<SEC-DOCUMENT>0001157523-17-000413.txt : 20170209
<SEC-HEADER>0001157523-17-000413.hdr.sgml : 20170209
<ACCEPTANCE-DATETIME>20170209083121
ACCESSION NUMBER:		0001157523-17-000413
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170209
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170209
DATE AS OF CHANGE:		20170209

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:		17584695

	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>a51506509.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>
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    <hr style="height: 1.0 pt; text-align: center; width: 25%; 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>
    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-family: Times New Roman; width: 100%; font-size: 10pt; margin-left:auto;margin-right:auto">
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          <p style="font-family: Times New Roman; font-size: 10pt">
            <font style="font-size: 12pt; font-family: Times New Roman"><b>February
            9, 2017</b></font><br><br>
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          <p style="font-family: Times New Roman; font-size: 10pt">
            <font style="font-size: 10pt; font-family: Times New Roman">Date
            of Report (Date of earliest event reported)</font>
          </p>
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        <td style="width: 25%">

        </td>
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      <tr>
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          &#160;
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          &#160;
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          <p style="font-family: Times New Roman; font-size: 10pt">
            <font style="font-size: 12pt; font-family: Times New Roman"><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-family: Times New Roman; font-size: 10pt">
            <font style="font-size: 10pt; font-family: Times New Roman">(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>
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          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>North Carolina</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; width: 34%; text-align: center; padding-left: 0.0px; border-bottom-style: solid">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>0-11774</b>
          </p>
        </td>
        <td valign="top" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; width: 33%; text-align: center; padding-left: 0.0px; border-bottom-style: solid">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>56-1110199</b>
          </p>
        </td>
      </tr>
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          <p style="margin-bottom: 0px; margin-top: 0px">
            (State or Other Jurisdiction of
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        </td>
        <td valign="top" style="width: 34%; text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Commission
          </p>
        </td>
        <td valign="top" style="width: 33%; text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (I.R.S. Employer
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        <td valign="top" style="width: 33%; text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Incorporation or Organization)
          </p>
        </td>
        <td valign="top" style="width: 34%; text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            File Number)
          </p>
        </td>
        <td valign="top" style="width: 33%; text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Identification No.)
          </p>
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        </td>
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          &#160;
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          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>121 North Columbia Street</b>
          </p>
        </td>
        <td style="width: 34%">

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

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

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

        </td>
      </tr>
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        <td valign="top" style="width: 50%; text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 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-family: Times New Roman; font-size: 10pt">
      <font style="font-size: 10pt; font-family: Times New Roman">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-family: Times New Roman; font-size: 10pt">
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font><br><font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font><br><font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font><br><font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font><br>
    </p>
    <div style="margin-bottom: 10pt; width: 100%; margin-right: 0pt; margin-left: 0pt; text-indent: 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="white-space: nowrap">
      <b>Item 2.02.&#160;&#160;Results of Operations and Financial Condition</b>
    </p>
    <p style="font-family: Times New Roman; font-size: 10pt; text-indent: 30.0px">
      Attached as Exhibit 99.1 and incorporated herein by reference is a copy
      of the press release of Investors Title Company, dated February 9, 2017,
      reporting Investors Title Company's financial results for the fiscal
      quarter ended December 31, 2016.
    </p>
    <p style="font-family: Times New Roman; font-size: 10pt; text-indent: 30.0px">
      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="white-space: nowrap; text-indent: 30.0px">
      (c) Exhibits.&#160;&#160;The following exhibit accompanies this Report:
    </p>
    <p>
      Exhibit 99.1 &#8211; Press Release of Investors Title Company dated February
      9, 2017.
    </p>
    <p>

    </p>
    <div style="margin-bottom: 10pt; width: 100%; margin-right: 0pt; margin-left: 0pt; text-indent: 0pt">
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        <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-size: 10pt; font-family: Times New Roman">SIGNATURE</font>
    </p>
    <p style="text-indent: 30.0px">
      <font style="font-size: 10pt; font-family: Times New Roman">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 cellspacing="0" style="margin-bottom: 10.0px; font-family: Times New Roman; width: 100%; font-size: 10pt; margin-left:auto;margin-right:auto">
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        </td>
        <td style="width: 43%">

        </td>
        <td valign="top" style="width: 3%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="width: 3%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" colspan="2" style="text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            INVESTORS TITLE COMPANY
          </p>
        </td>
      </tr>
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        <td style="width: 5%">

        </td>
        <td style="width: 43%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 3%">

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

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

        </td>
        <td style="width: 43%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="width: 3%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 36%">

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 5%; text-align: left; padding-left: 0.0px">
          Date:
        </td>
        <td valign="top" style="width: 43%; text-align: left; padding-left: 0.0px">
          February 9, 2017
        </td>
        <td style="width: 3%">

        </td>
        <td valign="middle" style="width: 3%; text-align: left; padding-left: 0.0px">
          By:
        </td>
        <td valign="top" style="width: 36%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 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: 43%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="width: 3%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" colspan="2" style="text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            James A. Fine, Jr.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 43%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="width: 3%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" colspan="2" style="text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            President, Treasurer and
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 43%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="width: 3%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" colspan="2" style="text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

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

        </td>
        <td valign="top" style="width: 82%; text-align: left; padding-left: 0.0px">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; padding-right: 0.0px; width: 18%; text-align: left; padding-left: 0.0px">
          99.1
        </td>
        <td valign="top" style="width: 82%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Press release issued by Investors Title Company on February 9, 2017
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51506509ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
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    <title></title>
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<!--All rights reserved www.businesswire.com-->
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Investors
      Title Company Announces Record Fourth Quarter and Fiscal Year 2016
      Results</b></font>
    </p>
    <p>
      CHAPEL HILL, N.C.--(BUSINESS WIRE)--February 9, 2017--Investors Title
      Company today announced its results for the fourth quarter and year
      ended December 31, 2016.
    </p>
    <p>
      For the year, net income attributable to the Company increased 55.8% to
      an all-time record high of $19.5 million, or $10.19 per diluted share,
      versus $12.5 million, or $6.30 per diluted share, for the prior year.
      For the quarter, net income attributable to the Company more than
      doubled to $5.1 million, or $2.67 per diluted share, versus $2.2
      million, or $1.12 per diluted share, for the prior year period.
    </p>
    <p>
      Revenues for the year increased 8.9% to an annual record of $138.5
      million, compared with $127.2 million in the prior year. Premiums
      increased as a result of growth in average real estate values, coupled
      with growth in transaction volumes stemming from higher levels of home
      sales and refinance activity. Non-premium revenue sources, which
      amounted to $16.4 million, were up 11.4% over the prior year.
    </p>
    <p>
      Operating expenses increased 0.9% to $110.4 million, primarily due to
      increases in payroll expense and agent commissions, largely offset by
      lower claims expense. Payroll expense increased 11.9% as a result of
      higher levels of incentive compensation, inflationary increases in
      salaries and benefits, payroll expenses associated with Texas title
      agency University Title, which was acquired in the fourth quarter, and
      increases in staffing levels to accommodate higher volume. Agent
      commissions increased 2.4% due to an increase in agency premiums, while
      claims expense decreased to $242,953. Claims expense continued to
      benefit from favorable loss development in recent policy years, as well
      as lower levels of initial claims filings.
    </p>
    <p>
      The quarter was shaped predominantly by the same factors that affected
      the year. Revenues increased 34.4%, while operating expenses increased
      21.3%, resulting in net income of $5.1 million. Both the revenue and net
      income amounts are new records for any fourth quarter in the Company&#8217;s
      history.
    </p>
    <p>
      Chairman J. Allen Fine commented, &#8220;2016 marks the second consecutive
      year with record levels of revenues, reflecting a strong real estate
      market as well as the success of our ongoing efforts to create and
      deepen relationships in the markets we serve. In addition to consistent
      revenue growth, we remain pleased with the continuation of positive
      claims experience in recent years, which we think is attributable both
      to macroeconomic trends, such as low levels of foreclosures, as well as
      our own internal risk management efforts. Both of these factors, in
      addition to diligent management of overhead expenses, led to record
      earnings for the year.&#8221;
    </p>
    <p>
      &#8220;We are optimistic that the factors which enabled this strong revenue
      growth for the past couple of years will continue into 2017,&#8221; added Mr.
      Fine. &#8220;Even though the potential for additional Fed rate hikes and other
      economic factors dampen our expectations for refinance activity, a
      strengthening economy should provide a tailwind for higher levels of
      home sales. Regardless of the economic cycle, we will continue to remain
      focused on long-term strategies to profitably expand our market
      presence, enhance our competitive strengths, and strengthen our
      financial position.&#8221;
    </p>
    <p>
      Investors Title Company&#8217;s subsidiaries issue and underwrite title
      insurance policies. The Company also provides investment management
      services and services in connection with tax-deferred exchanges of
      like-kind property.
    </p>
    <p>
      Certain statements contained herein constitute forward-looking
      statements within the meaning of the Private Securities Litigation
      Reform Act of 1995. Such statements include, among others, any
      statements regarding the Company&#8217;s expected performance for this year,
      future home price fluctuations, changes in home purchase or refinance
      activity and the mix thereof, 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; loss of agency relationships, or significant
      reductions in agent-originated business; difficulties managing growth,
      whether organic or through acquisitions 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, 2015, as filed with the
      Securities and Exchange Commission, and in subsequent filings.
    </p>
    <div style="margin-bottom: 10pt; width: 100%; margin-right: 0pt; margin-left: 0pt; text-indent: 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 cellspacing="0" style="margin-bottom: 10.0px; font-family: Times New Roman; width: 100%; font-size: 8pt">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="8">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="8">

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="21" style="text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Investors Title Company and Subsidiaries</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Consolidated Statements of Income</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>For the Three and Twelve Months Ended December 31, 2016 and
            2015</b></i>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>(Unaudited)</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="8">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="8">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="8" style="border-bottom-width: 1.0pt; border-bottom-color: black; text-align: center; padding-left: 0.0px; border-bottom-style: solid">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Three Months Ended </b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>December 31,</b>
          </p>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="8" style="border-bottom-width: 1.0pt; border-bottom-color: black; text-align: center; padding-left: 0.0px; border-bottom-style: solid">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Twelve Months Ended </b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>December 31,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: center; padding-left: 0.0px; border-bottom-style: solid">
          <b>2016</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="3" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: center; padding-left: 0.0px; border-bottom-style: solid">
          2015
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="3" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: center; padding-left: 0.0px; border-bottom-style: solid">
          <b>2016</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="3" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: center; padding-left: 0.0px; border-bottom-style: solid">
          2015
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Revenues:</b>
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Net premiums written
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>34,284,779</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          26,103,532
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>122,095,381</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          112,475,686
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Investment income <b>&#8211;</b> interest and dividends
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>1,205,490</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          1,104,264
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>4,684,489</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          4,531,319
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Net realized gain (loss) on investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>194,108</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          (717,499
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>768,436</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          (116,163
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          Other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          <b>3,116,599</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          2,384,901
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          <b>10,944,108</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          10,309,230
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 30.0px">
          Total Revenues
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          <b>38,800,976</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          28,875,198
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          <b>138,492,414</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          127,200,072
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Commissions to agents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>17,696,942</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          13,780,748
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>63,643,321</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          62,174,301
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Provision for claims
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>646,935</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          857,093
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>242,953</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          4,478,494
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Salaries, employee benefits and payroll taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>8,426,127</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          6,939,258
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>31,372,099</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          28,041,213
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Office occupancy and operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>1,739,198</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          1,795,530
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>6,265,908</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          5,885,336
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Business development
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>816,519</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          739,912
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>2,511,699</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          2,373,270
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Filing fees, franchise and local taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>218,494</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          160,364
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>907,225</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          732,985
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Premium and retaliatory taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>642,964</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          476,897
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>2,202,595</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          2,161,571
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Professional and contract labor fees
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>516,151</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          764,942
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>2,115,754</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          2,691,411
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          Other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          <b>469,869</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          175,520
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          <b>1,099,408</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          884,438
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 30.0px">
          Total Operating Expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          <b>31,173,199</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          25,690,264
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          <b>110,360,962</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          109,423,019
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>7,627,777</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          3,184,934
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>28,131,452</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          17,777,053
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          <b>2,576,000</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          978,000
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          <b>8,616,000</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          5,228,000
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>5,051,777</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          2,206,934
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>19,515,452</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          12,549,053
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          <b>982</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          (10,612
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-style: solid">
          )
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          <b>7,666</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          (15,148
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-style: solid">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          <b>5,052,759</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          2,196,322
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          <b>19,523,118</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          12,533,905
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          <b>2.68</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          1.13
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          <b>10.23</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          6.32
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          <b>1,884,283</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          1,952,077
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          <b>1,907,675</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          1,984,360
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          <b>2.67</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          1.12
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          <b>10.19</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          6.30
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          <b>1,893,252</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          1,958,484
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          <b>1,915,057</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          1,989,799
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; width: 100%; margin-right: 0pt; margin-left: 0pt; text-indent: 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 cellspacing="0" style="margin-bottom: 10.0px; font-family: Times New Roman; width: 100%; font-size: 8pt">
      <tr>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="10" style="text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Investors Title Company and Subsidiaries</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Consolidated Balance Sheets</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>As of December 31, 2016 and 2015</b></i>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>(Unaudited)</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom-width: 1.0pt; border-bottom-color: black; text-align: center; padding-left: 0.0px; border-bottom-style: solid">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>December 31,</b><br><b> 2016</b>
          </p>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: center; padding-left: 0.0px; border-bottom-style: solid">
          December 31,<br>2015
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Assets:</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Investments in securities:
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 30.0px">
          Fixed maturities, available-for-sale, at fair value
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>101,934,077</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          106,066,384
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 30.0px">
          Equity securities, available-for-sale, at fair value
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>41,179,259</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          37,513,464
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 30.0px">
          Short-term investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>6,558,840</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          6,865,406
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 30.0px">
          Other investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          <b>11,181,531</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          10,106,828
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 45.0px">
          Total investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          <b>160,853,707</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          160,552,082
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>27,928,472</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          21,790,068
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Premium and fees receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>8,654,161</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          8,392,697
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Accrued interest and dividends
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>1,035,152</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          1,004,126
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Prepaid expenses and other assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>9,456,523</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          11,413,520
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Property, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>8,753,466</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          7,148,951
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          Goodwill and other intangible assets, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          <b>12,256,641</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          1,220,585
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px">
          <b>Total Assets</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          <b>228,938,122</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          211,522,029
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Reserves for claims
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>35,305,000</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          37,788,000
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Accounts payable and accrued liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>26,146,480</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          25,043,588
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Current income taxes payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>1,232,432</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          210,355
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          Deferred income taxes, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          <b>11,118,256</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          5,703,006
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 30.0px">
          Total liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          <b>73,802,168</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          68,744,949
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Common stock <b>&#8211;</b> no par value (10,000,000 authorized
            shares; 1,884,283 and 1,949,797 shares issued and outstanding 2016
            and 2015, respectively, excluding 291,676 shares for 2016 and 2015
            of common stock held by the Company's subsidiary)
          </p>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          1
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Retained earnings
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>143,283,621</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          131,186,866
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          Accumulated other comprehensive income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          <b>11,761,447</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          11,483,015
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 30.0px">
          Total stockholders&#8217; equity attributable to the Company
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>155,045,069</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          142,669,882
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          Noncontrolling interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          <b>90,885</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          107,198
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 30.0px">
          Total stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          <b>155,135,954</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          142,777,080
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px">
          <b>Total Liabilities and Stockholders&#8217; Equity</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          <b>228,938,122</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          211,522,029
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; width: 100%; margin-right: 0pt; margin-left: 0pt; text-indent: 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 cellspacing="0" style="margin-bottom: 10.0px; font-family: Times New Roman; width: 100%; font-size: 8pt">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="14">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="14">

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="33" style="text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Investors Title Company and Subsidiaries</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Net Premiums Written By Branch and Agency</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>For the Three and Twelve Months Ended December 31, 2016 and
            2015</b></i>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>(Unaudited)</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="14">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="14">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="14" style="border-bottom-width: 1.0pt; border-bottom-color: black; text-align: center; padding-left: 0.0px; border-bottom-style: solid">
          <b>Three Months Ended December 31,</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="14" style="border-bottom-width: 1.0pt; border-bottom-color: black; text-align: center; padding-left: 0.0px; border-bottom-style: solid">
          <b>Twelve Months Ended December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: center; padding-left: 0.0px; border-bottom-style: solid">
          <b>2016</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: center; padding-left: 0.0px; border-bottom-style: solid">
          <b>%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="3" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: center; padding-left: 0.0px; border-bottom-style: solid">
          2015
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: center; padding-left: 0.0px; border-bottom-style: solid">
          %
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="3" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: center; padding-left: 0.0px; border-bottom-style: solid">
          <b>2016</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: center; padding-left: 0.0px; border-bottom-style: solid">
          <b>%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="3" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: center; padding-left: 0.0px; border-bottom-style: solid">
          2015
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: center; padding-left: 0.0px; border-bottom-style: solid">
          %
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Branch</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>9,312,053</b>
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>27.2</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          7,119,168
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          27.3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>34,063,187</b>
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          <b>27.9</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          28,400,531
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          25.3
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          <b>24,972,726</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          <b>72.8</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          18,984,364
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          72.7
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          <b>88,032,194</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          <b>72.1</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          84,075,155
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: solid">
          74.7
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          <b>34,284,779</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          <b>100.0</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          26,103,532
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          100.0
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          <b>122,095,381</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          <b>100.0</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          112,475,686
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-style: double">
          100.0
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
    <p>
      CONTACT:<br>Investors Title Company<br>Elizabeth B. Lewter, 919-968-2200
    </p>
    <p>

    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
