0001251109-19-000038.txt : 20191114 0001251109-19-000038.hdr.sgml : 20191114 20191114102128 ACCESSION NUMBER: 0001251109-19-000038 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20190930 FILED AS OF DATE: 20191114 DATE AS OF CHANGE: 20191114 EFFECTIVENESS DATE: 20191114 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: 191217295 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 09-30-2019 09-30-2019 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 11-14-2019 0 164 179825 false INFORMATION TABLE 2 minerva3q19export.xml MINERVA 13F Q3 2019 ADAMS RESOURCES & ENERGY INC COM NEW 006351308 243 7823 SH OTR 0 7823 0 ADAMS RESOURCES & ENERGY INC COM NEW 006351308 740 23870 SH SOLE 23870 0 0 AEHR TEST SYSTEMS COM 00760J108 14 8115 SH OTR 0 8115 0 AEHR TEST SYSTEMS COM 00760J108 29 16713 SH SOLE 16713 0 0 AH BELO CORP COM CL A 001282102 1388 370064 SH OTR 0 370064 0 AH BELO CORP COM CL A 001282102 2230 594605 SH SOLE 594605 0 0 AMERISERV FINANC INC COM 03074A102 245 59583 SH OTR 0 59583 0 AMERISERV FINANC INC COM 03074A102 273 66300 SH SOLE 66300 0 0 ASML HOLDING N V NY REG SHS N07059210 157 631 SH OTR 0 631 0 ASML HOLDING N V NY REG SHS N07059210 292 1176 SH SOLE 1176 0 0 ASTRONICS CORP COM 046433108 362 12328 SH OTR 0 12328 0 ASTRONICS CORP COM 046433108 642 21839 SH SOLE 21839 0 0 BB&T CORP COM 054937107 453 8488 SH SOLE 8488 0 0 CAMDEN NATIONAL CORP COM 133034108 4172 96654 SH OTR 0 96654 0 CAMDEN NATIONAL CORP COM 133034108 2533 58687 SH SOLE 58687 0 0 CECO ENVIRONMENTAL CORP COM 125141101 247 35458 SH OTR 0 35458 0 CECO ENVIRONMENTAL CORP COM 125141101 791 113371 SH SOLE 113371 0 0 CENTERSTART BANK CORP COM 15201P109 846 35278 SH OTR 0 35278 0 CENTERSTART BANK CORP COM 15201P109 1602 66817 SH SOLE 66817 0 0 CENTURY BANCORP INC MASS CL A NON VTG 156432106 1938 22159 SH OTR 0 22159 0 CENTURY BANCORP INC MASS CL A NON VTG 156432106 845 9663 SH SOLE 9663 0 0 CHASE CORP COM 16150R104 4655 42557 SH OTR 0 42557 0 CHASE CORP COM 16150R104 13861 126713 SH SOLE 126713 0 0 CITIZENS & NORTHERN CORP COM 172922106 430 16400 SH OTR 0 16400 0 CITIZENS & NORTHERN CORP COM 172922106 694 26500 SH SOLE 26500 0 0 COLUMBIA FINANCIAL INC COM 197641103 534 33794 SH SOLE 33794 0 0 COMMUNITY BANK SYS INC COM 203607106 999 16199 SH OTR 0 16199 0 COMMUNITY BANK SYS INC COM 203607106 2 27 SH SOLE 27 0 0 COMPUTER TASK GROUP INC COM 205477102 1794 362506 SH OTR 0 362506 0 COMPUTER TASK GROUP INC COM 205477102 4315 871799 SH SOLE 871799 0 0 COMPX INTERNATIONAL CL A 20563P101 93 6501 SH OTR 0 6501 0 COMPX INTERNATIONAL CL A 20563P101 274 19115 SH SOLE 19115 0 0 CONTINENTAL MATERIALS CORP COM PAR $0.25 211615307 174 11548 SH OTR 0 11548 0 CONTINENTAL MATERIALS CORP COM PAR $0.25 211615307 408 27114 SH SOLE 27114 0 0 DAWSON GEOPHYSICAL CO NEW COM 239360100 165 78014 SH OTR 0 78014 0 DAWSON GEOPHYSICAL CO NEW COM 239360100 675 319749 SH SOLE 319749 0 0 DELUXE CORP COM 248019101 1189 24185 SH OTR 0 24185 0 DELUXE CORP COM 248019101 467 9500 SH SOLE 9500 0 0 DLH HOLDINGS CORP COM 23335Q100 95 22000 SH OTR 0 22000 0 DLH HOLDINGS CORP COM 23335Q100 281 65192 SH SOLE 65192 0 0 DONEGAL GROUP INC CL B 257701300 150 12001 SH OTR 0 12001 0 DONEGAL GROUP INC CL B 257701300 167 13356 SH SOLE 13356 0 0 DONEGAL GROUP INC CL A 257701201 351 23929 SH OTR 0 23929 0 DONEGAL GROUP INC CL A 257701201 48 3280 SH SOLE 3280 0 0 DORMAN PRODUCTS INC COM 258278100 811 10190 SH OTR 0 10190 0 DORMAN PRODUCTS INC COM 258278100 1176 14780 SH SOLE 14780 0 0 EAGLE BANCORP MONT INC COM 26942G100 139 8145 SH OTR 0 8145 0 EAGLE BANCORP MONT INC COM 26942G100 293 17198 SH SOLE 17198 0 0 EASTERN CO COM 276317104 3353 135090 SH OTR 0 135090 0 EASTERN CO COM 276317104 5403 217685 SH SOLE 217685 0 0 ECOLOGY & ENVRNMT INC CL A 278878103 806 53182 SH OTR 0 53182 0 ECOLOGY & ENVRNMT INC CL A 278878103 2132 140726 SH SOLE 140726 0 0 EMCLAIRE FINANCIAL CORP COM 290828102 385 12383 SH OTR 0 12383 0 EMCLAIRE FINANCIAL CORP COM 290828102 79 2535 SH SOLE 2535 0 0 ENTERCOM COMMUNICATIONS COM 293639100 515 154243 SH OTR 0 154243 0 ENTERCOM COMMUNICATIONS COM 293639100 1225 366902 SH SOLE 366902 0 0 ESCALADE INC COM 296056104 2126 195617 SH OTR 0 195617 0 ESCALADE INC COM 296056104 2426 223164 SH SOLE 223164 0 0 FIRST MERCHANTS CORP COM 320817109 183 4875 SH OTR 0 4875 0 FIRST MERCHANTS CORP COM 320817109 267 7085 SH SOLE 7085 0 0 FIVE STAR SENIOR LIVING INC COM 33832D106 120 265166 SH OTR 0 265166 0 FIVE STAR SENIOR LIVING INC COM 33832D106 477 1058545 SH SOLE 1058545 0 0 FLOTEK INDUSTRIES INC DEL COM 343389102 85 38654 SH OTR 0 38654 0 FLOTEK INDUSTRIES INC DEL COM 343389102 281 127500 SH SOLE 127500 0 0 FNB CORP COM 302520101 251 21775 SH OTR 0 21775 0 FNB CORP COM 302520101 855 74170 SH SOLE 74170 0 0 FOSTER L B CO COM 350060109 1623 75205 SH OTR 0 75205 0 FOSTER L B CO COM 350060109 485 22489 SH SOLE 22489 0 0 FREIGHTCAR AMERICA INC COM 357023100 253 52194 SH OTR 0 52194 0 FREIGHTCAR AMERICA INC COM 357023100 794 163796 SH SOLE 163796 0 0 FSB BANCORP INC COM 30289C102 23 1306 SH OTR 0 1306 0 FSB BANCORP INC COM 30289C102 168 9734 SH SOLE 9734 0 0 GP STRATEGIES CORP COM 36225V104 143 11104 SH OTR 0 11104 0 GP STRATEGIES CORP COM 36225V104 306 23804 SH SOLE 23804 0 0 GREAT LAKES DREDGE & DOCK CO COM 390607109 4128 395012 SH OTR 0 395012 0 GREAT LAKES DREDGE & DOCK CO COM 390607109 6964 666433 SH SOLE 666433 0 0 HORIZON BANCORP INDIANA COM 440407104 199 11438 SH OTR 0 11438 0 HORIZON BANCORP INDIANA COM 440407104 573 32986 SH SOLE 32986 0 0 HV BANCORP INC COM 40441H105 382 25890 SH SOLE 25890 0 0 ICC HOLDINGS INC COM 44931Q104 167 12382 SH OTR 0 12382 0 ICC HOLDINGS INC COM 44931Q104 234 17345 SH SOLE 17345 0 0 IMMUCELL CORP COM 452525306 29 5500 SH OTR 0 5500 0 IMMUCELL CORP COM 452525306 48 9059 SH SOLE 9059 0 0 INFORMATION SVCS GROUP COM 45675Y104 31 12425 SH OTR 0 12425 0 INFORMATION SVCS GROUP COM 45675Y104 35 14299 SH SOLE 14299 0 0 INFUSYSTEM HLDGS INC COM 45685K102 4112 777352 SH OTR 0 777352 0 INFUSYSTEM HLDGS INC COM 45685K102 7140 1349712 SH SOLE 1349712 0 0 INVESTORS BANCORP INC NEW COM 46146L101 280 24711 SH OTR 0 24711 0 INVESTORS BANCORP INC NEW COM 46146L101 772 67990 SH SOLE 67990 0 0 KEWAUNEE SCIENTIFIC CORP COM 492854104 156 10000 SH SOLE 10000 0 0 KEWAUNEE SCIENTIFIC CORP COM 492854104 51 3300 SH OTR 0 3300 0 KOSS CORP COM 500692108 111 55460 SH OTR 0 55460 0 KOSS CORP COM 500692108 344 172163 SH SOLE 172163 0 0 KURA ONCOLOGY INC COM 50127T109 596 39308 SH OTR 0 39308 0 KURA ONCOLOGY INC COM 50127T109 710 46779 SH SOLE 46779 0 0 LAKE SHORE BANCORP INC COM 510700107 131 9192 SH OTR 0 9192 0 LAKE SHORE BANCORP INC COM 510700107 289 20269 SH SOLE 20269 0 0 LGL GROUP INC COM 50186A108 248 24109 SH OTR 0 24109 0 LGL GROUP INC COM 50186A108 458 44465 SH SOLE 44465 0 0 MACKINAC FINANCIAL CORP COM 554571109 309 19972 SH SOLE 19972 0 0 MACKINAC FINANCIAL CORP COM 554571109 157 10116 SH OTR 0 10116 0 MALVERN BANCORP INC COM 561409103 978 44781 SH SOLE 44781 0 0 MAM SOFTWARE GROUP INC COM NEW 55277Q201 125 10330 SH SOLE 10330 0 0 MID PENN BANCORP COM 59540G107 455 17794 SH OTR 0 17794 0 MID PENN BANCORP COM 59540G107 798 31240 SH SOLE 31240 0 0 MID SOUTHERN BANCORP COM 59548Q107 117 8915 SH OTR 0 8915 0 MID SOUTHERN BANCORP COM 59548Q107 167 12791 SH SOLE 12791 0 0 MUTUALFIRST FINANCIAL INC COM 62845B104 751 23834 SH OTR 0 23834 0 MUTUALFIRST FINANCIAL INC COM 62845B104 179 5666 SH SOLE 5666 0 0 NAVIGATOR HOLDINGS LTD SHS Y62132108 1508 141163 SH OTR 0 141163 0 NAVIGATOR HOLDINGS LTD SHS Y62132108 2733 255912 SH SOLE 255912 0 0 NI HOLDINGS INC COM 65342T106 910 53089 SH OTR 0 53089 0 NI HOLDINGS INC COM 65342T106 1721 100400 SH SOLE 100400 0 0 NORTHWEST BANCSHARES INC MD COM 667340103 695 42460 SH OTR 0 42460 0 NORTHWEST BANCSHARES INC MD COM 667340103 469 28625 SH SOLE 28625 0 0 NORWOOD FINANCIAL CORP COM 669549107 209 6739 SH OTR 0 6739 0 NORWOOD FINANCIAL CORP COM 669549107 277 8952 SH SOLE 8952 0 0 NUVERRA ENVIRONMENTAL COM 67091K302 30 7258 SH OTR 0 7258 0 NUVERRA ENVIRONMENTAL COM 67091K302 54 12997 SH SOLE 12997 0 0 OCONEE FED FINL CORP COM 675607105 236 10805 SH OTR 0 10805 0 OCONEE FED FINL CORP COM 675607105 250 11451 SH SOLE 11451 0 0 PATHFINDER BANCORP INC COM 70319R109 1045 78859 SH OTR 0 78859 0 PATHFINDER BANCORP INC COM 70319R109 2414 182166 SH SOLE 182166 0 0 PATRIOT TRANSPORTATION HOLDING INC COM 70338W105 1062 61324 SH OTR 0 61324 0 PATRIOT TRANSPORTATION HOLDING INC COM 70338W105 3289 189987 SH SOLE 189987 0 0 PB BANCORP INC COM 70454T100 102 8856 SH OTR 0 8856 0 PB BANCORP INC COM 70454T100 250 21722 SH SOLE 21722 0 0 PROASSURANCE CORP COM 74267C106 745 18488 SH OTR 0 18488 0 PROASSURANCE CORP COM 74267C106 350 8700 SH SOLE 8700 0 0 RAND CAPITAL CORP COM 752185108 30 12107 SH OTR 0 12107 0 RAND CAPITAL CORP COM 752185108 5 1820 SH SOLE 1820 0 0 RICHMOND MUTUAL BANCORP COM 76525P100 420 30000 SH SOLE 30000 0 0 RIVERVIEW FINANCIAL CORP COM 76940Q105 241 21830 SH OTR 0 21830 0 RIVERVIEW FINANCIAL CORP COM 76940Q105 450 40692 SH SOLE 40692 0 0 SAEXPLORATION HOLDINGS INC COM PAR 78636X873 56 30476 SH OTR 0 30476 0 SAGA COMMUNICATIONS INC CL A NEW 786598300 1192 40084 SH OTR 0 40084 0 SAGA COMMUNICATIONS INC CL A NEW 786598300 2989 100458 SH SOLE 100458 0 0 SCRIPPS E W CO OHIO CL A NEW 811054402 3139 236557 SH OTR 0 236557 0 SCRIPPS E W CO OHIO CL A NEW 811054402 5048 380382 SH SOLE 380382 0 0 SIFCO INDUSTRIES INC COM 826546103 149 55077 SH OTR 0 55077 0 SIFCO INDUSTRIES INC COM 826546103 411 151746 SH SOLE 151746 0 0 STATE AUTO FINANCIAL CORP COM 855707105 70 2180 SH OTR 0 2180 0 STATE AUTO FINANCIAL CORP COM 855707105 257 7943 SH SOLE 7943 0 0 SUNLINK HEALTH SYSTEMS INC COM 86737U102 53 46733 SH SOLE 46733 0 0 SYNALLOY CP DEL COM 871565107 425 26668 SH OTR 0 26668 0 SYNALLOY CP DEL COM 871565107 878 55055 SH SOLE 55055 0 0 TCF FINANCIAL CORPORATION COM 872307103 62 1620 SH OTR 0 1620 0 TCF FINANCIAL CORPORATION COM 872307103 335 8805 SH SOLE 8805 0 0 TRANSCAT INC COM 893529107 3525 137919 SH OTR 0 137919 0 TRANSCAT INC COM 893529107 6412 250858 SH SOLE 250858 0 0 UNIVERSAL STAINLESS & ALLOY COM 913837100 2379 154451 SH OTR 0 154451 0 UNIVERSAL STAINLESS & ALLOY COM 913837100 4464 289892 SH SOLE 289892 0 0 US LIME & MINERAL COM 911922102 4834 63892 SH OTR 0 63892 0 US LIME & MINERAL COM 911922102 6263 82780 SH SOLE 82780 0 0 VERSO CORP CL A 92531L207 298 24100 SH OTR 0 24100 0 VERSO CORP CL A 92531L207 547 44200 SH SOLE 44200 0 0 VILLAGE BANK & TRUST FIN CO COM NEW 92705T200 740 21547 SH SOLE 21547 0 0 VILLAGE BANK & TRUST FIN CO COM NEW 92705T200 58 1698 SH OTR 0 1698 0 VIRCO MANUFACTURING CO COM 927651109 1564 409423 SH OTR 0 409423 0 VIRCO MANUFACTURING CO COM 927651109 2452 641889 SH SOLE 641889 0 0 VOLT INFORMATION SCIENCES COM 928703107 21 6700 SH OTR 0 6700 0 VOLT INFORMATION SCIENCES COM 928703107 42 13300 SH SOLE 13300 0 0 WSFS FINANCIAL CORP COM 929328102 33 752 SH OTR 0 752 0 WSFS FINANCIAL CORP COM 929328102 364 8257 SH SOLE 8257 0 0