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Sep 30, 2022
Investors Title Q3 2022 Earnings Report
Net income decreased due to a decline in revenues and an increase in operating expenses.
Key Takeaways
Investors Title Company reported a decrease in net income for Q3 2022, with revenues also declining due to an unrealized loss in the equity portfolio and a decrease in net premiums written. However, this was partially offset by gains on sales of equity investments and increases in revenue from escrow fees, other title-related fees, and non-title services. The company is expanding its market footprint and making targeted investments.
Net income was $7.9 million, or $4.17 per diluted share, compared to $14.5 million, or $7.63 per diluted share, for the prior year period.
Revenues decreased 4.2% to $78.0 million, compared with $81.4 million for the prior year quarter.
Escrow and other title-related fees increased 54.4% due to an increase in business in markets that generate escrow income, and fee income associated with commercial activity.
Revenue from non-title services increased 57.5%, mainly due to an increase in like-kind exchange revenues.
Revenue by Segment
Revenue & Expenses
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Avg. Return Before/After Earnings
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