Fair Values of Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 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:



June 30, 2020	Level 1		Level 2		Level 3		Balance at Fair Value
Cash equivalents:
Money market funds	$	5,516	$	—	$	—	$	5,516
Total cash equivalents	5,516		—		—		5,516
Investments segregated and on deposit for regulatory purposes:
Certificates of deposit	—		1,378		—		1,378
U.S. Government securities	—		20,157		—		20,157
Total investments segregated and on deposit for regulatory purposes	—		21,535		—		21,535
Available for sale securities:
U.S. agency mortgage-backed securities	—		237,087		—		237,087
Asset-backed securities	—		22,119		—		22,119
Corporate debt securities	—		13,039		—		13,039
U.S. Treasury securities	—		4,771		—		4,771
U.S. state and municipal securities	—		1,620		—		1,620
Non-agency commercial mortgage-backed securities	—		1,254		—		1,254
Certificates of deposit	—		803		—		803
Commercial paper	—		200		—		200
Foreign government agency securities	—		301		—		301
Other	—		22		—		22
Total available for sale securities	—		281,216		—		281,216
Other assets:
Equity and bond mutual funds	375		—		—		375
U.S. Government securities	—		278		—		278
State and municipal debt obligations	—		30		—		30
Equity, corporate debt, and other securities	7		28		—		35
Total other assets	382		336		—		718
Total	$	5,898	$	303,087	$	—	$	308,985



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:



June 30, 2020	Carrying Amount		Level 1		Level 2		Level 3		Balance at Fair Value
Assets
Cash and cash equivalents	$	28,058	$	28,058	$	—	$	—	$	28,058
Cash and investments segregated and on deposit for regulatory purposes	11,643		2,230		9,413		—		11,643
Receivables from brokerage clients — net	21,418		—		21,418		—		21,418
Bank loans — net:
First Mortgages	13,971		—		14,344		—		14,344
HELOCs	977		—		973		—		973
Pledged asset lines	5,734		—		5,734		—		5,734
Other	189		—		189		—		189
Total bank loans — net	20,871		—		21,240		—		21,240
Other assets	1,272		—		1,272		—		1,272
Liabilities
Bank deposits	$	301,566	$	—	$	301,566	$	—	$	301,566
Payables to brokerage clients	50,135		—		50,135		—		50,135
Accrued expenses and other liabilities	3,827		—		3,827		—		3,827
Long-term debt	8,526		—		9,381		—		9,381



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