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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 5.95 | 3.20% | 192.00 | 191.81 | 192.45 | 192.00 | 187.20 | 187.20 | 46,443 | 20:46:25 |
From Jul 2019 to Jul 2024
Investors Title Company today announced its results for the quarter ended March 31, 2011. The Company reported net income of $1,019,207, or $0.46 per diluted share, compared with $17,415, or $0.01 per diluted share, for the prior year period.
Total revenues increased 46.2% versus the prior year period to $20,022,020, primarily due to a 51.6% increase in net premiums written. The premium growth is mainly attributable to the Company’s recent expansion into Texas, as well as to an overall increase in purchase transactions insured.
Agent commissions increased 94.3% over the prior year as a result of growth in agency premiums and an increase in agent business from markets with higher premium rates, primarily Texas. Excluding commissions and premium taxes, which fluctuate with the amount of premiums written, operating expenses decreased 5.1% versus the prior year period, mostly due to the reduction in claims expense. Claims expense benefitted from favorable loss development in recent policy years, as well as from a decline in the relative share of North Carolina business as a percentage of the total. Since North Carolina’s premium rates are less than half the national average, the resulting loss ratio for North Carolina business is higher than for our other markets. In addition, the Company continues to benefit from lower occupancy and operating costs in its branch offices.
Chairman J. Allen Fine added, “We are pleased to report an increase in revenues driven by continued expansion of our agent base, as well as a favorable mix of business. Operating expense comparisons remain favorable, driven by positive developments in claims loss rates and the continued impact of cost reduction initiatives from the past several years. Our balance sheet remains very strong, and we continue to focus on enhancing our competitive strengths and market presence.”
Investors Title Company is engaged through its subsidiaries in issuing and underwriting title insurance policies. The Company also provides investment management services to individuals, companies, and banks and trusts, as well as 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 other statements, any predictions regarding activity in the U.S. real estate market, future enhancement of our operational efficiency or agency-based expansion. 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; 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, 2010, 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, 2011 and 2010 (Unaudited) Three Months Ended March 312011
2010
Revenues: Underwriting income: Premiums Written $ 17,912,286 $ 11,829,821 Less-premiums for reinsurance ceded 46,698 43,519 Net premiums written 17,865,588 11,786,302 Investment income-interest and dividends 899,372 906,622 Net realized (loss) gain on investments (26,160 ) 25,150 Other 1,283,220 979,337 Total Revenues 20,022,020 13,697,411 Operating Expenses: Commissions to agents 10,879,586 5,599,451 Provision for claims 721,626 1,312,404 Salaries, employee benefits and payroll taxes 4,691,996 4,484,312 Office occupancy and operations 963,927 1,088,405 Business development 387,547 274,296 Filing fees, franchise and local taxes 214,113 145,422 Premium and retaliatory taxes 405,473 300,946 Professional and contract labor fees 308,524 365,078 Other 103,021 111,682 Total Operating Expenses 18,675,813 13,681,996 Income Before Income Taxes 1,346,207 15,415 Provision (Benefit) For Income Taxes 327,000 (2,000 ) Net Income $ 1,019,207 $ 17,415 Basic Earnings Per Common Share $ 0.46 $ 0.01 Weighted Average Shares Outstanding - Basic 2,234,480 2,285,134 Diluted Earnings Per Common Share $ 0.46 $ 0.01 Weighted Average Shares Outstanding - Diluted 2,239,500 2,295,164Investors Title Company and Subsidiaries Consolidated Balance Sheets As of March 31, 2011 and December 31, 2010 (Unaudited) March 31, 2011 December 31, 2010 Assets Investments in securities: Fixed maturities: Available-for-sale, at fair value $ 85,418,326 $ 86,033,557 Equity securities, available-for-sale, at fair value 15,595,241 13,872,370 Short-term investments 20,895,922 27,203,550 Other investments 2,746,936 2,888,958 Total investments 124,656,425 129,998,435 Cash and cash equivalents 11,599,535 8,117,031 Premiums and fees receivable, net 5,316,144 7,253,786 Accrued interest and dividends 946,078 1,150,602 Prepaid expenses and other assets 2,509,104 2,688,723 Property acquired in settlement of claims 119,938 127,938 Property, net 3,605,828 3,672,317 Current income taxes receivable 378,256 - Deferred income taxes, net - 476,534 Total Assets $ 149,131,308 $ 153,485,366 Liabilities and Stockholders' Equity Liabilities: Reserves for claims $ 37,722,000 $ 38,198,700 Accounts payable and accrued liabilities 9,659,492 10,301,495 Current income taxes payable - 1,056,356 Deferred income taxes, net 357,932 - Total liabilities 47,739,424 49,556,551 Stockholders' Equity:
Common stock - no par value (shares authorized 10,000,000; 2,156,078 and 2,282,596 shares issued and outstanding as of March 31, 2011 and December 31, 2010, respectively, excluding 291,676 shares for 2011 and 2010 of common stock held by the Company's subsidiary)
1 1 Retained earnings 95,233,547 98,240,109 Accumulated other comprehensive income 6,158,336 5,688,705 Total stockholders' equity 101,391,884 103,928,815 Total Liabilities and Stockholders' Equity $ 149,131,308 $ 153,485,366Investors Title Company and Subsidiaries Net Premiums Written By Branch and Agency For the Three Months Ended March 31, 2011 and 2010 (Unaudited) Three Months Ended March 31 2011 % 2010 % Branch $ 3,696,280 20.7 $ 3,749,800 31.8 Agency 14,169,308 79.3 8,036,502 68.2 Total $ 17,865,588 100.0 $ 11,786,302 100.0
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