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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1.97 | 1.06% | 188.02 | 188.51 | 189.00 | 188.50 | 187.20 | 187.20 | 4,050 | 15:39:54 |
From Jul 2019 to Jul 2024
Investors Title Company (NASDAQ: ITIC) today announced its results for the quarter ended March 31, 2018. The Company reported net income attributable to the Company of $4.2 million, or $2.20 per diluted share, compared to $4.5 million, or $2.36 per diluted share, for the prior year period.
Revenues for the quarter decreased 10.6% to $33.8 million, primarily as a result of a decrease in net premiums written. Premiums decreased 9.7%, mainly due to lower levels of refinance activity following recent increases in mortgage interest rates. The volume decreases were partially offset by a continuation of increases in real estate values in our core markets. A new accounting standard which requires unrealized changes in the market value of marketable equity investments to be recognized in income resulted in recognition of a $642,000 loss for the quarter.
Operating expenses decreased 8.9% versus the prior year period, mainly due to decreases in agent commissions commensurate with the decrease in premium volume, and a benefit in claims expense resulting from favorable loss development. Personnel costs increased as a result of the effect of normal inflationary increases on salaries and benefits, as well as modest increases in staffing levels in support of growth. In addition, the effective tax rate declined to 20.1% as a result of legislative reform.
Chairman J. Allen Fine commented, “As expected, higher interest rates dampened refinance activity, particularly in our markets which rely heavily on referrals from lenders. We are encouraged, however, by the fact that purchase activity remains strong. As we enter 2018, we expect low levels of unemployment and solid wage growth to help offset the effects of higher interest rates and limited inventories of residential housing in certain markets, resulting in another year of overall healthy demand for real estate, mortgage loans, and title insurance.”
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 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 this year, future home price fluctuations, 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, wages, 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; difficulties managing growth, whether organic or through acquisitions 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, 2017, 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, 2018 and 2017
(in thousands, except per share amounts)
(unaudited)
Three Months Ended March 31, 2018 2017 Revenues: Net premiums written $ 29,559 $ 32,738 Escrow and other title-related fees 1,504 2,015 Non-title services 1,592 1,363 Interest and dividends 1,118 1,097 Other investment income 269 229 Net realized investment gains 153 103 Net unrealized loss on equity investments (642 ) — Other 223 248 Total Revenues 33,776 37,793 Operating Expenses: Commissions to agents 14,025 16,331 (Benefit) provision for claims (1,406 ) 720 Personnel expenses 11,340 9,958 Office and technology expenses 2,069 1,939 Other expenses 2,523 2,394 Total Operating Expenses 28,551 31,342 Income before Income Taxes 5,225 6,451 Provision for Income Taxes 1,052 1,985 Net Income 4,173 4,466 Net Loss Attributable to Noncontrolling Interests 3 10 Net Income Attributable to the Company $ 4,176 $ 4,476 Basic Earnings per Common Share $ 2.21 $ 2.37 Weighted Average Shares Outstanding – Basic 1,886 1,886 Diluted Earnings per Common Share $ 2.20 $ 2.36 Weighted Average Shares Outstanding – Diluted 1,897 1,895
Investors Title Company and Subsidiaries
Consolidated Balance Sheets
As of March 31, 2018 and December 31, 2017
(in thousands)
(unaudited)
March 31,2018
December 31,2017
Assets Cash and cash equivalents $ 22,174 $ 20,214 Investments: Fixed maturities, available-for-sale, at fair value 100,389 103,341 Equity securities, at fair value 47,252 47,367 Short-term investments 21,144 23,780 Other investments 11,601 12,032 Total investments 180,386 186,520 Premiums and fees receivable 9,889 10,031 Accrued interest and dividends 1,359 1,100 Prepaid expenses and other receivables 7,904 7,730 Property, net 10,376 10,173 Goodwill and other intangible assets, net 11,176 11,357 Other assets 1,417 1,403 Current income taxes receivable — 385 Total Assets $ 244,681 $ 248,913 Liabilities and Stockholders’ Equity Liabilities: Reserve for claims $ 32,770 $ 34,801 Accounts payable and accrued liabilities 22,876 27,565 Current income taxes payable 215 — Deferred income taxes, net 8,758 8,626 Total liabilities 64,619 70,992 Stockholders’ Equity: Common stock – no par value (10,000 authorized shares; 1,887 and 1,886 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively, excluding in each period 292 shares of common stock held by the Company's subsidiary) — — Retained earnings 178,971 161,891 Accumulated other comprehensive income 1,009 15,945 Total stockholders’ equity attributable to the Company 179,980 177,836 Noncontrolling interests 82 85 Total stockholders’ equity 180,062 177,921 Total Liabilities and Stockholders’ Equity $ 244,681 $ 248,913
Investors Title Company and Subsidiaries
Net Premiums Written By Branch and Agency
For the Three Months Ended March 31, 2018 and 2017
(in thousands)
(unaudited)
Three Months Ended March 31, 2018 % 2017 % Branch $ 8,617 29.2 $ 9,283 28.4 Agency 20,942 70.8 23,455 71.6 Total $ 29,559 100.0 $ 32,738 100.0
View source version on businesswire.com: https://www.businesswire.com/news/home/20180508005331/en/
Investors Title CompanyElizabeth B. Lewter, 919-968-2200
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