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<SEC-DOCUMENT>0001157523-06-004674.txt : 20060504
<SEC-HEADER>0001157523-06-004674.hdr.sgml : 20060504
<ACCEPTANCE-DATETIME>20060504164523
ACCESSION NUMBER:		0001157523-06-004674
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060504
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20060504
DATE AS OF CHANGE:		20060504

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:		06808934

	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>a5141108.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


                                   May 4, 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))

<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 May 4, 2006, reporting
Investors Title Company's financial results for the fiscal quarter ended March
31, 2006.

     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 May 4, 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: May 4, 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 May 4, 2006
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>a5141108ex991.txt
<DESCRIPTION>INVESTORS TITLE COMPANY EXHIBIT 99.1
<TEXT>
                                                                    Exhibit 99.1

     Investors Title Company Announces First Quarter 2006 Results

    CHAPEL HILL, N.C.--(BUSINESS WIRE)--May 4, 2006--J. Allen Fine,
Chairman of Investors Title Company (NASDAQ:ITIC), announced that for
the quarter ended March 31, 2006, the Company reported net income of
$2,874,941, an increase of 82% compared with $1,580,494 for the prior
year period. Net income per diluted share equaled $1.11, an increase
of 85% compared with $.60 per diluted share in the same period last
year. Net premiums written decreased 3% to $16,631,626 and revenues
increased 4% to $20,178,848 compared with the prior year period.
    Revenue slightly exceeded the prior year period primarily due to a
gain on the sale of investment securities, an increase in fee income
generated by our Trust division and an increase in investment income.
Income in the exchange segment also increased principally due to
higher levels of interest earned on exchange funds. Offsetting these
increases was a decline in our net premiums written resulting
predominantly from lower levels of real estate activity in our
operating territories.
    Profit margin improved as operating expenses decreased 4%. An
increase in the percentage of premiums written directly through
branches offices resulted in a decrease in commission to agents. A
decline in compensation expense also contributed to the improvement in
our operating margins.
    Chairman Fine added, "Overall we are pleased with our results for
the quarter which is typically a seasonally slow period of the year.
Much attention has been focused recently on the prospects for the
housing market. Although signs point to an overall slow down, home
sales have held up remarkably well. We remain focused on identifying
opportunities to extend our distribution base, operate more
efficiently and expand our related business lines."
    Investors Title Company is engaged through its subsidiaries in the
business of issuing and underwriting title insurance policies. 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, 2005, as filed with the Securities and
Exchange Commission.


               Investors Title Company and Subsidiaries
                  Consolidated Statements of Income
                       March 31, 2006 and 2005
                             (Unaudited)

                                                   For The Three
                                                    Months Ended
                                                      March 31
                                               -----------------------
                                                  2006        2005
                                               ----------- -----------
Revenues:
  Underwriting income:
     Premiums Written                         $16,746,269 $17,246,037
     Less-premiums for reinsurance ceded          114,643     139,079
                                               ----------- -----------
          Net premiums written                 16,631,626  17,106,958
  Investment income-interest and dividends        994,054     752,765
  Net realized gain (loss) on sales of
   investments                                    561,647     (10,894)
  Exchange services revenue                     1,027,732     809,639
  Other                                           963,789     671,111
                                               ----------- -----------
          Total                                20,178,848  19,329,579
                                               ----------- -----------

Operating Expenses:
     Commissions to agents                      6,283,396   6,991,749
     Provision for claims                       1,855,279   1,899,005
     Salaries, employee benefits and payroll
      taxes                                     5,005,847   5,367,312
     Office occupancy and operations            1,465,313   1,349,206
     Business development                         505,658     427,473
     Taxes, other than payroll and income         150,885     110,754
     Premium and retaliatory taxes                342,068     399,545
     Professional fees                            587,622     437,930
     Other                                        218,839      45,111
                                               ----------- -----------
          Total                                16,414,907  17,028,085
                                               ----------- -----------

Income Before Income Taxes                      3,763,941   2,301,494
                                               ----------- -----------

Provision For Income Taxes                        889,000     721,000
                                               ----------- -----------

Net Income                                    $ 2,874,941 $ 1,580,494
                                               =========== ===========

Basic Earnings Per Common Share               $      1.13 $      0.62
                                               =========== ===========

Weighted Average Shares Outstanding - Basic     2,549,070   2,564,490
                                               =========== ===========

Diluted Earnings Per Common Share             $      1.11 $      0.60
                                               =========== ===========

Weighted Average Shares Outstanding - Diluted   2,586,465   2,625,447
                                               =========== ===========

               Investors Title Company and Subsidiaries
                     Consolidated Balance Sheets
              As of March 31, 2006 and December 31, 2005
                             (Unaudited)

                                              March 31,   December 31,
                                                 2006         2005
                                             ------------ ------------
Assets
   Cash and cash equivalents                $  6,050,394 $ 14,608,481

  Investments in securities:
    Fixed maturities:
      Held-to-maturity, at amortized cost      1,548,505    1,648,708
      Available-for-sale, at fair value       89,637,349   75,472,342
    Equity securities, available-for-sale at
     fair value                               12,016,054    9,437,678
    Short-term investments                     1,541,527    7,257,734
    Other investments                          1,322,866    1,336,111
                                             ------------ ------------
        Total investments                    106,066,301   95,152,573

  Premiums receivable, net                     6,822,344    7,818,558
  Accrued interest and dividends               1,029,136    1,010,198
  Prepaid expenses and other assets            1,503,128    1,592,326
  Property acquired in settlement of claims      413,480      359,980
  Property, net                                5,384,086    5,466,765
  Deferred income taxes, net                   2,731,959    2,462,647
                                             ------------ ------------

Total Assets                                $130,000,828 $128,471,528
                                             ============ ============

Liabilities and Stockholders' Equity
Liabilities:
  Reserves for claims                       $ 35,551,000 $ 34,857,000
  Accounts payable and accrued liabilities     6,688,423    7,928,384
  Commissions and reinsurance payables           307,623      442,098
  Current income taxes payable                   979,123      946,790
                                             ------------ ------------
      Total liabilities                       43,526,169   44,174,272
                                             ------------ ------------

Stockholders' Equity:
  Common stock - no par value (shares
   authorized 10,000,000;
     2,548,115 and 2,549,434 shares issued and
     outstanding 2006 and 2005, respectively,
     excluding 295,361 and 297,783 shares 2006
     and 2005, respectively, of common stock
     held by the Company's subsidiary)                 1            1
  Retained earnings                           84,118,443   81,477,022
  Accumulated other comprehensive income (net
   unrealized gain on investments)             2,356,215    2,820,233
                                             ------------ ------------
      Total stockholders' equity              86,474,659   84,297,256
                                             ------------ ------------

Total Liabilities and Stockholders' Equity  $130,000,828 $128,471,528
                                             ============ ============


              Investors Title Company and Subsidiaries
                    Net Premiums Written By State
         For the Three Months Ended March 31, 2006 and 2005
                             (Unaudited)

                                       2006                   2005
- ---------------------------------------------------------------------
Alabama                         $     243,636      $         350,730
Florida                               278,335                309,609
Illinois                              247,895                212,780
Kentucky                              573,498                438,967
Maryland                              373,769                372,646
Michigan                              877,309              1,111,407
Minnesota                             337,169                268,800
Mississippi                           134,452                263,351
Nebraska                              134,310                205,318
New York                              503,596                586,005
North Carolina                      8,441,482              7,758,779
Pennsylvania                          315,912                378,825
South Carolina                      1,402,073              2,047,893
Tennessee                             666,323                567,848
Virginia                            1,674,103              1,742,852
West Virginia                         455,418                429,554
Other States                           80,563                186,627
                                 -------------      -----------------
  Direct Premiums                  16,739,843             17,231,991
Reinsurance Assumed                     6,426                 14,046
Reinsurance Ceded                    (114,643)              (139,079)
                                 -------------      -----------------
  Net Premiums Written          $  16,631,626      $      17,106,958
                                 =============      =================


               Investors Title Company and Subsidiaries
               Net Premiums Written By Branch and Agency
                        March 31, 2006 and 2005
                              (Unaudited)

                          For The Three Months Ended
                                   March 31
         -------------------------------------------------------------
                  2006               %           2005               %
         -------------------------------------------------------------
 Branch        $7,727,025           46        $7,249,829           42

 Agency         8,904,601           54         9,857,129           58
         -------------------------------------------------------------

  Total       $16,631,626          100       $17,106,958          100
         =============================================================

    CONTACT: Investors Title Company
             Elizabeth B. Lewter, 919-968-2200
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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