Revenues from contracts with customers Revenues from contracts with customers (Tables)

3 Months Ended

Mar. 31, 2018

Revenue from Contract with Customer [Abstract]

The following presents the Company's revenue from contracts with customers disaggregated by major business activity and other sources of revenue for the three months ended March 31, 2018:



(Expressed in thousands)
	Reportable Segments
	Private Client			Asset Management		Capital Markets			Corporate/Other		Total
Revenues from contracts with customers:
Commissions from sales and trading	$	40,278		$	—	$	31,997		$	15	$	72,290
Mutual fund income	10,827			283		2			5		11,117
Advisory fees	60,136			17,353		51			8		77,548
Investment banking - capital markets	4,370			—		14,396			—		18,766
Investment banking - advisory	—			—		9,444			—		9,444
Bank deposit sweep income	25,297			—		—			—		25,297
Other	4,275			3		(25		)	1		4,254
Total revenues from contracts with customers	145,183			17,639		55,865			29		218,716
Other sources of revenue:
Interest	8,837			5		3,205			180		12,227
Principal transactions, net	(80		)	—		2,392			414		2,726
Other	154			—		67			640		861
Total other sources of revenue	8,911			5		5,664			1,234		15,814
Total revenue	$	154,094		$	17,644	$	61,529		$	1,263	$	234,530

Contract with Customer, Asset and Liability

The following presents the Company's contract assets and deferred revenue balances from contracts with customers, which are included in other assets and other liabilities, respectively, on the condensed consolidated balance sheet:



(Expressed in thousands)
	Ending Balance at March 31, 2018		Opening Balance at January 1, 2018
Contract assets:
Commission ⁽¹⁾	$	3,152	$	2,007
Mutual fund income ⁽²⁾	7,823		7,779
Advisory fees ⁽³⁾	821		1,460
Bank deposit sweep income ⁽⁴⁾	4,477		3,459
Investment banking fees ⁽⁵⁾	8,335		3,926
Total contract assets	$	24,608	$	18,631
Deferred income:
IRA fees	$	2,220	$	—


(1)	Commission recorded on trade date but not yet settled.


(2)	Mutual fund income earned but not yet received.


(3)	Management and performance fees earned but not yet received.


(4)	Fees earned from FDIC-insured bank deposit program but not yet received.


(5)	Underwriting revenue and advisory fee earned but not yet received.

Contract Costs

The Company incurs incremental transaction-related costs to obtain and/or fulfill contracts associated with investment banking and advisory engagements where the revenue is recognized at a point in time and the costs are determined to be recoverable. For the three months ended March 31, 2018, the contract costs were $1.7 million. There were no significant charges recognized in relation to these costs for the three months ended March 31, 2018.