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	4,461	410,761	SH		SOLE		410,761	0	0
1st Colonial Bancorp	Common	319716106	3,635	259,644	SH		SOLE		259,644	0	0
Alerus Financial Corporation	Common	01446U103	13,614	583,022	SH		SOLE		583,022	0	0
Alpine Banks of Colorado	Common	020810107	14,390	436,053	SH		SOLE		436,053	0	0
AMB Financial Corp.	Common	001984103	226	10,762	SH		SOLE		10,762	0	0
American Business Bank	Common	02475L105	23,827	598,663	SH		SOLE		598,663	0	0
American National Bankshares Inc.	Common	027745108	1,387	37,549	SH		SOLE		37,549	0	0
American Riviera Bancorp	Common	02933K103	6,820	401,196	SH		SOLE		401,196	0	0
Avidbank Holdings, Inc.	Common	05368J103	13,780	665,697	SH		SOLE		665,697	0	0
Banc of California, Inc.	Common	05990K106	10,791	677,412	SH		SOLE		677,412	0	0
Bank of Botetourt	Common	063907208	1,415	49,824	SH		SOLE		49,824	0	0
Bank of the James Financial Group, Inc.	Common	470299108	2,257	189,470	SH		SOLE		189,470	0	0
Bank7 Corp	Common	06652N107	9,856	385,000	SH		SOLE		385,000	0	0
Bankwell Financial Group, Inc.	Common	06654A103	8,141	276,623	SH		SOLE		276,623	0	0
Bay Community Bancorp	Common	072205107	5,860	651,106	SH		SOLE		651,106	0	0
BayFirst Financial Corp.	Common	07279B104	2,234	133,593	SH		SOLE		133,593	0	0
BCB Bancorp, Inc.	Common	055298103	1,376	76,496	SH		SOLE		76,496	0	0
Blue Ridge Bankshares, Inc.	Common	095825105	14,081	1,127,414	SH		SOLE		1,127,414	0	0
Blueharbor Bank	Common	095613105	2,701	161,283	SH		SOLE		161,283	0	0
Bridgewater Bancshares, Inc.	Common	108621103	1,500	84,568	SH		SOLE		84,568	0	0
Business First Bancshares, Inc.	Common	12326C105	10,583	478,003	SH		SOLE		478,003	0	0
Byline Bancorp, Inc.	Common	124411109	13,068	568,923	SH		SOLE		568,923	0	0
California BanCorp	Common	13005U101	14,851	624,501	SH		SOLE		624,501	0	0
Cambridge Bancorp	Common	132152109	7,353	88,528	SH		SOLE		88,528	0	0
Capital Bancorp, Inc.	Common	139737100	1,156	49,122	SH		SOLE		49,122	0	0
CapStar Financial Holdings, Inc.	Common	14070T102	5,176	293,081	SH		SOLE		293,081	0	0
Cashmere Valley Bank	Common	14756K102	2,193	48,787	SH		SOLE		48,787	0	0
CCB Financial	Common	19046P209	1,759	37,022	SH		SOLE		37,022	0	0
Centric Financial Corporation	Common	15641J101	7,078	470,293	SH		SOLE		470,293	0	0
Chino Commercial Bancorp	Common	16957L102	1,593	115,879	SH		SOLE		115,879	0	0
Citizens Community Bancorp, Inc.	Common	174903104	10,530	875,331	SH		SOLE		875,331	0	0
CNB Corporation	Common	12612R105	679	14,348	SH		SOLE		14,348	0	0
CNB Financial Corporation	Common	126128107	11,828	497,188	SH		SOLE		497,188	0	0
Coastal Carolina Bancshares, Inc.	Common	190435107	3,071	296,992	SH		SOLE		296,992	0	0
CoastalSouth Bancshares, Inc.	Common	19058X207	3,857	214,258	SH		SOLE		214,258	0	0
Codorus Valley Bancorp, Inc.	Common	192025104	2,716	114,121	SH		SOLE		114,121	0	0
Colony Bankcorp Inc.	Common	19623P101	14,023	1,105,072	SH		SOLE		1,105,072	0	0
Commencement Bancorp, Inc.	Common	20051D107	3,141	272,860	SH		SOLE		272,860	0	0
Community Bancorp of Santa Maria	Common	20344R103	607	60,100	SH		SOLE		60,100	0	0
Community Financial Corporation	Common	20368X101	1,067	26,732	SH		SOLE		26,732	0	0
Community First Bancorporation	Common	203916101	802	113,744	SH		SOLE		113,744	0	0
Community Heritage Financial Inc.	Common	20370L103	4,106	206,558	SH		SOLE		206,558	0	0
ConnectOne Bancorp, Inc.	Common	20786W107	15,059	622,006	SH		SOLE		622,006	0	0
Cornerstone Financial Corporation	Common	21925G201	1,658	150,000	SH		SOLE		150,000	0	0
CrossFirst Bankshares, Inc.	Common	22766M109	19,735	1,590,289	SH		SOLE		1,590,289	0	0
Crystal Valley Financial	Common	22941P100	983	16,800	SH		SOLE		16,800	0	0
Dime Community Bancshares, Inc	Common	25432X102	6,932	217,777	SH		SOLE		217,777	0	0
Eagle Financial Services Inc.	Common	26951R104	1,676	46,620	SH		SOLE		46,620	0	0
Enterprise Bancorp, Inc.	Common	293668109	9,700	274,776	SH		SOLE		274,776	0	0
Equity Bancshares, Inc.	Common	29460X109	4,518	138,292	SH		SOLE		138,292	0	0
ES Bancshares, Inc.	Common	296049109	1,755	410,045	SH		SOLE		410,045	0	0
FB Financial Corp.	Common	30257X104	2,751	76,129	SH		SOLE		76,129	0	0
Fentura Financial, Inc.	Common	314645102	7,729	348,149	SH		SOLE		348,149	0	0
FineMark Holdings, Inc.	Common	31788B108	24,634	828,044	SH		SOLE		828,044	0	0
First Bancshares, Inc.	Common	318916103	4,556	142,318	SH		SOLE		142,318	0	0
First Bank	Common	31931U102	17,664	1,283,721	SH		SOLE		1,283,721	0	0
First Business Financial Services	Common	319390100	16,765	458,694	SH		SOLE		458,694	0	0
First Capital Bancshares, Inc.	Common	31941G101	2,068	232,396	SH		SOLE		232,396	0	0
First Citrus Bancorporation, Inc.	Common	31959T102	1,787	37,745	SH		SOLE		37,745	0	0
First Community Corporation	Common	319835104	6,939	317,011	SH		SOLE		317,011	0	0
First Farmers and Merchants Corporation	Common	320148109	1,100	42,538	SH		SOLE		42,538	0	0
First Foundation Inc.	Common	32026V104	18,643	1,300,971	SH		SOLE		1,300,971	0	0
First Internet Bancorp	Common	320557101	9,461	389,667	SH		SOLE		389,667	0	0
First National Corporation	Common	32106V107	3,822	223,120	SH		SOLE		223,120	0	0
First Northern Community Bancorp	Common	335925103	6,675	824,016	SH		SOLE		824,016	0	0
First Reliance Bancshares, Inc.	Common	33615Q100	5,766	661,227	SH		SOLE		661,227	0	0
First Southern Bank	Common	33650R104	1,776	196,250	SH		SOLE		196,250	0	0
First Virginia Community Bank	Common	36120Q101	2,676	140,310	SH		SOLE		140,310	0	0
First Western Financial, Inc.	Common	33751L105	20,504	728,386	SH		SOLE		728,386	0	0
FirstSun Capital Bancorp	Common	33767U107	7,924	217,397	SH		SOLE		217,397	0	0
Five Star Bancorp	Common	33830T103	3,765	138,200	SH		SOLE		138,200	0	0
Foresight Financial Group, Inc.	Common	345526107	4,045	147,098	SH		SOLE		147,098	0	0
Franklin Financial Services Corp.	Common	353525108	3,061	84,796	SH		SOLE		84,796	0	0
Grand River Commerce, Inc.	Common	386441109	3,610	656,336	SH		SOLE		656,336	0	0
GrandSouth Bancorporation	Common	386627301	71	1,825	SH		SOLE		1,825	0	0
Hanover Bancorp Inc.	Common	410710206	4,087	200,450	SH		SOLE		200,450	0	0
HBT Financial, Inc.	Common	404111106	18,816	961,494	SH		SOLE		961,494	0	0
Heritage Commerce Corp	Common	426927109	7,185	552,721	SH		SOLE		552,721	0	0
i3 Verticals, Inc.	Common	46571Y107	859	35,300	SH		SOLE		35,300	0	0
InBankshares, Corp	Common	45332V105	131	16,643	SH		SOLE		16,643	0	0
Investar Holding Corporation	Common	46134L105	12,330	572,699	SH		SOLE		572,699	0	0
John Marshall Bank	Common	47805L101	386	13,400	SH		SOLE		13,400	0	0
Lakeland Bancorp, Inc.	Common	511637100	24,798	1,408,192	SH		SOLE		1,408,192	0	0
Lewis & Clark Bancorp	Common	52757L109	26	729	SH		SOLE		729	0	0
Limestone Bancorp, Inc.	Common	53262L105	9,418	385,678	SH		SOLE		385,678	0	0
LinkBancorp	Common	53578P105	9,387	1,004,000	SH		SOLE		1,004,000	0	0
Live Oak Bancshares	Common	53803X105	385	12,750	SH		SOLE		12,750	0	0
MainStreet Bancshares, Inc.	Common	56064Y100	16,807	611,372	SH		SOLE		611,372	0	0
Malaga Financial Corporation	Common	561046103	2,264	98,385	SH		SOLE		98,385	0	0
Malvern Bancorp, Inc.	Common	561409103	7,659	431,512	SH		SOLE		431,512	0	0
McHenry Bancorp, Inc.	Common	580683209	2,105	60,000	SH		SOLE		60,000	0	0
Mercantile Bank Corporation	Common	587376104	16,511	493,158	SH		SOLE		493,158	0	0
Merchants Bancorp	Common	58844R108	12,240	503,300	SH		SOLE		503,300	0	0
Merchants Financial Group, Inc.	Common	588538108	8,313	285,684	SH		SOLE		285,684	0	0
Meridian Bank	Common	58958P104	11,036	364,344	SH		SOLE		364,344	0	0
Metropolitan Bank Holding Corp.	Common	591774104	11,697	199,364	SH		SOLE		199,364	0	0
Mid Penn Bank	Common	59540G107	13,781	459,827	SH		SOLE		459,827	0	0
Mission Valley Bancorp	Common	60520E104	2,532	192,542	SH		SOLE		192,542	0	0
Mountain Commerce Bancorp	Common	624004107	15,681	565,095	SH		SOLE		565,095	0	0
MVB Financial Corp.	Common	553810102	1,888	85,733	SH		SOLE		85,733	0	0
nCino, Inc.	Common	63947X101	245	9,260	SH		SOLE		9,260	0	0
Northway Financial, Inc.	Common	667270201	3,414	166,138	SH		SOLE		166,138	0	0
Oak Ridge Financial Services, Inc.	Common	671768109	1,293	66,364	SH		SOLE		66,364	0	0
Oak Valley Bancorp	Common	671807105	6,027	266,080	SH		SOLE		266,080	0	0
Old Second Bancorp, Inc.	Common	680277100	32,903	2,051,310	SH		SOLE		2,051,310	0	0
Open Lending Corporation	Common	68373J104	231	34,220	SH		SOLE		34,220	0	0
Orange County Bancorp	Common	68417L107	22,734	488,069	SH		SOLE		488,069	0	0
Oregon Pacific Bancorp	Common	686040205	4,505	621,386	SH		SOLE		621,386	0	0
Origin Bancorp Inc.	Common	68621T102	6,097	166,142	SH		SOLE		166,142	0	0
Pacific Financial Corporation	Common	694275108	384	35,905	SH		SOLE		35,905	0	0
Pacific West Bancorp	Common	69506J102	2,043	185,715	SH		SOLE		185,715	0	0
PacWest Bancorp	Common	695263103	8,110	353,362	SH		SOLE		353,362	0	0
Paya Holdings Inc.	Common	70434P103	670	85,104	SH		SOLE		85,104	0	0
Payoneer Global Inc	Common	70451X104	75	13,700	SH		SOLE		13,700	0	0
Peapack-Gladstone Financial Corporation	Common	704699107	27,245	731,999	SH		SOLE		731,999	0	0
Peoples Bancorp	Common	70979X107	2,287	11,434	SH		SOLE		11,434	0	0
Pinnacle Bank	Common	72346K107	3,924	291,318	SH		SOLE		291,318	0	0
Pinnacle Bankshares Corporation	Common	72345E102	1,352	70,393	SH		SOLE		70,393	0	0
Potomac Bancshares, Inc.	Common	737643106	678	41,492	SH		SOLE		41,492	0	0
Prime Meridian Holding Company	Common	74164R107	5,996	241,776	SH		SOLE		241,776	0	0
Primis Financial Corporation	Common	74167B109	19,298	1,628,521	SH		SOLE		1,628,521	0	0
Princeton Bancorp, Inc.	Common	74179A107	8,965	282,631	SH		SOLE		282,631	0	0
Private Bancorp of America, Inc.	Common	74274F100	9,623	297,097	SH		SOLE		297,097	0	0
Professional Holding Corp.	Common	743139107	2,761	99,544	SH		SOLE		99,544	0	0
PSB Holdings, Inc.	Common	69360N108	6,953	317,506	SH		SOLE		317,506	0	0
QNB Corp.	Common	74726N107	3,331	126,526	SH		SOLE		126,526	0	0
Republic First Bancorp, Inc.	Common	760416107	2,157	1,003,081	SH		SOLE		1,003,081	0	0
River City Bank	Common	76803X106	5,188	21,617	SH		SOLE		21,617	0	0
Riverview Bancorp, Inc.	Common	769397100	1,989	259,007	SH		SOLE		259,007	0	0
Salisbury Bancorp, Inc.	Common	795226109	1,572	50,072	SH		SOLE		50,072	0	0
Santa Cruz County Bank	Common	801827106	15,092	602,467	SH		SOLE		602,467	0	0
Shift4 Payments	Common	82452J109	161	2,880	SH		SOLE		2,880	0	0
Shore Bancshares, Inc.	Common	825107105	6,947	398,586	SH		SOLE		398,586	0	0
Sierra Bancorp	Common	82620P102	9,058	426,478	SH		SOLE		426,478	0	0
Signature Bank	Common	82669G104	1,060	9,200	SH		SOLE		9,200	0	0
Silvercrest Asset Management Group Inc.	Common	828359109	3,816	203,286	SH		SOLE		203,286	0	0
Silvergate Capital Corporation	Common	82837P408	267	15,320	SH		SOLE		15,320	0	0
SmartFinancial, Inc.	Common	83190L208	16,490	599,648	SH		SOLE		599,648	0	0
South Atlantic Bancshares, Inc.	Common	83636T104	5,849	430,078	SH		SOLE		430,078	0	0
Southern BancShares (N.C.), Inc.	Common	842243107	6,936	1,445	SH		SOLE		1,445	0	0
Southern California Bancorp	Common	84252A106	8,616	511,960	SH		SOLE		511,960	0	0
Southern First Bancshares, Inc.	Common	842873101	19,542	427,153	SH		SOLE		427,153	0	0
Southern States Bancshares, Inc.	Common	843878307	14,649	506,022	SH		SOLE		506,022	0	0
SouthPoint Bancshares, Inc.	Common	844647107	3,351	108,704	SH		SOLE		108,704	0	0
Sterling Bancorp, Inc.	Common	85917W102	3,058	502,061	SH		SOLE		502,061	0	0
Studio Bank	Common	86389R100	941	74,074	SH		SOLE		74,074	0	0
Summit Bank Group, Inc.	Common	86603R100	863	61,893	SH		SOLE		61,893	0	0
Summit State Bank	Common	866264203	6,752	427,371	SH		SOLE		427,371	0	0
Surrey Bancorp	Common	86888W105	376	15,668	SH		SOLE		15,668	0	0
Texas Capital Bancshares, Inc.	Common	88224Q107	14,740	244,405	SH		SOLE		244,405	0	0
The Bancorp, Inc.	Common	05969A105	1,535	54,092	SH		SOLE		54,092	0	0
Third Coast Bancshares	Common	88422P109	8,918	483,865	SH		SOLE		483,865	0	0
Traditions Bancorp, Inc.	Common	89269L102	4,156	222,235	SH		SOLE		222,235	0	0
Tri City Bankshares Corporation	Common	895364107	2,582	172,141	SH		SOLE		172,141	0	0
Triumph Bancorp, Inc.	Common	89679E300	16,196	331,418	SH		SOLE		331,418	0	0
Two Rivers Financial Group, Inc.	Common	90206L106	2,093	50,428	SH		SOLE		50,428	0	0
United Bancorporation of Alabama, Inc.	Common	90944R100	4,706	133,700	SH		SOLE		133,700	0	0
United Security Bankshares	Common	911460103	256	35,000	SH		SOLE		35,000	0	0
Unity Bancorp, Inc.	Common	913290102	25,990	950,967	SH		SOLE		950,967	0	0
USCB Financial Holdings Inc.	Common	90355N101	3,416	280,000	SH		SOLE		280,000	0	0
Veritex Holdings, Inc.	Common	923451108	7,020	250,000	SH		SOLE		250,000	0	0
Village Bank and Trust Financial Corp.	Common	92705T200	1,188	22,838	SH		SOLE		22,838	0	0
Virginia National Bankshares Corp.	Common	928031103	1,443	39,357	SH		SOLE		39,357	0	0
W.T.B. Financial Corporation	Common	929334209	3,840	11,257	SH		SOLE		11,257	0	0
WEX Inc.	Common	96208T104	1,629	9,955	SH		SOLE		9,955	0	0
White River Bancshares Company	Common	96445A108	3,596	47,565	SH		SOLE		47,565	0	0