Fair Values of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2020

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present the fair value hierarchy for assets measured at fair value on a recurring basis. Liabilities recorded at fair value were not material, and therefore are not included in the following tables:



March 31, 2020	Level 1		Level 2		Level 3		Balance at Fair Value
Cash equivalents:
Money market funds	$	5,152	$	—	$	—	$	5,152
Commercial paper	—		4,057		—		4,057
Total cash equivalents	5,152		4,057		—		9,209
Investments segregated and on deposit for regulatory purposes:
Certificates of deposit	—		1,949		—		1,949
U.S. Government securities	—		12,649		—		12,649
Total investments segregated and on deposit for regulatory purposes	—		14,598		—		14,598
Available for sale securities:
U.S. agency mortgage-backed securities	—		179,595		—		179,595
Asset-backed securities	—		22,481		—		22,481
Corporate debt securities	—		11,222		—		11,222
U.S. Treasury securities	—		3,664		—		3,664
U.S. state and municipal securities	—		1,578		—		1,578
Non-agency commercial mortgage-backed securities	—		1,226		—		1,226
Certificates of deposit	—		998		—		998
Commercial paper	—		396		—		396
Foreign government agency securities	—		51		—		51
Other	—		21		—		21
Total available for sale securities	—		221,232		—		221,232
Other assets:
Equity and bond mutual funds	379		—		—		379
U.S. Government securities	—		251		—		251
State and municipal debt obligations	—		41		—		41
Equity, corporate debt, and other securities	3		21		—		24
Total other assets	382		313		—		695
Total	$	5,534	$	240,200	$	—	$	245,734



December 31, 2019	Level 1		Level 2		Level 3		Balance at Fair Value
Cash equivalents:
Money market funds	$	5,179	$	—	$	—	$	5,179
Commercial paper	—		2,498		—		2,498
Total cash equivalents	5,179		2,498		—		7,677
Investments segregated and on deposit for regulatory purposes:
Certificates of deposit	—		1,351		—		1,351
U.S. Government securities	—		7,276		—		7,276
Total investments segregated and on deposit for regulatory purposes	—		8,627		—		8,627
Available for sale securities:
U.S. agency mortgage-backed securities	—		46,155		—		46,155
Corporate debt securities	—		5,484		—		5,484
Asset-backed securities	—		4,987		—		4,987
U.S. Treasury securities	—		3,384		—		3,384
Certificates of deposit	—		1,004		—		1,004
Commercial paper	—		395		—		395
Non-agency commercial mortgage-backed securities	—		13		—		13
Total available for sale securities	—		61,422		—		61,422
Other assets:
Equity and bond mutual funds	442		—		—		442
U.S. Government securities	—		202		—		202
State and municipal debt obligations	—		47		—		47
Equity, corporate debt, and other securities	5		22		—		27
Total other assets	447		271		—		718
Total	$	5,626	$	72,818	$	—	$	78,444

Fair Value of Other Financial Instruments

The following tables present the fair value hierarchy for other financial instruments:



March 31, 2020	Carrying Amount		Level 1		Level 2		Level 3		Balance at Fair Value
Assets
Cash and cash equivalents	$	59,249	$	59,249	$	—	$	—	$	59,249
Cash and investments segregated and on deposit for regulatory purposes	19,668		2,637		17,031		—		19,668
Receivables from brokerage clients — net	18,998		—		18,998		—		18,998
Bank loans — net:
First Mortgages	12,777		—		12,969		—		12,969
HELOCs	1,063		—		1,054		—		1,054
Pledged asset lines	5,467		—		5,467		—		5,467
Other	214		—		214		—		214
Total bank loans — net	19,521		—		19,704		—		19,704
Other assets	812		—		812		—		812
Liabilities
Bank deposits	$	277,477	$	—	$	277,477	$	—	$	277,477
Payables to brokerage clients	49,251		—		49,251		—		49,251
Accrued expenses and other liabilities	4,648		—		4,648		—		4,648
Long-term debt	8,522		—		8,736		—		8,736



December 31, 2019	Carrying Amount		Level 1		Level 2		Level 3		Balance at Fair Value
Assets
Cash and cash equivalents	$	21,668	$	21,668	$	—	$	—	$	21,668
Cash and investments segregated and on deposit for regulatory purposes	11,807		2,792		9,015		—		11,807
Receivables from brokerage clients — net	21,763		—		21,763		—		21,763
Held to maturity securities:
U.S. agency mortgage-backed securities	109,325		—		110,566		—		110,566
Asset-backed securities	17,806		—		17,771		—		17,771
Corporate debt securities	4,661		—		4,718		—		4,718
U.S. state and municipal securities	1,301		—		1,404		—		1,404
Non-agency commercial mortgage-backed securities	1,119		—		1,141		—		1,141
U.S. Treasury securities	223		—		228		—		228
Certificates of deposit	200		—		200		—		200
Foreign government agency securities	50		—		50		—		50
Other	21		—		21		—		21
Total held to maturity securities	134,706		—		136,099		—		136,099
Bank loans — net:
First Mortgages	11,693		—		11,639		—		11,639
HELOCs	1,113		—		1,153		—		1,153
Pledged asset lines	5,206		—		5,206		—		5,206
Other	200		—		200		—		200
Total bank loans — net	18,212		—		18,198		—		18,198
Other assets	1,014		—		1,014		—		1,014
Liabilities
Bank deposits	$	220,094	$	—	$	220,094	$	—	$	220,094
Payables to brokerage clients	39,220		—		39,220		—		39,220
Accrued expenses and other liabilities	1,882		—		1,882		—		1,882
Long-term debt	7,430		—		7,775		—		7,775