Segment Information

The Company has one reportable segment, title insurance services. The remaining immaterial segments have been combined into a group called “All Other.”

The title insurance segment primarily issues title insurance policies through approved attorneys from underwriting offices and through independent issuing agents. Title insurance policies insure titles to real estate.

Provided below is selected financial information about the Company's operations by segment for the periods ended September 30, 2017 and 2016:



Three Months Ended September 30, 2017	Title Insurance		All Other		Intersegment Eliminations			Total
Insurance and other services revenues	$	41,095,694	$	1,985,959	$	(1,835,180	)	$	41,246,473
Investment income	1,067,565		136,159		(116,670		)	1,087,054
Net realized gain on investments	749,396		54,542		—			803,938
Total revenues	$	42,912,655	$	2,176,660	$	(1,951,850	)	$	43,137,465
Operating expenses	34,127,244		1,911,366		(1,817,760		)	34,220,850
Income before income taxes	$	8,785,411	$	265,294	$	(134,090	)	$	8,916,615
Total assets	$	201,137,770	$	52,059,950	$	—		$	253,197,720



Three Months Ended September 30, 2016	Title Insurance		All Other			Intersegment Eliminations			Total
Insurance and other services revenues	$	38,285,551	$	1,666,214		$	(550,369	)	$	39,401,396
Investment income	1,079,118		140,201			(58,336		)	1,160,983
Net realized gain (loss) on investments	439,501		(175		)	—			439,326
Total revenues	$	39,804,170	$	1,806,240		$	(608,705	)	$	41,001,705
Operating expenses	28,487,268		1,669,217			(532,947		)	29,623,538
Income before income taxes	$	11,316,902	$	137,023		$	(75,758	)	$	11,378,167
Total assets	$	180,436,004	$	42,672,325		$	—		$	223,108,329



Nine Months Ended September 30, 2017	Title Insurance		All Other		Intersegment Eliminations			Total
Insurance and other services revenues	$	115,573,247	$	5,495,136	$	(4,285,759	)	$	116,782,624
Investment income	3,168,384		406,342		(277,092		)	3,297,634
Net realized gain on investments	893,554		96,564		—			990,118
Total revenues	$	119,635,185	$	5,998,042	$	(4,562,851	)	$	121,070,376
Operating expenses	95,818,759		5,771,296		(4,233,497		)	97,356,558
Income before income taxes	$	23,816,426	$	226,746	$	(329,354	)	$	23,713,818
Total assets	$	201,137,770	$	52,059,950	$	—		$	253,197,720



Nine Months Ended September 30, 2016	Title Insurance		All Other		Intersegment Eliminations			Total
Insurance and other services revenues	$	92,055,531	$	5,137,268	$	(1,554,688	)	$	95,638,111
Investment income	3,206,093		424,578		(151,672		)	3,478,999
Net realized gain on investments	513,624		60,704		—			574,328
Total revenues	$	95,775,248	$	5,622,550	$	(1,706,360	)	$	99,691,438
Operating expenses	75,766,983		4,923,205		(1,502,425		)	79,187,763
Income before income taxes	$	20,008,265	$	699,345	$	(203,935	)	$	20,503,675
Total assets	$	180,436,004	$	42,672,325	$	—		$	223,108,329