| Segment Information |
Segment Information The Company has two reportable segments, title insurance and exchange services. The remaining immaterial segments have been combined into a group called “All Other.” The Company’s chief operating decision makers (“CODMs”) are the Chief Executive Officer; President, Chief Financial Officer, Chief Accounting Officer, and Treasurer; and Executive Vice President and Secretary. The CODMs use financial metrics such as consolidated operating margin and net income to assess financial performance and to make key operating decisions, such as resource allocation and the rate at which the Company invests in growth opportunities.
The title insurance segment primarily issues title insurance policies through approved attorneys from underwriting offices and through independent issuing agents. Title insurance policies insure titles to real estate.
The exchange services segment acts as an intermediary in tax-deferred exchanges of property held for productive use in a trade or business or for investments and serves as exchange accommodation titleholder, holding property for exchangers in reverse exchange transactions.
Provided below is selected financial information about the Company's operations by segment for the periods ended June 30, 2026 and 2025:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, 2026 (in thousands) | Title
Insurance | | Exchange
Services | | All
Other | | Intersegment Eliminations | | Total | | Insurance and other services revenues | $ | 78,803 | | | $ | 2,845 | | | $ | 2,976 | | | $ | (5,855) | | | $ | 78,769 | | | Net investment income | 6,816 | | | 15 | | | 903 | | | — | | | 7,734 | | | Total revenues | 85,619 | | | 2,860 | | | 3,879 | | | (5,855) | | | 86,503 | | | Commissions to agents | 39,630 | | | — | | | — | | | (3,986) | | | 35,644 | | | Provision for claims | 2,783 | | | — | | | — | | | — | | | 2,783 | | | Personnel expenses | 16,337 | | | 634 | | | 2,072 | | | — | | | 19,043 | | | Other | 9,876 | | | 92 | | | 1,333 | | | (1,714) | | | 9,587 | | | Operating expenses | 68,626 | | | 726 | | | 3,405 | | | (5,700) | | | 67,057 | | | Income before income taxes | $ | 16,993 | | | $ | 2,134 | | | $ | 474 | | | $ | (155) | | | $ | 19,446 | | | Total assets | $ | 267,373 | | | $ | 3,346 | | | $ | 109,406 | | | $ | — | | | $ | 380,125 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, 2025 (in thousands) | Title
Insurance | | Exchange
Services | | All
Other | | Intersegment Eliminations | | Total | | Insurance and other services revenues | $ | 66,682 | | | $ | 3,448 | | | $ | 2,727 | | | $ | (4,282) | | | $ | 68,575 | | | Net investment income | 3,966 | | | 85 | | | 1,023 | | | — | | | 5,074 | | | Total revenues | 70,648 | | | 3,533 | | | 3,750 | | | (4,282) | | | 73,649 | | | Commissions to agents | 32,061 | | | — | | | — | | | (2,984) | | | 29,077 | | | Provision for claims | 2,080 | | | — | | | — | | | — | | | 2,080 | | | Personnel expenses | 15,011 | | | 596 | | | 1,853 | | | — | | | 17,460 | | | Other | 8,731 | | | 97 | | | 1,550 | | | (1,144) | | | 9,234 | | | Operating expenses | 57,883 | | | 693 | | | 3,403 | | | (4,128) | | | 57,851 | | | Income before income taxes | $ | 12,765 | | | $ | 2,840 | | | $ | 347 | | | $ | (154) | | | $ | 15,798 | | | Total assets | $ | 236,262 | | | $ | 9,081 | | | $ | 100,481 | | | $ | — | | | $ | 345,824 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended
June 30, 2026 (in thousands) | Title
Insurance | | Exchange
Services | | All
Other | | Intersegment Eliminations | | Total | | Insurance and other services revenues | $ | 137,793 | | | $ | 5,167 | | | $ | 5,722 | | | $ | (9,376) | | | $ | 139,306 | | | Net investment income | 9,343 | | | 43 | | | 1,824 | | | — | | | 11,210 | | | Total revenues | 147,136 | | | 5,210 | | | 7,546 | | | (9,376) | | | 150,516 | | | Commissions to agents | 69,803 | | | — | | | — | | | (6,707) | | | 63,096 | | | Provision for claims | 3,255 | | | — | | | — | | | — | | | 3,255 | | | Personnel expenses | 32,708 | | | 1,250 | | | 4,111 | | | — | | | 38,069 | | | Other | 18,660 | | | 211 | | | 2,423 | | | (2,359) | | | 18,935 | | | Operating expenses | 124,426 | | | 1,461 | | | 6,534 | | | (9,066) | | | 123,355 | | | Income before income taxes | $ | 22,710 | | | $ | 3,749 | | | $ | 1,012 | | | $ | (310) | | | $ | 27,161 | | | Total assets | $ | 267,373 | | | $ | 3,346 | | | $ | 109,406 | | | $ | — | | | $ | 380,125 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended
June 30, 2025 (in thousands) | Title
Insurance | | Exchange
Services | | All
Other | | Intersegment Eliminations | | Total | | Insurance and other services revenues | $ | 120,464 | | | $ | 6,440 | | | $ | 4,753 | | | $ | (8,087) | | | $ | 123,570 | | | Net investment income | 4,806 | | | 129 | | | 1,709 | | | — | | | 6,644 | | | Total revenues | 125,270 | | | 6,569 | | | 6,462 | | | (8,087) | | | 130,214 | | | Commissions to agents | 59,739 | | | — | | | — | | | (5,805) | | | 53,934 | | | Provision for claims | 2,403 | | | — | | | — | | | — | | | 2,403 | | | Personnel expenses | 31,107 | | | 1,222 | | | 3,465 | | | — | | | 35,794 | | | Other | 17,509 | | | 196 | | | 2,501 | | | (1,974) | | | 18,232 | | | Operating expenses | 110,758 | | | 1,418 | | | 5,966 | | | (7,779) | | | 110,363 | | | Income before income taxes | $ | 14,512 | | | $ | 5,151 | | | $ | 496 | | | $ | (308) | | | $ | 19,851 | | | Total assets | $ | 236,262 | | | $ | 9,081 | | | $ | 100,481 | | | $ | — | | | $ | 345,824 | |
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