Revenue and Premiums - Total revenues for the title insurance segment accounted for 90.3% of the Company's revenues for the six-month period ended June 30, 2024[92]. - Net premiums written increased by 16.8% to $51.4 million for the three-month period and by 10.4% to $91.6 million for the six-month period ended June 30, 2024, compared to the same prior year periods[110]. - Total revenues for the three-month period ended June 30, 2024, were $65.4 million, an increase from $58.3 million in the same period of 2023[107]. - Total net premiums written rose to $51.416 million for the three-month period and $91.596 million for the six-month period ended June 30, 2024, compared to $44.005 million and $82.971 million in the prior year[115]. - Direct net premiums written decreased by 1.6% to $15.531 million for the three-month period ended June 30, 2024, but increased by 1.3% to $28.852 million for the six-month period[112]. - Agency net premiums written increased by 27.1% to $35.885 million for the three-month period and by 15.2% to $62.744 million for the six-month period ended June 30, 2024[113]. - Escrow and other title-related fee revenues increased to $4.8 million for the three-month period and $8.5 million for the six-month period ended June 30, 2024, compared to $4.6 million and $8.3 million in the prior year[116]. Income and Expenses - The Company's net income for the three-month period ended June 30, 2024, was $8.9 million, compared to $7.6 million for the same period in 2023, reflecting a year-over-year increase of 17.0%[107]. - The Company's operating expenses for the three-month period ended June 30, 2024, were $54.1 million, up from $48.5 million in the same period of 2023[107]. - Operating expenses increased by 11.7% to $54.115 million for the three-month period and by 3.6% to $101.777 million for the six-month period ended June 30, 2024, compared to $48.468 million and $98.250 million in the prior year[132]. - Personnel expenses decreased to $18.2 million for the three-month period and $36.7 million for the six-month period ended June 30, 2024, compared to $18.5 million and $39.4 million in the prior year[133]. - The provision for income taxes for the three-month period ended June 30, 2024, was $2.4 million, compared to $2.3 million for the same period in 2023[107]. - The provision for income taxes was $2.4 million and $3.7 million for the three- and six-month periods ended June 30, 2024, with effective tax rates of 21.3% and 21.5%[140]. Cash Flow and Investments - Net cash flows provided by operating activities were $9.9 million for the six-month period ended June 30, 2024, compared to $(7.4) million for the same period in 2023[143]. - As of June 30, 2024, the Company held cash and cash equivalents of $26.7 million and short-term investments of $84.5 million[144]. - Interest and dividends increased to $2.6 million for the three-month period and $5.1 million for the six-month period ended June 30, 2024, compared to $2.2 million and $4.2 million in the prior year[123]. - Net realized investment gains were $1.8 million for the three-month period and $4.4 million for the six-month period ended June 30, 2024, compared to $5.9 million and $13.1 million in the prior year[127]. Claims and Reserves - The provision for claims decreased by 8.7% and 11.9% for the three- and six-month periods ended June 30, 2024, respectively, with the provision as a percentage of net premiums written at 1.8% and 2.0%[137]. - Actual payments of claims, net of recoveries, were $1.8 million for the six-month period ended June 30, 2024, compared to $2.4 million for the same period in 2023[138]. - The total reserve for claims was $37.2 million as of June 30, 2024, with approximately $3.3 million reserved for specific claims[138]. Stock Repurchase and Capital Expenditures - The Company purchased 7,039 shares in the six-month period ended June 30, 2024, under its stock repurchase plan[150]. - The company purchased a total of 276 shares of its common stock under the repurchase plan during the quarter ended June 30, 2024[168]. - As of June 30, 2024, there was authority remaining under the repurchase plan to purchase up to an aggregate of 413,177 shares of the company's common stock[168]. - The average price paid per share for the repurchased shares was $163.88[168]. - Capital expenditures were approximately $4.3 million for the six-month period ended June 30, 2024, with plans for technology and system development initiatives[151]. Market Conditions and Risks - The average 30-year fixed mortgage interest rates were 6.9% for the six-month period ended June 30, 2024, compared to 6.4% for the same period in 2023[103]. - The Mortgage Bankers Association projects a 3.7% increase in purchase activity to $1,374 billion and a 34.4% increase in mortgage refinance activity to $422 billion in 2024[103]. - The current real estate environment, including interest rates and economic activity, significantly influences the demand for real estate and, consequently, the Company's results[100]. - The company relies significantly on the North Carolina, Texas, South Carolina, Georgia, and Florida markets for a substantial portion of its premiums[162]. - The company faces significant competition and must develop products that meet changing industry standards in a timely manner[162]. - The company is subject to various risks including changes in interest rates, economic conditions, and regulatory compliance[162]. - The company has a forward-looking statement disclaimer regarding the uncertainty of future results and trends[163]. Internal Controls - The company's disclosure controls and procedures were evaluated and deemed effective as of June 30, 2024[165]. - There were no changes in the company's internal control over financial reporting that materially affected its effectiveness during the quarter ended June 30, 2024[166].

Investors Title Company (ITIC) reported a net income of $4.70 per share for the second quarter of 2024. This represents an increase from $4.00 per share in the second quarter of 2023. The company's revenues for the second quarter of 2024 rose by 12.1% to $65.4 million compared to $58.3 million in the year-ago quarter. The revenue increase was driven primarily by higher premiums written due to increased activity in certain markets and rising average home prices. Several factors positively influenced the comp ...

INVESTORS TITLE COMPANY ANNOUNCES SECOND QUARTER 2024 RESULTS Contact: Elizabeth B. Lewter August 6, 2024 Telephone: (919) 968-2200 Nasdaq Symbol: ITIC FOR IMMEDIATE RELEASE: Chapel Hill, NC – Investors Title Company (Nasdaq: ITIC) today announced results for the second quarter ended June 30, 2024. The Company reported net income of $8.9 million, or $4.70 per diluted share, compared with $7.6 million, or $4.00 per diluted share, for the prior year period. Revenues increased 12.1% to $65.4 million, compared ...

North Carolina-based Investors Title is strategically positioned to benefit from the anticipated growth in the title insurance market. The company leverages technological advancements and offers comprehensive services that cater to the rising demand for real estate transactions and digital solutions in the industry. Zacks Investment Research has recently initiated coverage of Investors Title Company (ITIC) with a "Neutral" recommendation. The company's performance and growth potential are compelling, partic ...

Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION For the transition period from ___________________ to ___________________ Commission File Number: 0-11774 INVESTORS TITLE COMPANY (Exact name of registrant as specified in its charter) North Carolina ...

Contact: Elizabeth B. Lewter May 3, 2024 Telephone: (919) 968-2200 Nasdaq Symbol: ITIC FOR IMMEDIATE RELEASE: INVESTORS TITLE COMPANY ANNOUNCES FIRST QUARTER 2024 RESULTS Chapel Hill, NC – Investors Title Company (Nasdaq: ITIC) today announced results for the quarter ended March 31, 2024. The Company reported net income of $4.5 million, or $2.40 per diluted share, compared with net income of $1.2 million, or $0.62 per diluted share, for the prior year period. Revenues increased 4.1% to $53.5 million, compar ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from __to __ Commission file number 0-11774 INVESTORS TITLE COMPANY (Exact name of registrant as specified in its charter) North Carolina 56-1110199 (State or other jurisdiction of i ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________ to ___________________ Commission File Number: 0-11774 INVESTORS TITLE COMPANY (Exact name of registrant as specified in its charter) North Carol ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________ to ___________________ Commission File Number: 0-11774 Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 INVESTORS TITLE COMPANY (Exact name of registrant as specified in its charter) North Carolina 5 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________ to ___________________ Commission File Number: 0-11774 INVESTORS TITLE COMPANY (Exact name of registrant as specified in its charter) North Carolina ...