XML 23 R13.htm IDEA: XBRL DOCUMENT v3.25.3
Segment Information
9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company has two reportable segments, title insurance and exchange services. The remaining immaterial segments have been combined into a group called “All Other.” The Company’s chief operating decision makers (“CODMs”) are the Chief Executive Officer; President, Chief Financial Officer, Chief Accounting Officer, and Treasurer; and Executive Vice President and Secretary. The CODMs use financial metrics such as consolidated operating margin and net income to assess financial performance and to make key operating decisions, such as resource allocation and the rate at which the Company invests in growth opportunities.

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.

The exchange services segment acts as an intermediary in tax-deferred exchanges of property held for productive use in a trade or business or for investments and serves as exchange accommodation titleholder, holding property for exchangers in reverse exchange transactions.

Provided below is selected financial information about the Company's operations by segment for the periods ended September 30, 2025 and 2024:

Three Months Ended
September 30, 2025 (in thousands)
Title
Insurance
Exchange
Services
All
Other
Intersegment EliminationsTotal
Insurance and other services revenues$64,598 $4,176 $2,799 $(3,996)$67,577 
Net investment income4,372 99 975  5,446 
Total revenues68,970 4,275 3,774 (3,996)73,023 
Commissions to agents32,797   (2,576)30,221 
Provision for claims1,209    1,209 
Personnel expenses14,926 633 1,876  17,435 
Other8,420 104 1,808 (1,265)9,067 
Operating expenses57,352 737 3,684 (3,841)57,932 
Income before income taxes$11,618 $3,538 $90 $(155)$15,091 
Total assets$250,872 $1,645 $110,805 $ $363,322 
Three Months Ended
September 30, 2024 (in thousands)
Title
Insurance
Exchange
Services
All
Other
Intersegment EliminationsTotal
Insurance and other services revenues$63,272 $2,634 $2,252 $(4,036)$64,122 
Net investment income3,681 115 911 — 4,707 
Total revenues66,953 2,749 3,163 (4,036)68,829 
Commissions to agents32,097 — — (3,008)29,089 
Provision for claims1,668 — — — 1,668 
Personnel expenses16,059 583 1,415 — 18,057 
Other8,387 85 829 (874)8,427 
Operating expenses58,211 668 2,244 (3,882)57,241 
Income before income taxes$8,742 $2,081 $919 $(154)$11,588 
Total assets$231,805 $10,446 $109,735 $— $351,986 
Nine Months Ended
September 30, 2025 (in thousands)
Title
Insurance
Exchange
Services
All
Other
Intersegment EliminationsTotal
Insurance and other services revenues$185,062 $10,616 $7,552 $(12,083)$191,147 
Net investment income9,178 228 2,684  12,090 
Total revenues194,240 10,844 10,236 (12,083)203,237 
Commissions to agents92,536   (8,381)84,155 
Provision for claims3,612    3,612 
Personnel expenses46,033 1,855 5,341  53,229 
Other25,929 300 4,309 (3,239)27,299 
Operating expenses168,110 2,155 9,650 (11,620)168,295 
Income before income taxes$26,130 $8,689 $586 $(463)$34,942 
Total assets$250,872 $1,645 $110,805 $ $363,322 
Nine Months Ended
September 30, 2024 (in thousands)
Title
Insurance
Exchange
Services
All
Other
Intersegment EliminationsTotal
Insurance and other services revenues$171,767 $8,120 $6,156 $(12,833)$173,210 
Net investment income10,675 280 3,505 — 14,460 
Total revenues182,442 8,400 9,661 (12,833)187,670 
Commissions to agents85,263 — — (9,754)75,509 
Provision for claims3,483 — — — 3,483 
Personnel expenses48,698 1,782 4,313 — 54,793 
Other25,122 248 2,462 (2,599)25,233 
Operating expenses162,566 2,030 6,775 (12,353)159,018 
Income before income taxes$19,876 $6,370 $2,886 $(480)$28,652 
Total assets$231,805 $10,446 $109,735 $— $351,986