Dark
Light
System
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 (2016Q2)
Portfolio Summary: 69 holdings with a total value of $147,403,000.
#
Name
Shares
Value ($)
%
Options
Notes
1 COMMUNITY BANK SYS INC 27 1,000 0.00%
2 MAM SOFTWARE GROUP INC 10,330 62,000 0.04%
3 COMMAND SEC CORP 26,050 70,000 0.05%
4 AEHR TEST SYSTEMS 58,702 95,000 0.06%
5 IMMUCELL CORP 14,559 101,000 0.07%
6 COMPX INTERNATIONAL INC 11,900 137,000 0.09%
7 Sierra Oncology, Inc. 114,309 227,000 0.15%
8 KOSS CORP 119,086 241,000 0.16%
9 MER TELEMANAGEMENT SOLUTIONS 222,625 241,000 0.16%
10 PB BANCORP INC 30,833 260,000 0.18%
11 FIRST MERCHANTS CORP COM 11,960 298,000 0.20%
12 EAGLE BANCORP MONT INC 25,598 325,000 0.22%
13 DONEGAL GROUP INC 21,506 327,000 0.22%
14 ATRION CORP 834 357,000 0.24%
15 EMCLAIRE FINL CORP 15,359 365,000 0.25%
16 BENEFICIAL BANCORP INC 30,231 384,000 0.26%
17 AMERISERV FINL INC 128,000 386,000 0.26%
18 LAKE SHORE BANCORP INC 29,669 386,000 0.26%
19 SIFCO INDS INC 38,818 388,000 0.26%
20 Norwood Financial Corp 14,737 412,000 0.28%
21 PROVIDENCE & WORCESTER RR CO 27,000 432,000 0.29%
22 OCONEE FED FINL CORP 22,902 448,000 0.30%
23 DONEGAL GROUP INC 28,162 464,000 0.31%
24 VILLAGE BK & TR FINANCIAL CO 21,037 473,000 0.32%
25 HORIZON BANCORP INC 19,879 499,000 0.34%
26 SYNALLOY CP DEL 68,255 523,000 0.35%
27 BB&T CORP 18,494 659,000 0.45%
28 COMMUNITY BK SYS INC COM 16,772 689,000 0.47%
29 ECOLOGY & ENVIRONMENT INC 78,274 785,000 0.53%
30 STATE AUTO FINL CORP COM 37,552 821,000 0.56%
31 JACKSONVILLE BANCORP INC MD 31,145 844,000 0.57%
32 MUTUALFIRST FINL INC 30,926 846,000 0.57%
33 CITIZENS NORTHN CORP 42,900 866,000 0.59%
34 KURA ONCOLOGY INC 361,737 977,000 0.66%
35 INVESTORS BANCORP INC NEW 92,701 1,027,000 0.70%
36 NORTHWEST BANCSHARES INC MD COM 73,625 1,091,000 0.74%
37 ASTRONICS CORP 33,489 1,113,000 0.76%
38 FOSTER L B CO CL A 106,132 1,156,000 0.78%
39 FNB CORP PA 96,546 1,211,000 0.82%
40 ASML HOLDING N V N Y REGISTRY SHS 12,363 1,227,000 0.83%
41 CHEMICAL FINANCIAL CORPORATION 33,735 1,258,000 0.85%
42 Century Bancorp Inc Mass 36,113 1,488,000 1.01%
43 IBERIABANK CORP COM 25,912 1,496,000 1.01%
44 PROASSURANCE CORP COM 28,358 1,519,000 1.03%
45 ONVIA INC 454,053 1,616,000 1.10%
46 PATHFINDER BANCORP INC MD 159,374 1,794,000 1.22%
47 CECO ENVIRONMENTAL CORP 211,211 1,846,000 1.25%
48 CHARTER FINL CORP MD 139,658 1,854,000 1.26%
49 MALVERN BANCORP INC COM 120,000 1,872,000 1.27%
50 RAND LOGISTICS INC 1,828,669 1,902,000 1.29%
Page 1 of 2

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001251109-16-000046, filed 2016.07.28).

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.