13F HOLDINGS REPORT
Minerva Advisors LLC
Quarter ended Q4 2025 · Filed February 9, 2026 · Accession 0001420506-26-000218
Total Value
$149.7M
Positions
104
Other Managers
0
Confidential Omitted
No
Holdings (104)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | GREAT LAKES DREDGE & DOCK CO | GLDD | 958,262 | $12.6M | 8.40% |
| 2 | TREDEGAR CORP | TG | 955,303 | $6.9M | 4.58% |
| 3 | INFUSYSTEM HLDGS INC | INFU | 764,517 | $6.9M | 4.58% |
| 4 | EASTERN CO | EML | 337,419 | $6.6M | 4.44% |
| 5 | VIRCO MFG CO | VIRC | 915,933 | $5.9M | 3.91% |
| 6 | GREAT LAKES DREDGE & DOCK CO | GLDD | 431,545 | $5.7M | 3.78% |
| 7 | ESCALADE INC | ESCA | 392,027 | $5.3M | 3.53% |
| 8 | TREDEGAR CORP | TG | 701,804 | $5.0M | 3.37% |
| 9 | NAVIGATOR HLDGS LTD | NVGS | 229,765 | $4.0M | 2.66% |
| 10 | DLH HLDGS CORP | DLHC | 675,434 | $3.8M | 2.55% |
| 11 | ASTRONICS CORP | ATROB | 69,853 | $3.8M | 2.53% |
| 12 | EASTERN CO | EML | 191,665 | $3.8M | 2.52% |
| 13 | SCRIPPS E W CO OHIO | 811054402 | 886,052 | $3.5M | 2.36% |
| 14 | UTAH MED PRODS INC | 917488108 | 60,944 | $3.4M | 2.28% |
| 15 | VIRCO MFG CO | VIRC | 532,265 | $3.4M | 2.27% |
| 16 | KEWAUNEE SCIENTIFIC CORP | 492854104 | 84,215 | $3.2M | 2.10% |
| 17 | PATHFINDER BANCORP INC MD | PBHC | 210,842 | $3.0M | 1.99% |
| 18 | INFUSYSTEM HLDGS INC | INFU | 314,214 | $2.8M | 1.88% |
| 19 | DLH HLDGS CORP | DLHC | 437,623 | $2.5M | 1.65% |
| 20 | UNIFI INC | UFI | 703,441 | $2.5M | 1.64% |
| 21 | ESCALADE INC | ESCA | 175,594 | $2.4M | 1.58% |
| 22 | CAMDEN NATL CORP | 133034108 | 53,000 | $2.3M | 1.54% |
| 23 | SIFCO INDS INC | 826546103 | 373,549 | $2.1M | 1.39% |
| 24 | FREIGHTCAR AMER INC | RAIL | 187,626 | $2.1M | 1.39% |
| 25 | CRAWFORD & CO | CRD-B | 187,076 | $2.0M | 1.34% |
| 26 | SCRIPPS E W CO OHIO | 811054402 | 499,868 | $2.0M | 1.33% |
| 27 | UTAH MED PRODS INC | 917488108 | 32,671 | $1.8M | 1.22% |
| 28 | UNIFI INC | UFI | 518,979 | $1.8M | 1.21% |
| 29 | ASTRONICS CORP | ATROB | 32,391 | $1.8M | 1.17% |
| 30 | CONTANGO ORE INC | 21077F100 | 61,688 | $1.6M | 1.09% |
| 31 | CAMDEN NATL CORP | 133034108 | 36,568 | $1.6M | 1.06% |
| 32 | KEWAUNEE SCIENTIFIC CORP | 492854104 | 37,648 | $1.4M | 0.94% |
| 33 | NI HLDGS INC | NODK | 100,400 | $1.3M | 0.89% |
| 34 | MID PENN BANCORP INC | MPB | 40,993 | $1.3M | 0.85% |
| 35 | NAVIGATOR HLDGS LTD | NVGS | 71,447 | $1.2M | 0.83% |
| 36 | FOSTER L B CO | FSTR | 45,889 | $1.2M | 0.83% |
| 37 | CRAWFORD & CO | CRD-B | 101,102 | $1.1M | 0.72% |
| 38 | DORMAN PRODS INC | 258278100 | 8,590 | $1.1M | 0.71% |
| 39 | FOSTER L B CO | FSTR | 38,076 | $1.0M | 0.69% |
| 40 | CITIZENS FINL GROUP INC | CIA | 16,929 | $988,823 | 0.66% |
| 41 | F N B CORP | 302520101 | 52,385 | $895,784 | 0.60% |
| 42 | FREIGHTCAR AMER INC | RAIL | 79,420 | $879,179 | 0.59% |
| 43 | UNITED STS LIME & MINERALS I | UNTCW | 6,250 | $748,375 | 0.50% |
| 44 | THRYV HLDGS INC | THRY | 122,000 | $738,100 | 0.49% |
| 45 | PATHFINDER BANCORP INC MD | PBHC | 51,362 | $724,718 | 0.48% |
| 46 | EASTERN BANKSHARES INC | EBC | 37,864 | $697,834 | 0.47% |
| 47 | MARATHON BANCORP INC | 565759206 | 54,718 | $665,371 | 0.44% |
| 48 | SIFCO INDS INC | 826546103 | 115,435 | $644,127 | 0.43% |
| 49 | FIRST BK WILLIAMSTOWN NEW JE | 31931U102 | 37,118 | $610,962 | 0.41% |
| 50 | CITIZENS & NORTHN CORP | CIA | 26,500 | $534,505 | 0.36% |
| 51 | SOUTHSTATE BK CORP | 84472E102 | 5,661 | $532,757 | 0.36% |
| 52 | UNISYS CORP | UIS | 192,147 | $530,326 | 0.35% |
| 53 | COLUMBIA FINL INC | 197641103 | 33,794 | $525,159 | 0.35% |
| 54 | CENTRAL PLAINS BANCSHARES IN | CPBI | 29,100 | $492,372 | 0.33% |
| 55 | HORIZON BANCORP INC | HBNC | 28,000 | $474,880 | 0.32% |
| 56 | DONEGAL GROUP INC | DGICB | 23,615 | $471,828 | 0.32% |
| 57 | DONEGAL GROUP INC | DGICB | 22,875 | $457,043 | 0.31% |
| 58 | NORTHWEST BANCSHARES INC MD | NWBI | 38,000 | $456,000 | 0.30% |
| 59 | EASTERN BANKSHARES INC | EBC | 24,712 | $455,442 | 0.30% |
| 60 | CITIZENS FINL SVCS INC | CIA | 7,881 | $449,375 | 0.30% |
| 61 | ECB BANCORP INC | ECBK | 25,533 | $444,019 | 0.30% |
| 62 | LAKE SHORE BANCORP INC | LSBK | 30,170 | $442,292 | 0.30% |
| 63 | ECB BANCORP INC | ECBK | 24,407 | $424,438 | 0.28% |
| 64 | RICHMOND MUT BANCORPORATION | 76525P100 | 30,224 | $424,345 | 0.28% |
| 65 | UNISYS CORP | UIS | 153,200 | $422,832 | 0.28% |
| 66 | FMC CORP | FMC | 30,000 | $416,100 | 0.28% |
| 67 | MID PENN BANCORP INC | MPB | 13,184 | $408,968 | 0.27% |
| 68 | NI HLDGS INC | NODK | 29,500 | $392,350 | 0.26% |
| 69 | CONTANGO ORE INC | 21077F100 | 14,459 | $381,862 | 0.26% |
| 70 | COMMUNITY FINANCIAL SYSTEM I | CBU | 6,618 | $380,138 | 0.25% |
| 71 | ASCENT INDUSTRIES CO | ACNT | 23,422 | $379,202 | 0.25% |
| 72 | SAGA COMMUNICATIONS INC | SGA | 31,831 | $364,465 | 0.24% |
| 73 | EAGLE BANCORP MONT INC | 26942G100 | 17,198 | $342,240 | 0.23% |
| 74 | CENTRAL PLAINS BANCSHARES IN | CPBI | 20,017 | $338,688 | 0.23% |
| 75 | FIRST COMWLTH FINL CORP PA | 319829107 | 20,000 | $337,200 | 0.23% |
| 76 | FIRST SVGS FINL GROUP INC | 33621E109 | 10,521 | $335,199 | 0.22% |
| 77 | CITIZENS & NORTHN CORP | CIA | 16,400 | $330,788 | 0.22% |
| 78 | DELUXE CORP | DLX | 13,900 | $310,387 | 0.21% |
| 79 | KELLY SVCS INC | BEKE | 31,800 | $279,840 | 0.19% |
| 80 | CITIZENS FINL GROUP INC | CIA | 4,556 | $266,116 | 0.18% |
| 81 | NORWOOD FINANCIAL CORP | NWFL | 8,952 | $251,104 | 0.17% |
| 82 | FMC CORP | FMC | 18,000 | $249,660 | 0.17% |
| 83 | DONEGAL GROUP INC | DGICB | 13,356 | $236,268 | 0.16% |
| 84 | KELLY SVCS INC | BEKE | 26,600 | $234,080 | 0.16% |
| 85 | PB BANKSHARES INC | 69318V103 | 10,920 | $230,958 | 0.15% |
| 86 | PROASSURANCE CORP | PRA | 8,700 | $210,192 | 0.14% |
| 87 | LAKE SHORE BANCORP INC | LSBK | 14,089 | $206,545 | 0.14% |
| 88 | PROASSURANCE CORP | PRA | 8,534 | $206,181 | 0.14% |
| 89 | PB BANKSHARES INC | 69318V103 | 9,640 | $203,886 | 0.14% |
| 90 | F N B CORP | 302520101 | 11,690 | $199,899 | 0.13% |
| 91 | FIRST MERCHANTS CORP | FRMEP | 5,000 | $187,400 | 0.13% |
| 92 | FIRST MERCHANTS CORP | FRMEP | 4,875 | $182,715 | 0.12% |
| 93 | FIRST SVGS FINL GROUP INC | 33621E109 | 5,700 | $181,602 | 0.12% |
| 94 | THRYV HLDGS INC | THRY | 26,329 | $159,290 | 0.11% |
| 95 | NORWOOD FINANCIAL CORP | NWFL | 4,729 | $132,648 | 0.09% |
| 96 | AMERISERV FINL INC | 03074A102 | 41,200 | $131,428 | 0.09% |
| 97 | HORIZON BANCORP INC | HBNC | 7,052 | $119,602 | 0.08% |
| 98 | ASCENT INDUSTRIES CO | ACNT | 6,993 | $113,217 | 0.08% |
| 99 | FIRST COMWLTH FINL CORP PA | 319829107 | 5,560 | $93,742 | 0.06% |
| 100 | DONEGAL GROUP INC | DGICB | 4,500 | $79,605 | 0.05% |
| 101 | EAGLE BANCORP MONT INC | 26942G100 | 3,900 | $77,610 | 0.05% |
| 102 | FIRST BK WILLIAMSTOWN NEW JE | 31931U102 | 4,025 | $66,252 | 0.04% |
| 103 | AMERISERV FINL INC | 03074A102 | 17,000 | $54,230 | 0.04% |
| 104 | MARATHON BANCORP INC | 565759206 | 4,258 | $51,777 | 0.03% |