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

May 4, 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 May 4, 2009, reporting Investors Title Company's financial results for the fiscal quarter ended March 31, 2009.

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 May 4, 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: May 4, 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 May 4, 2009

Investors Title Company and Subsidiaries Consolidated Statements of Income March 31, 2009 and 2008 (Unaudited) For The Three Months Ended March 31 ------------------------------ 2009 2008 ------------- ------------- Revenues: Underwriting income: Premiums Written $ 16,410,597 $ 17,903,762 Less-premiums for reinsurance ceded 777 90,402 ------------- ------------- Net premiums written 16,409,820 17,813,360 Investment income-interest and dividends 989,635 1,279,359 Net realized (loss) gain on investments (299,937) 118,569 Exchange services revenue 323,764 404,698 Other 1,259,127 1,244,933 ------------- ------------- Total Revenues 18,682,409 20,860,919 ------------- ------------- Operating Expenses: Commissions to agents 7,532,209 7,319,270 Provision for claims 2,047,126 2,048,596 Salaries, employee benefits and payroll taxes 5,138,176 5,497,936 Office occupancy and operations 1,098,582 1,366,373 Business development 262,817 485,451 Filing fees and taxes, other than payroll and income 157,051 192,629 Premium and retaliatory taxes 367,262 367,337 Professional and contract labor fees 302,013 521,409 Other (1,790) 236,538 ------------- ------------- Total Operating Expenses 16,903,446 18,035,539 ------------- ------------- Income Before Income Taxes 1,778,963 2,825,380 ------------- ------------- Provision For Income Taxes 344,000 701,000 ------------- ------------- Net Income $ 1,434,963 $ 2,124,380 ============= ============= Basic Earnings Per Common Share $ 0.63 $ 0.88 ============= ============= Weighted Average Shares Outstanding - Basic 2,293,951 2,412,499 ============= ============= Diluted Earnings Per Common Share $ 0.62 $ 0.87 ============= ============= Weighted Average Shares Outstanding - Diluted 2,296,041 2,437,195 ============= =============

Investors Title Company and Subsidiaries Consolidated Balance Sheets As of March 31, 2009 and December 31, 2008 (Unaudited) March 31, December 31, 2009 2008 ------------- ------------- Assets Investments in securities: Fixed maturities: Held-to-maturity, at amortized cost $ 446,793 $ 451,681 Available-for-sale, at fair value 87,187,255 87,708,500 Equity securities, available-for-sale, at fair value 8,923,089 9,965,297 Short-term investments 15,701,808 15,725,513 Other investments 2,101,894 2,040,962 ------------- ------------- Total investments 114,360,839 115,891,953 Cash and cash equivalents 4,822,641 5,155,046 Premiums and fees receivable, net 6,614,428 4,933,797 Accrued interest and dividends 1,046,637 1,225,070 Prepaid expenses and other assets 3,760,409 3,992,975 Property acquired in settlement of claims 414,413 395,734 Property, net 4,200,366 4,422,318 Deferred income taxes, net 2,801,536 3,841,295 ------------- ------------- Total Assets $ 138,021,269 $ 139,858,188 ============= ============= Liabilities and Stockholders' Equity Liabilities: Reserves for claims $ 38,988,000 $ 39,238,000 Accounts payable and accrued liabilities 7,514,108 10,762,300 ------------- ------------- Total liabilities 46,502,108 50,000,300 ------------- ------------- Stockholders' Equity: Common stock - no par value (shares authorized 10,000,000; 2,294,118 and 2,293,268 shares issued and outstanding 2009 and 2008, respectively, excluding 291,676 shares for 2009 and 2008 of common stock held by the Company's subsidiary) 1 1 Retained earnings 89,692,794 88,248,452 Accumulated other comprehensive income 1,826,366 1,609,435 ------------- ------------- Total stockholders' equity 91,519,161 89,857,888 ------------- ------------- Total Liabilities and Stockholders' Equity $ 138,021,269 $ 139,858,188 ============= =============

Investors Title Company and Subsidiaries Net Premiums Written By State For the Three Months Ended March 31, 2009 and 2008 (Unaudited) 2009 2008 ------------------------------------------------------- Illinois $ 1,091,590 $ 589,969 Kentucky 870,303 816,810 Michigan 852,273 1,045,827 New York 955,437 512,198 North Carolina 7,564,207 8,948,667 Pennsylvania 609,185 443,129 South Carolina 1,185,930 1,903,380 Tennessee 565,768 541,674 Virginia 1,227,764 1,521,794 West Virginia 547,581 470,898 Other States 939,759 1,013,072 ------------- ------------- Direct Premiums 16,409,797 17,807,418 Reinsurance Assumed 800 96,344 Reinsurance Ceded (777) (90,402) ------------- ------------- Net Premiums Written $ 16,409,820 $ 17,813,360 ============= =============

Investors Title Company and Subsidiaries Net Premiums Written By Branch and Agency March 31, 2009 and 2008 (Unaudited) For The Three Months Ended March 31 ------------------------------------- 2009 % 2008 % ------------------------------------- Branch $ 6,043,004 37 $ 7,364,830 41 Agency 10,366,816 63 10,448,530 59 ------------------------------------- Total $16,409,820 100 $17,813,360 100 =====================================

Investors Title Company Announces First Quarter 2009 Results