0001193125-13-172023.txt : 20130425 0001193125-13-172023.hdr.sgml : 20130425 20130425071541 ACCESSION NUMBER: 0001193125-13-172023 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20130425 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130425 DATE AS OF CHANGE: 20130425 FILER: COMPANY DATA: COMPANY CONFORMED NAME: First American Financial Corp CENTRAL INDEX KEY: 0001472787 STANDARD INDUSTRIAL CLASSIFICATION: TITLE INSURANCE [6361] IRS NUMBER: 261911571 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34580 FILM NUMBER: 13780860 BUSINESS ADDRESS: STREET 1: 1 FIRST AMERICAN WAY CITY: SANTA ANA STATE: CA ZIP: 92707 BUSINESS PHONE: 714-250-3000 MAIL ADDRESS: STREET 1: 1 FIRST AMERICAN WAY CITY: SANTA ANA STATE: CA ZIP: 92707 8-K 1 d528298d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

 

Date of report (Date of earliest event reported) April 25, 2013

 

 

FIRST AMERICAN FINANCIAL CORPORATION

(Exact Name of the Registrant as Specified in Charter)

 

 

 

Delaware   001-34580   26-1911571

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

1 First American Way, Santa Ana, California   92707-5913
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s telephone number, including area code (714) 250-3000

Not Applicable.

(Former Name or Former Address, if Changed Since Last Report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 2.02 Results of Operations and Financial Condition.

On April 25, 2013, First American Financial Corporation issued a press release announcing its financial results for the quarter ended March 31, 2013. The full text of the press release is attached hereto as Exhibit 99.1.

The information in this Item 2.02, including Exhibit 99.1 hereto, is being “furnished” in accordance with General Instruction B.2 of Form 8-K. As such, this information is not deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act, or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filings with the SEC unless it shall be explicitly so incorporated in such filings.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

 

Exhibit No.

  

Description

99.1    Press Release, dated April 25, 2013.

 

2


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    FIRST AMERICAN FINANCIAL CORPORATION
Date: April 25, 2013     By:  

/s/ KENNETH D. DEGIORGIO

      Name: Kenneth D. DeGiorgio
      Title:   Executive Vice President

 

3

EX-99.1 2 d528298dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO    LOGO

FIRST AMERICAN FINANCIAL REPORTS FIRST QUARTER 2013 RESULTS

Reports Earnings of 33 Cents per Diluted Share

SANTA ANA, Calif., April 25, 2013 – First American Financial Corporation (NYSE: FAF), a leading global provider of title insurance and settlement services for residential and commercial real estate transactions, today announced financial results for the first quarter ended March 31, 2013.

Current Quarter Highlights

 

   

Total revenues up 19 percent compared with last year

 

   

Agent premiums up 29 percent compared with last year

 

   

Title Insurance and Services segment pretax margin of 6.0 percent

 

   

Includes $28.6 million reserve strengthening, largely due to 2006-2007 commercial claims

 

   

Title order mix shifting to higher-premium resale transactions

 

   

Resale open orders per day up 13 percent

 

   

Refinance open orders per day down 7 percent

 

   

Commercial division revenues of $86.9 million, up 7 percent compared with last year

 

   

Specialty Insurance segment total revenues up 10 percent, with a pretax margin of 19.5 percent

Selected Financial Information

($ in millions, except per share data)

 

     For the Three Months  Ended
March 31
 
     2013      2012  

Total revenues

   $ 1,146.8       $ 966.8   

Income before taxes

     59.6         51.6   

Net income

   $ 36.2       $ 31.3   

Net income per diluted share

     0.33         0.29   

Total revenues for the first quarter of 2013 were $1.1 billion, an increase of 19 percent relative to the first quarter of 2012. Net income in the current quarter was $36.2 million, or 33 cents per diluted share, compared with net income of $31.3 million, or 29 cents per diluted share, in the first quarter of 2012. The current quarter results include net realized investment gains of $9.3 million, or 5 cents per diluted share, compared with net realized investment losses of $0.9 million, or 1 cent per diluted share, in the first quarter of 2012.

“Market conditions were good in the first quarter with an increase in closed orders that drove our 19 percent revenue growth,” said Dennis J. Gilmore, chief executive officer for First American Financial Corporation. “And we’re pleased that a solid increase in our higher-premium resale and commercial open orders fully offset the decline we experienced in refinance volume.

“Our financial results for the first quarter were negatively impacted by a $29 million reserve strengthening in the title segment, primarily driven by a few large commercial claims from policy years 2006 and 2007. Although it’s unusual to have this level of large commercial claim activity in a single quarter, we continue to see a general decline in paid title claims as legacy policy years become more

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First American Financial Reports First Quarter 2013 Results

Page 2

 

seasoned and recent policy years demonstrate lower claims activity. Putting aside the impact of the large commercial claims, our first quarter results indicate that the year is off to a good start.

“Our business outlook remains positive as we enter the important spring selling season. So far in April, our resale open orders are running 4 percent higher than in March and up 21 percent compared with last year. We believe the housing market is improving and that the company is well positioned to deliver strong financial results as the multiyear recovery continues.”

Title Insurance and Services

($ in millions, except average revenue per order)

 

     For the Three Months  Ended
March 31
 
     2013     2012  

Total revenues

   $ 1,062.6      $ 891.2   

Income before taxes

   $ 64.3      $ 60.8   

Pretax margin

     6.0     6.8

Direct open orders

     376,600        377,200   

Direct closed orders

     291,400        261,300   

Commercial*

    

Total revenues

   $ 86.9      $ 81.5   

Open orders

     19,400        17,900   

Closed orders

Average revenue per order

    

$

10,000

7,800

  

  

   

$

10,400

6,700

  

  

 

* Includes commercial activity from the National Commercial Services division only.

Total revenues for the Title Insurance and Services segment were $1.1 billion, a 19 percent increase from the same quarter of 2012. Direct premiums and escrow fees were up 16 percent from the first quarter of 2012, driven by a 12 percent increase in the number of direct title orders closed in the quarter and a 4 percent increase in the revenue per direct title order to $1,373. The increase in revenue per direct title order overall was primarily attributable to higher revenue per order from residential resale and commercial transactions. Agent premiums were up 29 percent in the current quarter, which is consistent with the increase in direct premiums experienced in the previous quarter, reflecting the typical reporting lag of approximately one quarter.

Information and other revenues were $151.7 million this quarter, down 2 percent compared with the same quarter of last year. The decline was primarily due to lower demand for title-related services in Canada, largely offset by higher demand for the company’s default information products. Total investment income was $26.4 million in the first quarter, an increase of $11.1 million from the first quarter of 2012, reflecting higher net realized investment gains in the current quarter.

Personnel costs were $316.8 million in the first quarter, an increase of $39.3 million, or 14 percent, compared with the first quarter of 2012. This increase was primarily due to higher staffing levels required to support the increase in order volume.

 

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First American Financial Reports First Quarter 2013 Results

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Other operating expenses were $188.6 million in the first quarter, up $16.9 million, or 10 percent, compared with the first quarter of 2012. The increase was primarily due to higher production-related expenses and temporary labor costs driven by the increase in order volumes in the current quarter.

The provision for policy losses and other claims was $77.4 million in the first quarter, or 8.7 percent of title premiums and escrow fees, up $25.2 million compared with the same quarter of the prior year. The current quarter rate of 8.7 percent reflects an ultimate loss rate of 5.6 percent for the current policy year and a $28.6 million net increase in the loss reserve estimates for prior policy years. The increase in loss reserve estimates for prior policy years reflected claims development above expected levels during the first quarter, primarily due to a few large commercial claims from policy years 2006 and 2007.

Pretax income for the Title Insurance and Services segment was $64.3 million in the first quarter, compared with $60.8 million in the first quarter of 2012. Pretax margin was 6.0 percent in the current quarter, compared with 6.8 percent last year.

Specialty Insurance

($ in millions)

 

     For the Three Months  Ended
March 31
 
     2013     2012  

Total revenues

   $ 81.5      $ 74.2   

Income before taxes

   $ 15.9      $ 12.8   

Pretax margin

     19.5     17.3

Total revenues for the Specialty Insurance segment were $81.5 million in the first quarter of 2013, an increase of 10 percent compared with the first quarter of 2012. The increase in revenues was driven by higher premiums earned in both the home warranty and property and casualty business lines. The overall loss ratio in the Specialty Insurance segment was 50 percent in the current quarter, compared with a 49 percent loss ratio in the prior year. Both business lines delivered operating leverage that increased the pretax margin to 19.5 percent from 17.3 percent in the first quarter of 2012.

Teleconference/Webcast

First American’s first quarter 2013 results will be discussed in more detail on Thursday, April 25, 2013, at 11 a.m. ET, via teleconference. The toll-free dial-in number is (888) 606-8414. Callers from outside the United States may dial (212) 547-0240. The passcode for the event is “First American.”

The live audio webcast of the call will be available on First American’s website at www.firstam.com/investor. An audio replay of the conference call will be available through May 3, 2013, by dialing (203) 369-1472. An audio archive of the call will also be available on First American’s investor website.

 

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First American Financial Reports First Quarter 2013 Results

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About First American

First American Financial Corporation (NYSE: FAF) is a leading provider of title insurance and settlement services to the real estate and mortgage industries, that traces its heritage back to 1889. First American also provides title plant management services; title and other real property records and images; valuation products and services; home warranty products; property and casualty insurance; and banking, trust and investment advisory services. With revenues of $4.5 billion in 2012, the company offers its products and services directly and through its agents throughout the United States and abroad. More information about the company can be found at www.firstam.com.

Website Disclosure

First American posts information of interest to investors at www.firstam.com/investor. This includes opened and closed title insurance order counts for its direct title insurance operations, which are posted approximately 12 days after the end of each month.

Forward-Looking Statements

Certain statements made in this press release and the related management commentary and responses to investor questions, including but not limited to those related to the outlook for the housing market and its effects on the company, future title claims experience, future refinance volumes, the commercial transaction pipeline, and improving operating leverage, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may contain the words “believe,” “anticipate,” “expect,” “plan,” “predict,” “estimate,” “project,” “will be,” “will continue,” “will likely result,” or other similar words and phrases. Risks and uncertainties exist that may cause results to differ materially from those set forth in these forward-looking statements. Factors that could cause the anticipated results to differ from those described in the forward-looking statements include: interest rate fluctuations; changes in the performance of the real estate markets; volatility in the capital markets; unfavorable economic conditions; impairments in the company’s goodwill or other intangible assets; failures at financial institutions where the company deposits funds; changes in applicable government regulations; heightened scrutiny by legislators and regulators of the company’s title insurance and services segment and certain other of the company’s businesses; regulation of title insurance rates; reform of government-sponsored mortgage enterprises; limitations on access to public records and other data; product migration; changes in relationships with large mortgage lenders; changes in measures of the strength of the company’s title insurance underwriters, including ratings and statutory capital and surplus; losses in the company’s investment portfolio; expenses of and funding obligations to the pension plan; material variance between actual and expected claims experience; defalcations, increased claims or other costs and expenses attributable to the company’s use of title agents; systems interruptions and intrusions, wire transfer errors or unauthorized data disclosures; inability to realize the benefits of the company’s offshore strategy; inability of the company’s subsidiaries to pay dividends or repay funds; and other factors described in the company’s annual report on Form 10-K for the year ended December 31, 2012, as filed with the Securities and Exchange Commission. The forward-looking statements speak only as of the date they are made. The company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

Use of Non-GAAP Financial Measures

This news release and related management commentary contain certain financial measures that are not presented in accordance with generally accepted accounting principles (GAAP), including personnel and other operating expense ratios. The company is presenting these non-GAAP financial measures because they provide the company’s management and investors with additional insight into the operational efficiency and performance of the company relative to earlier periods and relative to the company’s competitors. The company does not intend for these non-GAAP financial measures to be a substitute for any GAAP financial information. In this news release, these non-GAAP financial measures have been presented with, and reconciled to, the most directly comparable GAAP financial measures. Investors should use these non-GAAP financial measures only in conjunction with the comparable GAAP financial measures.

 

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First American Financial Reports First Quarter 2013 Results

Page 5

 

 

Media Contact:    Investor Contact:
Carrie Loranger    Craig Barberio
Corporate Communications    Investor Relations
First American Financial Corporation    First American Financial Corporation
(714) 250-3298    (714) 250-5214

(Additional Financial Data Follows)

 

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First American Financial Reports First Quarter 2013 Results

Page 6

 

First American Financial Corporation

Summary of Consolidated Financial Results and Selected Information

(in thousands, except per share amounts and title orders)

(unaudited)

 

     For the Three Months  Ended
March 31
 
         2013              2012      

Total revenues

   $ 1,146,763       $ 966,763   

Income before income taxes

   $ 59,592       $ 51,550   

Income tax expense

     23,360         20,441   
  

 

 

    

 

 

 

Net income

     36,232         31,109   

Less: Net income (loss) attributable to noncontrolling interests

     54         (184
  

 

 

    

 

 

 

Net income attributable to the company

   $ 36,178       $ 31,293   
  

 

 

    

 

 

 

Net income per share attributable to stockholders:

     

Basic

   $ 0.34       $ 0.30   

Diluted

   $ 0.33       $ 0.29   

Cash dividends declared per share

   $ 0.12       $ 0.08   

Weighted average common shares outstanding:

     

Basic

     107,552         105,621   

Diluted

     109,993         107,480   

Selected Title Information

     

Title orders opened

     376,600         377,200   

Title orders closed

     291,400         261,300   

Paid title claims

   $ 71,337       $ 80,455   

 

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First American Financial Reports First Quarter 2013 Results

Page 7

 

First American Financial Corporation

Selected Balance Sheet Information

(in thousands)

(unaudited)

 

     March 31,
2013
     December 31,
2012
 

Cash and cash equivalents

   $ 814,514       $ 627,208   

Investment portfolio

     3,093,758         3,113,560   

Goodwill and other intangible assets

     898,081         902,952   

Total assets

     6,181,909         6,050,847   

Reserve for claim losses

     977,254         976,462   

Notes payable

     317,378         229,760   

Total stockholders’ equity

   $ 2,379,867       $ 2,348,065   

 

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First American Financial Reports First Quarter 2013 Results

Page 8

 

First American Financial Corporation

Segment Information

(in thousands, unaudited)

 

For the Three Months Ended

March 31, 2013

   Consolidated     Title
Insurance
    Specialty
Insurance
     Corporate
(incl. Elims.)
 
         

Revenues

         

Direct premiums and escrow fees

   $ 477,851      $ 399,985      $ 77,866       $ —     

Agent premiums

     484,465        484,465        —           —     

Information and other

     152,133        151,749        390         (6

Investment income

     23,058        18,986        1,678         2,394   

Net realized investment gains(1)

     9,256        7,396        1,575         285   
  

 

 

   

 

 

   

 

 

    

 

 

 
     1,146,763        1,062,581        81,509         2,673   
  

 

 

   

 

 

   

 

 

    

 

 

 

Expenses

         

Personnel costs

     344,500        316,844        14,331         13,325   

Premiums retained by agents

     387,543        387,543        —           —     

Other operating expenses

     205,346        188,614        10,219         6,513   

Provision for policy losses and other claims

     116,026        77,360        38,666         —     

Depreciation and amortization

     18,395        16,483        1,179         733   

Premium taxes

     12,117        10,904        1,213         —     

Interest

     3,244        564        —           2,680   
  

 

 

   

 

 

   

 

 

    

 

 

 
     1,087,171        998,312        65,608         23,251   
  

 

 

   

 

 

   

 

 

    

 

 

 

Income (loss) before income taxes

   $ 59,592      $ 64,269      $ 15,901       $ (20,578
  

 

 

   

 

 

   

 

 

    

 

 

 

For the Three Months Ended

March 31, 2012

   Consolidated     Title
Insurance
    Specialty
Insurance
     Corporate
(incl.  Elims.)
 
         

Revenues

         

Direct premiums and escrow fees

   $ 413,786      $ 343,639      $ 70,147       $ —     

Agent premiums

     376,986        376,986        —           —     

Information and other

     155,760        155,289        475         (4

Investment income

     21,134        17,321        2,465         1,348   

Net realized investment (losses) gains(1)

     (903     (2,014     1,111         —     
  

 

 

   

 

 

   

 

 

    

 

 

 
     966,763        891,221        74,198         1,344   
  

 

 

   

 

 

   

 

 

    

 

 

 

Expenses

         

Personnel costs

     305,279        277,577        13,663         14,039   

Premiums retained by agents

     302,164        302,164        —           —     

Other operating expenses

     189,150        171,752        11,042         6,356   

Provision for policy losses and other claims

     86,678        52,179        34,499         —     

Depreciation and amortization

     18,059        16,333        1,055         671   

Premium taxes

     10,848        9,733        1,115         —     

Interest

     3,035        661        —           2,374   
  

 

 

   

 

 

   

 

 

    

 

 

 
     915,213        830,399        61,374         23,440   
  

 

 

   

 

 

   

 

 

    

 

 

 

Income (loss) before income taxes

   $ 51,550      $ 60,822      $ 12,824       $ (22,096
  

 

 

   

 

 

   

 

 

    

 

 

 

 

(1) Includes other-than-temporary impairment (OTTI) losses recorded in earnings.

 

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First American Financial Reports First Quarter 2013 Results

Page 9

 

First American Financial Corporation

Expense Ratio Reconciliation

Title Insurance and Services Segment

($ in thousands, unaudited)

 

     For the Three Months Ended
March 31
 
     2013     2012  

Total revenues

   $ 1,062,581      $ 891,221   

Less: Net realized investment gains (losses) (1)

     7,396        (2,014

Investment income

     18,986        17,321   

Premiums retained by agents

     387,543        302,164   
  

 

 

   

 

 

 

Net operating revenues

   $ 648,656      $ 573,750   
  

 

 

   

 

 

 

Personnel and other operating expenses

   $ 505,458      $ 449,329   

Ratio (% net operating revenues)

     77.9     78.3

Ratio (% total revenues)

     47.6     50.4
    

 

(1) Includes other-than-temporary impairment (OTTI) losses recorded in earnings.

 

###

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