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Schedule II
 12 Months Ended
Dec. 31, 2018
Condensed Financial Information Disclosure [Abstract]  
Condensed Financial Information of Parent Company Only Disclosure [Text Block]
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
BALANCE SHEETS
AS OF DECEMBER 31, 2018 AND 2017
(in thousands)
2018
 
2017
Assets
 
 
 
Cash and cash equivalents
$
1,540

 
$
5,872

Fixed maturity securities, available-for-sale, at fair value
16,947

 
22,714

Equity securities, at fair value
3,360

 
3,692

Short-term investments
9,358

 
5,809

Investments in affiliated companies
134,551

 
128,580

Other investments
5,151

 
5,167

Prepaid expenses and other receivables
1,846

 
1,724

Current income taxes receivable
2,438

 
3,879

Accrued interest and dividends
186

 
198

Property, net
2,499

 
2,254

Total Assets
$
177,876

 
$
179,889


 
 
 
Liabilities and Stockholders’ Equity
 

 
 

Liabilities:
 

 
 

Accounts payable and accrued liabilities
$
2,190

 
$
1,916

Deferred income taxes, net
47

 
137

Total liabilities
2,237

 
2,053


 
 
 
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 December 31, 2018 and December 31, 2017, respectively, excluding in each period 292 shares of common stock held by the Company)
—

 
—

Retained earnings
174,690

 
161,891

Accumulated other comprehensive income
949

 
15,945

Total stockholders’ equity
175,639

 
177,836

Total Liabilities and Stockholders’ Equity
$
177,876

 
$
179,889


Refer to the Notes to Condensed Financial Statements.
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
STATEMENTS OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 2018, 2017 AND 2016
(in thousands, except per share amounts)
2018
 
2017
 
2016
Revenues:
 
 
 
 
 
Interest and dividends
$
668

 
$
502

 
$
525

Net realized gain on investments
27

 
36

 
78

Net unrealized loss on equity investments
(384
)
 
—

 
—

Rental income
842

 
813

 
772

Miscellaneous income
930

 
220

 
77

Total Revenues
2,083

 
1,571

 
1,452


 
 
 
 
 
Operating Expenses:
 

 
 

 
 

Personnel expenses
1,085

 
1,004

 
667

Office and technology expenses
355

 
349

 
366

Other expenses
892

 
763

 
775

Total Operating Expenses
2,332

 
2,116

 
1,808


 
 
 
 
 
Equity in Net Income of Affiliated Companies
22,014

 
25,634

 
19,665


 
 
 
 
 
Income before Income Taxes
21,765

 
25,089

 
19,309


 
 
 
 
 
Income Tax Benefit
(94
)
 
(612
)
 
(206
)

 
 
 
 
 
Net Income
21,859

 
25,701

 
19,515


 
 
 
 
 
Net Loss Attributable to Noncontrolling Interests
33

 
6

 
8


 
 
 
 
 
Net Income Attributable to the Company
$
21,892

 
$
25,707

 
$
19,523


 
 
 
 
 
Basic Earnings per Common Share
$
11.60

 
$
13.63

 
$
10.23


 
 
 
 
 
Weighted Average Shares Outstanding – Basic
1,887

 
1,886

 
1,908


 
 
 
 
 
Diluted Earnings per Common Share
$
11.54

 
$
13.56

 
$
10.19


 
 
 
 
 
Weighted Average Shares Outstanding – Diluted
1,897

 
1,896

 
1,915


Refer to the Notes to Condensed Financial Statements.
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2018, 2017 AND 2016
(in thousands)
2018
 
2017
 
2016
Operating Activities
 
 
 
 
 
Net income
$
21,859

 
$
25,701

 
$
19,515

Adjustments to reconcile net income to net cash provided by (used in) operating activities:
 
 
 
 
 
Equity in net earnings of subsidiaries
(22,014
)
 
(25,634
)
 
(19,665
)
Depreciation
98

 
98

 
93

Amortization, net
222

 
158

 
164

Share-based compensation expense related to stock appreciation rights and options
327

 
219

 
132

Net loss on disposals of property
—

 
3

 
—

Net realized gain on investments
(27
)
 
(36
)
 
(78
)
Net unrealized loss on equity investments
384

 
—

 
—

Net (earnings) loss from other investments
(81
)
 
5

 
(13
)
Benefit for deferred income taxes
(51
)
 
(211
)
 
(18
)
(Increase) decrease in receivables
(122
)
 
362

 
1,037

Decrease (increase) in income taxes receivable
1,441

 
(1,316
)
 
(797
)
Decrease (increase) in other assets
12

 
(112
)
 
34

Increase (decrease) in accounts payable and accrued liabilities
274

 
(455
)
 
(896
)
Net cash provided by (used in) operating activities
2,322

 
(1,218
)
 
(492
)

 
 
 
 
 
Investing Activities
 

 
 

 
 

Purchase of subsidiary
—

 
—

 
(10,918
)
Dividends received from subsidiaries
15,125

 
14,816

 
17,331

Purchases of debt and equity securities
(476
)
 
(13,178
)
 
(1,783
)
Purchases of short-term securities
(33,835
)
 
(5,835
)
 
(3,162
)
Purchases of and net earnings from other investments
(579
)
 
(1,050
)
 
(1,553
)
Proceeds from sales and maturities of debt and equity securities
5,753

 
6,617

 
6,816

Proceeds from sales and maturities of short-term securities
30,403

 
3,189

 
3,005

Proceeds from sales and distributions of other investments
669

 
196

 
322

Proceeds from sales of other assets
1

 
—

 
—

Purchases of property
(343
)
 
(14
)
 
(145
)
Net cash provided by investing activities
16,718


4,741

 
9,913


 
 
 
 
 
Financing Activities
 

 
 

 
 

Repurchases of common stock
(29
)
 
(246
)
 
(6,220
)
Exercise of stock appreciation rights
(1
)
 
—

 
—

Proceeds from note payable
—

 
—

 
6,000

Payments on note payable
—

 
—

 
(6,000
)
Capital contribution to subsidiary
(325
)
 
(510
)
 
—

Dividends paid
(23,017
)
 
(7,073
)
 
(1,370
)
Net cash used in financing activities
(23,372
)
 
(7,829
)
 
(7,590
)

 
 
 
 
 
Net (Decrease) Increase in Cash and Cash Equivalents
(4,332
)
 
(4,306
)
 
1,831

Cash and Cash Equivalents, Beginning of Period
5,872

 
10,178

 
8,347

Cash and Cash Equivalents, End of Period
$
1,540

 
$
5,872

 
$
10,178


 
 
 
 
 
Supplemental Disclosures:
 
 
 
 
 
Income tax payments, net
$
5,448

 
$
11,447

 
$
4,964

Refer to the Notes to Condensed Financial Statements.
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2018, 2017 AND 2016
(in thousands)


1.
The accompanying Condensed Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto of Investors Title Company and Subsidiaries.

2.
Cash dividends paid to Investors Title Company by its wholly owned subsidiaries were as follows:
Subsidiaries
2018
 
2017
 
2016
Investors Title Insurance Company, net*
$
12,749

 
$
13,236

 
$
15,838

Investors Title Exchange Corporation
500

 
300

 
100

Investors Title Accommodation Corporation
40

 
80

 
45

Investors Capital Management Company
—

 
—

 
—

Investors Trust Company
200

 
200

 
750

Investors Title Commercial Agency, LLC
750

 
150

 
125

National Investors Holdings, LLC
886

 
850

 
473

Total
$
15,125

 
$
14,816

 
$
17,331


* Total dividends of $16,307, $14,330 and $16,048 paid to the Parent Company in 2018, 2017 and 2016, respectively, netted with dividends of $3,558, $1,094 and $210 received from the Parent Company in 2018, 2017 and 2016, respectively.