Selected Balance Sheet Data (Tables)
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6 Months Ended |
Jun. 30, 2020 |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
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| Schedule of Allowance for Credit Losses for Advances and Loans and Commissions Receivable |
Allowance for credit losses for advances and loans and commissions receivable consisted of the following (in thousands):
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Advances and
Loans |
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Commissions
Receivable |
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|
Total |
|
Beginning balance as of January 1, 2020 |
|
$ |
512 |
|
|
$ |
32 |
|
|
$ |
544 |
|
Credit loss (recovery) expense |
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|
(79 |
) |
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|
1 |
|
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(78 |
) |
| |
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(32 |
) |
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|
— |
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(32 |
) |
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Ending balance as of June 30, 2020 |
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$ |
401 |
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$ |
33 |
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$ |
434 |
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Advances and
Loans |
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|
Commissions
Receivable |
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|
Total |
|
Beginning balance as of January 1, 2019 |
|
$ |
514 |
|
|
$ |
— |
|
|
$ |
514 |
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| |
|
|
(13 |
) |
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|
— |
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(13 |
) |
| |
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(103 |
) |
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— |
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(103 |
) |
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Ending balance as of June 30, 2019 |
|
$ |
398 |
|
|
$ |
— |
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|
$ |
398 |
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| Schedule of Other Assets |
Other assets consisted of the following (in thousands):
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| |
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Current |
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Non-Current |
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| |
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June 30,
2020 |
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|
December 31,
2019 |
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|
June 30,
2020 |
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|
December 31,
2019 |
|
Mortgage servicing rights (“MSRs”), net of amortization |
|
$ |
— |
|
|
$ |
— |
|
|
$
|
2,133 |
|
|
$ |
2,002 |
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| |
|
|
— |
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|
|
— |
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|
|
1,388 |
|
|
|
1,345 |
|
Employee notes receivable (1)
|
|
|
170 |
|
|
|
65 |
|
|
|
406 |
|
|
|
323 |
|
Customer trust accounts and other |
|
|
3,449 |
|
|
|
3,120 |
|
|
|
574 |
|
|
|
677 |
|
|
|
|
|
|
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|
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|
|
|
|
|
|
|
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|
$ |
3,619 |
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|
$ |
3,185 |
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|
$ |
4,501 |
|
|
$ |
4,347 |
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(1) |
Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable were $0 and $60 for the six months ended June 30, 2020 and 2019, respectively. See Note 9 – “Related-Party Transactions” for additional information. |
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| Summary of Net Change in Carrying Value of MSRs |
The net change in the carrying value of MSRs consisted of the following (in thousands):
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Six Months Ended
June 30, |
|
| |
|
2020 |
|
|
2019 |
|
| |
|
$ |
2,002 |
|
|
$ |
2,209 |
|
| |
|
|
384 |
|
|
|
165 |
|
| |
|
|
(253 |
) |
|
|
(275 |
) |
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|
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| |
|
$ |
2,133 |
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$ |
2,099 |
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| Scedule of Deferred Compensation and Commissions |
Deferred compensation and commissions consisted of the following (in thousands):
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Current |
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Non-Current |
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| |
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June 30,
2020 |
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December 31,
2019 |
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|
June 30,
2020 |
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|
December 31,
2019 |
|
Stock appreciation rights (“SARs”) liability (1)
|
|
$ |
2,162 |
|
|
$ |
2,080 |
|
|
$ |
16,316 |
|
|
$ |
18,122 |
|
Commissions payable to investment sales and financing professionals |
|
|
21,693 |
|
|
|
40,235 |
|
|
|
8,641 |
|
|
|
20,818 |
|
Deferred compensation liability (1)
|
|
|
1,433 |
|
|
|
1,553 |
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|
|
6,431 |
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|
|
6,688 |
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| |
|
|
261 |
|
|
|
433 |
|
|
|
— |
|
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|
— |
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|
|
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|
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|
$ |
25,549 |
|
|
$ |
44,301 |
|
|
$ |
31,388 |
|
|
$ |
45,628 |
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The SARs and deferred compensation liability become subject to payout as a result of a participant no longer being considered as a service provider. As a result of the retirement of certain participants, estimated amounts to be paid to the participants within the next twelve months have been classified as current. |
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| Summary of Net Change in Carrying Value of Assets Held in Rabbi Trust and Deferred Compensation Liability |
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
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2020 |
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2019 |
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2020 |
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2019 |
|
Increase (decrease) in the carrying value of the assets held in the rabbi trust (1)
|
|
$ |
1,124 |
|
|
$ |
225 |
|
|
$ |
(264 |
) |
|
$ |
928 |
|
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Increase (decrease) in the net carrying value of the deferred compensation obligation (2)
|
|
$ |
973 |
|
|
$ |
227 |
|
|
$ |
(300 |
) |
|
$ |
912 |
|
|
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(1) |
Recorded in other income (expense), net in the condensed consolidated statements of net and comprehensive income. |
(2) |
Recorded in selling, general and administrative expense in the condensed consolidated statements of net and comprehensive income. |
|
| Summary of Other Liabilities |
Other liabilities consisted of the following (in thousands):
|
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|
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|
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|
| |
|
Non-Current |
|
| |
|
June 30,
2020 |
|
|
December 31,
2019 |
|
Deferred consideration (1) (2)
|
|
$ |
3,372 |
|
|
$ |
830 |
|
Contingent consideration (1) (2)
|
|
|
3,805 |
|
|
|
2,709 |
|
| |
|
|
521 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
7,698 |
|
|
$ |
3,539 |
|
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|
|
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|
(1) |
The current portions of deferred consideration in the amounts of $1,845 and $560 as of June 30, 2020 and December 31, 2019, respectively, are included in accounts payable and other liabilities in the condensed consolidated balance sheets. The current portions of contingent consideration in the amounts of $1,403 and $678 as of June 30, 2020 and December 31, 2019, respectively, are included in accounts payable and other liabilities in the condensed consolidated balance sheets. |
(2) |
Deferred consideration in the aggregate amount of $1,401 as of December 31, 2019 was reclassified from contingent consideration during the six months ended June 30, 2020 and of this amount, $560 and $841 pertained to the current and non-current portions, respectively. |
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