Unassociated Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________

FORM 8-K

CURRENT REPORT

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

November 5, 2007

_______________________________________________________

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

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(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

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Registrant's telephone number, including area code

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

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a−12 under the Exchange Act (17 CFR 240.14a−12)

[ ] Pre−commencement communications pursuant to Rule 14d−2(b) under the Exchange Act (17 CFR 240.14d−2(b))

[ ] Pre−commencement communications pursuant to Rule 13e−4(c) under the Exchange Act (17 CFR 240.13e−4(c))

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 November 5, 2007, reporting Investors Title Company's financial results for the fiscal quarter ended September 30, 2007.

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

Exhibit 99.1 – Press Release of Investors Title Company dated November 5, 2007.

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: November 5, 2007 By: /s/ James A. Fine, Jr.

James A. Fine, Jr.

President, Treasurer and

Chief Financial Officer

EXHIBIT INDEX

Exhibit No. Description

99.1 Press release issued by Investors Title Company on November 5, 2007

Investors Title Company and Subsidiaries Consolidated Statements of Income September 30, 2007 and 2006 (Unaudited) For The Three For The Nine Months Ended Months Ended September 30 September 30 ------------------------- ------------------------- 2007 2006 2007 2006 ---- ---- ---- ---- Revenues: Underwriting income: Premiums Written $ 19,035,187 $ 18,347,342 $ 54,625,924 $ 54,315,786 Less-premiums for reinsurance ceded 40,734 104,666 212,750 317,893 ---------- ---------- ---------- ---------- Net premiums written 18,994,453 18,242,676 54,413,174 53,997,893 Investment income-interest and dividends 1,301,878 1,036,155 3,783,240 3,064,905 Net realized gain (loss) on sales of investments 521,008 (55,930) 887,211 488,527 Exchange services revenue 1,042,311 1,604,992 3,157,873 4,541,081 Other 1,199,333 894,441 3,258,787 2,935,397 ---------- ---------- ---------- ---------- Total Revenues 23,058,983 21,722,334 65,500,285 65,027,803 ---------- ---------- ---------- ---------- Operating Expenses: Commissions to agents 7,460,574 6,796,146 22,038,866 20,368,864 Provision for claims 2,363,841 1,992,901 8,525,279 5,878,592 Salaries, employee benefits and payroll taxes 5,136,337 4,918,008 15,501,851 14,865,309 Office occupancy and operations 1,284,093 1,234,013 4,173,117 3,917,797 Business development 478,397 552,401 1,558,313 1,581,132 Filing fees and taxes, other than payroll and income 177,917 196,639 469,585 490,346 Premium and retaliatory taxes 341,750 396,851 1,178,932 1,067,461 Professional and contract labor fees 606,308 555,189 2,077,458 1,904,933 Other 266,874 105,087 767,629 569,822 ---------- ---------- ---------- ---------- Total Operating Expenses 18,116,091 16,747,235 56,291,030 50,644,256 ---------- ---------- ---------- ---------- Income Before Income Taxes 4,942,892 4,975,099 9,209,255 14,383,547 ---------- ---------- ---------- ---------- Provision For Income Taxes 1,085,000 1,303,030 1,875,000 3,521,000 ---------- ---------- ---------- ---------- Net Income $ 3,857,892 $ 3,672,069 $ 7,334,255 $ 10,862,547 ========== ========== ========== ========== Basic Earnings Per Common Share $ 1.56 $ 1.46 $ 2.95 $ 4.29 ========== ========== ========== ========== Weighted Average Shares Outstanding - Basic 2,480,951 2,517,691 2,488,287 2,534,883 ========== ========== ========== ========== Diluted Earnings Per Common Share $ 1.54 $ 1.44 $ 2.91 $ 4.23 ========== ========== ========== ========== Weighted Average Shares Outstanding - Diluted 2,506,949 2,550,607 2,520,383 2,569,585 ========== ========== ========== ========== Investors Title Company and Subsidiaries Consolidated Balance Sheets As of September 30, 2007 and December 31, 2006 (Unaudited) September 30, 2007 December 31, 2006 ------------------ ----------------- Assets Investments in securities: Fixed maturities: Held-to-maturity, at amortized cost $ 1,052,204 $ 1,195,617 Available-for-sale, at fair value 102,528,677 101,954,292 Equity securities, available-for-sale at fair value 13,888,652 12,495,923 Short-term investments 9,474,707 4,460,911 Other investments 1,654,542 1,473,303 ------------------ ----------------- Total investments 128,598,782 121,580,046 Cash and cash equivalents 2,855,600 3,458,432 Premiums and fees receivable, net 7,704,503 6,693,706 Accrued interest and dividends 1,157,567 1,336,790 Prepaid expenses and other assets 2,135,769 1,479,366 Property acquired in settlement of claims 294,538 303,538 Property, net 5,490,451 6,134,304 Deferred income taxes, net 1,875,142 2,530,196 ------------------ ----------------- Total Assets $ 150,112,352 $ 143,516,378 ================== ================= Liabilities and Stockholders' Equity Liabilities: Reserves for claims $ 38,577,000 $ 36,906,000 Accounts payable and accrued liabilities 10,207,584 10,537,992 Commissions and reinsurance payables 273,187 470,468 Current income taxes payable -- 326,255 ------------------ ----------------- Total liabilities 49,057,771 48,240,715 ------------------ ----------------- Stockholders' Equity: Common stock - no par value (shares authorized 10,000,000; 2,482,472 and 2,507,325 shares issued and outstanding 2007 and 2006, respectively, excluding 291,676 shares for 2007 and 2006 of common stock held by the Company's subsidiary) 1 1 Retained earnings 97,531,759 92,134,608 Accumulated other comprehensive income 3,522,821 3,141,054 ------------------ ----------------- Total stockholders' equity 101,054,581 95,275,663 ------------------ ----------------- Total Liabilities and Stockholders' Equity $ 150,112,352 $ 143,516,378 ================== ================= Investors Title Company and Subsidiaries Net Premiums Written By State September 30, 2007 and 2006 (Unaudited) For the Three Months Ended For the Nine Months Ended September 30 September 30 -------------------------- ------------------------- State 2007 2006 2007 2006 --------------------------------------- -------------------------- Alabama $ 106,753 $ 185,318 $ 397,431 $ 759,499 Florida 116,530 359,531 1,406,575 965,822 Illinois 431,878 291,810 1,281,366 819,718 Kentucky 654,399 618,829 1,879,543 1,775,866 Maryland 340,011 344,598 937,203 1,126,272 Michigan 771,564 825,711 2,349,750 2,584,541 Minnesota 131,796 200,469 401,013 842,538 Mississippi 204,671 225,319 739,748 526,996 Nebraska 176,385 172,005 553,477 503,451 New York 641,631 602,667 1,807,065 1,815,458 North Carolina 9,733,783 9,185,274 26,865,540 27,400,208 Pennsylvania 409,063 373,498 1,141,953 1,100,005 South Carolina 2,177,495 2,045,816 5,751,099 4,984,670 Tennessee 652,157 686,497 2,034,008 1,967,589 Virginia 1,713,647 1,515,282 4,846,803 5,087,324 West Virginia 531,815 577,884 1,545,567 1,673,725 Other 241,609 135,101 676,116 373,945 ---------- ---------- ---------- ---------- Direct Premiums 19,035,187 18,345,609 54,614,257 54,307,627 Reinsurance Assumed -- 1,733 11,667 8,159 Reinsurance Ceded (40,734) (104,666) (212,750) (317,893) ---------- ---------- ---------- ---------- Net Premiums Written $ 18,994,453 $ 18,242,676 $ 54,413,174 $ 53,997,893 ========== ========== ========== ========== Investors Title Company and Subsidiaries Net Premiums Written By Branch and Agency September 30, 2007 and 2006 (Unaudited) For The Three Months Ended For The Nine Months Ended September 30 September 30 -------------------------------------- ------------------------------- 2007 % 2006 % 2007 % 2006 % -------------------------------------- ------------------------------- Branch $ 8,310,859 44 $ 8,602,081 47 $23,351,770 43 $25,333,046 47 Agency $10,683,594 56 $ 9,640,595 53 $31,061,404 57 $28,664,847 53 ------------------------------- ------------------------------- Total $18,994,453 100 $18,242,676 100 $54,413,174 100 $53,997,893 100 =============================== ===============================

Investors Title Company Announces Third Quarter 2007 Results