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
Bridgewater Bancshares, Inc.	Common	108621103	597	63,009	SH		SOLE		63,009	0	0
Byline Bancorp, Inc.	Common	124411109	7,300	370,373	SH		SOLE		370,373	0	0
CNB Financial Corporation	Common	126128107	9,004	497,188	SH		SOLE		497,188	0	0
Cambridge Bancorp	Common	132152109	5,166	82,928	SH		SOLE		82,928	0	0
Capital Bancorp, Inc.	Common	139737100	710	37,122	SH		SOLE		37,122	0	0
Citizens Community Bancorp, Inc.	Common	174903104	8,422	877,327	SH		SOLE		877,327	0	0
Coastal Carolina Bancshares, Inc.	Common	190435107	2,933	311,992	SH		SOLE		311,992	0	0
Codorus Valley Bancorp, Inc.	Common	192025104	2,110	113,186	SH		SOLE		113,186	0	0
Community First Bancorporation	Common	203916101	796	113,744	SH		SOLE		113,744	0	0
Enterprise Bancorp, Inc.	Common	293668109	5,153	188,186	SH		SOLE		188,186	0	0
ES Bancshares, Inc.	Common	296049109	2,317	410,045	SH		SOLE		410,045	0	0
Fentura Financial, Inc.	Common	314645102	8,265	348,149	SH		SOLE		348,149	0	0
First Bancshares, Inc.	Common	318916103	1,043	38,677	SH		SOLE		38,677	0	0
First Business Financial Services	Common	319390100	13,765	458,694	SH		SOLE		458,694	0	0
1st Capital Bancorp	Common	319427100	3,290	325,058	SH		SOLE		325,058	0	0
1st Colonial Bancorp	Common	319716106	3,158	253,644	SH		SOLE		253,644	0	0
First Commonwealth	Common	319829107	594	48,625	SH		SOLE		48,625	0	0
First Community Corporation	Common	319835104	3,631	210,269	SH		SOLE		210,269	0	0
First Farmers and Merchants Corporation	Common	320148109	538	20,092	SH		SOLE		20,092	0	0
First Internet Bancorp	Common	320557101	6,359	392,313	SH		SOLE		392,313	0	0
First Northern Community Bancorp	Common	335925103	8,158	859,651	SH		SOLE		859,651	0	0
Foresight Financial Group, Inc.	Common	345526107	3,294	142,598	SH		SOLE		142,598	0	0
Grand River Commerce, Inc.	Common	386441109	2,498	675,014	SH		SOLE		675,014	0	0
HBT Financial, Inc.	Common	404111106	7,390	405,138	SH		SOLE		405,138	0	0
Hanover Bancorp Inc.	Common	410710206	4,132	228,440	SH		SOLE		228,440	0	0
Heritage Commerce Corp	Common	426927109	5,354	632,083	SH		SOLE		632,083	0	0
Bank of the James Financial Group, Inc.	Common	470299108	719	68,443	SH		SOLE		68,443	0	0
Lakeland Bancorp, Inc.	Common	511637100	10,213	809,306	SH		SOLE		809,306	0	0
MVB Financial Corp.	Common	553810102	2,022	89,567	SH		SOLE		89,567	0	0
Malaga Financial Corporation	Common	561046103	2,238	98,385	SH		SOLE		98,385	0	0
McHenry Bancorp, Inc.	Common	580683209	2,205	60,000	SH		SOLE		60,000	0	0
Mercantile Bank Corporation	Common	587376104	15,244	493,158	SH		SOLE		493,158	0	0
Merchants Financial Group, Inc.	Common	588538108	4,850	194,548	SH		SOLE		194,548	0	0
Metropolitan Bank Holding Corp.	Common	591774104	8,441	232,664	SH		SOLE		232,664	0	0
Mountain Commerce Bancorp	Common	624004107	9,456	573,095	SH		SOLE		573,095	0	0
Northway Financial, Inc.	Common	667270201	2,682	155,038	SH		SOLE		155,038	0	0
Oak Ridge Financial Services, Inc.	Common	671768109	951	61,364	SH		SOLE		61,364	0	0
Oak Valley Bancorp	Common	671807105	3,468	138,280	SH		SOLE		138,280	0	0
Old Second Bancorp, Inc.	Common	680277100	27,918	2,051,310	SH		SOLE		2,051,310	0	0
Oregon Pacific Bancorp	Common	686040205	4,163	621,386	SH		SOLE		621,386	0	0
PacWest Bancorp	Common	695263103	4,465	564,497	SH		SOLE		564,497	0	0
Peapack-Gladstone Financial Corporation	Common	704699107	18,776	731,999	SH		SOLE		731,999	0	0
Peoples Bancorp Inc.	Common	709789101	1,296	51,081	SH		SOLE		51,081	0	0
Potomac Bancshares, Inc.	Common	737643106	549	33,492	SH		SOLE		33,492	0	0
Riverview Bancorp, Inc.	Common	769397100	880	158,344	SH		SOLE		158,344	0	0
West Coast Community Bancorp	Common	801827106	14,618	573,267	SH		SOLE		573,267	0	0
Shore Bancshares, Inc.	Common	825107105	4,848	460,836	SH		SOLE		460,836	0	0
Silvercrest Asset Management Group Inc.	Common	828359109	3,226	203,286	SH		SOLE		203,286	0	0
Southern BancShares (N.C.), Inc.	Common	842243107	5,761	1,087	SH		SOLE		1,087	0	0
Southern First Bancshares, Inc.	Common	842873101	11,276	418,573	SH		SOLE		418,573	0	0
Southern States Bancshares, Inc.	Common	843878307	12,778	565,643	SH		SOLE		565,643	0	0
SouthPoint Bancshares, Inc.	Common	844647107	3,236	109,704	SH		SOLE		109,704	0	0
Studio Bank	Common	864001102	689	74,074	SH		SOLE		74,074	0	0
Summit State Bank	Common	866264203	7,048	439,395	SH		SOLE		439,395	0	0
Tri City Bankshares Corporation	Common	895364107	2,288	171,041	SH		SOLE		171,041	0	0
United Security Bankshares	Common	911460103	4,198	564,227	SH		SOLE		564,227	0	0
Unity Bancorp, Inc.	Common	913290102	23,234	991,614	SH		SOLE		991,614	0	0
Veritex Holdings, Inc.	Common	923451108	5,188	289,000	SH		SOLE		289,000	0	0
Virginia National Bankshares Corp.	Common	928031103	662	21,808	SH		SOLE		21,808	0	0
W.T.B. Financial Corporation	Common	929334209	1,692	6,292	SH		SOLE		6,292	0	0
AMB Financial Corp.	Common	001984103	210	10,762	SH		SOLE		10,762	0	0
Alerus Financial Corporation	Common	01446U103	10,599	583,022	SH		SOLE		583,022	0	0
Alpine Banks of Colorado	Common	020810107	12,634	465,353	SH		SOLE		465,353	0	0
American Business Bank	Common	02475L105	18,668	603,363	SH		SOLE		603,363	0	0
American Riviera Bancorp	Common	02933K103	6,152	380,946	SH		SOLE		380,946	0	0
Avidbank Holdings, Inc.	Common	05368J103	14,832	695,697	SH		SOLE		695,697	0	0
BCB Bancorp, Inc.	Common	055298103	852	76,496	SH		SOLE		76,496	0	0
The Bancorp, Inc.	Common	05969A105	1,866	54,092	SH		SOLE		54,092	0	0
Bancorp 34, Inc.	Common	05970V106	1,357	142,857	SH		SOLE		142,857	0	0
Banc of California, Inc.	Common	05990K106	8,386	677,412	SH		SOLE		677,412	0	0
Bank of Botetourt	Common	063907208	1,470	49,824	SH		SOLE		49,824	0	0
Bank7 Corp	Common	06652N107	8,644	384,000	SH		SOLE		384,000	0	0
Bankwell Financial Group, Inc.	Common	06654A103	6,835	281,623	SH		SOLE		281,623	0	0
Bay Community Bancorp	Common	072205107	4,590	592,316	SH		SOLE		592,316	0	0
BayFirst Financial Corp.	Common	07279B104	1,500	133,593	SH		SOLE		133,593	0	0
Blueharbor Bank	Common	095613105	2,304	121,283	SH		SOLE		121,283	0	0
Blue Ridge Bankshares, Inc.	Common	095825105	5,096	1,127,414	SH		SOLE		1,127,414	0	0
Business First Bancshares, Inc.	Common	12326C105	8,967	478,003	SH		SOLE		478,003	0	0
CNB Corporation	Common	12612R105	1,076	14,348	SH		SOLE		14,348	0	0
California BanCorp	Common	13005U101	12,255	609,709	SH		SOLE		609,709	0	0
CapStar Financial Holdings, Inc.	Common	14070T102	5,583	393,481	SH		SOLE		393,481	0	0
Cashmere Valley Bank	Common	14756K102	1,305	29,387	SH		SOLE		29,387	0	0
Chino Commercial Bancorp	Common	16957L102	1,155	105,452	SH		SOLE		105,452	0	0
CoastalSouth Bancshares, Inc.	Common	19058X207	3,165	214,258	SH		SOLE		214,258	0	0
Colony Bankcorp Inc.	Common	19623P101	11,040	1,105,072	SH		SOLE		1,105,072	0	0
Commencement Bancorp, Inc.	Common	20051D107	2,911	278,560	SH		SOLE		278,560	0	0
Community Bancorp of Santa Maria	Common	20344R103	355	36,600	SH		SOLE		36,600	0	0
Community Heritage Financial Inc.	Common	20370L103	3,284	206,558	SH		SOLE		206,558	0	0
ConnectOne Bancorp, Inc.	Common	20786W107	11,180	627,006	SH		SOLE		627,006	0	0
Cornerstone Financial Corporation	Common	21925G201	1,410	150,000	SH		SOLE		150,000	0	0
CrossFirst Bankshares, Inc.	Common	22766M109	16,248	1,610,289	SH		SOLE		1,610,289	0	0
Crystal Valley Financial	Common	22941P100	657	11,100	SH		SOLE		11,100	0	0
Dime Community Bancshares, Inc	Common	25432X102	4,347	217,777	SH		SOLE		217,777	0	0
Eagle Financial Services Inc.	Common	26951R104	557	17,470	SH		SOLE		17,470	0	0
Equity Bancshares, Inc.	Common	29460X109	3,329	138,292	SH		SOLE		138,292	0	0
FB Financial Corp.	Common	30257X104	1,667	58,789	SH		SOLE		58,789	0	0
FineMark Holdings, Inc.	Common	31788B108	18,671	824,344	SH		SOLE		824,344	0	0
First Bank	Common	31931U102	18,536	1,719,449	SH		SOLE		1,719,449	0	0
First Capital Bancshares, Inc.	Common	31941G101	3,470	428,396	SH		SOLE		428,396	0	0
First Foundation Inc.	Common	32026V104	8,227	1,353,054	SH		SOLE		1,353,054	0	0
First National Corporation	Common	32106V107	3,929	223,120	SH		SOLE		223,120	0	0
First Reliance Bancshares, Inc.	Common	33615Q100	4,259	591,584	SH		SOLE		591,584	0	0
FSBH Corp	Common	33650R104	1,493	196,250	SH		SOLE		196,250	0	0
First Western Financial, Inc.	Common	33751L105	13,765	758,386	SH		SOLE		758,386	0	0
FirstSun Capital Bancorp	Common	33767U107	6,932	237,396	SH		SOLE		237,396	0	0
Five Star Bancorp	Common	33830T103	2,279	113,600	SH		SOLE		113,600	0	0
First Virginia Community Bank	Common	36120Q101	4,617	360,421	SH		SOLE		360,421	0	0
InBankshares, Corp	Common	45332V105	125	16,643	SH		SOLE		16,643	0	0
Investar Holding Corporation	Common	46134L105	6,277	592,699	SH		SOLE		592,699	0	0
i3 Verticals, Inc.	Common	46571Y107	746	35,300	SH		SOLE		35,300	0	0
LinkBancorp	Common	53578P105	6,877	1,004,000	SH		SOLE		1,004,000	0	0
Live Oak Bancshares	Common	53803X105	369	12,750	SH		SOLE		12,750	0	0
MainStreet Bancshares, Inc.	Common	56064Y100	12,455	606,371	SH		SOLE		606,371	0	0
Merchants Bancorp	Common	58844R108	14,129	509,700	SH		SOLE		509,700	0	0
Meridian Bank	Common	58958P104	7,141	728,688	SH		SOLE		728,688	0	0
Mid Penn Bank	Common	59540G107	9,256	459,827	SH		SOLE		459,827	0	0
Mission Valley Bancorp	Common	60520E104	2,396	188,542	SH		SOLE		188,542	0	0
nCino, Inc.	Common	63947X101	294	9,260	SH		SOLE		9,260	0	0
Open Lending Corporation	Common	68373J104	250	34,220	SH		SOLE		34,220	0	0
Orange County Bancorp	Common	68417L107	16,050	371,791	SH		SOLE		371,791	0	0
Origin Bancorp Inc.	Common	68621T102	4,797	166,142	SH		SOLE		166,142	0	0
PSB Holdings, Inc.	Common	69360N108	6,805	321,756	SH		SOLE		321,756	0	0
Pacific West Bancorp	Common	69506J102	1,545	145,715	SH		SOLE		145,715	0	0
Payoneer Global Inc	Common	70451X104	84	13,700	SH		SOLE		13,700	0	0
Peoples Bancorp	Common	70979X107	2,287	11,434	SH		SOLE		11,434	0	0
Pinnacle Bankshares Corporation	Common	72345E102	1,599	83,043	SH		SOLE		83,043	0	0
Pinnacle Bank	Common	72346K107	3,761	275,528	SH		SOLE		275,528	0	0
Prime Meridian Holding Company	Common	74164R107	5,133	232,776	SH		SOLE		232,776	0	0
Primis Financial Corporation	Common	74167B109	13,435	1,648,521	SH		SOLE		1,648,521	0	0
Princeton Bancorp, Inc.	Common	74179A107	8,193	282,631	SH		SOLE		282,631	0	0
Private Bancorp of America, Inc.	Common	74274F100	9,561	301,230	SH		SOLE		301,230	0	0
QNB Corp.	Common	74726N107	642	27,637	SH		SOLE		27,637	0	0
River City Bank	Common	76803X106	4,085	21,617	SH		SOLE		21,617	0	0
Shift4 Payments	Common	82452J109	159	2,880	SH		SOLE		2,880	0	0
Sierra Bancorp	Common	82620P102	8,281	436,746	SH		SOLE		436,746	0	0
SmartFinancial, Inc.	Common	83190L208	12,237	572,648	SH		SOLE		572,648	0	0
South Atlantic Bancshares, Inc.	Common	83636T104	4,382	430,078	SH		SOLE		430,078	0	0
Southern California Bancorp	Common	84252A106	4,847	346,000	SH		SOLE		346,000	0	0
Sterling Bancorp, Inc.	Common	85917W102	2,932	502,061	SH		SOLE		502,061	0	0
Summit Bank Group, Inc.	Common	86603R100	655	59,301	SH		SOLE		59,301	0	0
Texas Capital Bancshares, Inc.	Common	88224Q107	14,395	244,405	SH		SOLE		244,405	0	0
Third Coast Bancshares	Common	88422P109	8,339	487,654	SH		SOLE		487,654	0	0
Traditions Bancorp, Inc.	Common	89269L102	4,414	252,235	SH		SOLE		252,235	0	0
Triumph Bancorp, Inc.	Common	89679E300	21,473	331,418	SH		SOLE		331,418	0	0
USCB Financial Holdings Inc.	Common	90355N101	2,667	253,730	SH		SOLE		253,730	0	0
United Bancorporation of Alabama, Inc.	Common	90944R100	4,520	117,699	SH		SOLE		117,699	0	0
Village Bank and Trust Financial Corp.	Common	92705T200	656	14,381	SH		SOLE		14,381	0	0
WEX Inc.	Common	96208T104	1,872	9,955	SH		SOLE		9,955	0	0
White River Bancshares Company	Common	96445A108	2,668	41,565	SH		SOLE		41,565	0	0