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 (2016Q4)
Portfolio Summary: 70 holdings with a total value of $176,135,000.
#
Name
Shares
Value ($)
%
Options
Notes
1 CHASE CORP COM 293,649 24,534,000 13.93%
2 KAPSTONE PAPER & PACKAGING CRP COM 559,249 12,331,000 7.00%
3 SCRIPPS E W CO OHIO CL A NEW 617,031 11,927,000 6.77%
4 UNITED STATES LIME & MINERAL 147,979 11,192,000 6.35%
5 CAMDEN NATIONAL CORP 174,858 7,773,000 4.41%
6 EASTERN CO 367,641 7,463,000 4.24%
7 A H BELO CORP COM CL A 910,873 5,785,000 3.28%
8 ESCALADE INC 424,798 5,586,000 3.17%
9 INFUSYSTEM HLDGS INC 2,087,064 5,322,000 3.02%
10 UNIVERSAL STAINLESS & ALLOY 388,162 5,186,000 2.94%
11 GREAT LAKES DREDGE & DOCK CO 1,108,960 4,658,000 2.64%
12 COMPUTER TASK GROUP INC 1,066,940 4,481,000 2.54%
13 VIRCO MFG CO 1,049,248 4,460,000 2.53%
14 TRANSCAT INC COM 413,754 4,428,000 2.51%
15 NAVIGATOR HLDGS LTD 381,534 3,548,000 2.01%
16 SAGA COMMUNICATIONS INC CL A NEW 62,997 3,169,000 1.80%
17 DELUXE CORP COM 43,300 3,101,000 1.76%
18 DAWSON GEOPHYSICAL CO NEW 370,665 2,980,000 1.69%
19 CECO ENVIRONMENTAL CORP 197,660 2,758,000 1.57%
20 MALVERN BANCORP INC COM 120,000 2,538,000 1.44%
21 CHARTER FINL CORP MD COM 139,658 2,331,000 1.32%
22 IBERIABANK CORP COM 25,912 2,167,000 1.23%
23 Century Bancorp Inc Mass 36,113 2,156,000 1.22%
24 PATHFINDER BANCORP INC MD 159,374 2,045,000 1.16%
25 ONVIA INC 454,053 2,021,000 1.15%
26 KURA ONCOLOGY INC 322,221 1,869,000 1.06%
27 DORMAN PRODS INC COM 24,970 1,824,000 1.04%
28 PROASSURANCE CORP COM 28,358 1,594,000 0.90%
29 F N B CORP COM 96,546 1,548,000 0.88%
30 RAND LOGISTICS INC 1,794,669 1,485,000 0.84%
31 FOSTER L B CO CL A 106,132 1,438,000 0.82%
32 NORTHWEST BANCSHARES INC MD COM 73,625 1,328,000 0.75%
33 INVESTORS BANCORP INC NEW 92,701 1,293,000 0.73%
34 ASTRONICS CORP COM 33,489 1,133,000 0.64%
35 CITIZENS NORTHN CORP 42,900 1,125,000 0.64%
36 ASML HOLDING N V N Y REGISTRY SHS 9,911 1,112,000 0.63%
37 COMMUNITY BK SYS INC COM 16,772 1,036,000 0.59%
38 STATE AUTO FINL CORP COM 38,352 1,028,000 0.58%
39 MUTUALFIRST FINL INC COM 30,926 1,019,000 0.58%
40 JACKSONVILLE BANCORP INC MD 31,145 934,000 0.53%
41 SYNALLOY CP DEL 84,755 915,000 0.52%
42 SAEXPLORATION HLDGS INC 118,464 865,000 0.49%
43 HORIZON BANCORP INC 29,816 835,000 0.47%
44 ECOLOGY & ENVIRONMENT INC 78,274 807,000 0.46%
45 BB&T CORP 16,170 760,000 0.43%
46 CSS INDS INC COM 22,898 621,000 0.35%
47 CHEMICAL FINANCIAL CORPORATION 10,425 565,000 0.32%
48 VILLAGE BK & TR FINANCIAL CO 21,037 562,000 0.32%
49 BENEFICIAL MUT BANCORP INC 30,231 556,000 0.32%
50 EAGLE BANCORP MONT INC 25,598 530,000 0.30%
Page 1 of 2

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001251109-17-000014, filed 2017.02.09).

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.