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

August 6, 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 August 6, 2018, reporting Investors Title Company's financial results for the fiscal quarter ended June 30, 2018.

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 August 6, 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:	August 6, 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 August 6, 2018

EX-99.1

Exhibit 99.1

Investors Title Company Announces Record Second Quarter 2018 Financial Results

CHAPEL HILL, N.C.--(BUSINESS WIRE)--August 6, 2018--Investors Title Company (NASDAQ: ITIC) today announced its results for the second quarter ended June 30, 2018. Net income attributable to the Company increased 22.4% to a new second quarter record of $6.9 million, or $3.66 per diluted share, versus $5.7 million, or $2.99 per diluted share, for the prior year period.

Revenues also set a new second quarter record, increasing 4.5% to $41.9 million, compared with $40.1 million in the prior year period. Net premiums written increased due to higher real estate values, as well as a shift to higher-premium purchase activity, which offset the decline in refinance activity that has occurred over the past year. Other investment income increased primarily due to higher earnings from partnership investments. Implementation of a new accounting standard in 2018 resulted in recognition of a $0.3 million net unrealized gain on equity investments.

Operating expenses increased 4.2% versus the prior year quarter, mainly driven by higher personnel and claims expenses. Personnel costs increased as a result of higher staffing levels related to the support of growth, increases in contract services related to software initiatives, and normal inflationary increases in salaries and benefits. The provision for claims was higher in the current quarter mainly due to comparison to a prior year period which included a significant amount of favorable loss development from earlier policy years. In addition, the Company’s net income benefitted from recent tax reform legislation.

For the six months ended June 30, 2018, net income attributable to the Company increased 9.6% to $11.1 million, or $5.87 per diluted share, versus $10.2 million, or $5.35 per diluted share, for the prior year period. Revenues decreased 2.8% to $75.7 million, while operating expenses decreased 2.3% to $61.7 million. Results for the first half of the year have been shaped predominantly by the same factors that affected the second quarter, with the exception of more favorable claims experience for the six months ended June 30, 2018 versus the prior year period.

Chairman J. Allen Fine added, “We are pleased to report a record level of revenue and earnings for the second quarter. Revenue growth from purchase activity was strong enough to offset the impact of lower levels of refinance activity. In addition, we continued to benefit from stable levels of claims experience. We remain optimistic that low unemployment levels and wage growth will continue to offset headwinds resulting from the effects of rising interest rates and housing supply constraints, resulting in another strong year for real estate, mortgage lending, and title insurance.”

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, wages, 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, 2017, 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 Six Months Ended June 30, 2018 and 2017 (in thousands, except per share amounts) (unaudited)
	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018			2017
Revenues:
Net premiums written	$	35,142	$	34,672	$	64,701		$	67,410
Escrow and other title-related fees	2,149		1,942		3,653			3,957
Non-title services	1,696		1,515		3,288			2,878
Interest and dividends	1,125		1,114		2,243			2,211
Other investment income	1,181		766		1,450			995
Net realized investment gains	288		83		441			186
Net unrealized gain (loss) on equity investments	348		—		(294		)	—
Other	7		33		230			281
Total Revenues	41,936		40,125		75,712			77,918
Operating Expenses:
Commissions to agents	16,427		16,598		30,452			32,929
Provision (benefit) for claims	564		140		(842		)	860
Personnel expenses	10,798		9,942		22,138			19,900
Office and technology expenses	2,326		1,984		4,395			3,923
Other expenses	3,007		3,115		5,530			5,509
Total Operating Expenses	33,122		31,779		61,673			63,121
Income before Income Taxes	8,814		8,346		14,039			14,797
Provision for Income Taxes	1,894		2,672		2,946			4,657
Net Income	6,920		5,674		11,093			10,140
Net Loss Attributable to Noncontrolling Interests	27		1		30			11
Net Income Attributable to the Company	$	6,947	$	5,675	$	11,123		$	10,151
Basic Earnings per Common Share	$	3.68	$	3.01	$	5.90		$	5.38
Weighted Average Shares Outstanding – Basic	1,887		1,887		1,886			1,886
Diluted Earnings per Common Share	$	3.66	$	2.99	$	5.87		$	5.35
Weighted Average Shares Outstanding – Diluted	1,897		1,897		1,896			1,896

Investors Title Company and Subsidiaries Consolidated Balance Sheets As of June 30, 2018 and December 31, 2017 (in thousands) (unaudited)
	June 30, 2018		December 31, 2017
Assets
Cash and cash equivalents	$	29,289	$	20,214
Investments:
Fixed maturities, available-for-sale, at fair value	94,578		103,341
Equity securities, at fair value	48,026		47,367
Short-term investments	24,950		23,780
Other investments	11,622		12,032
Total investments	179,176		186,520
Premiums and fees receivable	11,008		10,031
Accrued interest and dividends	1,015		1,100
Prepaid expenses and other receivables	7,974		7,730
Property, net	10,820		10,173
Goodwill and other intangible assets, net	11,032		11,357
Other assets	1,457		1,403
Current income taxes receivable	1,427		385
Total Assets	$	253,198	$	248,913
Liabilities and Stockholders’ Equity
Liabilities:
Reserve for claims	$	32,484	$	34,801
Accounts payable and accrued liabilities	25,140		27,565
Deferred income taxes, net	9,461		8,626
Total liabilities	67,085		70,992
Stockholders’ Equity:
Common stock – no par value (10,000 authorized shares; 1,887 and 1,886 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively, excluding in each period 292 shares of common stock held by the Company's subsidiary)	—		—
Retained earnings	185,252		161,891
Accumulated other comprehensive income	806		15,945
Total stockholders’ equity attributable to the Company	186,058		177,836
Noncontrolling interests	55		85
Total stockholders’ equity	186,113		177,921
Total Liabilities and Stockholders’ Equity	$	253,198	$	248,913

Investors Title Company and Subsidiaries Net Premiums Written By Branch and Agency For the Three and Six Months Ended June 30, 2018 and 2017 (in thousands) (unaudited)
	Three Months Ended June 30,						Six Months Ended June 30,
	2018		%	2017		%	2018		%	2017		%
Branch	$	10,736	30.6	$	10,394	30.0	$	19,353	29.9	$	19,677	29.2
Agency	24,406		69.4	24,278		70.0	45,348		70.1	47,733		70.8
Total	$	35,142	100.0	$	34,672	100.0	$	64,701	100.0	$	67,410	100.0

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