[ X ] | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
[ ] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
North Carolina | 56-1110199 | |||
(State of incorporation) | (I.R.S. Employer Identification No.) |
Large accelerated filer | Accelerated filer | X | Non-accelerated filer | Smaller reporting company | ||||||
(do not check if a smaller reporting company) |
PART I. | FINANCIAL INFORMATION | |
Item 1. | Financial Statements: | |
Consolidated Balance Sheets as of September 30, 2016 and December 31, 2015 | ||
Consolidated Statements of Income For the Three and Nine Months Ended September 30, 2016 and 2015 | ||
Consolidated Statements of Comprehensive Income For the Three and Nine Months Ended September 30, 2016 and 2015 | ||
Consolidated Statements of Stockholders’ Equity For the Nine Months Ended September 30, 2016 and 2015 | ||
Consolidated Statements of Cash Flows For the Nine Months Ended September 30, 2016 and 2015 | ||
PART II. | OTHER INFORMATION | |
Legal Proceedings | ||
Risk Factors | ||
September 30, 2016 | December 31, 2015 | ||||||
Assets: | |||||||
Investments in securities: | |||||||
Fixed maturities, available-for-sale, at fair value (amortized cost: 2016: $105,240,488; 2015: $102,015,826) | $ | 111,038,924 | $ | 106,066,384 | |||
Equity securities, available-for-sale, at fair value (cost: 2016: $24,958,456; 2015: $23,855,873) | 39,834,879 | 37,513,464 | |||||
Short-term investments | 3,925,296 | 6,865,406 | |||||
Other investments | 10,626,505 | 10,106,828 | |||||
Total investments | 165,425,604 | 160,552,082 | |||||
Cash and cash equivalents | 26,898,991 | 21,790,068 | |||||
Premium and fees receivable | 9,358,570 | 8,392,697 | |||||
Accrued interest and dividends | 1,389,526 | 1,004,126 | |||||
Prepaid expenses and other assets | 10,931,270 | 12,634,105 | |||||
Property, net | 7,843,079 | 7,148,951 | |||||
Current income taxes recoverable | 1,261,289 | — | |||||
Total Assets | $ | 223,108,329 | $ | 211,522,029 | |||
Liabilities and Stockholders’ Equity | |||||||
Liabilities: | |||||||
Reserves for claims | $ | 35,536,000 | $ | 37,788,000 | |||
Accounts payable and accrued liabilities | 24,705,653 | 25,043,588 | |||||
Current income taxes payable | — | 210,355 | |||||
Deferred income taxes, net | 10,749,877 | 5,703,006 | |||||
Total liabilities | 70,991,530 | 68,744,949 | |||||
Commitments and Contingencies | — | — | |||||
Stockholders’ Equity: | |||||||
Preferred stock (1,000,000 authorized shares; no shares issued) | — | — | |||||
Common stock – no par value (10,000,000 authorized shares; 1,884,283 and 1,949,797 shares issued and outstanding 2016 and 2015, respectively, excluding 291,676 shares for 2016 and 2015 of common stock held by the Company's subsidiary) | 1 | 1 | |||||
Retained earnings | 138,575,372 | 131,186,866 | |||||
Accumulated other comprehensive income | 13,449,558 | 11,483,015 | |||||
Total stockholders’ equity attributable to the Company | 152,024,931 | 142,669,882 | |||||
Noncontrolling interests | 91,868 | 107,198 | |||||
Total stockholders' equity | 152,116,799 | 142,777,080 | |||||
Total Liabilities and Stockholders’ Equity | $ | 223,108,329 | $ | 211,522,029 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||
Revenues: | ||||||||||||||
Net premiums written | $ | 36,511,373 | $ | 30,945,532 | $ | 87,810,602 | $ | 86,372,154 | ||||||
Investment income – interest and dividends | 1,160,983 | 1,117,529 | 3,478,999 | 3,427,055 | ||||||||||
Net realized gain (loss) on investments | 439,326 | (338,631 | ) | 574,328 | 601,336 | |||||||||
Other | 2,890,023 | 2,816,828 | 7,827,509 | 7,924,329 | ||||||||||
Total Revenues | 41,001,705 | 34,541,258 | 99,691,438 | 98,324,874 | ||||||||||
Operating Expenses: | ||||||||||||||
Commissions to agents | 18,739,151 | 16,898,323 | 45,946,379 | 48,393,553 | ||||||||||
(Benefit) provision for claims | (1,067,853 | ) | 703,979 | (403,982 | ) | 3,621,401 | ||||||||
Salaries, employee benefits and payroll taxes | 8,300,823 | 6,957,874 | 22,945,972 | 21,101,955 | ||||||||||
Office occupancy and operations | 1,496,948 | 1,342,288 | 4,526,710 | 4,089,806 | ||||||||||
Business development | 608,532 | 568,189 | 1,695,180 | 1,633,358 | ||||||||||
Filing fees, franchise and local taxes | 191,574 | 134,880 | 688,731 | 572,621 | ||||||||||
Premium and retaliatory taxes | 673,551 | 573,336 | 1,559,631 | 1,684,674 | ||||||||||
Professional and contract labor fees | 523,504 | 661,879 | 1,599,603 | 1,926,469 | ||||||||||
Other | 157,308 | 264,012 | 629,539 | 708,918 | ||||||||||
Total Operating Expenses | 29,623,538 | 28,104,760 | 79,187,763 | 83,732,755 | ||||||||||
Income before Income Taxes | 11,378,167 | 6,436,498 | 20,503,675 | 14,592,119 | ||||||||||
Provision for Income Taxes | 3,249,000 | 1,941,000 | 6,040,000 | 4,250,000 | ||||||||||
Net Income | 8,129,167 | 4,495,498 | 14,463,675 | 10,342,119 | ||||||||||
Net (Gain) Loss Attributable to Noncontrolling Interests | (2,228 | ) | (4,536 | ) | 6,684 | (4,536 | ) | |||||||
Net Income Attributable to the Company | $ | 8,126,939 | $ | 4,490,962 | $ | 14,470,359 | $ | 10,337,583 | ||||||
Basic Earnings per Common Share | $ | 4.30 | $ | 2.28 | $ | 7.55 | $ | 5.18 | ||||||
Weighted Average Shares Outstanding – Basic | 1,888,870 | 1,967,923 | 1,915,468 | 1,995,120 | ||||||||||
Diluted Earnings per Common Share | $ | 4.29 | $ | 2.28 | $ | 7.53 | $ | 5.17 | ||||||
Weighted Average Shares Outstanding – Diluted | 1,895,592 | 1,972,233 | 1,921,999 | 2,000,043 | ||||||||||
Cash Dividends Paid per Common Share | $ | 0.20 | $ | 0.08 | $ | 0.52 | $ | 0.24 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||
Net income | $ | 8,129,167 | $ | 4,495,498 | $ | 14,463,675 | $ | 10,342,119 | ||||||
Other comprehensive (loss) income, before tax: | ||||||||||||||
Amortization related to prior year service cost | — | 1,098 | — | 3,293 | ||||||||||
Amortization of unrecognized loss | 2,235 | 878 | 6,705 | 2,635 | ||||||||||
Unrealized (losses) gains on investments arising during the period | (769,328 | ) | (2,359,495 | ) | 3,518,286 | (4,223,992 | ) | |||||||
Reclassification adjustment for sales of securities included in net income | (545,925 | ) | (458,058 | ) | (785,517 | ) | (1,390,070 | ) | ||||||
Reclassification adjustment for write-downs of securities included in net income | 118,703 | 657,755 | 233,941 | 668,904 | ||||||||||
Other comprehensive (loss) income, before tax | (1,194,315 | ) | (2,157,822 | ) | 2,973,415 | (4,939,230 | ) | |||||||
Income tax expense related to postretirement health benefits | 759 | 672 | 2,279 | 2,016 | ||||||||||
Income tax (benefit) expense related to unrealized (losses) gains on investments arising during the period | (280,327 | ) | (809,994 | ) | 1,193,241 | (1,446,083 | ) | |||||||
Income tax benefit related to reclassification adjustment for sales of securities included in net income | (185,316 | ) | (156,447 | ) | (268,548 | ) | (474,198 | ) | ||||||
Income tax expense related to reclassification adjustment for write-downs of securities included in net income | 40,555 | 225,293 | 79,900 | 229,093 | ||||||||||
Net income tax (benefit) expense on other comprehensive (loss) income | (424,329 | ) | (740,476 | ) | 1,006,872 | (1,689,172 | ) | |||||||
Other comprehensive (loss) income | (769,986 | ) | (1,417,346 | ) | 1,966,543 | (3,250,058 | ) | |||||||
Comprehensive Income | $ | 7,359,181 | $ | 3,078,152 | $ | 16,430,218 | $ | 7,092,061 | ||||||
Comprehensive (income) loss attributable to noncontrolling interests | (2,228 | ) | (4,536 | ) | 6,684 | (4,536 | ) | |||||||
Comprehensive Income Attributable to the Company | $ | 7,356,953 | $ | 3,073,616 | $ | 16,436,902 | $ | 7,087,525 |
Common Stock | Retained Earnings | Accumulated Other Comprehensive Income | Noncontrolling Interests | Total Stockholders’ Equity | ||||||||||||||||||
Shares | Amount | |||||||||||||||||||||
Balance, January 1, 2015 | 2,023,270 | $ | 1 | $ | 124,707,196 | $ | 12,856,509 | $ | — | $ | 137,563,706 | |||||||||||
Net income attributable to the Company | 10,337,583 | 10,337,583 | ||||||||||||||||||||
Dividends ($0.24 per share) | (477,392 | ) | (477,392 | ) | ||||||||||||||||||
Shares of common stock repurchased and retired | (72,044 | ) | (5,166,846 | ) | (5,166,846 | ) | ||||||||||||||||
Stock options and stock appreciation rights exercised | 2,192 | 54,988 | 54,988 | |||||||||||||||||||
Share-based compensation expense | 102,707 | 102,707 | ||||||||||||||||||||
Amortization related to postretirement health benefits | 3,912 | 3,912 | ||||||||||||||||||||
Net unrealized loss on investments | (3,253,970 | ) | (3,253,970 | ) | ||||||||||||||||||
Net effect of changes in ownership | 127,050 | 127,050 | ||||||||||||||||||||
Net gain attributable to noncontrolling interests | 4,536 | 4,536 | ||||||||||||||||||||
Income tax benefit from share-based compensation | 26,875 | 26,875 | ||||||||||||||||||||
Balance, September 30, 2015 | 1,953,418 | $ | 1 | $ | 129,585,111 | $ | 9,606,451 | $ | 131,586 | $ | 139,323,149 | |||||||||||
Balance, January 1, 2016 | 1,949,797 | $ | 1 | $ | 131,186,866 | $ | 11,483,015 | $ | 107,198 | $ | 142,777,080 | |||||||||||
Net income attributable to the Company | 14,470,359 | 14,470,359 | ||||||||||||||||||||
Dividends ($0.52 per share) | (993,534 | ) | (993,534 | ) | ||||||||||||||||||
Shares of common stock repurchased and retired | (66,803 | ) | (6,219,670 | ) | (6,219,670 | ) | ||||||||||||||||
Stock options and stock appreciation rights exercised | 1,289 | (200 | ) | (200 | ) | |||||||||||||||||
Share-based compensation expense | 99,755 | 99,755 | ||||||||||||||||||||
Amortization related to postretirement health benefits | 4,426 | 4,426 | ||||||||||||||||||||
Net unrealized gain on investments | 1,962,117 | 1,962,117 | ||||||||||||||||||||
Purchase of noncontrolling interest of subsidiary | (8,646 | ) | (8,646 | ) | ||||||||||||||||||
Additional paid-in capital from purchase of noncontrolling interest of subsidiary | (496 | ) | (496 | ) | ||||||||||||||||||
Net loss attributable to noncontrolling interests | (6,684 | ) | (6,684 | ) | ||||||||||||||||||
Income tax benefit from share-based compensation | 32,292 | 32,292 | ||||||||||||||||||||
Balance, September 30, 2016 | 1,884,283 | $ | 1 | $ | 138,575,372 | $ | 13,449,558 | $ | 91,868 | $ | 152,116,799 |
Nine Months Ended September 30, | |||||||
2016 | 2015 | ||||||
Operating Activities | |||||||
Net income | $ | 14,463,675 | $ | 10,342,119 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation | 994,619 | 654,838 | |||||
Amortization, net | 624,882 | 542,841 | |||||
Amortization related to postretirement benefits obligation | 6,705 | 5,928 | |||||
Share-based compensation expense related to stock options | 99,755 | 102,707 | |||||
Net gain on disposals of property | (10,677 | ) | (30,374 | ) | |||
Net realized gain on investments | (574,328 | ) | (601,336 | ) | |||
Net earnings from other investments | (1,120,640 | ) | (1,774,927 | ) | |||
(Benefit) provision for claims | (403,982 | ) | 3,621,401 | ||||
Provision for deferred income taxes | 4,040,000 | 1,909,000 | |||||
Changes in assets and liabilities: | |||||||
Increase in receivables | (965,873 | ) | (457,484 | ) | |||
Decrease (increase) in other assets | 1,265,172 | (1,110,322 | ) | ||||
Increase in current income taxes recoverable | (1,261,289 | ) | — | ||||
(Decrease) increase in accounts payable and accrued liabilities | (337,935 | ) | 1,150,634 | ||||
(Decrease) increase in current income taxes payable | (210,355 | ) | 156,487 | ||||
Payments of claims, net of recoveries | (1,848,018 | ) | (2,401,401 | ) | |||
Net cash provided by operating activities | 14,761,711 | 12,110,111 | |||||
Investing Activities | |||||||
Purchases of available-for-sale securities | (15,066,182 | ) | (5,794,149 | ) | |||
Purchases of short-term investments | (1,890,826 | ) | (11,642,357 | ) | |||
Purchases of other investments | (1,974,275 | ) | (3,164,415 | ) | |||
Purchase of noncontrolling interest of subsidiary | (9,142 | ) | — | ||||
Proceeds from sales and maturities of available-for-sale securities | 10,711,195 | 16,212,924 | |||||
Proceeds from sales and maturities of short-term investments | 4,830,935 | 335,084 | |||||
Proceeds from sales and distributions of other investments | 2,594,042 | 3,167,494 | |||||
Purchase of subsidiary | — | (72,600 | ) | ||||
Proceeds from sales of other assets | 10,647 | 113,238 | |||||
Purchases of property | (1,742,225 | ) | (2,313,052 | ) | |||
Proceeds from the sale of property | 64,155 | 74,395 | |||||
Net cash used in investing activities | (2,471,676 | ) | (3,083,438 | ) | |||
Financing Activities | |||||||
Repurchases of common stock | (6,219,670 | ) | (5,166,846 | ) | |||
Exercises of stock options and SARs | (200 | ) | 54,988 | ||||
Excess tax benefits related to exercise of stock options and SARs | 32,292 | 26,875 | |||||
Dividends paid | (993,534 | ) | (477,392 | ) | |||
Net cash used in financing activities | (7,181,112 | ) | (5,562,375 | ) | |||
Net Increase in Cash and Cash Equivalents | 5,108,923 | 3,464,298 | |||||
Cash and Cash Equivalents, Beginning of Period | 21,790,068 | 15,826,515 | |||||
Cash and Cash Equivalents, End of Period | $ | 26,898,991 | $ | 19,290,813 |
Consolidated Statements of Cash Flows, continued | |||||||
Nine Months Ended September 30, | |||||||
2016 | 2015 | ||||||
Supplemental Disclosures: | |||||||
Cash Paid During the Year for: | |||||||
Income tax payments, net | $ | 3,736,100 | $ | 2,727,700 | |||
Non Cash Investing and Financing Activities: | |||||||
Non cash net unrealized (gain) loss on investments, net of deferred tax (provision) benefit of $(1,004,593) and $1,691,188 for 2016 and 2015, respectively | $ | (1,962,117 | ) | $ | 3,253,970 |
September 30, 2016 | December 31, 2015 | ||||||
Balance, beginning of period | $ | 37,788,000 | $ | 36,677,000 | |||
(Benefit) provision, charged to operations | (403,982 | ) | 4,478,494 | ||||
Payments of claims, net of recoveries | (1,848,018 | ) | (3,367,494 | ) | |||
Ending balance | $ | 35,536,000 | $ | 37,788,000 |
September 30, 2016 | % | December 31, 2015 | % | ||||||||
Known title claims | $ | 4,694,784 | 13.2 | $ | 5,066,469 | 13.4 | |||||
IBNR | 30,841,216 | 86.8 | 32,721,531 | 86.6 | |||||||
Total loss reserves | $ | 35,536,000 | 100.0 | $ | 37,788,000 | 100.0 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||
Net income attributable to the Company | $ | 8,126,939 | $ | 4,490,962 | $ | 14,470,359 | $ | 10,337,583 | ||||||
Weighted average common shares outstanding – Basic | 1,888,870 | 1,967,923 | 1,915,468 | 1,995,120 | ||||||||||
Incremental shares outstanding assuming the exercise of dilutive stock options and SARs (share-settled) | 6,722 | 4,310 | 6,531 | 4,923 | ||||||||||
Weighted average common shares outstanding – Diluted | 1,895,592 | 1,972,233 | 1,921,999 | 2,000,043 | ||||||||||
Basic earnings per common share | $ | 4.30 | $ | 2.28 | $ | 7.55 | $ | 5.18 | ||||||
Diluted earnings per common share | $ | 4.29 | $ | 2.28 | $ | 7.53 | $ | 5.17 |
Number Of Shares | Weighted Average Exercise Price | Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value | |||||||||
Outstanding as of January 1, 2015 | 21,000 | $ | 51.30 | 3.64 | $ | 453,510 | ||||||
SARs granted | 4,500 | 73.00 | ||||||||||
SARs exercised | (2,000 | ) | 47.88 | |||||||||
Options exercised | (1,500 | ) | 36.79 | |||||||||
Outstanding as of December 31, 2015 | 22,000 | $ | 57.04 | 3.93 | $ | 945,055 | ||||||
SARs granted | 4,500 | 93.87 | ||||||||||
SARs exercised | (2,000 | ) | 32.00 | |||||||||
Outstanding as of September 30, 2016 | 24,500 | $ | 65.85 | 4.10 | $ | 824,390 | ||||||
Exercisable as of September 30, 2016 | 22,250 | $ | 63.02 | 3.85 | $ | 811,723 | ||||||
Unvested as of September 30, 2016 | 2,250 | $ | 93.87 | 6.63 | $ | 12,667 |
2016 | 2015 | ||||
Expected life in years | 7.0 | 7.0 | |||
Volatility | 28.9 | % | 40.7 | % | |
Interest rate | 1.7 | % | 2.0 | % | |
Yield rate | 0.7 | % | 0.4 | % |
Three Months Ended September 30, 2016 | Title Insurance | All Other | Intersegment Eliminations | Total | |||||||||||
Insurance and other services revenues | $ | 38,285,551 | $ | 1,666,214 | $ | (550,369 | ) | $ | 39,401,396 | ||||||
Investment income | 1,079,118 | 140,201 | (58,336 | ) | 1,160,983 | ||||||||||
Net realized gain (loss) on investments | 439,501 | (175 | ) | — | 439,326 | ||||||||||
Total revenues | $ | 39,804,170 | $ | 1,806,240 | $ | (608,705 | ) | $ | 41,001,705 | ||||||
Operating expenses | 28,487,268 | 1,669,217 | (532,947 | ) | 29,623,538 | ||||||||||
Income before income taxes | $ | 11,316,902 | $ | 137,023 | $ | (75,758 | ) | $ | 11,378,167 | ||||||
Total assets | $ | 180,436,004 | $ | 42,672,325 | $ | — | $ | 223,108,329 |
Three Months Ended September 30, 2015 | Title Insurance | All Other | Intersegment Eliminations | Total | |||||||||||
Insurance and other services revenues | $ | 32,583,093 | $ | 1,684,088 | $ | (504,821 | ) | $ | 33,762,360 | ||||||
Investment income | 1,000,839 | 140,024 | (23,334 | ) | 1,117,529 | ||||||||||
Net realized loss on investments | (309,874 | ) | (28,757 | ) | — | (338,631 | ) | ||||||||
Total revenues | $ | 33,274,058 | $ | 1,795,355 | $ | (528,155 | ) | $ | 34,541,258 | ||||||
Operating expenses | 27,001,636 | 1,590,524 | (487,400 | ) | 28,104,760 | ||||||||||
Income before income taxes | $ | 6,272,422 | $ | 204,831 | $ | (40,755 | ) | $ | 6,436,498 | ||||||
Total assets | $ | 160,754,846 | $ | 41,790,756 | $ | — | $ | 202,545,602 |
Nine Months Ended September 30, 2016 | Title Insurance | All Other | Intersegment Eliminations | Total | |||||||||||
Insurance and other services revenues | $ | 92,055,531 | $ | 5,137,268 | $ | (1,554,688 | ) | $ | 95,638,111 | ||||||
Investment income | 3,206,093 | 424,578 | (151,672 | ) | 3,478,999 | ||||||||||
Net realized gain on investments | 513,624 | 60,704 | — | 574,328 | |||||||||||
Total revenues | $ | 95,775,248 | $ | 5,622,550 | $ | (1,706,360 | ) | $ | 99,691,438 | ||||||
Operating expenses | 75,766,983 | 4,923,205 | (1,502,425 | ) | 79,187,763 | ||||||||||
Income before income taxes | $ | 20,008,265 | $ | 699,345 | $ | (203,935 | ) | $ | 20,503,675 | ||||||
Total assets | $ | 180,436,004 | $ | 42,672,325 | $ | — | $ | 223,108,329 |
Nine Months Ended September 30, 2015 | Title Insurance | All Other | Intersegment Eliminations | Total | |||||||||||
Insurance and other services revenues | $ | 90,824,523 | $ | 4,803,604 | $ | (1,331,644 | ) | $ | 94,296,483 | ||||||
Investment income | 3,061,857 | 435,200 | (70,002 | ) | 3,427,055 | ||||||||||
Net realized gain (loss) on investments | 604,093 | (2,757 | ) | — | 601,336 | ||||||||||
Total revenues | $ | 94,490,473 | $ | 5,236,047 | $ | (1,401,646 | ) | $ | 98,324,874 | ||||||
Operating expenses | 80,214,039 | 4,798,097 | (1,279,381 | ) | 83,732,755 | ||||||||||
Income before income taxes | $ | 14,276,434 | $ | 437,950 | $ | (122,265 | ) | $ | 14,592,119 | ||||||
Total assets | $ | 160,754,846 | $ | 41,790,756 | $ | — | $ | 202,545,602 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||
Service cost – benefits earned during the year | $ | 2,545 | $ | 4,187 | $ | 7,635 | $ | 12,561 | ||||||
Interest cost on the projected benefit obligation | 8,781 | 7,693 | 26,343 | 23,079 | ||||||||||
Amortization of unrecognized prior service cost | — | 1,098 | — | 3,293 | ||||||||||
Amortization of unrecognized losses | 2,235 | 878 | 6,705 | 2,635 | ||||||||||
Net periodic benefits costs | $ | 13,561 | $ | 13,856 | $ | 40,683 | $ | 41,568 |
As of September 30, 2016 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||
Fixed maturities, available-for-sale, at fair value: | |||||||||||||||
General obligations of U.S. states, territories and political subdivisions | $ | 31,751,299 | $ | 1,114,177 | $ | 2,072 | $ | 32,863,404 | |||||||
Special revenue issuer obligations of U.S. states, territories and political subdivisions | 56,651,943 | 3,751,576 | 15,241 | 60,388,278 | |||||||||||
Corporate debt securities | 16,837,246 | 950,115 | 119 | 17,787,242 | |||||||||||
Total | $ | 105,240,488 | $ | 5,815,868 | $ | 17,432 | $ | 111,038,924 | |||||||
Equity securities, available-for-sale, at fair value: | |||||||||||||||
Common stocks | $ | 24,958,456 | $ | 14,974,237 | $ | 97,814 | $ | 39,834,879 | |||||||
Total | $ | 24,958,456 | $ | 14,974,237 | $ | 97,814 | $ | 39,834,879 | |||||||
Short-term investments: | |||||||||||||||
Money market funds and certificates of deposit | $ | 3,925,296 | $ | — | $ | — | $ | 3,925,296 | |||||||
Total | $ | 3,925,296 | $ | — | $ | — | $ | 3,925,296 |
As of December 31, 2015 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||
Fixed maturities, available-for-sale, at fair value: | |||||||||||||||
General obligations of U.S. states, territories and political subdivisions | $ | 31,883,439 | $ | 987,595 | $ | 11,734 | $ | 32,859,300 | |||||||
Special revenue issuer obligations of U.S. states, territories and political subdivisions | 52,202,815 | 2,604,152 | 26,127 | 54,780,840 | |||||||||||
Corporate debt securities | 17,004,985 | 539,832 | 58,473 | 17,486,344 | |||||||||||
Auction rate securities | 924,587 | 15,313 | — | 939,900 | |||||||||||
Total | $ | 102,015,826 | $ | 4,146,892 | $ | 96,334 | $ | 106,066,384 | |||||||
Equity securities, available-for-sale, at fair value: | |||||||||||||||
Common stocks and nonredeemable preferred stocks | $ | 23,855,873 | $ | 13,785,968 | $ | 128,377 | $ | 37,513,464 | |||||||
Total | $ | 23,855,873 | $ | 13,785,968 | $ | 128,377 | $ | 37,513,464 | |||||||
Short-term investments: | |||||||||||||||
Money market funds and certificates of deposit | $ | 6,865,406 | $ | — | $ | — | $ | 6,865,406 | |||||||
Total | $ | 6,865,406 | $ | — | $ | — | $ | 6,865,406 |
Available-for-Sale | |||||||
Amortized Cost | Fair Value | ||||||
Due in one year or less | $ | 20,245,762 | $ | 20,383,264 | |||
Due after one year through five years | 34,757,122 | 36,493,362 | |||||
Due five years through ten years | 48,247,411 | 51,501,388 | |||||
Due after ten years | 1,990,193 | 2,660,910 | |||||
Total | $ | 105,240,488 | $ | 111,038,924 |
2016 | 2015 | ||||||
Gross realized gains from securities: | |||||||
Special revenue issuer obligations of U.S. states, territories and political subdivisions | $ | 161 | $ | — | |||
Corporate debt securities | 20 | 5,417 | |||||
Common stocks and nonredeemable preferred stocks | 880,647 | 1,436,386 | |||||
Auction rate securities | 74,996 | — | |||||
Total | $ | 955,824 | $ | 1,441,803 | |||
Gross realized losses from securities: | |||||||
General obligations of U.S. states, territories and political subdivisions | $ | (533 | ) | $ | (12,319 | ) | |
Special revenue issuer obligations of U.S. states, territories and political subdivisions | (1,085 | ) | (397 | ) | |||
Common stocks and nonredeemable preferred stocks | (168,688 | ) | (39,017 | ) | |||
Other-than-temporary impairment of securities | (233,941 | ) | (668,904 | ) | |||
Total | $ | (404,247 | ) | $ | (720,637 | ) | |
Net realized gain from securities | $ | 551,577 | $ | 721,166 | |||
Net realized gain (loss) on other investments: | |||||||
Impairments of other investments | $ | — | $ | (233,069 | ) | ||
Gains on other investments | 22,751 | 113,239 | |||||
Total | $ | 22,751 | $ | (119,830 | ) | ||
Net realized gain on investments | $ | 574,328 | $ | 601,336 |
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||
As of September 30, 2016 | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||
General obligations of U.S. states, territories and political subdivisions | $ | 3,594,415 | $ | (2,072 | ) | $ | — | $ | — | $ | 3,594,415 | $ | (2,072 | ) | |||||||||
Special revenue issuer obligations of U.S. states, territories and political subdivisions | 1,737,905 | (15,241 | ) | — | — | 1,737,905 | (15,241 | ) | |||||||||||||||
Corporate debt securities | 999,820 | (119 | ) | — | — | 999,820 | (119 | ) | |||||||||||||||
Total fixed income securities | $ | 6,332,140 | $ | (17,432 | ) | $ | — | $ | — | $ | 6,332,140 | $ | (17,432 | ) | |||||||||
Equity securities | $ | 806,984 | $ | (97,814 | ) | $ | — | $ | — | $ | 806,984 | $ | (97,814 | ) | |||||||||
Total temporarily impaired securities | $ | 7,139,124 | $ | (115,246 | ) | $ | — | $ | — | $ | 7,139,124 | $ | (115,246 | ) |
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||
As of December 31, 2015 | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||
General obligations of U.S. states, territories and political subdivisions | $ | 1,758,345 | $ | (11,734 | ) | $ | — | $ | — | $ | 1,758,345 | $ | (11,734 | ) | |||||||||
Special revenue issuer obligations of U.S. states, territories and political subdivisions | 1,672,217 | (5,138 | ) | 1,183,963 | (20,989 | ) | 2,856,180 | (26,127 | ) | ||||||||||||||
Corporate debt securities | 6,981,275 | (58,473 | ) | — | — | 6,981,275 | (58,473 | ) | |||||||||||||||
Total fixed income securities | $ | 10,411,837 | $ | (75,345 | ) | $ | 1,183,963 | $ | (20,989 | ) | $ | 11,595,800 | $ | (96,334 | ) | ||||||||
Equity securities | $ | 5,533,667 | $ | (128,377 | ) | $ | — | $ | — | $ | 5,533,667 | $ | (128,377 | ) | |||||||||
Total temporarily impaired securities | $ | 15,945,504 | $ | (203,722 | ) | $ | 1,183,963 | $ | (20,989 | ) | $ | 17,129,467 | $ | (224,711 | ) |
Type of Investment | Balance Sheet Classification | Carrying Value | Estimated Fair Value | Maximum Potential Loss (a) | ||||||||||
Tax credit LPs | Other investments | $ | 1,137,346 | $ | 1,137,346 | $ | 1,325,000 | |||||||
Real estate LLCs or LPs | Other investments | 3,838,897 | 4,323,037 | 6,350,000 | ||||||||||
Small business investment LPs | Other investments | 3,082,723 | 2,072,658 | 9,100,000 | ||||||||||
Total | $ | 8,058,966 | $ | 7,533,041 | $ | 16,775,000 |
(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. |
As of September 30, 2016 | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Short-term investments | $ | 3,925,296 | $ | — | $ | — | $ | 3,925,296 | |||||||
Equity securities: | |||||||||||||||
Common stock | 39,834,879 | — | — | 39,834,879 | |||||||||||
Fixed maturities: | |||||||||||||||
Obligations of U.S. states, territories and political subdivisions* | — | 93,251,682 | — | 93,251,682 | |||||||||||
Corporate debt securities* | — | 17,787,242 | — | 17,787,242 | |||||||||||
Total | $ | 43,760,175 | $ | 111,038,924 | $ | — | $ | 154,799,099 |
As of December 31, 2015 | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Short-term investments | $ | 6,865,406 | $ | — | $ | — | $ | 6,865,406 | |||||||
Equity securities: | |||||||||||||||
Common stock | 37,513,464 | — | — | 37,513,464 | |||||||||||
Fixed maturities: | |||||||||||||||
Obligations of U.S. states, territories and political subdivisions* | — | 87,640,140 | — | 87,640,140 | |||||||||||
Corporate debt securities* | — | 17,486,344 | 939,900 | 18,426,244 | |||||||||||
Total | $ | 44,378,870 | $ | 105,126,484 | $ | 939,900 | $ | 150,445,254 |
As of September 30, 2016 | Carrying Value | Estimated Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||
Financial assets: | |||||||||||||||||||
Cash | $ | 26,898,991 | $ | 26,898,991 | $ | 26,898,991 | $ | — | $ | — | |||||||||
Cost-basis investments | 4,119,328 | 4,367,372 | — | — | 4,367,372 | ||||||||||||||
Accrued dividends and interest | 1,389,526 | 1,389,526 | 1,389,526 | — | — | ||||||||||||||
Total | $ | 32,407,845 | $ | 32,655,889 | $ | 28,288,517 | $ | — | $ | 4,367,372 |
As of December 31, 2015 | Carrying Value | Estimated Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||
Financial assets: | |||||||||||||||||||
Cash | $ | 21,790,068 | $ | 21,790,068 | $ | 21,790,068 | $ | — | $ | — | |||||||||
Cost-basis investments | 3,588,314 | 3,684,020 | — | — | 3,684,020 | ||||||||||||||
Accrued dividends and interest | 1,004,126 | 1,004,126 | 1,004,126 | — | — | ||||||||||||||
Total | $ | 26,382,508 | $ | 26,478,214 | $ | 22,794,194 | $ | — | $ | 3,684,020 |
Changes in fair value during the period ended: | 2016 | 2015 | |||||
Beginning balance at January 1 | $ | 939,900 | $ | 939,100 | |||
Redemptions and sales | (1,000,000 | ) | — | ||||
Realized gain – included in net realized gain on investments | 74,996 | — | |||||
Unrealized (loss) gain – included in other comprehensive income (loss) | (14,896 | ) | 800 | ||||
Ending balance, net | $ | — | $ | 939,900 |
As of September 30, 2016 | Valuation Method | Impaired | Level 1 | Level 2 | Level 3 | Total at Estimated Fair Value | Impairment Losses | ||||||||||||||||
Cost-basis investments | Fair Value | No | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Total cost-basis investments | $ | — | $ | — | $ | — | $ | — | $ | — |
As of December 31, 2015 | Valuation Method | Impaired | Level 1 | Level 2 | Level 3 | Total at Estimated Fair Value | Impairment Losses | ||||||||||||||||
Cost-basis investments | Fair Value | Yes | $ | — | $ | — | $ | 163,350 | $ | 163,350 | $ | (233,069 | ) | ||||||||||
Total cost-basis investments | $ | — | $ | — | $ | 163,350 | $ | 163,350 | $ | (233,069 | ) |
Financial Statement Classification, | As of September 30, 2016 | As of December 31, 2015 | |||||
Consolidated Balance Sheets | |||||||
Other investments | $ | 6,507,000 | $ | 6,519,000 | |||
Premiums and fees receivable | $ | 78,000 | $ | 719,000 |
Financial Statement Classification, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||
Consolidated Statements of Income | 2016 | 2015 | 2016 | 2015 | |||||||||||
Net premiums written | $ | 4,513,000 | $ | 3,451,000 | $ | 10,993,000 | $ | 10,436,000 | |||||||
Other income | $ | 809,000 | $ | 716,000 | $ | 1,541,000 | $ | 2,230,000 | |||||||
Commissions to agents | $ | 3,062,000 | $ | 2,326,000 | $ | 7,465,000 | $ | 7,176,000 |
Three Months Ended September 30, 2016 | Unrealized Gains and Losses On Available-for-Sale Securities | Postretirement Benefits Plans | Total | ||||||||
Beginning balance at July 1 | $ | 14,331,320 | $ | (111,776 | ) | $ | 14,219,544 | ||||
Other comprehensive loss before reclassifications | (489,001 | ) | — | (489,001 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income | (282,461 | ) | 1,476 | (280,985 | ) | ||||||
Net current-period other comprehensive (loss) income | (771,462 | ) | 1,476 | (769,986 | ) | ||||||
Ending balance | $ | 13,559,858 | $ | (110,300 | ) | $ | 13,449,558 |
Three Months Ended September 30, 2015 | Unrealized Gains and Losses On Available-for-Sale Securities | Postretirement Benefits Plans | Total | ||||||||
Beginning balance at July 1 | $ | 11,099,177 | $ | (75,380 | ) | $ | 11,023,797 | ||||
Other comprehensive loss before reclassifications | (1,549,501 | ) | — | (1,549,501 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income | 130,851 | 1,304 | 132,155 | ||||||||
Net current-period other comprehensive (loss) income | (1,418,650 | ) | 1,304 | (1,417,346 | ) | ||||||
Ending balance | $ | 9,680,527 | $ | (74,076 | ) | $ | 9,606,451 |
Nine Months Ended September 30, 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 | 2,325,045 | — | 2,325,045 | ||||||||
Amounts reclassified from accumulated other comprehensive income | (362,928 | ) | 4,426 | (358,502 | ) | ||||||
Net current-period other comprehensive income | 1,962,117 | 4,426 | 1,966,543 | ||||||||
Ending balance | $ | 13,559,858 | $ | (110,300 | ) | $ | 13,449,558 |
Nine Months Ended September 30, 2015 | Unrealized Gains and Losses On Available-for-Sale Securities | Postretirement Benefits Plans | Total | ||||||||
Beginning balance at January 1 | $ | 12,934,497 | $ | (77,988 | ) | $ | 12,856,509 | ||||
Other comprehensive loss before reclassifications | (2,777,909 | ) | — | (2,777,909 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income | (476,061 | ) | 3,912 | (472,149 | ) | ||||||
Net current-period other comprehensive (loss) income | (3,253,970 | ) | 3,912 | (3,250,058 | ) | ||||||
Ending balance | $ | 9,680,527 | $ | (74,076 | ) | $ | 9,606,451 |
Three Months Ended September 30, 2016 | |||||
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 | $ | 545,925 | |||
Other-than-temporary impairments | (118,703 | ) | |||
Total | $ | 427,222 | Net realized gain (loss) on investments | ||
Tax | (144,761 | ) | Provision for Income Taxes | ||
Net of Tax | $ | 282,461 | |||
Amortization related to postretirement benefit plans: | |||||
Prior year service cost | $ | — | |||
Unrecognized loss | (2,235 | ) | |||
Total | $ | (2,235 | ) | (a) | |
Tax | 759 | Provision for Income Taxes | |||
Net of Tax | $ | (1,476 | ) | ||
Reclassifications for the period | $ | 280,985 |
Three Months Ended September 30, 2015 | |||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Consolidated Statements of Income | |||
Unrealized gains and losses on available-for-sale securities: | |||||
Net realized gain on investments | $ | 458,058 | |||
Other-than-temporary impairments | (657,755 | ) | |||
Total | $ | (199,697 | ) | Net realized gain (loss) on investments | |
Tax | 68,846 | Provision for Income Taxes | |||
Net of Tax | $ | (130,851 | ) | ||
Amortization related to postretirement benefit plans: | |||||
Prior year service cost | $ | (1,098 | ) | ||
Unrecognized loss | (878 | ) | |||
Total | $ | (1,976 | ) | (a) | |
Tax | 672 | Provision for Income Taxes | |||
Net of Tax | $ | (1,304 | ) | ||
Reclassifications for the period | $ | (132,155 | ) |
Nine Months Ended September 30, 2016 | |||||
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 | $ | 785,517 | |||
Other-than-temporary impairments | (233,941 | ) | |||
Total | $ | 551,576 | Net realized gain (loss) on investments | ||
Tax | (188,648 | ) | Provision for Income Taxes | ||
Net of Tax | $ | 362,928 | |||
Amortization related to postretirement benefit plans: | |||||
Prior year service cost | — | ||||
Unrecognized loss | (6,705 | ) | |||
Total | $ | (6,705 | ) | (a) | |
Tax | 2,279 | Provision for Income Taxes | |||
Net of Tax | $ | (4,426 | ) | ||
Reclassifications for the period | $ | 358,502 |
Nine Months Ended September 30, 2015 | |||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Consolidated Statements of Income | |||
Unrealized gains and losses on available-for-sale securities: | |||||
Net realized gain on investments | $ | 1,390,070 | |||
Other-than-temporary impairments | (668,904 | ) | |||
Total | $ | 721,166 | Net realized gain (loss) on investments | ||
Tax | (245,105 | ) | Provision for Income Taxes | ||
Net of Tax | $ | 476,061 | |||
Amortization related to postretirement benefit plans: | |||||
Prior year service cost | (3,293 | ) | |||
Unrecognized loss | (2,635 | ) | |||
Total | $ | (5,928 | ) | (a) | |
Tax | 2,016 | Provision for Income Taxes | |||
Net of Tax | $ | (3,912 | ) | ||
Reclassifications for the period | $ | 472,149 |
(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. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Revenues: | |||||||||||||||
Net premiums written | $ | 36,511,373 | $ | 30,945,532 | $ | 87,810,602 | $ | 86,372,154 | |||||||
Investment income – interest and dividends | 1,160,983 | 1,117,529 | 3,478,999 | 3,427,055 | |||||||||||
Net realized gain (loss) on investments | 439,326 | (338,631 | ) | 574,328 | 601,336 | ||||||||||
Other | 2,890,023 | 2,816,828 | 7,827,509 | 7,924,329 | |||||||||||
Total Revenues | 41,001,705 | 34,541,258 | 99,691,438 | 98,324,874 | |||||||||||
Operating Expenses: | |||||||||||||||
Commissions to agents | 18,739,151 | 16,898,323 | 45,946,379 | 48,393,553 | |||||||||||
(Benefit) provision for claims | (1,067,853 | ) | 703,979 | (403,982 | ) | 3,621,401 | |||||||||
Salaries, employee benefits and payroll taxes | 8,300,823 | 6,957,874 | 22,945,972 | 21,101,955 | |||||||||||
Office occupancy and operations | 1,496,948 | 1,342,288 | 4,526,710 | 4,089,806 | |||||||||||
Business development | 608,532 | 568,189 | 1,695,180 | 1,633,358 | |||||||||||
Filing fees, franchise and local taxes | 191,574 | 134,880 | 688,731 | 572,621 | |||||||||||
Premium and retaliatory taxes | 673,551 | 573,336 | 1,559,631 | 1,684,674 | |||||||||||
Professional and contract labor fees | 523,504 | 661,879 | 1,599,603 | 1,926,469 | |||||||||||
Other | 157,308 | 264,012 | 629,539 | 708,918 | |||||||||||
Total Operating Expenses | 29,623,538 | 28,104,760 | 79,187,763 | 83,732,755 | |||||||||||
Income before Income Taxes | 11,378,167 | 6,436,498 | 20,503,675 | 14,592,119 | |||||||||||
Provision for Income Taxes | 3,249,000 | 1,941,000 | 6,040,000 | 4,250,000 | |||||||||||
Net Income Attributable to the Company | $ | 8,126,939 | $ | 4,490,962 | $ | 14,470,359 | $ | 10,337,583 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2016 | % | 2015 | % | 2016 | % | 2015 | % | |||||||||||||||||||
Home and Branch | $ | 10,860,361 | 29.7 | % | $ | 7,967,826 | 25.7 | % | $ | 24,751,134 | 28.2 | % | $ | 21,281,363 | 24.6 | % | ||||||||||
Agency | 25,651,012 | 70.3 | % | 22,977,706 | 74.3 | % | 63,059,468 | 71.8 | % | 65,090,791 | 75.4 | % | ||||||||||||||
Total | $ | 36,511,373 | 100.0 | % | $ | 30,945,532 | 100.0 | % | $ | 87,810,602 | 100.0 | % | $ | 86,372,154 | 100.0 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
State | 2016 | 2015 | 2016 | 2015 | ||||||||||||
North Carolina | $ | 13,959,573 | $ | 10,320,737 | $ | 31,978,564 | $ | 27,618,674 | ||||||||
Texas | 7,069,431 | 6,460,351 | 17,367,044 | 21,047,559 | ||||||||||||
South Carolina | 3,552,259 | 3,280,208 | 8,322,931 | 8,344,775 | ||||||||||||
Georgia | 3,498,742 | 2,479,942 | 8,013,787 | 5,551,143 | ||||||||||||
Virginia | 1,756,468 | 1,558,932 | 4,745,121 | 4,235,041 | ||||||||||||
All Others | 6,703,648 | 6,898,880 | 17,442,568 | 19,698,481 | ||||||||||||
Premiums | 36,540,121 | 30,999,050 | 87,870,015 | 86,495,673 | ||||||||||||
Reinsurance Assumed | — | — | 10,946 | 23,195 | ||||||||||||
Reinsurance Ceded | (28,748 | ) | (53,518 | ) | (70,359 | ) | (146,714 | ) | ||||||||
Net Premiums Written | $ | 36,511,373 | $ | 30,945,532 | $ | 87,810,602 | $ | 86,372,154 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||
2016 | % | 2015 | % | 2016 | % | 2015 | % | ||||||||||||||||||||
Title Insurance | $ | 27,967,210 | 94.4 | % | $ | 26,529,660 | 94.4 | % | $ | 74,302,399 | 93.8 | % | $ | 78,992,688 | 94.3 | % | |||||||||||
All Other | 1,656,328 | 5.6 | % | 1,575,100 | 5.6 | % | 4,885,364 | 6.2 | % | 4,740,067 | 5.7 | % | |||||||||||||||
Total | $ | 29,623,538 | 100.0 | % | $ | 28,104,760 | 100.0 | % | $ | 79,187,763 | 100.0 | % | $ | 83,732,755 | 100.0 | % |
• | the level of real estate transactions, the level of mortgage origination volumes (including refinancing) and changes to the insurance requirements of the participants in the secondary mortgage market, and the effect of these factors on the demand for title insurance; |
• | changes in general economic, business, and political conditions, including the performance of the financial and real estate markets; |
• | the possible inadequacy of provisions for claims to cover actual claim losses; |
• | the incidence of fraud-related losses; |
• | unanticipated adverse changes in securities markets, including interest rates, could result in material losses to the Company’s investments; |
• | significant competition that the Company’s operating subsidiaries face, including the Company’s ability to develop and offer products and services that meet changing industry standards in a timely and cost-effective manner and expansion into new geographic locations; |
• | the Company’s reliance upon North Carolina for a significant portion of its premiums; |
• | compliance with government regulation, including pricing regulation, and significant changes to applicable regulations or in their application by regulators; |
• | the impact of governmental oversight of compliance by service providers, including title insurance agents, with federal consumer financial laws; |
• | possible downgrades from a rating agency, which could result in a loss of underwriting business; |
• | the inability of the Company to manage, develop and implement technological advancements and prevent system interruptions or unauthorized system intrusions; |
• | statutory requirements applicable to the Company’s insurance subsidiaries that require them to maintain minimum levels of capital, surplus and reserves and that restrict the amount of dividends they may pay to the Company without prior regulatory approval; |
• | the desirability to maintain capital above statutory minimum requirements for competitive, marketing and other reasons; |
• | heightened regulatory scrutiny and investigations of the title insurance industry; |
• | the Company’s dependence on key management and marketing personnel, the loss of whom could have a material adverse effect on the Company’s business; |
• | difficulty managing growth, whether organic or through acquisitions; |
• | reform of government-sponsored entities that could adversely impact the Company; |
• | policies and procedures for the mitigation of risks that may be insufficient to prevent losses; |
• | the shareholder rights plan could discourage transactions involving actual or potential changes of control; and |
• | other risks detailed elsewhere in this document and in the Company’s other filings with the SEC. |
Issuer Purchases of Equity Securities | ||||||||||||
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plan | Maximum Number of Shares that May Yet Be Purchased Under the Plan | ||||||||
Beginning of period | 461,710 | |||||||||||
July 2016 | 18,170 | $ | 96.10 | 18,170 | 443,540 | |||||||
August 2016 | 13,763 | $ | 97.32 | 13,763 | 429,777 | |||||||
September 2016 | — | $ | — | — | 429,777 | |||||||
Total: | 31,933 | $ | 96.63 | 31,933 | 429,777 |
31(i) | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
31(ii) | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
32 | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
101.INS | XBRL Instance Document |
101.SCH | XBRL Taxonomy Extension Schema Document |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
INVESTORS TITLE COMPANY | ||
By: | /s/ James A. Fine, Jr. | |
James A. Fine, Jr. | ||
President, Principal Financial Officer and | ||
Principal Accounting Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Investors Title Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Dated: | November 7, 2016 | /s/ J. Allen Fine |
J.Allen Fine | ||
Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Investors Title Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Dated: | November 7, 2016 | /s/ James A. Fine, Jr. |
James A. Fine, Jr. | ||
Chief Financial Officer |
(i) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and |
(ii) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Dated: | November 7, 2016 | /s/ J. Allen Fine |
J. Allen Fine | ||
Chief Executive Officer | ||
Dated: | November 7, 2016 | /s/ James A. Fine, Jr. |
James A. Fine, Jr. | ||
Chief Financial Officer |
Document And Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Oct. 17, 2016 |
|
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2016 | |
Entity Registrant Name | INVESTORS TITLE CO | |
Entity Central Index Key | 0000720858 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 1,884,283 |
Consolidated Balance Sheets (Parenthetical) - USD ($) |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Fixed maturities, available-for-sale, amortized cost | $ 105,240,488 | $ 102,015,826 |
Equity securities, available-for-sale, cost | $ 24,958,456 | $ 23,855,873 |
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 | 1,884,283 | 1,949,797 |
Common stock, shares outstanding | 1,884,283 | 1,949,797 |
Common stock, held by Company's subsidiary | 291,676 | 291,676 |
Consolidated Statements Of Income - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Revenues: | ||||
Net premiums written | $ 36,511,373 | $ 30,945,532 | $ 87,810,602 | $ 86,372,154 |
Investment income – interest and dividends | 1,160,983 | 1,117,529 | 3,478,999 | 3,427,055 |
Net realized gain (loss) on investments | 439,326 | (338,631) | 574,328 | 601,336 |
Other | 2,890,023 | 2,816,828 | 7,827,509 | 7,924,329 |
Total Revenues | 41,001,705 | 34,541,258 | 99,691,438 | 98,324,874 |
Operating Expenses: | ||||
Commissions to agents | 18,739,151 | 16,898,323 | 45,946,379 | 48,393,553 |
(Benefit) provision for claims | (1,067,853) | 703,979 | (403,982) | 3,621,401 |
Salaries, employee benefits and payroll taxes | 8,300,823 | 6,957,874 | 22,945,972 | 21,101,955 |
Office occupancy and operations | 1,496,948 | 1,342,288 | 4,526,710 | 4,089,806 |
Business development | 608,532 | 568,189 | 1,695,180 | 1,633,358 |
Filing fees, franchise and local taxes | 191,574 | 134,880 | 688,731 | 572,621 |
Premium and retaliatory taxes | 673,551 | 573,336 | 1,559,631 | 1,684,674 |
Professional and contract labor fees | 523,504 | 661,879 | 1,599,603 | 1,926,469 |
Other | 157,308 | 264,012 | 629,539 | 708,918 |
Total Operating Expenses | 29,623,538 | 28,104,760 | 79,187,763 | 83,732,755 |
Income before Income Taxes | 11,378,167 | 6,436,498 | 20,503,675 | 14,592,119 |
Provision for Income Taxes | 3,249,000 | 1,941,000 | 6,040,000 | 4,250,000 |
Net Income | 8,129,167 | 4,495,498 | 14,463,675 | 10,342,119 |
Net (Gain) Loss Attributable to Noncontrolling Interests | (2,228) | (4,536) | 6,684 | (4,536) |
Net Income Attributable to the Company | $ 8,126,939 | $ 4,490,962 | $ 14,470,359 | $ 10,337,583 |
Basic Earnings per Common Share | $ 4.30 | $ 2.28 | $ 7.55 | $ 5.18 |
Weighted Average Shares Outstanding – Basic | 1,888,870 | 1,967,923 | 1,915,468 | 1,995,120 |
Diluted Earnings per Common Share | $ 4.29 | $ 2.28 | $ 7.53 | $ 5.17 |
Weighted Average Shares Outstanding – Diluted | 1,895,592 | 1,972,233 | 1,921,999 | 2,000,043 |
Cash Dividends Paid per Common Share | $ 0.20 | $ 0.08 | $ 0.52 | $ 0.24 |
Consolidated Statements Of Stockholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.20 | $ 0.08 | $ 0.52 | $ 0.24 |
Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Statement of Cash Flows [Abstract] | ||
Non cash net unrealized (gain) loss on investments, deferred tax (provision) benefit | $ (1,004,593) | $ 1,691,188 |
Basis Of Presentation And Significant Accounting Policies |
9 Months Ended |
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Sep. 30, 2016 | |
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, 2015 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 September 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. Allowance for Doubtful Accounts – Company management continually evaluates the collectability of receivables and provides an allowance for doubtful accounts equal to estimated losses expected to be incurred in the collection of premiums and fees receivable. Use of Estimates and Assumptions – The preparation of the Company’s Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions used. Subsequent Events – On October 12, 2016, National Investors Holdings, LLC ("NIH"), a subsidiary of the Company, entered into a stock purchase agreement (the "Purchase Agreement") to acquire all of the outstanding shares of University Title Company (“University”). University is a title insurance agency doing business in the State of Texas. On October 31, 2016, NIH closed the transaction, paying $10 million plus a $918,000 adjustment for University’s net cash position at closing to the shareholders of University. The transaction is being financed with a $6 million principal amount loan from a bank and cash on hand. The loan bears interest at the London Interbank Offered Rate (“LIBOR”) plus 1.752%, matures on December 27, 2016 and is secured by assets of the Company pursuant to a Commercial Security Agreement. Recently Issued Accounting Standards – In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("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. 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 is effective for annual periods beginning after December 15, 2016, 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 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 whether or not the recently issued accounting standard will have a material impact on the Company's financial position or results of operations. 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 February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. ASU 2015-02 updated guidance to change the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments: modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs") or voting interest entities; eliminate the presumption that a general partner should consolidate a limited partnership; affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; and provide a scope exception from consolidation guidance for reporting entities that are required to comply with or operate in accordance with certain requirements similar to those for registered money market funds. For public entities, this update was effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. The Company adopted this update on January 1, 2016 with no impact to the Company's financial position or results of operations. Certain investments previously considered voting interest entities are considered VIEs under this update. However, since the Company is not considered the primary beneficiary, none of the investments are consolidated. Refer to Note 6 for additional disclosure. 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. The Company is currently evaluating the impact that the recently issued accounting standard will have on the Company's financial position and results of operations, but does not expect it to have a material impact. |
Reserves For Claims |
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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 nine-month period ended September 30, 2016 and the year ended December 31, 2015 are summarized as follows:
The total reserve for all reported and unreported losses the Company incurred through September 30, 2016 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 September 30, 2016. 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:
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 Share Awards |
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Earnings Per Common Share And Share Awards | Earnings Per Common Share and Share Awards Basic earnings per common share is computed by dividing net income attributable to the Company by the weighted average number of common shares outstanding during the reporting period. Diluted earnings per common share is computed by dividing net income attributable to the Company by the combination of dilutive potential common stock, comprised of shares issuable under the Company’s share-based compensation plans and the weighted average number of common shares outstanding during the reporting period. Dilutive common share equivalents include the dilutive effect of in-the-money share-based awards, which are calculated based on the average share price for each period using the treasury stock method. Under the treasury stock method, when share-based awards are exercised, (a) the exercise price of a share-based award; (b) the amount of compensation cost, if any, for future services that the Company has not yet recognized; and (c) the amount of estimated tax benefits that would be recorded in retained earnings, if any, are assumed to be used to repurchase shares in the current period. The following table sets forth the computation of basic and diluted earnings per share for the three- and nine-month periods ended September 30:
There were 7,500 and 4,500 potential shares excluded from the computation of diluted earnings per share for the three-month and nine-month periods ended September 30, 2015, respectively. There were no potential shares excluded from the computation of diluted earnings per share for the three-month and nine-month periods ended September 30, 2016. Potential shares that were excluded from the computations had exercise prices that were greater than the stock price and were therefore considered antidilutive. 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 September 30, 2016, the only outstanding awards under the plans were SARs expiring in five to 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:
During the second quarters of both 2016 and 2015, the Company issued a total of 4,500 share-settled SARs to the directors of the Company. SARs give the holder the right to receive stock equal to the appreciation in the value of shares of stock from the grant date for a specified period of time, and as a result, are accounted for as equity instruments. The fair value of each award is estimated on the date of grant using the Black-Scholes option valuation model with the weighted average assumptions noted in the table shown below. Expected volatilities are based on both the implied and historical volatility of the Company's stock. The Company uses historical data to project SAR exercises and pre-exercise forfeitures within the valuation model. The expected term of awards represents the period of time that SARs granted are expected to be outstanding. The interest rate assumed for the expected life of the award is based on the U.S. Treasury yield curve at the time of the grant. The weighted average fair values for the SARs issued during 2016 and 2015 were $28.75 and $31.16, respectively. The weighted average fair values for SARs issued during 2016 and 2015 were estimated using the weighted average assumptions shown in the table below:
There was approximately $100,000 and $103,000 of compensation expense relating to SARs or options vesting on or before September 30, 2016 and 2015, respectively, included in salaries, employee benefits and payroll taxes in the Consolidated Statements of Income. As of September 30, 2016, there was $65,000 of 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 |
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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 September 30, 2016 and 2015:
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Retirement Agreements And Other Postretirement Benefits |
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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 $8,463,000 and $7,818,000 as of September 30, 2016 and December 31, 2015, 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 September 30, 2016 and 2015:
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Investments In Securities |
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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:
The special revenue category for both periods presented includes approximately 60 individual bonds with revenue sources from a variety of municipal sectors. The scheduled maturities of fixed maturity securities at September 30, 2016 were as follows:
Realized gains and losses on investments for the nine-month periods ended September 30 are summarized as follows:
Realized gains and losses are determined on the specific identification method. The following table presents the gross unrealized losses on investment securities and the fair value of the securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at September 30, 2016 and December 31, 2015:
The decline in fair value of the fixed maturity securities can be attributed primarily to changes in market interest rates and changes in credit spreads over Treasury securities. Because the Company does not have the intent to sell these securities and will likely not be compelled to sell them before it can recover its cost basis, the Company does not consider these investments to be other-than-temporarily impaired. 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 10 and 30 securities had unrealized losses at September 30, 2016 and December 31, 2015, respectively. Reviews of the values of securities are inherently uncertain and the value of the investments may not fully recover, or may decline in future periods resulting in a realized loss. The Company recorded other-than-temporary impairment charges for debt and equity investments in the amount of $233,941 for the nine-month period ended September 30, 2016 and $668,904 for the nine-month period ended September 30, 2015. 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 September 30, 2016:
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 September 30, 2016 and December 31, 2015, 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 that use observable market inputs in addition to trading prices. Substantially all of the input assumptions used in the service’s model are observable in the marketplace or can be derived or supported by observable market data. The Level 3 category only includes the Company's investments in student loan auction securities ("ARS") because quoted prices are unavailable due to failed auctions. The Company’s ARS portfolio, which was comprised entirely of an investment grade student loan ARS, was sold during the first quarter of 2016. The par value of this security was $1,000,000 as of December 31, 2015, with approximately 97.0% guaranteed by the U.S. Department of Education. Some of the inputs to ARS valuation are unobservable in the market and are significant; therefore, the Company utilized another third party pricing service to assist in the determination of the estimated fair market value of these securities. This service used a proprietary valuation model that considered factors such as the following: the financial standing of the issuer; reported prices and the extent of public trading in similar financial instruments of the issuer or comparable companies; the ability of the issuer to obtain required financing; changes in the economic conditions affecting the issuer; pricing by other dealers in similar securities; time to maturity; and interest rates. The pricing service provided a range of values to the Company for its ARS. The Company recorded the estimated fair value based on the midpoint of the range and believes that this valuation is the most reasonable estimate of fair value. In 2015, the difference in the low and high values of the ranges was approximately one to four percent of the carrying value of the Company’s ARS. The following table presents, by level, the financial assets carried at estimated fair value measured on a recurring basis as of September 30, 2016 and December 31, 2015. 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. Level 3 assets are comprised solely of ARS.
*Denotes fair market value obtained from pricing services. There were no transfers into or out of Levels 1, 2 or 3 during the period. To help ensure that fair value determinations are consistent with ASC 820, prices from our pricing services go through multiple review processes to ensure appropriate pricing. Pricing procedures and inputs used to price each security include, but are not limited to, the following: unadjusted quoted market prices for identical securities such as stock market closing prices; non-binding quoted prices for identical securities in markets that are not active; interest rates; yield curves observable at commonly quoted intervals; volatility; prepayment speeds; loss severity; credit risks and default rates. The Company reviews the procedures and inputs used by its pricing services, and verifies a sample of the services’ quotes by comparing them to values obtained from other pricing resources. In the event the Company disagrees with a price provided by its pricing services, the respective service reevaluates the price to corroborate the market information and then reviews inputs to the evaluation in light of potentially new market data. The Company believes that these processes and inputs result in appropriate classifications and fair values consistent with ASC 820. Other Financial Instruments The Company uses various financial instruments in the normal course of its business. In the measurement of the 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 September 30, 2016 and December 31, 2015 are presented in the following table:
The following table presents a reconciliation of the Company’s assets measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3), which are all ARS securities, for the period ended September 30, 2016 and the year ended December 31, 2015:
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 September 30, 2016 and December 31, 2015. The following table summarizes the corresponding estimated fair value hierarchy of such investments at September 30, 2016 and December 31, 2015 and the related impairments recognized:
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Commitments And Contingencies |
9 Months Ended |
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Sep. 30, 2016 | |
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 $193,782,000 and $171,010,000 as of September 30, 2016 and December 31, 2015, respectively. These amounts are not considered assets of the Company and, therefore, are excluded from the accompanying Consolidated Balance Sheets; however, the Company remains contingently liable for the disposition of the transfers of property, disbursements of proceeds and the return on the proceeds at the agreed upon rate. Exchange services revenues include earnings on these deposits; therefore, investment income is shown as other revenue rather than investment income. These like-kind exchange funds are primarily invested in money market and other short-term investments. Agency Relationship – On July 1, 2015, Title Resource Group LLC's wholly owned subsidiary, title insurer Texas American Title Company, acquired the assets of ITCOA, LLC, which does business throughout Texas as Independence Title. For the nine-month period ended September 30, 2016 and the twelve-month periods ended December 31, 2015 and 2014, Independence Title originated 5.6%, 10.3% and 23.6%, respectively, of the net premiums written for the Company. Independence Title is under no legal commitment to remit a minimum amount of premiums to the Company, and could cease doing so at any time. |
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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:
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Accumulated Other Comprehensive Income |
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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 September 30, 2016 and 2015:
The following tables provide significant amounts reclassified out of each component of accumulated other comprehensive income for the periods ended September 30, 2016 and 2015:
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Basis Of Presentation And Significant Accounting Policies (Policy) |
9 Months Ended |
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Sep. 30, 2016 | |
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 September 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Allowance for Doubtful Accounts – Company management continually evaluates the collectability of receivables and provides an allowance for doubtful accounts equal to estimated losses expected to be incurred in the collection of premiums and fees receivable. |
Use Of Estimates And Assumptions | Use of Estimates and Assumptions – The preparation of the Company’s Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions used. |
Subsequent Events | Subsequent Events – On October 12, 2016, National Investors Holdings, LLC ("NIH"), a subsidiary of the Company, entered into a stock purchase agreement (the "Purchase Agreement") to acquire all of the outstanding shares of University Title Company (“University”). University is a title insurance agency doing business in the State of Texas. On October 31, 2016, NIH closed the transaction, paying $10 million plus a $918,000 adjustment for University’s net cash position at closing to the shareholders of University. The transaction is being financed with a $6 million principal amount loan from a bank and cash on hand. The loan bears interest at the London Interbank Offered Rate (“LIBOR”) plus 1.752%, matures on December 27, 2016 and is secured by assets of the Company pursuant to a Commercial Security Agreement. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards – In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("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. 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 is effective for annual periods beginning after December 15, 2016, 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 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 whether or not the recently issued accounting standard will have a material impact on the Company's financial position or results of operations. 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 February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. ASU 2015-02 updated guidance to change the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments: modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs") or voting interest entities; eliminate the presumption that a general partner should consolidate a limited partnership; affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; and provide a scope exception from consolidation guidance for reporting entities that are required to comply with or operate in accordance with certain requirements similar to those for registered money market funds. For public entities, this update was effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. The Company adopted this update on January 1, 2016 with no impact to the Company's financial position or results of operations. Certain investments previously considered voting interest entities are considered VIEs under this update. However, since the Company is not considered the primary beneficiary, none of the investments are consolidated. Refer to Note 6 for additional disclosure. 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. The Company is currently evaluating the impact that the recently issued accounting standard will have on the Company's financial position and results of operations, but does not expect it to have a material impact. |
Reserves For Claims (Tables) |
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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 nine-month period ended September 30, 2016 and the year ended December 31, 2015 are summarized as follows:
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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:
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Earnings Per Common Share And Share Awards (Tables) |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation Of Basic And Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share for the three- and nine-month periods ended September 30:
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Summary Of Share-Based Award Transactions | A summary of share-based award transactions for all share-based award plans follows:
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Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The weighted average fair values for SARs issued during 2016 and 2015 were estimated using the weighted average assumptions shown in the table below:
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Segment Information (Tables) |
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 September 30, 2016 and 2015:
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Retirement Agreements And Other Postretirement Benefits (Tables) |
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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 September 30, 2016 and 2015:
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Investments In Securities (Tables) |
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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Schedule Of Fixed Maturity Securities | The scheduled maturities of fixed maturity securities at September 30, 2016 were as follows:
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Schedule Of Gross Realized Gains And Losses On Securities | Realized gains and losses on investments for the nine-month periods ended September 30 are summarized as follows:
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Schedule Of Unrealized Losses On Investments | The following table presents the gross unrealized losses on investment securities and the fair value of the securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at September 30, 2016 and December 31, 2015:
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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 September 30, 2016:
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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 September 30, 2016 and December 31, 2015. 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. Level 3 assets are comprised solely of ARS.
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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 September 30, 2016 and December 31, 2015 are presented in the following table:
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Schedule Of Fair Value Assets Measured At Unobservable Inputs Reconciliation | The following table presents a reconciliation of the Company’s assets measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3), which are all ARS securities, for the period ended September 30, 2016 and the year ended December 31, 2015:
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Fair Value Measurements, Nonrecurring [Table Text Block] | The following table summarizes the corresponding estimated fair value hierarchy of such investments at September 30, 2016 and December 31, 2015 and the related impairments recognized:
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Related Party Transactions (Tables) |
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Approximate Values By Year Found Within Consolidated Balance Sheets |
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Summary Of Approximate Values By Year Found Within Consolidated Statements Of Income |
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Accumulated Other Comprehensive Income (Tables) |
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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 September 30, 2016 and 2015:
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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 September 30, 2016 and 2015:
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Basis Of Presentation And Significant Accounting Policies Subsequent Events (Details) - Subsequent Event [Member] - USD ($) |
Oct. 31, 2016 |
Oct. 27, 2016 |
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Subsequent Event [Line Items] | ||
Business Combination, Consideration Transferred | $ 10,000,000 | |
Other Payments to Acquire Businesses | $ 918,000 | |
Short-term Debt | $ 6,000,000 | |
Interest Rate On Loans Plus LIBOR | 1.752% |
Reserves For Claims Summary Of Transactions In Reserves For Claims (Details) - USD ($) |
9 Months Ended | 12 Months Ended | |
---|---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
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Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Liability for Title Claims and Claims Adjustment Expense | $ 35,536,000 | $ 37,788,000 | $ 36,677,000 |
(Benefit) provision, charged to operations | (403,982) | 4,478,494 | |
Payments of claims, net of recoveries | $ (1,848,018) | $ (3,367,494) |
Reserves For Claims Summary Of The Company's Loss Reserves (Details) - USD ($) |
Sep. 30, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
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Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] | |||
Known title claims | $ 4,694,784 | $ 5,066,469 | |
IBNR | 30,841,216 | 32,721,531 | |
Total loss reserves | $ 35,536,000 | $ 37,788,000 | $ 36,677,000 |
% of Known title claims | 13.20% | 13.40% | |
% of IBNR | 86.80% | 86.60% | |
% of Total loss reserves | 100.00% | 100.00% |
Earnings Per Common Share And Share Awards Computation Of Basic And Diluted Earnings Per Share (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
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Earnings Per Share [Abstract] | ||||
Net income attributable to the Company | $ 8,126,939 | $ 4,490,962 | $ 14,470,359 | $ 10,337,583 |
Weighted average common shares outstanding - Basic | 1,888,870 | 1,967,923 | 1,915,468 | 1,995,120 |
Incremental shares outstanding assuming the exercise of dilutive stock options and SARs (share settled) | 6,722 | 4,310 | 6,531 | 4,923 |
Weighted average common shares outstanding - Diluted | 1,895,592 | 1,972,233 | 1,921,999 | 2,000,043 |
Basic Earnings per Common Share | $ 4.30 | $ 2.28 | $ 7.55 | $ 5.18 |
Diluted Earnings per Common Share | $ 4.29 | $ 2.28 | $ 7.53 | $ 5.17 |
Earnings Per Common Share And Share Awards Share Awards Share-Based Assumptions (Details) |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
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Earnings Per Share [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 7 years | 7 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate | 28.90% | 40.70% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.70% | 2.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.70% | 0.40% |
Segment Information Selected Financial Information By Segment (Details) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016
USD ($)
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Sep. 30, 2015
USD ($)
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Sep. 30, 2016
USD ($)
segment
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Sep. 30, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
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Segment Reporting Information [Line Items] | |||||
Number of reportable segments | segment | 1 | ||||
Insurance And Other Services Revenue | $ 39,401,396 | $ 33,762,360 | $ 95,638,111 | $ 94,296,483 | |
Investment income | 1,160,983 | 1,117,529 | 3,478,999 | 3,427,055 | |
Net realized gain (loss) on investments | 439,326 | (338,631) | 574,328 | 601,336 | |
Total Revenues | 41,001,705 | 34,541,258 | 99,691,438 | 98,324,874 | |
Operating expenses | 29,623,538 | 28,104,760 | 79,187,763 | 83,732,755 | |
Income (loss) before income taxes | 11,378,167 | 6,436,498 | 20,503,675 | 14,592,119 | |
Total assets | 223,108,329 | 202,545,602 | 223,108,329 | 202,545,602 | $ 211,522,029 |
Title Insurance | |||||
Segment Reporting Information [Line Items] | |||||
Insurance And Other Services Revenue | 38,285,551 | 32,583,093 | 92,055,531 | 90,824,523 | |
Investment income | 1,079,118 | 1,000,839 | 3,206,093 | 3,061,857 | |
Net realized gain (loss) on investments | 439,501 | (309,874) | 513,624 | 604,093 | |
Total Revenues | 39,804,170 | 33,274,058 | 95,775,248 | 94,490,473 | |
Operating expenses | 28,487,268 | 27,001,636 | 75,766,983 | 80,214,039 | |
Income (loss) before income taxes | 11,316,902 | 6,272,422 | 20,008,265 | 14,276,434 | |
Total assets | 180,436,004 | 160,754,846 | 180,436,004 | 160,754,846 | |
All Other | |||||
Segment Reporting Information [Line Items] | |||||
Insurance And Other Services Revenue | 1,666,214 | 1,684,088 | 5,137,268 | 4,803,604 | |
Investment income | 140,201 | 140,024 | 424,578 | 435,200 | |
Net realized gain (loss) on investments | (175) | (28,757) | 60,704 | (2,757) | |
Total Revenues | 1,806,240 | 1,795,355 | 5,622,550 | 5,236,047 | |
Operating expenses | 1,669,217 | 1,590,524 | 4,923,205 | 4,798,097 | |
Income (loss) before income taxes | 137,023 | 204,831 | 699,345 | 437,950 | |
Total assets | 42,672,325 | 41,790,756 | 42,672,325 | 41,790,756 | |
Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Insurance And Other Services Revenue | (550,369) | (504,821) | (1,554,688) | (1,331,644) | |
Investment income | (58,336) | (23,334) | (151,672) | (70,002) | |
Net realized gain (loss) on investments | 0 | 0 | 0 | 0 | |
Total Revenues | (608,705) | (528,155) | (1,706,360) | (1,401,646) | |
Operating expenses | (532,947) | (487,400) | (1,502,425) | (1,279,381) | |
Income (loss) before income taxes | (75,758) | (40,755) | (203,935) | (122,265) | |
Total assets | $ 0 | $ 0 | $ 0 | $ 0 |
Retirement Agreements And Other Postretirement Benefits (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
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Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost - benefits earned during the year | $ 2,545 | $ 4,187 | $ 7,635 | $ 12,561 | |
Interest cost on the projected benefit obligation | 8,781 | 7,693 | 26,343 | 23,079 | |
Amortization of unrecognized prior service cost | 0 | 1,098 | 0 | 3,293 | |
Amortization of unrecognized losses | 2,235 | 878 | 6,705 | 2,635 | |
Net periodic benefits costs | 13,561 | $ 13,856 | 40,683 | $ 41,568 | |
Employee benefits and other payments | $ 8,463,000 | $ 8,463,000 | $ 7,818,000 |
Investments In Securities (Details) |
9 Months Ended | 12 Months Ended | |
---|---|---|---|
Sep. 30, 2016
USD ($)
security
|
Sep. 30, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
security
|
|
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | |||
Available-for-sale securities | $ 7,139,124 | $ 17,129,467 | |
Unrealized losses | $ 115,246 | $ 224,711 | |
Number of securities with unrealized losses | security | 10 | 30 | |
Other-than-temporary impairment charges | $ 233,941 | $ 668,904 | |
Auction rate security bond par value | $ 1,000,000 | ||
Percentage of auction rate security guaranteed | 97.00% | ||
Minimum | |||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | |||
Percentage Of Carrying Value Of Auction Rate Securities | 1.00% | ||
Maximum | |||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | |||
Percentage Of Carrying Value Of Auction Rate Securities | 4.00% |
Investments In Securities (Schedule Of Fixed Maturity Securities) (Details) |
Sep. 30, 2016
USD ($)
|
---|---|
Investments, Debt and Equity Securities [Abstract] | |
Due in one year or less, Amortized Cost | $ 20,245,762 |
Due after one year through five years, Amortized Cost | 34,757,122 |
Due five years through ten years, Amortized Cost | 48,247,411 |
Due after ten years, Amortized Cost | 1,990,193 |
Total, Amortized Cost | 105,240,488 |
Due in one year or less, Fair Value | 20,383,264 |
Due after one year through five years, Fair Value | 36,493,362 |
Due five years through ten years, Fair Value | 51,501,388 |
Due after ten years, Fair Value | 2,660,910 |
Total, Fair Value | $ 111,038,924 |
Investments In Securities Investments In Securities (Schedule of Variable Interest Entities) (Details) - Other investments |
Sep. 30, 2016
USD ($)
|
---|---|
Variable Interest Entity [Line Items] | |
Carrying Value | $ 8,058,966 |
Estimated Fair Value | 7,533,041 |
Maximum Potential Loss | 16,775,000 |
Tax credit LPs | |
Variable Interest Entity [Line Items] | |
Carrying Value | 1,137,346 |
Estimated Fair Value | 1,137,346 |
Maximum Potential Loss | 1,325,000 |
Real estate LLCs or LPs | |
Variable Interest Entity [Line Items] | |
Carrying Value | 3,838,897 |
Estimated Fair Value | 4,323,037 |
Maximum Potential Loss | 6,350,000 |
Small business investment LPs | |
Variable Interest Entity [Line Items] | |
Carrying Value | 3,082,723 |
Estimated Fair Value | 2,072,658 |
Maximum Potential Loss | $ 9,100,000 |
Investments In Securities Investments In Securities (Schedule Of Fair Value Assets Measured At Unobservable Inputs Reconciliation) (Details) - USD ($) |
9 Months Ended | 12 Months Ended | |
---|---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Fair Value Disclosures [Abstract] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 0 | $ 939,900 | $ 939,100 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) | (1,000,000) | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 74,996 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | $ (14,896) | $ 800 |
Commitments And Contingencies (Details) - USD ($) |
9 Months Ended | 12 Months Ended | |
---|---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Loss Contingencies [Line Items] | |||
Like-kind exchange deposits and reverse exchange property | $ 193,782,000 | $ 171,010,000 | |
Independence Title [Member] | |||
Loss Contingencies [Line Items] | |||
Net Premiums Written Percentage | 5.60% | 10.30% | 23.60% |
Related Party Transactions Summary Of Approximate Values By Year Found Within Consolidated Balance Sheets (Details) - USD ($) |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Related Party Transaction [Line Items] | ||
Other investments | $ 10,626,505 | $ 10,106,828 |
Premiums and fees receivable | 9,358,570 | 8,392,697 |
Title Insurance Agencies | ||
Related Party Transaction [Line Items] | ||
Other investments | 6,507,000 | 6,519,000 |
Premiums and fees receivable | $ 78,000 | $ 719,000 |
Related Party Transactions Summary Of Approximate Values By Year Found Within Consolidated Statements Of Income (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Related Party Transaction [Line Items] | ||||
Net premiums written | $ 36,511,373 | $ 30,945,532 | $ 87,810,602 | $ 86,372,154 |
Other income | 2,890,023 | 2,816,828 | 7,827,509 | 7,924,329 |
Commissions to agents | 18,739,151 | 16,898,323 | 45,946,379 | 48,393,553 |
Title Insurance Agencies | ||||
Related Party Transaction [Line Items] | ||||
Net premiums written | 4,513,000 | 3,451,000 | 10,993,000 | 10,436,000 |
Other income | 809,000 | 716,000 | 1,541,000 | 2,230,000 |
Commissions to agents | $ 3,062,000 | $ 2,326,000 | $ 7,465,000 | $ 7,176,000 |
Accumulated Other Comprehensive Income Balances Of Each Component Of Accumulated Other Comprehensive Income, Net Of Tax (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | $ 14,219,544 | $ 11,023,797 | $ 11,483,015 | $ 12,856,509 |
Other comprehensive income before reclassifications | (489,001) | (1,549,501) | 2,325,045 | (2,777,909) |
Amounts reclassified from accumulated other comprehensive income | (280,985) | 132,155 | (358,502) | (472,149) |
Other comprehensive (loss) income | (769,986) | (1,417,346) | 1,966,543 | (3,250,058) |
Ending balance | 13,449,558 | 9,606,451 | 13,449,558 | 9,606,451 |
Unrealized Gains And Losses On Available-For-Sale Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | 14,331,320 | 11,099,177 | 11,597,741 | 12,934,497 |
Other comprehensive income before reclassifications | (489,001) | (1,549,501) | 2,325,045 | (2,777,909) |
Amounts reclassified from accumulated other comprehensive income | (282,461) | 130,851 | (362,928) | (476,061) |
Other comprehensive (loss) income | (771,462) | (1,418,650) | 1,962,117 | (3,253,970) |
Ending balance | 13,559,858 | 9,680,527 | 13,559,858 | 9,680,527 |
Postretirement Benefits Plans | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (111,776) | (75,380) | (114,726) | (77,988) |
Other comprehensive income before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | 1,476 | 1,304 | 4,426 | 3,912 |
Other comprehensive (loss) income | 1,476 | 1,304 | 4,426 | 3,912 |
Ending balance | $ (110,300) | $ (74,076) | $ (110,300) | $ (74,076) |
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