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Livermore
Livermore
ZHEN

Minerva Advisors LLC

SEC CIK
0001541536
Latest filing
Aug 12, 2026

Holdings in Q4 2023

Holdings as of Dec 31, 2023, filed Feb 9, 2024. Long positions only; changes compare share counts with Q3 2023.

Institution overview
Positions
59
−3 vs. Q3 2023
Portfolio value
$160.0M
+$17.0M (+11.9%) vs. Q3 2023
Filed
Feb 9, 2024
SEC
Holdings of Minerva Advisors LLC in Q4 2023
SecurityClassSharesValue% of portfolioShare changeActionHistory
USAPUniversal Stainless & Alloy Products IncCOM776,045$15.5M9.7%+37,618+5.1%AddedHistory
VIRCVirco Mfg CorporationCOM1,097,339$13.2M8.3%+17,465+1.6%AddedHistory
ESCAEscalade IncCOM537,814$10.8M6.7%−15,707−2.8%ReducedHistory
EMLEastern CoCOM491,594$10.6M6.6%+64,134+15.0%AddedHistory
GLDDGreat Lakes Dredge & Dock CORPCOM1,275,998$9.80M6.1%+67,700+5.6%AddedHistory
INFUInfuSystem Holdings, IncCOM846,851$8.84M5.5%00.0%UnchangedHistory
ATROAstronics CorpCOM463,105$8.07M5.0%00.0%UnchangedHistory
DLHCDLH Holdings Corp.COM505,581$7.91M4.9%00.0%UnchangedHistory
TGTredegar CorpCOM1,366,195$7.39M4.6%+375,646+37.9%AddedHistory
SGASaga Communications IncCL A NEW233,041$5.19M3.2%+28,247+13.8%AddedHistory
SSPE.W. Scripps CoCL A NEW632,733$5.06M3.2%+28,000+4.6%AddedHistory
NVGSNavigator Holdings Ltd.SHS344,612$5.00M3.1%00.0%UnchangedHistory
KEQUKewaunee Scientific CorpCOM174,432$4.88M3.1%00.0%UnchangedHistory
THRYThryv Holdings, Inc.COM NEW224,829$4.55M2.8%−14,722−6.1%ReducedHistory
PBHCPathfinder Bancorp, Inc.COM256,599$3.54M2.2%00.0%UnchangedHistory
CRD.BCrawford & CoCL B267,234$3.45M2.2%+32,857+14.0%AddedHistory
CACCamden National CorpCOM89,568$3.36M2.1%00.0%UnchangedHistory
RAILFreightCar America, Inc.COM785,684$2.11M1.3%−20,728−2.6%ReducedHistory
UFIUnifi IncCOM NEW297,485$1.98M1.2%+111,002+59.5%AddedHistory
UISUnisys CorpCOM NEW345,347$1.94M1.2%+345,347NewHistory
CECOCeco Environmental CorpCOM90,158$1.83M1.1%−31,300−25.8%ReducedHistory
FSTRFoster L B CoCOM79,798$1.75M1.1%00.0%UnchangedHistory
SIFSifco Industries IncCOM378,608$1.72M1.1%00.0%UnchangedHistory
NODKNI Holdings, Inc.COM129,900$1.68M1.0%00.0%UnchangedHistory
DORMDorman Products, Inc.COM17,090$1.42M0.9%00.0%UnchangedHistory
CTGOContango Silver & Gold Inc.COM70,147$1.27M0.8%00.0%UnchangedHistory
MPBMid Penn Bancorp IncCOM51,732$1.26M0.8%00.0%UnchangedHistory
USLMUnited States Lime & Minerals IncCOM4,546$1.05M0.7%00.0%UnchangedHistory
CZNCCitizens & Northern CorpCOM42,900$962.2K0.6%00.0%UnchangedHistory
SCXStarrett L S CoCL A73,237$886.2K0.6%00.0%UnchangedHistory
FNBFNB CorpCOM64,075$882.3K0.6%00.0%UnchangedHistory
VBFCVillage Bank & Trust Financial Corp.COM NEW19,745$789.8K0.5%00.0%UnchangedHistory
CFGCitizens Financial Group IncCOM23,585$781.6K0.5%00.0%UnchangedHistory
CIXCompx International IncCL A27,847$704.0K0.4%00.0%UnchangedHistory
CLBKColumbia Financial, Inc.COM33,794$651.5K0.4%00.0%UnchangedHistory
DGICADonegal Group IncCL A46,490$649.0K0.4%00.0%UnchangedHistory
First BK Williamstown New Je31931U102COM41,143$604.4K0.4%00.0%Unchanged–
ACNTAscent Industries Co.COM55,593$531.5K0.3%−4,776−7.9%ReducedHistory
ICCHICC Holdings, Inc.COM33,367$508.8K0.3%00.0%UnchangedHistory
HBNCHorizon Bancorp IncCOM35,052$501.6K0.3%00.0%UnchangedHistory
CZFSCitizens Financial Services IncCOM7,726$500.0K0.3%00.0%UnchangedHistory
SSBSouthState Bank CorpCOM5,661$478.0K0.3%00.0%UnchangedHistory
NWBINorthwest Bancshares, Inc.COM38,000$474.2K0.3%00.0%UnchangedHistory
NWFLNorwood Financial CorpCOM13,681$450.2K0.3%00.0%UnchangedHistory
ECBKECB Bancorp, Inc.COM32,365$404.9K0.3%+25,488+370.6%AddedHistory
FCFFirst Commonwealth Financial CorpCOM25,560$394.1K0.2%00.0%UnchangedHistory
FRMEFirst Merchants CorpCOM9,875$366.2K0.2%00.0%UnchangedHistory
LSBKLake Shore Bancorp, Inc.COM30,118$346.7K0.2%00.0%UnchangedHistory
RMBIRichmond Mutual Bancorporation, Inc.COM30,000$345.3K0.2%00.0%UnchangedHistory
CBUCommunity Financial System, Inc.COM6,618$344.9K0.2%00.0%UnchangedHistory
EBMTEagle Bancorp Montana, Inc.COM21,098$331.2K0.2%00.0%UnchangedHistory
DLXDeluxe CorpCOM13,900$298.2K0.2%00.0%UnchangedHistory
CPBICentral Plains Bancshares, Inc.COM29,395$298.1K0.2%+29,395NewHistory
FSFGFirst Savings Financial Group, Inc.COM16,221$272.5K0.2%00.0%UnchangedHistory
PBBKPB Bankshares, Inc.COM20,560$257.0K0.2%+20,560NewHistory
PRAProassurance CorpCOM17,234$237.7K0.1%00.0%UnchangedHistory
DGICBDonegal Group IncCL B17,856$234.6K0.1%00.0%UnchangedHistory
ASRVAmeriserv Financial IncCOM58,200$181.6K0.1%00.0%UnchangedHistory
GVPGse Systems IncCOM77,341$155.5K0.1%−9,724−11.2%ReducedConverted for a 1-for-10 splitHistory

Sold out since Q3 2023 (6)

Positions held at the end of Q3 2023 that are gone from this filing.

Positions of Minerva Advisors LLC sold out since Q3 2023
SecurityClassShares in Q3 2023Value in Q3 2023% of portfolio in Q3 2023History
CTGComputer Task Group IncCOM1,254,558$13.0M9.1%History
CCFChase CorpCOM23,951$3.05M2.1%History
PATIPatriot Transportation Holding, Inc.COM215,576$1.76M1.2%History
ECBKECB Bancorp, Inc.COM13,658$148.9K0.1%History
PCTIPC Tel IncCOM31,243$129.0K0.1%History
DLADelta Apparel, IncCOM19,353$126.8K0.1%History