# EDGAR Filing Document

**Accession Number:** 0001029311
**File Stem:** 0001029311-26-000002
**Filing Date:** 2026-2
**Character Count:** 14679
**Document Hash:** 814ca92496d092c29c1826f9c005ae31
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001029311-26-000002.hdr.sgml**: 20260212

**ACCESSION NUMBER**: 0001029311-26-000002

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260212

**DATE AS OF CHANGE**: 20260212

**EFFECTIVENESS DATE**: 20260212

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BANC FUNDS CO LLC
- **CENTRAL INDEX KEY:** 0001029311

**ORGANIZATION NAME:**
- **EIN:** 364134318
- **STATE OF INCORPORATION:** IL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-06701
- **FILM NUMBER:** 26625526

**BUSINESS ADDRESS:**
- **STREET 1:** 150 S. WACKER DRIVE
- **STREET 2:** SUITE 2725
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3128554067

**MAIL ADDRESS:**
- **STREET 1:** 150 S. WACKER DRIVE
- **STREET 2:** SUITE 2725
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BANC FUND IV L P
- **DATE OF NAME CHANGE:** 19961218

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** BANC FUNDS CO LLC<br>**Address:** 150 S. WACKER DRIVE<br>SUITE 2725<br>CHICAGO, IL 60606

**Form 13F File Number:** 028-06701

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** JOHN M BAKER<br>**Title:** MEMBER<br>**Phone:** 312-855-4067

**Signature, Place, and Date of Signing:**

JOHN M BAKER  CHICAGO, IL  02-12-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 98

**Form 13F Information Table Value Total:** $505198862

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| Alerus Financial Corporation | Common Stock | 01446U103 |  | 4841057 | 214967 | SH |  | SOLE |  | 214967 | 0 | 0 |
| Alpine Banks of Colorado | Common Stock | 020810107 |  | 9445137 | 237315 | SH |  | SOLE |  | 237315 | 0 | 0 |
| Amerant Bancorp Inc. | Common Stock | 023576101 |  | 3511800 | 180000 | SH |  | SOLE |  | 180000 | 0 | 0 |
| American Business Bank | Common Stock | 02475L105 |  | 16898090 | 260773 | SH |  | SOLE |  | 260773 | 0 | 0 |
| American Riviera Bancorp | Common Stock | 02933K103 |  | 2254033 | 94311 | SH |  | SOLE |  | 94311 | 0 | 0 |
| Avidbank Holdings Inc. | Common Stock | 05368J103 |  | 15841181 | 596430 | SH |  | SOLE |  | 596430 | 0 | 0 |
| Banc of California Inc. | Common Stock | 05990K106 |  | 10025746 | 519738 | SH |  | SOLE |  | 519738 | 0 | 0 |
| Bancorp 34 Inc. | Common Stock | 05970V106 |  | 2220229 | 162857 | SH |  | SOLE |  | 162857 | 0 | 0 |
| Bank of Botetourt | Common Stock | 063907208 |  | 726176 | 16504 | SH |  | SOLE |  | 16504 | 0 | 0 |
| Bank7 Corp | Common Stock | 06652N107 |  | 5266709 | 128519 | SH |  | SOLE |  | 128519 | 0 | 0 |
| Bankwell Financial Group Inc. | Common Stock | 06654A103 |  | 4418102 | 96423 | SH |  | SOLE |  | 96423 | 0 | 0 |
| BayFirst Financial Corp. | Common Stock | 07279B104 |  | 719680 | 91679 | SH |  | SOLE |  | 91679 | 0 | 0 |
| Blue Ridge Bankshares Inc. | Common Stock | 095825105 |  | 8663971 | 2029033 | SH |  | SOLE |  | 2029033 | 0 | 0 |
| Blueharbor Bank | Common Stock | 095613105 |  | 3013982 | 96602 | SH |  | SOLE |  | 96602 | 0 | 0 |
| Bridgewater Bancshares Inc. | Common Stock | 108621103 |  | 1778927 | 101479 | SH |  | SOLE |  | 101479 | 0 | 0 |
| Business First Bancshares Inc. | Common Stock | 12326C105 |  | 4980951 | 190549 | SH |  | SOLE |  | 190549 | 0 | 0 |
| Byline Bancorp Inc. | Common Stock | 124411109 |  | 1141427 | 39157 | SH |  | SOLE |  | 39157 | 0 | 0 |
| California BanCorp. | Common Stock | 84252A106 |  | 14304114 | 766155 | SH |  | SOLE |  | 766155 | 0 | 0 |
| Capital Bancorp Inc. | Common Stock | 139737100 |  | 602838 | 21400 | SH |  | SOLE |  | 21400 | 0 | 0 |
| Citizens Community Bancorp Inc. | Common Stock | 174903104 |  | 4388817 | 246286 | SH |  | SOLE |  | 246286 | 0 | 0 |
| CNB Financial Corporation | Common Stock | 126128107 |  | 5683470 | 217175 | SH |  | SOLE |  | 217175 | 0 | 0 |
| Coastal Carolina Bancshares Inc. | Common Stock | 190435107 |  | 6058688 | 466771 | SH |  | SOLE |  | 466771 | 0 | 0 |
| CoastalSouth Bancshares Inc. | Common Stock | 19058X207 |  | 1992874 | 85715 | SH |  | SOLE |  | 85715 | 0 | 0 |
| Colony Bankcorp Inc. | Common Stock | 19623P101 |  | 7617658 | 427478 | SH |  | SOLE |  | 427478 | 0 | 0 |
| Commencement Bancorp Inc. | Common Stock | 20051D107 |  | 2177795 | 130720 | SH |  | SOLE |  | 130720 | 0 | 0 |
| Community Heritage Financial Inc. | Common Stock | 20370L103 |  | 2581916 | 95982 | SH |  | SOLE |  | 95982 | 0 | 0 |
| ConnectOne Bancorp Inc. | Common Stock | 20786W107 |  | 5972785 | 227795 | SH |  | SOLE |  | 227795 | 0 | 0 |
| Dogwood State Bank | Common Stock | 25660B103 |  | 1859891 | 79721 | SH |  | SOLE |  | 79721 | 0 | 0 |
| Eagle Financial Services Inc. | Common Stock | 26951R104 |  | 2586675 | 65000 | SH |  | SOLE |  | 65000 | 0 | 0 |
| Endeavor Bancorp | Common Stock | 29260B109 |  | 1718224 | 101072 | SH |  | SOLE |  | 101072 | 0 | 0 |
| F Bank Corp | Common Stock | 30137P106 |  | 1354125 | 47100 | SH |  | SOLE |  | 47100 | 0 | 0 |
| FB Financial Corp. | Common Stock | 30257X104 |  | 7449077 | 133496 | SH |  | SOLE |  | 133496 | 0 | 0 |
| FineMark Holdings Inc. | Common Stock | 31788B108 |  | 8353548 | 219426 | SH |  | SOLE |  | 219426 | 0 | 0 |
| First Bank | Common Stock | 31931U102 |  | 10837906 | 658439 | SH |  | SOLE |  | 658439 | 0 | 0 |
| First Busey Corporation | Common Stock | 319383204 |  | 1797977 | 75577 | SH |  | SOLE |  | 75577 | 0 | 0 |
| First Business Financial Services Inc. | Common Stock | 319390100 |  | 9025963 | 166224 | SH |  | SOLE |  | 166224 | 0 | 0 |
| First Capital Bancshares Inc. | Common Stock | 31941G101 |  | 4207115 | 360816 | SH |  | SOLE |  | 360816 | 0 | 0 |
| First Community Corporation | Common Stock | 319835104 |  | 1225049 | 41317 | SH |  | SOLE |  | 41317 | 0 | 0 |
| First Foundation Inc. | Common Stock | 32026V104 |  | 2663559 | 432396 | SH |  | SOLE |  | 432396 | 0 | 0 |
| First Internet Bancorp | Common Stock | 320557101 |  | 3384613 | 162176 | SH |  | SOLE |  | 162176 | 0 | 0 |
| First National Corporation | Common Stock | 32106V107 |  | 1526818 | 60492 | SH |  | SOLE |  | 60492 | 0 | 0 |
| First Northern Community Bancorp | Common Stock | 335925103 |  | 4030672 | 301697 | SH |  | SOLE |  | 301697 | 0 | 0 |
| First Reliance Bancshares Inc. | Common Stock | 33615Q100 |  | 4302193 | 350913 | SH |  | SOLE |  | 350913 | 0 | 0 |
| First Western Financial Inc. | Common Stock | 33751L105 |  | 9278673 | 346090 | SH |  | SOLE |  | 346090 | 0 | 0 |
| FirstSun Capital Bancorp | Common Stock | 33767U107 |  | 6341084 | 168489 | SH |  | SOLE |  | 168489 | 0 | 0 |
| Five Star Bancorp | Common Stock | 33830T103 |  | 3431982 | 95919 | SH |  | SOLE |  | 95919 | 0 | 0 |
| FSBH Corp (was First Southern Bank) | Common Stock | 30325F101 |  | 2164000 | 135250 | SH |  | SOLE |  | 135250 | 0 | 0 |
| FVCBankcorp Inc. | Common Stock | 36120Q101 |  | 2977964 | 214088 | SH |  | SOLE |  | 214088 | 0 | 0 |
| Grand River Commerce Inc. | Common Stock | 386441109 |  | 1361694 | 357400 | SH |  | SOLE |  | 357400 | 0 | 0 |
| Hanover Bancorp Inc. | Common Stock | 410709109 |  | 2206081 | 95460 | SH |  | SOLE |  | 95460 | 0 | 0 |
| HBT Financial Inc. | Common Stock | 404111106 |  | 475718 | 18403 | SH |  | SOLE |  | 18403 | 0 | 0 |
| Heritage Commerce Corp | Common Stock | 426927109 |  | 1459683 | 121539 | SH |  | SOLE |  | 121539 | 0 | 0 |
| Investar Holding Corporation | Common Stock | 46134L105 |  | 8200261 | 306896 | SH |  | SOLE |  | 306896 | 0 | 0 |
| LinkBancorp | Common Stock | 53578P105 |  | 3317158 | 401593 | SH |  | SOLE |  | 401593 | 0 | 0 |
| MainStreet Bancshares Inc. | Common Stock | 56064Y100 |  | 8591533 | 421981 | SH |  | SOLE |  | 421981 | 0 | 0 |
| Mercantile Bank Corporation | Common Stock | 587376104 |  | 6293452 | 130841 | SH |  | SOLE |  | 130841 | 0 | 0 |
| Merchants Bancorp | Common Stock | 58844R108 |  | 8326376 | 244462 | SH |  | SOLE |  | 244462 | 0 | 0 |
| Meridian Bank | Common Stock | 58958P104 |  | 5641756 | 320919 | SH |  | SOLE |  | 320919 | 0 | 0 |
| Metropolitan Bank Holding Corp. | Common Stock | 591774104 |  | 9836772 | 128821 | SH |  | SOLE |  | 128821 | 0 | 0 |
| Mid Penn Bank | Common Stock | 59540G107 |  | 6451602 | 207982 | SH |  | SOLE |  | 207982 | 0 | 0 |
| Mission Valley Bancorp | Common Stock | 60520E104 |  | 1373873 | 78507 | SH |  | SOLE |  | 78507 | 0 | 0 |
| Mountain Commerce Bancorp | Common Stock | 624004107 |  | 8027891 | 351330 | SH |  | SOLE |  | 351330 | 0 | 0 |
| MVB Financial Corp. | Common Stock | 553810102 |  | 905187 | 35044 | SH |  | SOLE |  | 35044 | 0 | 0 |
| Old Second Bancorp Inc. | Common Stock | 680277100 |  | 17651205 | 905190 | SH |  | SOLE |  | 905190 | 0 | 0 |
| Orange County Bancorp Inc. | Common Stock | 68417L107 |  | 5639653 | 197536 | SH |  | SOLE |  | 197536 | 0 | 0 |
| Oregon Pacific Bancorp | Common Stock | 686040205 |  | 4089832 | 361932 | SH |  | SOLE |  | 361932 | 0 | 0 |
| Pacific West Bancorp | Common Stock | 69506J102 |  | 1109641 | 92857 | SH |  | SOLE |  | 92857 | 0 | 0 |
| Peapack-Gladstone Financial Corporation | Common Stock | 704699107 |  | 8292254 | 297747 | SH |  | SOLE |  | 297747 | 0 | 0 |
| Pinnacle Bank | Common Stock | 72346K107 |  | 861346 | 44514 | SH |  | SOLE |  | 44514 | 0 | 0 |
| Pinnacle Bankshares Corporation | Common Stock | 72345E102 |  | 1704612 | 37464 | SH |  | SOLE |  | 37464 | 0 | 0 |
| Potomac Bancshares Inc. | Common Stock | 737643106 |  | 54676 | 2896 | SH |  | SOLE |  | 2896 | 0 | 0 |
| Prime Meridian Holding Company | Common Stock | 74164R107 |  | 4325259 | 76418 | SH |  | SOLE |  | 76418 | 0 | 0 |
| Primis Financial Corporation | Common Stock | 74167B109 |  | 10971666 | 788761 | SH |  | SOLE |  | 788761 | 0 | 0 |
| Princeton Bancorp Inc. | Common Stock | 74179A107 |  | 5339693 | 153926 | SH |  | SOLE |  | 153926 | 0 | 0 |
| Private Bancorp of America Inc. | Common Stock | 74274F100 |  | 16324655 | 283759 | SH |  | SOLE |  | 283759 | 0 | 0 |
| PSB Holdings Inc. | Common Stock | 69360N108 |  | 2030423 | 77794 | SH |  | SOLE |  | 77794 | 0 | 0 |
| Renasant Corporation | Common Stock | 75970E107 |  | 1474838 | 41875 | SH |  | SOLE |  | 41875 | 0 | 0 |
| River City Bank | Common Stock | 76803X106 |  | 4421284 | 100770 | SH |  | SOLE |  | 100770 | 0 | 0 |
| Shore Bancshares Inc. | Common Stock | 825107105 |  | 3616674 | 204563 | SH |  | SOLE |  | 204563 | 0 | 0 |
| Sierra Bancorp | Common Stock | 82620P102 |  | 3968136 | 121424 | SH |  | SOLE |  | 121424 | 0 | 0 |
| SmartFinancial Inc. | Common Stock | 83190L208 |  | 7419713 | 200587 | SH |  | SOLE |  | 200587 | 0 | 0 |
| Somerset Trust Holding Company | Common Stock | 835126103 |  | 789847 | 11787 | SH |  | SOLE |  | 11787 | 0 | 0 |
| South Atlantic Bancshares Inc. | Common Stock | 83636T104 |  | 3545046 | 179496 | SH |  | SOLE |  | 179496 | 0 | 0 |
| Southern First Bancshares Inc. | Common Stock | 842873101 |  | 8843666 | 171655 | SH |  | SOLE |  | 171655 | 0 | 0 |
| SouthPoint Bancshares Inc. | Common Stock | 844647107 |  | 1133429 | 78438 | SH |  | SOLE |  | 78438 | 0 | 0 |
| Studio Bank | Common Stock | 864001102 |  | 5051838 | 425956 | SH |  | SOLE |  | 425956 | 0 | 0 |
| Summit Bank Group Inc. | Common Stock | 86603R100 |  | 3427113 | 190501 | SH |  | SOLE |  | 190501 | 0 | 0 |
| Summit State Bank | Common Stock | 866264203 |  | 2247230 | 193227 | SH |  | SOLE |  | 193227 | 0 | 0 |
| Texas Capital Bancshares Inc. | Common Stock | 88224Q107 |  | 10843251 | 119762 | SH |  | SOLE |  | 119762 | 0 | 0 |
| The Bancorp Inc. | Common Stock | 05969A105 |  | 1592932 | 23592 | SH |  | SOLE |  | 23592 | 0 | 0 |
| Third Coast Bancshares | Common Stock | 88422P109 |  | 5986803 | 157506 | SH |  | SOLE |  | 157506 | 0 | 0 |
| Triumph Bancorp Inc. | Common Stock | 89679E300 |  | 7336228 | 117136 | SH |  | SOLE |  | 117136 | 0 | 0 |
| United Bancorporation of Alabama Inc. | Common Stock | 90944R100 |  | 1974624 | 37117 | SH |  | SOLE |  | 37117 | 0 | 0 |
| United Security Bankshares | Common Stock | 911460103 |  | 5400702 | 536316 | SH |  | SOLE |  | 536316 | 0 | 0 |
| Unity Bancorp Inc. | Common Stock | 913290102 |  | 19419257 | 375469 | SH |  | SOLE |  | 375469 | 0 | 0 |
| USCB Financial Holdings Inc. | Common Stock | 90355N101 |  | 1760584 | 95580 | SH |  | SOLE |  | 95580 | 0 | 0 |
| West Coast Community Bancorp | Common Stock | 952170108 |  | 12031844 | 273451 | SH |  | SOLE |  | 273451 | 0 | 0 |
| White River Bancshares Company | Common Stock | 96445A108 |  | 4404610 | 89000 | SH |  | SOLE |  | 89000 | 0 | 0 |

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