☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
North Carolina | 56-1110199 | |||||||||||||||||||
(State of incorporation) | (I.R.S. Employer Identification No.) |
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 |
Large accelerated filer | ☐ | Accelerated filer | ☒ | |||||||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☒ | |||||||||||||||||||||||
Emerging growth company | ☐ |
PART I. | FINANCIAL INFORMATION | |||||||
Item 1. | Financial Statements: | |||||||
Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019
|
||||||||
Consolidated Statements of Operations For the Three and Nine Months Ended September 30, 2020 and 2019
|
||||||||
Consolidated Statements of Comprehensive Income For the Three and Nine Months Ended September 30, 2020 and 2019
|
||||||||
Consolidated Statements of Stockholders’ Equity For the Three and Nine Months Ended September 30, 2020 and 2019
|
||||||||
Consolidated Statements of Cash Flows For the Nine Months Ended September 30, 2020 and 2019
|
||||||||
PART II. | OTHER INFORMATION | |||||||
Legal Proceedings
|
||||||||
Risk Factors | ||||||||
Item 3. | Defaults Upon Senior Securities | |||||||
Item 4. | Mine Safety Disclosures | |||||||
Item 5. | Other Information | |||||||
September 30,
2020 |
December 31,
2019 |
||||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 41,534 | $ | 25,949 | |||||||
Investments: | |||||||||||
Fixed maturity securities, available-for-sale, at fair value (amortized cost: September 30, 2020: $92,912; December 31, 2019: $100,667)
|
98,428 | 104,638 | |||||||||
Equity securities, at fair value (cost: September 30, 2020: $34,180; December 31, 2019: $33,570)
|
58,851 | 61,108 | |||||||||
Short-term investments
|
22,516 | 13,134 | |||||||||
Other investments
|
14,829 | 13,982 | |||||||||
Total investments
|
194,624 | 192,862 | |||||||||
Premium and fees receivable | 17,291 | 12,523 | |||||||||
Accrued interest and dividends | 1,187 | 1,033 | |||||||||
Prepaid expenses and other receivables | 9,185 | 5,519 | |||||||||
Property, net | 10,669 | 9,776 | |||||||||
Goodwill and other intangible assets, net | 9,897 | 10,275 | |||||||||
Operating lease right-of-use assets | 3,798 | 4,469 | |||||||||
Other assets | 1,560 | 1,487 | |||||||||
Total Assets
|
$ | 289,745 | $ | 263,893 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Liabilities: | |||||||||||
Reserve for claims
|
$ | 33,532 | $ | 31,333 | |||||||
Accounts payable and accrued liabilities
|
31,565 | 28,318 | |||||||||
Operating lease liabilities
|
3,937 | 4,502 | |||||||||
Current income taxes payable
|
813 | 1,340 | |||||||||
Deferred income taxes, net
|
6,971 | 7,038 | |||||||||
Total liabilities
|
76,818 | 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; 1,892 and 1,889 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively, excluding in each period 292 shares of common stock held by the Company)
|
— | — | |||||||||
Retained earnings
|
208,647 | 188,262 | |||||||||
Accumulated other comprehensive income
|
4,280 | 3,100 | |||||||||
Total stockholders' equity
|
212,927 | 191,362 | |||||||||
Total Liabilities and Stockholders’ Equity
|
$ | 289,745 | $ | 263,893 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
|||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Net premiums written | $ | 57,205 | $ | 40,169 | $ | 143,311 | $ | 103,942 | ||||||||||||||||||
Escrow and other title-related fees | 2,154 | 2,393 | 6,014 | 5,616 | ||||||||||||||||||||||
Non-title services | 1,954 | 2,539 | 6,476 | 7,444 | ||||||||||||||||||||||
Interest and dividends | 1,060 | 1,156 | 3,342 | 3,605 | ||||||||||||||||||||||
Other investment income | 1,270 | 708 | 2,236 | 2,044 | ||||||||||||||||||||||
Net realized investment gains | 186 | 423 | 327 | 1,199 | ||||||||||||||||||||||
Changes in the estimated fair value of equity security investments | 3,619 | 406 | (2,867) | 6,218 | ||||||||||||||||||||||
Other | 185 | 145 | 443 | 550 | ||||||||||||||||||||||
Total Revenues | 67,633 | 47,939 | 159,282 | 130,618 | ||||||||||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||||
Commissions to agents | 29,068 | 19,928 | 73,344 | 51,261 | ||||||||||||||||||||||
Provision for claims | 1,552 | 987 | 4,452 | 3,610 | ||||||||||||||||||||||
Personnel expenses | 12,575 | 11,576 | 36,632 | 34,871 | ||||||||||||||||||||||
Office and technology expenses | 2,456 | 2,350 | 7,328 | 6,803 | ||||||||||||||||||||||
Other expenses | 3,125 | 3,079 | 9,276 | 8,821 | ||||||||||||||||||||||
Total Operating Expenses | 48,776 | 37,920 | 131,032 | 105,366 | ||||||||||||||||||||||
Income before Income Taxes | 18,857 | 10,019 | 28,250 | 25,252 | ||||||||||||||||||||||
Provision for Income Taxes | 3,556 | 2,067 | 5,465 | 5,174 | ||||||||||||||||||||||
Net Income | $ | 15,301 | $ | 7,952 | $ | 22,785 | $ | 20,078 | ||||||||||||||||||
Basic Earnings per Common Share | $ | 8.09 | $ | 4.21 | $ | 12.04 | $ | 10.63 | ||||||||||||||||||
Weighted Average Shares Outstanding – Basic | 1,892 | 1,889 | 1,892 | 1,888 | ||||||||||||||||||||||
Diluted Earnings per Common Share | $ | 8.07 | $ | 4.20 | $ | 12.02 | $ | 10.59 | ||||||||||||||||||
Weighted Average Shares Outstanding – Diluted | 1,895 | 1,895 | 1,896 | 1,896 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net income | $ | 15,301 | $ | 7,952 | $ | 22,785 | $ | 20,078 | |||||||||||||||
Other comprehensive income, before tax: | |||||||||||||||||||||||
Accumulated postretirement benefit obligation adjustment
|
— | — | (41) | — | |||||||||||||||||||
Net unrealized gain on investments arising during the period
|
61 | 431 | 1,093 | 2,847 | |||||||||||||||||||
Reclassification adjustment for sale of securities included in net income
|
— | — | (30) | — | |||||||||||||||||||
Reclassification adjustment for write-down of securities included in net income
|
— | — | 482 | — | |||||||||||||||||||
Other comprehensive income, before tax
|
61 | 431 | 1,504 | 2,847 | |||||||||||||||||||
Income tax benefit related to postretirement health benefits
|
— | — | (9) | — | |||||||||||||||||||
Income tax expense related to net unrealized gain on investments arising during the period
|
11 | 90 | 229 | 601 | |||||||||||||||||||
Income tax benefit related to reclassification adjustment for sale of securities included in net income
|
— | — | (6) | — | |||||||||||||||||||
Income tax expense related to reclassification adjustment for write-down of securities included in net income
|
— | — | 110 | — | |||||||||||||||||||
Net income tax expense on other comprehensive income
|
11 | 90 | 324 | 601 | |||||||||||||||||||
Other comprehensive income | 50 | 341 | 1,180 | 2,246 | |||||||||||||||||||
Comprehensive Income | $ | 15,351 | $ | 8,293 | $ | 23,965 | $ | 22,324 |
Common Stock | Retained Earnings |
Accumulated
Other Comprehensive Income |
Total
Stockholders’ Equity |
||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||
Balance, June 30, 2019
|
1,889 | $ | — | $ | 185,441 | $ | 2,854 | $ | 188,295 | ||||||||||||||||||||
Net income
|
7,952 | 7,952 | |||||||||||||||||||||||||||
Dividends paid ($0.40 per share)
|
(755) | (755) | |||||||||||||||||||||||||||
Exercise of stock appreciation rights
|
— | — | — | ||||||||||||||||||||||||||
Share-based compensation expense related to stock appreciation rights
|
57 | 57 | |||||||||||||||||||||||||||
Net unrealized gain on investments | 341 | 341 | |||||||||||||||||||||||||||
Balance, September 30, 2019
|
1,889 | $ | — | $ | 192,695 | $ | 3,195 | $ | 195,890 | ||||||||||||||||||||
Balance, June 30, 2020
|
1,892 | $ | — | $ | 194,235 | $ | 4,230 | $ | 198,465 | ||||||||||||||||||||
Net income
|
15,301 | 15,301 | |||||||||||||||||||||||||||
Dividends paid ($0.44 per share)
|
(833) | (833) | |||||||||||||||||||||||||||
Exercise of stock appreciation rights
|
— | — | — | ||||||||||||||||||||||||||
Share-based compensation expense related to stock appreciation rights
|
38 | 38 | |||||||||||||||||||||||||||
Net unrealized gain on investments | 50 | 50 | |||||||||||||||||||||||||||
Other | (94) | (94) | |||||||||||||||||||||||||||
Balance, September 30, 2020
|
1,892 | $ | — | $ | 208,647 | $ | 4,280 | $ | 212,927 |
Common Stock | Retained Earnings |
Accumulated
Other Comprehensive Income |
Total
Stockholders’ Equity |
||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||
Balance, December 31, 2018
|
1,887 | $ | — | $ | 174,690 | $ | 949 | $ | 175,639 | ||||||||||||||||||||
Net income
|
20,078 | 20,078 | |||||||||||||||||||||||||||
Dividends paid ($1.20 per share)
|
(2,266) | (2,266) | |||||||||||||||||||||||||||
Repurchases of common stock
|
— | (11) | (11) | ||||||||||||||||||||||||||
Exercise of stock appreciation rights
|
2 | — | — | ||||||||||||||||||||||||||
Share-based compensation expense related to stock appreciation rights
|
204 | 204 | |||||||||||||||||||||||||||
Net unrealized gain on investments | 2,246 | 2,246 | |||||||||||||||||||||||||||
Balance, September 30, 2019
|
1,889 | $ | — | $ | 192,695 | $ | 3,195 | $ | 195,890 | ||||||||||||||||||||
Balance, December 31, 2019
|
1,889 | $ | — | $ | 188,262 | $ | 3,100 | $ | 191,362 | ||||||||||||||||||||
Net income
|
22,785 | 22,785 | |||||||||||||||||||||||||||
Dividends paid ($1.32 per share)
|
(2,497) | (2,497) | |||||||||||||||||||||||||||
Exercise of stock appreciation rights
|
3 | (1) | (1) | ||||||||||||||||||||||||||
Share-based compensation expense related to stock appreciation rights
|
192 | 192 | |||||||||||||||||||||||||||
Accumulated postretirement benefit obligation adjustment
|
(32) | (32) | |||||||||||||||||||||||||||
Net unrealized gain on investments | 1,212 | 1,212 | |||||||||||||||||||||||||||
Other | (94) | (94) | |||||||||||||||||||||||||||
Balance, September 30, 2020
|
1,892 | $ | — | $ | 208,647 | $ | 4,280 | $ | 212,927 |
Nine Months Ended
September 30, |
||||||||||||||
2020 | 2019 | |||||||||||||
Operating Activities | ||||||||||||||
Net income | $ | 22,785 | $ | 20,078 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation | 1,320 | 1,298 | ||||||||||||
Amortization of investments, net | 678 | 492 | ||||||||||||
Amortization of other intangible assets, net | 378 | 379 | ||||||||||||
Share-based compensation expense related to stock appreciation rights | 192 | 204 | ||||||||||||
Net gain on disposals of property | (26) | (28) | ||||||||||||
Net realized investment gains | (327) | (1,199) | ||||||||||||
Net change in estimated fair value of equity security investments | 2,867 | (6,218) | ||||||||||||
Net earnings from other investments | (1,764) | (1,286) | ||||||||||||
Provision for claims | 4,452 | 3,610 | ||||||||||||
(Benefit) provision for deferred income taxes | (391) | 1,340 | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||
Increase in premium and fees receivables | (4,768) | (502) | ||||||||||||
(Increase) decrease in other assets | (3,893) | 360 | ||||||||||||
Decrease (increase) in operating lease right-of-use assets | 577 | (4,619) | ||||||||||||
Increase (decrease) in accounts payable and accrued liabilities | 3,206 | (205) | ||||||||||||
(Decrease) increase in operating lease liabilities | (565) | 4,622 | ||||||||||||
Decrease in current income taxes payable | (527) | (4,839) | ||||||||||||
Payments of claims, net of recoveries | (2,253) | (3,534) | ||||||||||||
Net cash provided by operating activities | 21,941 | 9,953 | ||||||||||||
Investing Activities | ||||||||||||||
Purchases of fixed maturities | (517) | (1,235) | ||||||||||||
Purchases of equity securities | (9,270) | (3,921) | ||||||||||||
Purchases of short-term investments | (13,668) | (89,519) | ||||||||||||
Purchases of other investments | (1,090) | (1,456) | ||||||||||||
Proceeds from sales and maturities of fixed maturity securities | 7,139 | 7,280 | ||||||||||||
Proceeds from sales of equity securities | 9,412 | 4,040 | ||||||||||||
Proceeds from sales and maturities of short-term investments | 4,291 | 100,821 | ||||||||||||
Proceeds from sales and distributions of other investments | 2,010 | 2,490 | ||||||||||||
Proceeds from sales of other assets | 22 | 2 | ||||||||||||
Purchases of property | (2,245) | (1,020) | ||||||||||||
Proceeds from the sale of property | 58 | 140 | ||||||||||||
Net cash (used in) provided by investing activities | (3,858) | 17,622 | ||||||||||||
Financing Activities | ||||||||||||||
Repurchases of common stock | — | (11) | ||||||||||||
Exercise of stock appreciation rights | (1) | — | ||||||||||||
Dividends paid | (2,497) | (2,266) | ||||||||||||
Net cash used in financing activities | (2,498) | (2,277) | ||||||||||||
Net Increase in Cash and Cash Equivalents | 15,585 | 25,298 | ||||||||||||
Cash and Cash Equivalents, Beginning of Period | 25,949 | 18,694 | ||||||||||||
Cash and Cash Equivalents, End of Period | $ | 41,534 | $ | 43,992 |
Consolidated Statements of Cash Flows, continued | ||||||||||||||
Nine Months Ended
September 30, |
||||||||||||||
2020 | 2019 | |||||||||||||
Supplemental Disclosures: | ||||||||||||||
Cash Paid During the Year for: | ||||||||||||||
Income tax payments, net | $ | 6,889 | $ | 9,150 | ||||||||||
Non-Cash Investing and Financing Activities: | ||||||||||||||
Non-cash net unrealized gain on investments, net of deferred tax provision of $(333) and $(601) for September 30, 2020 and 2019, respectively
|
$ | (1,212) | $ | (2,246) | ||||||||||
Adjustments to postretirement benefits obligation, net of deferred tax benefit of $9 and $0 for September 30, 2020 and 2019, respectively
|
$ | 32 | $ | — | ||||||||||
Adjustments to operating lease right-of-use assets for September 30, 2020 and 2019, respectively | $ | 94 | $ | — |
(in thousands) | September 30, 2020 | December 31, 2019 | |||||||||
Balance, beginning of period | $ | 31,333 | $ | 31,729 | |||||||
Provision charged to operations | 4,452 | 3,532 | |||||||||
Payments of claims, net of recoveries | (2,253) | (3,928) | |||||||||
Balance, end of period
|
$ | 33,532 | $ | 31,333 |
(in thousands, except percentages) | September 30, 2020 | % | December 31, 2019 | % | |||||||||||||||||||
Known title claims | $ | 3,993 | 11.9 | $ | 3,799 | 12.1 | |||||||||||||||||
IBNR | 29,539 | 88.1 | 27,534 | 87.9 | |||||||||||||||||||
Total reserve for claims
|
$ | 33,532 | 100.0 | $ | 31,333 | 100.0 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
|||||||||||||||||||||||||
(in thousands, except per share amounts)
|
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Net income | $ | 15,301 | $ | 7,952 | $ | 22,785 | $ | 20,078 | ||||||||||||||||||
Weighted average common shares outstanding – Basic | 1,892 | 1,889 | 1,892 | 1,888 | ||||||||||||||||||||||
Incremental shares outstanding assuming the exercise of dilutive SARs (share-settled)
|
3 | 6 | 4 | 8 | ||||||||||||||||||||||
Weighted average common shares outstanding – Diluted
|
1,895 | 1,895 | 1,896 | 1,896 | ||||||||||||||||||||||
Basic earnings per common share | $ | 8.09 | $ | 4.21 | $ | 12.04 | $ | 10.63 | ||||||||||||||||||
Diluted earnings per common share | $ | 8.07 | $ | 4.20 | $ | 12.02 | $ | 10.59 | ||||||||||||||||||
(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 | 11 | 135.05 | |||||||||||||||||||||
SARs exercised | (8) | 75.75 | |||||||||||||||||||||
Outstanding as of September 30, 2020 | 33 | $ | 138.55 | 4.41 | $ | 496 | |||||||||||||||||
Exercisable as of September 30, 2020 | 26 | $ | 140.02 | 3.83 | $ | 480 | |||||||||||||||||
Unvested as of September 30, 2020 | 7 | $ | 133.21 | 6.52 | $ | 16 |
2020 | 2019 | ||||||||||||||||||||||
Expected Life in Years | 6.2 | - | 7.0 | 7.0 | - | 7.0 | |||||||||||||||||
Volatility | 28.5% | 30.2% | |||||||||||||||||||||
Interest Rate | 0.7% | 2.3% | |||||||||||||||||||||
Yield Rate | 1.2% | 1.0% |
Three Months Ended
September 30, 2020 (in thousands)
|
Title
Insurance |
All
Other |
Intersegment
Eliminations |
Total | |||||||||||||||||||
Insurance and other services revenues | $ | 61,809 | $ | 2,176 | $ | (2,487) | $ | 61,498 | |||||||||||||||
Investment income | 5,627 | 322 | — | 5,949 | |||||||||||||||||||
Net realized (loss) gain on investments | (263) | 449 | — | 186 | |||||||||||||||||||
Total revenues
|
$ | 67,173 | $ | 2,947 | $ | (2,487) | $ | 67,633 | |||||||||||||||
Operating expenses | 49,260 | 1,858 | (2,342) | 48,776 | |||||||||||||||||||
Income before income taxes
|
$ | 17,913 | $ | 1,089 | $ | (145) | $ | 18,857 | |||||||||||||||
Total assets
|
$ | 213,152 | $ | 76,593 | $ | — | $ | 289,745 |
Three Months Ended
September 30, 2019 (in thousands)
|
Title
Insurance |
All
Other |
Intersegment
Eliminations |
Total | |||||||||||||||||||
Insurance and other services revenues | $ | 44,079 | $ | 2,851 | $ | (1,684) | $ | 45,246 | |||||||||||||||
Investment income | 1,879 | 391 | — | 2,270 | |||||||||||||||||||
Net realized gain on investments | 346 | 77 | — | 423 | |||||||||||||||||||
Total revenues
|
$ | 46,304 | $ | 3,319 | $ | (1,684) | $ | 47,939 | |||||||||||||||
Operating expenses | 37,201 | 2,269 | (1,550) | 37,920 | |||||||||||||||||||
Income before income taxes
|
$ | 9,103 | $ | 1,050 | $ | (134) | $ | 10,019 | |||||||||||||||
Total assets
|
$ | 191,436 | $ | 74,678 | $ | — | $ | 266,114 |
Nine Months Ended
September 30, 2020 (in thousands) |
Title Insurance | All Other | Intersegment Eliminations | Total | |||||||||||||||||||
Insurance and other services revenues | $ | 154,820 | $ | 7,149 | $ | (5,725) | $ | 156,244 | |||||||||||||||
Investment income | 2,525 | 186 | — | 2,711 | |||||||||||||||||||
Net realized gain on investments | 327 | — | — | 327 | |||||||||||||||||||
Total revenues
|
$ | 157,672 | $ | 7,335 | $ | (5,725) | $ | 159,282 | |||||||||||||||
Operating expenses | 129,777 | 6,543 | (5,288) | 131,032 | |||||||||||||||||||
Income before income taxes | $ | 27,895 | $ | 792 | $ | (437) | $ | 28,250 | |||||||||||||||
Total assets
|
$ | 213,152 | $ | 76,593 | $ | — | $ | 289,745 |
Nine Months Ended
September 30, 2019 (in thousands) |
Title Insurance | All Other | Intersegment Eliminations | Total | |||||||||||||||||||
Insurance and other services revenues | $ | 113,999 | $ | 8,373 | $ | (4,820) | $ | 117,552 | |||||||||||||||
Investment income | 9,780 | 2,087 | — | 11,867 | |||||||||||||||||||
Net realized gain on investments | 1,102 | 97 | — | 1,199 | |||||||||||||||||||
Total revenues
|
$ | 124,881 | $ | 10,557 | $ | (4,820) | $ | 130,618 | |||||||||||||||
Operating expenses | 102,792 | 6,991 | (4,417) | 105,366 | |||||||||||||||||||
Income before income taxes
|
$ | 22,089 | $ | 3,566 | $ | (403) | $ | 25,252 | |||||||||||||||
Total assets
|
$ | 191,436 | $ | 74,678 | $ | — | $ | 266,114 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
|||||||||||||||||||
(in thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||
Service cost – benefits earned during the year | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Interest cost on the projected benefit obligation | 7 | 8 | 23 | 25 | ||||||||||||||||
Amortization of unrecognized losses | — | — | — | — | ||||||||||||||||
Net periodic benefit cost
|
$ | 7 | $ | 8 | $ | 23 | $ | 25 |
As of September 30, 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
|
$ | 24,060 | $ | 152 | $ | — | $ | 24,212 | |||||||||||||||
General obligations of U.S. states, territories and political subdivisions
|
17,569 | 1,245 | — | 18,814 | |||||||||||||||||||
Special revenue issuer obligations of U.S. states, territories and political subdivisions
|
47,305 | 3,098 | 3 | 50,400 | |||||||||||||||||||
Corporate debt securities | 3,978 | 1,024 | — | 5,002 | |||||||||||||||||||
Total
|
$ | 92,912 | $ | 5,519 | $ | 3 | $ | 98,428 |
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 |
Available-for-Sale | |||||||||||
(in thousands) |
Amortized
Cost |
Estimated Fair
Value |
|||||||||
Due in one year or less | $ | 31,052 | $ | 31,253 | |||||||
Due one year through five years | 42,795 | 46,050 | |||||||||
Due five years through ten years | 18,250 | 19,741 | |||||||||
Due after ten years | 815 | 1,384 | |||||||||
Total
|
$ | 92,912 | $ | 98,428 |
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||
As of September 30, 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
|
$ | — | $ | — | $ | 1,103 | $ | (3) | $ | 1,103 | $ | (3) | |||||||||||||||||||||||
Total temporarily impaired securities
|
$ | — | $ | — | $ | 1,103 | $ | (3) | $ | 1,103 | $ | (3) |
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) |
As of September 30, 2020 (in thousands)
|
Cost |
Estimated Fair
Value |
|||||||||
Equity securities, at fair value: | |||||||||||
Common stocks | $ | 34,180 | $ | 58,851 | |||||||
Total
|
$ | 34,180 | $ | 58,851 |
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 |
(in thousands) | 2020 | 2019 | |||||||||
Gross realized gains from securities: | |||||||||||
Corporate debt securities
|
$ | 30 | $ | — | |||||||
Common stocks
|
2,520 | 1,385 | |||||||||
Total
|
$ | 2,550 | $ | 1,385 | |||||||
Gross realized losses from securities: | |||||||||||
Common stocks
|
$ | (1,768) | $ | (188) | |||||||
Other-than-temporary impairment of securities
|
(482) | — | |||||||||
Total
|
$ | (2,250) | $ | (188) | |||||||
Net realized gains from securities
|
$ | 300 | $ | 1,197 | |||||||
Gross realized gains (losses) on other investments: | |||||||||||
Gains on other investments
|
$ | 32 | $ | 2 | |||||||
Losses on other investments | (5) | — | |||||||||
Total
|
$ | 27 | $ | 2 | |||||||
Net realized investment gains
|
$ | 327 | $ | 1,199 |
(in thousands) | Balance Sheet Classification | Carrying Value | Estimated Fair Value | Maximum Potential Loss (a) | ||||||||||||||||||||||
Tax credit LPs | Other investments | $ | 267 | $ | 267 | $ | 1,768 | |||||||||||||||||||
Real estate LLCs or LPs | Other investments | 5,090 | 6,680 | 6,675 | ||||||||||||||||||||||
Small business investment LPs | Other investments | 7,125 | 6,667 | 12,955 | ||||||||||||||||||||||
Total
|
$ | 12,482 | $ | 13,614 | $ | 21,398 |
(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. |
As of September 30, 2020 (in thousands) | Level 1 | Level 2 * | Level 3 | Total | |||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||
Obligations of U.S. states, territories and political subdivisions | $ | 24,212 | $ | 69,214 | $ | — | $ | 93,426 | |||||||||||||||
Corporate debt securities | — | 5,002 | — | 5,002 | |||||||||||||||||||
Total
|
$ | 24,212 | $ | 74,216 | $ | — | $ | 98,428 |
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 |
As of September 30, 2020 (in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Financial assets: | |||||||||||||||||||||||
Cash and cash equivalents
|
$ | 41,534 | $ | — | $ | — | $ | 41,534 | |||||||||||||||
Accrued interest and dividends
|
1,187 | — | — | 1,187 | |||||||||||||||||||
Equity securities, at fair value: | |||||||||||||||||||||||
Common stocks
|
58,851 | — | — | 58,851 | |||||||||||||||||||
Short-term investments: | |||||||||||||||||||||||
Money market funds, Treasury bills and certificates of deposit | 22,516 | — | — | 22,516 | |||||||||||||||||||
Other investments: | |||||||||||||||||||||||
Equity investments in unconsolidated affiliates, equity method
|
— | — | 6,541 | 6,541 | |||||||||||||||||||
Equity investments in unconsolidated affiliates, measurement alternative
|
— | — | 8,288 | 8,288 | |||||||||||||||||||
Total
|
$ | 124,088 | $ | — | $ | 14,829 | $ | 138,917 |
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 |
(in thousands) |
Balance,
December 31, 2019
|
Amounts Impaired | Observable Changes |
Purchases and
Additional Commitments Paid |
Sales, Returns of Capital and Other Reductions |
Balance,
September 30, 2020
|
|||||||||||||||||||||||||||||
Other investments: | |||||||||||||||||||||||||||||||||||
Equity investments in unconsolidated affiliates, measurement alternative
|
$ | 7,899 | $ | — | $ | — | $ | 642 | $ | (253) | $ | 8,288 | |||||||||||||||||||||||
Total
|
$ | 7,899 | $ | — | $ | — | $ | 642 | $ | (253) | $ | 8,288 |
(in thousands) |
Balance,
December 31, 2018
|
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 |
Financial Statement Classification,
Consolidated Balance Sheets (in thousands) |
As of
September 30, 2020 |
As of
December 31, 2019 |
||||||
Other investments | $ | 6,541 | $ | 6,083 | ||||
Premium and fees receivable | $ | 635 | $ | 410 |
Financial Statement Classification,
Consolidated Statements of Operations (in thousands) |
Three Months Ended
September 30,
|
Nine Months Ended
September 30, |
||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||
Net premiums written | $ | 6,615 | $ | 4,626 | $ | 16,725 | $ | 11,674 | ||||||
Non-title services and other investment income | $ | 1,104 | $ | 779 | $ | 2,241 | $ | 1,866 | ||||||
Commissions to agents | $ | 4,486 | $ | 3,056 | $ | 11,279 | $ | 7,702 |
(in thousands) |
As of
September 30, 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 | (2,835) | (2,456) | ||||||
Identifiable intangible assets, net
|
$ | 5,547 | $ | 5,926 |
Year Ended (in thousands) | |||||
2020 | $ | 126 | |||
2021 | 562 | ||||
2022 | 525 | ||||
2023 | 525 | ||||
2024 | 473 | ||||
Thereafter | 3,336 | ||||
Total
|
$ | 5,547 |
Three Months Ended
September 30, 2020 (in thousands) |
Unrealized Gains and Losses
On Available-for-Sale Securities |
Postretirement
Benefits Plans |
Total
|
||||||||||||||
Beginning balance at June 30
|
$ | 4,294 | $ | (64) | $ | 4,230 | |||||||||||
Other comprehensive income before reclassifications
|
50 | — | 50 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income
|
— | — | — | ||||||||||||||
Net current-period other comprehensive income
|
50 | — | 50 | ||||||||||||||
Ending balance
|
$ | 4,344 | $ | (64) | $ | 4,280 |
Three Months Ended
September 30, 2019 (in thousands) |
Unrealized Gains and Losses
On Available-for-Sale Securities |
Postretirement
Benefits Plans |
Total
|
||||||||||||||
Beginning balance at June 30
|
$ | 2,886 | $ | (32) | $ | 2,854 | |||||||||||
Other comprehensive income before reclassifications
|
341 | — | 341 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income
|
— | — | — | ||||||||||||||
Net current-period other comprehensive income
|
341 | — | 341 | ||||||||||||||
Ending balance | $ | 3,227 | $ | (32) | $ | 3,195 |
Nine Months Ended
September 30, 2020 (in thousands) |
Unrealized Gains and Losses
On Available-for-Sale Securities |
Postretirement
Benefits Plans |
Total
|
||||||||||||||
Beginning balance at January 1 | $ | 3,132 | $ | (32) | $ | 3,100 | |||||||||||
Other comprehensive income (loss) before reclassifications | 864 | (32) | 832 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income
|
348 | — | 348 | ||||||||||||||
Net current-period other comprehensive income (loss) | 1,212 | (32) | 1,180 | ||||||||||||||
Ending balance | $ | 4,344 | $ | (64) | $ | 4,280 |
Nine Months Ended
September 30, 2019 (in thousands) |
Unrealized Gains and Losses
On Available-for-Sale Securities |
Postretirement
Benefits Plans |
Total | ||||||||||||||
Beginning balance at January 1 | $ | 981 | $ | (32) | $ | 949 | |||||||||||
Other comprehensive income before reclassifications
|
2,246 | — | 2,246 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income
|
— | — | — | ||||||||||||||
Net current-period other comprehensive income
|
2,246 | — | 2,246 | ||||||||||||||
Ending balance
|
$ | 3,227 | $ | (32) | $ | 3,195 |
Three Months Ended
September 30, 2020 (in thousands) |
|||||||||||
Details about Accumulated Other
Comprehensive Income Components (in thousands) |
Amount Reclassified from
Accumulated Other Comprehensive Income |
Affected Line Item in the Consolidated
Statements of Operations
|
|||||||||
Unrealized gains (losses) on available-for-sale securities: | |||||||||||
Net realized gain on investments | $ | — | |||||||||
Other-than-temporary impairments | — | ||||||||||
Total | $ | — | Net realized investment gains | ||||||||
Tax | — | Provision for income taxes | |||||||||
Net of Tax | $ | — | |||||||||
Reclassifications for the period | $ | — |
Nine Months Ended
September 30, 2020 (in thousands) |
|||||||||||
Details about Accumulated Other
Comprehensive Income Components (in thousands) |
Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Consolidated Statements of Operations | |||||||||
Unrealized gains (losses) on available-for-sale securities: | |||||||||||
Net realized gain on investments | $ | 30 | |||||||||
Other-than-temporary impairments | (482) | ||||||||||
Total | $ | (452) | Net realized investment gains | ||||||||
Tax | 104 | Provision for income taxes | |||||||||
Net of Tax | $ | (348) | |||||||||
Reclassifications for the period | $ | (348) |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
|||||||||||||
(in thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||
Revenue from contracts with customers: | ||||||||||||||
Escrow and other title-related fees | $ | 2,154 | $ | 2,393 | $ | 6,014 | $ | 5,616 | ||||||
Non-title services | 1,954 | 2,539 | 6,476 | 7,444 | ||||||||||
Total revenue from contracts with customers | 4,108 | 4,932 | 12,490 | 13,060 | ||||||||||
Other sources of revenue: | ||||||||||||||
Net premiums written | 57,205 | 40,169 | 143,311 | 103,942 | ||||||||||
Investment-related revenue | 6,135 | 2,693 | 3,038 | 13,066 | ||||||||||
Other | 185 | 145 | 443 | 550 | ||||||||||
Total revenues
|
$ | 67,633 | $ | 47,939 | $ | 159,282 | $ | 130,618 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
|||||||||||||
(in thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||
Operating leases | $ | 327 | $ | 312 | $ | 968 | $ | 944 | ||||||
Short-term leases (b) | 44 | 30 | 110 | 103 | ||||||||||
Lease expense | $ | 371 | $ | 342 | $ | 1,078 | $ | 1,047 | ||||||
Sub-lease income | — | — | — | — | ||||||||||
Lease cost | $ | 371 | $ | 342 | $ | 1,078 | $ | 1,047 |
(b) | Leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheets. |
(in thousands) |
As of
September 30, 2020 |
As of
December 31, 2019 |
||||||
Current: | ||||||||
Operating lease liabilities | $ | 1,097 | $ | 1,048 | ||||
Non-current: | ||||||||
Operating lease liabilities | 2,840 | 3,454 | ||||||
Total operating lease liabilities | $ | 3,937 | $ | 4,502 |
Year Ended (in thousands) | |||||
2020 | $ | 324 | |||
2021 | 1,195 | ||||
2022 | 975 | ||||
2023 | 685 | ||||
2024 | 515 | ||||
Thereafter | 649 | ||||
Total undiscounted payments | $ | 4,343 | |||
Less: present value adjustment | (406) | ||||
Operating lease liabilities | $ | 3,937 |
As of
September 30, 2020 |
As of
December 31, 2019 |
|||||||
Weighted average remaining lease term (years) | 4.40 | 4.84 | ||||||
Weighted average discount rate | 4.6 | % | 4.6 | % |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
|||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Net premiums written | $ | 57,205 | $ | 40,169 | $ | 143,311 | $ | 103,942 | ||||||||||||||||||
Escrow and other title-related fees | 2,154 | 2,393 | 6,014 | 5,616 | ||||||||||||||||||||||
Non-title services | 1,954 | 2,539 | 6,476 | 7,444 | ||||||||||||||||||||||
Interest and dividends | 1,060 | 1,156 | 3,342 | 3,605 | ||||||||||||||||||||||
Other investment income | 1,270 | 708 | 2,236 | 2,044 | ||||||||||||||||||||||
Net realized investment gains | 186 | 423 | 327 | 1,199 | ||||||||||||||||||||||
Changes in the estimated fair value of equity security investments | 3,619 | 406 | (2,867) | 6,218 | ||||||||||||||||||||||
Other | 185 | 145 | 443 | 550 | ||||||||||||||||||||||
Total Revenues
|
67,633 | 47,939 | 159,282 | 130,618 | ||||||||||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||||
Commissions to agents | 29,068 | 19,928 | 73,344 | 51,261 | ||||||||||||||||||||||
Provision for claims | 1,552 | 987 | 4,452 | 3,610 | ||||||||||||||||||||||
Personnel expenses | 12,575 | 11,576 | 36,632 | 34,871 | ||||||||||||||||||||||
Office and technology expenses | 2,456 | 2,350 | 7,328 | 6,803 | ||||||||||||||||||||||
Other expenses | 3,125 | 3,079 | 9,276 | 8,821 | ||||||||||||||||||||||
Total Operating Expenses
|
48,776 | 37,920 | 131,032 | 105,366 | ||||||||||||||||||||||
Income before Income Taxes | 18,857 | 10,019 | 28,250 | 25,252 | ||||||||||||||||||||||
Provision for Income Taxes | 3,556 | 2,067 | 5,465 | 5,174 | ||||||||||||||||||||||
Net Income | $ | 15,301 | $ | 7,952 | $ | 22,785 | $ | 20,078 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
|||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except percentages) | 2020 | % | 2019 | % | 2020 | % | 2019 | % | ||||||||||||||||||||||||||||||||||||||||||
Home and Branch | $ | 15,496 | 27.1 | $ | 11,557 | 28.8 | $ | 38,364 | 26.8 | $ | 29,111 | 28.0 | ||||||||||||||||||||||||||||||||||||||
Agency | 41,709 | 72.9 | 28,612 | 71.2 | 104,947 | 73.2 | 74,831 | 72.0 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 57,205 | 100.0 | $ | 40,169 | 100.0 | $ | 143,311 | 100.0 | $ | 103,942 | 100.0 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
State (in thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
North Carolina | $ | 21,524 | $ | 16,129 | $ | 53,565 | $ | 40,790 | |||||||||||||||
Texas | 10,956 | 7,579 | 26,935 | 19,929 | |||||||||||||||||||
Georgia | 6,347 | 4,535 | 15,751 | 11,306 | |||||||||||||||||||
South Carolina | 4,646 | 3,212 | 12,285 | 9,551 | |||||||||||||||||||
Virginia | 2,122 | 1,686 | 5,725 | 4,316 | |||||||||||||||||||
All Others | 11,782 | 7,113 | 29,421 | 18,385 | |||||||||||||||||||
Premiums Written | 57,377 | 40,254 | 143,682 | 104,277 | |||||||||||||||||||
Reinsurance Assumed | — | — | 3 | — | |||||||||||||||||||
Reinsurance Ceded | (172) | (85) | (374) | (335) | |||||||||||||||||||
Net Premiums Written | $ | 57,205 | $ | 40,169 | $ | 143,311 | $ | 103,942 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except percentages) | 2020 | % | 2019 | % | 2020 | % | 2019 | % | |||||||||||||||||||||||||||||||||||||||
Title Insurance | $ | 46,951 | 96.3 | $ | 35,682 | 94.1 | $ | 124,588 | 95.1 | $ | 98,468 | 93.5 | |||||||||||||||||||||||||||||||||||
All Other | 1,825 | 3.7 | 2,238 | 5.9 | 6,444 | 4.9 | 6,898 | 6.5 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 48,776 | 100.0 | $ | 37,920 | 100.0 | $ | 131,032 | 100.0 | $ | 105,366 | 100.0 |
Issuer Purchases of Equity Securities (unrounded) | |||||||||||||||||||||||
Period |
Total Number of
Shares Purchased |
Average Price Paid per Share |
Total Number of
Shares Purchased as Part of Publicly Announced Plan |
Maximum
Number of Shares that May Yet Be Purchased Under the Plan (1) |
|||||||||||||||||||
Beginning of period | 428,186 | ||||||||||||||||||||||
July 1 through July 31, 2020 | — | $ | — | — | 428,186 | ||||||||||||||||||
August 1 through August 31, 2020 | — | — | — | 428,186 | |||||||||||||||||||
September 1 through September 30, 2020 | — | — | — | 428,186 | |||||||||||||||||||
Total
|
— | $ | — | — | 428,186 |
INVESTORS TITLE COMPANY | ||||||||
By: | /s/ James A. Fine, Jr. | |||||||
James A. Fine, Jr., President, Treasurer, Chief | ||||||||
Financial Officer, Chief Accounting Officer and | ||||||||
Director (Principal Financial Officer and
|
||||||||
Principal Accounting Officer)
|
Dated: | November 9, 2020 | /s/ J. Allen Fine | ||||||
J. Allen Fine | ||||||||
Chief Executive Officer |
Dated: | November 9, 2020 | /s/ James A. Fine, Jr. | ||||||
James A. Fine, Jr. | ||||||||
Chief Financial Officer |
Dated: | November 9, 2020 | /s/ J. Allen Fine | ||||||
J. Allen Fine | ||||||||
Chief Executive Officer | ||||||||
Dated: | November 9, 2020 | /s/ James A. Fine, Jr. | ||||||
James A. Fine, Jr. | ||||||||
Chief Financial Officer |