0001251109-17-000020.txt : 20170511 0001251109-17-000020.hdr.sgml : 20170511 20170511121216 ACCESSION NUMBER: 0001251109-17-000020 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20170331 FILED AS OF DATE: 20170511 DATE AS OF CHANGE: 20170511 EFFECTIVENESS DATE: 20170511 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: 17833202 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 03-31-2017 03-31-2017 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 05-11-2017 0 143 187676 false INFORMATION TABLE 2 minerva13f1q2017export.xml MINERVA 13F Q1 2017 AEHR TEST SYSTEMS COM 00760J108 41 8600 SH OTR 0 8600 0 AEHR TEST SYSTEMS COM 00760J108 79 16713 SH SOLE 16713 0 0 AH BELO CORP COM CL A 001282102 2250 365904 SH OTR 0 365904 0 AH BELO CORP COM CL A 001282102 3333 541969 SH SOLE 541969 0 0 AMERISERV FINANC INC COM 03074A102 231 61700 SH OTR 0 61700 0 AMERISERV FINANC INC COM 03074A102 249 66300 SH SOLE 66300 0 0 ASML HOLDING N V NY REG SHS N07059210 1160 8735 SH OTR 0 8735 0 ASML HOLDING N V NY REG SHS N07059210 156 1176 SH SOLE 1176 0 0 ASTRONICS CORP COM 046433108 428 13508 SH OTR 0 13508 0 ASTRONICS CORP COM 046433108 634 19981 SH SOLE 19981 0 0 BENEFICIAL BANCORP INC COM 08171T102 45 2826 SH OTR 0 2826 0 BENEFICIAL BANCORP INC COM 08171T102 438 27405 SH SOLE 27405 0 0 BB&T CORP COM 054937107 353 7890 SH OTR 0 7890 0 BB&T CORP COM 054937107 370 8280 SH SOLE 8280 0 0 CAMDEN NATIONAL CORP COM 133034108 5191 117875 SH OTR 0 117875 0 CAMDEN NATIONAL CORP COM 133034108 2510 56983 SH SOLE 56983 0 0 CECO ENVIRONMENTAL CORP COM 125141101 901 85794 SH OTR 0 85794 0 CECO ENVIRONMENTAL CORP COM 125141101 1175 111866 SH SOLE 111866 0 0 CENTURY BANCORP INC MASS CL A NON VTG 156432106 1595 26450 SH OTR 0 26450 0 CENTURY BANCORP INC MASS CL A NON VTG 156432106 583 9663 SH SOLE 9663 0 0 CHASE CORP COM 16150R104 11880 124528 SH OTR 0 124528 0 CHASE CORP COM 16150R104 14829 155438 SH SOLE 155438 0 0 CHARTER FINL CORP MD COM 16122W108 1000 50989 SH OTR 0 50989 0 CHARTER FINL CORP MD COM 16122W108 1740 88669 SH SOLE 88669 0 0 CHEMICAL FINANCIAL COM 163731102 83 1620 SH OTR 0 1620 0 CHEMICAL FINANCIAL COM 163731102 450 8805 SH SOLE 8805 0 0 CITIZENS & NORTHERN CORP COM 172922106 380 16400 SH OTR 0 16400 0 CITIZENS & NORTHERN CORP COM 172922106 613 26500 SH SOLE 26500 0 0 COMMAND SECURITY CORP COM 20050L100 10 4100 SH OTR 0 4100 0 COMMAND SECURITY CORP COM 20050L100 40 15895 SH SOLE 15895 0 0 COMMUNITY BANK SYS INC COM 203607106 922 16772 SH OTR 0 16772 0 COMMUNITY BANK SYS INC COM 203607107 1 27 SH SOLE 27 0 0 COMPUTER TASK GROUP INC COM 205477102 2083 376623 SH OTR 0 376623 0 COMPUTER TASK GROUP INC COM 205477102 3817 690317 SH SOLE 690317 0 0 COMPX INTERNATIONAL CL A 20563P101 68 4400 SH OTR 0 4400 0 COMPX INTERNATIONAL CL A 20563P101 128 8309 SH SOLE 8309 0 0 CSS INDUSTRIES INC COM 125906107 312 12041 SH OTR 0 12041 0 CSS INDUSTRIES INC COM 125906107 682 26297 SH SOLE 26297 0 0 DAWSON GEOPHYSICAL CO NEW COM 239360100 817 146889 SH OTR 0 146889 0 DAWSON GEOPHYSICAL CO NEW COM 239360100 1244 223776 SH SOLE 223776 0 0 DELUXE CORP COM 248019101 2490 34500 SH OTR 0 34500 0 DELUXE CORP COM 248019101 635 8800 SH SOLE 8800 0 0 DONEGAL GROUP INC CL B 257701300 177 11450 SH OTR 0 11450 0 DONEGAL GROUP INC CL B 257701300 155 10056 SH SOLE 10056 0 0 DONEGAL GROUP INC CL A 257701201 437 24882 SH OTR 0 24882 0 DONEGAL GROUP INC CL A 257701201 58 3280 SH SOLE 3280 0 0 DORMAN PRODUCTS INC COM 258278100 837 10190 SH OTR 0 10190 0 DORMAN PRODUCTS INC COM 258278100 1214 14780 SH SOLE 14780 0 0 EAGLE BANCORP MONT INC COM 26942G100 167 8400 SH OTR 0 8400 0 EAGLE BANCORP MONT INC COM 26942G100 342 17198 SH SOLE 17198 0 0 EASTERN CO COM 276317104 3101 144929 SH OTR 0 144929 0 EASTERN CO COM 276317104 4766 222712 SH SOLE 222712 0 0 ECOLOGY & ENVRNMT INC CL A 278878103 318 31804 SH OTR 0 31804 0 ECOLOGY & ENVRNMT INC CL A 278878103 465 46470 SH SOLE 46470 0 0 EMCLAIRE FINANCIAL CORP COM 290828102 360 12824 SH OTR 0 12824 0 EMCLAIRE FINANCIAL CORP COM 290828102 71 2535 SH SOLE 2535 0 0 ESCALADE INC COM 296056104 2605 203490 SH OTR 0 203490 0 ESCALADE INC COM 296056104 2833 221308 SH SOLE 221308 0 0 FNB CORP COM 302520101 385 25883 SH OTR 0 25883 0 FNB CORP COM 302520101 1051 70665 SH SOLE 70665 0 0 FIRST MERCHANTS CORP COM 320817109 222 5655 SH OTR 0 5655 0 FIRST MERCHANTS CORP COM 320817109 248 6305 SH SOLE 6305 0 0 FOSTER L B CO COM 350060109 1054 84643 SH OTR 0 84643 0 FOSTER L B CO COM 350060109 268 21489 SH SOLE 21489 0 0 FSB BANCORP INC COM 30289C102 17 1200 SH OTR 0 1200 0 FSB BANCORP INC COM 30289C102 139 9734 SH SOLE 9734 0 0 GREAT LAKES DREDGE & DOCK CO COM 390607109 1706 426400 SH OTR 0 426400 0 GREAT LAKES DREDGE & DOCK CO COM 390607109 2738 684584 SH SOLE 684584 0 0 HORIZON BANCORP INDIANA COM 440407104 205 7825 SH OTR 0 7825 0 HORIZON BANCORP INDIANA COM 440407104 576 21991 SH SOLE 21991 0 0 HV BANCORP INC COM 40441H105 364 25890 SH SOLE 25890 0 0 IBERIABANK CORP COM 450828108 1268 16035 SH OTR 0 16035 0 IBERIABANK CORP COM 450828108 30 377 SH SOLE 377 0 0 ICC HOLDINGS INC COM 44931Q104 143 9160 SH OTR 0 9160 0 ICC HOLDINGS INC COM 44931Q104 271 17345 SH SOLE 17345 0 0 IMMUCELL CORP COM 452525306 30 5500 SH OTR 0 5500 0 IMMUCELL CORP COM 452525306 49 9059 SH SOLE 9059 0 0 INFORMATION SVCS GROUP COM 45675Y104 41 12995 SH OTR 0 12995 0 INFORMATION SVCS GROUP COM 45675Y104 45 14299 SH SOLE 14299 0 0 INFUSYSTEM HLDGS INC COM 45685K102 1850 804352 SH OTR 0 804352 0 INFUSYSTEM HLDGS INC COM 45685K102 2950 1282712 SH SOLE 1282712 0 0 INOTEK PHARMACEUTICALS CORP COM 45780V102 43 22150 SH OTR 0 22150 0 INOTEK PHARMACEUTICALS CORP COM 45780V102 83 42609 SH SOLE 42609 0 0 INVESTORS BANCORP INC NEW COM 46146L101 355 24711 SH OTR 0 24711 0 INVESTORS BANCORP INC NEW COM 46146L101 977 67990 SH SOLE 67990 0 0 JACKSONVILLE BANCORP INC MD COM 46924R106 355 11703 SH OTR 0 11703 0 JACKSONVILLE BANCORP INC MD COM 46924R106 589 19442 SH SOLE 19442 0 0 KAPSTONE PAPER & PACKAGING CORP COM 48562P103 5017 217199 SH OTR 0 217199 0 KAPSTONE PAPER & PACKAGING CORP COM 48562P103 7901 342050 SH SOLE 342050 0 0 KOSS CORP COM 500692108 90 42100 SH OTR 0 42100 0 KOSS CORP COM 500692108 201 94245 SH SOLE 94245 0 0 KURA ONCOLOGY INC COM 50127T109 889 101600 SH OTR 0 101600 0 KURA ONCOLOGY INC COM 50127T109 1711 195521 SH SOLE 195521 0 0 LAKE SHORE BANCORP INC COM 510700107 146 9400 SH OTR 0 9400 0 LAKE SHORE BANCORP INC COM 510700107 315 20269 SH SOLE 20269 0 0 MALVERN BANCORP INC COM 561409103 2464 117000 SH SOLE 117000 0 0 MAM SOFTWARE GROUP INC COM NEW 55277Q201 68 10330 SH SOLE 10330 0 0 MER TELEMANAGEMENT SOLUTIONS SHS M69676126 21 36651 SH OTR 0 36651 0 MER TELEMANAGEMENT SOLUTIONS SHS M69676126 108 185974 SH SOLE 185974 0 0 MUTUALFIRST FINL INC COM 62845B104 788 25260 SH OTR 0 25260 0 MUTUALFIRST FINL INC COM 62845B104 177 5666 SH SOLE 5666 0 0 NAVIGATOR HOLDINGS LTD SHS Y62132108 1830 133122 SH OTR 0 133122 0 NAVIGATOR HOLDINGS LTD SHS Y62132108 3416 248412 SH SOLE 248412 0 0 NI HOLDINGS INC COM 65342T106 67 4500 SH OTR 0 4500 0 NI HOLDINGS INC COM 65342T106 1571 105500 SH SOLE 105500 0 0 NORTHWEST BANCSHARES INC MD COM 667340103 757 45000 SH OTR 0 45000 0 NORTHWEST BANCSHARES INC MD COM 667340103 481 28625 SH SOLE 28625 0 0 NORWOOD FINANCIAL CORP COM 669549107 215 5273 SH OTR 0 5273 0 NORWOOD FINANCIAL CORP COM 669549107 298 7319 SH SOLE 7319 0 0 OCONEE FED FINL CORP COM 675607105 281 11451 SH OTR 0 11451 0 OCONEE FED FINL CORP COM 675607105 281 11451 SH SOLE 11451 0 0 ONVIA INC COM NEW 68338T403 680 154500 SH OTR 0 154500 0 ONVIA INC COM NEW 68338T403 1324 300950 SH SOLE 300950 0 0 PATHFINDER BANCORP INC COM 70319R109 804 55437 SH OTR 0 55437 0 PATHFINDER BANCORP INC COM 70319R109 1507 103937 SH SOLE 103937 0 0 PB BANCORP INC COM 70454T100 122 12086 SH OTR 0 12086 0 PB BANCORP INC COM 70454T100 189 18747 SH SOLE 18747 0 0 PROASSURANCE CORP COM 74267C106 1159 19244 SH OTR 0 19244 0 PROASSURANCE CORP COM 74267C106 549 9114 SH SOLE 9114 0 0 SIERRA ONCOLOGY INC COM 82640U107 58 31880 SH SOLE 31880 0 0 RAND LOGISTICS INC COM 752182105 404 632026 SH OTR 0 632026 0 RAND LOGISTICS INC COM 752182105 744 1162643 SH SOLE 1162643 0 0 SAEXPLORATION HOLDINGS INC COM NEW 78636X204 391 66604 SH OTR 0 66604 0 SAEXPLORATION HOLDINGS INC COM NEW 78636X204 706 120281 SH SOLE 120281 0 0 SAGA COMMUNICATIONS INC CL A NEW 786598300 1066 20872 SH OTR 0 20872 0 SAGA COMMUNICATIONS INC CL A NEW 786598300 2150 42125 SH SOLE 42125 0 0 SCRIPPS E W CO OHIO CL A NEW 811054402 6000 255980 SH OTR 0 255980 0 SCRIPPS E W CO OHIO CL A NEW 811054402 8463 361051 SH SOLE 361051 0 0 SIFCO INDUSTRIES INC COM 826546103 78 9616 SH OTR 0 9616 0 SIFCO INDUSTRIES INC COM 826546103 208 25702 SH SOLE 25702 0 0 STATE AUTO FINANCIAL CORP COM 855707105 335 12230 SH OTR 0 12230 0 STATE AUTO FINANCIAL CORP COM 855707105 593 21633 SH SOLE 21633 0 0 SYNALLOY CP DEL COM 871565107 344 28100 SH OTR 0 28100 0 SYNALLOY CP DEL COM 871565107 694 56655 SH SOLE 56655 0 0 TRANSCAT INC COM 893529107 1938 153794 SH OTR 0 153794 0 TRANSCAT INC COM 893529107 3275 259960 SH SOLE 259960 0 0 UNIVERSAL STAINLESS & ALLOY COM 913837100 2531 148897 SH OTR 0 148897 0 UNIVERSAL STAINLESS & ALLOY COM 913837100 4068 239265 SH SOLE 239265 0 0 US LIME & MINERAL COM 911922102 5312 67999 SH OTR 0 67999 0 US LIME & MINERAL COM 911922102 6248 79980 SH SOLE 79980 0 0 VILLAGE BANK & TRUST FIN CO COM 92705T200 574 21037 SH SOLE 21037 0 0 VIRCO MANUFACTURING CO COM 927651109 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