<SEC-DOCUMENT>0001157523-15-002757.txt : 20150805
<SEC-HEADER>0001157523-15-002757.hdr.sgml : 20150805
<ACCEPTANCE-DATETIME>20150805083221
ACCESSION NUMBER:		0001157523-15-002757
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150805
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150805
DATE AS OF CHANGE:		20150805

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:		151027578

	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>a51156120.htm
<DESCRIPTION>INVESTORS TITLE COMPANY 8-K
<TEXT>
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      <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>
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    <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 cellspacing="0" style="margin-bottom: 10.0px; margin-left:auto;margin-right:auto; width: 100%; font-size: 10pt; font-family: Times New Roman">
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          &#160;
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          <p style="font-size: 10pt; font-family: Times New Roman">
            <font style="font-family: Times New Roman; font-size: 12pt"><b>August
            5, 2015</b></font><br><br>
          </p>
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          <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>
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        <td style="width: 25%">

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

        </td>
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          &#160;
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        </td>
        <td style="width: 50%">

        </td>
        <td style="width: 25%">
          &#160;
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        <td style="text-align: center; width: 50%; border-bottom: solid black 1.0pt; 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>
        </td>
        <td style="width: 25%">

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

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          <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 cellspacing="0" style="margin-bottom: 10.0px; width: 100%; margin-left:auto;margin-right:auto; font-size: 10pt; font-family: Times New Roman">
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        <td style="text-align: center; width: 33%; border-bottom: solid black 1.0pt; 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; width: 34%; border-bottom: solid black 1.0pt; 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; width: 33%; border-bottom: solid black 1.0pt; 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>
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        <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>
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        </td>
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        </td>
        <td style="width: 33%">
          &#160;
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        <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>
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        <td style="text-align: center; width: 33%; border-bottom: solid black 1.0pt; 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="width: 34%; border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: center; width: 33%; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>27514</b>
          </p>
        </td>
      </tr>
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        <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 cellspacing="0" style="margin-bottom: 10.0px; width: 100%; margin-left:auto;margin-right:auto; font-size: 10pt; font-family: Times New Roman">
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          &#160;
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        <td style="padding-right: 0.0px; text-align: center; width: 50%; border-bottom: solid black 1.0pt; 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>
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        </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%; margin-right: 0pt; margin-left: 0pt; text-indent: 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="color: black; height: 1.5pt">

        </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>
    </p>
    <p style="text-indent: 30.0px">
      Attached as Exhibit 99.1 and incorporated herein by reference is a copy
      of the press release of Investors Title Company, dated August 5, 2015,
      reporting Investors Title Company's financial results for the fiscal
      quarter ended June 30, 2015.
    </p>
    <p style="text-indent: 30.0px">
      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>
    </p>
    <p style="text-indent: 30.0px">
      (c) Exhibits.&#160;&#160;The following exhibit accompanies this Report:
    </p>
    <p>
      Exhibit 99.1 &#8211; Press Release of Investors Title Company dated August 5,
      2015.
    </p>
    <div style="margin-bottom: 10pt; width: 100%; margin-right: 0pt; margin-left: 0pt; text-indent: 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="color: black; height: 1.5pt">

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

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

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

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          <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">
          August 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 colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          <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 colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          <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 colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          <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%; margin-right: 0pt; margin-left: 0pt; text-indent: 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="color: black; height: 1.5pt">

        </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 cellspacing="0" style="margin-bottom: 10.0px; width: 100%; margin-left:auto;margin-right:auto; font-size: 10pt; font-family: Times New Roman">
      <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 August 5, 2015
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51156120-ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <title></title>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Investors
      Title Company Announces Second Quarter 2015 Results</b></font>
    </p>
    <p>
      CHAPEL HILL, N.C.--(BUSINESS WIRE)--August 5, 2015--Investors Title
      Company today announced its results for the second quarter ended June
      30, 2015. Net income attributable to the Company increased 22.1% to
      $4,120,497, or $2.05 per diluted share, compared with $3,373,598, or
      $1.65 per diluted share, for the prior year quarter.
    </p>
    <p>
      Revenues increased 6.8% to $35,481,807 versus the prior year quarter,
      primarily due to net realized gains on investments and increases in
      other revenues. Net premiums written also increased 2.1% to a quarterly
      record level of $30,464,581, even as a greater share of our policy
      volume originated in markets with lower average premium rates versus the
      prior year quarter. Real estate activity was up significantly for the
      quarter, driven by higher levels of home purchases and increases in
      mortgage refinances versus the prior year quarter.
    </p>
    <p>
      Operating expenses increased 4.0% to $29,695,310 versus the prior year
      quarter, primarily due to an increase in the provision for claims,
      stemming from recognition of favorable loss development in the prior
      year. The increase in the provision for claims was partially offset by a
      decrease in agent commissions, reflecting a higher proportion of
      business written in markets with direct operations. Payroll expenses
      were up 6.4% to $6,866,632 due to normal inflationary increases in
      compensation and benefit costs, and higher staffing levels to support
      ongoing software development activities.
    </p>
    <p>
      For the six months ended June 30, 2015, net income attributable to the
      Company increased 34.1% to $5,846,621, or $2.90 per diluted share,
      compared with $4,360,036, or $2.14 per diluted share, for the prior year
      period. Revenues increased 3.4% to $63,783,616 versus the prior year
      period, while operating expenses were virtually flat at $55,627,995.
      Results for the first half of the year have been shaped predominantly by
      the same factors that affected the second quarter.
    </p>
    <p>
      Chairman J. Allen Fine added, &#8220;Purchase activity improved substantially
      for the first half of 2015 across all of our markets, driven partly by
      an increase in the share of first-time buyers, as well as continuing
      trends of increases in the rate of existing home sales and higher levels
      of home prices. With positive trends in housing affordability,
      unemployment, and overall economic conditions, we are optimistic that
      recent levels of real estate activity will continue. Over the long term,
      we remain focused on enhancing our competitive strengths and profitably
      expanding our market presence.&#8221;
    </p>
    <div style="margin-bottom: 10pt; width: 100%; margin-right: 0pt; margin-left: 0pt; text-indent: 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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <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, positive
      developments in housing affordability, unemployment or overall economic
      conditions or statements regarding our actuarial assumptions and the
      application of recent historical claims experience to future periods.
      These statements involve a number of risks and uncertainties that could
      cause actual results to differ materially from anticipated and
      historical results. Such risks and uncertainties include, without
      limitation: the cyclical demand for title insurance due to changes in
      the residential and commercial real estate markets; the occurrence of
      fraud, defalcation or misconduct; variances between actual claims
      experience and underwriting and reserving assumptions, including the
      limited predictive power of historical claims experience; declines in
      the performance of the Company&#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%; margin-right: 0pt; margin-left: 0pt; text-indent: 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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <p>

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-size: 8pt; font-family: Times New Roman">
      <tr>
        <td colspan="17" style="text-align: center; padding-left: 0.0px" valign="top">
          <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 and Six Months Ended June 30, 2015 and 2014</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7">

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

        </td>
        <td>

        </td>
        <td colspan="7" style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Three Months Ended</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>June 30,</b>
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="7" style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Six Months Ended</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>June 30,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Net premiums written
        </td>
        <td>

        </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>30,464,581</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">
          29,849,853
        </td>
        <td>

        </td>
        <td>

        </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>55,426,622</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">
          54,759,105
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Investment income - interest and dividends
        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>1,131,487</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,039,435
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>2,309,526</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2,065,851
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Net realized gain on investments
        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>925,164</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          92,082
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>939,967</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          584,219
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px; padding-bottom: 2.0px" valign="bottom">
          Other
        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>2,960,575</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2,240,183
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>5,107,501</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          4,266,452
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px; padding-bottom: 2.0px" valign="bottom">
          Total Revenues
        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>35,481,807</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          33,221,553
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>63,783,616</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          61,675,627
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Commissions to agents
        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>16,898,691</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          18,346,381
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>31,495,230</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          33,802,659
        </td>
        <td>

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

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>2,130,810</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          294,281
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>2,917,422</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2,669,664
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Salaries, employee benefits and payroll taxes
        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>6,866,632</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          6,454,930
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>14,144,081</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          12,640,691
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Office occupancy and operations
        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>1,443,297</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,246,644
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>2,747,518</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2,426,971
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Business development
        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>578,194</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          511,763
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>1,065,169</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,029,657
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Filing fees, franchise and local taxes
        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>221,098</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          225,343
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>437,741</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          414,943
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Premium and retaliatory taxes
        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>634,747</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          546,091
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>1,111,338</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          840,565
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Professional and contract labor fees
        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>680,483</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          666,909
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>1,264,590</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,354,967
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px; padding-bottom: 2.0px" valign="bottom">
          Other
        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>241,358</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          250,167
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>444,906</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          459,951
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px; padding-bottom: 2.0px" valign="bottom">
          Total Operating Expenses
        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>29,695,310</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          28,542,509
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>55,627,995</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          55,640,068
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>5,786,497</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          4,679,044
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>8,155,621</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          6,035,559
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>1,666,000</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,281,000
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>2,309,000</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,652,000
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>4,120,497</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          3,398,044
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>5,846,621</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          4,383,559
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px" valign="bottom">
          <b>Net Income Attributable to Redeemable Noncontrolling Interest</b>
        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <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 colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (24,446
        </td>
        <td style="padding-right: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <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 colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (23,523
        </td>
        <td style="padding-right: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </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>4,120,497</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">
          3,373,598
        </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">
          <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>5,846,621</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">
          4,360,036
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </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>2.06</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">
          1.66
        </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">
          <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>2.91</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">
          2.14
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px" valign="bottom">
          <b>Weighted Average Shares Outstanding &#8211; Basic</b>
        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>2,004,698</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2,034,931
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>2,008,718</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2,036,047
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </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>2.05</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">
          1.65
        </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">
          <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>2.90</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">
          2.14
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px" valign="bottom">
          <b>Weighted Average Shares Outstanding &#8211; Diluted</b>
        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>2,009,495</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2,039,202
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>2,013,878</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2,041,268
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; width: 100%; margin-right: 0pt; margin-left: 0pt; text-indent: 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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-size: 8pt; font-family: Times New Roman">
      <tr>
        <td colspan="8" style="text-align: center; padding-left: 0.0px" valign="top">
          <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 June&#160;30, 2015 and December 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>
          &#160;
        </td>
        <td colspan="3">

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

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

        </td>
        <td>

        </td>
        <td colspan="3" style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          <b>June 30,</b><br><b> 2015</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          December 31,<br>2014
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Assets:</b>
        </td>
        <td>

        </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>

        </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>

        </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>101,686,777</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>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>38,237,742</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>8,588,140</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2,576,993
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px; padding-bottom: 2.0px" valign="bottom">
          Other investments
        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>8,397,014</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          8,530,929
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px; padding-bottom: 2.0px" valign="bottom">
          Total investments
        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>156,909,673</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          159,411,193
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <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>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>18,823,257</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>9,380,604</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>1,039,031</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>7,925,283</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          7,732,677
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 5.0px; padding-bottom: 2.0px" valign="bottom">
          Property, net
        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>6,121,707</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          5,460,805
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px" valign="bottom">
          <b>Total Assets</b>
        </td>
        <td>

        </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>200,199,555</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 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>

        </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>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 5.0px" valign="bottom">
          Reserves for claims
        </td>
        <td>

        </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>38,125,000</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: 5.0px" valign="bottom">
          Accounts payable and accrued liabilities
        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>16,900,157</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          18,290,819
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 5.0px" valign="bottom">
          Current income taxes payable
        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>423,908</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          92,192
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 5.0px; padding-bottom: 2.0px" valign="bottom">
          Deferred income taxes, net
        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>5,091,797</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          5,415,493
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px; padding-bottom: 2.0px" valign="bottom">
          Total liabilities
        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>60,540,862</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          60,475,504
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <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>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 5.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Common stock - no par value (10,000,000 authorized shares;
            2,001,030 and 2,023,270
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;shares issued and outstanding 2015 and 2014, respectively,
            excluding 291,676 shares for
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;2015 and 2014 of common stock held by the Company's subsidiary)
          </p>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 5.0px" valign="bottom">
          Retained earnings
        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>128,634,895</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          124,707,196
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 5.0px; padding-bottom: 2.0px" valign="bottom">
          Accumulated other comprehensive income
        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>11,023,797</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          12,856,509
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px; padding-bottom: 2.0px" valign="bottom">
          Total stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>139,658,693</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          137,563,706
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px" valign="bottom">
          <b>Total Liabilities and Stockholders&#8217; Equity</b>
        </td>
        <td>

        </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>200,199,555</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>
    </table>
    </div>
    <div style="margin-bottom: 10pt; width: 100%; margin-right: 0pt; margin-left: 0pt; text-indent: 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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-size: 8pt; font-family: Times New Roman">
      <tr>
        <td colspan="25" style="text-align: center; padding-left: 0.0px" valign="top">
          <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 and Six Months Ended June 30, 2015 and 2014</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="11">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="11">

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

        </td>
        <td>

        </td>
        <td colspan="11" style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          <b>Three Months Ended June 30,</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="11" style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          <b>Six Months Ended June 30,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="4" style="padding-right: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <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">
          <b>%</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-right: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2014
        </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">
          %
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-right: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <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">
          <b>%</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-right: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2014
        </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">
          %
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Branch</b>
        </td>
        <td>

        </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>7,707,773</b>
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          25.3
        </td>
        <td>
          &#160;
        </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">
          6,275,362
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          21.0
        </td>
        <td>

        </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>13,313,537</b>
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          24.0
        </td>
        <td>
          &#160;
        </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">
          11,107,041
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          20.3
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>22,756,808</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">
          74.7
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          23,574,491
        </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">
          79.0
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>42,113,085</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">
          76.0
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          43,652,064
        </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">
          79.7
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </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>30,464,581</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">
          <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">
          29,849,853
        </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">
          100.0
        </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>$</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>55,426,622</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">
          <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">
          54,759,105
        </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">
          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
    </p>
    <p>

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