Q3 2025 · 13F-HR
Minerva Advisors LLCholdings as filed
Filed 2025-11-12 · accession 0001420506-25-003135
$157.5M
Reported value
56
Positions
2025-09-30
Period end
The Brief · Minerva Advisors LLC · Q3 2025
AI · grounded in 13F
Minerva Advisors LLC established a new position in Great Lakes Dredge & Dock Co GLDD valued at $16.66M. The fund also initiated new stakes in Tredegar Corp TG for $13.31M and Eastern Co EML for $12.44M. Additional new positions include Infusystem Hldgs Inc INFU and Virco Mfg Co VIRC.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 390607109 | GLDD | GREAT LAKES DREDGE & DOCK CO | $16.7M | 10.6% | 1,389,807 | Common | SOLE |
| 894650100 | TG | TREDEGAR CORP | $13.3M | 8.45% | 1,657,107 | Common | SOLE |
| 276317104 | EML | EASTERN CO | $12.4M | 7.90% | 530,053 | Common | SOLE |
| 45685K102 | INFU | INFUSYSTEM HLDGS INC | $10.6M | 6.75% | 1,025,789 | Common | SOLE |
| 927651109 | VIRC | VIRCO MFG CO | $10.6M | 6.71% | 1,362,502 | Common | SOLE |
| 046433108 | ATRO | ASTRONICS CORP | $8.9M | 5.65% | 195,041 | Common | SOLE |
| 296056104 | ESCA | ESCALADE INC | $6.9M | 4.39% | 550,192 | Common | SOLE |
| 23335Q100 | DLHC | DLH HLDGS CORP | $6.3M | 4.01% | 1,116,802 | Common | SOLE |
| 917488108 | UTMD | UTAH MED PRODS INC | $5.9M | 3.72% | 93,058 | Common | SOLE |
| 904677200 | UFI | UNIFI INC | $5.5M | 3.48% | 1,152,481 | Common | SOLE |
| Y62132108 | NVGS | NAVIGATOR HLDGS LTD | $4.7M | 2.96% | 301,212 | Common | SOLE |
| 70319R109 | PBHC | PATHFINDER BANCORP INC MD | $4.1M | 2.61% | 262,204 | Common | SOLE |
| 133034108 | CAC | CAMDEN NATL CORP | $3.5M | 2.20% | 89,568 | Common | SOLE |
| 492854104 | KEQU | KEWAUNEE SCIENTIFIC CORP | $3.4M | 2.17% | 80,274 | Common | SOLE |
| 811054402 | SSP | SCRIPPS E W CO OHIO | $3.4M | 2.17% | 1,385,920 | Common | SOLE |
| 826546103 | SIF | SIFCO INDS INC | $3.3M | 2.09% | 466,901 | Common | SOLE |
| 786598300 | SGA | SAGA COMMUNICATIONS INC | $2.8M | 1.79% | 226,688 | Common | SOLE |
| 224633107 | CRD/B | CRAWFORD & CO | $2.8M | 1.79% | 288,334 | Common | SOLE |
| 357023100 | RAIL | FREIGHTCAR AMER INC | $2.5M | 1.61% | 258,546 | Common | SOLE |
| 886029206 | THRY | THRYV HLDGS INC | $2.4M | 1.55% | 202,329 | Common | SOLE |
| 350060109 | FSTR | FOSTER L B CO | $2.3M | 1.44% | 83,965 | Common | SOLE |
| 21077F100 | CTGO | CONTANGO ORE INC | $1.9M | 1.21% | 76,147 | Common | SOLE |
| 65342T106 | NODK | NI HLDGS INC | $1.8M | 1.12% | 129,900 | Common | SOLE |
| 59540G107 | MPB | MID PENN BANCORP INC | $1.6M | 0.99% | 54,177 | Common | SOLE |
| 909214306 | UIS | UNISYS CORP | $1.3M | 0.86% | 345,347 | Common | SOLE |
| 258278100 | DORM | DORMAN PRODS INC | $1.3M | 0.85% | 8,590 | Common | SHARED |
| 41165Y100 | 1S4 | HARBORONE BANCORP INC NEW | $1.2M | 0.76% | 88,414 | Common | SOLE |
| 174610105 | CFG | CITIZENS FINL GROUP INC | $1.1M | 0.73% | 21,485 | Common | SOLE |
| 302520101 | FNB | F N B CORP | $1.0M | 0.66% | 64,075 | Common | SOLE |
| 257701201 | DGICA | DONEGAL GROUP INC | $901,441 | 0.57% | 46,490 | Common | SOLE |
| 172922106 | CZNC | CITIZENS & NORTHN CORP | $849,849 | 0.54% | 42,900 | Common | SOLE |
| 911922102 | USLM | UNITED STS LIME & MINERALS I | $822,188 | 0.52% | 6,250 | Common | SHARED |
| 15486W100 | CPBI | CENTRAL PLAINS BANCSHARES IN | $800,607 | 0.51% | 49,117 | Common | SOLE |
| 26828M106 | ECBK | ECB BANCORP INC | $792,548 | 0.50% | 49,940 | Common | SOLE |
| 31931U102 | FRBA | FIRST BK WILLIAMSTOWN NEW JE | $670,219 | 0.43% | 41,143 | Common | SOLE |
| 565759206 | MBBC | MARATHON BANCORP INC | $615,120 | 0.39% | 58,976 | Common | SOLE |
| 510704109 | LSBK | LAKE SHORE BANCORP INC | $575,367 | 0.37% | 44,259 | Common | SOLE |
| 440407104 | HBNC | HORIZON BANCORP INC | $561,183 | 0.36% | 35,052 | Common | SOLE |
| 84472E102 | SSB | SOUTHSTATE BK CORP | $559,646 | 0.36% | 5,661 | Common | SHARED |
| 488152208 | KELYA | KELLY SVCS INC | $524,800 | 0.33% | 40,000 | Common | SOLE |
| 33621E109 | FSFG | FIRST SVGS FINL GROUP INC | $509,826 | 0.32% | 16,221 | Common | SOLE |
| 197641103 | CLBK | COLUMBIA FINL INC | $507,248 | 0.32% | 33,794 | Common | SOLE |
| 174615104 | CZFS | CITIZENS FINL SVCS INC | $475,067 | 0.30% | 7,881 | Common | SOLE |
| 667340103 | NWBI | NORTHWEST BANCSHARES INC MD | $470,820 | 0.30% | 38,000 | Common | SOLE |
| 319829107 | FCF | FIRST COMWLTH FINL CORP PA | $435,798 | 0.28% | 25,560 | Common | SOLE |
| 76525P100 | RMBI | RICHMOND MUT BANCORPORATION | $426,300 | 0.27% | 30,000 | Common | SOLE |
| 74267C106 | PRA | PROASSURANCE CORP | $413,444 | 0.26% | 17,234 | Common | SOLE |
| 69318V103 | PBBK | PB BANKSHARES INC | $394,341 | 0.25% | 20,560 | Common | SOLE |
| 871565107 | ACNT | ASCENT INDUSTRIES CO | $391,745 | 0.25% | 30,415 | Common | SOLE |
| 203607106 | CBU | COMMUNITY FINANCIAL SYSTEM I | $388,080 | 0.25% | 6,618 | Common | SHARED |
| 320817109 | FRME | FIRST MERCHANTS CORP | $372,288 | 0.24% | 9,875 | Common | SOLE |
| 26942G100 | EBMT | EAGLE BANCORP MONT INC | $364,362 | 0.23% | 21,098 | Common | SOLE |
| 669549107 | NWFL | NORWOOD FINANCIAL CORP | $347,771 | 0.22% | 13,681 | Common | SOLE |
| 257701300 | DGICB | DONEGAL GROUP INC | $285,875 | 0.18% | 17,856 | Common | SOLE |
| 248019101 | DLX | DELUXE CORP | $269,104 | 0.17% | 13,900 | Common | SHARED |
| 03074A102 | ASRV | AMERISERV FINL INC | $168,780 | 0.11% | 58,200 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.