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v2.4.0.8
Consolidated Balance Sheets (USD $)
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Investments in securities: |
|
|
Fixed maturities, available-for-sale, at fair value (amortized cost: 2013: $87,980,160; 2012: $75,573,673) |
$ 91,445,413 |
$ 81,936,978 |
Equity securities, available-for-sale, at fair value (cost: 2013: $22,200,369; 2012: $21,229,114) |
36,144,065 |
28,510,933 |
Short-term investments |
7,926,373 |
13,567,648 |
Other investments |
7,247,831 |
6,763,100 |
Total investments |
142,763,682 |
130,778,659 |
Cash and cash equivalents |
23,626,761 |
20,810,018 |
Premium and fees receivable (less allowance for doubtful accounts: 2013: $2,620,903; 2012: $1,902,581) |
8,750,224 |
11,037,714 |
Accrued interest and dividends |
1,006,698 |
1,037,447 |
Prepaid expenses and other assets |
7,466,141 |
4,651,115 |
Property, net |
4,325,538 |
3,603,323 |
Current income taxes recoverable |
366,772 |
0 |
Total Assets |
188,305,816 |
171,918,276 |
Liabilities: |
|
|
Reserves for claims |
35,360,000 |
39,078,000 |
Accounts payable and accrued liabilities |
20,324,190 |
15,477,545 |
Current income taxes payable |
0 |
1,336,824 |
Deferred income taxes, net |
4,013,983 |
893,156 |
Total liabilities |
59,698,173 |
56,785,525 |
Commitments and Contingencies |
0 |
0 |
Redeemable Noncontrolling Interest |
545,489 |
493,861 |
Stockholders' Equity: |
|
|
Preferred stock (1,000,000 authorized shares; no shares issued) |
0 |
0 |
Common stock - no par value (10,000,000 authorized shares; 2,037,135 and 2,043,359 shares issued and outstanding 2013 and 2012, respectively, excluding 291,676 shares for 2013 and 2012 of common stock held by the Company’s subsidiary) |
1 |
1 |
Retained earnings |
116,714,749 |
105,820,459 |
Accumulated other comprehensive income |
11,347,404 |
8,818,430 |
Total stockholders’ equity |
128,062,154 |
114,638,890 |
Total Liabilities and Stockholders’ Equity |
$ 188,305,816 |
$ 171,918,276 |
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v2.4.0.8
Consolidated Balance Sheets (Parenthetical) (USD $)
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Statement of Financial Position [Abstract] |
|
|
Fixed maturities, available-for-sale, amortized cost |
$ 87,980,160 |
$ 75,573,673 |
Equity securities, available-for-sale, cost |
22,200,369 |
21,229,114 |
Premiums and fees receivable, allowance for doubtful accounts |
$ 2,620,903 |
$ 1,902,581 |
Preferred stock, shares authorized |
1,000,000 |
1,000,000 |
Preferred stock, shares issued |
0 |
0 |
Common stock, no par value |
|
|
Common stock, shares authorized |
10,000,000 |
10,000,000 |
Common stock, shares issued |
2,037,135 |
2,043,359 |
Common stock, shares outstanding |
2,037,135 |
2,043,359 |
Common stock, held by Company's subsidiary |
291,676 |
291,676 |
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v2.4.0.8
Consolidated Statements Of Income (USD $)
|
12 Months Ended |
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Revenues: |
|
|
|
Net premiums written |
$ 113,886,266 |
$ 102,331,102 |
$ 81,529,333 |
Investment income – interest and dividends |
3,894,608 |
3,980,411 |
3,595,036 |
Net realized gain on investments |
195,800 |
1,066,239 |
28,559 |
Other |
8,274,823 |
7,701,340 |
5,532,228 |
Total Revenues |
126,251,497 |
115,079,092 |
90,685,156 |
Operating Expenses: |
|
|
|
Commissions to agents |
67,150,810 |
59,427,070 |
49,596,250 |
(Benefit) provision for claims |
(571,596) |
6,072,115 |
3,342,427 |
Salaries, employee benefits and payroll taxes |
25,386,511 |
21,881,540 |
18,556,802 |
Office occupancy and operations |
4,430,220 |
3,994,244 |
3,723,803 |
Business development |
2,145,639 |
1,856,848 |
1,671,834 |
Filing fees, franchise and local taxes |
681,935 |
846,168 |
516,380 |
Premium and retaliatory taxes |
2,558,227 |
1,885,760 |
1,729,830 |
Professional and contract labor fees |
2,171,606 |
2,420,387 |
1,507,368 |
Other |
755,407 |
615,053 |
541,526 |
Total Operating Expenses |
104,708,759 |
98,999,185 |
81,186,220 |
Income before Income Taxes |
21,542,738 |
16,079,907 |
9,498,936 |
Provision for Income Taxes |
6,746,000 |
4,889,000 |
2,565,000 |
Net Income |
14,796,738 |
11,190,907 |
6,933,936 |
Less: Net Income Attributable to Redeemable Noncontrolling Interest |
(88,528) |
(88,411) |
0 |
Net Income Attributable to the Company |
$ 14,708,210 |
$ 11,102,496 |
$ 6,933,936 |
Basic Earnings per Common Share |
$ 7.15 |
$ 5.33 |
$ 3.22 |
Weighted Average Shares Outstanding – Basic |
2,056,169 |
2,081,703 |
2,151,350 |
Diluted Earnings per Common Share |
$ 7.08 |
$ 5.24 |
$ 3.20 |
Weighted Average Shares Outstanding – Diluted |
2,076,628 |
2,116,793 |
2,169,636 |
Dividend declared per share |
$ 0.32 |
$ 0.29 |
$ 0.28 |
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v2.4.0.8
Consolidated Statements Of Comprehensive Income (USD $)
|
12 Months Ended |
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Statement of Other Comprehensive Income [Abstract] |
|
|
|
Net income |
$ 14,796,738 |
$ 11,190,907 |
$ 6,933,936 |
Other comprehensive income, before tax: |
|
|
|
(Accretion) amortization related to prior year service cost |
(1,518) |
9,396 |
13,038 |
Amortization (accretion) of unrecognized loss (gain) |
6,293 |
680 |
(318) |
Accumulated postretirement benefit obligation adjustment |
77,213 |
(82,918) |
(115,089) |
Unrealized gains on investments arising during the period |
3,959,623 |
3,190,737 |
2,886,294 |
Reclassification adjustment for sale of securities included in net income |
(229,869) |
(1,166,179) |
(353,950) |
Reclassification adjustment for write-down of securities included in net income |
34,070 |
99,940 |
325,391 |
Other |
0 |
(36,600) |
0 |
Other comprehensive income, before tax |
3,845,812 |
2,015,056 |
2,755,366 |
Income tax expense (benefit) related to postretirement health benefits |
27,887 |
(24,764) |
(34,804) |
Income tax expense related to unrealized gains on investments arising during the year |
1,354,439 |
1,122,003 |
976,277 |
Income tax benefit related to reclassification adjustment for sale of securities included in net income |
(78,622) |
(426,017) |
(122,594) |
Income tax expense related to reclassification adjustment for write-down of securities included in net income |
13,134 |
34,569 |
116,027 |
Net income tax expense on other comprehensive income |
1,316,838 |
705,791 |
934,906 |
Other comprehensive income |
2,528,974 |
1,309,265 |
1,820,460 |
Comprehensive Income |
17,325,712 |
12,500,172 |
8,754,396 |
Less: Comprehensive income attributable to redeemable noncontrolling interest |
(88,528) |
(88,411) |
0 |
Comprehensive Income Attributable to the Company |
$ 17,237,184 |
$ 12,411,761 |
$ 8,754,396 |
X |
- Definition
Amounts included in other comprehensive income which are not separately disclosed or provided elsewhere in the taxonomy
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v2.4.0.8
Consolidated Statements Of Stockholders' Equity (USD $)
|
Total
|
Common Stock
|
Retained Earnings
|
Accumulated Other Comprehensive Income
|
Balance, beginning of year at Dec. 31, 2010 |
$ 103,928,815 |
$ 1 |
$ 98,240,109 |
$ 5,688,705 |
Balance, beginning of year, shares at Dec. 31, 2010 |
|
2,282,596 |
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
Net income attributable to the Company |
6,933,936 |
|
6,933,936 |
|
Dividends |
(599,241) |
|
(599,241) |
|
Shares of common stock repurchased and retired (in shares) |
|
(182,615) |
|
|
Shares of common stock repurchased and retired |
(5,940,463) |
|
(5,940,463) |
|
Stock options and stock appreciation rights exercised (in shares) |
|
7,700 |
|
|
Stock options and stock appreciation rights exercised |
155,163 |
|
155,163 |
|
Share-based compensation expense |
213,514 |
|
213,514 |
|
Amortization related to postretirement health benefits |
8,394 |
|
|
8,394 |
Accumulated postretirement benefit obligation adjustment |
(75,959) |
|
|
(75,959) |
Net unrealized gain on investments |
1,888,025 |
|
|
1,888,025 |
Balance, end of year at Dec. 31, 2011 |
106,512,184 |
1 |
99,003,018 |
7,509,165 |
Balance, end of year, shares at Dec. 31, 2011 |
|
2,107,681 |
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
Net income attributable to the Company |
11,102,496 |
|
11,102,496 |
|
Dividends |
(603,334) |
|
(603,334) |
|
Shares of common stock repurchased and retired (in shares) |
|
(70,702) |
|
|
Shares of common stock repurchased and retired |
(3,975,532) |
|
(3,975,532) |
|
Stock options and stock appreciation rights exercised (in shares) |
|
6,380 |
|
|
Stock options and stock appreciation rights exercised |
160,557 |
|
160,557 |
|
Share-based compensation expense |
74,553 |
|
74,553 |
|
Amortization related to postretirement health benefits |
6,648 |
|
|
6,648 |
Accumulated postretirement benefit obligation adjustment |
(54,726) |
|
|
(54,726) |
Net unrealized gain on investments |
1,393,943 |
|
|
1,393,943 |
Other |
22,101 |
|
58,701 |
(36,600) |
Balance, end of year at Dec. 31, 2012 |
114,638,890 |
1 |
105,820,459 |
8,818,430 |
Balance, end of year, shares at Dec. 31, 2012 |
|
2,043,359 |
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
Net income attributable to the Company |
14,708,210 |
|
14,708,210 |
|
Dividends |
(657,914) |
|
(657,914) |
|
Shares of common stock repurchased and retired (in shares) |
|
(56,223) |
|
|
Shares of common stock repurchased and retired |
(4,262,260) |
|
(4,262,260) |
|
Stock options and stock appreciation rights exercised (in shares) |
|
49,999 |
|
|
Stock options and stock appreciation rights exercised |
75,797 |
|
75,797 |
|
Share-based compensation expense |
83,852 |
|
83,852 |
|
Amortization related to postretirement health benefits |
3,140 |
|
|
3,140 |
Accumulated postretirement benefit obligation adjustment |
50,961 |
|
|
50,961 |
Net unrealized gain on investments |
2,474,873 |
|
|
2,474,873 |
Income tax benefit from share-based compensation |
946,605 |
|
946,605 |
|
Balance, end of year at Dec. 31, 2013 |
$ 128,062,154 |
$ 1 |
$ 116,714,749 |
$ 11,347,404 |
Balance, end of year, shares at Dec. 31, 2013 |
|
2,037,135 |
|
|
X |
- Definition
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v2.4.0.8
Consolidated Statements Of Cash Flows (USD $)
|
12 Months Ended |
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Operating Activities |
|
|
|
Net income |
$ 14,796,738 |
$ 11,190,907 |
$ 6,933,936 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
|
Depreciation |
669,727 |
486,922 |
475,679 |
Amortization, net |
507,111 |
468,006 |
338,967 |
Amortization related to postretirement benefits obligation |
4,765 |
10,076 |
12,720 |
Share-based compensation expense related to stock options |
83,852 |
74,553 |
213,514 |
Increase (decrease) in allowance for doubtful accounts on premiums receivable |
718,322 |
684,581 |
(203,000) |
Net loss (gain) on disposals of property |
7,831 |
(28,538) |
(26,528) |
Net realized gain on investments |
(195,800) |
(1,066,239) |
(28,559) |
Net earnings from other investments |
(1,257,266) |
(1,674,594) |
(749,688) |
(Benefit) provision for claims |
(571,596) |
6,072,115 |
3,342,427 |
Provision (benefit) for deferred income taxes |
1,804,000 |
(292,000) |
21,000 |
Excess tax benefits related to exercise of stock options and SARs |
946,605 |
22,101 |
0 |
Changes in assets and liabilities: |
|
|
|
Decrease (increase) in receivables |
1,569,167 |
(4,912,295) |
646,786 |
(Increase) decrease in other assets |
(2,906,224) |
(407,252) |
77,056 |
Increase in income taxes recoverable |
(366,772) |
0 |
0 |
Increase in accounts payable and accrued liabilities |
4,923,858 |
2,372,995 |
1,913,799 |
(Decrease) increase in current income taxes payable |
(1,336,824) |
696,291 |
(415,823) |
Payments of claims, net of recoveries |
(3,146,404) |
(4,990,115) |
(3,545,127) |
Net cash used in operating activities |
16,251,090 |
8,707,514 |
9,007,159 |
Investing Activities |
|
|
|
Purchases of available-for-sale securities |
(23,466,037) |
(15,899,439) |
(15,318,418) |
Purchases of short-term securities |
(2,638,908) |
(6,347,527) |
(1,883,562) |
Purchases of other investments |
(1,369,210) |
(3,441,412) |
(853,599) |
Capital contribution to subsidiaries |
0 |
(350,000) |
0 |
Proceeds from sales and maturities of available-for-sale securities |
9,892,634 |
15,646,381 |
9,851,523 |
Proceeds from sales and maturities of short-term securities |
8,280,183 |
6,892,141 |
14,974,850 |
Proceeds from sales and distributions of other investments |
2,107,675 |
2,301,647 |
861,865 |
Proceeds from sales of other assets |
40,366 |
220,455 |
0 |
Purchases of property |
(1,424,108) |
(568,728) |
(361,207) |
Proceeds from disposals of property |
24,335 |
65,837 |
31,157 |
Net cash provided by investing activities |
(8,553,070) |
(1,480,645) |
7,302,609 |
Financing Activities |
|
|
|
Repurchases of common stock |
(4,262,260) |
(3,975,532) |
(5,940,463) |
Exercise of options |
75,797 |
160,557 |
155,163 |
Distribution to noncontrolling interest |
(36,900) |
(40,800) |
0 |
Dividends paid |
(657,914) |
(603,334) |
(599,241) |
Net cash used in financing activities |
(4,881,277) |
(4,459,109) |
(6,384,541) |
Net Increase in Cash and Cash Equivalents |
2,816,743 |
2,767,760 |
9,925,227 |
Cash and Cash Equivalents, Beginning of Period |
20,810,018 |
18,042,258 |
8,117,031 |
Cash and Cash Equivalents, End of Period |
23,626,761 |
20,810,018 |
18,042,258 |
Cash Paid During the Year for: |
|
|
|
Income tax payments, net |
5,724,000 |
4,479,000 |
2,963,000 |
Non cash net unrealized gain on investments, net of deferred tax provision of $(1,288,951), $(730,555) and $(969,710) for 2013, 2012 and 2011, respectively |
(2,474,873) |
(1,393,943) |
(1,888,025) |
Adjustments to postretirement benefits obligation, net of deferred tax provision of $26,252, $(28,192) and $(39,130) for 2013, 2012 and 2011, respectively |
(50,961) |
54,726 |
75,959 |
Non cash intangible assets acquired from purchase of subsidiary |
0 |
(1,481,900) |
0 |
Non cash contingent liability from purchase of subsidiary |
$ 0 |
$ 691,250 |
$ 0 |
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Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.
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v2.4.0.8
Consolidated Statements Of Cash Flows (Parenthetical) (USD $)
|
12 Months Ended |
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Statement of Cash Flows [Abstract] |
|
|
|
Non cash net unrealized gain on investments, deferred tax provision |
$ (1,288,951) |
$ (730,555) |
$ 969,710 |
Adjustments to postretirement benefits obligation, net of deferred tax benefit (provision) |
$ 26,252 |
$ (28,192) |
$ (39,130) |
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v2.4.0.8
Basis Of Presentation and Significant Accounting Policies
|
12 Months Ended |
Dec. 31, 2013
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Basis Of Presentation and Significant Accounting Policies |
Basis of Presentation and Summary of Significant Accounting Policies Description of Business – Investors Title Company’s (the “Company”) primary business, and only reportable segment, is title insurance. The title insurance segment, through its two subsidiaries, Investors Title Insurance Company (“ITIC”) and National Investors Title Insurance Company (“NITIC”), is licensed to insure titles to residential, institutional, commercial and industrial properties. The Company issues title insurance policies primarily through approved attorneys from underwriting offices and through independent issuing agents in 22 states and the District of Columbia, primarily in the eastern half of the United States. The majority of the Company’s business is concentrated in Georgia, Illinois, Kentucky, Michigan, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas and Virginia. Principles of Consolidation and Basis of Presentation – The accompanying Consolidated Financial Statements include the accounts and operations of Investors Title Company and its subsidiaries, and have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Earnings attributable to the redeemable noncontrolling interest are recorded on the Consolidated Statements of Income for majority-owned subsidiaries. The redeemable noncontrolling interest representing the portion of equity not related to the Company’s ownership interest is recorded as redeemable equity in a separate section of the Consolidated Balance Sheets. All intercompany balances and transactions have been eliminated in consolidation.
Reclassification – Certain 2012 and 2011 amounts in the accompanying unaudited Consolidated Financial Statements have been reclassified to conform to the 2013 classifications. These reclassifications had no effect on stockholders’ equity or net income as previously reported. Significant Accounting Policies – The significant accounting policies of the Company are summarized below. Cash and Cash Equivalents For the purpose of presentation in the Company’s Consolidated Statements of Cash Flows, cash equivalents are highly liquid instruments with remaining original maturities of three months or less. The carrying amount of cash and cash equivalents is a reasonable estimate of fair value due to the short-term maturity at purchase of these instruments. Investments in Securities Securities for which the Company has the intent and ability to hold to maturity are classified as held-to-maturity and reported at cost, adjusted for amortization of premiums or accretion of discounts, and other-than-temporary declines in fair value. Securities held principally for resale in the near term are classified as trading securities and recorded at fair values. Realized and unrealized gains and losses on trading securities are included in other income. Securities not classified as either trading or held-to-maturity are classified as available-for-sale and reported at fair value with unrealized gains and losses, net of tax, adjusted for other-than-temporary declines in fair value, reported as accumulated other comprehensive income. As of December 31, 2013 and 2012, all investments in securities are classified as available-for-sale. 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. Fair values of the majority of investments are based on quoted market prices. Realized gains and losses are determined on the specific identification method. Refer to Note 3 for further information regarding investments in securities and fair value. Short-term Investments Short-term investments are comprised of money market accounts which are invested in short-term funds, time deposits with banks and savings and loan associations, and other investments expected to have maturities or redemptions greater than three months and less than twelve months. The Company monitors any events or changes in circumstances that may have a significant adverse effect on the fair value of these investments. Other Investments Other investments consist primarily of investments in title insurance agencies structured as limited liability companies (“LLCs”), which are accounted for under the equity or cost methods of accounting. The aggregate cost of the Company’s cost method investments totaled $1,834,229 and $1,778,115 at December 31, 2013 and December 31, 2012, respectively. 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. Property Acquired in Settlement of Claims Property acquired in settlement of claims is held for sale and valued at the lower of cost or market. Adjustments to reported estimated realizable values and realized gains or losses on dispositions are recorded as increases or decreases in claim costs. Property and Equipment Property and equipment are recorded at cost and are depreciated principally under the straight-line method over the estimated useful lives (three to twenty-five years) of the respective assets. Maintenance and repairs are charged to operating expenses and improvements are capitalized. Reserves for Claims The total reserve for all reported and unreported losses the Company incurred through December 31, 2013 is represented by the reserves for claims. The Company’s reserves for unpaid losses and loss adjustment expenses are established using estimated amounts required to settle claims for which notice has been received (reported) and the amount estimated to be required to satisfy incurred claims of policyholders which may be reported in the future. Despite the variability of such estimates, management believes that the reserves are adequate to cover claim losses resulting from pending and future claims for policies issued through December 31, 2013. The Company continually reviews and adjusts its reserve estimates as necessary to reflect its loss experience and any new information that becomes available. Adjustments resulting from such reviews may be significant. Claims and losses paid are charged to the reserves for claims. Although claims losses are typically paid in cash, occasionally claims are settled by purchasing the interest of the insured or the claimant in the real property. When this event occurs, the acquiring company carries assets at the lower of cost or estimated realizable value, net of any indebtedness on the property. Income Taxes The Company makes certain estimates and judgments in determining income tax expense (benefit) for financial statement purposes. These estimates and judgments occur in the calculation of certain tax assets and liabilities which arise from differences in the timing of recognition of revenue and expense for tax and financial statement purposes. The Company provides for deferred income taxes (benefits) for the tax consequences in future years of temporary differences between the financial statements’ carrying values and the tax bases of assets and liabilities using currently enacted tax rates. The Company establishes valuation allowances if it believes that it is more likely than not that some or all of its deferred tax assets will not be realized. Refer to Note 8 for further information regarding income taxes. Premiums Written and Commissions to Agents Generally, title insurance premiums are recognized at the time of closing of the related real estate transaction, as the earnings process is then considered complete. Policies or commitments are issued upon receipt of final certificates or preliminary reports with respect to titles. Title insurance commissions earned by the Company’s agents, taxes and a provision for claims losses are recognized as expenses concurrent with recognition of related premium revenue. The Company’s premium revenues from certain agency operations include accruals based on estimates. These accruals estimate unreported agency premiums related to transactions which have settled as of the balance sheet date. Accruals for premiums from certain agencies are necessary because of the lag between policy effective dates and the reporting of these transactions to the Company by the agents. The lag time has historically been between 30 and 120 days, with the majority of agencies reporting within 60 to 90 days. The lag time is reviewed periodically to monitor accruals. The accrual of premium revenues is based on historical data that includes transactional volume, fluctuations in the real estate market and the mix between refinance and purchase transactions. There have been no material changes in historical estimates during the periods presented. Quarterly, the Company evaluates the collectability of receivables. Premiums not collected within 7 months are fully reserved. Write-offs of receivables have not been material to the Company. Allowance for Doubtful Accounts Company management continually evaluates the collectability of receivables and provides an allowance for doubtful accounts equal to estimated losses expected to be incurred in the collection of amounts receivable. Changes to the allowance for doubtful accounts are reflected within net premiums written in the Consolidated Statements of Income. Amounts are charged off in the period they are deemed to be uncollectible. Exchange Services Revenue Fees are recognized at the signing of a binding agreement and investment earnings are recognized as they are earned. Fair Values of Financial Instruments The carrying amounts reported in the Consolidated Balance Sheets for cash and cash equivalents, short-term investments, premium and fees receivable, accrued interest and dividends, accounts payable, commissions payable, reinsurance payable and current income taxes recoverable/payable approximate fair value due to the short-term nature of these assets and liabilities. Fair values for the majority of investment securities are based on quoted market prices. Auction rate securities (“ARS”) are valued using discounted cash flow models to determine the estimated fair value of these investments. Some of the inputs for determining the fair value of ARS are unobservable in the securities markets and are significant. Refer to Note 3 for further information regarding investments in securities and fair value. Comprehensive Income The Company’s accumulated other comprehensive income is comprised of unrealized holding gains/losses on available-for-sale securities, net of tax, and unrecognized prior service cost and unrealized gains/losses associated with postretirement benefit liabilities, net of tax. Accumulated other comprehensive income as of December 31, 2013 consists of $11,395,757 of unrealized holding gains on available-for-sale securities and $48,353 of unrecognized prior service cost and unrecognized actuarial losses associated with postretirement benefit liabilities. Accumulated other comprehensive income as of December 31, 2012 consists of $8,920,884 of unrealized holding gains on available-for-sale securities and $102,454 of unrecognized prior service cost and unrecognized actuarial losses associated with postretirement benefit liabilities. Share-Based Compensation The Company accounts for share-based compensation in accordance with the fair value based principles required by the Financial Accounting Standards Board (“FASB”). Estimated compensation expense for awards outstanding at the effective date is recognized over their remaining service period using the compensation cost. Share-based compensation cost is generally measured at the grant date, based on the estimated fair value of the award, and is recognized as an expense over the employee’s requisite service period. As the share-based compensation expense recognized in the Consolidated Statements of Income is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Other Intangible Assets The Company’s other intangible assets consist of a non-compete agreement and referral relationships resulting from an agency acquisition and are recorded at fair value. The referral relationships are amortized on a straight-line basis over the useful life and amortization of the non-compete contract will start at a future date when the related employment agreement is terminated. Intangible assets are reviewed and tested for impairment at least quarterly. 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 July 2013, the FASB updated guidance to eliminate diversity in practice relating to the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss or a tax credit carryforward exists. The main provision of the update requires that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, be presented in the financial statements as a reduction to deferred tax assets for a net operating loss carryforward, a similar tax loss or a tax credit carryforward, except to the extent that a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date to settle any additional income taxes that would result from disallowance of a tax position, or the tax law does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, in which case the unrecognized tax benefit should be presented as a liability. For public entities, this update becomes effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted, and the Company elected to adopt this new guidance in the third quarter of 2013. This update did not have an impact on the Company’s financial condition or results of operations.
In February 2013, the FASB updated guidance to improve the reporting of reclassifications from accumulated other comprehensive income. The main provisions of this guidance require an entity to provide information about the amount reclassified from accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the footnotes, the amount reclassified out of accumulated other comprehensive income by the respective line items of net income if the amount is reclassified to net income in its entirety in the same reporting period. For other amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures providing additional detail about those amounts. The amendments do not change the requirements for reporting net income or other comprehensive income in financial statements. The Company complied with this update, and it did not have an impact on the Company’s financial condition or results of operations. Use of Estimates and Assumptions The preparation of 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 and accompanying notes. Actual results could differ materially from those estimates and assumptions used. The more significant of these estimates and assumptions include the following: Claims – The Company’s reserves for claims 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 incurred claims of policyholders which may be reported in the future (incurred but not reported, or “IBNR”). A provision for estimated future claims payments is recorded at the time policy revenue is recorded as a percentage of premium income. By their nature, title claims can often be complex, vary greatly in dollar amounts, vary in number due to economic and market conditions such as an increase in mortgage foreclosures, and involve uncertainties as to ultimate exposure. In addition, some claims may require a number of years to settle and determine the final liability for indemnity and loss adjustment expense. The payment experience may extend for more than 20 years after the issuance of a policy. Events such as fraud, defalcation and multiple property defects can substantially and unexpectedly cause increases in estimates of losses. Due to the length of time over which claim payments are made and regularly occurring changes in underlying economic and market conditions, these estimates are subject to variability. Management considers factors such as the Company’s historical claims experience, case reserve estimates on reported claims, large claims, actuarial projections and other relevant factors in determining loss provision rates and the aggregate recorded expected liability for claims. In establishing reserves, actuarial projections are compared with recorded reserves to evaluate the adequacy of such recorded claims reserves and any necessary adjustments are then recorded in current operations. As the most recent claims experience develops and new information becomes available, the loss reserve estimate related to prior periods will change to more accurately reflect updated and improved emerging data. The Company reflects any adjustments to reserves in the results of operations in the period in which new information (principally claims experience) becomes available. The Company’s reserves for claims 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 incurred claims of policyholders which have been incurred but not reported (“IBNR”). During the third quarter of 2013 certain actuarial inputs were changed to provide a more refined IBNR reserve estimate. See Note 6 in the accompanying Consolidated Financial Statements for further information regarding this change in accounting estimate. Impairments – Securities are regularly evaluated and 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. When, in the opinion of management, a decline in the fair value of an investment is considered to be other-than-temporary, such investment is written down to its fair value. 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, the probability that the Company will be unable to collect all amounts due under the contractual terms of the security; with respect to equity securities, whether the Company’s ability and intent to retain the investment for a period of time is sufficient to allow for a recovery in value; with respect to fixed maturity securities, whether the Company has the intent to sell or will more likely than not be required to sell a particular security before recovery in value; and the financial condition and prospects of the issuer (including credit ratings). These factors are reviewed quarterly and any material degradation in the prospect for recovery will be considered in the other-than-temporary impairment analysis. 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. The fair values of the majority of the Company’s investments are based on quoted market prices from independent pricing services. |
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-Number 94-6
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
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v2.4.0.8
Statutory Restrictions on Consolidated Stockholders' Equity and Investments
|
12 Months Ended |
Dec. 31, 2013
|
Statutory Restrictions on Consolidated Stockholders' Equity and Investments [Abstract] |
|
Statutory Restrictions on Consolidated Stockholders' Equity and Investments |
Statutory Restrictions on Consolidated Stockholders’ Equity and Investments The Company has designated approximately $47,405,000 and $44,829,000 of retained earnings as of December 31, 2013 and 2012, respectively, as appropriated to reflect the required statutory premium and supplemental reserves. See Note 8 for the tax treatment of the statutory premium reserve. As of December 31, 2013 and 2012, approximately $83,311,000 and $76,167,000, respectively, of consolidated stockholders’ equity represents net assets of the Company’s subsidiaries that cannot be transferred in the form of dividends, loans or advances to the parent company under statutory regulations without prior insurance department approval. Bonds totaling approximately $7,022,000 and $6,700,000 at December 31, 2013 and 2012, respectively, are deposited with the insurance departments of the states in which business is conducted. |
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v2.4.0.8
Investments in Securities and Fair Value
|
12 Months Ended |
Dec. 31, 2013
|
Investments, Debt and Equity Securities [Abstract] |
|
Investments In Securities and Fair Value |
Investments in Securities and Fair Value The aggregate fair value, gross unrealized holding gains, gross unrealized holding losses, and amortized cost for securities by major security type at December 31 were as follows: | | | | | | | | | | | | | | | | | December 31, 2013 | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value | Fixed maturities, available-for-sale, at fair value: | | | | | | | | General obligations of U.S. States, territories and political subdivisions | $ | 38,449,309 |
|
| $ | 1,922,862 |
|
| $ | 184,351 |
|
| $ | 40,187,820 |
| Issuer obligations of U.S. States, territories and political subdivisions special revenue | 30,874,571 |
|
| 1,234,130 |
|
| 204,800 |
|
| 31,903,901 |
| Corporate debt securities | 17,736,608 |
|
| 789,840 |
|
| 108,456 |
|
| 18,417,992 |
| Auction rate securities | 919,672 |
|
| 16,028 |
|
| — |
|
| 935,700 |
| Total | $ | 87,980,160 |
|
| $ | 3,962,860 |
|
| $ | 497,607 |
|
| $ | 91,445,413 |
| Equity securities, available-for-sale at fair value: |
|
|
|
|
|
|
|
|
|
|
| Common stocks and nonredeemable preferred stocks | $ | 22,200,369 |
|
| $ | 14,052,780 |
|
| $ | 109,084 |
|
| $ | 36,144,065 |
| Total | $ | 22,200,369 |
|
| $ | 14,052,780 |
|
| $ | 109,084 |
|
| $ | 36,144,065 |
| Short-term investments: |
|
|
|
|
|
|
|
|
|
|
| Certificates of deposit and money market funds | $ | 7,926,373 |
|
| $ | — |
|
| $ | — |
|
| $ | 7,926,373 |
| Total | $ | 7,926,373 |
|
| $ | — |
|
| $ | — |
|
| $ | 7,926,373 |
|
| | | | | | | | | | | | | | | | | December 31, 2012 | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value | Fixed maturities, available-for-sale, at fair value: | | | | | | | | General obligations of U.S. States, territories and political subdivisions | $ | 38,658,463 |
| | $ | 3,211,445 |
| | $ | — |
| | $ | 41,869,908 |
| Issuer obligations of U.S. States, territories and political subdivisions special revenue | 18,933,299 |
| | 1,909,106 |
| | 10,455 |
| | 20,831,950 |
| Corporate debt securities | 17,064,697 |
| | 1,252,973 |
| | 14,750 |
| | 18,302,920 |
| Auction rate securities | 917,214 |
| | 14,986 |
| | — |
| | 932,200 |
| Total | $ | 75,573,673 |
| | $ | 6,388,510 |
| | $ | 25,205 |
| | $ | 81,936,978 |
| Equity securities, available-for sale at fair value: | | | | | | | | Common stocks and nonredeemable preferred stocks | $ | 21,229,114 |
| | $ | 7,373,056 |
| | $ | 91,237 |
| | $ | 28,510,933 |
| Total | $ | 21,229,114 |
| | $ | 7,373,056 |
| | $ | 91,237 |
| | $ | 28,510,933 |
| Short-term investments: | |
| | |
| | |
| | |
| Certificates of deposit and money market funds | $ | 13,567,648 |
| | $ | — |
| | $ | — |
| | $ | 13,567,648 |
| Total | $ | 13,567,648 |
| | $ | — |
| | $ | — |
| | $ | 13,567,648 |
|
The special revenue category for both periods presented includes over 30 individual bonds with revenue sources from a broad variety of industry sectors. The scheduled maturities of fixed maturity securities at December 31, 2013 were as follows: | | | | | | | | | | Available-for-Sale | | Amortized Cost | | Fair Value | Due in one year or less | $ | 8,685,106 |
| | $ | 8,848,668 |
| Due after one year through five years | 57,287,230 |
| | 60,170,845 |
| Due five years through ten years | 14,159,839 |
| | 14,285,208 |
| Due after ten years | 7,847,985 |
| | 8,140,692 |
| Total | $ | 87,980,160 |
| | $ | 91,445,413 |
|
Earnings on investments for the years ended December 31 were as follows: | | | | | | | | | | | | | | 2013 | | 2012 | | 2011 | Fixed maturities | $ | 2,997,901 |
| | $ | 3,154,131 |
| | $ | 3,233,988 |
| Equity securities | 890,917 |
| | 815,674 |
| | 347,843 |
| Invested cash and other short-term investments | 5,754 |
| | 10,576 |
| | 12,725 |
| Miscellaneous interest | 36 |
| | 30 |
| | 480 |
| Investment income | $ | 3,894,608 |
| | $ | 3,980,411 |
| | $ | 3,595,036 |
|
Gross realized gains and losses on sales of available-for-sale securities for the years ended December 31 are summarized as follows: | | | | | | | | | | | | | | 2013 | | 2012 | | 2011 | Gross realized gains: | | | | | | General obligations of U.S. States, territories and political subdivisions | $ | — |
| | $ | 250 |
| | $ | 386 |
| Corporate | — |
| | 52,396 |
| | 20,459 |
| Common stocks and nonredeemable preferred stocks | 369,673 |
| | 450,461 |
| | 529,811 |
| Auction rate securities | — |
| | 211,061 |
| | 43,199 |
| Total | 369,673 |
| | 714,168 |
| | 593,855 |
| Gross realized losses: | | | | | | Common stocks and nonredeemable preferred stocks | (180,169 | ) | | (91,975 | ) | | (247,117 | ) | Other than temporary impairment of securities | — |
| | (93,436 | ) | | (280,987 | ) | Total | (180,169 | ) | | (185,411 | ) | | (528,104 | ) | Net realized gain | $ | 189,504 |
| | $ | 528,757 |
| | $ | 65,751 |
| Net realized gains (losses) on other investments: | | | | | | Impairments of other assets and investments | $ | (34,070 | ) | | $ | (6,504 | ) | | $ | (44,404 | ) | Gain on other assets and investments | 48,946 |
| | 543,986 |
| | 30,238 |
| Loss on other assets and investments | (8,580 | ) | | — |
| | (23,026 | ) | Total | $ | 6,296 |
| | $ | 537,482 |
| | $ | (37,192 | ) | Net Realized Gain | $ | 195,800 |
| | $ | 1,066,239 |
| | $ | 28,559 |
|
Realized gains and losses are determined on the specific identification method. The following table presents the gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at December 31, 2013 and 2012: | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 Months | | 12 Months or Longer | | Total | December 31, 2013 | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | General obligations of U.S. states, territories and political subdivisions | $ | 4,198,012 |
| | $ | (184,351 | ) | | $ | — |
| | $ | — |
| | $ | 4,198,012 |
| | $ | (184,351 | ) | Special revenue obligations of U.S. states territories and political subdivisions | 11,010,093 |
| | (204,800 | ) | | — |
| | — |
| | 11,010,093 |
| | (204,800 | ) | Corporate debt securities | 5,942,570 |
| | (108,456 | ) | | — |
| | — |
| | 5,942,570 |
| | (108,456 | ) | Total fixed maturity securities | $ | 21,150,675 |
| | $ | (497,607 | ) | | $ | — |
| | $ | — |
| | $ | 21,150,675 |
| | $ | (497,607 | ) | Equity securities | 2,035,971 |
| | (72,998 | ) | | 244,929 |
| | (36,086 | ) | | 2,280,900 |
| | (109,084 | ) | Total temporarily impaired securities | $ | 23,186,646 |
| | $ | (570,605 | ) | | $ | 244,929 |
| | $ | (36,086 | ) | | $ | 23,431,575 |
| | $ | (606,691 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2012 | | | | | | | | | | | | Special revenue obligations of U.S. states territories and political subdivisions | $ | 1,236,906 |
| | $ | (10,455 | ) | | $ | — |
| | $ | — |
| | $ | 1,236,906 |
| | $ | (10,455 | ) | Corporate debt securities | 985,250 |
| | (14,750 | ) | | — |
| | — |
| | 985,250 |
| | (14,750 | ) | Total fixed maturity securities | $ | 2,222,156 |
| | $ | (25,205 | ) | | $ | — |
| | $ | — |
| | $ | 2,222,156 |
| | $ | (25,205 | ) | Equity securities | 2,551,215 |
| | (91,237 | ) | | — |
| | — |
| | 2,551,215 |
| | (91,237 | ) | Total temporarily impaired securities | $ | 4,773,371 |
| | $ | (116,442 | ) | | $ | — |
| | $ | — |
| | $ | 4,773,371 |
| | $ | (116,442 | ) |
As of December 31, 2013, the Company held $21,150,675 in fixed maturity securities with unrealized losses of $497,607. As of December 31, 2012, the Company held $2,222,156 in fixed maturity securities with unrealized losses of $25,205. The decline in fair value of the fixed maturity securities can be attributed primarily to changes in market interest rates and changes in credit spreads over Treasury securities. Because the Company does not have the intent to sell these securities and likely will 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. As of December 31, 2013, the Company held $2,280,900 in equity securities with unrealized losses of $109,084. As of December 31, 2012, the Company held $2,551,215 in equity securities with unrealized losses of $91,237. The unrealized losses related to holdings of equity securities were caused by market changes that the Company considers to be temporary. Since the Company has the intent and ability to hold these equity income securities until a recovery of fair value, the Company does not consider these investments other-than-temporarily impaired. Factors considered in determining whether a loss is temporary include the length of time and extent to which fair value has been below cost, the financial condition and prospects of the issuer (including credit ratings and analyst reports) and macro-economic changes. A total of 26 and 7 securities had unrealized losses at December 31, 2013 and December 31, 2012, 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. During 2013, the Company did not record any other-than-temporary impairment charges related to securities. During 2012, the Company recorded an other-than-temporary impairment charge in the amount of $93,436 related to securities. During 2011, the Company recorded an other-than-temporary impairment charge in the amount of $280,987 related to securities, of which, $101,861 was related to Level 3 ARS that have had a history of being below cost and a change in the intent not to sell. Other-than-temporary impairment charges are included in net realized gain on investments in the Consolidated Statements of Income. Valuation of Financial Assets and Liabilities The FASB has established a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value of financial assets and liabilities, such as securities. This hierarchy categorizes the inputs into three broad levels as follows. Level 1 inputs to the valuation methodology are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs to the valuation methodology are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value. A financial instrument’s classification within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement—consequently, if there are multiple significant valuation inputs that are categorized in different levels of the hierarchy, the instrument’s hierarchy level is the lowest level (with Level 3 being the lowest level) within which any significant input falls. Debt and Equity Securities The Level 1 category includes equity securities that are measured at fair value using quoted active market prices.
The Level 2 category includes fixed maturity investments such as corporate bonds, U.S. government and agency bonds and municipal bonds. Fair value is principally based on market values obtained from a third party pricing service. Factors that are used in determining fair market value include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data. The Company receives one quote per security from a third party pricing service, although as discussed below, the Company does consult other pricing resources when confirming that the prices it obtains reflect the fair values of the instruments in accordance with Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures. Generally, quotes obtained from the pricing service for instruments classified as Level 2 are not adjusted and are not binding. As of December 31, 2013 and December 31, 2012, the Company did not adjust any Level 2 fair values.
A number of the Company’s investment grade corporate bonds are frequently traded in active markets, and trading prices are consequently available for these securities. However, these securities were classified as Level 2 because the pricing service from which the Company has obtained fair values for these instruments uses valuation models which use observable market inputs in addition to traded prices. Substantially all of the input assumptions used in the service’s model are observable in the marketplace or can be derived or supported by observable market data.
The Level 3 category only includes the Company’s investments in student loan auction rate securities (“ARS”) because quoted prices were unavailable due to the failure of auctions. The Company’s ARS portfolio is comprised entirely of investment grade student loan ARS. The par value of these securities was $1,000,000 as of December 31, 2013 and December 31, 2012, with approximately 97.0% as of December 31, 2013 and December 31, 2012, guaranteed by the U.S. Department of Education.
Some of the inputs to ARS valuation are unobservable in the market and are significant; therefore, the Company utilizes another third party pricing service to assist in the determination of the fair market value of these securities. This service uses a proprietary valuation model that considers factors such as the following: the financial standing of the issuer; reported prices and the extent of public trading in similar financial instruments of the issuer or comparable companies; the ability of the issuer to obtain required financing; changes in the economic conditions affecting the issuer; pricing by other dealers in similar securities; time to maturity; and interest rates. The following table summarizes some key assumptions the service used to determine fair value as of December 31, 2013 and 2012: | | | | | | 2013 | | 2012 | Cumulative probability of earning maximum rate until maturity | —% | | —% | Cumulative probability of principle returned prior to maturity | 95.6% | | 96.1% | Cumulative probability of default at some future point | 4.4% | | 3.9% |
Significant increases or decreases in any of the inputs in isolation could result in significant changes to the fair value measurement. Generally, increases in default probabilities and liquidity risk premiums lower the fair market value while increases in principal being returned and earning maximum rates increase fair market values. Based upon these inputs and assumptions, the pricing service provides a range of values to the Company for its ARS. The Company records the fair value based on the midpoint of the range and believes that this valuation is the most reasonable estimate of fair value. In 2013 and 2012, the difference in the low and high values of the ranges was approximately zero and four percent of the carrying value of the Company’s ARS. The following table presents, by level, the financial assets carried at fair value measured on a recurring basis as of December 31, 2013 and 2012. The table does not include cash on hand and also does not include assets which are measured at historical cost or any basis other than fair value. Level 3 assets are comprised solely of ARS. | | | | | | | | | | | | | | | | | As of December 31, 2013 | Level 1 | | Level 2 | | Level 3 | | Total | Short Term | $ | 7,926,373 |
| | $ | — |
| | $ | — |
| | $ | 7,926,373 |
| Equity Securities: | | | | | | | | Common stock and nonredeemable preferred stock | 36,144,065 |
| | — |
| | — |
| | 36,144,065 |
| Fixed Maturities: | | | | | | | | Obligations of U.S. States, territories and political subdivisions* | — |
| | 72,091,721 |
| | — |
| | 72,091,721 |
| Corporate debt securities* | — |
| | 18,417,992 |
| | 935,700 |
| | 19,353,692 |
| Total | $ | 44,070,438 |
| | $ | 90,509,713 |
| | $ | 935,700 |
| | $ | 135,515,851 |
|
| | | | | | | | | | | | | | | | | As of December 31, 2012 | Level 1 | | Level 2 | | Level 3 | | Total | Short Term | $ | 13,567,648 |
| | $ | — |
| | $ | — |
| | $ | 13,567,648 |
| Equity Securities: | | | | | | | | Common stock and nonredeemable preferred stock | 28,510,933 |
| | — |
| | — |
| | 28,510,933 |
| Fixed Maturities: | | | | | | | | Obligations of U.S. States, territories and political subdivisions* | — |
| | 62,701,858 |
| | — |
| | 62,701,858 |
| Corporate debt securities* | — |
| | 18,302,920 |
| | 932,200 |
| | 19,235,120 |
| Total | $ | 42,078,581 |
| | $ | 81,004,778 |
| | $ | 932,200 |
| | $ | 124,015,559 |
|
*Denotes fair market value obtained from pricing services. There were no transfers into or out of Levels 1 and 2 during the period. To help ensure that fair value determinations are consistent with ASC 820 fair value measurements, 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 service reevaluates the price to corroborate the market information and then reviews inputs to the evaluation in light of potentially new market data. The Company believes that these processes and inputs result in appropriate classifications and fair values consistent with ASC 820. Other Financial Instruments The Company uses various financial instruments in the normal course of its business. In the measurement of the fair value of certain financial instruments, other valuation techniques were utilized if quoted market prices were not available. These derived fair value estimates are significantly affected by the assumptions used. Additionally, ASC 820 excludes from its scope certain financial instruments including those related to insurance contracts, pension and other postretirement benefits, and equity method investments. In estimating the fair value of the financial instruments presented, the Company used the following methods and assumptions: Cash and cash equivalents The carrying amount for cash and cash equivalents is a reasonable estimate of fair value due to the short-term maturity of these investments. Cost-basis investments The estimated fair value of cost-basis investments is calculated from the book value of the underlying entities, which is not materially different from the fair value of the underlying entity. 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. Contingent consideration The fair value of the contingent consideration was estimated based on the discounted value of the future cash flows. Contingent consideration consists of additional monies the Company may become obligated to pay based on the future performance of a business the Company acquired, as discussed in Note 18. The carrying amounts and fair values of these financial instruments (please note investments are disclosed in a previous table) as of December 31, 2013 and 2012 are presented in the following table: | | | | | | | | | | | | | | | | | | | | | As of December 31, 2013 | | | | | | | | | | Financial Assets | Carrying Value | | Estimated Fair Value | | Level 1 | | Level 2 | | Level 3 | Cash and cash equivalents | $ | 23,626,761 |
| | $ | 23,626,761 |
| | $ | 23,626,761 |
| | $ | — |
| | $ | — |
| Cost-basis investments | 1,927,429 |
| | 2,069,302 |
| | — |
| | — |
| | 2,069,302 |
| Accrued dividends and interest | 1,006,698 |
| | 1,006,698 |
| | 1,006,698 |
| | — |
| | — |
| Total | $ | 26,560,888 |
| | $ | 26,702,761 |
| | $ | 24,633,459 |
| | $ | — |
| | $ | 2,069,302 |
| | | | | | | | | | | Financial Liabilities | | | | | | | | | | Contingent consideration | $ | 341,250 |
| | $ | 341,250 |
| | $ | — |
| | $ | — |
| | $ | 341,250 |
| Total | $ | 341,250 |
| | $ | 341,250 |
| | $ | — |
| | $ | — |
| | $ | 341,250 |
|
| | | | | | | | | | | | | | | | | | | | | As of December 31, 2012 | | | | | | | | | | Financial Assets | Carrying Value | | Estimated Fair Value | | Level 1 | | Level 2 | | Level 3 | Cash and cash equivalents | $ | 20,810,018 |
| | $ | 20,810,018 |
| | $ | 20,810,018 |
| | $ | — |
| | $ | — |
| Cost-basis investments | 1,871,315 |
| | 1,952,323 |
| | — |
| | — |
| | 1,952,323 |
| Accrued dividends and interest | 1,037,447 |
| | 1,037,447 |
| | 1,037,447 |
| | — |
| | — |
| Total | $ | 23,718,780 |
| | $ | 23,799,788 |
| | $ | 21,847,465 |
| | $ | — |
| | $ | 1,952,323 |
| | | | | | | | | | | Financial Liabilities | | | | | | | | | | Contingent consideration | $ | 691,250 |
| | $ | 691,250 |
| | $ | — |
| | $ | — |
| | $ | 691,250 |
| Total | $ | 691,250 |
| | $ | 691,250 |
| | $ | — |
| | $ | — |
| | $ | 691,250 |
|
The following table presents a reconciliation of the Company’s assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3), which are all ARS securities, for the twelve months ended December 31, 2013 and 2012: | | | | | | | | | Changes in fair value during the year ended December 31: | 2013 | | 2012 | Beginning balance at January 1 | $ | 932,200 |
| | $ | 4,552,400 |
| Redemptions and sales | — |
| | (3,900,000 | ) | Realized gain – included in net realized gain on investments | — |
| | 211,061 |
| Realized loss – included in net realized gain on investments | — |
| | — |
| Unrealized gain - included in other comprehensive income | 3,500 |
| | 68,739 |
| Ending balance at December 31 | $ | 935,700 |
| | $ | 932,200 |
|
The following table presents a reconciliation of the Company’s liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3), consisting solely of contingent consideration, for the twelve months ended December 31, 2013 and 2012: | | | | | | | | | Changes in fair value during the period ended: | 2013 | | 2012 | Beginning balance at January 1 | $ | 691,250 |
| | $ | — |
| Addition of contingent consideration | — |
| | 691,250 |
| Payment for contingent consideration | (350,000 | ) | | — |
| Ending balance, net | $ | 341,250 |
| | $ | 691,250 |
|
Certain cost-basis investments are measured at estimated fair value on a non-recurring basis, such as investments that are determined to be other-than temporarily impaired during the period and recorded at estimated fair value in the Consolidated Financial Statements as of December 31, 2013 and 2012. The following table summarizes the corresponding estimated fair value hierarchy of such investments at December 31, 2013 and 2012 and the related impairments recognized: | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2013 | Valuation Method | | Impaired | | Level 1 | | Level 2 | | Level 3 | | Total at Estimated Fair Value | | Impairment Losses | Cost-basis investments | Fair Value | | Yes | | $ | — |
| | $ | — |
| | $ | 32,744 |
| | $ | 32,744 |
| | $ | (34,070 | ) | Total cost method investments and other assets | | | | | $ | — |
| | $ | — |
| | $ | 32,744 |
| | $ | 32,744 |
| | $ | (34,070 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2012 | Valuation Method | | Impaired | | Level 1 | | Level 2 | | Level 3 | | Total at Estimated Fair Value | | Impairment Losses | Cost-basis investments | Fair Value | | Yes | | $ | — |
| | $ | — |
| | $ | 36,406 |
| | $ | 36,406 |
| | $ | (6,504 | ) | Total cost method investments and other assets | | | | | $ | — |
| | $ | — |
| | $ | 36,406 |
| | $ | 36,406 |
| | $ | (6,504 | ) |
|
X |
- Definition
Investments In Securities and Fair Value [Text Block]
+ References+ Details
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itic_InvestmentsInSecuritiesAndFairValueTextBlock |
Namespace Prefix: |
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Data Type: |
nonnum:textBlockItemType |
Balance Type: |
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Period Type: |
duration |
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- Details
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v2.4.0.8
Property and Equipment
|
12 Months Ended |
Dec. 31, 2013
|
Property, Plant and Equipment [Abstract] |
|
Property and Equipment |
Property and Equipment Property and equipment and estimated useful lives at December 31 are summarized as follows: | | | | | | | | | | 2013 | | 2012 | Land | $ | 1,107,582 |
| | $ | 1,107,582 |
| Office buildings and improvements (25 years) | 3,365,699 |
| | 3,345,762 |
| Furniture, fixtures and equipment (3 to 10 years) | 6,201,618 |
| | 5,209,505 |
| Automobiles (3 years) | 855,018 |
| | 787,180 |
| Total | 11,529,917 |
| | 10,450,029 |
| Less accumulated depreciation | (7,204,379 | ) | | (6,846,706 | ) | Property and equipment, net | $ | 4,325,538 |
| | $ | 3,603,323 |
|
|
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The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 5
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-SubTopic 20
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-Paragraph 1
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-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.13-14)
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v2.4.0.8
Reinsurance
|
12 Months Ended |
Dec. 31, 2013
|
Reinsurance Disclosures [Abstract] |
|
Reinsurance |
Reinsurance The Company assumes and cedes reinsurance with other insurance companies in the normal course of business. Premiums assumed and ceded were approximately $6,000 and $211,000, respectively, for 2013, $16,000 and $233,000, respectively, for 2012 and $17,000 and $177,000, respectively, for 2011. Ceded reinsurance is comprised of excess of loss treaties, which protects against losses over certain amounts. The Company remains liable to the insured for claims under ceded insurance policies in the event that the assuming insurance companies are unable to meet their obligations under these contracts. The Company has not paid or recovered any reinsured losses during the three years ended December 31, 2013. |
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The entire disclosure pertaining to the existence, magnitude and information about insurance that has been ceded to or assumed from another insurance company, including the methodologies and assumptions used in determining recorded amounts.
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-Section 03
-Paragraph 13
-Article 7
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-Publisher AICPA
-Name Statement of Position (SOP)
-Number 92-5
-Paragraph 19
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v2.4.0.8
Reserves for Claims
|
12 Months Ended |
Dec. 31, 2013
|
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] |
|
Reserves for Claims |
Reserves for Claims
Changes in the reserves for claims for the years ended December 31 are summarized as follows based on the year in which the policies were written: | | | | | | | | | | | | | | 2013 | | 2012 | | 2011 | Balance, beginning of period | $ | 39,078,000 |
| | $ | 37,996,000 |
| | $ | 38,198,700 |
| Provisions related to: | | | | | | Current year | 7,239,628 |
| | 7,650,959 |
| | 6,845,338 |
| Prior year | (7,811,224 | ) | | (1,578,844 | ) | | (3,502,911 | ) | Total provision charged to operations | (571,596 | ) | | 6,072,115 |
| | 3,342,427 |
| Claims paid, net of recoveries, related to: | | | | | | Current year | (110,240 | ) | | (76,288 | ) | | (305,079 | ) | Prior year | (3,036,164 | ) | | (4,913,827 | ) | | (3,240,048 | ) | Total claims paid, net of recoveries | (3,146,404 | ) | | (4,990,115 | ) | | (3,545,127 | ) | Balance, end of year | $ | 35,360,000 |
| | $ | 39,078,000 |
| | $ | 37,996,000 |
|
The Company continually refines its reserve estimates as current loss experience develops and credible data emerges. Movements in the reserves related to prior periods were primarily the result of changes to estimates to better reflect the latest reported loss data. The 2013 calendar year change in the provision relating to prior years resulted mostly from changes to certain actuarial inputs and favorable development in 2013 versus prior year related primarily to policy years 2008 through 2012. Due to variances between actual and expected loss payments, loss development is subject to significant variability. The Company does not recognize claim recoveries until an actual payment has been received by the Company. The Company realized claim recoveries of approximately $1,165,000, $1,324,000 and $1,488,000 during 2013, 2012 and 2011, respectively. The provision for claims as a percentage of net premiums written was (0.5)%, 5.9% and 4.1% in 2013, 2012 and 2011, respectively. A large claim is defined as a claim with incurred losses exceeding $250,000. Due to the small volume of large claims, the long-tail nature of title insurance claims and the inherent uncertainty in loss emergence patterns, large claim activity can vary significantly between policy years. The estimated development of large claims by policy year is therefore subject to significant changes as experience develops.
During 2013 certain actuarial inputs were changed to provide a more refined IBNR reserve estimate. The Company considers these modifications in actuarial inputs to be a change in estimate. The Company believes that these changes in actuarial inputs were necessary in response to favorable reserve development and claims experience incurred in several recent reporting periods. The approximate impact of this change in estimate for the year ended December 31, 2013 was a reduction of $2,200,000 to the reserves for claims in the Consolidated Balance Sheets, and in the Consolidated Statements of Income a decrease of $2,200,000 to the provision for claims, an increase of $750,000 in the provision for income taxes and an increase of $1,450,000 in net income, or $0.71 per basic share and $0.70 per diluted share, compared with the amounts that would have been recorded under the Company’s prior estimate. This change in estimate, coupled with several recent policy years which continued to emerge favorably in comparison with prior expectations, contributed to a benefit in the claims provision this quarter. The change in estimate was primarily driven by the following:
| | • | Changing the specific weightings used in performing certain actuarial methods, including weighting between policy years and weighting of title industry loss data; |
| | • | Adjusting for premium rate changes and the Company’s improved underwriting efforts related to construction business; and |
| | • | Increasing the ratios used to estimate projected payments of unallocated loss adjustment expenses to more accurately reflect expected payments. |
A summary of the Company’s loss reserves, broken down into its components of known title claims and IBNR, follows: | | | | | | | | | | | | | | 2013 | | % | | 2012 | | % | Known title claims | $ | 4,670,809 |
| | 13.2 | | $ | 5,166,370 |
| | 13.2 | IBNR | 30,689,191 |
| | 86.8 | | 33,911,630 |
| | 86.8 | Total loss reserves | $ | 35,360,000 |
| | 100.0 | | $ | 39,078,000 |
| | 100.0 |
In management’s opinion, the reserves are adequate to cover claim losses which might result from pending and future claims. |
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The entire disclosure for liabilities related to future policy benefits and unpaid claims and claim adjustments.
+ References
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-Publisher AICPA
-Name Statement of Position (SOP)
-Number 94-5
-Paragraph 11
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-Number 210
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v2.4.0.8
Earnings Per Common Share and Share Awards
|
12 Months Ended |
Dec. 31, 2013
|
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; (b) the amount of compensation cost, if any, for future service that the Company has not yet recognized; and (c) the amount of estimated tax benefits that would be recorded in additional paid-in capital, if any, are assumed to be used to repurchase shares in the current period. The incremental dilutive potential common shares, calculated using the treasury stock method, were 20,459, 35,090 and 18,286 for 2013, 2012 and 2011, respectively.
The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31: | | | | | | | | | | | | | For the Years Ended December 31, | 2013 | | 2012 | | 2011 | Net income attributable to the Company | $ | 14,708,210 |
| | $ | 11,102,496 |
| | $ | 6,933,936 |
| Weighted average common shares outstanding – Basic | 2,056,169 |
| | 2,081,703 |
| | 2,151,350 |
| Incremental shares outstanding assuming the exercise of dilutive stock options and SARs (share-settled) | 20,459 |
| | 35,090 |
| | 18,286 |
| Weighted average common shares outstanding – Diluted | 2,076,628 |
| | 2,116,793 |
| | 2,169,636 |
| Basic earnings per common share | $ | 7.15 |
| | $ | 5.33 |
| | $ | 3.22 |
| Diluted earnings per common share | $ | 7.08 |
| | $ | 5.24 |
| | $ | 3.20 |
|
There were no potential shares excluded from the computation of diluted earnings per share in 2013 and 2012. In 2011, 11,500 awards were excluded from the computation of diluted earnings per share because their exercise price was greater than the stock price and therefore considered anti-dilutive. The Company has adopted employee stock award plans under which restricted stock, and options or stock appreciation rights (“SARs”) to acquire shares (not to exceed 500,000 shares) of the Company’s stock, may be granted to key employees or directors of the Company at a price not less than the market value on the date of grant. SARs and options (which have predominantly been incentive stock options) awarded under the plans thus far generally expire in five to ten years and are exercisable and vest (1) immediately; (2) within one year; or (3) at 10% to 20% per year beginning on the date of grant. All SARs issued to date have been share-settled only.
A summary of share-based award transactions for all share-based award plans follows: | | | | | | | | | | | | | | | Number Of Shares | | Weighted Average Exercise Price | | Average Remaining Contractual Term (Years) | | Aggregate Intrinsic Value | Outstanding as of January 1, 2011 | 110,800 |
| | $ | 28.77 |
| | 4.51 | | $ | 353,955 |
| SARs granted | 3,000 |
| | 41.50 |
| | | | |
| Options exercised | (7,700 | ) | | 20.15 |
| | | | |
| Options/SARs canceled/forfeited/expired | (4,500 | ) | | 28.61 |
| | | | |
| Outstanding as of December 31, 2011 | 101,600 |
| | $ | 29.81 |
| | 3.91 | | $ | 697,780 |
| SARs granted | 3,000 |
| | 50.50 |
| | | | |
| Options exercised | (6,380 | ) | | 25.17 |
| | | | |
| Options/SARs canceled/forfeited/expired | (70 | ) | | 31.00 |
| | | | |
| Outstanding as of December 31, 2012 | 98,150 |
| | $ | 30.74 |
| | 3.17 | | $ | 2,871,710 |
| SARs granted | 3,000 |
| | 71.59 |
| | | | |
| SARs exercised | (79,500 | ) | | 28.77 |
| | | | |
| Options exercised | (2,650 | ) | | 28.63 |
| | | | |
| Options/SARs canceled/forfeited/expired | — |
| | — |
| | | | |
| Outstanding as of December 31, 2013 | 19,000 |
| | $ | 45.74 |
| | 3.43 | | $ | 669,610 |
| | | | | | | | | Exercisable as of December 31, 2013 | 18,250 |
| | $ | 44.67 |
| | 3.31 | | $ | 662,567 |
| | | | | | | | | Unvested as of December 31, 2013 | 750 |
| | $ | 71.59 |
| | 6.38 | | $ | 7,043 |
|
The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company’s common stock at December 31, 2013. The intrinsic values of options exercised during 2013, 2012 and 2011 were approximately $3,486,000, $153,000 and $118,000, respectively. The following tables summarize information about fixed stock options outstanding at December 31, 2013: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Options Outstanding at Year-End | | Options Exercisable at Year-End | Range of Exercise Prices | | Number Outstanding | | Weighted Average Remaining Contractual Life | | Weighted Average Exercise Price | | Number Exercisable | | Weighted Average Exercise Price | $ | 21.49 |
| | — | | $ | 27.96 |
| | 1,000 |
| | 0.38 | | $ | 27.21 |
| | 1,000 |
| | $ | 27.21 |
| 33.32 |
| | — | | 36.79 |
| | 1,500 |
| | 1.38 | | 36.79 |
| | 1,500 |
| | 36.79 |
| $ | 21.49 |
| | — | | $ | 36.79 |
| | 2,500 |
| | 0.98 | | $ | 32.96 |
| | 2,500 |
| | $ | 32.96 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | SARs Outstanding at Year-End | | SARs Exercisable at Year-End | Range of Exercise Prices | | Number Outstanding | | Weighted Average Remaining Contractual Life | | Weighted Average Exercise Price | | Number Exercisable | | Weighted Average Exercise Price | $ | 32.00 |
| | — | | $ | 32.00 |
| | 2,000 |
| | 2.39 | | $ | 32.00 |
| | 2,000 |
| | $ | 32.00 |
| 33.31 |
| | — | | 33.31 |
| | 2,500 |
| | 3.38 | | 33.31 |
| | 2,500 |
| | 33.31 |
| 36.80 |
| | — | | 71.59 |
| | 12,000 |
| | 4.13 | | 53.28 |
| | 11,250 |
| | 52.06 |
| $ | 32.00 |
| | — | | $ | 71.59 |
| | 16,500 |
| | 3.81 | | $ | 47.67 |
| | 15,750 |
| | $ | 46.54 |
|
In 2013, 3,250 options and SARs vested with a fair value of $79,755.
During the second quarters of 2013, 2012 and 2011, the Company issued 3,000 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 2013, 2012 and 2011 were $27.55, $18.84 and $15.55, respectively, and were estimated using the weighted average assumptions shown in the table below. | | | | | | | | 2013 | | 2012 | | 2011 | Expected Life in Years | 5.0 | | 5.0 | | 5.0 | Volatility | 44.6% | | 44.6% | | 43.6% | Interest Rate | 1.3% | | 0.8% | | 1.9% | Yield Rate | 0.5% | | 0.6% | | 0.8% |
There was approximately $84,000, $75,000 and $214,000 of compensation expense relating to SARs or options vesting on or before December 31, 2013, 2012 and 2011, respectively, included in salaries, employee benefits and payroll taxes in the Consolidated Statements of Income. As of December 31, 2013, there was approximately $23,000 of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under the Company’s stock award plans. That cost is expected to be recognized over a weighted average period of approximately 3 months.
The estimated weighted average grant-date fair value of SARs granted for the years ended December 31 was as follows: | | | | | | | | | | | | | For the Years Ended December 31, | 2013 | | 2012 | | 2011 | Exercise price equal to market price on date of grant: | | | | | | Weighted average market price | $ | 71.59 |
| | $ | 50.50 |
| | $ | 41.50 |
| Weighted average grant-date fair value | $ | 27.55 |
| | $ | 18.84 |
| | $ | 15.55 |
|
There have been no stock options or SARs granted where the exercise price was less than the market price on the date of grant. |
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v2.4.0.8
Income Taxes
|
12 Months Ended |
Dec. 31, 2013
|
Income Tax Disclosure [Abstract] |
|
Income Taxes |
Income Taxes The components of income tax expense for the years ended December 31 are summarized as follows: | | | | | | | | | | | | | For the Years Ended December 31, | 2013 | | 2012 | | 2011 | Current: | | | | | | Federal | $ | 4,873,000 |
| | $ | 5,018,000 |
| | $ | 2,515,000 |
| State | 69,000 |
| | 163,000 |
| | 29,000 |
| Total current | 4,942,000 |
| | 5,181,000 |
| | 2,544,000 |
| Deferred: | | | | | | Federal | 1,805,215 |
| | (305,525 | ) | | 28,131 |
| State | (1,215 | ) | | 13,525 |
| | (7,131 | ) | Total deferred | 1,804,000 |
| | (292,000 | ) | | 21,000 |
| Total | $ | 6,746,000 |
| | $ | 4,889,000 |
| | $ | 2,565,000 |
|
For state income tax purposes, ITIC and NITIC generally pay only a gross premium tax found in premium and retaliatory taxes in the Consolidated Statements of Income. At December 31, the approximate tax effect of each component of deferred income tax assets and liabilities is summarized as follows: | | | | | | | | | For the Years Ended December 31, | 2013 | | 2012 | Deferred income tax assets: | | | | Accrued benefits and retirement services | $ | 3,074,164 |
| | $ | 2,889,350 |
| Allowance for doubtful accounts | 883,426 |
| | 641,920 |
| Other-than-temporary impairment of assets | 319,962 |
| | 344,701 |
| Excess of book over tax depreciation | 171,504 |
| | 143,184 |
| Postretirement benefit obligation | 24,914 |
| | 52,791 |
| Reinsurance and commission payable | 21,953 |
| | 19,087 |
| Net operating loss carryforward | 5,000 |
| | 12,000 |
| Other | 256,309 |
| | 410,052 |
| Total | 4,757,232 |
| | 4,513,085 |
| Deferred income tax liabilities: | | | | Net unrealized gain on investments | 5,976,215 |
| | 4,687,264 |
| Recorded reserves for claims, net of statutory premium reserves | 2,467,798 |
| | 399,217 |
| Other | 327,202 |
| | 319,760 |
| Total | 8,771,215 |
| | 5,406,241 |
| Net deferred income tax liabilities | $ | (4,013,983 | ) | | $ | (893,156 | ) |
At December 31, 2013 and 2012, no valuation allowance was recorded. Based upon the Company’s historical results of operations, the existing financial condition of the Company and management’s assessment of all other available information, management believes that it is more likely than not that the benefit of these deferred income tax assets will be realized. A reconciliation of income tax as computed for the years ended December 31 at the U.S. federal statutory income tax rate of 34.1% for 2013 and 34% for 2012 and 2011, respectively, to income tax expense follows: | | | | | | | | | | | | | For the Years Ended December 31, | 2013 | | 2012 | | 2011 | Anticipated income tax expense | $ | 7,346,074 |
| | $ | 5,467,168 |
| | $ | 3,229,638 |
| Increase (decrease) related to: | | | | | | State income taxes, net of federal income tax benefit | 45,471 |
| | 107,580 |
| | 19,140 |
| Tax-exempt interest income (net of amortization) | (772,545 | ) | | (757,005 | ) | | (700,300 | ) | Other, net | 127,000 |
| | 71,257 |
| | 16,522 |
| Provision for income taxes | $ | 6,746,000 |
| | $ | 4,889,000 |
| | $ | 2,565,000 |
|
In accounting for uncertainty in income taxes, the Company is required to recognize in its financial statements the impact of a tax position if that position is more likely than not of being sustained on an audit, based on the technical merits of the position. In this regard, an uncertain tax position represents the Company’s expected treatment of a tax position taken in a filed tax return, or planned to be taken in a future tax return, that has not been reflected in measuring income tax expense for financial reporting purposes. There were no unrecognized tax benefits or liabilities as of December 31, 2013. The amount of unrecognized tax benefit or liability may increase or decrease in the future for various reasons, including adding amounts for current tax year positions, expiration of open income tax returns due to the expiration of the applicable statute of limitations, changes in management’s judgment about the level of uncertainty, status of examinations, litigation and legislative activity and the additions or eliminations of uncertain tax positions. The Company’s policy is to report interest and penalties related to income taxes in the Other line item in the Consolidated Statements of Income. The Company, or one of its subsidiaries, files income tax returns in the U.S. federal jurisdiction and various states. With few exceptions, the Company is no longer subject to U.S. federal or state and local examinations by taxing authorities for years before 2010. |
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The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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-SubTopic 10
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-Paragraph 15
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v2.4.0.8
Leases
|
12 Months Ended |
Dec. 31, 2013
|
Leases [Abstract] |
|
Leases |
Leases The Company leases certain office facilities and equipment under operating leases. Rental expense also includes occasional rental of automobiles. Rent expense totaled approximately $699,000, $692,000, and $623,000 in 2013, 2012 and 2011, respectively. The future minimum lease payments under operating leases that have initial or remaining noncancelable lease terms in excess of one year as of December 31, 2013, are summarized as follows: | | | | | Year Ended: | | 2014 | $ | 548,451 |
| 2015 | 303,465 |
| 2016 | 162,022 |
| 2017 | 45,107 |
| 2018 | 4,200 |
| Thereafter | — |
| Total | $ | 1,063,245 |
|
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-SubTopic 10
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-Paragraph 4
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-Subparagraph (Note 1,3)
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-Name Statement of Financial Accounting Standard (FAS)
-Number 13
-Paragraph 16
-Subparagraph b, c, d
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v2.4.0.8
Retirement Agreements and Other Postretirement Benefit Plan
|
12 Months Ended |
Dec. 31, 2013
|
Compensation and Retirement Disclosure [Abstract] |
|
Retirement Agreements and Other Postretirement Benefit Plan |
Retirement Agreements and Other Postretirement Benefit Plan The Company has a 401(k) savings plan. In order to participate, individuals must be employed for one full year and work at least 1,000 hours annually. The Company makes a 3% Safe Harbor contribution and also has the option annually to make a discretionary profit share contribution. Individuals may elect to make contributions up to the maximum deductible amount as determined by the Internal Revenue Code. Expenses related to the 401(k) plan were approximately $579,000, $518,000 and $479,000 for 2013, 2012 and 2011, respectively. In November 2003, ITIC, a wholly owned subsidiary of the Company, entered into employment agreements with the Chief Executive Officer, Chief Financial Officer and Chief Operating Officer of ITIC. These individuals also serve as the Chairman, President and Executive Vice President, respectively, of the Company. The agreements provide compensation and life, health, dental and vision benefits upon the occurrence of specific events, including death, disability, retirement, termination without cause or upon a change in control. The employment agreements also prohibit each of these executives from competing with ITIC and its parent, subsidiaries and affiliates in the State of North Carolina while employed by ITIC and for a period of two years following termination of their employment. In addition, during the second quarter of 2004, ITIC entered into nonqualified deferred compensation plan agreements with these executives. The amount accrued for all agreements at December 31, 2013 and 2012 was approximately $6,580,000 and $6,303,000, respectively, which includes postretirement compensation and health benefits, and was calculated based on the terms of the contract. Both the 2013 and 2012 accruals are included in the Accounts payable and accrued liabilities line item of the Consolidated Balance Sheets. These executive contracts are accounted for on an individual contract basis. On December 24, 2008, the executive contracts were amended effective January 1, 2009 to bring them into compliance with Section 409A of the Internal Revenue Code, and were amended and restated to provide for an annual cash payment to the officers equal to the amounts the Company would have contributed to their accounts under its 401(k) plan if such contributions were not limited by the federal tax laws, less the amount of any contributions that the Company actually makes to their accounts under the Company’s 401(k) plan. On November 17, 2003, ITIC entered into employment agreements with key executives that provide for the continuation of certain employee benefits upon retirement. The executive employee benefits include health insurance, dental insurance, vision insurance and life insurance. The benefits are unfunded. Estimated future benefit payouts expected to be paid for each of the next five years are $4,231 in 2014, $4,596 in 2015, $4,937 in 2016, $8,093 in 2017, $11,751 in 2018 and $100,122 in the next five years thereafter. Cost of the Company’s postretirement benefits included the following components: | | | | | | | | | | | | | | 2013 | | 2012 | | 2011 | Net periodic benefit cost | | | | | | Service cost – benefits earned during the year | $ | 15,782 |
| | $ | 12,617 |
| | $ | 19,503 |
| Interest cost on the projected benefit obligation | 28,412 |
| | 27,867 |
| | 24,607 |
| (Accretion) amortization of unrecognized prior service cost | (1,518 | ) | | 9,396 |
| | 13,038 |
| Amortization (accretion) of unrecognized loss (gain) | 6,293 |
| | 680 |
| | (318 | ) | Net periodic benefits cost at end of year | $ | 48,969 |
| | $ | 50,560 |
| | $ | 56,830 |
|
The Company is required to recognize the funded status (i.e., the difference between the fair value of the assets and the accumulated postretirement benefit obligations of its postretirement benefits) in its Consolidated Balance Sheet, with a corresponding adjustment to accumulated other comprehensive income, net of tax. The net amount in accumulated other comprehensive income is $(73,246), $(48,353) net of tax, for December 31, 2013, and $(155,234), $(102,454) net of tax, for December 31, 2012, and represents the net unrecognized actuarial losses and unrecognized prior service costs. The effects of the funded status on the Company’s Consolidated Balance Sheets at December 31, 2013 and 2012 are presented in the following table: | | | | | | | | | | 2013 | | 2012 | Funded status | | | | Actuarial present value of future benefits: | | | | Fully eligible active employee | $ | (377,838 | ) | | $ | (401,553 | ) | Non-eligible active employees | (301,439 | ) | | (310,743 | ) | Plan assets | — |
| | — |
| Funded status of accumulated postretirement benefit obligation, recognized in other liabilities | $ | (679,277 | ) | | $ | (712,296 | ) |
Development of the accumulated postretirement benefit obligation for the years ended December 31, 2013 and 2012 includes the following: | | | | | | | | | | 2013 | | 2012 | Accrued postretirement benefit obligation at beginning of year | $ | (712,296 | ) | | $ | (588,894 | ) | Service cost – benefits earned during the year | (15,782 | ) | | (12,617 | ) | Interest cost on projected benefit obligation | (28,412 | ) | | (27,867 | ) | Actuarial gain (loss) | 77,213 |
| | (82,918 | ) | Accrued postretirement benefit obligation at end of year | $ | (679,277 | ) | | $ | (712,296 | ) |
The changes in amounts related to accumulated other comprehensive income, pre-tax, are as follows: | | | | | | | | | | 2013 | | 2012 | Balance at beginning of year | $ | 155,234 |
| | $ | 82,392 |
| Components of accumulated other comprehensive income: | | | | Unrecognized prior service credit (cost) | 1,518 |
| | (9,396 | ) | Amortization of loss, net | (6,293 | ) | | (680 | ) | Actuarial (gain) loss | (77,213 | ) | | 82,918 |
| Balance at end of year | $ | 73,246 |
| | $ | 155,234 |
|
The amounts currently in accumulated other comprehensive income, pre-tax, that will be reclassified to the Consolidated Statements of Income and recognized as components of net periodic benefit costs in 2014 are: | | | | | | Projected 2014 | Amortization of unrecognized prior service cost | $ | 2,217 |
| Amortization of unrecognized loss | — |
| Net periodic benefit cost at end of year | $ | 2,217 |
|
Assumed health care cost trend rates do have an effect on the amounts reported for the postretirement benefit obligations. The following illustrates the effects on the net periodic postretirement benefit cost (“NPPBC”) and the accumulated postretirement benefit obligation (“APBO”) of a one percentage point increase and one percentage point decrease in the assumed health care cost trend rate as of December 31, 2013: | | | | | | | | | | One- Percentage Point Increase | | One- Percentage Point Decrease | Net periodic postretirement benefit cost | | | | Effect on the service cost component | $ | 3,790 |
| | $ | (2,860 | ) | Effect on interest cost | 6,574 |
| | (5,056 | ) | Total effect on the net periodic postretirement benefit cost | $ | 10,364 |
| | $ | (7,916 | ) | Accumulated postretirement benefit obligation (including active employees who are not fully eligible) | | | | Effect on those currently receiving benefits (retirees and spouses) | $ | — |
| | $ | — |
| Effect on active fully eligible | 68,198 |
| | (53,548 | ) | Effect on actives not yet eligible | 77,887 |
| | (58,806 | ) | Total effect on the accumulated postretirement benefit obligation | $ | 146,085 |
| | $ | (112,354 | ) |
|
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+ References
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017
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-Name Implementation Guide (Q and A)
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v2.4.0.8
Commitments and Contingencies
|
12 Months Ended |
Dec. 31, 2013
|
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Commitments and Contingencies
Legal Proceedings. A class action lawsuit is pending in the United States District Court for the Eastern District of Michigan, Southern Division, against several title insurance underwriters, including Investors Title Insurance Company, and several title insurance agents, entitled Bushman et al. v. R. Kevin Clinton, Treasurer of the State of Michigan, et al. (2:14-cv-10011-GCS-MAR). Michigan law requires the seller of property to pay a transfer tax based on the total value of the property at the time of transfer. Exemptions from the payment of this tax exist if (1) the property is the seller’s principal residence, and (2) the state equalized value (“SEV”) of the property at the time of purchase is greater than the SEV at the time of sale. Plaintiffs contend that, notwithstanding this exemption, they were assessed, charged and paid the full transfer tax when they sold their property. The plaintiffs seek an award of actual damages, statutory damages, attorneys’ fees and other relief as determined at trial. The Company believes that this case is without merit, and intends to vigorously defend against the allegations. At this stage in the litigation, the Company does not have the ability to make a reasonable range of estimates in regards to potential loss amounts, if any. As previously reported, Investors Title Insurance Company and several other title insurance companies were named in a class action lawsuit in the United States District Court for the Southern District of West Virginia entitled Backel v. Fidelity National Title Insurance et al. (6:2008-CV-00181). The plaintiff in this case contended a lack of meaningful oversight by agencies with which title insurance rates are filed and approved. There were further allegations that the title insurance companies conspired to fix title insurance rates. This case, which had been inactive, was administratively closed in the third quarter of 2013. The Company will not report further on this matter unless there are any material developments.
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. Cash held by the Company for these purposes was approximately $11,824,000 and $11,689,000 as of December 31, 2013 and 2012, respectively. These amounts are not considered assets of the Company and, therefore, are excluded from the accompanying Consolidated Balance Sheets. However, the Company remains contingently liable for the disposition of 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 (“LLCs”) that are wholly owned subsidiaries of ITAC, holds property for exchangers in reverse exchange transactions. Like-kind exchange deposits and reverse exchange property totaled approximately $76,037,000 and $55,580,000 as of December 31, 2013 and 2012, respectively. These amounts are not considered assets of the Company and, therefore, are excluded from the accompanying Consolidated Balance Sheets; however, the Company remains contingently liable for the disposition of the transfers of property, disbursements of proceeds and the return on the proceeds at the agreed upon rate. Exchange services revenues include earnings on these deposits; therefore, investment income is shown as other revenue rather than investment income. These like-kind exchange funds are primarily invested in money market and other short-term investments. |
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-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
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-Name Statement of Financial Accounting Standard (FAS)
-Number 5
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v2.4.0.8
Statutory Accounting
|
12 Months Ended |
Dec. 31, 2013
|
Statutory Accounting [Abstract] |
|
Statutory Accounting |
Statutory Accounting The Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America which differ in some respects from statutory accounting practices prescribed or permitted in the preparation of financial statements for submission to insurance regulatory authorities. Combined capital and surplus on a statutory basis was $119,897,974 and $102,047,179 as of December 31, 2013 and 2012, respectively. Net income on a statutory basis was $11,858,699, $11,035,792 and $6,416,684 for the twelve months ended December 31, 2013, 2012 and 2011, respectively. |
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v2.4.0.8
Segment Information
|
12 Months Ended |
Dec. 31, 2013
|
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 December 31, 2013, 2012 and 2011: | | | | | | | | | | | | | | | | | 2013 | Title Insurance | | All Other | | Intersegment Eliminations | | Total | Insurance and other services revenues | $ | 118,153,904 |
| | $ | 5,507,069 |
| | $ | (1,499,884 | ) | | $ | 122,161,089 |
| Investment income | 3,599,106 |
| | 388,838 |
| | (93,336 | ) | | 3,894,608 |
| Net realized gain (loss) on investments | 225,661 |
| | (29,861 | ) | | — |
| | 195,800 |
| Total revenues | $ | 121,978,671 |
| | $ | 5,866,046 |
| | $ | (1,593,220 | ) | | $ | 126,251,497 |
| Operating expenses | 99,899,804 |
| | 6,239,155 |
| | (1,430,200 | ) | | 104,708,759 |
| Income (loss) before income taxes | $ | 22,078,867 |
| | $ | (373,109 | ) | | $ | (163,020 | ) | | $ | 21,542,738 |
| Total assets | $ | 146,110,146 |
| | $ | 42,195,670 |
| | $ | — |
| | $ | 188,305,816 |
|
| | | | | | | | | | | | | | | | | 2012 | Title Insurance | | All Other | | Intersegment Eliminations | | Total | Insurance and other services revenues | $ | 106,496,802 |
| | $ | 4,931,574 |
| | $ | (1,395,934 | ) | | $ | 110,032,442 |
| Investment income | 3,492,998 |
| | 571,999 |
| | (84,586 | ) | | 3,980,411 |
| Net realized gain on investments | 430,495 |
| | 635,744 |
| | — |
| | 1,066,239 |
| Total revenues | $ | 110,420,295 |
| | $ | 6,139,317 |
| | $ | (1,480,520 | ) | | $ | 115,079,092 |
| Operating expenses | 94,909,649 |
| | 5,433,207 |
| | (1,343,671 | ) | | 98,999,185 |
| Income before income taxes | $ | 15,510,646 |
| | $ | 706,110 |
| | $ | (136,849 | ) | | $ | 16,079,907 |
| Total assets | $ | 136,042,848 |
| | $ | 35,875,428 |
| | $ | — |
| | $ | 171,918,276 |
|
| | | | | | | | | | | | | | | | | 2011 | Title Insurance | | All Other | | Intersegment Eliminations | | Total | Insurance and other services revenues | $ | 83,420,562 |
| | $ | 4,455,631 |
| | $ | (814,632 | ) | | $ | 87,061,561 |
| Investment income | 3,174,148 |
| | 502,557 |
| | (81,669 | ) | | 3,595,036 |
| Net realized gain (loss) on investments | 97,640 |
| | (69,081 | ) | | — |
| | 28,559 |
| Total revenues | $ | 86,692,350 |
| | $ | 4,889,107 |
| | $ | (896,301 | ) | | $ | 90,685,156 |
| Operating expenses | 77,294,353 |
| | 4,706,499 |
| | (814,632 | ) | | 81,186,220 |
| Income before income taxes | $ | 9,397,997 |
| | $ | 182,608 |
| | $ | (81,669 | ) | | $ | 9,498,936 |
| Total assets | $ | 123,712,762 |
| | $ | 34,245,701 |
| | $ | — |
| | $ | 157,958,463 |
|
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v2.4.0.8
Stockholders' Equity
|
12 Months Ended |
Dec. 31, 2013
|
Equity [Abstract] |
|
Stockholders' Equity |
Stockholders’ Equity On November 12, 2002, the Company’s Board of Directors amended the Company’s Articles of Incorporation, creating a series of Class A Junior Participating Preferred Stock (the “Class A Preferred Stock”). The Class A Preferred Stock is senior to common stock in dividends or distributions of assets upon liquidations, dissolutions or winding up of the Company. Dividends on the Class A Preferred Stock are cumulative and accrue from the quarterly dividend payment date. Each share of Class A Preferred Stock entitles the holder thereof to 100 votes on all matters submitted to a vote of shareholders of the Company. These shares were reserved for issuance under the Shareholder Rights Plan (the “Plan”), which was adopted on November 21, 2002, by the Company’s Board of Directors. Under the terms of the Plan, the Company’s common stock acquired by a person or a group buying 15% or more of the Company’s common stock would be diluted, except in transactions approved by the Board of Directors. In connection with the Plan, the Company’s Board of Directors declared a dividend distribution of one right (a “Right”) for each outstanding share of the Company’s common stock paid on December 16, 2002, to shareholders of record at the close of business on December 2, 2002. Each Right entitles the registered holder to purchase from the Company a unit (a “Unit”) consisting of one one-hundredth of a share of Class A Preferred Stock. Under the Plan, the Rights detach and become exercisable upon the earlier of (a) ten (10) days following public announcement that a person or group of affiliated or associated persons has acquired, or obtained the right to acquire, beneficial ownership of 15% or more of the outstanding shares of the Company’s common stock, or (b) ten (10) business days following the commencement of, or first public announcement of the intent of a person or group to commence, a tender offer or exchange offer that would result in a person or group beneficially owning 15% or more of such outstanding shares of the Company’s common stock. The exercise price, the kind and the number of shares covered by each right are subject to adjustment upon the occurrence of certain events described in the Plan. If any person or group of affiliated or associated persons acquires beneficial ownership of 15% or more of the outstanding common stock, each holder of a Right (other than the acquiring person or group) will have the right to buy, at the exercise price, common stock of the Company having a market value of twice the exercise price. If the Company is acquired in a merger or consolidation in which the Company is not the surviving corporation, or the Company engages in a merger or consolidation in which the Company is the surviving corporation and the Company’s common stock is changed or exchanged, or more than 50% of the Company’s assets or earning power is sold or transferred, the Rights entitle a holder (other than the acquiring person or group) to buy, at the exercise price, stock of the acquiring company having a market value equal to twice the exercise price. At any time after a person or group of affiliated or associated persons has acquired beneficial ownership of 15% or more of the outstanding common stock and prior to the acquisition by such person or group of 50% or more of the outstanding common stock, the Company’s Board of Directors may exchange the Rights (other than the Rights owned by such person or group), in whole or in part, at an exchange ratio of one share of the Company’s common stock, or one one-hundredth of a share of Preferred Stock, per Right. The Rights are redeemable upon action by the Board of Directors at a price of $0.01 per right at any time before they become exercisable. Until the Rights become exercisable, they are evidenced only by the common stock certificates and are transferred with and only with such certificates. On October 31, 2012, the Plan was amended to, among other things, extend the expiration date of the plan from November 11, 2012 to October 31, 2022 and increase the exercise price of the stock purchase rights from $80 per unit to $220 per unit. In connection with the amendments to the shareholders’ rights plan, the Board of Directors of the Company also amended the Company’s Articles of Incorporation to increase the number of shares designated under the rights plan as Series A Participating Preferred Stock from 100,000 shares to 200,000 shares. There were 1,000,000 shares of Preferred Stock authorized as of December 31, 2013 and 2012, with 200,000, being designated Class A Junior Participating Preferred Stock. |
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+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4
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v2.4.0.8
Concentration of Credit Risk
|
12 Months Ended |
Dec. 31, 2013
|
Risks and Uncertainties [Abstract] |
|
Concentration of Credit Risk |
Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company invests its cash and cash equivalents into high credit quality security instruments. On November 9, 2010, the Federal Deposit Insurance Corporation (“FDIC”) issued a Final Rule implementing section 343 of the Dodd-Frank Wall Street Reform and Consumer Protection Act that provides for unlimited insurance coverage of noninterest-bearing transaction accounts. Beginning December 31, 2010, through December 31, 2012, all noninterest bearing transaction accounts were fully insured, regardless of the balance of the account, at all FDIC insured institutions. All other deposits which exceed $250,000, including noninterest bearing transaction accounts prior to December 31, 2010, at each institution are not insured by the FDIC. Of the $20.8 million in cash and cash equivalents at December 31, 2012, $3.2 million was not insured by the FDIC. As scheduled, the unlimited insurance coverage for noninterest-bearing transaction accounts provided under the Dodd-Frank Wall Street Reform and Consumer Protection Act expired on December 31, 2012. Deposits held in noninterest-bearing transaction accounts are now aggregated with any interest-bearing deposits the owner may hold in the same ownership category, and the combined total insured up to at least $250,000. Of the $23.6 million in cash and cash equivalents at December 31, 2013, $23.1 million was not insured by the FDIC after the expiration of unlimited coverage for noninterest-bearing transaction accounts. |
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The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.
+ References
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-Paragraph 15A
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-Name Statement of Position (SOP)
-Number 94-6
-Paragraph 21, 22, 24
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v2.4.0.8
Business Concentration
|
12 Months Ended |
Dec. 31, 2013
|
Risks and Uncertainties [Abstract] |
|
Business Concentration |
Business Concentration The Company generates a significant amount of title insurance premiums in Texas, North Carolina and South Carolina. In 2013, 2012 and 2011, Texas accounted for 26.8%, 24.8% and 32.2% of total title premiums, respectively. In 2013, 2012 and 2011, North Carolina accounted for 27.4%, 30.5% and 26.6% of total title premiums, respectively. In 2013, 2012 and 2011, South Carolina accounted for 11.4%, 8.6% and 8.2% of total title premiums, respectively. In 2013, 2012 and 2011, the Company had one agent that accounted for 16.4%, 14.0% and 22.6% of net premiums written, respectively. |
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v2.4.0.8
Related Party Transactions
|
12 Months Ended |
Dec. 31, 2013
|
Related Party Transactions [Abstract] |
|
Related Party Transactions |
Related Party Transactions The Company does business with, and has investments in, unconsolidated limited liability companies that are primarily title insurance agencies. The Company utilizes the equity method to account for its investments in these limited liability companies. The following table sets forth the approximate values by year found within each financial statement classification: | | | | | | | | | Financial Statement Classification, | 2013 | | 2012 | Consolidated Balance Sheets | | Other investments | $ | 5,320,000 |
| | $ | 4,892,000 |
| Premiums and fees receivable | $ | 657,000 |
| | $ | 1,011,000 |
|
| | | | | | | | | | | | | Financial Statement Classification, | | | | Consolidated Statements of Income | 2013 | | 2012 | | 2011 | Net premiums written | $ | 12,442,000 |
| | $ | 15,558,000 |
| | $ | 11,004,000 |
| Other income | $ | 1,839,000 |
| | $ | 2,238,000 |
| | $ | 1,336,000 |
|
During the second quarter of 2013, the Company repurchased 17,524 shares of Company common stock from officers of the Company at a price of $71.50 per share to cover withholding taxes payable by the officers upon the exercise of SARs. During the fourth quarter of 2013, the Company repurchased 28,130 shares of Company common stock from officers of the Company at a price of $80.01 per share. |
X |
- Definition
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
+ References
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-SubTopic 10
-Section 50
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v2.4.0.8
Acquisition
|
12 Months Ended |
Dec. 31, 2013
|
Business Combinations [Abstract] |
|
Acquisition |
Acquisition
In January 2012, a subsidiary of the Company, ITIC, entered into a membership interest purchase and sale agreement under which it agreed to acquire a majority ownership interest of United Title Agency Co., LLC (“United”). United, a Michigan limited liability company, is an insurance agency doing business in the State of Michigan. On April 2, 2012, ITIC purchased a 70% ownership interest in United, with both ITIC and the seller having the option to require ITIC to purchase the remaining 30% interest not less than 27 months from the closing.
The acquisition date fair value of the total consideration to be transferred was $1,041,250. This fair value total was equal to $350,000 ITIC had already paid toward the purchase price, as well as $691,250 in estimated contingent payments. As of December 31, 2013, management’s calculation of the fair value of consideration to be transferred is materially unchanged from its acquisition date amount. During the second quarter of 2013, ITIC paid an additional $350,000 toward the purchase price. The resulting contingent payments of $341,250 and $691,250 are categorized in the Consolidated Balance Sheets as Accounts payable and accrued liabilities as of December 31, 2013 and December 31, 2012, respectively.
The contingent payment arrangement requires that the purchase price for the 70% majority interest be paid over the next 2 years and determined by multiplying United’s actual GAAP net income for the first full 24 calendar months subsequent to closing by an agreed upon factor. In no event will the purchase price for the majority interest exceed $1,041,250. The fair value of the contingent payment was derived using the Company’s best estimate (Level 3 inputs) of net income of approximately $859,000 during the 24-month period, discounted at a 15% rate, and limited to the contractual maximum. The amounts previously paid will be used to offset contingent payment amounts calculated for final consideration, and is eligible for refunding in part or in its entirety if greater than the final settlement amount.
In the event that ITIC purchases the remaining 30% interest, the purchase price of the redeemable noncontrolling interest will be calculated by multiplying United’s GAAP net income for the full 24 calendar months immediately preceding the written notice of the option exercise by an agreed upon factor. The agreement stipulates a minimum purchase price of $1,000,000 for the entire agency should this option be exercised.
As certain provisions of the membership interest purchase and sale agreement place the acquisition of the remaining 30% by ITIC out of ITIC’s control, the noncontrolling interest in United is deemed redeemable. The redeemable noncontrolling interest is presented outside of permanent equity, as redeemable equity in the Consolidated Balance Sheets. On the acquisition date, the fair value of the redeemable noncontrolling interest was $446,250. The fair value of the redeemable noncontrolling interest was based on the noncontrolling interest’s share of the value of net assets.
The following table provides a reconciliation of total redeemable equity for the periods ended December 31, 2013, 2012 and 2011: | | | | | | | | | | | | | Changes in fair value during the period ended: | 2013 | | 2012 | | 2011 | Beginning balance at January 1 | $ | 493,861 |
| | $ | — |
| | $ | — |
| Redeemable noncontrolling interest resulting from subsidiary purchase | — |
| | 446,250 |
| | — |
| Net income attributable to redeemable noncontrolling interest | 88,528 |
| | 88,411 |
| | — |
| Distributions to noncontrolling interest | (36,900 | ) | | (40,800 | ) | | — |
| Balance, net | $ | 545,489 |
| | $ | 493,861 |
| | $ | — |
|
Fair valuation methods used for the identifiable tangible net assets acquired in the acquisition make use of discounted cash flows using current interest rates. The fair value of identifiable net tangible assets at the acquisition date was $5,600. Identifiable assets acquired included cash and fixed assets. Liabilities assumed consisted of notes payable.
The transaction was accounted for using the acquisition method required by ASC 805, Business Combinations. Accordingly, the Company recognized the required identifiable intangible assets of United. There was no goodwill recorded as a result of the acquisition. The fair values of intangible assets, all Level 3 inputs, are principally based on values obtained from a third party valuation service. At acquisition, intangible assets included $645,685 relating to a non-compete contract resulting from the acquisition and $836,215 from referral relationships. The non-compete contract is being amortized over a 10-year period using the straight-line method, starting at a future date when the related employment agreement is terminated. The referral relationships are being amortized over a 12-year period using the straight-line method. At December 31, 2013 and December 31, 2012, accumulated amortization of intangible assets was $121,947 and $52,263, respectively. Net intangible assets of $1,359,953 and $1,429,637 are categorized as prepaid expenses and other assets in the Consolidated Balance Sheets as of December 31, 2013 and December 31, 2012. In accordance with ASC 350, Intangibles – Goodwill and Other, the Company completed interim impairment testing and determined that the intangible assets assigned to United were not impaired at December 31, 2013. The amortization of the non-compete contract will start at a future date when the related employment agreement is terminated. Assuming that the amortization of the non-complete agreement begins on the first day subsequent to the employment period stated in the current employment agreement, estimated aggregate amortization expense for each of the five succeeding fiscal years are as follows: | | | | | Year Ended: | | 2014 | $ | 134,253 |
| 2015 | 134,253 |
| 2016 | 134,253 |
| 2017 | 134,253 |
| 2018 | 134,253 |
| Thereafter | 688,688 |
| Total | $ | 1,359,953 |
|
In the Consolidated Statements of Income, revenues and expenses include the operations of United since April 2, 2012, which is the acquisition date. United was formed as a result of the Company’s acquisition, and had no net income prior to the acquisition date.
The Company has not provided historical or pro forma financial information related to the United acquisition because none of the purchase price paid, assets acquired or income of United were significant to the Company under the SEC’s Regulation S-X. |
X |
- Definition
The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).
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v2.4.0.8
Accumulated Other Comprehensive Income
|
12 Months Ended |
Dec. 31, 2013
|
Other Comprehensive Income (Loss), Net of Tax [Abstract] |
|
Accumulated Other Comprehensive Income |
Accumulated Other Comprehensive Income
The following tables illustrate changes in the balances of each component of accumulated other comprehensive income, net of tax, for the periods ended December 31, 2013, 2012 and 2011: | | | | | | | | | | | | | 2013 | Unrealized Gains and Losses On Available-for-Sale Securities | | Postretirement Benefits Plans | | Total | Beginning balance at January 1 | $ | 8,920,884 |
| | $ | (102,454 | ) | | $ | 8,818,430 |
| Other comprehensive income before reclassifications | 2,605,184 |
| | 50,961 |
| | 2,656,145 |
| Amounts reclassified from accumulated other comprehensive income | (130,311 | ) | | 3,140 |
| | (127,171 | ) | Net current-period other comprehensive income | 2,474,873 |
| | 54,101 |
| | 2,528,974 |
| Ending balance | $ | 11,395,757 |
| | $ | (48,353 | ) | | $ | 11,347,404 |
|
| | | | | | | | | | | | | 2012 | Unrealized Gains and Losses On Available-for-Sale Securities | | Postretirement Benefits Plans | | Total | Beginning balance at January 1 | $ | 7,563,541 |
| | $ | (54,376 | ) | | $ | 7,509,165 |
| Other comprehensive income (loss) before reclassifications | 2,032,134 |
| | (54,726 | ) | | 1,977,408 |
| Amounts reclassified from accumulated other comprehensive income (loss) | (674,791 | ) | | 6,648 |
| | (668,143 | ) | Net current-period other comprehensive income (loss) | 1,357,343 |
| | (48,078 | ) | | 1,309,265 |
| Ending balance | $ | 8,920,884 |
| | $ | (102,454 | ) | | $ | 8,818,430 |
|
| | | | | | | | | | | | | 2011 | Unrealized Gains and Losses On Available-for-Sale Securities | | Postretirement Benefits Plans | | Total | Beginning balance at January 1 | $ | 5,675,516 |
| | $ | 13,189 |
| | $ | 5,688,705 |
| Other comprehensive income (loss) before reclassifications | 1,910,017 |
| | (75,959 | ) | | 1,834,058 |
| Amounts reclassified from accumulated other comprehensive income (loss) | (21,992 | ) | | 8,394 |
| | (13,598 | ) | Net current-period other comprehensive income (loss) | 1,888,025 |
| | (67,565 | ) | | 1,820,460 |
| Ending balance | $ | 7,563,541 |
| | $ | (54,376 | ) | | $ | 7,509,165 |
|
The following tables provide significant amounts reclassified out of each component of accumulated other comprehensive income for the periods ended December 31, 2013, 2012 and 2011: | | | | | | | 2013 | |
| | 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 investment | $ | 229,869 |
|
| | Other-than-temporary impairments | (34,070 | ) |
| | Total | $ | 195,799 |
|
| Net realized gain on investment | Tax | (65,488 | ) |
| Provision for Income Taxes | Net of Tax | $ | 130,311 |
|
| | Accretion (amortization) related to postretirement benefit plans: | |
|
| | Prior year service cost | $ | 1,518 |
|
| | Unrecognized loss | (6,293 | ) |
| | Total | $ | (4,775 | ) |
| (a) | Tax | 1,635 |
|
| Provision for Income Taxes | Net of Tax | $ | (3,140 | ) |
| | Reclassifications for the period | $ | 127,171 |
|
| |
| | | | | | | 2012 | | | | 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 investment | $ | 1,166,179 |
| | | Other-than-temporary impairments | (99,940 | ) | | | Total | $ | 1,066,239 |
| | Net realized gain on investment | Tax | (391,448 | ) | | Provision for Income Taxes | Net of Tax | $ | 674,791 |
| | | Amortization related to postretirement benefit plans: | |
| | | Prior year service cost | $ | (9,396 | ) | | | Unrecognized loss | (680 | ) | | | Total | $ | (10,076 | ) | | (a) | Tax | 3,428 |
| | Provision for Income Taxes | Net of Tax | $ | (6,648 | ) | | | Reclassifications for the period | $ | 668,143 |
| | |
| | | | | | | 2011 | | | | 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 investment | $ | 353,950 |
| | | Other-than-temporary impairments | (325,391 | ) | | | Total | $ | 28,559 |
| | Net realized gain on investment | Tax | (6,567 | ) | | Provision for Income Taxes | Net of Tax | $ | 21,992 |
| | | (Amortization) accretion related to postretirement benefit plans: | |
| | | Prior year service cost | $ | (13,038 | ) | | | Unrecognized gain | 318 |
| | | Total | $ | (12,720 | ) | | (a) | Tax | 4,326 |
| | Provision for Income Taxes | Net of Tax | $ | (8,394 | ) | | | Reclassifications for the period | $ | 13,598 |
| | |
| | (a) | These accumulated other comprehensive income components are not reclassified to net income in their entirety in the same reporting period. The amounts are presented within Salaries, employee benefits and payroll taxes on the Consolidated Statements of Income as amortized. Amortization related to postretirement benefit plans is included in the computation of net periodic pension costs, as discussed in Note 10. |
|
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- Definition
The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 14-26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e681-108580
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-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770
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-SubTopic 10
-Section 45
-Paragraph 1A
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-SubTopic 10
-Section 45
-Paragraph 17
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-SubTopic 10
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-Name Accounting Standards Codification
-Glossary Reclassification Adjustments
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v2.4.0.8
Schedule I
|
12 Months Ended |
Dec. 31, 2013
|
Summary of Investments, Other than Investments in Related Parties [Abstract] |
|
Summary of Investments - Other than Investments in Related Parties |
SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES AS OF DECEMBER 31, 2013
| | | | | | | | | | | | | Type of Investment | Cost (1) | | Market Value | | Amount at which shown in the Balance Sheet (2) | | | | | | | Fixed maturities: | | | | | | Bonds: | | | | | | States, municipalities and political subdivisions | $ | 69,323,880 |
| | $ | 72,091,721 |
| | $ | 72,091,721 |
| All other corporate bonds | 18,656,280 |
| | 19,353,692 |
| | 19,353,692 |
| Short-term investments | 7,926,373 |
| | 7,926,373 |
| | 7,926,373 |
| Total fixed maturities | 95,906,533 |
| | 99,371,786 |
| | 99,371,786 |
| | | | | | | Equity securities: | | | | | | Common stocks: | | | | | | Public utilities | 958,864 |
| | 1,274,489 |
| | 1,274,489 |
| Banks, trust and insurance companies | 1,700,194 |
| | 2,800,874 |
| | 2,800,874 |
| Industrial, miscellaneous and all other | 19,346,311 |
| | 31,827,202 |
| | 31,827,202 |
| Nonredeemable preferred stocks | 195,000 |
| | 241,500 |
| | 241,500 |
| Total equity securities | 22,200,369 |
| | 36,144,065 |
| | 36,144,065 |
| | | | | | | Other investments | 5,665,312 |
| | 5,665,312 |
| | 5,665,312 |
| | | | | | | Total investments (3) | $ | 123,772,214 |
| | $ | 141,181,163 |
| | $ | 141,181,163 |
| | | | | | |
(1) Fixed maturities are shown at amortized cost and equity securities are shown at original cost (2) Bonds of states, municipalities and political subdivisions are shown at amortized cost for held-to-maturity bonds and fair value for available-for-sale bonds. Equity securities are shown at fair value (3) The above summary of investments does not include investments in related parties accounted for under the cost and equity methods of accounting in the amount of $1,582,519 |
X |
- Definition
The entire disclosure for the schedule applicable to insurance companies summarizing investments held as of the most recent audited balance sheet. At a minimum, such summary is by three major categories of investments including: (1) fixed maturities primarily consisting of bonds, including convertibles and bonds with warrants, and redeemable preferred stocks, (2) equity securities primarily consisting of common stocks and nonredeemable preferred stocks, and (3) other investments including mortgage loans on real estate, real estate held for investment, real estate acquired in satisfaction of debt, policy loans, other long-term investments, and short-term investments not otherwise categorized. The information provided with respect to each item within each category includes: (A) the original cost of equity securities and, as to fixed maturity securities, original cost reduced by repayments and adjusted for amortization of premiums or accrual of discounts, (B) fair value as of the reporting date, and (C) the amount at which the item within each category is shown in the statement of financial position; with respect to (C), if the amount at which shown in the statement of financial position is different from the items original [amortized] cost or fair value, an explanation of the difference may be included herein.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 15
-Article 12
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 320
-Section S99
-Paragraph 7
-Subparagraph (SX 210.12-15)
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v2.4.0.8
Schedule II
|
12 Months Ended |
Dec. 31, 2013
|
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
|
Condensed Financial Information of Registrant |
CONDENSED FINANCIAL INFORMATION OF REGISTRANT BALANCE SHEETS AS OF DECEMBER 31, 2013 AND 2012 | | | | | | | | | | 2013 | | 2012 | Assets: | | | | Cash and cash equivalents | $ | 7,210,956 |
| | $ | 9,414,297 |
| Investments in fixed maturities, available-for-sale | 19,202,320 |
| | 12,176,628 |
| Investments in equity securities, available-for-sale | 2,265,136 |
| | 1,862,518 |
| Short-term investments | 2,213,496 |
| | 4,904,089 |
| Investments in affiliated companies | 90,570,724 |
| | 81,395,754 |
| Other investments | 737,378 |
| | 734,848 |
| Premium and fees receivable | 135,669 |
| | 138,830 |
| Other receivables | 1,456,037 |
| | 1,306,629 |
| Income taxes recoverable | 3,230,977 |
| | 1,584,604 |
| Accrued interest and dividends | 103,571 |
| | 103,470 |
| Property, net | 2,504,969 |
| | 2,623,380 |
| Total Assets | $ | 129,631,233 |
| | $ | 116,245,047 |
| | | | | Liabilities and Stockholders’ Equity | |
| | |
| Liabilities: | |
| | |
| Accounts payable and accrued liabilities | $ | 1,558,095 |
| | $ | 1,566,213 |
| Deferred income taxes, net | 10,984 |
| | 39,944 |
| Total liabilities | 1,569,079 |
| | 1,606,157 |
| | | | | | | | | Stockholders’ Equity: | |
| | |
| Preferred stock (1,000,000 authorized shares; no shares issued) | — |
| | — |
| Common stock - no par value (10,000,000 authorized shares; 2,037,135 and 2,043,359 shares issued and outstanding 2013 and 2012, respectively, excluding 291,676 shares for 2013 and 2012 of common stock held by the Company’s subsidiary) | 1 |
| | 1 |
| Retained earnings | 116,714,749 |
| | 105,820,459 |
| Accumulated other comprehensive income | 11,347,404 |
| | 8,818,430 |
| Total stockholders’ equity | 128,062,154 |
| | 114,638,890 |
| Total Liabilities and Stockholders’ Equity | $ | 129,631,233 |
| | $ | 116,245,047 |
|
See notes to Condensed Financial Statements. CONDENSED FINANCIAL INFORMATION OF REGISTRANT STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011 | | | | | | | | | | | | | | | | 2013 | | 2012 | | 2011 | Revenues: | | | | | | | Investment income – interest and dividends | | $ | 348,933 |
| | $ | 520,511 |
| | $ | 459,682 |
| Net realized (loss) gain on investments | | (50,778 | ) | | 616,001 |
| | (81,389 | ) | Rental income | | 748,764 |
| | 736,159 |
| | 739,524 |
| Miscellaneous income (loss) | | 68,966 |
| | (62,253 | ) | | 16,365 |
| Total | | 1,115,885 |
| | 1,810,418 |
| | 1,134,182 |
| | | | | | | | Operating Expenses: | | |
| | |
| | |
| Salaries, employee benefits and payroll taxes | | 576,429 |
| | 459,248 |
| | 348,463 |
| Office occupancy and operations | | 408,373 |
| | 390,227 |
| | 304,371 |
| Business development | | 45,022 |
| | 25,909 |
| | 37,017 |
| Taxes – other than payroll and income | | 188,314 |
| | 240,607 |
| | 120,445 |
| Professional and contract labor fees | | 351,093 |
| | 245,398 |
| | 139,711 |
| Other expenses | | 177,810 |
| | 161,937 |
| | 113,018 |
| Total | | 1,747,041 |
| | 1,523,326 |
| | 1,063,025 |
| | | | | | | | Equity in Net Income of Affiliated Companies | | 15,164,894 |
| | 10,992,815 |
| | 6,851,779 |
| | | | | | | | Income before Income Taxes | | 14,533,738 |
| | 11,279,907 |
| | 6,922,936 |
| | | | | | | | (Benefit) Provision for Income Taxes | | (263,000 | ) | | 89,000 |
| | (11,000 | ) | | | | | | | | Net Income | | 14,796,738 |
| | 11,190,907 |
| | 6,933,936 |
| | | | | | | | Less: Net Income Attributable to Redeemable Noncontrolling Interest | | (88,528 | ) | | (88,411 | ) | | — |
| | | | | | | | Net Income Attributable to the Company | | $ | 14,708,210 |
| | $ | 11,102,496 |
| | $ | 6,933,936 |
| | | | | | | | Basic Earnings per Common Share | | $ | 7.15 |
| | $ | 5.33 |
| | $ | 3.22 |
| | | | | | | | Weighted Average Shares Outstanding – Basic | | 2,056,169 |
| | 2,081,703 |
| | 2,151,350 |
| | | | | | | | Diluted Earnings per Common Share | | $ | 7.08 |
| | $ | 5.24 |
| | $ | 3.20 |
| | | | | | | | Weighted Average Shares Outstanding – Diluted | | 2,076,628 |
| | 2,116,793 |
| | 2,169,636 |
|
See notes to Condensed Financial Statements. CONDENSED FINANCIAL INFORMATION OF REGISTRANT STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011
| | | | | | | | | | | | | | 2013 | | 2012 | | 2011 | Operating Activities | | | | | | Net income | $ | 14,796,738 |
| | $ | 11,190,907 |
| | $ | 6,933,936 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |
| | |
| | |
| Equity in net earnings of subsidiaries | (15,164,894 | ) | | (10,992,815 | ) | | (6,851,779 | ) | Depreciation | 136,031 |
| | 133,334 |
| | 128,215 |
| Amortization, net | 69,969 |
| | 51,111 |
| | (15,859 | ) | Issuance of common stock in payment of bonuses and fees | 76,110 |
| | 54,041 |
| | 44,205 |
| Net realized loss (gain) on investments | 50,778 |
| | (616,001 | ) | | 81,389 |
| Net (earnings) loss from other investments | (32,499 | ) | | 91,256 |
| | 1,723 |
| (Benefit) provision for deferred income taxes | (93,000 | ) | | 48,000 |
| | (94,000 | ) | Excess tax benefit | 9,042 |
| | — |
| | — |
| (Increase) decrease in receivables | (146,247 | ) | | 368,574 |
| | (838,208 | ) | Increase in income taxes recoverable | (1,646,373 | ) | | (398,445 | ) | | (137,379 | ) | (Increase) decrease in other assets | (101 | ) | | 20,224 |
| | 21,836 |
| (Decrease) increase in accounts payable and accrued liabilities | (8,118 | ) | | (124,799 | ) | | 445,758 |
| Net cash used in operating activities | (1,952,564 | ) | | (174,613 | ) | | (280,163 | ) | | | | | | | Investing Activities | |
| | |
| | |
| Capital contribution to subsidiaries | — |
| | (250,000 | ) | | — |
| Dividends received from subsidiaries | 9,252,919 |
| | 5,609,489 |
| | 223,331 |
| Purchases of available-for-sale securities | (10,360,919 | ) | | (4,960,208 | ) | | (4,625,140 | ) | Purchases of short-term securities | (58,283 | ) | | (3,565 | ) | | (203,530 | ) | Purchases of and net earnings from other investments | (49,485 | ) | | (94,881 | ) | | (666,935 | ) | Proceeds from sales and maturities of available-for-sale securities | 3,027,896 |
| | 5,033,298 |
| | 1,601,297 |
| Proceeds from sales and maturities of short-term securities | 2,748,876 |
| | 3,641,978 |
| | 13,403,243 |
| Proceeds from sales and distributions of other investments | 45,384 |
| | 505,832 |
| | 8,064 |
| Proceeds from sales of other assets | 4,832 |
| | 176,815 |
| | — |
| Purchases of property | (24,820 | ) | | (98,722 | ) | | (96,161 | ) | Proceeds from disposals of property | 7,200 |
| | — |
| | — |
| Net cash provided by investing activities | 4,593,600 |
| | 9,560,036 |
| | 9,644,169 |
| | | | | | | Financing Activities | |
| | |
| | |
| Repurchases of common stock | (4,262,260 | ) | | (3,975,532 | ) | | (5,940,463 | ) | Exercise of options | 75,797 |
| | 160,557 |
| | 155,163 |
| Dividends paid | (657,914 | ) | | (603,334 | ) | | (599,241 | ) | Net cash used in financing activities | (4,844,377 | ) | | (4,418,309 | ) | | (6,384,541 | ) | | | | | | | Net (Decrease) Increase in Cash and Cash Equivalents | (2,203,341 | ) | | 4,967,114 |
| | 2,979,465 |
| Cash and Cash Equivalents, Beginning of Period | 9,414,297 |
| | 4,447,183 |
| | 1,467,718 |
| Cash and Cash Equivalents, End of Period | $ | 7,210,956 |
| | $ | 9,414,297 |
| | $ | 4,447,183 |
| | | | | | | Supplemental Disclosures: | | | | | | Income tax payments, net | $ | 5,583,000 |
| | $ | 4,392,000 |
| | $ | 2,911,000 |
|
See notes to Condensed Financial Statements. CONDENSED FINANCIAL INFORMATION OF REGISTRANT NOTES TO THE CONDENSED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011
| | 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 | 2013 | | 2012 | | 2011 | Investors Title Insurance Company, net* | $ | 9,102,919 |
| | $ | 5,169,489 |
| | $ | (81,669 | ) | Investors Title Exchange Corporation | 50,000 |
| | 10,000 |
| | 175,000 |
| Investors Title Accommodation Corporation | — |
| | 30,000 |
| | — |
| Investors Title Management Services, Inc. | — |
| | — |
| | — |
| Investors Title Capital Management Corporation | — |
| | 50,000 |
| | 30,000 |
| Investors Trust Company | 100,000 |
| | 350,000 |
| | 100,000 |
| Investors Title Commercial Agency | — |
| | — |
| | — |
| Total | $ | 9,252,919 |
| | $ | 5,609,489 |
| | $ | 223,331 |
|
* Total dividends of $9,196,255, $5,254,075 and $0 paid to the Parent Company in 2013, 2012 and 2011, respectively, netted with dividends of $93,336, $84,586 and $81,669 received from the Parent Company in 2013, 2012 and 2011, respectively. |
X |
- Definition
The entire disclosure for condensed financial statements.
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v2.4.0.8
Schedule III
|
12 Months Ended |
Dec. 31, 2013
|
Supplementary Insurance Information [Abstract] |
|
Supplementary Insurance Information |
SUPPLEMENTARY INSURANCE INFORMATION FOR THE YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Segment | Deferred Policy Acquisition Cost | | Future Policy Benefits, Losses, Claims and Loss Expenses | | Unearned Premiums | | Other Policy Claims and Benefits Payable | | Premium Revenue | | Net Investment Income | | Benefits, Claims. Losses and Settlement Expenses | | Amortization of Deferred Policy Acquisition Costs | | Other Operating Expenses | | Premiums Written | Year Ended December 31, 2013 | Title Insurance | $ | — |
| | $ | 35,360,000 |
| | $ | — |
| | $ | 389,807 |
| | $ | 113,886,266 |
| | $ | 3,505,770 |
| | $ | (571,596 | ) | | $ | — |
| | $ | 99,093,516 |
| | N/A | All Other | — |
| | — |
| | — |
| | — |
| | — |
| | 388,838 |
| | — |
| | — |
| | 6,186,840 |
| | N/A | | $ | — |
| | $ | 35,360,000 |
| | $ | — |
| | $ | 389,807 |
| | $ | 113,886,266 |
| | $ | 3,894,608 |
| | $ | (571,596 | ) | | $ | — |
| | $ | 105,280,356 |
| | N/A | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2012 | Title Insurance | $ | — |
| | $ | 39,078,000 |
| | $ | — |
| | $ | 461,566 |
| | $ | 102,331,102 |
| | $ | 3,408,412 |
| | $ | 6,072,115 |
| | $ | — |
| | $ | 87,545,115 |
| | N/A | All Other | — |
| | — |
| | — |
| | — |
| | — |
| | 571,999 |
| | — |
| | — |
| | 5,381,955 |
| | N/A | | $ | — |
| | $ | 39,078,000 |
| | $ | — |
| | $ | 461,566 |
| | $ | 102,331,102 |
| | $ | 3,980,411 |
| | $ | 6,072,115 |
| | $ | — |
| | $ | 92,927,070 |
| | N/A | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2011 | Title Insurance | $ | — |
| | $ | 37,996,000 |
| | $ | — |
| | $ | 389,411 |
| | $ | 81,529,333 |
| | $ | 3,092,479 |
| | $ | 3,342,427 |
| | $ | — |
| | $ | 73,196,760 |
| | N/A | All Other | — |
| | — |
| | — |
| | — |
| | — |
| | 502,557 |
| | — |
| | — |
| | 4,647,033 |
| | N/A | | $ | — |
| | $ | 37,996,000 |
| | $ | — |
| | $ | 389,411 |
| | $ | 81,529,333 |
| | $ | 3,595,036 |
| | $ | 3,342,427 |
| | $ | — |
| | $ | 77,843,793 |
| | N/A |
|
X |
- Definition
The entire disclosure for required supplementary insurance information giving segment detail in support of various balance sheet and income statement captions. The balance sheet information generally is presented as of the date of each audited balance sheet filed, and the income statement information generally is presented for each period for which an audited income statement is required to be filed. Supplementary insurance information table includes segment name; deferred policy acquisition costs; future policy benefits, losses, claims and loss expenses; unearned premiums; other policy claims and benefits payable; premium revenue; net investment income; benefits, claims, losses and settlement expenses; amortization of deferred policy acquisition costs; other operating expenses; and premiums written.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 16
-Article 12
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 05
-Paragraph c
-Article 7
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-16)
-URI http://asc.fasb.org/extlink&oid=6588446&loc=d3e574960-122915
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.7-05.(c) Schedule III)
-URI http://asc.fasb.org/extlink&oid=6879921&loc=d3e569147-122900
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v2.4.0.8
Schedule IV
|
12 Months Ended |
Dec. 31, 2013
|
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract] |
|
Reinsurance |
REINSURANCE FOR THE YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011
| | | | | | | | | | | | | | | | | | | | | Gross Amount | | Ceded to Other Companies | | Assumed from Other Companies | | Net Amount | | Percentages of Amount Assumed to Net | Year Ended December 31, 2013 | Title Insurance | $ | 114,091,457 |
| | $ | 211,482 |
| | $ | 6,291 |
| | $ | 113,886,266 |
| | 0.01 | % | | | | | | | | | | | Year Ended December 31, 2012 | Title Insurance | $ | 102,548,126 |
| | $ | 232,683 |
| | $ | 15,659 |
| | $ | 102,331,102 |
| | 0.02 | % | | | | | | | | | | | Year Ended December 31, 2011 | Title Insurance | $ | 81,689,296 |
| | $ | 177,110 |
| | $ | 17,147 |
| | $ | 81,529,333 |
| | 0.02 | % |
|
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The entire disclosure for the supplemental schedule of reinsurance information required to be filed for each period for which an audited income statement is presented. Reinsurance schedule includes the type of insurance, gross amount of premiums, premiums ceded to other companies, premiums assumed from other companies, net amount of premium revenue, and the percentage of the premiums assumed to net premium revenue.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 17
-Article 12
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 235
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-17)
-URI http://asc.fasb.org/extlink&oid=6588446&loc=d3e574992-122915
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-Paragraph 3
-Subparagraph (SX 210.7-05.(c) Schedule IV)
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-Name Regulation S-X (SX)
-Number 210
-Section 05
-Article 7
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v2.4.0.8
Schedule V
|
12 Months Ended |
Dec. 31, 2013
|
Valuation and Qualifying Accounts [Abstract] |
|
Valuation and Qualifying Accounts |
VALUATION AND QUALIFYING ACCOUNTS FOR THE YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011
| | | | | | | | | | | | | | | | | | | | | | Description | Balance at Beginning of Period | | Additions Charged to Costs and Expenses | | Additions Charge to Other Accounts - Describe | | Deductions - Describe | | | Balance at End of Period | 2013 | Premiums Receivable: | | | | | | | | | | | Valuation Provision | $ | 1,902,581 |
| | $ | 7,536,381 |
| | $ | — |
| | $ | (6,818,059 | ) | (a) | | $ | 2,620,903 |
| Reserves for claims | $ | 39,078,000 |
| | $ | (571,596 | ) | | $ | — |
| | $ | (3,146,404 | ) | (b) | | $ | 35,360,000 |
| | | | | | | | | | | | 2012 | Premiums Receivable: | | | | | | | | | | | Valuation Provision | $ | 1,218,000 |
| | $ | 6,008,281 |
| | $ | — |
| | $ | (5,323,700 | ) | (a) | | $ | 1,902,581 |
| Reserves for claims | $ | 37,996,000 |
| | $ | 6,072,115 |
| | $ | — |
| | $ | (4,990,115 | ) | (b) | | $ | 39,078,000 |
| | | | | | | | | | | | 2011 | Premiums Receivable: | | | | | | | | | | | Valuation Provision | $ | 1,421,000 |
| | $ | 4,748,127 |
| | $ | — |
| | $ | (4,951,127 | ) | (a) | | $ | 1,218,000 |
| Reserves for claims | $ | 38,198,700 |
| | $ | 3,342,427 |
| | $ | — |
| | $ | (3,545,127 | ) | (b) | | $ | 37,996,000 |
|
| | (b) | Payments of claims, net of recoveries |
|
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The entire disclosure for any allowance and reserve accounts (their beginning and ending balances, as well as a reconciliation by type of activity during the period). Alternatively, disclosure of the required information may be within the footnotes to the financial statements or a supplemental schedule to the financial statements.
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v2.4.0.8
Basis Of Presentation and Significant Accounting Policies (Policy)
|
12 Months Ended |
Dec. 31, 2013
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Principles of Consolidation and Basis of Presentation |
Principles of Consolidation and Basis of Presentation – The accompanying Consolidated Financial Statements include the accounts and operations of Investors Title Company and its subsidiaries, and have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Earnings attributable to the redeemable noncontrolling interest are recorded on the Consolidated Statements of Income for majority-owned subsidiaries. The redeemable noncontrolling interest representing the portion of equity not related to the Company’s ownership interest is recorded as redeemable equity in a separate section of the Consolidated Balance Sheets. All intercompany balances and transactions have been eliminated in consolidation. |
Cash and Cash Equivalents |
Cash and Cash Equivalents For the purpose of presentation in the Company’s Consolidated Statements of Cash Flows, cash equivalents are highly liquid instruments with remaining original maturities of three months or less. The carrying amount of cash and cash equivalents is a reasonable estimate of fair value due to the short-term maturity at purchase of these instruments. |
Investments in Securities |
Investments in Securities Securities for which the Company has the intent and ability to hold to maturity are classified as held-to-maturity and reported at cost, adjusted for amortization of premiums or accretion of discounts, and other-than-temporary declines in fair value. Securities held principally for resale in the near term are classified as trading securities and recorded at fair values. Realized and unrealized gains and losses on trading securities are included in other income. Securities not classified as either trading or held-to-maturity are classified as available-for-sale and reported at fair value with unrealized gains and losses, net of tax, adjusted for other-than-temporary declines in fair value, reported as accumulated other comprehensive income. As of December 31, 2013 and 2012, all investments in securities are classified as available-for-sale. 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. Fair values of the majority of investments are based on quoted market prices. Realized gains and losses are determined on the specific identification method. Refer to Note 3 for further information regarding investments in securities and fair value. |
Short-term Investments |
Short-term Investments Short-term investments are comprised of money market accounts which are invested in short-term funds, time deposits with banks and savings and loan associations, and other investments expected to have maturities or redemptions greater than three months and less than twelve months. The Company monitors any events or changes in circumstances that may have a significant adverse effect on the fair value of these investments. |
Other Investments |
Other Investments Other investments consist primarily of investments in title insurance agencies structured as limited liability companies (“LLCs”), which are accounted for under the equity or cost methods of accounting. The aggregate cost of the Company’s cost method investments totaled $1,834,229 and $1,778,115 at December 31, 2013 and December 31, 2012, respectively. 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. |
Property Acquired in Settlement of Claims |
Property Acquired in Settlement of Claims Property acquired in settlement of claims is held for sale and valued at the lower of cost or market. Adjustments to reported estimated realizable values and realized gains or losses on dispositions are recorded as increases or decreases in claim costs. |
Property and Equipment |
Property and Equipment Property and equipment are recorded at cost and are depreciated principally under the straight-line method over the estimated useful lives (three to twenty-five years) of the respective assets. Maintenance and repairs are charged to operating expenses and improvements are capitalized. |
Reserves for Claims |
Reserves for Claims The total reserve for all reported and unreported losses the Company incurred through December 31, 2013 is represented by the reserves for claims. The Company’s reserves for unpaid losses and loss adjustment expenses are established using estimated amounts required to settle claims for which notice has been received (reported) and the amount estimated to be required to satisfy incurred claims of policyholders which may be reported in the future. Despite the variability of such estimates, management believes that the reserves are adequate to cover claim losses resulting from pending and future claims for policies issued through December 31, 2013. The Company continually reviews and adjusts its reserve estimates as necessary to reflect its loss experience and any new information that becomes available. Adjustments resulting from such reviews may be significant. Claims and losses paid are charged to the reserves for claims. Although claims losses are typically paid in cash, occasionally claims are settled by purchasing the interest of the insured or the claimant in the real property. When this event occurs, the acquiring company carries assets at the lower of cost or estimated realizable value, net of any indebtedness on the property. |
Income Taxes |
Income Taxes The Company makes certain estimates and judgments in determining income tax expense (benefit) for financial statement purposes. These estimates and judgments occur in the calculation of certain tax assets and liabilities which arise from differences in the timing of recognition of revenue and expense for tax and financial statement purposes. The Company provides for deferred income taxes (benefits) for the tax consequences in future years of temporary differences between the financial statements’ carrying values and the tax bases of assets and liabilities using currently enacted tax rates. The Company establishes valuation allowances if it believes that it is more likely than not that some or all of its deferred tax assets will not be realized. Refer to Note 8 for further information regarding income taxes. |
Premiums Written and Commissions to Agents |
Premiums Written and Commissions to Agents Generally, title insurance premiums are recognized at the time of closing of the related real estate transaction, as the earnings process is then considered complete. Policies or commitments are issued upon receipt of final certificates or preliminary reports with respect to titles. Title insurance commissions earned by the Company’s agents, taxes and a provision for claims losses are recognized as expenses concurrent with recognition of related premium revenue. The Company’s premium revenues from certain agency operations include accruals based on estimates. These accruals estimate unreported agency premiums related to transactions which have settled as of the balance sheet date. Accruals for premiums from certain agencies are necessary because of the lag between policy effective dates and the reporting of these transactions to the Company by the agents. The lag time has historically been between 30 and 120 days, with the majority of agencies reporting within 60 to 90 days. The lag time is reviewed periodically to monitor accruals. The accrual of premium revenues is based on historical data that includes transactional volume, fluctuations in the real estate market and the mix between refinance and purchase transactions. There have been no material changes in historical estimates during the periods presented. Quarterly, the Company evaluates the collectability of receivables. Premiums not collected within 7 months are fully reserved. Write-offs of receivables have not been material to the Company. |
Allowance for Doubtful Accounts |
Allowance for Doubtful Accounts Company management continually evaluates the collectability of receivables and provides an allowance for doubtful accounts equal to estimated losses expected to be incurred in the collection of amounts receivable. Changes to the allowance for doubtful accounts are reflected within net premiums written in the Consolidated Statements of Income. Amounts are charged off in the period they are deemed to be uncollectible. |
Exchange Services Revenue |
Exchange Services Revenue Fees are recognized at the signing of a binding agreement and investment earnings are recognized as they are earned. |
Fair Values of Financial Instruments |
Fair Values of Financial Instruments The carrying amounts reported in the Consolidated Balance Sheets for cash and cash equivalents, short-term investments, premium and fees receivable, accrued interest and dividends, accounts payable, commissions payable, reinsurance payable and current income taxes recoverable/payable approximate fair value due to the short-term nature of these assets and liabilities. Fair values for the majority of investment securities are based on quoted market prices. Auction rate securities (“ARS”) are valued using discounted cash flow models to determine the estimated fair value of these investments. Some of the inputs for determining the fair value of ARS are unobservable in the securities markets and are significant. Refer to Note 3 for further information regarding investments in securities and fair value. |
Comprehensive Income |
Comprehensive Income The Company’s accumulated other comprehensive income is comprised of unrealized holding gains/losses on available-for-sale securities, net of tax, and unrecognized prior service cost and unrealized gains/losses associated with postretirement benefit liabilities, net of tax. Accumulated other comprehensive income as of December 31, 2013 consists of $11,395,757 of unrealized holding gains on available-for-sale securities and $48,353 of unrecognized prior service cost and unrecognized actuarial losses associated with postretirement benefit liabilities. Accumulated other comprehensive income as of December 31, 2012 consists of $8,920,884 of unrealized holding gains on available-for-sale securities and $102,454 of unrecognized prior service cost and unrecognized actuarial losses associated with postretirement benefit liabilities. |
Share-Based Compensation |
Share-Based Compensation The Company accounts for share-based compensation in accordance with the fair value based principles required by the Financial Accounting Standards Board (“FASB”). Estimated compensation expense for awards outstanding at the effective date is recognized over their remaining service period using the compensation cost. Share-based compensation cost is generally measured at the grant date, based on the estimated fair value of the award, and is recognized as an expense over the employee’s requisite service period. As the share-based compensation expense recognized in the Consolidated Statements of Income is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. |
Other Intangible Assets |
Other Intangible Assets The Company’s other intangible assets consist of a non-compete agreement and referral relationships resulting from an agency acquisition and are recorded at fair value. The referral relationships are amortized on a straight-line basis over the useful life and amortization of the non-compete contract will start at a future date when the related employment agreement is terminated. Intangible assets are reviewed and tested for impairment at least quarterly. |
Subsequent Events |
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 |
Recently Issued Accounting Standards In July 2013, the FASB updated guidance to eliminate diversity in practice relating to the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss or a tax credit carryforward exists. The main provision of the update requires that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, be presented in the financial statements as a reduction to deferred tax assets for a net operating loss carryforward, a similar tax loss or a tax credit carryforward, except to the extent that a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date to settle any additional income taxes that would result from disallowance of a tax position, or the tax law does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, in which case the unrecognized tax benefit should be presented as a liability. For public entities, this update becomes effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted, and the Company elected to adopt this new guidance in the third quarter of 2013. This update did not have an impact on the Company’s financial condition or results of operations.
In February 2013, the FASB updated guidance to improve the reporting of reclassifications from accumulated other comprehensive income. The main provisions of this guidance require an entity to provide information about the amount reclassified from accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the footnotes, the amount reclassified out of accumulated other comprehensive income by the respective line items of net income if the amount is reclassified to net income in its entirety in the same reporting period. For other amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures providing additional detail about those amounts. The amendments do not change the requirements for reporting net income or other comprehensive income in financial statements. The Company complied with this update, and it did not have an impact on the Company’s financial condition or results of operations. |
Use Of Estimates and Assumptions |
Use of Estimates and Assumptions The preparation of 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 and accompanying notes. Actual results could differ materially from those estimates and assumptions used. The more significant of these estimates and assumptions include the following: Claims – The Company’s reserves for claims 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 incurred claims of policyholders which may be reported in the future (incurred but not reported, or “IBNR”). A provision for estimated future claims payments is recorded at the time policy revenue is recorded as a percentage of premium income. By their nature, title claims can often be complex, vary greatly in dollar amounts, vary in number due to economic and market conditions such as an increase in mortgage foreclosures, and involve uncertainties as to ultimate exposure. In addition, some claims may require a number of years to settle and determine the final liability for indemnity and loss adjustment expense. The payment experience may extend for more than 20 years after the issuance of a policy. Events such as fraud, defalcation and multiple property defects can substantially and unexpectedly cause increases in estimates of losses. Due to the length of time over which claim payments are made and regularly occurring changes in underlying economic and market conditions, these estimates are subject to variability. Management considers factors such as the Company’s historical claims experience, case reserve estimates on reported claims, large claims, actuarial projections and other relevant factors in determining loss provision rates and the aggregate recorded expected liability for claims. In establishing reserves, actuarial projections are compared with recorded reserves to evaluate the adequacy of such recorded claims reserves and any necessary adjustments are then recorded in current operations. As the most recent claims experience develops and new information becomes available, the loss reserve estimate related to prior periods will change to more accurately reflect updated and improved emerging data. The Company reflects any adjustments to reserves in the results of operations in the period in which new information (principally claims experience) becomes available. The Company’s reserves for claims 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 incurred claims of policyholders which have been incurred but not reported (“IBNR”). During the third quarter of 2013 certain actuarial inputs were changed to provide a more refined IBNR reserve estimate. See Note 6 in the accompanying Consolidated Financial Statements for further information regarding this change in accounting estimate. Impairments – Securities are regularly evaluated and 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. When, in the opinion of management, a decline in the fair value of an investment is considered to be other-than-temporary, such investment is written down to its fair value. 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, the probability that the Company will be unable to collect all amounts due under the contractual terms of the security; with respect to equity securities, whether the Company’s ability and intent to retain the investment for a period of time is sufficient to allow for a recovery in value; with respect to fixed maturity securities, whether the Company has the intent to sell or will more likely than not be required to sell a particular security before recovery in value; and the financial condition and prospects of the issuer (including credit ratings). These factors are reviewed quarterly and any material degradation in the prospect for recovery will be considered in the other-than-temporary impairment analysis. 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. The fair values of the majority of the Company’s investments are based on quoted market prices from independent pricing services. |
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v2.4.0.8
Investments in Securities and Fair Value (Tables)
|
12 Months Ended |
Dec. 31, 2013
|
Investments, Debt and Equity Securities [Abstract] |
|
Schedule of Gross Unrealized Gains (Losses) and Amortized Cost for Securities |
The aggregate fair value, gross unrealized holding gains, gross unrealized holding losses, and amortized cost for securities by major security type at December 31 were as follows: | | | | | | | | | | | | | | | | | December 31, 2013 | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value | Fixed maturities, available-for-sale, at fair value: | | | | | | | | General obligations of U.S. States, territories and political subdivisions | $ | 38,449,309 |
|
| $ | 1,922,862 |
|
| $ | 184,351 |
|
| $ | 40,187,820 |
| Issuer obligations of U.S. States, territories and political subdivisions special revenue | 30,874,571 |
|
| 1,234,130 |
|
| 204,800 |
|
| 31,903,901 |
| Corporate debt securities | 17,736,608 |
|
| 789,840 |
|
| 108,456 |
|
| 18,417,992 |
| Auction rate securities | 919,672 |
|
| 16,028 |
|
| — |
|
| 935,700 |
| Total | $ | 87,980,160 |
|
| $ | 3,962,860 |
|
| $ | 497,607 |
|
| $ | 91,445,413 |
| Equity securities, available-for-sale at fair value: |
|
|
|
|
|
|
|
|
|
|
| Common stocks and nonredeemable preferred stocks | $ | 22,200,369 |
|
| $ | 14,052,780 |
|
| $ | 109,084 |
|
| $ | 36,144,065 |
| Total | $ | 22,200,369 |
|
| $ | 14,052,780 |
|
| $ | 109,084 |
|
| $ | 36,144,065 |
| Short-term investments: |
|
|
|
|
|
|
|
|
|
|
| Certificates of deposit and money market funds | $ | 7,926,373 |
|
| $ | — |
|
| $ | — |
|
| $ | 7,926,373 |
| Total | $ | 7,926,373 |
|
| $ | — |
|
| $ | — |
|
| $ | 7,926,373 |
|
| | | | | | | | | | | | | | | | | December 31, 2012 | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value | Fixed maturities, available-for-sale, at fair value: | | | | | | | | General obligations of U.S. States, territories and political subdivisions | $ | 38,658,463 |
| | $ | 3,211,445 |
| | $ | — |
| | $ | 41,869,908 |
| Issuer obligations of U.S. States, territories and political subdivisions special revenue | 18,933,299 |
| | 1,909,106 |
| | 10,455 |
| | 20,831,950 |
| Corporate debt securities | 17,064,697 |
| | 1,252,973 |
| | 14,750 |
| | 18,302,920 |
| Auction rate securities | 917,214 |
| | 14,986 |
| | — |
| | 932,200 |
| Total | $ | 75,573,673 |
| | $ | 6,388,510 |
| | $ | 25,205 |
| | $ | 81,936,978 |
| Equity securities, available-for sale at fair value: | | | | | | | | Common stocks and nonredeemable preferred stocks | $ | 21,229,114 |
| | $ | 7,373,056 |
| | $ | 91,237 |
| | $ | 28,510,933 |
| Total | $ | 21,229,114 |
| | $ | 7,373,056 |
| | $ | 91,237 |
| | $ | 28,510,933 |
| Short-term investments: | |
| | |
| | |
| | |
| Certificates of deposit and money market funds | $ | 13,567,648 |
| | $ | — |
| | $ | — |
| | $ | 13,567,648 |
| Total | $ | 13,567,648 |
| | $ | — |
| | $ | — |
| | $ | 13,567,648 |
|
|
Schedule Of Fixed Maturity Securities |
The scheduled maturities of fixed maturity securities at December 31, 2013 were as follows: | | | | | | | | | | Available-for-Sale | | Amortized Cost | | Fair Value | Due in one year or less | $ | 8,685,106 |
| | $ | 8,848,668 |
| Due after one year through five years | 57,287,230 |
| | 60,170,845 |
| Due five years through ten years | 14,159,839 |
| | 14,285,208 |
| Due after ten years | 7,847,985 |
| | 8,140,692 |
| Total | $ | 87,980,160 |
| | $ | 91,445,413 |
|
|
Schedule of Earnings on Investments |
Earnings on investments for the years ended December 31 were as follows: | | | | | | | | | | | | | | 2013 | | 2012 | | 2011 | Fixed maturities | $ | 2,997,901 |
| | $ | 3,154,131 |
| | $ | 3,233,988 |
| Equity securities | 890,917 |
| | 815,674 |
| | 347,843 |
| Invested cash and other short-term investments | 5,754 |
| | 10,576 |
| | 12,725 |
| Miscellaneous interest | 36 |
| | 30 |
| | 480 |
| Investment income | $ | 3,894,608 |
| | $ | 3,980,411 |
| | $ | 3,595,036 |
|
|
Schedule of Gross Realized Gain (Loss) on Securities |
Gross realized gains and losses on sales of available-for-sale securities for the years ended December 31 are summarized as follows: | | | | | | | | | | | | | | 2013 | | 2012 | | 2011 | Gross realized gains: | | | | | | General obligations of U.S. States, territories and political subdivisions | $ | — |
| | $ | 250 |
| | $ | 386 |
| Corporate | — |
| | 52,396 |
| | 20,459 |
| Common stocks and nonredeemable preferred stocks | 369,673 |
| | 450,461 |
| | 529,811 |
| Auction rate securities | — |
| | 211,061 |
| | 43,199 |
| Total | 369,673 |
| | 714,168 |
| | 593,855 |
| Gross realized losses: | | | | | | Common stocks and nonredeemable preferred stocks | (180,169 | ) | | (91,975 | ) | | (247,117 | ) | Other than temporary impairment of securities | — |
| | (93,436 | ) | | (280,987 | ) | Total | (180,169 | ) | | (185,411 | ) | | (528,104 | ) | Net realized gain | $ | 189,504 |
| | $ | 528,757 |
| | $ | 65,751 |
| Net realized gains (losses) on other investments: | | | | | | Impairments of other assets and investments | $ | (34,070 | ) | | $ | (6,504 | ) | | $ | (44,404 | ) | Gain on other assets and investments | 48,946 |
| | 543,986 |
| | 30,238 |
| Loss on other assets and investments | (8,580 | ) | | — |
| | (23,026 | ) | Total | $ | 6,296 |
| | $ | 537,482 |
| | $ | (37,192 | ) | Net Realized Gain | $ | 195,800 |
| | $ | 1,066,239 |
| | $ | 28,559 |
|
|
Schedule of Unrealized Loss on Investments |
The following table presents the gross unrealized losses on investment securities and the 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 December 31, 2013 and 2012: | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 Months | | 12 Months or Longer | | Total | December 31, 2013 | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | General obligations of U.S. states, territories and political subdivisions | $ | 4,198,012 |
| | $ | (184,351 | ) | | $ | — |
| | $ | — |
| | $ | 4,198,012 |
| | $ | (184,351 | ) | Special revenue obligations of U.S. states territories and political subdivisions | 11,010,093 |
| | (204,800 | ) | | — |
| | — |
| | 11,010,093 |
| | (204,800 | ) | Corporate debt securities | 5,942,570 |
| | (108,456 | ) | | — |
| | — |
| | 5,942,570 |
| | (108,456 | ) | Total fixed maturity securities | $ | 21,150,675 |
| | $ | (497,607 | ) | | $ | — |
| | $ | — |
| | $ | 21,150,675 |
| | $ | (497,607 | ) | Equity securities | 2,035,971 |
| | (72,998 | ) | | 244,929 |
| | (36,086 | ) | | 2,280,900 |
| | (109,084 | ) | Total temporarily impaired securities | $ | 23,186,646 |
| | $ | (570,605 | ) | | $ | 244,929 |
| | $ | (36,086 | ) | | $ | 23,431,575 |
| | $ | (606,691 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2012 | | | | | | | | | | | | Special revenue obligations of U.S. states territories and political subdivisions | $ | 1,236,906 |
| | $ | (10,455 | ) | | $ | — |
| | $ | — |
| | $ | 1,236,906 |
| | $ | (10,455 | ) | Corporate debt securities | 985,250 |
| | (14,750 | ) | | — |
| | — |
| | 985,250 |
| | (14,750 | ) | Total fixed maturity securities | $ | 2,222,156 |
| | $ | (25,205 | ) | | $ | — |
| | $ | — |
| | $ | 2,222,156 |
| | $ | (25,205 | ) | Equity securities | 2,551,215 |
| | (91,237 | ) | | — |
| | — |
| | 2,551,215 |
| | (91,237 | ) | Total temporarily impaired securities | $ | 4,773,371 |
| | $ | (116,442 | ) | | $ | — |
| | $ | — |
| | $ | 4,773,371 |
| | $ | (116,442 | ) |
|
Schedule of Assumptions Used to Determine Fair Value |
The following table summarizes some key assumptions the service used to determine fair value as of December 31, 2013 and 2012: | | | | | | 2013 | | 2012 | Cumulative probability of earning maximum rate until maturity | —% | | —% | Cumulative probability of principle returned prior to maturity | 95.6% | | 96.1% | Cumulative probability of default at some future point | 4.4% | | 3.9% |
|
Schedule of Fair Value Assets Measured on Recurring Basis |
The following table presents, by level, the financial assets carried at fair value measured on a recurring basis as of December 31, 2013 and 2012. The table does not include cash on hand and also does not include assets which are measured at historical cost or any basis other than fair value. Level 3 assets are comprised solely of ARS. | | | | | | | | | | | | | | | | | As of December 31, 2013 | Level 1 | | Level 2 | | Level 3 | | Total | Short Term | $ | 7,926,373 |
| | $ | — |
| | $ | — |
| | $ | 7,926,373 |
| Equity Securities: | | | | | | | | Common stock and nonredeemable preferred stock | 36,144,065 |
| | — |
| | — |
| | 36,144,065 |
| Fixed Maturities: | | | | | | | | Obligations of U.S. States, territories and political subdivisions* | — |
| | 72,091,721 |
| | — |
| | 72,091,721 |
| Corporate debt securities* | — |
| | 18,417,992 |
| | 935,700 |
| | 19,353,692 |
| Total | $ | 44,070,438 |
| | $ | 90,509,713 |
| | $ | 935,700 |
| | $ | 135,515,851 |
|
| | | | | | | | | | | | | | | | | As of December 31, 2012 | Level 1 | | Level 2 | | Level 3 | | Total | Short Term | $ | 13,567,648 |
| | $ | — |
| | $ | — |
| | $ | 13,567,648 |
| Equity Securities: | | | | | | | | Common stock and nonredeemable preferred stock | 28,510,933 |
| | — |
| | — |
| | 28,510,933 |
| Fixed Maturities: | | | | | | | | Obligations of U.S. States, territories and political subdivisions* | — |
| | 62,701,858 |
| | — |
| | 62,701,858 |
| Corporate debt securities* | — |
| | 18,302,920 |
| | 932,200 |
| | 19,235,120 |
| Total | $ | 42,078,581 |
| | $ | 81,004,778 |
| | $ | 932,200 |
| | $ | 124,015,559 |
|
*Denotes fair market value obtained from pricing services. |
Schedule of Carrying Value and Fair Value of Financial Assets |
The carrying amounts and fair values of these financial instruments (please note investments are disclosed in a previous table) as of December 31, 2013 and 2012 are presented in the following table: | | | | | | | | | | | | | | | | | | | | | As of December 31, 2013 | | | | | | | | | | Financial Assets | Carrying Value | | Estimated Fair Value | | Level 1 | | Level 2 | | Level 3 | Cash and cash equivalents | $ | 23,626,761 |
| | $ | 23,626,761 |
| | $ | 23,626,761 |
| | $ | — |
| | $ | — |
| Cost-basis investments | 1,927,429 |
| | 2,069,302 |
| | — |
| | — |
| | 2,069,302 |
| Accrued dividends and interest | 1,006,698 |
| | 1,006,698 |
| | 1,006,698 |
| | — |
| | — |
| Total | $ | 26,560,888 |
| | $ | 26,702,761 |
| | $ | 24,633,459 |
| | $ | — |
| | $ | 2,069,302 |
| | | | | | | | | | | Financial Liabilities | | | | | | | | | | Contingent consideration | $ | 341,250 |
| | $ | 341,250 |
| | $ | — |
| | $ | — |
| | $ | 341,250 |
| Total | $ | 341,250 |
| | $ | 341,250 |
| | $ | — |
| | $ | — |
| | $ | 341,250 |
|
| | | | | | | | | | | | | | | | | | | | | As of December 31, 2012 | | | | | | | | | | Financial Assets | Carrying Value | | Estimated Fair Value | | Level 1 | | Level 2 | | Level 3 | Cash and cash equivalents | $ | 20,810,018 |
| | $ | 20,810,018 |
| | $ | 20,810,018 |
| | $ | — |
| | $ | — |
| Cost-basis investments | 1,871,315 |
| | 1,952,323 |
| | — |
| | — |
| | 1,952,323 |
| Accrued dividends and interest | 1,037,447 |
| | 1,037,447 |
| | 1,037,447 |
| | — |
| | — |
| Total | $ | 23,718,780 |
| | $ | 23,799,788 |
| | $ | 21,847,465 |
| | $ | — |
| | $ | 1,952,323 |
| | | | | | | | | | | Financial Liabilities | | | | | | | | | | Contingent consideration | $ | 691,250 |
| | $ | 691,250 |
| | $ | — |
| | $ | — |
| | $ | 691,250 |
| Total | $ | 691,250 |
| | $ | 691,250 |
| | $ | — |
| | $ | — |
| | $ | 691,250 |
|
|
Schedule of Fair Value Assets Measured at Unobservable Input Reconciliation |
The following table presents a reconciliation of the Company’s assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3), which are all ARS securities, for the twelve months ended December 31, 2013 and 2012: | | | | | | | | | Changes in fair value during the year ended December 31: | 2013 | | 2012 | Beginning balance at January 1 | $ | 932,200 |
| | $ | 4,552,400 |
| Redemptions and sales | — |
| | (3,900,000 | ) | Realized gain – included in net realized gain on investments | — |
| | 211,061 |
| Realized loss – included in net realized gain on investments | — |
| | — |
| Unrealized gain - included in other comprehensive income | 3,500 |
| | 68,739 |
| Ending balance at December 31 | $ | 935,700 |
| | $ | 932,200 |
|
|
Schedule of Changing in Fair Value of Liabilities on Recurring Basis Using Significant Unobservable Inputs |
The following table presents a reconciliation of the Company’s liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3), consisting solely of contingent consideration, for the twelve months ended December 31, 2013 and 2012: | | | | | | | | | Changes in fair value during the period ended: | 2013 | | 2012 | Beginning balance at January 1 | $ | 691,250 |
| | $ | — |
| Addition of contingent consideration | — |
| | 691,250 |
| Payment for contingent consideration | (350,000 | ) | | — |
| Ending balance, net | $ | 341,250 |
| | $ | 691,250 |
|
|
Schedule of Estimated Fair Value Hierarchy of Investments and Related Impairments Recognized |
The following table summarizes the corresponding estimated fair value hierarchy of such investments at December 31, 2013 and 2012 and the related impairments recognized: | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2013 | Valuation Method | | Impaired | | Level 1 | | Level 2 | | Level 3 | | Total at Estimated Fair Value | | Impairment Losses | Cost-basis investments | Fair Value | | Yes | | $ | — |
| | $ | — |
| | $ | 32,744 |
| | $ | 32,744 |
| | $ | (34,070 | ) | Total cost method investments and other assets | | | | | $ | — |
| | $ | — |
| | $ | 32,744 |
| | $ | 32,744 |
| | $ | (34,070 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2012 | Valuation Method | | Impaired | | Level 1 | | Level 2 | | Level 3 | | Total at Estimated Fair Value | | Impairment Losses | Cost-basis investments | Fair Value | | Yes | | $ | — |
| | $ | — |
| | $ | 36,406 |
| | $ | 36,406 |
| | $ | (6,504 | ) | Total cost method investments and other assets | | | | | $ | — |
| | $ | — |
| | $ | 36,406 |
| | $ | 36,406 |
| | $ | (6,504 | ) |
|
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+ References
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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 33
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 5
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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).
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v2.4.0.8
Property and Equipment (Tables)
|
12 Months Ended |
Dec. 31, 2013
|
Property, Plant and Equipment [Abstract] |
|
Schedule of Property, Plant and Equipment |
Property and equipment and estimated useful lives at December 31 are summarized as follows: | | | | | | | | | | 2013 | | 2012 | Land | $ | 1,107,582 |
| | $ | 1,107,582 |
| Office buildings and improvements (25 years) | 3,365,699 |
| | 3,345,762 |
| Furniture, fixtures and equipment (3 to 10 years) | 6,201,618 |
| | 5,209,505 |
| Automobiles (3 years) | 855,018 |
| | 787,180 |
| Total | 11,529,917 |
| | 10,450,029 |
| Less accumulated depreciation | (7,204,379 | ) | | (6,846,706 | ) | Property and equipment, net | $ | 4,325,538 |
| | $ | 3,603,323 |
|
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-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 5
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-Number 210
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v2.4.0.8
Reserves for Claims (Tables)
|
12 Months Ended |
Dec. 31, 2013
|
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] |
|
Summary Of Transactions In Reserves For Claims |
Changes in the reserves for claims for the years ended December 31 are summarized as follows based on the year in which the policies were written: | | | | | | | | | | | | | | 2013 | | 2012 | | 2011 | Balance, beginning of period | $ | 39,078,000 |
| | $ | 37,996,000 |
| | $ | 38,198,700 |
| Provisions related to: | | | | | | Current year | 7,239,628 |
| | 7,650,959 |
| | 6,845,338 |
| Prior year | (7,811,224 | ) | | (1,578,844 | ) | | (3,502,911 | ) | Total provision charged to operations | (571,596 | ) | | 6,072,115 |
| | 3,342,427 |
| Claims paid, net of recoveries, related to: | | | | | | Current year | (110,240 | ) | | (76,288 | ) | | (305,079 | ) | Prior year | (3,036,164 | ) | | (4,913,827 | ) | | (3,240,048 | ) | Total claims paid, net of recoveries | (3,146,404 | ) | | (4,990,115 | ) | | (3,545,127 | ) | Balance, end of year | $ | 35,360,000 |
| | $ | 39,078,000 |
| | $ | 37,996,000 |
|
|
Summary Of The Company's Loss Reserves |
A summary of the Company’s loss reserves, broken down into its components of known title claims and IBNR, follows: | | | | | | | | | | | | | | 2013 | | % | | 2012 | | % | Known title claims | $ | 4,670,809 |
| | 13.2 | | $ | 5,166,370 |
| | 13.2 | IBNR | 30,689,191 |
| | 86.8 | | 33,911,630 |
| | 86.8 | Total loss reserves | $ | 35,360,000 |
| | 100.0 | | $ | 39,078,000 |
| | 100.0 |
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v2.4.0.8
Earnings Per Common Share and Share Awards (Tables)
|
12 Months Ended |
Dec. 31, 2013
|
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 years ended December 31: | | | | | | | | | | | | | For the Years Ended December 31, | 2013 | | 2012 | | 2011 | Net income attributable to the Company | $ | 14,708,210 |
| | $ | 11,102,496 |
| | $ | 6,933,936 |
| Weighted average common shares outstanding – Basic | 2,056,169 |
| | 2,081,703 |
| | 2,151,350 |
| Incremental shares outstanding assuming the exercise of dilutive stock options and SARs (share-settled) | 20,459 |
| | 35,090 |
| | 18,286 |
| Weighted average common shares outstanding – Diluted | 2,076,628 |
| | 2,116,793 |
| | 2,169,636 |
| Basic earnings per common share | $ | 7.15 |
| | $ | 5.33 |
| | $ | 3.22 |
| Diluted earnings per common share | $ | 7.08 |
| | $ | 5.24 |
| | $ | 3.20 |
|
|
Summary Of Share-Based Award Transactions |
A summary of share-based award transactions for all share-based award plans follows: | | | | | | | | | | | | | | | Number Of Shares | | Weighted Average Exercise Price | | Average Remaining Contractual Term (Years) | | Aggregate Intrinsic Value | Outstanding as of January 1, 2011 | 110,800 |
| | $ | 28.77 |
| | 4.51 | | $ | 353,955 |
| SARs granted | 3,000 |
| | 41.50 |
| | | | |
| Options exercised | (7,700 | ) | | 20.15 |
| | | | |
| Options/SARs canceled/forfeited/expired | (4,500 | ) | | 28.61 |
| | | | |
| Outstanding as of December 31, 2011 | 101,600 |
| | $ | 29.81 |
| | 3.91 | | $ | 697,780 |
| SARs granted | 3,000 |
| | 50.50 |
| | | | |
| Options exercised | (6,380 | ) | | 25.17 |
| | | | |
| Options/SARs canceled/forfeited/expired | (70 | ) | | 31.00 |
| | | | |
| Outstanding as of December 31, 2012 | 98,150 |
| | $ | 30.74 |
| | 3.17 | | $ | 2,871,710 |
| SARs granted | 3,000 |
| | 71.59 |
| | | | |
| SARs exercised | (79,500 | ) | | 28.77 |
| | | | |
| Options exercised | (2,650 | ) | | 28.63 |
| | | | |
| Options/SARs canceled/forfeited/expired | — |
| | — |
| | | | |
| Outstanding as of December 31, 2013 | 19,000 |
| | $ | 45.74 |
| | 3.43 | | $ | 669,610 |
| | | | | | | | | Exercisable as of December 31, 2013 | 18,250 |
| | $ | 44.67 |
| | 3.31 | | $ | 662,567 |
| | | | | | | | | Unvested as of December 31, 2013 | 750 |
| | $ | 71.59 |
| | 6.38 | | $ | 7,043 |
|
|
Summary of Information of Fixed Stock Options |
The following tables summarize information about fixed stock options outstanding at December 31, 2013: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Options Outstanding at Year-End | | Options Exercisable at Year-End | Range of Exercise Prices | | Number Outstanding | | Weighted Average Remaining Contractual Life | | Weighted Average Exercise Price | | Number Exercisable | | Weighted Average Exercise Price | $ | 21.49 |
| | — | | $ | 27.96 |
| | 1,000 |
| | 0.38 | | $ | 27.21 |
| | 1,000 |
| | $ | 27.21 |
| 33.32 |
| | — | | 36.79 |
| | 1,500 |
| | 1.38 | | 36.79 |
| | 1,500 |
| | 36.79 |
| $ | 21.49 |
| | — | | $ | 36.79 |
| | 2,500 |
| | 0.98 | | $ | 32.96 |
| | 2,500 |
| | $ | 32.96 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | SARs Outstanding at Year-End | | SARs Exercisable at Year-End | Range of Exercise Prices | | Number Outstanding | | Weighted Average Remaining Contractual Life | | Weighted Average Exercise Price | | Number Exercisable | | Weighted Average Exercise Price | $ | 32.00 |
| | — | | $ | 32.00 |
| | 2,000 |
| | 2.39 | | $ | 32.00 |
| | 2,000 |
| | $ | 32.00 |
| 33.31 |
| | — | | 33.31 |
| | 2,500 |
| | 3.38 | | 33.31 |
| | 2,500 |
| | 33.31 |
| 36.80 |
| | — | | 71.59 |
| | 12,000 |
| | 4.13 | | 53.28 |
| | 11,250 |
| | 52.06 |
| $ | 32.00 |
| | — | | $ | 71.59 |
| | 16,500 |
| | 3.81 | | $ | 47.67 |
| | 15,750 |
| | $ | 46.54 |
|
|
Share-Based Valuation Assumptions |
The weighted average fair values for the SARs issued during 2013, 2012 and 2011 were $27.55, $18.84 and $15.55, respectively, and were estimated using the weighted average assumptions shown in the table below. | | | | | | | | 2013 | | 2012 | | 2011 | Expected Life in Years | 5.0 | | 5.0 | | 5.0 | Volatility | 44.6% | | 44.6% | | 43.6% | Interest Rate | 1.3% | | 0.8% | | 1.9% | Yield Rate | 0.5% | | 0.6% | | 0.8% |
|
Schedule of Weighted Average Grant Date Fair Value of Stock Awards Plans |
The estimated weighted average grant-date fair value of SARs granted for the years ended December 31 was as follows: | | | | | | | | | | | | | For the Years Ended December 31, | 2013 | | 2012 | | 2011 | Exercise price equal to market price on date of grant: | | | | | | Weighted average market price | $ | 71.59 |
| | $ | 50.50 |
| | $ | 41.50 |
| Weighted average grant-date fair value | $ | 27.55 |
| | $ | 18.84 |
| | $ | 15.55 |
|
|
X |
- Definition
Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.
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-Number 123R
-Paragraph 64, 65, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
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-Subparagraph (d)(1)
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v2.4.0.8
Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2013
|
Income Tax Disclosure [Abstract] |
|
Schedule of Components of Income Tax Expense |
The components of income tax expense for the years ended December 31 are summarized as follows: | | | | | | | | | | | | | For the Years Ended December 31, | 2013 | | 2012 | | 2011 | Current: | | | | | | Federal | $ | 4,873,000 |
| | $ | 5,018,000 |
| | $ | 2,515,000 |
| State | 69,000 |
| | 163,000 |
| | 29,000 |
| Total current | 4,942,000 |
| | 5,181,000 |
| | 2,544,000 |
| Deferred: | | | | | | Federal | 1,805,215 |
| | (305,525 | ) | | 28,131 |
| State | (1,215 | ) | | 13,525 |
| | (7,131 | ) | Total deferred | 1,804,000 |
| | (292,000 | ) | | 21,000 |
| Total | $ | 6,746,000 |
| | $ | 4,889,000 |
| | $ | 2,565,000 |
|
|
Schedule of Deferred Tax Assets and Liabilities |
At December 31, the approximate tax effect of each component of deferred income tax assets and liabilities is summarized as follows: | | | | | | | | | For the Years Ended December 31, | 2013 | | 2012 | Deferred income tax assets: | | | | Accrued benefits and retirement services | $ | 3,074,164 |
| | $ | 2,889,350 |
| Allowance for doubtful accounts | 883,426 |
| | 641,920 |
| Other-than-temporary impairment of assets | 319,962 |
| | 344,701 |
| Excess of book over tax depreciation | 171,504 |
| | 143,184 |
| Postretirement benefit obligation | 24,914 |
| | 52,791 |
| Reinsurance and commission payable | 21,953 |
| | 19,087 |
| Net operating loss carryforward | 5,000 |
| | 12,000 |
| Other | 256,309 |
| | 410,052 |
| Total | 4,757,232 |
| | 4,513,085 |
| Deferred income tax liabilities: | | | | Net unrealized gain on investments | 5,976,215 |
| | 4,687,264 |
| Recorded reserves for claims, net of statutory premium reserves | 2,467,798 |
| | 399,217 |
| Other | 327,202 |
| | 319,760 |
| Total | 8,771,215 |
| | 5,406,241 |
| Net deferred income tax liabilities | $ | (4,013,983 | ) | | $ | (893,156 | ) |
|
Schedule of Reconciliation of Income Tax |
A reconciliation of income tax as computed for the years ended December 31 at the U.S. federal statutory income tax rate of 34.1% for 2013 and 34% for 2012 and 2011, respectively, to income tax expense follows: | | | | | | | | | | | | | For the Years Ended December 31, | 2013 | | 2012 | | 2011 | Anticipated income tax expense | $ | 7,346,074 |
| | $ | 5,467,168 |
| | $ | 3,229,638 |
| Increase (decrease) related to: | | | | | | State income taxes, net of federal income tax benefit | 45,471 |
| | 107,580 |
| | 19,140 |
| Tax-exempt interest income (net of amortization) | (772,545 | ) | | (757,005 | ) | | (700,300 | ) | Other, net | 127,000 |
| | 71,257 |
| | 16,522 |
| Provision for income taxes | $ | 6,746,000 |
| | $ | 4,889,000 |
| | $ | 2,565,000 |
|
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- Definition
Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.
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v2.4.0.8
Leases (Tables)
|
12 Months Ended |
Dec. 31, 2013
|
Leases [Abstract] |
|
Schedule of Future Minimum Rental Payments for Operating Leases |
The future minimum lease payments under operating leases that have initial or remaining noncancelable lease terms in excess of one year as of December 31, 2013, are summarized as follows: | | | | | Year Ended: | | 2014 | $ | 548,451 |
| 2015 | 303,465 |
| 2016 | 162,022 |
| 2017 | 45,107 |
| 2018 | 4,200 |
| Thereafter | — |
| Total | $ | 1,063,245 |
|
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 20
-Section 50
-Paragraph 2
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v2.4.0.8
Retirement Agreements and Other Postretirement Benefit Plan (Tables)
|
12 Months Ended |
Dec. 31, 2013
|
Compensation and Retirement Disclosure [Abstract] |
|
Components Of Net Periodic Benefits Cost |
Cost of the Company’s postretirement benefits included the following components: | | | | | | | | | | | | | | 2013 | | 2012 | | 2011 | Net periodic benefit cost | | | | | | Service cost – benefits earned during the year | $ | 15,782 |
| | $ | 12,617 |
| | $ | 19,503 |
| Interest cost on the projected benefit obligation | 28,412 |
| | 27,867 |
| | 24,607 |
| (Accretion) amortization of unrecognized prior service cost | (1,518 | ) | | 9,396 |
| | 13,038 |
| Amortization (accretion) of unrecognized loss (gain) | 6,293 |
| | 680 |
| | (318 | ) | Net periodic benefits cost at end of year | $ | 48,969 |
| | $ | 50,560 |
| | $ | 56,830 |
|
|
Schedule of Net Funded Status On The Balance Sheet |
The effects of the funded status on the Company’s Consolidated Balance Sheets at December 31, 2013 and 2012 are presented in the following table: | | | | | | | | | | 2013 | | 2012 | Funded status | | | | Actuarial present value of future benefits: | | | | Fully eligible active employee | $ | (377,838 | ) | | $ | (401,553 | ) | Non-eligible active employees | (301,439 | ) | | (310,743 | ) | Plan assets | — |
| | — |
| Funded status of accumulated postretirement benefit obligation, recognized in other liabilities | $ | (679,277 | ) | | $ | (712,296 | ) |
|
Development Of The Accumulated Postretirement Benefit Obligation |
Development of the accumulated postretirement benefit obligation for the years ended December 31, 2013 and 2012 includes the following: | | | | | | | | | | 2013 | | 2012 | Accrued postretirement benefit obligation at beginning of year | $ | (712,296 | ) | | $ | (588,894 | ) | Service cost – benefits earned during the year | (15,782 | ) | | (12,617 | ) | Interest cost on projected benefit obligation | (28,412 | ) | | (27,867 | ) | Actuarial gain (loss) | 77,213 |
| | (82,918 | ) | Accrued postretirement benefit obligation at end of year | $ | (679,277 | ) | | $ | (712,296 | ) |
|
Changes in Amounts Related to Accumulated Other Comprehensive Income, Pre-Tax |
The changes in amounts related to accumulated other comprehensive income, pre-tax, are as follows: | | | | | | | | | | 2013 | | 2012 | Balance at beginning of year | $ | 155,234 |
| | $ | 82,392 |
| Components of accumulated other comprehensive income: | | | | Unrecognized prior service credit (cost) | 1,518 |
| | (9,396 | ) | Amortization of loss, net | (6,293 | ) | | (680 | ) | Actuarial (gain) loss | (77,213 | ) | | 82,918 |
| Balance at end of year | $ | 73,246 |
| | $ | 155,234 |
|
|
Amounts in Accumulated Other Comprehensive Income, Pre-Tax, to be Recognized as Components of Net Periodic Benefit Costs |
The amounts currently in accumulated other comprehensive income, pre-tax, that will be reclassified to the Consolidated Statements of Income and recognized as components of net periodic benefit costs in 2014 are: | | | | | | Projected 2014 | Amortization of unrecognized prior service cost | $ | 2,217 |
| Amortization of unrecognized loss | — |
| Net periodic benefit cost at end of year | $ | 2,217 |
|
|
Effect of Net Periodic Postretirement Benefit Cost and Accumulated Postretirement Benefit Obligation |
The following illustrates the effects on the net periodic postretirement benefit cost (“NPPBC”) and the accumulated postretirement benefit obligation (“APBO”) of a one percentage point increase and one percentage point decrease in the assumed health care cost trend rate as of December 31, 2013: | | | | | | | | | | One- Percentage Point Increase | | One- Percentage Point Decrease | Net periodic postretirement benefit cost | | | | Effect on the service cost component | $ | 3,790 |
| | $ | (2,860 | ) | Effect on interest cost | 6,574 |
| | (5,056 | ) | Total effect on the net periodic postretirement benefit cost | $ | 10,364 |
| | $ | (7,916 | ) | Accumulated postretirement benefit obligation (including active employees who are not fully eligible) | | | | Effect on those currently receiving benefits (retirees and spouses) | $ | — |
| | $ | — |
| Effect on active fully eligible | 68,198 |
| | (53,548 | ) | Effect on actives not yet eligible | 77,887 |
| | (58,806 | ) | Total effect on the accumulated postretirement benefit obligation | $ | 146,085 |
| | $ | (112,354 | ) |
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v2.4.0.8
Segment Information (Tables)
|
12 Months Ended |
Dec. 31, 2013
|
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 December 31, 2013, 2012 and 2011: | | | | | | | | | | | | | | | | | 2013 | Title Insurance | | All Other | | Intersegment Eliminations | | Total | Insurance and other services revenues | $ | 118,153,904 |
| | $ | 5,507,069 |
| | $ | (1,499,884 | ) | | $ | 122,161,089 |
| Investment income | 3,599,106 |
| | 388,838 |
| | (93,336 | ) | | 3,894,608 |
| Net realized gain (loss) on investments | 225,661 |
| | (29,861 | ) | | — |
| | 195,800 |
| Total revenues | $ | 121,978,671 |
| | $ | 5,866,046 |
| | $ | (1,593,220 | ) | | $ | 126,251,497 |
| Operating expenses | 99,899,804 |
| | 6,239,155 |
| | (1,430,200 | ) | | 104,708,759 |
| Income (loss) before income taxes | $ | 22,078,867 |
| | $ | (373,109 | ) | | $ | (163,020 | ) | | $ | 21,542,738 |
| Total assets | $ | 146,110,146 |
| | $ | 42,195,670 |
| | $ | — |
| | $ | 188,305,816 |
|
| | | | | | | | | | | | | | | | | 2012 | Title Insurance | | All Other | | Intersegment Eliminations | | Total | Insurance and other services revenues | $ | 106,496,802 |
| | $ | 4,931,574 |
| | $ | (1,395,934 | ) | | $ | 110,032,442 |
| Investment income | 3,492,998 |
| | 571,999 |
| | (84,586 | ) | | 3,980,411 |
| Net realized gain on investments | 430,495 |
| | 635,744 |
| | — |
| | 1,066,239 |
| Total revenues | $ | 110,420,295 |
| | $ | 6,139,317 |
| | $ | (1,480,520 | ) | | $ | 115,079,092 |
| Operating expenses | 94,909,649 |
| | 5,433,207 |
| | (1,343,671 | ) | | 98,999,185 |
| Income before income taxes | $ | 15,510,646 |
| | $ | 706,110 |
| | $ | (136,849 | ) | | $ | 16,079,907 |
| Total assets | $ | 136,042,848 |
| | $ | 35,875,428 |
| | $ | — |
| | $ | 171,918,276 |
|
| | | | | | | | | | | | | | | | | 2011 | Title Insurance | | All Other | | Intersegment Eliminations | | Total | Insurance and other services revenues | $ | 83,420,562 |
| | $ | 4,455,631 |
| | $ | (814,632 | ) | | $ | 87,061,561 |
| Investment income | 3,174,148 |
| | 502,557 |
| | (81,669 | ) | | 3,595,036 |
| Net realized gain (loss) on investments | 97,640 |
| | (69,081 | ) | | — |
| | 28,559 |
| Total revenues | $ | 86,692,350 |
| | $ | 4,889,107 |
| | $ | (896,301 | ) | | $ | 90,685,156 |
| Operating expenses | 77,294,353 |
| | 4,706,499 |
| | (814,632 | ) | | 81,186,220 |
| Income before income taxes | $ | 9,397,997 |
| | $ | 182,608 |
| | $ | (81,669 | ) | | $ | 9,498,936 |
| Total assets | $ | 123,712,762 |
| | $ | 34,245,701 |
| | $ | — |
| | $ | 157,958,463 |
|
|
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- Definition
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8813-108599
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-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-Paragraph 27, 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
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v2.4.0.8
Related Party Transactions (Tables)
|
12 Months Ended |
Dec. 31, 2013
|
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: | | | | | | | | | Financial Statement Classification, | 2013 | | 2012 | Consolidated Balance Sheets | | Other investments | $ | 5,320,000 |
| | $ | 4,892,000 |
| Premiums and fees receivable | $ | 657,000 |
| | $ | 1,011,000 |
|
|
Summary Of Approximate Values By Year Found Within Consolidated Statements Of Income |
| | | | | | | | | | | | | Financial Statement Classification, | | | | Consolidated Statements of Income | 2013 | | 2012 | | 2011 | Net premiums written | $ | 12,442,000 |
| | $ | 15,558,000 |
| | $ | 11,004,000 |
| Other income | $ | 1,839,000 |
| | $ | 2,238,000 |
| | $ | 1,336,000 |
|
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v2.4.0.8
Acquisition (Tables)
|
12 Months Ended |
Dec. 31, 2013
|
Business Combinations [Abstract] |
|
Reconciliation Of Total Redeemable Equity |
The following table provides a reconciliation of total redeemable equity for the periods ended December 31, 2013, 2012 and 2011: | | | | | | | | | | | | | Changes in fair value during the period ended: | 2013 | | 2012 | | 2011 | Beginning balance at January 1 | $ | 493,861 |
| | $ | — |
| | $ | — |
| Redeemable noncontrolling interest resulting from subsidiary purchase | — |
| | 446,250 |
| | — |
| Net income attributable to redeemable noncontrolling interest | 88,528 |
| | 88,411 |
| | — |
| Distributions to noncontrolling interest | (36,900 | ) | | (40,800 | ) | | — |
| Balance, net | $ | 545,489 |
| | $ | 493,861 |
| | $ | — |
|
|
Schedule Of Aggregate Amortization Expense for Intangible Assets |
The amortization of the non-compete contract will start at a future date when the related employment agreement is terminated. Assuming that the amortization of the non-complete agreement begins on the first day subsequent to the employment period stated in the current employment agreement, estimated aggregate amortization expense for each of the five succeeding fiscal years are as follows: | | | | | Year Ended: | | 2014 | $ | 134,253 |
| 2015 | 134,253 |
| 2016 | 134,253 |
| 2017 | 134,253 |
| 2018 | 134,253 |
| Thereafter | 688,688 |
| Total | $ | 1,359,953 |
|
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-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
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-Number 210
-Section 08
-Paragraph d
-Article 4
Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 28
-Article 5
Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Emerging Issues Task Force (EITF)
-Number D-98
-Paragraph 2,4,5,6
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-Number 129
-Paragraph 2,3,4,5,6,7,8
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v2.4.0.8
Accumulated Other Comprehensive Income (Tables)
|
12 Months Ended |
Dec. 31, 2013
|
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 illustrate changes in the balances of each component of accumulated other comprehensive income, net of tax, for the periods ended December 31, 2013, 2012 and 2011: | | | | | | | | | | | | | 2013 | Unrealized Gains and Losses On Available-for-Sale Securities | | Postretirement Benefits Plans | | Total | Beginning balance at January 1 | $ | 8,920,884 |
| | $ | (102,454 | ) | | $ | 8,818,430 |
| Other comprehensive income before reclassifications | 2,605,184 |
| | 50,961 |
| | 2,656,145 |
| Amounts reclassified from accumulated other comprehensive income | (130,311 | ) | | 3,140 |
| | (127,171 | ) | Net current-period other comprehensive income | 2,474,873 |
| | 54,101 |
| | 2,528,974 |
| Ending balance | $ | 11,395,757 |
| | $ | (48,353 | ) | | $ | 11,347,404 |
|
| | | | | | | | | | | | | 2012 | Unrealized Gains and Losses On Available-for-Sale Securities | | Postretirement Benefits Plans | | Total | Beginning balance at January 1 | $ | 7,563,541 |
| | $ | (54,376 | ) | | $ | 7,509,165 |
| Other comprehensive income (loss) before reclassifications | 2,032,134 |
| | (54,726 | ) | | 1,977,408 |
| Amounts reclassified from accumulated other comprehensive income (loss) | (674,791 | ) | | 6,648 |
| | (668,143 | ) | Net current-period other comprehensive income (loss) | 1,357,343 |
| | (48,078 | ) | | 1,309,265 |
| Ending balance | $ | 8,920,884 |
| | $ | (102,454 | ) | | $ | 8,818,430 |
|
| | | | | | | | | | | | | 2011 | Unrealized Gains and Losses On Available-for-Sale Securities | | Postretirement Benefits Plans | | Total | Beginning balance at January 1 | $ | 5,675,516 |
| | $ | 13,189 |
| | $ | 5,688,705 |
| Other comprehensive income (loss) before reclassifications | 1,910,017 |
| | (75,959 | ) | | 1,834,058 |
| Amounts reclassified from accumulated other comprehensive income (loss) | (21,992 | ) | | 8,394 |
| | (13,598 | ) | Net current-period other comprehensive income (loss) | 1,888,025 |
| | (67,565 | ) | | 1,820,460 |
| Ending balance | $ | 7,563,541 |
| | $ | (54,376 | ) | | $ | 7,509,165 |
|
|
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 December 31, 2013, 2012 and 2011: | | | | | | | 2013 | |
| | 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 investment | $ | 229,869 |
|
| | Other-than-temporary impairments | (34,070 | ) |
| | Total | $ | 195,799 |
|
| Net realized gain on investment | Tax | (65,488 | ) |
| Provision for Income Taxes | Net of Tax | $ | 130,311 |
|
| | Accretion (amortization) related to postretirement benefit plans: | |
|
| | Prior year service cost | $ | 1,518 |
|
| | Unrecognized loss | (6,293 | ) |
| | Total | $ | (4,775 | ) |
| (a) | Tax | 1,635 |
|
| Provision for Income Taxes | Net of Tax | $ | (3,140 | ) |
| | Reclassifications for the period | $ | 127,171 |
|
| |
| | | | | | | 2012 | | | | 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 investment | $ | 1,166,179 |
| | | Other-than-temporary impairments | (99,940 | ) | | | Total | $ | 1,066,239 |
| | Net realized gain on investment | Tax | (391,448 | ) | | Provision for Income Taxes | Net of Tax | $ | 674,791 |
| | | Amortization related to postretirement benefit plans: | |
| | | Prior year service cost | $ | (9,396 | ) | | | Unrecognized loss | (680 | ) | | | Total | $ | (10,076 | ) | | (a) | Tax | 3,428 |
| | Provision for Income Taxes | Net of Tax | $ | (6,648 | ) | | | Reclassifications for the period | $ | 668,143 |
| | |
| | | | | | | 2011 | | | | 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 investment | $ | 353,950 |
| | | Other-than-temporary impairments | (325,391 | ) | | | Total | $ | 28,559 |
| | Net realized gain on investment | Tax | (6,567 | ) | | Provision for Income Taxes | Net of Tax | $ | 21,992 |
| | | (Amortization) accretion related to postretirement benefit plans: | |
| | | Prior year service cost | $ | (13,038 | ) | | | Unrecognized gain | 318 |
| | | Total | $ | (12,720 | ) | | (a) | Tax | 4,326 |
| | Provision for Income Taxes | Net of Tax | $ | (8,394 | ) | | | Reclassifications for the period | $ | 13,598 |
| | |
| | (a) | These accumulated other comprehensive income components are not reclassified to net income in their entirety in the same reporting period. The amounts are presented within Salaries, employee benefits and payroll taxes on the Consolidated Statements of Income as amortized. Amortization related to postretirement benefit plans is included in the computation of net periodic pension costs, as discussed in Note 10. |
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v2.4.0.8
Basis Of Presentation and Significant Accounting Policies (Details) (USD $)
|
12 Months Ended |
|
Dec. 31, 2013
Subsidiary
State
|
Dec. 31, 2012
|
Organization, Consolidation and Presentation of Financial Statements [Line Items] |
|
|
Number of title insurance subsidiaries |
2 |
|
Number of States in which Entity operates |
22 |
|
Cost method investment, aggregate cost |
$ 1,834,229 |
$ 1,778,115 |
Premium collection period before reserved |
7 months |
|
Unrealized holding gains on available-for-sale securities |
11,395,757 |
8,920,884 |
Amount recognized in accumulated other comprehensive income, net of tax |
$ 48,353 |
$ 102,454 |
Potential claim payment period after policy issuance |
20 years |
|
Minimum
|
|
|
Organization, Consolidation and Presentation of Financial Statements [Line Items] |
|
|
Property and equipment useful life |
3 years |
|
Lag time between Policy effective dates and transaction reporting dates |
30 days |
|
Transaction reporting period |
60 days |
|
Maximum
|
|
|
Organization, Consolidation and Presentation of Financial Statements [Line Items] |
|
|
Property and equipment useful life |
25 years |
|
Lag time between Policy effective dates and transaction reporting dates |
120 days |
|
Transaction reporting period |
90 days |
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v2.4.0.8
Investments in Securities and Fair Value (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2013
security
|
Dec. 31, 2012
security
|
Dec. 31, 2011
|
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] |
|
|
|
Available-for-sale, fixed maturity |
$ 91,445,413 |
$ 81,936,978 |
|
Available for sale securities, unrealized losses |
497,607 |
25,205 |
|
Available for sale securities, equity securities |
36,144,065 |
28,510,933 |
|
Number of securities with unrealized losses |
26 |
7 |
|
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net |
|
93,436 |
280,987 |
Fixed maturities
|
|
|
|
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] |
|
|
|
Available-for-sale, fixed maturity |
21,150,675 |
2,222,156 |
|
Available for sale securities, unrealized losses |
497,607 |
25,205 |
|
Equity securities
|
|
|
|
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] |
|
|
|
Available for sale securities, unrealized losses |
109,084 |
91,237 |
|
Available for sale securities, equity securities |
2,280,900 |
2,551,215 |
|
Auction rate securities
|
|
|
|
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] |
|
|
|
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net |
|
|
101,861 |
Difference in low to high range values as percent of carrying value |
0.00% |
4.00% |
|
Level 3 | Auction rate securities
|
|
|
|
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] |
|
|
|
Securities par value |
$ 1,000,000 |
$ 1,000,000 |
|
Percent of securities par value guaranteed by the U.S. Department of Education |
97.00% |
97.00% |
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v2.4.0.8
Investments in Securities and Fair Value Schedule of Gross Unrealized Gains and Losses and Amortized Cost for Securities (Details) (USD $)
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Available-for-sale Securities [Abstract] |
|
|
Amortized Cost |
$ 87,980,160 |
$ 75,573,673 |
Gross Unrealized Gains |
3,962,860 |
6,388,510 |
Gross Unrealized Losses |
497,607 |
25,205 |
Estimated Fair Value |
91,445,413 |
81,936,978 |
Amortized Cost |
22,200,369 |
21,229,114 |
Gross Unrealized Gains |
14,052,780 |
7,373,056 |
Gross Unrealized Losses |
109,084 |
91,237 |
Estimated Fair Value |
36,144,065 |
28,510,933 |
Short Term Investments Amortized Cost Basis |
7,926,373 |
13,567,648 |
Short Term Investments Gross Unrealized Gains |
0 |
0 |
Short Term Investments Gross Unrealized Losses |
0 |
0 |
Short Term Investments Estimated Fair Value |
7,926,373 |
13,567,648 |
General obligations of U.S. States, territories and political subdivisions
|
|
|
Available-for-sale Securities [Abstract] |
|
|
Amortized Cost |
38,449,309 |
38,658,463 |
Gross Unrealized Gains |
1,922,862 |
3,211,445 |
Gross Unrealized Losses |
184,351 |
0 |
Estimated Fair Value |
40,187,820 |
41,869,908 |
Issuer obligations of U.S. States, territories and political subdivisions special revenue
|
|
|
Available-for-sale Securities [Abstract] |
|
|
Amortized Cost |
30,874,571 |
18,933,299 |
Gross Unrealized Gains |
1,234,130 |
1,909,106 |
Gross Unrealized Losses |
204,800 |
10,455 |
Estimated Fair Value |
31,903,901 |
20,831,950 |
Corporate debt securities
|
|
|
Available-for-sale Securities [Abstract] |
|
|
Amortized Cost |
17,736,608 |
17,064,697 |
Gross Unrealized Gains |
789,840 |
1,252,973 |
Gross Unrealized Losses |
108,456 |
14,750 |
Estimated Fair Value |
18,417,992 |
18,302,920 |
Auction rate securities
|
|
|
Available-for-sale Securities [Abstract] |
|
|
Amortized Cost |
919,672 |
917,214 |
Gross Unrealized Gains |
16,028 |
14,986 |
Gross Unrealized Losses |
0 |
0 |
Estimated Fair Value |
935,700 |
932,200 |
Common stocks and nonredeemable preferred stocks
|
|
|
Available-for-sale Securities [Abstract] |
|
|
Amortized Cost |
22,200,369 |
21,229,114 |
Gross Unrealized Gains |
14,052,780 |
7,373,056 |
Gross Unrealized Losses |
109,084 |
91,237 |
Estimated Fair Value |
36,144,065 |
28,510,933 |
Certificates of deposit and money market funds
|
|
|
Available-for-sale Securities [Abstract] |
|
|
Short Term Investments Amortized Cost Basis |
7,926,373 |
13,567,648 |
Short Term Investments Gross Unrealized Gains |
0 |
0 |
Short Term Investments Gross Unrealized Losses |
0 |
0 |
Short Term Investments Estimated Fair Value |
$ 7,926,373 |
$ 13,567,648 |
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v2.4.0.8
Investments in Securities and Fair Value Schedule of Fixed Maturity Securities (Details) (USD $)
|
Dec. 31, 2013
|
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] |
|
Due in one year or less |
$ 8,685,106 |
Due after one year through five years |
57,287,230 |
Due five years through ten years |
14,159,839 |
Due after ten years |
7,847,985 |
Total |
87,980,160 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] |
|
Due after one year through five years |
8,848,668 |
Due after one year through five years |
60,170,845 |
Due five years through ten years |
14,285,208 |
Due after ten years |
8,140,692 |
Total |
$ 91,445,413 |
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Investments in Securities and Fair Value Schedule of Earnings on Investments (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Schedule of Investment Income, Reported Amounts, by Category [Line Items] |
|
|
|
Investment income |
$ 3,894,608 |
$ 3,980,411 |
$ 3,595,036 |
Fixed maturities
|
|
|
|
Schedule of Investment Income, Reported Amounts, by Category [Line Items] |
|
|
|
Investment income |
2,997,901 |
3,154,131 |
3,233,988 |
Equity securities
|
|
|
|
Schedule of Investment Income, Reported Amounts, by Category [Line Items] |
|
|
|
Investment income |
890,917 |
815,674 |
347,843 |
Invested cash and other short-term investments
|
|
|
|
Schedule of Investment Income, Reported Amounts, by Category [Line Items] |
|
|
|
Investment income |
5,754 |
10,576 |
12,725 |
Miscellaneous interest
|
|
|
|
Schedule of Investment Income, Reported Amounts, by Category [Line Items] |
|
|
|
Investment income |
$ 36 |
$ 30 |
$ 480 |
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v2.4.0.8
Investments in Securities and Fair Value Schedule of Gross Realized Gains (Losses) on Securities (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Schedule of Available-for-sale Securities [Line Items] |
|
|
|
Gross realized gains |
$ 369,673 |
$ 714,168 |
$ 593,855 |
Gross realized losses |
(180,169) |
(185,411) |
(528,104) |
Net realized gain |
189,504 |
528,757 |
65,751 |
Impairments of other assets and investments |
(34,070) |
(6,504) |
(44,404) |
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48,946 |
543,986 |
30,238 |
Loss on other assets and investments |
(8,580) |
0 |
(23,026) |
Realized Investment Gains (Losses) |
6,296 |
537,482 |
(37,192) |
Gain (Loss) on Investments |
195,800 |
1,066,239 |
28,559 |
General obligations of U.S. States, territories and political subdivisions
|
|
|
|
Schedule of Available-for-sale Securities [Line Items] |
|
|
|
Gross realized gains |
0 |
250 |
386 |
Corporate debt securities
|
|
|
|
Schedule of Available-for-sale Securities [Line Items] |
|
|
|
Gross realized gains |
0 |
52,396 |
20,459 |
Common stocks and nonredeemable preferred stocks
|
|
|
|
Schedule of Available-for-sale Securities [Line Items] |
|
|
|
Gross realized gains |
369,673 |
450,461 |
529,811 |
Gross realized losses |
(180,169) |
(91,975) |
(247,117) |
Auction rate securities
|
|
|
|
Schedule of Available-for-sale Securities [Line Items] |
|
|
|
Gross realized gains |
0 |
211,061 |
43,199 |
Other Than Temporary Impairment Of Securities
|
|
|
|
Schedule of Available-for-sale Securities [Line Items] |
|
|
|
Gross realized losses |
$ 0 |
$ (93,436) |
$ (280,987) |
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v2.4.0.8
Investments in Securities and Fair Value Schedule of Unrealized Losses on Investments (Details) (USD $)
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Schedule of Available-for-sale Securities [Line Items] |
|
|
Available-for-sale Securities, Less than Twelve Months, Fair Value |
$ 23,186,646 |
$ 4,773,371 |
Available-for-sale Securities, Less than 12 Months, Aggregate Losses |
(570,605) |
(116,442) |
Available-for-sale Securities, Twelve Months or Longer, Fair Value |
244,929 |
0 |
Available-for-sale Securities, 12 Months or Longer, Aggregate Losses |
(36,086) |
0 |
Available-for-sale Securities, Total Fair Value |
23,431,575 |
4,773,371 |
Available-for-sale Securities, Total Aggregate Losses |
(606,691) |
(116,442) |
General obligations of U.S. States, territories and political subdivisions
|
|
|
Schedule of Available-for-sale Securities [Line Items] |
|
|
Available-for-sale Securities, Less than Twelve Months, Fair Value |
4,198,012 |
|
Available-for-sale Securities, Less than 12 Months, Aggregate Losses |
(184,351) |
|
Available-for-sale Securities, Twelve Months or Longer, Fair Value |
0 |
|
Available-for-sale Securities, 12 Months or Longer, Aggregate Losses |
0 |
|
Available-for-sale Securities, Total Fair Value |
4,198,012 |
|
Available-for-sale Securities, Total Aggregate Losses |
(184,351) |
|
Issuer obligations of U.S. States, territories and political subdivisions special revenue
|
|
|
Schedule of Available-for-sale Securities [Line Items] |
|
|
Available-for-sale Securities, Less than Twelve Months, Fair Value |
11,010,093 |
1,236,906 |
Available-for-sale Securities, Less than 12 Months, Aggregate Losses |
(204,800) |
(10,455) |
Available-for-sale Securities, Twelve Months or Longer, Fair Value |
0 |
0 |
Available-for-sale Securities, 12 Months or Longer, Aggregate Losses |
0 |
0 |
Available-for-sale Securities, Total Fair Value |
11,010,093 |
1,236,906 |
Available-for-sale Securities, Total Aggregate Losses |
(204,800) |
(10,455) |
Corporate debt securities
|
|
|
Schedule of Available-for-sale Securities [Line Items] |
|
|
Available-for-sale Securities, Less than Twelve Months, Fair Value |
5,942,570 |
985,250 |
Available-for-sale Securities, Less than 12 Months, Aggregate Losses |
(108,456) |
(14,750) |
Available-for-sale Securities, Twelve Months or Longer, Fair Value |
0 |
0 |
Available-for-sale Securities, 12 Months or Longer, Aggregate Losses |
0 |
0 |
Available-for-sale Securities, Total Fair Value |
5,942,570 |
985,250 |
Available-for-sale Securities, Total Aggregate Losses |
(108,456) |
(14,750) |
Total fixed maturity securities
|
|
|
Schedule of Available-for-sale Securities [Line Items] |
|
|
Available-for-sale Securities, Less than Twelve Months, Fair Value |
21,150,675 |
2,222,156 |
Available-for-sale Securities, Less than 12 Months, Aggregate Losses |
(497,607) |
(25,205) |
Available-for-sale Securities, Twelve Months or Longer, Fair Value |
0 |
0 |
Available-for-sale Securities, 12 Months or Longer, Aggregate Losses |
0 |
0 |
Available-for-sale Securities, Total Fair Value |
21,150,675 |
2,222,156 |
Available-for-sale Securities, Total Aggregate Losses |
(497,607) |
(25,205) |
Equity securities
|
|
|
Schedule of Available-for-sale Securities [Line Items] |
|
|
Available-for-sale Securities, Less than Twelve Months, Fair Value |
2,035,971 |
2,551,215 |
Available-for-sale Securities, Less than 12 Months, Aggregate Losses |
(72,998) |
(91,237) |
Available-for-sale Securities, Twelve Months or Longer, Fair Value |
244,929 |
0 |
Available-for-sale Securities, 12 Months or Longer, Aggregate Losses |
(36,086) |
0 |
Available-for-sale Securities, Total Fair Value |
2,280,900 |
2,551,215 |
Available-for-sale Securities, Total Aggregate Losses |
$ (109,084) |
$ (91,237) |
X |
- Definition
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v2.4.0.8
Investments in Securities and Fair Value Schedule of Fair Value Assets Measured on Recurring Basis (Details) (USD $)
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Short Term |
$ 7,926,373 |
|
$ 13,567,648 |
|
Available for sale securities, equity securities |
36,144,065 |
|
28,510,933 |
|
Available-for-sale, fixed maturity |
91,445,413 |
|
81,936,978 |
|
Total |
135,515,851 |
|
124,015,559 |
|
Level 1
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Short Term |
7,926,373 |
|
13,567,648 |
|
Total |
44,070,438 |
|
42,078,581 |
|
Level 2
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Short Term |
0 |
|
0 |
|
Total |
90,509,713 |
|
81,004,778 |
|
Level 3
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Short Term |
0 |
|
0 |
|
Total |
935,700 |
|
932,200 |
|
Common stock and nonredeemable preferred stock
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Available for sale securities, equity securities |
36,144,065 |
|
28,510,933 |
|
Common stock and nonredeemable preferred stock | Level 1
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Available for sale securities, equity securities |
36,144,065 |
|
28,510,933 |
|
Common stock and nonredeemable preferred stock | Level 2
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Available for sale securities, equity securities |
0 |
|
0 |
|
Common stock and nonredeemable preferred stock | Level 3
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Available for sale securities, equity securities |
0 |
|
0 |
|
Obligations of U.S. States, territories and political subdivisions
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Available-for-sale, fixed maturity |
72,091,721 |
[1] |
62,701,858 |
[1] |
Obligations of U.S. States, territories and political subdivisions | Level 1
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Available-for-sale, fixed maturity |
0 |
[1] |
0 |
[1] |
Obligations of U.S. States, territories and political subdivisions | Level 2
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Available-for-sale, fixed maturity |
72,091,721 |
[1] |
62,701,858 |
[1] |
Obligations of U.S. States, territories and political subdivisions | Level 3
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Available-for-sale, fixed maturity |
0 |
[1] |
0 |
[1] |
Corporate debt securities
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Available-for-sale, fixed maturity |
19,353,692 |
|
19,235,120 |
|
Corporate debt securities | Level 1
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Available-for-sale, fixed maturity |
0 |
|
0 |
|
Corporate debt securities | Level 2
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Available-for-sale, fixed maturity |
18,417,992 |
|
18,302,920 |
|
Corporate debt securities | Level 3
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Available-for-sale, fixed maturity |
$ 935,700 |
|
$ 932,200 |
|
|
|
X |
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v2.4.0.8
Investments in Securities and Fair Value Schedule of Carrying Value and Fair Value of Financial Assets (Details) (USD $)
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Apr. 02, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Financial Assets |
|
|
|
|
|
Cash and cash equivalents, carrying value |
$ 23,626,761 |
$ 20,810,018 |
|
$ 18,042,258 |
$ 8,117,031 |
Cost-basis investments, carrying value |
1,927,429 |
1,871,315 |
|
|
|
Accrued dividends and interest, carrying value |
1,006,698 |
1,037,447 |
|
|
|
Financial assets disclosed, carrying value |
26,560,888 |
23,718,780 |
|
|
|
Cash and cash equivalents, estimated fair value |
23,626,761 |
20,810,018 |
|
|
|
Cost-basis investments, estimated fair value |
2,069,302 |
1,952,323 |
|
|
|
Accrued dividends and interest, estimated fair value |
1,006,698 |
1,037,447 |
|
|
|
Financial assets disclosed, estimated fair value |
26,702,761 |
23,799,788 |
|
|
|
Financial Liabilities |
|
|
|
|
|
Contingent consideration, carrying value |
341,250 |
691,250 |
|
|
|
Financial liabilities, carrying value |
341,250 |
691,250 |
|
|
|
Contingent consideration, estimated fair value |
341,250 |
691,250 |
691,250 |
|
|
Financial liabilities, estimated fair value |
341,250 |
691,250 |
|
|
|
Level 1
|
|
|
|
|
|
Financial Assets |
|
|
|
|
|
Cash and cash equivalents, estimated fair value |
23,626,761 |
20,810,018 |
|
|
|
Cost-basis investments, estimated fair value |
0 |
0 |
|
|
|
Accrued dividends and interest, estimated fair value |
1,006,698 |
1,037,447 |
|
|
|
Financial assets disclosed, estimated fair value |
24,633,459 |
21,847,465 |
|
|
|
Financial Liabilities |
|
|
|
|
|
Contingent consideration, estimated fair value |
0 |
0 |
|
|
|
Financial liabilities, estimated fair value |
0 |
0 |
|
|
|
Level 2
|
|
|
|
|
|
Financial Assets |
|
|
|
|
|
Cash and cash equivalents, estimated fair value |
0 |
0 |
|
|
|
Cost-basis investments, estimated fair value |
0 |
0 |
|
|
|
Accrued dividends and interest, estimated fair value |
0 |
0 |
|
|
|
Financial assets disclosed, estimated fair value |
0 |
0 |
|
|
|
Financial Liabilities |
|
|
|
|
|
Contingent consideration, estimated fair value |
0 |
0 |
|
|
|
Financial liabilities, estimated fair value |
0 |
0 |
|
|
|
Level 3
|
|
|
|
|
|
Financial Assets |
|
|
|
|
|
Cash and cash equivalents, estimated fair value |
0 |
0 |
|
|
|
Cost-basis investments, estimated fair value |
2,069,302 |
1,952,323 |
|
|
|
Accrued dividends and interest, estimated fair value |
0 |
0 |
|
|
|
Financial assets disclosed, estimated fair value |
2,069,302 |
1,952,323 |
|
|
|
Financial Liabilities |
|
|
|
|
|
Contingent consideration, estimated fair value |
341,250 |
691,250 |
|
|
|
Financial liabilities, estimated fair value |
$ 341,250 |
$ 691,250 |
|
|
|
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- Definition
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-Paragraph 22
-Subparagraph a
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-Name Accounting Standards Codification
-Topic 325
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6872867&loc=d3e40691-111596
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v2.4.0.8
Investments in Securities and Fair Value Schedule of Fair Value Assets Measured at Unobservable Inputs Reconciliation (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2013
|
Dec. 31, 2012
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
Beginning balance at January 1 |
$ 932,200 |
$ 4,552,400 |
Redemptions and sales |
0 |
(3,900,000) |
Realized gain – included in net realized gain on investments |
0 |
211,061 |
Realized loss – included in net realized gain on investments |
0 |
0 |
Unrealized gain - included in other comprehensive income |
3,500 |
68,739 |
Ending balance at December 31 |
$ 935,700 |
$ 932,200 |
v2.4.0.8
Investments in Securities and Fair Value Schedule of Changing in Fair Value of Liabilities on Recurring Basis Using Significant Unobservable Inputs (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2013
|
Dec. 31, 2012
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
Beginning balance at January 1 |
$ 691,250 |
$ 0 |
Addition of contingent consideration |
0 |
691,250 |
Payment for contingent consideration |
(350,000) |
0 |
Ending balance, net |
$ 341,250 |
$ 691,250 |
v2.4.0.8
Investments in Securities and Fair Value Schedule of Estimated Fair Value Hierarchy of Investments and Related Impairments Recognized (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2013
|
Dec. 31, 2012
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Total at Estimated Fair Value |
$ 32,744 |
$ 36,406 |
Impairment Losses |
(34,070) |
(6,504) |
Cost-basis investments
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Valuation Method |
Fair Value |
Fair Value |
Impaired |
Yes |
Yes |
Total at Estimated Fair Value |
32,744 |
36,406 |
Impairment Losses |
(34,070) |
(6,504) |
Level 1
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Total at Estimated Fair Value |
0 |
0 |
Level 1 | Cost-basis investments
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Total at Estimated Fair Value |
0 |
0 |
Level 2
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Total at Estimated Fair Value |
0 |
0 |
Level 2 | Cost-basis investments
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Total at Estimated Fair Value |
0 |
0 |
Level 3
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Total at Estimated Fair Value |
32,744 |
36,406 |
Level 3 | Cost-basis investments
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
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Total at Estimated Fair Value |
$ 32,744 |
$ 36,406 |
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-Paragraph 1
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-Section 03
-Paragraph 1
-Subparagraph a, f, g
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v2.4.0.8
Property and Equipment (Details) (USD $)
|
12 Months Ended |
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
$ 11,529,917 |
$ 10,450,029 |
Less accumulated depreciation |
(7,204,379) |
(6,846,706) |
Property and equipment, net |
4,325,538 |
3,603,323 |
Minimum
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment useful life |
3 years |
|
Maximum
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment useful life |
25 years |
|
Land
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
1,107,582 |
1,107,582 |
Office buildings and improvements (25 years)
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
3,365,699 |
3,345,762 |
Property and equipment useful life |
25 years |
|
Furniture, fixtures and equipment (3 to 10 years)
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
6,201,618 |
5,209,505 |
Furniture, fixtures and equipment (3 to 10 years) | Minimum
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment useful life |
3 years |
|
Furniture, fixtures and equipment (3 to 10 years) | Maximum
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment useful life |
10 years |
|
Automobiles (3 years)
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
$ 855,018 |
$ 787,180 |
Property and equipment useful life |
3 years |
|
X |
- Definition
The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement.
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v2.4.0.8
Reserves for Claims Summary Of Transactions In Reserves For Claims (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] |
|
|
|
Balance, beginning of period |
$ 39,078,000 |
$ 37,996,000 |
$ 38,198,700 |
Provisions related to: Current year |
7,239,628 |
7,650,959 |
6,845,338 |
Provisions related to: Prior years |
(7,811,224) |
(1,578,844) |
(3,502,911) |
Total provision charged to operations |
(571,596) |
6,072,115 |
3,342,427 |
Claims paid, net of recoveries, related to: Current year |
(110,240) |
(76,288) |
(305,079) |
Claims paid, net of recoveries, related to: Prior years |
(3,036,164) |
(4,913,827) |
(3,240,048) |
Total claims paid, net of recoveries |
(3,146,404) |
(4,990,115) |
(3,545,127) |
Balance, end of year |
$ 35,360,000 |
$ 39,078,000 |
$ 37,996,000 |
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v2.4.0.8
Reserves for Claims Summary Of The Company's Loss Reserves (Details) (USD $)
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] |
|
|
|
|
Known title claims |
$ 4,670,809 |
$ 5,166,370 |
|
|
IBNR |
30,689,191 |
33,911,630 |
|
|
Total loss reserves |
$ 35,360,000 |
$ 39,078,000 |
$ 37,996,000 |
$ 38,198,700 |
% of Known title claims |
13.20% |
13.20% |
|
|
% of IBNR |
86.80% |
86.80% |
|
|
% of Total loss reserves |
100.00% |
100.00% |
|
|
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v2.4.0.8
Reserves for Claims Change in Accounting Estimate (Details) (USD $)
|
12 Months Ended |
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Change in Accounting Estimate [Line Items] |
|
|
|
|
Liability for Title Claims and Claims Adjustment Expense |
$ 35,360,000 |
$ 39,078,000 |
$ 37,996,000 |
$ 38,198,700 |
Reduction in Policyholder Benefits and Claims Incurred, Net |
(571,596) |
6,072,115 |
3,342,427 |
|
(Benefit) Provision for Income Taxes |
6,746,000 |
4,889,000 |
2,565,000 |
|
Net Income Attributable to the Company |
14,708,210 |
11,102,496 |
6,933,936 |
|
Basic Earnings per Common Share |
$ 7.15 |
$ 5.33 |
$ 3.22 |
|
Diluted Earnings per Common Share |
$ 7.08 |
$ 5.24 |
$ 3.20 |
|
Change in Accounting IBNR Reserve Estimate
|
|
|
|
|
Change in Accounting Estimate [Line Items] |
|
|
|
|
Liability for Title Claims and Claims Adjustment Expense |
(2,200,000) |
|
|
|
Reduction in Policyholder Benefits and Claims Incurred, Net |
(2,200,000) |
|
|
|
(Benefit) Provision for Income Taxes |
750,000 |
|
|
|
Net Income Attributable to the Company |
$ 1,450,000 |
|
|
|
Basic Earnings per Common Share |
$ 0.71 |
|
|
|
Diluted Earnings per Common Share |
$ 0.70 |
|
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v2.4.0.8
Reserves for Claims Narrative (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] |
|
|
|
Realized claim recoveries |
$ 1,165,000 |
$ 1,324,000 |
$ 1,488,000 |
Provision rate for title insurance claims |
(0.50%) |
5.90% |
4.10% |
Minimum
|
|
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Earnings Per Common Share and Share Awards (Details) (USD $)
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12 Months Ended |
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Earnings Per Common Share And Share Awards [Line Items] |
|
|
|
Incremental dilutive potential common shares, calculated using treasury stock method (in shares) |
20,459 |
35,090 |
18,286 |
Anti-dilutive shares excluded from computation of diluted earnings per share |
0 |
0 |
11,500 |
SARs and options vesting period |
1 year |
|
|
Intrinsic values of options exercised |
$ 3,486,000 |
$ 153,000 |
$ 118,000 |
Options and SARs vested |
3,250 |
|
|
Fair value of options and SARs vested |
79,755 |
|
|
Share-settled SARs to directors (in shares) |
3,000 |
3,000 |
3,000 |
Weighted-average fair values for SARs issued (dollars per share) |
$ 27.55 |
$ 18.84 |
$ 15.55 |
Compensation expense relating to SARs or options vesting |
84,000 |
75,000 |
214,000 |
Total unrecognized compensation cost related to unvested share-based compensation arrangements granted under stock award plans |
$ 23,000 |
|
|
Weighted-average period of unrecognized compensation cost recognition |
3 months |
|
|
Number of stock options or SARs granted where exercise price was less than market price on date of grant |
0 |
|
|
Minimum
|
|
|
|
Earnings Per Common Share And Share Awards [Line Items] |
|
|
|
Annual rate at which stock appreciation rights and options are exercisable and vest |
10.00% |
|
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SARs and options expiration period |
5 years |
|
|
Maximum
|
|
|
|
Earnings Per Common Share And Share Awards [Line Items] |
|
|
|
Maximum shares of Company stock to be granted to key employees or directors |
500,000 |
|
|
Annual rate at which stock appreciation rights and options are exercisable and vest |
20.00% |
|
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SARs and options expiration period |
10 years |
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v2.4.0.8
Earnings Per Common Share and Share Awards Computation Of Basic And Diluted Earnings Per Share (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Earnings Per Share [Abstract] |
|
|
|
Net income attributable to the Company |
$ 14,708,210 |
$ 11,102,496 |
$ 6,933,936 |
Weighted Average Shares Outstanding – Basic |
2,056,169 |
2,081,703 |
2,151,350 |
Incremental shares outstanding assuming the exercise of dilutive stock options and SARs (share settled) |
20,459 |
35,090 |
18,286 |
Weighted average common shares outstanding - Diluted |
2,076,628 |
2,116,793 |
2,169,636 |
Basic Earnings per Common Share |
$ 7.15 |
$ 5.33 |
$ 3.22 |
Diluted Earnings per Common Share |
$ 7.08 |
$ 5.24 |
$ 3.20 |
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v2.4.0.8
Earnings Per Common Share and Share Awards Summary Of Share-Based Award Transactions (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] |
|
|
|
|
Number Of Shares, Options exercised |
(2,650) |
(6,380) |
(7,700) |
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] |
|
|
|
|
Weighted Average Exercise Price, Options exercised |
$ 28.63 |
$ 25.17 |
$ 20.15 |
|
StockOptionsAndStockAppreciationRightsSARS
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] |
|
|
|
|
Number Of Shares, Outstanding Beginning Balance |
98,150 |
101,600 |
110,800 |
|
Number Of Shares, Options/SARs cancelled/forfeited/expired |
0 |
(70) |
(4,500) |
|
Number Of Shares, Outstanding Ending Balance |
19,000 |
98,150 |
101,600 |
110,800 |
Number Of Shares, Exercisable as of December 31, 2013 |
18,250 |
|
|
|
Number Of Shares, Unvested as of December 31, 2013 |
750 |
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] |
|
|
|
|
Weighted Average Exercise Price, Outstanding Beginning Balance |
$ 30.74 |
$ 29.81 |
$ 28.77 |
|
Weighted Average Exercise Price, Options/SARs cancelled/forfeited/expired |
$ 0.00 |
$ 31.00 |
$ 28.61 |
|
Weighted Average Exercise Price, Outstanding Ending Balance |
$ 45.74 |
$ 30.74 |
$ 29.81 |
$ 28.77 |
Weighted Average Exercise Price, Exercisable as of December 31, 2013 |
$ 44.67 |
|
|
|
Weighted Average Exercise Price, Unvested as of December 31, 2013 |
$ 71.59 |
|
|
|
Average Remaining Contractual Term, Outstanding Beginning Balance |
3 years 5 months 5 days |
3 years 2 months 1 day |
3 years 10 months 28 days |
4 years 6 months 4 days |
Average Remaining Contractual Term, Outstanding Ending Balance |
3 years 5 months 5 days |
3 years 2 months 1 day |
3 years 10 months 28 days |
4 years 6 months 4 days |
Average Remaining Contractual Term, Exercisable as of December 31, 2013 |
3 years 3 months 22 days |
|
|
|
Average Remaining Contractual Term, Unvested as of December 31, 2013 |
6 years 4 months 17 days |
|
|
|
Aggregate Intrinsic Value, Outstanding Beginning Balance |
$ 2,871,710 |
$ 697,780 |
$ 353,955 |
|
Aggregate Intrinsic Value, Outstanding Ending Balance |
669,610 |
2,871,710 |
697,780 |
353,955 |
Aggregate Intrinsic Value, Exercisable as of December 31, 2013 |
662,567 |
|
|
|
Aggregate Intrinsic Value, Unvested as of December 31, 2013 |
$ 7,043 |
|
|
|
SARs
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] |
|
|
|
|
Number Of Shares, SARs granted |
3,000 |
3,000 |
3,000 |
|
Number Of Shares, Options exercised |
(79,500) |
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] |
|
|
|
|
Weighted Average Exercise Price, SARs granted |
$ 71.59 |
$ 50.50 |
$ 41.50 |
|
Weighted Average Exercise Price, Options exercised |
$ 28.77 |
|
|
|
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v2.4.0.8
Earnings Per Common Share and Share Awards Summary of Information of Fixed Stock Options (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2013
|
$21.49 - $27.96
|
|
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] |
|
Options exercise price, lower limit |
$ 21.49 |
Options exercise price, upper limit |
$ 27.96 |
Options Outstanding - Number Outstanding |
1,000 |
Options Outstanding - Weighted Average Remaining Contractual Life |
4 months 17 days |
Options Outstanding - Weighted Average Exercise Price |
$ 27.21 |
Options Exercisable - Number Exercisable |
1,000 |
Options Exercisable - Weighted Average Exercise Price |
$ 27.21 |
$33.32 - $36.79
|
|
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] |
|
Options exercise price, lower limit |
$ 33.32 |
Options exercise price, upper limit |
$ 36.79 |
Options Outstanding - Number Outstanding |
1,500 |
Options Outstanding - Weighted Average Remaining Contractual Life |
1 year 4 months 17 days |
Options Outstanding - Weighted Average Exercise Price |
$ 36.79 |
Options Exercisable - Number Exercisable |
1,500 |
Options Exercisable - Weighted Average Exercise Price |
$ 36.79 |
$21.49 - $36.79
|
|
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] |
|
Options exercise price, lower limit |
$ 21.49 |
Options exercise price, upper limit |
$ 36.79 |
Options Outstanding - Number Outstanding |
2,500 |
Options Outstanding - Weighted Average Remaining Contractual Life |
11 months 23 days |
Options Outstanding - Weighted Average Exercise Price |
$ 32.96 |
Options Exercisable - Number Exercisable |
2,500 |
Options Exercisable - Weighted Average Exercise Price |
$ 32.96 |
$32.00 - $32.00
|
|
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] |
|
SARs exercise price, lower limit |
$ 32.00 |
SARs exercise price, upper limit |
$ 32.00 |
SAR Outstanding - Number Outstanding |
2,000 |
SARs Outstanding - Weighted Average Remaining Contractual Life |
2 years 4 months 21 days |
SARs - Weighted Average Exercise Price |
$ 32.00 |
SARs Exercisable - Number Exercisable |
2,000 |
SARs Exercisable - Weighted Average Exercise Price |
$ 32.00 |
$33.31 - $33.31
|
|
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] |
|
SARs exercise price, lower limit |
$ 33.31 |
SARs exercise price, upper limit |
$ 33.31 |
SAR Outstanding - Number Outstanding |
2,500 |
SARs Outstanding - Weighted Average Remaining Contractual Life |
3 years 4 months 17 days |
SARs - Weighted Average Exercise Price |
$ 33.31 |
SARs Exercisable - Number Exercisable |
2,500 |
SARs Exercisable - Weighted Average Exercise Price |
$ 33.31 |
$36.80 - $71.59
|
|
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] |
|
SARs exercise price, lower limit |
$ 36.80 |
SARs exercise price, upper limit |
$ 71.59 |
SAR Outstanding - Number Outstanding |
12,000 |
SARs Outstanding - Weighted Average Remaining Contractual Life |
4 years 1 month 17 days |
SARs - Weighted Average Exercise Price |
$ 53.28 |
SARs Exercisable - Number Exercisable |
11,250 |
SARs Exercisable - Weighted Average Exercise Price |
$ 52.06 |
$32.00 - $71.59
|
|
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] |
|
SARs exercise price, lower limit |
$ 32.00 |
SARs exercise price, upper limit |
$ 71.59 |
SAR Outstanding - Number Outstanding |
16,500 |
SARs Outstanding - Weighted Average Remaining Contractual Life |
3 years 9 months 22 days |
SARs - Weighted Average Exercise Price |
$ 47.67 |
SARs Exercisable - Number Exercisable |
15,750 |
SARs Exercisable - Weighted Average Exercise Price |
$ 46.54 |
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v2.4.0.8
Income Taxes Schedule of Components of Income Taxes (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Current: |
|
|
|
Federal |
$ 4,873,000 |
$ 5,018,000 |
$ 2,515,000 |
State |
69,000 |
163,000 |
29,000 |
Total current |
4,942,000 |
5,181,000 |
2,544,000 |
Deferred: |
|
|
|
Federal |
1,805,215 |
(305,525) |
28,131 |
State |
(1,215) |
13,525 |
(7,131) |
Deferred Income Tax Expense (Benefit) |
1,804,000 |
(292,000) |
21,000 |
Total |
$ 6,746,000 |
$ 4,889,000 |
$ 2,565,000 |
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Income Taxes Schedule of Deferred Tax Assets and Liabilities (Details) (USD $)
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Deferred income tax assets: |
|
|
Accrued benefits and retirement services |
$ 3,074,164 |
$ 2,889,350 |
Allowance for doubtful accounts |
883,426 |
641,920 |
Other-than-temporary impairment of assets |
319,962 |
344,701 |
Excess of book over tax depreciation |
171,504 |
143,184 |
Postretirement benefit obligation |
24,914 |
52,791 |
Reinsurance and commission payable |
21,953 |
19,087 |
Net operating loss carryforward |
5,000 |
12,000 |
Other |
256,309 |
410,052 |
Total deferred income tax assets |
4,757,232 |
4,513,085 |
Deferred income tax liabilities: |
|
|
Net unrealized gain on investments |
5,976,215 |
4,687,264 |
Recorded reserves for claims, net of statutory premium reserves |
2,467,798 |
399,217 |
Other |
327,202 |
319,760 |
Total deferred income tax liabilities |
8,771,215 |
5,406,241 |
Net deferred income tax liabilities |
$ (4,013,983) |
$ (893,156) |
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v2.4.0.8
Income Taxes Reconciliation of Income Tax (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Income Tax Disclosure [Abstract] |
|
|
|
Anticipated income tax expense |
$ 7,346,074 |
$ 5,467,168 |
$ 3,229,638 |
State income taxes, net of federal income tax benefit |
45,471 |
107,580 |
19,140 |
Tax-exempt interest income (net of amortization) |
(772,545) |
(757,005) |
(700,300) |
Other, net |
127,000 |
71,257 |
16,522 |
Total |
$ 6,746,000 |
$ 4,889,000 |
$ 2,565,000 |
U.S. Federal statutory income tax rate |
34.10% |
34.00% |
34.00% |
v2.4.0.8
Leases (Details) (USD $) In Thousands, unless otherwise specified
|
12 Months Ended |
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Leases [Abstract] |
|
|
|
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$ 699 |
$ 692 |
$ 623 |
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v2.4.0.8
Retirement Agreements and Other Postretirement Benefit Plan (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2013
H
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
|
|
|
Minimum number of years employed in order to participate in the 401(k) plan |
1 year |
|
|
Minimum number of hours worked annually in order to participate in the 401(k) plan |
1,000 |
|
|
Defined contribution plan contribution percent |
3.00% |
|
|
Expenses related to the 401(k) plan |
$ 579,000 |
$ 518,000 |
$ 479,000 |
Amount accrued for all deferred compensation plan agreements |
6,580,000 |
6,303,000 |
|
Amount recognized in accumulated other comprehensive income, before tax |
(73,246) |
(155,234) |
(82,392) |
Amount recognized in accumulated other comprehensive income, net of tax |
(48,353) |
(102,454) |
|
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] |
|
|
|
2014 |
4,231 |
|
|
2015 |
4,596 |
|
|
2016 |
4,937 |
|
|
2017 |
8,093 |
|
|
2018 |
11,751 |
|
|
Thereafter |
$ 100,122 |
|
|
Minimum
|
|
|
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
|
|
|
Noncompete period following employment |
2 years |
|
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v2.4.0.8
Retirement Agreements and Other Postretirement Benefit Plan Components of Net Periodic Benefit Cost (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Compensation and Retirement Disclosure [Abstract] |
|
|
|
Service cost - benefits earned during the year |
$ 15,782 |
$ 12,617 |
$ 19,503 |
Interest cost on the projected benefit obligation |
28,412 |
27,867 |
24,607 |
(Accretion) amortization of unrecognized prior service cost |
(1,518) |
9,396 |
13,038 |
Amortization of unrecognized losses |
6,293 |
680 |
(318) |
Net periodic benefits costs |
$ 48,969 |
$ 50,560 |
$ 56,830 |
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12 Months Ended |
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
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|
|
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v2.4.0.8
Retirement Agreements and Other Postretirement Benefit Plan Changes in Amounts Related to Accumulated Other Comprehensive Income, Pre-tax (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Accumulated Other Comprehensive Income (Loss) [Roll Forward] |
|
|
|
Balance at beginning of year |
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$ 82,392 |
|
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1,518 |
(9,396) |
(13,038) |
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(6,293) |
(680) |
318 |
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(77,213) |
82,918 |
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Retirement Agreements and Other Postretirement Benefit Plan Effects on Net Periodic Postretirement Benefit Cost and Accumulated Postretirement Benefit Obligation (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2013
|
Dec. 31, 2012
|
Compensation and Retirement Disclosure [Abstract] |
|
|
One-Percent Point Increase: Effect on the service cost component |
$ 3,790 |
|
One-Percent Point Increase: Effect on interest cost |
6,574 |
|
One-Percent Point Increase: Total effect on the net periodic postretirement benefit cost |
10,364 |
|
One-Percent Point Decrease: Effect on the service cost component |
|
(2,860) |
One-Percent Point Decrease: Effect on interest cost |
|
(5,056) |
One-Percent Point Decrease: Total effect on the net periodic postretirement benefit cost |
|
(7,916) |
One-Percent Point Increase: Effect on those currently receiving benefits (retirees and spouses) |
0 |
|
One-Percent Point Increase: Effect on active fully eligible |
68,198 |
|
One-Percent Point Increase: Effect on actives not yet eligible |
77,887 |
|
One-Percent Point Increase: Total effect on the accumulated postretirement benefit obligation |
146,085 |
|
One-Percent Point Decrease: Effect on those currently receiving benefits (retirees and spouses) |
|
0 |
One-Percent Point Decrease: Effect on active fully eligible |
|
(53,548) |
One-Percent Point Decrease: Effect on actives not yet eligible |
|
(58,806) |
One-Percent Point Decrease: Total effect on the accumulated postretirement benefit obligation |
|
$ (112,354) |
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Statutory Accounting (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Statutory Accounting [Abstract] |
|
|
|
Combined capital and surplus on statutory basis |
$ 119,897,974 |
$ 102,047,179 |
|
Net income statutory basis |
$ 11,858,699 |
$ 11,035,792 |
$ 6,416,684 |
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Segment Information Selected Financial Information By Segment (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2013
segment
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Segment Reporting Information [Line Items] |
|
|
|
Number of reportable segments |
1 |
|
|
Insurance and other services revenues |
$ 122,161,089 |
$ 110,032,442 |
$ 87,061,561 |
Investment income – interest and dividends |
3,894,608 |
3,980,411 |
3,595,036 |
Net realized (loss) gain on investments |
195,800 |
1,066,239 |
28,559 |
Total Revenues |
126,251,497 |
115,079,092 |
90,685,156 |
Operating expenses |
104,708,759 |
98,999,185 |
81,186,220 |
Income (loss) before income taxes |
21,542,738 |
16,079,907 |
9,498,936 |
Total assets |
188,305,816 |
171,918,276 |
157,958,463 |
Title Insurance
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Insurance and other services revenues |
118,153,904 |
106,496,802 |
83,420,562 |
Investment income – interest and dividends |
3,599,106 |
3,492,998 |
3,174,148 |
Net realized (loss) gain on investments |
225,661 |
430,495 |
97,640 |
Total Revenues |
121,978,671 |
110,420,295 |
86,692,350 |
Operating expenses |
99,899,804 |
94,909,649 |
77,294,353 |
Income (loss) before income taxes |
22,078,867 |
15,510,646 |
9,397,997 |
Total assets |
146,110,146 |
136,042,848 |
123,712,762 |
All Other
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Insurance and other services revenues |
5,507,069 |
4,931,574 |
4,455,631 |
Investment income – interest and dividends |
388,838 |
571,999 |
502,557 |
Net realized (loss) gain on investments |
(29,861) |
635,744 |
(69,081) |
Total Revenues |
5,866,046 |
6,139,317 |
4,889,107 |
Operating expenses |
6,239,155 |
5,433,207 |
4,706,499 |
Income (loss) before income taxes |
(373,109) |
706,110 |
182,608 |
Total assets |
42,195,670 |
35,875,428 |
34,245,701 |
Intersegment Eliminations
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Insurance and other services revenues |
(1,499,884) |
(1,395,934) |
(814,632) |
Investment income – interest and dividends |
(93,336) |
(84,586) |
(81,669) |
Net realized (loss) gain on investments |
0 |
0 |
0 |
Total Revenues |
(1,593,220) |
(1,480,520) |
(896,301) |
Operating expenses |
(1,430,200) |
(1,343,671) |
(814,632) |
Income (loss) before income taxes |
(163,020) |
(136,849) |
(81,669) |
Total assets |
$ 0 |
$ 0 |
$ 0 |
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Stockholders' Equity (Details) (USD $)
|
12 Months Ended |
|
|
Dec. 31, 2013
Vote
|
Dec. 31, 2012
|
Oct. 31, 2012
|
Class of Stock [Line Items] |
|
|
|
Number of votes |
100 |
|
|
Threshold of days following requirements for exercise rights |
10 days |
|
|
Redemption price per right |
0.01 |
|
|
Purchase price of preferred stock per Unit |
|
|
$ 220 |
Preferred stock, shares authorized |
1,000,000 |
1,000,000 |
|
Preferred Class A
|
|
|
|
Class of Stock [Line Items] |
|
|
|
Preferred stock, shares authorized |
200,000 |
|
200,000 |
Minimum
|
|
|
|
Class of Stock [Line Items] |
|
|
|
Threshold of common stock percentage for common stock diluted |
15.00% |
|
|
Ownership percentage of common stock |
15.00% |
|
|
Threshold of beneficial ownership of outstanding common stock for the Rights exchanging |
15.00% |
|
|
Threshold of percentage of assets or earning power sold or transferred for merger |
50.00% |
|
|
Threshold of prior acquisition common stock percentage for the Right exchanging |
50.00% |
|
|
Plan Amendment
|
|
|
|
Class of Stock [Line Items] |
|
|
|
Purchase price of preferred stock per Unit |
|
|
$ 80 |
Plan Amendment | Preferred Class A
|
|
|
|
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|
|
|
Preferred stock, shares authorized |
|
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100,000 |
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Concentration of Credit Risk (Details) (USD $)
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Risks and Uncertainties [Abstract] |
|
|
|
|
Threshold of not insured deposits by FDIC |
$ 250,000 |
|
|
|
Cash and cash equivalents |
23,626,761 |
20,810,018 |
18,042,258 |
8,117,031 |
Cash and cash equivalents uninsured amount |
|
3,200,000 |
|
|
Cash and cash equivalents uninsured amount after expiration of unlimited coverage for noninterest-bearing transaction accounts |
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v2.4.0.8
Related Party Transactions Summary Of Approximate Values By Year Found Within Consolidated Balance Sheets (Details) (USD $)
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Related Party Transaction [Line Items] |
|
|
Other investments |
$ 7,247,831 |
$ 6,763,100 |
Premiums and fees receivable |
8,750,224 |
11,037,714 |
Title Insurance Agencies
|
|
|
Related Party Transaction [Line Items] |
|
|
Other investments |
5,320,000 |
4,892,000 |
Premiums and fees receivable |
$ 657,000 |
$ 1,011,000 |
X |
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|
12 Months Ended |
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Related Party Transaction [Line Items] |
|
|
|
Net premiums written |
$ 113,886,266 |
$ 102,331,102 |
$ 81,529,333 |
Other income |
8,274,823 |
7,701,340 |
5,532,228 |
Title Insurance Agencies
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Net premiums written |
12,442,000 |
15,558,000 |
11,004,000 |
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$ 1,839,000 |
$ 2,238,000 |
$ 1,336,000 |
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v2.4.0.8
Acquisition (Details) (USD $)
|
|
|
|
|
0 Months Ended |
|
0 Months Ended |
Dec. 31, 2013
|
Jun. 17, 2013
|
Dec. 31, 2012
|
Apr. 02, 2012
|
Apr. 02, 2012
Minimum
|
Apr. 02, 2012
70%
|
Apr. 02, 2012
30%
|
Apr. 02, 2012
30%
Minimum
|
Apr. 02, 2012
Non-Compete Contract
|
Apr. 02, 2012
Referral Relationships
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
Ownership percentage acquired |
|
|
|
70.00% |
|
|
|
|
|
|
Business acquisition, remaining ownership interest |
|
|
|
30.00% |
|
|
|
|
|
|
Business acquisition, remaining purchase period |
|
|
|
|
27 months |
|
|
|
|
|
Fair value of total consideration to be transferred |
|
|
|
$ 1,041,250 |
|
|
|
|
|
|
Fair value of consideration paid |
|
350,000 |
|
350,000 |
|
|
|
|
|
|
Estimated contingent payments |
341,250 |
|
691,250 |
691,250 |
|
|
|
|
|
|
Payment period of purchase price |
|
|
|
|
|
2 years |
|
|
|
|
Business acquisition, purchase price payment calculation period |
|
|
|
|
|
24 months |
24 months |
|
|
|
Purchase price of acquisition |
|
|
|
|
|
1,041,250 |
|
1,000,000 |
|
|
Net income required to estimate fair value of purchase price |
|
|
|
|
|
859,000 |
|
|
|
|
Fair value input discount rate |
|
|
|
|
|
15.00% |
|
|
|
|
Fair value of the noncontrolling interest amount |
|
|
|
446,250 |
|
|
|
|
|
|
Fair value of identifiable net assets |
|
|
|
5,600 |
|
|
|
|
|
|
Intangible assets acquired |
|
|
|
|
|
|
|
|
645,685 |
836,215 |
Intangible assets amortized period |
|
|
|
|
|
|
|
|
10 years |
12 years |
Accumulated amortization of intangible assets |
121,947 |
|
52,263 |
|
|
|
|
|
|
|
Net intangible assets |
$ 1,359,953 |
|
$ 1,429,637 |
|
|
|
|
|
|
|
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v2.4.0.8
Acquisition Reconciliation Of Total Redeemable Equity (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] |
|
|
|
Beginning balance at January 1 |
$ 493,861 |
$ 0 |
$ 0 |
Redeemable noncontrolling interest resulting from subsidiary purchase |
0 |
446,250 |
0 |
Net income attributable to redeemable noncontrolling interest |
88,528 |
88,411 |
0 |
Distributions to noncontrolling interest |
(36,900) |
(40,800) |
0 |
Balance, net |
$ 545,489 |
$ 493,861 |
$ 0 |
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Accumulated Other Comprehensive Income Balances Of Each Component Of Accumulated Other Comprehensive Income, Net Of Tax (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Accumulated Other Comprehensive Income (Loss) [Roll Forward] |
|
|
|
Beginning balance |
$ 8,818,430 |
$ 7,509,165 |
$ 5,688,705 |
Other comprehensive income before reclassifications |
2,656,145 |
1,977,408 |
1,834,058 |
Amounts reclassified from accumulated other comprehensive income |
(127,171) |
(668,143) |
(13,598) |
Other comprehensive income |
2,528,974 |
1,309,265 |
1,820,460 |
Ending balance |
11,347,404 |
8,818,430 |
7,509,165 |
Unrealized Gains And Losses On Available-For-Sale Securities
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Roll Forward] |
|
|
|
Beginning balance |
8,920,884 |
7,563,541 |
5,675,516 |
Other comprehensive income before reclassifications |
2,605,184 |
2,032,134 |
1,910,017 |
Amounts reclassified from accumulated other comprehensive income |
(130,311) |
(674,791) |
(21,992) |
Other comprehensive income |
2,474,873 |
1,357,343 |
1,888,025 |
Ending balance |
11,395,757 |
8,920,884 |
7,563,541 |
Postretirement Benefits Plans
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Roll Forward] |
|
|
|
Beginning balance |
(102,454) |
(54,376) |
13,189 |
Other comprehensive income before reclassifications |
50,961 |
(54,726) |
(75,959) |
Amounts reclassified from accumulated other comprehensive income |
3,140 |
6,648 |
8,394 |
Other comprehensive income |
54,101 |
(48,078) |
(67,565) |
Ending balance |
$ (48,353) |
$ (102,454) |
$ (54,376) |
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Accumulated Other Comprehensive Income Reclassification Out Of Accumulated Other Comprehensive Income (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] |
|
|
|
|
|
|
Net realized gain on investment |
$ 195,800 |
|
$ 1,066,239 |
|
$ 28,559 |
|
Impairments of other assets and investments |
|
|
(93,436) |
|
(280,987) |
|
Unrecognized prior service credit (cost) |
(1,518) |
|
9,396 |
|
13,038 |
|
Unrecognized loss |
(6,293) |
|
(680) |
|
318 |
|
Income before Income Taxes |
21,542,738 |
|
16,079,907 |
|
9,498,936 |
|
Tax |
(6,746,000) |
|
(4,889,000) |
|
(2,565,000) |
|
Net income |
14,796,738 |
|
11,190,907 |
|
6,933,936 |
|
Reclassification Out Of Accumulated Other Comprehensive Income
|
|
|
|
|
|
|
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] |
|
|
|
|
|
|
Net income |
127,171 |
|
668,143 |
|
13,598 |
|
Reclassification Out Of Accumulated Other Comprehensive Income | Unrealized Gains And Losses On Available-For-Sale Securities
|
|
|
|
|
|
|
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] |
|
|
|
|
|
|
Net realized gain on investment |
229,869 |
|
1,166,179 |
|
353,950 |
|
Impairments of other assets and investments |
(34,070) |
|
(99,940) |
|
(325,391) |
|
Income before Income Taxes |
195,799 |
|
1,066,239 |
|
28,559 |
|
Tax |
(65,488) |
|
(391,448) |
|
(6,567) |
|
Net income |
130,311 |
|
674,791 |
|
21,992 |
|
Reclassification Out Of Accumulated Other Comprehensive Income | Postretirement Benefits Plans
|
|
|
|
|
|
|
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] |
|
|
|
|
|
|
Unrecognized prior service credit (cost) |
1,518 |
|
(9,396) |
|
(13,038) |
|
Unrecognized loss |
(6,293) |
|
(680) |
|
318 |
|
Income before Income Taxes |
(4,775) |
[1] |
(10,076) |
[1] |
(12,720) |
[1] |
Tax |
1,635 |
|
3,428 |
|
4,326 |
|
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$ (3,140) |
|
$ (6,648) |
|
$ (8,394) |
|
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v2.4.0.8
Schedule I (Details) (USD $)
|
Dec. 31, 2013
|
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] |
|
|
Cost |
$ 123,772,214 |
[1],[2] |
Market Value |
141,181,163 |
[2] |
Amount at which shown in the Balance Sheet |
141,181,163 |
[2],[3] |
Investments in related party accounted for under the cost and equity method |
1,582,519 |
|
Fixed maturities
|
|
|
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] |
|
|
Cost |
95,906,533 |
[1] |
Market Value |
99,371,786 |
|
Amount at which shown in the Balance Sheet |
99,371,786 |
[3] |
States, municipalities and political subdivisions
|
|
|
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] |
|
|
Cost |
69,323,880 |
[1] |
Market Value |
72,091,721 |
|
Amount at which shown in the Balance Sheet |
72,091,721 |
[3] |
All other corporate bonds
|
|
|
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] |
|
|
Cost |
18,656,280 |
[1] |
Market Value |
19,353,692 |
|
Amount at which shown in the Balance Sheet |
19,353,692 |
[3] |
Short-term investments
|
|
|
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] |
|
|
Cost |
7,926,373 |
[1] |
Market Value |
7,926,373 |
|
Amount at which shown in the Balance Sheet |
7,926,373 |
[3] |
Equity securities
|
|
|
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] |
|
|
Cost |
22,200,369 |
[1] |
Market Value |
36,144,065 |
|
Amount at which shown in the Balance Sheet |
36,144,065 |
[3] |
Public utilities
|
|
|
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] |
|
|
Cost |
958,864 |
[1] |
Market Value |
1,274,489 |
|
Amount at which shown in the Balance Sheet |
1,274,489 |
[3] |
Banks, trust and insurance companies
|
|
|
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] |
|
|
Cost |
1,700,194 |
[1] |
Market Value |
2,800,874 |
|
Amount at which shown in the Balance Sheet |
2,800,874 |
[3] |
Industrial, miscellaneous and all other
|
|
|
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] |
|
|
Cost |
19,346,311 |
[1] |
Market Value |
31,827,202 |
|
Amount at which shown in the Balance Sheet |
31,827,202 |
[3] |
Nonredeemable preferred stocks
|
|
|
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] |
|
|
Cost |
195,000 |
[1] |
Market Value |
241,500 |
|
Amount at which shown in the Balance Sheet |
241,500 |
[3] |
Other investments
|
|
|
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] |
|
|
Cost |
5,665,312 |
[1] |
Market Value |
5,665,312 |
|
Amount at which shown in the Balance Sheet |
$ 5,665,312 |
[3] |
|
|
v2.4.0.8
Schedule II - Condensed Balance Sheets (Details) (USD $)
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Condensed Financial Statements, Captions [Line Items] |
|
|
|
|
Cash and cash equivalents |
$ 23,626,761 |
$ 20,810,018 |
$ 18,042,258 |
$ 8,117,031 |
Available-for-sale, fixed maturity |
91,445,413 |
81,936,978 |
|
|
Available for sale securities, equity securities |
36,144,065 |
28,510,933 |
|
|
Short-term investments |
7,926,373 |
13,567,648 |
|
|
Other investments |
7,247,831 |
6,763,100 |
|
|
Premiums and fees receivable |
8,750,224 |
11,037,714 |
|
|
Current income taxes recoverable |
366,772 |
0 |
|
|
Accrued interest and dividends |
1,006,698 |
1,037,447 |
|
|
Property, net |
4,325,538 |
3,603,323 |
|
|
Total Assets |
188,305,816 |
171,918,276 |
157,958,463 |
|
Accounts payable and accrued liabilities |
20,324,190 |
15,477,545 |
|
|
Deferred income taxes, net |
4,013,983 |
893,156 |
|
|
Total liabilities |
59,698,173 |
56,785,525 |
|
|
Preferred stock (1,000,000 authorized shares; no shares issued) |
0 |
0 |
|
|
Common stock - no par value (10,000,000 authorized shares; 2,037,135 and 2,043,359 shares issued and outstanding 2013 and 2012, respectively, excluding 291,676 shares for 2013 and 2012 of common stock held by the Company’s subsidiary) |
1 |
1 |
|
|
Retained earnings |
116,714,749 |
105,820,459 |
|
|
Accumulated other comprehensive income |
11,347,404 |
8,818,430 |
7,509,165 |
5,688,705 |
Total stockholders’ equity |
128,062,154 |
114,638,890 |
106,512,184 |
103,928,815 |
Total Liabilities and Stockholders’ Equity |
188,305,816 |
171,918,276 |
|
|
Parent Company
|
|
|
|
|
Condensed Financial Statements, Captions [Line Items] |
|
|
|
|
Cash and cash equivalents |
7,210,956 |
9,414,297 |
4,447,183 |
1,467,718 |
Available-for-sale, fixed maturity |
19,202,320 |
12,176,628 |
|
|
Available for sale securities, equity securities |
2,265,136 |
1,862,518 |
|
|
Short-term investments |
2,213,496 |
4,904,089 |
|
|
Investments in affiliated companies |
90,570,724 |
81,395,754 |
|
|
Other investments |
737,378 |
734,848 |
|
|
Premiums and fees receivable |
135,669 |
138,830 |
|
|
Other receivables |
1,456,037 |
1,306,629 |
|
|
Current income taxes recoverable |
3,230,977 |
1,584,604 |
|
|
Accrued interest and dividends |
103,571 |
103,470 |
|
|
Property, net |
2,504,969 |
2,623,380 |
|
|
Total Assets |
129,631,233 |
116,245,047 |
|
|
Accounts payable and accrued liabilities |
1,558,095 |
1,566,213 |
|
|
Deferred income taxes, net |
10,984 |
39,944 |
|
|
Total liabilities |
1,569,079 |
1,606,157 |
|
|
Preferred stock (1,000,000 authorized shares; no shares issued) |
0 |
0 |
|
|
Common stock - no par value (10,000,000 authorized shares; 2,037,135 and 2,043,359 shares issued and outstanding 2013 and 2012, respectively, excluding 291,676 shares for 2013 and 2012 of common stock held by the Company’s subsidiary) |
1 |
1 |
|
|
Retained earnings |
116,714,749 |
105,820,459 |
|
|
Accumulated other comprehensive income |
11,347,404 |
8,818,430 |
|
|
Total stockholders’ equity |
128,062,154 |
114,638,890 |
|
|
Total Liabilities and Stockholders’ Equity |
$ 129,631,233 |
$ 116,245,047 |
|
|
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v2.4.0.8
Schedule II - Condensed Statement of Income (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Condensed Financial Statements, Captions [Line Items] |
|
|
|
Investment income – interest and dividends |
$ 3,894,608 |
$ 3,980,411 |
$ 3,595,036 |
Net realized (loss) gain on investments |
195,800 |
1,066,239 |
28,559 |
Other |
8,274,823 |
7,701,340 |
5,532,228 |
Total Revenues |
126,251,497 |
115,079,092 |
90,685,156 |
Salaries, employee benefits and payroll taxes |
25,386,511 |
21,881,540 |
18,556,802 |
Office occupancy and operations |
4,430,220 |
3,994,244 |
3,723,803 |
Business development |
2,145,639 |
1,856,848 |
1,671,834 |
Professional and contract labor fees |
2,171,606 |
2,420,387 |
1,507,368 |
Other expenses |
755,407 |
615,053 |
541,526 |
(Benefit) Provision for Income Taxes |
6,746,000 |
4,889,000 |
2,565,000 |
Less: Net Income Attributable to Redeemable Noncontrolling Interest |
(88,528) |
(88,411) |
0 |
Net Income Attributable to the Company |
14,708,210 |
11,102,496 |
6,933,936 |
Basic Earnings per Common Share |
$ 7.15 |
$ 5.33 |
$ 3.22 |
Weighted Average Shares Outstanding – Basic |
2,056,169 |
2,081,703 |
2,151,350 |
Diluted Earnings per Common Share |
$ 7.08 |
$ 5.24 |
$ 3.20 |
Weighted Average Shares Outstanding – Diluted |
2,076,628 |
2,116,793 |
2,169,636 |
Parent Company
|
|
|
|
Condensed Financial Statements, Captions [Line Items] |
|
|
|
Investment income – interest and dividends |
348,933 |
520,511 |
459,682 |
Net realized (loss) gain on investments |
(50,778) |
616,001 |
(81,389) |
Rental income |
748,764 |
736,159 |
739,524 |
Other |
68,966 |
(62,253) |
16,365 |
Total Revenues |
1,115,885 |
1,810,418 |
1,134,182 |
Salaries, employee benefits and payroll taxes |
576,429 |
459,248 |
348,463 |
Office occupancy and operations |
408,373 |
390,227 |
304,371 |
Business development |
45,022 |
25,909 |
37,017 |
Taxes – other than payroll and income |
188,314 |
240,607 |
120,445 |
Professional and contract labor fees |
351,093 |
245,398 |
139,711 |
Other expenses |
177,810 |
161,937 |
113,018 |
Total operating expenses |
1,747,041 |
1,523,326 |
1,063,025 |
Equity in Net Income of Affiliated Companies |
15,164,894 |
10,992,815 |
6,851,779 |
Income before Income Taxes |
14,533,738 |
11,279,907 |
6,922,936 |
(Benefit) Provision for Income Taxes |
(263,000) |
89,000 |
(11,000) |
Net Income |
14,796,738 |
11,190,907 |
6,933,936 |
Less: Net Income Attributable to Redeemable Noncontrolling Interest |
(88,528) |
(88,411) |
0 |
Net Income Attributable to the Company |
$ 14,708,210 |
$ 11,102,496 |
$ 6,933,936 |
Basic Earnings per Common Share |
$ 7.15 |
$ 5.33 |
$ 3.22 |
Weighted Average Shares Outstanding – Basic |
2,056,169 |
2,081,703 |
2,151,350 |
Diluted Earnings per Common Share |
$ 7.08 |
$ 5.24 |
$ 3.20 |
Weighted Average Shares Outstanding – Diluted |
2,076,628 |
2,116,793 |
2,169,636 |
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v2.4.0.8
Schedule II - Condensed Statement of Cash Flows (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Operating Activities |
|
|
|
Net income |
$ 14,796,738 |
$ 11,190,907 |
$ 6,933,936 |
Depreciation |
669,727 |
486,922 |
475,679 |
Amortization, net |
507,111 |
468,006 |
338,967 |
Net realized loss (gain) on investments |
(195,800) |
(1,066,239) |
(28,559) |
Net (earnings) loss from other investments |
(1,257,266) |
(1,674,594) |
(749,688) |
(Benefit) provision for deferred income taxes |
1,804,000 |
(292,000) |
21,000 |
Excess tax benefit |
946,605 |
22,101 |
0 |
(Increase) decrease in receivables |
1,569,167 |
(4,912,295) |
646,786 |
Increase in income taxes recoverable |
(366,772) |
0 |
0 |
(Increase) decrease in other assets |
(2,906,224) |
(407,252) |
77,056 |
(Decrease) increase in accounts payable and accrued liabilities |
4,923,858 |
2,372,995 |
1,913,799 |
Net cash used in operating activities |
16,251,090 |
8,707,514 |
9,007,159 |
Investing Activities |
|
|
|
Capital contribution to subsidiaries |
0 |
(350,000) |
0 |
Purchases of available-for-sale securities |
(23,466,037) |
(15,899,439) |
(15,318,418) |
Purchases of short-term securities |
(2,638,908) |
(6,347,527) |
(1,883,562) |
Purchases of and net earnings from other investments |
(1,369,210) |
(3,441,412) |
(853,599) |
Proceeds from sales and maturities of available-for-sale securities |
9,892,634 |
15,646,381 |
9,851,523 |
Proceeds from sales and maturities of short-term securities |
8,280,183 |
6,892,141 |
14,974,850 |
Proceeds from sales and distributions of other investments |
2,107,675 |
2,301,647 |
861,865 |
Proceeds from sales of other assets |
40,366 |
220,455 |
0 |
Purchases of property |
(1,424,108) |
(568,728) |
(361,207) |
Proceeds from disposals of property |
24,335 |
65,837 |
31,157 |
Net cash provided by investing activities |
(8,553,070) |
(1,480,645) |
7,302,609 |
Financing Activities |
|
|
|
Repurchases of common stock |
(4,262,260) |
(3,975,532) |
(5,940,463) |
Exercise of options |
75,797 |
160,557 |
155,163 |
Dividends paid |
(657,914) |
(603,334) |
(599,241) |
Net cash used in financing activities |
(4,881,277) |
(4,459,109) |
(6,384,541) |
Net (Decrease) Increase in Cash and Cash Equivalents |
2,816,743 |
2,767,760 |
9,925,227 |
Cash and Cash Equivalents, Beginning of Period |
20,810,018 |
18,042,258 |
8,117,031 |
Cash and Cash Equivalents, End of Period |
23,626,761 |
20,810,018 |
18,042,258 |
Parent Company
|
|
|
|
Operating Activities |
|
|
|
Net income |
14,796,738 |
11,190,907 |
6,933,936 |
Equity in net earnings of subsidiaries |
(15,164,894) |
(10,992,815) |
(6,851,779) |
Depreciation |
136,031 |
133,334 |
128,215 |
Amortization, net |
69,969 |
51,111 |
(15,859) |
Issuance of common stock in payment of bonuses and fees |
76,110 |
54,041 |
44,205 |
Net realized loss (gain) on investments |
50,778 |
(616,001) |
81,389 |
Net (earnings) loss from other investments |
(32,499) |
91,256 |
1,723 |
(Benefit) provision for deferred income taxes |
(93,000) |
48,000 |
(94,000) |
Excess tax benefit |
9,042 |
0 |
0 |
(Increase) decrease in receivables |
(146,247) |
368,574 |
(838,208) |
Increase in income taxes recoverable |
(1,646,373) |
(398,445) |
(137,379) |
(Increase) decrease in other assets |
(101) |
20,224 |
21,836 |
(Decrease) increase in accounts payable and accrued liabilities |
(8,118) |
(124,799) |
445,758 |
Net cash used in operating activities |
(1,952,564) |
(174,613) |
(280,163) |
Investing Activities |
|
|
|
Capital contribution to subsidiaries |
0 |
(250,000) |
0 |
Dividends received from subsidiaries |
9,252,919 |
5,609,489 |
223,331 |
Purchases of available-for-sale securities |
(10,360,919) |
(4,960,208) |
(4,625,140) |
Purchases of short-term securities |
(58,283) |
(3,565) |
(203,530) |
Purchases of and net earnings from other investments |
(49,485) |
(94,881) |
(666,935) |
Proceeds from sales and maturities of available-for-sale securities |
3,027,896 |
5,033,298 |
1,601,297 |
Proceeds from sales and maturities of short-term securities |
2,748,876 |
3,641,978 |
13,403,243 |
Proceeds from sales and distributions of other investments |
45,384 |
505,832 |
8,064 |
Proceeds from sales of other assets |
4,832 |
176,815 |
0 |
Purchases of property |
(24,820) |
(98,722) |
(96,161) |
Proceeds from disposals of property |
7,200 |
0 |
0 |
Net cash provided by investing activities |
4,593,600 |
9,560,036 |
9,644,169 |
Financing Activities |
|
|
|
Repurchases of common stock |
(4,262,260) |
(3,975,532) |
(5,940,463) |
Exercise of options |
75,797 |
160,557 |
155,163 |
Dividends paid |
(657,914) |
(603,334) |
(599,241) |
Net cash used in financing activities |
(4,844,377) |
(4,418,309) |
(6,384,541) |
Net (Decrease) Increase in Cash and Cash Equivalents |
(2,203,341) |
4,967,114 |
2,979,465 |
Cash and Cash Equivalents, Beginning of Period |
9,414,297 |
4,447,183 |
1,467,718 |
Cash and Cash Equivalents, End of Period |
7,210,956 |
9,414,297 |
4,447,183 |
Supplemental Disclosures: |
|
|
|
Income tax payments, net |
$ 5,583,000 |
$ 4,392,000 |
$ 2,911,000 |
X |
- Definition
The aggregate amount of recurring noncash expense charged against earnings in the period to allocate the cost of assets over their estimated remaining economic lives.
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v2.4.0.8
Schedule II - Notes to Condensed Financial Statements (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Condensed Financial Statements, Captions [Line Items] |
|
|
|
|
|
|
Cash dividends paid to parent by wholly owned subsidiaries |
$ 9,252,919 |
|
$ 5,609,489 |
|
$ 223,331 |
|
Investors Title Insurance Company, net
|
|
|
|
|
|
|
Condensed Financial Statements, Captions [Line Items] |
|
|
|
|
|
|
Cash dividends paid (received) to (from) Parent Company |
9,102,919 |
[1] |
5,169,489 |
[1] |
(81,669) |
[1] |
Cash dividends paid to parent by wholly owned subsidiaries |
9,196,255 |
|
5,254,075 |
|
0 |
|
Dividend received from parent company |
93,336 |
|
84,586 |
|
81,669 |
|
Investors Title Exchange Corporation
|
|
|
|
|
|
|
Condensed Financial Statements, Captions [Line Items] |
|
|
|
|
|
|
Cash dividends paid to parent by wholly owned subsidiaries |
50,000 |
|
10,000 |
|
175,000 |
|
Investors Title Accommodation Corporation
|
|
|
|
|
|
|
Condensed Financial Statements, Captions [Line Items] |
|
|
|
|
|
|
Cash dividends paid to parent by wholly owned subsidiaries |
0 |
|
30,000 |
|
0 |
|
Investors Title Management Services, Inc.
|
|
|
|
|
|
|
Condensed Financial Statements, Captions [Line Items] |
|
|
|
|
|
|
Cash dividends paid to parent by wholly owned subsidiaries |
0 |
|
0 |
|
0 |
|
Investors Title Capital Management Corporation
|
|
|
|
|
|
|
Condensed Financial Statements, Captions [Line Items] |
|
|
|
|
|
|
Cash dividends paid to parent by wholly owned subsidiaries |
0 |
|
50,000 |
|
30,000 |
|
Investors Trust Company
|
|
|
|
|
|
|
Condensed Financial Statements, Captions [Line Items] |
|
|
|
|
|
|
Cash dividends paid to parent by wholly owned subsidiaries |
100,000 |
|
350,000 |
|
100,000 |
|
Investors Title Commercial Agency
|
|
|
|
|
|
|
Condensed Financial Statements, Captions [Line Items] |
|
|
|
|
|
|
Cash dividends paid to parent by wholly owned subsidiaries |
$ 0 |
|
$ 0 |
|
$ 0 |
|
|
|
X |
- Definition
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-Paragraph 27
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 25
-Subparagraph (b)
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v2.4.0.8
Schedule III (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Supplementary Insurance Information, by Segment [Line Items] |
|
|
|
Deferred Policy Acquisition Cost |
$ 0 |
$ 0 |
$ 0 |
Future Policy Benefits, Losses, Claims and Loss Expenses |
35,360,000 |
39,078,000 |
37,996,000 |
Unearned Premiums |
0 |
0 |
0 |
Other Policy Claims and Benefits Payable |
389,807 |
461,566 |
389,411 |
Premium Revenue |
113,886,266 |
102,331,102 |
81,529,333 |
Net Investment Income |
3,894,608 |
3,980,411 |
3,595,036 |
Benefits, Claims. Losses and Settlement Expenses |
(571,596) |
6,072,115 |
3,342,427 |
Amortization of Deferred Policy Acquisition Costs |
0 |
0 |
0 |
Other Operating Expenses |
105,280,356 |
92,927,070 |
77,843,793 |
Title Insurance
|
|
|
|
Supplementary Insurance Information, by Segment [Line Items] |
|
|
|
Deferred Policy Acquisition Cost |
0 |
0 |
0 |
Future Policy Benefits, Losses, Claims and Loss Expenses |
35,360,000 |
39,078,000 |
37,996,000 |
Unearned Premiums |
0 |
0 |
0 |
Other Policy Claims and Benefits Payable |
389,807 |
461,566 |
389,411 |
Premium Revenue |
113,886,266 |
102,331,102 |
81,529,333 |
Net Investment Income |
3,505,770 |
3,408,412 |
3,092,479 |
Benefits, Claims. Losses and Settlement Expenses |
(571,596) |
6,072,115 |
3,342,427 |
Amortization of Deferred Policy Acquisition Costs |
0 |
0 |
0 |
Other Operating Expenses |
99,093,516 |
87,545,115 |
73,196,760 |
All Other
|
|
|
|
Supplementary Insurance Information, by Segment [Line Items] |
|
|
|
Deferred Policy Acquisition Cost |
0 |
0 |
0 |
Future Policy Benefits, Losses, Claims and Loss Expenses |
0 |
0 |
0 |
Unearned Premiums |
0 |
0 |
0 |
Other Policy Claims and Benefits Payable |
0 |
0 |
0 |
Premium Revenue |
0 |
0 |
0 |
Net Investment Income |
388,838 |
571,999 |
502,557 |
Benefits, Claims. Losses and Settlement Expenses |
0 |
0 |
0 |
Amortization of Deferred Policy Acquisition Costs |
0 |
0 |
0 |
Other Operating Expenses |
$ 6,186,840 |
$ 5,381,955 |
$ 4,647,033 |
X |
- Definition
Net amount of deferred policy acquisition costs capitalized on contracts remaining in force as of the balance sheet date.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 95-1
-Paragraph 19-23
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 16
-Article 12
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 60
-Paragraph 60
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
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-Paragraph 1
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-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 7
-Article 7
Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 944
-SubTopic 825
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6487548&loc=d3e32546-158582
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-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03.(a),7)
-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910
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-Name Statement of Financial Accounting Standard (FAS)
-Number 60
-Paragraph 28, 29, 30, 31
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 97
-Paragraph 22
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 120
-Paragraph 5, 6
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
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v2.4.0.8
Schedule IV (Details) (Title Insurance, USD $)
|
12 Months Ended |
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Title Insurance
|
|
|
|
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] |
|
|
|
Gross Amount |
$ 114,091,457 |
$ 102,548,126 |
$ 81,689,296 |
Ceded to Other Companies |
211,482 |
232,683 |
177,110 |
Assumed from Other Companies |
6,291 |
15,659 |
17,147 |
Net Amount |
$ 113,886,266 |
$ 102,331,102 |
$ 81,529,333 |
Percentages of Amount Assumed to Net |
0.01% |
0.02% |
0.02% |
X |
- Definition
Amount of premiums assumed from other companies.
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-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 17
-Article 12
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-Name Accounting Standards Codification
-Topic 944
-SubTopic 235
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-17)
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v2.4.0.8
Schedule V (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Valuation Provision
|
|
|
|
|
|
|
Valuation and Qualifying Accounts Disclosure [Line Items] |
|
|
|
|
|
|
Balance at Beginning of Period |
$ 1,902,581 |
|
$ 1,218,000 |
|
$ 1,421,000 |
|
Additions Charged to Costs and Expenses |
7,536,381 |
|
6,008,281 |
|
4,748,127 |
|
Additions Charge to Other Accounts - Describe |
0 |
|
0 |
|
0 |
|
Deductions - Describe |
(6,818,059) |
[1] |
(5,323,700) |
[1] |
(4,951,127) |
[1] |
Balance at End of Period |
2,620,903 |
|
1,902,581 |
|
1,218,000 |
|
Reserves for claims
|
|
|
|
|
|
|
Valuation and Qualifying Accounts Disclosure [Line Items] |
|
|
|
|
|
|
Balance at Beginning of Period |
39,078,000 |
|
37,996,000 |
|
38,198,700 |
|
Additions Charged to Costs and Expenses |
(571,596) |
|
6,072,115 |
|
3,342,427 |
|
Additions Charge to Other Accounts - Describe |
0 |
|
0 |
|
0 |
|
Deductions - Describe |
(3,146,404) |
[2] |
(4,990,115) |
[2] |
(3,545,127) |
[2] |
Balance at End of Period |
$ 35,360,000 |
|
$ 39,078,000 |
|
$ 37,996,000 |
|
|
|
X |
- Definition
Total of allowances and reserves, the valuation and qualifying accounts that are either netted against the cost of an asset (in order to value it at its carrying value) or that reflect a liability established to represent expected future costs.
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