[ X ] | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
[ ] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
North Carolina | 56-1110199 | |||
(State of incorporation) | (I.R.S. Employer Identification No.) |
Large accelerated filer | Accelerated filer | X | ||||||
Non-accelerated filer | (Do not check if a smaller reporting company) | |||||||
Smaller reporting company | ||||||||
Emerging growth company |
PART I. | FINANCIAL INFORMATION | |
Item 1. | Financial Statements: | |
Consolidated Balance Sheets as of June 30, 2018 and December 31, 2017 | ||
Consolidated Statements of Income For the Three and Six Months Ended June 30, 2018 and 2017 | ||
Consolidated Statements of Comprehensive Income For the Three and Six Months Ended June 30, 2018 and 2017 | ||
Consolidated Statements of Stockholders’ Equity For the Six Months Ended June 30, 2018 and 2017 | ||
Consolidated Statements of Cash Flows For the Six Months Ended June 30, 2018 and 2017 | ||
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, 2018 | December 31, 2017 | ||||||
Assets | |||||||
Cash and cash equivalents | $ | 29,289 | $ | 20,214 | |||
Investments: | |||||||
Fixed maturities, available-for-sale, at fair value (amortized cost: June 30, 2018: $93,469; December 31, 2017: $100,314) | 94,578 | 103,341 | |||||
Equity securities, at fair value (cost: June 30, 2018: $26,956; December 31, 2017: $26,003) | 48,026 | 47,367 | |||||
Short-term investments | 24,950 | 23,780 | |||||
Other investments | 11,622 | 12,032 | |||||
Total investments | 179,176 | 186,520 | |||||
Premium and fees receivable | 11,008 | 10,031 | |||||
Accrued interest and dividends | 1,015 | 1,100 | |||||
Prepaid expenses and other receivables | 7,974 | 7,730 | |||||
Property, net | 10,820 | 10,173 | |||||
Goodwill and other intangible assets, net | 11,032 | 11,357 | |||||
Other assets | 1,457 | 1,403 | |||||
Current income taxes receivable | 1,427 | 385 | |||||
Total Assets | $ | 253,198 | $ | 248,913 | |||
Liabilities and Stockholders’ Equity | |||||||
Liabilities: | |||||||
Reserve for claims | $ | 32,484 | $ | 34,801 | |||
Accounts payable and accrued liabilities | 25,140 | 27,565 | |||||
Deferred income taxes, net | 9,461 | 8,626 | |||||
Total liabilities | 67,085 | 70,992 | |||||
Commitments and Contingencies | — | — | |||||
Stockholders’ Equity: | |||||||
Preferred stock (1,000 authorized shares; no shares issued) | — | — | |||||
Common stock – no par value (10,000 authorized shares; 1,887 and 1,886 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively, excluding in each period 292 shares of common stock held by the Company) | — | — | |||||
Retained earnings | 185,252 | 161,891 | |||||
Accumulated other comprehensive income | 806 | 15,945 | |||||
Total stockholders’ equity attributable to the Company | 186,058 | 177,836 | |||||
Noncontrolling interests | 55 | 85 | |||||
Total stockholders' equity | 186,113 | 177,921 | |||||
Total Liabilities and Stockholders’ Equity | $ | 253,198 | $ | 248,913 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Revenues: | |||||||||||||||
Net premiums written | $ | 35,142 | $ | 34,672 | $ | 64,701 | $ | 67,410 | |||||||
Escrow and other title-related fees | 2,149 | 1,942 | 3,653 | 3,957 | |||||||||||
Non-title services | 1,696 | 1,515 | 3,288 | 2,878 | |||||||||||
Interest and dividends | 1,125 | 1,114 | 2,243 | 2,211 | |||||||||||
Other investment income | 1,181 | 766 | 1,450 | 995 | |||||||||||
Net realized investment gains | 288 | 83 | 441 | 186 | |||||||||||
Net unrealized gain (loss) on equity investments | 348 | — | (294 | ) | — | ||||||||||
Other | 7 | 33 | 230 | 281 | |||||||||||
Total Revenues | 41,936 | 40,125 | 75,712 | 77,918 | |||||||||||
Operating Expenses: | |||||||||||||||
Commissions to agents | 16,427 | 16,598 | 30,452 | 32,929 | |||||||||||
Provision (benefit) for claims | 564 | 140 | (842 | ) | 860 | ||||||||||
Personnel expenses | 10,798 | 9,942 | 22,138 | 19,900 | |||||||||||
Office and technology expenses | 2,326 | 1,984 | 4,395 | 3,923 | |||||||||||
Other expenses | 3,007 | 3,115 | 5,530 | 5,509 | |||||||||||
Total Operating Expenses | 33,122 | 31,779 | 61,673 | 63,121 | |||||||||||
Income before Income Taxes | 8,814 | 8,346 | 14,039 | 14,797 | |||||||||||
Provision for Income Taxes | 1,894 | 2,672 | 2,946 | 4,657 | |||||||||||
Net Income | 6,920 | 5,674 | 11,093 | 10,140 | |||||||||||
Net Loss Attributable to Noncontrolling Interests | 27 | 1 | 30 | 11 | |||||||||||
Net Income Attributable to the Company | $ | 6,947 | $ | 5,675 | $ | 11,123 | $ | 10,151 | |||||||
Basic Earnings per Common Share | $ | 3.68 | $ | 3.01 | $ | 5.90 | $ | 5.38 | |||||||
Weighted Average Shares Outstanding – Basic | 1,887 | 1,887 | 1,886 | 1,886 | |||||||||||
Diluted Earnings per Common Share | $ | 3.66 | $ | 2.99 | $ | 5.87 | $ | 5.35 | |||||||
Weighted Average Shares Outstanding – Diluted | 1,897 | 1,897 | 1,896 | 1,896 | |||||||||||
Cash Dividends Paid per Common Share | $ | 0.40 | $ | 0.35 | $ | 0.80 | $ | 0.55 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net income | $ | 6,920 | $ | 5,674 | $ | 11,093 | $ | 10,140 | |||||||
Other comprehensive (loss) income, before tax: | |||||||||||||||
Amortization of unrecognized loss | — | 2 | — | 4 | |||||||||||
Unrealized (losses) gains on investments arising during the period* | (258 | ) | 1,396 | (1,918 | ) | 3,062 | |||||||||
Reclassification adjustment for sales of securities included in net income* | — | (83 | ) | — | (173 | ) | |||||||||
Other comprehensive (loss) income, before tax | (258 | ) | 1,315 | (1,918 | ) | 2,893 | |||||||||
Income tax expense related to postretirement health benefits | — | — | — | 1 | |||||||||||
Income tax (benefit) expense related to unrealized (losses) gains on investments arising during the period* | (55 | ) | 476 | (406 | ) | 1,045 | |||||||||
Income tax benefit related to reclassification adjustment for sales of securities included in net income* | — | (28 | ) | — | (60 | ) | |||||||||
Net income tax (benefit) expense on other comprehensive (loss) income | (55 | ) | 448 | (406 | ) | 986 | |||||||||
Other comprehensive (loss) income | (203 | ) | 867 | (1,512 | ) | 1,907 | |||||||||
Comprehensive Income | $ | 6,717 | $ | 6,541 | $ | 9,581 | $ | 12,047 | |||||||
Comprehensive loss attributable to noncontrolling interests | 27 | 1 | 30 | 11 | |||||||||||
Comprehensive Income Attributable to the Company | $ | 6,744 | $ | 6,542 | $ | 9,611 | $ | 12,058 |
Common Stock | Retained Earnings | Accumulated Other Comprehensive Income | Noncontrolling Interests | Total Stockholders’ Equity | ||||||||||||||||||
Shares | Amount | |||||||||||||||||||||
Balance, January 1, 2017 | 1,884 | $ | — | $ | 143,284 | $ | 11,761 | $ | 91 | $ | 155,136 | |||||||||||
Net income attributable to the Company | 10,151 | 10,151 | ||||||||||||||||||||
Dividends paid ($0.55 per share) | (1,038 | ) | (1,038 | ) | ||||||||||||||||||
Repurchases of common stock | — | (9 | ) | (9 | ) | |||||||||||||||||
Exercise of stock appreciation rights | 3 | (1 | ) | (1 | ) | |||||||||||||||||
Share-based compensation expense related to stock appreciation rights | 95 | 95 | ||||||||||||||||||||
Amortization related to postretirement health benefits | 3 | 3 | ||||||||||||||||||||
Net unrealized gain on investments | 1,904 | 1,904 | ||||||||||||||||||||
Net loss attributable to noncontrolling interests | (11 | ) | (11 | ) | ||||||||||||||||||
Balance, June 30, 2017 | 1,887 | $ | — | $ | 152,482 | $ | 13,668 | $ | 80 | $ | 166,230 | |||||||||||
Balance, January 1, 2018 | 1,886 | $ | — | $ | 161,891 | $ | 15,945 | $ | 85 | $ | 177,921 | |||||||||||
Net income attributable to the Company | 11,123 | 11,123 | ||||||||||||||||||||
Dividends paid ($0.80 per share) | (1,509 | ) | (1,509 | ) | ||||||||||||||||||
Repurchases of common stock | — | (29 | ) | (29 | ) | |||||||||||||||||
Exercise of stock appreciation rights | 1 | (1 | ) | (1 | ) | |||||||||||||||||
Share-based compensation expense related to stock appreciation rights | 150 | 150 | ||||||||||||||||||||
Cumulative effect adjustment for adoption of new accounting standards | 13,627 | (13,627 | ) | — | ||||||||||||||||||
Net unrealized loss on investments | (1,512 | ) | (1,512 | ) | ||||||||||||||||||
Net loss attributable to noncontrolling interests | (30 | ) | (30 | ) | ||||||||||||||||||
Balance, June 30, 2018 | 1,887 | $ | — | $ | 185,252 | $ | 806 | $ | 55 | $ | 186,113 |
Six Months Ended June 30, | |||||||
2018 | 2017 | ||||||
Operating Activities | |||||||
Net income | $ | 11,093 | $ | 10,140 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation | 825 | 690 | |||||
Amortization of investments, net | 451 | 387 | |||||
Amortization related to postretirement benefits obligation | — | 4 | |||||
Amortization of other intangible assets, net | 325 | 467 | |||||
Share-based compensation expense related to stock appreciation rights | 150 | 95 | |||||
Net loss (gain) on disposals of property | 16 | (13 | ) | ||||
Net realized investment gains | (441 | ) | (186 | ) | |||
Net unrealized loss on equity investments | 294 | — | |||||
Net earnings from other investments | (890 | ) | (784 | ) | |||
(Benefit) provision for claims | (842 | ) | 860 | ||||
Provision for deferred income taxes | 1,241 | 1,155 | |||||
Changes in assets and liabilities: | |||||||
Increase in premium and fees receivables | (977 | ) | (1,047 | ) | |||
(Increase) decrease in other assets | (213 | ) | 90 | ||||
Increase in current income taxes receivable | (1,042 | ) | (1,089 | ) | |||
Decrease in accounts payable and accrued liabilities | (2,425 | ) | (1,823 | ) | |||
Decrease in current income taxes payable | — | (1,232 | ) | ||||
Payments of claims, net of recoveries | (1,475 | ) | (2,024 | ) | |||
Net cash provided by operating activities | 6,090 | 5,690 | |||||
Investing Activities | |||||||
Purchases of fixed maturity securities | — | — | |||||
Purchases of equity securities | (1,658 | ) | (1,414 | ) | |||
Purchases of short-term investments | (13,488 | ) | (15,218 | ) | |||
Purchases of other investments | (610 | ) | (987 | ) | |||
Proceeds from sales and maturities of fixed maturity securities | 6,280 | 9,490 | |||||
Proceeds from sales of equity securities | 1,141 | 1,100 | |||||
Proceeds from sales and maturities of short-term investments | 12,431 | 3,931 | |||||
Proceeds from sales and distributions of other investments | 1,913 | 1,525 | |||||
Proceeds from sales of other assets | 3 | 13 | |||||
Purchases of property | (1,538 | ) | (1,964 | ) | |||
Proceeds from the sale of property | 50 | 22 | |||||
Net cash provided by (used in) investing activities | 4,524 | (3,502 | ) | ||||
Financing Activities | |||||||
Repurchases of common stock | (29 | ) | (9 | ) | |||
Exercise of stock appreciation rights | (1 | ) | (1 | ) | |||
Dividends paid | (1,509 | ) | (1,038 | ) | |||
Net cash used in financing activities | (1,539 | ) | (1,048 | ) | |||
Net Increase in Cash and Cash Equivalents | 9,075 | 1,140 | |||||
Cash and Cash Equivalents, Beginning of Period | 20,214 | 27,928 | |||||
Cash and Cash Equivalents, End of Period | $ | 29,289 | $ | 29,068 |
Consolidated Statements of Cash Flows, continued | |||||||
Six Months Ended June 30, | |||||||
2018 | 2017 | ||||||
Supplemental Disclosures: | |||||||
Cash Paid During the Year for: | |||||||
Income tax payments, net | $ | 2,746 | $ | 5,834 | |||
Non Cash Investing and Financing Activities: | |||||||
Non cash net unrealized loss (gain) on investments, net of deferred tax benefit (provision) of $406 and $(985) for June 30, 2018 and 2017, respectively | $ | 1,512 | $ | (1,904 | ) |
(in thousands) | June 30, 2018 | December 31, 2017 | |||||
Balance, beginning of period | $ | 34,801 | $ | 35,305 | |||
(Benefit) provision, charged to operations | (842 | ) | 3,311 | ||||
Payments of claims, net of recoveries | (1,475 | ) | (3,815 | ) | |||
Balance, end of period | $ | 32,484 | $ | 34,801 |
(in thousands, except percentages) | June 30, 2018 | % | December 31, 2017 | % | |||||||
Known title claims | $ | 3,927 | 12.1 | $ | 4,646 | 13.4 | |||||
IBNR | 28,557 | 87.9 | 30,155 | 86.6 | |||||||
Total loss reserves | $ | 32,484 | 100.0 | $ | 34,801 | 100.0 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(in thousands, except per share amounts) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Net income attributable to the Company | $ | 6,947 | $ | 5,675 | $ | 11,123 | $ | 10,151 | |||||||
Weighted average common shares outstanding – Basic | 1,887 | 1,887 | 1,886 | 1,886 | |||||||||||
Incremental shares outstanding assuming the exercise of dilutive SARs (share-settled) | 10 | 10 | 10 | 10 | |||||||||||
Weighted average common shares outstanding – Diluted | 1,897 | 1,897 | 1,896 | 1,896 | |||||||||||
Basic earnings per common share | $ | 3.68 | $ | 3.01 | $ | 5.90 | $ | 5.38 | |||||||
Diluted earnings per common share | $ | 3.66 | $ | 2.99 | $ | 5.87 | $ | 5.35 |
(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, 2017 | 25 | $ | 65.85 | 3.85 | $ | 837 | ||||||
SARs granted | 4 | 192.71 | ||||||||||
SARs exercised | (4 | ) | 36.38 | |||||||||
Outstanding as of December 31, 2017 | 25 | $ | 93.40 | 3.98 | $ | 837 | ||||||
SARs granted | 4 | 188.71 | ||||||||||
SARs exercised | (1 | ) | 41.50 | |||||||||
Outstanding as of June 30, 2018 | 28 | $ | 110.27 | 4.15 | $ | 2,175 | ||||||
Exercisable as of June 30, 2018 | 25 | $ | 99.73 | 3.78 | $ | 2,175 | ||||||
Unvested as of June 30, 2018 | 3 | $ | 188.71 | 6.88 | $ | — |
2018 | 2017 | ||
Expected Life in Years | 7.0 | 7.0 | |
Volatility | 39.0% | 26.2% | |
Interest Rate | 3.1% | 2.0% | |
Yield Rate | 0.8% | 0.8% |
Three Months Ended June 30, 2018 (in thousands) | Title Insurance | All Other | Intersegment Eliminations | Total | |||||||||||
Insurance and other services revenues | $ | 38,680 | $ | 1,996 | $ | (1,682 | ) | $ | 38,994 | ||||||
Investment income | 2,125 | 529 | — | 2,654 | |||||||||||
Net realized gain on investments | 264 | 24 | — | 288 | |||||||||||
Total revenues | $ | 41,069 | $ | 2,549 | $ | (1,682 | ) | $ | 41,936 | ||||||
Operating expenses | 32,424 | 2,246 | (1,548 | ) | 33,122 | ||||||||||
Income before income taxes | $ | 8,645 | $ | 303 | $ | (134 | ) | $ | 8,814 | ||||||
Total assets | $ | 199,132 | $ | 54,066 | $ | — | $ | 253,198 |
Three Months Ended June 30, 2017 (in thousands) | Title Insurance | All Other | Intersegment Eliminations | Total | |||||||||||
Insurance and other services revenues | $ | 37,922 | $ | 1,799 | $ | (1,559 | ) | $ | 38,162 | ||||||
Investment income | 1,715 | 165 | — | 1,880 | |||||||||||
Net realized gain on investments | 81 | 2 | — | 83 | |||||||||||
Total revenues | $ | 39,718 | $ | 1,966 | $ | (1,559 | ) | $ | 40,125 | ||||||
Operating expenses | 31,176 | 2,043 | (1,440 | ) | 31,779 | ||||||||||
Income (loss) before income taxes | $ | 8,542 | $ | (77 | ) | $ | (119 | ) | $ | 8,346 | |||||
Total assets | $ | 191,182 | $ | 46,772 | $ | — | $ | 237,954 |
Six Months Ended June 30, 2018 (in thousands) | Title Insurance | All Other | Intersegment Eliminations | Total | |||||||||||
Insurance and other services revenues | $ | 71,101 | $ | 3,886 | $ | (3,115 | ) | $ | 71,872 | ||||||
Investment income | 2,739 | 660 | — | 3,399 | |||||||||||
Net realized gain on investments | 407 | 34 | — | 441 | |||||||||||
Total revenues | $ | 74,247 | $ | 4,580 | $ | (3,115 | ) | $ | 75,712 | ||||||
Operating expenses | 60,216 | 4,304 | (2,847 | ) | 61,673 | ||||||||||
Income before income taxes | $ | 14,031 | $ | 276 | $ | (268 | ) | $ | 14,039 | ||||||
Total assets | $ | 199,132 | $ | 54,066 | $ | — | $ | 253,198 |
Six Months Ended June 30, 2017 (in thousands) | Title Insurance | All Other | Intersegment Eliminations | Total | |||||||||||
Insurance and other services revenues | $ | 73,686 | $ | 3,451 | $ | (2,611 | ) | $ | 74,526 | ||||||
Investment income | 2,877 | 329 | — | 3,206 | |||||||||||
Net realized gain on investments | 144 | 42 | — | 186 | |||||||||||
Total revenues | $ | 76,707 | $ | 3,822 | $ | (2,611 | ) | $ | 77,918 | ||||||
Operating expenses | 61,677 | 3,860 | (2,416 | ) | 63,121 | ||||||||||
Income (loss) before income taxes | $ | 15,030 | $ | (38 | ) | $ | (195 | ) | $ | 14,797 | |||||
Total assets | $ | 191,182 | $ | 46,772 | $ | — | $ | 237,954 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(in thousands) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Service cost – benefits earned during the year | $ | — | $ | — | $ | — | $ | — | |||||||
Interest cost on the projected benefit obligation | 8 | 9 | 16 | 19 | |||||||||||
Amortization of unrecognized losses | — | 2 | — | 4 | |||||||||||
Net periodic benefits costs | $ | 8 | $ | 11 | $ | 16 | $ | 23 |
As of June 30, 2018 (in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||
Fixed maturities, available-for-sale, at fair value: | |||||||||||||||
Government Obligations | $ | 1,033 | $ | — | $ | 10 | $ | 1,023 | |||||||
General obligations of U.S. states, territories and political subdivisions | 21,248 | 242 | 232 | 21,258 | |||||||||||
Special revenue issuer obligations of U.S. states, territories and political subdivisions | 58,694 | 1,247 | 389 | 59,552 | |||||||||||
Corporate debt securities | 12,494 | 327 | 76 | 12,745 | |||||||||||
Total | $ | 93,469 | $ | 1,816 | $ | 707 | $ | 94,578 |
As of December 31, 2017 (in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||
Fixed maturities, available-for-sale, at fair value: | |||||||||||||||
Government obligations | $ | 1,043 | $ | — | $ | 1 | $ | 1,042 | |||||||
General obligations of U.S. states, territories and political subdivisions | 24,189 | 505 | 50 | 24,644 | |||||||||||
Special revenue issuer obligations of U.S. states, territories and political subdivisions | 62,592 | 2,218 | 165 | 64,645 | |||||||||||
Corporate debt securities | 12,490 | 527 | 7 | 13,010 | |||||||||||
Total | $ | 100,314 | $ | 3,250 | $ | 223 | $ | 103,341 |
Available-for-Sale | |||||||
(in thousands) | Amortized Cost | Estimated Fair Value | |||||
Due in one year or less | $ | 9,394 | $ | 9,387 | |||
Due one year through five years | 38,648 | 39,474 | |||||
Due five years through ten years | 43,289 | 43,184 | |||||
Due after ten years | 2,138 | 2,533 | |||||
Total | $ | 93,469 | $ | 94,578 |
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||
As of June 30, 2018 (in thousands) | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | |||||||||||||||||
Government obligations | $ | 1,023 | $ | (10 | ) | $ | — | $ | — | $ | 1,023 | $ | (10 | ) | |||||||||
General obligations of U.S. states, territories and political subdivisions | 8,062 | (96 | ) | 3,402 | (136 | ) | 11,464 | (232 | ) | ||||||||||||||
Special revenue issuer obligations of U.S. states, territories and political subdivisions | 18,139 | (190 | ) | 3,899 | (199 | ) | 22,038 | (389 | ) | ||||||||||||||
Corporate debt securities | 10,696 | (76 | ) | — | — | 10,696 | (76 | ) | |||||||||||||||
Total temporarily impaired securities | $ | 37,920 | $ | (372 | ) | $ | 7,301 | $ | (335 | ) | $ | 45,221 | $ | (707 | ) |
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||
As of December 31, 2017 (in thousands) | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | |||||||||||||||||
Government obligations | $ | 1,042 | $ | (1 | ) | $ | — | $ | — | $ | 1,042 | $ | (1 | ) | |||||||||
General obligations of U.S. states, territories and political subdivisions | 4,560 | (27 | ) | 3,535 | (23 | ) | 8,095 | (50 | ) | ||||||||||||||
Special revenue issuer obligations of U.S. states, territories and political subdivisions | 13,551 | (61 | ) | 4,023 | (104 | ) | 17,574 | (165 | ) | ||||||||||||||
Corporate debt securities | 3,744 | (7 | ) | — | — | 3,744 | (7 | ) | |||||||||||||||
Total temporarily impaired securities | $ | 22,897 | $ | (96 | ) | $ | 7,558 | $ | (127 | ) | $ | 30,455 | $ | (223 | ) |
As of June 30, 2018 (in thousands) | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||
Equity securities, at fair value: | |||||||||||||||
Common stocks | $ | 26,956 | $ | 21,283 | $ | 213 | $ | 48,026 | |||||||
Total | $ | 26,956 | $ | 21,283 | $ | 213 | $ | 48,026 |
As of December 31, 2017 (in thousands) | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||
Equity securities, at fair value: | |||||||||||||||
Common stocks | $ | 26,003 | $ | 21,376 | $ | 12 | $ | 47,367 | |||||||
Total | $ | 26,003 | $ | 21,376 | $ | 12 | $ | 47,367 |
(in thousands) | 2018 | 2017 | |||||
Gross realized gains from securities: | |||||||
Special revenue issuer obligations of U.S. states, territories and political subdivisions | $ | — | $ | — | |||
Corporate debt securities | — | — | |||||
Common stocks | 484 | 298 | |||||
Total | $ | 484 | $ | 298 | |||
Gross realized losses from securities: | |||||||
General obligations of U.S. states, territories and political subdivisions | $ | — | $ | — | |||
Special revenue issuer obligations of U.S. states, territories and political subdivisions | — | — | |||||
Common stocks | (47 | ) | (125 | ) | |||
Other-than-temporary impairment of securities | — | — | |||||
Total | $ | (47 | ) | $ | (125 | ) | |
Net realized gain from securities | $ | 437 | $ | 173 | |||
Net realized gain on other investments: | |||||||
Gains on other investments | $ | 4 | $ | 13 | |||
Total | $ | 4 | $ | 13 | |||
Net realized investment gains | $ | 441 | $ | 186 |
Type of Investment (in thousands) | Balance Sheet Classification | Carrying Value | Estimated Fair Value | Maximum Potential Loss (a) | ||||||||||
Tax credit LPs | Other investments | $ | 628 | $ | 628 | $ | 1,325 | |||||||
Real estate LLCs or LPs | Other investments | 4,893 | 5,141 | 7,950 | ||||||||||
Small business investment LPs | Other investments | 4,142 | 4,261 | 9,400 | ||||||||||
Total | $ | 9,663 | $ | 10,030 | $ | 18,675 |
(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, 2018 (in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Fixed maturities: | |||||||||||||||
Obligations of U.S. states, territories and political subdivisions* | $ | — | $ | 81,833 | $ | — | $ | 81,833 | |||||||
Corporate debt securities* | — | 12,745 | — | 12,745 | |||||||||||
Total | $ | — | $ | 94,578 | $ | — | $ | 94,578 |
As of December 31, 2017 (in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Fixed maturities: | |||||||||||||||
Obligations of U.S. states, territories and political subdivisions* | $ | — | $ | 90,331 | $ | — | $ | 90,331 | |||||||
Corporate debt securities* | — | 13,010 | — | 13,010 | |||||||||||
Total | $ | — | $ | 103,341 | $ | — | $ | 103,341 |
As of June 30, 2018 (in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Financial assets: | |||||||||||||||
Cash | $ | 29,289 | $ | — | $ | — | $ | 29,289 | |||||||
Accrued interest and dividends | 1,015 | — | — | 1,015 | |||||||||||
Equity securities, at fair value: | |||||||||||||||
Common stocks | 48,026 | — | — | 48,026 | |||||||||||
Short-term investments: | |||||||||||||||
Commercial paper and money market funds | 24,950 | — | — | 24,950 | |||||||||||
Other investments: | |||||||||||||||
Equity investments in unconsolidated affiliates, equity method | — | — | 5,871 | 5,871 | |||||||||||
Equity investments in unconsolidated affiliates, measurement alternative | — | — | 5,751 | 5,751 | |||||||||||
Total | $ | 103,280 | $ | — | $ | 11,622 | $ | 114,902 |
As of December 31, 2017 (in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Financial assets: | ||||||||||||||||
Cash | $ | 20,214 | $ | — | $ | — | $ | 20,214 | ||||||||
Accrued interest and dividends | 1,100 | — | — | 1,100 | ||||||||||||
Equity securities, at fair value: | ||||||||||||||||
Common stocks | 47,367 | — | — | 47,367 | ||||||||||||
Short-term investments: | ||||||||||||||||
Commercial paper, money market funds and certificates of deposit | 23,780 | — | — | 23,780 | ||||||||||||
Other investments: | ||||||||||||||||
Equity investments in unconsolidated affiliates, equity method | — | — | 6,593 | 6,593 | ||||||||||||
Equity investments in unconsolidated affiliates, measurement alternative | — | — | 5,439 | 5,439 | ||||||||||||
Total | $ | 92,461 | $ | — | $ | 12,032 | $ | 104,493 |
As of June 30, 2018 (in thousands) | Balance, January 1, 2018 | Amounts Impaired | Observable Changes | Purchases and Additional Commitments Paid | Sales, Returns of Capital and Other Reductions | Balance, June 30, 2018 | |||||||||||||||||
Other investments: | |||||||||||||||||||||||
Equity investments in unconsolidated affiliates, measurement alternative | $ | 5,439 | $ | — | $ | — | $ | 552 | $ | (240 | ) | $ | 5,751 | ||||||||||
Total | $ | 5,439 | $ | — | $ | — | $ | 552 | $ | (240 | ) | $ | 5,751 |
As of December 31, 2017 (in thousands) | Balance, January 1, 2017 | Amounts Impaired | Observable Changes | Purchases and Additional Commitments Paid | Sales, Returns of Capital and Other Reductions | Balance, December 31, 2017 | |||||||||||||||||
Other investments: | |||||||||||||||||||||||
Equity investments in unconsolidated affiliates, measurement alternative | $ | 4,744 | $ | — | $ | — | $ | 1,082 | $ | (387 | ) | $ | 5,439 | ||||||||||
Total | $ | 4,744 | $ | — | $ | — | $ | 1,082 | $ | (387 | ) | $ | 5,439 |
Financial Statement Classification, Consolidated Balance Sheets (in thousands) | As of June 30, 2018 | As of December 31, 2017 | ||||
Other investments | $ | 5,871 | $ | 6,594 | ||
Premiums and fees receivable | $ | 721 | $ | 720 |
Financial Statement Classification, Consolidated Balance Sheets (in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net premiums written | $ | 3,628 | $ | 3,855 | $ | 6,819 | $ | 7,475 | |||||||
Non-title services and other investment income | $ | 892 | $ | 775 | $ | 1,135 | $ | 1,047 | |||||||
Commissions to agents | $ | 2,415 | $ | 2,552 | $ | 4,530 | $ | 4,956 |
(in thousands) | 2018 | 2017 | ||||
Referral relationships | $ | 6,416 | $ | 6,416 | ||
Non-compete agreements | 1,406 | 1,406 | ||||
Tradename | 560 | 560 | ||||
Total | 8,382 | 8,382 | ||||
Accumulated amortization | (1,700 | ) | (1,375 | ) | ||
Identifiable intangible assets, net | $ | 6,682 | $ | 7,007 |
Year Ended (in thousands) | |||
2018 | $ | 252 | |
2019 | 569 | ||
2020 | 569 | ||
2021 | 562 | ||
2022 | 525 | ||
Thereafter | 4,205 | ||
Total | $ | 6,682 |
Three Months Ended June 30, 2018 (in thousands) | Unrealized Gains and Losses On Available-for-Sale Securities | Postretirement Benefits Plans | Total | ||||||||
Beginning balance at April 1 | $ | 1,078 | $ | (69 | ) | $ | 1,009 | ||||
Other comprehensive loss before reclassifications | (203 | ) | — | (203 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income | — | — | — | ||||||||
Net current-period other comprehensive loss | (203 | ) | — | (203 | ) | ||||||
Ending balance | $ | 875 | $ | (69 | ) | $ | 806 |
Three Months Ended June 30, 2017 (in thousands) | Unrealized Gains and Losses On Available-for-Sale Securities | Postretirement Benefits Plans | Total | ||||||||
Beginning balance at April 1 | $ | 12,910 | $ | (109 | ) | $ | 12,801 | ||||
Other comprehensive gain before reclassifications | 920 | — | 920 | ||||||||
Amounts reclassified from accumulated other comprehensive income | (55 | ) | 2 | (53 | ) | ||||||
Net current-period other comprehensive income | 865 | 2 | 867 | ||||||||
Ending balance | $ | 13,775 | $ | (107 | ) | $ | 13,668 |
Six Months Ended June 30, 2018 (in thousands) | Unrealized Gains and Losses On Available-for-Sale Securities | Postretirement Benefits Plans | Total | ||||||||
Beginning balance at January 1 | $ | 16,003 | $ | (58 | ) | $ | 15,945 | ||||
Cumulative effect adjustment for adoption of new accounting standards | (13,616 | ) | (11 | ) | (13,627 | ) | |||||
Other comprehensive loss before reclassifications | (1,512 | ) | — | (1,512 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income | — | — | — | ||||||||
Net current-period other comprehensive loss | (1,512 | ) | — | (1,512 | ) | ||||||
Ending balance | $ | 875 | $ | (69 | ) | $ | 806 |
Six Months Ended June 30, 2017 (in thousands) | Unrealized Gains and Losses On Available-for-Sale Securities | Postretirement Benefits Plans | Total | ||||||||
Beginning balance at January 1 | $ | 11,871 | $ | (110 | ) | $ | 11,761 | ||||
Other comprehensive income before reclassifications | 2,017 | — | 2,017 | ||||||||
Amounts reclassified from accumulated other comprehensive income | (113 | ) | 3 | (110 | ) | ||||||
Net current-period other comprehensive income | 1,904 | 3 | 1,907 | ||||||||
Ending balance | $ | 13,775 | $ | (107 | ) | $ | 13,668 |
Three Months Ended June 30, 2018 (in thousands) | |||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Consolidated Statements of Income | |||
Unrealized gains and losses on available-for-sale securities: | |||||
Net realized gain on investments | $ | — | |||
Other-than-temporary impairments | — | ||||
Total | $ | — | Net realized investment gains | ||
Tax | — | Provision for Income Taxes | |||
Net of Tax | $ | — | |||
Amortization related to postretirement benefit plans: | |||||
Prior year service cost | $ | — | |||
Unrecognized loss | — | ||||
Total | $ | — | (a) | ||
Tax | — | Provision for Income Taxes | |||
Net of Tax | $ | — | |||
Reclassifications for the period | $ | — |
Three Months Ended June 30, 2017 (in thousands) | |||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Consolidated Statements of Income | |||
Unrealized gains and losses on available-for-sale securities: | |||||
Net realized gain on investments | $ | 83 | |||
Other-than-temporary impairments | — | ||||
Total | $ | 83 | Net realized investment gains | ||
Tax | (28 | ) | Provision for Income Taxes | ||
Net of Tax | $ | 55 | |||
Amortization related to postretirement benefit plans: | |||||
Prior year service cost | $ | — | |||
Unrecognized loss | (2 | ) | |||
Total | $ | (2 | ) | (a) | |
Tax | — | Provision for Income Taxes | |||
Net of Tax | $ | (2 | ) | ||
Reclassifications for the period | $ | 53 |
Six Months Ended June 30, 2018 (in thousands) | |||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Consolidated Statements of Income | |||
Unrealized gains and losses on available-for-sale securities: | |||||
Net realized gain on investments | $ | — | |||
Other-than-temporary impairments | — | ||||
Total | $ | — | Net realized investment gains | ||
Tax | — | Provision for Income Taxes | |||
Net of Tax | $ | — | |||
Amortization related to postretirement benefit plans: | |||||
Prior year service cost | $ | — | |||
Unrecognized loss | — | ||||
Total | $ | — | (a) | ||
Tax | — | Provision for Income Taxes | |||
Net of Tax | $ | — | |||
Reclassifications for the period | $ | — |
Six Months Ended June 30, 2017 (in thousands) | |||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Consolidated Statements of Income | |||
Unrealized gains and losses on available-for-sale securities: | |||||
Net realized gain on investments | $ | 173 | |||
Other-than-temporary impairments | — | ||||
Total | $ | 173 | Net realized investment gains | ||
Tax | (60 | ) | Provision for Income Taxes | ||
Net of Tax | $ | 113 | |||
Amortization related to postretirement benefit plans: | |||||
Prior year service cost | $ | — | |||
Unrecognized loss | (4 | ) | |||
Total | $ | (4 | ) | (a) | |
Tax | 1 | Provision for Income Taxes | |||
Net of Tax | $ | (3 | ) | ||
Reclassifications for the period | $ | 110 |
(a) | These accumulated other comprehensive income components are not reclassified to net income in their entirety in the same reporting period. The amounts are presented within personnel costs on the Consolidated Statements of Income as amortized. Amortization and accretion related to postretirement benefit plans is included in the computation of net periodic pension costs, as discussed in Note 5. |
(in thousands) | Three Months Ended June 30, 2018 | Six Months Ended June 30, 2018 | ||||
Revenue from contracts with customers: | ||||||
Escrow and other title-related fees | $ | 2,149 | $ | 3,653 | ||
Non-title services | 1,696 | 3,288 | ||||
Total revenue from contracts with customers | 3,845 | 6,941 | ||||
Other sources of revenue: | ||||||
Net premiums written | 35,142 | 64,701 | ||||
Investment related revenue | 2,942 | 3,840 | ||||
Other | 7 | 230 | ||||
Total Revenues | $ | 41,936 | $ | 75,712 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(in thousands) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Revenues: | |||||||||||||||
Net premiums written | $ | 35,142 | $ | 34,672 | $ | 64,701 | $ | 67,410 | |||||||
Escrow and other title-related fees | 2,149 | 1,942 | 3,653 | 3,957 | |||||||||||
Non-title services | 1,696 | 1,515 | 3,288 | 2,878 | |||||||||||
Interest and dividends | 1,125 | 1,114 | 2,243 | 2,211 | |||||||||||
Other investment income | 1,181 | 766 | 1,450 | 995 | |||||||||||
Net realized investment gains | 288 | 83 | 441 | 186 | |||||||||||
Net unrealized gain (loss) on equity investments | 348 | — | (294 | ) | — | ||||||||||
Other | 7 | 33 | 230 | 281 | |||||||||||
Total Revenues | 41,936 | 40,125 | 75,712 | 77,918 | |||||||||||
Operating Expenses: | |||||||||||||||
Commissions to agents | 16,427 | 16,598 | 30,452 | 32,929 | |||||||||||
Provision (benefit) for claims | 564 | 140 | (842 | ) | 860 | ||||||||||
Personnel expenses | 10,798 | 9,942 | 22,138 | 19,900 | |||||||||||
Office and technology expenses | 2,326 | 1,984 | 4,395 | 3,923 | |||||||||||
Other expenses | 3,007 | 3,115 | 5,530 | 5,509 | |||||||||||
Total Operating Expenses | 33,122 | 31,779 | 61,673 | 63,121 | |||||||||||
Income before Income Taxes | 8,814 | 8,346 | 14,039 | 14,797 | |||||||||||
Provision for Income Taxes | 1,894 | 2,672 | 2,946 | 4,657 | |||||||||||
Net Income Attributable to the Company | $ | 6,947 | $ | 5,675 | $ | 11,123 | $ | 10,151 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(in thousands, except percentages) | 2018 | % | 2017 | % | 2018 | % | 2017 | % | ||||||||||||||||||
Home and Branch | $ | 10,736 | 30.6 | % | $ | 10,394 | 30.0 | % | $ | 19,353 | 29.9 | % | $ | 19,677 | 29.2 | % | ||||||||||
Agency | 24,406 | 69.4 | % | 24,278 | 70.0 | % | 45,348 | 70.1 | % | 47,733 | 70.8 | % | ||||||||||||||
Total | $ | 35,142 | 100.0 | % | $ | 34,672 | 100.0 | % | $ | 64,701 | 100.0 | % | $ | 67,410 | 100.0 | % |
Three Months Ended June, 30 | Six Months Ended June 30, | ||||||||||||||
State (in thousands) | 2018 | 2017 | 2018 | 2017 | |||||||||||
North Carolina | $ | 14,570 | $ | 13,307 | $ | 26,198 | $ | 25,530 | |||||||
Texas | 6,303 | 6,688 | 11,714 | 12,859 | |||||||||||
South Carolina | 3,440 | 3,212 | 6,985 | 6,837 | |||||||||||
Georgia | 3,559 | 3,010 | 6,040 | 5,840 | |||||||||||
Virginia | 1,472 | 1,440 | 2,890 | 3,000 | |||||||||||
All Others | 5,904 | 7,073 | 11,044 | 13,458 | |||||||||||
Premiums | 35,248 | 34,730 | 64,871 | 67,524 | |||||||||||
Reinsurance Assumed | — | 3 | 2 | 3 | |||||||||||
Reinsurance Ceded | (106 | ) | (61 | ) | (172 | ) | (117 | ) | |||||||
Net Premiums Written | $ | 35,142 | $ | 34,672 | $ | 64,701 | $ | 67,410 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||
(in thousands, except percentages) | 2018 | % | 2017 | % | 2018 | % | 2017 | % | |||||||||||||||||||
Title Insurance | $ | 30,903 | 93.3 | % | $ | 29,760 | 93.6 | % | $ | 57,419 | 93.1 | % | $ | 59,307 | 94.0 | % | |||||||||||
All Other | 2,219 | 6.7 | % | 2,019 | 6.4 | % | 4,254 | 6.9 | % | 3,814 | 6.0 | % | |||||||||||||||
Total | $ | 33,122 | 100.0 | % | $ | 31,779 | 100.0 | % | $ | 61,673 | 100.0 | % | $ | 63,121 | 100.0 | % |
• | changes in interest rates and real estate values; |
• | other changes in general economic, business, and political conditions, including the overall performance of the financial and real estate markets; |
• | potential reform of government sponsored mortgage entities; |
• | the level of real estate transaction volumes, the level of mortgage origination volumes (including refinancing), the mix of title insurance between markets with varying real estate values, and changes to the insurance requirements of the participants in the secondary mortgage market, and the effect of these factors on the demand for title insurance; |
• | the possible inadequacy of provisions for claims to cover actual claim losses; |
• | the incidence of fraud-related losses; |
• | unanticipated adverse changes in securities markets that could result in material losses to the Company's investments; |
• | significant competition that the Company’s operating subsidiaries face, including the Company’s ability to develop and offer products and services that meet changing industry standards in a timely and cost-effective manner and expansion into new geographic locations; |
• | the Company’s reliance upon the North Carolina and Texas markets for a significant portion of its premiums; |
• | compliance with government regulation, including pricing regulation, and significant changes to applicable regulations or in their application by regulators; |
• | the impact of governmental oversight of compliance of the Company's service providers, including the application of financial regulation designed to protect consumers; |
• | possible downgrades from a rating agency, which could result in a loss of underwriting business; |
• | the inability of the Company to manage, develop and implement technological advancements and prevent system interruptions or unauthorized system intrusions; |
• | statutory requirements applicable to the Company’s insurance subsidiaries that require them to maintain minimum levels of capital, surplus and reserves and that restrict the amount of dividends they may pay to the Company without prior regulatory approval; |
• | the desire to maintain capital above statutory minimum requirements for competitive, marketing and other reasons; |
• | heightened regulatory scrutiny and investigations of the title insurance industry; |
• | the Company’s dependence on key management and marketing personnel, the loss of whom could have a material adverse effect on the Company’s business; |
• | difficulty managing growth, whether organic or through acquisitions; |
• | unfavorable economic or other conditions could cause the Company to record impairment charges for all or a portion of its goodwill and other intangible assets; |
• | policies and procedures for the mitigation of risks that may be insufficient to prevent losses; |
• | the shareholder rights plan could discourage transactions involving actual or potential changes of control; and |
• | other risks detailed elsewhere in this document and in the Company’s other filings with the SEC. |
(a) | None |
(b) | None |
(c) | The following table provides information about purchases by the Company (and all affiliated purchasers) during the quarter ended June 30, 2018 of equity securities that are registered by the Company pursuant to Section 12 of the Exchange Act: |
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 | 428,295 | |||||||||||
April 2018 | — | $ | — | — | 428,295 | |||||||
May 2018 | — | $ | — | — | 428,295 | |||||||
June 2018 | — | $ | — | — | 428,295 | |||||||
Total: | — | $ | — | — | 428,295 |
31(i) | |
31(ii) | |
32 | |
101.INS | XBRL Instance Document |
101.SCH | XBRL Taxonomy Extension Schema Document |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
INVESTORS TITLE COMPANY | ||
By: | /s/ James A. Fine, Jr. | |
James A. Fine, Jr., President, Treasurer, Chief | ||
Financial Officer, Chief Accounting Officer and | ||
Director (Principal Financial Officer and | ||
Principal Accounting Officer) |
1. | I have reviewed this quarterly report on Form 10-Q of Investors Title Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Dated: | August 8, 2018 | /s/ J. Allen Fine |
J.Allen Fine | ||
Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Investors Title Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Dated: | August 8, 2018 | /s/ James A. Fine, Jr. |
James A. Fine, Jr. | ||
Chief Financial Officer |
(i) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and |
(ii) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Dated: | August 8, 2018 | /s/ J. Allen Fine |
J. Allen Fine | ||
Chief Executive Officer | ||
Dated: | August 8, 2018 | /s/ James A. Fine, Jr. |
James A. Fine, Jr. | ||
Chief Financial Officer |
Document And Entity Information - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Jul. 19, 2018 |
|
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2018 | |
Entity Registrant Name | INVESTORS TITLE CO | |
Entity Central Index Key | 0000720858 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 1,886,630 |
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Fixed maturities, available-for-sale, amortized cost | $ 93,469 | $ 100,314 |
Equity securities, cost | $ 26,956 | $ 26,003 |
Preferred stock, shares authorized | 1,000 | 1,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, no par value | ||
Common stock, shares authorized | 10,000 | 10,000 |
Common stock, shares issued | 1,887 | 1,886 |
Common stock, shares outstanding | 1,887 | 1,886 |
Common stock, held by Company's subsidiary | 292 | 292 |
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Revenues: | ||||
Net premiums written | $ 35,142 | $ 34,672 | $ 64,701 | $ 67,410 |
Escrow and other title-related fees | 2,149 | 1,942 | 3,653 | 3,957 |
Non-title services | 1,696 | 1,515 | 3,288 | 2,878 |
Interest and dividends | 1,125 | 1,114 | 2,243 | 2,211 |
Other investment income | 1,181 | 766 | 1,450 | 995 |
Net realized investment gains | 288 | 83 | 441 | 186 |
Net unrealized gain (loss) on equity investments | 348 | 0 | (294) | 0 |
Other | 7 | 33 | 230 | 281 |
Total Revenues | 41,936 | 40,125 | 75,712 | 77,918 |
Operating Expenses: | ||||
Commissions to agents | 16,427 | 16,598 | 30,452 | 32,929 |
Provision (benefit) for claims | 564 | 140 | (842) | 860 |
Personnel expenses | 10,798 | 9,942 | 22,138 | 19,900 |
Office and technology expenses | 2,326 | 1,984 | 4,395 | 3,923 |
Other expenses | 3,007 | 3,115 | 5,530 | 5,509 |
Total Operating Expenses | 33,122 | 31,779 | 61,673 | 63,121 |
Income before Income Taxes | 8,814 | 8,346 | 14,039 | 14,797 |
Provision for Income Taxes | 1,894 | 2,672 | 2,946 | 4,657 |
Net Income | 6,920 | 5,674 | 11,093 | 10,140 |
Net Loss Attributable to Noncontrolling Interests | 27 | 1 | 30 | 11 |
Net Income Attributable to the Company | $ 6,947 | $ 5,675 | $ 11,123 | $ 10,151 |
Basic Earnings per Common Share | $ 3.68 | $ 3.01 | $ 5.90 | $ 5.38 |
Weighted Average Shares Outstanding – Basic | 1,887 | 1,887 | 1,886 | 1,886 |
Diluted Earnings per Common Share | $ 3.66 | $ 2.99 | $ 5.87 | $ 5.35 |
Weighted Average Shares Outstanding – Diluted | 1,897 | 1,897 | 1,896 | 1,896 |
Cash Dividends Paid per Common Share | $ 0.40 | $ 0.35 | $ 0.80 | $ 0.55 |
Consolidated Statements Of Stockholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
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Statement of Stockholders' Equity [Abstract] | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.40 | $ 0.35 | $ 0.80 | $ 0.55 |
Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Thousands |
6 Months Ended | |
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Jun. 30, 2018 |
Jun. 30, 2017 |
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Statement of Cash Flows [Abstract] | ||
Non cash net unrealized loss (gain) on investments, net of deferred tax benefit (provision) | $ 406 | $ (985) |
Basis Of Presentation And Significant Accounting Policies |
6 Months Ended |
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Jun. 30, 2018 | |
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, 2017 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. Earnings attributable to noncontrolling interests in majority-owned title insurance agencies are recorded in the Consolidated Statements of Income. Noncontrolling interests representing the portion of equity not related to the Company's ownership interests are recorded in separate sections of the Consolidated Balance Sheets. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments considered necessary for a fair presentation of the financial position, results of operations and cash flows of the Company in the accompanying unaudited Consolidated Financial Statements have been included. All such adjustments are of a normal recurring nature. Operating results for the quarter ended June 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. Reclassifications – Certain prior year amounts have been reclassified for consistency with the current period presentation. The primary change was the presentation of revenue and operating expenses. Revenue other than title premiums are now presented in more detail than previously provided. Presentation of operating expenses has also been modified. These reclassifications had no effect on the reported results of operations. Use of Estimates and Assumptions – The preparation of the Company’s 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions used. Subsequent Events – The Company has evaluated and concluded that there were no material subsequent events requiring adjustment or disclosure to its Consolidated Financial Statements. Recently Adopted Accounting Standards In February 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. ASU 2018-02 is intended to help organizations reclassify certain stranded income tax effects in accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act (“TCJA”). Under the ASU, entities have the option to reclassify tax effects from the TCJA within other comprehensive income to retained earnings in each period in which the effect of the change in the federal corporate tax rate under the TCJA is recorded. The update is effective for annual periods beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The Company adopted this update on January 1, 2018 by means of a $3.1 million cumulative effect reclassification between retained earnings and accumulated other comprehensive income. The update had no material impact on the Company's financial position and results of operations. In March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits (Topic 715). This update requires entities to (1) disaggregate the current service cost component from the other components of net benefit cost (the "other components") and present it with other current compensation costs for related employees in the income statement and (2) present the other components elsewhere in the income statement and outside of income from operations if that subtotal is presented. In addition, the ASU requires entities to disclose the income statement lines that contain the other components if they are not presented on appropriately described separate lines. The update was effective for annual periods beginning after December 15, 2017, and interim periods within those fiscal years. The Company adopted this update on January 1, 2018 with no material impact on the Company's financial position and results of operations. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 updated guidance to enhance the reporting model for financial instruments. Among the main principles of the guidance applicable to the Company are provisions to: (1) require equity investments, except those accounted for under the equity method of accounting or those that result in consolidation of the investee, to be measured at fair value with changes in fair value recognized in net income; (2) simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, noting that when a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value; (3) eliminate the requirement to disclose methods and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost; (4) require entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (5) require separate presentation of financial assets and financial liabilities by measuring category and form of financial asset on the balance sheet or accompanying notes to the financial statements; and (6) clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. The update was effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company adopted this update on January 1, 2018 by means of a $16.8 million cumulative effect reclassification of the net unrealized gain related to equity securities from accumulated other comprehensive income to retained earnings. The amendments related to equity securities without readily determinable fair values were applied prospectively to equity investments that existed as of the date of adoption. As a result, the Company recognized a $294 thousand net unrealized loss on equity investments in the Consolidated Statements of Income for the six-month period ended June 30, 2018. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 updated guidance to improve the comparability of revenue recognition practices for entities that either enter into contracts with customers to transfer goods or services or enter into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards such as insurance contracts or lease standards. As the ASU does not apply to the Company's core title insurance business, its potential effect is limited to the Company's other lines of business. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For public entities, this update originally became effective for interim and annual reporting periods beginning after December 15, 2016. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. ASU 2015-14 updated guidance to defer the effective date of the standard by one year. The Company adopted this update using the modified retrospective transition approach on January 1, 2018 with no impact on the Company's financial position and results of operations. Refer to Note 11 for further information regarding the Company's revenue from contracts with customers. Recently Issued Accounting Standards In March 2017, the FASB issued ASU 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 is intended to enhance the accounting for the amortization of premiums for purchased callable debt securities. Specifically, the ASU shortens the amortization period for certain investments in callable debt securities purchased at a premium by requiring that the premium be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The update is effective for annual periods beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact that the recently issued accounting standard will have on the Company's financial position and results of operations, but does not expect it to have a material impact. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350). This update removes the requirement to compare the implied fair value of goodwill with its carrying amount as part of step 2 of the goodwill impairment test. As a result, under the ASU, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In addition, the ASU clarifies that an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The update is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. None of these amendments are expected to have a material impact on the Company's financial position or results of operations. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326). ASU 2016-13 is intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The update broadens the information that an entity must consider in developing its expected credit loss estimates, and is meant to better reflect an entity’s current estimate of all expected credit losses. In addition, this update amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The update is effective for annual periods beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted as of fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the impact that the recently issued accounting standard will have on the Company's financial position and results of operations, but does not expect it to have a material impact. Currently, the Company's potential credit losses under this accounting standard relate to fixed maturity securities. The Company does not believe that the risk of credit losses, based on current fixed maturity holdings, is material to the Company's financial statements as a whole. Refer to Note 6 for further information about the Company's investments. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 updated guidance to improve financial reporting for leasing transactions. The core principle of the guidance is that lessees will be required to recognize assets and liabilities on the balance sheet for all leases with terms of more than twelve months. A lessee would recognize a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term. The accounting applied by a lessor is largely unchanged from current GAAP, with some targeted improvements. Disclosures will be required by lessees and lessors to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. In transition, both lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The update is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption was permitted for all entities upon issuance. The Company is currently evaluating the impact that the recently issued accounting standard will have on the Company's financial position and results of operations, but does not expect it to have a material impact. As of December 31, 2017, future minimum lease payments with terms of more than twelve months were approximately $3.6 million. Significant Accounting Policies – The Company has updated the following accounting policies due to the adoption of ASU 2016-01. Investments in Fixed Maturity Securities – Fixed maturity securities are classified as available-for-sale and reported at fair value with unrealized gains and losses, net of tax and adjusted for other-than-temporary declines in fair value, and reported as accumulated other comprehensive income. Securities are regularly reviewed for differences between the cost and estimated fair value of each security for factors that may indicate that a decline in fair value is other-than-temporary. Some factors considered in evaluating whether or not a decline in fair value is other-than-temporary include the duration and extent to which the fair value has been less than cost and the Company’s ability and intent to retain the investment for a period of time sufficient to allow for a recovery in value. Such reviews are inherently uncertain and the value of the investment may not fully recover or may decline in future periods resulting in a realized loss. Realized gains and losses are determined on the specific identification method (refer to Note 6 for further information regarding the Company's investments). Investments in Equity Securities – Equity securities represent ownership interests held by the Company in entities for investment purposes. Prior to January 1, 2018, these equity securities were classified as available-for-sale and were carried at fair value on the Company’s Consolidated Balance Sheets. Unrealized holding gains and losses from changes in the fair values of available-for-sale equity securities were reported in accumulated other comprehensive income. Effective January 1, 2018, unrealized holding gains and losses are reported in the Consolidated Statements of Income as a net unrealized gain or loss on equity securities. As a result, other-than-temporary impairments will no longer be considered for equity securities. Realized investment gains and losses from sales are recorded on the trade date and are determined using the specific identification method (refer to Note 6 for further information regarding the Company's investments). Other Investments – Other investments consist of investments in unconsolidated affiliated entities, typically structured as limited liability companies ("LLC's"), without readily determinable fair values. Other investments are accounted for under either the equity method or the measurement alternative method. The measurement alternative method is used when an investment does not qualify for the equity method or the practical expedient in Accounting Standards Codification ("ASC") Topic 820, which estimates fair value using the net asset value per share. Under the measurement alternative method, investments are recorded at cost, less any impairment and plus or minus any changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. 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. |
Reserves For Claims |
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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, 2018 and the year ended December 31, 2017 are summarized as follows:
The total reserve for all reported and unreported losses the Company incurred through June 30, 2018 is represented by the reserve for claims. The Company's reserves for unpaid losses and loss adjustment expenses are established using estimated amounts required to settle claims for which notice has been received (reported) and the amount estimated to be required to satisfy claims that have been incurred but not yet reported (“IBNR”). Despite the variability of such estimates, management believes that the total reserve is adequate to cover claim losses which might result from pending and future claims under title insurance policies issued through June 30, 2018. Management continually reviews and adjusts its reserve estimates to reflect its loss experience and any new information that becomes available. Adjustments resulting from such reviews may be significant. A summary of the Company’s loss reserve, 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 realizable value, net of any indebtedness on the property. |
Earnings Per Common Share And Share Awards |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Common Share And Share Awards | Earnings Per Common Share and Share Awards Basic earnings per common share is computed by dividing net income attributable to the Company by the weighted average number of common shares outstanding during the reporting period. Diluted earnings per common share is computed by dividing net income attributable to the Company by the combination of dilutive potential common stock, comprised of shares issuable under the Company’s share-based compensation plans and the weighted average number of common shares outstanding during the reporting period. Dilutive common share equivalents include the dilutive effect of in-the-money share-based awards, which are calculated based on the average share price for each period using the treasury stock method. Under the treasury stock method, when share-based awards are exercised, (a) the exercise price of a share-based award; and (b) the amount of compensation cost, if any, for future services that the Company has not yet recognized, are assumed to be used to repurchase shares in the current period. The following table sets forth the computation of basic and diluted earnings per share for the three- and six-month periods ended June 30:
There were 9 thousand and 4 thousand potential shares excluded from the computation of diluted earnings per share for the three-month periods ended June 30, 2018 and 2017, respectively. There were 4 thousand potential shares excluded from the computation of diluted earnings per share for the six-month periods ended June 30, 2018 and 2017. The Company historically has adopted employee stock award plans under which restricted stock, and 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, 2018, the only outstanding awards under the plans were SARs, which expire in seven years from the date of grant, and all of which vest and are exercisable within one year of the date of grant. All SARs issued to date have been share-settled only. There have been no stock options or SARs granted where the exercise price was less than the market price on the date of grant. There was approximately $151 thousand and $95 thousand of compensation expense relating to SARs vesting on or before June 30, 2018 and 2017, respectively, included in salaries, employee benefits and payroll taxes in the Consolidated Statements of Income. As of June 30, 2018, there was $265 thousand of unrecognized compensation cost related to unvested share-based compensation arrangements granted under the Company’s stock award plans. A summary of share-based award transactions for all share-based award plans follows:
During the second quarters of both 2018 and 2017, the Company issued 4 thousand share-settled SARs to the directors of the Company. SARs give the holder the right to receive stock equal to the appreciation in the value of shares of stock from the grant date for a specified period of time, and as a result, are accounted for as equity instruments. The fair value of each award is estimated on the date of grant using the Black-Scholes option valuation model with the weighted average assumptions noted in the table shown below. Expected volatilities are based on both the implied and historical volatility of the Company’s stock. The Company uses historical data to project SAR exercises and pre-exercise forfeitures within the valuation model. The expected term of awards represents the period of time that SARs granted are expected to be outstanding. The interest rate assumed for the expected life of the award is based on the U.S. Treasury yield curve in effect at the time of the grant. The weighted average fair values for the SARs issued during 2018 and 2017 were $78.61 and $55.40, respectively, and were estimated using the weighted average assumptions shown in the table below.
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Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information The Company has one reportable segment, title insurance services. The remaining immaterial segments have been combined into a group called “All Other.” The title insurance segment primarily issues title insurance policies through approved attorneys from underwriting offices and through independent issuing agents. Title insurance policies insure titles to real estate. Provided below is selected financial information about the Company's operations by segment for the periods ended June 30, 2018 and 2017:
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Retirement Agreements And Other Postretirement Benefits |
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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 $10.9 million and $9.5 million as of June 30, 2018 and December 31, 2017, 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 Consolidated Balance Sheets. The following sets forth the net periodic benefits cost for the executive benefits for the periods ended June 30, 2018 and 2017:
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Investments In Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments In Securities and Fair Value [Text Block] | Investments and Estimated Fair Value Investments in Fixed Maturity Securities The estimated fair value, gross unrealized holding gains, gross unrealized holding losses and amortized cost for fixed maturities by major classification are as follows:
The special revenue category for both periods presented includes approximately 60 individual fixed maturities with revenue sources from a variety of industry sectors. The scheduled maturities of fixed maturity securities at June 30, 2018 were 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 investment securities and the estimated fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at June 30, 2018 and December 31, 2017:
The decline in estimated fair value of the fixed maturity securities can be attributed primarily to changes in market interest rates and changes in credit spreads over Treasury securities. Because the Company does not have the intent to sell these securities and will likely not be compelled to sell them before it can recover its cost basis, the Company does not consider these investments to be other-than-temporarily impaired. Factors considered in determining whether a loss is temporary include the length of time and extent to which fair value has been below cost, the financial condition and prospects of the issuer (including credit ratings and analyst reports) and macro-economic changes. A total of 52 and 32 securities had unrealized losses at June 30, 2018 and December 31, 2017, respectively. Reviews of the values of securities are inherently uncertain and the value of the investment may not fully recover, or may decline in future periods resulting in a realized loss. The Company recorded no other-than-temporary impairment charges for fixed maturities for the six-month periods ended June 30, 2018 and 2017. Other-than-temporary impairment charges are included in net realized investment gains in the Consolidated Statements of Income. Investments in Equity Securities The estimated fair value, gross unrealized holding gains, gross unrealized holding losses and cost for equity securities are as follows:
Effective January 1, 2018, unrealized holding gains and losses are reported in the Consolidated Statements of Income as net unrealized gain or loss on equity securities. As a result, other-than-temporary impairments will no longer be considered for equity securities. The Company did not record any other-than-temporary charges for equity securities for the six-month period ended June 30, 2017. Realized Gains from the Sale of Investment Securities 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, 2018:
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 that are measured at estimated fair value using quoted active market prices. The Level 2 category includes fixed maturity investments such as corporate debt securities, U.S. government and agency obligations, and municipal obligations. Estimated fair value is principally based on market values obtained from a third-party pricing service. Factors that are used in determining estimated fair market value include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data. The Company receives one quote per security from a third-party pricing service, although as discussed below, the Company does consult other pricing resources when confirming that the prices it obtains reflect the fair values of the instruments in accordance with ASC 820, Fair Value Measurements and Disclosures. Generally, quotes obtained from the pricing service for instruments classified as Level 2 are not adjusted and are not binding. As of June 30, 2018 and December 31, 2017, 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 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 dividends and interest The carrying amount for accrued dividends and interest is a reasonable estimate of fair value due to the short-term maturity of these assets. The following table presents, by level, fixed maturities carried at estimated fair value measured as of June 30, 2018 and December 31, 2017:
*Denotes fair market value obtained from pricing services. The estimated fair values of equity investments and other financial instruments as of June 30, 2018 and December 31, 2017 are presented in the following table:
The Company did not hold any Level 3 category debt or marketable equity investment securities as of June 30, 2018 or December 31, 2017. There were no transfers into or out of Levels 1, 2 or 3 during the period. To help ensure that estimated fair value determinations are consistent with ASC 820, prices from our pricing services go through multiple review processes to ensure appropriate pricing. Pricing procedures and inputs used to price each security include, but are not limited to, the following: unadjusted quoted market prices for identical securities such as stock market closing prices; non-binding quoted prices for identical securities in markets that are not active; interest rates; yield curves observable at commonly quoted intervals; volatility; prepayment speeds; loss severity; credit risks; and default rates. The Company reviews the procedures and inputs used by its pricing services, and verifies a sample of the services’ quotes by comparing them to values obtained from other pricing resources. In the event the Company disagrees with a price provided by its pricing services, the respective service reevaluates the price to corroborate the market information and then reviews inputs to the evaluation in light of potentially new market data. The Company believes that these processes and inputs result in appropriate classifications and estimated fair values consistent with ASC 820. 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 Consolidated Statements of Income. There were no impairments of such investments made during the six-month period ended June 30, 2018 or the twelve-month period ended December 31, 2017. The following table presents a rollforward of equity investments under the measurement alternative as of June 30, 2018 and December 31, 2017:
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Commitments And Contingencies |
6 Months Ended |
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Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments and Contingencies Legal Proceedings – The Company and its subsidiaries are involved in legal proceedings that are incidental to their business. In the Company’s opinion, based on the present status of these proceedings, any potential liability of the Company or its subsidiaries with respect to these legal proceedings, will not, in the aggregate, be material to the Company’s consolidated financial condition or operations. Regulation – The Company’s title insurance and trust subsidiaries are regulated by various federal, state and local governmental agencies and are subject to various audits and inquiries. It is the opinion of management based on its present expectations that these audits and inquiries will not have a material impact on the Company’s consolidated financial condition or operations. Escrow and Trust Deposits – As a service to its customers, the Company, through ITIC, administers escrow and trust deposits representing earnest money received under real estate contracts, undisbursed amounts received for settlement of mortgage loans and indemnities against specific title risks. These amounts are not considered assets of the Company and, therefore, are excluded from the accompanying Consolidated Balance Sheets. However, the Company remains contingently liable for the disposition of these deposits. Like-Kind Exchanges Proceeds – In administering tax-deferred property exchanges, the Company’s subsidiary, Investors Title Exchange Corporation (“ITEC”), serves as a qualified intermediary for exchanges, holding the net sales proceeds from relinquished property to be used for purchase of replacement property. Another Company subsidiary, Investors Title Accommodation Corporation (“ITAC”), serves as exchange accommodation titleholder and, through limited liability companies that are wholly owned subsidiaries of ITAC, holds property for exchangers in reverse exchange transactions. Like-kind exchange deposits and reverse exchange property totaled approximately $135.8 million and $185.0 million as of June 30, 2018 and December 31, 2017, respectively. These amounts are not considered assets of the Company and, therefore, are excluded from the accompanying Consolidated Balance Sheets; however, the Company remains contingently liable for transfers of property, disbursements of proceeds and the return on the proceeds at the agreed upon rate. Exchange services revenues include earnings on these deposits; therefore, investment income is shown as non-title services rather than investment income. These like-kind exchange funds are primarily invested in money market and other short-term investments. |
Related Party Transactions |
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Related Party Transactions | Related Party Transactions The Company does business with, and has investments in, unconsolidated limited liability companies that are primarily title insurance agencies. The Company utilizes the equity method to account for its investment in these limited liability companies. The following table sets forth the approximate values by year found within each financial statement classification:
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Business Combinations, Intangible Assets and Goodwill |
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Business Combinations, Intangible Assets and Goodwill | Note 9 – Intangible Assets and Goodwill Intangible Assets The 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 a third-party valuation service. In accordance with ASC 350, Intangibles – Goodwill and Other, management determined that no events or changes in circumstances occurred during 2018 that would indicate the carrying amounts may not be recoverable, and therefore determined that no identifiable intangible assets were impaired during the six-months ended June 30, 2018. Net identifiable intangible assets of $154 thousand were impaired during 2017. Identifiable intangible assets consist of the following as of June 30, 2018 and December 31, 2017:
The following table provides the estimated aggregate amortization expense for each of the five succeeding fiscal years:
Goodwill and Title Plant As of June 30, 2018, the Company recognized $4.4 million in goodwill and $690 thousand in a title plant, net of impairments, as the result of title insurance agency acquisitions. The title plant is included with other assets in the Consolidated Balance Sheets. The fair values of goodwill and the title plant, both Level 3 inputs, are principally based on values obtained from a third-party valuation service. In accordance with ASC 350, Intangibles – Goodwill and Other, management determined that no events or changes in circumstances occurred during 2018 that would indicate the carrying amounts may not be recoverable, and therefore determined that neither goodwill nor the title plant were impaired during the six-months ended June 30, 2018. Goodwill of $29 thousand was impaired during 2017. |
Accumulated Other Comprehensive Income |
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Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The following tables provide changes in the balances of each component of accumulated other comprehensive income, net of tax, for the periods ended June 30, 2018 and 2017:
The following tables provide significant amounts reclassified out of each component of accumulated other comprehensive income for the periods ended June 30, 2018 and 2017:
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Revenue Recognition |
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Note 11 – Revenue Recognition In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 updated guidance to improve the comparability of revenue recognition practices for entities that either enter into contracts with customers to transfer goods or services or enter into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards such as insurance contracts or lease standards. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company adopted this update on January 1, 2018 with no impact on the Company's financial position and results of operations. The new revenue guidance does not apply to revenue associated with insurance contracts (including title insurance policies), financial instruments and lease contracts. The new revenue standard 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 work. Escrow and other title-related fees are recognized as revenue at the time of the related transactions as the earnings process 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. 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:
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Basis Of Presentation And Significant Accounting Policies (Policy) |
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Jun. 30, 2018 | |
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. Earnings attributable to noncontrolling interests in majority-owned title insurance agencies are recorded in the Consolidated Statements of Income. Noncontrolling interests representing the portion of equity not related to the Company's ownership interests are recorded in separate sections of the Consolidated Balance Sheets. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments considered necessary for a fair presentation of the financial position, results of operations and cash flows of the Company in the accompanying unaudited Consolidated Financial Statements have been included. All such adjustments are of a normal recurring nature. Operating results for the quarter ended June 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. |
Accounting Changes and Error Corrections | Reclassifications – Certain prior year amounts have been reclassified for consistency with the current period presentation. The primary change was the presentation of revenue and operating expenses. Revenue other than title premiums are now presented in more detail than previously provided. Presentation of operating expenses has also been modified. These reclassifications had no effect on the reported results of operations. |
Use Of Estimates And Assumptions | Use of Estimates and Assumptions – The preparation of the Company’s 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 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 Consolidated Financial Statements. |
Recently Issued Accounting Standards | In February 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. ASU 2018-02 is intended to help organizations reclassify certain stranded income tax effects in accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act (“TCJA”). Under the ASU, entities have the option to reclassify tax effects from the TCJA within other comprehensive income to retained earnings in each period in which the effect of the change in the federal corporate tax rate under the TCJA is recorded. The update is effective for annual periods beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The Company adopted this update on January 1, 2018 by means of a $3.1 million cumulative effect reclassification between retained earnings and accumulated other comprehensive income. The update had no material impact on the Company's financial position and results of operations. In March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits (Topic 715). This update requires entities to (1) disaggregate the current service cost component from the other components of net benefit cost (the "other components") and present it with other current compensation costs for related employees in the income statement and (2) present the other components elsewhere in the income statement and outside of income from operations if that subtotal is presented. In addition, the ASU requires entities to disclose the income statement lines that contain the other components if they are not presented on appropriately described separate lines. The update was effective for annual periods beginning after December 15, 2017, and interim periods within those fiscal years. The Company adopted this update on January 1, 2018 with no material impact on the Company's financial position and results of operations. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 updated guidance to enhance the reporting model for financial instruments. Among the main principles of the guidance applicable to the Company are provisions to: (1) require equity investments, except those accounted for under the equity method of accounting or those that result in consolidation of the investee, to be measured at fair value with changes in fair value recognized in net income; (2) simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, noting that when a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value; (3) eliminate the requirement to disclose methods and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost; (4) require entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (5) require separate presentation of financial assets and financial liabilities by measuring category and form of financial asset on the balance sheet or accompanying notes to the financial statements; and (6) clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. The update was effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company adopted this update on January 1, 2018 by means of a $16.8 million cumulative effect reclassification of the net unrealized gain related to equity securities from accumulated other comprehensive income to retained earnings. The amendments related to equity securities without readily determinable fair values were applied prospectively to equity investments that existed as of the date of adoption. As a result, the Company recognized a $294 thousand net unrealized loss on equity investments in the Consolidated Statements of Income for the six-month period ended June 30, 2018. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 updated guidance to improve the comparability of revenue recognition practices for entities that either enter into contracts with customers to transfer goods or services or enter into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards such as insurance contracts or lease standards. As the ASU does not apply to the Company's core title insurance business, its potential effect is limited to the Company's other lines of business. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For public entities, this update originally became effective for interim and annual reporting periods beginning after December 15, 2016. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. ASU 2015-14 updated guidance to defer the effective date of the standard by one year. The Company adopted this update using the modified retrospective transition approach on January 1, 2018 with no impact on the Company's financial position and results of operations. Refer to Note 11 for further information regarding the Company's revenue from contracts with customers. Recently Issued Accounting Standards In March 2017, the FASB issued ASU 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 is intended to enhance the accounting for the amortization of premiums for purchased callable debt securities. Specifically, the ASU shortens the amortization period for certain investments in callable debt securities purchased at a premium by requiring that the premium be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The update is effective for annual periods beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact that the recently issued accounting standard will have on the Company's financial position and results of operations, but does not expect it to have a material impact. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350). This update removes the requirement to compare the implied fair value of goodwill with its carrying amount as part of step 2 of the goodwill impairment test. As a result, under the ASU, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In addition, the ASU clarifies that an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The update is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. None of these amendments are expected to have a material impact on the Company's financial position or results of operations. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326). ASU 2016-13 is intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The update broadens the information that an entity must consider in developing its expected credit loss estimates, and is meant to better reflect an entity’s current estimate of all expected credit losses. In addition, this update amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The update is effective for annual periods beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted as of fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the impact that the recently issued accounting standard will have on the Company's financial position and results of operations, but does not expect it to have a material impact. Currently, the Company's potential credit losses under this accounting standard relate to fixed maturity securities. The Company does not believe that the risk of credit losses, based on current fixed maturity holdings, is material to the Company's financial statements as a whole. Refer to Note 6 for further information about the Company's investments. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 updated guidance to improve financial reporting for leasing transactions. The core principle of the guidance is that lessees will be required to recognize assets and liabilities on the balance sheet for all leases with terms of more than twelve months. A lessee would recognize a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term. The accounting applied by a lessor is largely unchanged from current GAAP, with some targeted improvements. Disclosures will be required by lessees and lessors to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. In transition, both lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The update is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption was permitted for all entities upon issuance. The Company is currently evaluating the impact that the recently issued accounting standard will have on the Company's financial position and results of operations, but does not expect it to have a material impact. As of December 31, 2017, future minimum lease payments with terms of more than twelve months were approximately $3.6 million. Significant Accounting Policies – The Company has updated the following accounting policies due to the adoption of ASU 2016-01. Investments in Fixed Maturity Securities – Fixed maturity securities are classified as available-for-sale and reported at fair value with unrealized gains and losses, net of tax and adjusted for other-than-temporary declines in fair value, and reported as accumulated other comprehensive income. Securities are regularly reviewed for differences between the cost and estimated fair value of each security for factors that may indicate that a decline in fair value is other-than-temporary. Some factors considered in evaluating whether or not a decline in fair value is other-than-temporary include the duration and extent to which the fair value has been less than cost and the Company’s ability and intent to retain the investment for a period of time sufficient to allow for a recovery in value. Such reviews are inherently uncertain and the value of the investment may not fully recover or may decline in future periods resulting in a realized loss. Realized gains and losses are determined on the specific identification method (refer to Note 6 for further information regarding the Company's investments). Investments in Equity Securities – Equity securities represent ownership interests held by the Company in entities for investment purposes. Prior to January 1, 2018, these equity securities were classified as available-for-sale and were carried at fair value on the Company’s Consolidated Balance Sheets. Unrealized holding gains and losses from changes in the fair values of available-for-sale equity securities were reported in accumulated other comprehensive income. Effective January 1, 2018, unrealized holding gains and losses are reported in the Consolidated Statements of Income as a net unrealized gain or loss on equity securities. As a result, other-than-temporary impairments will no longer be considered for equity securities. Realized investment gains and losses from sales are recorded on the trade date and are determined using the specific identification method (refer to Note 6 for further information regarding the Company's investments). Other Investments – Other investments consist of investments in unconsolidated affiliated entities, typically structured as limited liability companies ("LLC's"), without readily determinable fair values. Other investments are accounted for under either the equity method or the measurement alternative method. The measurement alternative method is used when an investment does not qualify for the equity method or the practical expedient in Accounting Standards Codification ("ASC") Topic 820, which estimates fair value using the net asset value per share. Under the measurement alternative method, investments are recorded at cost, less any impairment and plus or minus any changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. 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. |
Reserves For Claims (Tables) |
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2018 and the year ended December 31, 2017 are summarized as follows:
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Schedule Of Liability For Unpaid Claims And Claims Adjustment Expense Reported And Incurred But Not Reported Claims | A summary of the Company’s loss reserve, broken down into its components of known title claims and IBNR, follows:
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Earnings Per Common Share And Share Awards (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation Of Basic And Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share for the three- and six-month periods ended June 30:
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Summary Of Share-Based Award Transactions | A summary of share-based award transactions for all share-based award plans follows:
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Share-Based Valuation Assumptions | The weighted average fair values for the SARs issued during 2018 and 2017 were $78.61 and $55.40, respectively, and were estimated using the weighted average assumptions shown in the table below.
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Segment Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2018 and 2017:
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Retirement Agreements And Other Postretirement Benefits (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components Of Net Periodic Benefits Cost | The following sets forth the net periodic benefits cost for the executive benefits for the periods ended June 30, 2018 and 2017:
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Investments In Securities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Gross Unrealized Gains And Losses For Securities | The estimated fair value, gross unrealized holding gains, gross unrealized holding losses and cost for equity securities are as follows:
The estimated fair value, gross unrealized holding gains, gross unrealized holding losses and amortized cost for fixed maturities by major classification are as follows:
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Schedule Of Fixed Maturity Securities | The scheduled maturities of fixed maturity securities at June 30, 2018 were as follows:
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Schedule of Unrealized Loss on Investments | The following table presents the gross unrealized losses on investment securities and the estimated fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at June 30, 2018 and December 31, 2017:
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Schedule Of Gross Realized Gains And Losses On Securities |
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Schedule of Variable Interest Entities | The following table sets forth details about the Company's variable interest investments in VIEs, which are structured either as limited partnerships ("LPs") or limited liability companies ("LLCs"), as of June 30, 2018:
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Schedule Of Fair Value Assets Measured On Recurring Basis | The following table presents, by level, fixed maturities carried at estimated fair value measured as of June 30, 2018 and December 31, 2017:
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Schedule Of Carrying Value And Fair Value Of Financial Assets Disclosed | The estimated fair values of equity investments and other financial instruments as of June 30, 2018 and December 31, 2017 are presented in the following table:
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Schedule of Cost Method Investments | The following table presents a rollforward of equity investments under the measurement alternative as of June 30, 2018 and December 31, 2017:
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Related Party Transactions (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Approximate Values By Year Found Within Consolidated Balance Sheets | The following table sets forth the approximate values by year found within each financial statement classification:
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Summary Of Approximate Values By Year Found Within Consolidated Statements Of Income |
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Business Combinations, Intangible Assets and Goodwill (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets | Identifiable intangible assets consist of the following as of June 30, 2018 and December 31, 2017:
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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:
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Accumulated Other Comprehensive Income (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2018 and 2017:
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Schedule Of Reclassification Out Of Accumulated Other Comprehensive Income | The following tables provide significant amounts reclassified out of each component of accumulated other comprehensive income for the periods ended June 30, 2018 and 2017:
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Revenue Recognition (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue |
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Reserves For Claims Summary Of Transactions In Reserves For Claims (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended | |
---|---|---|---|
Jun. 30, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
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Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Liability for Title Claims and Claims Adjustment Expense | $ 32,484 | $ 34,801 | $ 35,305 |
(Benefit) provision, charged to operations | (842) | 3,311 | |
Payments of claims, net of recoveries | $ (1,475) | $ (3,815) |
Reserves For Claims Summary Of The Company's Loss Reserves (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
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Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] | |||
Known title claims | $ 3,927 | $ 4,646 | |
IBNR | 28,557 | 30,155 | |
Total loss reserves | $ 32,484 | $ 34,801 | $ 35,305 |
% of known title reserves | 12.10% | 13.40% | |
% of IBNR | 87.90% | 86.60% | |
% 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, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Earnings Per Share [Abstract] | ||||
Net income attributable to the Company | $ 6,947 | $ 5,675 | $ 11,123 | $ 10,151 |
Weighted average common shares outstanding - Basic | 1,887 | 1,887 | 1,886 | 1,886 |
Incremental shares outstanding assuming the exercise of dilutive stock options and SARs (share settled) | 10 | 10 | 10 | 10 |
Weighted average common shares outstanding - Diluted | 1,897 | 1,897 | 1,896 | 1,896 |
Basic Earnings per Common Share | $ 3.68 | $ 3.01 | $ 5.90 | $ 5.38 |
Diluted Earnings per Common Share | $ 3.66 | $ 2.99 | $ 5.87 | $ 5.35 |
Earnings Per Common Share And Share Awards Earnings Per Common Share And Share Awards Share-Based Assumptions (Details) |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Earnings Per Share [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 7 years | 7 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate | 39.00% | 26.20% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 3.10% | 2.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.80% | 0.80% |
Segment Information Selected Financial Information By Segment (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2017
USD ($)
|
Jun. 30, 2018
USD ($)
segment
|
Jun. 30, 2017
USD ($)
|
Dec. 31, 2017
USD ($)
|
|
Segment Reporting Information [Line Items] | |||||
Number of reportable segments | segment | 1 | ||||
Insurance And Other Services Revenue | $ 38,994 | $ 38,162 | $ 71,872 | $ 74,526 | |
Investment income | 2,654 | 1,880 | 3,399 | 3,206 | |
Net realized gain (loss) on investments | 288 | 83 | 441 | 186 | |
Total Revenues | 41,936 | 40,125 | 75,712 | 77,918 | |
Operating expenses | 33,122 | 31,779 | 61,673 | 63,121 | |
Income (loss) before income taxes | 8,814 | 8,346 | 14,039 | 14,797 | |
Total assets | 253,198 | 237,954 | 253,198 | 237,954 | $ 248,913 |
Title Insurance | |||||
Segment Reporting Information [Line Items] | |||||
Insurance And Other Services Revenue | 38,680 | 37,922 | 71,101 | 73,686 | |
Investment income | 2,125 | 1,715 | 2,739 | 2,877 | |
Net realized gain (loss) on investments | 264 | 81 | 407 | 144 | |
Total Revenues | 41,069 | 39,718 | 74,247 | 76,707 | |
Operating expenses | 32,424 | 31,176 | 60,216 | 61,677 | |
Income (loss) before income taxes | 8,645 | 8,542 | 14,031 | 15,030 | |
Total assets | 199,132 | 191,182 | 199,132 | 191,182 | |
All Other | |||||
Segment Reporting Information [Line Items] | |||||
Insurance And Other Services Revenue | 1,996 | 1,799 | 3,886 | 3,451 | |
Investment income | 529 | 165 | 660 | 329 | |
Net realized gain (loss) on investments | 24 | 2 | 34 | 42 | |
Total Revenues | 2,549 | 1,966 | 4,580 | 3,822 | |
Operating expenses | 2,246 | 2,043 | 4,304 | 3,860 | |
Income (loss) before income taxes | 303 | (77) | 276 | (38) | |
Total assets | 54,066 | 46,772 | 54,066 | 46,772 | |
Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Insurance And Other Services Revenue | (1,682) | (1,559) | (3,115) | (2,611) | |
Investment income | 0 | 0 | 0 | 0 | |
Net realized gain (loss) on investments | 0 | 0 | 0 | 0 | |
Total Revenues | (1,682) | (1,559) | (3,115) | (2,611) | |
Operating expenses | (1,548) | (1,440) | (2,847) | (2,416) | |
Income (loss) before income taxes | (134) | (119) | (268) | (195) | |
Total assets | $ 0 | $ 0 | $ 0 | $ 0 |
Retirement Agreements And Other Postretirement Benefits (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Dec. 31, 2017 |
|
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost - benefits earned during the year | $ 0 | $ 0 | $ 0 | $ 0 | |
Interest cost on the projected benefit obligation | 8 | 9 | 16 | 19 | |
Amortization of unrecognized losses | 0 | 2 | 0 | 4 | |
Net periodic benefits costs | 8 | $ 11 | 16 | $ 23 | |
Employee benefits and other payments | $ 10,900 | $ 10,900 | $ 9,500 |
Investments In Securities (Details) |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2018
USD ($)
security
|
Dec. 31, 2017
USD ($)
security
|
|
Investments, Debt and Equity Securities [Abstract] | ||
Number of securities with unrealized losses | security | 52 | 32 |
Impairment amount for cost-method investments | $ | $ 0 | $ 0 |
Investments In Securities (Schedule Of Fixed Maturity Securities) (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less, Amortized Cost | $ 9,394 | |
Due after one year through five years, Amortized Cost | 38,648 | |
Due five years through ten years, Amortized Cost | 43,289 | |
Due after ten years, Amortized Cost | 2,138 | |
Total, Amortized Cost | 93,469 | |
Due in one year or less, Fair Value | 9,387 | |
Due after one year through five years, Fair Value | 39,474 | |
Due five years through ten years, Fair Value | 43,184 | |
Due after ten years, Fair Value | 2,533 | |
Total, Fair Value | $ 94,578 | $ 103,341 |
Investments In Securities (Schedule of Equity Securities) (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2018 |
Dec. 31, 2017 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cost | $ 26,956 | $ 26,003 |
Estimated Fair Value | 48,026 | 47,367 |
Common Stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cost | 26,956 | 26,003 |
Gross Unrealized Gains | 21,283 | 21,376 |
Gross Unrealized Losses | 213 | 12 |
Estimated Fair Value | $ 48,026 | $ 47,367 |
Investments In Securities Investments In Securities (Schedule of Variable Interest Entities) (Details) - Other investments $ in Thousands |
Jun. 30, 2018
USD ($)
|
---|---|
Variable Interest Entity [Line Items] | |
Carrying Value | $ 9,663 |
Estimated Fair Value | 10,030 |
Maximum Potential Loss | 18,675 |
Tax credit LPs | |
Variable Interest Entity [Line Items] | |
Carrying Value | 628 |
Estimated Fair Value | 628 |
Maximum Potential Loss | 1,325 |
Real estate LLCs or LPs | |
Variable Interest Entity [Line Items] | |
Carrying Value | 4,893 |
Estimated Fair Value | 5,141 |
Maximum Potential Loss | 7,950 |
Small business investment LPs | |
Variable Interest Entity [Line Items] | |
Carrying Value | 4,142 |
Estimated Fair Value | 4,261 |
Maximum Potential Loss | $ 9,400 |
Investments In Securities (Schedule of Other Investments) (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2018 |
Dec. 31, 2017 |
|
Other Equity Investments | ||
Beginning of period | $ 5,439 | $ 4,744 |
Amounts Impaired | 0 | 0 |
Observable Changes | 0 | 0 |
Purchases and Additional Commitments Paid | 552 | 1,082 |
Sales, Returns of Capital and Other Reductions | (240) | (387) |
End of period | $ 5,751 | $ 5,439 |
Commitments And Contingencies (Details) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Like-kind exchange deposits and reverse exchange property | $ 135.8 | $ 185.0 |
Related Party Transactions Summary Of Approximate Values By Year Found Within Consolidated Balance Sheets (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Related Party Transaction [Line Items] | ||
Other investments | $ 11,622 | $ 12,032 |
Premiums and fees receivable | 11,008 | 10,031 |
Title Insurance Agencies | ||
Related Party Transaction [Line Items] | ||
Other investments | 5,871 | 6,594 |
Premiums and fees receivable | $ 721 | $ 720 |
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, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Related Party Transaction [Line Items] | ||||
Net premiums written | $ 35,142 | $ 34,672 | $ 64,701 | $ 67,410 |
Other income | 7 | 33 | 230 | 281 |
Commissions to agents | 16,427 | 16,598 | 30,452 | 32,929 |
Title Insurance Agencies | ||||
Related Party Transaction [Line Items] | ||||
Net premiums written | 3,628 | 3,855 | 6,819 | 7,475 |
Other income | 892 | 775 | 1,135 | 1,047 |
Commissions to agents | $ 2,415 | $ 2,552 | $ 4,530 | $ 4,956 |
Business Combinations, Intangible Assets and Goodwill (Details) - USD ($) |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2018 |
Dec. 31, 2017 |
|
Business Combinations [Abstract] | ||
Impairment of Intangible Assets (Excluding Goodwill) | $ 0 | $ 154,000 |
Goodwill | 4,400,000 | |
Title Plants | 690,000 | |
Goodwill, Impairment Loss | $ 0 | $ 29,000 |
Business Combinations, Intangible Assets and Goodwill Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Schedule of Finite-Lived Intangible Assets [Abstract] | ||
Referral relationships | $ 6,416 | $ 6,416 |
Non-compete agreements | 1,406 | 1,406 |
Tradename | 560 | 560 |
Identifiable intangible assets, gross | 8,382 | 8,382 |
Accumulated amortization | (1,700) | (1,375) |
Identifiable intangible assets, net | $ 6,682 | $ 7,007 |
Business Combinations, Intangible Assets and Goodwill, Schedule of Aggregate Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Business Combinations [Abstract] | ||
2018 | $ 252 | |
2019 | 569 | |
2020 | 569 | |
2021 | 562 | |
2022 | 525 | |
Thereafter | 4,205 | |
Identifiable intangible assets, net | $ 6,682 | $ 7,007 |
Revenue Recognition (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 3,845 | $ 6,941 | ||
Total Revenues | 41,936 | $ 40,125 | 75,712 | $ 77,918 |
Escrow and other title-related fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2,149 | 3,653 | ||
Non-title services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,696 | 3,288 | ||
Net premiums written | ||||
Disaggregation of Revenue [Line Items] | ||||
Other sources of revenue | 35,142 | 64,701 | ||
Investment related revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Other sources of revenue | 2,942 | 3,840 | ||
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Other sources of revenue | $ 7 | $ 230 |
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