BANC FUNDS CO LLC

CIK 0001029311 · Q2 2026

13F Equity AUM

$605.5M

+12.7% QoQ

Positions

-97 QoQ

AUM Rank

#4,440

Top 35%

Skill Alpha (FF)

+7.2%/yr

Alpha Generator

Rank #437 · Top 5%

vs S&P -1.2%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 18.0%Top 10: 31.0%Top 20: 50.9%

OSBC4.0%

PBAM3.8%

AVBH3.6%

UTB3.6%

First Carolina Financial Services, Inc.2.9%

BCAL2.8%

AMBZ2.8%

FRBA2.5%

WCCB2.5%

MCB2.4%

Others (82)69.0%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services92.1%

Unclassified4.3%

Financials3.6%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 92Median: 0.76%Avg: 1.09%

0–0.5%

28(7.3%)

0.5–1%

27(19.6%)

1–3%

33(58.0%)

3–5%

4(15.1%)

5%+

0(0.0%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 92vs 20 funds

0%Low

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New5Increased19Decreased28Exited10

New Positions

First Carolina Finan…2.9%

+1.3M

CWBC1.1%

+241K

BHRB1.0%

+82K

HOMB0.5%

+112K

SYBT0.1%

+10K

Increased

FSUN1.5%

+70K(+41%)

RCBC0.9%

+27K(+26%)

CCNB1.4%

+25K(+5%)

WCCB2.5%

+25K(+9%)

MVBF0.6%

+25K(+27%)

CBAN1.5%

+22K(+5%)

MNSB2.2%

+15K(+3%)

PNFP0.6%

+14K(+64%)

MRBK1.3%

+13K(+4%)

RNST0.4%

+10K(+24%)

Decreased

SHBI0.5%

-59,320(-30%)

GNRV0.3%

-53,000(-15%)

SMBK0.8%

-52,461(-35%)

BCTF0.2%

-45,000(-42%)

FSRL0.9%

-43,841(-13%)

FCPB0.7%

-40,000(-11%)

FXNC0.2%

-18,017(-36%)

AMBZ2.8%

-16,600(-7%)

BCAL2.8%

-15,000(-2%)

BY0.1%

-14,475(-42%)

Exited

-351,330

-532,316

-86,774

-234,181

-401,593

-432,396

-74,794

-76,757

-75,139

-16,317

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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