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

February 17, 2009

_______________________________________________________

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 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 February 17, 2009, reporting Investors Title Company's financial results for the fiscal quarter ended December 31, 2008.

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 February 17, 2009.

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 17, 2009 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 February 17, 2009

Investors Title Company and Subsidiaries Consolidated Balance Sheets As of December 31, 2008 and 2007 (Unaudited) December 31, December 31, 2008 2007 ------------ ------------ Assets Investments in securities: Fixed maturities: Held-to-maturity, at amortized cost $ 451,681 $ 1,052,535 Available-for-sale, at fair value 87,708,500 90,530,946 Equity securities, available-for-sale, at fair value 9,965,297 14,431,866 Short-term investments 15,725,513 21,222,533 Other investments 2,040,962 1,788,501 ------------ ------------ Total investments 115,891,953 129,026,381 Cash and cash equivalents 5,155,046 3,000,762 Premiums and fees receivable, net 4,933,797 6,900,968 Accrued interest and dividends 1,225,070 1,254,641 Prepaid expenses and other assets 3,992,975 1,276,806 Property acquired in settlement of claims 395,734 278,476 Property, net 4,422,318 5,278,891 Deferred income taxes, net 3,841,295 2,625,495 ------------ ------------ Total Assets $139,858,188 $149,642,420 ============ ============ Liabilities and Stockholders' Equity Liabilities: Reserves for claims $ 39,238,000 $ 36,975,000 Accounts payable and accrued liabilities 10,294,912 11,236,781 Commissions and reinsurance payable 467,388 406,922 Current income taxes payable -- 1,747,877 ------------ ------------ Total liabilities 50,000,300 50,366,580 ------------ ------------ Stockholders' Equity: Common stock - no par value (shares authorized 10,000,000; 2,293,268 and 2,411,318 shares issued and outstanding 2008 and 2007, respectively, excluding 291,676 shares for 2008 and 2007 of common stock held by the Company's subsidiary) 1 1 Retained earnings 88,248,452 95,739,827 Accumulated other comprehensive income 1,609,435 3,536,012 ------------ ------------ Total stockholders' equity 89,857,888 99,275,840 ------------ ------------ Total Liabilities and Stockholders' Equity $139,858,188 $149,642,420 ============ ============

Investors Title Company and Subsidiaries Consolidated Statements of Income December 31, 2008 and 2007 (Unaudited) For The Three For The Twelve Months Ended Months Ended December 31 December 31 -------------------------- -------------------------- 2008 2007 2008 2007 ------------ ------------ ------------ ------------ Revenues: Underwriting income: Premiums Written $ 12,444,198 $ 15,622,242 $ 63,937,276 $ 70,248,166 Less- premiums for reinsurance ceded 55,173 51,427 275,089 264,177 ------------ ------------ ------------ ------------ Net premiums written 12,389,025 15,570,815 63,662,187 69,983,989 Investment income- interest and dividends 1,086,935 1,413,938 4,558,735 5,197,178 Net realized (loss) gain on investments (2,252,790) 34,660 (2,922,376) 921,871 Exchange services revenue 152,201 1,182,189 1,166,141 4,340,062 Other 937,608 1,240,400 4,658,574 4,499,187 ------------ ------------ ------------ ------------ Total Revenues 12,312,979 19,442,002 71,123,261 84,942,287 ------------ ------------ ------------ ------------ Operating Expenses: Commissions to agents 5,740,911 6,386,094 27,717,807 28,424,960 Provision for claims 6,876,805 1,609,440 15,206,637 10,134,719 Salaries, employee benefits and payroll taxes 3,542,233 5,317,243 19,605,500 20,819,094 Office occupancy and operations 1,267,435 1,419,183 5,107,843 5,598,576 Business development 482,199 625,540 2,104,935 2,183,853 Filing fees and taxes, other than payroll and income 163,123 62,192 587,235 531,777 Premium and retaliatory taxes 251,999 317,516 1,281,297 1,496,448 Professional and contract labor fees 289,146 712,420 1,684,208 2,789,878 Other 245,406 377,294 1,044,598 1,138,647 ------------ ------------ ------------ ------------ Total Operating Expenses 18,859,257 16,826,922 74,340,060 73,117,952 ------------ ------------ ------------ ------------ (Loss) Income Before Income Taxes (6,546,278) 2,615,080 (3,216,799) 11,824,335 ------------ ------------ ------------ ------------ (Benefit) Provision For Income Taxes (2,596,000) 1,547,000 (2,034,000) 3,422,000 ------------ ------------ ------------ ------------ Net (Loss) Income $(3,950,278) $ 1,068,080 $(1,182,799) $ 8,402,335 ============ ============ ============ ============ Basic (Loss) Earnings Per Common Share $ (1.72) $ 0.44 $ (0.50) $ 3.39 ============ ============ ============ ============ Weighted Average Shares Outstanding - Basic 2,293,086 2,452,416 2,364,361 2,479,321 ============ ============ ============ ============ Diluted (Loss) Earnings Per Common Share $ (1.72) $ 0.43 $ (0.50) $ 3.35 ============ ============ ============ ============ Weighted Average Shares Outstanding - Diluted 2,293,086 2,473,049 2,364,361 2,508,609 ============ ============ ============ ============

Investors Title Company and Subsidiaries Net Premiums Written By State December 31, 2008 and 2007 (Unaudited) For the For the Three Months Ended Twelve Months Ended December 31 December 31 State 2008 2007 2008 2007 ------------------------------------------------------------------ Illinois $ 555,933 $ 372,152 $ 2,140,440 $ 1,653,518 Kentucky 563,858 683,496 2,957,744 2,563,039 Michigan 594,403 723,256 3,326,904 3,073,006 New York 435,994 605,560 2,106,033 2,412,625 North Carolina 5,505,815 7,678,826 30,527,923 34,544,366 Pennsylvania 373,473 370,792 1,762,444 1,512,745 South Carolina 1,677,829 1,886,231 7,556,153 7,637,330 Tennessee 343,527 565,678 2,063,411 2,599,686 Virginia 1,087,891 1,274,943 5,789,337 6,121,746 West Virginia 460,496 484,318 2,077,603 2,029,885 Other 775,680 945,841 3,462,391 6,057,404 ----------- ----------- ----------- ----------- Direct Premiums $12,374,899 $15,591,093 $63,770,383 $70,205,350 Reinsurance Assumed 69,299 31,149 166,893 42,816 Reinsurance Ceded (55,173) (51,427) (275,089) (264,177) ----------- ----------- ----------- ----------- Net Premiums Written $12,389,025 $15,570,815 $63,662,187 $69,983,989 =========== =========== =========== ===========

Investors Title Company and Subsidiaries Net Premiums Written By Branch and Agency December 31, 2008 and 2007 (Unaudited) For The Three Months Ended December 31 ---------------------------------------------- 2008 % 2007 % ----------- --- ----------- --- Branch $ 4,360,037 35 $ 6,746,222 43 Agency 8,028,988 65 8,824,593 57 ----------- --- ----------- --- Total $12,389,025 100 $15,570,815 100 =========== === =========== ===

For The Twelve Months Ended December 31 ---------------------------------------------- 2008 % 2007 % ----------- --- ----------- --- Branch $24,312,013 38 $30,144,691 43 Agency 39,350,174 62 39,839,298 57 ----------- --- ----------- --- Total $63,662,187 100 $69,983,989 100 =========== === =========== ===

Investors Title Company Announces Fourth Quarter and Fiscal Year 2008 Results