Investors Title Company has reported total revenues of $13.6m for the first quarter of 2010, a decrease of 26.7% compared to $18.6m for the same quarter in 2009.
The company’s net premiums written for the first quarter were $11.7m which is a decrease of 28.2% compared to $16.4m for the same period last year.
The company posted earnings before income taxes of $15,415 for the first quarter of 2010 compared to $1.7m for the same quarter in 2009.
For the quarter ended March 31, 2010, the company posted a net income of $17,415, or $0.01 per share compared to $1.4m, or $0.62 per share for the same period last year.
Allen Fine, chairman of Investors Title Company, said: The declining volume of mortgage refinancing activity was the primary influence on operating results in the quarter. After declining in late 2008, mortgage rates have remained in a relatively narrow range and we believe much of the anticipated refinancing has taken place.