<SEC-DOCUMENT>0001157523-17-002303.txt : 20170804
<SEC-HEADER>0001157523-17-002303.hdr.sgml : 20170804
<ACCEPTANCE-DATETIME>20170804083121
ACCESSION NUMBER:		0001157523-17-002303
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170804
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170804
DATE AS OF CHANGE:		20170804

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:		171006959

	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>
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<TYPE>8-K
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<FILENAME>a51631039.htm
<DESCRIPTION>INVESTORS TITLE COMPANY 8-K
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<p style="TEXT-ALIGN: center"><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>
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<font style="FONT-SIZE: 12pt"><b>FORM 8-K</b></font><br>
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<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>
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<p style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><b>August 4, 2017</b></font> </p>
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<p style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-SIZE: 14pt"><b>Investors Title Company</b></font> </p>
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<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><b>North Carolina</b> </p>
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<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><b>0-11774</b> </p>
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<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><b>56-1110199</b> </p>
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<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">(State or Other Jurisdiction of </p>
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<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">(Commission </p>
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<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">Incorporation or Organization) </p>
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<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">File Number) </p>
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<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">Identification No.) </p>
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<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><b>121 North Columbia Street</b> </p>
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<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><b>Chapel Hill, North Carolina</b> </p>
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<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><b>27514</b> </p>
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<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">(Address of Principal Executive Offices) </p>
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<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">(Zip Code) </p>
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<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><b>(919) 968-2200</b> </p>
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<p style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font> </p>

<p style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial Unicode MS; FONT-SIZE: 10pt">&#8414;</font> <font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font><br>
<font style="FONT-FAMILY: Arial Unicode MS; FONT-SIZE: 10pt">&#8414;</font> <font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font><br>
<font style="FONT-FAMILY: Arial Unicode MS; FONT-SIZE: 10pt">&#8414;</font> <font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font><br>
<font style="FONT-FAMILY: Arial Unicode MS; FONT-SIZE: 10pt">&#8414;</font> <font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font> </p>

<p>Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter). </p>

<p style="WHITE-SPACE: nowrap">Emerging growth company&#160;&#160;[&#160;&#160;] </p>

<p>If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&#160;&#160;[&#160;&#160;] </p>

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<p style="WHITE-SPACE: nowrap"><b>Item 2.02.&#160;&#160;Results of Operations and Financial Condition</b> </p>

<p style="TEXT-INDENT: 30px; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Attached as Exhibit 99.1 and incorporated herein by reference is a copy of the press release of Investors Title Company, dated August&#160;4, 2017, reporting Investors Title Company's financial results for the fiscal quarter ended June&#160;30, 2017. </p>

<p style="TEXT-INDENT: 30px; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The information in this Current Report is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing. </p>

<p style="WHITE-SPACE: nowrap"><b>Item 9.01.&#160;&#160;Financial Statements and Exhibits</b> </p>

<p style="TEXT-INDENT: 30px; WHITE-SPACE: nowrap">(d) Exhibits.&#160;&#160;The following exhibit accompanies this Report: </p>

<p>Exhibit 99.1 - Press Release of Investors Title Company dated August&#160;4, 2017. </p>

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<p style="TEXT-ALIGN: center"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">SIGNATURE</font> </p>

<p style="TEXT-INDENT: 30px"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font> </p>

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<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">INVESTORS TITLE COMPANY </p>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; PADDING-LEFT: 0px; WIDTH: 5%" valign="top">Date: </td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; PADDING-LEFT: 0px; WIDTH: 54%" valign="top">August 4, 2017 </td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; PADDING-LEFT: 0px; WIDTH: 3%" valign="middle">By: </td>
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<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">/s/ James A. Fine, Jr. </p>
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<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">James A. Fine, Jr. </p>
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<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">President, Principal Financial Officer and </p>
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<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">Principal Accounting Officer </p>
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<p style="TEXT-ALIGN: center">EXHIBIT INDEX </p>

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<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><u>Exhibit No.</u> </p>
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<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">Press release issued by Investors Title Company on August 4, 2017 </p>
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<TYPE>EX-99.1
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<FILENAME>a51631039ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
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<p style="TEXT-ALIGN: right"><b>Exhibit 99.1</b> </p>

<p style="TEXT-ALIGN: center"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><b>Investors Title Company Announces Record Second Quarter 2017 Financial Results</b></font> </p>

<p>CHAPEL HILL, N.C.--(BUSINESS WIRE)--August 4, 2017--Investors Title Company &#160;(NASDAQ: ITIC) today announced its results for the second quarter ended June 30, 2017. Net income attributable to the Company increased 25.3% to a new second quarter record of $5.7 million, or $2.99 per diluted share, versus $4.5 million, or $2.35 per diluted share, for the prior year period. </p>

<p>Revenues also set a new second quarter record, increasing 18.6% to $40.1 million, compared with $33.8 million in the prior year period. Net premiums written benefitted from higher real estate purchase volumes, partially offset by lower refinance activity. Rising average real estate values and new agency distribution also contributed to the increase in premiums. Other income sources, including revenue from ancillary services coincident with providing title insurance, increased 83.5% to $5.5 million. </p>

<p>Operating expenses increased 16.5% versus the prior year quarter, mainly driven by volume and higher payroll expense, but partially offset by lower claims expense. In addition, the inclusion of expenses for a title insurance agency acquired in the fourth quarter of 2016 contributed to the higher expense level. Agent commissions increased versus the prior year commensurate with the increase in agent premium volumes, while payroll expenses increased as a result of growth in our staff level, and increases in base and incentive compensation. The provision for claims was lower in the current quarter primarily due to fewer initial claim filings and favorable prior year loss development as compared to the prior year quarter. </p>

<p>For the six months ended June 30, 2017, net income attributable to the Company increased 60.0% to $10.2 million, or $5.35 per diluted share, versus $6.3 million, or $3.28 per diluted share, for the prior year period. Revenues increased 32.8% to $77.9 million, while operating expenses increased 27.4% to $63.1 million. Results for the first half of the year have been shaped predominantly by the same factors that affected the second quarter. </p>

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<p>Chairman J. Allen Fine added, &#8220;High levels of mortgage lending activity, coupled with favorable claims experience, resulted in the strongest second quarter in the Company&#8217;s history. Favorable economic conditions, as indicated by low unemployment rates and relatively high consumer confidence levels, have supported higher transaction volumes, in spite of certain headwinds such as supply constraints and recent policy actions by the Federal Reserve. Regardless of the ebbs and flows of the business cycle, however, we will remain focused on profitably growing our business by enhancing our competitive strengths and capitalizing on market opportunities.&#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 the 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, 2016, as filed with the Securities and Exchange Commission, and in subsequent filings. </p>

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</div>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 10px; FONT-SIZE: 8pt" id="zbfe362b43b5b457d8de2942ddca6ac41" cellspacing="0">
<tr>
<td></td>
<td>&#160; </td>
<td>&#160; </td>
<td colspan="8"></td>
<td>&#160; </td>
<td>&#160; </td>
<td colspan="7"></td>
</tr>

<tr>
<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px" valign="top" colspan="20">
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><b>Investors Title Company and Subsidiaries</b> </p>

<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><b>Consolidated Statements of Income</b> </p>

<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><i><b>For the Three and Six Months Ended June&#160;30, 2017 and 2016</b></i> </p>

<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 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="7">&#160; </td>
</tr>

<tr>
<td></td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="8">
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><b>Three Months Ended</b><br>
<b>June 30,</b> </p>
</td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="7">
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><b>Six Months Ended</b><br>
<b>June 30,</b> </p>
</td>
</tr>

<tr>
<td></td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="3"><b>2017</b> </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="3">2016 </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="3"><b>2017</b> </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">2016 </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px" valign="bottom"><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="2"></td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 15px" valign="bottom">Net premiums written </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>$</b> </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>33,450,241</b> </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">29,686,120 </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>$</b> </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>65,748,900</b> </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">51,051,450 </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 15px" valign="bottom">Investment income <b>&#8211;</b> interest and dividends </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>1,113,989</b> </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">1,167,005 </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>2,210,580</b> </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">2,318,016 </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 15px" valign="bottom">Net realized gain (loss) on investments </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>82,841</b> </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">(14,828 </td>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">) </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>186,180</b> </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">135,002 </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; PADDING-LEFT: 15px" valign="bottom">Other </td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>5,484,651</b> </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">2,989,414 </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>9,787,251</b> </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">5,185,265 </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; PADDING-LEFT: 30px" valign="bottom">Total Revenues </td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>40,131,722</b> </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">33,827,711 </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>77,932,911</b> </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">58,689,733 </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="2">&#160; </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px" valign="bottom"><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="2"></td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 15px" valign="bottom">Commissions to agents </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>16,597,590</b> </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">15,674,346 </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>32,928,700</b> </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">27,207,228 </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 15px" valign="bottom">Provision for claims </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>140,827</b> </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">647,912 </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>860,224</b> </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">663,871 </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 15px" valign="bottom">Salaries, employee benefits and payroll taxes </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>9,741,975</b> </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">7,173,198 </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>19,644,246</b> </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">14,645,149 </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 15px" valign="bottom">Office occupancy and operations </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>2,197,250</b> </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">1,535,902 </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>4,136,305</b> </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">3,029,762 </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 15px" valign="bottom">Business development </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>734,158</b> </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">606,258 </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>1,347,105</b> </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">1,086,648 </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 15px" valign="bottom">Filing fees, franchise and local taxes </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>578,008</b> </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">267,103 </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>731,564</b> </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">497,157 </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 15px" valign="bottom">Premium and retaliatory taxes </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>600,440</b> </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">574,249 </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>1,245,825</b> </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">886,080 </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 15px" valign="bottom">Professional and contract labor fees </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>488,464</b> </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">537,446 </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>927,640</b> </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">1,076,099 </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; PADDING-LEFT: 15px" valign="bottom">Other </td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>706,987</b> </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">269,250 </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>1,314,099</b> </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">472,231 </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; PADDING-LEFT: 30px" valign="bottom">Total Operating Expenses </td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>31,785,699</b> </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">27,285,664 </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>63,135,708</b> </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">49,564,225 </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="2">&#160; </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px" valign="bottom"><b>Income before Income Taxes</b> </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>8,346,023</b> </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">6,542,047 </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>14,797,203</b> </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">9,125,508 </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="2">&#160; </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; PADDING-LEFT: 0px" valign="bottom"><b>Provision for Income Taxes</b> </td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>2,672,000</b> </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">2,012,000 </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>4,657,000</b> </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">2,791,000 </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="2">&#160; </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px" valign="bottom"><b>Net Income</b> </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>5,674,023</b> </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">4,530,047 </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>10,140,203</b> </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">6,334,508 </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="2">&#160; </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; PADDING-LEFT: 0px" valign="bottom"><b>Net Loss (Gain) Attributable to Noncontrolling Interests</b> </td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>1,169</b> </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">(667 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">) </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>11,044</b> </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">8,912 </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="2">&#160; </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; PADDING-LEFT: 0px" valign="bottom"><b>Net Income Attributable to the Company</b> </td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>$</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>5,675,192</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">4,529,380 </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>$</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>10,151,247</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">6,343,420 </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="2">&#160; </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; PADDING-LEFT: 0px" valign="bottom"><b>Basic Earnings per Common Share</b> </td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>$</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>3.01</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">2.36 </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>$</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>5.38</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">3.29 </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="2">&#160; </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; PADDING-LEFT: 0px" valign="bottom"><b>Weighted Average Shares Outstanding &#8211; Basic</b> </td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>1,886,735</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">1,923,213 </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>1,886,161</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">1,928,766 </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="2">&#160; </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; PADDING-LEFT: 0px" valign="bottom"><b>Diluted Earnings per Common Share</b> </td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>$</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>2.99</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">2.35 </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>$</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>5.35</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">3.28 </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="2">&#160; </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; PADDING-LEFT: 0px" valign="bottom"><b>Weighted Average Shares Outstanding &#8211; Diluted</b> </td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>1,896,581</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">1,928,625 </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>1,895,840</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">1,935,325 </td>
</tr>

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

<div style="TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: left">&#160;</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 10px; FONT-SIZE: 8pt" id="ze7cf8eaad67c408b8217b6ebd81d3408" cellspacing="0">
<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 style="TEXT-ALIGN: center; PADDING-LEFT: 0px" valign="top" colspan="10">
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><b>Investors Title Company and Subsidiaries</b> </p>

<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><b>Consolidated Balance Sheets</b> </p>

<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><i><b>As of June&#160;30, 2017 and December&#160;31, 2016</b></i> </p>

<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 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 style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="3"><b>June 30,</b><br>
<b>2017</b> </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">December 31,<br>
 2016 </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px" valign="bottom"><b>Assets:</b> </td>
<td></td>
<td></td>
<td colspan="3"></td>
<td></td>
<td></td>
<td colspan="2"></td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 15px" valign="bottom">Investments in securities: </td>
<td></td>
<td></td>
<td colspan="3"></td>
<td></td>
<td></td>
<td colspan="2"></td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 30px" valign="bottom">Fixed maturities, available-for-sale, at fair value </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>$</b> </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>93,049,522</b> </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">101,934,077 </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 30px" valign="bottom">Equity securities, available-for-sale, at fair value </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>43,562,703</b> </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">41,179,259 </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 30px" valign="bottom">Short-term investments </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>17,845,956</b> </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">6,558,840 </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; PADDING-LEFT: 30px" valign="bottom">Other investments </td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>11,427,988</b> </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">11,181,531 </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; PADDING-LEFT: 45px" valign="bottom">Total investments </td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>165,886,169</b> </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">160,853,707 </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 style="TEXT-ALIGN: left; PADDING-LEFT: 15px" valign="bottom">Cash and cash equivalents </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>29,068,106</b> </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">27,928,472 </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 15px" valign="bottom">Premium and fees receivable </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>9,701,506</b> </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">8,654,161 </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 15px" valign="bottom">Accrued interest and dividends </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>912,316</b> </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">1,035,152 </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 15px" valign="bottom">Prepaid expenses and other assets </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>9,489,454</b> </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">9,456,523 </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 15px" valign="bottom">Property, net </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>10,018,368</b> </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">8,753,466 </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 15px" valign="bottom">Goodwill and other intangible assets, net </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>11,789,465</b> </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">12,256,641 </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; PADDING-LEFT: 15px" valign="bottom">Current income taxes receivable </td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>1,088,787</b> </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">&#8212; </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; PADDING-LEFT: 0px" valign="bottom"><b>Total Assets</b> </td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>$</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>237,954,171</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">228,938,122 </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 style="TEXT-ALIGN: left; PADDING-LEFT: 0px" valign="bottom"><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 style="TEXT-ALIGN: left; PADDING-LEFT: 0px" valign="bottom"><b>Liabilities:</b> </td>
<td></td>
<td></td>
<td colspan="3"></td>
<td></td>
<td></td>
<td colspan="2"></td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 15px" valign="bottom">Reserves for claims </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>$</b> </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>34,141,000</b> </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">35,305,000 </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 15px" valign="bottom">Accounts payable and accrued liabilities </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>24,322,986</b> </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">26,146,480 </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 15px" valign="bottom">Current income taxes payable </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>&#8212;</b> </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">1,232,432 </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; PADDING-LEFT: 15px" valign="bottom">Deferred income taxes, net </td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>13,259,875</b> </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">11,118,256 </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; PADDING-LEFT: 30px" valign="bottom">Total liabilities </td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>71,723,861</b> </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">73,802,168 </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 style="TEXT-ALIGN: left; PADDING-LEFT: 0px" valign="bottom"><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 style="TEXT-ALIGN: left; PADDING-LEFT: 15px" valign="bottom">Common stock <b>&#8211;</b> no par value (10,000,000 authorized shares; 1,887,256 and 1,884,283 shares issued and outstanding as of June 30, 2017 and December 31, 2016, respectively, excluding in each period 291,676 shares of common stock held by the Company's subsidiary) </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>1</b> </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">1 </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 15px" valign="bottom">Retained earnings </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>152,482,193</b> </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">143,283,621 </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; PADDING-LEFT: 15px" valign="bottom">Accumulated other comprehensive income </td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>13,668,275</b> </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">11,761,447 </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 30px" valign="bottom">Total stockholders&#8217; equity attributable to the Company </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>166,150,469</b> </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">155,045,069 </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; PADDING-LEFT: 15px" valign="bottom">Noncontrolling interests </td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>79,841</b> </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">90,885 </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; PADDING-LEFT: 30px" valign="bottom">Total stockholders&#8217; equity </td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>166,230,310</b> </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">155,135,954 </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; PADDING-LEFT: 0px" valign="bottom"><b>Total Liabilities and Stockholders&#8217; Equity</b> </td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>$</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>237,954,171</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">228,938,122 </td>
</tr>

<tr>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td>&#160; </td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: left">&#160;</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 10px; FONT-SIZE: 8pt" id="z6392e6f7b9a24a05a2b9e9a9d7bde269" cellspacing="0">
<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 style="TEXT-ALIGN: center; PADDING-LEFT: 0px" valign="top" colspan="33">
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><b>Investors Title Company and Subsidiaries</b> </p>

<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><b>Net Premiums Written By Branch and Agency</b> </p>

<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><i><b>For the Three and Six Months Ended June&#160;30, 2017 and 2016</b></i> </p>

<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 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 style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="14"><b>Three Months Ended June 30,</b> </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="14"><b>Six Months Ended June 30,</b> </td>
</tr>

<tr>
<td></td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="3"><b>2017</b> </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>%</b> </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="3">2016 </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">% </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="3"><b>2017</b> </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>%</b> </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="3">2016 </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">% </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px" valign="bottom"><b>Branch</b> </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>$</b> </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>9,619,869</b> </td>
<td></td>
<td>&#160; </td>
<td>&#160; </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>28.8</b> </td>
<td>&#160; </td>
<td>&#160; </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">8,236,630 </td>
<td></td>
<td>&#160; </td>
<td>&#160; </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">27.7 </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>$</b> </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>18,868,228</b> </td>
<td></td>
<td>&#160; </td>
<td>&#160; </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>28.7</b> </td>
<td>&#160; </td>
<td>&#160; </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">13,630,485 </td>
<td></td>
<td>&#160; </td>
<td>&#160; </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">26.7 </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 style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; PADDING-LEFT: 0px" valign="bottom"><b>Agency</b> </td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>23,830,372</b> </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>71.2</b> </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">21,449,490 </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">72.3 </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>46,880,672</b> </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>71.3</b> </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">37,420,965 </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">73.3 </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 style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; PADDING-LEFT: 0px" valign="bottom"><b>Total</b> </td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>$</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>33,450,241</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>100.0</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">29,686,120 </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">100.0 </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>$</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>65,748,900</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>100.0</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">51,051,450 </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">100.0 </td>
</tr>
</table>
</div>

<p></p>

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

<p></p>
</div>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
