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Minerva Advisors LLC

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13F filer, CIK 1541536, BALA CYNWYD, PA

Minerva Advisors LLC reported $154,911,817 across 48 holdings for the quarter ended 2026-03-31, in a 13F-HR filed 2026-05-12. Its ten largest share positions make up 62.2% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001420506-26-000931

Period
2026-03-31
Reported value
$155M
Holdings
48
Top 10 weight
62.2%
New
0
Sold out
9

Largest buys vs the previous quarter

SecurityShares changeApprox. value
KELYAadded+141,396$1.25M
INFUadded+125,374$1.16M
RAILadded+73,977$590K
FRMEadded+13,787$534K
SSPadded+140,570$523K

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
GLDDreduced-360,104-$6.12M
ATROreduced-31,904-$2.13M
DORMexited-8,590-$1.06M
USLMexited-6,250-$748K
SSBexited-5,661-$533K

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 2026

Share positions as resolved from 13F-HR 0001420506-26-000931, largest first. % of portfolio is the value over $154,911,817, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
GLDDGREAT LAKES DREDGE & DOCK COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 1,341,807 shares; 2024Q4: 1,341,807 shares; 2025Q1: 1,389,807 shares; 2025Q2: 1,389,807 shares; 2025Q3: 1,389,807 shares; 2025Q4: 1,389,807 shares; 2026Q1: 1,029,703 shares 1,029,703$17.5M11.3%-360,104Timeline
TGTREDEGAR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 1,663,107 shares; 2024Q4: 1,657,107 shares; 2025Q1: 1,657,107 shares; 2025Q2: 1,657,107 shares; 2025Q3: 1,657,107 shares; 2025Q4: 1,657,107 shares; 2026Q1: 1,665,607 shares 1,665,607$13.2M8.55%+8,500Timeline
INFUINFUSYSTEM HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 846,851 shares; 2024Q4: 846,851 shares; 2025Q1: 910,677 shares; 2025Q2: 994,781 shares; 2025Q3: 1,025,789 shares; 2025Q4: 1,078,731 shares; 2026Q1: 1,204,105 shares 1,204,105$11.1M7.17%+125,374Timeline
EMLEASTERN COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 497,210 shares; 2024Q4: 500,978 shares; 2025Q1: 505,987 shares; 2025Q2: 525,053 shares; 2025Q3: 530,053 shares; 2025Q4: 529,084 shares; 2026Q1: 546,402 shares 546,402$11.1M7.14%+17,318Timeline
ESCAESCALADE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 537,814 shares; 2024Q4: 537,814 shares; 2025Q1: 537,814 shares; 2025Q2: 537,814 shares; 2025Q3: 550,192 shares; 2025Q4: 567,621 shares; 2026Q1: 567,621 shares 567,621$9.75M6.29%0Timeline
VIRCVIRCO MFG COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 1,101,689 shares; 2024Q4: 1,162,589 shares; 2025Q1: 1,210,455 shares; 2025Q2: 1,283,516 shares; 2025Q3: 1,362,502 shares; 2025Q4: 1,448,198 shares; 2026Q1: 1,517,452 shares 1,517,452$9.29M5.99%+69,254Timeline
DLHCDLH HLDGS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 636,377 shares; 2024Q4: 847,592 shares; 2025Q1: 1,018,397 shares; 2025Q2: 1,110,743 shares; 2025Q3: 1,116,802 shares; 2025Q4: 1,113,057 shares; 2026Q1: 1,113,037 shares 1,113,037$6.48M4.18%-20Timeline
SIFSIFCO INDS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 423,889 shares; 2024Q4: 466,751 shares; 2025Q1: 466,751 shares; 2025Q2: 466,901 shares; 2025Q3: 466,901 shares; 2025Q4: 488,984 shares; 2026Q1: 480,650 shares 480,650$6.4M4.13%-8,334Timeline
UTMDUTAH MED PRODS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 42,328 shares; 2024Q4: 78,389 shares; 2025Q1: 86,902 shares; 2025Q2: 93,058 shares; 2025Q3: 93,058 shares; 2025Q4: 93,615 shares; 2026Q1: 93,615 shares 93,615$5.8M3.75%0Timeline
NVGSNAVIGATOR HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 306,212 shares; 2024Q4: 306,212 shares; 2025Q1: 301,212 shares; 2025Q2: 301,212 shares; 2025Q3: 301,212 shares; 2025Q4: 301,212 shares; 2026Q1: 296,212 shares 296,212$5.73M3.7%-5,000Timeline
SSPSCRIPPS E W CO OHIOQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 1,192,441 shares; 2024Q4: 1,167,842 shares; 2025Q1: 1,259,842 shares; 2025Q2: 1,259,842 shares; 2025Q3: 1,385,920 shares; 2025Q4: 1,385,920 shares; 2026Q1: 1,526,490 shares 1,526,490$5.68M3.67%+140,570Timeline
ATROASTRONICS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 463,105 shares; 2024Q4: 463,105 shares; 2025Q1: 463,105 shares; 2025Q2: 255,905 shares; 2025Q3: 195,041 shares; 2025Q4: 102,244 shares; 2026Q1: 70,340 shares 70,340$4.69M3.03%-31,904Timeline
KEQUKEWAUNEE SCIENTIFIC CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 105,182 shares; 2024Q4: 109,493 shares; 2025Q1: 73,765 shares; 2025Q2: 77,442 shares; 2025Q3: 80,274 shares; 2025Q4: 121,863 shares; 2026Q1: 136,705 shares 136,705$4.68M3.02%+14,842Timeline
UFIUNIFI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 810,228 shares; 2024Q4: 855,241 shares; 2025Q1: 907,774 shares; 2025Q2: 1,085,209 shares; 2025Q3: 1,152,481 shares; 2025Q4: 1,222,420 shares; 2026Q1: 1,258,626 shares 1,258,626$4.49M2.9%+36,206Timeline
CACCAMDEN NATL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 89,568 shares; 2024Q4: 89,568 shares; 2025Q1: 89,568 shares; 2025Q2: 89,568 shares; 2025Q3: 89,568 shares; 2025Q4: 89,568 shares; 2026Q1: 89,568 shares 89,568$4.25M2.74%0Timeline
PBHCPATHFINDER BANCORP INC MDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 262,204 shares; 2024Q4: 262,204 shares; 2025Q1: 262,204 shares; 2025Q2: 262,204 shares; 2025Q3: 262,204 shares; 2025Q4: 262,204 shares; 2026Q1: 262,204 shares 262,204$3.35M2.16%0Timeline
CRD-BCRAWFORD & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 276,688 shares; 2024Q4: 276,688 shares; 2025Q1: 276,688 shares; 2025Q2: 281,688 shares; 2025Q3: 288,334 shares; 2025Q4: 288,178 shares; 2026Q1: 288,178 shares 288,178$2.92M1.89%0Timeline
RAILFREIGHTCAR AMER INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 419,104 shares; 2024Q4: 219,005 shares; 2025Q1: 219,005 shares; 2025Q2: 219,005 shares; 2025Q3: 258,546 shares; 2025Q4: 267,046 shares; 2026Q1: 341,023 shares 341,023$2.72M1.75%+73,977Timeline
FSTRFOSTER L B COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 79,798 shares; 2024Q4: 79,798 shares; 2025Q1: 79,798 shares; 2025Q2: 83,965 shares; 2025Q3: 83,965 shares; 2025Q4: 83,965 shares; 2026Q1: 83,965 shares 83,965$2.34M1.51%0Timeline
KELYAKELLY SVCS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 40,000 shares; 2025Q3: 40,000 shares; 2025Q4: 58,400 shares; 2026Q1: 199,796 shares 199,796$1.77M1.14%+141,396Timeline
MPBMID PENN BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 51,732 shares; 2024Q4: 51,732 shares; 2025Q1: 51,732 shares; 2025Q2: 54,177 shares; 2025Q3: 54,177 shares; 2025Q4: 54,177 shares; 2026Q1: 54,177 shares 54,177$1.74M1.12%0Timeline
NODKNI HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 129,900 shares; 2024Q4: 129,900 shares; 2025Q1: 129,900 shares; 2025Q2: 129,900 shares; 2025Q3: 129,900 shares; 2025Q4: 129,900 shares; 2026Q1: 129,900 shares 129,900$1.67M1.08%0Timeline
CFGCITIZENS FINL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 23,585 shares; 2024Q4: 23,585 shares; 2025Q1: 23,585 shares; 2025Q2: 23,585 shares; 2025Q3: 21,485 shares; 2025Q4: 21,485 shares; 2026Q1: 21,485 shares 21,485$1.29M0.83%0Timeline
EBCEASTERN BANKSHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 62,576 shares; 2026Q1: 62,576 shares 62,576$1.22M0.79%0Timeline
CTGOCONTANGO SILVER & GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 70,147 shares; 2024Q4: 70,147 shares; 2025Q1: 70,147 shares; 2025Q2: 76,147 shares; 2025Q3: 76,147 shares; 2025Q4: 76,147 shares; 2026Q1: 59,647 shares 59,647$1.12M0.72%-16,500Timeline
FNBF N B CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 64,075 shares; 2024Q4: 64,075 shares; 2025Q1: 64,075 shares; 2025Q2: 64,075 shares; 2025Q3: 64,075 shares; 2025Q4: 64,075 shares; 2026Q1: 64,075 shares 64,075$1.07M0.69%0Timeline
CZNCCITIZENS & NORTHN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 42,900 shares; 2024Q4: 42,900 shares; 2025Q1: 42,900 shares; 2025Q2: 42,900 shares; 2025Q3: 42,900 shares; 2025Q4: 42,900 shares; 2026Q1: 42,900 shares 42,900$958K0.62%0Timeline
FRMEFIRST MERCHANTS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 9,875 shares; 2024Q4: 9,875 shares; 2025Q1: 9,875 shares; 2025Q2: 9,875 shares; 2025Q3: 9,875 shares; 2025Q4: 9,875 shares; 2026Q1: 23,662 shares 23,662$916K0.59%+13,787Timeline
NWFLNORWOOD FINANCIAL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 13,681 shares; 2024Q4: 13,681 shares; 2025Q1: 13,681 shares; 2025Q2: 13,681 shares; 2025Q3: 13,681 shares; 2025Q4: 13,681 shares; 2026Q1: 28,580 shares 28,580$841K0.54%+14,899Timeline
CPBICENTRAL PLAINS BANCSHARES INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 49,117 shares; 2024Q4: 49,117 shares; 2025Q1: 49,117 shares; 2025Q2: 49,117 shares; 2025Q3: 49,117 shares; 2025Q4: 49,117 shares; 2026Q1: 49,117 shares 49,117$840K0.54%0Timeline
ECBKECB BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 36,440 shares; 2024Q4: 36,440 shares; 2025Q1: 49,940 shares; 2025Q2: 49,940 shares; 2025Q3: 49,940 shares; 2025Q4: 49,940 shares; 2026Q1: 49,940 shares 49,940$835K0.54%0Timeline
FMCFMC CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 48,000 shares; 2026Q1: 48,000 shares 48,000$827K0.53%0Timeline
DGICADONEGAL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 46,490 shares; 2024Q4: 46,490 shares; 2025Q1: 46,490 shares; 2025Q2: 46,490 shares; 2025Q3: 46,490 shares; 2025Q4: 46,490 shares; 2026Q1: 46,490 shares 46,490$799K0.52%0Timeline
MBBCMARATHON BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 54,718 shares; 2025Q3: 58,976 shares; 2025Q4: 58,976 shares; 2026Q1: 58,976 shares 58,976$798K0.52%0Timeline
UISUNISYS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 345,347 shares; 2024Q4: 345,347 shares; 2025Q1: 345,347 shares; 2025Q2: 345,347 shares; 2025Q3: 345,347 shares; 2025Q4: 345,347 shares; 2026Q1: 345,347 shares 345,347$715K0.46%0Timeline
LSBKLAKE SHORE BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 44,259 shares; 2025Q4: 44,259 shares; 2026Q1: 44,259 shares 44,259$672K0.43%0Timeline
FRBAFIRST BK WILLIAMSTOWN NEW JEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 41,143 shares; 2024Q4: 41,143 shares; 2025Q1: 41,143 shares; 2025Q2: 41,143 shares; 2025Q3: 41,143 shares; 2025Q4: 41,143 shares; 2026Q1: 41,143 shares 41,143$658K0.42%0Timeline
CLBKCOLUMBIA FINL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 33,794 shares; 2024Q4: 33,794 shares; 2025Q1: 33,794 shares; 2025Q2: 33,794 shares; 2025Q3: 33,794 shares; 2025Q4: 33,794 shares; 2026Q1: 33,794 shares 33,794$592K0.38%0Timeline
HBNCHORIZON BANCORP INDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 35,052 shares; 2024Q4: 35,052 shares; 2025Q1: 35,052 shares; 2025Q2: 35,052 shares; 2025Q3: 35,052 shares; 2025Q4: 35,052 shares; 2026Q1: 35,052 shares 35,052$581K0.37%0Timeline
NWBINORTHWEST BANCSHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 38,000 shares; 2024Q4: 38,000 shares; 2025Q1: 38,000 shares; 2025Q2: 38,000 shares; 2025Q3: 38,000 shares; 2025Q4: 38,000 shares; 2026Q1: 38,000 shares 38,000$482K0.31%0Timeline
FCFFIRST COMWLTH FINL CORP PAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 25,560 shares; 2024Q4: 25,560 shares; 2025Q1: 25,560 shares; 2025Q2: 25,560 shares; 2025Q3: 25,560 shares; 2025Q4: 25,560 shares; 2026Q1: 25,560 shares 25,560$449K0.29%0Timeline
EBMTEAGLE BANCORP MONT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 21,098 shares; 2024Q4: 21,098 shares; 2025Q1: 21,098 shares; 2025Q2: 21,098 shares; 2025Q3: 21,098 shares; 2025Q4: 21,098 shares; 2026Q1: 21,098 shares 21,098$434K0.28%0Timeline
PRAPROASSURANCE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 17,234 shares; 2024Q4: 17,234 shares; 2025Q1: 17,234 shares; 2025Q2: 17,234 shares; 2025Q3: 17,234 shares; 2025Q4: 17,234 shares; 2026Q1: 17,234 shares 17,234$426K0.28%0Timeline
RMBIRICHMOND MUT BANCORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 30,000 shares; 2024Q4: 30,000 shares; 2025Q1: 30,000 shares; 2025Q2: 30,000 shares; 2025Q3: 30,000 shares; 2025Q4: 30,224 shares; 2026Q1: 30,224 shares 30,224$410K0.26%0Timeline
THRYTHRYV HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 224,829 shares; 2024Q4: 223,829 shares; 2025Q1: 202,329 shares; 2025Q2: 202,329 shares; 2025Q3: 202,329 shares; 2025Q4: 148,329 shares; 2026Q1: 144,329 shares 144,329$395K0.26%-4,000Timeline
DLXDELUXE CORP MEDIUM TERM NTSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 13,900 shares; 2024Q4: 13,900 shares; 2025Q1: 13,900 shares; 2025Q2: 13,900 shares; 2025Q3: 13,900 shares; 2025Q4: 13,900 shares; 2026Q1: 13,900 shares 13,900$383K0.25%0Timeline
DGICBDONEGAL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 17,856 shares; 2024Q4: 17,856 shares; 2025Q1: 17,856 shares; 2025Q2: 17,856 shares; 2025Q3: 17,856 shares; 2025Q4: 17,856 shares; 2026Q1: 17,856 shares 17,856$316K0.2%0Timeline
ASRVAMERISERV FINL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 58,200 shares; 2024Q4: 58,200 shares; 2025Q1: 58,200 shares; 2025Q2: 58,200 shares; 2025Q3: 58,200 shares; 2025Q4: 58,200 shares; 2026Q1: 58,200 shares 58,200$211K0.14%0Timeline

Sold out in Q1 2026

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

SecurityShares beforeValue beforeType
DORMDORMAN PRODS INC8,590$1.06Mshares
USLMUNITED STS LIME & MINERALS I6,250$748Kshares
SSBSOUTHSTATE BK CORP5,661$533Kshares
FSFGFIRST SVGS FINL GROUP INC16,221$517Kshares
ACNTASCENT INDUSTRIES CO30,415$492Kshares
CZFSCITIZENS FINL SVCS INC7,881$449Kshares
PB BANKSHARES INCPB BANKSHARES INC20,560$435Kshares
CBUCOMMUNITY FINANCIAL SYSTEM I6,618$380Kshares
SGASAGA COMMUNICATIONS INC31,831$364Kshares

How Q1 2026 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 0001420506-26-000931 base2026-05-12acceptance time not in the bulk data set