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Livermore
Livermore
ZHEN

Minerva Advisors LLC

SEC CIK
0001541536
Latest filing
Aug 12, 2026

Holdings in Q3 2021

Holdings as of Sep 30, 2021, filed Nov 12, 2021. Long positions only; changes compare share counts with Q2 2021.

Institution overview
Positions
73
+3 vs. Q2 2021
Portfolio value
$172.0M
−$17.3M (−9.1%) vs. Q2 2021
Filed
Nov 12, 2021
SEC
Holdings of Minerva Advisors LLC in Q3 2021
SecurityClassSharesValue% of portfolioShare changeActionHistory
ORKAOruka Therapeutics, Inc.COM10,000$30.0K<0.1%+10,000NewHistory
ICCCImmucell CorpCOM PAR11,958$107.0K0.1%00.0%UnchangedHistory
LGLLGL Group IncCOM12,901$173.0K0.1%00.0%UnchangedHistory
EMCFEmclaire Financial CorpCOM7,554$197.0K0.1%00.0%UnchangedHistory
ASRVAmeriserv Financial IncCOM58,200$225.0K0.1%−3,000−4.9%ReducedHistory
DGICBDonegal Group IncCL B17,856$233.0K0.1%00.0%UnchangedHistory
AEAdams Resources & Energy, Inc.COM NEW8,731$265.0K0.2%−5,275−37.7%ReducedHistory
OFEDOconee Federal Financial Corp.COM11,451$270.0K0.2%00.0%UnchangedHistory
DGICADonegal Group IncCL A18,881$274.0K0.2%+7,600+67.4%AddedHistory
TRNSTranscat IncCOM4,517$288.0K0.2%−42,535−90.4%ReducedHistory
NECBNorthEast Community Bancorp, Inc.COM26,639$289.0K0.2%+26,639NewHistory
LSBKLake Shore Bancorp, Inc.COM19,700$293.0K0.2%00.0%UnchangedHistory
LUMOLumos Pharma, Inc.COM34,015$321.0K0.2%+34,015NewHistory
MSVBMid-Southern Bancorp, Inc.COM21,706$327.0K0.2%00.0%UnchangedHistory
NWFLNorwood Financial CorpCOM13,681$345.0K0.2%00.0%UnchangedHistory
PRAProassurance CorpCOM17,234$410.0K0.2%00.0%UnchangedHistory
RIVERiverview Financial CorpCOM31,622$411.0K0.2%00.0%UnchangedHistory
FRMEFirst Merchants CorpCOM9,875$413.0K0.2%00.0%UnchangedHistory
NICNicolet Bankshares IncCOM5,561$413.0K0.2%+5,561NewHistory
SSBSouthState Bank CorpCOM5,661$423.0K0.2%00.0%UnchangedHistory
CBUCommunity Financial System, Inc.COM6,618$453.0K0.3%00.0%UnchangedHistory
EBMTEagle Bancorp Montana, Inc.COM21,098$470.0K0.3%00.0%UnchangedHistory
RMBIRichmond Mutual Bancorporation, Inc.COM30,000$473.0K0.3%00.0%UnchangedHistory
DLXDeluxe CorpCOM13,900$499.0K0.3%00.0%UnchangedHistory
NWBINorthwest Bancshares, Inc.COM38,000$505.0K0.3%00.0%UnchangedHistory
ICCHICC Holdings, Inc.COM33,367$534.0K0.3%00.0%UnchangedHistory
AUDAudacy, Inc.COM149,900$552.0K0.3%−16,000−9.6%ReducedHistory
HVBCHV Bancorp, Inc.COM25,890$568.0K0.3%00.0%UnchangedHistory
ACNTAscent Industries Co.COM55,850$602.0K0.4%00.0%UnchangedHistory
CIXCompx International IncCL A29,847$620.0K0.4%00.0%UnchangedHistory
CLBKColumbia Financial, Inc.COM33,794$625.0K0.4%00.0%UnchangedHistory
HBNCHorizon Bancorp IncCOM35,052$637.0K0.4%00.0%UnchangedHistory
SCXStarrett L S CoCL A58,237$728.0K0.4%−1,200−2.0%ReducedHistory
VOLTVolt Information Sciences, Inc.COM209,265$734.0K0.4%00.0%UnchangedHistory
GVPGse Systems IncCOM528,318$777.0K0.5%00.0%UnchangedHistory
FNBFNB CorpCOM69,690$810.0K0.5%00.0%UnchangedHistory
FSTRFoster L B CoCOM55,263$856.0K0.5%00.0%UnchangedHistory
DWSNDawson Geophysical CoCOM358,336$885.0K0.5%−3,678−1.0%ReducedHistory
MLVFMalvern Bancorp, Inc.COM53,206$902.0K0.5%00.0%UnchangedHistory
VBFCVillage Bank & Trust Financial Corp.COM NEW19,745$987.0K0.6%00.0%UnchangedHistory
CECOCeco Environmental CorpCOM148,829$1.05M0.6%00.0%UnchangedHistory
MPBMid Penn Bancorp IncCOM38,951$1.07M0.6%00.0%UnchangedHistory
CZNCCitizens & Northern CorpCOM42,900$1.08M0.6%00.0%UnchangedHistory
DALNDallasNews CorpCOM SER A162,248$1.10M0.6%00.0%UnchangedHistory
ISBCInvestors Bancorp, Inc.COM79,411$1.20M0.7%−5,300−6.3%ReducedHistory
VRSBillerud Americas CorpCL A68,300$1.42M0.8%00.0%UnchangedHistory
DORMDorman Products, Inc.COM17,090$1.61M0.9%00.0%UnchangedHistory
KEQUKewaunee Scientific CorpCOM138,392$1.77M1.0%00.0%UnchangedHistory
THRYThryv Holdings, Inc.COM NEW59,703$1.80M1.0%00.0%UnchangedHistory
DLHCDLH Holdings Corp.COM152,178$1.83M1.1%00.0%UnchangedHistory
CNBKACentury Bancorp IncCL A NON VTG17,034$1.96M1.1%00.0%UnchangedHistory
NODKNI Holdings, Inc.COM129,900$2.28M1.3%00.0%UnchangedHistory
STFCState Auto Financial CORPCOM51,338$2.62M1.5%−6,881−11.8%ReducedHistory
RAILFreightCar America, Inc.COM614,121$2.76M1.6%+126,711+26.0%AddedHistory
VIRCVirco Mfg CorporationCOM859,446$2.93M1.7%00.0%UnchangedHistory
NVGSNavigator Holdings Ltd.SHS334,712$2.96M1.7%+4,500+1.4%AddedHistory
PATIPatriot Transportation Holding, Inc.COM293,070$3.31M1.9%00.0%UnchangedHistory
SIFSifco Industries IncCOM385,708$3.32M1.9%00.0%UnchangedHistory
PBHCPathfinder Bancorp, Inc.COM254,045$4.09M2.4%00.0%UnchangedHistory
SGASaga Communications IncCL A NEW196,337$4.42M2.6%+8,428+4.5%AddedHistory
CACCamden National CorpCOM92,968$4.45M2.6%−1,245−1.3%ReducedHistory
USLMUnited States Lime & Minerals IncCOM39,461$4.75M2.8%−220−0.6%ReducedHistory
ATROAstronics CorpCOM341,787$4.81M2.8%+5,000+1.5%AddedHistory
ESCAEscalade IncCOM368,055$6.96M4.0%00.0%UnchangedHistory
USAPUniversal Stainless & Alloy Products IncCOM691,253$6.98M4.1%00.0%UnchangedHistory
GPXGP Strategies CorpCOM347,935$7.20M4.2%+3,212+0.9%AddedHistory
WLMSNOS4-1, Inc.COM1,848,450$7.86M4.6%00.0%UnchangedHistory
EMLEastern CoCOM326,937$8.17M4.8%00.0%UnchangedHistory
SSPE.W. Scripps CoCL A NEW523,407$9.46M5.5%00.0%UnchangedHistory
CTGComputer Task Group IncCOM1,217,404$9.70M5.6%+53,303+4.6%AddedHistory
INFUInfuSystem Holdings, IncCOM846,351$11.0M6.4%00.0%UnchangedHistory
CCFChase CorpCOM120,253$12.3M7.1%−400−0.3%ReducedHistory
GLDDGreat Lakes Dredge & Dock CORPCOM982,540$14.8M8.6%00.0%UnchangedHistory

Sold out since Q2 2021 (1)

Positions held at the end of Q2 2021 that are gone from this filing.

Positions of Minerva Advisors LLC sold out since Q2 2021
SecurityClassShares in Q2 2021Value in Q2 2021% of portfolio in Q2 2021History
MFNCMackinac Financial CorpCOM25,283$500.0K0.3%History