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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2.85 | 1.53% | 188.90 | 187.01 | 189.68 | 189.38 | 187.20 | 187.20 | 26,537 | 18:06:35 |
From Jul 2019 to Jul 2024
Investors Title Company today announced its results for the fourth quarter and year ended December 31, 2015.
For the year, net income attributable to the Company increased 29.9% to $12.5 million, or $6.30 per diluted share, versus $9.6 million, or $4.74 per diluted share, for the prior year. For the quarter, net income attributable to the Company decreased 18.5% to $2.2 million, or $1.12 per diluted share, versus $2.7 million, or $1.33 per diluted share, for the prior year period.
Revenues for the year reached $127.2 million, a new record for the Company, which represents an increase of 3.3% versus the prior year. Growth in premium revenues was driven primarily by growth in real estate values, higher levels of home sales, and to a lesser extent, higher levels of refinance activity. Revenues from direct operations comprised 25.3% of premiums for the year, up from 21.9% last year.
Operating expenses were $109.4 million, and remained virtually flat with the prior year. Commissions decreased 5.3% due to a favorable mix of direct business. Claims expense, which continues to benefit from the absence of large claims related to defalcations in recent policy years, decreased 14.4% versus the prior year due to fewer new claim filings. Payroll expenses increased 11.2%, due to normal inflationary increases in wages and benefits, higher staffing levels supporting ongoing software development activities, and higher levels of incentive compensation. All other expenses increased 8.7%, mainly due to higher transaction volumes and increased software development activity.
For the quarter, revenues decreased 9.6% versus the prior year period, which can be attributed to lower levels of premiums written in the Texas market, partially offset by growth in other markets. Overall, transaction volume increased substantially versus the prior year period, with increases in both purchase and refinance activity. Operating expenses decreased 8.5%, primarily due to the impact of lower Texas volumes on commissions, as well as overall favorable claims experience. The lower commissions and claims expenses were partially offset by increases in other expense categories, mainly due to the same factors that influenced results for the year.
Chairman J. Allen Fine commented, “I am pleased with the Company’s strong results for both the year and the fourth quarter. The record level of revenues we achieved in 2015 is the result of a strong real estate market as well as our continued efforts to develop relationships in the markets we serve.”
“Revenues in the fourth quarter held up well, considering potential impacts of the new federally mandated disclosure requirements that went into effect during the quarter, as well as the Fed’s first rate hike in almost a decade. In addition, we successfully reached key milestone objectives in our technology program, while investing significant energy into preparing ourselves and our clients for implementation of the new mortgage disclosures.”
“We are optimistic that the strong housing market will continue into 2016, with potential improvements in both transaction levels and home prices,” added Mr. Fine. “For the coming year and beyond, we will remain focused on long-term strategies to enhance our competitive strengths and financial position, and to profitably expand our market presence.”
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.
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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 others, any statements regarding future home price increases, changes in home purchase or refinance activity, interest rate changes, expansion of the Company’s market presence, enhancing competitive strengths, positive development in housing affordability, 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; the possible loss of agency relationships, or significant reductions in agent-originated business 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, 2014, as filed with the Securities and Exchange Commission, and in subsequent filings.
Investors Title Company and Subsidiaries
Consolidated Statements of Income
For the Three and Twelve Months Ended December 31, 2015 and 2014
(Unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2015 2014 2015 2014 Revenues: Net premiums written $ 26,103,532 $ 28,847,616 $ 112,475,686 $ 109,963,556 Investment income – interest and dividends 1,104,264 1,128,655 4,531,319 4,259,501 Net realized (loss) gain on investments (717,499 ) (324,614 ) (116,163 ) 268,294 Other 2,384,901 2,283,772 10,309,230 8,627,935 Total Revenues 28,875,198 31,935,429 127,200,072 123,119,286 Operating Expenses: Commissions to agents 13,780,748 17,389,430 62,174,301 65,632,353 Provision for claims 857,093 1,052,238 4,478,494 5,229,716 Salaries, employee benefits and payroll taxes 6,939,258 5,968,109 28,041,213 25,218,225 Office occupancy and operations 1,795,530 1,365,982 5,885,336 5,049,962 Business development 739,912 751,619 2,373,270 2,333,491 Filing fees, franchise and local taxes 160,364 169,887 732,985 817,909 Premium and retaliatory taxes 476,897 519,275 2,161,571 1,851,767 Professional and contract labor fees 764,942 700,211 2,691,411 2,676,483 Other 175,520 164,229 884,438 820,882 Total Operating Expenses 25,690,264 28,080,980 109,423,019 109,630,788 Income before Income Taxes 3,184,934 3,854,449 17,777,053 13,488,498 Provision for Income Taxes 978,000 1,160,000 5,228,000 3,816,000 Net Income 2,206,934 2,694,449 12,549,053 9,672,498 Net Income Attributable to Noncontrolling Interests (10,612 ) — (15,148 ) (23,523 ) Net Income Attributable to the Company $ 2,196,322 $ 2,694,449 $ 12,533,905 $ 9,648,975 Basic Earnings per Common Share $ 1.13 $ 1.33 $ 6.32 $ 4.75 Weighted Average Shares Outstanding – Basic 1,952,077 2,026,125 1,984,360 2,031,760 Diluted Earnings per Common Share $ 1.12 $ 1.33 $ 6.30 $ 4.74 Weighted Average Shares Outstanding – Diluted 1,958,484 2,031,660 1,989,799 2,037,534
Investors Title Company and Subsidiaries
Consolidated Balance Sheets
As of December 31, 2015 and 2014
(Unaudited)
December 31, 2015 December 31,2014 Assets: Investments in securities: Fixed maturities, available-for-sale, at fair value $ 106,066,384 $ 109,048,290 Equity securities, available-for-sale, at fair value 37,513,464 39,254,981 Short-term investments 6,865,406 2,576,993 Other investments 10,106,828 8,530,929 Total investments 160,552,082 159,411,193 Cash and cash equivalents 21,790,068 15,826,515 Premium and fees receivable 8,392,697 8,544,183 Accrued interest and dividends 1,004,126 1,063,837 Prepaid expenses and other assets 12,634,105 7,732,677 Property, net 7,148,951 5,460,805 Total Assets $ 211,522,029 $ 198,039,210 Liabilities and Stockholders’ Equity Liabilities: Reserves for claims $ 37,788,000 $ 36,677,000 Accounts payable and accrued liabilities 25,043,588 18,290,819 Current income taxes payable 210,355 92,192 Deferred income taxes, net 5,703,006 5,415,493 Total liabilities 68,744,949 60,475,504 Stockholders’ Equity:Common stock - no par value (10,000,000 authorized shares; 1,949,797 and 2,023,270shares issued and outstanding 2015 and 2014, respectively, excluding 291,676 sharesfor 2015 and 2014 of common stock held by the Company's subsidiary)
1 1 Retained earnings 131,186,866 124,707,196 Accumulated other comprehensive income 11,483,015 12,856,509 Total stockholders’ equity attributable to the Company 142,669,882 137,563,706 Noncontrolling interests 107,198 — Total stockholders’ equity 142,777,080 137,563,706 Total Liabilities and Stockholders’ Equity $ 211,522,029 $ 198,039,210
Investors Title Company and Subsidiaries
Net Premiums Written By Branch and Agency
For the Three and Twelve Months Ended December 31, 2015 and 2014
(Unaudited)
Three Months Ended December 31, Twelve Months Ended December 31, 2015 % 2014 % 2015 % 2014 % Branch $ 7,119,168 27.3 $ 6,134,866 21.3 $ 28,400,531 25.3 $ 24,057,032 21.9 Agency 18,984,364 72.7 22,712,750 78.7 84,075,155 74.7 85,906,524 78.1 Total $ 26,103,532 100.0 $ 28,847,616 100.0 $ 112,475,686 100.0 $ 109,963,556 100.0
View source version on businesswire.com: http://www.businesswire.com/news/home/20160210005207/en/
Investors Title CompanyElizabeth B. Lewter, 919-968-2200
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