Condensed Consolidating Financial Information (Tables)

3 Months Ended

Mar. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Balance Sheet

OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING BALANCE SHEET AS OF MARCH 31, 2015
(Expressed in thousands)	Parent		Guarantor subsidiaries		Non-guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	1	$	1,993	$	64,924	$	—		$	66,918
Cash and securities segregated for regulatory and other purposes	—		—		1,517		—			1,517
Deposits with clearing organizations	—		—		50,258		—			50,258
Receivable from brokers, dealers and clearing organizations	—		—		338,103		—			338,103
Receivable from customers, net of allowance for credit losses of $2,439	—		—		890,260		—			890,260
Income tax receivable	29,280		27,439		—		(50,390		)	6,329
Securities owned, including amounts pledged of $501,643, at fair value	—		5,080		950,283		—			955,363
Notes receivable, net of accumulated amortization and allowance for uncollectibles of $35,596 and $9,062, respectively	—		—		34,995		—			34,995
Office facilities, net of accumulated depreciation of $105,809	—		19,748		8,521		—			28,269
Loans held for sale, at fair value	—		—		95,876		—			95,876
Mortgage servicing rights	—		—		28,391		—			28,391
Subordinated loan receivable	—		112,558		—		(112,558		)	—
Intangible assets	—		—		31,700		—			31,700
Goodwill	—		—		137,889		—			137,889
Other assets	1,634		3,384		113,500		—			118,518
Deferred tax assets	287		309		22,592		(23,188		)	—
Investment in subsidiaries	572,836		548,333		—		(1,121,169		)	—
Intercompany receivables	84,727				—		(84,727		)	—
Total assets	$	688,765	$	718,844	$	2,768,809	$	(1,392,032	)	$	2,784,386
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Drafts payable	$	—	$	—	$	34,615	$	—		$	34,615
Bank call loans	—		—		101,400		—			101,400
Payable to brokers, dealers and clearing organizations	—		—		350,230		—			350,230
Payable to customers	—		—		704,087		—			704,087
Securities sold under agreements to repurchase	—		—		397,389		—			397,389
Securities sold, but not yet purchased, at fair value	—		—		184,649		—			184,649
Accrued compensation	—		—		102,668		—			102,668
Accounts payable and other liabilities	6,146		35,805		161,542		—			203,493
Income tax payable	2,440		22,189		25,761		(50,390		)	—
Senior secured notes	150,000		—		—		—			150,000
Subordinated indebtedness	—		—		112,558		(112,558		)	—
Deferred tax liabilities	—		73		42,301		(23,188		)	19,186
Intercompany payables	—		71,592		13,135		(84,727		)	—
Total liabilities	158,586		129,659		2,230,335		(270,863		)	2,247,717
Stockholders’ equity
Stockholders’ equity attributable to Oppenheimer Holdings Inc.	530,179		589,185		531,984		(1,121,169		)	530,179
Noncontrolling interest	—		—		6,490		—			6,490
Total stockholders’ equity	530,179		589,185		538,474		(1,121,169		)	536,669
Total liabilities and stockholders’ equity	$	688,765	$	718,844	$	2,768,809	$	(1,392,032	)	$	2,784,386

OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2014
(Expressed in thousands)	Parent		Guarantor subsidiaries		Non-guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	439	$	1,557	$	61,811	$	—		$	63,807
Cash and securities segregated for regulatory and other purposes	—		—		18,594		—			18,594
Deposits with clearing organizations	—		—		36,510		—			36,510
Receivable from brokers, dealers and clearing organizations	—		—		314,475		—			314,475
Receivable from customers, net of allowance for credit losses of $2,427	—		—		864,189		—			864,189
Income tax receivable	28,070		27,304		—		(51,134		)	4,240
Securities purchased under agreements to resell	—		—		251,606		—			251,606
Securities owned, including amounts pledged of $518,123, at fair value	—		5,806		837,349		—			843,155
Notes receivable, net of accumulated amortization and allowance for uncollectibles of $42,211 and $8,606, respectively	—		—		34,932		—			34,932
Office facilities, net of accumulated depreciation of $103,547	—		20,181		9,408		—			29,589
Loans held for sale, at fair value	—		—		19,243		—			19,243
Mortgage servicing rights	—		—		30,140		—			30,140
Subordinated loan receivable	—		112,558		—		(112,558		)	—
Intangible assets	—		—		31,700		—			31,700
Goodwill	—		—		137,889		—			137,889
Other assets	1,686		3,803		101,897		—			107,386
Deferred tax assets	18		309		27,973		(28,300		)	—
Investment in subsidiaries	565,257		544,576		—		(1,109,833		)	—
Intercompany receivables	87,442		—		—		(87,442		)	—
Total assets	$	682,912	$	716,094	$	2,777,716	$	(1,389,267	)	$	2,787,455
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Drafts payable	$	—	$	—	$	35,373	$	—		$	35,373
Bank call loans	—		—		59,400		—			59,400
Payable to brokers, dealers and clearing organizations	—		—		257,161		—			257,161
Payable to customers	—		—		652,256		—			652,256
Securities sold under agreements to repurchase	—		—		687,440		—			687,440
Securities sold, but not yet purchased, at fair value	—		—		92,510		—			92,510
Accrued compensation	—		—		165,134		—			165,134
Accounts payable and other liabilities	2,828		35,800		102,724		—			141,352
Income tax payable	2,440		22,189		26,505		(51,134		)	—
Senior secured notes	150,000		—		—		—			150,000
Subordinated indebtedness	—		—		112,558		(112,558		)	—
Deferred tax liabilities	—		88		41,309		(28,300		)	13,097
Intercompany payables	—		76,492		10,950		(87,442		)	—
Total liabilities	155,268		134,569		2,243,320		(279,434		)	2,253,723
Stockholders’ equity
Stockholders’ equity attributable to Oppenheimer Holdings Inc.	527,644		581,525		528,308		(1,109,833		)	527,644
Noncontrolling interest	—		—		6,088		—			6,088
Total stockholders’ equity	527,644		581,525		534,396		(1,109,833		)	533,732
Total liabilities and stockholders’ equity	$	682,912	$	716,094	$	2,777,716	$	(1,389,267	)	$	2,787,455

Condensed Consolidating Statement of Operations

OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2015
(Expressed in thousands)	Parent			Guarantor subsidiaries		Non-guarantor Subsidiaries			Eliminations			Consolidated
REVENUES
Commissions	$	—		$	—	$	109,695		$	—		$	109,695
Advisory fees	—			—		71,420			(454		)	70,966
Investment banking	—			—		27,305			—			27,305
Interest	—			2,566		11,033			(2,564		)	11,035
Principal transactions, net	—			—		18,609			(54		)	18,555
Other	—			95		7,985			(75		)	8,005
Total revenue	—			2,661		246,047			(3,147		)	245,561
EXPENSES
Compensation and related expenses	312			—		162,779			—			163,091
Communications and technology	25			—		17,143			—			17,168
Occupancy and equipment costs	—			—		15,853			(75		)	15,778
Clearing and exchange fees	—			—		6,402			—			6,402
Interest	3,281			—		3,193			(2,564		)	3,910
Other	288			68		29,513			(508		)	29,361
Total expenses	3,906			68		234,883			(3,147		)	235,710
Income (loss) before income tax provision (benefit)	(3,906		)	2,593		11,164			—			9,851
Income tax provision (benefit)	(1,480		)	847		4,363			—			3,730
Equity in earnings of subsidiaries	8,145			6,399		—			(14,544		)	—
Net income for the period	5,719			8,145		6,801			(14,544		)	6,121
Less net income attributable to noncontrolling interest, net of tax	—			—		402			—			402
Net income attributable to Oppenheimer Holdings Inc.	5,719			8,145		6,399			(14,544		)	5,719
Other comprehensive loss	—			—		(567		)	—			(567		)
Total comprehensive income	$	5,719		$	8,145	$	5,832		$	(14,544	)	$	5,152

OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2014
(Expressed in thousands)	Parent			Guarantor subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
REVENUES
Commissions	$	—		$	—		$	122,138		$	—		$	122,138
Advisory fees	—			—			68,575			(370		)	68,205
Investment banking	—			—			33,524			—			33,524
Interest	—			2,733			12,367			(2,710		)	12,390
Principal transactions, net	—			40			8,777			—			8,817
Other	—			216			10,094			(216		)	10,094
Total revenue	—			2,989			255,475			(3,296		)	255,168
EXPENSES
Compensation and related expenses	315			—			171,635			—			171,950
Communications and technology	27			—			16,707			—			16,734
Occupancy and equipment costs	—			—			15,613			(216		)	15,397
Clearing and exchange fees	—			—			5,892			—			5,892
Interest	4,375			—			3,499			(2,710		)	5,164
Other	344			2			34,946			(370		)	34,922
Total expenses	5,061			2			248,292			(3,296		)	250,059
Income (loss) before income tax provision (benefit)	(5,061		)	2,987			7,183			—			5,109
Income tax provision (benefit)	(1,911		)	(138		)	3,738			—			1,689
Equity in earnings of subsidiaries (1)	6,374			3,249			—			(9,623		)	—
Net income for the period	3,224			6,374			3,445			(9,623		)	3,420
Less net income attributable to noncontrolling interest, net of tax	—			—			196			—			196
Net income attributable to Oppenheimer Holdings Inc.	3,224			6,374			3,249			(9,623		)	3,224
Other comprehensive loss	—			—			(87		)	—			(87		)
Total comprehensive income	$	3,224		$	6,374		$	3,162		$	(9,623	)	$	3,137

Condensed Consolidating Statement of Cash Flows

OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2015
(Expressed in thousands)	Parent			Guarantor subsidiaries		Non-Guarantor Subsidiaries			Eliminations		Consolidated
Cash flows from operating activities:
Cash provided by (used in) operating activities	$	1,394		$	436	$	(38,413	)	$	—	$	(36,583	)
Cash flows from investing activities:
Purchase of office facilities	—			—		(474		)	—		(474		)
Cash used in investing activities	—			—		(474		)	—		(474		)
Cash flows from financing activities:
Cash dividends paid on Class A non-voting and Class B voting common stock	(1,511		)	—		—			—		(1,511		)
Tax deficiency from share-based awards	(321		)	—		—			—		(321		)
Increase in bank call loans, net	—			—		42,000			—		42,000
Cash flow provided by (used in) financing activities	(1,832		)	—		42,000			—		40,168
Net increase (decrease) in cash and cash equivalents	(438		)	436		3,113			—		3,111
Cash and cash equivalents, beginning of the period	439			1,557		61,811			—		63,807
Cash and cash equivalents, end of the period	$	1		$	1,993	$	64,924		$	—	$	66,918

OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2014
(Expressed in thousands)	Parent			Guarantor subsidiaries		Non-Guarantor Subsidiaries			Eliminations		Consolidated
Cash flows from operating activities:
Cash provided by (used in) operating activities	$	209		$	27,296	$	(80,101	)	$	—	$	(52,596	)
Cash flows from investing activities:
Purchase of office facilities	—			—		(1,397		)	—		(1,397		)
Cash used in investing activities	—			—		(1,397		)	—		(1,397		)
Cash flows from financing activities:
Cash dividends paid on Class A non-voting and Class B voting common stock	(1,486		)	—		—			—		(1,486		)
Issuance of Class A non-voting common stock	185			—		—			—		185
Tax benefit from share-based awards	1,242			—		—			—		1,242
Increase in bank call loans, net	—			—		78,800			—		78,800
Cash flow provided by (used in) financing activities	(59		)	—		78,800			—		78,741
Net increase (decrease) in cash and cash equivalents	150			27,296		(2,698		)	—		24,748
Cash and cash equivalents, beginning of the period	448			30,901		66,945			—		98,294
Cash and cash equivalents, end of the period	$	598		$	58,197	$	64,247		$	—	$	123,042