Minerva Advisors LLC

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 12, 2026), Minerva Advisors LLC reported 48 stock positions worth $154.9 million. Its top holding was Great Lakes Dredge & Dock (GLDD) at 11.3% of the portfolio, followed by Tredegar (TG, 8.5%) and Infusystem (INFU, 7.2%). Compared with Q4 2025, it sold out of 9, added to 11 and reduced 7. The biggest buy was Kelly Services Class A (KELYA, shares +242%) and the biggest sale Great Lakes Dredge & Dock (GLDD, shares −26%).

Most Recent 13F
Q2 2026
Location
BALA CYNWYD, PA
CIK
0001541536
Portfolio Value
$154.9M (Q1 2026)
SEC Filing
0001420506-26-000931 ↗ filed May 12, 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 Q4 2025 Q1 2026: $154.9M $154.9M Q1 2026 Q2 2026: $158.3M Q2 2026

Holdings 48 stocks · $154.9M

GLDD Great Lakes Dredge & Dock Co. 11.30% 1,029,703 $17.5M Reduce -25.9%
TG Tredegar Corp. 8.55% 1,665,607 $13.2M Add +0.5%
INFU Infusystem Holdings Inc. 7.17% 1,204,105 $11.1M Add +11.6%
EML The Eastern Co. 7.14% 546,402 $11.1M Add +3.3%
ESCA Escalade Inc. 6.29% 567,621 $9.7M No change
VIRC Virco MFG Corporation 5.99% 1,517,452 $9.3M Add +4.8%
DLHC DLH Holdings Corp. filed as DLH HLDGS CORP 4.18% 1,113,037 $6.5M Reduce 0.0%
SIF Sifco Industries 4.13% 480,650 $6.4M Reduce -1.7%
UTMD Utah Medical Products Inc. 3.75% 93,615 $5.8M No change
NVGS Navigator Holdings Ltd. 3.70% 296,212 $5.7M Reduce -1.7%
SSP Ew Scripps Co./the-A filed as SCRIPPS E W CO OHIO 3.67% 1,526,490 $5.7M Add +10.1%
ATRO Astronics Corp. 3.03% 70,340 $4.7M Reduce -31.2%
KEQU Kewaunee Scientific CP 3.02% 136,705 $4.7M Add +12.2%
UFI Unifi Inc. 2.90% 1,258,626 $4.5M Add +3.0%
CAC Camden National Corp. 2.74% 89,568 $4.3M No change
PBHC Pathfinder Bancorp Inc. 2.16% 262,204 $3.3M No change
CRD.B Crawford & Co. Class B 1.89% 288,178 $2.9M No change
RAIL Freightcar America Inc. 1.75% 341,023 $2.7M Add +27.7%
FSTR Foster (lb) Co. Class A 1.51% 83,965 $2.3M No change
KELYA Kelly Services Inc. Class A 1.14% 199,796 $1.8M Add +242.1%
MPB Mid Penn Bancorp Inc. 1.12% 54,177 $1.7M No change
NODK Ni Holdings Inc. filed as NI HLDGS INC 1.08% 129,900 $1.7M No change
CFG Citizens Financial Group 0.83% 21,485 $1.3M No change
EBC Eastern Bankshares Inc. 0.79% 62,576 $1.2M No change
CTGO Contango Silver & Gold Inc. 0.72% 59,647 $1.1M Reduce -21.7%
FNB FNB Corp. 0.69% 64,075 $1.1M No change
CZNC Citizens & Northern Corp. 0.62% 42,900 $958K No change
FRME First Merchants Corp. 0.59% 23,662 $916K Add +139.6%
NWFL Norwood Financial Corp. 0.54% 28,580 $841K Add +108.9%
CPBI Central Plains Bancshares Inc. 0.54% 49,117 $840K No change
ECBK Ecb Bancorp Inc. 0.54% 49,940 $835K No change
FMC FMC Corp. 0.53% 48,000 $827K No change
DGICA Donegal Group Inc. Class A 0.52% 46,490 $799K No change
MBBC Marathon Bancorp Inc. 0.52% 58,976 $798K No change
UIS Unisys Corp. 0.46% 345,347 $715K No change
LSBK Lake Shore Bancorp Inc. 0.43% 44,259 $672K No change
FRBA First Bank/Hamilton NJ 0.42% 41,143 $658K No change
CLBK Columbia Financial Inc. 0.38% 33,794 $592K No change
HBNC Horizon Bancorp Inc. 0.37% 35,052 $581K No change
NWBI Northwest Bancshares Inc. 0.31% 38,000 $482K No change
FCF First Commonwealth Finl Corp. 0.29% 25,560 $449K No change
EBMT Eagle Bancorp Montana Inc. 0.28% 21,098 $434K No change
PRA Proassurance Corp. 0.28% 17,234 $426K No change
RMBI Richmond Mutual Bancorporati 0.26% 30,224 $410K No change
THRY Thryv Holdings Inc. 0.26% 144,329 $395K Reduce -2.7%
DLX Deluxe Corp. 0.25% 13,900 $383K No change
DGICB Donegal Group Inc. Class B 0.20% 17,856 $316K No change
ASRV Ameriserv Financial Inc. 0.14% 58,200 $211K No change

Portfolio Sells Q4 2025 → Q1 2026

GLDD Great Lakes Dredge & Dock Co. Reduce -25.9% 11.30% −0.88
DORM Dorman Products Inc. Sold out 0.00% −0.71
ATRO Astronics Corp. Reduce -31.2% 3.03% −0.67
CTGO Contango Silver & Gold Inc. Reduce -21.7% 0.72% −0.62
USLM United States Lime & Mineral Sold out 0.00% −0.50
SSB Southstate Bank Corp. Sold out 0.00% −0.36
FSFG First Savings Financial Grp Sold out 0.00% −0.35
THRY Thryv Holdings Inc. Reduce -2.7% 0.26% −0.34
ACNT Ascent Industries Co. Sold out 0.00% −0.33
CZFS Citizens Financial Services Sold out 0.00% −0.30
PBBK PB Bankshares Inc. Sold out 0.00% −0.29
CBU Community Financial System I Sold out 0.00% −0.25
SGA Saga Communications Inc. Class A Sold out 0.00% −0.24
DLHC DLH Holdings Corp. Reduce 0.0% 4.18% −0.02
NVGS Navigator Holdings Ltd. Reduce -1.7% 3.70% +0.21
SIF Sifco Industries Reduce -1.7% 4.13% +2.31

Portfolio Buys Q4 2025 → Q1 2026

KELYA Kelly Services Inc. Class A Add +242.1% 1.14% +0.80
INFU Infusystem Holdings Inc. Add +11.6% 7.17% +0.71
TG Tredegar Corp. Add +0.5% 8.55% +0.60
FRME First Merchants Corp. Add +139.6% 0.59% +0.34
NWFL Norwood Financial Corp. Add +108.9% 0.54% +0.29
EML The Eastern Co. Add +3.3% 7.14% +0.18
UFI Unifi Inc. Add +3.0% 2.90% +0.04
KEQU Kewaunee Scientific CP Add +12.2% 3.02% −0.02
SSP Ew Scripps Co./the-A Add +10.1% 3.67% −0.03
VIRC Virco MFG Corporation Add +4.8% 5.99% −0.19
RAIL Freightcar America Inc. Add +27.7% 1.75% −0.22

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