Investors Title Q2 net income falls to $2.3M ($1.20 EPS) from $19.8M; revenue $70.9M down 16.5%

INVESTORS TITLE CO

2022-Q2 EPS reported $4.45 revenue$139,900,000

Net income $2.3M ($1.20 diluted EPS) vs $19.8M ($10.42) YoY; revenue $70.9M down 16.5% from $85.0M.
Net premiums written up 3.1% to record Q2; escrow fees +78.1%; non-title services +17.8%.
Operating expenses +13.9% on higher personnel, title fees, office/tech; equity portfolio unrealized loss $12.2M.
Non-GAAP income before income taxes ex-equity losses fell 26.1% to $15.1M from $20.5M.
Chairman cites record premiums, varied impact of higher rates; refinance more affected than purchase.

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