<SEC-DOCUMENT>0001157523-15-003677.txt : 20151104
<SEC-HEADER>0001157523-15-003677.hdr.sgml : 20151104
<ACCEPTANCE-DATETIME>20151104083118
ACCESSION NUMBER:		0001157523-15-003677
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20151104
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20151104
DATE AS OF CHANGE:		20151104

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INVESTORS TITLE CO
		CENTRAL INDEX KEY:			0000720858
		STANDARD INDUSTRIAL CLASSIFICATION:	TITLE INSURANCE [6361]
		IRS NUMBER:				561110199
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-11774
		FILM NUMBER:		151195615

	BUSINESS ADDRESS:	
		STREET 1:		121 N COLUMBIA ST
		STREET 2:		P O DRAWER 2687
		CITY:			CHAPEL HILL
		STATE:			NC
		ZIP:			27514
		BUSINESS PHONE:		9199682200

	MAIL ADDRESS:	
		STREET 1:		121 NORTH COLUMBIA STREET
		CITY:			CHAPEL HILL
		STATE:			NC
		ZIP:			27514
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a51216073.htm
<DESCRIPTION>INVESTORS TITLE COMPANY 8-K
<TEXT>
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      <font style="font-size: 12pt"><b>UNITED STATES</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 10pt"><b>Washington,
      D.C. &#160;20549</b></font><br><br>
    </p>
    <hr style="width: 25%; text-align: center; height: 1.0 pt; color: #000000">


    <p style="text-align: center">
      <br>
      <font style="font-size: 12pt"><b>FORM 8-K</b></font><br><br><font style="font-size: 12pt"><b>CURRENT
      REPORT</b></font><br><font style="font-size: 12pt"><b>Pursuant to
      Section 13 or 15(d) of the Securities Exchange Act of 1934</b></font><br><br><br>
    </p>
    <div style="text-align:center">
    <table style="font-size: 10pt; margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; margin-left:auto;margin-right:auto" cellspacing="0">
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          &#160;
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          <p style="font-size: 10pt; font-family: Times New Roman">
            <font style="font-family: Times New Roman; font-size: 12pt"><b>November
            4, 2015</b></font><br><br>
          </p>
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          <p style="font-size: 10pt; font-family: Times New Roman">
            <font style="font-family: Times New Roman; font-size: 10pt">Date
            of Report (Date of earliest event reported)</font>
          </p>
        </td>
        <td style="width: 25%">

        </td>
      </tr>
      <tr>
        <td style="width: 25%">

        </td>
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          &#160;
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        <td style="width: 50%">

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          &#160;
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          <p style="font-size: 10pt; font-family: Times New Roman">
            <font style="font-family: Times New Roman; font-size: 12pt"><b>INVESTORS
            TITLE COMPANY</b></font><br><br>
          </p>
        </td>
        <td style="width: 25%">

        </td>
      </tr>
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        <td style="width: 25%">

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          <p style="font-size: 10pt; font-family: Times New Roman">
            <font style="font-family: Times New Roman; font-size: 10pt">(Exact
            name of Registrant as specified in its charter)</font>
          </p>
        </td>
        <td style="width: 25%">

        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>

    </p>
    <div style="text-align:center">
    <table style="font-size: 10pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; margin-left:auto;margin-right:auto" cellspacing="0">
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>North Carolina</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; width: 34%; border-bottom-color: black; white-space: nowrap; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>0-11774</b>
          </p>
        </td>
        <td valign="top" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; width: 33%; border-bottom-color: black; white-space: nowrap; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>56-1110199</b>
          </p>
        </td>
      </tr>
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        <td valign="top" style="padding-left: 0.0px; width: 33%; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or Other Jurisdiction of
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 34%; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 33%; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (I.R.S. Employer
          </p>
        </td>
      </tr>
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        <td valign="top" style="padding-left: 0.0px; width: 33%; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Incorporation or Organization)
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 34%; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            File Number)
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 33%; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Identification No.)
          </p>
        </td>
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        </td>
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        </td>
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          &#160;
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>121 North Columbia Street</b>
          </p>
        </td>
        <td style="width: 34%">

        </td>
        <td style="width: 33%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; width: 33%; border-bottom-color: black; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Chapel Hill, North Carolina</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; width: 34%; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; width: 33%; border-bottom-color: black; white-space: nowrap; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>27514</b>
          </p>
        </td>
      </tr>
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        <td valign="top" style="padding-left: 0.0px; width: 33%; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Address of Principal Executive Offices)
          </p>
        </td>
        <td style="width: 34%">

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 33%; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Zip Code)
          </p>
        </td>
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    <div style="text-align:center">
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      <tr>
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          &#160;
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(919) 968-2200</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 25%">

        </td>
      </tr>
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        <td style="width: 25%">

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 50%; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Registrant's telephone number, including area code
          </p>
        </td>
        <td style="width: 25%">

        </td>
      </tr>
    </table>
    </div>
    <p style="white-space: nowrap; text-align: center">

    </p>
    <p style="font-size: 10pt; font-family: Times New Roman">
      <font style="font-family: Times New Roman; font-size: 10pt">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions:</font>
    </p>
    <p style="font-size: 10pt; font-family: Times New Roman">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font><br><font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font><br><font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font><br><font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font><br>
    </p>
    <div style="text-indent: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="margin-left: 60.0px; white-space: nowrap">

    </p>
    <p>
      <b>Item 2.02.&#160;&#160;Results of Operations and Financial Condition</b>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt; font-family: Times New Roman">
      Attached as Exhibit 99.1 and incorporated herein by reference is a copy
      of the press release of Investors Title Company, dated November 4, 2015,
      reporting Investors Title Company's financial results for the fiscal
      quarter ended September 30, 2015.
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt; font-family: Times New Roman">
      The information in this Current Report is being furnished and shall not
      be deemed &quot;filed&quot; for the purposes of Section 18 of the Securities
      Exchange Act of 1934 (the &quot;Exchange Act&quot;), or otherwise subject to the
      liabilities of that Section, nor shall it be deemed to be incorporated
      by reference in any filing under the Securities Act of 1933 or the
      Exchange Act, regardless of any general incorporation language in such
      filing.
    </p>
    <p style="white-space: nowrap">
      <b>Item 9.01.&#160;&#160;Financial Statements and Exhibits</b>
    </p>
    <p style="text-indent: 30.0px; white-space: nowrap">
      (c) Exhibits.&#160;&#160;The following exhibit accompanies this Report:
    </p>
    <p>
      Exhibit 99.1 &#8211; Press Release of Investors Title Company dated November
      4, 2015.
    </p>
    <div style="text-indent: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt">SIGNATURE</font>
    </p>
    <p style="text-indent: 30.0px">
      <font style="font-family: Times New Roman; font-size: 10pt">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
    <div style="text-align:center">
    <table style="font-size: 10pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; margin-left:auto;margin-right:auto" cellspacing="0">
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        <td style="width: 5%">

        </td>
        <td style="width: 30%">

        </td>
        <td style="width: 15%">
          &#160;
        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            INVESTORS TITLE COMPANY
          </p>
        </td>
      </tr>
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        <td style="width: 5%">

        </td>
        <td style="width: 30%">

        </td>
        <td style="width: 15%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 36%">

        </td>
        <td style="width: 10%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 30%">

        </td>
        <td style="width: 15%">

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 4%; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 36%">

        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; width: 5%; text-align: left">
          Date:
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 30%; text-align: left">
          November 4, 2015
        </td>
        <td style="width: 15%">

        </td>
        <td valign="middle" style="padding-left: 0.0px; width: 4%; text-align: left">
          By:
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 36%; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>/s/ James A. Fine, Jr.</u>
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 30%">

        </td>
        <td style="width: 15%">

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 4%; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            James A. Fine, Jr.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 30%">

        </td>
        <td style="width: 15%">

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 4%; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            President, Treasurer and
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 30%">

        </td>
        <td style="width: 15%">

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 4%; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="text-indent: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      EXHIBIT INDEX
    </p>
    <p>

    </p>
    <div style="text-align:center">
    <table style="font-size: 10pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; margin-left:auto;margin-right:auto" cellspacing="0">
      <tr>
        <td valign="top" style="padding-left: 0.0px; width: 18%; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Exhibit No.</u>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 82%; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Description</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 18%">

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 82%; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; width: 18%; white-space: nowrap; text-align: left">
          99.1
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 82%; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Press release issued by Investors Title Company on November 4, 2015
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51216073-ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2015 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 8pt; font-family: Times New Roman">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Investors
      Title Company Announces Third Quarter 2015 Results</b></font>
    </p>
    <p>
      CHAPEL HILL, N.C.--(BUSINESS WIRE)--November 4, 2015--Investors Title
      Company today announced its results for the third quarter ended
      September 30, 2015. Net income attributable to the Company increased
      73.1% to $4,490,962, or $2.28 per diluted share, compared with
      $2,594,490, or $1.28 per diluted share, for the prior year quarter.
    </p>
    <p>
      Revenues increased 17.1% to $34,541,258 versus the prior year quarter,
      primarily due to a 17.4% increase in net premiums written, setting a new
      quarterly record level of both revenues and premiums written. Real
      estate activity was up significantly for the quarter, driven mainly by
      higher levels of home purchases and stable levels of mortgage refinance
      activity.
    </p>
    <p>
      Operating expenses increased 8.5% to $28,104,760 versus the prior year
      quarter, mainly due to higher agent commissions commensurate with
      increased premiums written, partially offset by a higher concentration
      of business in markets with lower average commission rates. The increase
      in agent commissions was partially offset by a reduction in the
      provision for claims, reflecting improved claims experience in recent
      policy years. Higher premium volumes and normal inflationary effects
      drove other operating expenses marginally higher versus the prior year
      quarter.
    </p>
    <p>
      For the nine months ended September 30, 2015, net income attributable to
      the Company increased 48.6% to $10,337,583, or $5.17 per diluted share,
      compared with $6,954,526, or $3.41 per diluted share, for the prior year
      period. Revenues increased 7.8% to $98,324,874, driven by a 6.5%
      increase in net premiums written. Operating expenses increased 2.7% to
      $83,732,755 versus the prior year period, mainly due to higher payroll
      expenses associated with normal inflationary increases and higher
      staffing levels to support ongoing software development activities.
      Claims expense was down 13.3% due to improved claims experience in
      recent policy years. Agent commissions were flat versus the prior year
      period even as premiums grew, as a larger proportion of premiums
      originated in markets with lower average commission rates.
    </p>
    <div style="text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt; width: 100%; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      Chairman J. Allen Fine added, &#8220;We are pleased to report another quarter
      with record levels of revenue. Title insurance premiums were bolstered
      by higher levels of home sales activity as well as continued increases
      in real estate prices. While the pace of loan closings may slow during
      the fourth quarter in the wake of the October 3 TILA-RESPA Integrated
      Disclosure Rule (TRID) implementation, we remain encouraged that
      positive trends in the unemployment rate and overall economic conditions
      will sustain the levels of purchase activity, at least for the near
      future. Over the long term, we will continue to focus on enhancing our
      competitive strengths and profitably expanding our market presence.&#8221;
    </p>
    <p>
      Investors Title Company&#8217;s subsidiaries issue and underwrite title
      insurance policies. The Company also provides investment management
      services to individuals, companies, banks and trusts, as well as
      services in connection with tax-deferred exchanges of like-kind property.
    </p>
    <p>
      Certain statements contained herein may constitute forward-looking
      statements within the meaning of the Private Securities Litigation
      Reform Act of 1995. Such statements include, among others, any
      statements regarding future home price increases, changes in home
      purchase or refinance activity, interest rate changes, expansion of the
      Company&#8217;s market presence, enhancing competitive strengths, positive
      development in housing affordability, unemployment or overall economic
      conditions or statements regarding our actuarial assumptions and the
      application of recent historical claims experience to future periods.
      These statements involve a number of risks and uncertainties that could
      cause actual results to differ materially from anticipated and
      historical results. Such risks and uncertainties include, without
      limitation: the cyclical demand for title insurance due to changes in
      the residential and commercial real estate markets; the occurrence of
      fraud, defalcation or misconduct; variances between actual claims
      experience and underwriting and reserving assumptions, including the
      limited predictive power of historical claims experience; declines in
      the performance of the Company&#8217;s investments; government regulation;
      changes in the economy; the possible loss of agency relationships, or
      significant reduction in agent-originated business and other
      considerations set forth under the caption &#8220;Risk Factors&#8221; in the
      Company&#8217;s Annual Report on Form 10-K for the year ended December 31,
      2014, as filed with the Securities and Exchange Commission, and in its
      subsequent Quarterly Reports on Form 10-Q.
    </p>
    <div style="text-indent: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; margin-bottom: 10.0px; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="19">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Investors Title Company and Subsidiaries</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Consolidated Statements of Income</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i><b>For the Three and Nine Months Ended September 30, 2015 and
            2014</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="19">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: center" colspan="7">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Three Months Ended </b><br><b>September 30,</b>
          </p>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: center" colspan="7">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Nine Months Ended </b><br><b>September 30,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" colspan="3">
          <b>2015</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" colspan="3">
          2014
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" colspan="3">
          <b>2015</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" colspan="3">
          2014
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Revenues:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Net premiums written
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right">
          <b>30,945,532</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right">
          26,356,835
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right">
          <b>86,372,154</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right">
          81,115,940
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Investment income - interest and dividends
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          <b>1,117,529</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          1,064,995
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          <b>3,427,055</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          3,130,846
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Net realized (loss) gain on investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          <b>(338,631</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left">
          <b>)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          8,689
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          <b>601,336</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          592,908
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left">
          Other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          <b>2,816,828</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          2,077,711
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          <b>7,924,329</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          6,344,163
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; padding-bottom: 2.0px; text-align: left">
          Total Revenues
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          <b>34,541,258</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          29,508,230
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          <b>98,324,874</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          91,183,857
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Operating Expenses:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Commissions to agents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          <b>16,898,323</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          14,440,264
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          <b>48,393,553</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          48,242,923
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Provision for claims
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          <b>703,979</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          1,507,814
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          <b>3,621,401</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          4,177,478
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Salaries, employee benefits and payroll taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          <b>6,957,874</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          6,609,425
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          <b>21,101,955</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          19,250,116
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Office occupancy and operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          <b>1,342,288</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          1,257,009
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          <b>4,089,806</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          3,683,980
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Business development
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          <b>568,189</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          552,215
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          <b>1,633,358</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          1,581,872
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Filing fees, franchise and local taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          <b>134,880</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          233,079
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          <b>572,621</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          648,022
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Premium and retaliatory taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          <b>573,336</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          491,927
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          <b>1,684,674</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          1,332,492
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Professional and contract labor fees
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          <b>661,879</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          621,305
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          <b>1,926,469</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          1,976,272
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left">
          Other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          <b>264,012</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          196,702
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          <b>708,918</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          656,653
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; padding-bottom: 2.0px; text-align: left">
          Total Operating Expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          <b>28,104,760</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          25,909,740
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          <b>83,732,755</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          81,549,808
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Income before Income Taxes</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          <b>6,436,498</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          3,598,490
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          <b>14,592,119</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          9,634,049
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          <b>Provision for Income Taxes</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          <b>1,941,000</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          1,004,000
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          <b>4,250,000</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          2,656,000
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Net Income</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          <b>4,495,498</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          2,594,490
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          <b>10,342,119</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          6,978,049
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          <b>Net Income Attributable to Noncontrolling Interests</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          <b>(4,536</b>
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: left">
          <b>)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          &#8212;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          <b>(4,536</b>
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: left">
          <b>)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          (23,523
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left">
          <b>Net Income Attributable to the Company</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          <b>4,490,962</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          2,594,490
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          <b>10,337,583</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          6,954,526
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left">
          <b>Basic Earnings per Common Share</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          <b>2.28</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          1.28
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          <b>5.18</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          3.42
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left">
          <b>Weighted Average Shares Outstanding &#8211; Basic</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          <b>1,967,923</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          2,028,818
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          <b>1,995,120</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          2,033,637
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left">
          <b>Diluted Earnings per Common Share</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          <b>2.28</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          1.28
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          <b>5.17</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          3.41
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left">
          <b>Weighted Average Shares Outstanding &#8211; Diluted</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          <b>1,972,233</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          2,032,644
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          <b>2,000,043</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          2,038,875
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; margin-bottom: 10.0px; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="10">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Investors Title Company and Subsidiaries</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Consolidated Balance Sheets</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i><b>As of September&#160;30, 2015 and December 31, 2014</b></i>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i><b>(Unaudited)</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: center" colspan="3">
          <b>September 30,</b><br><b> 2015</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: center" colspan="2">
          December 31,<br>2014
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Assets:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Investments in securities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; text-align: left">
          Fixed maturities, available-for-sale, at fair value
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right">
          <b>98,034,042</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right">
          109,048,290
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; text-align: left">
          Equity securities, available-for-sale, at fair value
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          <b>35,135,885</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          39,254,981
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; text-align: left">
          Short-term investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          <b>13,884,266</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          2,576,993
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; padding-bottom: 2.0px; text-align: left">
          Other investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          <b>10,069,708</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          8,530,929
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 45.0px; padding-bottom: 2.0px; text-align: left">
          Total investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          <b>157,123,901</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          159,411,193
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          <b>19,290,813</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          15,826,515
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Premium and fees receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          <b>9,067,775</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          8,544,183
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Accrued interest and dividends
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          <b>1,286,710</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          1,063,837
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Prepaid expenses and other assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          <b>8,599,846</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          7,732,677
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left">
          Property, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          <b>7,176,557</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          5,460,805
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left">
          <b>Total Assets</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          <b>202,545,602</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          198,039,210
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Liabilities and Stockholders&#8217; Equity</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Liabilities:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Reserves for claims
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right">
          <b>37,897,000</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right">
          36,677,000
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Accounts payable and accrued liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          <b>19,441,453</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          18,290,819
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Current income taxes payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          <b>248,679</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          92,192
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left">
          Deferred income taxes, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          <b>5,635,321</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          5,415,493
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; padding-bottom: 2.0px; text-align: left">
          Total liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          <b>63,222,453</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          60,475,504
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Stockholders&#8217; Equity:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Common stock - no par value (10,000,000 authorized shares;
            1,953,418 and 2,023,270<br>&#160;&#160;&#160;&#160;shares issued and outstanding 2015
            and 2014, respectively, excluding 291,676 shares<br>&#160;&#160;&#160;&#160;for 2015
            and 2014 of common stock held by the Company's subsidiary)
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          <b>1</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          1
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Retained earnings
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          <b>129,585,111</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          124,707,196
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left">
          Accumulated other comprehensive income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          <b>9,606,451</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          12,856,509
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; text-align: left">
          Total stockholders&#8217; equity attributable to the Company
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          <b>139,191,563</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" colspan="2">
          137,563,706
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left">
          Noncontrolling interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          <b>131,586</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          &#8212;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; padding-bottom: 2.0px; text-align: left">
          Total stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          <b>139,323,149</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          137,563,706
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left">
          <b>Total Liabilities and Stockholders&#8217; Equity</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          <b>202,545,602</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          198,039,210
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; margin-bottom: 10.0px; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="28">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Investors Title Company and Subsidiaries</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Net Premiums Written By Branch and Agency</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i><b>For the Three and Nine Months Ended September 30, 2015 and
            2014</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="11">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="11">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: center" colspan="11">
          <b>Three Months Ended September 30,</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: center" colspan="11">
          <b>Nine Months Ended September 30,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" colspan="3">
          <b>2015</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center">
          <b>%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" colspan="3">
          2014
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center">
          %
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" colspan="3">
          <b>2015</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center">
          <b>%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" colspan="3">
          2014
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center">
          %
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Branch</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right">
          <b>7,967,826</b>
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>25.7</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right">
          6,815,125
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right">
          25.9
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right">
          <b>21,281,363</b>
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>24.6</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right">
          17,922,166
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right">
          22.1
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          <b>Agency</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          <b>22,977,706</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>74.3</b>
          </p>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          19,541,710
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          74.1
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          <b>65,090,791</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>75.4</b>
          </p>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right" colspan="2">
          63,193,774
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          77.9
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left">
          <b>Total</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          <b>30,945,532</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>100.0</b>
          </p>
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          26,356,835
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          100.0
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          <b>86,372,154</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>100.0</b>
          </p>
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          81,115,940
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: right">
          100.0
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br>Investors Title Company<br>Elizabeth B. Lewter, 919-968-2200<br>
    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
