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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 | 188.00 | 189.68 | 189.38 | 187.20 | 187.20 | 26,558 | 18:06:40 |
From Jul 2019 to Jul 2024
Investors Title Company today announced its results for the second quarter ended June 30, 2010. Net income increased 20.0% for the second quarter to $2,537,560, or $1.11 per diluted share, compared with $2,115,473, or $0.92 per diluted share, for the prior year period.
Revenues decreased 25.0% to $16,218,766 versus the prior year period, primarily due to a 27.9% decrease in net premiums written. Although premiums resulting from purchase transactions increased, the continued sharp decline in refinance premiums versus the prior year period resulted in an overall unfavorable comparison. Investment income decreased 4.6% to $915,852 as a result of unfavorable trends in the interest rate environment.
Operating expenses decreased 29.5% to $13,216,206 versus the prior year period, primarily due to decreases in commissions to agents and the provision for claims. Commissions to agents decreased 26.7%, commensurate with the decrease in premium volume. The provision for claims decreased 95.9% due to a combination of lower premium volume versus the prior year period, a recovery of approximately $942,000 from the Company’s fidelity bond against a prior year claim, and favorable claims experience in prior policy years. In addition, salaries and related expenses decreased 4.0%, and office occupancy and operations expenses decreased 19.0%, due to continued emphasis on overhead expense management.
For the six-month period ended June 30, 2010, the Company reported net income of $2,554,975, a decrease of 28.0%, compared with $3,550,436 for the prior year period. Diluted income per share was $1.11, a decrease of 27.9%, compared with $1.54 for the prior year period. Net premiums written decreased 28.0% to $25,425,252, investment income decreased 6.5% to $1,822,474, and total revenues decreased 25.8% to $29,916,177. Operating expenses decreased 24.6% to $26,898,202 versus the prior year period, largely as a result of factors noted above for the quarter.
Chairman J. Allen Fine added, “We are pleased to report an improvement in operating results during the quarter even as overall mortgage originations continued to decline. Although the extension of the deadline for the homebuyer Federal tax credit contributed to an increase in purchase originations, the spike in activity did not completely offset an overall lower volume of mortgage refinancing. We were pleased to see a slight reduction in our claims loss rate, which contributed to a favorable comparison in the provision for claims, along with the recovery from a fidelity bond. Our balance sheet and financial condition remain strong, and operationally we continue to emphasize efficiency improvements and the expansion of our agency base.”
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 any predictions regarding activity in the U.S. real estate market. 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: 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, 2009, 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 Six Months Ended June 30, 2010 and 2009 (Unaudited) Three Months Ended Six Months Ended June 30 June 302010
2009
2010
2009
Revenues: Underwriting income: Premiums Written $ 13,665,348 $ 18,945,561 $ 25,495,169 $ 35,356,158 Less-premiums for reinsurance ceded 26,398 33,173 69,917 33,950 Net premiums written 13,638,950 18,912,388 25,425,252 35,322,208 Investment income-interest and dividends 915,852 960,454 1,822,474 1,950,089 Net realized gain (loss) on investments 325,780 9,995 350,930 (289,942 ) Other 1,338,184 1,737,722 2,317,521 3,320,613 Total Revenues 16,218,766 21,620,559 29,916,177 40,302,968 Operating Expenses: Commissions to agents 6,476,376 8,831,742 12,075,827 16,363,951 Provision for claims 112,415 2,751,814 1,424,819 4,798,940 Salaries, employee benefits and payroll taxes 4,345,961 4,529,066 8,830,273 9,667,242 Office occupancy and operations 978,822 1,208,140 2,067,227 2,306,722 Business development 352,365 329,011 626,661 591,828 Filing fees and taxes, other than payroll and income 147,277 185,204 292,699 342,255 Premium and retaliatory taxes 281,784 375,510 582,730 742,772 Professional and contract labor fees 338,794 337,290 703,872 651,989 Other 182,412 204,309 294,094 189,833 Total Operating Expenses 13,216,206 18,752,086 26,898,202 35,655,532 Income Before Income Taxes 3,002,560 2,868,473 3,017,975 4,647,436 Provision For Income Taxes 465,000 753,000 463,000 1,097,000 Net Income $ 2,537,560 $ 2,115,473 $ 2,554,975 $ 3,550,436 Basic Earnings Per Common Share $ 1.11 $ 0.92 $ 1.12 $ 1.55 Weighted Average Shares Outstanding - Basic 2,285,653 2,296,644 2,285,392 2,295,298 Diluted Earnings Per Common Share $ 1.11 $ 0.92 $ 1.11 $ 1.54 Weighted Average Shares Outstanding - Diluted 2,293,199 2,296,644 2,293,232 2,300,017
Investors Title Company and Subsidiaries Consolidated Balance Sheets As of June 30, 2010 and December 31, 2009 (Unaudited) June 30, 2010 December 31, 2009 Assets Investments in securities: Fixed maturities: Held-to-maturity, at amortized cost $ - $ 2,000 Available-for-sale, at fair value 89,134,390 88,801,186 Equity securities, available-for-sale, at fair value 11,553,523 11,854,301 Short-term investments 23,422,684 20,717,434 Other investments 2,239,326 2,307,220 Total investments 126,349,923 123,682,141 Cash and cash equivalents 5,247,678 8,733,221 Premiums and fees receivable, net 5,417,917 5,170,476 Accrued interest and dividends 1,163,874 1,122,806 Prepaid expenses and other assets 2,051,941 1,815,653 Property acquired in settlement of claims 158,129 175,476 Property, net 3,697,815 3,894,724 Current income taxes receivable 949,449 - Deferred income taxes, net 561,860 1,833,207 Total Assets $ 145,598,586 $ 146,427,704 Liabilities and Stockholders' Equity Liabilities: Reserves for claims $ 37,752,000 $ 39,490,000 Accounts payable and accrued liabilities 8,494,940 9,008,337 Current income taxes payable - 670,290 Total liabilities 46,246,940 49,168,627 Stockholders' Equity: Common stock - no par value (shares authorized 10,000,000; 2,284,909 and 2,285,289 shares issued and outstanding as of June 30, 2010 and December 31, 2009, respectively, excluding 291,676 shares for 2010 and 2009 of common stock held by the Company's subsidiary) 1 1
Retained earnings
94,777,437 92,528,818 Accumulated other comprehensive income 4,574,208 4,730,258 Total stockholders' equity 99,351,646 97,259,077 Total Liabilities and Stockholders' Equity $ 145,598,586 $ 146,427,704
Investors Title Company and Subsidiaries Net Premiums Written By State For the Three and Six Months Ended June 30, 2010 and 2009 (Unaudited) Three Months Ended Six Months Ended June 30 June 30 State 2010 2009 2010 2009 Illinois $ 568,043 $ 765,631 $ 1,003,534 $ 1,857,221 Kentucky 869,249 949,874 1,500,047 1,820,177 Michigan 1,026,010 1,778,422 1,982,856 2,630,695 New York 472,739 880,406 874,299 1,835,843 North Carolina 5,762,751 8,293,158 10,684,455 15,857,365 Pennsylvania 667,906 876,633 1,119,533 1,485,818 South Carolina 1,377,219 1,345,921 2,746,405 2,531,851 Tennessee 530,672 752,791 1,028,510 1,318,559 Virginia 1,090,823 1,472,687 2,056,391 2,700,451 West Virginia 553,479 610,139 965,691 1,157,720 Other 746,457 1,219,899 1,523,514 2,159,658 Direct Premiums $ 13,665,348 $ 18,945,561 $ 25,485,235 $ 35,355,358 Reinsurance Assumed - - 9,934 800 Reinsurance Ceded (26,398 ) (33,173 ) (69,917 ) (33,950 ) Net Premiums Written $ 13,638,950 $ 18,912,388 $ 25,425,252 $ 35,322,208
Investors Title Company and Subsidiaries Net Premiums Written By Branch and Agency For the Three and Six Months Ended June 30, 2010 and 2009 (Unaudited) Three Months Ended Six Months Ended June 30 June 30 2010 % 2009 % 2010 % 2009 % Branch $ 4,420,264 32.4 $ 6,656,374 35.2 $ 8,170,064 32.1 $ 12,699,378 36.0 Agency 9,218,686 67.6 12,256,014 64.8 17,255,188 67.9 22,622,830 64.0 Total $ 13,638,950 100.0 $ 18,912,388 100.0 $ 25,425,252 100 $ 35,322,208 100.0
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