Form 8-K
8-K — INVESTORS TITLE CO
Accession: 0000720858-26-000014
Filed: 2026-05-07
Period: 2026-05-07
CIK: 0000720858
SIC: 6361 (TITLE INSURANCE)
Item: Results of Operations and Financial Condition
Item: Financial Statements and Exhibits
Documents
8-K — itic-20260507.htm (Primary)
EX-99.1 (a1q26earningsreleaseandfin.htm)
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8-K
8-K (Primary)
Filename: itic-20260507.htm · Sequence: 1
itic-20260507
0000720858falsetrue00007208582026-05-072026-05-070000720858us-gaap:CommonStockMember2026-05-072026-05-070000720858itic:RightsToPurchaseSeriesAJuniorParticipatingPreferredStockMember2026-05-072026-05-07
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
May 7, 2026
Date of Report (Date of earliest event reported)
Investors Title Company
(Exact name of registrant as specified in its charter)
North Carolina 0-11774 56-1110199
(State or Other Jurisdiction of (Commission (I.R.S. Employer
Incorporation or Organization) File Number) Identification No.)
121 North Columbia Street
Chapel Hill, North Carolina 27514
(Address of Principal Executive Offices) (Zip Code)
(919) 968-2200
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, no par value ITIC The Nasdaq Stock Market LLC
Rights to Purchase Series A Junior Participating Preferred Stock The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition
Attached as Exhibit 99.1 and incorporated herein by reference is a copy of the press release of Investors Title Company, dated May 7, 2026, reporting Investors Title Company's financial results for the fiscal quarter ended March 31, 2026.
The information in this Current Report is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits. The following exhibit accompanies this Report:
Exhibit 99.1 - Press Release of Investors Title Company dated May 7, 2026
Exhibit 104 - Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
INVESTORS TITLE COMPANY
Date: May 7, 2026 By: /s/ James A. Fine, Jr.
James A. Fine, Jr.
President, Principal Financial Officer and
Principal Accounting Officer
EXHIBIT INDEX
Exhibit No. Description
99.1 Press release issued by Investors Title Company on May 7, 2026
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
EX-99.1
EX-99.1
Filename: a1q26earningsreleaseandfin.htm · Sequence: 2
Document
INVESTORS TITLE COMPANY ANNOUNCES
FIRST QUARTER 2026 RESULTS
Contact: Elizabeth B. Lewter
May 7, 2026
Telephone: (919) 968-2200
Nasdaq Symbol: ITIC
FOR IMMEDIATE RELEASE:
Chapel Hill, NC – Investors Title Company (Nasdaq: ITIC) today announced results for the first quarter ended March 31, 2026. The Company reported net income of $6.1 million, or $3.20 per diluted share, compared to $3.2 million, or $1.67 per diluted share, for the prior year period.
Revenues increased 13.2% to $64.0 million, compared to $56.6 million in the prior year period. Net premiums written and escrow and title-related fees increased by $5.7 million, resulting from higher real estate activity levels and ongoing expansion initiatives. Revenues were positively impacted by a $1.7 million improvement in net investments gains (losses), primarily driven by favorable changes in the estimated fair value of equity security investments compared to the same period last year.
Operating expenses increased 7.2% to $56.3 million, compared to $52.5 million in the prior year period. The increase in operating expenses was largely driven by higher agent commissions, reflecting growth in agent business. Other categories of operating expenses were generally consistent with the prior-year period.
Income before income taxes increased to $7.7 million for the current year quarter, versus $4.1 million in the prior year period. Excluding the impact of net investment gains (losses), adjusted income before income taxes (non-GAAP) increased to $7.2 million for the current year quarter, versus $5.2 million in the prior year period (see Appendix A for a reconciliation of this non-GAAP measure to the most directly comparable GAAP measure).
Chairman J. Allen Fine commented, "We are pleased with our strong start to 2026, highlighted by solid revenue growth and improved profitability, marking our best first quarter since 2022. These results reflect both increased real estate activity and the continued success of our expansion initiatives. We remain focused on disciplined growth, supporting our agents, and delivering long-term value to our shareholders."
Investors Title Company’s subsidiaries issue and underwrite title insurance policies. The Company also provides investment management services and services in connection with tax-deferred exchanges of like-kind property.
--------------------------------------------------------------------------------------------------------------------------------
Cautionary Statements Regarding Forward-Looking Statements
Certain statements contained herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of words such as “plan,” expect,” “aim,” “believe,” “project,” “anticipate,” “intend,” “estimate,” “should,” “could,” “would,” and other expressions that indicate future events and trends. Such statements include, among others, any statements regarding the Company’s expected performance for future periods and the full year, the impact of order volumes on results in future quarters, future home price fluctuations, changes in home purchase or refinance demand, activity and the mix thereof, interest rate changes, expansion of the Company’s market presence, enhancement of competitive strengths, execution on expense management strategies, development in housing affordability, wages, unemployment or overall economic conditions or statements regarding our actuarial assumptions and the application of recent historical claims experience to future periods. These statements involve a number of risks and uncertainties that could cause actual results to differ materially from anticipated and historical results. Such risks and uncertainties include, without limitation: the cyclical demand for title insurance due to changes in the residential and commercial real estate markets; the occurrence of fraud, defalcation or misconduct; variances between actual claims experience and underwriting and reserving assumptions, including the limited predictive power of historical claims experience; declines in the performance of the Company’s investments; changes in government regulations and policy, including as a result of the Trump administration such as policies related to tariffs and taxes and their impact on the macroeconomic environment; changes in the economy; the impact of inflation and responses by government regulators, including the Federal Reserve, such as changes in interest rates; a shutdown of the federal government; loss of agency relationships, or significant reductions in agent-originated business; difficulties managing growth, whether organic or through acquisitions and other considerations set forth under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 as filed with the Securities and Exchange Commission, and in subsequent filings.
# # # #
Investors Title Company and Subsidiaries
Consolidated Statements of Operations
For the Three Months Ended March 31, 2026 and 2025
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
March 31,
2026 2025
Revenues:
Net premiums written
$ 50,946 $ 46,345
Escrow and other title-related fees
5,040 3,892
Non-title services
4,369 4,609
Interest and dividends
2,288 2,339
Other investment income 664 410
Net investment gains (losses) 524 (1,179)
Other
182 149
Total Revenues 64,013 56,565
Operating Expenses:
Commissions to agents
27,452 24,857
Provision for claims 472 323
Personnel expenses
19,026 18,334
Office and technology expenses
4,510 4,540
Other expenses
4,838 4,458
Total Operating Expenses 56,298 52,512
Income before Income Taxes 7,715 4,053
Provision for Income Taxes 1,648 882
Net Income $ 6,067 $ 3,171
Basic Earnings per Common Share $ 3.21 $ 1.68
Weighted Average Shares Outstanding – Basic 1,888 1,886
Diluted Earnings per Common Share $ 3.20 $ 1.67
Weighted Average Shares Outstanding – Diluted 1,894 1,895
Investors Title Company and Subsidiaries
Consolidated Balance Sheets
As of March 31, 2026 and December 31, 2025
(in thousands)
(unaudited)
March 31,
2026 December 31,
2025
Assets
Cash and cash equivalents $ 26,703 $ 20,838
Investments:
Fixed maturity securities, available-for-sale, at fair value
117,337 118,116
Equity securities, at fair value
46,361 41,481
Short-term investments
58,437 68,763
Other investments
22,605 23,446
Total investments
244,740 251,806
Premiums and fees receivable
17,495 17,126
Accrued interest and dividends 1,605 1,476
Prepaid expenses and other receivables 9,432 9,387
Property, net 29,569 29,397
Goodwill and other intangible assets, net 20,879 20,940
Lease assets 8,392 7,784
Other assets 2,729 2,706
Current income taxes recoverable — 1,678
Total Assets
$ 361,544 $ 363,138
Liabilities and Stockholders’ Equity
Liabilities:
Reserve for claims $ 37,894 $ 38,092
Accounts payable and accrued liabilities 35,128 41,525
Lease liabilities 8,691 8,050
Current income taxes payable 660 —
Deferred income taxes, net 6,281 7,171
Total liabilities
88,654 94,838
Stockholders’ Equity:
Common stock – no par value (10,000 authorized shares; 1,888 and 1,888 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively, excluding in each period 292 shares of common stock held by the Company's subsidiary)
— —
Retained earnings
272,527 267,209
Accumulated other comprehensive income 363 1,091
Total stockholders’ equity
272,890 268,300
Total Liabilities and Stockholders’ Equity
$ 361,544 $ 363,138
Investors Title Company and Subsidiaries
Direct and Agency Net Premiums Written
For the Three Months Ended March 31, 2026 and 2025
(in thousands)
(unaudited)
Three Months Ended March 31,
2026 % 2025 %
Direct $ 14,223 27.9 $ 13,534 29.2
Agency 36,723 72.1 32,811 70.8
Total $ 50,946 100.0 $ 46,345 100.0
Investors Title Company and Subsidiaries
Appendix A
Non-GAAP Measures Reconciliation
For the Three Months Ended March 31, 2026 and 2025
(in thousands)
(unaudited)
Management uses various financial and operational measurements, including financial information not prepared in accordance with generally accepted accounting principles ("GAAP"), to analyze Company performance. This includes adjusting revenues to remove the impact of net investment gains and losses, which are recognized in net income under GAAP. Net investment gains and losses include realized gains and losses on sales of investment securities and changes in the estimated fair value of equity security investments. Management believes that these measures are useful to evaluate the Company's internal operational performance from period to period because they eliminate the effects of external market fluctuations. The Company also believes users of the financial results would benefit from having access to such information, and that certain of the Company’s peers make available similar information. This information should not be used as a substitute for, or considered superior to, measures of financial performance prepared in accordance with GAAP, and may be different from similarly titled non-GAAP financial measures used by other companies.
The following tables reconcile non-GAAP financial measurements used by Company management to the comparable measurements using GAAP:
Three Months Ended
March 31,
2026 2025
Revenues
Total revenues (GAAP) $ 64,013 $ 56,565
(Subtract) Add: Net investment (gains) losses (524) 1,179
Adjusted revenues (non-GAAP) $ 63,489 $ 57,744
Income before Income Taxes
Income before income taxes (GAAP)
$ 7,715 $ 4,053
(Subtract) Add: Net investment (gains) losses (524) 1,179
Adjusted income before income taxes (non-GAAP)
$ 7,191 $ 5,232
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Cover Page
May 07, 2026
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Entity Address, City or Town
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