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Minerva Advisors LLC

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13F filer, CIK 1541536, BALA CYNWYD, PA

Minerva Advisors LLC reported $158,277,236 across 46 holdings for the quarter ended 2026-06-30, in a 13F-HR filed 2026-08-12. Its ten largest share positions make up 60.68% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001420506-26-001549

Period
2026-06-30
Reported value
$158M
Holdings
46
Top 10 weight
60.68%
New
0
Sold out
2

Largest buys vs the previous quarter

SecurityShares changeApprox. value
INFUadded+144,512$1.39M
CLBKadded+55,500$1.18M
SSPadded+306,217$848K
KELYAadded+53,366$655K
KEQUadded+12,705$451K

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
GLDDexited-1,029,703-$17.5M
ATROreduced-15,299-$1.24M
FSTRreduced-16,043-$725K
SIFreduced-25,000-$585K
PRAexited-17,234-$426K

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, Q2 2026

Share positions as resolved from 13F-HR 0001420506-26-001549, largest first. % of portfolio is the value over $158,277,236, 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; 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; 2026Q2: 546,402 shares 546,402$15.2M9.61%0Timeline
TGTREDEGAR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 1,665,607 shares 1,665,607$13.3M8.38%0Timeline
INFUINFUSYSTEM HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 1,348,617 shares 1,348,617$13M8.22%+144,512Timeline
SIFSIFCO INDS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 455,650 shares 455,650$10.7M6.74%-25,000Timeline
ESCAESCALADE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 567,222 shares 567,222$10.7M6.73%-399Timeline
VIRCVIRCO MFG COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 1,535,454 shares 1,535,454$9.43M5.96%+18,002Timeline
UTMDUTAH MED PRODS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 93,615 shares 93,615$6.46M4.08%0Timeline
UFIUNIFI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 1,258,792 shares 1,258,792$5.98M3.78%+166Timeline
DLHCDLH HLDGS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 1,116,368 shares 1,116,368$5.86M3.7%+3,331Timeline
NVGSNAVIGATOR HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 296,212 shares 296,212$5.52M3.49%0Timeline
KEQUKEWAUNEE SCIENTIFIC CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 149,410 shares 149,410$5.31M3.35%+12,705Timeline
SSPSCRIPPS E W CO OHIOQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 1,832,707 shares 1,832,707$5.08M3.21%+306,217Timeline
CACCAMDEN NATL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 89,568 shares 89,568$4.86M3.07%0Timeline
ATROASTRONICS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 55,041 shares 55,041$4.47M2.83%-15,299Timeline
PBHCPATHFINDER BANCORP INC MDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 262,204 shares 262,204$4.16M2.63%0Timeline
RAILFREIGHTCAR AMER INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 379,030 shares 379,030$3.69M2.33%+38,007Timeline
KELYAKELLY SVCS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 253,162 shares 253,162$3.11M1.96%+53,366Timeline
FSTRFOSTER L B COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 67,922 shares 67,922$3.07M1.94%-16,043Timeline
CRD-BCRAWFORD & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 288,178 shares 288,178$3.01M1.9%0Timeline
NODKNI HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 129,900 shares 129,900$2.04M1.29%0Timeline
CLBKCOLUMBIA FINL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 89,294 shares 89,294$1.89M1.2%+55,500Timeline
MPBMID PENN BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 54,177 shares 54,177$1.89M1.19%0Timeline
CFGCITIZENS FINL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 21,485 shares 21,485$1.51M0.95%0Timeline
EBCEASTERN BANKSHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 62,576 shares; 2026Q1: 62,576 shares; 2026Q2: 62,576 shares 62,576$1.39M0.88%0Timeline
UISUNISYS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 345,347 shares 345,347$1.26M0.8%0Timeline
FNBF N B CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 64,075 shares 64,075$1.22M0.77%0Timeline
FRMEFIRST MERCHANTS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 23,662 shares 23,662$1.03M0.65%0Timeline
ECBKECB BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 49,940 shares 49,940$1M0.63%0Timeline
CZNCCITIZENS & NORTHN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 42,900 shares 42,900$1000K0.63%0Timeline
CTGOCONTANGO SILVER & GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 59,647 shares 59,647$942K0.6%0Timeline
CPBICENTRAL PLAINS BANCSHARES INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 49,117 shares 49,117$935K0.59%0Timeline
NWFLNORWOOD FINANCIAL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 28,580 shares 28,580$919K0.58%0Timeline
FMCFMC CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 48,000 shares; 2026Q1: 48,000 shares; 2026Q2: 78,000 shares 78,000$897K0.57%+30,000Timeline
DGICADONEGAL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 46,490 shares 46,490$877K0.55%0Timeline
MBBCMARATHON BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 55,750 shares 55,750$852K0.54%-3,226Timeline
LSBKLAKE SHORE BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 44,259 shares; 2025Q4: 44,259 shares; 2026Q1: 44,259 shares; 2026Q2: 44,259 shares 44,259$788K0.5%0Timeline
FRBAFIRST BK WILLIAMSTOWN NEW JEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 41,143 shares 41,143$729K0.46%0Timeline
HBNCHORIZON BANCORP INDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 35,052 shares 35,052$700K0.44%0Timeline
NWBINORTHWEST BANCSHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 38,000 shares 38,000$576K0.36%0Timeline
THRYTHRYV HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 144,329 shares 144,329$569K0.36%0Timeline
FCFFIRST COMWLTH FINL CORP PAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 25,560 shares 25,560$520K0.33%0Timeline
EBMTEAGLE BANCORP MONT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 21,098 shares 21,098$505K0.32%0Timeline
RMBIRICHMOND MUT BANCORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 30,224 shares 30,224$480K0.3%0Timeline
DGICBDONEGAL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 17,856 shares 17,856$389K0.25%0Timeline
DLXDELUXE CORP MEDIUM TERM NTSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 13,900 shares 13,900$332K0.21%0Timeline
ASRVAMERISERV FINL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 58,200 shares 58,200$226K0.14%0Timeline

Sold out in Q2 2026

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

SecurityShares beforeValue beforeType
GLDDGREAT LAKES DREDGE & DOCK CO1,029,703$17.5Mshares
PRAPROASSURANCE CORP17,234$426Kshares

How Q2 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 0001420506-26-001549 base2026-08-12acceptance time not in the bulk data set