First American Financial Corp. in Santa Ana, parent company of First American Title Insurance Co., said it posted record net income and revenue for the second quarter and the first six months.
Net income in the quarter rose 71.4% to $6 million from $3.5 million in the second quarter last year. Quarterly revenues grew 29.5% to $85.5 million from $66 million. In the first six months, net income jumped 55.3% to $7.3 million from $4.7 million, while revenues increased 26.3% to $150.9 million from $119.5 million.
The company attributed the record levels to real estate activity that increased in the second quarter in spite of a slight rise in long-term interest rates.
First American Title is the second largest title insurer in the nation and has some 2,200 branches, subsidiaries, affiliates or agents throughout the United States and in Guam, Puerto Rico and England.