Investors Title Company Announces Third Quarter EPS of $.63

Investors Title Company ITIC today announced its results for the third quarter ended September 30, 2010. Net income increased 49.5% to $1,449,101, or $0.63 per diluted share, compared with $969,043, or $0.42 per diluted share, for the prior year period. The increase in net income was driven primarily by revenue growth versus the prior year period. Net premiums written increased 17.3% to $16,749,395 due to an increase in refinance activity. Operating expenses increased 12.3% to $17,153,583 versus the prior year period, primarily due to increases in variable expenses tied to premium volumes. Commissions to agents increased 26.2% commensurate with an increase in agency premium volume. The provision for claims decreased 5.9% versus the prior year period due to unfavorable claims experience for the prior year quarter, partially offset by increases in the current provision resulting from higher premium volume. For the nine-month period ended September 30, 2010, net income decreased 11.4% to $4,004,076, or $1.75 per diluted share, compared with $4,519,479, or $1.96 per diluted share, for the prior year period. The decline in net income for the period was driven primarily by a 15.0% decrease in net premiums written, partially offset by a 13.5% decrease in operating expenses.