Welcome to the May 2020 edition of Virginia Title Center's Agency Manager Summary.
To review April's financial statements and Premiums by Member Report please click on the link provided below.
As we navigate through these uncertain times, I'm pleased to report Virginia Title Center produced record-breaking results during the month of April. Title premiums for the month reached a record $325,450 surpassing our previous record set in July 2003. Refinances continue to be the primary driver of activity although we saw a noticeable shift towards purchases during the month.
Congratulations to American National Bank & Trust, National Bank, First Bank & Trust, Skyline National Bank, and Powell Valley National Bank for exceeding their YTD premium goal.
Net income was $55,620 on revenues of $322,448, both well ahead of budget. Net income and revenues are up 542% and 66% respectively for the year.
Our settlement team generated just over $100,000 in settlement fees for the second month in a row. This was the result of closing a record 223 transaction during the month. New settlement orders remained very strong at 244.
Although many banks have been busy processing PPP loans, commercial activity remains strong. Below is a breakdown of our top transactions for the month: