Income taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of Effective Income Tax Rate

The income tax provision shown in the consolidated statements of income is reconciled to amounts of tax that would have been payable (recoverable) from the application of the federal tax rate to pre-tax profit, as follows:

(Expressed in thousands)
	For the Year Ended December 31,
	2015					2014					2013
	Amount			Percentage		Amount			Percentage		Amount			Percentage
U.S. federal statutory income tax rate	$	2,348		35.0	%	$	9,008		35.0	%	$	15,368		35.0	%
U.S. state and local income taxes, net of U.S. federal income tax benefits	373			5.5	%	2,033			7.9	%	2,131			4.9	%
Unrecognized tax benefit	589			8.8	%	6			—	%	1,244			2.8	%
Tax exempt income, net of interest expense	(696		)	-10.4	%	(528		)	-2.0	%	(715		)	-1.6	%
Non-deductible regulatory settlements	—			—	%	5,298			20.6	%	—			—	%
Business promotion and other non-deductible expenses	577			8.6	%	655			2.5	%	660			1.5	%
Insurance proceeds, non-taxable	—			—	%	(65		)	-0.3	%	(597		)	-1.4	%
Adjustment to reflect prior year tax return filings	397			5.9	%	256			1.0	%	(251		)	-0.6	%
Tax rate change on deferred income taxes	116			1.7	%	241			0.9	%	208			0.5	%
Tax rate differential on foreign operations	145			2.2	%	(447		)	-1.7	%	185			0.4	%
Other	(36		)	-0.5	%	(282		)	-1.1	%	(477		)	-1.1	%
Total income tax provision	$	3,813		56.8	%	$	16,175		62.8	%	$	17,756		40.4	%

Schedule of Current and Deferred Income Tax (Benefit)

Income taxes included in the consolidated statements of income represent the following:

(Expressed in thousands)
	For the Year Ended December 31,
	2015			2014			2013
Current:
U.S. federal tax (benefit)	$	(1,738	)	$	10,302		$	(2,984	)
State and local tax	832			1,520			1,885
Non-U.S. operations	181			(264		)	116
Total Current	(725		)	11,558			(983		)
Deferred:
U.S. federal tax	3,173			1,273			16,658
State and local tax	1,145			2,057			2,482
Non-U.S. operations	220			1,287			(401		)
Total Deferred	4,538			4,617			18,739
Total	$	3,813		$	16,175		$	17,756

Schedule of Significant Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities at December 31, 2015 and 2014 were as follows:

(Expressed in thousands)
	For the Year Ended December 31,
	2015			2014
Deferred tax assets:
Employee deferred compensation plans	$	27,423		$	30,969
Deferred rent	10,582			10,024
Lease incentive	5,855			6,212
Broker notes	3,441			3,460
Auction rate securities reserve	2,666			3,229
Net operating loss	2,834			2,896
Involuntary conversion	2,245			2,033
Reserve for litigation and legal fees	3,350			5,808
Allowance for doubtful accounts	1,037			984
State and local net operating loss/credit carryforward	1,330			357
Other	2,718			2,650
Total deferred tax assets	63,481			68,622
Valuation allowance	126			113
Deferred tax assets after valuation allowance	63,355			68,509
Deferred tax liabilities:
Goodwill amortization (Section 197)	53,364			48,025
Partnership investments	7,444			10,865
Mortgage servicing rights	10,571			12,173
Company owned life insurance	6,431			6,501
Change in accounting method	1,313			2,591
Book versus tax depreciation differences	657			982
Other	248			469
Total deferred tax liabilities	80,028			81,606
Deferred tax liabilities, net	$	(16,673	)	$	(13,097	)

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefit follows:

(Expressed in thousands)
	2015		2014		2013
Balance at January 1,	$	1,583	$	1,574	$	5,236
Additions for tax positions of prior years	907		—		1,168
Additions for tax positions of current year	—		9		77
Reclass to other tax accounts	—		—		(4,907		)
Balance at December 31,	$	2,490	$	1,583	$	1,574