Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 15, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,015 | |
Entity Registrant Name | INVESTORS TITLE CO | |
Entity Central Index Key | 720,858 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 2,000,255 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Investments in securities: | ||
Fixed maturities, available-for-sale, at fair value (amortized cost: 2015: $98,460,680; 2014: $104,421,050) | $ 101,686,777 | $ 109,048,290 |
Equity securities, available-for-sale, at fair value (cost: 2015: $24,495,731; 2014: $24,128,753) | 38,237,742 | 39,254,981 |
Short-term investments | 8,588,140 | 2,576,993 |
Other investments | 8,397,014 | 8,530,929 |
Total investments | 156,909,673 | 159,411,193 |
Cash and cash equivalents | 18,823,257 | 15,826,515 |
Premium and fees receivable | 9,380,604 | 8,544,183 |
Accrued interest and dividends | 1,039,031 | 1,063,837 |
Prepaid expenses and other assets | 7,925,283 | 7,732,677 |
Property, net | 6,121,707 | 5,460,805 |
Total Assets | 200,199,555 | 198,039,210 |
Liabilities: | ||
Reserves for claims | 38,125,000 | 36,677,000 |
Accounts payable and accrued liabilities | 16,900,157 | 18,290,819 |
Current income taxes payable | 423,908 | 92,192 |
Deferred income taxes, net | 5,091,797 | 5,415,493 |
Total liabilities | 60,540,862 | 60,475,504 |
Commitments and Contingencies | 0 | 0 |
Stockholders' Equity: | ||
Preferred stock (1,000,000 authorized shares; no shares issued) | 0 | 0 |
Common stock - no par value (10,000,000 authorized shares; 2,001,030 and 2,023,270 shares issued and outstanding 2015 and 2014, respectively, excluding 291,676 shares for 2015 and 2014 of common stock held by the Company's subsidiary) | 1 | 1 |
Retained earnings | 128,634,895 | 124,707,196 |
Accumulated other comprehensive income | 11,023,797 | 12,856,509 |
Total stockholders' equity | 139,658,693 | 137,563,706 |
Total Liabilities and Stockholders' Equity | $ 200,199,555 | $ 198,039,210 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) None in scaling factor is -9223372036854775296 | Jun. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Fixed maturities, available-for-sale, amortized cost | $ 98,460,680 | $ 104,421,050 |
Equity securities, available-for-sale, cost | $ 24,495,731 | $ 24,128,753 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, no par value | ||
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 2,001,030 | 2,023,270 |
Common stock, shares outstanding | 2,001,030 | 2,023,270 |
Common stock, held by Company's subsidiary | 291,676 | 291,676 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenues: | ||||
Net premiums written | $ 30,464,581 | $ 29,849,853 | $ 55,426,622 | $ 54,759,105 |
Investment income - interest and dividends | 1,131,487 | 1,039,435 | 2,309,526 | 2,065,851 |
Net realized gain on investments | 925,164 | 92,082 | 939,967 | 584,219 |
Other | 2,960,575 | 2,240,183 | 5,107,501 | 4,266,452 |
Total Revenues | 35,481,807 | 33,221,553 | 63,783,616 | 61,675,627 |
Operating Expenses: | ||||
Commissions to agents | 16,898,691 | 18,346,381 | 31,495,230 | 33,802,659 |
Provision for claims | 2,130,810 | 294,281 | 2,917,422 | 2,669,664 |
Salaries, employee benefits and payroll taxes | 6,866,632 | 6,454,930 | 14,144,081 | 12,640,691 |
Office occupancy and operations | 1,443,297 | 1,246,644 | 2,747,518 | 2,426,971 |
Business development | 578,194 | 511,763 | 1,065,169 | 1,029,657 |
Filing fees, franchise and local taxes | 221,098 | 225,343 | 437,741 | 414,943 |
Premium and retaliatory taxes | 634,747 | 546,091 | 1,111,338 | 840,565 |
Professional and contract labor fees | 680,483 | 666,909 | 1,264,590 | 1,354,967 |
Other | 241,358 | 250,167 | 444,906 | 459,951 |
Total Operating Expenses | 29,695,310 | 28,542,509 | 55,627,995 | 55,640,068 |
Income before Income Taxes | 5,786,497 | 4,679,044 | 8,155,621 | 6,035,559 |
Provision for Income Taxes | 1,666,000 | 1,281,000 | 2,309,000 | 1,652,000 |
Net Income | 4,120,497 | 3,398,044 | 5,846,621 | 4,383,559 |
Net Income Attributable to Redeemable Noncontrolling Interest | 0 | (24,446) | 0 | (23,523) |
Net Income Attributable to the Company | $ 4,120,497 | $ 3,373,598 | $ 5,846,621 | $ 4,360,036 |
Basic Earnings per Common Share | $ 2.06 | $ 1.66 | $ 2.91 | $ 2.14 |
Weighted Average Shares Outstanding – Basic | 2,004,698 | 2,034,931 | 2,008,718 | 2,036,047 |
Diluted Earnings per Common Share | $ 2.05 | $ 1.65 | $ 2.90 | $ 2.14 |
Weighted Average Shares Outstanding – Diluted | 2,009,495 | 2,039,202 | 2,013,878 | 2,041,268 |
Cash Dividends Paid per Common Share | $ 0.08 | $ 0.08 | $ 0.16 | $ 0.16 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 4,120,497 | $ 3,398,044 | $ 5,846,621 | $ 4,383,559 |
Other comprehensive income, before tax: | ||||
Amortization related to prior year service cost | 1,098 | 555 | 2,195 | 1,109 |
Amortization of unrecognized loss | 878 | 0 | 1,757 | 0 |
Unrealized (losses) gains on investments arising during the period | (2,152,262) | 2,208,475 | (1,864,497) | 2,984,115 |
Reclassification adjustment for sales of securities included in net income | (923,209) | (68,364) | (932,012) | (833,636) |
Reclassification adjustment for write-downs of securities included in net income | 11,149 | 0 | 11,149 | 0 |
Other comprehensive (loss) income, before tax | (3,062,346) | 2,140,666 | (2,781,408) | 2,151,588 |
Income tax expense related to postretirement health benefits | 672 | 189 | 1,344 | 377 |
Income tax (benefit) expense related to unrealized (losses) gains on investments arising during the year | (739,627) | 761,231 | (636,089) | 1,031,035 |
Income tax benefit related to reclassification adjustment for sales of securities included in net income | (314,742) | (23,213) | (317,751) | (285,750) |
Income tax expense related to reclassification adjustment for write-downs of securities included in net income | 3,800 | 0 | 3,800 | 0 |
Net income tax (benefit) expense on other comprehensive (loss) income | (1,049,897) | 738,207 | (948,696) | 745,662 |
Other comprehensive (loss) income | (2,012,449) | 1,402,459 | (1,832,712) | 1,405,926 |
Comprehensive Income | 2,108,048 | 4,800,503 | 4,013,909 | 5,789,485 |
Comprehensive income attributable to redeemable noncontrolling interest | 0 | (24,446) | 0 | (23,523) |
Comprehensive Income Attributable to the Company | $ 2,108,048 | $ 4,776,057 | $ 4,013,909 | $ 5,765,962 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) | Total | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income |
Balance, beginning of year at Dec. 31, 2013 | $ 128,062,154 | $ 1 | $ 116,714,749 | $ 11,347,404 |
Balance, beginning of year, shares at Dec. 31, 2013 | 2,037,135 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income attributable to the Company | 4,360,036 | 4,360,036 | ||
Dividends | (325,822) | (325,822) | ||
Shares of common stock repurchased and retired (in shares) | (8,823) | |||
Shares of common stock repurchased and retired | (584,121) | (584,121) | ||
Stock options and stock appreciation rights exercised (in shares) | 1,507 | |||
Stock options and stock appreciation rights exercised | 27,100 | 27,100 | ||
Share-based compensation expense | 55,083 | 55,083 | ||
Amortization related to postretirement health benefits | 732 | 732 | ||
Net unrealized gain on investments | 1,405,194 | 1,405,194 | ||
Temporary equity, interest resulting from subsidiary purchase | (114,320) | (114,320) | ||
Income tax benefit from share-based compensation | 15,999 | 15,999 | ||
Balance, end of year at Jun. 30, 2014 | 132,902,035 | $ 1 | 120,148,704 | 12,753,330 |
Balance, end of year, shares at Jun. 30, 2014 | 2,029,819 | |||
Balance, beginning of year at Dec. 31, 2013 | 128,062,154 | $ 1 | 116,714,749 | 11,347,404 |
Balance, beginning of year, shares at Dec. 31, 2013 | 2,037,135 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income attributable to the Company | 9,648,975 | |||
Temporary equity, interest resulting from subsidiary purchase | (114,320) | |||
Balance, end of year at Dec. 31, 2014 | 137,563,706 | $ 1 | 124,707,196 | 12,856,509 |
Balance, end of year, shares at Dec. 31, 2014 | 2,023,270 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income attributable to the Company | 5,846,621 | 5,846,621 | ||
Dividends | (321,117) | (321,117) | ||
Shares of common stock repurchased and retired (in shares) | (24,432) | |||
Shares of common stock repurchased and retired | (1,747,322) | (1,747,322) | ||
Stock options and stock appreciation rights exercised (in shares) | 2,192 | |||
Stock options and stock appreciation rights exercised | 54,988 | 54,988 | ||
Share-based compensation expense | 67,654 | 67,654 | ||
Amortization related to postretirement health benefits | 2,608 | 2,608 | ||
Net unrealized gain on investments | (1,835,320) | (1,835,320) | ||
Temporary equity, interest resulting from subsidiary purchase | 0 | |||
Income tax benefit from share-based compensation | 26,875 | 26,875 | ||
Balance, end of year at Jun. 30, 2015 | $ 139,658,693 | $ 1 | $ 128,634,895 | $ 11,023,797 |
Balance, end of year, shares at Jun. 30, 2015 | 2,001,030 |
Consolidated Statements Of Sto7
Consolidated Statements Of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.08 | $ 0.08 | $ 0.16 | $ 0.16 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating Activities | ||
Net income | $ 5,846,621 | $ 4,383,559 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation | 449,132 | 406,133 |
Amortization, net | 364,520 | 301,398 |
Amortization related to postretirement benefits obligation | 3,952 | 1,109 |
Share-based compensation expense related to stock options | 67,654 | 55,083 |
Net gain on the disposals of property | (18,114) | (1,900) |
Net realized gain on investments | (939,967) | (584,219) |
Net earnings from other investments | (1,209,585) | (684,781) |
Provision for claims | 2,917,422 | 2,669,664 |
Provision for deferred income taxes | 625,000 | 737,000 |
Changes in assets and liabilities: | ||
(Increase) decrease in receivables | (836,421) | 119,308 |
Increase in other assets | (202,641) | (1,003,088) |
Increase in current income taxes recoverable | 0 | (1,512,452) |
Decrease in accounts payable and accrued liabilities | (1,390,662) | (3,098,494) |
Increase in current income taxes payable | 331,716 | 0 |
Payments of claims, net of recoveries | (1,469,422) | (2,401,664) |
Net cash provided by (used in) operating activities | 4,539,205 | (613,344) |
Investing Activities | ||
Purchases of available-for-sale securities | (3,471,184) | (5,184,440) |
Purchases of short-term investments | (6,307,977) | (3,770,868) |
Purchases of other investments | (858,464) | (786,575) |
Proceeds from sales and maturities of available-for-sale securities | 9,655,760 | 6,319,047 |
Proceeds from sales and maturities of short-term investments | 296,830 | 2,001,533 |
Proceeds from sales and distributions of other investments | 2,201,964 | 494,365 |
Proceeds from sales of other assets | 19,104 | 26,233 |
Purchase of redeemable noncontrolling interest of subsidiary | 0 | (515,275) |
Purchases of property | (1,144,333) | (1,062,550) |
Proceeds from the sale of property | 52,413 | 1,900 |
Net cash provided by (used in) investing activities | 444,113 | (2,476,630) |
Financing Activities | ||
Repurchases of common stock | (1,747,322) | (584,121) |
Exercises of stock options and SARs | 54,988 | 27,100 |
Distributions to noncontrolling interest | 0 | (168,057) |
Excess tax benefits related to exercise of stock options and SARs | 26,875 | 15,999 |
Dividends paid | (321,117) | (325,822) |
Net cash used in financing activities | (1,986,576) | (1,034,901) |
Net Increase (Decrease) in Cash and Cash Equivalents | 2,996,742 | (4,124,875) |
Cash and Cash Equivalents, Beginning of Period | 15,826,515 | 23,626,761 |
Cash and Cash Equivalents, End of Period | 18,823,257 | 19,501,886 |
Cash Paid During the Year for: | ||
Income tax payments, net | 1,329,000 | 2,414,900 |
Non cash net unrealized loss (gain) on investments, net of deferred tax benefit (provision) of $950,040 and $(745,285) for 2015 and 2014, respectively | $ 1,835,320 | $ (1,405,194) |
Consolidated Statements Of Cas9
Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Cash Flows [Abstract] | ||
Non cash net unrealized gain on investments, deferred tax benefit (provision) | $ 950,040 | $ (745,285) |
Basis Of Presentation And Signi
Basis Of Presentation And Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis Of Presentation And Significant Accounting Policies | Basis of Presentation and Significant Accounting Policies Reference should be made to the “Notes to Consolidated Financial Statements” appearing in the Annual Report on Form 10-K for the year ended December 31, 2014 of Investors Title Company (the “Company”) for a complete description of the Company’s significant accounting policies. Principles of Consolidation – The accompanying unaudited Consolidated Financial Statements include the accounts and operations of Investors Title Company and its subsidiaries, and have been prepared in accordance with generally accepted accounting principles for interim financial information, with the instructions to Form 10-Q and with Article 10 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted. Earnings attributable to the Company's redeemable noncontrolling interest in a majority-owned insurance agency are recorded in the Consolidated Statements of Income. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments considered necessary for a fair presentation of the financial position, results of operations and cash flows of the Company in the accompanying unaudited Consolidated Financial Statements have been included. All such adjustments are of a normal recurring nature. Operating results for the quarter ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015 . Allowance for Doubtful Accounts – Company management continually evaluates the collectability of receivables and provides an allowance for doubtful accounts equal to estimated losses expected to be incurred in the collection of premiums and fees receivable. Use of Estimates and Assumptions – The preparation of the Company’s Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions used. Subsequent Events – The Company has concluded that there was a subsequent event related to an agency relationship. This is discussed further in Note 8. There were no other subsequent events requiring adjustment to or disclosure in the Consolidated Financial Statements. Recently Issued Accounting Standards – In February 2015, the Financial Accounting Standards Board (“FASB”) updated guidance to change the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments: modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs") or voting interest entities; eliminate the presumption that a general partner should consolidate a limited partnership; affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; and provide a scope exception from consolidation guidance for reporting entities that are required to comply with or operate in accordance with certain requirements similar to those for registered money market funds. For public entities, this update becomes effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. Early adoption is permitted. The Company is currently evaluating the impact that the recently issued accounting standard will have on the Company's financial position and results of operations but does not expect it to have a material impact. In May 2014, the FASB updated guidance to improve the comparability of revenue recognition practices for entities that either enter into contracts with customers to transfer goods or services or enter into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards such as insurance contracts or lease standards. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For public entities, this update originally became effective for interim and annual reporting periods beginning after December 15, 2016. In July 2015, the FASB approved a proposal to defer the effective date of the standard by one year. Early adoption is not permitted, although if the FASB proposal passes, public entities are permitted to elect to adopt the amendments on the original effective date. The Company is currently evaluating the impact that the recently issued accounting standard will have on the Company's financial position and results of operations but does not expect it to have a material impact. |
Reserves For Claims
Reserves For Claims | 6 Months Ended |
Jun. 30, 2015 | |
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] | |
Reserves For Claims | Reserves for Claims Transactions in the reserves for claims for the six months ended June 30, 2015 and the year ended December 31, 2014 are summarized as follows: June 30, 2015 December 31, 2014 Balance, beginning of period $ 36,677,000 $ 35,360,000 Provision, charged to operations 2,917,422 5,229,716 Payments of claims, net of recoveries (1,469,422 ) (3,912,716 ) Ending balance $ 38,125,000 $ 36,677,000 The total reserve for all reported and unreported losses the Company incurred through June 30, 2015 is represented by the reserves for claims. The Company's reserves for unpaid losses and loss adjustment expenses are established using estimated amounts required to settle claims for which notice has been received (reported) and the amount estimated to be required to satisfy claims that have been incurred but not yet reported (“IBNR”). Despite the variability of such estimates, management believes that the reserves are adequate to cover claim losses which might result from pending and future claims under title insurance policies issued through June 30, 2015 . Management continually reviews and adjusts its reserve estimates to reflect its loss experience and any new information that becomes available. Adjustments resulting from such reviews may be significant. A summary of the Company’s loss reserves, broken down into its components of known title claims and IBNR, follows: June 30, 2015 % December 31, 2014 % Known title claims $ 5,692,307 14.9 $ 5,364,645 14.6 IBNR 32,432,693 85.1 31,312,355 85.4 Total loss reserves $ 38,125,000 100.0 $ 36,677,000 100.0 Claims and losses paid are charged to the reserves for claims. Although claims losses are typically paid in cash, occasionally claims are settled by purchasing the interest of the insured or the claimant in the real property. When this event occurs, the Company carries assets at the lower of cost or estimated realizable value, net of any indebtedness on the property. |
Earnings Per Common Share And S
Earnings Per Common Share And Share Awards | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share And Share Awards | Earnings Per Common Share and Share Awards Basic earnings per common share is computed by dividing net income attributable to the Company by the weighted average number of common shares outstanding during the reporting period. Diluted earnings per common share is computed by dividing net income attributable to the Company by the combination of dilutive potential common stock, comprised of shares issuable under the Company’s share-based compensation plans and the weighted average number of common shares outstanding during the reporting period. Dilutive common share equivalents include the dilutive effect of in-the-money share-based awards, which are calculated based on the average share price for each period using the treasury stock method. Under the treasury stock method, when share-based awards are exercised, (a) the exercise price of a share-based award; (b) the amount of compensation cost, if any, for future services that the Company has not yet recognized; and (c) the amount of estimated tax benefits that would be recorded in retained earnings, if any, are assumed to be used to repurchase shares in the current period. The number of incremental dilutive potential common shares, calculated using the treasury stock method, was 4,797 and 4,271 for the three months ended June 30, 2015 and 2014 , respectively, and 5,160 and 5,221 for the six months ended June 30, 2015 and 2014 , respectively. The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended June 30 : Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net income attributable to the Company $ 4,120,497 $ 3,373,598 $ 5,846,621 $ 4,360,036 Weighted average common shares outstanding – Basic 2,004,698 2,034,931 2,008,718 2,036,047 Incremental shares outstanding assuming the exercise of dilutive stock options and SARs (share-settled) 4,797 4,271 5,160 5,221 Weighted average common shares outstanding – Diluted 2,009,495 2,039,202 2,013,878 2,041,268 Basic earnings per common share $ 2.06 $ 1.66 $ 2.91 $ 2.14 Diluted earnings per common share $ 2.05 $ 1.65 $ 2.90 $ 2.14 There were 4,500 and 3,000 potential shares excluded from the computation of diluted earnings per share for the three months ended June 30, 2015 and 2014 , respectively. There were 4,500 and no potential shares excluded from the computation of diluted earnings per share for the six months ended June 30, 2015 and 2014 , respectively. These potential shares were anti-dilutive because the underlying share awards had strike prices that exceeded the fair market value. The Company has adopted employee stock award plans under which restricted stock, and options or stock appreciation rights ("SARs") to acquire shares (not to exceed 500,000 shares) of the Company's stock, may be granted to key employees or directors of the Company at a price not less than the market value on the date of grant. SARs and options (which have predominantly been incentive stock options) awarded under the plans thus far generally expire in five to ten years from the date of grant and are exercisable and vest: immediately; within one year ; or at 10% to 20% per year beginning on the date of grant. All SARs issued to date have been share-settled only. A summary of share-based award transactions for all share-based award plans follows: Number Of Shares Weighted Average Exercise Price Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding as of January 1, 2014 19,000 $ 45.74 3.43 $ 669,610 SARs granted 4,500 68.70 SARs exercised (1,500 ) 49.04 Options exercised (1,000 ) 27.21 Options/SARs canceled/forfeited/expired — — Outstanding as of December 31, 2014 21,000 $ 51.30 3.64 $ 453,510 SARs granted 4,500 73.00 SARs exercised (2,000 ) 47.88 Options exercised (1,500 ) 36.79 Options/SARs canceled/forfeited/expired — — Outstanding as of June 30, 2015 22,000 $ 57.04 4.43 $ 316,230 Exercisable as of June 30, 2015 18,625 $ 54.15 3.99 $ 316,230 Unvested as of June 30, 2015 3,375 $ 73.00 6.89 $ — During the second quarters of both 2015 and 2014 , the Company issued a total of 4,500 share-settled SARs to the directors of the Company. SARs give the holder the right to receive stock equal to the appreciation in the value of shares of stock from the grant date for a specified period of time, and as a result, are accounted for as equity instruments. The fair value of each award is estimated on the date of grant using the Black-Scholes option valuation model with the weighted average assumptions noted in the table shown below. Expected volatilities are based on both the implied and historical volatility of the Company's stock. The Company uses historical data to project SAR exercises and pre-exercise forfeitures within the valuation model. The expected term of awards represents the period of time that SARs granted are expected to be outstanding. The interest rate assumed for the expected life of the award is based on the U.S. Treasury yield curve at the time of the grant. The weighted average fair values for the SARs issued during 2015 and 2014 were $31.16 and $28.98 , respectively. The weighted average fair values for SARs issued during 2015 and 2014 were estimated using the weighted average assumptions shown in the table below: 2015 2014 Expected life in years 7.0 6.9 Volatility 40.7 % 39.9 % Interest rate 2.0 % 2.1 % Yield rate 0.4 % 0.4 % There was approximately $68,000 and $55,000 of compensation expense relating to SARs or options vesting on or before June 30, 2015 and 2014 , respectively, included in salaries, employee benefits and payroll taxes in the Consolidated Statements of Income. As of June 30, 2015 , there was approximately $105,000 of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under the Company’s stock award plans. That cost is expected to be recognized over a period of approximately 6 months based on weighted average durations. There have been no stock options or SARs granted where the exercise price was less than the market price on the date of grant. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company has one reportable segment, title insurance services. The remaining immaterial segments have been combined into a group called “All Other.” The title insurance segment primarily issues title insurance policies through approved attorneys from underwriting offices and through independent issuing agents. Title insurance policies insure titles to real estate. Provided below is selected financial information about the Company's operations by segment for the periods ended June 30, 2015 and 2014 : Three Months Ended June 30, 2015 Title Insurance All Other Intersegment Eliminations Total Insurance and other services revenues $ 32,245,905 $ 1,655,359 $ (476,108 ) $ 33,425,156 Investment income 1,010,243 144,578 (23,334 ) 1,131,487 Net realized gain on investments 899,588 25,576 — 925,164 Total revenues $ 34,155,736 $ 1,825,513 $ (499,442 ) $ 35,481,807 Operating expenses 28,614,932 1,539,065 (458,687 ) 29,695,310 Income before income taxes $ 5,540,804 $ 286,448 $ (40,755 ) $ 5,786,497 Total assets $ 156,308,663 $ 43,890,892 $ — $ 200,199,555 Three Months Ended June 30, 2014 Title All Intersegment Total Insurance and other services revenues $ 31,068,218 $ 1,447,431 $ (425,613 ) $ 32,090,036 Investment income 937,692 125,077 (23,334 ) 1,039,435 Net realized gain (loss) on investments 92,920 (838 ) — 92,082 Total revenues $ 32,098,830 $ 1,571,670 $ (448,947 ) $ 33,221,553 Operating expenses 27,590,537 1,360,164 (408,192 ) 28,542,509 Income before income taxes $ 4,508,293 $ 211,506 $ (40,755 ) $ 4,679,044 Total assets $ 148,524,746 $ 42,727,628 $ — $ 191,252,374 Six Months Ended June 30, 2015 Title Insurance All Other Intersegment Eliminations Total Insurance and other services revenues $ 58,241,430 $ 3,119,516 $ (826,823 ) $ 60,534,123 Investment income 2,061,018 295,176 (46,668 ) 2,309,526 Net realized gain on investments 913,967 26,000 — 939,967 Total revenues $ 61,216,415 $ 3,440,692 $ (873,491 ) $ 63,783,616 Operating expenses 53,212,403 3,207,573 (791,981 ) 55,627,995 Income before income taxes $ 8,004,012 $ 233,119 $ (81,510 ) $ 8,155,621 Total assets $ 156,308,663 $ 43,890,892 $ — $ 200,199,555 Six Months Ended June 30, 2014 Title Insurance All Other Intersegment Eliminations Total Insurance and other services revenues $ 56,875,668 $ 2,900,732 $ (750,843 ) $ 59,025,557 Investment income 1,866,204 246,315 (46,668 ) 2,065,851 Net realized gain on investments 530,528 53,691 — 584,219 Total revenues $ 59,272,400 $ 3,200,738 $ (797,511 ) $ 61,675,627 Operating expenses 53,315,465 3,040,604 (716,001 ) 55,640,068 Income before income taxes $ 5,956,935 $ 160,134 $ (81,510 ) $ 6,035,559 Total assets $ 148,524,746 $ 42,727,628 $ — $ 191,252,374 |
Retirement Agreements And Other
Retirement Agreements And Other Postretirement Benefits | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Agreements And Other Postretirement Benefits | Retirement Agreements and Other Postretirement Benefits The Company’s subsidiary, Investors Title Insurance Company ("ITIC"), is party to employment agreements with key executives that provide for the continuation of certain employee benefits and other payments due under the agreements upon retirement estimated to total $7,662,000 and $7,111,000 as of June 30, 2015 and December 31, 2014 , respectively. The executive employee benefits include health insurance, dental, vision and life insurance and are unfunded. These amounts are classified as accounts payable and accrued liabilities in the Consolidated Balance Sheets. The following sets forth the net periodic benefits cost for the executive benefits for the periods ended June 30, 2015 and 2014 : Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Service cost – benefits earned during the year $ 4,187 $ 3,667 $ 8,374 $ 7,334 Interest cost on the projected benefit obligation 7,693 7,618 15,386 15,236 Amortization of unrecognized prior service cost 1,098 555 2,195 1,109 Amortization of unrecognized losses 878 — 1,757 — Net periodic benefits costs $ 13,856 $ 11,840 $ 27,712 $ 23,679 |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair Value Measurement Valuation of Financial Assets and Liabilities The FASB has established a valuation hierarchy for disclosure of the inputs used to measure fair value of financial assets and liabilities, such as securities. This hierarchy categorizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value. A financial instrument’s classification within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement – consequently, if there are multiple significant valuation inputs that are categorized in different levels of the hierarchy, the instrument’s hierarchy level is the lowest level (with Level 3 being the lowest level) within which any significant input falls. Debt and Equity Securities The Level 1 category includes equity securities that are measured at fair value using quoted active market prices. The Level 2 category includes fixed maturity investments such as corporate bonds, U.S. government and agency bonds and municipal bonds. Fair value is principally based on market values obtained from a third party pricing service. Factors that are used in determining fair market value include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data. The Company receives one quote per security from a third party pricing service, although as discussed below, the Company does consult other pricing resources when confirming that the prices it obtains reflect the fair values of the instruments in accordance with Accounting Standards Codification (“ASC”) 820 , Fair Value Measurements and Disclosures . Generally, quotes obtained from the pricing service for instruments classified as Level 2 are not adjusted and are not binding. As of June 30, 2015 and December 31, 2014 , the Company did not adjust any Level 2 fair values. A number of the Company’s investment grade corporate bonds are frequently traded in active markets, and trading prices are consequently available for these securities. However, these securities are classified as Level 2 because the pricing service from which the Company has obtained fair values for these instruments uses valuation models which use observable market inputs in addition to trading prices. Substantially all of the input assumptions used in the service’s model are observable in the marketplace or can be derived or supported by observable market data. The Level 3 category only includes the Company’s investments in student loan auction rate securities (“ARS”) because quoted prices are unavailable due to the failure of auctions. The Company’s ARS portfolio is comprised entirely of investment grade student loan ARS. The par value of these securities was $1,000,000 as of June 30, 2015 and December 31, 2014, with approximately 97.0% as of June 30, 2015 and December 31, 2014 , guaranteed by the U.S. Department of Education. Some of the inputs to ARS valuation are unobservable in the market and are significant – therefore, the Company utilizes another third party pricing service to assist in the determination of the fair market value of these securities. This service uses a proprietary valuation model that considers factors such as the following: the financial standing of the issuer; reported prices and the extent of public trading in similar financial instruments of the issuer or comparable companies; the ability of the issuer to obtain required financing; changes in the economic conditions affecting the issuer; pricing by other dealers in similar securities; time to maturity; and interest rates. The following table summarizes some key assumptions the service used to determine fair value as of June 30, 2015 and December 31, 2014 : 2015 2014 Cumulative probability of earning maximum rate until maturity —% —% Cumulative probability of principal returned prior to maturity 95.2% 95.2% Cumulative probability of default at some future point 4.8% 4.8% Significant increases or decreases in any of the inputs in isolation could result in significant changes to the fair value measurement. Generally, increases in default probabilities and liquidity risk premiums lower the fair market value while increases in principal being returned and earning maximum rates increase fair market values. Based upon these inputs and assumptions, the pricing service provides a range of values to the Company for its ARS. The Company records the fair value based on the midpoint of the range and believes that this valuation is the most reasonable estimate of fair value. In 2015 and 2014 , the difference in the low and high values of the ranges was approximately one to four percent of the carrying value of the Company’s ARS. The following table presents, by level, the financial assets carried at fair value measured on a recurring basis as of June 30, 2015 and December 31, 2014 . The table does not include cash on hand and also does not include assets which are measured at historical cost or any basis other than fair value. Level 3 assets are comprised solely of ARS. As of June 30, 2015 Level 1 Level 2 Level 3 Total Short-term investments $ 8,588,140 $ — $ — $ 8,588,140 Equity securities: Common stock 38,237,742 — — 38,237,742 Fixed maturities: Obligations of U.S. states, territories and political subdivisions* — 81,083,904 — 81,083,904 Corporate debt securities* — 19,661,673 941,200 20,602,873 Total $ 46,825,882 $ 100,745,577 $ 941,200 $ 148,512,659 As of December 31, 2014 Level 1 Level 2 Level 3 Total Short-term investments $ 2,576,993 $ — $ — $ 2,576,993 Equity securities: Common stock and nonredeemable preferred stock 39,254,981 — — 39,254,981 Fixed maturities: Obligations of U.S. states, territories and political subdivisions* — 85,780,755 — 85,780,755 Corporate debt securities* — 22,328,435 939,100 23,267,535 Total $ 41,831,974 $ 108,109,190 $ 939,100 $ 150,880,264 *Denotes fair market value obtained from pricing services. There were no transfers into or out of Levels 1, 2 or 3 during the period. To help ensure that fair value determinations are consistent with FASB ASC 820, prices from our pricing services go through multiple review processes to ensure appropriate pricing. Pricing procedures and inputs used to price each security include, but are not limited to, the following: unadjusted quoted market prices for identical securities such as stock market closing prices; non-binding quoted prices for identical securities in markets that are not active; interest rates; yield curves observable at commonly quoted intervals; volatility; prepayment speeds; loss severity; credit risks and default rates. The Company reviews the procedures and inputs used by its pricing services and verifies a sample of the services’ quotes by comparing them to values obtained from other pricing resources. In the event the Company disagrees with a price provided by its pricing services, the respective service reevaluates the price to corroborate the market information and then reviews inputs to the evaluation in light of potentially new market data. The Company believes that these processes and inputs result in appropriate classifications and fair values consistent with ASC 820. Other Financial Instruments The Company uses various financial instruments in the normal course of its business. In the measurement of the fair value of certain financial instruments, other valuation techniques were utilized if quoted market prices were not available. These derived fair value estimates are significantly affected by the assumptions used. Additionally, ASC 820 excludes from its scope certain financial instruments, including those related to insurance contracts, pension and other postretirement benefits, and equity method investments. In estimating the fair value of the financial instruments presented, the Company used the following methods and assumptions: Cash and cash equivalents The carrying amount for cash and cash equivalents is a reasonable estimate of fair value due to the short-term maturity of these investments. Cost-basis investments The estimated fair value of cost-basis investments is calculated from the book value of the underlying entities, which is not materially different from the fair value of the underlying entity. These items are included in other investments in the Consolidated Balance Sheets. Accrued dividends and interest The carrying amount for accrued dividends and interest is a reasonable estimate of fair value due to the short-term maturity of these assets. The carrying amounts and fair values of these financial instruments (please note investments are disclosed in a previous table) as of June 30, 2015 and December 31, 2014 are presented in the following table: As of June 30, 2015 Carrying Value Estimated Fair Value Level 1 Level 2 Level 3 Financial assets: Cash $ 18,823,257 $ 18,823,257 $ 18,823,257 $ — $ — Cost-basis investments 2,574,394 2,972,786 — — 2,972,786 Accrued dividends and interest 1,039,031 1,039,031 1,039,031 — — Total $ 22,436,682 $ 22,835,074 $ 19,862,288 $ — $ 2,972,786 As of December 31, 2014 Carrying Value Estimated Fair Value Level 1 Level 2 Level 3 Financial assets: Cash $ 15,826,515 $ 15,826,515 $ 15,826,515 $ — $ — Cost-basis investments 2,516,608 2,675,817 — — 2,675,817 Accrued dividends and interest 1,063,837 1,063,837 1,063,837 — — Total $ 19,406,960 $ 19,566,169 $ 16,890,352 $ — $ 2,675,817 The following table presents a reconciliation of the Company’s assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3), which are all ARS securities, for the period ended June 30, 2015 and the year ended December 31, 2014 : Changes in fair value during the period ended: 2015 2014 Beginning balance at January 1 $ 939,100 $ 935,700 Redemptions and sales — — Realized gain – included in net realized gain on investments — — Unrealized gain - included in other comprehensive income 2,100 3,400 Ending balance, net $ 941,200 $ 939,100 Certain cost-basis investments are measured at estimated fair value on a non-recurring basis, such as investments that are determined to be other-than temporarily impaired during the period and recorded at estimated fair value in the Consolidated Financial Statements as of June 30, 2015 and December 31, 2014 . The following table summarizes the corresponding estimated fair value hierarchy of such investments at June 30, 2015 and December 31, 2014 and the related impairments recognized: As of June 30, 2015 Valuation Method Impaired Level 1 Level 2 Level 3 Total at Estimated Fair Value Impairment Losses Cost-basis investments Fair Value Yes $ — $ — $ — $ — $ — Total cost-basis investments $ — $ — $ — $ — $ — As of December 31, 2014 Valuation Method Impaired Level 1 Level 2 Level 3 Total at Estimated Fair Value Impairment Losses Cost-basis investments Fair Value Yes $ — $ — $ 22,682 $ 22,682 $ (10,062 ) Total cost-basis investments $ — $ — $ 22,682 $ 22,682 $ (10,062 ) |
Investments In Securities
Investments In Securities | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments In Securities | Investments in Securities The aggregate estimated fair value, gross unrealized holding gains, gross unrealized holding losses and cost or amortized cost for securities by major security type are as follows: As of June 30, 2015 Amortized Cost Gross Gains Gross Unrealized Losses Estimated Fair Value Fixed maturities, available-for-sale, at fair value: General obligations of U.S. states, territories and political subdivisions $ 31,548,653 $ 1,091,029 $ 93,303 $ 32,546,379 Issuer obligations of U.S. states, territories and political subdivisions special revenue 46,920,424 1,870,286 253,185 48,537,525 Corporate debt securities 19,068,255 635,520 42,102 19,661,673 Auction rate securities 923,348 17,852 — 941,200 Total $ 98,460,680 $ 3,614,687 $ 388,590 $ 101,686,777 Equity securities, available-for-sale, at fair value: Common stocks $ 24,495,731 $ 13,971,118 $ 229,107 $ 38,237,742 Total $ 24,495,731 $ 13,971,118 $ 229,107 $ 38,237,742 Short-term investments: Money market funds and certificates of deposit $ 8,588,140 $ — $ — $ 8,588,140 Total $ 8,588,140 $ — $ — $ 8,588,140 As of December 31, 2014 Amortized Cost Gross Gains Gross Unrealized Losses Estimated Fair Value Fixed maturities, available-for-sale, at fair value: General obligations of U.S. states, territories and political subdivisions $ 35,215,247 $ 1,527,794 $ 19,542 $ 36,723,499 Issuer obligations of U.S. states, territories and political subdivisions special revenue 46,707,033 2,405,725 55,502 49,057,256 Corporate debt securities 21,576,641 823,133 71,339 22,328,435 Auction rate securities 922,129 16,971 — 939,100 Total $ 104,421,050 $ 4,773,623 $ 146,383 $ 109,048,290 Equity securities, available-for-sale, at fair value: Common stocks and nonredeemable preferred stocks $ 24,128,753 $ 15,225,459 $ 99,231 $ 39,254,981 Total $ 24,128,753 $ 15,225,459 $ 99,231 $ 39,254,981 Short-term investments: Money market funds and certificates of deposit $ 2,576,993 $ — $ — $ 2,576,993 Total $ 2,576,993 $ — $ — $ 2,576,993 The special revenue category for both periods presented includes at least 50 individual bonds with revenue sources from a variety of industry sectors. The scheduled maturities of fixed maturity securities at June 30, 2015 were as follows: Available-for-Sale Amortized Cost Fair Value Due in one year or less $ 11,016,521 $ 11,138,998 Due after one year through five years 49,478,289 51,653,942 Due five years through ten years 35,820,980 36,308,071 Due after ten years 2,144,890 2,585,766 Total $ 98,460,680 $ 101,686,777 Realized gains and losses on investments for the six months ended June 30 are summarized as follows: 2015 2014 Gross realized gains: Corporate debt securities $ 999 $ — Common stocks and nonredeemable preferred stocks 944,564 891,955 Total $ 945,563 $ 891,955 Gross realized losses: General obligations of U.S. states, territories and political subdivisions $ (12,319 ) $ — Issuer obligations of U.S. states, territories and political subdivisions special revenue (398 ) — Common stocks and nonredeemable preferred stocks (834 ) (58,319 ) Impairments of debt and equity securities (11,149 ) — Total $ (24,700 ) $ (58,319 ) Net realized gain from securities $ 920,863 $ 833,636 Net realized (losses) gains on other investments: Impairments of other investments $ — $ (10,062 ) Gains on other investments 19,104 26,234 Losses on other investments — (265,589 ) Total $ 19,104 $ (249,417 ) Net realized gain on investments $ 939,967 $ 584,219 Realized gains and losses are determined on the specific identification method. The following table presents the gross unrealized losses on investment securities and the fair value of the securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at June 30, 2015 and December 31, 2014 : Less than 12 Months 12 Months or Longer Total As of June 30, 2015 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses General obligations of U.S. states, territories and political subdivisions $ 4,054,855 $ (93,303 ) $ — $ — $ 4,054,855 $ (93,303 ) Issuer obligations of U.S. states, territories and political subdivisions special revenue 11,421,246 (225,274 ) 1,186,944 (27,911 ) 12,608,190 (253,185 ) Corporate debt securities 5,953,050 (42,102 ) — — 5,953,050 (42,102 ) Total fixed income securities $ 21,429,151 $ (360,679 ) $ 1,186,944 $ (27,911 ) $ 22,616,095 $ (388,590 ) Equity securities $ 3,452,170 $ (181,871 ) $ 139,365 $ (47,236 ) $ 3,591,535 $ (229,107 ) Total temporarily impaired securities $ 24,881,321 $ (542,550 ) $ 1,326,309 $ (75,147 ) $ 26,207,630 $ (617,697 ) Less than 12 Months 12 Months or Longer Total As of December 31, 2014 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses General obligations of U.S. states, territories and political subdivisions $ 2,113,194 $ (19,542 ) $ — $ — $ 2,113,194 $ (19,542 ) Issuer obligations of U.S. states, territories and political subdivisions special revenue 3,946,977 (13,453 ) 1,182,390 (42,049 ) 5,129,367 (55,502 ) Corporate debt securities 6,924,430 (71,339 ) — — 6,924,430 (71,339 ) Total fixed income securities $ 12,984,601 $ (104,334 ) $ 1,182,390 $ (42,049 ) $ 14,166,991 $ (146,383 ) Equity securities $ 930,208 $ (71,669 ) $ 141,280 $ (27,562 ) $ 1,071,488 $ (99,231 ) Total temporarily impaired securities $ 13,914,809 $ (176,003 ) $ 1,323,670 $ (69,611 ) $ 15,238,479 $ (245,614 ) As of June 30, 2015 , the Company held $22,616,095 in fixed maturity securities with unrealized losses of $388,590 . As of December 31, 2014 , the Company held $14,166,991 in fixed maturity securities with unrealized losses of $146,383 . The decline in fair value of the fixed maturity securities can be attributed primarily to changes in market interest rates and changes in credit spreads over Treasury securities. Because the Company does not have the intent to sell these securities and will likely not be compelled to sell them before it can recover its cost basis, the Company does not consider these investments to be other-than-temporarily impaired. As of June 30, 2015 , the Company held $3,591,535 in equity securities with unrealized losses of $229,107 . As of December 31, 2014 , the Company held $1,071,488 in equity securities with unrealized losses of $99,231 . The unrealized losses related to holdings of equity securities were caused by market changes that the Company considers to be temporary. Since the Company has the intent and ability to hold these equity securities until a recovery of fair value, the Company does not consider these investments other-than-temporarily impaired. Factors considered in determining whether a loss is temporary include the length of time and extent to which fair value has been below cost, the financial condition and prospects of the issuer (including credit ratings and analyst reports) and macro-economic changes. A total of 39 and 25 securities had unrealized losses at June 30, 2015 and December 31, 2014 , respectively. Reviews of the values of securities are inherently uncertain and the value of the investment may not fully recover, or may decline in future periods resulting in a realized loss. The Company recorded other-than-temporary impairment charges in the amount of $11,149 for securities for the six months ended June 30, 2015 and no other-than-temporary impairment charges for securities for the six months ended June 30, 2014. Other-than-temporary impairment charges are included in net realized gain on investments in the Consolidated Statements of Income. |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments and Contingencies Legal Proceedings – The Company and its subsidiaries are involved in legal proceedings that are incidental to their business. In the Company’s opinion, based on the present status of these proceedings, any potential liability of the Company or its subsidiaries with respect to these legal proceedings, will not, in the aggregate, be material to the Company’s consolidated financial condition or operations. Regulation – The Company’s title insurance and trust subsidiaries are regulated by various federal, state and local governmental agencies and are subject to various audits and inquiries. It is the opinion of management based on its present expectations that these audits and inquiries will not have a material impact on the Company’s consolidated financial condition or operations. Escrow and Trust Deposits – As a service to its customers, the Company, through ITIC, administers escrow and trust deposits representing earnest money received under real estate contracts, undisbursed amounts received for settlement of mortgage loans and indemnities against specific title risks. These amounts are not considered assets of the Company and, therefore, are excluded from the accompanying Consolidated Balance Sheets. However, the Company remains contingently liable for the disposition of these deposits. Like-Kind Exchanges Proceeds – In administering tax-deferred property exchanges, the Company’s subsidiary, Investors Title Exchange Corporation (“ITEC”), serves as a qualified intermediary for exchanges, holding the net sales proceeds from relinquished property to be used for purchase of replacement property. Another Company subsidiary, Investors Title Accommodation Corporation (“ITAC”), serves as exchange accommodation titleholder and, through limited liability companies that are wholly owned subsidiaries of ITAC, holds property for exchangers in reverse exchange transactions. Like-kind exchange deposits and reverse exchange property totaled approximately $126,373,000 and $82,477,000 as of June 30, 2015 and December 31, 2014 , respectively. These amounts are not considered assets of the Company and, therefore, are excluded from the accompanying Consolidated Balance Sheets; however, the Company remains contingently liable for the disposition of the transfers of property, disbursements of proceeds and the return on the proceeds at the agreed upon rate. Exchange services revenues include earnings on these deposits; therefore, investment income is shown as other revenue rather than investment income. These like-kind exchange funds are primarily invested in money market and other short-term investments. Agency Relationship – On July 1, 2015, Title Resource Group LLC's wholly owned subsidiary, title insurer Texas American Title Company, acquired the assets of ITCOA, LLC, which does business throughout Texas as Independence Title. For the six months ended June 30, 2015 and the twelve months ended December 31, 2014 and 2013 , Independence Title originated 16.0% , 23.6% and 16.4% , respectively, of the net premiums written for the Company. The Company expects Independence Title will maintain an underwriting relationship with the Company; however, the Company cannot quantify the effect Texas American Title Company’s acquisition of Independence Title may have on the Company’s premium revenues or results of operations. Any reduction in premiums would be largely offset by related reductions in commissions, premium and income taxes, the provision for claims and other operating expenses. The Company did not have any ownership interest in Independence Title before or after the July 1, 2015 acquisition. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Company does business with, and has investments in, unconsolidated limited liability companies that are primarily title insurance agencies. The Company utilizes the equity method to account for its investment in these limited liability companies. The following table sets forth the approximate values by year found within each financial statement classification: Financial Statement Classification, As of June 30, 2015 As of December 31, 2014 Consolidated Balance Sheets Other investments $ 5,823,000 $ 6,014,000 Premiums and fees receivable $ 903,000 $ 666,000 For the Three Months Ended For the Six Months Ended Consolidated Statements of Income 2015 2014 2015 2014 Net premiums written $ 3,929,000 $ 3,270,000 $ 6,985,000 $ 5,561,000 Other income $ 1,111,000 $ 627,000 $ 1,514,000 $ 976,000 Commissions to agents $ 2,718,000 $ 2,094,000 $ 4,850,000 $ 3,771,000 |
Acquisition
Acquisition | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisition | Acquisition In January 2012 , a subsidiary of the Company, ITIC, entered into a membership interest purchase and sale agreement under which it agreed to acquire a majority ownership interest of United Title Agency Co., LLC (“United”). United, a Michigan limited liability company, is an insurance agency doing business in the State of Michigan. On April 2, 2012 , ITIC purchased a 70% ownership interest in United, with both ITIC and the seller having the option to require ITIC to purchase the remaining 30% interest at a later date. The contingent payment arrangement required that the purchase price for the 70% majority interest in United was to be paid over a two year period and was determined by multiplying United’s actual GAAP net income for the first full 24 calendar months subsequent to closing by an agreed upon factor. In no event was the purchase price for the majority interest to exceed $1,041,250 . The acquisition date fair value of the total consideration to be transferred was $1,041,250 . This fair value total was equal to $350,000 ITIC had already paid toward the purchase price, as well as $691,250 in estimated contingent payments. During the second quarter of 2013, ITIC paid an additional $350,000 toward the purchase price. During the second quarter of 2014, ITIC paid the remaining $341,250 of the purchase price. As a result, no contingent payments were included on the Consolidated Balance Sheets as of June 30, 2015 and December 31, 2014 . On May 21, 2014 , ITIC purchased the remaining 30% ownership interest in United, making United a wholly owned subsidiary of ITIC. The purchase price of the redeemable noncontrolling interest was calculated by multiplying United’s GAAP net income for the full 24 calendar months immediately preceding the written notice of the option exercise by an agreed upon factor. The calculated purchase price of $515,275 was paid during the second quarter of 2014. The following table provides the effects of changes in ITIC's ownership interest in United, and the resulting impact on the Company's equity: June 30, 2015 December 31, 2014 Net income attributable to the Company $ 5,846,621 $ 9,648,975 Transfers from the redeemable controlling interest: Decrease in paid-in capital for purchase of redeemable noncontrolling interest — (114,320 ) Net transfers from noncontrolling interest — (114,320 ) Change from net income attributable to the Company and transfers from redeemable noncontrolling interest $ 5,846,621 $ 9,534,655 As certain provisions of the membership interest purchase and sale agreement placed the acquisition of the remaining 30% of United by ITIC out of ITIC’s control, the noncontrolling interest in United was deemed redeemable. The redeemable noncontrolling interest was presented outside of permanent equity, as redeemable equity in the Consolidated Balance Sheets. On the acquisition date, the fair value of the redeemable noncontrolling interest was $446,250 . The fair value of the redeemable noncontrolling interest was based on the noncontrolling interest’s share of the value of net assets. The following table provides a reconciliation of total redeemable equity for the periods ended June 30, 2015 and December 31, 2014 : Changes in carrying value during the period ended: June 30, 2015 December 31, 2014 Beginning balance at January 1 $ — $ 545,489 Net income attributable to redeemable noncontrolling interest — 23,523 Distributions to noncontrolling interest — (168,057 ) Redeemable noncontrolling interest resulting from subsidiary purchase — (515,275 ) Adjustment to retained earnings for purchase of noncontrolling interest — 114,320 Balance, net $ — $ — Fair valuation methods used for the identifiable tangible net assets acquired in the acquisition make use of discounted cash flows using current interest rates. The fair value of identifiable net tangible assets at the acquisition date was $5,600 . Identifiable assets acquired included cash and fixed assets. Liabilities assumed consisted of notes payable. The transaction was accounted for using the acquisition method required by ASC 805, Business Combinations . Accordingly, the Company recognized the required identifiable intangible assets of United. There was no goodwill recorded as a result of the acquisition. The fair values of intangible assets, all Level 3 inputs, are principally based on values obtained from a third party valuation service. At acquisition, intangible assets included $645,685 relating to a non-compete contract resulting from the acquisition and $836,215 from referral relationships. The non-compete contract is being amortized over a 10 -year period using the straight-line method, starting at a future date when the related employment agreement is terminated. The referral relationships are being amortized over a 12 -year period using the straight-line method. At June 30, 2015 and December 31, 2014 , accumulated amortization of intangible assets was $226,473 and $191,631 , respectively. Net intangible assets of $1,255,427 and $1,290,269 are categorized as prepaid expenses and other assets in the Consolidated Balance Sheets as of June 30, 2015 and December 31, 2014 . In accordance with ASC 350, Intangibles – Goodwill and Other , management determined that no events or changes in circumstances occurred that would indicate the carrying amount may not be recoverable, and therefore determined that the intangible assets assigned to United were not impaired at June 30, 2015 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2015 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The following tables provide changes in the balances of each component of accumulated other comprehensive income, net of tax, for the periods ended June 30, 2015 and 2014 : Three Months Ended June 30, 2015 Unrealized Gains and Losses On Available-for-Sale Securities Postretirement Benefits Plans Total Beginning balance at April 1 $ 13,112,930 $ (76,684 ) $ 13,036,246 Other comprehensive loss before reclassifications (1,412,635 ) — (1,412,635 ) Amounts reclassified from accumulated other comprehensive (loss) income (601,118 ) 1,304 (599,814 ) Net current-period other comprehensive (loss) income (2,013,753 ) 1,304 (2,012,449 ) Ending balance $ 11,099,177 $ (75,380 ) $ 11,023,797 Three Months Ended June 30, 2014 Unrealized Gains and Losses On Available-for-Sale Securities Postretirement Benefits Plans Total Beginning balance at April 1 $ 11,398,858 $ (47,987 ) $ 11,350,871 Other comprehensive income before reclassifications 1,447,244 — 1,447,244 Amounts reclassified from accumulated other comprehensive (loss) income (45,151 ) 366 (44,785 ) Net current-period other comprehensive income 1,402,093 366 1,402,459 Ending balance $ 12,800,951 $ (47,621 ) $ 12,753,330 Six Months Ended June 30, 2015 Unrealized Gains and Losses On Available-for-Sale Securities Postretirement Benefits Plans Total Beginning balance at January 1 $ 12,934,497 $ (77,988 ) $ 12,856,509 Other comprehensive loss before reclassifications (1,228,408 ) — (1,228,408 ) Amounts reclassified from accumulated other comprehensive (loss) income (606,912 ) 2,608 (604,304 ) Net current-period other comprehensive (loss) income (1,835,320 ) 2,608 (1,832,712 ) Ending balance $ 11,099,177 $ (75,380 ) $ 11,023,797 Six Months Ended June 30, 2014 Unrealized Gains and Losses On Available-for-Sale Securities Postretirement Benefits Plans Total Beginning balance at January 1 $ 11,395,757 $ (48,353 ) $ 11,347,404 Other comprehensive income before reclassifications 1,953,080 — 1,953,080 Amounts reclassified from accumulated other comprehensive (loss) income (547,886 ) 732 (547,154 ) Net current-period other comprehensive income 1,405,194 732 1,405,926 Ending balance $ 12,800,951 $ (47,621 ) $ 12,753,330 The following tables provide significant amounts reclassified out of each component of accumulated other comprehensive income for the periods ended June 30, 2015 and 2014 : Three Months Ended June 30, 2015 Details about Accumulated Other Comprehensive Income Components Amount Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Consolidated Statements of Income Unrealized gains and losses on available-for-sale securities: Net realized gain on investment $ 923,209 Other-than-temporary impairments (11,149 ) Total $ 912,060 Net realized gain on investment Tax (310,942 ) Provision for Income Taxes Net of Tax $ 601,118 Amortization related to postretirement benefit plans: Prior year service cost $ (1,098 ) Unrecognized loss (878 ) Total $ (1,976 ) (a) Tax 672 Provision for Income Taxes Net of Tax $ (1,304 ) Reclassifications for the period $ 599,814 Three Months Ended June 30, 2014 Details about Accumulated Other Amount Reclassified from Affected Line Item in the Consolidated Unrealized gains and losses on available-for-sale securities: Net realized gain on investment $ 68,364 Other-than-temporary impairments — Total $ 68,364 Net realized gain on investment Tax (23,213 ) Provision for Income Taxes Net of Tax $ 45,151 Amortization related to postretirement benefit plans: Prior year service cost $ (555 ) Unrecognized gain (loss) — Total $ (555 ) (a) Tax 189 Provision for Income Taxes Net of Tax $ (366 ) Reclassifications for the period $ 44,785 Six Months Ended June 30, 2015 Details about Accumulated Other Comprehensive Income Components Amount Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Consolidated Statements of Income Unrealized gains and losses on available-for-sale securities: Net realized gain on investment $ 932,012 Other-than-temporary impairments (11,149 ) Total $ 920,863 Net realized gain on investment Tax (313,951 ) Provision for Income Taxes Net of Tax $ 606,912 Amortization related to postretirement benefit plans: Prior year service cost $ (2,195 ) Unrecognized loss (1,757 ) Total $ (3,952 ) (a) Tax 1,344 Provision for Income Taxes Net of Tax $ (2,608 ) Reclassifications for the period $ 604,304 Six Months Ended June 30, 2014 Details about Accumulated Other Amount Reclassified from Affected Line Item in the Consolidated Unrealized gains and losses on available-for-sale securities: Net realized gain on investment $ 833,636 Other-than-temporary impairments — Total $ 833,636 Net realized gain on investment Tax (285,750 ) Provision for Income Taxes Net of Tax $ 547,886 Amortization related to postretirement benefit plans: Prior year service cost $ (1,109 ) Unrecognized gain (loss) — Total $ (1,109 ) (a) Tax 377 Provision for Income Taxes Net of Tax $ (732 ) Reclassifications for the period $ 547,154 (a) These accumulated other comprehensive income components are not reclassified to net income in their entirety in the same reporting period. The amounts are presented within salaries, employee benefits and payroll taxes on the Consolidated Statements of Income as amortized. Amortization and accretion related to postretirement benefit plans is included in the computation of net periodic pension costs, as discussed in Note 5. |
Basis Of Presentation And Sig21
Basis Of Presentation And Significant Accounting Policies (Policy) | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles Of Consolidation | Principles of Consolidation – The accompanying unaudited Consolidated Financial Statements include the accounts and operations of Investors Title Company and its subsidiaries, and have been prepared in accordance with generally accepted accounting principles for interim financial information, with the instructions to Form 10-Q and with Article 10 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted. Earnings attributable to the Company's redeemable noncontrolling interest in a majority-owned insurance agency are recorded in the Consolidated Statements of Income. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments considered necessary for a fair presentation of the financial position, results of operations and cash flows of the Company in the accompanying unaudited Consolidated Financial Statements have been included. All such adjustments are of a normal recurring nature. Operating results for the quarter ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015 . |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Allowance for Doubtful Accounts – Company management continually evaluates the collectability of receivables and provides an allowance for doubtful accounts equal to estimated losses expected to be incurred in the collection of premiums and fees receivable. |
Use Of Estimates And Assumptions | Use of Estimates and Assumptions – The preparation of the Company’s Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions used. |
Subsequent Events | Subsequent Events – The Company has concluded that there was a subsequent event related to an agency relationship. This is discussed further in Note 8. There were no other subsequent events requiring adjustment to or disclosure in the Consolidated Financial Statements. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards – In February 2015, the Financial Accounting Standards Board (“FASB”) updated guidance to change the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments: modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs") or voting interest entities; eliminate the presumption that a general partner should consolidate a limited partnership; affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; and provide a scope exception from consolidation guidance for reporting entities that are required to comply with or operate in accordance with certain requirements similar to those for registered money market funds. For public entities, this update becomes effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. Early adoption is permitted. The Company is currently evaluating the impact that the recently issued accounting standard will have on the Company's financial position and results of operations but does not expect it to have a material impact. In May 2014, the FASB updated guidance to improve the comparability of revenue recognition practices for entities that either enter into contracts with customers to transfer goods or services or enter into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards such as insurance contracts or lease standards. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For public entities, this update originally became effective for interim and annual reporting periods beginning after December 15, 2016. In July 2015, the FASB approved a proposal to defer the effective date of the standard by one year. Early adoption is not permitted, although if the FASB proposal passes, public entities are permitted to elect to adopt the amendments on the original effective date. The Company is currently evaluating the impact that the recently issued accounting standard will have on the Company's financial position and results of operations but does not expect it to have a material impact. |
Reserves For Claims (Tables)
Reserves For Claims (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] | |
Summary Of Transactions In Reserves For Claims | Transactions in the reserves for claims for the six months ended June 30, 2015 and the year ended December 31, 2014 are summarized as follows: June 30, 2015 December 31, 2014 Balance, beginning of period $ 36,677,000 $ 35,360,000 Provision, charged to operations 2,917,422 5,229,716 Payments of claims, net of recoveries (1,469,422 ) (3,912,716 ) Ending balance $ 38,125,000 $ 36,677,000 |
Summary Of The Company's Loss Reserves | A summary of the Company’s loss reserves, broken down into its components of known title claims and IBNR, follows: June 30, 2015 % December 31, 2014 % Known title claims $ 5,692,307 14.9 $ 5,364,645 14.6 IBNR 32,432,693 85.1 31,312,355 85.4 Total loss reserves $ 38,125,000 100.0 $ 36,677,000 100.0 |
Earnings Per Common Share And23
Earnings Per Common Share And Share Awards (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Computation Of Basic And Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended June 30 : Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net income attributable to the Company $ 4,120,497 $ 3,373,598 $ 5,846,621 $ 4,360,036 Weighted average common shares outstanding – Basic 2,004,698 2,034,931 2,008,718 2,036,047 Incremental shares outstanding assuming the exercise of dilutive stock options and SARs (share-settled) 4,797 4,271 5,160 5,221 Weighted average common shares outstanding – Diluted 2,009,495 2,039,202 2,013,878 2,041,268 Basic earnings per common share $ 2.06 $ 1.66 $ 2.91 $ 2.14 Diluted earnings per common share $ 2.05 $ 1.65 $ 2.90 $ 2.14 |
Summary Of Share-Based Award Transactions | A summary of share-based award transactions for all share-based award plans follows: Number Of Shares Weighted Average Exercise Price Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding as of January 1, 2014 19,000 $ 45.74 3.43 $ 669,610 SARs granted 4,500 68.70 SARs exercised (1,500 ) 49.04 Options exercised (1,000 ) 27.21 Options/SARs canceled/forfeited/expired — — Outstanding as of December 31, 2014 21,000 $ 51.30 3.64 $ 453,510 SARs granted 4,500 73.00 SARs exercised (2,000 ) 47.88 Options exercised (1,500 ) 36.79 Options/SARs canceled/forfeited/expired — — Outstanding as of June 30, 2015 22,000 $ 57.04 4.43 $ 316,230 Exercisable as of June 30, 2015 18,625 $ 54.15 3.99 $ 316,230 Unvested as of June 30, 2015 3,375 $ 73.00 6.89 $ — |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The weighted average fair values for SARs issued during 2015 and 2014 were estimated using the weighted average assumptions shown in the table below: 2015 2014 Expected life in years 7.0 6.9 Volatility 40.7 % 39.9 % Interest rate 2.0 % 2.1 % Yield rate 0.4 % 0.4 % |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Selected Financial Information About The Company's Operations By Segment | Provided below is selected financial information about the Company's operations by segment for the periods ended June 30, 2015 and 2014 : Three Months Ended June 30, 2015 Title Insurance All Other Intersegment Eliminations Total Insurance and other services revenues $ 32,245,905 $ 1,655,359 $ (476,108 ) $ 33,425,156 Investment income 1,010,243 144,578 (23,334 ) 1,131,487 Net realized gain on investments 899,588 25,576 — 925,164 Total revenues $ 34,155,736 $ 1,825,513 $ (499,442 ) $ 35,481,807 Operating expenses 28,614,932 1,539,065 (458,687 ) 29,695,310 Income before income taxes $ 5,540,804 $ 286,448 $ (40,755 ) $ 5,786,497 Total assets $ 156,308,663 $ 43,890,892 $ — $ 200,199,555 Three Months Ended June 30, 2014 Title All Intersegment Total Insurance and other services revenues $ 31,068,218 $ 1,447,431 $ (425,613 ) $ 32,090,036 Investment income 937,692 125,077 (23,334 ) 1,039,435 Net realized gain (loss) on investments 92,920 (838 ) — 92,082 Total revenues $ 32,098,830 $ 1,571,670 $ (448,947 ) $ 33,221,553 Operating expenses 27,590,537 1,360,164 (408,192 ) 28,542,509 Income before income taxes $ 4,508,293 $ 211,506 $ (40,755 ) $ 4,679,044 Total assets $ 148,524,746 $ 42,727,628 $ — $ 191,252,374 Six Months Ended June 30, 2015 Title Insurance All Other Intersegment Eliminations Total Insurance and other services revenues $ 58,241,430 $ 3,119,516 $ (826,823 ) $ 60,534,123 Investment income 2,061,018 295,176 (46,668 ) 2,309,526 Net realized gain on investments 913,967 26,000 — 939,967 Total revenues $ 61,216,415 $ 3,440,692 $ (873,491 ) $ 63,783,616 Operating expenses 53,212,403 3,207,573 (791,981 ) 55,627,995 Income before income taxes $ 8,004,012 $ 233,119 $ (81,510 ) $ 8,155,621 Total assets $ 156,308,663 $ 43,890,892 $ — $ 200,199,555 Six Months Ended June 30, 2014 Title Insurance All Other Intersegment Eliminations Total Insurance and other services revenues $ 56,875,668 $ 2,900,732 $ (750,843 ) $ 59,025,557 Investment income 1,866,204 246,315 (46,668 ) 2,065,851 Net realized gain on investments 530,528 53,691 — 584,219 Total revenues $ 59,272,400 $ 3,200,738 $ (797,511 ) $ 61,675,627 Operating expenses 53,315,465 3,040,604 (716,001 ) 55,640,068 Income before income taxes $ 5,956,935 $ 160,134 $ (81,510 ) $ 6,035,559 Total assets $ 148,524,746 $ 42,727,628 $ — $ 191,252,374 |
Retirement Agreements And Oth25
Retirement Agreements And Other Postretirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Components Of Net Periodic Benefits Cost | The following sets forth the net periodic benefits cost for the executive benefits for the periods ended June 30, 2015 and 2014 : Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Service cost – benefits earned during the year $ 4,187 $ 3,667 $ 8,374 $ 7,334 Interest cost on the projected benefit obligation 7,693 7,618 15,386 15,236 Amortization of unrecognized prior service cost 1,098 555 2,195 1,109 Amortization of unrecognized losses 878 — 1,757 — Net periodic benefits costs $ 13,856 $ 11,840 $ 27,712 $ 23,679 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Assumptions Used To Determine Fair Value | The following table summarizes some key assumptions the service used to determine fair value as of June 30, 2015 and December 31, 2014 : 2015 2014 Cumulative probability of earning maximum rate until maturity —% —% Cumulative probability of principal returned prior to maturity 95.2% 95.2% Cumulative probability of default at some future point 4.8% 4.8% |
Schedule Of Fair Value Assets Measured On Recurring Basis | The following table presents, by level, the financial assets carried at fair value measured on a recurring basis as of June 30, 2015 and December 31, 2014 . The table does not include cash on hand and also does not include assets which are measured at historical cost or any basis other than fair value. Level 3 assets are comprised solely of ARS. As of June 30, 2015 Level 1 Level 2 Level 3 Total Short-term investments $ 8,588,140 $ — $ — $ 8,588,140 Equity securities: Common stock 38,237,742 — — 38,237,742 Fixed maturities: Obligations of U.S. states, territories and political subdivisions* — 81,083,904 — 81,083,904 Corporate debt securities* — 19,661,673 941,200 20,602,873 Total $ 46,825,882 $ 100,745,577 $ 941,200 $ 148,512,659 As of December 31, 2014 Level 1 Level 2 Level 3 Total Short-term investments $ 2,576,993 $ — $ — $ 2,576,993 Equity securities: Common stock and nonredeemable preferred stock 39,254,981 — — 39,254,981 Fixed maturities: Obligations of U.S. states, territories and political subdivisions* — 85,780,755 — 85,780,755 Corporate debt securities* — 22,328,435 939,100 23,267,535 Total $ 41,831,974 $ 108,109,190 $ 939,100 $ 150,880,264 *Denotes fair market value obtained from pricing services. |
Schedule Of Carrying Value And Fair Value Of Financial Assets Disclosed | The carrying amounts and fair values of these financial instruments (please note investments are disclosed in a previous table) as of June 30, 2015 and December 31, 2014 are presented in the following table: As of June 30, 2015 Carrying Value Estimated Fair Value Level 1 Level 2 Level 3 Financial assets: Cash $ 18,823,257 $ 18,823,257 $ 18,823,257 $ — $ — Cost-basis investments 2,574,394 2,972,786 — — 2,972,786 Accrued dividends and interest 1,039,031 1,039,031 1,039,031 — — Total $ 22,436,682 $ 22,835,074 $ 19,862,288 $ — $ 2,972,786 As of December 31, 2014 Carrying Value Estimated Fair Value Level 1 Level 2 Level 3 Financial assets: Cash $ 15,826,515 $ 15,826,515 $ 15,826,515 $ — $ — Cost-basis investments 2,516,608 2,675,817 — — 2,675,817 Accrued dividends and interest 1,063,837 1,063,837 1,063,837 — — Total $ 19,406,960 $ 19,566,169 $ 16,890,352 $ — $ 2,675,817 |
Schedule Of Fair Value Assets Measured At Unobservable Inputs Reconciliation | The following table presents a reconciliation of the Company’s assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3), which are all ARS securities, for the period ended June 30, 2015 and the year ended December 31, 2014 : Changes in fair value during the period ended: 2015 2014 Beginning balance at January 1 $ 939,100 $ 935,700 Redemptions and sales — — Realized gain – included in net realized gain on investments — — Unrealized gain - included in other comprehensive income 2,100 3,400 Ending balance, net $ 941,200 $ 939,100 |
Schedule Of Estimated Fair Value Hierarchy Of Investments And Related Impairments Recognized | The following table summarizes the corresponding estimated fair value hierarchy of such investments at June 30, 2015 and December 31, 2014 and the related impairments recognized: As of June 30, 2015 Valuation Method Impaired Level 1 Level 2 Level 3 Total at Estimated Fair Value Impairment Losses Cost-basis investments Fair Value Yes $ — $ — $ — $ — $ — Total cost-basis investments $ — $ — $ — $ — $ — As of December 31, 2014 Valuation Method Impaired Level 1 Level 2 Level 3 Total at Estimated Fair Value Impairment Losses Cost-basis investments Fair Value Yes $ — $ — $ 22,682 $ 22,682 $ (10,062 ) Total cost-basis investments $ — $ — $ 22,682 $ 22,682 $ (10,062 ) |
Investments In Securities (Tabl
Investments In Securities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule Of Gross Unrealized Gains And Losses And Amortized Cost For Securities | The aggregate estimated fair value, gross unrealized holding gains, gross unrealized holding losses and cost or amortized cost for securities by major security type are as follows: As of June 30, 2015 Amortized Cost Gross Gains Gross Unrealized Losses Estimated Fair Value Fixed maturities, available-for-sale, at fair value: General obligations of U.S. states, territories and political subdivisions $ 31,548,653 $ 1,091,029 $ 93,303 $ 32,546,379 Issuer obligations of U.S. states, territories and political subdivisions special revenue 46,920,424 1,870,286 253,185 48,537,525 Corporate debt securities 19,068,255 635,520 42,102 19,661,673 Auction rate securities 923,348 17,852 — 941,200 Total $ 98,460,680 $ 3,614,687 $ 388,590 $ 101,686,777 Equity securities, available-for-sale, at fair value: Common stocks $ 24,495,731 $ 13,971,118 $ 229,107 $ 38,237,742 Total $ 24,495,731 $ 13,971,118 $ 229,107 $ 38,237,742 Short-term investments: Money market funds and certificates of deposit $ 8,588,140 $ — $ — $ 8,588,140 Total $ 8,588,140 $ — $ — $ 8,588,140 As of December 31, 2014 Amortized Cost Gross Gains Gross Unrealized Losses Estimated Fair Value Fixed maturities, available-for-sale, at fair value: General obligations of U.S. states, territories and political subdivisions $ 35,215,247 $ 1,527,794 $ 19,542 $ 36,723,499 Issuer obligations of U.S. states, territories and political subdivisions special revenue 46,707,033 2,405,725 55,502 49,057,256 Corporate debt securities 21,576,641 823,133 71,339 22,328,435 Auction rate securities 922,129 16,971 — 939,100 Total $ 104,421,050 $ 4,773,623 $ 146,383 $ 109,048,290 Equity securities, available-for-sale, at fair value: Common stocks and nonredeemable preferred stocks $ 24,128,753 $ 15,225,459 $ 99,231 $ 39,254,981 Total $ 24,128,753 $ 15,225,459 $ 99,231 $ 39,254,981 Short-term investments: Money market funds and certificates of deposit $ 2,576,993 $ — $ — $ 2,576,993 Total $ 2,576,993 $ — $ — $ 2,576,993 |
Schedule Of Fixed Maturity Securities | The scheduled maturities of fixed maturity securities at June 30, 2015 were as follows: Available-for-Sale Amortized Cost Fair Value Due in one year or less $ 11,016,521 $ 11,138,998 Due after one year through five years 49,478,289 51,653,942 Due five years through ten years 35,820,980 36,308,071 Due after ten years 2,144,890 2,585,766 Total $ 98,460,680 $ 101,686,777 |
Schedule Of Gross Realized Gains And Losses On Securities | Realized gains and losses on investments for the six months ended June 30 are summarized as follows: 2015 2014 Gross realized gains: Corporate debt securities $ 999 $ — Common stocks and nonredeemable preferred stocks 944,564 891,955 Total $ 945,563 $ 891,955 Gross realized losses: General obligations of U.S. states, territories and political subdivisions $ (12,319 ) $ — Issuer obligations of U.S. states, territories and political subdivisions special revenue (398 ) — Common stocks and nonredeemable preferred stocks (834 ) (58,319 ) Impairments of debt and equity securities (11,149 ) — Total $ (24,700 ) $ (58,319 ) Net realized gain from securities $ 920,863 $ 833,636 Net realized (losses) gains on other investments: Impairments of other investments $ — $ (10,062 ) Gains on other investments 19,104 26,234 Losses on other investments — (265,589 ) Total $ 19,104 $ (249,417 ) Net realized gain on investments $ 939,967 $ 584,219 |
Schedule Of Unrealized Losses On Investments | The following table presents the gross unrealized losses on investment securities and the fair value of the securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at June 30, 2015 and December 31, 2014 : Less than 12 Months 12 Months or Longer Total As of June 30, 2015 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses General obligations of U.S. states, territories and political subdivisions $ 4,054,855 $ (93,303 ) $ — $ — $ 4,054,855 $ (93,303 ) Issuer obligations of U.S. states, territories and political subdivisions special revenue 11,421,246 (225,274 ) 1,186,944 (27,911 ) 12,608,190 (253,185 ) Corporate debt securities 5,953,050 (42,102 ) — — 5,953,050 (42,102 ) Total fixed income securities $ 21,429,151 $ (360,679 ) $ 1,186,944 $ (27,911 ) $ 22,616,095 $ (388,590 ) Equity securities $ 3,452,170 $ (181,871 ) $ 139,365 $ (47,236 ) $ 3,591,535 $ (229,107 ) Total temporarily impaired securities $ 24,881,321 $ (542,550 ) $ 1,326,309 $ (75,147 ) $ 26,207,630 $ (617,697 ) Less than 12 Months 12 Months or Longer Total As of December 31, 2014 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses General obligations of U.S. states, territories and political subdivisions $ 2,113,194 $ (19,542 ) $ — $ — $ 2,113,194 $ (19,542 ) Issuer obligations of U.S. states, territories and political subdivisions special revenue 3,946,977 (13,453 ) 1,182,390 (42,049 ) 5,129,367 (55,502 ) Corporate debt securities 6,924,430 (71,339 ) — — 6,924,430 (71,339 ) Total fixed income securities $ 12,984,601 $ (104,334 ) $ 1,182,390 $ (42,049 ) $ 14,166,991 $ (146,383 ) Equity securities $ 930,208 $ (71,669 ) $ 141,280 $ (27,562 ) $ 1,071,488 $ (99,231 ) Total temporarily impaired securities $ 13,914,809 $ (176,003 ) $ 1,323,670 $ (69,611 ) $ 15,238,479 $ (245,614 ) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Summary Of Approximate Values By Year Found Within Consolidated Balance Sheets | Financial Statement Classification, As of June 30, 2015 As of December 31, 2014 Consolidated Balance Sheets Other investments $ 5,823,000 $ 6,014,000 Premiums and fees receivable $ 903,000 $ 666,000 |
Summary Of Approximate Values By Year Found Within Consolidated Statements Of Income | For the Three Months Ended For the Six Months Ended Consolidated Statements of Income 2015 2014 2015 2014 Net premiums written $ 3,929,000 $ 3,270,000 $ 6,985,000 $ 5,561,000 Other income $ 1,111,000 $ 627,000 $ 1,514,000 $ 976,000 Commissions to agents $ 2,718,000 $ 2,094,000 $ 4,850,000 $ 3,771,000 |
Acquisition (Tables)
Acquisition (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Schedule of Parent Ownership Interest, Effects of Changes | The following table provides the effects of changes in ITIC's ownership interest in United, and the resulting impact on the Company's equity: June 30, 2015 December 31, 2014 Net income attributable to the Company $ 5,846,621 $ 9,648,975 Transfers from the redeemable controlling interest: Decrease in paid-in capital for purchase of redeemable noncontrolling interest — (114,320 ) Net transfers from noncontrolling interest — (114,320 ) Change from net income attributable to the Company and transfers from redeemable noncontrolling interest $ 5,846,621 $ 9,534,655 |
Reconciliation Of Total Redeemable Equity | The following table provides a reconciliation of total redeemable equity for the periods ended June 30, 2015 and December 31, 2014 : Changes in carrying value during the period ended: June 30, 2015 December 31, 2014 Beginning balance at January 1 $ — $ 545,489 Net income attributable to redeemable noncontrolling interest — 23,523 Distributions to noncontrolling interest — (168,057 ) Redeemable noncontrolling interest resulting from subsidiary purchase — (515,275 ) Adjustment to retained earnings for purchase of noncontrolling interest — 114,320 Balance, net $ — $ — |
Accumulated Other Comprehensi30
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule Of Changes In Balances Of Each Component Of Accumulated Other Comprehensive Income, Net Of Tax | The following tables provide changes in the balances of each component of accumulated other comprehensive income, net of tax, for the periods ended June 30, 2015 and 2014 : Three Months Ended June 30, 2015 Unrealized Gains and Losses On Available-for-Sale Securities Postretirement Benefits Plans Total Beginning balance at April 1 $ 13,112,930 $ (76,684 ) $ 13,036,246 Other comprehensive loss before reclassifications (1,412,635 ) — (1,412,635 ) Amounts reclassified from accumulated other comprehensive (loss) income (601,118 ) 1,304 (599,814 ) Net current-period other comprehensive (loss) income (2,013,753 ) 1,304 (2,012,449 ) Ending balance $ 11,099,177 $ (75,380 ) $ 11,023,797 Three Months Ended June 30, 2014 Unrealized Gains and Losses On Available-for-Sale Securities Postretirement Benefits Plans Total Beginning balance at April 1 $ 11,398,858 $ (47,987 ) $ 11,350,871 Other comprehensive income before reclassifications 1,447,244 — 1,447,244 Amounts reclassified from accumulated other comprehensive (loss) income (45,151 ) 366 (44,785 ) Net current-period other comprehensive income 1,402,093 366 1,402,459 Ending balance $ 12,800,951 $ (47,621 ) $ 12,753,330 Six Months Ended June 30, 2015 Unrealized Gains and Losses On Available-for-Sale Securities Postretirement Benefits Plans Total Beginning balance at January 1 $ 12,934,497 $ (77,988 ) $ 12,856,509 Other comprehensive loss before reclassifications (1,228,408 ) — (1,228,408 ) Amounts reclassified from accumulated other comprehensive (loss) income (606,912 ) 2,608 (604,304 ) Net current-period other comprehensive (loss) income (1,835,320 ) 2,608 (1,832,712 ) Ending balance $ 11,099,177 $ (75,380 ) $ 11,023,797 Six Months Ended June 30, 2014 Unrealized Gains and Losses On Available-for-Sale Securities Postretirement Benefits Plans Total Beginning balance at January 1 $ 11,395,757 $ (48,353 ) $ 11,347,404 Other comprehensive income before reclassifications 1,953,080 — 1,953,080 Amounts reclassified from accumulated other comprehensive (loss) income (547,886 ) 732 (547,154 ) Net current-period other comprehensive income 1,405,194 732 1,405,926 Ending balance $ 12,800,951 $ (47,621 ) $ 12,753,330 |
Schedule Of Reclassification Out Of Accumulated Other Comprehensive Income | The following tables provide significant amounts reclassified out of each component of accumulated other comprehensive income for the periods ended June 30, 2015 and 2014 : Three Months Ended June 30, 2015 Details about Accumulated Other Comprehensive Income Components Amount Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Consolidated Statements of Income Unrealized gains and losses on available-for-sale securities: Net realized gain on investment $ 923,209 Other-than-temporary impairments (11,149 ) Total $ 912,060 Net realized gain on investment Tax (310,942 ) Provision for Income Taxes Net of Tax $ 601,118 Amortization related to postretirement benefit plans: Prior year service cost $ (1,098 ) Unrecognized loss (878 ) Total $ (1,976 ) (a) Tax 672 Provision for Income Taxes Net of Tax $ (1,304 ) Reclassifications for the period $ 599,814 Three Months Ended June 30, 2014 Details about Accumulated Other Amount Reclassified from Affected Line Item in the Consolidated Unrealized gains and losses on available-for-sale securities: Net realized gain on investment $ 68,364 Other-than-temporary impairments — Total $ 68,364 Net realized gain on investment Tax (23,213 ) Provision for Income Taxes Net of Tax $ 45,151 Amortization related to postretirement benefit plans: Prior year service cost $ (555 ) Unrecognized gain (loss) — Total $ (555 ) (a) Tax 189 Provision for Income Taxes Net of Tax $ (366 ) Reclassifications for the period $ 44,785 Six Months Ended June 30, 2015 Details about Accumulated Other Comprehensive Income Components Amount Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Consolidated Statements of Income Unrealized gains and losses on available-for-sale securities: Net realized gain on investment $ 932,012 Other-than-temporary impairments (11,149 ) Total $ 920,863 Net realized gain on investment Tax (313,951 ) Provision for Income Taxes Net of Tax $ 606,912 Amortization related to postretirement benefit plans: Prior year service cost $ (2,195 ) Unrecognized loss (1,757 ) Total $ (3,952 ) (a) Tax 1,344 Provision for Income Taxes Net of Tax $ (2,608 ) Reclassifications for the period $ 604,304 Six Months Ended June 30, 2014 Details about Accumulated Other Amount Reclassified from Affected Line Item in the Consolidated Unrealized gains and losses on available-for-sale securities: Net realized gain on investment $ 833,636 Other-than-temporary impairments — Total $ 833,636 Net realized gain on investment Tax (285,750 ) Provision for Income Taxes Net of Tax $ 547,886 Amortization related to postretirement benefit plans: Prior year service cost $ (1,109 ) Unrecognized gain (loss) — Total $ (1,109 ) (a) Tax 377 Provision for Income Taxes Net of Tax $ (732 ) Reclassifications for the period $ 547,154 (a) These accumulated other comprehensive income components are not reclassified to net income in their entirety in the same reporting period. The amounts are presented within salaries, employee benefits and payroll taxes on the Consolidated Statements of Income as amortized. Amortization and accretion related to postretirement benefit plans is included in the computation of net periodic pension costs, as discussed in Note 5. |
Reserves For Claims Summary Of
Reserves For Claims Summary Of Transactions In Reserves For Claims (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Liability for Title Claims and Claims Adjustment Expense | $ 38,125,000 | $ 36,677,000 | $ 35,360,000 |
Provision, charged to operations | 2,917,422 | 5,229,716 | |
Payments of claims, net of recoveries | $ (1,469,422) | $ (3,912,716) |
Reserves For Claims Summary O32
Reserves For Claims Summary Of The Company's Loss Reserves (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] | |||
Known title claims | $ 5,692,307 | $ 5,364,645 | |
IBNR | 32,432,693 | 31,312,355 | |
Total loss reserves | $ 38,125,000 | $ 36,677,000 | $ 35,360,000 |
% of Known title claims | 14.90% | 14.60% | |
% of IBNR | 85.10% | 85.40% | |
% of Total loss reserves | 100.00% | 100.00% |
Earnings Per Common Share And33
Earnings Per Common Share And Share Awards (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Common Share And Share Awards [Line Items] | ||||
Incremental dilutive potential common shares, calculated using treasury stock method (in shares) | 4,797 | 4,271 | 5,160 | 5,221 |
Anti-dilutive shares excluded from computation of diluted earnings per share | 4,500 | 3,000 | 4,500 | 0 |
SARs and options vesting period | 1 year | |||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 4,500 | 4,500 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block] | $ 31.16 | $ 28.98 | ||
Compensation expense relating to SARs or options vesting | $ 68,000 | $ 55,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 105,000 | $ 105,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 6 months | |||
Number of stock options or SARs granted where exercise price was less than market price on date of grant | 0 | 0 | ||
Minimum | ||||
Earnings Per Common Share And Share Awards [Line Items] | ||||
SARs and options expiration period | 5 years | |||
Annual rate at which stock appreciation rights and options are exercisable and vest | 10.00% | |||
Maximum | ||||
Earnings Per Common Share And Share Awards [Line Items] | ||||
Maximum shares of Company stock to be granted to key employees or directors | 500,000 | |||
SARs and options expiration period | 10 years | |||
Annual rate at which stock appreciation rights and options are exercisable and vest | 20.00% |
Earnings Per Common Share And34
Earnings Per Common Share And Share Awards Computation Of Basic And Diluted Earnings Per Share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||||
Net income attributable to the Company | $ 4,120,497 | $ 3,373,598 | $ 5,846,621 | $ 4,360,036 | $ 9,648,975 |
Weighted average common shares outstanding - Basic | 2,004,698 | 2,034,931 | 2,008,718 | 2,036,047 | |
Incremental shares outstanding assuming the exercise of dilutive stock options and SARs (share settled) | 4,797 | 4,271 | 5,160 | 5,221 | |
Weighted average common shares outstanding - Diluted | 2,009,495 | 2,039,202 | 2,013,878 | 2,041,268 | |
Basic Earnings per Common Share | $ 2.06 | $ 1.66 | $ 2.91 | $ 2.14 | |
Diluted Earnings per Common Share | $ 2.05 | $ 1.65 | $ 2.90 | $ 2.14 |
Earnings Per Common Share And35
Earnings Per Common Share And Share Awards Summary Of Share-Based Award Transactions (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Number Of Shares, Options exercised | (1,500) | (1,000) | |
Share Based Compensation Arrangement By Share Based Payment Award, Options, Unvested, Number | 3,375 | ||
Share Based Compensation Arrangement By Share Based Payment Award, Options, Unvested, Weighted Average Exercise Price | $ 73 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Weighted Average Exercise Price, Options exercised | $ 36.79 | $ 27.21 | |
StockOptionsAndStockAppreciationRightsSARS [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Number Of Shares, Outstanding Beginning Balance | 21,000 | 19,000 | |
Number Of Shares, Options/SARs cancelled/forfeited/expired | 0 | 0 | |
Number Of Shares, Outstanding Ending Balance | 22,000 | 21,000 | 19,000 |
Number Of Shares, Exercisable as of June 30, 2015 | 18,625 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Weighted Average Exercise Price, Outstanding Beginning Balance | $ 51.30 | $ 45.74 | |
Weighted Average Exercise Price, Options/SARs cancelled/forfeited/expired | 0 | 0 | |
Weighted Average Exercise Price, Outstanding Ending Balance | 57.04 | $ 51.30 | $ 45.74 |
Weighted Average Exercise Price, Exercisable as of June 30, 2015 | $ 54.15 | ||
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 | 4 years 5 months 4 days | 3 years 7 months 20 days | 3 years 5 months 4 days |
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 | 4 years 5 months 4 days | 3 years 7 months 20 days | 3 years 5 months 4 days |
Average Remaining Contractual Term, Exercisable as of June 30, 2015 | 3 years 11 months 26 days | ||
Share Based Compensation Arrangement By Share Based Payment Award, Options, Unvested, Weighted Average Remaining Contractual Term | 6 years 10 months 20 days | ||
Aggregate Intrinsic Value, Outstanding Beginning Balance | $ 453,510 | $ 669,610 | |
Aggregate Intrinsic Value, Outstanding Ending Balance | 316,230 | $ 453,510 | $ 669,610 |
Aggregate Intrinsic Value, Exercisable as of June 30, 2015 | 316,230 | ||
Share Based Compensation Arrangement By Share Based Payment Award, Options, Unvested, Intrinsic Value | $ 0 | ||
SARs | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Number Of Shares, SARs granted | 4,500 | 4,500 | |
Number Of Shares, Options exercised | (2,000) | (1,500) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Weighted Average Exercise Price, SARs granted | $ 73 | $ 68.70 | |
Weighted Average Exercise Price, Options exercised | $ 47.88 | $ 49.04 |
Earnings Per Common Share And36
Earnings Per Common Share And Share Awards Share Awards Share-Based Assumptions (Details) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 7 years | 6 years 10 months 24 days |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate | 40.70% | 39.90% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.00% | 2.10% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.40% | 0.40% |
Segment Information Selected Fi
Segment Information Selected Financial Information By Segment (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)segment | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of reportable segments | segment | 1 | ||||
Insurance And Other Services Revenue | $ 33,425,156 | $ 32,090,036 | $ 60,534,123 | $ 59,025,557 | |
Investment income | 1,131,487 | 1,039,435 | 2,309,526 | 2,065,851 | |
Net realized gain (loss) on investments | 925,164 | 92,082 | 939,967 | 584,219 | |
Total Revenues | 35,481,807 | 33,221,553 | 63,783,616 | 61,675,627 | |
Operating expenses | 29,695,310 | 28,542,509 | 55,627,995 | 55,640,068 | |
Income (loss) before income taxes | 5,786,497 | 4,679,044 | 8,155,621 | 6,035,559 | |
Total assets | 200,199,555 | 191,252,374 | 200,199,555 | 191,252,374 | $ 198,039,210 |
Title Insurance | |||||
Segment Reporting Information [Line Items] | |||||
Insurance And Other Services Revenue | 32,245,905 | 31,068,218 | 58,241,430 | 56,875,668 | |
Investment income | 1,010,243 | 937,692 | 2,061,018 | 1,866,204 | |
Net realized gain (loss) on investments | 899,588 | 92,920 | 913,967 | 530,528 | |
Total Revenues | 34,155,736 | 32,098,830 | 61,216,415 | 59,272,400 | |
Operating expenses | 28,614,932 | 27,590,537 | 53,212,403 | 53,315,465 | |
Income (loss) before income taxes | 5,540,804 | 4,508,293 | 8,004,012 | 5,956,935 | |
Total assets | 156,308,663 | 148,524,746 | 156,308,663 | 148,524,746 | |
All Other | |||||
Segment Reporting Information [Line Items] | |||||
Insurance And Other Services Revenue | 1,655,359 | 1,447,431 | 3,119,516 | 2,900,732 | |
Investment income | 144,578 | 125,077 | 295,176 | 246,315 | |
Net realized gain (loss) on investments | 25,576 | (838) | 26,000 | 53,691 | |
Total Revenues | 1,825,513 | 1,571,670 | 3,440,692 | 3,200,738 | |
Operating expenses | 1,539,065 | 1,360,164 | 3,207,573 | 3,040,604 | |
Income (loss) before income taxes | 286,448 | 211,506 | 233,119 | 160,134 | |
Total assets | 43,890,892 | 42,727,628 | 43,890,892 | 42,727,628 | |
Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Insurance And Other Services Revenue | (476,108) | (425,613) | (826,823) | (750,843) | |
Investment income | (23,334) | (23,334) | (46,668) | (46,668) | |
Net realized gain (loss) on investments | 0 | 0 | 0 | 0 | |
Total Revenues | (499,442) | (448,947) | (873,491) | (797,511) | |
Operating expenses | (458,687) | (408,192) | (791,981) | (716,001) | |
Income (loss) before income taxes | (40,755) | (40,755) | (81,510) | (81,510) | |
Total assets | $ 0 | $ 0 | $ 0 | $ 0 |
Retirement Agreements And Oth38
Retirement Agreements And Other Postretirement Benefits (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost - benefits earned during the year | $ 4,187 | $ 3,667 | $ 8,374 | $ 7,334 | |
Interest cost on the projected benefit obligation | 7,693 | 7,618 | 15,386 | 15,236 | |
(Accretion) amortization of unrecognized prior service cost | 1,098 | 555 | 2,195 | 1,109 | |
Amortization of unrecognized losses | 878 | 0 | 1,757 | 0 | |
Net periodic benefits costs | 13,856 | $ 11,840 | 27,712 | $ 23,679 | |
Employee benefits and other payments | $ 7,662,000 | $ 7,662,000 | $ 7,111,000 |
Fair Value Measurement (Details
Fair Value Measurement (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Auction rate security bond par value | $ 1,000,000 | $ 1,000,000 |
Percentage of auction rate security guaranteed | 97.00% | 97.00% |
Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Percentage of carrying value of auction rate securities | 1.00% | 1.00% |
Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Percentage of carrying value of auction rate securities | 4.00% | 4.00% |
Fair Value Measurement Schedule
Fair Value Measurement Schedule Of Assumptions Used To Determine Fair Value (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | ||
Cumulative probability of earning maximum rate until maturity | 0.00% | 0.00% |
Cumulative probability of principle returned prior to maturity | 95.20% | 95.20% |
Cumulative probability of default at some future point | 4.80% | 4.80% |
Fair Value Measurement Schedu41
Fair Value Measurement Schedule Of Fair Value Assets Measured On Recurring Basis (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term investments | $ 8,588,140 | $ 2,576,993 | |
Equity securities | 38,237,742 | 39,254,981 | |
Fixed maturities | 101,686,777 | 109,048,290 | |
Total | 148,512,659 | 150,880,264 | |
Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term investments | 8,588,140 | 2,576,993 | |
Total | 46,825,882 | 41,831,974 | |
Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term investments | 0 | 0 | |
Total | 100,745,577 | 108,109,190 | |
Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term investments | 0 | 0 | |
Total | 941,200 | 939,100 | |
Common Stock And Nonredeemable Preferred Stock | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity securities | 38,237,742 | 39,254,981 | |
Common Stock And Nonredeemable Preferred Stock | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity securities | 38,237,742 | 39,254,981 | |
Common Stock And Nonredeemable Preferred Stock | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity securities | 0 | 0 | |
Common Stock And Nonredeemable Preferred Stock | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity securities | 0 | 0 | |
General Obligations Of U.S. States, Territories And Political Subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities | [1] | 81,083,904 | 85,780,755 |
General Obligations Of U.S. States, Territories And Political Subdivisions | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities | [1] | 0 | 0 |
General Obligations Of U.S. States, Territories And Political Subdivisions | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities | [1] | 81,083,904 | 85,780,755 |
General Obligations Of U.S. States, Territories And Political Subdivisions | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities | [1] | 0 | 0 |
Corporate Debt Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities | [1] | 20,602,873 | 23,267,535 |
Corporate Debt Securities | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities | [1] | 0 | 0 |
Corporate Debt Securities | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities | [1] | 19,661,673 | 22,328,435 |
Corporate Debt Securities | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities | [1] | $ 941,200 | $ 939,100 |
[1] | Denotes fair market value obtained from pricing services. |
Fair Value Measurement Schedu42
Fair Value Measurement Schedule Of Carrying Value And Fair Value Of Financial Assets Disclosed (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash | $ 18,823,257 | $ 15,826,515 |
Cost-basis investments | 0 | 0 |
Accrued dividends and interest | 1,039,031 | 1,063,837 |
Total | 19,862,288 | 16,890,352 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash | 0 | 0 |
Cost-basis investments | 0 | 0 |
Accrued dividends and interest | 0 | 0 |
Total | 0 | 0 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash | 0 | 0 |
Cost-basis investments | 2,972,786 | 2,675,817 |
Accrued dividends and interest | 0 | 0 |
Total | 2,972,786 | 2,675,817 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash | 18,823,257 | 15,826,515 |
Cost-basis investments | 2,574,394 | 2,516,608 |
Accrued dividends and interest | 1,039,031 | 1,063,837 |
Total | 22,436,682 | 19,406,960 |
Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash | 18,823,257 | 15,826,515 |
Cost-basis investments | 2,972,786 | 2,675,817 |
Accrued dividends and interest | 1,039,031 | 1,063,837 |
Total | $ 22,835,074 | $ 19,566,169 |
Fair Value Measurement Schedu43
Fair Value Measurement Schedule Of Fair Value Assets Measured At Unobservable Inputs Reconciliation (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance at January 1 | $ 939,100 | $ 935,700 |
Redemptions and sales | 0 | 0 |
Realized gain - included in net realized gain on investments | 0 | 0 |
Unrealized gain - included in other comprehensive income | 2,100 | 3,400 |
Ending balance, net | $ 941,200 | $ 939,100 |
Fair Value Measurement Schedu44
Fair Value Measurement Schedule Of Estimated Fair Value Hierarchy Of Investments And Related Impairments Recognized (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cost method investments, Total at Estimated Fair Value | $ 0 | $ 22,682 |
Total cost method investments, Impairment Losses | 0 | (10,062) |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cost method investments, Total at Estimated Fair Value | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cost method investments, Total at Estimated Fair Value | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cost method investments, Total at Estimated Fair Value | $ 0 | $ 22,682 |
Cost Method Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Valuation Method | Fair Value | Fair Value |
Impaired | Yes | Yes |
Total cost method investments, Total at Estimated Fair Value | $ 0 | $ 22,682 |
Total cost method investments, Impairment Losses | 0 | (10,062) |
Cost Method Investments | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cost method investments, Total at Estimated Fair Value | 0 | 0 |
Cost Method Investments | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cost method investments, Total at Estimated Fair Value | 0 | 0 |
Cost Method Investments | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cost method investments, Total at Estimated Fair Value | $ 0 | $ 22,682 |
Investments In Securities (Deta
Investments In Securities (Details) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015USD ($)security | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($)security | |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | |||
Available-for-sale securities | $ 26,207,630 | $ 15,238,479 | |
Unrealized losses | $ 617,697 | $ 245,614 | |
Number of securities with unrealized losses | security | 39 | 25 | |
Other-than-temporary impairment charges | $ 11,149 | $ 0 | |
Fixed Maturities | |||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | |||
Available-for-sale securities | 22,616,095 | $ 14,166,991 | |
Unrealized losses | 388,590 | 146,383 | |
Equity Securities | |||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | |||
Available-for-sale securities | 3,591,535 | 1,071,488 | |
Unrealized losses | $ 229,107 | $ 99,231 |
Investments In Securities (Sche
Investments In Securities (Schedule Of Gross Unrealized Gains And Losses And Amortized Cost For Securities) (Details) | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, at fair value, Amortized Cost | $ 98,460,680 | $ 104,421,050 |
General Obligations Of U.S. States, Territories And Political Subdivisions | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, at fair value, Amortized Cost | 31,548,653 | 35,215,247 |
Available-for-sale, at fair value, Gross Unrealized Gains | 1,091,029 | 1,527,794 |
Available-for-sale, at fair value, Gross Unrealized Losses | 93,303 | 19,542 |
Available-for-sale, at fair value, Estimated Fair Value | 32,546,379 | 36,723,499 |
Special Revenue Obligations Of U.S. States, Territories And Political Subdivisions | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, at fair value, Amortized Cost | 46,920,424 | 46,707,033 |
Available-for-sale, at fair value, Gross Unrealized Gains | 1,870,286 | 2,405,725 |
Available-for-sale, at fair value, Gross Unrealized Losses | 253,185 | 55,502 |
Available-for-sale, at fair value, Estimated Fair Value | $ 48,537,525 | $ 49,057,256 |
Number of Special Revenue Bonds | 50 | 50 |
Corporate Debt Securities | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, at fair value, Amortized Cost | $ 19,068,255 | $ 21,576,641 |
Available-for-sale, at fair value, Gross Unrealized Gains | 635,520 | 823,133 |
Available-for-sale, at fair value, Gross Unrealized Losses | 42,102 | 71,339 |
Available-for-sale, at fair value, Estimated Fair Value | 19,661,673 | 22,328,435 |
Auction Rate Securities | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, at fair value, Amortized Cost | 923,348 | 922,129 |
Available-for-sale, at fair value, Gross Unrealized Gains | 17,852 | 16,971 |
Available-for-sale, at fair value, Gross Unrealized Losses | 0 | 0 |
Available-for-sale, at fair value, Estimated Fair Value | 941,200 | 939,100 |
Total Fixed Maturities | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, at fair value, Amortized Cost | 98,460,680 | 104,421,050 |
Available-for-sale, at fair value, Gross Unrealized Gains | 3,614,687 | 4,773,623 |
Available-for-sale, at fair value, Gross Unrealized Losses | 388,590 | 146,383 |
Available-for-sale, at fair value, Estimated Fair Value | 101,686,777 | 109,048,290 |
Common Stocks And Nonredeemable Preferred Stocks | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, at fair value, Amortized Cost | 24,495,731 | 24,128,753 |
Available-for-sale, at fair value, Gross Unrealized Gains | 13,971,118 | 15,225,459 |
Available-for-sale, at fair value, Gross Unrealized Losses | 229,107 | 99,231 |
Available-for-sale, at fair value, Estimated Fair Value | 38,237,742 | 39,254,981 |
Equity Securities | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, at fair value, Amortized Cost | 24,495,731 | 24,128,753 |
Available-for-sale, at fair value, Gross Unrealized Gains | 13,971,118 | 15,225,459 |
Available-for-sale, at fair value, Gross Unrealized Losses | 229,107 | 99,231 |
Available-for-sale, at fair value, Estimated Fair Value | 38,237,742 | 39,254,981 |
Certificates Of Deposit And Other | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, at fair value, Amortized Cost | 8,588,140 | 2,576,993 |
Available-for-sale, at fair value, Gross Unrealized Gains | 0 | 0 |
Available-for-sale, at fair value, Gross Unrealized Losses | 0 | 0 |
Available-for-sale, at fair value, Estimated Fair Value | 8,588,140 | 2,576,993 |
Short-Term Investments | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, at fair value, Amortized Cost | 8,588,140 | 2,576,993 |
Available-for-sale, at fair value, Gross Unrealized Gains | 0 | 0 |
Available-for-sale, at fair value, Gross Unrealized Losses | 0 | 0 |
Available-for-sale, at fair value, Estimated Fair Value | $ 8,588,140 | $ 2,576,993 |
Investments In Securities (Sc47
Investments In Securities (Schedule Of Fixed Maturity Securities) (Details) | Jun. 30, 2015USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Due in one year or less, Amortized Cost | $ 11,016,521 |
Due after one year through five years, Amortized Cost | 49,478,289 |
Due five years through ten years, Amortized Cost | 35,820,980 |
Due after ten years, Amortized Cost | 2,144,890 |
Total, Amortized Cost | 98,460,680 |
Due in one year or less, Fair Value | 11,138,998 |
Due after one year through five years, Fair Value | 51,653,942 |
Due five years through ten years, Fair Value | 36,308,071 |
Due after ten years, Fair Value | 2,585,766 |
Total, Fair Value | $ 101,686,777 |
Investments In Securities (Sc48
Investments In Securities (Schedule Of Gross Realized Gains And Losses On Securities) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Total, Gross realized gains | $ 945,563 | $ 891,955 | ||
Total, Gross realized losses | (24,700) | (58,319) | ||
Net realized gain from securities | 920,863 | 833,636 | ||
Impairments of other investments | 0 | (10,062) | ||
Gain on other investments | 19,104 | 26,234 | ||
Loss On Other Investments | 0 | (265,589) | ||
Total | 19,104 | (249,417) | ||
Net realized gain on investments | $ 925,164 | $ 92,082 | 939,967 | 584,219 |
General Obligations Of U.S. States, Territories And Political Subdivisions | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Total, Gross realized losses | (12,319) | 0 | ||
Issuer Obligations Of U S States Territories And Political Subdivisions Special Revenue [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Total, Gross realized losses | (398) | 0 | ||
Corporate Debt Securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Total, Gross realized gains | 999 | 0 | ||
Common Stocks And Nonredeemable Preferred Stocks | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Total, Gross realized gains | 944,564 | 891,955 | ||
Total, Gross realized losses | (834) | (58,319) | ||
Impairments of Debt And Equity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Total, Gross realized losses | $ (11,149) | $ 0 |
Investments In Securities (Sc49
Investments In Securities (Schedule Of Unrealized Losses On Investments) (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Total temporarily impaired securities, Less than 12 Months, Fair Value | $ 24,881,321 | $ 13,914,809 |
Total temporarily impaired securities, Less than 12 Months, Unrealized Losses | (542,550) | (176,003) |
Total temporarily impaired securities, 12 Months or Longer, Fair Value | 1,326,309 | 1,323,670 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (75,147) | (69,611) |
Total temporarily impaired securities, 12 Months or Longer, Unrealized Losses | (617,697) | (245,614) |
Total temporarily impaired securities, Total Fair Value | 26,207,630 | 15,238,479 |
General Obligations Of U.S. States, Territories And Political Subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total temporarily impaired securities, Less than 12 Months, Fair Value | 4,054,855 | 2,113,194 |
Total temporarily impaired securities, Less than 12 Months, Unrealized Losses | (93,303) | (19,542) |
Total temporarily impaired securities, 12 Months or Longer, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Total temporarily impaired securities, 12 Months or Longer, Unrealized Losses | (93,303) | (19,542) |
Total temporarily impaired securities, Total Fair Value | 4,054,855 | 2,113,194 |
Special Revenue Obligations Of U.S. States, Territories And Political Subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total temporarily impaired securities, Less than 12 Months, Fair Value | 11,421,246 | 3,946,977 |
Total temporarily impaired securities, Less than 12 Months, Unrealized Losses | (225,274) | (13,453) |
Total temporarily impaired securities, 12 Months or Longer, Fair Value | 1,186,944 | 1,182,390 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (27,911) | (42,049) |
Total temporarily impaired securities, 12 Months or Longer, Unrealized Losses | (253,185) | (55,502) |
Total temporarily impaired securities, Total Fair Value | 12,608,190 | 5,129,367 |
Corporate Debt Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total temporarily impaired securities, Less than 12 Months, Fair Value | 5,953,050 | 6,924,430 |
Total temporarily impaired securities, Less than 12 Months, Unrealized Losses | (42,102) | (71,339) |
Total temporarily impaired securities, 12 Months or Longer, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Total temporarily impaired securities, 12 Months or Longer, Unrealized Losses | (42,102) | (71,339) |
Total temporarily impaired securities, Total Fair Value | 5,953,050 | 6,924,430 |
Total Fixed Income Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total temporarily impaired securities, Less than 12 Months, Fair Value | 21,429,151 | 12,984,601 |
Total temporarily impaired securities, Less than 12 Months, Unrealized Losses | (360,679) | (104,334) |
Total temporarily impaired securities, 12 Months or Longer, Fair Value | 1,186,944 | 1,182,390 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (27,911) | (42,049) |
Total temporarily impaired securities, 12 Months or Longer, Unrealized Losses | (388,590) | (146,383) |
Total temporarily impaired securities, Total Fair Value | 22,616,095 | 14,166,991 |
Equity Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total temporarily impaired securities, Less than 12 Months, Fair Value | 3,452,170 | 930,208 |
Total temporarily impaired securities, Less than 12 Months, Unrealized Losses | (181,871) | (71,669) |
Total temporarily impaired securities, 12 Months or Longer, Fair Value | 139,365 | 141,280 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (47,236) | (27,562) |
Total temporarily impaired securities, 12 Months or Longer, Unrealized Losses | (229,107) | (99,231) |
Total temporarily impaired securities, Total Fair Value | $ 3,591,535 | $ 1,071,488 |
Commitments And Contingencies (
Commitments And Contingencies (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Loss Contingencies [Line Items] | |||
Like-kind exchange deposits and reverse exchange property | $ 126,373,000 | $ 82,477,000 | |
Independence Title [Member] | |||
Loss Contingencies [Line Items] | |||
Net Premiums Written Percentage | 16.00% | 23.60% | 16.40% |
Related Party Transactions Summ
Related Party Transactions Summary Of Approximate Values By Year Found Within Consolidated Balance Sheets (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | ||
Other investments | $ 8,397,014 | $ 8,530,929 |
Premiums and fees receivable | 9,380,604 | 8,544,183 |
Title Insurance Agencies | ||
Related Party Transaction [Line Items] | ||
Other investments | 5,823,000 | 6,014,000 |
Premiums and fees receivable | $ 903,000 | $ 666,000 |
Related Party Transactions Su52
Related Party Transactions Summary Of Approximate Values By Year Found Within Consolidated Statements Of Income (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Related Party Transaction [Line Items] | ||||
Net premiums written | $ 30,464,581 | $ 29,849,853 | $ 55,426,622 | $ 54,759,105 |
Other income | 2,960,575 | 2,240,183 | 5,107,501 | 4,266,452 |
Commissions to agents | 16,898,691 | 18,346,381 | 31,495,230 | 33,802,659 |
Title Insurance Agencies | ||||
Related Party Transaction [Line Items] | ||||
Net premiums written | 3,929,000 | 3,270,000 | 6,985,000 | 5,561,000 |
Other income | 1,111,000 | 627,000 | 1,514,000 | 976,000 |
Commissions to agents | $ 2,718,000 | $ 2,094,000 | $ 4,850,000 | $ 3,771,000 |
Acquisition (Details)
Acquisition (Details) - USD ($) | May. 21, 2014 | Apr. 02, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2015 | Dec. 31, 2014 |
70% | ||||||
Business Acquisition [Line Items] | ||||||
Payment period of purchase price | 2 years | |||||
United Title Agency [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Ownership percentage acquired | 30.00% | 70.00% | ||||
Business acquisition, remaining ownership interest | 30.00% | |||||
Fair value of total consideration to be transferred | $ 1,041,250 | |||||
Fair value of consideration paid | 350,000 | $ 341,250 | $ 350,000 | |||
Purchase price of acquisition | 691,250 | |||||
Fair value of the noncontrolling interest amount | 446,250 | |||||
Fair value of identifiable net assets | $ 5,600 | |||||
Accumulated amortization of intangible assets | $ 226,473 | $ 191,631 | ||||
Net intangible assets | $ 1,255,427 | $ 1,290,269 | ||||
United Title Agency [Member] | 70% | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition, purchase price payment calculation period | 24 months | |||||
Business Acquisition Purchase Price | $ 1,041,250 | |||||
United Title Agency [Member] | 30% | ||||||
Business Acquisition [Line Items] | ||||||
Fair value of total consideration to be transferred | $ 515,275 | |||||
Business acquisition, purchase price payment calculation period | 24 months | |||||
United Title Agency [Member] | Non-Compete Contract | ||||||
Business Acquisition [Line Items] | ||||||
Intangible assets acquired | $ 645,685 | |||||
Intangible assets amortized period | 10 years | |||||
United Title Agency [Member] | Referral Relationships | ||||||
Business Acquisition [Line Items] | ||||||
Intangible assets acquired | $ 836,215 | |||||
Intangible assets amortized period | 12 years |
Acquisition Schedule of Effects
Acquisition Schedule of Effects of Changes in Parent Ownership Interest (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Business Combinations [Abstract] | |||||
Net Income (Loss) Attributable to Parent | $ 4,120,497 | $ 3,373,598 | $ 5,846,621 | $ 4,360,036 | $ 9,648,975 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Purchase of Interest by Parent | 0 | (114,320) | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Net | 0 | (114,320) | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Change Due to Net Income Attributable to Parent and Effects of Changes, Net | $ 5,846,621 | $ 9,534,655 |
Acquisition Reconciliation Of T
Acquisition Reconciliation Of Total Redeemable Equity (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Beginning balance at January 1 | $ 0 | $ 545,489 | $ 545,489 |
Net income attributable to redeemable noncontrolling interest | 0 | 23,523 | |
Distributions to noncontrolling interest | 0 | (168,057) | |
Payments to Acquire Additional Interest in Subsidiaries | 0 | (515,275) | (515,275) |
Redeemable noncontrolling interest resulting from subsidiary purchase | 0 | $ 114,320 | 114,320 |
Balance, net | $ 0 | $ 0 |
Accumulated Other Comprehensi56
Accumulated Other Comprehensive Income Balances Of Each Component Of Accumulated Other Comprehensive Income, Net Of Tax (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | $ 13,036,246 | $ 11,350,871 | $ 12,856,509 | $ 11,347,404 |
Other comprehensive income before reclassifications | (1,412,635) | 1,447,244 | (1,228,408) | 1,953,080 |
Amounts reclassified from accumulated other comprehensive income | (599,814) | (44,785) | (604,304) | (547,154) |
Other comprehensive (loss) income | (2,012,449) | 1,402,459 | (1,832,712) | 1,405,926 |
Ending balance | 11,023,797 | 12,753,330 | 11,023,797 | 12,753,330 |
Unrealized Gains And Losses On Available-For-Sale Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | 13,112,930 | 11,398,858 | 12,934,497 | 11,395,757 |
Other comprehensive income before reclassifications | (1,412,635) | 1,447,244 | (1,228,408) | 1,953,080 |
Amounts reclassified from accumulated other comprehensive income | (601,118) | (45,151) | (606,912) | (547,886) |
Other comprehensive (loss) income | (2,013,753) | 1,402,093 | (1,835,320) | 1,405,194 |
Ending balance | 11,099,177 | 12,800,951 | 11,099,177 | 12,800,951 |
Postretirement Benefits Plans | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (76,684) | (47,987) | (77,988) | (48,353) |
Other comprehensive income before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | 1,304 | 366 | 2,608 | 732 |
Other comprehensive (loss) income | 1,304 | 366 | 2,608 | 732 |
Ending balance | $ (75,380) | $ (47,621) | $ (75,380) | $ (47,621) |
Accumulated Other Comprehensi57
Accumulated Other Comprehensive Income Reclassification Out Of Accumulated Other Comprehensive Income (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Net realized gain on investment | $ 925,164 | $ 92,082 | $ 939,967 | $ 584,219 |
Prior year service cost | 1,098 | 555 | 2,195 | 1,109 |
Unrecognized loss | (878) | 0 | (1,757) | 0 |
Income before Income Taxes | 5,786,497 | 4,679,044 | 8,155,621 | 6,035,559 |
Tax | (1,666,000) | (1,281,000) | (2,309,000) | (1,652,000) |
Net Income | 4,120,497 | 3,398,044 | 5,846,621 | 4,383,559 |
Reclassification Out Of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Net Income | 599,814 | 44,785 | 604,304 | 547,154 |
Reclassification Out Of Accumulated Other Comprehensive Income | Unrealized Gains And Losses On Available-For-Sale Securities | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Net realized gain on investment | 923,209 | 68,364 | 932,012 | 833,636 |
Other-than-temporary impairments | (11,149) | 0 | (11,149) | 0 |
Income before Income Taxes | 912,060 | 68,364 | 920,863 | 833,636 |
Tax | (310,942) | (23,213) | (313,951) | (285,750) |
Net Income | 601,118 | 45,151 | 606,912 | 547,886 |
Reclassification Out Of Accumulated Other Comprehensive Income | Postretirement Benefits Plans | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Prior year service cost | (1,098) | (555) | (2,195) | (1,109) |
Unrecognized loss | (878) | 0 | (1,757) | 0 |
Income before Income Taxes | (1,976) | (555) | (3,952) | (1,109) |
Tax | 672 | 189 | 1,344 | 377 |
Net Income | $ (1,304) | $ (366) | $ (2,608) | $ (732) |