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Schedule II | 12 Months Ended
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Dec. 31, 2013
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Condensed Financial Information of Registrant | CONDENSED FINANCIAL INFORMATION OF REGISTRANT BALANCE SHEETS AS OF DECEMBER 31, 2013 AND 2012
| 2013 |  | 2012
Assets: |  |  |
Cash and cash equivalents | $ | 7,210,956 |  |  | $ | 9,414,297 |
Investments in fixed maturities, available-for-sale | 19,202,320 |  |  | 12,176,628 |
Investments in equity securities, available-for-sale | 2,265,136 |  |  | 1,862,518 |
Short-term investments | 2,213,496 |  |  | 4,904,089 |
Investments in affiliated companies | 90,570,724 |  |  | 81,395,754 |
Other investments | 737,378 |  |  | 734,848 |
Premium and fees receivable | 135,669 |  |  | 138,830 |
Other receivables | 1,456,037 |  |  | 1,306,629 |
Income taxes recoverable | 3,230,977 |  |  | 1,584,604 |
Accrued interest and dividends | 103,571 |  |  | 103,470 |
Property, net | 2,504,969 |  |  | 2,623,380 |
Total Assets | $ | 129,631,233 |  |  | $ | 116,245,047 |
Liabilities and Stockholders’ Equity |  |  |  |  |
Liabilities: |  |  |  |  |
Accounts payable and accrued liabilities | $ | 1,558,095 |  |  | $ | 1,566,213 |
Deferred income taxes, net | 10,984 |  |  | 39,944 |
Total liabilities | 1,569,079 |  |  | 1,606,157 |
Stockholders’ Equity: |  |  |  |  |
Preferred stock (1,000,000 authorized shares; no shares issued) | — |  |  | — |
Common stock - no par value (10,000,000 authorized shares; 2,037,135 and 2,043,359 shares issued and outstanding 2013 and 2012, respectively, excluding 291,676 shares for 2013 and 2012 of common stock held by the Company’s subsidiary) | 1 |  |  | 1 |
Retained earnings | 116,714,749 |  |  | 105,820,459 |
Accumulated other comprehensive income | 11,347,404 |  |  | 8,818,430 |
Total stockholders’ equity | 128,062,154 |  |  | 114,638,890 |
Total Liabilities and Stockholders’ Equity | $ | 129,631,233 |  |  | $ | 116,245,047 |
See notes to Condensed Financial Statements. CONDENSED FINANCIAL INFORMATION OF REGISTRANT STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011
|  | 2013 |  | 2012 |  | 2011
Revenues: |  |  |  |  |  |
Investment income – interest and dividends |  | $ | 348,933 |  |  | $ | 520,511 |  |  | $ | 459,682 |
Net realized (loss) gain on investments |  | (50,778 | ) |  | 616,001 |  |  | (81,389 | )
Rental income |  | 748,764 |  |  | 736,159 |  |  | 739,524 |
Miscellaneous income (loss) |  | 68,966 |  |  | (62,253 | ) |  | 16,365 |
Total |  | 1,115,885 |  |  | 1,810,418 |  |  | 1,134,182 |
Operating Expenses: |  |  |  |  |  |  |  |  |
Salaries, employee benefits and payroll taxes |  | 576,429 |  |  | 459,248 |  |  | 348,463 |
Office occupancy and operations |  | 408,373 |  |  | 390,227 |  |  | 304,371 |
Business development |  | 45,022 |  |  | 25,909 |  |  | 37,017 |
Taxes – other than payroll and income |  | 188,314 |  |  | 240,607 |  |  | 120,445 |
Professional and contract labor fees |  | 351,093 |  |  | 245,398 |  |  | 139,711 |
Other expenses |  | 177,810 |  |  | 161,937 |  |  | 113,018 |
Total |  | 1,747,041 |  |  | 1,523,326 |  |  | 1,063,025 |
Equity in Net Income of Affiliated Companies |  | 15,164,894 |  |  | 10,992,815 |  |  | 6,851,779 |
Income before Income Taxes |  | 14,533,738 |  |  | 11,279,907 |  |  | 6,922,936 |
(Benefit) Provision for Income Taxes |  | (263,000 | ) |  | 89,000 |  |  | (11,000 | )
Net Income |  | 14,796,738 |  |  | 11,190,907 |  |  | 6,933,936 |
Less: Net Income Attributable to Redeemable Noncontrolling Interest |  | (88,528 | ) |  | (88,411 | ) |  | — |
Net Income Attributable to the Company |  | $ | 14,708,210 |  |  | $ | 11,102,496 |  |  | $ | 6,933,936 |
Basic Earnings per Common Share |  | $ | 7.15 |  |  | $ | 5.33 |  |  | $ | 3.22 |
Weighted Average Shares Outstanding – Basic |  | 2,056,169 |  |  | 2,081,703 |  |  | 2,151,350 |
Diluted Earnings per Common Share |  | $ | 7.08 |  |  | $ | 5.24 |  |  | $ | 3.20 |
Weighted Average Shares Outstanding – Diluted |  | 2,076,628 |  |  | 2,116,793 |  |  | 2,169,636 |
See notes to Condensed Financial Statements. CONDENSED FINANCIAL INFORMATION OF REGISTRANT STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011
| 2013 |  | 2012 |  | 2011
Operating Activities |  |  |  |  |
Net income | $ | 14,796,738 |  |  | $ | 11,190,907 |  |  | $ | 6,933,936 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |
Equity in net earnings of subsidiaries | (15,164,894 | ) |  | (10,992,815 | ) |  | (6,851,779 | )
Depreciation | 136,031 |  |  | 133,334 |  |  | 128,215 |
Amortization, net | 69,969 |  |  | 51,111 |  |  | (15,859 | )
Issuance of common stock in payment of bonuses and fees | 76,110 |  |  | 54,041 |  |  | 44,205 |
Net realized loss (gain) on investments | 50,778 |  |  | (616,001 | ) |  | 81,389 |
Net (earnings) loss from other investments | (32,499 | ) |  | 91,256 |  |  | 1,723 |
(Benefit) provision for deferred income taxes | (93,000 | ) |  | 48,000 |  |  | (94,000 | )
Excess tax benefit | 9,042 |  |  | — |  |  | — |
(Increase) decrease in receivables | (146,247 | ) |  | 368,574 |  |  | (838,208 | )
Increase in income taxes recoverable | (1,646,373 | ) |  | (398,445 | ) |  | (137,379 | )
(Increase) decrease in other assets | (101 | ) |  | 20,224 |  |  | 21,836 |
(Decrease) increase in accounts payable and accrued liabilities | (8,118 | ) |  | (124,799 | ) |  | 445,758 |
Net cash used in operating activities | (1,952,564 | ) |  | (174,613 | ) |  | (280,163 | )
Investing Activities |  |  |  |  |  |  |  |
Capital contribution to subsidiaries | — |  |  | (250,000 | ) |  | — |
Dividends received from subsidiaries | 9,252,919 |  |  | 5,609,489 |  |  | 223,331 |
Purchases of available-for-sale securities | (10,360,919 | ) |  | (4,960,208 | ) |  | (4,625,140 | )
Purchases of short-term securities | (58,283 | ) |  | (3,565 | ) |  | (203,530 | )
Purchases of and net earnings from other investments | (49,485 | ) |  | (94,881 | ) |  | (666,935 | )
Proceeds from sales and maturities of available-for-sale securities | 3,027,896 |  |  | 5,033,298 |  |  | 1,601,297 |
Proceeds from sales and maturities of short-term securities | 2,748,876 |  |  | 3,641,978 |  |  | 13,403,243 |
Proceeds from sales and distributions of other investments | 45,384 |  |  | 505,832 |  |  | 8,064 |
Proceeds from sales of other assets | 4,832 |  |  | 176,815 |  |  | — |
Purchases of property | (24,820 | ) |  | (98,722 | ) |  | (96,161 | )
Proceeds from disposals of property | 7,200 |  |  | — |  |  | — |
Net cash provided by investing activities | 4,593,600 |  |  | 9,560,036 |  |  | 9,644,169 |
Financing Activities |  |  |  |  |  |  |  |
Repurchases of common stock | (4,262,260 | ) |  | (3,975,532 | ) |  | (5,940,463 | )
Exercise of options | 75,797 |  |  | 160,557 |  |  | 155,163 |
Dividends paid | (657,914 | ) |  | (603,334 | ) |  | (599,241 | )
Net cash used in financing activities | (4,844,377 | ) |  | (4,418,309 | ) |  | (6,384,541 | )
Net (Decrease) Increase in Cash and Cash Equivalents | (2,203,341 | ) |  | 4,967,114 |  |  | 2,979,465 |
Cash and Cash Equivalents, Beginning of Period | 9,414,297 |  |  | 4,447,183 |  |  | 1,467,718 |
Cash and Cash Equivalents, End of Period | $ | 7,210,956 |  |  | $ | 9,414,297 |  |  | $ | 4,447,183 |
Supplemental Disclosures: |  |  |  |  |
Income tax payments, net | $ | 5,583,000 |  |  | $ | 4,392,000 |  |  | $ | 2,911,000 |
See notes to Condensed Financial Statements. CONDENSED FINANCIAL INFORMATION OF REGISTRANT NOTES TO THE CONDENSED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011
1. | The accompanying Condensed Financial Statements should be read in conjunction with the consolidated financial statements and notes thereto of Investors Title Company and Subsidiaries.
2. | Cash dividends paid to Investors Title Company by its wholly owned subsidiaries were as follows:
Subsidiaries | 2013 |  | 2012 |  | 2011
Investors Title Insurance Company, net* | $ | 9,102,919 |  |  | $ | 5,169,489 |  |  | $ | (81,669 | )
Investors Title Exchange Corporation | 50,000 |  |  | 10,000 |  |  | 175,000 |
Investors Title Accommodation Corporation | — |  |  | 30,000 |  |  | — |
Investors Title Management Services, Inc. | — |  |  | — |  |  | — |
Investors Title Capital Management Corporation | — |  |  | 50,000 |  |  | 30,000 |
Investors Trust Company | 100,000 |  |  | 350,000 |  |  | 100,000 |
Investors Title Commercial Agency | — |  |  | — |  |  | — |
Total | $ | 9,252,919 |  |  | $ | 5,609,489 |  |  | $ | 223,331 |
* Total dividends of $9,196,255, $5,254,075 and $0 paid to the Parent Company in 2013, 2012 and 2011, respectively, netted with dividends of $93,336, $84,586 and $81,669 received from the Parent Company in 2013, 2012 and 2011, respectively.

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