,787	0	0
CBTX, Inc.	Common	12481V104	956	32,700	SH		SOLE		32,700	0	0
CCB Financial	Common	19046P209	3,335	83,922	SH		SOLE		83,922	0	0
Centric Financial Corporation	Common	15641J101	8,467	622,573	SH		SOLE		622,573	0	0
Chino Commercial Bancorp	Common	16957L102	1,505	115,879	SH		SOLE		115,879	0	0
Citizens Bancorp	Common	172950107	959	77,652	SH		SOLE		77,652	0	0
Citizens Community Bancorp, Inc.	Common	174903104	10,653	875,331	SH		SOLE		875,331	0	0
CNB Corporation	Common	12612R105	1,406	14,348	SH		SOLE		14,348	0	0
CNB Financial Corporation	Common	126128107	11,719	497,188	SH		SOLE		497,188	0	0
Coastal Carolina Bancshares, Inc.	Common	190435107	2,897	291,992	SH		SOLE		291,992	0	0
CoastalSouth Bancshares, Inc.	Common	19058X207	3,032	214,258	SH		SOLE		214,258	0	0
Codorus Valley Bancorp, Inc.	Common	192025104	4,053	215,121	SH		SOLE		215,121	0	0
Colony Bankcorp Inc.	Common	19623P101	12,197	936,072	SH		SOLE		936,072	0	0
Commencement Bancorp, Inc.	Common	20051D107	3,097	272,860	SH		SOLE		272,860	0	0
Community Bancorp of Santa Maria	Common	20344R103	674	65,100	SH		SOLE		65,100	0	0
Community Financial Corporation	Common	20368X101	917	26,732	SH		SOLE		26,732	0	0
Community First Bancorporation	Common	203916101	818	113,744	SH		SOLE		113,744	0	0
Community Heritage Financial Inc.	Common	20370L103	4,276	206,558	SH		SOLE		206,558	0	0
ConnectOne Bancorp, Inc.	Common	20786W107	12,964	562,204	SH		SOLE		562,204	0	0
Cornerstone Financial Corporation	Common	21925G201	1,631	150,000	SH		SOLE		150,000	0	0
CrossFirst Bankshares, Inc.	Common	22766M109	20,753	1,590,289	SH		SOLE		1,590,289	0	0
Crystal Valley Financial	Common	22941P100	958	16,800	SH		SOLE		16,800	0	0
Dime Community Bancshares, Inc	Common	25432X102	6,377	217,777	SH		SOLE		217,777	0	0
Eagle Financial Services Inc.	Common	26951R104	1,721	46,620	SH		SOLE		46,620	0	0
Enterprise Bancorp, Inc.	Common	293668109	9,402	314,357	SH		SOLE		314,357	0	0
Equity Bancshares, Inc.	Common	29460X109	4,857	163,926	SH		SOLE		163,926	0	0
ES Bancshares, Inc.	Common	296049109	1,926	374,045	SH		SOLE		374,045	0	0
FB Financial Corp.	Common	30257X104	3,782	98,978	SH		SOLE		98,978	0	0
Fentura Financial, Inc.	Common	314645102	6,857	298,149	SH		SOLE		298,149	0	0
FineMark Holdings, Inc.	Common	31788B108	24,220	828,044	SH		SOLE		828,044	0	0
First Bancshares, Inc.	Common	318916103	5,830	195,169	SH		SOLE		195,169	0	0
First Bank	Common	31931U102	16,127	1,179,721	SH		SOLE		1,179,721	0	0
First Business Financial Services	Common	319390100	18,526	573,371	SH		SOLE		573,371	0	0
First Capital Bancshares, Inc.	Common	31941G101	1,859	232,396	SH		SOLE		232,396	0	0
First Citrus Bancorporation, Inc.	Common	31959T102	1,671	36,765	SH		SOLE		36,765	0	0
First Community Corporation	Common	319835104	6,794	388,211	SH		SOLE		388,211	0	0
First Farmers and Merchants Corporation	Common	320148109	1,151	42,538	SH		SOLE		42,538	0	0
First Foundation Inc.	Common	32026V104	21,125	1,164,567	SH		SOLE		1,164,567	0	0
First Internet Bancorp	Common	320557101	12,950	382,467	SH		SOLE		382,467	0	0
First National Corporation	Common	32106V107	3,414	223,120	SH		SOLE		223,120	0	0
First Northern Community Bancorp	Common	335925103	6,904	817,016	SH		SOLE		817,016	0	0
First Reliance Bancshares, Inc.	Common	33615Q100	6,687	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	2,920	152,310	SH		SOLE		152,310	0	0
First Western Financial, Inc.	Common	33751L105	17,955	728,386	SH		SOLE		728,386	0	0
FirstSun Capital Bancorp	Common	33767U107	4,065	132,197	SH		SOLE		132,197	0	0
Five Star Bancorp	Common	33830T103	4,339	153,000	SH		SOLE		153,000	0	0
Foresight Financial Group, Inc.	Common	345526107	4,597	147,098	SH		SOLE		147,098	0	0
Franklin Financial Services Corp.	Common	353525108	2,676	84,796	SH		SOLE		84,796	0	0
Grand River Commerce, Inc.	Common	386441109	3,432	596,938	SH		SOLE		596,938	0	0
GrandSouth Bancorporation	Common	386627301	1,226	36,482	SH		SOLE		36,482	0	0
Hanover Bancorp Inc.	Common	410710206	3,537	185,000	SH		SOLE		185,000	0	0
HBT Financial, Inc.	Common	404111106	20,946	1,154,053	SH		SOLE		1,154,053	0	0
Heritage Commerce Corp	Common	426927109	8,133	717,200	SH		SOLE		717,200	0	0
i3 Verticals, Inc.	Common	46571Y107	707	35,300	SH		SOLE		35,300	0	0
Investar Holding Corporation	Common	46134L105	11,397	572,699	SH		SOLE		572,699	0	0
John Marshall Bank	Common	47805L101	329	13,400	SH		SOLE		13,400	0	0
Lakeland Bancorp, Inc.	Common	511637100	22,545	1,408,192	SH		SOLE		1,408,192	0	0
Lewis & Clark Bancorp	Common	52757L109	27	729	SH		SOLE		729	0	0
Limestone Bancorp, Inc.	Common	53262L105	7,803	397,710	SH		SOLE		397,710	0	0
LinkBancorp	Common	53578P105	7,530	1,004,000	SH		SOLE		1,004,000	0	0
Live Oak Bancshares	Common	53803X105	390	12,750	SH		SOLE		12,750	0	0
MainStreet Bancshares, Inc.	Common	56064Y100	14,173	621,372	SH		SOLE		621,372	0	0
Malaga Financial Corporation	Common	561046103	2,160	93,700	SH		SOLE		93,700	0	0
Malvern Bancorp, Inc.	Common	561409103	6,804	473,459	SH		SOLE		473,459	0	0
McHenry Bancorp, Inc.	Common	580683209	2,105	60,000	SH		SOLE		60,000	0	0
Mercantile Bank Corporation	Common	587376104	14,652	493,158	SH		SOLE		493,158	0	0
Merchants Bancorp	Common	58844R108	9,058	392,627	SH		SOLE		392,627	0	0
Merchants Financial Group, Inc.	Common	588538108	8,726	323,184	SH		SOLE		323,184	0	0
Meridian Bank	Common	58958P104	12,261	420,344	SH		SOLE		420,344	0	0
Metropolitan Bank Holding Corp.	Common	591774104	10,495	163,061	SH		SOLE		163,061	0	0
Mid Penn Bank	Common	59540G107	13,584	472,827	SH		SOLE		472,827	0	0
Mission Valley Bancorp	Common	60520E104	2,725	201,842	SH		SOLE		201,842	0	0
Mountain Commerce Bancorp	Common	624004107	15,300	544,095	SH		SOLE		544,095	0	0
MVB Financial Corp.	Common	553810102	2,386	85,733	SH		SOLE		85,733	0	0
nCino, Inc.	Common	63947X101	316	9,260	SH		SOLE		9,260	0	0
Nicolet Bankshares, Inc.	Common	65406E102	74	1,056	SH		SOLE		1,056	0	0
Northway Financial, Inc.	Common	667270201	4,363	166,138	SH		SOLE		166,138	0	0
Oak Ridge Financial Services, Inc.	Common	671768109	1,232	66,364	SH		SOLE		66,364	0	0
Oak Valley Bancorp	Common	671807105	4,824	269,960	SH		SOLE		269,960	0	0
Old Second Bancorp, Inc.	Common	680277100	28,086	2,152,194	SH		SOLE		2,152,194	0	0
Open Lending Corporation	Common	68373J104	275	34,220	SH		SOLE		34,220	0	0
Orange County Bancorp	Common	68417L107	18,791	488,069	SH		SOLE		488,069	0	0
Oregon Pacific Bancorp	Common	686040205	3,899	606,386	SH		SOLE		606,386	0	0
Origin Bancorp Inc.	Common	68621T102	6,391	166,142	SH		SOLE		166,142	0	0
Pacific Financial Corporation	Common	694275108	2,719	260,905	SH		SOLE		260,905	0	0
Pacific West Bank	Common	69506W202	2,191	185,715	SH		SOLE		185,715	0	0
PacWest Bancorp	Common	695263103	1,966	87,000	SH		SOLE		87,000	0	0
Paya Holdings Inc.	Common	70434P103	520	85,104	SH		SOLE		85,104	0	0
Payoneer Global Inc	Common	70451X104	83	13,700	SH		SOLE		13,700	0	0
Peapack-Gladstone Financial Corporation	Common	704699107	26,109	775,890	SH		SOLE		775,890	0	0
Peoples Bancorp	Common	70979X107	2,506	11,934	SH		SOLE		11,934	0	0
Pinnacle Bank	Common	72346K107	3,207	277,682	SH		SOLE		277,682	0	0
Pinnacle Bankshares Corporation	Common	72345E102	1,418	70,393	SH		SOLE		70,393	0	0
Potomac Bancshares, Inc.	Common	737643106	747	41,492	SH		SOLE		41,492	0	0
Prime Meridian Holding Company	Common	74164R107	6,202	241,776	SH		SOLE		241,776	0	0
Primis Financial Corporation	Common	74167B109	18,317	1,510,093	SH		SOLE		1,510,093	0	0
Private Bancorp of America, Inc.	Common	74274F100	8,749	299,097	SH		SOLE		299,097	0	0
Professional Holding Corp.	Common	743139107	3,379	130,261	SH		SOLE		130,261	0	0
PSB Holdings, Inc.	Common	69360N108	7,144	317,506	SH		SOLE		317,506	0	0
QNB Corp.	Common	74726N107	3,415	126,526	SH		SOLE		126,526	0	0
Red River Bancshares, Inc.	Common	75686R202	559	11,299	SH		SOLE		11,299	0	0
Republic First Bancorp, Inc.	Common	760416107	2,839	1,003,081	SH		SOLE		1,003,081	0	0
River City Bank	Common	76803X106	4,994	21,617	SH		SOLE		21,617	0	0
Riverview Bancorp, Inc.	Common	769397100	1,645	259,007	SH		SOLE		259,007	0	0
Salisbury Bancorp, Inc.	Common	795226109	2,077	86,672	SH		SOLE		86,672	0	0
Santa Cruz County Bank	Common	801827106	14,228	605,467	SH		SOLE		605,467	0	0
Seacoast Banking Corporation of Florida	Common	811707801	858	28,395	SH		SOLE		28,395	0	0
Shift4 Payments	Common	82452J109	128	2,880	SH		SOLE		2,880	0	0
Shore Bancshares, Inc.	Common	825107105	6,904	398,586	SH		SOLE		398,586	0	0
Sierra Bancorp	Common	82620P102	3,190	161,544	SH		SOLE		161,544	0	0
Signature Bank	Common	82669G104	1,389	9,200	SH		SOLE		9,200	0	0
Silvercrest Asset Management Group Inc.	Common	828359109	3,324	203,286	SH		SOLE		203,286	0	0
Silvergate Capital Corporation	Common	82837P408	1,154	15,320	SH		SOLE		15,320	0	0
Simmons First National Corp	Common	828730200	437	20,035	SH		SOLE		20,035	0	0
SmartFinancial, Inc.	Common	83190L208	16,783	679,185	SH		SOLE		679,185	0	0
South Atlantic Bancshares, Inc.	Common	83636T104	6,350	423,608	SH		SOLE		423,608	0	0
South Plains Financial, Inc.	Common	83946P107	494	17,919	SH		SOLE		17,919	0	0
Southern BancShares (N.C.), Inc.	Common	842243107	6,661	1,445	SH		SOLE		1,445	0	0
Southern California Bancorp	Common	84252A106	9,379	578,960	SH		SOLE		578,960	0	0
Southern First Bancshares, Inc.	Common	842873101	17,795	427,153	SH		SOLE		427,153	0	0
Southern States Bancshares, Inc.	Common	843878307	13,789	506,022	SH		SOLE		506,022	0	0
SouthPoint Bancshares, Inc.	Common	844647107	3,320	108,704	SH		SOLE		108,704	0	0
Sterling Bancorp, Inc.	Common	85917W102	3,027	502,061	SH		SOLE		502,061	0	0
Studio Bank	Common	86389R100	963	74,074	SH		SOLE		74,074	0	0
Summit Bank Group, Inc.	Common	86603R100	308	22,593	SH		SOLE		22,593	0	0
Summit State Bank	Common	866264203	3,001	206,850	SH		SOLE		206,850	0	0
Surrey Bancorp	Common	86888W105	865	61,785	SH		SOLE		61,785	0	0
Texas Capital Bancshares, Inc.	Common	88224Q107	14,427	244,405	SH		SOLE		244,405	0	0
The Bancorp, Inc.	Common	05969A105	1,189	54,092	SH		SOLE		54,092	0	0
Third Coast Bancshares	Common	88422P109	5,235	305,981	SH		SOLE		305,981	0	0
Traditions Bancorp, Inc.	Common	89269L102	4,389	222,235	SH		SOLE		222,235	0	0
Tri City Bankshares Corporation	Common	895364107	2,926	172,141	SH		SOLE		172,141	0	0
Triumph Bancorp, Inc.	Common	89679E300	18,013	331,418	SH		SOLE		331,418	0	0
Two Rivers Financial Group, Inc.	Common	90206L106	2,836	66,729	SH		SOLE		66,729	0	0
United Bancorporation of Alabama, Inc.	Common	90944R100	3,849	137,700	SH		SOLE		137,700	0	0
United Security Bankshares	Common	911460103	196	30,000	SH		SOLE		30,000	0	0
Unity Bancorp, Inc.	Common	913290102	22,457	894,342	SH		SOLE		894,342	0	0
USCB Financial Holdings Inc.	Common	90355N101	3,671	280,000	SH		SOLE		280,000	0	0
Veritex Holdings, Inc.	Common	923451108	1,276	48,000	SH		SOLE		48,000	0	0
Village Bank and Trust Financial Corp.	Common	92705T200	1,100	22,838	SH		SOLE		22,838	0	0
Virginia National Bankshares Corp.	Common	928031103	1,277	39,357	SH		SOLE		39,357	0	0
W.T.B. Financial Corporation	Common	929334209	4,801	13,957	SH		SOLE		13,957	0	0
Westbury Bancorp, Inc.	Common	95727P106	1,783	63,231	SH		SOLE		63,231	0	0
WEX Inc.	Common	96208T104	1,264	9,955	SH		SOLE		9,955	0	0
White River Bancshares Company	Common	96445A108	3,622	45,650	SH		SOLE		45,650	0	0