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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2.60 | 1.40% | 188.65 | 188.21 | 188.94 | 189.25 | 187.20 | 187.20 | 23,010 | 17:52:26 |
From Jul 2019 to Jul 2024
Investors Title Company announced its results for the second quarter ended June 30, 2014. Net income attributable to the Company decreased 15.8% to $3,373,598, or $1.65 per diluted share, compared with $4,005,675, or $1.92 per diluted share, for the prior year quarter.
Revenues decreased 1.4% to $33,221,553 versus the prior year quarter, primarily due to a 1.9% decrease in net premiums written. The premium decrease reflects substantially lower levels of refinance activity resulting from higher mortgage interest rates, partially offset by an increase in the level of purchase activity and growth in underlying real estate values upon which premiums are based.
Operating expenses increased 2.6% to $28,542,509 versus the prior year quarter, primarily due to an increase in agent commissions resulting from increased activity in markets which are predominantly agent-based. The increase in agent commissions was partially offset by a reduction in the provision for claims related to favorable experience in recent policy years. All other operating expenses were up slightly in total, primarily due to increases in payroll, equipment, and depreciation related to hardware upgrade projects.
For the six months ended June 30, 2014, net income attributable to the Company decreased 40.9% to $4,360,036, or $2.14 per diluted share, compared with $7,382,405, or $3.54 per diluted share, for the prior year period. Revenues increased 1.9% to $61,675,627 versus the prior year period, primarily due to increases in premium volumes and realized gains on investments. Operating expenses increased 11.5% to $55,640,068 versus the prior year period, driven mostly by an increase in agent commissions and an increase in the provision for claims when compared to unusually high favorable development in the prior year period. Other factors affecting operating results for the first half of the year were driven predominantly by the same factors that affected the second quarter.
Chairman J. Allen Fine added, “As expected, the drop in refinance activity which began late last year led to a reduction in premium volumes for the second quarter. We are, however, pleased to see sustained increases in the level of home prices, coupled with continued strength in home purchase activity. We will continue to monitor and respond to changes in the market, while we remain focused on enhancing our competitive strengths and profitably expanding our market presence over the long term.”
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, among others, any statements regarding expansion of the Company’s market presence, enhancing competitive strengths or 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; 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, 2013, 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, 2014 and 2013 (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2014 2013 2014 2013 Revenues: Net premiums written $ 29,849,853 $ 30,429,761 $ 54,759,105 $ 54,355,758 Investment income - interest and dividends 1,039,435 925,047 2,065,851 1,845,532 Net realized gain on investments 92,082 55,272 584,219 71,616 Other 2,240,183 2,283,320 4,266,452 4,268,767 Total Revenues 33,221,553 33,693,400 61,675,627 60,541,673 Operating Expenses: Commissions to agents 18,346,381 17,608,789 33,802,659 31,098,220 Provision for claims 294,281 996,870 2,669,664 607,812 Salaries, employee benefits and payroll taxes 6,454,930 6,249,723 12,640,691 12,400,473 Office occupancy and operations 1,246,644 1,026,108 2,426,971 2,100,341 Business development 511,763 452,353 1,029,657 881,086 Filing fees, franchise and local taxes 225,343 188,950 414,943 369,520 Premium and retaliatory taxes 546,091 530,524 840,565 971,047 Professional and contract labor fees 666,909 535,207 1,354,967 1,110,544 Other 250,167 234,826 459,951 381,162 Total Operating Expenses 28,542,509 27,823,350 55,640,068 49,920,205 Income Before Income Taxes 4,679,044 5,870,050 6,035,559 10,621,468 Provision For Income Taxes 1,281,000 1,846,000 1,652,000 3,211,000 Net Income 3,398,044 4,024,050 4,383,559 7,410,468 Net Income Attributable to Redeemable Noncontrolling Interest (24,446 ) (18,375 ) (23,523 ) (28,063 ) Net Income Attributable to the Company $ 3,373,598 $ 4,005,675 $ 4,360,036 $ 7,382,405 Basic Earnings Per Common Share $ 1.66 $ 1.94 $ 2.14 $ 3.59 Weighted Average Shares Outstanding - Basic 2,034,931 2,063,797 2,036,047 2,054,300 Diluted Earnings Per Common Share $ 1.65 $ 1.92 $ 2.14 $ 3.54 Weighted Average Shares Outstanding - Diluted 2,039,202 2,089,674 2,041,268 2,087,229
Investors Title Company and Subsidiaries Consolidated Balance Sheets As of June 30, 2014 and December 31, 2013 (Unaudited) June 30, 2014 December 31, 2013 Assets: Investments in securities: Fixed maturities, available-for-sale, at fair value $ 90,978,622 $ 91,445,413 Equity securities, available-for-sale, at fair value 38,193,808 36,144,065 Short-term investments 9,695,708 7,926,373 Other investments 7,949,171 7,247,831 Total investments 146,817,309 142,763,682 Cash and cash equivalents 19,501,886 23,626,761 Premiums and fees receivable, net 8,630,916 8,750,224 Accrued interest and dividends 981,541 1,006,698 Prepaid expenses and other assets 8,459,543 7,466,141 Property, net 4,981,955 4,325,538 Current income taxes receivable 1,879,224 366,772 Total Assets $ 191,252,374 $ 188,305,816 Liabilities and Stockholders' Equity Liabilities: Reserves for claims $ 35,628,000 $ 35,360,000 Accounts payable and accrued liabilities 17,225,696 20,324,190 Deferred income taxes, net 5,496,643 4,013,983 Total liabilities 58,350,339 59,698,173 Redeemable Noncontrolling Interest - 545,489 Stockholders' Equity: Common stock - no par value (shares authorized 10,000,000; 2,029,819 and 2,037,135 shares issued and outstanding as of June 30, 2014 and December 31, 2013, respectively, excluding 291,676 shares for 2014 and 2013 of common stock held by the Company's subsidiary) 1 1 Retained earnings 120,148,704 116,714,749 Accumulated other comprehensive income 12,753,330 11,347,404 Total stockholders' equity 132,902,035 128,062,154 Total Liabilities and Stockholders' Equity $ 191,252,374 $ 188,305,816
Investors Title Company and Subsidiaries Net Premiums Written By Branch and Agency For the Three and Six Months Ended June 30, 2014 and 2013 (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2014 % 2013 % 2014 % 2013 % Branch $ 6,275,362 21.0 $ 7,332,764 24.1 $ 11,107,041 20.3 $ 13,116,393 24.1 Agency 23,574,491 79.0 23,096,997 75.9 43,652,064 79.7 41,239,365 75.9 Total $ 29,849,853 100.0 $ 30,429,761 100.0 $ 54,759,105 100.0 $ 54,355,758 100.0
Investors Title CompanyElizabeth B. Lewter, 919-968-2200
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