8-K

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C.  20549

FORM 8-K

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

February 7, 2018

Date of Report (Date of earliest event reported)

Investors Title Company

(Exact name of registrant as specified in its charter)

North Carolina	0-11774	56-1110199
(State or Other Jurisdiction of	(Commission	(I.R.S. Employer
Incorporation or Organization)	File Number)	Identification No.)
121 North Columbia Street
Chapel Hill, North Carolina		27514
(Address of Principal Executive Offices)		(Zip Code)

(919) 968-2200

Registrant's telephone number, including area code

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  [  ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  [  ]

Item 2.02.  Results of Operations and Financial Condition

Attached as Exhibit 99.1 and incorporated herein by reference is a copy of the press release of Investors Title Company, dated February 7, 2018, reporting Investors Title Company's financial results for the fiscal quarter ended December 31, 2017.

The information in this Current Report is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01.  Financial Statements and Exhibits

(d) Exhibits.  The following exhibit accompanies this Report:

Exhibit 99.1 - Press Release of Investors Title Company dated February 7, 2018.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		INVESTORS TITLE COMPANY
Date:	February 7, 2018	By:	/s/ James A. Fine, Jr.
			James A. Fine, Jr.
			President, Principal Financial Officer and
			Principal Accounting Officer

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press release issued by Investors Title Company on February 7, 2018

EX-99.1

Exhibit 99.1

Investors Title Company Announces Record Fourth Quarter and Fiscal Year 2017 Results

CHAPEL HILL, N.C.--(BUSINESS WIRE)--February 7, 2018--Investors Title Company (NASDAQ: ITIC) today announced its results for the fourth quarter and year ended December 31, 2017.

For the year, net income attributable to the Company increased 31.7% to an all-time record high of $25.7 million, or $13.56 per diluted share, versus $19.5 million, or $10.19 per diluted share, for the prior year. For the quarter, net income attributable to the Company increased 90.6% to an all-time record high of $9.6 million, or $5.08 per diluted share, versus $5.1 million, or $2.67 per diluted share, for the prior year period.

Revenues for the year increased 16.7% to a record $161.6 million, compared with $138.5 million in the prior year. The majority of the revenue increase is attributable to higher premiums. Even though refinance activity dropped from the prior year, net premiums written increased 14.9% to $138.6 million as a result of higher levels of home sales in our core markets, a continuation of the multi-year trend of increases in the underlying values of real estate, and business from newly-signed agents. Other income sources, including revenue from ancillary services coincident with providing title insurance as well as premiums written for other title companies, increased 40.9% to $17.6 million.

Operating expenses increased 19.0% to $131.4 million, compared with $110.4 million in the prior year. Expenses which fluctuate directly with revenues, including agent commissions and claims expense, were up commensurate with the increases in associated revenues. Although claims expense for the year was low by historical standards, it increased over the prior year due to lower levels of favorable loss development. In addition to normal inflationary increases, the primary factor contributing to the increase in other categories of operating expenses is the inclusion of expenses for a title insurance agency acquired in the fourth quarter of 2016.

The quarter was shaped predominantly by the same factors that affected the year, with the exception of claims expense, which was slightly more favorable in the current quarter. Revenues increased 4.6% to a fourth quarter record, while operating expenses increased 9.1%.

On December 22, 2017, the Tax Cuts and Jobs Act was enacted into law, reducing the federal corporate income tax rate from 35% to 21%, effective January 1, 2018. Accordingly, the Company’s deferred tax assets and liabilities were revalued at the new tax rate, and the impact was recognized in the provision for income taxes in the fourth quarter. The revaluation resulted in a benefit to the year and the quarter of approximately $5.3 million, or $2.82 per diluted share.

Chairman J. Allen Fine commented, “We are pleased to report the third consecutive year with record levels of revenues, reflecting a growing national economy, a strong real estate market, and the success of our long-term business model, which is centered on building mutually successful relationships with like-minded business partners. In addition to consistently strong revenue growth, 2017 marks a new Company record for net income, and the third consecutive year of net income growth.

“Aided by macroeconomic factors such as historically low foreclosure rates, the Company continues to be successful in maintaining a relatively low level of claims through a combination of a proactive approach to risk management and investments in education programs designed to improve the Company’s risk profile as well as that of our business partners.

“As we head into 2018, we are optimistic about the prospects for another strong year of real estate activity, and remain focused on expanding our presence in the marketplace.”

Investors Title Company’s subsidiaries issue and underwrite title insurance policies. The Company also provides investment management services and services in connection with tax-deferred exchanges of like-kind property.

Certain statements contained herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, among others, any statements regarding the Company’s expected performance for this year, future home price fluctuations, changes in home purchase or refinance activity and the mix thereof, interest rate changes, expansion of the Company’s market presence, enhancing competitive strengths, positive development 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’s investments; government regulation; changes in the economy; loss of agency relationships, or significant reductions in agent-originated business; difficulties managing growth, whether organic or through acquisitions and other considerations set forth under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, as filed with the Securities and Exchange Commission, and in subsequent filings.

Investors Title Company and Subsidiaries
Consolidated Statements of Income
For the Three and Twelve Months Ended December 31, 2017 and 2016
(Unaudited)
	Three Months Ended December 31,					Twelve Months Ended December 31,
	2017			2016		2017		2016
Revenues:
Net premiums written	$	35,180,588		$	33,211,179	$	138,588,877	$	120,569,151
Investment income – interest and dividends	1,146,813			1,205,490		4,444,447		4,684,489
Net realized gain on investments	50,783			194,108		1,040,901		768,436
Other	4,200,736			4,190,199		17,575,071		12,470,338
Total Revenues	40,578,920			38,800,976		161,649,296		138,492,414
Operating Expenses:
Commissions to agents	18,073,248			17,696,942		68,643,220		63,643,321
Provision for claims	596,363			646,935		3,311,080		242,953
Salaries, employee benefits and payroll taxes	9,547,530			8,426,127		39,012,354		31,372,099
Office occupancy and operations	2,520,743			1,739,198		8,966,623		6,265,908
Business development	1,177,702			816,519		3,164,730		2,511,699
Filing fees, franchise and local taxes	283,176			218,494		1,198,013		907,225
Premium and retaliatory taxes	732,444			642,964		2,672,034		2,202,595
Professional and contract labor fees	450,307			516,151		1,825,598		2,115,754
Other	640,655			469,869		2,585,074		1,099,408
Total Operating Expenses	34,022,168			31,173,199		131,378,726		110,360,962
Income before Income Taxes	6,556,752			7,627,777		30,270,570		28,131,452
(Benefit) Provision for Income Taxes	(3,077,000		)	2,576,000		4,570,000		8,616,000
Net Income	9,633,752			5,051,777		25,700,570		19,515,452
Net (Gain) Loss Attributable to Noncontrolling Interests	(4,954		)	982		5,932		7,666
Net Income Attributable to the Company	$	9,628,798		$	5,052,759	$	25,706,502	$	19,523,118
Basic Earnings per Common Share	$	5.11		$	2.68	$	13.63	$	10.23
Weighted Average Shares Outstanding – Basic	1,885,992			1,884,283		1,886,354		1,907,675
Diluted Earnings per Common Share	$	5.08		$	2.67	$	13.56	$	10.19
Weighted Average Shares Outstanding – Diluted	1,895,390			1,893,252		1,895,871		1,915,057

Investors Title Company and Subsidiaries
Consolidated Balance Sheets
As of December 31, 2017 and 2016
(Unaudited)
	December 31, 2017		December 31, 2016
Assets:
Investments in securities:
Fixed maturities, available-for-sale, at fair value	$	103,341,083	$	101,934,077
Equity securities, available-for-sale, at fair value	47,366,826		41,179,259
Short-term investments	23,779,672		6,558,840
Other investments	12,032,426		11,181,531
Total investments	186,520,007		160,853,707
Cash and cash equivalents	20,214,468		27,928,472
Premium and fees receivable	10,159,519		8,654,161
Accrued interest and dividends	1,099,879		1,035,152
Prepaid expenses and other assets	9,003,683		9,456,523
Property, net	10,172,904		8,753,466
Goodwill and other intangible assets, net	11,357,290		12,256,641
Current income taxes receivable	385,109		—
Total Assets	$	248,912,859	$	228,938,122
Liabilities and Stockholders’ Equity
Liabilities:
Reserves for claims	$	34,801,000	$	35,305,000
Accounts payable and accrued liabilities	27,565,660		26,146,480
Current income taxes payable	—		1,232,432
Deferred income taxes, net	8,625,759		11,118,256
Total liabilities	70,992,419		73,802,168
Stockholders’ Equity:
Common stock – no par value (10,000,000 authorized shares; 1,885,993 and 1,884,283 shares issued and outstanding as of December 31, 2017 and 2016, respectively, excluding in each period 291,676 shares of common stock held by the Company's subsidiary)	1		1
Retained earnings	161,890,660		143,283,621
Accumulated other comprehensive income	15,944,826		11,761,447
Total stockholders’ equity attributable to the Company	177,835,487		155,045,069
Noncontrolling interests	84,953		90,885
Total stockholders’ equity	177,920,440		155,135,954
Total Liabilities and Stockholders’ Equity	$	248,912,859	$	228,938,122

Investors Title Company and Subsidiaries
Net Premiums Written By Branch and Agency
For the Three and Twelve Months Ended December 31, 2017 and 2016
(Unaudited)
	Three Months Ended December 31,						Twelve Months Ended December 31,
	2017		%	2016		%	2017		%	2016		%
Branch	$	9,457,862	26.9	$	9,179,050	27.6	$	40,244,394	29.0	$	33,482,154	27.8
Agency	25,722,726		73.1	24,032,129		72.4	98,344,483		71.0	87,086,997		72.2
Total	$	35,180,588	100.0	$	33,211,179	100.0	$	138,588,877	100.0	$	120,569,151	100.0

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