Minerva Advisors LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Minerva Advisors LLC reported 56 stock positions worth $157.5 million. Its top holding was Great Lakes Dredge & Dock (GLDD) at 10.6% of the portfolio, followed by Tredegar (TG, 8.5%) and Eastern (EML, 7.9%). Compared with Q2 2025, it opened 1 new position, sold out of 1, added to 11 and reduced 2. The biggest buy was Infusystem (INFU, shares +3%) and the biggest sale an exit from Lake Shore Bancorp (LSBK).

Most Recent 13F
Q2 2026
Location
BALA CYNWYD, PA
CIK
0001541536
Portfolio Value
$157.5M (Q3 2025)
SEC Filing
0001420506-25-003135 ↗ filed Nov 12, 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 Q2 2025 Q3 2025: $157.5M $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 · $157.5M

GLDD Great Lakes Dredge & Dock Co. 10.58% 1,389,807 $16.7M No change
TG Tredegar Corp. 8.45% 1,657,107 $13.3M No change
EML The Eastern Co. 7.90% 530,053 $12.4M Add +0.9%
INFU Infusystem Holdings Inc. 6.75% 1,025,789 $10.6M Add +3.1%
VIRC Virco MFG Corporation 6.71% 1,362,502 $10.6M Add +6.2%
ATRO Astronics Corp. 5.65% 195,041 $8.9M Reduce -23.8%
ESCA Escalade Inc. 4.39% 550,192 $6.9M Add +2.3%
DLHC DLH Holdings Corp. filed as DLH HLDGS CORP 4.01% 1,116,802 $6.3M Add +0.6%
UTMD Utah Medical Products Inc. 3.72% 93,058 $5.9M No change
UFI Unifi Inc. 3.48% 1,152,481 $5.5M Add +6.2%
NVGS Navigator Holdings Ltd. 2.96% 301,212 $4.7M No change
PBHC Pathfinder Bancorp Inc. 2.61% 262,204 $4.1M No change
CAC Camden National Corp. 2.20% 89,568 $3.5M No change
KEQU Kewaunee Scientific CP 2.17% 80,274 $3.4M Add +3.7%
SSP Ew Scripps Co./the-A filed as SCRIPPS E W CO OHIO 2.17% 1,385,920 $3.4M Add +10.0%
SIF Sifco Industries 2.09% 466,901 $3.3M No change
SGA Saga Communications Inc. Class A 1.79% 226,688 $2.8M No change
CRD.B Crawford & Co. Class B 1.79% 288,334 $2.8M Add +2.4%
RAIL Freightcar America Inc. 1.61% 258,546 $2.5M Add +18.1%
THRY Thryv Holdings Inc. 1.55% 202,329 $2.4M No change
FSTR Foster (lb) Co. Class A 1.44% 83,965 $2.3M No change
CTGO Contango Silver & Gold Inc. 1.21% 76,147 $1.9M No change
NODK Ni Holdings Inc. filed as NI HLDGS INC 1.12% 129,900 $1.8M No change
MPB Mid Penn Bancorp Inc. 0.99% 54,177 $1.6M No change
UIS Unisys Corp. 0.86% 345,347 $1.3M No change
DORM Dorman Products Inc. 0.85% 8,590 $1.3M No change
HONE Harborone Bancorp Inc. 0.76% 88,414 $1.2M No change
CFG Citizens Financial Group 0.73% 21,485 $1.1M Reduce -8.9%
FNB FNB Corp. 0.66% 64,075 $1.0M No change
DGICA Donegal Group Inc. Class A 0.57% 46,490 $901K No change
CZNC Citizens & Northern Corp. 0.54% 42,900 $850K No change
USLM United States Lime & Mineral 0.52% 6,250 $822K No change
CPBI Central Plains Bancshares Inc. 0.51% 49,117 $801K No change
ECBK Ecb Bancorp Inc. 0.50% 49,940 $793K No change
FRBA First Bank/Hamilton NJ 0.43% 41,143 $670K No change
MBBC Marathon Bancorp Inc. 0.39% 58,976 $615K Add +7.8%
LSBK Lake Shore Bancorp Inc. 0.37% 44,259 $575K New
HBNC Horizon Bancorp Inc. 0.36% 35,052 $561K No change
SSB Southstate Bank Corp. 0.36% 5,661 $560K No change
KELYA Kelly Services Inc. Class A 0.33% 40,000 $525K No change
FSFG First Savings Financial Grp 0.32% 16,221 $510K No change
CLBK Columbia Financial Inc. 0.32% 33,794 $507K No change
CZFS Citizens Financial Services 0.30% 7,881 $475K No change
NWBI Northwest Bancshares Inc. 0.30% 38,000 $471K No change
FCF First Commonwealth Finl Corp. 0.28% 25,560 $436K No change
RMBI Richmond Mutual Bancorporati 0.27% 30,000 $426K No change
PRA Proassurance Corp. 0.26% 17,234 $413K No change
PBBK PB Bankshares Inc. 0.25% 20,560 $394K No change
ACNT Ascent Industries Co. 0.25% 30,415 $392K No change
CBU Community Financial System I 0.25% 6,618 $388K No change
FRME First Merchants Corp. 0.24% 9,875 $372K No change
EBMT Eagle Bancorp Montana Inc. 0.23% 21,098 $364K No change
NWFL Norwood Financial Corp. 0.22% 13,681 $348K No change
DGICB Donegal Group Inc. Class B 0.18% 17,856 $286K No change
DLX Deluxe Corp. 0.17% 13,900 $269K No change
ASRV Ameriserv Financial Inc. 0.11% 58,200 $169K No change

Portfolio Sells Q2 2025 → Q3 2025

LSBK Lake Shore Bancorp Inc. Sold out 0.00% −0.32
CFG Citizens Financial Group Reduce -8.9% 0.73% +0.03
ATRO Astronics Corp. Reduce -23.8% 5.65% +0.04

Portfolio Buys Q2 2025 → Q3 2025

INFU Infusystem Holdings Inc. Add +3.1% 6.75% +2.70
RAIL Freightcar America Inc. Add +18.1% 1.61% +0.37
LSBK Lake Shore Bancorp Inc. New 0.37% +0.37
EML The Eastern Co. Add +0.9% 7.90% +0.05
MBBC Marathon Bancorp Inc. Add +7.8% 0.39% +0.03
VIRC Virco MFG Corporation Add +6.2% 6.71% −0.01
CRD.B Crawford & Co. Class B Add +2.4% 1.79% −0.06
DLHC DLH Holdings Corp. Add +0.6% 4.01% −0.21
UFI Unifi Inc. Add +6.2% 3.48% −0.23
SSP Ew Scripps Co./the-A Add +10.0% 2.17% −0.25
ESCA Escalade Inc. Add +2.3% 4.39% −0.51
KEQU Kewaunee Scientific CP Add +3.7% 2.17% −0.78

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