<SEC-DOCUMENT>0001157523-17-002968.txt : 20171102
<SEC-HEADER>0001157523-17-002968.hdr.sgml : 20171102
<ACCEPTANCE-DATETIME>20171102083141
ACCESSION NUMBER:		0001157523-17-002968
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20171102
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20171102
DATE AS OF CHANGE:		20171102

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:		171170859

	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>a51709535.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">Washington,
      D.C. &#160;20549</font><br><br>
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    <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>
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          &#160;
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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>November
            2, 2017</b></font>
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            <font style="font-family: Times New Roman; font-size: 10pt">Date
            of Report (Date of earliest event reported)</font>
          </p>
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          &#160;
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          &#160;
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        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black; width: 50%" valign="top">
          <p style="font-family: Times New Roman; font-size: 10pt">
            <font style="font-size: 14pt"><b>Investors Title Company</b></font>
          </p>
        </td>
        <td style="width: 25%">

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

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

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

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 33%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Zip Code)
          </p>
        </td>
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    <div style="text-align:center">
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      <tr>
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          &#160;
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        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-color: black; width: 50%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(919) 968-2200</b>
          </p>
        </td>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            Registrant's telephone number, including area code
          </p>
        </td>
        <td style="width: 25%">

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

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

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

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

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

        </div>
      </div>
    </div>
    <p style="white-space: nowrap">

    </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 November&#160;2, 2017,
      reporting Investors Title Company's financial results for the fiscal
      quarter ended September&#160;30, 2017.
    </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">
      (d) Exhibits.&#160;&#160;The following exhibit accompanies this Report:
    </p>
    <p>
      Exhibit 99.1 - Press Release of Investors Title Company dated
      November&#160;2, 2017.
    </p>
    <p>

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

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

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

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

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt">SIGNATURE</font>
    </p>
    <p style="text-indent: 30.0px">
      <font style="font-family: Times New Roman; font-size: 10pt">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
    <div style="text-align:center">
    <table style="font-family: Times New Roman; margin-bottom: 10.0px; font-size: 10pt; margin-left:auto;margin-right:auto; width: 100%" cellspacing="0">
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        </td>
        <td style="width: 54%">

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

        </td>
        <td style="width: 54%">

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

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        <td style="padding-left: 0.0px; text-align: left; width: 38%" valign="top">
          &#160;
        </td>
      </tr>
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        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left; width: 5%" valign="top">
          Date:
        </td>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left; width: 54%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            November 2, 2017
          </p>
        </td>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left; width: 3%" valign="middle">
          By:
        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black; width: 38%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ James A. Fine, Jr.
          </p>
        </td>
      </tr>
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        <td style="width: 5%">

        </td>
        <td style="width: 54%">

        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 3%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 38%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            James A. Fine, Jr.
          </p>
        </td>
      </tr>
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        <td style="width: 5%">

        </td>
        <td style="width: 54%">

        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 3%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 38%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            President, Principal Financial Officer and
          </p>
        </td>
      </tr>
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        <td style="width: 5%">

        </td>
        <td style="width: 54%">

        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 3%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 38%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Principal Accounting Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

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

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

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

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

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

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 82%" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left; width: 18%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <a href="a51709535ex99_1.htm">99.1</a>
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 82%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <a href="a51709535ex99_1.htm">Press release issued by Investors
            Title Company on November 2, 2017</a>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51709535ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
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    <title></title>
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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 Third Quarter 2017 Financial Results</b></font>
    </p>
    <p>
      CHAPEL HILL, N.C.--(BUSINESS WIRE)--November 2, 2017--Investors Title
      Company (NASDAQ: ITIC) today announced its results for the third quarter
      ended September 30, 2017. Net income attributable to the Company was
      $5.9 million, or $3.13 per diluted share, versus $8.1 million, or $4.29
      per diluted share, for the prior year period. The Company set an
      all-time quarterly record for revenues and net premiums written. In
      addition, earnings for the current quarter were the second highest in
      the Company&#8217;s history.
    </p>
    <p>
      Revenues increased 5.2% to $43.1 million, compared with $41.0 million in
      the prior year quarter. Net premiums written increased 1.0%, primarily
      due to a higher level of purchase transactions, business from new
      agencies, and higher average real estate values, partially offset by a
      decrease in the level of refinance activity. Other income sources,
      including revenue from ancillary services coincident with providing
      title insurance, increased 49.7% to $4.6 million.
    </p>
    <p>
      Operating expenses increased 15.5% versus the prior year quarter, mainly
      as a result of increases in the provision for claims stemming from
      recognition of favorable loss development in the prior year quarter that
      did not repeat in the current year quarter. In addition, the inclusion
      of expenses for a title insurance agency acquired in the fourth quarter
      of 2016 contributed to the higher level of expenses. Excluding these two
      factors, most expense categories were largely in line with the prior
      year period.
    </p>
    <p>
      For the nine months ended September 30, 2017, net income attributable to
      the Company increased 11.1% to $16.1 million, or $8.48 per diluted
      share, versus $14.5 million, or $7.53 per diluted share, for the prior
      year period. Revenues increased 21.4% to $121.1 million, from increases
      in premiums written due to higher transaction volumes, higher real
      estate values, and from increases in other income sources. Operating
      expenses increased 22.9% to $97.4 million, mainly due to the same
      factors that affected the third quarter.
    </p>
    <p>
      Chairman J. Allen Fine added, &#8220;We are pleased to report another quarter
      of solid operating results. Against the backdrop of historically low
      interest rates and a strengthening economy, strong transaction volumes
      in our core markets, coupled with higher home prices and new agency
      distribution, resulted in the highest quarterly revenue level in the
      Company&#8217;s history.
    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; width: 100%">
      <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>
      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>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; margin-bottom: 10.0px; font-size: 8pt; width: 100%" cellspacing="0">
      <tr>
        <td colspan="21">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="21" style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Investors Title Company and Subsidiaries</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Consolidated Statements of Income</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i><b>For the Three and Nine Months Ended September&#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 colspan="21">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="8" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-color: black" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Three Months Ended</b><br><b>September 30,</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="8" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-color: black" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Nine Months Ended</b><br><b>September 30,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-color: black" valign="bottom">
          <b>2017</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="3" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-color: black" valign="bottom">
          2016
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="3" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-color: black" valign="bottom">
          <b>2017</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="3" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-color: black" valign="bottom">
          2016
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" 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>
          &#160;
        </td>
        <td colspan="3">

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>36,612,558</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          36,306,522
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>102,918,454</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          87,357,972
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Investment income <b>&#8211;</b> interest and dividends
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>1,087,054</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,160,983
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>3,297,634</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          3,478,999
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>803,938</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          439,326
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>990,118</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          574,328
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>4,633,915</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          3,094,874
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>13,864,170</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          8,280,139
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left" valign="bottom">
          Total Revenues
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>43,137,465</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          41,001,705
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>121,070,376</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          99,691,438
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td 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 style="padding-left: 0.0px; text-align: left" 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="3">

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

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>17,641,272</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          18,739,151
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>50,569,972</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          45,946,379
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>1,854,493</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (1,067,853
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>2,714,717</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (403,982
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Salaries, employee benefits and payroll taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>9,820,578</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          8,300,823
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>29,464,824</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          22,945,972
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>2,309,575</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,496,948
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>6,445,880</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          4,526,710
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>639,923</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          608,532
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>1,987,028</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,695,180
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>203,912</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          191,574
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>935,476</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          688,731
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>673,126</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          673,551
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>1,918,951</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,559,631
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>447,651</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          523,504
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>1,375,291</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,599,603
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>630,320</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          157,308
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>1,944,419</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          629,539
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left" valign="bottom">
          Total Operating Expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>34,220,850</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          29,623,538
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>97,356,558</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          79,187,763
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td 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 style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Income before Income Taxes</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>8,916,615</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          11,378,167
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>23,713,818</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          20,503,675
        </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 style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Provision for Income Taxes</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>2,990,000</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          3,249,000
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>7,647,000</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          6,040,000
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>5,926,615</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          8,129,167
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>16,066,818</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          14,463,675
        </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 style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Net (Gain) Loss Attributable to Noncontrolling Interests</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>(158</b>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: left; border-bottom-color: black" valign="bottom">
          <b>)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          (2,228
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: left; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>10,886</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          6,684
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>5,926,457</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          8,126,939
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>16,077,704</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          14,470,359
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>3.14</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          4.30
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>8.52</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          7.55
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>1,887,103</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          1,888,870
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>1,886,474</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          1,915,468
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>3.13</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          4.29
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>8.48</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          7.53
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>1,896,229</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          1,895,592
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>1,895,957</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          1,921,999
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td 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">

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

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; margin-bottom: 10.0px; font-size: 8pt; width: 100%" cellspacing="0">
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="9" style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Investors Title Company and Subsidiaries</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Consolidated Balance Sheets</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i><b>As of September&#160;30, 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 colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-color: black" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>September 30,</b><br><b>2017</b>
          </p>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-color: black" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            December 31,<br>2016
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Assets:</b>
        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>100,730,446</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          101,934,077
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Equity securities, available-for-sale, at fair value
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>45,116,461</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          41,179,259
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Short-term investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>20,692,763</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          6,558,840
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left" valign="bottom">
          Other investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>11,514,780</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          11,181,531
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 50.0px; text-align: left" valign="bottom">
          Total investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>178,054,450</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          160,853,707
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>30,890,785</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          27,928,472
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Premium and fees receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>10,260,167</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          8,654,161
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Accrued interest and dividends
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>1,323,598</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,035,152
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Prepaid expenses and other assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>9,211,784</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          9,456,523
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Property, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>10,029,847</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          8,753,466
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Goodwill and other intangible assets, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>11,785,945</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          12,256,641
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left" valign="bottom">
          Current income taxes receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>1,641,144</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          &#8212;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Total Assets</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>253,197,720</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          228,938,122
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>35,207,000</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          35,305,000
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Accounts payable and accrued liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>31,462,305</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          26,146,480
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Current income taxes payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>&#8212;</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,232,432
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left" valign="bottom">
          Deferred income taxes, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>14,397,180</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          11,118,256
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left" valign="bottom">
          Total liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>81,066,485</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          73,802,168
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Common stock <b>&#8211;</b> no par value (10,000,000 authorized
            shares; 1,887,026 and 1,884,283 shares issued and outstanding as
            of September 30, 2017 and December 31, 2016, respectively,
            excluding in each period 291,676 shares of common stock held by
            the Company&#8217;s subsidiary)
          </p>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>157,675,541</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          143,283,621
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left" valign="bottom">
          Accumulated other comprehensive income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>14,375,694</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          11,761,447
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Total stockholders&#8217; equity attributable to the Company
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>172,051,236</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          155,045,069
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left" valign="bottom">
          Noncontrolling interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>79,999</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          90,885
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left" valign="bottom">
          Total stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>172,131,235</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          155,135,954
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Total Liabilities and Stockholders&#8217; Equity</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>253,197,720</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" 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>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; margin-bottom: 10.0px; font-size: 8pt; width: 100%" cellspacing="0">
      <tr>
        <td colspan="29">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="29" style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Investors Title Company and Subsidiaries</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Net Premiums Written By Branch and Agency</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i><b>For the Three and Nine Months Ended September&#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 colspan="29">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="12" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-color: black" valign="bottom">
          <b>Three Months Ended September 30,</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="12" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-color: black" valign="bottom">
          <b>Nine Months Ended September 30,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-color: black" valign="bottom">
          <b>2017</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-color: black" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-color: black" valign="bottom">
          2016
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-color: black" valign="bottom">
          %
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-color: black" valign="bottom">
          <b>2017</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-color: black" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-color: black" valign="bottom">
          2016
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-color: black" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Branch</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>10,871,775</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>29.7</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          10,672,619
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          29.4
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>30,296,701</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>29.4</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          24,303,104
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          27.8
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>25,740,783</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>70.3</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          25,633,903
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          70.6
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>72,621,753</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>70.6</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          63,054,868
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          72.2
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>36,612,558</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>100.0</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          36,306,522
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          100.0
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>102,918,454</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          <b>100.0</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          87,357,972
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          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>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
