13F HOLDINGS REPORT

Minerva Advisors LLC

Quarter ended Q3 2025 · Filed November 12, 2025 · Accession 0001420506-25-003135

Total Value

$157.5M

Positions

103

Other Managers

Confidential Omitted

View on SEC.gov

Holdings (103)

#	Issuer	Ticker / CUSIP	Shares	Value	% of Filing
1	GREAT LAKES DREDGE & DOCK CO	GLDD	958,262	$11.5M	7.30%
2	EASTERN CO	EML	338,388	$7.9M	5.04%
3	TREDEGAR CORP	TG	955,303	$7.7M	4.87%
4	INFUSYSTEM HLDGS INC	INFU	729,317	$7.6M	4.80%
5	VIRCO MFG CO	VIRC	857,933	$6.6M	4.22%
6	ASTRONICS CORP	ATROB	139,000	$6.3M	4.03%
7	TREDEGAR CORP	TG	701,804	$5.6M	3.58%
8	GREAT LAKES DREDGE & DOCK CO	GLDD	431,545	$5.2M	3.29%
9	ESCALADE INC	ESCA	381,885	$4.8M	3.05%
10	EASTERN CO	EML	191,665	$4.5M	2.86%
11	VIRCO MFG CO	VIRC	504,569	$3.9M	2.48%
12	UTAH MED PRODS INC	917488108	60,387	$3.8M	2.42%
13	DLH HLDGS CORP	DLHC	672,779	$3.8M	2.41%
14	NAVIGATOR HLDGS LTD	NVGS	229,765	$3.6M	2.26%
15	PATHFINDER BANCORP INC MD	PBHC	210,842	$3.3M	2.10%
16	UNIFI INC	UFI	655,007	$3.1M	1.98%
17	INFUSYSTEM HLDGS INC	INFU	296,472	$3.1M	1.95%
18	ASTRONICS CORP	ATROB	56,041	$2.6M	1.62%
19	SIFCO INDS INC	826546103	359,066	$2.5M	1.61%
20	DLH HLDGS CORP	DLHC	444,023	$2.5M	1.59%
21	UNIFI INC	UFI	497,474	$2.4M	1.50%
22	KEWAUNEE SCIENTIFIC CORP	492854104	55,459	$2.4M	1.50%
23	SCRIPPS E W CO OHIO	811054402	886,052	$2.2M	1.38%
24	THRYV HLDGS INC	THRY	176,000	$2.1M	1.35%
25	ESCALADE INC	ESCA	168,307	$2.1M	1.34%
26	UTAH MED PRODS INC	917488108	32,671	$2.1M	1.31%
27	CAMDEN NATL CORP	133034108	53,000	$2.0M	1.30%
28	SAGA COMMUNICATIONS INC	SGA	153,479	$1.9M	1.21%
29	CRAWFORD & CO	CRD-B	187,076	$1.8M	1.16%
30	FREIGHTCAR AMER INC	RAIL	182,126	$1.8M	1.13%
31	CONTANGO ORE INC	21077F100	61,688	$1.5M	0.98%
32	CAMDEN NATL CORP	133034108	36,568	$1.4M	0.90%
33	NI HLDGS INC	NODK	100,400	$1.4M	0.86%
34	DORMAN PRODS INC	258278100	8,590	$1.3M	0.85%
35	FOSTER L B CO	FSTR	45,889	$1.2M	0.79%
36	SCRIPPS E W CO OHIO	811054402	499,868	$1.2M	0.78%
37	MID PENN BANCORP INC	MPB	40,993	$1.2M	0.75%
38	NAVIGATOR HLDGS LTD	NVGS	71,447	$1.1M	0.70%
39	KEWAUNEE SCIENTIFIC CORP	492854104	24,815	$1.1M	0.67%
40	FOSTER L B CO	FSTR	38,076	$1.0M	0.65%
41	CRAWFORD & CO	CRD-B	101,258	$990,303	0.63%
42	SAGA COMMUNICATIONS INC	SGA	73,209	$910,720	0.58%
43	CITIZENS FINL GROUP INC	CIA	16,929	$899,946	0.57%
44	F N B CORP	302520101	52,385	$843,922	0.54%
45	UNITED STS LIME & MINERALS I	UNTCW	6,250	$822,188	0.52%
46	PATHFINDER BANCORP INC MD	PBHC	51,362	$805,099	0.51%
47	SIFCO INDS INC	826546103	107,835	$759,266	0.48%
48	UNISYS CORP	UIS	192,147	$749,373	0.48%
49	FREIGHTCAR AMER INC	RAIL	76,420	$747,388	0.47%
50	HARBORONE BANCORP INC NEW	41165Y100	53,500	$727,600	0.46%
51	FIRST BK WILLIAMSTOWN NEW JE	31931U102	37,118	$604,652	0.38%
52	UNISYS CORP	UIS	153,200	$597,480	0.38%
53	MARATHON BANCORP INC	565759206	54,718	$570,709	0.36%
54	SOUTHSTATE BK CORP	84472E102	5,661	$559,646	0.36%
55	CITIZENS & NORTHN CORP	CIA	26,500	$524,965	0.33%
56	COLUMBIA FINL INC	197641103	33,794	$507,248	0.32%
57	CITIZENS FINL SVCS INC	CIA	7,881	$475,067	0.30%
58	HARBORONE BANCORP INC NEW	41165Y100	34,914	$474,830	0.30%
59	CENTRAL PLAINS BANCSHARES IN	CPBI	29,100	$474,330	0.30%
60	NORTHWEST BANCSHARES INC MD	NWBI	38,000	$470,820	0.30%
61	DONEGAL GROUP INC	DGICB	23,615	$457,895	0.29%
62	HORIZON BANCORP INC	HBNC	28,000	$448,280	0.28%
63	DONEGAL GROUP INC	DGICB	22,875	$443,546	0.28%
64	RICHMOND MUT BANCORPORATION	76525P100	30,000	$426,300	0.27%
65	ECB BANCORP INC	ECBK	25,533	$405,209	0.26%
66	NI HLDGS INC	NODK	29,500	$400,020	0.25%
67	LAKE SHORE BANCORP INC	LSBK	30,170	$392,210	0.25%
68	COMMUNITY FINANCIAL SYSTEM I	CBU	6,618	$388,080	0.25%
69	ECB BANCORP INC	ECBK	24,407	$387,339	0.25%
70	MID PENN BANCORP INC	MPB	13,184	$377,590	0.24%
71	CONTANGO ORE INC	21077F100	14,459	$360,463	0.23%
72	FIRST COMWLTH FINL CORP PA	319829107	20,000	$341,000	0.22%
73	FIRST SVGS FINL GROUP INC	33621E109	10,521	$330,675	0.21%
74	CENTRAL PLAINS BANCSHARES IN	CPBI	20,017	$326,277	0.21%
75	CITIZENS & NORTHN CORP	CIA	16,400	$324,884	0.21%
76	THRYV HLDGS INC	THRY	26,329	$317,528	0.20%
77	ASCENT INDUSTRIES CO	ACNT	23,422	$301,675	0.19%
78	EAGLE BANCORP MONT INC	26942G100	17,198	$297,009	0.19%
79	DELUXE CORP	DLX	13,900	$269,104	0.17%
80	KELLY SVCS INC	BEKE	20,300	$266,336	0.17%
81	KELLY SVCS INC	BEKE	19,700	$258,464	0.16%
82	CITIZENS FINL GROUP INC	CIA	4,556	$242,197	0.15%
83	NORWOOD FINANCIAL CORP	NWFL	8,952	$227,560	0.14%
84	DONEGAL GROUP INC	DGICB	13,356	$213,830	0.14%
85	PB BANKSHARES INC	69318V103	10,920	$209,446	0.13%
86	PROASSURANCE CORP	PRA	8,700	$208,713	0.13%
87	PROASSURANCE CORP	PRA	8,534	$204,731	0.13%
88	FIRST MERCHANTS CORP	FRMEP	5,000	$188,500	0.12%
89	F N B CORP	302520101	11,690	$188,326	0.12%
90	PB BANKSHARES INC	69318V103	9,640	$184,895	0.12%
91	FIRST MERCHANTS CORP	FRMEP	4,875	$183,788	0.12%
92	LAKE SHORE BANCORP INC	LSBK	14,089	$183,157	0.12%
93	FIRST SVGS FINL GROUP INC	33621E109	5,700	$179,151	0.11%
94	NORWOOD FINANCIAL CORP	NWFL	4,729	$120,211	0.08%
95	AMERISERV FINL INC	03074A102	41,200	$119,480	0.08%
96	HORIZON BANCORP INC	HBNC	7,052	$112,903	0.07%
97	FIRST COMWLTH FINL CORP PA	319829107	5,560	$94,798	0.06%
98	ASCENT INDUSTRIES CO	ACNT	6,993	$90,070	0.06%
99	DONEGAL GROUP INC	DGICB	4,500	$72,045	0.05%
100	EAGLE BANCORP MONT INC	26942G100	3,900	$67,353	0.04%
101	FIRST BK WILLIAMSTOWN NEW JE	31931U102	4,025	$65,567	0.04%
102	AMERISERV FINL INC	03074A102	17,000	$49,300	0.03%
103	MARATHON BANCORP INC	565759206	4,258	$44,411	0.03%