# Minerva Advisors LLC: Form 13F holdings

An institutional investment manager in BALA CYNWYD, PA. SEC CIK 1541536.

- Quarter ended: 2026-06-30
- Filed: 2026-08-12
- Reported value: $158.3m
- Positions: 46 (46 lines in the filing's table; lines for the same security and option type are added together here)
- Compared with: the 13F for the quarter ended 2026-03-31
- Filing: https://www.sec.gov/Archives/edgar/data/1541536/000142050626001549/

## Holdings

As filed, largest first. Reported value is what the manager stated at the quarter end (Jun 30, 2026), in US dollars; it is filing data, not a price. Weight is the share of the total reported value.

| Issuer | Class | Reported value | Weight | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | ---: | --- | --- |
| [EASTERN CO (EML)](/companies/eml.md) | COM | $15.2m | 9.6% | 546,402 |  | Unchanged |
| [TREDEGAR CORP (TG)](/companies/tg.md) | COM | $13.3m | 8.4% | 1,665,607 |  | Unchanged |
| [INFUSYSTEM HLDGS INC (INFU)](/companies/infu.md) | COM | $13.0m | 8.2% | 1,348,617 |  | Added +144,512 |
| [SIFCO INDS INC (SIF)](/companies/sif.md) | COM | $10.7m | 6.7% | 455,650 |  | Reduced −25,000 |
| [ESCALADE INC (ESCA)](/companies/esca.md) | COM | $10.7m | 6.7% | 567,222 |  | Reduced −399 |
| [VIRCO MFG CO (VIRC)](/companies/virc.md) | COM | $9.4m | 6.0% | 1,535,454 |  | Added +18,002 |
| [UTAH MED PRODS INC (UTMD)](/companies/utmd.md) | COM | $6.5m | 4.1% | 93,615 |  | Unchanged |
| [UNIFI INC (UFI)](/companies/ufi.md) | COM NEW | $6.0m | 3.8% | 1,258,792 |  | Added +166 |
| [DLH HLDGS CORP (DLHC)](/companies/dlhc.md) | COM | $5.9m | 3.7% | 1,116,368 |  | Added +3,331 |
| NAVIGATOR HLDGS LTD | SHS | $5.5m | 3.5% | 296,212 |  | Unchanged |
| [KEWAUNEE SCIENTIFIC CORP (KEQU)](/companies/kequ.md) | COM | $5.3m | 3.4% | 149,410 |  | Added +12,705 |
| [SCRIPPS E W CO OHIO (SSP)](/companies/ssp.md) | CL A NEW | $5.1m | 3.2% | 1,832,707 |  | Added +306,217 |
| [CAMDEN NATL CORP (CAC)](/companies/cac.md) | COM | $4.9m | 3.1% | 89,568 |  | Unchanged |
| [ASTRONICS CORP (ATRO)](/companies/atro.md) | COM | $4.5m | 2.8% | 55,041 |  | Reduced −15,299 |
| [PATHFINDER BANCORP INC MD (PBHC)](/companies/pbhc.md) | COM | $4.2m | 2.6% | 262,204 |  | Unchanged |
| [FREIGHTCAR AMER INC (RAIL)](/companies/rail.md) | COM | $3.7m | 2.3% | 379,030 |  | Added +38,007 |
| [KELLY SVCS INC (KELYA)](/companies/kelya.md) | CL A | $3.1m | 2.0% | 253,162 |  | Added +53,366 |
| [FOSTER L B CO (FSTR)](/companies/fstr.md) | COM | $3.1m | 1.9% | 67,922 |  | Reduced −16,043 |
| [CRAWFORD & CO (CRD-A)](/companies/crd-a.md) | CL B | $3.0m | 1.9% | 288,178 |  | Unchanged |
| [NI HLDGS INC (NODK)](/companies/nodk.md) | COM | $2.0m | 1.3% | 129,900 |  | Unchanged |
| COLUMBIA FINL INC | COM | $1.9m | 1.2% | 89,294 |  | Added +55,500 |
| [MID PENN BANCORP INC (MPB)](/companies/mpb.md) | COM | $1.9m | 1.2% | 54,177 |  | Unchanged |
| [CITIZENS FINL GROUP INC (CFG)](/companies/cfg.md) | COM | $1.5m | 1.0% | 21,485 |  | Unchanged |
| [EASTERN BANKSHARES INC (EBC)](/companies/ebc.md) | COM | $1.4m | 0.9% | 62,576 |  | Unchanged |
| [UNISYS CORP (UIS)](/companies/uis.md) | COM NEW | $1.3m | 0.8% | 345,347 |  | Unchanged |
| [F N B CORP (FNB)](/companies/fnb.md) | COM | $1.2m | 0.8% | 64,075 |  | Unchanged |
| [FIRST MERCHANTS CORP (FRME)](/companies/frme.md) | COM | $1.0m | 0.7% | 23,662 |  | Unchanged |
| [ECB BANCORP INC (ECBK)](/companies/ecbk.md) | COM | $1.0m | 0.6% | 49,940 |  | Unchanged |
| [CITIZENS & NORTHN CORP (CZNC)](/companies/cznc.md) | COM | $1000.0k | 0.6% | 42,900 |  | Unchanged |
| [CONTANGO SILVER & GOLD INC (CTGO)](/companies/ctgo.md) | COM | $941.8k | 0.6% | 59,647 |  | Unchanged |
| [CENTRAL PLAINS BANCSHARES IN (CPBI)](/companies/cpbi.md) | COM | $934.7k | 0.6% | 49,117 |  | Unchanged |
| [NORWOOD FINANCIAL CORP (NWFL)](/companies/nwfl.md) | COM | $918.8k | 0.6% | 28,580 |  | Unchanged |
| [FMC CORP (FMC)](/companies/fmc.md) | COM NEW | $897.0k | 0.6% | 78,000 |  | Added +30,000 |
| [DONEGAL GROUP INC (DGICA)](/companies/dgica.md) | CL A | $876.8k | 0.6% | 46,490 |  | Unchanged |
| [MARATHON BANCORP INC (MBBC)](/companies/mbbc.md) | COM NEW | $851.9k | 0.5% | 55,750 |  | Reduced −3,226 |
| [LAKE SHORE BANCORP INC (LSBK)](/companies/lsbk.md) | COM | $788.3k | 0.5% | 44,259 |  | Unchanged |
| FIRST BK WILLIAMSTOWN NEW JE | COM | $729.5k | 0.5% | 41,143 |  | Unchanged |
| [HORIZON BANCORP IND (HBNC)](/companies/hbnc.md) | COM | $700.3k | 0.4% | 35,052 |  | Unchanged |
| [NORTHWEST BANCSHARES INC (NWBI)](/companies/nwbi.md) | COM | $576.1k | 0.4% | 38,000 |  | Unchanged |
| [THRYV HLDGS INC (THRY)](/companies/thry.md) | COM NEW | $568.7k | 0.4% | 144,329 |  | Unchanged |
| [FIRST COMWLTH FINL CORP PA (FCF)](/companies/fcf.md) | COM | $519.6k | 0.3% | 25,560 |  | Unchanged |
| [EAGLE BANCORP MONT INC (EBMT)](/companies/ebmt.md) | COM | $504.9k | 0.3% | 21,098 |  | Unchanged |
| [RICHMOND MUT BANCORPORATION (RMBI)](/companies/rmbi.md) | COM | $480.0k | 0.3% | 30,224 |  | Unchanged |
| [DONEGAL GROUP INC (DGICA)](/companies/dgica.md) | CL B | $388.9k | 0.2% | 17,856 |  | Unchanged |
| [DELUXE CORP MEDIUM TERM NTS (DLX)](/companies/dlx.md) | COM | $331.9k | 0.2% | 13,900 |  | Unchanged |
| [AMERISERV FINL INC (ASRV)](/companies/asrv.md) | COM | $225.8k | 0.1% | 58,200 |  | Unchanged |

## Sold out

Held at the end of the quarter before and not reported this quarter.

| Issuer | Class | Reported value | Weight | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | ---: | --- | --- |
| GREAT LAKES DREDGE & DOCK CO | COM | $0 | 0.0% | 0 |  | Sold out −1,029,703 |
| PROASSURANCE CORP | COM | $0 | 0.0% | 0 |  | Sold out −17,234 |

Source: SEC EDGAR, Form 13F-HR, accession 0001420506-26-001549. Last ingested by Listed: Oct 22, 2026, 05:26 ET. No prices; not investment advice.