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

	November 4, 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 November 4, 2015, reporting Investors Title Company's financial results for the fiscal quarter ended September 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 November 4, 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:	November 4, 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 November 4, 2015

Exhibit 99.1

Investors Title Company Announces Third Quarter 2015 Results

CHAPEL HILL, N.C.--(BUSINESS WIRE)--November 4, 2015--Investors Title Company today announced its results for the third quarter ended September 30, 2015. Net income attributable to the Company increased 73.1% to $4,490,962, or $2.28 per diluted share, compared with $2,594,490, or $1.28 per diluted share, for the prior year quarter.

Revenues increased 17.1% to $34,541,258 versus the prior year quarter, primarily due to a 17.4% increase in net premiums written, setting a new quarterly record level of both revenues and premiums written. Real estate activity was up significantly for the quarter, driven mainly by higher levels of home purchases and stable levels of mortgage refinance activity.

Operating expenses increased 8.5% to $28,104,760 versus the prior year quarter, mainly due to higher agent commissions commensurate with increased premiums written, partially offset by a higher concentration of business in markets with lower average commission rates. The increase in agent commissions was partially offset by a reduction in the provision for claims, reflecting improved claims experience in recent policy years. Higher premium volumes and normal inflationary effects drove other operating expenses marginally higher versus the prior year quarter.

For the nine months ended September 30, 2015, net income attributable to the Company increased 48.6% to $10,337,583, or $5.17 per diluted share, compared with $6,954,526, or $3.41 per diluted share, for the prior year period. Revenues increased 7.8% to $98,324,874, driven by a 6.5% increase in net premiums written. Operating expenses increased 2.7% to $83,732,755 versus the prior year period, mainly due to higher payroll expenses associated with normal inflationary increases and higher staffing levels to support ongoing software development activities. Claims expense was down 13.3% due to improved claims experience in recent policy years. Agent commissions were flat versus the prior year period even as premiums grew, as a larger proportion of premiums originated in markets with lower average commission rates.

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Chairman J. Allen Fine added, “We are pleased to report another quarter with record levels of revenue. Title insurance premiums were bolstered by higher levels of home sales activity as well as continued increases in real estate prices. While the pace of loan closings may slow during the fourth quarter in the wake of the October 3 TILA-RESPA Integrated Disclosure Rule (TRID) implementation, we remain encouraged that positive trends in the unemployment rate and overall economic conditions will sustain the levels of purchase activity, at least for the near future. Over the long term, we will continue to focus on enhancing our competitive strengths and profitably expanding our market presence.”

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 development in housing affordability, unemployment or overall economic conditions or statements regarding our actuarial assumptions and the application of recent historical claims experience to future periods. These statements involve a number of risks and uncertainties that could cause actual results to differ materially from anticipated and historical results. Such risks and uncertainties include, without limitation: the cyclical demand for title insurance due to changes in the residential and commercial real estate markets; the occurrence of fraud, defalcation or misconduct; variances between actual claims experience and underwriting and reserving assumptions, including the limited predictive power of historical claims experience; declines in the performance of the Company’s investments; government regulation; changes in the economy; the possible loss of agency relationships, or significant reduction in agent-originated business 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 its subsequent Quarterly Reports on Form 10-Q.

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Investors Title Company and Subsidiaries Consolidated Statements of Income For the Three and Nine Months Ended September 30, 2015 and 2014
				Three Months Ended September 30,								Nine Months Ended September 30,
				2015				2014				2015				2014
Revenues:
Net premiums written				$	30,945,532			$	26,356,835			$	86,372,154			$	81,115,940
Investment income - interest and dividends				1,117,529				1,064,995				3,427,055				3,130,846
Net realized (loss) gain on investments				(338,631		)		8,689				601,336				592,908
Other				2,816,828				2,077,711				7,924,329				6,344,163
Total Revenues				34,541,258				29,508,230				98,324,874				91,183,857
Operating Expenses:
Commissions to agents				16,898,323				14,440,264				48,393,553				48,242,923
Provision for claims				703,979				1,507,814				3,621,401				4,177,478
Salaries, employee benefits and payroll taxes				6,957,874				6,609,425				21,101,955				19,250,116
Office occupancy and operations				1,342,288				1,257,009				4,089,806				3,683,980
Business development				568,189				552,215				1,633,358				1,581,872
Filing fees, franchise and local taxes				134,880				233,079				572,621				648,022
Premium and retaliatory taxes				573,336				491,927				1,684,674				1,332,492
Professional and contract labor fees				661,879				621,305				1,926,469				1,976,272
Other				264,012				196,702				708,918				656,653
Total Operating Expenses				28,104,760				25,909,740				83,732,755				81,549,808
Income before Income Taxes				6,436,498				3,598,490				14,592,119				9,634,049
Provision for Income Taxes				1,941,000				1,004,000				4,250,000				2,656,000
Net Income				4,495,498				2,594,490				10,342,119				6,978,049
Net Income Attributable to Noncontrolling Interests				(4,536		)		—				(4,536		)		(23,523		)
Net Income Attributable to the Company				$	4,490,962			$	2,594,490			$	10,337,583			$	6,954,526
Basic Earnings per Common Share				$	2.28			$	1.28			$	5.18			$	3.42
Weighted Average Shares Outstanding – Basic				1,967,923				2,028,818				1,995,120				2,033,637
Diluted Earnings per Common Share				$	2.28			$	1.28			$	5.17			$	3.41
Weighted Average Shares Outstanding – Diluted				1,972,233				2,032,644				2,000,043				2,038,875

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Investors Title Company and Subsidiaries Consolidated Balance Sheets As of September 30, 2015 and December 31, 2014 (Unaudited)
				September 30, 2015				December 31, 2014
Assets:
Investments in securities:
Fixed maturities, available-for-sale, at fair value				$	98,034,042			$	109,048,290
Equity securities, available-for-sale, at fair value				35,135,885				39,254,981
Short-term investments				13,884,266				2,576,993
Other investments				10,069,708				8,530,929
Total investments				157,123,901				159,411,193
Cash and cash equivalents				19,290,813				15,826,515
Premium and fees receivable				9,067,775				8,544,183
Accrued interest and dividends				1,286,710				1,063,837
Prepaid expenses and other assets				8,599,846				7,732,677
Property, net				7,176,557				5,460,805
Total Assets				$	202,545,602			$	198,039,210
Liabilities and Stockholders’ Equity
Liabilities:
Reserves for claims				$	37,897,000			$	36,677,000
Accounts payable and accrued liabilities				19,441,453				18,290,819
Current income taxes payable				248,679				92,192
Deferred income taxes, net				5,635,321				5,415,493
Total liabilities				63,222,453				60,475,504
Stockholders’ Equity:
Common stock - no par value (10,000,000 authorized shares; 1,953,418 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				129,585,111				124,707,196
Accumulated other comprehensive income				9,606,451				12,856,509
Total stockholders’ equity attributable to the Company				139,191,563				137,563,706
Noncontrolling interests				131,586				—
Total stockholders’ equity				139,323,149				137,563,706
Total Liabilities and Stockholders’ Equity				$	202,545,602			$	198,039,210

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Investors Title Company and Subsidiaries Net Premiums Written By Branch and Agency For the Three and Nine Months Ended September 30, 2015 and 2014
				Three Months Ended September 30,													Nine Months Ended September 30,
				2015				%		2014				%			2015				%		2014				%
Branch				$	7,967,826			25.7		$	6,815,125			25.9			$	21,281,363			24.6		$	17,922,166			22.1
Agency				22,977,706				74.3		19,541,710				74.1			65,090,791				75.4		63,193,774				77.9
Total				$	30,945,532			100.0		$	26,356,835			100.0			$	86,372,154			100.0		$	81,115,940			100.0

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