<SEC-DOCUMENT>0001157523-18-001715.txt : 20180806
<SEC-HEADER>0001157523-18-001715.hdr.sgml : 20180806
<ACCEPTANCE-DATETIME>20180806083123
ACCESSION NUMBER:		0001157523-18-001715
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180806
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180806
DATE AS OF CHANGE:		20180806

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:		18993546

	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>a51848075.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>
    </p>
    <p style="text-align: center">
      <br>
      <font style="font-size: 14pt"><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>
    </p>
    <p style="text-align: center">

    </p>
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    <table cellspacing="0" style="font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%">
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          &#160;
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        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid; width: 50%">
          <b>August 6, 2018</b>
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          Date of Report (Date of earliest event reported)
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          &#160;
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          &#160;
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        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid; width: 50%">
          <b>Investors Title Company</b>
        </td>
        <td style="width: 25%">

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

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; width: 50%">
          (Exact name of registrant as specified in its charter)
        </td>
        <td style="width: 25%">

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

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          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>North Carolina</b>
          </p>
        </td>
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          &#160;
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          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>0-11774</b>
          </p>
        </td>
        <td style="width: 3%">
          &#160;
        </td>
        <td valign="top" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid; width: 30%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>56-1110199</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center; width: 30%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (State or Other Jurisdiction of
          </p>
        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; width: 34%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Commission
          </p>
        </td>
        <td style="width: 3%">

        </td>
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          <p style="margin-bottom: 0px; margin-top: 0px">
            (I.R.S. Employer
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        <td valign="top" style="padding-left: 0.0px; text-align: center; width: 30%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Incorporation or Organization)
          </p>
        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; width: 34%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            File Number)
          </p>
        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; width: 30%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

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    <table cellspacing="0" style="font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%">
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; width: 40%">
          <b>121 North Columbia Street</b>
        </td>
        <td style="width: 20%">
          &#160;
        </td>
        <td style="width: 40%">

        </td>
      </tr>
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        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid; width: 40%">
          <b>Chapel Hill, North Carolina</b>
        </td>
        <td style="width: 20%">

        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid; width: 40%">
          <b>27514</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; width: 40%">
          (Address of Principal Executive Offices)
        </td>
        <td style="width: 20%">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; width: 40%">
          (Zip Code)
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="font-size: 10pt; margin-bottom: 10.0px; margin-left:auto;margin-right:auto; font-family: Times New Roman; width: 100%">
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          &#160;
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          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(919) 968-2200</b>
          </p>
        </td>
        <td style="width: 25%">

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

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

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

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

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

    </p>
    <p style="white-space: nowrap">
      <b>Item 2.02.&#160;&#160;Results of Operations and Financial Condition</b>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt; font-family: Times New Roman">
      Attached as Exhibit 99.1 and incorporated herein by reference is a copy
      of the press release of Investors Title Company, dated August&#160;6, 2018,
      reporting Investors Title Company's financial results for the fiscal
      quarter ended June&#160;30, 2018.
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt; font-family: Times New Roman">
      The information in this Current Report is being furnished and shall not
      be deemed &quot;filed&quot; for the purposes of Section 18 of the Securities
      Exchange Act of 1934 (the &quot;Exchange Act&quot;), or otherwise subject to the
      liabilities of that Section, nor shall it be deemed to be incorporated
      by reference in any filing under the Securities Act of 1933 or the
      Exchange Act, regardless of any general incorporation language in such
      filing.
    </p>
    <p style="white-space: nowrap">
      <b>Item 9.01.&#160;&#160;Financial Statements and Exhibits</b>
    </p>
    <p style="text-indent: 30.0px; white-space: nowrap">
      (d) Exhibits.&#160;&#160;The following exhibit accompanies this Report:
    </p>
    <p>
      Exhibit 99.1 - Press Release of Investors Title Company dated August&#160;6,
      2018.
    </p>
    <div style="margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%">
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        <div style="text-align: left">

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

        </div>
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          <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 cellspacing="0" style="font-size: 10pt; margin-bottom: 10.0px; margin-left:auto;margin-right:auto; font-family: Times New Roman; width: 100%">
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        </td>
        <td style="width: 54%">

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

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

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

        </td>
        <td style="width: 38%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 5%; padding-bottom: 2.0px">
          Date:
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 54%; padding-bottom: 2.0px">
          August 6, 2018
        </td>
        <td valign="middle" style="padding-left: 0.0px; text-align: left; width: 3%; padding-bottom: 2.0px">
          By:
        </td>
        <td valign="top" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; width: 38%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            /s/ James A. Fine, Jr.
          </p>
        </td>
      </tr>
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        <td style="width: 5%">

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

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

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

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

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

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

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

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 82%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left; width: 18%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <a href="a51848075ex99_1.htm">99.1</a>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 82%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <a href="a51848075ex99_1.htm">Press release issued by Investors
            Title Company on August 6, 2018</a>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51848075ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2018 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Investors
      Title Company Announces Record Second Quarter 2018 Financial Results</b></font>
    </p>
    <p style="text-align: center">

    </p>
    <p>
      CHAPEL HILL, N.C.--(BUSINESS WIRE)--August 6, 2018--Investors Title
      Company (NASDAQ: ITIC) today announced its results for the second
      quarter ended June 30, 2018. Net income attributable to the Company
      increased 22.4% to a new second quarter record of $6.9 million, or $3.66
      per diluted share, versus $5.7 million, or $2.99 per diluted share, for
      the prior year period.
    </p>
    <p>
      Revenues also set a new second quarter record, increasing 4.5% to $41.9
      million, compared with $40.1 million in the prior year period. Net
      premiums written increased due to higher real estate values, as well as
      a shift to higher-premium purchase activity, which offset the decline in
      refinance activity that has occurred over the past year. Other
      investment income increased primarily due to higher earnings from
      partnership investments. Implementation of a new accounting standard in
      2018 resulted in recognition of a $0.3 million net unrealized gain on
      equity investments.
    </p>
    <p>
      Operating expenses increased 4.2% versus the prior year quarter, mainly
      driven by higher personnel and claims expenses. Personnel costs
      increased as a result of higher staffing levels related to the support
      of growth, increases in contract services related to software
      initiatives, and normal inflationary increases in salaries and benefits.
      The provision for claims was higher in the current quarter mainly due to
      comparison to a prior year period which included a significant amount of
      favorable loss development from earlier policy years. In addition, the
      Company&#8217;s net income benefitted from recent tax reform legislation.
    </p>
    <p>
      For the six months ended June 30, 2018, net income attributable to the
      Company increased 9.6% to $11.1 million, or $5.87 per diluted share,
      versus $10.2 million, or $5.35 per diluted share, for the prior year
      period. Revenues decreased 2.8% to $75.7 million, while operating
      expenses decreased 2.3% to $61.7 million. Results for the first half of
      the year have been shaped predominantly by the same factors that
      affected the second quarter, with the exception of more favorable claims
      experience for the six months ended June 30, 2018 versus the prior year
      period.
    </p>
    <div style="margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt; margin-left: 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>
      Chairman J. Allen Fine added, &#8220;We are pleased to report a record level
      of revenue and earnings for the second quarter. Revenue growth from
      purchase activity was strong enough to offset the impact of lower levels
      of refinance activity. In addition, we continued to benefit from stable
      levels of claims experience. We remain optimistic that low unemployment
      levels and wage growth will continue to offset headwinds resulting from
      the effects of rising interest rates and housing supply constraints,
      resulting in another strong year for real estate, mortgage lending, and
      title insurance.&#8221;
    </p>
    <p>
      Investors Title Company&#8217;s subsidiaries issue and underwrite title
      insurance policies. The Company also provides investment management
      services and services in connection with tax-deferred exchanges of
      like-kind property.
    </p>
    <p>
      Certain statements contained herein constitute forward-looking
      statements within the meaning of the Private Securities Litigation
      Reform Act of 1995. Such statements include, among others, any
      statements regarding the Company&#8217;s expected performance for this year,
      future home price fluctuations, changes in home purchase or refinance
      activity and the mix thereof, interest rate changes, expansion of the
      Company&#8217;s market presence, enhancing competitive strengths, positive
      development in housing affordability, wages, 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, 2017, as filed with the
      Securities and Exchange Commission, and in subsequent filings.
    </p>
    <div style="margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt; margin-left: 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 cellspacing="0" style="margin-right: 0; font-size: 8pt; margin-bottom: 10.0px; margin-left: 0; font-family: Times New Roman; width: 100%">
      <tr>
        <td colspan="23">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="23">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="23">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="23" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Investors Title Company and Subsidiaries</b><br><b>Consolidated
            Statements of Income</b><br><i><b>For the Three and Six Months
            Ended June&#160;30, 2018 and 2017</b></i><br><i><b>(in thousands,
            except per share amounts)</b></i><br><i><b>(unaudited)</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="23">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid">
          <b>2018</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="3" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid">
          2017
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="3" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid">
          <b>2018</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="3" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid">
          2017
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Revenues:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>35,142</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          34,672
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>64,701</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          67,410
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Escrow and other title-related fees
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>2,149</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          1,942
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>3,653</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          3,957
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Non-title services
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>1,696</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          1,515
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>3,288</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          2,878
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>1,125</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          1,114
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>2,243</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>1,181</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          766
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>1,450</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          83
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          186
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>348</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>(294</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          <b>)</b>
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          <b>7</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          33
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          <b>230</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          281
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 30.0px; text-align: left; padding-bottom: 2.0px">
          Total Revenues
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          <b>41,936</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          40,125
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          <b>75,712</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          77,918
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>16,427</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          16,598
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>30,452</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          32,929
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>564</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          140
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>(842</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          <b>)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          860
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>10,798</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          9,942
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>22,138</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          19,900
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          1,984
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>4,395</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          3,923
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          <b>3,007</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          3,115
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          <b>5,530</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          5,509
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 30.0px; text-align: left; padding-bottom: 2.0px">
          Total Operating Expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          <b>33,122</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          31,779
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          <b>61,673</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          63,121
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>8,814</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          8,346
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>14,039</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          14,797
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          <b>1,894</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          2,672
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          <b>2,946</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          4,657
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>6,920</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          5,674
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>11,093</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          10,140
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          <b>27</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          1
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          <b>30</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          11
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          <b>6,947</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          5,675
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          <b>11,123</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          10,151
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          <b>3.68</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          3.01
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          <b>5.90</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          5.38
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          <b>3.66</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          2.99
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          <b>5.87</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          5.35
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          <b>1,897</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          1,897
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          <b>1,896</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          1,896
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt; margin-left: 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 cellspacing="0" style="margin-right: 0; font-size: 8pt; margin-bottom: 10.0px; margin-left: 0; font-family: Times New Roman; width: 100%">
      <tr>
        <td colspan="15">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="15">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="15">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="16" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Investors Title Company and Subsidiaries</b><br><b>Consolidated
            Balance Sheets</b><br><i><b>As of June&#160;30, 2018 and December&#160;31,
            2017</b></i><br><i><b>(in thousands)</b></i><br><i><b>(unaudited)</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="15">

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

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="6" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>June 30,</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>2018</b>
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="3" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid">
          <p style="margin-bottom: 0px; margin-top: 0px">
            December 31,
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            2017
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Assets</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="6">

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="6">

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>29,289</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          20,214
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="6">

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="6">

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Fixed maturities, available-for-sale, at fair value
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>94,578</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          103,341
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Equity securities, at fair value
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>48,026</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          47,367
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Short-term investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>24,950</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          23,780
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          <b>11,622</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          12,032
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 30.0px; text-align: left; padding-bottom: 2.0px">
          Total investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          <b>179,176</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          186,520
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="6">

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Premiums and fees receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>11,008</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          10,031
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Accrued interest and dividends
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>1,015</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          1,100
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Prepaid expenses and other receivables
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>7,974</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          7,730
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Property, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>10,820</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          10,173
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Goodwill and other intangible assets, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>11,032</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          11,357
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>1,457</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          1,403
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Current income taxes receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          <b>1,427</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          385
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 30.0px; text-align: left; padding-bottom: 4.0px">
          Total Assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          <b>$</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          <b>253,198</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          248,913
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="6">

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="6">

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="6">

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="6">

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>32,484</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          34,801
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Accounts payable and accrued liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>25,140</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          27,565
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left; padding-bottom: 2.0px">
          Deferred income taxes, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          <b>9,461</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          8,626
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 30.0px; text-align: left; padding-bottom: 2.0px">
          Total liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          <b>67,085</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          70,992
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="6">

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="6">

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Common stock &#8211; no par value (10,000 authorized shares; 1,887 and
            1,886 shares issued and outstanding as of June 30, 2018 and
            December 31, 2017, respectively, excluding in each period 292
            shares of common stock held by the Company's subsidiary)
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>&#8212;</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>185,252</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          161,891
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          <b>806</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          15,945
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 30.0px; text-align: left">
          Total stockholders&#8217; equity attributable to the Company
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>186,058</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          177,836
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          <b>55</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          85
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 30.0px; text-align: left; padding-bottom: 2.0px">
          Total stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          <b>186,113</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          177,921
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 30.0px; text-align: left; padding-bottom: 4.0px">
          Total Liabilities and Stockholders&#8217; Equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          <b>$</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          <b>253,198</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          248,913
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt; margin-left: 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 cellspacing="0" style="margin-right: 0; font-size: 8pt; margin-bottom: 10.0px; margin-left: 0; font-family: Times New Roman; width: 100%">
      <tr>
        <td colspan="39">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="39">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="39">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="39" valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Investors Title Company and Subsidiaries</b><br><b>Net Premiums
            Written By Branch and Agency</b><br><i><b>For the Three and Six
            Months Ended June&#160;30, 2018 and 2017</b></i><br><i><b>(in
            thousands)</b></i><br><i><b>(unaudited)</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="39">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="16" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid">
          <b>Three Months Ended June 30,</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="16" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid">
          <b>Six Months Ended June 30,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid">
          <b>2018</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid">
          <b>%</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="3" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid">
          2017
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid">
          %
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="3" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid">
          <b>2018</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid">
          <b>%</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="3" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid">
          2017
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid">
          %
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Branch</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>10,736</b>
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>30.6</b>
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          10,394
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          30.0
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>19,353</b>
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>29.9</b>
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          19,677
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          29.2
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          <b>24,406</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          <b>69.4</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          24,278
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          70.0
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          <b>45,348</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          <b>70.1</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          47,733
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid">
          70.8
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          <b>35,142</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          <b>100.0</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          34,672
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          100.0
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          <b>64,701</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          <b>100.0</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          67,410
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double">
          100.0
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="39">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="39">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="39">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="39">
          &#160;
        </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>
