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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 | |
---|---|---|---|---|---|---|---|---|---|---|
3.58 | 1.92% | 189.63 | 188.55 | 189.97 | 189.90 | 187.20 | 187.20 | 32,386 | 19:10:52 |
Investors Title Company (NASDAQ: ITIC) today announced its results for the quarter ended March 31, 2012. The Company reported net income of $1,432,139, or $0.67 per diluted share, compared with $1,019,207, or $0.46 per diluted share, for the prior year period.
Total revenues increased 11.9% versus the prior year period to $22,414,274, primarily due to a 10.1% increase in net premiums written. Historically low interest rates drove a substantial increase in refinance activity versus the prior year period. Purchase activity was up as well, although to a lesser extent. New industry-wide premium charges for North Carolina that went into effect during the quarter also contributed to growth in premium revenue.
Total expenses increased 9.6% versus the prior year period, primarily due to increases in variable expenses such as commissions and the provision for claims, which fluctuate with premium volumes. The provision for claims as a percentage of net premiums written was 8.3% versus 4.0% in the prior year period due to an increase in volume in states with a higher average loss ratio, and an abnormally low claims expense in the prior year period. In addition, the Company continues to benefit from long-term reductions in operating expenses such as occupancy and operating costs in its branches due to an emphasis on expense control over the past few years.
Chairman J. Allen Fine added, “We are pleased with the uptick in mortgage lending activity and our first quarter results. Operating expenses were largely in line with recent quarterly trends adjusting for the improvement in activity levels, although we expect them to trend higher as we increase our investment in a number of software development initiatives. Our balance sheet remains very strong, and we continue to focus on long-term opportunities to enhance our competitive strengths and market presence.”
Investors Title Company is engaged through its subsidiaries in the business of issuing and underwriting title insurance policies. The Company also provides investment management services to individuals, companies, 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 future agency expansion or increasing operational efficiency. 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; 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, 2011, 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, 2012 and 2011 (Unaudited) Three Months Ended March 312012
2011
Revenues: Net premiums written $ 19,667,420 $ 17,865,588 Investment income - interest and dividends 977,261 899,372 Net realized gain (loss) on investments 192,881 (26,160 ) Other 1,576,712 1,283,220 Total Revenues 22,414,274 20,022,020 Operating Expenses: Commissions to agents 11,192,127 10,879,586 Provision for claims 1,631,359 721,626 Salaries, employee benefits and payroll taxes 4,990,632 4,691,996 Office occupancy and operations 927,038 963,927 Business development 393,447 387,547 Filing fees, franchise and local taxes 351,922 214,113 Premium and retaliatory taxes 414,794 405,473 Professional and contract labor fees 400,537 308,524 Other 167,279 103,021 Total Operating Expenses 20,469,135 18,675,813 Income Before Income Taxes 1,945,139 1,346,207 Provision For Income Taxes 513,000 327,000 Net Income $ 1,432,139 $ 1,019,207 Basic Earnings Per Common Share $ 0.68 $ 0.46 Weighted Average Shares Outstanding - Basic 2,100,835 2,234,480 Diluted Earnings Per Common Share $ 0.67 $ 0.46 Weighted Average Shares Outstanding - Diluted 2,128,788 2,239,500
Investors Title Company and Subsidiaries Consolidated Balance Sheets As of March 31, 2012 and December 31, 2011 (Unaudited) March 31, 2012 December 31, 2011 Assets Investments in securities: Fixed maturities, available-for-sale, at fair value $ 87,142,860 $ 85,407,365 Equity securities, available-for-sale, at fair value 26,824,431 22,549,975 Short-term investments 8,571,468 14,112,262 Other investments 5,628,864 3,631,714 Total investments 128,167,623 125,701,316 Cash and cash equivalents 16,465,383 18,042,258 Premiums and fees receivable, net 7,143,066 6,810,000 Accrued interest and dividends 962,560 1,108,156 Prepaid expenses and other assets 2,713,752 2,743,517 Property, net 3,469,310 3,553,216 Total Assets $ 158,921,694 $ 157,958,463 Liabilities and Stockholders' Equity Liabilities: Reserves for claims $ 38,285,000 $ 37,996,000 Accounts payable and accrued liabilities 10,513,737 12,330,383 Current income taxes payable 148,262 640,533 Deferred income taxes, net 1,445,108 479,363 Total liabilities 50,392,107 51,446,279 Stockholders' Equity: Common stock - no par value (shares authorized 10,000,000; 2,097,564 and 2,107,681 shares issued and outstanding as of March 31, 2012 and December 31, 2011, respectively, excluding 291,676 shares for 2012 and 2011 of common stock held by the Company's subsidiary) 1 1 Retained earnings 99,841,101 99,003,018 Accumulated other comprehensive income 8,688,485 7,509,165 Total stockholders' equity 108,529,587 106,512,184 Total Liabilities and Stockholders' Equity $ 158,921,694 $ 157,958,463
Investors Title Company and Subsidiaries Net Premiums Written By Branch and Agency For the Three Months Ended March 31, 2012 and 2011 (Unaudited) Three Months Ended March 31 2012 % 2011 % Branch $ 4,822,792 24.5 $ 3,696,280 20.7 Agency 14,844,628 75.5 14,169,308 79.3 Total $ 19,667,420 100.0 $ 17,865,588 100.0
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