Minerva Advisors LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Minerva Advisors LLC reported 56 stock positions worth $152.6 million. Its top holding was Great Lakes Dredge & Dock (GLDD) at 11.1% of the portfolio, followed by Tredegar (TG, 9.6%) and Eastern (EML, 7.9%). Compared with Q1 2025, it opened 2 new positions, sold out of 1, added to 14 and reduced 1. The biggest buy was DLH (DLHC, shares +9%) and the biggest sale Astronics (ATRO, shares −45%).

Most Recent 13F
Q2 2026
Location
BALA CYNWYD, PA
CIK
0001541536
Portfolio Value
$152.6M (Q2 2025)
SEC Filing
0001462390-25-000018 ↗ filed Aug 13, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q1 2024: $163.3M Q1 2024 Q2 2024: $150.0M Q2 2024 Q3 2024: $172.6M Q3 2024 Q4 2024: $171.0M Q4 2024 Q1 2025: $140.7M Q1 2025 Q2 2025: $152.6M $152.6M Q2 2025 Q3 2025: $157.5M Q3 2025 Q4 2025: $149.7M Q4 2025 Q1 2026: $154.9M Q1 2026 Q2 2026: $158.3M Q2 2026

Holdings 56 stocks · $152.6M

GLDD Great Lakes Dredge & Dock Co. 11.09% 1,389,807 $16.9M No change
TG Tredegar Corp. 9.56% 1,657,107 $14.6M No change
EML The Eastern Co. 7.85% 525,053 $12.0M Add +3.8%
VIRC Virco MFG Corporation 6.71% 1,283,516 $10.2M Add +6.0%
ATRO Astronics Corp. 5.61% 255,905 $8.6M Reduce -44.7%
ESCA Escalade Inc. 4.91% 537,814 $7.5M No change
DLHC DLH Holdings Corp. filed as DLH HLDGS CORP 4.22% 1,110,743 $6.4M Add +9.1%
INFU Infusystem Holdings Inc. 4.05% 994,781 $6.2M Add +9.2%
UFI Unifi Inc. 3.71% 1,085,209 $5.7M Add +19.6%
UTMD Utah Medical Products Inc. 3.45% 93,058 $5.3M Add +7.1%
THRY Thryv Holdings Inc. 3.07% 202,329 $4.7M No change
KEQU Kewaunee Scientific CP 2.95% 77,442 $4.5M Add +5.0%
NVGS Navigator Holdings Ltd. 2.82% 301,212 $4.3M No change
PBHC Pathfinder Bancorp Inc. 2.58% 262,204 $3.9M No change
SSP Ew Scripps Co./the-A filed as SCRIPPS E W CO OHIO 2.42% 1,259,842 $3.7M No change
CAC Camden National Corp. 2.38% 89,568 $3.6M No change
SGA Saga Communications Inc. Class A 1.89% 226,688 $2.9M No change
CRD.B Crawford & Co. Class B 1.85% 281,688 $2.8M Add +1.8%
RAIL Freightcar America Inc. 1.24% 219,005 $1.9M No change
FSTR Foster (lb) Co. Class A 1.20% 83,965 $1.8M Add +5.2%
SIF Sifco Industries 1.14% 466,901 $1.7M Add +0.0%
NODK Ni Holdings Inc. filed as NI HLDGS INC 1.08% 129,900 $1.7M No change
UIS Unisys Corp. 1.03% 345,347 $1.6M No change
MPB Mid Penn Bancorp Inc. 1.00% 54,177 $1.5M Add +4.7%
CTGO Contango Silver & Gold Inc. 0.97% 76,147 $1.5M Add +8.6%
CFG Citizens Financial Group 0.69% 23,585 $1.1M No change
DORM Dorman Products Inc. 0.69% 8,590 $1.1M No change
HONE Harborone Bancorp Inc. 0.68% 88,414 $1.0M No change
FNB FNB Corp. 0.61% 64,075 $934K No change
DGICA Donegal Group Inc. Class A 0.61% 46,490 $930K No change
CZNC Citizens & Northern Corp. 0.53% 42,900 $813K No change
ECBK Ecb Bancorp Inc. 0.51% 49,940 $771K No change
CPBI Central Plains Bancshares Inc. 0.49% 49,117 $741K No change
FRBA First Bank/Hamilton NJ 0.42% 41,143 $635K No change
USLM United States Lime & Mineral 0.41% 6,250 $624K No change
MBBC Marathon Bancorp Inc. 0.36% 54,718 $545K New
HBNC Horizon Bancorp Inc. 0.35% 35,052 $538K No change
SSB Southstate Bank Corp. 0.34% 5,661 $521K No change
CLBK Columbia Financial Inc. 0.32% 33,794 $490K No change
NWBI Northwest Bancshares Inc. 0.32% 38,000 $486K No change
LSBK Lake Shore Bancorp Inc. 0.32% 30,474 $481K Add +1.2%
KELYA Kelly Services Inc. Class A 0.31% 40,000 $468K New
CZFS Citizens Financial Services 0.30% 7,881 $463K Add +1.0%
FCF First Commonwealth Finl Corp. 0.27% 25,560 $415K No change
RMBI Richmond Mutual Bancorporati 0.27% 30,000 $414K No change
FSFG First Savings Financial Grp 0.26% 16,221 $404K No change
PRA Proassurance Corp. 0.26% 17,234 $393K No change
ACNT Ascent Industries Co. 0.25% 30,415 $384K No change
FRME First Merchants Corp. 0.25% 9,875 $378K No change
CBU Community Financial System I 0.24% 6,618 $367K No change
PBBK PB Bankshares Inc. 0.24% 20,560 $360K No change
NWFL Norwood Financial Corp. 0.23% 13,681 $353K No change
EBMT Eagle Bancorp Montana Inc. 0.23% 21,098 $351K No change
DGICB Donegal Group Inc. Class B 0.21% 17,856 $313K No change
DLX Deluxe Corp. 0.14% 13,900 $221K No change
ASRV Ameriserv Financial Inc. 0.11% 58,200 $175K No change

Portfolio Sells Q1 2025 → Q2 2025

ATRO Astronics Corp. Reduce -44.7% 5.61% −2.34
VBFC Village Bank and Trust Finan Sold out 0.00% −1.13

Portfolio Buys Q1 2025 → Q2 2025

DLHC DLH Holdings Corp. Add +9.1% 4.22% +1.29
KEQU Kewaunee Scientific CP Add +5.0% 2.95% +0.89
UFI Unifi Inc. Add +19.6% 3.71% +0.61
INFU Infusystem Holdings Inc. Add +9.2% 4.05% +0.57
CTGO Contango Silver & Gold Inc. Add +8.6% 0.97% +0.47
MBBC Marathon Bancorp Inc. New 0.36% +0.36
KELYA Kelly Services Inc. Class A New 0.31% +0.31
SIF Sifco Industries Add +0.0% 1.14% +0.23
FSTR Foster (lb) Co. Class A Add +5.2% 1.20% +0.08
MPB Mid Penn Bancorp Inc. Add +4.7% 1.00% +0.05
UTMD Utah Medical Products Inc. Add +7.1% 3.45% −0.01
CZFS Citizens Financial Services Add +1.0% 0.30% −0.02
LSBK Lake Shore Bancorp Inc. Add +1.2% 0.32% −0.02
CRD.B Crawford & Co. Class B Add +1.8% 1.85% −0.39
EML The Eastern Co. Add +3.8% 7.85% −1.25
VIRC Virco MFG Corporation Add +6.0% 6.71% −1.43

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 46$158.3MEML, TG, INFU, SIF, ESCA
Q1 2026 48$154.9MGLDD, TG, INFU, EML, ESCA
Q4 2025 57$149.7MGLDD, TG, EML, INFU, VIRC
Q3 2025 56$157.5MGLDD, TG, EML, INFU, VIRC
Q2 2025 56$152.6MGLDD, TG, EML, VIRC, ATRO
Q1 2025Amended 55$140.7MEML, TG, GLDD, VIRC, ATRO
Q4 2024 57$171.0MUSAP, GLDD, EML, TG, VIRC
Q3 2024 57$172.6MUSAP, EML, VIRC, GLDD, TG
Q2 2024 57$150.0MVIRC, USAP, EML, GLDD, ATRO
Q1 2024 59$163.3MUSAP, EML, VIRC, GLDD, TG