Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 13, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000797465 | |
Entity Registrant Name | HG Holdings, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-34964 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 54-1272589 | |
Entity Address, Address Line One | 2115 E. 7th Street, Suite 101 | |
Entity Address, City or Town | Charlotte | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 28204 | |
City Area Code | 850 | |
Local Phone Number | 772-0698 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 2,862,369 | |
Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(g) Security | Preferred Stock Purchase Rights | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(g) Security | Common Stock, par value $.02 per share |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash | $ 9,247 | $ 9,458 |
Restricted cash | 11,438 | 5,547 |
Investments | 5,334 | 5,314 |
Accounts receivables | 152 | 106 |
Interest and dividend receivables | 289 | 335 |
Prepaid expenses and other current assets | 346 | 301 |
Total current assets | 26,806 | 21,061 |
Property, plant and equipment, net | 143 | 156 |
Lease assets | 595 | 698 |
Investments in related parties | 10,860 | 11,100 |
Goodwill | 6,492 | 6,492 |
Intangible assets, net | 286 | 342 |
Other assets | 865 | 1,254 |
Total assets | 46,047 | 41,103 |
LIABILITIES | ||
Accounts payable | 102 | 167 |
Accrued salaries, wages and benefits | 428 | 169 |
Lease liabilities, current portion | 294 | 292 |
Escrow liabilities | 11,387 | 5,497 |
Other accrued expenses | 365 | 525 |
Total current liabilities | 12,576 | 6,650 |
Long-term liabilities: | ||
Reserve for title claims | 295 | 287 |
Unearned premiums | 0 | 300 |
Lease liabilities | 308 | 411 |
Other long-term liabilities | 27 | 29 |
Total long-term liabilities | 630 | 1,027 |
Total liabilities | 13,206 | 7,677 |
STOCKHOLDERS’ EQUITY | ||
Common stock, $0.02 par value, 35,000,000 shares authorized and 2,863,228 and 2,863,228 shares issued and outstanding, respectively | 53 | 54 |
Capital in excess of par value | 30,491 | 30,491 |
Retained earnings | 2,259 | 2,777 |
Total stockholders’ equity | 32,803 | 33,322 |
Noncontrolling interests | 38 | 104 |
Total equity | 32,841 | 33,426 |
Total liabilities and stockholders’ equity | $ 46,047 | $ 41,103 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
Common stock, par value (in dollars per share) | $ 0.02 | $ 0.02 |
Common stock, shares authorized (in shares) | 35,000,000 | 35,000,000 |
Common stock, shares issued (in shares) | 2,863,228 | 2,863,228 |
Common stock, shares outstanding (in shares) | 2,863,228 | 2,863,228 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues: | ||||
Net premiums written | $ 954 | $ 3,857 | $ 3,148 | $ 4,975 |
Total revenues | 2,949 | 5,860 | 8,594 | 9,263 |
Cost of revenues: | ||||
Underwriting expenses | 40 | 35 | 222 | 145 |
Provision for title claim losses | 37 | 35 | 171 | 111 |
Search and other fees | 34 | 21 | 98 | 74 |
Total cost of revenues | 111 | 91 | 491 | 330 |
Gross underwriting profit | 2,838 | 5,769 | 8,103 | 8,933 |
Operating expenses: | ||||
General and administrative expenses | (3,086) | (2,810) | (9,799) | (7,223) |
Other income/expenses: | ||||
Net investment income | 588 | 287 | 1,318 | 803 |
Other (expense) income | (3) | 2 | 15 | 6 |
Gain on sale of assets | 0 | 0 | 0 | 123 |
Net loss from investments in related parties | (189) | (297) | ||
Loss on impairment | 0 | (297) | 0 | (443) |
Income (loss) from operations before income taxes | 238 | 2,843 | (506) | 1,902 |
Income tax expense | 16 | 0 | 38 | 0 |
Net loss | 222 | 2,843 | (544) | 1,902 |
Net loss attributable to noncontrolling interests | (29) | (21) | (76) | (21) |
Net income (loss) after noncontrolling interests | $ 251 | $ 2,864 | $ (468) | $ 1,923 |
Basic and diluted net income (loss) per share: | ||||
Net income (loss) – basic (in dollars per share) | $ 0.09 | $ 1 | $ (0.16) | $ 0.67 |
Net income (loss) – diluted (in dollars per share) | $ 0.09 | $ 1 | $ (0.16) | $ 0.67 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 2,865 | 2,873 | 2,868 | 2,852 |
Diluted (in shares) | 2,865 | 2,873 | 2,868 | 2,852 |
Related Party [Member] | ||||
Other income/expenses: | ||||
Net loss from investments in related parties | $ (99) | $ (108) | $ (143) | $ (297) |
Commissions Revenue [Member] | ||||
Revenues: | ||||
Revenue from contract with customer | 554 | 626 | 1,866 | 1,814 |
Escrow and Other Title Fees [Member] | ||||
Revenues: | ||||
Revenue from contract with customer | 694 | 531 | 2,077 | 1,628 |
Management Service [Member] | ||||
Revenues: | ||||
Revenue from contract with customer | $ 747 | $ 846 | $ 1,503 | $ 846 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Net (loss) income after noncontrolling interests | $ (468) | $ 1,923 |
Net loss attributable to noncontrolling interests | (76) | (21) |
Net (loss) income from operations | (544) | 1,902 |
Adjustments to reconcile net (loss) income from operations to net cash flows from operating activities: | ||
Depreciation expense | 65 | 63 |
Amortization expense | 56 | 13 |
Stock compensation expense | 0 | 41 |
Dividends on HC Realty common stock | 83 | 124 |
Income from investment in limited partnership | (214) | 0 |
Amortization of premium and accretion of discount, net | (6) | 0 |
Net loss from investments in related parties | 189 | 297 |
Gain on sale of assets | 0 | (123) |
Impairment loss on subordinated notes receivable | 0 | 443 |
Changes in assets and liabilities: | ||
Prepaid expenses and other current assets | 3 | (169) |
Accounts receivable | (46) | (182) |
Deferred tax assets and other assets | 389 | (232) |
Accounts payable | (65) | 16 |
Accrued salaries, wages, and benefits | 258 | 91 |
Unearned premium reserve | (300) | 3,315 |
Escrow liabilities | 5,890 | 5,276 |
Reserve for title claims | 8 | 63 |
Other accrued expenses | (160) | 31 |
Other long-term liabilities | (2) | (86) |
Net cash provided by operations | 5,604 | 10,883 |
Cash flows from investing activities: | ||
Purchases of property, plant, and equipment | (50) | (90) |
Purchases of investments | 0 | (4,363) |
Proceeds from redemptions of fixed-income securities | 200 | 0 |
Proceeds from sale of assets | 0 | 204 |
Investment in a business combination | 0 | (2,300) |
Net cash provided by (used in) investing activities | 117 | (6,549) |
Cash flows from financing activities: | ||
Repurchase of shares of common stock | (51) | 0 |
Issuance of noncontrolling interest | 10 | 0 |
Net cash used in financing activities | (41) | 0 |
Net increase in cash and restricted cash | 5,680 | 4,334 |
Cash and restricted cash at beginning of period | 15,005 | 20,093 |
Cash and restricted cash at end of period | 20,685 | 24,427 |
Cash | 9,247 | 11,048 |
Restricted cash | 11,438 | 13,379 |
Cash and restricted cash | 20,685 | 24,427 |
Supplemental Information: | ||
Dividends on investment in related parties | 768 | 768 |
Related Party [Member] | ||
Adjustments to reconcile net (loss) income from operations to net cash flows from operating activities: | ||
Net loss from investments in related parties | 143 | 297 |
Cash flows from investing activities: | ||
Purchases of investments | $ (33) | $ 0 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and Nature of Operations | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 1. Basis of Presentation and Nature of Operations These unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10 not not may not 10 March 30, 2023 ( “2022 10 HG Holdings, Inc., together with its consolidated subsidiaries (the “Company,” “we,” ‘us” or “our”), operates through its subsidiaries, National Consumer Title Insurance Company (“NCTIC”), National Consumer Title Group, LLC (“NCTG”), Title Agency Ventures, LLC (“TAV”), HG Managing Agency, LLC (“HGMA”), Omega National Title Agency, LLC (“ONTA” or “Omega”), Omega National Title of Florida, LLC (“ONF”) and Omega National Title of Pensacola, LLC (“ONP”), and through an affiliated investment in HC Government Realty Trust, Inc., a Maryland corporation (“HC Realty”). Description of the Business Title Insurance The Company engages in issuing title insurance through its subsidiary, NCTIC, and providing title agency services through its subsidiaries, NCTG, TAV, ONTA, ONF and ONP. Through NCTIC, the Company underwrites land title insurance for owners and mortgagees as the primary insurer. The Company currently only provides title insurance services in the State of Florida. Title insurance protects against loss or damage resulting from title defects that affect real property. When real property is conveyed from one may third two one one not NCTIC issues title insurance policies in Florida through its home office and through a network of affiliated and independent title agents. In the State of Florida, issuing agents are independent agents or subsidiaries of community and regional mortgage lending institutions, depending on local customs and regulations. The ability to attract and retain issuing agents is a key determinant of the Company’s growth in title insurance premiums written. Revenues for the title insurance segment primarily result from purchases of new and existing residential and commercial real estate, refinance activity and certain other types of mortgage lending such as home equity lines of credit. Title insurance premiums vary from state to state and are subject to extensive regulation. Statutes generally provide that rates must not Volume is a factor in the Company’s title insurance operation’s profitability due to fixed operating costs that are incurred regardless of title insurance premium volume. The resulting operating leverage tends to amplify the impact of changes in volume on profitability. The Company’s title insurance profitability also depends, in part, upon its ability to manage its investment portfolio to maximize investment returns and to minimize risks such as interest rate changes, defaults and impairments of assets. The Company’s volume of title insurance premiums is affected by the overall level of residential and commercial real estate activity, which includes property sales, mortgage financing and mortgage refinancing. Real estate activity, home sales and mortgage lending are cyclical in nature. Real estate activity is affected by a number of factors, including the availability of mortgage credit, the cost of real estate, consumer confidence, employment and family income levels, and general United States economic conditions. Interest rate volatility is also an important factor in the level of residential and commercial real estate activity. The Company’s title insurance premiums in future periods are likely to fluctuate due to these and other factors which are beyond management’s control. Historically, the title insurance business tends to be seasonal as well as cyclical. Because home sales are typically strongest in periods of favorable weather, the first In conducting its title insurance operations, the Company often holds customers’ assets in escrow, pending completion of real estate transactions. This cash is presented as restricted cash on the Company’s Consolidated Balance Sheets. The Company records an offsetting escrow liability given that we are liable for the disposition of these escrowed funds. Real Estate The Company engages in rental real estate through its equity investment in HC Realty. HC Realty is an internally-managed real estate investment trust (“REIT”) focused on acquiring, developing, financing, owning and managing build-to-suit or renovate-to-suit, single-tenant properties leased primarily to the U.S. government and administered by the U.S. General Services Administration or directly by the federal government agencies or sub-agencies occupying such properties (referred to as “Government Properties”). HC Realty invests primarily in Government Properties ranging from 10,000 to 100,000 rentable square feet that are in their initial lease term after original construction or renovation-to-suit. HC Realty further emphasizes Government Properties that perform law enforcement, public service or other functions that support the mission of the agencies or sub-agencies occupying such properties. Leases associated with the Government Properties in which HC Realty invests are full faith and credit obligations of the United States of America. HC Realty intends to grow its portfolio primarily through direct acquisitions and development of Government Properties; although, HC Realty may The Company currently owns 300,000 shares of HC Realty’s Common Stock (the “HC Common Stock”) and 1,025,000 shares of HC Realty’s 10.00% Series B Cumulative Convertible Preferred Stock (the “HC Series B Stock”). As of September 30, 2023, As of September 30, 2023, 2 September 30, 2023, none Reinsurance The Company, through the formation of White Rock USA Cell 47, not nine September 30, 2023; may Management Advisory Services The Company, through its wholly-owned subsidiary HGMA, engages in providing management advisory services including formation, operational, and restructuring services. Effective April 1, 2023, six September 30, 2023. Effective April 1, 2023, twelve For information about our reportable segments, refer to Note 9 Segment Information Developments Impacting Comparison of the Three- and Nine-Month Periods ended September 30, 2023 2022 Effective August 1, 2022, 805 805” Note 13 |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 2. Significant Accounting Policies There have been no 2022 10 Recent Accounting Pronouncements In June 2016, 2016 13, Financial Instruments Credit Losses (Topic 326 2016 13” 2016 13 2016 13 December 15, 2022. 2016 13 no Reclassifications Certain comparative figures have been reclassified to conform to the current quarter presentation. |
Note 3 - Investments in Related
Note 3 - Investments in Related Party | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 3. Investments in Related Parties The following table summarizes the Company’s investment in HC Realty as of September 30, 2023, December 31, 2022 ( Ownership % Carrying Value Loss recorded in the Consolidated Statements of Operations (b) For the Three Months Ended September 30, For the Nine Months Ended September 30, September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 2023 2022 2023 2022 HC Series B Stock (a) 22.49 % 26.8 % $ 10,250 $ 10,250 $ - $ - $ - $ - HC Common Stock 3.56 % 7.1 % 328 600 (145 ) (108 ) (189 ) (297 ) Total 26.05 % 33.9 % $ 10,578 $ 10,850 $ (145 ) $ (108 ) $ (189 ) $ (297 ) (a) Represents investments in shares of HC Series B Stock with a basis of $10.25 million. Each share of HC Series B Stock has voting rights on an as converted basis and can be converted into shares of HC Common Stock at a conversion ratio equal to $10.00 per share divided by the lesser of $9.10 per share or the fair market value per share of HC Common Stock, subject to adjustment upon the occurrence of certain events. (b) Loss from these investments is included in “Net loss from investments in related parties” in the Unaudited Consolidated Statements of Operations. Since HC Realty is a REIT and not not The Company’s investment in HC Common Stock is accounted for under the equity method of accounting as the Company has concluded it has a significant influence over the investee. The HC Series B Stock is not As a result of the Company’s holding in HC Realty, the Company includes the following summarized income statement information of HC Realty for the three nine September 30, 2023 2022 Three Months Nine Months Ended Ended September 30, September 30, September 30, September 30, 2023 2022 2023 2022 Total revenue $ 5,378 $ 4,082 $ 15,545 $ 12,126 Total expense 8,993 6,330 25,032 18,100 Net loss $ (3,615 ) $ (2,248 ) $ (9,487 ) $ (5,974 ) The Company’s other investments in related parties were $282,000 and $250,000 as of September 30, 2023, December 31, 2022, not September 30, 2023, December 31, 2022, three nine September 30, 2023, three nine September 30, 2022. |
Note 4 - Investments
Note 4 - Investments | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Investment [Text Block] | 4. Investments The following table details investments by major investment category, other than investments in related parties, at September 30, 2023 December 31, 2022 ( September 30, 2023 December 31, 2022 Fair Value Cost/Amortized Cost, Net Fair Value Cost/Amortized Cost, Net U.S. government and agency securities, held-to-maturity (1) $ 4,051 $ 4,120 $ 4,242 $ 4,314 Investment in limited partnership, at net asset value (2) 1,214 1,214 1,000 1,000 Total investments $ 5,265 $ 5,334 $ 5,242 $ 5,314 ( 1 Our held-to-maturity investment portfolio is reported at amortized cost, net of valuation allowance. All securities within the portfolio are rated AA+ by Standard & Poor’s Rating Services (“S&P”). ( 2 As of September 30, 2023, one may Held to Maturity The following tables provide the amortized cost, gross unrealized investment gains (losses), and fair value of the Company’s held-to-maturity securities as of September 30, 2023 December 31, 2022 ( September 30, 2023 Amortized Costs Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. government and agency securities, held-to-maturity $ 4,120 $ - $ (69 ) $ 4,051 December 31, 2022 Amortized Costs Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. government and agency securities, held-to-maturity $ 4,314 $ - $ (72 ) $ 4,242 The table below summarizes our fixed-income securities at September 30, 2023 ( may may Amortized Cost Percent of Total Fair Value Percent of Total Due in one year or less $ 2,048 49.7 % $ 2,026 50.0 % Due after one year through five years 2,072 50.3 2,025 50.0 Due after five years through ten years - - - - Due after ten years - - - - Total $ 4,120 100.0 % $ 4,051 100.0 % Fair value measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The hierarchy for inputs used in determining fair value maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Assets and liabilities recorded on our Unaudited Consolidated Balance Sheets at fair value are categorized in the fair value hierarchy based on the observability of inputs to the valuation techniques as follows: Level 1: Level 2: a. Quoted prices for similar assets or liabilities in active markets; b. Quoted prices for identical or similar assets or liabilities in markets that are not c. Valuation models whose inputs are observable, directly, or indirectly, for substantially the full term of the asset or liability. Level 3: Where available, we estimate the fair value of our investments using the closing prices on the last business day of the reporting period, obtained from active markets such as the New York Stock Exchange, Nasdaq and NYSE American. For securities for which quoted prices in active markets are unavailable, we use a third Our fixed-income securities are classified as held-to-maturity and are reported at amortized cost as of September 30, 2023 December 31, 2022. not three nine September 30, 2023 2022, no The disclosed fair value of our fixed -income securities is initially calculated by a third not The following tables present fair value, by valuation hierarchy, and carrying value of the financial instruments not September 30, 2023 Level 1 Level 2 Level 3 Total Fair Value Carrying Value (1) U.S. government and agency securities, held-to-maturity $ - $ 4,051 $ - $ 4,051 $ 4,120 December 31, 2022 Level 1 Level 2 Level 3 Total Fair Value Carrying Value (1) U.S. government and agency securities, held-to-maturity $ - $ 4,242 $ - $ 4,242 $ 4,314 ( 1 The carrying value measurements in the tables above do not The Company has elected the practical expedient for fair value for its investment in limited partnership which is estimated based on our share of the net asset value (“NAV”) of the limited partnership, as provided by the independent fund administrator. The Company’s share of the NAV represents the Company’s proportionate interest in the members’ equity of the limited partnership. The Company’s investments in related parties are accounted for either under the equity method of accounting or, where they do not Note 3 |
Note 5 - Subordinated Note Rece
Note 5 - Subordinated Note Receivable | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 5. Subordinated Note Receivable On September 6, 2018, March 2, 2023, three nine September 30, 2023 2022. As a result of the Company’s recording of impairment losses in prior quarters, based on current information and events, including the impact of COVID- 19 December 31, 2022. March 2, 2023, not |
Note 6 - Reserve for Title Clai
Note 6 - Reserve for Title Claims | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Insurance Disclosure [Text Block] | 6. Reserve for Title Claims NCTIC’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 September 30, 2023. may not may A reconciliation of the activity in the reserves account for the nine September 30, 2023 2022 For the Nine Months Ended For the Nine Month Ended September 30, 2023 September 30, 2022 Beginning Reserves $ 287 $ 231 Provision for claims related to: Current year 171 63 Prior years - - Total provision for claim losses 171 63 Claims paid related to: Current year (163 ) - Prior years - - Total title claims paid (163 ) - Ending Reserves $ 295 $ 294 At September 30, 2023, For the nine September 30, 2023, no A summary of the Company’s loss reserves at September 30, 2023 December 31, 2022 As of September 30, 2023 As of December 31, 2022 Known title claims $ 8 $ 3 IBNR title claims 287 284 Total title claims 295 287 Non-title claims - - Total title claims reserves $ 295 $ 287 |
Note 7 - Reinsurance
Note 7 - Reinsurance | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Reinsurance [Text Block] | 7. Reinsurance Certain premiums and benefits at NCTIC are ceded to other insurance companies under various reinsurance agreements. The reinsurance agreements provide NCTIC with increased capacity to write more risk and maintain its exposure to loss within its capital resources. For the nine September 30, 2023, Effective January 1, 2023, one December 31, 2023. Effective January 1, 2022, December 31, 2022. NCTIC’s reinsured risks are treated, to the extent of reinsurance, as though they are risks for which the Company is not not third September 30, 2023, September 30, 2023, The effects of reinsurance on premiums written and earned by NCTIC are as follows (in thousands): Three Months Nine Months Ended Ended September 30, September 30, September 30, September 30, 2023 2022 2023 2022 Direct title premiums $ 969 $ 556 $ 2,894 $ 1,701 Ceded title premiums (15 ) (14 ) (46 ) (41 ) Net title premium $ 954 $ 542 $ 2,848 $ 1,660 Reinsurance premium (1) - 3,315 300 3,315 Net premiums written $ 954 $ 3,857 $ 3,148 $ 4,975 ( 1 The Company did not three nine September 30, 2023. three nine September 30, 2022, December 31, 2022. |
Note 8 - Statutory Reporting an
Note 8 - Statutory Reporting and Requirements | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Statutory Accounting Practices [Text Block] | 8. Statutory Reporting and Requirements NCTIC's assets, liabilities, and results of operations have been reported in accordance with U.S. GAAP, which varies from statutory accounting practices (“SAP”) prescribed or permitted by insurance regulatory authorities. Prescribed SAP are found in a variety of publications of the National Association of Insurance Commissioners (“NAIC”), state laws and regulations, as well as through general practices. The principal differences between SAP and U.S. GAAP are that under SAP: ( 1 not 2 3 may NCTIC is subject to regulations and standards of the Florida Office of Insurance Regulation (“FLOIR”). These standards and regulations include a requirement that the insurance entities domiciled in the State of Florida maintain specified levels of statutory capital and restrict the timing and amount of dividends and other distributions that may September 30, 2023, may not 10% one no nine September 30, 2023 2022, |
Note 9 - Segment Information
Note 9 - Segment Information | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 9. Segment Information The Company has four reportable segments: title insurance, real estate, reinsurance, and management advisory services. The remaining immaterial segments have been combined into a group called “Corporate and Other.” See Note 1, Basis of Presentation and Nature of Operations Provided below is selected financial information about the Company’s operations by segment for the three September 30, 2023 ( Title Insurance Real Estate Reinsurance Management Advisory Services Corporate and Other Total Insurance and other services revenue $ 2,203 $ - $ - $ 746 $ - $ 2,949 Cost of revenues (111 ) - - - - (111 ) Gross profit $ 2,092 $ - $ - $ 746 $ - $ 2,838 Operating expenses (2,678 ) - - (313 ) (95 ) (3,086 ) Other income and expenses 74 110 - - 302 486 (Loss) income before income taxes $ (512 ) $ 110 $ - $ 433 $ 207 $ 238 Total assets $ 18,372 $ 10,578 $ 7,236 $ 1,204 $ 8,657 $ 46,047 Provided below is selected financial information about the Company’s operations by segment for the three September 30, 2022 ( Title Insurance Real Estate Reinsurance Management Advisory Services Corporate and Other Total Insurance and other services revenue $ 1,699 $ - $ 3,315 $ 846 $ - $ 5,860 Cost of revenues (91 ) - - - - (91 ) Gross profit $ 1,608 $ - $ 3,315 $ 846 $ - $ 5,769 Operating expenses (2,231 ) - (40 ) (200 ) (339 ) (2,810 ) Other income and expenses 32 148 - - (296 ) (116 ) (Loss) income before income taxes $ (592 ) $ 148 $ 3,275 $ 646 $ (634 ) $ 2,843 Total assets $ 17,320 $ 11,029 $ 6,630 $ 646 $ 14,068 $ 49,693 Provided below is selected financial information about the Company’s operations by segment for the nine September 30, 2023 ( Title Insurance Real Estate Reinsurance Management Advisory Services Corporate and Other Total Insurance and other services revenue $ 6,791 $ - $ 300 $ 1,503 $ - $ 8,594 Cost of revenues (491 ) - - - - (491 ) Gross profit $ 6,300 $ - $ 300 $ 1,503 $ - $ 8,103 Operating expenses (8,162 ) - - (732 ) (905 ) (9,799 ) Other income and expenses 179 579 - - 432 1,190 (Loss) income before income taxes $ (1,683 ) $ 579 $ 300 $ 771 $ (473 ) $ (506 ) Total assets $ 18,372 $ 10,578 $ 7,236 $ 1,204 $ 8,657 $ 46,047 Provided below is selected financial information about the Company’s operations by segment for the nine September 30, 2022 ( Title Insurance Real Estate Reinsurance Management Advisory Services Corporate and Other Total Insurance and other services revenue $ 5,102 $ - $ 3,315 $ 846 $ - $ 9,263 Cost of revenues (330 ) - - - - (330 ) Gross profit $ 4,772 $ - $ 3,315 $ 846 $ - $ 8,933 Operating expenses (6,079 ) - (40 ) (200 ) (904 ) (7,223 ) Other income and expenses 38 472 - - (318 ) 192 (Loss) income before income taxes $ (1,269 ) $ 472 $ 3,275 $ 646 $ (1,222 ) $ 1,902 Total assets $ 17,320 $ 11,029 $ 6,630 $ 646 $ 14,068 $ 49,693 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10. Income taxes During the nine September 30, 2023, September 30, 2023. September 30, 2023. not nine September 30, 2023 2022 The Company maintains a valuation allowance against deferred tax assets that currently exceed our deferred tax liabilities. The primary assets covered by this valuation allowance are net operating loss carry-forwards. The valuation allowance was calculated in accordance with the provisions of ASC 740, Income Taxes four no not As of September 30, 2023, not The Company’s effective tax rate for the three nine September 30, 2023 three nine September 30, 2022 |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | 11. Stockholders Equity Basic earnings per common share are based upon the weighted average shares outstanding. Outstanding stock options and restricted stock are treated as potential common stock for purposes of computing diluted earnings per share. Basic and diluted earnings per share are calculated using the following share data (in thousands): Three Months Nine Months Ended Ended September 30, September 30, September 30, September 30, 2023 2022 2023 2022 Weighted average shares outstanding for basic calculation $ 2,865 $ 2,873 $ 2,868 $ 2,852 Add: Effect of dilutive stock awards - - - - Weighted average shares outstanding, adjusted for diluted calculation $ 2,865 $ 2,873 $ 2,868 $ 2,852 For the three nine September 30, 2023 2022, no On August 5, 2022, not not may may During the three September 30, 2023, three September 30, 2023 During the nine September 30, 2023, nine September 30, 2023 A reconciliation of the activity in Stockholders’ Equity accounts for the three nine September 30, 2023, Common Capital in Excess of Retained Noncontrolling Stock Par Value Earnings Interest Balance at January 1, 2023 $ 54 $ 30,491 $ 2,777 $ 104 Shares repurchased - - (1 ) - Stock-based compensation expense - - - - Net loss - - (799 ) (39 ) Balance at March 31, 2023 $ 54 $ 30,491 $ 1,977 $ 65 Shares repurchased - - (32 ) - Stock-based compensation expense - - - - Net income (loss) - - 80 (8 ) Balance at June 30, 2023 $ 54 $ 30,491 $ 2,025 $ 57 Shares repurchased (1 ) - (17 ) - Issuance of noncontrolling interest (1) - - - 10 Net income (loss) - - 251 (29 ) Balance at September 30, 2023 $ 53 $ 30,491 $ 2,259 $ 38 ( 1 In July 2023, A reconciliation of the activity in Stockholders’ Equity accounts for the three nine September 30, 2022, Common Capital in Excess of Retained Noncontrolling Stock Par Value Deficit Interest Balance at January 1, 2022 $ 54 $ 30,450 $ (942 ) $ - Shares repurchased - - - - Stock-based compensation expense - 21 - - Net loss - - (577 ) - Balance at March 31, 2022 $ 54 $ 30,471 $ (1,519 ) $ - Shares repurchased - - - - Stock-based compensation expense - 20 - - Net loss - - (363 ) - Balance at June 30, 2022 $ 54 $ 30,491 $ (1,882 ) $ - Shares repurchased - - - - Issuance of noncontrolling interest - - - 185 Net income (loss) - - 2,864 (21 ) Balance at September 30, 2022 $ 54 $ 30,491 $ 982 $ 164 During the three nine September 30, 2023, not |
Note 12 - Revenue From Contract
Note 12 - Revenue From Contracts With Customers | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 12. Revenue from Contracts with Customers ASC 606, Revenue from Contracts with Customers not Escrow and other title-related fees Non-title services |
Note 13 - Business Combinations
Note 13 - Business Combinations | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 13. Business Combinations Effective August 1, 2022, 805, Title files in progress $ 60 Property, plant, and equipment 53 Noncompetition agreement 372 Total assets acquired $ 485 The purchase price paid by Omega for the assets of OTF were as follows (in thousands): Cash paid $ 2,300 Noncontrolling interest in Omega 185 Total consideration paid $ 2,485 Title files in progress $ 60 Fixed assets 53 Noncompetition agreement 372 Total assets acquired 485 Goodwill $ 2,000 The fair value of assets acquired and liabilities assumed represent the final allocation. The following table presents the unaudited pro forma financial information as if OTF had been included in the Company’s financial results as of January 1, 2022, Three Months Ended Nine Months Ended September 30, 2022 September 30, 2022 Revenues $ 1,279 $ 5,310 Net loss $ (112 ) $ (503 ) |
Note 14 - Goodwill and Intangib
Note 14 - Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 14. Goodwill and Intangible Assets Goodwill The Company historically recognized $4.5 million in goodwill as the result of the acquisition of 50% of TAV on September 1, 2021, August 1, 2022. 3 350, Intangibles Goodwill and Other, not three nine September 30, 2023 2022. Note 1, Basis of Presentation and Nature of Operations Note 9, Segment Information Intangible Assets The following is a summary of intangible assets excluding goodwill recorded as intangible assets on our Unaudited Consolidated Balance Sheets (in thousands): September 30, December 31, 2023 2022 Intangible assets subject to amortization $ 286 $ 342 Total $ 286 $ 342 Intangible assets subject to amortization consisted of the following as of September 30, 2023 ( Weighted-average remaining amortization period (in years) Gross carrying amount Accumulated amortization Net carrying amount Noncompetition agreement 3.8 $ 372 $ (86 ) $ 286 Total $ 372 $ (86 ) $ 286 No impairment in the value of intangible assets was recognized during the three nine September 30, 2023. Amortization expense of the intangible assets for the three nine September 30, 2023, three nine September 30, 2022, Estimated amortization expense of the intangible assets to be recognized by the Company during the remainder of 2023 five Year ending December 31, Estimated Amortization Expense Remaining in 2023 $ 19 2024 74 2025 74 2026 74 2027 45 Total $ 286 |
Note 15 - Uncertainties
Note 15 - Uncertainties | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Uncertainties [Text Block] | 15. Uncertainties The demand for the Company’s title insurance services is dependent primarily on the volume of residential and commercial real estate transactions. The volume of these transactions historically has been influenced by such factors as mortgage interest rates, inventory, affordability, availability of financing and the overall state of the economy. The Federal Reserve raised the federal funds rate a total of seven 2022, four 2023 10 5.25% 5.50%. September 20, 2023, A shortage in the supply of homes for sale, increasing home prices, rising mortgage interest rates, inflation and disrupted labor markets created some volatility in the residential real estate market in 2021 2022, 2023. The Company continues to evaluate the impact of these uncertainties on its operational and financial performance, specifically the impact on HC Realty, and NCTIC and Omega’s operations. As of September 30, 2023, not |
Note 16 - Commitments and Conti
Note 16 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Commitments Disclosure [Text Block] | 16. Commitments and Contingencies Litigation The Company’s subsidiaries are parties to legal actions incidental to their business. As of September 30, 2023, not Anchor Title Litigation During the second 2023, one first two second On October 10, 2023, no not not Fednat Underwriters, Inc. Bankruptcy & Related Proof of Claim As disclosed in a Current Report on Form 8 December 12, 2022, December 11, 2022, 11 11 On January 26, 2023, 365 July 1, 2022 ( December 12, 2022. Effective with the rejection of the Advisory Services Agreement, the Company will no February 21, 2023, On July 27, 2023, August 11, 2023, 11 Hollie Drive Litigation In November 2019, first 2018 September 18, 2019 not not Leases Right-of-use assets and lease liabilities related to operating leases under ASC Topic 842, 842” not 842 The Company’s operating leases range in term from one five September 30, 2023, The Company’s lease agreements do not Most of the Company’s leases include one not not September 30, 2023. The lease liability is determined by discounting future lease payments using a discount rate based on the Company’s incremental borrowing rate for similar collateralized borrowing. The discount rate is calculated using estimates of capitalization rates and borrowing rates. As of September 30, 2023, Lease expense included in general and administrative expenses on the Unaudited Consolidated Statements of Operations was $336,000 and $197,000 for the three September 30, 2023, 2022, nine September 30, 2023, 2022, Future minimum rental commitments as of September 30, 2023 Remainder of 2023 $ 85 2024 295 2025 155 2026 65 2027 48 Total lease payments, undiscounted $ 648 Less: present value discount (46 ) Lease liabilities, at present value $ 602 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 9 Months Ended |
Sep. 30, 2023 | Sep. 30, 2023 | |
Insider Trading Arr Line Items | ||
Material Terms of Trading Arrangement [Text Block] | ITEM 5. Other Information None. | |
Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In June 2016, 2016 13, Financial Instruments Credit Losses (Topic 326 2016 13” 2016 13 2016 13 December 15, 2022. 2016 13 no |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain comparative figures have been reclassified to conform to the current quarter presentation. |
Note 3 - Investments in Relat_2
Note 3 - Investments in Related Party (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Ownership % Carrying Value Loss recorded in the Consolidated Statements of Operations (b) For the Three Months Ended September 30, For the Nine Months Ended September 30, September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 2023 2022 2023 2022 HC Series B Stock (a) 22.49 % 26.8 % $ 10,250 $ 10,250 $ - $ - $ - $ - HC Common Stock 3.56 % 7.1 % 328 600 (145 ) (108 ) (189 ) (297 ) Total 26.05 % 33.9 % $ 10,578 $ 10,850 $ (145 ) $ (108 ) $ (189 ) $ (297 ) |
Schedule of Equity Method Investments [Table Text Block] | Three Months Nine Months Ended Ended September 30, September 30, September 30, September 30, 2023 2022 2023 2022 Total revenue $ 5,378 $ 4,082 $ 15,545 $ 12,126 Total expense 8,993 6,330 25,032 18,100 Net loss $ (3,615 ) $ (2,248 ) $ (9,487 ) $ (5,974 ) |
Note 4 - Investments (Tables)
Note 4 - Investments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Investment [Table Text Block] | September 30, 2023 December 31, 2022 Fair Value Cost/Amortized Cost, Net Fair Value Cost/Amortized Cost, Net U.S. government and agency securities, held-to-maturity (1) $ 4,051 $ 4,120 $ 4,242 $ 4,314 Investment in limited partnership, at net asset value (2) 1,214 1,214 1,000 1,000 Total investments $ 5,265 $ 5,334 $ 5,242 $ 5,314 September 30, 2023 Amortized Costs Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. government and agency securities, held-to-maturity $ 4,120 $ - $ (69 ) $ 4,051 December 31, 2022 Amortized Costs Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. government and agency securities, held-to-maturity $ 4,314 $ - $ (72 ) $ 4,242 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Cost Percent of Total Fair Value Percent of Total Due in one year or less $ 2,048 49.7 % $ 2,026 50.0 % Due after one year through five years 2,072 50.3 2,025 50.0 Due after five years through ten years - - - - Due after ten years - - - - Total $ 4,120 100.0 % $ 4,051 100.0 % |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | September 30, 2023 Level 1 Level 2 Level 3 Total Fair Value Carrying Value (1) U.S. government and agency securities, held-to-maturity $ - $ 4,051 $ - $ 4,051 $ 4,120 December 31, 2022 Level 1 Level 2 Level 3 Total Fair Value Carrying Value (1) U.S. government and agency securities, held-to-maturity $ - $ 4,242 $ - $ 4,242 $ 4,314 |
Note 6 - Reserve for Title Cl_2
Note 6 - Reserve for Title Claims (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] | For the Nine Months Ended For the Nine Month Ended September 30, 2023 September 30, 2022 Beginning Reserves $ 287 $ 231 Provision for claims related to: Current year 171 63 Prior years - - Total provision for claim losses 171 63 Claims paid related to: Current year (163 ) - Prior years - - Total title claims paid (163 ) - Ending Reserves $ 295 $ 294 As of September 30, 2023 As of December 31, 2022 Known title claims $ 8 $ 3 IBNR title claims 287 284 Total title claims 295 287 Non-title claims - - Total title claims reserves $ 295 $ 287 |
Note 7 - Reinsurance (Tables)
Note 7 - Reinsurance (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Effects of Reinsurance [Table Text Block] | Three Months Nine Months Ended Ended September 30, September 30, September 30, September 30, 2023 2022 2023 2022 Direct title premiums $ 969 $ 556 $ 2,894 $ 1,701 Ceded title premiums (15 ) (14 ) (46 ) (41 ) Net title premium $ 954 $ 542 $ 2,848 $ 1,660 Reinsurance premium (1) - 3,315 300 3,315 Net premiums written $ 954 $ 3,857 $ 3,148 $ 4,975 |
Note 9 - Segment Information (T
Note 9 - Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Title Insurance Real Estate Reinsurance Management Advisory Services Corporate and Other Total Insurance and other services revenue $ 2,203 $ - $ - $ 746 $ - $ 2,949 Cost of revenues (111 ) - - - - (111 ) Gross profit $ 2,092 $ - $ - $ 746 $ - $ 2,838 Operating expenses (2,678 ) - - (313 ) (95 ) (3,086 ) Other income and expenses 74 110 - - 302 486 (Loss) income before income taxes $ (512 ) $ 110 $ - $ 433 $ 207 $ 238 Total assets $ 18,372 $ 10,578 $ 7,236 $ 1,204 $ 8,657 $ 46,047 Title Insurance Real Estate Reinsurance Management Advisory Services Corporate and Other Total Insurance and other services revenue $ 1,699 $ - $ 3,315 $ 846 $ - $ 5,860 Cost of revenues (91 ) - - - - (91 ) Gross profit $ 1,608 $ - $ 3,315 $ 846 $ - $ 5,769 Operating expenses (2,231 ) - (40 ) (200 ) (339 ) (2,810 ) Other income and expenses 32 148 - - (296 ) (116 ) (Loss) income before income taxes $ (592 ) $ 148 $ 3,275 $ 646 $ (634 ) $ 2,843 Total assets $ 17,320 $ 11,029 $ 6,630 $ 646 $ 14,068 $ 49,693 Title Insurance Real Estate Reinsurance Management Advisory Services Corporate and Other Total Insurance and other services revenue $ 6,791 $ - $ 300 $ 1,503 $ - $ 8,594 Cost of revenues (491 ) - - - - (491 ) Gross profit $ 6,300 $ - $ 300 $ 1,503 $ - $ 8,103 Operating expenses (8,162 ) - - (732 ) (905 ) (9,799 ) Other income and expenses 179 579 - - 432 1,190 (Loss) income before income taxes $ (1,683 ) $ 579 $ 300 $ 771 $ (473 ) $ (506 ) Total assets $ 18,372 $ 10,578 $ 7,236 $ 1,204 $ 8,657 $ 46,047 Title Insurance Real Estate Reinsurance Management Advisory Services Corporate and Other Total Insurance and other services revenue $ 5,102 $ - $ 3,315 $ 846 $ - $ 9,263 Cost of revenues (330 ) - - - - (330 ) Gross profit $ 4,772 $ - $ 3,315 $ 846 $ - $ 8,933 Operating expenses (6,079 ) - (40 ) (200 ) (904 ) (7,223 ) Other income and expenses 38 472 - - (318 ) 192 (Loss) income before income taxes $ (1,269 ) $ 472 $ 3,275 $ 646 $ (1,222 ) $ 1,902 Total assets $ 17,320 $ 11,029 $ 6,630 $ 646 $ 14,068 $ 49,693 |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Nine Months Ended Ended September 30, September 30, September 30, September 30, 2023 2022 2023 2022 Weighted average shares outstanding for basic calculation $ 2,865 $ 2,873 $ 2,868 $ 2,852 Add: Effect of dilutive stock awards - - - - Weighted average shares outstanding, adjusted for diluted calculation $ 2,865 $ 2,873 $ 2,868 $ 2,852 |
Schedule of Stockholders Equity [Table Text Block] | Common Capital in Excess of Retained Noncontrolling Stock Par Value Earnings Interest Balance at January 1, 2023 $ 54 $ 30,491 $ 2,777 $ 104 Shares repurchased - - (1 ) - Stock-based compensation expense - - - - Net loss - - (799 ) (39 ) Balance at March 31, 2023 $ 54 $ 30,491 $ 1,977 $ 65 Shares repurchased - - (32 ) - Stock-based compensation expense - - - - Net income (loss) - - 80 (8 ) Balance at June 30, 2023 $ 54 $ 30,491 $ 2,025 $ 57 Shares repurchased (1 ) - (17 ) - Issuance of noncontrolling interest (1) - - - 10 Net income (loss) - - 251 (29 ) Balance at September 30, 2023 $ 53 $ 30,491 $ 2,259 $ 38 Common Capital in Excess of Retained Noncontrolling Stock Par Value Deficit Interest Balance at January 1, 2022 $ 54 $ 30,450 $ (942 ) $ - Shares repurchased - - - - Stock-based compensation expense - 21 - - Net loss - - (577 ) - Balance at March 31, 2022 $ 54 $ 30,471 $ (1,519 ) $ - Shares repurchased - - - - Stock-based compensation expense - 20 - - Net loss - - (363 ) - Balance at June 30, 2022 $ 54 $ 30,491 $ (1,882 ) $ - Shares repurchased - - - - Issuance of noncontrolling interest - - - 185 Net income (loss) - - 2,864 (21 ) Balance at September 30, 2022 $ 54 $ 30,491 $ 982 $ 164 |
Note 13 - Business Combinatio_2
Note 13 - Business Combinations (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Title files in progress $ 60 Property, plant, and equipment 53 Noncompetition agreement 372 Total assets acquired $ 485 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash paid $ 2,300 Noncontrolling interest in Omega 185 Total consideration paid $ 2,485 Title files in progress $ 60 Fixed assets 53 Noncompetition agreement 372 Total assets acquired 485 Goodwill $ 2,000 |
Business Acquisition, Pro Forma Information [Table Text Block] | Three Months Ended Nine Months Ended September 30, 2022 September 30, 2022 Revenues $ 1,279 $ 5,310 Net loss $ (112 ) $ (503 ) |
Note 14 - Goodwill and Intang_2
Note 14 - Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | September 30, December 31, 2023 2022 Intangible assets subject to amortization $ 286 $ 342 Total $ 286 $ 342 |
Finite-Lived Intangible Assets Amortization Expense [Table Text Block] | Weighted-average remaining amortization period (in years) Gross carrying amount Accumulated amortization Net carrying amount Noncompetition agreement 3.8 $ 372 $ (86 ) $ 286 Total $ 372 $ (86 ) $ 286 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year ending December 31, Estimated Amortization Expense Remaining in 2023 $ 19 2024 74 2025 74 2026 74 2027 45 Total $ 286 |
Note 16 - Commitments and Con_2
Note 16 - Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Remainder of 2023 $ 85 2024 295 2025 155 2026 65 2027 48 Total lease payments, undiscounted $ 648 Less: present value discount (46 ) Lease liabilities, at present value $ 602 |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation and Nature of Operations (Details Textual) | 6 Months Ended | 9 Months Ended |
Sep. 30, 2023 USD ($) ft² a shares | Sep. 30, 2023 ft² a shares | |
Management Advisory Services [Member] | Related Captive Managing General Agency [Member] | ||
Related Party Transaction, Amounts of Transaction | $ | $ 200,000 | |
Management Advisory Services [Member] | Reinsurance Intermediary [Member] | ||
Related Party Transaction, Amounts of Transaction | $ | $ 50,000 | |
HC Government Realty Trust, Inc [Member] | ||
Ownership Percentage | 26.05% | 26.05% |
HC Government Realty Trust, Inc [Member] | Common Stock of Investee [Member] | ||
Investment Owned, Balance, Shares (in shares) | shares | 300,000 | 300,000 |
HC Government Realty Trust, Inc [Member] | Series B Cumulative Convertible Preferred Stock [Member] | ||
Investment Owned, Balance, Shares (in shares) | shares | 1,025,000 | 1,025,000 |
Investment Interest Rate | 10% | 10% |
HC Government Realty Trust, Inc [Member] | ||
Area of Real Estate Property (Square Foot) | a | 663,000 | 663,000 |
Number of Real Estate Properties | 35 | 35 |
Number of States in which Entity Operates | 22 | 22 |
Percentage of Real Estate Leased to Government | 98% | 98% |
Number of Government Agencies | 12 | 12 |
Weighted Average Lease Term, No Early Termination (Year) | 9 years 1 month 6 days | |
Weighted Average Lease Term, With Early Termination (Year) | 5 years 7 months 6 days | |
HC Government Realty Trust, Inc [Member] | Wholly Owned Properties [Member] | ||
Number of Real Estate Properties | 33 | 33 |
HC Government Realty Trust, Inc [Member] | Subject to Ground Lease [Member] | ||
Number of Real Estate Properties | 2 | 2 |
HC Government Realty Trust, Inc [Member] | Minimum [Member] | ||
Area of Real Estate Property (Square Foot) | ft² | 10,000 | 10,000 |
HC Government Realty Trust, Inc [Member] | Maximum [Member] | ||
Area of Real Estate Property (Square Foot) | ft² | 100,000 | 100,000 |
Protected Cell [Member] | Catastrophic Windstorm Reinsurance Protection [Member] | ||
Reinsurance, Reinsurance Protection, Number of Insurance Policies In-force | 0 | 0 |
Note 3 - Investments in Relat_3
Note 3 - Investments in Related Party (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Related Party [Member] | |||||
Investments | $ 282,000 | $ 282,000 | $ 250,000 | ||
Equity Securities, FV-NI, Gain (Loss) | 46,000 | $ 0 | 46,000 | $ 0 | |
Related Party [Member] | Accounts Receivable [Member] | |||||
Related Party Transaction, Amounts of Transaction | 36,000 | 191,000 | |||
Related Party [Member] | Accounts Payable [Member] | |||||
Related Party Transaction, Amounts of Transaction | 121,000 | $ 0 | |||
HC Government Realty Trust, Inc [Member] | Series B Cumulative Convertible Preferred Stock [Member] | |||||
Equity Method Investment, Aggregate Cost | $ 10,250,000 | $ 10,250,000 | |||
Preferred Stock, Convertible, Conversion Price (in dollars per share) | $ 10 | $ 10 | |||
Convertible Preferred Stock, Maximum Conversion Price (in dollars per share) | $ 9.1 | $ 9.1 |
Note 3 - Investments in Relat_4
Note 3 - Investments in Related Party - Equity Method Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | ||
Loss recorded in the Consolidated Statements of Operations | $ 214 | $ 0 | ||||
HC Government Realty Trust, Inc [Member] | ||||||
Ownership percentage | 26.05% | 26.05% | 33.90% | |||
Investment in affiliate, balance | $ 10,578 | $ 10,578 | $ 10,850 | |||
Loss recorded in the Consolidated Statements of Operations | [1] | $ (145) | $ (108) | $ (189) | (297) | |
HC Government Realty Trust, Inc [Member] | Series B Cumulative Convertible Preferred Stock [Member] | ||||||
Ownership percentage | [2] | 22.49% | 22.49% | 26.80% | ||
Investment in affiliate, balance | [2] | $ 10,250 | $ 10,250 | $ 10,250 | ||
Loss recorded in the Consolidated Statements of Operations | [1],[2] | $ 0 | 0 | $ 0 | 0 | |
HC Government Realty Trust, Inc [Member] | Common Stock of Investee [Member] | ||||||
Ownership percentage | 3.56% | 3.56% | 7.10% | |||
Investment in affiliate, balance | $ 328 | $ 328 | $ 600 | |||
Loss recorded in the Consolidated Statements of Operations | [1] | $ (145) | $ (108) | $ (189) | $ (297) | |
[1]Loss from these investments is included in “Net loss from investments in related parties” in the Unaudited Consolidated Statements of Operations. Since HC Realty is a REIT and not a taxable entity, the loss is not reported net of taxes.[2]Represents investments in shares of HC Series B Stock with a basis of $10.25 million. Each share of HC Series B Stock has voting rights on as converted basis and can be converted into one share of HC Common Stock at a conversion price equal to $10.00 per share divided by the lesser of $9.10 per share or the fair market value per share of HC Common Stock, subject to adjustment upon the occurrence of certain events. |
Note 3 - Investments in Relat_5
Note 3 - Investments in Related Party - Income Statement Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Total revenue | $ 2,949 | $ 5,860 | $ 8,594 | $ 9,263 |
Net loss | 222 | 2,843 | (544) | 1,902 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||
Total revenue | 5,378 | 4,082 | 15,545 | 12,126 |
Total expense | 8,993 | 6,330 | 25,032 | 18,100 |
Net loss | $ (3,615) | $ (2,248) | $ (9,487) | $ (5,974) |
Note 4 - Investments (Details T
Note 4 - Investments (Details Textual) $ in Thousands | Sep. 30, 2023 USD ($) |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 0 |
Note 4 - Investments - Details
Note 4 - Investments - Details Investments by Major Investment Category (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Fair value total | $ 5,265 | $ 5,242 | |
Amortized cost total | 5,334 | 5,314 | |
US Government Agencies Debt Securities [Member] | |||
Fair value | 4,051 | 4,242 | |
Amortized costs | 4,120 | 4,314 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | (69) | (72) | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | |||
Fair value | [1] | 1,214 | 1,000 |
Amortized costs | $ 1,214 | $ 1,000 | |
[1]As of September 30, 2023, there are no unfunded commitments related to the investment in limited partnership. This limited partnership invests in property catastrophe risk through customized reinsurance solutions. The underlying assets of the limited partnership are one year or less in duration and the Company’s proceeds may be redeemed or reinvested annually. Changes in net asset value of the investment in limited partnership are included in Net investment income on the Company’s Statement of Operations. |
Note 4 - Investments - Fixed Ma
Note 4 - Investments - Fixed Maturity Securities by Contractual Maturities (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Due in one year or less, amortized cost | $ 2,048 |
Due in one year or less, amortized cost, percent | 49.70% |
Due in one year or less, fair value | $ 2,026 |
Due in one year or less, fair value, percent | 50% |
Due after one year through five years, amortized cost | $ 2,072 |
Due after one year through five years, amortized cost, percent | 50.30% |
Due after one year through five years, fair value | $ 2,025 |
Due after one year through five years, fair value, percent | 50% |
Due after five years through ten years, amortized cost | $ 0 |
Due after five years through ten years, amortized cost, percent | 0% |
Due after five years through ten years, fair value | $ 0 |
Due after five years through ten years, fair value, percent | 0% |
Due after ten years, amortized cost | $ 0 |
Due after ten years, amortized cost, percent | 0% |
Due after ten years, fair value | $ 0 |
Due after ten years, fair value, percent | 0% |
Total, amortized cost | $ 4,120 |
Total, amortized cost, percent | 100% |
Total, fair value | $ 4,051 |
Total, fair value, percent | 100% |
Note 4 - Investments - Fair Val
Note 4 - Investments - Fair Value of Financial Instruments (Details) - US Government Agencies Debt Securities [Member] - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Estimate of Fair Value Measurement [Member] | |||
U.S. government and agency securities, held-to-maturity | $ 4,051 | $ 4,242 | |
Reported Value Measurement [Member] | |||
U.S. government and agency securities, held-to-maturity | [1] | 4,120 | 4,314 |
Fair Value, Inputs, Level 1 [Member] | |||
U.S. government and agency securities, held-to-maturity | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
U.S. government and agency securities, held-to-maturity | 4,051 | 4,242 | |
Fair Value, Inputs, Level 3 [Member] | |||
U.S. government and agency securities, held-to-maturity | $ 0 | $ 0 | |
[1]The carrying value measurements in the tables above do not equal Investments on our Consolidated Balance Sheets as they exclude investment in limited partnership carried at NAV (as defined below) as a practical expedient. |
Note 5 - Subordinated Note Re_2
Note 5 - Subordinated Note Receivable (Details Textual) - S&L Note [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 06, 2018 | |
Financing Receivable, before Allowance for Credit Loss, Total | $ 4,400 | ||||
Notes Receivable, Interest Rate | 10% | ||||
Proceeds from Interest Received | $ 0 | $ 0 | $ 0 | $ 0 |
Note 6 - Reserve for Title Cl_3
Note 6 - Reserve for Title Claims (Details Textual) $ in Thousands | Sep. 30, 2023 USD ($) |
Reinsurance Recoverables, Including Reinsurance Premium Paid, Total | $ 0 |
Note 6 - Reserve for Title Cl_4
Note 6 - Reserve for Title Claims - Reconciliation of Reserves Account Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Total provision for claim losses | $ 37 | $ 35 | $ 171 | $ 111 | |
Title Insurance Product Line [Member] | |||||
Beginning Reserves | 287 | 231 | |||
Current year | 171 | 63 | |||
Prior years | 0 | 0 | |||
Total provision for claim losses | 171 | 63 | |||
Current year | (163) | 0 | |||
Prior years | 0 | 0 | |||
Total title claims paid | (163) | 0 | |||
Ending Reserves | 295 | 294 | 295 | 294 | |
Claims reserves | 295 | $ 294 | 295 | $ 294 | $ 287 |
Claims reserves, percent | 287% | ||||
Known Title Claims [Member] | |||||
Ending Reserves | 8 | 8 | |||
Claims reserves | 8 | 8 | |||
Claims reserves, percent | 3% | ||||
IBNR Title Claims [Member] | |||||
Ending Reserves | 287 | 287 | |||
Claims reserves | 287 | 287 | |||
Claims reserves, percent | 284% | ||||
Title Claims [Member] | |||||
Ending Reserves | 295 | 295 | |||
Claims reserves | 295 | 295 | |||
Claims reserves, percent | 287% | ||||
Non-title Claims [Member] | |||||
Ending Reserves | 0 | 0 | |||
Claims reserves | $ 0 | $ 0 | |||
Claims reserves, percent | 0% |
Note 7 - Reinsurance (Details T
Note 7 - Reinsurance (Details Textual) - USD ($) | Jan. 01, 2022 | Sep. 30, 2023 |
Reinsurance Recoverables, Including Reinsurance Premium Paid, Total | $ 0 | |
National Consumer Title Insurance Company (NCTIC) [Member] | Reinstatement Premium Protection Reinsurance Agreement [Member] | ||
Reinsurance Retention Policy, Reinsured Risk, Percentage | 100% | |
National Consumer Title Insurance Company (NCTIC) [Member] | Non-affiliated Companies [Member] | The Loss Reinsurance Agreement [Member] | ||
Reinsurance, Excess Retention, Amount Reinsured, Per Event | $ 4,000,000 | |
Reinsurance, Amount Retained, Per Event | $ 1,000,000 | |
Reinsurance Retention Policy, Reinsured Risk, Percentage | 100% | |
Chaucer [Member] | Reinsurance Through Lloyd's Syndicates [Member] | ||
Percent of Reinsurance Participation | 50% |
Note 7 - Reinsurance - Reinsura
Note 7 - Reinsurance - Reinsurance Premiums Written and Earned (Details) - National Consumer Title Insurance Company (NCTIC) [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Direct title premiums | $ 969 | $ 556 | $ 2,894 | $ 1,701 | |
Ceded title premiums | (15) | (14) | (46) | (41) | |
Net title premium | 954 | 542 | 2,848 | 1,660 | |
Reinsurance premium(1) | [1] | 0 | 3,315 | 300 | 3,315 |
Net premiums written | $ 954 | $ 3,857 | $ 3,148 | $ 4,975 | |
[1]The Company did not have any written reinsurance contracts in-force during the three and nine month period ended September 30, 2023. During the three and nine month periods ended September 30, 2022, the Company written an excess-of-loss reinsurance contract related to catastrophic weather risk in Texas. This cover expired December 31, 2022. |
Note 8 - Statutory Reporting _2
Note 8 - Statutory Reporting and Requirements (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | $ 6,200 | |
Statutory Accounting Practices, Statutory Capital and Surplus Required | 3,000 | |
Dividends Receivable | $ 0 | $ 0 |
Note 9 - Segment Information (D
Note 9 - Segment Information (Details Textual) | 9 Months Ended |
Sep. 30, 2023 | |
Number of Reportable Segments | 4 |
Note 9 - Segment Information -
Note 9 - Segment Information - Operations By Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Insurance and other services revenue | $ 2,949 | $ 5,860 | $ 8,594 | $ 9,263 | |
Cost of revenues | (111) | (91) | (491) | (330) | |
Gross profit | 2,838 | 5,769 | 8,103 | 8,933 | |
(Loss) income before income taxes | 238 | 2,843 | (506) | 1,902 | |
Total assets | 46,047 | 46,047 | $ 41,103 | ||
Operating Segments [Member] | |||||
Insurance and other services revenue | 2,949 | 5,860 | 8,594 | 9,263 | |
Cost of revenues | (111) | (91) | (491) | (330) | |
Gross profit | 2,838 | 5,769 | 8,103 | 8,933 | |
Operating expenses | (3,086) | (2,810) | (9,799) | (7,223) | |
Other income and expenses | 486 | (116) | 1,190 | 192 | |
(Loss) income before income taxes | 238 | 2,843 | (506) | 1,902 | |
Total assets | 46,047 | 49,693 | 46,047 | 49,693 | |
The Title Insurance Segment [Member] | Operating Segments [Member] | |||||
Insurance and other services revenue | 2,203 | 1,699 | 6,791 | 5,102 | |
Cost of revenues | (111) | (91) | (491) | (330) | |
Gross profit | 2,092 | 1,608 | 6,300 | 4,772 | |
Operating expenses | (2,678) | (2,231) | (8,162) | (6,079) | |
Other income and expenses | 74 | 32 | 179 | 38 | |
(Loss) income before income taxes | (512) | (592) | (1,683) | (1,269) | |
Total assets | 18,372 | 17,320 | 18,372 | 17,320 | |
Real Estate Segment [Member] | Operating Segments [Member] | |||||
Insurance and other services revenue | 0 | 0 | 0 | 0 | |
Cost of revenues | 0 | 0 | 0 | 0 | |
Gross profit | 0 | 0 | 0 | 0 | |
Operating expenses | 0 | 0 | 0 | 0 | |
Other income and expenses | 110 | 148 | 579 | 472 | |
(Loss) income before income taxes | 110 | 148 | 579 | 472 | |
Total assets | 10,578 | 11,029 | 10,578 | 11,029 | |
Reinsurance Related [Member] | Operating Segments [Member] | |||||
Insurance and other services revenue | 0 | 3,315 | 300 | 3,315 | |
Cost of revenues | 0 | 0 | 0 | 0 | |
Gross profit | 0 | 3,315 | 300 | 3,315 | |
Operating expenses | 0 | (40) | 0 | (40) | |
Other income and expenses | 0 | 0 | 0 | 0 | |
(Loss) income before income taxes | 0 | 3,275 | 300 | 3,275 | |
Total assets | 7,236 | 6,630 | 7,236 | 6,630 | |
Management Services Related [Member] | Operating Segments [Member] | |||||
Insurance and other services revenue | 746 | 846 | 1,503 | 846 | |
Cost of revenues | 0 | 0 | 0 | 0 | |
Gross profit | 746 | 846 | 1,503 | 846 | |
Operating expenses | (313) | (200) | (732) | (200) | |
Other income and expenses | 0 | 0 | 0 | 0 | |
(Loss) income before income taxes | 433 | 646 | 771 | 646 | |
Total assets | 1,204 | 646 | 1,204 | 646 | |
Corporate and Other [Member] | |||||
Insurance and other services revenue | 0 | 0 | 0 | 0 | |
Cost of revenues | 0 | 0 | 0 | 0 | |
Gross profit | 0 | 0 | 0 | 0 | |
Operating expenses | (95) | (339) | (905) | (904) | |
Other income and expenses | 302 | (296) | 432 | (318) | |
(Loss) income before income taxes | 207 | (634) | (473) | (1,222) | |
Total assets | $ 8,657 | $ 14,068 | $ 8,657 | $ 14,068 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 80,000 | |||
Deferred Tax Assets, Valuation Allowance | $ 7,500,000 | 7,500,000 | ||
Operating Loss Carryforwards | $ 34,600,000 | 34,600,000 | ||
Income Taxes Paid, Net | $ 0 | $ 0 | ||
Deferred Tax Assets, Net of Valuation Allowance | $ 0 | $ 0 | ||
Effective Income Tax Rate Reconciliation, Percent | 7% | 0% | (8.00%) | 0% |
Note 11 - Stockholders' Equit_2
Note 11 - Stockholders' Equity (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2023 | Jul. 31, 2023 | Aug. 05, 2022 | |
Stock Repurchased and Retired During Period, Shares (in shares) | 2,669 | 7,104 | ||
Stock Repurchased and Retired During Period, Per Share (in dollars per share) | $ 7.12 | $ 7.15 | ||
Stock Repurchased and Retired During Period, Value | $ 18,000 | $ 51,000 | ||
Dividends, Common Stock | $ 0 | $ 0 | ||
Omega National Title of Florida, LLC and Omega National Title of Pensacola, LLC [Member] | Omega National Title Agency, LLC [Member] | ||||
Investment Owned, Net Assets, Percentage | 51% | |||
Weighted Average [Member] | ||||
Stock Repurchased and Retired During Period, Per Share (in dollars per share) | $ 7.1 | $ 7.13 | ||
Common Stock [Member] | ||||
Stock Repurchase Program, Authorized Amount | $ 1,500,000 |
Note 11 - Stockholders' Equit_3
Note 11 - Stockholders' Equity - Basic and Diluted Earnings Per Share Calculation (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | |
Weighted average shares outstanding for basic calculation (in shares) | 2,865 | 2,873 | 2,868 | 2,868 | 2,852 |
Add: Effect of dilutive stock awards (in shares) | 0 | 0 | 0 | 0 | |
Weighted average shares outstanding, adjusted for diluted calculation (in shares) | 2,865 | 2,873 | 2,868 | 2,868 | 2,852 |
Note 11 - Stockholders' Equit_4
Note 11 - Stockholders' Equity - Reconciliation of Activity in Stockholders' Equity Accounts (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Balance | $ 33,426 | $ 33,426 | |||||||
Net income (loss) | $ 222 | $ 2,843 | (544) | $ 1,902 | |||||
Balance | 32,841 | 32,841 | |||||||
Common Stock [Member] | |||||||||
Balance | 54 | $ 54 | 54 | 54 | $ 54 | $ 54 | 54 | 54 | |
Shares repurchased | (1) | 0 | 0 | 0 | 0 | 0 | |||
Stock-based compensation expense | 0 | 0 | 0 | 0 | |||||
Net income (loss) | 0 | 0 | 0 | 0 | 0 | 0 | |||
Issuance of noncontrolling interest(1) | [1] | 0 | 0 | ||||||
Balance | 53 | 54 | 54 | 54 | 54 | 54 | 53 | 54 | |
Additional Paid-in Capital [Member] | |||||||||
Balance | 30,491 | 30,491 | 30,491 | 30,491 | 30,471 | 30,450 | 30,491 | 30,450 | |
Shares repurchased | 0 | 0 | 0 | 0 | 0 | 0 | |||
Stock-based compensation expense | 0 | 0 | 20 | 21 | |||||
Net income (loss) | 0 | 0 | 0 | 0 | 0 | 0 | |||
Issuance of noncontrolling interest(1) | [1] | 0 | 0 | ||||||
Balance | 30,491 | 30,491 | 30,491 | 30,491 | 30,491 | 30,471 | 30,491 | 30,491 | |
Retained Earnings [Member] | |||||||||
Balance | 2,025 | 1,977 | 2,777 | (1,882) | (1,519) | (942) | 2,777 | (942) | |
Shares repurchased | (17) | (32) | (1) | 0 | 0 | 0 | |||
Stock-based compensation expense | 0 | 0 | 0 | 0 | |||||
Net income (loss) | 251 | 80 | (799) | 2,864 | (363) | (577) | |||
Issuance of noncontrolling interest(1) | [1] | 0 | 0 | ||||||
Balance | 2,259 | 2,025 | 1,977 | 982 | (1,882) | (1,519) | 2,259 | 982 | |
Noncontrolling Interest [Member] | |||||||||
Balance | 57 | 65 | 104 | 0 | 0 | 0 | 104 | 0 | |
Shares repurchased | 0 | 0 | 0 | 0 | 0 | 0 | |||
Stock-based compensation expense | 0 | 0 | 0 | 0 | |||||
Net income (loss) | (29) | (8) | (39) | (21) | 0 | 0 | |||
Issuance of noncontrolling interest(1) | [1] | 10 | 185 | ||||||
Balance | $ 38 | $ 57 | $ 65 | $ 164 | $ 0 | $ 0 | $ 38 | $ 164 | |
[1]In July 2023, the Company completed its capitalization of Omega National Title of Florida, LLC and Omega National Title of Pensacola, LLC, in which Omega National Title Agency, LLC, a consolidated subsidiary of the Company, now owns the 51% of membership interests, respectively. The Company has a controlling financial interests in these entities and has consolidated the results of these subsidiaries in its consolidated financial statements. |
Note 13 - Business Combinatio_3
Note 13 - Business Combinations - Purchase Price Allocation (Details) - Omega National Title Agency (Omega) [Member] $ in Thousands | Aug. 01, 2022 USD ($) |
Title files in progress | $ 60 |
Property, plant, and equipment | 53 |
Total assets acquired | 485 |
Noncompete Agreements [Member] | |
Noncompetition agreement | $ 372 |
Note 13 - Business Combinatio_4
Note 13 - Business Combinations - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Aug. 01, 2022 | Sep. 30, 2023 | Dec. 31, 2022 |
Goodwill, Ending Balance | $ 6,492 | $ 6,492 | |
Omega Title Florida, LLC [Member] | |||
Cash paid | $ 2,300 | ||
Noncontrolling interest in Omega | 185 | ||
Total consideration paid | 2,485 | ||
Property, plant, and equipment | 53 | ||
Total assets acquired | 485 | ||
Goodwill, Ending Balance | 2,000 | ||
Omega Title Florida, LLC [Member] | Title Files In Progress [Member] | |||
Title files in progress | 60 | ||
Omega Title Florida, LLC [Member] | Noncompete Agreements [Member] | |||
Noncompetition agreement | $ 372 |
Note 13 - Business Combinatio_5
Note 13 - Business Combinations - Pro Forma Information (Details) - Omega Title Florida, LLC [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Revenues | $ 1,279 | $ 5,310 |
Net loss | $ (112) | $ (503) |
Note 14 - Goodwill and Intang_3
Note 14 - Goodwill and Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Aug. 01, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Sep. 01, 2022 | Sep. 01, 2021 | |
Goodwill, Ending Balance | $ 6,492,000 | $ 6,492,000 | $ 6,492,000 | |||||
Impairment of Intangible Assets (Excluding Goodwill) | 0 | 0 | ||||||
Amortization of Intangible Assets | $ 18,000 | $ 12,000 | $ 56,000 | $ 12,000 | ||||
Title Agency Ventures, LLC (TAV) [Member] | ||||||||
Goodwill, Ending Balance | $ 4,500,000 | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 50% | |||||||
Omega Title Florida, LLC [Member] | ||||||||
Goodwill, Ending Balance | $ 2,000,000 | |||||||
Goodwill, Acquired During Period | $ 2,000,000 |
Note 14 - Goodwill and Intang_4
Note 14 - Goodwill and Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Intangible assets subject to amortization | $ 286 | |
Total | 286 | $ 342 |
Noncompete Agreements [Member] | ||
Intangible assets subject to amortization | $ 286 | $ 342 |
Note 14 - Goodwill and Intang_5
Note 14 - Goodwill and Intangible Assets - Intangible Assets Subject To Amortization (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Gross carrying amount | $ 372 | |
Accumulated amortization | (86) | |
Net carrying amount | $ 286 | |
Noncompete Agreements [Member] | ||
Weighted-average remaining amortization period (Year) | 3 years 9 months 18 days | |
Gross carrying amount | $ 372 | |
Accumulated amortization | (86) | |
Net carrying amount | $ 286 | $ 342 |
Note 14 - Goodwill and Intang_6
Note 14 - Goodwill and Intangible Assets - Estimated Amortization Expense (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Remaining in 2023 | $ 19 |
2024 | 74 |
2025 | 74 |
2026 | 74 |
2027 | 45 |
Total | $ 286 |
Note 16 - Commitments and Con_3
Note 16 - Commitments and Contingencies (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Feb. 21, 2023 | Nov. 30, 2019 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jul. 27, 2023 | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 2 years 6 months 14 days | 2 years 6 months 14 days | |||||
Operating Lease, Weighted Average Discount Rate, Percent | 6% | 6% | |||||
General and Administrative Expense [Member] | |||||||
Operating Lease, Expense | $ 336,000 | $ 197,000 | $ 739,000 | $ 523,000 | |||
Minimum [Member] | |||||||
Lessee, Operating Lease, Term of Contract (Year) | 1 year | 1 year | |||||
Maximum [Member] | |||||||
Lessee, Operating Lease, Term of Contract (Year) | 5 years | 5 years | |||||
Unsecured Claims For Compensation From FedNat Underwriters, Inc [Member] | |||||||
Bankruptcy Claims, Amount of Claims Filed | $ 609,771 | ||||||
Bankruptcy Claims, Amount of Claims Settled | $ 1,109,771 | ||||||
Hollie Drive Asset Sale Litigation [Member] | |||||||
Loss Contingency, Damages Sought, Value | $ 555,000 |
Note 16 - Commitments and Con_4
Note 16 - Commitments and Contingencies - Future Renal Commitments (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Remainder of 2023 | $ 85 |
2024 | 295 |
2025 | 155 |
2026 | 65 |
2027 | 48 |
Total lease payments, undiscounted | 648 |
Less: present value discount | (46) |
Lease liabilities, at present value | $ 602 |