# EDGAR Filing Document

**Accession Number:** 0001541536
**File Stem:** 0001462390-25-000018
**Filing Date:** 2025-8
**Character Count:** 13591
**Document Hash:** e3dbdc23668a40e2bef4f590812e2677
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001462390-25-000018.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001462390-25-000018

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**EFFECTIVENESS DATE**: 20250813

**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:** 251210246

**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:** 06-30-2025

**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:** Beth N. Lowson<br>**Title:** Attorney-In-Fact for David P. Cohen President of Minerva<br>**Phone:** 401-453-1200

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

Beth N. Lowson  Providence, RI  08-12-2025<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:** 102

**Form 13F Information Table Value Total:** $152589767

      (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 FINANC INC | COM | 03074A102 |  | 51000 | 17000 | SH |  | OTR |  | 0 | 17000 | 0 |
| AMERISERV FINANC INC | COM | 03074A102 |  | 123600 | 41200 | SH |  | SOLE |  | 41200 | 0 | 0 |
| ASCENT INDUSTRIES | COM | 871565107 |  | 88182 | 6993 | SH |  | OTR |  | 0 | 6993 | 0 |
| ASCENT INDUSTRIES | COM | 871565107 |  | 295351 | 23422 | SH |  | SOLE |  | 23422 | 0 | 0 |
| ASTRONICS CORP | COM | 046433108 |  | 2339691 | 69925 | SH |  | OTR |  | 0 | 69925 | 0 |
| ASTRONICS CORP | COM | 046433108 |  | 6222891 | 185980 | SH |  | SOLE |  | 185980 | 0 | 0 |
| CAMDEN NATIONAL CORP | COM | 133034108 |  | 1483564 | 36568 | SH |  | OTR |  | 0 | 36568 | 0 |
| CAMDEN NATIONAL CORP | COM | 133034108 |  | 2150210 | 53000 | SH |  | SOLE |  | 53000 | 0 | 0 |
| CENTRAL PLAINS BANCSHARES INC | COM | 15486W100 |  | 438828 | 29100 | SH |  | OTR |  | 0 | 29100 | 0 |
| CENTRAL PLAINS BANCSHARES INC | COM | 15486W100 |  | 301856 | 20017 | SH |  | SOLE |  | 20017 | 0 | 0 |
| CITIZENS  NORTHERN CORP | COM | 172922106 |  | 310616 | 16400 | SH |  | OTR |  | 0 | 16400 | 0 |
| CITIZENS  NORTHERN CORP | COM | 172922106 |  | 501910 | 26500 | SH |  | SOLE |  | 26500 | 0 | 0 |
| CITIZENS FINL GROUP INC | COM | 174610105 |  | 297856 | 6656 | SH |  | OTR |  | 0 | 6656 | 0 |
| CITIZENS FINL GROUP INC | COM | 174610105 |  | 757573 | 16929 | SH |  | SOLE |  | 16929 | 0 | 0 |
| CITIZENS FINL SVCS INC | COM | 174615104 |  | 462772 | 7881 | SH |  | SOLE |  | 7881 | 0 | 0 |
| COLUMBIA FINANCIAL | COM | 197641103 |  | 490351 | 33794 | SH |  | SOLE |  | 33794 | 0 | 0 |
| COMMUNITY BANK SYS INC | COM | 203607106 |  | 366505 | 6618 | SH |  | OTR |  | 0 | 6618 | 0 |
| CONTANGO ORE INC | COM | 21077F100 |  | 282384 | 14459 | SH |  | OTR |  | 0 | 14459 | 0 |
| CONTANGO ORE INC | COM | 21077F100 |  | 1204767 | 61688 | SH |  | SOLE |  | 61688 | 0 | 0 |
| CRAWFORD  CO CL B | COM | 224633107 |  | 1011014 | 100799 | SH |  | OTR |  | 0 | 100799 | 0 |
| CRAWFORD  CO CL B | COM | 224633107 |  | 1814317 | 180889 | SH |  | SOLE |  | 180889 | 0 | 0 |
| DELUXE CORP | COM | 248019101 |  | 221149 | 13900 | SH |  | OTR |  | 0 | 13900 | 0 |
| DLH HOLDINGS CORP | COM | 23335Q100 |  | 2575333 | 444023 | SH |  | OTR |  | 0 | 444023 | 0 |
| DLH HOLDINGS CORP | COM | 23335Q100 |  | 3866976 | 666720 | SH |  | SOLE |  | 666720 | 0 | 0 |
| DONEGAL GROUP INC | CL B | 257701300 |  | 78885 | 4500 | SH |  | OTR |  | 0 | 4500 | 0 |
| DONEGAL GROUP INC | CL B | 257701300 |  | 234131 | 13356 | SH |  | SOLE |  | 13356 | 0 | 0 |
| DONEGAL GROUP INC | CL A | 257701201 |  | 457729 | 22875 | SH |  | OTR |  | 0 | 22875 | 0 |
| DONEGAL GROUP INC | CL A | 257701201 |  | 472536 | 23615 | SH |  | SOLE |  | 23615 | 0 | 0 |
| DORMAN PRODUCTS INC | COM | 258278100 |  | 1053306 | 8590 | SH |  | OTR |  | 0 | 8590 | 0 |
| ECB BANCORP INC | COM | 26828M106 |  | 376844 | 24407 | SH |  | OTR |  | 0 | 24407 | 0 |
| ECB BANCORP INC | COM | 26828M106 |  | 394230 | 25533 | SH |  | SOLE |  | 25533 | 0 | 0 |
| EAGLE BANCORP MONT INC | COM | 26942G100 |  | 64896 | 3900 | SH |  | OTR |  | 0 | 3900 | 0 |
| EAGLE BANCORP MONT INC | COM | 26942G100 |  | 286175 | 17198 | SH |  | SOLE |  | 17198 | 0 | 0 |
| EASTERN CO | COM | 276317104 |  | 4332719 | 189865 | SH |  | OTR |  | 0 | 189865 | 0 |
| EASTERN CO | COM | 276317104 |  | 7648990 | 335188 | SH |  | SOLE |  | 335188 | 0 | 0 |
| ESCALADE INC | COM | 296056104 |  | 2297204 | 165029 | SH |  | OTR |  | 0 | 165029 | 0 |
| ESCALADE INC | COM | 296056104 |  | 5189167 | 372785 | SH |  | SOLE |  | 372785 | 0 | 0 |
| FIRST BANK WILLIAMSTOWN NJ | COM | 31931U102 |  | 62146 | 4025 | SH |  | OTR |  | 0 | 4025 | 0 |
| FIRST BANK WILLIAMSTOWN NJ | COM | 31931U102 |  | 573102 | 37118 | SH |  | SOLE |  | 37118 | 0 | 0 |
| FIRST COMMONWEALTH FINANCIAL | COM | 319829107 |  | 90294 | 5560 | SH |  | OTR |  | 0 | 5560 | 0 |
| FIRST COMMONWEALTH FINANCIAL | COM | 319829107 |  | 324800 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| FIRST MERCHANTS CORP | COM | 320817109 |  | 186713 | 4875 | SH |  | OTR |  | 0 | 4875 | 0 |
| FIRST MERCHANTS CORP | COM | 320817109 |  | 191500 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| FIRST SAVINGS FINANCIAL GP INC | COM | 33621E109 |  | 141873 | 5700 | SH |  | OTR |  | 0 | 5700 | 0 |
| FIRST SAVINGS FINANCIAL GP INC | COM | 33621E109 |  | 261868 | 10521 | SH |  | SOLE |  | 10521 | 0 | 0 |
| FNB CORP | COM | 302520101 |  | 170440 | 11690 | SH |  | OTR |  | 0 | 11690 | 0 |
| FNB CORP | COM | 302520101 |  | 763773 | 52385 | SH |  | SOLE |  | 52385 | 0 | 0 |
| FOSTER L B CO | COM | 350060109 |  | 830438 | 38076 | SH |  | OTR |  | 0 | 38076 | 0 |
| FOSTER L B CO | COM | 350060109 |  | 1000839 | 45889 | SH |  | SOLE |  | 45889 | 0 | 0 |
| FREIGHTCAR AMERICA INC | COM | 357023100 |  | 542017 | 62879 | SH |  | OTR |  | 0 | 62879 | 0 |
| FREIGHTCAR AMERICA INC | COM | 357023100 |  | 1345806 | 156126 | SH |  | SOLE |  | 156126 | 0 | 0 |
| GREAT LAKES DREDGE  DOCK CO | COM | 390607109 |  | 5256218 | 431545 | SH |  | OTR |  | 0 | 431545 | 0 |
| GREAT LAKES DREDGE  DOCK CO | COM | 390607109 |  | 11671631 | 958262 | SH |  | SOLE |  | 958262 | 0 | 0 |
| HARBOR ONE BANCORP INC NEW | COM NEW | 41165Y100 |  | 624880 | 53500 | SH |  | OTR |  | 0 | 53500 | 0 |
| HARBOR ONE BANCORP INC NEW | COM NEW | 41165Y100 |  | 407796 | 34914 | SH |  | SOLE |  | 34914 | 0 | 0 |
| HORIZON BANCORP INDIANA | COM | 440407104 |  | 108248 | 7052 | SH |  | OTR |  | 0 | 7052 | 0 |
| HORIZON BANCORP INDIANA | COM | 440407104 |  | 429800 | 28000 | SH |  | SOLE |  | 28000 | 0 | 0 |
| INFUSYSTEM HLDGS INC | COM | 45685K102 |  | 1778948 | 286465 | SH |  | OTR |  | 0 | 286465 | 0 |
| INFUSYSTEM HLDGS INC | COM | 45685K102 |  | 4398642 | 708316 | SH |  | SOLE |  | 708316 | 0 | 0 |
| KELLY SERVICES INC | CL A | 488152208 |  | 230293 | 19700 | SH |  | OTR |  | 0 | 19700 | 0 |
| KELLY SERVICES INC | CL A | 488152208 |  | 237307 | 20300 | SH |  | SOLE |  | 20300 | 0 | 0 |
| KEWAUNEE SCIENTIFIC CP | COM | 492854104 |  | 1381803 | 23775 | SH |  | SOLE |  | 0 | 23775 | 0 |
| KEWAUNEE SCIENTIFIC CP | COM | 492854104 |  | 3119126 | 53667 | SH |  | OTR |  | 53667 | 0 | 0 |
| LAKE SHORE BANCORP INC | COM | 510700107 |  | 129655 | 8206 | SH |  | OTR |  | 0 | 8206 | 0 |
| LAKE SHORE BANCORP INC | COM | 510700107 |  | 351834 | 22268 | SH |  | SOLE |  | 22268 | 0 | 0 |
| MARATHON BANCORP INC | COM NEW | 565759206 |  | 544991 | 54718 | SH |  | SOLE |  | 54718 | 0 | 0 |
| MID PENN BANCORP | COM | 59540G107 |  | 371130 | 13184 | SH |  | OTR |  | 0 | 13184 | 0 |
| MID PENN BANCORP | COM | 59540G107 |  | 1153953 | 40993 | SH |  | SOLE |  | 40993 | 0 | 0 |
| NAVIGATOR HOLDINGS LTD | COM | Y62132108 |  | 1009546 | 71447 | SH |  | OTR |  | 0 | 71447 | 0 |
| NAVIGATOR HOLDINGS LTD | COM | Y62132108 |  | 3287937 | 229765 | SH |  | SOLE |  | 229765 | 0 | 0 |
| NI HOLDINGS INC | COM | 65342T106 |  | 375830 | 29500 | SH |  | OTR |  | 0 | 29500 | 0 |
| NI HOLDINGS INC | COM | 65342T106 |  | 1279096 | 100400 | SH |  | SOLE |  | 100400 | 0 | 0 |
| NORTHWEST BANCSHARES INC | COM | 667340103 |  | 485640 | 38000 | SH |  | SOLE |  | 38000 | 0 | 0 |
| NORWOOD FINANCIAL CORP | COM | 669549107 |  | 121914 | 4729 | SH |  | OTR |  | 0 | 4729 | 0 |
| NORWOOD FINANCIAL CORP | COM | 669549107 |  | 230783 | 8952 | SH |  | SOLE |  | 8952 | 0 | 0 |
| PB BANCSHARES INC | COM | 69318V103 |  | 168700 | 9640 | SH |  | OTR |  | 0 | 9640 | 0 |
| PB BANCSHARES INC | COM | 69318V103 |  | 191100 | 10920 | SH |  | SOLE |  | 10920 | 0 | 0 |
| PATHFINDER BANCORP INC | COM | 70319R109 |  | 771457 | 51362 | SH |  | OTR |  | 0 | 51362 | 0 |
| PATHFINDER BANCORP INC | COM | 70319R109 |  | 3166847 | 210842 | SH |  | SOLE |  | 210842 | 0 | 0 |
| PROASSURANCE CORP | COM | 74267C106 |  | 194831 | 8534 | SH |  | OTR |  | 0 | 8534 | 0 |
| PROASSURANCE CORP | COM | 74267C106 |  | 198621 | 8700 | SH |  | SOLE |  | 8700 | 0 | 0 |
| RICHMOND MUTUAL | COM | 76525P100 |  | 414000 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| SAGA COMMUNICATIONS INC | CL A NEW | 786598300 |  | 933415 | 73209 | SH |  | OTR |  | 0 | 73209 | 0 |
| SAGA COMMUNICATIONS INC | CL A NEW | 786598300 |  | 1956857 | 153479 | SH |  | SOLE |  | 153479 | 0 | 0 |
| SCRIPPS E W CO OHIO | CL A NEW | 811054402 |  | 1335046 | 455647 | SH |  | OTR |  | 0 | 455647 | 0 |
| SCRIPPS E W CO OHIO | CL A NEW | 811054402 |  | 2356291 | 804195 | SH |  | SOLE |  | 804195 | 0 | 0 |
| SIFCO INDUSTRIES INC | COM | 826546103 |  | 402225 | 107835 | SH |  | OTR |  | 0 | 107835 | 0 |
| SIFCO INDUSTRIES INC | COM | 826546103 |  | 1339316 | 359066 | SH |  | SOLE |  | 359066 | 0 | 0 |
| SOUTH STATE CORP | COM | 840441109 |  | 520869 | 5661 | SH |  | OTR |  | 0 | 5661 | 0 |
| THRYV HOLDINGS IINC | COM | 886029206 |  | 2422531 | 26329 | SH |  | SOLE |  | 0 | 26329 | 0 |
| THRYV HOLDINGS IINC | COM | 886029206 |  | 2254560 | 176000 | SH |  | SOLE |  | 176000 | 0 | 0 |
| TREDEGAR CORP | COM | 894650100 |  | 6175875 | 701804 | SH |  | OTR |  | 0 | 701804 | 0 |
| TREDEGAR CORP | COM | 894650100 |  | 8406666 | 955303 | SH |  | SOLE |  | 955303 | 0 | 0 |
| UNIFI INC | COM | 904677200 |  | 2487074 | 476451 | SH |  | OTR |  | 0 | 476451 | 0 |
| UNIFI INC | COM | 904677200 |  | 3177717 | 608758 | SH |  | SOLE |  | 608758 | 0 | 0 |
| UNISYS CORP | COM NEW | 909214306 |  | 870426 | 192147 | SH |  | OTR |  | 0 | 192147 | 0 |
| UNISYS CORP | COM NEW | 909214306 |  | 693996 | 153200 | SH |  | SOLE |  | 153200 | 0 | 0 |
| UTAL MED PRODS INC | COM | 917488108 |  | 1849179 | 32671 | SH |  | OTR |  | 0 | 32671 | 0 |
| UTAL MED PRODS INC | COM | 917488108 |  | 3417904 | 60387 | SH |  | SOLE |  | 60387 | 0 | 0 |
| US LIME  MINERAL | COM | 911922102 |  | 623688 | 6250 | SH |  | OTR |  | 0 | 6250 | 0 |
| VIRCO MANUFACTURING CO | COM | 927651109 |  | 3813387 | 477868 | SH |  | OTR |  | 0 | 477868 | 0 |
| VIRCO MANUFACTURING CO | COM | 927651109 |  | 6429071 | 805648 | SH |  | SOLE |  | 805648 | 0 | 0 |

---