NEW YORK, Jan. 29, 2021 /CNW/ - Oppenheimer Holdings Inc.
(NYSE: OPY) (the "Company" or "Firm") today reported net income of
$81.9 million or $6.56 basic earnings per share for the fourth
quarter of 2020 compared with net income of $25.4 million or $1.99 basic earnings per share for the fourth
quarter of 2019. Revenue for the fourth quarter of 2020 was
$422.9 million compared to revenue of
$295.9 million for the fourth quarter
of 2019, an increase of 42.9%.
For the year ended December 31,
2020, the Company reported net income of $123.0 million or $9.73 basic net income per share compared with
net income of $53.0 million or
$4.10 basic net income per share for
the year ended December 31, 2019.
Revenue for the year ended December 31,
2020 was $1.2 billion compared
to revenue of $1.0 billion for the
year ended December 31, 2019, an
increase of 16.0%.
Summary Operating
Results (Unaudited)
|
('000s, except per
share amounts or otherwise indicated)
|
Firm
|
4Q-20
|
4Q-19
|
FY-20
|
FY-19
|
Revenue
|
$
|
422,908
|
|
$
|
295,881
|
|
$
|
1,198,667
|
|
$
|
1,033,379
|
|
Compensation
Expense
|
$
|
244,073
|
|
$
|
190,292
|
|
$
|
770,997
|
|
$
|
657,714
|
|
Non-compensation
Expense
|
$
|
65,040
|
|
$
|
70,616
|
|
$
|
258,670
|
|
$
|
300,753
|
|
Pre-Tax
Income
|
$
|
113,795
|
|
$
|
34,973
|
|
$
|
169,000
|
|
$
|
74,912
|
|
Income
Taxes
|
$
|
31,915
|
|
$
|
9,538
|
|
$
|
46,014
|
|
$
|
21,959
|
|
Net Income
|
$
|
81,880
|
|
$
|
25,435
|
|
$
|
122,986
|
|
$
|
52,953
|
|
Earnings Per Share -
Basic
|
$
|
6.56
|
|
$
|
1.99
|
|
$
|
9.73
|
|
$
|
4.10
|
|
Earnings Per Share -
Diluted
|
$
|
6.17
|
|
$
|
1.84
|
|
$
|
9.30
|
|
$
|
3.82
|
|
Book Value Per
Share
|
$
|
54.93
|
|
$
|
46.31
|
|
$
|
54.93
|
|
$
|
46.31
|
|
Tangible Book Value
Per Share (1)
|
$
|
41.31
|
|
$
|
33.03
|
|
$
|
41.31
|
|
$
|
33.03
|
|
|
(1) Represents book
value less goodwill and intangible assets divided by number of
shares outstanding
|
Annual Highlights
- Record gross revenue for the fourth quarter and full year
- Record pre-tax income and net income for the fourth quarter and
full year
- Record basic and diluted earnings per share for the fourth
quarter and full year
- Record revenue and earnings for the fourth quarter and full
year in Asset Management segment driven by record incentive fees
from alternative investments
- Record revenue and earnings in Capital Markets segment for the
fourth quarter and full year driven by record investment banking
results
- Shareholders' Equity reached a record of $685.6 million as of December 31, 2020
- Book value and tangible book value per share reached record
levels at December 31, 2020
- Client assets under administration and under management were
both at record levels at December 31,
2020
Albert G. Lowenthal,
Chairman and CEO commented, "The results for the fourth quarter
and full year 2020 were outstanding and really showcased the
strength of the platform and the dedication and commitment from our
employees throughout this COVID-19 impacted year. The
combination of a low interest rate environment, high volatility,
and a robust rally in equities over the last nine months provided
the impetus for extremely favorable results for the year. Our
Capital Markets business continued to outperform with a record
quarter and year for revenue and earnings, while the Wealth
Management business continued to produce solid operating returns
based on increased commission activity and higher fee income from
assets under management. The Wealth Management business got a
significant boost from the record performance of the hedge funds
that we sponsor which led to an increase in incentive fees from
alternative investments in the fourth quarter of 2020 which are
measured and earned at the end of each year.
Investment banking had its best quarter ever as the Firm
increased its market share during a robust period for equities
issuance in the U.S. capital markets. M&A activity also
picked up significantly during the fourth quarter with several
notable advisory and placement fees. Equities and fixed
income sales and trading activity continued to be brisk as
volatility remained elevated during the period. The broader
equities markets finished the year at record levels and were up
11.7% during the fourth quarter contributing to record assets under
management at December 31, 2020,
which will drive our advisory fee revenue for the first quarter of
2021.
Non-compensation expenses remained under close control and we
were able to manage our operating environment throughout this year
of remote work. At year-end we continued to operate with
about 90% of our employees working from home amid the increase in
the reported infection rate from COVID-19. We look forward to
the return to some level of normalcy by the third quarter of 2021
as the rate of vaccination increases in the U.S. and around the
world."
Segment Results
(Unaudited)
|
('000s, except per
share amounts or otherwise indicated)
|
|
4Q-20
|
4Q-19
|
FY-20
|
FY-19
|
Private
Client
|
Revenue
|
$
|
217,743
|
|
$
|
175,900
|
|
$
|
642,083
|
|
$
|
653,409
|
|
Pre-Tax
Income
|
$
|
39,362
|
|
$
|
42,416
|
|
$
|
122,844
|
|
$
|
163,917
|
|
Assets Under
Administration ($Bn)
|
$
|
104.8
|
|
$
|
91.0
|
|
$
|
104.8
|
|
$
|
91.0
|
|
|
|
|
|
|
Asset
Management
|
Revenue
|
$
|
72,851
|
|
$
|
35,179
|
|
$
|
130,274
|
|
$
|
88,755
|
|
Pre-Tax
Income
|
$
|
56,911
|
|
$
|
19,114
|
|
$
|
71,625
|
|
$
|
31,606
|
|
Asset Under
Management ($Bn)
|
$
|
38.8
|
|
$
|
32.1
|
|
$
|
38.8
|
|
$
|
32.1
|
|
|
|
|
|
|
Capital
Markets
|
Revenue
|
$
|
131,651
|
|
$
|
83,982
|
|
$
|
426,752
|
|
$
|
290,830
|
|
Pre-Tax Income
(Loss)
|
$
|
41,894
|
|
$
|
(2,891)
|
|
$
|
83,442
|
|
$
|
(13,724)
|
|
Fourth Quarter Results
Private Client
Private Client reported revenue of $217.7
million for the fourth quarter of 2020, 23.8% higher
compared with a year ago. Increased revenue reflected a
marked increase in the transaction business, particularly in listed
options as clients were encouraged by increased volatility and a
particularly strong equities market, which also contributed to
record high incentive fees. Pre-tax income of $39.4 million in the current quarter resulted in
a pre-tax profit margin of 18.1%. Financial advisor headcount
declined amid increased retirements to 1,002 at the end of the
current quarter compared to 1,032 at the end of fourth quarter of
2019, although the productivity of our financial advisors increased
significantly reflecting higher individual production levels.
('000s, except
otherwise indicated)
|
|
4Q-20
|
4Q-19
|
|
|
|
Revenue
|
$
|
217,743
|
|
$
|
175,900
|
|
Commissions
|
$
|
53,383
|
|
$
|
48,407
|
|
Advisory
Fees
|
$
|
133,562
|
|
$
|
83,205
|
|
Bank Deposit Sweep
Income
|
$
|
4,262
|
|
$
|
22,729
|
|
Interest
|
$
|
6,393
|
|
$
|
8,110
|
|
Other
|
$
|
20,143
|
|
$
|
13,449
|
|
|
|
|
Total
Expenses
|
$
|
178,381
|
|
$
|
133,484
|
|
Compensation
|
$
|
151,774
|
|
$
|
103,649
|
|
Non-compensation
|
$
|
26,607
|
|
$
|
29,835
|
|
|
|
|
Assets Under
Administration ($Bn)
|
$
|
104.8
|
|
$
|
91.0
|
|
Cash Sweep
Balances ($Bn)
|
$
|
7.3
|
|
$
|
4.9
|
|
Revenue:
- Retail commissions increased 10.3% from a year ago as a result
of increased volatility and client participation
- Advisory fees increased 60.5% due to higher assets under
management at September 30, 2020
compared with September 30, 2019 as
well as higher incentive fees from alternative investments
-
- Incentive fees allocated to this segment were $61.6 million for the current quarter versus
$20.4 million last year
- Bank deposit sweep income decreased $18.5 million or 81.2% from a year ago due to
lower short-term interest rates partially offset by higher average
cash sweep balances
- Interest revenue declined 21.2% from a year ago due to lower
short-term interest rates partially offset by higher average margin
balances
- Other revenue increased 49.8% compared with a year ago
primarily due to increases in the cash surrender value of
Company-owned life insurance policies
Total Expenses:
- Compensation expenses increased 46.4% compared with a year ago
primarily due to increased production and deferred compensation
costs which are directly tied to commissionable revenue.
-
- During the current quarter, the Company incurred $9.4 million in expenses (versus a credit of
$2.1 million in the prior quarter)
related to its stock appreciate rights plan which tracks the
Company's stock price
- Non-compensation expenses decreased 10.8% compared with a year
ago primarily due to lower interest costs associated with the bank
deposit sweep program
Asset Management
Asset Management reported revenue of $72.9 million for the fourth quarter of 2020,
107.1% higher compared with a year ago. Pre-tax income was
$56.9 million, an increase of 197.7%
compared with a year ago.
('000s, except
otherwise indicated)
|
|
4Q-20
|
4Q-19
|
|
|
|
Revenue
|
$
|
72,851
|
|
$
|
35,179
|
|
Advisory
Fees
|
$
|
70,847
|
|
$
|
35,176
|
|
Other
|
$
|
2,004
|
|
$
|
3
|
|
|
|
|
Total
Expenses
|
$
|
15,940
|
|
$
|
16,065
|
|
Compensation
|
$
|
7,104
|
|
$
|
7,806
|
|
Non-compensation
|
$
|
8,836
|
|
$
|
8,259
|
|
|
|
|
AUM
($Bn)
|
$
|
38.8
|
|
$
|
32.1
|
|
Revenue:
- Advisory fee revenue increased 101.4% due to higher assets
under management at September 30,
2020 compared with September 30,
2019 as well as higher incentive fees from alternative
investments
-
- Incentive fees allocated to this segment were $49.2 million for the current quarter versus
$16.3 million last year
Assets under Management (AUM):
- AUM hit a record level of $38.8
billion at December 31, 2020,
which is the basis for advisory fee billings for the first quarter
of 2021
- The increase in AUM was comprised of higher asset values of
$6.0 billion on existing client
holdings and a net contribution of assets of $0.7 billion
Total Expenses:
- Compensation expenses were down 9.0% and non-compensation
expenses were up 7.0% when compared with a year ago
Capital Markets
Capital Markets reported revenue of $131.7 million for the fourth quarter of 2020,
56.8% higher compared with a year ago. Pre-Tax income was
$41.9 million compared with a pre-tax
loss of $2.9 million a year ago.
('000s)
|
|
|
|
4Q-20
|
4Q-19
|
|
|
|
Revenue
|
$
|
131,651
|
|
$
|
83,982
|
|
|
|
|
Investment
Banking
|
$
|
78,048
|
|
$
|
40,633
|
|
Advisory
Fees
|
$
|
32,749
|
|
$
|
13,211
|
|
Equities
Underwriting
|
$
|
39,205
|
|
$
|
12,916
|
|
Fixed Income
Underwriting
|
$
|
5,474
|
|
$
|
14,281
|
|
Other
|
$
|
620
|
|
$
|
225
|
|
|
|
|
Sales and
Trading
|
$
|
52,723
|
|
$
|
42,903
|
|
Equities
|
$
|
34,546
|
|
$
|
24,859
|
|
Fixed
Income
|
$
|
18,177
|
|
$
|
18,044
|
|
|
|
|
Other
|
$
|
880
|
|
$
|
446
|
|
|
|
|
Total
Expenses
|
$
|
89,757
|
|
$
|
86,873
|
|
Compensation
|
$
|
67,070
|
|
$
|
59,911
|
|
Non-compensation
|
$
|
22,687
|
|
$
|
26,962
|
|
Revenue:
Investment Banking
- Advisory fees earned from investment banking activities
increased 147.9% compared with a year ago driven by increased
M&A activity and fees associated with a significant number of
capital raising transactions (PIPEs) in the healthcare and
technology sectors completed during the period
- Equities underwriting fees increased 203.5% compared with a
year ago due to significantly higher levels of capital issuances in
the equity markets
- Fixed income underwriting fees were down 61.7% compared with a
year ago primarily due to lower levels of emerging market issuances
partially offset by increases in public finance issuances
Sales and Trading
- Equities sales and trading increased 39.0% compared with a year
ago due to continued elevated volatility in the equities markets
and an increase in market share
- Fixed Income sales and trading increased 0.7% compared to the
prior year
Total Expenses:
- Compensation expenses increased 11.9% compared with the prior
year primarily due to increased production and incentive
compensation tied to increases in revenue
- Non-compensation expenses decreased 15.9% compared with a year
ago due to decreased interest costs and reduced costs associated
with business travel and entertainment
Full Year Results
Private Client
Private Client reported revenue of $642.1
million for the year ended December
31, 2020, 1.7% lower compared with a year ago. Pre-tax
income of $122.8 million in the year
end resulted in a pre-tax profit margin of 19.1%.
('000s)
|
|
FY-20
|
FY-19
|
|
|
|
Revenue
|
$
|
642,083
|
|
$
|
653,409
|
|
Commissions
|
$
|
209,447
|
|
$
|
188,690
|
|
Advisory
Fees
|
$
|
326,858
|
|
$
|
264,839
|
|
Bank Deposit Sweep
Income
|
$
|
34,829
|
|
$
|
117,422
|
|
Interest
|
$
|
25,148
|
|
$
|
35,811
|
|
Other
|
$
|
45,801
|
|
$
|
46,647
|
|
|
|
|
Total
Expenses
|
$
|
519,239
|
|
$
|
489,492
|
|
Compensation
|
$
|
412,021
|
|
$
|
362,665
|
|
Non-compensation
|
$
|
107,218
|
|
$
|
126,827
|
|
Revenue:
- Retail commissions increased 11.0% from a year ago as a result
of increased volatility and client participation in active
equities-related markets including options
- Advisory fees increased 23.4% due to increases in management
fees from advisory programs and incentive fees from alternative
investments during the year
-
- Incentive fees allocated to this segment were $61.7 million for the 2020 year versus
$20.8 million last year
- Bank deposit sweep income decreased $82.6 million or 70.3% from a year ago due to
lower short-term interest rates partially offset by higher average
cash sweep balances
- Interest revenue declined 29.8% from a year ago due to lower
short-term interest rates partially offset by higher average margin
balances
- Other revenue decreased 1.8% primarily due to decreases in the
cash surrender value of Company-owned life insurance policies
Total Expenses:
- Compensation expenses increased 13.6% from a year ago primarily
due to increased production and share-based compensation costs
partially offset by lower deferred compensation
- Non-compensation expenses decreased 15.5% from a year ago
primarily due to lower interest, legal and regulatory as well as
travel and entertainment costs
Asset Management
Asset Management reported revenue of $130.3 million for the year ended December 31, 2020, 46.8% higher compared with a
year ago. Pre-tax income was $71.6
million, an increase of 126.6% compared with a year ago.
('000s)
|
|
FY-20
|
FY-19
|
|
|
|
Revenue
|
$
|
130,274
|
|
$
|
88,755
|
|
Advisory
Fees
|
$
|
128,258
|
|
$
|
88,748
|
|
Other
|
$
|
2,016
|
|
$
|
7
|
|
|
|
|
Total
Expenses
|
$
|
58,649
|
|
$
|
57,149
|
|
Compensation
|
$
|
25,128
|
|
$
|
25,180
|
|
Non-compensation
|
$
|
33,521
|
|
$
|
31,969
|
|
|
|
|
AUM
($Bn)
|
$
|
38.8
|
|
$
|
32.1
|
|
Revenue:
- Advisory fee revenue increased 44.5% from a year ago due to
higher assets under management during the year as well as higher
incentive fees from alternative investments
-
- Incentive fees allocated to this segment were $49.4 million for the 2020 year versus
$16.7 million last year
Assets under Management (AUM):
- AUM hit a record level of $38.8
billion at December 31, 2020,
which is the basis for advisory fee billings for the first quarter
of 2021
- The increase in AUM was comprised of higher asset values of
$6.0 billion on existing client
holdings and a net contribution of assets of $0.7 billion
Total Expenses:
- Compensation expenses were down 0.2% and non-compensation
expenses were up 4.9% when compared to the prior year
Capital Markets
Capital Markets reported revenue of $426.8 million for the year ended December 31, 2020, 46.7% higher compared with a
year ago. Pre-Tax income was $83.4
million compared with a pre-tax loss of $13.7 million a year ago.
('000s)
|
|
|
|
FY-20
|
FY-19
|
|
|
|
Revenue
|
$
|
426,752
|
|
$
|
290,830
|
|
|
|
|
Investment
Banking
|
$
|
206,098
|
|
$
|
113,369
|
|
Advisory
Fees
|
$
|
80,534
|
|
$
|
53,424
|
|
Equities
Underwriting
|
$
|
103,276
|
|
$
|
40,813
|
|
Fixed Income
Underwriting
|
$
|
20,394
|
|
$
|
18,447
|
|
Other
|
$
|
1,894
|
|
$
|
685
|
|
|
|
|
Sales and
Trading
|
$
|
217,711
|
|
$
|
175,616
|
|
Equities
|
$
|
130,668
|
|
$
|
99,848
|
|
Fixed
Income
|
$
|
87,043
|
|
$
|
75,768
|
|
|
|
|
Other
|
$
|
2,943
|
|
$
|
1,845
|
|
|
|
|
Total
Expenses
|
$
|
343,310
|
|
$
|
304,554
|
|
Compensation
|
$
|
251,697
|
|
$
|
193,861
|
|
Non-compensation
|
$
|
91,613
|
|
$
|
110,693
|
|
Revenue:
Investment Banking
- Advisory fees earned from investment banking activities
increased 50.7% compared with a year ago driven by increased
M&A activity and fees associated with a significant number of
capital raising transactions (PIPES) in the healthcare and
technology sectors completed during the year
- Equities underwriting fees increased 153.0% compared with a
year ago due to significantly higher levels of capital issuances in
the equity markets particularly in healthcare and technology
sectors
- Fixed income underwriting fees were up 10.6% compared with a
year ago primarily driven by public finance issuances during the
year, partially offset by lower underwriting fees in emerging
markets
Sales and Trading
- Equities sales and trading increased 30.9% compared with a year
ago due to elevated volatility in the equities markets during the
year
- Fixed Income sales and trading increased 14.9% compared with a
year ago driven by robust trading in taxable fixed income during
the year
Total Expenses:
- Compensation expenses increased 29.8% compared with a year ago
primarily due to increased production and incentive compensation
tied to increases in revenue
- Non-compensation expenses were 17.2% lower compared with a year
ago due to decreased interest costs and reduced costs associated
with business travel and entertainment and conferences
Other Matters
(In millions,
except percentages, number of shares and per share
amounts)
|
|
FY-20
|
FY-19
|
Capital
|
|
|
Senior Secured
Notes
|
$
|
123.8
|
|
$
|
149.5
|
|
Shareholders'
Equity
|
$
|
685.6
|
|
$
|
592.7
|
|
Regulatory Net
Capital (1)
|
$
|
274.5
|
|
$
|
223.4
|
|
Regulatory Excess Net
Capital (1)
|
$
|
250.1
|
|
$
|
206.7
|
|
|
|
|
Common Stock
Repurchases
|
|
|
Repurchases
|
$
|
15.0
|
|
$
|
8.4
|
|
Number of
Shares
|
718,522
|
|
323,249
|
|
Average
Price
|
$
|
20.94
|
|
$
|
25.99
|
|
|
|
|
Period End
Shares
|
12,481,443
|
|
12,798,368
|
|
Effective Tax
Rate
|
27.2
|
%
|
29.3
|
%
|
|
|
|
(1) Attributable to Oppenheimer &
Co. Inc. broker-dealer
|
- Shareholders' equity reached a record high of $685.6 million at December
31, 2020
- The Board of Directors announced a quarterly dividend in the
amount of $0.12 per share for the
fourth quarter of 2020 payable on February
26, 2021 to holders of Class A non-voting and Class B voting
common stock of record on February 12,
2021
- The Company paid a special dividend of $1.00 per share to holders of Class A non-voting
and Class B voting common stock on December
30, 2020 in the amount of $12.5
million bringing total 2020 dividends to $1.48 per share compared to $0.48 per share in 2019
- Level 3 assets, comprised of auction rate securities, were
$30.7 million as of December 31, 2020
- Compensation expense as a percentage of revenue was higher at
64.3% during the current year versus 63.6% last year
- The effective tax rate for the current year was 27.2% compared
with 29.3% for the prior year. The lower tax rate in the current
year was primarily due to significantly higher pre-tax income in
the current year compared to that of the prior year while
non-deductible expenses were relatively stable over the same
period.
Coronavirus Pandemic ("COVID-19")
The Company continues to monitor the effects of the pandemic
both on a national level as well as regionally and locally and is
responding accordingly. In addition, we continue to provide
frequent communications to clients, employees, and
regulators. We have adopted enhanced cleaning practices and
other health protocols in our offices, taken measures to
significantly restrict non-essential business travel and have
practices in place to mandate that employees who may have been
exposed to COVID-19, or show any relevant symptoms,
self-quarantine. In early March
2020, the Company executed on its Business Continuity Plan
whereby the vast majority of our employees began to work remotely
with only "essential" employees reporting to our offices. We
accomplished this by significantly expanding the use of technology
infrastructure that facilitates remote operations. Our
ability to avoid significant business disruptions is reliant on the
continued ability to have the vast majority of employees work
remotely. To date, there have been no significant disruptions
to our business or control processes as a result of this dispersion
of employees. Recent outbreaks in various states indicate
that COVID-19 will continue to impact the economy and, by
extension, our business, well into 2021. We currently
anticipate that a large number of our employees will continue to
work remotely for the indefinite future until vaccinations are more
widely administered.
Company Information
Oppenheimer Holdings Inc., through its operating subsidiaries,
is a leading middle market investment bank and full service
broker-dealer that is engaged in a broad range of activities in the
financial services industry, including retail securities brokerage,
institutional sales and trading, investment banking (corporate and
public finance), equity and fixed income research, market-making,
trust services, and investment advisory and asset management
services. With roots tracing back to 1881, the Company is
headquartered in New York and has
92 retail branch offices in the United
States and institutional businesses located in London, Tel
Aviv, and Hong Kong.
Forward-Looking Statements
This press release includes certain "forward-looking statements"
relating to anticipated future performance including the projected
impact of COVID-19 on the Company's business, financial
performance, and operating results. The following factors,
among others, could cause actual results to vary from the
forward-looking statements: the severity and duration of COVID-19;
COVID-19's impact on the U.S. and global economies; and Federal,
state and local governmental responses to COVID-19. For a
discussion of the factors that could cause future performance to be
different than anticipated, reference is made to Factors Affecting
"Forward-Looking Statements" and Part 1A – Risk Factors in the
Company's Annual Report on Form 10-K for the year ended
December 31, 2019 and Item 1 – Risk
Factors in the Company's Quarterly Reports on Form 10-Q for the
quarters ended March 31, 2020,
June 30, 2020 and September 30, 2020.
Oppenheimer
Holdings Inc
|
Consolidated
Income Statements (Unaudited)
|
('000s, except
number of shares and per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
December 31,
|
|
For the Year
Ended
December 31,
|
|
|
2020
|
|
2019
|
|
%
Change
|
|
2020
|
|
2019
|
|
%
Change
|
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions
|
$
|
97,971
|
|
|
$
|
81,182
|
|
|
20.7
|
|
$
|
395,097
|
|
|
$
|
320,114
|
|
|
23.4
|
|
Advisory
fees
|
204,521
|
|
|
118,430
|
|
|
72.7
|
|
455,261
|
|
|
353,671
|
|
|
28.7
|
|
Investment
banking
|
84,139
|
|
|
44,364
|
|
|
89.7
|
|
222,298
|
|
|
126,211
|
|
|
76.1
|
|
Bank deposit sweep
income
|
4,262
|
|
|
22,730
|
|
|
(81.2)
|
|
34,829
|
|
|
117,422
|
|
|
(70.3)
|
|
Interest
|
8,827
|
|
|
12,102
|
|
|
(27.1)
|
|
33,477
|
|
|
50,723
|
|
|
(34.0)
|
|
Principal
transactions, net
|
8,975
|
|
|
8,005
|
|
|
12.1
|
|
27,874
|
|
|
30,094
|
|
|
(7.4)
|
|
Other
|
14,213
|
|
|
9,068
|
|
|
56.7
|
|
29,831
|
|
|
35,144
|
|
|
(15.1)
|
|
Total
revenue
|
422,908
|
|
|
295,881
|
|
|
42.9
|
|
1,198,667
|
|
|
1,033,379
|
|
|
16.0
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
related expenses
|
244,073
|
|
|
190,292
|
|
|
28.3
|
|
770,997
|
|
|
657,714
|
|
|
17.2
|
|
Communications and
technology
|
21,443
|
|
|
20,131
|
|
|
6.5
|
|
82,132
|
|
|
81,588
|
|
|
0.7
|
|
Occupancy and
equipment costs
|
15,741
|
|
|
15,342
|
|
|
2.6
|
|
62,352
|
|
|
62,198
|
|
|
0.2
|
|
Clearing and exchange
fees
|
4,917
|
|
|
5,483
|
|
|
(10.3)
|
|
22,978
|
|
|
21,962
|
|
|
4.6
|
|
Interest
|
2,779
|
|
|
7,978
|
|
|
(65.2)
|
|
15,680
|
|
|
45,687
|
|
|
(65.7)
|
|
Other
|
20,160
|
|
|
21,682
|
|
|
(7.0)
|
|
75,528
|
|
|
89,318
|
|
|
(15.4)
|
|
Total
expenses
|
309,113
|
|
|
260,908
|
|
|
18.5
|
|
1,029,667
|
|
|
958,467
|
|
|
7.4
|
Pre-tax
income
|
113,795
|
|
|
34,973
|
|
|
225.4
|
|
169,000
|
|
|
74,912
|
|
|
125.6
|
Income
taxes
|
31,915
|
|
|
9,538
|
|
|
234.6
|
|
46,014
|
|
|
21,959
|
|
|
109.5
|
Net
Income
|
$
|
81,880
|
|
|
$
|
25,435
|
|
|
221.9
|
|
$
|
122,986
|
|
|
$
|
52,953
|
|
|
132.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
6.56
|
|
|
$
|
1.99
|
|
|
229.6
|
|
$
|
9.73
|
|
|
$
|
4.10
|
|
|
137.3
|
Diluted
|
$
|
6.17
|
|
|
$
|
1.84
|
|
|
235.3
|
|
$
|
9.30
|
|
|
$
|
3.82
|
|
|
143.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares outstanding
|
|
|
|
|
|
|
|
|
|
Basic
|
12,483,038
|
|
12,798,368
|
|
(2.5)
|
|
12,642,576
|
|
12,904,397
|
|
(2.0)
|
|
Diluted
|
13,263,754
|
|
13,860,637
|
|
(4.3)
|
|
13,217,335
|
|
13,851,832
|
|
(4.6)
|
View original
content:http://www.prnewswire.com/news-releases/oppenheimer-holdings-inc-reports-fourth-quarter-and-full-year-2020-earnings-301217787.html
SOURCE Oppenheimer Holdings Inc.