Quarterly report pursuant to Section 13 or 15(d)

Selected Balance Sheet Data (Tables)

v3.21.2
Selected Balance Sheet Data (Tables)
 9 Months Ended
Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
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):
 
 
  
Advances and
Loans
 
  
Commissions
Receivable
 
 
Total
 
Beginning balance as of January 1, 2021
    $ 563      $ 94     $
 
 657  
Credit loss (recovery)
      116        (91 )      25  
Write-offs
      (60 )       —         (60 ) 
    
 
 
     
 
 
    
 
 
  
Ending balance as of September 30, 2021
    $ 619      $ 3     $ 622  
    
 
 
     
 
 
    
 
 
  
       
     Advances and
Loans		      Commissions
Receivable		     Total  
Beginning balance as of January 1, 2020
    $ 512      $ 32
(1)
 		   $ 544  
Credit loss expense
      13        42       55  
Write-offs
      (50 )       —         (50 ) 
    
 
 
     
 
 
    
 
 
  
Ending balance as of September 30, 2020
    $ 475      $ 74     $ 549  
    
 
 
     
 
 
    
 
 
  
(1)
Includes cumulative-effect adjustment related to the adoption of ASU
No. 2016-13,
Financial Instruments - Credit Losses
.
Schedule of Other Assets
Other assets consisted of the following (in thousands):
 
 
  
Current
 
  
Non-Current
 
 
  
September 30,
2021
 
  
December 31,
2020
 
  
September 30,
2021
 
  
December 31,
2020
 
Mortgage servicing rights (“MSRs”), net of amortization
    $ —        $ —        $ 1,919      $ 1,897  
Security deposits
      —          —          1,445        1,461  
Employee notes receivable
(1)
      66        185        —          246  
Securities,
held-to-maturity
      —          —          9,500        —    
Customer trust accounts and other
      4,370        4,526        454        572  
    
 
 
     
 
 
     
 
 
     
 
 
  
     $ 4,436      $ 4,711      $ 13,318      $ 4,176  
    
 
 
     
 
 
     
 
 
     
 
 
  
 
(1)
Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable were $10 and $0 for the nine months ended September 30, 2021 and 2020, respectively. See Note 7 – “Related-Party Transactions” for additional information.
Summary of Net Change in Carrying Value of MSRs
The net change in the carrying value of MSRs consisted of the following (in thousands):
 
  
Nine Months Ended
September 30,
 
 
  
2021
 
  
2020
 
Beginning balance
    $ 1,897      $ 2,002  
Additions
      421        425  
Amortization
      (399 )       (404 ) 
    
 
 
     
 
 
  
Ending balance
    $ 1,919      $ 2,023  
    
 
 
     
 
 
  
Schedule of Deferred Compensation and Commissions
Deferred compensation and commissions consisted of the following (in thousands):
 
     Current     
Non-Current
  
     September 30,
2021		      December 31,
2020		      September 30,
2021		      December 31,
2020		  
Stock appreciation rights (“SARs”) liability
(1)
    $ 2,241      $ 2,162      $ 14,796      $ 16,671  
Commissions payable to investment sales and financing professionals
      49,175        54,082        17,012        15,306  
Deferred compensation liability
(1)
      1,132        1,519        6,830        6,768  
Other
      520        343        —          —    
    
 
 
     
 
 
     
 
 
     
 
 
  
     $ 53,068      $ 58,106      $ 38,638      $ 38,745  
    
 
 
     
 
 
     
 
 
     
 
 
  
 
(1)
The SARs and deferred compensation liability become subject to payout as a result of a participant no longer being considered 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.
Summary of Net Change in Carrying Value of Assets Held in Rabbi Trust and Deferred Compensation Liability The net change in the carrying value of the assets held in the rabbi trust and the net change in the carrying value of the deferred compensation liability, each exclusive of additional contributions, distributions and trust expenses consisted of the following  
 
  
Three Months Ended
September 30,
 
  
Nine Months Ended
September 30,
 
 
  
2021
 
  
2020
 
  
2021
 
  
2020
 
(Decrease) increase in the carrying value of the assets held in the rabbi trust
(1)
    $ (59 )     $ 434      $ 932      $ 170  
    
 
 
     
 
 
     
 
 
     
 
 
  
(Decrease) increase in the net carrying value of the deferred compensation obligation 
(2)
    $ (43 )     $ 388      $ 720      $ 88  
    
 
 
     
 
 
     
 
 
     
 
 
  
 
(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):
 
 
  
Non-Current
 
 
  
September 30,
2021
 
  
December 31,
2020
 
Deferred consideration
(1) (2)
   $ 5,809      $ 8,582  
Contingent consideration
(1) (2)
      5,812        4,219  
Other
      1,020        1,015  
    
 
 
     
 
 
  
     $ 12,641      $ 13,816  
    
 
 
     
 
 
  
 
(1)
The current portions of deferred consideration in the amounts of $5,418 and $6,666 as of September 30, 2021 and December 31, 2020, 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 $2,286 and $1,353 as of September 30, 2021 and December 31, 2020, respectively, are included in accounts payable and other liabilities in the condensed consolidated balance sheets.
(2)
Includes a measurement period adjustment and a reduction in deferred consideration settled in stock made during the nine months ended September 30, 2021, which represents a noncash investing activity. See Note 5 – “Acquisitions, Goodwill and Other Intangible Assets” for additional information.