Price Graph
Price
Yield
These terms and conditions govern your use of the website alphaminr.com and its related services.
These Terms and Conditions (“Terms”) are a binding contract between you and Alphaminr, (“Alphaminr”, “we”, “us” and “service”). You must agree to and accept the Terms. These Terms include the provisions in this document as well as those in the Privacy Policy. These terms may be modified at any time.
Your subscription will be on a month to month basis and automatically renew every month. You may terminate your subscription at any time through your account.
We will provide you with advance notice of any change in fees.
You represent that you are of legal age to form a binding contract. You are responsible for any
activity associated with your account. The account can be logged in at only one computer at a
time.
The Services are intended for your own individual use. You shall only use the Services in a
manner that complies with all laws. You may not use any automated software, spider or system to
scrape data from Alphaminr.
Alphaminr is not a financial advisor and does not provide financial advice of any kind. The service is provided “As is”. The materials and information accessible through the Service are solely for informational purposes. While we strive to provide good information and data, we make no guarantee or warranty as to its accuracy.
TO THE EXTENT PERMITTED BY APPLICABLE LAW, UNDER NO CIRCUMSTANCES SHALL ALPHAMINR BE LIABLE TO YOU FOR DAMAGES OF ANY KIND, INCLUDING DAMAGES FOR INVESTMENT LOSSES, LOSS OF DATA, OR ACCURACY OF DATA, OR FOR ANY AMOUNT, IN THE AGGREGATE, IN EXCESS OF THE GREATER OF (1) FIFTY DOLLARS OR (2) THE AMOUNTS PAID BY YOU TO ALPHAMINR IN THE SIX MONTH PERIOD PRECEDING THIS APPLICABLE CLAIM. SOME STATES DO NOT ALLOW THE EXCLUSION OR LIMITATION OF INCIDENTAL OR CONSEQUENTIAL OR CERTAIN OTHER DAMAGES, SO THE ABOVE LIMITATION AND EXCLUSIONS MAY NOT APPLY TO YOU.
If any provision of these Terms is found to be invalid under any applicable law, such provision shall not affect the validity or enforceability of the remaining provisions herein.
This privacy policy describes how we (“Alphaminr”) collect, use, share and protect your personal information when we provide our service (“Service”). This Privacy Policy explains how information is collected about you either directly or indirectly. By using our service, you acknowledge the terms of this Privacy Notice. If you do not agree to the terms of this Privacy Policy, please do not use our Service. You should contact us if you have questions about it. We may modify this Privacy Policy periodically.
When you register for our Service, we collect information from you such as your name, email address and credit card information.
Like many other websites we use “cookies”, which are small text files that are stored on your computer or other device that record your preferences and actions, including how you use the website. You can set your browser or device to refuse all cookies or to alert you when a cookie is being sent. If you delete your cookies, if you opt-out from cookies, some Services may not function properly. We collect information when you use our Service. This includes which pages you visit.
We use Google Analytics and we use Stripe for payment processing. We will not share the information we collect with third parties for promotional purposes. We may share personal information with law enforcement as required or permitted by law.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ý
|
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
|
|
|
|
|
|
|
|
Delaware
|
|
98-0080034
|
|
(State or other jurisdiction of
|
|
(I.R.S. Employer
|
|
incorporation or organization)
|
|
Identification No.)
|
|
|
|
Large accelerated filer
|
o
|
|
Accelerated filer
|
x
|
|
|
|
|
|
|
|
Non-accelerated filer
|
o
|
|
Smaller reporting company
|
o
|
|
|
|
|
|
Page
No.
|
|
PART I
|
|
|
|
Item 1.
|
|
|
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
Item 2.
|
||
|
Item 3.
|
||
|
Item 4.
|
||
|
PART II
|
|
|
|
Item 1.
|
||
|
Item 1A.
|
||
|
Item 2.
|
||
|
Item 6.
|
||
|
|
||
|
(Expressed in thousands, except number of shares and per share amounts)
|
September 30, 2016
|
|
December 31, 2015
(1)
|
||||
|
ASSETS
|
|
|
|
||||
|
Cash and cash equivalents
|
$
|
99,044
|
|
|
$
|
63,364
|
|
|
Deposits with clearing organizations
|
35,614
|
|
|
49,490
|
|
||
|
Receivable from brokers, dealers and clearing organizations
|
255,818
|
|
|
365,791
|
|
||
|
Receivable from customers, net of allowance for credit losses of $2,503 ($2,545 in 2015)
|
798,048
|
|
|
840,355
|
|
||
|
Income tax receivable
|
20,065
|
|
|
12,231
|
|
||
|
Securities purchased under agreements to resell
|
—
|
|
|
206,499
|
|
||
|
Securities owned, including amounts pledged of $799,379 ($546,334 in 2015), at fair value
|
1,027,933
|
|
|
734,831
|
|
||
|
Notes receivable, net of accumulated amortization and allowance for uncollectibles of $64,763 and $8,037, respectively ($54,919 and $8,444, respectively, in 2015)
|
31,120
|
|
|
32,849
|
|
||
|
Office facilities, net of accumulated depreciation of $109,278 ($104,812 in 2015)
|
28,321
|
|
|
28,285
|
|
||
|
Assets held for sale
|
11,748
|
|
|
99,881
|
|
||
|
Intangible assets
|
31,700
|
|
|
31,700
|
|
||
|
Goodwill
|
137,889
|
|
|
137,889
|
|
||
|
Other assets
|
106,381
|
|
|
94,839
|
|
||
|
Total assets
|
$
|
2,583,681
|
|
|
$
|
2,698,004
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
||||
|
Liabilities
|
|
|
|
||||
|
Drafts payable
|
$
|
31,414
|
|
|
$
|
48,011
|
|
|
Bank call loans
|
132,000
|
|
|
100,200
|
|
||
|
Payable to brokers, dealers and clearing organizations
|
154,168
|
|
|
164,546
|
|
||
|
Payable to customers
|
517,681
|
|
|
594,833
|
|
||
|
Securities sold under agreements to repurchase
|
528,113
|
|
|
651,445
|
|
||
|
Securities sold, but not yet purchased, at fair value
|
295,507
|
|
|
126,493
|
|
||
|
Liabilities held for sale
|
20,605
|
|
|
74,680
|
|
||
|
Accrued compensation
|
120,976
|
|
|
149,092
|
|
||
|
Accounts payable and other liabilities
|
105,770
|
|
|
108,637
|
|
||
|
Senior secured notes, net of debt issuance costs of $769 ($1,132 in 2015)
|
149,231
|
|
|
148,868
|
|
||
|
Deferred tax liabilities, net of deferred tax assets of $62,014 ($63,481 in 2015)
|
12,204
|
|
|
6,117
|
|
||
|
Total liabilities
|
2,067,669
|
|
|
2,172,922
|
|
||
|
Commitments and contingencies (Note 12)
|
|
|
|
||||
|
Stockholders' equity
|
|
|
|
||||
|
Share capital
|
|
|
|
||||
|
Class A non-voting common stock, par value $0.001 per share, 50,000,000 shares authorized, 13,268,439 and 13,238,486 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively
|
59,331
|
|
|
57,387
|
|
||
|
Class B voting common stock, par value $0.001 per share, 99,665 shares authorized,
issued and outstanding |
133
|
|
|
133
|
|
||
|
|
59,464
|
|
|
57,520
|
|
||
|
Contributed capital
|
40,525
|
|
|
44,438
|
|
||
|
Retained earnings
|
413,508
|
|
|
417,001
|
|
||
|
Accumulated other comprehensive loss
|
(1
|
)
|
|
(901
|
)
|
||
|
Total Oppenheimer Holdings Inc. stockholders' equity
|
513,496
|
|
|
518,058
|
|
||
|
Noncontrolling interest
|
2,516
|
|
|
7,024
|
|
||
|
Total stockholders' equity
|
516,012
|
|
|
525,082
|
|
||
|
Total liabilities and stockholders' equity
|
$
|
2,583,681
|
|
|
$
|
2,698,004
|
|
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||
|
(Expressed in thousands, except number of shares and per share amounts)
|
2016
|
|
2015
(1)
|
|
2016
|
|
2015
(1)
|
||||||||
|
REVENUE
|
|
|
|
|
|
|
|
||||||||
|
Commissions
|
$
|
90,023
|
|
|
$
|
101,243
|
|
|
$
|
286,447
|
|
|
$
|
314,494
|
|
|
Advisory fees
|
67,452
|
|
|
69,557
|
|
|
199,582
|
|
|
212,766
|
|
||||
|
Investment banking
|
20,280
|
|
|
16,548
|
|
|
51,544
|
|
|
72,873
|
|
||||
|
Interest
|
11,291
|
|
|
13,759
|
|
|
36,340
|
|
|
35,775
|
|
||||
|
Principal transactions, net
|
4,922
|
|
|
2,309
|
|
|
19,117
|
|
|
14,347
|
|
||||
|
Other
|
17,836
|
|
|
4,062
|
|
|
45,804
|
|
|
22,357
|
|
||||
|
Total revenue
|
211,804
|
|
|
207,478
|
|
|
638,834
|
|
|
672,612
|
|
||||
|
EXPENSES
|
|
|
|
|
|
|
|
||||||||
|
Compensation and related expenses
|
142,308
|
|
|
139,314
|
|
|
432,524
|
|
|
453,943
|
|
||||
|
Communications and technology
|
17,201
|
|
|
16,396
|
|
|
52,519
|
|
|
49,775
|
|
||||
|
Occupancy and equipment costs
|
14,909
|
|
|
16,083
|
|
|
44,796
|
|
|
47,695
|
|
||||
|
Clearing and exchange fees
|
5,886
|
|
|
6,909
|
|
|
19,006
|
|
|
19,542
|
|
||||
|
Interest
|
4,687
|
|
|
4,228
|
|
|
14,526
|
|
|
12,103
|
|
||||
|
Other
|
28,623
|
|
|
27,121
|
|
|
89,859
|
|
|
87,414
|
|
||||
|
Total expenses
|
213,614
|
|
|
210,051
|
|
|
653,230
|
|
|
670,472
|
|
||||
|
Income (loss) before income taxes from continuing operations
|
(1,810
|
)
|
|
(2,573
|
)
|
|
(14,396
|
)
|
|
2,140
|
|
||||
|
Income taxes
|
(751
|
)
|
|
(1,437
|
)
|
|
(7,190
|
)
|
|
1,118
|
|
||||
|
Net income (loss) from continuing operations
|
(1,059
|
)
|
|
(1,136
|
)
|
|
(7,206
|
)
|
|
1,022
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Discontinued operations
|
|
|
|
|
|
|
|
||||||||
|
Income from discontinued operations
|
888
|
|
|
1,046
|
|
|
15,597
|
|
|
8,814
|
|
||||
|
Income taxes
|
475
|
|
|
687
|
|
|
6,235
|
|
|
3,847
|
|
||||
|
Net income from discontinued operations
|
413
|
|
|
359
|
|
|
9,362
|
|
|
4,967
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Net income (loss)
|
(646
|
)
|
|
(777
|
)
|
|
2,156
|
|
|
5,989
|
|
||||
|
Less net income attributable to noncontrolling interest, net of tax
|
66
|
|
|
131
|
|
|
1,527
|
|
|
883
|
|
||||
|
Net income (loss) attributable to Oppenheimer Holdings Inc.
|
$
|
(712
|
)
|
|
$
|
(908
|
)
|
|
$
|
629
|
|
|
$
|
5,106
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Basic earnings (loss) per share attributable to Oppenheimer Holdings Inc.
|
|
|
|
|
|
|
|
||||||||
|
Continuing operations
|
$
|
(0.08
|
)
|
|
$
|
(0.08
|
)
|
|
$
|
(0.54
|
)
|
|
$
|
0.07
|
|
|
Discontinued operations
|
0.03
|
|
|
0.01
|
|
|
0.59
|
|
|
0.30
|
|
||||
|
Net earnings (loss) per share
|
$
|
(0.05
|
)
|
|
$
|
(0.07
|
)
|
|
$
|
0.05
|
|
|
$
|
0.37
|
|
|
Diluted earnings (loss) per share attributable to Oppenheimer Holdings Inc.
|
|
|
|
|
|
|
|
||||||||
|
Continuing operations
|
$
|
(0.08
|
)
|
|
$
|
(0.08
|
)
|
|
$
|
(0.54
|
)
|
|
$
|
0.07
|
|
|
Discontinued operations
|
0.03
|
|
|
0.01
|
|
|
0.59
|
|
|
0.29
|
|
||||
|
Net earnings (loss) per share
|
$
|
(0.05
|
)
|
|
$
|
(0.07
|
)
|
|
$
|
0.05
|
|
|
$
|
0.36
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Dividends declared per share
|
$
|
0.11
|
|
|
$
|
0.11
|
|
|
$
|
0.33
|
|
|
$
|
0.33
|
|
|
Weighted average number of common shares outstanding
|
|
|
|
|
|
|
|
||||||||
|
Basic
|
13,366,863
|
|
|
13,690,698
|
|
|
13,371,296
|
|
|
13,713,578
|
|
||||
|
Diluted
|
13,366,863
|
|
|
13,690,698
|
|
|
13,371,296
|
|
|
14,339,205
|
|
||||
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||
|
(Expressed in thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
Net income (loss)
|
$
|
(646
|
)
|
|
$
|
(777
|
)
|
|
$
|
2,156
|
|
|
$
|
5,989
|
|
|
Other comprehensive income (loss), net of tax
(1)
|
|
|
|
|
|
|
|
||||||||
|
Currency translation adjustment
|
681
|
|
|
(916
|
)
|
|
900
|
|
|
(166
|
)
|
||||
|
Comprehensive income (loss)
|
35
|
|
|
(1,693
|
)
|
|
3,056
|
|
|
5,823
|
|
||||
|
Less net income attributable to noncontrolling interests
|
66
|
|
|
131
|
|
|
1,527
|
|
|
883
|
|
||||
|
Comprehensive income (loss) attributable to Oppenheimer Holdings Inc.
|
$
|
(31
|
)
|
|
$
|
(1,824
|
)
|
|
$
|
1,529
|
|
|
$
|
4,940
|
|
|
(1)
|
Total other comprehensive income (loss) is attributable to Oppenheimer Holdings Inc. No other comprehensive income (loss) is attributable to noncontrolling interests.
|
|
(Expressed in thousands)
|
2016
|
|
2015
|
||||
|
Share capital
|
|
|
|
||||
|
Balance at beginning of period
|
$
|
57,520
|
|
|
$
|
62,397
|
|
|
Issuance of Class A non-voting common stock
|
5,776
|
|
|
3,373
|
|
||
|
Repurchase of Class A non-voting common stock for cancellation
|
(3,832
|
)
|
|
(6,618
|
)
|
||
|
Balance at end of period
|
59,464
|
|
|
59,152
|
|
||
|
Contributed capital
|
|
|
|
||||
|
Balance at beginning of period
|
44,438
|
|
|
45,118
|
|
||
|
Tax deficiency from share-based awards
|
(751
|
)
|
|
(235
|
)
|
||
|
Share-based expense
|
3,955
|
|
|
3,289
|
|
||
|
Vested employee share plan awards
|
(7,117
|
)
|
|
(5,056
|
)
|
||
|
Balance at end of period
|
40,525
|
|
|
43,116
|
|
||
|
Retained earnings
|
|
|
|
||||
|
Balance at beginning of period
|
417,001
|
|
|
421,047
|
|
||
|
Net income attributable to Oppenheimer Holdings Inc.
|
629
|
|
|
5,106
|
|
||
|
Dividends paid ($0.33 per share)
|
(4,417
|
)
|
|
(4,531
|
)
|
||
|
Preferred dividends received
|
295
|
|
|
—
|
|
||
|
Balance at end of period
|
413,508
|
|
|
421,622
|
|
||
|
Accumulated other comprehensive loss
|
|
|
|
||||
|
Balance at beginning of period
|
(901
|
)
|
|
(918
|
)
|
||
|
Currency translation adjustment
|
900
|
|
|
(166
|
)
|
||
|
Balance at end of period
|
(1
|
)
|
|
(1,084
|
)
|
||
|
Total Oppenheimer Holdings Inc. stockholders' equity
|
513,496
|
|
|
522,806
|
|
||
|
Noncontrolling interest
|
|
|
|
||||
|
Balance at beginning of period
|
7,024
|
|
|
6,088
|
|
||
|
Net income attributable to noncontrolling interest
|
1,527
|
|
|
883
|
|
||
|
Dividends paid
|
(5,740
|
)
|
|
—
|
|
||
|
Preferred dividends paid
|
(295
|
)
|
|
—
|
|
||
|
Balance at end of period
|
2,516
|
|
|
6,971
|
|
||
|
Total stockholders' equity
|
$
|
516,012
|
|
|
$
|
529,777
|
|
|
(Expressed in thousands)
|
2016
|
|
2015
|
||||
|
Cash flows from operating activities
|
|
|
|
||||
|
Net income for the period
|
$
|
2,156
|
|
|
$
|
5,989
|
|
|
Adjustments to reconcile net income to net cash used in operating activities
|
|
|
|
||||
|
Payment of taxes due for vested share-based awards related to amounts the Company withheld on behalf of its employees to meet minimum statutory tax withholding requirements
|
(1,341
|
)
|
|
(1,683
|
)
|
||
|
Non-cash items included in net income:
|
|
|
|
||||
|
Depreciation and amortization of office facilities and leasehold improvements
|
4,366
|
|
|
5,471
|
|
||
|
Deferred income taxes
|
(4,473
|
)
|
|
1,103
|
|
||
|
Amortization of notes receivable
|
9,844
|
|
|
9,742
|
|
||
|
Amortization of debt issuance costs
|
363
|
|
|
364
|
|
||
|
Amortization of mortgage servicing rights
|
44
|
|
|
829
|
|
||
|
Provision for credit losses
|
(42
|
)
|
|
77
|
|
||
|
Share-based compensation
|
3,230
|
|
|
2,569
|
|
||
|
Gain on sale of assets
|
(17,526
|
)
|
|
—
|
|
||
|
Decrease (increase) in operating assets:
|
|
|
|
||||
|
Cash and securities segregated for regulatory and other purposes
|
—
|
|
|
17,739
|
|
||
|
Deposits with clearing organizations
|
13,876
|
|
|
(24,860
|
)
|
||
|
Receivable from brokers, dealers and clearing organizations
|
105,196
|
|
|
(84,333
|
)
|
||
|
Receivable from customers
|
42,349
|
|
|
(31,948
|
)
|
||
|
Income tax receivable
|
8,965
|
|
|
(1,865
|
)
|
||
|
Securities purchased under agreements to resell
|
206,499
|
|
|
251,606
|
|
||
|
Securities owned
|
(293,103
|
)
|
|
(197,476
|
)
|
||
|
Notes receivable
|
(8,115
|
)
|
|
(8,434
|
)
|
||
|
Loans held for sale
|
60,234
|
|
|
(14,807
|
)
|
||
|
Mortgage servicing rights
|
169
|
|
|
(283
|
)
|
||
|
Other assets
|
(10,647
|
)
|
|
(1,668
|
)
|
||
|
Increase (decrease) in operating liabilities:
|
|
|
|
||||
|
Drafts payable
|
(16,597
|
)
|
|
(11,371
|
)
|
||
|
Payable to brokers, dealers and clearing organizations
|
(10,378
|
)
|
|
(6,648
|
)
|
||
|
Payable to customers
|
(77,152
|
)
|
|
40,160
|
|
||
|
Securities sold under agreements to repurchase
|
(123,332
|
)
|
|
(224,366
|
)
|
||
|
Securities sold, but not yet purchased
|
169,014
|
|
|
219,154
|
|
||
|
Accrued compensation
|
(29,132
|
)
|
|
(39,285
|
)
|
||
|
Accounts payable and other liabilities
|
(59,012
|
)
|
|
4,425
|
|
||
|
Cash used in operating activities
|
(24,545
|
)
|
|
(89,799
|
)
|
||
|
Cash flows from investing activities
|
|
|
|
||||
|
Purchase of office facilities
|
(4,397
|
)
|
|
(3,613
|
)
|
||
|
Proceeds from sale of assets
|
47,562
|
|
|
—
|
|
||
|
Cash provided by (used in) investing activities
|
43,165
|
|
|
(3,613
|
)
|
||
|
Cash flows from financing activities
|
|
|
|
||||
|
Cash dividends paid on Class A non-voting and Class B voting common stock
|
(4,417
|
)
|
|
(4,531
|
)
|
||
|
Cash dividends paid to noncontrolling interest
|
(5,740
|
)
|
|
—
|
|
||
|
Repurchase of Class A non-voting common stock for cancellation
|
(3,832
|
)
|
|
(6,618
|
)
|
||
|
Tax deficiency from share-based awards
|
(751
|
)
|
|
(235
|
)
|
||
|
Increase in bank call loans, net
|
31,800
|
|
|
88,300
|
|
||
|
Cash provided by financing activities
|
17,060
|
|
|
76,916
|
|
||
|
Net increase (decrease) in cash and cash equivalents
|
35,680
|
|
|
(16,496
|
)
|
||
|
Cash and cash equivalents, beginning of period
|
63,364
|
|
|
63,807
|
|
||
|
Cash and cash equivalents, end of period
|
$
|
99,044
|
|
|
$
|
47,311
|
|
|
Schedule of non-cash financing activities
|
|
|
|
||||
|
Employee share plan issuance
|
$
|
5,776
|
|
|
$
|
3,373
|
|
|
Supplemental disclosure of cash flow information
|
|
|
|
||||
|
Cash paid during the period for interest
|
$
|
11,678
|
|
|
$
|
9,568
|
|
|
Cash (received) paid during the period for income taxes, net of refunds
|
$
|
(4,023
|
)
|
|
$
|
5,972
|
|
|
(Expressed in thousands)
|
|
|
|
|
||||
|
|
|
September 30, 2016
|
|
December 31, 2015
|
||||
|
ASSETS
|
|
|
|
|
||||
|
Securities owned
|
|
$
|
563
|
|
|
$
|
562
|
|
|
Loans held for sale
|
|
—
|
|
|
60,234
|
|
||
|
Mortgage servicing rights
|
|
268
|
|
|
28,168
|
|
||
|
Other assets
|
|
10,917
|
|
|
10,917
|
|
||
|
Total assets
|
|
$
|
11,748
|
|
|
$
|
99,881
|
|
|
LIABILITIES
|
|
|
|
|
||||
|
Accounts payable and other liabilities
|
|
$
|
20,605
|
|
|
$
|
64,124
|
|
|
Deferred tax liability
|
|
—
|
|
|
10,556
|
|
||
|
Total liabilities
|
|
$
|
20,605
|
|
|
$
|
74,680
|
|
|
(Expressed in thousands)
|
|
|
|
|
|
|
|
||||||||
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
REVENUE
|
|
|
|
|
|
|
|
||||||||
|
Interest
|
$
|
112
|
|
|
$
|
625
|
|
|
$
|
921
|
|
|
$
|
1,674
|
|
|
Principal transactions, net
|
(2,380
|
)
|
|
(5,648
|
)
|
|
(9,008
|
)
|
|
2,579
|
|
||||
|
Gain on sale of assets
|
—
|
|
|
—
|
|
|
14,916
|
|
|
—
|
|
||||
|
Other
|
4,073
|
|
|
11,081
|
|
|
16,631
|
|
|
21,160
|
|
||||
|
Total revenue
|
1,805
|
|
|
6,058
|
|
|
23,460
|
|
|
25,413
|
|
||||
|
EXPENSES
|
|
|
|
|
|
|
|
||||||||
|
Compensation and related expenses
|
573
|
|
|
3,432
|
|
|
4,225
|
|
|
10,108
|
|
||||
|
Communications and technology
|
40
|
|
|
79
|
|
|
201
|
|
|
275
|
|
||||
|
Occupancy and equipment costs
|
37
|
|
|
75
|
|
|
399
|
|
|
225
|
|
||||
|
Interest
|
28
|
|
|
313
|
|
|
408
|
|
|
853
|
|
||||
|
Other
|
239
|
|
|
1,113
|
|
|
2,630
|
|
|
5,138
|
|
||||
|
Total expenses
|
917
|
|
|
5,012
|
|
|
7,863
|
|
|
16,599
|
|
||||
|
Income before income taxes
|
$
|
888
|
|
|
$
|
1,046
|
|
|
$
|
15,597
|
|
|
$
|
8,814
|
|
|
Income attributable to noncontrolling interest before income taxes
|
$
|
145
|
|
|
$
|
171
|
|
|
$
|
2,545
|
|
|
$
|
1,438
|
|
|
(Expressed in thousands)
|
|
|
|
||||
|
|
For the Nine Months Ended September 30,
|
||||||
|
|
2016
|
|
2015
|
||||
|
Cash (used in) provided by operating activities
|
$
|
(4,143
|
)
|
|
$
|
8,005
|
|
|
Cash provided by investing activities
|
47,562
|
|
|
—
|
|
||
|
Cash used in financing activities
(1)
|
(35,358
|
)
|
|
(187
|
)
|
||
|
Net increase in cash and cash equivalents
|
$
|
8,061
|
|
|
$
|
7,818
|
|
|
(Expressed in thousands, except number of shares and per share amounts)
|
|
|
|
|
|
|
|
||||||||
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
Net income (loss) from continuing operations
|
$
|
(1,059
|
)
|
|
$
|
(1,136
|
)
|
|
$
|
(7,206
|
)
|
|
$
|
1,022
|
|
|
Net income from discontinued operations
|
413
|
|
|
359
|
|
|
9,362
|
|
|
4,967
|
|
||||
|
Net income (loss)
|
(646
|
)
|
|
(777
|
)
|
|
2,156
|
|
|
5,989
|
|
||||
|
Less net income attributable to noncontrolling interest, net of tax
|
66
|
|
|
131
|
|
|
1,527
|
|
|
883
|
|
||||
|
Net income (loss) attributable to Oppenheimer Holdings Inc.
|
$
|
(712
|
)
|
|
$
|
(908
|
)
|
|
$
|
629
|
|
|
$
|
5,106
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Basic weighted average number of shares outstanding
|
13,366,863
|
|
|
13,690,698
|
|
|
13,371,296
|
|
|
13,713,578
|
|
||||
|
Net dilutive effect of share-based awards, treasury method
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
625,627
|
|
||||
|
Diluted weighted average number of shares outstanding
|
13,366,863
|
|
|
13,690,698
|
|
|
13,371,296
|
|
|
14,339,205
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Basic earnings (loss) per share attributable to Oppenheimer Holdings Inc.
|
|
|
|
|
|
|
|
||||||||
|
Continuing operations
|
$
|
(0.08
|
)
|
|
$
|
(0.08
|
)
|
|
$
|
(0.54
|
)
|
|
$
|
0.07
|
|
|
Discontinued operations
|
0.03
|
|
|
0.01
|
|
|
0.59
|
|
|
0.30
|
|
||||
|
Net earnings (loss) per share
|
$
|
(0.05
|
)
|
|
$
|
(0.07
|
)
|
|
$
|
0.05
|
|
|
$
|
0.37
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Diluted earnings (loss) per share attributable to Oppenheimer Holdings Inc.
|
|
|
|
|
|
|
|
||||||||
|
Continuing operations
|
$
|
(0.08
|
)
|
|
$
|
(0.08
|
)
|
|
$
|
(0.54
|
)
|
|
$
|
0.07
|
|
|
Discontinued operations
|
0.03
|
|
|
0.01
|
|
|
0.59
|
|
|
0.29
|
|
||||
|
Net earnings (loss) per share
|
$
|
(0.05
|
)
|
|
$
|
(0.07
|
)
|
|
$
|
0.05
|
|
|
$
|
0.36
|
|
|
(1)
|
For both the
three and nine
months ended
September 30, 2016
, the diluted earnings (loss) per share computation does not include the anti-dilutive effect of
1,249,063
shares of Class A Stock granted under share-based compensation arrangements (
1,304,185
and
40,309
, respectively, for the
three and nine
months ended
September 30, 2015
).
|
|
(Expressed in thousands)
|
|
|
|
||||
|
|
As of
|
||||||
|
|
September 30, 2016
|
|
December 31, 2015
|
||||
|
Receivable from brokers, dealers and clearing organizations consist of:
|
|
|
|
||||
|
Securities borrowed
|
$
|
155,725
|
|
|
$
|
224,672
|
|
|
Receivable from brokers
|
27,691
|
|
|
49,458
|
|
||
|
Securities failed to deliver
|
16,782
|
|
|
7,799
|
|
||
|
Clearing organizations
|
16,399
|
|
|
25,030
|
|
||
|
Other
|
39,221
|
|
|
58,832
|
|
||
|
Total
|
$
|
255,818
|
|
|
$
|
365,791
|
|
|
Payable to brokers, dealers and clearing organizations consist of:
|
|
|
|
||||
|
Securities loaned
|
$
|
133,205
|
|
|
$
|
130,658
|
|
|
Payable to brokers
|
6,626
|
|
|
3,316
|
|
||
|
Securities failed to receive
|
13,862
|
|
|
21,513
|
|
||
|
Other
|
475
|
|
|
9,059
|
|
||
|
Total
|
$
|
154,168
|
|
|
$
|
164,546
|
|
|
(Expressed in thousands)
|
|
|
|
|
|
|
|
||||||||
|
|
As of September 30, 2016
|
|
As of December 31, 2015
|
||||||||||||
|
|
Owned
(1)
|
|
Sold
|
|
Owned
(1)
|
|
Sold
|
||||||||
|
U.S. treasury, agency and sovereign obligations
|
$
|
724,209
|
|
|
$
|
223,037
|
|
|
$
|
509,614
|
|
|
$
|
77,485
|
|
|
Corporate debt and other obligations
|
32,262
|
|
|
8,708
|
|
|
16,138
|
|
|
1,652
|
|
||||
|
Mortgage and other asset-backed securities
|
4,551
|
|
|
46
|
|
|
3,504
|
|
|
27
|
|
||||
|
Municipal obligations
|
85,892
|
|
|
—
|
|
|
30,132
|
|
|
—
|
|
||||
|
Convertible bonds
|
53,374
|
|
|
10,454
|
|
|
54,693
|
|
|
5,951
|
|
||||
|
Corporate equities
|
37,057
|
|
|
53,262
|
|
|
34,475
|
|
|
41,378
|
|
||||
|
Money markets
|
1,142
|
|
|
—
|
|
|
35
|
|
|
—
|
|
||||
|
Auction rate securities
|
90,009
|
|
|
—
|
|
|
86,802
|
|
|
—
|
|
||||
|
Total
|
$
|
1,028,496
|
|
|
$
|
295,507
|
|
|
$
|
735,393
|
|
|
$
|
126,493
|
|
|
(Expressed in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Quantitative Information about Level 3 Fair Value Measurements at September 30, 2016
|
||||||||||||||||||||
|
Product
|
|
Principal
|
|
Valuation
Adjustment
|
|
Fair Value
|
|
Valuation Technique
|
|
Unobservable Input
|
|
Range
|
|
Weighted
Average
|
||||||
|
Auction Rate Securities ("ARS") Owned
(1)
|
|
|
|
|
|
|
|
|
||||||||||||
|
Auction Rate Preferred Securities
|
|
$
|
88,100
|
|
|
$
|
1,665
|
|
|
$
|
86,435
|
|
|
Discounted Cash Flow
|
|
Discount Rate
(2)
|
|
1.52% to 1.56%
|
|
1.54%
|
|
|
|
|
|
|
|
|
|
|
|
Duration
|
|
4.0 years
|
|
4.0 years
|
||||||
|
|
|
|
|
|
|
|
|
|
|
Current Yield
(3)
|
|
0.80% to 1.40%
|
|
1.11%
|
||||||
|
Municipal Auction Rate Securities
|
|
25
|
|
|
1
|
|
|
24
|
|
|
Discounted Cash Flow
|
|
Discount Rate
(4)
|
|
1.89%
|
|
1.89%
|
|||
|
|
|
|
|
|
|
|
|
|
|
Duration
|
|
4.5 years
|
|
4.5 years
|
||||||
|
|
|
|
|
|
|
|
|
|
|
Current Yield
(3)
|
|
1.41%
|
|
1.41%
|
||||||
|
Student Loan Auction Rate Securities
|
|
300
|
|
|
17
|
|
|
283
|
|
|
Discounted Cash Flow
|
|
Discount Rate
(5)
|
|
2.62%
|
|
2.62%
|
|||
|
|
|
|
|
|
|
|
|
|
|
Duration
|
|
7.0 years
|
|
7.0 years
|
||||||
|
|
|
|
|
|
|
|
|
|
|
Current Yield
(3)
|
|
1.73%
|
|
1.73%
|
||||||
|
Other
(7)
|
|
3,600
|
|
|
333
|
|
|
3,267
|
|
|
Secondary Market Trading Activity
|
|
Observable trades in inactive market for in portfolio securities
|
|
90.76% of par
|
|
90.76% of par
|
|||
|
|
|
$
|
92,025
|
|
|
$
|
2,016
|
|
|
$
|
90,009
|
|
|
|
|
|
|
|
|
|
|
Auction Rate Securities Commitments to Purchase
(6)
|
|
|
|
|
|
|
|
|
||||||||||||
|
Auction Rate Preferred Securities
|
|
$
|
6,512
|
|
|
$
|
(905
|
)
|
|
$
|
7,417
|
|
|
Discounted Cash Flow
|
|
Discount Rate
(2)
|
|
1.52% to 1.56%
|
|
1.54%
|
|
|
|
|
|
|
|
|
|
|
|
Duration
|
|
4.0 years
|
|
4.0 years
|
||||||
|
|
|
|
|
|
|
|
|
|
|
Current Yield
(3)
|
|
0.80% to 1.40%
|
|
1.11%
|
||||||
|
Auction Rate Preferred Securities
|
|
21,920
|
|
|
275
|
|
|
21,645
|
|
|
Discounted Cash Flow
|
|
Discount Rate
(2)
|
|
1.52% to 1.56%
|
|
1.54%
|
|||
|
|
|
|
|
|
|
|
|
|
|
Duration
|
|
4.0 years
|
|
4.0 years
|
||||||
|
|
|
|
|
|
|
|
|
|
|
Current Yield
(3)
|
|
0.80% to 1.40%
|
|
1.11%
|
||||||
|
Municipal Auction Rate Securities
|
|
1
|
|
|
—
|
|
|
1
|
|
|
Discounted Cash Flow
|
|
Discount Rate
(4)
|
|
1.89%
|
|
1.89%
|
|||
|
|
|
|
|
|
|
|
|
|
|
Duration
|
|
4.5 years
|
|
4.5 years
|
||||||
|
|
|
|
|
|
|
|
|
|
|
Current Yield
(3)
|
|
1.41%
|
|
1.41%
|
||||||
|
Student Loan Auction Rate Securities
|
|
21
|
|
|
1
|
|
|
20
|
|
|
Discounted Cash Flow
|
|
Discount Rate
(5)
|
|
2.62%
|
|
2.62%
|
|||
|
|
|
|
|
|
|
|
|
|
|
Duration
|
|
7.0 years
|
|
7.0 years
|
||||||
|
|
|
|
|
|
|
|
|
|
|
Current Yield
(3)
|
|
1.73%
|
|
1.73%
|
||||||
|
|
|
$
|
28,454
|
|
|
$
|
(629
|
)
|
|
$
|
29,083
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
120,479
|
|
|
$
|
1,387
|
|
|
$
|
119,092
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Principal amount represents the par value of the ARS and is included in securities owned in the condensed consolidated balance sheet at
September 30, 2016
. The valuation adjustment amount is included as a reduction to securities owned in the condensed consolidated balance sheet at
September 30, 2016
.
|
|
(2)
|
Derived by applying a multiple to the spread between
110%
to
150%
to the U.S. Treasury rate of
1.01%
to
1.42%
.
|
|
(3)
|
Based on current yields for ARS positions owned.
|
|
(4)
|
Derived by applying a multiple to the spread of
175%
to the U.S. Treasury rate of
1.08%
.
|
|
(5)
|
Derived by applying the sum of the spread of
1.20%
to the U.S. Treasury rate of
1.42%
.
|
|
(6)
|
Principal amount represents the present value of the ARS par value that the Company is committed to purchase at a future date. This principal amount is presented as an off-balance sheet item. The valuation adjustment amounts,
|
|
(7)
|
Represents ARS issued by a credit default obligation structure that the Company has purchased.
|
|
•
|
The impact of a
25
basis point increase in the discount rate at
September 30, 2016
would result in a decrease in the fair value of
$1.6 million
(does not consider a corresponding reduction in duration as discussed above).
|
|
•
|
The impact of a
50
basis point increase in the discount rate at
September 30, 2016
would result in a decrease in the fair value of
$3.1 million
(does not consider a corresponding reduction in duration as discussed above).
|
|
(Expressed in thousands)
|
|
|
|
|
|
|
|
||||
|
|
Fair Value
|
|
Unfunded
Commitments
|
|
Redemption Frequency
|
|
Redemption
Notice Period
|
||||
|
Hedge funds
(1)
|
$
|
2,466
|
|
|
$
|
—
|
|
|
Quarterly - Annually
|
|
30 - 120 Days
|
|
Private equity funds
(2)
|
4,570
|
|
|
1,251
|
|
|
N/A
|
|
N/A
|
||
|
|
$
|
7,036
|
|
|
$
|
1,251
|
|
|
|
|
|
|
(1)
|
Includes investments in hedge funds and hedge fund of funds that pursue long/short, event-driven, and activist strategies. Each hedge fund has various restrictions regarding redemption; no investment is locked-up for a period greater than
one
year.
|
|
(2)
|
Includes private equity funds and private equity fund of funds with a focus on diversified portfolios, real estate and global natural resources. Due to the illiquid nature of these funds, investors are not permitted to make withdrawals without the consent of the general partner. The lock-up period of the private equity funds can extend to
10
years.
|
|
(Expressed in thousands)
|
|
|
|
|
|
|
|
||||||||
|
|
Fair Value Measurements at September 30, 2016
|
||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
Assets
|
|
|
|
|
|
|
|
||||||||
|
Cash equivalents
|
$
|
47,897
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
47,897
|
|
|
Deposits with clearing organizations
|
23,989
|
|
|
—
|
|
|
—
|
|
|
23,989
|
|
||||
|
Securities owned:
|
|
|
|
|
|
|
|
||||||||
|
U.S. Treasury securities
(1)
|
673,925
|
|
|
—
|
|
|
—
|
|
|
673,925
|
|
||||
|
U.S. Agency securities
|
7,708
|
|
|
39,225
|
|
|
—
|
|
|
46,933
|
|
||||
|
Sovereign obligations
|
—
|
|
|
3,351
|
|
|
—
|
|
|
3,351
|
|
||||
|
Corporate debt and other obligations
|
—
|
|
|
32,262
|
|
|
—
|
|
|
32,262
|
|
||||
|
Mortgage and other asset-backed securities
|
—
|
|
|
4,551
|
|
|
—
|
|
|
4,551
|
|
||||
|
Municipal obligations
|
—
|
|
|
85,867
|
|
|
25
|
|
|
85,892
|
|
||||
|
Convertible bonds
|
—
|
|
|
53,374
|
|
|
—
|
|
|
53,374
|
|
||||
|
Corporate equities
|
37,057
|
|
|
—
|
|
|
—
|
|
|
37,057
|
|
||||
|
Money markets
|
1,142
|
|
|
—
|
|
|
—
|
|
|
1,142
|
|
||||
|
Auction rate securities
|
—
|
|
|
—
|
|
|
90,009
|
|
|
90,009
|
|
||||
|
Securities owned, at fair value
|
719,832
|
|
|
218,630
|
|
|
90,034
|
|
|
1,028,496
|
|
||||
|
Investments
(2)
|
—
|
|
|
—
|
|
|
189
|
|
|
189
|
|
||||
|
Derivative contracts:
|
|
|
|
|
|
|
|
||||||||
|
TBAs
|
—
|
|
|
869
|
|
|
—
|
|
|
869
|
|
||||
|
Interest rate lock commitments
|
—
|
|
|
—
|
|
|
53
|
|
|
53
|
|
||||
|
ARS purchase commitments
|
—
|
|
|
—
|
|
|
905
|
|
|
905
|
|
||||
|
Derivative contracts, total
|
—
|
|
|
869
|
|
|
958
|
|
|
1,827
|
|
||||
|
Total
|
$
|
791,718
|
|
|
$
|
219,499
|
|
|
$
|
91,181
|
|
|
$
|
1,102,398
|
|
|
Liabilities
|
|
|
|
|
|
|
|
||||||||
|
Securities sold, but not yet purchased:
|
|
|
|
|
|
|
|
||||||||
|
U.S. Treasury securities
|
$
|
220,346
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
220,346
|
|
|
U.S. Agency securities
|
—
|
|
|
33
|
|
|
—
|
|
|
33
|
|
||||
|
Sovereign obligations
|
—
|
|
|
2,658
|
|
|
—
|
|
|
2,658
|
|
||||
|
Corporate debt and other obligations
|
—
|
|
|
8,708
|
|
|
—
|
|
|
8,708
|
|
||||
|
Mortgage and other asset-backed securities
|
—
|
|
|
46
|
|
|
—
|
|
|
46
|
|
||||
|
Convertible bonds
|
—
|
|
|
10,454
|
|
|
—
|
|
|
10,454
|
|
||||
|
Corporate equities
|
53,262
|
|
|
—
|
|
|
—
|
|
|
53,262
|
|
||||
|
Securities sold, but not yet purchased, at fair value
|
273,608
|
|
|
21,899
|
|
|
—
|
|
|
295,507
|
|
||||
|
Derivative contracts:
|
|
|
|
|
|
|
|
||||||||
|
Futures
|
209
|
|
|
—
|
|
|
—
|
|
|
209
|
|
||||
|
Foreign currency forward contracts
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||
|
TBAs
|
—
|
|
|
927
|
|
|
—
|
|
|
927
|
|
||||
|
ARS purchase commitments
|
—
|
|
|
—
|
|
|
276
|
|
|
276
|
|
||||
|
Derivative contracts, total
|
210
|
|
|
927
|
|
|
276
|
|
|
1,413
|
|
||||
|
Total
|
$
|
273,818
|
|
|
$
|
22,826
|
|
|
$
|
276
|
|
|
$
|
296,920
|
|
|
(1)
|
$563,000
is included in assets held for sale on the condensed consolidated balance sheet. See Note 3 for details.
|
|
(2)
|
Included in other assets on the condensed consolidated balance sheet.
|
|
(Expressed in thousands)
|
|
|
|
|
|
|
|
||||||||
|
|
Fair Value Measurements at December 31, 2015
|
||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
Assets
|
|
|
|
|
|
|
|
||||||||
|
Cash equivalents
|
$
|
13,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
13,000
|
|
|
Deposits with clearing organizations
|
31,456
|
|
|
—
|
|
|
—
|
|
|
31,456
|
|
||||
|
Securities owned:
|
|
|
|
|
|
|
|
||||||||
|
U.S. Treasury securities
(1)
|
436,533
|
|
|
—
|
|
|
—
|
|
|
436,533
|
|
||||
|
U.S. Agency securities
|
25,240
|
|
|
46,176
|
|
|
—
|
|
|
71,416
|
|
||||
|
Sovereign obligations
|
—
|
|
|
1,665
|
|
|
—
|
|
|
1,665
|
|
||||
|
Corporate debt and other obligations
|
—
|
|
|
16,138
|
|
|
—
|
|
|
16,138
|
|
||||
|
Mortgage and other asset-backed securities
|
—
|
|
|
3,504
|
|
|
—
|
|
|
3,504
|
|
||||
|
Municipal obligations
|
—
|
|
|
30,051
|
|
|
81
|
|
|
30,132
|
|
||||
|
Convertible bonds
|
—
|
|
|
54,693
|
|
|
—
|
|
|
54,693
|
|
||||
|
Corporate equities
|
34,475
|
|
|
—
|
|
|
—
|
|
|
34,475
|
|
||||
|
Money markets
|
35
|
|
|
—
|
|
|
—
|
|
|
35
|
|
||||
|
Auction rate securities
|
—
|
|
|
—
|
|
|
86,802
|
|
|
86,802
|
|
||||
|
Securities owned, at fair value
|
496,283
|
|
|
152,227
|
|
|
86,883
|
|
|
735,393
|
|
||||
|
Investments
(2)
|
—
|
|
|
—
|
|
|
157
|
|
|
157
|
|
||||
|
Loans held for sale
(3)
|
—
|
|
|
60,234
|
|
|
—
|
|
|
60,234
|
|
||||
|
Securities purchased under agreements to resell
(4)
|
—
|
|
|
206,499
|
|
|
—
|
|
|
206,499
|
|
||||
|
Derivative contracts:
|
|
|
|
|
|
|
|
||||||||
|
TBAs
|
—
|
|
|
6,448
|
|
|
—
|
|
|
6,448
|
|
||||
|
Interest rate lock commitments
|
—
|
|
|
—
|
|
|
9,161
|
|
|
9,161
|
|
||||
|
Derivative contracts, total
|
—
|
|
|
6,448
|
|
|
9,161
|
|
|
15,609
|
|
||||
|
Total
|
$
|
540,739
|
|
|
$
|
425,408
|
|
|
$
|
96,201
|
|
|
$
|
1,062,348
|
|
|
Liabilities
|
|
|
|
|
|
|
|
||||||||
|
Securities sold, but not yet purchased:
|
|
|
|
|
|
|
|
||||||||
|
U.S. Treasury securities
|
$
|
75,653
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
75,653
|
|
|
U.S. Agency securities
|
—
|
|
|
15
|
|
|
—
|
|
|
15
|
|
||||
|
Sovereign obligations
|
—
|
|
|
1,817
|
|
|
—
|
|
|
1,817
|
|
||||
|
Corporate debt and other obligations
|
—
|
|
|
1,652
|
|
|
—
|
|
|
1,652
|
|
||||
|
Mortgage and other asset-backed securities
|
—
|
|
|
27
|
|
|
—
|
|
|
27
|
|
||||
|
Convertible bonds
|
—
|
|
|
5,951
|
|
|
—
|
|
|
5,951
|
|
||||
|
Corporate equities
|
41,378
|
|
|
—
|
|
|
—
|
|
|
41,378
|
|
||||
|
Securities sold, but not yet purchased, at fair value
|
117,031
|
|
|
9,462
|
|
|
—
|
|
|
126,493
|
|
||||
|
Derivative contracts:
|
|
|
|
|
|
|
|
||||||||
|
Futures
|
249
|
|
|
—
|
|
|
—
|
|
|
249
|
|
||||
|
Foreign currency forward contracts
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||
|
TBAs
|
—
|
|
|
11,619
|
|
|
—
|
|
|
11,619
|
|
||||
|
Interest rate lock commitments
|
—
|
|
|
—
|
|
|
923
|
|
|
923
|
|
||||
|
ARS purchase commitments
|
—
|
|
|
—
|
|
|
1,369
|
|
|
1,369
|
|
||||
|
Derivative contracts, total
|
251
|
|
|
11,619
|
|
|
2,292
|
|
|
14,162
|
|
||||
|
Total
|
$
|
117,282
|
|
|
$
|
21,081
|
|
|
$
|
2,292
|
|
|
$
|
140,655
|
|
|
(1)
|
$562,000
is included in assets held for sale on the condensed consolidated balance sheet. See Note 3 for details.
|
|
(2)
|
Included in other assets on the condensed consolidated balance sheet.
|
|
(3)
|
Included in assets held for sale on the condensed consolidated balance sheet. See Note 3 for details.
|
|
(4)
|
Included in securities purchased under agreements to resell where the Company has elected fair value option treatment.
|
|
(Expressed in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Level 3 Assets and Liabilities
|
||||||||||||||||||||||
|
|
For the Three Months Ended September 30, 2016
|
||||||||||||||||||||||
|
|
|
|
Total Realized
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
and Unrealized
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Beginning
|
|
Gains
|
|
Purchases
|
|
Sales and
|
|
Transfers
|
|
Ending
|
||||||||||||
|
|
Balance
|
|
(Losses)
(4)(5)
|
|
and Issuances
|
|
Settlements
|
|
In (Out)
|
|
Balance
|
||||||||||||
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Municipals
|
$
|
25
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
25
|
|
|
Auction rate securities
(1)(6)(7)
|
89,101
|
|
|
(417
|
)
|
|
2,000
|
|
|
(675
|
)
|
|
—
|
|
|
90,009
|
|
||||||
|
Interest rate lock commitments
(2)
|
13,453
|
|
|
53
|
|
|
—
|
|
|
(13,453
|
)
|
|
—
|
|
|
53
|
|
||||||
|
Investments
|
158
|
|
|
31
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
189
|
|
||||||
|
ARS purchase commitments
(3)
|
911
|
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
905
|
|
||||||
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
ARS purchase commitments
(3)
|
142
|
|
|
(134
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
276
|
|
||||||
|
(1)
|
Represents auction rate preferred securities, municipal auction rate securities and student loan auction rate securities that failed in the auction rate market.
|
|
(2)
|
Interest rate lock commitment assets are recorded upon the commitment to originate a loan with a borrower and sell the loan to an investor. The commitment assets and liabilities are recognized at fair value, which reflects the fair value of the contractual loan origination-related fees and sale premiums, net of co-broker fees, and the estimated fair value of the expected net future cash flows associated with the servicing of the loan.
|
|
(3)
|
Represents the difference in principal and fair value for auction rate securities purchase commitments outstanding at the end of the period.
|
|
(4)
|
Included in principal transactions on the condensed consolidated statement of operations, except for investments which are included in other income on the condensed consolidated statement of operations.
|
|
(5)
|
Unrealized gains (losses) are attributable to assets or liabilities that are still held at the reporting date.
|
|
(6)
|
Purchases and issuances in connection with ARS purchase commitments represent instances in which the Company purchased ARS securities from clients during the period pursuant to regulatory and legal settlements and awards that satisfy the outstanding commitment to purchase obligation. This also includes instances where the ARS issuer has redeemed ARS where the Company had an outstanding purchase commitment prior to the Company purchasing those ARS.
|
|
(7)
|
Sales and settlements for the ARS purchase commitments represent additional purchase commitments made during the period for regulatory and legal ARS settlements and awards.
|
|
(Expressed in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Level 3 Assets and Liabilities
|
||||||||||||||||||||||
|
|
For the Three Months Ended September 30, 2015
|
||||||||||||||||||||||
|
|
|
|
Total Realized
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
and Unrealized
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Beginning
|
|
Gains
|
|
Purchases
|
|
Sales and
|
|
Transfers
|
|
Ending
|
||||||||||||
|
|
Balance
|
|
(Losses)
(4)(5)
|
|
and Issuances
|
|
Settlements
|
|
In (Out)
|
|
Balance
|
||||||||||||
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Municipals
|
$
|
62
|
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
65
|
|
|
Auction rate securities
(1)(6)(7)
|
100,384
|
|
|
1,799
|
|
|
5,600
|
|
|
(11,300
|
)
|
|
—
|
|
|
96,483
|
|
||||||
|
Interest rate lock commitments
(2)
|
5,060
|
|
|
5,748
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,808
|
|
||||||
|
Investments
|
215
|
|
|
(33
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
182
|
|
||||||
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Interest rate lock commitments
(2)
|
683
|
|
|
496
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
187
|
|
||||||
|
ARS purchase commitments
(3)
|
1,034
|
|
|
557
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
477
|
|
||||||
|
(1)
|
Represents auction rate preferred securities, municipal auction rate securities and student loan auction rate securities that failed in the auction rate market.
|
|
(2)
|
Interest rate lock commitment assets and liabilities are recorded upon the commitment to originate a loan with a borrower and sell the loan to an investor. The commitment assets and liabilities are recognized at fair value, which reflects the fair value of the contractual loan origination-related fees and sale premiums, net of co-broker fees, and the estimated fair value of the expected net future cash flows associated with the servicing of the loan.
|
|
(3)
|
Represents the difference in principal and fair value for auction rate securities purchase commitments outstanding at the end of the period.
|
|
(4)
|
Included in principal transactions on the condensed consolidated statement of operations, except for investments which are included in other income on the condensed consolidated statement of operations.
|
|
(5)
|
Unrealized gains (losses) are attributable to assets or liabilities that are still held at the reporting date.
|
|
(6)
|
Purchases and issuances in connection with ARS purchase commitments represent instances in which the Company purchased ARS securities from clients during the period pursuant to regulatory and legal settlements and awards that satisfy the outstanding commitment to purchase obligation. This also includes instances where the ARS issuer has redeemed ARS where the Company had an outstanding purchase commitment prior to the Company purchasing those ARS.
|
|
(7)
|
Sales and settlements for the ARS purchase commitments represent additional purchase commitments made during the period for regulatory and legal ARS settlements and awards.
|
|
(Expressed in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Level 3 Assets and Liabilities
|
||||||||||||||||||||||
|
|
For the Nine Months Ended September 30, 2016
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
Total Realized
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Beginning
|
|
and Unrealized
|
|
Purchases
|
|
Sales and
|
|
Transfers
|
|
Ending
|
||||||||||||
|
|
Balance
|
|
Gains
(4)(5)
|
|
and Issuances
|
|
Settlements
|
|
In (Out)
|
|
Balance
|
||||||||||||
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Municipals
|
$
|
81
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
(62
|
)
|
|
$
|
—
|
|
|
$
|
25
|
|
|
Auction rate securities
(1)(6)(7)
|
86,802
|
|
|
3,157
|
|
|
13,775
|
|
|
(13,725
|
)
|
|
—
|
|
|
90,009
|
|
||||||
|
Interest rate lock commitments
(2)
|
9,161
|
|
|
4,345
|
|
|
—
|
|
|
(13,453
|
)
|
|
—
|
|
|
53
|
|
||||||
|
Investments
|
157
|
|
|
32
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
189
|
|
||||||
|
ARS purchase commitments
(3)
|
—
|
|
|
905
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
905
|
|
||||||
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Interest rate lock commitments
(2)
|
923
|
|
|
923
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
ARS purchase commitments
(3)
|
1,369
|
|
|
1,093
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
276
|
|
||||||
|
(1)
|
Represents auction rate preferred securities, municipal auction rate securities and student loan auction rate securities that failed in the auction rate market.
|
|
(2)
|
Interest rate lock commitment assets and liabilities are recorded upon the commitment to originate a loan with a borrower and sell the loan to an investor. The commitment assets and liabilities are recognized at fair value, which reflects the fair value of the contractual loan origination-related fees and sale premiums, net of co-broker fees, and the estimated fair value of the expected net future cash flows associated with the servicing of the loan.
|
|
(3)
|
Represents the difference in principal and fair value for auction rate securities purchase commitments outstanding at the end of the period.
|
|
(4)
|
Included in principal transactions on the condensed consolidated statement of operations, except for investments which are included in other income on the condensed consolidated statement of operations.
|
|
(5)
|
Unrealized gains are attributable to assets or liabilities that are still held at the reporting date.
|
|
(6)
|
Purchases and issuances in connection with ARS purchase commitments represent instances in which the Company purchased ARS securities from clients during the period pursuant to regulatory and legal settlements and awards that satisfy the outstanding commitment to purchase obligation. This also includes instances where the ARS issuer has redeemed ARS where the Company had an outstanding purchase commitment prior to the Company purchasing those ARS.
|
|
(7)
|
Sales and settlements for the ARS purchase commitments represent additional purchase commitments made during the period for regulatory and legal ARS settlements and awards.
|
|
(Expressed in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Level 3 Assets and Liabilities
|
||||||||||||||||||||||
|
|
For the Nine Months Ended September 30, 2015
|
||||||||||||||||||||||
|
|
|
|
Total Realized
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
and Unrealized
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Beginning
|
|
Gains
|
|
Purchases
|
|
Sales and
|
|
Transfers
|
|
Ending
|
||||||||||||
|
|
Balance
|
|
(Losses)
(4)(5)
|
|
and Issuances
|
|
Settlements
|
|
In (Out)
|
|
Balance
|
||||||||||||
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Municipals
|
$
|
164
|
|
|
$
|
(79
|
)
|
|
$
|
—
|
|
|
$
|
(20
|
)
|
|
$
|
—
|
|
|
$
|
65
|
|
|
Auction rate securities
(1)(6)(7)
|
91,422
|
|
|
1,736
|
|
|
16,325
|
|
|
(13,000
|
)
|
|
—
|
|
|
96,483
|
|
||||||
|
Interest rate lock commitments
(2)
|
7,576
|
|
|
3,232
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,808
|
|
||||||
|
Investments
|
193
|
|
|
(11
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
182
|
|
||||||
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Interest rate lock commitments
(2)
|
1,222
|
|
|
1,035
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
187
|
|
||||||
|
ARS purchase commitments
(3)
|
902
|
|
|
425
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
477
|
|
||||||
|
(1)
|
Represents auction rate preferred securities, municipal auction rate securities and student loan auction rate securities that failed in the auction rate market.
|
|
(2)
|
Interest rate lock commitment assets and liabilities are recorded upon the commitment to originate a loan with a borrower and sell the loan to an investor. The commitment assets and liabilities are recognized at fair value, which reflects the fair value of the contractual loan origination-related fees and sale premiums, net of co-broker fees, and the estimated fair value of the expected net future cash flows associated with the servicing of the loan.
|
|
(3)
|
Represents the difference in principal and fair value for auction rate securities purchase commitments outstanding at the end of the period.
|
|
(4)
|
Included in principal transactions on the condensed consolidated statement of operations, except for investments which are included in other income on the condensed consolidated statement of operations.
|
|
(5)
|
Unrealized gains (losses) are attributable to assets or liabilities that are still held at the reporting date.
|
|
(6)
|
Purchases and issuances in connection with ARS purchase commitments represent instances in which the Company purchased ARS securities from clients during the period pursuant to regulatory and legal settlements and awards that satisfy the outstanding commitment to purchase obligation. This also includes instances where the ARS issuer has redeemed ARS where the Company had an outstanding purchase commitment prior to the Company purchasing those ARS.
|
|
(7)
|
Sales and settlements for the ARS purchase commitments represent additional purchase commitments made during the period for regulatory and legal ARS settlements and awards.
|
|
(Expressed in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
Fair Value Measurement: Assets
|
||||||||||||||||||
|
|
As of September 30, 2016
|
|
As of September 30, 2016
|
||||||||||||||||||||
|
|
Carrying Value
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||
|
Cash
|
$
|
51,147
|
|
|
$
|
51,147
|
|
|
$
|
51,147
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
51,147
|
|
|
Deposits with clearing organization
|
11,625
|
|
|
11,625
|
|
|
11,625
|
|
|
—
|
|
|
—
|
|
|
11,625
|
|
||||||
|
Receivable from brokers, dealers and clearing organizations:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Securities borrowed
|
155,726
|
|
|
155,726
|
|
|
—
|
|
|
155,726
|
|
|
—
|
|
|
155,726
|
|
||||||
|
Receivables from brokers
|
27,691
|
|
|
27,691
|
|
|
—
|
|
|
27,691
|
|
|
—
|
|
|
27,691
|
|
||||||
|
Securities failed to deliver
|
16,782
|
|
|
16,782
|
|
|
—
|
|
|
16,782
|
|
|
—
|
|
|
16,782
|
|
||||||
|
Clearing organizations
|
16,399
|
|
|
16,399
|
|
|
—
|
|
|
16,399
|
|
|
—
|
|
|
16,399
|
|
||||||
|
Other
|
39,221
|
|
|
39,221
|
|
|
—
|
|
|
39,221
|
|
|
—
|
|
|
39,221
|
|
||||||
|
|
255,819
|
|
|
255,819
|
|
|
—
|
|
|
255,819
|
|
|
—
|
|
|
255,819
|
|
||||||
|
Receivable from customers
|
798,048
|
|
|
798,048
|
|
|
—
|
|
|
798,048
|
|
|
—
|
|
|
798,048
|
|
||||||
|
Mortgage servicing rights
(1)
|
268
|
|
|
273
|
|
|
—
|
|
|
—
|
|
|
273
|
|
|
273
|
|
||||||
|
Investments
(2)
|
56,041
|
|
|
56,041
|
|
|
—
|
|
|
56,041
|
|
|
—
|
|
|
56,041
|
|
||||||
|
(1)
|
Included in assets held for sale on the condensed consolidated balance sheet. See Note 3 for details.
|
|
(2)
|
Included in other assets on the condensed consolidated balance sheet.
|
|
(Expressed in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
Fair Value Measurement: Liabilities
|
||||||||||||||||||
|
|
As of September 30, 2016
|
|
As of September 30, 2016
|
||||||||||||||||||||
|
|
Carrying Value
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||
|
Drafts payable
|
$
|
31,414
|
|
|
$
|
31,414
|
|
|
$
|
31,414
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
31,414
|
|
|
Bank call loans
|
132,000
|
|
|
132,000
|
|
|
—
|
|
|
132,000
|
|
|
—
|
|
|
132,000
|
|
||||||
|
Payables to brokers, dealers and clearing organizations:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Securities loaned
|
133,205
|
|
|
133,205
|
|
|
—
|
|
|
133,205
|
|
|
—
|
|
|
133,205
|
|
||||||
|
Payable to brokers
|
6,626
|
|
|
6,626
|
|
|
—
|
|
|
6,626
|
|
|
—
|
|
|
6,626
|
|
||||||
|
Securities failed to receive
|
13,862
|
|
|
13,862
|
|
|
—
|
|
|
13,862
|
|
|
—
|
|
|
13,862
|
|
||||||
|
Other
|
475
|
|
|
475
|
|
|
—
|
|
|
475
|
|
|
—
|
|
|
475
|
|
||||||
|
|
154,168
|
|
|
154,168
|
|
|
—
|
|
|
154,168
|
|
|
—
|
|
|
154,168
|
|
||||||
|
Payables to customers
|
517,681
|
|
|
517,681
|
|
|
—
|
|
|
517,681
|
|
|
—
|
|
|
517,681
|
|
||||||
|
Securities sold under agreements to repurchase
|
528,113
|
|
|
528,113
|
|
|
—
|
|
|
528,113
|
|
|
—
|
|
|
528,113
|
|
||||||
|
Senior secured notes
|
150,000
|
|
|
152,720
|
|
|
—
|
|
|
152,720
|
|
|
—
|
|
|
152,720
|
|
||||||
|
(Expressed in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
Fair Value Measurement: Assets
|
||||||||||||||||||
|
|
As of December 31, 2015
|
|
As of December 31, 2015
|
||||||||||||||||||||
|
|
Carrying Value
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||
|
Cash
|
$
|
50,364
|
|
|
$
|
50,364
|
|
|
$
|
50,364
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
50,364
|
|
|
Deposits with clearing organization
|
18,034
|
|
|
18,034
|
|
|
18,034
|
|
|
—
|
|
|
—
|
|
|
18,034
|
|
||||||
|
Receivable from brokers, dealers and clearing organizations:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Securities borrowed
|
224,672
|
|
|
224,672
|
|
|
—
|
|
|
224,672
|
|
|
—
|
|
|
224,672
|
|
||||||
|
Receivables from brokers
|
49,458
|
|
|
49,458
|
|
|
—
|
|
|
49,458
|
|
|
—
|
|
|
49,458
|
|
||||||
|
Securities failed to deliver
|
7,799
|
|
|
7,799
|
|
|
—
|
|
|
7,799
|
|
|
—
|
|
|
7,799
|
|
||||||
|
Clearing organizations
|
25,030
|
|
|
25,030
|
|
|
—
|
|
|
25,030
|
|
|
—
|
|
|
25,030
|
|
||||||
|
Other
|
58,832
|
|
|
58,832
|
|
|
—
|
|
|
58,832
|
|
|
—
|
|
|
58,832
|
|
||||||
|
|
365,791
|
|
|
365,791
|
|
|
—
|
|
|
365,791
|
|
|
—
|
|
|
365,791
|
|
||||||
|
Receivable from customers
|
840,355
|
|
|
840,355
|
|
|
—
|
|
|
840,355
|
|
|
—
|
|
|
840,355
|
|
||||||
|
Mortgage servicing rights
(1)
|
28,168
|
|
|
41,838
|
|
|
—
|
|
|
—
|
|
|
41,838
|
|
|
41,838
|
|
||||||
|
Investments
(2)
|
53,286
|
|
|
53,286
|
|
|
—
|
|
|
53,286
|
|
|
—
|
|
|
53,286
|
|
||||||
|
(1)
|
Included in assets held for sale on the condensed consolidated balance sheet. See Note 3 for details.
|
|
(2)
|
Included in other assets on the condensed consolidated balance sheet.
|
|
(Expressed in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
Fair Value Measurement: Liabilities
|
||||||||||||||||||
|
|
As of December 31, 2015
|
|
As of December 31, 2015
|
||||||||||||||||||||
|
|
Carrying Value
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||
|
Drafts payable
|
$
|
48,011
|
|
|
$
|
48,011
|
|
|
$
|
48,011
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
48,011
|
|
|
Bank call loans
|
100,200
|
|
|
100,200
|
|
|
—
|
|
|
100,200
|
|
|
—
|
|
|
100,200
|
|
||||||
|
Payables to brokers, dealers and clearing organizations:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Securities loaned
|
130,658
|
|
|
130,658
|
|
|
—
|
|
|
130,658
|
|
|
—
|
|
|
130,658
|
|
||||||
|
Payable to brokers
|
3,316
|
|
|
3,316
|
|
|
—
|
|
|
3,316
|
|
|
—
|
|
|
3,316
|
|
||||||
|
Securities failed to receive
|
21,513
|
|
|
21,513
|
|
|
—
|
|
|
21,513
|
|
|
—
|
|
|
21,513
|
|
||||||
|
Other
|
9,059
|
|
|
9,059
|
|
|
—
|
|
|
9,059
|
|
|
—
|
|
|
9,059
|
|
||||||
|
|
164,546
|
|
|
164,546
|
|
|
—
|
|
|
164,546
|
|
|
—
|
|
|
164,546
|
|
||||||
|
Payables to customers
|
594,833
|
|
|
594,833
|
|
|
—
|
|
|
594,833
|
|
|
—
|
|
|
594,833
|
|
||||||
|
Securities sold under agreements to repurchase
|
651,445
|
|
|
651,445
|
|
|
—
|
|
|
651,445
|
|
|
—
|
|
|
651,445
|
|
||||||
|
Warehouse payable
(1)
|
54,341
|
|
|
54,341
|
|
|
—
|
|
|
54,341
|
|
|
—
|
|
|
54,341
|
|
||||||
|
Senior secured notes
|
150,000
|
|
|
154,568
|
|
|
—
|
|
|
154,568
|
|
|
—
|
|
|
154,568
|
|
||||||
|
(1)
|
Included in liabilities held for sale on the condensed consolidated balance sheet. See Note 3 for details.
|
|
•
|
the assumed gain/loss of the expected resultant loan sale to the buyer;
|
|
•
|
the expected net future cash flows associated with servicing the loan;
|
|
•
|
the effects of interest rate movements between the date of the rate lock and the balance sheet date; and
|
|
•
|
the nonperformance risk of both the counterparty and the Company.
|
|
(Expressed in thousands)
|
|
|
|
|
|
||||
|
|
Fair Value of Derivative Instruments at September 30, 2016
|
||||||||
|
|
Description
|
|
Notional
|
|
Fair Value
|
||||
|
Assets
|
|
|
|
|
|
||||
|
Derivatives not designated as hedging instruments
(1)
|
|
|
|
|
|
||||
|
Other contracts
|
TBAs
|
|
$
|
202,500
|
|
|
$
|
869
|
|
|
|
Interest rate lock commitments
|
|
685
|
|
|
53
|
|
||
|
|
ARS purchase commitments
|
|
6,512
|
|
|
905
|
|
||
|
|
|
|
$
|
209,697
|
|
|
$
|
1,827
|
|
|
Liabilities
|
|
|
|
|
|
||||
|
Derivatives not designated as hedging instruments
(1)
|
|
|
|
|
|
||||
|
Commodity contracts
|
Futures
|
|
$
|
4,582,000
|
|
|
$
|
209
|
|
|
Other contracts
|
Foreign exchange forward contracts
|
|
200
|
|
|
1
|
|
||
|
|
TBAs
|
|
202,500
|
|
|
888
|
|
||
|
|
TBA sale contracts
|
|
685
|
|
|
39
|
|
||
|
|
ARS purchase commitments
|
|
21,943
|
|
|
276
|
|
||
|
|
Forward start repurchase agreements
|
|
698,000
|
|
|
—
|
|
||
|
|
|
|
$
|
5,505,328
|
|
|
$
|
1,413
|
|
|
(1)
|
See "Derivative Instruments and Hedging Activities" above for a description of derivative financial instruments. Such derivative instruments are not subject to master netting agreements, thus the related amounts are not offset.
|
|
(Expressed in thousands)
|
|
|
|
|
|
||||
|
|
Fair Value of Derivative Instruments at December 31, 2015
|
||||||||
|
|
Description
|
|
Notional
|
|
Fair Value
|
||||
|
Assets
|
|
|
|
|
|
||||
|
Derivatives not designated as hedging instruments
(1)
|
|
|
|
|
|
||||
|
Other contracts
|
TBAs
|
|
$
|
35,650
|
|
|
$
|
4
|
|
|
|
TBA sale contracts
|
|
83,810
|
|
|
6,444
|
|
||
|
|
Interest rate lock commitments
|
|
203,648
|
|
|
9,161
|
|
||
|
|
|
|
$
|
323,108
|
|
|
$
|
15,609
|
|
|
Liabilities
|
|
|
|
|
|
||||
|
Derivatives not designated as hedging instruments
(1)
|
|
|
|
|
|
||||
|
Commodity contracts
|
Futures
|
|
$
|
2,943,000
|
|
|
$
|
249
|
|
|
Other contracts
|
Foreign exchange forward contracts
|
|
400
|
|
|
2
|
|
||
|
|
TBAs
|
|
24,350
|
|
|
5
|
|
||
|
|
TBA sale contracts
|
|
223,846
|
|
|
11,614
|
|
||
|
|
Interest rate lock commitments
|
|
48,638
|
|
|
923
|
|
||
|
|
ARS purchase commitments
|
|
27,813
|
|
|
1,369
|
|
||
|
|
|
|
$
|
3,268,047
|
|
|
$
|
14,162
|
|
|
(1)
|
See "Derivative Instruments and Hedging Activities" above for a description of derivative financial instruments. Such derivative instruments are not subject to master netting agreements, thus the related amounts are not offset.
|
|
(Expressed in thousands)
|
|
|
|
|
|
|
||
|
|
|
The Effect of Derivative Instruments on the Statement of Operations
|
||||||
|
|
|
For the Three Months Ended September 30, 2016
|
||||||
|
|
|
|
|
Recognized in Income on Derivatives
(pre-tax)
|
||||
|
Types
|
|
Description
|
|
Location
|
|
Gain (Loss)
|
||
|
Commodity contracts
|
|
Futures
|
|
Principal transactions revenue
|
|
$
|
733
|
|
|
Other contracts
|
|
Foreign exchange forward contracts
|
|
Other revenue
|
|
1
|
|
|
|
|
|
TBAs
|
|
Principal transactions revenue
|
|
32
|
|
|
|
|
|
TBA sale contracts
|
|
Other revenue
|
|
(39
|
)
|
|
|
|
|
Interest rate lock commitments
|
|
Other revenue
|
|
53
|
|
|
|
|
|
ARS purchase commitments
|
|
Principal transactions revenue
|
|
(140
|
)
|
|
|
|
|
|
|
|
|
$
|
640
|
|
|
(Expressed in thousands)
|
|
|
|
|
|
|
||
|
|
|
The Effect of Derivative Instruments on the Statement of Operations
|
||||||
|
|
|
For the Three Months Ended September 30, 2015
|
||||||
|
|
|
|
|
Recognized in Income on Derivatives
(pre-tax)
|
||||
|
Types
|
|
Description
|
|
Location
|
|
Gain (Loss)
|
||
|
Commodity contracts
|
|
Futures
|
|
Principal transactions revenue
|
|
$
|
(1,107
|
)
|
|
Other contracts
|
|
Foreign exchange forward contracts
|
|
Other revenue
|
|
(5
|
)
|
|
|
|
|
TBAs
|
|
Principal transactions revenue
|
|
(11
|
)
|
|
|
|
|
TBA sale contracts
|
|
Other revenue
|
|
(9,242
|
)
|
|
|
|
|
Interest rate lock commitments
|
|
Other revenue
|
|
6,244
|
|
|
|
|
|
ARS purchase commitments
|
|
Principal transactions revenue
|
|
557
|
|
|
|
|
|
|
|
|
|
$
|
(3,564
|
)
|
|
(Expressed in thousands)
|
|
|
|
|
|
|
||
|
|
|
The Effect of Derivative Instruments on the Statement of Operations
|
||||||
|
|
|
For the Nine Months Ended September 30, 2016
|
||||||
|
|
|
|
|
Recognized in Income on Derivatives
(pre-tax)
|
||||
|
Types
|
|
Description
|
|
Location
|
|
Gain (Loss)
|
||
|
Commodity contracts
|
|
Futures
|
|
Principal transactions revenue
|
|
$
|
(2,328
|
)
|
|
Other contracts
|
|
Foreign exchange forward contracts
|
|
Other revenue
|
|
12
|
|
|
|
|
|
TBAs
|
|
Principal transactions revenue
|
|
19
|
|
|
|
|
|
TBA sale contracts
|
|
Other revenue
|
|
(8,168
|
)
|
|
|
|
|
Interest rate lock commitments
|
|
Other revenue
|
|
5,268
|
|
|
|
|
|
ARS purchase commitments
|
|
Principal transactions revenue
|
|
1,998
|
|
|
|
|
|
|
|
|
|
$
|
(3,199
|
)
|
|
(Expressed in thousands)
|
|
|
|
|
|
|
||
|
|
|
The Effect of Derivative Instruments on the Statement of Operations
|
||||||
|
|
|
For the Nine Months Ended September 30, 2015
|
||||||
|
|
|
|
|
Recognized in Income on Derivatives
(pre-tax)
|
||||
|
Types
|
|
Description
|
|
Location
|
|
Gain (Loss)
|
||
|
Commodity contracts
|
|
Futures
|
|
Principal transactions revenue
|
|
$
|
(2,673
|
)
|
|
Other contracts
|
|
Foreign exchange forward contracts
|
|
Other revenue
|
|
26
|
|
|
|
|
|
TBAs
|
|
Principal transactions revenue
|
|
(24
|
)
|
|
|
|
|
TBA sale contracts
|
|
Other revenue
|
|
(3,330
|
)
|
|
|
|
|
Interest rate lock commitments
|
|
Other revenue
|
|
4,267
|
|
|
|
|
|
ARS purchase commitments
|
|
Principal transactions revenue
|
|
425
|
|
|
|
|
|
|
|
|
|
$
|
(1,309
|
)
|
|
(Expressed in thousands)
|
|
||
|
|
Overnight and Open
|
||
|
Repurchase agreements:
|
|
||
|
U.S. Treasury and Agency securities
|
$
|
734,572
|
|
|
Securities loaned:
|
|
||
|
Equity securities
|
133,205
|
|
|
|
Gross amount of recognized liabilities for repurchase agreements and securities loaned
|
$
|
867,777
|
|
|
As of September 30, 2016
|
|||||||||||||||||||||||
|
(Expressed in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
Gross Amounts Not Offset on
the Balance Sheet
|
|
|
||||||||||||||
|
|
Gross
Amounts of
Recognized
Assets
|
|
Gross
Amounts
Offset on the
Balance Sheet
|
|
Net Amounts
of Assets
Presented on
the Balance
Sheet
|
|
Financial
Instruments
|
|
Cash
Collateral
Received
|
|
Net Amount
|
||||||||||||
|
Reverse repurchase agreements
|
$
|
206,459
|
|
|
$
|
(206,459
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Securities borrowed
(1)
|
155,725
|
|
|
—
|
|
|
155,725
|
|
|
(150,362
|
)
|
|
—
|
|
|
5,363
|
|
||||||
|
Total
|
$
|
362,184
|
|
|
$
|
(206,459
|
)
|
|
$
|
155,725
|
|
|
$
|
(150,362
|
)
|
|
$
|
—
|
|
|
$
|
5,363
|
|
|
(1)
|
Included in receivable from brokers, dealers and clearing organizations on the condensed consolidated balance sheet.
|
|
|
|
|
|
|
|
|
Gross Amounts Not Offset on
the Balance Sheet
|
|
|
||||||||||||||
|
|
Gross
Amounts of
Recognized
Liabilities
|
|
Gross
Amounts
Offset in the
Balance Sheet
|
|
Net Amounts
of Liabilities
Presented on
the Balance
Sheet
|
|
Financial
Instruments
|
|
Cash
Collateral
Pledged
|
|
Net Amount
|
||||||||||||
|
Repurchase agreements
|
$
|
734,572
|
|
|
$
|
(206,459
|
)
|
|
$
|
528,113
|
|
|
$
|
(522,446
|
)
|
|
$
|
—
|
|
|
$
|
5,667
|
|
|
Securities loaned
(2)
|
133,205
|
|
|
—
|
|
|
133,205
|
|
|
(130,701
|
)
|
|
—
|
|
|
2,504
|
|
||||||
|
Total
|
$
|
867,777
|
|
|
$
|
(206,459
|
)
|
|
$
|
661,318
|
|
|
$
|
(653,147
|
)
|
|
$
|
—
|
|
|
$
|
8,171
|
|
|
(2)
|
Included in payable to brokers, dealers and clearing organizations on the condensed consolidated balance sheet.
|
|
As of December 31, 2015
|
|||||||||||||||||||||||
|
(Expressed in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
Gross Amounts Not Offset on
the Balance Sheet
|
|
|
||||||||||||||
|
|
Gross
Amounts of
Recognized
Assets
|
|
Gross
Amounts
Offset in the
Balance Sheet
|
|
Net Amounts
of Assets
Presented on
the Balance
Sheet
|
|
Financial
Instruments
|
|
Cash
Collateral
Received
|
|
Net Amount
|
||||||||||||
|
Reverse repurchase agreements
|
$
|
282,042
|
|
|
$
|
(75,543
|
)
|
|
$
|
206,499
|
|
|
$
|
(203,266
|
)
|
|
$
|
—
|
|
|
$
|
3,233
|
|
|
Securities borrowed
(1)
|
224,672
|
|
|
—
|
|
|
224,672
|
|
|
(219,099
|
)
|
|
—
|
|
|
5,573
|
|
||||||
|
Total
|
$
|
506,714
|
|
|
$
|
(75,543
|
)
|
|
$
|
431,171
|
|
|
$
|
(422,365
|
)
|
|
$
|
—
|
|
|
$
|
8,806
|
|
|
(1)
|
Included in receivable from brokers, dealers and clearing organizations on the condensed consolidated balance sheet.
|
|
|
|
|
|
|
|
|
Gross Amounts Not Offset on
the Balance Sheet
|
|
|
||||||||||||||
|
|
Gross
Amounts of
Recognized
Liabilities
|
|
Gross
Amounts
Offset in the
Balance Sheet
|
|
Net Amounts
of Liabilities
Presented on
the Balance
Sheet
|
|
Financial
Instruments
|
|
Cash
Collateral
Pledged
|
|
Net Amount
|
||||||||||||
|
Repurchase agreements
|
$
|
726,988
|
|
|
$
|
(75,543
|
)
|
|
$
|
651,445
|
|
|
$
|
(645,498
|
)
|
|
$
|
—
|
|
|
$
|
5,947
|
|
|
Securities loaned
(2)
|
130,658
|
|
|
—
|
|
|
130,658
|
|
|
(122,650
|
)
|
|
—
|
|
|
8,008
|
|
||||||
|
Total
|
$
|
857,646
|
|
|
$
|
(75,543
|
)
|
|
$
|
782,103
|
|
|
$
|
(768,148
|
)
|
|
$
|
—
|
|
|
$
|
13,955
|
|
|
(2)
|
Included in payable to brokers, dealers and clearing organizations on the condensed consolidated balance sheet.
|
|
(Expressed in thousands)
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
At September 30, 2016
|
||||||||||||||||||
|
|
|
|
|
|
|
|
Maximum
Exposure
to Loss in
Non-consolidated
VIEs
|
||||||||||||
|
|
|
|
Carrying Value of the
|
|
|
|
|||||||||||||
|
|
Total
|
|
Company's Variable Interest
|
|
Capital
|
|
|||||||||||||
|
|
VIE Assets
(1)
|
|
Assets
(2)
|
|
Liabilities
|
|
Commitments
|
|
|||||||||||
|
Hedge funds
|
$
|
323,645
|
|
|
$
|
681
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
681
|
|
|
Private equity funds
|
26,300
|
|
|
15
|
|
|
—
|
|
|
2
|
|
|
17
|
|
|||||
|
Total
|
$
|
349,945
|
|
|
$
|
696
|
|
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
698
|
|
|
(1)
|
Represents the total assets of the VIEs and does not represent the Company's interests in the VIEs.
|
|
(2)
|
Represents the Company's interests in the VIEs and is included in other assets on the condensed consolidated balance sheet.
|
|
(Expressed in thousands)
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
At December 31, 2015
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Maximum
Exposure
to Loss in
Non-consolidated
VIEs
|
||||||||||
|
|
|
|
Carrying Value of the
|
|
|
|
|||||||||||||
|
|
Total
|
|
Company's Variable Interest
|
|
Capital
|
|
|||||||||||||
|
|
VIE Assets
(1)
|
|
Assets
(2)
|
|
Liabilities
|
|
Commitments
|
|
|||||||||||
|
Hedge funds
|
$
|
1,775,503
|
|
|
$
|
1,354
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,354
|
|
|
Private equity funds
|
54,800
|
|
|
27
|
|
|
—
|
|
|
2
|
|
|
29
|
|
|||||
|
Total
|
$
|
1,830,303
|
|
|
$
|
1,381
|
|
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
1,383
|
|
|
(1)
|
Represents the total assets of the VIEs and does not represent the Company's interests in the VIEs.
|
|
(2)
|
Represents the Company's interests in the VIEs and is included in other assets on the condensed consolidated balance sheet.
|
|
(Expressed in thousands)
|
|
|
|
||||
|
|
As of September 30, 2016
|
|
As of December 31, 2015
|
||||
|
Unpaid principal balance of loans
|
$
|
26,149
|
|
|
$
|
3,974,292
|
|
|
(Expressed in thousands)
|
|
|
|
||||
|
|
For the Nine Months Ended September 30,
|
||||||
|
|
2016
|
|
2015
|
||||
|
Balance at beginning of period
|
$
|
28,168
|
|
|
$
|
30,140
|
|
|
Originations
|
789
|
|
|
5,726
|
|
||
|
Purchases
|
301
|
|
|
675
|
|
||
|
Disposals
|
(1,753
|
)
|
|
(6,118
|
)
|
||
|
Sale of MSRs
|
(27,193
|
)
|
|
—
|
|
||
|
Amortization expense
|
(44
|
)
|
|
(829
|
)
|
||
|
Balance at end of period
|
$
|
268
|
|
|
$
|
29,594
|
|
|
(Expressed in thousands)
|
|
||
|
2016
|
$
|
8
|
|
|
2017
|
33
|
|
|
|
2018
|
33
|
|
|
|
2019
|
33
|
|
|
|
2020
|
33
|
|
|
|
Thereafter
|
128
|
|
|
|
|
$
|
268
|
|
|
(Expressed in thousands)
|
|
|
|
|
|
|
|
||||||||
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
Servicing fees
|
$
|
80
|
|
|
$
|
1,463
|
|
|
$
|
2,944
|
|
|
$
|
4,384
|
|
|
Ancillary fees
|
8
|
|
|
47
|
|
|
162
|
|
|
241
|
|
||||
|
Total MSR fees
|
$
|
88
|
|
|
$
|
1,510
|
|
|
$
|
3,106
|
|
|
$
|
4,625
|
|
|
(Expressed in thousands)
|
|
|
|
|
|
||||
|
Issued
|
Maturity Date
|
|
At September 30, 2016
|
|
At December 31, 2015
|
||||
|
Senior Secured Notes
|
4/15/2018
|
|
$
|
150,000
|
|
|
$
|
150,000
|
|
|
Unamortized Debt Issuance Costs
|
|
|
769
|
|
|
1,132
|
|
||
|
|
|
|
$
|
149,231
|
|
|
$
|
148,868
|
|
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
|
Class A Stock outstanding, beginning of period
|
13,259,715
|
|
|
13,650,149
|
|
|
13,238,486
|
|
|
13,530,688
|
|
|
Issued pursuant to shared-based compensation plans
|
10,988
|
|
|
12,063
|
|
|
283,471
|
|
|
131,524
|
|
|
Repurchased and canceled pursuant to the stock buy-back
|
(2,264
|
)
|
|
(328,844
|
)
|
|
(253,518
|
)
|
|
(328,844
|
)
|
|
Class A Stock outstanding, end of period
|
13,268,439
|
|
|
13,333,368
|
|
|
13,268,439
|
|
|
13,333,368
|
|
|
•
|
Common Equity Tier 1 ratio
12.53%
(required
4.5%
);
|
|
•
|
Tier 1 Capital ratio
12.53%
(required
6.0%
); and
|
|
•
|
Total Capital ratio
13.96%
(required
8.0%
).
|
|
(Expressed in thousands)
|
|
|
|
|
|
|
|
||||||||
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
Revenue
|
|
|
|
|
|
|
|
||||||||
|
Private client
(1)
|
$
|
127,835
|
|
|
$
|
122,324
|
|
|
$
|
376,737
|
|
|
$
|
396,039
|
|
|
Asset management
(1)
|
23,234
|
|
|
23,849
|
|
|
68,978
|
|
|
73,654
|
|
||||
|
Capital markets
|
60,703
|
|
|
60,585
|
|
|
187,292
|
|
|
202,282
|
|
||||
|
Corporate/Other
|
32
|
|
|
720
|
|
|
5,827
|
|
|
637
|
|
||||
|
Total
|
$
|
211,804
|
|
|
$
|
207,478
|
|
|
$
|
638,834
|
|
|
$
|
672,612
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Income (loss) before income taxes from c
ontinuing operations
|
|
|
|
|
|
|
|||||||||
|
Private client
(1)
|
$
|
20,137
|
|
|
$
|
14,905
|
|
|
$
|
50,799
|
|
|
$
|
45,064
|
|
|
Asset management
(1)
|
9,380
|
|
|
7,563
|
|
|
21,851
|
|
|
23,250
|
|
||||
|
Capital markets
|
(1,103
|
)
|
|
(2,016
|
)
|
|
(3,856
|
)
|
|
8,342
|
|
||||
|
Corporate/Other
|
(30,224
|
)
|
|
(23,025
|
)
|
|
(83,190
|
)
|
|
(74,516
|
)
|
||||
|
Total
|
$
|
(1,810
|
)
|
|
$
|
(2,573
|
)
|
|
$
|
(14,396
|
)
|
|
$
|
2,140
|
|
|
(Expressed in thousands)
|
|
|
|
|
|
|
|
||||||||
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
Americas
|
$
|
199,878
|
|
|
$
|
197,973
|
|
|
$
|
606,168
|
|
|
$
|
641,366
|
|
|
Europe/Middle East
|
11,118
|
|
|
8,715
|
|
|
30,150
|
|
|
28,019
|
|
||||
|
Asia
|
808
|
|
|
790
|
|
|
2,516
|
|
|
3,227
|
|
||||
|
Total
|
$
|
211,804
|
|
|
$
|
207,478
|
|
|
$
|
638,834
|
|
|
$
|
672,612
|
|
|
OPPENHEIMER HOLDINGS INC.
CONDENSED CONSOLIDATING BALANCE SHEET
AS OF SEPTEMBER 30, 2016
|
|||||||||||||||||||
|
(Expressed in thousands)
|
Parent
|
|
Guarantor
subsidiaries
|
|
Non-guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Cash and cash equivalents
|
$
|
302
|
|
|
$
|
30,379
|
|
|
$
|
68,363
|
|
|
$
|
—
|
|
|
$
|
99,044
|
|
|
Deposits with clearing organizations
|
—
|
|
|
—
|
|
|
35,614
|
|
|
—
|
|
|
35,614
|
|
|||||
|
Receivable from brokers, dealers and clearing organizations
|
—
|
|
|
—
|
|
|
255,818
|
|
|
—
|
|
|
255,818
|
|
|||||
|
Receivable from customers, net of allowance for credit losses of $2,503
|
—
|
|
|
—
|
|
|
798,048
|
|
|
—
|
|
|
798,048
|
|
|||||
|
Income tax receivable
|
41,022
|
|
|
28,220
|
|
|
—
|
|
|
(49,177
|
)
|
|
20,065
|
|
|||||
|
Securities owned, including amounts pledged of $799,379, at fair value
|
—
|
|
|
1,269
|
|
|
1,026,664
|
|
|
—
|
|
|
1,027,933
|
|
|||||
|
Notes receivable, net of accumulated amortization and
allowance for uncollectibles of $64,763 and $8,037,
respectively
|
—
|
|
|
—
|
|
|
31,120
|
|
|
—
|
|
|
31,120
|
|
|||||
|
Office facilities, net of accumulated depreciation of $109,278
|
—
|
|
|
21,803
|
|
|
6,518
|
|
|
—
|
|
|
28,321
|
|
|||||
|
Assets held for sale
|
—
|
|
|
—
|
|
|
11,748
|
|
|
—
|
|
|
11,748
|
|
|||||
|
Subordinated loan receivable
|
—
|
|
|
112,558
|
|
|
—
|
|
|
(112,558
|
)
|
|
—
|
|
|||||
|
Intangible assets
|
—
|
|
|
—
|
|
|
31,700
|
|
|
—
|
|
|
31,700
|
|
|||||
|
Goodwill
|
—
|
|
|
—
|
|
|
137,889
|
|
|
—
|
|
|
137,889
|
|
|||||
|
Other assets
|
128
|
|
|
2,503
|
|
|
103,750
|
|
|
—
|
|
|
106,381
|
|
|||||
|
Deferred tax assets
|
100
|
|
|
309
|
|
|
38,219
|
|
|
(38,628
|
)
|
|
—
|
|
|||||
|
Investment in subsidiaries
|
584,576
|
|
|
494,160
|
|
|
—
|
|
|
(1,078,736
|
)
|
|
—
|
|
|||||
|
Intercompany receivables
|
45,174
|
|
|
28,872
|
|
|
—
|
|
|
(74,046
|
)
|
|
—
|
|
|||||
|
Total assets
|
$
|
671,302
|
|
|
$
|
720,073
|
|
|
$
|
2,545,451
|
|
|
$
|
(1,353,145
|
)
|
|
$
|
2,583,681
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Drafts payable
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
31,414
|
|
|
$
|
—
|
|
|
$
|
31,414
|
|
|
Bank call loans
|
—
|
|
|
—
|
|
|
132,000
|
|
|
—
|
|
|
132,000
|
|
|||||
|
Payable to brokers, dealers and clearing organizations
|
—
|
|
|
—
|
|
|
154,168
|
|
|
—
|
|
|
154,168
|
|
|||||
|
Payable to customers
|
—
|
|
|
—
|
|
|
517,681
|
|
|
—
|
|
|
517,681
|
|
|||||
|
Securities sold under agreements to repurchase
|
—
|
|
|
—
|
|
|
528,113
|
|
|
—
|
|
|
528,113
|
|
|||||
|
Securities sold, but not yet purchased, at fair value
|
—
|
|
|
—
|
|
|
295,507
|
|
|
—
|
|
|
295,507
|
|
|||||
|
Liabilities held for sale
|
—
|
|
|
—
|
|
|
20,605
|
|
|
—
|
|
|
20,605
|
|
|||||
|
Accrued compensation
|
—
|
|
|
—
|
|
|
120,976
|
|
|
—
|
|
|
120,976
|
|
|||||
|
Accounts payable and other liabilities
|
6,135
|
|
|
34,191
|
|
|
65,444
|
|
|
—
|
|
|
105,770
|
|
|||||
|
Income tax payable
|
2,440
|
|
|
22,189
|
|
|
24,548
|
|
|
(49,177
|
)
|
|
—
|
|
|||||
|
Senior secured notes, net of debt issuance costs of $769
|
149,231
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
149,231
|
|
|||||
|
Subordinated indebtedness
|
—
|
|
|
—
|
|
|
112,558
|
|
|
(112,558
|
)
|
|
—
|
|
|||||
|
Deferred tax liabilities, net of deferred tax assets of $62,014
|
—
|
|
|
10
|
|
|
50,822
|
|
|
(38,628
|
)
|
|
12,204
|
|
|||||
|
Intercompany payables
|
—
|
|
|
62,205
|
|
|
11,841
|
|
|
(74,046
|
)
|
|
—
|
|
|||||
|
Total liabilities
|
157,806
|
|
|
118,595
|
|
|
2,065,677
|
|
|
(274,409
|
)
|
|
2,067,669
|
|
|||||
|
Stockholders' equity
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Stockholders' equity attributable to Oppenheimer Holdings Inc.
|
513,496
|
|
|
601,478
|
|
|
477,258
|
|
|
(1,078,736
|
)
|
|
513,496
|
|
|||||
|
Noncontrolling interest
|
—
|
|
|
—
|
|
|
2,516
|
|
|
—
|
|
|
2,516
|
|
|||||
|
Total stockholders' equity
|
513,496
|
|
|
601,478
|
|
|
479,774
|
|
|
(1,078,736
|
)
|
|
516,012
|
|
|||||
|
Total liabilities and stockholders' equity
|
$
|
671,302
|
|
|
$
|
720,073
|
|
|
$
|
2,545,451
|
|
|
$
|
(1,353,145
|
)
|
|
$
|
2,583,681
|
|
|
OPPENHEIMER HOLDINGS INC.
CONDENSED CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2015
|
|||||||||||||||||||
|
(Expressed in thousands)
|
Parent
|
|
Guarantor
subsidiaries
|
|
Non-guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Cash and cash equivalents
|
$
|
907
|
|
|
$
|
2,586
|
|
|
$
|
59,871
|
|
|
$
|
—
|
|
|
$
|
63,364
|
|
|
Deposits with clearing organizations
|
—
|
|
|
—
|
|
|
49,490
|
|
|
—
|
|
|
49,490
|
|
|||||
|
Receivable from brokers, dealers and clearing organizations
|
—
|
|
|
—
|
|
|
365,791
|
|
|
—
|
|
|
365,791
|
|
|||||
|
Receivable from customers, net of allowance for credit losses of $2,545
|
—
|
|
|
—
|
|
|
840,355
|
|
|
—
|
|
|
840,355
|
|
|||||
|
Income tax receivable
|
33,801
|
|
|
27,536
|
|
|
—
|
|
|
(49,106
|
)
|
|
12,231
|
|
|||||
|
Securities purchased under agreements to resell
|
—
|
|
|
—
|
|
|
206,499
|
|
|
—
|
|
|
206,499
|
|
|||||
|
Securities owned, including amounts pledged of $546,334, at fair value
|
—
|
|
|
1,183
|
|
|
733,648
|
|
|
—
|
|
|
734,831
|
|
|||||
|
Notes receivable, net of accumulated amortization and
allowance for uncollectibles of $54,919 and $8,444,
respectively
|
—
|
|
|
—
|
|
|
32,849
|
|
|
—
|
|
|
32,849
|
|
|||||
|
Office facilities, net of accumulated depreciation of $104,812
|
—
|
|
|
20,793
|
|
|
7,492
|
|
|
—
|
|
|
28,285
|
|
|||||
|
Assets held for sale
|
—
|
|
|
—
|
|
|
99,881
|
|
|
—
|
|
|
99,881
|
|
|||||
|
Subordinated loan receivable
|
—
|
|
|
112,558
|
|
|
—
|
|
|
(112,558
|
)
|
|
—
|
|
|||||
|
Intangible assets
|
—
|
|
|
—
|
|
|
31,700
|
|
|
—
|
|
|
31,700
|
|
|||||
|
Goodwill
|
—
|
|
|
—
|
|
|
137,889
|
|
|
—
|
|
|
137,889
|
|
|||||
|
Other assets
|
69
|
|
|
3,224
|
|
|
91,546
|
|
|
—
|
|
|
94,839
|
|
|||||
|
Deferred tax assets
|
317
|
|
|
330
|
|
|
40,456
|
|
|
(41,103
|
)
|
|
—
|
|
|||||
|
Investment in subsidiaries
|
577,320
|
|
|
532,651
|
|
|
—
|
|
|
(1,109,971
|
)
|
|
—
|
|
|||||
|
Intercompany receivables
|
60,187
|
|
|
13,185
|
|
|
—
|
|
|
(73,372
|
)
|
|
—
|
|
|||||
|
Total assets
|
$
|
672,601
|
|
|
$
|
714,046
|
|
|
$
|
2,697,467
|
|
|
$
|
(1,386,110
|
)
|
|
$
|
2,698,004
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Drafts payable
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
48,011
|
|
|
$
|
—
|
|
|
$
|
48,011
|
|
|
Bank call loans
|
—
|
|
|
—
|
|
|
100,200
|
|
|
—
|
|
|
100,200
|
|
|||||
|
Payable to brokers, dealers and clearing organizations
|
—
|
|
|
—
|
|
|
164,546
|
|
|
—
|
|
|
164,546
|
|
|||||
|
Payable to customers
|
—
|
|
|
—
|
|
|
594,833
|
|
|
—
|
|
|
594,833
|
|
|||||
|
Securities sold under agreements to repurchase
|
—
|
|
|
—
|
|
|
651,445
|
|
|
—
|
|
|
651,445
|
|
|||||
|
Securities sold, but not yet purchased, at fair value
|
—
|
|
|
—
|
|
|
126,493
|
|
|
—
|
|
|
126,493
|
|
|||||
|
Liabilities held for sale
|
—
|
|
|
—
|
|
|
74,680
|
|
|
—
|
|
|
74,680
|
|
|||||
|
Accrued compensation
|
—
|
|
|
—
|
|
|
149,092
|
|
|
—
|
|
|
149,092
|
|
|||||
|
Accounts payable and other liabilities
|
3,235
|
|
|
35,812
|
|
|
69,590
|
|
|
—
|
|
|
108,637
|
|
|||||
|
Income tax payable
|
2,440
|
|
|
22,189
|
|
|
24,477
|
|
|
(49,106
|
)
|
|
—
|
|
|||||
|
Senior secured notes, net of debt issuance costs of $1,132
|
148,868
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
148,868
|
|
|||||
|
Subordinated indebtedness
|
—
|
|
|
—
|
|
|
112,558
|
|
|
(112,558
|
)
|
|
—
|
|
|||||
|
Deferred tax liabilities, net of deferred tax assets of $63,481
|
—
|
|
|
—
|
|
|
47,220
|
|
|
(41,103
|
)
|
|
6,117
|
|
|||||
|
Intercompany payables
|
—
|
|
|
62,204
|
|
|
11,168
|
|
|
(73,372
|
)
|
|
—
|
|
|||||
|
Total liabilities
|
154,543
|
|
|
120,205
|
|
|
2,174,313
|
|
|
(276,139
|
)
|
|
2,172,922
|
|
|||||
|
Stockholders' equity
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Stockholders' equity attributable to Oppenheimer Holdings Inc.
|
518,058
|
|
|
593,841
|
|
|
516,130
|
|
|
(1,109,971
|
)
|
|
518,058
|
|
|||||
|
Noncontrolling interest
|
—
|
|
|
—
|
|
|
7,024
|
|
|
—
|
|
|
7,024
|
|
|||||
|
Total stockholders' equity
|
518,058
|
|
|
593,841
|
|
|
523,154
|
|
|
(1,109,971
|
)
|
|
525,082
|
|
|||||
|
Total liabilities and stockholders' equity
|
$
|
672,601
|
|
|
$
|
714,046
|
|
|
$
|
2,697,467
|
|
|
$
|
(1,386,110
|
)
|
|
$
|
2,698,004
|
|
|
OPPENHEIMER HOLDINGS INC.
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2016
|
|||||||||||||||||||
|
(Expressed in thousands)
|
Parent
|
|
Guarantor
subsidiaries
|
|
Non-guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
REVENUES
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Commissions
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
90,023
|
|
|
$
|
—
|
|
|
$
|
90,023
|
|
|
Advisory fees
|
—
|
|
|
—
|
|
|
67,889
|
|
|
(437
|
)
|
|
67,452
|
|
|||||
|
Investment banking
|
—
|
|
|
—
|
|
|
20,280
|
|
|
—
|
|
|
20,280
|
|
|||||
|
Interest
|
—
|
|
|
2,556
|
|
|
11,427
|
|
|
(2,692
|
)
|
|
11,291
|
|
|||||
|
Principal transactions, net
|
—
|
|
|
1
|
|
|
4,921
|
|
|
—
|
|
|
4,922
|
|
|||||
|
Other
|
—
|
|
|
81
|
|
|
17,836
|
|
|
(81
|
)
|
|
17,836
|
|
|||||
|
Total revenue
|
—
|
|
|
2,638
|
|
|
212,376
|
|
|
(3,210
|
)
|
|
211,804
|
|
|||||
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Compensation and related expenses
|
251
|
|
|
—
|
|
|
142,057
|
|
|
—
|
|
|
142,308
|
|
|||||
|
Communications and technology
|
30
|
|
|
—
|
|
|
17,171
|
|
|
—
|
|
|
17,201
|
|
|||||
|
Occupancy and equipment costs
|
—
|
|
|
—
|
|
|
14,990
|
|
|
(81
|
)
|
|
14,909
|
|
|||||
|
Clearing and exchange fees
|
—
|
|
|
—
|
|
|
5,886
|
|
|
—
|
|
|
5,886
|
|
|||||
|
Interest
|
3,281
|
|
|
—
|
|
|
4,098
|
|
|
(2,692
|
)
|
|
4,687
|
|
|||||
|
Other
|
310
|
|
|
3
|
|
|
28,747
|
|
|
(437
|
)
|
|
28,623
|
|
|||||
|
Total expenses
|
3,872
|
|
|
3
|
|
|
212,949
|
|
|
(3,210
|
)
|
|
213,614
|
|
|||||
|
Income (loss) before income taxes
|
(3,872
|
)
|
|
2,635
|
|
|
(573
|
)
|
|
—
|
|
|
(1,810
|
)
|
|||||
|
Income taxes
|
(2,018
|
)
|
|
402
|
|
|
865
|
|
|
—
|
|
|
(751
|
)
|
|||||
|
Net income (loss) from continuing operations
|
(1,854
|
)
|
|
2,233
|
|
|
(1,438
|
)
|
|
—
|
|
|
(1,059
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Discontinued operations
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Income from discontinued operations
|
—
|
|
|
—
|
|
|
888
|
|
|
—
|
|
|
888
|
|
|||||
|
Income taxes
|
—
|
|
|
—
|
|
|
475
|
|
|
—
|
|
|
475
|
|
|||||
|
Net income from discontinued operations
|
—
|
|
|
—
|
|
|
413
|
|
|
—
|
|
|
413
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Equity in earnings of subsidiaries
|
1,142
|
|
|
(1,091
|
)
|
|
—
|
|
|
(51
|
)
|
|
—
|
|
|||||
|
Net income (loss)
|
(712
|
)
|
|
1,142
|
|
|
(1,025
|
)
|
|
(51
|
)
|
|
(646
|
)
|
|||||
|
Less net income attributable to noncontrolling interest, net of tax
|
—
|
|
|
—
|
|
|
66
|
|
|
—
|
|
|
66
|
|
|||||
|
Net income (loss) attributable to Oppenheimer Holdings Inc.
|
(712
|
)
|
|
1,142
|
|
|
(1,091
|
)
|
|
(51
|
)
|
|
(712
|
)
|
|||||
|
Other comprehensive income
|
—
|
|
|
—
|
|
|
681
|
|
|
—
|
|
|
681
|
|
|||||
|
Total comprehensive income (loss)
|
$
|
(712
|
)
|
|
$
|
1,142
|
|
|
$
|
(410
|
)
|
|
$
|
(51
|
)
|
|
$
|
(31
|
)
|
|
OPPENHEIMER HOLDINGS INC.
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2016
|
|||||||||||||||||||
|
(Expressed in thousands)
|
Parent
|
|
Guarantor
subsidiaries
|
|
Non-guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
REVENUES
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Commissions
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
286,447
|
|
|
$
|
—
|
|
|
$
|
286,447
|
|
|
Advisory fees
|
—
|
|
|
—
|
|
|
200,779
|
|
|
(1,197
|
)
|
|
199,582
|
|
|||||
|
Investment banking
|
—
|
|
|
—
|
|
|
51,544
|
|
|
—
|
|
|
51,544
|
|
|||||
|
Interest
|
—
|
|
|
7,669
|
|
|
36,495
|
|
|
(7,824
|
)
|
|
36,340
|
|
|||||
|
Principal transactions, net
|
—
|
|
|
53
|
|
|
19,064
|
|
|
—
|
|
|
19,117
|
|
|||||
|
Other
|
—
|
|
|
240
|
|
|
45,803
|
|
|
(239
|
)
|
|
45,804
|
|
|||||
|
Total revenue
|
—
|
|
|
7,962
|
|
|
640,132
|
|
|
(9,260
|
)
|
|
638,834
|
|
|||||
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Compensation and related expenses
|
994
|
|
|
—
|
|
|
431,530
|
|
|
—
|
|
|
432,524
|
|
|||||
|
Communications and technology
|
92
|
|
|
—
|
|
|
52,427
|
|
|
—
|
|
|
52,519
|
|
|||||
|
Occupancy and equipment costs
|
—
|
|
|
—
|
|
|
45,035
|
|
|
(239
|
)
|
|
44,796
|
|
|||||
|
Clearing and exchange fees
|
—
|
|
|
—
|
|
|
19,006
|
|
|
—
|
|
|
19,006
|
|
|||||
|
Interest
|
9,844
|
|
|
—
|
|
|
12,506
|
|
|
(7,824
|
)
|
|
14,526
|
|
|||||
|
Other
|
1,506
|
|
|
8
|
|
|
89,542
|
|
|
(1,197
|
)
|
|
89,859
|
|
|||||
|
Total expenses
|
12,436
|
|
|
8
|
|
|
650,046
|
|
|
(9,260
|
)
|
|
653,230
|
|
|||||
|
Income (loss) before income taxes
|
(12,436
|
)
|
|
7,954
|
|
|
(9,914
|
)
|
|
—
|
|
|
(14,396
|
)
|
|||||
|
Income taxes
|
(7,004
|
)
|
|
2,405
|
|
|
(2,591
|
)
|
|
—
|
|
|
(7,190
|
)
|
|||||
|
Net income (loss) from continuing operations
|
(5,432
|
)
|
|
5,549
|
|
|
(7,323
|
)
|
|
—
|
|
|
(7,206
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Discontinued operations
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Income from discontinued operations
|
—
|
|
|
—
|
|
|
15,597
|
|
|
—
|
|
|
15,597
|
|
|||||
|
Income taxes
|
—
|
|
|
—
|
|
|
6,235
|
|
|
—
|
|
|
6,235
|
|
|||||
|
Net income from discontinued operations
|
—
|
|
|
—
|
|
|
9,362
|
|
|
—
|
|
|
9,362
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Equity in earnings of subsidiaries
|
6,061
|
|
|
512
|
|
|
—
|
|
|
(6,573
|
)
|
|
—
|
|
|||||
|
Net income
|
629
|
|
|
6,061
|
|
|
2,039
|
|
|
(6,573
|
)
|
|
2,156
|
|
|||||
|
Less net income attributable to noncontrolling interest, net of tax
|
—
|
|
|
—
|
|
|
1,527
|
|
|
—
|
|
|
1,527
|
|
|||||
|
Net income attributable to Oppenheimer Holdings Inc.
|
629
|
|
|
6,061
|
|
|
512
|
|
|
(6,573
|
)
|
|
629
|
|
|||||
|
Other comprehensive income
|
—
|
|
|
—
|
|
|
900
|
|
|
—
|
|
|
900
|
|
|||||
|
Total comprehensive income
|
$
|
629
|
|
|
$
|
6,061
|
|
|
$
|
1,412
|
|
|
$
|
(6,573
|
)
|
|
$
|
1,529
|
|
|
OPPENHEIMER HOLDINGS INC.
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2015
|
|||||||||||||||||||
|
(Expressed in thousands)
|
Parent
|
|
Guarantor
subsidiaries
|
|
Non-guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
REVENUES
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Commissions
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
101,243
|
|
|
$
|
—
|
|
|
$
|
101,243
|
|
|
Advisory fees
|
—
|
|
|
—
|
|
|
69,938
|
|
|
(381
|
)
|
|
69,557
|
|
|||||
|
Investment banking
|
—
|
|
|
—
|
|
|
16,548
|
|
|
—
|
|
|
16,548
|
|
|||||
|
Interest
|
—
|
|
|
2,557
|
|
|
13,767
|
|
|
(2,565
|
)
|
|
13,759
|
|
|||||
|
Principal transactions, net
|
—
|
|
|
—
|
|
|
2,548
|
|
|
(239
|
)
|
|
2,309
|
|
|||||
|
Other
|
—
|
|
|
96
|
|
|
4,040
|
|
|
(74
|
)
|
|
4,062
|
|
|||||
|
Total revenue
|
—
|
|
|
2,653
|
|
|
208,084
|
|
|
(3,259
|
)
|
|
207,478
|
|
|||||
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Compensation and related expenses
|
254
|
|
|
—
|
|
|
139,060
|
|
|
—
|
|
|
139,314
|
|
|||||
|
Communications and technology
|
27
|
|
|
—
|
|
|
16,369
|
|
|
—
|
|
|
16,396
|
|
|||||
|
Occupancy and equipment costs
|
—
|
|
|
—
|
|
|
16,157
|
|
|
(74
|
)
|
|
16,083
|
|
|||||
|
Clearing and exchange fees
|
—
|
|
|
—
|
|
|
6,909
|
|
|
—
|
|
|
6,909
|
|
|||||
|
Interest
|
3,282
|
|
|
|
|
|
3,511
|
|
|
(2,565
|
)
|
|
4,228
|
|
|||||
|
Other
|
234
|
|
|
252
|
|
|
27,255
|
|
|
(620
|
)
|
|
27,121
|
|
|||||
|
Total expenses
|
3,797
|
|
|
252
|
|
|
209,261
|
|
|
(3,259
|
)
|
|
210,051
|
|
|||||
|
Income (loss) before income taxes
|
(3,797
|
)
|
|
2,401
|
|
|
(1,177
|
)
|
|
—
|
|
|
(2,573
|
)
|
|||||
|
Income taxes
|
(1,343
|
)
|
|
1,360
|
|
|
(1,454
|
)
|
|
—
|
|
|
(1,437
|
)
|
|||||
|
Net income (loss) from continuing operations
|
(2,454
|
)
|
|
1,041
|
|
|
277
|
|
|
—
|
|
|
(1,136
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Discontinued operations
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Income from discontinued operations
|
—
|
|
|
—
|
|
|
1,046
|
|
|
—
|
|
|
1,046
|
|
|||||
|
Income taxes
|
—
|
|
|
—
|
|
|
687
|
|
|
—
|
|
|
687
|
|
|||||
|
Net income from discontinued operations
|
—
|
|
|
—
|
|
|
359
|
|
|
—
|
|
|
359
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Equity in earnings of subsidiaries
|
1,546
|
|
|
505
|
|
|
—
|
|
|
(2,051
|
)
|
|
—
|
|
|||||
|
Net income (loss)
|
(908
|
)
|
|
1,546
|
|
|
636
|
|
|
(2,051
|
)
|
|
(777
|
)
|
|||||
|
Less net income attributable to noncontrolling interest, net of tax
|
—
|
|
|
—
|
|
|
131
|
|
|
—
|
|
|
131
|
|
|||||
|
Net income (loss) attributable to Oppenheimer Holdings Inc.
|
(908
|
)
|
|
1,546
|
|
|
505
|
|
|
(2,051
|
)
|
|
(908
|
)
|
|||||
|
Other comprehensive loss
|
—
|
|
|
—
|
|
|
(916
|
)
|
|
—
|
|
|
(916
|
)
|
|||||
|
Total comprehensive income (loss)
|
$
|
(908
|
)
|
|
$
|
1,546
|
|
|
$
|
(411
|
)
|
|
$
|
(2,051
|
)
|
|
$
|
(1,824
|
)
|
|
OPPENHEIMER HOLDINGS INC.
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015
|
|||||||||||||||||||
|
(Expressed in thousands)
|
Parent
|
|
Guarantor
subsidiaries
|
|
Non-guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
REVENUES
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Commissions
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
314,494
|
|
|
$
|
—
|
|
|
$
|
314,494
|
|
|
Advisory fees
|
—
|
|
|
—
|
|
|
214,012
|
|
|
(1,246
|
)
|
|
212,766
|
|
|||||
|
Investment banking
|
—
|
|
|
—
|
|
|
72,873
|
|
|
—
|
|
|
72,873
|
|
|||||
|
Interest
|
—
|
|
|
7,680
|
|
|
35,789
|
|
|
(7,694
|
)
|
|
35,775
|
|
|||||
|
Principal transactions, net
|
—
|
|
|
—
|
|
|
14,670
|
|
|
(323
|
)
|
|
14,347
|
|
|||||
|
Other
|
—
|
|
|
287
|
|
|
22,295
|
|
|
(225
|
)
|
|
22,357
|
|
|||||
|
Total revenue
|
—
|
|
|
7,967
|
|
|
674,133
|
|
|
(9,488
|
)
|
|
672,612
|
|
|||||
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Compensation and related expenses
|
829
|
|
|
—
|
|
|
453,114
|
|
|
—
|
|
|
453,943
|
|
|||||
|
Communications and technology
|
94
|
|
|
—
|
|
|
49,681
|
|
|
—
|
|
|
49,775
|
|
|||||
|
Occupancy and equipment costs
|
—
|
|
|
—
|
|
|
47,920
|
|
|
(225
|
)
|
|
47,695
|
|
|||||
|
Clearing and exchange fees
|
—
|
|
|
—
|
|
|
19,542
|
|
|
—
|
|
|
19,542
|
|
|||||
|
Interest
|
9,844
|
|
|
—
|
|
|
9,953
|
|
|
(7,694
|
)
|
|
12,103
|
|
|||||
|
Other
|
780
|
|
|
365
|
|
|
87,838
|
|
|
(1,569
|
)
|
|
87,414
|
|
|||||
|
Total expenses
|
11,547
|
|
|
365
|
|
|
668,048
|
|
|
(9,488
|
)
|
|
670,472
|
|
|||||
|
Income (loss) before income taxes
|
(11,547
|
)
|
|
7,602
|
|
|
6,085
|
|
|
—
|
|
|
2,140
|
|
|||||
|
Income taxes
|
(4,344
|
)
|
|
3,130
|
|
|
2,332
|
|
|
—
|
|
|
1,118
|
|
|||||
|
Net income (loss) from continuing operations
|
(7,203
|
)
|
|
4,472
|
|
|
3,753
|
|
|
—
|
|
|
1,022
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Discontinued operations
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Income from discontinued operations
|
—
|
|
|
—
|
|
|
8,814
|
|
|
—
|
|
|
8,814
|
|
|||||
|
Income taxes
|
—
|
|
|
—
|
|
|
3,847
|
|
|
—
|
|
|
3,847
|
|
|||||
|
Net income from discontinued operations
|
—
|
|
|
—
|
|
|
4,967
|
|
|
—
|
|
|
4,967
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Equity in earnings of subsidiaries
|
12,309
|
|
|
7,837
|
|
|
—
|
|
|
(20,146
|
)
|
|
—
|
|
|||||
|
Net income
|
5,106
|
|
|
12,309
|
|
|
8,720
|
|
|
(20,146
|
)
|
|
5,989
|
|
|||||
|
Less net income attributable to noncontrolling interest, net of tax
|
—
|
|
|
—
|
|
|
883
|
|
|
—
|
|
|
883
|
|
|||||
|
Net income attributable to Oppenheimer Holdings Inc.
|
5,106
|
|
|
12,309
|
|
|
7,837
|
|
|
(20,146
|
)
|
|
5,106
|
|
|||||
|
Other comprehensive loss
|
—
|
|
|
—
|
|
|
(166
|
)
|
|
—
|
|
|
(166
|
)
|
|||||
|
Total comprehensive income
|
$
|
5,106
|
|
|
$
|
12,309
|
|
|
$
|
7,671
|
|
|
$
|
(20,146
|
)
|
|
$
|
4,940
|
|
|
OPPENHEIMER HOLDINGS INC.
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2016
|
|||||||||||||||||||
|
(Expressed in thousands)
|
Parent
|
|
Guarantor
subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Cash provided by (used in) operating activities
|
$
|
8,395
|
|
|
$
|
27,793
|
|
|
$
|
(60,733
|
)
|
|
$
|
—
|
|
|
$
|
(24,545
|
)
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Purchase of office facilities
|
—
|
|
|
—
|
|
|
(4,397
|
)
|
|
—
|
|
|
(4,397
|
)
|
|||||
|
Proceeds from sale of assets
|
—
|
|
|
—
|
|
|
47,562
|
|
|
—
|
|
|
47,562
|
|
|||||
|
Cash provided by investing activities
|
—
|
|
|
—
|
|
|
43,165
|
|
|
—
|
|
|
43,165
|
|
|||||
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Cash dividends paid on Class A non-voting and Class B voting common stock
|
(4,417
|
)
|
|
—
|
|
|
|
|
|
—
|
|
|
(4,417
|
)
|
|||||
|
Cash dividends paid to noncontrolling interest
|
—
|
|
|
—
|
|
|
(5,740
|
)
|
|
—
|
|
|
(5,740
|
)
|
|||||
|
Repurchase of Class A non-voting common stock for cancellation
|
(3,832
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,832
|
)
|
|||||
|
Tax deficiency from share-based awards
|
(751
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(751
|
)
|
|||||
|
Increase in bank call loans, net
|
—
|
|
|
—
|
|
|
31,800
|
|
|
—
|
|
|
31,800
|
|
|||||
|
Cash flow provided by (used in) financing activities
|
(9,000
|
)
|
|
—
|
|
|
26,060
|
|
|
—
|
|
|
17,060
|
|
|||||
|
Net increase (decrease) in cash and cash equivalents
|
(605
|
)
|
|
27,793
|
|
|
8,492
|
|
|
—
|
|
|
35,680
|
|
|||||
|
Cash and cash equivalents, beginning of the period
|
907
|
|
|
2,586
|
|
|
59,871
|
|
|
—
|
|
|
63,364
|
|
|||||
|
Cash and cash equivalents, end of the period
|
$
|
302
|
|
|
$
|
30,379
|
|
|
$
|
68,363
|
|
|
$
|
—
|
|
|
$
|
99,044
|
|
|
OPPENHEIMER HOLDINGS INC.
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015
|
|||||||||||||||||||
|
(Expressed in thousands)
|
Parent
|
|
Guarantor
subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Cash provided by (used in) operating activities
|
$
|
11,548
|
|
|
$
|
(180
|
)
|
|
$
|
(101,167
|
)
|
|
$
|
—
|
|
|
$
|
(89,799
|
)
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Purchase of office facilities
|
—
|
|
|
—
|
|
|
(3,613
|
)
|
|
—
|
|
|
(3,613
|
)
|
|||||
|
Cash used in investing activities
|
—
|
|
|
—
|
|
|
(3,613
|
)
|
|
—
|
|
|
(3,613
|
)
|
|||||
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Cash dividends paid on Class A non-voting and Class B voting common stock
|
(4,531
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,531
|
)
|
|||||
|
Repurchase of Class A non-voting common stock
|
(6,618
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,618
|
)
|
|||||
|
Tax deficiency from share-based awards
|
(235
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(235
|
)
|
|||||
|
Increase in bank call loans, net
|
—
|
|
|
—
|
|
|
88,300
|
|
|
—
|
|
|
88,300
|
|
|||||
|
Cash flow provided by (used in) financing activities
|
(11,384
|
)
|
|
—
|
|
|
88,300
|
|
|
—
|
|
|
76,916
|
|
|||||
|
Net increase (decrease) in cash and cash equivalents
|
164
|
|
|
(180
|
)
|
|
(16,480
|
)
|
|
—
|
|
|
(16,496
|
)
|
|||||
|
Cash and cash equivalents, beginning of the period
|
439
|
|
|
1,557
|
|
|
61,811
|
|
|
—
|
|
|
63,807
|
|
|||||
|
Cash and cash equivalents, end of the period
|
$
|
603
|
|
|
$
|
1,377
|
|
|
$
|
45,331
|
|
|
$
|
—
|
|
|
$
|
47,311
|
|
|
(Expressed in thousands)
|
For the Three Months Ended September 30, 2016
|
|
For the Nine Months Ended September 30, 2016
|
||||||||||
|
|
Amount Change
|
|
% Change
|
|
Amount Change
|
|
% Change
|
||||||
|
Revenue
|
|
|
|
|
|
|
|
||||||
|
Commissions
|
$
|
(11,220
|
)
|
|
(11.1
|
)
|
|
$
|
(28,047
|
)
|
|
(8.9
|
)
|
|
Advisory fees
|
(2,105
|
)
|
|
(3.0
|
)
|
|
(13,184
|
)
|
|
(6.2
|
)
|
||
|
Investment banking
|
3,732
|
|
|
22.6
|
|
|
(21,329
|
)
|
|
(29.3
|
)
|
||
|
Interest
|
(2,468
|
)
|
|
(17.9
|
)
|
|
565
|
|
|
1.6
|
|
||
|
Principal transactions, net
|
2,613
|
|
|
113.2
|
|
|
4,770
|
|
|
33.2
|
|
||
|
Other
|
13,774
|
|
|
339.1
|
|
|
23,447
|
|
|
104.9
|
|
||
|
Total revenue
|
4,326
|
|
|
2.1
|
|
|
(33,778
|
)
|
|
(5.0
|
)
|
||
|
Expenses
|
|
|
|
|
|
|
|
||||||
|
Compensation and related expenses
|
2,994
|
|
|
2.1
|
|
|
(21,419
|
)
|
|
(4.7
|
)
|
||
|
Communications and technology
|
805
|
|
|
4.9
|
|
|
2,744
|
|
|
5.5
|
|
||
|
Occupancy and equipment costs
|
(1,174
|
)
|
|
(7.3
|
)
|
|
(2,899
|
)
|
|
(6.1
|
)
|
||
|
Clearing and exchange fees
|
(1,023
|
)
|
|
(14.8
|
)
|
|
(536
|
)
|
|
(2.7
|
)
|
||
|
Interest
|
459
|
|
|
10.9
|
|
|
2,423
|
|
|
20.0
|
|
||
|
Other
|
1,502
|
|
|
5.5
|
|
|
2,445
|
|
|
2.8
|
|
||
|
Total expenses
|
3,563
|
|
|
1.7
|
|
|
(17,242
|
)
|
|
(2.6
|
)
|
||
|
Income (loss) before income taxes from continuing operations
|
763
|
|
|
(29.7
|
)
|
|
(16,536
|
)
|
|
*
|
|
||
|
Income taxes
|
686
|
|
|
(47.7
|
)
|
|
(8,308
|
)
|
|
*
|
|
||
|
Net income (loss) from continuing operations
|
77
|
|
|
(6.8
|
)
|
|
(8,228
|
)
|
|
*
|
|
||
|
|
|
|
|
|
|
|
|
||||||
|
Discontinued operations
|
|
|
|
|
|
|
|
||||||
|
Income from discontinued operations
|
(158
|
)
|
|
(15.1
|
)
|
|
6,783
|
|
|
77.0
|
|
||
|
Income taxes
|
(212
|
)
|
|
(30.9
|
)
|
|
2,388
|
|
|
62.1
|
|
||
|
Net income from discontinued operations
|
54
|
|
|
15.0
|
|
|
4,395
|
|
|
88.5
|
|
||
|
|
|
|
|
|
|
|
|
||||||
|
Net income (loss)
|
131
|
|
|
(16.9
|
)
|
|
(3,833
|
)
|
|
(64.0
|
)
|
||
|
Less net income attributable to noncontrolling interest, net of tax
|
(65
|
)
|
|
(49.6
|
)
|
|
644
|
|
|
72.9
|
|
||
|
Net income (loss) attributable to Oppenheimer Holdings Inc.
|
$
|
196
|
|
|
(21.6
|
)
|
|
$
|
(4,477
|
)
|
|
(87.7
|
)
|
|
*
|
Not comparable
|
|
(Expressed in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||||||||
|
|
2016
|
|
2015
|
|
% Change
|
|
2016
|
|
2015
|
|
% Change
|
||||||||||
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Private Client
|
$
|
127,835
|
|
|
$
|
122,324
|
|
|
4.5
|
|
|
$
|
376,737
|
|
|
$
|
396,039
|
|
|
(4.9
|
)
|
|
Asset Management
|
23,234
|
|
|
23,849
|
|
|
(2.6
|
)
|
|
68,978
|
|
|
73,654
|
|
|
(6.3
|
)
|
||||
|
Capital Markets
|
60,703
|
|
|
60,585
|
|
|
0.2
|
|
|
187,292
|
|
|
202,282
|
|
|
(7.4
|
)
|
||||
|
Corporate/Other
|
32
|
|
|
720
|
|
|
(95.6
|
)
|
|
5,827
|
|
|
637
|
|
|
814.8
|
|
||||
|
|
$
|
211,804
|
|
|
$
|
207,478
|
|
|
2.1
|
|
|
$
|
638,834
|
|
|
$
|
672,612
|
|
|
(5.0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Income (loss) before income taxes from continuing operations
|
|||||||||||||||||||||
|
Private Client
|
$
|
20,137
|
|
|
$
|
14,905
|
|
|
35.1
|
|
|
$
|
50,799
|
|
|
$
|
45,064
|
|
|
12.7
|
|
|
Asset Management
|
9,380
|
|
|
7,563
|
|
|
24.0
|
|
|
21,851
|
|
|
23,250
|
|
|
(6.0
|
)
|
||||
|
Capital Markets
|
(1,103
|
)
|
|
(2,016
|
)
|
|
(45.3
|
)
|
|
(3,856
|
)
|
|
8,342
|
|
|
*
|
|
||||
|
Corporate/Other
|
(30,224
|
)
|
|
(23,025
|
)
|
|
31.3
|
|
|
(83,190
|
)
|
|
(74,516
|
)
|
|
11.6
|
|
||||
|
|
$
|
(1,810
|
)
|
|
$
|
(2,573
|
)
|
|
(29.7
|
)
|
|
$
|
(14,396
|
)
|
|
$
|
2,140
|
|
|
*
|
|
|
*
|
Not comparable
|
|
•
|
Client assets under administration were $79.7 billion at September 30, 2016 compared to $78.7 billion at December 31, 2015, an increase of 1.3%.
|
|
•
|
Financial adviser headcount was 1,177 at the end of the
third
quarter of 2016 (1,199 at the end of the second quarter of 2016), down from 1,262 at the end of the
third
quarter of 2015. The decline in financial adviser
|
|
•
|
Retail commissions were $54.4 million for the
third
quarter of 2016, a decrease of 9.0% from the
third
quarter of 2015 due to reduced transaction volumes from retail investors and a lower financial adviser headcount during the third quarter of 2016.
|
|
•
|
Advisory fee revenue on traditional and alternative managed products was $45.2 million for the
third
quarter of 2016, a decrease of 4.0% over the
third
quarter of 2015 (see Asset Management below for further information).
|
|
•
|
Fees earned on client cash deposits in the FDIC-insured bank deposit program were $9.6 million during the
third
quarter of 2016 versus $3.3 million for the
third
quarter of 2015. The increase primarily was due to higher short-term interest rates during the third quarter of 2016.
|
|
•
|
Advisory fee revenue on traditional and alternative managed products was $22.3 million for the
third
quarter of 2016, a decrease of 0.4% over the
third
quarter of 2015. Advisory fees are calculated based on the value of client assets under management ("AUM") at the end of the prior quarter which totaled
$24.3 billion
at June 30, 2016 (
$25.6 billion
at June 30, 2015) and are allocated to the Private Client and Asset Management business segments.
|
|
•
|
AUM increased 3.8% to
$24.6 billion
at September 30, 2016 compared to $23.7 billion at September 30, 2015, which is the basis for advisory fee billings for the fourth quarter of 2016. The increase in AUM was comprised of asset appreciation of $1.2 billion and net redemption of assets of $0.3 billion.
|
|
(Expressed in millions)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
For the Three Months Ended September 30, 2016
|
||||||||||||||||||
|
Fund Type
|
|
Beginning
Balance
|
|
Contributions
|
|
Redemptions
|
|
Appreciation
(Depreciation)
|
|
Ending
Balance
|
||||||||||
|
Traditional
(1)
|
|
$
|
20,391
|
|
|
$
|
572
|
|
|
$
|
(717
|
)
|
|
$
|
494
|
|
|
$
|
20,740
|
|
|
Institutional Fixed Income
(2)
|
|
1,216
|
|
|
17
|
|
|
(24
|
)
|
|
17
|
|
|
1,226
|
|
|||||
|
Alternative Investments:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Hedge Funds
(3)
|
|
2,490
|
|
|
53
|
|
|
(129
|
)
|
|
74
|
|
|
2,488
|
|
|||||
|
Private Equity Funds
(4)
|
|
178
|
|
|
—
|
|
|
—
|
|
|
(8
|
)
|
|
170
|
|
|||||
|
|
|
$
|
24,275
|
|
|
$
|
642
|
|
|
$
|
(870
|
)
|
|
$
|
577
|
|
|
$
|
24,624
|
|
|
(1)
|
Traditional investments include third party advisory programs, Oppenheimer financial adviser managed and advisory programs, and Oppenheimer Asset Management taxable and tax-exempt portfolio management strategies.
|
|
(2)
|
Institutional fixed income provides solutions to institutional investors including: Taft-Hartley Funds, Public Pension Funds, Corporate Pension Funds, and Foundations and Endowments.
|
|
(3)
|
Hedge funds represent single manager hedge fund strategies in areas including hedged equity, technology and financial services, and multi-manager and multi-strategy fund of funds.
|
|
(4)
|
Private equity funds represent private equity fund of funds including portfolios focused on natural resources and related assets.
|
|
•
|
Institutional equities commissions decreased 14.7% to $25.0 million for the
third
quarter of 2016 compared with the
third
quarter of 2015 due to lower levels of portfolio activity by institutional clients.
|
|
•
|
Advisory fees from investment banking activities increased 170.8% to $13.0 million in the
third
quarter of 2016 compared with the prior year quarter due to an increase in completed mergers and acquisitions activity during the
third
quarter of 2016.
|
|
•
|
Equity underwriting fees decreased 46.2% to $3.5 million for the
third
quarter of 2016 compared with the prior year quarter due to a significant decrease in equity issuances leading to reduced equity underwriting activity during the
third
quarter of 2016.
|
|
•
|
Revenue from Taxable Fixed Income was $14.4 million for the third quarter of 2016, relatively flat compared with the third quarter of 2015.
|
|
•
|
Public Finance and Municipal Trading revenue decreased 46.4% to $3.0 million for the third quarter of 2016 compared with the third quarter of 2015.
|
|
(Expressed in thousands)
|
|
|
|
||||
|
|
For the Nine Months Ended September 30,
|
||||||
|
|
2016
|
|
2015
|
||||
|
Cash used in operating activities
|
$
|
(24,545
|
)
|
|
$
|
(89,799
|
)
|
|
Cash provided by (used in) investing activities
|
43,165
|
|
|
(3,613
|
)
|
||
|
Cash provided by financing activities
|
17,060
|
|
|
76,916
|
|
||
|
Net increase (decrease) in cash and cash equivalents
|
$
|
35,680
|
|
|
$
|
(16,496
|
)
|
|
(Expressed in thousand)
|
|
|
|
|
|
|
||||||
|
Auction Rate Securities Owned and Committed to Purchase at September 30, 2016
|
||||||||||||
|
Product
|
|
Principal
|
|
Valuation
Adjustment
|
|
Fair Value
|
||||||
|
Auction Rate Securities ("ARS") Owned
(1)
|
|
$
|
92,025
|
|
|
$
|
2,016
|
|
|
$
|
90,009
|
|
|
ARS Commitments to Purchase Pursuant to:
(2)(3)
|
|
|
|
|
|
|
||||||
|
Settlements with the Regulators
(4)
|
|
3,000
|
|
|
66
|
|
|
2,934
|
|
|||
|
Legal Settlements and Awards
(5)
|
|
25,454
|
|
|
(695
|
)
|
|
26,149
|
|
|||
|
Total
|
|
$
|
120,479
|
|
|
$
|
1,387
|
|
|
$
|
119,092
|
|
|
(1)
|
Principal amount represents the par value of the ARS and is included in securities owned in the condensed consolidated balance sheet at
September 30, 2016
. The valuation adjustment amount is included as a reduction to securities owned in the condensed consolidated balance sheet at
September 30, 2016
.
|
|
(2)
|
Principal amount represents the present value of the ARS par value that the Company is committed to purchase at a future date. This principal amount is presented as an off-balance sheet item. The valuation adjustment is included in accounts payable and other liabilities on the condensed consolidated balance sheet at
September 30, 2016
.
|
|
(3)
|
Specific ARS to be purchased under ARS Purchase Commitments are unknown until the beneficial owner selects the individual ARS to be purchased.
|
|
(4)
|
Commitments to purchase under settlements with the Regulators at
September 30, 2016
. Eligible Investors for future buybacks under the settlements with the Regulators held approximately
$33.8 million
of ARS as of
September 30, 2016
.
|
|
(5)
|
Commitments to purchase under various legal settlements and awards with clients through 2020.
|
|
(Expressed in millions)
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Total
|
|
Less than 1
year
|
|
1-3 Years
|
|
3-5 Years
|
|
More than
5 Years
|
||||||||||
|
Operating Lease Obligations
|
$
|
269
|
|
|
$
|
41
|
|
|
$
|
75
|
|
|
$
|
49
|
|
|
$
|
104
|
|
|
Committed Capital
|
5
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Regulatory Settlements
(1)
|
10
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Senior Secured Notes
(2)(3)
|
176
|
|
|
13
|
|
|
163
|
|
|
—
|
|
|
—
|
|
|||||
|
ARS Purchase Commitments
(1)
|
25
|
|
|
—
|
|
|
19
|
|
|
6
|
|
|
—
|
|
|||||
|
Total
|
$
|
485
|
|
|
$
|
69
|
|
|
$
|
257
|
|
|
$
|
55
|
|
|
$
|
104
|
|
|
(1)
|
See Note 12 to the condensed consolidated financial statements appearing in Item 1 for additional information.
|
|
(2)
|
See Note 10 to the condensed consolidated financial statements appearing in Item 1 for additional information.
|
|
(3)
|
Includes interest payable of $26.3 million through maturity.
|
|
(a)
|
During the
third
quarter of 2016, the Company issued
10,988
shares of Class A Stock pursuant to the Company's share-based compensation programs for no cash consideration.
|
|
(b)
|
Not applicable.
|
|
ISSUER PURCHASES OF EQUITY SECURITIES
|
|||||||||||||
|
Period
|
|
(a) Total Number of Shares (or Units) Purchased
|
|
(b) Average Price Paid per Share (or Unit)
|
|
(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs
|
|
(d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
|
|||||
|
July 2016
|
|
2,264
|
|
|
$
|
15.05
|
|
|
2,264
|
|
|
316,600
|
|
|
August 2016
|
|
—
|
|
|
—
|
|
|
—
|
|
|
316,600
|
|
|
|
September 2016
|
|
—
|
|
|
—
|
|
|
—
|
|
|
316,600
|
|
|
|
Total
|
|
2,264
|
|
|
$
|
15.05
|
|
|
2,264
|
|
|
316,600
|
|
|
31.1
|
|
Certification of Albert G. Lowenthal
|
|
|
|
|
|
31.2
|
|
Certification of Jeffrey J. Alfano
|
|
|
|
|
|
32
|
|
Certification of Albert G. Lowenthal and Jeffrey J. Alfano
|
|
|
|
|
|
101
|
|
Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Condensed Consolidated Balance Sheets as of September 30, 2016 and December 31, 2015, (ii) the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2016 and 2015, (iii) the Condensed Consolidated Statements of Comprehensive Income (loss) for the three and nine months ended September 30, 2016 and 2015, (iv) the Condensed Consolidated Statements of Changes in Stockholders' Equity for the nine months ended September 30, 2016 and 2015, (v) the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2016 and 2015, and (vi) the notes to the Condensed Consolidated Financial Statements.*
|
|
*
|
This information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934.
|
|
OPPENHEIMER HOLDINGS INC.
|
||
|
|
|
|
|
By:
|
|
/s/ Albert G. Lowenthal
|
|
|
|
Albert G. Lowenthal, Chairman and Chief Executive Officer
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
By:
|
|
/s/ Jeffrey J. Alfano
|
|
|
|
Jeffrey J. Alfano, Chief Financial Officer
|
|
|
|
(Principal Financial and Accounting Officer)
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|