<SEC-DOCUMENT>0001157523-12-002520.txt : 20120504
<SEC-HEADER>0001157523-12-002520.hdr.sgml : 20120504
<ACCEPTANCE-DATETIME>20120504082519
ACCESSION NUMBER:		0001157523-12-002520
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20120504
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120504
DATE AS OF CHANGE:		20120504

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:		12811964

	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>a50263474.htm
<DESCRIPTION>INVESTORS TITLE COMPANY 8-K
<TEXT>
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    <p style="text-align: center">
      <font style="font-size: 12pt"><b>UNITED STATES</b></font><br><font style="font-size: 12pt"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><br><font style="font-size: 10pt"><b>Washington,
      D.C. &#160;20549</b></font><br><br>
    </p>
    <hr style="height: 1.0 pt; color: #000000; width: 25%; text-align: center">


    <p style="text-align: center">
      <br>
      <font style="font-size: 12pt"><b>FORM 8-K</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt"><b>CURRENT REPORT</b></font><br><font style="font-size: 12pt"><b>Pursuant
      to Section 13 or 15(d) of the Securities Exchange Act of 1934</b></font><br><br><br>
    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; margin-left:auto;margin-right:auto; font-size: 10pt; font-family: Times New Roman">
      <tr>
        <td valign="top" style="width: 25%; text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          &#160;
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; width: 50%; text-align: center; padding-left: 0.0px">
          <p style="font-size: 10pt; font-family: Times New Roman">
            <font style="font-size: 12pt; font-family: Times New Roman"><b>May
            4, 2012</b></font>
          </p>
        </td>
        <td style="width: 25%">

        </td>
      </tr>
      <tr>
        <td style="width: 25%">

        </td>
        <td valign="top" style="width: 50%; text-align: center; padding-left: 0.0px">
          <p style="font-size: 10pt; font-family: Times New Roman">
            <font style="font-size: 10pt; font-family: Times New Roman">Date
            of Report (Date of earliest event reported)</font>
          </p>
        </td>
        <td style="width: 25%">

        </td>
      </tr>
      <tr>
        <td style="width: 25%">

        </td>
        <td style="width: 50%">

        </td>
        <td valign="top" style="width: 25%; text-align: left; padding-left: 0.0px">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 25%">

        </td>
        <td style="width: 50%">

        </td>
        <td valign="top" style="width: 25%; text-align: left; padding-left: 0.0px">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 25%">

        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; width: 50%; text-align: center; padding-left: 0.0px">
          <p style="font-size: 10pt; font-family: Times New Roman">
            <font style="font-size: 12pt; font-family: Times New Roman"><b>INVESTORS
            TITLE COMPANY</b></font>
          </p>
        </td>
        <td style="width: 25%">

        </td>
      </tr>
      <tr>
        <td style="width: 25%">

        </td>
        <td valign="top" style="width: 50%; text-align: center; padding-left: 0.0px">
          <p style="font-size: 10pt; font-family: Times New Roman">
            <font style="font-size: 10pt; font-family: Times New Roman">(Exact
            name of Registrant as specified in its charter)</font>
          </p>
        </td>
        <td style="width: 25%">

        </td>
      </tr>
      <tr>
        <td style="width: 25%">

        </td>
        <td style="width: 50%">

        </td>
        <td style="width: 25%">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:center">
    <table cellspacing="0" style="width: 100%; margin-left:auto;margin-right:auto; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman">
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; width: 33%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>North Carolina</b>
          </p>
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; width: 34%; padding-right: 0.0px; text-align: center; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>0-11774</b>
          </p>
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; width: 33%; padding-right: 0.0px; text-align: center; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>56-1110199</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 33%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or Other Jurisdiction of
          </p>
        </td>
        <td valign="top" style="width: 34%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission
          </p>
        </td>
        <td valign="top" style="width: 33%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (I.R.S. Employer
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 33%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Incorporation or Organization)
          </p>
        </td>
        <td valign="top" style="width: 34%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            File Number)
          </p>
        </td>
        <td valign="top" style="width: 33%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Identification No.)
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 33%">

        </td>
        <td style="width: 34%">

        </td>
        <td style="width: 33%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 33%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>121 North Columbia Street</b>
          </p>
        </td>
        <td style="width: 34%">

        </td>
        <td style="width: 33%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; width: 33%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Chapel Hill, North Carolina</b>
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 34%">
          &#160;
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; width: 33%; padding-right: 0.0px; text-align: center; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>27514</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 33%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Address of Principal Executive Offices)
          </p>
        </td>
        <td style="width: 34%">

        </td>
        <td valign="top" style="width: 33%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Zip Code)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:center">
    <table cellspacing="0" style="width: 100%; margin-left:auto;margin-right:auto; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman">
      <tr>
        <td style="width: 25%">
          &#160;
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; width: 50%; padding-right: 0.0px; text-align: center; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(919) 968-2200</b>
          </p>
        </td>
        <td style="width: 25%">

        </td>
      </tr>
      <tr>
        <td style="width: 25%">

        </td>
        <td valign="top" style="width: 50%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Registrant's telephone number, including area code
          </p>
        </td>
        <td style="width: 25%">

        </td>
      </tr>
    </table>
    </div>
    <p style="font-size: 10pt; font-family: Times New Roman">
      <font style="font-size: 10pt; font-family: Times New Roman">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:</font>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt; font-family: Times New Roman">
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt; font-family: Times New Roman">
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt; font-family: Times New Roman">
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt; font-family: Times New Roman">
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <div style="margin-left: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <br>
      <br>
      <b>Item 2.02.&#160;&#160;Results of Operations and Financial Condition</b>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt; font-family: Times New Roman">
      Attached as Exhibit 99.1 and incorporated herein by reference is a copy
      of the press release of Investors Title Company, dated May 4, 2012,
      reporting Investors Title Company's financial results for the fiscal
      quarter ended March 31, 2012.
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt; font-family: Times New Roman">
      The information in this Current Report is being furnished and shall not
      be deemed &quot;filed&quot; for the purposes of Section 18 of the Securities
      Exchange Act of 1934 (the &quot;Exchange Act&quot;), 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.
    </p>
    <p style="white-space: nowrap">
      <b>Item 9.01.&#160;&#160;Financial Statements and Exhibits</b>
    </p>
    <p style="white-space: nowrap">
      <b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</b>(c)
      Exhibits.&#160;&#160;The following exhibit accompanies this Report:
    </p>
    <p>
      Exhibit 99.1 &#8211; Press Release of Investors Title Company dated May 4, 2012
    </p>
    <p>

    </p>
    <div style="margin-left: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman">SIGNATURE</font>
    </p>
    <p style="text-indent: 30.0px">
      <font style="font-size: 10pt; font-family: Times New Roman">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.</font>
    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="width: 100%; margin-left:auto;margin-right:auto; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman">
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 30%">

        </td>
        <td style="width: 20%">
          &#160;
        </td>
        <td colspan="3" valign="top" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            INVESTORS TITLE COMPANY
          </p>
        </td>
        <td style="width: 8%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 30%">

        </td>
        <td style="width: 20%">

        </td>
        <td colspan="3">

        </td>
        <td valign="top" style="width: 8%; text-align: left; padding-left: 0.0px">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 30%">

        </td>
        <td style="width: 20%">

        </td>
        <td colspan="3" valign="top" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 8%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 5%; text-align: left; padding-left: 0.0px">
          Date:
        </td>
        <td valign="top" style="width: 30%; text-align: left; padding-left: 0.0px">
          May 4, 2012
        </td>
        <td style="width: 20%">

        </td>
        <td valign="top" style="width: 4%; text-align: left; padding-left: 0.0px">
          By:
        </td>
        <td valign="top" style="width: 3%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="width: 30%; text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>/s/ James A. Fine, Jr.</u>
          </p>
        </td>
        <td style="width: 8%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 30%">

        </td>
        <td style="width: 20%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="width: 30%; text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            James A. Fine, Jr.
          </p>
        </td>
        <td style="width: 8%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 30%">

        </td>
        <td style="width: 20%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="width: 30%; text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            President, Treasurer and
          </p>
        </td>
        <td style="width: 8%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 30%">

        </td>
        <td style="width: 20%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="width: 30%; text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Chief Financial Officer
          </p>
        </td>
        <td style="width: 8%">

        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">
      EXHIBIT INDEX
    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="width: 100%; margin-left:auto;margin-right:auto; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman">
      <tr>
        <td valign="top" style="width: 15%; text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Exhibit No.</u>
          </p>
        </td>
        <td valign="top" style="width: 85%; text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Description</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 15%">

        </td>
        <td valign="top" style="width: 85%; text-align: left; padding-left: 0.0px">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 15%; padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px">
          99.1
        </td>
        <td valign="top" style="width: 85%; text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Press release issued by Investors Title Company on May 4, 2012
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a50263474ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2012 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 8pt; font-family: Times New Roman">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Investors
      Title Company Announces First Quarter 2012 Financial Results</b></font>
    </p>
    <p>
      CHAPEL HILL, N.C.--(BUSINESS WIRE)--May 4, 2012--Investors Title Company
      (NASDAQ:&#160;ITIC) today announced its results for the quarter ended March
      31, 2012. The Company reported net income of $1,432,139, or $0.67 per
      diluted share, compared with $1,019,207, or $0.46 per diluted share, for
      the prior year period.
    </p>
    <p>
      Total revenues increased 11.9% versus the prior year period to
      $22,414,274, primarily due to a 10.1% increase in net premiums written.
      Historically low interest rates drove a substantial increase in
      refinance activity versus the prior year period. Purchase activity was
      up as well, although to a lesser extent. New industry-wide premium
      charges for North Carolina that went into effect during the quarter also
      contributed to growth in premium revenue.
    </p>
    <p>
      Total expenses increased 9.6% versus the prior year period, primarily
      due to increases in variable expenses such as commissions and the
      provision for claims, which fluctuate with premium volumes. The
      provision for claims as a percentage of net premiums written was 8.3%
      versus 4.0% in the prior year period due to an increase in volume in
      states with a higher average loss ratio, and an abnormally low claims
      expense in the prior year period. In addition, the Company continues to
      benefit from long-term reductions in operating expenses such as
      occupancy and operating costs in its branches due to an emphasis on
      expense control over the past few years.
    </p>
    <p>
      Chairman J. Allen Fine added, &#8220;We are pleased with the uptick in
      mortgage lending activity and our first quarter results. Operating
      expenses were largely in line with recent quarterly trends adjusting for
      the improvement in activity levels, although we expect them to trend
      higher as we increase our investment in a number of software development
      initiatives. Our balance sheet remains very strong, and we continue to
      focus on long-term opportunities to enhance our competitive strengths
      and market presence.&#8221;
    </p>
    <p>
      Investors Title Company is engaged through its subsidiaries in the
      business of issuing and underwriting 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.
    </p>
    <p>
      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 other statements, any
      predictions regarding future agency expansion or increasing operational
      efficiency. 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; declines in the
      performance of the Company&#8217;s investments; government regulation; and
      other considerations set forth under the caption &#8220;Risk Factors&#8221; in the
      Company&#8217;s Annual Report on Form 10-K for the year ended December 31,
      2011, as filed with the Securities and Exchange Commission, and in
      subsequent filings.
    </p>
    <div style="margin-left: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-size: 8pt; font-family: Times New Roman">
      <tr>
        <td colspan="10">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="10" valign="top" style="text-align: center; padding-left: 0.0px">
          <b>Investors Title Company and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td colspan="10" valign="top" style="text-align: center; padding-left: 0.0px">
          <b>Consolidated Statements of Income</b>
        </td>
      </tr>
      <tr>
        <td colspan="10" valign="top" style="text-align: center; padding-left: 0.0px">
          <i><b>For the Three Months Ended March 31, 2012 and 2011</b></i>
        </td>
      </tr>
      <tr>
        <td colspan="10" valign="top" style="text-align: center; padding-left: 0.0px">
          <i><b>(Unaudited)</b></i>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="8" valign="top" style="text-align: center; padding-left: 0.0px">
          <b>Three Months Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="8" valign="top" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px">
          <b>March 31</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-right: 0.0px; text-align: center; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>2012</b></u>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="padding-right: 0.0px; text-align: center; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>2011</u>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Revenues:</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Net premiums written
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>19,667,420</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          17,865,588
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Investment income - interest and dividends
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>977,261</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          899,372
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Net realized gain (loss) on investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>192,881</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          (26,160
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px; padding-bottom: 2.0px">
          Other
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>1,576,712</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          1,283,220
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 50.0px; padding-bottom: 2.0px">
          Total Revenues
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>22,414,274</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          20,022,020
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Operating Expenses:</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Commissions to agents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>11,192,127</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          10,879,586
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Provision for claims
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>1,631,359</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          721,626
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Salaries, employee benefits and payroll taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>4,990,632</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          4,691,996
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Office occupancy and operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>927,038</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          963,927
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Business development
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>393,447</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          387,547
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Filing fees, franchise and local taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>351,922</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          214,113
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Premium and retaliatory taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>414,794</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          405,473
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Professional and contract labor fees
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>400,537</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          308,524
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px; padding-bottom: 2.0px">
          Other
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>167,279</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          103,021
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 50.0px; padding-bottom: 2.0px">
          Total Operating Expenses
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>20,469,135</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          18,675,813
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          <b>Income Before Income Taxes</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>1,945,139</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          1,346,207
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          <b>Provision For Income Taxes</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>513,000</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          327,000
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px">
          <b>Net Income</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>1,432,139</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          1,019,207
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px">
          <b>Basic Earnings Per Common Share</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>0.68</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          0.46
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px">
          <b>Weighted Average Shares Outstanding - Basic</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>2,100,835</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          2,234,480
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px">
          <b>Diluted Earnings Per Common Share</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>0.67</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          0.46
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px">
          <b>Weighted Average Shares Outstanding - Diluted</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>2,128,788</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          2,239,500
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-size: 8pt; font-family: Times New Roman">
      <tr>
        <td colspan="9" valign="top" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="9" valign="top" style="text-align: center; padding-left: 0.0px">
          <b>Investors Title Company and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td colspan="9" valign="top" style="text-align: center; padding-left: 0.0px">
          <b>Consolidated Balance Sheets</b>
        </td>
      </tr>
      <tr>
        <td colspan="9" valign="top" style="text-align: center; padding-left: 0.0px">
          <i><b>As of March 31, 2012 and December 31, 2011</b></i>
        </td>
      </tr>
      <tr>
        <td colspan="9" valign="top" style="text-align: center; padding-left: 0.0px">
          <i><b>(Unaudited)</b></i>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="top" style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: center; white-space: nowrap; padding-left: 0.0px">
          <b>March 31, 2012</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="top" style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: center; white-space: nowrap; padding-left: 0.0px">
          December 31, 2011
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Assets</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Investments in securities:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Fixed maturities, available-for-sale, at fair value
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>87,142,860</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          85,407,365
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Equity securities, available-for-sale, at fair value
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>26,824,431</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          22,549,975
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Short-term investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>8,571,468</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          14,112,262
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px; padding-bottom: 2.0px">
          Other investments
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>5,628,864</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          3,631,714
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 40.0px">
          Total investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>128,167,623</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          125,701,316
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>16,465,383</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          18,042,258
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Premiums and fees receivable, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>7,143,066</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          6,810,000
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Accrued interest and dividends
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>962,560</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          1,108,156
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Prepaid expenses and other assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>2,713,752</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          2,743,517
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px; padding-bottom: 2.0px">
          Property, net
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>3,469,310</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          3,553,216
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px">
          <b>Total Assets</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>158,921,694</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          157,958,463
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Liabilities and Stockholders' Equity</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Liabilities:</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Reserves for claims
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>38,285,000</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          37,996,000
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Accounts payable and accrued liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>10,513,737</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          12,330,383
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Current income taxes payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>148,262</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          640,533
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px; padding-bottom: 2.0px">
          Deferred income taxes, net
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>1,445,108</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          479,363
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 30.0px; padding-bottom: 2.0px">
          Total liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>50,392,107</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          51,446,279
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Stockholders' Equity:</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Common stock - no par value (shares authorized 10,000,000;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          2,097,564 and 2,107,681 shares issued and outstanding as
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          of March 31, 2012 and December 31, 2011, respectively,
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          excluding 291,676 shares for 2012 and 2011 of common stock
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          held by the Company's subsidiary)
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>1</b>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          1
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Retained earnings
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>99,841,101</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          99,003,018
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px; padding-bottom: 2.0px">
          Accumulated other comprehensive income
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>8,688,485</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          7,509,165
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 30.0px; padding-bottom: 2.0px">
          Total stockholders' equity
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>108,529,587</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          106,512,184
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px">
          <b>Total Liabilities and Stockholders' Equity</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>158,921,694</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          157,958,463
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-size: 8pt; font-family: Times New Roman">
      <tr>
        <td colspan="11" valign="top" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="11" valign="top" style="text-align: center; padding-left: 0.0px">
          <b>Investors Title Company and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td colspan="11" valign="top" style="text-align: center; padding-left: 0.0px">
          <b>Net Premiums Written By Branch and Agency</b>
        </td>
      </tr>
      <tr>
        <td colspan="11" valign="top" style="text-align: center; padding-left: 0.0px">
          <i><b>For the Three Months Ended March 31, 2012 and 2011</b></i>
        </td>
      </tr>
      <tr>
        <td colspan="11" valign="top" style="text-align: center; padding-left: 0.0px">
          <i><b>(Unaudited)</b></i>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="9" valign="top" style="text-align: center; padding-left: 0.0px">
          Three Months Ended
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="9" valign="top" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px">
          March 31
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: center; white-space: nowrap; padding-left: 0.0px">
          <b>2012</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: center; white-space: nowrap; padding-left: 0.0px">
          <b>%</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: center; white-space: nowrap; padding-left: 0.0px">
          2011
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: center; white-space: nowrap; padding-left: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          <b>Branch</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>4,822,792</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: center; white-space: nowrap; padding-left: 0.0px">
          <b>24.5</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          3,696,280
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: center; white-space: nowrap; padding-left: 0.0px">
          20.7
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px; padding-bottom: 2.0px">
          <b>Agency</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>14,844,628</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: center; white-space: nowrap; padding-left: 0.0px">
          <b>75.5</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          14,169,308
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: center; white-space: nowrap; padding-left: 0.0px">
          79.3
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px; padding-bottom: 4.0px">
          <b>Total</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <b>19,667,420</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: center; white-space: nowrap; padding-left: 0.0px">
          <b>100.0</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          17,865,588
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: center; white-space: nowrap; padding-left: 0.0px">
          100.0
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br>Investors Title Company<br>Elizabeth B. Lewter, 919-968-2200
    </p>
    <p style="text-align: left">

    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
