Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 17, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,017 | |
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 | 1,886,088 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Investments in securities: | ||
Fixed maturities, available-for-sale, at fair value (amortized cost: March 31, 2017: $96,557,152; December 31, 2016: $100,162,357) | $ 98,382,799 | $ 101,934,077 |
Equity securities, available-for-sale, at fair value (cost: March 31, 2017: $25,203,870; December 31, 2016: $24,836,032) | 43,068,433 | 41,179,259 |
Short-term investments | 13,635,465 | 6,558,840 |
Other investments | 10,582,877 | 11,181,531 |
Total investments | 165,669,574 | 160,853,707 |
Cash and cash equivalents | 25,718,050 | 27,928,472 |
Premium and fees receivable | 8,663,495 | 8,654,161 |
Accrued interest and dividends | 1,336,998 | 1,035,152 |
Prepaid expenses and other assets | 10,323,199 | 9,456,523 |
Property, net | 9,477,362 | 8,753,466 |
Goodwill and other intangible assets | 12,023,053 | 12,256,641 |
Total Assets | 233,211,731 | 228,938,122 |
Liabilities: | ||
Reserves for claims | 35,445,000 | 35,305,000 |
Accounts payable and accrued liabilities | 22,577,847 | 26,146,480 |
Current income taxes payable | 3,479,935 | 1,232,432 |
Deferred income taxes, net | 11,421,379 | 11,118,256 |
Total liabilities | 72,924,161 | 73,802,168 |
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; 1,886,088 and 1,884,283 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively, excluding in each period 291,676 shares of common stock held by the Company's subsidiary) | 1 | 1 |
Retained earnings | 147,405,440 | 143,283,621 |
Accumulated other comprehensive income | 12,801,119 | 11,761,447 |
Total stockholders’ equity attributable to the Company | 160,206,560 | 155,045,069 |
Noncontrolling interests | 81,010 | 90,885 |
Total stockholders' equity | 160,287,570 | 155,135,954 |
Total Liabilities and Stockholders’ Equity | $ 233,211,731 | $ 228,938,122 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Fixed maturities, available-for-sale, amortized cost | $ 96,557,152 | $ 100,162,357 |
Equity securities, available-for-sale, cost | $ 25,203,870 | $ 24,836,032 |
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 | 1,886,088 | 1,884,283 |
Common stock, shares outstanding | 1,886,088 | 1,884,283 |
Common stock, held by Company's subsidiary | 291,676 | 291,676 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenues: | ||
Net premiums written | $ 33,641,564 | $ 21,508,997 |
Investment income – interest and dividends | 1,096,591 | 1,151,011 |
Net realized gain on investments | 103,339 | 149,830 |
Other | 2,959,695 | 2,052,184 |
Total Revenues | 37,801,189 | 24,862,022 |
Operating Expenses: | ||
Commissions to agents | 16,331,110 | 11,532,882 |
Provision for claims | 719,397 | 15,959 |
Salaries, employee benefits and payroll taxes | 9,902,271 | 7,471,951 |
Office occupancy and operations | 1,939,055 | 1,493,860 |
Business development | 612,947 | 480,390 |
Filing fees, franchise and local taxes | 153,556 | 230,054 |
Premium and retaliatory taxes | 645,385 | 311,831 |
Professional and contract labor fees | 439,176 | 538,653 |
Other | 607,112 | 202,981 |
Total Operating Expenses | 31,350,009 | 22,278,561 |
Income before Income Taxes | 6,451,180 | 2,583,461 |
Provision for Income Taxes | 1,985,000 | 779,000 |
Net Income | 4,466,180 | 1,804,461 |
Net Loss Attributable to Noncontrolling Interests | 9,875 | 9,579 |
Net Income Attributable to the Company | $ 4,476,055 | $ 1,814,040 |
Basic Earnings per Common Share | $ 2.37 | $ 0.94 |
Weighted Average Shares Outstanding – Basic | 1,885,587 | 1,934,318 |
Diluted Earnings per Common Share | $ 2.36 | $ 0.93 |
Weighted Average Shares Outstanding – Diluted | 1,894,838 | 1,940,963 |
Cash Dividends Paid per Common Share | $ 0.20 | $ 0.16 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 4,466,180 | $ 1,804,461 |
Other comprehensive income, before tax: | ||
Amortization of unrecognized loss | 2,153 | 2,235 |
Unrealized gains on investments arising during the period | 1,666,147 | 1,212,525 |
Reclassification adjustment for sales of securities included in net income | (90,506) | (186,079) |
Reclassification adjustment for write-downs of securities included in net income | 0 | 42,794 |
Other comprehensive income, before tax | 1,577,794 | 1,071,475 |
Income tax expense related to postretirement health benefits | 731 | 760 |
Income tax expense related to unrealized gains on investments arising during the period | 568,956 | 419,586 |
Income tax benefit related to reclassification adjustment for sales of securities included in net income | (31,565) | (64,860) |
Income tax expense related to reclassification adjustment for write-downs of securities included in net income | 0 | 14,668 |
Net income tax expense on other comprehensive income | 538,122 | 370,154 |
Other comprehensive income | 1,039,672 | 701,321 |
Comprehensive Income | 5,505,852 | 2,505,782 |
Comprehensive loss attributable to noncontrolling interests | 9,875 | 9,579 |
Comprehensive Income Attributable to the Company | $ 5,515,727 | $ 2,515,361 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) | Total | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income | Noncontrolling Interest [Member] |
Balance, beginning of year at Dec. 31, 2015 | $ 142,777,080 | $ 1 | $ 131,186,866 | $ 11,483,015 | $ 107,198 |
Balance, beginning of year, shares at Dec. 31, 2015 | 1,949,797 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income attributable to the Company | 1,814,040 | 1,814,040 | |||
Dividends | (309,104) | (309,104) | |||
Shares of common stock repurchased and retired (in shares) | (18,795) | ||||
Shares of common stock repurchased and retired | (1,626,668) | (1,626,668) | |||
Stock options and stock appreciation rights exercised (in shares) | 1,289 | ||||
Stock options and stock appreciation rights exercised | (200) | (200) | |||
Share-based compensation expense | 35,053 | 35,053 | |||
Amortization related to postretirement health benefits | 1,475 | 1,475 | |||
Net unrealized gain on investments | 699,846 | 699,846 | |||
Net loss attributable to noncontrolling interests | (9,579) | (9,579) | |||
Income tax benefit from share-based compensation | 32,292 | 32,292 | |||
Balance, end of year at Mar. 31, 2016 | 143,414,235 | $ 1 | 131,132,279 | 12,184,336 | 97,619 |
Balance, end of year, shares at Mar. 31, 2016 | 1,932,291 | ||||
Balance, beginning of year at Dec. 31, 2016 | 155,135,954 | $ 1 | 143,283,621 | 11,761,447 | 90,885 |
Balance, beginning of year, shares at Dec. 31, 2016 | 1,884,283 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income attributable to the Company | 4,476,055 | 4,476,055 | |||
Dividends | (377,218) | (377,218) | |||
Shares of common stock repurchased and retired (in shares) | (70) | ||||
Shares of common stock repurchased and retired | (8,986) | (8,986) | |||
Stock options and stock appreciation rights exercised (in shares) | 1,875 | ||||
Stock options and stock appreciation rights exercised | (380) | (380) | |||
Share-based compensation expense | 32,348 | 32,348 | |||
Amortization related to postretirement health benefits | 1,422 | 1,422 | |||
Net unrealized gain on investments | 1,038,250 | 1,038,250 | |||
Net loss attributable to noncontrolling interests | (9,875) | (9,875) | |||
Balance, end of year at Mar. 31, 2017 | $ 160,287,570 | $ 1 | $ 147,405,440 | $ 12,801,119 | $ 81,010 |
Balance, end of year, shares at Mar. 31, 2017 | 1,886,088 |
Consolidated Statements Of Sto7
Consolidated Statements Of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | ||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.20 | $ 0.16 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating Activities | ||
Net income | $ 4,466,180 | $ 1,804,461 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 334,021 | 342,590 |
Amortization of investments, net | 195,246 | 196,875 |
Amortization related to postretirement benefits obligation | 2,153 | 2,235 |
Amortization of other intangible assets, net | 233,588 | 0 |
Share-based compensation expense related to stock appreciation rights | 32,348 | 35,053 |
Excess tax benefits related to exercise of stock appreciation rights | 75,027 | 32,292 |
Net gain on disposals of property | (15,723) | (3,701) |
Net realized gain on investments | (103,339) | (149,830) |
Net (earnings) loss from other investments | (143,243) | 24,263 |
Provision for claims | 719,397 | 15,959 |
(Benefit) provision for deferred income taxes | (235,000) | 1,689,000 |
Changes in assets and liabilities: | ||
(Increase) decrease in receivables | (9,334) | 1,452,570 |
(Increase) decrease in other assets | (1,168,522) | 4,032,198 |
Increase in current income taxes recoverable | 0 | (1,036,309) |
Decrease in accounts payable and accrued liabilities | (3,568,633) | (6,275,393) |
Increase (decrease) in current income taxes payable | 2,172,476 | (210,355) |
Payments of claims, net of recoveries | (579,397) | (406,959) |
Net cash provided by operating activities | 2,407,245 | 1,544,949 |
Investing Activities | ||
Purchases of available-for-sale securities | (561,348) | (3,583,240) |
Purchases of short-term investments | (7,722,430) | (1,974,677) |
Purchases of other investments | (307,948) | (473,174) |
Proceeds from sales and maturities of available-for-sale securities | 3,693,973 | 4,130,767 |
Proceeds from sales and maturities of short-term investments | 645,805 | 1,320,014 |
Proceeds from sales and distributions of other investments | 1,050,225 | 1,741,134 |
Proceeds from sales of other assets | 12,834 | 6,545 |
Purchases of property | (1,063,894) | (701,184) |
Proceeds from the sale of property | 21,700 | 8,501 |
Net cash (used in) provided by investing activities | (4,231,083) | 474,686 |
Financing Activities | ||
Repurchases of common stock | (8,986) | (1,626,668) |
Exercises of stock options and SARs | (380) | (200) |
Dividends paid | (377,218) | (309,104) |
Net cash used in financing activities | (386,584) | (1,935,972) |
Net (Decrease) Increase in Cash and Cash Equivalents | (2,210,422) | 83,663 |
Cash and Cash Equivalents, Beginning of Period | 27,928,472 | 21,790,068 |
Cash and Cash Equivalents, End of Period | 25,718,050 | 21,873,731 |
Cash Paid During the Year for: | ||
Income tax (refunds) payments, net | (27,500) | 1,926,400 |
Non cash net unrealized gain on investments, net of deferred tax provision of $(537,391) and $(369,394) for March 31, 2017 and March 31, 2016, respectively | $ (1,038,250) | $ (699,846) |
Consolidated Statements Of Cas9
Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Cash Flows [Abstract] | ||
Non cash net unrealized gain on investments, deferred tax provision | $ (537,391) | $ (369,394) |
Basis Of Presentation And Signi
Basis Of Presentation And Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
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, 2016 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 noncontrolling interests in majority-owned title insurance agencies are recorded in the Consolidated Statements of Income. Noncontrolling interests representing the portion of equity not related to the Company's ownership interests are recorded in separate sections of the Consolidated Balance Sheets. 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 March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 . Reclassification – Certain 2016 amounts in the accompanying unaudited Consolidated Financial Statements have been reclassified to conform to the 2017 classifications. These reclassifications had no effect on stockholders’ equity or net income as previously reported. 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 evaluated and concluded that there were no material subsequent events requiring adjustment or disclosure to its Consolidated Financial Statements. Recently Issued Accounting Standards –In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 is intended to enhance the accounting for the amortization of premiums for purchased callable debt securities. Specifically, the ASU shortens the amortization period for certain investments in callable debt securities purchased at a premium by requiring that the premium be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The update is effective for annual periods beginning after December 15, 2018, and interim periods within those fiscal years. 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 March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits (Topic 715). This update requires entities to (1) disaggregate the current service cost component from the other components of net benefit cost (the "other components") and present it with other current compensation costs for related employees in the income statement and (2) present the other components elsewhere in the income statement and outside of income from operations if that subtotal is presented. In addition, the ASU requires entities to disclose the income statement lines that contain the other components if they are not presented on appropriately described separate lines. The update is effective for annual periods beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted as of the beginning of an annual period for which financial statements (interim or annual) have not been issued or made available for issuance. 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 January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350). This update removes the requirement to compare the implied fair value of goodwill with its carrying amount as part of step 2 of the goodwill impairment test. As a result, under the ASU, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In addition, the ASU clarifies that an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. This update is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. None of these amendments would have an impact on the Company's financial position or results of operation. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) . ASU 2016-13 is intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The update broadens the information that an entity must consider in developing its expected credit loss estimates, and is meant to better reflect an entity’s current estimate of all expected credit losses. In addition, this update amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The update is effective for annual periods beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted as of fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. 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. Currently, the Company's potential credit losses under this accounting standard relate to available-for-sale securities. The Company does not believe that the risk of credit losses, based on current available-for-sale security holdings, is material to the financial statements as a whole. Please refer to Note 6 for further information about the Company's investments. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718) . ASU 2016-09 updated guidance to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The update was effective for annual periods beginning after December 15, 2016, including interim periods within that reporting period. The Company adopted this update on January 1, 2017 with no material impact on the Company's financial position and results of operations. All excess tax benefits and tax deficiencies will now be recognized as income tax expense or benefit in the income statement. In addition, a reclassification was made on the Consolidated Statements of Cash Flows, as companies are now required to present excess tax benefits as an operating activity on the Consolidated Statements of Cash Flows rather than as a financing activity. The Company began recording all excess tax benefits and tax deficiencies as an income tax expense or benefit on a prospective basis. The amendments relating to the presentation of excess tax benefits within the Consolidated Statements of Cash Flows was adopted by the Company retrospectively. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . ASU 2016-02 updated guidance to improve financial reporting for leasing transactions. The core principle of the guidance is that lessees will be required to recognize assets and liabilities on the balance sheet for all leases with terms of more than twelve months. A lessee would recognize a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term. The accounting applied by a lessor is largely unchanged from current GAAP, with some targeted improvements. Disclosures will be required by lessees and lessors to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. In transition, both lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The update is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption was permitted for all entities upon issuance. 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. As of December 31, 2016, future minimum lease payments with terms of more than twelve months were approximately $2.5 million. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . ASU 2016-01 updated guidance to enhance the reporting model for financial instruments. Among the main principles of the guidance applicable to the Company are provisions to: require equity investments, except those accounted for under the equity method of accounting or those that result in consolidation of the investee, to be measured at fair value with changes in fair value recognized in net income; simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, noting that when a qualitative assessment indicates that impairment exists that an entity is required to measure the investment at fair value; eliminate the requirement to disclose methods and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost; require entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; require separate presentation of financial assets and financial liabilities by measuring category and form of financial asset on the balance sheet or accompanying notes to the financial statements; and clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. The update is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted for the provision requiring entities to recognize the fair value change from instrument-specific credit risk in other comprehensive income for financial liabilities measured using the fair value option in Accounting Standards Codification ("ASC") 825, and can be early adopted for financial statements of annual or interim periods that have not yet been issued or made available for issuance. The Company will be required to apply the update by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption, with the amendments related to equity securities without readily determinable fair values being applied prospectively to equity investments that exist as of the date of adoption. The guidance is expected to have a material impact on the Company’s financial condition and results of operations once effective, primarily resulting from fluctuations in security exchanges or markets. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . ASU 2014-09 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 August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date . ASU 2015-14 updated guidance to defer the effective date of the standard by one year. Early adoption is not permitted, although public entities are permitted to elect to adopt the amendments on the original effective date. Currently, the Company's only revenue stream impacted by the issued accounting standard is like-kind exchange services revenue produced by the Company's subsidiary, Investors Title Exchange Corporation ("ITEC"). Like-kind exchange proceeds are not considered material to the Company's financial condition and results of operations. |
Reserves For Claims
Reserves For Claims | 3 Months Ended |
Mar. 31, 2017 | |
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 three-month period ended March 31, 2017 and the year ended December 31, 2016 are summarized as follows: March 31, 2017 December 31, 2016 Balance, beginning of period $ 35,305,000 $ 37,788,000 Provision, charged to operations 719,397 242,953 Payments of claims, net of recoveries (579,397 ) (2,725,953 ) Ending balance $ 35,445,000 $ 35,305,000 The total reserve for all reported and unreported losses the Company incurred through March 31, 2017 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 March 31, 2017 . 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: March 31, 2017 % December 31, 2016 % Known title claims $ 4,554,599 12.8 $ 4,405,343 12.5 IBNR 30,890,401 87.2 30,899,657 87.5 Total loss reserves $ 35,445,000 100.0 $ 35,305,000 100.0 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 | 3 Months Ended |
Mar. 31, 2017 | |
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; and (b) the amount of compensation cost, if any, for future services that the Company has not yet recognized, are assumed to be used to repurchase shares in the current period. The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31 : Three Months Ended March 31, 2017 2016 Net income attributable to the Company $ 4,476,055 $ 1,814,040 Weighted average common shares outstanding – Basic 1,885,587 1,934,318 Incremental shares outstanding assuming the exercise of dilutive stock options and SARs (share-settled) 9,251 6,645 Weighted average common shares outstanding – Diluted 1,894,838 1,940,963 Basic earnings per common share $ 2.37 $ 0.94 Diluted earnings per common share $ 2.36 $ 0.93 There were no potential shares excluded from the computation of diluted earnings per share for the three-month periods ended March 31, 2017 and 2016 . The Company has adopted employee stock award plans under which restricted stock, and options or stock appreciation rights ("SARs") 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. There is currently one active plan from which the Company may grant share-based awards. The awards eligible to be granted under the active plan are limited to SARs, and the maximum aggregate number of shares of common stock of the Company available pursuant to the plan for the grant of SARs is 250,000 shares. As of March 31, 2017 , the only outstanding awards under the plans were SARs expiring in seven years from the date of grant, all of which vest and are exercisable within one year of 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, 2016 22,000 $ 57.04 3.93 $ 945,055 SARs granted 4,500 93.87 SARs exercised (2,000 ) 32.00 Outstanding as of December 31, 2016 24,500 $ 65.85 3.85 $ 836,640 SARs granted — — SARs exercised (2,500 ) 33.31 Outstanding as of March 31, 2017 22,000 $ 69.55 4.00 $ 1,949,215 Exercisable as of March 31, 2017 22,000 $ 69.55 4.00 $ 1,949,215 There was approximately $32,000 and $35,000 of compensation expense relating to SARs or options vesting on or before March 31, 2017 and 2016 , respectively, included in salaries, employee benefits and payroll taxes in the Consolidated Statements of Income. As of March 31, 2017 , there was no unrecognized compensation cost related to unvested share-based compensation arrangements granted under the Company’s stock award plans. 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 | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 and 2016 : Three Months Ended March 31, 2017 Title Insurance All Other Intersegment Eliminations Total Insurance and other services revenues $ 35,911,412 $ 1,683,563 $ (993,716 ) $ 36,601,259 Investment income 1,022,341 132,585 (58,335 ) 1,096,591 Net realized gain on investments 63,307 40,032 — 103,339 Total revenues $ 36,997,060 $ 1,856,180 $ (1,052,051 ) $ 37,801,189 Operating expenses 30,508,997 1,817,307 (976,295 ) 31,350,009 Income before income taxes $ 6,488,063 $ 38,873 $ (75,756 ) $ 6,451,180 Total assets $ 184,769,855 $ 48,441,876 $ — $ 233,211,731 Three Months Ended March 31, 2016 Title All Intersegment Total Insurance and other services revenues $ 22,391,723 $ 1,572,155 $ (402,697 ) $ 23,561,181 Investment income 1,054,786 142,893 (46,668 ) 1,151,011 Net realized gain on investments 93,929 55,901 — 149,830 Total revenues $ 23,540,438 $ 1,770,949 $ (449,365 ) $ 24,862,022 Operating expenses 21,096,917 1,566,921 (385,277 ) 22,278,561 Income before income taxes $ 2,443,521 $ 204,028 $ (64,088 ) $ 2,583,461 Total assets $ 159,904,411 $ 47,437,179 $ — $ 207,341,590 |
Retirement Agreements And Other
Retirement Agreements And Other Postretirement Benefits | 3 Months Ended |
Mar. 31, 2017 | |
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 a 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 $9,468,000 and $8,487,000 as of March 31, 2017 and December 31, 2016 , 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 March 31, 2017 and 2016 : Three Months Ended March 31, 2017 2016 Service cost – benefits earned during the year $ — $ 2,545 Interest cost on the projected benefit obligation 9,217 8,781 Amortization of unrecognized prior service cost — — Amortization of unrecognized losses 2,153 2,235 Net periodic benefits costs $ 11,370 $ 13,561 |
Investments In Securities
Investments In Securities | 3 Months Ended |
Mar. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments In Securities and Fair Value [Text Block] | Investments and Estimated Fair Value 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 March 31, 2017 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 $ 27,056,802 $ 439,524 $ 215,696 $ 27,280,630 Special revenue issuer obligations of U.S. states, territories and political subdivisions 57,270,359 1,654,495 571,374 58,353,480 Corporate debt securities 12,229,991 518,698 — 12,748,689 Total $ 96,557,152 $ 2,612,717 $ 787,070 $ 98,382,799 Equity securities, available-for-sale, at fair value: Common stocks $ 25,203,870 $ 17,927,424 $ 62,861 $ 43,068,433 Total $ 25,203,870 $ 17,927,424 $ 62,861 $ 43,068,433 Short-term investments: Money market funds and certificates of deposit $ 13,635,465 $ — $ — $ 13,635,465 Total $ 13,635,465 $ — $ — $ 13,635,465 As of December 31, 2016 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 $ 29,374,774 $ 440,628 $ 298,533 $ 29,516,869 Special revenue issuer obligations of U.S. states, territories and political subdivisions 57,459,818 1,619,444 502,135 58,577,127 Corporate debt securities 13,327,765 512,316 — 13,840,081 Total $ 100,162,357 $ 2,572,388 $ 800,668 $ 101,934,077 Equity securities, available-for-sale, at fair value: Common stocks and nonredeemable preferred stocks $ 24,836,032 $ 16,392,210 $ 48,983 $ 41,179,259 Total $ 24,836,032 $ 16,392,210 $ 48,983 $ 41,179,259 Short-term investments: Money market funds and certificates of deposit $ 6,558,840 $ — $ — $ 6,558,840 Total $ 6,558,840 $ — $ — $ 6,558,840 The special revenue category for both periods presented includes approximately 60 individual bonds with revenue sources from a variety of industry sectors. The scheduled maturities of fixed maturity securities at March 31, 2017 were as follows: Available-for-Sale Amortized Cost Estimated Fair Value Due in one year or less $ 15,510,532 $ 15,619,962 Due after one year through five years 25,318,351 26,050,476 Due five years through ten years 52,209,450 52,767,651 Due after ten years 3,518,819 3,944,710 Total $ 96,557,152 $ 98,382,799 Gross realized gains and losses on sales of investments for the three-month periods ended March 31 are summarized as follows: 2017 2016 Gross realized gains from securities: Special revenue issuer obligations of U.S. states, territories and political subdivisions $ 139 $ 160 Common stocks and nonredeemable preferred stocks 90,466 227,960 Auction rate securities — 74,996 Total $ 90,605 $ 303,116 Gross realized losses from securities: Special revenue issuer obligations of U.S. states, territories and political subdivisions $ (99 ) $ (85 ) Common stocks and nonredeemable preferred stocks — (116,952 ) Other-than-temporary impairment of securities — (42,794 ) Total $ (99 ) $ (159,831 ) Net realized gain from securities $ 90,506 $ 143,285 Net realized gain on other investments: Gains on other investments $ 12,833 $ 6,545 Total $ 12,833 $ 6,545 Net realized gain on investments $ 103,339 $ 149,830 Realized gains and losses are determined on the specific identification method. The following table presents the gross unrealized losses on investment securities and the estimated fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at March 31, 2017 and December 31, 2016 : Less than 12 Months 12 Months or Longer Total As of March 31, 2017 Estimated Fair Value Unrealized Losses Estimated Fair Unrealized Losses Estimated Fair Unrealized Losses General obligations of U.S. states, territories and political subdivisions $ 10,784,520 $ (215,696 ) $ — $ — $ 10,784,520 $ (215,696 ) Special revenue issuer obligations of U.S. states, territories and political subdivisions 19,552,843 (571,374 ) — — 19,552,843 (571,374 ) Total fixed income securities $ 30,337,363 $ (787,070 ) $ — $ — $ 30,337,363 $ (787,070 ) Equity securities $ 1,117,077 $ (62,861 ) $ — $ — $ 1,117,077 $ (62,861 ) Total temporarily impaired securities $ 31,454,440 $ (849,931 ) $ — $ — $ 31,454,440 $ (849,931 ) Less than 12 Months 12 Months or Longer Total As of December 31, 2016 Estimated Fair Value Unrealized Losses Estimated Fair Unrealized Losses Estimated Fair Unrealized Losses General obligations of U.S. states, territories and political subdivisions $ 13,884,808 $ (298,533 ) $ — $ — $ 13,884,808 $ (298,533 ) Special revenue issuer obligations of U.S. states, territories and political subdivisions 16,161,906 (502,135 ) — — 16,161,906 (502,135 ) Total fixed income securities $ 30,046,714 $ (800,668 ) $ — $ — $ 30,046,714 $ (800,668 ) Equity securities $ 380,400 $ (48,983 ) $ — $ — $ 380,400 $ (48,983 ) Total temporarily impaired securities $ 30,427,114 $ (849,651 ) $ — $ — $ 30,427,114 $ (849,651 ) The decline in estimated 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. 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 40 and 36 securities had unrealized losses at March 31, 2017 and December 31, 2016 , 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 no other-than-temporary impairment charges for debt and equity investments for the three-month period ended March 31, 2017 and $42,794 for the three-month period ended March 31, 2016. Other-than-temporary impairment charges are included in net realized gain on investments in the Consolidated Statements of Income. Variable Interest Entities The Company holds investments in VIEs that are not consolidated in the Company's financial statements as the Company is not the primary beneficiary. These entities are considered VIEs as the equity investors at risk, including the Company, do not have the power over the activities that most significantly impact the economic performance of the entities; this power resides with a third-party general partner or managing member that cannot be removed except for cause. The following table sets forth details about the Company's variable interest investments in VIEs, which are structured either as limited partnerships ("LPs") or limited liability companies ("LLCs"), as of March 31, 2017 : Type of Investment Balance Sheet Classification Carrying Value Estimated Fair Value Maximum Potential Loss (a) Tax credit LPs Other investments $ 846,228 $ 1,137,346 $ 1,325,000 Real estate LLCs or LPs Other investments 4,812,037 5,677,547 7,400,000 Small business investment LPs Other investments 3,104,944 3,277,637 9,400,000 Total $ 8,763,209 $ 10,092,530 $ 18,125,000 (a) Maximum potential loss is calculated as the total investment in the LLC or LP including any capital commitments that may have not yet been called. The Company is not exposed to any loss beyond the total commitment of its investment. Valuation of Financial Assets and Liabilities The FASB has established a valuation hierarchy for disclosure of the inputs used to measure estimated 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 estimated 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. Estimated fair value is principally based on market values obtained from a third party pricing service. Factors that are used in determining estimated 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 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 March 31, 2017 and December 31, 2016 , 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 estimated 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 Company did not hold any Level 3 category debt or equity investment securities as of March 31, 2017 or December 31, 2016. The following table presents, by level, the financial assets carried at estimated fair value measured on a recurring basis as of March 31, 2017 and December 31, 2016 . The table does not include cash on hand and also does not include assets that are measured at historical cost or any basis other than fair value. As of March 31, 2017 Level 1 Level 2 Level 3 Total Short-term investments $ 13,635,465 $ — $ — $ 13,635,465 Equity securities: Common stock 43,068,433 — — 43,068,433 Fixed maturities: Obligations of U.S. states, territories and political subdivisions* — 85,634,110 — 85,634,110 Corporate debt securities* — 12,748,689 — 12,748,689 Total $ 56,703,898 $ 98,382,799 $ — $ 155,086,697 As of December 31, 2016 Level 1 Level 2 Level 3 Total Short-term investments $ 6,558,840 $ — $ — $ 6,558,840 Equity securities: Common stock 41,179,259 — — 41,179,259 Fixed maturities: Obligations of U.S. states, territories and political subdivisions* — 88,093,996 — 88,093,996 Corporate debt securities* — 13,840,081 — 13,840,081 Total $ 47,738,099 $ 101,934,077 $ — $ 149,672,176 *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 estimated fair value determinations are consistent with 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 estimated 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 estimated 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 estimated fair values of other financial instruments (see previous table for investments carried at estimated fair value) as of March 31, 2017 and December 31, 2016 are presented in the following table: As of March 31, 2017 Carrying Value Estimated Fair Value Level 1 Level 2 Level 3 Financial assets: Cash $ 25,718,050 $ 25,718,050 $ 25,718,050 $ — $ — Cost-basis investments 4,894,951 5,341,173 — — 5,341,173 Accrued interest and dividends 1,336,998 1,336,998 1,336,998 — — Total $ 31,949,999 $ 32,396,221 $ 27,055,048 $ — $ 5,341,173 As of December 31, 2016 Carrying Value Estimated Fair Value Level 1 Level 2 Level 3 Financial assets: Cash $ 27,928,472 $ 27,928,472 $ 27,928,472 $ — $ — Cost-basis investments 4,244,402 4,497,665 — — 4,497,665 Accrued interest and dividends 1,035,152 1,035,152 1,035,152 — — Total $ 33,208,026 $ 33,461,289 $ 28,963,624 $ — $ 4,497,665 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 March 31, 2017 and December 31, 2016 . There were no impairments of such investments made during the three-month period ended March 31, 2017 or the twelve-month period ended December 31, 2016 . |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
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 $186,086,000 and $202,184,000 as of March 31, 2017 and December 31, 2016 , 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. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 As of December 31, 2016 Consolidated Balance Sheets Other investments $ 5,688,000 $ 6,437,000 Premiums and fees receivable $ 746,000 $ 56,000 For the Three Months Ended Consolidated Statements of Income 2017 2016 Net premiums written $ 3,558,000 $ 2,743,000 Other income $ 272,000 $ 126,000 Commissions to agents $ 2,404,000 $ 1,848,000 |
Business Combinations, Intangib
Business Combinations, Intangible Assets and Goodwill (Notes) | 3 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Business Combinations, Intangible Assets and Goodwill | Business Combinations, Intangible Assets and Goodwill Business Combinations In October 2016, National Investors Holdings, LLC ("NIH"), a subsidiary of the Company, acquired all of the outstanding shares of University Title Company (“University”), a title insurance agency doing business in Texas. NIH paid $10 million plus a $918,000 adjustment for University’s net cash position at closing to the shareholders of University. The acquisition was partially financed with loan proceeds from a Business/Commercial Loan Agreement and related Promissory Note (collectively, the “Loan Agreement”) with a bank, pursuant to which the bank loaned the Company the principal amount of $6 million . The Company paid off all amounts due under the Loan Agreement in December 2016, and therefore has no liabilities related to the Loan Agreement at December 31, 2016 . In April 2012, ITIC purchased a 70% ownership interest in United Title Agency Co., LLC (“United”) for a purchase price of $1,041,250 . In May 2014, ITIC purchased the remaining 30% interest in United for an additional $515,275 , making United a wholly owned subsidiary of ITIC. United is a title insurance agency doing business in Michigan. Intangible Assets The Company recognized the required identifiable intangible assets of University and United. The fair values of intangible assets, all Level 3 inputs, are principally based on values obtained from a third party valuation service. In accordance with ASC 350, Intangibles – Goodwill and Other , management determined that no events or changes in circumstances occurred that would indicate the carrying amounts may not be recoverable, and therefore determined that no identifiable intangible assets were impaired at March 31, 2017 . Identifiable intangible assets consist of the following as of March 31, 2017 and December 31, 2016: Year Ended: 2017 2016 Referral relationships $ 6,416,215 $ 6,416,215 Non-complete agreements 1,405,685 1,405,685 Tradename 560,000 560,000 Total 8,381,900 8,381,900 Accumulated amortization (708,698 ) (475,110 ) Identifiable intangible assets, net $ 7,673,202 $ 7,906,790 The following table provides the estimated aggregate amortization expense for each of the five succeeding fiscal years: Year Ended: 2017 $ 665,763 2018 642,253 2019 568,920 2020 568,920 2021 561,587 Thereafter 4,665,759 Total $ 7,673,202 Goodwill and Title Plant The Company recognized $4,349,851 in goodwill and $690,000 in a title plant as the result of the University acquisition. The title plant is included with prepaid expenses and other assets in the Consolidated Balance Sheets. The fair values of goodwill and the title plant, both Level 3 inputs, are principally based on values obtained from a third party valuation service. In accordance with ASC 350, Intangibles – Goodwill and Other , management determined that no events or changes in circumstances occurred that would indicate the carrying amounts may not be recoverable, and therefore determined that goodwill and the title plant were not impaired at March 31, 2017 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 and 2016 : Three Months Ended March 31, 2017 Unrealized Gains and Losses On Available-for-Sale Securities Postretirement Benefits Plans Total Beginning balance at January 1 $ 11,870,647 $ (109,200 ) $ 11,761,447 Other comprehensive income before reclassifications 1,097,191 — 1,097,191 Amounts reclassified from accumulated other comprehensive income (58,941 ) 1,422 (57,519 ) Net current-period other comprehensive income 1,038,250 1,422 1,039,672 Ending balance $ 12,908,897 $ (107,778 ) $ 12,801,119 Three Months Ended March 31, 2016 Unrealized Gains and Losses On Available-for-Sale Securities Postretirement Benefits Plans Total Beginning balance at January 1 $ 11,597,741 $ (114,726 ) $ 11,483,015 Other comprehensive income before reclassifications 792,939 — 792,939 Amounts reclassified from accumulated other comprehensive income (93,093 ) 1,475 (91,618 ) Net current-period other comprehensive income 699,846 1,475 701,321 Ending balance $ 12,297,587 $ (113,251 ) $ 12,184,336 The following tables provide significant amounts reclassified out of each component of accumulated other comprehensive income for the periods ended March 31, 2017 and 2016 : Three Months Ended March 31, 2017 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 investments $ 90,506 Other-than-temporary impairments — Total $ 90,506 Net realized gain on investments Tax (31,565 ) Provision for Income Taxes Net of Tax $ 58,941 Amortization related to postretirement benefit plans: Prior year service cost $ — Unrecognized loss (2,153 ) Total $ (2,153 ) (a) Tax 731 Provision for Income Taxes Net of Tax $ (1,422 ) Reclassifications for the period $ 57,519 Three Months Ended March 31, 2016 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 investments $ 186,079 Other-than-temporary impairments (42,794 ) Total $ 143,285 Net realized gain on investments Tax (50,192 ) Provision for Income Taxes Net of Tax $ 93,093 Amortization related to postretirement benefit plans: Prior year service cost $ — Unrecognized loss (2,235 ) Total $ (2,235 ) (a) Tax 760 Provision for Income Taxes Net of Tax $ (1,475 ) Reclassifications for the period $ 91,618 (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 Sig20
Basis Of Presentation And Significant Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2017 | |
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 noncontrolling interests in majority-owned title insurance agencies are recorded in the Consolidated Statements of Income. Noncontrolling interests representing the portion of equity not related to the Company's ownership interests are recorded in separate sections of the Consolidated Balance Sheets. 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 March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 . |
Reclassifications | Reclassification – Certain 2016 amounts in the accompanying unaudited Consolidated Financial Statements have been reclassified to conform to the 2017 classifications. These reclassifications had no effect on stockholders’ equity or net income as previously reported. |
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 evaluated and concluded that there were no material subsequent events requiring adjustment or disclosure to its Consolidated Financial Statements. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards –In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 is intended to enhance the accounting for the amortization of premiums for purchased callable debt securities. Specifically, the ASU shortens the amortization period for certain investments in callable debt securities purchased at a premium by requiring that the premium be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The update is effective for annual periods beginning after December 15, 2018, and interim periods within those fiscal years. 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 March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits (Topic 715). This update requires entities to (1) disaggregate the current service cost component from the other components of net benefit cost (the "other components") and present it with other current compensation costs for related employees in the income statement and (2) present the other components elsewhere in the income statement and outside of income from operations if that subtotal is presented. In addition, the ASU requires entities to disclose the income statement lines that contain the other components if they are not presented on appropriately described separate lines. The update is effective for annual periods beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted as of the beginning of an annual period for which financial statements (interim or annual) have not been issued or made available for issuance. 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 January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350). This update removes the requirement to compare the implied fair value of goodwill with its carrying amount as part of step 2 of the goodwill impairment test. As a result, under the ASU, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In addition, the ASU clarifies that an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. This update is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. None of these amendments would have an impact on the Company's financial position or results of operation. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) . ASU 2016-13 is intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The update broadens the information that an entity must consider in developing its expected credit loss estimates, and is meant to better reflect an entity’s current estimate of all expected credit losses. In addition, this update amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The update is effective for annual periods beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted as of fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. 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. Currently, the Company's potential credit losses under this accounting standard relate to available-for-sale securities. The Company does not believe that the risk of credit losses, based on current available-for-sale security holdings, is material to the financial statements as a whole. Please refer to Note 6 for further information about the Company's investments. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718) . ASU 2016-09 updated guidance to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The update was effective for annual periods beginning after December 15, 2016, including interim periods within that reporting period. The Company adopted this update on January 1, 2017 with no material impact on the Company's financial position and results of operations. All excess tax benefits and tax deficiencies will now be recognized as income tax expense or benefit in the income statement. In addition, a reclassification was made on the Consolidated Statements of Cash Flows, as companies are now required to present excess tax benefits as an operating activity on the Consolidated Statements of Cash Flows rather than as a financing activity. The Company began recording all excess tax benefits and tax deficiencies as an income tax expense or benefit on a prospective basis. The amendments relating to the presentation of excess tax benefits within the Consolidated Statements of Cash Flows was adopted by the Company retrospectively. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . ASU 2016-02 updated guidance to improve financial reporting for leasing transactions. The core principle of the guidance is that lessees will be required to recognize assets and liabilities on the balance sheet for all leases with terms of more than twelve months. A lessee would recognize a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term. The accounting applied by a lessor is largely unchanged from current GAAP, with some targeted improvements. Disclosures will be required by lessees and lessors to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. In transition, both lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The update is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption was permitted for all entities upon issuance. 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. As of December 31, 2016, future minimum lease payments with terms of more than twelve months were approximately $2.5 million. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . ASU 2016-01 updated guidance to enhance the reporting model for financial instruments. Among the main principles of the guidance applicable to the Company are provisions to: require equity investments, except those accounted for under the equity method of accounting or those that result in consolidation of the investee, to be measured at fair value with changes in fair value recognized in net income; simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, noting that when a qualitative assessment indicates that impairment exists that an entity is required to measure the investment at fair value; eliminate the requirement to disclose methods and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost; require entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; require separate presentation of financial assets and financial liabilities by measuring category and form of financial asset on the balance sheet or accompanying notes to the financial statements; and clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. The update is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted for the provision requiring entities to recognize the fair value change from instrument-specific credit risk in other comprehensive income for financial liabilities measured using the fair value option in Accounting Standards Codification ("ASC") 825, and can be early adopted for financial statements of annual or interim periods that have not yet been issued or made available for issuance. The Company will be required to apply the update by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption, with the amendments related to equity securities without readily determinable fair values being applied prospectively to equity investments that exist as of the date of adoption. The guidance is expected to have a material impact on the Company’s financial condition and results of operations once effective, primarily resulting from fluctuations in security exchanges or markets. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . ASU 2014-09 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 August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date . ASU 2015-14 updated guidance to defer the effective date of the standard by one year. Early adoption is not permitted, although public entities are permitted to elect to adopt the amendments on the original effective date. Currently, the Company's only revenue stream impacted by the issued accounting standard is like-kind exchange services revenue produced by the Company's subsidiary, Investors Title Exchange Corporation ("ITEC"). Like-kind exchange proceeds are not considered material to the Company's financial condition and results of operations. |
Reserves For Claims (Tables)
Reserves For Claims (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 three-month period ended March 31, 2017 and the year ended December 31, 2016 are summarized as follows: March 31, 2017 December 31, 2016 Balance, beginning of period $ 35,305,000 $ 37,788,000 Provision, charged to operations 719,397 242,953 Payments of claims, net of recoveries (579,397 ) (2,725,953 ) Ending balance $ 35,445,000 $ 35,305,000 |
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: March 31, 2017 % December 31, 2016 % Known title claims $ 4,554,599 12.8 $ 4,405,343 12.5 IBNR 30,890,401 87.2 30,899,657 87.5 Total loss reserves $ 35,445,000 100.0 $ 35,305,000 100.0 |
Earnings Per Common Share And22
Earnings Per Common Share And Share Awards (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 months ended March 31 : Three Months Ended March 31, 2017 2016 Net income attributable to the Company $ 4,476,055 $ 1,814,040 Weighted average common shares outstanding – Basic 1,885,587 1,934,318 Incremental shares outstanding assuming the exercise of dilutive stock options and SARs (share-settled) 9,251 6,645 Weighted average common shares outstanding – Diluted 1,894,838 1,940,963 Basic earnings per common share $ 2.37 $ 0.94 Diluted earnings per common share $ 2.36 $ 0.93 |
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, 2016 22,000 $ 57.04 3.93 $ 945,055 SARs granted 4,500 93.87 SARs exercised (2,000 ) 32.00 Outstanding as of December 31, 2016 24,500 $ 65.85 3.85 $ 836,640 SARs granted — — SARs exercised (2,500 ) 33.31 Outstanding as of March 31, 2017 22,000 $ 69.55 4.00 $ 1,949,215 Exercisable as of March 31, 2017 22,000 $ 69.55 4.00 $ 1,949,215 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 and 2016 : Three Months Ended March 31, 2017 Title Insurance All Other Intersegment Eliminations Total Insurance and other services revenues $ 35,911,412 $ 1,683,563 $ (993,716 ) $ 36,601,259 Investment income 1,022,341 132,585 (58,335 ) 1,096,591 Net realized gain on investments 63,307 40,032 — 103,339 Total revenues $ 36,997,060 $ 1,856,180 $ (1,052,051 ) $ 37,801,189 Operating expenses 30,508,997 1,817,307 (976,295 ) 31,350,009 Income before income taxes $ 6,488,063 $ 38,873 $ (75,756 ) $ 6,451,180 Total assets $ 184,769,855 $ 48,441,876 $ — $ 233,211,731 Three Months Ended March 31, 2016 Title All Intersegment Total Insurance and other services revenues $ 22,391,723 $ 1,572,155 $ (402,697 ) $ 23,561,181 Investment income 1,054,786 142,893 (46,668 ) 1,151,011 Net realized gain on investments 93,929 55,901 — 149,830 Total revenues $ 23,540,438 $ 1,770,949 $ (449,365 ) $ 24,862,022 Operating expenses 21,096,917 1,566,921 (385,277 ) 22,278,561 Income before income taxes $ 2,443,521 $ 204,028 $ (64,088 ) $ 2,583,461 Total assets $ 159,904,411 $ 47,437,179 $ — $ 207,341,590 |
Retirement Agreements And Oth24
Retirement Agreements And Other Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 and 2016 : Three Months Ended March 31, 2017 2016 Service cost – benefits earned during the year $ — $ 2,545 Interest cost on the projected benefit obligation 9,217 8,781 Amortization of unrecognized prior service cost — — Amortization of unrecognized losses 2,153 2,235 Net periodic benefits costs $ 11,370 $ 13,561 |
Investments In Securities (Tabl
Investments In Securities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 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 $ 27,056,802 $ 439,524 $ 215,696 $ 27,280,630 Special revenue issuer obligations of U.S. states, territories and political subdivisions 57,270,359 1,654,495 571,374 58,353,480 Corporate debt securities 12,229,991 518,698 — 12,748,689 Total $ 96,557,152 $ 2,612,717 $ 787,070 $ 98,382,799 Equity securities, available-for-sale, at fair value: Common stocks $ 25,203,870 $ 17,927,424 $ 62,861 $ 43,068,433 Total $ 25,203,870 $ 17,927,424 $ 62,861 $ 43,068,433 Short-term investments: Money market funds and certificates of deposit $ 13,635,465 $ — $ — $ 13,635,465 Total $ 13,635,465 $ — $ — $ 13,635,465 As of December 31, 2016 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 $ 29,374,774 $ 440,628 $ 298,533 $ 29,516,869 Special revenue issuer obligations of U.S. states, territories and political subdivisions 57,459,818 1,619,444 502,135 58,577,127 Corporate debt securities 13,327,765 512,316 — 13,840,081 Total $ 100,162,357 $ 2,572,388 $ 800,668 $ 101,934,077 Equity securities, available-for-sale, at fair value: Common stocks and nonredeemable preferred stocks $ 24,836,032 $ 16,392,210 $ 48,983 $ 41,179,259 Total $ 24,836,032 $ 16,392,210 $ 48,983 $ 41,179,259 Short-term investments: Money market funds and certificates of deposit $ 6,558,840 $ — $ — $ 6,558,840 Total $ 6,558,840 $ — $ — $ 6,558,840 |
Schedule Of Fixed Maturity Securities | The scheduled maturities of fixed maturity securities at March 31, 2017 were as follows: Available-for-Sale Amortized Cost Estimated Fair Value Due in one year or less $ 15,510,532 $ 15,619,962 Due after one year through five years 25,318,351 26,050,476 Due five years through ten years 52,209,450 52,767,651 Due after ten years 3,518,819 3,944,710 Total $ 96,557,152 $ 98,382,799 |
Schedule Of Gross Realized Gains And Losses On Securities | Gross realized gains and losses on sales of investments for the three-month periods ended March 31 are summarized as follows: 2017 2016 Gross realized gains from securities: Special revenue issuer obligations of U.S. states, territories and political subdivisions $ 139 $ 160 Common stocks and nonredeemable preferred stocks 90,466 227,960 Auction rate securities — 74,996 Total $ 90,605 $ 303,116 Gross realized losses from securities: Special revenue issuer obligations of U.S. states, territories and political subdivisions $ (99 ) $ (85 ) Common stocks and nonredeemable preferred stocks — (116,952 ) Other-than-temporary impairment of securities — (42,794 ) Total $ (99 ) $ (159,831 ) Net realized gain from securities $ 90,506 $ 143,285 Net realized gain on other investments: Gains on other investments $ 12,833 $ 6,545 Total $ 12,833 $ 6,545 Net realized gain on investments $ 103,339 $ 149,830 |
Schedule Of Unrealized Losses On Investments | The following table presents the gross unrealized losses on investment securities and the estimated fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at March 31, 2017 and December 31, 2016 : Less than 12 Months 12 Months or Longer Total As of March 31, 2017 Estimated Fair Value Unrealized Losses Estimated Fair Unrealized Losses Estimated Fair Unrealized Losses General obligations of U.S. states, territories and political subdivisions $ 10,784,520 $ (215,696 ) $ — $ — $ 10,784,520 $ (215,696 ) Special revenue issuer obligations of U.S. states, territories and political subdivisions 19,552,843 (571,374 ) — — 19,552,843 (571,374 ) Total fixed income securities $ 30,337,363 $ (787,070 ) $ — $ — $ 30,337,363 $ (787,070 ) Equity securities $ 1,117,077 $ (62,861 ) $ — $ — $ 1,117,077 $ (62,861 ) Total temporarily impaired securities $ 31,454,440 $ (849,931 ) $ — $ — $ 31,454,440 $ (849,931 ) Less than 12 Months 12 Months or Longer Total As of December 31, 2016 Estimated Fair Value Unrealized Losses Estimated Fair Unrealized Losses Estimated Fair Unrealized Losses General obligations of U.S. states, territories and political subdivisions $ 13,884,808 $ (298,533 ) $ — $ — $ 13,884,808 $ (298,533 ) Special revenue issuer obligations of U.S. states, territories and political subdivisions 16,161,906 (502,135 ) — — 16,161,906 (502,135 ) Total fixed income securities $ 30,046,714 $ (800,668 ) $ — $ — $ 30,046,714 $ (800,668 ) Equity securities $ 380,400 $ (48,983 ) $ — $ — $ 380,400 $ (48,983 ) Total temporarily impaired securities $ 30,427,114 $ (849,651 ) $ — $ — $ 30,427,114 $ (849,651 ) |
Schedule of Variable Interest Entities | The following table sets forth details about the Company's variable interest investments in VIEs, which are structured either as limited partnerships ("LPs") or limited liability companies ("LLCs"), as of March 31, 2017 : Type of Investment Balance Sheet Classification Carrying Value Estimated Fair Value Maximum Potential Loss (a) Tax credit LPs Other investments $ 846,228 $ 1,137,346 $ 1,325,000 Real estate LLCs or LPs Other investments 4,812,037 5,677,547 7,400,000 Small business investment LPs Other investments 3,104,944 3,277,637 9,400,000 Total $ 8,763,209 $ 10,092,530 $ 18,125,000 (a) Maximum potential loss is calculated as the total investment in the LLC or LP including any capital commitments that may have not yet been called. The Company is not exposed to any loss beyond the total commitment of its investment. |
Schedule Of Fair Value Assets Measured On Recurring Basis | The following table presents, by level, the financial assets carried at estimated fair value measured on a recurring basis as of March 31, 2017 and December 31, 2016 . The table does not include cash on hand and also does not include assets that are measured at historical cost or any basis other than fair value. As of March 31, 2017 Level 1 Level 2 Level 3 Total Short-term investments $ 13,635,465 $ — $ — $ 13,635,465 Equity securities: Common stock 43,068,433 — — 43,068,433 Fixed maturities: Obligations of U.S. states, territories and political subdivisions* — 85,634,110 — 85,634,110 Corporate debt securities* — 12,748,689 — 12,748,689 Total $ 56,703,898 $ 98,382,799 $ — $ 155,086,697 As of December 31, 2016 Level 1 Level 2 Level 3 Total Short-term investments $ 6,558,840 $ — $ — $ 6,558,840 Equity securities: Common stock 41,179,259 — — 41,179,259 Fixed maturities: Obligations of U.S. states, territories and political subdivisions* — 88,093,996 — 88,093,996 Corporate debt securities* — 13,840,081 — 13,840,081 Total $ 47,738,099 $ 101,934,077 $ — $ 149,672,176 |
Schedule Of Carrying Value And Fair Value Of Financial Assets Disclosed | The carrying amounts and estimated fair values of other financial instruments (see previous table for investments carried at estimated fair value) as of March 31, 2017 and December 31, 2016 are presented in the following table: As of March 31, 2017 Carrying Value Estimated Fair Value Level 1 Level 2 Level 3 Financial assets: Cash $ 25,718,050 $ 25,718,050 $ 25,718,050 $ — $ — Cost-basis investments 4,894,951 5,341,173 — — 5,341,173 Accrued interest and dividends 1,336,998 1,336,998 1,336,998 — — Total $ 31,949,999 $ 32,396,221 $ 27,055,048 $ — $ 5,341,173 As of December 31, 2016 Carrying Value Estimated Fair Value Level 1 Level 2 Level 3 Financial assets: Cash $ 27,928,472 $ 27,928,472 $ 27,928,472 $ — $ — Cost-basis investments 4,244,402 4,497,665 — — 4,497,665 Accrued interest and dividends 1,035,152 1,035,152 1,035,152 — — Total $ 33,208,026 $ 33,461,289 $ 28,963,624 $ — $ 4,497,665 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
Summary Of Approximate Values By Year Found Within Consolidated Balance Sheets | Financial Statement Classification, As of March 31, 2017 As of December 31, 2016 Consolidated Balance Sheets Other investments $ 5,688,000 $ 6,437,000 Premiums and fees receivable $ 746,000 $ 56,000 |
Summary Of Approximate Values By Year Found Within Consolidated Statements Of Income | For the Three Months Ended Consolidated Statements of Income 2017 2016 Net premiums written $ 3,558,000 $ 2,743,000 Other income $ 272,000 $ 126,000 Commissions to agents $ 2,404,000 $ 1,848,000 |
Business Combinations, Intang27
Business Combinations, Intangible Assets and Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Schedule of Finite-Lived Intangible Assets | Identifiable intangible assets consist of the following as of March 31, 2017 and December 31, 2016: Year Ended: 2017 2016 Referral relationships $ 6,416,215 $ 6,416,215 Non-complete agreements 1,405,685 1,405,685 Tradename 560,000 560,000 Total 8,381,900 8,381,900 Accumulated amortization (708,698 ) (475,110 ) Identifiable intangible assets, net $ 7,673,202 $ 7,906,790 |
Schedule Of Aggregate Amortization Expense for Intangible Assets | The following table provides the estimated aggregate amortization expense for each of the five succeeding fiscal years: Year Ended: 2017 $ 665,763 2018 642,253 2019 568,920 2020 568,920 2021 561,587 Thereafter 4,665,759 Total $ 7,673,202 |
Accumulated Other Comprehensi28
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 and 2016 : Three Months Ended March 31, 2017 Unrealized Gains and Losses On Available-for-Sale Securities Postretirement Benefits Plans Total Beginning balance at January 1 $ 11,870,647 $ (109,200 ) $ 11,761,447 Other comprehensive income before reclassifications 1,097,191 — 1,097,191 Amounts reclassified from accumulated other comprehensive income (58,941 ) 1,422 (57,519 ) Net current-period other comprehensive income 1,038,250 1,422 1,039,672 Ending balance $ 12,908,897 $ (107,778 ) $ 12,801,119 Three Months Ended March 31, 2016 Unrealized Gains and Losses On Available-for-Sale Securities Postretirement Benefits Plans Total Beginning balance at January 1 $ 11,597,741 $ (114,726 ) $ 11,483,015 Other comprehensive income before reclassifications 792,939 — 792,939 Amounts reclassified from accumulated other comprehensive income (93,093 ) 1,475 (91,618 ) Net current-period other comprehensive income 699,846 1,475 701,321 Ending balance $ 12,297,587 $ (113,251 ) $ 12,184,336 |
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 March 31, 2017 and 2016 : Three Months Ended March 31, 2017 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 investments $ 90,506 Other-than-temporary impairments — Total $ 90,506 Net realized gain on investments Tax (31,565 ) Provision for Income Taxes Net of Tax $ 58,941 Amortization related to postretirement benefit plans: Prior year service cost $ — Unrecognized loss (2,153 ) Total $ (2,153 ) (a) Tax 731 Provision for Income Taxes Net of Tax $ (1,422 ) Reclassifications for the period $ 57,519 Three Months Ended March 31, 2016 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 investments $ 186,079 Other-than-temporary impairments (42,794 ) Total $ 143,285 Net realized gain on investments Tax (50,192 ) Provision for Income Taxes Net of Tax $ 93,093 Amortization related to postretirement benefit plans: Prior year service cost $ — Unrecognized loss (2,235 ) Total $ (2,235 ) (a) Tax 760 Provision for Income Taxes Net of Tax $ (1,475 ) Reclassifications for the period $ 91,618 (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 ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Liability for Title Claims and Claims Adjustment Expense | $ 35,445,000 | $ 35,305,000 | $ 37,788,000 |
Provision, charged to operations | 719,397 | 242,953 | |
Payments of claims, net of recoveries | $ (579,397) | $ (2,725,953) |
Reserves For Claims Summary O30
Reserves For Claims Summary Of The Company's Loss Reserves (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] | |||
Known title claims | $ 4,554,599 | $ 4,405,343 | |
IBNR | 30,890,401 | 30,899,657 | |
Total loss reserves | $ 35,445,000 | $ 35,305,000 | $ 37,788,000 |
% of Known title claims | 12.80% | 12.50% | |
% of IBNR | 87.20% | 87.50% | |
% of Total loss reserves | 100.00% | 100.00% |
Earnings Per Common Share And31
Earnings Per Common Share And Share Awards (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Common Share And Share Awards [Line Items] | ||
Anti-dilutive shares excluded from computation of diluted earnings per share | 0 | 0 |
SARs and options vesting period | 1 year | |
Compensation expense relating to SARs or options vesting | $ 32,000 | $ 35,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 0 | |
Number of stock options or SARs granted where exercise price was less than market price on date of grant | 0 | 0 |
Maximum | ||
Earnings Per Common Share And Share Awards [Line Items] | ||
Maximum shares of Company stock to be granted to key employees or directors | 250,000 | |
SARs and options expiration period | 7 years |
Earnings Per Common Share And32
Earnings Per Common Share And Share Awards Computation Of Basic And Diluted Earnings Per Share (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share [Abstract] | ||
Net income attributable to the Company | $ 4,476,055 | $ 1,814,040 |
Weighted average common shares outstanding - Basic | 1,885,587 | 1,934,318 |
Incremental shares outstanding assuming the exercise of dilutive stock options and SARs (share settled) | 9,251 | 6,645 |
Weighted average common shares outstanding - Diluted | 1,894,838 | 1,940,963 |
Basic Earnings per Common Share | $ 2.37 | $ 0.94 |
Diluted Earnings per Common Share | $ 2.36 | $ 0.93 |
Earnings Per Common Share And33
Earnings Per Common Share And Share Awards Summary Of Share-Based Award Transactions (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
StockOptionsAndStockAppreciationRightsSARS [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Number Of Shares, Outstanding Beginning Balance | 24,500 | 22,000 | |
Number Of Shares, Outstanding Ending Balance | 22,000 | 24,500 | 22,000 |
Number Of Shares, Exercisable as of March 31, 2017 | 22,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Weighted Average Exercise Price, Outstanding Beginning Balance | $ 65.85 | $ 57.04 | |
Weighted Average Exercise Price, Outstanding Ending Balance | 69.55 | $ 65.85 | $ 57.04 |
Weighted Average Exercise Price, Exercisable as of March 31, 2017 | $ 69.55 | ||
Average Remaining Contractual Term, Outstanding Beginning Balance | 4 years | 3 years 10 months 6 days | 3 years 11 months 4 days |
Average Remaining Contractual Term, Outstanding Ending Balance | 4 years | 3 years 10 months 6 days | 3 years 11 months 4 days |
Average Remaining Contractual Term, Exercisable as of March 31, 2017 | 4 years | ||
Aggregate Intrinsic Value, Outstanding Beginning Balance | $ 836,640 | $ 945,055 | |
Aggregate Intrinsic Value, Outstanding Ending Balance | 1,949,215 | $ 836,640 | $ 945,055 |
Aggregate Intrinsic Value, Exercisable as of March 31, 2017 | $ 1,949,215 | ||
SARs | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Number Of Shares, SARs granted | 0 | 4,500 | |
Number Of Shares, Options exercised | (2,500) | (2,000) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Weighted Average Exercise Price, SARs granted | $ 0 | $ 93.87 | |
Weighted Average Exercise Price, Options exercised | $ 33.31 | $ 32 |
Segment Information Selected Fi
Segment Information Selected Financial Information By Segment (Details) | 3 Months Ended | ||
Mar. 31, 2017USD ($)segment | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | segment | 1 | ||
Insurance And Other Services Revenue | $ 36,601,259 | $ 23,561,181 | |
Investment income | 1,096,591 | 1,151,011 | |
Net realized gain (loss) on investments | 103,339 | 149,830 | |
Total Revenues | 37,801,189 | 24,862,022 | |
Operating expenses | 31,350,009 | 22,278,561 | |
Income (loss) before income taxes | 6,451,180 | 2,583,461 | |
Total assets | 233,211,731 | 207,341,590 | $ 228,938,122 |
Title Insurance | |||
Segment Reporting Information [Line Items] | |||
Insurance And Other Services Revenue | 35,911,412 | 22,391,723 | |
Investment income | 1,022,341 | 1,054,786 | |
Net realized gain (loss) on investments | 63,307 | 93,929 | |
Total Revenues | 36,997,060 | 23,540,438 | |
Operating expenses | 30,508,997 | 21,096,917 | |
Income (loss) before income taxes | 6,488,063 | 2,443,521 | |
Total assets | 184,769,855 | 159,904,411 | |
All Other | |||
Segment Reporting Information [Line Items] | |||
Insurance And Other Services Revenue | 1,683,563 | 1,572,155 | |
Investment income | 132,585 | 142,893 | |
Net realized gain (loss) on investments | 40,032 | 55,901 | |
Total Revenues | 1,856,180 | 1,770,949 | |
Operating expenses | 1,817,307 | 1,566,921 | |
Income (loss) before income taxes | 38,873 | 204,028 | |
Total assets | 48,441,876 | 47,437,179 | |
Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Insurance And Other Services Revenue | (993,716) | (402,697) | |
Investment income | (58,335) | (46,668) | |
Net realized gain (loss) on investments | 0 | 0 | |
Total Revenues | (1,052,051) | (449,365) | |
Operating expenses | (976,295) | (385,277) | |
Income (loss) before income taxes | (75,756) | (64,088) | |
Total assets | $ 0 | $ 0 |
Retirement Agreements And Oth35
Retirement Agreements And Other Postretirement Benefits (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost - benefits earned during the year | $ 0 | $ 2,545 | |
Interest cost on the projected benefit obligation | 9,217 | 8,781 | |
Amortization of unrecognized prior service cost | 0 | 0 | |
Amortization of unrecognized losses | 2,153 | 2,235 | |
Net periodic benefits costs | 11,370 | $ 13,561 | |
Employee benefits and other payments | $ 9,468,000 | $ 8,487,000 |
Investments In Securities (Deta
Investments In Securities (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017USD ($)security | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($)security | |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | |||
Available-for-sale securities | $ 31,454,440 | $ 30,427,114 | |
Unrealized losses | $ 849,931 | $ 849,651 | |
Number of securities with unrealized losses | security | 40 | 36 | |
Other-than-temporary impairment charges | $ 0 | $ 42,794 |
Investments In Securities (Sche
Investments In Securities (Schedule Of Gross Unrealized Gains And Losses And Amortized Cost For Securities) (Details) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, at fair value, Amortized Cost | $ 96,557,152 | $ 100,162,357 |
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 | 27,056,802 | 29,374,774 |
Available-for-sale, at fair value, Gross Unrealized Gains | 439,524 | 440,628 |
Available-for-sale, at fair value, Gross Unrealized Losses | 215,696 | 298,533 |
Available-for-sale, at fair value, Estimated Fair Value | 27,280,630 | 29,516,869 |
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 | 57,270,359 | 57,459,818 |
Available-for-sale, at fair value, Gross Unrealized Gains | 1,654,495 | 1,619,444 |
Available-for-sale, at fair value, Gross Unrealized Losses | 571,374 | 502,135 |
Available-for-sale, at fair value, Estimated Fair Value | $ 58,353,480 | $ 58,577,127 |
Number of Special Revenue Bonds | 60 | 0 |
Corporate Debt Securities | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, at fair value, Amortized Cost | $ 12,229,991 | $ 13,327,765 |
Available-for-sale, at fair value, Gross Unrealized Gains | 518,698 | 512,316 |
Available-for-sale, at fair value, Gross Unrealized Losses | 0 | 0 |
Available-for-sale, at fair value, Estimated Fair Value | 12,748,689 | 13,840,081 |
Total Fixed Maturities | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, at fair value, Amortized Cost | 96,557,152 | 100,162,357 |
Available-for-sale, at fair value, Gross Unrealized Gains | 2,612,717 | 2,572,388 |
Available-for-sale, at fair value, Gross Unrealized Losses | 787,070 | 800,668 |
Available-for-sale, at fair value, Estimated Fair Value | 98,382,799 | 101,934,077 |
Common Stocks And Nonredeemable Preferred Stocks | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, at fair value, Amortized Cost | 25,203,870 | 24,836,032 |
Available-for-sale, at fair value, Gross Unrealized Gains | 17,927,424 | 16,392,210 |
Available-for-sale, at fair value, Gross Unrealized Losses | 62,861 | 48,983 |
Available-for-sale, at fair value, Estimated Fair Value | 43,068,433 | 41,179,259 |
Equity Securities | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, at fair value, Amortized Cost | 25,203,870 | 24,836,032 |
Available-for-sale, at fair value, Gross Unrealized Gains | 17,927,424 | 16,392,210 |
Available-for-sale, at fair value, Gross Unrealized Losses | 62,861 | 48,983 |
Available-for-sale, at fair value, Estimated Fair Value | 43,068,433 | 41,179,259 |
Certificates Of Deposit And Other | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, at fair value, Amortized Cost | 13,635,465 | 6,558,840 |
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 | 13,635,465 | 6,558,840 |
Short-Term Investments | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, at fair value, Amortized Cost | 13,635,465 | 6,558,840 |
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 | $ 13,635,465 | $ 6,558,840 |
Investments In Securities (Sc38
Investments In Securities (Schedule Of Fixed Maturity Securities) (Details) | Mar. 31, 2017USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Due in one year or less, Amortized Cost | $ 15,510,532 |
Due after one year through five years, Amortized Cost | 25,318,351 |
Due five years through ten years, Amortized Cost | 52,209,450 |
Due after ten years, Amortized Cost | 3,518,819 |
Total, Amortized Cost | 96,557,152 |
Due in one year or less, Fair Value | 15,619,962 |
Due after one year through five years, Fair Value | 26,050,476 |
Due five years through ten years, Fair Value | 52,767,651 |
Due after ten years, Fair Value | 3,944,710 |
Total, Fair Value | $ 98,382,799 |
Investments In Securities (Sc39
Investments In Securities (Schedule Of Gross Realized Gains And Losses On Securities) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Total, Gross realized gains | $ 90,605 | $ 303,116 |
Total, Gross realized losses | (99) | (159,831) |
Net realized gain from securities | 90,506 | 143,285 |
Gain on other investments | 12,833 | 6,545 |
Total | 12,833 | 6,545 |
Net realized gain on investments | 103,339 | 149,830 |
Issuer Obligations Of U S States Territories And Political Subdivisions Special Revenue [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total, Gross realized gains | 139 | 160 |
Total, Gross realized losses | (99) | (85) |
Common Stocks And Nonredeemable Preferred Stocks | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total, Gross realized gains | 90,466 | 227,960 |
Total, Gross realized losses | 0 | (116,952) |
Auction Rate Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total, Gross realized gains | 74,996 | |
Impairments of Debt And Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total, Gross realized losses | $ 0 | $ (42,794) |
Investments In Securities (Sc40
Investments In Securities (Schedule Of Unrealized Losses On Investments) (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Total temporarily impaired securities, Less than 12 Months, Fair Value | $ 31,454,440 | $ 30,427,114 |
Total temporarily impaired securities, Less than 12 Months, Unrealized Losses | (849,931) | (849,651) |
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, Total Fair Value | 31,454,440 | 30,427,114 |
Total temporarily impaired securities, Unrealized Losses | (849,931) | (849,651) |
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 | 10,784,520 | 13,884,808 |
Total temporarily impaired securities, Less than 12 Months, Unrealized Losses | (215,696) | (298,533) |
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, Total Fair Value | 10,784,520 | 13,884,808 |
Total temporarily impaired securities, Unrealized Losses | (215,696) | (298,533) |
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 | 19,552,843 | 16,161,906 |
Total temporarily impaired securities, Less than 12 Months, Unrealized Losses | (571,374) | (502,135) |
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, Total Fair Value | 19,552,843 | 16,161,906 |
Total temporarily impaired securities, Unrealized Losses | (571,374) | (502,135) |
Total Fixed Income Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total temporarily impaired securities, Less than 12 Months, Fair Value | 30,337,363 | 30,046,714 |
Total temporarily impaired securities, Less than 12 Months, Unrealized Losses | (787,070) | (800,668) |
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, Total Fair Value | 30,337,363 | 30,046,714 |
Total temporarily impaired securities, Unrealized Losses | (787,070) | (800,668) |
Equity Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total temporarily impaired securities, Less than 12 Months, Fair Value | 1,117,077 | 380,400 |
Total temporarily impaired securities, Less than 12 Months, Unrealized Losses | (62,861) | (48,983) |
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, Total Fair Value | 1,117,077 | 380,400 |
Total temporarily impaired securities, Unrealized Losses | $ (62,861) | $ (48,983) |
Investments In Securities Inves
Investments In Securities Investments In Securities (Schedule of Variable Interest Entities) (Details) - Other investments | Mar. 31, 2017USD ($) |
Variable Interest Entity [Line Items] | |
Carrying Value | $ 8,763,209 |
Estimated Fair Value | 10,092,530 |
Maximum Potential Loss | 18,125,000 |
Tax credit LPs | |
Variable Interest Entity [Line Items] | |
Carrying Value | 846,228 |
Estimated Fair Value | 1,137,346 |
Maximum Potential Loss | 1,325,000 |
Real estate LLCs or LPs | |
Variable Interest Entity [Line Items] | |
Carrying Value | 4,812,037 |
Estimated Fair Value | 5,677,547 |
Maximum Potential Loss | 7,400,000 |
Small business investment LPs | |
Variable Interest Entity [Line Items] | |
Carrying Value | 3,104,944 |
Estimated Fair Value | 3,277,637 |
Maximum Potential Loss | $ 9,400,000 |
Investments In Securities Inv42
Investments In Securities Investments In Securities (Schedule Of Fair Value Assets Measured On Recurring Basis) (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term Investments | $ 13,635,465 | $ 6,558,840 |
Available-for-sale Securities, Equity Securities | 43,068,433 | 41,179,259 |
Available-for-sale Securities, Debt Securities | 98,382,799 | 101,934,077 |
Assets, Fair Value Disclosure | 155,086,697 | 149,672,176 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term Investments | 13,635,465 | 6,558,840 |
Assets, Fair Value Disclosure | 56,703,898 | 47,738,099 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term Investments | 0 | 0 |
Assets, Fair Value Disclosure | 98,382,799 | 101,934,077 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term Investments | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Common Stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Equity Securities | 43,068,433 | 41,179,259 |
Common Stock | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Equity Securities | 43,068,433 | 41,179,259 |
Common Stock | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Equity Securities | 0 | 0 |
Common Stock | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, 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] | ||
Available-for-sale Securities, Debt Securities | 85,634,110 | 88,093,996 |
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] | ||
Available-for-sale Securities, Debt Securities | 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] | ||
Available-for-sale Securities, Debt Securities | 85,634,110 | 88,093,996 |
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] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Corporate Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 12,748,689 | 13,840,081 |
Corporate Debt Securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Corporate Debt Securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 12,748,689 | 13,840,081 |
Corporate Debt Securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | $ 0 | $ 0 |
Investments In Securities Inv43
Investments In Securities Investments in Securities (Schedule of Carrying Value and Fair Value of Financial Assets Disclosed) (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash | $ 25,718,050 | $ 27,928,472 |
Cost-basis investments | 0 | 0 |
Accrued dividends and interest | 1,336,998 | 1,035,152 |
Total | 27,055,048 | 28,963,624 |
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 | 5,341,173 | 4,497,665 |
Accrued dividends and interest | 0 | 0 |
Total | 5,341,173 | 4,497,665 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash | 25,718,050 | 27,928,472 |
Cost-basis investments | 4,894,951 | 4,244,402 |
Accrued dividends and interest | 1,336,998 | 1,035,152 |
Total | 31,949,999 | 33,208,026 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash | 25,718,050 | 27,928,472 |
Cost-basis investments | 5,341,173 | 4,497,665 |
Accrued dividends and interest | 1,336,998 | 1,035,152 |
Total | $ 32,396,221 | $ 33,461,289 |
Commitments And Contingencies (
Commitments And Contingencies (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Loss Contingencies [Line Items] | ||
Like-kind exchange deposits and reverse exchange property | $ 186,086,000 | $ 202,184,000 |
Related Party Transactions Summ
Related Party Transactions Summary Of Approximate Values By Year Found Within Consolidated Balance Sheets (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Related Party Transaction [Line Items] | ||
Other investments | $ 10,582,877 | $ 11,181,531 |
Premiums and fees receivable | 8,663,495 | 8,654,161 |
Title Insurance Agencies | ||
Related Party Transaction [Line Items] | ||
Other investments | 5,688,000 | 6,437,000 |
Premiums and fees receivable | $ 746,000 | $ 56,000 |
Related Party Transactions Su46
Related Party Transactions Summary Of Approximate Values By Year Found Within Consolidated Statements Of Income (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Related Party Transaction [Line Items] | ||
Net premiums written | $ 33,641,564 | $ 21,508,997 |
Other income | 2,959,695 | 2,052,184 |
Commissions to agents | 16,331,110 | 11,532,882 |
Title Insurance Agencies | ||
Related Party Transaction [Line Items] | ||
Net premiums written | 3,558,000 | 2,743,000 |
Other income | 272,000 | 126,000 |
Commissions to agents | $ 2,404,000 | $ 1,848,000 |
Business Combinations, Intang47
Business Combinations, Intangible Assets and Goodwill (Details) - USD ($) | Nov. 01, 2016 | May 21, 2014 | Dec. 31, 2016 | Oct. 27, 2016 | Apr. 02, 2012 |
Business Acquisition [Line Items] | |||||
Notes Payable | $ 0 | $ 6,000,000 | |||
Goodwill | 4,349,851 | ||||
Title Plants | $ 690,000 | ||||
University Title Company | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Consideration Transferred | $ 10,000,000 | ||||
Business Combination Consideration Transferred for Net Cash Position | $ 918,000 | ||||
United Title Agency | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Consideration Transferred | $ 515,275 | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 30.00% | 70.00% | |||
Business Acquisition Majority Purchase Price | $ 1,041,250 |
Business Combinations, Intang48
Business Combinations, Intangible Assets and Goodwill Schedule of Finite-Lived Intangible Assets (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Referral relationships | $ 6,416,215 | $ 6,416,215 |
Non-compete agreements | 1,405,685 | 1,405,685 |
Tradename | 560,000 | 560,000 |
Identifiable intangible assets, gross | 8,381,900 | 8,381,900 |
Accumulated amortization | (708,698) | (475,110) |
Identifiable intangible assets, net | $ 7,673,202 | $ 7,906,790 |
Business Combinations, Intang49
Business Combinations, Intangible Assets and Goodwill Business Combinations, Intangible Assets and Goodwill, Schedule of Aggregate Amortization Expense for Intangible Assets (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Business Combinations [Abstract] | ||
2,017 | $ 665,763 | |
2,018 | 642,253 | |
2,019 | 568,920 | |
2,020 | 568,920 | |
2,021 | 561,587 | |
Thereafter | 4,665,759 | |
Identifiable intangible assets, net | $ 7,673,202 | $ 7,906,790 |
Accumulated Other Comprehensi50
Accumulated Other Comprehensive Income Balances Of Each Component Of Accumulated Other Comprehensive Income, Net Of Tax (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | $ 11,761,447 | $ 11,483,015 |
Other comprehensive income before reclassifications | 1,097,191 | 792,939 |
Amounts reclassified from accumulated other comprehensive income | (57,519) | (91,618) |
Other comprehensive income | 1,039,672 | 701,321 |
Ending balance | 12,801,119 | 12,184,336 |
Unrealized Gains And Losses On Available-For-Sale Securities | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | 11,870,647 | 11,597,741 |
Other comprehensive income before reclassifications | 1,097,191 | 792,939 |
Amounts reclassified from accumulated other comprehensive income | (58,941) | (93,093) |
Other comprehensive income | 1,038,250 | 699,846 |
Ending balance | 12,908,897 | 12,297,587 |
Postretirement Benefits Plans | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (109,200) | (114,726) |
Other comprehensive income before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | 1,422 | 1,475 |
Other comprehensive income | 1,422 | 1,475 |
Ending balance | $ (107,778) | $ (113,251) |
Accumulated Other Comprehensi51
Accumulated Other Comprehensive Income Reclassification Out Of Accumulated Other Comprehensive Income (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Net realized gain on investment | $ 103,339 | $ 149,830 |
Unrecognized loss | (2,153) | (2,235) |
Income before Income Taxes | 6,451,180 | 2,583,461 |
Tax | (1,985,000) | (779,000) |
Net Income | 4,466,180 | 1,804,461 |
Reclassification Out Of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Net Income | 57,519 | 91,618 |
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 | 90,506 | 186,079 |
Other-than-temporary impairments | 0 | (42,794) |
Income before Income Taxes | 90,506 | 143,285 |
Tax | (31,565) | (50,192) |
Net Income | 58,941 | 93,093 |
Reclassification Out Of Accumulated Other Comprehensive Income | Postretirement Benefits Plans | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Prior year service cost | 0 | 0 |
Unrecognized loss | (2,153) | (2,235) |
Income before Income Taxes | (2,153) | (2,235) |
Tax | 731 | 760 |
Net Income | $ (1,422) | $ (1,475) |