Fair Values of Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2021

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:


June 30, 2021	Level 1		Level 2		Level 3		Balance at Fair Value
Cash equivalents:
Money market funds	$	11,117	$	—	$	—	$	11,117
U.S. Treasury securities	—		1		—		1
Total cash equivalents	11,117		1		—		11,118
Investments segregated and on deposit for regulatory purposes:
Certificates of deposit	—		350		—		350
U.S. Government securities	—		22,767		—		22,767
Total investments segregated and on deposit for regulatory purposes	—		23,117		—		23,117
Available for sale securities:
U.S. agency mortgage-backed securities	—		314,768		—		314,768
Asset-backed securities	—		17,528		—		17,528
Corporate debt securities	—		13,093		—		13,093
U.S. Treasury securities	—		8,829		—		8,829
U.S. state and municipal securities	—		1,722		—		1,722
Foreign government agency securities	—		1,408		—		1,408
Non-agency commercial mortgage-backed securities	—		1,248		—		1,248
Certificates of deposit	—		1,000		—		1,000


Other	—		26		—		26
Total available for sale securities	—		359,622		—		359,622
Other assets:
Equity and bond mutual funds	113		—		—		113
U.S. Government securities	—		5		—		5
State and municipal debt obligations	—		21		—		21
Equity, corporate debt, and other securities	15		19		—		34
Total other assets	128		45		—		173
Total	$	11,245	$	382,785	$	—	$	394,030


December 31, 2020	Level 1		Level 2		Level 3		Balance at Fair Value
Cash equivalents:
Money market funds	$	11,159	$	—	$	—	$	11,159

Total cash equivalents	11,159		—		—		11,159
Investments segregated and on deposit for regulatory purposes:
Certificates of deposit	—		550		—		550
U.S. Government securities	—		30,698		—		30,698
Total investments segregated and on deposit for regulatory purposes	—		31,248		—		31,248
Available for sale securities:
U.S. agency mortgage-backed securities	—		290,353		—		290,353
Asset-backed securities	—		18,898		—		18,898
Corporate debt securities	—		12,796		—		12,796
U.S. Treasury securities	—		10,656		—		10,656
U.S. state and municipal securities	—		1,697		—		1,697
Foreign government agency securities	—		1,413		—		1,413
Non-agency commercial mortgage-backed securities	—		1,265		—		1,265

Certificates of deposit	—		300		—		300
Other	—		22		—		22
Total available for sale securities	—		337,400		—		337,400
Other assets:
Equity and bond mutual funds	361		—		—		361
U.S. Government securities	—		253		—		253
State and municipal debt obligations	—		37		—		37
Equity, corporate debt, and other securities	7		29		—		36
Total other assets	368		319		—		687
Total	$	11,527	$	368,967	$	—	$	380,494

Fair Value of Other Financial Instruments

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


June 30, 2021	Carrying Amount		Level 1		Level 2		Level 3		Balance at Fair Value
Assets
Cash and cash equivalents	$	19,219	$	19,219	$	—	$	—	$	19,219
Cash and investments segregated and on deposit for regulatory purposes	16,798		3,810		12,988		—		16,798

Receivables from brokerage clients — net	82,241		—		82,241		—		82,241












Bank loans — net:
First Mortgages	17,570		—		17,755		—		17,755
HELOCs	724		—		744		—		744
Pledged asset lines	10,415		—		10,415		—		10,415
Other	186		—		186		—		186
Total bank loans — net	28,895		—		29,100		—		29,100
Other assets	3,741		—		3,741		—		3,741

Liabilities
Bank deposits	$	368,638	$	—	$	368,638	$	—	$	368,638

Payables to brokerage clients	105,012		—		105,012		—		105,012
Accrued expenses and other liabilities	13,764		—		13,764		—		13,764
Short-term borrowings	3,500		—		3,500		—		3,500
Long-term debt	18,601		—		19,511		—		19,511


December 31, 2020	Carrying Amount		Level 1		Level 2		Level 3		Balance at Fair Value
Assets
Cash and cash equivalents	$	29,189	$	29,189	$	—	$	—	$	29,189
Cash and investments segregated and on deposit for regulatory purposes	19,143		4,212		14,931		—		19,143

Receivables from brokerage clients — net	64,436		—		64,436		—		64,436











Bank loans — net:
First Mortgages	14,882		—		15,305		—		15,305
HELOCs	837		—		838		—		838
Pledged asset lines	7,916		—		7,916		—		7,916
Other	178		—		178		—		178
Total bank loans — net	23,813		—		24,237		—		24,237
Other assets	2,883		—		2,883		—		2,883

Liabilities
Bank deposits	$	358,022	$	—	$	358,022	$	—	$	358,022

Payables to brokerage clients	104,201		—		104,201		—		104,201
Accrued expenses and other liabilities	8,263		—		8,263		—		8,263

Long-term debt	13,626		—		14,829		—		14,829