0001251109-19-000032.txt : 20190801 0001251109-19-000032.hdr.sgml : 20190801 20190801172137 ACCESSION NUMBER: 0001251109-19-000032 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20190630 FILED AS OF DATE: 20190801 DATE AS OF CHANGE: 20190801 EFFECTIVENESS DATE: 20190801 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: 19993652 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 06-30-2019 06-30-2019 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 08-01-2019 0 164 184373 false INFORMATION TABLE 2 minerva2q19export.xml MINERVA 13F Q2 2019 ADAMS RESOURCES & ENERGY INC COM NEW 006351308 84 2481 SH OTR 0 2481 0 ADAMS RESOURCES & ENERGY INC COM NEW 006351308 247 7345 SH SOLE 7345 0 0 AEHR TEST SYSTEMS COM 00760J108 13 8600 SH OTR 0 8600 0 AEHR TEST SYSTEMS COM 00760J108 25 16713 SH SOLE 16713 0 0 AH BELO CORP COM CL A 001282102 1366 370064 SH OTR 0 370064 0 AH BELO CORP COM CL A 001282102 2194 594605 SH SOLE 594605 0 0 AMERISERV FINANC INC COM 03074A102 254 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 131 631 SH OTR 0 631 0 ASML HOLDING N V NY REG SHS N07059210 245 1176 SH SOLE 1176 0 0 ASTRONICS CORP COM 046433108 515 12808 SH OTR 0 12808 0 ASTRONICS CORP COM 046433108 878 21839 SH SOLE 21839 0 0 BB&T CORP COM 054937107 417 8488 SH SOLE 8488 0 0 CAMDEN NATIONAL CORP COM 133034108 4563 99971 SH OTR 0 99971 0 CAMDEN NATIONAL CORP COM 133034108 2679 58687 SH SOLE 58687 0 0 CECO ENVIRONMENTAL CORP COM 125141101 339 35458 SH OTR 0 35458 0 CECO ENVIRONMENTAL CORP COM 125141101 1085 113371 SH SOLE 113371 0 0 CENTERSTART BANK CORP COM 15201P109 835 36260 SH OTR 0 36260 0 CENTERSTART BANK CORP COM 15201P109 1538 66817 SH SOLE 66817 0 0 CENTURY BANCORP INC MASS CL A NON VTG 156432106 2005 22950 SH OTR 0 22950 0 CENTURY BANCORP INC MASS CL A NON VTG 156432106 844 9663 SH SOLE 9663 0 0 CHASE CORP COM 16150R104 4581 42557 SH OTR 0 42557 0 CHASE CORP COM 16150R104 13639 126713 SH SOLE 126713 0 0 CHEMICAL FINANCIAL COM 163731102 67 1620 SH OTR 0 1620 0 CHEMICAL FINANCIAL COM 163731102 362 8805 SH SOLE 8805 0 0 CITIZENS & NORTHERN CORP COM 172922106 429 16400 SH OTR 0 16400 0 CITIZENS & NORTHERN CORP COM 172922106 693 26500 SH SOLE 26500 0 0 COLUMBIA FINANCIAL INC COM 197641103 530 33794 SH SOLE 33794 0 0 COMMUNITY BANK SYS INC COM 203607106 1104 16772 SH OTR 0 16772 0 COMMUNITY BANK SYS INC COM 203607106 2 27 SH SOLE 27 0 0 COMPUTER TASK GROUP INC COM 205477102 1489 371361 SH OTR 0 371361 0 COMPUTER TASK GROUP INC COM 205477102 3456 861799 SH SOLE 861799 0 0 COMPX INTERNATIONAL CL A 20563P101 85 5000 SH OTR 0 5000 0 COMPX INTERNATIONAL CL A 20563P101 204 12048 SH SOLE 12048 0 0 CONTINENTAL MATERIALS CORP COM PAR $0.25 211615307 188 11726 SH OTR 0 11726 0 CONTINENTAL MATERIALS CORP COM PAR $0.25 211615307 434 27114 SH SOLE 27114 0 0 CSS INDUSTRIES INC COM 125906107 32 6603 SH OTR 0 6603 0 CSS INDUSTRIES INC COM 125906107 37 7535 SH SOLE 7535 0 0 DAWSON GEOPHYSICAL CO NEW COM 239360100 189 78014 SH OTR 0 78014 0 DAWSON GEOPHYSICAL CO NEW COM 239360100 774 319749 SH SOLE 319749 0 0 DELUXE CORP COM 248019101 1008 24800 SH OTR 0 24800 0 DELUXE CORP COM 248019101 386 9500 SH SOLE 9500 0 0 DLH HOLDINGS CORP COM 23335Q100 99 20000 SH OTR 0 20000 0 DLH HOLDINGS CORP COM 23335Q100 292 59192 SH SOLE 59192 0 0 DONEGAL GROUP INC CL B 257701300 162 12450 SH OTR 0 12450 0 DONEGAL GROUP INC CL B 257701300 174 13356 SH SOLE 13356 0 0 DONEGAL GROUP INC CL A 257701201 380 24882 SH OTR 0 24882 0 DONEGAL GROUP INC CL A 257701201 50 3280 SH SOLE 3280 0 0 DORMAN PRODUCTS INC COM 258278100 888 10190 SH OTR 0 10190 0 DORMAN PRODUCTS INC COM 258278100 1288 14780 SH SOLE 14780 0 0 EAGLE BANCORP MONT INC COM 26942G100 139 8400 SH OTR 0 8400 0 EAGLE BANCORP MONT INC COM 26942G100 285 17198 SH SOLE 17198 0 0 EASTERN CO COM 276317104 3904 139316 SH OTR 0 139316 0 EASTERN CO COM 276317104 6100 217685 SH SOLE 217685 0 0 ECOLOGY & ENVRNMT INC CL A 278878103 589 54027 SH OTR 0 54027 0 ECOLOGY & ENVRNMT INC CL A 278878103 1534 140726 SH SOLE 140726 0 0 EMCLAIRE FINANCIAL CORP COM 290828102 401 12824 SH OTR 0 12824 0 EMCLAIRE FINANCIAL CORP COM 290828102 79 2535 SH SOLE 2535 0 0 ENTERCOM COMMUNICATIONS COM 293639100 905 156500 SH OTR 0 156500 0 ENTERCOM COMMUNICATIONS COM 293639100 2121 366902 SH SOLE 366902 0 0 ESCALADE INC COM 296056104 2268 201634 SH OTR 0 201634 0 ESCALADE INC COM 296056104 2511 223164 SH SOLE 223164 0 0 FIRST MERCHANTS CORP COM 320817109 185 4875 SH OTR 0 4875 0 FIRST MERCHANTS CORP COM 320817109 268 7085 SH SOLE 7085 0 0 FIVE STAR SENIOR LIVING INC COM 33832D106 122 265166 SH OTR 0 265166 0 FIVE STAR SENIOR LIVING INC COM 33832D106 488 1058545 SH SOLE 1058545 0 0 FLOTEK INDUSTRIES INC DEL COM 343389102 127 38500 SH OTR 0 38500 0 FLOTEK INDUSTRIES INC DEL COM 343389102 382 115500 SH SOLE 115500 0 0 FNB CORP COM 302520101 263 22378 SH OTR 0 22378 0 FNB CORP COM 302520101 873 74170 SH SOLE 74170 0 0 FOSTER L B CO COM 350060109 2115 77743 SH OTR 0 77743 0 FOSTER L B CO COM 350060109 612 22489 SH SOLE 22489 0 0 FREIGHTCAR AMERICA INC COM 357023100 107 18273 SH OTR 0 18273 0 FREIGHTCAR AMERICA INC COM 357023100 320 54771 SH SOLE 54771 0 0 FSB BANCORP INC COM 30289C102 23 1306 SH OTR 0 1306 0 FSB BANCORP INC COM 30289C102 173 9734 SH SOLE 9734 0 0 GP STRATEGIES CORP COM 36225V104 167 11104 SH OTR 0 11104 0 GP STRATEGIES CORP COM 36225V104 359 23804 SH SOLE 23804 0 0 GREAT LAKES DREDGE & DOCK CO COM 390607109 4503 409000 SH OTR 0 409000 0 GREAT LAKES DREDGE & DOCK CO COM 390607109 7380 670333 SH SOLE 670333 0 0 HORIZON BANCORP INDIANA COM 440407104 191 11702 SH OTR 0 11702 0 HORIZON BANCORP INDIANA COM 440407104 539 32986 SH SOLE 32986 0 0 HV BANCORP INC COM 40441H105 390 25890 SH SOLE 25890 0 0 ICC HOLDINGS INC COM 44931Q104 175 12655 SH OTR 0 12655 0 ICC HOLDINGS INC COM 44931Q104 240 17345 SH SOLE 17345 0 0 IMMUCELL CORP COM 452525306 36 5500 SH OTR 0 5500 0 IMMUCELL CORP COM 452525306 59 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 3343 777352 SH OTR 0 777352 0 INFUSYSTEM HLDGS INC COM 45685K102 5804 1349712 SH SOLE 1349712 0 0 INVESTORS BANCORP INC NEW COM 46146L101 275 24711 SH OTR 0 24711 0 INVESTORS BANCORP INC NEW COM 46146L101 757 67990 SH SOLE 67990 0 0 KOSS CORP COM 500692108 115 57706 SH OTR 0 57706 0 KOSS CORP COM 500692108 344 172163 SH SOLE 172163 0 0 KURA ONCOLOGY INC COM 50127T109 819 41600 SH OTR 0 41600 0 KURA ONCOLOGY INC COM 50127T109 921 46779 SH SOLE 46779 0 0 LAKE SHORE BANCORP INC COM 510700107 141 9400 SH OTR 0 9400 0 LAKE SHORE BANCORP INC COM 510700107 303 20269 SH SOLE 20269 0 0 LGL GROUP INC COM 50186A108 228 28014 SH OTR 0 28014 0 LGL GROUP INC COM 50186A108 431 52865 SH SOLE 52865 0 0 MACKINAC FINANCIAL CORP COM 554571109 306 19972 SH SOLE 19972 0 0 MACKINAC FINANCIAL CORP COM 554571109 160 10422 SH OTR 0 10422 0 MALVERN BANCORP INC COM 561409103 986 44781 SH SOLE 44781 0 0 MAM SOFTWARE GROUP INC COM NEW 55277Q201 105 10330 SH SOLE 10330 0 0 MID PENN BANCORP COM 59540G107 459 18397 SH OTR 0 18397 0 MID PENN BANCORP COM 59540G107 779 31240 SH SOLE 31240 0 0 MID SOUTHERN BANCORP COM 59548Q107 112 8915 SH OTR 0 8915 0 MID SOUTHERN BANCORP COM 59548Q107 161 12791 SH SOLE 12791 0 0 MUTUALFIRST FINANCIAL INC COM 62845B104 849 25260 SH OTR 0 25260 0 MUTUALFIRST FINANCIAL INC COM 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0 61338 0 PATRIOT TRANSPORTATION HOLDING INC COM 70338W105 3230 189987 SH SOLE 189987 0 0 PB BANCORP INC COM 70454T100 105 9111 SH OTR 0 9111 0 PB BANCORP INC COM 70454T100 250 21722 SH SOLE 21722 0 0 PROASSURANCE CORP COM 74267C106 689 19084 SH OTR 0 19084 0 PROASSURANCE CORP COM 74267C106 314 8700 SH SOLE 8700 0 0 RAND CAPITAL CORP COM 752185108 31 12225 SH OTR 0 12225 0 RAND CAPITAL CORP COM 752185108 5 1820 SH SOLE 1820 0 0 RIVERVIEW FINANCIAL CORP COM 76940Q105 237 22321 SH OTR 0 22321 0 RIVERVIEW FINANCIAL CORP COM 76940Q105 432 40692 SH SOLE 40692 0 0 SAEXPLORATION HOLDINGS INC COM PAR 78636X873 117 32585 SH OTR 0 32585 0 SAEXPLORATION HOLDINGS INC COM PAR 78636X873 42 11562 SH SOLE 11562 0 0 SAGA COMMUNICATIONS INC CL A NEW 786598300 1203 39157 SH OTR 0 39157 0 SAGA COMMUNICATIONS INC CL A NEW 786598300 2972 96757 SH SOLE 96757 0 0 SCRIPPS E W CO OHIO CL A NEW 811054402 3727 243602 SH OTR 0 243602 0 SCRIPPS E W CO OHIO CL A NEW 811054402 5820 380382 SH SOLE 380382 0 0 SIFCO 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