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	2,973	266,658	SH		SOLE		266,658	0	0
1st Colonial Bancorp	Common	319716106	2,243	146,144	SH		SOLE		146,144	0	0
Alerus Financial Corporation	Common	01446U103	11,866	543,586	SH		SOLE		543,586	0	0
Alpine Banks of Colorado	Common	020810107	11,472	417,171	SH		SOLE		417,171	0	0
AMB Financial Corp.	Common	001984103	77	3,902	SH		SOLE		3,902	0	0
American Business Bank	Common	02475L105	21,472	580,335	SH		SOLE		580,335	0	0
American Riviera Bancorp	Common	02933K103	6,081	380,946	SH		SOLE		380,946	0	0
Avidbank Holdings, Inc.	Common	05368J103	13,722	713,197	SH		SOLE		713,197	0	0
Banc of California, Inc.	Common	05990K106	15,944	1,048,229	SH		SOLE		1,048,229	0	0
Bancorp 34, Inc.	Common	05970V106	1,207	142,857	SH		SOLE		142,857	0	0
Bank of Botetourt	Common	063907208	1,128	39,624	SH		SOLE		39,624	0	0
Bank of the James Financial Group, Inc.	Common	470299108	709	68,443	SH		SOLE		68,443	0	0
Bank7 Corp	Common	06652N107	9,661	342,600	SH		SOLE		342,600	0	0
Bankwell Financial Group, Inc.	Common	06654A103	7,331	282,623	SH		SOLE		282,623	0	0
Bay Community Bancorp	Common	072205107	3,663	498,316	SH		SOLE		498,316	0	0
BayFirst Financial Corp.	Common	07279B104	1,946	150,272	SH		SOLE		150,272	0	0
BCB Bancorp, Inc.	Common	055298103	856	81,896	SH		SOLE		81,896	0	0
Blue Ridge Bankshares, Inc.	Common	095825105	3,033	1,127,414	SH		SOLE		1,127,414	0	0
Blueharbor Bank	Common	095613105	2,384	119,202	SH		SOLE		119,202	0	0
Bridgewater Bancshares, Inc.	Common	108621103	1,700	146,079	SH		SOLE		146,079	0	0
Business First Bancshares, Inc.	Common	12326C105	10,650	478,003	SH		SOLE		478,003	0	0
Byline Bancorp, Inc.	Common	124411109	7,441	342,595	SH		SOLE		342,595	0	0
California BanCorp	Common	13005U101	12,419	564,521	SH		SOLE		564,521	0	0
Cambridge Bancorp	Common	132152109	5,380	78,928	SH		SOLE		78,928	0	0
Capital Bancorp, Inc.	Common	139737100	500	24,022	SH		SOLE		24,022	0	0
CapStar Financial Holdings, Inc.	Common	14070T102	3,024	173,671	SH		SOLE		173,671	0	0
Cashmere Valley Bank	Common	14756K102	1,069	21,387	SH		SOLE		21,387	0	0
Citizens Community Bancorp, Inc.	Common	174903104	9,134	751,796	SH		SOLE		751,796	0	0
CNB Corporation	Common	12612R105	760	14,348	SH		SOLE		14,348	0	0
CNB Financial Corporation	Common	126128107	10,138	497,188	SH		SOLE		497,188	0	0
Coastal Carolina Bancshares, Inc.	Common	190435107	3,064	311,992	SH		SOLE		311,992	0	0
CoastalSouth Bancshares, Inc.	Common	19058X207	5,025	299,973	SH		SOLE		299,973	0	0
Codorus Valley Bancorp, Inc.	Common	192025104	406	17,836	SH		SOLE		17,836	0	0
Colony Bankcorp Inc.	Common	19623P101	12,302	1,069,772	SH		SOLE		1,069,772	0	0
Commencement Bancorp, Inc.	Common	20051D107	2,746	274,560	SH		SOLE		274,560	0	0
Community First Bancorporation	Common	203916101	987	137,141	SH		SOLE		137,141	0	0
Community Heritage Financial Inc.	Common	20370L103	3,615	206,558	SH		SOLE		206,558	0	0
ConnectOne Bancorp, Inc.	Common	20786W107	9,323	478,086	SH		SOLE		478,086	0	0
Cornerstone Financial Corporation	Common	21925G201	1,067	150,000	SH		SOLE		150,000	0	0
CrossFirst Bankshares, Inc.	Common	22766M109	20,563	1,485,780	SH		SOLE		1,485,780	0	0
Dime Community Bancshares, Inc	Common	25432X102	2,624	136,261	SH		SOLE		136,261	0	0
Endeavor Bancorp	Common	29260B109	655	63,010	SH		SOLE		63,010	0	0
Enterprise Bancorp, Inc.	Common	293668109	3,867	148,889	SH		SOLE		148,889	0	0
Equity Bancshares, Inc.	Common	29460X109	938	27,281	SH		SOLE		27,281	0	0
ES Bancshares, Inc.	Common	296049109	1,761	335,445	SH		SOLE		335,445	0	0
Fentura Financial, Inc.	Common	314645102	7,875	322,749	SH		SOLE		322,749	0	0
FineMark Holdings, Inc.	Common	31788B108	20,815	824,344	SH		SOLE		824,344	0	0
First Bank	Common	31931U102	21,120	1,537,098	SH		SOLE		1,537,098	0	0
First Business Financial Services	Common	319390100	17,165	457,725	SH		SOLE		457,725	0	0
First Capital Bancshares, Inc.	Common	31941G101	3,853	414,296	SH		SOLE		414,296	0	0
First Community Corporation	Common	319835104	3,290	188,775	SH		SOLE		188,775	0	0
First Farmers and Merchants Corporation	Common	320148109	583	20,092	SH		SOLE		20,092	0	0
First Foundation Inc.	Common	32026V104	10,216	1,353,054	SH		SOLE		1,353,054	0	0
First Internet Bancorp	Common	320557101	12,656	364,296	SH		SOLE		364,296	0	0
First National Corporation	Common	32106V107	2,961	182,133	SH		SOLE		182,133	0	0
First Northern Community Bancorp	Common	335925103	7,743	856,537	SH		SOLE		856,537	0	0
First Reliance Bancshares, Inc.	Common	33615Q100	4,634	568,584	SH		SOLE		568,584	0	0
First Virginia Community Bank	Common	36120Q101	3,620	297,221	SH		SOLE		297,221	0	0
First Western Financial, Inc.	Common	33751L105	11,174	766,386	SH		SOLE		766,386	0	0
FirstSun Capital Bancorp	Common	33767U107	7,951	222,396	SH		SOLE		222,396	0	0
Five Star Bancorp	Common	33830T103	3,888	172,819	SH		SOLE		172,819	0	0
Foresight Financial Group, Inc.	Common	345526107	4,135	142,598	SH		SOLE		142,598	0	0
FSBH Corp	Common	30325F101	1,410	176,250	SH		SOLE		176,250	0	0
Grand River Commerce, Inc.	Common	386441109	1,924	675,014	SH		SOLE		675,014	0	0
Hanover Bancorp Inc.	Common	410710206	3,385	228,440	SH		SOLE		228,440	0	0
HBT Financial, Inc.	Common	404111106	3,134	164,580	SH		SOLE		164,580	0	0
Heritage Commerce Corp	Common	426927109	4,922	573,639	SH		SOLE		573,639	0	0
i3 Verticals, Inc.	Common	46571Y107	808	35,300	SH		SOLE		35,300	0	0
Investar Holding Corporation	Common	46134L105	9,973	609,617	SH		SOLE		609,617	0	0
Lakeland Bancorp, Inc.	Common	511637100	8,295	685,506	SH		SOLE		685,506	0	0
LinkBancorp	Common	53578P105	6,545	943,047	SH		SOLE		943,047	0	0
Live Oak Bancshares	Common	53803X105	529	12,750	SH		SOLE		12,750	0	0
MainStreet Bancshares, Inc.	Common	56064Y100	11,035	607,662	SH		SOLE		607,662	0	0
Malaga Financial Corporation	Common	561046103	1,973	87,304	SH		SOLE		87,304	0	0
McHenry Bancorp, Inc.	Common	580683209	2,295	60,000	SH		SOLE		60,000	0	0
Mercantile Bank Corporation	Common	587376104	15,193	394,729	SH		SOLE		394,729	0	0
Merchants Bancorp	Common	58844R108	17,998	416,815	SH		SOLE		416,815	0	0
Merchants Financial Group, Inc.	Common	588538108	5,058	212,948	SH		SOLE		212,948	0	0
Meridian Bank	Common	58958P104	7,794	785,703	SH		SOLE		785,703	0	0
Metropolitan Bank Holding Corp.	Common	591774104	9,073	235,664	SH		SOLE		235,664	0	0
Mid Penn Bank	Common	59540G107	9,201	459,827	SH		SOLE		459,827	0	0
Mission Valley Bancorp	Common	60520E104	2,611	188,542	SH		SOLE		188,542	0	0
Mountain Commerce Bancorp	Common	624004107	10,596	580,595	SH		SOLE		580,595	0	0
MVB Financial Corp.	Common	553810102	2,153	96,489	SH		SOLE		96,489	0	0
Northway Financial, Inc.	Common	667270201	2,899	155,038	SH		SOLE		155,038	0	0
Oak Ridge Financial Services, Inc.	Common	671768109	969	55,364	SH		SOLE		55,364	0	0
Oak Valley Bancorp	Common	671807105	2,599	104,888	SH		SOLE		104,888	0	0
Old Second Bancorp, Inc.	Common	680277100	28,899	2,088,062	SH		SOLE		2,088,062	0	0
Open Lending Corporation	Common	68373J104	214	34,220	SH		SOLE		34,220	0	0
Orange County Bancorp	Common	68417L107	14,804	321,822	SH		SOLE		321,822	0	0
Oregon Pacific Bancorp	Common	686040205	4,782	661,386	SH		SOLE		661,386	0	0
Origin Bancorp Inc.	Common	68621T102	3,472	111,142	SH		SOLE		111,142	0	0
Pacific West Bancorp	Common	69506J102	1,093	145,715	SH		SOLE		145,715	0	0
Peapack-Gladstone Financial Corporation	Common	704699107	17,172	705,799	SH		SOLE		705,799	0	0
Pinnacle Bank	Common	72346K107	3,551	229,128	SH		SOLE		229,128	0	0
Pinnacle Bankshares Corporation	Common	72345E102	2,325	81,682	SH		SOLE		81,682	0	0
Potomac Bancshares, Inc.	Common	737643106	499	33,492	SH		SOLE		33,492	0	0
Prime Meridian Holding Company	Common	74164R107	5,095	235,776	SH		SOLE		235,776	0	0
Primis Financial Corporation	Common	74167B109	20,633	1,695,396	SH		SOLE		1,695,396	0	0
Princeton Bancorp, Inc.	Common	74179A107	9,512	309,016	SH		SOLE		309,016	0	0
Private Bancorp of America, Inc.	Common	74274F100	12,467	365,065	SH		SOLE		365,065	0	0
PSB Holdings, Inc.	Common	69360N108	6,703	315,456	SH		SOLE		315,456	0	0
River City Bank	Common	76803X106	5,806	23,168	SH		SOLE		23,168	0	0
Riverview Bancorp, Inc.	Common	769397100	596	126,344	SH		SOLE		126,344	0	0
Shift4 Payments	Common	82452J109	190	2,880	SH		SOLE		2,880	0	0
Shore Bancshares, Inc.	Common	825107105	5,576	484,836	SH		SOLE		484,836	0	0
Sierra Bancorp	Common	82620P102	8,822	436,746	SH		SOLE		436,746	0	0
Silvercrest Asset Management Group Inc.	Common	828359109	2,900	183,431	SH		SOLE		183,431	0	0
SmartFinancial, Inc.	Common	83190L208	11,402	541,148	SH		SOLE		541,148	0	0
South Atlantic Bancshares, Inc.	Common	83636T104	4,519	414,633	SH		SOLE		414,633	0	0
Southern BancShares (N.C.), Inc.	Common	842243107	4,485	780	SH		SOLE		780	0	0
Southern California Bancorp	Common	84252A106	3,679	246,737	SH		SOLE		246,737	0	0
Southern First Bancshares, Inc.	Common	842873101	12,679	399,213	SH		SOLE		399,213	0	0
Southern States Bancshares, Inc.	Common	843878307	19,060	735,343	SH		SOLE		735,343	0	0
SouthPoint Bancshares, Inc.	Common	844647107	3,236	109,704	SH		SOLE		109,704	0	0
Sterling Bancorp, Inc.	Common	85917W102	2,591	502,061	SH		SOLE		502,061	0	0
Studio Bank	Common	864001102	3,105	308,974	SH		SOLE		308,974	0	0
Summit Bank Group, Inc.	Common	86603R100	1,231	112,901	SH		SOLE		112,901	0	0
Summit State Bank	Common	866264203	4,767	439,395	SH		SOLE		439,395	0	0
Texas Capital Bancshares, Inc.	Common	88224Q107	15,043	244,405	SH		SOLE		244,405	0	0
The Bancorp, Inc.	Common	05969A105	1,676	50,092	SH		SOLE		50,092	0	0
Third Coast Bancshares	Common	88422P109	9,763	487,654	SH		SOLE		487,654	0	0
Traditions Bancorp, Inc.	Common	89269L102	4,427	252,235	SH		SOLE		252,235	0	0
Tri City Bankshares Corporation	Common	895364107	2,035	171,041	SH		SOLE		171,041	0	0
Triumph Bancorp, Inc.	Common	89679E300	24,133	304,243	SH		SOLE		304,243	0	0
United Bancorporation of Alabama, Inc.	Common	90944R100	6,119	145,699	SH		SOLE		145,699	0	0
United Security Bankshares	Common	911460103	4,312	559,227	SH		SOLE		559,227	0	0
Unity Bancorp, Inc.	Common	913290102	27,069	980,744	SH		SOLE		980,744	0	0
USCB Financial Holdings Inc.	Common	90355N101	2,391	209,730	SH		SOLE		209,730	0	0
Veritex Holdings, Inc.	Common	923451108	6,004	293,000	SH		SOLE		293,000	0	0
Village Bank and Trust Financial Corp.	Common	92705T200	611	14,381	SH		SOLE		14,381	0	0
West Coast Community Bancorp	Common	952170108	15,430	551,267	SH		SOLE		551,267	0	0
WEX Inc.	Common	96208T104	2,365	9,955	SH		SOLE		9,955	0	0
White River Bancshares Company	Common	96445A108	2,488	42,888	SH		SOLE		42,888	0	0