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	3,187	266,658	SH		SOLE		266,658	0	0
1st Colonial Bancorp	Common	319716106	2,262	186,144	SH		SOLE		186,144	0	0
Alerus Financial Corporation	Common	01446U103	13,054	583,022	SH		SOLE		583,022	0	0
Alpine Banks of Colorado	Common	020810107	13,653	465,353	SH		SOLE		465,353	0	0
AMB Financial Corp.	Common	001984103	193	10,562	SH		SOLE		10,562	0	0
American Business Bank	Common	02475L105	21,349	593,363	SH		SOLE		593,363	0	0
American Riviera Bancorp	Common	02933K103	6,286	380,946	SH		SOLE		380,946	0	0
Avidbank Holdings, Inc.	Common	05368J103	14,867	695,697	SH		SOLE		695,697	0	0
Banc of California, Inc.	Common	05990K106	14,078	1,048,229	SH		SOLE		1,048,229	0	0
Bancorp 34, Inc.	Common	05970V106	1,379	142,857	SH		SOLE		142,857	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	836	68,443	SH		SOLE		68,443	0	0
Bank7 Corp	Common	06652N107	10,502	384,000	SH		SOLE		384,000	0	0
Bankwell Financial Group, Inc.	Common	06654A103	8,499	281,623	SH		SOLE		281,623	0	0
Bay Community Bancorp	Common	072205107	4,099	532,316	SH		SOLE		532,316	0	0
BayFirst Financial Corp.	Common	07279B104	1,810	138,752	SH		SOLE		138,752	0	0
BCB Bancorp, Inc.	Common	055298103	983	76,496	SH		SOLE		76,496	0	0
Blue Ridge Bankshares, Inc.	Common	095825105	9,476	3,127,414	SH		SOLE		3,127,414	0	0
Blueharbor Bank	Common	095613105	2,424	121,283	SH		SOLE		121,283	0	0
Bridgewater Bancshares, Inc.	Common	108621103	2,524	186,704	SH		SOLE		186,704	0	0
Business First Bancshares, Inc.	Common	12326C105	11,783	478,003	SH		SOLE		478,003	0	0
Byline Bancorp, Inc.	Common	124411109	8,682	368,518	SH		SOLE		368,518	0	0
California BanCorp	Common	13005U101	14,289	577,114	SH		SOLE		577,114	0	0
Cambridge Bancorp	Common	132152109	5,755	82,928	SH		SOLE		82,928	0	0
Capital Bancorp, Inc.	Common	139737100	898	37,122	SH		SOLE		37,122	0	0
CapStar Financial Holdings, Inc.	Common	14070T102	6,849	365,481	SH		SOLE		365,481	0	0
Cashmere Valley Bank	Common	14756K102	1,243	24,387	SH		SOLE		24,387	0	0
Chino Commercial Bancorp	Common	16957L102	1,028	97,952	SH		SOLE		97,952	0	0
Citizens Community Bancorp, Inc.	Common	174903104	9,969	851,331	SH		SOLE		851,331	0	0
CNB Corporation	Common	12612R105	789	14,348	SH		SOLE		14,348	0	0
CNB Financial Corporation	Common	126128107	11,231	497,188	SH		SOLE		497,188	0	0
Coastal Carolina Bancshares, Inc.	Common	190435107	3,095	311,992	SH		SOLE		311,992	0	0
CoastalSouth Bancshares, Inc.	Common	19058X207	3,214	214,258	SH		SOLE		214,258	0	0
Codorus Valley Bancorp, Inc.	Common	192025104	2,031	79,011	SH		SOLE		79,011	0	0
Colony Bankcorp Inc.	Common	19623P101	14,697	1,105,072	SH		SOLE		1,105,072	0	0
Commencement Bancorp, Inc.	Common	20051D107	2,786	278,560	SH		SOLE		278,560	0	0
Community Bancorp of Santa Maria	Common	20344R103	381	36,600	SH		SOLE		36,600	0	0
Community First Bancorporation	Common	203916101	762	113,744	SH		SOLE		113,744	0	0
Community Heritage Financial Inc.	Common	20370L103	3,460	206,558	SH		SOLE		206,558	0	0
ConnectOne Bancorp, Inc.	Common	20786W107	13,776	601,306	SH		SOLE		601,306	0	0
Cornerstone Financial Corporation	Common	21925G201	1,391	150,000	SH		SOLE		150,000	0	0
CrossFirst Bankshares, Inc.	Common	22766M109	21,868	1,610,289	SH		SOLE		1,610,289	0	0
Crystal Valley Financial	Common	22941P100	357	5,900	SH		SOLE		5,900	0	0
Dime Community Bancshares, Inc	Common	25432X102	5,865	217,777	SH		SOLE		217,777	0	0
Eagle Financial Services Inc.	Common	26951R104	328	10,944	SH		SOLE		10,944	0	0
Enterprise Bancorp, Inc.	Common	293668109	5,841	181,061	SH		SOLE		181,061	0	0
Equity Bancshares, Inc.	Common	29460X109	4,429	130,658	SH		SOLE		130,658	0	0
ES Bancshares, Inc.	Common	296049109	2,079	410,045	SH		SOLE		410,045	0	0
FB Financial Corp.	Common	30257X104	1,701	42,689	SH		SOLE		42,689	0	0
Fentura Financial, Inc.	Common	314645102	9,274	340,949	SH		SOLE		340,949	0	0
FineMark Holdings, Inc.	Common	31788B108	19,908	824,344	SH		SOLE		824,344	0	0
First Bancshares, Inc.	Common	318916103	489	16,677	SH		SOLE		16,677	0	0
First Bank	Common	31931U102	24,856	1,690,908	SH		SOLE		1,690,908	0	0
First Business Financial Services	Common	319390100	18,394	458,694	SH		SOLE		458,694	0	0
First Capital Bancshares, Inc.	Common	31941G101	3,382	422,796	SH		SOLE		422,796	0	0
First Community Corporation	Common	319835104	4,364	202,710	SH		SOLE		202,710	0	0
First Farmers and Merchants Corporation	Common	320148109	518	20,092	SH		SOLE		20,092	0	0
First Foundation Inc.	Common	32026V104	13,098	1,353,054	SH		SOLE		1,353,054	0	0
First Internet Bancorp	Common	320557101	9,490	392,313	SH		SOLE		392,313	0	0
First National Corporation	Common	32106V107	4,207	193,422	SH		SOLE		193,422	0	0
First Northern Community Bancorp	Common	335925103	7,873	882,651	SH		SOLE		882,651	0	0
First Reliance Bancshares, Inc.	Common	33615Q100	5,070	591,584	SH		SOLE		591,584	0	0
First Virginia Community Bank	Common	36120Q101	4,324	304,521	SH		SOLE		304,521	0	0
First Western Financial, Inc.	Common	33751L105	15,039	758,386	SH		SOLE		758,386	0	0
FirstSun Capital Bancorp	Common	33767U107	8,071	237,396	SH		SOLE		237,396	0	0
Five Star Bancorp	Common	33830T103	2,974	113,600	SH		SOLE		113,600	0	0
Foresight Financial Group, Inc.	Common	345526107	3,408	142,598	SH		SOLE		142,598	0	0
FSBH Corp (was First Southern Bank)	Common	33650R104	1,493	196,250	SH		SOLE		196,250	0	0
Grand River Commerce, Inc.	Common	386441109	2,315	675,014	SH		SOLE		675,014	0	0
Hanover Bancorp Inc.	Common	410710206	4,030	228,440	SH		SOLE		228,440	0	0
HBT Financial, Inc.	Common	404111106	6,010	284,722	SH		SOLE		284,722	0	0
Heritage Commerce Corp	Common	426927109	6,781	683,598	SH		SOLE		683,598	0	0
i3 Verticals, Inc.	Common	46571Y107	747	35,300	SH		SOLE		35,300	0	0
InBankshares, Corp	Common	45332V105	133	16,643	SH		SOLE		16,643	0	0
Investar Holding Corporation	Common	46134L105	9,089	609,617	SH		SOLE		609,617	0	0
Lakeland Bancorp, Inc.	Common	511637100	11,156	754,306	SH		SOLE		754,306	0	0
LinkBancorp	Common	53578P105	8,002	1,004,000	SH		SOLE		1,004,000	0	0
Live Oak Bancshares	Common	53803X105	580	12,750	SH		SOLE		12,750	0	0
MainStreet Bancshares, Inc.	Common	56064Y100	15,044	606,371	SH		SOLE		606,371	0	0
Malaga Financial Corporation	Common	561046103	2,376	103,304	SH		SOLE		103,304	0	0
McHenry Bancorp, Inc.	Common	580683209	2,166	60,000	SH		SOLE		60,000	0	0
Mercantile Bank Corporation	Common	587376104	19,042	471,558	SH		SOLE		471,558	0	0
Merchants Bancorp	Common	58844R108	22,469	527,700	SH		SOLE		527,700	0	0
Merchants Financial Group, Inc.	Common	588538108	5,096	214,548	SH		SOLE		214,548	0	0
Meridian Bank	Common	58958P104	10,879	782,678	SH		SOLE		782,678	0	0
Metropolitan Bank Holding Corp.	Common	591774104	13,051	235,664	SH		SOLE		235,664	0	0
Mid Penn Bank	Common	59540G107	11,165	459,827	SH		SOLE		459,827	0	0
Mission Valley Bancorp	Common	60520E104	2,592	188,542	SH		SOLE		188,542	0	0
Mountain Commerce Bancorp	Common	624004107	10,880	588,095	SH		SOLE		588,095	0	0
MVB Financial Corp.	Common	553810102	2,021	89,567	SH		SOLE		89,567	0	0
nCino, Inc.	Common	63947X101	311	9,260	SH		SOLE		9,260	0	0
Northway Financial, Inc.	Common	667270201	2,829	155,038	SH		SOLE		155,038	0	0
Oak Ridge Financial Services, Inc.	Common	671768109	1,003	61,364	SH		SOLE		61,364	0	0
Oak Valley Bancorp	Common	671807105	3,718	124,152	SH		SOLE		124,152	0	0
Old Second Bancorp, Inc.	Common	680277100	32,829	2,126,262	SH		SOLE		2,126,262	0	0
Open Lending Corporation	Common	68373J104	291	34,220	SH		SOLE		34,220	0	0
Orange County Bancorp	Common	68417L107	20,546	341,064	SH		SOLE		341,064	0	0
Oregon Pacific Bancorp	Common	686040205	5,007	661,386	SH		SOLE		661,386	0	0
Origin Bancorp Inc.	Common	68621T102	5,625	158,142	SH		SOLE		158,142	0	0
Pacific West Bancorp	Common	69506J102	1,364	145,715	SH		SOLE		145,715	0	0
Payoneer Global Inc	Common	70451X104	71	13,700	SH		SOLE		13,700	0	0
Peapack-Gladstone Financial Corporation	Common	704699107	21,828	731,999	SH		SOLE		731,999	0	0
Peoples Bancorp Inc.	Common	709789101	308	9,110	SH		SOLE		9,110	0	0
Pinnacle Bank	Common	72346K107	3,904	275,528	SH		SOLE		275,528	0	0
Pinnacle Bankshares Corporation	Common	72345E102	1,994	83,043	SH		SOLE		83,043	0	0
Potomac Bancshares, Inc.	Common	737643106	501	33,492	SH		SOLE		33,492	0	0
Prime Meridian Holding Company	Common	74164R107	5,482	232,776	SH		SOLE		232,776	0	0
Primis Financial Corporation	Common	74167B109	21,440	1,693,521	SH		SOLE		1,693,521	0	0
Princeton Bancorp, Inc.	Common	74179A107	10,146	282,631	SH		SOLE		282,631	0	0
Private Bancorp of America, Inc.	Common	74274F100	11,797	337,065	SH		SOLE		337,065	0	0
PSB Holdings, Inc.	Common	69360N108	7,085	320,456	SH		SOLE		320,456	0	0
QNB Corp.	Common	74726N107	666	25,637	SH		SOLE		25,637	0	0
River City Bank	Common	76803X106	4,919	21,837	SH		SOLE		21,837	0	0
Riverview Bancorp, Inc.	Common	769397100	841	131,344	SH		SOLE		131,344	0	0
Shift4 Payments	Common	82452J109	214	2,880	SH		SOLE		2,880	0	0
Shore Bancshares, Inc.	Common	825107105	6,567	460,836	SH		SOLE		460,836	0	0
Sierra Bancorp	Common	82620P102	9,849	436,746	SH		SOLE		436,746	0	0
Silvercrest Asset Management Group Inc.	Common	828359109	3,456	203,286	SH		SOLE		203,286	0	0
SmartFinancial, Inc.	Common	83190L208	14,024	572,648	SH		SOLE		572,648	0	0
South Atlantic Bancshares, Inc.	Common	83636T104	5,483	430,078	SH		SOLE		430,078	0	0
Southern BancShares (N.C.), Inc.	Common	842243107	4,790	887	SH		SOLE		887	0	0
Southern California Bancorp	Common	84252A106	5,510	317,581	SH		SOLE		317,581	0	0
Southern First Bancshares, Inc.	Common	842873101	15,529	418,573	SH		SOLE		418,573	0	0
Southern States Bancshares, Inc.	Common	843878307	21,443	732,343	SH		SOLE		732,343	0	0
SouthPoint Bancshares, Inc.	Common	844647107	3,128	109,704	SH		SOLE		109,704	0	0
Sterling Bancorp, Inc.	Common	85917W102	2,897	502,061	SH		SOLE		502,061	0	0
Studio Bank	Common	864001102	3,140	299,074	SH		SOLE		299,074	0	0
Summit Bank Group, Inc.	Common	86603R100	1,075	94,301	SH		SOLE		94,301	0	0
Summit State Bank	Common	866264203	5,405	439,395	SH		SOLE		439,395	0	0
Texas Capital Bancshares, Inc.	Common	88224Q107	15,796	244,405	SH		SOLE		244,405	0	0
The Bancorp, Inc.	Common	05969A105	2,086	54,092	SH		SOLE		54,092	0	0
Third Coast Bancshares	Common	88422P109	9,690	487,654	SH		SOLE		487,654	0	0
Traditions Bancorp, Inc.	Common	89269L102	4,893	252,235	SH		SOLE		252,235	0	0
Tri City Bankshares Corporation	Common	895364107	2,292	171,041	SH		SOLE		171,041	0	0
Triumph Bancorp, Inc.	Common	89679E300	26,573	331,418	SH		SOLE		331,418	0	0
United Bancorporation of Alabama, Inc.	Common	90944R100	4,896	117,699	SH		SOLE		117,699	0	0
United Security Bankshares	Common	911460103	4,745	564,227	SH		SOLE		564,227	0	0
Unity Bancorp, Inc.	Common	913290102	29,342	991,614	SH		SOLE		991,614	0	0
USCB Financial Holdings Inc.	Common	90355N101	2,814	229,730	SH		SOLE		229,730	0	0
Veritex Holdings, Inc.	Common	923451108	6,725	289,000	SH		SOLE		289,000	0	0
Village Bank and Trust Financial Corp.	Common	92705T200	573	14,381	SH		SOLE		14,381	0	0
Virginia National Bankshares Corp.	Common	928031103	227	6,599	SH		SOLE		6,599	0	0
West Coast Community Bancorp	Common	952170108	16,969	566,767	SH		SOLE		566,767	0	0
WEX Inc.	Common	96208T104	1,937	9,955	SH		SOLE		9,955	0	0
White River Bancshares Company	Common	96445A108	2,629	42,888	SH		SOLE		42,888	0	0