Investors Title Co. Files Q3 2024 10-Q

TL;DR

**ITC Q3 2024 10-Q FILED. CHECK FINANCIALS.**

AI Summary

Investors Title Co. reported its Q3 2024 results, ending September 30, 2024. The company's fiscal year ends on December 31st. Key financial data points and stock information were filed on November 7, 2024.

Why It Matters

This filing provides investors with the latest financial performance and operational details for Investors Title Co. for the third quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing financial information, not indicating immediate significant risk.

Key Numbers

• 20240930 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 20241107 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)
• 1231 — Fiscal Year End (Specifies the end date of the company's annual fiscal year.)

Key Players & Entities

• INVESTORS TITLE CO (company) — Filer of the 10-Q report
• 20240930 (date) — End of the reporting period for the 10-Q
• 20241107 (date) — Date the 10-Q was filed
• NC (location) — State of incorporation for Investors Title Co.

FAQ

Filing Documents

• itic-20240930.htm (10-Q) — 1530KB
• itic_20240930xex-311.htm (EX-31.1) — 10KB
• itic_20240930xex-312.htm (EX-31.2) — 11KB
• itic_20240930xex-32.htm (EX-32) — 9KB
• 0000720858-24-000025.txt ( ) — 8745KB
• itic-20240930.xsd (EX-101.SCH) — 53KB
• itic-20240930_cal.xml (EX-101.CAL) — 86KB
• itic-20240930_def.xml (EX-101.DEF) — 195KB
• itic-20240930_lab.xml (EX-101.LAB) — 668KB
• itic-20240930_pre.xml (EX-101.PRE) — 444KB
• itic-20240930_htm.xml (XML) — 1698KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited): Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 1 Consolidated Statements of Operations For the Three and Nine Months Ended September 30, 2024 and 2023 2 Consolidated Statements of Comprehensive Income For the Three and Nine Months Ended September 30, 2024 and 2023 3 Consolidated Statements of Stockholders' Equity For the Three and Nine Months Ended September 30, 2024 and 2023 4 Consolidated Statements of Cash Flows For the Nine Months Ended September 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 39 Item 1A. Risk Factors 39 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39

Defaults Upon Senior Securities 39

Item 3. Defaults Upon Senior Securities 39

Mine Safety Disclosures 39

Item 4. Mine Safety Disclosures 39

Other Information 39

Item 5. Other Information 39 Item 6. Exhibits 40 SIGNATURE 41

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Investors Title Company and Subsidiaries Consolidated Balance Sheets As of September 30, 2024 and December 31, 2023 (in thousands) (unaudited) September 30, 2024 December 31, 2023 Assets Cash and cash equivalents $ 25,464 $ 24,031 Investments: Fixed maturity securities, available-for-sale, at fair value (amortized cost: September 30, 2024: $ 102,051 ; December 31, 2023: $ 63,106 ) 103,368 63,847 Equity securities, at fair value (cost: September 30, 2024: $ 23,540 ; December 31, 2023: $ 22,981 ) 37,753 37,212 Short-term investments 87,449 110,224 Other investments 20,640 17,385 Total investments 249,210 228,668 Premiums and fees receivable 14,228 13,338 Accrued interest and dividends 1,468 978 Prepaid expenses and other receivables 9,585 13,525 Property, net 27,453 23,886 Goodwill and other intangible assets, net 15,349 16,249 Lease assets 5,883 6,303 Other assets 2,649 2,500 Current income taxes recoverable 697 1,081 Total Assets $ 351,986 $ 330,559 Liabilities and Stockholders' Equity Liabilities: Reserve for claims $ 37,049 $ 37,147 Accounts payable and accrued liabilities 33,911 31,864 Lease liabilities 6,088 6,449 Deferred income taxes, net 3,625 3,546 Total liabilities 80,673 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 September 30, 2024 and December 31, 2023, respectively, excluding in each period 292 shares of common stock held by the Company) — — Retained earnings 270,225 250,915 Accumulated other comprehensive income 1,088 638 Total stockholders' equity 271,313 251,553 Total Liabilities and Stockholders' Equity $ 351,986 $ 330,559 Refer to notes to the Consolidated Financial Statements. 1 Investors Title Company and Subsidiaries Consolidated Statements of Operations For the T

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements September 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 nine-month periods ended September 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 amoun

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