$ITIC

INVESTORS TITLE CO

CIK:0000720858|SEC Filings

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Net premiums written	$ 67,542	$ 54,496	$ 118,488	$ 100,841
Escrow and other title-related fees	5,968	5,694	11,008	9,586
Non-title services	5,105	5,477	9,474	10,086
Interest and dividends	2,272	2,361	4,560	4,700
Other investment income	667	609	1,331	1,019
Net investment gains	4,795	2,104	5,319	925
Other	154	2,908	336	3,057
Total Revenues	86,503	73,649	150,516	130,214
Operating Expenses:
Commissions to agents	35,644	29,077	63,096	53,934
Provision for claims	2,783	2,080	3,255	2,403
Personnel expenses	19,043	17,460	38,069	35,794
Office and technology expenses	4,666	4,327	9,176	8,867
Other expenses	4,921	4,907	9,759	9,365
Total Operating Expenses	67,057	57,851	123,355	110,363
Income before Income Taxes	19,446	15,798	27,161	19,851
Provision for Income Taxes	4,813	3,520	6,461	4,402
Net Income	$ 14,633	$ 12,278	$ 20,700	$ 15,449
Basic Earnings per Common Share	$ 7.75	$ 6.51	$ 10.96	$ 8.19
Weighted Average Shares Outstanding – Basic	1,888	1,887	1,888	1,886
Diluted Earnings per Common Share	$ 7.73	$ 6.48	$ 10.93	$ 8.16
Weighted Average Shares Outstanding – Diluted	1,894	1,894	1,894	1,894

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities
Net income	$ 20,700	$ 15,449
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	1,747	1,884
Accretion of investments, net	(708)	(733)
Amortization of other intangible assets, net	571	418
Share-based compensation expense related to stock appreciation rights	237	224
Net gains on disposals of property	(62)	(6)
Net investment gains	(5,319)	(925)
Net gains on sale of other assets	0	(2,768)
Net earnings from other investments	(847)	(787)
Provision for claims	3,255	2,403
Provision (benefit) for deferred income taxes	517	(426)
Changes in assets and liabilities:
Increase in premium and fees receivable	(2,275)	(919)
(Increase) decrease in other assets	(1,436)	1,981
Increase in lease assets	(571)	(1,625)
Increase in current income taxes recoverable	(1,083)	(1,194)
Decrease in accounts payable and accrued liabilities	(3,397)	(4,157)
Increase in lease liabilities	667	1,654
Decrease in current income taxes payable	0	(276)
Payments of claims, net of recoveries	(2,245)	(1,412)
Net cash provided by operating activities	9,751	8,785
Investing Activities
Purchases of fixed maturity securities	(33,562)	(32,796)
Purchases of equity securities	(9,885)	(4,900)
Purchases of short-term investments	(25,381)	(28,510)
Purchases of other investments	(7,801)	(3,316)
Purchases of other assets	0	(4,536)
Proceeds from sales and maturities of fixed maturity securities	20,799	28,356
Proceeds from sales of equity securities	5,715	11,333
Proceeds from sales and maturities of short-term investments	42,509	27,468
Proceeds from sales and distributions of other investments and assets	2,057	7,304
Purchases of property	(2,918)	(2,886)
Proceeds from sales of property	79	463
Net cash used in investing activities	(8,388)	(2,020)
Financing Activities
Dividends paid	(1,737)	(1,736)
Net cash used in financing activities	(1,737)	(1,736)
Net (Decrease) Increase in Cash and Cash Equivalents	(374)	5,029
Cash and Cash Equivalents, Beginning of Period	20,838	24,654
Cash and Cash Equivalents, End of Period	20,464	29,683
Cash Paid During the Year for:
Income tax payments, net	7,027	6,299
Non-cash net unrealized loss (gain) on investments, net of deferred tax benefit (expense) of $261 and $(114) for June 30, 2026 and 2025, respectively	946	(417)
Adjustments to postretirement benefits obligation, net of deferred tax expense of $(5) and $(13) for June 30, 2026 and 2025, respectively	$ (17)	$ (50)

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets:
Cash and cash equivalents	$ 20,464	$ 20,838
Investments in securities:
Fixed maturity securities, available-for-sale, at fair value (amortized cost: June 30, 2026: $130,458; December 31, 2025: $116,852)	130,515	118,116
Equity securities, cost	51,295	41,481
Short-term investments	51,726	68,763
Other investments	29,825	23,446
Total investments	263,361	251,806
Premiums and fees receivable	19,401	17,126
Accrued interest and dividends	1,634	1,476
Prepaid expenses and other receivables	9,482	9,387
Property, net	30,551	29,397
Goodwill and other intangible assets, net	21,358	20,940
Lease assets	8,355	7,784
Other assets	2,758	2,706
Current income taxes recoverable	2,761	1,678
Total Assets	380,125	363,138
Liabilities:
Reserve for claims	39,102	38,092
Accounts payable and accrued liabilities	38,303	41,525
Lease liabilities	8,717	8,050
Deferred income taxes, net	7,432	7,171
Total liabilities	93,554	94,838
Commitments and Contingencies	0	0
Stockholders' Equity:
Preferred stock (1,000 authorized shares; no shares issued)	0	0
Common stock – no par value (10,000 authorized shares; 1,888 and 1,888 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively, excluding in each period 292 shares of common stock held by the Company)	0	0
Retained earnings	286,409	267,209
Accumulated other comprehensive income	162	1,091
Total stockholders' equity	286,571	268,300
Total Liabilities and Stockholders’ Equity	$ 380,125	$ 363,138