0001193125-16-549100.txt : 20160421 0001193125-16-549100.hdr.sgml : 20160421 20160421064534 ACCESSION NUMBER: 0001193125-16-549100 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20160421 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20160421 DATE AS OF CHANGE: 20160421 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: 161582564 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 d184436d8k.htm 8-K 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 21, 2016

 

 

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 21, 2016, First American Financial Corporation issued a press release announcing its financial results for the quarter ended March 31, 2016. 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 21, 2016.

 

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 21, 2016     By:  

/s/ KENNETH D. DEGIORGIO

      Name:   Kenneth D. DeGiorgio
      Title:   Executive Vice President

 

3

EX-99.1 2 d184436dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO       NEWS  

FOR

IMMEDIATE

RELEASE

FIRST AMERICAN FINANCIAL REPORTS FIRST QUARTER 2016 RESULTS

—Reports Earnings of 47 Cents per Diluted Share—

SANTA ANA, Calif., April 21, 2016 – First American Financial Corporation (NYSE: FAF), a leading global provider of title insurance, settlement services and risk solutions for real estate transactions, today announced financial results for the first quarter ended March 31, 2016.

Current Quarter Highlights

 

•   Total revenue of $1.2 billion, up 8 percent compared with last year

 

  -   Agent premiums in the title segment were up 18 percent

 

  -   Direct premiums and escrow fees in the title segment were down 2 percent

 

•   Title Insurance and Services segment pretax margin of 8.0 percent

 

•   Title Insurance and Services segment loss provision rate of 5.5 percent

 

•   Commercial revenue of $142.9 million, down 4 percent compared with last year

 

•   Specialty Insurance segment total revenue up 9 percent, with a pretax margin of 11.9 percent

Selected Financial Information

($ in millions, except per share data)

 

     For the Three Months Ended
March 31		  
     2016      2015  

Total revenue

    $ 1,201.7       $ 1,111.1   

Income before taxes

      75.6         58.9   

Net income

    $ 52.5       $ 37.6   

Net income per diluted share

      0.47         0.34   

Total revenue for the first quarter of 2016 was $1.2 billion, an increase of 8 percent relative to the first quarter of 2015. Net income in the current quarter was $52.5 million, or 47 cents per diluted share, compared with net income of $37.6 million, or 34 cents per diluted share, in the first quarter of 2015. The current quarter results include net realized investment gains of $5.1 million, or 3 cents per diluted share, compared with losses of $1.0 million, or 1 cent per diluted share, in the first quarter of last year. This quarter’s effective tax rate of 30.3 percent benefited from $3.8 million in nonrecurring items, or 3 cents per diluted share.

“Our first-quarter financial results marked a good start to the year, with a strong pretax title margin of 8.0 percent and net income growth of 40 percent,” said Dennis J. Gilmore, chief executive officer at First American Financial Corporation. “Our commercial business remains strong. While a decrease in large deals relative to the first quarter of last year led to a 4 percent decline in revenues, we continue to expect that 2016 will be a good year for our commercial group.

“Largely driven by higher fees per file, our direct purchase revenue grew by a healthy 9 percent. I’m optimistic that we will continue to see improvement in the housing market as we enter the spring selling season.”

 

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First American Financial Reports First Quarter 2016 Results

Page 2

 

Title Insurance and Services

($ in millions, except average revenue per order)

 

     For the Three Months Ended
March 31		  
     2016     2015  

Total revenue

    $ 1,098.5      $ 1,019.8   

Income before taxes

    $ 87.7      $ 69.5   

Pretax margin

      8.0 %      6.8 % 

Direct open orders

      302,900        337,000   

Direct closed orders

      193,100        207,600   

U.S. Commercial

     

Total revenue

    $ 142.9      $ 148.4   

Open orders

      31,800        32,500   

Closed orders

Average revenue per order

     

$

 18,900

7,600

   

  

    

$

 18,300

8,100

   

  

Total revenue for the Title Insurance and Services segment was $1.1 billion, an 8 percent increase from the same quarter of 2015. Direct premiums and escrow fees were down 2 percent from the first quarter of 2015, driven by a 7 percent decline in the number of direct title orders closed in the quarter, partially offset by a 6 percent increase in the average revenue per direct title order to $1,943. The increase in revenue per direct title order closed was primarily attributable to a shift in the mix from lower-premium refinance transactions to higher-premium commercial transactions and, to a lesser extent, an increase in the average direct revenue per order for purchase transactions. Agent premiums were up 18 percent in the current quarter compared with last year. The growth in agent premiums was, in part, driven by the recent addition of key commercial and national agents.

Information and other revenue was $154.3 million this quarter, down 1 percent compared with the same quarter of last year. The decline was driven by lower demand for the company’s default information products as a result of the decline in loss mitigation activity during the quarter.

Investment income was $24.9 million in the first quarter, up $3.2 million, or 14 percent, from the first quarter of 2015. The increase was primarily due to higher interest income driven by growth in the size of the investment portfolio. Net realized investment gains totaled $3.0 million in the current quarter, compared with losses of $2.6 million in the first quarter of 2015.

Personnel costs were $355.1 million in the first quarter, an increase of $15.8 million, or 5 percent, compared with the same quarter of 2015. This increase was primarily attributable to higher salary expense, including the impact of one additional payroll day, and higher stock-based compensation expense.

Other operating expenses were $165.5 million in the first quarter, down $15.1 million, or 8 percent, compared with the first quarter of 2015. The decline was primarily driven by lower production-related expense due to the decline in order volume, and the impact of foreign exchange gains.

 

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First American Financial Reports First Quarter 2016 Results

Page 3

 

The provision for policy losses and other claims was $50.5 million in the first quarter, or 5.5 percent of title premiums and escrow fees, compared with a 6.6 percent loss provision rate in the first quarter of 2015.

Pretax income for the Title Insurance and Services segment was $87.7 million in the first quarter, compared with $69.5 million in the first quarter of 2015. Pretax margin was 8.0 percent in the current quarter, compared with 6.8 percent last year.

Specialty Insurance

($ in millions)

 

     For the Three Months Ended
March 31		  
     2016     2015  

Total revenue

    $ 103.0      $ 94.5   

Income before taxes

    $ 12.2      $ 17.2   

Pretax margin

      11.9 %      18.2 % 

Total revenue for the Specialty Insurance segment was $103.0 million in the first quarter of 2016, an increase of 9 percent compared with the first quarter of 2015. The increase in revenue was primarily driven by higher premiums earned in the home warranty business line. The loss ratio in the Specialty Insurance segment was 58 percent in the current quarter, compared with 51 percent in the prior year, as a result of higher claims in both business lines. The increase in the claims rate for the home warranty business was primarily attributable to higher contract servicing costs. In the property and casualty business, the elevated claims rate was attributable to higher claims severity. As a result, the pretax margin in the current quarter declined to 11.9 percent from 18.2 percent in the first quarter of 2015.

Teleconference/Webcast

First American’s first quarter 2016 results will be discussed in more detail on Thursday, April 21, 2016, at 11 a.m. EDT, via teleconference. The toll-free dial-in number is 877-407-8293. Callers from outside the United States may dial 201-689-8349.

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 5, 2016, by dialing 201-612-7415 and using the conference ID 13634408. 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 2016 Results

Page 4

 

About First American

First American Financial Corporation (NYSE: FAF) is a leading provider of title insurance, settlement services and risk solutions for real estate transactions 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 $5.2 billion in 2015, the company offers its products and services directly and through its agents throughout the United States and abroad. In 2016, First American was recognized by Fortune® magazine as one of the 100 best companies to work for in America. 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 U.S. direct title insurance operations, which are posted approximately 10 to 12 days after the end of each month.

Forward-Looking Statements

Certain statements made in this press release and the related management commentary contain, and responses to investor questions may contain, 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 can be identified by the fact that they do not relate strictly to historical or current facts and may contain the words “believe,” “anticipate,” “expect,” “intend,” “plan,” “predict,” “estimate,” “project,” “will be,” “will continue,” “will likely result,” or other similar words and phrases or future or conditional verbs such as “will,” “may,” “might,” “should,” “would,” or “could.” These forward-looking statements include, without limitation, statements regarding future operations, performance, financial condition, prospects, plans and strategies. These forward-looking statements are based on current expectations and assumptions that may prove to be incorrect. 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, without limitation: 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; the Consumer Financial Protection Bureau’s exercise of its broad rulemaking and supervisory powers; the effects of the TILA-RESPA integrated disclosure rule; regulation of title insurance rates; reform of government-sponsored mortgage enterprises; limitations on access to public records and other data; changes in relationships with large mortgage lenders and government-sponsored enterprises; 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; any inadequacy in the company’s risk mitigation efforts; systems damage, failures, interruptions and intrusions, wire transfer errors or unauthorized data disclosures; inability to realize the benefits of the company’s offshore operations; inability of the company’s subsidiaries to pay dividends or repay funds; inability to realize the benefits of, and challenges arising from, the company’s acquisition strategy; and other factors described in the company’s annual report on Form 10-K for the year ended December 31, 2015, 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.

 

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First American Financial Reports First Quarter 2016 Results

Page 5

 

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 and success 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.

 

Media Contact:    Investor Contact:
Marcus Ginnaty    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 2016 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  
     2016      2015  

Total revenues

    $ 1,201,712       $ 1,111,084   

Income before income taxes

    $ 75,592       $ 58,948   

Income tax expense

      22,920         21,152   
  

 

 

     

 

 

  

Net income

      52,672         37,796   

Less: Net income attributable to noncontrolling interests

      171         164   
  

 

 

     

 

 

  

Net income attributable to the Company

    $ 52,501       $ 37,632   
  

 

 

     

 

 

  

Net income per share attributable to stockholders:

      

Basic

    $ 0.48       $ 0.35   

Diluted

    $ 0.47       $ 0.34   

Cash dividends declared per share

    $ 0.26       $ 0.25   

Weighted average common shares outstanding:

      

Basic

      110,149         107,744   

Diluted

      110,670         109,444   

Selected Title Information

      

Title orders opened (1)

      302,900         337,000   

Title orders closed (1)

      193,100         207,600   

Paid title claims

    $ 56,690       $ 89,168   

 

(1) U.S direct title insurance orders only

 

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First American Financial Reports First Quarter 2016 Results

Page 7

 

First American Financial Corporation

Selected Balance Sheet Information

(in thousands)

(unaudited)

 

     March 31,
2016		      December 31,
2015		  

Cash and cash equivalents

    $ 975,883       $ 1,027,321   

Investment portfolio

      4,839,589         4,785,033   

Goodwill and other intangible assets, net

      1,017,003         1,012,456   

Total assets

      8,279,255         8,250,301   

Reserve for claim losses

      983,674         983,880   

Notes and contracts payable

      580,467         581,052   

Total stockholders’ equity

    $ 2,843,308       $ 2,758,502   

 

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First American Financial Reports First Quarter 2016 Results

Page 8

 

First American Financial Corporation

Segment Information

(in thousands, unaudited)

 

For the Three Months Ended March 31, 2016

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

Revenues

          

Direct premiums and escrow fees

    $ 501,914      $ 404,039      $ 97,875       $ —     

Agent premiums

      512,245        512,245        —           —     

Information and other

      155,077        154,263        820         (6 ) 

Net investment income

      27,370        24,926        2,236         208   

Net realized investment gains (1)

      5,106        2,997        2,109         —     
  

 

 

    

 

 

    

 

 

     

 

 

  
     1,201,712        1,098,470        103,040         202   
  

 

 

    

 

 

    

 

 

     

 

 

  

Expenses

          

Personnel costs

      382,712        355,080        16,779         10,853   

Premiums retained by agents

      405,039        405,039        —           —     

Other operating expenses

      186,675        165,498        14,752         6,425   

Provision for policy losses and other claims

      107,098        50,516        56,582         —     

Depreciation and amortization

      22,420        21,076        1,248         96   

Premium taxes

      14,377        12,941        1,436         —     

Interest

      7,799        645        —           7,154   
  

 

 

    

 

 

    

 

 

     

 

 

  
     1,126,120        1,010,795        90,797         24,528   
  

 

 

    

 

 

    

 

 

     

 

 

  
         
  

 

 

    

 

 

    

 

 

     

 

 

  

Income (loss) before income taxes

    $ 75,592      $ 87,675      $ 12,243       $ (24,326 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

 

For the Three Months Ended March 31, 2015

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

Revenues

          

Direct premiums and escrow fees (2)

    $ 501,412      $ 411,259      $ 90,153       $ —     

Agent premiums (2)

      432,920        432,920        —           —     

Information and other (2)

      157,147        156,383        771         (7 ) 

Net investment income

      20,558        21,774        2,001         (3,217 ) 

Net realized investment (losses) gains (1)

      (953 )      (2,563 )      1,610         —     
  

 

 

    

 

 

    

 

 

     

 

 

  
     1,111,084        1,019,773        94,535         (3,224 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

Expenses

          

Personnel costs (2)

      366,123        339,238        15,625         11,260   

Premiums retained by agents (2)

      342,736        342,736        —           —     

Other operating expenses (2)

      200,158        180,599        13,091         6,468   

Provision for policy losses and other claims

      101,554        55,550        46,004         —     

Depreciation and amortization

      20,854        19,526        1,206         122   

Premium taxes

      13,469        12,031        1,438         —     

Interest

      7,242        591        —           6,651   
  

 

 

    

 

 

    

 

 

     

 

 

  
     1,052,136        950,271        77,364         24,501   
  

 

 

    

 

 

    

 

 

     

 

 

  
         
  

 

 

    

 

 

    

 

 

     

 

 

  

Income (loss) before income taxes

    $ 58,948      $ 69,502      $ 17,171       $ (27,725 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

 

(1) Includes impairment losses recorded in earnings, except for impairments on investments accounted for under the equity method, which are recorded in investment income.
(2) Prior year amounts have been revised to reflect reclassifications made to certain revenues and expenses during the fourth quarter of 2015.

 

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First American Financial Reports First Quarter 2016 Results

Page 9

 

First American Financial Corporation

Expense and Success Ratio Reconciliation

Title Insurance and Services Segment

($ in thousands, unaudited)

 

     For the Three Months Ended
March 31		  
     2016     2015  

Total revenues

    $ 1,098,470      $ 1,019,773   

Less: Net realized investment (losses) gains

      2,997        (2,563 ) 

Net investment income

      24,926        21,774   

Premiums retained by agents

      405,039        342,736   
  

 

 

    

 

 

  

Net operating revenues

    $ 665,508      $ 657,826   
  

 

 

    

 

 

  

Personnel and other operating expenses

    $ 520,578      $ 519,837   

Ratio (% net operating revenues)

      78.2 %      79.0 % 

Ratio (% total revenues)

      47.4 %      51.0 % 

Change in net operating revenues

    $ 7,682     

Change in personnel and other operating expenses

      741     

Success Ratio (1)

      10 %   

 

(1) Change in personnel and other operating expenses divided by change in net operating revenues

 

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First American Financial Reports First Quarter 2016 Results

Page 10

 

First American Financial Corporation

Supplemental Direct Title Insurance Order Information (1)

(unaudited)

 

     Q116     Q415     Q315     Q215     Q115  

Open Orders per Day

           

Purchase

      1,966        1,649        2,099        2,324        2,002   

Refinance

      1,971        1,616        1,629        1,758        2,379   

Refinance as % of residential orders

      50 %      49 %      44 %      43 %      54 % 

Commercial

      512        507        532        544        532   

Default and other

      435        653        596        612        612   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total open orders per day

      4,885        4,424        4,856        5,238        5,525   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Closed Orders per Day

           

Purchase

      1,248        1,443        1,687        1,681        1,247   

Refinance

      1,206        1,112        1,152        1,420        1,471   

Refinance as % of residential orders

      49 %      44 %      41 %      46 %      54 % 

Commercial

      305        341        321        325        300   

Default and other

      356        347        339        425        386   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total closed orders per day

      3,115        3,243        3,500        3,852        3,403   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Average Revenue per Order (ARPO) (2)

           

Purchase

    $ 2,046      $ 2,053      $ 2,071      $ 2,028      $ 1,913   

Refinance

      877        867        857        865        874   

Commercial

      7,567        9,591        8,357        8,179        8,113   

Default and other

      378        152        299        222        351   

Total ARPO

    $ 1,943      $ 2,236      $ 2,077      $ 1,918      $ 1,834   

Business Days

      62        63        64        64        61   

 

(1) U.S. operations only
(2) The amounts included in the calculation of ARPO for the first three quarters of 2015 have been revised to reflect reclassifications made to certain revenues during the fourth quarter of 2015.

Totals may not add due to rounding

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