Investors Title (NASDAQ: ITIC) lifts 2025 profit despite softer Q4
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8-K
Rhea-AI Filing Summary
Investors Title Company reported mixed fourth-quarter 2025 results, with net income of $7.5 million, or $3.97 per diluted share, down from $8.4 million, or $4.41 per share, a year earlier. Quarterly revenues slipped 1.6% to $69.5 million as lower net premiums written more than offset higher non-title services revenue.
Operating expenses for the quarter were roughly flat at $59.9 million, with higher personnel and other expenses offset by lower agent commissions. For full-year 2025, performance was stronger: net income rose to $35.2 million, or $18.57 per diluted share, compared with $31.1 million, or $16.43 per share, in 2024. Full-year revenues increased 5.6% to $272.8 million, supported by higher premiums, escrow and title-related fees, non-title services, investment earnings, and a gain on assets contributed to a joint venture.
Positive
- None.
Negative
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Insights
Full-year 2025 earnings improved despite a softer fourth quarter.
Investors Title Company showed a modestly weaker Q4 but stronger annual results. Fourth-quarter net income was
For 2025, net income increased to
Non-GAAP adjusted income before income taxes reached
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
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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 February 17, 2026, reporting Investors Title Company's financial results for the fiscal quarter ended December 31, 2025.
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 February 17, 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: | February 17, 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 February 17, 2026
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
INVESTORS TITLE COMPANY ANNOUNCES
FOURTH QUARTER AND FISCAL YEAR 2025 RESULTS
Contact: Elizabeth B. Lewter
February 17, 2026
Telephone: (919) 968-2200
Nasdaq Symbol: ITIC
FOR IMMEDIATE RELEASE:
Chapel Hill, NC – Investors Title Company (Nasdaq: ITIC) today announced results for the fourth quarter ended December 31, 2025. The Company reported net income of $7.5 million, or $3.97 per diluted share, compared to $8.4 million, or $4.41 per diluted share, for the prior year period.
Revenues decreased 1.6% to $69.5 million, compared to $70.6 million in the prior year period, primarily due to a decline in net premiums written, partially offset by an increase in non-title services revenue. Although activity levels increased over the prior year, reported net premiums written decreased by $2.4 million, largely due to market-driven factors that favorably impacted the prior year accrual for unreported premiums. Non-title services revenue increased $975 thousand, mostly due to higher revenues from like-kind exchanges and title agency management services.
Operating expenses increased 0.2% to $59.9 million, compared to $59.8 million in the prior year period, primarily due to higher personnel costs and other expenses, partially offset by a decline in agent commissions. Personnel expenses rose primarily as a result of increased incentive compensation and contract services costs. Other expenses increased due to professional services charges associated with agency acquisitions and several projects in the current year quarter. Agent commissions decreased commensurate with the decline in agent premium volume. Other categories of operating expenses were generally consistent with the prior-year period.
Income before income taxes decreased to $9.6 million for the current year quarter, versus $10.8 million in the prior year period. Excluding the impact of net investment gains, adjusted income before income taxes (non-GAAP) decreased to $9.4 million for the current year quarter, versus $10.8 million in the prior year period (see Appendix A for a reconciliation of this non-GAAP measure to the most directly comparable GAAP measure).
For the twelve months ended December 31, 2025, net income increased $4.1 million to $35.2 million, or $18.57 per diluted share, versus $31.1 million, or $16.43 per diluted share, for the prior year period. Revenues increased 5.6% to $272.8 million, up from $258.3 million for the prior year period. Operating expenses increased 4.3% to $228.2 million, compared to $218.8 million for the prior year period. Income before income taxes increased to $44.5 million for the current year, versus $39.5 million in the prior year period. Excluding the impact of net investment gains, adjusted income before income taxes (non-GAAP) increased to $41.4 million for the current year period, versus $34.8 million in the prior year period (see Appendix A for a reconciliation of this non-GAAP measure to the most directly comparable GAAP measure).
The increase in revenues for the twelve months ended December 31, 2025 was primarily attributable to higher net premiums written and increased escrow and title-related fees, driven by elevated real estate activity levels, as well as growth in non-title services revenue from like-kind exchanges and management services. Revenues were also positively impacted by a gain recognized on assets contributed to a joint venture in the second quarter of 2025, and by year-to-date variations in investment earnings.
The increase in operating expenses for the twelve months ended December 31, 2025 was largely driven by agent commissions and other expenses which correspond to a higher level of transaction volume, as well as increased professional services fees. These changes were partially offset by effective management of personnel, office, and technology expenses in connection with ongoing cost-management initiatives.
Chairman J. Allen Fine commented, "We are pleased to report strong results for 2025, with the highest level of profits since 2021. Title insurance volumes increased in most of our key markets over the prior year, with a slight improvement in mortgage rates providing modest increases in refinance activity. Additionally, revenues benefitted from ongoing efforts to expand our presence and grow market share.
"Our non-title businesses also performed well. We benefitted from a higher level of like-kind exchange business, as well as the addition of recurring management services revenue streams.
"During the year, we continued to make investments to strengthen our long-term operational efficiency, while controlling total expenses by managing personnel and office expenses. Beyond their impact on 2025 results, we believe these investments will enhance profitability in years to come."
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, 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, 2024 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 Twelve Months Ended December 31, 2025 and 2024
(in thousands, except per share amounts)
(unaudited)
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||
| Revenues: | ||||||||||||||||||||
Net premiums written | $ | 55,399 | $ | 57,813 | $ | 212,642 | $ | 204,264 | ||||||||||||
Escrow and other title-related fees | 4,914 | 4,856 | 19,311 | 17,954 | ||||||||||||||||
Non-title services | 5,255 | 4,280 | 21,599 | 17,193 | ||||||||||||||||
Interest and dividends | 2,861 | 2,833 | 9,965 | 10,657 | ||||||||||||||||
| Other investment income | 716 | 604 | 2,720 | 2,600 | ||||||||||||||||
| Net investment gains | 195 | 43 | 3,177 | 4,683 | ||||||||||||||||
Other | 178 | 199 | 3,341 | 947 | ||||||||||||||||
| Total Revenues | 69,518 | 70,628 | 272,755 | 258,298 | ||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||
Commissions to agents | 29,514 | 31,834 | 113,669 | 107,343 | ||||||||||||||||
| Provision for claims | 995 | 1,047 | 4,607 | 4,530 | ||||||||||||||||
Personnel expenses | 18,986 | 17,720 | 72,215 | 72,513 | ||||||||||||||||
Office and technology expenses | 4,159 | 4,344 | 17,204 | 17,505 | ||||||||||||||||
Other expenses | 6,257 | 4,872 | 20,511 | 16,944 | ||||||||||||||||
| Total Operating Expenses | 59,911 | 59,817 | 228,206 | 218,835 | ||||||||||||||||
| Income before Income Taxes | 9,607 | 10,811 | 44,549 | 39,463 | ||||||||||||||||
| Provision for Income Taxes | 2,090 | 2,449 | 9,369 | 8,390 | ||||||||||||||||
| Net Income | $ | 7,517 | $ | 8,362 | $ | 35,180 | $ | 31,073 | ||||||||||||
| Basic Earnings per Common Share | $ | 3.98 | $ | 4.44 | $ | 18.64 | $ | 16.48 | ||||||||||||
| Weighted Average Shares Outstanding – Basic | 1,888 | 1,885 | 1,887 | 1,885 | ||||||||||||||||
| Diluted Earnings per Common Share | $ | 3.97 | $ | 4.41 | $ | 18.57 | $ | 16.43 | ||||||||||||
| Weighted Average Shares Outstanding – Diluted | 1,895 | 1,896 | 1,895 | 1,892 | ||||||||||||||||
Investors Title Company and Subsidiaries
Consolidated Balance Sheets
As of December 31, 2025 and 2024
(in thousands)
(unaudited)
| December 31, 2025 | December 31, 2024 | ||||||||||
| Assets | |||||||||||
| Cash and cash equivalents | $ | 20,838 | $ | 24,654 | |||||||
| Investments: | |||||||||||
Fixed maturity securities, available-for-sale, at fair value | 118,116 | 112,972 | |||||||||
Equity securities, at fair value | 41,481 | 39,893 | |||||||||
Short-term investments | 68,763 | 59,101 | |||||||||
Other investments | 23,446 | 20,578 | |||||||||
Total investments | 251,806 | 232,544 | |||||||||
Premiums and fees receivable | 17,126 | 16,054 | |||||||||
| Accrued interest and dividends | 1,476 | 1,469 | |||||||||
| Prepaid expenses and other receivables | 9,387 | 7,033 | |||||||||
| Property, net | 29,397 | 27,935 | |||||||||
| Goodwill and other intangible assets, net | 20,940 | 15,071 | |||||||||
| Lease assets | 7,784 | 6,156 | |||||||||
| Other assets | 2,706 | 2,655 | |||||||||
| Current income taxes recoverable | 1,678 | — | |||||||||
Total Assets | $ | 363,138 | $ | 333,571 | |||||||
| Liabilities and Stockholders’ Equity | |||||||||||
| Liabilities: | |||||||||||
| Reserve for claims | $ | 38,092 | $ | 37,060 | |||||||
| Accounts payable and accrued liabilities | 41,525 | 34,011 | |||||||||
| Lease liabilities | 8,050 | 6,356 | |||||||||
| Current income taxes payable | — | 276 | |||||||||
| Deferred income taxes, net | 7,171 | 4,095 | |||||||||
Total liabilities | 94,838 | 81,798 | |||||||||
| Stockholders’ Equity: | |||||||||||
Common stock – no par value (10,000 authorized shares; 1,888 and 1,886 shares issued and outstanding as of December 31, 2025 and 2024, respectively, excluding in each period 292 shares of common stock held by the Company's subsidiary) | — | — | |||||||||
Retained earnings | 267,209 | 251,418 | |||||||||
| Accumulated other comprehensive income | 1,091 | 355 | |||||||||
Total stockholders’ equity | 268,300 | 251,773 | |||||||||
Total Liabilities and Stockholders’ Equity | $ | 363,138 | $ | 333,571 | |||||||
Investors Title Company and Subsidiaries
Direct and Agency Net Premiums Written
For the Three and Twelve Months Ended December 31, 2025 and 2024
(in thousands)
(unaudited)
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||||||||||
| 2025 | % | 2024 | % | 2025 | % | 2024 | % | |||||||||||||||||||
| Direct | $ | 16,177 | 29.2 | $ | 15,507 | 26.8 | $ | 61,864 | 29.1 | $ | 60,626 | 29.7 | ||||||||||||||
| Agency | 39,222 | 70.8 | 42,306 | 73.2 | 150,778 | 70.9 | 143,638 | 70.3 | ||||||||||||||||||
| Total | $ | 55,399 | 100.0 | $ | 57,813 | 100.0 | $ | 212,642 | 100.0 | $ | 204,264 | 100.0 | ||||||||||||||
Investors Title Company and Subsidiaries
Appendix A
Non-GAAP Measures Reconciliation
For the Three and Twelve Months Ended December 31, 2025 and 2024
(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 December 31, | Twelve Months Ended December 31, | |||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||
| Revenues | ||||||||||||||||||||
| Total revenues (GAAP) | $ | 69,518 | $ | 70,628 | $ | 272,755 | $ | 258,298 | ||||||||||||
| Subtract: Net investment gains | (195) | (43) | (3,177) | (4,683) | ||||||||||||||||
| Adjusted revenues (non-GAAP) | $ | 69,323 | $ | 70,585 | $ | 269,578 | $ | 253,615 | ||||||||||||
| Income before Income Taxes | ||||||||||||||||||||
Income before income taxes (GAAP) | $ | 9,607 | $ | 10,811 | $ | 44,549 | $ | 39,463 | ||||||||||||
| Subtract: Net investment gains | (195) | (43) | (3,177) | (4,683) | ||||||||||||||||
Adjusted income before income taxes (non-GAAP) | $ | 9,412 | $ | 10,768 | $ | 41,372 | $ | 34,780 | ||||||||||||
FAQ
How did Investors Title Company (ITIC) perform in fourth-quarter 2025?
Investors Title Company reported fourth-quarter 2025 net income of $7.5 million, or $3.97 per diluted share. Revenue was $69.5 million, down 1.6% from the prior-year period, mainly due to lower net premiums written, partially offset by higher non-title services revenue.
What were Investors Title Company’s (ITIC) full-year 2025 results?
For 2025, Investors Title Company generated net income of $35.2 million, or $18.57 per diluted share. Revenues increased 5.6% to $272.8 million, driven by higher net premiums written, increased escrow and title-related fees, growth in non-title services, and favorable investment-related gains.
How did Investors Title Company’s revenues change by segment in 2025?
In 2025, Investors Title Company’s net premiums written rose to $212.6 million, while escrow and other title-related fees reached $19.3 million. Non-title services revenue grew to $21.6 million, supported by more like-kind exchanges and management services, alongside additional gains from investment income and a joint venture contribution.
What happened to Investors Title Company’s operating expenses in 2025?
Operating expenses for 2025 increased to $228.2 million from $218.8 million. The rise mainly reflected higher agent commissions, volume-linked costs, and professional services fees, partly offset by disciplined management of personnel, office, and technology expenses as part of ongoing cost-management initiatives.
How did Investors Title Company’s adjusted income before taxes change in 2025?
Adjusted income before income taxes (non-GAAP) increased to $41.4 million in 2025 from $34.8 million in 2024. This measure excludes net investment gains and is used by management to assess operational performance without the effects of market-driven fluctuations in investment values.
What commentary did Investors Title Company’s leadership provide on 2025 results?
Chairman J. Allen Fine noted 2025 delivered the company’s highest profits since 2021, citing increased title insurance volumes, modest refinance improvement, and expanded market presence. He also highlighted strong non-title businesses and investments aimed at long-term operational efficiency and expense control.
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[8-K] INVESTORS TITLE CO Reports Material Event
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[8-K] Investors Title Co Reports Material Event