0001251109-17-000026.txt : 20170731 0001251109-17-000026.hdr.sgml : 20170731 20170731123729 ACCESSION NUMBER: 0001251109-17-000026 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20170630 FILED AS OF DATE: 20170731 DATE AS OF CHANGE: 20170731 EFFECTIVENESS DATE: 20170731 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: 17992153 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 06-30-2017 06-30-2017 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 07-31-2017 0 145 180317 false INFORMATION TABLE 2 excelspreadsheetminerva2q13f.xml MINERVA 13F 2Q2017 AEHR TEST SYSTEMS COM 00760J108 32 8600 SH OTR 0 8600 0 AEHR TEST SYSTEMS COM 00760J108 62 16713 SH SOLE 16713 0 0 AH BELO CORP COM CL A 001282102 1955 355524 SH OTR 0 355524 0 AH BELO CORP COM CL A 001282102 2981 541969 SH SOLE 541969 0 0 AMERISERV FINANC INC COM 03074A102 253 61700 SH OTR 0 61700 0 AMERISERV FINANC INC COM 03074A102 272 66300 SH SOLE 66300 0 0 ASML HOLDING N V NY REG SHS N07059210 1079 8283 SH OTR 0 8283 0 ASML HOLDING N V NY REG SHS N07059210 153 1176 SH SOLE 1176 0 0 ASTRONICS CORP COM 046433108 411 13508 SH OTR 0 13508 0 ASTRONICS CORP COM 046433108 608 19981 SH SOLE 19981 0 0 BENEFICIAL BANCORP INC COM 08171T102 42 2826 SH OTR 0 2826 0 BENEFICIAL BANCORP INC COM 08171T102 410 27405 SH SOLE 27405 0 0 BB&T CORP COM 054937107 358 7890 SH OTR 0 7890 0 BB&T CORP COM 054937107 376 8280 SH SOLE 8280 0 0 CAMDEN NATIONAL CORP COM 133034108 4445 103675 SH OTR 0 103675 0 CAMDEN NATIONAL CORP COM 133034108 2443 56983 SH SOLE 56983 0 0 CECO ENVIRONMENTAL CORP COM 125141101 786 85794 SH OTR 0 85794 0 CECO ENVIRONMENTAL CORP COM 125141101 1025 111866 SH SOLE 111866 0 0 CENTURY BANCORP INC MASS CL A NON VTG 156432106 1520 23950 SH OTR 0 23950 0 CENTURY BANCORP INC MASS CL A NON VTG 156432106 613 9663 SH SOLE 9663 0 0 CHASE CORP COM 16150R104 11625 108954 SH OTR 0 108954 0 CHASE CORP COM 16150R104 15467 144958 SH SOLE 144958 0 0 CHARTER FINL CORP MD COM 16122W108 916 50989 SH OTR 0 50989 0 CHARTER FINL CORP MD COM 16122W108 1593 88669 SH SOLE 88669 0 0 CHEMICAL FINANCIAL COM 163731102 78 1620 SH OTR 0 1620 0 CHEMICAL FINANCIAL COM 163731102 426 8805 SH SOLE 8805 0 0 CITIZENS & NORTHERN CORP COM 172922106 381 16400 SH OTR 0 16400 0 CITIZENS & NORTHERN CORP COM 172922106 615 26500 SH SOLE 26500 0 0 COMMAND SECURITY CORP COM 20050L100 13 4100 SH OTR 0 4100 0 COMMAND SECURITY CORP COM 20050L100 51 15895 SH SOLE 15895 0 0 COMMUNITY BANK SYS INC COM 203607106 935 16772 SH OTR 0 16772 0 COMMUNITY BANK SYS INC COM 203607107 2 27 SH SOLE 27 0 0 COMPUTER TASK GROUP INC COM 205477102 2047 366823 SH OTR 0 366823 0 COMPUTER TASK GROUP INC COM 205477102 3852 690317 SH SOLE 690317 0 0 COMPX INTERNATIONAL CL A 20563P101 67 4400 SH OTR 0 4400 0 COMPX INTERNATIONAL CL A 20563P101 126 8309 SH SOLE 8309 0 0 CSS INDUSTRIES INC COM 125906107 315 12041 SH OTR 0 12041 0 CSS INDUSTRIES INC COM 125906107 688 26297 SH SOLE 26297 0 0 DAWSON GEOPHYSICAL CO NEW COM 239360100 564 144249 SH OTR 0 144249 0 DAWSON GEOPHYSICAL CO NEW COM 239360100 917 234576 SH SOLE 234576 0 0 DELUXE CORP COM 248019101 2388 34500 SH OTR 0 34500 0 DELUXE CORP COM 248019101 609 8800 SH SOLE 8800 0 0 DONEGAL GROUP INC CL B 257701300 166 11450 SH OTR 0 11450 0 DONEGAL GROUP INC CL B 257701300 146 10056 SH SOLE 10056 0 0 DONEGAL GROUP INC CL A 257701201 395 24882 SH OTR 0 24882 0 DONEGAL GROUP INC CL A 257701201 52 3280 SH SOLE 3280 0 0 DORMAN PRODUCTS INC COM 258278100 843 10190 SH OTR 0 10190 0 DORMAN PRODUCTS INC COM 258278100 1223 14780 SH SOLE 14780 0 0 EAGLE BANCORP MONT INC COM 26942G100 152 8400 SH OTR 0 8400 0 EAGLE BANCORP MONT INC COM 26942G100 311 17198 SH SOLE 17198 0 0 EASTERN CO COM 276317104 4246 142016 SH OTR 0 142016 0 EASTERN CO COM 276317104 6428 214985 SH SOLE 214985 0 0 ECOLOGY & ENVRNMT INC CL A 278878103 398 31804 SH OTR 0 31804 0 ECOLOGY & ENVRNMT INC CL A 278878103 581 46470 SH SOLE 46470 0 0 EMCLAIRE FINANCIAL CORP COM 290828102 358 12824 SH OTR 0 12824 0 EMCLAIRE FINANCIAL CORP COM 290828102 71 2535 SH SOLE 2535 0 0 ENTERCOM COMMUNICATIONS COM 293639100 137 13300 SH OTR 0 13300 0 ENTERCOM COMMUNICATIONS COM 293639100 244 23646 SH SOLE 23646 0 0 ESCALADE INC COM 296056104 2645 203490 SH OTR 0 203490 0 ESCALADE INC COM 296056104 2877 221308 SH SOLE 221308 0 0 FNB CORP COM 302520101 367 25883 SH OTR 0 25883 0 FNB CORP COM 302520101 1001 70665 SH SOLE 70665 0 0 FIRST MERCHANTS CORP COM 320817109 227 5655 SH OTR 0 5655 0 FIRST MERCHANTS CORP COM 320817109 253 6305 SH SOLE 6305 0 0 FOSTER L B CO COM 350060109 1724 80743 SH OTR 0 80743 0 FOSTER L B CO COM 350060109 459 21489 SH SOLE 21489 0 0 FSB BANCORP INC COM 30289C102 18 1200 SH OTR 0 1200 0 FSB BANCORP INC COM 30289C102 142 9734 SH SOLE 9734 0 0 GREAT LAKES DREDGE & DOCK CO COM 390607109 1783 419600 SH OTR 0 419600 0 GREAT LAKES DREDGE & DOCK CO COM 390607109 2932 689784 SH SOLE 689784 0 0 HORIZON BANCORP INDIANA COM 440407104 206 7825 SH OTR 0 7825 0 HORIZON BANCORP INDIANA COM 440407104 579 21991 SH SOLE 21991 0 0 HV BANCORP INC COM 40441H105 375 25890 SH SOLE 25890 0 0 IBERIABANK CORP COM 450828108 1306 16035 SH OTR 0 16035 0 IBERIABANK CORP COM 450828108 31 377 SH SOLE 377 0 0 ICC HOLDINGS INC COM 44931Q104 219 12655 SH OTR 0 12655 0 ICC HOLDINGS INC COM 44931Q104 300 17345 SH SOLE 17345 0 0 IMMUCELL CORP COM 452525306 39 5500 SH OTR 0 5500 0 IMMUCELL CORP COM 452525306 64 9059 SH SOLE 9059 0 0 INFORMATION SVCS GROUP COM 45675Y104 53 12995 SH OTR 0 12995 0 INFORMATION SVCS GROUP COM 45675Y104 59 14299 SH SOLE 14299 0 0 INFUSYSTEM HLDGS INC COM 45685K102 1353 773352 SH OTR 0 773352 0 INFUSYSTEM HLDGS INC COM 45685K102 2245 1282712 SH SOLE 1282712 0 0 INOTEK PHARMACEUTICALS CORP COM 45780V102 41 22150 SH OTR 0 22150 0 INOTEK PHARMACEUTICALS CORP COM 45780V102 79 42609 SH SOLE 42609 0 0 INVESTORS BANCORP INC NEW COM 46146L101 330 24711 SH OTR 0 24711 0 INVESTORS BANCORP INC NEW COM 46146L101 908 67990 SH SOLE 67990 0 0 JACKSONVILLE BANCORP INC MD COM 46924R106 347 11703 SH OTR 0 11703 0 JACKSONVILLE BANCORP INC MD COM 46924R106 576 19442 SH SOLE 19442 0 0 KAPSTONE PAPER & PACKAGING CORP COM 48562P103 4407 213599 SH OTR 0 213599 0 KAPSTONE PAPER & PACKAGING CORP COM 48562P103 7056 342050 SH SOLE 342050 0 0 KOSS CORP COM 500692108 96 53500 SH OTR 0 53500 0 KOSS CORP COM 500692108 207 115709 SH SOLE 115709 0 0 KURA ONCOLOGY INC COM 50127T109 927 100200 SH OTR 0 100200 0 KURA ONCOLOGY INC COM 50127T109 1753 189521 SH SOLE 189521 0 0 LAKE SHORE BANCORP INC COM 510700107 148 9400 SH OTR 0 9400 0 LAKE SHORE BANCORP INC COM 510700107 318 20269 SH SOLE 20269 0 0 MALVERN BANCORP INC COM 561409103 2342 97789 SH SOLE 97789 0 0 MAM SOFTWARE GROUP INC COM NEW 55277Q201 69 10330 SH SOLE 10330 0 0 MER TELEMANAGEMENT SOLUTIONS SHS M69676126 19 36651 SH OTR 0 36651 0 MER TELEMANAGEMENT SOLUTIONS SHS M69676126 99 185974 SH SOLE 185974 0 0 MUTUALFIRST FINL INC COM 62845B104 897 25260 SH OTR 0 25260 0 MUTUALFIRST FINL INC COM 62845B104 201 5666 SH SOLE 5666 0 0 NAVIGATOR HOLDINGS LTD SHS Y62132108 1092 131622 SH OTR 0 131622 0 NAVIGATOR HOLDINGS LTD SHS Y62132108 2062 248412 SH SOLE 248412 0 0 NI HOLDINGS INC COM 65342T106 973 54500 SH OTR 0 54500 0 NI HOLDINGS INC COM 65342T106 1793 100400 SH SOLE 100400 0 0 NORTHWEST BANCSHARES INC MD COM 667340103 702 45000 SH OTR 0 45000 0 NORTHWEST BANCSHARES INC MD COM 667340103 446 28625 SH SOLE 28625 0 0 NORWOOD FINANCIAL CORP COM 669549107 193 4573 SH OTR 0 4573 0 NORWOOD FINANCIAL CORP COM 669549107 262 6219 SH SOLE 6219 0 0 OCONEE FED FINL CORP COM 675607105 315 11451 SH OTR 0 11451 0 OCONEE FED FINL CORP COM 675607105 315 11451 SH SOLE 11451 0 0 ONVIA INC COM NEW 68338T403 664 154500 SH OTR 0 154500 0 ONVIA INC COM NEW 68338T403 1294 300950 SH SOLE 300950 0 0 PATHFINDER BANCORP INC COM 70319R109 849 55437 SH OTR 0 55437 0 PATHFINDER BANCORP INC COM 70319R109 1591 103937 SH SOLE 103937 0 0 PB BANCORP INC COM 70454T100 126 12086 SH OTR 0 12086 0 PB BANCORP INC COM 70454T100 195 18747 SH SOLE 18747 0 0 PROASSURANCE CORP COM 74267C106 1170 19244 SH OTR 0 19244 0 PROASSURANCE CORP COM 74267C106 554 9114 SH SOLE 9114 0 0 SIERRA ONCOLOGY INC COM 82640U107 58 31880 SH SOLE 31880 0 0 RAND LOGISTICS INC COM 752182105 240 632026 SH OTR 0 632026 0 RAND LOGISTICS INC COM 752182105 442 1162643 SH SOLE 1162643 0 0 SAEXPLORATION HOLDINGS INC COM NEW 78636X204 214 66604 SH OTR 0 66604 0 SAEXPLORATION HOLDINGS INC COM NEW 78636X204 402 125081 SH SOLE 125081 0 0 SAGA COMMUNICATIONS 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