Revenue during the quarter went down marginally by 2.77 percent to $218.94 million from $225.19 million in the previous year period.

Albert G. Lowenthal, chairman and chief executive officer commented, "We are disappointed with our performance during 2016 and are taking the steps necessary to improve our results in the future. We are increasing our efforts in areas that we believe will restore a growth in revenues which largely depend upon more effective recruiting of experienced personnel in our private client and investment banking divisions. The equities underwriting business was impacted by the low level of issuance as fewer companies accessed the capital markets. If rates continue to move higher, as is widely expected, this should also bode well for other interest sensitive products that the Company offers. We are pleased to see our legal and regulatory costs decline for the period. We are hopeful that this trend will continue as we begin to see the benefits of the increased compliance and regulatory infrastructure that we have built, which includes increased and improved staffing, better processes, and new technology applications to oversee and control our business in light of the changing regulatory landscape."

Book value per share was $38.22 for the quarter, down 1.60 percent or $0.62 compared to $38.84 for the same period last year.