0001251109-14-000026.txt : 20140512 0001251109-14-000026.hdr.sgml : 20140512 20140512163127 ACCESSION NUMBER: 0001251109-14-000026 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20140331 FILED AS OF DATE: 20140512 DATE AS OF CHANGE: 20140512 EFFECTIVENESS DATE: 20140512 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Minerva Advisors LLC CENTRAL INDEX KEY: 0001541536 IRS NUMBER: 753088079 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-14665 FILM NUMBER: 14833776 BUSINESS ADDRESS: STREET 1: 50 MONUMENT ROAD STREET 2: SUITE 201 CITY: BALA CYNWYD STATE: PA ZIP: 19004 BUSINESS PHONE: (484) 434-2258 MAIL ADDRESS: STREET 1: 50 MONUMENT ROAD STREET 2: SUITE 201 CITY: BALA CYNWYD STATE: PA ZIP: 19004 13F-HR 1 primary_doc.xml 13F-HR LIVE false true false 0001541536 XXXXXXXX 03-31-2014 03-31-2014 Minerva Advisors LLC

50 MONUMENT ROAD SUITE 201 BALA CYNWYD PA 19004

13F HOLDINGS REPORT 028-14665 Y In the Information Table, shares reported as "SOLE" under Column 6 and Column 8 are held by Minerva Group, LP, a private fund managed by Minerva Advisors LLC. Shares reported as "OTR" under Column 6 and "SHARED" under Column 8 relate to managed accounts for which Minerva Advisors LLC is the investment advisor. Beth N. Lowson 914-220-1919 Beth N. Lowson White Plains NY 05-06-2014 0 143 168746 false INFORMATION TABLE 2 march2014minerva13flive.xml AEHR TEST SYSTEMS COM 00760J108 52 18100 SH OTR 0 18100 0 AEHR TEST SYSTEMS COM 00760J108 116 40602 SH SOLE 40602 0 0 AH BELO CORP COM CL A 001282102 3695 319102 SH OTR 0 319102 0 AH BELO CORP COM CL A 001282102 5213 450182 SH SOLE 450182 0 0 AMERISERV FINANC INC COM 03074A102 145 38000 SH OTR 0 38000 0 AMERISERV FINANC INC COM 03074A102 54 14200 SH SOLE 14200 0 0 AMPCO PITTSBURGH CORP COM 032037103 668 35400 SH OTR 0 35400 0 AMPCO PITTSBURGH CORP COM 032037103 464 24571 SH SOLE 24571 0 0 APCO OIL & GAS INTL SHS G0471F109 2313 160731 SH OTR 0 160731 0 APCO OIL & GAS INTL SHS G0471F109 3907 272107 SH SOLE 272107 0 0 ARGAN INC COM 04010E109 239 8043 SH OTR 0 8043 0 ARGAN INC COM 04010E109 330 11111 SH SOLE 11111 0 0 ASML HOLDING N V NY REG SHS N07059210 1564 16761 SH OTR 0 16761 0 ASML HOLDING N V NY REG SHS N07059211 110 1176 SH SOLE 1176 0 0 ASTRONICS CORP COM 046433108 855 13508 SH OTR 0 13508 0 ASTRONICS CORP COM 046433109 1265 19981 SH SOLE 19981 0 0 ATRION CORP COM 049904105 562 1850 SH OTR 0 1850 0 ATRION CORP COM 049904105 1974 6492 SH SOLE 6492 0 0 BENEFICIAL MUTUAL BANCORP IN COM 08173R104 34 2570 SH OTR 0 2570 0 BENEFICIAL MUTUAL BANCORP IN COM 08173R104 329 24916 SH SOLE 24916 0 0 BREEZE EASTERN CORP COM 106764103 128 13000 SH OTR 0 13000 0 CAMDEN NATIONAL CORP COM 133034108 3099 75651 SH OTR 0 75651 0 CAMDEN NATIONAL CORP COM 133034108 1646 40185 SH SOLE 40185 0 0 CENTURY BANCORP INC MASS CL A NON VTG 156432106 897 26450 SH OTR 0 26450 0 CENTURY BANCORP INC MASS CL A NON VTG 156432106 328 9663 SH SOLE 9663 0 0 CHASE CORP COM 16150R104 7369 233705 SH OTR 0 233705 0 CHASE CORP COM 16150R104 5808 184200 SH SOLE 184200 0 0 CHARTER FINL CORP MD COM 16122W108 551 50989 SH OTR 0 50989 0 CHARTER FINL CORP MD COM 16122W108 959 88669 SH SOLE 88669 0 0 CIMATRON LTD ORD M23798107 351 48718 SH OTR 0 48718 0 CIMATRON LTD ORD M23798107 864 120056 SH SOLE 120056 0 0 CITIZENS & NORTHERN CORP COM 172922106 323 16400 SH OTR 0 16400 0 CITIZENS & NORTHERN CORP COM 17922106 522 26500 SH SOLE 26500 0 0 CMS BANCORP INC COM 12600U102 74 7800 SH OTR 0 7800 0 CMS BANCORP INC COM 12600U102 113 11975 SH SOLE 11975 0 0 COMMAND SECURITY CORP COM 20050L100 45 25750 SH SOLE 25750 0 0 COMMUNITY BANK SYS INC COM 203607106 544 13938 SH OTR 0 13938 0 DAWSON GEOPHYSICAL CO COM 239359102 898 32071 SH OTR 0 32071 0 DAWSON GEOPHYSICAL CO COM 239359102 767 27387 SH SOLE 27387 0 0 DELUXE CORP COM 248019101 1889 36000 SH OTR 0 36000 0 DELUXE CORP COM 248019101 462 8800 SH SOLE 8800 0 0 DONEGAL GROUP INC CL B 257701300 287 11450 SH OTR 0 11450 0 DONEGAL GROUP INC CL B 257701300 252 10056 SH SOLE 10056 0 0 DONEGAL GROUP INC CL A 257701201 346 23882 SH OTR 0 23882 0 DONEGAL GROUP INC CL A 257701201 18 1261 SH SOLE 1261 0 0 DORMAN PRODUCTS INC COM 258278100 1898 32160 SH OTR 0 32160 0 DORMAN PRODUCTS INC COM 258278100 996 16880 SH SOLE 16880 0 0 EAGLE BANCORP MONT INC COM 26942G100 94 8400 SH OTR 0 8400 0 EAGLE BANCORP MONT INC COM 26942G100 192 17198 SH SOLE 17198 0 0 EASTERN CO COM 276317104 1044 64729 SH OTR 0 64729 0 EASTERN CO COM 276317104 1053 65278 SH SOLE 65278 0 0 ECOLOGY & ENVRNMT INC CL A 278878103 265 27704 SH OTR 0 27704 0 ECOLOGY & ENVRNMT INC CL A 278878103 414 43170 SH SOLE 43170 0 0 EMCLAIRE FINANCIAL CORP COM 290828102 321 12824 SH OTR 0 12824 0 EMCLAIRE FINANCIAL CORP COM 290828102 63 2535 SH SOLE 2535 0 0 ESCALADE INC COM 296056104 2629 196779 SH OTR 0 196779 0 ESCALADE INC COM 296056104 2450 183358 SH SOLE 183358 0 0 FNB CORP PA COM 302520101 103 7715 SH OTR 0 7715 0 FNB CORP PA COM 302520101 345 25783 SH SOLE 25783 0 0 FIRST MERCHANTS CORP COM 320817109 122 5655 SH OTR 0 5655 0 FIRST MERCHANTS CORP COM 320817109 136 6305 SH SOLE 6305 0 0 FOSTER LB CO COM 350060109 3966 84643 SH OTR 0 84643 0 FOSTER LB CO COM 350060109 1007 21489 SH SOLE 21489 0 0 GIGA TRONICS INC COM 375175106 17 13069 SH SOLE 13069 0 0 GLOBAL POWER EQUIP GP I COM PAR $0.01 37941P306 3433 173047 SH OTR 0 173047 0 GLOBAL POWER EQUIP GP I COM PAR $0.01 37941P306 5751 289862 SH SOLE 289862 0 0 GREAT LAKES DREDGE & DOCK CO COM 390607109 1988 218000 SH OTR 0 218000 0 GREAT LAKES DREDGE & DOCK CO COM 390607109 2346 257227 SH SOLE 257227 0 0 HALLADOR ENERGY COM 40609P105 58 6845 SH OTR 0 6845 0 HALLADOR ENERGY COM 40609P105 107 12575 SH SOLE 12575 0 0 INFUSYSTEM HLDGS INC COM 45685K102 2033 732200 SH OTR 0 732200 0 INFUSYSTEM HLDGS INC COM 45685K102 3156 1136762 SH SOLE 1136762 0 0 INVESTORS BANCORP INC COM 46146P102 268 9691 SH OTR 0 9691 0 INVESTORS BANCORP INC COM 46146P102 736 26663 SH SOLE 26663 0 0 JACKSONVILLE BANCORP INC MD COM 46924R106 254 11703 SH OTR 0 11703 0 JACKSONVILLE BANCORP INC MD COM 46924R106 422 19442 SH SOLE 19442 0 0 JOURNAL COMMUNIC INC CL A 481130102 2281 257440 SH OTR 0 257440 0 JOURNAL COMMUNIC INC CL A 481130102 2921 329637 SH SOLE 329637 0 0 KAPSTONE PAPER & PACKAGING CORP COM 48562P103 7661 265624 SH OTR 0 265624 0 KAPSTONE PAPER & PACKAGING CORP COM 48562P103 11884 412074 SH SOLE 412074 0 0 KIMCO RLTY CORP COM 49446R109 492 22500 SH OTR 0 22500 0 KOSS CORP COM 500692108 109 22800 SH OTR 0 22800 0 KOSS CORP COM 500692108 103 21694 SH SOLE 21694 0 0 LAKE SHORE BANCORP INC COM 510700107 115 9400 SH OTR 0 9400 0 LAKE SHORE BANCORP INC COM 510700107 239 19493 SH SOLE 19493 0 0 MALVERN BANCORP INC SHS 561409103 1229 120000 SH SOLE 120000 0 0 MAM SOFTWARE GROUP INC COM 55277Q201 230 41113 SH SOLE 41113 0 0 MER TELEMANAGEMENT SOLUTIONS SHS M69676126 73 36651 SH OTR 0 36651 0 MER TELEMANAGEMENT SOLUTIONS SHS M69676126 361 140532 SH SOLE 140532 0 0 MOLYCORP INC DEL COM 608753109 73 15593 SH OTR 0 15593 0 MOLYCORP INC DEL COM 608753109 73 15541 SH SOLE 15541 0 0 MUTUALFIRST FINL INC COM 62845B104 480 25260 SH OTR 0 25260 0 MUTUALFIRST FINL INC COM 62845B104 108 5666 SH SOLE 5666 0 0 NAVIGATOR HOLDING LTD COM Y62132108 3226 124122 SH OTR 0 124122 0 NAVIGATOR HOLDING LTD COM Y62132108 5898 226952 SH SOLE 226952 0 0 NORTHWEST BANCSHARES COM 667340103 657 45000 SH OTR 0 45000 0 NORTHWEST BANCSHARES COM 667340103 418 28625 SH SOLE 28625 0 0 NORWOOD FINANCIAL CORP COM 669549107 167 5973 SH OTR 0 5973 0 NORWOOD FINANCIAL CORP COM 669549107 245 8764 SH SOLE 8764 0 0 OBA FINANCIAL SVCS INC COM 67424G101 183 10200 SH OTR 0 10200 0 OBA FINANCIAL SVCS INC COM 67424G101 452 25200 SH SOLE 25200 0 0 OCONEE FED FINL CORP COM 675607105 199 11451 SH OTR 0 11451 0 OCONEE FED FINL CORP COM 675607105 199 11451 SH SOLE 11451 0 0 ONVIA INC COM NEW 68338T403 722 137200 SH OTR 0 137200 0 ONVIA INC COM NEW 68338T403 1396 265353 SH SOLE 265353 0 0 PATHFINDER BANCORP INC COM 70320A103 445 30815 SH OTR 0 30815 0 PATHFINDER BANCORP INC COM 70320A103 891 61679 SH SOLE 61679 0 0 PDI INC COM 69329V100 22 4800 SH OTR 0 4800 0 PDI INC COM 69329V100 24 5277 SH SOLE 5277 0 0 PEOPLES UNITED FINL INC COM 712704105 216 14518 SH SOLE 14518 0 0 PMFG INC COM 69345P103 1997 336825 SH OTR 0 336825 0 PMFG INC COM 69345P103 2581 435320 SH SOLE 435320 0 0 PROASSURANCE CORP COM 74267C106 857 19244 SH OTR 0 19244 0 PROASSURANCE CORP COM 74267C106 406 9114 SH SOLE 9114 0 0 PROV & WOR RAILRD CO COM 743737108 450 25500 SH OTR 0 25500 0 PROV & WOR RAILRD CO COM 743737108 26 1500 SH SOLE 1500 0 0 PSB HOLDINGS INC COM 69360W108 30 4552 SH OTR 0 4552 0 PSB HOLDINGS INC COM 69360W108 68 10090 SH SOLE 10090 0 0 RAND LOGISTICS INC COM 752182105 713 102913 SH OTR 0 102913 0 RAND LOGISTICS INC COM 752182105 1404 202627 SH SOLE 202627 0 0 SCRIPPS EW CO OHIO CL A NEW 811054402 2286 129033 SH OTR 0 129033 0 SCRIPPS EW CO OHIO CL A NEW 811054402 3523 198831 SH SOLE 198831 0 0 SIFCO INDUSTRIES INC COM 826546103 153 5000 SH OTR 0 5000 0 SIFCO INDUSTRIES INC COM 826546103 305 10000 SH SOLE 10000 0 0 SUPERIOR UNIF GRP INC COM 868358102 230 15700 SH OTR 0 15700 0 SUPERIOR UNIF GRP INC COM 868358102 53 3600 SH SOLE 3600 0 0 TECHE HOLDING CO COM 878330109 1090 13800 SH OTR 0 13800 0 TECHE HOLDING CO COM 878330109 672 8500 SH SOLE 8500 0 0 TF FINANCIAL CORP COM 872391107 1100 36855 SH OTR 0 36855 0 TF FINANCIAL CORP COM 872391107 945 31658 SH SOLE 31658 0 0 TIGER MEDIA INC SHS G88685105 33 24600 SH OTR 0 24600 0 TIGER MEDIA INC SHS G88685105 7 5200 SH SOLE 5200 0 0 TRANSCAT INC COM 893529107 1441 153794 SH OTR 0 153794 0 TRANSCAT INC COM 893529107 2436 259960 SH SOLE 259960 0 0 UNIVERSAL STAINLESS & ALLOY COM 913837100 942 27900 SH OTR 0 27900 0 UNIVERSAL STAINLESS & ALLOY COM 913837100 61 1800 SH SOLE 1800 0 0 US LIME & MINERAL COM 911922102 3311 58809 SH OTR 0 58809 0 US LIME & MINERAL COM 911922102 2780 49373 SH SOLE 49373 0 0 VIRCO MANUFACTURING CO COM 927651109 1029 418233 SH OTR 0 418233 0 VIRCO MANUFACTURING CO COM 927651109 1412 574138 SH SOLE 574138 0 0 WATERSTONE FINL INC MD COM 94188P101 1475 142000 SH SOLE 142000 0 0 WPX ENERGY INC COM 98212B103 366 20300 SH OTR 0 20300 0 WPX ENERGY INC COM 98212B103 676 37500 SH SOLE 37500 0 0