Title insurance company Investors Title Insurance Co. reported a 25 percent increase in second quarter profits due to increased mortgage lending activity, according to a filing Friday with the Securities and Exchange Commission.
The Chapel Hill, North Carolina-based company reported net income of $5.7 million, or $2.99 per share, up from net income of $4.5 million, or $2.35 per share, in the second quarter last year. There are no analyst estimates for Investors Title.
Revenue rose 18.6 percent to $40.1 million from $33.8 million in the second quarter of 2016.
“Favorable economic conditions, as indicated by low unemployment rates and relatively high consumer confidence levels, have supported higher transaction volumes, in spite of certain headwinds such as supply constraints and recent policy actions by the Federal Reserve,” said Chairman J. Allen Fine in a statement.
Investors Title shares rose $1.05 to $176 in Friday trading.
Agency premiums for the quarter were $23.8 million, or 71.2 percent of total premiums, compared to agency premiums of $21.4 million, or 72.3 percent of total premiums, in the second quarter of 2016.
Branch premiums for the quarter was $9.6 million, or 28.8 percent of total premiums, compared to branch premiums of $8.2 million, or 27.7 percent of total premiums.