SEC 13F Intelligence

Managers / Q2 2023 · view latest →

M3F, Inc.

CIK 0001511291 · 2070 E 2100 S, SUITE 250, SALT LAKE CITY, UT, 84109 · 202-246-9200

Reported Value
$318M
Q2 2023
Positions
42
Filings on Record
29
2019–present window
Filed
Aug 11, 2023
original filing

Summary

M3f, Inc. reported $318M in U.S.-listed holdings across 42 positions for Q2 2023.

Its largest position, National Westn Life Ins, represents 10.8% of the portfolio.

Compared with Q1 2023, the fund opened 7 new positions and exited 4.

Portfolio Metrics

Turnover
+15.9%
vs prior filed quarter
Top-10 Concentration
+57.9%
share of reported value
Largest Position
+10.8%
National Westn Life Ins
New / Exited
7 / 4
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q1 ’19: $113MQ1 ’19Q2 ’19: $117MQ3 ’19: $137MQ4 ’19: $128MQ1 ’20: $140MQ1 ’20Q2 ’20: $135MQ3 ’20: $158MQ4 ’20: $211MQ1 ’21: $247MQ1 ’21Q2 ’21: $282MQ3 ’21: $305MQ4 ’21: $298MQ1 ’22: $301MQ1 ’22Q2 ’22: $308MQ3 ’22: $285MQ4 ’22: $327MQ1 ’23: $304MQ1 ’23Q2 ’23: $318MQ3 ’23: $299MQ4 ’23: $315MQ1 ’24: $283MQ1 ’24Q2 ’24: $270MQ3 ’24: $325MQ4 ’24: $346MQ1 ’25: $364MQ1 ’25Q2 ’25: $354MQ3 ’25: $353MQ4 ’25: $364MQ1 ’26: $404MQ1 ’26filingsflow.com

Portfolio Composition

By security type
Common Stock: 89.4%Other: 10.6%
  • Common Stock · 89.4% · $284M
  • Other · 10.6% · $34M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
BHRBBURKE & HERBERT FINANCIAL SENEW+103.3K103.3K+$7M$7M
MTBM&T Bank CorpNEW+36.0K36.0K+$4M$4M
SHF HOLDINGS INCNEW+4.40M4.40M+$2M$2M
LAKE SHORE BANCORP INC COMNEW+106.8K106.8K+$1M$1M
PLBCPLUMAS BANCORPNEW+16.5K16.5K+$591,000$591,000
NSTSNSTS BANCORP INCNEW+56.4K56.4K+$515,000$515,000
BCOW1895 BANCORP OF WISCONSIN INNEW+41.4K41.4K+$310,000$310,000
BSRRSierra BancorpADDED+75.9K141.0K+$1M$2M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q2 2023

42 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1NATIONAL WESTN LIFE INS CO CL ACOMMON10.83%$34M83.0K
2WLFCWillis Lease Finance Corphistory →COMMON7.57%$24M615.2K
3PDLBPONCE FINANCIAL GROUP INChistory →COMMON5.95%$19M2.18M
4NECBNORTHEAST COMMUNITY BANCORPhistory →COMMON5.91%$19M1.26M
5WFCWELLS FARGO & CO NEW COMhistory →COMMON5.03%$16M375.0K
6EBCEASTERN BANKSHARES INChistory →COMMON5.02%$16M1.30M
7SNFCASECURITY NATL FINL CORP CL A NEWhistory →COMMON4.76%$15M1.71M
8PBFSPIONEER BANCORP INC/NYhistory →COMMON4.72%$15M1.68M
9PROVIDENT BANCORP INCCOMMON4.57%$15M1.76M
10SWKHSWK HLDGS CORP COMhistory →COMMON3.53%$11M671.5K
11BankFinancial CorpCOMMON3.24%$10M1.26M
12PKBKPARKE BANCORP INChistory →COMMON2.96%$9M554.5K
13PROVPROVIDENT FINL HLDGS INC COMhistory →COMMON2.75%$9M685.0K
14SPFISOUTH PLAINS FINANCIAL INChistory →COMMON2.56%$8M361.2K
15FBIZFIRST BUS FINL SVCS INC WIS COMhistory →COMMON2.37%$8M255.9K
16BHRBBURKE & HERBERT FINANCIAL SEhistory →COMMON2.08%$7M103.3K
17HMN Financial IncCOMMON2.06%$7M349.0K
18NODKNI HOLDINGS INChistory →COMMON1.99%$6M425.5K
19TSBKTIMBERLAND BANCORP INChistory →COMMON1.98%$6M246.3K
20MGYRMAGYAR BANCORP INC COMhistory →COMMON1.84%$6M566.7K
21SFBCSOUND FINL BANCORP INC COMhistory →COMMON1.64%$5M146.9K
22RBKBRHINEBECK BANCORP INChistory →COMMON1.58%$5M745.2K
23ZIONZIONS BANCORPORATION COMhistory →COMMON1.48%$5M175.0K
24MTBM&T Bank Corphistory →COMMON1.40%$4M36.0K
25ISTRINVESTAR HLDG CORP COMhistory →COMMON1.37%$4M360.8K
26Community West BancsharesCOMMON1.35%$4M353.1K
27CMAComerica Inchistory →COMMON1.33%$4M100.0K
28BSBKBOGOTA FINANCIAL CORPhistory →COMMON1.26%$4M490.2K
29OVLYOAK VALLEY BANCORPhistory →COMMON1.12%$4M141.2K
30Enterprise Bancorp Inc/MACOMMON1.00%$3M110.4K
31FSEAFIRST SEACOAST BANCORP INCCOMMON0.92%$3M363.5K
32BSRRSierra BancorpCOMMON0.75%$2M141.0K
33SHF HOLDINGS INCCOMMON0.73%$2M4.40M
34ICC HOLDINGS INCCOMMON0.51%$2M102.0K
35PBHCPathfinder Bancorp IncCOMMON0.37%$1M83.5K
36LAKE SHORE BANCORP INC COMCOMMON0.36%$1M106.8K
37GBNYGENERATIONS BANCORP NY INCCOMMON0.27%$848,00093.5K
38HWBKHAWTHORN BANCSHARES INCCOMMON0.25%$810,00045.1K
39PLBCPLUMAS BANCORPCOMMON0.19%$591,00016.5K
40NSTSNSTS BANCORP INCCOMMON0.16%$515,00056.4K
41TCBXTHIRD COAST BANCSHARES INCCOMMON0.15%$486,00030.6K
42BCOW1895 BANCORP OF WISCONSIN INCOMMON0.10%$310,00041.4K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$404M28Apr 28, 202613F-HRchanges · EDGAR ↗
Q4 2025$364M25Feb 13, 202613F-HRchanges · EDGAR ↗
Q3 2025$353M28Nov 12, 202513F-HRchanges · EDGAR ↗
Q2 2025$354M30Aug 13, 202513F-HRchanges · EDGAR ↗
Q1 2025$364M31May 14, 202513F-HRchanges · EDGAR ↗
Q4 2024$346M29Feb 13, 202513F-HRchanges · EDGAR ↗
Q3 2024$325M29Nov 13, 202413F-HRchanges · EDGAR ↗
Q2 2024$270M34Aug 13, 202413F-HRchanges · EDGAR ↗
Q1 2024$283M37May 14, 202413F-HRchanges · EDGAR ↗
Q4 2023$315M37Feb 13, 202413F-HRchanges · EDGAR ↗
Q3 2023$299M42Nov 13, 202313F-HRchanges · EDGAR ↗
Q2 2023$318M42Aug 11, 202313F-HRchanges · EDGAR ↗
Q1 2023$304M39May 12, 202313F-HRchanges · EDGAR ↗
Q4 2022$327M39Feb 10, 202313F-HRchanges · EDGAR ↗
Q3 2022$285M42Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$308M43Aug 12, 202213F-HRchanges · EDGAR ↗
Q1 2022$301M45May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021$298M44Feb 11, 202213F-HRchanges · EDGAR ↗
Q3 2021$305M52Nov 12, 202113F-HRchanges · EDGAR ↗
Q2 2021$282M54Aug 13, 202113F-HRchanges · EDGAR ↗
Q1 2021$247M44May 14, 202113F-HRchanges · EDGAR ↗
Q4 2020$211M43Feb 12, 202113F-HRchanges · EDGAR ↗
Q3 2020$158M50Nov 12, 202013F-HRchanges · EDGAR ↗
Q2 2020$135M43Aug 11, 202013F-HRchanges · EDGAR ↗
Q1 2020$140M46May 14, 202013F-HRchanges · EDGAR ↗
Q4 2019$128M34Feb 13, 202013F-HRchanges · EDGAR ↗
Q3 2019$137M35Nov 12, 201913F-HRchanges · EDGAR ↗
Q2 2019$117M32Aug 12, 201913F-HRchanges · EDGAR ↗
Q1 2019$113M33May 14, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.