# EDGAR Filing Document

**Accession Number:** 0001541536
**File Stem:** 0001420506-25-003135
**Filing Date:** 2025-11
**Character Count:** 13611
**Document Hash:** 4036b65efd1a733d4c24ef67c678062b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001420506-25-003135.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001420506-25-003135

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**EFFECTIVENESS DATE**: 20251112

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Minerva Advisors LLC
- **CENTRAL INDEX KEY:** 0001541536

**ORGANIZATION NAME:**
- **EIN:** 753088079

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-14665
- **FILM NUMBER:** 251471915

**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

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Minerva Advisors LLC<br>**Address:** 50 MONUMENT ROAD<br>SUITE 201<br>BALA CYNWYD, PA 19004

**Form 13F File Number:** 028-14665

**CRD Number (if applicable):** 000161408

**SEC File Number (if applicable):** 801-73417

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** David P. Chohen<br>**Title:** President<br>**Phone:** 484-434-2258

**Signature, Place, and Date of Signing:**

David P. Chohen President  BALA CYNWYD, PA  11-06-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 103

**Form 13F Information Table Value Total:** $157451396

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| AMERISERV FINL INC | COM | 03074A102 |  | 49300 | 17000 | SH |  | OTR |  | 0 | 17000 | 0 |
| AMERISERV FINL INC | COM | 03074A102 |  | 119480 | 41200 | SH |  | SOLE |  | 41200 | 0 | 0 |
| ASCENT INDUSTRIES CO | COM | 871565107 |  | 90070 | 6993 | SH |  | OTR |  | 0 | 6993 | 0 |
| ASCENT INDUSTRIES CO | COM | 871565107 |  | 301675 | 23422 | SH |  | SOLE |  | 23422 | 0 | 0 |
| ASTRONICS CORP | COM | 046433108 |  | 2556030 | 56041 | SH |  | OTR |  | 0 | 56041 | 0 |
| ASTRONICS CORP | COM | 046433108 |  | 6339790 | 139000 | SH |  | SOLE |  | 139000 | 0 | 0 |
| CAMDEN NATL CORP | COM | 133034108 |  | 1411159 | 36568 | SH |  | OTR |  | 0 | 36568 | 0 |
| CAMDEN NATL CORP | COM | 133034108 |  | 2045270 | 53000 | SH |  | SOLE |  | 53000 | 0 | 0 |
| CENTRAL PLAINS BANCSHARES IN | COM | 15486W100 |  | 474330 | 29100 | SH |  | OTR |  | 0 | 29100 | 0 |
| CENTRAL PLAINS BANCSHARES IN | COM | 15486W100 |  | 326277 | 20017 | SH |  | SOLE |  | 20017 | 0 | 0 |
| CITIZENS  NORTHN CORP | COM | 172922106 |  | 324884 | 16400 | SH |  | OTR |  | 0 | 16400 | 0 |
| CITIZENS  NORTHN CORP | COM | 172922106 |  | 524965 | 26500 | SH |  | SOLE |  | 26500 | 0 | 0 |
| CITIZENS FINL GROUP INC | COM | 174610105 |  | 242197 | 4556 | SH |  | OTR |  | 0 | 4556 | 0 |
| CITIZENS FINL GROUP INC | COM | 174610105 |  | 899946 | 16929 | SH |  | SOLE |  | 16929 | 0 | 0 |
| CITIZENS FINL SVCS INC | COM | 174615104 |  | 475067 | 7881 | SH |  | SOLE |  | 7881 | 0 | 0 |
| COLUMBIA FINL INC | COM | 197641103 |  | 507248 | 33794 | SH |  | SOLE |  | 33794 | 0 | 0 |
| COMMUNITY FINANCIAL SYSTEM I | COM | 203607106 |  | 388080 | 6618 | SH |  | OTR |  | 0 | 6618 | 0 |
| CONTANGO ORE INC | COM | 21077F100 |  | 360463 | 14459 | SH |  | OTR |  | 0 | 14459 | 0 |
| CONTANGO ORE INC | COM | 21077F100 |  | 1537882 | 61688 | SH |  | SOLE |  | 61688 | 0 | 0 |
| CRAWFORD  CO | CL B | 224633107 |  | 990303 | 101258 | SH |  | OTR |  | 0 | 101258 | 0 |
| CRAWFORD  CO | CL B | 224633107 |  | 1829603 | 187076 | SH |  | SOLE |  | 187076 | 0 | 0 |
| DELUXE CORP | COM | 248019101 |  | 269104 | 13900 | SH |  | OTR |  | 0 | 13900 | 0 |
| DLH HLDGS CORP | COM | 23335Q100 |  | 2508730 | 444023 | SH |  | OTR |  | 0 | 444023 | 0 |
| DLH HLDGS CORP | COM | 23335Q100 |  | 3801201 | 672779 | SH |  | SOLE |  | 672779 | 0 | 0 |
| DONEGAL GROUP INC | CL B | 257701300 |  | 72045 | 4500 | SH |  | OTR |  | 0 | 4500 | 0 |
| DONEGAL GROUP INC | CL B | 257701300 |  | 213830 | 13356 | SH |  | SOLE |  | 13356 | 0 | 0 |
| DONEGAL GROUP INC | CL A | 257701201 |  | 443546 | 22875 | SH |  | OTR |  | 0 | 22875 | 0 |
| DONEGAL GROUP INC | CL A | 257701201 |  | 457895 | 23615 | SH |  | SOLE |  | 23615 | 0 | 0 |
| DORMAN PRODS INC | COM | 258278100 |  | 1339009 | 8590 | SH |  | OTR |  | 0 | 8590 | 0 |
| EAGLE BANCORP MONT INC | COM | 26942G100 |  | 67353 | 3900 | SH |  | OTR |  | 0 | 3900 | 0 |
| EAGLE BANCORP MONT INC | COM | 26942G100 |  | 297009 | 17198 | SH |  | SOLE |  | 17198 | 0 | 0 |
| EASTERN CO | COM | 276317104 |  | 4496461 | 191665 | SH |  | OTR |  | 0 | 191665 | 0 |
| EASTERN CO | COM | 276317104 |  | 7938582 | 338388 | SH |  | SOLE |  | 338388 | 0 | 0 |
| ECB BANCORP INC | COM | 26828M106 |  | 387339 | 24407 | SH |  | OTR |  | 0 | 24407 | 0 |
| ECB BANCORP INC | COM | 26828M106 |  | 405209 | 25533 | SH |  | SOLE |  | 25533 | 0 | 0 |
| ESCALADE INC | COM | 296056104 |  | 2115619 | 168307 | SH |  | OTR |  | 0 | 168307 | 0 |
| ESCALADE INC | COM | 296056104 |  | 4800294 | 381885 | SH |  | SOLE |  | 381885 | 0 | 0 |
| F N B CORP | COM | 302520101 |  | 188326 | 11690 | SH |  | OTR |  | 0 | 11690 | 0 |
| F N B CORP | COM | 302520101 |  | 843922 | 52385 | SH |  | SOLE |  | 52385 | 0 | 0 |
| FIRST BK WILLIAMSTOWN NEW JE | COM | 31931U102 |  | 65567 | 4025 | SH |  | OTR |  | 0 | 4025 | 0 |
| FIRST BK WILLIAMSTOWN NEW JE | COM | 31931U102 |  | 604652 | 37118 | SH |  | SOLE |  | 37118 | 0 | 0 |
| FIRST COMWLTH FINL CORP PA | COM | 319829107 |  | 94798 | 5560 | SH |  | OTR |  | 0 | 5560 | 0 |
| FIRST COMWLTH FINL CORP PA | COM | 319829107 |  | 341000 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| FIRST MERCHANTS CORP | COM | 320817109 |  | 183788 | 4875 | SH |  | OTR |  | 0 | 4875 | 0 |
| FIRST MERCHANTS CORP | COM | 320817109 |  | 188500 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| FIRST SVGS FINL GROUP INC | COM | 33621E109 |  | 179151 | 5700 | SH |  | OTR |  | 0 | 5700 | 0 |
| FIRST SVGS FINL GROUP INC | COM | 33621E109 |  | 330675 | 10521 | SH |  | SOLE |  | 10521 | 0 | 0 |
| FOSTER L B CO | COM | 350060109 |  | 1026148 | 38076 | SH |  | OTR |  | 0 | 38076 | 0 |
| FOSTER L B CO | COM | 350060109 |  | 1236709 | 45889 | SH |  | SOLE |  | 45889 | 0 | 0 |
| FREIGHTCAR AMER INC | COM | 357023100 |  | 747388 | 76420 | SH |  | OTR |  | 0 | 76420 | 0 |
| FREIGHTCAR AMER INC | COM | 357023100 |  | 1781192 | 182126 | SH |  | SOLE |  | 182126 | 0 | 0 |
| GREAT LAKES DREDGE  DOCK CO | COM | 390607109 |  | 5174225 | 431545 | SH |  | OTR |  | 0 | 431545 | 0 |
| GREAT LAKES DREDGE  DOCK CO | COM | 390607109 |  | 11489561 | 958262 | SH |  | SOLE |  | 958262 | 0 | 0 |
| HARBORONE BANCORP INC NEW | COM NEW | 41165Y100 |  | 727600 | 53500 | SH |  | OTR |  | 0 | 53500 | 0 |
| HARBORONE BANCORP INC NEW | COM NEW | 41165Y100 |  | 474830 | 34914 | SH |  | SOLE |  | 34914 | 0 | 0 |
| HORIZON BANCORP INC | COM | 440407104 |  | 112903 | 7052 | SH |  | OTR |  | 0 | 7052 | 0 |
| HORIZON BANCORP INC | COM | 440407104 |  | 448280 | 28000 | SH |  | SOLE |  | 28000 | 0 | 0 |
| INFUSYSTEM HLDGS INC | COM | 45685K102 |  | 3071450 | 296472 | SH |  | OTR |  | 0 | 296472 | 0 |
| INFUSYSTEM HLDGS INC | COM | 45685K102 |  | 7555724 | 729317 | SH |  | SOLE |  | 729317 | 0 | 0 |
| KELLY SVCS INC | CL A | 488152208 |  | 258464 | 19700 | SH |  | OTR |  | 0 | 19700 | 0 |
| KELLY SVCS INC | CL A | 488152208 |  | 266336 | 20300 | SH |  | SOLE |  | 20300 | 0 | 0 |
| KEWAUNEE SCIENTIFIC CORP | COM | 492854104 |  | 1058360 | 24815 | SH |  | OTR |  | 0 | 24815 | 0 |
| KEWAUNEE SCIENTIFIC CORP | COM | 492854104 |  | 2365326 | 55459 | SH |  | SOLE |  | 55459 | 0 | 0 |
| LAKE SHORE BANCORP INC | COM | 510704109 |  | 183157 | 14089 | SH |  | OTR |  | 0 | 14089 | 0 |
| LAKE SHORE BANCORP INC | COM | 510704109 |  | 392210 | 30170 | SH |  | SOLE |  | 30170 | 0 | 0 |
| MARATHON BANCORP INC | COM NEW | 565759206 |  | 570709 | 54718 | SH |  | SOLE |  | 54718 | 0 | 0 |
| MARATHON BANCORP INC | COM NEW | 565759206 |  | 44411 | 4258 | SH |  | OTR |  | 0 | 4258 | 0 |
| MID PENN BANCORP INC | COM | 59540G107 |  | 377590 | 13184 | SH |  | OTR |  | 0 | 13184 | 0 |
| MID PENN BANCORP INC | COM | 59540G107 |  | 1174040 | 40993 | SH |  | SOLE |  | 40993 | 0 | 0 |
| NAVIGATOR HLDGS LTD | SHS | Y62132108 |  | 1106714 | 71447 | SH |  | OTR |  | 0 | 71447 | 0 |
| NAVIGATOR HLDGS LTD | SHS | Y62132108 |  | 3559060 | 229765 | SH |  | SOLE |  | 229765 | 0 | 0 |
| NI HLDGS INC | COM | 65342T106 |  | 400020 | 29500 | SH |  | OTR |  | 0 | 29500 | 0 |
| NI HLDGS INC | COM | 65342T106 |  | 1361424 | 100400 | SH |  | SOLE |  | 100400 | 0 | 0 |
| NORTHWEST BANCSHARES INC MD | COM | 667340103 |  | 470820 | 38000 | SH |  | SOLE |  | 38000 | 0 | 0 |
| NORWOOD FINANCIAL CORP | COM | 669549107 |  | 120211 | 4729 | SH |  | OTR |  | 0 | 4729 | 0 |
| NORWOOD FINANCIAL CORP | COM | 669549107 |  | 227560 | 8952 | SH |  | SOLE |  | 8952 | 0 | 0 |
| PATHFINDER BANCORP INC MD | COM | 70319R109 |  | 805099 | 51362 | SH |  | OTR |  | 0 | 51362 | 0 |
| PATHFINDER BANCORP INC MD | COM | 70319R109 |  | 3304948 | 210842 | SH |  | SOLE |  | 210842 | 0 | 0 |
| PB BANKSHARES INC | COM | 69318V103 |  | 184895 | 9640 | SH |  | OTR |  | 0 | 9640 | 0 |
| PB BANKSHARES INC | COM | 69318V103 |  | 209446 | 10920 | SH |  | SOLE |  | 10920 | 0 | 0 |
| PROASSURANCE CORP | COM | 74267C106 |  | 204731 | 8534 | SH |  | OTR |  | 0 | 8534 | 0 |
| PROASSURANCE CORP | COM | 74267C106 |  | 208713 | 8700 | SH |  | SOLE |  | 8700 | 0 | 0 |
| RICHMOND MUT BANCORPORATION | COM | 76525P100 |  | 426300 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| SAGA COMMUNICATIONS INC | CL A NEW | 786598300 |  | 910720 | 73209 | SH |  | OTR |  | 0 | 73209 | 0 |
| SAGA COMMUNICATIONS INC | CL A NEW | 786598300 |  | 1909279 | 153479 | SH |  | SOLE |  | 153479 | 0 | 0 |
| SCRIPPS E W CO OHIO | CL A NEW | 811054402 |  | 1229675 | 499868 | SH |  | OTR |  | 0 | 499868 | 0 |
| SCRIPPS E W CO OHIO | CL A NEW | 811054402 |  | 2179688 | 886052 | SH |  | SOLE |  | 886052 | 0 | 0 |
| SIFCO INDS INC | COM | 826546103 |  | 759266 | 107835 | SH |  | OTR |  | 0 | 107835 | 0 |
| SIFCO INDS INC | COM | 826546103 |  | 2528184 | 359066 | SH |  | SOLE |  | 359066 | 0 | 0 |
| SOUTHSTATE BK CORP | COM | 84472E102 |  | 559646 | 5661 | SH |  | OTR |  | 0 | 5661 | 0 |
| THRYV HLDGS INC | COM NEW | 886029206 |  | 317528 | 26329 | SH |  | SOLE |  | 0 | 26329 | 0 |
| THRYV HLDGS INC | COM NEW | 886029206 |  | 2122560 | 176000 | SH |  | SOLE |  | 176000 | 0 | 0 |
| TREDEGAR CORP | COM | 894650100 |  | 5635486 | 701804 | SH |  | OTR |  | 0 | 701804 | 0 |
| TREDEGAR CORP | COM | 894650100 |  | 7671083 | 955303 | SH |  | SOLE |  | 955303 | 0 | 0 |
| UNIFI INC | COM NEW | 904677200 |  | 2367976 | 497474 | SH |  | OTR |  | 0 | 497474 | 0 |
| UNIFI INC | COM NEW | 904677200 |  | 3117833 | 655007 | SH |  | SOLE |  | 655007 | 0 | 0 |
| UNISYS CORP | COM NEW | 909214306 |  | 749373 | 192147 | SH |  | OTR |  | 0 | 192147 | 0 |
| UNISYS CORP | COM NEW | 909214306 |  | 597480 | 153200 | SH |  | SOLE |  | 153200 | 0 | 0 |
| UNITED STS LIME  MINERALS I | COM | 911922102 |  | 822188 | 6250 | SH |  | OTR |  | 0 | 6250 | 0 |
| UTAH MED PRODS INC | COM | 917488108 |  | 2057293 | 32671 | SH |  | OTR |  | 0 | 32671 | 0 |
| UTAH MED PRODS INC | COM | 917488108 |  | 3802569 | 60387 | SH |  | SOLE |  | 60387 | 0 | 0 |
| VIRCO MFG CO | COM | 927651109 |  | 3910410 | 504569 | SH |  | OTR |  | 0 | 504569 | 0 |
| VIRCO MFG CO | COM | 927651109 |  | 6648981 | 857933 | SH |  | SOLE |  | 857933 | 0 | 0 |

---