v3.25.2
Note 9 - Segment Information
6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

9.

Segment Information

 

Effective January 1, 2025, the Company changed its reportable segments to two reportable segments: (i) Title Insurance and (ii) Corporate and Other. The Corporate and Other segment is comprised of activity previously presented in the Real Estate, Reinsurance and Management Advisory Services segments. This change in reportable segments reflects the changes in the business mix and the manner in which management monitors the performance of its operations. The change in reportable segments had no impact on the Company’s historical consolidated financial positions, results of operations or cash flows as previously reported. Where applicable, all prior periods presented have been revised to conform to this new presentation. 

 

Provided below is selected financial information about the Company’s operations by segment for the three months ended June 30, 2025 (in thousands):

 

  

Title

  

Corporate

     
  

Insurance

  

and Other

  

Total

 

Insurance and other services revenue

 $2,810  $1,250  $4,060 
             

Cost of revenues:

            

Underwriting expenses

  (43)  -   (43)

Provision for title claim losses

  (85)  -   (85)

Search and other fees

  (29)  -   (29)

Total cost of revenue

  (157)  -   (157)
             

Gross profit

 $2,653  $1,250  $3,903 
             

Operating expenses:

            

Personnel costs

  (1,704)  (397)  (2,101)

Other operating expense (1)

  (850)  (345)  (1,195)

Amortization and depreciation

  (25)  -   (25)

Total operating expense

  (2,579)  (742)  (3,321)

Other income, net

  76   290   366 

Income before income taxes

 $150  $798  $948 
             

Goodwill and intangible assets, net (2)

 $6,647  $-  $6,647 
 (1)Other operating expense primarily consists of rent and other occupancy expenses, software and equipment expense, corporate insurance and other regulatory and professional fees.
 

(2)

The Company does not allocate its assets by segment, with the exception of Goodwill and Intangible assets.

 

Provided below is selected financial information about the Company’s operations by segment for the three months ended  June 30, 2024 (in thousands):

 

  

Title

  

Corporate

     
  

Insurance

  

and Other

  

Total

 

Insurance and other services revenue

 $2,374  $750  $3,124 
             

Cost of revenues:

            

Underwriting expenses

  (52)  -   (52)

Provision for title claim losses

  (18)  -   (18)

Search and other fees

  (24)  -   (24)

Total cost of revenue

  (94)  -   (94)
             

Gross profit

 $2,280  $750  $3,030 
             

Operating expenses:

            

Personnel costs

  (1,626)  (345)  (1,971)

Other operating expense (1)

  (846)  (293)  (1,139)

Amortization and depreciation

  (40)  -   (40)

Total operating expense

  (2,512)  (638)  (3,150)

Other income (expense), net

  56   (105)  (49)

(Loss) income before income taxes

 $(176) $7  $(169)
             

Goodwill and intangible assets, net (2)

 $6,722  $-  $6,722 
 (1)Other operating expense primarily consists of rent and other occupancy expenses, software and equipment expense, corporate insurance and other regulatory and professional fees.
 

(2)

The Company does not allocate its assets by segment, with the exception of Goodwill and Intangible assets.

 

Provided below is selected financial information about the Company’s operations by segment for the six months ended  June 30, 2025 (in thousands):

 

  

Title

  

Corporate

     
  

Insurance

  

and Other

  

Total

 

Insurance and other services revenue

 $4,782  $2,000  $6,782 
             

Cost of revenues:

            

Underwriting expenses

  (99)  -   (99)

Provision for title claim losses

  (102)  -   (102)

Search and other fees

  (56)  -   (56)

Total cost of revenue

  (257)  -   (257)
             

Gross profit

 $4,525  $2,000  $6,525 
             

Operating expenses:

            

Personnel costs

  (3,339)  (755)  (4,094)

Other operating expense (1)

  (1,668)  (680)  (2,348)

Amortization and depreciation

  (50)  -   (50)

Total operating expense

  (5,057)  (1,435)  (6,492)

Other income, net

  139   496   635 

(Loss) income before income taxes

 $(393) $1,061  $668 
             

Goodwill and intangible assets, net (2)

 $6,647  $-  $6,647 
 (1)Other operating expense primarily consists of rent and other occupancy expenses, software and equipment expense, corporate insurance and other regulatory and professional fees.
 

(2)

The Company does not allocate its assets by segment, with the exception of Goodwill and Intangible assets.

 

Provided below is selected financial information about the Company’s operations by segment for the six months ended  June 30, 2024 (in thousands):

 

  

Title

  

Corporate

     
  

Insurance

  

and Other

  

Total

 

Insurance and other services revenue

 $4,320  $1,503  $5,823 
             

Cost of revenues:

            

Underwriting expenses

  (123)  -   (123)

Provision for title claim losses

  (54)  -   (54)

Search and other fees

  (35)  -   (35)

Total cost of revenue

  (212)  -   (212)
             

Gross profit

 $4,108  $1,503  $5,611 
             

Operating expenses:

            

Personnel costs

  (3,254)  (700)  (3,954)

Other operating expense (1)

  (1,568)  (628)  (2,196)

Amortization and depreciation

  (81)  -   (81)

Total operating expense

  (4,903)  (1,328)  (6,231)

Other income, net

  124   387   511 

(Loss) income before income taxes

 $(671) $562  $(109)
             

Goodwill and intangible assets, net (2)

 $6,722  $-  $6,722 
 (1)Other operating expense primarily consists of rent and other occupancy expenses, software and equipment expense, corporate insurance and other regulatory and professional fees.
 

(2)

The Company does not allocate its assets by segment, with the exception of Goodwill and Intangible assets.