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v2.4.1.9
Consolidated Balance Sheets (USD $)
|
Mar. 31, 2015
|
Dec. 31, 2014
|
Investments in securities: |
|
|
Fixed maturities, available-for-sale, at fair value (amortized cost: 2015: $101,229,832; 2014: $104,421,050) |
$ 106,134,445us-gaap_AvailableForSaleSecuritiesDebtSecurities |
$ 109,048,290us-gaap_AvailableForSaleSecuritiesDebtSecurities |
Equity securities, available-for-sale, at fair value (cost: 2015: $24,349,105; 2014: $24,128,753) |
39,476,921us-gaap_AvailableForSaleSecuritiesEquitySecurities |
39,254,981us-gaap_AvailableForSaleSecuritiesEquitySecurities |
Short-term investments |
4,400,330us-gaap_OtherShortTermInvestments |
2,576,993us-gaap_OtherShortTermInvestments |
Other investments |
7,818,850us-gaap_OtherInvestments |
8,530,929us-gaap_OtherInvestments |
Total investments |
157,830,546us-gaap_Investments |
159,411,193us-gaap_Investments |
Cash and cash equivalents |
15,639,072us-gaap_CashAndCashEquivalentsAtCarryingValue |
15,826,515us-gaap_CashAndCashEquivalentsAtCarryingValue |
Premium and fees receivable |
8,239,189us-gaap_PremiumsAndOtherReceivablesNet |
8,544,183us-gaap_PremiumsAndOtherReceivablesNet |
Accrued interest and dividends |
1,313,255us-gaap_AccruedInvestmentIncomeReceivable |
1,063,837us-gaap_AccruedInvestmentIncomeReceivable |
Prepaid expenses and other assets |
8,130,547us-gaap_PrepaidExpenseAndOtherAssets |
7,732,677us-gaap_PrepaidExpenseAndOtherAssets |
Property, net |
5,844,301us-gaap_PropertyPlantAndEquipmentNet |
5,460,805us-gaap_PropertyPlantAndEquipmentNet |
Total Assets |
196,996,910us-gaap_Assets |
198,039,210us-gaap_Assets |
Liabilities: |
|
|
Reserves for claims |
37,063,000us-gaap_LiabilityForTitleClaimsAndClaimsAdjustmentExpense |
36,677,000us-gaap_LiabilityForTitleClaimsAndClaimsAdjustmentExpense |
Accounts payable and accrued liabilities |
15,480,067us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent |
18,290,819us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent |
Current income taxes payable |
287,261us-gaap_AccruedIncomeTaxes |
92,192us-gaap_AccruedIncomeTaxes |
Deferred income taxes, net |
5,812,694us-gaap_DeferredTaxLiabilities |
5,415,493us-gaap_DeferredTaxLiabilities |
Total liabilities |
58,643,022us-gaap_Liabilities |
60,475,504us-gaap_Liabilities |
Commitments and Contingencies |
0us-gaap_CommitmentsAndContingencies |
0us-gaap_CommitmentsAndContingencies |
Stockholders' Equity: |
|
|
Preferred stock (1,000,000 authorized shares; no shares issued) |
0us-gaap_PreferredStockValue |
0us-gaap_PreferredStockValue |
Common stock - no par value (10,000,000 authorized shares; 2,010,426 and 2,023,270 shares issued and outstanding 2015 and 2014, respectively, excluding 291,676 shares for 2015 and 2014 of common stock held by the Company's subsidiary) |
1us-gaap_CommonStockValue |
1us-gaap_CommonStockValue |
Retained earnings |
125,317,641us-gaap_RetainedEarningsAccumulatedDeficit |
124,707,196us-gaap_RetainedEarningsAccumulatedDeficit |
Accumulated other comprehensive income |
13,036,246us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax |
12,856,509us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax |
Total stockholders' equity |
138,353,888us-gaap_StockholdersEquity |
137,563,706us-gaap_StockholdersEquity |
Total Liabilities and Stockholders' Equity |
$ 196,996,910us-gaap_LiabilitiesAndStockholdersEquity |
$ 198,039,210us-gaap_LiabilitiesAndStockholdersEquity |
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v2.4.1.9
Consolidated Balance Sheets (Parenthetical) (USD $)
|
Mar. 31, 2015
|
Dec. 31, 2014
|
Statement of Financial Position [Abstract] |
|
|
Fixed maturities, available-for-sale, amortized cost |
$ 101,229,832us-gaap_AvailableForSaleSecuritiesAmortizedCost |
$ 104,421,050us-gaap_AvailableForSaleSecuritiesAmortizedCost |
Equity securities, available-for-sale, cost |
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$ 24,128,753us-gaap_AvailableForSaleEquitySecuritiesAmortizedCostBasis |
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Preferred stock, shares issued |
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0us-gaap_PreferredStockSharesIssued |
Common stock, no par value |
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$ 0us-gaap_CommonStockNoParValue |
Common stock, shares authorized |
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10,000,000us-gaap_CommonStockSharesAuthorized |
Common stock, shares issued |
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2,023,270us-gaap_CommonStockSharesIssued |
Common stock, shares outstanding |
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2,023,270us-gaap_CommonStockSharesOutstanding |
Common stock, held by Company's subsidiary |
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v2.4.1.9
Consolidated Statements Of Income (USD $)
|
3 Months Ended |
Mar. 31, 2015
|
Mar. 31, 2014
|
Revenues: |
|
|
Net premiums written |
$ 24,962,041us-gaap_PremiumsWrittenNet |
$ 24,909,252us-gaap_PremiumsWrittenNet |
Investment income - interest and dividends |
1,178,039us-gaap_InvestmentIncomeInterestAndDividend |
1,026,416us-gaap_InvestmentIncomeInterestAndDividend |
Net realized gain on investments |
14,803us-gaap_GainLossOnInvestments |
492,137us-gaap_GainLossOnInvestments |
Other |
2,146,926us-gaap_OtherIncome |
2,026,269us-gaap_OtherIncome |
Total Revenues |
28,301,809us-gaap_Revenues |
28,454,074us-gaap_Revenues |
Operating Expenses: |
|
|
Commissions to agents |
14,596,539us-gaap_InsuranceCommissions |
15,456,278us-gaap_InsuranceCommissions |
Provision for claims |
786,612us-gaap_PolicyholderBenefitsAndClaimsIncurredNet |
2,375,383us-gaap_PolicyholderBenefitsAndClaimsIncurredNet |
Salaries, employee benefits and payroll taxes |
7,277,449us-gaap_LaborAndRelatedExpense |
6,185,761us-gaap_LaborAndRelatedExpense |
Office occupancy and operations |
1,304,221itic_OfficeOccupancyAndOperations |
1,180,327itic_OfficeOccupancyAndOperations |
Business development |
486,975us-gaap_BusinessDevelopment |
517,894us-gaap_BusinessDevelopment |
Filing fees, franchise and local taxes |
216,643itic_FilingFeesFranchiseAndLocalTaxes |
189,600itic_FilingFeesFranchiseAndLocalTaxes |
Premium and retaliatory taxes |
476,591itic_PremiumAndRetaliatoryTaxes |
294,474itic_PremiumAndRetaliatoryTaxes |
Professional and contract labor fees |
584,107us-gaap_ProfessionalFees |
688,058us-gaap_ProfessionalFees |
Other |
203,548us-gaap_OtherCostAndExpenseOperating |
209,784us-gaap_OtherCostAndExpenseOperating |
Total Operating Expenses |
25,932,685us-gaap_BenefitsLossesAndExpenses |
27,097,559us-gaap_BenefitsLossesAndExpenses |
Income before Income Taxes |
2,369,124us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest |
1,356,515us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest |
Provision for Income Taxes |
643,000us-gaap_IncomeTaxExpenseBenefit |
371,000us-gaap_IncomeTaxExpenseBenefit |
Net Income |
1,726,124us-gaap_ProfitLoss |
985,515us-gaap_ProfitLoss |
Net Loss Attributable to Redeemable Noncontrolling Interest |
0us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest |
923us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest |
Net Income Attributable to the Company |
$ 1,726,124us-gaap_NetIncomeLoss |
$ 986,438us-gaap_NetIncomeLoss |
Basic Earnings per Common Share |
$ 0.86us-gaap_EarningsPerShareBasic |
$ 0.48us-gaap_EarningsPerShareBasic |
Weighted Average Shares Outstanding – Basic |
2,012,738us-gaap_WeightedAverageNumberOfSharesOutstandingBasic |
2,037,164us-gaap_WeightedAverageNumberOfSharesOutstandingBasic |
Diluted Earnings per Common Share |
$ 0.86us-gaap_EarningsPerShareDiluted |
$ 0.48us-gaap_EarningsPerShareDiluted |
Weighted Average Shares Outstanding – Diluted |
2,018,504us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding |
2,043,759us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding |
Cash Dividends Paid per Common Share |
$ 0.08us-gaap_CommonStockDividendsPerShareCashPaid |
$ 0.08us-gaap_CommonStockDividendsPerShareCashPaid |
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v2.4.1.9
Consolidated Statements Of Comprehensive Income (USD $)
|
3 Months Ended |
Mar. 31, 2015
|
Mar. 31, 2014
|
Statement of Comprehensive Income [Abstract] |
|
|
Net income |
$ 1,726,124us-gaap_ProfitLoss |
$ 985,515us-gaap_ProfitLoss |
Other comprehensive income, before tax: |
|
|
Amortization related to prior year service cost |
1,097us-gaap_OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax |
554us-gaap_OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax |
Amortization of unrecognized loss |
879us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax |
0us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax |
Unrealized gains on investments arising during the period |
287,765us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax |
775,640us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax |
Reclassification adjustment for sales of securities included in net income |
(8,803)us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax |
(765,272)us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax |
Reclassification adjustment for write-downs of securities included in net income |
0us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForWritedownOfSecuritiesBeforeTax |
0us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForWritedownOfSecuritiesBeforeTax |
Other comprehensive income, before tax |
280,938us-gaap_OtherComprehensiveIncomeLossBeforeTax |
10,922us-gaap_OtherComprehensiveIncomeLossBeforeTax |
Income tax expense related to postretirement health benefits |
672us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax |
188us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax |
Income tax expense related to unrealized gains on investments arising during the period |
103,538us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax |
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Net income tax expense on other comprehensive income |
101,201us-gaap_OtherComprehensiveIncomeLossTax |
7,455us-gaap_OtherComprehensiveIncomeLossTax |
Other comprehensive income |
179,737us-gaap_OtherComprehensiveIncomeLossNetOfTax |
3,467us-gaap_OtherComprehensiveIncomeLossNetOfTax |
Comprehensive Income |
1,905,861us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest |
988,982us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest |
Comprehensive income attributable to redeemable noncontrolling interest |
0us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest |
923us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest |
Comprehensive Income Attributable to the Company |
$ 1,905,861us-gaap_ComprehensiveIncomeNetOfTax |
$ 989,905us-gaap_ComprehensiveIncomeNetOfTax |
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v2.4.1.9
Consolidated Statements Of Stockholders' Equity (USD $)
|
Total
|
Common Stock
|
Retained Earnings
|
Accumulated Other Comprehensive Income
|
Balance, beginning of year at Dec. 31, 2013 |
$ 128,062,154us-gaap_StockholdersEquity |
$ 1us-gaap_StockholdersEquity / us-gaap_StatementEquityComponentsAxis = us-gaap_CommonStockMember |
$ 116,714,749us-gaap_StockholdersEquity / us-gaap_StatementEquityComponentsAxis = us-gaap_RetainedEarningsMember |
$ 11,347,404us-gaap_StockholdersEquity / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedOtherComprehensiveIncomeMember |
Balance, beginning of year, shares at Dec. 31, 2013 |
|
2,037,135us-gaap_SharesIssued / us-gaap_StatementEquityComponentsAxis = us-gaap_CommonStockMember |
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
Net income attributable to the Company |
986,438us-gaap_NetIncomeLoss |
|
986,438us-gaap_NetIncomeLoss / us-gaap_StatementEquityComponentsAxis = us-gaap_RetainedEarningsMember |
|
Dividends |
(162,946)us-gaap_DividendsCommonStockCash |
|
(162,946)us-gaap_DividendsCommonStockCash / us-gaap_StatementEquityComponentsAxis = us-gaap_RetainedEarningsMember |
|
Shares of common stock repurchased and retired (in shares) |
|
(500)us-gaap_TreasuryStockSharesAcquired / us-gaap_StatementEquityComponentsAxis = us-gaap_CommonStockMember |
|
|
Shares of common stock repurchased and retired |
(39,825)us-gaap_TreasuryStockValueAcquiredCostMethod |
|
(39,825)us-gaap_TreasuryStockValueAcquiredCostMethod / us-gaap_StatementEquityComponentsAxis = us-gaap_RetainedEarningsMember |
|
Stock options and stock appreciation rights exercised (in shares) |
|
196us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross / us-gaap_StatementEquityComponentsAxis = us-gaap_CommonStockMember |
|
|
Stock options and stock appreciation rights exercised |
(19)us-gaap_StockIssuedDuringPeriodValueShareBasedCompensationGross |
|
(19)us-gaap_StockIssuedDuringPeriodValueShareBasedCompensationGross / us-gaap_StatementEquityComponentsAxis = us-gaap_RetainedEarningsMember |
|
Share-based compensation expense |
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|
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|
Amortization related to postretirement health benefits |
366itic_AmortizationRelatedToPostretirementHealthBenefits |
|
|
366itic_AmortizationRelatedToPostretirementHealthBenefits / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedOtherComprehensiveIncomeMember |
Net unrealized gain on investments |
3,101us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax |
|
|
3,101us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedOtherComprehensiveIncomeMember |
Income tax benefit from share-based compensation |
2,889us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation |
|
2,889us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation / us-gaap_StatementEquityComponentsAxis = us-gaap_RetainedEarningsMember |
|
Balance, end of year at Mar. 31, 2014 |
128,873,730us-gaap_StockholdersEquity |
1us-gaap_StockholdersEquity / us-gaap_StatementEquityComponentsAxis = us-gaap_CommonStockMember |
117,522,858us-gaap_StockholdersEquity / us-gaap_StatementEquityComponentsAxis = us-gaap_RetainedEarningsMember |
11,350,871us-gaap_StockholdersEquity / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedOtherComprehensiveIncomeMember |
Balance, end of year, shares at Mar. 31, 2014 |
|
2,036,831us-gaap_SharesIssued / us-gaap_StatementEquityComponentsAxis = us-gaap_CommonStockMember |
|
|
Balance, beginning of year at Dec. 31, 2014 |
137,563,706us-gaap_StockholdersEquity |
1us-gaap_StockholdersEquity / us-gaap_StatementEquityComponentsAxis = us-gaap_CommonStockMember |
124,707,196us-gaap_StockholdersEquity / us-gaap_StatementEquityComponentsAxis = us-gaap_RetainedEarningsMember |
12,856,509us-gaap_StockholdersEquity / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedOtherComprehensiveIncomeMember |
Balance, beginning of year, shares at Dec. 31, 2014 |
|
2,023,270us-gaap_SharesIssued / us-gaap_StatementEquityComponentsAxis = us-gaap_CommonStockMember |
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
Net income attributable to the Company |
1,726,124us-gaap_NetIncomeLoss |
|
1,726,124us-gaap_NetIncomeLoss / us-gaap_StatementEquityComponentsAxis = us-gaap_RetainedEarningsMember |
|
Dividends |
(160,957)us-gaap_DividendsCommonStockCash |
|
(160,957)us-gaap_DividendsCommonStockCash / us-gaap_StatementEquityComponentsAxis = us-gaap_RetainedEarningsMember |
|
Shares of common stock repurchased and retired (in shares) |
|
(15,036)us-gaap_TreasuryStockSharesAcquired / us-gaap_StatementEquityComponentsAxis = us-gaap_CommonStockMember |
|
|
Shares of common stock repurchased and retired |
(1,069,185)us-gaap_TreasuryStockValueAcquiredCostMethod |
|
(1,069,185)us-gaap_TreasuryStockValueAcquiredCostMethod / us-gaap_StatementEquityComponentsAxis = us-gaap_RetainedEarningsMember |
|
Stock options and stock appreciation rights exercised (in shares) |
|
2,192us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross / us-gaap_StatementEquityComponentsAxis = us-gaap_CommonStockMember |
|
|
Stock options and stock appreciation rights exercised |
54,988us-gaap_StockIssuedDuringPeriodValueShareBasedCompensationGross |
|
54,988us-gaap_StockIssuedDuringPeriodValueShareBasedCompensationGross / us-gaap_StatementEquityComponentsAxis = us-gaap_RetainedEarningsMember |
|
Share-based compensation expense |
32,600us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue |
|
32,600us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue / us-gaap_StatementEquityComponentsAxis = us-gaap_RetainedEarningsMember |
|
Amortization related to postretirement health benefits |
1,304itic_AmortizationRelatedToPostretirementHealthBenefits |
|
|
1,304itic_AmortizationRelatedToPostretirementHealthBenefits / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedOtherComprehensiveIncomeMember |
Net unrealized gain on investments |
178,433us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax |
|
|
178,433us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedOtherComprehensiveIncomeMember |
Income tax benefit from share-based compensation |
26,875us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation |
|
26,875us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation / us-gaap_StatementEquityComponentsAxis = us-gaap_RetainedEarningsMember |
|
Balance, end of year at Mar. 31, 2015 |
$ 138,353,888us-gaap_StockholdersEquity |
$ 1us-gaap_StockholdersEquity / us-gaap_StatementEquityComponentsAxis = us-gaap_CommonStockMember |
$ 125,317,641us-gaap_StockholdersEquity / us-gaap_StatementEquityComponentsAxis = us-gaap_RetainedEarningsMember |
$ 13,036,246us-gaap_StockholdersEquity / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedOtherComprehensiveIncomeMember |
Balance, end of year, shares at Mar. 31, 2015 |
|
2,010,426us-gaap_SharesIssued / us-gaap_StatementEquityComponentsAxis = us-gaap_CommonStockMember |
|
|
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v2.4.1.9
Consolidated Statements Of Cash Flows (USD $)
|
3 Months Ended |
Mar. 31, 2015
|
Mar. 31, 2014
|
Operating Activities |
|
|
Net income |
$ 1,726,124us-gaap_ProfitLoss |
$ 985,515us-gaap_ProfitLoss |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
Depreciation |
220,321us-gaap_Depreciation |
202,843us-gaap_Depreciation |
Amortization, net |
182,230us-gaap_AdjustmentForAmortization |
272,617us-gaap_AdjustmentForAmortization |
Amortization related to postretirement benefits obligation |
1,976itic_CashFlowAmortizationRelatedToPostretirementHealthBenefits |
554itic_CashFlowAmortizationRelatedToPostretirementHealthBenefits |
Share-based compensation expense related to stock options |
32,600us-gaap_ShareBasedCompensation |
21,572us-gaap_ShareBasedCompensation |
Gain on the disposals of property |
(18,891)us-gaap_GainLossOnSaleOfPropertyPlantEquipment |
0us-gaap_GainLossOnSaleOfPropertyPlantEquipment |
Net realized gain on investments |
(14,803)us-gaap_GainLossOnInvestments |
(492,137)us-gaap_GainLossOnInvestments |
Net earnings from other investments |
(246,105)itic_EarningsFromOtherInvestments |
(196,406)itic_EarningsFromOtherInvestments |
Provision for claims |
786,612us-gaap_PolicyholderBenefitsAndClaimsIncurredNet |
2,375,383us-gaap_PolicyholderBenefitsAndClaimsIncurredNet |
Provision (benefit) for deferred income taxes |
296,000us-gaap_DeferredIncomeTaxExpenseBenefit |
(4,000)us-gaap_DeferredIncomeTaxExpenseBenefit |
Changes in assets and liabilities: |
|
|
Decrease in receivables |
304,994us-gaap_IncreaseDecreaseInReceivables |
1,269,453us-gaap_IncreaseDecreaseInReceivables |
(Increase) decrease in other assets |
(664,709)us-gaap_IncreaseDecreaseInOtherOperatingAssets |
46,072us-gaap_IncreaseDecreaseInOtherOperatingAssets |
Increase in current income taxes recoverable |
0us-gaap_IncreaseDecreaseInIncomeTaxesReceivable |
(309,273)us-gaap_IncreaseDecreaseInIncomeTaxesReceivable |
Decrease in accounts payable and accrued liabilities |
(2,810,752)us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities |
(4,833,772)us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities |
Increase in current income taxes payable |
195,069us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable |
0us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable |
Payments of claims, net of recoveries |
(400,612)itic_PaymentsOfClaimsNetRecoveries |
(1,270,383)itic_PaymentsOfClaimsNetRecoveries |
Net cash used in operating activities |
(409,946)us-gaap_NetCashProvidedByUsedInOperatingActivities |
(1,931,962)us-gaap_NetCashProvidedByUsedInOperatingActivities |
Investing Activities |
|
|
Purchases of available-for-sale securities |
(241,882)us-gaap_PaymentsToAcquireAvailableForSaleSecurities |
(2,242,850)us-gaap_PaymentsToAcquireAvailableForSaleSecurities |
Purchases of short-term investments |
(2,184,144)us-gaap_PaymentsToAcquireShortTermInvestments |
(3,117,062)us-gaap_PaymentsToAcquireShortTermInvestments |
Purchases of other investments |
(346,693)us-gaap_PaymentsToAcquireOtherInvestments |
(556,563)us-gaap_PaymentsToAcquireOtherInvestments |
Proceeds from sales and maturities of available-for-sale securities |
3,056,743us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities |
3,328,386us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities |
Proceeds from sales and maturities of short-term investments |
360,807us-gaap_ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments |
2,102,435us-gaap_ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments |
Proceeds from sales and distributions of other investments |
1,304,877us-gaap_ProceedsFromSaleOfOtherInvestments |
241,977us-gaap_ProceedsFromSaleOfOtherInvestments |
Proceeds from sales of other assets |
6,000us-gaap_ProceedsFromSaleOfOtherProductiveAssets |
0us-gaap_ProceedsFromSaleOfOtherProductiveAssets |
Purchases of property |
(610,926)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment |
(594,507)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment |
Proceeds from sale of property |
26,000us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment |
0us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment |
Net cash provided by (used in) investing activities |
1,370,782us-gaap_NetCashProvidedByUsedInInvestingActivities |
(838,184)us-gaap_NetCashProvidedByUsedInInvestingActivities |
Financing Activities |
|
|
Repurchases of common stock |
(1,069,185)us-gaap_PaymentsForRepurchaseOfCommonStock |
(39,825)us-gaap_PaymentsForRepurchaseOfCommonStock |
Exercises of stock options and SARs |
54,988us-gaap_ProceedsFromStockOptionsExercised |
(19)us-gaap_ProceedsFromStockOptionsExercised |
Distributions to noncontrolling interest |
0us-gaap_PaymentsOfDividendsMinorityInterest |
(64,020)us-gaap_PaymentsOfDividendsMinorityInterest |
Excess tax benefits related to exercise of stock options and SARS |
26,875us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities |
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Net cash used in financing activities |
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Net Decrease in Cash and Cash Equivalents |
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(3,034,067)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease |
Cash and Cash Equivalents, Beginning of Period |
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Income tax payments, net |
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v2.4.1.9
Basis Of Presentation And Significant Accounting Policies
|
3 Months Ended |
Mar. 31, 2015
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Basis Of Presentation And Significant Accounting Policies |
Basis of Presentation and Significant Accounting Policies
Reference should be made to the “Notes to Consolidated Financial Statements” appearing in the Annual Report on Form 10-K for the year ended December 31, 2014 of Investors Title Company (the “Company”) for a complete description of the Company’s significant accounting policies.
Principles of Consolidation – The accompanying unaudited Consolidated Financial Statements include the accounts and operations of Investors Title Company and its subsidiaries, and have been prepared in accordance with generally accepted accounting principles for interim financial information, with the instructions to Form 10-Q and with Article 10 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted. Earnings attributable to the Company's redeemable noncontrolling interest in a majority-owned insurance agency are recorded in the Consolidated Statements of Income. All intercompany balances and transactions have been eliminated in consolidation.
In the opinion of management, all adjustments considered necessary for a fair presentation of the financial position, results of operations and cash flows of the Company in the accompanying unaudited Consolidated Financial Statements have been included. All such adjustments are of a normal recurring nature. Operating results for the quarter ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015.
Immaterial Classification Correction – During the three months ended March 31, 2014, the Company mistakenly included a transaction within unrealized gains on the Consolidated Statements of Comprehensive Income. Accordingly, the Consolidated Statements of Comprehensive Income have been corrected. The inclusion of this transaction within the Statements of Comprehensive Income was offsetting by line item, and had no impact on the total comprehensive income attributable to the Company for the three months ended March 31, 2014. The correction did result in an increase to previously reported unrealized gains on investments arising during the period of $179,904, net of tax, a decrease to the reclassification adjustment for sales of securities included in net income of $173,628, net of tax, and a decrease to the reclassification adjustment for write-downs of securities included in net income of $6,276, net of tax. There was no impact to the Consolidated Balance Sheets, Consolidated Statements of Income, Consolidated Statements of Comprehensive Income, Consolidated Statements of Stockholders’ Equity or to the Company’s cash position.
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 premiums and fees receivable.
Use of Estimates and Assumptions – The preparation of the Company’s Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions used.
Subsequent Events – The Company has concluded that there were no material subsequent events requiring adjustment to or disclosure in its Consolidated Financial Statements.
Recently Issued Accounting Standards – In February 2015, the Financial Accounting Standards Board (“FASB”) updated guidance to change the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments: modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs") or voting interest entities; eliminate the presumption that a general partner should consolidate a limited partnership; affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; and provide a scope exception from consolidation guidance for reporting entities that are required to comply with or operate in accordance with certain requirements similar to those for registered money market funds. For public entities, this update becomes effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. Early adoption is permitted. The Company is currently evaluating the impact that the recently issued accounting standard will have on the Company's financial position and results of operations but does not expect it to have a material impact.
In May 2014, the FASB updated guidance to improve the comparability of revenue recognition practices for entities that either enter into contracts with customers to transfer goods or services or enter into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards such as insurance contracts or lease standards. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For public entities, this update becomes effective for interim and annual reporting periods beginning after December 15, 2016. The FASB has issued for public comment a proposal that would defer the effective date of the standard by one year. Early adoption is not permitted, although if the FASB proposal passes, public entities are permitted to elect to adopt the amendments on the original effective date. The Company is currently evaluating the impact that the recently issued accounting standard will have on the Company's financial position and results of operations but does not expect it to have a material impact. |
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v2.4.1.9
Reserves For Claims
|
3 Months Ended |
Mar. 31, 2015
|
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] |
|
Reserves For Claims |
Reserves for Claims
Transactions in the reserves for claims for the three months ended March 31, 2015 and the year ended December 31, 2014 are summarized as follows: | | | | | | | | | | March 31, 2015 | | December 31, 2014 | Balance, beginning of period | $ | 36,677,000 |
| | $ | 35,360,000 |
| Provision, charged to operations | 786,612 |
| | 5,229,716 |
| Payments of claims, net of recoveries | (400,612 | ) | | (3,912,716 | ) | Ending balance | $ | 37,063,000 |
| | $ | 36,677,000 |
|
The total reserve for all reported and unreported losses the Company incurred through March 31, 2015 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 claims that have been incurred but not yet reported (“IBNR”). Despite the variability of such estimates, management believes that the reserves are adequate to cover claim losses which might result from pending and future claims under title insurance policies issued through March 31, 2015. Management continually reviews and adjusts its reserve estimates to reflect its loss experience and any new information that becomes available. Adjustments resulting from such reviews may be significant.
A summary of the Company’s loss reserves, broken down into its components of known title claims and IBNR, follows: | | | | | | | | | | | | | | March 31, 2015 | | % | | December 31, 2014 | | % | Known title claims | $ | 5,412,246 |
| | 14.6 | | $ | 5,364,645 |
| | 14.6 | IBNR | 31,650,754 |
| | 85.4 | | 31,312,355 |
| | 85.4 | Total loss reserves | $ | 37,063,000 |
| | 100.0 | | $ | 36,677,000 |
| | 100.0 |
Claims and losses paid are charged against 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 Company carries assets at the lower of cost or estimated realizable value, net of any indebtedness on the property. |
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v2.4.1.9
Earnings Per Common Share And Share Awards
|
3 Months Ended |
Mar. 31, 2015
|
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 services that the Company has not yet recognized; and (c) the amount of estimated tax benefits that would be recorded in retained earnings, if any, are assumed to be used to repurchase shares in the current period. The number of incremental dilutive potential common shares, calculated using the treasury stock method, was 5,766 and 6,595 for the three months ended March 31, 2015 and 2014, respectively.
The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31: | | | | | | | | | | Three Months Ended March 31, | | 2015 | | 2014 | Net income attributable to the Company | $ | 1,726,124 |
| | $ | 986,438 |
| Weighted average common shares outstanding – Basic | 2,012,738 |
| | 2,037,164 |
| Incremental shares outstanding assuming the exercise of dilutive stock options and SARs (share-settled) | 5,766 |
| | 6,595 |
| Weighted average common shares outstanding – Diluted | 2,018,504 |
| | 2,043,759 |
| Basic earnings per common share | $ | 0.86 |
| | $ | 0.48 |
| Diluted earnings per common share | $ | 0.86 |
| | $ | 0.48 |
|
There were no potential shares excluded from the computation of diluted earnings per share for the three months ended March 31, 2015 and 2014, as all share-based awards were "in-the-money." The Company has adopted employee stock award plans under which restricted stock, and options or 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 from the date of grant and are exercisable and vest: immediately; within one year; or 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, 2014 | 19,000 |
| | $ | 45.74 |
| | 3.43 | | $ | 669,610 |
| SARs granted | 4,500 |
| | 68.70 |
| | | | |
| SARs exercised | (1,500 | ) | | 49.04 |
| | | | |
| Options exercised | (1,000 | ) | | 27.21 |
| | | | |
| Options/SARs canceled/forfeited/expired | — |
| | — |
| | | | |
| Outstanding as of December 31, 2014 | 21,000 |
| | $ | 51.30 |
| | 3.64 | | $ | 453,510 |
| SARs granted | — |
| | — |
| | | | |
| SARs exercised | (2,000 | ) | | 47.88 |
| | | | |
| Options exercised | (1,500 | ) | | 36.79 |
| | | | |
| Options/SARs canceled/forfeited/expired | — |
| | — |
| | | | |
| Outstanding as of March 31, 2015 | 17,500 |
| | $ | 52.94 |
| | 4.05 | | $ | 369,255 |
| | | | | | | | | Exercisable as of March 31, 2015 | 17,500 |
| | $ | 52.94 |
| | 4.05 | | $ | 369,255 |
|
There was approximately $33,000 and $22,000 of compensation expense relating to SARs or options vesting on or before March 31, 2015 and 2014, respectively, included in salaries, employee benefits and payroll taxes in the Consolidated Statements of Income. As of March 31, 2015, there was no unrecognized compensation cost related to unvested share-based compensation arrangements granted under the Company’s stock award plans.
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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v2.4.1.9
Segment Information
|
3 Months Ended |
Mar. 31, 2015
|
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 March 31, 2015 and 2014: | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2015 | Title Insurance | | All Other | | Intersegment Eliminations | | Total | Insurance and other services revenues | $ | 25,995,525 |
| | $ | 1,464,157 |
| | $ | (350,715 | ) | | $ | 27,108,967 |
| Investment income | 1,050,775 |
| | 150,598 |
| | (23,334 | ) | | 1,178,039 |
| Net realized gain on investments | 14,379 |
| | 424 |
| | — |
| | 14,803 |
| Total revenues | $ | 27,060,679 |
| | $ | 1,615,179 |
| | $ | (374,049 | ) | | $ | 28,301,809 |
| Operating expenses | 24,597,471 |
| | 1,668,508 |
| | (333,294 | ) | | 25,932,685 |
| Income (loss) before income taxes | $ | 2,463,208 |
| | $ | (53,329 | ) | | $ | (40,755 | ) | | $ | 2,369,124 |
| Total assets | $ | 150,689,425 |
| | $ | 46,307,485 |
| | $ | — |
| | $ | 196,996,910 |
|
| | | | | | | | | | | | | | | | | Three Months Ended March 31, 2014 | Title Insurance | | All Other | | Intersegment Eliminations | | Total | Insurance and other services revenues | $ | 25,807,450 |
| | $ | 1,453,301 |
| | $ | (325,230 | ) | | $ | 26,935,521 |
| Investment income | 928,512 |
| | 121,238 |
| | (23,334 | ) | | 1,026,416 |
| Net realized gain on investments | 437,608 |
| | 54,529 |
| | — |
| | 492,137 |
| Total revenues | $ | 27,173,570 |
| | $ | 1,629,068 |
| | $ | (348,564 | ) | | $ | 28,454,074 |
| Operating expenses | 25,724,928 |
| | 1,680,440 |
| | (307,809 | ) | | 27,097,559 |
| Income (loss) before income taxes | $ | 1,448,642 |
| | $ | (51,372 | ) | | $ | (40,755 | ) | | $ | 1,356,515 |
| Total assets | $ | 143,241,843 |
| | $ | 42,085,290 |
| | $ | — |
| | $ | 185,327,133 |
|
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v2.4.1.9
Retirement Agreements And Other Postretirement Benefits
|
3 Months Ended |
Mar. 31, 2015
|
Compensation and Retirement Disclosure [Abstract] |
|
Retirement Agreements And Other Postretirement Benefits |
Retirement Agreements and Other Postretirement Benefits
The Company’s subsidiary, Investors Title Insurance Company ("ITIC"), is party to employment agreements with key executives that provide for the continuation of certain employee benefits and other payments due under the agreements upon retirement estimated to total $7,570,000 and $7,111,000 as of March 31, 2015 and December 31, 2014, respectively. The executive employee benefits include health insurance, dental, vision and life insurance and are unfunded. These amounts are classified as accounts payable and accrued liabilities in the Consolidated Balance Sheets. The following sets forth the net periodic benefits cost for the executive benefits for the periods ended March 31, 2015 and 2014: | | | | | | | | | | Three Months Ended March 31, | | 2015 | | 2014 | Service cost – benefits earned during the year | $ | 4,187 |
| | $ | 3,667 |
| Interest cost on the projected benefit obligation | 7,693 |
| | 7,618 |
| Amortization of unrecognized prior service cost | 1,097 |
| | 554 |
| Amortization of unrecognized losses | 879 |
| | — |
| Net periodic benefits costs | $ | 13,856 |
| | $ | 11,839 |
|
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v2.4.1.9
Fair Value Measurement
|
3 Months Ended |
Mar. 31, 2015
|
Fair Value Disclosures [Abstract] |
|
Fair Value Measurement |
Fair Value Measurement Valuation of Financial Assets and Liabilities The FASB has established a valuation hierarchy for disclosure of the inputs 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 are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value.
A financial instrument’s classification within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement – consequently, if there are multiple significant valuation inputs that are categorized in different levels of the hierarchy, the instrument’s hierarchy level is the lowest level (with Level 3 being the lowest level) within which any significant input falls.
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 March 31, 2015 and December 31, 2014, 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 are 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 trading prices. Substantially all of the input assumptions used in the service’s model are observable in the marketplace or can be derived or supported by observable market data.
The Level 3 category only includes the Company’s investments in student loan auction rate securities (“ARS”) because quoted prices are 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 March 31, 2015 and December 31, 2014, with approximately 97.0% as of March 31, 2015 and December 31, 2014, 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 March 31, 2015 and December 31, 2014: | | | | | | 2015 | | 2014 | Cumulative probability of earning maximum rate until maturity | —% | | —% | Cumulative probability of principal returned prior to maturity | 95.2% | | 95.2% | Cumulative probability of default at some future point | 4.8% | | 4.8% |
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 2015 and 2014, the difference in the low and high values of the ranges was approximately zero to 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 March 31, 2015 and December 31, 2014. 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 March 31, 2015 | Level 1 | | Level 2 | | Level 3 | | Total | Short-term investments | $ | 4,400,330 |
| | $ | — |
| | $ | — |
| | $ | 4,400,330 |
| Equity securities: | |
| | |
| | |
| | |
| Common stock and nonredeemable preferred stock | 39,476,921 |
| | — |
| | — |
| | 39,476,921 |
| Fixed maturities: | |
| | |
| | |
| | |
| Obligations of U.S. states, territories and political subdivisions* | — |
| | 83,180,466 |
| | — |
| | 83,180,466 |
| Corporate debt securities* | — |
| | 22,012,779 |
| | 941,200 |
| | 22,953,979 |
| Total | $ | 43,877,251 |
| | $ | 105,193,245 |
| | $ | 941,200 |
| | $ | 150,011,696 |
|
| | | | | | | | | | | | | | | | | As of December 31, 2014 | Level 1 | | Level 2 | | Level 3 | | Total | Short-term investments | $ | 2,576,993 |
| | $ | — |
| | $ | — |
| | $ | 2,576,993 |
| Equity securities: | | | | | | | | Common stock and nonredeemable preferred stock | 39,254,981 |
| | — |
| | — |
| | 39,254,981 |
| Fixed maturities: | | | | | | | | Obligations of U.S. states, territories and political subdivisions* | — |
| | 85,780,755 |
| | — |
| | 85,780,755 |
| Corporate debt securities* | — |
| | 22,328,435 |
| | 939,100 |
| | 23,267,535 |
| Total | $ | 41,831,974 |
| | $ | 108,109,190 |
| | $ | 939,100 |
| | $ | 150,880,264 |
|
*Denotes fair market value obtained from pricing services.
There were no transfers into or out of Levels 1, 2 or 3 during the period.
To help ensure that fair value determinations are consistent with FASB ASC 820, prices from our pricing services go through multiple review processes to ensure appropriate pricing. Pricing procedures and inputs used to price each security include, but are not limited to, the following: unadjusted quoted market prices for identical securities such as stock market closing prices; non-binding quoted prices for identical securities in markets that are not active; interest rates; yield curves observable at commonly quoted intervals; volatility; prepayment speeds; loss severity; credit risks and default rates. The Company reviews the procedures and inputs used by its pricing services and verifies a sample of the services’ quotes by comparing them to values obtained from other pricing resources. In the event the Company disagrees with a price provided by its pricing services, the respective service reevaluates the price to corroborate the market information and then reviews inputs to the evaluation in light of potentially new market data. The Company believes that these processes and inputs result in appropriate classifications and 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. These items are included in other investments in the Consolidated Balance Sheets. Accrued dividends and interest The carrying amount for accrued dividends and interest is a reasonable estimate of fair value due to the short-term maturity of these assets. The carrying amounts and fair values of these financial instruments (please note investments are disclosed in a previous table) as of March 31, 2015 and December 31, 2014 are presented in the following table: | | | | | | | | | | | | | | | | | | | | | As of March 31, 2015 | Carrying Value | | Estimated Fair Value | | Level 1 | | Level 2 | | Level 3 | Financial assets: | | | | | | | | | | Cash | $ | 15,639,072 |
| | $ | 15,639,072 |
| | $ | 15,639,072 |
| | $ | — |
| | $ | — |
| Cost-basis investments | 2,502,468 |
| | 2,881,597 |
| | — |
| | — |
| | 2,881,597 |
| Accrued dividends and interest | 1,313,255 |
| | 1,313,255 |
| | 1,313,255 |
| | — |
| | — |
| Total Financial Assets | $ | 19,454,795 |
| | $ | 19,833,924 |
| | $ | 16,952,327 |
| | $ | — |
| | $ | 2,881,597 |
|
| | | | | | | | | | | | | | | | | | | | | As of December 31, 2014 | Carrying Value | | Estimated Fair Value | | Level 1 | | Level 2 | | Level 3 | Financial assets: | | | | | | | | | | Cash | $ | 15,826,515 |
| | $ | 15,826,515 |
| | $ | 15,826,515 |
| | $ | — |
| | $ | — |
| Cost-basis investments | 2,516,608 |
| | 2,675,817 |
| | — |
| | — |
| | 2,675,817 |
| Accrued dividends and interest | 1,063,837 |
| | 1,063,837 |
| | 1,063,837 |
| | — |
| | — |
| Total Financial Assets | $ | 19,406,960 |
| | $ | 19,566,169 |
| | $ | 16,890,352 |
| | $ | — |
| | $ | 2,675,817 |
|
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 period ended March 31, 2015 and the year ended December 31, 2014: | | | | | | | | | Changes in fair value during the period ended: | 2015 | | 2014 | Beginning balance at January 1 | $ | 939,100 |
| | $ | 935,700 |
| Redemptions and sales | — |
| | — |
| Realized gain – included in net realized gain on investments | — |
| | — |
| Unrealized gain - included in other comprehensive income | 2,100 |
| | 3,400 |
| Ending balance, net | $ | 941,200 |
| | $ | 939,100 |
|
Certain cost method 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 March 31, 2015 and December 31, 2014. The following table summarizes the corresponding estimated fair value hierarchy of such investments at March 31, 2015 and December 31, 2014 and the related impairments recognized: | | | | | | | | | | | | | | | | | | | | | | | | | As of March 31, 2015 | Valuation Method | | Impaired | | Level 1 | | Level 2 | | Level 3 | | Total at Estimated Fair Value | | Impairment Losses | Cost-basis investments | Fair Value | | Yes | | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| Total cost-basis investments | | | | | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
|
| | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2014 | Valuation Method | | Impaired | | Level 1 | | Level 2 | | Level 3 | | Total at Estimated Fair Value | | Impairment Losses | Cost-basis investments | Fair Value | | Yes | | $ | — |
| | $ | — |
| | $ | 22,682 |
| | $ | 22,682 |
| | $ | (10,062 | ) | Total cost-basis investments | | | | | $ | — |
| | $ | — |
| | $ | 22,682 |
| | $ | 22,682 |
| | $ | (10,062 | ) |
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v2.4.1.9
Investments In Securities
|
3 Months Ended |
Mar. 31, 2015
|
Investments, Debt and Equity Securities [Abstract] |
|
Investments In Securities |
Investments in Securities
The aggregate estimated fair value, gross unrealized holding gains, gross unrealized holding losses and cost or amortized cost for securities by major security type are as follows: | | | | | | | | | | | | | | | | | As of March 31, 2015 | 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 | $ | 33,121,352 |
| | $ | 1,472,862 |
| | $ | 25,389 |
| | $ | 34,568,825 |
| Issuer obligations of U.S. states, territories and political subdivisions revenue | 46,113,735 |
| | 2,527,991 |
| | 30,085 |
| | 48,611,641 |
| Corporate debt securities | 21,072,010 |
| | 940,769 |
| | — |
| | 22,012,779 |
| Auction rate securities | 922,735 |
| | 18,465 |
| | — |
| | 941,200 |
| Total | $ | 101,229,832 |
| | $ | 4,960,087 |
| | $ | 55,474 |
| | $ | 106,134,445 |
| Equity securities, available-for-sale, at fair value: | |
| | |
| | |
| | |
| Common stocks and nonredeemable preferred stocks | $ | 24,349,105 |
| | $ | 15,255,747 |
| | $ | 127,931 |
| | $ | 39,476,921 |
| Total | $ | 24,349,105 |
| | $ | 15,255,747 |
| | $ | 127,931 |
| | $ | 39,476,921 |
| Short-term investments: | |
| | |
| | |
| | |
| Money market funds and certificates of deposit | $ | 4,400,330 |
| | $ | — |
| | $ | — |
| | $ | 4,400,330 |
| Total | $ | 4,400,330 |
| | $ | — |
| | $ | — |
| | $ | 4,400,330 |
|
| | | | | | | | | | | | | | | | | As of December 31, 2014 | 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 | $ | 35,215,247 |
| | $ | 1,527,794 |
| | $ | 19,542 |
| | $ | 36,723,499 |
| Issuer obligations of U.S. states, territories and political subdivisions special revenue | 46,707,033 |
| | 2,405,725 |
| | 55,502 |
| | 49,057,256 |
| Corporate debt securities | 21,576,641 |
| | 823,133 |
| | 71,339 |
| | 22,328,435 |
| Auction rate securities | 922,129 |
| | 16,971 |
| | — |
| | 939,100 |
| Total | $ | 104,421,050 |
| | $ | 4,773,623 |
| | $ | 146,383 |
| | $ | 109,048,290 |
| Equity securities, available-for-sale, at fair value: | |
| | |
| | |
| | |
| Common stocks and nonredeemable preferred stocks | $ | 24,128,753 |
| | $ | 15,225,459 |
| | $ | 99,231 |
| | $ | 39,254,981 |
| Total | $ | 24,128,753 |
| | $ | 15,225,459 |
| | $ | 99,231 |
| | $ | 39,254,981 |
| Short-term investments: | |
| | |
| | |
| | |
| Money market funds and certificates of deposits | $ | 2,576,993 |
| | $ | — |
| | $ | — |
| | $ | 2,576,993 |
| Total | $ | 2,576,993 |
| | $ | — |
| | $ | — |
| | $ | 2,576,993 |
|
The special revenue category for both periods presented includes at least 50 individual bonds with revenue sources from a variety of industry sectors.
The scheduled maturities of fixed maturity securities at March 31, 2015 were as follows: | | | | | | | | | | Available-for-Sale | | Amortized Cost | | Fair Value | Due in one year or less | $ | 13,053,110 |
| | $ | 13,204,273 |
| Due after one year through five years | 51,042,282 |
| | 53,724,810 |
| Due five years through ten years | 35,140,718 |
| | 36,642,930 |
| Due after ten years | 1,993,722 |
| | 2,562,432 |
| Total | $ | 101,229,832 |
| | $ | 106,134,445 |
|
Realized gains and losses on investments for the three months ended March 31 are summarized as follows: | | | | | | | | | | 2015 | | 2014 | Gross realized gains: | |
| | |
| Corporate debt securities | $ | 999 |
| | $ | — |
| Common stocks and nonredeemable preferred stocks | 8,200 |
| | 765,272 |
| Total | $ | 9,199 |
| | $ | 765,272 |
| Gross realized losses: | |
| | |
| General obligations of U.S. states, territories and political subdivisions | $ | (396 | ) | | $ | — |
| Total | $ | (396 | ) | | $ | — |
| Net realized gain from securities | $ | 8,803 |
| | $ | 765,272 |
| Net realized (losses) gains on other investments: | | | | Impairments of other assets and investments | $ | — |
| | $ | (10,062 | ) | Net gain on other assets and investments | 6,000 |
| | — |
| Net loss on other assets and investments | — |
| | (263,073 | ) | Total | $ | 6,000 |
| | $ | (273,135 | ) | Net realized gain on investments | $ | 14,803 |
| | $ | 492,137 |
|
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 securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at March 31, 2015 and December 31, 2014: | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 Months | | 12 Months or Longer | | Total | As of March 31, 2015 | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | General obligations of U.S. states, territories and political subdivisions | $ | 1,942,803 |
| | $ | (25,389 | ) | | $ | — |
| | $ | — |
| | $ | 1,942,803 |
| | $ | (25,389 | ) | Issuer obligations of U.S. states, territories and political subdivisions special revenue | 3,252,307 |
| | (20,404 | ) | | 1,209,989 |
| | (9,681 | ) | | 4,462,296 |
| | (30,085 | ) | Total fixed income securities | $ | 5,195,110 |
| | $ | (45,793 | ) | | $ | 1,209,989 |
| | $ | (9,681 | ) | | $ | 6,405,099 |
| | $ | (55,474 | ) | Equity securities | $ | 1,553,666 |
| | $ | (86,455 | ) | | $ | 145,125 |
| | $ | (41,476 | ) | | $ | 1,698,791 |
| | $ | (127,931 | ) | Total temporarily impaired securities | $ | 6,748,776 |
| | $ | (132,248 | ) | | $ | 1,355,114 |
| | $ | (51,157 | ) | | $ | 8,103,890 |
| | $ | (183,405 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 Months | | 12 Months or Longer | | Total | As of December 31, 2014 | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | General obligations of U.S. states, territories and political subdivisions | $ | 2,113,194 |
| | $ | (19,542 | ) | | $ | — |
| | $ | — |
| | $ | 2,113,194 |
| | $ | (19,542 | ) | Issuer obligations of U.S. states, territories and political subdivisions special revenue | 3,946,977 |
| | (13,453 | ) | | 1,182,390 |
| | (42,049 | ) | | 5,129,367 |
| | (55,502 | ) | Corporate debt securities | 6,924,430 |
| | (71,339 | ) | | — |
| | — |
| | 6,924,430 |
| | (71,339 | ) | Total fixed income securities | $ | 12,984,601 |
| | $ | (104,334 | ) | | $ | 1,182,390 |
| | $ | (42,049 | ) | | $ | 14,166,991 |
| | $ | (146,383 | ) | Equity securities | $ | 930,208 |
| | $ | (71,669 | ) | | $ | 141,280 |
| | $ | (27,562 | ) | | $ | 1,071,488 |
| | $ | (99,231 | ) | Total temporarily impaired securities | $ | 13,914,809 |
| | $ | (176,003 | ) | | $ | 1,323,670 |
| | $ | (69,611 | ) | | $ | 15,238,479 |
| | $ | (245,614 | ) |
As of March 31, 2015, the Company held $6,405,099 in fixed maturity securities with unrealized losses of $55,474. As of December 31, 2014, the Company held $14,166,991 in fixed maturity securities with unrealized losses of $146,383. 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 will likely not be compelled to sell them before it can recover its cost basis, the Company does not consider these investments to be other-than-temporarily impaired.
As of March 31, 2015, the Company held $1,698,791 in equity securities with unrealized losses of $127,931. As of December 31, 2014, the Company held $1,071,488 in equity securities with unrealized losses of $99,231. 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 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 16 and 25 securities had unrealized losses at March 31, 2015 and December 31, 2014, 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 the three months ended March 31, 2015 and 2014, the Company recorded no other-than-temporary impairment charges for securities. Other-than-temporary impairment charges are included in net realized gain on investments in the Consolidated Statements of Income. |
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v2.4.1.9
Commitments And Contingencies
|
3 Months Ended |
Mar. 31, 2015
|
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments And Contingencies |
Commitments and Contingencies
Legal Proceedings – The Company and its subsidiaries are involved in legal proceedings that are incidental to their business. In the Company’s opinion, based on the present status of these proceedings, any potential liability of the Company or its subsidiaries with respect to these legal proceedings, will not, in the aggregate, be material to the Company’s consolidated financial condition or operations.
Regulation – The Company’s title insurance and trust subsidiaries are regulated by various federal, state and local governmental agencies and are subject to various audits and inquiries. It is the opinion of management based on its present expectations that these audits and inquiries will not have a material impact on the Company’s consolidated financial condition or operations.
Escrow and Trust Deposits – As a service to its customers, the Company, through ITIC, administers escrow and trust deposits representing earnest money received under real estate contracts, undisbursed amounts received for settlement of mortgage loans and indemnities against specific title risks. These amounts are not considered assets of the Company and, therefore, are excluded from the accompanying Consolidated Balance Sheets. However, the Company remains contingently liable for the disposition of these deposits.
Like-Kind Exchanges Proceeds – In administering tax-deferred property exchanges, the Company’s subsidiary, Investors Title Exchange Corporation (“ITEC”), serves as a qualified intermediary for exchanges, holding the net sales proceeds from relinquished property to be used for the purchase of replacement property. Another Company subsidiary, Investors Title Accommodation Corporation (“ITAC”), serves as exchange accommodation titleholder and, through limited liability companies that are wholly owned subsidiaries of ITAC, holds property for exchangers in reverse exchange transactions. Like-kind exchange deposits and reverse exchange property totaled approximately $103,658,000 and $82,477,000 as of March 31, 2015 and December 31, 2014, 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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v2.4.1.9
Related Party Transactions
|
3 Months Ended |
Mar. 31, 2015
|
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 investment in these limited liability companies. The following table sets forth the approximate values by year found within each financial statement classification: | | | | | | | | | Financial Statement Classification, | As of March 31, 2015 | | As of December 31, 2014 | Consolidated Balance Sheets | | Other investments | $ | 5,316,000 |
| | $ | 6,014,000 |
| Premiums and fees receivable | $ | 798,000 |
| | $ | 666,000 |
|
| | | | | | | | | Financial Statement Classification, | For the Three Months Ended March 31, | Consolidated Statements of Income | 2015 | | 2014 | Net premiums written | $ | 3,056,000 |
| | $ | 2,291,000 |
| Other income | $ | 403,000 |
| | $ | 349,000 |
| Commissions to agents | $ | 2,132,000 |
| | $ | 1,677,000 |
|
|
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.
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v2.4.1.9
Acquisition
|
3 Months Ended |
Mar. 31, 2015
|
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 at a later date.
The contingent payment arrangement required that the purchase price for the 70% majority interest of United was to be paid over a two year period and was 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 was the purchase price for the majority interest to exceed $1,041,250. 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. During the second quarter of 2013, ITIC paid an additional $350,000 toward the purchase price. During the second quarter of 2014, ITIC paid the remaining $341,250 of the purchase price. As a result, no contingent payments were included on the Consolidated Balance Sheets as of March 31, 2015 and December 31, 2014.
On May 21, 2014, ITIC purchased the remaining 30% ownership interest in United, making United a wholly owned subsidiary of ITIC. The purchase price of the redeemable noncontrolling interest was 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 calculated purchase price of $515,275 was paid during the second quarter of 2014.
The following table provides the effects of changes in ITIC's ownership interest in United, and the resulting impact on the Company's equity: | | | | | | | | | | March 31, 2015 | | December 31, 2014 | Net income attributable to the Company | $ | 1,726,124 |
| | $ | 9,648,975 |
| Transfers from the redeemable controlling interest: | | | | Decrease in paid-in capital for purchase of redeemable noncontrolling interest | — |
| | (114,320 | ) | Net transfers from noncontrolling interest | — |
| | (114,320 | ) | Change from net income attributable to the Company and transfers from redeemable noncontrolling interest | $ | 1,726,124 |
| | $ | 9,534,655 |
|
As certain provisions of the membership interest purchase and sale agreement placed the acquisition of the remaining 30% of United by ITIC out of ITIC’s control, the noncontrolling interest in United was deemed redeemable. The redeemable noncontrolling interest was 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 March 31, 2015 and December 31, 2014: | | | | | | | | | Changes in carrying value during the period ended: | March 31, 2015 |
| December 31, 2014 | Beginning balance at January 1 | $ | — |
| | $ | 545,489 |
| Net income attributable to redeemable noncontrolling interest | — |
| | 23,523 |
| Distributions to noncontrolling interest | — |
| | (168,057 | ) | Redeemable noncontrolling interest resulting from subsidiary purchase | — |
| | (515,275 | ) | Adjustment to retained earnings for purchase of noncontrolling interest | — |
| | 114,320 |
| Balance, net | $ | — |
| | $ | — |
|
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 March 31, 2015 and December 31, 2014, accumulated amortization of intangible assets was $209,052 and $191,631, respectively. Net intangible assets of $1,272,848 and $1,290,269 are categorized as prepaid expenses and other assets in the Consolidated Balance Sheets as of March 31, 2015 and December 31, 2014. In accordance with ASC 350, Intangibles – Goodwill and Other, management determined that no events or changes in circumstances occurred that would indicate the carrying amount may not be recoverable, and therefore determined that the intangible assets assigned to United were not impaired at March 31, 2015. |
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- 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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v2.4.1.9
Accumulated Other Comprehensive Income
|
3 Months Ended |
Mar. 31, 2015
|
Other Comprehensive Income (Loss), Net of Tax [Abstract] |
|
Accumulated Other Comprehensive Income |
Accumulated Other Comprehensive Income
The following tables provide changes in the balances of each component of accumulated other comprehensive income, net of tax, for the periods ended March 31, 2015 and 2014: | | | | | | | | | | | | | Three Months Ended March 31, 2015 | Unrealized Gains and Losses On Available-for-Sale Securities | | Postretirement Benefits Plans | | Total | Beginning balance at January 1 | $ | 12,934,497 |
| | $ | (77,988 | ) | | $ | 12,856,509 |
| Other comprehensive income before reclassifications | 184,227 |
| | — |
| | 184,227 |
| Amounts reclassified from accumulated other comprehensive income | (5,794 | ) | | 1,304 |
| | (4,490 | ) | Net current-period other comprehensive income | 178,433 |
| | 1,304 |
| | 179,737 |
| Ending balance | $ | 13,112,930 |
| | $ | (76,684 | ) | | $ | 13,036,246 |
|
| | | | | | | | | | | | | Three Months Ended March 31, 2014 | Unrealized Gains and Losses On Available-for-Sale Securities | | Postretirement Benefits Plans | | Total | Beginning balance at January 1 | $ | 11,395,757 |
| | $ | (48,353 | ) | | $ | 11,347,404 |
| Other comprehensive income before reclassifications | 325,932 |
| | — |
| | 325,932 |
| Amounts reclassified from accumulated other comprehensive income | (322,831 | ) | | 366 |
| | (322,465 | ) | Net current-period other comprehensive income | 3,101 |
| | 366 |
| | 3,467 |
| Ending balance | $ | 11,398,858 |
| | $ | (47,987 | ) | | $ | 11,350,871 |
|
The following tables provide significant amounts reclassified out of each component of accumulated other comprehensive income for the periods ended March 31, 2015 and 2014: | | | | | | | Three Months Ended March 31, 2015 | | | | 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 | $ | 8,803 |
| | | Other-than-temporary impairments | — |
| | | Total | $ | 8,803 |
| | Net realized gain on investment | Tax | (3,009 | ) | | Provision for Income Taxes | Net of Tax | $ | 5,794 |
| | | Amortization related to postretirement benefit plans: | |
| | | Prior year service cost | $ | (1,097 | ) | | | Unrecognized loss | (879 | ) | | | Total | $ | (1,976 | ) | | (a) | Tax | 672 |
| | Provision for Income Taxes | Net of Tax | $ | (1,304 | ) | | | Reclassifications for the period | $ | 4,490 |
| | |
| | | | | | | Three Months Ended March 31, 2014 | | | | 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 | $ | 502,199 |
| | | Other-than-temporary impairments | (10,062 | ) | | | Total | $ | 492,137 |
| | Net realized gain on investment | Tax | (169,306 | ) | | Provision for Income Taxes | Net of Tax | $ | 322,831 |
| | | Amortization related to postretirement benefit plans: | |
| | | Prior year service cost | $ | (554 | ) | | | Unrecognized gain (loss) | — |
| | | Total | $ | (554 | ) | | (a) | Tax | 188 |
| | Provision for Income Taxes | Net of Tax | $ | (366 | ) | | | Reclassifications for the period | $ | 322,465 |
| | |
| | (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 and accretion related to postretirement benefit plans is included in the computation of net periodic pension costs, as discussed in Note 5. |
|
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v2.4.1.9
Basis Of Presentation And Significant Accounting Policies (Policy)
|
3 Months Ended |
Mar. 31, 2015
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Principles Of Consolidation |
Principles of Consolidation – The accompanying unaudited Consolidated Financial Statements include the accounts and operations of Investors Title Company and its subsidiaries, and have been prepared in accordance with generally accepted accounting principles for interim financial information, with the instructions to Form 10-Q and with Article 10 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted. Earnings attributable to the Company's redeemable noncontrolling interest in a majority-owned insurance agency are recorded in the Consolidated Statements of Income. All intercompany balances and transactions have been eliminated in consolidation.
In the opinion of management, all adjustments considered necessary for a fair presentation of the financial position, results of operations and cash flows of the Company in the accompanying unaudited Consolidated Financial Statements have been included. All such adjustments are of a normal recurring nature. Operating results for the quarter ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. |
Reclassification, Policy [Policy Text Block] |
Immaterial Classification Correction – During the three months ended March 31, 2014, the Company mistakenly included a transaction within unrealized gains on the Consolidated Statements of Comprehensive Income. Accordingly, the Consolidated Statements of Comprehensive Income have been corrected. The inclusion of this transaction within the Statements of Comprehensive Income was offsetting by line item, and had no impact on the total comprehensive income attributable to the Company for the three months ended March 31, 2014. The correction did result in an increase to previously reported unrealized gains on investments arising during the period of $179,904, net of tax, a decrease to the reclassification adjustment for sales of securities included in net income of $173,628, net of tax, and a decrease to the reclassification adjustment for write-downs of securities included in net income of $6,276, net of tax. There was no impact to the Consolidated Balance Sheets, Consolidated Statements of Income, Consolidated Statements of Comprehensive Income, Consolidated Statements of Stockholders’ Equity or to the Company’s cash position.
|
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] |
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 premiums and fees receivable. |
Use Of Estimates And Assumptions |
Use of Estimates and Assumptions – The preparation of the Company’s Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions used.
|
Subsequent Events |
Subsequent Events – The Company has concluded that there were no material subsequent events requiring adjustment to or disclosure in its Consolidated Financial Statements. |
Recently Issued Accounting Standards |
Recently Issued Accounting Standards – In February 2015, the Financial Accounting Standards Board (“FASB”) updated guidance to change the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments: modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs") or voting interest entities; eliminate the presumption that a general partner should consolidate a limited partnership; affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; and provide a scope exception from consolidation guidance for reporting entities that are required to comply with or operate in accordance with certain requirements similar to those for registered money market funds. For public entities, this update becomes effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. Early adoption is permitted. The Company is currently evaluating the impact that the recently issued accounting standard will have on the Company's financial position and results of operations but does not expect it to have a material impact.
In May 2014, the FASB updated guidance to improve the comparability of revenue recognition practices for entities that either enter into contracts with customers to transfer goods or services or enter into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards such as insurance contracts or lease standards. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For public entities, this update becomes effective for interim and annual reporting periods beginning after December 15, 2016. The FASB has issued for public comment a proposal that would defer the effective date of the standard by one year. Early adoption is not permitted, although if the FASB proposal passes, public entities are permitted to elect to adopt the amendments on the original effective date. The Company is currently evaluating the impact that the recently issued accounting standard will have on the Company's financial position and results of operations but does not expect it to have a material impact. |
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v2.4.1.9
Reserves For Claims (Tables)
|
3 Months Ended |
Mar. 31, 2015
|
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] |
|
Summary Of Transactions In Reserves For Claims |
Transactions in the reserves for claims for the three months ended March 31, 2015 and the year ended December 31, 2014 are summarized as follows: | | | | | | | | | | March 31, 2015 | | December 31, 2014 | Balance, beginning of period | $ | 36,677,000 |
| | $ | 35,360,000 |
| Provision, charged to operations | 786,612 |
| | 5,229,716 |
| Payments of claims, net of recoveries | (400,612 | ) | | (3,912,716 | ) | Ending balance | $ | 37,063,000 |
| | $ | 36,677,000 |
|
|
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: | | | | | | | | | | | | | | March 31, 2015 | | % | | December 31, 2014 | | % | Known title claims | $ | 5,412,246 |
| | 14.6 | | $ | 5,364,645 |
| | 14.6 | IBNR | 31,650,754 |
| | 85.4 | | 31,312,355 |
| | 85.4 | Total loss reserves | $ | 37,063,000 |
| | 100.0 | | $ | 36,677,000 |
| | 100.0 |
|
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v2.4.1.9
Earnings Per Common Share And Share Awards (Tables)
|
3 Months Ended |
Mar. 31, 2015
|
Earnings Per Share [Abstract] |
|
Computation Of Basic And Diluted Earnings Per Share |
The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31: | | | | | | | | | | Three Months Ended March 31, | | 2015 | | 2014 | Net income attributable to the Company | $ | 1,726,124 |
| | $ | 986,438 |
| Weighted average common shares outstanding – Basic | 2,012,738 |
| | 2,037,164 |
| Incremental shares outstanding assuming the exercise of dilutive stock options and SARs (share-settled) | 5,766 |
| | 6,595 |
| Weighted average common shares outstanding – Diluted | 2,018,504 |
| | 2,043,759 |
| Basic earnings per common share | $ | 0.86 |
| | $ | 0.48 |
| Diluted earnings per common share | $ | 0.86 |
| | $ | 0.48 |
|
|
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, 2014 | 19,000 |
| | $ | 45.74 |
| | 3.43 | | $ | 669,610 |
| SARs granted | 4,500 |
| | 68.70 |
| | | | |
| SARs exercised | (1,500 | ) | | 49.04 |
| | | | |
| Options exercised | (1,000 | ) | | 27.21 |
| | | | |
| Options/SARs canceled/forfeited/expired | — |
| | — |
| | | | |
| Outstanding as of December 31, 2014 | 21,000 |
| | $ | 51.30 |
| | 3.64 | | $ | 453,510 |
| SARs granted | — |
| | — |
| | | | |
| SARs exercised | (2,000 | ) | | 47.88 |
| | | | |
| Options exercised | (1,500 | ) | | 36.79 |
| | | | |
| Options/SARs canceled/forfeited/expired | — |
| | — |
| | | | |
| Outstanding as of March 31, 2015 | 17,500 |
| | $ | 52.94 |
| | 4.05 | | $ | 369,255 |
| | | | | | | | | Exercisable as of March 31, 2015 | 17,500 |
| | $ | 52.94 |
| | 4.05 | | $ | 369,255 |
|
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Tabular disclosure of share-based compensation plans that may be presented in a single table for outstanding, vested and expected to vest, and exercisable awards. The information that may be disclosed in this table may include, but is not limited to, number of shares, weighted average exercise price, weighted average remaining contractual life, and aggregate intrinsic value.
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v2.4.1.9
Segment Information (Tables)
|
3 Months Ended |
Mar. 31, 2015
|
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 March 31, 2015 and 2014: | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2015 | Title Insurance | | All Other | | Intersegment Eliminations | | Total | Insurance and other services revenues | $ | 25,995,525 |
| | $ | 1,464,157 |
| | $ | (350,715 | ) | | $ | 27,108,967 |
| Investment income | 1,050,775 |
| | 150,598 |
| | (23,334 | ) | | 1,178,039 |
| Net realized gain on investments | 14,379 |
| | 424 |
| | — |
| | 14,803 |
| Total revenues | $ | 27,060,679 |
| | $ | 1,615,179 |
| | $ | (374,049 | ) | | $ | 28,301,809 |
| Operating expenses | 24,597,471 |
| | 1,668,508 |
| | (333,294 | ) | | 25,932,685 |
| Income (loss) before income taxes | $ | 2,463,208 |
| | $ | (53,329 | ) | | $ | (40,755 | ) | | $ | 2,369,124 |
| Total assets | $ | 150,689,425 |
| | $ | 46,307,485 |
| | $ | — |
| | $ | 196,996,910 |
|
| | | | | | | | | | | | | | | | | Three Months Ended March 31, 2014 | Title Insurance | | All Other | | Intersegment Eliminations | | Total | Insurance and other services revenues | $ | 25,807,450 |
| | $ | 1,453,301 |
| | $ | (325,230 | ) | | $ | 26,935,521 |
| Investment income | 928,512 |
| | 121,238 |
| | (23,334 | ) | | 1,026,416 |
| Net realized gain on investments | 437,608 |
| | 54,529 |
| | — |
| | 492,137 |
| Total revenues | $ | 27,173,570 |
| | $ | 1,629,068 |
| | $ | (348,564 | ) | | $ | 28,454,074 |
| Operating expenses | 25,724,928 |
| | 1,680,440 |
| | (307,809 | ) | | 27,097,559 |
| Income (loss) before income taxes | $ | 1,448,642 |
| | $ | (51,372 | ) | | $ | (40,755 | ) | | $ | 1,356,515 |
| Total assets | $ | 143,241,843 |
| | $ | 42,085,290 |
| | $ | — |
| | $ | 185,327,133 |
|
|
X |
- Definition
Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.
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v2.4.1.9
Retirement Agreements And Other Postretirement Benefits (Tables)
|
3 Months Ended |
Mar. 31, 2015
|
Compensation and Retirement Disclosure [Abstract] |
|
Components Of Net Periodic Benefits Cost |
The following sets forth the net periodic benefits cost for the executive benefits for the periods ended March 31, 2015 and 2014: | | | | | | | | | | Three Months Ended March 31, | | 2015 | | 2014 | Service cost – benefits earned during the year | $ | 4,187 |
| | $ | 3,667 |
| Interest cost on the projected benefit obligation | 7,693 |
| | 7,618 |
| Amortization of unrecognized prior service cost | 1,097 |
| | 554 |
| Amortization of unrecognized losses | 879 |
| | — |
| Net periodic benefits costs | $ | 13,856 |
| | $ | 11,839 |
|
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v2.4.1.9
Fair Value Measurement (Tables)
|
3 Months Ended |
Mar. 31, 2015
|
Fair Value Disclosures [Abstract] |
|
Schedule Of Assumptions Used To Determine Fair Value |
The following table summarizes some key assumptions the service used to determine fair value as of March 31, 2015 and December 31, 2014: | | | | | | 2015 | | 2014 | Cumulative probability of earning maximum rate until maturity | —% | | —% | Cumulative probability of principal returned prior to maturity | 95.2% | | 95.2% | Cumulative probability of default at some future point | 4.8% | | 4.8% |
|
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 March 31, 2015 and December 31, 2014. 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 March 31, 2015 | Level 1 | | Level 2 | | Level 3 | | Total | Short-term investments | $ | 4,400,330 |
| | $ | — |
| | $ | — |
| | $ | 4,400,330 |
| Equity securities: | |
| | |
| | |
| | |
| Common stock and nonredeemable preferred stock | 39,476,921 |
| | — |
| | — |
| | 39,476,921 |
| Fixed maturities: | |
| | |
| | |
| | |
| Obligations of U.S. states, territories and political subdivisions* | — |
| | 83,180,466 |
| | — |
| | 83,180,466 |
| Corporate debt securities* | — |
| | 22,012,779 |
| | 941,200 |
| | 22,953,979 |
| Total | $ | 43,877,251 |
| | $ | 105,193,245 |
| | $ | 941,200 |
| | $ | 150,011,696 |
|
| | | | | | | | | | | | | | | | | As of December 31, 2014 | Level 1 | | Level 2 | | Level 3 | | Total | Short-term investments | $ | 2,576,993 |
| | $ | — |
| | $ | — |
| | $ | 2,576,993 |
| Equity securities: | | | | | | | | Common stock and nonredeemable preferred stock | 39,254,981 |
| | — |
| | — |
| | 39,254,981 |
| Fixed maturities: | | | | | | | | Obligations of U.S. states, territories and political subdivisions* | — |
| | 85,780,755 |
| | — |
| | 85,780,755 |
| Corporate debt securities* | — |
| | 22,328,435 |
| | 939,100 |
| | 23,267,535 |
| Total | $ | 41,831,974 |
| | $ | 108,109,190 |
| | $ | 939,100 |
| | $ | 150,880,264 |
|
*Denotes fair market value obtained from pricing services. |
Schedule Of Carrying Value And Fair Value Of Financial Assets Disclosed |
The carrying amounts and fair values of these financial instruments (please note investments are disclosed in a previous table) as of March 31, 2015 and December 31, 2014 are presented in the following table: | | | | | | | | | | | | | | | | | | | | | As of March 31, 2015 | Carrying Value | | Estimated Fair Value | | Level 1 | | Level 2 | | Level 3 | Financial assets: | | | | | | | | | | Cash | $ | 15,639,072 |
| | $ | 15,639,072 |
| | $ | 15,639,072 |
| | $ | — |
| | $ | — |
| Cost-basis investments | 2,502,468 |
| | 2,881,597 |
| | — |
| | — |
| | 2,881,597 |
| Accrued dividends and interest | 1,313,255 |
| | 1,313,255 |
| | 1,313,255 |
| | — |
| | — |
| Total Financial Assets | $ | 19,454,795 |
| | $ | 19,833,924 |
| | $ | 16,952,327 |
| | $ | — |
| | $ | 2,881,597 |
|
| | | | | | | | | | | | | | | | | | | | | As of December 31, 2014 | Carrying Value | | Estimated Fair Value | | Level 1 | | Level 2 | | Level 3 | Financial assets: | | | | | | | | | | Cash | $ | 15,826,515 |
| | $ | 15,826,515 |
| | $ | 15,826,515 |
| | $ | — |
| | $ | — |
| Cost-basis investments | 2,516,608 |
| | 2,675,817 |
| | — |
| | — |
| | 2,675,817 |
| Accrued dividends and interest | 1,063,837 |
| | 1,063,837 |
| | 1,063,837 |
| | — |
| | — |
| Total Financial Assets | $ | 19,406,960 |
| | $ | 19,566,169 |
| | $ | 16,890,352 |
| | $ | — |
| | $ | 2,675,817 |
|
|
Schedule Of Fair Value Assets Measured At Unobservable Inputs 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 period ended March 31, 2015 and the year ended December 31, 2014: | | | | | | | | | Changes in fair value during the period ended: | 2015 | | 2014 | Beginning balance at January 1 | $ | 939,100 |
| | $ | 935,700 |
| Redemptions and sales | — |
| | — |
| Realized gain – included in net realized gain on investments | — |
| | — |
| Unrealized gain - included in other comprehensive income | 2,100 |
| | 3,400 |
| Ending balance, net | $ | 941,200 |
| | $ | 939,100 |
|
|
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 March 31, 2015 and December 31, 2014 and the related impairments recognized: | | | | | | | | | | | | | | | | | | | | | | | | | As of March 31, 2015 | Valuation Method | | Impaired | | Level 1 | | Level 2 | | Level 3 | | Total at Estimated Fair Value | | Impairment Losses | Cost-basis investments | Fair Value | | Yes | | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| Total cost-basis investments | | | | | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
|
| | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2014 | Valuation Method | | Impaired | | Level 1 | | Level 2 | | Level 3 | | Total at Estimated Fair Value | | Impairment Losses | Cost-basis investments | Fair Value | | Yes | | $ | — |
| | $ | — |
| | $ | 22,682 |
| | $ | 22,682 |
| | $ | (10,062 | ) | Total cost-basis investments | | | | | $ | — |
| | $ | — |
| | $ | 22,682 |
| | $ | 22,682 |
| | $ | (10,062 | ) |
|
X |
- Definition
Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).
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v2.4.1.9
Investments In Securities (Tables)
|
3 Months Ended |
Mar. 31, 2015
|
Investments, Debt and Equity Securities [Abstract] |
|
Schedule Of Gross Unrealized Gains And Losses And Amortized Cost For Securities |
The aggregate estimated fair value, gross unrealized holding gains, gross unrealized holding losses and cost or amortized cost for securities by major security type are as follows: | | | | | | | | | | | | | | | | | As of March 31, 2015 | 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 | $ | 33,121,352 |
| | $ | 1,472,862 |
| | $ | 25,389 |
| | $ | 34,568,825 |
| Issuer obligations of U.S. states, territories and political subdivisions revenue | 46,113,735 |
| | 2,527,991 |
| | 30,085 |
| | 48,611,641 |
| Corporate debt securities | 21,072,010 |
| | 940,769 |
| | — |
| | 22,012,779 |
| Auction rate securities | 922,735 |
| | 18,465 |
| | — |
| | 941,200 |
| Total | $ | 101,229,832 |
| | $ | 4,960,087 |
| | $ | 55,474 |
| | $ | 106,134,445 |
| Equity securities, available-for-sale, at fair value: | |
| | |
| | |
| | |
| Common stocks and nonredeemable preferred stocks | $ | 24,349,105 |
| | $ | 15,255,747 |
| | $ | 127,931 |
| | $ | 39,476,921 |
| Total | $ | 24,349,105 |
| | $ | 15,255,747 |
| | $ | 127,931 |
| | $ | 39,476,921 |
| Short-term investments: | |
| | |
| | |
| | |
| Money market funds and certificates of deposit | $ | 4,400,330 |
| | $ | — |
| | $ | — |
| | $ | 4,400,330 |
| Total | $ | 4,400,330 |
| | $ | — |
| | $ | — |
| | $ | 4,400,330 |
|
| | | | | | | | | | | | | | | | | As of December 31, 2014 | 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 | $ | 35,215,247 |
| | $ | 1,527,794 |
| | $ | 19,542 |
| | $ | 36,723,499 |
| Issuer obligations of U.S. states, territories and political subdivisions special revenue | 46,707,033 |
| | 2,405,725 |
| | 55,502 |
| | 49,057,256 |
| Corporate debt securities | 21,576,641 |
| | 823,133 |
| | 71,339 |
| | 22,328,435 |
| Auction rate securities | 922,129 |
| | 16,971 |
| | — |
| | 939,100 |
| Total | $ | 104,421,050 |
| | $ | 4,773,623 |
| | $ | 146,383 |
| | $ | 109,048,290 |
| Equity securities, available-for-sale, at fair value: | |
| | |
| | |
| | |
| Common stocks and nonredeemable preferred stocks | $ | 24,128,753 |
| | $ | 15,225,459 |
| | $ | 99,231 |
| | $ | 39,254,981 |
| Total | $ | 24,128,753 |
| | $ | 15,225,459 |
| | $ | 99,231 |
| | $ | 39,254,981 |
| Short-term investments: | |
| | |
| | |
| | |
| Money market funds and certificates of deposits | $ | 2,576,993 |
| | $ | — |
| | $ | — |
| | $ | 2,576,993 |
| Total | $ | 2,576,993 |
| | $ | — |
| | $ | — |
| | $ | 2,576,993 |
|
|
Schedule Of Fixed Maturity Securities |
The scheduled maturities of fixed maturity securities at March 31, 2015 were as follows: | | | | | | | | | | Available-for-Sale | | Amortized Cost | | Fair Value | Due in one year or less | $ | 13,053,110 |
| | $ | 13,204,273 |
| Due after one year through five years | 51,042,282 |
| | 53,724,810 |
| Due five years through ten years | 35,140,718 |
| | 36,642,930 |
| Due after ten years | 1,993,722 |
| | 2,562,432 |
| Total | $ | 101,229,832 |
| | $ | 106,134,445 |
|
|
Schedule Of Gross Realized Gains And Losses On Securities |
Realized gains and losses on investments for the three months ended March 31 are summarized as follows: | | | | | | | | | | 2015 | | 2014 | Gross realized gains: | |
| | |
| Corporate debt securities | $ | 999 |
| | $ | — |
| Common stocks and nonredeemable preferred stocks | 8,200 |
| | 765,272 |
| Total | $ | 9,199 |
| | $ | 765,272 |
| Gross realized losses: | |
| | |
| General obligations of U.S. states, territories and political subdivisions | $ | (396 | ) | | $ | — |
| Total | $ | (396 | ) | | $ | — |
| Net realized gain from securities | $ | 8,803 |
| | $ | 765,272 |
| Net realized (losses) gains on other investments: | | | | Impairments of other assets and investments | $ | — |
| | $ | (10,062 | ) | Net gain on other assets and investments | 6,000 |
| | — |
| Net loss on other assets and investments | — |
| | (263,073 | ) | Total | $ | 6,000 |
| | $ | (273,135 | ) | Net realized gain on investments | $ | 14,803 |
| | $ | 492,137 |
|
|
Schedule Of Unrealized Losses On Investments |
The following table presents the gross unrealized losses on investment securities and the fair value of the securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at March 31, 2015 and December 31, 2014: | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 Months | | 12 Months or Longer | | Total | As of March 31, 2015 | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | General obligations of U.S. states, territories and political subdivisions | $ | 1,942,803 |
| | $ | (25,389 | ) | | $ | — |
| | $ | — |
| | $ | 1,942,803 |
| | $ | (25,389 | ) | Issuer obligations of U.S. states, territories and political subdivisions special revenue | 3,252,307 |
| | (20,404 | ) | | 1,209,989 |
| | (9,681 | ) | | 4,462,296 |
| | (30,085 | ) | Total fixed income securities | $ | 5,195,110 |
| | $ | (45,793 | ) | | $ | 1,209,989 |
| | $ | (9,681 | ) | | $ | 6,405,099 |
| | $ | (55,474 | ) | Equity securities | $ | 1,553,666 |
| | $ | (86,455 | ) | | $ | 145,125 |
| | $ | (41,476 | ) | | $ | 1,698,791 |
| | $ | (127,931 | ) | Total temporarily impaired securities | $ | 6,748,776 |
| | $ | (132,248 | ) | | $ | 1,355,114 |
| | $ | (51,157 | ) | | $ | 8,103,890 |
| | $ | (183,405 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 Months | | 12 Months or Longer | | Total | As of December 31, 2014 | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | General obligations of U.S. states, territories and political subdivisions | $ | 2,113,194 |
| | $ | (19,542 | ) | | $ | — |
| | $ | — |
| | $ | 2,113,194 |
| | $ | (19,542 | ) | Issuer obligations of U.S. states, territories and political subdivisions special revenue | 3,946,977 |
| | (13,453 | ) | | 1,182,390 |
| | (42,049 | ) | | 5,129,367 |
| | (55,502 | ) | Corporate debt securities | 6,924,430 |
| | (71,339 | ) | | — |
| | — |
| | 6,924,430 |
| | (71,339 | ) | Total fixed income securities | $ | 12,984,601 |
| | $ | (104,334 | ) | | $ | 1,182,390 |
| | $ | (42,049 | ) | | $ | 14,166,991 |
| | $ | (146,383 | ) | Equity securities | $ | 930,208 |
| | $ | (71,669 | ) | | $ | 141,280 |
| | $ | (27,562 | ) | | $ | 1,071,488 |
| | $ | (99,231 | ) | Total temporarily impaired securities | $ | 13,914,809 |
| | $ | (176,003 | ) | | $ | 1,323,670 |
| | $ | (69,611 | ) | | $ | 15,238,479 |
| | $ | (245,614 | ) |
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v2.4.1.9
Related Party Transactions (Tables)
|
3 Months Ended |
Mar. 31, 2015
|
Related Party Transactions [Abstract] |
|
Summary Of Approximate Values By Year Found Within Consolidated Balance Sheets |
| | | | | | | | | Financial Statement Classification, | As of March 31, 2015 | | As of December 31, 2014 | Consolidated Balance Sheets | | Other investments | $ | 5,316,000 |
| | $ | 6,014,000 |
| Premiums and fees receivable | $ | 798,000 |
| | $ | 666,000 |
|
|
Summary Of Approximate Values By Year Found Within Consolidated Statements Of Income |
| | | | | | | | | Financial Statement Classification, | For the Three Months Ended March 31, | Consolidated Statements of Income | 2015 | | 2014 | Net premiums written | $ | 3,056,000 |
| | $ | 2,291,000 |
| Other income | $ | 403,000 |
| | $ | 349,000 |
| Commissions to agents | $ | 2,132,000 |
| | $ | 1,677,000 |
|
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v2.4.1.9
Acquisition (Tables)
|
3 Months Ended |
Mar. 31, 2015
|
Business Combinations [Abstract] |
|
Schedule of Parent Ownership Interest, Effects of Changes |
The following table provides the effects of changes in ITIC's ownership interest in United, and the resulting impact on the Company's equity: | | | | | | | | | | March 31, 2015 | | December 31, 2014 | Net income attributable to the Company | $ | 1,726,124 |
| | $ | 9,648,975 |
| Transfers from the redeemable controlling interest: | | | | Decrease in paid-in capital for purchase of redeemable noncontrolling interest | — |
| | (114,320 | ) | Net transfers from noncontrolling interest | — |
| | (114,320 | ) | Change from net income attributable to the Company and transfers from redeemable noncontrolling interest | $ | 1,726,124 |
| | $ | 9,534,655 |
|
|
Reconciliation Of Total Redeemable Equity |
The following table provides a reconciliation of total redeemable equity for the periods ended March 31, 2015 and December 31, 2014: | | | | | | | | | Changes in carrying value during the period ended: | March 31, 2015 |
| December 31, 2014 | Beginning balance at January 1 | $ | — |
| | $ | 545,489 |
| Net income attributable to redeemable noncontrolling interest | — |
| | 23,523 |
| Distributions to noncontrolling interest | — |
| | (168,057 | ) | Redeemable noncontrolling interest resulting from subsidiary purchase | — |
| | (515,275 | ) | Adjustment to retained earnings for purchase of noncontrolling interest | — |
| | 114,320 |
| Balance, net | $ | — |
| | $ | — |
|
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v2.4.1.9
Accumulated Other Comprehensive Income (Tables)
|
3 Months Ended |
Mar. 31, 2015
|
Other Comprehensive Income (Loss), Net of Tax [Abstract] |
|
Schedule Of Changes In Balances Of Each Component Of Accumulated Other Comprehensive Income, Net Of Tax |
The following tables provide changes in the balances of each component of accumulated other comprehensive income, net of tax, for the periods ended March 31, 2015 and 2014: | | | | | | | | | | | | | Three Months Ended March 31, 2015 | Unrealized Gains and Losses On Available-for-Sale Securities | | Postretirement Benefits Plans | | Total | Beginning balance at January 1 | $ | 12,934,497 |
| | $ | (77,988 | ) | | $ | 12,856,509 |
| Other comprehensive income before reclassifications | 184,227 |
| | — |
| | 184,227 |
| Amounts reclassified from accumulated other comprehensive income | (5,794 | ) | | 1,304 |
| | (4,490 | ) | Net current-period other comprehensive income | 178,433 |
| | 1,304 |
| | 179,737 |
| Ending balance | $ | 13,112,930 |
| | $ | (76,684 | ) | | $ | 13,036,246 |
|
| | | | | | | | | | | | | Three Months Ended March 31, 2014 | Unrealized Gains and Losses On Available-for-Sale Securities | | Postretirement Benefits Plans | | Total | Beginning balance at January 1 | $ | 11,395,757 |
| | $ | (48,353 | ) | | $ | 11,347,404 |
| Other comprehensive income before reclassifications | 325,932 |
| | — |
| | 325,932 |
| Amounts reclassified from accumulated other comprehensive income | (322,831 | ) | | 366 |
| | (322,465 | ) | Net current-period other comprehensive income | 3,101 |
| | 366 |
| | 3,467 |
| Ending balance | $ | 11,398,858 |
| | $ | (47,987 | ) | | $ | 11,350,871 |
|
|
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 March 31, 2015 and 2014: | | | | | | | Three Months Ended March 31, 2015 | | | | 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 | $ | 8,803 |
| | | Other-than-temporary impairments | — |
| | | Total | $ | 8,803 |
| | Net realized gain on investment | Tax | (3,009 | ) | | Provision for Income Taxes | Net of Tax | $ | 5,794 |
| | | Amortization related to postretirement benefit plans: | |
| | | Prior year service cost | $ | (1,097 | ) | | | Unrecognized loss | (879 | ) | | | Total | $ | (1,976 | ) | | (a) | Tax | 672 |
| | Provision for Income Taxes | Net of Tax | $ | (1,304 | ) | | | Reclassifications for the period | $ | 4,490 |
| | |
| | | | | | | Three Months Ended March 31, 2014 | | | | 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 | $ | 502,199 |
| | | Other-than-temporary impairments | (10,062 | ) | | | Total | $ | 492,137 |
| | Net realized gain on investment | Tax | (169,306 | ) | | Provision for Income Taxes | Net of Tax | $ | 322,831 |
| | | Amortization related to postretirement benefit plans: | |
| | | Prior year service cost | $ | (554 | ) | | | Unrecognized gain (loss) | — |
| | | Total | $ | (554 | ) | | (a) | Tax | 188 |
| | Provision for Income Taxes | Net of Tax | $ | (366 | ) | | | Reclassifications for the period | $ | 322,465 |
| | |
| | (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 and accretion related to postretirement benefit plans is included in the computation of net periodic pension costs, as discussed in Note 5. |
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v2.4.1.9
Basis Of Presentation And Significant Accounting Policies Immaterial Classification Correction (Details) (USD $)
|
3 Months Ended |
Mar. 31, 2015
|
Mar. 31, 2014
|
Immaterial Classification Correction [Line Items] |
|
|
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax |
$ 178,433us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax |
$ 3,101us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax |
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|
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|
|
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Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax |
|
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v2.4.1.9
Reserves For Claims Summary Of Transactions In Reserves For Claims (Details) (USD $)
|
3 Months Ended |
12 Months Ended |
|
Mar. 31, 2015
|
Dec. 31, 2014
|
Dec. 31, 2013
|
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] |
|
|
|
Liability for Title Claims and Claims Adjustment Expense |
$ 37,063,000us-gaap_LiabilityForTitleClaimsAndClaimsAdjustmentExpense |
$ 36,677,000us-gaap_LiabilityForTitleClaimsAndClaimsAdjustmentExpense |
$ 35,360,000us-gaap_LiabilityForTitleClaimsAndClaimsAdjustmentExpense |
Provision, charged to operations |
786,612us-gaap_LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1 |
5,229,716us-gaap_LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1 |
|
Payments of claims, net of recoveries |
$ (400,612)us-gaap_PaymentsForLossesAndLossAdjustmentExpense |
$ (3,912,716)us-gaap_PaymentsForLossesAndLossAdjustmentExpense |
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v2.4.1.9
Reserves For Claims Summary Of The Company's Loss Reserves (Details) (USD $)
|
Mar. 31, 2015
|
Dec. 31, 2014
|
Dec. 31, 2013
|
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] |
|
|
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Known title claims |
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|
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$ 35,360,000us-gaap_LiabilityForTitleClaimsAndClaimsAdjustmentExpense |
% of Known title claims |
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v2.4.1.9
Earnings Per Common Share And Share Awards (Details) (USD $)
|
3 Months Ended |
Mar. 31, 2015
|
Mar. 31, 2014
|
Earnings Per Common Share And Share Awards [Line Items] |
|
|
Incremental dilutive potential common shares, calculated using treasury stock method (in shares) |
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$ 33,000us-gaap_AllocatedShareBasedCompensationExpense |
$ 22,000us-gaap_AllocatedShareBasedCompensationExpense |
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v2.4.1.9
Earnings Per Common Share And Share Awards Computation Of Basic And Diluted Earnings Per Share (Details) (USD $)
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2015
|
Mar. 31, 2014
|
Dec. 31, 2014
|
Earnings Per Share [Abstract] |
|
|
|
Net income attributable to the Company |
$ 1,726,124us-gaap_NetIncomeLoss |
$ 986,438us-gaap_NetIncomeLoss |
$ 9,648,975us-gaap_NetIncomeLoss |
Weighted average common shares outstanding - Basic |
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2,037,164us-gaap_WeightedAverageNumberOfSharesOutstandingBasic |
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Incremental shares outstanding assuming the exercise of dilutive stock options and SARs (share settled) |
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Weighted average common shares outstanding - Diluted |
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2,043,759us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding |
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Basic Earnings per Common Share |
$ 0.86us-gaap_EarningsPerShareBasic |
$ 0.48us-gaap_EarningsPerShareBasic |
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v2.4.1.9
Earnings Per Common Share And Share Awards Summary Of Share-Based Award Transactions (Details) (USD $)
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3 Months Ended |
12 Months Ended |
Mar. 31, 2015
|
Dec. 31, 2014
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Dec. 31, 2013
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Weighted Average Exercise Price, Outstanding Beginning Balance |
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|
|
Average Remaining Contractual Term, Outstanding Beginning Balance |
4 years 0 months 18 days |
3 years 7 months 20 days |
3 years 5 months 4 days |
Average Remaining Contractual Term, Exercisable as of March 31, 2015 |
4 years 0 months 18 days |
|
|
Aggregate Intrinsic Value, Outstanding Beginning Balance |
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v2.4.1.9
Segment Information Selected Financial Information By Segment (Details) (USD $)
|
3 Months Ended |
|
Mar. 31, 2015
segment
|
Mar. 31, 2014
|
Dec. 31, 2014
|
Segment Reporting Information [Line Items] |
|
|
|
Number of reportable segments |
1us-gaap_NumberOfReportableSegments |
|
|
Insurance And Other Services Revenue |
$ 27,108,967itic_InsuranceAndOtherServicesRevenue |
$ 26,935,521itic_InsuranceAndOtherServicesRevenue |
|
Investment income |
1,178,039us-gaap_InvestmentIncomeInterestAndDividend |
1,026,416us-gaap_InvestmentIncomeInterestAndDividend |
|
Net realized gain (loss) on investments |
14,803us-gaap_GainLossOnInvestments |
492,137us-gaap_GainLossOnInvestments |
|
Total Revenues |
28,301,809us-gaap_Revenues |
28,454,074us-gaap_Revenues |
|
Operating expenses |
25,932,685us-gaap_BenefitsLossesAndExpenses |
27,097,559us-gaap_BenefitsLossesAndExpenses |
|
Income (loss) before income taxes |
2,369,124us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments |
1,356,515us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments |
|
Total assets |
196,996,910us-gaap_Assets |
185,327,133us-gaap_Assets |
198,039,210us-gaap_Assets |
Title Insurance |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Insurance And Other Services Revenue |
25,995,525itic_InsuranceAndOtherServicesRevenue / us-gaap_StatementBusinessSegmentsAxis = us-gaap_OperatingSegmentsMember |
25,807,450itic_InsuranceAndOtherServicesRevenue / us-gaap_StatementBusinessSegmentsAxis = us-gaap_OperatingSegmentsMember |
|
Investment income |
1,050,775us-gaap_InvestmentIncomeInterestAndDividend / us-gaap_StatementBusinessSegmentsAxis = us-gaap_OperatingSegmentsMember |
928,512us-gaap_InvestmentIncomeInterestAndDividend / us-gaap_StatementBusinessSegmentsAxis = us-gaap_OperatingSegmentsMember |
|
Net realized gain (loss) on investments |
14,379us-gaap_GainLossOnInvestments / us-gaap_StatementBusinessSegmentsAxis = us-gaap_OperatingSegmentsMember |
437,608us-gaap_GainLossOnInvestments / us-gaap_StatementBusinessSegmentsAxis = us-gaap_OperatingSegmentsMember |
|
Total Revenues |
27,060,679us-gaap_Revenues / us-gaap_StatementBusinessSegmentsAxis = us-gaap_OperatingSegmentsMember |
27,173,570us-gaap_Revenues / us-gaap_StatementBusinessSegmentsAxis = us-gaap_OperatingSegmentsMember |
|
Operating expenses |
24,597,471us-gaap_BenefitsLossesAndExpenses / us-gaap_StatementBusinessSegmentsAxis = us-gaap_OperatingSegmentsMember |
25,724,928us-gaap_BenefitsLossesAndExpenses / us-gaap_StatementBusinessSegmentsAxis = us-gaap_OperatingSegmentsMember |
|
Income (loss) before income taxes |
2,463,208us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments / us-gaap_StatementBusinessSegmentsAxis = us-gaap_OperatingSegmentsMember |
1,448,642us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments / us-gaap_StatementBusinessSegmentsAxis = us-gaap_OperatingSegmentsMember |
|
Total assets |
150,689,425us-gaap_Assets / us-gaap_StatementBusinessSegmentsAxis = us-gaap_OperatingSegmentsMember |
143,241,843us-gaap_Assets / us-gaap_StatementBusinessSegmentsAxis = us-gaap_OperatingSegmentsMember |
|
All Other |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Insurance And Other Services Revenue |
1,464,157itic_InsuranceAndOtherServicesRevenue / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
1,453,301itic_InsuranceAndOtherServicesRevenue / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
|
Investment income |
150,598us-gaap_InvestmentIncomeInterestAndDividend / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
121,238us-gaap_InvestmentIncomeInterestAndDividend / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
|
Net realized gain (loss) on investments |
424us-gaap_GainLossOnInvestments / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
54,529us-gaap_GainLossOnInvestments / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
|
Total Revenues |
1,615,179us-gaap_Revenues / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
1,629,068us-gaap_Revenues / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
|
Operating expenses |
1,668,508us-gaap_BenefitsLossesAndExpenses / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
1,680,440us-gaap_BenefitsLossesAndExpenses / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
|
Income (loss) before income taxes |
(53,329)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
(51,372)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
|
Total assets |
46,307,485us-gaap_Assets / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
42,085,290us-gaap_Assets / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
|
Intersegment Eliminations [Member] |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Insurance And Other Services Revenue |
(350,715)itic_InsuranceAndOtherServicesRevenue / us-gaap_ConsolidationItemsAxis = us-gaap_IntersegmentEliminationMember |
(325,230)itic_InsuranceAndOtherServicesRevenue / us-gaap_ConsolidationItemsAxis = us-gaap_IntersegmentEliminationMember |
|
Investment income |
(23,334)us-gaap_InvestmentIncomeInterestAndDividend / us-gaap_ConsolidationItemsAxis = us-gaap_IntersegmentEliminationMember |
(23,334)us-gaap_InvestmentIncomeInterestAndDividend / us-gaap_ConsolidationItemsAxis = us-gaap_IntersegmentEliminationMember |
|
Net realized gain (loss) on investments |
0us-gaap_GainLossOnInvestments / us-gaap_ConsolidationItemsAxis = us-gaap_IntersegmentEliminationMember |
0us-gaap_GainLossOnInvestments / us-gaap_ConsolidationItemsAxis = us-gaap_IntersegmentEliminationMember |
|
Total Revenues |
(374,049)us-gaap_Revenues / us-gaap_ConsolidationItemsAxis = us-gaap_IntersegmentEliminationMember |
(348,564)us-gaap_Revenues / us-gaap_ConsolidationItemsAxis = us-gaap_IntersegmentEliminationMember |
|
Operating expenses |
(333,294)us-gaap_BenefitsLossesAndExpenses / us-gaap_ConsolidationItemsAxis = us-gaap_IntersegmentEliminationMember |
(307,809)us-gaap_BenefitsLossesAndExpenses / us-gaap_ConsolidationItemsAxis = us-gaap_IntersegmentEliminationMember |
|
Income (loss) before income taxes |
(40,755)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments / us-gaap_ConsolidationItemsAxis = us-gaap_IntersegmentEliminationMember |
(40,755)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments / us-gaap_ConsolidationItemsAxis = us-gaap_IntersegmentEliminationMember |
|
Total assets |
$ 0us-gaap_Assets / us-gaap_ConsolidationItemsAxis = us-gaap_IntersegmentEliminationMember |
$ 0us-gaap_Assets / us-gaap_ConsolidationItemsAxis = us-gaap_IntersegmentEliminationMember |
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v2.4.1.9
Retirement Agreements And Other Postretirement Benefits (Details) (USD $)
|
3 Months Ended |
|
Mar. 31, 2015
|
Mar. 31, 2014
|
Dec. 31, 2014
|
Compensation and Retirement Disclosure [Abstract] |
|
|
|
Service cost - benefits earned during the year |
$ 4,187us-gaap_DefinedBenefitPlanServiceCost |
$ 3,667us-gaap_DefinedBenefitPlanServiceCost |
|
Interest cost on the projected benefit obligation |
7,693us-gaap_DefinedBenefitPlanInterestCost |
7,618us-gaap_DefinedBenefitPlanInterestCost |
|
(Accretion) amortization of unrecognized prior service cost |
1,097us-gaap_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit |
554us-gaap_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit |
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Amortization of unrecognized losses |
879us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses |
0us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses |
|
Net periodic benefits costs |
13,856us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost |
11,839us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost |
|
Employee benefits and other payments |
$ 7,570,000us-gaap_DefinedBenefitPensionPlanCurrentAndNoncurrentLiabilities |
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$ 7,111,000us-gaap_DefinedBenefitPensionPlanCurrentAndNoncurrentLiabilities |
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v2.4.1.9
Fair Value Measurement Schedule Of Fair Value Assets Measured On Recurring Basis (Details) (USD $)
|
Mar. 31, 2015
|
Dec. 31, 2014
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Short-term investments |
$ 4,400,330us-gaap_ShortTermInvestments |
|
$ 2,576,993us-gaap_ShortTermInvestments |
|
Equity securities |
39,476,921us-gaap_AvailableForSaleSecuritiesEquitySecurities |
|
39,254,981us-gaap_AvailableForSaleSecuritiesEquitySecurities |
|
Fixed maturities |
106,134,445us-gaap_AvailableForSaleSecuritiesDebtSecurities |
|
109,048,290us-gaap_AvailableForSaleSecuritiesDebtSecurities |
|
Total |
150,011,696us-gaap_AssetsFairValueDisclosure |
|
150,880,264us-gaap_AssetsFairValueDisclosure |
|
Level 1 |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Short-term investments |
4,400,330us-gaap_ShortTermInvestments / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel1Member |
|
2,576,993us-gaap_ShortTermInvestments / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel1Member |
|
Total |
43,877,251us-gaap_AssetsFairValueDisclosure / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel1Member |
|
41,831,974us-gaap_AssetsFairValueDisclosure / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel1Member |
|
Level 2 |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Short-term investments |
0us-gaap_ShortTermInvestments / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel2Member |
|
0us-gaap_ShortTermInvestments / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel2Member |
|
Total |
105,193,245us-gaap_AssetsFairValueDisclosure / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel2Member |
|
108,109,190us-gaap_AssetsFairValueDisclosure / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel2Member |
|
Level 3 |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Short-term investments |
0us-gaap_ShortTermInvestments / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel3Member |
|
0us-gaap_ShortTermInvestments / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel3Member |
|
Total |
941,200us-gaap_AssetsFairValueDisclosure / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel3Member |
|
939,100us-gaap_AssetsFairValueDisclosure / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel3Member |
|
Common Stock And Nonredeemable Preferred Stock |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Equity securities |
39,476,921us-gaap_AvailableForSaleSecuritiesEquitySecurities / us-gaap_FairValueByAssetClassAxis = itic_CommonStockAndNonredeemablePreferredStockMember |
|
39,254,981us-gaap_AvailableForSaleSecuritiesEquitySecurities / us-gaap_FairValueByAssetClassAxis = itic_CommonStockAndNonredeemablePreferredStockMember |
|
Common Stock And Nonredeemable Preferred Stock | Level 1 |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Equity securities |
39,476,921us-gaap_AvailableForSaleSecuritiesEquitySecurities / us-gaap_FairValueByAssetClassAxis = itic_CommonStockAndNonredeemablePreferredStockMember / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel1Member |
|
39,254,981us-gaap_AvailableForSaleSecuritiesEquitySecurities / us-gaap_FairValueByAssetClassAxis = itic_CommonStockAndNonredeemablePreferredStockMember / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel1Member |
|
Common Stock And Nonredeemable Preferred Stock | Level 2 |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Equity securities |
0us-gaap_AvailableForSaleSecuritiesEquitySecurities / us-gaap_FairValueByAssetClassAxis = itic_CommonStockAndNonredeemablePreferredStockMember / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel2Member |
|
0us-gaap_AvailableForSaleSecuritiesEquitySecurities / us-gaap_FairValueByAssetClassAxis = itic_CommonStockAndNonredeemablePreferredStockMember / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel2Member |
|
Common Stock And Nonredeemable Preferred Stock | Level 3 |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Equity securities |
0us-gaap_AvailableForSaleSecuritiesEquitySecurities / us-gaap_FairValueByAssetClassAxis = itic_CommonStockAndNonredeemablePreferredStockMember / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel3Member |
|
0us-gaap_AvailableForSaleSecuritiesEquitySecurities / us-gaap_FairValueByAssetClassAxis = itic_CommonStockAndNonredeemablePreferredStockMember / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel3Member |
|
General Obligations Of U.S. States, Territories And Political Subdivisions |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Fixed maturities |
83,180,466us-gaap_AvailableForSaleSecuritiesDebtSecurities / us-gaap_FairValueByAssetClassAxis = us-gaap_USStatesAndPoliticalSubdivisionsMember |
[1] |
85,780,755us-gaap_AvailableForSaleSecuritiesDebtSecurities / us-gaap_FairValueByAssetClassAxis = us-gaap_USStatesAndPoliticalSubdivisionsMember |
[1] |
General Obligations Of U.S. States, Territories And Political Subdivisions | Level 1 |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Fixed maturities |
0us-gaap_AvailableForSaleSecuritiesDebtSecurities / us-gaap_FairValueByAssetClassAxis = us-gaap_USStatesAndPoliticalSubdivisionsMember / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel1Member |
[1] |
0us-gaap_AvailableForSaleSecuritiesDebtSecurities / us-gaap_FairValueByAssetClassAxis = us-gaap_USStatesAndPoliticalSubdivisionsMember / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel1Member |
[1] |
General Obligations Of U.S. States, Territories And Political Subdivisions | Level 2 |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Fixed maturities |
83,180,466us-gaap_AvailableForSaleSecuritiesDebtSecurities / us-gaap_FairValueByAssetClassAxis = us-gaap_USStatesAndPoliticalSubdivisionsMember / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel2Member |
[1] |
85,780,755us-gaap_AvailableForSaleSecuritiesDebtSecurities / us-gaap_FairValueByAssetClassAxis = us-gaap_USStatesAndPoliticalSubdivisionsMember / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel2Member |
[1] |
General Obligations Of U.S. States, Territories And Political Subdivisions | Level 3 |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Fixed maturities |
0us-gaap_AvailableForSaleSecuritiesDebtSecurities / us-gaap_FairValueByAssetClassAxis = us-gaap_USStatesAndPoliticalSubdivisionsMember / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel3Member |
[1] |
0us-gaap_AvailableForSaleSecuritiesDebtSecurities / us-gaap_FairValueByAssetClassAxis = us-gaap_USStatesAndPoliticalSubdivisionsMember / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel3Member |
[1] |
Corporate Debt Securities |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Fixed maturities |
22,953,979us-gaap_AvailableForSaleSecuritiesDebtSecurities / us-gaap_FairValueByAssetClassAxis = us-gaap_CorporateDebtSecuritiesMember |
[1] |
23,267,535us-gaap_AvailableForSaleSecuritiesDebtSecurities / us-gaap_FairValueByAssetClassAxis = us-gaap_CorporateDebtSecuritiesMember |
[1] |
Corporate Debt Securities | Level 1 |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Fixed maturities |
0us-gaap_AvailableForSaleSecuritiesDebtSecurities / us-gaap_FairValueByAssetClassAxis = us-gaap_CorporateDebtSecuritiesMember / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel1Member |
[1] |
0us-gaap_AvailableForSaleSecuritiesDebtSecurities / us-gaap_FairValueByAssetClassAxis = us-gaap_CorporateDebtSecuritiesMember / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel1Member |
[1] |
Corporate Debt Securities | Level 2 |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Fixed maturities |
22,012,779us-gaap_AvailableForSaleSecuritiesDebtSecurities / us-gaap_FairValueByAssetClassAxis = us-gaap_CorporateDebtSecuritiesMember / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel2Member |
[1] |
22,328,435us-gaap_AvailableForSaleSecuritiesDebtSecurities / us-gaap_FairValueByAssetClassAxis = us-gaap_CorporateDebtSecuritiesMember / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel2Member |
[1] |
Corporate Debt Securities | Level 3 |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Fixed maturities |
$ 941,200us-gaap_AvailableForSaleSecuritiesDebtSecurities / us-gaap_FairValueByAssetClassAxis = us-gaap_CorporateDebtSecuritiesMember / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel3Member |
[1] |
$ 939,100us-gaap_AvailableForSaleSecuritiesDebtSecurities / us-gaap_FairValueByAssetClassAxis = us-gaap_CorporateDebtSecuritiesMember / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel3Member |
[1] |
|
|
X |
- Definition
Fair value portion of probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258
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- Definition
Amount of debt securities categorized neither as held-to-maturity nor trading.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 25
-Paragraph 1
-Subparagraph (b)
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-Name Accounting Standards Codification
-Topic 942
-SubTopic 320
-Section 50
-Paragraph 2
-Subparagraph (b)-(g)
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+ References
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+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 1
-Subparagraph (SX 210.5-02.2)
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v2.4.1.9
Fair Value Measurement Schedule Of Carrying Value And Fair Value Of Financial Assets Disclosed (Details) (USD $)
|
Mar. 31, 2015
|
Dec. 31, 2014
|
Level 1 |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Cash |
$ 15,639,072us-gaap_CashAndCashEquivalentsFairValueDisclosure / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel1Member |
$ 15,826,515us-gaap_CashAndCashEquivalentsFairValueDisclosure / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel1Member |
Cost-basis investments |
0us-gaap_CostMethodInvestmentsFairValueDisclosure / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel1Member |
0us-gaap_CostMethodInvestmentsFairValueDisclosure / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel1Member |
Accrued dividends and interest |
1,313,255itic_AccruedDividendsAndInterestEstimatedFairValue / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel1Member |
1,063,837itic_AccruedDividendsAndInterestEstimatedFairValue / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel1Member |
Total Financial Assets |
16,952,327us-gaap_AssetsFairValueDisclosureRecurring / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel1Member |
16,890,352us-gaap_AssetsFairValueDisclosureRecurring / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel1Member |
Level 2 |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Cash |
0us-gaap_CashAndCashEquivalentsFairValueDisclosure / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel2Member |
0us-gaap_CashAndCashEquivalentsFairValueDisclosure / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel2Member |
Cost-basis investments |
0us-gaap_CostMethodInvestmentsFairValueDisclosure / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel2Member |
0us-gaap_CostMethodInvestmentsFairValueDisclosure / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel2Member |
Accrued dividends and interest |
0itic_AccruedDividendsAndInterestEstimatedFairValue / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel2Member |
0itic_AccruedDividendsAndInterestEstimatedFairValue / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel2Member |
Total Financial Assets |
0us-gaap_AssetsFairValueDisclosureRecurring / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel2Member |
0us-gaap_AssetsFairValueDisclosureRecurring / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel2Member |
Level 3 |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Cash |
0us-gaap_CashAndCashEquivalentsFairValueDisclosure / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel3Member |
0us-gaap_CashAndCashEquivalentsFairValueDisclosure / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel3Member |
Cost-basis investments |
2,881,597us-gaap_CostMethodInvestmentsFairValueDisclosure / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel3Member |
2,675,817us-gaap_CostMethodInvestmentsFairValueDisclosure / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel3Member |
Accrued dividends and interest |
0itic_AccruedDividendsAndInterestEstimatedFairValue / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel3Member |
0itic_AccruedDividendsAndInterestEstimatedFairValue / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel3Member |
Total Financial Assets |
2,881,597us-gaap_AssetsFairValueDisclosureRecurring / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel3Member |
2,675,817us-gaap_AssetsFairValueDisclosureRecurring / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel3Member |
Carrying Value |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Cash |
15,639,072us-gaap_CashAndCashEquivalentsFairValueDisclosure / us-gaap_FairValueByMeasurementBasisAxis = us-gaap_CarryingReportedAmountFairValueDisclosureMember |
15,826,515us-gaap_CashAndCashEquivalentsFairValueDisclosure / us-gaap_FairValueByMeasurementBasisAxis = us-gaap_CarryingReportedAmountFairValueDisclosureMember |
Cost-basis investments |
2,502,468us-gaap_CostMethodInvestmentsFairValueDisclosure / us-gaap_FairValueByMeasurementBasisAxis = us-gaap_CarryingReportedAmountFairValueDisclosureMember |
2,516,608us-gaap_CostMethodInvestmentsFairValueDisclosure / us-gaap_FairValueByMeasurementBasisAxis = us-gaap_CarryingReportedAmountFairValueDisclosureMember |
Accrued dividends and interest |
1,313,255itic_AccruedDividendsAndInterestEstimatedFairValue / us-gaap_FairValueByMeasurementBasisAxis = us-gaap_CarryingReportedAmountFairValueDisclosureMember |
1,063,837itic_AccruedDividendsAndInterestEstimatedFairValue / us-gaap_FairValueByMeasurementBasisAxis = us-gaap_CarryingReportedAmountFairValueDisclosureMember |
Total Financial Assets |
19,454,795us-gaap_AssetsFairValueDisclosureRecurring / us-gaap_FairValueByMeasurementBasisAxis = us-gaap_CarryingReportedAmountFairValueDisclosureMember |
19,406,960us-gaap_AssetsFairValueDisclosureRecurring / us-gaap_FairValueByMeasurementBasisAxis = us-gaap_CarryingReportedAmountFairValueDisclosureMember |
Estimated Fair Value |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Cash |
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Cost-basis investments |
2,881,597us-gaap_CostMethodInvestmentsFairValueDisclosure / us-gaap_FairValueByMeasurementBasisAxis = us-gaap_EstimateOfFairValueFairValueDisclosureMember |
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Accrued dividends and interest |
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Total Financial Assets |
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$ 19,566,169us-gaap_AssetsFairValueDisclosureRecurring / us-gaap_FairValueByMeasurementBasisAxis = us-gaap_EstimateOfFairValueFairValueDisclosureMember |
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v2.4.1.9
Fair Value Measurement Schedule Of Fair Value Assets Measured At Unobservable Inputs Reconciliation (Details) (USD $)
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2015
|
Dec. 31, 2014
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
Beginning balance at January 1 |
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$ 935,700us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue |
Redemptions and sales |
0us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchasesSalesIssuancesSettlements |
0us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchasesSalesIssuancesSettlements |
Realized gain - included in net realized gain on investments |
0us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1 |
0us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1 |
Unrealized gain - included in other comprehensive income |
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3,400us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss |
Ending balance, net |
$ 941,200us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue |
$ 939,100us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue |
v2.4.1.9
Fair Value Measurement Schedule Of Estimated Fair Value Hierarchy Of Investments And Related Impairments Recognized (Details) (USD $)
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2015
|
Dec. 31, 2014
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Total cost method investments, Total at Estimated Fair Value |
$ 0us-gaap_InvestmentsFairValueDisclosure |
$ 22,682us-gaap_InvestmentsFairValueDisclosure |
Total cost method investments, Impairment Losses |
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
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Total cost method investments, Total at Estimated Fair Value |
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
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Total cost method investments, Total at Estimated Fair Value |
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
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Total cost method investments, Total at Estimated Fair Value |
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Cost Method Investments |
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
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Total cost method investments, Total at Estimated Fair Value |
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Total cost method investments, Impairment Losses |
0us-gaap_ImpairedAssetsToBeDisposedOfByMethodOtherThanSaleAmountOfImpairmentLoss / us-gaap_EligibleItemOrGroupForFairValueOptionAxis = us-gaap_CostmethodInvestmentsMember |
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Cost Method Investments | Level 1 |
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
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Total cost method investments, Total at Estimated Fair Value |
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
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Total cost method investments, Total at Estimated Fair Value |
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Cost Method Investments | Level 3 |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Total cost method investments, Total at Estimated Fair Value |
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-Glossary Available-for-Sale Securities
-URI http://asc.fasb.org/extlink&oid=6505594
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v2.4.1.9
Investments In Securities (Details) (USD $)
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2015
security
|
Mar. 31, 2014
|
Dec. 31, 2014
security
|
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] |
|
|
|
Available-for-sale securities |
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|
$ 15,238,479us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue |
Unrealized losses |
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|
245,614us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLoss |
Number of securities with unrealized losses |
16itic_NumberOfSecuritiesWithUnrealizedLosses |
|
25itic_NumberOfSecuritiesWithUnrealizedLosses |
Other-than-temporary impairment charges |
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0us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNetAvailableforsaleSecurities |
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Fixed Maturities |
|
|
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Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] |
|
|
|
Available-for-sale securities |
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14,166,991us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue / us-gaap_ScheduleOfFairValueOfSeparateAccountsByMajorCategoryOfInvestmentAxis = us-gaap_FixedMaturitiesMember |
Unrealized losses |
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Equity Securities |
|
|
|
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] |
|
|
|
Available-for-sale securities |
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|
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Unrealized losses |
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v2.4.1.9
Investments In Securities (Schedule Of Gross Unrealized Gains And Losses And Amortized Cost For Securities) (Details) (USD $)
|
Mar. 31, 2015
|
Dec. 31, 2014
|
Schedule of Trading Securities and Other Trading Assets [Line Items] |
|
|
Available-for-sale, at fair value, Amortized Cost |
$ 101,229,832us-gaap_AvailableForSaleSecuritiesAmortizedCost |
$ 104,421,050us-gaap_AvailableForSaleSecuritiesAmortizedCost |
General Obligations Of U.S. States, Territories And Political Subdivisions |
|
|
Schedule of Trading Securities and Other Trading Assets [Line Items] |
|
|
Available-for-sale, at fair value, Amortized Cost |
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35,215,247us-gaap_AvailableForSaleSecuritiesAmortizedCost / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_USStatesAndPoliticalSubdivisionsMember |
Available For Sale Securities Gross Unrealized Gain Accumulated In Investments |
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1,527,794itic_AvailableForSaleSecuritiesGrossUnrealizedGainAccumulatedInInvestments / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_USStatesAndPoliticalSubdivisionsMember |
Available For Sale Securities Gross Unrealized Loss Accumulated In Investments |
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19,542itic_AvailableForSaleSecuritiesGrossUnrealizedLossAccumulatedInInvestments / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_USStatesAndPoliticalSubdivisionsMember |
Available-for-sale, at fair value, Estimated Fair Value |
34,568,825us-gaap_AvailableForSaleSecurities / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_USStatesAndPoliticalSubdivisionsMember |
36,723,499us-gaap_AvailableForSaleSecurities / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_USStatesAndPoliticalSubdivisionsMember |
Special Revenue Obligations Of U.S. States, Territories And Political Subdivisions |
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Schedule of Trading Securities and Other Trading Assets [Line Items] |
|
|
Available-for-sale, at fair value, Amortized Cost |
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Available For Sale Securities Gross Unrealized Gain Accumulated In Investments |
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Available For Sale Securities Gross Unrealized Loss Accumulated In Investments |
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49,057,256us-gaap_AvailableForSaleSecurities / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_IssuerObligationsOfUSStatesTerritoriesAndPoliticalSubdivisionsSpecialRevenueMember |
Number of Special Revenue Bonds |
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|
Corporate Debt Securities |
|
|
Schedule of Trading Securities and Other Trading Assets [Line Items] |
|
|
Available-for-sale, at fair value, Amortized Cost |
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21,576,641us-gaap_AvailableForSaleSecuritiesAmortizedCost / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_CorporateDebtSecuritiesMember |
Available For Sale Securities Gross Unrealized Gain Accumulated In Investments |
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Available-for-sale, at fair value, Estimated Fair Value |
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22,328,435us-gaap_AvailableForSaleSecurities / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_CorporateDebtSecuritiesMember |
Auction Rate Securities |
|
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Schedule of Trading Securities and Other Trading Assets [Line Items] |
|
|
Available-for-sale, at fair value, Amortized Cost |
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922,129us-gaap_AvailableForSaleSecuritiesAmortizedCost / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_AuctionRateSecuritiesMember |
Available For Sale Securities Gross Unrealized Gain Accumulated In Investments |
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Available-for-sale, at fair value, Estimated Fair Value |
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939,100us-gaap_AvailableForSaleSecurities / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_AuctionRateSecuritiesMember |
Total Fixed Maturities |
|
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Schedule of Trading Securities and Other Trading Assets [Line Items] |
|
|
Available-for-sale, at fair value, Amortized Cost |
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104,421,050us-gaap_AvailableForSaleSecuritiesAmortizedCost / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_DebtSecuritiesMember |
Available For Sale Securities Gross Unrealized Gain Accumulated In Investments |
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Available For Sale Securities Gross Unrealized Loss Accumulated In Investments |
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146,383itic_AvailableForSaleSecuritiesGrossUnrealizedLossAccumulatedInInvestments / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_DebtSecuritiesMember |
Available-for-sale, at fair value, Estimated Fair Value |
106,134,445us-gaap_AvailableForSaleSecurities / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_DebtSecuritiesMember |
109,048,290us-gaap_AvailableForSaleSecurities / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_DebtSecuritiesMember |
Common Stocks And Nonredeemable Preferred Stocks |
|
|
Schedule of Trading Securities and Other Trading Assets [Line Items] |
|
|
Available-for-sale, at fair value, Amortized Cost |
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24,128,753us-gaap_AvailableForSaleSecuritiesAmortizedCost / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_CommonStocksAndNonredeemablePreferredStocksMember |
Available For Sale Equity Securities Gross Unrealized Gains |
15,255,747itic_AvailableForSaleEquitySecuritiesGrossUnrealizedGains / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_CommonStocksAndNonredeemablePreferredStocksMember |
15,225,459itic_AvailableForSaleEquitySecuritiesGrossUnrealizedGains / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_CommonStocksAndNonredeemablePreferredStocksMember |
Available-For-Sale Equity Securities Gross Unrealized Losses |
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99,231itic_AvailableForSaleEquitySecuritiesGrossUnrealizedLosses / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_CommonStocksAndNonredeemablePreferredStocksMember |
Available-for-sale, at fair value, Estimated Fair Value |
39,476,921us-gaap_AvailableForSaleSecurities / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_CommonStocksAndNonredeemablePreferredStocksMember |
39,254,981us-gaap_AvailableForSaleSecurities / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_CommonStocksAndNonredeemablePreferredStocksMember |
Equity Securities |
|
|
Schedule of Trading Securities and Other Trading Assets [Line Items] |
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Available-for-sale, at fair value, Amortized Cost |
24,349,105us-gaap_AvailableForSaleSecuritiesAmortizedCost / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_EquitySecuritiesMember |
24,128,753us-gaap_AvailableForSaleSecuritiesAmortizedCost / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_EquitySecuritiesMember |
Available For Sale Equity Securities Gross Unrealized Gains |
15,255,747itic_AvailableForSaleEquitySecuritiesGrossUnrealizedGains / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_EquitySecuritiesMember |
15,225,459itic_AvailableForSaleEquitySecuritiesGrossUnrealizedGains / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_EquitySecuritiesMember |
Available-For-Sale Equity Securities Gross Unrealized Losses |
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99,231itic_AvailableForSaleEquitySecuritiesGrossUnrealizedLosses / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_EquitySecuritiesMember |
Available-for-sale, at fair value, Estimated Fair Value |
39,476,921us-gaap_AvailableForSaleSecurities / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_EquitySecuritiesMember |
39,254,981us-gaap_AvailableForSaleSecurities / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_EquitySecuritiesMember |
Certificates Of Deposit And Other |
|
|
Schedule of Trading Securities and Other Trading Assets [Line Items] |
|
|
Available-for-sale, at fair value, Amortized Cost |
4,400,330us-gaap_AvailableForSaleSecuritiesAmortizedCost / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_CertificatesOfDepositAndOtherMember |
2,576,993us-gaap_AvailableForSaleSecuritiesAmortizedCost / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_CertificatesOfDepositAndOtherMember |
Short Term Investments Gross Unrealized Gains |
0itic_ShortTermInvestmentsGrossUnrealizedGains / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_CertificatesOfDepositAndOtherMember |
0itic_ShortTermInvestmentsGrossUnrealizedGains / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_CertificatesOfDepositAndOtherMember |
Available-for-sale, at fair value, Gross Unrealized Losses |
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0itic_ShortTermInvestmentsGrossUnrealizedLosses / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_CertificatesOfDepositAndOtherMember |
Available-for-sale, at fair value, Estimated Fair Value |
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2,576,993us-gaap_AvailableForSaleSecurities / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_CertificatesOfDepositAndOtherMember |
Short-Term Investments |
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Schedule of Trading Securities and Other Trading Assets [Line Items] |
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|
Available-for-sale, at fair value, Amortized Cost |
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2,576,993us-gaap_AvailableForSaleSecuritiesAmortizedCost / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_ShortTermInvestmentsMember |
Short Term Investments Gross Unrealized Gains |
0itic_ShortTermInvestmentsGrossUnrealizedGains / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_ShortTermInvestmentsMember |
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Available-for-sale, at fair value, Gross Unrealized Losses |
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0itic_ShortTermInvestmentsGrossUnrealizedLosses / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_ShortTermInvestmentsMember |
Available-for-sale, at fair value, Estimated Fair Value |
$ 4,400,330us-gaap_AvailableForSaleSecurities / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_ShortTermInvestmentsMember |
$ 2,576,993us-gaap_AvailableForSaleSecurities / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_ShortTermInvestmentsMember |
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+ References
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 25
-Paragraph 1
-Subparagraph (b)
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v2.4.1.9
Investments In Securities (Schedule Of Fixed Maturity Securities) (Details) (USD $)
|
Mar. 31, 2015
|
Investments, Debt and Equity Securities [Abstract] |
|
Due in one year or less, Amortized Cost |
$ 13,053,110us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost |
Due after one year through five years, Amortized Cost |
51,042,282us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost |
Due five years through ten years, Amortized Cost |
35,140,718us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsAmortizedCost |
Due after ten years, Amortized Cost |
1,993,722us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsAmortizedCost |
Total, Amortized Cost |
101,229,832us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis |
Due in one year or less, Fair Value |
13,204,273us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue |
Due after one year through five years, Fair Value |
53,724,810us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue |
Due five years through ten years, Fair Value |
36,642,930us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue |
Due after ten years, Fair Value |
2,562,432us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue |
Total, Fair Value |
$ 106,134,445itic_AvailableForSaleDebtSecuritiesEstimatedFairValue |
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Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.2)
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-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (aa)
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Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.2)
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-Topic 320
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
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-Section 50
-Paragraph 2
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-Paragraph 3
-Subparagraph (c)
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v2.4.1.9
Investments In Securities (Schedule Of Gross Realized Gains And Losses On Securities) (Details) (USD $)
|
3 Months Ended |
Mar. 31, 2015
|
Mar. 31, 2014
|
Schedule of Available-for-sale Securities [Line Items] |
|
|
Total, Gross realized gains |
$ 9,199us-gaap_AvailableForSaleSecuritiesGrossRealizedGains |
$ 765,272us-gaap_AvailableForSaleSecuritiesGrossRealizedGains |
Total, Gross realized losses |
(396)us-gaap_AvailableForSaleSecuritiesGrossRealizedLosses |
0us-gaap_AvailableForSaleSecuritiesGrossRealizedLosses |
Net realized gain from securities |
8,803us-gaap_AvailableForSaleSecuritiesGrossRealizedGainLossNet |
765,272us-gaap_AvailableForSaleSecuritiesGrossRealizedGainLossNet |
Impairments of other investments |
0itic_ImpairmentsOfOtherInvestments |
(10,062)itic_ImpairmentsOfOtherInvestments |
Gain on other investments |
6,000itic_GainOnOtherInvestments |
0itic_GainOnOtherInvestments |
Loss On Other Investments |
0itic_LossOnOtherInvestments |
(263,073)itic_LossOnOtherInvestments |
Total |
6,000us-gaap_RealizedInvestmentGainsLosses |
(273,135)us-gaap_RealizedInvestmentGainsLosses |
Net realized gain on investments |
14,803us-gaap_GainLossOnInvestments |
492,137us-gaap_GainLossOnInvestments |
General Obligations Of U.S. States, Territories And Political Subdivisions |
|
|
Schedule of Available-for-sale Securities [Line Items] |
|
|
Total, Gross realized losses |
(396)us-gaap_AvailableForSaleSecuritiesGrossRealizedLosses / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_USStatesAndPoliticalSubdivisionsMember |
0us-gaap_AvailableForSaleSecuritiesGrossRealizedLosses / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_USStatesAndPoliticalSubdivisionsMember |
Corporate Debt Securities |
|
|
Schedule of Available-for-sale Securities [Line Items] |
|
|
Total, Gross realized gains |
999us-gaap_AvailableForSaleSecuritiesGrossRealizedGains / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_CorporateDebtSecuritiesMember |
0us-gaap_AvailableForSaleSecuritiesGrossRealizedGains / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_CorporateDebtSecuritiesMember |
Common Stocks And Nonredeemable Preferred Stocks |
|
|
Schedule of Available-for-sale Securities [Line Items] |
|
|
Total, Gross realized gains |
$ 8,200us-gaap_AvailableForSaleSecuritiesGrossRealizedGains / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_CommonStocksAndNonredeemablePreferredStocksMember |
$ 765,272us-gaap_AvailableForSaleSecuritiesGrossRealizedGains / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_CommonStocksAndNonredeemablePreferredStocksMember |
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v2.4.1.9
Investments In Securities (Schedule Of Unrealized Losses On Investments) (Details) (USD $)
|
Mar. 31, 2015
|
Dec. 31, 2014
|
Schedule of Available-for-sale Securities [Line Items] |
|
|
Total temporarily impaired securities, Less than 12 Months, Fair Value |
$ 6,748,776us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue |
$ 13,914,809us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss |
(132,248)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss |
(176,003)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss |
Total temporarily impaired securities, 12 Months or Longer, Fair Value |
1,355,114us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue |
1,323,670us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss |
(51,157)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss |
(69,611)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss |
Total temporarily impaired securities, Total Fair Value |
8,103,890us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue |
15,238,479us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss |
(183,405)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLoss |
(245,614)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLoss |
General Obligations Of U.S. States, Territories And Political Subdivisions |
|
|
Schedule of Available-for-sale Securities [Line Items] |
|
|
Total temporarily impaired securities, Less than 12 Months, Fair Value |
1,942,803us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_USStatesAndPoliticalSubdivisionsMember |
2,113,194us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_USStatesAndPoliticalSubdivisionsMember |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss |
(25,389)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_USStatesAndPoliticalSubdivisionsMember |
(19,542)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_USStatesAndPoliticalSubdivisionsMember |
Total temporarily impaired securities, 12 Months or Longer, Fair Value |
0us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_USStatesAndPoliticalSubdivisionsMember |
0us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_USStatesAndPoliticalSubdivisionsMember |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss |
0us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_USStatesAndPoliticalSubdivisionsMember |
0us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_USStatesAndPoliticalSubdivisionsMember |
Total temporarily impaired securities, Total Fair Value |
1,942,803us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_USStatesAndPoliticalSubdivisionsMember |
2,113,194us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_USStatesAndPoliticalSubdivisionsMember |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss |
(25,389)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLoss / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_USStatesAndPoliticalSubdivisionsMember |
(19,542)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLoss / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_USStatesAndPoliticalSubdivisionsMember |
Special Revenue Obligations Of U.S. States, Territories And Political Subdivisions |
|
|
Schedule of Available-for-sale Securities [Line Items] |
|
|
Total temporarily impaired securities, Less than 12 Months, Fair Value |
3,252,307us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_IssuerObligationsOfUSStatesTerritoriesAndPoliticalSubdivisionsSpecialRevenueMember |
3,946,977us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_IssuerObligationsOfUSStatesTerritoriesAndPoliticalSubdivisionsSpecialRevenueMember |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss |
(20,404)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_IssuerObligationsOfUSStatesTerritoriesAndPoliticalSubdivisionsSpecialRevenueMember |
(13,453)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_IssuerObligationsOfUSStatesTerritoriesAndPoliticalSubdivisionsSpecialRevenueMember |
Total temporarily impaired securities, 12 Months or Longer, Fair Value |
1,209,989us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_IssuerObligationsOfUSStatesTerritoriesAndPoliticalSubdivisionsSpecialRevenueMember |
1,182,390us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_IssuerObligationsOfUSStatesTerritoriesAndPoliticalSubdivisionsSpecialRevenueMember |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss |
(9,681)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_IssuerObligationsOfUSStatesTerritoriesAndPoliticalSubdivisionsSpecialRevenueMember |
(42,049)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_IssuerObligationsOfUSStatesTerritoriesAndPoliticalSubdivisionsSpecialRevenueMember |
Total temporarily impaired securities, Total Fair Value |
4,462,296us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_IssuerObligationsOfUSStatesTerritoriesAndPoliticalSubdivisionsSpecialRevenueMember |
5,129,367us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_IssuerObligationsOfUSStatesTerritoriesAndPoliticalSubdivisionsSpecialRevenueMember |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss |
(30,085)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLoss / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_IssuerObligationsOfUSStatesTerritoriesAndPoliticalSubdivisionsSpecialRevenueMember |
(55,502)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLoss / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_IssuerObligationsOfUSStatesTerritoriesAndPoliticalSubdivisionsSpecialRevenueMember |
Corporate Debt Securities |
|
|
Schedule of Available-for-sale Securities [Line Items] |
|
|
Total temporarily impaired securities, Less than 12 Months, Fair Value |
|
6,924,430us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_CorporateDebtSecuritiesMember |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss |
|
(71,339)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_CorporateDebtSecuritiesMember |
Total temporarily impaired securities, 12 Months or Longer, Fair Value |
|
0us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_CorporateDebtSecuritiesMember |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss |
|
0us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_CorporateDebtSecuritiesMember |
Total temporarily impaired securities, Total Fair Value |
|
6,924,430us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_CorporateDebtSecuritiesMember |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss |
|
(71,339)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLoss / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_CorporateDebtSecuritiesMember |
Total Fixed Income Securities |
|
|
Schedule of Available-for-sale Securities [Line Items] |
|
|
Total temporarily impaired securities, Less than 12 Months, Fair Value |
5,195,110us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_FixedIncomeSecuritiesMember |
12,984,601us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_FixedIncomeSecuritiesMember |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss |
(45,793)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_FixedIncomeSecuritiesMember |
(104,334)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_FixedIncomeSecuritiesMember |
Total temporarily impaired securities, 12 Months or Longer, Fair Value |
1,209,989us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_FixedIncomeSecuritiesMember |
1,182,390us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_FixedIncomeSecuritiesMember |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss |
(9,681)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_FixedIncomeSecuritiesMember |
(42,049)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_FixedIncomeSecuritiesMember |
Total temporarily impaired securities, Total Fair Value |
6,405,099us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_FixedIncomeSecuritiesMember |
14,166,991us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_FixedIncomeSecuritiesMember |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss |
(55,474)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLoss / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_FixedIncomeSecuritiesMember |
(146,383)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLoss / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_FixedIncomeSecuritiesMember |
Equity Securities |
|
|
Schedule of Available-for-sale Securities [Line Items] |
|
|
Total temporarily impaired securities, Less than 12 Months, Fair Value |
1,553,666us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_EquitySecuritiesMember |
930,208us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_EquitySecuritiesMember |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss |
(86,455)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_EquitySecuritiesMember |
(71,669)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_EquitySecuritiesMember |
Total temporarily impaired securities, 12 Months or Longer, Fair Value |
145,125us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_EquitySecuritiesMember |
141,280us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_EquitySecuritiesMember |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss |
(41,476)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_EquitySecuritiesMember |
(27,562)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_EquitySecuritiesMember |
Total temporarily impaired securities, Total Fair Value |
1,698,791us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_EquitySecuritiesMember |
1,071,488us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_EquitySecuritiesMember |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss |
$ (127,931)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLoss / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_EquitySecuritiesMember |
$ (99,231)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLoss / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_EquitySecuritiesMember |
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- Definition
Amount of accumulated unrealized loss on investments in debt and equity securities classified as available-for-sale that have been in a continuous loss position for twelve months or longer.
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v2.4.1.9
Related Party Transactions Summary Of Approximate Values By Year Found Within Consolidated Balance Sheets (Details) (USD $)
|
Mar. 31, 2015
|
Dec. 31, 2014
|
Related Party Transaction [Line Items] |
|
|
Other investments |
$ 7,818,850us-gaap_OtherInvestments |
$ 8,530,929us-gaap_OtherInvestments |
Premiums and fees receivable |
8,239,189us-gaap_PremiumsAndOtherReceivablesNet |
8,544,183us-gaap_PremiumsAndOtherReceivablesNet |
Title Insurance Agencies |
|
|
Related Party Transaction [Line Items] |
|
|
Other investments |
5,316,000us-gaap_OtherInvestments / us-gaap_RelatedPartyTransactionsByRelatedPartyAxis = us-gaap_LimitedLiabilityCompanyMember |
6,014,000us-gaap_OtherInvestments / us-gaap_RelatedPartyTransactionsByRelatedPartyAxis = us-gaap_LimitedLiabilityCompanyMember |
Premiums and fees receivable |
$ 798,000us-gaap_PremiumsAndOtherReceivablesNet / us-gaap_RelatedPartyTransactionsByRelatedPartyAxis = us-gaap_LimitedLiabilityCompanyMember |
$ 666,000us-gaap_PremiumsAndOtherReceivablesNet / us-gaap_RelatedPartyTransactionsByRelatedPartyAxis = us-gaap_LimitedLiabilityCompanyMember |
X |
- Definition
Other investments not otherwise specified in the taxonomy.
+ References
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Related Party Transactions Summary Of Approximate Values By Year Found Within Consolidated Statements Of Income (Details) (USD $)
|
3 Months Ended |
Mar. 31, 2015
|
Mar. 31, 2014
|
Related Party Transaction [Line Items] |
|
|
Net premiums written |
$ 24,962,041us-gaap_PremiumsWrittenNet |
$ 24,909,252us-gaap_PremiumsWrittenNet |
Other income |
2,146,926us-gaap_OtherIncome |
2,026,269us-gaap_OtherIncome |
Commissions to agents |
14,596,539us-gaap_InsuranceCommissions |
15,456,278us-gaap_InsuranceCommissions |
Title Insurance Agencies |
|
|
Related Party Transaction [Line Items] |
|
|
Net premiums written |
3,056,000us-gaap_PremiumsWrittenNet / us-gaap_RelatedPartyTransactionsByRelatedPartyAxis = us-gaap_LimitedLiabilityCompanyMember |
2,291,000us-gaap_PremiumsWrittenNet / us-gaap_RelatedPartyTransactionsByRelatedPartyAxis = us-gaap_LimitedLiabilityCompanyMember |
Other income |
403,000us-gaap_OtherIncome / us-gaap_RelatedPartyTransactionsByRelatedPartyAxis = us-gaap_LimitedLiabilityCompanyMember |
349,000us-gaap_OtherIncome / us-gaap_RelatedPartyTransactionsByRelatedPartyAxis = us-gaap_LimitedLiabilityCompanyMember |
Commissions to agents |
$ 2,132,000us-gaap_InsuranceCommissions / us-gaap_RelatedPartyTransactionsByRelatedPartyAxis = us-gaap_LimitedLiabilityCompanyMember |
$ 1,677,000us-gaap_InsuranceCommissions / us-gaap_RelatedPartyTransactionsByRelatedPartyAxis = us-gaap_LimitedLiabilityCompanyMember |
X |
- Definition
The expense incurred by an insurance company to persons or entities for generating or placing insurance or investment contracts with the company, usually determined as a percentage of policy or contract premiums. Excludes advances or draws to be applied against commissions earned.
+ References
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Acquisition (Details) (USD $)
|
0 Months Ended |
3 Months Ended |
0 Months Ended |
|
|
Apr. 02, 2012
|
Jun. 30, 2014
|
Jun. 30, 2013
|
May 21, 2014
|
Mar. 31, 2015
|
Dec. 31, 2014
|
70% |
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
Payment Period Of Purchase Price |
2 years |
|
|
|
|
|
United Title Agency [Member] |
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
Ownership percentage acquired |
70.00%us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired / us-gaap_BusinessAcquisitionAxis = itic_UnitedTitleAgencyMember |
|
|
30.00%us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired / us-gaap_BusinessAcquisitionAxis = itic_UnitedTitleAgencyMember |
|
|
Business acquisition, remaining ownership interest |
30.00%itic_BusinessAcquisitionRemainingOwnershipInterest / us-gaap_BusinessAcquisitionAxis = itic_UnitedTitleAgencyMember |
|
|
|
|
|
Fair value of total consideration to be transferred |
1,041,250us-gaap_BusinessCombinationConsiderationTransferred1 / us-gaap_BusinessAcquisitionAxis = itic_UnitedTitleAgencyMember |
|
|
|
|
|
Fair value of consideration paid |
350,000us-gaap_PaymentsToAcquireBusinessesGross / us-gaap_BusinessAcquisitionAxis = itic_UnitedTitleAgencyMember |
341,250us-gaap_PaymentsToAcquireBusinessesGross / us-gaap_BusinessAcquisitionAxis = itic_UnitedTitleAgencyMember |
350,000us-gaap_PaymentsToAcquireBusinessesGross / us-gaap_BusinessAcquisitionAxis = itic_UnitedTitleAgencyMember |
|
|
|
Purchase price of acquisition |
691,250us-gaap_BusinessCombinationContingentConsiderationLiability / us-gaap_BusinessAcquisitionAxis = itic_UnitedTitleAgencyMember |
|
|
|
0us-gaap_BusinessCombinationContingentConsiderationLiability / us-gaap_BusinessAcquisitionAxis = itic_UnitedTitleAgencyMember |
|
Fair value of the noncontrolling interest amount |
446,250us-gaap_BusinessCombinationAcquisitionOfLessThan100PercentNoncontrollingInterestFairValue / us-gaap_BusinessAcquisitionAxis = itic_UnitedTitleAgencyMember |
|
|
|
|
|
Fair value of identifiable net assets |
5,600us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet / us-gaap_BusinessAcquisitionAxis = itic_UnitedTitleAgencyMember |
|
|
|
|
|
Accumulated amortization of intangible assets |
|
|
|
|
209,052us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization / us-gaap_BusinessAcquisitionAxis = itic_UnitedTitleAgencyMember |
191,631us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization / us-gaap_BusinessAcquisitionAxis = itic_UnitedTitleAgencyMember |
Net intangible assets |
|
|
|
|
1,272,848us-gaap_IntangibleAssetsNetExcludingGoodwill / us-gaap_BusinessAcquisitionAxis = itic_UnitedTitleAgencyMember |
1,290,269us-gaap_IntangibleAssetsNetExcludingGoodwill / us-gaap_BusinessAcquisitionAxis = itic_UnitedTitleAgencyMember |
United Title Agency [Member] | 70% |
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
Business acquisition, purchase price payment calculation period |
24 months |
|
|
|
|
|
Business Acquisition Purchase Price |
1,041,250itic_BusinessAcquisitionMajorityPurchasePrice / us-gaap_BusinessAcquisitionAxis = itic_UnitedTitleAgencyMember / itic_BusinessAcquisitionByInterestAcquiredAxis = itic_SeventyPercentMember |
|
|
|
|
|
United Title Agency [Member] | 30% |
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
Fair value of total consideration to be transferred |
|
|
|
515,275us-gaap_BusinessCombinationConsiderationTransferred1 / us-gaap_BusinessAcquisitionAxis = itic_UnitedTitleAgencyMember / itic_BusinessAcquisitionByInterestAcquiredAxis = itic_ThirtyPercentageMember |
|
|
Business acquisition, purchase price payment calculation period |
24 months |
|
|
|
|
|
United Title Agency [Member] | Non-Compete Contract |
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
Intangible assets acquired |
645,685us-gaap_FinitelivedIntangibleAssetsAcquired1 / us-gaap_BusinessAcquisitionAxis = itic_UnitedTitleAgencyMember / us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis = us-gaap_NoncompeteAgreementsMember |
|
|
|
|
|
Intangible assets amortized period |
10 years |
|
|
|
|
|
United Title Agency [Member] | Referral Relationships |
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
Intangible assets acquired |
836,215us-gaap_FinitelivedIntangibleAssetsAcquired1 / us-gaap_BusinessAcquisitionAxis = itic_UnitedTitleAgencyMember / us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis = itic_ReferralRelationshipsMember |
|
|
|
|
|
Intangible assets amortized period |
12 years |
|
|
|
|
|
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v2.4.1.9
Acquisition Schedule of Effects of Changes in Parent Ownership Interest (Details) (USD $)
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2015
|
Mar. 31, 2014
|
Dec. 31, 2014
|
Business Combinations [Abstract] |
|
|
|
Net Income (Loss) Attributable to Parent |
$ 1,726,124us-gaap_NetIncomeLoss |
$ 986,438us-gaap_NetIncomeLoss |
$ 9,648,975us-gaap_NetIncomeLoss |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Purchase of Interest by Parent |
0us-gaap_ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesPurchaseOfInterestByParent |
|
(114,320)us-gaap_ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesPurchaseOfInterestByParent |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Net |
0us-gaap_ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesNet |
|
(114,320)us-gaap_ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesNet |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Change Due to Net Income Attributable to Parent and Effects of Changes, Net |
$ 1,726,124us-gaap_ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangeDueToNetIncomeAttributableToParentAndEffectsOfChangesNet |
|
$ 9,534,655us-gaap_ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangeDueToNetIncomeAttributableToParentAndEffectsOfChangesNet |
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v2.4.1.9
Accumulated Other Comprehensive Income Balances Of Each Component Of Accumulated Other Comprehensive Income, Net Of Tax (Details) (USD $)
|
3 Months Ended |
Mar. 31, 2015
|
Mar. 31, 2014
|
Accumulated Other Comprehensive Income (Loss) [Roll Forward] |
|
|
Beginning balance |
$ 12,856,509us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax |
$ 11,347,404us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax |
Other comprehensive income before reclassifications |
184,227us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax |
325,932us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax |
Amounts reclassified from accumulated other comprehensive income |
(4,490)us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax |
(322,465)us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax |
Other comprehensive income |
179,737us-gaap_OtherComprehensiveIncomeLossNetOfTax |
3,467us-gaap_OtherComprehensiveIncomeLossNetOfTax |
Ending balance |
13,036,246us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax |
11,350,871us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax |
Unrealized Gains And Losses On Available-For-Sale Securities |
|
|
Accumulated Other Comprehensive Income (Loss) [Roll Forward] |
|
|
Beginning balance |
12,934,497us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
11,395,757us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
Other comprehensive income before reclassifications |
184,227us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
325,932us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
Amounts reclassified from accumulated other comprehensive income |
(5,794)us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
(322,831)us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
Other comprehensive income |
178,433us-gaap_OtherComprehensiveIncomeLossNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
3,101us-gaap_OtherComprehensiveIncomeLossNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
Ending balance |
13,112,930us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
11,398,858us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
Postretirement Benefits Plans |
|
|
Accumulated Other Comprehensive Income (Loss) [Roll Forward] |
|
|
Beginning balance |
(77,988)us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember |
(48,353)us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember |
Other comprehensive income before reclassifications |
0us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember |
0us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember |
Amounts reclassified from accumulated other comprehensive income |
1,304us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember |
366us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember |
Other comprehensive income |
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366us-gaap_OtherComprehensiveIncomeLossNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember |
Ending balance |
$ (76,684)us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember |
$ (47,987)us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember |
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v2.4.1.9
Accumulated Other Comprehensive Income Reclassification Out Of Accumulated Other Comprehensive Income (Details) (USD $)
|
3 Months Ended |
Mar. 31, 2015
|
Mar. 31, 2014
|
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] |
|
|
Net realized gain on investment |
$ 14,803us-gaap_GainLossOnInvestments |
$ 492,137us-gaap_GainLossOnInvestments |
Prior year service cost |
1,097us-gaap_OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax |
554us-gaap_OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax |
Unrecognized loss |
(879)us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses |
0us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses |
Income before Income Taxes |
2,369,124us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest |
1,356,515us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest |
Tax |
(643,000)us-gaap_IncomeTaxExpenseBenefit |
(371,000)us-gaap_IncomeTaxExpenseBenefit |
Net Income |
1,726,124us-gaap_ProfitLoss |
985,515us-gaap_ProfitLoss |
Reclassification Out Of Accumulated Other Comprehensive Income |
|
|
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] |
|
|
Net Income |
4,490us-gaap_ProfitLoss / us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis = us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember |
322,465us-gaap_ProfitLoss / us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis = us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember |
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 |
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Other-than-temporary impairments |
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Income before Income Taxes |
8,803us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest / us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis = us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
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Tax |
(3,009)us-gaap_IncomeTaxExpenseBenefit / us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis = us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
(169,306)us-gaap_IncomeTaxExpenseBenefit / us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis = us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
Net Income |
5,794us-gaap_ProfitLoss / us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis = us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
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Reclassification Out Of Accumulated Other Comprehensive Income | Postretirement Benefits Plans |
|
|
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] |
|
|
Prior year service cost |
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Unrecognized loss |
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Income before Income Taxes |
(1,976)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest / us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis = us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember |
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Tax |
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Net Income |
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