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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 (2017Q1)
Portfolio Summary: 75 holdings with a total value of $187,676,000.
#
Name
Shares
Value ($)
%
Options
Notes
1 CHASE CORP COM 279,966 26,709,000 14.23%
2 SCRIPPS E W CO OHIO CL A NEW 617,031 14,463,000 7.71%
3 KAPSTONE PAPER & PACKAGING CRP COM 559,249 12,918,000 6.88%
4 UNITED STATES LIME & MINERAL 147,979 11,560,000 6.16%
5 EASTERN CO 367,641 7,867,000 4.19%
6 CAMDEN NATL CORP 174,858 7,701,000 4.10%
7 UNIVERSAL STAINLESS & ALLOY 388,162 6,599,000 3.52%
8 COMPUTER TASK GROUP INC 1,066,940 5,900,000 3.14%
9 A H BELO CORP 907,873 5,583,000 2.97%
10 ESCALADE INC 424,798 5,438,000 2.90%
11 NAVIGATOR HLDGS LTD 381,534 5,246,000 2.80%
12 TRANSCAT INC COM 413,754 5,213,000 2.78%
13 INFUSYSTEM HLDGS INC 2,087,064 4,800,000 2.56%
14 GREAT LAKES DREDGE & DOCK CO 1,110,984 4,444,000 2.37%
15 VIRCO MFG CO COM 1,054,426 4,165,000 2.22%
16 SAGA COMMUNICATIONS INC CL A NEW 62,997 3,216,000 1.71%
17 DELUXE CORP COM 43,300 3,125,000 1.67%
18 CHARTER FINL CORP MD 139,658 2,740,000 1.46%
19 KURA ONCOLOGY INC 297,121 2,600,000 1.39%
20 MALVERN BANCORP INC COM 117,000 2,464,000 1.31%
21 PATHFINDER BANCORP INC MD 159,374 2,311,000 1.23%
22 Century Bancorp Inc Mass 36,113 2,178,000 1.16%
23 CECO ENVIRONMENTAL CORP 197,660 2,076,000 1.11%
24 DAWSON GEOPHYSICAL CO NEW 370,665 2,061,000 1.10%
25 DORMAN PRODUCTS INC 24,970 2,051,000 1.09%
26 ONVIA INC 455,450 2,004,000 1.07%
27 PROASSURANCE CORP COM 28,358 1,708,000 0.91%
28 NI HLDGS INC 110,000 1,638,000 0.87%
29 FNB CORP PA 96,548 1,436,000 0.77%
30 INVESTORS BANCORP INC NEW 92,701 1,332,000 0.71%
31 FOSTER L B CO CL A 106,132 1,322,000 0.70%
32 ASML HOLDING N V N Y REGISTRY SHS 9,911 1,316,000 0.70%
33 IBERIABANK CORP COM 16,412 1,298,000 0.69%
34 NORTHWEST BANCSHARES INC MD COM 73,625 1,238,000 0.66%
35 RAND LOGISTICS INC 1,794,669 1,148,000 0.61%
36 SAEXPLORATION HLDGS INC 186,885 1,097,000 0.58%
37 ASTRONICS CORP 33,489 1,062,000 0.57%
38 SYNALLOY CP DEL 84,755 1,038,000 0.55%
39 CSS INDS INC 38,338 994,000 0.53%
40 CITIZENS NORTHN CORP 42,900 993,000 0.53%
41 MUTUALFIRST FINL INC 30,926 965,000 0.51%
42 JACKSONVILLE BANCORP INC MD 31,145 944,000 0.50%
43 STATE AUTO FINL CORP COM 33,863 928,000 0.49%
44 COMMUNITY BK SYS INC COM 16,772 922,000 0.49%
45 ECOLOGY & ENVIRONMENT INC 78,274 783,000 0.42%
46 HORIZON BANCORP INC 29,816 781,000 0.42%
47 BB&T CORP 16,170 723,000 0.39%
48 VILLAGE BK & TR FINANCIAL CO 21,037 574,000 0.31%
49 OCONEE FED FINL CORP 22,902 562,000 0.30%
50 CHEMICAL FINANCIAL CORPORATION 10,425 533,000 0.28%
Page 1 of 2

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001251109-17-000020, filed 2017.05.11).

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.