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v2.4.1.9
Consolidated Balance Sheets (USD $)
|
Dec. 31, 2014
|
Dec. 31, 2013
|
Investments in securities: |
|
|
Fixed maturities, available-for-sale, at fair value (amortized cost: 2014: $104,421,050; 2013: $87,980,160) |
$ 109,048,290us-gaap_AvailableForSaleSecuritiesDebtSecurities |
$ 91,445,413us-gaap_AvailableForSaleSecuritiesDebtSecurities |
Equity securities, available-for-sale, at fair value (cost: 2014: $24,128,753; 2013: $22,200,369) |
39,254,981us-gaap_AvailableForSaleSecuritiesEquitySecurities |
36,144,065us-gaap_AvailableForSaleSecuritiesEquitySecurities |
Short-term investments |
2,576,993us-gaap_OtherShortTermInvestments |
7,926,373us-gaap_OtherShortTermInvestments |
Other investments |
8,530,929us-gaap_OtherInvestments |
7,247,831us-gaap_OtherInvestments |
Total investments |
159,411,193us-gaap_Investments |
142,763,682us-gaap_Investments |
Cash and cash equivalents |
15,826,515us-gaap_CashAndCashEquivalentsAtCarryingValue |
23,626,761us-gaap_CashAndCashEquivalentsAtCarryingValue |
Premium and fees receivable |
8,544,183us-gaap_PremiumsAndOtherReceivablesNet |
8,750,224us-gaap_PremiumsAndOtherReceivablesNet |
Accrued interest and dividends |
1,063,837us-gaap_AccruedInvestmentIncomeReceivable |
1,006,698us-gaap_AccruedInvestmentIncomeReceivable |
Prepaid expenses and other assets |
7,732,677us-gaap_PrepaidExpenseAndOtherAssets |
7,466,141us-gaap_PrepaidExpenseAndOtherAssets |
Property, net |
5,460,805us-gaap_PropertyPlantAndEquipmentNet |
4,325,538us-gaap_PropertyPlantAndEquipmentNet |
Current income taxes recoverable |
0us-gaap_IncomeTaxReceivable |
366,772us-gaap_IncomeTaxReceivable |
Total Assets |
198,039,210us-gaap_Assets |
188,305,816us-gaap_Assets |
Liabilities: |
|
|
Reserves for claims |
36,677,000us-gaap_LiabilityForTitleClaimsAndClaimsAdjustmentExpense |
35,360,000us-gaap_LiabilityForTitleClaimsAndClaimsAdjustmentExpense |
Accounts payable and accrued liabilities |
18,290,819us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent |
20,324,190us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent |
Current income taxes payable |
92,192us-gaap_AccruedIncomeTaxes |
0us-gaap_AccruedIncomeTaxes |
Deferred income taxes, net |
5,415,493us-gaap_DeferredTaxLiabilities |
4,013,983us-gaap_DeferredTaxLiabilities |
Total liabilities |
60,475,504us-gaap_Liabilities |
59,698,173us-gaap_Liabilities |
Commitments and Contingencies |
0us-gaap_CommitmentsAndContingencies |
0us-gaap_CommitmentsAndContingencies |
Redeemable Noncontrolling Interest |
0us-gaap_TemporaryEquityRedemptionValue |
545,489us-gaap_TemporaryEquityRedemptionValue |
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; 2,023,270 and 2,037,135 shares issued and outstanding 2014 and 2013, respectively, excluding 291,676 shares for 2014 and 2013 of common stock held by the Company’s subsidiary) |
1us-gaap_CommonStockValue |
1us-gaap_CommonStockValue |
Retained earnings |
124,707,196us-gaap_RetainedEarningsAccumulatedDeficit |
116,714,749us-gaap_RetainedEarningsAccumulatedDeficit |
Accumulated other comprehensive income |
12,856,509us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax |
11,347,404us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax |
Total stockholders’ equity |
137,563,706us-gaap_StockholdersEquity |
128,062,154us-gaap_StockholdersEquity |
Total Liabilities and Stockholders’ Equity |
$ 198,039,210us-gaap_LiabilitiesAndStockholdersEquity |
$ 188,305,816us-gaap_LiabilitiesAndStockholdersEquity |
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v2.4.1.9
Consolidated Balance Sheets (Parenthetical) (USD $)
|
Dec. 31, 2014
|
Dec. 31, 2013
|
Statement of Financial Position [Abstract] |
|
|
Fixed maturities, available-for-sale, amortized cost |
$ 104,421,050us-gaap_AvailableForSaleSecuritiesAmortizedCost |
$ 87,980,160us-gaap_AvailableForSaleSecuritiesAmortizedCost |
Equity securities, available-for-sale, cost |
$ 24,128,753us-gaap_AvailableForSaleEquitySecuritiesAmortizedCostBasis |
$ 22,200,369us-gaap_AvailableForSaleEquitySecuritiesAmortizedCostBasis |
Preferred stock, shares authorized |
1,000,000us-gaap_PreferredStockSharesAuthorized |
1,000,000us-gaap_PreferredStockSharesAuthorized |
Preferred stock, shares issued |
0us-gaap_PreferredStockSharesIssued |
0us-gaap_PreferredStockSharesIssued |
Common stock, no par value |
|
|
Common stock, shares authorized |
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10,000,000us-gaap_CommonStockSharesAuthorized |
Common stock, shares issued |
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2,037,135us-gaap_CommonStockSharesIssued |
Common stock, shares outstanding |
2,023,270us-gaap_CommonStockSharesOutstanding |
2,037,135us-gaap_CommonStockSharesOutstanding |
Common stock, held by Company's subsidiary |
291,676itic_CommonStockHeldByCompanysSubsidiary |
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v2.4.1.9
Consolidated Statements Of Income (USD $)
|
12 Months Ended |
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Revenues: |
|
|
|
Net premiums written |
$ 109,963,556us-gaap_PremiumsWrittenNet |
$ 113,886,266us-gaap_PremiumsWrittenNet |
$ 102,331,102us-gaap_PremiumsWrittenNet |
Investment income – interest and dividends |
4,259,501us-gaap_InvestmentIncomeInterestAndDividend |
3,894,608us-gaap_InvestmentIncomeInterestAndDividend |
3,980,411us-gaap_InvestmentIncomeInterestAndDividend |
Net realized gain on investments |
268,294us-gaap_GainLossOnInvestments |
195,800us-gaap_GainLossOnInvestments |
1,066,239us-gaap_GainLossOnInvestments |
Other |
8,627,935us-gaap_OtherIncome |
8,274,823us-gaap_OtherIncome |
7,701,340us-gaap_OtherIncome |
Total Revenues |
123,119,286us-gaap_Revenues |
126,251,497us-gaap_Revenues |
115,079,092us-gaap_Revenues |
Operating Expenses: |
|
|
|
Commissions to agents |
65,632,353us-gaap_InsuranceCommissions |
67,150,810us-gaap_InsuranceCommissions |
59,427,070us-gaap_InsuranceCommissions |
Provision (benefit) for claims |
5,229,716us-gaap_PolicyholderBenefitsAndClaimsIncurredNet |
(571,596)us-gaap_PolicyholderBenefitsAndClaimsIncurredNet |
6,072,115us-gaap_PolicyholderBenefitsAndClaimsIncurredNet |
Salaries, employee benefits and payroll taxes |
25,218,225us-gaap_LaborAndRelatedExpense |
25,386,511us-gaap_LaborAndRelatedExpense |
21,881,540us-gaap_LaborAndRelatedExpense |
Office occupancy and operations |
5,049,962itic_OfficeOccupancyAndOperations |
4,430,220itic_OfficeOccupancyAndOperations |
3,994,244itic_OfficeOccupancyAndOperations |
Business development |
2,333,491us-gaap_BusinessDevelopment |
2,145,639us-gaap_BusinessDevelopment |
1,856,848us-gaap_BusinessDevelopment |
Filing fees, franchise and local taxes |
817,909itic_FilingFeesFranchiseAndLocalTaxes |
681,935itic_FilingFeesFranchiseAndLocalTaxes |
846,168itic_FilingFeesFranchiseAndLocalTaxes |
Premium and retaliatory taxes |
1,851,767itic_PremiumAndRetaliatoryTaxes |
2,558,227itic_PremiumAndRetaliatoryTaxes |
1,885,760itic_PremiumAndRetaliatoryTaxes |
Professional and contract labor fees |
2,676,483us-gaap_ProfessionalFees |
2,171,606us-gaap_ProfessionalFees |
2,420,387us-gaap_ProfessionalFees |
Other |
820,882us-gaap_OtherCostAndExpenseOperating |
755,407us-gaap_OtherCostAndExpenseOperating |
615,053us-gaap_OtherCostAndExpenseOperating |
Total Operating Expenses |
109,630,788us-gaap_BenefitsLossesAndExpenses |
104,708,759us-gaap_BenefitsLossesAndExpenses |
98,999,185us-gaap_BenefitsLossesAndExpenses |
Income before Income Taxes |
13,488,498us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest |
21,542,738us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest |
16,079,907us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest |
Provision for Income Taxes |
3,816,000us-gaap_IncomeTaxExpenseBenefit |
6,746,000us-gaap_IncomeTaxExpenseBenefit |
4,889,000us-gaap_IncomeTaxExpenseBenefit |
Net Income |
9,672,498us-gaap_ProfitLoss |
14,796,738us-gaap_ProfitLoss |
11,190,907us-gaap_ProfitLoss |
Net Income Attributable to Redeemable Noncontrolling Interest |
(23,523)us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest |
(88,528)us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest |
(88,411)us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest |
Net Income Attributable to the Company |
$ 9,648,975us-gaap_NetIncomeLoss |
$ 14,708,210us-gaap_NetIncomeLoss |
$ 11,102,496us-gaap_NetIncomeLoss |
Basic Earnings per Common Share |
$ 4.75us-gaap_EarningsPerShareBasic |
$ 7.15us-gaap_EarningsPerShareBasic |
$ 5.33us-gaap_EarningsPerShareBasic |
Weighted Average Shares Outstanding – Basic |
2,031,760us-gaap_WeightedAverageNumberOfSharesOutstandingBasic |
2,056,169us-gaap_WeightedAverageNumberOfSharesOutstandingBasic |
2,081,703us-gaap_WeightedAverageNumberOfSharesOutstandingBasic |
Diluted Earnings per Common Share |
$ 4.74us-gaap_EarningsPerShareDiluted |
$ 7.08us-gaap_EarningsPerShareDiluted |
$ 5.24us-gaap_EarningsPerShareDiluted |
Weighted Average Shares Outstanding – Diluted |
2,037,534us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding |
2,076,628us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding |
2,116,793us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding |
Dividend declared per share |
$ 0.32us-gaap_CommonStockDividendsPerShareDeclared |
$ 0.32us-gaap_CommonStockDividendsPerShareDeclared |
$ 0.29us-gaap_CommonStockDividendsPerShareDeclared |
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v2.4.1.9
Consolidated Statements Of Comprehensive Income (USD $)
|
12 Months Ended |
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Statement of Comprehensive Income [Abstract] |
|
|
|
Net income |
$ 9,672,498us-gaap_ProfitLoss |
$ 14,796,738us-gaap_ProfitLoss |
$ 11,190,907us-gaap_ProfitLoss |
Other comprehensive income, before tax: |
|
|
|
Amortization (accretion) related to prior year service cost |
2,217us-gaap_OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax |
(1,518)us-gaap_OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax |
9,396us-gaap_OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax |
Amortization of unrecognized loss |
0us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax |
6,293us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax |
680us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax |
Accumulated postretirement (benefit) provision obligation adjustment |
(47,121)us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax |
77,213us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax |
(82,918)us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax |
Unrealized gains on investments arising during the period |
2,848,256us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax |
3,959,623us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax |
3,190,737us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax |
Reclassification adjustment for sale of securities included in net income |
(518,279)us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax |
(229,869)us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax |
(1,166,179)us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax |
Reclassification adjustment for write-down of securities included in net income |
14,542us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForWritedownOfSecuritiesBeforeTax |
34,070us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForWritedownOfSecuritiesBeforeTax |
99,940us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForWritedownOfSecuritiesBeforeTax |
Other |
0itic_ComprehensiveIncomeOther |
0itic_ComprehensiveIncomeOther |
(36,600)itic_ComprehensiveIncomeOther |
Other comprehensive income, before tax |
2,299,615us-gaap_OtherComprehensiveIncomeLossBeforeTax |
3,845,812us-gaap_OtherComprehensiveIncomeLossBeforeTax |
2,015,056us-gaap_OtherComprehensiveIncomeLossBeforeTax |
Income tax (benefit) expense related to postretirement health benefits |
(15,269)us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax |
27,887us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax |
(24,764)us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax |
Income tax expense related to unrealized gains on investments arising during the year |
974,145us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax |
1,354,439us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax |
1,122,003us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax |
Income tax benefit related to reclassification adjustment for sale of securities included in net income |
(173,403)us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax |
(78,622)us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax |
(426,017)us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax |
Income tax expense related to reclassification adjustment for write-down of securities included in net income |
5,037us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForWritedownOfSecuritiesTax |
13,134us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForWritedownOfSecuritiesTax |
34,569us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForWritedownOfSecuritiesTax |
Net income tax expense on other comprehensive income |
790,510us-gaap_OtherComprehensiveIncomeLossTax |
1,316,838us-gaap_OtherComprehensiveIncomeLossTax |
705,791us-gaap_OtherComprehensiveIncomeLossTax |
Other comprehensive income |
1,509,105us-gaap_OtherComprehensiveIncomeLossNetOfTax |
2,528,974us-gaap_OtherComprehensiveIncomeLossNetOfTax |
1,309,265us-gaap_OtherComprehensiveIncomeLossNetOfTax |
Comprehensive Income |
11,181,603us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest |
17,325,712us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest |
12,500,172us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest |
Less: Comprehensive income attributable to redeemable noncontrolling interest |
(23,523)us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest |
(88,528)us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest |
(88,411)us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest |
Comprehensive Income Attributable to the Company |
$ 11,158,080us-gaap_ComprehensiveIncomeNetOfTax |
$ 17,237,184us-gaap_ComprehensiveIncomeNetOfTax |
$ 12,411,761us-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, 2011 |
$ 106,512,184us-gaap_StockholdersEquity |
$ 1us-gaap_StockholdersEquity / us-gaap_StatementEquityComponentsAxis = us-gaap_CommonStockMember |
$ 99,003,018us-gaap_StockholdersEquity / us-gaap_StatementEquityComponentsAxis = us-gaap_RetainedEarningsMember |
$ 7,509,165us-gaap_StockholdersEquity / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedOtherComprehensiveIncomeMember |
Balance, beginning of year, shares at Dec. 31, 2011 |
|
2,107,681us-gaap_SharesIssued / us-gaap_StatementEquityComponentsAxis = us-gaap_CommonStockMember |
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
Net income attributable to the Company |
11,102,496us-gaap_NetIncomeLoss |
|
11,102,496us-gaap_NetIncomeLoss / us-gaap_StatementEquityComponentsAxis = us-gaap_RetainedEarningsMember |
|
Dividends |
(603,334)us-gaap_DividendsCommonStockCash |
|
(603,334)us-gaap_DividendsCommonStockCash / us-gaap_StatementEquityComponentsAxis = us-gaap_RetainedEarningsMember |
|
Shares of common stock repurchased and retired (in shares) |
|
(70,702)us-gaap_TreasuryStockSharesAcquired / us-gaap_StatementEquityComponentsAxis = us-gaap_CommonStockMember |
|
|
Shares of common stock repurchased and retired |
(3,975,532)us-gaap_TreasuryStockValueAcquiredCostMethod |
|
(3,975,532)us-gaap_TreasuryStockValueAcquiredCostMethod / us-gaap_StatementEquityComponentsAxis = us-gaap_RetainedEarningsMember |
|
Stock options and stock appreciation rights exercised (in shares) |
|
6,380us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross / us-gaap_StatementEquityComponentsAxis = us-gaap_CommonStockMember |
|
|
Stock options and stock appreciation rights exercised |
160,557us-gaap_StockIssuedDuringPeriodValueShareBasedCompensationGross |
|
160,557us-gaap_StockIssuedDuringPeriodValueShareBasedCompensationGross / us-gaap_StatementEquityComponentsAxis = us-gaap_RetainedEarningsMember |
|
Share-based compensation expense |
74,553us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue |
|
74,553us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue / us-gaap_StatementEquityComponentsAxis = us-gaap_RetainedEarningsMember |
|
Amortization related to postretirement health benefits |
6,648itic_AmortizationRelatedToPostretirementHealthBenefits |
|
|
6,648itic_AmortizationRelatedToPostretirementHealthBenefits / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedOtherComprehensiveIncomeMember |
Accumulated postretirement benefit obligation adjustment |
(54,726)itic_AccumulatedPostretirementBenefitObligationAdjustment |
|
|
(54,726)itic_AccumulatedPostretirementBenefitObligationAdjustment / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedOtherComprehensiveIncomeMember |
Net unrealized gain on investments |
1,393,943us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax |
|
|
1,393,943us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedOtherComprehensiveIncomeMember |
Temporary Equity, Interest Resulting From Subsidiary Purchase |
0itic_TemporaryEquityInterestResultingFromSubsidiaryPurchase |
|
|
|
Other |
22,101us-gaap_StockholdersEquityOther |
|
58,701us-gaap_StockholdersEquityOther / us-gaap_StatementEquityComponentsAxis = us-gaap_RetainedEarningsMember |
(36,600)us-gaap_StockholdersEquityOther / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedOtherComprehensiveIncomeMember |
Balance, end of year at Dec. 31, 2012 |
114,638,890us-gaap_StockholdersEquity |
1us-gaap_StockholdersEquity / us-gaap_StatementEquityComponentsAxis = us-gaap_CommonStockMember |
105,820,459us-gaap_StockholdersEquity / us-gaap_StatementEquityComponentsAxis = us-gaap_RetainedEarningsMember |
8,818,430us-gaap_StockholdersEquity / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedOtherComprehensiveIncomeMember |
Balance, end of year, shares at Dec. 31, 2012 |
|
2,043,359us-gaap_SharesIssued / us-gaap_StatementEquityComponentsAxis = us-gaap_CommonStockMember |
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
Net income attributable to the Company |
14,708,210us-gaap_NetIncomeLoss |
|
14,708,210us-gaap_NetIncomeLoss / us-gaap_StatementEquityComponentsAxis = us-gaap_RetainedEarningsMember |
|
Dividends |
(657,914)us-gaap_DividendsCommonStockCash |
|
(657,914)us-gaap_DividendsCommonStockCash / us-gaap_StatementEquityComponentsAxis = us-gaap_RetainedEarningsMember |
|
Shares of common stock repurchased and retired (in shares) |
|
(56,223)us-gaap_TreasuryStockSharesAcquired / us-gaap_StatementEquityComponentsAxis = us-gaap_CommonStockMember |
|
|
Shares of common stock repurchased and retired |
(4,262,260)us-gaap_TreasuryStockValueAcquiredCostMethod |
|
(4,262,260)us-gaap_TreasuryStockValueAcquiredCostMethod / us-gaap_StatementEquityComponentsAxis = us-gaap_RetainedEarningsMember |
|
Stock options and stock appreciation rights exercised (in shares) |
|
49,999us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross / us-gaap_StatementEquityComponentsAxis = us-gaap_CommonStockMember |
|
|
Stock options and stock appreciation rights exercised |
75,797us-gaap_StockIssuedDuringPeriodValueShareBasedCompensationGross |
|
75,797us-gaap_StockIssuedDuringPeriodValueShareBasedCompensationGross / us-gaap_StatementEquityComponentsAxis = us-gaap_RetainedEarningsMember |
|
Share-based compensation expense |
83,852us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue |
|
83,852us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue / us-gaap_StatementEquityComponentsAxis = us-gaap_RetainedEarningsMember |
|
Amortization related to postretirement health benefits |
3,140itic_AmortizationRelatedToPostretirementHealthBenefits |
|
|
3,140itic_AmortizationRelatedToPostretirementHealthBenefits / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedOtherComprehensiveIncomeMember |
Accumulated postretirement benefit obligation adjustment |
50,961itic_AccumulatedPostretirementBenefitObligationAdjustment |
|
|
50,961itic_AccumulatedPostretirementBenefitObligationAdjustment / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedOtherComprehensiveIncomeMember |
Net unrealized gain on investments |
2,474,873us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax |
|
|
2,474,873us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedOtherComprehensiveIncomeMember |
Temporary Equity, Interest Resulting From Subsidiary Purchase |
0itic_TemporaryEquityInterestResultingFromSubsidiaryPurchase |
|
|
|
Income tax benefit from share-based compensation |
946,605us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation |
|
946,605us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation / us-gaap_StatementEquityComponentsAxis = us-gaap_RetainedEarningsMember |
|
Balance, end 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, end 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 |
9,648,975us-gaap_NetIncomeLoss |
|
9,648,975us-gaap_NetIncomeLoss / us-gaap_StatementEquityComponentsAxis = us-gaap_RetainedEarningsMember |
|
Dividends |
(650,433)us-gaap_DividendsCommonStockCash |
|
(650,433)us-gaap_DividendsCommonStockCash / us-gaap_StatementEquityComponentsAxis = us-gaap_RetainedEarningsMember |
|
Shares of common stock repurchased and retired (in shares) |
|
(15,372)us-gaap_TreasuryStockSharesAcquired / us-gaap_StatementEquityComponentsAxis = us-gaap_CommonStockMember |
|
|
Shares of common stock repurchased and retired |
(1,055,765)us-gaap_TreasuryStockValueAcquiredCostMethod |
|
(1,055,765)us-gaap_TreasuryStockValueAcquiredCostMethod / us-gaap_StatementEquityComponentsAxis = us-gaap_RetainedEarningsMember |
|
Stock options and stock appreciation rights exercised (in shares) |
|
1,507us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross / us-gaap_StatementEquityComponentsAxis = us-gaap_CommonStockMember |
|
|
Stock options and stock appreciation rights exercised |
27,100us-gaap_StockIssuedDuringPeriodValueShareBasedCompensationGross |
|
27,100us-gaap_StockIssuedDuringPeriodValueShareBasedCompensationGross / us-gaap_StatementEquityComponentsAxis = us-gaap_RetainedEarningsMember |
|
Share-based compensation expense |
120,891us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue |
|
120,891us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue / us-gaap_StatementEquityComponentsAxis = us-gaap_RetainedEarningsMember |
|
Amortization related to postretirement health benefits |
1,465itic_AmortizationRelatedToPostretirementHealthBenefits |
|
|
1,465itic_AmortizationRelatedToPostretirementHealthBenefits / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedOtherComprehensiveIncomeMember |
Accumulated postretirement benefit obligation adjustment |
(31,100)itic_AccumulatedPostretirementBenefitObligationAdjustment |
|
|
(31,100)itic_AccumulatedPostretirementBenefitObligationAdjustment / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedOtherComprehensiveIncomeMember |
Net unrealized gain on investments |
1,538,740us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax |
|
|
1,538,740us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedOtherComprehensiveIncomeMember |
Temporary Equity, Interest Resulting From Subsidiary Purchase |
(114,320)itic_TemporaryEquityInterestResultingFromSubsidiaryPurchase |
|
(114,320)itic_TemporaryEquityInterestResultingFromSubsidiaryPurchase / us-gaap_StatementEquityComponentsAxis = us-gaap_RetainedEarningsMember |
|
Income tax benefit from share-based compensation |
15,999us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation |
|
15,999us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation / us-gaap_StatementEquityComponentsAxis = us-gaap_RetainedEarningsMember |
|
Balance, end 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, end of year, shares at Dec. 31, 2014 |
|
2,023,270us-gaap_SharesIssued / us-gaap_StatementEquityComponentsAxis = us-gaap_CommonStockMember |
|
|
X |
- Definition
Accumulated Postretirement Benefit Obligation Adjustment
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v2.4.1.9
Consolidated Statements Of Cash Flows (USD $)
|
12 Months Ended |
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Operating Activities |
|
|
|
Net income |
$ 9,672,498us-gaap_ProfitLoss |
$ 14,796,738us-gaap_ProfitLoss |
$ 11,190,907us-gaap_ProfitLoss |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
|
Depreciation |
833,104us-gaap_Depreciation |
669,727us-gaap_Depreciation |
486,922us-gaap_Depreciation |
Amortization, net |
630,782us-gaap_AdjustmentForAmortization |
507,111us-gaap_AdjustmentForAmortization |
468,006us-gaap_AdjustmentForAmortization |
Amortization related to postretirement benefits obligation |
2,217itic_CashFlowAmortizationRelatedToPostretirementHealthBenefits |
4,765itic_CashFlowAmortizationRelatedToPostretirementHealthBenefits |
10,076itic_CashFlowAmortizationRelatedToPostretirementHealthBenefits |
Share-based compensation expense related to stock options |
120,891us-gaap_ShareBasedCompensation |
83,852us-gaap_ShareBasedCompensation |
74,553us-gaap_ShareBasedCompensation |
Net loss (gain) on disposals of property |
24,608us-gaap_GainLossOnSaleOfPropertyPlantEquipment |
7,831us-gaap_GainLossOnSaleOfPropertyPlantEquipment |
(28,538)us-gaap_GainLossOnSaleOfPropertyPlantEquipment |
Net realized gain on investments |
(268,294)us-gaap_GainLossOnInvestments |
(195,800)us-gaap_GainLossOnInvestments |
(1,066,239)us-gaap_GainLossOnInvestments |
Net earnings from other investments |
(1,450,980)us-gaap_GainLossOnSaleOfOtherInvestments |
(1,257,266)us-gaap_GainLossOnSaleOfOtherInvestments |
(1,674,594)us-gaap_GainLossOnSaleOfOtherInvestments |
Provision (benefit) for claims |
5,229,716us-gaap_PolicyholderBenefitsAndClaimsIncurredNet |
(571,596)us-gaap_PolicyholderBenefitsAndClaimsIncurredNet |
6,072,115us-gaap_PolicyholderBenefitsAndClaimsIncurredNet |
Provision (benefit) for deferred income taxes |
611,000us-gaap_DeferredIncomeTaxExpenseBenefit |
1,804,000us-gaap_DeferredIncomeTaxExpenseBenefit |
(292,000)us-gaap_DeferredIncomeTaxExpenseBenefit |
Payments of claims, net of recoveries |
(3,912,716)itic_PaymentsOfClaimsNetRecoveries |
(3,146,404)itic_PaymentsOfClaimsNetRecoveries |
(4,990,115)itic_PaymentsOfClaimsNetRecoveries |
Changes in assets and liabilities: |
|
|
|
Decrease (increase) in receivables |
206,041us-gaap_IncreaseDecreaseInReceivables |
2,287,489us-gaap_IncreaseDecreaseInReceivables |
(4,227,714)us-gaap_IncreaseDecreaseInReceivables |
Increase in other assets |
(393,359)us-gaap_IncreaseDecreaseInOtherOperatingAssets |
(2,906,224)us-gaap_IncreaseDecreaseInOtherOperatingAssets |
(407,252)us-gaap_IncreaseDecreaseInOtherOperatingAssets |
Decrease (increase) in income taxes recoverable |
366,772us-gaap_IncreaseDecreaseInIncomeTaxesReceivable |
(366,772)us-gaap_IncreaseDecreaseInIncomeTaxesReceivable |
0us-gaap_IncreaseDecreaseInIncomeTaxesReceivable |
(Decrease) increase in accounts payable and accrued liabilities |
(2,080,492)us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities |
4,923,858us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities |
2,372,995us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities |
Increase (decrease) in current income taxes payable |
92,192us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable |
(1,336,824)us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable |
696,291us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable |
Net cash provided by (used in) operating activities |
9,683,980us-gaap_NetCashProvidedByUsedInOperatingActivities |
15,304,485us-gaap_NetCashProvidedByUsedInOperatingActivities |
8,685,413us-gaap_NetCashProvidedByUsedInOperatingActivities |
Investing Activities |
|
|
|
Purchases of available-for-sale securities |
(30,899,452)us-gaap_PaymentsToAcquireAvailableForSaleSecurities |
(23,466,037)us-gaap_PaymentsToAcquireAvailableForSaleSecurities |
(15,899,439)us-gaap_PaymentsToAcquireAvailableForSaleSecurities |
Purchases of short-term securities |
(911,188)us-gaap_PaymentsToAcquireShortTermInvestments |
(2,638,908)us-gaap_PaymentsToAcquireShortTermInvestments |
(6,347,527)us-gaap_PaymentsToAcquireShortTermInvestments |
Purchases of other investments |
(1,689,950)us-gaap_PaymentsToAcquireOtherInvestments |
(1,369,210)us-gaap_PaymentsToAcquireOtherInvestments |
(3,441,412)us-gaap_PaymentsToAcquireOtherInvestments |
Capital contribution to subsidiaries |
0us-gaap_PaymentsToAcquireBusinessesGross |
0us-gaap_PaymentsToAcquireBusinessesGross |
(350,000)us-gaap_PaymentsToAcquireBusinessesGross |
Proceeds from sales and maturities of available-for-sale securities |
12,472,817us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities |
9,892,634us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities |
15,646,381us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities |
Proceeds from sales and maturities of short-term securities |
6,260,568us-gaap_ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments |
8,280,183us-gaap_ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments |
6,892,141us-gaap_ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments |
Proceeds from sales and distributions of other investments |
1,584,337us-gaap_ProceedsFromSaleOfOtherInvestments |
2,107,675us-gaap_ProceedsFromSaleOfOtherInvestments |
2,301,647us-gaap_ProceedsFromSaleOfOtherInvestments |
Proceeds from sales of other assets |
38,052us-gaap_ProceedsFromSaleOfOtherProductiveAssets |
40,366us-gaap_ProceedsFromSaleOfOtherProductiveAssets |
220,455us-gaap_ProceedsFromSaleOfOtherProductiveAssets |
Payments to Acquire Additional Interest in Subsidiaries |
(515,275)us-gaap_PaymentsToAcquireAdditionalInterestInSubsidiaries |
0us-gaap_PaymentsToAcquireAdditionalInterestInSubsidiaries |
0us-gaap_PaymentsToAcquireAdditionalInterestInSubsidiaries |
Purchases of property, equipment and software |
(2,017,379)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment |
(1,424,108)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment |
(568,728)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment |
Proceeds from disposals of property |
24,400us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment |
24,335us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment |
65,837us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment |
Net cash provided by investing activities |
(15,653,070)us-gaap_NetCashProvidedByUsedInInvestingActivities |
(8,553,070)us-gaap_NetCashProvidedByUsedInInvestingActivities |
(1,480,645)us-gaap_NetCashProvidedByUsedInInvestingActivities |
Financing Activities |
|
|
|
Repurchases of common stock |
(1,055,765)us-gaap_PaymentsForRepurchaseOfCommonStock |
(4,262,260)us-gaap_PaymentsForRepurchaseOfCommonStock |
(3,975,532)us-gaap_PaymentsForRepurchaseOfCommonStock |
Exercise of options |
27,100us-gaap_ProceedsFromStockOptionsExercised |
75,797us-gaap_ProceedsFromStockOptionsExercised |
160,557us-gaap_ProceedsFromStockOptionsExercised |
Distribution to noncontrolling interest |
(168,057)us-gaap_PaymentsOfDividendsMinorityInterest |
(36,900)us-gaap_PaymentsOfDividendsMinorityInterest |
(40,800)us-gaap_PaymentsOfDividendsMinorityInterest |
Excess Tax Benefit from Share-based Compensation, Financing Activities |
15,999us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities |
946,605us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities |
22,101us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities |
Dividends paid |
(650,433)us-gaap_PaymentsOfDividends |
(657,914)us-gaap_PaymentsOfDividends |
(603,334)us-gaap_PaymentsOfDividends |
Net cash used in financing activities |
(1,831,156)us-gaap_NetCashProvidedByUsedInFinancingActivities |
(3,934,672)us-gaap_NetCashProvidedByUsedInFinancingActivities |
(4,437,008)us-gaap_NetCashProvidedByUsedInFinancingActivities |
Net (Decrease) Increase in Cash and Cash Equivalents |
(7,800,246)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease |
2,816,743us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease |
2,767,760us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease |
Cash and Cash Equivalents, Beginning of Period |
23,626,761us-gaap_CashAndCashEquivalentsAtCarryingValue |
20,810,018us-gaap_CashAndCashEquivalentsAtCarryingValue |
18,042,258us-gaap_CashAndCashEquivalentsAtCarryingValue |
Cash and Cash Equivalents, End of Period |
15,826,515us-gaap_CashAndCashEquivalentsAtCarryingValue |
23,626,761us-gaap_CashAndCashEquivalentsAtCarryingValue |
20,810,018us-gaap_CashAndCashEquivalentsAtCarryingValue |
Cash Paid During the Year for: |
|
|
|
Income tax payments, net |
2,744,100us-gaap_IncomeTaxesPaidNet |
5,724,000us-gaap_IncomeTaxesPaidNet |
4,479,000us-gaap_IncomeTaxesPaidNet |
Non cash net unrealized gain on investments, net of deferred tax provision of $(805,779), $(1,288,951) and $(730,555) for 2014, 2013 and 2012, respectively |
(1,538,740)us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax |
(2,474,873)us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax |
(1,393,943)us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax |
Adjustments to postretirement benefits obligation, net of deferred tax provision of $16,021, $(26,252) and $28,192 for 2014, 2013 and 2012, respectively |
31,100itic_AccumulatedPostretirementBenefitObligationAdjustment |
(50,961)itic_AccumulatedPostretirementBenefitObligationAdjustment |
54,726itic_AccumulatedPostretirementBenefitObligationAdjustment |
Non cash intangible assets acquired from purchase of subsidiary |
0us-gaap_NoncashOrPartNoncashAcquisitionIntangibleAssetsAcquired1 |
0us-gaap_NoncashOrPartNoncashAcquisitionIntangibleAssetsAcquired1 |
(1,481,900)us-gaap_NoncashOrPartNoncashAcquisitionIntangibleAssetsAcquired1 |
Non cash contingent liability from purchase of subsidiary |
$ 0us-gaap_NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1 |
$ 0us-gaap_NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1 |
$ 691,250us-gaap_NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1 |
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- Definition
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v2.4.1.9
Consolidated Statements Of Cash Flows (Parenthetical) (USD $)
|
12 Months Ended |
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Statement of Cash Flows [Abstract] |
|
|
|
Non cash net unrealized gain on investments, deferred tax provision |
$ (805,779)itic_DeferredTaxProvisionRelatedToUnrealizedGainLossOnInvestments |
$ (1,288,951)itic_DeferredTaxProvisionRelatedToUnrealizedGainLossOnInvestments |
$ (730,555)itic_DeferredTaxProvisionRelatedToUnrealizedGainLossOnInvestments |
Adjustments to postretirement benefits obligation, net of deferred tax benefit (provision) |
$ 16,021itic_AdjustmentsToPostretirementBenefitsObligationNetOfDeferredTaxBenefitProvision |
$ (26,252)itic_AdjustmentsToPostretirementBenefitsObligationNetOfDeferredTaxBenefitProvision |
$ 28,192itic_AdjustmentsToPostretirementBenefitsObligationNetOfDeferredTaxBenefitProvision |
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v2.4.1.9
Basis Of Presentation and Significant Accounting Policies
|
12 Months Ended |
Dec. 31, 2014
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Basis Of Presentation and Significant Accounting Policies |
Basis of Presentation and Summary of Significant Accounting Policies Description of Business – Investors Title Company’s (the “Company”) primary business, and only reportable segment, is title insurance. The title insurance segment, through its two subsidiaries, Investors Title Insurance Company (“ITIC”) and National Investors Title Insurance Company (“NITIC”), is licensed to insure titles to residential, institutional, commercial and industrial properties. The Company issues title insurance policies primarily through approved attorneys from underwriting offices and through independent issuing agents in 22 states and the District of Columbia, primarily in the eastern half of the United States. The majority of the Company’s business is concentrated in Georgia, Michigan, North Carolina, South Carolina, Texas and Virginia. Principles of Consolidation and Basis of Presentation – The accompanying Consolidated Financial Statements include the accounts and operations of Investors Title Company and its subsidiaries, and have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Earnings attributable to the redeemable noncontrolling interest are recorded on the Consolidated Statements of Income for majority-owned subsidiaries. The redeemable noncontrolling interest representing the portion of equity not related to the Company’s ownership interest is recorded as redeemable equity in a separate section of the Consolidated Balance Sheets. All intercompany balances and transactions have been eliminated in consolidation. Immaterial Classification Correction – During the years ended December 31, 2013 and 2012, the Company realized $946,605 and $22,101, respectively, in excess tax benefits associated with the exercise of stock options and stock appreciation rights (“SARs”). Such amounts were mistakenly classified as part of operating activities rather than financing activities. Accordingly, the Consolidated Statements of Cash Flows have been corrected. The correction resulted in a decrease to previously reported operating cash flows and an increase to financing cash flows in the amount of $946,605 and $22,101 for the years ended December 31, 2013 and 2012, respectively. 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. Significant Accounting Policies – The significant accounting policies of the Company are summarized below. Cash and Cash Equivalents For the purpose of presentation in the Company’s Consolidated Statements of Cash Flows, cash equivalents are highly liquid instruments with remaining original maturities of three months or less. The carrying amount of cash and cash equivalents is a reasonable estimate of fair value due to the short-term maturity at purchase of these instruments. Investments in Securities Securities for which the Company has the intent and ability to hold to maturity are classified as held-to-maturity and reported at cost, adjusted for amortization of premiums or accretion of discounts, and other-than-temporary declines in fair value. Securities held principally for resale in the near term are classified as trading securities and recorded at fair values. Realized and unrealized gains and losses on trading securities are included in other income. Securities not classified as either trading or held-to-maturity are classified as available-for-sale and reported at fair value with unrealized gains and losses, net of tax and adjusted for other-than-temporary declines in fair value, reported as accumulated other comprehensive income. As of December 31, 2014 and 2013, all investments in securities are classified as available-for-sale. Securities are regularly reviewed for differences between the cost and estimated fair value of each security for factors that may indicate that a decline in fair value is other-than-temporary. Some factors considered in evaluating whether or not a decline in fair value is other-than-temporary include the duration and extent to which the fair value has been less than cost and the Company’s ability and intent to retain the investment for a period of time sufficient to allow for a recovery in value. Such reviews are inherently uncertain and the value of the investment may not fully recover or may decline in future periods resulting in a realized loss. Fair values of the majority of investments are based on quoted market prices. Realized gains and losses are determined on the specific identification method. Refer to Note 3 for further information regarding investments in securities and fair value. Short-term Investments Short-term investments are comprised of money market accounts which are invested in short-term funds, time deposits with banks and savings and loan associations, and other investments expected to have maturities or redemptions greater than three months and less than twelve months. The Company monitors any events or changes in circumstances that may have a significant adverse effect on the fair value of these investments. Other Investments Other investments consist primarily of investments in title insurance agencies structured as limited liability companies (“LLCs”), which are accounted for under the equity or cost methods of accounting. The aggregate cost of the Company’s cost method investments totaled $2,423,408 and $1,834,229 at December 31, 2014 and 2013, respectively. The Company monitors any events or changes in circumstances that may have had a significant adverse effect on the fair value of these investments and makes any necessary adjustments. Property Acquired in Settlement of Claims Property acquired in settlement of claims is held for sale and valued at the lower of cost or market. Adjustments to reported estimated realizable values and realized gains or losses on dispositions are recorded as increases or decreases in claim costs. Properties acquired in settlement of claims are included in prepaid expenses and other assets in the Consolidated Balance Sheets. Property and Equipment Property and equipment are recorded at cost and are depreciated principally under the straight-line method over the estimated useful lives (3 to 25 years) of the respective assets. Maintenance and repairs are charged to operating expenses and improvements are capitalized. Reserves for Claims Total reserves for all reported and unreported losses the Company incurred through December 31, 2014 is represented by the reserves for claims. The Company’s reserves for unpaid losses and loss adjustment expenses are established using estimated amounts required to settle claims for which notice has been received (reported) and the amount estimated to be required to satisfy incurred claims of policyholders which may be reported in the future. Despite the variability of such estimates, management believes that the reserves are adequate to cover claim losses resulting from pending and future claims for policies issued through December 31, 2014. The Company continually reviews and adjusts its reserve estimates as necessary to reflect its loss experience and any new information that becomes available. Adjustments resulting from such reviews may be significant. Claims and losses paid are charged to the reserves for claims. Although claims losses are typically paid in cash, occasionally claims are settled by purchasing the interest of the insured or the claimant in the real property. When this event occurs, the acquiring company carries assets at the lower of cost or estimated realizable value, net of any indebtedness on the property. Income Taxes The Company makes certain estimates and judgments in determining income tax expense (benefit) for financial statement purposes. These estimates and judgments occur in the calculation of certain tax assets and liabilities which arise from differences in the timing of recognition of revenue and expense for tax and financial statement purposes. The Company provides for deferred income taxes (benefits) for the tax consequences in future years of temporary differences between the financial statements’ carrying values and the tax bases of assets and liabilities using currently enacted tax rates. The Company establishes a valuation allowance if it believes that it is more likely than not that some or all of its deferred tax assets will not be realized. Refer to Note 8 for further information regarding income taxes. Premiums Written and Commissions to Agents Generally, title insurance premiums are recognized at the time of closing of the related real estate transaction, as the earnings process is then considered complete. Policies or commitments are issued upon receipt of final certificates or preliminary reports with respect to titles. Title insurance commissions earned by the Company’s agents, taxes and a provision for claims losses are recognized as expenses concurrent with recognition of related premium revenue. 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. During the second quarter of 2014, the Company changed its presentation of gross premiums and fees receivable and related allowance for doubtful accounts and now reports them net of certain commitments not expected to result in issued title insurance policies. The change had no impact to net premium and fees receivable, net premiums written, operating expenses or net income. Changes to the allowance for doubtful accounts are reflected within net premiums written in the Consolidated Statements of Income. Amounts are charged off in the period they are deemed to be uncollectible. Quarterly, the Company evaluates the collectability of receivables. Premiums not collected within 7 months are fully reserved. Write-offs of receivables have not been material to the Company. Exchange Services Revenue Fees are recognized at the signing of a binding agreement and investment earnings are recognized as they are earned. Exchange services revenues are included in other revenues in the Consolidated Statements of Income. Fair Values of Financial Instruments The carrying amounts reported in the Consolidated Balance Sheets for cash and cash equivalents, short-term investments, premium and fees receivable, accrued interest and dividends, accounts payable, commissions payable, reinsurance payable and current income taxes recoverable/payable approximate fair value due to the short-term nature of these assets and liabilities. Fair values for the majority of investment securities are based on quoted market prices. Auction rate securities (“ARS”) are valued using discounted cash flow models to determine the estimated fair value of these investments. Some of the inputs for determining the fair value of ARS are unobservable in the securities markets and are significant. Refer to Note 3 for further information regarding investments in securities and fair value. Comprehensive Income The Company’s accumulated other comprehensive income is comprised of unrealized holding gains/losses on available-for-sale securities, net of tax, and unrecognized prior service cost and unrealized gains/losses associated with postretirement benefit liabilities, net of tax. Accumulated other comprehensive income as of December 31, 2014 consists of $12,934,497 of unrealized holding gains on available-for-sale securities and $77,988 of unrecognized prior service cost and unrecognized actuarial losses associated with postretirement benefit liabilities. Accumulated other comprehensive income as of December 31, 2013 consists of $11,395,757 of unrealized holding gains on available-for-sale securities and $48,353 of unrecognized prior service cost and unrecognized actuarial losses associated with postretirement benefit liabilities. Accumulated other comprehensive income as of December 31, 2012 consists of $8,920,884 of unrealized holding gains on available-for-sale securities and $102,454 of unrecognized prior service cost and unrecognized actuarial losses associated with postretirement benefit liabilities. Share-Based Compensation The Company accounts for share-based compensation in accordance with the fair value based principles required by the Financial Accounting Standards Board (“FASB”). Share-based compensation cost is generally measured at the grant date, based on the estimated fair value of the award, and is recognized as an expense over the employee’s requisite service period. As the share-based compensation expense recognized in the Consolidated Statements of Income is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Other Intangible Assets The Company’s other intangible assets consist of a non-compete agreement and referral relationships resulting from an agency acquisition and are recorded at the acquisition date fair value. The referral relationships are amortized on a straight-line basis over the useful life and amortization of the non-compete contract will start at a future date when the related employment agreement is terminated. Intangible assets are reviewed for impairment at least quarterly. Subsequent Events The Company has evaluated and concluded that there were no material subsequent events requiring adjustment or disclosure to its Consolidated Financial Statements. Recently Issued Accounting Standards
In 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 annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not 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. Use of Estimates and Assumptions The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period and accompanying notes. Actual results could differ materially from those estimates and assumptions used. The more significant of these estimates and assumptions include the following: Claims – The Company’s reserves for claims are established using estimated amounts required to settle claims for which notice has been received (reported) and the amount estimated to be required to satisfy incurred claims of policyholders which may be reported in the future (incurred but not reported, or “IBNR”). A provision for estimated future claims payments is recorded at the time policy revenue is recorded as a percentage of premium income. By their nature, title claims can often be complex, vary greatly in dollar amounts, vary in number due to economic and market conditions such as an increase in mortgage foreclosures, and involve uncertainties as to ultimate exposure. In addition, some claims may require a number of years to settle and determine the final liability for indemnity and loss adjustment expense. The payment experience may extend for more than 20 years after the issuance of a policy. Events such as fraud, defalcation and multiple property defects can substantially and unexpectedly cause increases in estimates of losses. Due to the length of time over which claim payments are made and regularly occurring changes in underlying economic and market conditions, these estimates are subject to variability. Management considers factors such as the Company’s historical claims experience, case reserve estimates on reported claims, large claims, actuarial projections and other relevant factors in determining loss provision rates and the aggregate recorded expected liability for claims. In establishing reserves, actuarial projections are compared with recorded reserves to evaluate the adequacy of such recorded claims reserves and any necessary adjustments are then recorded in current operations. As the most recent claims experience develops and new information becomes available, the loss reserve estimate related to prior periods will change to more accurately reflect updated and improved emerging data. The Company reflects any adjustments to reserves in the results of operations in the period in which new information (principally claims experience) becomes available. The Company’s reserves for claims are established using estimated amounts required to settle claims for which notice has been received (reported) and the amount estimated to be required to satisfy incurred claims of policyholders which have been incurred but not reported (“IBNR”). During the third quarter of 2013 certain actuarial inputs were changed to reflect recent trends. See Note 6 in the accompanying Consolidated Financial Statements for further information regarding this change in accounting estimate. Premiums written – The Company’s premium revenues from certain agency operations include accruals based on estimates. These accruals estimate unreported agency premiums related to transactions which have settled as of the balance sheet date. Accruals for premiums from certain agencies are necessary because of the lag between policy effective dates and the reporting of these transactions to the Company by the agents. The current lag time used in the Company’s estimates typically ranges between 0 and 180 days after the policy effective date, with the majority of agencies reporting within 60 to 90 days. The lag time is reviewed periodically to monitor accruals. To determine the estimated premiums, the Company uses historical experience, as well as other factors, to make certain assumptions about the average elapsed time between the policy effective date and the date the policies are reported. From time to time, the Company adjusts the inputs to the calculation of these estimates as agents report transactions and information on more current trends becomes available. The Company reflects any adjustments to the accruals in the results of operations in the period in which new information becomes available. Impairments – Securities are regularly evaluated and reviewed for differences between the cost and estimated fair value of each security for factors that may indicate that a decline in fair value is other-than-temporary. When, in the opinion of management, a decline in the fair value of an investment is considered to be other-than-temporary, such investment is written down to its fair value. Some factors considered in evaluating whether or not a decline in fair value is other-than-temporary include the duration and extent to which the fair value has been less than cost; the probability that the Company will be unable to collect all amounts due under the contractual terms of the security; with respect to equity securities, whether the Company’s ability and intent to retain the investment for a period of time is sufficient to allow for a recovery in value; with respect to fixed maturity securities, whether the Company has the intent to sell or will more likely than not be required to sell a particular security before recovery in value; and the financial condition and prospects of the issuer (including credit ratings). These factors are reviewed quarterly and any material degradation in the prospect for recovery will be considered in the other-than-temporary impairment analysis. Such reviews are inherently uncertain and the value of the investment may not fully recover or may decline in future periods resulting in a realized loss. The fair values of the majority of the Company’s investments are based on quoted market prices from independent pricing services. |
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The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.
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v2.4.1.9
Statutory Restrictions on Consolidated Stockholders' Equity and Investments
|
12 Months Ended |
Dec. 31, 2014
|
Statutory Restrictions on Consolidated Stockholders' Equity and Investments [Abstract] |
|
Statutory Restrictions on Consolidated Stockholders' Equity and Investments |
Statutory Accounting and Restrictions on Consolidated Stockholders’ Equity and Investments The Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America which differ in some respects from statutory accounting practices prescribed or permitted in the preparation of financial statements for submission to insurance regulatory authorities. Combined capital and surplus on a statutory basis was $127,314,429 and $119,897,974 as of December 31, 2014 and 2013, respectively. Net income on a statutory basis was $9,737,634, $11,858,699 and $11,035,792 for the twelve months ended December 31, 2014, 2013 and 2012, respectively. The Company has designated approximately $48,423,000 and $47,405,000 of retained earnings as of December 31, 2014 and 2013, respectively, as appropriated to reflect the required statutory premium and supplemental reserves. See Note 8 for the tax treatment of the statutory premium reserve. As of December 31, 2014 and 2013, approximately $90,384,000 and $83,311,000, respectively, of consolidated stockholders’ equity represents net assets of the Company’s subsidiaries that cannot be transferred in the form of dividends, loans or advances to the parent company under statutory regulations without prior insurance department approval. During 2015, the maximum distributions the insurance subsidiaries can make to the Company without prior approval from applicable regulators is approximately $9,937,000. Bonds totaling approximately $7,060,000 and $7,022,000 at December 31, 2014 and 2013, respectively, are deposited with the insurance departments of the states in which business is conducted. |
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v2.4.1.9
Investments in Securities and Fair Value
|
12 Months Ended |
Dec. 31, 2014
|
Investments, Debt and Equity Securities [Abstract] |
|
Investments In Securities and Fair Value |
Investments in Securities and Fair Value The aggregate estimated fair value, gross unrealized holding gains, gross unrealized holding losses, and amortized cost for securities by major security type at December 31 were as follows: | | | | | | | | | | | | | | | | | December 31, 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 deposit | $ | 2,576,993 |
|
| $ | — |
|
| $ | — |
|
| $ | 2,576,993 |
| Total | $ | 2,576,993 |
|
| $ | — |
|
| $ | — |
|
| $ | 2,576,993 |
|
| | | | | | | | | | | | | | | | | December 31, 2013 | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value | Fixed maturities, available-for-sale, at fair value: | | | | | | | | General obligations of U.S. states, territories and political subdivisions | $ | 38,449,309 |
| | $ | 1,922,862 |
| | $ | 184,351 |
| | $ | 40,187,820 |
| Issuer obligations of U.S. states, territories and political subdivisions special revenue | 30,874,571 |
| | 1,234,130 |
| | 204,800 |
| | 31,903,901 |
| Corporate debt securities | 17,736,608 |
| | 789,840 |
| | 108,456 |
| | 18,417,992 |
| Auction rate securities | 919,672 |
| | 16,028 |
| | — |
| | 935,700 |
| Total | $ | 87,980,160 |
| | $ | 3,962,860 |
| | $ | 497,607 |
| | $ | 91,445,413 |
| Equity securities, available-for sale, at fair value: | | | | | | | | Common stocks and nonredeemable preferred stocks | $ | 22,200,369 |
| | $ | 14,052,780 |
| | $ | 109,084 |
| | $ | 36,144,065 |
| Total | $ | 22,200,369 |
| | $ | 14,052,780 |
| | $ | 109,084 |
| | $ | 36,144,065 |
| Short-term investments: | |
| | |
| | |
| | |
| Money market funds and certificates of deposit | $ | 7,926,373 |
| | $ | — |
| | $ | — |
| | $ | 7,926,373 |
| Total | $ | 7,926,373 |
| | $ | — |
| | $ | — |
| | $ | 7,926,373 |
|
The special revenue category for both periods presented includes over 30 individual bonds with revenue sources from a variety of industry sectors. The scheduled maturities of fixed maturity securities at December 31, 2014 were as follows: | | | | | | | | | | Available-for-Sale | | Amortized Cost | | Fair Value | Due in one year or less | $ | 13,682,264 |
| | $ | 13,844,384 |
| Due after one year through five years | 52,358,705 |
| | 54,918,427 |
| Due five years through ten years | 36,385,776 |
| | 37,703,640 |
| Due after ten years | 1,994,305 |
| | 2,581,839 |
| Total | $ | 104,421,050 |
| | $ | 109,048,290 |
|
Earnings on investments for the years ended December 31 were as follows: | | | | | | | | | | | | | | 2014 | | 2013 | | 2012 | Fixed maturities | $ | 3,282,810 |
| | $ | 2,997,901 |
| | $ | 3,154,131 |
| Equity securities | 973,419 |
| | 890,917 |
| | 815,674 |
| Invested cash and other short-term investments | 3,202 |
| | 5,754 |
| | 10,576 |
| Miscellaneous interest | 70 |
| | 36 |
| | 30 |
| Investment income | $ | 4,259,501 |
| | $ | 3,894,608 |
| | $ | 3,980,411 |
|
Gross realized gains and losses on sales of investments for the years ended December 31 are summarized as follows: | | | | | | | | | | | | | | 2014 | | 2013 | | 2012 | Gross realized gains: | | | | | | General obligations of U.S. states, territories and political subdivisions | $ | — |
| | $ | — |
| | $ | 250 |
| Corporate debt securities | 6,670 |
| | — |
| | 52,396 |
| Common stocks and nonredeemable preferred stocks | 1,021,463 |
| | 369,673 |
| | 450,461 |
| Auction rate securities | — |
| | — |
| | 211,061 |
| Total | 1,028,133 |
| | 369,673 |
| | 714,168 |
| Gross realized losses: | | | | | | Common stocks and nonredeemable preferred stocks | (509,854 | ) | | (180,169 | ) | | (91,975 | ) | Other than temporary impairment of securities | (14,542 | ) | | — |
| | (93,436 | ) | Total | (524,396 | ) | | (180,169 | ) | | (185,411 | ) | Net realized gain | $ | 503,737 |
| | $ | 189,504 |
| | $ | 528,757 |
| Net realized (loss) gain on other investments: | | | | | | Impairments of other assets and investments | $ | (10,062 | ) | | $ | (34,070 | ) | | $ | (6,504 | ) | Net gain on other assets and investments | 45,288 |
| | 48,946 |
| | 543,986 |
| Net loss on other assets and investments | (270,669 | ) | | (8,580 | ) | | — |
| Total | $ | (235,443 | ) | | $ | 6,296 |
| | $ | 537,482 |
| Net realized gain on investments | $ | 268,294 |
| | $ | 195,800 |
| | $ | 1,066,239 |
|
Realized gains and losses are determined on the specific identification method. The following table presents the gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at December 31, 2014 and 2013: | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 Months | | 12 Months or Longer | | Total | December 31, 2014 | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | 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 maturity 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 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2013 | | | | | | | | | | | | General obligations of U.S. states, territories and political subdivisions | $ | 4,198,012 |
| | $ | (184,351 | ) | | $ | — |
| | $ | — |
| | $ | 4,198,012 |
| | $ | (184,351 | ) | Issuer obligations of U.S. states, territories and political subdivisions special revenue | 11,010,093 |
| | (204,800 | ) | | — |
| | — |
| | 11,010,093 |
| | (204,800 | ) | Corporate debt securities | 5,942,570 |
| | (108,456 | ) | | — |
| | — |
| | 5,942,570 |
| | (108,456 | ) | Total fixed maturity securities | $ | 21,150,675 |
| | $ | (497,607 | ) | | $ | — |
| | $ | — |
| | $ | 21,150,675 |
| | $ | (497,607 | ) | Equity securities | 2,035,971 |
| | (72,998 | ) | | 244,929 |
| | (36,086 | ) | | 2,280,900 |
| | (109,084 | ) | Total temporarily impaired securities | $ | 23,186,646 |
| | $ | (570,605 | ) | | $ | 244,929 |
| | $ | (36,086 | ) | | $ | 23,431,575 |
| | $ | (606,691 | ) |
As of December 31, 2014, the Company held $14,166,991 in fixed maturity securities with unrealized losses of $146,383. As of December 31, 2013, the Company held $21,150,675 in fixed maturity securities with unrealized losses of $497,607. The decline in fair value of the fixed maturity securities can be attributed primarily to changes in market interest rates and changes in credit spreads over Treasury securities. Because the Company does not have the intent to sell these securities and likely will not be compelled to sell them before it can recover its cost basis, the Company does not consider these investments to be other-than-temporarily impaired. As of December 31, 2014, the Company held $1,071,488 in equity securities with unrealized losses of $99,231. As of December 31, 2013, the Company held $2,280,900 in equity securities with unrealized losses of $109,084. The unrealized losses related to holdings of equity securities were caused by market changes that the Company considers to be temporary. Since the Company has the intent and ability to hold these equity income securities until a recovery of fair value, the Company does not consider these investments other-than-temporarily impaired. Factors considered in determining whether a loss is temporary include the length of time and extent to which fair value has been below cost, the financial condition and prospects of the issuer (including credit ratings and analyst reports) and macro-economic changes. A total of 25 and 26 securities had unrealized losses at December 31, 2014 and December 31, 2013, 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 2014, the Company recorded other-than-temporary impairment charges in the amount of $14,542 related to securities. During 2013, the Company did not record any other-than-temporary impairment charges related to securities. During 2012, the Company recorded other-than-temporary impairment charges in the amount of $93,436 related to securities. Other-than-temporary impairment charges are included in net realized gain on investments in the Consolidated Statements of Income. Valuation of Financial Assets and Liabilities The FASB has established a valuation hierarchy for disclosure of the inputs 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 December 31, 2014 and December 31, 2013, 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 December 31, 2014 and December 31, 2013, with approximately 97.0% as of December 31, 2014 and December 31, 2013, 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 key assumptions the service used to determine fair value as of December 31, 2014 and 2013: | | | | | | 2014 | | 2013 | Cumulative probability of earning maximum rate until maturity | —% | | —% | Cumulative probability of principle returned prior to maturity | 95.2% | | 95.6% | Cumulative probability of default at some future point | 4.8% | | 4.4% |
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 2014 and 2013, the difference in the low and high values of the ranges was approximately one and four percent of the carrying value of the Company’s ARS. The following table presents, by level, the financial assets carried at fair value measured on a recurring basis as of December 31, 2014 and 2013. The table does not include cash on hand and also does not include assets which are measured at historical cost or any basis other than fair value. Level 3 assets are comprised solely of ARS. | | | | | | | | | | | | | | | | | As of December 31, 2014 | Level 1 | | Level 2 | | Level 3 | | Total | Short-term investments | $ | 2,576,993 |
| | $ | — |
| | $ | — |
| | $ | 2,576,993 |
| Equity securities: | | | | | | | | Common stocks 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 |
|
| | | | | | | | | | | | | | | | | As of December 31, 2013 | Level 1 | | Level 2 | | Level 3 | | Total | Short-term investments | $ | 7,926,373 |
| | $ | — |
| | $ | — |
| | $ | 7,926,373 |
| Equity securities: | | | | | | | | Common stocks and nonredeemable preferred stock | 36,144,065 |
| | — |
| | — |
| | 36,144,065 |
| Fixed maturities: | | | | | | | | Obligations of U.S. states, territories and political subdivisions* | — |
| | 72,091,721 |
| | — |
| | 72,091,721 |
| Corporate debt securities* | — |
| | 18,417,992 |
| | 935,700 |
| | 19,353,692 |
| Total | $ | 44,070,438 |
| | $ | 90,509,713 |
| | $ | 935,700 |
| | $ | 135,515,851 |
|
*Denotes fair market value obtained from pricing services. There were no transfers into or out of Levels 1 and 2 during the period. To help ensure that fair value determinations are consistent with 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 respective 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. Contingent consideration The fair value of the contingent consideration was estimated based on the discounted value of the future cash flows. Contingent consideration consists of additional monies the Company may become obligated to pay based on the future performance of a business the Company acquired, as discussed in Note 17. This item is included in accounts payable and accrued liabilities in the Consolidated Balance Sheets. The carrying amounts and fair values of these financial instruments (please note investments are disclosed in a previous table) as of December 31, 2014 and 2013 are presented in the following table: | | | | | | | | | | | | | | | | | | | | | As of December 31, 2014 | | | | | | | | | | Financial Assets | Carrying Value | | Estimated Fair Value | | Level 1 | | Level 2 | | Level 3 | Cash and cash equivalents | $ | 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 | $ | 19,406,960 |
| | $ | 19,566,169 |
| | $ | 16,890,352 |
| | $ | — |
| | $ | 2,675,817 |
|
| | | | | | | | | | | | | | | | | | | | | As of December 31, 2013 | | | | | | | | | | Financial Assets | Carrying Value | | Estimated Fair Value | | Level 1 | | Level 2 | | Level 3 | Cash and cash equivalents | $ | 23,626,761 |
| | $ | 23,626,761 |
| | $ | 23,626,761 |
| | $ | — |
| | $ | — |
| Cost-basis investments | 1,927,429 |
| | 2,069,302 |
| | — |
| | — |
| | 2,069,302 |
| Accrued dividends and interest | 1,006,698 |
| | 1,006,698 |
| | 1,006,698 |
| | — |
| | — |
| Total | $ | 26,560,888 |
| | $ | 26,702,761 |
| | $ | 24,633,459 |
| | $ | — |
| | $ | 2,069,302 |
| | | | | | | | | | | Financial Liabilities | | | | | | | | | | Contingent consideration | $ | 341,250 |
| | $ | 341,250 |
| | $ | — |
| | $ | — |
| | $ | 341,250 |
| Total | $ | 341,250 |
| | $ | 341,250 |
| | $ | — |
| | $ | — |
| | $ | 341,250 |
|
The following table presents a reconciliation of the Company’s assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3), which are all ARS securities, for the twelve months ended December 31, 2014 and 2013: | | | | | | | | | Changes in fair value during the year ended December 31: | 2014 | | 2013 | Beginning balance at January 1 | $ | 935,700 |
| | $ | 932,200 |
| Redemptions and sales | — |
| | — |
| Realized gain – included in net realized gain on investments | — |
| | — |
| Realized loss – included in net realized gain on investments | — |
| | — |
| Unrealized gain - included in other comprehensive income | 3,400 |
| | 3,500 |
| Ending balance at December 31 | $ | 939,100 |
| | $ | 935,700 |
|
The following table presents a reconciliation of the Company’s liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3), consisting solely of contingent acquisition consideration, for the twelve months ended December 31, 2014 and 2013: | | | | | | | | | Changes in fair value during the period ended: | 2014 | | 2013 | Beginning balance at January 1 | $ | 341,250 |
| | $ | 691,250 |
| Addition of contingent consideration | — |
| | — |
| Payment for contingent consideration | (341,250 | ) | | (350,000 | ) | Ending balance, net | $ | — |
| | $ | 341,250 |
|
Certain cost-basis investments are measured at estimated fair value on a non-recurring basis, such as investments that are determined to be other-than temporarily impaired during the period and recorded at estimated fair value in the Consolidated Financial Statements as of December 31, 2014 and 2013. The following table summarizes the corresponding estimated fair value hierarchy of such investments at December 31, 2014 and 2013 and the related impairments recognized: | | | | | | | | | | | | | | | | | | | | | | | | | 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 and other assets | | | | | $ | — |
| | $ | — |
| | $ | 22,682 |
| | $ | 22,682 |
| | $ | (10,062 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2013 | Valuation Method | | Impaired | | Level 1 | | Level 2 | | Level 3 | | Total at Estimated Fair Value | | Impairment Losses | Cost-basis investments | Fair Value | | Yes | | $ | — |
| | $ | — |
| | $ | 32,744 |
| | $ | 32,744 |
| | $ | (34,070 | ) | Total cost-basis investments and other assets | | | | | $ | — |
| | $ | — |
| | $ | 32,744 |
| | $ | 32,744 |
| | $ | (34,070 | ) |
|
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v2.4.1.9
Property and Equipment
|
12 Months Ended |
Dec. 31, 2014
|
Property, Plant and Equipment [Abstract] |
|
Property and Equipment |
Property and Equipment Property and equipment and estimated useful lives at December 31 are summarized as follows: | | | | | | | | | | 2014 | | 2013 | Land | $ | 1,107,582 |
| | $ | 1,107,582 |
| Office buildings and improvements (25 years) | 3,416,096 |
| | 3,365,699 |
| Furniture, fixtures and equipment (3 to 10 years) | 7,159,250 |
| | 6,201,618 |
| Automobiles (3 years) | 847,905 |
| | 855,018 |
| Total | 12,530,833 |
| | 11,529,917 |
| Less accumulated depreciation | (7,070,028 | ) | | (7,204,379 | ) | Property and equipment, net | $ | 5,460,805 |
| | $ | 4,325,538 |
|
Included within furniture, fixtures and equipment is software developed by the Company for internal use. Capitalized costs include both direct and indirect costs, such as payroll costs of employees associated with developing software, incurred during the software development stage. |
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v2.4.1.9
Reinsurance
|
12 Months Ended |
Dec. 31, 2014
|
Reinsurance Disclosures [Abstract] |
|
Reinsurance |
Reinsurance The Company assumes and cedes reinsurance with other insurance companies in the normal course of business. Premiums assumed and ceded were approximately $38,000 and $140,000, respectively, for 2014, $6,000 and $211,000, respectively, for 2013 and $16,000 and $233,000, respectively, for 2012. Ceded reinsurance is comprised of excess of loss treaties, which outline the conditions in which the reinsurance company will pay claims and protect against losses over certain agreed amounts. The Company remains liable to the insured for claims under ceded insurance policies in the event that the assuming insurance companies are unable to meet their obligations under these contracts. The Company has not paid or recovered any reinsured losses during the three years ended December 31, 2014. |
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v2.4.1.9
Reserves for Claims
|
12 Months Ended |
Dec. 31, 2014
|
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] |
|
Reserves for Claims |
Reserves for Claims
Changes in the reserves for claims for the years ended December 31 are summarized as follows based on the year in which the policies were written: | | | | | | | | | | | | | | 2014 | | 2013 | | 2012 | Balance, beginning of period | $ | 35,360,000 |
| | $ | 39,078,000 |
| | $ | 37,996,000 |
| Provisions related to: | | | | | | Current year | 6,860,335 |
| | 7,239,628 |
| | 7,650,959 |
| Prior year | (1,630,619 | ) | | (7,811,224 | ) | | (1,578,844 | ) | Total provision charged to operations | 5,229,716 |
| | (571,596 | ) | | 6,072,115 |
| Claims paid, net of recoveries, related to: | | | | | | Current year | (102,947 | ) | | (110,240 | ) | | (76,288 | ) | Prior year | (3,809,769 | ) | | (3,036,164 | ) | | (4,913,827 | ) | Total claims paid, net of recoveries | (3,912,716 | ) | | (3,146,404 | ) | | (4,990,115 | ) | Balance, end of year | $ | 36,677,000 |
| | $ | 35,360,000 |
| | $ | 39,078,000 |
|
The Company continually refines its reserve estimates as current loss experience develops and credible data emerges. Movements in the reserves related to prior periods were primarily the result of changes to estimates to better reflect the latest reported loss data. The 2014 calendar year change in the provision relating to prior years resulted mostly from changes to certain actuarial inputs and favorable development in 2014 versus the prior year related primarily to policy years 2009 through 2013. Due to variances between actual and expected loss payments, loss development is subject to significant variability. The Company does not recognize claim recoveries until an actual payment has been received by the Company. The Company realized claim recoveries of approximately $790,000, $1,165,000 and $1,324,000 during 2014, 2013 and 2012, respectively. The provision for claims as a percentage of net premiums written was 4.8%, (0.5)% and 5.9% in 2014, 2013 and 2012, respectively. A large claim is defined as a claim with incurred losses exceeding $250,000. Due to the small volume of large claims, the long-tail nature of title insurance claims and the inherent uncertainty in loss emergence patterns, large claim activity can vary significantly between policy years. The estimated development of large claims by policy year is therefore subject to significant changes as experience develops.
During 2013 certain actuarial inputs were changed to reflect recent trends. The Company considers these modifications in actuarial inputs to be a change in estimate. The Company believes that these changes in actuarial inputs were necessary in response to favorable reserve development and claims experience incurred in several recent reporting periods. The approximate impact of this change in estimate for the year ended December 31, 2013 was a reduction of $2,200,000 to the reserves for claims in the Consolidated Balance Sheets, and in the Consolidated Statements of Income a decrease of $2,200,000 to the provision for claims, an increase of $750,000 in the provision for income taxes and an increase of $1,450,000 in net income, or $0.71 per basic share and $0.70 per diluted share, compared with the amounts that would have been recorded under the Company’s prior estimate. This change in estimate, coupled with several recent policy years which continued to emerge favorably in comparison with prior expectations, contributed to a benefit in the claims provision for the 2013 year. The change in estimate was primarily driven by the following:
| | • | Changing the specific weightings used in performing certain actuarial methods, including weighting between policy years and weighting of title industry loss data; |
| | • | Adjusting for premium rate changes and the Company’s improved underwriting efforts related to construction business; and |
| | • | Increasing the ratios used to estimate projected payments of unallocated loss adjustment expenses to more accurately reflect expected payments. |
A summary of the Company’s loss reserves, broken down into its components of known title claims and IBNR, follows: | | | | | | | | | | | | | | 2014 | | % | | 2013 | | % | Known title claims | $ | 5,364,645 |
| | 14.6 | | $ | 4,670,809 |
| | 13.2 | IBNR | 31,312,355 |
| | 85.4 | | 30,689,191 |
| | 86.8 | Total loss reserves | $ | 36,677,000 |
| | 100.0 | | $ | 35,360,000 |
| | 100.0 |
In management’s opinion, the reserves are adequate to cover claim losses which might result from pending and future claims. |
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v2.4.1.9
Earnings Per Common Share and Share Awards
|
12 Months Ended |
Dec. 31, 2014
|
Earnings Per Share [Abstract] |
|
Earnings Per Common Share and Share Awards |
Earnings Per Common Share and Share Awards
Basic earnings per common share is computed by dividing net income attributable to the Company by the weighted average number of common shares outstanding during the reporting period. Diluted earnings per common share is computed by dividing net income attributable to the Company by the combination of dilutive potential common stock, comprised of shares issuable under the Company’s share-based compensation plans and the weighted average number of common shares outstanding during the reporting period. Dilutive common share equivalents include the dilutive effect of in-the-money share-based awards, which are calculated based on the average share price for each period using the treasury stock method. Under the treasury stock method, when share-based awards are exercised, (a) the exercise price of a share-based award; (b) the amount of compensation cost, if any, for future service that the Company has not yet recognized; and (c) the amount of estimated tax benefits that would be recorded in additional paid-in capital, if any, are assumed to be used to repurchase shares in the current period. The incremental dilutive potential common shares, calculated using the treasury stock method, were 5,774, 20,459 and 35,090 for 2014, 2013 and 2012, respectively.
The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31: | | | | | | | | | | | | | For the Years Ended December 31, | 2014 | | 2013 | | 2012 | Net income attributable to the Company | $ | 9,648,975 |
| | $ | 14,708,210 |
| | $ | 11,102,496 |
| Weighted average common shares outstanding – Basic | 2,031,760 |
| | 2,056,169 |
| | 2,081,703 |
| Incremental shares outstanding assuming the exercise of dilutive stock options and SARs (share-settled) | 5,774 |
| | 20,459 |
| | 35,090 |
| Weighted average common shares outstanding – Diluted | 2,037,534 |
| | 2,076,628 |
| | 2,116,793 |
| Basic earnings per common share | $ | 4.75 |
| | $ | 7.15 |
| | $ | 5.33 |
| Diluted earnings per common share | $ | 4.74 |
| | $ | 7.08 |
| | $ | 5.24 |
|
There were no potential shares excluded from the computation of diluted earnings per share in 2014, 2013 and 2012. The Company has adopted employee stock award plans under which restricted stock, and options or stock appreciation rights (“SARs”) to acquire shares (not to exceed 500,000 shares) of the Company’s stock, may be granted to key employees or directors of the Company at a price not less than the market value on the date of grant. SARs and options (which have predominantly been incentive stock options) awarded under the plans thus far generally expire in five to ten years and are exercisable and vest (1) immediately; (2) within one year; or (3) at 10% to 20% per year beginning on the date of grant. All SARs issued to date have been share-settled only. A summary of share-based award transactions for all share-based award plans follows: | | | | | | | | | | | | | | | Number Of Shares | | Weighted Average Exercise Price | | Average Remaining Contractual Term (Years) | | Aggregate Intrinsic Value | Outstanding as of January 1, 2012 | 101,600 |
| | $ | 29.81 |
| | 3.91 | | $ | 697,780 |
| SARs granted | 3,000 |
| | 50.50 |
| | | | |
| Options exercised | (6,380 | ) | | 25.17 |
| | | | |
| Options/SARs canceled/forfeited/expired | (70 | ) | | 31.00 |
| | | | |
| Outstanding as of December 31, 2012 | 98,150 |
| | $ | 30.74 |
| | 3.17 | | $ | 2,871,710 |
| SARs granted | 3,000 |
| | 71.59 |
| | | | |
| SARs exercised | (79,500 | ) | | 28.77 |
| | | | | Options exercised | (2,650 | ) | | 28.63 |
| | | | |
| Options/SARs canceled/forfeited/expired | — |
| | — |
| | | | |
| Outstanding as of December 31, 2013 | 19,000 |
| | $ | 45.74 |
| | 3.43 | | $ | 669,610 |
| 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 |
| | | | | | | | | Exercisable as of December 31, 2014 | 19,875 |
| | $ | 50.32 |
| | 3.49 | | $ | 448,785 |
| | | | | | | | | Unvested as of December 31, 2014 | 1,125 |
| | $ | 68.70 |
| | 6.39 | | $ | 4,725 |
|
The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company’s common stock at December 31, 2014. The intrinsic values of options exercised during 2014, 2013 and 2012 were approximately $82,000, $3,486,000 and $153,000, respectively. The following tables summarize information about fixed stock options outstanding at December 31, 2014: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Options Outstanding at Year-End | | Options Exercisable at Year-End | Range of Exercise Prices | | Number Outstanding | | Weighted Average Remaining Contractual Life | | Weighted Average Exercise Price | | Number Exercisable | | Weighted Average Exercise Price | $ | 36.79 |
| | — | | $ | 36.79 |
| | 1,500 |
| | 0.38 | | $ | 36.79 |
| | 1,500 |
| | $ | 36.79 |
| $ | 36.79 |
| | — | | $ | 36.79 |
| | 1,500 |
| | 0.38 | | $ | 36.79 |
| | 1,500 |
| | $ | 36.79 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | SARs Outstanding at Year-End | | SARs Exercisable at Year-End | Range of Exercise Prices | | Number Outstanding | | Weighted Average Remaining Contractual Life | | Weighted Average Exercise Price | | Number Exercisable | | Weighted Average Exercise Price | $ | 32.00 |
| | — | | $ | 33.30 |
| | 2,000 |
| | 1.39 | | $ | 32.00 |
| | 2,000 |
| | $ | 32.00 |
| 33.31 |
| | — | | 41.49 |
| | 2,500 |
| | 2.38 | | 33.31 |
| | 2,500 |
| | 33.31 |
| 41.50 |
| | — | | 71.59 |
| | 15,000 |
| | 4.48 | | 58.33 |
| | 13,875 |
| | 57.49 |
| $ | 32.00 |
| | — | | $ | 71.59 |
| | 19,500 |
| | 3.89 | | $ | 52.42 |
| | 18,375 |
| | $ | 51.43 |
|
In 2014, 4,125 options and SARs vested with a fair value of $118,462.
During the second quarters of 2014, 2013 and 2012, the Company issued share-settled SARs to the directors of the Company. SARs give the holder the right to receive stock equal to the appreciation in the value of shares of stock from the grant date for a specified period of time, and as a result, are accounted for as equity instruments. The fair value of each award is estimated on the date of grant using the Black-Scholes option valuation model with the weighted average assumptions noted in the table shown below. Expected volatilities are based on both the implied and historical volatility of the Company’s stock. The Company uses historical data to project SAR exercises and pre-exercise forfeitures within the valuation model. The expected term of awards represents the period of time that SARs granted are expected to be outstanding. The interest rate assumed for the expected life of the award is based on the U.S. Treasury yield curve in effect at the time of the grant. The weighted average fair values for the SARs issued during 2014, 2013 and 2012 were $28.98, $27.55 and $18.84, respectively, and were estimated using the weighted average assumptions shown in the table below. | | | | | | | | 2014 | | 2013 | | 2012 | Expected Life in Years | 6.9 | | 5.0 | | 5.0 | Volatility | 39.9% | | 44.6% | | 44.6% | Interest Rate | 2.1% | | 1.3% | | 0.8% | Yield Rate | 0.4% | | 0.5% | | 0.6% |
There was approximately $121,000, $84,000 and $75,000 of compensation expense relating to SARs or options vesting on or before December 31, 2014, 2013 and 2012, respectively, included in salaries, employee benefits and payroll taxes in the Consolidated Statements of Income. As of December 31, 2014, there was approximately $33,000 of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under the Company’s stock award plans. That cost is expected to be recognized over a weighted average period of approximately 3 months.
The estimated weighted average grant-date fair value of SARs granted for the years ended December 31 was as follows: | | | | | | | | | | | | | For the Years Ended December 31, | 2014 | | 2013 | | 2012 | Exercise price equal to market price on date of grant: | | | | | | Weighted average market price | $ | 68.70 |
| | $ | 71.59 |
| | $ | 50.50 |
| Weighted average grant-date fair value | $ | 28.98 |
| | $ | 27.55 |
| | $ | 18.84 |
|
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
Income Taxes
|
12 Months Ended |
Dec. 31, 2014
|
Income Tax Disclosure [Abstract] |
|
Income Taxes |
Income Taxes The components of income tax expense for the years ended December 31 are summarized as follows: | | | | | | | | | | | | | For the Years Ended December 31, | 2014 | | 2013 | | 2012 | Current: | | | | | | Federal | $ | 3,121,000 |
| | $ | 4,873,000 |
| | $ | 5,018,000 |
| State | 84,000 |
| | 69,000 |
| | 163,000 |
| Total current | 3,205,000 |
| | 4,942,000 |
| | 5,181,000 |
| Deferred: | | | | | | Federal | 620,156 |
| | 1,805,215 |
| | (305,525 | ) | State | (9,156 | ) | | (1,215 | ) | | 13,525 |
| Total deferred | 611,000 |
| | 1,804,000 |
| | (292,000 | ) | Total | $ | 3,816,000 |
| | $ | 6,746,000 |
| | $ | 4,889,000 |
|
For state income tax purposes, ITIC and NITIC generally pay only a gross premium tax found in premium and retaliatory taxes in the Consolidated Statements of Income. At December 31, the approximate tax effect of each component of deferred income tax assets and liabilities is summarized as follows: | | | | | | | | | For the Years Ended December 31, | 2014 | | 2013 | Deferred income tax assets: | | | | Accrued benefits and retirement services | $ | 3,061,144 |
| | $ | 3,074,164 |
| Allowance for doubtful accounts | 1,033,624 |
| | 883,426 |
| Other-than-temporary impairment of assets | 323,089 |
| | 319,962 |
| Excess of book over tax depreciation | 90,409 |
| | 171,504 |
| Postretirement benefit obligation | 40,183 |
| | 24,914 |
| Reinsurance and commission payable | 15,668 |
| | 21,953 |
| Net operating loss carryforward | 25,000 |
| | 5,000 |
| Other | 305,119 |
| | 256,309 |
| Total | 4,894,236 |
| | 4,757,232 |
| Deferred income tax liabilities: | | | | Net unrealized gain on investments | 6,781,994 |
| | 5,976,215 |
| Recorded reserves for claims, net of statutory premium reserves | 2,871,114 |
| | 2,467,798 |
| Other | 656,621 |
| | 327,202 |
| Total | 10,309,729 |
| | 8,771,215 |
| Net deferred income tax liabilities | $ | (5,415,493 | ) | | $ | (4,013,983 | ) |
At December 31, 2014 and 2013, no valuation allowance was recorded. Based upon the Company’s historical results of operations, the existing financial condition of the Company and management’s assessment of all other available information, management believes that it is more likely than not that the benefit of these deferred income tax assets will be realized. A reconciliation of income tax as computed for the years ended December 31 at the U.S. federal statutory income tax rate of 34.3% for 2014, 34.1% for 2013 and 34.0% for 2012, respectively, to income tax expense follows: | | | | | | | | | | | | | For the Years Ended December 31, | 2014 | | 2013 | | 2012 | Anticipated income tax expense | $ | 4,626,555 |
| | $ | 7,346,074 |
| | $ | 5,467,168 |
| Increase (decrease) related to: | | | | | | State income taxes, net of federal income tax benefit | 55,188 |
| | 45,471 |
| | 107,580 |
| Tax-exempt interest income (net of amortization) | (876,365 | ) | | (772,545 | ) | | (757,005 | ) | Other, net | 10,622 |
| | 127,000 |
| | 71,257 |
| Provision for income taxes | $ | 3,816,000 |
| | $ | 6,746,000 |
| | $ | 4,889,000 |
|
In accounting for uncertainty in income taxes, the Company is required to recognize in its financial statements the impact of a tax position if that position is more likely than not of being sustained on an audit, based on the technical merits of the position. In this regard, an uncertain tax position represents the Company’s expected treatment of a tax position taken in a filed tax return, or planned to be taken in a future tax return, that has not been reflected in measuring income tax expense for financial reporting purposes. There were no unrecognized tax benefits or liabilities as of December 31, 2014. The amount of unrecognized tax benefit or liability may increase or decrease in the future for various reasons, including adding amounts for current tax year positions, expiration of open income tax returns due to the expiration of the applicable statute of limitations, changes in management’s judgment about the level of uncertainty, status of examinations, litigation and legislative activity and the additions or eliminations of uncertain tax positions. The Company’s policy is to report interest and penalties related to income taxes in the other line item in the Consolidated Statements of Income. The Company, or one of its subsidiaries, files income tax returns in the U.S. federal jurisdiction and various states. With few exceptions, the Company is no longer subject to U.S. federal or state and local examinations by taxing authorities for years before 2011. |
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v2.4.1.9
Leases
|
12 Months Ended |
Dec. 31, 2014
|
Leases [Abstract] |
|
Leases |
Leases The Company leases certain office facilities and equipment under operating leases. Rental expense also includes occasional rental of automobiles. Rent expense totaled approximately $766,000, $699,000, and $692,000 in 2014, 2013 and 2012, respectively. The future minimum lease payments under operating leases that have initial or remaining noncancelable lease terms in excess of one year as of December 31, 2014, are summarized as follows: | | | | | Year Ended: | | 2015 | $ | 625,263 |
| 2016 | 455,145 |
| 2017 | 274,356 |
| 2018 | 128,808 |
| 2019 | 13,886 |
| Thereafter | — |
| Total | $ | 1,497,458 |
|
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v2.4.1.9
Retirement Agreements and Other Postretirement Benefit Plan
|
12 Months Ended |
Dec. 31, 2014
|
Compensation and Retirement Disclosure [Abstract] |
|
Retirement Agreements and Other Postretirement Benefit Plan |
Retirement Agreements and Other Postretirement Benefit Plan The Company has a 401(k) savings plan. In order to participate, individuals must be employed for one full year and work at least 1,000 hours annually. The Company makes a 3% Safe Harbor contribution and also has the option annually to make a discretionary profit share contribution. Individuals may elect to make contributions up to the maximum deductible amount as determined by the Internal Revenue Code. Expenses related to the 401(k) plan were approximately $676,000, $579,000 and $518,000 for 2014, 2013 and 2012, respectively. In November 2003, ITIC, a wholly owned subsidiary of the Company, entered into employment agreements with the Chief Executive Officer, Chief Financial Officer and Chief Operating Officer of ITIC. These individuals also serve as the Chairman, President and Executive Vice President, respectively, of the Company. The agreements provide compensation and life, health, dental and vision benefits upon the occurrence of specific events, including death, disability, retirement, termination without cause or upon a change in control. The employment agreements also prohibit each of these executives from competing with ITIC and its parent, subsidiaries and affiliates in the State of North Carolina while employed by ITIC and for a period of two years following termination of their employment. In addition, during the second quarter of 2004, ITIC entered into nonqualified deferred compensation plan agreements with these executives. The amount accrued for all agreements at December 31, 2014 and 2013 was approximately $7,111,000 and $6,580,000, respectively, which includes postretirement compensation and health benefits, and was calculated based on the terms of the contract. Both the 2014 and 2013 accruals are included in the accounts payable and accrued liabilities line item of the Consolidated Balance Sheets. These executive contracts are accounted for on an individual contract basis. On December 24, 2008, the executive contracts were amended effective January 1, 2009 to bring them into compliance with Section 409A of the Internal Revenue Code, and were amended and restated to provide for an annual cash payment to the officers equal to the amounts the Company would have contributed to their accounts under its 401(k) plan if such contributions were not limited by the federal tax laws, less the amount of any contributions that the Company actually makes to their accounts under the Company’s 401(k) plan. On November 17, 2003, ITIC entered into employment agreements with key executives that provide for the continuation of certain employee benefits upon retirement. The executive employee benefits include health insurance, dental insurance, vision insurance and life insurance. The benefits are unfunded. Estimated future benefit payouts expected to be paid for each of the next five years are $4,478 in 2015, $4,885 in 2016, $9,056 in 2017, $13,962 in 2018, $15,577 in 2019 and $147,312 in the next five years thereafter. Cost of the Company’s postretirement benefits included the following components: | | | | | | | | | | | | | | 2014 | | 2013 | | 2012 | Net periodic benefit cost | | | | | | Service cost – benefits earned during the year | $ | 14,667 |
| | $ | 15,782 |
| | $ | 12,617 |
| Interest cost on the projected benefit obligation | 30,472 |
| | 28,412 |
| | 27,867 |
| Amortization (accretion) of unrecognized prior service cost | 2,217 |
| | (1,518 | ) | | 9,396 |
| Amortization of unrecognized loss | — |
| | 6,293 |
| | 680 |
| Net periodic benefits cost at end of year | $ | 47,356 |
| | $ | 48,969 |
| | $ | 50,560 |
|
The Company is required to recognize the funded status (i.e., the difference between the fair value of the assets and the accumulated postretirement benefit obligations of its postretirement benefits) in its Consolidated Balance Sheet, with a corresponding adjustment to accumulated other comprehensive income, net of tax. The net amount in accumulated other comprehensive income is $(118,150), $(77,988) net of tax, for December 31, 2014, and $(73,246), $(48,353) net of tax, for December 31, 2013, and represents the net unrecognized actuarial losses and unrecognized prior service costs. The effects of the funded status on the Company’s Consolidated Balance Sheets at December 31, 2014 and 2013 are presented in the following table: | | | | | | | | | | 2014 | | 2013 | Funded status | | | | Actuarial present value of future benefits: | | | | Fully eligible active employee | $ | (409,492 | ) | | $ | (377,838 | ) | Non-eligible active employees | (362,045 | ) | | (301,439 | ) | Plan assets | — |
| | — |
| Funded status of accumulated postretirement benefit obligation, recognized in other liabilities | $ | (771,537 | ) | | $ | (679,277 | ) |
Development of the accumulated postretirement benefit obligation for the years ended December 31, 2014 and 2013 includes the following: | | | | | | | | | | 2014 | | 2013 | Accrued postretirement benefit obligation at beginning of year | $ | (679,277 | ) | | $ | (712,296 | ) | Service cost – benefits earned during the year | (14,667 | ) | | (15,782 | ) | Interest cost on projected benefit obligation | (30,472 | ) | | (28,412 | ) | Actuarial (loss) gain | (47,121 | ) | | 77,213 |
| Accrued postretirement benefit obligation at end of year | $ | (771,537 | ) | | $ | (679,277 | ) |
The changes in amounts related to accumulated other comprehensive income, pre-tax, are as follows: | | | | | | | | | | 2014 | | 2013 | Balance at beginning of year | $ | 73,246 |
| | $ | 155,234 |
| Components of accumulated other comprehensive income: | | | | Unrecognized prior service (cost) credit | (2,217 | ) | | 1,518 |
| Amortization of loss, net | — |
| | (6,293 | ) | Actuarial loss (gain) | 47,121 |
| | (77,213 | ) | Balance at end of year | $ | 118,150 |
| | $ | 73,246 |
|
The amounts currently in accumulated other comprehensive income, pre-tax, that will be reclassified to the Consolidated Statements of Income and recognized as components of net periodic benefit costs in 2015 are: | | | | | | Projected 2015 | Amortization of unrecognized prior service cost | $ | 4,390 |
| Amortization of unrecognized loss | 3,514 |
| Net periodic benefit cost at end of year | $ | 7,904 |
|
Assumed health care cost trend rates do have an effect on the amounts reported for the postretirement benefit obligations. The following illustrates the effects on the net periodic postretirement benefit cost (“NPPBC”) and the accumulated postretirement benefit obligation (“APBO”) of a one percentage point increase and one percentage point decrease in the assumed health care cost trend rate as of December 31, 2014: | | | | | | | | | | One Percentage Point Increase | | One Percentage Point Decrease | Net periodic postretirement benefit cost | | | | Effect on the service cost component | $ | 4,386 |
| | $ | (3,344 | ) | Effect on interest cost | 6,819 |
| | (5,267 | ) | Total effect on the net periodic postretirement benefit cost | $ | 11,205 |
| | $ | (8,611 | ) | Accumulated postretirement benefit obligation (including active employees who are not fully eligible) | | | | Effect on those currently receiving benefits (retirees and spouses) | $ | — |
| | $ | — |
| Effect on active fully eligible | 75,677 |
| | (59,919 | ) | Effect on actives not yet eligible | 94,798 |
| | (72,309 | ) | Total effect on the accumulated postretirement benefit obligation | $ | 170,475 |
| | $ | (132,228 | ) |
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v2.4.1.9
Commitments and Contingencies
|
12 Months Ended |
Dec. 31, 2014
|
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. Cash held by the Company for these purposes was approximately $18,674,000 and $11,824,000 as of December 31, 2014 and 2013, respectively. These amounts are not considered assets of the Company and, therefore, are excluded from the accompanying Consolidated Balance Sheets. However, the Company remains contingently liable for the disposition of these deposits.
Like-Kind Exchanges Proceeds. In administering tax-deferred property exchanges, the Company’s subsidiary, Investors Title Exchange Corporation (“ITEC”), serves as a qualified intermediary for exchanges, holding the net sales proceeds from relinquished property to be used for purchase of replacement property. Another Company subsidiary, Investors Title Accommodation Corporation (“ITAC”), serves as exchange accommodation titleholder and, through limited liability companies (“LLCs”) that are wholly owned subsidiaries of ITAC, holds property for exchangers in reverse exchange transactions. Like-kind exchange deposits and reverse exchange property totaled approximately $82,477,000 and $76,037,000 as of December 31, 2014 and 2013, 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
Segment Information
|
12 Months Ended |
Dec. 31, 2014
|
Segment Reporting [Abstract] |
|
Segment Information |
Segment Information
The Company has one reportable segment, title insurance services. The remaining immaterial segments have been combined into a group called “All Other.”
The title insurance segment primarily issues title insurance policies through approved attorneys from underwriting offices and through independent issuing agents. Title insurance policies insure titles to real estate.
Provided below is selected financial information about the Company’s operations by segment for the periods ended December 31, 2014, 2013 and 2012: | | | | | | | | | | | | | | | | | 2014 | Title Insurance | | All Other | | Intersegment Eliminations | | Total | Insurance and other services revenues | $ | 114,279,532 |
| | $ | 5,904,059 |
| | $ | (1,592,100 | ) | | $ | 118,591,491 |
| Investment income | 3,835,209 |
| | 517,628 |
| | (93,336 | ) | | 4,259,501 |
| Net realized gain on investments | 213,709 |
| | 54,585 |
| | — |
| | 268,294 |
| Total revenues | $ | 118,328,450 |
| | $ | 6,476,272 |
| | $ | (1,685,436 | ) | | $ | 123,119,286 |
| Operating expenses | 105,290,627 |
| | 5,862,577 |
| | (1,522,416 | ) | | 109,630,788 |
| Income before income taxes | $ | 13,037,823 |
| | $ | 613,695 |
| | $ | (163,020 | ) | | $ | 13,488,498 |
| Total assets | $ | 153,072,950 |
| | $ | 44,966,260 |
| | $ | — |
| | $ | 198,039,210 |
|
| | | | | | | | | | | | | | | | | 2013 | Title Insurance | | All Other | | Intersegment Eliminations | | Total | Insurance and other services revenues | $ | 118,153,904 |
| | $ | 5,507,069 |
| | $ | (1,499,884 | ) | | $ | 122,161,089 |
| Investment income | 3,599,106 |
| | 388,838 |
| | (93,336 | ) | | 3,894,608 |
| Net realized gain (loss) on investments | 225,661 |
| | (29,861 | ) | | — |
| | 195,800 |
| Total revenues | $ | 121,978,671 |
| | $ | 5,866,046 |
| | $ | (1,593,220 | ) | | $ | 126,251,497 |
| Operating expenses | 99,899,804 |
| | 6,239,155 |
| | (1,430,200 | ) | | 104,708,759 |
| Income (loss) before income taxes | $ | 22,078,867 |
| | $ | (373,109 | ) | | $ | (163,020 | ) | | $ | 21,542,738 |
| Total assets | $ | 146,110,146 |
| | $ | 42,195,670 |
| | $ | — |
| | $ | 188,305,816 |
|
| | | | | | | | | | | | | | | | | 2012 | Title Insurance | | All Other | | Intersegment Eliminations | | Total | Insurance and other services revenues | $ | 106,496,802 |
| | $ | 4,931,574 |
| | $ | (1,395,934 | ) | | $ | 110,032,442 |
| Investment income | 3,492,998 |
| | 571,999 |
| | (84,586 | ) | | 3,980,411 |
| Net realized gain on investments | 430,495 |
| | 635,744 |
| | — |
| | 1,066,239 |
| Total revenues | $ | 110,420,295 |
| | $ | 6,139,317 |
| | $ | (1,480,520 | ) | | $ | 115,079,092 |
| Operating expenses | 94,909,649 |
| | 5,433,207 |
| | (1,343,671 | ) | | 98,999,185 |
| Income before income taxes | $ | 15,510,646 |
| | $ | 706,110 |
| | $ | (136,849 | ) | | $ | 16,079,907 |
| Total assets | $ | 136,042,848 |
| | $ | 35,875,428 |
| | $ | — |
| | $ | 171,918,276 |
|
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v2.4.1.9
Stockholders' Equity
|
12 Months Ended |
Dec. 31, 2014
|
Equity [Abstract] |
|
Stockholders' Equity |
Stockholders’ Equity On November 12, 2002, the Company’s Board of Directors amended the Company’s Articles of Incorporation, creating a series of Class A Junior Participating Preferred Stock (the “Class A Preferred Stock”). The Class A Preferred Stock is senior to common stock in dividends or distributions of assets upon liquidations, dissolutions or winding up of the Company. Dividends on the Class A Preferred Stock are cumulative and accrue from the quarterly dividend payment date. Each share of Class A Preferred Stock entitles the holder thereof to 100 votes on all matters submitted to a vote of shareholders of the Company. These shares were reserved for issuance under the Shareholder Rights Plan (the “Plan”), which was adopted on November 21, 2002, by the Company’s Board of Directors. Under the terms of the Plan, the Company’s common stock acquired by a person or a group buying 15% or more of the Company’s common stock would be diluted, except in transactions approved by the Board of Directors. In connection with the Plan, the Company’s Board of Directors declared a dividend distribution of one right (a “Right”) for each outstanding share of the Company’s common stock paid on December 16, 2002, to shareholders of record at the close of business on December 2, 2002. Each Right entitles the registered holder to purchase from the Company a unit (a “Unit”) consisting of one one-hundredth of a share of Class A Preferred Stock. Under the Plan, the Rights detach and become exercisable upon the earlier of (a) ten (10) days following public announcement that a person or group of affiliated or associated persons has acquired, or obtained the right to acquire, beneficial ownership of 15% or more of the outstanding shares of the Company’s common stock, or (b) ten (10) business days following the commencement of, or first public announcement of the intent of a person or group to commence, a tender offer or exchange offer that would result in a person or group beneficially owning 15% or more of such outstanding shares of the Company’s common stock. The exercise price, the kind and the number of shares covered by each right are subject to adjustment upon the occurrence of certain events described in the Plan. If any person or group of affiliated or associated persons acquires beneficial ownership of 15% or more of the outstanding common stock, each holder of a Right (other than the acquiring person or group) will have the right to buy, at the exercise price, common stock of the Company having a market value of twice the exercise price. If the Company is acquired in a merger or consolidation in which the Company is not the surviving corporation, or the Company engages in a merger or consolidation in which the Company is the surviving corporation and the Company’s common stock is changed or exchanged, or more than 50% of the Company’s assets or earning power is sold or transferred, the Rights entitle a holder (other than the acquiring person or group) to buy, at the exercise price, stock of the acquiring company having a market value equal to twice the exercise price. At any time after a person or group of affiliated or associated persons has acquired beneficial ownership of 15% or more of the outstanding common stock and prior to the acquisition by such person or group of 50% or more of the outstanding common stock, the Company’s Board of Directors may exchange the Rights (other than the Rights owned by such person or group), in whole or in part, at an exchange ratio of one share of the Company’s common stock, or one one-hundredth of a share of Preferred Stock, per Right. The Rights are redeemable upon action by the Board of Directors at a price of $0.01 per right at any time before they become exercisable. Until the Rights become exercisable, they are evidenced only by the common stock certificates and are transferred with and only with such certificates. On October 31, 2012, the Plan was amended to, among other things, extend the expiration date of the plan from November 11, 2012 to October 31, 2022 and increase the exercise price of the stock purchase rights from $80 per unit to $220 per unit. In connection with the amendments to the shareholders’ rights plan, the Board of Directors of the Company also amended the Company’s Articles of Incorporation to increase the number of shares designated under the rights plan as Series A Participating Preferred Stock from 100,000 shares to 200,000 shares. There were 1,000,000 shares of Preferred Stock authorized as of December 31, 2014 and 2013, with 200,000, being designated Class A Junior Participating Preferred Stock. |
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v2.4.1.9
Concentration of Credit Risk
|
12 Months Ended |
Dec. 31, 2014
|
Risks and Uncertainties [Abstract] |
|
Concentration of Credit Risk |
Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company invests its cash and cash equivalents into high credit quality security instruments. Deposits which exceed $250,000 at each institution are not insured by the Federal Deposit Insurance Corporation (“FDIC”). Of the $15.8 million in cash and cash equivalents at December 31, 2014, $15.3 million was not insured by the FDIC. Of the $23.6 million in cash and cash equivalents at December 31, 2013, $23.1 million was not insured by the FDIC. |
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The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.
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v2.4.1.9
Business Concentration
|
12 Months Ended |
Dec. 31, 2014
|
Risks and Uncertainties [Abstract] |
|
Business Concentration |
Business Concentration The Company generates a significant amount of title insurance premiums in Texas, North Carolina and South Carolina. In 2014, 2013 and 2012, Texas accounted for 36.5%, 26.8% and 24.8% of total title premiums, respectively. In 2014, 2013 and 2012, North Carolina accounted for 28.4%, 27.4% and 30.5% of total title premiums, respectively. In 2014, 2013 and 2012, South Carolina accounted for 7.7%, 11.4% and 8.6% of total title premiums, respectively. In 2014, 2013 and 2012, the Company had one agent that accounted for 23.6%, 16.4% and 14.0% of net premiums written, respectively. |
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v2.4.1.9
Related Party Transactions
|
12 Months Ended |
Dec. 31, 2014
|
Related Party Transactions [Abstract] |
|
Related Party Transactions |
Related Party Transactions The Company does business with, and has investments in, unconsolidated limited liability companies that are primarily title insurance agencies. The Company utilizes the equity method to account for its investments in these limited liability companies. The following table sets forth the approximate values by year found within each financial statement classification: | | | | | | | | | Financial Statement Classification, | 2014 | | 2013 | Consolidated Balance Sheets | | Other investments | $ | 6,014,000 |
| | $ | 5,320,000 |
| Premiums and fees receivable | $ | 666,000 |
| | $ | 657,000 |
|
| | | | | | | | | | | | | Financial Statement Classification, | | | | Consolidated Statements of Income | 2014 | | 2013 | | 2012 | Net premiums written | $ | 11,783,000 |
| | $ | 12,442,000 |
| | $ | 15,558,000 |
| Other income | $ | 2,043,000 |
| | $ | 1,839,000 |
| | $ | 2,238,000 |
| Commissions to agents | $ | 8,049,000 |
| | $ | 8,465,000 |
| | $ | 10,923,000 |
|
During the second quarter of 2013, the Company repurchased 17,524 shares of Company common stock from officers of the Company at a price of $71.50 per share to cover withholding taxes payable by the officers upon the exercise of SARs. During the fourth quarter of 2013, the Company repurchased 28,130 shares of Company common stock from officers of the Company at a price of $80.01 per share. |
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v2.4.1.9
Acquisition
|
12 Months Ended |
Dec. 31, 2014
|
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 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. The resulting contingent payments of $0 and $341,250 are categorized in the Consolidated Balance Sheets as accounts payable and accrued liabilities as of December 31, 2014 and 2013, respectively.
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: | | | | | | | | | | December 31, 2014 | | December 31, 2013 | Net income attributable to the Company | $ | 9,648,975 |
| | $ | 14,708,210 |
| 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 | $ | 9,534,655 |
| | $ | 14,708,210 |
|
As certain provisions of the membership interest purchase and sale agreement placed the acquisition of the remaining 30% 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 December 31, 2014, 2013 and 2012: | | | | | | | | | | | | | Changes in carrying value during the period ended: | 2014 | | 2013 | | 2012 | Beginning balance at January 1 | $ | 545,489 |
| | $ | 493,861 |
| | $ | — |
| Net income attributable to redeemable noncontrolling interest | 23,523 |
| | 88,528 |
| | 88,411 |
| Distributions to noncontrolling interest | (168,057 | ) | | (36,900 | ) | | (40,800 | ) | Redeemable noncontrolling interest resulting from subsidiary purchase | (515,275 | ) | | — |
| | 446,250 |
| Adjustment to retained earnings for purchase of noncontrolling interest | 114,320 |
| | — |
| | — |
| Balance, net | $ | — |
| | $ | 545,489 |
| | $ | 493,861 |
|
Fair valuation methods used for the identifiable tangible net assets acquired in the acquisition make use of discounted cash flows using current interest rates. The fair value of identifiable net tangible assets at the acquisition date was $5,600. Identifiable assets acquired included cash and fixed assets. Liabilities assumed consisted of notes payable.
The transaction was accounted for using the acquisition method required by ASC 805, Business Combinations. Accordingly, the Company recognized the required identifiable intangible assets of United. There was no goodwill recorded as a result of the acquisition. The fair values of intangible assets, all Level 3 inputs, are principally based on values obtained from a third party valuation service. At acquisition, intangible assets included $645,685 relating to a non-compete contract resulting from the acquisition and $836,215 from referral relationships. The non-compete contract is being amortized over a 10-year period using the straight-line method, starting at a future date when the related employment agreement is terminated. The referral relationships are being amortized over a 12-year period using the straight-line method. At December 31, 2014 and 2013, accumulated amortization of intangible assets was $191,631 and $121,947, respectively. Net intangible assets of $1,290,269 and $1,359,953 are categorized as prepaid expenses and other assets in the Consolidated Balance Sheets as of December 31, 2014 and 2013. In accordance with ASC 350, Intangibles – Goodwill and Other, the Company completed interim impairment testing and determined that the intangible assets assigned to United were not impaired at December 31, 2014. The amortization of the non-compete contract will start at a future date when the related employment agreement is terminated. There are currently no plans to terminate the employment agreement, and the Company does not believe it is probable that termination of the employment agreement will occur within the calendar year. Assuming that the amortization of the non-complete agreement begins on the first day of 2016, estimated aggregate amortization expense for each of the five succeeding fiscal years are as follows: | | | | | Year Ended: | | 2015 | $ | 69,685 |
| 2016 | 134,253 |
| 2017 | 134,253 |
| 2018 | 134,253 |
| 2019 | 134,253 |
| Thereafter | 683,572 |
| Total | $ | 1,290,269 |
|
In the Consolidated Statements of Income, revenues and expenses include the operations of United since April 2, 2012, which is the acquisition date. United was formed as a result of the Company’s acquisition, and had no net income prior to the acquisition date.
The Company has not provided historical or pro forma financial information related to the United acquisition because none of the purchase price paid, assets acquired or income of United were significant to the Company under the SEC’s Regulation S-X. |
X |
- Definition
The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).
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v2.4.1.9
Accumulated Other Comprehensive Income
|
12 Months Ended |
Dec. 31, 2014
|
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 December 31, 2014, 2013 and 2012: | | | | | | | | | | | | | 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 (loss) before reclassifications | 1,874,111 |
| | (31,100 | ) | | 1,843,011 |
| Amounts reclassified from accumulated other comprehensive income (loss) | (335,371 | ) | | 1,465 |
| | (333,906 | ) | Net current-period other comprehensive income (loss) | 1,538,740 |
| | (29,635 | ) | | 1,509,105 |
| Ending balance | $ | 12,934,497 |
| | $ | (77,988 | ) | | $ | 12,856,509 |
|
| | | | | | | | | | | | | 2013 | Unrealized Gains and Losses On Available-for-Sale Securities | | Postretirement Benefits Plans | | Total | Beginning balance at January 1 | $ | 8,920,884 |
| | $ | (102,454 | ) | | $ | 8,818,430 |
| Other comprehensive income before reclassifications | 2,605,184 |
| | 50,961 |
| | 2,656,145 |
| Amounts reclassified from accumulated other comprehensive income | (130,311 | ) | | 3,140 |
| | (127,171 | ) | Net current-period other comprehensive income | 2,474,873 |
| | 54,101 |
| | 2,528,974 |
| Ending balance | $ | 11,395,757 |
| | $ | (48,353 | ) | | $ | 11,347,404 |
|
| | | | | | | | | | | | | 2012 | Unrealized Gains and Losses On Available-for-Sale Securities | | Postretirement Benefits Plans | | Total | Beginning balance at January 1 | $ | 7,563,541 |
| | $ | (54,376 | ) | | $ | 7,509,165 |
| Other comprehensive income (loss) before reclassifications | 2,032,134 |
| | (54,726 | ) | | 1,977,408 |
| Amounts reclassified from accumulated other comprehensive income (loss) | (674,791 | ) | | 6,648 |
| | (668,143 | ) | Net current-period other comprehensive income (loss) | 1,357,343 |
| | (48,078 | ) | | 1,309,265 |
| Ending balance | $ | 8,920,884 |
| | $ | (102,454 | ) | | $ | 8,818,430 |
|
The following tables provide significant amounts reclassified out of each component of accumulated other comprehensive income for the periods ended December 31, 2014, 2013 and 2012: | | | | | | | 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 | $ | 518,279 |
|
| | Other-than-temporary impairments | (14,542 | ) |
| | Total | $ | 503,737 |
|
| Net realized gain on investment | Tax | (168,366 | ) |
| Provision for Income Taxes | Net of Tax | $ | 335,371 |
|
| | Amortization related to postretirement benefit plans: | |
|
| | Prior year service cost | $ | (2,217 | ) |
| | Unrecognized gain (loss) | — |
|
| | Total | $ | (2,217 | ) |
| (a) | Tax | 752 |
|
| Provision for Income Taxes | Net of Tax | $ | (1,465 | ) |
| | Reclassifications for the period | $ | 333,906 |
|
| |
| | | | | | | 2013 | | | | Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | | Affected Line Item in the Consolidated Statements of Income | Unrealized gains and losses on available-for-sale securities: | | | | Net realized gain on investment | $ | 229,869 |
| | | Other-than-temporary impairments | (34,070 | ) | | | Total | $ | 195,799 |
| | Net realized gain on investment | Tax | (65,488 | ) | | Provision for Income Taxes | Net of Tax | $ | 130,311 |
| | | Accretion (amortization) related to postretirement benefit plans: | |
| | | Prior year service cost | $ | 1,518 |
| | | Unrecognized loss | (6,293 | ) | | | Total | $ | (4,775 | ) | | (a) | Tax | 1,635 |
| | Provision for Income Taxes | Net of Tax | $ | (3,140 | ) | | | Reclassifications for the period | $ | 127,171 |
| | |
| | | | | | | 2012 | | | | Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | | Affected Line Item in the Consolidated Statements of Income | Unrealized gains and losses on available-for-sale securities: | | | | Net realized gain on investment | $ | 1,166,179 |
| | | Other-than-temporary impairments | (99,940 | ) | | | Total | $ | 1,066,239 |
| | Net realized gain on investment | Tax | (391,448 | ) | | Provision for Income Taxes | Net of Tax | $ | 674,791 |
| | | Amortization related to postretirement benefit plans: | |
| | | Prior year service cost | $ | (9,396 | ) | | | Unrecognized loss | (680 | ) | | | Total | $ | (10,076 | ) | | (a) | Tax | 3,428 |
| | Provision for Income Taxes | Net of Tax | $ | (6,648 | ) | | | Reclassifications for the period | $ | 668,143 |
| | |
| | (a) | These accumulated other comprehensive income components are not reclassified to net income in their entirety in the same reporting period. The amounts are presented within salaries, employee benefits and payroll taxes on the Consolidated Statements of Income as amortized. Amortization related to postretirement benefit plans is included in the computation of net periodic pension costs, as discussed in Note 10. |
|
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The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.
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v2.4.1.9
Schedule I
|
12 Months Ended |
Dec. 31, 2014
|
Summary of Investments, Other than Investments in Related Parties [Abstract] |
|
Summary of Investments - Other than Investments in Related Parties |
SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES AS OF DECEMBER 31, 2014 | | | | | | | | | | | | | Type of Investment | Cost (1) | | Market Value | | Amount at which shown in the Balance Sheet (2) | | | | | | | Fixed maturities: | | | | | | Bonds: | | | | | | General obligations of U.S. states, territories and political subdivisions | $ | 35,215,247 |
| | $ | 36,723,499 |
| | $ | 36,723,499 |
| Issuer obligations of U.S. states, territories and political subdivisions special revenue | 46,707,033 |
| | 49,057,256 |
| | 49,057,256 |
| Corporate debt securities | 21,576,641 |
| | 22,328,435 |
| | 22,328,435 |
| Auction rate securities | 922,129 |
| | 939,100 |
| | 939,100 |
| Total fixed maturities | 104,421,050 |
| | 109,048,290 |
| | 109,048,290 |
| | | | | | | Equity securities: | | | | | | Common stocks: | | | | | | Public utilities | 961,094 |
| | 1,402,159 |
| | 1,402,159 |
| Banks, trust and insurance companies | 2,573,154 |
| | 4,033,101 |
| | 4,033,101 |
| Industrial, miscellaneous and all other | 18,503,498 |
| | 29,248,520 |
| | 29,248,520 |
| Technology | 1,896,007 |
| | 4,319,201 |
| | 4,319,201 |
| Nonredeemable preferred stocks | 195,000 |
| | 252,000 |
| | 252,000 |
| Total equity securities | 24,128,753 |
| | 39,254,981 |
| | 39,254,981 |
| | | | | | | Other investments: | | | | | | Short-term investments | 2,576,993 |
| | 2,576,993 |
| | 2,576,993 |
| Other investments | 7,284,583 |
| | 7,284,583 |
| | 7,284,583 |
| Total other investments | 9,861,576 |
| | 9,861,576 |
| | 9,861,576 |
| | | | | | | Total investments (3) | $ | 138,411,379 |
| | $ | 158,164,847 |
| | $ | 158,164,847 |
| | | | | | |
(1) Fixed maturities are shown at amortized cost and equity securities are shown at original cost. (2) Bonds of states, municipalities and political subdivisions are shown at amortized cost for held-to-maturity bonds and fair value for available-for-sale bonds. Equity securities are shown at fair value. (3) The above summary of investments does not include investments in related parties accounted for under the cost and equity methods of accounting in the amount of $1,246,346. |
X |
- Definition
The entire disclosure for the schedule applicable to insurance companies summarizing investments held as of the most recent audited balance sheet. At a minimum, such summary is by three major categories of investments including: (1) fixed maturities primarily consisting of bonds, including convertibles and bonds with warrants, and redeemable preferred stocks, (2) equity securities primarily consisting of common stocks and nonredeemable preferred stocks, and (3) other investments including mortgage loans on real estate, real estate held for investment, real estate acquired in satisfaction of debt, policy loans, other long-term investments, and short-term investments not otherwise categorized. The information provided with respect to each item within each category includes: (A) the original cost of equity securities and, as to fixed maturity securities, original cost reduced by repayments and adjusted for amortization of premiums or accrual of discounts, (B) fair value as of the reporting date, and (C) the amount at which the item within each category is shown in the statement of financial position; with respect to (C), if the amount at which shown in the statement of financial position is different from the items original [amortized] cost or fair value, an explanation of the difference may be included herein.
+ References
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-Name Regulation S-X (SX)
-Number 210
-Section 15
-Article 12
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v2.4.1.9
Schedule II
|
12 Months Ended |
Dec. 31, 2014
|
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
|
Condensed Financial Information of Registrant |
CONDENSED FINANCIAL INFORMATION OF REGISTRANT BALANCE SHEETS AS OF DECEMBER 31, 2014 AND 2013 | | | | | | | | | | 2014 | | 2013 | Assets: | | | | Cash and cash equivalents | $ | 7,942,481 |
| | $ | 7,210,956 |
| Investments in fixed maturities, available-for-sale | 24,358,323 |
| | 19,202,320 |
| Investments in equity securities, available-for-sale | 2,529,982 |
| | 2,265,136 |
| Short-term investments | 284,069 |
| | 2,213,496 |
| Investments in affiliated companies | 96,395,352 |
| | 90,570,724 |
| Other investments | 1,578,236 |
| | 737,378 |
| Premium and fees receivable | 56,428 |
| | 135,669 |
| Other receivables | 2,220,330 |
| | 1,456,037 |
| Income taxes recoverable | 1,876,242 |
| | 3,230,977 |
| Accrued interest and dividends | 128,221 |
| | 103,571 |
| Property, net | 2,371,078 |
| | 2,504,969 |
| Total Assets | $ | 139,740,742 |
| | $ | 129,631,233 |
|
| | | | Liabilities and Stockholders’ Equity | |
| | |
| Liabilities: | |
| | |
| Accounts payable and accrued liabilities | $ | 2,074,347 |
| | $ | 1,558,095 |
| Deferred income taxes, net | 102,689 |
| | 10,984 |
| Total liabilities | 2,177,036 |
| | 1,569,079 |
|
| | | | Stockholders’ Equity: | |
| | |
| Preferred stock (1,000,000 authorized shares; no shares issued) | — |
| | — |
| Common stock - no par value (10,000,000 authorized shares; 2,023,270 and 2,037,135 shares issued and outstanding 2014 and 2013, respectively, excluding 291,676 shares for 2014 and 2013 of common stock held by the Company’s subsidiary) | 1 |
| | 1 |
| Retained earnings | 124,707,196 |
| | 116,714,749 |
| Accumulated other comprehensive income | 12,856,509 |
| | 11,347,404 |
| Total stockholders’ equity | 137,563,706 |
| | 128,062,154 |
| Total Liabilities and Stockholders’ Equity | $ | 139,740,742 |
| | $ | 129,631,233 |
|
See notes to Condensed Financial Statements. CONDENSED FINANCIAL INFORMATION OF REGISTRANT STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2014, 2013 AND 2012 | | | | | | | | | | | | | | | | 2014 | | 2013 | | 2012 | Revenues: | | | | | | | Investment income – interest and dividends | | $ | 482,711 |
| | $ | 348,933 |
| | $ | 520,511 |
| Net realized gain (loss) on investments | | 9,169 |
| | (50,778 | ) | | 616,001 |
| Rental income | | 772,256 |
| | 748,764 |
| | 736,159 |
| Miscellaneous income (loss) | | 59,569 |
| | 68,966 |
| | (62,253 | ) | Total | | 1,323,705 |
| | 1,115,885 |
| | 1,810,418 |
|
| | | | | | | Operating Expenses: | | |
| | |
| | |
| Salaries, employee benefits and payroll taxes | | 673,729 |
| | 576,429 |
| | 459,248 |
| Office occupancy and operations | | 270,881 |
| | 408,373 |
| | 390,227 |
| Business development | | 49,059 |
| | 45,022 |
| | 25,909 |
| Taxes – other than payroll and income | | 200,718 |
| | 188,314 |
| | 240,607 |
| Professional and contract labor fees | | 192,064 |
| | 351,093 |
| | 245,398 |
| Other expenses | | 193,681 |
| | 177,810 |
| | 161,937 |
| Total | | 1,580,132 |
| | 1,747,041 |
| | 1,523,326 |
|
| | | | | | | Equity in Net Income of Affiliated Companies | | 9,777,925 |
| | 15,164,894 |
| | 10,992,815 |
|
| | | | | | | Income before Income Taxes | | 9,521,498 |
| | 14,533,738 |
| | 11,279,907 |
|
| | | | | | | (Benefit) Provision for Income Taxes | | (151,000 | ) | | (263,000 | ) | | 89,000 |
|
| | | | | | | Net Income | | 9,672,498 |
| | 14,796,738 |
| | 11,190,907 |
|
| | | | | | | Net Income Attributable to Redeemable Noncontrolling Interest | | (23,523 | ) | | (88,528 | ) | | (88,411 | ) |
| | | | | | | Net Income Attributable to the Company | | $ | 9,648,975 |
| | $ | 14,708,210 |
| | $ | 11,102,496 |
|
| | | | | | | Basic Earnings per Common Share | | $ | 4.75 |
| | $ | 7.15 |
| | $ | 5.33 |
|
| | | | | | | Weighted Average Shares Outstanding – Basic | | 2,031,760 |
| | 2,056,169 |
| | 2,081,703 |
|
| | | | | | | Diluted Earnings per Common Share | | $ | 4.74 |
| | $ | 7.08 |
| | $ | 5.24 |
|
| | | | | | | Weighted Average Shares Outstanding – Diluted | | 2,037,534 |
| | 2,076,628 |
| | 2,116,793 |
| | | | | | | | Cash Dividends Paid per Common Share | | $ | 0.32 |
| | $ | 0.32 |
| | $ | 0.29 |
|
See notes to Condensed Financial Statements. CONDENSED FINANCIAL INFORMATION OF REGISTRANT STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2014, 2013 AND 2012 | | | | | | | | | | | | | | 2014 | | 2013 | | 2012 | Operating Activities | | | | | | Net income | $ | 9,672,498 |
| | $ | 14,796,738 |
| | $ | 11,190,907 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |
| | |
| | |
| Equity in net earnings of subsidiaries | (9,777,925 | ) | | (15,164,894 | ) | | (10,992,815 | ) | Depreciation | 136,369 |
| | 136,031 |
| | 133,334 |
| Amortization, net | 210,768 |
| | 69,969 |
| | 51,111 |
| Issuance of common stock in payment of bonuses and fees | 164,730 |
| | 76,110 |
| | 54,041 |
| Net loss on disposals of property | 2,722 |
| | — |
| | — |
| Net realized (gain) loss on investments | (19,231 | ) | | 50,778 |
| | (616,001 | ) | Net loss (earnings) from other investments | 322 |
| | (32,499 | ) | | 91,256 |
| (Benefit) provision for deferred income taxes | (40,000 | ) | | (93,000 | ) | | 48,000 |
| (Increase) decrease in receivables | (685,052 | ) | | (146,247 | ) | | 368,574 |
| Decrease (increase) in income taxes recoverable | 1,354,735 |
| | (1,646,373 | ) | | (398,445 | ) | (Increase) decrease in other assets | (24,650 | ) | | (101 | ) | | 20,224 |
| Increase (decrease) in accounts payable and accrued liabilities | 516,252 |
| | (8,118 | ) | | (124,799 | ) | Net cash provided by (used in) operating activities | 1,511,538 |
| | (1,961,606 | ) | | (174,613 | ) |
| | | | | | Investing Activities | |
| | |
| | |
| Capital contribution to subsidiaries | — |
| | — |
| | (250,000 | ) | Dividends received from subsidiaries | 5,051,664 |
| | 9,252,919 |
| | 5,609,489 |
| Purchases of available-for-sale securities | (6,883,612 | ) | | (10,360,919 | ) | | (4,960,208 | ) | Purchases of short-term securities | (104,207 | ) | | (58,283 | ) | | (3,565 | ) | Purchases of and net earnings from other investments | (964,197 | ) | | (49,485 | ) | | (94,881 | ) | Proceeds from sales and maturities of available-for-sale securities | 1,631,987 |
| | 3,027,896 |
| | 5,033,298 |
| Proceeds from sales and maturities of short-term securities | 2,033,634 |
| | 2,748,876 |
| | 3,641,978 |
| Proceeds from sales and distributions of other investments | 123,017 |
| | 45,384 |
| | 505,832 |
| Proceeds from sales of other assets | — |
| | 4,832 |
| | 176,815 |
| Purchases of property | (5,200 | ) | | (24,820 | ) | | (98,722 | ) | Proceeds from disposals of property | — |
| | 7,200 |
| | — |
| Net cash provided by investing activities | 883,086 |
| | 4,593,600 |
| | 9,560,036 |
|
| | | | | | Financing Activities | |
| | |
| | |
| Repurchases of common stock | (1,055,765 | ) | | (4,262,260 | ) | | (3,975,532 | ) | Exercise of options | 27,100 |
| | 75,797 |
| | 160,557 |
| Excess tax benefit | 15,999 |
| | 9,042 |
| | — |
| Dividends paid | (650,433 | ) | | (657,914 | ) | | (603,334 | ) | Net cash used in financing activities | (1,663,099 | ) | | (4,835,335 | ) | | (4,418,309 | ) |
| | | | | | Net Increase (Decrease) in Cash and Cash Equivalents | 731,525 |
| | (2,203,341 | ) | | 4,967,114 |
| Cash and Cash Equivalents, Beginning of Period | 7,210,956 |
| | 9,414,297 |
| | 4,447,183 |
| Cash and Cash Equivalents, End of Period | $ | 7,942,481 |
| | $ | 7,210,956 |
| | $ | 9,414,297 |
|
| | | | | | Supplemental Disclosures: | | | | | | Income tax payments, net | $ | 2,699,000 |
| | $ | 5,583,000 |
| | $ | 4,392,000 |
|
See notes to Condensed Financial Statements. CONDENSED FINANCIAL INFORMATION OF REGISTRANT NOTES TO THE CONDENSED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2014, 2013 AND 2012
| | 1. | The accompanying Condensed Financial Statements should be read in conjunction with the consolidated financial statements and notes thereto of Investors Title Company and Subsidiaries. |
| | 2. | Cash dividends paid to Investors Title Company by its wholly owned subsidiaries were as follows: |
| | | | | | | | | | | | | Subsidiaries | 2014 | | 2013 | | 2012 | Investors Title Insurance Company, net* | $ | 4,906,664 |
| | $ | 9,102,919 |
| | $ | 5,169,489 |
| Investors Title Exchange Corporation | 50,000 |
| | 50,000 |
| | 10,000 |
| Investors Title Accommodation Corporation | 10,000 |
| | — |
| | 30,000 |
| Investors Title Management Services, Inc. | — |
| | — |
| | — |
| Investors Capital Management Company | 40,000 |
| | — |
| | 50,000 |
| Investors Trust Company | — |
| | 100,000 |
| | 350,000 |
| Investors Title Commercial Agency, LLC | 45,000 |
| | — |
| | — |
| Total | $ | 5,051,664 |
| | $ | 9,252,919 |
| | $ | 5,609,489 |
|
* Total dividends of $5,000,000, $9,196,255 and $5,254,075 paid to the Parent Company in 2014, 2013 and 2012, respectively, netted with dividends of $93,336, $93,336 and $84,586 received from the Parent Company in 2014, 2013 and 2012, respectively. |
X |
- Definition
The entire disclosure for condensed financial statements.
+ References
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-Section 10
-Paragraph f
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v2.4.1.9
Schedule III
|
12 Months Ended |
Dec. 31, 2014
|
Supplementary Insurance Information [Abstract] |
|
Supplementary Insurance Information |
SUPPLEMENTARY INSURANCE INFORMATION FOR THE YEARS ENDED DECEMBER 31, 2014, 2013 AND 2012 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Segment | Deferred Policy Acquisition Cost | | Future Policy Benefits, Losses, Claims and Loss Expenses | | Unearned Premiums | | Other Policy Claims and Benefits Payable | | Premium Revenue | | Net Investment Income | | Benefits, Claims. Losses and Settlement Expenses | | Amortization of Deferred Policy Acquisition Costs | | Other Operating Expenses | | Premiums Written | Year Ended December 31, 2014 | Title Insurance | $ | — |
| | $ | 36,677,000 |
| | $ | — |
| | $ | 236,401 |
| | $ | 109,963,556 |
| | $ | 3,741,873 |
| | $ | 5,229,716 |
| | $ | — |
| | $ | 98,620,374 |
| | N/A | All Other | — |
| | — |
| | — |
| | — |
| | — |
| | 517,628 |
| | — |
| | — |
| | 5,780,698 |
| | N/A | | $ | — |
| | $ | 36,677,000 |
| | $ | — |
| | $ | 236,401 |
| | $ | 109,963,556 |
| | $ | 4,259,501 |
| | $ | 5,229,716 |
| | $ | — |
| | $ | 104,401,072 |
| | N/A | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2013 | Title Insurance | $ | — |
| | $ | 35,360,000 |
| | $ | — |
| | $ | 389,807 |
| | $ | 113,886,266 |
| | $ | 3,505,770 |
| | $ | (571,596 | ) | | $ | — |
| | $ | 99,093,515 |
| | N/A | All Other | — |
| | — |
| | — |
| | — |
| | — |
| | 388,838 |
| | — |
| | — |
| | 6,186,840 |
| | N/A | | $ | — |
| | $ | 35,360,000 |
| | $ | — |
| | $ | 389,807 |
| | $ | 113,886,266 |
| | $ | 3,894,608 |
| | $ | (571,596 | ) | | $ | — |
| | $ | 105,280,355 |
| | N/A | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2012 | Title Insurance | $ | — |
| | $ | 39,078,000 |
| | $ | — |
| | $ | 461,566 |
| | $ | 102,331,102 |
| | $ | 3,408,412 |
| | $ | 6,072,115 |
| | $ | — |
| | $ | 87,545,115 |
| | N/A | All Other | — |
| | — |
| | — |
| | — |
| | — |
| | 571,999 |
| | — |
| | — |
| | 5,381,955 |
| | N/A | | $ | — |
| | $ | 39,078,000 |
| | $ | — |
| | $ | 461,566 |
| | $ | 102,331,102 |
| | $ | 3,980,411 |
| | $ | 6,072,115 |
| | $ | — |
| | $ | 92,927,070 |
| | N/A |
|
X |
- Definition
The entire disclosure for required supplementary insurance information giving segment detail in support of various balance sheet and income statement captions. The balance sheet information generally is presented as of the date of each audited balance sheet filed, and the income statement information generally is presented for each period for which an audited income statement is required to be filed. Supplementary insurance information table includes segment name; deferred policy acquisition costs; future policy benefits, losses, claims and loss expenses; unearned premiums; other policy claims and benefits payable; premium revenue; net investment income; benefits, claims, losses and settlement expenses; amortization of deferred policy acquisition costs; other operating expenses; and premiums written.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 16
-Article 12
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 05
-Paragraph c
-Article 7
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-Name Accounting Standards Codification
-Topic 944
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-16)
-URI http://asc.fasb.org/extlink&oid=6588446&loc=d3e574960-122915
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-Name Accounting Standards Codification
-Topic 944
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.7-05.(c) Schedule III)
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v2.4.1.9
Schedule IV
|
12 Months Ended |
Dec. 31, 2014
|
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract] |
|
Reinsurance |
REINSURANCE FOR THE YEARS ENDED DECEMBER 31, 2014, 2013 AND 2012 | | | | | | | | | | | | | | | | | | | | | Gross Amount | | Ceded to Other Companies | | Assumed from Other Companies | | Net Amount | | Percentages of Amount Assumed to Net | Year Ended December 31, 2014 | Title Insurance | $ | 110,065,581 |
| | $ | 140,017 |
| | $ | 37,992 |
| | $ | 109,963,556 |
| | 0.03 | % | | | | | | | | | | | Year Ended December 31, 2013 | Title Insurance | $ | 114,091,457 |
| | $ | 211,482 |
| | $ | 6,291 |
| | $ | 113,886,266 |
| | 0.01 | % | | | | | | | | | | | Year Ended December 31, 2012 | Title Insurance | $ | 102,548,126 |
| | $ | 232,683 |
| | $ | 15,659 |
| | $ | 102,331,102 |
| | 0.02 | % |
|
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+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 17
-Article 12
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 235
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-17)
-URI http://asc.fasb.org/extlink&oid=6588446&loc=d3e574992-122915
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-SubTopic 10
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-Subparagraph (SX 210.7-05.(c) Schedule IV)
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v2.4.1.9
Schedule V
|
12 Months Ended |
Dec. 31, 2014
|
Valuation and Qualifying Accounts [Abstract] |
|
Valuation and Qualifying Accounts |
VALUATION AND QUALIFYING ACCOUNTS FOR THE YEARS ENDED DECEMBER 31, 2014, 2013 AND 2012 | | | | | | | | | | | | | | | | | | | | | | Description | Balance at Beginning of Period | | Additions Charged to Costs and Expenses | | Additions Charge to Other Accounts - Describe | | Deductions - Describe | | | Balance at End of Period | 2014 | Premiums Receivable: | | | | | | | | | | | Valuation Provision | $ | 2,620,903 |
| | $ | 6,287,694 |
| | $ | — |
| | $ | (5,885,866 | ) | (a) | | $ | 3,022,731 |
| Reserves for Claims | $ | 35,360,000 |
| | $ | 5,229,716 |
| | $ | — |
| | $ | (3,912,716 | ) | (b) | | $ | 36,677,000 |
| | | | | | | | | | | | 2013 | Premiums Receivable: | | | | | | | | | | | Valuation Provision | $ | 1,902,581 |
| | $ | 7,536,381 |
| | $ | — |
| | $ | (6,818,059 | ) | (a) | | $ | 2,620,903 |
| Reserves for Claims | $ | 39,078,000 |
| | $ | (571,596 | ) | | $ | — |
| | $ | (3,146,404 | ) | (b) | | $ | 35,360,000 |
| | | | | | | | | | | | 2012 | Premiums Receivable: | | | | | | | | | | | Valuation Provision | $ | 1,218,000 |
| | $ | 6,008,281 |
| | $ | — |
| | $ | (5,323,700 | ) | (a) | | $ | 1,902,581 |
| Reserves for Claims | $ | 37,996,000 |
| | $ | 6,072,115 |
| | $ | — |
| | $ | (4,990,115 | ) | (b) | | $ | 39,078,000 |
|
| | (b) | Payments of claims, net of recoveries |
|
X |
- Definition
The entire disclosure for any allowance and reserve accounts (their beginning and ending balances, as well as a reconciliation by type of activity during the period). Alternatively, disclosure of the required information may be within the footnotes to the financial statements or a supplemental schedule to the financial statements.
+ References
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-Publisher FASB
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-SubTopic 10
-Section S99
-Paragraph 4
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v2.4.1.9
Basis Of Presentation and Significant Accounting Policies (Policy)
|
12 Months Ended |
Dec. 31, 2014
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Principles of Consolidation and Basis of Presentation |
Principles of Consolidation and Basis of Presentation – The accompanying Consolidated Financial Statements include the accounts and operations of Investors Title Company and its subsidiaries, and have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Earnings attributable to the redeemable noncontrolling interest are recorded on the Consolidated Statements of Income for majority-owned subsidiaries. The redeemable noncontrolling interest representing the portion of equity not related to the Company’s ownership interest is recorded as redeemable equity in a separate section of the Consolidated Balance Sheets. All intercompany balances and transactions have been eliminated in consolidation. |
Reclassification, Policy [Policy Text Block] |
Immaterial Classification Correction – During the years ended December 31, 2013 and 2012, the Company realized $946,605 and $22,101, respectively, in excess tax benefits associated with the exercise of stock options and stock appreciation rights (“SARs”). Such amounts were mistakenly classified as part of operating activities rather than financing activities. Accordingly, the Consolidated Statements of Cash Flows have been corrected. The correction resulted in a decrease to previously reported operating cash flows and an increase to financing cash flows in the amount of $946,605 and $22,101 for the years ended December 31, 2013 and 2012, respectively. 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. |
Cash and Cash Equivalents |
Cash and Cash Equivalents For the purpose of presentation in the Company’s Consolidated Statements of Cash Flows, cash equivalents are highly liquid instruments with remaining original maturities of three months or less. The carrying amount of cash and cash equivalents is a reasonable estimate of fair value due to the short-term maturity at purchase of these instruments. |
Investments in Securities |
Investments in Securities Securities for which the Company has the intent and ability to hold to maturity are classified as held-to-maturity and reported at cost, adjusted for amortization of premiums or accretion of discounts, and other-than-temporary declines in fair value. Securities held principally for resale in the near term are classified as trading securities and recorded at fair values. Realized and unrealized gains and losses on trading securities are included in other income. Securities not classified as either trading or held-to-maturity are classified as available-for-sale and reported at fair value with unrealized gains and losses, net of tax and adjusted for other-than-temporary declines in fair value, reported as accumulated other comprehensive income. As of December 31, 2014 and 2013, all investments in securities are classified as available-for-sale. Securities are regularly reviewed for differences between the cost and estimated fair value of each security for factors that may indicate that a decline in fair value is other-than-temporary. Some factors considered in evaluating whether or not a decline in fair value is other-than-temporary include the duration and extent to which the fair value has been less than cost and the Company’s ability and intent to retain the investment for a period of time sufficient to allow for a recovery in value. Such reviews are inherently uncertain and the value of the investment may not fully recover or may decline in future periods resulting in a realized loss. Fair values of the majority of investments are based on quoted market prices. Realized gains and losses are determined on the specific identification method. Refer to Note 3 for further information regarding investments in securities and fair value. |
Short-term Investments |
Short-term Investments Short-term investments are comprised of money market accounts which are invested in short-term funds, time deposits with banks and savings and loan associations, and other investments expected to have maturities or redemptions greater than three months and less than twelve months. The Company monitors any events or changes in circumstances that may have a significant adverse effect on the fair value of these investments. |
Other Investments |
Other Investments Other investments consist primarily of investments in title insurance agencies structured as limited liability companies (“LLCs”), which are accounted for under the equity or cost methods of accounting. The aggregate cost of the Company’s cost method investments totaled $2,423,408 and $1,834,229 at December 31, 2014 and 2013, respectively. The Company monitors any events or changes in circumstances that may have had a significant adverse effect on the fair value of these investments and makes any necessary adjustments. |
Property Acquired in Settlement of Claims |
Property Acquired in Settlement of Claims Property acquired in settlement of claims is held for sale and valued at the lower of cost or market. Adjustments to reported estimated realizable values and realized gains or losses on dispositions are recorded as increases or decreases in claim costs. |
Property and Equipment |
Property and Equipment Property and equipment are recorded at cost and are depreciated principally under the straight-line method over the estimated useful lives (3 to 25 years) of the respective assets. Maintenance and repairs are charged to operating expenses and improvements are capitalized. |
Reserves for Claims |
Reserves for Claims Total reserves for all reported and unreported losses the Company incurred through December 31, 2014 is represented by the reserves for claims. The Company’s reserves for unpaid losses and loss adjustment expenses are established using estimated amounts required to settle claims for which notice has been received (reported) and the amount estimated to be required to satisfy incurred claims of policyholders which may be reported in the future. Despite the variability of such estimates, management believes that the reserves are adequate to cover claim losses resulting from pending and future claims for policies issued through December 31, 2014. The Company continually reviews and adjusts its reserve estimates as necessary to reflect its loss experience and any new information that becomes available. Adjustments resulting from such reviews may be significant. Claims and losses paid are charged to the reserves for claims. Although claims losses are typically paid in cash, occasionally claims are settled by purchasing the interest of the insured or the claimant in the real property. When this event occurs, the acquiring company carries assets at the lower of cost or estimated realizable value, net of any indebtedness on the property. |
Income Taxes |
Income Taxes The Company makes certain estimates and judgments in determining income tax expense (benefit) for financial statement purposes. These estimates and judgments occur in the calculation of certain tax assets and liabilities which arise from differences in the timing of recognition of revenue and expense for tax and financial statement purposes. The Company provides for deferred income taxes (benefits) for the tax consequences in future years of temporary differences between the financial statements’ carrying values and the tax bases of assets and liabilities using currently enacted tax rates. The Company establishes a valuation allowance if it believes that it is more likely than not that some or all of its deferred tax assets will not be realized. Refer to Note 8 for further information regarding income taxes. |
Premiums Written and Commissions to Agents |
Premiums Written and Commissions to Agents Generally, title insurance premiums are recognized at the time of closing of the related real estate transaction, as the earnings process is then considered complete. Policies or commitments are issued upon receipt of final certificates or preliminary reports with respect to titles. Title insurance commissions earned by the Company’s agents, taxes and a provision for claims losses are recognized as expenses concurrent with recognition of related premium revenue. |
Allowance for Doubtful Accounts |
Allowance for Doubtful Accounts
Company management continually evaluates the collectability of receivables and provides an allowance for doubtful accounts equal to estimated losses expected to be incurred in the collection of premiums and fees receivable. During the second quarter of 2014, the Company changed its presentation of gross premiums and fees receivable and related allowance for doubtful accounts and now reports them net of certain commitments not expected to result in issued title insurance policies. The change had no impact to net premium and fees receivable, net premiums written, operating expenses or net income. Changes to the allowance for doubtful accounts are reflected within net premiums written in the Consolidated Statements of Income. Amounts are charged off in the period they are deemed to be uncollectible. Quarterly, the Company evaluates the collectability of receivables. Premiums not collected within 7 months are fully reserved. Write-offs of receivables have not been material to the Company. |
Exchange Services Revenue |
Exchange Services Revenue Fees are recognized at the signing of a binding agreement and investment earnings are recognized as they are earned. Exchange services revenues are included in other revenues in the Consolidated Statements of Income. |
Fair Values of Financial Instruments |
Fair Values of Financial Instruments The carrying amounts reported in the Consolidated Balance Sheets for cash and cash equivalents, short-term investments, premium and fees receivable, accrued interest and dividends, accounts payable, commissions payable, reinsurance payable and current income taxes recoverable/payable approximate fair value due to the short-term nature of these assets and liabilities. Fair values for the majority of investment securities are based on quoted market prices. Auction rate securities (“ARS”) are valued using discounted cash flow models to determine the estimated fair value of these investments. Some of the inputs for determining the fair value of ARS are unobservable in the securities markets and are significant. Refer to Note 3 for further information regarding investments in securities and fair value. |
Comprehensive Income |
Comprehensive Income The Company’s accumulated other comprehensive income is comprised of unrealized holding gains/losses on available-for-sale securities, net of tax, and unrecognized prior service cost and unrealized gains/losses associated with postretirement benefit liabilities, net of tax. Accumulated other comprehensive income as of December 31, 2014 consists of $12,934,497 of unrealized holding gains on available-for-sale securities and $77,988 of unrecognized prior service cost and unrecognized actuarial losses associated with postretirement benefit liabilities. Accumulated other comprehensive income as of December 31, 2013 consists of $11,395,757 of unrealized holding gains on available-for-sale securities and $48,353 of unrecognized prior service cost and unrecognized actuarial losses associated with postretirement benefit liabilities. Accumulated other comprehensive income as of December 31, 2012 consists of $8,920,884 of unrealized holding gains on available-for-sale securities and $102,454 of unrecognized prior service cost and unrecognized actuarial losses associated with postretirement benefit liabilities. |
Share-Based Compensation |
Share-Based Compensation The Company accounts for share-based compensation in accordance with the fair value based principles required by the Financial Accounting Standards Board (“FASB”). Share-based compensation cost is generally measured at the grant date, based on the estimated fair value of the award, and is recognized as an expense over the employee’s requisite service period. As the share-based compensation expense recognized in the Consolidated Statements of Income is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. |
Other Intangible Assets |
Other Intangible Assets The Company’s other intangible assets consist of a non-compete agreement and referral relationships resulting from an agency acquisition and are recorded at the acquisition date fair value. The referral relationships are amortized on a straight-line basis over the useful life and amortization of the non-compete contract will start at a future date when the related employment agreement is terminated. Intangible assets are reviewed for impairment at least quarterly. |
Subsequent Events |
Subsequent Events The Company has evaluated and concluded that there were no material subsequent events requiring adjustment or disclosure to its Consolidated Financial Statements. |
Recently Issued Accounting Standards |
Recently Issued Accounting Standards
In 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 annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not 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. |
Use Of Estimates and Assumptions |
Use of Estimates and Assumptions The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period and accompanying notes. Actual results could differ materially from those estimates and assumptions used. The more significant of these estimates and assumptions include the following: Claims – The Company’s reserves for claims are established using estimated amounts required to settle claims for which notice has been received (reported) and the amount estimated to be required to satisfy incurred claims of policyholders which may be reported in the future (incurred but not reported, or “IBNR”). A provision for estimated future claims payments is recorded at the time policy revenue is recorded as a percentage of premium income. By their nature, title claims can often be complex, vary greatly in dollar amounts, vary in number due to economic and market conditions such as an increase in mortgage foreclosures, and involve uncertainties as to ultimate exposure. In addition, some claims may require a number of years to settle and determine the final liability for indemnity and loss adjustment expense. The payment experience may extend for more than 20 years after the issuance of a policy. Events such as fraud, defalcation and multiple property defects can substantially and unexpectedly cause increases in estimates of losses. Due to the length of time over which claim payments are made and regularly occurring changes in underlying economic and market conditions, these estimates are subject to variability. Management considers factors such as the Company’s historical claims experience, case reserve estimates on reported claims, large claims, actuarial projections and other relevant factors in determining loss provision rates and the aggregate recorded expected liability for claims. In establishing reserves, actuarial projections are compared with recorded reserves to evaluate the adequacy of such recorded claims reserves and any necessary adjustments are then recorded in current operations. As the most recent claims experience develops and new information becomes available, the loss reserve estimate related to prior periods will change to more accurately reflect updated and improved emerging data. The Company reflects any adjustments to reserves in the results of operations in the period in which new information (principally claims experience) becomes available. The Company’s reserves for claims are established using estimated amounts required to settle claims for which notice has been received (reported) and the amount estimated to be required to satisfy incurred claims of policyholders which have been incurred but not reported (“IBNR”). During the third quarter of 2013 certain actuarial inputs were changed to reflect recent trends. See Note 6 in the accompanying Consolidated Financial Statements for further information regarding this change in accounting estimate. Premiums written – The Company’s premium revenues from certain agency operations include accruals based on estimates. These accruals estimate unreported agency premiums related to transactions which have settled as of the balance sheet date. Accruals for premiums from certain agencies are necessary because of the lag between policy effective dates and the reporting of these transactions to the Company by the agents. The current lag time used in the Company’s estimates typically ranges between 0 and 180 days after the policy effective date, with the majority of agencies reporting within 60 to 90 days. The lag time is reviewed periodically to monitor accruals. To determine the estimated premiums, the Company uses historical experience, as well as other factors, to make certain assumptions about the average elapsed time between the policy effective date and the date the policies are reported. From time to time, the Company adjusts the inputs to the calculation of these estimates as agents report transactions and information on more current trends becomes available. The Company reflects any adjustments to the accruals in the results of operations in the period in which new information becomes available. Impairments – Securities are regularly evaluated and reviewed for differences between the cost and estimated fair value of each security for factors that may indicate that a decline in fair value is other-than-temporary. When, in the opinion of management, a decline in the fair value of an investment is considered to be other-than-temporary, such investment is written down to its fair value. Some factors considered in evaluating whether or not a decline in fair value is other-than-temporary include the duration and extent to which the fair value has been less than cost; the probability that the Company will be unable to collect all amounts due under the contractual terms of the security; with respect to equity securities, whether the Company’s ability and intent to retain the investment for a period of time is sufficient to allow for a recovery in value; with respect to fixed maturity securities, whether the Company has the intent to sell or will more likely than not be required to sell a particular security before recovery in value; and the financial condition and prospects of the issuer (including credit ratings). These factors are reviewed quarterly and any material degradation in the prospect for recovery will be considered in the other-than-temporary impairment analysis. Such reviews are inherently uncertain and the value of the investment may not fully recover or may decline in future periods resulting in a realized loss. The fair values of the majority of the Company’s investments are based on quoted market prices from independent pricing services. |
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v2.4.1.9
Investments in Securities and Fair Value (Tables)
|
12 Months Ended |
Dec. 31, 2014
|
Investments, Debt and Equity Securities [Abstract] |
|
Schedule of Gross Unrealized Gains (Losses) and Amortized Cost for Securities |
The aggregate estimated fair value, gross unrealized holding gains, gross unrealized holding losses, and amortized cost for securities by major security type at December 31 were as follows: | | | | | | | | | | | | | | | | | December 31, 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 deposit | $ | 2,576,993 |
|
| $ | — |
|
| $ | — |
|
| $ | 2,576,993 |
| Total | $ | 2,576,993 |
|
| $ | — |
|
| $ | — |
|
| $ | 2,576,993 |
|
| | | | | | | | | | | | | | | | | December 31, 2013 | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value | Fixed maturities, available-for-sale, at fair value: | | | | | | | | General obligations of U.S. states, territories and political subdivisions | $ | 38,449,309 |
| | $ | 1,922,862 |
| | $ | 184,351 |
| | $ | 40,187,820 |
| Issuer obligations of U.S. states, territories and political subdivisions special revenue | 30,874,571 |
| | 1,234,130 |
| | 204,800 |
| | 31,903,901 |
| Corporate debt securities | 17,736,608 |
| | 789,840 |
| | 108,456 |
| | 18,417,992 |
| Auction rate securities | 919,672 |
| | 16,028 |
| | — |
| | 935,700 |
| Total | $ | 87,980,160 |
| | $ | 3,962,860 |
| | $ | 497,607 |
| | $ | 91,445,413 |
| Equity securities, available-for sale, at fair value: | | | | | | | | Common stocks and nonredeemable preferred stocks | $ | 22,200,369 |
| | $ | 14,052,780 |
| | $ | 109,084 |
| | $ | 36,144,065 |
| Total | $ | 22,200,369 |
| | $ | 14,052,780 |
| | $ | 109,084 |
| | $ | 36,144,065 |
| Short-term investments: | |
| | |
| | |
| | |
| Money market funds and certificates of deposit | $ | 7,926,373 |
| | $ | — |
| | $ | — |
| | $ | 7,926,373 |
| Total | $ | 7,926,373 |
| | $ | — |
| | $ | — |
| | $ | 7,926,373 |
|
|
Schedule Of Fixed Maturity Securities |
The scheduled maturities of fixed maturity securities at December 31, 2014 were as follows: | | | | | | | | | | Available-for-Sale | | Amortized Cost | | Fair Value | Due in one year or less | $ | 13,682,264 |
| | $ | 13,844,384 |
| Due after one year through five years | 52,358,705 |
| | 54,918,427 |
| Due five years through ten years | 36,385,776 |
| | 37,703,640 |
| Due after ten years | 1,994,305 |
| | 2,581,839 |
| Total | $ | 104,421,050 |
| | $ | 109,048,290 |
|
|
Schedule of Earnings on Investments |
Earnings on investments for the years ended December 31 were as follows: | | | | | | | | | | | | | | 2014 | | 2013 | | 2012 | Fixed maturities | $ | 3,282,810 |
| | $ | 2,997,901 |
| | $ | 3,154,131 |
| Equity securities | 973,419 |
| | 890,917 |
| | 815,674 |
| Invested cash and other short-term investments | 3,202 |
| | 5,754 |
| | 10,576 |
| Miscellaneous interest | 70 |
| | 36 |
| | 30 |
| Investment income | $ | 4,259,501 |
| | $ | 3,894,608 |
| | $ | 3,980,411 |
|
|
Schedule of Gross Realized Gain (Loss) on Securities |
Gross realized gains and losses on sales of investments for the years ended December 31 are summarized as follows: | | | | | | | | | | | | | | 2014 | | 2013 | | 2012 | Gross realized gains: | | | | | | General obligations of U.S. states, territories and political subdivisions | $ | — |
| | $ | — |
| | $ | 250 |
| Corporate debt securities | 6,670 |
| | — |
| | 52,396 |
| Common stocks and nonredeemable preferred stocks | 1,021,463 |
| | 369,673 |
| | 450,461 |
| Auction rate securities | — |
| | — |
| | 211,061 |
| Total | 1,028,133 |
| | 369,673 |
| | 714,168 |
| Gross realized losses: | | | | | | Common stocks and nonredeemable preferred stocks | (509,854 | ) | | (180,169 | ) | | (91,975 | ) | Other than temporary impairment of securities | (14,542 | ) | | — |
| | (93,436 | ) | Total | (524,396 | ) | | (180,169 | ) | | (185,411 | ) | Net realized gain | $ | 503,737 |
| | $ | 189,504 |
| | $ | 528,757 |
| Net realized (loss) gain on other investments: | | | | | | Impairments of other assets and investments | $ | (10,062 | ) | | $ | (34,070 | ) | | $ | (6,504 | ) | Net gain on other assets and investments | 45,288 |
| | 48,946 |
| | 543,986 |
| Net loss on other assets and investments | (270,669 | ) | | (8,580 | ) | | — |
| Total | $ | (235,443 | ) | | $ | 6,296 |
| | $ | 537,482 |
| Net realized gain on investments | $ | 268,294 |
| | $ | 195,800 |
| | $ | 1,066,239 |
|
|
Schedule of Unrealized Loss on Investments |
The following table presents the gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at December 31, 2014 and 2013: | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 Months | | 12 Months or Longer | | Total | December 31, 2014 | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | 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 maturity 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 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2013 | | | | | | | | | | | | General obligations of U.S. states, territories and political subdivisions | $ | 4,198,012 |
| | $ | (184,351 | ) | | $ | — |
| | $ | — |
| | $ | 4,198,012 |
| | $ | (184,351 | ) | Issuer obligations of U.S. states, territories and political subdivisions special revenue | 11,010,093 |
| | (204,800 | ) | | — |
| | — |
| | 11,010,093 |
| | (204,800 | ) | Corporate debt securities | 5,942,570 |
| | (108,456 | ) | | — |
| | — |
| | 5,942,570 |
| | (108,456 | ) | Total fixed maturity securities | $ | 21,150,675 |
| | $ | (497,607 | ) | | $ | — |
| | $ | — |
| | $ | 21,150,675 |
| | $ | (497,607 | ) | Equity securities | 2,035,971 |
| | (72,998 | ) | | 244,929 |
| | (36,086 | ) | | 2,280,900 |
| | (109,084 | ) | Total temporarily impaired securities | $ | 23,186,646 |
| | $ | (570,605 | ) | | $ | 244,929 |
| | $ | (36,086 | ) | | $ | 23,431,575 |
| | $ | (606,691 | ) |
|
Schedule of Assumptions Used to Determine Fair Value |
The following table summarizes key assumptions the service used to determine fair value as of December 31, 2014 and 2013: | | | | | | 2014 | | 2013 | Cumulative probability of earning maximum rate until maturity | —% | | —% | Cumulative probability of principle returned prior to maturity | 95.2% | | 95.6% | Cumulative probability of default at some future point | 4.8% | | 4.4% |
|
Schedule of Fair Value Assets Measured on Recurring Basis |
The following table presents, by level, the financial assets carried at fair value measured on a recurring basis as of December 31, 2014 and 2013. The table does not include cash on hand and also does not include assets which are measured at historical cost or any basis other than fair value. Level 3 assets are comprised solely of ARS. | | | | | | | | | | | | | | | | | As of December 31, 2014 | Level 1 | | Level 2 | | Level 3 | | Total | Short-term investments | $ | 2,576,993 |
| | $ | — |
| | $ | — |
| | $ | 2,576,993 |
| Equity securities: | | | | | | | | Common stocks 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 |
|
| | | | | | | | | | | | | | | | | As of December 31, 2013 | Level 1 | | Level 2 | | Level 3 | | Total | Short-term investments | $ | 7,926,373 |
| | $ | — |
| | $ | — |
| | $ | 7,926,373 |
| Equity securities: | | | | | | | | Common stocks and nonredeemable preferred stock | 36,144,065 |
| | — |
| | — |
| | 36,144,065 |
| Fixed maturities: | | | | | | | | Obligations of U.S. states, territories and political subdivisions* | — |
| | 72,091,721 |
| | — |
| | 72,091,721 |
| Corporate debt securities* | — |
| | 18,417,992 |
| | 935,700 |
| | 19,353,692 |
| Total | $ | 44,070,438 |
| | $ | 90,509,713 |
| | $ | 935,700 |
| | $ | 135,515,851 |
|
*Denotes fair market value obtained from pricing services. |
Schedule of Carrying Value and Fair Value of Financial Assets |
The carrying amounts and fair values of these financial instruments (please note investments are disclosed in a previous table) as of December 31, 2014 and 2013 are presented in the following table: | | | | | | | | | | | | | | | | | | | | | As of December 31, 2014 | | | | | | | | | | Financial Assets | Carrying Value | | Estimated Fair Value | | Level 1 | | Level 2 | | Level 3 | Cash and cash equivalents | $ | 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 | $ | 19,406,960 |
| | $ | 19,566,169 |
| | $ | 16,890,352 |
| | $ | — |
| | $ | 2,675,817 |
|
| | | | | | | | | | | | | | | | | | | | | As of December 31, 2013 | | | | | | | | | | Financial Assets | Carrying Value | | Estimated Fair Value | | Level 1 | | Level 2 | | Level 3 | Cash and cash equivalents | $ | 23,626,761 |
| | $ | 23,626,761 |
| | $ | 23,626,761 |
| | $ | — |
| | $ | — |
| Cost-basis investments | 1,927,429 |
| | 2,069,302 |
| | — |
| | — |
| | 2,069,302 |
| Accrued dividends and interest | 1,006,698 |
| | 1,006,698 |
| | 1,006,698 |
| | — |
| | — |
| Total | $ | 26,560,888 |
| | $ | 26,702,761 |
| | $ | 24,633,459 |
| | $ | — |
| | $ | 2,069,302 |
| | | | | | | | | | | Financial Liabilities | | | | | | | | | | Contingent consideration | $ | 341,250 |
| | $ | 341,250 |
| | $ | — |
| | $ | — |
| | $ | 341,250 |
| Total | $ | 341,250 |
| | $ | 341,250 |
| | $ | — |
| | $ | — |
| | $ | 341,250 |
|
|
Schedule of Fair Value Assets Measured at Unobservable Input Reconciliation |
The following table presents a reconciliation of the Company’s assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3), which are all ARS securities, for the twelve months ended December 31, 2014 and 2013: | | | | | | | | | Changes in fair value during the year ended December 31: | 2014 | | 2013 | Beginning balance at January 1 | $ | 935,700 |
| | $ | 932,200 |
| Redemptions and sales | — |
| | — |
| Realized gain – included in net realized gain on investments | — |
| | — |
| Realized loss – included in net realized gain on investments | — |
| | — |
| Unrealized gain - included in other comprehensive income | 3,400 |
| | 3,500 |
| Ending balance at December 31 | $ | 939,100 |
| | $ | 935,700 |
|
|
Schedule of Changing in Fair Value of Liabilities on Recurring Basis Using Significant Unobservable Inputs |
The following table presents a reconciliation of the Company’s liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3), consisting solely of contingent acquisition consideration, for the twelve months ended December 31, 2014 and 2013: | | | | | | | | | Changes in fair value during the period ended: | 2014 | | 2013 | Beginning balance at January 1 | $ | 341,250 |
| | $ | 691,250 |
| Addition of contingent consideration | — |
| | — |
| Payment for contingent consideration | (341,250 | ) | | (350,000 | ) | Ending balance, net | $ | — |
| | $ | 341,250 |
|
|
Schedule of Estimated Fair Value Hierarchy of Investments and Related Impairments Recognized |
The following table summarizes the corresponding estimated fair value hierarchy of such investments at December 31, 2014 and 2013 and the related impairments recognized: | | | | | | | | | | | | | | | | | | | | | | | | | 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 and other assets | | | | | $ | — |
| | $ | — |
| | $ | 22,682 |
| | $ | 22,682 |
| | $ | (10,062 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2013 | Valuation Method | | Impaired | | Level 1 | | Level 2 | | Level 3 | | Total at Estimated Fair Value | | Impairment Losses | Cost-basis investments | Fair Value | | Yes | | $ | — |
| | $ | — |
| | $ | 32,744 |
| | $ | 32,744 |
| | $ | (34,070 | ) | Total cost-basis investments and other assets | | | | | $ | — |
| | $ | — |
| | $ | 32,744 |
| | $ | 32,744 |
| | $ | (34,070 | ) |
|
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v2.4.1.9
Property and Equipment (Tables)
|
12 Months Ended |
Dec. 31, 2014
|
Property, Plant and Equipment [Abstract] |
|
Schedule of Property, Plant and Equipment |
Property and equipment and estimated useful lives at December 31 are summarized as follows: | | | | | | | | | | 2014 | | 2013 | Land | $ | 1,107,582 |
| | $ | 1,107,582 |
| Office buildings and improvements (25 years) | 3,416,096 |
| | 3,365,699 |
| Furniture, fixtures and equipment (3 to 10 years) | 7,159,250 |
| | 6,201,618 |
| Automobiles (3 years) | 847,905 |
| | 855,018 |
| Total | 12,530,833 |
| | 11,529,917 |
| Less accumulated depreciation | (7,070,028 | ) | | (7,204,379 | ) | Property and equipment, net | $ | 5,460,805 |
| | $ | 4,325,538 |
|
Included within furniture, fixtures and equipment is software developed by the Company for internal use. Capitalized costs include both direct and indirect costs, such as payroll costs of employees associated with developing software, incurred during the software development stage. |
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v2.4.1.9
Reserves for Claims (Tables)
|
12 Months Ended |
Dec. 31, 2014
|
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] |
|
Summary Of Transactions In Reserves For Claims |
Changes in the reserves for claims for the years ended December 31 are summarized as follows based on the year in which the policies were written: | | | | | | | | | | | | | | 2014 | | 2013 | | 2012 | Balance, beginning of period | $ | 35,360,000 |
| | $ | 39,078,000 |
| | $ | 37,996,000 |
| Provisions related to: | | | | | | Current year | 6,860,335 |
| | 7,239,628 |
| | 7,650,959 |
| Prior year | (1,630,619 | ) | | (7,811,224 | ) | | (1,578,844 | ) | Total provision charged to operations | 5,229,716 |
| | (571,596 | ) | | 6,072,115 |
| Claims paid, net of recoveries, related to: | | | | | | Current year | (102,947 | ) | | (110,240 | ) | | (76,288 | ) | Prior year | (3,809,769 | ) | | (3,036,164 | ) | | (4,913,827 | ) | Total claims paid, net of recoveries | (3,912,716 | ) | | (3,146,404 | ) | | (4,990,115 | ) | Balance, end of year | $ | 36,677,000 |
| | $ | 35,360,000 |
| | $ | 39,078,000 |
|
|
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: | | | | | | | | | | | | | | 2014 | | % | | 2013 | | % | Known title claims | $ | 5,364,645 |
| | 14.6 | | $ | 4,670,809 |
| | 13.2 | IBNR | 31,312,355 |
| | 85.4 | | 30,689,191 |
| | 86.8 | Total loss reserves | $ | 36,677,000 |
| | 100.0 | | $ | 35,360,000 |
| | 100.0 |
|
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v2.4.1.9
Earnings Per Common Share and Share Awards (Tables)
|
12 Months Ended |
Dec. 31, 2014
|
Earnings Per Share [Abstract] |
|
Computation Of Basic And Diluted Earnings Per Share |
The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31: | | | | | | | | | | | | | For the Years Ended December 31, | 2014 | | 2013 | | 2012 | Net income attributable to the Company | $ | 9,648,975 |
| | $ | 14,708,210 |
| | $ | 11,102,496 |
| Weighted average common shares outstanding – Basic | 2,031,760 |
| | 2,056,169 |
| | 2,081,703 |
| Incremental shares outstanding assuming the exercise of dilutive stock options and SARs (share-settled) | 5,774 |
| | 20,459 |
| | 35,090 |
| Weighted average common shares outstanding – Diluted | 2,037,534 |
| | 2,076,628 |
| | 2,116,793 |
| Basic earnings per common share | $ | 4.75 |
| | $ | 7.15 |
| | $ | 5.33 |
| Diluted earnings per common share | $ | 4.74 |
| | $ | 7.08 |
| | $ | 5.24 |
|
|
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, 2012 | 101,600 |
| | $ | 29.81 |
| | 3.91 | | $ | 697,780 |
| SARs granted | 3,000 |
| | 50.50 |
| | | | |
| Options exercised | (6,380 | ) | | 25.17 |
| | | | |
| Options/SARs canceled/forfeited/expired | (70 | ) | | 31.00 |
| | | | |
| Outstanding as of December 31, 2012 | 98,150 |
| | $ | 30.74 |
| | 3.17 | | $ | 2,871,710 |
| SARs granted | 3,000 |
| | 71.59 |
| | | | |
| SARs exercised | (79,500 | ) | | 28.77 |
| | | | | Options exercised | (2,650 | ) | | 28.63 |
| | | | |
| Options/SARs canceled/forfeited/expired | — |
| | — |
| | | | |
| Outstanding as of December 31, 2013 | 19,000 |
| | $ | 45.74 |
| | 3.43 | | $ | 669,610 |
| 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 |
| | | | | | | | | Exercisable as of December 31, 2014 | 19,875 |
| | $ | 50.32 |
| | 3.49 | | $ | 448,785 |
| | | | | | | | | Unvested as of December 31, 2014 | 1,125 |
| | $ | 68.70 |
| | 6.39 | | $ | 4,725 |
|
|
Summary of Information of Fixed Stock Options |
The following tables summarize information about fixed stock options outstanding at December 31, 2014: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Options Outstanding at Year-End | | Options Exercisable at Year-End | Range of Exercise Prices | | Number Outstanding | | Weighted Average Remaining Contractual Life | | Weighted Average Exercise Price | | Number Exercisable | | Weighted Average Exercise Price | $ | 36.79 |
| | — | | $ | 36.79 |
| | 1,500 |
| | 0.38 | | $ | 36.79 |
| | 1,500 |
| | $ | 36.79 |
| $ | 36.79 |
| | — | | $ | 36.79 |
| | 1,500 |
| | 0.38 | | $ | 36.79 |
| | 1,500 |
| | $ | 36.79 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | SARs Outstanding at Year-End | | SARs Exercisable at Year-End | Range of Exercise Prices | | Number Outstanding | | Weighted Average Remaining Contractual Life | | Weighted Average Exercise Price | | Number Exercisable | | Weighted Average Exercise Price | $ | 32.00 |
| | — | | $ | 33.30 |
| | 2,000 |
| | 1.39 | | $ | 32.00 |
| | 2,000 |
| | $ | 32.00 |
| 33.31 |
| | — | | 41.49 |
| | 2,500 |
| | 2.38 | | 33.31 |
| | 2,500 |
| | 33.31 |
| 41.50 |
| | — | | 71.59 |
| | 15,000 |
| | 4.48 | | 58.33 |
| | 13,875 |
| | 57.49 |
| $ | 32.00 |
| | — | | $ | 71.59 |
| | 19,500 |
| | 3.89 | | $ | 52.42 |
| | 18,375 |
| | $ | 51.43 |
|
|
Share-Based Valuation Assumptions |
The weighted average fair values for the SARs issued during 2014, 2013 and 2012 were $28.98, $27.55 and $18.84, respectively, and were estimated using the weighted average assumptions shown in the table below. | | | | | | | | 2014 | | 2013 | | 2012 | Expected Life in Years | 6.9 | | 5.0 | | 5.0 | Volatility | 39.9% | | 44.6% | | 44.6% | Interest Rate | 2.1% | | 1.3% | | 0.8% | Yield Rate | 0.4% | | 0.5% | | 0.6% |
|
Schedule of Weighted Average Grant Date Fair Value of Stock Awards Plans |
The estimated weighted average grant-date fair value of SARs granted for the years ended December 31 was as follows: | | | | | | | | | | | | | For the Years Ended December 31, | 2014 | | 2013 | | 2012 | Exercise price equal to market price on date of grant: | | | | | | Weighted average market price | $ | 68.70 |
| | $ | 71.59 |
| | $ | 50.50 |
| Weighted average grant-date fair value | $ | 28.98 |
| | $ | 27.55 |
| | $ | 18.84 |
|
|
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v2.4.1.9
Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2014
|
Income Tax Disclosure [Abstract] |
|
Schedule of Components of Income Tax Expense |
The components of income tax expense for the years ended December 31 are summarized as follows: | | | | | | | | | | | | | For the Years Ended December 31, | 2014 | | 2013 | | 2012 | Current: | | | | | | Federal | $ | 3,121,000 |
| | $ | 4,873,000 |
| | $ | 5,018,000 |
| State | 84,000 |
| | 69,000 |
| | 163,000 |
| Total current | 3,205,000 |
| | 4,942,000 |
| | 5,181,000 |
| Deferred: | | | | | | Federal | 620,156 |
| | 1,805,215 |
| | (305,525 | ) | State | (9,156 | ) | | (1,215 | ) | | 13,525 |
| Total deferred | 611,000 |
| | 1,804,000 |
| | (292,000 | ) | Total | $ | 3,816,000 |
| | $ | 6,746,000 |
| | $ | 4,889,000 |
|
|
Schedule of Deferred Tax Assets and Liabilities |
At December 31, the approximate tax effect of each component of deferred income tax assets and liabilities is summarized as follows: | | | | | | | | | For the Years Ended December 31, | 2014 | | 2013 | Deferred income tax assets: | | | | Accrued benefits and retirement services | $ | 3,061,144 |
| | $ | 3,074,164 |
| Allowance for doubtful accounts | 1,033,624 |
| | 883,426 |
| Other-than-temporary impairment of assets | 323,089 |
| | 319,962 |
| Excess of book over tax depreciation | 90,409 |
| | 171,504 |
| Postretirement benefit obligation | 40,183 |
| | 24,914 |
| Reinsurance and commission payable | 15,668 |
| | 21,953 |
| Net operating loss carryforward | 25,000 |
| | 5,000 |
| Other | 305,119 |
| | 256,309 |
| Total | 4,894,236 |
| | 4,757,232 |
| Deferred income tax liabilities: | | | | Net unrealized gain on investments | 6,781,994 |
| | 5,976,215 |
| Recorded reserves for claims, net of statutory premium reserves | 2,871,114 |
| | 2,467,798 |
| Other | 656,621 |
| | 327,202 |
| Total | 10,309,729 |
| | 8,771,215 |
| Net deferred income tax liabilities | $ | (5,415,493 | ) | | $ | (4,013,983 | ) |
|
Schedule of Reconciliation of Income Tax |
A reconciliation of income tax as computed for the years ended December 31 at the U.S. federal statutory income tax rate of 34.3% for 2014, 34.1% for 2013 and 34.0% for 2012, respectively, to income tax expense follows: | | | | | | | | | | | | | For the Years Ended December 31, | 2014 | | 2013 | | 2012 | Anticipated income tax expense | $ | 4,626,555 |
| | $ | 7,346,074 |
| | $ | 5,467,168 |
| Increase (decrease) related to: | | | | | | State income taxes, net of federal income tax benefit | 55,188 |
| | 45,471 |
| | 107,580 |
| Tax-exempt interest income (net of amortization) | (876,365 | ) | | (772,545 | ) | | (757,005 | ) | Other, net | 10,622 |
| | 127,000 |
| | 71,257 |
| Provision for income taxes | $ | 3,816,000 |
| | $ | 6,746,000 |
| | $ | 4,889,000 |
|
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v2.4.1.9
Leases (Tables)
|
12 Months Ended |
Dec. 31, 2014
|
Leases [Abstract] |
|
Schedule of Future Minimum Rental Payments for Operating Leases |
The future minimum lease payments under operating leases that have initial or remaining noncancelable lease terms in excess of one year as of December 31, 2014, are summarized as follows: | | | | | Year Ended: | | 2015 | $ | 625,263 |
| 2016 | 455,145 |
| 2017 | 274,356 |
| 2018 | 128,808 |
| 2019 | 13,886 |
| Thereafter | — |
| Total | $ | 1,497,458 |
|
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v2.4.1.9
Retirement Agreements and Other Postretirement Benefit Plan (Tables)
|
12 Months Ended |
Dec. 31, 2014
|
Compensation and Retirement Disclosure [Abstract] |
|
Components Of Net Periodic Benefits Cost |
Cost of the Company’s postretirement benefits included the following components: | | | | | | | | | | | | | | 2014 | | 2013 | | 2012 | Net periodic benefit cost | | | | | | Service cost – benefits earned during the year | $ | 14,667 |
| | $ | 15,782 |
| | $ | 12,617 |
| Interest cost on the projected benefit obligation | 30,472 |
| | 28,412 |
| | 27,867 |
| Amortization (accretion) of unrecognized prior service cost | 2,217 |
| | (1,518 | ) | | 9,396 |
| Amortization of unrecognized loss | — |
| | 6,293 |
| | 680 |
| Net periodic benefits cost at end of year | $ | 47,356 |
| | $ | 48,969 |
| | $ | 50,560 |
|
|
Schedule of Net Funded Status On The Balance Sheet |
The effects of the funded status on the Company’s Consolidated Balance Sheets at December 31, 2014 and 2013 are presented in the following table: | | | | | | | | | | 2014 | | 2013 | Funded status | | | | Actuarial present value of future benefits: | | | | Fully eligible active employee | $ | (409,492 | ) | | $ | (377,838 | ) | Non-eligible active employees | (362,045 | ) | | (301,439 | ) | Plan assets | — |
| | — |
| Funded status of accumulated postretirement benefit obligation, recognized in other liabilities | $ | (771,537 | ) | | $ | (679,277 | ) |
|
Development Of The Accumulated Postretirement Benefit Obligation |
Development of the accumulated postretirement benefit obligation for the years ended December 31, 2014 and 2013 includes the following: | | | | | | | | | | 2014 | | 2013 | Accrued postretirement benefit obligation at beginning of year | $ | (679,277 | ) | | $ | (712,296 | ) | Service cost – benefits earned during the year | (14,667 | ) | | (15,782 | ) | Interest cost on projected benefit obligation | (30,472 | ) | | (28,412 | ) | Actuarial (loss) gain | (47,121 | ) | | 77,213 |
| Accrued postretirement benefit obligation at end of year | $ | (771,537 | ) | | $ | (679,277 | ) |
|
Changes in Amounts Related to Accumulated Other Comprehensive Income, Pre-Tax |
The changes in amounts related to accumulated other comprehensive income, pre-tax, are as follows: | | | | | | | | | | 2014 | | 2013 | Balance at beginning of year | $ | 73,246 |
| | $ | 155,234 |
| Components of accumulated other comprehensive income: | | | | Unrecognized prior service (cost) credit | (2,217 | ) | | 1,518 |
| Amortization of loss, net | — |
| | (6,293 | ) | Actuarial loss (gain) | 47,121 |
| | (77,213 | ) | Balance at end of year | $ | 118,150 |
| | $ | 73,246 |
|
|
Amounts in Accumulated Other Comprehensive Income, Pre-Tax, to be Recognized as Components of Net Periodic Benefit Costs |
The amounts currently in accumulated other comprehensive income, pre-tax, that will be reclassified to the Consolidated Statements of Income and recognized as components of net periodic benefit costs in 2015 are: | | | | | | Projected 2015 | Amortization of unrecognized prior service cost | $ | 4,390 |
| Amortization of unrecognized loss | 3,514 |
| Net periodic benefit cost at end of year | $ | 7,904 |
|
|
Effect of Net Periodic Postretirement Benefit Cost and Accumulated Postretirement Benefit Obligation |
The following illustrates the effects on the net periodic postretirement benefit cost (“NPPBC”) and the accumulated postretirement benefit obligation (“APBO”) of a one percentage point increase and one percentage point decrease in the assumed health care cost trend rate as of December 31, 2014: | | | | | | | | | | One Percentage Point Increase | | One Percentage Point Decrease | Net periodic postretirement benefit cost | | | | Effect on the service cost component | $ | 4,386 |
| | $ | (3,344 | ) | Effect on interest cost | 6,819 |
| | (5,267 | ) | Total effect on the net periodic postretirement benefit cost | $ | 11,205 |
| | $ | (8,611 | ) | Accumulated postretirement benefit obligation (including active employees who are not fully eligible) | | | | Effect on those currently receiving benefits (retirees and spouses) | $ | — |
| | $ | — |
| Effect on active fully eligible | 75,677 |
| | (59,919 | ) | Effect on actives not yet eligible | 94,798 |
| | (72,309 | ) | Total effect on the accumulated postretirement benefit obligation | $ | 170,475 |
| | $ | (132,228 | ) |
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v2.4.1.9
Segment Information (Tables)
|
12 Months Ended |
Dec. 31, 2014
|
Segment Reporting [Abstract] |
|
Selected Financial Information About The Company's Operations By Segment |
Provided below is selected financial information about the Company’s operations by segment for the periods ended December 31, 2014, 2013 and 2012: | | | | | | | | | | | | | | | | | 2014 | Title Insurance | | All Other | | Intersegment Eliminations | | Total | Insurance and other services revenues | $ | 114,279,532 |
| | $ | 5,904,059 |
| | $ | (1,592,100 | ) | | $ | 118,591,491 |
| Investment income | 3,835,209 |
| | 517,628 |
| | (93,336 | ) | | 4,259,501 |
| Net realized gain on investments | 213,709 |
| | 54,585 |
| | — |
| | 268,294 |
| Total revenues | $ | 118,328,450 |
| | $ | 6,476,272 |
| | $ | (1,685,436 | ) | | $ | 123,119,286 |
| Operating expenses | 105,290,627 |
| | 5,862,577 |
| | (1,522,416 | ) | | 109,630,788 |
| Income before income taxes | $ | 13,037,823 |
| | $ | 613,695 |
| | $ | (163,020 | ) | | $ | 13,488,498 |
| Total assets | $ | 153,072,950 |
| | $ | 44,966,260 |
| | $ | — |
| | $ | 198,039,210 |
|
| | | | | | | | | | | | | | | | | 2013 | Title Insurance | | All Other | | Intersegment Eliminations | | Total | Insurance and other services revenues | $ | 118,153,904 |
| | $ | 5,507,069 |
| | $ | (1,499,884 | ) | | $ | 122,161,089 |
| Investment income | 3,599,106 |
| | 388,838 |
| | (93,336 | ) | | 3,894,608 |
| Net realized gain (loss) on investments | 225,661 |
| | (29,861 | ) | | — |
| | 195,800 |
| Total revenues | $ | 121,978,671 |
| | $ | 5,866,046 |
| | $ | (1,593,220 | ) | | $ | 126,251,497 |
| Operating expenses | 99,899,804 |
| | 6,239,155 |
| | (1,430,200 | ) | | 104,708,759 |
| Income (loss) before income taxes | $ | 22,078,867 |
| | $ | (373,109 | ) | | $ | (163,020 | ) | | $ | 21,542,738 |
| Total assets | $ | 146,110,146 |
| | $ | 42,195,670 |
| | $ | — |
| | $ | 188,305,816 |
|
| | | | | | | | | | | | | | | | | 2012 | Title Insurance | | All Other | | Intersegment Eliminations | | Total | Insurance and other services revenues | $ | 106,496,802 |
| | $ | 4,931,574 |
| | $ | (1,395,934 | ) | | $ | 110,032,442 |
| Investment income | 3,492,998 |
| | 571,999 |
| | (84,586 | ) | | 3,980,411 |
| Net realized gain on investments | 430,495 |
| | 635,744 |
| | — |
| | 1,066,239 |
| Total revenues | $ | 110,420,295 |
| | $ | 6,139,317 |
| | $ | (1,480,520 | ) | | $ | 115,079,092 |
| Operating expenses | 94,909,649 |
| | 5,433,207 |
| | (1,343,671 | ) | | 98,999,185 |
| Income before income taxes | $ | 15,510,646 |
| | $ | 706,110 |
| | $ | (136,849 | ) | | $ | 16,079,907 |
| Total assets | $ | 136,042,848 |
| | $ | 35,875,428 |
| | $ | — |
| | $ | 171,918,276 |
|
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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
Related Party Transactions (Tables)
|
12 Months Ended |
Dec. 31, 2014
|
Related Party Transactions [Abstract] |
|
Summary Of Approximate Values By Year Found Within Consolidated Balance Sheets |
The following table sets forth the approximate values by year found within each financial statement classification: | | | | | | | | | Financial Statement Classification, | 2014 | | 2013 | Consolidated Balance Sheets | | Other investments | $ | 6,014,000 |
| | $ | 5,320,000 |
| Premiums and fees receivable | $ | 666,000 |
| | $ | 657,000 |
|
|
Summary Of Approximate Values By Year Found Within Consolidated Statements Of Income |
| | | | | | | | | | | | | Financial Statement Classification, | | | | Consolidated Statements of Income | 2014 | | 2013 | | 2012 | Net premiums written | $ | 11,783,000 |
| | $ | 12,442,000 |
| | $ | 15,558,000 |
| Other income | $ | 2,043,000 |
| | $ | 1,839,000 |
| | $ | 2,238,000 |
| Commissions to agents | $ | 8,049,000 |
| | $ | 8,465,000 |
| | $ | 10,923,000 |
|
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v2.4.1.9
Acquisition (Tables)
|
12 Months Ended |
Dec. 31, 2014
|
Business Combinations [Abstract] |
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Table Text Block] |
The following table provides the effects of changes in ITIC's ownership interest in United, and the resulting impact on the Company's equity: | | | | | | | | | | December 31, 2014 | | December 31, 2013 | Net income attributable to the Company | $ | 9,648,975 |
| | $ | 14,708,210 |
| 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 | $ | 9,534,655 |
| | $ | 14,708,210 |
|
|
Reconciliation Of Total Redeemable Equity |
The following table provides a reconciliation of total redeemable equity for the periods ended December 31, 2014, 2013 and 2012: | | | | | | | | | | | | | Changes in carrying value during the period ended: | 2014 | | 2013 | | 2012 | Beginning balance at January 1 | $ | 545,489 |
| | $ | 493,861 |
| | $ | — |
| Net income attributable to redeemable noncontrolling interest | 23,523 |
| | 88,528 |
| | 88,411 |
| Distributions to noncontrolling interest | (168,057 | ) | | (36,900 | ) | | (40,800 | ) | Redeemable noncontrolling interest resulting from subsidiary purchase | (515,275 | ) | | — |
| | 446,250 |
| Adjustment to retained earnings for purchase of noncontrolling interest | 114,320 |
| | — |
| | — |
| Balance, net | $ | — |
| | $ | 545,489 |
| | $ | 493,861 |
|
|
Schedule Of Aggregate Amortization Expense for Intangible Assets |
The amortization of the non-compete contract will start at a future date when the related employment agreement is terminated. There are currently no plans to terminate the employment agreement, and the Company does not believe it is probable that termination of the employment agreement will occur within the calendar year. Assuming that the amortization of the non-complete agreement begins on the first day of 2016, estimated aggregate amortization expense for each of the five succeeding fiscal years are as follows: | | | | | Year Ended: | | 2015 | $ | 69,685 |
| 2016 | 134,253 |
| 2017 | 134,253 |
| 2018 | 134,253 |
| 2019 | 134,253 |
| Thereafter | 683,572 |
| Total | $ | 1,290,269 |
|
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Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.
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v2.4.1.9
Accumulated Other Comprehensive Income (Tables)
|
12 Months Ended |
Dec. 31, 2014
|
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 December 31, 2014, 2013 and 2012: | | | | | | | | | | | | | 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 (loss) before reclassifications | 1,874,111 |
| | (31,100 | ) | | 1,843,011 |
| Amounts reclassified from accumulated other comprehensive income (loss) | (335,371 | ) | | 1,465 |
| | (333,906 | ) | Net current-period other comprehensive income (loss) | 1,538,740 |
| | (29,635 | ) | | 1,509,105 |
| Ending balance | $ | 12,934,497 |
| | $ | (77,988 | ) | | $ | 12,856,509 |
|
| | | | | | | | | | | | | 2013 | Unrealized Gains and Losses On Available-for-Sale Securities | | Postretirement Benefits Plans | | Total | Beginning balance at January 1 | $ | 8,920,884 |
| | $ | (102,454 | ) | | $ | 8,818,430 |
| Other comprehensive income before reclassifications | 2,605,184 |
| | 50,961 |
| | 2,656,145 |
| Amounts reclassified from accumulated other comprehensive income | (130,311 | ) | | 3,140 |
| | (127,171 | ) | Net current-period other comprehensive income | 2,474,873 |
| | 54,101 |
| | 2,528,974 |
| Ending balance | $ | 11,395,757 |
| | $ | (48,353 | ) | | $ | 11,347,404 |
|
| | | | | | | | | | | | | 2012 | Unrealized Gains and Losses On Available-for-Sale Securities | | Postretirement Benefits Plans | | Total | Beginning balance at January 1 | $ | 7,563,541 |
| | $ | (54,376 | ) | | $ | 7,509,165 |
| Other comprehensive income (loss) before reclassifications | 2,032,134 |
| | (54,726 | ) | | 1,977,408 |
| Amounts reclassified from accumulated other comprehensive income (loss) | (674,791 | ) | | 6,648 |
| | (668,143 | ) | Net current-period other comprehensive income (loss) | 1,357,343 |
| | (48,078 | ) | | 1,309,265 |
| Ending balance | $ | 8,920,884 |
| | $ | (102,454 | ) | | $ | 8,818,430 |
|
|
Schedule Of Reclassification Out Of Accumulated Other Comprehensive Income |
The following tables provide significant amounts reclassified out of each component of accumulated other comprehensive income for the periods ended December 31, 2014, 2013 and 2012: | | | | | | | 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 | $ | 518,279 |
|
| | Other-than-temporary impairments | (14,542 | ) |
| | Total | $ | 503,737 |
|
| Net realized gain on investment | Tax | (168,366 | ) |
| Provision for Income Taxes | Net of Tax | $ | 335,371 |
|
| | Amortization related to postretirement benefit plans: | |
|
| | Prior year service cost | $ | (2,217 | ) |
| | Unrecognized gain (loss) | — |
|
| | Total | $ | (2,217 | ) |
| (a) | Tax | 752 |
|
| Provision for Income Taxes | Net of Tax | $ | (1,465 | ) |
| | Reclassifications for the period | $ | 333,906 |
|
| |
| | | | | | | 2013 | | | | Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | | Affected Line Item in the Consolidated Statements of Income | Unrealized gains and losses on available-for-sale securities: | | | | Net realized gain on investment | $ | 229,869 |
| | | Other-than-temporary impairments | (34,070 | ) | | | Total | $ | 195,799 |
| | Net realized gain on investment | Tax | (65,488 | ) | | Provision for Income Taxes | Net of Tax | $ | 130,311 |
| | | Accretion (amortization) related to postretirement benefit plans: | |
| | | Prior year service cost | $ | 1,518 |
| | | Unrecognized loss | (6,293 | ) | | | Total | $ | (4,775 | ) | | (a) | Tax | 1,635 |
| | Provision for Income Taxes | Net of Tax | $ | (3,140 | ) | | | Reclassifications for the period | $ | 127,171 |
| | |
| | | | | | | 2012 | | | | Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | | Affected Line Item in the Consolidated Statements of Income | Unrealized gains and losses on available-for-sale securities: | | | | Net realized gain on investment | $ | 1,166,179 |
| | | Other-than-temporary impairments | (99,940 | ) | | | Total | $ | 1,066,239 |
| | Net realized gain on investment | Tax | (391,448 | ) | | Provision for Income Taxes | Net of Tax | $ | 674,791 |
| | | Amortization related to postretirement benefit plans: | |
| | | Prior year service cost | $ | (9,396 | ) | | | Unrecognized loss | (680 | ) | | | Total | $ | (10,076 | ) | | (a) | Tax | 3,428 |
| | Provision for Income Taxes | Net of Tax | $ | (6,648 | ) | | | Reclassifications for the period | $ | 668,143 |
| | |
| | (a) | These accumulated other comprehensive income components are not reclassified to net income in their entirety in the same reporting period. The amounts are presented within salaries, employee benefits and payroll taxes on the Consolidated Statements of Income as amortized. Amortization related to postretirement benefit plans is included in the computation of net periodic pension costs, as discussed in Note 10. |
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v2.4.1.9
Basis Of Presentation and Significant Accounting Policies (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2014
Subsidiary
State
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Organization, Consolidation and Presentation of Financial Statements [Line Items] |
|
|
|
Number of title insurance subsidiaries |
2itic_NumberOfTitleInsuranceSubsidiaries |
|
|
Number of States in which Entity operates |
22us-gaap_NumberOfStatesInWhichEntityOperates |
|
|
Excess Tax Benefit from Share-based Compensation, Financing Activities |
$ 15,999us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities |
$ 946,605us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities |
$ 22,101us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities |
Cost method investment, aggregate cost |
2,423,408itic_CostMethodInvestmentAggregateCost |
1,834,229itic_CostMethodInvestmentAggregateCost |
|
Premium collection period before reserved |
7 months |
|
|
Unrealized holding gains on available-for-sale securities |
12,934,497us-gaap_AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax |
11,395,757us-gaap_AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax |
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Amount recognized in accumulated other comprehensive income, net of tax |
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48,353us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeLossAfterTax |
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Potential claim payment period after policy issuance |
20 years |
|
|
Minimum |
|
|
|
Organization, Consolidation and Presentation of Financial Statements [Line Items] |
|
|
|
Property and equipment useful life |
3 years |
|
|
Lag time between Policy effective dates and transaction reporting dates |
0 days |
|
|
Transaction reporting period |
60 days |
|
|
Maximum |
|
|
|
Organization, Consolidation and Presentation of Financial Statements [Line Items] |
|
|
|
Property and equipment useful life |
25 years |
|
|
Lag time between Policy effective dates and transaction reporting dates |
180 days |
|
|
Transaction reporting period |
90 days |
|
|
Restatement Adjustment [Member] |
|
|
|
Organization, Consolidation and Presentation of Financial Statements [Line Items] |
|
|
|
Excess Tax Benefit from Share-based Compensation, Financing Activities |
|
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v2.4.1.9
Statutory Restrictions on Consolidated Stockholders' Equity and Investments (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Statutory Restrictions on Consolidated Stockholders' Equity and Investments [Abstract] |
|
|
|
Combined capital and surplus on statutory basis |
$ 127,314,429us-gaap_StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance |
$ 119,897,974us-gaap_StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance |
|
Net income statutory basis |
9,737,634us-gaap_StatutoryAccountingPracticesStatutoryNetIncomeAmount |
11,858,699us-gaap_StatutoryAccountingPracticesStatutoryNetIncomeAmount |
11,035,792us-gaap_StatutoryAccountingPracticesStatutoryNetIncomeAmount |
Statutory accounting statutory premium and supplemental reserves |
48,423,000itic_StatutoryAccountingStatutoryPremiumAndSupplementalReserves |
47,405,000itic_StatutoryAccountingStatutoryPremiumAndSupplementalReserves |
|
Amount available for dividend distribution with approval from regulatory agencies |
90,384,000us-gaap_StatutoryAccountingPracticesStatutoryAmountAvailableForDividendPaymentsWithRegulatoryApproval |
83,311,000us-gaap_StatutoryAccountingPracticesStatutoryAmountAvailableForDividendPaymentsWithRegulatoryApproval |
|
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments |
9,937,000us-gaap_StatutoryAccountingPracticesStatutoryAmountAvailableForDividendPayments |
|
|
Investments on deposit with state insurance departments |
$ 7,060,000itic_InvestmentsOnDepositWithStateInsuranceDepartments |
$ 7,022,000itic_InvestmentsOnDepositWithStateInsuranceDepartments |
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v2.4.1.9
Investments in Securities and Fair Value (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2014
security
|
Dec. 31, 2013
security
|
Dec. 31, 2012
|
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] |
|
|
|
Available-for-sale, fixed maturity |
$ 109,048,290us-gaap_AvailableForSaleSecuritiesDebtSecurities |
$ 91,445,413us-gaap_AvailableForSaleSecuritiesDebtSecurities |
|
Available for sale securities, equity securities |
39,254,981us-gaap_AvailableForSaleSecuritiesEquitySecurities |
36,144,065us-gaap_AvailableForSaleSecuritiesEquitySecurities |
|
Number of securities with unrealized losses |
25itic_NumberOfSecuritiesWithUnrealizedLosses |
26itic_NumberOfSecuritiesWithUnrealizedLosses |
|
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net |
14,542us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNetAvailableforsaleSecurities |
0us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNetAvailableforsaleSecurities |
93,436us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNetAvailableforsaleSecurities |
Fixed maturities |
|
|
|
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] |
|
|
|
Available-for-sale, fixed maturity |
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21,150,675us-gaap_AvailableForSaleSecuritiesDebtSecurities / us-gaap_ScheduleOfFairValueOfSeparateAccountsByMajorCategoryOfInvestmentAxis = us-gaap_FixedMaturitiesMember |
|
Available for sale securities, 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, unrealized losses |
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|
Available for sale securities, equity securities |
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2,280,900us-gaap_AvailableForSaleSecuritiesEquitySecurities / us-gaap_ScheduleOfFairValueOfSeparateAccountsByMajorCategoryOfInvestmentAxis = us-gaap_EquitySecuritiesMember |
|
Auction rate securities |
|
|
|
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] |
|
|
|
Difference in low to high range values as percent of carrying value |
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|
Level 3 | Auction rate securities |
|
|
|
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] |
|
|
|
Securities par value |
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Percent of securities par value guaranteed by the U.S. Department of Education |
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v2.4.1.9
Investments in Securities and Fair Value Schedule of Gross Unrealized Gains and Losses and Amortized Cost for Securities (Details) (USD $)
|
Dec. 31, 2014
|
Dec. 31, 2013
|
Available-for-sale Securities [Abstract] |
|
|
Amortized Cost |
$ 104,421,050us-gaap_AvailableForSaleSecuritiesAmortizedCost |
$ 87,980,160us-gaap_AvailableForSaleSecuritiesAmortizedCost |
Gross Unrealized Gains |
4,773,623itic_AvailableForSaleSecuritiesGrossUnrealizedGainAccumulatedInInvestments |
3,962,860itic_AvailableForSaleSecuritiesGrossUnrealizedGainAccumulatedInInvestments |
Gross Unrealized Losses |
146,383itic_AvailableForSaleSecuritiesGrossUnrealizedLossAccumulatedInInvestments |
497,607itic_AvailableForSaleSecuritiesGrossUnrealizedLossAccumulatedInInvestments |
Estimated Fair Value |
109,048,290us-gaap_AvailableForSaleSecurities |
91,445,413us-gaap_AvailableForSaleSecurities |
Amortized Cost |
24,128,753us-gaap_AvailableForSaleEquitySecuritiesAmortizedCostBasis |
22,200,369us-gaap_AvailableForSaleEquitySecuritiesAmortizedCostBasis |
Gross Unrealized Gains |
15,225,459itic_AvailableForSaleEquitySecuritiesGrossUnrealizedGains |
14,052,780itic_AvailableForSaleEquitySecuritiesGrossUnrealizedGains |
Gross Unrealized Losses |
99,231itic_AvailableForSaleEquitySecuritiesGrossUnrealizedLosses |
109,084itic_AvailableForSaleEquitySecuritiesGrossUnrealizedLosses |
Estimated Fair Value |
39,254,981itic_AvailableForSaleEquitySecuritiesEstimatedFairValue |
36,144,065itic_AvailableForSaleEquitySecuritiesEstimatedFairValue |
Short Term Investments Amortized Cost Basis |
2,576,993itic_ShortTermInvestmentsAmortizedCostBasis |
7,926,373itic_ShortTermInvestmentsAmortizedCostBasis |
Short Term Investments Gross Unrealized Gains |
0itic_ShortTermInvestmentsGrossUnrealizedGains |
0itic_ShortTermInvestmentsGrossUnrealizedGains |
Short Term Investments Gross Unrealized Losses |
0itic_ShortTermInvestmentsGrossUnrealizedLosses |
0itic_ShortTermInvestmentsGrossUnrealizedLosses |
Short Term Investments Estimated Fair Value |
2,576,993itic_ShortTermInvestmentsEstimatedFairValue |
7,926,373itic_ShortTermInvestmentsEstimatedFairValue |
General obligations of U.S. states, territories and political subdivisions |
|
|
Available-for-sale Securities [Abstract] |
|
|
Amortized Cost |
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38,449,309us-gaap_AvailableForSaleSecuritiesAmortizedCost / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_GeneralObligationsUsStatesAndPoliticalSubdivisionsDebtSecuritiesMember |
Gross Unrealized Gains |
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Gross Unrealized Losses |
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184,351itic_AvailableForSaleSecuritiesGrossUnrealizedLossAccumulatedInInvestments / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_GeneralObligationsUsStatesAndPoliticalSubdivisionsDebtSecuritiesMember |
Estimated Fair Value |
36,723,499us-gaap_AvailableForSaleSecurities / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_GeneralObligationsUsStatesAndPoliticalSubdivisionsDebtSecuritiesMember |
40,187,820us-gaap_AvailableForSaleSecurities / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_GeneralObligationsUsStatesAndPoliticalSubdivisionsDebtSecuritiesMember |
Issuer obligations of U.S. states, territories and political subdivisions special revenue |
|
|
Schedule of Trading Securities and Other Trading Assets [Line Items] |
|
|
Number of Special Revenue Bonds |
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|
Available-for-sale Securities [Abstract] |
|
|
Amortized Cost |
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30,874,571us-gaap_AvailableForSaleSecuritiesAmortizedCost / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_IssuerObligationsUsStatesAndPoliticalSubdivisionsDebtSecuritiesSpecialRevenuesMember |
Gross Unrealized Gains |
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Gross Unrealized Losses |
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204,800itic_AvailableForSaleSecuritiesGrossUnrealizedLossAccumulatedInInvestments / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_IssuerObligationsUsStatesAndPoliticalSubdivisionsDebtSecuritiesSpecialRevenuesMember |
Estimated Fair Value |
49,057,256us-gaap_AvailableForSaleSecurities / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_IssuerObligationsUsStatesAndPoliticalSubdivisionsDebtSecuritiesSpecialRevenuesMember |
31,903,901us-gaap_AvailableForSaleSecurities / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_IssuerObligationsUsStatesAndPoliticalSubdivisionsDebtSecuritiesSpecialRevenuesMember |
Corporate debt securities |
|
|
Available-for-sale Securities [Abstract] |
|
|
Amortized Cost |
21,576,641us-gaap_AvailableForSaleSecuritiesAmortizedCost / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_CorporateDebtSecuritiesMember |
17,736,608us-gaap_AvailableForSaleSecuritiesAmortizedCost / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_CorporateDebtSecuritiesMember |
Gross Unrealized Gains |
823,133itic_AvailableForSaleSecuritiesGrossUnrealizedGainAccumulatedInInvestments / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_CorporateDebtSecuritiesMember |
789,840itic_AvailableForSaleSecuritiesGrossUnrealizedGainAccumulatedInInvestments / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_CorporateDebtSecuritiesMember |
Gross Unrealized Losses |
71,339itic_AvailableForSaleSecuritiesGrossUnrealizedLossAccumulatedInInvestments / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_CorporateDebtSecuritiesMember |
108,456itic_AvailableForSaleSecuritiesGrossUnrealizedLossAccumulatedInInvestments / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_CorporateDebtSecuritiesMember |
Estimated Fair Value |
22,328,435us-gaap_AvailableForSaleSecurities / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_CorporateDebtSecuritiesMember |
18,417,992us-gaap_AvailableForSaleSecurities / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_CorporateDebtSecuritiesMember |
Auction rate securities |
|
|
Available-for-sale Securities [Abstract] |
|
|
Amortized Cost |
922,129us-gaap_AvailableForSaleSecuritiesAmortizedCost / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_AuctionRateSecuritiesMember |
919,672us-gaap_AvailableForSaleSecuritiesAmortizedCost / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_AuctionRateSecuritiesMember |
Gross Unrealized Gains |
16,971itic_AvailableForSaleSecuritiesGrossUnrealizedGainAccumulatedInInvestments / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_AuctionRateSecuritiesMember |
16,028itic_AvailableForSaleSecuritiesGrossUnrealizedGainAccumulatedInInvestments / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_AuctionRateSecuritiesMember |
Gross Unrealized Losses |
0itic_AvailableForSaleSecuritiesGrossUnrealizedLossAccumulatedInInvestments / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_AuctionRateSecuritiesMember |
0itic_AvailableForSaleSecuritiesGrossUnrealizedLossAccumulatedInInvestments / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_AuctionRateSecuritiesMember |
Estimated Fair Value |
939,100us-gaap_AvailableForSaleSecurities / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_AuctionRateSecuritiesMember |
935,700us-gaap_AvailableForSaleSecurities / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_AuctionRateSecuritiesMember |
Common stocks and nonredeemable preferred stocks |
|
|
Available-for-sale Securities [Abstract] |
|
|
Amortized Cost |
24,128,753us-gaap_AvailableForSaleEquitySecuritiesAmortizedCostBasis / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_CommonStocksAndNonredeemablePreferredStocksMember |
22,200,369us-gaap_AvailableForSaleEquitySecuritiesAmortizedCostBasis / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_CommonStocksAndNonredeemablePreferredStocksMember |
Gross Unrealized Gains |
15,225,459itic_AvailableForSaleEquitySecuritiesGrossUnrealizedGains / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_CommonStocksAndNonredeemablePreferredStocksMember |
14,052,780itic_AvailableForSaleEquitySecuritiesGrossUnrealizedGains / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_CommonStocksAndNonredeemablePreferredStocksMember |
Gross Unrealized Losses |
99,231itic_AvailableForSaleEquitySecuritiesGrossUnrealizedLosses / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_CommonStocksAndNonredeemablePreferredStocksMember |
109,084itic_AvailableForSaleEquitySecuritiesGrossUnrealizedLosses / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_CommonStocksAndNonredeemablePreferredStocksMember |
Estimated Fair Value |
39,254,981itic_AvailableForSaleEquitySecuritiesEstimatedFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_CommonStocksAndNonredeemablePreferredStocksMember |
36,144,065itic_AvailableForSaleEquitySecuritiesEstimatedFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_CommonStocksAndNonredeemablePreferredStocksMember |
Money market funds and certificates of deposit |
|
|
Available-for-sale Securities [Abstract] |
|
|
Short Term Investments Amortized Cost Basis |
2,576,993itic_ShortTermInvestmentsAmortizedCostBasis / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_CertificatesOfDepositAndOtherMember |
7,926,373itic_ShortTermInvestmentsAmortizedCostBasis / 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 |
Short Term Investments Gross Unrealized Losses |
0itic_ShortTermInvestmentsGrossUnrealizedLosses / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_CertificatesOfDepositAndOtherMember |
0itic_ShortTermInvestmentsGrossUnrealizedLosses / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_CertificatesOfDepositAndOtherMember |
Short Term Investments Estimated Fair Value |
$ 2,576,993itic_ShortTermInvestmentsEstimatedFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_CertificatesOfDepositAndOtherMember |
$ 7,926,373itic_ShortTermInvestmentsEstimatedFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_CertificatesOfDepositAndOtherMember |
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v2.4.1.9
Investments in Securities and Fair Value Schedule of Fixed Maturity Securities (Details) (USD $)
|
Dec. 31, 2014
|
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] |
|
Due in one year or less |
$ 13,682,264us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost |
Due after one year through five years |
52,358,705us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost |
Due five years through ten years |
36,385,776us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsAmortizedCost |
Due after ten years |
1,994,305us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsAmortizedCost |
Total |
104,421,050us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAmortizedCost |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] |
|
Due after one year through five years |
13,844,384us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue |
Due after one year through five years |
54,918,427us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue |
Due five years through ten years |
37,703,640us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue |
Due after ten years |
2,581,839us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue |
Total |
$ 109,048,290itic_AvailableForSaleDebtSecuritiesEstimatedFairValue |
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|
12 Months Ended |
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Schedule of Investment Income, Reported Amounts, by Category [Line Items] |
|
|
|
Investment income |
$ 4,259,501us-gaap_InvestmentIncomeNet |
$ 3,894,608us-gaap_InvestmentIncomeNet |
$ 3,980,411us-gaap_InvestmentIncomeNet |
Fixed maturities |
|
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|
Investment income |
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2,997,901us-gaap_InvestmentIncomeNet / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_FixedMaturitiesMember |
3,154,131us-gaap_InvestmentIncomeNet / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_FixedMaturitiesMember |
Equity securities |
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Schedule of Investment Income, Reported Amounts, by Category [Line Items] |
|
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Investment income |
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Invested cash and other short-term investments |
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|
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Schedule of Investment Income, Reported Amounts, by Category [Line Items] |
|
|
|
Investment income |
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5,754us-gaap_InvestmentIncomeNet / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_CashAndCashEquivalentsMember |
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Miscellaneous interest |
|
|
|
Schedule of Investment Income, Reported Amounts, by Category [Line Items] |
|
|
|
Investment income |
$ 70us-gaap_InvestmentIncomeNet / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_MiscellaneousInterestMember |
$ 36us-gaap_InvestmentIncomeNet / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_MiscellaneousInterestMember |
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v2.4.1.9
Investments in Securities and Fair Value Schedule of Gross Realized Gains (Losses) on Securities (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Schedule of Available-for-sale Securities [Line Items] |
|
|
|
Gross realized gains |
$ 1,028,133us-gaap_AvailableForSaleSecuritiesGrossRealizedGains |
$ 369,673us-gaap_AvailableForSaleSecuritiesGrossRealizedGains |
$ 714,168us-gaap_AvailableForSaleSecuritiesGrossRealizedGains |
Gross realized losses |
(524,396)us-gaap_AvailableForSaleSecuritiesGrossRealizedLosses |
(180,169)us-gaap_AvailableForSaleSecuritiesGrossRealizedLosses |
(185,411)us-gaap_AvailableForSaleSecuritiesGrossRealizedLosses |
Net realized gain |
503,737us-gaap_AvailableForSaleSecuritiesGrossRealizedGainLossNet |
189,504us-gaap_AvailableForSaleSecuritiesGrossRealizedGainLossNet |
528,757us-gaap_AvailableForSaleSecuritiesGrossRealizedGainLossNet |
Impairments of other assets and investments |
(10,062)us-gaap_OtherAssetImpairmentCharges |
(34,070)us-gaap_OtherAssetImpairmentCharges |
(6,504)us-gaap_OtherAssetImpairmentCharges |
Net gain on other assets and investments |
45,288itic_GainsonOtherAssetsandInvestments |
48,946itic_GainsonOtherAssetsandInvestments |
543,986itic_GainsonOtherAssetsandInvestments |
Net loss on other assets and investments |
(270,669)itic_RealizedLossesonOtherAssetsandInvestments |
(8,580)itic_RealizedLossesonOtherAssetsandInvestments |
0itic_RealizedLossesonOtherAssetsandInvestments |
Realized Investment Gains (Losses) |
(235,443)us-gaap_RealizedInvestmentGainsLosses |
6,296us-gaap_RealizedInvestmentGainsLosses |
537,482us-gaap_RealizedInvestmentGainsLosses |
Gain (Loss) on Investments |
268,294us-gaap_GainLossOnInvestments |
195,800us-gaap_GainLossOnInvestments |
1,066,239us-gaap_GainLossOnInvestments |
General obligations of U.S. states, territories and political subdivisions |
|
|
|
Schedule of Available-for-sale Securities [Line Items] |
|
|
|
Gross realized gains |
0us-gaap_AvailableForSaleSecuritiesGrossRealizedGains / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_GeneralObligationsUsStatesAndPoliticalSubdivisionsDebtSecuritiesMember |
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Corporate debt securities |
|
|
|
Schedule of Available-for-sale Securities [Line Items] |
|
|
|
Gross realized gains |
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0us-gaap_AvailableForSaleSecuritiesGrossRealizedGains / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_CorporateDebtSecuritiesMember |
52,396us-gaap_AvailableForSaleSecuritiesGrossRealizedGains / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_CorporateDebtSecuritiesMember |
Common stocks and nonredeemable preferred stocks |
|
|
|
Schedule of Available-for-sale Securities [Line Items] |
|
|
|
Gross realized gains |
1,021,463us-gaap_AvailableForSaleSecuritiesGrossRealizedGains / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_CommonStocksAndNonredeemablePreferredStocksMember |
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Gross realized losses |
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Auction rate securities |
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Gross realized gains |
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Other Than Temporary Impairment Of Securities |
|
|
|
Schedule of Available-for-sale Securities [Line Items] |
|
|
|
Gross realized losses |
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v2.4.1.9
Investments in Securities and Fair Value Schedule of Unrealized Losses on Investments (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2014
|
Dec. 31, 2013
|
Schedule of Available-for-sale Securities [Line Items] |
|
|
Available-for-sale Securities, Less than Twelve Months, Fair Value |
$ 13,914,809us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue |
$ 23,186,646us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue |
Available-for-sale Securities, Less than 12 Months, Aggregate Losses |
(176,003)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAggregateLosses |
(570,605)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAggregateLosses |
Available-for-sale Securities, Twelve Months or Longer, Fair Value |
1,323,670us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue |
244,929us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue |
Available-for-sale Securities, 12 Months or Longer, Aggregate Losses |
(69,611)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses |
(36,086)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses |
Available-for-sale Securities, Total Fair Value |
15,238,479us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue |
23,431,575us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue |
Available-for-sale Securities, Total Aggregate Losses |
(245,614)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAggregateLosses |
(606,691)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAggregateLosses |
General obligations of U.S. states, territories and political subdivisions |
|
|
Schedule of Available-for-sale Securities [Line Items] |
|
|
Available-for-sale Securities, Less than Twelve Months, Fair Value |
2,113,194us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_GeneralObligationsUsStatesAndPoliticalSubdivisionsDebtSecuritiesMember |
4,198,012us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_GeneralObligationsUsStatesAndPoliticalSubdivisionsDebtSecuritiesMember |
Available-for-sale Securities, Less than 12 Months, Aggregate Losses |
(19,542)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAggregateLosses / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_GeneralObligationsUsStatesAndPoliticalSubdivisionsDebtSecuritiesMember |
(184,351)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAggregateLosses / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_GeneralObligationsUsStatesAndPoliticalSubdivisionsDebtSecuritiesMember |
Available-for-sale Securities, Twelve Months or Longer, Fair Value |
0us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_GeneralObligationsUsStatesAndPoliticalSubdivisionsDebtSecuritiesMember |
0us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_GeneralObligationsUsStatesAndPoliticalSubdivisionsDebtSecuritiesMember |
Available-for-sale Securities, 12 Months or Longer, Aggregate Losses |
0us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_GeneralObligationsUsStatesAndPoliticalSubdivisionsDebtSecuritiesMember |
0us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_GeneralObligationsUsStatesAndPoliticalSubdivisionsDebtSecuritiesMember |
Available-for-sale Securities, Total Fair Value |
2,113,194us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_GeneralObligationsUsStatesAndPoliticalSubdivisionsDebtSecuritiesMember |
4,198,012us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_GeneralObligationsUsStatesAndPoliticalSubdivisionsDebtSecuritiesMember |
Available-for-sale Securities, Total Aggregate Losses |
(19,542)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAggregateLosses / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_GeneralObligationsUsStatesAndPoliticalSubdivisionsDebtSecuritiesMember |
(184,351)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAggregateLosses / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_GeneralObligationsUsStatesAndPoliticalSubdivisionsDebtSecuritiesMember |
Issuer obligations of U.S. states, territories and political subdivisions special revenue |
|
|
Schedule of Available-for-sale Securities [Line Items] |
|
|
Available-for-sale Securities, Less than Twelve Months, Fair Value |
3,946,977us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_IssuerObligationsUsStatesAndPoliticalSubdivisionsDebtSecuritiesSpecialRevenuesMember |
11,010,093us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_IssuerObligationsUsStatesAndPoliticalSubdivisionsDebtSecuritiesSpecialRevenuesMember |
Available-for-sale Securities, Less than 12 Months, Aggregate Losses |
(13,453)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAggregateLosses / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_IssuerObligationsUsStatesAndPoliticalSubdivisionsDebtSecuritiesSpecialRevenuesMember |
(204,800)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAggregateLosses / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_IssuerObligationsUsStatesAndPoliticalSubdivisionsDebtSecuritiesSpecialRevenuesMember |
Available-for-sale Securities, Twelve Months or Longer, Fair Value |
1,182,390us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_IssuerObligationsUsStatesAndPoliticalSubdivisionsDebtSecuritiesSpecialRevenuesMember |
0us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_IssuerObligationsUsStatesAndPoliticalSubdivisionsDebtSecuritiesSpecialRevenuesMember |
Available-for-sale Securities, 12 Months or Longer, Aggregate Losses |
(42,049)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_IssuerObligationsUsStatesAndPoliticalSubdivisionsDebtSecuritiesSpecialRevenuesMember |
0us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_IssuerObligationsUsStatesAndPoliticalSubdivisionsDebtSecuritiesSpecialRevenuesMember |
Available-for-sale Securities, Total Fair Value |
5,129,367us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_IssuerObligationsUsStatesAndPoliticalSubdivisionsDebtSecuritiesSpecialRevenuesMember |
11,010,093us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_IssuerObligationsUsStatesAndPoliticalSubdivisionsDebtSecuritiesSpecialRevenuesMember |
Available-for-sale Securities, Total Aggregate Losses |
(55,502)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAggregateLosses / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_IssuerObligationsUsStatesAndPoliticalSubdivisionsDebtSecuritiesSpecialRevenuesMember |
(204,800)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAggregateLosses / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = itic_IssuerObligationsUsStatesAndPoliticalSubdivisionsDebtSecuritiesSpecialRevenuesMember |
Corporate debt securities |
|
|
Schedule of Available-for-sale Securities [Line Items] |
|
|
Available-for-sale Securities, Less than Twelve Months, Fair Value |
6,924,430us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_CorporateDebtSecuritiesMember |
5,942,570us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_CorporateDebtSecuritiesMember |
Available-for-sale Securities, Less than 12 Months, Aggregate Losses |
(71,339)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAggregateLosses / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_CorporateDebtSecuritiesMember |
(108,456)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAggregateLosses / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_CorporateDebtSecuritiesMember |
Available-for-sale Securities, Twelve Months or Longer, Fair Value |
0us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_CorporateDebtSecuritiesMember |
0us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_CorporateDebtSecuritiesMember |
Available-for-sale Securities, 12 Months or Longer, Aggregate Losses |
0us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_CorporateDebtSecuritiesMember |
0us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_CorporateDebtSecuritiesMember |
Available-for-sale Securities, Total Fair Value |
6,924,430us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_CorporateDebtSecuritiesMember |
5,942,570us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_CorporateDebtSecuritiesMember |
Available-for-sale Securities, Total Aggregate Losses |
(71,339)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAggregateLosses / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_CorporateDebtSecuritiesMember |
(108,456)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAggregateLosses / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_CorporateDebtSecuritiesMember |
Total fixed maturity securities |
|
|
Schedule of Available-for-sale Securities [Line Items] |
|
|
Available-for-sale Securities, Less than Twelve Months, Fair Value |
12,984,601us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_FixedIncomeSecuritiesMember |
21,150,675us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_FixedIncomeSecuritiesMember |
Available-for-sale Securities, Less than 12 Months, Aggregate Losses |
(104,334)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAggregateLosses / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_FixedIncomeSecuritiesMember |
(497,607)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAggregateLosses / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_FixedIncomeSecuritiesMember |
Available-for-sale Securities, Twelve Months or Longer, Fair Value |
1,182,390us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_FixedIncomeSecuritiesMember |
0us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_FixedIncomeSecuritiesMember |
Available-for-sale Securities, 12 Months or Longer, Aggregate Losses |
(42,049)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_FixedIncomeSecuritiesMember |
0us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_FixedIncomeSecuritiesMember |
Available-for-sale Securities, Total Fair Value |
14,166,991us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_FixedIncomeSecuritiesMember |
21,150,675us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_FixedIncomeSecuritiesMember |
Available-for-sale Securities, Total Aggregate Losses |
(146,383)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAggregateLosses / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_FixedIncomeSecuritiesMember |
(497,607)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAggregateLosses / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_FixedIncomeSecuritiesMember |
Equity securities |
|
|
Schedule of Available-for-sale Securities [Line Items] |
|
|
Available-for-sale Securities, Less than Twelve Months, Fair Value |
930,208us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_EquitySecuritiesMember |
2,035,971us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_EquitySecuritiesMember |
Available-for-sale Securities, Less than 12 Months, Aggregate Losses |
(71,669)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAggregateLosses / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_EquitySecuritiesMember |
(72,998)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAggregateLosses / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_EquitySecuritiesMember |
Available-for-sale Securities, Twelve Months or Longer, Fair Value |
141,280us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_EquitySecuritiesMember |
244,929us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_EquitySecuritiesMember |
Available-for-sale Securities, 12 Months or Longer, Aggregate Losses |
(27,562)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_EquitySecuritiesMember |
(36,086)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_EquitySecuritiesMember |
Available-for-sale Securities, Total Fair Value |
1,071,488us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_EquitySecuritiesMember |
2,280,900us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_EquitySecuritiesMember |
Available-for-sale Securities, Total Aggregate Losses |
$ (99,231)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAggregateLosses / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_EquitySecuritiesMember |
$ (109,084)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAggregateLosses / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis = us-gaap_EquitySecuritiesMember |
X |
- Definition
Amount of unrealized loss on securities classified as available-for-sale that have been in a loss position for twelve months or longer.
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v2.4.1.9
Investments in Securities and Fair Value Schedule of Fair Value Assets Measured on Recurring Basis (Details) (USD $)
|
Dec. 31, 2014
|
Dec. 31, 2013
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Short-term investments |
$ 2,576,993us-gaap_ShortTermInvestments |
|
$ 7,926,373us-gaap_ShortTermInvestments |
|
Available for sale securities, equity securities |
39,254,981us-gaap_AvailableForSaleSecuritiesEquitySecurities |
|
36,144,065us-gaap_AvailableForSaleSecuritiesEquitySecurities |
|
Available-for-sale, fixed maturity |
109,048,290us-gaap_AvailableForSaleSecuritiesDebtSecurities |
|
91,445,413us-gaap_AvailableForSaleSecuritiesDebtSecurities |
|
Total |
150,880,264us-gaap_AssetsFairValueDisclosure |
|
135,515,851us-gaap_AssetsFairValueDisclosure |
|
Level 1 |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Short-term investments |
2,576,993us-gaap_ShortTermInvestments / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel1Member |
|
7,926,373us-gaap_ShortTermInvestments / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel1Member |
|
Total |
41,831,974us-gaap_AssetsFairValueDisclosure / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel1Member |
|
44,070,438us-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 |
108,109,190us-gaap_AssetsFairValueDisclosure / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel2Member |
|
90,509,713us-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 |
939,100us-gaap_AssetsFairValueDisclosure / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel3Member |
|
935,700us-gaap_AssetsFairValueDisclosure / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel3Member |
|
Common stocks and nonredeemable preferred stock |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Available for sale securities, equity securities |
39,254,981us-gaap_AvailableForSaleSecuritiesEquitySecurities / us-gaap_EligibleItemOrGroupForFairValueOptionAxis = itic_CommonStockAndNonredeemablePreferredStockMember |
|
36,144,065us-gaap_AvailableForSaleSecuritiesEquitySecurities / us-gaap_EligibleItemOrGroupForFairValueOptionAxis = itic_CommonStockAndNonredeemablePreferredStockMember |
|
Common stocks and nonredeemable preferred stock | Level 1 |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Available for sale securities, equity securities |
39,254,981us-gaap_AvailableForSaleSecuritiesEquitySecurities / us-gaap_EligibleItemOrGroupForFairValueOptionAxis = itic_CommonStockAndNonredeemablePreferredStockMember / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel1Member |
|
36,144,065us-gaap_AvailableForSaleSecuritiesEquitySecurities / us-gaap_EligibleItemOrGroupForFairValueOptionAxis = itic_CommonStockAndNonredeemablePreferredStockMember / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel1Member |
|
Common stocks and nonredeemable preferred stock | Level 2 |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Available for sale securities, equity securities |
0us-gaap_AvailableForSaleSecuritiesEquitySecurities / us-gaap_EligibleItemOrGroupForFairValueOptionAxis = itic_CommonStockAndNonredeemablePreferredStockMember / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel2Member |
|
0us-gaap_AvailableForSaleSecuritiesEquitySecurities / us-gaap_EligibleItemOrGroupForFairValueOptionAxis = itic_CommonStockAndNonredeemablePreferredStockMember / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel2Member |
|
Common stocks and nonredeemable preferred stock | Level 3 |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Available for sale securities, equity securities |
0us-gaap_AvailableForSaleSecuritiesEquitySecurities / us-gaap_EligibleItemOrGroupForFairValueOptionAxis = itic_CommonStockAndNonredeemablePreferredStockMember / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel3Member |
|
0us-gaap_AvailableForSaleSecuritiesEquitySecurities / us-gaap_EligibleItemOrGroupForFairValueOptionAxis = itic_CommonStockAndNonredeemablePreferredStockMember / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel3Member |
|
Obligations of U.S. states, territories and political subdivisions |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Available-for-sale, fixed maturity |
85,780,755us-gaap_AvailableForSaleSecuritiesDebtSecurities / us-gaap_EligibleItemOrGroupForFairValueOptionAxis = us-gaap_USStatesAndPoliticalSubdivisionsMember |
[1] |
72,091,721us-gaap_AvailableForSaleSecuritiesDebtSecurities / us-gaap_EligibleItemOrGroupForFairValueOptionAxis = us-gaap_USStatesAndPoliticalSubdivisionsMember |
[1] |
Obligations of U.S. states, territories and political subdivisions | Level 1 |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Available-for-sale, fixed maturity |
0us-gaap_AvailableForSaleSecuritiesDebtSecurities / us-gaap_EligibleItemOrGroupForFairValueOptionAxis = us-gaap_USStatesAndPoliticalSubdivisionsMember / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel1Member |
[1] |
0us-gaap_AvailableForSaleSecuritiesDebtSecurities / us-gaap_EligibleItemOrGroupForFairValueOptionAxis = us-gaap_USStatesAndPoliticalSubdivisionsMember / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel1Member |
[1] |
Obligations of U.S. states, territories and political subdivisions | Level 2 |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Available-for-sale, fixed maturity |
85,780,755us-gaap_AvailableForSaleSecuritiesDebtSecurities / us-gaap_EligibleItemOrGroupForFairValueOptionAxis = us-gaap_USStatesAndPoliticalSubdivisionsMember / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel2Member |
[1] |
72,091,721us-gaap_AvailableForSaleSecuritiesDebtSecurities / us-gaap_EligibleItemOrGroupForFairValueOptionAxis = us-gaap_USStatesAndPoliticalSubdivisionsMember / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel2Member |
[1] |
Obligations of U.S. states, territories and political subdivisions | Level 3 |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Available-for-sale, fixed maturity |
0us-gaap_AvailableForSaleSecuritiesDebtSecurities / us-gaap_EligibleItemOrGroupForFairValueOptionAxis = us-gaap_USStatesAndPoliticalSubdivisionsMember / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel3Member |
[1] |
0us-gaap_AvailableForSaleSecuritiesDebtSecurities / us-gaap_EligibleItemOrGroupForFairValueOptionAxis = 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] |
|
|
|
|
Available-for-sale, fixed maturity |
23,267,535us-gaap_AvailableForSaleSecuritiesDebtSecurities / us-gaap_EligibleItemOrGroupForFairValueOptionAxis = us-gaap_CorporateDebtSecuritiesMember |
|
19,353,692us-gaap_AvailableForSaleSecuritiesDebtSecurities / us-gaap_EligibleItemOrGroupForFairValueOptionAxis = us-gaap_CorporateDebtSecuritiesMember |
|
Corporate debt securities | Level 1 |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Available-for-sale, fixed maturity |
0us-gaap_AvailableForSaleSecuritiesDebtSecurities / us-gaap_EligibleItemOrGroupForFairValueOptionAxis = us-gaap_CorporateDebtSecuritiesMember / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel1Member |
|
0us-gaap_AvailableForSaleSecuritiesDebtSecurities / us-gaap_EligibleItemOrGroupForFairValueOptionAxis = us-gaap_CorporateDebtSecuritiesMember / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel1Member |
|
Corporate debt securities | Level 2 |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Available-for-sale, fixed maturity |
22,328,435us-gaap_AvailableForSaleSecuritiesDebtSecurities / us-gaap_EligibleItemOrGroupForFairValueOptionAxis = us-gaap_CorporateDebtSecuritiesMember / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel2Member |
|
18,417,992us-gaap_AvailableForSaleSecuritiesDebtSecurities / us-gaap_EligibleItemOrGroupForFairValueOptionAxis = us-gaap_CorporateDebtSecuritiesMember / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel2Member |
|
Corporate debt securities | Level 3 |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Available-for-sale, fixed maturity |
$ 939,100us-gaap_AvailableForSaleSecuritiesDebtSecurities / us-gaap_EligibleItemOrGroupForFairValueOptionAxis = us-gaap_CorporateDebtSecuritiesMember / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel3Member |
|
$ 935,700us-gaap_AvailableForSaleSecuritiesDebtSecurities / us-gaap_EligibleItemOrGroupForFairValueOptionAxis = us-gaap_CorporateDebtSecuritiesMember / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel3Member |
|
|
|
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)
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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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-Topic 942
-SubTopic 320
-Section 50
-Paragraph 2
-Subparagraph (b)-(g)
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+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 25
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Investments which are intended to be sold in the short term (usually less than one year or the normal operating cycle, whichever is longer) including trading securities, available-for-sale securities, held-to-maturity securities, and other short-term investments not otherwise listed in the existing taxonomy.
+ References
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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-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 1
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v2.4.1.9
Investments in Securities and Fair Value Schedule of Carrying Value and Fair Value of Financial Assets (Details) (USD $)
|
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Financial Assets |
|
|
|
|
Cash and cash equivalents, carrying value |
$ 15,826,515us-gaap_CashAndCashEquivalentsAtCarryingValue |
$ 23,626,761us-gaap_CashAndCashEquivalentsAtCarryingValue |
$ 20,810,018us-gaap_CashAndCashEquivalentsAtCarryingValue |
$ 18,042,258us-gaap_CashAndCashEquivalentsAtCarryingValue |
Cost-basis investments, carrying value |
2,516,608us-gaap_CostMethodInvestments |
1,927,429us-gaap_CostMethodInvestments |
|
|
Accrued dividends and interest, carrying value |
1,063,837itic_AccruedDividendsAndInterestCarryingValue |
1,006,698itic_AccruedDividendsAndInterestCarryingValue |
|
|
Financial assets disclosed, carrying value |
19,406,960itic_FinancialAssetsDisclosedCarryingValue |
26,560,888itic_FinancialAssetsDisclosedCarryingValue |
|
|
Cash and cash equivalents, estimated fair value |
15,826,515us-gaap_CashAndCashEquivalentsFairValueDisclosure |
23,626,761us-gaap_CashAndCashEquivalentsFairValueDisclosure |
|
|
Cost-basis investments, estimated fair value |
2,675,817us-gaap_CostMethodInvestmentsFairValueDisclosure |
2,069,302us-gaap_CostMethodInvestmentsFairValueDisclosure |
|
|
Accrued dividends and interest, estimated fair value |
1,063,837itic_AccruedDividendsAndInterestEstimatedFairValue |
1,006,698itic_AccruedDividendsAndInterestEstimatedFairValue |
|
|
Financial assets disclosed, estimated fair value |
19,566,169us-gaap_AssetsFairValueDisclosureRecurring |
26,702,761us-gaap_AssetsFairValueDisclosureRecurring |
|
|
Financial Liabilities |
|
|
|
|
Contingent consideration, carrying value |
|
341,250itic_BusinessAcquisitionContingentConsiderationAtCarryingValue |
|
|
Financial liabilities, carrying value |
|
341,250itic_FinancialLiabilitiesCarryingValue |
|
|
Business Combination, Contingent Consideration, Liability |
|
341,250us-gaap_BusinessCombinationContingentConsiderationLiability |
|
|
Financial liabilities, estimated fair value |
|
341,250us-gaap_LiabilitiesFairValueDisclosureRecurring |
|
|
Level 1 |
|
|
|
|
Financial Assets |
|
|
|
|
Cash and cash equivalents, estimated fair value |
15,826,515us-gaap_CashAndCashEquivalentsFairValueDisclosure / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel1Member |
23,626,761us-gaap_CashAndCashEquivalentsFairValueDisclosure / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel1Member |
|
|
Cost-basis investments, estimated fair value |
0us-gaap_CostMethodInvestmentsFairValueDisclosure / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel1Member |
0us-gaap_CostMethodInvestmentsFairValueDisclosure / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel1Member |
|
|
Accrued dividends and interest, estimated fair value |
1,063,837itic_AccruedDividendsAndInterestEstimatedFairValue / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel1Member |
1,006,698itic_AccruedDividendsAndInterestEstimatedFairValue / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel1Member |
|
|
Financial assets disclosed, estimated fair value |
16,890,352us-gaap_AssetsFairValueDisclosureRecurring / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel1Member |
24,633,459us-gaap_AssetsFairValueDisclosureRecurring / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel1Member |
|
|
Financial Liabilities |
|
|
|
|
Business Combination, Contingent Consideration, Liability |
|
0us-gaap_BusinessCombinationContingentConsiderationLiability / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel1Member |
|
|
Financial liabilities, estimated fair value |
|
0us-gaap_LiabilitiesFairValueDisclosureRecurring / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel1Member |
|
|
Level 2 |
|
|
|
|
Financial Assets |
|
|
|
|
Cash and cash equivalents, estimated fair value |
0us-gaap_CashAndCashEquivalentsFairValueDisclosure / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel2Member |
0us-gaap_CashAndCashEquivalentsFairValueDisclosure / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel2Member |
|
|
Cost-basis investments, estimated fair value |
0us-gaap_CostMethodInvestmentsFairValueDisclosure / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel2Member |
0us-gaap_CostMethodInvestmentsFairValueDisclosure / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel2Member |
|
|
Accrued dividends and interest, estimated fair value |
0itic_AccruedDividendsAndInterestEstimatedFairValue / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel2Member |
0itic_AccruedDividendsAndInterestEstimatedFairValue / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel2Member |
|
|
Financial assets disclosed, estimated fair value |
0us-gaap_AssetsFairValueDisclosureRecurring / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel2Member |
0us-gaap_AssetsFairValueDisclosureRecurring / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel2Member |
|
|
Financial Liabilities |
|
|
|
|
Business Combination, Contingent Consideration, Liability |
|
0us-gaap_BusinessCombinationContingentConsiderationLiability / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel2Member |
|
|
Financial liabilities, estimated fair value |
|
0us-gaap_LiabilitiesFairValueDisclosureRecurring / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel2Member |
|
|
Level 3 |
|
|
|
|
Financial Assets |
|
|
|
|
Cash and cash equivalents, estimated fair value |
0us-gaap_CashAndCashEquivalentsFairValueDisclosure / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel3Member |
0us-gaap_CashAndCashEquivalentsFairValueDisclosure / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel3Member |
|
|
Cost-basis investments, estimated fair value |
2,675,817us-gaap_CostMethodInvestmentsFairValueDisclosure / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel3Member |
2,069,302us-gaap_CostMethodInvestmentsFairValueDisclosure / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel3Member |
|
|
Accrued dividends and interest, estimated fair value |
0itic_AccruedDividendsAndInterestEstimatedFairValue / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel3Member |
0itic_AccruedDividendsAndInterestEstimatedFairValue / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel3Member |
|
|
Financial assets disclosed, estimated fair value |
2,675,817us-gaap_AssetsFairValueDisclosureRecurring / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel3Member |
2,069,302us-gaap_AssetsFairValueDisclosureRecurring / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel3Member |
|
|
Financial Liabilities |
|
|
|
|
Business Combination, Contingent Consideration, Liability |
|
341,250us-gaap_BusinessCombinationContingentConsiderationLiability / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel3Member |
|
|
Financial liabilities, estimated fair value |
|
$ 341,250us-gaap_LiabilitiesFairValueDisclosureRecurring / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel3Member |
|
|
X |
- Definition
Accrued dividends and interest carrying value
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v2.4.1.9
Investments in Securities and Fair Value Schedule of Fair Value Assets Measured at Unobservable Inputs Reconciliation (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2014
|
Dec. 31, 2013
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
Beginning balance at January 1 |
$ 935,700us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue |
$ 932,200us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue |
Redemptions and sales |
0us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchasesSalesIssuancesSettlements |
0us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchasesSalesIssuancesSettlements |
Realized gain – included in net realized gain on investments |
0itic_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainIncludedInEarnings |
0itic_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainIncludedInEarnings |
Realized loss – included in net realized gain on investments |
0itic_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetLossIncludedInEarnings |
0itic_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetLossIncludedInEarnings |
Unrealized gain - included in other comprehensive income |
3,400us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss |
3,500us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss |
Ending balance at December 31 |
$ 939,100us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue |
$ 935,700us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue |
v2.4.1.9
Investments in Securities and Fair Value Schedule of Changing in Fair Value of Liabilities on Recurring Basis Using Significant Unobservable Inputs (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2014
|
Dec. 31, 2013
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
Beginning balance at January 1 |
$ 341,250us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue |
$ 691,250us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue |
Addition of contingent consideration |
0us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues |
0us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues |
Payment for contingent consideration |
(341,250)us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements |
(350,000)us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements |
Ending balance, net |
$ 0us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue |
$ 341,250us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue |
v2.4.1.9
Investments in Securities and Fair Value Schedule of Estimated Fair Value Hierarchy of Investments and Related Impairments Recognized (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2014
|
Dec. 31, 2013
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Total at Estimated Fair Value |
$ 22,682us-gaap_InvestmentsFairValueDisclosure |
$ 32,744us-gaap_InvestmentsFairValueDisclosure |
Impairment Losses |
(10,062)us-gaap_ImpairedAssetsToBeDisposedOfByMethodOtherThanSaleAmountOfImpairmentLoss |
(34,070)us-gaap_ImpairedAssetsToBeDisposedOfByMethodOtherThanSaleAmountOfImpairmentLoss |
Level 1 |
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|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Total at Estimated Fair Value |
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Total at Estimated Fair Value |
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Level 3 |
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Total at Estimated Fair Value |
22,682us-gaap_InvestmentsFairValueDisclosure / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel3Member |
32,744us-gaap_InvestmentsFairValueDisclosure / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel3Member |
Cost-basis investments |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Valuation Method |
Fair Value |
Fair Value |
Impaired |
Yes |
Yes |
Total at Estimated Fair Value |
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32,744us-gaap_InvestmentsFairValueDisclosure / us-gaap_GainLossOnInvestmentsByCategoryAxis = us-gaap_CostmethodInvestmentsMember |
Impairment Losses |
(10,062)us-gaap_ImpairedAssetsToBeDisposedOfByMethodOtherThanSaleAmountOfImpairmentLoss / us-gaap_GainLossOnInvestmentsByCategoryAxis = us-gaap_CostmethodInvestmentsMember |
(34,070)us-gaap_ImpairedAssetsToBeDisposedOfByMethodOtherThanSaleAmountOfImpairmentLoss / us-gaap_GainLossOnInvestmentsByCategoryAxis = us-gaap_CostmethodInvestmentsMember |
Cost-basis investments | Level 1 |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Total at Estimated Fair Value |
0us-gaap_InvestmentsFairValueDisclosure / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel1Member / us-gaap_GainLossOnInvestmentsByCategoryAxis = us-gaap_CostmethodInvestmentsMember |
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Cost-basis investments | Level 2 |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Total at Estimated Fair Value |
0us-gaap_InvestmentsFairValueDisclosure / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel2Member / us-gaap_GainLossOnInvestmentsByCategoryAxis = us-gaap_CostmethodInvestmentsMember |
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Cost-basis investments | Level 3 |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Total at Estimated Fair Value |
$ 22,682us-gaap_InvestmentsFairValueDisclosure / us-gaap_FairValueByFairValueHierarchyLevelAxis = us-gaap_FairValueInputsLevel3Member / us-gaap_GainLossOnInvestmentsByCategoryAxis = us-gaap_CostmethodInvestmentsMember |
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v2.4.1.9
Property and Equipment (Details) (USD $)
|
12 Months Ended |
|
Dec. 31, 2014
|
Dec. 31, 2013
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
$ 12,530,833us-gaap_PropertyPlantAndEquipmentGross |
$ 11,529,917us-gaap_PropertyPlantAndEquipmentGross |
Less accumulated depreciation |
(7,070,028)us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment |
(7,204,379)us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment |
Property and equipment, net |
5,460,805us-gaap_PropertyPlantAndEquipmentNet |
4,325,538us-gaap_PropertyPlantAndEquipmentNet |
Minimum |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment useful life |
3 years |
|
Maximum |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment useful life |
25 years |
|
Land |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
1,107,582us-gaap_PropertyPlantAndEquipmentGross / us-gaap_PropertyPlantAndEquipmentByTypeAxis = us-gaap_LandMember |
1,107,582us-gaap_PropertyPlantAndEquipmentGross / us-gaap_PropertyPlantAndEquipmentByTypeAxis = us-gaap_LandMember |
Office buildings and improvements (25 years) |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
3,416,096us-gaap_PropertyPlantAndEquipmentGross / us-gaap_PropertyPlantAndEquipmentByTypeAxis = us-gaap_BuildingMember |
3,365,699us-gaap_PropertyPlantAndEquipmentGross / us-gaap_PropertyPlantAndEquipmentByTypeAxis = us-gaap_BuildingMember |
Property and equipment useful life |
25 years |
|
Office buildings and improvements (25 years) | Minimum |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment useful life |
3 years |
|
Office buildings and improvements (25 years) | Maximum |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment useful life |
25 years |
|
Furniture, fixtures and equipment (3 to 10 years) |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
7,159,250us-gaap_PropertyPlantAndEquipmentGross / us-gaap_PropertyPlantAndEquipmentByTypeAxis = us-gaap_FurnitureAndFixturesMember |
6,201,618us-gaap_PropertyPlantAndEquipmentGross / us-gaap_PropertyPlantAndEquipmentByTypeAxis = us-gaap_FurnitureAndFixturesMember |
Furniture, fixtures and equipment (3 to 10 years) | Minimum |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment useful life |
3 years |
|
Furniture, fixtures and equipment (3 to 10 years) | Maximum |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment useful life |
10 years |
|
Automobiles (3 years) |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
$ 847,905us-gaap_PropertyPlantAndEquipmentGross / us-gaap_PropertyPlantAndEquipmentByTypeAxis = us-gaap_AutomobilesMember |
$ 855,018us-gaap_PropertyPlantAndEquipmentGross / us-gaap_PropertyPlantAndEquipmentByTypeAxis = us-gaap_AutomobilesMember |
Property and equipment useful life |
3 years |
|
X |
- Definition
Amount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.
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v2.4.1.9
Reserves for Claims Summary Of Transactions In Reserves For Claims (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] |
|
|
|
Balance, beginning of period |
$ 35,360,000us-gaap_LiabilityForTitleClaimsAndClaimsAdjustmentExpense |
$ 39,078,000us-gaap_LiabilityForTitleClaimsAndClaimsAdjustmentExpense |
$ 37,996,000us-gaap_LiabilityForTitleClaimsAndClaimsAdjustmentExpense |
Provisions related to: Current year |
6,860,335us-gaap_LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaimsCurrentYear |
7,239,628us-gaap_LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaimsCurrentYear |
7,650,959us-gaap_LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaimsCurrentYear |
Provisions related to: Prior years |
(1,630,619)us-gaap_LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaimsPriorYears |
(7,811,224)us-gaap_LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaimsPriorYears |
(1,578,844)us-gaap_LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaimsPriorYears |
Total provision charged to operations |
5,229,716us-gaap_LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims |
(571,596)us-gaap_LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims |
6,072,115us-gaap_LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims |
Claims paid, net of recoveries, related to: Current year |
(102,947)us-gaap_LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidCurrentYear |
(110,240)us-gaap_LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidCurrentYear |
(76,288)us-gaap_LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidCurrentYear |
Claims paid, net of recoveries, related to: Prior years |
(3,809,769)us-gaap_LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidPriorYears |
(3,036,164)us-gaap_LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidPriorYears |
(4,913,827)us-gaap_LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidPriorYears |
Total claims paid, net of recoveries |
(3,912,716)us-gaap_LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaid |
(3,146,404)us-gaap_LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaid |
(4,990,115)us-gaap_LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaid |
Balance, end of year |
$ 36,677,000us-gaap_LiabilityForTitleClaimsAndClaimsAdjustmentExpense |
$ 35,360,000us-gaap_LiabilityForTitleClaimsAndClaimsAdjustmentExpense |
$ 39,078,000us-gaap_LiabilityForTitleClaimsAndClaimsAdjustmentExpense |
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v2.4.1.9
Reserves for Claims Summary Of The Company's Loss Reserves (Details) (USD $)
|
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] |
|
|
|
|
Known title claims |
$ 5,364,645us-gaap_LiabilityForTitleClaimsAndClaimsAdjustmentExpenseKnownClaims |
$ 4,670,809us-gaap_LiabilityForTitleClaimsAndClaimsAdjustmentExpenseKnownClaims |
|
|
IBNR |
31,312,355us-gaap_LiabilityForTitleClaimsAndClaimsAdjustmentExpenseIncurredButNotReportedIBNR |
30,689,191us-gaap_LiabilityForTitleClaimsAndClaimsAdjustmentExpenseIncurredButNotReportedIBNR |
|
|
Total loss reserves |
$ 36,677,000us-gaap_LiabilityForTitleClaimsAndClaimsAdjustmentExpense |
$ 35,360,000us-gaap_LiabilityForTitleClaimsAndClaimsAdjustmentExpense |
$ 39,078,000us-gaap_LiabilityForTitleClaimsAndClaimsAdjustmentExpense |
$ 37,996,000us-gaap_LiabilityForTitleClaimsAndClaimsAdjustmentExpense |
% of Known title claims |
14.60%itic_LiabilityForTitleClaimsAndClaimsAdjustmentExpenseKnownClaimsPercentage |
13.20%itic_LiabilityForTitleClaimsAndClaimsAdjustmentExpenseKnownClaimsPercentage |
|
|
% of IBNR |
85.40%itic_LiabilityForTitleClaimsAndClaimsAdjustmentExpenseIncurredButNotReportedPercentage |
86.80%itic_LiabilityForTitleClaimsAndClaimsAdjustmentExpenseIncurredButNotReportedPercentage |
|
|
% of Total loss reserves |
100.00%itic_LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseReportedAndIncurredButNotReportedClaimsPercentage |
100.00%itic_LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseReportedAndIncurredButNotReportedClaimsPercentage |
|
|
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v2.4.1.9
Reserves for Claims Change in Accounting Estimate (Details) (USD $)
|
12 Months Ended |
|
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Change in Accounting Estimate [Line Items] |
|
|
|
|
Liability for Title Claims and Claims Adjustment Expense |
$ 36,677,000us-gaap_LiabilityForTitleClaimsAndClaimsAdjustmentExpense |
$ 35,360,000us-gaap_LiabilityForTitleClaimsAndClaimsAdjustmentExpense |
$ 39,078,000us-gaap_LiabilityForTitleClaimsAndClaimsAdjustmentExpense |
$ 37,996,000us-gaap_LiabilityForTitleClaimsAndClaimsAdjustmentExpense |
Reduction in Policyholder Benefits and Claims Incurred, Net |
5,229,716us-gaap_PolicyholderBenefitsAndClaimsIncurredNet |
(571,596)us-gaap_PolicyholderBenefitsAndClaimsIncurredNet |
6,072,115us-gaap_PolicyholderBenefitsAndClaimsIncurredNet |
|
(Benefit) Provision for Income Taxes |
3,816,000us-gaap_IncomeTaxExpenseBenefit |
6,746,000us-gaap_IncomeTaxExpenseBenefit |
4,889,000us-gaap_IncomeTaxExpenseBenefit |
|
Net Income Attributable to the Company |
9,648,975us-gaap_NetIncomeLoss |
14,708,210us-gaap_NetIncomeLoss |
11,102,496us-gaap_NetIncomeLoss |
|
Basic Earnings per Common Share |
$ 4.75us-gaap_EarningsPerShareBasic |
$ 7.15us-gaap_EarningsPerShareBasic |
$ 5.33us-gaap_EarningsPerShareBasic |
|
Diluted Earnings per Common Share |
$ 4.74us-gaap_EarningsPerShareDiluted |
$ 7.08us-gaap_EarningsPerShareDiluted |
$ 5.24us-gaap_EarningsPerShareDiluted |
|
Change in Accounting IBNR Reserve Estimate |
|
|
|
|
Change in Accounting Estimate [Line Items] |
|
|
|
|
Liability for Title Claims and Claims Adjustment Expense |
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Reduction in Policyholder Benefits and Claims Incurred, Net |
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(Benefit) Provision for Income Taxes |
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Net Income Attributable to the Company |
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Basic Earnings per Common Share |
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Diluted Earnings per Common Share |
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Earnings Per Common Share and Share Awards (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Earnings Per Common Share And Share Awards [Line Items] |
|
|
|
Incremental dilutive potential common shares, calculated using treasury stock method (in shares) |
5,774us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements |
20,459us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements |
35,090us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements |
Anti-dilutive shares excluded from computation of diluted earnings per share |
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0us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount |
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SARs and options vesting period |
1 year |
|
|
Intrinsic values of options exercised |
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$ 3,486,000us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue |
$ 153,000us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue |
Options and SARs vested |
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Fair value of options and SARs vested |
118,462itic_ShareBasedCompensationArrangementByShareBasedPaymentsAwardOptionsAndEquityInstrumentsOtherThanOptionsVestedInPeriodFairValue |
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Weighted-average fair values for SARs issued (dollars per share) |
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$ 27.55us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue |
$ 18.84us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue |
Compensation expense relating to SARs or options vesting |
121,000us-gaap_AllocatedShareBasedCompensationExpense |
84,000us-gaap_AllocatedShareBasedCompensationExpense |
75,000us-gaap_AllocatedShareBasedCompensationExpense |
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$ 33,000us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized |
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Weighted-average period of unrecognized compensation cost recognition |
3 months |
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SARs and options expiration period |
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Maximum |
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Maximum shares of Company stock to be granted to key employees or directors |
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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 $)
|
12 Months Ended |
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Earnings Per Share [Abstract] |
|
|
|
Net Income Attributable to the Company |
$ 9,648,975us-gaap_NetIncomeLoss |
$ 14,708,210us-gaap_NetIncomeLoss |
$ 11,102,496us-gaap_NetIncomeLoss |
Weighted Average Shares Outstanding – Basic |
2,031,760us-gaap_WeightedAverageNumberOfSharesOutstandingBasic |
2,056,169us-gaap_WeightedAverageNumberOfSharesOutstandingBasic |
2,081,703us-gaap_WeightedAverageNumberOfSharesOutstandingBasic |
Incremental shares outstanding assuming the exercise of dilutive stock options and SARs (share settled) |
5,774us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements |
20,459us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements |
35,090us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements |
Weighted average common shares outstanding - Diluted |
2,037,534us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding |
2,076,628us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding |
2,116,793us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding |
Basic Earnings per Common Share |
$ 4.75us-gaap_EarningsPerShareBasic |
$ 7.15us-gaap_EarningsPerShareBasic |
$ 5.33us-gaap_EarningsPerShareBasic |
Diluted Earnings per Common Share |
$ 4.74us-gaap_EarningsPerShareDiluted |
$ 7.08us-gaap_EarningsPerShareDiluted |
$ 5.24us-gaap_EarningsPerShareDiluted |
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The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
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v2.4.1.9
Earnings Per Common Share and Share Awards Summary Of Share-Based Award Transactions (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] |
|
|
|
|
Number Of Shares, Options exercised |
(1,000)us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised |
(2,650)us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised |
(6,380)us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised |
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] |
|
|
|
|
Weighted Average Exercise Price, Options exercised |
$ 27.21us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice |
$ 28.63us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice |
$ 25.17us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice |
|
StockOptionsAndStockAppreciationRightsSARS |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] |
|
|
|
|
Number Of Shares, Outstanding Beginning Balance |
19,000us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber / us-gaap_AwardTypeAxis = itic_StockOptionsAndStockAppreciationRightsSARSMember |
98,150us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber / us-gaap_AwardTypeAxis = itic_StockOptionsAndStockAppreciationRightsSARSMember |
101,600us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber / us-gaap_AwardTypeAxis = itic_StockOptionsAndStockAppreciationRightsSARSMember |
|
Number Of Shares, Options/SARs cancelled/forfeited/expired |
0us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod / us-gaap_AwardTypeAxis = itic_StockOptionsAndStockAppreciationRightsSARSMember |
0us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod / us-gaap_AwardTypeAxis = itic_StockOptionsAndStockAppreciationRightsSARSMember |
(70)us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod / us-gaap_AwardTypeAxis = itic_StockOptionsAndStockAppreciationRightsSARSMember |
|
Number Of Shares, Outstanding Ending Balance |
21,000us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber / us-gaap_AwardTypeAxis = itic_StockOptionsAndStockAppreciationRightsSARSMember |
19,000us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber / us-gaap_AwardTypeAxis = itic_StockOptionsAndStockAppreciationRightsSARSMember |
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Number Of Shares, Exercisable as of December 31, 2014 |
19,875us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber / us-gaap_AwardTypeAxis = itic_StockOptionsAndStockAppreciationRightsSARSMember |
|
|
|
Number Of Shares, Unvested as of December 31, 2014 |
1,125itic_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsUnvestedNumber / us-gaap_AwardTypeAxis = itic_StockOptionsAndStockAppreciationRightsSARSMember |
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] |
|
|
|
|
Weighted Average Exercise Price, Outstanding Beginning Balance |
$ 45.74us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice / us-gaap_AwardTypeAxis = itic_StockOptionsAndStockAppreciationRightsSARSMember |
$ 30.74us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice / us-gaap_AwardTypeAxis = itic_StockOptionsAndStockAppreciationRightsSARSMember |
$ 29.81us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice / us-gaap_AwardTypeAxis = itic_StockOptionsAndStockAppreciationRightsSARSMember |
|
Weighted Average Exercise Price, Options/SARs cancelled/forfeited/expired |
$ 0.00us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice / us-gaap_AwardTypeAxis = itic_StockOptionsAndStockAppreciationRightsSARSMember |
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|
Weighted Average Exercise Price, Outstanding Ending Balance |
$ 51.30us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice / us-gaap_AwardTypeAxis = itic_StockOptionsAndStockAppreciationRightsSARSMember |
$ 45.74us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice / us-gaap_AwardTypeAxis = itic_StockOptionsAndStockAppreciationRightsSARSMember |
$ 30.74us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice / us-gaap_AwardTypeAxis = itic_StockOptionsAndStockAppreciationRightsSARSMember |
$ 29.81us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice / us-gaap_AwardTypeAxis = itic_StockOptionsAndStockAppreciationRightsSARSMember |
Weighted Average Exercise Price, Exercisable as of December 31, 2014 |
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|
|
|
Weighted Average Exercise Price, Unvested as of December 31, 2014 |
$ 68.70itic_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsUnvestedWeightedAverageExercisePrice / us-gaap_AwardTypeAxis = itic_StockOptionsAndStockAppreciationRightsSARSMember |
|
|
|
Average Remaining Contractual Term, Outstanding Beginning Balance |
3 years 7 months 20 days |
3 years 5 months 4 days |
3 years 2 months 1 day |
3 years 10 months 27 days |
Average Remaining Contractual Term, Outstanding Ending Balance |
3 years 7 months 20 days |
3 years 5 months 4 days |
3 years 2 months 1 day |
3 years 10 months 27 days |
Average Remaining Contractual Term, Exercisable as of December 31, 2014 |
3 years 5 months 26 days |
|
|
|
Average Remaining Contractual Term, Unvested as of December 31, 2014 |
6 years 4 months 20 days |
|
|
|
Aggregate Intrinsic Value, Outstanding Beginning Balance |
$ 669,610us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue / us-gaap_AwardTypeAxis = itic_StockOptionsAndStockAppreciationRightsSARSMember |
$ 2,871,710us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue / us-gaap_AwardTypeAxis = itic_StockOptionsAndStockAppreciationRightsSARSMember |
$ 697,780us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue / us-gaap_AwardTypeAxis = itic_StockOptionsAndStockAppreciationRightsSARSMember |
|
Aggregate Intrinsic Value, Outstanding Ending Balance |
453,510us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue / us-gaap_AwardTypeAxis = itic_StockOptionsAndStockAppreciationRightsSARSMember |
669,610us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue / us-gaap_AwardTypeAxis = itic_StockOptionsAndStockAppreciationRightsSARSMember |
2,871,710us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue / us-gaap_AwardTypeAxis = itic_StockOptionsAndStockAppreciationRightsSARSMember |
697,780us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue / us-gaap_AwardTypeAxis = itic_StockOptionsAndStockAppreciationRightsSARSMember |
Aggregate Intrinsic Value, Exercisable as of December 31, 2014 |
448,785us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1 / us-gaap_AwardTypeAxis = itic_StockOptionsAndStockAppreciationRightsSARSMember |
|
|
|
Aggregate Intrinsic Value, Unvested as of December 31, 2014 |
$ 4,725itic_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsUnvestedIntrinsicValue / us-gaap_AwardTypeAxis = itic_StockOptionsAndStockAppreciationRightsSARSMember |
|
|
|
SARs |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] |
|
|
|
|
Number Of Shares, SARs granted |
4,500us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod / us-gaap_AwardTypeAxis = itic_StockAppreciationRightsShareSettledSARSMember |
3,000us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod / us-gaap_AwardTypeAxis = itic_StockAppreciationRightsShareSettledSARSMember |
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Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] |
|
|
|
|
Weighted Average Exercise Price, SARs granted |
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$ 71.59us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice / us-gaap_AwardTypeAxis = itic_StockAppreciationRightsShareSettledSARSMember |
$ 50.50us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice / us-gaap_AwardTypeAxis = itic_StockAppreciationRightsShareSettledSARSMember |
|
Weighted Average Exercise Price, Options exercised |
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-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3
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-Subparagraph (SX 210.3-04)
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-Subparagraph (SX 210.5-02.28,29)
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-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30
-Article 5
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v2.4.1.9
Earnings Per Common Share and Share Awards Summary of Information of Fixed Stock Options (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2014
|
$36.79 - $36.79 |
|
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] |
|
Options exercise price, lower limit |
$ 36.79us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit / us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis = itic_StockOptionsExercisePriceRange3Member |
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$ 36.79us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit / us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis = itic_StockOptionsExercisePriceRange3Member |
Options Outstanding - Number Outstanding |
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Options Outstanding - Weighted Average Remaining Contractual Life |
4 months 17 days |
Options Outstanding - Weighted Average Exercise Price |
$ 36.79us-gaap_SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1 / us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis = itic_StockOptionsExercisePriceRange3Member |
Options Exercisable - Number Exercisable |
1,500us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions / us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis = itic_StockOptionsExercisePriceRange3Member |
Options Exercisable - Weighted Average Exercise Price |
$ 36.79us-gaap_SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1 / us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis = itic_StockOptionsExercisePriceRange3Member |
$36.79 - $36.79 |
|
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] |
|
Options exercise price, lower limit |
$ 36.79us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit / us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis = itic_StockOptionsExercisePriceRange4Member |
Options exercise price, upper limit |
$ 36.79us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit / us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis = itic_StockOptionsExercisePriceRange4Member |
Options Outstanding - Number Outstanding |
1,500us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions / us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis = itic_StockOptionsExercisePriceRange4Member |
Options Outstanding - Weighted Average Remaining Contractual Life |
4 months 17 days |
Options Outstanding - Weighted Average Exercise Price |
$ 36.79us-gaap_SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1 / us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis = itic_StockOptionsExercisePriceRange4Member |
Options Exercisable - Number Exercisable |
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Options Exercisable - Weighted Average Exercise Price |
$ 36.79us-gaap_SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1 / us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis = itic_StockOptionsExercisePriceRange4Member |
$32.00 - $33.30 |
|
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] |
|
SARs exercise price, lower limit |
$ 32.00itic_ShareBasedCompensationSharesAuthorizedUnderStockAppreciationRightsPlansExercisePriceRangeLowerRangeLimit / us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis = itic_StockAppreciationRightsExercisePriceRange1Member |
SARs exercise price, upper limit |
$ 33.30itic_ShareBasedCompensationSharesAuthorizedUnderStockAppreciationRightsPlansExercisePriceRangeUpperRangeLimit / us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis = itic_StockAppreciationRightsExercisePriceRange1Member |
SAR Outstanding - Number Outstanding |
2,000itic_ShareBasedCompensationSharesAuthorizedUnderStockAppreciationRightsPlansExercisePriceRangeNumberOfOutstandingShares / us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis = itic_StockAppreciationRightsExercisePriceRange1Member |
SARs Outstanding - Weighted Average Remaining Contractual Life |
1 year 4 months 20 days |
SARs - Weighted Average Exercise Price |
$ 32.00itic_ShareBasedCompensationSharesAuthorizedUnderStockAppreciationRightsPlansExercisePriceRangeOutstandingAwardsWeightedAverageExercisePrice / us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis = itic_StockAppreciationRightsExercisePriceRange1Member |
SARs Exercisable - Number Exercisable |
2,000itic_ShareBasedCompensationSharesAuthorizedUnderStockAppreciationPlansExercisePriceRangeNumberOfExercisableShares / us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis = itic_StockAppreciationRightsExercisePriceRange1Member |
SARs Exercisable - Weighted Average Exercise Price |
$ 32.00itic_ShareBasedCompensationSharesAuthorizedUnderStockAppreciationRightsPlansExercisePriceRangeExercisableSharesWeightedAverageExercisePrice / us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis = itic_StockAppreciationRightsExercisePriceRange1Member |
$33.31 - $41.49 |
|
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] |
|
SARs exercise price, lower limit |
$ 33.31itic_ShareBasedCompensationSharesAuthorizedUnderStockAppreciationRightsPlansExercisePriceRangeLowerRangeLimit / us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis = itic_StockAppreciationRightsExercisePriceRange2Member |
SARs exercise price, upper limit |
$ 41.49itic_ShareBasedCompensationSharesAuthorizedUnderStockAppreciationRightsPlansExercisePriceRangeUpperRangeLimit / us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis = itic_StockAppreciationRightsExercisePriceRange2Member |
SAR Outstanding - Number Outstanding |
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SARs Outstanding - Weighted Average Remaining Contractual Life |
2 years 4 months 17 days |
SARs - Weighted Average Exercise Price |
$ 33.31itic_ShareBasedCompensationSharesAuthorizedUnderStockAppreciationRightsPlansExercisePriceRangeOutstandingAwardsWeightedAverageExercisePrice / us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis = itic_StockAppreciationRightsExercisePriceRange2Member |
SARs Exercisable - Number Exercisable |
2,500itic_ShareBasedCompensationSharesAuthorizedUnderStockAppreciationPlansExercisePriceRangeNumberOfExercisableShares / us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis = itic_StockAppreciationRightsExercisePriceRange2Member |
SARs Exercisable - Weighted Average Exercise Price |
$ 33.31itic_ShareBasedCompensationSharesAuthorizedUnderStockAppreciationRightsPlansExercisePriceRangeExercisableSharesWeightedAverageExercisePrice / us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis = itic_StockAppreciationRightsExercisePriceRange2Member |
$41.50 - $71.59 |
|
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] |
|
SARs exercise price, lower limit |
$ 41.50itic_ShareBasedCompensationSharesAuthorizedUnderStockAppreciationRightsPlansExercisePriceRangeLowerRangeLimit / us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis = itic_StockAppreciationRightsExercisePriceRange4Member |
SARs exercise price, upper limit |
$ 71.59itic_ShareBasedCompensationSharesAuthorizedUnderStockAppreciationRightsPlansExercisePriceRangeUpperRangeLimit / us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis = itic_StockAppreciationRightsExercisePriceRange4Member |
SAR Outstanding - Number Outstanding |
15,000itic_ShareBasedCompensationSharesAuthorizedUnderStockAppreciationRightsPlansExercisePriceRangeNumberOfOutstandingShares / us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis = itic_StockAppreciationRightsExercisePriceRange4Member |
SARs Outstanding - Weighted Average Remaining Contractual Life |
4 years 5 months 23 days |
SARs - Weighted Average Exercise Price |
$ 58.33itic_ShareBasedCompensationSharesAuthorizedUnderStockAppreciationRightsPlansExercisePriceRangeOutstandingAwardsWeightedAverageExercisePrice / us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis = itic_StockAppreciationRightsExercisePriceRange4Member |
SARs Exercisable - Number Exercisable |
13,875itic_ShareBasedCompensationSharesAuthorizedUnderStockAppreciationPlansExercisePriceRangeNumberOfExercisableShares / us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis = itic_StockAppreciationRightsExercisePriceRange4Member |
SARs Exercisable - Weighted Average Exercise Price |
$ 57.49itic_ShareBasedCompensationSharesAuthorizedUnderStockAppreciationRightsPlansExercisePriceRangeExercisableSharesWeightedAverageExercisePrice / us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis = itic_StockAppreciationRightsExercisePriceRange4Member |
$32.00 - $71.59 |
|
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] |
|
SARs exercise price, lower limit |
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SAR Outstanding - Number Outstanding |
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SARs Outstanding - Weighted Average Remaining Contractual Life |
3 years 10 months 20 days |
SARs - Weighted Average Exercise Price |
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SARs Exercisable - Number Exercisable |
18,375itic_ShareBasedCompensationSharesAuthorizedUnderStockAppreciationPlansExercisePriceRangeNumberOfExercisableShares / us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis = itic_StockAppreciationRightsExercisePriceRange5Member |
SARs Exercisable - Weighted Average Exercise Price |
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v2.4.1.9
Earnings Per Common Share and Share Awards Share-Based Assumptions (Details)
|
12 Months Ended |
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Earnings Per Share [Abstract] |
|
|
|
Expected Life (in years) |
6 years 10 months 24 days |
5 years |
5 years |
Volatility |
39.90%us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate |
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44.60%us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate |
Interest Rate |
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Yield Rate |
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0.50%us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate |
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v2.4.1.9
Earnings Per Common Share and Share Awards Schedule of Weighted Average Grant Date Fair Value of Stock Awards Plans (Details) (USD $)
|
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Earnings Per Share [Abstract] |
|
|
|
Weighted-average market price |
$ 68.70itic_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsWeightedAverageMarketPrice |
$ 71.59itic_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsWeightedAverageMarketPrice |
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$ 27.55itic_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsWeightedAverageGrantDateFairValue |
$ 18.84itic_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsWeightedAverageGrantDateFairValue |
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v2.4.1.9
Income Taxes Schedule of Components of Income Taxes (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Income Tax Disclosure [Abstract] |
|
|
|
Federal |
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$ 4,873,000us-gaap_CurrentFederalTaxExpenseBenefit |
$ 5,018,000us-gaap_CurrentFederalTaxExpenseBenefit |
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69,000us-gaap_CurrentStateAndLocalTaxExpenseBenefit |
163,000us-gaap_CurrentStateAndLocalTaxExpenseBenefit |
Total current |
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4,942,000us-gaap_CurrentIncomeTaxExpenseBenefit |
5,181,000us-gaap_CurrentIncomeTaxExpenseBenefit |
Federal |
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1,805,215us-gaap_DeferredFederalIncomeTaxExpenseBenefit |
(305,525)us-gaap_DeferredFederalIncomeTaxExpenseBenefit |
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(9,156)us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit |
(1,215)us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit |
13,525us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit |
Deferred Income Tax Expense (Benefit) |
611,000us-gaap_DeferredIncomeTaxExpenseBenefit |
1,804,000us-gaap_DeferredIncomeTaxExpenseBenefit |
(292,000)us-gaap_DeferredIncomeTaxExpenseBenefit |
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$ 3,816,000us-gaap_IncomeTaxExpenseBenefit |
$ 6,746,000us-gaap_IncomeTaxExpenseBenefit |
$ 4,889,000us-gaap_IncomeTaxExpenseBenefit |
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v2.4.1.9
Income Taxes Schedule of Deferred Tax Assets and Liabilities (Details) (USD $)
|
Dec. 31, 2014
|
Dec. 31, 2013
|
Deferred income tax assets: |
|
|
Accrued benefits and retirement services |
$ 3,061,144us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeBenefits |
$ 3,074,164us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeBenefits |
Postretirement benefit obligation |
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883,426us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts |
Other-than-temporary impairment of assets |
323,089us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsImpairmentLosses |
319,962us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsImpairmentLosses |
Other |
90,409itic_DeferredTaxAssetsExcessofBookOverTaxDepreciation |
171,504itic_DeferredTaxAssetsExcessofBookOverTaxDepreciation |
Allowance for doubtful accounts |
40,183us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsPostretirementBenefits |
24,914us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsPostretirementBenefits |
Excess of book over tax depreciation |
15,668us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities |
21,953us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities |
Reinsurance and commission payable |
25,000us-gaap_DeferredTaxAssetsOperatingLossCarryforwards |
5,000us-gaap_DeferredTaxAssetsOperatingLossCarryforwards |
Deferred Tax Assets, Other |
305,119us-gaap_DeferredTaxAssetsOther |
256,309us-gaap_DeferredTaxAssetsOther |
Total deferred income tax assets |
4,894,236us-gaap_DeferredTaxAssetsGross |
4,757,232us-gaap_DeferredTaxAssetsGross |
Deferred income tax liabilities: |
|
|
Deferred Tax Liabilities, Investments |
6,781,994us-gaap_DeferredTaxLiabilitiesInvestments |
5,976,215us-gaap_DeferredTaxLiabilitiesInvestments |
Net unrealized gain on investments |
2,871,114us-gaap_DeferredTaxLiabilitiesDeferredExpenseReservesAndAccruals |
2,467,798us-gaap_DeferredTaxLiabilitiesDeferredExpenseReservesAndAccruals |
Deferred Tax Liabilities, Other |
656,621us-gaap_DeferredTaxLiabilitiesOther |
327,202us-gaap_DeferredTaxLiabilitiesOther |
Total deferred income tax liabilities |
10,309,729us-gaap_DeferredIncomeTaxLiabilities |
8,771,215us-gaap_DeferredIncomeTaxLiabilities |
Net deferred income tax liabilities |
$ (5,415,493)us-gaap_DeferredTaxAssetsLiabilitiesNet |
$ (4,013,983)us-gaap_DeferredTaxAssetsLiabilitiesNet |
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v2.4.1.9
Income Taxes Reconciliation of Income Tax (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Income Tax Disclosure [Abstract] |
|
|
|
Anticipated income tax expense |
$ 4,626,555us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate |
$ 7,346,074us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate |
$ 5,467,168us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate |
State income taxes, net of federal income tax benefit |
55,188us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes |
45,471us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes |
107,580us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes |
Tax-exempt interest income (net of amortization) |
(876,365)us-gaap_IncomeTaxReconciliationTaxExemptIncome |
(772,545)us-gaap_IncomeTaxReconciliationTaxExemptIncome |
(757,005)us-gaap_IncomeTaxReconciliationTaxExemptIncome |
Other, net |
10,622us-gaap_IncomeTaxReconciliationOtherAdjustments |
127,000us-gaap_IncomeTaxReconciliationOtherAdjustments |
71,257us-gaap_IncomeTaxReconciliationOtherAdjustments |
Total |
$ 3,816,000us-gaap_IncomeTaxExpenseBenefit |
$ 6,746,000us-gaap_IncomeTaxExpenseBenefit |
$ 4,889,000us-gaap_IncomeTaxExpenseBenefit |
U.S. Federal statutory income tax rate |
34.30%us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate |
34.10%us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate |
34.00%us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate |
v2.4.1.9
Leases (Details) (USD $) In Thousands, unless otherwise specified
|
12 Months Ended |
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2011
|
Leases [Abstract] |
|
|
|
Rent expense |
$ 766us-gaap_OperatingLeasesRentExpenseNet |
$ 699us-gaap_OperatingLeasesRentExpenseNet |
$ 692us-gaap_OperatingLeasesRentExpenseNet |
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Leases Schedule of Future Minimum Rental Payments for Operating Leases (Details) (USD $)
|
Dec. 31, 2014
|
Leases [Abstract] |
|
2015 |
$ 625,263us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent |
2016 |
455,145us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears |
2017 |
274,356us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears |
2018 |
128,808us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears |
2019 |
13,886us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears |
Thereafter |
0us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter |
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v2.4.1.9
Retirement Agreements and Other Postretirement Benefit Plan (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2014
H
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
|
|
|
Minimum number of years employed in order to participate in the 401(k) plan |
1 year |
|
|
Minimum number of hours worked annually in order to participate in the 401(k) plan |
1,000itic_DefinedContributionPlanMinimumNumberOfHoursWorkedAnnually |
|
|
Defined contribution plan contribution percent |
3.00%itic_DefinedContributionPlanContributionPercent |
|
|
Expenses related to the 401(k) plan |
$ 676,000us-gaap_DefinedContributionPlanCostRecognized |
$ 579,000us-gaap_DefinedContributionPlanCostRecognized |
$ 518,000us-gaap_DefinedContributionPlanCostRecognized |
Amount accrued for all deferred compensation plan agreements |
7,111,000us-gaap_DefinedBenefitPensionPlanCurrentAndNoncurrentLiabilities |
6,580,000us-gaap_DefinedBenefitPensionPlanCurrentAndNoncurrentLiabilities |
|
Amount recognized in accumulated other comprehensive income, before tax |
(118,150)us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax |
(73,246)us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax |
(155,234)us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax |
Amount recognized in accumulated other comprehensive income, net of tax |
(77,988)us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeLossAfterTax |
(48,353)us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeLossAfterTax |
(102,454)us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeLossAfterTax |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] |
|
|
|
2015 |
4,478us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths |
|
|
2016 |
4,885us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo |
|
|
2017 |
9,056us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree |
|
|
2018 |
13,962us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour |
|
|
2019 |
15,577us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive |
|
|
Thereafter |
$ 147,312us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter |
|
|
Minimum |
|
|
|
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|
|
|
Noncompete period following employment |
2 years |
|
|
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v2.4.1.9
Retirement Agreements and Other Postretirement Benefit Plan Components of Net Periodic Benefit Cost (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Compensation and Retirement Disclosure [Abstract] |
|
|
|
Service cost - benefits earned during the year |
$ 14,667us-gaap_DefinedBenefitPlanServiceCost |
$ 15,782us-gaap_DefinedBenefitPlanServiceCost |
$ 12,617us-gaap_DefinedBenefitPlanServiceCost |
Interest cost on the projected benefit obligation |
30,472us-gaap_DefinedBenefitPlanInterestCost |
28,412us-gaap_DefinedBenefitPlanInterestCost |
27,867us-gaap_DefinedBenefitPlanInterestCost |
(Accretion) amortization of unrecognized prior service cost |
2,217us-gaap_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit |
(1,518)us-gaap_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit |
9,396us-gaap_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit |
Amortization of unrecognized losses |
0us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses |
6,293us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses |
680us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses |
Net periodic benefits costs |
$ 47,356us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost |
$ 48,969us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost |
$ 50,560us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost |
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v2.4.1.9
Retirement Agreements and Other Postretirement Benefit Plan Development of the Accumulated Postretirement Benefit Obligation (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] |
|
|
|
Accrued postretirement benefit obligation at beginning of year |
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$ (712,296)us-gaap_DefinedBenefitPlanBenefitObligation |
|
Service cost – benefits earned during the year |
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(15,782)us-gaap_DefinedBenefitPlanServiceCost |
(12,617)us-gaap_DefinedBenefitPlanServiceCost |
Interest cost on projected benefit obligation |
(30,472)us-gaap_DefinedBenefitPlanInterestCost |
(28,412)us-gaap_DefinedBenefitPlanInterestCost |
(27,867)us-gaap_DefinedBenefitPlanInterestCost |
Actuarial (loss) gain |
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|
Accrued postretirement benefit obligation at end of year |
$ (771,537)us-gaap_DefinedBenefitPlanBenefitObligation |
$ (679,277)us-gaap_DefinedBenefitPlanBenefitObligation |
$ (712,296)us-gaap_DefinedBenefitPlanBenefitObligation |
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The increase in a defined benefit pension plan's projected benefit obligation or a defined benefit postretirement plan's accumulated postretirement benefit obligation due to the passage of time.
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v2.4.1.9
Retirement Agreements and Other Postretirement Benefit Plan Changes in Amounts Related to Accumulated Other Comprehensive Income, Pre-tax (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Accumulated Other Comprehensive Income (Loss) [Roll Forward] |
|
|
|
Balance at beginning of year |
$ 73,246us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax |
$ 155,234us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax |
|
Unrecognized prior service (cost) credit |
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1,518us-gaap_OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax |
(9,396)us-gaap_OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax |
Amortization of loss, net |
0us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax |
(6,293)us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax |
(680)us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax |
Actuarial loss (gain) |
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(77,213)us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax |
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Balance at end of year |
$ 118,150us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax |
$ 73,246us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax |
$ 155,234us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax |
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v2.4.1.9
Retirement Agreements and Other Postretirement Benefit Plan Effects on Net Periodic Postretirement Benefit Cost and Accumulated Postretirement Benefit Obligation (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2014
|
Dec. 31, 2013
|
Compensation and Retirement Disclosure [Abstract] |
|
|
One-Percent Point Increase: Effect on the service cost component |
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|
One-Percent Point Increase: Effect on interest cost |
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|
One-Percent Point Increase: Total effect on the net periodic postretirement benefit cost |
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One-Percent Point Decrease: Effect on the service cost component |
|
(3,344)itic_DefinedBenefitPlanEffectOfOnePercentagePointDecreaseOnServiceCostComponents |
One-Percent Point Decrease: Effect on interest cost |
|
(5,267)itic_DefinedBenefitPlanEffectOfOnePercentagePointDecreaseOnInterestCostComponents |
One-Percent Point Decrease: Total effect on the net periodic postretirement benefit cost |
|
(8,611)us-gaap_DefinedBenefitPlanEffectOfOnePercentagePointDecreaseOnServiceAndInterestCostComponents1 |
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One-Percent Point Increase: Total effect on the accumulated postretirement benefit obligation |
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v2.4.1.9
Segment Information Selected Financial Information By Segment (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2014
segment
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Segment Reporting Information [Line Items] |
|
|
|
Insurance And Other Services Revenue |
$ 118,591,491itic_InsuranceAndOtherServicesRevenue |
$ 122,161,089itic_InsuranceAndOtherServicesRevenue |
$ 110,032,442itic_InsuranceAndOtherServicesRevenue |
Number of reportable segments |
1us-gaap_NumberOfReportableSegments |
|
|
Insurance and other services revenues |
123,119,286us-gaap_Revenues |
126,251,497us-gaap_Revenues |
115,079,092us-gaap_Revenues |
Investment income – interest and dividends |
4,259,501us-gaap_InvestmentIncomeInterestAndDividend |
3,894,608us-gaap_InvestmentIncomeInterestAndDividend |
3,980,411us-gaap_InvestmentIncomeInterestAndDividend |
Net realized gain (loss) on investments |
268,294us-gaap_GainLossOnInvestments |
195,800us-gaap_GainLossOnInvestments |
1,066,239us-gaap_GainLossOnInvestments |
Total Revenues |
123,119,286us-gaap_Revenues |
126,251,497us-gaap_Revenues |
115,079,092us-gaap_Revenues |
Operating expenses |
109,630,788us-gaap_BenefitsLossesAndExpenses |
104,708,759us-gaap_BenefitsLossesAndExpenses |
98,999,185us-gaap_BenefitsLossesAndExpenses |
Income (loss) before income taxes |
13,488,498us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments |
21,542,738us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments |
16,079,907us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments |
Total assets |
198,039,210us-gaap_Assets |
188,305,816us-gaap_Assets |
171,918,276us-gaap_Assets |
Title Insurance |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Insurance And Other Services Revenue |
114,279,532itic_InsuranceAndOtherServicesRevenue / us-gaap_StatementBusinessSegmentsAxis = us-gaap_OperatingSegmentsMember |
118,153,904itic_InsuranceAndOtherServicesRevenue / us-gaap_StatementBusinessSegmentsAxis = us-gaap_OperatingSegmentsMember |
106,496,802itic_InsuranceAndOtherServicesRevenue / us-gaap_StatementBusinessSegmentsAxis = us-gaap_OperatingSegmentsMember |
Insurance and other services revenues |
118,328,450us-gaap_Revenues / us-gaap_StatementBusinessSegmentsAxis = us-gaap_OperatingSegmentsMember |
121,978,671us-gaap_Revenues / us-gaap_StatementBusinessSegmentsAxis = us-gaap_OperatingSegmentsMember |
110,420,295us-gaap_Revenues / us-gaap_StatementBusinessSegmentsAxis = us-gaap_OperatingSegmentsMember |
Investment income – interest and dividends |
3,835,209us-gaap_InvestmentIncomeInterestAndDividend / us-gaap_StatementBusinessSegmentsAxis = us-gaap_OperatingSegmentsMember |
3,599,106us-gaap_InvestmentIncomeInterestAndDividend / us-gaap_StatementBusinessSegmentsAxis = us-gaap_OperatingSegmentsMember |
3,492,998us-gaap_InvestmentIncomeInterestAndDividend / us-gaap_StatementBusinessSegmentsAxis = us-gaap_OperatingSegmentsMember |
Net realized gain (loss) on investments |
213,709us-gaap_GainLossOnInvestments / us-gaap_StatementBusinessSegmentsAxis = us-gaap_OperatingSegmentsMember |
225,661us-gaap_GainLossOnInvestments / us-gaap_StatementBusinessSegmentsAxis = us-gaap_OperatingSegmentsMember |
430,495us-gaap_GainLossOnInvestments / us-gaap_StatementBusinessSegmentsAxis = us-gaap_OperatingSegmentsMember |
Total Revenues |
118,328,450us-gaap_Revenues / us-gaap_StatementBusinessSegmentsAxis = us-gaap_OperatingSegmentsMember |
121,978,671us-gaap_Revenues / us-gaap_StatementBusinessSegmentsAxis = us-gaap_OperatingSegmentsMember |
110,420,295us-gaap_Revenues / us-gaap_StatementBusinessSegmentsAxis = us-gaap_OperatingSegmentsMember |
Operating expenses |
105,290,627us-gaap_BenefitsLossesAndExpenses / us-gaap_StatementBusinessSegmentsAxis = us-gaap_OperatingSegmentsMember |
99,899,804us-gaap_BenefitsLossesAndExpenses / us-gaap_StatementBusinessSegmentsAxis = us-gaap_OperatingSegmentsMember |
94,909,649us-gaap_BenefitsLossesAndExpenses / us-gaap_StatementBusinessSegmentsAxis = us-gaap_OperatingSegmentsMember |
Income (loss) before income taxes |
13,037,823us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments / us-gaap_StatementBusinessSegmentsAxis = us-gaap_OperatingSegmentsMember |
22,078,867us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments / us-gaap_StatementBusinessSegmentsAxis = us-gaap_OperatingSegmentsMember |
15,510,646us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments / us-gaap_StatementBusinessSegmentsAxis = us-gaap_OperatingSegmentsMember |
Total assets |
153,072,950us-gaap_Assets / us-gaap_StatementBusinessSegmentsAxis = us-gaap_OperatingSegmentsMember |
146,110,146us-gaap_Assets / us-gaap_StatementBusinessSegmentsAxis = us-gaap_OperatingSegmentsMember |
136,042,848us-gaap_Assets / us-gaap_StatementBusinessSegmentsAxis = us-gaap_OperatingSegmentsMember |
All Other |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Insurance And Other Services Revenue |
5,904,059itic_InsuranceAndOtherServicesRevenue / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
5,507,069itic_InsuranceAndOtherServicesRevenue / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
4,931,574itic_InsuranceAndOtherServicesRevenue / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
Insurance and other services revenues |
6,476,272us-gaap_Revenues / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
5,866,046us-gaap_Revenues / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
6,139,317us-gaap_Revenues / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
Investment income – interest and dividends |
517,628us-gaap_InvestmentIncomeInterestAndDividend / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
388,838us-gaap_InvestmentIncomeInterestAndDividend / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
571,999us-gaap_InvestmentIncomeInterestAndDividend / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
Net realized gain (loss) on investments |
54,585us-gaap_GainLossOnInvestments / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
(29,861)us-gaap_GainLossOnInvestments / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
635,744us-gaap_GainLossOnInvestments / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
Total Revenues |
6,476,272us-gaap_Revenues / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
5,866,046us-gaap_Revenues / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
6,139,317us-gaap_Revenues / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
Operating expenses |
5,862,577us-gaap_BenefitsLossesAndExpenses / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
6,239,155us-gaap_BenefitsLossesAndExpenses / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
5,433,207us-gaap_BenefitsLossesAndExpenses / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
Income (loss) before income taxes |
613,695us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
(373,109)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
706,110us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
Total assets |
44,966,260us-gaap_Assets / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
42,195,670us-gaap_Assets / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
35,875,428us-gaap_Assets / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
Intersegment Eliminations |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Insurance And Other Services Revenue |
(1,592,100)itic_InsuranceAndOtherServicesRevenue / us-gaap_StatementBusinessSegmentsAxis = us-gaap_IntersegmentEliminationMember |
(1,499,884)itic_InsuranceAndOtherServicesRevenue / us-gaap_StatementBusinessSegmentsAxis = us-gaap_IntersegmentEliminationMember |
(1,395,934)itic_InsuranceAndOtherServicesRevenue / us-gaap_StatementBusinessSegmentsAxis = us-gaap_IntersegmentEliminationMember |
Insurance and other services revenues |
(1,685,436)us-gaap_Revenues / us-gaap_StatementBusinessSegmentsAxis = us-gaap_IntersegmentEliminationMember |
(1,593,220)us-gaap_Revenues / us-gaap_StatementBusinessSegmentsAxis = us-gaap_IntersegmentEliminationMember |
(1,480,520)us-gaap_Revenues / us-gaap_StatementBusinessSegmentsAxis = us-gaap_IntersegmentEliminationMember |
Investment income – interest and dividends |
(93,336)us-gaap_InvestmentIncomeInterestAndDividend / us-gaap_StatementBusinessSegmentsAxis = us-gaap_IntersegmentEliminationMember |
(93,336)us-gaap_InvestmentIncomeInterestAndDividend / us-gaap_StatementBusinessSegmentsAxis = us-gaap_IntersegmentEliminationMember |
(84,586)us-gaap_InvestmentIncomeInterestAndDividend / us-gaap_StatementBusinessSegmentsAxis = us-gaap_IntersegmentEliminationMember |
Net realized gain (loss) on investments |
0us-gaap_GainLossOnInvestments / us-gaap_StatementBusinessSegmentsAxis = us-gaap_IntersegmentEliminationMember |
0us-gaap_GainLossOnInvestments / us-gaap_StatementBusinessSegmentsAxis = us-gaap_IntersegmentEliminationMember |
0us-gaap_GainLossOnInvestments / us-gaap_StatementBusinessSegmentsAxis = us-gaap_IntersegmentEliminationMember |
Total Revenues |
(1,685,436)us-gaap_Revenues / us-gaap_StatementBusinessSegmentsAxis = us-gaap_IntersegmentEliminationMember |
(1,593,220)us-gaap_Revenues / us-gaap_StatementBusinessSegmentsAxis = us-gaap_IntersegmentEliminationMember |
(1,480,520)us-gaap_Revenues / us-gaap_StatementBusinessSegmentsAxis = us-gaap_IntersegmentEliminationMember |
Operating expenses |
(1,522,416)us-gaap_BenefitsLossesAndExpenses / us-gaap_StatementBusinessSegmentsAxis = us-gaap_IntersegmentEliminationMember |
(1,430,200)us-gaap_BenefitsLossesAndExpenses / us-gaap_StatementBusinessSegmentsAxis = us-gaap_IntersegmentEliminationMember |
(1,343,671)us-gaap_BenefitsLossesAndExpenses / us-gaap_StatementBusinessSegmentsAxis = us-gaap_IntersegmentEliminationMember |
Income (loss) before income taxes |
(163,020)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments / us-gaap_StatementBusinessSegmentsAxis = us-gaap_IntersegmentEliminationMember |
(163,020)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments / us-gaap_StatementBusinessSegmentsAxis = us-gaap_IntersegmentEliminationMember |
(136,849)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments / us-gaap_StatementBusinessSegmentsAxis = us-gaap_IntersegmentEliminationMember |
Total assets |
$ 0us-gaap_Assets / us-gaap_StatementBusinessSegmentsAxis = us-gaap_IntersegmentEliminationMember |
$ 0us-gaap_Assets / us-gaap_StatementBusinessSegmentsAxis = us-gaap_IntersegmentEliminationMember |
$ 0us-gaap_Assets / us-gaap_StatementBusinessSegmentsAxis = us-gaap_IntersegmentEliminationMember |
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- Definition
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v2.4.1.9
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12 Months Ended |
|
|
Dec. 31, 2014
Vote
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Dec. 31, 2013
|
Oct. 31, 2012
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Class of Stock [Line Items] |
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|
Number of votes |
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Preferred stock, shares authorized |
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v2.4.1.9
Concentration of Credit Risk (Details) (USD $)
|
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Risks and Uncertainties [Abstract] |
|
|
|
|
Threshold of not insured deposits by FDIC |
$ 250,000itic_ThresholdOfNotInsuredDepositsByFdic |
|
|
|
Cash and cash equivalents |
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20,810,018us-gaap_CashAndCashEquivalentsAtCarryingValue |
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$ 15,300,000itic_CashAndCashEquivalentsUninsuredAmount |
$ 23,100,000itic_CashAndCashEquivalentsUninsuredAmount |
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v2.4.1.9
Business Concentration (Details)
|
12 Months Ended |
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Net Premiums Written |
|
|
|
Concentration Risk [Line Items] |
|
|
|
Concentration percentage |
23.60%us-gaap_ConcentrationRiskPercentage1 / us-gaap_ConcentrationRiskByBenchmarkAxis = itic_NetPremiumsWrittenMember |
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|
|
|
Concentration Risk [Line Items] |
|
|
|
Concentration percentage |
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NORTH CAROLINA | Geographic Concentration Risk |
|
|
|
Concentration Risk [Line Items] |
|
|
|
Concentration percentage |
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|
|
|
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|
|
Concentration percentage |
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v2.4.1.9
Related Party Transactions Summary Of Approximate Values By Year Found Within Consolidated Balance Sheets (Details) (USD $)
|
Dec. 31, 2014
|
Dec. 31, 2013
|
Related Party Transaction [Line Items] |
|
|
Other investments |
$ 8,530,929us-gaap_OtherInvestments |
$ 7,247,831us-gaap_OtherInvestments |
Premiums and fees receivable |
8,544,183us-gaap_PremiumsAndOtherReceivablesNet |
8,750,224us-gaap_PremiumsAndOtherReceivablesNet |
Title Insurance Agencies |
|
|
Related Party Transaction [Line Items] |
|
|
Other investments |
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5,320,000us-gaap_OtherInvestments / us-gaap_RelatedPartyTransactionsByRelatedPartyAxis = us-gaap_LimitedLiabilityCompanyMember |
Premiums and fees receivable |
$ 666,000us-gaap_PremiumsAndOtherReceivablesNet / us-gaap_RelatedPartyTransactionsByRelatedPartyAxis = us-gaap_LimitedLiabilityCompanyMember |
$ 657,000us-gaap_PremiumsAndOtherReceivablesNet / us-gaap_RelatedPartyTransactionsByRelatedPartyAxis = us-gaap_LimitedLiabilityCompanyMember |
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v2.4.1.9
Related Party Transactions Summary Of Approximate Values By Year Found Within Consolidated Statements Of Income (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Related Party Transaction [Line Items] |
|
|
|
Net premiums written |
$ 109,963,556us-gaap_PremiumsWrittenNet |
$ 113,886,266us-gaap_PremiumsWrittenNet |
$ 102,331,102us-gaap_PremiumsWrittenNet |
Other income |
8,627,935us-gaap_OtherIncome |
8,274,823us-gaap_OtherIncome |
7,701,340us-gaap_OtherIncome |
Insurance Commissions |
65,632,353us-gaap_InsuranceCommissions |
67,150,810us-gaap_InsuranceCommissions |
59,427,070us-gaap_InsuranceCommissions |
Title Insurance Agencies |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Net premiums written |
11,783,000us-gaap_PremiumsWrittenNet / us-gaap_RelatedPartyTransactionsByRelatedPartyAxis = us-gaap_LimitedLiabilityCompanyMember |
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15,558,000us-gaap_PremiumsWrittenNet / us-gaap_RelatedPartyTransactionsByRelatedPartyAxis = us-gaap_LimitedLiabilityCompanyMember |
Other income |
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Insurance Commissions |
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$ 8,465,000us-gaap_InsuranceCommissions / us-gaap_RelatedPartyTransactionsByRelatedPartyAxis = us-gaap_LimitedLiabilityCompanyMember |
$ 10,923,000us-gaap_InsuranceCommissions / us-gaap_RelatedPartyTransactionsByRelatedPartyAxis = us-gaap_LimitedLiabilityCompanyMember |
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duration |
|
v2.4.1.9
Related Party Transactions Company Repurchase of Common Stock from Related Parties (Details) (Officer, USD $)
|
3 Months Ended |
Dec. 31, 2013
|
Jun. 30, 2013
|
Officer
|
|
|
Related Party Transaction [Line Items] |
|
|
Treasury Stock, Shares, Acquired |
28,130us-gaap_TreasuryStockSharesAcquired / us-gaap_RelatedPartyTransactionsByRelatedPartyAxis = us-gaap_OfficerMember |
17,524us-gaap_TreasuryStockSharesAcquired / us-gaap_RelatedPartyTransactionsByRelatedPartyAxis = us-gaap_OfficerMember |
Treasury Stock Acquired, Average Cost Per Share |
$ 80.01us-gaap_TreasuryStockAcquiredAverageCostPerShare / us-gaap_RelatedPartyTransactionsByRelatedPartyAxis = us-gaap_OfficerMember |
$ 71.50us-gaap_TreasuryStockAcquiredAverageCostPerShare / us-gaap_RelatedPartyTransactionsByRelatedPartyAxis = us-gaap_OfficerMember |
X |
- Definition
Total cost of shares repurchased divided by the total number of shares repurchased.
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v2.4.1.9
Acquisition (Details) (USD $)
|
0 Months Ended |
3 Months Ended |
12 Months Ended |
3 Months Ended |
0 Months Ended |
Apr. 02, 2012
|
Jun. 30, 2013
|
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Jun. 30, 2014
|
May 21, 2014
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
Ownership percentage acquired |
70.00%us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired |
|
|
|
|
|
|
Business acquisition, remaining ownership interest |
30.00%itic_BusinessAcquisitionRemainingOwnershipInterest |
|
|
|
|
|
|
Fair value of total consideration to be transferred |
$ 1,041,250us-gaap_BusinessCombinationConsiderationTransferred1 |
|
|
|
|
|
|
Fair value of consideration paid |
350,000us-gaap_PaymentsToAcquireBusinessesGross |
350,000us-gaap_PaymentsToAcquireBusinessesGross |
0us-gaap_PaymentsToAcquireBusinessesGross |
0us-gaap_PaymentsToAcquireBusinessesGross |
350,000us-gaap_PaymentsToAcquireBusinessesGross |
|
|
Business Acquisition Majority Purchase Price |
691,250itic_BusinessAcquisitionMajorityPurchasePrice |
|
|
|
|
|
|
Fair value of the noncontrolling interest amount |
446,250us-gaap_BusinessCombinationAcquisitionOfLessThan100PercentNoncontrollingInterestFairValue |
|
0us-gaap_BusinessCombinationAcquisitionOfLessThan100PercentNoncontrollingInterestFairValue |
341,250us-gaap_BusinessCombinationAcquisitionOfLessThan100PercentNoncontrollingInterestFairValue |
|
|
|
Fair value of identifiable net assets |
5,600us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet |
|
|
|
|
|
|
Accumulated amortization of intangible assets |
|
|
191,631us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization |
121,947us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization |
|
|
|
Net intangible assets |
|
|
1,290,269us-gaap_IntangibleAssetsNetExcludingGoodwill |
1,359,953us-gaap_IntangibleAssetsNetExcludingGoodwill |
|
|
|
70% |
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
Business acquisition, purchase price payment calculation period |
24 months |
|
|
|
|
|
|
Business Acquisition Majority Purchase Price |
1,041,250itic_BusinessAcquisitionMajorityPurchasePrice / itic_BusinessAcquisitionByInterestAcquiredAxis = itic_SeventyPercentMember |
|
|
|
|
|
|
Non-Compete Contract |
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
Intangible assets acquired |
645,685us-gaap_FinitelivedIntangibleAssetsAcquired1 / us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis = us-gaap_NoncompeteAgreementsMember |
|
|
|
|
|
|
Intangible assets amortized period |
10 years |
|
|
|
|
|
|
Referral Relationships |
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
Intangible assets acquired |
836,215us-gaap_FinitelivedIntangibleAssetsAcquired1 / us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis = itic_ReferralRelationshipsMember |
|
|
|
|
|
|
Intangible assets amortized period |
12 years |
|
|
|
|
|
|
United Title Agency [Member] |
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
Fair value of consideration paid |
|
|
|
|
|
341,250us-gaap_PaymentsToAcquireBusinessesGross / us-gaap_BusinessAcquisitionAxis = itic_UnitedTitleAgencyMember |
|
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 |
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|
|
|
|
|
|
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v2.4.1.9
Acquisition Schedule of Effects of Changes in Parent Ownership Interest (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Business Combinations [Abstract] |
|
|
|
Net Income Attributable to the Company |
$ 9,648,975us-gaap_NetIncomeLoss |
$ 14,708,210us-gaap_NetIncomeLoss |
$ 11,102,496us-gaap_NetIncomeLoss |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Purchase of Interest by Parent |
(114,320)us-gaap_ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesPurchaseOfInterestByParent |
0us-gaap_ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesPurchaseOfInterestByParent |
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Net |
(114,320)us-gaap_ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesNet |
0us-gaap_ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesNet |
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Change Due to Net Income Attributable to Parent and Effects of Changes, Net |
$ 9,534,655us-gaap_ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangeDueToNetIncomeAttributableToParentAndEffectsOfChangesNet |
$ 14,708,210us-gaap_ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangeDueToNetIncomeAttributableToParentAndEffectsOfChangesNet |
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-Paragraph 19
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v2.4.1.9
Acquisition Reconciliation Of Total Redeemable Equity (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] |
|
|
|
Beginning balance at January 1 |
$ 545,489us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests |
$ 493,861us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests |
$ 0us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests |
Net income attributable to redeemable noncontrolling interest |
23,523us-gaap_TemporaryEquityNetIncome |
88,528us-gaap_TemporaryEquityNetIncome |
88,411us-gaap_TemporaryEquityNetIncome |
Distributions to noncontrolling interest |
(168,057)us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders |
(36,900)us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders |
(40,800)us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders |
Payments to Acquire Businesses and Interest in Affiliates |
(515,275)us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates |
0us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates |
446,250us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates |
Redeemable noncontrolling interest resulting from subsidiary purchase |
114,320itic_TemporaryEquityInterestResultingFromSubsidiaryPurchase |
0itic_TemporaryEquityInterestResultingFromSubsidiaryPurchase |
0itic_TemporaryEquityInterestResultingFromSubsidiaryPurchase |
Balance, net |
$ 0us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests |
$ 545,489us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests |
$ 493,861us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests |
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v2.4.1.9
Acquisition Schedule of Aggregate Amortization Expense for Intangible Assets (Details) (USD $)
|
Dec. 31, 2014
|
Business Combinations [Abstract] |
|
2015 |
$ 69,685us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths |
2016 |
134,253us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo |
2017 |
134,253us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree |
2018 |
134,253us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour |
2019 |
134,253us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive |
Thereafter |
683,572us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive |
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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 $)
|
12 Months Ended |
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Accumulated Other Comprehensive Income (Loss) [Roll Forward] |
|
|
|
Beginning balance |
$ 11,347,404us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax |
$ 8,818,430us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax |
$ 7,509,165us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax |
Other comprehensive income before reclassifications |
1,843,011us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax |
2,656,145us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax |
1,977,408us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax |
Amounts reclassified from accumulated other comprehensive income |
(333,906)us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax |
(127,171)us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax |
(668,143)us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax |
Other comprehensive income |
1,509,105us-gaap_OtherComprehensiveIncomeLossNetOfTax |
2,528,974us-gaap_OtherComprehensiveIncomeLossNetOfTax |
1,309,265us-gaap_OtherComprehensiveIncomeLossNetOfTax |
Ending balance |
12,856,509us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax |
11,347,404us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax |
8,818,430us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax |
Unrealized Gains And Losses On Available-For-Sale Securities |
|
|
|
Accumulated Other Comprehensive Income (Loss) [Roll Forward] |
|
|
|
Beginning balance |
11,395,757us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
8,920,884us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
7,563,541us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
Other comprehensive income before reclassifications |
1,874,111us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
2,605,184us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
2,032,134us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
Amounts reclassified from accumulated other comprehensive income |
(335,371)us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
(130,311)us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
(674,791)us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
Other comprehensive income |
1,538,740us-gaap_OtherComprehensiveIncomeLossNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
2,474,873us-gaap_OtherComprehensiveIncomeLossNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
1,357,343us-gaap_OtherComprehensiveIncomeLossNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
Ending balance |
12,934,497us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
11,395,757us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
8,920,884us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
Postretirement Benefits Plans |
|
|
|
Accumulated Other Comprehensive Income (Loss) [Roll Forward] |
|
|
|
Beginning balance |
(48,353)us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember |
(102,454)us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember |
(54,376)us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember |
Other comprehensive income before reclassifications |
(31,100)us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember |
50,961us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember |
(54,726)us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember |
Amounts reclassified from accumulated other comprehensive income |
1,465us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember |
3,140us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember |
6,648us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember |
Other comprehensive income |
(29,635)us-gaap_OtherComprehensiveIncomeLossNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember |
54,101us-gaap_OtherComprehensiveIncomeLossNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember |
(48,078)us-gaap_OtherComprehensiveIncomeLossNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember |
Ending balance |
$ (77,988)us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember |
$ (48,353)us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember |
$ (102,454)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 $)
|
12 Months Ended |
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] |
|
|
|
|
|
|
Net realized gain on investment |
$ 268,294us-gaap_GainLossOnInvestments |
|
$ 195,800us-gaap_GainLossOnInvestments |
|
$ 1,066,239us-gaap_GainLossOnInvestments |
|
Unrecognized prior service credit (cost) |
(2,217)us-gaap_OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax |
|
1,518us-gaap_OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax |
|
(9,396)us-gaap_OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax |
|
Unrecognized loss |
0us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses |
|
(6,293)us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses |
|
(680)us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses |
|
Income before Income Taxes |
13,488,498us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest |
|
21,542,738us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest |
|
16,079,907us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest |
|
Tax |
(3,816,000)us-gaap_IncomeTaxExpenseBenefit |
|
(6,746,000)us-gaap_IncomeTaxExpenseBenefit |
|
(4,889,000)us-gaap_IncomeTaxExpenseBenefit |
|
Net income |
9,672,498us-gaap_ProfitLoss |
|
14,796,738us-gaap_ProfitLoss |
|
11,190,907us-gaap_ProfitLoss |
|
Reclassification Out Of Accumulated Other Comprehensive Income |
|
|
|
|
|
|
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] |
|
|
|
|
|
|
Net income |
333,906us-gaap_ProfitLoss / us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis = us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember |
|
127,171us-gaap_ProfitLoss / us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis = us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember |
|
668,143us-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 |
518,279us-gaap_GainLossOnInvestments / us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis = us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
|
229,869us-gaap_GainLossOnInvestments / us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis = us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
|
1,166,179us-gaap_GainLossOnInvestments / us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis = us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
|
Impairments of other assets and investments |
(14,542)us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet / us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis = us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
|
(34,070)us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet / us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis = us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
|
(99,940)us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet / us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis = us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
|
Income before Income Taxes |
503,737us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest / us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis = us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
|
195,799us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest / us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis = us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
|
1,066,239us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest / us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis = us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
|
Tax |
(168,366)us-gaap_IncomeTaxExpenseBenefit / us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis = us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
|
(65,488)us-gaap_IncomeTaxExpenseBenefit / us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis = us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
|
(391,448)us-gaap_IncomeTaxExpenseBenefit / us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis = us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
|
Net income |
335,371us-gaap_ProfitLoss / us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis = us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
|
130,311us-gaap_ProfitLoss / us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis = us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
|
674,791us-gaap_ProfitLoss / us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis = us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
|
Reclassification Out Of Accumulated Other Comprehensive Income | Postretirement Benefits Plans |
|
|
|
|
|
|
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] |
|
|
|
|
|
|
Unrecognized prior service credit (cost) |
(2,217)us-gaap_OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax / us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis = us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember |
|
1,518us-gaap_OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax / us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis = us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember |
|
(9,396)us-gaap_OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax / us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis = us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember |
|
Unrecognized loss |
0us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses / us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis = us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember |
|
(6,293)us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses / us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis = us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember |
|
(680)us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses / us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis = us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember |
|
Income before Income Taxes |
(2,217)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest / us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis = us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember |
[1] |
(4,775)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest / us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis = us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember |
[1] |
(10,076)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest / us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis = us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember |
[1] |
Tax |
752us-gaap_IncomeTaxExpenseBenefit / us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis = us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember |
|
1,635us-gaap_IncomeTaxExpenseBenefit / us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis = us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember |
|
3,428us-gaap_IncomeTaxExpenseBenefit / us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis = us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember |
|
Net income |
$ (1,465)us-gaap_ProfitLoss / us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis = us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember |
|
$ (3,140)us-gaap_ProfitLoss / us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis = us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember |
|
$ (6,648)us-gaap_ProfitLoss / us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis = us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember / us-gaap_StatementEquityComponentsAxis = us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember |
|
|
|
X |
- Definition
The amount of gains or losses recognized in net periodic benefit cost.
+ References
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-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
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-Subparagraph (h)(4)
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-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
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Amount before tax of reclassification adjustment from accumulated other comprehensive (income) loss for prior service cost (credit) related to pension and other postretirement benefit plans.
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v2.4.1.9
Schedule I (Details) (USD $)
|
Dec. 31, 2014
|
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] |
|
|
Cost |
$ 138,411,379us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesCost |
[1],[2] |
Market Value |
158,164,847us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesFairValue |
[1] |
Amount at which shown in the Balance Sheet |
158,164,847us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesCarryingAmount |
[1],[3] |
Investments in related party accounted for under the cost and equity method |
1,246,346itic_RelatedPartyInvestmentsCostandEquityMethod |
|
Fixed maturities |
|
|
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] |
|
|
Cost |
104,421,050us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesCost / us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesByTypeAxis = us-gaap_FixedMaturitiesMember |
[2] |
Market Value |
109,048,290us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesFairValue / us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesByTypeAxis = us-gaap_FixedMaturitiesMember |
|
Amount at which shown in the Balance Sheet |
109,048,290us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesCarryingAmount / us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesByTypeAxis = us-gaap_FixedMaturitiesMember |
[3] |
States, municipalities and political subdivisions |
|
|
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] |
|
|
Cost |
35,215,247us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesCost / us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesByTypeAxis = us-gaap_USStatesAndPoliticalSubdivisionsMember |
|
Market Value |
36,723,499us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesFairValue / us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesByTypeAxis = us-gaap_USStatesAndPoliticalSubdivisionsMember |
|
Amount at which shown in the Balance Sheet |
36,723,499us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesCarryingAmount / us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesByTypeAxis = us-gaap_USStatesAndPoliticalSubdivisionsMember |
|
Short-term investments |
|
|
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] |
|
|
Cost |
2,576,993us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesCost / us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesByTypeAxis = us-gaap_ShortTermInvestmentsMember |
|
Market Value |
2,576,993us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesFairValue / us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesByTypeAxis = us-gaap_ShortTermInvestmentsMember |
|
Amount at which shown in the Balance Sheet |
2,576,993us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesCarryingAmount / us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesByTypeAxis = us-gaap_ShortTermInvestmentsMember |
|
Issuer Obligations Of U S States Territories And Political Subdivisions Special Revenue [Member] |
|
|
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] |
|
|
Cost |
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|
Market Value |
49,057,256us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesFairValue / us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesByTypeAxis = itic_IssuerObligationsOfUSStatesTerritoriesAndPoliticalSubdivisionsSpecialRevenueMember |
|
Amount at which shown in the Balance Sheet |
49,057,256us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesCarryingAmount / us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesByTypeAxis = itic_IssuerObligationsOfUSStatesTerritoriesAndPoliticalSubdivisionsSpecialRevenueMember |
|
Corporate Debt Securities [Member] |
|
|
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] |
|
|
Cost |
21,576,641us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesCost / us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesByTypeAxis = us-gaap_CorporateDebtSecuritiesMember |
|
Market Value |
22,328,435us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesFairValue / us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesByTypeAxis = us-gaap_CorporateDebtSecuritiesMember |
|
Amount at which shown in the Balance Sheet |
22,328,435us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesCarryingAmount / us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesByTypeAxis = us-gaap_CorporateDebtSecuritiesMember |
|
Auction Rate Securities [Member] |
|
|
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] |
|
|
Cost |
922,129us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesCost / us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesByTypeAxis = us-gaap_AuctionRateSecuritiesMember |
|
Market Value |
939,100us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesFairValue / us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesByTypeAxis = us-gaap_AuctionRateSecuritiesMember |
|
Amount at which shown in the Balance Sheet |
939,100us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesCarryingAmount / us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesByTypeAxis = us-gaap_AuctionRateSecuritiesMember |
|
Equity securities |
|
|
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] |
|
|
Cost |
24,128,753us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesCost / us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesByTypeAxis = us-gaap_EquitySecuritiesMember |
[2] |
Market Value |
39,254,981us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesFairValue / us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesByTypeAxis = us-gaap_EquitySecuritiesMember |
|
Amount at which shown in the Balance Sheet |
39,254,981us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesCarryingAmount / us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesByTypeAxis = us-gaap_EquitySecuritiesMember |
[3] |
Public utilities |
|
|
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] |
|
|
Cost |
961,094us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesCost / us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesByTypeAxis = us-gaap_PublicUtilityEquitiesMember |
|
Market Value |
1,402,159us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesFairValue / us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesByTypeAxis = us-gaap_PublicUtilityEquitiesMember |
|
Amount at which shown in the Balance Sheet |
1,402,159us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesCarryingAmount / us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesByTypeAxis = us-gaap_PublicUtilityEquitiesMember |
|
Banks, trust and insurance companies |
|
|
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] |
|
|
Cost |
2,573,154us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesCost / us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesByTypeAxis = us-gaap_BanksTrustAndInsuranceEquitiesMember |
|
Market Value |
4,033,101us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesFairValue / us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesByTypeAxis = us-gaap_BanksTrustAndInsuranceEquitiesMember |
|
Amount at which shown in the Balance Sheet |
4,033,101us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesCarryingAmount / us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesByTypeAxis = us-gaap_BanksTrustAndInsuranceEquitiesMember |
|
Industrial, miscellaneous and all other |
|
|
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] |
|
|
Cost |
18,503,498us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesCost / us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesByTypeAxis = us-gaap_IndustrialMiscellaneousAndAllOthersMember |
|
Market Value |
29,248,520us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesFairValue / us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesByTypeAxis = us-gaap_IndustrialMiscellaneousAndAllOthersMember |
|
Amount at which shown in the Balance Sheet |
29,248,520us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesCarryingAmount / us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesByTypeAxis = us-gaap_IndustrialMiscellaneousAndAllOthersMember |
|
Technology [Member] |
|
|
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] |
|
|
Cost |
1,896,007us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesCost / us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesByTypeAxis = itic_TechnologyMember |
|
Market Value |
4,319,201us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesFairValue / us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesByTypeAxis = itic_TechnologyMember |
|
Amount at which shown in the Balance Sheet |
4,319,201us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesCarryingAmount / us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesByTypeAxis = itic_TechnologyMember |
|
Nonredeemable preferred stocks |
|
|
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] |
|
|
Cost |
195,000us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesCost / us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesByTypeAxis = us-gaap_NonredeemablePreferredStockMember |
|
Market Value |
252,000us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesFairValue / us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesByTypeAxis = us-gaap_NonredeemablePreferredStockMember |
|
Amount at which shown in the Balance Sheet |
252,000us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesCarryingAmount / us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesByTypeAxis = us-gaap_NonredeemablePreferredStockMember |
|
Total other investments |
|
|
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] |
|
|
Cost |
7,284,583us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesCost / us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesByTypeAxis = us-gaap_OtherInvestmentsMember |
|
Market Value |
7,284,583us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesFairValue / us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesByTypeAxis = us-gaap_OtherInvestmentsMember |
|
Amount at which shown in the Balance Sheet |
7,284,583us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesCarryingAmount / us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesByTypeAxis = us-gaap_OtherInvestmentsMember |
|
Total Other Investments [Member] |
|
|
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] |
|
|
Cost |
9,861,576us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesCost / us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesByTypeAxis = itic_TotalOtherInvestmentsMember |
|
Market Value |
9,861,576us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesFairValue / us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesByTypeAxis = itic_TotalOtherInvestmentsMember |
|
Amount at which shown in the Balance Sheet |
$ 9,861,576us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesCarryingAmount / us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesByTypeAxis = itic_TotalOtherInvestmentsMember |
|
|
|
v2.4.1.9
Schedule II - Condensed Balance Sheets (Details) (USD $)
|
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Condensed Financial Statements, Captions [Line Items] |
|
|
|
|
Cash and cash equivalents |
$ 15,826,515us-gaap_CashAndCashEquivalentsAtCarryingValue |
$ 23,626,761us-gaap_CashAndCashEquivalentsAtCarryingValue |
$ 20,810,018us-gaap_CashAndCashEquivalentsAtCarryingValue |
$ 18,042,258us-gaap_CashAndCashEquivalentsAtCarryingValue |
Available-for-sale, fixed maturity |
109,048,290us-gaap_AvailableForSaleSecuritiesDebtSecurities |
91,445,413us-gaap_AvailableForSaleSecuritiesDebtSecurities |
|
|
Available for sale securities, equity securities |
39,254,981us-gaap_AvailableForSaleSecuritiesEquitySecurities |
36,144,065us-gaap_AvailableForSaleSecuritiesEquitySecurities |
|
|
Short-term investments |
2,576,993us-gaap_OtherShortTermInvestments |
7,926,373us-gaap_OtherShortTermInvestments |
|
|
Other investments |
8,530,929us-gaap_OtherInvestments |
7,247,831us-gaap_OtherInvestments |
|
|
Premiums and fees receivable |
8,544,183us-gaap_PremiumsAndOtherReceivablesNet |
8,750,224us-gaap_PremiumsAndOtherReceivablesNet |
|
|
Current income taxes recoverable |
0us-gaap_IncomeTaxReceivable |
366,772us-gaap_IncomeTaxReceivable |
|
|
Accrued interest and dividends |
1,063,837us-gaap_AccruedInvestmentIncomeReceivable |
1,006,698us-gaap_AccruedInvestmentIncomeReceivable |
|
|
Property, net |
5,460,805us-gaap_PropertyPlantAndEquipmentNet |
4,325,538us-gaap_PropertyPlantAndEquipmentNet |
|
|
Total Assets |
198,039,210us-gaap_Assets |
188,305,816us-gaap_Assets |
171,918,276us-gaap_Assets |
|
Accounts payable and accrued liabilities |
18,290,819us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent |
20,324,190us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent |
|
|
Deferred income taxes, net |
5,415,493us-gaap_DeferredTaxLiabilities |
4,013,983us-gaap_DeferredTaxLiabilities |
|
|
Total liabilities |
60,475,504us-gaap_Liabilities |
59,698,173us-gaap_Liabilities |
|
|
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; 2,023,270 and 2,037,135 shares issued and outstanding 2014 and 2013, respectively, excluding 291,676 shares for 2014 and 2013 of common stock held by the Company’s subsidiary) |
1us-gaap_CommonStockValue |
1us-gaap_CommonStockValue |
|
|
Retained earnings |
124,707,196us-gaap_RetainedEarningsAccumulatedDeficit |
116,714,749us-gaap_RetainedEarningsAccumulatedDeficit |
|
|
Accumulated other comprehensive income |
12,856,509us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax |
11,347,404us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax |
8,818,430us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax |
7,509,165us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax |
Total stockholders’ equity |
137,563,706us-gaap_StockholdersEquity |
128,062,154us-gaap_StockholdersEquity |
114,638,890us-gaap_StockholdersEquity |
106,512,184us-gaap_StockholdersEquity |
Total Liabilities and Stockholders’ Equity |
198,039,210us-gaap_LiabilitiesAndStockholdersEquity |
188,305,816us-gaap_LiabilitiesAndStockholdersEquity |
|
|
Parent Company |
|
|
|
|
Condensed Financial Statements, Captions [Line Items] |
|
|
|
|
Cash and cash equivalents |
7,942,481us-gaap_CashAndCashEquivalentsAtCarryingValue / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
7,210,956us-gaap_CashAndCashEquivalentsAtCarryingValue / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
9,414,297us-gaap_CashAndCashEquivalentsAtCarryingValue / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
4,447,183us-gaap_CashAndCashEquivalentsAtCarryingValue / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
Available-for-sale, fixed maturity |
24,358,323us-gaap_AvailableForSaleSecuritiesDebtSecurities / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
19,202,320us-gaap_AvailableForSaleSecuritiesDebtSecurities / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
|
|
Available for sale securities, equity securities |
2,529,982us-gaap_AvailableForSaleSecuritiesEquitySecurities / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
2,265,136us-gaap_AvailableForSaleSecuritiesEquitySecurities / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
|
|
Short-term investments |
284,069us-gaap_OtherShortTermInvestments / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
2,213,496us-gaap_OtherShortTermInvestments / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
|
|
Investments in affiliated companies |
96,395,352us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
90,570,724us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
|
|
Other investments |
1,578,236us-gaap_OtherInvestments / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
737,378us-gaap_OtherInvestments / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
|
|
Premiums and fees receivable |
56,428us-gaap_PremiumsAndOtherReceivablesNet / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
135,669us-gaap_PremiumsAndOtherReceivablesNet / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
|
|
Other receivables |
2,220,330us-gaap_OtherReceivables / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
1,456,037us-gaap_OtherReceivables / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
|
|
Current income taxes recoverable |
1,876,242us-gaap_IncomeTaxReceivable / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
3,230,977us-gaap_IncomeTaxReceivable / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
|
|
Accrued interest and dividends |
128,221us-gaap_AccruedInvestmentIncomeReceivable / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
103,571us-gaap_AccruedInvestmentIncomeReceivable / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
|
|
Property, net |
2,371,078us-gaap_PropertyPlantAndEquipmentNet / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
2,504,969us-gaap_PropertyPlantAndEquipmentNet / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
|
|
Total Assets |
139,740,742us-gaap_Assets / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
129,631,233us-gaap_Assets / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
|
|
Accounts payable and accrued liabilities |
2,074,347us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
1,558,095us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
|
|
Deferred income taxes, net |
102,689us-gaap_DeferredTaxLiabilities / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
10,984us-gaap_DeferredTaxLiabilities / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
|
|
Total liabilities |
2,177,036us-gaap_Liabilities / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
1,569,079us-gaap_Liabilities / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
|
|
Preferred stock (1,000,000 authorized shares; no shares issued) |
0us-gaap_PreferredStockValue / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
0us-gaap_PreferredStockValue / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
|
|
Common stock - no par value (10,000,000 authorized shares; 2,023,270 and 2,037,135 shares issued and outstanding 2014 and 2013, respectively, excluding 291,676 shares for 2014 and 2013 of common stock held by the Company’s subsidiary) |
1us-gaap_CommonStockValue / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
1us-gaap_CommonStockValue / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
|
|
Retained earnings |
124,707,196us-gaap_RetainedEarningsAccumulatedDeficit / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
116,714,749us-gaap_RetainedEarningsAccumulatedDeficit / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
|
|
Accumulated other comprehensive income |
12,856,509us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
11,347,404us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
|
|
Total stockholders’ equity |
137,563,706us-gaap_StockholdersEquity / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
128,062,154us-gaap_StockholdersEquity / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
|
|
Total Liabilities and Stockholders’ Equity |
$ 139,740,742us-gaap_LiabilitiesAndStockholdersEquity / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
$ 129,631,233us-gaap_LiabilitiesAndStockholdersEquity / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
|
|
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v2.4.1.9
Schedule II - Condensed Statement of Income (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Condensed Financial Statements, Captions [Line Items] |
|
|
|
Investment income – interest and dividends |
$ 4,259,501us-gaap_InvestmentIncomeInterestAndDividend |
$ 3,894,608us-gaap_InvestmentIncomeInterestAndDividend |
$ 3,980,411us-gaap_InvestmentIncomeInterestAndDividend |
Net realized gain (loss) on investments |
268,294us-gaap_GainLossOnInvestments |
195,800us-gaap_GainLossOnInvestments |
1,066,239us-gaap_GainLossOnInvestments |
Other |
8,627,935us-gaap_OtherIncome |
8,274,823us-gaap_OtherIncome |
7,701,340us-gaap_OtherIncome |
Total Revenues |
123,119,286us-gaap_Revenues |
126,251,497us-gaap_Revenues |
115,079,092us-gaap_Revenues |
Salaries, employee benefits and payroll taxes |
25,218,225us-gaap_LaborAndRelatedExpense |
25,386,511us-gaap_LaborAndRelatedExpense |
21,881,540us-gaap_LaborAndRelatedExpense |
Office occupancy and operations |
5,049,962itic_OfficeOccupancyAndOperations |
4,430,220itic_OfficeOccupancyAndOperations |
3,994,244itic_OfficeOccupancyAndOperations |
Business development |
2,333,491us-gaap_BusinessDevelopment |
2,145,639us-gaap_BusinessDevelopment |
1,856,848us-gaap_BusinessDevelopment |
Professional and contract labor fees |
2,676,483us-gaap_ProfessionalFees |
2,171,606us-gaap_ProfessionalFees |
2,420,387us-gaap_ProfessionalFees |
Other expenses |
820,882us-gaap_OtherCostAndExpenseOperating |
755,407us-gaap_OtherCostAndExpenseOperating |
615,053us-gaap_OtherCostAndExpenseOperating |
Income before Income Taxes |
13,488,498us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest |
21,542,738us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest |
16,079,907us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest |
(Benefit) Provision for Income Taxes |
3,816,000us-gaap_IncomeTaxExpenseBenefit |
6,746,000us-gaap_IncomeTaxExpenseBenefit |
4,889,000us-gaap_IncomeTaxExpenseBenefit |
Net Income |
9,672,498us-gaap_ProfitLoss |
14,796,738us-gaap_ProfitLoss |
11,190,907us-gaap_ProfitLoss |
Net Income Attributable to Redeemable Noncontrolling Interest |
(23,523)us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest |
(88,528)us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest |
(88,411)us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest |
Net Income Attributable to the Company |
9,648,975us-gaap_NetIncomeLoss |
14,708,210us-gaap_NetIncomeLoss |
11,102,496us-gaap_NetIncomeLoss |
Basic Earnings per Common Share |
$ 4.75us-gaap_EarningsPerShareBasic |
$ 7.15us-gaap_EarningsPerShareBasic |
$ 5.33us-gaap_EarningsPerShareBasic |
Weighted Average Shares Outstanding – Basic |
2,031,760us-gaap_WeightedAverageNumberOfSharesOutstandingBasic |
2,056,169us-gaap_WeightedAverageNumberOfSharesOutstandingBasic |
2,081,703us-gaap_WeightedAverageNumberOfSharesOutstandingBasic |
Diluted Earnings per Common Share |
$ 4.74us-gaap_EarningsPerShareDiluted |
$ 7.08us-gaap_EarningsPerShareDiluted |
$ 5.24us-gaap_EarningsPerShareDiluted |
Weighted Average Shares Outstanding – Diluted |
2,037,534us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding |
2,076,628us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding |
2,116,793us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding |
Common Stock, Dividends, Per Share, Declared |
$ 0.32us-gaap_CommonStockDividendsPerShareDeclared |
$ 0.32us-gaap_CommonStockDividendsPerShareDeclared |
$ 0.29us-gaap_CommonStockDividendsPerShareDeclared |
Parent Company |
|
|
|
Condensed Financial Statements, Captions [Line Items] |
|
|
|
Investment income – interest and dividends |
482,711us-gaap_InvestmentIncomeInterestAndDividend / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
348,933us-gaap_InvestmentIncomeInterestAndDividend / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
520,511us-gaap_InvestmentIncomeInterestAndDividend / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
Net realized gain (loss) on investments |
9,169us-gaap_GainLossOnInvestments / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
(50,778)us-gaap_GainLossOnInvestments / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
616,001us-gaap_GainLossOnInvestments / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
Rental income |
772,256us-gaap_OperatingLeasesIncomeStatementLeaseRevenue / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
748,764us-gaap_OperatingLeasesIncomeStatementLeaseRevenue / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
736,159us-gaap_OperatingLeasesIncomeStatementLeaseRevenue / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
Other |
59,569us-gaap_OtherIncome / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
68,966us-gaap_OtherIncome / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
(62,253)us-gaap_OtherIncome / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
Total Revenues |
1,323,705us-gaap_Revenues / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
1,115,885us-gaap_Revenues / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
1,810,418us-gaap_Revenues / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
Salaries, employee benefits and payroll taxes |
673,729us-gaap_LaborAndRelatedExpense / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
576,429us-gaap_LaborAndRelatedExpense / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
459,248us-gaap_LaborAndRelatedExpense / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
Office occupancy and operations |
270,881itic_OfficeOccupancyAndOperations / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
408,373itic_OfficeOccupancyAndOperations / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
390,227itic_OfficeOccupancyAndOperations / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
Business development |
49,059us-gaap_BusinessDevelopment / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
45,022us-gaap_BusinessDevelopment / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
25,909us-gaap_BusinessDevelopment / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
Taxes – other than payroll and income |
200,718us-gaap_TaxesOther / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
188,314us-gaap_TaxesOther / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
240,607us-gaap_TaxesOther / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
Professional and contract labor fees |
192,064us-gaap_ProfessionalFees / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
351,093us-gaap_ProfessionalFees / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
245,398us-gaap_ProfessionalFees / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
Other expenses |
193,681us-gaap_OtherCostAndExpenseOperating / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
177,810us-gaap_OtherCostAndExpenseOperating / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
161,937us-gaap_OtherCostAndExpenseOperating / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
Total operating expenses |
1,580,132us-gaap_OperatingExpenses / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
1,747,041us-gaap_OperatingExpenses / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
1,523,326us-gaap_OperatingExpenses / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
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v2.4.1.9
Schedule II - Condensed Statement of Cash Flows (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Operating Activities |
|
|
|
Net income |
$ 9,672,498us-gaap_ProfitLoss |
$ 14,796,738us-gaap_ProfitLoss |
$ 11,190,907us-gaap_ProfitLoss |
Depreciation |
833,104us-gaap_Depreciation |
669,727us-gaap_Depreciation |
486,922us-gaap_Depreciation |
Amortization, net |
630,782us-gaap_AdjustmentForAmortization |
507,111us-gaap_AdjustmentForAmortization |
468,006us-gaap_AdjustmentForAmortization |
Net loss (gain) on disposals of property |
24,608us-gaap_GainLossOnSaleOfPropertyPlantEquipment |
7,831us-gaap_GainLossOnSaleOfPropertyPlantEquipment |
(28,538)us-gaap_GainLossOnSaleOfPropertyPlantEquipment |
Net loss (earnings) from other investments |
(1,450,980)us-gaap_GainLossOnSaleOfOtherInvestments |
(1,257,266)us-gaap_GainLossOnSaleOfOtherInvestments |
(1,674,594)us-gaap_GainLossOnSaleOfOtherInvestments |
(Benefit) provision for deferred income taxes |
611,000us-gaap_DeferredIncomeTaxExpenseBenefit |
1,804,000us-gaap_DeferredIncomeTaxExpenseBenefit |
(292,000)us-gaap_DeferredIncomeTaxExpenseBenefit |
(Increase) decrease in receivables |
206,041us-gaap_IncreaseDecreaseInReceivables |
2,287,489us-gaap_IncreaseDecreaseInReceivables |
(4,227,714)us-gaap_IncreaseDecreaseInReceivables |
Increase (Decrease) in Income Taxes Receivable |
(366,772)us-gaap_IncreaseDecreaseInIncomeTaxesReceivable |
366,772us-gaap_IncreaseDecreaseInIncomeTaxesReceivable |
0us-gaap_IncreaseDecreaseInIncomeTaxesReceivable |
(Increase) decrease in other assets |
(393,359)us-gaap_IncreaseDecreaseInOtherOperatingAssets |
(2,906,224)us-gaap_IncreaseDecreaseInOtherOperatingAssets |
(407,252)us-gaap_IncreaseDecreaseInOtherOperatingAssets |
Increase (decrease) in accounts payable and accrued liabilities |
(2,080,492)us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities |
4,923,858us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities |
2,372,995us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities |
Net cash provided by (used in) operating activities |
9,683,980us-gaap_NetCashProvidedByUsedInOperatingActivities |
15,304,485us-gaap_NetCashProvidedByUsedInOperatingActivities |
8,685,413us-gaap_NetCashProvidedByUsedInOperatingActivities |
Investing Activities |
|
|
|
Capital contribution to subsidiaries |
0us-gaap_PaymentsToAcquireBusinessesGross |
0us-gaap_PaymentsToAcquireBusinessesGross |
(350,000)us-gaap_PaymentsToAcquireBusinessesGross |
Purchases of available-for-sale securities |
(30,899,452)us-gaap_PaymentsToAcquireAvailableForSaleSecurities |
(23,466,037)us-gaap_PaymentsToAcquireAvailableForSaleSecurities |
(15,899,439)us-gaap_PaymentsToAcquireAvailableForSaleSecurities |
Purchases of short-term securities |
(911,188)us-gaap_PaymentsToAcquireShortTermInvestments |
(2,638,908)us-gaap_PaymentsToAcquireShortTermInvestments |
(6,347,527)us-gaap_PaymentsToAcquireShortTermInvestments |
Purchases of and net earnings from other investments |
(1,689,950)us-gaap_PaymentsToAcquireOtherInvestments |
(1,369,210)us-gaap_PaymentsToAcquireOtherInvestments |
(3,441,412)us-gaap_PaymentsToAcquireOtherInvestments |
Proceeds from sales and maturities of available-for-sale securities |
12,472,817us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities |
9,892,634us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities |
15,646,381us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities |
Proceeds from sales and maturities of short-term securities |
6,260,568us-gaap_ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments |
8,280,183us-gaap_ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments |
6,892,141us-gaap_ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments |
Proceeds from sales and distributions of other investments |
1,584,337us-gaap_ProceedsFromSaleOfOtherInvestments |
2,107,675us-gaap_ProceedsFromSaleOfOtherInvestments |
2,301,647us-gaap_ProceedsFromSaleOfOtherInvestments |
Proceeds from sales of other assets |
38,052us-gaap_ProceedsFromSaleOfOtherProductiveAssets |
40,366us-gaap_ProceedsFromSaleOfOtherProductiveAssets |
220,455us-gaap_ProceedsFromSaleOfOtherProductiveAssets |
Purchases of property |
(2,017,379)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment |
(1,424,108)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment |
(568,728)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment |
Proceeds from disposals of property |
24,400us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment |
24,335us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment |
65,837us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment |
Net cash provided by investing activities |
(15,653,070)us-gaap_NetCashProvidedByUsedInInvestingActivities |
(8,553,070)us-gaap_NetCashProvidedByUsedInInvestingActivities |
(1,480,645)us-gaap_NetCashProvidedByUsedInInvestingActivities |
Financing Activities |
|
|
|
Repurchases of common stock |
(1,055,765)us-gaap_PaymentsForRepurchaseOfCommonStock |
(4,262,260)us-gaap_PaymentsForRepurchaseOfCommonStock |
(3,975,532)us-gaap_PaymentsForRepurchaseOfCommonStock |
Exercise of options |
27,100us-gaap_ProceedsFromStockOptionsExercised |
75,797us-gaap_ProceedsFromStockOptionsExercised |
160,557us-gaap_ProceedsFromStockOptionsExercised |
Excess Tax Benefit from Share-based Compensation, Financing Activities |
15,999us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities |
946,605us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities |
22,101us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities |
Dividends paid |
(650,433)us-gaap_PaymentsOfDividends |
(657,914)us-gaap_PaymentsOfDividends |
(603,334)us-gaap_PaymentsOfDividends |
Net cash used in financing activities |
(1,831,156)us-gaap_NetCashProvidedByUsedInFinancingActivities |
(3,934,672)us-gaap_NetCashProvidedByUsedInFinancingActivities |
(4,437,008)us-gaap_NetCashProvidedByUsedInFinancingActivities |
Net Increase (Decrease) in Cash and Cash Equivalents |
(7,800,246)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease |
2,816,743us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease |
2,767,760us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease |
Cash and Cash Equivalents, Beginning of Period |
23,626,761us-gaap_CashAndCashEquivalentsAtCarryingValue |
20,810,018us-gaap_CashAndCashEquivalentsAtCarryingValue |
18,042,258us-gaap_CashAndCashEquivalentsAtCarryingValue |
Cash and Cash Equivalents, End of Period |
15,826,515us-gaap_CashAndCashEquivalentsAtCarryingValue |
23,626,761us-gaap_CashAndCashEquivalentsAtCarryingValue |
20,810,018us-gaap_CashAndCashEquivalentsAtCarryingValue |
Parent Company |
|
|
|
Operating Activities |
|
|
|
Net income |
9,672,498us-gaap_ProfitLoss / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
14,796,738us-gaap_ProfitLoss / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
11,190,907us-gaap_ProfitLoss / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
Equity in net earnings of subsidiaries |
(9,777,925)us-gaap_IncomeLossFromEquityMethodInvestments / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
(15,164,894)us-gaap_IncomeLossFromEquityMethodInvestments / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
(10,992,815)us-gaap_IncomeLossFromEquityMethodInvestments / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
Depreciation |
136,369us-gaap_Depreciation / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
136,031us-gaap_Depreciation / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
133,334us-gaap_Depreciation / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
Amortization, net |
210,768us-gaap_AdjustmentForAmortization / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
69,969us-gaap_AdjustmentForAmortization / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
51,111us-gaap_AdjustmentForAmortization / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
Issuance of common stock in payment of bonuses and fees |
164,730us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
76,110us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
54,041us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
Net loss (gain) on disposals of property |
2,722us-gaap_GainLossOnSaleOfPropertyPlantEquipment / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
0us-gaap_GainLossOnSaleOfPropertyPlantEquipment / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
0us-gaap_GainLossOnSaleOfPropertyPlantEquipment / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
Net realized (gain) loss on investments |
19,231us-gaap_GainLossOnSaleOfInvestments / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
(50,778)us-gaap_GainLossOnSaleOfInvestments / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
616,001us-gaap_GainLossOnSaleOfInvestments / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
Net loss (earnings) from other investments |
322us-gaap_GainLossOnSaleOfOtherInvestments / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
(32,499)us-gaap_GainLossOnSaleOfOtherInvestments / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
91,256us-gaap_GainLossOnSaleOfOtherInvestments / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
(Benefit) provision for deferred income taxes |
(40,000)us-gaap_DeferredIncomeTaxExpenseBenefit / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
(93,000)us-gaap_DeferredIncomeTaxExpenseBenefit / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
48,000us-gaap_DeferredIncomeTaxExpenseBenefit / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
(Increase) decrease in receivables |
(685,052)us-gaap_IncreaseDecreaseInReceivables / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
(146,247)us-gaap_IncreaseDecreaseInReceivables / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
368,574us-gaap_IncreaseDecreaseInReceivables / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
Increase (Decrease) in Income Taxes Receivable |
(1,354,735)us-gaap_IncreaseDecreaseInIncomeTaxesReceivable / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
1,646,373us-gaap_IncreaseDecreaseInIncomeTaxesReceivable / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
398,445us-gaap_IncreaseDecreaseInIncomeTaxesReceivable / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
(Increase) decrease in other assets |
(24,650)us-gaap_IncreaseDecreaseInOtherOperatingAssets / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
(101)us-gaap_IncreaseDecreaseInOtherOperatingAssets / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
20,224us-gaap_IncreaseDecreaseInOtherOperatingAssets / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
Increase (decrease) in accounts payable and accrued liabilities |
516,252us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
(8,118)us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
(124,799)us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
Net cash provided by (used in) operating activities |
1,511,538us-gaap_NetCashProvidedByUsedInOperatingActivities / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
(1,961,606)us-gaap_NetCashProvidedByUsedInOperatingActivities / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
(174,613)us-gaap_NetCashProvidedByUsedInOperatingActivities / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
Investing Activities |
|
|
|
Capital contribution to subsidiaries |
0us-gaap_PaymentsToAcquireBusinessesGross / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
0us-gaap_PaymentsToAcquireBusinessesGross / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
(250,000)us-gaap_PaymentsToAcquireBusinessesGross / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
Dividends received from subsidiaries |
5,051,664us-gaap_InvestmentsInAndAdvancesToAffiliatesDividendsOrInterest / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
9,252,919us-gaap_InvestmentsInAndAdvancesToAffiliatesDividendsOrInterest / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
5,609,489us-gaap_InvestmentsInAndAdvancesToAffiliatesDividendsOrInterest / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
Purchases of available-for-sale securities |
(6,883,612)us-gaap_PaymentsToAcquireAvailableForSaleSecurities / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
(10,360,919)us-gaap_PaymentsToAcquireAvailableForSaleSecurities / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
(4,960,208)us-gaap_PaymentsToAcquireAvailableForSaleSecurities / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
Purchases of short-term securities |
(104,207)us-gaap_PaymentsToAcquireShortTermInvestments / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
(58,283)us-gaap_PaymentsToAcquireShortTermInvestments / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
(3,565)us-gaap_PaymentsToAcquireShortTermInvestments / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
Purchases of and net earnings from other investments |
(964,197)us-gaap_PaymentsToAcquireOtherInvestments / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
(49,485)us-gaap_PaymentsToAcquireOtherInvestments / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
(94,881)us-gaap_PaymentsToAcquireOtherInvestments / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
Proceeds from sales and maturities of available-for-sale securities |
1,631,987us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
3,027,896us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
5,033,298us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
Proceeds from sales and maturities of short-term securities |
2,033,634us-gaap_ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
2,748,876us-gaap_ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
3,641,978us-gaap_ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
Proceeds from sales and distributions of other investments |
123,017us-gaap_ProceedsFromSaleOfOtherInvestments / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
45,384us-gaap_ProceedsFromSaleOfOtherInvestments / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
505,832us-gaap_ProceedsFromSaleOfOtherInvestments / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
Proceeds from sales of other assets |
0us-gaap_ProceedsFromSaleOfOtherProductiveAssets / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
4,832us-gaap_ProceedsFromSaleOfOtherProductiveAssets / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
176,815us-gaap_ProceedsFromSaleOfOtherProductiveAssets / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
Purchases of property |
(5,200)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
(24,820)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
(98,722)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
Proceeds from disposals of property |
0us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
7,200us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
0us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
Net cash provided by investing activities |
883,086us-gaap_NetCashProvidedByUsedInInvestingActivities / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
4,593,600us-gaap_NetCashProvidedByUsedInInvestingActivities / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
9,560,036us-gaap_NetCashProvidedByUsedInInvestingActivities / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
Financing Activities |
|
|
|
Repurchases of common stock |
(1,055,765)us-gaap_PaymentsForRepurchaseOfCommonStock / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
(4,262,260)us-gaap_PaymentsForRepurchaseOfCommonStock / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
(3,975,532)us-gaap_PaymentsForRepurchaseOfCommonStock / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
Exercise of options |
27,100us-gaap_ProceedsFromStockOptionsExercised / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
75,797us-gaap_ProceedsFromStockOptionsExercised / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
160,557us-gaap_ProceedsFromStockOptionsExercised / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
Excess Tax Benefit from Share-based Compensation, Financing Activities |
15,999us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
9,042us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
0us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
Dividends paid |
(650,433)us-gaap_PaymentsOfDividends / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
(657,914)us-gaap_PaymentsOfDividends / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
(603,334)us-gaap_PaymentsOfDividends / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
Net cash used in financing activities |
(1,663,099)us-gaap_NetCashProvidedByUsedInFinancingActivities / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
(4,835,335)us-gaap_NetCashProvidedByUsedInFinancingActivities / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
(4,418,309)us-gaap_NetCashProvidedByUsedInFinancingActivities / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
Net Increase (Decrease) in Cash and Cash Equivalents |
731,525us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
(2,203,341)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
4,967,114us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
Cash and Cash Equivalents, Beginning of Period |
7,210,956us-gaap_CashAndCashEquivalentsAtCarryingValue / dei_LegalEntityAxis = us-gaap_ParentCompanyMember |
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The aggregate amount of recurring noncash expense charged against earnings in the period to allocate the cost of assets over their estimated remaining economic lives.
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-Glossary Financing Activities
-URI http://asc.fasb.org/extlink&oid=6513228
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-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (j)
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-SubTopic 10
-Section 45
-Paragraph 14
-Subparagraph (a)
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-SubTopic 10
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-Paragraph 4K
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v2.4.1.9
Schedule II - Notes to Condensed Financial Statements (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Condensed Financial Statements, Captions [Line Items] |
|
|
|
|
|
|
Cash dividends paid to parent by wholly owned subsidiaries |
$ 5,051,664us-gaap_CashDividendsPaidToParentCompany |
|
$ 9,252,919us-gaap_CashDividendsPaidToParentCompany |
|
$ 5,609,489us-gaap_CashDividendsPaidToParentCompany |
|
Investors Title Insurance Company, net |
|
|
|
|
|
|
Condensed Financial Statements, Captions [Line Items] |
|
|
|
|
|
|
Cash dividends paid (received) to (from) Parent Company |
4,906,664itic_CashDividendsPaidReceivedtofromParentCompany / dei_LegalEntityAxis = itic_InvestorsTitleInsuranceCompanyMember |
[1] |
9,102,919itic_CashDividendsPaidReceivedtofromParentCompany / dei_LegalEntityAxis = itic_InvestorsTitleInsuranceCompanyMember |
[1] |
5,169,489itic_CashDividendsPaidReceivedtofromParentCompany / dei_LegalEntityAxis = itic_InvestorsTitleInsuranceCompanyMember |
[1] |
Cash dividends paid to parent by wholly owned subsidiaries |
5,000,000us-gaap_CashDividendsPaidToParentCompany / dei_LegalEntityAxis = itic_InvestorsTitleInsuranceCompanyMember |
|
9,196,255us-gaap_CashDividendsPaidToParentCompany / dei_LegalEntityAxis = itic_InvestorsTitleInsuranceCompanyMember |
|
5,254,075us-gaap_CashDividendsPaidToParentCompany / dei_LegalEntityAxis = itic_InvestorsTitleInsuranceCompanyMember |
|
Dividend received from parent company |
93,336us-gaap_ProceedsFromDividendsReceived / dei_LegalEntityAxis = itic_InvestorsTitleInsuranceCompanyMember |
|
93,336us-gaap_ProceedsFromDividendsReceived / dei_LegalEntityAxis = itic_InvestorsTitleInsuranceCompanyMember |
|
84,586us-gaap_ProceedsFromDividendsReceived / dei_LegalEntityAxis = itic_InvestorsTitleInsuranceCompanyMember |
|
Investors Title Exchange Corporation |
|
|
|
|
|
|
Condensed Financial Statements, Captions [Line Items] |
|
|
|
|
|
|
Cash dividends paid to parent by wholly owned subsidiaries |
50,000us-gaap_CashDividendsPaidToParentCompany / dei_LegalEntityAxis = itic_InvestorsTitleExchangeCorporationMember |
|
50,000us-gaap_CashDividendsPaidToParentCompany / dei_LegalEntityAxis = itic_InvestorsTitleExchangeCorporationMember |
|
10,000us-gaap_CashDividendsPaidToParentCompany / dei_LegalEntityAxis = itic_InvestorsTitleExchangeCorporationMember |
|
Investors Title Accommodation Corporation |
|
|
|
|
|
|
Condensed Financial Statements, Captions [Line Items] |
|
|
|
|
|
|
Cash dividends paid to parent by wholly owned subsidiaries |
10,000us-gaap_CashDividendsPaidToParentCompany / dei_LegalEntityAxis = itic_InvestorsTitleAccommodationCorporationMember |
|
0us-gaap_CashDividendsPaidToParentCompany / dei_LegalEntityAxis = itic_InvestorsTitleAccommodationCorporationMember |
|
30,000us-gaap_CashDividendsPaidToParentCompany / dei_LegalEntityAxis = itic_InvestorsTitleAccommodationCorporationMember |
|
Investors Title Management Services, Inc. |
|
|
|
|
|
|
Condensed Financial Statements, Captions [Line Items] |
|
|
|
|
|
|
Cash dividends paid to parent by wholly owned subsidiaries |
0us-gaap_CashDividendsPaidToParentCompany / dei_LegalEntityAxis = itic_InvestorsTitleManagementServicesInc.Member |
|
0us-gaap_CashDividendsPaidToParentCompany / dei_LegalEntityAxis = itic_InvestorsTitleManagementServicesInc.Member |
|
0us-gaap_CashDividendsPaidToParentCompany / dei_LegalEntityAxis = itic_InvestorsTitleManagementServicesInc.Member |
|
Investors Capital Management Company |
|
|
|
|
|
|
Condensed Financial Statements, Captions [Line Items] |
|
|
|
|
|
|
Cash dividends paid to parent by wholly owned subsidiaries |
40,000us-gaap_CashDividendsPaidToParentCompany / dei_LegalEntityAxis = itic_InvestorsTitleCapitalManagementCorporationMember |
|
0us-gaap_CashDividendsPaidToParentCompany / dei_LegalEntityAxis = itic_InvestorsTitleCapitalManagementCorporationMember |
|
50,000us-gaap_CashDividendsPaidToParentCompany / dei_LegalEntityAxis = itic_InvestorsTitleCapitalManagementCorporationMember |
|
Investors Trust Company |
|
|
|
|
|
|
Condensed Financial Statements, Captions [Line Items] |
|
|
|
|
|
|
Cash dividends paid to parent by wholly owned subsidiaries |
0us-gaap_CashDividendsPaidToParentCompany / dei_LegalEntityAxis = itic_InvestorsTrustCompanyMember |
|
100,000us-gaap_CashDividendsPaidToParentCompany / dei_LegalEntityAxis = itic_InvestorsTrustCompanyMember |
|
350,000us-gaap_CashDividendsPaidToParentCompany / dei_LegalEntityAxis = itic_InvestorsTrustCompanyMember |
|
Investors Title Commercial Agency, LLC |
|
|
|
|
|
|
Condensed Financial Statements, Captions [Line Items] |
|
|
|
|
|
|
Cash dividends paid to parent by wholly owned subsidiaries |
$ 45,000us-gaap_CashDividendsPaidToParentCompany / dei_LegalEntityAxis = itic_InvestorsTitleCommercialAgencyMember |
|
$ 0us-gaap_CashDividendsPaidToParentCompany / dei_LegalEntityAxis = itic_InvestorsTitleCommercialAgencyMember |
|
$ 0us-gaap_CashDividendsPaidToParentCompany / dei_LegalEntityAxis = itic_InvestorsTitleCommercialAgencyMember |
|
|
|
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- Definition
Cash Dividends Paid (Received) to (from) Parent Company
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Paragraph 3
-Subparagraph (SX 210.12-04(b))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690
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-Section 04
-Paragraph b
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Dividends received on equity and other investments during the current period.
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-SubTopic 10
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-Paragraph 25
-Subparagraph (b)
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v2.4.1.9
Schedule III (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Supplementary Insurance Information, by Segment [Line Items] |
|
|
|
Supplementary Insurance Information, Deferred Policy Acquisition Costs |
$ 0us-gaap_SupplementaryInsuranceInformationDeferredPolicyAcquisitionCosts |
$ 0us-gaap_SupplementaryInsuranceInformationDeferredPolicyAcquisitionCosts |
$ 0us-gaap_SupplementaryInsuranceInformationDeferredPolicyAcquisitionCosts |
Future Policy Benefits, Losses, Claims and Loss Expenses |
36,677,000us-gaap_SupplementaryInsuranceInformationLiabilityForFuturePolicyBenefitsLossesClaimsAndLossExpenseReserves |
35,360,000us-gaap_SupplementaryInsuranceInformationLiabilityForFuturePolicyBenefitsLossesClaimsAndLossExpenseReserves |
39,078,000us-gaap_SupplementaryInsuranceInformationLiabilityForFuturePolicyBenefitsLossesClaimsAndLossExpenseReserves |
Unearned Premiums |
0us-gaap_SupplementaryInsuranceInformationUnearnedPremiums |
0us-gaap_SupplementaryInsuranceInformationUnearnedPremiums |
0us-gaap_SupplementaryInsuranceInformationUnearnedPremiums |
Other Policy Claims and Benefits Payable |
236,401us-gaap_SupplementaryInsuranceInformationOtherPolicyClaimsAndBenefitsPayable |
389,807us-gaap_SupplementaryInsuranceInformationOtherPolicyClaimsAndBenefitsPayable |
461,566us-gaap_SupplementaryInsuranceInformationOtherPolicyClaimsAndBenefitsPayable |
Premium Revenue |
109,963,556us-gaap_SupplementaryInsuranceInformationPremiumRevenue |
113,886,266us-gaap_SupplementaryInsuranceInformationPremiumRevenue |
102,331,102us-gaap_SupplementaryInsuranceInformationPremiumRevenue |
Net Investment Income |
4,259,501us-gaap_SupplementaryInsuranceInformationNetInvestmentIncome |
3,894,608us-gaap_SupplementaryInsuranceInformationNetInvestmentIncome |
3,980,411us-gaap_SupplementaryInsuranceInformationNetInvestmentIncome |
Benefits, Claims. Losses and Settlement Expenses |
5,229,716us-gaap_SupplementaryInsuranceInformationBenefitsClaimsLossesAndSettlementExpense |
(571,596)us-gaap_SupplementaryInsuranceInformationBenefitsClaimsLossesAndSettlementExpense |
6,072,115us-gaap_SupplementaryInsuranceInformationBenefitsClaimsLossesAndSettlementExpense |
Amortization of Deferred Policy Acquisition Costs |
0us-gaap_SupplementaryInsuranceInformationAmortizationOfDeferredPolicyAcquisitionCosts |
0us-gaap_SupplementaryInsuranceInformationAmortizationOfDeferredPolicyAcquisitionCosts |
0us-gaap_SupplementaryInsuranceInformationAmortizationOfDeferredPolicyAcquisitionCosts |
Other Operating Expenses |
104,401,072us-gaap_SupplementaryInsuranceInformationOtherOperatingExpense |
105,280,355us-gaap_SupplementaryInsuranceInformationOtherOperatingExpense |
92,927,070us-gaap_SupplementaryInsuranceInformationOtherOperatingExpense |
Title Insurance |
|
|
|
Supplementary Insurance Information, by Segment [Line Items] |
|
|
|
Supplementary Insurance Information, Deferred Policy Acquisition Costs |
0us-gaap_SupplementaryInsuranceInformationDeferredPolicyAcquisitionCosts / us-gaap_StatementBusinessSegmentsAxis = us-gaap_TitleInsuranceSegmentMember |
0us-gaap_SupplementaryInsuranceInformationDeferredPolicyAcquisitionCosts / us-gaap_StatementBusinessSegmentsAxis = us-gaap_TitleInsuranceSegmentMember |
0us-gaap_SupplementaryInsuranceInformationDeferredPolicyAcquisitionCosts / us-gaap_StatementBusinessSegmentsAxis = us-gaap_TitleInsuranceSegmentMember |
Future Policy Benefits, Losses, Claims and Loss Expenses |
36,677,000us-gaap_SupplementaryInsuranceInformationLiabilityForFuturePolicyBenefitsLossesClaimsAndLossExpenseReserves / us-gaap_StatementBusinessSegmentsAxis = us-gaap_TitleInsuranceSegmentMember |
35,360,000us-gaap_SupplementaryInsuranceInformationLiabilityForFuturePolicyBenefitsLossesClaimsAndLossExpenseReserves / us-gaap_StatementBusinessSegmentsAxis = us-gaap_TitleInsuranceSegmentMember |
39,078,000us-gaap_SupplementaryInsuranceInformationLiabilityForFuturePolicyBenefitsLossesClaimsAndLossExpenseReserves / us-gaap_StatementBusinessSegmentsAxis = us-gaap_TitleInsuranceSegmentMember |
Unearned Premiums |
0us-gaap_SupplementaryInsuranceInformationUnearnedPremiums / us-gaap_StatementBusinessSegmentsAxis = us-gaap_TitleInsuranceSegmentMember |
0us-gaap_SupplementaryInsuranceInformationUnearnedPremiums / us-gaap_StatementBusinessSegmentsAxis = us-gaap_TitleInsuranceSegmentMember |
0us-gaap_SupplementaryInsuranceInformationUnearnedPremiums / us-gaap_StatementBusinessSegmentsAxis = us-gaap_TitleInsuranceSegmentMember |
Other Policy Claims and Benefits Payable |
236,401us-gaap_SupplementaryInsuranceInformationOtherPolicyClaimsAndBenefitsPayable / us-gaap_StatementBusinessSegmentsAxis = us-gaap_TitleInsuranceSegmentMember |
389,807us-gaap_SupplementaryInsuranceInformationOtherPolicyClaimsAndBenefitsPayable / us-gaap_StatementBusinessSegmentsAxis = us-gaap_TitleInsuranceSegmentMember |
461,566us-gaap_SupplementaryInsuranceInformationOtherPolicyClaimsAndBenefitsPayable / us-gaap_StatementBusinessSegmentsAxis = us-gaap_TitleInsuranceSegmentMember |
Premium Revenue |
109,963,556us-gaap_SupplementaryInsuranceInformationPremiumRevenue / us-gaap_StatementBusinessSegmentsAxis = us-gaap_TitleInsuranceSegmentMember |
113,886,266us-gaap_SupplementaryInsuranceInformationPremiumRevenue / us-gaap_StatementBusinessSegmentsAxis = us-gaap_TitleInsuranceSegmentMember |
102,331,102us-gaap_SupplementaryInsuranceInformationPremiumRevenue / us-gaap_StatementBusinessSegmentsAxis = us-gaap_TitleInsuranceSegmentMember |
Net Investment Income |
3,741,873us-gaap_SupplementaryInsuranceInformationNetInvestmentIncome / us-gaap_StatementBusinessSegmentsAxis = us-gaap_TitleInsuranceSegmentMember |
3,505,770us-gaap_SupplementaryInsuranceInformationNetInvestmentIncome / us-gaap_StatementBusinessSegmentsAxis = us-gaap_TitleInsuranceSegmentMember |
3,408,412us-gaap_SupplementaryInsuranceInformationNetInvestmentIncome / us-gaap_StatementBusinessSegmentsAxis = us-gaap_TitleInsuranceSegmentMember |
Benefits, Claims. Losses and Settlement Expenses |
5,229,716us-gaap_SupplementaryInsuranceInformationBenefitsClaimsLossesAndSettlementExpense / us-gaap_StatementBusinessSegmentsAxis = us-gaap_TitleInsuranceSegmentMember |
(571,596)us-gaap_SupplementaryInsuranceInformationBenefitsClaimsLossesAndSettlementExpense / us-gaap_StatementBusinessSegmentsAxis = us-gaap_TitleInsuranceSegmentMember |
6,072,115us-gaap_SupplementaryInsuranceInformationBenefitsClaimsLossesAndSettlementExpense / us-gaap_StatementBusinessSegmentsAxis = us-gaap_TitleInsuranceSegmentMember |
Amortization of Deferred Policy Acquisition Costs |
0us-gaap_SupplementaryInsuranceInformationAmortizationOfDeferredPolicyAcquisitionCosts / us-gaap_StatementBusinessSegmentsAxis = us-gaap_TitleInsuranceSegmentMember |
0us-gaap_SupplementaryInsuranceInformationAmortizationOfDeferredPolicyAcquisitionCosts / us-gaap_StatementBusinessSegmentsAxis = us-gaap_TitleInsuranceSegmentMember |
0us-gaap_SupplementaryInsuranceInformationAmortizationOfDeferredPolicyAcquisitionCosts / us-gaap_StatementBusinessSegmentsAxis = us-gaap_TitleInsuranceSegmentMember |
Other Operating Expenses |
98,620,374us-gaap_SupplementaryInsuranceInformationOtherOperatingExpense / us-gaap_StatementBusinessSegmentsAxis = us-gaap_TitleInsuranceSegmentMember |
99,093,515us-gaap_SupplementaryInsuranceInformationOtherOperatingExpense / us-gaap_StatementBusinessSegmentsAxis = us-gaap_TitleInsuranceSegmentMember |
87,545,115us-gaap_SupplementaryInsuranceInformationOtherOperatingExpense / us-gaap_StatementBusinessSegmentsAxis = us-gaap_TitleInsuranceSegmentMember |
All Other |
|
|
|
Supplementary Insurance Information, by Segment [Line Items] |
|
|
|
Supplementary Insurance Information, Deferred Policy Acquisition Costs |
0us-gaap_SupplementaryInsuranceInformationDeferredPolicyAcquisitionCosts / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
0us-gaap_SupplementaryInsuranceInformationDeferredPolicyAcquisitionCosts / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
0us-gaap_SupplementaryInsuranceInformationDeferredPolicyAcquisitionCosts / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
Future Policy Benefits, Losses, Claims and Loss Expenses |
0us-gaap_SupplementaryInsuranceInformationLiabilityForFuturePolicyBenefitsLossesClaimsAndLossExpenseReserves / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
0us-gaap_SupplementaryInsuranceInformationLiabilityForFuturePolicyBenefitsLossesClaimsAndLossExpenseReserves / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
0us-gaap_SupplementaryInsuranceInformationLiabilityForFuturePolicyBenefitsLossesClaimsAndLossExpenseReserves / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
Unearned Premiums |
0us-gaap_SupplementaryInsuranceInformationUnearnedPremiums / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
0us-gaap_SupplementaryInsuranceInformationUnearnedPremiums / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
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Other Policy Claims and Benefits Payable |
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0us-gaap_SupplementaryInsuranceInformationOtherPolicyClaimsAndBenefitsPayable / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
Premium Revenue |
0us-gaap_SupplementaryInsuranceInformationPremiumRevenue / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
0us-gaap_SupplementaryInsuranceInformationPremiumRevenue / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
0us-gaap_SupplementaryInsuranceInformationPremiumRevenue / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
Net Investment Income |
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388,838us-gaap_SupplementaryInsuranceInformationNetInvestmentIncome / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
571,999us-gaap_SupplementaryInsuranceInformationNetInvestmentIncome / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
Benefits, Claims. Losses and Settlement Expenses |
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Amortization of Deferred Policy Acquisition Costs |
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0us-gaap_SupplementaryInsuranceInformationAmortizationOfDeferredPolicyAcquisitionCosts / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
Other Operating Expenses |
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$ 6,186,840us-gaap_SupplementaryInsuranceInformationOtherOperatingExpense / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
$ 5,381,955us-gaap_SupplementaryInsuranceInformationOtherOperatingExpense / us-gaap_StatementBusinessSegmentsAxis = us-gaap_AllOtherSegmentsMember |
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v2.4.1.9
Schedule IV (Details) (Title Insurance, USD $)
|
12 Months Ended |
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Title Insurance
|
|
|
|
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] |
|
|
|
Direct Premiums Earned |
$ 110,065,581us-gaap_DirectPremiumsEarned / us-gaap_ReinsurancePremiumsForInsuranceCompaniesByProductSegmentAxis = us-gaap_TitleInsuranceSegmentMember |
$ 114,091,457us-gaap_DirectPremiumsEarned / us-gaap_ReinsurancePremiumsForInsuranceCompaniesByProductSegmentAxis = us-gaap_TitleInsuranceSegmentMember |
$ 102,548,126us-gaap_DirectPremiumsEarned / us-gaap_ReinsurancePremiumsForInsuranceCompaniesByProductSegmentAxis = us-gaap_TitleInsuranceSegmentMember |
Ceded Premiums Earned |
140,017us-gaap_CededPremiumsEarned / us-gaap_ReinsurancePremiumsForInsuranceCompaniesByProductSegmentAxis = us-gaap_TitleInsuranceSegmentMember |
211,482us-gaap_CededPremiumsEarned / us-gaap_ReinsurancePremiumsForInsuranceCompaniesByProductSegmentAxis = us-gaap_TitleInsuranceSegmentMember |
232,683us-gaap_CededPremiumsEarned / us-gaap_ReinsurancePremiumsForInsuranceCompaniesByProductSegmentAxis = us-gaap_TitleInsuranceSegmentMember |
Assumed Premiums Earned |
37,992us-gaap_AssumedPremiumsEarned / us-gaap_ReinsurancePremiumsForInsuranceCompaniesByProductSegmentAxis = us-gaap_TitleInsuranceSegmentMember |
6,291us-gaap_AssumedPremiumsEarned / us-gaap_ReinsurancePremiumsForInsuranceCompaniesByProductSegmentAxis = us-gaap_TitleInsuranceSegmentMember |
15,659us-gaap_AssumedPremiumsEarned / us-gaap_ReinsurancePremiumsForInsuranceCompaniesByProductSegmentAxis = us-gaap_TitleInsuranceSegmentMember |
Net Amount |
$ 109,963,556us-gaap_PremiumsEarnedNet / us-gaap_ReinsurancePremiumsForInsuranceCompaniesByProductSegmentAxis = us-gaap_TitleInsuranceSegmentMember |
$ 113,886,266us-gaap_PremiumsEarnedNet / us-gaap_ReinsurancePremiumsForInsuranceCompaniesByProductSegmentAxis = us-gaap_TitleInsuranceSegmentMember |
$ 102,331,102us-gaap_PremiumsEarnedNet / us-gaap_ReinsurancePremiumsForInsuranceCompaniesByProductSegmentAxis = us-gaap_TitleInsuranceSegmentMember |
Premiums, Percentage Assumed to Net |
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0.01%us-gaap_PremiumsPercentageAssumedToNet / us-gaap_ReinsurancePremiumsForInsuranceCompaniesByProductSegmentAxis = us-gaap_TitleInsuranceSegmentMember |
0.02%us-gaap_PremiumsPercentageAssumedToNet / us-gaap_ReinsurancePremiumsForInsuranceCompaniesByProductSegmentAxis = us-gaap_TitleInsuranceSegmentMember |
X |
- Definition
Amount of earned premiums assumed from other entities.
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-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
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v2.4.1.9
Schedule V (Details) (USD $)
|
12 Months Ended |
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Valuation Provision |
|
|
|
|
|
|
Valuation and Qualifying Accounts Disclosure [Line Items] |
|
|
|
|
|
|
Balance at Beginning of Period |
$ 2,620,903us-gaap_ValuationAllowancesAndReservesBalance / us-gaap_ValuationAllowancesAndReservesTypeAxis = us-gaap_AllowanceForUncollectiblePremiumsReceivableMember |
|
$ 1,902,581us-gaap_ValuationAllowancesAndReservesBalance / us-gaap_ValuationAllowancesAndReservesTypeAxis = us-gaap_AllowanceForUncollectiblePremiumsReceivableMember |
|
$ 1,218,000us-gaap_ValuationAllowancesAndReservesBalance / us-gaap_ValuationAllowancesAndReservesTypeAxis = us-gaap_AllowanceForUncollectiblePremiumsReceivableMember |
|
Additions Charged to Costs and Expenses |
6,287,694us-gaap_ValuationAllowancesAndReservesChargedToCostAndExpense / us-gaap_ValuationAllowancesAndReservesTypeAxis = us-gaap_AllowanceForUncollectiblePremiumsReceivableMember |
|
7,536,381us-gaap_ValuationAllowancesAndReservesChargedToCostAndExpense / us-gaap_ValuationAllowancesAndReservesTypeAxis = us-gaap_AllowanceForUncollectiblePremiumsReceivableMember |
|
6,008,281us-gaap_ValuationAllowancesAndReservesChargedToCostAndExpense / us-gaap_ValuationAllowancesAndReservesTypeAxis = us-gaap_AllowanceForUncollectiblePremiumsReceivableMember |
|
Additions Charge to Other Accounts - Describe |
0us-gaap_ValuationAllowancesAndReservesChargedToOtherAccounts / us-gaap_ValuationAllowancesAndReservesTypeAxis = us-gaap_AllowanceForUncollectiblePremiumsReceivableMember |
|
0us-gaap_ValuationAllowancesAndReservesChargedToOtherAccounts / us-gaap_ValuationAllowancesAndReservesTypeAxis = us-gaap_AllowanceForUncollectiblePremiumsReceivableMember |
|
0us-gaap_ValuationAllowancesAndReservesChargedToOtherAccounts / us-gaap_ValuationAllowancesAndReservesTypeAxis = us-gaap_AllowanceForUncollectiblePremiumsReceivableMember |
|
Deductions - Describe |
(5,885,866)us-gaap_ValuationAllowancesAndReservesDeductions / us-gaap_ValuationAllowancesAndReservesTypeAxis = us-gaap_AllowanceForUncollectiblePremiumsReceivableMember |
[1] |
(6,818,059)us-gaap_ValuationAllowancesAndReservesDeductions / us-gaap_ValuationAllowancesAndReservesTypeAxis = us-gaap_AllowanceForUncollectiblePremiumsReceivableMember |
[1] |
(5,323,700)us-gaap_ValuationAllowancesAndReservesDeductions / us-gaap_ValuationAllowancesAndReservesTypeAxis = us-gaap_AllowanceForUncollectiblePremiumsReceivableMember |
[1] |
Balance at End of Period |
3,022,731us-gaap_ValuationAllowancesAndReservesBalance / us-gaap_ValuationAllowancesAndReservesTypeAxis = us-gaap_AllowanceForUncollectiblePremiumsReceivableMember |
|
2,620,903us-gaap_ValuationAllowancesAndReservesBalance / us-gaap_ValuationAllowancesAndReservesTypeAxis = us-gaap_AllowanceForUncollectiblePremiumsReceivableMember |
|
1,902,581us-gaap_ValuationAllowancesAndReservesBalance / us-gaap_ValuationAllowancesAndReservesTypeAxis = us-gaap_AllowanceForUncollectiblePremiumsReceivableMember |
|
Reserves for Claims |
|
|
|
|
|
|
Valuation and Qualifying Accounts Disclosure [Line Items] |
|
|
|
|
|
|
Balance at Beginning of Period |
35,360,000us-gaap_ValuationAllowancesAndReservesBalance / us-gaap_ValuationAllowancesAndReservesTypeAxis = itic_ReserveforClaimsMember |
|
39,078,000us-gaap_ValuationAllowancesAndReservesBalance / us-gaap_ValuationAllowancesAndReservesTypeAxis = itic_ReserveforClaimsMember |
|
37,996,000us-gaap_ValuationAllowancesAndReservesBalance / us-gaap_ValuationAllowancesAndReservesTypeAxis = itic_ReserveforClaimsMember |
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Additions Charged to Costs and Expenses |
5,229,716us-gaap_ValuationAllowancesAndReservesChargedToCostAndExpense / us-gaap_ValuationAllowancesAndReservesTypeAxis = itic_ReserveforClaimsMember |
|
(571,596)us-gaap_ValuationAllowancesAndReservesChargedToCostAndExpense / us-gaap_ValuationAllowancesAndReservesTypeAxis = itic_ReserveforClaimsMember |
|
6,072,115us-gaap_ValuationAllowancesAndReservesChargedToCostAndExpense / us-gaap_ValuationAllowancesAndReservesTypeAxis = itic_ReserveforClaimsMember |
|
Additions Charge to Other Accounts - Describe |
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0us-gaap_ValuationAllowancesAndReservesChargedToOtherAccounts / us-gaap_ValuationAllowancesAndReservesTypeAxis = itic_ReserveforClaimsMember |
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0us-gaap_ValuationAllowancesAndReservesChargedToOtherAccounts / us-gaap_ValuationAllowancesAndReservesTypeAxis = itic_ReserveforClaimsMember |
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Deductions - Describe |
(3,912,716)us-gaap_ValuationAllowancesAndReservesDeductions / us-gaap_ValuationAllowancesAndReservesTypeAxis = itic_ReserveforClaimsMember |
[2] |
(3,146,404)us-gaap_ValuationAllowancesAndReservesDeductions / us-gaap_ValuationAllowancesAndReservesTypeAxis = itic_ReserveforClaimsMember |
[2] |
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Balance at End of Period |
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$ 35,360,000us-gaap_ValuationAllowancesAndReservesBalance / us-gaap_ValuationAllowancesAndReservesTypeAxis = itic_ReserveforClaimsMember |
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$ 39,078,000us-gaap_ValuationAllowancesAndReservesBalance / us-gaap_ValuationAllowancesAndReservesTypeAxis = itic_ReserveforClaimsMember |
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- Definition
Total of allowances and reserves, the valuation and qualifying accounts that are either netted against the cost of an asset (in order to value it at its carrying value) or that reflect a liability established to represent expected future costs, charged to accounts other than costs and expenses in a given period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24092-122690
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 09
-Article 12
+ Details
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- Definition
Total of the deductions in a given period to allowances and reserves, the valuation and qualifying accounts that are either netted against the cost of an asset (in order to value it at its carrying value) or that reflect a liability established to represent expected future costs, representing receivables written off as uncollectible and portions of the reserves utilized, respectively.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24092-122690
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 09
-Article 12
+ Details
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