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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Oppenheimer Holdings Inc | NYSE:OPY | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.35 | 0.86% | 40.83 | 40.96 | 40.52 | 40.96 | 14,506 | 22:30:00 |
Delaware
|
|
98-0080034
|
(State or other jurisdiction of
|
|
(I.R.S. Employer
|
incorporation or organization)
|
|
Identification No.)
|
Title of each class
|
Trading Symbol
|
Name of each exchange on which registered
|
Common Stock
|
OPY
|
The New York Stock Exchange
|
Date: October 25, 2019
By: /s/ Jeffrey J. Alfano --------------------------------- Jeffrey J. Alfano Chief Financial Officer (Duly Authorized Officer) |
Exhibit
Number
|
Description
|
Summary Operating Results (Unaudited)
|
|||||||||||||||||||
('000s, except per share amounts)
|
|||||||||||||||||||
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||||||||||
|
9/30/2019
|
|
9/30/2018
|
|
% Change
|
|
9/30/2019
|
|
9/30/2018
|
|
% Change
|
||||||||
Revenue
|
$
|
234,793
|
|
|
$
|
237,814
|
|
|
(1.3)
|
|
$
|
737,498
|
|
|
$
|
714,900
|
|
|
3.2
|
Expenses
|
228,297
|
|
|
230,660
|
|
|
(1.0)
|
|
697,559
|
|
|
685,608
|
|
|
1.7
|
||||
Income Before Income Taxes
|
6,496
|
|
|
7,154
|
|
|
(9.2)
|
|
39,939
|
|
|
29,292
|
|
|
36.3
|
||||
Income Taxes
|
2,547
|
|
|
2,083
|
|
|
22.3
|
|
12,421
|
|
|
8,661
|
|
|
43.4
|
||||
Net Income
|
$
|
3,949
|
|
|
$
|
5,071
|
|
|
(22.1)
|
|
$
|
27,518
|
|
|
$
|
20,631
|
|
|
33.4
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net Income Per Share
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.31
|
|
|
$
|
0.38
|
|
|
(18.4)
|
|
$
|
2.13
|
|
|
$
|
1.56
|
|
|
36.5
|
Diluted
|
$
|
0.29
|
|
|
$
|
0.36
|
|
|
(19.4)
|
|
$
|
1.99
|
|
|
$
|
1.47
|
|
|
35.4
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
As of
|
|
As of
|
||||||||||||||||
|
9/30/2019
|
|
9/30/2018
|
|
% Change
|
|
9/30/2019
|
|
12/31/2018
|
|
% Change
|
||||||||
Book Value Per Share
|
$
|
44.27
|
|
|
$
|
40.94
|
|
|
8.1
|
|
$
|
44.27
|
|
|
$
|
41.81
|
|
|
5.9
|
Tangible Book Value Per Share (1)
|
$
|
30.99
|
|
|
$
|
28.13
|
|
|
10.2
|
|
$
|
30.99
|
|
|
$
|
28.78
|
|
|
7.7
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
(1) Represents book value less goodwill and intangible assets divided by number of shares outstanding.
|
|
|
|
|
|
|
•
|
Profit margin in Private Client Division of 23.2%
|
•
|
Assets under management increased 2.0% to $30.2 billion at September 30, 2019, a record high, when compared to $29.6 billion at September 30, 2018
|
•
|
Auction rate securities ("ARS") tender offer resulted in an additional $20 million in liquidity during the third quarter of 2019
|
•
|
The Company redeemed $50 million (25%) of its 6.75% Senior Secured Notes due 2022 ("Notes") on August 25, 2019 plus accrued and unpaid interest and incurred $1.9 million in costs associated with paying the associated Call Premium ($1.7 million) and the write-off of debt issuance costs ($0.2 million) during the third quarter of 2019
|
•
|
Legal and regulatory costs declined by approximately 73.0% in the third quarter of 2019 compared with the third quarter of 2018
|
•
|
Book value per share was $44.27 and tangible book value per share was $30.99 at September 30, 2019, both at record highs
|
•
|
The Company purchased 76,657 shares of OPY Class A non-voting common stock under its share purchase program during the third quarter of 2019 for $2.0 million at an average share price of $26.71
|
•
|
The Company recorded compensation and related expenses of $3.4 million related to its OARs plan due to the price of its Class A Stock increasing from $27.22 at the end of the second quarter of 2019 to $30.06 at the end of the third quarter of 2019.
|
•
|
Client assets under administration were $87.6 billion at September 30, 2019 compared with $80.1 billion at December 31, 2018, an increase of 9.4%.
|
•
|
Financial adviser headcount was 1,043 at the end of the third quarter of 2019, down from 1,078 at the end of the third quarter of 2018.
|
•
|
Retail commissions were $46.0 million for the third quarter of 2019, a decrease of 3.4% from the third quarter of 2018.
|
•
|
Advisory fee revenue on traditional and alternative managed products was $62.5 million for the third quarter of 2019, an increase of 3.3% from the third quarter of 2018 (see Asset Management below for further information). The increase in advisory fees was due to an increase in assets under management ("AUM") at June 30, 2019 as a result of the increase in the equities markets and net new assets during the second quarter of 2019.
|
•
|
Bank deposit sweep income was $28.9 million for the third quarter of 2019, a decrease of 3.9% compared with $30.1 million for the third quarter of 2018 due to lower short-term interest rates and lower client cash balances during the third quarter of 2019.
|
•
|
Advisory fee revenue on traditional and alternative managed products was $18.4 million for the third quarter of 2019, an increase of 4.5% from the third quarter of 2018 primarily due to higher AUM at June 30, 2019.
|
◦
|
Advisory fees are calculated based on the value of client AUM at the end of the prior quarter which totaled $30.2 billion at June 30, 2019 ($28.7 billion at June 30, 2018) and are allocated between the Private Client and Asset Management business segments.
|
•
|
AUM increased 2.0% to $30.2 billion at September 30, 2019, a record high, compared with $29.6 billion at September 30, 2018, which is the basis for advisory fee billings for the fourth quarter of 2019. The increase in AUM was comprised of lower asset values of $0.4 billion on existing client holdings and a positive net contribution of assets of $1.0 billion.
|
•
|
Institutional equities commissions decreased 0.9% to $22.9 million for the third quarter of 2019 compared with the third quarter of 2018.
|
•
|
Advisory fees earned from investment banking activities increased 9.4% to $10.5 million for the third quarter of 2019 compared with $9.6 million for the third quarter of 2018 due to an increase in mergers and acquisitions transactions during the third quarter of 2019.
|
•
|
Equities underwriting fees decreased 50.0% to $7.4 million for the third quarter of 2019 compared with $14.8 million for the third quarter of 2018 as the Company participated in fewer lead-managed transactions during the third quarter of 2019.
|
•
|
Revenue from taxable fixed income increased to $17.1 million during the third quarter of 2019 from $14.7 million during the third quarter of 2018 due to higher commissions and trading income.
|
•
|
Revenue from public finance and municipal trading was virtually flat at $4.8 million during the third quarter of 2019 compared with the third quarter of 2018 as higher trading income was offset by lower commissions and syndicate income during the third quarter of 2019.
|
•
|
At September 30, 2019, total equity was $566.6 million, a record high, compared with $545.3 million at December 31, 2018.
|
•
|
At September 30, 2019, book value per share was $44.27 (compared with $41.81 at December 31, 2018) and tangible book value per share was $30.99 (compared with $28.78 at December 31, 2018), both at record highs.
|
•
|
The Company's level 3 assets were $nil at September 30, 2019 (compared with $21.8 million at December 31, 2018). The decline in level 3 assets was the result of the Company participating in ARS tender offers in July 2019 and the resulting marking of the remaining ARS positions held by the Company to the relevant tender price.
|
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