BANC FUNDS CO LLC Diversified Active

CIK: 0001029311 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 12, 2026

Total Value ($000): $505,199 (100.0% shares, 0.0% debt)

Holdings (98)

Increased Positions (6)

CCNB Coastal Carolina Bancshares, Inc. 1.2%

Value ($000) $6,059 (+46.2%) Shares 466,771 (+41.9%) Est. Cost $9.52 Unrealized +31.5%

RCBC River City Bank 0.9%

Value ($000) $4,421 (-8.6%) Shares 100,770 (+702.4%) Est. Cost $37.25 Unrealized +7.8%

PBAM Private Bancorp of America, Inc. 3.2%

Value ($000) $16,325 (-1.4%) Shares 283,759 (+1.2%) Est. Cost $24.19 Unrealized +136.8%

AMTB Amerant Bancorp Inc. 0.7%

Value ($000) $3,512 (+7.2%) Shares 180,000 (+5.9%) Est. Cost $21.09 Unrealized -12.3%

CBNK Capital Bancorp, Inc. 0.1%

Value ($000) $603 (+31.2%) Shares 21,400 (+48.6%) Est. Cost $17.42 Unrealized +63.8%

FSUN FirstSun Capital Bancorp 1.3%

Value ($000) $6,341 (+0.5%) Shares 168,489 (+3.6%) Est. Cost $32.00 Unrealized +13.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CCNB	Coastal Carolina Bancshares, Inc.	466,771 (+41.9%)	$6,059 (+46.2%)	1.2%	$9.52	+31.5%	Common Stock	190435107
RCBC	River City Bank	100,770 (+702.4%)	$4,421 (-8.6%)	0.9%	$37.25	+7.8%	Common Stock	76803X106
PBAM	Private Bancorp of America, Inc.	283,759 (+1.2%)	$16,325 (-1.4%)	3.2%	$24.19	+136.8%	Common Stock	74274F100
AMTB	Amerant Bancorp Inc.	180,000 (+5.9%)	$3,512 (+7.2%)	0.7%	$21.09	-12.3%	Common Stock	023576101
CBNK	Capital Bancorp, Inc.	21,400 (+48.6%)	$603 (+31.2%)	0.1%	$17.42	+63.8%	Common Stock	139737100
FSUN	FirstSun Capital Bancorp	168,489 (+3.6%)	$6,341 (+0.5%)	1.3%	$32.00	+13.8%	Common Stock	33767U107

Exited Positions (13)

— Veritex Holdings, Inc. 1.0%

Value ($000) $5,294 Shares 157,895 Est. Cost $5.38 Unrealized —

COFS ChoiceOne Financial Services, Inc. 0.8%

Value ($000) $3,922 Shares 135,435 Est. Cost $30.88 Unrealized -5.0%

DCOM Dime Community Bancshares, Inc. 0.6%

Value ($000) $2,922 Shares 97,948 Est. Cost $26.14 Unrealized +9.4%

FISI Financial Institutions, Inc. 0.6%

Value ($000) $2,829 Shares 104,000 Est. Cost $24.95 Unrealized +17.2%

BBT Beacon Financial Corporation 0.4%

Value ($000) $2,044 Shares 86,206 Est. Cost $27.54 Unrealized -9.5%

FGFH Foresight Financial Group, Inc. 0.2%

Value ($000) $1,251 Shares 38,418 Est. Cost $22.21 Unrealized +72.6%

INDB Independent Bank Corp. 0.2%

Value ($000) $1,138 Shares 16,449 Est. Cost $66.90 Unrealized +5.4%

TRCY Tri City Bankshares Corporation 0.2%

Value ($000) $1,068 Shares 65,076 Est. Cost $19.04 Unrealized —

MLGF Malaga Financial Corporation 0.2%

Value ($000) $847 Shares 41,269 Est. Cost $18.44 Unrealized +12.5%

CNBW CNB Corporation 0.1%

Value ($000) $668 Shares 8,348 Est. Cost $61.21 Unrealized +5.3%

HBNC Horizon Bancorp 0.1%

Value ($000) $560 Shares 35,000 Est. Cost $16.02 Unrealized +3.4%

LOB Live Oak Bancshares 0.1%

Value ($000) $365 Shares 10,350 Est. Cost $61.92 Unrealized -45.9%

FFMH First Farmers and Merchants Corporation 0.0%

Value ($000) $116 Shares 2,629 Est. Cost $27.67 Unrealized +67.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	Veritex Holdings, Inc.	157,895	$5,294	1.0%	$5.38	—	—	923451108
COFS	ChoiceOne Financial Services, Inc.	135,435	$3,922	0.8%	$30.88	-5.0%	—	170386106
DCOM	Dime Community Bancshares, Inc.	97,948	$2,922	0.6%	$26.14	+9.4%	—	25432X102
FISI	Financial Institutions, Inc.	104,000	$2,829	0.6%	$24.95	+17.2%	—	317585404
BBT	Beacon Financial Corporation	86,206	$2,044	0.4%	$27.54	-9.5%	—	084680107
FGFH	Foresight Financial Group, Inc.	38,418	$1,251	0.2%	$22.21	+72.6%	—	345526107
INDB	Independent Bank Corp.	16,449	$1,138	0.2%	$66.90	+5.4%	—	453836108
TRCY	Tri City Bankshares Corporation	65,076	$1,068	0.2%	$19.04	—	—	895364107
MLGF	Malaga Financial Corporation	41,269	$847	0.2%	$18.44	+12.5%	—	561046103
CNBW	CNB Corporation	8,348	$668	0.1%	$61.21	+5.3%	—	12612R105
HBNC	Horizon Bancorp	35,000	$560	0.1%	$16.02	+3.4%	—	440407104
LOB	Live Oak Bancshares	10,350	$365	0.1%	$61.92	-45.9%	—	53803X105
FFMH	First Farmers and Merchants Corporation	2,629	$116	0.0%	$27.67	+67.3%	—	320148109

Decreased Positions (56)

FNBT FineMark Holdings, Inc. 1.7%

Value ($000) $8,354 (-46.6%) Shares 219,426 (-43.0%) Est. Cost $30.43 Unrealized +23.3%

BUSE First Busey Corporation 0.4%

Value ($000) $1,798 (-76.6%) Shares 75,577 (-77.2%) Est. Cost $22.17 Unrealized +4.7%

MNSB MainStreet Bancshares, Inc. 1.7%

Value ($000) $8,592 (-28.1%) Shares 421,981 (-26.4%) Est. Cost $14.23 Unrealized +36.5%

INBK First Internet Bancorp 0.7%

Value ($000) $3,385 (-45.4%) Shares 162,176 (-41.3%) Est. Cost $24.87 Unrealized -19.1%

MBIN Merchants Bancorp 1.6%

Value ($000) $8,326 (-23.1%) Shares 244,462 (-28.2%) Est. Cost $21.61 Unrealized +51.6%

FBK FB Financial Corp. 1.5%

Value ($000) $7,449 (-25.1%) Shares 133,496 (-25.2%) Est. Cost $50.36 Unrealized +10.5%

UNTY Unity Bancorp, Inc. 3.8%

Value ($000) $19,419 (-9.9%) Shares 375,469 (-14.9%) Est. Cost $14.79 Unrealized +236.1%

FRBA First Bank 2.1%

Value ($000) $10,838 (-14.3%) Shares 658,439 (-15.2%) Est. Cost $9.51 Unrealized +66.9%

SSBI Summit State Bank 0.4%

Value ($000) $2,247 (-41.6%) Shares 193,227 (-40.2%) Est. Cost $11.95 Unrealized -5.3%

FRST Primis Financial Corporation 2.2%

Value ($000) $10,972 (+17.0%) Shares 788,761 (-11.6%) Est. Cost $11.38 Unrealized -1.6%

CBAN Colony Bankcorp Inc. 1.5%

Value ($000) $7,618 (-17.1%) Shares 427,478 (-20.9%) Est. Cost $15.01 Unrealized +12.0%

MRBK Meridian Bank 1.1%

Value ($000) $5,642 (-21.1%) Shares 320,919 (-29.1%) Est. Cost $10.30 Unrealized +50.1%

AVBH Avidbank Holdings, Inc. 3.1%

Value ($000) $15,841 (-8.3%) Shares 596,430 (-12.0%) Est. Cost $19.66 Unrealized +32.0%

ALRS Alerus Financial Corporation 1.0%

Value ($000) $4,841 (-22.6%) Shares 214,967 (-23.9%) Est. Cost $19.10 Unrealized +13.2%

CMHF Community Heritage Financial Inc. 0.5%

Value ($000) $2,582 (-35.0%) Shares 95,982 (-26.3%) Est. Cost $21.49 Unrealized +31.0%

BFST Business First Bancshares, Inc. 1.0%

Value ($000) $4,981 (-21.7%) Shares 190,549 (-29.2%) Est. Cost $21.37 Unrealized +17.4%

FNRN First Northern Community Bancorp 0.8%

Value ($000) $4,031 (-25.1%) Shares 301,697 (-28.7%) Est. Cost $7.92 Unrealized +66.4%

MCB Metropolitan Bank Holding Corp. 1.9%

Value ($000) $9,837 (-10.4%) Shares 128,821 (-12.2%) Est. Cost $45.10 Unrealized +63.8%

AMBZ American Business Bank 3.3%

Value ($000) $16,898 (+6.9%) Shares 260,773 (-9.8%) Est. Cost $29.00 Unrealized +103.5%

SOUB SouthPoint Bancshares, Inc. 0.2%

Value ($000) $1,133 (-48.5%) Shares 78,438 (-23.4%) Est. Cost $20.02 Unrealized -11.4%

BAFN BayFirst Financial Corp. 0.1%

Value ($000) $720 (-59.5%) Shares 91,679 (-46.0%) Est. Cost $19.82 Unrealized -56.4%

GNRV Grand River Commerce, Inc. 0.3%

Value ($000) $1,362 (-42.1%) Shares 357,400 (-39.3%) Est. Cost $5.36 Unrealized -29.7%

PSBQ PSB Holdings, Inc. 0.4%

Value ($000) $2,030 (-32.6%) Shares 77,794 (-34.1%) Est. Cost $22.97 Unrealized +10.0%

MBWM Mercantile Bank Corporation 1.2%

Value ($000) $6,293 (-12.7%) Shares 130,841 (-18.4%) Est. Cost $14.28 Unrealized +221.2%

FFWM First Foundation Inc. 0.5%

Value ($000) $2,664 (-25.5%) Shares 432,396 (-32.7%) Est. Cost $14.88 Unrealized -62.4%

FBIZ First Business Financial Services, Inc. 1.8%

Value ($000) $9,026 (-9.0%) Shares 166,224 (-14.1%) Est. Cost $18.60 Unrealized +178.7%

CCNE CNB Financial Corporation 1.1%

Value ($000) $5,683 (-13.6%) Shares 217,175 (-20.1%) Est. Cost $20.29 Unrealized +24.5%

HNVR Hanover Bancorp Inc. 0.4%

Value ($000) $2,206 (-28.2%) Shares 95,460 (-30.3%) Est. Cost $21.91 Unrealized +1.6%

TCBX Third Coast Bancshares 1.2%

Value ($000) $5,987 (-12.1%) Shares 157,506 (-12.2%) Est. Cost $23.38 Unrealized +63.6%

ALPIB Alpine Banks of Colorado 1.9%

Value ($000) $9,445 (+8.4%) Shares 237,315 (-13.8%) Est. Cost $27.27 Unrealized +32.6%

WCCB West Coast Community Bancorp 2.4%

Value ($000) $12,032 (-5.7%) Shares 273,451 (-9.2%) Est. Cost $26.12 Unrealized +59.8%

MCBI Mountain Commerce Bancorp 1.6%

Value ($000) $8,028 (+10.0%) Shares 351,330 (-1.6%) Est. Cost $21.02 Unrealized +6.9%

ARBV American Riviera Bancorp 0.4%

Value ($000) $2,254 (-22.6%) Shares 94,311 (-29.6%) Est. Cost $18.43 Unrealized +21.7%

OBT Orange County Bancorp, Inc. 1.1%

Value ($000) $5,640 (-9.7%) Shares 197,536 (-20.3%) Est. Cost $20.07 Unrealized +30.9%

LNKB LinkBancorp 0.7%

Value ($000) $3,317 (-13.5%) Shares 401,593 (-25.3%) Est. Cost $6.75 Unrealized +10.7%

PWBK Pacific West Bancorp 0.2%

Value ($000) $1,110 (-30.7%) Shares 92,857 (-31.6%) Est. Cost $11.10 Unrealized +6.9%

PTBS Potomac Bancshares, Inc. 0.0%

Value ($000) $55 (-89.4%) Shares 2,896 (-89.4%) Est. Cost $11.64 Unrealized +56.7%

UBAB United Bancorporation of Alabama, Inc. 0.4%

Value ($000) $1,975 (-18.1%) Shares 37,117 (-14.6%) Est. Cost $24.39 Unrealized +118.8%

USCB USCB Financial Holdings Inc. 0.3%

Value ($000) $1,761 (-19.6%) Shares 95,580 (-23.8%) Est. Cost $13.82 Unrealized +29.3%

TCBI Texas Capital Bancshares, Inc. 2.1%

Value ($000) $10,843 (-3.7%) Shares 119,762 (-10.1%) Est. Cost $62.22 Unrealized +41.1%

ISTR Investar Holding Corporation 1.6%

Value ($000) $8,200 (-4.8%) Shares 306,896 (-17.3%) Est. Cost $18.55 Unrealized +32.5%

BRBS Blue Ridge Bankshares, Inc. 1.7%

Value ($000) $8,664 (-4.5%) Shares 2,029,033 (-5.4%) Est. Cost $4.30 Unrealized -1.4%

PGC Peapack-Gladstone Financial Corporation 1.6%

Value ($000) $8,292 (-4.7%) Shares 297,747 (-5.5%) Est. Cost $19.83 Unrealized +37.1%

BWFG Bankwell Financial Group, Inc. 0.9%

Value ($000) $4,418 (-7.9%) Shares 96,423 (-11.1%) Est. Cost $21.43 Unrealized +109.4%

BCAL California BanCorp. 2.8%

Value ($000) $14,304 (+2.6%) Shares 766,155 (-8.3%) Est. Cost $13.52 Unrealized +35.3%

TFIN Triumph Bancorp, Inc. 1.5%

Value ($000) $7,336 (+4.8%) Shares 117,136 (-16.2%) Est. Cost $25.53 Unrealized +119.4%

SHBI Shore Bancshares, Inc. 0.7%

Value ($000) $3,617 (-8.1%) Shares 204,563 (-14.7%) Est. Cost $12.95 Unrealized +29.5%

MYFW First Western Financial, Inc. 1.8%

Value ($000) $9,279 (-2.8%) Shares 346,090 (-16.5%) Est. Cost $16.79 Unrealized +42.0%

OSBC Old Second Bancorp, Inc. 3.5%

Value ($000) $17,651 (+1.5%) Shares 905,190 (-10.1%) Est. Cost $8.10 Unrealized +129.6%

PBNK Pinnacle Bank 0.2%

Value ($000) $861 (-21.9%) Shares 44,514 (-16.8%) Est. Cost $8.23 Unrealized +138.8%

SFST Southern First Bancshares, Inc. 1.8%

Value ($000) $8,844 (-2.6%) Shares 171,655 (-16.6%) Est. Cost $28.37 Unrealized +69.0%

MVLY Mission Valley Bancorp 0.3%

Value ($000) $1,374 (-13.6%) Shares 78,507 (-21.6%) Est. Cost $8.26 Unrealized +105.8%

BANC Banc of California, Inc. 2.0%

Value ($000) $10,026 (-1.6%) Shares 519,738 (-15.6%) Est. Cost $15.93 Unrealized +12.0%

ORPB Oregon Pacific Bancorp 0.8%

Value ($000) $4,090 (+2.9%) Shares 361,932 (-5.8%) Est. Cost $5.63 Unrealized +91.5%

FXNC First National Corporation 0.3%

Value ($000) $1,527 (+2.2%) Shares 60,492 (-8.2%) Est. Cost $16.37 Unrealized +44.5%

CNOB ConnectOne Bancorp, Inc. 1.2%

Value ($000) $5,973 (-0.2%) Shares 227,795 (-5.6%) Est. Cost $15.87 Unrealized +57.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FNBT	FineMark Holdings, Inc.	219,426 (-43.0%)	$8,354 (-46.6%)	1.7%	$30.43	+23.3%	Common Stock	31788B108
BUSE	First Busey Corporation	75,577 (-77.2%)	$1,798 (-76.6%)	0.4%	$22.17	+4.7%	Common Stock	319383204
MNSB	MainStreet Bancshares, Inc.	421,981 (-26.4%)	$8,592 (-28.1%)	1.7%	$14.23	+36.5%	Common Stock	56064Y100
INBK	First Internet Bancorp	162,176 (-41.3%)	$3,385 (-45.4%)	0.7%	$24.87	-19.1%	Common Stock	320557101
MBIN	Merchants Bancorp	244,462 (-28.2%)	$8,326 (-23.1%)	1.6%	$21.61	+51.6%	Common Stock	58844R108
FBK	FB Financial Corp.	133,496 (-25.2%)	$7,449 (-25.1%)	1.5%	$50.36	+10.5%	Common Stock	30257X104
UNTY	Unity Bancorp, Inc.	375,469 (-14.9%)	$19,419 (-9.9%)	3.8%	$14.79	+236.1%	Common Stock	913290102
FRBA	First Bank	658,439 (-15.2%)	$10,838 (-14.3%)	2.1%	$9.51	+66.9%	Common Stock	31931U102
SSBI	Summit State Bank	193,227 (-40.2%)	$2,247 (-41.6%)	0.4%	$11.95	-5.3%	Common Stock	866264203
FRST	Primis Financial Corporation	788,761 (-11.6%)	$10,972 (+17.0%)	2.2%	$11.38	-1.6%	Common Stock	74167B109
CBAN	Colony Bankcorp Inc.	427,478 (-20.9%)	$7,618 (-17.1%)	1.5%	$15.01	+12.0%	Common Stock	19623P101
MRBK	Meridian Bank	320,919 (-29.1%)	$5,642 (-21.1%)	1.1%	$10.30	+50.1%	Common Stock	58958P104
AVBH	Avidbank Holdings, Inc.	596,430 (-12.0%)	$15,841 (-8.3%)	3.1%	$19.66	+32.0%	Common Stock	05368J103
ALRS	Alerus Financial Corporation	214,967 (-23.9%)	$4,841 (-22.6%)	1.0%	$19.10	+13.2%	Common Stock	01446U103
CMHF	Community Heritage Financial Inc.	95,982 (-26.3%)	$2,582 (-35.0%)	0.5%	$21.49	+31.0%	Common Stock	20370L103
BFST	Business First Bancshares, Inc.	190,549 (-29.2%)	$4,981 (-21.7%)	1.0%	$21.37	+17.4%	Common Stock	12326C105
FNRN	First Northern Community Bancorp	301,697 (-28.7%)	$4,031 (-25.1%)	0.8%	$7.92	+66.4%	Common Stock	335925103
MCB	Metropolitan Bank Holding Corp.	128,821 (-12.2%)	$9,837 (-10.4%)	1.9%	$45.10	+63.8%	Common Stock	591774104
AMBZ	American Business Bank	260,773 (-9.8%)	$16,898 (+6.9%)	3.3%	$29.00	+103.5%	Common Stock	02475L105
SOUB	SouthPoint Bancshares, Inc.	78,438 (-23.4%)	$1,133 (-48.5%)	0.2%	$20.02	-11.4%	Common Stock	844647107
BAFN	BayFirst Financial Corp.	91,679 (-46.0%)	$720 (-59.5%)	0.1%	$19.82	-56.4%	Common Stock	07279B104
GNRV	Grand River Commerce, Inc.	357,400 (-39.3%)	$1,362 (-42.1%)	0.3%	$5.36	-29.7%	Common Stock	386441109
PSBQ	PSB Holdings, Inc.	77,794 (-34.1%)	$2,030 (-32.6%)	0.4%	$22.97	+10.0%	Common Stock	69360N108
MBWM	Mercantile Bank Corporation	130,841 (-18.4%)	$6,293 (-12.7%)	1.2%	$14.28	+221.2%	Common Stock	587376104
FFWM	First Foundation Inc.	432,396 (-32.7%)	$2,664 (-25.5%)	0.5%	$14.88	-62.4%	Common Stock	32026V104
FBIZ	First Business Financial Services, Inc.	166,224 (-14.1%)	$9,026 (-9.0%)	1.8%	$18.60	+178.7%	Common Stock	319390100
CCNE	CNB Financial Corporation	217,175 (-20.1%)	$5,683 (-13.6%)	1.1%	$20.29	+24.5%	Common Stock	126128107
HNVR	Hanover Bancorp Inc.	95,460 (-30.3%)	$2,206 (-28.2%)	0.4%	$21.91	+1.6%	Common Stock	410709109
TCBX	Third Coast Bancshares	157,506 (-12.2%)	$5,987 (-12.1%)	1.2%	$23.38	+63.6%	Common Stock	88422P109
ALPIB	Alpine Banks of Colorado	237,315 (-13.8%)	$9,445 (+8.4%)	1.9%	$27.27	+32.6%	Common Stock	020810107
WCCB	West Coast Community Bancorp	273,451 (-9.2%)	$12,032 (-5.7%)	2.4%	$26.12	+59.8%	Common Stock	952170108
MCBI	Mountain Commerce Bancorp	351,330 (-1.6%)	$8,028 (+10.0%)	1.6%	$21.02	+6.9%	Common Stock	624004107
ARBV	American Riviera Bancorp	94,311 (-29.6%)	$2,254 (-22.6%)	0.4%	$18.43	+21.7%	Common Stock	02933K103
OBT	Orange County Bancorp, Inc.	197,536 (-20.3%)	$5,640 (-9.7%)	1.1%	$20.07	+30.9%	Common Stock	68417L107
LNKB	LinkBancorp	401,593 (-25.3%)	$3,317 (-13.5%)	0.7%	$6.75	+10.7%	Common Stock	53578P105
PWBK	Pacific West Bancorp	92,857 (-31.6%)	$1,110 (-30.7%)	0.2%	$11.10	+6.9%	Common Stock	69506J102
PTBS	Potomac Bancshares, Inc.	2,896 (-89.4%)	$55 (-89.4%)	0.0%	$11.64	+56.7%	Common Stock	737643106
UBAB	United Bancorporation of Alabama, Inc.	37,117 (-14.6%)	$1,975 (-18.1%)	0.4%	$24.39	+118.8%	Common Stock	90944R100
USCB	USCB Financial Holdings Inc.	95,580 (-23.8%)	$1,761 (-19.6%)	0.3%	$13.82	+29.3%	Common Stock	90355N101
TCBI	Texas Capital Bancshares, Inc.	119,762 (-10.1%)	$10,843 (-3.7%)	2.1%	$62.22	+41.1%	Common Stock	88224Q107
ISTR	Investar Holding Corporation	306,896 (-17.3%)	$8,200 (-4.8%)	1.6%	$18.55	+32.5%	Common Stock	46134L105
BRBS	Blue Ridge Bankshares, Inc.	2,029,033 (-5.4%)	$8,664 (-4.5%)	1.7%	$4.30	-1.4%	Common Stock	095825105
PGC	Peapack-Gladstone Financial Corporation	297,747 (-5.5%)	$8,292 (-4.7%)	1.6%	$19.83	+37.1%	Common Stock	704699107
BWFG	Bankwell Financial Group, Inc.	96,423 (-11.1%)	$4,418 (-7.9%)	0.9%	$21.43	+109.4%	Common Stock	06654A103
BCAL	California BanCorp.	766,155 (-8.3%)	$14,304 (+2.6%)	2.8%	$13.52	+35.3%	Common Stock	84252A106
TFIN	Triumph Bancorp, Inc.	117,136 (-16.2%)	$7,336 (+4.8%)	1.5%	$25.53	+119.4%	Common Stock	89679E300
SHBI	Shore Bancshares, Inc.	204,563 (-14.7%)	$3,617 (-8.1%)	0.7%	$12.95	+29.5%	Common Stock	825107105
MYFW	First Western Financial, Inc.	346,090 (-16.5%)	$9,279 (-2.8%)	1.8%	$16.79	+42.0%	Common Stock	33751L105
OSBC	Old Second Bancorp, Inc.	905,190 (-10.1%)	$17,651 (+1.5%)	3.5%	$8.10	+129.6%	Common Stock	680277100
PBNK	Pinnacle Bank	44,514 (-16.8%)	$861 (-21.9%)	0.2%	$8.23	+138.8%	Common Stock	72346K107
SFST	Southern First Bancshares, Inc.	171,655 (-16.6%)	$8,844 (-2.6%)	1.8%	$28.37	+69.0%	Common Stock	842873101
MVLY	Mission Valley Bancorp	78,507 (-21.6%)	$1,374 (-13.6%)	0.3%	$8.26	+105.8%	Common Stock	60520E104
BANC	Banc of California, Inc.	519,738 (-15.6%)	$10,026 (-1.6%)	2.0%	$15.93	+12.0%	Common Stock	05990K106
ORPB	Oregon Pacific Bancorp	361,932 (-5.8%)	$4,090 (+2.9%)	0.8%	$5.63	+91.5%	Common Stock	686040205
FXNC	First National Corporation	60,492 (-8.2%)	$1,527 (+2.2%)	0.3%	$16.37	+44.5%	Common Stock	32106V107
CNOB	ConnectOne Bancorp, Inc.	227,795 (-5.6%)	$5,973 (-0.2%)	1.2%	$15.87	+57.9%	Common Stock	20786W107

Unchanged Positions (36)

FSBH FSBH Corp (was First Southern Bank) 0.4%

Value ($000) $2,164 Shares 135,250 Est. Cost $7.68 Unrealized +65.1%

FSRL First Reliance Bancshares, Inc. 0.9%

Value ($000) $4,302 Shares 350,913 Est. Cost $7.30 Unrealized +59.6%

BSVN Bank7 Corp 1.0%

Value ($000) $5,267 Shares 128,519 Est. Cost $21.61 Unrealized +96.7%

MPB Mid Penn Bank 1.3%

Value ($000) $6,452 Shares 207,982 Est. Cost $24.79 Unrealized +17.9%

CBWA Commencement Bancorp, Inc. 0.4%

Value ($000) $2,178 Shares 130,720 Est. Cost $9.89 Unrealized +51.0%

BSRR Sierra Bancorp 0.8%

Value ($000) $3,968 Shares 121,424 Est. Cost $16.44 Unrealized +82.2%

BPRN Princeton Bancorp, Inc. 1.1%

Value ($000) $5,340 Shares 153,926 Est. Cost $28.29 Unrealized +14.8%

CZWI Citizens Community Bancorp, Inc. 0.9%

Value ($000) $4,389 Shares 246,286 Est. Cost $8.62 Unrealized +93.5%

PMHG Prime Meridian Holding Company 0.9%

Value ($000) $4,325 Shares 76,418 Est. Cost $19.09 Unrealized +184.1%

UBFO United Security Bankshares 1.1%

Value ($000) $5,401 Shares 536,316 Est. Cost $6.16 Unrealized +54.0%

SBKO Summit Bank Group, Inc. 0.7%

Value ($000) $3,427 Shares 190,501 Est. Cost $12.00 Unrealized +40.1%

SABK South Atlantic Bancshares, Inc. 0.7%

Value ($000) $3,545 Shares 179,496 Est. Cost $486.89 Unrealized -96.2%

FSBC Five Star Bancorp 0.7%

Value ($000) $3,432 Shares 95,919 Est. Cost $22.58 Unrealized +52.3%

PPBN Pinnacle Bankshares Corporation 0.3%

Value ($000) $1,705 Shares 37,464 Est. Cost $16.53 Unrealized +143.7%

WRIV White River Bancshares Company 0.9%

Value ($000) $4,405 Shares 89,000 Est. Cost $32.69 Unrealized +44.8%

STBK Studio Bank 1.0%

Value ($000) $5,052 Shares 425,956 Est. Cost $9.93 Unrealized +16.0%

HTBK Heritage Commerce Corp 0.3%

Value ($000) $1,460 Shares 121,539 Est. Cost $8.31 Unrealized +30.6%

SMBK SmartFinancial, Inc. 1.5%

Value ($000) $7,420 Shares 200,587 Est. Cost $19.92 Unrealized +81.7%

FVCB FVCBankcorp Inc. 0.6%

Value ($000) $2,978 Shares 214,088 Est. Cost $12.01 Unrealized +6.0%

EDVR Endeavor Bancorp 0.3%

Value ($000) $1,718 Shares 101,072 Est. Cost $10.24 Unrealized +56.2%

TBBK The Bancorp, Inc. 0.3%

Value ($000) $1,593 Shares 23,592 Est. Cost $26.85 Unrealized +157.0%

BLHK Blueharbor Bank 0.6%

Value ($000) $3,014 Shares 96,602 Est. Cost $12.52 Unrealized +153.5%

— F&M Bank Corp 0.3%

Value ($000) $1,354 Shares 47,100 Est. Cost $25.90 Unrealized —

EFSI Eagle Financial Services Inc. 0.5%

Value ($000) $2,587 Shares 65,000 Est. Cost $32.75 Unrealized +13.0%

COSO CoastalSouth Bancshares, Inc. 0.4%

Value ($000) $1,993 Shares 85,715 Est. Cost $7.36 Unrealized +201.5%

SOME Somerset Trust Holding Company 0.2%

Value ($000) $790 Shares 11,787 Est. Cost $42.78 Unrealized +46.7%

BORT Bank of Botetourt 0.1%

Value ($000) $726 Shares 16,504 Est. Cost $22.94 Unrealized +80.0%

RNST Renasant Corporation 0.3%

Value ($000) $1,475 Shares 41,875 Est. Cost $33.20 Unrealized +6.7%

BCTF Bancorp 34, Inc. 0.4%

Value ($000) $2,220 Shares 162,857 Est. Cost $12.37 Unrealized +9.0%

FCCO First Community Corporation 0.2%

Value ($000) $1,225 Shares 41,317 Est. Cost $14.98 Unrealized +87.8%

BY Byline Bancorp, Inc. 0.2%

Value ($000) $1,141 Shares 39,157 Est. Cost $18.61 Unrealized +50.2%

MVBF MVB Financial Corp. 0.2%

Value ($000) $905 Shares 35,044 Est. Cost $16.43 Unrealized +60.8%

— Dogwood State Bank 0.4%

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

HBT HBT Financial, Inc. 0.1%

Value ($000) $476 Shares 18,403 Est. Cost $15.65 Unrealized +57.7%

BWB Bridgewater Bancshares, Inc. 0.4%

Value ($000) $1,779 Shares 101,479 Est. Cost $10.91 Unrealized +59.1%

FCPB First Capital Bancshares, Inc. 0.8%

Value ($000) $4,207 Shares 360,816 Est. Cost $7.31 Unrealized +60.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FSBH	FSBH Corp (was First Southern Bank)	135,250	$2,164	0.4%	$7.68	+65.1%	Common Stock	30325F101
FSRL	First Reliance Bancshares, Inc.	350,913	$4,302	0.9%	$7.30	+59.6%	Common Stock	33615Q100
BSVN	Bank7 Corp	128,519	$5,267	1.0%	$21.61	+96.7%	Common Stock	06652N107
MPB	Mid Penn Bank	207,982	$6,452	1.3%	$24.79	+17.9%	Common Stock	59540G107
CBWA	Commencement Bancorp, Inc.	130,720	$2,178	0.4%	$9.89	+51.0%	Common Stock	20051D107
BSRR	Sierra Bancorp	121,424	$3,968	0.8%	$16.44	+82.2%	Common Stock	82620P102
BPRN	Princeton Bancorp, Inc.	153,926	$5,340	1.1%	$28.29	+14.8%	Common Stock	74179A107
CZWI	Citizens Community Bancorp, Inc.	246,286	$4,389	0.9%	$8.62	+93.5%	Common Stock	174903104
PMHG	Prime Meridian Holding Company	76,418	$4,325	0.9%	$19.09	+184.1%	Common Stock	74164R107
UBFO	United Security Bankshares	536,316	$5,401	1.1%	$6.16	+54.0%	Common Stock	911460103
SBKO	Summit Bank Group, Inc.	190,501	$3,427	0.7%	$12.00	+40.1%	Common Stock	86603R100
SABK	South Atlantic Bancshares, Inc.	179,496	$3,545	0.7%	$486.89	-96.2%	Common Stock	83636T104
FSBC	Five Star Bancorp	95,919	$3,432	0.7%	$22.58	+52.3%	Common Stock	33830T103
PPBN	Pinnacle Bankshares Corporation	37,464	$1,705	0.3%	$16.53	+143.7%	Common Stock	72345E102
WRIV	White River Bancshares Company	89,000	$4,405	0.9%	$32.69	+44.8%	Common Stock	96445A108
STBK	Studio Bank	425,956	$5,052	1.0%	$9.93	+16.0%	Common Stock	864001102
HTBK	Heritage Commerce Corp	121,539	$1,460	0.3%	$8.31	+30.6%	Common Stock	426927109
SMBK	SmartFinancial, Inc.	200,587	$7,420	1.5%	$19.92	+81.7%	Common Stock	83190L208
FVCB	FVCBankcorp Inc.	214,088	$2,978	0.6%	$12.01	+6.0%	Common Stock	36120Q101
EDVR	Endeavor Bancorp	101,072	$1,718	0.3%	$10.24	+56.2%	Common Stock	29260B109
TBBK	The Bancorp, Inc.	23,592	$1,593	0.3%	$26.85	+157.0%	Common Stock	05969A105
BLHK	Blueharbor Bank	96,602	$3,014	0.6%	$12.52	+153.5%	Common Stock	095613105
—	F&M Bank Corp	47,100	$1,354	0.3%	$25.90	—	Common Stock	30137P106
EFSI	Eagle Financial Services Inc.	65,000	$2,587	0.5%	$32.75	+13.0%	Common Stock	26951R104
COSO	CoastalSouth Bancshares, Inc.	85,715	$1,993	0.4%	$7.36	+201.5%	Common Stock	19058X207
SOME	Somerset Trust Holding Company	11,787	$790	0.2%	$42.78	+46.7%	Common Stock	835126103
BORT	Bank of Botetourt	16,504	$726	0.1%	$22.94	+80.0%	Common Stock	063907208
RNST	Renasant Corporation	41,875	$1,475	0.3%	$33.20	+6.7%	Common Stock	75970E107
BCTF	Bancorp 34, Inc.	162,857	$2,220	0.4%	$12.37	+9.0%	Common Stock	05970V106
FCCO	First Community Corporation	41,317	$1,225	0.2%	$14.98	+87.8%	Common Stock	319835104
BY	Byline Bancorp, Inc.	39,157	$1,141	0.2%	$18.61	+50.2%	Common Stock	124411109
MVBF	MVB Financial Corp.	35,044	$905	0.2%	$16.43	+60.8%	Common Stock	553810102
—	Dogwood State Bank	79,721	$1,860	0.4%	$13.26	—	Common Stock	25660B103
HBT	HBT Financial, Inc.	18,403	$476	0.1%	$15.65	+57.7%	Common Stock	404111106
BWB	Bridgewater Bancshares, Inc.	101,479	$1,779	0.4%	$10.91	+59.1%	Common Stock	108621103
FCPB	First Capital Bancshares, Inc.	360,816	$4,207	0.8%	$7.31	+60.9%	Common Stock	31941G101