—Reports Earnings of 67 Cents per Diluted Share—
SANTA ANA, Calif.--(BUSINESS WIRE)--
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, 2018.
Current Quarter Highlights
-
Total revenue of $1.3 billion, down 1 percent compared with last year
-
Title Insurance and Services segment pretax margin of 8.6 percent
-
Purchase revenues up 8 percent compared with last year
-
Average revenue per order up 6 percent
-
Closed orders per day up 1 percent
-
Commercial revenues of $152.9 million, up 5 percent compared with last
year
-
Specialty Insurance segment total revenues up 3 percent, with a pretax
margin of 8.7 percent
-
Debt-to-capital ratio of 17.4 percent as of March 31, 2018
-
Cash flow from operations of $43.2 million, compared with $6.1 million
last year
|
|
|
Selected Financial Information
($ in millions, except per share data)
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2018
|
|
|
2017
|
|
Total revenue
|
|
|
$
|
1,297.4
|
|
|
$
|
1,317.0
|
|
Income before taxes
|
|
|
|
93.1
|
|
|
83.9
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
76.2
|
|
|
$
|
58.3
|
|
Net income per diluted share
|
|
|
|
0.67
|
|
|
0.52
|
|
|
Total revenue for the first quarter of 2018 was $1.3 billion, a decline
of 1 percent relative to the first quarter of 2017. Net income in the
current quarter was $76.2 million, or 67 cents per diluted share,
compared with net income of $58.3 million, or 52 cents per diluted
share, in the first quarter of 2017. Net realized investment losses in
the current quarter were $5.7 million, or 4 cents per diluted share,
compared with net realized losses of $0.1 million last year. This
quarter’s effective tax rate of 18.2 percent includes a benefit of $4.7
million, or 4 cents per diluted share, related to stock-based
compensation. In the first quarter of 2017, stock-based compensation
also reduced the effective tax rate due to the impact of a $2.4 million
benefit, or 2 cents per diluted share.
“The year is off to a strong start, with the company achieving a pretax
title margin of 8.6 percent in the first quarter,” said Dennis J.
Gilmore, chief executive officer at First American Financial
Corporation. “Revenue growth in our purchase and commercial businesses
largely offset the impact of the downward trend in refinance
transactions. We benefited from our continued focus on operating
efficiency and from higher investment income driven by the rise in
short-term interest rates.
“As we approach the peak of the spring selling season, we remain
optimistic about the outlook for 2018. Given the ongoing economic
expansion and current trends in the housing market, we expect further
revenue growth in our purchase business. Our commercial business has a
healthy pipeline of activity and we will continue to benefit from rising
investment income.
“Longer term, First American is well positioned in the marketplace, with
a strong balance sheet and ample financial flexibility to take advantage
of strategic growth opportunities. We are focused on growing our core
title and settlement business and leveraging our unique assets, such as
our data, technology and bank, to provide innovative solutions to our
customers.”
|
|
|
Title Insurance and Services
($ in millions, except average revenue per order)
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
March 31,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
Total revenues
|
|
|
$
|
1,185.5
|
|
|
$
|
1,202.9
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes
|
|
|
$
|
102.4
|
|
|
$
|
98.2
|
|
|
Pretax margin
|
|
|
|
8.6
|
%
|
|
|
8.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Direct open orders
|
|
|
|
254,500
|
|
|
|
259,600
|
|
|
Direct closed orders
|
|
|
|
173,600
|
|
|
|
191,300
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Commercial
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
$
|
152.9
|
|
|
$
|
146.3
|
|
|
Open orders
|
|
|
|
31,500
|
|
|
|
31,400
|
|
|
Closed orders
|
|
|
|
19,000
|
|
|
|
19,200
|
|
|
Average revenue per order
|
|
|
$
|
8,100
|
|
|
$
|
7,600
|
|
|
|
Total revenues for the Title Insurance and Services segment during the
first quarter were $1.2 billion, down 1 percent compared with the same
quarter of 2017. Direct premiums and escrow fees were up 3 percent
compared with the first quarter of 2017, driven by a 13 percent increase
in the average revenue per direct title order that was largely offset by
a 9 percent decline in the number of direct title orders closed. The
growth in the average revenue per direct title order to $2,303 was
primarily attributable to the shift in the order mix to higher-premium
residential purchase and commercial transactions, the increase in the
average revenue per commercial order, and higher residential real estate
values. Agent premiums, which are recorded on approximately a
one-quarter lag relative to direct premiums, were down 8 percent in the
current quarter as compared with last year, primarily due to the decline
in refinance activity.
Information and other revenues were $186.0 million this quarter, up 3
percent compared with the same quarter of last year. Higher revenues
from recent acquisitions were partly offset by lower revenues from the
company’s centralized lender business, largely due to the decline in
refinance and foreclosure activity.
Investment income was $41.4 million in the first quarter, up $14.8
million, or 56 percent, primarily due to the increase in short-term
interest rates that drove higher interest income in the company’s
investment portfolio and cash balances. Net realized investment losses
totaled $3.8 million in the current quarter, compared with losses of
$0.2 million in the first quarter of 2017.
Personnel costs were $393.6 million in the first quarter, an increase of
$8.8 million, or 2 percent, compared with the same quarter of 2017. This
increase was driven by personnel costs associated with recent
acquisitions. In addition, higher incentive compensation expenses were
offset by lower employee benefit costs, and temporary labor and
severance costs.
Other operating expenses were $190.9 million in the first quarter, up
$7.6 million, or 4 percent, compared with the first quarter of 2017. The
increase was primarily driven by the impact of recent acquisitions and a
net increase in spending across a number of expense categories.
The provision for policy losses and other claims was $38.5 million in
the first quarter, or 4.0 percent of title premiums and escrow fees,
unchanged from the first quarter of 2017. The current quarter rate
reflects an ultimate loss rate of 4.0 percent for the current policy
year and no change in the loss reserve estimates for prior policy years.
Pretax income for the Title Insurance and Services segment was $102.4
million in the first quarter, compared with $98.2 million in the first
quarter of 2017. Pretax margin was 8.6 percent in the current quarter,
compared with 8.2 percent last year.
|
|
|
Specialty Insurance
($ in millions)
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
March 31,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
Total revenues
|
|
|
$
|
113.4
|
|
|
$
|
110.3
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes
|
|
|
$
|
9.9
|
|
|
$
|
10.0
|
|
|
Pretax margin
|
|
|
|
8.7
|
%
|
|
|
9.1
|
%
|
|
|
Total revenues for the Specialty Insurance segment were $113.4 million
in the first quarter of 2018, an increase of 3 percent compared with the
first quarter of 2017. The home warranty business results benefited from
lower claim frequency. While the company’s property and casualty
business experienced higher than expected claim losses in the quarter,
primarily due to higher severity, the overall loss ratio for the segment
declined to 56.6 percent. However, due to $1.8 million in net realized
investment losses, the pretax margin was 8.7 percent, compared with 9.1
percent in the first quarter of last year.
Teleconference/Webcast
First American’s first quarter 2018 results will be discussed in more
detail on Thursday, April 26, 2018, 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 +1-201-689-8349.
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 10,
2018, by dialing 201-612-7415 and using the conference ID 13678579. An
audio archive of the call will also be available on First American’s
investor website.
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 wealth management services. With total revenue of $5.8 billion in
2017, the company offers its products and services directly and through
its agents throughout the United States and abroad. In 2018, First
American was named to the Fortune 100 Best Companies to Work
For® list for the third consecutive year. 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; failures at financial institutions where the
company deposits funds; changes in applicable laws and 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; use of social media by the company and other
parties; regulation of title insurance rates; 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; 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 management framework; systems
damage, failures, interruptions and intrusions or unauthorized data
disclosures; process automation; errors and fraud involving the transfer
of funds; the company’s use of a global workforce; 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, 2017, 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, success ratios and an adjusted tax rate. 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.
|
|
|
First American Financial Corporation
|
|
|
Summary of Consolidated Financial Results and Selected Information
|
|
|
(in thousands, except per share amounts and title orders,
unaudited)
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
March 31,
|
|
|
|
|
2018
|
|
|
|
2017
|
|
|
|
Total revenues
|
|
|
$
|
1,297,388
|
|
|
|
$
|
1,317,043
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
$
|
93,065
|
|
|
|
$
|
83,880
|
|
|
|
Income taxes
|
|
|
|
16,893
|
|
|
|
|
25,811
|
|
|
|
Net income
|
|
|
|
76,172
|
|
|
|
|
58,069
|
|
|
|
Less: Net loss attributable to noncontrolling interests
|
|
|
|
(55
|
)
|
|
|
|
(213
|
)
|
|
|
Net income attributable to the Company
|
|
|
$
|
76,227
|
|
|
|
$
|
58,282
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share attributable to stockholders:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.68
|
|
|
|
$
|
0.52
|
|
|
|
Diluted
|
|
|
$
|
0.67
|
|
|
|
$
|
0.52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends declared per share
|
|
|
$
|
0.38
|
|
|
|
$
|
0.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
112,232
|
|
|
|
|
111,179
|
|
|
|
Diluted
|
|
|
|
113,035
|
|
|
|
|
111,822
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Title Insurance Segment Information
|
|
|
|
|
|
|
|
|
|
|
Title orders opened(1) |
|
|
|
254,500
|
|
|
|
|
259,600
|
|
|
|
Title orders closed(1) |
|
|
|
173,600
|
|
|
|
|
191,300
|
|
|
|
Paid title claims
|
|
|
|
36,625
|
|
|
|
|
51,008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) U.S. direct title insurance orders only.
|
|
|
|
|
|
|
First American Financial Corporation
|
|
Selected Consolidated Balance Sheet Information
|
|
(in thousands, unaudited)
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
December 31,
|
|
|
|
|
2018
|
|
|
2017
|
|
Cash and cash equivalents
|
|
|
|
$
|
1,176,618
|
|
|
$
|
1,387,226
|
|
Investments
|
|
|
|
|
5,549,036
|
|
|
|
5,378,303
|
|
Goodwill and other intangible assets, net
|
|
|
|
|
1,229,404
|
|
|
|
1,212,918
|
|
Total assets
|
|
|
|
|
9,546,789
|
|
|
|
9,573,222
|
|
Reserve for claim losses
|
|
|
|
|
1,021,346
|
|
|
|
1,028,933
|
|
Notes and contracts payable
|
|
|
|
|
731,454
|
|
|
|
732,810
|
|
Total stockholders’ equity
|
|
|
|
$
|
3,470,535
|
|
|
$
|
3,479,955
|
|
|
|
|
|
First American Financial Corporation
|
|
|
Segment Information
|
|
|
(in thousands, unaudited)
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
Title
|
|
|
Specialty
|
|
|
Corporate
|
|
|
March 31, 2018
|
|
|
Consolidated
|
|
|
Insurance
|
|
|
Insurance
|
|
|
(incl. Elims.)
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct premiums and escrow fees
|
|
|
$
|
543,878
|
|
|
$
|
434,152
|
|
|
$
|
109,726
|
|
|
$
|
—
|
|
|
Agent premiums
|
|
|
|
527,714
|
|
|
|
527,714
|
|
|
|
—
|
|
|
|
—
|
|
|
Information and other
|
|
|
|
188,658
|
|
|
|
186,023
|
|
|
|
2,901
|
|
|
|
(266
|
)
|
|
Net investment income
|
|
|
|
42,792
|
|
|
|
41,401
|
|
|
|
2,588
|
|
|
|
(1,197
|
)
|
|
Net realized investment losses
|
|
|
|
(5,654
|
)
|
|
|
(3,823
|
)
|
|
|
(1,831
|
)
|
|
|
—
|
|
|
|
|
|
1,297,388
|
|
|
|
1,185,467
|
|
|
|
113,384
|
|
|
|
(1,463)
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel costs
|
|
|
|
413,642
|
|
|
|
393,626
|
|
|
|
18,752
|
|
|
|
1,264
|
|
|
Premiums retained by agents
|
|
|
|
416,637
|
|
|
|
416,637
|
|
|
|
—
|
|
|
|
—
|
|
|
Other operating expenses
|
|
|
|
218,480
|
|
|
|
190,849
|
|
|
|
19,417
|
|
|
|
8,214
|
|
|
Provision for policy losses and other claims
|
|
|
|
100,580
|
|
|
|
38,480
|
|
|
|
62,100
|
|
|
|
—
|
|
|
Depreciation and amortization
|
|
|
|
29,747
|
|
|
|
28,117
|
|
|
|
1,592
|
|
|
|
38
|
|
|
Premium taxes
|
|
|
|
16,014
|
|
|
|
14,389
|
|
|
|
1,625
|
|
|
|
—
|
|
|
Interest
|
|
|
|
9,223
|
|
|
|
985
|
|
|
|
—
|
|
|
|
8,238
|
|
|
|
|
|
1,204,323
|
|
|
|
1,083,083
|
|
|
|
103,486
|
|
|
|
17,754
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
|
$
|
93,065
|
|
|
$
|
102,384
|
|
|
$
|
9,898
|
|
|
$
|
(19,217)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
Title
|
|
|
Specialty
|
|
|
Corporate
|
|
|
March 31, 2017
|
|
|
Consolidated
|
|
|
Insurance
|
|
|
Insurance
|
|
|
(incl. Elims.)
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct premiums and escrow fees
|
|
|
$
|
527,009
|
|
|
$
|
421,959
|
|
|
$
|
105,050
|
|
|
$
|
—
|
|
|
Agent premiums
|
|
|
|
574,582
|
|
|
|
574,582
|
|
|
|
—
|
|
|
|
—
|
|
|
Information and other
|
|
|
|
182,509
|
|
|
|
180,035
|
|
|
|
2,739
|
|
|
|
(265
|
)
|
|
Net investment income
|
|
|
|
33,040
|
|
|
|
26,616
|
|
|
|
2,329
|
|
|
|
4,095
|
|
|
Net realized investment (losses) gains
|
|
|
|
(97
|
)
|
|
|
(244
|
)
|
|
|
147
|
|
|
|
—
|
|
|
|
|
|
1,317,043
|
|
|
|
1,202,948
|
|
|
|
110,265
|
|
|
|
3,830
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel costs
|
|
|
|
407,137
|
|
|
|
384,836
|
|
|
|
17,263
|
|
|
|
5,038
|
|
|
Premiums retained by agents
|
|
|
|
453,926
|
|
|
|
453,926
|
|
|
|
—
|
|
|
|
—
|
|
|
Other operating expenses
|
|
|
|
215,402
|
|
|
|
183,271
|
|
|
|
17,285
|
|
|
|
14,846
|
|
|
Provision for policy losses and other claims
|
|
|
|
102,388
|
|
|
|
39,861
|
|
|
|
62,527
|
|
|
|
—
|
|
|
Depreciation and amortization
|
|
|
|
30,147
|
|
|
|
28,552
|
|
|
|
1,551
|
|
|
|
44
|
|
|
Premium taxes
|
|
|
|
15,448
|
|
|
|
13,848
|
|
|
|
1,600
|
|
|
|
—
|
|
|
Interest
|
|
|
|
8,715
|
|
|
|
409
|
|
|
|
—
|
|
|
|
8,306
|
|
|
|
|
|
1,233,163
|
|
|
|
1,104,703
|
|
|
|
100,226
|
|
|
|
28,234
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
|
$
|
83,880
|
|
|
$
|
98,245
|
|
|
$
|
10,039
|
|
|
$
|
(24,404)
|
|
|
|
|
|
|
First American Financial Corporation
|
|
|
Consolidated Net Realized Investment (Losses) Gains
|
|
|
(in thousands, except per share amounts, unaudited)
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
March 31,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
|
|
|
Amount
|
|
|
Per Share
|
|
|
Amount
|
|
|
Per Share
|
|
|
Change in fair value of equity securities held(1) |
|
|
$
|
(6,976
|
)
|
|
$
|
(0.05
|
)
|
|
N/A
|
|
|
N/A
|
|
|
|
Other net realized investment gains (losses)
|
|
|
|
1,322
|
|
|
|
0.01
|
|
|
|
(97
|
)
|
|
|
(0.00
|
)
|
|
|
Net realized investment losses
|
|
|
$
|
(5,654
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
(97
|
)
|
|
$
|
(0.00
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Beginning in the first quarter of 2018, the company adopted new
accounting guidance, which requires investments in equity securities to
be measured at fair value, with changes in fair value recognized through
net income rather than through the balance sheet as previously
recognized.
|
|
|
First American Financial Corporation
|
|
|
Expense and Success Ratio Reconciliation
|
|
|
Title Insurance and Services Segment
|
|
|
(in thousands, unaudited)
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
March 31,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
Total revenues
|
|
|
$
|
1,185,467
|
|
|
$
|
1,202,948
|
|
|
Less: Net realized investment losses
|
|
|
|
(3,823
|
)
|
|
|
(244
|
)
|
|
Net investment income
|
|
|
|
41,401
|
|
|
|
26,616
|
|
|
Premiums retained by agents
|
|
|
|
416,637
|
|
|
|
453,926
|
|
|
Net operating revenues
|
|
|
$
|
731,252
|
|
|
$
|
722,650
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel and other operating expenses
|
|
|
$
|
584,475
|
|
|
$
|
568,107
|
|
|
Ratio (% net operating revenues)
|
|
|
|
79.9
|
%
|
|
|
78.6
|
%
|
|
Ratio (% total revenues)
|
|
|
|
49.3
|
%
|
|
|
47.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in net operating revenues
|
|
|
$
|
8,602
|
|
|
|
|
|
|
Change in personnel and other operating expenses
|
|
|
|
16,368
|
|
|
|
|
|
|
Success Ratio
(1)
|
|
|
|
190
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Change in personnel and other operating expenses divided by
change in net operating revenues.
|
|
|
First American Financial Corporation
|
|
|
Supplemental Direct Title Insurance Order Information
(1)
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Q118
|
|
|
Q417
|
|
|
Q317
|
|
|
Q217
|
|
|
Q117
|
|
|
Open Orders per Day
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase
|
|
|
|
|
2,027
|
|
|
|
1,686
|
|
|
|
2,156
|
|
|
|
2,313
|
|
|
|
1,977
|
|
|
Refinance
|
|
|
|
|
1,173
|
|
|
|
1,239
|
|
|
|
1,379
|
|
|
|
1,319
|
|
|
|
1,236
|
|
|
Refinance as % of residential orders
|
|
|
|
|
37
|
%
|
|
|
42
|
%
|
|
|
39
|
%
|
|
|
36
|
%
|
|
|
38
|
%
|
|
Commercial
|
|
|
|
|
509
|
|
|
|
489
|
|
|
|
495
|
|
|
|
506
|
|
|
|
507
|
|
|
Default and other
|
|
|
|
|
380
|
|
|
|
321
|
|
|
|
387
|
|
|
|
544
|
|
|
|
468
|
|
|
Total open orders per day
|
|
|
|
|
4,089
|
|
|
|
3,734
|
|
|
|
4,417
|
|
|
|
4,681
|
|
|
|
4,187
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closed Orders per Day
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase
|
|
|
|
|
1,313
|
|
|
|
1,550
|
|
|
|
1,724
|
|
|
|
1,718
|
|
|
|
1,298
|
|
|
Refinance
|
|
|
|
|
850
|
|
|
|
1,035
|
|
|
|
985
|
|
|
|
910
|
|
|
|
1,030
|
|
|
Refinance as % of residential orders
|
|
|
|
|
39
|
%
|
|
|
40
|
%
|
|
|
36
|
%
|
|
|
35
|
%
|
|
|
44
|
%
|
|
Commercial
|
|
|
|
|
306
|
|
|
|
333
|
|
|
|
309
|
|
|
|
324
|
|
|
|
310
|
|
|
Default and other
|
|
|
|
|
330
|
|
|
|
376
|
|
|
|
384
|
|
|
|
390
|
|
|
|
448
|
|
|
Total closed orders per day
|
|
|
|
|
2,800
|
|
|
|
3,294
|
|
|
|
3,402
|
|
|
|
3,342
|
|
|
|
3,085
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Revenue per Order (ARPO)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase
|
|
|
|
$
|
2,356
|
|
|
$
|
2,389
|
|
|
$
|
2,336
|
|
|
$
|
2,319
|
|
|
$
|
2,215
|
|
|
Refinance
|
|
|
|
|
936
|
|
|
|
962
|
|
|
|
928
|
|
|
|
907
|
|
|
|
912
|
|
|
Commercial
|
|
|
|
|
8,059
|
|
|
|
9,508
|
|
|
|
9,024
|
|
|
|
8,589
|
|
|
|
7,617
|
|
|
Default and other
|
|
|
|
|
282
|
|
|
|
203
|
|
|
|
230
|
|
|
|
201
|
|
|
|
238
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total ARPO
|
|
|
|
$
|
2,303
|
|
|
$
|
2,411
|
|
|
$
|
2,298
|
|
|
$
|
2,294
|
|
|
$
|
2,035
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Days
|
|
|
|
62
|
|
|
62
|
|
|
63
|
|
|
64
|
|
|
62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) U.S. operations only.
|
|
|
|
|
|
|
Totals may not add due to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com:
https://www.businesswire.com/news/home/20180426005482/en/
First American Financial Corporation
Media Contact:
Marcus
Ginnaty, 714-250-3298
Corporate Communications
or
Investor
Contact:
Craig Barberio, 714-250-5214
Investor Relations
Source: First American Financial Corporation