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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 | 187.05 | 190.00 | 188.00 | 187.20 | 187.20 | 1,280 | 15:00:02 |
From Jul 2019 to Jul 2024
Investors Title Company today announced its results for the third quarter ended September 30, 2015. Net income attributable to the Company increased 73.1% to $4,490,962, or $2.28 per diluted share, compared with $2,594,490, or $1.28 per diluted share, for the prior year quarter.
Revenues increased 17.1% to $34,541,258 versus the prior year quarter, primarily due to a 17.4% increase in net premiums written, setting a new quarterly record level of both revenues and premiums written. Real estate activity was up significantly for the quarter, driven mainly by higher levels of home purchases and stable levels of mortgage refinance activity.
Operating expenses increased 8.5% to $28,104,760 versus the prior year quarter, mainly due to higher agent commissions commensurate with increased premiums written, partially offset by a higher concentration of business in markets with lower average commission rates. The increase in agent commissions was partially offset by a reduction in the provision for claims, reflecting improved claims experience in recent policy years. Higher premium volumes and normal inflationary effects drove other operating expenses marginally higher versus the prior year quarter.
For the nine months ended September 30, 2015, net income attributable to the Company increased 48.6% to $10,337,583, or $5.17 per diluted share, compared with $6,954,526, or $3.41 per diluted share, for the prior year period. Revenues increased 7.8% to $98,324,874, driven by a 6.5% increase in net premiums written. Operating expenses increased 2.7% to $83,732,755 versus the prior year period, mainly due to higher payroll expenses associated with normal inflationary increases and higher staffing levels to support ongoing software development activities. Claims expense was down 13.3% due to improved claims experience in recent policy years. Agent commissions were flat versus the prior year period even as premiums grew, as a larger proportion of premiums originated in markets with lower average commission rates.
Chairman J. Allen Fine added, “We are pleased to report another quarter with record levels of revenue. Title insurance premiums were bolstered by higher levels of home sales activity as well as continued increases in real estate prices. While the pace of loan closings may slow during the fourth quarter in the wake of the October 3 TILA-RESPA Integrated Disclosure Rule (TRID) implementation, we remain encouraged that positive trends in the unemployment rate and overall economic conditions will sustain the levels of purchase activity, at least for the near future. Over the long term, we will continue to focus on enhancing our competitive strengths and profitably expanding our market presence.”
Investors Title Company’s subsidiaries issue and underwrite 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 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 reduction 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 its subsequent Quarterly Reports on Form 10-Q.
Investors Title Company and Subsidiaries
Consolidated Statements of Income
For the Three and Nine Months Ended September 30, 2015 and 2014
Three Months Ended September 30,
Nine Months Ended September 30,
2015 2014 2015 2014 Revenues: Net premiums written $ 30,945,532 $ 26,356,835 $ 86,372,154 $ 81,115,940 Investment income - interest and dividends 1,117,529 1,064,995 3,427,055 3,130,846 Net realized (loss) gain on investments (338,631 ) 8,689 601,336 592,908 Other 2,816,828 2,077,711 7,924,329 6,344,163 Total Revenues 34,541,258 29,508,230 98,324,874 91,183,857 Operating Expenses: Commissions to agents 16,898,323 14,440,264 48,393,553 48,242,923 Provision for claims 703,979 1,507,814 3,621,401 4,177,478 Salaries, employee benefits and payroll taxes 6,957,874 6,609,425 21,101,955 19,250,116 Office occupancy and operations 1,342,288 1,257,009 4,089,806 3,683,980 Business development 568,189 552,215 1,633,358 1,581,872 Filing fees, franchise and local taxes 134,880 233,079 572,621 648,022 Premium and retaliatory taxes 573,336 491,927 1,684,674 1,332,492 Professional and contract labor fees 661,879 621,305 1,926,469 1,976,272 Other 264,012 196,702 708,918 656,653 Total Operating Expenses 28,104,760 25,909,740 83,732,755 81,549,808 Income before Income Taxes 6,436,498 3,598,490 14,592,119 9,634,049 Provision for Income Taxes 1,941,000 1,004,000 4,250,000 2,656,000 Net Income 4,495,498 2,594,490 10,342,119 6,978,049 Net Income Attributable to Noncontrolling Interests (4,536 ) — (4,536 ) (23,523 ) Net Income Attributable to the Company $ 4,490,962 $ 2,594,490 $ 10,337,583 $ 6,954,526 Basic Earnings per Common Share $ 2.28 $ 1.28 $ 5.18 $ 3.42 Weighted Average Shares Outstanding – Basic 1,967,923 2,028,818 1,995,120 2,033,637 Diluted Earnings per Common Share $ 2.28 $ 1.28 $ 5.17 $ 3.41 Weighted Average Shares Outstanding – Diluted 1,972,233 2,032,644 2,000,043 2,038,875
Investors Title Company and Subsidiaries
Consolidated Balance Sheets
As of September 30, 2015 and December 31, 2014
(Unaudited)
September 30, 2015 December 31,2014 Assets: Investments in securities: Fixed maturities, available-for-sale, at fair value $ 98,034,042 $ 109,048,290 Equity securities, available-for-sale, at fair value 35,135,885 39,254,981 Short-term investments 13,884,266 2,576,993 Other investments 10,069,708 8,530,929 Total investments 157,123,901 159,411,193 Cash and cash equivalents 19,290,813 15,826,515 Premium and fees receivable 9,067,775 8,544,183 Accrued interest and dividends 1,286,710 1,063,837 Prepaid expenses and other assets 8,599,846 7,732,677 Property, net 7,176,557 5,460,805 Total Assets $ 202,545,602 $ 198,039,210 Liabilities and Stockholders’ Equity Liabilities: Reserves for claims $ 37,897,000 $ 36,677,000 Accounts payable and accrued liabilities 19,441,453 18,290,819 Current income taxes payable 248,679 92,192 Deferred income taxes, net 5,635,321 5,415,493 Total liabilities 63,222,453 60,475,504 Stockholders’ Equity:Common stock - no par value (10,000,000 authorized shares; 1,953,418 and 2,023,270 shares issued and outstanding 2015 and 2014, respectively, excluding 291,676 shares for 2015 and 2014 of common stock held by the Company's subsidiary)
1 1 Retained earnings 129,585,111 124,707,196 Accumulated other comprehensive income 9,606,451 12,856,509 Total stockholders’ equity attributable to the Company 139,191,563 137,563,706 Noncontrolling interests 131,586 — Total stockholders’ equity 139,323,149 137,563,706 Total Liabilities and Stockholders’ Equity $ 202,545,602 $ 198,039,210
Investors Title Company and Subsidiaries
Net Premiums Written By Branch and Agency
For the Three and Nine Months Ended September 30, 2015 and 2014
Three Months Ended September 30, Nine Months Ended September 30, 2015 % 2014 % 2015 % 2014 % Branch $ 7,967,82625.7
$ 6,815,125 25.9 $ 21,281,36324.6
$ 17,922,166 22.1 Agency 22,977,70674.3
19,541,710 74.1 65,090,79175.4
63,193,774 77.9 Total $ 30,945,532100.0
$ 26,356,835 100.0 $ 86,372,154100.0
$ 81,115,940 100.0
View source version on businesswire.com: http://www.businesswire.com/news/home/20151104005328/en/
Investors Title CompanyElizabeth B. Lewter, 919-968-2200
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