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<SEC-DOCUMENT>0001157523-06-001495.txt : 20060214
<SEC-HEADER>0001157523-06-001495.hdr.sgml : 20060214
<ACCEPTANCE-DATETIME>20060214083805
ACCESSION NUMBER:		0001157523-06-001495
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060214
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20060214
DATE AS OF CHANGE:		20060214

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:		06607176

	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>a5079710.txt
<DESCRIPTION>INVESTORS TITLE COMPANY 8-K
<TEXT>
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                             ----------------------


                                    FORM 8-K

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



                                February 14, 2006
             -------------------------------------------------------
                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)



                                 (919) 968-2200
              -----------------------------------------------------
               Registrant's telephone number, including area code

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the 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)) Item 2.02. Results of Operations and Financial
Condition

<PAGE>

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 February 13, 2006, reporting
Investors Title Company's financial results for the fiscal quarter and the
fiscal year ended December 31, 2005.

     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 February 13, 2006.













<PAGE>

                                    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: February 14, 2006                         By:  /s/ James A. Fine, Jr.
                                                    ----------------------------
                                                      James A. Fine, Jr.
                                                      President, Treasurer and
                                                      Chief Financial Officer









<PAGE>

                                  EXHIBIT INDEX

Exhibit No.             Description
- -----------             -----------

99.1                    Press release issued by Investors Title Company on
                        February 13, 2006
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>a5079710ex99_1.txt
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
                                                                    Exhibit 99.1



   Investors Title Company Announces Fourth Quarter and Full Year 2005 Results


     CHAPEL HILL, N.C.--(BUSINESS WIRE)--Feb. 13, 2006--Investors Title Company
(NASDAQ: ITIC) today announced record revenues and net income for the fourth
quarter ended December 31, 2005. The Company reported net income of $3,520,902,
an increase of 30.9% compared with $2,689,303 for the fourth quarter of 2004.
Diluted earnings per share were $1.36 for the quarter ended December 31, 2005
versus $1.03 for the prior year quarter. Net premiums written increased 9.5% to
$18,422,813 and total revenues increased 12.5% to $21,646,914 compared with the
fourth quarter of 2004.
     For the year ended December 31, 2005, the Company reported record net
income of $13,292,923, an increase of 24% compared with 2004. Diluted earnings
per share were $5.10 versus $4.09 in the prior year period. Net premiums written
increased 6.5% to $76,522,266 and total revenues increased 10% to $87,863,878
compared with 2004.
     "Net earnings for the period were the highest for any fourth quarter,"
stated J. Allen Fine, Chairman of Investors Title Company. "Operating results
were driven by growth in revenue and an increase in profit margin. Revenue in
our title insurance and 1031 exchange segments was favorably impacted by the
ongoing strength in real estate activity. Nationally, the pace of existing home
sales declined in the fourth quarter from earlier in the year but remained above
the prior year period. For 2005, existing home sales hit a new record level for
the fifth year in a row."
     Investors Title Company is engaged through its subsidiaries in the business
of issuing and underwriting title insurance policies. Title insurance is
typically sold when real estate is purchased and upon refinancing of loans
secured by real estate. Policies are issued through 29 branch offices and a
network of agents located across 23 states and the District of Columbia. The
Company also provides services in connection with tax-deferred exchanges of
like-kind property as well as investment management services to individuals,
trusts, foundations and businesses.
     Certain statements contained herein may constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995. Such statements include any predictions regarding activity in the U.S.
real estate market. These statements involve a number of risks and uncertainties
that could cause actual results to differ materially from anticipated and
historical results. For more details on risk, uncertainties and other factors
that could affect expectations, refer to the Company's Annual Report on Form
10-K for the year ended December 31, 2004, as filed with the Securities and
Exchange Commission.


                    Investors Title Company and Subsidiaries
                        Consolidated Statements of Income
                           December 31, 2005 and 2004
                                   (Unaudited)

                            For The Three          For The Twelve
                            Months Ended            Months Ended
                             December 31             December 31
                          2005        2004        2005        2004
                       ----------- ----------- ----------- -----------
Revenues:
  Underwriting income:
     Premiums written $18,504,712 $16,918,555 $76,838,399 $72,138,084
     Less-premiums for
      reinsurance
      ceded                81,899      93,821     316,133     294,639
                       ----------- ----------- ----------- -----------
  Net premiums written 18,422,813  16,824,734  76,522,266  71,843,445
  Investment income-
   interest and
   dividends              961,784     830,323   3,335,767   2,752,838
  Net realized gain on
   sales of
   investments             29,511      53,989     119,015      93,656
  Exchange services
   revenue              1,271,065     848,244   4,543,099   2,801,888
  Other                   961,741     682,506   3,343,731   2,349,349
                       ----------- ----------- ----------- -----------
          Total        21,646,914  19,239,796  87,863,878  79,841,176
                       ----------- ----------- ----------- -----------

Operating Expenses:
     Commissions to
      agents            7,259,076   6,868,738  30,309,405  29,152,645
     Provision for
      claims            1,810,298   1,844,784   8,164,783   7,984,339
     Salaries, employee
      benefits and
      payroll taxes     4,815,158   4,084,329  19,136,098  16,303,351
     Office occupancy
      and operations    1,358,190   1,364,134   5,080,829   4,849,944
     Business
      development         590,151     575,219   2,073,518   1,899,315
     Taxes, other than
      payroll and
      income              136,246     111,477     523,464     453,354
     Premium and
      retaliatory
      taxes               352,130     326,444   1,556,529   1,406,083
     Professional fees    475,755     593,904   1,937,233   2,074,520
     Other                201,008      76,464     499,096     215,459
                       ----------- ----------- ----------- -----------
          Total        16,998,012  15,845,493  69,280,955  64,339,010
                       ----------- ----------- ----------- -----------

Income Before Income
 Taxes                  4,648,902   3,394,303  18,582,923  15,502,166
                       ----------- ----------- ----------- -----------

Provision For Income
 Taxes                  1,128,000     705,000   5,290,000   4,783,000
                       ----------- ----------- ----------- -----------

Net Income            $ 3,520,902 $ 2,689,303 $13,292,923 $10,719,166
                       =========== =========== =========== ===========

Basic Earnings Per
 Common Share         $      1.38 $      1.08 $      5.19 $      4.29
                       =========== =========== =========== ===========

Weighted Average Shares
 Outstanding - Basic    2,554,935   2,484,883   2,560,418   2,496,711
                       =========== =========== =========== ===========

Diluted Earnings Per
 Common Share         $      1.36 $      1.03 $      5.10 $      4.09
                       =========== =========== =========== ===========

Weighted Average Shares
 Outstanding - Diluted  2,596,541   2,617,022   2,607,633   2,620,916
                       =========== =========== =========== ===========

                    Investors Title Company and Subsidiaries
                           Consolidated Balance Sheets
                        As of December 31, 2005 and 2004
                                   (Unaudited)


                                            December 31, December 31,
                                                 2005         2004
                                            --------------------------
Assets
   Cash and cash equivalents               $ 14,608,481 $  4,726,443

  Investments in securities:
    Fixed maturities:
      Held-to-maturity, at amortized cost     1,648,708    2,202,635
      Available-for-sale, at fair value      75,472,342   72,471,766
    Equity securities, available-for-sale
     at fair value                            9,437,678    7,240,306
    Short term investments                    7,257,734   10,134,321
    Other investments                         1,336,111    1,211,517
                                            ------------ ------------
        Total investments                    95,152,573   93,260,545

  Premiums receivable, net                    7,818,558    6,679,994
  Accrued interest and dividends              1,010,198      753,638
  Prepaid expenses and other assets           1,592,326    1,410,584
  Property acquired in settlement of claims     359,980      322,517
  Property, net                               5,466,765    4,592,784
  Deferred income taxes, net                  2,462,647    1,440,247
                                            ------------ ------------

Total Assets                               $128,471,528 $113,186,752
                                            ============ ============

Liabilities and Stockholders' Equity
Liabilities:
  Reserves for claims                      $ 34,857,000 $ 31,842,000
  Accounts payable and accrued liabilities    7,928,384    7,919,651
  Commissions and reinsurance payables          442,098      551,662
  Current income taxes payable                  946,790      366,168
                                            ------------ ------------
      Total liabilities                      44,174,272   40,679,481
                                            ------------ ------------

Stockholders' Equity:
  Common stock - no par value (shares authorized
   10,000,000; 2,549,434 and 2,481,024 shares issued and
   outstanding 2005 and 2004, respectively, excluding
   297,783 and 374,720 shares 2005 and 2004,
   respectively, of common stock held by
   the Company's subsidiary)                          1            1
  Retained earnings                          81,477,022   69,272,092
  Accumulated other comprehensive income
   (net unrealized gain on investments)       2,820,233    3,235,178
                                            ------------ ------------
      Total stockholders' equity             84,297,256   72,507,271
                                            ------------ ------------

Total Liabilities and Stockholders' Equity $128,471,528 $113,186,752
                                            ============ ============


                    Investors Title Company and Subsidiaries
                          Net Premiums Written By State
                           December 31, 2005 and 2004
                                   (Unaudited)

                        For the Three Months   For the Twelve Months
                                Ended                   Ended
                             December 31             December 31
                       ----------------------- -----------------------
State                        2005        2004        2005        2004
- ---------------------------------------------- -----------------------
Alabama               $   270,588 $   350,050 $ 1,304,820 $ 1,361,437
Florida                   370,267     291,783   1,552,282   1,190,399
Illinois                  264,832     205,655   1,000,273     948,022
Kentucky                  513,753     392,093   2,115,579   1,710,387
Maryland                  422,875     343,137   1,754,867   1,494,686
Michigan                  976,655   1,107,046   4,591,639   4,896,239
Minnesota                 319,513     233,323   1,076,155   1,063,819
Mississippi               166,074     231,529     977,395     990,203
Nebraska                  148,615     174,547     746,514     783,398
New York                  889,671     794,212   3,248,635   3,495,587
North Carolina          8,792,267   7,474,235  36,269,649  32,515,123
Pennsylvania              399,762     559,103   1,687,410   2,634,407
South Carolina          1,874,160   1,593,239   7,011,099   6,464,495
Tennessee                 701,180     620,602   2,767,576   2,954,957
Virginia                1,708,028   1,857,365   7,740,671   7,038,474
West Virginia             505,804     470,672   2,246,142   1,864,216
Other States              173,738     214,001     726,717     726,272
                       ----------- ----------- ----------- -----------
  Direct Premiums      18,497,782  16,912,592  76,817,423  72,132,121
Reinsurance Assumed         6,930       5,963      20,976       5,963
Reinsurance Ceded         (81,899)    (93,821)   (316,133)   (294,639)
                       ----------- ----------- ----------- -----------
 Net Premiums Written $18,422,813 $16,824,734 $76,522,266 $71,843,445
                       =========== =========== =========== ===========

                    Investors Title Company and Subsidiaries
                    Net Premiums Written By Branch and Agency
                           December 31, 2005 and 2004
                                   (Unaudited)



         For The Three Months Ended    For The Twelve Months Ended
                December 31                      December 31
      ----------------------------------------------------------------
             2005   %       2004    %       2005    %       2004    %
       --------------- --------------- --------------- ---------------
Branch $ 8,090,934  44 $ 7,122,836  42 $34,108,923  45 $31,606,909  44

Agency  10,331,879  56   9,701,898  58  42,413,343  55  40,236,536  56
       --------------- --------------- --------------- ---------------

Total  $18,422,813 100 $16,824,734 100 $76,522,266 100 $71,843,445 100
       =============== =============== =============== ===============



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


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
