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INVESTMENT IN FORMER AFFILIATES | 12 Months Ended
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Dec. 31, 2016
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] |
INVESTMENT IN FORMER AFFILIATES | Investment in and advances to, equity in income / (loss) of, and distributions received from, affiliates consist of the following:
December 31, 2015 |  | SBSF |  |  | SBSFPC |  |  | TOTAL |
Income from equity investee |  | $ | 671,000 |  |  |  | — |  |  |  | 671,000 |
Distributions |  | $ | 98,000 |  |  |  | — |  |  |  | 98,000 |
December 31, 2014 |  | SBSF |  |  | SBSFPC |  |  | TOTAL |
Investment and advances |  | $ | 7,979,000 |  |  |  | — |  |  |  | 7,979,000 |
Income (loss) from equity investees |  | $ | 84,000 |  |  |  | (17,000 | ) |  |  | 67,000 |
Distributions |  | $ | 13,000 |  |  |  | 173,000 |  |  |  | 186,000 |
The Company and two individuals (the “Principals”) formed SBS to succeed to the tax-exempt underwriting business of the Siebert Brandford Shank division of Siebert. The agreements with the Principals provide that profits will be shared 51% to the Principals and 49% to Siebert. Pursuant to the terms of the Operating Agreement, Financial and each of the Principals owned a 33.33% interest in SBSFPC which engaged in derivatives transactions related to the municipal underwriting business. The Operating Agreement provided that income/(loss) be shared 66.66% by the Principals and 33.33% by Financial. SBSFPC ceased operations in December 2014. Summarized consolidated financial data of SBSF and SBS in 2015 and 2014 follows:
|  | 2015 |  |  | 2014 |
Total assets, including secured demand note of $1,200,000 in 2014 due from Siebert |  | $ | 30,903,000 |  |  | $ | 28,518,000 |
Total liabilities, including obligations to Siebert of $6,051,000 in 2015 and $3,057,000 in 2014 |  |  | 23,254,000 |  |  |  | 12,458,000 |
Total members’ capital |  |  | 7,649,000 |  |  |  | 16,060,000 |
Regulatory minimum net capital requirement |  |  | 250,000 |  |  |  | 250,000 |
Total revenue |  |  | 27,774,000 |  |  |  | 24,806,000 |
Net income |  |  | 1,369,000 | (a) |  |  | 171,000 |
(a) Includes interest expense on purchase obligation payable to Siebert of $195,000. |  |  |  |  |  |  |  |
Balance sheet data for 2015 is as of November 9 subsequent to the redemption of the Company’s interest, Revenue and net income for 2015 is for the period from January 1 through November 9. During 2016, 2015 and 2014 Siebert charged SBS $23,100, $100,000 and $100,000, respectively, for each year, respectively, for general and administrative services, which Siebert believes approximates the cost of furnishing such services. In 2016, 2015 and 2014 Siebert earned interest income of $0, $32,000 and $48,000, respectively, from SBS in connection with subordinated loans available or made to SBS and Siebert paid SBS interest earned on restricted cash equivalents of $0, $1,000 and $1,028 in 2016, 2015 and 2014, respectively. In addition, in 2016 and 2015, Siebert earned interest income of $207,000 and $265,000, respectively from SBSF on the purchase obligation in connection with the sale of the capital markets business (see Note B) and in 2016, Siebert earned interest income of $322,000 from SBSF on the receivable arising from the redemption of its ownership interest (see Note D). Summarized financial data of SBSFPC is as follows:
|  | 2014 |
Total Assets |  | $ | 26,000 |
Total liabilities |  |  | 26,000 |
Total members’ capital |  |  | — |
Total revenue |  |  | — |
Net loss |  |  | (51,000 | )
On March 3, 2015, Ms. Shank completed her role as acting chief executive officer of the Company to devote full time to her continuing position as chief executive officer of SBSF.

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- Definition Tabular disclosure of investments in and advances to affiliates. Does not include the tabular disclosure of the disaggregation of investments in and advances to affiliates across legal entities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14) -URI http://asc.fasb.org/extlink&oid=50485924&loc=d3e611322-123010 + Details
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