Investors Title Q3 2026 net income falls to $9.4M
Investors Title Company reported third-quarter 2026 revenue of $81.9 million, up 12.1% from $73.0 million a year earlier, while net income was $9.4 million, or $4.97 per diluted share, versus $12.2 million, or $6.45.
Sentiment and the balance of points
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Form Type
8-K
Rhea-AI Filing Summary
Investors Title Company reported third-quarter 2026 revenue of $81.9 million, up 12.1% from $73.0 million a year earlier, while net income was $9.4 million, or $4.97 per diluted share, versus $12.2 million, or $6.45. Net premiums written and escrow and other title-related fees rose $13.0 million, or 21.2%. Operating expenses increased 21.7% to $70.5 million, with higher agent commissions, claims provisions and personnel expenses.
Income before income taxes was $11.4 million, compared with $15.1 million, with the company citing the year-over-year change in investment gains and losses. Net investment losses were $1.7 million, versus gains of $2.1 million; non-title services revenue declined $1.3 million, primarily due to lower like-kind exchange activity. Adjusted income before income taxes, a non-GAAP measure, was $13.1 million compared with $13.0 million. For the nine months ended September 30, 2026, revenue rose 14.4% to $232.4 million, net income rose 8.9% to $30.1 million, and adjusted income before income taxes increased 9.2% to $34.9 million.
2 points · 0 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter revenue rose 12.1% to $81.9 million.
- Moderate pointNine-month net income increased 8.9% to $30.1 million.
Negative
- Moderate pointThird-quarter net income fell to $9.4 million from $12.2 million.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Third-quarter revenue: $81.9 million
Third-quarter net income: $9.4 million
Diluted earnings per share: $4.97 per diluted share
+4 more
7 metrics
Third-quarter revenue
$81.9 million
Three months ended September 30, 2026; up 12.1% from $73.0 million
Third-quarter net income
$9.4 million
Three months ended September 30, 2026; compared with $12.2 million
Diluted earnings per share
$4.97 per diluted share
Three months ended September 30, 2026; compared with $6.45
Third-quarter operating expenses
$70.5 million
Three months ended September 30, 2026; up 21.7% from $57.9 million
Nine-month revenue
$232.4 million
Nine months ended September 30, 2026; up 14.4% from $203.2 million
Nine-month net income
$30.1 million
Nine months ended September 30, 2026; up 8.9% from $27.7 million
Adjusted income before income taxes
$34.9 million
Nine months ended September 30, 2026; non-GAAP, up 9.2% from $32.0 million
Key Terms
Net premiums written, Provision for claims, available-for-sale, like-kind exchanges
4 terms
Provision for claims financial
"The provision for claims rose primarily due to higher claims experience."
available-for-sale financial
"Fixed maturity securities, available-for-sale, at fair value"
A classification for bonds, stocks or other investments that a company plans to keep but might sell before they reach full term. Think of it like items a shop keeps on a shelf for potential sale: their market value can go up or down while the company holds them, and those unrealized gains or losses are shown separately from operating profit until they are sold. Investors watch this because large swings can change a company’s reported net worth and signal how much flexibility it has to raise cash quickly.
like-kind exchanges financial
"services in connection with tax-deferred exchanges of like-kind property"
An arrangement that lets an investor swap one qualifying asset for another similar asset and delay paying capital gains tax, like trading houses instead of selling one and buying another so the tax bill is postponed. It matters because deferring taxes keeps more cash working in investments, can change the timing and size of returns, and influences decisions about when and how to rebalance or upgrade holdings, though strict rules determine what counts as a valid swap.
Earnings Snapshot
Revenue: $81.9 million
Three months ended September 30, 2026
Revenue
$81.9 million
Up 12.1% from $73.0 million
Net income
$9.4 million
Compared with $12.2 million
Diluted earnings per share
$4.97 per diluted share
Compared with $6.45 per diluted share
Operating expenses
$70.5 million
Up 21.7% from $57.9 million
Adjusted income before income taxes
$13.1 million
Relatively unchanged from $13.0 million
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue did ITIC report for third-quarter 2026?
ITIC reported revenue of $81.9 million for the third quarter ended September 30, 2026, up 12.1% from $73.0 million in the prior-year period. Net premiums written and escrow and other title-related fees increased $13.0 million, or 21.2%.
What was ITIC's net income in third-quarter 2026?
ITIC reported net income of $9.4 million, or $4.97 per diluted share, compared with $12.2 million, or $6.45 per diluted share, in the prior-year quarter.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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
| Date of Report (Date of earliest event reported) | |||||||||||||||||||||||
| (Exact name of registrant as specified in its charter) | |||||||||||||||||||||||
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| Incorporation or Organization) | File Number) | Identification No.) | |||||||||||||||||||||
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| (Address of Principal Executive Offices) | (Zip Code) | ||||||||||||||||||||||
| (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:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
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 November 5, 2026, reporting Investors Title Company's financial results for the fiscal quarter ended September 30, 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 November 5, 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: | November 5, 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 November 5, 2026
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
INVESTORS TITLE COMPANY ANNOUNCES
THIRD QUARTER 2026 RESULTS
Contact: Elizabeth B. Lewter
November 5, 2026
Telephone: (919) 968-2200
Nasdaq Symbol: ITIC
FOR IMMEDIATE RELEASE:
Chapel Hill, NC – Investors Title Company (Nasdaq: ITIC) today announced results for the third quarter ended September 30, 2026. The Company reported net income of $9.4 million, or $4.97 per diluted share, compared to $12.2 million, or $6.45 per diluted share, for the prior-year period.
Revenues increased 12.1% to $81.9 million, compared with $73.0 million in the prior-year period, driven primarily by growth in title insurance premiums and related fees. Net premiums written and escrow and other title-related fees increased $13.0 million, or 21.2%, reflecting higher real estate transaction volumes and contributions from ongoing expansion initiatives.
Revenue growth was partially offset by net investment losses of $1.7 million, compared with net investment gains of $2.1 million in the prior-year period. Current-year net investment losses primarily reflect impairment charges on certain fixed maturity securities amid higher interest rates, as well as lower realized gains on equity investments compared with the prior-year period. Non-title services revenue declined $1.3 million, primarily due to lower like-kind exchange activity.
Operating expenses increased 21.7% to $70.5 million, compared with $57.9 million in the prior-year period, primarily reflecting higher agent commissions, claims provisions, and personnel expenses. Agent commissions increased commensurate with the growth in agency premiums. The provision for claims rose primarily due to higher claims experience. Personnel expenses increased primarily as a result of geographic expansion and merit increases. Other operating expense categories remained relatively consistent with the prior-year period.
Income before income taxes decreased to $11.4 million, compared with $15.1 million in the prior-year quarter, primarily reflecting an unfavorable year-over-year change in net investment gains and losses. Excluding the investment-related impacts, adjusted income before income taxes (non-GAAP) remained relatively unchanged at $13.1 million, compared with $13.0 million in the prior-year period (see Appendix A for a reconciliation to the most directly comparable GAAP measure).
For the nine months ended September 30, 2026, net income increased 8.9% to $30.1 million, or $15.91 per diluted share, compared with $27.7 million, or $14.59 per diluted share, in the prior-year period. Revenues increased 14.4% to $232.4 million, compared with $203.2 million in the prior-year period, reflecting continued growth in title insurance premiums and related fees. Operating expenses increased 15.2% to $193.8 million, compared with $168.3 million in the prior-year period.
Income before income taxes increased 10.4% to $38.6 million, compared with $34.9 million in the prior-year period. Excluding net investment gains, adjusted income before income taxes (non-GAAP) increased 9.2% to $34.9 million, compared with $32.0 million in the prior-year period (see Appendix A for a reconciliation to the most directly comparable GAAP measure).
Year-to-date results reflected many of the same factors affecting third-quarter performance, including higher title-related revenues, increased claims provisions, and higher operating expenses. Comparisons were also affected by the absence of certain gains recognized in other revenue during the prior year and changes in net investment gains and losses.
Chairman J. Allen Fine commented, “We are pleased with the growth in title insurance revenues and continued ongoing initiatives. While higher claims experience and investment-related volatility decreased quarterly earnings, our underlying business continued to perform well, contributing to solid year-to-date results.”
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.
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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, developments 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; ongoing geopolitical and military conflicts; shutdowns 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.
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Investors Title Company and Subsidiaries
Consolidated Statements of Operations
For the Three and Nine Months Ended September 30, 2026 and 2025
(in thousands, except per share amounts)
(unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||
| Revenues: | ||||||||||||||||||||
Net premiums written | $ | 68,211 | $ | 56,402 | $ | 186,699 | $ | 157,243 | ||||||||||||
Escrow and other title-related fees | 5,982 | 4,811 | 16,990 | 14,397 | ||||||||||||||||
Non-title services | 4,965 | 6,258 | 14,439 | 16,344 | ||||||||||||||||
Interest and dividends | 2,588 | 2,404 | 7,148 | 7,104 | ||||||||||||||||
| Other investment income | 1,567 | 985 | 2,898 | 2,004 | ||||||||||||||||
| Net investment (losses) gains | (1,657) | 2,057 | 3,662 | 2,982 | ||||||||||||||||
Other | 239 | 106 | 575 | 3,163 | ||||||||||||||||
| Total Revenues | 81,895 | 73,023 | 232,411 | 203,237 | ||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||
Commissions to agents | 36,841 | 30,221 | 99,937 | 84,155 | ||||||||||||||||
| Provision for claims | 4,144 | 1,209 | 7,399 | 3,612 | ||||||||||||||||
Personnel expenses | 19,237 | 17,435 | 57,306 | 53,229 | ||||||||||||||||
Office and technology expenses | 4,743 | 4,178 | 13,919 | 13,045 | ||||||||||||||||
Other expenses | 5,523 | 4,889 | 15,282 | 14,254 | ||||||||||||||||
| Total Operating Expenses | 70,488 | 57,932 | 193,843 | 168,295 | ||||||||||||||||
| Income before Income Taxes | 11,407 | 15,091 | 38,568 | 34,942 | ||||||||||||||||
| Provision for Income Taxes | 1,977 | 2,877 | 8,438 | 7,279 | ||||||||||||||||
| Net Income | $ | 9,430 | $ | 12,214 | $ | 30,130 | $ | 27,663 | ||||||||||||
| Basic Earnings per Common Share | $ | 4.99 | $ | 6.47 | $ | 15.96 | $ | 14.66 | ||||||||||||
| Weighted Average Shares Outstanding – Basic | 1,888 | 1,888 | 1,888 | 1,887 | ||||||||||||||||
| Diluted Earnings per Common Share | $ | 4.97 | $ | 6.45 | $ | 15.91 | $ | 14.59 | ||||||||||||
| Weighted Average Shares Outstanding – Diluted | 1,897 | 1,894 | 1,894 | 1,896 | ||||||||||||||||
Investors Title Company and Subsidiaries
Consolidated Balance Sheets
As of September 30, 2026 and December 31, 2025
(in thousands)
(unaudited)
| September 30, 2026 | December 31, 2025 | ||||||||||
| Assets | |||||||||||
| Cash and cash equivalents | $ | 23,851 | $ | 20,838 | |||||||
| Investments: | |||||||||||
Fixed maturity securities, available-for-sale, at fair value | 138,549 | 118,116 | |||||||||
Equity securities, at fair value | 51,877 | 41,481 | |||||||||
Short-term investments | 53,009 | 68,763 | |||||||||
Other investments | 29,612 | 23,446 | |||||||||
Total investments | 273,047 | 251,806 | |||||||||
Premiums and fees receivable | 18,636 | 17,126 | |||||||||
| Accrued interest and dividends | 1,796 | 1,476 | |||||||||
| Prepaid expenses and other receivables | 8,155 | 9,387 | |||||||||
| Property, net | 31,460 | 29,397 | |||||||||
| Goodwill and other intangible assets, net | 21,057 | 20,940 | |||||||||
| Lease assets | 8,635 | 7,784 | |||||||||
| Other assets | 2,743 | 2,706 | |||||||||
| Current income taxes recoverable | 4,563 | 1,678 | |||||||||
Total Assets | $ | 393,943 | $ | 363,138 | |||||||
| Liabilities and Stockholders’ Equity | |||||||||||
| Liabilities: | |||||||||||
| Reserve for claims | $ | 41,057 | $ | 38,092 | |||||||
| Accounts payable and accrued liabilities | 43,753 | 41,525 | |||||||||
| Lease liabilities | 9,076 | 8,050 | |||||||||
| Deferred income taxes, net | 6,397 | 7,171 | |||||||||
Total liabilities | 100,283 | 94,838 | |||||||||
| Stockholders’ Equity: | |||||||||||
Common stock – no par value (10,000 authorized shares; 1,889 and 1,888 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively, excluding in each period 292 shares of common stock held by the Company's subsidiary) | — | — | |||||||||
Retained earnings | 295,144 | 267,209 | |||||||||
| Accumulated other comprehensive (loss) income | (1,484) | 1,091 | |||||||||
Total stockholders’ equity | 293,660 | 268,300 | |||||||||
Total Liabilities and Stockholders’ Equity | $ | 393,943 | $ | 363,138 | |||||||
Investors Title Company and Subsidiaries
Direct and Agency Net Premiums Written
For the Three and Nine Months Ended September 30, 2026 and 2025
(in thousands)
(unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2026 | % | 2025 | % | 2026 | % | 2025 | % | |||||||||||||||||||
| Direct | $ | 19,606 | 28.7 | $ | 16,330 | 29.0 | $ | 53,579 | 28.7 | $ | 45,687 | 29.1 | ||||||||||||||
| Agency | 48,605 | 71.3 | 40,072 | 71.0 | 133,120 | 71.3 | 111,556 | 70.9 | ||||||||||||||||||
| Total | $ | 68,211 | 100.0 | $ | 56,402 | 100.0 | $ | 186,699 | 100.0 | $ | 157,243 | 100.0 | ||||||||||||||
Investors Title Company and Subsidiaries
Appendix A
Non-GAAP Measures Reconciliation
For the Three and Nine Months Ended September 30, 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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenues | |||||||||||||||||||||||
| Total revenues (GAAP) | $ | 81,895 | $ | 73,023 | $ | 232,411 | $ | 203,237 | |||||||||||||||
| Add (Subtract): Net investment losses (gains) | 1,657 | (2,057) | (3,662) | (2,982) | |||||||||||||||||||
| Adjusted revenues (non-GAAP) | $ | 83,552 | $ | 70,966 | $ | 228,749 | $ | 200,255 | |||||||||||||||
| Income before Income Taxes | |||||||||||||||||||||||
Income before income taxes (GAAP) | $ | 11,407 | $ | 15,091 | $ | 38,568 | $ | 34,942 | |||||||||||||||
| Add (Subtract): Net investment losses (gains) | 1,657 | (2,057) | (3,662) | (2,982) | |||||||||||||||||||
Adjusted income before income taxes (non-GAAP) | $ | 13,064 | $ | 13,034 | $ | 34,906 | $ | 31,960 | |||||||||||||||