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Schedule II
 12 Months Ended
Dec. 31, 2023
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, 2023 AND 2022
(in thousands)20232022
Assets  
Cash and cash equivalents$4,409 $3,450 
Fixed maturity securities, available-for-sale, at fair value
4,287 5,900 
Equity securities, at fair value
188 325 
Short-term investments
83,095 64,832 
Investments in affiliated companies
148,934 159,700 
Other investments
4,172 6,703 
Prepaid expenses and other receivables5,516 3,864 
Current income taxes receivable1,293 2,799 
Accrued interest and dividends192 185 
Property, net1,562 1,691 
Total Assets$253,648 $249,449 
Liabilities and Shareholders’ Equity  
Liabilities:  
Accounts payable and accrued liabilities$1,842 $7,726 
Deferred income taxes, net253 712 
Total liabilities2,095 8,438 
Shareholders’ Equity:  
Preferred stock (1,000 authorized shares; no shares issued)
— — 
Common stock – no par value (10,000 authorized shares; 1,891 and 1,897 shares issued and outstanding as of December 31, 2023 and 2022, respectively, excluding in each period 292 shares of common stock held by the Company)
— — 
Retained earnings250,915 240,811 
Accumulated other comprehensive income 638 200 
Total shareholders’ equity251,553 241,011 
Total Liabilities and Shareholders’ Equity$253,648 $249,449 

Refer to the Notes to Condensed Financial Statements.
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022
(in thousands, except per share amounts)20232022
Revenues:  
Interest and dividends$3,671 $990 
Net investment losses(142)(739)
Rental income922 869 
Gain on disposals of property194 — 
Miscellaneous (loss) income(36)305 
Total Revenues4,609 1,425 
Operating Expenses:  
Personnel expenses874 947 
Office and technology expenses628 447 
Other expenses979 936 
Total Operating Expenses2,481 2,330 
Equity in Net Income of Affiliated Companies19,670 24,584 
Income before Income Taxes21,798 23,679 
Provision (Benefit) for Income Taxes112 (224)
Net Income$21,686 $23,903 
Basic Earnings per Common Share$11.45 $12.60 
Weighted Average Shares Outstanding – Basic1,893 1,897 
Diluted Earnings per Common Share$11.45 $12.59 
Weighted Average Shares Outstanding – Diluted1,893 1,898 

Refer to the Notes to Condensed Financial Statements.
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022
(in thousands)20232022
Operating Activities  
Net income$21,686 $23,903 
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in net earnings of subsidiaries(19,670)(24,584)
Depreciation126 115 
Amortization, net(2,924)(272)
Share-based compensation expense related to stock appreciation rights425 362 
Net gains on disposal of property(194)— 
Net investment losses on securities142 343 
Net realized losses on other investments— 396 
Net losses from other investments21 11 
Benefit for deferred income taxes(433)(927)
(Increase) decrease in receivables(1,652)1,249 
Decrease (increase) in current income taxes receivable1,506 (2,799)
Decrease (increase) in other assets3,204 (153)
Decrease in current income taxes payable— (433)
(Decrease) increase in accounts payable and accrued liabilities(1,326)3,212 
Net cash provided by operating activities911 423 
Investing Activities  
Dividends received from subsidiaries32,478 55,643 
Purchases of fixed maturity and equity securities(1,203)(3,851)
Purchases of short-term securities(127,789)(64,513)
Purchases of and net earnings from other investments(81)(46)
Proceeds from sales and maturities of fixed maturity and equity securities2,892 5,278 
Proceeds from sales and maturities of short-term securities107,083 23,487 
Proceeds from sales and distributions of other investments2 776 
Proceeds from sales of other assets— — 
Purchases of property(9)(201)
Proceeds from disposals of property206 60 
Net cash provided by investing activities13,579 16,633 
Financing Activities  
Repurchases of common stock(959)(133)
Exercise of stock appreciation rights— (1)
Capital contribution to subsidiaries(1,524)(4,875)
Dividends paid(11,048)(9,181)
Net cash used in financing activities(13,531)(14,190)
Net Increase in Cash and Cash Equivalents959 2,866 
Cash and Cash Equivalents, Beginning of Period3,450 584 
Cash and Cash Equivalents, End of Period$4,409 $3,450 
Supplemental Disclosures:
Income tax payments, net$8,320 $15,186 
Non cash 1031 exchange proceeds receivable$(2,589)$— 

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, 2023 AND 2022
(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:
Subsidiaries20232022
Investors Title Insurance Company, net*$25,478 $48,243 
Investors Title Exchange Corporation5,800 4,300 
Investors Title Accommodation Corporation— 100 
Investors Trust Company500 400 
Investors Title Commercial Agency, LLC— 2,600 
National Investors Holdings, LLC700 — 
Total$32,478 $55,643 
* Total dividends of $27,181 and $49,655 paid to the Parent Company in 2023 and 2022, respectively, netted with dividends of $1,703 and $1,412 received from the Parent Company in 2023 and 2022, respectively.