Minerva Advisors LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 9, 2026), Minerva Advisors LLC reported 57 stock positions worth $149.7 million. Its top holding was Great Lakes Dredge & Dock (GLDD) at 12.2% of the portfolio, followed by Tredegar (TG, 7.9%) and Eastern (EML, 7.0%). Compared with Q3 2025, it opened 2 new positions, sold out of 1, added to 10 and reduced 6. The biggest buy was Kewaunee Scientific CP (KEQU, shares +52%) and the biggest sale Astronics (ATRO, shares −48%).

Most Recent 13F
Q2 2026
Location
BALA CYNWYD, PA
CIK
0001541536
Portfolio Value
$149.7M (Q4 2025)
SEC Filing
0001420506-26-000218 ↗ filed Feb 9, 2026

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 Q3 2025 Q4 2025: $149.7M $149.7M Q4 2025 Q1 2026: $154.9M Q1 2026 Q2 2026: $158.3M Q2 2026

Holdings 57 stocks · $149.7M

GLDD Great Lakes Dredge & Dock Co. 12.18% 1,389,807 $18.2M No change
TG Tredegar Corp. 7.95% 1,657,107 $11.9M No change
EML The Eastern Co. 6.96% 529,084 $10.4M Reduce -0.2%
INFU Infusystem Holdings Inc. 6.46% 1,078,731 $9.7M Add +5.2%
VIRC Virco MFG Corporation 6.18% 1,448,198 $9.3M Add +6.3%
ESCA Escalade Inc. 5.11% 567,621 $7.7M Add +3.2%
DLHC DLH Holdings Corp. filed as DLH HLDGS CORP 4.20% 1,113,057 $6.3M Reduce -0.3%
ATRO Astronics Corp. 3.70% 102,244 $5.5M Reduce -47.6%
SSP Ew Scripps Co./the-A filed as SCRIPPS E W CO OHIO 3.69% 1,385,920 $5.5M No change
UTMD Utah Medical Products Inc. 3.50% 93,615 $5.2M Add +0.6%
NVGS Navigator Holdings Ltd. 3.48% 301,212 $5.2M No change
KEQU Kewaunee Scientific CP 3.04% 121,863 $4.6M Add +51.8%
UFI Unifi Inc. 2.86% 1,222,420 $4.3M Add +6.1%
CAC Camden National Corp. 2.60% 89,568 $3.9M No change
PBHC Pathfinder Bancorp Inc. 2.47% 262,204 $3.7M No change
CRD.B Crawford & Co. Class B 2.06% 288,178 $3.1M Reduce -0.1%
RAIL Freightcar America Inc. 1.97% 267,046 $3.0M Add +3.3%
SIF Sifco Industries 1.82% 488,984 $2.7M Add +4.7%
FSTR Foster (lb) Co. Class A 1.51% 83,965 $2.3M No change
CTGO Contango Silver & Gold Inc. 1.34% 76,147 $2.0M No change
NODK Ni Holdings Inc. filed as NI HLDGS INC 1.15% 129,900 $1.7M No change
MPB Mid Penn Bancorp Inc. 1.12% 54,177 $1.7M No change
CFG Citizens Financial Group 0.84% 21,485 $1.3M No change
EBC Eastern Bankshares Inc. 0.77% 62,576 $1.2M New
FNB FNB Corp. 0.73% 64,075 $1.1M No change
DORM Dorman Products Inc. 0.71% 8,590 $1.1M No change
UIS Unisys Corp. 0.64% 345,347 $953K No change
DGICA Donegal Group Inc. Class A 0.62% 46,490 $929K No change
THRY Thryv Holdings Inc. 0.60% 148,329 $897K Reduce -26.7%
ECBK Ecb Bancorp Inc. 0.58% 49,940 $868K No change
CZNC Citizens & Northern Corp. 0.58% 42,900 $865K No change
CPBI Central Plains Bancshares Inc. 0.56% 49,117 $831K No change
USLM United States Lime & Mineral 0.50% 6,250 $748K No change
MBBC Marathon Bancorp Inc. 0.48% 58,976 $717K No change
FRBA First Bank/Hamilton NJ 0.45% 41,143 $677K No change
FMC FMC Corp. 0.44% 48,000 $666K New
LSBK Lake Shore Bancorp Inc. 0.43% 44,259 $649K No change
HBNC Horizon Bancorp Inc. 0.40% 35,052 $594K No change
SSB Southstate Bank Corp. 0.36% 5,661 $533K No change
CLBK Columbia Financial Inc. 0.35% 33,794 $525K No change
FSFG First Savings Financial Grp 0.35% 16,221 $517K No change
KELYA Kelly Services Inc. Class A 0.34% 58,400 $514K Add +46.0%
ACNT Ascent Industries Co. 0.33% 30,415 $492K No change
NWBI Northwest Bancshares Inc. 0.30% 38,000 $456K No change
CZFS Citizens Financial Services 0.30% 7,881 $449K No change
PBBK PB Bankshares Inc. 0.29% 20,560 $435K No change
FCF First Commonwealth Finl Corp. 0.29% 25,560 $431K No change
RMBI Richmond Mutual Bancorporati 0.28% 30,224 $424K Add +0.8%
EBMT Eagle Bancorp Montana Inc. 0.28% 21,098 $420K No change
PRA Proassurance Corp. 0.28% 17,234 $416K No change
NWFL Norwood Financial Corp. 0.26% 13,681 $384K No change
CBU Community Financial System I 0.25% 6,618 $380K No change
FRME First Merchants Corp. 0.25% 9,875 $370K No change
SGA Saga Communications Inc. Class A 0.24% 31,831 $364K Reduce -86.0%
DGICB Donegal Group Inc. Class B 0.21% 17,856 $316K No change
DLX Deluxe Corp. 0.21% 13,900 $310K No change
ASRV Ameriserv Financial Inc. 0.12% 58,200 $186K No change

Portfolio Sells Q3 2025 → Q4 2025

ATRO Astronics Corp. Reduce -47.6% 3.70% −1.95
SGA Saga Communications Inc. Class A Reduce -86.0% 0.24% −1.55
THRY Thryv Holdings Inc. Reduce -26.7% 0.60% −0.95
EML The Eastern Co. Reduce -0.2% 6.96% −0.94
HONE Harborone Bancorp Inc. Sold out 0.00% −0.76
DLHC DLH Holdings Corp. Reduce -0.3% 4.20% +0.19
CRD.B Crawford & Co. Class B Reduce -0.1% 2.06% +0.27

Portfolio Buys Q3 2025 → Q4 2025

KEQU Kewaunee Scientific CP Add +51.8% 3.04% +0.87
EBC Eastern Bankshares Inc. New 0.77% +0.77
ESCA Escalade Inc. Add +3.2% 5.11% +0.72
FMC FMC Corp. New 0.44% +0.44
RAIL Freightcar America Inc. Add +3.3% 1.97% +0.37
RMBI Richmond Mutual Bancorporati Add +0.8% 0.28% +0.01
KELYA Kelly Services Inc. Class A Add +46.0% 0.34% +0.01
UTMD Utah Medical Products Inc. Add +0.6% 3.50% −0.22
SIF Sifco Industries Add +4.7% 1.82% −0.27
INFU Infusystem Holdings Inc. Add +5.2% 6.46% −0.29
VIRC Virco MFG Corporation Add +6.3% 6.18% −0.53
UFI Unifi Inc. Add +6.1% 2.86% −0.63

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