Fair Values of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2020

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present the fair value hierarchy for assets measured at fair value on a recurring basis. Liabilities recorded at fair value were not material, and therefore are not included in the following tables:


September 30, 2020	Level 1		Level 2		Level 3		Balance at Fair Value
Cash equivalents:
Money market funds	$	3,757	$	—	$	—	$	3,757

Total cash equivalents	3,757		—		—		3,757
Investments segregated and on deposit for regulatory purposes:
Certificates of deposit	—		901		—		901
U.S. Government securities	—		13,173		—		13,173
Total investments segregated and on deposit for regulatory purposes	—		14,074		—		14,074
Available for sale securities:
U.S. agency mortgage-backed securities	—		258,266		—		258,266
Asset-backed securities	—		19,321		—		19,321
Corporate debt securities	—		13,580		—		13,580
U.S. Treasury securities	—		7,902		—		7,902
U.S. state and municipal securities	—		1,690		—		1,690
Non-agency commercial mortgage-backed securities	—		1,266		—		1,266
Certificates of deposit	—		501		—		501


Foreign government agency securities	—		1,210		—		1,210
Other	—		22		—		22
Total available for sale securities	—		303,758		—		303,758
Other assets:
Equity and bond mutual funds	352		—		—		352
U.S. Government securities	—		276		—		276
State and municipal debt obligations	—		22		—		22
Equity, corporate debt, and other securities	94		37		—		131
Total other assets	446		335		—		781
Total	$	4,203	$	318,167	$	—	$	322,370


December 31, 2019	Level 1		Level 2		Level 3		Balance at Fair Value
Cash equivalents:
Money market funds	$	5,179	$	—	$	—	$	5,179
Commercial paper	—		2,498		—		2,498
Total cash equivalents	5,179		2,498		—		7,677
Investments segregated and on deposit for regulatory purposes:
Certificates of deposit	—		1,351		—		1,351
U.S. Government securities	—		7,276		—		7,276
Total investments segregated and on deposit for regulatory purposes	—		8,627		—		8,627
Available for sale securities:
U.S. agency mortgage-backed securities	—		46,155		—		46,155
Corporate debt securities	—		5,484		—		5,484
Asset-backed securities	—		4,987		—		4,987
U.S. Treasury securities	—		3,384		—		3,384
Certificates of deposit	—		1,004		—		1,004


Commercial paper	—		395		—		395

Non-agency commercial mortgage-backed securities	—		13		—		13
Total available for sale securities	—		61,422		—		61,422
Other assets:
Equity and bond mutual funds	442		—		—		442
U.S. Government securities	—		202		—		202
State and municipal debt obligations	—		47		—		47
Equity, corporate debt, and other securities	5		22		—		27
Total other assets	447		271		—		718
Total	$	5,626	$	72,818	$	—	$	78,444

Fair Value of Other Financial Instruments

The following tables present the fair value hierarchy for other financial instruments:


September 30, 2020	Carrying Amount		Level 1		Level 2		Level 3		Balance at Fair Value
Assets
Cash and cash equivalents	$	23,708	$	23,708	$	—	$	—	$	23,708
Cash and investments segregated and on deposit for regulatory purposes	15,494		1,772		13,722		—		15,494

Receivables from brokerage clients — net	25,438		—		25,438		—		25,438












Bank loans — net:
First Mortgages	14,319		—		14,733		—		14,733
HELOCs	908		—		900		—		900
Pledged asset lines	6,885		—		6,885		—		6,885
Other	174		—		174		—		174
Total bank loans — net	22,286		—		22,692		—		22,692
Other assets	1,617		—		1,617		—		1,617

Liabilities
Bank deposits	$	320,717	$	—	$	320,717	$	—	$	320,717

Payables to brokerage clients	52,006		—		52,006		—		52,006
Accrued expenses and other liabilities	2,208		—		2,208		—		2,208

Long-term debt	7,829		—		8,717		—		8,717


December 31, 2019	Carrying Amount		Level 1		Level 2		Level 3		Balance at Fair Value
Assets
Cash and cash equivalents	$	21,668	$	21,668	$	—	$	—	$	21,668
Cash and investments segregated and on deposit for regulatory purposes	11,807		2,792		9,015		—		11,807

Receivables from brokerage clients — net	21,763		—		21,763		—		21,763
Held to maturity securities:
U.S. agency mortgage-backed securities	109,325		—		110,566		—		110,566
Asset-backed securities	17,806		—		17,771		—		17,771
Corporate debt securities	4,661		—		4,718		—		4,718
U.S. state and municipal securities	1,301		—		1,404		—		1,404
Non-agency commercial mortgage-backed securities	1,119		—		1,141		—		1,141
U.S. Treasury securities	223		—		228		—		228
Certificates of deposit	200		—		200		—		200
Foreign government agency securities	50		—		50		—		50
Other	21		—		21		—		21
Total held to maturity securities	134,706		—		136,099		—		136,099
Bank loans — net:
First Mortgages	11,693		—		11,639		—		11,639
HELOCs	1,113		—		1,153		—		1,153
Pledged asset lines	5,206		—		5,206		—		5,206
Other	200		—		200		—		200
Total bank loans — net	18,212		—		18,198		—		18,198
Other assets	1,014		—		1,014		—		1,014

Liabilities
Bank deposits	$	220,094	$	—	$	220,094	$	—	$	220,094

Payables to brokerage clients	39,220		—		39,220		—		39,220
Accrued expenses and other liabilities	1,882		—		1,882		—		1,882

Long-term debt	7,430		—		7,775		—		7,775