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 |
(State of incorporation) | (I.R.S. Employer Identification No.) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||
Large accelerated filer | ☐ | ☒ | ||||||||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||||||||||||||
Emerging growth company |
PART I. | FINANCIAL INFORMATION | |||||||
Item 1. | Financial Statements: | |||||||
Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020 | ||||||||
Consolidated Statements of Operations For the Three and Six Months Ended June 30, 2021 and 2020 | ||||||||
Consolidated Statements of Comprehensive Income For the Three and Six Months Ended June 30, 2021 and 2021 | ||||||||
Consolidated Statements of Stockholders’ Equity For the Three and Six Months Ended June 30, 2021 and 2020 | ||||||||
Consolidated Statements of Cash Flows For the Six Months Ended June 30, 2021 and 2020 | ||||||||
PART II. | OTHER INFORMATION | |||||||
Legal Proceedings | ||||||||
Risk Factors | ||||||||
Item 3. | Defaults Upon Senior Securities | |||||||
Item 4. | Mine Safety Disclosures | |||||||
Item 5. | Other Information | |||||||
June 30, 2021 | December 31, 2020 | ||||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Investments: | |||||||||||
Fixed maturity securities, available-for-sale, at fair value (amortized cost: June 30, 2021: $ | |||||||||||
Equity securities, at fair value (cost: June 30, 2021: $ | |||||||||||
Short-term investments | |||||||||||
Other investments | |||||||||||
Total investments | |||||||||||
Premium and fees receivable | |||||||||||
Accrued interest and dividends | |||||||||||
Prepaid expenses and other receivables | |||||||||||
Property, net | |||||||||||
Goodwill and other intangible assets, net | |||||||||||
Operating lease right-of-use assets | |||||||||||
Other assets | |||||||||||
Current income taxes receivable | |||||||||||
Total Assets | $ | $ | |||||||||
Liabilities and Stockholders’ Equity | |||||||||||
Liabilities: | |||||||||||
Reserve for claims | $ | $ | |||||||||
Accounts payable and accrued liabilities | |||||||||||
Operating lease liabilities | |||||||||||
Current income taxes payable | |||||||||||
Deferred income taxes, net | |||||||||||
Total liabilities | |||||||||||
Commitments and Contingencies | |||||||||||
Stockholders’ Equity: | |||||||||||
Preferred stock ( | |||||||||||
Common stock – | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive income | |||||||||||
Total stockholders' equity | |||||||||||
Total Liabilities and Stockholders’ Equity | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Net premiums written | $ | $ | $ | $ | ||||||||||||||||||||||
Escrow and other title-related fees | ||||||||||||||||||||||||||
Non-title services | ||||||||||||||||||||||||||
Interest and dividends | ||||||||||||||||||||||||||
Other investment income | ||||||||||||||||||||||||||
Net realized investment gains | ||||||||||||||||||||||||||
Changes in the estimated fair value of equity security investments | ( | |||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total Revenues | ||||||||||||||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||||
Commissions to agents | ||||||||||||||||||||||||||
Provision for claims | ||||||||||||||||||||||||||
Personnel expenses | ||||||||||||||||||||||||||
Office and technology expenses | ||||||||||||||||||||||||||
Other expenses | ||||||||||||||||||||||||||
Total Operating Expenses | ||||||||||||||||||||||||||
Income before Income Taxes | ||||||||||||||||||||||||||
Provision for Income Taxes | ||||||||||||||||||||||||||
Net Income | $ | $ | $ | $ | ||||||||||||||||||||||
Basic Earnings per Common Share | $ | $ | $ | $ | ||||||||||||||||||||||
Weighted Average Shares Outstanding – Basic | ||||||||||||||||||||||||||
Diluted Earnings per Common Share | $ | $ | $ | $ | ||||||||||||||||||||||
Weighted Average Shares Outstanding – Diluted |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income (loss), before tax: | |||||||||||||||||||||||
Accumulated postretirement benefit obligation adjustment | ( | ||||||||||||||||||||||
Net unrealized gain (loss) on investments arising during the period | ( | ||||||||||||||||||||||
Reclassification adjustment for sale of securities included in net income | ( | ||||||||||||||||||||||
Reclassification adjustment for write-down of securities included in net income | |||||||||||||||||||||||
Other comprehensive income (loss), before tax | ( | ||||||||||||||||||||||
Income tax benefit related to postretirement health benefits | ( | ||||||||||||||||||||||
Income tax expense (benefit) related to net unrealized gain (loss) on investments arising during the period | ( | ||||||||||||||||||||||
Income tax expense (benefit) related to reclassification adjustment for sale of securities included in net income | ( | ||||||||||||||||||||||
Income tax expense related to reclassification adjustment for write-down of securities included in net income | |||||||||||||||||||||||
Net income tax expense (benefit) on other comprehensive income (loss) | ( | ||||||||||||||||||||||
Other comprehensive income (loss) | ( | ||||||||||||||||||||||
Comprehensive Income | $ | $ | $ | $ |
Common Stock | Retained Earnings | Accumulated Other Comprehensive Income | Total Stockholders’ Equity | ||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||
Balance, March 31, 2020 | $ | $ | $ | $ | |||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||
Dividends paid ($ | ( | ( | |||||||||||||||||||||||||||
Exercise of stock appreciation rights | |||||||||||||||||||||||||||||
Share-based compensation expense related to stock appreciation rights | |||||||||||||||||||||||||||||
Net unrealized gain on investments | |||||||||||||||||||||||||||||
Balance, June 30, 2020 | $ | $ | $ | $ | |||||||||||||||||||||||||
Balance, March 31, 2021 | $ | $ | $ | $ | |||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||
Dividends paid ($ | ( | ( | |||||||||||||||||||||||||||
Share-based compensation expense related to stock appreciation rights | |||||||||||||||||||||||||||||
Net unrealized gain on investments | |||||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | $ | $ | $ |
Common Stock | Retained Earnings | Accumulated Other Comprehensive Income | Total Stockholders’ Equity | ||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | $ | $ | $ | |||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||
Dividends paid ($ | ( | ( | |||||||||||||||||||||||||||
Exercise of stock appreciation rights | ( | ( | |||||||||||||||||||||||||||
Share-based compensation expense related to stock appreciation rights | |||||||||||||||||||||||||||||
Accumulated postretirement benefit obligation adjustment | ( | ( | |||||||||||||||||||||||||||
Net unrealized gain on investments | |||||||||||||||||||||||||||||
Balance, June 30, 2020 | $ | $ | $ | $ | |||||||||||||||||||||||||
Balance, December 31, 2020 | $ | $ | $ | $ | |||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||
Dividends paid ($ | ( | ( | |||||||||||||||||||||||||||
Exercise of stock appreciation rights | ( | ( | |||||||||||||||||||||||||||
Share-based compensation expense related to stock appreciation rights | |||||||||||||||||||||||||||||
Net unrealized loss on investments | ( | ( | |||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | $ | $ | $ |
Six Months Ended June 30, | ||||||||||||||
2021 | 2020 | |||||||||||||
Operating Activities | ||||||||||||||
Net income | $ | $ | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation | ||||||||||||||
Amortization of investments, net | ||||||||||||||
Amortization of other intangible assets, net | ||||||||||||||
Share-based compensation expense related to stock appreciation rights | ||||||||||||||
Net gain on disposals of property | ( | ( | ||||||||||||
Net realized investment gains | ( | ( | ||||||||||||
Net change in estimated fair value of equity security investments | ( | |||||||||||||
Net earnings from other investments | ( | ( | ||||||||||||
Provision for claims | ||||||||||||||
Provision (benefit) for deferred income taxes | ( | |||||||||||||
Changes in assets and liabilities: | ||||||||||||||
Increase in premium and fees receivable | ( | ( | ||||||||||||
Increase in other assets | ( | ( | ||||||||||||
Decrease in operating lease right-of-use assets | ||||||||||||||
Increase in current income taxes receivable | ( | |||||||||||||
(Decrease) increase in accounts payable and accrued liabilities | ( | |||||||||||||
Decrease in operating lease liabilities | ( | ( | ||||||||||||
Decrease in current income taxes payable | ( | ( | ||||||||||||
Payments of claims, net of recoveries | ( | ( | ||||||||||||
Net cash provided by operating activities | ||||||||||||||
Investing Activities | ||||||||||||||
Purchases of equity securities | ( | ( | ||||||||||||
Purchases of short-term investments | ( | ( | ||||||||||||
Purchases of other investments | ( | ( | ||||||||||||
Proceeds from sales and maturities of fixed maturity securities | ||||||||||||||
Proceeds from sales of equity securities | ||||||||||||||
Proceeds from sales and maturities of short-term investments | ||||||||||||||
Proceeds from sales and distributions of other investments | ||||||||||||||
Proceeds from sales of other assets | ||||||||||||||
Purchases of property | ( | ( | ||||||||||||
Proceeds from the sale of property | ||||||||||||||
Net cash provided by (used in) investing activities | ( | |||||||||||||
Financing Activities | ||||||||||||||
Exercise of stock appreciation rights | ( | ( | ||||||||||||
Dividends paid | ( | ( | ||||||||||||
Net cash used in financing activities | ( | ( | ||||||||||||
Net Increase in Cash and Cash Equivalents | ||||||||||||||
Cash and Cash Equivalents, Beginning of Period | ||||||||||||||
Cash and Cash Equivalents, End of Period | $ | $ |
Consolidated Statements of Cash Flows, continued | ||||||||||||||
Six Months Ended June 30, | ||||||||||||||
2021 | 2020 | |||||||||||||
Supplemental Disclosures: | ||||||||||||||
Cash Paid During the Year for: | ||||||||||||||
Income tax payments, net | $ | $ | ||||||||||||
Non-Cash Investing and Financing Activities: | ||||||||||||||
Non-cash net unrealized loss (gain) on investments, net of deferred tax benefit (provision) of $ | $ | $ | ( | |||||||||||
Adjustments to postretirement benefits obligation, net of deferred tax benefit of $ | $ | $ |
(in thousands) | June 30, 2021 | December 31, 2020 | |||||||||
Balance, beginning of period | $ | $ | |||||||||
Provision charged to operations | |||||||||||
Payments of claims, net of recoveries | ( | ( | |||||||||
Balance, end of period | $ | $ |
(in thousands, except percentages) | June 30, 2021 | % | December 31, 2020 | % | |||||||||||||||||||
Known title claims | $ | $ | |||||||||||||||||||||
IBNR | |||||||||||||||||||||||
Total reserve for claims | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(in thousands, except per share amounts) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||||||||
Weighted average common shares outstanding – Basic | ||||||||||||||||||||||||||
Incremental shares outstanding assuming the exercise of dilutive SARs (share-settled) | ||||||||||||||||||||||||||
Weighted average common shares outstanding – Diluted | ||||||||||||||||||||||||||
Basic earnings per common share | $ | $ | $ | $ | ||||||||||||||||||||||
Diluted earnings per common share | $ | $ | $ | $ | ||||||||||||||||||||||
(in thousands, except weighted average exercise price and average remaining contractual term) | Number Of Shares | Weighted Average Exercise Price | Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value | |||||||||||||||||||
Outstanding as of January 1, 2020 | $ | $ | |||||||||||||||||||||
SARs granted | |||||||||||||||||||||||
SARs exercised | ( | ||||||||||||||||||||||
Outstanding as of December 31, 2020 | $ | $ | |||||||||||||||||||||
SARs granted | |||||||||||||||||||||||
SARs exercised | ( | ||||||||||||||||||||||
Outstanding as of June 30, 2021 | $ | $ | |||||||||||||||||||||
Exercisable as of June 30, 2021 | $ | $ | |||||||||||||||||||||
Unvested as of June 30, 2021 | $ | $ |
2021 | 2020 | ||||||||||||||||||||||
Expected Life in Years | - | - | |||||||||||||||||||||
Volatility | |||||||||||||||||||||||
Interest Rate | |||||||||||||||||||||||
Yield Rate |
Three Months Ended June 30, 2021 (in thousands) | Title Insurance | All Other | Intersegment Eliminations | Total | |||||||||||||||||||
Insurance and other services revenues | $ | $ | $ | ( | $ | ||||||||||||||||||
Investment income | |||||||||||||||||||||||
Net realized gain on investments | |||||||||||||||||||||||
Total revenues | $ | $ | $ | ( | $ | ||||||||||||||||||
Operating expenses | ( | ||||||||||||||||||||||
Income before income taxes | $ | $ | $ | ( | $ | ||||||||||||||||||
Total assets | $ | $ | $ | $ |
Three Months Ended June 30, 2020 (in thousands) | Title Insurance | All Other | Intersegment Eliminations | Total | |||||||||||||||||||
Insurance and other services revenues | $ | $ | $ | ( | $ | ||||||||||||||||||
Investment income | |||||||||||||||||||||||
Net realized gain on investments | |||||||||||||||||||||||
Total revenues | $ | $ | $ | ( | $ | ||||||||||||||||||
Operating expenses | ( | ||||||||||||||||||||||
Income before income taxes | $ | $ | $ | ( | $ | ||||||||||||||||||
Total assets | $ | $ | $ | $ |
Six Months Ended June 30, 2021 (in thousands) | Title Insurance | All Other | Intersegment Eliminations | Total | |||||||||||||||||||
Insurance and other services revenues | $ | $ | $ | ( | $ | ||||||||||||||||||
Investment income | |||||||||||||||||||||||
Net realized gain on investments | |||||||||||||||||||||||
Total revenues | $ | $ | $ | ( | $ | ||||||||||||||||||
Operating expenses | ( | ||||||||||||||||||||||
Income before income taxes | $ | $ | $ | ( | $ | ||||||||||||||||||
Total assets | $ | $ | $ | $ |
Six Months Ended June 30, 2020 (in thousands) | Title Insurance | All Other | Intersegment Eliminations | Total | |||||||||||||||||||
Insurance and other services revenues | $ | $ | $ | ( | $ | ||||||||||||||||||
Investment loss | ( | ( | ( | ||||||||||||||||||||
Net realized gain (loss) on investments | ( | ||||||||||||||||||||||
Total revenues | $ | $ | $ | ( | $ | ||||||||||||||||||
Operating expenses | ( | ||||||||||||||||||||||
Income (loss) before income taxes | $ | $ | ( | $ | ( | $ | |||||||||||||||||
Total assets | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||
Service cost – benefits earned during the year | $ | $ | $ | $ | ||||||||||||||||
Interest cost on the projected benefit obligation | ||||||||||||||||||||
Amortization of unrecognized losses | ||||||||||||||||||||
Net periodic benefit cost | $ | $ | $ | $ |
As of June 30, 2021 (in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||
Fixed maturity securities, available-for-sale, at fair value: | |||||||||||||||||||||||
General obligations of U.S. states, territories and political subdivisions | $ | $ | $ | $ | |||||||||||||||||||
Special revenue issuer obligations of U.S. states, territories and political subdivisions | |||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
As of December 31, 2020 (in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||
Fixed maturity securities, available-for-sale, at fair value: | |||||||||||||||||||||||
Government obligations | $ | $ | $ | $ | |||||||||||||||||||
General obligations of U.S. states, territories and political subdivisions | |||||||||||||||||||||||
Special revenue issuer obligations of U.S. states, territories and political subdivisions | |||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Available-for-Sale | |||||||||||
(in thousands) | Amortized Cost | Estimated Fair Value | |||||||||
Due in one year or less | $ | $ | |||||||||
Due one year through five years | |||||||||||
Due five years through ten years | |||||||||||
Due after ten years | |||||||||||
Total | $ | $ |
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||
As of June 30, 2021 (in thousands) | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||
Special revenue issuer obligations of U.S. states, territories and political subdivisions | $ | $ | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||
Corporate debt securities | ( | ( | |||||||||||||||||||||||||||||||||
Total temporarily impaired securities | $ | $ | ( | $ | $ | ( | $ | $ | ( |
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||
As of December 31, 2020 (in thousands) | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||
Special revenue issuer obligations of U.S. states, territories and political subdivisions | $ | $ | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||
Corporate debt securities | ( | ( | |||||||||||||||||||||||||||||||||
Total temporarily impaired securities | $ | $ | ( | $ | $ | ( | $ | $ | ( |
As of June 30, 2021 (in thousands) | Cost | Estimated Fair Value | |||||||||
Equity securities, at fair value: | |||||||||||
Common stocks | $ | $ | |||||||||
Total | $ | $ |
As of December 31, 2020 (in thousands) | Cost | Estimated Fair Value | |||||||||
Equity securities, at fair value: | |||||||||||
Common stocks | $ | $ | |||||||||
Total | $ | $ |
(in thousands) | 2021 | 2020 | |||||||||
Gross realized gains from securities: | |||||||||||
Corporate debt securities | $ | $ | |||||||||
Common stocks | |||||||||||
Total | $ | $ | |||||||||
Gross realized losses from securities: | |||||||||||
Corporate debt securities | $ | ( | $ | ||||||||
Common stocks | ( | ( | |||||||||
Other-than-temporary impairment of securities | ( | ||||||||||
Total | $ | ( | $ | ( | |||||||
Net realized gains from securities | $ | $ | |||||||||
Gross realized gains (losses) on other investments: | |||||||||||
Gains on other investments | $ | $ | |||||||||
Losses on other investments | ( | ||||||||||
Total | $ | $ | |||||||||
Net realized investment gains | $ | $ |
(in thousands) | Balance Sheet Classification | Carrying Value | Estimated Fair Value | Maximum Potential Loss (a) | ||||||||||||||||||||||
Tax credit LPs | Other investments | $ | $ | $ | ||||||||||||||||||||||
Real estate LLCs or LPs | Other investments | |||||||||||||||||||||||||
Small business investment LPs | Other investments | |||||||||||||||||||||||||
Total | $ | $ | $ |
(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 June 30, 2021 (in thousands) | Level 1 | Level 2 * | Level 3 | Total | |||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||
Obligations of U.S. states, territories and political subdivisions | $ | $ | $ | $ | |||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
As of December 31, 2020 (in thousands) | Level 1 | Level 2 * | Level 3 | Total | |||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||
Obligations of U.S. states, territories and political subdivisions | $ | $ | $ | $ | |||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
As of June 30, 2021 (in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Financial assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | |||||||||||||||||||
Accrued interest and dividends | |||||||||||||||||||||||
Equity securities, at fair value: | |||||||||||||||||||||||
Common stocks | |||||||||||||||||||||||
Short-term investments: | |||||||||||||||||||||||
Money market funds and commercial paper | |||||||||||||||||||||||
Other investments: | |||||||||||||||||||||||
Equity investments in unconsolidated affiliates, equity method | |||||||||||||||||||||||
Equity investments in unconsolidated affiliates, measurement alternative | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
As of December 31, 2020 (in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Financial assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | |||||||||||||||||||
Accrued interest and dividends | |||||||||||||||||||||||
Equity securities, at fair value: | |||||||||||||||||||||||
Common stocks | |||||||||||||||||||||||
Short-term investments: | |||||||||||||||||||||||
Money market funds, Treasury bills, commercial paper and certificates of deposit | |||||||||||||||||||||||
Other investments: | |||||||||||||||||||||||
Equity investments in unconsolidated affiliates, equity method | |||||||||||||||||||||||
Equity investments in unconsolidated affiliates, measurement alternative | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
(in thousands) | Balance, December 31, 2020 | Amounts Impaired | Observable Changes | Purchases and Additional Commitments Paid | Sales, Returns of Capital and Other Reductions | Balance, June 30, 2021 | |||||||||||||||||||||||||||||
Other investments: | |||||||||||||||||||||||||||||||||||
Equity investments in unconsolidated affiliates, measurement alternative | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | ( | $ |
(in thousands) | Balance, December 31, 2019 | Amounts Impaired | Observable Changes | Purchases and Additional Commitments Paid | Sales, Returns of Capital and Other Reductions | Balance, December 31, 2020 | |||||||||||||||||||||||||||||
Other investments: | |||||||||||||||||||||||||||||||||||
Equity investments in unconsolidated affiliates, measurement alternative | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | ( | $ |
Financial Statement Classification, Consolidated Balance Sheets (unaudited) (in thousands) | As of June 30, 2021 | As of December 31, 2020 | ||||||
Other investments | $ | $ | ||||||
Premium and fees receivable | $ | $ |
Financial Statement Classification, Consolidated Statements of Operations (unaudited) (in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||
Net premiums written | $ | $ | $ | $ | ||||||||||
Non-title services and other investment income | $ | $ | $ | $ | ||||||||||
Commissions to agents | $ | $ | $ | $ |
(in thousands) | As of June 30, 2021 | As of December 31, 2020 | ||||||
Referral relationships | $ | $ | ||||||
Non-compete agreements | ||||||||
Tradename | ||||||||
Total | ||||||||
Accumulated amortization | ( | ( | ||||||
Identifiable intangible assets, net | $ | $ |
Year Ended (in thousands) | |||||
2021 | $ | ||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
Thereafter | |||||
Total | $ |
Three Months Ended June 30, 2021 (in thousands) | Unrealized Gains and Losses On Available-for-Sale Securities | Postretirement Benefits Plans | Total | ||||||||||||||
Beginning balance at March 31 | $ | $ | ( | $ | |||||||||||||
Other comprehensive income before reclassifications | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | |||||||||||||||||
Net current-period other comprehensive income | |||||||||||||||||
Ending balance | $ | $ | ( | $ |
Three Months Ended June 30, 2020 (in thousands) | Unrealized Gains and Losses On Available-for-Sale Securities | Postretirement Benefits Plans | Total | ||||||||||||||
Beginning balance at March 31 | $ | $ | ( | $ | |||||||||||||
Other comprehensive income before reclassifications | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | |||||||||||||||||
Net current-period other comprehensive income | |||||||||||||||||
Ending balance | $ | $ | ( | $ |
Six Months Ended June 30, 2021 (in thousands) | Unrealized Gains and Losses On Available-for-Sale Securities | Postretirement Benefits Plans | Total | ||||||||||||||
Beginning balance at January 1 | $ | $ | ( | $ | |||||||||||||
Other comprehensive loss before reclassifications | ( | ( | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income | |||||||||||||||||
Net current-period other comprehensive loss | ( | ( | |||||||||||||||
Ending balance | $ | $ | ( | $ |
Six Months Ended June 30, 2020 (in thousands) | Unrealized Gains and Losses On Available-for-Sale Securities | Postretirement Benefits Plans | Total | ||||||||||||||
Beginning balance at January 1 | $ | $ | ( | $ | |||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | |||||||||||||||||
Net current-period other comprehensive income (loss) | ( | ||||||||||||||||
Ending balance | $ | $ | ( | $ |
Three Months Ended June 30, 2021 (in thousands) | |||||||||||
Details about Accumulated Other Comprehensive Income Components (in thousands) | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Consolidated Statements of Operations | |||||||||
Unrealized gains and losses on available-for-sale securities: | |||||||||||
Net realized gain on investments | $ | ( | |||||||||
Other-than-temporary impairments | |||||||||||
Total | $ | ( | Net realized investment gains | ||||||||
Tax | Provision for income taxes | ||||||||||
Net of Tax | $ | ( | |||||||||
Reclassifications for the period | $ | ( |
Three Months Ended June 30, 2020 (in thousands) | |||||||||||
Details about Accumulated Other Comprehensive Income Components (in thousands) | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Consolidated Statements of Operations | |||||||||
Unrealized gains and losses on available-for-sale securities: | |||||||||||
Net realized gain on investments | $ | ||||||||||
Other-than-temporary impairments | |||||||||||
Total | $ | Net realized investment gains | |||||||||
Tax | Provision for income taxes | ||||||||||
Net of Tax | $ | ||||||||||
Reclassifications for the period | $ |
Six Months Ended June 30, 2021 (in thousands) | |||||||||||
Details about Accumulated Other Comprehensive Income Components (in thousands) | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Consolidated Statements of Operations | |||||||||
Unrealized gains and losses on available-for-sale securities: | |||||||||||
Net realized gain on investments | $ | ( | |||||||||
Other-than-temporary impairments | |||||||||||
Total | $ | ( | Net realized investment gains | ||||||||
Tax | Provision for income taxes | ||||||||||
Net of Tax | $ | ( | |||||||||
Reclassifications for the period | $ | ( |
Six Months Ended June 30, 2020 (in thousands) | |||||||||||
Details about Accumulated Other Comprehensive Income Components (in thousands) | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Consolidated Statements of Operations | |||||||||
Unrealized gains and losses on available-for-sale securities: | |||||||||||
Net realized loss on investments | $ | ||||||||||
Other-than-temporary impairments | ( | ||||||||||
Total | $ | ( | Net realized investment gains | ||||||||
Tax | Provision for income taxes | ||||||||||
Net of Tax | $ | ( | |||||||||
Reclassifications for the period | $ | ( |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||
Revenue from contracts with customers: | ||||||||||||||
Escrow and other title-related fees | $ | $ | $ | $ | ||||||||||
Non-title services | ||||||||||||||
Total revenue from contracts with customers | ||||||||||||||
Other sources of revenue: | ||||||||||||||
Net premiums written | ||||||||||||||
Investment-related revenue | ( | |||||||||||||
Other | ||||||||||||||
Total revenues | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||
Operating leases | $ | $ | $ | $ | ||||||||||
Short-term leases (b) | ||||||||||||||
Lease expense | $ | $ | $ | $ | ||||||||||
Sub-lease income | ||||||||||||||
Lease cost | $ | $ | $ | $ |
(b) | Leases with an initial term of twelve months or less are not recorded on the unaudited Consolidated Balance Sheets. |
(in thousands) | As of June 30, 2021 | As of December 31, 2020 | ||||||
Current: | ||||||||
Operating lease liabilities | $ | $ | ||||||
Non-current: | ||||||||
Operating lease liabilities | ||||||||
Total operating lease liabilities | $ | $ |
Year Ended (in thousands) | |||||
2021 | $ | ||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
Thereafter | |||||
Total undiscounted payments | $ | ||||
Less: present value adjustment | ( | ||||
Operating lease liabilities | $ |
As of June 30, 2021 | As of December 31, 2020 | |||||||
Weighted average remaining lease term (years) | ||||||||
Weighted average discount rate | % | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Net premiums written | $ | 67,527 | $ | 47,479 | $ | 129,004 | $ | 86,106 | |||||||||||||||
Escrow and other title-related fees | 3,487 | 2,018 | 6,285 | 3,860 | |||||||||||||||||||
Non-title services | 2,408 | 1,975 | 4,486 | 4,522 | |||||||||||||||||||
Interest and dividends | 898 | 1,105 | 1,914 | 2,282 | |||||||||||||||||||
Other investment income | 1,483 | 526 | 2,424 | 966 | |||||||||||||||||||
Net realized investment gains | 182 | 553 | 503 | 141 | |||||||||||||||||||
Changes in the estimated fair value of equity security investments | 4,829 | 7,972 | 8,068 | (6,486) | |||||||||||||||||||
Other | 4,147 | 120 | 4,355 | 258 | |||||||||||||||||||
Total Revenues | 84,961 | 61,748 | 157,039 | 91,649 | |||||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||
Commissions to agents | 34,346 | 24,089 | 64,888 | 44,276 | |||||||||||||||||||
Provision for claims | 1,436 | 1,994 | 3,027 | 2,900 | |||||||||||||||||||
Personnel expenses | 15,914 | 12,248 | 32,067 | 24,057 | |||||||||||||||||||
Office and technology expenses | 3,211 | 2,457 | 5,953 | 4,872 | |||||||||||||||||||
Other expenses | 4,766 | 3,038 | 8,501 | 6,151 | |||||||||||||||||||
Total Operating Expenses | 59,673 | 43,826 | 114,436 | 82,256 | |||||||||||||||||||
Income before Income Taxes | 25,288 | 17,922 | 42,603 | 9,393 | |||||||||||||||||||
Provision for Income Taxes | 5,506 | 3,427 | 8,998 | 1,909 | |||||||||||||||||||
Net Income | $ | 19,782 | $ | 14,495 | $ | 33,605 | $ | 7,484 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except percentages) | 2021 | % | 2020 | % | 2021 | % | 2020 | % | ||||||||||||||||||||||||||||||||||||||||||
Home and Branch | $ | 17,048 | 25.2 | $ | 12,973 | 27.3 | $ | 34,408 | 26.7 | $ | 22,868 | 26.6 | ||||||||||||||||||||||||||||||||||||||
Agency | 50,479 | 74.8 | 34,506 | 72.7 | 94,596 | 73.3 | 63,238 | 73.4 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 67,527 | 100.0 | $ | 47,479 | 100.0 | $ | 129,004 | 100.0 | $ | 86,106 | 100.0 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
State (in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
North Carolina | $ | 24,162 | $ | 18,098 | $ | 49,409 | $ | 32,041 | |||||||||||||||
Texas | 12,886 | 8,462 | 24,238 | 15,979 | |||||||||||||||||||
Georgia | 10,971 | 4,899 | 17,860 | 9,404 | |||||||||||||||||||
South Carolina | 5,333 | 4,158 | 10,682 | 7,639 | |||||||||||||||||||
All Others | 14,289 | 11,941 | 27,061 | 21,242 | |||||||||||||||||||
Premiums Written | 67,641 | 47,558 | 129,250 | 86,305 | |||||||||||||||||||
Reinsurance Assumed | — | — | — | 3 | |||||||||||||||||||
Reinsurance Ceded | (114) | (79) | (246) | (202) | |||||||||||||||||||
Net Premiums Written | $ | 67,527 | $ | 47,479 | $ | 129,004 | $ | 86,106 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except percentages) | 2021 | % | 2020 | % | 2021 | % | 2020 | % | |||||||||||||||||||||||||||||||||||||||
Title Insurance | $ | 57,021 | 95.6 | $ | 41,519 | 94.7 | $ | 109,433 | 95.6 | $ | 77,637 | 94.4 | |||||||||||||||||||||||||||||||||||
All Other | 2,652 | 4.4 | 2,307 | 5.3 | 5,003 | 4.4 | 4,619 | 5.6 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 59,673 | 100.0 | $ | 43,826 | 100.0 | $ | 114,436 | 100.0 | $ | 82,256 | 100.0 |
• | process title insurance applications and policy issuances; | ||||
• | perform due diligence on land titles; | ||||
• | manage substantial cash, investment assets, bank deposits, trust assets and escrow account balances on behalf of the Company and its customers; | ||||
• | manage billing, collections and payables, including insurance premiums and agent commissions; | ||||
• | manage accounting and financial reporting; and | ||||
• | manage payroll and human resources information. |
• | hacking, computer viruses, malware, ransomware or other cyberattacks; | ||||
• | software “bugs”, hardware defects or human error; | ||||
• | natural disasters, like fires, or pandemics; or | ||||
• | power loss. |
Issuer Purchases of Equity Securities (unrounded) | |||||||||||||||||||||||
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 | 428,161 | ||||||||||||||||||||||
April 1 through April 30, 2021 | — | $ | — | — | 428,161 | ||||||||||||||||||
May 1 through May 31, 2021 | — | — | — | 428,161 | |||||||||||||||||||
June 1 through June 30, 2021 | — | — | — | 428,161 | |||||||||||||||||||
Total | — | $ | — | — | 428,161 |
31(i) | |||||
31(ii) | |||||
32 | |||||
101.INS | Inline XBRL Instance Document* | ||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | ||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | ||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | ||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | ||||
104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) | ||||
* - The instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document | |||||
INVESTORS TITLE COMPANY | ||||||||
By: | /s/ James A. Fine, Jr. | |||||||
James A. Fine, Jr., President, Treasurer, Chief | ||||||||
Financial Officer, Chief Accounting Officer and | ||||||||
Director (Principal Financial Officer and | ||||||||
Principal Accounting Officer) |
Dated: | August 9, 2021 | /s/ J. Allen Fine | ||||||
J. Allen Fine | ||||||||
Chief Executive Officer |
Dated: | August 9, 2021 | /s/ James A. Fine, Jr. | ||||||
James A. Fine, Jr. | ||||||||
Chief Financial Officer |
Dated: | August 9, 2021 | /s/ J. Allen Fine | ||||||
J. Allen Fine | ||||||||
Chief Executive Officer | ||||||||
Dated: | August 9, 2021 | /s/ James A. Fine, Jr. | ||||||
James A. Fine, Jr. | ||||||||
Chief Financial Officer |
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ / shares in Thousands, $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Fixed maturities, available-for-sale, amortized cost | $ 83,968 | $ 112,037 |
Equity securities, cost | $ 29,406 | $ 32,478 |
Preferred stock, shares authorized | 1,000 | 1,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, no par value | $ 0 | $ 0 |
Common stock, shares authorized | 10,000 | 10,000 |
Common stock, shares issued | 1,894 | 1,892 |
Common stock, shares outstanding | 1,894 | 1,892 |
Common stock, held by Company's subsidiary | 292 | 292 |
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Revenues: | ||||
Net premiums written | $ 67,527 | $ 47,479 | $ 129,004 | $ 86,106 |
Escrow and other title-related fees | 3,487 | 2,018 | 6,285 | 3,860 |
Non-title services | 2,408 | 1,975 | 4,486 | 4,522 |
Interest and dividends | 898 | 1,105 | 1,914 | 2,282 |
Other investment income | 1,483 | 526 | 2,424 | 966 |
Net realized investment gains | 182 | 553 | 503 | 141 |
Changes in the estimated fair value of equity security investments | 4,829 | 7,972 | 8,068 | (6,486) |
Other | 4,147 | 120 | 4,355 | 258 |
Total Revenues | 84,961 | 61,748 | 157,039 | 91,649 |
Operating Expenses: | ||||
Commissions to agents | 34,346 | 24,089 | 64,888 | 44,276 |
Provision for claims | 1,436 | 1,994 | 3,027 | 2,900 |
Personnel expenses | 15,914 | 12,248 | 32,067 | 24,057 |
Office and technology expenses | 3,211 | 2,457 | 5,953 | 4,872 |
Other expenses | 4,766 | 3,038 | 8,501 | 6,151 |
Total Operating Expenses | 59,673 | 43,826 | 114,436 | 82,256 |
Income before Income Taxes | 25,288 | 17,922 | 42,603 | 9,393 |
Provision for Income Taxes | 5,506 | 3,427 | 8,998 | 1,909 |
Net Income | $ 19,782 | $ 14,495 | $ 33,605 | $ 7,484 |
Basic Earnings per Common Share | $ 10.44 | $ 7.66 | $ 17.74 | $ 3.96 |
Weighted Average Shares Outstanding – Basic | 1,894 | 1,892 | 1,894 | 1,891 |
Diluted Earnings per Common Share | $ 10.42 | $ 7.65 | $ 17.70 | $ 3.95 |
Weighted Average Shares Outstanding – Diluted | 1,899 | 1,895 | 1,898 | 1,895 |
Consolidated Statements Of Stockholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.46 | $ 0.44 | $ 0.90 | $ 0.88 |
Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Statement of Cash Flows [Abstract] | ||
Deferred tax provision related to unrealized gain (loss) on investments | $ 140 | $ (322) |
Adjustments to postretirement benefits obligation, net of deferred tax benefit provision | $ 0 | $ 9 |
Basis Of Presentation And Significant Accounting Policies |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
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, 2020 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 accounting principles generally accepted in the United States ("GAAP") 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. 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 three- and six-month periods ended June 30, 2021 are not necessarily indicative of the financial condition and results that may be expected for the year ending December 31, 2021 or any other interim period. Use of Estimates and Assumptions – The preparation of the Company’s unaudited Consolidated Financial Statements in conformity with 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 unaudited Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions used. Subsequent Events – The Company has evaluated and concluded that there were no material subsequent events requiring adjustment or disclosure to its unaudited Consolidated Financial Statements. Recently Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12, Simplifying the Accounting for Income Taxes. ASU 2019-12 was intended to reduce the complexity in accounting for income taxes during interim and annual periods and provided clarity on income tax situations where a diversity in practice had developed. The update was effective for annual and interim periods in fiscal years beginning after December 15, 2020. The Company adopted this update on January 1, 2021, with no material impact on the Company's financial position and results of operations. In January 2020, the FASB issued ASU 2020-01, Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815). This update clarified that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative immediately before applying or upon discontinuing the equity method. In addition, this update clarified that, when determining the accounting for certain forward contracts and purchased options, a company should not consider, whether upon settlement or exercise, if the underlying securities would be accounted for under the equity method or fair value option. The update was effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The Company adopted this update on January 1, 2021, with no material impact on the Company's financial position and results of operations.
|
Reserves For Claims |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reserves For Claims | Reserve for Claims Activity in the reserve for claims for the six-month period ended June 30, 2021 and the year ended December 31, 2020 are summarized as follows:
The total reserve for all reported and unreported losses the Company incurred through June 30, 2021 is represented by the reserve for claims on the unaudited Consolidated Balance Sheets. 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 total reserve for claims is adequate to cover claim losses which might result from pending and future claims under title insurance policies issued through June 30, 2021. Management continually reviews and adjusts its reserve for claims estimates to reflect its loss experience and any new information that becomes available. Adjustments resulting from such reviews could be significant. A summary of the Company’s reserve for claims, broken down into its components of known title claims and IBNR, follows:
Claims and losses paid are charged to the reserve 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 fair value, net of any indebtedness on the property.
|
Earnings Per Common Share And Share Awards |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Common Share And Share Awards | Earnings Per Common Share and Share AwardsBasic earnings per common share is computed by dividing net income by the weighted average number of common shares outstanding during the reporting period. Diluted earnings per common share is computed by dividing net income 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, as share-based awards are exercised, (a) the exercise price of a share-based award and (b) the amount of compensation cost, if any, for future services that the Company has not yet recognized, are assumed to be used to repurchase shares in the current period. The following table sets forth the computation of basic and diluted earnings per share for the three- and six-month periods ended June 30:
There were 14 thousand and 20 thousand potential shares excluded from the computation of diluted earnings per share for the three-month periods ended June 30, 2021 and 2020, respectively, due to the out-of-the-money status of the related share-based awards. There were 14 thousand and 15 thousand potential shares excluded from the computation of diluted earnings per share for the six-month periods ended June 30, 2021 and 2020, respectively. The Company historically has adopted employee stock award plans under which restricted stock, options or stock appreciation rights ("SARs") exercisable for the Company's stock may be granted to key employees or directors of the Company. 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 thousand shares. As of June 30, 2021, the only outstanding awards under the plans were SARs, which expire within seven years or less from the date of grant. All outstanding SARs vest and are exercisable within five years or less from the date of grant, and all SARs issued to date have been share-settled only. There have been no stock options or SARs granted where the exercise price was less than the market price on the date of grant. A summary of share-based award transactions for all share-based award plans follows:
During the second quarters of 2021 and 2020, the Company issued 5 thousand and 4 thousand share-settled SARs, respectively, to directors of the Company. During the first quarter of 2020, the Company also issued 7 thousand share-settled SARs to directors and employees of the Company. There were no such first quarter issuances in 2021, as all 2021 issuances of share-settled SARs were made in the second quarter. 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 in effect at the time of the grant. The weighted average fair values for the SARs issued during 2021 and 2020 were $59.83 and $34.45, respectively, and were estimated using the weighted average assumptions shown in the table below.
There was approximately $139 thousand and $154 thousand of compensation expense relating to SARs vesting on or before June 30, 2021 and 2020, respectively, included in personnel expenses in the unaudited Consolidated Statements of Operations. As of June 30, 2021, there was $468 thousand of unrecognized compensation expense related to unvested share-based compensation arrangements granted under the Company’s stock award plans.
|
Segment Information |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information The Company has one reportable segment, title insurance services. The remaining immaterial segments have been combined into a group called “All Other.” The title insurance segment primarily issues title insurance policies through approved attorneys from underwriting offices and through independent issuing agents. Title insurance policies insure titles to real estate. Provided below is selected financial information about the Company's operations by segment for the periods ended June 30, 2021 and 2020:
|
Retirement Agreements And Other Postretirement Benefits |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [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 $13.4 million and $12.5 million as of June 30, 2021 and December 31, 2020, respectively. The executive employee benefits include health, dental, vision and life insurance and are unfunded. These amounts are classified as accounts payable and accrued liabilities in the unaudited Consolidated Balance Sheets. The following sets forth the net periodic benefit cost for the executive benefits for the periods ended June 30, 2021 and 2020:
|
Investments In Securities and Fair Value |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments In Securities and Fair Value | Investments and Estimated Fair Value Investments in Fixed Maturity Securities The estimated fair value, gross unrealized holding gains, gross unrealized holding losses and amortized cost for fixed maturity securities by major classification are as follows:
The special revenue category for both periods presented includes approximately 50 individual fixed maturity securities with revenue sources from a variety of industry sectors. The scheduled maturities of fixed maturity securities at June 30, 2021 are as follows:
Expected maturities will differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without penalties. The following table presents the gross unrealized losses on fixed maturity securities and the estimated fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at June 30, 2021 and December 31, 2020:
The decline in estimated fair value of the fixed maturity securities can be attributed primarily to changes in market interest rates and changes in credit spreads over Treasury securities. Because the Company does not intend 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. Management evaluates available-for-sale fixed maturity securities in unrealized loss positions to determine whether the impairment is due to credit-related factors or noncredit-related factors. Consideration is given to (1) the extent to which the fair value is less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value. Factors considered in determining whether a loss is temporary include the length of time and extent to which the estimated 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 6 fixed maturity securities had unrealized losses at June 30, 2021 and December 31, 2020, respectively. The Company does not intend to sell any of these securities and believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. The Company believes that the unrealized losses detailed in the previous table are due to noncredit-related factors, including changes in market interest rates and other market conditions, and therefore the unrealized loss is recorded in accumulated other comprehensive income. Reviews of the values of fixed maturity securities are inherently uncertain and the value of the investment may not fully recover, or may decline in future periods, resulting in a realized loss. The Company recorded $0 and $482 thousand of other-than-temporary impairment charges related to fixed maturity securities for the six-month periods ended June 30, 2021 and 2020, respectively. Expenses related to other-than-temporary impairments are recorded in net realized investment gains in the unaudited Consolidated Statements of Operations when recognized. Investments in Equity Securities The cost and estimated fair value of equity securities are as follows:
Unrealized holding gains and losses are reported in the unaudited Consolidated Statements of Operations as changes in the estimated fair value of equity security investments. Net Realized Investment Gains Gross realized gains and losses on sales of investments for the six-month periods ended June 30 are summarized as follows:
Realized gains and losses are determined on the specific identification method. Variable Interest Entities The Company holds investments in variable interest entities ("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 June 30, 2021:
Valuation of Financial Assets 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. The Level 1 category includes equity securities and U.S. Treasury securities that are measured at estimated fair value using quoted active market prices. The Level 2 category includes fixed maturity securities such as corporate debt securities, U.S. government obligations, and obligations of U.S. states, territories, and political subdivisions. 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 Accounting Standards Codification ("ASC") 820, Fair Value Measurements and Disclosures. Generally, quotes obtained from the pricing service for instruments classified as Level 2 are not adjusted and are not binding. As of June 30, 2021 and December 31, 2020, the Company did not adjust any Level 2 fair values. A number of the Company’s investment grade corporate debt securities 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. 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. Measurement alternative equity investments The measurement alternative method requires investments without readily determinable fair values to be recorded at cost, less impairments, and plus or minus any changes resulting from observable price changes. The Company monitors any events or changes in circumstances that may have had a significant adverse effect on the fair value of these investments and makes any necessary adjustments. Accrued interest and dividends The carrying amount for accrued interest and dividends is a reasonable estimate of fair value due to the short-term maturity of these assets. The following table presents, by level, fixed maturity securities carried at estimated fair value as of June 30, 2021 and December 31, 2020:
*Denotes fair market value obtained from pricing services. The following table presents, by level, estimated fair values of equity investments and other financial instruments as of June 30, 2021 and December 31, 2020:
The Company did not hold any Level 3 category debt or marketable equity investment securities as of June 30, 2021 or December 31, 2020. There were no transfers into or out of Levels 1, 2 or 3 during the periods presented. To help ensure that estimated fair value determinations are consistent with ASC 820, prices from our pricing services go through multiple review processes to ensure appropriate pricing. Pricing procedures and inputs used to price each security include, but are not limited to, the following: unadjusted quoted market prices for identical securities such as stock market closing prices; non-binding quoted prices for identical securities in markets that are not active; interest rates; yield curves observable at commonly quoted intervals; volatility; prepayment speeds; loss severity; credit risks; and default rates. The Company reviews the procedures and inputs used by its pricing services, and verifies a sample of the services’ quotes by comparing them to values obtained from other pricing resources. In the event the Company disagrees with a price provided by its pricing services, the respective service reevaluates the price to corroborate the market information and then reviews inputs to the evaluation in light of potentially new market data. Certain equity investments under the measurement alternative are measured at estimated fair value on a non-recurring basis and are reviewed for impairment quarterly. If any such investment is determined to be other-than-temporarily impaired, an impairment charge is recorded against such investment and reflected in the unaudited Consolidated Statements of Operations. There were no impairments of such investments made during the six-month period ended June 30, 2021 or the twelve-month period ended December 31, 2020. The following table presents a rollforward of equity investments under the measurement alternative as of June 30, 2021 and December 31, 2020:
|
Commitments And Contingencies |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
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, is not expected to be, in the aggregate, 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, examinations, and inquiries. It is the opinion of management based on its present expectations that findings from these audits, examinations, 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, escrowed funds received under escrow agreements, 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 unaudited Consolidated Balance Sheets; however, the Company remains contingently liable for the disposition of these deposits. Like-Kind Exchanges Proceeds – In administering tax-deferred like-kind exchanges pursuant to § 1031 of the Internal Revenue Code, the Company’s subsidiary, Investors Title Exchange Corporation (“ITEC”), serves as a qualified intermediary, 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 LLCs 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 $370.5 million and $237.9 million as of June 30, 2021 and December 31, 2020, respectively. These amounts are not considered assets of the Company and, therefore, are excluded from the accompanying unaudited 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 revenue includes 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. COVID-19 – While certain COVID-19 vaccines have been approved and are now generally available for use in the United States and certain other countries, we are unable to predict how widely utilized the vaccines will be, whether they will be effective in preventing the spread of COVID-19 (including its variant strains), and when or if normal economic activity and business operations will resume. In light of the increasing percentage of vaccinated individuals, many previously implemented restrictions have gradually been lifted. While the number of new cases is significantly below the levels witnessed at the height of the pandemic, there has been a recent uptick in the number of new cases. Despite the availability of vaccines, COVID-19 continues to spread across the globe, including in U.S. states where the Company conducts business. The COVID-19 pandemic has negatively impacted worldwide economic activity and created significant volatility and disruptions of financial markets. In response, the U.S. government and its agencies have taken a number of significant measures to provide fiscal and monetary stimulus. Such actions included an unscheduled cut to the federal funds rate, the introduction of new programs to preserve market liquidity, extended unemployment and sick leave benefits, mortgage loan forbearance actions, low-interest loans for working capital access and payroll assistance, and other relief measures for both workers and businesses. The Company has remained fully operational throughout the pandemic and did not have any reductions in workforce during 2020 or the first half of 2021. A large portion of the Company's workforce is performing their job functions remotely. The Company has not taken stimulus relief funding or incurred any other forms of debt. The COVID-19 pandemic has caused the Company to modify its business practices (including employee travel, employee work locations and cancellation of physical participation in meetings, events and conferences). The COVID-19 pandemic and any of its variants could continue to affect the Company in a number of ways including, but not limited to, the impact on employees becoming ill, quarantined, or otherwise unable to work or travel due to illness or governmental restriction, potential decreases in net premiums written in the future, and future fluctuations in the Company's investment portfolio due to the pandemic and the economic disruption it is causing. Because of the inherent uncertainty regarding the duration and severity of the COVID-19 pandemic (including any of its variants) and its effects on the economy, as well as uncertainty regarding the effects of government measures already taken, and which may be taken or continued in the future, to combat the spread of the virus and any of its variants, and/or provide additional economic stimulus, the Company is currently unable to predict the ultimate impact of the pandemic.
|
Related Party Transactions |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions | Related Party Transactions The Company does business with, and has investments in, unconsolidated LLCs that are primarily title insurance agencies. The Company utilizes the equity method to account for its investment in these LLCs. The following tables set forth the approximate values by year found within each financial statement classification:
|
Intangible Assets, Goodwill and Title Plant |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations, Intangible Assets and Goodwill | Intangible Assets, Goodwill and Title Plants Intangible Assets The estimated fair values of intangible assets recognized as the result of title insurance agency acquisitions, all Level 3 inputs, are principally based on values obtained from an independent third-party valuation service. In accordance with ASC 350, Intangibles – Goodwill and Other, management determined that no events or changes in circumstances occurred during the six-month periods ended June 30, 2021 and 2020 that would indicate the carrying amounts may not be recoverable, and therefore determined that no identifiable intangible assets were impaired. Identifiable intangible assets consist of the following:
The following table provides the estimated aggregate amortization expense for each of the five succeeding fiscal years:
Goodwill and Title Plants As of June 30, 2021, the Company recognized $4.4 million in goodwill and $857 thousand in title plants, net of impairments, as the result of title insurance agency acquisitions. The title plants are included with other assets in the unaudited Consolidated Balance Sheets. The fair values of goodwill and the title plants as of the date of acquisition, both Level 3 inputs, were principally based on values obtained from an independent third-party valuation service. In accordance with ASC 350, management determined that no events or changes in circumstances occurred during the six-month periods ended June 30, 2021 and 2020 that would indicate the carrying amounts may not be recoverable, and therefore determined that there were no goodwill or title plant impairments.
|
Accumulated Other Comprehensive Income |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The following tables provide changes in the balances of each component of accumulated other comprehensive income, net of tax, for the periods ended June 30, 2021 and 2020:
The following table provides significant amounts reclassified out of each component of accumulated other comprehensive income for the three- and six-month periods ended June 30, 2021 and 2020:
|
Revenue Recognition |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue from Contracts with Customers ASC 606, Revenue from Contracts with Customers requires that an entity 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. This guidance does not apply to revenue associated with insurance contracts (including title insurance policies), financial instruments and lease contracts; and therefore is primarily applicable to the following Company revenue categories. Escrow and other title-related fees – The Company’s title segment recognizes commission revenue and fees related to items such as searches, settlements, commitments and other ancillary services. Escrow and other title-related fees are recognized as revenue at the time of the related transactions as the earnings process, or performance obligation, is then considered to be complete. Non-title services – Through various subsidiaries, the Company offers management services, tax-deferred real property exchange services, investment management and trust services. Nonrefundable exchange fees are recognized as revenue upon receipt of the funds, which is at the time of closing of the initial sale of property. All other non-title service fees are recognized as revenue as performance obligations are completed. Other – The Company occasionally recognizes revenue from other miscellaneous contracts which can include, but is not limited to seminar and education registration fees and software licensing contracts. These revenue streams are deemed immaterial to the operations of the Company, and revenue is recognized when, or as, performance obligations are completed. The following table provides a breakdown of the Company’s revenue by major business activity:
|
Leases |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessee, Operating Leases | Leases The Company enters into lease agreements that are primarily used for office space. These leases are accounted for as operating leases, with lease expense recognized on a straight-line basis over the term of the lease. A portion of the Company's current leases include an option to extend or cancel the lease term. The exercise of such an option is solely at the Company's discretion. The operating lease liability recorded in the unaudited Consolidated Balance Sheets includes lease payments related to options to extend or cancel the lease term if the Company determined at the date of adoption that the lease was expected to be renewed or extended. The Company, in determining the present value of lease payments, utilized the average rate over a 10-year term based upon the Moody's seasoned Aaa corporate bond yields, as explicit rates of interest were not readily determinable in the lease contracts. The Company does not carry debt; thus no incremental borrowing rate was available to the Company. Lease expense is included in office and technology expenses in the unaudited Consolidated Statements of Operations. Information regarding the Company’s operating leases follows:
Components of the operating lease liability presented on the unaudited Consolidated Balance Sheets are as follows:
The future minimum lease payments under operating leases that have initial or remaining noncancelable lease terms in excess of one year as of June 30, 2021, are summarized as follows:
Supplemental lease information is as follows:
The Company does not have any material pending operating or financing lease agreements that become effective in future periods.
|
Basis Of Presentation And Significant Accounting Policies (Policy) |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
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 accounting principles generally accepted in the United States ("GAAP") 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. 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 three- and six-month periods ended June 30, 2021 are not necessarily indicative of the financial condition and results that may be expected for the year ending December 31, 2021 or any other interim period.
|
Use Of Estimates And Assumptions | Use of Estimates and Assumptions – The preparation of the Company’s unaudited Consolidated Financial Statements in conformity with 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 unaudited Consolidated 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, Policy | Subsequent Events – The Company has evaluated and concluded that there were no material subsequent events requiring adjustment or disclosure to its unaudited Consolidated Financial Statements. |
Recently Issued Accounting Standards | Recently Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12, Simplifying the Accounting for Income Taxes. ASU 2019-12 was intended to reduce the complexity in accounting for income taxes during interim and annual periods and provided clarity on income tax situations where a diversity in practice had developed. The update was effective for annual and interim periods in fiscal years beginning after December 15, 2020. The Company adopted this update on January 1, 2021, with no material impact on the Company's financial position and results of operations. In January 2020, the FASB issued ASU 2020-01, Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815). This update clarified that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative immediately before applying or upon discontinuing the equity method. In addition, this update clarified that, when determining the accounting for certain forward contracts and purchased options, a company should not consider, whether upon settlement or exercise, if the underlying securities would be accounted for under the equity method or fair value option. The update was effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The Company adopted this update on January 1, 2021, with no material impact on the Company's financial position and results of operations.
|
Reserves For Claims (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Transactions In Reserves For Claims | Activity in the reserve for claims for the six-month period ended June 30, 2021 and the year ended December 31, 2020 are summarized as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of the Company's Loss Reserves | A summary of the Company’s reserve for claims, broken down into its components of known title claims and IBNR, follows:
|
Earnings Per Common Share And Share Awards (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation Of Basic And Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share for the three- and six-month periods ended June 30:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Share-Based Award Transactions | A summary of share-based award transactions for all share-based award plans follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Valuation Assumptions | The weighted average fair values for the SARs issued during 2021 and 2020 were $59.83 and $34.45, respectively, and were estimated using the weighted average assumptions shown in the table below.
|
Segment Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selected Financial Information About The Company's Operations By Segment | Provided below is selected financial information about the Company's operations by segment for the periods ended June 30, 2021 and 2020:
|
Retirement Agreements And Other Postretirement Benefits (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components Of Net Periodic Benefits Cost | The following sets forth the net periodic benefit cost for the executive benefits for the periods ended June 30, 2021 and 2020:
|
Investments In Securities and Fair Value (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Gross Unrealized Gains (Losses) and Amortized Cost for Securities | The estimated fair value, gross unrealized holding gains, gross unrealized holding losses and amortized cost for fixed maturity securities by major classification are as follows:
The cost and estimated fair value of equity securities are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Fixed Maturity Securities | The scheduled maturities of fixed maturity securities at June 30, 2021 are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Unrealized Loss on Investments | The following table presents the gross unrealized losses on fixed maturity securities and the estimated fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at June 30, 2021 and December 31, 2020:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Gross Realized Gains And Losses On Securities | Gross realized gains and losses on sales of investments for the six-month periods ended June 30 are summarized as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 June 30, 2021:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Fair Value Assets Measured On Recurring Basis | The following table presents, by level, fixed maturity securities carried at estimated fair value as of June 30, 2021 and December 31, 2020:
*Denotes fair market value obtained from pricing services.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Carrying Value And Fair Value Of Financial Assets Disclosed | The following table presents, by level, estimated fair values of equity investments and other financial instruments as of June 30, 2021 and December 31, 2020:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cost Method Investments | The following table presents a rollforward of equity investments under the measurement alternative as of June 30, 2021 and December 31, 2020:
|
Related Party Transactions (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Approximate Values By Year Found Within Consolidated Balance Sheets | The following tables set forth the approximate values by year found within each financial statement classification:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Approximate Values By Year Found Within Consolidated Statements Of Income |
|
Intangible Assets, Goodwill and Title Plant (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets | Identifiable intangible assets consist of the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Aggregate Amortization Expense for Intangible Assets | The following table provides the estimated aggregate amortization expense for each of the five succeeding fiscal years:
|
Accumulated Other Comprehensive Income (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Changes In Balances Of Each Component Of Accumulated Other Comprehensive Income, Net Of Tax | The following tables provide changes in the balances of each component of accumulated other comprehensive income, net of tax, for the periods ended June 30, 2021 and 2020:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Reclassification Out Of Accumulated Other Comprehensive Income | The following table provides significant amounts reclassified out of each component of accumulated other comprehensive income for the three- and six-month periods ended June 30, 2021 and 2020:
|
Revenue Recognition (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue |
|
Leases (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease, Cost | Lease expense is included in office and technology expenses in the unaudited Consolidated Statements of Operations. Information regarding the Company’s operating leases follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessee, Operating Lease Liability, Current and Non-current | Components of the operating lease liability presented on the unaudited Consolidated Balance Sheets are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessee, Operating Lease, Liability, Maturity | The future minimum lease payments under operating leases that have initial or remaining noncancelable lease terms in excess of one year as of June 30, 2021, are summarized as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Lease Other Information | Supplemental lease information is as follows:
|
Reserves For Claims Summary Of Transactions In Reserves For Claims (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended | |
---|---|---|---|
Jun. 30, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Liability for title claims and claims adjustment expense | $ 35,303 | $ 33,584 | $ 31,333 |
Provision charged to operations | 3,027 | 5,204 | |
Payments of claims, net of recoveries | $ (1,308) | $ (2,953) |
Reserves For Claims Summary Of The Company's Loss Reserves (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|---|
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] | |||
Known title claims | $ 3,222 | $ 3,585 | |
IBNR | 32,081 | 29,999 | |
Total reserve for claims | $ 35,303 | $ 33,584 | $ 31,333 |
% of known title reserves | 9.10% | 10.70% | |
% of IBNR | 90.90% | 89.30% | |
% of total loss reserves | 100.00% | 100.00% |
Computation Of Basic And Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Earnings Per Share [Abstract] | ||||
Net income | $ 19,782 | $ 14,495 | $ 33,605 | $ 7,484 |
Weighted average common shares outstanding - Basic | 1,894 | 1,892 | 1,894 | 1,891 |
Incremental shares outstanding assuming the exercise of dilutive stock options and SARs (share settled) | 5 | 3 | 4 | 4 |
Weighted average common shares outstanding - Diluted | 1,899 | 1,895 | 1,898 | 1,895 |
Basic Earnings per Common Share | $ 10.44 | $ 7.66 | $ 17.74 | $ 3.96 |
Diluted Earnings per Common Share | $ 10.42 | $ 7.65 | $ 17.70 | $ 3.95 |
Earnings Per Common Share And Share Awards Share-Based Valuation Assumptions (Details) - $ / shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Volatility | 33.90% | 28.50% |
Interest rate | 1.30% | 0.70% |
Yield rate | 1.10% | 1.20% |
Share-based Compensation Arrangement by Share-based Payment Award, Grants in Period, Weighted Average Grant Date Fair Value | $ 59.83 | $ 34.45 |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life in years | 7 years | 6 years 2 months 12 days |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life in years | 7 years | 7 years |
Segment Information Selected Financial Information By Segment (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2021
USD ($)
segment
|
Jun. 30, 2020
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
Segment Reporting Information [Line Items] | |||||
Number of reportable segments | segment | 1 | ||||
Insurance and other services revenue | $ 77,569 | $ 51,592 | $ 144,130 | $ 94,746 | |
Investment income | 7,210 | 9,603 | 12,406 | (3,238) | |
Net realized gain (loss) on investments | 182 | 553 | 503 | 141 | |
Total Revenues | 84,961 | 61,748 | 157,039 | 91,649 | |
Operating expenses | 59,673 | 43,826 | 114,436 | 82,256 | |
Income (loss) before income taxes | 25,288 | 17,922 | 42,603 | 9,393 | |
Total assets | 316,939 | 279,908 | 316,939 | 279,908 | $ 282,925 |
Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Insurance and other services revenue | (3,685) | (1,734) | (5,983) | (3,238) | |
Investment income | 0 | 0 | 0 | 0 | |
Net realized gain (loss) on investments | 0 | 0 | 0 | 0 | |
Total Revenues | (3,685) | (1,734) | (5,983) | (3,238) | |
Operating expenses | (3,534) | (1,588) | (5,686) | (2,946) | |
Income (loss) before income taxes | (151) | (146) | (297) | (292) | |
Total assets | 0 | 0 | 0 | 0 | |
Title Insurance | Title Insurance | |||||
Segment Reporting Information [Line Items] | |||||
Insurance and other services revenue | 74,599 | 51,158 | 141,120 | 93,011 | |
Investment income | 6,504 | 8,358 | 10,900 | (3,102) | |
Net realized gain (loss) on investments | 161 | 527 | 393 | 590 | |
Total Revenues | 81,264 | 60,043 | 152,413 | 90,499 | |
Operating expenses | 60,521 | 43,074 | 115,051 | 80,517 | |
Income (loss) before income taxes | 20,743 | 16,969 | 37,362 | 9,982 | |
Total assets | 239,572 | 204,523 | 239,572 | 204,523 | |
All Other | Title Insurance | |||||
Segment Reporting Information [Line Items] | |||||
Insurance and other services revenue | 6,655 | 2,168 | 8,993 | 4,973 | |
Investment income | 706 | 1,245 | 1,506 | (136) | |
Net realized gain (loss) on investments | 21 | 26 | 110 | (449) | |
Total Revenues | 7,382 | 3,439 | 10,609 | 4,388 | |
Operating expenses | 2,686 | 2,340 | 5,071 | 4,685 | |
Income (loss) before income taxes | 4,696 | 1,099 | 5,538 | (297) | |
Total assets | $ 77,367 | $ 75,385 | $ 77,367 | $ 75,385 |
Retirement Agreements And Other Postretirement Benefits (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
Retirement Benefits [Abstract] | |||||
Liability for employee benefits and other payments | $ 13,400 | $ 13,400 | $ 12,500 | ||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost - benefits earned during the year | 0 | $ 0 | 0 | $ 0 | |
Interest cost on the projected benefit obligation | 7 | 8 | 14 | 16 | |
Amortization of unrecognized losses | 0 | 0 | 0 | 0 | |
Net periodic benefits costs | $ 7 | $ 8 | $ 14 | $ 16 |
Investments In Securities and Fair Value (Details) $ in Thousands |
6 Months Ended | 12 Months Ended | |
---|---|---|---|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2020
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
Investments, Debt and Equity Securities [Abstract] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 10 | 6 | |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities | $ 0 | $ 482 | |
Impaired amount for measurement alternative investments | $ 0 | $ 0 |
Investments In Securities and Fair Value (Schedule Of Fixed Maturity Securities) (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less, Amortized Cost | $ 24,443 | |
Due after one year through five years, Amortized Cost | 47,393 | |
Due five years through ten years, Amortized Cost | 11,313 | |
Due after ten years, Amortized Cost | 819 | |
Total, Amortized Cost | 83,968 | |
Due in one year or less, Fair Value | 24,586 | |
Due after one year through five years, Fair Value | 50,670 | |
Due five years through ten years, Fair Value | 12,338 | |
Due after ten years, Fair Value | 1,388 | |
Total, Fair Value | $ 88,982 | $ 117,713 |
Investments In Securities and Fair Value (Schedule of Equity Securities) (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities, Cost | $ 29,406 | $ 32,478 |
Equity Securities, Estimated Fair Value | 69,915 | 64,919 |
Common stocks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities, Cost | 29,406 | 32,478 |
Equity Securities, Estimated Fair Value | $ 69,915 | $ 64,919 |
Investments In Securities and Fair Value (Schedule Of Gross Realized Gains And Losses On Securities) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Debt Securities, Available-for-sale [Line Items] | ||||
Total, gross realized gains | $ 1,132 | $ 1,604 | ||
Total, gross realized losses | (630) | (1,490) | ||
Net realized gains from securities | 502 | 114 | ||
Gain on other investments | 1 | 32 | ||
Losses on other investments | 0 | (5) | ||
Total | 1 | 27 | ||
Net realized investment gains | $ 182 | $ 553 | 503 | 141 |
Corporate debt securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total, gross realized gains | 53 | 30 | ||
Total, gross realized losses | (24) | 0 | ||
Common stocks | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Equity securities, realized gain | 1,079 | 1,574 | ||
Equity securities, realized loss | (606) | (1,008) | ||
Other-than-temporary impairment of securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total, gross realized losses | $ 0 | $ (482) |
Investments In Securities and Fair Value (Schedule of Variable Interest Entities) (Details) - Other investments $ in Thousands |
Jun. 30, 2021
USD ($)
|
---|---|
Variable Interest Entity, Not Primary Beneficiary [Line Items] | |
Carrying Value | $ 12,737 |
Estimated Fair Value | 12,630 |
Maximum Potential Loss (a) | 22,813 |
Tax Credit LPs | |
Variable Interest Entity, Not Primary Beneficiary [Line Items] | |
Carrying Value | 276 |
Estimated Fair Value | 276 |
Maximum Potential Loss (a) | 1,768 |
Real Estate LLCs or LPs | |
Variable Interest Entity, Not Primary Beneficiary [Line Items] | |
Carrying Value | 5,034 |
Estimated Fair Value | 5,177 |
Maximum Potential Loss (a) | 7,750 |
Small Business Investment LPs | |
Variable Interest Entity, Not Primary Beneficiary [Line Items] | |
Carrying Value | 7,427 |
Estimated Fair Value | 7,177 |
Maximum Potential Loss (a) | $ 13,295 |
Investments In Securities and Fair Value (Schedule of Measurement Alternative Investments) (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2021 |
Dec. 31, 2020 |
|
Measurement Alternative Investments | ||
Beginning of Period | $ 8,741 | $ 7,899 |
Amounts Impaired | 0 | 0 |
Observable Changes | 0 | 0 |
Purchases and Additional Commitments Paid | 345 | 1,227 |
Sales, Returns of Capital and Other Reductions | (264) | (385) |
End of Period | $ 8,822 | $ 8,741 |
Commitments And Contingencies (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Like-kind exchange deposits and reverse exchange property | $ 370.5 | $ 237.9 |
Related Party Transactions Summary Of Approximate Values By Year Found Within Consolidated Balance Sheets (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Related Party Transaction [Line Items] | ||
Other investments | $ 15,031 | $ 15,493 |
Premiums and fees receivable | 21,388 | 19,427 |
Title Insurance Agencies | ||
Related Party Transaction [Line Items] | ||
Other investments | 6,209 | 6,752 |
Premiums and fees receivable | $ 848 | $ 753 |
Related Party Transactions Summary Of Approximate Values By Year Found Within Consolidated Statements Of Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Related Party Transaction [Line Items] | ||||
Net premiums written | $ 67,527 | $ 47,479 | $ 129,004 | $ 86,106 |
Other | 4,147 | 120 | 4,355 | 258 |
Commissions to agents | 34,346 | 24,089 | 64,888 | 44,276 |
Title Insurance Agencies | ||||
Related Party Transaction [Line Items] | ||||
Net premiums written | 7,165 | 6,053 | 13,934 | 10,110 |
Other | 1,078 | 636 | 1,830 | 1,137 |
Commissions to agents | $ 4,789 | $ 4,114 | $ 9,263 | $ 6,793 |
Intangible Assets, Goodwill and Title Plant (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Business Combinations [Abstract] | ||
Impairment of Intangible Assets (Excluding Goodwill) | $ 0 | $ 0 |
Goodwill | 4,400 | |
Title Plants | 857 | |
Goodwill, Impairment Loss | $ 0 | $ 0 |
Intangible Assets, Goodwill and Title Plant Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Schedule of Finite-Lived Intangible Assets [Abstract] | ||
Referral Relationships | $ 6,708 | $ 6,416 |
Non-compete Agreements | 1,409 | 1,406 |
Tradename | 747 | 560 |
Total | 8,864 | 8,382 |
Accumulated Amortization | (3,234) | (2,961) |
Identifiable Intangible Assets, Net | $ 5,630 | $ 5,421 |
Business Combinations, Intangible Assets and Goodwill, Schedule of Aggregate Amortization Expense for Intangible Assets (Details) $ in Thousands |
Jun. 30, 2021
USD ($)
|
---|---|
Business Combinations [Abstract] | |
2021 | $ 270 |
2022 | 574 |
2023 | 574 |
2024 | 522 |
2025 | 504 |
Thereafter | 2,999 |
Identifiable Intangible Assets, Net | $ 5,443 |
Revenue Recognition (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 5,895 | $ 3,993 | $ 10,771 | $ 8,382 |
Total Revenues | 84,961 | 61,748 | 157,039 | 91,649 |
Escrow and other title-related fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 3,487 | 2,018 | 6,285 | 3,860 |
Non-title services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2,408 | 1,975 | 4,486 | 4,522 |
Net premiums written | ||||
Disaggregation of Revenue [Line Items] | ||||
Other sources of revenue | 67,527 | 47,479 | 129,004 | 86,106 |
Investment-related revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Other sources of revenue | 7,392 | 10,156 | 12,909 | (3,097) |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Other sources of revenue | $ 4,147 | $ 120 | $ 4,355 | $ 258 |
Leases Operating Lease Cost (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Leases [Abstract] | ||||
Lease expense | $ 326 | $ 321 | $ 652 | $ 641 |
Short-term leases | 92 | 36 | 156 | 66 |
Sub-lease income | 0 | 0 | 0 | 0 |
Lease cost | $ 418 | $ 357 | $ 808 | $ 707 |
Leases Current and Noncurrent Lease Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Leases [Abstract] | ||
Operating lease, liability, current | $ 1,027 | $ 1,068 |
Operating lease, liability, noncurrent | 2,483 | 2,601 |
Operating lease, liability | $ 3,510 | $ 3,669 |
Leases Schedule of Lease Payments (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Leases [Abstract] | ||
2021 | $ 626 | |
2022 | 1,043 | |
2023 | 752 | |
2024 | 580 | |
2025 | 393 | |
Thereafter | 450 | |
Total undiscounted payments | 3,844 | |
Less: present value adjustment | (334) | |
Operating lease, liability | $ 3,510 | $ 3,669 |
Leases Other Information (Details) |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Leases [Abstract] | ||
Weighted average remaining lease term (years) | 4 years 2 months 19 days | 4 years 2 months 26 days |
Weighted average discount rate | 4.50% | 4.60% |
ZNH[_:RG O FPDTS@.A5J93OK=T!P
M\IUN>%:=-QRP;L;&O-RSD^1^OA:0*XP0#E-+R L\.TG@@4H*-CXW,OP.*N_V
M&VH.:E< !&VQ[P.MQ
M0'_2!D'@I3; 57(1&YB&RR6A[->'W\A"J-I7D92L 'BJK5(U5-;M8=J#
M22[$JV-GM@/=_OJ=G9!2"F@O^-=]W]UWESL&:Z6?3(YHX;D0T@R#W-KR.@Q-
MDF/!S*4J4=)+IG3!+!WU,C2E1I9Z4"'".(JNPH)Q&8P&_FZF1P-56<$ESC28
MJBB8_C-!H=;#H!-L+A[X,K?N(AP-2K;$.=K' I5E3/UY":E<7[3\5OGB
MEB\28U_T)N,E6\ =F/?+&X52K_(2\PR$YE(0!?.+UM0_OPRMOE/XE<-:U\;$
M5C*3\H,5KN.+EF<3@A0B8STP?#S %:2I=81I?"Q\MJJ0UK ^+KW_Z&K'6F9,
MPY5,?^.Q22Y:HQ:)8 07-
M5Z[A_M5T&H7P>RP8L^5?$YG]:9'2J:5TG)3.IZ1HJAE"NE6R66Z58*FDZ:4J
M;TK<3;;AK09Q-P[BGK_:K51#5-R][+R/&C9$A7&\Y7J7;+=.MMN:[$B*%74M
M,\V)G&,&6H#IX9*X3ZPIIY*PNZLCB"[V4OH8U(V"3K/6I-::M&LE;]9O!6)6
M5>$4N!E$9BLQ%2N4%!L5)Q^<.POCX')/ WF8*/CSIK2XQ_+Q>2B7T?OG5H#"L%(968?N$
MPL^,;QDHHBB&R#ZR;LX*CJ[E,.^1S2@,@F#@;@YGIJ:HT^M414?RVI6\=J.\
MV_'7>9V@ M4Y$N3U_&>*_JT*^OI7+ZE32>HT2KKG"E']PK.;P,[KZ=PZ-9&$
M7OA,9DV53JY]7#6MJ?+#,*PWTZW,=!O-G -/X/%@#92^:MTT4_5;OG=>MV.;
M8;[7NGR..[)R65FY?-G*J?72#.U[K7Z]]F9WM7#(4792(G.
MU/G$N3IFF1[+J?X==GA5*_=[O^AL^[X??*YL/F 6Z2CY<$8)Z7>&?][5_,
M8!'[T_L!M;901\T?8;TOMUQ_Q% ZN
"9S;1J7Q;U;@^@;\T(.$_R-@,-@P58
M3[.]AVY^)7,[,IT&,W 0_)W-5CP]VD+&O!DKJ#8FK59#Y;?Z_O8+>%]U*7FG
MTE0D:KO%7LR2$%^6)BJ3]-L4)7RQQ%%9="_V$:"MP*"2PC)1%9 D; 6"
M0&X.F.!K!TL 'M%_!*X0L3Q*:5_#8\,9\E85L<5)GN;]!Y[->C3XH@=D "I7
M'7&F)#T,N$SY2<=6[7:EW/$P'*!J_':K)K1S*O,=(81]$#]C,XB+;J0@0CO81CB#'=1)T96"97E_ 3SV!%,^DQ^S2>WS-I8G$Z6L]8"8UPAFNI^8:AIW>/& ;D$A26IAA8\'U%D&VH#VJW_\
M?G-],/NY[ZM_K#7R4B'82-K^]09P($J;.,1"*9M@3G.NT".+X8CT$K."47(C
MM>F3C#Y4Z.-'RT"ZH^&;LE:T)5,K@C/5]%AL%0L&^D@..AKF>ZU!61!3V@^I
MOKH(_OMOE7+?F\FN2N=,H:2'[D"7TJZU0:88>'RA
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MP%#9%EUOM+16/+'"0^
'+X[*[<.^/=Y\M[Z1=8ZICDJ\@&I_DTY&PW:= ]^!-$Z[?2^/!
M?5AN\/5$E@_@_B :4%7T PI 6-"=%
M868V,FX^EV)NA@$[\DXQ!LPAYK5\-)0+4)UUN$LH>1O),1S0NQY3X4\RX_"BO52JP-H%TUHSO"M^FPBUTGW4IZL
MIM..\NSZ$5]0C@B/6*M&=EZIJV>QZ=%<+T-+%5Q<6,]H=Q-:_ 9:#E^4M*V!
M3W*+V\O\D)B=Z,5'>G?QNX _C_(&$LX@YG'T#EYR:C?Q>,E_M+O3:H![XJKI
MLR#);0OW7FS4\,?MQGC_G^\43$\%4U\P?:/@Q\Z(IM'8""^MVL%,X7OBO@OE
MKN?"[$6-JX#NGT']@L'ZN=6(%ZK#4_=ZZ;CJ)-A6C4;(K;GV4KH'/[,N=*EG
M7<@4/0]IG.D*L+EX9!W$&7 4+01/4,"3-%/85 J^
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MO>U)VD==@"N:4I&?86K.H[;F-ROJHC?(