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Share Name | Share Symbol | Market | Type |
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Investors Title Company | NASDAQ:ITIC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-2.24 | -1.38% | 159.95 | 158.00 | 175.00 | 165.48 | 159.50 | 162.08 | 4,289 | 21:30:00 |
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(State or Other Jurisdiction
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(Commission File Number)
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(IRS Employer Identification No.)
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of Incorporation)
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(Address of Principal Executive Offices) (Zip Code)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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INVESTORS TITLE COMPANY
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|||
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Date:
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August 7, 2023
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By:
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/s/ James A. Fine, Jr.
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James A. Fine, Jr.
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President, Principal Financial Officer and
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||
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Principal Accounting Officer
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EXHIBIT INDEX
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Exhibit No.
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Description
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document)
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Exhibit 99.1 |
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Three Months Ended
June 30,
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Six Months Ended
June 30,
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||||||||||||||
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2023
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2022
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2023
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2022
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||||||||||||
Revenues:
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||||||||||||||||
Net premiums written
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$
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44,005
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$
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69,626
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$
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82,971
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$
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132,751
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||||||||
Escrow and other title-related fees
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4,604
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6,247
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8,259
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11,325
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||||||||||||
Non-title services
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4,565
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2,798
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9,877
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5,210
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||||||||||||
Interest and dividends
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2,150
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911
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4,224
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1,826
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||||||||||||
Other investment income
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1,648
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1,106
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2,401
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2,443
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||||||||||||
Net investment gains (losses)
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1,092
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(10,134
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)
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1,535
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(14,302
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)
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||||||||||
Other
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250
|
348
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390
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647
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||||||||||||
Total Revenues
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58,314
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70,902
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109,657
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139,900
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||||||||||||
Operating Expenses:
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||||||||||||||||
Commissions to agents
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20,603
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33,826
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39,929
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63,683
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||||||||||||
Provision for claims
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991
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1,310
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2,059
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1,486
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||||||||||||
Personnel expenses
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18,548
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20,898
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39,368
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42,152
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||||||||||||
Office and technology expenses
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4,513
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4,288
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8,913
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8,656
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||||||||||||
Other expenses
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3,813
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7,627
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7,981
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13,177
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||||||||||||
Total Operating Expenses
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48,468
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67,949
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98,250
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129,154
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||||||||||||
Income before Income Taxes
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9,846
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2,953
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11,407
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10,746
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||||||||||||
Provision for Income Taxes
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2,261
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674
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2,641
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2,282
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||||||||||||
Net Income
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$
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7,585
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$
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2,279
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$
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8,766
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$
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8,464
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||||||||
Basic Earnings per Common Share
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$
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4.00
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$
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1.20
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$
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4.62
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$
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4.46
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||||||||
Weighted Average Shares Outstanding – Basic
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1,895
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1,897
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1,896
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1,897
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||||||||||||
Diluted Earnings per Common Share
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$
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4.00
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$
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1.20
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$
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4.62
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$
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4.45
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||||||||
Weighted Average Shares Outstanding – Diluted
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1,896
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1,899
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1,896
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1,900
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June 30,
2023 |
December 31,
2022 |
||||||
Assets
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||||||||
Cash and cash equivalents
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$
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26,184
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$
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35,311
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||||
Investments:
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||||||||
Fixed maturity securities, available-for-sale, at fair value
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58,452
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53,989
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||||||
Equity securities, at fair value
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34,081
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51,691
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||||||
Short-term investments
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114,857
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103,649
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||||||
Other investments
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19,779
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18,368
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||||||
Total investments
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227,169
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227,697
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||||||
Premiums and fees receivable
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17,211
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19,047
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||||||
Accrued interest and dividends
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949
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872
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||||||
Prepaid expenses and other receivables
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11,523
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11,095
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||||||
Property, net
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21,197
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17,785
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||||||
Goodwill and other intangible assets, net
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16,927
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17,611
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||||||
Lease assets
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6,830
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6,707
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||||||
Other assets
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2,491
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2,458
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||||||
Current income taxes recoverable
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—
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1,174
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||||||
Total Assets
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$
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330,481
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$
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339,757
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||||
Liabilities and Stockholders’ Equity
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||||||||
Liabilities:
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||||||||
Reserve for claims
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$
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36,865
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$
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37,192
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||||
Accounts payable and accrued liabilities
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33,923
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47,050
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||||||
Lease liabilities
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7,049
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6,839
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||||||
Current income taxes payable
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586
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—
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||||||
Deferred income taxes, net
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4,805
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7,665
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||||||
Total liabilities
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83,228
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98,746
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||||||
Stockholders’ Equity:
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||||||||
Common stock –
no par value (10,000 authorized shares; 1,891 and 1,897 shares issued
and outstanding as of June 30, 2023 and December 31, 2022, respectively, excluding in
each period 292 shares of common stock held by the Company's subsidiary)
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—
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—
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||||||
Retained earnings
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247,092
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240,811
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||||||
Accumulated other comprehensive income
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161
|
200
|
||||||
Total stockholders’ equity
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247,253
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241,011
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||||||
Total Liabilities and Stockholders’ Equity
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$
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330,481
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$
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339,757
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Three Months Ended June 30,
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Six Months Ended June 30,
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|||||||||||||||||||||||||||||||
2023
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%
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2022
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%
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2023
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%
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2022
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%
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|||||||||||||||||||||||||
Direct
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$
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15,776
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35.9
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$
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24,642
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35.4
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$
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28,490
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34.3
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$
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47,334
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35.7
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||||||||||||||||||||
Agency
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28,229
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64.1
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44,984
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64.6
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54,481
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65.7
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85,417
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64.3
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||||||||||||||||||||||||
Total
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$
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44,005
|
100.0
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$
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69,626
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100.0
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$
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82,971
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100.0
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$
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132,751
|
100.0
|
Three Months Ended
June 30, |
Six Months Ended
June 30, |
|||||||||||||||
2023
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2022
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2023
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2022
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|||||||||||||
Revenues
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||||||||||||||||
Total revenues (GAAP)
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$
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58,314
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$
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70,902
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$
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109,657
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$
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139,900
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||||||||
(Subtract) Add: Net investment (gains) losses
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(1,092
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)
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10,134
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(1,535
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)
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14,302
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||||||||||
Adjusted revenues (non-GAAP)
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$
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57,222
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$
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81,036
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$
|
108,122
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$
|
154,202
|
||||||||
Income before Income Taxes
|
||||||||||||||||
Income before income taxes (GAAP)
|
$
|
9,846
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$
|
2,953
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$
|
11,407
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$
|
10,746
|
||||||||
(Subtract) Add: Net investment (gains) losses
|
(1,092
|
)
|
10,134
|
(1,535
|
)
|
14,302
|
||||||||||
Adjusted income before income taxes (non-GAAP)
|
$
|
8,754
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$
|
13,087
|
$
|
9,872
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$
|
25,048
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1 Year Investors Title Chart |
1 Month Investors Title Chart |
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