Minerva Advisors LLC

13F filer · CIK 0001541536

Reported Aug 12, 2026

Net seller this quarter

13F portfolio value$158MU.S. long equity reported on 13F

Positions450 new · 2 closed

Net flow last quarter-$16.6MBuys minus sells

Top 10 positions weight60.7%Concentration

Holdings

13F · last 4 quarters free

Scroll for earlier quarters

Company	Value	% of portfolio	% of company	POSITION CHANGE qoq %	First reported
Q2 2026Reported Aug 12, 202645 positions
EMLEastern Co	$15.2M	9.61%	9.06%	Not reported	Q2 2013
TGTredegar Corp	$13.3M	8.38%	4.77%	Not reported	Q4 2014
INFUInfuSystem Holdings, Inc	$13M	8.22%	6.77%	+12.0%	Q2 2013
SIFSifco Industries Inc	$10.7M	6.74%	7.29%	-5.2%	Q2 2013
ESCAEscalade Inc	$10.7M	6.73%	4.12%	-0.1%	Q2 2013
VIRCVirco MFG Corporation	$9.43M	5.96%	9.76%	+1.2%	Q2 2013
UTMDUtah Medical Products Inc	$6.46M	4.08%	2.94%	Not reported	Q2 2024
UFIUnifi Inc	$5.98M	3.78%	6.77%	0.0%	Q1 2023
DLHCDLH Holdings Corp.	$5.86M	3.70%	7.70%	+0.3%	Q1 2019
NVGSNavigator Holdings Ltd.	$5.52M	3.49%	0.48%	Not reported	Q1 2014
KEQUKewaunee Scientific Corp	$5.31M	3.35%	5.21%	+9.3%	Q3 2019
SSPE.W. SCRIPPS Co	$5.08M	3.21%	Not reported	+20.1%	Q2 2013
CACCamden National Corp	$4.86M	3.07%	0.53%	Not reported	Q2 2013
ATROAstronics Corp	$4.47M	2.83%	0.14%	-37.6%	Q2 2013
PBHCPathfinder Bancorp, Inc.	$4.16M	2.63%	5.53%	Not reported	Q2 2013
RAILFreightCar America, Inc.	$3.69M	2.33%	1.16%	+11.1%	Q2 2019
KELYAKelly Services Inc	$3.11M	1.96%	Not reported	+26.7%	Q2 2025
FSTRFoster L B Co	$3.07M	1.94%	0.65%	-19.1%	Q2 2013
CRD.BCrawford & Co	$3.01M	1.90%	Not reported	Not reported	Q3 2022
NODKNI Holdings, Inc.	$2.04M	1.29%	0.64%	Not reported	Q1 2017
CLBKColumbia Financial, Inc.	$1.89M	1.20%	0.09%	+164.2%	Q4 2018
MPBMid Penn Bancorp Inc	$1.89M	1.19%	0.21%	Not reported	Q3 2018
CFGCitizens Financial Group Inc	$1.51M	0.95%	0.01%	Not reported	Q2 2022
EBCEastern Bankshares, Inc.	$1.39M	0.88%	0.03%	Not reported	Q4 2025
UISUnisys Corp	$1.26M	0.80%	0.47%	Not reported	Q4 2023
FNBFNB Corp	$1.22M	0.77%	0.02%	Not reported	Q1 2014
FRMEFirst Merchants Corp	$1.03M	0.65%	0.04%	Not reported	Q1 2014
ECBKECB Bancorp, Inc.	$1M	0.63%	0.57%	Not reported	Q3 2023
CZNCCitizens & Northern Corp	$1M	0.63%	0.24%	Not reported	Q2 2013
CTGOContango Silver & Gold Inc.	$942K	0.60%	0.18%	Not reported	Q4 2021
CPBICentral Plains Bancshares, Inc.	$935K	0.59%	1.17%	Not reported	Q4 2023
NWFLNorwood Financial Corp	$919K	0.58%	0.26%	Not reported	Q2 2013
FMCFMC Corp	$897K	0.57%	0.06%	+62.5%	Q4 2025
DGICADonegal Group Inc	$877K	0.55%	Not reported	Not reported	Q2 2013
MBBCMarathon Bancorp, Inc.	$852K	0.54%	1.85%	-5.5%	Q2 2025
LSBKLake Shore Bancorp, Inc.	$788K	0.50%	0.56%	Not reported	Q2 2013
HBNCHorizon Bancorp Inc	$700K	0.44%	0.07%	Not reported	Q3 2015
NWBINorthwest Bancshares, Inc.	$576K	0.36%	0.03%	Not reported	Q2 2013
THRYThryv Holdings, Inc.	$569K	0.36%	0.32%	Not reported	Q4 2020
FCFFirst Commonwealth Financial Corp	$520K	0.33%	0.03%	Not reported	Q1 2023
EBMTEagle Bancorp Montana, Inc.	$505K	0.32%	0.26%	Not reported	Q2 2013
RMBIRichmond Mutual Bancorporation, Inc.	$480K	0.30%	0.29%	Not reported	Q3 2019
DGICBDonegal Group Inc	$389K	0.25%	Not reported	Not reported	Q2 2013
DLXDeluxe Corp	$332K	0.21%	0.03%	Not reported	Q2 2013
ASRVAmeriserv Financial Inc	$226K	0.14%	0.34%	Not reported	Q2 2013
Q1 2026Reported May 12, 202647 positions
GLDDGreat Lakes Dredge & Dock Corporation	$17.5M	11.30%	1.54%	-25.9%	Q2 2013
TGTredegar Corp	$13.2M	8.55%	4.76%	+0.5%	Q4 2014
INFUInfuSystem Holdings, Inc	$11.1M	7.17%	5.97%	+11.6%	Q2 2013
EMLEastern Co	$11.1M	7.14%	9.04%	+3.3%	Q2 2013
ESCAEscalade Inc	$9.75M	6.29%	4.12%	Not reported	Q2 2013
VIRCVirco MFG Corporation	$9.29M	5.99%	9.63%	+4.8%	Q2 2013
DLHCDLH Holdings Corp.	$6.48M	4.18%	7.68%	0.0%	Q1 2019
SIFSifco Industries Inc	$6.4M	4.13%	7.69%	-1.7%	Q2 2013
UTMDUtah Medical Products Inc	$5.8M	3.75%	2.94%	Not reported	Q2 2024
NVGSNavigator Holdings Ltd.	$5.73M	3.70%	0.45%	-1.7%	Q1 2014
SSPE.W. SCRIPPS Co	$5.68M	3.67%	Not reported	+10.1%	Q2 2013
ATROAstronics Corp	$4.69M	3.03%	0.22%	-31.2%	Q2 2013
KEQUKewaunee Scientific Corp	$4.68M	3.02%	4.77%	+12.2%	Q3 2019
UFIUnifi Inc	$4.49M	2.90%	6.77%	+3.0%	Q1 2023
CACCamden National Corp	$4.25M	2.74%	0.53%	Not reported	Q2 2013
PBHCPathfinder Bancorp, Inc.	$3.35M	2.16%	5.53%	Not reported	Q2 2013
CRD.BCrawford & Co	$2.92M	1.89%	Not reported	Not reported	Q3 2022
RAILFreightCar America, Inc.	$2.72M	1.75%	1.79%	+27.7%	Q2 2019
FSTRFoster L B Co	$2.34M	1.51%	0.81%	Not reported	Q2 2013
KELYAKelly Services Inc	$1.77M	1.14%	Not reported	+242.1%	Q2 2025
MPBMid Penn Bancorp Inc	$1.74M	1.12%	0.21%	Not reported	Q3 2018
NODKNI Holdings, Inc.	$1.67M	1.08%	0.63%	Not reported	Q1 2017
CFGCitizens Financial Group Inc	$1.29M	0.83%	0.01%	Not reported	Q2 2022
EBCEastern Bankshares, Inc.	$1.22M	0.79%	0.03%	Not reported	Q4 2025
CTGOContango Silver & Gold Inc.	$1.12M	0.72%	0.20%	-21.7%	Q4 2021
FNBFNB Corp	$1.07M	0.69%	0.02%	Not reported	Q1 2014
CZNCCitizens & Northern Corp	$958K	0.62%	0.24%	Not reported	Q2 2013
FRMEFirst Merchants Corp	$916K	0.59%	0.04%	+139.6%	Q1 2014
NWFLNorwood Financial Corp	$841K	0.54%	0.26%	+108.9%	Q2 2013
CPBICentral Plains Bancshares, Inc.	$840K	0.54%	1.17%	Not reported	Q4 2023
ECBKECB Bancorp, Inc.	$835K	0.54%	0.57%	Not reported	Q3 2023
FMCFMC Corp	$827K	0.53%	0.04%	Not reported	Q4 2025
DGICADonegal Group Inc	$799K	0.52%	Not reported	Not reported	Q2 2013
MBBCMarathon Bancorp, Inc.	$798K	0.52%	2.00%	Not reported	Q2 2025
UISUnisys Corp	$715K	0.46%	0.47%	Not reported	Q4 2023
LSBKLake Shore Bancorp, Inc.	$672K	0.43%	0.56%	Not reported	Q2 2013
CLBKColumbia Financial, Inc.	$592K	0.38%	33794.00%	Not reported	Q4 2018
HBNCHorizon Bancorp Inc	$581K	0.37%	0.07%	Not reported	Q3 2015
NWBINorthwest Bancshares, Inc.	$482K	0.31%	0.03%	Not reported	Q2 2013
FCFFirst Commonwealth Financial Corp	$449K	0.29%	0.03%	Not reported	Q1 2023
EBMTEagle Bancorp Montana, Inc.	$434K	0.28%	0.26%	Not reported	Q2 2013
PRAProassurance Corp	$426K	0.28%	0.03%	Not reported	Q2 2013
RMBIRichmond Mutual Bancorporation, Inc.	$410K	0.26%	0.29%	Not reported	Q3 2019
THRYThryv Holdings, Inc.	$395K	0.26%	0.33%	-2.7%	Q4 2020
DLXDeluxe Corp	$383K	0.25%	0.03%	Not reported	Q2 2013
DGICBDonegal Group Inc	$316K	0.20%	Not reported	Not reported	Q2 2013
ASRVAmeriserv Financial Inc	$211K	0.14%	0.34%	Not reported	Q2 2013
Q4 2025Reported Feb 9, 202656 positions
GLDDGreat Lakes Dredge & Dock Corporation	$18.2M	12.18%	2.08%	Not reported	Q2 2013
TGTredegar Corp	$11.9M	7.95%	4.77%	Not reported	Q4 2014
EMLEastern Co	$10.4M	6.96%	8.72%	-0.2%	Q2 2013
INFUInfuSystem Holdings, Inc	$9.68M	6.46%	5.34%	+5.2%	Q2 2013
VIRCVirco MFG Corporation	$9.25M	6.18%	9.19%	+6.3%	Q2 2013
ESCAEscalade Inc	$7.66M	5.11%	4.14%	+3.2%	Q2 2013
DLHCDLH Holdings Corp.	$6.29M	4.20%	7.68%	-0.3%	Q1 2019
ATROAstronics Corp	$5.55M	3.70%	0.32%	-47.6%	Q2 2013
SSPE.W. SCRIPPS Co	$5.53M	3.69%	Not reported	Not reported	Q2 2013
UTMDUtah Medical Products Inc	$5.24M	3.50%	2.94%	+0.6%	Q2 2024
NVGSNavigator Holdings Ltd.	$5.22M	3.48%	0.46%	Not reported	Q1 2014
KEQUKewaunee Scientific Corp	$4.56M	3.05%	4.25%	+51.8%	Q3 2019
UFIUnifi Inc	$4.28M	2.86%	6.58%	+6.1%	Q1 2023
CACCamden National Corp	$3.89M	2.60%	0.53%	Not reported	Q2 2013
PBHCPathfinder Bancorp, Inc.	$3.7M	2.47%	5.53%	Not reported	Q2 2013
CRD.BCrawford & Co	$3.09M	2.06%	Not reported	-0.1%	Q3 2022
RAILFreightCar America, Inc.	$2.96M	1.97%	1.40%	+3.3%	Q2 2019
SIFSifco Industries Inc	$2.73M	1.82%	7.87%	+4.7%	Q2 2013
FSTRFoster L B Co	$2.26M	1.51%	0.83%	Not reported	Q2 2013
CTGOContango Silver & Gold Inc.	$2.01M	1.34%	0.51%	Not reported	Q4 2021
NODKNI Holdings, Inc.	$1.73M	1.15%	0.63%	Not reported	Q1 2017
MPBMid Penn Bancorp Inc	$1.68M	1.12%	0.24%	Not reported	Q3 2018
CFGCitizens Financial Group Inc	$1.25M	0.84%	0.01%	Not reported	Q2 2022
EBCEastern Bankshares, Inc.	$1.15M	0.77%	0.03%	New	Q4 2025
FNBFNB Corp	$1.1M	0.73%	0.02%	Not reported	Q1 2014
DORMDorman Products, Inc.	$1.06M	0.71%	0.03%	Not reported	Q2 2013
UISUnisys Corp	$953K	0.64%	0.48%	Not reported	Q4 2023
DGICADonegal Group Inc	$929K	0.62%	Not reported	Not reported	Q2 2013
THRYThryv Holdings, Inc.	$897K	0.60%	0.34%	-26.7%	Q4 2020
ECBKECB Bancorp, Inc.	$868K	0.58%	0.57%	Not reported	Q3 2023
CZNCCitizens & Northern Corp	$865K	0.58%	0.24%	Not reported	Q2 2013
CPBICentral Plains Bancshares, Inc.	$831K	0.56%	1.17%	Not reported	Q4 2023
USLMUnited States Lime & Minerals Inc	$748K	0.50%	0.02%	Not reported	Q2 2013
MBBCMarathon Bancorp, Inc.	$717K	0.48%	2.01%	Not reported	Q2 2025
FMCFMC Corp	$666K	0.44%	0.04%	New	Q4 2025
LSBKLake Shore Bancorp, Inc.	$649K	0.43%	0.56%	Not reported	Q2 2013
HBNCHorizon Bancorp Inc	$594K	0.40%	0.07%	Not reported	Q3 2015
SSBSouthState Bank Corp	$533K	0.36%	0.01%	Not reported	Q2 2020
CLBKColumbia Financial, Inc.	$525K	0.35%	0.03%	Not reported	Q4 2018
FSFGFirst Savings Financial Group, Inc.	$517K	0.35%	0.23%	Not reported	Q2 2022
KELYAKelly Services Inc	$514K	0.34%	Not reported	+46.0%	Q2 2025
ACNTAscent Industries Co.	$492K	0.33%	0.32%	Not reported	Q4 2015
NWBINorthwest Bancshares, Inc.	$456K	0.30%	0.03%	Not reported	Q2 2013
CZFSCitizens Financial Services Inc	$449K	0.30%	0.16%	Not reported	Q2 2023
PBBKPB Bankshares, Inc	$435K	0.29%	0.81%	Not reported	Q4 2023
FCFFirst Commonwealth Financial Corp	$431K	0.29%	0.02%	Not reported	Q1 2023
RMBIRichmond Mutual Bancorporation, Inc.	$424K	0.28%	0.29%	+0.8%	Q3 2019
EBMTEagle Bancorp Montana, Inc.	$420K	0.28%	0.27%	Not reported	Q2 2013
PRAProassurance Corp	$416K	0.28%	0.03%	Not reported	Q2 2013
NWFLNorwood Financial Corp	$384K	0.26%	0.15%	Not reported	Q2 2013

Q3 2025Reported Nov 12, 202555 positions
GLDDGreat Lakes Dredge & Dock Corporation	$16.7M	10.58%	2.08%	Not reported	Q2 2013
TGTredegar Corp	$13.3M	8.45%	4.75%	Not reported	Q4 2014
EMLEastern Co	$12.4M	7.90%	8.73%	+1.0%	Q2 2013
INFUInfuSystem Holdings, Inc	$10.6M	6.75%	5.05%	+3.1%	Q2 2013
VIRCVirco MFG Corporation	$10.6M	6.71%	8.64%	+6.2%	Q2 2013
ATROAstronics Corp	$8.9M	5.65%	0.60%	-23.8%	Q2 2013
ESCAEscalade Inc	$6.92M	4.39%	4.02%	+2.3%	Q2 2013
DLHCDLH Holdings Corp.	$6.31M	4.01%	7.71%	+0.6%	Q1 2019
UTMDUtah Medical Products Inc	$5.86M	3.72%	2.90%	Not reported	Q2 2024
UFIUnifi Inc	$5.49M	3.48%	6.28%	+6.2%	Q1 2023
NVGSNavigator Holdings Ltd.	$4.67M	2.96%	0.45%	Not reported	Q1 2014
PBHCPathfinder Bancorp, Inc.	$4.11M	2.61%	5.53%	Not reported	Q2 2013
CACCamden National Corp	$3.46M	2.20%	0.53%	Not reported	Q2 2013
KEQUKewaunee Scientific Corp	$3.42M	2.17%	2.80%	+3.7%	Q3 2019
SSPE.W. SCRIPPS Co	$3.41M	2.17%	Not reported	+10.0%	Q2 2013
SIFSifco Industries Inc	$3.29M	2.09%	7.56%	Not reported	Q2 2013
SGASaga Communications Inc	$2.82M	1.79%	3.52%	Not reported	Q3 2014
CRD.BCrawford & Co	$2.82M	1.79%	Not reported	+2.4%	Q3 2022
RAILFreightCar America, Inc.	$2.53M	1.61%	1.36%	+18.1%	Q2 2019
THRYThryv Holdings, Inc.	$2.44M	1.55%	0.46%	Not reported	Q4 2020
FSTRFoster L B Co	$2.26M	1.44%	0.82%	Not reported	Q2 2013
CTGOContango Silver & Gold Inc.	$1.9M	1.21%	0.51%	Not reported	Q4 2021
NODKNI Holdings, Inc.	$1.76M	1.12%	0.63%	Not reported	Q1 2017
MPBMid Penn Bancorp Inc	$1.55M	0.99%	0.24%	Not reported	Q3 2018
UISUnisys Corp	$1.35M	0.86%	0.48%	Not reported	Q4 2023
DORMDorman Products, Inc.	$1.34M	0.85%	0.03%	Not reported	Q2 2013
HONEHarborOne Bancorp, Inc.	$1.2M	0.76%	0.20%	Not reported	Q1 2024
CFGCitizens Financial Group Inc	$1.14M	0.73%	0.01%	-8.9%	Q2 2022
FNBFNB Corp	$1.03M	0.66%	0.02%	Not reported	Q1 2014
DGICADonegal Group Inc	$901K	0.57%	Not reported	Not reported	Q2 2013
CZNCCitizens & Northern Corp	$850K	0.54%	0.28%	Not reported	Q2 2013
USLMUnited States Lime & Minerals Inc	$822K	0.52%	0.02%	Not reported	Q2 2013
CPBICentral Plains Bancshares, Inc.	$801K	0.51%	1.16%	Not reported	Q4 2023
ECBKECB Bancorp, Inc.	$793K	0.50%	0.57%	Not reported	Q3 2023
MBBCMarathon Bancorp, Inc.	$615K	0.39%	2.01%	+7.8%	Q2 2025
LSBKLake Shore Bancorp, Inc.	$575K	0.37%	0.57%	+7.3%	Q2 2013
HBNCHorizon Bancorp Inc	$561K	0.36%	0.08%	Not reported	Q3 2015
SSBSouthState Bank Corp	$560K	0.36%	0.01%	Not reported	Q2 2020
KELYAKelly Services Inc	$525K	0.33%	Not reported	Not reported	Q2 2025
FSFGFirst Savings Financial Group, Inc.	$510K	0.32%	0.23%	Not reported	Q2 2022
CLBKColumbia Financial, Inc.	$507K	0.32%	Not reported	Not reported	Q4 2018
CZFSCitizens Financial Services Inc	$475K	0.30%	0.16%	Not reported	Q2 2023
NWBINorthwest Bancshares, Inc.	$471K	0.30%	0.03%	Not reported	Q2 2013
FCFFirst Commonwealth Financial Corp	$436K	0.28%	0.02%	Not reported	Q1 2023
RMBIRichmond Mutual Bancorporation, Inc.	$426K	0.27%	0.29%	Not reported	Q3 2019
PRAProassurance Corp	$413K	0.26%	0.03%	Not reported	Q2 2013
PBBKPB Bankshares, Inc	$394K	0.25%	0.81%	Not reported	Q4 2023
ACNTAscent Industries Co.	$392K	0.25%	0.32%	Not reported	Q4 2015
CBUCommunity Financial System, Inc.	$388K	0.25%	0.01%	Not reported	Q2 2013
FRMEFirst Merchants Corp	$372K	0.24%	0.02%	Not reported	Q1 2014

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