Minerva Advisors LLC — Q2 2018 13F Holdings

Name: Minerva Advisors LLC — 13F Holdings, Q2 2018
Creator: AlphaSMO
License: https://www.sec.gov/forms

CIK: 0001541536

Total reported value

$154.9M

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Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	CCFEUR	Chase CORP	Stock-Other	10.72%	—	—
2	✓	Kapstone Paper Packaging CORP Com	Stock-Other	8.46%	—	—
3	USLM	United States Lime & Mineral	Stock-Other	6.01%	-0.50%	EXIT
4	EML	Eastern Co/the	Stock-Other	5.11%	+0.18%	—
5	OLED	Universal Display Corporation	Stock-Tech	4.62%	—	-0.83%
6	SSP	Ew Scripps Co/the-a	Stock-Other	4.31%	-0.02%	+3.28%
7	CTGUSD	Computer Task Group INC	Stock-Other	4.24%	—	-1.95%
8	TRNS	Transcat INC	Stock-Other	3.91%	—	—
9	INFU	Infusystem Holdings INC	Stock-Other	3.86%	+0.71%	+0.05%
10	CAC	Camden National CORP	Stock-Other	3.76%	+0.14%	—
11	ESCA	Escalade INC	Stock-Other	3.05%	+1.18%	—
12	GLDD	Great Lakes Dredge & Dock Co	Stock-Other	2.98%	-0.88%	—
13	NVGS	Navigator Holdings Ltd.	Stock-Other	2.48%	+0.22%	+0.66%
14	VIRC	Virco Mfg Corporation	Stock-Other	2.41%	-0.19%	+0.33%
15	✓	Ah Belo CORP	Stock-Other	2.21%	—	+0.57%
16	ETMUSD	Entercom Communications-cl A	Stock-Other	2.18%	—	+7.99%
17	CHTR	Charter Communications, Inc.	Stock-Comm Services	1.73%	—	—
18	✓	Patriot Transn Hldg INC.	Stock-Other	1.71%	—	+1.85%
19	DWSN	Dawson Geophysical Co	Stock-Other	1.61%	—	+5.00%
20	PBHC	Pathfinder Bancorp INC	Stock-Other	1.59%	-0.31%	+0.82%
21	SGA	Saga Communications Inc-cl A	Stock-Other	1.41%	-0.24%	EXIT
22	NODK	Ni Holdings INC	Stock-Other	1.34%	-0.07%	—
23	CNBKA	Century Bancorp INC -cl A	Stock-Other	1.27%	—	—
24	FSTR	Foster (lb) Co-a	Stock-Other	1.20%	—	—
25	DLX	Deluxe CORP	Stock-Other	1.16%	+0.04%	—
26	KURA	Kura Oncology INC	Stock-Other	0.96%	—	-0.00%
27	DORM	Dorman Products INC	Stock-Consumer Disc	0.87%	-0.71%	EXIT
28	ACNT	Ascent Industries Co	Stock-Other	0.86%	-0.33%	EXIT
29	FNB	Fnb CORP	Stock-Financials	0.66%	-0.04%	—
30	NWBI	Northwest Bancshares INC	Stock-Other	0.65%	+0.01%	—
31	ATRO	Astronics CORP	Stock-Other	0.64%	-0.67%	+3.46%
32	ISBCUSD	Investors Bancorp INC	Stock-Other	0.61%	—	—
33	MFSFUSD	Mutualfirst Financial INC	Stock-Other	0.60%	—	—
34	CZNC	Citizens & Northern CORP	Stock-Other	0.57%	+0.04%	—
35	MLVFUSD	Malvern Bancorp INC	Stock-Other	0.56%	—	—
36	✓	ECOLOGY & ENVIRONMENT INC	Stock-Other	0.52%	—	—
37	PRA	Proassurance CORP	Stock-Other	0.51%	—	—
38	CBU	Community Financial System I	Stock-Other	0.51%	-0.25%	EXIT
39	SIF	Sifco Industries	Stock-Other	0.49%	+2.31%	+69.79%
40	CECO	Ceco Environmental CORP	Stock-Other	0.47%	—	—
41	HBNC	Horizon Bancorp Inc/in	Stock-Other	0.47%	—	+50.00%
42	BBTUSD	Bb&t CORP	Stock-Other	0.42%	—	—
43	✓	Village Bk & Tr Finl CORP	Stock-Other	0.36%	—	+0.01%
44	SLF	Sun Life Financial Inc.	Stock-Financials	0.35%	—	-26.81%
45	OFED	Oconee Federal Financial Cor	Stock-Other	0.33%	—	—
46	✓	Css Inds INC	Stock-Other	0.32%	—	—
47	KOSS	Koss CORP	Stock-Other	0.30%	—	-1.69%
48	CHFCUSD	Tcf Financial CORP	Stock-Other	0.30%	—	—
49	NWFL	Norwood Financial CORP	Stock-Other	0.29%	+0.28%	—
50	FRME	First Merchants CORP	Stock-Other	0.28%	+0.34%	—

1–50 of 77

Holding changes this quarter

Position changes disclosed by Minerva Advisors LLC for the quarter ending Q2 2018, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	INFU	Infusystem Holdings INC	+0.6%	+0.05%	Add
2	TRNS	Transcat INC	+0.6%	—	Unchanged
3	USLM	United States Lime & Mineral	+0.5%	—	Unchanged
4	SSP	Ew Scripps Co/the-a	+0.5%	+3.28%	Add
5	GLDD	Great Lakes Dredge & Dock Co	+0.3%	—	Unchanged
6	DWSN	Dawson Geophysical Co	+0.3%	+5.00%	Add
7	CHTR	Charter Communications, Inc.	+0.2%	—	Unchanged
8	ACNT	Ascent Industries Co	+0.2%	—	Unchanged
9	✓	Patriot Transn Hldg INC.	+0.2%	+1.85%	Add
10	SIF	Sifco Industries	+0.2%	+69.79%	Add
11	VIRC	Virco Mfg Corporation	+0.1%	+0.33%	Add
12	NVGS	Navigator Holdings Ltd.	+0.1%	+0.66%	Add
13	CECO	Ceco Environmental CORP	+0.1%	—	Unchanged
14	KOSS	Koss CORP	+0.1%	-1.69%	Trim
15	CZNC	Citizens & Northern CORP	+0.1%	—	Unchanged
16	NWFL	Norwood Financial CORP	0%	—	Unchanged
17	✓	Continental Matls CORP	0%	+62.00%	Add
18	CBU	Community Financial System I	0%	—	Unchanged
19	LGL	Lgl Group Inc/the	0%	+26.71%	Add
20	✓	ECOLOGY & ENVIRONMENT INC	0%	—	Unchanged
21	FRME	First Merchants CORP	0%	—	Unchanged
22	✓	Emclaire Finl CORP	0%	—	Unchanged
23	CAC	Camden National CORP	0%	—	Unchanged
24	SGA	Saga Communications Inc-cl A	0%	—	Unchanged
25	NWBI	Northwest Bancshares INC	0%	—	Unchanged
26	MFSFUSD	Mutualfirst Financial INC	0%	—	Unchanged
27	ESCA	Escalade INC	—	—	Unchanged
28	DORM	Dorman Products INC	—	—	Unchanged
29	NODK	Ni Holdings INC	0%	—	Unchanged
30	PBHC	Pathfinder Bancorp INC	0%	+0.82%	Add
31	✓	Command Sec CORP	0%	-39.48%	Trim
32	DGICA	Donegal Group Inc-cl A	0%	—	Unchanged
33	EBMT	Eagle Bancorp Montana INC	0%	—	Unchanged
34	MLVFUSD	Malvern Bancorp INC	-0.1%	—	Unchanged
35	ISBCUSD	Investors Bancorp INC	-0.1%	—	Unchanged
36	KURA	Kura Oncology INC	-0.1%	-0.00%	Trim
37	FSTR	Foster (lb) Co-a	-0.1%	—	Unchanged
38	CNBKA	Century Bancorp INC -cl A	-0.1%	—	Unchanged
39	SLF	Sun Life Financial Inc.	-0.1%	-26.81%	Trim
40	DLX	Deluxe CORP	-0.2%	—	Unchanged
41	PRA	Proassurance CORP	-0.2%	—	Unchanged
42	✓	Kapstone Paper Packaging CORP Com	-0.2%	—	Unchanged
43	EML	Eastern Co/the	-0.3%	—	Unchanged
44	CCFEUR	Chase CORP	-0.3%	—	Unchanged
45	✓	Ah Belo CORP	-0.3%	+0.57%	Add
46	ETMUSD	Entercom Communications-cl A	-0.5%	+7.99%	Add
47	CTGUSD	Computer Task Group INC	-0.5%	-1.95%	Trim
48	OLED	Universal Display Corporation	-0.9%	-0.83%	Trim
49	✓	Jacksonville Bancorp, Inc. (IL)	—	EXIT	Sold out
50	MFNC	Mackinac Financial CORP	—	NEW	New buy