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Livermore
Livermore
ZHEN

Minerva Advisors LLC

SEC CIK
0001541536
Latest filing
Aug 12, 2026

Holdings in Q4 2021

Holdings as of Dec 31, 2021, filed Feb 14, 2022. Long positions only; changes compare share counts with Q3 2021.

Institution overview
Positions
71
−2 vs. Q3 2021
Portfolio value
$166.3M
−$5.68M (−3.3%) vs. Q3 2021
Filed
Feb 14, 2022
SEC
Holdings of Minerva Advisors LLC in Q4 2021
SecurityClassSharesValue% of portfolioShare changeActionHistory
ICCCImmucell CorpCOM PAR11,958$95.0K0.1%00.0%UnchangedHistory
LGLLGL Group IncCOM12,901$147.0K0.1%00.0%UnchangedHistory
NXTCNextCure, Inc.COM31,713$190.0K0.1%+31,713NewHistory
AUDAudacy, Inc.COM77,400$199.0K0.1%−72,500−48.4%ReducedHistory
EMCFEmclaire Financial CorpCOM7,554$209.0K0.1%00.0%UnchangedHistory
ASRVAmeriserv Financial IncCOM58,200$225.0K0.1%00.0%UnchangedHistory
DGICBDonegal Group IncCL B17,856$226.0K0.1%00.0%UnchangedHistory
LUMOLumos Pharma, Inc.COM34,015$236.0K0.1%00.0%UnchangedHistory
AEAdams Resources & Energy, Inc.COM NEW8,731$243.0K0.1%00.0%UnchangedHistory
OFEDOconee Federal Financial Corp.COM11,451$254.0K0.2%00.0%UnchangedHistory
LSBKLake Shore Bancorp, Inc.COM19,700$294.0K0.2%00.0%UnchangedHistory
NECBNorthEast Community Bancorp, Inc.COM26,639$296.0K0.2%00.0%UnchangedHistory
MSVBMid-Southern Bancorp, Inc.COM21,706$323.0K0.2%00.0%UnchangedHistory
NWFLNorwood Financial CorpCOM13,681$353.0K0.2%00.0%UnchangedHistory
FRMEFirst Merchants CorpCOM9,875$413.0K0.2%00.0%UnchangedHistory
DGICADonegal Group IncCL A30,265$431.0K0.3%+11,384+60.3%AddedHistory
PRAProassurance CorpCOM17,234$436.0K0.3%00.0%UnchangedHistory
DLXDeluxe CorpCOM13,900$446.0K0.3%00.0%UnchangedHistory
SSBSouthState Bank CorpCOM5,661$453.0K0.3%00.0%UnchangedHistory
EBMTEagle Bancorp Montana, Inc.COM21,098$475.0K0.3%00.0%UnchangedHistory
NICNicolet Bankshares IncCOM5,561$477.0K0.3%00.0%UnchangedHistory
RMBIRichmond Mutual Bancorporation, Inc.COM30,000$482.0K0.3%00.0%UnchangedHistory
CBUCommunity Financial System, Inc.COM6,618$493.0K0.3%00.0%UnchangedHistory
TGTredegar CorpCOM44,709$528.0K0.3%+44,709NewHistory
NWBINorthwest Bancshares, Inc.COM38,000$538.0K0.3%00.0%UnchangedHistory
SCXStarrett L S CoCL A58,237$545.0K0.3%00.0%UnchangedHistory
ICCHICC Holdings, Inc.COM33,367$559.0K0.3%00.0%UnchangedHistory
HVBCHV Bancorp, Inc.COM25,890$564.0K0.3%00.0%UnchangedHistory
VOLTVolt Information Sciences, Inc.COM209,265$609.0K0.4%00.0%UnchangedHistory
CLBKColumbia Financial, Inc.COM33,794$625.0K0.4%00.0%UnchangedHistory
CIXCompx International IncCL A29,847$671.0K0.4%00.0%UnchangedHistory
HBNCHorizon Bancorp IncCOM35,052$730.0K0.4%00.0%UnchangedHistory
DWSNDawson Geophysical CoCOM317,194$733.0K0.4%−41,142−11.5%ReducedHistory
FSTRFoster L B CoCOM55,263$760.0K0.5%00.0%UnchangedHistory
MLVFMalvern Bancorp, Inc.COM53,206$834.0K0.5%00.0%UnchangedHistory
FNBFNB CorpCOM69,690$846.0K0.5%00.0%UnchangedHistory
GVPGse Systems IncCOM528,318$904.0K0.5%00.0%UnchangedHistory
CECOCeco Environmental CorpCOM148,829$923.0K0.6%00.0%UnchangedHistory
ACNTAscent Industries Co.COM61,453$995.0K0.6%+5,603+10.0%AddedHistory
VBFCVillage Bank & Trust Financial Corp.COM NEW19,745$1.11M0.7%00.0%UnchangedHistory
CZNCCitizens & Northern CorpCOM42,900$1.12M0.7%00.0%UnchangedHistory
DALNDallasNews CorpCOM SER A163,732$1.18M0.7%+1,484+0.9%AddedHistory
ISBCInvestors Bancorp, Inc.COM79,411$1.20M0.7%00.0%UnchangedHistory
MPBMid Penn Bancorp IncCOM51,732$1.64M1.0%+12,781+32.8%AddedHistory
KEQUKewaunee Scientific CorpCOM139,479$1.77M1.1%+1,087+0.8%AddedHistory
STFCState Auto Financial CORPCOM35,223$1.82M1.1%−16,115−31.4%ReducedHistory
VRSBillerud Americas CorpCL A68,300$1.84M1.1%00.0%UnchangedHistory
DORMDorman Products, Inc.COM17,090$1.93M1.2%00.0%UnchangedHistory
PATIPatriot Transportation Holding, Inc.COM246,583$1.99M1.2%−46,487−15.9%ReducedHistory
THRYThryv Holdings, Inc.COM NEW49,703$2.04M1.2%−10,000−16.7%ReducedHistory
NODKNI Holdings, Inc.COM129,900$2.41M1.4%00.0%UnchangedHistory
RAILFreightCar America, Inc.COM671,281$2.47M1.5%+57,160+9.3%AddedHistory
SIFSifco Industries IncCOM385,708$2.51M1.5%00.0%UnchangedHistory
DLHCDLH Holdings Corp.COM152,178$2.53M1.5%00.0%UnchangedHistory
VIRCVirco Mfg CorporationCOM875,628$2.63M1.6%+16,182+1.9%AddedHistory
CTGOContango Silver & Gold Inc.COM108,518$2.78M1.7%+108,518NewHistory
NVGSNavigator Holdings Ltd.SHS334,712$2.98M1.8%00.0%UnchangedHistory
ATROAstronics CorpCOM353,787$4.25M2.6%+12,000+3.5%AddedHistory
PBHCPathfinder Bancorp, Inc.COM251,746$4.26M2.6%−2,299−0.9%ReducedHistory
CACCamden National CorpCOM92,968$4.48M2.7%00.0%UnchangedHistory
SGASaga Communications IncCL A NEW195,348$4.55M2.7%−989−0.5%ReducedHistory
USLMUnited States Lime & Minerals IncCOM39,461$5.03M3.0%00.0%UnchangedHistory
WLMSNOS4-1, Inc.COM1,843,450$5.44M3.3%−5,000−0.3%ReducedHistory
USAPUniversal Stainless & Alloy Products IncCOM704,727$5.55M3.3%+13,474+1.9%AddedHistory
ESCAEscalade IncCOM368,055$5.79M3.5%00.0%UnchangedHistory
EMLEastern CoCOM326,937$8.14M4.9%00.0%UnchangedHistory
SSPE.W. Scripps CoCL A NEW523,407$10.1M6.1%00.0%UnchangedHistory
CCFChase CorpCOM120,253$12.0M7.2%00.0%UnchangedHistory
CTGComputer Task Group IncCOM1,228,729$12.3M7.4%+11,325+0.9%AddedHistory
INFUInfuSystem Holdings, IncCOM846,351$14.4M8.7%00.0%UnchangedHistory
GLDDGreat Lakes Dredge & Dock CORPCOM979,540$15.4M9.2%−3,000−0.3%ReducedHistory

Sold out since Q3 2021 (5)

Positions held at the end of Q3 2021 that are gone from this filing.

Positions of Minerva Advisors LLC sold out since Q3 2021
SecurityClassShares in Q3 2021Value in Q3 2021% of portfolio in Q3 2021History
GPXGP Strategies CorpCOM347,935$7.20M4.2%History
CNBKACentury Bancorp IncCL A NON VTG17,034$1.96M1.1%History
RIVERiverview Financial CorpCOM31,622$411.0K0.2%History
TRNSTranscat IncCOM4,517$288.0K0.2%History
ORKAOruka Therapeutics, Inc.COM10,000$30.0K<0.1%History