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	2,893	325,058	SH		SOLE		325,058	0	0
1st Colonial Bancorp	Common	319716106	2,488	253,644	SH		SOLE		253,644	0	0
Alerus Financial Corporation	Common	01446U103	10,483	583,022	SH		SOLE		583,022	0	0
Alpine Banks of Colorado	Common	020810107	12,774	465,353	SH		SOLE		465,353	0	0
AMB Financial Corp.	Common	001984103	228	10,762	SH		SOLE		10,762	0	0
American Business Bank	Common	02475L105	16,291	603,363	SH		SOLE		603,363	0	0
American National Bankshares Inc.	Common	027745108	1,088	37,549	SH		SOLE		37,549	0	0
American Riviera Bancorp	Common	02933K103	6,098	401,196	SH		SOLE		401,196	0	0
Avidbank Holdings, Inc.	Common	05368J103	11,465	695,697	SH		SOLE		695,697	0	0
Banc of California, Inc.	Common	05990K106	7,844	677,412	SH		SOLE		677,412	0	0
Bancorp 34, Inc.	Common	05970V106	1,571	142,857	SH		SOLE		142,857	0	0
Bank of Botetourt	Common	063907208	1,457	49,824	SH		SOLE		49,824	0	0
Bank of the James Financial Group, Inc.	Common	470299108	956	105,086	SH		SOLE		105,086	0	0
Bank7 Corp	Common	06652N107	9,444	385,000	SH		SOLE		385,000	0	0
Bankwell Financial Group, Inc.	Common	06654A103	6,866	281,623	SH		SOLE		281,623	0	0
Bay Community Bancorp	Common	072205107	4,798	592,316	SH		SOLE		592,316	0	0
BayFirst Financial Corp.	Common	07279B104	1,804	133,593	SH		SOLE		133,593	0	0
BCB Bancorp, Inc.	Common	055298103	898	76,496	SH		SOLE		76,496	0	0
Blue Ridge Bankshares, Inc.	Common	095825105	9,978	1,127,414	SH		SOLE		1,127,414	0	0
Blueharbor Bank	Common	095613105	2,943	161,283	SH		SOLE		161,283	0	0
Bridgewater Bancshares, Inc.	Common	108621103	621	63,009	SH		SOLE		63,009	0	0
Business First Bancshares, Inc.	Common	12326C105	7,204	478,003	SH		SOLE		478,003	0	0
Byline Bancorp, Inc.	Common	124411109	8,693	480,544	SH		SOLE		480,544	0	0
California BanCorp	Common	13005U101	9,146	609,709	SH		SOLE		609,709	0	0
Cambridge Bancorp	Common	132152109	4,808	88,528	SH		SOLE		88,528	0	0
Capital Bancorp, Inc.	Common	139737100	672	37,122	SH		SOLE		37,122	0	0
CapStar Financial Holdings, Inc.	Common	14070T102	4,808	391,881	SH		SOLE		391,881	0	0
Cashmere Valley Bank	Common	14756K102	1,264	29,387	SH		SOLE		29,387	0	0
Chino Commercial Bancorp	Common	16957L102	1,528	130,127	SH		SOLE		130,127	0	0
Citizens Community Bancorp, Inc.	Common	174903104	7,764	877,327	SH		SOLE		877,327	0	0
CNB Corporation	Common	12612R105	1,076	14,348	SH		SOLE		14,348	0	0
CNB Financial Corporation	Common	126128107	8,775	497,188	SH		SOLE		497,188	0	0
Coastal Carolina Bancshares, Inc.	Common	190435107	2,551	296,992	SH		SOLE		296,992	0	0
CoastalSouth Bancshares, Inc.	Common	19058X207	3,075	214,258	SH		SOLE		214,258	0	0
Codorus Valley Bancorp, Inc.	Common	192025104	2,220	113,186	SH		SOLE		113,186	0	0
Colony Bankcorp Inc.	Common	19623P101	10,410	1,105,072	SH		SOLE		1,105,072	0	0
Commencement Bancorp, Inc.	Common	20051D107	2,758	278,560	SH		SOLE		278,560	0	0
Community Bancorp of Santa Maria	Common	20344R103	345	36,600	SH		SOLE		36,600	0	0
Community Financial Corporation	Common	20368X101	724	26,732	SH		SOLE		26,732	0	0
Community First Bancorporation	Common	203916101	717	113,744	SH		SOLE		113,744	0	0
Community Heritage Financial Inc.	Common	20370L103	3,026	206,558	SH		SOLE		206,558	0	0
ConnectOne Bancorp, Inc.	Common	20786W107	10,402	627,006	SH		SOLE		627,006	0	0
Cornerstone Financial Corporation	Common	21925G201	1,380	150,000	SH		SOLE		150,000	0	0
CrossFirst Bankshares, Inc.	Common	22766M109	16,103	1,610,289	SH		SOLE		1,610,289	0	0
Crystal Valley Financial	Common	22941P100	655	11,100	SH		SOLE		11,100	0	0
Dime Community Bancshares, Inc	Common	25432X102	3,839	217,777	SH		SOLE		217,777	0	0
Eagle Financial Services Inc.	Common	26951R104	1,343	44,034	SH		SOLE		44,034	0	0
Enterprise Bancorp, Inc.	Common	293668109	5,446	188,186	SH		SOLE		188,186	0	0
Equity Bancshares, Inc.	Common	29460X109	3,150	138,292	SH		SOLE		138,292	0	0
ES Bancshares, Inc.	Common	296049109	1,456	410,045	SH		SOLE		410,045	0	0
FB Financial Corp.	Common	30257X104	1,882	67,089	SH		SOLE		67,089	0	0
Fentura Financial, Inc.	Common	314645102	6,737	348,149	SH		SOLE		348,149	0	0
FineMark Holdings, Inc.	Common	31788B108	19,207	824,344	SH		SOLE		824,344	0	0
First Bancshares, Inc.	Common	318916103	2,128	82,361	SH		SOLE		82,361	0	0
First Bank	Common	31931U102	13,805	1,329,921	SH		SOLE		1,329,921	0	0
First Business Financial Services	Common	319390100	13,527	458,694	SH		SOLE		458,694	0	0
First Capital Bancshares, Inc.	Common	31941G101	3,659	428,396	SH		SOLE		428,396	0	0
First Commonwealth	Common	319829107	1,630	128,825	SH		SOLE		128,825	0	0
First Community Corporation	Common	319835104	3,900	224,660	SH		SOLE		224,660	0	0
First Farmers and Merchants Corporation	Common	320148109	562	20,992	SH		SOLE		20,992	0	0
First Foundation Inc.	Common	32026V104	5,372	1,353,054	SH		SOLE		1,353,054	0	0
First Internet Bancorp	Common	320557101	5,826	392,313	SH		SOLE		392,313	0	0
First National Corporation	Common	32106V107	3,688	223,120	SH		SOLE		223,120	0	0
First Northern Community Bancorp	Common	335925103	6,018	859,651	SH		SOLE		859,651	0	0
First Reliance Bancshares, Inc.	Common	33615Q100	3,966	622,584	SH		SOLE		622,584	0	0
First Southern Bank	Common	33650R104	1,493	196,250	SH		SOLE		196,250	0	0
First Virginia Community Bank	Common	36120Q101	4,124	382,921	SH		SOLE		382,921	0	0
First Western Financial, Inc.	Common	33751L105	14,106	758,386	SH		SOLE		758,386	0	0
FirstSun Capital Bancorp	Common	33767U107	6,054	237,396	SH		SOLE		237,396	0	0
Five Star Bancorp	Common	33830T103	2,868	128,200	SH		SOLE		128,200	0	0
Foresight Financial Group, Inc.	Common	345526107	3,571	142,598	SH		SOLE		142,598	0	0
Franklin Financial Services Corp.	Common	353525108	755	27,199	SH		SOLE		27,199	0	0
Grand River Commerce, Inc.	Common	386441109	2,676	675,014	SH		SOLE		675,014	0	0
Hanover Bancorp Inc.	Common	410710206	4,037	228,440	SH		SOLE		228,440	0	0
HBT Financial, Inc.	Common	404111106	11,520	624,712	SH		SOLE		624,712	0	0
Heritage Commerce Corp	Common	426927109	5,234	632,083	SH		SOLE		632,083	0	0
i3 Verticals, Inc.	Common	46571Y107	807	35,300	SH		SOLE		35,300	0	0
InBankshares, Corp	Common	45332V105	125	16,643	SH		SOLE		16,643	0	0
Investar Holding Corporation	Common	46134L105	7,178	592,699	SH		SOLE		592,699	0	0
Lakeland Bancorp, Inc.	Common	511637100	11,412	852,306	SH		SOLE		852,306	0	0
LinkBancorp	Common	53578P105	6,024	1,004,000	SH		SOLE		1,004,000	0	0
Live Oak Bancshares	Common	53803X105	335	12,750	SH		SOLE		12,750	0	0
MainStreet Bancshares, Inc.	Common	56064Y100	13,740	606,371	SH		SOLE		606,371	0	0
Malaga Financial Corporation	Common	561046103	2,214	98,385	SH		SOLE		98,385	0	0
Malvern Bancorp, Inc.	Common	561409103	7,995	507,602	SH		SOLE		507,602	0	0
McHenry Bancorp, Inc.	Common	580683209	2,105	60,000	SH		SOLE		60,000	0	0
Mercantile Bank Corporation	Common	587376104	13,621	493,158	SH		SOLE		493,158	0	0
Merchants Bancorp	Common	58844R108	13,038	509,700	SH		SOLE		509,700	0	0
Merchants Financial Group, Inc.	Common	588538108	5,115	196,748	SH		SOLE		196,748	0	0
Meridian Bank	Common	58958P104	7,141	728,688	SH		SOLE		728,688	0	0
Metropolitan Bank Holding Corp.	Common	591774104	8,080	232,664	SH		SOLE		232,664	0	0
Mid Penn Bank	Common	59540G107	10,153	459,827	SH		SOLE		459,827	0	0
Mission Valley Bancorp	Common	60520E104	2,376	188,542	SH		SOLE		188,542	0	0
Mountain Commerce Bancorp	Common	624004107	9,456	573,095	SH		SOLE		573,095	0	0
MVB Financial Corp.	Common	553810102	1,888	89,567	SH		SOLE		89,567	0	0
nCino, Inc.	Common	63947X101	279	9,260	SH		SOLE		9,260	0	0
Northway Financial, Inc.	Common	667270201	3,001	158,038	SH		SOLE		158,038	0	0
Oak Ridge Financial Services, Inc.	Common	671768109	921	61,364	SH		SOLE		61,364	0	0
Oak Valley Bancorp	Common	671807105	4,681	185,837	SH		SOLE		185,837	0	0
Old Second Bancorp, Inc.	Common	680277100	26,790	2,051,310	SH		SOLE		2,051,310	0	0
Open Lending Corporation	Common	68373J104	360	34,220	SH		SOLE		34,220	0	0
Orange County Bancorp	Common	68417L107	15,739	425,380	SH		SOLE		425,380	0	0
Oregon Pacific Bancorp	Common	686040205	3,542	621,386	SH		SOLE		621,386	0	0
Origin Bancorp Inc.	Common	68621T102	4,868	166,142	SH		SOLE		166,142	0	0
Pacific West Bancorp	Common	69506J102	1,527	145,715	SH		SOLE		145,715	0	0
PacWest Bancorp	Common	695263103	4,601	564,497	SH		SOLE		564,497	0	0
Payoneer Global Inc	Common	70451X104	66	13,700	SH		SOLE		13,700	0	0
Peapack-Gladstone Financial Corporation	Common	704699107	19,823	731,999	SH		SOLE		731,999	0	0
Peoples Bancorp	Common	70979X107	2,287	11,434	SH		SOLE		11,434	0	0
Peoples Bancorp Inc.	Common	709789101	5,287	199,145	SH		SOLE		199,145	0	0
Pinnacle Bank	Common	72346K107	3,392	285,528	SH		SOLE		285,528	0	0
Pinnacle Bankshares Corporation	Common	72345E102	1,578	83,043	SH		SOLE		83,043	0	0
Potomac Bancshares, Inc.	Common	737643106	660	41,492	SH		SOLE		41,492	0	0
Prime Meridian Holding Company	Common	74164R107	4,891	232,776	SH		SOLE		232,776	0	0
Primis Financial Corporation	Common	74167B109	13,881	1,648,521	SH		SOLE		1,648,521	0	0
Princeton Bancorp, Inc.	Common	74179A107	7,721	282,631	SH		SOLE		282,631	0	0
Private Bancorp of America, Inc.	Common	74274F100	8,036	297,097	SH		SOLE		297,097	0	0
PSB Holdings, Inc.	Common	69360N108	6,548	321,756	SH		SOLE		321,756	0	0
QNB Corp.	Common	74726N107	1,326	57,737	SH		SOLE		57,737	0	0
Republic First Bancorp, Inc.	Common	760416107	903	1,003,081	SH		SOLE		1,003,081	0	0
River City Bank	Common	76803X106	4,302	21,617	SH		SOLE		21,617	0	0
Riverview Bancorp, Inc.	Common	769397100	1,305	259,007	SH		SOLE		259,007	0	0
Salisbury Bancorp, Inc.	Common	795226109	540	22,793	SH		SOLE		22,793	0	0
Santa Cruz County Bank	Common	801827106	15,286	599,467	SH		SOLE		599,467	0	0
Shift4 Payments	Common	82452J109	196	2,880	SH		SOLE		2,880	0	0
Shore Bancshares, Inc.	Common	825107105	4,608	398,586	SH		SOLE		398,586	0	0
Sierra Bancorp	Common	82620P102	7,412	436,746	SH		SOLE		436,746	0	0
Silvercrest Asset Management Group Inc.	Common	828359109	4,117	203,286	SH		SOLE		203,286	0	0
SmartFinancial, Inc.	Common	83190L208	12,640	587,648	SH		SOLE		587,648	0	0
South Atlantic Bancshares, Inc.	Common	83636T104	4,301	430,078	SH		SOLE		430,078	0	0
Southern BancShares (N.C.), Inc.	Common	842243107	7,031	1,302	SH		SOLE		1,302	0	0
Southern California Bancorp	Common	84252A106	5,762	419,996	SH		SOLE		419,996	0	0
Southern First Bancshares, Inc.	Common	842873101	10,360	418,573	SH		SOLE		418,573	0	0
Southern States Bancshares, Inc.	Common	843878307	10,677	506,022	SH		SOLE		506,022	0	0
SouthPoint Bancshares, Inc.	Common	844647107	3,127	109,704	SH		SOLE		109,704	0	0
Sterling Bancorp, Inc.	Common	85917W102	2,746	502,061	SH		SOLE		502,061	0	0
Studio Bank	Common	86389R100	850	74,074	SH		SOLE		74,074	0	0
Summit Bank Group, Inc.	Common	86603R100	718	61,893	SH		SOLE		61,893	0	0
Summit State Bank	Common	866264203	6,639	439,395	SH		SOLE		439,395	0	0
Texas Capital Bancshares, Inc.	Common	88224Q107	12,587	244,405	SH		SOLE		244,405	0	0
The Bancorp, Inc.	Common	05969A105	1,766	54,092	SH		SOLE		54,092	0	0
Third Coast Bancshares	Common	88422P109	7,739	487,654	SH		SOLE		487,654	0	0
Traditions Bancorp, Inc.	Common	89269L102	3,834	222,235	SH		SOLE		222,235	0	0
Tri City Bankshares Corporation	Common	895364107	2,301	171,041	SH		SOLE		171,041	0	0
Triumph Bancorp, Inc.	Common	89679E300	20,124	331,418	SH		SOLE		331,418	0	0
United Bancorporation of Alabama, Inc.	Common	90944R100	4,906	122,699	SH		SOLE		122,699	0	0
United Security Bankshares	Common	911460103	2,308	346,563	SH		SOLE		346,563	0	0
Unity Bancorp, Inc.	Common	913290102	23,392	991,614	SH		SOLE		991,614	0	0
USCB Financial Holdings Inc.	Common	90355N101	2,856	280,000	SH		SOLE		280,000	0	0
Veritex Holdings, Inc.	Common	923451108	4,608	257,000	SH		SOLE		257,000	0	0
Village Bank and Trust Financial Corp.	Common	92705T200	641	14,838	SH		SOLE		14,838	0	0
Virginia National Bankshares Corp.	Common	928031103	741	23,039	SH		SOLE		23,039	0	0
W.T.B. Financial Corporation	Common	929334209	1,749	6,292	SH		SOLE		6,292	0	0
WEX Inc.	Common	96208T104	1,813	9,955	SH		SOLE		9,955	0	0
White River Bancshares Company	Common	96445A108	2,847	41,565	SH		SOLE		41,565	0	0