0001251109-20-000027.txt : 20200214 0001251109-20-000027.hdr.sgml : 20200214 20200214110218 ACCESSION NUMBER: 0001251109-20-000027 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20191231 FILED AS OF DATE: 20200214 DATE AS OF CHANGE: 20200214 EFFECTIVENESS DATE: 20200214 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: 20615653 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 12-31-2019 12-31-2019 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 02-14-2020 0 165 187622 false INFORMATION TABLE 2 minerva4q19export2.xml MINERVA 13F Q4 2019 ADAMS RESOURCES & ENERGY INC COM NEW 006351308 299 7823 SH OTR 0 7823 0 ADAMS RESOURCES & ENERGY INC COM NEW 006351308 913 23872 SH SOLE 23872 0 0 AEHR TEST SYSTEMS COM 00760J108 4 2220 SH OTR 0 2220 0 AEHR TEST SYSTEMS COM 00760J108 33 16713 SH SOLE 16713 0 0 AH BELO CORP COM CL A 001282102 1044 370064 SH OTR 0 370064 0 AH BELO CORP COM CL A 001282102 1677 594605 SH SOLE 594605 0 0 AMERISERV FINANC INC COM 03074A102 205 48753 SH OTR 0 48753 0 AMERISERV FINANC INC COM 03074A102 279 66300 SH SOLE 66300 0 0 ASML HOLDING N V NY REG SHS N07059210 187 631 SH OTR 0 631 0 ASML HOLDING N V NY REG SHS N07059210 348 1176 SH SOLE 1176 0 0 ASTRONICS CORP COM 046433108 294 10513 SH OTR 0 10513 0 ASTRONICS CORP COM 046433108 610 21839 SH SOLE 21839 0 0 CAMDEN NATIONAL CORP COM 133034108 3866 84117 SH OTR 0 84117 0 CAMDEN NATIONAL CORP COM 133034108 2697 58687 SH SOLE 58687 0 0 CECO ENVIRONMENTAL CORP COM 125141101 271 35458 SH OTR 0 35458 0 CECO ENVIRONMENTAL CORP COM 125141101 866 113371 SH SOLE 113371 0 0 CENTERSTART BANK CORP COM 15201P109 789 31567 SH OTR 0 31567 0 CENTERSTART BANK CORP COM 15201P109 957 38319 SH SOLE 38319 0 0 CENTURY BANCORP INC MASS CL A NON VTG 156432106 1721 19172 SH OTR 0 19172 0 CENTURY BANCORP INC MASS CL A NON VTG 156432106 867 9663 SH SOLE 9663 0 0 CHASE CORP COM 16150R104 4829 40757 SH OTR 0 40757 0 CHASE CORP COM 16150R104 14373 121313 SH SOLE 121313 0 0 CITIZENS & NORTHERN CORP COM 172922106 459 16400 SH OTR 0 16400 0 CITIZENS & NORTHERN CORP COM 172922106 742 26500 SH SOLE 26500 0 0 COLUMBIA FINANCIAL INC COM 197641103 572 33794 SH SOLE 33794 0 0 COMMUNITY BANK SYS INC COM 203607106 996 14035 SH OTR 0 14035 0 COMMUNITY BANK SYS INC COM 203607106 2 27 SH SOLE 27 0 0 COMPUTER TASK GROUP INC COM 205477102 1560 301134 SH OTR 0 301134 0 COMPUTER TASK GROUP INC COM 205477102 4516 871799 SH SOLE 871799 0 0 COMPX INTERNATIONAL CL A 20563P101 126 8642 SH OTR 0 8642 0 COMPX INTERNATIONAL CL A 20563P101 325 22309 SH SOLE 22309 0 0 CONTINENTAL MATERIALS CORP COM PAR $0.25 211615307 71 8983 SH OTR 0 8983 0 CONTINENTAL MATERIALS CORP COM PAR $0.25 211615307 207 26275 SH SOLE 26275 0 0 DAWSON GEOPHYSICAL CO NEW COM 239360100 187 78014 SH OTR 0 78014 0 DAWSON GEOPHYSICAL CO NEW COM 239360100 767 319749 SH SOLE 319749 0 0 DELUXE CORP COM 248019101 1091 21859 SH OTR 0 21859 0 DELUXE CORP COM 248019101 474 9500 SH SOLE 9500 0 0 DLH HOLDINGS CORP COM 23335Q100 92 22000 SH OTR 0 22000 0 DLH HOLDINGS CORP COM 23335Q100 273 65192 SH SOLE 65192 0 0 DONEGAL GROUP INC CL B 257701300 124 10304 SH OTR 0 10304 0 DONEGAL GROUP INC CL B 257701300 161 13356 SH SOLE 13356 0 0 DONEGAL GROUP INC CL A 257701201 300 20326 SH OTR 0 20326 0 DONEGAL GROUP INC CL A 257701201 48 3280 SH SOLE 3280 0 0 DORMAN PRODUCTS INC COM 258278100 771 10190 SH OTR 0 10190 0 DORMAN PRODUCTS INC COM 258278100 1119 14780 SH SOLE 14780 0 0 EAGLE BANCORP MONT INC COM 26942G100 152 7185 SH OTR 0 7185 0 EAGLE BANCORP MONT INC COM 26942G100 365 17198 SH SOLE 17198 0 0 EASTERN CO COM 276317104 3613 119115 SH OTR 0 119115 0 EASTERN CO COM 276317104 6602 217685 SH SOLE 217685 0 0 EMCLAIRE FINANCIAL CORP COM 290828102 348 10715 SH OTR 0 10715 0 EMCLAIRE FINANCIAL CORP COM 290828102 82 2535 SH SOLE 2535 0 0 ENTERCOM COMMUNICATIONS COM 293639100 588 126825 SH OTR 0 126825 0 ENTERCOM COMMUNICATIONS COM 293639100 1702 366902 SH SOLE 366902 0 0 ESCALADE INC COM 296056104 1686 172872 SH OTR 0 172872 0 ESCALADE INC COM 296056104 2176 223164 SH SOLE 223164 0 0 FIRST MERCHANTS CORP COM 320817109 203 4875 SH OTR 0 4875 0 FIRST MERCHANTS CORP COM 320817109 294 7085 SH SOLE 7085 0 0 FIVE STAR SENIOR LIVING INC COM 33832D106 108 26515 SH OTR 0 26515 0 FIVE STAR SENIOR LIVING INC COM 33832D106 431 105854 SH SOLE 105854 0 0 FLOTEK INDUSTRIES INC DEL COM 343389102 77 38654 SH OTR 0 38654 0 FLOTEK INDUSTRIES INC DEL COM 343389102 255 127500 SH SOLE 127500 0 0 FNB CORP COM 302520101 248 19496 SH OTR 0 19496 0 FNB CORP COM 302520101 942 74170 SH SOLE 74170 0 0 FOSTER L B CO COM 350060109 1268 65612 SH OTR 0 65612 0 FOSTER L B CO COM 350060109 434 22489 SH SOLE 22489 0 0 FREIGHTCAR AMERICA INC COM 357023100 140 68303 SH OTR 0 68303 0 FREIGHTCAR AMERICA INC COM 357023100 496 241845 SH SOLE 241845 0 0 FSB BANCORP INC COM 30289C102 22 1306 SH OTR 0 1306 0 FSB BANCORP INC COM 30289C102 167 9734 SH SOLE 9734 0 0 GP STRATEGIES CORP COM 36225V104 274 20676 SH OTR 0 20676 0 GP STRATEGIES CORP COM 36225V104 701 53007 SH SOLE 53007 0 0 GREAT LAKES DREDGE & DOCK CO COM 390607109 3916 345917 SH OTR 0 345917 0 GREAT LAKES DREDGE & DOCK CO COM 390607109 7544 666433 SH SOLE 666433 0 0 GSE SYSTEMS INC COM 36227K106 93 56332 SH OTR 0 56332 0 GSE SYSTEMS INC COM 36227K106 338 204609 SH SOLE 204609 0 0 HORIZON BANCORP INDIANA COM 440407104 199 10476 SH OTR 0 10476 0 HORIZON BANCORP INDIANA COM 440407104 626 32986 SH SOLE 32986 0 0 HV BANCORP INC COM 40441H105 440 25890 SH SOLE 25890 0 0 ICC HOLDINGS INC COM 44931Q104 156 11347 SH OTR 0 11347 0 ICC HOLDINGS INC COM 44931Q104 238 17345 SH SOLE 17345 0 0 IMMUCELL CORP COM 452525306 28 5500 SH OTR 0 5500 0 IMMUCELL CORP COM 452525306 47 9059 SH SOLE 9059 0 0 INFORMATION SVCS GROUP COM 45675Y104 14 5505 SH OTR 0 5505 0 INFORMATION SVCS GROUP COM 45675Y104 36 14299 SH SOLE 14299 0 0 INFUSYSTEM HLDGS INC COM 45685K102 6538 766452 SH OTR 0 766452 0 INFUSYSTEM HLDGS INC COM 45685K102 11194 1312296 SH SOLE 1312296 0 0 INVESTORS BANCORP INC NEW COM 46146L101 294 24711 SH OTR 0 24711 0 INVESTORS BANCORP INC NEW COM 46146L101 810 67990 SH SOLE 67990 0 0 KEWAUNEE SCIENTIFIC CORP COM 492854104 329 24451 SH SOLE 24451 0 0 KEWAUNEE SCIENTIFIC CORP COM 492854104 105 7800 SH OTR 0 7800 0 KOSS CORP COM 500692108 45 29570 SH OTR 0 29570 0 KOSS CORP COM 500692108 271 179160 SH SOLE 179160 0 0 KURA ONCOLOGY INC COM 50127T109 421 30643 SH OTR 0 30643 0 KURA ONCOLOGY INC COM 50127T109 643 46779 SH SOLE 46779 0 0 LAKE SHORE BANCORP INC COM 510700107 129 8405 SH OTR 0 8405 0 LAKE SHORE BANCORP INC COM 510700107 310 20269 SH SOLE 20269 0 0 LGL GROUP INC COM 50186A108 191 12754 SH OTR 0 12754 0 LGL GROUP INC COM 50186A108 273 18219 SH SOLE 18219 0 0 MACKINAC FINANCIAL CORP COM 554571109 347 19972 SH SOLE 19972 0 0 MACKINAC FINANCIAL CORP COM 554571109 155 8960 SH OTR 0 8960 0 MALVERN BANCORP INC COM 561409103 1034 44781 SH SOLE 44781 0 0 MID PENN BANCORP COM 59540G107 439 15519 SH OTR 0 15519 0 MID PENN BANCORP COM 59540G107 883 31240 SH SOLE 31240 0 0 MID SOUTHERN BANCORP COM 59548Q107 120 8915 SH OTR 0 8915 0 MID SOUTHERN BANCORP COM 59548Q107 172 12791 SH SOLE 12791 0 0 MUTUALFIRST FINANCIAL INC COM 62845B104 730 18445 SH OTR 0 18445 0 MUTUALFIRST FINANCIAL INC COM 62845B104 224 5666 SH SOLE 5666 0 0 NAVIGATOR HOLDINGS LTD SHS Y62132108 1603 119039 SH OTR 0 119039 0 NAVIGATOR HOLDINGS LTD SHS Y62132108 3447 255912 SH SOLE 255912 0 0 NI HOLDINGS INC COM 65342T106 815 47756 SH OTR 0 47756 0 NI HOLDINGS INC COM 65342T106 1714 100400 SH SOLE 100400 0 0 NORTHWEST BANCSHARES INC MD COM 667340103 546 32857 SH OTR 0 32857 0 NORTHWEST BANCSHARES INC MD COM 667340103 476 28625 SH SOLE 28625 0 0 NORWOOD FINANCIAL CORP COM 669549107 240 6286 SH OTR 0 6286 0 NORWOOD FINANCIAL CORP COM 669549107 341 8952 SH SOLE 8952 0 0 NUVERRA ENVIRONMENTAL COM 67091K302 21 7258 SH OTR 0 7258 0 NUVERRA ENVIRONMENTAL COM 67091K302 38 12997 SH SOLE 12997 0 0 OCONEE FED FINL CORP COM 675607105 217 8362 SH OTR 0 8362 0 OCONEE FED FINL CORP COM 675607105 298 11451 SH SOLE 11451 0 0 PATHFINDER BANCORP INC COM 70319R109 964 69089 SH OTR 0 69089 0 PATHFINDER BANCORP INC COM 70319R109 2541 182166 SH SOLE 182166 0 0 PATRIOT TRANSPORTATION HOLDING INC COM 70338W105 1015 52098 SH OTR 0 52098 0 PATRIOT TRANSPORTATION HOLDING INC COM 70338W105 3701 189987 SH SOLE 189987 0 0 PB BANCORP INC COM 70454T100 120 7890 SH OTR 0 7890 0 PB BANCORP INC COM 70454T100 329 21722 SH SOLE 21722 0 0 PROASSURANCE CORP COM 74267C106 587 16239 SH OTR 0 16239 0 PROASSURANCE CORP COM 74267C106 314 8700 SH SOLE 8700 0 0 RAND CAPITAL CORP COM 752185108 29 10679 SH OTR 0 10679 0 RAND CAPITAL CORP COM 752185108 5 1820 SH SOLE 1820 0 0 RICHMOND MUTUAL BANCORP COM 76525P100 479 30000 SH SOLE 30000 0 0 RIVERVIEW FINANCIAL CORP COM 76940Q105 232 19216 SH OTR 0 19216 0 RIVERVIEW FINANCIAL CORP COM 76940Q105 491 40692 SH SOLE 40692 0 0 SAEXPLORATION HOLDINGS INC COM PAR 78636X873 92 30476 SH OTR 0 30476 0 SAGA COMMUNICATIONS INC CL A NEW 786598300 955 31409 SH OTR 0 31409 0 SAGA COMMUNICATIONS INC CL A NEW 786598300 3054 100458 SH SOLE 100458 0 0 SCRIPPS E W CO OHIO CL A NEW 811054402 3290 209930 SH OTR 0 209930 0 SCRIPPS E W CO OHIO CL A NEW 811054402 5961 380382 SH SOLE 380382 0 0 SIFCO INDUSTRIES INC COM 826546103 121 41034 SH OTR 0 41034 0 SIFCO INDUSTRIES INC COM 826546103 448 151746 SH SOLE 151746 0 0 STARRETT L S CO CL A 855668109 17 3000 SH OTR 0 3000 0 STARRETT L S CO CL A 855668109 75 13100 SH SOLE 13100 0 0 STATE AUTO FINANCIAL CORP COM 855707105 68 2180 SH OTR 0 2180 0 STATE AUTO FINANCIAL CORP COM 855707105 246 7943 SH SOLE 7943 0 0 SUNLINK HEALTH SYSTEMS INC COM 86737U102 50 46733 SH SOLE 46733 0 0 SYNALLOY CP DEL COM 871565107 311 24277 SH OTR 0 24277 0 SYNALLOY CP DEL COM 871565107 704 55055 SH SOLE 55055 0 0 TCF FINANCIAL CORPORATION COM 872307103 60 1274 SH OTR 0 1274 0 TCF FINANCIAL CORPORATION COM 872307103 412 8805 SH SOLE 8805 0 0 TRANSCAT INC COM 893529107 3638 114757 SH OTR 0 114757 0 TRANSCAT INC COM 893529107 7027 221660 SH SOLE 221660 0 0 TRUIST FINANCIAL CORP COM 89832Q109 478 8488 SH SOLE 8488 0 0 UNIVERSAL STAINLESS & ALLOY COM 913837100 2296 155451 SH OTR 0 155451 0 UNIVERSAL STAINLESS & ALLOY COM 913837100 4326 292892 SH SOLE 292892 0 0 US LIME & MINERAL COM 911922102 4941 55274 SH OTR 0 55274 0 US LIME & MINERAL COM 911922102 7112 79547 SH SOLE 79547 0 0 VERSO CORP CL A 92531L207 435 24100 SH OTR 0 24100 0 VERSO CORP CL A 92531L207 797 44200 SH SOLE 44200 0 0 VILLAGE BANK & TRUST FIN CO COM NEW 92705T200 800 21547 SH SOLE 21547 0 0 VILLAGE BANK & TRUST FIN CO COM NEW 92705T200 63 1698 SH OTR 0 1698 0 VIRCO MANUFACTURING CO COM 927651109 1301 306173 SH OTR 0 306173 0 VIRCO MANUFACTURING CO COM 927651109 2728 641889 SH SOLE 641889 0 0 VOLT INFORMATION SCIENCES COM 928703107 13 5362 SH OTR 0 5362 0 VOLT INFORMATION SCIENCES COM 928703107 33 13300 SH SOLE 13300 0 0 WSFS FINANCIAL CORP COM 929328102 26 581 SH OTR 0 581 0 WSFS FINANCIAL CORP COM 929328102 363 8257 SH SOLE 8257 0 0