Selected Balance Sheet Data (Tables)
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3 Months Ended |
Mar. 31, 2022 |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Schedule of Other Assets |
Other assets consisted of the following (in thousands):
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Current |
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Non-Current |
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March 31,
2022 |
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December 31,
2021 |
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March 31,
2022 |
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December 31,
2021 |
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| Mortgage servicing rights (“MSRs”), net of amortization |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
951 |
|
|
$ |
1,855 |
|
| Security deposits |
|
|
— |
|
|
|
— |
|
|
|
1,484 |
|
|
|
1,395 |
|
Employee notes receivable
|
|
|
67 |
|
|
|
40 |
|
|
|
— |
|
|
|
— |
|
| |
|
|
— |
|
|
|
— |
|
|
|
9,500 |
|
|
|
9,500 |
|
| Customer trust accounts and other |
|
|
5,960 |
|
|
|
5,230 |
|
|
|
338 |
|
|
|
396 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
$ |
6,027 |
|
|
$ |
5,270 |
|
|
$ |
12,273 |
|
|
$ |
13,146 |
|
| |
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Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable were $0 and $10 for the three months ended March 31, 2022 and March 31, 2021, respectively. See Note 7 – “Related-Party Transactions” for additional information. |
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Securities, are expected to mature on September 1, 2024 and accrue interest based on the 1-year treasury rate. |
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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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|
|
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|
|
|
|
| |
|
Three Months Ended
March 31, |
|
| |
|
2022 |
|
|
2021 |
|
| Beginning balance |
|
$ |
1,855 |
|
|
$ |
1,897 |
|
| Additions |
|
|
— |
|
|
|
303 |
|
| Amortization |
|
|
(904 |
) |
|
|
(138 |
) |
| |
|
|
|
|
|
|
|
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| Ending balance |
|
$ |
951 |
|
|
$ |
2,062 |
|
| |
|
|
|
|
|
|
|
|
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| Schedule 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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| |
|
March 31,
2022 |
|
|
December 31,
2021 |
|
|
March 31,
2022 |
|
|
December 31,
2021 |
|
Stock appreciation rights (“SARs”) liability
|
|
$ |
2,323 |
|
|
$ |
2,241 |
|
|
$ |
12,731 |
|
|
$ |
14,918 |
|
| Commissions payable to investment sales and financing professionals |
|
|
51,195 |
|
|
|
110,769 |
|
|
|
25,082 |
|
|
|
31,697 |
|
Deferred compensation liability
|
|
|
749 |
|
|
|
1,080 |
|
|
|
7,790 |
|
|
|
6,921 |
|
| Other |
|
|
727 |
|
|
|
595 |
|
|
|
— |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
$ |
54,994 |
|
|
$ |
114,685 |
|
|
$ |
45,603 |
|
|
$ |
53,536 |
|
| |
|
|
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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. |
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| 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 (in thousands):
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Three Months Ended
March 31, |
|
| |
|
2022 |
|
|
2021 |
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Increase (Decrease) in the carrying value of the assets held in the rabbi trust
|
|
$ |
(525 |
) |
|
$ |
333 |
|
| |
|
|
|
|
|
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Increase (Decrease) in the net carrying value of the deferred compensation obligation
|
|
$ |
(532 |
) |
|
$ |
260 |
|
| |
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|
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Recorded in other income, net in the condensed consolidated statements of net and comprehensive income. |
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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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|
Non-Current |
|
| |
|
March 31,
2022 |
|
|
December 31,
2021 |
|
| |
|
$ |
3,300 |
|
|
$ |
4,689 |
|
| |
|
|
5,782 |
|
|
|
6,631 |
|
| Dividends Payable |
|
|
1,443 |
|
|
|
— |
|
| Other |
|
|
82 |
|
|
|
74 |
|
| |
|
|
|
|
|
|
|
|
| |
|
$ |
10,607 |
|
|
$ |
11,394 |
|
| |
|
|
|
|
|
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Includes a measurement period adjustment in 2021 and a settlement of deferred consideration made during the three months ended March 31, 2022 and 2021, which represents a noncash investing activity. See Note 5 – “Acquisitions, Goodwill and Other Intangible Assets” for additional information. |
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