Investors Title Earnings 2020-03-31

Investors Title Earnings 2020-03-31

ITIC 10Q Quarterly Report

Balance Sheet	Income Statement	Cash Flow
Assets, Equity	Rev, G Profit, Net Income	Ops, Inv, Fin

10-Q 1 itic20200331-10q.htm 10-Q Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q



☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020



☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________________ to ___________________

Commission File Number: 0-11774

INVESTORS TITLE COMPANY

(Exact name of registrant as specified in its charter)

121 North Columbia Street, Chapel Hill, North Carolina 27514

(Address of principal executive offices) (Zip Code)

(919) 968-2200

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:



Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, no par value	ITIC	The NASDAQ Stock Market LLC
Rights to Purchase Series A Junior Participating Preferred Stock		The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):



Large accelerated filer	☐	Accelerated filer	☒

Non-accelerated filer	☐	Smaller reporting company	☐

		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 21, 2020, there were 1,891,181 common shares of the registrant outstanding.

INVESTORS TITLE COMPANY

AND SUBSIDIARIES

INDEX



PART I.	FINANCIAL INFORMATION

Item 1.	Financial Statements:

	Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019	1

	Consolidated Statements of Operations For the Three Months Ended March 31, 2020 and 2019	2

	Consolidated Statements of Comprehensive Income For the Three Months Ended March 31, 2020 and 2019	3

	Consolidated Statements of Stockholders’ Equity For the Three Months Ended March 31, 2020 and 2019	4

	Consolidated Statements of Cash Flows For the Three Months Ended March 31, 2020 and 2019	5

	Notes to Consolidated Financial Statements	7

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	24

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	37

Item 4.	Controls and Procedures	37

PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings	38

Item 1A.	Risk Factors	38

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	38

Item 3.	Defaults Upon Senior Securities	39

Item 4.	Mine Safety Disclosures	39

Item 5.	Other Information	39

Item 6.	Exhibits	40

SIGNATURE		41

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Investors Title Company and Subsidiaries

Consolidated Balance Sheets

As of March 31, 2020 and December 31, 2019

(in thousands)

(unaudited)



	March 31, 2020		December 31, 2019
Assets
Cash and cash equivalents	$	25,324	$	25,949
Investments:
Fixed maturity securities, available-for-sale, at fair value (amortized cost: March 31, 2020: $97,390; December 31, 2019: $100,667)	101,421		104,638
Equity securities, at fair value (cost: March 31, 2020: $34,903; December 31, 2019: $33,570)	47,983		61,108
Short-term investments	15,641		13,134
Other investments	14,229		13,982
Total investments	179,274		192,862

Premium and fees receivable	12,330		12,523
Accrued interest and dividends	1,243		1,033
Prepaid expenses and other receivables	10,026		5,519
Property, net	9,959		9,776
Goodwill and other intangible assets, net	10,149		10,275
Operating lease right-of-use assets	4,300		4,469
Other assets	1,513		1,487
Total Assets	$	254,118	$	263,893

Liabilities and Stockholders’ Equity
Liabilities:
Reserve for claims	$	31,407	$	31,333
Accounts payable and accrued liabilities	27,816		28,318
Operating lease liabilities	4,337		4,502
Current income taxes payable	2,921		1,340
Deferred income taxes, net	3,990		7,038
Total liabilities	70,471		72,531

Commitments and Contingencies	—		—

Stockholders’ Equity:
Preferred stock (1,000 authorized shares; no shares issued)	—		—
Common stock – no par value (10,000 authorized shares; 1,891 and 1,889 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively, excluding in each period 292 shares of common stock held by the Company)	—		—
Retained earnings	180,535		188,262
Accumulated other comprehensive income	3,112		3,100
Total stockholders' equity	183,647		191,362
Total Liabilities and Stockholders’ Equity	$	254,118	$	263,893

Refer to notes to the Consolidated Financial Statements.

Investors Title Company and Subsidiaries

Consolidated Statements of Operations

For the Three Months Ended March 31, 2020 and 2019

(in thousands, except per share amounts)

(unaudited)



	Three Months Ended March 31,
	2020			2019
Revenues:
Net premiums written	$	38,627		$	28,795
Escrow and other title-related fees	1,842			1,322
Non-title services	2,547			2,388
Interest and dividends	1,177			1,256
Other investment income	440			410
Net realized investment (losses) gains	(412		)	790
Changes in the estimated fair value of equity security investments	(14,458		)	4,670
Other	138			315
Total Revenues	29,901			39,946

Operating Expenses:
Commissions to agents	20,187			15,058
Provision for claims	906			226
Personnel expenses	11,809			11,612
Office and technology expenses	2,415			2,223
Other expenses	3,113			2,514
Total Operating Expenses	38,430			31,633

(Loss) Income before Income Taxes	(8,529		)	8,313

(Benefit) Provision for Income Taxes	(1,518		)	1,687

Net (Loss) Income	$	(7,011	)	$	6,626

Basic (Loss) Earnings per Common Share	$	(3.71	)	$	3.51

Weighted Average Shares Outstanding – Basic	1,890			1,887

Diluted (Loss) Earnings per Common Share	$	(3.71	)	$	3.49

Weighted Average Shares Outstanding – Diluted	1,890			1,896

Refer to notes to the Consolidated Financial Statements.

Investors Title Company and Subsidiaries

Consolidated Statements of Comprehensive Income

For the Three Months Ended March 31, 2020 and 2019

(in thousands)

(unaudited)



	Three Months Ended March 31,
	2020			2019
Net (loss) income	$	(7,011	)	$	6,626
Other comprehensive income, before tax:
Accumulated postretirement benefit obligation adjustment	(41		)	—
Net unrealized (loss) gain on investments arising during the period	(391		)	1,450
Reclassification adjustment for sale of securities included in net loss	(30		)	—
Reclassification adjustment for write-down of securities included in net loss	482			—
Other comprehensive income, before tax	20			1,450
Income tax benefit related to postretirement health benefits	(9		)	—
Income tax (benefit) expense related to net unrealized (loss) gain on investments arising during the period	(87		)	307
Income tax benefit related to reclassification adjustment for sale of securities included in net loss	(6		)	—
Income tax expense related to reclassification adjustment for write-down of securities included in net loss	110			—
Net income tax expense on other comprehensive income	8			307
Other comprehensive income	12			1,143
Comprehensive (Loss) Income	$	(6,999	)	$	7,769

Refer to notes to the Consolidated Financial Statements.

Investors Title Company and Subsidiaries

Consolidated Statements of Stockholders’ Equity

For the Three Months Ended March 31, 2020 and 2019

(in thousands, except per share amounts)

(unaudited)



	Common Stock			Retained Earnings			Accumulated Other Comprehensive Income			Total Stockholders’ Equity
	Shares	Amount		Retained Earnings			Accumulated Other Comprehensive Income			Total Stockholders’ Equity
Balance, January 1, 2019	1,887	$	—	$	174,690		$	949		$	175,639
Net income				6,626						6,626
Dividends paid ($0.40 per share)				(755		)				(755		)
Repurchases of common stock	—			(11		)				(11		)
Exercise of stock appreciation rights	2			(1		)				(1		)
Share-based compensation expense related to stock appreciation rights				88						88
Net unrealized gain on investments							1,143			1,143
Balance, March 31, 2019	1,889	$	—	$	180,637		$	2,092		$	182,729

Balance, January 1, 2020	1,889	$	—	$	188,262		$	3,100		$	191,362
Net loss				(7,011		)				(7,011		)
Dividends paid ($0.44 per share)				(832		)				(832		)
Exercise of stock appreciation rights	2			(1		)				(1		)
Share-based compensation expense related to stock appreciation rights				117						117
Accumulated postretirement benefit obligation adjustment							(32		)	(32		)
Net unrealized gain on investments							44			44
Balance, March 31, 2020	1,891	$	—	$	180,535		$	3,112		$	183,647

Refer to notes to the Consolidated Financial Statements.

Investors Title Company and Subsidiaries

Consolidated Statements of Cash Flows

For the Three Months Ended March 31, 2020 and 2019

(in thousands)

(unaudited)



	Three Months Ended March 31,
	2020			2019
Operating Activities
Net (loss) income	$	(7,011	)	$	6,626
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depreciation	457			433
Amortization of investments, net	248			133
Amortization of other intangible assets, net	126			126
Share-based compensation expense related to stock appreciation rights	117			88
Net gain on disposals of property	(2		)	(3		)
Net realized investment losses (gains)	412			(790		)
Net change in estimated fair value of equity security investments	14,458			(4,670		)
Net earnings from other investments	(315		)	(208		)
Provision for claims	906			226
(Benefit) provision for deferred income taxes	(3,057		)	828
Changes in assets and liabilities:
Decrease in premium and fees receivables	193			1,384
Increase in other assets	(4,743		)	(366		)
Decrease (increase) in operating lease right-of-use assets	169			(4,925		)
Decrease in accounts payable and accrued liabilities	(543		)	(4,944		)
(Decrease) increase in operating lease liabilities	(165		)	4,927
Increase in current income taxes payable	1,581			859
Payments of claims, net of recoveries	(832		)	(571		)
Net cash provided by (used in) operating activities	1,999			(847		)

Investing Activities
Purchases of equity securities	(5,866		)	(1,572		)
Purchases of short-term investments	(3,540		)	(50,015		)
Purchases of other investments	(328		)	(776		)
Proceeds from sales and maturities of fixed maturity securities	2,579			925
Proceeds from sales of equity securities	4,557			1,561
Proceeds from sales and maturities of short-term investments	1,034			53,224
Proceeds from sales and distributions of other investments	401			1,843
Proceeds from sales of other assets	10			—
Purchases of property	(643		)	(225		)
Proceeds from the sale of property	5			7
Net cash (used in) provided by investing activities	(1,791		)	4,972

Financing Activities
Repurchases of common stock	—			(11		)
Exercise of stock appreciation rights	(1		)	(1		)
Dividends paid	(832		)	(755		)
Net cash used in financing activities	(833		)	(767		)

Net (Decrease) Increase in Cash and Cash Equivalents	(625		)	3,358
Cash and Cash Equivalents, Beginning of Period	25,949			18,694
Cash and Cash Equivalents, End of Period	$	25,324		$	22,052



Consolidated Statements of Cash Flows, continued
	Three Months Ended March 31,
	2020			2019
Supplemental Disclosures:
Cash (Received) Paid During the Year for:
Income tax refunds, net	$	(42	)	$	—
Non Cash Investing and Financing Activities:
Non cash net unrealized gain on investments, net of deferred tax provision of $(17) and $(307) for March 31, 2020 and 2019, respectively	$	(44	)	$	(1,143	)
Adjustments to postretirement benefits obligation, net of deferred tax benefit of $9 and $0 for March 31, 2020 and 2019, respectively	$	32		$	—

Refer to notes to the Consolidated Financial Statements.

INVESTORS TITLE COMPANY

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

March 31, 2020

(unaudited)

Note 1 – Basis of Presentation and Significant Accounting Policies

Reference should be made to the “Notes to Consolidated Financial Statements” appearing in the Annual Report on Form 10-K for the year ended December 31, 2019 of Investors Title Company (the “Company”) for a complete description of the Company’s significant accounting policies.

Principles of Consolidation – The accompanying unaudited Consolidated Financial Statements include the accounts and operations of Investors Title Company and its subsidiaries, and have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information, with the instructions to Form 10-Q and with Article 10 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted. All intercompany balances and transactions have been eliminated in consolidation.

In the opinion of management, all adjustments considered necessary for a fair presentation of the financial position, results of operations and cash flows of the Company in the accompanying unaudited Consolidated Financial Statements have been included. All such adjustments are of a normal recurring nature. Operating results for the three-month period ended March 31, 2020 are not necessarily indicative of the financial condition and results that may be expected for the year ending December 31, 2020 or any other interim period.

Use of Estimates and Assumptions – The preparation of the Company’s Consolidated 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 Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions used.

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 Adopted Accounting Standards

In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses (Topic 326). ASU 2016-13 updated guidance to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The update broadened the information that an entity must consider in developing its expected credit loss estimates, and was meant to better reflect an entity’s current estimate of all expected credit losses. In addition, this update amended the accounting for credit losses on available-for-sale fixed maturity securities and purchased financial assets with credit deterioration. The update was effective for the Company for annual periods beginning after December 15, 2019, and interim periods within those fiscal years. The Company adopted this update on January 1, 2020 with no material impact on the Company's financial position and results of operations. Refer to Note 6 for further information about the Company's investments.

In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350). This update removed the requirement to compare the implied fair value of goodwill with its carrying amount as part of step 2 of the goodwill impairment test. As a result, under the ASU, an entity is required to perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and must recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized must not exceed the total amount of goodwill allocated to that reporting unit. In addition, the ASU clarified that an entity is required to consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The update was effective for the Company for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. The Company adopted this update on January 1, 2020 with no impact on the Company's financial position and results of operations.

Recently Issued Accounting Standards

In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes. ASU 2019-12 is intended to reduce the complexity in accounting for income taxes during interim and annual periods and is expected to provide clarity on income tax situations where a diversity in practice has developed. The update is effective for annual and interim periods in fiscal years beginning after December 15, 2020. Early adoption is permitted for interim or annual periods for which financial statements have not yet been issued. None of these amendments are expected to have a material impact on the Company's financial position or results of operations.

In January 2020, the FASB issued ASU 2020-01, Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815). This update clarifies that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative immediately before applying or upon discontinuing the equity method. In addition, this update clarifies that, when determining the accounting for certain forward contracts and purchased options, a company should not consider, whether upon settlement or exercise, if the underlying securities would be accounted for under the equity method or fair value option. The update is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted, including early adoption in an interim period, for periods for which financial statements have not yet been issued. 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, and does not expect it to have a material impact.

Significant Accounting Policies – The Company has updated the following accounting policies due to the adoption of ASU 2016-13, Financial Instruments - Credit Losses (Topic 326):

Allowance for Credit Losses – Available-for-Sale Securities

For available-for-sale fixed maturity securities in an unrealized loss position, the Company evaluates the securities to determine whether the decline in the estimated fair value below the amortized cost basis (impairment) is due to credit-related factors or noncredit-related factors. Any impairment that is not credit related is recognized in other comprehensive income, net of applicable taxes. Credit-related impairment is recognized as an allowance for credit losses (“ACL”) on the Consolidated Balance Sheets, limited to the amount by which the amortized cost basis exceeds the estimated fair value, with a corresponding adjustment to earnings. Both the ACL and the adjustment to the Consolidated Statements of Operations may be reversed if conditions change. However, if the Company intends to sell an impaired available-for-sale fixed maturity security or more likely than not will be required to sell such a security before recovering its amortized cost basis, the entire impairment amount must be recognized in earnings with a corresponding adjustment to the security’s amortized cost basis. Because the security’s amortized cost basis is adjusted to estimated fair value, there is no ACL in this situation.

In evaluating available-for-sale fixed maturity securities in unrealized loss positions for impairment and the criteria regarding its intent or requirement to sell such securities, the Company considers the extent to which estimated fair value is less than amortized cost, whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuers’ financial condition, among other factors.

Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the ACL when management believes the uncollectability of an available-for-sale fixed maturity security is confirmed or when either of the criteria regarding intent or requirement to sell is met.

Accrued interest receivable is excluded from the estimate of credit losses.

Note 2 – Reserve for Claims

Activity in the reserve for claims for the three-month period ended March 31, 2020 and the year ended December 31, 2019 are summarized as follows:



(in thousands)	March 31, 2020			December 31, 2019
Balance, beginning of period	$	31,333		$	31,729
Provision charged to operations	906			3,532
Payments of claims, net of recoveries	(832		)	(3,928		)
Balance, end of period	$	31,407		$	31,333

The total reserve for all reported and unreported losses the Company incurred through March 31, 2020 is represented by the reserve for claims on the Consolidated Balance Sheets. 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 claims that have been incurred but not yet reported (“IBNR”). Despite the variability of such estimates, management believes that the total reserve for claims is adequate to cover claim losses which might result from pending and future claims under title insurance policies issued through March 31, 2020. Management continually reviews and adjusts its reserve for claims estimates to reflect its loss experience and any new information that becomes available. Adjustments resulting from such reviews could be significant.

A summary of the Company’s reserve for claims, broken down into its components of known title claims and IBNR, follows:



(in thousands, except percentages)	March 31, 2020		%	December 31, 2019		%
Known title claims	$	3,596	11.4	$	3,799	12.1
IBNR	27,811		88.6	27,534		87.9
Total reserve for claims	$	31,407	100.0	$	31,333	100.0

Claims and losses paid are charged to the reserve 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 Company carries assets at the lower of cost or estimated fair value, net of any indebtedness on the property.

Note 3 – Earnings Per Common Share and Share Awards

Basic (loss) earnings per common share is computed by dividing net (loss) income by the weighted average number of common shares outstanding during the reporting period. Diluted (loss) earnings per common share is computed by dividing net (loss) income 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, as share-based awards are exercised, (a) the exercise price of a share-based award and (b) the amount of compensation cost, if any, for future services that the Company has not yet recognized, are assumed to be used to repurchase shares in the current period.

The following table sets forth the computation of basic and diluted (loss) earnings per share for the three-month periods ended March 31:



	Three Months Ended March 31,
(in thousands, except per share amounts)	2020			2019
Net (loss) income	$	(7,011	)	$	6,626
Weighted average common shares outstanding – Basic	1,890			1,887
Incremental shares outstanding assuming the exercise of dilutive SARs (share-settled)	—			9
Weighted average common shares outstanding – Diluted	1,890			1,896
Basic (loss) earnings per common share	$	(3.71	)	$	3.51
Diluted (loss) earnings per common share	$	(3.71	)	$	3.49

There were 15 thousand and 9 thousand potential shares excluded from the computation of diluted (loss) earnings per share for the three-month periods ended March 31, 2020 and 2019, respectively, due to the out-of-the-money status of the related share-based awards. Diluted loss per share is comparable to basic loss per share when an organization is in a net loss situation, like the Company was for the three-month period ended March 31, 2020, as the impact to loss per share from share awards is antidilutive.

The Company historically has adopted employee stock award plans under which restricted stock, options or stock appreciation rights ("SARs") exercisable for the Company's stock may be granted to key employees or directors of the Company. There is currently one active plan from which the Company may grant share-based awards. The awards eligible to be granted under the active plan are limited to SARs, and the maximum aggregate number of shares of common stock of the Company available pursuant to the plan for the grant of SARs is 250 thousand shares.

As of March 31, 2020, the only outstanding awards under the plans were SARs, which expire within seven years or less from the date of grant. Most outstanding SARs vest and are exercisable within one year of the date of grant, with the exception of a one-time grant where the SARs vest over a five-year period. All SARs issued to date have been share-settled only. There have been no stock options or SARs granted where the exercise price was less than the market price on the date of grant.

There was approximately $118 thousand and $88 thousand of compensation expense relating to SARs vesting on or before March 31, 2020 and 2019, respectively, included in personnel expenses in the Consolidated Statements of Operations. As of March 31, 2020, there was $171 thousand of unrecognized compensation expense related to unvested share-based compensation arrangements granted under the Company’s stock award plans.

A summary of share-based award transactions for all share-based award plans follows:



(in thousands, except weighted average exercise price and average remaining contractual term)	Number Of Shares		Weighted Average Exercise Price		Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding as of January 1, 2019	28		$	110.27	3.64	$	2,019
SARs granted	4		162.81
SARs exercised	(2	)	50.50
Outstanding as of December 31, 2019	30		$	124.13	3.53	$	1,352
SARs granted	7		143.53
SARs exercised	(5	)	74.87
Outstanding as of March 31, 2020	32		$	135.47	4.33	$	585

Exercisable as of March 31, 2020	27		$	135.02	3.83	$	585

Unvested as of March 31, 2020	5		$	137.90	6.96	$	—

During the first quarter of 2020 the Company issued 7 thousand share-settled SARs to directors and employees of the Company. There were no such issuances in the first quarter of 2019, as all 2019 issuances of share-settled SARs were made in the second quarter. 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 value for the SARs issued during first quarter 2020 was $35.49 and was estimated using the weighted average assumptions shown in the table below.



	2020
Expected Life in Years	6.2 - 7.0
Volatility	27.2%
Interest Rate	0.8%
Yield Rate	1.0%

Note 4 – 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 March 31, 2020 and 2019:



Three Months Ended March 31, 2020 (in thousands)	Title Insurance			All Other			Intersegment Eliminations			Total
Insurance and other services revenues	$	41,853		$	2,805		$	(1,504	)	$	43,154
Investment loss	(11,460		)	(1,381		)	—			(12,841		)
Net realized gain (loss) on investments	63			(475		)	—			(412		)
Total revenues	$	30,456		$	949		$	(1,504	)	$	29,901
Operating expenses	37,443			2,345			(1,358		)	38,430
Loss before income taxes	$	(6,987	)	$	(1,396	)	$	(146	)	$	(8,529	)
Total assets	$	187,236		$	66,882		$	—		$	254,118



Three Months Ended March 31, 2019 (in thousands)	Title Insurance		All Other		Intersegment Eliminations			Total
Insurance and other services revenues	$	31,319	$	2,691	$	(1,190	)	$	32,820
Investment income	5,430		906		—			6,336
Net realized gain on investments	764		26		—			790
Total revenues	$	37,513	$	3,623	$	(1,190	)	$	39,946
Operating expenses	30,452		2,237		(1,056		)	31,633
Income before income taxes	$	7,061	$	1,386	$	(134	)	$	8,313
Total assets	$	200,187	$	52,803	$	—		$	252,990

Note 5 – Retirement Agreements and Other Postretirement Benefits

The Company’s subsidiary, Investors Title Insurance Company ("ITIC"), is a party to employment agreements with key executives that provide for the continuation of certain employee benefits and other payments due under the agreements upon retirement, estimated to total $12.3 million and $12.2 million as of March 31, 2020 and December 31, 2019, respectively. The executive employee benefits include health, dental, vision and life insurance and are unfunded. These amounts are classified as accounts payable and accrued liabilities in the Consolidated Balance Sheets. The following sets forth the net periodic benefit cost for the executive benefits for the periods ended March 31, 2020 and 2019:



	Three Months Ended March 31,
(in thousands)	2020		2019
Service cost – benefits earned during the year	$	—	$	—
Interest cost on the projected benefit obligation	8		8
Amortization of unrecognized losses	—		—
Net periodic benefit cost	$	8	$	8

Note 6 – Investments and Estimated Fair Value

Investments in Fixed Maturity Securities

The estimated fair value, gross unrealized holding gains, gross unrealized holding losses and amortized cost for fixed maturity securities by major classification are as follows:



As of March 31, 2020 (in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Fixed maturity securities, available-for-sale, at fair value:
Government obligations	$	24,126	$	335	$	—	$	24,461
General obligations of U.S. states, territories and political subdivisions	18,565		835		—		19,400
Special revenue issuer obligations of U.S. states, territories and political subdivisions	50,758		2,455		12		53,201
Corporate debt securities	3,941		451		33		4,359
Total	$	97,390	$	4,076	$	45	$	101,421



As of December 31, 2019 (in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Fixed maturity securities, available-for-sale, at fair value:
Government obligations	$	25,161	$	6	$	4	$	25,163
General obligations of U.S. states, territories and political subdivisions	18,887		843		—		19,730
Special revenue issuer obligations of U.S. states, territories and political subdivisions	51,188		2,530		20		53,698
Corporate debt securities	5,431		621		5		6,047
Total	$	100,667	$	4,000	$	29	$	104,638

The special revenue category for both periods presented includes approximately 50 individual fixed maturity securities with revenue sources from a variety of industry sectors.

The scheduled maturities of fixed maturity securities at March 31, 2020 are as follows:



	Available-for-Sale
(in thousands)	Amortized Cost		Estimated Fair Value
Due in one year or less	$	20,293	$	20,465
Due one year through five years	51,783		53,970
Due five years through ten years	24,501		25,772
Due after ten years	813		1,214
Total	$	97,390	$	101,421

Expected maturities will differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without penalties.

The following table presents the gross unrealized losses on fixed maturity securities and the estimated 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 March 31, 2020 and December 31, 2019:



	Less than 12 Months					12 Months or Longer					Total
As of March 31, 2020 (in thousands)	Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses
Special revenue issuer obligations of U.S. states, territories and political subdivisions	$	1,573	$	(10	)	$	1,114	$	(2	)	$	2,687	$	(12	)
Corporate debt securities	640		(33		)	—		—			640		(33		)
Total temporarily impaired securities	$	2,213	$	(43	)	$	1,114	$	(2	)	$	3,327	$	(45	)



	Less than 12 Months					12 Months or Longer					Total
As of December 31, 2019 (in thousands)	Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses
Government obligations	$	12,045	$	(4	)	$	—	$	—		$	12,045	$	(4	)
Special revenue issuer obligations of U.S. states, territories and political subdivisions	1,101		(17		)	1,118		(3		)	2,219		(20		)
Corporate debt securities	413		(5		)	—		—			413		(5		)
Total temporarily impaired securities	$	13,559	$	(26	)	$	1,118	$	(3	)	$	14,677	$	(29	)

The decline in estimated 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 will likely 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.

Management evaluates available-for-sale fixed maturity securities in unrealized loss positions to determine whether the impairment is due to credit-related factors or noncredit-related factors. Consideration is given to (1) the extent to which the fair value is less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value.

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 9 and 6 fixed maturity securities had unrealized losses without an allowance for credit losses at March 31, 2020 and December 31, 2019, respectively. The Company does not have the intent to sell any of these securities and believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. The Company believes that the unrealized losses detailed in the previous table are due to noncredit-related factors, including changes in interest rates and other market conditions, and therefore the unrealized loss is recorded in accumulated other comprehensive income.

Reviews of the values of fixed maturity 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. The Company recorded $482 thousand and $0 other-than-temporary impairment charges related to fixed maturity securities for the three-month periods ended March 31, 2020 and 2019, respectively. Expenses related to other-than-temporary impairments are recorded in net realized investment (losses) gains in the Consolidated Statements of Operations when recognized.

Investments in Equity Securities

The cost and estimated fair value of equity securities are as follows:



As of March 31, 2020 (in thousands)	Cost		Estimated Fair Value
Equity securities, at fair value:
Common stocks	$	34,903	$	47,983
Total	$	34,903	$	47,983



As of December 31, 2019 (in thousands)	Cost		Estimated Fair Value
Equity securities, at fair value:
Common stocks	$	33,570	$	61,108
Total	$	33,570	$	61,108

Unrealized holding gains and losses are reported in the Consolidated Statements of Operations as changes in the estimated fair value of equity security investments.

Net Realized Investment (Losses) Gains

Gross realized gains and losses on sales of investments for the three-month periods ended March 31 are summarized as follows:



(in thousands)	2020			2019
Gross realized gains from securities:
Corporate debt securities	$	30		$	—
Common stocks	747			831
Total	$	777		$	831
Gross realized losses from securities:
Common stocks	$	(722	)	$	(41	)
Other-than-temporary impairment of securities	(482		)	—
Total	$	(1,204	)	$	(41	)
Net realized (losses) gains from securities	$	(427	)	$	790
Net realized gains on other investments:
Gains on other investments	$	20		$	—
Net loss on other assets and investments	(5		)	—
Total	$	15		$	—
Net realized investment (losses) gains	$	(412	)	$	790

Realized gains and losses are determined on the specific identification method.

Variable Interest Entities

The Company holds investments in variable interest entities ("VIEs") that are not consolidated in the Company's financial statements as the Company is not the primary beneficiary. These entities are considered VIEs as the equity investors at risk, including the Company, do not have the power over the activities that most significantly impact the economic performance of the entities; this power resides with a third-party general partner or managing member that cannot be removed except for cause. The following table sets forth details about the Company's variable interest investments in VIEs, which are structured either as limited partnerships ("LPs") or limited liability companies ("LLCs"), as of March 31, 2020:



(in thousands)	Balance Sheet Classification	Carrying Value		Estimated Fair Value		Maximum Potential Loss (a)
Tax credit LPs	Other investments	$	223	$	223	$	1,768
Real estate LLCs or LPs	Other investments	5,390		6,231		6,675
Small business investment LPs	Other investments	6,516		6,311		8,955
Total		$	12,129	$	12,765	$	17,398



(a)		Maximum potential loss is calculated as the total investment in the LLC or LP, including any capital commitments that may have not yet been called. The Company is not exposed to any loss beyond the total commitment of its investment.

Valuation of Financial Assets

The FASB has established a valuation hierarchy for disclosure of the inputs used to measure estimated 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.

The Level 1 category includes equity securities and U.S. Treasury securities that are measured at estimated fair value using quoted active market prices.

The Level 2 category includes fixed maturity securities such as corporate debt securities, U.S. government obligations, and obligations of U.S. states, territories, and political subdivisions. Estimated fair value is principally based on market values obtained from a third-party pricing service. Factors that are used in determining estimated 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 March 31, 2020 and December 31, 2019, the Company did not adjust any Level 2 fair values.

A number of the Company’s investment grade corporate debt securities 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 estimated fair values for these instruments uses valuation models that 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.

In the measurement of the estimated 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.

Measurement alternative equity investments

The measurement alternative method requires investments without readily determinable fair values to be recorded at cost, less impairments, and plus or minus any changes resulting from observable price changes. 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.

Accrued interest and dividends

The carrying amount for accrued interest and dividends is a reasonable estimate of fair value due to the short-term maturity of these assets.

The following table presents, by level, fixed maturity securities carried at estimated fair value as of March 31, 2020 and December 31, 2019:



As of March 31, 2020 (in thousands)	Level 1		Level 2		Level 3		Total
Fixed maturity securities:
Obligations of U.S. states, territories and political subdivisions*	$	24,461	$	72,601	$	—	$	97,062
Corporate debt securities*	—		4,359		—		4,359
Total	$	24,461	$	76,960	$	—	$	101,421



As of December 31, 2019 (in thousands)	Level 1		Level 2		Level 3		Total
Fixed maturity securities:
Obligations of U.S. states, territories and political subdivisions*	$	24,160	$	74,431	$	—	$	98,591
Corporate debt securities*	—		6,047		—		6,047
Total	$	24,160	$	80,478	$	—	$	104,638

*Denotes fair market value obtained from pricing services.

The following table presents, by level, estimated fair values of equity investments and other financial instruments as of March 31, 2020 and December 31, 2019:



As of March 31, 2020 (in thousands)	Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	25,324	$	—	$	—	$	25,324
Accrued interest and dividends	1,243		—		—		1,243
Equity securities, at fair value:
Common stocks	47,983		—		—		47,983
Short-term investments:
Money market funds and certificates of deposit	15,641		—		—		15,641
Other investments:
Equity investments in unconsolidated affiliates, equity method	—		—		6,080		6,080
Equity investments in unconsolidated affiliates, measurement alternative	—		—		8,149		8,149
Total	$	90,191	$	—	$	14,229	$	104,420



As of December 31, 2019 (in thousands)	Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	25,949	$	—	$	—	$	25,949
Accrued interest and dividends	1,033		—		—		1,033
Equity securities, at fair value:
Common stocks	61,108		—		—		61,108
Short-term investments:
Money market funds and certificates of deposit	13,134		—		—		13,134
Other investments:
Equity investments in unconsolidated affiliates, equity method	—		—		6,083		6,083
Equity investments in unconsolidated affiliates, measurement alternative	—		—		7,899		7,899
Total	$	101,224	$	—	$	13,982	$	115,206

The Company did not hold any Level 3 category debt or marketable equity investment securities as of March 31, 2020 or December 31, 2019.

There were no transfers into or out of Levels 1, 2 or 3 during the periods presented.

To help ensure that estimated fair value determinations are consistent with 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 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 estimated fair values consistent with ASC 820.

Certain equity investments under the measurement alternative are measured at estimated fair value on a non-recurring basis and are reviewed for impairment quarterly. If any such investment is determined to be other-than-temporarily impaired, an impairment charge is recorded against such investment and reflected in the Consolidated Statements of Operations. There were no impairments of such investments made during the three-month period ended March 31, 2020 or the twelve-month period ended December 31, 2019. The following table presents a rollforward of equity investments under the measurement alternative as of March 31, 2020 and December 31, 2019:



(in thousands)	Balance, January 1, 2020		Amounts Impaired		Observable Changes		Purchases and Additional Commitments Paid		Sales, Returns of Capital and Other Reductions		Balance, March 31, 2020
Other investments:
Equity investments in unconsolidated affiliates, measurement alternative	$	7,899	$	—	$	—	$	250	$	—	$	8,149
Total	$	7,899	$	—	$	—	$	250	$	—	$	8,149



(in thousands)	Balance, January 1, 2019		Amounts Impaired		Observable Changes		Purchases and Additional Commitments Paid		Sales, Returns of Capital and Other Reductions			Balance, December 31, 2019
Other investments:
Equity investments in unconsolidated affiliates, measurement alternative	$	6,589	$	—	$	—	$	2,241	$	(931	)	$	7,899
Total	$	6,589	$	—	$	—	$	2,241	$	(931	)	$	7,899

Note 7 – 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, examinations, and inquiries. It is the opinion of management based on its present expectations that findings from these audits, examinations, and inquiries will not have a material impact on the Company’s consolidated financial condition or results of 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, escrowed funds received under escrow agreements, undisbursed amounts received for settlement of mortgage loans and indemnities against specific title risks. 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 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 $223.6 million and $214.6 million as of March 31, 2020 and December 31, 2019, 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 transfers of property, disbursements of proceeds and the return on the proceeds at the agreed upon interest rate. Exchange services revenues include earnings on these deposits; therefore, investment income is included as a component of non-title services on the Consolidated Statements of Operations rather than other investment income. Like-kind exchange funds are primarily invested in money market and other short-term investments.

COVID-19 – An outbreak of a coronavirus ("COVID-19" or "the virus") has emerged and in March 2020 the World Health Organization declared it a pandemic. This contagious disease outbreak has continued to spread across the globe and is impacting worldwide economic activity and financial markets. The pandemic has had a negative impact on the real estate market and the value of marketable securities, including those held by the Company. In response, the U.S. government and its agencies have taken a number of significant measures to provide monetary stimulus. Such actions include an unscheduled cut to the federal funds rate, the introduction of new programs to preserve market liquidity, extended unemployment and sick leave benefits, low-interest loans for working capital access and payroll assistance, and other relief measures for both workers and businesses. The Company is fully operational and has not had any reductions in workforce. A large portion of the Company's workforce is performing their job functions remotely. The Company has not taken stimulus relief funding or added any other forms of debt.

Note 8 – 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 investment in these limited liability companies. The following tables set forth the approximate values by year found within each financial statement classification:



Financial Statement Classification, Consolidated Balance Sheets (in thousands)	As of March 31, 2020		As of December 31, 2019
Other investments	$	6,080	$	6,083
Premium and fees receivable	$	434	$	410



Financial Statement Classification, Consolidated Statements of Operations (in thousands)	Three Months Ended March 31,
	Three Months Ended March 31,
	2020		2019
Net premiums written	$	4,057	$	3,119
Non-title services and other investment income	$	502	$	473
Commissions to agents	$	2,679	$	2,073

Note 9 – Intangible Assets, Goodwill and Title Plant

Intangible Assets

The estimated fair values of intangible assets recognized as the result of title insurance agency acquisitions, all Level 3 inputs, are principally based on values obtained from an independent third-party valuation service. In accordance with ASC 350, Intangibles – Goodwill and Other, management determined that no events or changes in circumstances occurred during the three-month periods ended March 31, 2020 and 2019 that would indicate the carrying amounts may not be recoverable, and therefore determined that no identifiable intangible assets were impaired.

Identifiable intangible assets consist of the following:



(in thousands)	As of March 31, 2020			As of December 31, 2019
Referral relationships	$	6,416		$	6,416
Non-compete agreements	1,406			1,406
Tradename	560			560
Total	8,382			8,382
Accumulated amortization	(2,583		)	(2,456		)
Identifiable intangible assets, net	$	5,799		$	5,926

The following table provides the estimated aggregate amortization expense for each of the five succeeding fiscal years:



Year Ended (in thousands)
2020	$	378
2021	562
2022	525
2023	525
2024	473
Thereafter	3,336
Total	$	5,799

Goodwill and Title Plant

As of March 31, 2020, the Company recognized $4.4 million in goodwill and $690 thousand in a title plant, net of impairments, as the result of title insurance agency acquisitions. The title plant is included with other assets in the Consolidated Balance Sheets. The fair values of goodwill and the title plant, both Level 3 inputs, are principally based on values obtained from an independent third-party valuation service as of the date of acquisition. In accordance with ASC 350, Intangibles – Goodwill and Other, management determined that no events or changes in circumstances occurred during the three-month periods ended March 31, 2020 and 2019 that would indicate the carrying amounts may not be recoverable, and therefore determined that neither goodwill nor the title plant were impaired.

Note 10 – 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 March 31, 2020 and 2019:

Price	155.27	EPS	11
Shares	2	P/E	15
MCap	294	P/FCF	30
Net Debt	-44	EBIT	25
TEV	250	TEV/EBIT	10
TTM 2019-09-30, in MM, except price, ratios

10-Q	2020-03-31	Filed 2020-05-08
10-K	2019-12-31	Filed 2020-03-11
10-Q	2019-09-30	Filed 2019-11-07
10-Q	2019-06-30	Filed 2019-08-08
10-Q	2019-03-31	Filed 2019-05-08
10-K	2018-12-31	Filed 2019-03-13
10-Q	2018-09-30	Filed 2018-11-07
10-Q	2018-06-30	Filed 2018-08-08
10-Q	2018-03-31	Filed 2018-05-10
10-K	2017-12-31	Filed 2018-03-12
10-Q	2017-09-30	Filed 2017-11-07
10-Q	2017-06-30	Filed 2017-08-08
10-Q	2017-03-31	Filed 2017-05-08
10-K	2016-12-31	Filed 2017-03-10
10-Q	2016-09-30	Filed 2016-11-07
10-Q	2016-06-30	Filed 2016-08-08
10-Q	2016-03-31	Filed 2016-05-06
10-K	2015-12-31	Filed 2016-03-11
10-Q	2015-09-30	Filed 2015-11-09
10-Q	2015-06-30	Filed 2015-08-07
10-Q	2015-03-31	Filed 2015-05-07
10-K	2014-12-31	Filed 2015-03-13
10-Q	2014-09-30	Filed 2014-11-06
10-Q	2014-06-30	Filed 2014-08-08
10-Q	2014-03-31	Filed 2014-05-09
10-K	2013-12-31	Filed 2014-03-14
10-Q	2013-09-30	Filed 2013-11-07
10-Q	2013-06-30	Filed 2013-08-08
10-Q	2013-03-31	Filed 2013-05-10
10-K	2012-12-31	Filed 2013-03-14
10-Q	2012-09-30	Filed 2012-11-13
10-Q	2012-06-30	Filed 2012-08-13
10-Q	2012-03-31	Filed 2012-05-08
10-K	2011-12-31	Filed 2012-03-15
10-Q	2011-09-30	Filed 2011-11-14
10-Q	2011-06-30	Filed 2011-08-09
10-Q	2011-03-31	Filed 2011-04-29
10-K	2010-12-31	Filed 2011-03-09
10-Q	2010-09-30	Filed 2010-10-29
10-Q	2010-06-30	Filed 2010-08-02
10-Q	2010-03-31	Filed 2010-04-30
10-K	2009-12-31	Filed 2010-03-05

8-K	2020-05-20
8-K	2020-05-05
8-K	2020-02-27
8-K	2020-02-11
8-K	2019-11-04
8-K	2019-08-05
8-K	2019-05-15
8-K	2019-05-03
8-K	2019-02-08
8-K	2018-11-02
8-K	2018-08-06
8-K	2018-05-16
8-K	2018-05-08
8-K	2018-02-07

EX-31.1	itic_20200331xex-311.htm
EX-31.2	itic_20200331xex-312.htm
EX-32	itic_20200331xex-32.htm

North Carolina

(State of incorporation)

(I.R.S. Employer Identification No.)