XML 45 R31.htm IDEA: XBRL DOCUMENT v3.25.1
Schedule II
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
Condensed Financial Information of Parent Company Only Disclosure [Text Block]
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
BALANCE SHEETS
AS OF DECEMBER 31, 2024 AND 2023
(in thousands)20242023
Assets  
Cash and cash equivalents$1,252 $4,409 
Fixed maturity securities, available-for-sale, at fair value
49,768 4,287 
Equity securities, at fair value
267 188 
Short-term investments
26,071 83,095 
Investments in affiliated companies
160,469 148,934 
Other investments
8,798 4,172 
Prepaid expenses and other receivables1,571 5,516 
Current income taxes receivable3,210 1,293 
Accrued interest and dividends599 192 
Property, net1,688 1,562 
Total Assets$253,693 $253,648 
Liabilities and Shareholders’ Equity  
Liabilities:  
Accounts payable and accrued liabilities$1,146 $1,842 
Deferred income taxes, net774 253 
Total liabilities1,920 2,095 
Shareholders’ Equity:  
Preferred stock (1,000 authorized shares; no shares issued)
— — 
Common stock – no par value (10,000 authorized shares; 1,886 and 1,891 shares issued and outstanding as of December 31, 2024 and 2023, respectively, excluding in each period 292 shares of common stock held by the Company)
— — 
Retained earnings251,418 250,915 
Accumulated other comprehensive income 355 638 
Total shareholders’ equity251,773 251,553 
Total Liabilities and Shareholders’ Equity$253,693 $253,648 

Refer to the Notes to Condensed Financial Statements.
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(in thousands, except per share amounts)20242023
Revenues:  
Interest and dividends$4,658 $3,671 
Net investment losses(230)(142)
Rental income870 922 
Gains on disposals of property184 194 
Miscellaneous income (loss)7 (36)
Total Revenues5,489 4,609 
Operating Expenses:  
Personnel expenses1,020 874 
Office and technology expenses577 628 
Other expenses935 979 
Total Operating Expenses2,532 2,481 
Equity in Net Income of Affiliated Companies29,525 19,670 
Income before Income Taxes32,482 21,798 
Provision for Income Taxes1,409 112 
Net Income$31,073 $21,686 
Basic Earnings per Common Share$16.48 $11.45 
Weighted Average Shares Outstanding – Basic1,885 1,893 
Diluted Earnings per Common Share$16.43 $11.45 
Weighted Average Shares Outstanding – Diluted1,892 1,893 

Refer to the Notes to Condensed Financial Statements.
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(in thousands)20242023
Operating Activities  
Net income$31,073 $21,686 
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in net earnings of subsidiaries(29,525)(19,670)
Depreciation131 126 
Accretion of investments, net(2,531)(2,924)
Share-based compensation expense related to stock appreciation rights393 425 
Net gains on disposal of property(184)(194)
Net investment (gains) losses on securities(79)142 
Net realized losses on other investments309 21 
Provision (benefit) for deferred income taxes515 (433)
Decrease (increase) in receivables3,325 (1,652)
(Increase) decrease in current income taxes receivable(1,917)1,506 
(Increase) decrease in other assets(407)3,204 
Decrease in accounts payable and accrued liabilities(696)(1,326)
Net cash provided by operating activities407 911 
Investing Activities  
Dividends received from subsidiaries18,137 32,478 
Purchases of fixed maturity and equity securities(50,146)(1,203)
Purchases of short-term securities(65,448)(127,789)
Purchases of and net earnings from other investments(5,001)(81)
Proceeds from sales and maturities of fixed maturity and equity securities5,220 2,892 
Proceeds from sales and maturities of short-term securities124,472 107,083 
Proceeds from sales and distributions of other investments685 2 
Purchases of property(72)(9)
Proceeds from disposals of property— 206 
Net cash provided by investing activities27,847 13,579 
Financing Activities  
Repurchases of common stock(1,099)(959)
Capital contribution to subsidiaries(447)(1,524)
Dividends paid(29,865)(11,048)
Net cash used in financing activities(31,411)(13,531)
Net (Decrease) Increase in Cash and Cash Equivalents(3,157)959 
Cash and Cash Equivalents, Beginning of Period4,409 3,450 
Cash and Cash Equivalents, End of Period$1,252 $4,409 
Supplemental Disclosures:
Income tax payments, net$6,273 $8,320 
Non cash 1031 exchange proceeds receivable$— $(2,589)

Refer to the Notes to Condensed Financial Statements.
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(in thousands)


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:
Subsidiaries20242023
Investors Title Insurance Company, net*$8,952 $25,478 
Investors Title Exchange Corporation6,700 5,800 
Investors Title Accommodation Corporation— — 
Investors Trust Company500 500 
Investors Title Commercial Agency, LLC1,600 — 
National Investors Holdings, LLC385 700 
Total$18,137 $32,478 
* Total dividends of $13,572 and $27,181 paid to the Parent Company in 2024 and 2023, respectively, netted with dividends of $4,620 and $1,703 received from the Parent Company in 2024 and 2023, respectively.