Investors Title Co. Files Q2 2024 10-Q Report

TL;DR

**ITC Q2 2024 10-Q FILED. DETAILS INSIDE.**

AI Summary

Investors Title Co. reported its Q2 2024 results, with the filing covering the period ending June 30, 2024. The company's fiscal year ends on December 31st, and this 10-Q filing provides an update on its financial performance and position. Specific financial figures for the quarter and year-to-date are detailed within the report.

Why It Matters

This filing provides investors with crucial financial data for Investors Title Co. for the second quarter of 2024, enabling informed investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing (10-Q) and does not inherently indicate new or elevated risks.

Key Numbers

• Q2 2024 — Reporting Period (Second quarter of 2024 financial results)
• 1231 — Fiscal Year End (Indicates the end of the company's annual financial reporting cycle)

Key Players & Entities

• INVESTORS TITLE CO (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240809 (date) — Filing date
• NC (location) — State of incorporation
• 121 N COLUMBIA ST (address) — Company business address

FAQ

Key Financial Figures

• $64.00 — e SARs issued during 2024 and 2023 were $64.00 and $55.52, respectively, and were esti
• $55 — ed during 2024 and 2023 were $64.00 and $55.52, respectively, and were estimated us

Filing Documents

• itic-20240630.htm (10-Q) — 1523KB
• itic_20240630xex-311.htm (EX-31.1) — 10KB
• itic_20240630xex-312.htm (EX-31.2) — 11KB
• itic_20240630xex-32.htm (EX-32) — 9KB
• 0000720858-24-000020.txt ( ) — 8583KB
• itic-20240630.xsd (EX-101.SCH) — 54KB
• itic-20240630_cal.xml (EX-101.CAL) — 86KB
• itic-20240630_def.xml (EX-101.DEF) — 192KB
• itic-20240630_lab.xml (EX-101.LAB) — 643KB
• itic-20240630_pre.xml (EX-101.PRE) — 433KB
• itic-20240630_htm.xml (XML) — 1693KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited): Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 1 Consolidated Statements of Operations For the Three and Six Months Ended June 30, 2024 and 2023 2 Consolidated Statements of Comprehensive Income For the Three and Six Months Ended June 30, 2024 and 2023 3 Consolidated Statements of Stockholders' Equity For the Three and Six Months Ended June 30, 2024 and 2023 4 Consolidated Statements of Cash Flows For the Six Months Ended June 30, 2024 and 2023 6

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 37 Item 4.

Controls and Procedures

Controls and Procedures 37

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1. Legal Proceeding s 38 Item 1A. Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38

Defaults Upon Senior Securities 38

Item 3. Defaults Upon Senior Securities 38

Mine Safety Disclosures 38

Item 4. Mine Safety Disclosures 38

Other Information 38

Item 5. Other Information 38 Item 6. Exhibits 39 SIGNATURE 40

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Investors Title Company and Subsidiaries Consolidated Balance Sheets As of June 30, 2024 and December 31, 2023 (in thousands) (unaudited) June 30, 2024 December 31, 2023 Assets Cash and cash equivalents $ 26,686 $ 24,031 Investments: Fixed maturity securities, available-for-sale, at fair value (amortized cost: June 30, 2024: $ 93,334 ; December 31, 2023: $ 63,106 ) 93,479 63,847 Equity securities, at fair value (cost: June 30, 2024: $ 23,365 ; December 31, 2023: $ 22,981 ) 36,837 37,212 Short-term investments 84,480 110,224 Other investments 21,670 17,385 Total investments 236,466 228,668 Premiums and fees receivable 13,478 13,338 Accrued interest and dividends 1,321 978 Prepaid expenses and other receivables 10,829 13,525 Property, net 26,516 23,886 Goodwill and other intangible assets, net 15,630 16,249 Lease assets 6,205 6,303 Other assets 2,643 2,500 Current income taxes recoverable 558 1,081 Total Assets $ 340,332 $ 330,559 Liabilities and Stockholders' Equity Liabilities: Reserve for claims $ 37,204 $ 37,147 Accounts payable and accrued liabilities 31,469 31,864 Lease liabilities 6,427 6,449 Deferred income taxes, net 3,416 3,546 Total liabilities 78,516 79,006 Commitments and Contingencies — — Stockholders' Equity: Preferred stock ( 1,000 authorized shares; no shares issued) — — Common stock – no par value ( 10,000 authorized shares; 1,884 and 1,891 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively, excluding in each period 292 shares of common stock held by the Company) — — Retained earnings 261,648 250,915 Accumulated other comprehensive income 168 638 Total stockholders' equity 261,816 251,553 Total Liabilities and Stockholders' Equity $ 340,332 $ 330,559 Refer to notes to the Consolidated Financial Statements. 1 Investors Title Company and Subsidiaries Consolidated Statements of Operations For the Three and Six Months Ended Ju

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements June 30, 2024 (unaudited) Note 1 – Basis of Presentation and Significant Accounting Policies Reference should be made to the "Notes to Consolidated Financial Statements" appearing in the Annual Report on Form 10-K for the year ended December 31, 2023 of Investors Title Company (the "Company") for a complete description of the Company's significant accounting policies. Principles of Consolidation – The accompanying unaudited Consolidated Financial Statements include the accounts and operations of Investors Title Company and its subsidiaries, and have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information, with the instructions to Form 10-Q and with Article 10 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in annual consolidated financial statements have been condensed or omitted. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments considered necessary for a fair presentation of the financial position, results of operations and cash flows of the Company in the accompanying unaudited Consolidated Financial Statements have been included. All such adjustments are of a normal recurring nature. Operating results for the three- and six-month periods ended June 30, 2024 are not necessarily indicative of the financial condition and results that may be expected for the year ending December 31, 2024 or any other interim period. Use of Estimates and Assumptions – The preparation of the Company's unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities, at the date of the unaudited Consolidated Financial Statements and the reported amounts of reven

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