Current Report Filing (8-k)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

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FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

	August 5, 2015
	Date of Report (Date of earliest event reported)
	INVESTORS TITLE COMPANY
	(Exact name of Registrant as specified in its charter)

North Carolina	0-11774	56-1110199
(State or Other Jurisdiction of	(Commission	(I.R.S. Employer
Incorporation or Organization)	File Number)	Identification No.)
121 North Columbia Street
Chapel Hill, North Carolina		27514
(Address of Principal Executive Offices)		(Zip Code)

	[phone]
	Registrant's telephone number, including area code

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:

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Item 2.02.  Results of Operations and Financial Condition

Attached as Exhibit 99.1 and incorporated herein by reference is a copy of the press release of Investors Title Company, dated August 5, 2015, reporting Investors Title Company's financial results for the fiscal quarter ended June 30, 2015.

The information in this Current Report is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01.  Financial Statements and Exhibits

(c) Exhibits.  The following exhibit accompanies this Report:

Exhibit 99.1 – Press Release of Investors Title Company dated August 5, 2015.

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SIGNATURE

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.

				INVESTORS TITLE COMPANY
Date:	August 5, 2015		By:	/s/ James A. Fine, Jr.
				James A. Fine, Jr.
				President, Treasurer and
				Chief Financial Officer

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EXHIBIT INDEX

Exhibit No.	Description
99.1	Press release issued by Investors Title Company on August 5, 2015

Exhibit 99.1

Investors Title Company Announces Second Quarter 2015 Results

CHAPEL HILL, N.C.--(BUSINESS WIRE)--August 5, 2015--Investors Title Company today announced its results for the second quarter ended June 30, 2015. Net income attributable to the Company increased 22.1% to $4,120,497, or $2.05 per diluted share, compared with $3,373,598, or $1.65 per diluted share, for the prior year quarter.

Revenues increased 6.8% to $35,481,807 versus the prior year quarter, primarily due to net realized gains on investments and increases in other revenues. Net premiums written also increased 2.1% to a quarterly record level of $30,464,581, even as a greater share of our policy volume originated in markets with lower average premium rates versus the prior year quarter. Real estate activity was up significantly for the quarter, driven by higher levels of home purchases and increases in mortgage refinances versus the prior year quarter.

Operating expenses increased 4.0% to $29,695,310 versus the prior year quarter, primarily due to an increase in the provision for claims, stemming from recognition of favorable loss development in the prior year. The increase in the provision for claims was partially offset by a decrease in agent commissions, reflecting a higher proportion of business written in markets with direct operations. Payroll expenses were up 6.4% to $6,866,632 due to normal inflationary increases in compensation and benefit costs, and higher staffing levels to support ongoing software development activities.

For the six months ended June 30, 2015, net income attributable to the Company increased 34.1% to $5,846,621, or $2.90 per diluted share, compared with $4,360,036, or $2.14 per diluted share, for the prior year period. Revenues increased 3.4% to $63,783,616 versus the prior year period, while operating expenses were virtually flat at $55,627,995. Results for the first half of the year have been shaped predominantly by the same factors that affected the second quarter.

Chairman J. Allen Fine added, “Purchase activity improved substantially for the first half of 2015 across all of our markets, driven partly by an increase in the share of first-time buyers, as well as continuing trends of increases in the rate of existing home sales and higher levels of home prices. With positive trends in housing affordability, unemployment, and overall economic conditions, we are optimistic that recent levels of real estate activity will continue. Over the long term, we remain focused on enhancing our competitive strengths and profitably expanding our market presence.”

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Investors Title Company’s subsidiaries issue and underwrite title insurance policies. The Company also provides investment management services to individuals, companies, banks and trusts, as well as services in connection with tax-deferred exchanges of like-kind property.

Certain statements contained herein may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, among others, any statements regarding future home price increases, changes in home purchase or refinance activity, interest rate changes, expansion of the Company’s market presence, enhancing competitive strengths, positive developments in housing affordability, unemployment or overall economic conditions or statements regarding our actuarial assumptions and the application of recent historical claims experience to future periods. These statements involve a number of risks and uncertainties that could cause actual results to differ materially from anticipated and historical results. Such risks and uncertainties include, without limitation: the cyclical demand for title insurance due to changes in the residential and commercial real estate markets; the occurrence of fraud, defalcation or misconduct; variances between actual claims experience and underwriting and reserving assumptions, including the limited predictive power of historical claims experience; declines in the performance of the Company’s investments; government regulation; changes in the economy and other considerations set forth under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, as filed with the Securities and Exchange Commission, and in subsequent filings.

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Investors Title Company and Subsidiaries Consolidated Statements of Income For the Three and Six Months Ended June 30, 2015 and 2014
		Three Months Ended June 30,								Six Months Ended June 30,
		2015				2014				2015				2014
Revenues:
Net premiums written		$	30,464,581			$	29,849,853			$	55,426,622			$	54,759,105
Investment income - interest and dividends		1,131,487				1,039,435				2,309,526				2,065,851
Net realized gain on investments		925,164				92,082				939,967				584,219
Other		2,960,575				2,240,183				5,107,501				4,266,452
Total Revenues		35,481,807				33,221,553				63,783,616				61,675,627
Operating Expenses:
Commissions to agents		16,898,691				18,346,381				31,495,230				33,802,659
Provision for claims		2,130,810				294,281				2,917,422				2,669,664
Salaries, employee benefits and payroll taxes		6,866,632				6,454,930				14,144,081				12,640,691
Office occupancy and operations		1,443,297				1,246,644				2,747,518				2,426,971
Business development		578,194				511,763				1,065,169				1,029,657
Filing fees, franchise and local taxes		221,098				225,343				437,741				414,943
Premium and retaliatory taxes		634,747				546,091				1,111,338				840,565
Professional and contract labor fees		680,483				666,909				1,264,590				1,354,967
Other		241,358				250,167				444,906				459,951
Total Operating Expenses		29,695,310				28,542,509				55,627,995				55,640,068
Income before Income Taxes		5,786,497				4,679,044				8,155,621				6,035,559
Provision for Income Taxes		1,666,000				1,281,000				2,309,000				1,652,000
Net Income		4,120,497				3,398,044				5,846,621				4,383,559
Net Income Attributable to Redeemable Noncontrolling Interest		—				(24,446		)		—				(23,523		)
Net Income Attributable to the Company		$	4,120,497			$	3,373,598			$	5,846,621			$	4,360,036
Basic Earnings per Common Share		$	2.06			$	1.66			$	2.91			$	2.14
Weighted Average Shares Outstanding – Basic		2,004,698				2,034,931				2,008,718				2,036,047
Diluted Earnings per Common Share		$	2.05			$	1.65			$	2.90			$	2.14
Weighted Average Shares Outstanding – Diluted		2,009,495				2,039,202				2,013,878				2,041,268

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Investors Title Company and Subsidiaries Consolidated Balance Sheets As of June 30, 2015 and December 31, 2014 (Unaudited)
		June 30, 2015				December 31, 2014
Assets:
Investments in securities:
Fixed maturities, available-for-sale, at fair value		$	101,686,777			$	109,048,290
Equity securities, available-for-sale, at fair value		38,237,742				39,254,981
Short-term investments		8,588,140				2,576,993
Other investments		8,397,014				8,530,929
Total investments		156,909,673				159,411,193
Cash and cash equivalents		18,823,257				15,826,515
Premium and fees receivable		9,380,604				8,544,183
Accrued interest and dividends		1,039,031				1,063,837
Prepaid expenses and other assets		7,925,283				7,732,677
Property, net		6,121,707				5,460,805
Total Assets		$	200,199,555			$	198,039,210
Liabilities and Stockholders’ Equity
Liabilities:
Reserves for claims		$	38,125,000			$	36,677,000
Accounts payable and accrued liabilities		16,900,157				18,290,819
Current income taxes payable		423,908				92,192
Deferred income taxes, net		5,091,797				5,415,493
Total liabilities		60,540,862				60,475,504
Stockholders’ Equity:
Common stock - no par value (10,000,000 authorized shares; 2,001,030 and 2,023,270  shares issued and outstanding 2015 and 2014, respectively, excluding 291,676 shares for  2015 and 2014 of common stock held by the Company's subsidiary)		1				1
Retained earnings		128,634,895				124,707,196
Accumulated other comprehensive income		11,023,797				12,856,509
Total stockholders’ equity		139,658,693				137,563,706
Total Liabilities and Stockholders’ Equity		$	200,199,555			$	198,039,210

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Investors Title Company and Subsidiaries Net Premiums Written By Branch and Agency For the Three and Six Months Ended June 30, 2015 and 2014
		Three Months Ended June 30,												Six Months Ended June 30,
		2015				%		2014				%		2015				%		2014				%
Branch		$	7,707,773			25.3		$	6,275,362			21.0		$	13,313,537			24.0		$	11,107,041			20.3
Agency		22,756,808				74.7		23,574,491				79.0		42,113,085				76.0		43,652,064				79.7
Total		$	30,464,581			100.0		$	29,849,853			100.0		$	55,426,622			100.0		$	54,759,105			100.0

CONTACT:
Investors Title Company
Elizabeth B. Lewter, 919-968-2200