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First American Financial Reports First Quarter 2012 Results

18.05.12

Total revenues for the first quarter of 2012 were $966.8 million, an increase of 4 percent relative to the first quarter of 2011. Net income in the current quarter was $31.3 million, or 29 cents per diluted share, compared with a net loss of $15.3 million, or 15 cents per diluted share, in the first quarter of 2011. Last year's results included a $45.3 million reserve-strengthening adjustment in the company's Canadian operations, which is $27.2 million on an after-tax basis, or 26 cents per diluted share.

"The year is off to a good start," said Dennis J. Gilmore, chief executive officer at First American Financial Corporation. "Our efficient and scalable cost structure coupled with improved market conditions enabled us to deliver our best first-quarter title margin since 2006.

"First-quarter open orders were the strongest in three years, up 31 percent year-over-year, driven primarily by a significant increase in refinance activity and a modest but encouraging increase in resale transactions. Growth in our commercial business continued, with revenues up 21 percent compared with last year. While current market conditions and order volumes have clearly improved, we continue to maintain tight control on expenses.

Source: Sacramento Bee

FIRST AMERICAN FINANCIAL CORP : Patricia Hodgkin Named Vice President, Wealth ...

18.05.12

April 30, 2012, Santa Ana, Calif.,

First American Trust, FSB, a wholly owned subsidiary of First American Financial Corporation (NYSE:FAF), which provides investment management and trust and wealth planning services to high-net-worth individuals, families and foundations, announced today that it has named Patricia Hodgkin as vice president, wealth management advisor for its La Jolla, Calif., office.  

In this role, Hodgkin is responsible for identifying new high-net-worth clients and assisting them in reaching their financial goals through the development and implementation of investment, estate, gift planning and other wealth management strategies.

Before joining First American Trust, Hodgkin served as executive director of Mothers Against Drunk Driving for San Diego County. Prior to that, she was a planned giving consultant for Palomar Pomerado Health Foundation and a financial consultant for A.G. Edwards.

Source: 4-traders