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Minerva Advisors LLC

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13F filer, CIK 1541536, BALA CYNWYD, PA

Minerva Advisors LLC reported $140,695,221 across 55 holdings for the quarter ended 2025-03-31, in a 13F-HR/A filed 2025-05-09. Its ten largest share positions make up 61.82% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR/A 0001462390-25-000012

Period
2025-03-31
Reported value
$141M
Holdings
55
Top 10 weight
61.82%
New
0
Sold out
2

Largest buys vs the previous quarter

SecurityShares changeApprox. value
DLHCadded+170,805$692K
UTMDadded+8,513$477K
VIRCadded+47,866$453K
GLDDadded+48,000$418K
INFUadded+63,826$343K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
UNIVERSAL STAINLESS & ALLOYexited-391,487-$17.2M
KEQUreduced-35,728-$1.41M
ICC HOLDINGS INCexited-33,367-$776K
THRYreduced-21,500-$275K
NVGSreduced-5,000-$66.5K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q1 2025

Share positions as resolved from 13F-HR/A 0001462390-25-000012, largest first. % of portfolio is the value over $140,695,221, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
EMLEASTERN COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 497,210 shares; 2024Q4: 500,978 shares; 2025Q1: 505,987 shares 505,987$12.8M9.11%+5,009Timeline
TGTREDEGAR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,663,107 shares; 2024Q4: 1,657,107 shares; 2025Q1: 1,657,107 shares 1,657,107$12.8M9.07%0Timeline
GLDDGREAT LAKES DREDGE & DOCK COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,341,807 shares; 2024Q4: 1,341,807 shares; 2025Q1: 1,389,807 shares 1,389,807$12.1M8.59%+48,000Timeline
VIRCVIRCO MFG COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,101,689 shares; 2024Q4: 1,162,589 shares; 2025Q1: 1,210,455 shares 1,210,455$11.5M8.14%+47,866Timeline
ATROASTRONICS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 463,105 shares; 2024Q4: 463,105 shares; 2025Q1: 463,105 shares 463,105$11.2M7.96%0Timeline
ESCAESCALADE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 537,814 shares; 2024Q4: 537,814 shares; 2025Q1: 537,814 shares 537,814$8.23M5.85%0Timeline
INFUINFUSYSTEM HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 846,851 shares; 2024Q4: 846,851 shares; 2025Q1: 910,677 shares 910,677$4.9M3.48%+63,826Timeline
UTMDUTAH MED PRODS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 42,328 shares; 2024Q4: 78,389 shares; 2025Q1: 86,902 shares 86,902$4.87M3.46%+8,513Timeline
UFIUNIFI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 810,228 shares; 2024Q4: 855,241 shares; 2025Q1: 907,774 shares 907,774$4.37M3.1%+52,533Timeline
PBHCPATHFINDER BANCORP INC MDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 262,204 shares; 2024Q4: 262,204 shares; 2025Q1: 262,204 shares 262,204$4.31M3.06%0Timeline
DLHCDLH HLDGS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 636,377 shares; 2024Q4: 847,592 shares; 2025Q1: 1,018,397 shares 1,018,397$4.12M2.93%+170,805Timeline
NVGSNAVIGATOR HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 306,212 shares; 2024Q4: 306,212 shares; 2025Q1: 301,212 shares 301,212$4.01M2.85%-5,000Timeline
SSPSCRIPPS E W CO OHIOQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,192,441 shares; 2024Q4: 1,167,842 shares; 2025Q1: 1,259,842 shares 1,259,842$3.73M2.65%+92,000Timeline
CACCAMDEN NATL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 89,568 shares; 2024Q4: 89,568 shares; 2025Q1: 89,568 shares 89,568$3.62M2.58%0Timeline
CRD-BCRAWFORD & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 276,688 shares; 2024Q4: 276,688 shares; 2025Q1: 276,688 shares 276,688$3.16M2.25%0Timeline
KEQUKEWAUNEE SCIENTIFIC CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 105,182 shares; 2024Q4: 109,493 shares; 2025Q1: 73,765 shares 73,765$2.9M2.06%-35,728Timeline
SGASAGA COMMUNICATIONS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 230,478 shares; 2024Q4: 226,688 shares; 2025Q1: 226,688 shares 226,688$2.83M2.01%0Timeline
THRYTHRYV HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 224,829 shares; 2024Q4: 223,829 shares; 2025Q1: 202,329 shares 202,329$2.59M1.84%-21,500Timeline
NODKNI HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 129,900 shares; 2024Q4: 129,900 shares; 2025Q1: 129,900 shares 129,900$1.85M1.32%0Timeline
UISUNISYS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 345,347 shares; 2024Q4: 345,347 shares; 2025Q1: 345,347 shares 345,347$1.59M1.13%0Timeline
VILLAGE BK & TR FINL CORPVILLAGE BK & TR FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 19,745 shares; 2024Q4: 19,745 shares; 2025Q1: 19,745 shares 19,745$1.58M1.13%0
FSTRFOSTER L B COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 79,798 shares; 2024Q4: 79,798 shares; 2025Q1: 79,798 shares 79,798$1.57M1.12%0Timeline
MPBMID PENN BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 51,732 shares; 2024Q4: 51,732 shares; 2025Q1: 51,732 shares 51,732$1.34M0.95%0Timeline
SIFSIFCO INDS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 423,889 shares; 2024Q4: 466,751 shares; 2025Q1: 466,751 shares 466,751$1.29M0.92%0Timeline
RAILFREIGHTCAR AMER INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 419,104 shares; 2024Q4: 219,005 shares; 2025Q1: 219,005 shares 219,005$1.21M0.86%0Timeline
DORMDORMAN PRODS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,590 shares; 2024Q4: 8,590 shares; 2025Q1: 8,590 shares 8,590$1.04M0.74%0Timeline
CFGCITIZENS FINL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 23,585 shares; 2024Q4: 23,585 shares; 2025Q1: 23,585 shares 23,585$966K0.69%0Timeline
HARBORONE BANCORP INC NEWHARBORONE BANCORP INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 88,414 shares; 2024Q4: 88,414 shares; 2025Q1: 88,414 shares 88,414$917K0.65%0
DGICADONEGAL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 46,490 shares; 2024Q4: 46,490 shares; 2025Q1: 46,490 shares 46,490$913K0.65%0Timeline
CZNCCITIZENS & NORTHN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 42,900 shares; 2024Q4: 42,900 shares; 2025Q1: 42,900 shares 42,900$863K0.61%0Timeline
FNBF N B CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 64,075 shares; 2024Q4: 64,075 shares; 2025Q1: 64,075 shares 64,075$862K0.61%0Timeline
ECBKECB BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 36,440 shares; 2024Q4: 36,440 shares; 2025Q1: 49,940 shares 49,940$757K0.54%+13,500Timeline
CPBICENTRAL PLAINS BANCSHARES INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 49,117 shares; 2024Q4: 49,117 shares; 2025Q1: 49,117 shares 49,117$733K0.52%0Timeline
CTGOCONTANGO SILVER & GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 70,147 shares; 2024Q4: 70,147 shares; 2025Q1: 70,147 shares 70,147$716K0.51%0Timeline
FRBAFIRST BK WILLIAMSTOWN NEW JEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 41,143 shares; 2024Q4: 41,143 shares; 2025Q1: 41,143 shares 41,143$609K0.43%0Timeline
USLMUNITED STS LIME & MINERALS IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,250 shares; 2024Q4: 6,250 shares; 2025Q1: 6,250 shares 6,250$552K0.39%0Timeline
HBNCHORIZON BANCORP INDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 35,052 shares; 2024Q4: 35,052 shares; 2025Q1: 35,052 shares 35,052$529K0.38%0Timeline
SouthState CorpSouthState CorpQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,661 shares; 2024Q4: 5,661 shares; 2025Q1: 5,661 shares 5,661$525K0.37%0
CLBKCOLUMBIA FINL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 33,794 shares; 2024Q4: 33,794 shares; 2025Q1: 33,794 shares 33,794$507K0.36%0Timeline
LAKE SHORE BANCORP INCLAKE SHORE BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 30,118 shares; 2024Q4: 30,118 shares; 2025Q1: 30,118 shares 30,118$476K0.34%0
NWBINORTHWEST BANCSHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 38,000 shares; 2024Q4: 38,000 shares; 2025Q1: 38,000 shares 38,000$457K0.32%0Timeline
CZFSCITIZENS FINL SVCS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,803 shares; 2024Q4: 7,803 shares; 2025Q1: 7,803 shares 7,803$453K0.32%0Timeline
FSFGFIRST SVGS FINL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 16,221 shares; 2024Q4: 16,221 shares; 2025Q1: 16,221 shares 16,221$418K0.3%0Timeline
PRAPROASSURANCE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 17,234 shares; 2024Q4: 17,234 shares; 2025Q1: 17,234 shares 17,234$402K0.29%0Timeline
FRMEFIRST MERCHANTS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 9,875 shares; 2024Q4: 9,875 shares; 2025Q1: 9,875 shares 9,875$399K0.28%0Timeline
FCFFIRST COMWLTH FINL CORP PAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 25,560 shares; 2024Q4: 25,560 shares; 2025Q1: 25,560 shares 25,560$397K0.28%0Timeline
ACNTASCENT INDUSTRIES COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 30,415 shares; 2024Q4: 30,415 shares; 2025Q1: 30,415 shares 30,415$385K0.27%0Timeline
RMBIRICHMOND MUT BANCORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 30,000 shares; 2024Q4: 30,000 shares; 2025Q1: 30,000 shares 30,000$384K0.27%0Timeline
CBUCOMMUNITY FINANCIAL SYSTEM IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,618 shares; 2024Q4: 6,618 shares; 2025Q1: 6,618 shares 6,618$376K0.27%0Timeline
EBMTEAGLE BANCORP MONT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 21,098 shares; 2024Q4: 21,098 shares; 2025Q1: 21,098 shares 21,098$353K0.25%0Timeline
PB BANKSHARES INCPB BANKSHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 20,560 shares; 2024Q4: 20,560 shares; 2025Q1: 20,560 shares 20,560$338K0.24%0
NWFLNORWOOD FINANCIAL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 13,681 shares; 2024Q4: 13,681 shares; 2025Q1: 13,681 shares 13,681$331K0.24%0Timeline
DGICBDONEGAL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 17,856 shares; 2024Q4: 17,856 shares; 2025Q1: 17,856 shares 17,856$296K0.21%0Timeline
DLXDELUXE CORP MEDIUM TERM NTSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 13,900 shares; 2024Q4: 13,900 shares; 2025Q1: 13,900 shares 13,900$220K0.16%0Timeline
ASRVAMERISERV FINL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 58,200 shares; 2024Q4: 58,200 shares; 2025Q1: 58,200 shares 58,200$141K0.1%0Timeline

Sold out in Q1 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
UNIVERSAL STAINLESS & ALLOYUNIVERSAL STAINLESS & ALLOY391,487$17.2Mshares
ICC HOLDINGS INCICC HOLDINGS INC33,367$776Kshares

How Q1 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001462390-25-000010 superseded2025-05-08acceptance time not in the bulk data set
13F-HR/A 0001462390-25-000012 baserestatement2025-05-09acceptance time not in the bulk data set