BANC FUNDS CO LLC Diversified Active

Location: CHICAGO, IL

CIK: 0001029311 · Show all filings

Period: Q1 2026 (← Previous)

Filing Date: May 14, 2026

Total Value ($000): $537,192 (100.0% shares, 0.0% debt)

Holdings (97)

New Positions (5)

BSFO Bank of San Francisco 0.8%

Value ($000) $4,318 Shares 115,072 Est. Cost $35.33 Unrealized 0.0%

CBSH Commerce Bancshares, Inc. MO 0.8%

Value ($000) $4,269 Shares 86,774 Est. Cost $53.64 Unrealized 0.0%

PNFP Pinnacle Financial Partners Inc. 0.3%

Value ($000) $1,878 Shares 21,800 Est. Cost $97.40 Unrealized 0.0%

TOWN TowneBank 0.3%

Value ($000) $1,374 Shares 40,804 Est. Cost $35.57 Unrealized 0.0%

LRBI Lake Ridge Bancorp 0.2%

Value ($000) $921 Shares 7,084 Est. Cost $130.00 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BSFO	Bank of San Francisco	115,072	$4,318	0.8%	$35.33	0.0%	Common Stock	064774102
CBSH	Commerce Bancshares, Inc. MO	86,774	$4,269	0.8%	$53.64	0.0%	Common Stock	200525103
PNFP	Pinnacle Financial Partners Inc.	21,800	$1,878	0.3%	$97.40	0.0%	Common Stock	72348N109
TOWN	TowneBank	40,804	$1,374	0.3%	$35.57	0.0%	Common Stock	89214P109
LRBI	Lake Ridge Bancorp	7,084	$921	0.2%	$130.00	—	Common Stock	78391L106

Increased Positions (24)

PBAM Private Bancorp of America, Inc. 3.9%

Value ($000) $21,067 (+29.1%) Shares 309,859 (+9.2%) Est. Cost $27.32 Unrealized +124.3%

MBIN Merchants Bancorp 2.2%

Value ($000) $12,060 (+44.8%) Shares 281,062 (+15.0%) Est. Cost $23.99 Unrealized +66.2%

ALRS Alerus Financial Corporation 1.5%

Value ($000) $8,279 (+71.0%) Shares 349,165 (+62.4%) Est. Cost $21.16 Unrealized +15.6%

MNSB MainStreet Bancshares, Inc. 2.2%

Value ($000) $11,787 (+37.2%) Shares 530,941 (+25.8%) Est. Cost $15.68 Unrealized +36.0%

AVBH Avidbank Holdings, Inc. 3.5%

Value ($000) $18,955 (+19.7%) Shares 665,100 (+11.5%) Est. Cost $20.56 Unrealized +38.1%

OSBC Old Second Bancorp, Inc. 3.9%

Value ($000) $20,748 (+17.5%) Shares 1,029,143 (+13.7%) Est. Cost $9.57 Unrealized +112.0%

FRBA First Bank 2.6%

Value ($000) $13,827 (+27.6%) Shares 864,205 (+31.3%) Est. Cost $11.24 Unrealized +49.1%

CNOB ConnectOne Bancorp, Inc. 1.5%

Value ($000) $8,304 (+39.0%) Shares 310,195 (+36.2%) Est. Cost $18.88 Unrealized +44.1%

MCB Metropolitan Bank Holding Corp. 2.2%

Value ($000) $11,846 (+20.4%) Shares 142,221 (+10.4%) Est. Cost $49.20 Unrealized +80.2%

CBNK Capital Bancorp, Inc. 0.4%

Value ($000) $2,239 (+271.5%) Shares 75,300 (+251.9%) Est. Cost $26.64 Unrealized +13.7%

BUSE First Busey Corporation 0.6%

Value ($000) $3,211 (+78.6%) Shares 127,077 (+68.1%) Est. Cost $23.42 Unrealized +7.8%

MRBK Meridian Bank 1.3%

Value ($000) $7,003 (+24.1%) Shares 369,333 (+15.1%) Est. Cost $11.43 Unrealized +65.6%

MVBF MVB Financial Corp. 0.4%

Value ($000) $2,266 (+150.3%) Shares 91,244 (+160.4%) Est. Cost $23.32 Unrealized +18.4%

BFST Business First Bancshares, Inc. 1.2%

Value ($000) $6,334 (+27.2%) Shares 234,257 (+22.9%) Est. Cost $22.57 Unrealized +23.2%

CMHF Community Heritage Financial Inc. 0.7%

Value ($000) $3,888 (+50.6%) Shares 125,424 (+30.7%) Est. Cost $23.23 Unrealized +24.4%

WCCB West Coast Community Bancorp 2.4%

Value ($000) $13,141 (+9.2%) Shares 276,651 (+1.2%) Est. Cost $26.35 Unrealized +73.2%

EDVR Endeavor Bancorp 0.5%

Value ($000) $2,743 (+59.6%) Shares 167,738 (+66.0%) Est. Cost $12.80 Unrealized +30.3%

CCNE CNB Financial Corporation 1.2%

Value ($000) $6,440 (+13.3%) Shares 222,375 (+2.4%) Est. Cost $20.47 Unrealized +36.6%

FRST Primis Financial Corporation 2.2%

Value ($000) $11,593 (+5.7%) Shares 872,961 (+10.7%) Est. Cost $11.59 Unrealized +17.4%

BCAL California BanCorp. 2.7%

Value ($000) $14,728 (+3.0%) Shares 831,155 (+8.5%) Est. Cost $13.92 Unrealized +34.0%

SSBI Summit State Bank 0.5%

Value ($000) $2,664 (+18.5%) Shares 199,227 (+3.1%) Est. Cost $11.99 Unrealized +10.1%

TCBX Third Coast Bancshares 1.2%

Value ($000) $6,396 (+6.8%) Shares 169,064 (+7.3%) Est. Cost $24.55 Unrealized +64.7%

SOME Somerset Trust Holding Company 0.2%

Value ($000) $1,137 (+44.0%) Shares 16,017 (+35.9%) Est. Cost $49.70 Unrealized +38.8%

PTBS Potomac Bancshares, Inc. 0.0%

Value ($000) $246 (+349.1%) Shares 12,432 (+329.3%) Est. Cost $17.35 Unrealized +10.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PBAM	Private Bancorp of America, Inc.	309,859 (+9.2%)	$21,067 (+29.1%)	3.9%	$27.32	+124.3%	Common Stock	74274F100
MBIN	Merchants Bancorp	281,062 (+15.0%)	$12,060 (+44.8%)	2.2%	$23.99	+66.2%	Common Stock	58844R108
ALRS	Alerus Financial Corporation	349,165 (+62.4%)	$8,279 (+71.0%)	1.5%	$21.16	+15.6%	Common Stock	01446U103
MNSB	MainStreet Bancshares, Inc.	530,941 (+25.8%)	$11,787 (+37.2%)	2.2%	$15.68	+36.0%	Common Stock	56064Y100
AVBH	Avidbank Holdings, Inc.	665,100 (+11.5%)	$18,955 (+19.7%)	3.5%	$20.56	+38.1%	Common Stock	05368J103
OSBC	Old Second Bancorp, Inc.	1,029,143 (+13.7%)	$20,748 (+17.5%)	3.9%	$9.57	+112.0%	Common Stock	680277100
FRBA	First Bank	864,205 (+31.3%)	$13,827 (+27.6%)	2.6%	$11.24	+49.1%	Common Stock	31931U102
CNOB	ConnectOne Bancorp, Inc.	310,195 (+36.2%)	$8,304 (+39.0%)	1.5%	$18.88	+44.1%	Common Stock	20786W107
MCB	Metropolitan Bank Holding Corp.	142,221 (+10.4%)	$11,846 (+20.4%)	2.2%	$49.20	+80.2%	Common Stock	591774104
CBNK	Capital Bancorp, Inc.	75,300 (+251.9%)	$2,239 (+271.5%)	0.4%	$26.64	+13.7%	Common Stock	139737100
BUSE	First Busey Corporation	127,077 (+68.1%)	$3,211 (+78.6%)	0.6%	$23.42	+7.8%	Common Stock	319383204
MRBK	Meridian Bank	369,333 (+15.1%)	$7,003 (+24.1%)	1.3%	$11.43	+65.6%	Common Stock	58958P104
MVBF	MVB Financial Corp.	91,244 (+160.4%)	$2,266 (+150.3%)	0.4%	$23.32	+18.4%	Common Stock	553810102
BFST	Business First Bancshares, Inc.	234,257 (+22.9%)	$6,334 (+27.2%)	1.2%	$22.57	+23.2%	Common Stock	12326C105
CMHF	Community Heritage Financial Inc.	125,424 (+30.7%)	$3,888 (+50.6%)	0.7%	$23.23	+24.4%	Common Stock	20370L103
WCCB	West Coast Community Bancorp	276,651 (+1.2%)	$13,141 (+9.2%)	2.4%	$26.35	+73.2%	Common Stock	952170108
EDVR	Endeavor Bancorp	167,738 (+66.0%)	$2,743 (+59.6%)	0.5%	$12.80	+30.3%	Common Stock	29260B109
CCNE	CNB Financial Corporation	222,375 (+2.4%)	$6,440 (+13.3%)	1.2%	$20.47	+36.6%	Common Stock	126128107
FRST	Primis Financial Corporation	872,961 (+10.7%)	$11,593 (+5.7%)	2.2%	$11.59	+17.4%	Common Stock	74167B109
BCAL	California BanCorp.	831,155 (+8.5%)	$14,728 (+3.0%)	2.7%	$13.92	+34.0%	Common Stock	84252A106
SSBI	Summit State Bank	199,227 (+3.1%)	$2,664 (+18.5%)	0.5%	$11.99	+10.1%	Common Stock	866264203
TCBX	Third Coast Bancshares	169,064 (+7.3%)	$6,396 (+6.8%)	1.2%	$24.55	+64.7%	Common Stock	88422P109
SOME	Somerset Trust Holding Company	16,017 (+35.9%)	$1,137 (+44.0%)	0.2%	$49.70	+38.8%	Common Stock	835126103
PTBS	Potomac Bancshares, Inc.	12,432 (+329.3%)	$246 (+349.1%)	0.0%	$17.35	+10.0%	Common Stock	737643106

Exited Positions (6)

FNBT FineMark Holdings, Inc. 1.6%

Value ($000) $8,354 Shares 219,426 Est. Cost $30.43 Unrealized +25.1%

PMHG Prime Meridian Holding Company 0.8%

Value ($000) $4,325 Shares 76,418 Est. Cost $19.09 Unrealized +195.5%

UBAB United Bancorporation of Alabama, Inc. 0.4%

Value ($000) $1,975 Shares 37,117 Est. Cost $24.39 Unrealized +113.6%

— Dogwood State Bank 0.3%

Value ($000) $1,860 Shares 79,721 Est. Cost $13.26 Unrealized —

BORT Bank of Botetourt 0.1%

Value ($000) $726 Shares 16,504 Est. Cost $22.94 Unrealized +95.7%

HBT HBT Financial, Inc. 0.1%

Value ($000) $476 Shares 18,403 Est. Cost $15.65 Unrealized +76.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FNBT	FineMark Holdings, Inc.	219,426	$8,354	1.6%	$30.43	+25.1%	—	31788B108
PMHG	Prime Meridian Holding Company	76,418	$4,325	0.8%	$19.09	+195.5%	—	74164R107
UBAB	United Bancorporation of Alabama, Inc.	37,117	$1,975	0.4%	$24.39	+113.6%	—	90944R100
—	Dogwood State Bank	79,721	$1,860	0.3%	$13.26	—	—	25660B103
BORT	Bank of Botetourt	16,504	$726	0.1%	$22.94	+95.7%	—	063907208
HBT	HBT Financial, Inc.	18,403	$476	0.1%	$15.65	+76.5%	—	404111106

Decreased Positions (22)

FBK FB Financial Corp. 0.3%

Value ($000) $1,844 (-75.2%) Shares 35,496 (-73.4%) Est. Cost $50.36 Unrealized +16.4%

SMBK SmartFinancial, Inc. 1.1%

Value ($000) $5,865 (-20.9%) Shares 150,087 (-25.2%) Est. Cost $19.92 Unrealized +101.5%

PGC Peapack-Gladstone Financial Corporation 1.8%

Value ($000) $9,646 (+16.3%) Shares 273,947 (-8.0%) Est. Cost $19.83 Unrealized +59.0%

CBAN Colony Bankcorp Inc. 1.6%

Value ($000) $8,377 (+10.0%) Shares 419,478 (-1.9%) Est. Cost $15.01 Unrealized +29.1%

FCCO First Community Corporation 0.1%

Value ($000) $477 (-61.1%) Shares 16,317 (-60.5%) Est. Cost $14.98 Unrealized +98.1%

BRBS Blue Ridge Bankshares, Inc. 1.5%

Value ($000) $7,934 (-8.4%) Shares 1,889,033 (-6.9%) Est. Cost $4.30 Unrealized -0.2%

BCTF Bancorp 34, Inc. 0.3%

Value ($000) $1,598 (-28.0%) Shares 106,857 (-34.4%) Est. Cost $12.37 Unrealized +14.5%

HNVR Hanover Bancorp Inc. 0.3%

Value ($000) $1,657 (-24.9%) Shares 76,757 (-19.6%) Est. Cost $21.91 Unrealized +4.9%

AMBZ American Business Bank 3.2%

Value ($000) $17,438 (+3.2%) Shares 245,773 (-5.8%) Est. Cost $29.00 Unrealized +133.3%

HTBK Heritage Commerce Corp 0.2%

Value ($000) $938 (-35.8%) Shares 75,139 (-38.2%) Est. Cost $8.31 Unrealized +55.7%

FSRL First Reliance Bancshares, Inc. 0.9%

Value ($000) $4,744 (+10.3%) Shares 341,313 (-2.7%) Est. Cost $7.30 Unrealized +91.0%

ALPIB Alpine Banks of Colorado 1.8%

Value ($000) $9,767 (+3.4%) Shares 204,321 (-13.9%) Est. Cost $27.27 Unrealized +56.7%

FNRN First Northern Community Bancorp 0.7%

Value ($000) $3,721 (-7.7%) Shares 234,181 (-22.4%) Est. Cost $7.92 Unrealized +75.9%

CZWI Citizens Community Bancorp, Inc. 0.8%

Value ($000) $4,080 (-7.0%) Shares 206,055 (-16.3%) Est. Cost $8.62 Unrealized +111.5%

FXNC First National Corporation 0.2%

Value ($000) $1,330 (-12.9%) Shares 49,391 (-18.4%) Est. Cost $16.37 Unrealized +62.1%

FSBC Five Star Bancorp 0.6%

Value ($000) $3,241 (-5.6%) Shares 85,919 (-10.4%) Est. Cost $22.58 Unrealized +72.3%

ARBV American Riviera Bancorp 0.4%

Value ($000) $2,109 (-6.4%) Shares 89,380 (-5.2%) Est. Cost $18.43 Unrealized +35.4%

BSRR Sierra Bancorp 0.7%

Value ($000) $3,842 (-3.2%) Shares 113,255 (-6.7%) Est. Cost $16.44 Unrealized +116.0%

SOUB SouthPoint Bancshares, Inc. 0.2%

Value ($000) $1,049 (-7.4%) Shares 74,938 (-4.5%) Est. Cost $20.02 Unrealized -29.3%

BY Byline Bancorp, Inc. 0.2%

Value ($000) $1,078 (-5.5%) Shares 34,157 (-12.8%) Est. Cost $18.61 Unrealized +69.7%

PSBQ PSB Holdings, Inc. 0.4%

Value ($000) $2,075 (+2.2%) Shares 74,794 (-3.9%) Est. Cost $22.97 Unrealized +19.7%

SHBI Shore Bancshares, Inc. 0.7%

Value ($000) $3,653 (+1.0%) Shares 195,563 (-4.4%) Est. Cost $12.95 Unrealized +46.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FBK	FB Financial Corp.	35,496 (-73.4%)	$1,844 (-75.2%)	0.3%	$50.36	+16.4%	Common Stock	30257X104
SMBK	SmartFinancial, Inc.	150,087 (-25.2%)	$5,865 (-20.9%)	1.1%	$19.92	+101.5%	Common Stock	83190L208
PGC	Peapack-Gladstone Financial Corporation	273,947 (-8.0%)	$9,646 (+16.3%)	1.8%	$19.83	+59.0%	Common Stock	704699107
CBAN	Colony Bankcorp Inc.	419,478 (-1.9%)	$8,377 (+10.0%)	1.6%	$15.01	+29.1%	Common Stock	19623P101
FCCO	First Community Corporation	16,317 (-60.5%)	$477 (-61.1%)	0.1%	$14.98	+98.1%	Common Stock	319835104
BRBS	Blue Ridge Bankshares, Inc.	1,889,033 (-6.9%)	$7,934 (-8.4%)	1.5%	$4.30	-0.2%	Common Stock	095825105
BCTF	Bancorp 34, Inc.	106,857 (-34.4%)	$1,598 (-28.0%)	0.3%	$12.37	+14.5%	Common Stock	05970V106
HNVR	Hanover Bancorp Inc.	76,757 (-19.6%)	$1,657 (-24.9%)	0.3%	$21.91	+4.9%	Common Stock	410709109
AMBZ	American Business Bank	245,773 (-5.8%)	$17,438 (+3.2%)	3.2%	$29.00	+133.3%	Common Stock	02475L105
HTBK	Heritage Commerce Corp	75,139 (-38.2%)	$938 (-35.8%)	0.2%	$8.31	+55.7%	Common Stock	426927109
FSRL	First Reliance Bancshares, Inc.	341,313 (-2.7%)	$4,744 (+10.3%)	0.9%	$7.30	+91.0%	Common Stock	33615Q100
ALPIB	Alpine Banks of Colorado	204,321 (-13.9%)	$9,767 (+3.4%)	1.8%	$27.27	+56.7%	Common Stock	020810107
FNRN	First Northern Community Bancorp	234,181 (-22.4%)	$3,721 (-7.7%)	0.7%	$7.92	+75.9%	Common Stock	335925103
CZWI	Citizens Community Bancorp, Inc.	206,055 (-16.3%)	$4,080 (-7.0%)	0.8%	$8.62	+111.5%	Common Stock	174903104
FXNC	First National Corporation	49,391 (-18.4%)	$1,330 (-12.9%)	0.2%	$16.37	+62.1%	Common Stock	32106V107
FSBC	Five Star Bancorp	85,919 (-10.4%)	$3,241 (-5.6%)	0.6%	$22.58	+72.3%	Common Stock	33830T103
ARBV	American Riviera Bancorp	89,380 (-5.2%)	$2,109 (-6.4%)	0.4%	$18.43	+35.4%	Common Stock	02933K103
BSRR	Sierra Bancorp	113,255 (-6.7%)	$3,842 (-3.2%)	0.7%	$16.44	+116.0%	Common Stock	82620P102
SOUB	SouthPoint Bancshares, Inc.	74,938 (-4.5%)	$1,049 (-7.4%)	0.2%	$20.02	-29.3%	Common Stock	844647107
BY	Byline Bancorp, Inc.	34,157 (-12.8%)	$1,078 (-5.5%)	0.2%	$18.61	+69.7%	Common Stock	124411109
PSBQ	PSB Holdings, Inc.	74,794 (-3.9%)	$2,075 (+2.2%)	0.4%	$22.97	+19.7%	Common Stock	69360N108
SHBI	Shore Bancshares, Inc.	195,563 (-4.4%)	$3,653 (+1.0%)	0.7%	$12.95	+46.0%	Common Stock	825107105

Unchanged Positions (46)

BANC Banc of California, Inc. 1.7%

Value ($000) $9,137 Shares 519,738 Est. Cost $15.93 Unrealized +26.5%

BLHK Blueharbor Bank 0.7%

Value ($000) $3,856 Shares 96,402 Est. Cost $12.52 Unrealized +182.5%

MYFW First Western Financial, Inc. 1.6%

Value ($000) $8,564 Shares 348,404 Est. Cost $16.79 Unrealized +54.4%

OBT Orange County Bancorp, Inc. 1.2%

Value ($000) $6,317 Shares 197,536 Est. Cost $20.07 Unrealized +58.5%

SABK South Atlantic Bancshares, Inc. 0.8%

Value ($000) $4,070 Shares 179,396 Est. Cost $486.89 Unrealized -95.7%

TCBI Texas Capital Bancshares, Inc. 2.1%

Value ($000) $11,363 Shares 119,762 Est. Cost $62.22 Unrealized +60.8%

SFST Southern First Bancshares, Inc. 1.7%

Value ($000) $9,355 Shares 171,655 Est. Cost $28.37 Unrealized +99.1%

AMTB Amerant Bancorp Inc. 0.7%

Value ($000) $3,967 Shares 180,000 Est. Cost $21.09 Unrealized +1.9%

CCNB Coastal Carolina Bancshares, Inc. 1.2%

Value ($000) $6,488 Shares 466,771 Est. Cost $9.52 Unrealized +47.8%

TFIN Triumph Bancorp, Inc. 1.3%

Value ($000) $6,988 Shares 117,136 Est. Cost $25.53 Unrealized +156.6%

MBWM Mercantile Bank Corporation 1.2%

Value ($000) $6,624 Shares 131,160 Est. Cost $14.28 Unrealized +264.0%

TBBK The Bancorp, Inc. 0.2%

Value ($000) $1,268 Shares 23,592 Est. Cost $26.85 Unrealized +138.2%

EFSI Eagle Financial Services Inc. 0.4%

Value ($000) $2,274 Shares 65,000 Est. Cost $32.75 Unrealized +18.7%

WRIV White River Bancshares Company 0.9%

Value ($000) $4,717 Shares 89,000 Est. Cost $32.69 Unrealized +62.4%

SBKO Summit Bank Group, Inc. 0.7%

Value ($000) $3,705 Shares 190,501 Est. Cost $12.00 Unrealized +59.9%

FVCB FVCBankcorp Inc. 0.6%

Value ($000) $3,252 Shares 214,088 Est. Cost $12.01 Unrealized +25.1%

BWFG Bankwell Financial Group, Inc. 0.9%

Value ($000) $4,678 Shares 96,423 Est. Cost $21.43 Unrealized +123.6%

MPB Mid Penn Bank 1.2%

Value ($000) $6,689 Shares 207,982 Est. Cost $24.79 Unrealized +31.7%

FSUN FirstSun Capital Bancorp 1.1%

Value ($000) $6,143 Shares 168,489 Est. Cost $32.00 Unrealized +21.7%

UBFO United Security Bankshares 1.0%

Value ($000) $5,595 Shares 532,316 Est. Cost $6.16 Unrealized +72.6%

FCPB First Capital Bancshares, Inc. 0.8%

Value ($000) $4,376 Shares 358,995 Est. Cost $7.31 Unrealized +60.8%

RCBC River City Bank 0.8%

Value ($000) $4,267 Shares 101,590 Est. Cost $37.25 Unrealized +17.1%

BPRN Princeton Bancorp, Inc. 1.0%

Value ($000) $5,198 Shares 153,926 Est. Cost $28.29 Unrealized +25.8%

BSVN Bank7 Corp 1.0%

Value ($000) $5,125 Shares 128,519 Est. Cost $21.61 Unrealized +102.3%

STBK Studio Bank 1.0%

Value ($000) $5,192 Shares 429,056 Est. Cost $9.93 Unrealized +22.4%

PBNK Pinnacle Bank 0.1%

Value ($000) $723 Shares 44,514 Est. Cost $8.23 Unrealized +126.7%

BAFN BayFirst Financial Corp. 0.1%

Value ($000) $582 Shares 91,679 Est. Cost $19.82 Unrealized -65.2%

GNRV Grand River Commerce, Inc. 0.3%

Value ($000) $1,490 Shares 357,400 Est. Cost $5.36 Unrealized -25.5%

ORPB Oregon Pacific Bancorp 0.7%

Value ($000) $3,974 Shares 361,932 Est. Cost $5.63 Unrealized +98.3%

COSO CoastalSouth Bancshares, Inc. 0.4%

Value ($000) $2,108 Shares 85,715 Est. Cost $7.36 Unrealized +229.8%

FFWM First Foundation Inc. 0.5%

Value ($000) $2,551 Shares 432,396 Est. Cost $14.88 Unrealized -58.1%

— F&M Bank Corp 0.3%

Value ($000) $1,436 Shares 47,100 Est. Cost $25.90 Unrealized —

INBK First Internet Bancorp 0.6%

Value ($000) $3,305 Shares 162,176 Est. Cost $24.87 Unrealized -13.8%

MVLY Mission Valley Bancorp 0.3%

Value ($000) $1,452 Shares 78,507 Est. Cost $8.26 Unrealized +113.0%

FBIZ First Business Financial Services, Inc. 1.7%

Value ($000) $8,964 Shares 166,224 Est. Cost $18.60 Unrealized +205.2%

PPBN Pinnacle Bankshares Corporation 0.3%

Value ($000) $1,748 Shares 37,464 Est. Cost $16.53 Unrealized +170.0%

UNTY Unity Bancorp, Inc. 3.6%

Value ($000) $19,461 Shares 375,469 Est. Cost $14.79 Unrealized +263.3%

RNST Renasant Corporation 0.3%

Value ($000) $1,513 Shares 41,875 Est. Cost $33.20 Unrealized +15.6%

LNKB LinkBancorp 0.6%

Value ($000) $3,349 Shares 401,593 Est. Cost $6.75 Unrealized +30.7%

PWBK Pacific West Bancorp 0.2%

Value ($000) $1,082 Shares 92,857 Est. Cost $11.10 Unrealized +8.0%

MCBI Mountain Commerce Bancorp 1.5%

Value ($000) $8,003 Shares 351,330 Est. Cost $21.02 Unrealized +13.8%

BWB Bridgewater Bancshares, Inc. 0.3%

Value ($000) $1,796 Shares 101,479 Est. Cost $10.91 Unrealized +72.5%

USCB USCB Financial Holdings Inc. 0.3%

Value ($000) $1,772 Shares 95,580 Est. Cost $13.82 Unrealized +40.3%

CBWA Commencement Bancorp, Inc. 0.4%

Value ($000) $2,187 Shares 130,720 Est. Cost $9.89 Unrealized +70.4%

FSBH FSBH Corp (was First Southern Bank) 0.4%

Value ($000) $2,164 Shares 135,250 Est. Cost $7.68 Unrealized +107.7%

ISTR Investar Holding Corporation 1.5%

Value ($000) $8,200 Shares 306,896 Est. Cost $18.55 Unrealized +53.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BANC	Banc of California, Inc.	519,738	$9,137	1.7%	$15.93	+26.5%	Common Stock	05990K106
BLHK	Blueharbor Bank	96,402	$3,856	0.7%	$12.52	+182.5%	Common Stock	095613105
MYFW	First Western Financial, Inc.	348,404	$8,564	1.6%	$16.79	+54.4%	Common Stock	33751L105
OBT	Orange County Bancorp, Inc.	197,536	$6,317	1.2%	$20.07	+58.5%	Common Stock	68417L107
SABK	South Atlantic Bancshares, Inc.	179,396	$4,070	0.8%	$486.89	-95.7%	Common Stock	83636T104
TCBI	Texas Capital Bancshares, Inc.	119,762	$11,363	2.1%	$62.22	+60.8%	Common Stock	88224Q107
SFST	Southern First Bancshares, Inc.	171,655	$9,355	1.7%	$28.37	+99.1%	Common Stock	842873101
AMTB	Amerant Bancorp Inc.	180,000	$3,967	0.7%	$21.09	+1.9%	Common Stock	023576101
CCNB	Coastal Carolina Bancshares, Inc.	466,771	$6,488	1.2%	$9.52	+47.8%	Common Stock	190435107
TFIN	Triumph Bancorp, Inc.	117,136	$6,988	1.3%	$25.53	+156.6%	Common Stock	89679E300
MBWM	Mercantile Bank Corporation	131,160	$6,624	1.2%	$14.28	+264.0%	Common Stock	587376104
TBBK	The Bancorp, Inc.	23,592	$1,268	0.2%	$26.85	+138.2%	Common Stock	05969A105
EFSI	Eagle Financial Services Inc.	65,000	$2,274	0.4%	$32.75	+18.7%	Common Stock	26951R104
WRIV	White River Bancshares Company	89,000	$4,717	0.9%	$32.69	+62.4%	Common Stock	96445A108
SBKO	Summit Bank Group, Inc.	190,501	$3,705	0.7%	$12.00	+59.9%	Common Stock	86603R100
FVCB	FVCBankcorp Inc.	214,088	$3,252	0.6%	$12.01	+25.1%	Common Stock	36120Q101
BWFG	Bankwell Financial Group, Inc.	96,423	$4,678	0.9%	$21.43	+123.6%	Common Stock	06654A103
MPB	Mid Penn Bank	207,982	$6,689	1.2%	$24.79	+31.7%	Common Stock	59540G107
FSUN	FirstSun Capital Bancorp	168,489	$6,143	1.1%	$32.00	+21.7%	Common Stock	33767U107
UBFO	United Security Bankshares	532,316	$5,595	1.0%	$6.16	+72.6%	Common Stock	911460103
FCPB	First Capital Bancshares, Inc.	358,995	$4,376	0.8%	$7.31	+60.8%	Common Stock	31941G101
RCBC	River City Bank	101,590	$4,267	0.8%	$37.25	+17.1%	Common Stock	76803X106
BPRN	Princeton Bancorp, Inc.	153,926	$5,198	1.0%	$28.29	+25.8%	Common Stock	74179A107
BSVN	Bank7 Corp	128,519	$5,125	1.0%	$21.61	+102.3%	Common Stock	06652N107
STBK	Studio Bank	429,056	$5,192	1.0%	$9.93	+22.4%	Common Stock	864001102
PBNK	Pinnacle Bank	44,514	$723	0.1%	$8.23	+126.7%	Common Stock	72346K107
BAFN	BayFirst Financial Corp.	91,679	$582	0.1%	$19.82	-65.2%	Common Stock	07279B104
GNRV	Grand River Commerce, Inc.	357,400	$1,490	0.3%	$5.36	-25.5%	Common Stock	386441109
ORPB	Oregon Pacific Bancorp	361,932	$3,974	0.7%	$5.63	+98.3%	Common Stock	686040205
COSO	CoastalSouth Bancshares, Inc.	85,715	$2,108	0.4%	$7.36	+229.8%	Common Stock	19058X207
FFWM	First Foundation Inc.	432,396	$2,551	0.5%	$14.88	-58.1%	Common Stock	32026V104
—	F&M Bank Corp	47,100	$1,436	0.3%	$25.90	—	Common Stock	30137P106
INBK	First Internet Bancorp	162,176	$3,305	0.6%	$24.87	-13.8%	Common Stock	320557101
MVLY	Mission Valley Bancorp	78,507	$1,452	0.3%	$8.26	+113.0%	Common Stock	60520E104
FBIZ	First Business Financial Services, Inc.	166,224	$8,964	1.7%	$18.60	+205.2%	Common Stock	319390100
PPBN	Pinnacle Bankshares Corporation	37,464	$1,748	0.3%	$16.53	+170.0%	Common Stock	72345E102
UNTY	Unity Bancorp, Inc.	375,469	$19,461	3.6%	$14.79	+263.3%	Common Stock	913290102
RNST	Renasant Corporation	41,875	$1,513	0.3%	$33.20	+15.6%	Common Stock	75970E107
LNKB	LinkBancorp	401,593	$3,349	0.6%	$6.75	+30.7%	Common Stock	53578P105
PWBK	Pacific West Bancorp	92,857	$1,082	0.2%	$11.10	+8.0%	Common Stock	69506J102
MCBI	Mountain Commerce Bancorp	351,330	$8,003	1.5%	$21.02	+13.8%	Common Stock	624004107
BWB	Bridgewater Bancshares, Inc.	101,479	$1,796	0.3%	$10.91	+72.5%	Common Stock	108621103
USCB	USCB Financial Holdings Inc.	95,580	$1,772	0.3%	$13.82	+40.3%	Common Stock	90355N101
CBWA	Commencement Bancorp, Inc.	130,720	$2,187	0.4%	$9.89	+70.4%	Common Stock	20051D107
FSBH	FSBH Corp (was First Southern Bank)	135,250	$2,164	0.4%	$7.68	+107.7%	Common Stock	30325F101
ISTR	Investar Holding Corporation	306,896	$8,200	1.5%	$18.55	+53.0%	Common Stock	46134L105