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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 159.95 | 140.00 | 175.00 | 0 | 09:05:33 |
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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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February 13, 2024
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By:
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/s/ James A. Fine, Jr.
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|
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James A. Fine, Jr.
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|
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President, Principal Financial Officer and
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Principal Accounting Officer
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Exhibit No.
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Description
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|
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document)
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Three Months Ended
December 31,
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Twelve Months Ended
December 31,
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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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38,365
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$
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49,223
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$
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171,158
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$
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248,632
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||||||||
Escrow and other title-related fees
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4,167
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4,853
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17,109
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22,314
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||||||||||||
Non-title services
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4,724
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5,042
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19,237
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13,931
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||||||||||||
Interest and dividends
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2,518
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1,649
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9,055
|
4,704
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||||||||||||
Other investment income (loss)
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837
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(720
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)
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3,752
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3,896
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|||||||||||
Net investment gains (losses)
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2,728
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5,230
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3,448
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(11,226
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)
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|||||||||||
Other
|
344
|
217
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991
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1,141
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||||||||||||
Total Revenues
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53,683
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65,494
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224,750
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283,392
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||||||||||||
Operating Expenses:
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||||||||||||||||
Commissions to agents
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19,639
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24,405
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83,374
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121,566
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||||||||||||
Provision for claims
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865
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803
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4,762
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4,255
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||||||||||||
Personnel expenses
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18,255
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21,593
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76,706
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85,331
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||||||||||||
Office and technology expenses
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4,237
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4,393
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17,359
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17,323
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||||||||||||
Other expenses
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4,474
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5,026
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16,319
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24,809
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||||||||||||
Total Operating Expenses
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47,470
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56,220
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198,520
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253,284
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||||||||||||
Income before Income Taxes
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6,213
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9,274
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26,230
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30,108
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||||||||||||
Provision for Income Taxes
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377
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1,748
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4,544
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6,205
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||||||||||||
Net Income
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$
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5,836
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$
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7,526
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$
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21,686
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$
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23,903
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||||||||
Basic Earnings per Common Share
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$
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3.09
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$
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3.97
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$
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11.45
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$
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12.60
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||||||||
Weighted Average Shares Outstanding – Basic
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1,891
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1,897
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1,893
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1,897
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||||||||||||
Diluted Earnings per Common Share
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$
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3.09
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$
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3.97
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$
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11.45
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$
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12.59
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||||||||
Weighted Average Shares Outstanding – Diluted
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1,891
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1,897
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1,893
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1,898
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December 31,
2023 |
December 31,
2022 |
||||||
Assets
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||||||||
Cash and cash equivalents
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$
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24,031
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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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63,847
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53,989
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||||||
Equity securities, at fair value
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37,212
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51,691
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||||||
Short-term investments
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110,224
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103,649
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||||||
Other investments
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17,385
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18,368
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||||||
Total investments
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228,668
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227,697
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||||||
Premiums and fees receivable
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13,338
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19,047
|
||||||
Accrued interest and dividends
|
978
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872
|
||||||
Prepaid expenses and other receivables
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13,525
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11,095
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||||||
Property, net
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23,886
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17,785
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||||||
Goodwill and other intangible assets, net
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16,249
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17,611
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||||||
Lease assets
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6,303
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6,707
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||||||
Other assets
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2,500
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2,458
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||||||
Current income taxes recoverable
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1,081
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1,174
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||||||
Total Assets
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$
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330,559
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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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37,147
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$
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37,192
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||||
Accounts payable and accrued liabilities
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31,864
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47,050
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||||||
Lease liabilities
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6,449
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6,839
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||||||
Deferred income taxes, net
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3,546
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7,665
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||||||
Total liabilities
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79,006
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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 December 31, 2023 and 2022, respectively, excluding in each period 292 shares of common stock held by the Company's subsidiary)
|
—
|
—
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||||||
Retained earnings
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250,915
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240,811
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||||||
Accumulated other comprehensive income
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638
|
200
|
||||||
Total stockholders’ equity
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251,553
|
241,011
|
||||||
Total Liabilities and Stockholders’ Equity
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$
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330,559
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$
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339,757
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Three Months Ended December 31,
|
Twelve Months Ended December 31,
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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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12,088
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31.5
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$
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16,230
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33.0
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$
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58,063
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33.9
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$
|
85,676
|
34.5
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|||||||||||||||||||
Agency
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26,277
|
68.5
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32,993
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67.0
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113,095
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66.1
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162,956
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65.5
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|||||||||||||||||||||||
Total
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$
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38,365
|
100.0
|
$
|
49,223
|
100.0
|
$
|
171,158
|
100.0
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$
|
248,632
|
100.0
|
Three Months Ended
December 31, |
Twelve Months Ended
December 31, |
||||||||||||||
2023
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2022
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2023
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2022
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||||||||||||
Revenues
|
|||||||||||||||
Total revenues (GAAP)
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$
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53,683
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$
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65,494
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$
|
224,750
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$
|
283,392
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|||||||
(Subtract) Add: Net investment (gains) losses
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(2,728
|
)
|
(5,230
|
)
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(3,448
|
)
|
11,226
|
||||||||
Adjusted revenues (non-GAAP)
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$
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50,955
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$
|
60,264
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$
|
221,302
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$
|
294,618
|
|||||||
Income before Income Taxes
|
|||||||||||||||
Income before income taxes (GAAP)
|
$
|
6,213
|
$
|
9,274
|
$
|
26,230
|
$
|
30,108
|
|||||||
(Subtract) Add: Net investment (gains) losses
|
(2,728
|
)
|
(5,230
|
)
|
(3,448
|
)
|
11,226
|
||||||||
Adjusted income before income taxes (non-GAAP)
|
$
|
3,485
|
$
|
4,044
|
$
|
22,782
|
$
|
41,334
|
1 Year Investors Title Chart |
1 Month Investors Title Chart |
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