ITIC Investors Title Company

Investors Title Company today announced its results for the quarter ended March 31, 2016. The Company reported net income attributable to the Company of $1,814,040, or $0.93 per diluted share, compared with $1,726,124, or $0.86 per diluted share, for the prior year period.

Revenues for the quarter totaled $24.9 million, a decrease of 12.2% versus the prior year period, reflecting lower levels of premiums written. Although revenues for most issuing offices increased from last year, they were offset by reductions in a few larger agencies, resulting in an unfavorable total revenue comparison. Transaction volume was down slightly from the prior year period, but with a mix more heavily weighted toward higher-margin purchase business.

Operating expenses decreased 14.1% versus the prior year period, mainly due to decreases in commissions and the provision for claims. Lower agent premiums resulted in a 21.0% decrease in commissions. The provision for claims was $15,959, down substantially for the quarter as a result of continued favorable claims experience in recent policy years. All other expenses increased 1.7%, mainly due to normal inflationary increases in payroll and other overhead expenses, partially offset by a reduction in premium taxes due to lower volumes and lower effective premium tax rates.

Chairman J. Allen Fine commented, “We were pleased to see continuation of an active real estate market and increasing real estate values during the quarter. While volume reductions from a handful of agencies resulted in an unfavorable comparison to the prior year, revenues for most of our issuing offices increased. A higher mix of direct business, favorable loss development, and stable overhead expenses resulted in positive net income growth versus the prior year.”

“With interest rates remaining low, and an improving economy in our core markets, we remain optimistic that the strong housing market will drive higher transaction volumes throughout the year. Higher volumes, coupled with continued increases in real estate values and a purchase-weighted market, should result in another year of solid performance for Investors Title.”

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 may 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 the year, future home price increases, 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, 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 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, 2015, as filed with the Securities and Exchange Commission, and in subsequent filings.

Investors Title Company and Subsidiaries

Consolidated Statements of Income

For the Three Months Ended March 31, 2016 and 2015

(Unaudited)

  Three Months Ended March 31, 2016   2015 Revenues:   Net premiums written $ 21,508,997 $ 24,962,041 Investment income – interest and dividends 1,151,011 1,178,039 Net realized gain on investments 149,830 14,803 Other 2,052,184     2,146,926 Total Revenues 24,862,022     28,301,809   Operating Expenses: Commissions to agents 11,532,882 14,596,539 Provision for claims 15,959 786,612 Salaries, employee benefits and payroll taxes 7,471,951 7,277,449 Office occupancy and operations 1,493,860 1,304,221 Business development 480,390 486,975 Filing fees, franchise and local taxes 230,054 216,643 Premium and retaliatory taxes 311,831 476,591 Professional and contract labor fees 538,653 584,107 Other 202,981     203,548 Total Operating Expenses 22,278,561     25,932,685   Income before Income Taxes 2,583,461 2,369,124   Provision for Income Taxes 779,000     643,000   Net Income 1,804,461 1,726,124   Net Loss Attributable to Noncontrolling Interests 9,579     —   Net Income Attributable to the Company $ 1,814,040     $ 1,726,124   Basic Earnings per Common Share $ 0.94     $ 0.86   Weighted Average Shares Outstanding – Basic 1,934,318     2,012,738   Diluted Earnings per Common Share $ 0.93     $ 0.86   Weighted Average Shares Outstanding – Diluted 1,940,963     2,018,504

Investors Title Company and Subsidiaries

Consolidated Balance Sheets

As of March 31, 2016 and December 31, 2015

(Unaudited)

    March 31, 2016   December 31,2015 Assets: Investments in securities: Fixed maturities, available-for-sale, at fair value $ 106,383,823 $ 106,066,384 Equity securities, available-for-sale, at fair value 37,681,569 37,513,464 Short-term investments 7,520,069 6,865,406 Other investments 8,814,605     10,106,828 Total investments 160,400,066     160,552,082   Cash and cash equivalents 21,873,731 21,790,068 Premium and fees receivable 6,940,127 8,392,697 Accrued interest and dividends 1,320,942 1,004,126 Prepaid expenses and other assets 8,267,670 12,634,105 Property, net 7,502,745 7,148,951 Current income taxes recoverable 1,036,309     — Total Assets $ 207,341,590     $ 211,522,029   Liabilities and Stockholders’ Equity

Liabilities:

Reserves for claims $ 37,397,000 $ 37,788,000 Accounts payable and accrued liabilities 18,768,195 25,043,588 Current income taxes payable — 210,355 Deferred income taxes, net 7,762,160     5,703,006 Total liabilities 63,927,355     68,744,949   Stockholders’ Equity:

Common stock – no par value (10,000,000 authorized shares; 1,932,291 and 1,949,797

 shares issued and outstanding 2016 and 2015, respectively, excluding 291,676 shares

 for 2016 and 2015 of common stock held by the Company's subsidiary)

1 1 Retained earnings 131,132,279 131,186,866 Accumulated other comprehensive income 12,184,336     11,483,015 Total stockholders’ equity attributable to the Company 143,316,616 142,669,882 Noncontrolling interests 97,619     107,198 Total stockholders’ equity 143,414,235     142,777,080 Total Liabilities and Stockholders’ Equity $ 207,341,590     $ 211,522,029

Investors Title Company and Subsidiaries

Net Premiums Written By Branch and Agency

For the Three Months Ended March 31, 2016 and 2015

(Unaudited)

            Three Months Ended March 31, 2016 %   2015 % Branch $ 5,477,657 25.5   $ 5,605,764 22.5   Agency 16,031,340   74.5   19,356,277   77.5   Total $ 21,508,997   100.0   $ 24,962,041   100.0

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Investors Title CompanyElizabeth B. Lewter, 919-968-2200