0001251109-20-000043.txt : 20200812 0001251109-20-000043.hdr.sgml : 20200812 20200812121710 ACCESSION NUMBER: 0001251109-20-000043 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20200630 FILED AS OF DATE: 20200812 DATE AS OF CHANGE: 20200812 EFFECTIVENESS DATE: 20200812 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: 201094823 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 06-30-2020 06-30-2020 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 08-12-2020 0 148 148488 false INFORMATION TABLE 2 minerva13f2q20export.xml MINERVA 13F Q2 2020 ADAMS RESOURCES & ENERGY INC COM NEW 006351308 207 7823 SH OTR 0 7823 0 ADAMS RESOURCES & ENERGY INC COM NEW 006351308 631 23872 SH SOLE 23872 0 0 AEHR TEST SYSTEMS COM 00760J108 4 1832 SH OTR 0 1832 0 AEHR TEST SYSTEMS COM 00760J108 33 16713 SH SOLE 16713 0 0 AH BELO CORP COM CL A 001282102 358 206707 SH OTR 0 206707 0 AH BELO CORP COM CL A 001282102 1021 590000 SH SOLE 590000 0 0 AMERISERV FINANC INC COM 03074A102 144 47061 SH OTR 0 47061 0 AMERISERV FINANC INC COM 03074A102 203 66300 SH SOLE 66300 0 0 ASTRONICS CORP COM 046433108 107 10129 SH OTR 0 10129 0 ASTRONICS CORP COM 046433108 231 21839 SH SOLE 21839 0 0 CAMDEN NATIONAL CORP COM 133034108 2814 81465 SH OTR 0 81465 0 CAMDEN NATIONAL CORP COM 133034108 2283 66090 SH SOLE 66090 0 0 CECO ENVIRONMENTAL CORP COM 125141101 233 35458 SH OTR 0 35458 0 CECO ENVIRONMENTAL CORP COM 125141101 746 113371 SH SOLE 113371 0 0 CENTURY BANCORP INC MASS CL A NON VTG 156432106 1439 18541 SH OTR 0 18541 0 CENTURY BANCORP INC MASS CL A NON VTG 156432106 750 9663 SH SOLE 9663 0 0 CHASE CORP COM 16150R104 4116 40157 SH OTR 0 40157 0 CHASE CORP COM 16150R104 12240 119413 SH SOLE 119413 0 0 CITIZENS & NORTHERN CORP COM 172922106 336 16400 SH OTR 0 16400 0 CITIZENS & NORTHERN CORP COM 172922106 544 26500 SH SOLE 26500 0 0 COLUMBIA FINANCIAL INC COM 197641103 472 33794 SH SOLE 33794 0 0 COMMUNITY BANK SYS INC COM 203607106 774 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 1127 278318 SH OTR 0 278318 0 COMPUTER TASK GROUP INC COM 205477102 3721 918669 SH SOLE 918669 0 0 COMPX INTERNATIONAL CL A 20563P101 149 10779 SH OTR 0 10779 0 COMPX INTERNATIONAL CL A 20563P101 402 29055 SH SOLE 29055 0 0 DAWSON GEOPHYSICAL CO NEW COM 239360100 112 78014 SH OTR 0 78014 0 DAWSON GEOPHYSICAL CO NEW COM 239360100 460 319749 SH SOLE 319749 0 0 DELUXE CORP COM 248019101 493 20938 SH OTR 0 20938 0 DELUXE CORP COM 248019101 224 9500 SH SOLE 9500 0 0 DLH HOLDINGS CORP COM 23335Q100 167 23100 SH OTR 0 23100 0 DLH HOLDINGS CORP COM 23335Q100 505 69588 SH SOLE 69588 0 0 DONEGAL GROUP INC CL B 257701300 113 9946 SH OTR 0 9946 0 DONEGAL GROUP INC CL B 257701300 152 13356 SH SOLE 13356 0 0 DONEGAL GROUP INC CL A 257701201 277 19565 SH OTR 0 19565 0 DONEGAL GROUP INC CL A 257701201 46 3280 SH SOLE 3280 0 0 DORMAN PRODUCTS INC COM 258278100 683 10190 SH OTR 0 10190 0 DORMAN PRODUCTS INC COM 258278100 991 14780 SH SOLE 14780 0 0 EAGLE BANCORP MONT INC COM 26942G100 120 6982 SH OTR 0 6982 0 EAGLE BANCORP MONT INC COM 26942G100 295 17198 SH SOLE 17198 0 0 EASTERN CO COM 276317104 2098 117379 SH OTR 0 117379 0 EASTERN CO COM 276317104 3995 223534 SH SOLE 223534 0 0 EMCLAIRE FINANCIAL CORP COM 290828102 207 10363 SH OTR 0 10363 0 EMCLAIRE FINANCIAL CORP COM 290828102 51 2535 SH SOLE 2535 0 0 ENTERCOM COMMUNICATIONS COM 293639100 167 120684 SH OTR 0 120684 0 ENTERCOM COMMUNICATIONS COM 293639100 506 366902 SH SOLE 366902 0 0 ESCALADE INC COM 296056104 2748 196847 SH OTR 0 196847 0 ESCALADE INC COM 296056104 3919 280746 SH SOLE 280746 0 0 FIRST MERCHANTS CORP COM 320817109 134 4875 SH OTR 0 4875 0 FIRST MERCHANTS CORP COM 320817109 195 7085 SH SOLE 7085 0 0 FIVE STAR SENIOR LIVING INC COM 33832D106 84 21415 SH OTR 0 21415 0 FIVE STAR SENIOR LIVING INC COM 33832D106 242 62000 SH SOLE 62000 0 0 FLOTEK INDUSTRIES INC DEL COM 343389102 46 38654 SH OTR 0 38654 0 FLOTEK INDUSTRIES INC DEL COM 343389102 153 127500 SH SOLE 127500 0 0 FNB CORP COM 302520101 143 19013 SH OTR 0 19013 0 FNB CORP COM 302520101 556 74170 SH SOLE 74170 0 0 FOSTER L B CO COM 350060109 806 63584 SH OTR 0 63584 0 FOSTER L B CO COM 350060109 285 22489 SH SOLE 22489 0 0 FREIGHTCAR AMERICA INC COM 357023100 85 68303 SH OTR 0 68303 0 FREIGHTCAR AMERICA INC COM 357023100 300 241845 SH SOLE 241845 0 0 GP STRATEGIES CORP COM 36225V104 618 72010 SH OTR 0 72010 0 GP STRATEGIES CORP COM 36225V104 1650 192308 SH SOLE 192308 0 0 GREAT LAKES DREDGE & DOCK CO COM 390607109 3352 362036 SH OTR 0 362036 0 GREAT LAKES DREDGE & DOCK CO COM 390607109 6776 731706 SH SOLE 731706 0 0 GSE SYSTEMS INC COM 36227K106 63 62074 SH OTR 0 62074 0 GSE SYSTEMS INC COM 36227K106 248 245835 SH SOLE 245835 0 0 HORIZON BANCORP INDIANA COM 440407104 110 10264 SH OTR 0 10264 0 HORIZON BANCORP INDIANA COM 440407104 352 32986 SH SOLE 32986 0 0 HV BANCORP INC COM 40441H105 338 25890 SH SOLE 25890 0 0 ICC HOLDINGS INC COM 44931Q104 129 11732 SH OTR 0 11732 0 ICC HOLDINGS INC COM 44931Q104 273 24852 SH SOLE 24852 0 0 IMMUCELL CORP COM 452525306 26 5500 SH OTR 0 5500 0 IMMUCELL CORP COM 452525306 43 9059 SH SOLE 9059 0 0 INFORMATION SVCS GROUP COM 45675Y104 8 3650 SH OTR 0 3650 0 INFORMATION SVCS GROUP COM 45675Y104 15 7400 SH SOLE 7400 0 0 INFUSYSTEM HLDGS INC COM 45685K102 6923 599881 SH OTR 0 599881 0 INFUSYSTEM HLDGS INC COM 45685K102 12922 1119794 SH SOLE 1119794 0 0 INVESTORS BANCORP INC NEW COM 46146L101 210 24711 SH OTR 0 24711 0 INVESTORS BANCORP INC NEW COM 46146L101 577 67990 SH SOLE 67990 0 0 KEWAUNEE SCIENTIFIC CORP COM 492854104 654 70441 SH SOLE 70441 0 0 KEWAUNEE SCIENTIFIC CORP COM 492854104 240 25818 SH OTR 0 25818 0 KOSS CORP COM 500692108 37 27774 SH OTR 0 27774 0 KOSS CORP COM 500692108 251 188483 SH SOLE 188483 0 0 KURA ONCOLOGY INC COM 50127T109 453 27812 SH OTR 0 27812 0 KURA ONCOLOGY INC COM 50127T109 603 37000 SH SOLE 37000 0 0 LAKE SHORE BANCORP INC COM 510700107 101 8238 SH OTR 0 8238 0 LAKE SHORE BANCORP INC COM 510700107 248 20269 SH SOLE 20269 0 0 LGL GROUP INC COM 50186A108 73 8598 SH OTR 0 8598 0 LGL GROUP INC COM 50186A108 68 8000 SH SOLE 8000 0 0 MACKINAC FINANCIAL CORP COM 554571109 262 25972 SH SOLE 25972 0 0 MACKINAC FINANCIAL CORP COM 554571109 103 10216 SH OTR 0 10216 0 MALVERN BANCORP INC COM 561409103 700 54804 SH SOLE 54804 0 0 MALVERN BANCORP INC COM 561409103 67 5206 SH OTR 0 5206 0 MID PENN BANCORP COM 59540G107 265 15038 SH OTR 0 15038 0 MID PENN BANCORP COM 59540G107 550 31240 SH SOLE 31240 0 0 MID SOUTHERN BANCORP COM 59548Q107 108 8915 SH OTR 0 8915 0 MID SOUTHERN BANCORP COM 59548Q107 155 12791 SH SOLE 12791 0 0 NAVIGATOR HOLDINGS LTD SHS Y62132108 718 111690 SH OTR 0 111690 0 NAVIGATOR HOLDINGS LTD SHS Y62132108 1646 255912 SH SOLE 255912 0 0 NI HOLDINGS INC COM 65342T106 688 46628 SH OTR 0 46628 0 NI HOLDINGS INC COM 65342T106 1482 100400 SH SOLE 100400 0 0 NORTHWEST BANCSHARES INC MD COM 667340103 739 72352 SH OTR 0 72352 0 NORTHWEST BANCSHARES INC MD COM 667340103 432 42223 SH SOLE 42223 0 0 NORWOOD FINANCIAL CORP COM 669549107 148 6190 SH OTR 0 6190 0 NORWOOD FINANCIAL CORP COM 669549107 214 8952 SH SOLE 8952 0 0 NUVERRA ENVIRONMENTAL COM 67091K302 13 5458 SH OTR 0 5458 0 NUVERRA ENVIRONMENTAL COM 67091K302 22 9697 SH SOLE 9697 0 0 OCONEE FED FINL CORP COM 675607105 196 7845 SH OTR 0 7845 0 OCONEE FED FINL CORP COM 675607105 287 11451 SH SOLE 11451 0 0 PATHFINDER BANCORP INC COM 70319R109 682 72123 SH OTR 0 72123 0 PATHFINDER BANCORP INC COM 70319R109 1883 199060 SH SOLE 199060 0 0 PATRIOT TRANSPORTATION HOLDING INC COM 70338W105 425 50633 SH OTR 0 50633 0 PATRIOT TRANSPORTATION HOLDING INC COM 70338W105 1945 231564 SH SOLE 231564 0 0 PROASSURANCE CORP COM 74267C106 228 15763 SH OTR 0 15763 0 PROASSURANCE CORP COM 74267C106 126 8700 SH SOLE 8700 0 0 RICHMOND MUTUAL BANCORP COM 76525P100 337 30000 SH SOLE 30000 0 0 RIVERVIEW FINANCIAL CORP COM 76940Q105 101 18823 SH OTR 0 18823 0 RIVERVIEW FINANCIAL CORP COM 76940Q105 219 40692 SH SOLE 40692 0 0 SAGA COMMUNICATIONS INC CL A NEW 786598300 881 34418 SH OTR 0 34418 0 SAGA COMMUNICATIONS INC CL A NEW 786598300 2847 111226 SH SOLE 111226 0 0 SCRIPPS E W CO OHIO CL A NEW 811054402 1840 210516 SH OTR 0 210516 0 SCRIPPS E W CO OHIO CL A NEW 811054402 3493 399656 SH SOLE 399656 0 0 SIFCO INDUSTRIES INC COM 826546103 334 83506 SH OTR 0 83506 0 SIFCO INDUSTRIES INC COM 826546103 1290 322546 SH SOLE 322546 0 0 SOUTH STATE CORP COM 840441109 439 9223 SH OTR 0 9223 0 SOUTH STATE CORP COM 840441109 357 7502 SH SOLE 7502 0 0 STARRETT L S CO CL A 855668109 59 17437 SH OTR 0 17437 0 STARRETT L S CO CL A 855668109 158 46587 SH SOLE 46587 0 0 SUNLINK HEALTH SYSTEMS INC COM 86737U102 34 38000 SH SOLE 38000 0 0 SUPPORT.COM INC COM NEW 86858W200 75 54593 SH SOLE 54593 0 0 SUPPORT.COM INC COM NEW 86858W200 6 4115 SH OTR 0 4115 0 SYNALLOY CP DEL COM 871565107 152 20271 SH OTR 0 20271 0 SYNALLOY CP DEL COM 871565107 324 43250 SH SOLE 43250 0 0 TRANSCAT INC COM 893529107 2886 111467 SH OTR 0 111467 0 TRANSCAT INC COM 893529107 5739 221660 SH SOLE 221660 0 0 UNIVERSAL STAINLESS & ALLOY COM 913837100 922 107546 SH OTR 0 107546 0 UNIVERSAL STAINLESS & ALLOY COM 913837100 2777 324070 SH SOLE 324070 0 0 US LIME & MINERAL COM 911922102 4459 53181 SH OTR 0 53181 0 US LIME & MINERAL COM 911922102 6552 78147 SH SOLE 78147 0 0 VERSO CORP CL A 92531L207 288 24100 SH OTR 0 24100 0 VERSO CORP CL A 92531L207 529 44200 SH SOLE 44200 0 0 VILLAGE BANK & TRUST FIN CO COM NEW 92705T200 628 21547 SH SOLE 21547 0 0 VILLAGE BANK & TRUST FIN CO COM NEW 92705T200 49 1698 SH OTR 0 1698 0 VIRCO MANUFACTURING CO COM 927651109 768 279418 SH OTR 0 279418 0 VIRCO MANUFACTURING CO COM 927651109 1766 642205 SH SOLE 642205 0 0 VOLT INFORMATION SCIENCES COM 928703107 67 51687 SH OTR 0 51687 0 VOLT INFORMATION SCIENCES COM 928703107 222 172000 SH SOLE 172000 0 0