0001104659-22-113761.txt : 20221102 0001104659-22-113761.hdr.sgml : 20221102 20221102081735 ACCESSION NUMBER: 0001104659-22-113761 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20221102 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20221102 DATE AS OF CHANGE: 20221102 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Cohen & Co Inc. CENTRAL INDEX KEY: 0001270436 STANDARD INDUSTRIAL CLASSIFICATION: SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211] IRS NUMBER: 161685692 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32026 FILM NUMBER: 221352368 BUSINESS ADDRESS: STREET 1: CIRA CENTRE, 2929 ARCH STREET STREET 2: 17TH FLOOR CITY: PHILADELPHIA STATE: PA ZIP: 19104-2870 BUSINESS PHONE: 215-701-9555 MAIL ADDRESS: STREET 1: CIRA CENTRE, 2929 ARCH STREET STREET 2: 17TH FLOOR CITY: PHILADELPHIA STATE: PA ZIP: 19104-2870 FORMER COMPANY: FORMER CONFORMED NAME: INSTITUTIONAL FINANCIAL MARKETS, INC. DATE OF NAME CHANGE: 20110121 FORMER COMPANY: FORMER CONFORMED NAME: COHEN & Co INC. DATE OF NAME CHANGE: 20091216 FORMER COMPANY: FORMER CONFORMED NAME: ALESCO FINANCIAL INC DATE OF NAME CHANGE: 20061006 8-K 1 tm2229345d1_8k.htm FORM 8-K
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Registrant Name Cohen & Co Inc.

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 8-K

 

 

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): November 2, 2022

 

 

 

Cohen & Company Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Maryland   1-32026   16-1685692

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

 

Cira Centre

2929 Arch Street, Suite 1703

Philadelphia, Pennsylvania

   19104
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (215) 701-9555

 

Not Applicable

(Former name or former address, if changed since last report.)

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

         
Title of each class   Trading
Symbol(s)		   Name of each exchange on which registered
Common Stock, par value $0.01 per share   COHN   The NYSE American Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company                           ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨

 

 

 

 

Item 2.02 Results of Operations and Financial Condition.

 

On November 2, 2022, Cohen & Company Inc., a Maryland corporation (the “Company”), issued a press release announcing the Company’s financial results for the third quarter ended September 30, 2022. A copy of the earnings release is attached to this report as Exhibit 99.1.

 

The information hereunder shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

Item 9.01Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit
Number 		   Description
99.1*     Press release dated November 2, 2022 announcing Cohen & Company Inc.’s financial results for the third quarter ended September 30, 2022.
     
104   Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

 

 

* Filed electronically herewith.

 

 2

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  COHEN & COMPANY INC.
     
Date: November 2, 2022 By: /s/ Joseph W. Pooler, Jr.  
    Name: Joseph W. Pooler, Jr.
    Title:   Executive Vice President, Chief Financial Officer and Treasurer

 

 

 

 EX-99.1 2 tm2229345d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

 

COHEN & COMPANY REPORTS THIRD QUARTER 2022 FINANCIAL RESULTS

 

Board Declares Quarterly Dividend of $0.25 per Share

 

Philadelphia and New York, November 2, 2022 – Cohen & Company Inc. (NYSE American: COHN), a financial services firm specializing in fixed income and SPAC markets, today reported financial results for its third quarter ended September 30, 2022.

 

Summary Operating Results

 

   Three Months Ended   Nine Months Ended 
($ in thousands)  9/30/22   6/30/22   9/30/21   9/30/22   9/30/21 
Net trading  $7,966   $10,377   $16,599   $30,365   $54,181 
Asset management   3,456    1,898    1,856    7,243    5,787 
New issue and advisory   13,235    3,481    8,838    20,486    11,527 
Principal transactions and other revenue   (1,192)   (6,602)   (20,709)   (26,157)   47,831 
Total revenues   23,465    9,154    6,584    31,937    119,326 
                          
Compensation and benefits   15,227    12,214    20,577    41,320    61,414 
Non-compensation operating expenses   5,390    5,102    5,125    15,809    15,658 
Operating income   2,848    (8,162)   (19,118)   (25,192)   42,254 
                          
Interest expense, net   (1,346)   (1,106)   (1,731)   (3,803)   (5,527)
Other non-operating income   -    -    -    -    2,127 
Income (loss) from equity method affiliates   618    (3,044)   2,857    (14,530)   7,512 
Income (loss) before income tax expense (benefit)   2,120    (12,312)   (17,992)   (43,525)   46,366 
                          
Income tax expense (benefit)   1,761    (60)   (248)   3,534    577 
Net income (loss)   359    (12,252)   (17,744)   (47,059)   45,789 
Less: Net income (loss) attributable to the non-convertible non-controlling interest   (109)   (4,167)   (3,094)   (18,980)   17,837 
Enterprise net income (loss)   468    (8,085)   (14,650)   (28,079)   27,952 
Less: Net income (loss) attributable to the convertible non-controlling interest   1,387    (6,228)   (11,221)   (17,691)   20,301 
Net income (loss) attributable to Cohen & Company Inc.  $(919)  $(1,857)  $(3,429)  $(10,388)  $7,651 
Fully diluted net income (loss) per share  $(0.64)  $(1.53)  $(3.46)  $(7.33)  $5.31 
                          
Adjusted pre-tax income (loss)  $2,229   $(8,145)  $(14,898)  $(24,545)  $26,402 
Fully diluted adjusted pre-tax income (loss) per share  $0.41   $(1.51)  $(3.57)  $(4.47)  $5.23 

 

Lester Brafman, Chief Executive Officer of Cohen & Company, said, “Our Company navigated difficult market conditions and continued to successfully execute our strategy, generating $2.2 million of adjusted pre-tax income in the third quarter. We were pleased that both our investment banking and U.S. insurance origination teams closed key transactions and generated new issue and advisory revenue. Although our reported financial results continued to be impacted by unrealized negative mark-to-market adjustments on our principal investing portfolio, we remain focused on our strategic objectives and we are confident that the expansion of our investment banking and commercial real estate teams will continue to translate into higher revenues in the future. As we move forward, we are committed to enhancing stockholder value, and in the third quarter we continued to pay our quarterly dividend.”

 

Adjusted pre-tax income (loss) is not a measure recognized under U.S. generally accepted accounting principles (“GAAP”). See Note 1 below.

 

 

 

 

Financial Highlights

 

●Net loss attributable to Cohen & Company Inc. was $0.9 million, or $0.64 per diluted share, for the three months ended September 30, 2022, compared to net loss of $1.9 million, or $1.53 per diluted share, for the three months ended June 30, 2022, and net loss of $3.4 million, or $3.46 per diluted share, for the three months ended September 30, 2021. Adjusted pre-tax income was $2.2 million, or $0.41 per diluted share, for the three months ended September 30, 2022, compared to adjusted pre-tax loss of $8.1 million, or $1.51 per diluted share, for the three months ended June 30, 2022, and adjusted pre-tax loss of $14.9 million, or $3.57 per diluted share, for the three months ended September 30, 2021. Adjusted pre-tax income (loss) and adjusted pre-tax income (loss) per diluted share are not measures recognized under GAAP. See Note 1 below.

 

●Revenues were $23.5 million for the three months ended September 30, 2022, compared to $9.2 million for the prior quarter and $6.6 million for the prior year quarter.

 

oNet trading revenue was $8.0 million for the three months ended September 30, 2022, down $2.4 million from the prior quarter and $8.6 million from the prior year quarter. The decrease from the prior quarters was due primarily to lower trading revenue from the mortgage group’s gestation repo business, including a $4.6 million loss in the current quarter related to the liquidation of collateral from a bankrupt gestation repo counterparty.

 

oAsset management revenue was $3.5 million for the three months ended September 30, 2022, up $1.6 million from the prior quarter and the prior year quarter. The increase was due primarily to the successful auction of an Alesco CDO in September 2022, and the accompanying $1.6 million of subordinated management fees in arrears that were recorded.

 

oNew issue and advisory revenue was $13.2 million for the three months ended September 30, 2022, up $9.8 million from the prior quarter and $4.4 million from the prior year quarter. In the current quarter, the Cohen & Company Capital Markets investment banking team generated $10.5 million and the US insurance origination team generated $2.7 million of the new issue and advisory revenue.

 

oPrincipal transactions and other revenue was negative $1.2 million for the three months ended September 30, 2022, compared to negative $6.6 million in the prior quarter and negative $20.7 million in the prior year quarter. In all quarters presented, the negative principal transactions and other revenue was primarily due to mark-to-market adjustments on the Company’s principal investments related to the Company’s involvement in the SPAC market as a sponsor, asset manager, and investor, which has resulted in increased holdings of public equity positions in post-business combination companies, often restricted, which are subject to market adjustments, both up and down.

 

●Compensation and benefits expense during the three months ended September 30, 2022 increased $3.0 million from the prior quarter and decreased $5.4 million from the prior year quarter. The number of Company employees was 122 as of September 30, 2022, compared to 121 as of June 30, 2022, and 115 as of September 30, 2021.

 

●Interest expense during the three months ended September 30, 2022 increased $0.2 million from the prior quarter and decreased $0.4 million from the prior year quarter.

 

●Income from equity method affiliates for the three months ended September 30, 2022 was $0.6 million, compared to loss from equity method affiliates of $3.0 million for the prior quarter and income from equity method affiliates of $2.9 million for the prior year quarter. Income (loss) from equity method affiliates fluctuates primarily depending on the timing of the closing of the business combinations by the Company’s equity method investees that are sponsors of SPACs, which typically result in increased value of founder shares allocable to the Company by the sponsors.

 

●Income tax expense for the three months ended September 30, 2022 was $1.8 million, compared to income tax benefit of $60 thousand in the prior quarter, and income tax benefit of $0.2 million in the prior year quarter. The Company will continue to evaluate its operations on a quarterly basis and may make adjustments to the valuation allowance applied against the Company's net operating loss and net capital loss tax assets. Future adjustments could be material and may result in additional tax benefit or tax expense.

 

 2 

 

 

Total Equity and Dividend Declaration

 

●As of September 30, 2022, total equity was $105.6 million, compared to $151.4 million as of December 31, 2021; the non-convertible non-controlling interest component of total equity was $4.2 million as of September 30, 2022 and $31.8 million as of December 31, 2021. Thus, the total equity excluding the non-convertible non-controlling interest component was $101.4 million as of September 30, 2022, an $18.2 million decrease from $119.6 million as of December 31, 2021.

 

●The Company’s Board of Directors has declared a quarterly dividend of $0.25 per share, payable on December 2, 2022, to stockholders of record as of November 18, 2022. The Board of Directors will continue to evaluate the dividend policy each quarter, and future decisions regarding dividends may be impacted by quarterly operating results and the Company’s capital needs.

 

Conference Call

 

The Company will host a conference call at 10:00 a.m. Eastern Time (ET), today, November 2, 2022, to discuss these results. The conference call will be available via webcast. Interested parties can access the webcast by clicking the webcast link on the Company’s homepage at www.cohenandcompany.com. Those wishing to listen to the conference call with operator assistance can dial (877) 524-8416 (domestic) or +1 (412) 902-1028 (international). A replay of the call will be available for three days following the call by dialing (877) 660-6853 or (201) 612-7415.

 

About Cohen & Company

 

Cohen & Company is a financial services company specializing in fixed income markets and SPAC markets. It was founded in 1999 as an investment firm focused on small-cap banking institutions but has grown to provide an expanding range of capital markets and asset management services. Cohen & Company’s operating segments are Capital Markets, Asset Management, and Principal Investing. The Capital Markets segment consists of fixed income sales, trading, and matched book repo financing as well as new issue placements in corporate and securitized products, and advisory services, operating primarily through Cohen & Company’s subsidiaries, J.V.B. Financial Group, LLC in the United States and Cohen & Company Financial Europe Limited S.A. in Europe. A division of JVB, Cohen & Company Capital Markets is the Company’s full-service boutique investment banking platform focusing on SPAC advisory, capital markets advisory, and M&A advisory, with clients primarily in the financial technology (commonly referred to as "fintech") and SPAC spaces. The Asset Management segment manages assets through collateralized debt obligations, managed accounts, and investment funds. As of September 30, 2022, the Company managed approximately $2.2 billion in primarily fixed income assets in a variety of asset classes including US and European trust preferred securities, subordinated debt, and corporate loans. As of September 30, 2022, 53.8% of the Company’s assets under management were in collateralized debt obligations that Cohen & Company manages, which were all securitized prior to 2008. The Principal Investing segment is comprised primarily of investments the Company holds related to its SPAC franchise and other investments the Company has made for the purpose of earning an investment return rather than investments made to support its trading, matched book repo, or other capital markets business activity. For more information, please visit www.cohenandcompany.com.

 

Note 1: Adjusted pre-tax income (loss) and adjusted pre-tax income (loss) per share are non-GAAP measures of performance. Please see the discussion under “Non-GAAP Measures” below. Also see the tables below for the reconciliations of non-GAAP measures of performance to their corresponding GAAP measures of performance.

 

 3 

 

 

Forward-looking Statements

 

This communication contains certain statements, estimates, and forecasts with respect to future performance and events. These statements, estimates, and forecasts are “forward-looking statements.” In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as “may,” “might,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “seek,” or “continue” or the negatives thereof or variations thereon or similar terminology. All statements other than statements of historical fact included in this communication are forward-looking statements and are based on various underlying assumptions and expectations and are subject to known and unknown risks, uncertainties, and assumptions, and may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance, or achievements to differ materially from the results, level of activity, performance, or achievements expressed or implied in the forward-looking statements including, but not limited to, those discussed under the heading “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition” in our filings with the Securities and Exchange Commission (“SEC”), which are available at the SEC’s website at www.sec.gov and our website at www.cohenandcompany.com/investor-relations/sec-filings. Such risk factors include the following: (a) a decline in general economic conditions or the global financial markets, including those caused by the Russian invasion of Ukraine, (b) losses caused by financial or other problems experienced by third parties, (c) losses due to unidentified or unanticipated risks, (d) a lack of liquidity, i.e., ready access to funds for use in our businesses, (e) the ability to attract and retain personnel, (f) litigation and regulatory issues, (g) competitive pressure, (h) an inability to generate incremental income from new or expanded businesses, (i) unanticipated market closures or effects due to inclement weather or other disasters, (j) losses (whether realized or unrealized) on our principal investments, (k) the possibility that payments to the Company of subordinated management fees from its CDOs will continue to be deferred or will be discontinued, (l) the possibility that the stockholder rights plan may fail to preserve the value of the Company’s deferred tax assets, whether as a result of the acquisition by a person of 5% of the Company’s common stock or otherwise, (m) the possibility that the Company’s third sponsored insurance SPAC, INSU Acquisition Corp. III, does not successfully consummate a business combination, (n) a reduction in the volume of investments into SPACs, (o) the difficulty in identifying potential business combinations as a result of increased competition in the SPAC market, (p) the value of our holdings of founders shares in post-business combination companies is volatile and may decline and the possibility that significant portions of the founder shares may remain restricted for a long period of time, (q) the possibility that the Company will stop paying quarterly dividends to its stockholders, (r) the possibility that the Company will incur additional losses liquidating collateral related to a reverse repo with now bankrupt First Guaranty Mortgage Corporation, (s) the impacts of rising interest rates and inflation, and (t) the impacts of the COVID-19 pandemic. As a result, there can be no assurance that the forward-looking statements included in this communication will prove to be accurate or correct. In light of these risks, uncertainties, and assumptions, the future performance or events described in the forward-looking statements in this communication might not occur. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and we do not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.

 

Cautionary Note Regarding Quarterly Financial Results

 

Due to the nature of our business, our revenue and operating results may fluctuate materially from quarter to quarter. Accordingly, revenue and net income in any particular quarter may not be indicative of future results. Further, our employee compensation arrangements are in large part incentive-based and, therefore, will fluctuate with revenue. The amount of compensation expense recognized in any one quarter may not be indicative of such expense in future periods. As a result, we suggest that annual results may be the most meaningful gauge for investors in evaluating our business performance.

 

 4 

 

 

COHEN & COMPANY INC.

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in thousands, except per share data)

 

   Three Months Ended   Nine Months Ended  
   9/30/22   6/30/22   9/30/21   9/30/22   9/30/21 
Revenues                         
Net trading  $7,966   $10,377   $16,599   $30,365   $54,181 
Asset management   3,456    1,898    1,856    7,243    5,787 
New issue and advisory   13,235    3,481    8,838    20,486    11,527 
Principal transactions and other revenue   (1,192)   (6,602)   (20,709)   (26,157)   47,831 
Total revenues   23,465    9,154    6,584    31,937    119,326 
                          
Operating expenses                         
Compensation and benefits   15,227    12,214    20,577    41,320    61,414 
Business development, occupancy, equipment   1,234    1,295    869    3,777    2,375 
Subscriptions, clearing, and execution   2,112    1,972    2,581    6,025    7,745 
Professional services and other operating   1,905    1,692    1,585    5,593    5,280 
Depreciation and amortization   139    143    90    414    258 
Total operating expenses   20,617    17,316    25,702    57,129    77,072 
                          
Operating income (loss)   2,848    (8,162)   (19,118)   (25,192)   42,254 
                          
Non-operating income (expense)                         
Interest expense, net   (1,346)   (1,106)   (1,731)   (3,803)   (5,527)
Other non-operating income (expense)   -    -    -    -    2,127 
Income (loss) from equity method affiliates   618    (3,044)   2,857    (14,530)   7,512 
                          
Income (loss) before income tax expense (benefit)   2,120    (12,312)   (17,992)   (43,525)   46,366 
Income tax expense (benefit)   1,761    (60)   (248)   3,534    577 
Net income (loss)   359    (12,252)   (17,744)   (47,059)   45,789 
Less: Net income (loss) attributable to the non-convertible non-controlling interest   (109)   (4,167)   (3,094)   (18,980)   17,837 
Enterprise net income (loss)   468    (8,085)   (14,650)   (28,079)   27,952 
Less: Net income (loss) attributable to the convertible non-controlling interest   1,387    (6,228)   (11,221)   (17,691)   20,301 
Net income (loss) attributable to Cohen & Company Inc.  $(919)  $(1,857)  $(3,429)  $(10,388)  $7,651 
                          
Earnings per share 
  
Basic                         
Net income (loss) attributable to Cohen & Company Inc.  $(919)  $(1,857)  $(3,429)  $(10,388)  $7,651 
Basic shares outstanding   1,429    1,428    1,314    1,417    1,140 
Net income (loss) attributable to Cohen & Company Inc. per share  $(0.64)  $(1.30)  $(2.61)  $(7.33)  $6.71 
                          
Fully Diluted                         
Net income (loss) attributable to Cohen & Company Inc.  $(919)  $(1,857)  $(3,429)  $(10,388)  $7,651 
Net income (loss) attributable to the convertible non-controlling interest   -    (6,228)   (11,221)   -    20,301 
Net interest attributable to convertible debt, net of taxes   -    -    -    -    882 
Income tax and conversion adjustment   -    (172)   237    -    (1,179)
Net income (loss) attributable to Cohen & Company Inc. for fully diluted net income (loss) per share calculation  $(919)  $(8,257)  $(14,413)  $(10,388)  $27,655 
                          
Basic shares outstanding   1,429    1,428    1,314    1,417    1,140 
Unrestricted Operating LLC membership units exchangeable into COHN shares   -    3,966    2,856    -    2,850 
Additional dilutive shares   -    -    -    -    1,222 
Fully diluted shares outstanding (1)   1,429    5,394    4,170    1,417    5,212 
Fully diluted net income (loss) per share  $(0.64)  $(1.53)  $(3.46)  $(7.33)  $5.31 
                          
Reconciliation of adjusted pre-tax income (loss) to net income (loss) attributable to Cohen & Company Inc. and calculations of per share amounts 
  
Net income (loss) attributable to Cohen & Company Inc.  $(919)  $(1,857)  $(3,429)  $(10,388)  $7,651 
Addback (deduct): Other non-operating income   -    -    -    -    (2,127)
Addback (deduct): Income tax expense (benefit)   1,761    (60)   (248)   3,534    577 
Addback (deduct): Net income (loss) attributable to the convertible non-controlling interest   1,387    (6,228)   (11,221)   (17,691)   20,301 
Adjusted pre-tax income (loss)   2,229    (8,145)   (14,898)   (24,545)   26,402 
Net interest attributable to convertible debt   -    -    -    327    882 
                          
Enterprise pre-tax income (loss) for fully diluted adjusted pre-tax income (loss) per share calculation  $2,229   $(8,145)  $(14,898)  $(24,218)  $27,284 
                          
Adjusted fully diluted shares outstanding (2)   5,394    5,394    4,170    5,416    5,212 
Fully diluted adjusted pre-tax income (loss) per share  $0.41   $(1.51)  $(3.57)  $(4.47)  $5.23 

 

(1) When the fully diluted net income (loss) per share is anti-dilutive, the basic shares outstanding are presented on this line item.

(2) Adjusted fully diluted shares outstanding includes unrestricted Operating LLC units exchangeable into COHN shares at all times; even during periods when the corresponding GAAP calculation of fully diluted shares outstanding above does not include them. The Operating LLC units are always included because the non-GAAP measure of performance, adjusted pre-tax income (loss), always includes net income (loss) attributable to the corresponding convertible non-controlling interest.    

 

 5 

 

 

COHEN & COMPANY INC.

CONSOLIDATED BALANCE SHEETS

(in thousands)

 

   September 30, 2022     
   (unaudited)   December 31, 2021 
Assets          
Cash and cash equivalents  $47,287   $50,567 
Receivables from brokers, dealers, and clearing agencies   121,922    68,392 
Due from related parties   1,764    4,581 
Other receivables   20,739    3,203 
Investments - trading   271,823    223,865 
Other investments, at fair value   37,726    56,033 
Receivables under resale agreements   699,658    3,175,645 
Investment in equity method affiliates   13,466    48,238 
Deferred income taxes   8,173    11,513 
Goodwill   109    109 
Right-of-use asset - operating leases   9,980    10,273 
Other assets   3,466    3,885 
Total assets  $1,236,113   $3,656,304 
           
Liabilities          
Payables to brokers, dealers, and clearing agencies  $132,412   $160,896 
Accounts payable and other liabilities   28,506    22,819 
Accrued compensation   19,325    22,577 
Trading securities sold, not yet purchased   152,079    62,512 
Other investments sold, not yet purchased   910    2,488 
Securities sold under agreements to repurchase   749,673    3,171,415 
Operating lease liability   10,739    10,813 
Redeemable Financial Instruments   7,957    7,957 
Debt   28,879    43,394 
Total liabilities   1,130,480    3,504,871 
           
Equity          
Voting nonconvertible preferred stock   27    27 
Common stock   17    17 
Additional paid-in capital   72,460    72,006 
Accumulated other comprehensive loss   (1,005)   (905)
Accumulated deficit   (21,793)   (9,204)
Total stockholders' equity   49,706    61,941 
Noncontrolling interest   55,927    89,492 
Total equity   105,633    151,433 
Total liabilities and equity  $1,236,113   $3,656,304 

 

 6 

 

 

Non-GAAP Measures

 

Adjusted pre-tax income (loss) and adjusted pre-tax income (loss) per diluted share

 

Adjusted pre-tax income (loss) is not a financial measure recognized by GAAP. Adjusted pre-tax income (loss) represents net income (loss) attributable to Cohen & Company Inc., computed in accordance with GAAP, excluding other non-operating income and income tax expense (benefit), plus the net income (loss) attributable to the convertible non-controlling interest. Other non-operating income, representing the forgiveness of our PPP loan, has been excluded because it is a non-recurring item. Income tax expense (benefit) has been excluded because a pre-tax measurement of enterprise earnings that includes net income (loss) attributable to the convertible non-controlling interest is a useful and appropriate measure of performance. Furthermore, our income tax expense (benefit) has been, and we expect it will continue to be, a substantially non-cash item for the foreseeable future, generated from adjustments in our valuation allowance applied to the Company’s gross deferred tax assets. Convertible non-controlling interest is added back to adjusted pre-tax income because the underlying Cohen & Company, LLC equity units are convertible into Cohen & Company Inc. shares. Adjusted pre-tax income (loss) per diluted share is calculated, by dividing adjusted pre-tax income (loss) by diluted shares outstanding, both of which include adjustments used in the corresponding calculation in accordance with GAAP.

 

We present adjusted pre-tax income (loss) and related per diluted share amounts in this release because we consider them to be useful and appropriate supplemental measures of our performance. Adjusted pre-tax income (loss) and related per diluted share amounts help us to evaluate our performance without the effects of certain GAAP calculations that may not have a direct cash or recurring impact on our current operating performance. In addition, our management uses adjusted pre-tax income (loss) and related per diluted share amounts to evaluate the performance of our enterprise operations. Adjusted pre-tax income (loss) and related per diluted share amounts, as we define them, are not necessarily comparable to similarly named measures of other companies and may not be appropriate measures for performance relative to other companies. Adjusted pre-tax income (loss) should not be assessed in isolation from or construed as a substitute for net income (loss) attributable to Cohen & Company Inc. prepared in accordance with GAAP. Adjusted pre-tax income (loss) is not intended to represent and should not be considered to be a more meaningful measure than, or an alternative to, measures of operating performance as determined in accordance with GAAP.

 

Contact:

 

Investors -  Media -
Cohen & Company Inc.  Joele Frank, Wilkinson Brimmer Katcher
Joseph W. Pooler, Jr.  James Golden or Andrew Squire
Executive Vice President and  212-355-4449
Chief Financial Officer  jgolden@joelefrank.com or asquire@joelefrank.com
215-701-8952   
investorrelations@cohenandcompany.com   

 

 7 

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Cover
Nov. 02, 2022
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Nov. 02, 2022
Entity File Number 1-32026
Entity Registrant Name Cohen & Co Inc.
Entity Central Index Key 0001270436
Entity Tax Identification Number 16-1685692
Entity Incorporation, State or Country Code MD
Entity Address, Address Line One Cira Centre
Entity Address, Address Line Two 2929 Arch Street, Suite 1703
Entity Address, City or Town Philadelphia
Entity Address, State or Province PA
Entity Address, Postal Zip Code 19104
City Area Code 215
Local Phone Number 701-9555
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol COHN
Security Exchange Name NYSE
Entity Emerging Growth Company false
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