Investors Title Co., the Chapel Hill-based issuer and underwriter of title insurance policies, reported Tuesday that revenue increased 23.6 percent in the third quarter as the company benefited from an increase in both home purchases and refinances.
The company had revenues of $32.28 million in the quarter. Net income increased 29 percent to $3.16 million, or $1.50 per diluted share, compared to $2.44 million, or $1.14 per diluted share, for the third quarter of 2011.
"We are pleased to report a strong quarter, as we benefitted from continued strength in refinance and purchase activity and further expansion of our agent base," said Chairman J. Allen Fine, in a statement.
Investors Title provides title insurance, which protects against losses arising from ownership disputes. That business depends somewhat on the health of the housing market because many lenders require homeowners to obtain title insurance. The company also manages investments for individuals and businesses.
Investors Title said its operating expenses increased 22 percent in the quarter, primarily due to increases in the provisions for claims, commissions to agents and payroll expense. The payroll expenses was due to additions in the company's Information Systems department.
The company's stock was up three percent in afternoon trading on Tuesday.