Q4 2025 · 13F-HR
Minerva Advisors LLCholdings as filed
Filed 2026-02-09 · accession 0001420506-26-000218
$149.7M
Reported value
57
Positions
2025-12-31
Period end
The Brief · Minerva Advisors LLC · Q4 2025
AI · grounded in 13F
Minerva Advisors LLC established a new position in Eastern Bankshares Inc EBC valued at $1.15M. The fund also initiated a new stake in FMC Corp FMC for $665,760 and increased its holding in Kewaunee Scientific Corp KEQU by 51.8%. On the sell side, the fund trimmed its position in Saga Communications Inc SGA by 85.9% and reduced its stake in Astronics Corp ATRO by 47.5%.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 390607109 | GLDD | GREAT LAKES DREDGE & DOCK CO | $18.2M | 12.2% | 1,389,807 | Common | SOLE |
| 894650100 | TG | TREDEGAR CORP | $11.9M | 7.95% | 1,657,107 | Common | SOLE |
| 276317104 | EML | EASTERN CO | $10.4M | 6.96% | 529,084 | Common | SOLE |
| 45685K102 | INFU | INFUSYSTEM HLDGS INC | $9.7M | 6.46% | 1,078,731 | Common | SOLE |
| 927651109 | VIRC | VIRCO MFG CO | $9.3M | 6.18% | 1,448,198 | Common | SOLE |
| 296056104 | ESCA | ESCALADE INC | $7.7M | 5.11% | 567,621 | Common | SOLE |
| 23335Q100 | DLHC | DLH HLDGS CORP | $6.3M | 4.20% | 1,113,057 | Common | SOLE |
| 046433108 | ATRO | ASTRONICS CORP | $5.5M | 3.70% | 102,244 | Common | SOLE |
| 811054402 | SSP | SCRIPPS E W CO OHIO | $5.5M | 3.69% | 1,385,920 | Common | SOLE |
| 917488108 | UTMD | UTAH MED PRODS INC | $5.2M | 3.50% | 93,615 | Common | SOLE |
| Y62132108 | NVGS | NAVIGATOR HLDGS LTD | $5.2M | 3.48% | 301,212 | Common | SOLE |
| 492854104 | KEQU | KEWAUNEE SCIENTIFIC CORP | $4.6M | 3.05% | 121,863 | Common | SOLE |
| 904677200 | UFI | UNIFI INC | $4.3M | 2.86% | 1,222,420 | Common | SOLE |
| 133034108 | CAC | CAMDEN NATL CORP | $3.9M | 2.60% | 89,568 | Common | SOLE |
| 70319R109 | PBHC | PATHFINDER BANCORP INC MD | $3.7M | 2.47% | 262,204 | Common | SOLE |
| 224633107 | CRD/B | CRAWFORD & CO | $3.1M | 2.06% | 288,178 | Common | SOLE |
| 357023100 | RAIL | FREIGHTCAR AMER INC | $3.0M | 1.97% | 267,046 | Common | SOLE |
| 826546103 | SIF | SIFCO INDS INC | $2.7M | 1.82% | 488,984 | Common | SOLE |
| 350060109 | FSTR | FOSTER L B CO | $2.3M | 1.51% | 83,965 | Common | SOLE |
| 21077F100 | CTGO | CONTANGO ORE INC | $2.0M | 1.34% | 76,147 | Common | SOLE |
| 65342T106 | NODK | NI HLDGS INC | $1.7M | 1.15% | 129,900 | Common | SOLE |
| 59540G107 | MPB | MID PENN BANCORP INC | $1.7M | 1.12% | 54,177 | Common | SOLE |
| 174610105 | CFG | CITIZENS FINL GROUP INC | $1.3M | 0.84% | 21,485 | Common | SOLE |
| 27627N105 | EBC | EASTERN BANKSHARES INC | $1.2M | 0.77% | 62,576 | Common | SOLE |
| 302520101 | FNB | F N B CORP | $1.1M | 0.73% | 64,075 | Common | SOLE |
| 258278100 | DORM | DORMAN PRODS INC | $1.1M | 0.71% | 8,590 | Common | SHARED |
| 909214306 | UIS | UNISYS CORP | $953,158 | 0.64% | 345,347 | Common | SOLE |
| 257701201 | DGICA | DONEGAL GROUP INC | $928,871 | 0.62% | 46,490 | Common | SOLE |
| 886029206 | THRY | THRYV HLDGS INC | $897,390 | 0.60% | 148,329 | Common | SOLE |
| 26828M106 | ECBK | ECB BANCORP INC | $868,457 | 0.58% | 49,940 | Common | SOLE |
| 172922106 | CZNC | CITIZENS & NORTHN CORP | $865,293 | 0.58% | 42,900 | Common | SOLE |
| 15486W100 | CPBI | CENTRAL PLAINS BANCSHARES IN | $831,060 | 0.56% | 49,117 | Common | SOLE |
| 911922102 | USLM | UNITED STS LIME & MINERALS I | $748,375 | 0.50% | 6,250 | Common | SHARED |
| 565759206 | MBBC | MARATHON BANCORP INC | $717,148 | 0.48% | 58,976 | Common | SOLE |
| 31931U102 | FRBA | FIRST BK WILLIAMSTOWN NEW JE | $677,214 | 0.45% | 41,143 | Common | SOLE |
| 302491303 | FMC | FMC CORP | $665,760 | 0.44% | 48,000 | Common | SOLE |
| 510704109 | LSBK | LAKE SHORE BANCORP INC | $648,837 | 0.43% | 44,259 | Common | SOLE |
| 440407104 | HBNC | HORIZON BANCORP INC | $594,482 | 0.40% | 35,052 | Common | SOLE |
| 84472E102 | SSB | SOUTHSTATE BK CORP | $532,757 | 0.36% | 5,661 | Common | SHARED |
| 197641103 | CLBK | COLUMBIA FINL INC | $525,159 | 0.35% | 33,794 | Common | SOLE |
| 33621E109 | FSFG | FIRST SVGS FINL GROUP INC | $516,801 | 0.35% | 16,221 | Common | SOLE |
| 488152208 | KELYA | KELLY SVCS INC | $513,920 | 0.34% | 58,400 | Common | SOLE |
| 871565107 | ACNT | ASCENT INDUSTRIES CO | $492,419 | 0.33% | 30,415 | Common | SOLE |
| 667340103 | NWBI | NORTHWEST BANCSHARES INC MD | $456,000 | 0.30% | 38,000 | Common | SOLE |
| 174615104 | CZFS | CITIZENS FINL SVCS INC | $449,375 | 0.30% | 7,881 | Common | SOLE |
| 69318V103 | PBBK | PB BANKSHARES INC | $434,844 | 0.29% | 20,560 | Common | SOLE |
| 319829107 | FCF | FIRST COMWLTH FINL CORP PA | $430,942 | 0.29% | 25,560 | Common | SOLE |
| 76525P100 | RMBI | RICHMOND MUT BANCORPORATION | $424,345 | 0.28% | 30,224 | Common | SOLE |
| 26942G100 | EBMT | EAGLE BANCORP MONT INC | $419,850 | 0.28% | 21,098 | Common | SOLE |
| 74267C106 | PRA | PROASSURANCE CORP | $416,373 | 0.28% | 17,234 | Common | SOLE |
| 669549107 | NWFL | NORWOOD FINANCIAL CORP | $383,752 | 0.26% | 13,681 | Common | SOLE |
| 203607106 | CBU | COMMUNITY FINANCIAL SYSTEM I | $380,138 | 0.25% | 6,618 | Common | SHARED |
| 320817109 | FRME | FIRST MERCHANTS CORP | $370,115 | 0.25% | 9,875 | Common | SOLE |
| 786598300 | SGA | SAGA COMMUNICATIONS INC | $364,465 | 0.24% | 31,831 | Common | SHARED |
| 257701300 | DGICB | DONEGAL GROUP INC | $315,873 | 0.21% | 17,856 | Common | SOLE |
| 248019101 | DLX | DELUXE CORP | $310,387 | 0.21% | 13,900 | Common | SHARED |
| 03074A102 | ASRV | AMERISERV FINL INC | $185,658 | 0.12% | 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.