Investors Title (ITIC) 8-K Investors Title Company Announces Third Quarter 2009 Results

Exhibit 99.1

Investors Title Company Announces Third Quarter 2009 Results

CHAPEL HILL, N.C.--(BUSINESS WIRE)--October 30, 2009--J. Allen Fine, Chairman of Investors Title Company, announced that for the third quarter ended September 30, 2009, the Company reported net income of $969,043, an increase of 5.7% compared with net income of $917,033 for the same three-month period in 2008. Net income per diluted share equaled $0.42 compared with net income per diluted share of $0.39 in the same period last year. Net premiums written decreased 6.8% to $14,282,615, investment income decreased 15.5% to $911,982 and total revenues decreased 7.0% to $16,362,617 compared with the prior year period.

For the nine-month period ended September 30, 2009, the Company reported net income of $4,519,479, an increase of 63.3%, compared with $2,767,479 for the same nine-month period in 2008. Diluted earnings per share were $1.96, an increase of 70.4% compared with $1.15 for the same nine-month period in 2008. Net premiums written decreased 3.3% to $49,604,823, investment income decreased 17.6% to $2,862,071 and total revenues decreased 3.6% to $56,665,585 compared with the prior year period. Operating results for the quarter ended September 30, 2009 showed improvement over the same period in 2008 primarily due to cost containment efforts and a reduction in payroll expenses. The provision for claims declined slightly from the prior year period but increased as a percentage of premiums written, due in part to the ongoing elevated pace of mortgage foreclosures.

“Premiums written benefited from an increase in the level of purchase transactions as home buyers took advantage of very low mortgage interest rates as well as various government stimulus programs, including a tax credit for first time buyers,” Chairman Fine added. “The level of mortgage refinance transactions insured declined from the first and second quarters of the year; however, refinance transactions remain a significant block of business. We continue to search for and work on opportunities to develop our distribution network but remain guarded in expectations for near term transaction volume.” Investors Title Company is engaged through its subsidiaries in the business of issuing and underwriting title insurance policies. The Company also provides services in connection with tax-deferred exchanges of like-kind property and investment management services to individuals, companies, banks and trusts.

Certain statements contained herein may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include any predictions regarding activity in the U.S. real estate market. 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: 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; mechanic lien claims; declines in the performance of the Company’s investments; government regulation; 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, 2008, 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 Nine Months Ended September 30, 2009 and 2008 (Unaudited)
		Three Months Ended September 30						Nine Months Ended September 30
		2009			2008			2009			2008
Revenues:
Underwriting income:
Premiums Written	$	14,306,677		$	15,410,424		$	49,662,835		$	51,493,078
Less-premiums for reinsurance ceded		24,062			78,604			58,012			219,916
Net premiums written		14,282,615			15,331,820			49,604,823			51,273,162
Investment income-interest and dividends		911,982			1,079,760			2,862,071			3,471,800
Net realized loss on investments		(110,818	)		(545,883	)		(400,760	)		(669,586	)
Exchange services revenue		175,608			542,528			800,335			1,013,940
Other		1,103,230			1,188,338			3,799,116			3,720,966
Total Revenues		16,362,617			17,596,563			56,665,585			58,810,282
Operating Expenses:
Commissions to agents		6,838,090			6,707,688			23,202,041			21,976,896
Provision for claims		1,934,459			1,982,822			6,733,399			8,329,832
Salaries, employee benefits and payroll taxes		4,195,751			5,253,705			13,862,993			16,063,267
Office occupancy and operations		985,769			1,143,219			3,292,491			3,840,407
Business development		336,481			569,404			928,309			1,622,736
Filing fees and taxes, other than payroll and income		204,819			92,608			547,074			424,112
Premium and retaliatory taxes		270,352			210,233			1,013,124			1,029,298
Professional and contract labor fees		330,960			383,156			982,948			1,431,826
Other		173,893			248,695			363,727			762,429
Total Operating Expenses		15,270,574			16,591,530			50,926,106			55,480,803
Income Before Income Taxes		1,092,043			1,005,033			5,739,479			3,329,479
Provision For Income Taxes		123,000			88,000			1,220,000			562,000
Net Income	$	969,043		$	917,033		$	4,519,479		$	2,767,479
Basic Earnings Per Common Share	$	0.42		$	0.39		$	1.97		$	1.16
Weighted Average Shares Outstanding - Basic		2,290,666			2,342,643			2,293,754			2,388,115
Diluted Earnings Per Common Share	$	0.42		$	0.39		$	1.96		$	1.15
Weighted Average Shares Outstanding - Diluted		2,295,757			2,360,533			2,300,686			2,409,747

Investors Title Company and Subsidiaries Consolidated Balance Sheets As of September 30, 2009 and December 31, 2008 (Unaudited)
		September 30, 2009			December 31, 2008
Assets
Investments in securities:
Fixed maturities:
Held-to-maturity, at amortized cost	$	197,509		$	451,681
Available-for-sale, at fair value		89,334,159			87,708,500
Equity securities, available-for-sale, at fair value		11,672,102			9,965,297
Short-term investments		17,391,875			15,725,513
Other investments		2,221,506			2,040,962
Total investments		120,817,151			115,891,953
Cash and cash equivalents		8,817,941			5,155,046
Premiums and fees receivable, net		5,970,676			4,933,797
Accrued interest and dividends		958,506			1,225,070
Prepaid expenses and other assets		4,231,710			3,992,975
Property acquired in settlement of claims		285,376			395,734
Property, net		4,018,601			4,422,318
Deferred income taxes, net		348,367			3,841,295
Total Assets	$	145,448,328	$		139,858,188
Liabilities and Stockholders' Equity
Liabilities:
Reserves for claims	$	39,426,000	$		39,238,000
Accounts payable and accrued liabilities		8,551,682			10,762,300
Total liabilities		47,977,682			50,000,300
Stockholders' Equity:
Common stock - no par value (shares authorized 10,000,000; 2,286,222 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		92,372,351			88,248,452
Accumulated other comprehensive income		5,098,294			1,609,435
Total stockholders' equity		97,470,646			89,857,888
Total Liabilities and Stockholders' Equity	$	145,448,328	$		139,858,188

Investors Title Company and Subsidiaries Net Premiums Written By State For the Three and Nine Months Ended September 30, 2009 and 2008 (Unaudited)
	Three Months Ended				Nine Months Ended
	September 30				September 30
State	2009			2008		2009		2008
Illinois	$	478,044	$	429,954	$	2,335,265	$	1,584,507
Kentucky		713,474		761,945		2,533,651		2,393,886
Michigan		1,123,194		781,939		3,753,889		2,732,501
New York		523,629		472,152		2,359,472		1,670,039
North Carolina		6,000,363		7,305,962		21,857,728		25,022,108
Pennsylvania		588,988		423,695		2,074,806		1,388,971
South Carolina		1,690,176		1,962,189		4,222,027		5,878,324
Tennessee		610,055		564,210		1,928,614		1,719,884
Virginia		1,226,751		1,492,819		3,927,202		4,701,446
West Virginia		572,892		504,672		1,730,612		1,617,107
Other		771,761		709,837		2,931,419		2,686,711
Direct Premiums	$	14,299,327	$	15,409,374	$	49,654,685	$	51,395,484
Reinsurance Assumed		7,350		1,050		8,150		97,594
Reinsurance Ceded		(24,062)		(78,604)		(58,012)		(219,916)
Net Premiums Written	$	14,282,615	$	15,331,820	$	49,604,823	$	51,273,162

Investors Title Company and Subsidiaries Net Premiums Written By Branch and Agency For the Three and Nine Months Ended September 30, 2009 and 2008 (Unaudited)
	Three Months Ended September 30						Nine Months Ended September 30
	2009		%	2008		%	2009		%	2008		%
Branch	$	4,680,845	33	$	5,685,856	37	$	17,380,223	35	$	19,951,977	39
Agency		9,601,770	67		9,645,964	63		32,224,600	65		31,321,185	61
Total	$	14,282,615	100	$	15,331,820	100	$	49,604,823	100	$	51,273,162	100

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