Selected Balance Sheet Data (Tables)
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6 Months Ended |
Jun. 30, 2022 |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
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| Schedule of Other Assets |
Other assets consisted of the following (in thousands):
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Current |
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June 30,
2022 |
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December 31,
2021 |
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June 30,
2022 |
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December 31,
2021 |
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Mortgage servicing rights (“MSRs”), net of amortization |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
1,855 |
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— |
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— |
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1,681 |
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1,395 |
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Employee notes receivable |
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16 |
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40 |
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— |
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— |
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— |
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— |
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9,500 |
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9,500 |
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Customer trust accounts and other |
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5,864 |
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5,230 |
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2,392 |
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|
396 |
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| |
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| |
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$ |
5,880 |
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$ |
5,270 |
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$ |
13,573 |
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$ |
13,146 |
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(1) |
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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Six Months Ended
June 30, |
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2022 |
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2021 |
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| |
|
$ |
1,855 |
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|
$ |
1,897 |
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| |
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— |
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|
366 |
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| |
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(1,275 |
) |
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(270 |
) |
Reclassification to assets held for sale |
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(280 |
) |
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— |
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| |
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(300 |
) |
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— |
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$ |
— |
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$ |
1,993 |
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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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June 30,
2022 |
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December 31,
2021 |
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June 30,
2022 |
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December 31,
2021 |
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Stock appreciation rights (“SARs”) liability
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$ |
2,323 |
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$ |
2,241 |
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$ |
12,866 |
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$ |
14,918 |
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Commissions payable to investment sales and financing
professionals |
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52,316 |
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110,769 |
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28,813 |
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31,697 |
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Deferred compensation liability
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|
622 |
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|
1,080 |
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6,417 |
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6,921 |
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| |
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|
126 |
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|
595 |
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— |
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— |
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| |
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$ |
55,387 |
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$ |
114,685 |
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$ |
48,096 |
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$ |
53,536 |
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The SARs and deferred compensation liabilities become subject to payout at the time the participant is no longer considered a service provider. As a result of the retirement of certain participants, estimated amounts to be paid to 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
June 30, |
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Six Months Ended
June 30, |
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2022 |
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2021 |
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2022 |
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2021 |
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(Decrease) increase in the carrying value of the assets held in the rabbi trust
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|
$ |
(1,259 |
) |
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$ |
657 |
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$ |
(1,784 |
) |
|
$ |
990 |
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Decrease (increase) in the net carrying value of the deferred compensation obligation
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$ |
1,259 |
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$ |
(503 |
) |
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$ |
1,791 |
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$ |
(763 |
) |
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(1) |
Recorded in other (expense) income, 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.
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| Summary of Other Liabilities |
Other liabilities consisted of the following (in thousands):
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$ |
2,863 |
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$ |
5,112 |
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$ |
3,300 |
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$ |
4,689 |
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| |
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|
2,466 |
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2,681 |
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|
5,313 |
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6,631 |
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| |
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|
612 |
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— |
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1,443 |
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— |
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| |
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1,626 |
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|
991 |
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32 |
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|
74 |
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$ |
7,567 |
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$ |
8,784 |
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$ |
10,088 |
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$ |
11,394 |
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