<SEC-DOCUMENT>0001157523-15-001562.txt : 20150505
<SEC-HEADER>0001157523-15-001562.hdr.sgml : 20150505
<ACCEPTANCE-DATETIME>20150505083251
ACCESSION NUMBER:		0001157523-15-001562
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150505
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150505
DATE AS OF CHANGE:		20150505

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:		15830550

	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>a51094497.htm
<DESCRIPTION>INVESTORS TITLE COMPANY 8-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2015 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-family: Times New Roman; font-size: 10pt">
    <p style="text-align: center">

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


    <p style="text-align: center">
      <br>
      <font style="font-size: 12pt"><b>FORM 8-K</b></font><br><br><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>
    </p>
    <div style="text-align:center">
    <table style="margin-left:auto;margin-right:auto; margin-bottom: 10.0px; width: 100%; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="text-align: left; width: 25%; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; width: 50%; padding-left: 0.0px" valign="middle">
          <p style="font-size: 10pt; font-family: Times New Roman">
            <font style="font-family: Times New Roman; font-size: 12pt"><b>May
            5, 2015</b></font><br><br>
          </p>
          <p style="font-size: 10pt; font-family: Times New Roman">

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

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

        </td>
        <td style="text-align: center; width: 50%; padding-left: 0.0px" valign="top">
          <p style="font-size: 10pt; font-family: Times New Roman">
            <font style="font-family: Times New Roman; font-size: 10pt">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 style="text-align: left; width: 25%; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 25%">

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

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

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

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

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

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

        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>

    </p>
    <div style="text-align:center">
    <table style="margin-left:auto;margin-right:auto; margin-bottom: 10.0px; width: 100%; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="text-align: center; border-bottom: solid black 1.0pt; width: 33%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>North Carolina</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-right: 0.0px; text-align: center; border-bottom: solid black 1.0pt; width: 34%; white-space: nowrap; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>0-11774</b>
          </p>
        </td>
        <td style="padding-right: 0.0px; text-align: center; border-bottom: solid black 1.0pt; width: 33%; white-space: nowrap; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>56-1110199</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; width: 33%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (State or Other Jurisdiction of
          </p>
        </td>
        <td style="text-align: center; width: 34%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Commission
          </p>
        </td>
        <td style="text-align: center; width: 33%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (I.R.S. Employer
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; width: 33%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Incorporation or Organization)
          </p>
        </td>
        <td style="text-align: center; width: 34%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            File Number)
          </p>
        </td>
        <td style="text-align: center; width: 33%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 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 style="text-align: center; width: 33%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>121 North Columbia Street</b>
          </p>
        </td>
        <td style="width: 34%">

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

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

        </td>
        <td style="text-align: center; width: 33%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Zip Code)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center; white-space: nowrap">

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

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

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

        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center; white-space: nowrap">

    </p>
    <p style="font-size: 10pt; font-family: Times New Roman">
      <font style="font-family: Times New Roman; font-size: 10pt">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="font-size: 10pt; font-family: Times New Roman">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font><br><font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font><br><font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font><br><font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font><br>
    </p>
    <div style="margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-left: 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>
      <b>Item 2.02.&#160;&#160;Results of Operations and Financial Condition</b>
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    </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 5, 2015,
      reporting Investors Title Company's financial results for the fiscal
      quarter ended March 31, 2015.
    </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>
      <b>Item 9.01.&#160;&#160;Financial Statements and Exhibits</b> <b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</b>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt; font-family: Times New Roman">
      (c) Exhibits.&#160;&#160;The following exhibit accompanies this Report:
    </p>
    <p>
      Exhibit 99.1 &#8211; Press Release of Investors Title Company dated May 5,
      2015.
    </p>
    <p>

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

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

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

        </td>
        <td style="width: 15%">
          &#160;
        </td>
        <td style="width: 4%">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            INVESTORS TITLE COMPANY
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

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

        </td>
        <td style="width: 15%">

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

        </td>
        <td style="width: 36%">

        </td>
        <td style="width: 10%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

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

        </td>
        <td style="width: 15%">

        </td>
        <td style="text-align: left; width: 4%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 36%">

        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; width: 5%; padding-left: 0.0px" valign="top">
          Date:
        </td>
        <td style="text-align: left; width: 30%; padding-left: 0.0px" valign="top">
          May 5, 2015
        </td>
        <td style="width: 15%">

        </td>
        <td style="text-align: left; width: 4%; padding-left: 0.0px" valign="middle">
          By:
        </td>
        <td style="text-align: left; width: 36%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>/s/ James A. Fine, Jr.</u>
          </p>
        </td>
        <td style="width: 10%">

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

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

        </td>
        <td style="width: 15%">

        </td>
        <td style="text-align: left; width: 4%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            James A. Fine, Jr.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

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

        </td>
        <td style="width: 15%">

        </td>
        <td style="text-align: left; width: 4%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            President, Treasurer and
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

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

        </td>
        <td style="width: 15%">

        </td>
        <td style="text-align: left; width: 4%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

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

    </p>
    <p style="text-align: center">
      EXHIBIT INDEX
    </p>
    <p>

    </p>
    <div style="text-align:center">
    <table style="margin-left:auto;margin-right:auto; margin-bottom: 10.0px; width: 100%; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="text-align: left; width: 18%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Exhibit No.</u>
          </p>
        </td>
        <td style="text-align: left; width: 82%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Description</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 18%">

        </td>
        <td style="text-align: left; width: 82%; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-right: 0.0px; text-align: left; width: 18%; white-space: nowrap; padding-left: 0.0px" valign="top">
          99.1
        </td>
        <td style="text-align: left; width: 82%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Press release issued by Investors Title Company on May 5, 2015
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">

    </p>
  </body>
</html>
<!--<!DOCTYPE html
     PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN"
     "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd">-->
<!--<!DOCTYPE html     PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN"     "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd">-->
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51094497ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2015 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-family: Times New Roman; font-size: 8pt">
    <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 2015 Financial Results</b></font>
    </p>
    <p>
      CHAPEL HILL, N.C.--(BUSINESS WIRE)--May 5, 2015--Investors Title Company
      today announced its results for the quarter ended March 31, 2015. The
      Company reported net income attributable to the Company of $1,726,124,
      or $0.86 per diluted share, compared with $986,438, or $0.48 per diluted
      share, for the prior year period.
    </p>
    <p>
      Revenues totaled $28,301,809, a decrease of 1.0% versus the prior year
      period. Although premium revenues and investment income increased,
      realized gains on investments from the prior year period resulted in an
      unfavorable comparison for total revenues. Refinance activity increased
      substantially versus the prior year period as mortgage interest rates
      dropped to their lowest levels in nearly two years. Premiums from
      purchase transactions increased as well, due both to increased volume
      from favorable interest rates and overall economic conditions, and
      increases in average home prices.
    </p>
    <p>
      Operating expenses decreased 4.3% versus the prior year period, mainly
      due to decreases in the provision for claims and commissions, which were
      partially offset by higher payroll expenses. Favorable loss development
      as well as a reduction in losses incurred, mostly related to a few large
      claims in the prior year period, contributed to the lower provision for
      claims. Commissions decreased due to a smaller proportion of agent
      business versus the prior year period, as well as small shifts in the
      mix of business toward markets with generally lower commission rates.
      Payroll expenses increased due to normal inflationary increases in
      compensation and benefit costs, and higher staffing levels to support
      ongoing software development activities.
    </p>
    <p>
      Chairman J. Allen Fine added, &#8220;We are pleased to see continued strength
      in home sales as well as an unexpected increase in refinance activity
      driven by recent declines in average mortgage rates. Relatively flat
      revenue levels coupled with lower claims expense led to a substantial
      increase in earnings over the prior year.&#8221;
    </p>
    <p>
      Investors Title Company&#8217;s subsidiaries issue and underwrite title
      insurance policies. The Company also provides investment management
      services to individuals, companies, banks and trusts, as well as
      services in connection with tax-deferred exchanges of like-kind property.
    </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 others, any
      statements regarding future home price increases, changes in home
      purchase or refinance activity, interest rate changes, expansion of the
      Company&#8217;s market presence, enhancing competitive strengths or statements
      regarding our actuarial assumptions and the application of recent
      historical claims experience to future periods. These statements involve
      a number of risks and uncertainties that could cause actual results to
      differ materially from anticipated and historical results. Such risks
      and uncertainties include, without limitation: the cyclical demand for
      title insurance due to changes in the residential and commercial real
      estate markets; the occurrence of fraud, defalcation or misconduct;
      variances between actual claims experience and underwriting and
      reserving assumptions, including the limited predictive power of
      historical claims experience; declines in the performance of the
      Company&#8217;s investments; government regulation; changes in the economy 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,
      2014, as filed with the Securities and Exchange Commission, and in
      subsequent filings.
    </p>
    <div style="margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-left: 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 style="margin-bottom: 10.0px; width: 100%; font-size: 8pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="7">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Investors Title Company and Subsidiaries</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Consolidated Statements of Income</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>For the Three Months Ended March 31, 2015 and 2014</b></i>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>(Unaudited)</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="6">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom" colspan="6">
          <b>Three Months Ended March 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="3">
          <b>2015</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          2014
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Revenues:</b>
        </td>
        <td colspan="3">

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Net premiums written
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>24,962,041</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          24,909,252
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Investment income - interest and dividends
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          <b>1,178,039</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          1,026,416
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Net realized gain on investments
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          <b>14,803</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          492,137
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="bottom">
          Other
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          <b>2,146,926</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          2,026,269
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px" valign="bottom">
          Total Revenues
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          <b>28,301,809</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          28,454,074
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Operating Expenses:</b>
        </td>
        <td colspan="3">

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Commissions to agents
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          <b>14,596,539</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          15,456,278
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Provision for claims
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          <b>786,612</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          2,375,383
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Salaries, employee benefits and payroll taxes
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          <b>7,277,449</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          6,185,761
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Office occupancy and operations
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          <b>1,304,221</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          1,180,327
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Business development
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          <b>486,975</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          517,894
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Filing fees, franchise and local taxes
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          <b>216,643</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          189,600
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Premium and retaliatory taxes
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          <b>476,591</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          294,474
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Professional and contract labor fees
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          <b>584,107</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          688,058
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="bottom">
          Other
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          <b>203,548</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          209,784
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 25.0px" valign="bottom">
          Total Operating Expenses
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          <b>25,932,685</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          27,097,559
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Income before Income Taxes</b>
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          <b>2,369,124</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          1,356,515
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          <b>Provision for Income Taxes</b>
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          <b>643,000</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          371,000
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net Income</b>
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          <b>1,726,124</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          985,515
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          <b>Net Loss Attributable to Redeemable Noncontrolling Interest</b>
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          <b>&#8212;</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          923
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="bottom">
          <b>Net Income Attributable to the Company</b>
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>1,726,124</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          986,438
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="bottom">
          <b>Basic Earnings per Common Share</b>
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>0.86</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          0.48
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="bottom">
          <b>Weighted Average Shares Outstanding &#8211; Basic</b>
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          <b>2,012,738</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          2,037,164
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="bottom">
          <b>Diluted Earnings per Common Share</b>
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>0.86</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          0.48
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="bottom">
          <b>Weighted Average Shares Outstanding &#8211; Diluted</b>
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          <b>2,018,504</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          2,043,759
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-left: 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 style="margin-bottom: 10.0px; width: 100%; font-size: 8pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="7">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Investors Title Company and Subsidiaries</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Consolidated Balance Sheets</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>As of March 31, 2015 and December&#160;31, 2014</b></i>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>(Unaudited)</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td>

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

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

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

        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom" colspan="3">
          <b>March 31,</b><br><b> 2015</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom" colspan="2">
          December 31,<br>2014
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Assets:</b>
        </td>
        <td colspan="3">

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 5.0px" valign="bottom">
          Investments in securities:
        </td>
        <td colspan="3">

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Fixed maturities, available-for-sale, at fair value
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>106,134,445</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          109,048,290
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Equity securities, available-for-sale, at fair value
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          <b>39,476,921</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          39,254,981
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Short-term investments
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          <b>4,400,330</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          2,576,993
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="bottom">
          Other investments
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          <b>7,818,850</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          8,530,929
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px" valign="bottom">
          Total investments
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          <b>157,830,546</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          159,411,193
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 5.0px" valign="bottom">
          Cash and cash equivalents
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          <b>15,639,072</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          15,826,515
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 5.0px" valign="bottom">
          Premium and fees receivable
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          <b>8,239,189</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          8,544,183
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 5.0px" valign="bottom">
          Accrued interest and dividends
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          <b>1,313,255</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          1,063,837
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 5.0px" valign="bottom">
          Prepaid expenses and other assets
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          <b>8,130,547</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          7,732,677
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 5.0px" valign="bottom">
          Property, net
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          <b>5,844,301</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          5,460,805
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="bottom">
          <b>Total Assets</b>
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>196,996,910</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          198,039,210
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Liabilities and Stockholders&#8217; Equity</b>
        </td>
        <td colspan="3">

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Liabilities:</b>
        </td>
        <td colspan="3">

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Reserves for claims
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>37,063,000</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          36,677,000
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Accounts payable and accrued liabilities
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          <b>15,480,067</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          18,290,819
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Current income taxes payable
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          <b>287,261</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          92,192
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="bottom">
          Deferred income taxes, net
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          <b>5,812,694</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          5,415,493
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px" valign="bottom">
          Total liabilities
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          <b>58,643,022</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          60,475,504
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Stockholders&#8217; Equity:</b>
        </td>
        <td colspan="3">

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Common stock - no par value (10,000,000 authorized shares;
            2,010,426
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;and 2,023,270 shares issued and outstanding 2015 and 2014,
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;respectively, excluding 291,676 shares for 2015 and 2014 of common
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;stock held by the Company's subsidiary)
          </p>
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          <b>1</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          1
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Retained earnings
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          <b>125,317,641</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          124,707,196
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="bottom">
          Accumulated other comprehensive income
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          <b>13,036,246</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          12,856,509
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px" valign="bottom">
          Total stockholders&#8217; equity
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          <b>138,353,888</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          137,563,706
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="bottom">
          <b>Total Liabilities and Stockholders&#8217; Equity</b>
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>196,996,910</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          198,039,210
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-left: 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 style="margin-bottom: 10.0px; width: 100%; font-size: 8pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="10">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Investors Title Company and Subsidiaries</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Net Premiums Written By Branch and Agency</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>For the Three Months Ended March 31, 2015 and 2014</b></i>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>(Unaudited)</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="padding-right: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="3">
          <b>2015</b>
        </td>
        <td style="padding-right: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>%</b>
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="3">
          2014
        </td>
        <td style="padding-right: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Branch</b>
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>5,605,764</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>22.5</b>
          </p>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          4,831,679
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          19.4
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          <b>Agency</b>
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          <b>19,356,277</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>77.5</b>
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom" colspan="2">
          20,077,573
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          80.6
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="bottom">
          <b>Total</b>
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>24,962,041</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>100.0</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          24,909,252
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          100.0
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
    <p>
      CONTACT:<br>Investors Title Company<br>Elizabeth B. Lewter, 919-968-2200<br>
    </p>
    <p>

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