0001251109-15-000011.txt : 20150515 0001251109-15-000011.hdr.sgml : 20150515 20150515093717 ACCESSION NUMBER: 0001251109-15-000011 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20150331 FILED AS OF DATE: 20150515 DATE AS OF CHANGE: 20150515 EFFECTIVENESS DATE: 20150515 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: 15865964 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 03-31-2015 03-31-2015 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 05-15-2015 0 135 171840 false INFORMATION TABLE 2 minerva13f2015q1live.xml AEHR TEST SYSTEMS COM 00760J108 41 18100 SH OTR 0 18100 0 AEHR TEST SYSTEMS COM 00760J108 93 40602 SH SOLE 40602 0 0 AH BELO CORP COM CL A 001282102 2634 320102 SH OTR 0 320102 0 AH BELO CORP COM CL A 001282102 3722 452282 SH SOLE 452282 0 0 AMERISERV FINANC INC COM 03074A102 174 58700 SH OTR 0 58700 0 AMERISERV FINANC INC COM 03074A102 178 60300 SH SOLE 60300 0 0 AMPCO-PITTSBURGH CORP COM 032037103 618 35400 SH OTR 0 35400 0 AMPCO-PITTSBURGH CORP COM 032037103 429 24571 SH SOLE 24571 0 0 ASML HOLDING N V NY REG SHS N07059210 1693 16761 SH OTR 0 16761 0 ASML HOLDING N V NY REG SHS N07059210 119 1176 SH SOLE 1176 0 0 ASTRONICS CORP COM 046433108 995 13508 SH OTR 0 13508 0 ASTRONICS CORP COM 046433108 1471 19981 SH SOLE 19981 0 0 ATRION CORP COM 049904105 629 1850 SH OTR 0 1850 0 ATRION CORP COM 049904105 2207 6492 SH SOLE 6492 0 0 BENEFICIAL BANCORP INC COM 08171T102 32 2826 SH OTR 0 2826 0 BENEFICIAL BANCORP INC COM 08171T102 309 27405 SH SOLE 27405 0 0 BREEZE EASTERN CORP COM 106764103 133 13000 SH OTR 0 13000 0 CAMDEN NATIONAL CORP COM 133034108 2980 75651 SH OTR 0 75651 0 CAMDEN NATIONAL CORP COM 133034108 1583 40185 SH SOLE 40185 0 0 CENTURY BANCORP INC MASS CL A NON VTG 156432106 1044 26450 SH OTR 0 26450 0 CENTURY BANCORP INC MASS CL A NON VTG 156432106 381 9663 SH SOLE 9663 0 0 CHASE CORP COM 16150R104 9993 228505 SH OTR 0 228505 0 CHASE CORP COM 16150R104 7878 180158 SH SOLE 180158 0 0 CHARTER FINL CORP MD COM 16122W108 586 50989 SH OTR 0 50989 0 CHARTER FINL CORP MD COM 16122W108 1020 88669 SH SOLE 88669 0 0 CITIZENS & NORTHERN CORP COM 172922106 331 16400 SH OTR 0 16400 0 CITIZENS & NORTHERN CORP COM 172922106 534 26500 SH SOLE 26500 0 0 CMS BANCORP INC COM 12600U102 102 7800 SH OTR 0 7800 0 CMS BANCORP INC COM 12600U102 156 11975 SH SOLE 11975 0 0 COMMAND SECURITY CORP COM 20050L100 8 4100 SH OTR 0 4100 0 COMMAND SECURITY CORP COM 20050L100 51 26450 SH SOLE 26450 0 0 COMMUNITY BANK SYS INC COM 203607106 493 13938 SH OTR 0 13938 0 COMPUTER TASK GROUP INC COM 205477102 1516 207370 SH OTR 0 207370 0 COMPUTER TASK GROUP INC COM 205477102 2869 392483 SH SOLE 392483 0 0 DAWSON GEOPHYSICAL CO NEW COM 239360100 570 133189 SH OTR 0 133189 0 DAWSON GEOPHYSICAL CO NEW COM 239360100 815 190473 SH SOLE 190473 0 0 DELUXE CORP COM 248019101 2390 34500 SH OTR 0 34500 0 DELUXE CORP COM 248019101 610 8800 SH SOLE 8800 0 0 DONEGAL GROUP INC CL B 257701300 208 11450 SH OTR 0 11450 0 DONEGAL GROUP INC CL B 257701300 183 10056 SH SOLE 10056 0 0 DONEGAL GROUP INC CL A 257701201 386 24882 SH OTR 0 24882 0 DONEGAL GROUP INC CL A 257701201 51 3280 SH SOLE 3280 0 0 DORMAN PRODUCTS INC COM 258278100 1505 30260 SH OTR 0 30260 0 DORMAN PRODUCTS INC COM 258278100 790 15880 SH SOLE 15880 0 0 EAGLE BANCORP MONT INC COM 26942G100 92 8400 SH OTR 0 8400 0 EAGLE BANCORP MONT INC COM 26942G100 187 17198 SH SOLE 17198 0 0 EASTERN CO COM 276317104 3020 149429 SH OTR 0 149429 0 EASTERN CO COM 276317104 4494 222345 SH SOLE 222345 0 0 ECOLOGY & ENVRNMT INC CL A 278878103 246 27704 SH OTR 0 27704 0 ECOLOGY & ENVRNMT INC CL A 278878103 383 43170 SH SOLE 43170 0 0 EMCLAIRE FINANCIAL CORP COM 290828102 319 12824 SH OTR 0 12824 0 EMCLAIRE FINANCIAL CORP COM 290828102 63 2535 SH SOLE 2535 0 0 ESCALADE INC COM 296056104 3254 188302 SH OTR 0 188302 0 ESCALADE INC COM 296056104 3073 177858 SH SOLE 177858 0 0 FNB CORP COM 302520101 340 25881 SH OTR 0 25881 0 FNB CORP COM 302520101 929 70665 SH SOLE 70665 0 0 FIRST MERCHANTS CORP COM 320817109 133 5655 SH OTR 0 5655 0 FIRST MERCHANTS CORP COM 320817109 148 6305 SH SOLE 6305 0 0 FOSTER L B CO COM 350060109 4019 84643 SH OTR 0 84643 0 FOSTER L B CO COM 350060109 1020 21489 SH SOLE 21489 0 0 GLOBAL POWER EQUIP GP I COM PAR $0.01 37941P306 2284 173047 SH OTR 0 173047 0 GLOBAL POWER EQUIP GP I COM PAR $0.01 37941P306 3826 289862 SH SOLE 289862 0 0 GREAT LAKES DREDGE & DOCK CO COM 390607109 1308 218000 SH OTR 0 218000 0 GREAT LAKES DREDGE & DOCK CO COM 390607109 1563 260427 SH SOLE 260427 0 0 IBERIABANK CORP COM 450828108 1010 16035 SH OTR 0 16035 0 IBERIABANK CORP COM 450828108 622 9877 SH SOLE 9877 0 0 INFUSYSTEM HLDGS INC COM 45685K102 2180 804352 SH OTR 0 804352 0 INFUSYSTEM HLDGS INC COM 45685K102 3476 1282712 SH SOLE 1282712 0 0 INVESTORS BANCORP INC NEW COM 46146L101 289 24711 SH OTR 0 24711 0 INVESTORS BANCORP INC NEW COM 46146L101 796 67990 SH SOLE 67990 0 0 JACKSONVILLE BANCORP INC MD COM 46924R106 260 11703 SH OTR 0 11703 0 JACKSONVILLE BANCORP INC MD COM 46924R106 432 19442 SH SOLE 19442 0 0 JOURNAL MEDIA GROUP INC COM 48114A109 722 82083 SH OTR 0 82083 0 JOURNAL MEDIA GROUP INC COM 48114A109 1000 113686 SH SOLE 113686 0 0 KAPSTONE PAPER & PACKAGING CORP COM 48562P103 7133 217199 SH OTR 0 217199 0 KAPSTONE PAPER & PACKAGING CORP COM 48562P103 11233 342050 SH SOLE 342050 0 0 KOSS CORP COM 500692108 86 38100 SH OTR 0 38100 0 KOSS CORP COM 500692108 155 68455 SH SOLE 68455 0 0 LAKE SHORE BANCORP INC COM 510700107 126 9400 SH OTR 0 9400 0 LAKE SHORE BANCORP INC COM 510700107 272 20269 SH SOLE 20269 0 0 MALVERN BANCORP INC COM 561409103 1620 120000 SH SOLE 120000 0 0 MAM SOFTWARE GROUP INC COM NEW 55277Q201 226 41113 SH SOLE 41113 0 0 MER TELEMANAGEMENT SOLUTIONS SHS M69676126 56 36651 SH OTR 0 36651 0 MER TELEMANAGEMENT SOLUTIONS SHS M69676126 283 185974 SH SOLE 185974 0 0 MUTUALFIRST FINL INC COM 62845B104 569 25260 SH OTR 0 25260 0 MUTUALFIRST FINL INC COM 62845B104 128 5666 SH SOLE 5666 0 0 NATIONAL PENN BANCSHARES INC COM 637138108 780 72488 SH OTR 0 72488 0 NATIONAL PENN BANCSHARES INC COM 637138108 580 53948 SH SOLE 53948 0 0 NAVIGATOR HOLDINGS LTD SHS Y62132108 1840 96322 SH OTR 0 96322 0 NAVIGATOR HOLDINGS LTD SHS Y62132108 3355 175637 SH SOLE 175637 0 0 NORTHWEST BANCSHARES INC MD COM 667340103 533 45000 SH OTR 0 45000 0 NORTHWEST BANCSHARES INC MD COM 667340103 339 28625 SH SOLE 28625 0 0 NORWOOD FINANCIAL CORP COM 669549107 165 5973 SH OTR 0 5973 0 NORWOOD FINANCIAL CORP COM 669549107 242 8764 SH SOLE 8764 0 0 OCONEE FED FINL CORP COM 675607105 229 11451 SH OTR 0 11451 0 OCONEE FED FINL CORP COM 675607105 229 11451 SH SOLE 11451 0 0 ONVIA INC COM NEW 68338T403 617 137200 SH OTR 0 137200 0 ONVIA INC COM NEW 68338T403 1194 265353 SH SOLE 265353 0 0 PATHFINDER BANCORP INC COM 70319R109 532 53318 SH OTR 0 53318 0 PATHFINDER BANCORP INC COM 70319R109 1028 103033 SH SOLE 103033 0 0 PDI INC COM 69329V100 13 9323 SH OTR 0 9323 0 PDI INC COM 69329V100 17 12872 SH SOLE 12872 0 0 PEOPLES UNITED FINL INC COM 712704105 221 14518 SH SOLE 14518 0 0 PMFG INC COM 69345P103 1590 350324 SH OTR 0 350324 0 PMFG INC COM 69345P103 2073 456666 SH SOLE 456666 0 0 PROASSURANCE CORP COM 74267C106 883 19244 SH OTR 0 19244 0 PROASSURANCE CORP COM 74267C106 418 9114 SH SOLE 9114 0 0 PROV & WOR RAILRD CO COM 743737108 459 25500 SH OTR 0 25500 0 PROV & WOR RAILRD CO COM 743737108 27 1500 SH SOLE 1500 0 0 PSB HOLDINGS INC COM 69360W108 76 10152 SH OTR 0 10152 0 PSB HOLDINGS INC COM 69360W108 119 15745 SH SOLE 15745 0 0 RAND LOGISTICS INC COM 752182105 1120 346813 SH OTR 0 346813 0 RAND LOGISTICS INC COM 752182105 2101 650402 SH SOLE 650402 0 0 SAGA COMMUNICATIONS INC CL A NEW 786598300 284 6379 SH OTR 0 6379 0 SAGA COMMUNICATIONS INC CL A NEW 786598300 517 11613 SH SOLE 11613 0 0 SCRIPPS E W CO OHIO CL A NEW 811054402 6298 260780 SH OTR 0 260780 0 SCRIPPS E W CO OHIO CL A NEW 811054402 8893 368251 SH SOLE 368251 0 0 SIFCO INDUSTRIES INC COM 826546103 109 5000 SH OTR 0 5000 0 SIFCO INDUSTRIES INC COM 826546103 218 10000 SH SOLE 10000 0 0 STATE AUTO FINANCIAL CORP COM 855707105 470 19330 SH OTR 0 19330 0 STATE AUTO FINANCIAL CORP COM 855707105 865 35608 SH SOLE 35608 0 0 TRANSCAT INC COM 893529107 1455 153794 SH OTR 0 153794 0 TRANSCAT INC COM 893529107 2459 259960 SH SOLE 259960 0 0 TRANSENTERIX INC COM 89366M201 54 18343 SH SOLE 18343 0 0 TREDEGAR CORP COM 894650100 144 7177 SH OTR 0 7177 0 TREDEGAR CORP COM 894650100 245 12200 SH SOLE 12200 0 0 UNIVERSAL STAINLESS & ALLOY COM 913837100 732 27900 SH OTR 0 27900 0 UNIVERSAL STAINLESS & ALLOY COM 913837100 47 1800 SH SOLE 1800 0 0 US LIME & MINERAL COM 911922102 3765 58809 SH OTR 0 58809 0 US LIME & MINERAL COM 911922102 3161 49373 SH SOLE 49373 0 0 VIRCO MANUFACTURING CO COM 927651109 1114 440133 SH OTR 0 440133 0 VIRCO MANUFACTURING CO COM 927651109 1508 596081 SH SOLE 596081 0 0 WATERSTONE FINANCIAL INC MD COM 94188P101 205 16000 SH SOLE 16000 0 0 WPX ENERGY INC COM 98212B103 222 20300 SH OTR 0 20300 0 WPX ENERGY INC COM 98212B103 410 37500 SH SOLE 37500 0 0