INVESTORS TITLE CO
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 7, 2024
ITIC$270.43+4.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Cash Flows For the
Consolidated Statements of Cash Flows
For the Nine Months Ended September 30, 2024 and 2023
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Operating Activities | ||
| Net income | $22,711 | $15,850 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
| Depreciation | 2,491 | 2,005 |
| Accretion of investments, net | (3,070) | (2,663) |
| Amortization of other intangible assets, net | 900 | 982 |
| Share-based compensation expense related to stock appreciation rights | 296 | 337 |
| Net gain on disposals of property | (230) | (99) |
| Net investment gains | (4,640) | (720) |
| Net earnings from other investments | (1,326) | (2,445) |
| Provision for claims | 3,483 | 3,897 |
| Benefit for deferred income taxes | (45) | (4,021) |
| Changes in assets and liabilities: | ||
| (Increase) decrease in premium and fees receivable | (890) | 1,725 |
| Decrease (increase) in other assets | 340 | (4,029) |
| Decrease in lease assets | 420 | 275 |
| Decrease in current income taxes receivable | 384 | 1,174 |
| Increase (decrease) in accounts payable and accrued liabilities | 809 | (16,204) |
| Decrease in lease liabilities | (361) | (200) |
| Increase in current income taxes payable | — | 1,008 |
| Payments of claims, net of recoveries | (3,581) | (3,595) |
| Net cash provided by (used in) operating activities | 17,691 | (6,723) |
| Investing Activities | ||
| Purchases of fixed maturity securities | (47,296) | (18,445) |
| Purchases of equity securities | (6,979) | (7,934) |
| Purchases of short-term investments | (97,963) | (113,548) |
| Purchases of other investments | (5,628) | (2,765) |
| Proceeds from sales and maturities of fixed maturity securities | 9,200 | 6,312 |
| Proceeds from sales of equity securities | 11,238 | 28,836 |
| Proceeds from sales and maturities of short-term investments | 124,494 | 115,829 |
| Proceeds from sales and distributions of other investments and assets | 6,201 | 3,327 |
| Purchases of property | (6,075) | (6,621) |
| Proceeds from the sale of property | 247 | 407 |
| Net cash (used in) provided by investing activities | (12,561) | 5,398 |
| Financing Activities | ||
| Repurchases of common stock | (1,098) | (959) |
| Exercise of stock appreciation rights | 1 | — |
| Dividends paid | (2,600) | (2,616) |
| Net cash used in financing activities | (3,697) | (3,575) |
| Net Increase (Decrease) in Cash and Cash Equivalents | 1,433 | (4,900) |
| Cash and Cash Equivalents, Beginning of Period | 24,031 | 35,311 |
| Cash and Cash Equivalents, End of Period | $25,464 | $30,411 |
| Consolidated Statements of Cash Flows, continued | ||
|---|---|---|
| Nine Months EndedSeptember 30, | ||
| 2024 | 2023 | |
| Supplemental Disclosures: | ||
| Cash Paid During the Year for: | ||
| Income tax payments, net | $5,644 | $6,968 |
| Non-Cash Investing and Financing Activities: | ||
| Non-cash net unrealized (gain) loss on investments, net of deferred tax (provision) benefit of $(125) and $284 for September 30, 2024 and 2023, respectively | $(450) | $1,055 |
| Adjustments to postretirement benefits obligation, net of deferred tax expense of $0 and $(27) for September 30, 2024 and 2023, respectively | $— | $(100) |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.