0001251109-20-000035.txt : 20200514 0001251109-20-000035.hdr.sgml : 20200514 20200514112854 ACCESSION NUMBER: 0001251109-20-000035 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20200331 FILED AS OF DATE: 20200514 DATE AS OF CHANGE: 20200514 EFFECTIVENESS DATE: 20200514 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: 20876271 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 03-31-2020 03-31-2020 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 05-14-2020 0 157 127040 false INFORMATION TABLE 2 minerva13f1q20exportv2.xml MINERVA 13F Q1 2020 ADAMS RESOURCES & ENERGY INC COM NEW 006351308 184 7823 SH OTR 0 7823 0 ADAMS RESOURCES & ENERGY INC COM NEW 006351308 561 23872 SH SOLE 23872 0 0 AEHR TEST SYSTEMS COM 00760J108 3 1832 SH OTR 0 1832 0 AEHR TEST SYSTEMS COM 00760J108 27 16713 SH SOLE 16713 0 0 AH BELO CORP COM CL A 001282102 551 320087 SH OTR 0 320087 0 AH BELO CORP COM CL A 001282102 1023 594605 SH SOLE 594605 0 0 AMERISERV FINANC INC COM 03074A102 123 47061 SH OTR 0 47061 0 AMERISERV FINANC INC COM 03074A102 174 66300 SH SOLE 66300 0 0 ASML HOLDING N V NY REG SHS N07059210 165 631 SH OTR 0 631 0 ASML HOLDING N V NY REG SHS N07059210 308 1176 SH SOLE 1176 0 0 ASTRONICS CORP COM 046433108 93 10129 SH OTR 0 10129 0 ASTRONICS CORP COM 046433108 200 21839 SH SOLE 21839 0 0 CAMDEN NATIONAL CORP COM 133034108 2534 81465 SH OTR 0 81465 0 CAMDEN NATIONAL CORP COM 133034108 1826 58687 SH SOLE 58687 0 0 CECO ENVIRONMENTAL CORP COM 125141101 165 35458 SH OTR 0 35458 0 CECO ENVIRONMENTAL CORP COM 125141101 527 113371 SH SOLE 113371 0 0 CENTERSTATE BANK CORP COM 15201P109 530 30783 SH OTR 0 30783 0 CENTERSTATE BANK CORP COM 15201P109 431 25000 SH SOLE 25000 0 0 CENTURY BANCORP INC MASS CL A NON VTG 156432106 1111 18541 SH OTR 0 18541 0 CENTURY BANCORP INC MASS CL A NON VTG 156432106 579 9663 SH SOLE 9663 0 0 CHASE CORP COM 16150R104 3354 40757 SH OTR 0 40757 0 CHASE CORP COM 16150R104 9983 121313 SH SOLE 121313 0 0 CITIZENS & NORTHERN CORP COM 172922106 318 16400 SH OTR 0 16400 0 CITIZENS & NORTHERN CORP COM 172922106 513 26500 SH SOLE 26500 0 0 COLUMBIA FINANCIAL INC COM 197641103 487 33794 SH SOLE 33794 0 0 COMMUNITY BANK SYS INC COM 203607106 798 13577 SH OTR 0 13577 0 COMMUNITY BANK SYS INC COM 203607106 2 27 SH SOLE 27 0 0 COMPUTER TASK GROUP INC COM 205477102 1124 302857 SH OTR 0 302857 0 COMPUTER TASK GROUP INC COM 205477102 3320 894854 SH SOLE 894854 0 0 COMPX INTERNATIONAL CL A 20563P101 130 8579 SH OTR 0 8579 0 COMPX INTERNATIONAL CL A 20563P101 342 22484 SH SOLE 22484 0 0 CONTINENTAL MATERIALS CORP COM PAR $0.25 211615307 72 8040 SH OTR 0 8040 0 CONTINENTAL MATERIALS CORP COM PAR $0.25 211615307 214 23800 SH SOLE 23800 0 0 DAWSON GEOPHYSICAL CO NEW COM 239360100 76 78014 SH OTR 0 78014 0 DAWSON GEOPHYSICAL CO NEW COM 239360100 311 319749 SH SOLE 319749 0 0 DELUXE CORP COM 248019101 554 21367 SH OTR 0 21367 0 DELUXE CORP COM 248019101 246 9500 SH SOLE 9500 0 0 DLH HOLDINGS CORP COM 23335Q100 92 22000 SH OTR 0 22000 0 DLH HOLDINGS CORP COM 23335Q100 274 65192 SH SOLE 65192 0 0 DONEGAL GROUP INC CL B 257701300 133 9946 SH OTR 0 9946 0 DONEGAL GROUP INC CL B 257701300 179 13356 SH SOLE 13356 0 0 DONEGAL GROUP INC CL A 257701201 293 19565 SH OTR 0 19565 0 DONEGAL GROUP INC CL A 257701201 49 3280 SH SOLE 3280 0 0 DORMAN PRODUCTS INC COM 258278100 561 10190 SH OTR 0 10190 0 DORMAN PRODUCTS INC COM 258278100 814 14780 SH SOLE 14780 0 0 EAGLE BANCORP MONT INC COM 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25890 0 0 ICC HOLDINGS INC COM 44931Q104 128 11632 SH OTR 0 11632 0 ICC HOLDINGS INC COM 44931Q104 220 20010 SH SOLE 20010 0 0 IMMUCELL CORP COM 452525306 21 5500 SH OTR 0 5500 0 IMMUCELL CORP COM 452525306 34 9059 SH SOLE 9059 0 0 INFORMATION SVCS GROUP COM 45675Y104 9 3650 SH OTR 0 3650 0 INFORMATION SVCS GROUP COM 45675Y104 19 7400 SH SOLE 7400 0 0 INFUSYSTEM HLDGS INC COM 45685K102 5312 625678 SH OTR 0 625678 0 INFUSYSTEM HLDGS INC COM 45685K102 10225 1204385 SH SOLE 1204385 0 0 INVESTORS BANCORP INC NEW COM 46146L101 197 24711 SH OTR 0 24711 0 INVESTORS BANCORP INC NEW COM 46146L101 543 67990 SH SOLE 67990 0 0 KEWAUNEE SCIENTIFIC CORP COM 492854104 509 66741 SH SOLE 66741 0 0 KEWAUNEE SCIENTIFIC CORP COM 492854104 184 24118 SH OTR 0 24118 0 KOSS CORP COM 500692108 22 27774 SH OTR 0 27774 0 KOSS CORP COM 500692108 156 192483 SH SOLE 192483 0 0 KURA ONCOLOGY INC COM 50127T109 285 28812 SH OTR 0 28812 0 KURA ONCOLOGY INC COM 50127T109 463 46779 SH SOLE 46779 0 0 LAKE SHORE BANCORP INC COM 510700107 86 8238 SH OTR 0 8238 0 LAKE SHORE BANCORP INC COM 510700107 213 20269 SH SOLE 20269 0 0 LGL GROUP INC COM 50186A108 77 8598 SH OTR 0 8598 0 LGL GROUP INC COM 50186A108 71 8000 SH SOLE 8000 0 0 MACKINAC FINANCIAL CORP COM 554571109 205 19972 SH SOLE 19972 0 0 MACKINAC FINANCIAL CORP COM 554571109 89 8716 SH OTR 0 8716 0 MALVERN BANCORP INC COM 561409103 549 44781 SH SOLE 44781 0 0 MID PENN BANCORP COM 59540G107 291 15038 SH OTR 0 15038 0 MID PENN BANCORP COM 59540G107 604 31240 SH SOLE 31240 0 0 MID SOUTHERN BANCORP COM 59548Q107 107 8915 SH OTR 0 8915 0 MID SOUTHERN BANCORP COM 59548Q107 153 12791 SH SOLE 12791 0 0 MUTUALFIRST FINANCIAL INC COM 62845B104 481 17306 SH OTR 0 17306 0 MUTUALFIRST FINANCIAL INC COM 62845B104 157 5666 SH SOLE 5666 0 0 NAVIGATOR HOLDINGS LTD SHS Y62132108 517 115997 SH OTR 0 115997 0 NAVIGATOR HOLDINGS LTD SHS Y62132108 1141 255912 SH SOLE 255912 0 0 NI HOLDINGS INC COM 65342T106 627 46628 SH OTR 0 46628 0 NI HOLDINGS INC COM 65342T106 1349 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PROASSURANCE CORP COM 74267C106 218 8700 SH SOLE 8700 0 0 RICHMOND MUTUAL BANCORP COM 76525P100 306 30000 SH SOLE 30000 0 0 RIVERVIEW FINANCIAL CORP COM 76940Q105 107 18823 SH OTR 0 18823 0 RIVERVIEW FINANCIAL CORP COM 76940Q105 232 40692 SH SOLE 40692 0 0 SAEXPLORATION HOLDINGS INC COM PAR 78636X873 27 26568 SH OTR 0 26568 0 SAGA COMMUNICATIONS INC CL A NEW 786598300 924 35175 SH OTR 0 35175 0 SAGA COMMUNICATIONS INC CL A NEW 786598300 2921 111226 SH SOLE 111226 0 0 SCRIPPS E W CO OHIO CL A NEW 811054402 1530 204299 SH OTR 0 204299 0 SCRIPPS E W CO OHIO CL A NEW 811054402 2849 380382 SH SOLE 380382 0 0 SIFCO INDUSTRIES INC COM 826546103 90 40110 SH OTR 0 40110 0 SIFCO INDUSTRIES INC COM 826546103 341 151746 SH SOLE 151746 0 0 STARRETT L S CO CL A 855668109 56 17437 SH OTR 0 17437 0 STARRETT L S CO CL A 855668109 151 46587 SH SOLE 46587 0 0 SUNLINK HEALTH SYSTEMS INC COM 86737U102 32 46733 SH SOLE 46733 0 0 SUPPORT.COM INC COM NEW 86858W200 40 36822 SH SOLE 36822 0 0 SYNALLOY CP DEL 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