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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1.29 | 0.69% | 187.34 | 187.15 | 190.00 | 188.00 | 187.20 | 187.20 | 1,491 | 15:28:51 |
From Jul 2019 to Jul 2024
Investors Title Company (NASDAQ: ITIC) today announced its results for the third quarter ended September 30, 2017. Net income attributable to the Company was $5.9 million, or $3.13 per diluted share, versus $8.1 million, or $4.29 per diluted share, for the prior year period. The Company set an all-time quarterly record for revenues and net premiums written. In addition, earnings for the current quarter were the second highest in the Company’s history.
Revenues increased 5.2% to $43.1 million, compared with $41.0 million in the prior year quarter. Net premiums written increased 1.0%, primarily due to a higher level of purchase transactions, business from new agencies, and higher average real estate values, partially offset by a decrease in the level of refinance activity. Other income sources, including revenue from ancillary services coincident with providing title insurance, increased 49.7% to $4.6 million.
Operating expenses increased 15.5% versus the prior year quarter, mainly as a result of increases in the provision for claims stemming from recognition of favorable loss development in the prior year quarter that did not repeat in the current year quarter. In addition, the inclusion of expenses for a title insurance agency acquired in the fourth quarter of 2016 contributed to the higher level of expenses. Excluding these two factors, most expense categories were largely in line with the prior year period.
For the nine months ended September 30, 2017, net income attributable to the Company increased 11.1% to $16.1 million, or $8.48 per diluted share, versus $14.5 million, or $7.53 per diluted share, for the prior year period. Revenues increased 21.4% to $121.1 million, from increases in premiums written due to higher transaction volumes, higher real estate values, and from increases in other income sources. Operating expenses increased 22.9% to $97.4 million, mainly due to the same factors that affected the third quarter.
Chairman J. Allen Fine added, “We are pleased to report another quarter of solid operating results. Against the backdrop of historically low interest rates and a strengthening economy, strong transaction volumes in our core markets, coupled with higher home prices and new agency distribution, resulted in the highest quarterly revenue level in the Company’s history.
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 the 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, 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, 2016, 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 Nine Months Ended September 30, 2017 and 2016
(Unaudited)
Three Months EndedSeptember 30,
Nine Months EndedSeptember 30,
2017 2016 2017 2016 Revenues: Net premiums written $ 36,612,558 $ 36,306,522 $ 102,918,454 $ 87,357,972 Investment income – interest and dividends 1,087,054 1,160,983 3,297,634 3,478,999 Net realized gain on investments 803,938 439,326 990,118 574,328 Other 4,633,915 3,094,874 13,864,170 8,280,139 Total Revenues 43,137,465 41,001,705 121,070,376 99,691,438 Operating Expenses: Commissions to agents 17,641,272 18,739,151 50,569,972 45,946,379 Provision (benefit) for claims 1,854,493 (1,067,853 ) 2,714,717 (403,982 ) Salaries, employee benefits and payroll taxes 9,820,578 8,300,823 29,464,824 22,945,972 Office occupancy and operations 2,309,575 1,496,948 6,445,880 4,526,710 Business development 639,923 608,532 1,987,028 1,695,180 Filing fees, franchise and local taxes 203,912 191,574 935,476 688,731 Premium and retaliatory taxes 673,126 673,551 1,918,951 1,559,631 Professional and contract labor fees 447,651 523,504 1,375,291 1,599,603 Other 630,320 157,308 1,944,419 629,539 Total Operating Expenses 34,220,850 29,623,538 97,356,558 79,187,763 Income before Income Taxes 8,916,615 11,378,167 23,713,818 20,503,675 Provision for Income Taxes 2,990,000 3,249,000 7,647,000 6,040,000 Net Income 5,926,615 8,129,167 16,066,818 14,463,675 Net (Gain) Loss Attributable to Noncontrolling Interests (158 ) (2,228 ) 10,886 6,684 Net Income Attributable to the Company $ 5,926,457 $ 8,126,939 $ 16,077,704 $ 14,470,359 Basic Earnings per Common Share $ 3.14 $ 4.30 $ 8.52 $ 7.55 Weighted Average Shares Outstanding – Basic 1,887,103 1,888,870 1,886,474 1,915,468 Diluted Earnings per Common Share $ 3.13 $ 4.29 $ 8.48 $ 7.53 Weighted Average Shares Outstanding – Diluted 1,896,229 1,895,592 1,895,957 1,921,999
Investors Title Company and Subsidiaries
Consolidated Balance Sheets
As of September 30, 2017 and December 31, 2016
(Unaudited)
September 30,2017
December 31,2016
Assets: Investments in securities: Fixed maturities, available-for-sale, at fair value $ 100,730,446 $ 101,934,077 Equity securities, available-for-sale, at fair value 45,116,461 41,179,259 Short-term investments 20,692,763 6,558,840 Other investments 11,514,780 11,181,531 Total investments 178,054,450 160,853,707 Cash and cash equivalents 30,890,785 27,928,472 Premium and fees receivable 10,260,167 8,654,161 Accrued interest and dividends 1,323,598 1,035,152 Prepaid expenses and other assets 9,211,784 9,456,523 Property, net 10,029,847 8,753,466 Goodwill and other intangible assets, net 11,785,945 12,256,641 Current income taxes receivable 1,641,144 — Total Assets $ 253,197,720 $ 228,938,122 Liabilities and Stockholders’ Equity Liabilities: Reserves for claims $ 35,207,000 $ 35,305,000 Accounts payable and accrued liabilities 31,462,305 26,146,480 Current income taxes payable — 1,232,432 Deferred income taxes, net 14,397,180 11,118,256 Total liabilities 81,066,485 73,802,168 Stockholders’ Equity:Common stock – no par value (10,000,000 authorized shares; 1,887,026 and 1,884,283 shares issued and outstanding as of September 30, 2017 and December 31, 2016, respectively, excluding in each period 291,676 shares of common stock held by the Company’s subsidiary)
1 1 Retained earnings 157,675,541 143,283,621 Accumulated other comprehensive income 14,375,694 11,761,447 Total stockholders’ equity attributable to the Company 172,051,236 155,045,069 Noncontrolling interests 79,999 90,885 Total stockholders’ equity 172,131,235 155,135,954 Total Liabilities and Stockholders’ Equity $ 253,197,720 $ 228,938,122
Investors Title Company and Subsidiaries
Net Premiums Written By Branch and Agency
For the Three and Nine Months Ended September 30, 2017 and 2016
(Unaudited)
Three Months Ended September 30, Nine Months Ended September 30, 2017 % 2016 % 2017 % 2016 % Branch $ 10,871,775 29.7 $ 10,672,619 29.4 $ 30,296,701 29.4 $ 24,303,104 27.8 Agency 25,740,783 70.3 25,633,903 70.6 72,621,753 70.6 63,054,868 72.2 Total $ 36,612,558 100.0 $ 36,306,522 100.0 $ 102,918,454 100.0 $ 87,357,972 100.0
View source version on businesswire.com: http://www.businesswire.com/news/home/20171102005317/en/
Investors Title CompanyElizabeth B. Lewter, 919-968-2200
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