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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 3.52 | 1.89% | 189.57 | 188.55 | 189.64 | 189.57 | 187.20 | 187.20 | 28,664 | 18:44:11 |
From Jul 2019 to Jul 2024
Investors Title Company (NASDAQ: ITIC) today announced its results for the second quarter ended June 30, 2018. Net income attributable to the Company increased 22.4% to a new second quarter record of $6.9 million, or $3.66 per diluted share, versus $5.7 million, or $2.99 per diluted share, for the prior year period.
Revenues also set a new second quarter record, increasing 4.5% to $41.9 million, compared with $40.1 million in the prior year period. Net premiums written increased due to higher real estate values, as well as a shift to higher-premium purchase activity, which offset the decline in refinance activity that has occurred over the past year. Other investment income increased primarily due to higher earnings from partnership investments. Implementation of a new accounting standard in 2018 resulted in recognition of a $0.3 million net unrealized gain on equity investments.
Operating expenses increased 4.2% versus the prior year quarter, mainly driven by higher personnel and claims expenses. Personnel costs increased as a result of higher staffing levels related to the support of growth, increases in contract services related to software initiatives, and normal inflationary increases in salaries and benefits. The provision for claims was higher in the current quarter mainly due to comparison to a prior year period which included a significant amount of favorable loss development from earlier policy years. In addition, the Company’s net income benefitted from recent tax reform legislation.
For the six months ended June 30, 2018, net income attributable to the Company increased 9.6% to $11.1 million, or $5.87 per diluted share, versus $10.2 million, or $5.35 per diluted share, for the prior year period. Revenues decreased 2.8% to $75.7 million, while operating expenses decreased 2.3% to $61.7 million. Results for the first half of the year have been shaped predominantly by the same factors that affected the second quarter, with the exception of more favorable claims experience for the six months ended June 30, 2018 versus the prior year period.
Chairman J. Allen Fine added, “We are pleased to report a record level of revenue and earnings for the second quarter. Revenue growth from purchase activity was strong enough to offset the impact of lower levels of refinance activity. In addition, we continued to benefit from stable levels of claims experience. We remain optimistic that low unemployment levels and wage growth will continue to offset headwinds resulting from the effects of rising interest rates and housing supply constraints, resulting in another strong year for real estate, mortgage lending, 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 SubsidiariesConsolidated Statements of IncomeFor the Three and Six Months Ended June 30, 2018 and 2017(in thousands, except per share amounts)(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2018 2017 2018 2017 Revenues: Net premiums written $ 35,142 $ 34,672 $ 64,701 $ 67,410 Escrow and other title-related fees 2,149 1,942 3,653 3,957 Non-title services 1,696 1,515 3,288 2,878 Interest and dividends 1,125 1,114 2,243 2,211 Other investment income 1,181 766 1,450 995 Net realized investment gains 288 83 441 186 Net unrealized gain (loss) on equity investments 348 — (294 ) — Other 7 33 230 281 Total Revenues 41,936 40,125 75,712 77,918Operating Expenses: Commissions to agents 16,427 16,598 30,452 32,929 Provision (benefit) for claims 564 140 (842 ) 860 Personnel expenses 10,798 9,942 22,138 19,900 Office and technology expenses 2,326 1,984 4,395 3,923 Other expenses 3,007 3,115 5,530 5,509 Total Operating Expenses 33,122 31,779 61,673 63,121 Income before Income Taxes 8,814 8,346 14,039 14,797 Provision for Income Taxes 1,894 2,672 2,946 4,657 Net Income 6,920 5,674 11,093 10,140 Net Loss Attributable to Noncontrolling Interests 27 1 30 11 Net Income Attributable to the Company $ 6,947 $ 5,675 $ 11,123 $ 10,151 Basic Earnings per Common Share $ 3.68 $ 3.01 $ 5.90 $ 5.38 Weighted Average Shares Outstanding – Basic 1,887 1,887 1,886 1,886 Diluted Earnings per Common Share $ 3.66 $ 2.99 $ 5.87 $ 5.35 Weighted Average Shares Outstanding – Diluted 1,897 1,897 1,896 1,896
Investors Title Company and SubsidiariesConsolidated Balance SheetsAs of June 30, 2018 and December 31, 2017(in thousands)(unaudited)
June 30,
2018
December 31,
2017
Assets Cash and cash equivalents $ 29,289 $ 20,214 Investments: Fixed maturities, available-for-sale, at fair value 94,578 103,341 Equity securities, at fair value 48,026 47,367 Short-term investments 24,950 23,780 Other investments 11,622 12,032 Total investments 179,176 186,520 Premiums and fees receivable 11,008 10,031 Accrued interest and dividends 1,015 1,100 Prepaid expenses and other receivables 7,974 7,730 Property, net 10,820 10,173 Goodwill and other intangible assets, net 11,032 11,357 Other assets 1,457 1,403 Current income taxes receivable 1,427 385 Total Assets $ 253,198 $ 248,913 Liabilities and Stockholders’ Equity Liabilities: Reserve for claims $ 32,484 $ 34,801 Accounts payable and accrued liabilities 25,140 27,565 Deferred income taxes, net 9,461 8,626 Total liabilities 67,085 70,992 Stockholders’ Equity:Common stock – no par value (10,000 authorized shares; 1,887 and 1,886 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively, excluding in each period 292 shares of common stock held by the Company's subsidiary)
— — Retained earnings 185,252 161,891 Accumulated other comprehensive income 806 15,945 Total stockholders’ equity attributable to the Company 186,058 177,836 Noncontrolling interests 55 85 Total stockholders’ equity 186,113 177,921 Total Liabilities and Stockholders’ Equity $ 253,198 $ 248,913
Investors Title Company and SubsidiariesNet Premiums Written By Branch and AgencyFor the Three and Six Months Ended June 30, 2018 and 2017(in thousands)(unaudited)
Three Months Ended June 30, Six Months Ended June 30, 2018 % 2017 % 2018 % 2017 % Branch $ 10,736 30.6 $ 10,394 30.0 $ 19,353 29.9 $ 19,677 29.2 Agency 24,406 69.4 24,278 70.0 45,348 70.1 47,733 70.8 Total $ 35,142 100.0 $ 34,672 100.0 $ 64,701 100.0 $ 67,410 100.0
View source version on businesswire.com: https://www.businesswire.com/news/home/20180806005134/en/
Investors Title CompanyElizabeth B. Lewter, 919-968-2200
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