Condensed Consolidating Financial Information (Tables)

6 Months Ended

Jun. 30, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Balance Sheet

OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING BALANCE SHEET AS OF JUNE 30, 2015
(Expressed in thousands)	Parent		Guarantor subsidiaries		Non-guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	29	$	2,685	$	47,599	$	—		$	50,313
Cash and securities segregated for regulatory and other purposes	—		—		855		—			855
Deposits with clearing organizations	—		—		51,625		—			51,625
Receivable from brokers, dealers and clearing organizations	—		—		357,170		—			357,170
Receivable from customers, net of allowance for credit losses of $2,491	—		—		905,387		—			905,387
Income tax receivable	31,083		27,572		3		(54,371		)	4,287
Securities purchased under agreements to resell	—		—		104,301		—			104,301
Securities owned, including amounts pledged of $704,168, at fair value	—		4,630		1,000,520		—			1,005,150
Notes receivable, net of accumulated amortization and allowance for uncollectibles of $48,448 and $9,135, respectively	—		—		35,086		—			35,086
Office facilities, net of accumulated depreciation of $101,972	—		19,475		8,463		—			27,938
Loans held for sale, at fair value	—		—		76,351		—			76,351
Mortgage servicing rights	—		—		29,220		—			29,220
Subordinated loan receivable	—		112,558		—		(112,558		)	—
Intangible assets	—		—		31,700		—			31,700
Goodwill	—		—		137,889		—			137,889
Other assets	1,475		3,225		107,571		—			112,271
Deferred tax assets	6		309		24,939		(25,254		)	—
Investment in subsidiaries	576,771		545,046		—		(1,121,817		)	—
Intercompany receivables	77,686		—		—		(77,686		)	—
Total assets	$	687,050	$	715,500	$	2,918,679	$	(1,391,686	)	$	2,929,543
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Drafts payable	$	—	$	—	$	4,054	$	—		$	4,054
Bank call loans	—		—		177,500		—			177,500
Payable to brokers, dealers and clearing organizations	—		—		238,007		—			238,007
Payable to customers	—		—		654,241		—			654,241
Securities sold under agreements to repurchase	—		—		623,852		—			623,852
Securities sold, but not yet purchased, at fair value	—		—		220,667		—			220,667
Accrued compensation	—		—		121,980		—			121,980
Accounts payable and other liabilities	2,816		35,768		143,842		—			182,426
Income tax payable	2,440		22,189		29,742		(54,371		)	—
Senior secured notes	150,000		—		—		—			150,000
Subordinated indebtedness	—		—		112,558		(112,558		)	—
Deferred tax liabilities	—		71		43,365		(25,254		)	18,182
Intercompany payables	—		64,289		13,397		(77,686		)	—
Total liabilities	155,256		122,317		2,383,205		(269,869		)	2,390,909
Stockholders’ equity
Stockholders’ equity attributable to Oppenheimer Holdings Inc.	531,794		593,183		528,634		(1,121,817		)	531,794
Noncontrolling interest	—		—		6,840		—			6,840
Total stockholders’ equity	531,794		593,183		535,474		(1,121,817		)	538,634
Total liabilities and stockholders’ equity	$	687,050	$	715,500	$	2,918,679	$	(1,391,686	)	$	2,929,543

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 JUNE 30, 2015
(Expressed in thousands)	Parent			Guarantor subsidiaries		Non-guarantor Subsidiaries		Eliminations			Consolidated
REVENUES
Commissions	$	—		$	—	$	103,556	$	—		$	103,556
Advisory fees	—			—		72,654		(411		)	72,243
Investment banking	—			—		29,020		—			29,020
Interest	—			2,557		12,038		(2,565		)	12,030
Principal transactions, net	—			—		1,740		(30		)	1,710
Other	—			96		20,349		(76		)	20,369
Total revenue	—			2,653		239,357		(3,082		)	238,928
EXPENSES
Compensation and related expenses	263			—		157,951		—			158,214
Communications and technology	42			—		16,365		—			16,407
Occupancy and equipment costs	—			—		16,060		(76		)	15,984
Clearing and exchange fees	—			—		6,231		—			6,231
Interest	3,281			—		3,789		(2,565		)	4,505
Other	258			45		35,095		(441		)	34,957
Total expenses	3,844			45		235,491		(3,082		)	236,298
Income (loss) before income tax provision (benefit)	(3,844		)	2,608		3,866		—			2,630
Income tax provision (benefit)	(1,521		)	923		2,583		—			1,985
Equity in earnings of subsidiaries	2,618			933		—		(3,551		)	—
Net income for the period	295			2,618		1,283		(3,551		)	645
Less net income attributable to non-controlling interest, net of tax	—			—		350		—			350
Net income attributable to Oppenheimer Holdings Inc.	295			2,618		933		(3,551		)	295
Other comprehensive income	—			—		1,317		—			1,317
Total comprehensive income	$	295		$	2,618	$	2,250	$	(3,551	)	$	1,612

OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2015
(Expressed in thousands)	Parent			Guarantor subsidiaries		Non-guarantor Subsidiaries		Eliminations			Consolidated
REVENUES
Commissions	$	—		$	—	$	213,251	$	—		$	213,251
Advisory fees	—			—		144,074		(865		)	143,209
Investment banking	—			—		56,325		—			56,325
Interest	—			5,123		23,071		(5,129		)	23,065
Principal transactions, net	—			—		20,349		(84		)	20,265
Other	—			191		28,334		(151		)	28,374
Total revenue	—			5,314		485,404		(6,229		)	484,489
EXPENSES
Compensation and related expenses	575			—		320,730		—			321,305
Communications and technology	67			—		33,508		—			33,575
Occupancy and equipment costs	—			—		31,913		(151		)	31,762
Clearing and exchange fees	—			—		12,633		—			12,633
Interest	6,562			—		6,982		(5,129		)	8,415
Other	546			113		64,608		(949		)	64,318
Total expenses	7,750			113		470,374		(6,229		)	472,008
Income (loss) before income tax provision (benefit)	(7,750		)	5,201		15,030		—			12,481
Income tax provision (benefit)	(3,001		)	1,770		6,946		—			5,715
Equity in earnings of subsidiaries	10,763			7,332		—		(18,095		)	—
Net income for the period	6,014			10,763		8,084		(18,095		)	6,766
Less net income attributable to noncontrolling interest, net of tax	—			—		752		—			752
Net income attributable to Oppenheimer Holdings Inc.	6,014			10,763		7,332		(18,095		)	6,014
Other comprehensive income	—			—		750		—			750
Total comprehensive income	$	6,014		$	10,763	$	8,082	$	(18,095	)	$	6,764

OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 2014
(Expressed in thousands)	Parent			Guarantor subsidiaries		Non-guarantor Subsidiaries		Eliminations			Consolidated
REVENUES
Commissions	$	—		$	—	$	116,062	$	—		$	116,062
Advisory fees	—			—		70,741		(311		)	70,430
Investment banking	—			—		26,799		—			26,799
Interest	—			2,588		12,546		(2,586		)	12,548
Principal transactions, net	—			131		11,663		—			11,794
Other	—			74		12,046		(64		)	12,056
Total revenue	—			2,793		249,857		(2,961		)	249,689
EXPENSES
Compensation and related expenses	300			—		159,551		—			159,851
Communications and technology	47			—		17,489		—			17,536
Occupancy and equipment costs	—			—		15,971		(64		)	15,907
Clearing and exchange fees	—			—		6,024		—			6,024
Interest	3,464			—		3,534		(2,586		)	4,412
Other	3,817			11		42,306		(311		)	45,823
Total expenses	7,628			11		244,875		(2,961		)	249,553
Income (loss) before income tax provision (benefit)	(7,628		)	2,782		4,982		—			136
Income tax provision (benefit)	(2,723		)	1,269		2,843		—			1,389
Equity in earnings of subsidiaries (1)	3,351			1,838		—		(5,189		)	—
Net income (loss) for the period	(1,554		)	3,351		2,139		(5,189		)	(1,253		)
Less net income attributable to non-controlling interest, net of tax	—			—		301		—			301
Net income (loss) attributable to Oppenheimer Holdings Inc.	(1,554		)	3,351		1,838		(5,189		)	(1,554		)
Other comprehensive income	—			—		339		—			339
Total comprehensive income (loss)	$	(1,554	)	$	3,351	$	2,177	$	(5,189	)	$	(1,215	)

(1) The Company revised amounts in Equity in Earnings of Subsidiaries in the Condensed Consolidating Statement of Operations to properly reflect investments in subsidiaries. Offsetting amounts were adjusted in the eliminations column.

OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2014
(Expressed in thousands)	Parent			Guarantor subsidiaries		Non-guarantor Subsidiaries		Eliminations			Consolidated
REVENUES
Commissions	$	—		$	—	$	238,200	$	—		$	238,200
Advisory fees	—			—		139,316		(681		)	138,635
Investment banking	—			—		60,323		—			60,323
Interest	—			5,321		24,913		(5,296		)	24,938
Principal transactions, net	—			171		20,440		—			20,611
Other	—			290		22,140		(280		)	22,150
Total revenue	—			5,782		505,332		(6,257		)	504,857
EXPENSES
Compensation and related expenses	615			—		331,186		—			331,801
Communications and technology	74			—		34,196		—			34,270
Occupancy and equipment costs	—			—		31,584		(280		)	31,304
Clearing and exchange fees	—			—		11,916		—			11,916
Interest	7,839			—		7,033		(5,296		)	9,576
Other	4,161			13		77,252		(681		)	80,745
Total expenses	12,689			13		493,167		(6,257		)	499,612
Income (loss) before income tax provision (benefit)	(12,689		)	5,769		12,165		—			5,245
Income tax provision (benefit)	(4,634		)	1,131		6,581		—			3,078
Equity in earnings of subsidiaries (1)	9,725			5,087		—		(14,812		)	—
Net income for the period	1,670			9,725		5,584		(14,812		)	2,167
Less net income attributable to noncontrolling interest, net of tax	—			—		497		—			497
Net income attributable to Oppenheimer Holdings Inc.	1,670			9,725		5,087		(14,812		)	1,670
Other comprehensive income	—			—		252		—			252
Total comprehensive income	$	1,670		$	9,725	$	5,339	$	(14,812	)	$	1,922

Condensed Consolidating Statement of Cash Flows

OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2015
(Expressed in thousands)	Parent			Guarantor subsidiaries		Non-Guarantor Subsidiaries			Eliminations		Consolidated
Cash flows from operating activities:
Cash provided by (used in) operating activities	$	2,883		$	1,128	$	(130,399	)	$	—	$	(126,388	)
Cash flows from investing activities:
Purchase of office facilities	—			—		(1,913		)	—		(1,913		)
Cash used in investing activities	—			—		(1,913		)	—		(1,913		)
Cash flows from financing activities:
Cash dividends paid on Class A non-voting and Class B voting common stock	(3,023		)	—		—			—		(3,023		)
Tax deficiency from share-based awards	(270		)	—		—			—		(270		)
Increase in bank call loans, net	—			—		118,100			—		118,100
Cash flow provided by (used in) financing activities	(3,293		)	—		118,100			—		114,807
Net increase (decrease) in cash and cash equivalents	(410		)	1,128		(14,212		)	—		(13,494		)
Cash and cash equivalents, beginning of the period	439			1,557		61,811			—		63,807
Cash and cash equivalents, end of the period	$	29		$	2,685	$	47,599		$	—	$	50,313

OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2014
(Expressed in thousands)	Parent			Guarantor subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Cash flows from operating activities:
Cash provided by (used in) operating activities	$	47,295		$	(24,341	)	$	(36,344	)	$	—	$	(13,390	)
Cash flows from investing activities:
Purchase of office facilities	—			—			(2,185		)	—		(2,185		)
Cash used in investing activities	—			—			(2,185		)	—		(2,185		)
Cash flows from financing activities:
Cash dividends paid on Class A non-voting and Class B voting common stock	(2,984		)	—			—			—		(2,984		)
Issuance of Class A non-voting common stock	185			—			—			—		185
Tax benefit from share-based awards	1,254			—			—			—		1,254
Redemption of senior secured notes	(45,000		)	—			—			—		(45,000		)
Increase in bank call loans, net	—			—			29,000			—		29,000
Cash flow provided by (used in) financing activities	(46,545		)	—			29,000			—		(17,545		)
Net increase (decrease) in cash and cash equivalents	750			(24,341		)	(9,529		)	—		(33,120		)
Cash and cash equivalents, beginning of the period	448			30,901			66,945			—		98,294
Cash and cash equivalents, end of the period	$	1,198		$	6,560		$	57,416		$	—	$	65,174