0001251109-21-000034.txt : 20210216 0001251109-21-000034.hdr.sgml : 20210216 20210216115859 ACCESSION NUMBER: 0001251109-21-000034 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20201231 FILED AS OF DATE: 20210216 DATE AS OF CHANGE: 20210216 EFFECTIVENESS DATE: 20210216 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: 21634666 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 12-31-2020 12-31-2020 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 02-16-2021 0 143 181744 false INFORMATION TABLE 2 minerva13f4q20exportv2.xml MINERVA 13F Q4 2020 ADAMS RESOURCES & ENERGY INC COM NEW 006351308 145 6018 SH OTR 0 6018 0 ADAMS RESOURCES & ENERGY INC COM NEW 006351308 462 19190 SH SOLE 19190 0 0 AH BELO CORP COM CL A 001282102 246 162731 SH OTR 0 162731 0 AH BELO CORP COM CL A 001282102 833 551800 SH SOLE 551800 0 0 AMERISERV FINANC INC COM 03074A102 89 28427 SH OTR 0 28427 0 AMERISERV FINANC INC COM 03074A102 208 66300 SH SOLE 66300 0 0 ASTRONICS CORP COM 046433108 932 70465 SH OTR 0 70465 0 ASTRONICS CORP COM 046433108 3575 270200 SH SOLE 270200 0 0 ATLANTIC POWER CORP COM NEW 04878Q863 61 29013 SH OTR 0 29013 0 ATLANTIC POWER CORP COM NEW 04878Q863 120 57238 SH SOLE 57238 0 0 CAMDEN NATIONAL CORP COM 133034108 2832 79155 SH OTR 0 79155 0 CAMDEN NATIONAL CORP COM 133034108 2365 66090 SH SOLE 66090 0 0 CECO ENVIRONMENTAL CORP COM 125141101 247 35458 SH OTR 0 35458 0 CECO ENVIRONMENTAL CORP COM 125141101 789 113371 SH SOLE 113371 0 0 CENTURY BANCORP INC MASS CL A NON VTG 156432106 1390 17990 SH OTR 0 17990 0 CENTURY BANCORP INC MASS CL A NON VTG 156432106 747 9663 SH SOLE 9663 0 0 CHASE CORP COM 16150R104 3992 39522 SH OTR 0 39522 0 CHASE CORP COM 16150R104 10415 103105 SH SOLE 103105 0 0 CITIZENS & NORTHERN CORP COM 172922106 325 16400 SH OTR 0 16400 0 CITIZENS & NORTHERN CORP COM 172922106 526 26500 SH SOLE 26500 0 0 COLUMBIA FINANCIAL INC COM 197641103 526 33794 SH SOLE 33794 0 0 COMMUNITY BANK SYS INC COM 203607106 846 13577 SH OTR 0 13577 0 COMPUTER TASK GROUP INC COM 205477102 1505 246705 SH OTR 0 246705 0 COMPUTER TASK GROUP INC COM 205477102 5695 933526 SH SOLE 933526 0 0 COMPX INTERNATIONAL CL A 20563P101 143 10033 SH OTR 0 10033 0 COMPX INTERNATIONAL CL A 20563P101 413 29055 SH SOLE 29055 0 0 DAWSON GEOPHYSICAL CO NEW COM 239360100 165 78014 SH OTR 0 78014 0 DAWSON GEOPHYSICAL CO NEW COM 239360100 625 294749 SH SOLE 294749 0 0 DELUXE CORP COM 248019101 442 15145 SH OTR 0 15145 0 DELUXE CORP COM 248019101 277 9500 SH SOLE 9500 0 0 DLH HOLDINGS CORP COM 23335Q100 313 33873 SH OTR 0 33873 0 DLH HOLDINGS CORP COM 23335Q100 1035 111849 SH SOLE 111849 0 0 DONEGAL GROUP INC CL B 257701300 68 5633 SH OTR 0 5633 0 DONEGAL GROUP INC CL B 257701300 160 13356 SH SOLE 13356 0 0 DONEGAL GROUP INC CL A 257701201 175 12438 SH OTR 0 12438 0 DONEGAL GROUP INC CL A 257701201 46 3280 SH SOLE 3280 0 0 DORMAN PRODUCTS INC COM 258278100 746 8590 SH OTR 0 8590 0 DORMAN PRODUCTS INC COM 258278100 955 11000 SH SOLE 11000 0 0 EAGLE BANCORP MONT INC COM 26942G100 97 4542 SH OTR 0 4542 0 EAGLE BANCORP MONT INC COM 26942G100 368 17198 SH SOLE 17198 0 0 EASTERN CO COM 276317104 1990 82597 SH OTR 0 82597 0 EASTERN CO COM 276317104 6008 249393 SH SOLE 249393 0 0 EMCLAIRE FINANCIAL CORP COM 290828102 184 6131 SH OTR 0 6131 0 EMCLAIRE FINANCIAL CORP COM 290828102 76 2535 SH SOLE 2535 0 0 ENTERCOM COMMUNICATIONS COM 293639100 213 86084 SH OTR 0 86084 0 ENTERCOM COMMUNICATIONS COM 293639100 424 171600 SH SOLE 171600 0 0 ESCALADE INC COM 296056104 3942 186190 SH OTR 0 186190 0 ESCALADE INC COM 296056104 5396 254898 SH SOLE 254898 0 0 FIRST MERCHANTS CORP COM 320817109 182 4875 SH OTR 0 4875 0 FIRST MERCHANTS CORP COM 320817109 187 5000 SH SOLE 5000 0 0 FNB CORP COM 302520101 123 12911 SH OTR 0 12911 0 FNB CORP COM 302520101 646 68000 SH SOLE 68000 0 0 FOSTER L B CO COM 350060109 900 60070 SH OTR 0 60070 0 FOSTER L B CO COM 350060109 337 22489 SH SOLE 22489 0 0 FREIGHTCAR AMERICA INC COM 357023100 226 95075 SH OTR 0 95075 0 FREIGHTCAR AMERICA INC COM 357023100 846 355649 SH SOLE 355649 0 0 GP STRATEGIES CORP COM 36225V104 997 84094 SH OTR 0 84094 0 GP STRATEGIES CORP COM 36225V104 2699 227544 SH SOLE 227544 0 0 GREAT LAKES DREDGE & DOCK CO COM 390607109 3649 276887 SH OTR 0 276887 0 GREAT LAKES DREDGE & DOCK CO COM 390607109 10296 781206 SH SOLE 781206 0 0 GSE SYSTEMS INC COM 36227K106 122 92059 SH OTR 0 92059 0 GSE SYSTEMS INC COM 36227K106 562 426026 SH SOLE 426026 0 0 HORIZON BANCORP INDIANA COM 440407104 122 7720 SH OTR 0 7720 0 HORIZON BANCORP INDIANA COM 440407104 444 28000 SH SOLE 28000 0 0 HV BANCORP INC COM 40441H105 445 25890 SH SOLE 25890 0 0 ICC HOLDINGS INC COM 44931Q104 125 8844 SH OTR 0 8844 0 ICC HOLDINGS INC COM 44931Q104 351 24954 SH SOLE 24954 0 0 IMMUCELL CORP COM 452525306 33 5500 SH OTR 0 5500 0 IMMUCELL CORP COM 452525306 54 9059 SH SOLE 9059 0 0 INFORMATION SVCS GROUP COM 45675Y104 15 4467 SH OTR 0 4467 0 INFORMATION SVCS GROUP COM 45675Y104 28 8488 SH SOLE 8488 0 0 INFUSYSTEM HLDGS INC COM 45685K102 9175 488527 SH OTR 0 488527 0 INFUSYSTEM HLDGS INC COM 45685K102 14721 783880 SH SOLE 783880 0 0 INVESTORS BANCORP INC NEW COM 46146L101 261 24711 SH OTR 0 24711 0 INVESTORS BANCORP INC NEW COM 46146L101 718 67990 SH SOLE 67990 0 0 KEWAUNEE SCIENTIFIC CORP COM 492854104 1064 84399 SH SOLE 84399 0 0 KEWAUNEE SCIENTIFIC CORP COM 492854104 356 28218 SH OTR 0 28218 0 KOSS CORP COM 500692108 72 22070 SH OTR 0 22070 0 KOSS CORP COM 500692108 614 188483 SH SOLE 188483 0 0 KURA ONCOLOGY INC COM 50127T109 856 26215 SH OTR 0 26215 0 LAKE SHORE BANCORP INC COM 510700107 78 6028 SH OTR 0 6028 0 LAKE SHORE BANCORP INC COM 510700107 199 15278 SH SOLE 15278 0 0 LGL GROUP INC COM 50186A108 71 5673 SH OTR 0 5673 0 LGL GROUP INC COM 50186A108 100 8000 SH SOLE 8000 0 0 MACKINAC FINANCIAL CORP COM 554571109 329 25822 SH SOLE 25822 0 0 MACKINAC FINANCIAL CORP COM 554571109 89 6990 SH OTR 0 6990 0 MALVERN BANCORP INC COM 561409103 775 50000 SH SOLE 50000 0 0 MALVERN BANCORP INC COM 561409103 81 5206 SH OTR 0 5206 0 MID PENN BANCORP COM 59540G107 205 9248 SH OTR 0 9248 0 MID PENN BANCORP COM 59540G107 693 31240 SH SOLE 31240 0 0 MID SOUTHERN BANCORP COM 59548Q107 128 8915 SH OTR 0 8915 0 MID SOUTHERN BANCORP COM 59548Q107 184 12791 SH SOLE 12791 0 0 NAVIGATOR HOLDINGS LTD SHS Y62132108 889 81190 SH OTR 0 81190 0 NAVIGATOR HOLDINGS LTD SHS Y62132108 2755 251565 SH SOLE 251565 0 0 NI HOLDINGS INC COM 65342T106 543 33068 SH OTR 0 33068 0 NI HOLDINGS INC COM 65342T106 1649 100400 SH SOLE 100400 0 0 NORTHWEST BANCSHARES INC MD COM 667340103 817 64101 SH OTR 0 64101 0 NORTHWEST BANCSHARES INC MD COM 667340103 538 42223 SH SOLE 42223 0 0 NORWOOD FINANCIAL CORP COM 669549107 132 5033 SH OTR 0 5033 0 NORWOOD FINANCIAL CORP COM 669549107 234 8952 SH SOLE 8952 0 0 OCONEE FED FINL CORP COM 675607105 85 3543 SH OTR 0 3543 0 OCONEE FED FINL CORP COM 675607105 275 11451 SH SOLE 11451 0 0 PATHFINDER BANCORP INC COM 70319R109 632 55043 SH OTR 0 55043 0 PATHFINDER BANCORP INC COM 70319R109 2345 204250 SH SOLE 204250 0 0 PATRIOT TRANSPORTATION HOLDING INC COM 70338W105 499 56852 SH OTR 0 56852 0 PATRIOT TRANSPORTATION HOLDING INC COM 70338W105 2103 239564 SH SOLE 239564 0 0 PROASSURANCE CORP COM 74267C106 238 13365 SH OTR 0 13365 0 PROASSURANCE CORP COM 74267C106 155 8700 SH SOLE 8700 0 0 RICHMOND MUTUAL BANCORP COM 76525P100 410 30000 SH SOLE 30000 0 0 RIVERVIEW FINANCIAL CORP COM 76940Q105 115 12583 SH OTR 0 12583 0 RIVERVIEW FINANCIAL CORP COM 76940Q105 240 26239 SH SOLE 26239 0 0 SAGA COMMUNICATIONS INC CL A NEW 786598300 838 34903 SH OTR 0 34903 0 SAGA COMMUNICATIONS INC CL A NEW 786598300 2768 115326 SH SOLE 115326 0 0 SCRIPPS E W CO OHIO CL A NEW 811054402 3106 203165 SH OTR 0 203165 0 SCRIPPS E W CO OHIO CL A NEW 811054402 6273 410256 SH SOLE 410256 0 0 SIFCO INDUSTRIES INC COM 826546103 768 91415 SH OTR 0 91415 0 SIFCO INDUSTRIES INC COM 826546103 3019 359400 SH SOLE 359400 0 0 SOUTH STATE CORP COM 840441109 463 6399 SH OTR 0 6399 0 STARRETT L S CO CL A 855668109 74 17437 SH OTR 0 17437 0 STARRETT L S CO CL A 855668109 197 46587 SH SOLE 46587 0 0 STATE AUTO FINL CORP COM 855707105 202 11395 SH OTR 0 11395 0 STATE AUTO FINL CORP COM 855707105 831 46824 SH SOLE 46824 0 0 SUPPORT.COM INC COM NEW 86858W200 124 57111 SH SOLE 57111 0 0 SUPPORT.COM INC COM NEW 86858W200 9 4115 SH OTR 0 4115 0 SYNALLOY CP DEL COM 871565107 106 13591 SH OTR 0 13591 0 SYNALLOY CP DEL COM 871565107 337 43250 SH SOLE 43250 0 0 TELOS CORP MD COM 87969B101 1372 41725 SH OTR 0 41725 0 THRYV HOLDINGS INC COM NEW 886029206 137 10303 SH OTR 0 10303 0 THRYV HOLDINGS INC COM NEW 886029206 926 69578 SH SOLE 69578 0 0 TRANSCAT INC COM 893529107 3271 94310 SH OTR 0 94310 0 TRANSCAT INC COM 893529107 4765 137405 SH SOLE 137405 0 0 UNIVERSAL STAINLESS & ALLOY COM 913837100 797 106540 SH OTR 0 106540 0 UNIVERSAL STAINLESS & ALLOY COM 913837100 2662 355826 SH SOLE 355826 0 0 US LIME & MINERAL COM 911922102 5529 48501 SH OTR 0 48501 0 US LIME & MINERAL COM 911922102 6954 61000 SH SOLE 61000 0 0 VERSO CORP CL A 92531L207 290 24100 SH OTR 0 24100 0 VERSO CORP CL A 92531L207 531 44200 SH SOLE 44200 0 0 VILLAGE BANK & TRUST FIN CO COM NEW 92705T200 746 22447 SH SOLE 22447 0 0 VILLAGE BANK & TRUST FIN CO COM NEW 92705T200 76 2298 SH OTR 0 2298 0 VIRCO MANUFACTURING CO COM 927651109 584 230912 SH OTR 0 230912 0 VIRCO MANUFACTURING CO COM 927651109 1655 654328 SH SOLE 654328 0 0 VOLT INFORMATION SCIENCES COM 928703107 86 48682 SH OTR 0 48682 0 VOLT INFORMATION SCIENCES COM 928703107 304 172000 SH SOLE 172000 0 0