0001462390-24-000039.txt : 20240514 0001462390-24-000039.hdr.sgml : 20240514 20240514155422 ACCESSION NUMBER: 0001462390-24-000039 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240331 FILED AS OF DATE: 20240514 DATE AS OF CHANGE: 20240514 EFFECTIVENESS DATE: 20240514 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Minerva Advisors LLC CENTRAL INDEX KEY: 0001541536 ORGANIZATION NAME: IRS NUMBER: 753088079 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-14665 FILM NUMBER: 24943958 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 X0202 13F-HR LIVE false true false 0001541536 XXXXXXXX 03-31-2024 03-31-2024 Minerva Advisors LLC

50 MONUMENT ROAD SUITE 201 BALA CYNWYD PA 19004

13F HOLDINGS REPORT 028-14665 000161408 801-73417 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 212-335-2090 Beth N. Lowson Providence RI 05-14-2024 0 110 163322599 false INFORMATION TABLE 2 minerva13f2024q1export3.xml MINERVA 13F 1Q 2024 AMERISERV FINANC INC COM 03074A102 43860 17000 SH OTR 0 17000 0 AMERISERV FINANC INC COM 03074A102 106296 41200 SH SOLE 41200 0 0 ASCENT INDUSTRIES COM 871565107 123690 12369 SH OTR 0 12369 0 ASCENT INDUSTRIES COM 871565107 432240 43224 SH SOLE 43224 0 0 ASTRONICS CORP COM 046433108 1995674 104925 SH OTR 0 104925 0 ASTRONICS CORP COM 046433108 6812584 358180 SH SOLE 358180 0 0 CAMDEN NATIONAL CORP COM 133034108 1221371 36568 SH OTR 0 36568 0 CAMDEN NATIONAL CORP COM 133034108 1770200 53000 SH SOLE 53000 0 0 CECO ENVIRONMENTAL CORP COM 125141101 326784 14208 SH OTR 0 14208 0 CECO ENVIRONMENTAL CORP COM 125141101 803160 34920 SH SOLE 34920 0 0 CENTRAL PLAINS BANCSHARES INC COM 15486W100 264422 25873 SH OTR 0 25873 0 CENTRAL PLAINS BANCSHARES INC COM 15486W100 196204 19198 SH SOLE 19198 0 0 CITIZENS & NORTHERN CORP COM 172922106 305204 16400 SH OTR 0 16400 0 CITIZENS & NORTHERN CORP COM 172922106 493165 26500 SH SOLE 26500 0 0 CITIZENS FINL GROUP INC COM 174610105 241480 6656 SH OTR 0 6656 0 CITIZENS FINL GROUP INC COM 174610105 614184 16929 SH SOLE 16929 0 0 CITIZENS FINL SVCS INC COM 174615104 380119 7726 SH SOLE 7726 0 0 COLUMBIA FINANCIAL COM 197641103 581595 33794 SH SOLE 33794 0 0 COMMUNITY BANK SYS INC COM 203607106 317465 6618 SH OTR 0 6618 0 CONTANGO ORE INC COM 21077F100 227461 11459 SH OTR 0 11459 0 CONTANGO ORE INC COM 21077F100 1164957 58688 SH SOLE 58688 0 0 CRAWFORD & CO CL B COM 224633107 874589 96533 SH OTR 0 96533 0 CRAWFORD & CO CL B COM 224633107 1591851 175701 SH SOLE 175701 0 0 DELUXE CORP COM 248019101 286201 13900 SH OTR 0 13900 0 DLH HOLDINGS CORP COM 23335Q100 1357862 103181 SH OTR 0 103181 0 DLH HOLDINGS CORP COM 23335Q100 5295584 402400 SH SOLE 402400 0 0 DONEGAL GROUP INC CL B 257701300 57375 4500 SH OTR 0 4500 0 DONEGAL GROUP INC CL B 257701300 170289 13356 SH SOLE 13356 0 0 DONEGAL GROUP INC CL A 257701201 322995 22875 SH OTR 0 22875 0 DONEGAL GROUP INC CL A 257701201 333444 23615 SH SOLE 23615 0 0 DORMAN PRODUCTS INC COM 258278100 826702 8590 SH OTR 0 8590 0 DORMAN PRODUCTS INC COM 258278100 384960 4000 SH SOLE 4000 0 0 ECB BANCORP INC COM 26828M106 174375 13507 SH OTR 0 13507 0 ECB BANCORP INC COM 26828M106 243457 18858 SH SOLE 18858 0 0 EAGLE BANCORP MONT INC COM 26942G100 50076 3900 SH OTR 0 3900 0 EAGLE BANCORP MONT INC COM 26942G100 220822 17198 SH SOLE 17198 0 0 EASTERN CO COM 276317104 5198055 155027 SH OTR 0 155027 0 EASTERN CO COM 276317104 11184502 333567 SH SOLE 333567 0 0 ESCALADE INC COM 296056104 2239444 165029 SH OTR 0 165029 0 ESCALADE INC COM 296056104 5058692 372785 SH SOLE 372785 0 0 FIRST BANK WILLIAMSTOWN NJ COM 31931U102 55102 4025 SH OTR 0 4025 0 FIRST BANK WILLIAMSTOWN NJ COM 31931U102 508145 37118 SH SOLE 37118 0 0 FIRST COMMONWEALTH FINANCIAL COM 319829107 77284 5560 SH OTR 0 5560 0 FIRST COMMONWEALTH FINANCIAL COM 319829107 278000 20000 SH SOLE 20000 0 0 FIRST MERCHANTS CORP COM 320817109 169894 4875 SH OTR 0 4875 0 FIRST MERCHANTS CORP COM 320817109 174250 5000 SH SOLE 5000 0 0 FIRST SAVINGS FINANCIAL GP INC COM 33621E109 93537 5700 SH OTR 0 5700 0 FIRST SAVINGS FINANCIAL GP INC COM 33621E109 172650 10521 SH SOLE 10521 0 0 FNB CORP COM 302520101 164829 11690 SH OTR 0 11690 0 FNB CORP COM 302520101 738629 52385 SH SOLE 52385 0 0 FOSTER L B CO COM 350060109 1015687 37424 SH OTR 0 37424 0 FOSTER L B CO COM 350060109 1150030 42374 SH SOLE 42374 0 0 FREIGHTCAR AMERICA INC COM 357023100 848008 221412 SH OTR 0 221412 0 FREIGHTCAR AMERICA INC COM 357023100 2163950 565000 SH SOLE 565000 0 0 GREAT LAKES DREDGE & DOCK CO COM 390607109 3092920 353881 SH OTR 0 353881 0 GREAT LAKES DREDGE & DOCK CO COM 390607109 8375210 958262 SH SOLE 958262 0 0 GSE SYSTEMS INC COM 36227K106 40231 17341 SH OTR 0 17341 0 GSE SYSTEMS INC COM 36227K106 108049 46573 SH SOLE 46573 0 0 HARBOR ONE BANCORP INC NEW COM NEW 41165Y100 475161 44700 SH OTR 0 44700 0 HARBOR ONE BANCORP INC NEW COM NEW 41165Y100 294600 27714 SH SOLE 27714 0 0 HORIZON BANCORP INDIANA COM 440407104 90336 7052 SH OTR 0 7052 0 HORIZON BANCORP INDIANA COM 440407104 358680 28000 SH SOLE 28000 0 0 ICC HOLDINGS INC COM 44931Q104 134540 8414 SH OTR 0 8414 0 ICC HOLDINGS INC COM 44931Q104 398998 24953 SH SOLE 24953 0 0 INFUSYSTEM HLDGS INC COM 45685K102 1579564 183884 SH OTR 0 183884 0 INFUSYSTEM HLDGS INC COM 45685K102 5694887 662967 SH SOLE 662967 0 0 KEWAUNEE SCIENTIFIC CP COM 492854104 1266756 37478 SH SOLE 0 37478 0 KEWAUNEE SCIENTIFIC CP COM 492854104 3620115 107104 SH OTR 107104 0 0 LAKE SHORE BANCORP INC COM 510700107 91292 7870 SH OTR 0 7870 0 LAKE SHORE BANCORP INC COM 510700107 258077 22248 SH SOLE 22248 0 0 MID PENN BANCORP COM 59540G107 250185 12503 SH OTR 0 12503 0 MID PENN BANCORP COM 59540G107 784972 39229 SH SOLE 39229 0 0 NAVIGATOR HOLDINGS LTD COM Y62132108 1211836 78947 SH OTR 0 78947 0 NAVIGATOR HOLDINGS LTD COM Y62132108 3893758 253665 SH SOLE 253665 0 0 NI HOLDINGS INC COM 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