13F HOLDINGS REPORT

Minerva Advisors LLC

Quarter ended Q2 2025 · Filed August 13, 2025 · Accession 0001462390-25-000018

Total Value

$152.6M

Positions

102

Other Managers

Confidential Omitted

View on SEC.gov

Holdings (102)

#	Issuer	Ticker / CUSIP	Shares	Value	% of Filing
1	GREAT LAKES DREDGE & DOCK CO	GLDD	958,262	$11.7M	7.65%
2	TREDEGAR CORP	TG	955,303	$8.4M	5.51%
3	EASTERN CO	EML	335,188	$7.6M	5.01%
4	VIRCO MANUFACTURING CO	VIRC	805,648	$6.4M	4.21%
5	ASTRONICS CORP	ATROB	185,980	$6.2M	4.08%
6	TREDEGAR CORP	TG	701,804	$6.2M	4.05%
7	GREAT LAKES DREDGE & DOCK CO	GLDD	431,545	$5.3M	3.44%
8	ESCALADE INC	ESCA	372,785	$5.2M	3.40%
9	INFUSYSTEM HLDGS INC	INFU	708,316	$4.4M	2.88%
10	EASTERN CO	EML	189,865	$4.3M	2.84%
11	DLH HOLDINGS CORP	DLHC	666,720	$3.9M	2.53%
12	VIRCO MANUFACTURING CO	VIRC	477,868	$3.8M	2.50%
13	UTAL MED PRODS INC	917488108	60,387	$3.4M	2.24%
14	NAVIGATOR HOLDINGS LTD	NVGS	229,765	$3.3M	2.15%
15	UNIFI INC	UFI	608,758	$3.2M	2.08%
16	PATHFINDER BANCORP INC	PBHC	210,842	$3.2M	2.08%
17	KEWAUNEE SCIENTIFIC CP	492854104	53,667	$3.1M	2.04%
18	DLH HOLDINGS CORP	DLHC	444,023	$2.6M	1.69%
19	UNIFI INC	UFI	476,451	$2.5M	1.63%
20	THRYV HOLDINGS IINC	THRY	26,329	$2.4M	1.59%
21	SCRIPPS E W CO OHIO	811054402	804,195	$2.4M	1.54%
22	ASTRONICS CORP	ATROB	69,925	$2.3M	1.53%
23	ESCALADE INC	ESCA	165,029	$2.3M	1.51%
24	THRYV HOLDINGS IINC	THRY	176,000	$2.3M	1.48%
25	CAMDEN NATIONAL CORP	133034108	53,000	$2.2M	1.41%
26	SAGA COMMUNICATIONS INC	SGA	153,479	$2.0M	1.28%
27	UTAL MED PRODS INC	917488108	32,671	$1.8M	1.21%
28	CRAWFORD & CO CL B	CRD-B	180,889	$1.8M	1.19%
29	INFUSYSTEM HLDGS INC	INFU	286,465	$1.8M	1.17%
30	CAMDEN NATIONAL CORP	133034108	36,568	$1.5M	0.97%
31	KEWAUNEE SCIENTIFIC CP	492854104	23,775	$1.4M	0.91%
32	FREIGHTCAR AMERICA INC	RAIL	156,126	$1.3M	0.88%
33	SIFCO INDUSTRIES INC	826546103	359,066	$1.3M	0.88%
34	SCRIPPS E W CO OHIO	811054402	455,647	$1.3M	0.87%
35	NI HOLDINGS INC	NODK	100,400	$1.3M	0.84%
36	CONTANGO ORE INC	21077F100	61,688	$1.2M	0.79%
37	MID PENN BANCORP	MPB	40,993	$1.2M	0.76%
38	DORMAN PRODUCTS INC	258278100	8,590	$1.1M	0.69%
39	CRAWFORD & CO CL B	CRD-B	100,799	$1.0M	0.66%
40	NAVIGATOR HOLDINGS LTD	NVGS	71,447	$1.0M	0.66%
41	FOSTER L B CO	FSTR	45,889	$1.0M	0.66%
42	SAGA COMMUNICATIONS INC	SGA	73,209	$933,415	0.61%
43	UNISYS CORP	UIS	192,147	$870,426	0.57%
44	FOSTER L B CO	FSTR	38,076	$830,438	0.54%
45	PATHFINDER BANCORP INC	PBHC	51,362	$771,457	0.51%
46	FNB CORP	302520101	52,385	$763,773	0.50%
47	CITIZENS FINL GROUP INC	CIA	16,929	$757,573	0.50%
48	UNISYS CORP	UIS	153,200	$693,996	0.45%
49	HARBOR ONE BANCORP INC NEW	41165Y100	53,500	$624,880	0.41%
50	US LIME & MINERAL	UNTCW	6,250	$623,688	0.41%
51	FIRST BANK WILLIAMSTOWN NJ	31931U102	37,118	$573,102	0.38%
52	MARATHON BANCORP INC	565759206	54,718	$544,991	0.36%
53	FREIGHTCAR AMERICA INC	RAIL	62,879	$542,017	0.36%
54	SOUTH STATE CORP	SSB	5,661	$520,869	0.34%
55	CITIZENS & NORTHERN CORP	CIA	26,500	$501,910	0.33%
56	COLUMBIA FINANCIAL	197641103	33,794	$490,351	0.32%
57	NORTHWEST BANCSHARES INC	NWBI	38,000	$485,640	0.32%
58	DONEGAL GROUP INC	DGICB	23,615	$472,536	0.31%
59	CITIZENS FINL SVCS INC	CIA	7,881	$462,772	0.30%
60	DONEGAL GROUP INC	DGICB	22,875	$457,729	0.30%
61	CENTRAL PLAINS BANCSHARES INC	CPBI	29,100	$438,828	0.29%
62	HORIZON BANCORP INDIANA	HBNC	28,000	$429,800	0.28%
63	RICHMOND MUTUAL	76525P100	30,000	$414,000	0.27%
64	HARBOR ONE BANCORP INC NEW	41165Y100	34,914	$407,796	0.27%
65	SIFCO INDUSTRIES INC	826546103	107,835	$402,225	0.26%
66	ECB BANCORP INC	ECBK	25,533	$394,230	0.26%
67	ECB BANCORP INC	ECBK	24,407	$376,844	0.25%
68	NI HOLDINGS INC	NODK	29,500	$375,830	0.25%
69	MID PENN BANCORP	MPB	13,184	$371,130	0.24%
70	COMMUNITY BANK SYS INC	CBU	6,618	$366,505	0.24%
71	LAKE SHORE BANCORP INC	LSBK	22,268	$351,834	0.23%
72	FIRST COMMONWEALTH FINANCIAL	319829107	20,000	$324,800	0.21%
73	CITIZENS & NORTHERN CORP	CIA	16,400	$310,616	0.20%
74	CENTRAL PLAINS BANCSHARES INC	CPBI	20,017	$301,856	0.20%
75	CITIZENS FINL GROUP INC	CIA	6,656	$297,856	0.20%
76	ASCENT INDUSTRIES	ACNT	23,422	$295,351	0.19%
77	EAGLE BANCORP MONT INC	26942G100	17,198	$286,175	0.19%
78	CONTANGO ORE INC	21077F100	14,459	$282,384	0.19%
79	FIRST SAVINGS FINANCIAL GP INC	33621E109	10,521	$261,868	0.17%
80	KELLY SERVICES INC	BEKE	20,300	$237,307	0.16%
81	DONEGAL GROUP INC	DGICB	13,356	$234,131	0.15%
82	NORWOOD FINANCIAL CORP	NWFL	8,952	$230,783	0.15%
83	KELLY SERVICES INC	BEKE	19,700	$230,293	0.15%
84	DELUXE CORP	DLX	13,900	$221,149	0.14%
85	PROASSURANCE CORP	PRA	8,700	$198,621	0.13%
86	PROASSURANCE CORP	PRA	8,534	$194,831	0.13%
87	FIRST MERCHANTS CORP	FRMEP	5,000	$191,500	0.13%
88	PB BANCSHARES INC	69318V103	10,920	$191,100	0.13%
89	FIRST MERCHANTS CORP	FRMEP	4,875	$186,713	0.12%
90	FNB CORP	302520101	11,690	$170,440	0.11%
91	PB BANCSHARES INC	69318V103	9,640	$168,700	0.11%
92	FIRST SAVINGS FINANCIAL GP INC	33621E109	5,700	$141,873	0.09%
93	LAKE SHORE BANCORP INC	LSBK	8,206	$129,655	0.08%
94	AMERISERV FINANC INC	03074A102	41,200	$123,600	0.08%
95	NORWOOD FINANCIAL CORP	NWFL	4,729	$121,914	0.08%
96	HORIZON BANCORP INDIANA	HBNC	7,052	$108,248	0.07%
97	FIRST COMMONWEALTH FINANCIAL	319829107	5,560	$90,294	0.06%
98	ASCENT INDUSTRIES	ACNT	6,993	$88,182	0.06%
99	DONEGAL GROUP INC	DGICB	4,500	$78,885	0.05%
100	EAGLE BANCORP MONT INC	26942G100	3,900	$64,896	0.04%
101	FIRST BANK WILLIAMSTOWN NJ	31931U102	4,025	$62,146	0.04%
102	AMERISERV FINANC INC	03074A102	17,000	$51,000	0.03%