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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