0001251109-16-000048.txt : 20161114 0001251109-16-000048.hdr.sgml : 20161111 20161114082504 ACCESSION NUMBER: 0001251109-16-000048 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20160930 FILED AS OF DATE: 20161114 DATE AS OF CHANGE: 20161114 EFFECTIVENESS DATE: 20161114 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: 161990782 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 09-30-2016 09-30-2016 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 11-14-2016 0 138 159683 false INFORMATION TABLE 2 minerva13f3q2016export.xml MINERVA 13F 3RD Q 2016 AEHR TEST SYSTEMS COM 00760J108 58 18100 SH OTR 0 18100 0 AEHR TEST SYSTEMS COM 00760J108 130 40513 SH SOLE 40513 0 0 AH BELO CORP COM CL A 001282102 2711 368904 SH OTR 0 368904 0 AH BELO CORP COM CL A 001282102 3983 541969 SH SOLE 541969 0 0 AMERISERV FINANC INC COM 03074A102 201 61700 SH OTR 0 61700 0 AMERISERV FINANC INC COM 03074A102 216 66300 SH SOLE 66300 0 0 ASML HOLDING N V NY REG SHS N07059210 1226 11187 SH OTR 0 11187 0 ASML HOLDING N V NY REG SHS N07059210 129 1176 SH SOLE 1176 0 0 ASTRONICS CORP COM 046433108 608 13508 SH OTR 0 13508 0 ASTRONICS CORP COM 046433108 899 19981 SH SOLE 19981 0 0 BENEFICIAL BANCORP INC COM 08171T102 42 2826 SH OTR 0 2826 0 BENEFICIAL BANCORP INC COM 08171T102 403 27405 SH SOLE 27405 0 0 BB&T CORP COM 054937107 385 10214 SH OTR 0 10214 0 BB&T CORP COM 054937107 312 8280 SH SOLE 8280 0 0 CAMDEN NATIONAL CORP COM 133034108 3601 75651 SH OTR 0 75651 0 CAMDEN NATIONAL CORP COM 133034108 1913 40185 SH SOLE 40185 0 0 CECO ENVIRONMENTAL CORP COM 125141101 1032 91686 SH OTR 0 91686 0 CECO ENVIRONMENTAL CORP COM 125141101 1346 119525 SH SOLE 119525 0 0 CENTURY BANCORP INC MASS CL A NON VTG 156432106 1198 26450 SH OTR 0 26450 0 CENTURY BANCORP INC MASS CL A NON VTG 156432106 438 9663 SH SOLE 9663 0 0 CHASE CORP COM 16150R104 9897 143182 SH OTR 0 143182 0 CHASE CORP COM 16150R104 11190 161891 SH SOLE 161891 0 0 CHARTER FINL CORP MD COM 16122W108 656 50989 SH OTR 0 50989 0 CHARTER FINL CORP MD COM 16122W108 1141 88669 SH SOLE 88669 0 0 CHEMICAL FINANCIAL COM 163731102 71 1620 SH OTR 0 1620 0 CHEMICAL FINANCIAL COM 163731102 389 8805 SH SOLE 8805 0 0 CITIZENS & NORTHERN CORP COM 172922106 360 16400 SH OTR 0 16400 0 CITIZENS & NORTHERN CORP COM 172922106 581 26500 SH SOLE 26500 0 0 COMMAND SECURITY CORP COM 20050L100 11 4100 SH OTR 0 4100 0 COMMAND SECURITY CORP COM 20050L100 49 17950 SH SOLE 17950 0 0 COMMUNITY BANK SYS INC COM 203607106 807 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 1736 369308 SH OTR 0 369308 0 COMPUTER TASK GROUP INC COM 205477102 3172 674817 SH SOLE 674817 0 0 COMPX INTERNATIONAL CL A 20563P101 51 4400 SH OTR 0 4400 0 COMPX INTERNATIONAL CL A 20563P101 87 7500 SH SOLE 7500 0 0 CSS INDUSTRIES INC COM 125906107 118 4594 SH OTR 0 4594 0 CSS INDUSTRIES INC COM 125906107 300 11737 SH SOLE 11737 0 0 DAWSON GEOPHYSICAL CO NEW COM 239360100 1118 146889 SH OTR 0 146889 0 DAWSON GEOPHYSICAL CO NEW COM 239360100 1703 223776 SH SOLE 223776 0 0 DELUXE CORP COM 248019101 2305 34500 SH OTR 0 34500 0 DELUXE CORP COM 248019101 588 8800 SH SOLE 8800 0 0 DONEGAL GROUP INC CL B 257701300 187 11450 SH OTR 0 11450 0 DONEGAL GROUP INC CL B 257701300 164 10056 SH SOLE 10056 0 0 DONEGAL GROUP INC CL A 257701201 401 24882 SH OTR 0 24882 0 DONEGAL GROUP INC CL A 257701201 53 3280 SH SOLE 3280 0 0 DORMAN PRODUCTS INC COM 258278100 1780 27860 SH OTR 0 27860 0 DORMAN PRODUCTS INC COM 258278100 944 14780 SH SOLE 14780 0 0 EAGLE BANCORP MONT INC COM 26942G100 119 8400 SH OTR 0 8400 0 EAGLE BANCORP MONT INC COM 26942G100 244 17198 SH SOLE 17198 0 0 EASTERN CO COM 276317104 2893 144929 SH OTR 0 144929 0 EASTERN CO COM 276317104 4445 222712 SH SOLE 222712 0 0 ECOLOGY & ENVRNMT INC CL A 278878103 314 31804 SH OTR 0 31804 0 ECOLOGY & ENVRNMT INC CL A 278878103 459 46470 SH SOLE 46470 0 0 EMCLAIRE FINANCIAL CORP COM 290828102 308 12824 SH OTR 0 12824 0 EMCLAIRE FINANCIAL CORP COM 290828102 61 2535 SH SOLE 2535 0 0 ESCALADE INC COM 296056104 2574 203490 SH OTR 0 203490 0 ESCALADE INC COM 296056104 2800 221308 SH SOLE 221308 0 0 FNB CORP COM 302520101 318 25881 SH OTR 0 25881 0 FNB CORP COM 302520101 869 70665 SH SOLE 70665 0 0 FIRST MERCHANTS CORP COM 320817109 151 5655 SH OTR 0 5655 0 FIRST MERCHANTS CORP COM 320817109 168 6305 SH SOLE 6305 0 0 FOSTER L B CO COM 350060109 1017 84643 SH OTR 0 84643 0 FOSTER L B CO COM 350060109 258 21489 SH SOLE 21489 0 0 FSB BANCORP INC COM 30289C102 15 1200 SH OTR 0 1200 0 FSB BANCORP INC COM 30289C102 122 9734 SH SOLE 9734 0 0 GREAT LAKES DREDGE & DOCK CO COM 390607109 1482 423400 SH OTR 0 423400 0 GREAT LAKES DREDGE & DOCK CO COM 390607109 2369 676760 SH SOLE 676760 0 0 HORIZON BANCORP INDIANA COM 440407104 153 5218 SH OTR 0 5218 0 HORIZON BANCORP INDIANA COM 440407104 430 14661 SH SOLE 14661 0 0 IBERIABANK CORP COM 450828108 1076 16035 SH OTR 0 16035 0 IBERIABANK CORP COM 450828108 663 9877 SH SOLE 9877 0 0 IMMUCELL CORP COM 452525306 42 5500 SH SOLE 0 5500 0 IMMUCELL CORP COM 452525306 70 9059 SH OTR 9059 0 0 INFUSYSTEM HLDGS INC COM 45685K102 2236 804352 SH OTR 0 804352 0 INFUSYSTEM HLDGS INC COM 45685K102 3566 1282712 SH SOLE 1282712 0 0 INVESTORS BANCORP INC NEW COM 46146L101 297 24711 SH OTR 0 24711 0 INVESTORS BANCORP INC NEW COM 46146L101 816 67990 SH SOLE 67990 0 0 JACKSONVILLE BANCORP INC MD COM 46924R106 334 11703 SH OTR 0 11703 0 JACKSONVILLE BANCORP INC MD COM 46924R106 554 19442 SH SOLE 19442 0 0 KAPSTONE PAPER & PACKAGING CORP COM 48562P103 4109 217199 SH OTR 0 217199 0 KAPSTONE PAPER & PACKAGING CORP COM 48562P103 6472 342050 SH SOLE 342050 0 0 KOSS CORP COM 500692108 79 38100 SH OTR 0 38100 0 KOSS CORP COM 500692108 177 85172 SH SOLE 85172 0 0 KURA ONCOLOGY INC COM 50127T109 693 110800 SH OTR 0 110800 0 KURA ONCOLOGY INC COM 50127T109 1321 211421 SH SOLE 211421 0 0 LAKE SHORE BANCORP INC COM 510700107 125 9400 SH OTR 0 9400 0 LAKE SHORE BANCORP INC COM 510700107 271 20269 SH SOLE 20269 0 0 MALVERN BANCORP INC COM 561409103 1968 120000 SH SOLE 120000 0 0 MAM SOFTWARE GROUP INC COM NEW 55277Q201 62 10330 SH SOLE 10330 0 0 MER TELEMANAGEMENT SOLUTIONS SHS M69676126 45 36651 SH OTR 0 36651 0 MER TELEMANAGEMENT SOLUTIONS SHS M69676126 231 185974 SH SOLE 185974 0 0 MUTUALFIRST FINL INC COM 62845B104 691 25260 SH OTR 0 25260 0 MUTUALFIRST FINL INC COM 62845B104 155 5666 SH SOLE 5666 0 0 NAVIGATOR HOLDINGS LTD SHS Y62132108 957 133122 SH OTR 0 133122 0 NAVIGATOR HOLDINGS LTD SHS Y62132108 1786 248412 SH SOLE 248412 0 0 NORTHWEST BANCSHARES INC MD COM 667340103 707 45000 SH OTR 0 45000 0 NORTHWEST BANCSHARES INC MD COM 667340103 449 28625 SH SOLE 28625 0 0 NORWOOD FINANCIAL CORP COM 669549107 174 5973 SH OTR 0 5973 0 NORWOOD FINANCIAL CORP COM 669549107 255 8764 SH SOLE 8764 0 0 OCONEE FED FINL CORP COM 675607105 258 11451 SH OTR 0 11451 0 OCONEE FED FINL CORP COM 675607105 258 11451 SH SOLE 11451 0 0 ONVIA INC COM NEW 68338T403 751 154500 SH OTR 0 154500 0 ONVIA INC COM NEW 68338T403 1456 299553 SH SOLE 299553 0 0 PATHFINDER BANCORP INC COM 70319R109 674 55437 SH OTR 0 55437 0 PATHFINDER BANCORP INC COM 70319R109 1264 103937 SH SOLE 103937 0 0 PB BANCORP INC COM 70454T100 104 12086 SH OTR 0 12086 0 PB BANCORP INC COM 70454T100 162 18747 SH SOLE 18747 0 0 PROASSURANCE CORP COM 74267C106 1010 19244 SH OTR 0 19244 0 PROASSURANCE CORP COM 74267C106 478 9114 SH SOLE 9114 0 0 PRONAI THERAPETICS INC COM 74346L101 72 39809 SH OTR 0 39809 0 PRONAI THERAPETICS INC COM 74346L101 136 74500 SH SOLE 74500 0 0 PROV & WOR RAILRD CO COM 743737108 632 25500 SH OTR 0 25500 0 PROV & WOR RAILRD CO COM 743737108 37 1500 SH SOLE 1500 0 0 RAND LOGISTICS INC COM 752182105 492 655726 SH OTR 0 655726 0 RAND LOGISTICS INC COM 752182105 880 1172943 SH SOLE 1172943 0 0 SAEXPLORATION HOLDINGS INC COM NEW 78636X204 369 44783 SH OTR 0 44783 0 SAEXPLORATION HOLDINGS INC COM NEW 78636X204 607 73681 SH SOLE 73681 0 0 SAGA COMMUNICATIONS INC CL A NEW 786598300 946 20872 SH OTR 0 20872 0 SAGA COMMUNICATIONS INC CL A NEW 786598300 1910 42125 SH SOLE 42125 0 0 SCRIPPS E W CO OHIO CL A NEW 811054402 4070 255980 SH OTR 0 255980 0 SCRIPPS E W CO OHIO CL A NEW 811054402 5741 361051 SH SOLE 361051 0 0 SIFCO INDUSTRIES INC COM 826546103 124 12500 SH OTR 0 12500 0 SIFCO INDUSTRIES INC COM 826546103 261 26318 SH SOLE 26318 0 0 STATE AUTO FINANCIAL CORP COM 855707105 315 13230 SH OTR 0 13230 0 STATE AUTO FINANCIAL CORP COM 855707105 578 24322 SH SOLE 24322 0 0 SYNALLOY CP DEL COM 871565107 263 28100 SH OTR 0 28100 0 SYNALLOY CP DEL COM 871565107 530 56655 SH SOLE 56655 0 0 TRANSCAT INC COM 893529107 1546 153794 SH OTR 0 153794 0 TRANSCAT INC COM 893529107 2613 259960 SH SOLE 259960 0 0 UNIVERSAL STAINLESS & ALLOY COM 913837100 1563 148897 SH OTR 0 148897 0 UNIVERSAL STAINLESS & ALLOY COM 913837100 2512 239265 SH SOLE 239265 0 0 US LIME & MINERAL COM 911922102 4428 67999 SH OTR 0 67999 0 US LIME & MINERAL COM 911922102 5208 79980 SH SOLE 79980 0 0 VILLAGE BANK & TRUST FIN CO COM 92705T200 491 21037 SH SOLE 21037 0 0 VIRCO MANUFACTURING CO COM 927651109 1813 440133 SH OTR 0 440133 0 VIRCO MANUFACTURING CO COM 927651109 2490 604315 SH SOLE 604315 0 0