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Institutional Investment Manager
Minerva Advisors LLC
Minerva Advisors LLC (CIK: 0001541536), located at 50 Monument Road, Bala Cynwyd, PA. Institutional holdings reported to the SEC.

Institutional Holdings (2016Q1)
Portfolio Summary: 69 holdings with a total value of $147,348,000.
#
Name
Shares
Value ($)
%
Options
Notes
1 CHASE CORP COM 396,296 20,841,000 14.14%
2 SCRIPPS E W CO OHIO CL A NEW 617,031 9,620,000 6.53%
3 KAPSTONE PAPER & PACKAGING CRP COM 559,249 7,745,000 5.26%
4 UNITED STATES LIME & MINERAL 127,262 7,637,000 5.18%
5 INFUSYSTEM HLDGS INC 2,087,064 7,346,000 4.99%
6 NAVIGATOR HLDGS LTD 381,534 6,162,000 4.18%
7 EASTERN CO 367,641 6,037,000 4.10%
8 COMPUTER TASK GROUP INC 980,387 5,009,000 3.40%
9 CAMDEN NATIONAL CORP 115,836 4,865,000 3.30%
10 TRANSCAT INC COM 413,754 4,195,000 2.85%
11 ESCALADE INC 347,222 4,086,000 2.77%
12 A H BELO CORP COM CL A 821,890 3,953,000 2.68%
13 UNIVERSAL STAINLESS & ALLOY 375,220 3,823,000 2.59%
14 GREAT LAKES DREDGE & DOCK CO 825,197 3,672,000 2.49%
15 VIRCO MFG CO 1,044,448 3,217,000 2.18%
16 DELUXE CORP COM 43,300 2,706,000 1.84%
17 SAGA COMMUNICATIONS INC CL A NEW 62,997 2,524,000 1.71%
18 DORMAN PRODS INC COM 45,640 2,482,000 1.68%
19 MALVERN BANCORP INC COM 120,000 1,922,000 1.30%
20 FOSTER L B CO CL A 106,132 1,920,000 1.30%
21 CHARTER FINL CORP MD COM 139,658 1,838,000 1.25%
22 PATHFINDER BANCORP INC MD 159,374 1,756,000 1.19%
23 RAND LOGISTICS INC 1,816,669 1,747,000 1.19%
24 DAWSON GEOPHYSICAL CO NEW 370,665 1,694,000 1.15%
25 ONVIA INC 454,053 1,589,000 1.08%
26 CHEMICAL FINANCIAL CORPORATION 41,735 1,490,000 1.01%
27 ATRION CORP COM 3,656 1,437,000 0.98%
28 PROASSURANCE CORP COM 28,358 1,435,000 0.97%
29 Century Bancorp Inc Mass 36,113 1,405,000 0.95%
30 IBERIABANK CORP COM 25,912 1,328,000 0.90%
31 CECO ENVIRONMENTAL CORP 211,211 1,311,000 0.89%
32 JOURNAL MEDIA GROUP INC 108,368 1,296,000 0.88%
33 ASTRONICS CORP COM 33,489 1,277,000 0.87%
34 F N B CORP COM 96,546 1,256,000 0.85%
35 ASML HOLDING N V N Y REGISTRY SHS 12,363 1,241,000 0.84%
36 INVESTORS BANCORP INC NEW 92,701 1,078,000 0.73%
37 NATL PENN BANCSHARES INC 95,490 1,017,000 0.69%
38 NORTHWEST BANCSHARES INC MD COM 73,625 995,000 0.68%
39 JOURNAL MEDIA GROUP INC 78,235 936,000 0.64%
40 CITIZENS NORTHN CORP 42,900 853,000 0.58%
41 STATE AUTO FINL CORP COM 37,552 827,000 0.56%
42 JACKSONVILLE BANCORP INC MD 31,145 794,000 0.54%
43 ECOLOGY & ENVIRONMENT INC 78,274 786,000 0.53%
44 MUTUALFIRST FINL INC COM 30,926 780,000 0.53%
45 COMMUNITY BK SYS INC COM 16,772 641,000 0.44%
46 HORIZON BANCORP INC 19,879 491,000 0.33%
47 OCONEE FED FINL CORP 22,902 424,000 0.29%
48 BENEFICIAL MUT BANCORP INC 30,231 414,000 0.28%
49 DONEGAL GROUP INC 28,162 402,000 0.27%
50 NORWOOD FINANCIAL CORP 14,737 402,000 0.27%
Page 1 of 2

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001251109-16-000043, filed 2016.05.13).

From 2023-01-03 onward, the SEC requires values to be reported in nearest dollars. Earlier filings reported values in thousands; therefore, positions shown as $0 in older filings may represent actual values between $0–$999.