Wall banners placed on subchunk borders don't render when the top block is out of view

The bug

When a wall banner is placed at the lowest Y coordinate of a subchunk (which is always a multiple of 16), the banner won't be rendered if the top block of the banner is out of the camera's view.

How to reproduce

1. Place a banner onto the side of a block that is at a Y coordinate that is a multiple of 16 (for example 48)
2. Look downwards
   → The banner will disappear

Example

Here is an example in video: Minecraft 1.14.4 2019-08-12 11-56-57.mp4