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Schedule II
 12 Months Ended
Dec. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Financial Information of Parent Company Only Disclosure [Text Block]
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
BALANCE SHEETS
AS OF DECEMBER 31, 2016 AND 2015
 
2016
 
2015
Assets:
 
 
 
Cash and cash equivalents
$
10,178,219

 
$
8,347,004

Investments in fixed maturities, available-for-sale
16,505,866

 
21,779,123

Investments in equity securities, available-for-sale
3,193,268

 
2,638,330

Short-term investments
3,162,283

 
3,005,647

Investments in affiliated companies
113,234,094

 
99,951,433

Other investments
4,318,296

 
3,089,550

Premium and fees receivable
99,878

 
43,690

Other receivables
1,986,634

 
3,080,245

Income taxes recoverable
2,562,589

 
1,733,314

Accrued interest and dividends
86,481

 
120,369

Property, net
2,340,605

 
2,288,776

Total Assets
$
157,668,213

 
$
146,077,481


 
 
 
Liabilities and Stockholders’ Equity
 

 
 

Liabilities:
 

 
 

Accounts payable and accrued liabilities
$
2,370,963

 
$
3,267,274

Deferred income taxes, net
252,181

 
140,325

Total liabilities
2,623,144

 
3,407,599


 
 
 
Stockholders’ Equity:
 

 
 

Preferred stock (1,000,000 authorized shares; no shares issued)
—

 
—

Common stock – no par value (10,000,000 authorized shares; 1,884,283 and 1,949,797 shares issued and outstanding 2016 and 2015, respectively, excluding 291,676 shares for 2016 and 2015 of common stock held by the Company’s subsidiary)
1

 
1

Retained earnings
143,283,621

 
131,186,866

Accumulated other comprehensive income
11,761,447

 
11,483,015

Total stockholders’ equity
155,045,069

 
142,669,882

Total Liabilities and Stockholders’ Equity
$
157,668,213

 
$
146,077,481


See notes to Condensed Financial Statements.
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
STATEMENTS OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 2016, 2015 AND 2014
 
 
2016
 
2015
 
2014
Revenues:
 
 
 
 
 
 
Investment income – interest and dividends
 
$
525,453

 
$
535,963

 
$
482,711

Net realized gain (loss) on investments
 
77,895

 
(152,026
)
 
9,169

Rental income
 
772,123

 
765,134

 
772,256

Miscellaneous income
 
77,074

 
385,058

 
59,569

Total
 
1,452,545

 
1,534,129

 
1,323,705


 
 
 
 
 
 
Operating Expenses:
 
 

 
 

 
 

Salaries, employee benefits and payroll taxes
 
664,436

 
651,957

 
673,729

Office occupancy and operations
 
236,954

 
239,176

 
270,881

Business development
 
99,229

 
76,684

 
49,059

Taxes – other than payroll and income
 
183,566

 
213,466

 
200,718

Professional and contract labor fees
 
377,738

 
378,265

 
192,064

Other expenses
 
246,375

 
198,788

 
193,681

Total
 
1,808,298

 
1,758,336

 
1,580,132


 
 
 
 
 
 
Equity in Net Income of Affiliated Companies
 
19,665,205

 
12,640,260

 
9,777,925


 
 
 
 
 
 
Income before Income Taxes
 
19,309,452

 
12,416,053

 
9,521,498


 
 
 
 
 
 
Income Tax Benefit
 
(206,000
)
 
(133,000
)
 
(151,000
)

 
 
 
 
 
 
Net Income
 
19,515,452

 
12,549,053

 
9,672,498


 
 
 
 
 
 
Net Loss (Income) Attributable to Noncontrolling Interests
 
7,666

 
(15,148
)
 
(23,523
)

 
 
 
 
 
 
Net Income Attributable to the Company
 
$
19,523,118

 
$
12,533,905

 
$
9,648,975


 
 
 
 
 
 
Basic Earnings per Common Share
 
$
10.23

 
$
6.32

 
$
4.75


 
 
 
 
 
 
Weighted Average Shares Outstanding – Basic
 
1,907,675

 
1,984,360

 
2,031,760


 
 
 
 
 
 
Diluted Earnings per Common Share
 
$
10.19

 
$
6.30

 
$
4.74


 
 
 
 
 
 
Weighted Average Shares Outstanding – Diluted
 
1,915,057

 
1,989,799

 
2,037,534

 
 
 
 
 
 
 
Cash Dividends Paid per Common Share
 
$
0.72

 
$
0.40

 
$
0.32


See notes to Condensed Financial Statements.
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2016, 2015 AND 2014
 
2016
 
2015
 
2014
Operating Activities
 
 
 
 
 
Net income
$
19,515,452

 
$
12,549,053

 
$
9,672,498

Adjustments to reconcile net income to net cash (used in) provided by operating activities:
 

 
 

 
 

Equity in net earnings of subsidiaries
(19,665,205
)
 
(12,640,260
)
 
(9,777,925
)
Depreciation
93,086

 
112,690

 
136,369

Amortization, net
163,989

 
192,654

 
210,768

Share-based compensation expense related to stock appreciation rights and options
132,098

 
137,759

 
164,730

Net loss on disposals of property
—

 
1,683

 
2,722

Net realized (gain) loss on investments
(77,895
)
 
152,026

 
(19,231
)
Net (earnings) loss from other investments
(13,135
)
 
(237,686
)
 
322

(Benefit) provision for deferred income taxes
(18,000
)
 
13,000

 
(40,000
)
Decrease (increase) in receivables
1,037,423

 
(847,177
)
 
(685,052
)
(Increase) decrease in income taxes recoverable
(829,275
)
 
142,928

 
1,354,735

Decrease (increase) in other assets
33,888

 
7,852

 
(24,650
)
(Decrease) increase in accounts payable and accrued liabilities
(896,311
)
 
1,192,927

 
516,252

Net cash (used in) provided by operating activities
(523,885
)
 
777,449

 
1,511,538


 
 
 
 
 
Investing Activities
 

 
 

 
 

Purchase of subsidiary
(10,918,003
)
 
—

 
—

Dividends received from subsidiaries
17,330,948

 
7,630,835

 
5,051,664

Purchases of available-for-sale securities
(1,783,223
)
 
(260,044
)
 
(6,883,612
)
Purchases of short-term securities
(3,162,283
)
 
(2,721,578
)
 
(104,207
)
Purchases of and net earnings from other investments
(1,552,769
)
 
(2,007,798
)
 
(964,197
)
Proceeds from sales and maturities of available-for-sale securities
6,815,907

 
2,475,557

 
1,631,987

Proceeds from sales and maturities of short-term securities
3,005,647

 
—

 
2,033,634

Proceeds from sales and distributions of other investments
321,758

 
734,170

 
123,017

Purchases of property
(144,915
)
 
(32,071
)
 
(5,200
)
Net cash provided by investing activities
9,913,067

 
5,819,071

 
883,086


 
 
 
 
 
Financing Activities
 

 
 

 
 

Repurchases of common stock
(6,219,670
)
 
(5,483,953
)
 
(1,055,765
)
Exercise of stock appreciation rights and options
(200
)
 
54,988

 
27,100

Proceeds from note payable
6,000,000

 
—

 
—

Payments on note payable
(6,000,000
)
 
—

 
—

Excess tax benefit
32,293

 
26,875

 
15,999

Dividends paid
(1,370,390
)
 
(789,907
)
 
(650,433
)
Net cash used in financing activities
(7,557,967
)
 
(6,191,997
)
 
(1,663,099
)

 
 
 
 
 
Net Increase in Cash and Cash Equivalents
1,831,215

 
404,523

 
731,525

Cash and Cash Equivalents, Beginning of Period
8,347,004

 
7,942,481

 
7,210,956

Cash and Cash Equivalents, End of Period
$
10,178,219

 
$
8,347,004

 
$
7,942,481


 
 
 
 
 
Supplemental Disclosures:
 
 
 
 
 
Income tax payments, net
$
4,964,000

 
$
4,598,000

 
$
2,699,000


See notes to Condensed Financial Statements.
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2016, 2015 AND 2014

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
2016
 
2015
 
2014
Investors Title Insurance Company, net*
$
15,838,248

 
$
7,134,823

 
$
4,906,664

Investors Title Exchange Corporation
100,000

 
245,000

 
50,000

Investors Title Accommodation Corporation
45,000

 
12,000

 
10,000

Investors Capital Management Company
—

 
9,012

 
40,000

Investors Trust Company
750,000

 
—

 
—

Investors Title Commercial Agency, LLC
125,000

 
230,000

 
45,000

National Investors Holdings, LLC
472,700

 
—

 
—

Total
$
17,330,948

 
$
7,630,835

 
$
5,051,664


* Total dividends of $16,048,255, $7,251,493 and $5,000,000 paid to the Parent Company in 2016, 2015 and 2014, respectively, netted with dividends of $210,007, $116,670 and $93,336 received from the Parent Company in 2016, 2015 and 2014, respectively.