Consolidated Statements of CashFlows  Investors Title Company and Subsidiaries CONSOLIDATED STATEMENTS OF CASH FLOWS Noncash Financing Activities: Bonuses and fees totaling $126,850, $191,623 and $144,594 were paid for the twelve months ended December 31, 2000, 1999 and 1994 respectively, by issuance of the Company's common stock. See notes to consolidated financial statements. for the Years Ended December 31, 2000, 1999 and 1998 2000 1999 Operating Activities: ARUN NANO EEE $3,140,463 $4,420,394 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 794,689 470,843 Amortization (accretion), net... (1,312) 34,195 Provision (benefit) for losses on premiums receivable. (50,000) - Provision for equipment disposal - - (Gain} loss on disposals of property ..... (4,523) 45,216 Net realized gain on sales of Investments .......... neuen (104,211) (418,395) Provision (benefit) for deferred income taxes. 149,987 6,390 Provision for claims... . 5,865,355 6,026,064 Payments of claims, net of recoveries (3,785,355) (3,524,064) Changes in assets and liabilities: (Increase) decrease in receivables and other assets ....... —— 50,734 1,421,796 Increase in accounts payable and accrued liabilities 357,098 302,134 Increase (decrease) in commissions and reinsurance payables.. . 14,143 124,007 Increase (decrease) in premium taxes payable... - 120,618) (257,269) Increase (decrease) in currant income taxes payable . 729,506 (912,787) Net cash provided by operating activities ........ nme 7,135,956 7,738,524 Investing Activities: Purchases of available-for-sale securities... Purchases of held-to-maturity securities .... - Proceeds from sales of available-forsale securities 3,347,164 1,948,391 Proceeds from sales of held-to-maturity securities . . 192,000 808,886 Purchases of property... eee ww (484,151) (3,077,730) Proceeds from disposals of propert — 33,825 24,520 Net cash used in investing activities we (4408456) (6,433,640) (7,497,294) (6,036,921) (100,986) Financing Activities: Repurchases of common stock, net............ Exercise of options.................. Dividends paid Net cash used in financing activities sues (2,103,967) (1,706,271) a 15,830 157,219 - (342,689) (342,689) an (2430,806) (1,891,741) Net Increase (Decrease) in Cash and Cash Equivalents ........... Cash and Cash Equivalents, Beginning of Year ........ Cash and Cash Equivalents, End of Year ...........—..... — 296,694 (587,057) . 7,554,297 8,141,354 see $ 7,850,991 $ 7,554,297 Supplemental Disclosures: Cash Paid During the Year for: Income taxes (net of refunds) ...........semnenneenennnnennnnennennmene $ 240,000 $ 2,947,000 $5,459,509 393,026 14,141 425,000 280,000 (16,182] (398,610) (1,238,097 8,094,950 (2,354,425, (2,237,678 189,430 (11,643 124,030 182,269 8,887,438 (4,354,272, {1,025,057 2,880,022 575,974 (1,187,008 30,928 (3,079,413, (374,845 227,686 (342,689 (489,848 5,318,177 2,823,177 $ 8,141,354 $ 3,293,000 © Investors Title Company  9