months ended June 30, a 1.5 percent decline over the same period last year.

Basic earnings per share were $1.18 for the six months compared with $1.21 during the same period 1997. Total assets rose to $165.4 million from $155.5 million at the end of June, 1997. Net income declined mainly from increased expenses. Income increased by $488,195 to about $30 million. Expenses increased by $564,609 to about $25.1 million. Under expenses, claims and benefits increased by $417,460 to $17.9 million.

Gross premiums earned rose by about $610,000 to $30,791,315 while reinsurance payments edged up to $9,085,821.

Investment income rose $42,000 to $4,125,760 while commissions and other revenue declined by $133,000 to $4,209,566.

Shareholders' equity rose by more than $6 million to $66,123,478 and retained earnings increased by $6.21 million to $36.2 million.