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INVESTORS TITLE COMPANY ANNOUNCES
SECOND QUARTER 2026 RESULTS

Contact: Elizabeth B. Lewter
August 6, 2026
Telephone: (919) 968-2200
Nasdaq Symbol: ITIC
FOR IMMEDIATE RELEASE:
Chapel Hill, NC – Investors Title Company (Nasdaq: ITIC) today announced results for the second quarter ended June 30, 2026. The Company reported net income of $14.6 million, or $7.73 per diluted share, compared to $12.3 million, or $6.48 per diluted share, for the prior year period.
Revenues increased 17.5% to $86.5 million, compared to $73.6 million in the prior year period, primarily due to increases in net premiums written, escrow and other title-related fees, and net investment gains, partially offset by a decline in other revenue. Net premiums written and escrow and title-related fees increased by $13.3 million, resulting from higher real estate activity levels and ongoing expansion initiatives. Revenues were positively impacted by a $2.7 million increase in net investment gains, primarily driven by favorable changes in the estimated fair value of equity security investments compared to the same period last year. Other revenue decreased due primarily to non-recurring gains from the prior year.
Operating expenses increased 15.9% to $67.1 million, compared to $57.9 million in the prior year period. The increase in operating expenses was largely driven by increases in agent commissions, personnel expenses, and the provision for claims. Agent commissions increased commensurate with the increase in agent premium volume. Personnel expenses rose primarily as a result of increases in staffing levels and incentive compensation. The provision for claims was higher due to the impacts of increased premium volume and changes in actuarially determined loss ratio estimates. Other categories of operating expenses were generally consistent with the prior-year period.
Income before income taxes increased to $19.4 million for the current year quarter, versus $15.8 million in the prior year period. Excluding the impact of net investment gains, adjusted income before income taxes (non-GAAP) increased to $14.7 million for the current year quarter, versus $13.7 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 six months ended June 30, 2026, net income increased $5.3 million to $20.7 million, or $10.93 per diluted share, versus $15.4 million, or $8.16 per diluted share, for the prior year period. Revenues increased 15.6% to $150.5 million, up from $130.2 million for the prior year period. Operating expenses increased 11.8% to $123.4 million, compared to $110.4 million for the prior year period. Income before income taxes increased to $27.2 million for the current year, versus $19.9 million in the prior year period. Excluding the impact of net investment gains, adjusted income before income taxes (non-GAAP) increased to $21.8 million for the current year period, versus $18.9 million in the prior year period (see Appendix A for a reconciliation of this non-GAAP measure to the most directly comparable GAAP measure). Overall results for the year-to-date period have been shaped predominantly by the same factors that affected the second quarter.
Chairman J. Allen Fine commented, "We are pleased to report our strongest quarterly financial performance in several years, highlighted by title revenue growth across all of our key markets. Performance during the quarter benefited from both the positive impact of our market expansion initiatives and modestly improving market conditions, which drove increased transaction activity and contributed to growth across our operations.
"Enabled by the strength of our balance sheet and financial position, we have continued investing in initiatives to build market share as well as internal efforts to increase capabilities and efficiency. Despite sluggish market conditions, we believe we are well positioned to create long-term shareholder value over the course of a slower phase of the real estate cycle."
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; 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 Six Months Ended June 30, 2026 and 2025
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Revenues:
Net premiums written
$67,542 $54,496 $118,488 $100,841 
Escrow and other title-related fees
5,968 5,694 11,008 9,586 
Non-title services
5,105 5,477 9,474 10,086 
Interest and dividends
2,272 2,361 4,560 4,700 
Other investment income 667 609 1,331 1,019 
Net investment gains4,795 2,104 5,319 925 
Other
154 2,908 336 3,057 
Total Revenues86,503 73,649 150,516 130,214 
Operating Expenses:
Commissions to agents
35,644 29,077 63,096 53,934 
Provision for claims2,783 2,080 3,255 2,403 
Personnel expenses
19,043 17,460 38,069 35,794 
Office and technology expenses
4,666 4,327 9,176 8,867 
Other expenses
4,921 4,907 9,759 9,365 
Total Operating Expenses67,057 57,851 123,355 110,363 
Income before Income Taxes19,446 15,798 27,161 19,851 
Provision for Income Taxes4,813 3,520 6,461 4,402 
Net Income $14,633 $12,278 $20,700 $15,449 
Basic Earnings per Common Share$7.75 $6.51 $10.96 $8.19 
Weighted Average Shares Outstanding – Basic1,888 1,887 1,888 1,886 
Diluted Earnings per Common Share$7.73 $6.48 $10.93 $8.16 
Weighted Average Shares Outstanding – Diluted1,894 1,894 1,894 1,894 


Investors Title Company and Subsidiaries
Consolidated Balance Sheets
As of June 30, 2026 and December 31, 2025
(in thousands)
(unaudited)
June 30,
2026		December 31,
2025
Assets
Cash and cash equivalents$20,464 $20,838 
Investments:
Fixed maturity securities, available-for-sale, at fair value
130,515 118,116 
Equity securities, at fair value
51,295 41,481 
Short-term investments
51,726 68,763 
Other investments
29,825 23,446 
Total investments
263,361 251,806 
Premiums and fees receivable
19,401 17,126 
Accrued interest and dividends1,634 1,476 
Prepaid expenses and other receivables9,482 9,387 
Property, net30,551 29,397 
Goodwill and other intangible assets, net21,358 20,940 
Lease assets8,355 7,784 
Other assets2,758 2,706 
Current income taxes recoverable2,761 1,678 
Total Assets
$380,125 $363,138 
Liabilities and Stockholders’ Equity
Liabilities:
Reserve for claims$39,102 $38,092 
Accounts payable and accrued liabilities38,303 41,525 
Lease liabilities8,717 8,050 
Deferred income taxes, net7,432 7,171 
Total liabilities
93,554 94,838 
Stockholders’ Equity:
Common stock – no par value (10,000 authorized shares; 1,888 and 1,888 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively, excluding in each period 292 shares of common stock held by the Company's subsidiary)
— — 
Retained earnings
286,409 267,209 
Accumulated other comprehensive income 162 1,091 
Total stockholders’ equity
286,571 268,300 
Total Liabilities and Stockholders’ Equity
$380,125 $363,138 



Investors Title Company and Subsidiaries
Direct and Agency Net Premiums Written
For the Three and Six Months Ended June 30, 2026 and 2025
(in thousands)
(unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2026%2025%2026%2025%
Direct$19,750 29.2$15,823 29.0$33,973 28.7$29,357 29.1
Agency47,792 70.838,673 71.084,515 71.371,484 70.9
Total$67,542 100.0$54,496 100.0$118,488 100.0$100,841 100.0








Investors Title Company and Subsidiaries
Appendix A
Non-GAAP Measures Reconciliation
For the Three and Six Months Ended June 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
June 30,		Six Months Ended
June 30,
2026202520262025
Revenues
Total revenues (GAAP)$86,503 $73,649 $150,516 $130,214 
Subtract: Net investment gains(4,795)(2,104)(5,319)(925)
Adjusted revenues (non-GAAP)$81,708 $71,545 $145,197 $129,289 
Income before Income Taxes
Income before income taxes (GAAP)
$19,446 $15,798 $27,161 $19,851 
Subtract: Net investment gains(4,795)(2,104)(5,319)(925)
Adjusted income before income taxes (non-GAAP)
$14,651 $13,694 $21,842 $18,926