Investors Title Company has reported a net income of $2.12 million for the first quarter ended March 31, 2008, a decrease of 8.5% compared with a net income of 2.32 million for the same quarter in 2007.
Revenues for the period improved to $20.86 million from $20.33 million posted during the comparable quarter in 2007. The company said that the increase was driven by a pick up in mortgage refinancing during the quarter, which represented approximately 38% of premiums.
Investment income and revenue from other sources also increased during the quarter with gains in other income arising primarily from equity in earnings of unconsolidated affiliates and the trust division. These increases were offset by a decline in revenue in its exchange segment resulting from continued declines in exchange activity.
Allen Fine, chairman of Investors Title, said: Our premiums written received a boost from an increase in mortgage refinancing during the first quarter, which is typically a seasonally slow period of the year for real estate activity.
We remain watchful over conditions and trends in the real estate marketplace in order to determine how to best position the company to withstand the current market downturn.