secwatch.observer — SEC 8-K summary
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Issuer:     First American Financial Corp (FAF)
CIK:        0001472787
Form:       8-K
Filed at:   2022-04-28T23:59:59+00:00
Accession:  0001564590-22-016226
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

First American Q1 net income drops 58% to $98M; refi orders down 62%
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- Diluted EPS $0.88 vs $2.10 YoY; adjusted EPS $1.17 excluding $0.29 net investment losses.
- Total revenue flat at $2.0B; commercial revenue up 48% to $242M.
- Closed title orders down 29% (refi -62%); average revenue per order up 40% to $2,969.
- Title pretax margin 11.0% (9.7% excl net gains) vs 15.2% last year.
- Repurchased 3.25M shares YTD for $210M at avg price $64.64.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1472787/000156459022016226/0001564590-22-016226-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1472787/000156459022016226/faf-8k_20220428.htm
  HTML page:      https://secwatch.observer/filing/0001564590-22-016226

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer