Condensed Consolidating Financial Information (Tables)

3 Months Ended

Mar. 31, 2014

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF MARCH 31, 2014


(Expressed in thousands)	Parent		Guarantor subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	598	$	58,197		$	64,247		$	—		$	123,042
Cash and securities segregated for regulatory and other purposes		—		—			36,281			—			36,281
Deposits with clearing organizations		—		—			31,435			—			31,435
Receivable from brokers, dealers and clearing organizations		—		—			330,363			—			330,363
Receivable from customers, net of allowance for credit losses of $2,441		—		—			954,650			—			954,650
Income tax receivable		21,287		27,505			(700	)		(37,307	)		10,785
Securities purchased under agreements to resell		—		—			250,548			—			250,548
Securities owned, including amounts pledged of $483,347, at fair value		—		1,856			934,160			—			936,016
Subordinated loan receivable		—		112,558			—			(112,558	)		—
Notes receivable, net		—		—			38,832			—			38,832
Office facilities, net		—		20,923			11,472			—			32,395
Deferred tax assets, net		796		309			23,826			(24,931	)		—
Intangible assets		—		—			31,700			—			31,700
Goodwill		—		—			137,889			—			137,889
Loans held for sale		—		—			9,438			—			9,438
Mortgage servicing rights		—		—			29,226			—			29,226
Other assets		2,702		27,023			100,789			—			130,514
Investment in subsidiaries		553,042		892,633			(183,614	)		(1,262,061	)		—
Intercompany receivables		152,219		(72,068	)		(15,650	)		(64,501	)		—

Total assets	$	730,644	$	1,068,936		$	2,784,892		$	(1,501,358	)	$	3,083,114

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Drafts payable	$	—	$	—		$	41,306		$	—		$	41,306
Bank call loans		—		—			197,000			—			197,000
Payable to brokers, dealers and clearing organizations		—		—			375,504			—			375,504
Payable to customers		—		—			629,564			—			629,564
Securities sold under agreements to repurchase		—		—			705,727			—			705,727
Securities sold, but not yet purchased, at fair value		—		—			143,453			—			143,453
Accrued compensation		—		—			106,512			—			106,512
Accounts payable and other liabilities		8,171		58,799			78,950			—			145,920
Income tax payable		2,440		22,189			12,678			(37,307	)		—
Senior secured notes		195,000		—			—			—			195,000
Subordinated indebtedness		—		—			112,558			(112,558	)		—
Deferred tax liabilities, net		—		—			37,477			(24,931	)		12,546
Intercompany payables		—		64,501			—			(64,501	)		—

Total liabilities		205,611		145,489			2,440,729			(239,297	)		2,552,532
Stockholders’ equity
Stockholders’ equity attributable to Oppenheimer Holdings Inc.		525,033		923,447			338,614			(1,262,061	)		525,033
Non-controlling interest		—		—			5,549			—			5,549

Total stockholders’ equity		525,033		923,447			344,163			(1,262,061	)		530,582

Total liabilities and stockholders’ equity	$	730,644	$	1,068,936		$	2,784,892		$	(1,501,358	)	$	3,083,114

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2013


(Expressed in thousands)	Parent		Guarantor subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	448	$	30,901		$	66,945		$	—		$	98,294
Cash and securities segregated for regulatory and other purposes		—		—			36,323			—			36,323
Deposits with clearing organizations		—		—			23,679			—			23,679
Receivable from brokers, dealers and clearing organizations		—		—			364,873			—			364,873
Receivable from customers, net of allowance for credit losses of $2,423		—		—			868,869			—			868,869
Income tax receivable		19,494		27,589			(817	)		(39,704	)		6,562
Securities purchased under agreements to resell		—		—			184,825			—			184,825
Securities owned, including amounts pledged of $586,625, at fair value		—		2,225			853,863			—			856,088
Subordinated loan receivable		—		112,558			—			(112,558	)		—
Notes receivable, net		—		—			40,751			—			40,751
Office facilities, net		—		21,250			11,689			—			32,939
Deferred tax assets, net		678		309			29,496			(30,483	)		—
Intangible assets		—		—			31,700			—			31,700
Goodwill		—		—			137,889			—			137,889
Loans held for sale		—		—			75,989			—			75,989
Mortgage servicing rights		—		—			28,879			—			28,879
Other assets		2,797		27,113			135,150			—			165,060
Investment in subsidiaries		546,755		910,230			(182,625	)		(1,274,360	)		—
Intercompany receivables		153,528		(68,920	)		(20,107	)		(64,501	)		—

Total assets	$	723,700	$	1,063,255		$	2,687,371		$	(1,521,606	)	$	2,952,720

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Drafts payable	$	—	$	—		$	48,198		$	—		$	48,198
Bank call loans		—		—			118,200			—			118,200
Payable to brokers, dealers and clearing organizations		—		—			223,315			—			223,315
Payable to customers		—		—			626,564			—			626,564
Securities sold under agreements to repurchase		—		—			757,491			—			757,491
Securities sold, but not yet purchased, at fair value		—		—			76,314			—			76,314
Accrued compensation		—		—			180,119			—			180,119
Accounts payable and other liabilities		3,742		59,289			129,609			(88	)		192,552
Income tax payable		2,440		22,189			15,075			(39,704	)		—
Senior secured notes		195,000		—			—			—			195,000
Subordinated indebtedness		—		—			112,558			(112,558	)		—
Deferred tax liabilities, net		—		—			37,579			(30,483	)		7,096
Intercompany payables		—		64,501			—			(64,501	)		—

Total liabilities		201,182		145,979			2,325,022			(247,334	)		2,424,849
Stockholders’ equity
Stockholders’ equity attributable to Oppenheimer Holdings Inc.		522,518		917,276			356,996			(1,274,272	)		522,518
Non-controlling interest		—		—			5,353			—			5,353

Total stockholders’ equity		522,518		917,276			362,349			(1,274,272	)		527,871

Total liabilities and stockholders’ equity	$	723,700	$	1,063,255		$	2,687,371		$	(1,521,606	)	$	2,952,720

Condensed Consolidating Statement of Operations

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 taxes		(5,061	)		2,987			7,183			—			5,109
Income tax provision (benefit)		(1,911	)		(138	)		3,738			—			1,689

Net income (loss) for the period		(3,150	)		3,125			3,445			—			3,420
Less net income attributable to non-controlling interest, net of tax		—			—			196			—			196
Equity in subsidiaries		6,374			—			—			(6,374	)		—

Net income attributable to Oppenheimer Holdings Inc.		3,224			3,125			3,249			(6,374	)		3,224
Other comprehensive loss		—			—			(87	)		—			(87	)

Total comprehensive income	$	3,224		$	3,125		$	3,162		$	(6,374	)	$	3,137

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

FOR THE THREE MONTHS ENDED MARCH 31, 2013


(Expressed in thousands)	Parent			Guarantor subsidiaries		Non-guarantor Subsidiaries		Eliminations			Consolidated
REVENUES
Commissions	$	—		$	—	$	119,580	$	—		$	119,580
Advisory fees		—			—		57,360		(640	)		56,720
Investment banking		—			—		18,448		—			18,448
Principal transactions, net		—			73		15,644		—			15,717
Interest		5			2,788		12,296		(2,718	)		12,371
Other		—			42		16,310		(42	)		16,310

Total revenue		5			2,903		239,638		(3,400	)		239,146

EXPENSES
Compensation and related expenses		441			—		158,768		—			159,209
Occupancy and equipment costs		—			—		17,607		(42	)		17,565
Communications and technology		23			—		15,841		—			15,864
Interest		4,375			—		5,205		(2,718	)		6,862
Clearing and exchange fees		—			—		6,042		—			6,042
Other		437			3		27,091		(640	)		26,891

Total expenses		5,276			3		230,554		(3,400	)		232,433

Income (loss) before income taxes		(5,271	)		2,900		9,084		—			6,713
Income tax provision (benefit)		(2,032	)		679		4,173		—			2,820

Net income (loss) for the period		(3,239	)		2,221		4,911		—			3,893
Less net income attributable to non-controlling interest, net of tax		—			—		230		—			230
Equity in subsidiaries		6,902			—		—		(6,902	)		—

Net income attributable to Oppenheimer Holdings Inc.		3,663			2,221		4,681		(6,902	)		3,663
Other comprehensive income		—			—		451		—			451

Total comprehensive income	$	3,663		$	2,221	$	5,132	$	(6,902	)	$	4,114

Condensed Consolidating Statement of Cash Flows

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 operations:
Net income (loss) for the period	$	(3,150	)	$	3,125	$	3,445		$	—	$	3,420
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization of office facilities and leasehold improvements		—			—		1,941			—		1,941
Deferred income taxes		—			—		5,450			—		5,450
Amortization of notes receivable		—			—		4,491			—		4,491
Amortization of debt issuance costs		160			—		—			—		160
Amortization of mortgage servicing rights		—			—		656			—		656
Provision for credit losses		—			—		18			—		18
Share-based compensation expense		122			—		3,712			—		3,834
Payment of taxes due for share-based awards		(2,074	)		—		—			—		(2,074	)
Changes in operating assets and liabilities		5,151			24,171		(99,814	)		—		(70,492	)

Cash provided by (used in) continuing operations		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
Other financing activities		—			—		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

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2013


(Expressed in thousands)	Parent			Guarantor subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Cash flows from operations:
Net income (loss) for the period	$	(3,239	)	$	2,221		$	4,911		$	—	$	3,893
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization of office facilities and leasehold improvements		—			—			2,514			—		2,514
Deferred income taxes		—			—			14,560			—		14,560
Amortization of notes receivable		—			—			4,739			—		4,739
Amortization of debt issuance costs		160			—			—			—		160
Amortization of mortgage servicing rights		—			—			640			—		640
Provision for (reversal of) credit losses		—			—			(17	)		—		(17	)
Share-based compensation expense		—			—			1,879			—		1,879
Changes in operating assets and liabilities		4,581			(11,485	)		(127,135	)		—		(134,039	)

Cash provided by (used in) continuing operations		1,502			(9,264	)		(97,909	)		—		(105,671	)

Cash flows from investing activities
Purchase of office facilities		—			—			(5,120	)		—		(5,120	)

Cash used in investing activities		—			—			(5,120	)		—		(5,120	)

Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock		(1,497	)		—			—			—		(1,497	)
Other financing activities		—			—			75,700			—		75,700

Cash flow provided by (used in) financing activities		(1,497	)		—			75,700			—		74,203

Net increase (decrease) in cash and cash equivalents		5			(9,264	)		(27,329	)		—		(36,588	)
Cash and cash equivalents, beginning of the period		35			40,658			94,673			—		135,366

Cash and cash equivalents, end of the period	$	40		$	31,394		$	67,344		$	—	$	98,778