# EDGAR Filing Document

**Accession Number:** 0001541536
**File Stem:** 0001420506-25-002214
**Filing Date:** 2025-8
**Character Count:** 20041
**Document Hash:** ffebda83a52c0bbf877c5ed9c88e8af9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001420506-25-002214.hdr.sgml**: 20250818

**ACCESSION NUMBER**: 0001420506-25-002214

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250818

**EFFECTIVENESS DATE**: 20250818

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-14665
- **FILM NUMBER:** 251227354

**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 N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0001541536

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Institutional Manager

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** Minerva Advisors LLC

**Address:** 50 MONUMENT ROAD, BALA CYNWYD, PA 19004

**Telephone number:** (484) 434-2258

**Name of agent for service:** —

**Agent Address:** —, —, — —

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 028-14665

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** —

**Report Type (check only one):**

Institutional Manager.

- [x] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 0

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER                      | CUSIP     | MEETING DATE   | VOTE DESCRIPTION                                                                                                                          | VOTE CATEGORY                |   SHARES VOTED |   SHARES ON LOAN | HOW VOTED   | SHARES VOTED FOR OR AGAINST MANAGEMENT   | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|:---|:---|:---|
| Ameriserv Financial Inc             | 03074A102 | 8/19/2024      | Advisory vote to approve compensation of named executive officers                                                                         | SECTION 14A SAY-ON-PAY VOTES |          43200 |                0 |  |  |  |  |
| Ascent Industries Co                | 871565107 | 6/11/2025      | Advisory vote on the compensation of named execuive officers                                                                              | SECTION 14A SAY-ON-PAY VOTES |          27167 |                0 |  |  |  |  |
| Astronics Corp                      | 046433108 | 5/21/2025      | To approve an amendment of the amended and restated 2017 long term incentive plan                                                         | SECTION 14A SAY-ON-PAY VOTES |         179678 |                0 |  |  |  |  |
| Camden National Corp                | 133034108 | 5/19/2025      | To approve by non binding advisory vote the compensation of the named executive officers(Say on Pay)                                      | SECTION 14A SAY-ON-PAY VOTES |          60095 |                0 |  |  |  |  |
| Camden National Corp                | 133034108 | 5/19/2025      | To approve an amendment to the companies 2022 equity and incentive plan to increase the number of shares issuable and extend term of plan | SECTION 14A SAY-ON-PAY VOTES |          60095 |                0 |  |  |  |  |
| Central Plains Bancshares Inc       | 15486W100 | 11/25/2024     | Approval 2024 equity incentive plan                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |          20017 |                0 |  |  |  |  |
| Citizens  Northern Corporation      | 142922106 | 4/23/2025      | To approve in an advisory non binding vote the compensation of the companys named executive officers as disclosed in the proxy            | SECTION 14A SAY-ON-PAY VOTES |          54572 |                0 |  |  |  |  |
| Citizens Financial Group Inc        | 174610105 | 4/23/2025      | Advisory vote on executive compensation                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          23585 |                0 |  |  |  |  |
| Citizens Financial Services Inc     | 174615104 | 4/14/2025      | Advisory vote to approve the compensation of the Company's named executive officers                                                       | SECTION 14A SAY-ON-PAY VOTES |           7803 |                0 |  |  |  |  |
| Columbia Financial Inc              | 197641103 | 6/4/2025       | Approve on an advisory basis a non binding resolution regarding the compensation of the named executie officers                           | SECTION 14A SAY-ON-PAY VOTES |          33794 |                0 |  |  |  |  |
| Contango Ore Inc                    | 21077F100 | 6/10/2025      | Advisory vote to approve the compensation of named executive officers                                                                     | SECTION 14A SAY-ON-PAY VOTES |          64688 |                0 |  |  |  |  |
| Crawford  Co                        | 224633107 | 5/8/2025       | Proposal to approve on an advisory basis the compensation of the named executive officers                                                 | SECTION 14A SAY-ON-PAY VOTES |         206389 |                0 |  |  |  |  |
| Deluxe Corp                         | 248048101 | 4/23/2025      | Advisory vote on a non binding basis  to approve the compensation of named executive officers                                             | SECTION 14A SAY-ON-PAY VOTES |          11400 |                0 |  |  |  |  |
| Deluxe Corp                         | 248048101 | 4/23/2025      | Approval of amendment #2 to the 2022 stock incentive plan                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          11400 |                0 |  |  |  |  |
| DLH Holdings Corp                   | 23335Q100 | 3/12/2025      | Advisory vote on the frequency of future advisory votes                                                                                   | SECTION 14A SAY-ON-PAY VOTES |         590000 |                0 |  |  |  |  |
| DLH Holdings Corp                   | 23335Q100 | 3/12/2025      | Advisory vote on the approval of compensation paid to executive officers                                                                  | SECTION 14A SAY-ON-PAY VOTES |         590000 |                0 |  |  |  |  |
| DLH Holdings Corp                   | 23335Q100 | 3/12/2025      | To approve the 2025 Equity Incentive Plan                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |         590000 |                0 |  |  |  |  |
| Eagle Bancorp Montanta Inc          | 26942G100 | 4/23/2025      | Advisory vote on named executive officer compensation as disclosed in proxy                                                               | SECTION 14A SAY-ON-PAY VOTES |          34396 |                0 |  |  |  |  |
| Escalade Incorporated               | 296056104 | 5/6/2025       | To approve by a non binding vote the compensation of the executive officers                                                               | SECTION 14A SAY-ON-PAY VOTES |         427899 |                0 |  |  |  |  |
| Escalade Incorporated               | 296056104 | 5/6/2025       | To recommend by non binding vote the future of non binding stockholders votes on compensation for named executive officers                | SECTION 14A SAY-ON-PAY VOTES |         427899 |                0 |  |  |  |  |
| Evans Bancorp Inc                   | 29911Q208 | 12/19/2024     | Approval on advisory non binding for the specific compensation that may be payable to executive officers in connection with merger        | SECTION 14A SAY-ON-PAY VOTES |           2136 |                0 |  |  |  |  |
| F.N.B. Corp                         | 302520101 | 5/6/2025       | Advisory approval of the 2024 named executive officer compensation                                                                        | SECTION 14A SAY-ON-PAY VOTES |          60424 |                0 |  |  |  |  |
| First Bank                          | 31931U102 | 4/25/2025      | Advisory vote to approve the 2024 compensation paid to our named executive officers                                                       | SECTION 14A SAY-ON-PAY VOTES |          37118 |                0 |  |  |  |  |
| First Commonwealth Financial Corp   | 319829107 | 4/29/2025      | Advisory vote to approve named executive officer compensation                                                                             | SECTION 14A SAY-ON-PAY VOTES |          25560 |                0 |  |  |  |  |
| First Merchants Corp                | 320817109 | 5/15/2025      | Proposal to approve on an advisory basis the compensation of the named executive officers                                                 | SECTION 14A SAY-ON-PAY VOTES |           5000 |                0 |  |  |  |  |
| Governeur Bancorp Inc               | 38358M109 | 2/9/2025       | Approval of 2025 Equity Incentive Plan                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |          64234 |                0 |  |  |  |  |
| Great Lakes Dredge  Dock Corp       | 390607109 | 5/7/2025       | To approve on a non binding advisory basis the companys executive compensation                                                            | SECTION 14A SAY-ON-PAY VOTES |        1047062 |                0 |  |  |  |  |
| Great Lakes Dredge  Dock Corp       | 390607109 | 5/7/2025       | To approve the first amendment to the long term incentive plan                                                                            | SECTION 14A SAY-ON-PAY VOTES |        1047062 |                0 |  |  |  |  |
| HarborOne Bancorp Inc               | 41165Y100 | 5/13/2025      | Non binding advisory resolution to approve the compensation of the named executive officers                                               | SECTION 14A SAY-ON-PAY VOTES |          50414 |                0 |  |  |  |  |
| Horizon Bancorp Inc                 | 41165Y100 | 4/30/2025      | Advisory vote to approve executive compensation                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          28000 |                0 |  |  |  |  |
| Infusystems Holdings Inc            | 45685K102 | 5/15/2025      | Approve on an advisory basis a resolution regarding the companies executive compensation                                                  | SECTION 14A SAY-ON-PAY VOTES |         742900 |                0 |  |  |  |  |
| Kewaunee Scientific Corp            | 492854104 | 8/28/2024      | Approval on an advisory basis of the compensation of our named executives                                                                 | SECTION 14A SAY-ON-PAY VOTES |          86077 |                0 |  |  |  |  |
| L. B. Foster Company                | 350060109 | 5/22/2025      | Advisory approval of the compensation of the named executive officers for 2024                                                            | SECTION 14A SAY-ON-PAY VOTES |          51374 |                0 |  |  |  |  |
| L. B. Foster Company                | 350060109 | 5/22/2025      | Approval of the  Equity and incentive compensation plan as amended and restated                                                           | SECTION 14A SAY-ON-PAY VOTES |          51374 |                0 |  |  |  |  |
| Lake Shore Bancorp Inc              | 510700107 | 5/20/2025      | Approve on an advisory basis a non binding resolution regarding the compensation of the named executie officers                           | SECTION 14A SAY-ON-PAY VOTES |          25648 |                0 |  |  |  |  |
| Lake Shore Bancorp Inc              | 510700107 | 2/3/2025       | Approve 2025 Equity Incentive Plan                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          25648 |                0 |  |  |  |  |
| LGL Group Inc                       | 50186A108 | 6/2/2025       | Approve on an advisory basis a non binding resolution regarding the compensation of the named executie officers                           | SECTION 14A SAY-ON-PAY VOTES |          10800 |                0 |  |  |  |  |
| LGL Group Inc                       | 50186A108 | 11/20/2024     | Approve non binding resulation regarding the compensation of named executive officers                                                     | SECTION 14A SAY-ON-PAY VOTES |          10800 |                0 |  |  |  |  |
| Mid Penn Bancorp Inc                | 59540G107 | 5/12/2025      | Advisory vote to approve the compensation of named executive officers                                                                     | SECTION 14A SAY-ON-PAY VOTES |          43311 |                0 |  |  |  |  |
| Mid Penn Bancorp Inc                | 59540G107 | 5/12/2025      | Advisory vote to approve frequency of future advisory votes on executive compensation                                                     | SECTION 14A SAY-ON-PAY VOTES |          43311 |                0 |  |  |  |  |
| Ni Holdings Inc                     | 65342T106 | 5/19/2025      | Proposal to approve the compensation of named exectutive officers                                                                         | SECTION 14A SAY-ON-PAY VOTES |         110400 |                0 |  |  |  |  |
| Northwest Bancshares Inc            | 667340103 | 4/17/2025      | An advisory non binding resolution to approve the exective compensation described in the Proxy statement                                  | SECTION 14A SAY-ON-PAY VOTES |          38000 |                0 |  |  |  |  |
| Nuvera Communications Inc           | 67075V100 | 5/21/2025      | To approve the companies executive compensation                                                                                           | SECTION 14A SAY-ON-PAY VOTES |         264345 |                0 |  |  |  |  |
| Nuvera Communications Inc           | 67075V100 | 5/21/2025      | To cast an advisory vote the frequency of future advisors say on pay votes on executive compensation                                      | SECTION 14A SAY-ON-PAY VOTES |         264345 |                0 |  |  |  |  |
| Pharm-Bio Serv Inc                  | 71711N100 | 5/15/2025      | Non binding advisory vote to approve named executive officer compensation                                                                 | SECTION 14A SAY-ON-PAY VOTES |         187594 |                0 |  |  |  |  |
| Proassurance Corp                   | 74267C106 | 6/24/2025      | Proposal to approve on a non binding advisory basis the compensation that may be paid or become payable subject to merger agreement       | SECTION 14A SAY-ON-PAY VOTES |           1600 |                0 |  |  |  |  |
| Quaint Oaks Bancorp Inc             | 74732T106 | 5/14/2025      | Non binding advisory vote to approve named executive officer compensation                                                                 | SECTION 14A SAY-ON-PAY VOTES |          41944 |                0 |  |  |  |  |
| Richmond Mutual Bancorp Inc         | 76525P100 | 5/21/2025      | Non binding advisory vote to approve named executive officer compensation                                                                 | SECTION 14A SAY-ON-PAY VOTES |          34000 |                0 |  |  |  |  |
| Saga Communications Inc             | 786598300 | 5/1/2025       | To approve by a non binding advisory vote resolution approving the compensation of the named executive officers                           | SECTION 14A SAY-ON-PAY VOTES |         165879 |                0 |  |  |  |  |
| Southstate Corp                     | 840441109 | 4/23/2025      | Approval on a Non binding resolution to approve named executive officer compensation                                                      | SECTION 14A SAY-ON-PAY VOTES |           4833 |                0 |  |  |  |  |
| The Eastern Company                 | 276317104 | 4/30/2025      | Nonbinding advisory vote to approve the compensation of the named executive officers                                                      | SECTION 14A SAY-ON-PAY VOTES |         430256 |                0 |  |  |  |  |
| Thryv Holdings Inc                  | 886029206 | 6/12/2025      | Advisory vote to approve the compensation of named executive officers                                                                     | SECTION 14A SAY-ON-PAY VOTES |         179700 |                0 |  |  |  |  |
| Tredegar Corp                       | 894650100 | 5/7/2025       | Non binding advisory vote to approve named executive officer compensation                                                                 | SECTION 14A SAY-ON-PAY VOTES |        1093203 |                0 |  |  |  |  |
| Unifi Inc                           | 904677200 | 10/24/2024     | Advisory vote to approve UNIFI named executive officer compensation in fiscal 2024                                                        | SECTION 14A SAY-ON-PAY VOTES |         495152 |                0 |  |  |  |  |
| Unisys Corp                         | 909214306 | 5/7/2025       | Advisory vote to approve executive compensation                                                                                           | SECTION 14A SAY-ON-PAY VOTES |         153200 |                0 |  |  |  |  |
| Unisys Corp                         | 909214306 | 5/7/2025       | Apprroval of the Amendment of the Unisys Corp 2024 Long Term Incentive and Equity Compensation Plan                                       | SECTION 14A SAY-ON-PAY VOTES |         153200 |                0 |  |  |  |  |
| Universal Stainless  Alloy Products | 913837100 | 1/14/2025      | Approval on an advisory compensation on a non binding basis that may be paid or become payable                                            | SECTION 14A SAY-ON-PAY VOTES |         310908 |                0 |  |  |  |  |
| Utah MedicalProducts, Inc           | 917488108 | 5/1/2025       | To approve by an advisory vote to approve the compensation of named executive officers                                                    | SECTION 14A SAY-ON-PAY VOTES |          55029 |                0 |  |  |  |  |
| Wesbanco Inc                        | 950810101 | 4/15/2025      | Approve on an advisory basis a non binding resolution regarding the compensation of the named executie officers                           | SECTION 14A SAY-ON-PAY VOTES |             11 |                0 |  |  |  |  |

## N-PX: Signature Block

**Reporting Person:** Minerva Advisors LLC

**By (Signature):** David P. Cohen

**By (Printed Signature):** David P. Cohen

**By (Title):** President

**Date:** 08/06/2025