Investors Title Company (ITIC) Financial Statements (2023 and earlier)

Company Profile

Business Address 121 N COLUMBIA ST
CHAPEL HILL, NC 27514
State of Incorp. NC
Fiscal Year End December 31
Industry (SIC) 6361 - Title Insurance (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

6/30/2023
MRQ
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments138,96083,09828,89339,08351,48143,994
Cash and cash equivalents35,31137,16813,72325,94918,69420,214
Short-term investments103,64945,93015,17013,13432,78723,780
Receivables      385
Total current assets:138,96083,09828,89339,08351,48144,379
Noncurrent Assets
Operating lease, right-of-use asset  5,2023,5334,469
Property, plant and equipment17,78513,03311,1609,77610,30410,173
Long-term investments and receivables     6,5895,439
Long-term investments     6,5895,439
Intangible assets, net (including goodwill), including:17,61115,9519,77110,27510,78011,357
Goodwill9,6007,2004,4004,4004,4004,350
Intangible assets, net (excluding goodwill)7,7998,5605,4215,9266,4307,007
Other undisclosed intangible assets, net (including goodwill)212191(50)(51)(50) 
Total noncurrent assets:35,39634,18624,46424,52027,67326,969
Other undisclosed assets165,401214,204229,568200,290165,114177,565
TOTAL ASSETS:339,757331,488282,925263,893244,268248,913
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities 3,3296381,3404,981 
Taxes payable3,3296381,3404,981 
Accrued liabilities      
Debt218  1,048  
Total current liabilities:2183,3296382,3884,981 
Noncurrent Liabilities
Long-term debt and lease obligation5273,7822,6013,454  
Finance lease, liability527   
Liabilities, other than long-term debt12,06613,1218,592   
Deferred income tax liabilities7,66513,1218,592 
Operating lease, liability4,4013,7822,6013,454
Total noncurrent liabilities:12,59316,90311,1933,454  
Other undisclosed liabilities85,93582,16970,67266,68963,64870,992
Total liabilities:98,746102,40182,50372,53168,62970,992
Equity
Equity, attributable to parent241,011229,087200,422191,362175,639177,835
Common stock      0
Accumulated other comprehensive income2003,2264,3263,10094915,945
Retained earnings240,811225,861196,096188,262174,690161,891
Equity, attributable to noncontrolling interest      85
Total equity:241,011229,087200,422191,362175,639177,920
TOTAL LIABILITIES AND EQUITY:339,757331,488282,925263,893244,268248,913

Income Statement (P&L) ($ in thousands)

6/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Revenues283,392329,498236,408183,502156,259161,649
Cost of revenue(4,255)(5,686)(5,204)(3,532) (3,311)
Policyholder benefits and claims incurred, net(4,255)(5,686)(5,204)(3,532) 
Financial services costs(3,311)
Gross profit:279,137323,812231,204179,970156,259158,338
Operating expenses(253,284)(244,566)(119,663)(84,835)(77,157)(115,231)
Operating income:25,85379,246111,54195,13579,10243,107
Interest and debt expense(24)     
Other undisclosed income (loss) from continuing operations before equity method investments, income taxes4,2795,686(61,880)(55,312)(52,033)(12,837)
Income from continuing operations before equity method investments, income taxes:30,10884,93249,66139,82327,06930,271
Other undisclosed income from continuing operations before income taxes      
Income from continuing operations before income taxes:30,10884,93249,66139,82327,06930,271
Income tax expense(6,205)(17,912)(10,241)(8,365)(5,210)(4,570)
Income from continuing operations:23,90367,02039,42031,45821,85925,701
Income before gain (loss) on sale of properties:67,02039,42031,45821,85925,701
Net income:23,90367,02039,42031,45821,85925,701
Net income attributable to noncontrolling interest     336
Net income available to common stockholders, diluted:23,90367,02039,42031,45821,89225,707

Comprehensive Income ($ in thousands)

6/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Net income:23,90367,02039,42031,45821,85925,701
Other comprehensive income (loss)(3,026)(1,100)1,2262,151(1,369)4,183
Comprehensive income:20,87765,92040,64633,60920,49029,884
Comprehensive income, net of tax, attributable to noncontrolling interest     336
Comprehensive income, net of tax, attributable to parent:20,87765,92040,64633,60920,52329,890

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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