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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