Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 31, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'STIFEL FINANCIAL CORP | ' |
Entity Central Index Key | '0000720672 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 66,010,498 |
Consolidated_Statements_Of_Fin
Consolidated Statements Of Financial Condition (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Assets | ' | ' | ||
Cash and cash equivalents | $535,118 | $716,560 | ||
Restricted cash | ' | 4,268 | ||
Cash segregated for regulatory purposes | 39 | 35 | ||
Receivables: | ' | ' | ||
Brokerage clients, net | 549,597 | 530,402 | ||
Brokers, dealers, and clearing organizations | 651,428 | 381,122 | ||
Securities purchased under agreements to resell | 125,513 | [1] | 225,075 | [1] |
Financial instruments owned, at fair value (includes securities pledged of $847,320 and $686,997, respectively | 951,854 | 801,494 | ||
Available-for-sale securities, at fair value | 1,527,747 | 1,756,253 | ||
Held-to-maturity securities, at amortized cost | 1,199,364 | 1,312,115 | ||
Loans held for sale | 104,277 | 109,110 | ||
Bank loans, net of allowance | 1,867,177 | 1,404,353 | ||
Investments, at fair value | 209,131 | 217,228 | ||
Fixed assets, net | 126,007 | 106,446 | ||
Goodwill | 762,305 | 727,336 | ||
Intangible assets, net | 41,797 | 49,889 | ||
Loans and advances to financial advisors and other employees, net | 186,582 | 184,458 | ||
Deferred tax assets, net | 234,173 | 243,554 | ||
Other assets | 254,008 | 239,172 | ||
Total Assets | 9,326,117 | 9,008,870 | ||
Liabilities and Shareholders' Equity | ' | ' | ||
Short-term borrowings from banks | 49,800 | 55,700 | ||
Payables: | ' | ' | ||
Brokerage clients | 319,253 | 318,942 | ||
Brokers, dealers, and clearing organizations | 79,111 | 58,135 | ||
Drafts | 58,589 | 74,710 | ||
Securities sold under agreements to repurchase | 143,814 | [2] | 263,809 | [2] |
Bank deposits | 4,552,522 | 4,663,323 | ||
Financial instruments sold, but not yet purchased, at fair value | 613,023 | 481,214 | ||
Accrued compensation | 286,572 | 337,589 | ||
Accounts payable and accrued expenses | 277,384 | 285,968 | ||
Senior notes | 625,000 | 325,000 | ||
Debenture to Stifel Financial Capital Trust | 82,500 | 82,500 | ||
Total Liabilities | 7,087,568 | 6,946,890 | ||
Liabilities subordinated to claims of general creditors | ' | 3,131 | ||
Shareholders' Equity: | ' | ' | ||
Preferred stock - $1 par value; authorized 3,000,000 shares; none issued | ' | ' | ||
Common stock - $0.15 par value; authorized 97,000,000 shares; issued 65,730,598 and 63,744,074 shares, respectively | 9,861 | 9,562 | ||
Additional paid-in-capital | 1,593,721 | 1,544,143 | ||
Retained earnings | 672,540 | 540,238 | ||
Accumulated other comprehensive income | -37,573 | -35,030 | ||
Total Stockholders' Equity | 2,238,549 | 2,058,913 | ||
Treasury stock, at cost, 0 and 1,330 shares, respectively | ' | -64 | ||
Total Equity | 2,238,549 | 2,058,849 | ||
Total Liabilities and Shareholders' Equity | $9,326,117 | $9,008,870 | ||
[1] | Collateral received includes securities received by our company from the counterparty. These securities are not included on the consolidated statements of financial condition unless there is an event of default. | |||
[2] | Collateral pledged includes the fair value of securities pledged by our company to the counter party. These securities are included on the consolidated statements of financial condition unless we default. |
Consolidated_Statements_Of_Fin1
Consolidated Statements Of Financial Condition (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Statements Of Financial Condition [Abstract] | ' | ' |
Trading securities pledged | $847,320 | $686,997 |
Preferred stock, par value | $1 | $1 |
Preferred stock, shares authorized | 3,000,000 | 3,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $0.15 | $0.15 |
Common stock, shares authorized | 97,000,000 | 97,000,000 |
Common stock, shares issued | 65,730,598 | 63,744,074 |
Treasury stock, shares | 0 | 1,330 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Revenues: | ' | ' | ' | ' | ||||
Commissions | $151,621 | $145,837 | $463,749 | $446,498 | ||||
Principal transactions | 109,378 | 122,583 | 361,515 | 341,153 | ||||
Investment banking | 120,147 | 92,851 | 393,966 | 289,199 | ||||
Asset management and service fees | 96,638 | 76,710 | 280,039 | 221,711 | ||||
Interest | 52,096 | 39,130 | 141,035 | 101,829 | ||||
Other income | 4,803 | 13,063 | 18,745 | 45,269 | ||||
Total revenues | 534,683 | 490,174 | 1,659,049 | 1,445,659 | ||||
Interest expense | 11,228 | 11,535 | 28,701 | 34,738 | ||||
Net revenues | 523,455 | [1] | 478,639 | [1] | 1,630,348 | [1] | 1,410,921 | [1] |
Non-interest expenses: | ' | ' | ' | ' | ||||
Compensation and benefits | 331,440 | 326,020 | 1,033,478 | 958,179 | ||||
Occupancy and equipment rental | 41,611 | 41,288 | 125,110 | 116,090 | ||||
Communications and office supplies | 27,464 | 26,122 | 78,151 | 74,034 | ||||
Commissions and floor brokerage | 9,971 | 10,150 | 28,247 | 28,777 | ||||
Other operating expenses | 47,203 | 44,051 | 143,945 | 126,600 | ||||
Total non-interest expenses | 457,689 | 447,631 | 1,408,931 | 1,303,680 | ||||
Income from continuing operations before income tax expense | 65,766 | 31,008 | 221,417 | 107,241 | ||||
Provision for income taxes | 25,673 | -43,921 | 87,774 | -13,541 | ||||
Income from continuing operations | 40,093 | 74,929 | 133,643 | 120,782 | ||||
Discontinued operations: | ' | ' | ' | ' | ||||
Loss from discontinued operations, net of tax | -190 | -5,239 | -2,757 | -7,037 | ||||
Net income | $39,903 | $69,690 | $130,886 | $113,745 | ||||
Earnings per basic common share | ' | ' | ' | ' | ||||
Income from continuing operations | $0.60 | $1.16 | $2.01 | $1.91 | ||||
Loss from discontinued operations | ' | ($0.08) | ($0.04) | ($0.11) | ||||
Earnings per basic common share | $0.60 | $1.08 | $1.97 | $1.80 | ||||
Earnings per diluted common share | ' | ' | ' | ' | ||||
Income from continuing operations | $0.52 | $1 | $1.76 | $1.66 | ||||
Loss from discontinued operations | ' | ($0.07) | ($0.04) | ($0.10) | ||||
Earnings per diluted common share | $0.52 | [2] | $0.93 | [2] | $1.72 | [2] | $1.56 | [2] |
Weighted average number of common shares outstanding: | ' | ' | ' | ' | ||||
Basic | 66,691 | 64,706 | 66,344 | 63,133 | ||||
Diluted | 76,681 | 75,191 | 76,011 | 72,851 | ||||
[1] | No individual client accounted for more than 10 percent of total net revenues for the three and nine months ended September 30, 2014 or 2013. | |||||||
[2] | Diluted earnings per share is computed on the basis of the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Diluted earnings per share include stock options and units. |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income/(Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |||||
Consolidated Statements of Comprehensive Income/(Loss) [Abstract] | ' | ' | ' | ' | ||||
Net income | $39,903,000 | $69,690,000 | $130,886,000 | $113,745,000 | ||||
Other comprehensive income/(loss), net of tax: | ' | ' | ' | ' | ||||
Changes in unrealized gains/(losses) on available-for-sale securities | -3,884,000 | [1],[2] | -8,160,000 | [1],[2] | 1,683,000 | [1],[2] | -48,158,000 | [1],[2] |
Changes in unrealized gains on cash flow hedging instruments | 1,108,000 | [3] | 473,000 | [3] | 2,094,000 | [3] | 5,420,000 | [3] |
Foreign currency translation adjustment, net of tax | -8,388,000 | 2,669,000 | -6,320,000 | 1,393,000 | ||||
Total other comprehensive income | -11,164,000 | -5,018,000 | -2,543,000 | -41,345,000 | ||||
Comprehensive income | 28,739,000 | 64,672,000 | 128,343,000 | 72,400,000 | ||||
Changes in unrealized gains/(losses) on available-for-sale securities, tax | 7,000,000 | 3,100,000 | 1,600,000 | 25,800,000 | ||||
Reclassifications to earnings of realized gains on available-for-sale securities | 700,000 | 200,000 | 1,900,000 | 1,100,000 | ||||
Reclassifications to earnings of losses on cash flow hedging instruments | $1,500,000 | $2,100,000 | $4,700,000 | $6,700,000 | ||||
[1] | Net of taxes of $7.0 million and $3.1 million for the three months ended September 30, 2014 and 2013, respectively. Net of taxes of $1.6 million and $25.8 million for the nine months ended September 30, 2014 and 2013, respectively. | |||||||
[2] | Amounts are net of reclassifications to earnings of realized gains of $0.7 million and $0.2 million for the three months ended September 30, 2014 and 2013, respectively. Amounts are net of reclassifications to earnings of realized gains of $1.9 million and $1.1 million for the nine months ended September 30, 2014 and 2013, respectively. | |||||||
[3] | Amounts are net of reclassifications to earnings of losses of $1.5 million and $2.1 million for the three months ended September 30, 2014 and 2013, respectively. Amounts are net of reclassifications to earnings of losses of $4.7 million and $6.7 million for the nine months ended September 30, 2014 and 2013, respectively. |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash Flows from Operating Activities: | ' | ' |
Net income | $130,886 | $113,745 |
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | ' | ' |
Depreciation and amortization | 21,727 | 25,162 |
Amortization of loans and advances to financial advisors and other employees | 49,285 | 48,368 |
Amortization of of discount on investment portfolios | 4,385 | 5,568 |
Provision for loan losses and allowance for loans and advances to financial advisors and other employees | 6,832 | 6,395 |
Amortization of intangible assets | 9,762 | 4,145 |
Deferred income taxes | 17,111 | -70,687 |
Excess tax benefits from stock-based compensation | -18,220 | -10,446 |
Stock-based compensation | 70,852 | 124,835 |
(Gains)/losses on investments | -894 | 11,636 |
Other net | 1,990 | 23,792 |
Decrease/(increase) in operating assets, net of assets acquired: | ' | ' |
Cash segregated for regulatory purposes and restricted cash | 4,264 | 127,993 |
Receivables: | ' | ' |
Brokerage clients | -19,195 | -35,741 |
Brokers, dealers and clearing organizations | -263,745 | -197,148 |
Securities purchased under agreements to resell | 99,562 | -9,487 |
Loans originated as held for sale | -811,711 | -1,069,168 |
Proceeds from mortgages held for sale | 808,882 | 1,197,539 |
Financial instruments owned, including those pledged | -139,012 | 23,895 |
Loans and advances to financial advisors and other employees | -51,492 | -59,751 |
Other assets | 42,768 | 37,855 |
Increase/(decrease) in operating liabilities, net of liabilities assumed: | ' | ' |
Brokerage clients | 311 | 38,363 |
Brokers, dealers and clearing organizations | 35,297 | 23,379 |
Drafts | -16,121 | -35,282 |
Financial instruments sold, but not yet purchased | 131,809 | 128,169 |
Other liabilities and accrued expenses | -169,588 | -20,012 |
Net cash provided by/(used in) operating activities | -54,255 | 433,117 |
Cash Flows from Investing Activities: | ' | ' |
Maturities, calls, sales, and principal paydowns of available-for-sale | 542,565 | 376,104 |
Calls and principal paydowns of held-to-maturity securities | 74,405 | 60,385 |
Sale or maturity of investments | 48,278 | 74,271 |
Sale of other real estate owned | 131 | 373 |
Increase in bank loans, net | -468,329 | -244,838 |
Payments for: | ' | ' |
Purchase of available-for-sale securities | -271,548 | -1,125,644 |
Purchase of held-to-maturity securities | -7,959 | -16,438 |
Purchase of investments | -37,190 | -70,650 |
Purchase of fixed assets | -22,384 | -21,077 |
Acquisitions, net of cash acquired | -39,184 | -165,300 |
Net cash used in investing activities | -181,215 | -1,132,814 |
Cash Flows from Financing Activities: | ' | ' |
Proceeds from short-term borrowings from banks | -5,900 | -171,600 |
Proceeds from issuance of senior notes, net | 295,638 | ' |
Increase in securities sold under agreements to repurchase | -119,995 | 115,105 |
Increase/(decrease) in bank deposits, net | -110,801 | 882,272 |
Increase/(decrease) in securities loaned | -14,321 | 149,168 |
Excess tax benefits from stock-based compensation | 18,220 | 10,446 |
Issuance of common stock for stock option exercises | 135 | 15 |
Repurchase of common stock | ' | -13,670 |
Reissuance of treasury stock | ' | 951 |
Repayment of non-recourse debt | ' | -26,881 |
Extinguishment of subordinated debt | -3,131 | -2,187 |
Net cash provided by financing activities | 59,845 | 943,619 |
Effect of exchange rate changes on cash | -5,817 | 1,381 |
Decrease in cash and cash equivalents | -181,442 | 245,303 |
Cash and cash equivalents at beginning of period | 716,560 | 403,941 |
Cash and cash equivalents at end of period | 535,118 | 649,244 |
Supplemental disclosure of cash flow information: | ' | ' |
Cash paid for income taxes, net of refunds | 59,434 | 8,594 |
Cash paid for interest | 31,205 | 34,196 |
Noncash investing and financing activities: | ' | ' |
Stock units granted, net of forfeitures | 152,115 | 205,520 |
Issuance of common stock for acquisitions | $11,741 | $265,918 |
Nature_Of_Operations_And_Basis
Nature Of Operations And Basis Of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
Nature Of Operations And Basis Of Presentation [Abstract] | ' |
Nature Of Operations And Basis Of Presentation | ' |
NOTE 1 – Nature of Operations and Basis of Presentation | |
Nature of Operations | |
Stifel Financial Corp. (the “Parent”), through its wholly owned subsidiaries, principally Stifel, Nicolaus & Company, Incorporated (“Stifel Nicolaus”), Stifel Bank & Trust (“Stifel Bank”), Stifel Nicolaus Europe Limited (“SNEL”), Century Securities Associates, Inc. (“CSA”), Keefe, Bruyette & Woods, Inc. (“KBW”), Keefe, Bruyette & Woods Limited (“KBW Limited”), Oriel Securities (“Oriel”), and Miller Buckfire & Co. LLC (“Miller Buckfire”), is principally engaged in retail brokerage; securities trading; investment banking; investment advisory; retail, consumer, and commercial banking; and related financial services. We have offices throughout the United States and three European cities. Our major geographic area of concentration is the Midwest and Mid-Atlantic regions, with a growing presence in the Northeast, Southeast and Western United States. Our company’s principal customers are individual investors, corporations, municipalities, and institutions. | |
Our Canadian subsidiary, Stifel Nicolaus Canada, Inc. (“SN Canada”) ceased business operations as of September 30, 2013. The results of SN Canada, previously reported in the Institutional Group segment, are classified as discontinued operations for all periods presented. See Note 3 to our consolidated financial statements for further discussion of our discontinued operations. | |
Basis of Presentation | |
The consolidated financial statements include Stifel Financial Corp. and its wholly owned subsidiaries, principally Stifel Nicolaus and Stifel Bank. All material intercompany balances and transactions have been eliminated. Unless otherwise indicated, the terms “we,” “us,” “our,” or “our company” in this report refer to Stifel Financial Corp. and its wholly owned subsidiaries. | |
We have prepared the accompanying unaudited consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Pursuant to these rules and regulations, we have omitted certain information and footnote disclosures we normally include in our annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles. In management’s opinion, we have made all adjustments (consisting only of normal, recurring adjustments, except as otherwise noted) necessary to fairly present our financial position, results of operations and cash flows. Our interim period operating results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. These financial statements and accompanying notes should be read in conjunction with the consolidated financial statements and the notes thereto in our Annual Report on Form 10-K for the year ended December 31, 2013 on file with the SEC. | |
Certain amounts from prior periods have been reclassified to conform to the current period’s presentation. The effect of these reclassifications on our company’s previously reported consolidated financial statements was not material. | |
There have been no material changes in our significant accounting policies, as compared to the significant accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2013. | |
Consolidation Policies | |
The consolidated financial statements include the accounts of Stifel Financial Corp. and its subsidiaries. We also have investments or interests in other entities for which we must evaluate whether to consolidate by determining whether we have a controlling financial interest or are considered to be the primary beneficiary. In determining whether to consolidate these entities, we evaluate whether the entity is a voting interest entity or a variable interest entity (“VIE”). | |
Voting Interest Entity. Voting interest entities are entities that have (i) total equity investment at risk sufficient to fund expected future operations independently, and (ii) equity holders who have the obligation to absorb losses or receive residual returns and the right to make decisions about the entity’s activities. We consolidate voting interest entities when we determine that there is a controlling financial interest, usually ownership of all, or a majority of, the voting interest. | |
Variable Interest Entity. VIEs are entities that lack one or more of the characteristics of a voting interest entity. We are required to consolidate certain VIEs in which we have the power to direct the activities of the entity and the obligation to absorb significant losses or receive significant benefits. In other cases, we consolidate VIEs when we are deemed to be the primary beneficiary. The primary beneficiary is defined as the entity that has a variable interest, or a combination of variable interests, that maintains control and receives benefits or will absorb losses that are not pro rata with its ownership interests. See Note 26 for additional information on VIEs. | |
Recently_Issued_Accounting_Gui
Recently Issued Accounting Guidance | 9 Months Ended |
Sep. 30, 2014 | |
Recently Issued Accounting Guidance [Abstract] | ' |
Recently Issued Accounting Guidance | ' |
NOTE 2 – Recently Issued Accounting Guidance | |
Repurchase Agreements | |
In June 2014, the Financial Accounting Standards Board (“FASB) issued Accounting Standards Update (“ASU”) No. 2014-11, "Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures," ("ASU 2014-11") amending FASB Accounting Standards Codification Topic 860, "Transfers and Servicing." The amended guidance changes the accounting for repurchase-to-maturity transactions and repurchase financing arrangements. The guidance also requires new disclosures for certain transfers accounted for as sales and collateral supporting transactions that are accounted for as secured borrowings. ASU 2014-11 is effective for annual and interim periods beginning after December 15, 2014, except for the disclosures related to secured borrowings, which are effective for annual periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. The adoption of ASU 2014-11 is not expected to have a material impact on the Company's results of operations or financial position, but may impact the Company's disclosures. | |
Revenue Recognition | |
In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)," ("ASU 2014-09") which supersedes current revenue recognition guidance, including most industry-specific guidance. ASU 2014-09 requires a company to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods and services. The guidance also requires additional disclosures regarding the nature, amount, timing and uncertainty of revenue that is recognized. The guidance allows for either retrospective application to all periods presented or a modified retrospective approach where the guidance would only be applied to existing contracts in effect at the adoption date and new contracts going forward. ASU 2014-09 is effective for annual and interim periods beginning after December 15, 2016. Early adoption is not permitted. We are currently evaluating the impact the new guidance will have on our consolidated financial statements. | |
Discontinued Operations | |
In April 2014, the FASB issued ASU No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity,” (“ASU 2014-08”) amending FASB ASC Topic 205-20, “Discontinued Operations,” (“ASC 205-20”). The amended guidance changes the criteria for reporting discontinued operations and requires new disclosures. ASU 2014-08 is effective for annual and interim periods beginning on or after December 15, 2014, and will be applied prospectively. We are currently evaluating the impact the new guidance will have on our consolidated financial statements. | |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Discontinued Operations [Abstract] | ' | |||||||||||
Discontinued Operations | ' | |||||||||||
NOTE 3 – Discontinued Operations | ||||||||||||
SN Canada ceased business operations as of September 30, 2013. The results of SN Canada, previously reported in the Institutional Group segment, are classified as discontinued operations for all periods presented. The components of discontinued operations are as follows (in thousands): | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Net revenues | $ | -44 | $ | 4,696 | $ | -75 | $ | 12,930 | ||||
Restructuring expense | - | 5,516 | 217 | 5,516 | ||||||||
Operating expenses | 110 | 4,418 | 3,664 | 14,341 | ||||||||
Total non-interest expenses | 110 | 9,934 | 3,881 | 19,857 | ||||||||
Loss from discontinued operations before income tax expense | -154 | -5,238 | -3,956 | -6,927 | ||||||||
Income tax expense/(benefit) | 36 | 1 | -1,199 | 110 | ||||||||
Loss from discontinued operations, net of tax | $ | -190 | $ | -5,239 | $ | -2,757 | $ | -7,037 | ||||
Receivables_From_And_Payables_
Receivables From And Payables To Brokers, Dealers And Clearing Organizations | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Receivables From And Payables To Brokers, Dealers And Clearing Organizations [Abstract] | ' | |||||
Receivables From And Payables To Brokers, Dealers And Clearing Organizations | ' | |||||
NOTE 4 – Receivables From and Payables to Brokers, Dealers and Clearing Organizations | ||||||
Amounts receivable from brokers, dealers, and clearing organizations at September 30, 2014 and December 31, 2013, included (in thousands): | ||||||
30-Sep-14 | 31-Dec-13 | |||||
Deposits paid for securities borrowed | $ | 438,863 | $ | 227,640 | ||
Receivable from clearing organizations | 182,198 | 125,538 | ||||
Securities failed to deliver | 30,367 | 27,944 | ||||
$ | 651,428 | $ | 381,122 | |||
Amounts payable to brokers, dealers, and clearing organizations at September 30, 2014 and December 31, 2013, included (in thousands): | ||||||
30-Sep-14 | 31-Dec-13 | |||||
Deposits received from securities loaned | $ | 25,765 | $ | 40,101 | ||
Securities failed to receive | 43,507 | 7,411 | ||||
Payable to clearing organizations | 9,839 | 10,623 | ||||
$ | 79,111 | $ | 58,135 | |||
Deposits paid for securities borrowed approximate the market value of the securities. Securities failed to deliver and receive represent the contract value of securities that have not been delivered or received on settlement date. | ||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||
NOTE 5 – Fair Value Measurements | |||||||||||||||||||||
We measure certain financial assets and liabilities at fair value on a recurring basis, including cash equivalents, financial instruments owned, available-for-sale securities, investments, financial instruments sold, but not yet purchased, and derivatives. | |||||||||||||||||||||
The degree of judgment used in measuring the fair value of financial instruments generally correlates to the level of pricing observability. Pricing observability is impacted by a number of factors, including the type of financial instrument, whether the financial instrument is new to the market and not yet established, and the characteristics specific to the transaction. Financial instruments with readily available active quoted prices for which fair value can be measured from actively quoted prices generally will have a higher degree of pricing observability and a lesser degree of judgment used in measuring fair value. Conversely, financial instruments rarely traded or not quoted will generally have less, or no, pricing observability and a higher degree of judgment used in measuring fair value. | |||||||||||||||||||||
We generally utilize third-party pricing services to value Level 1 and Level 2 available-for-sale investment securities, as well as certain derivatives designated as cash flow hedges. We review the methodologies and assumptions used by the third-party pricing services and evaluate the values provided, principally by comparison with other available market quotes for similar instruments and/or analysis based on internal models using available third-party market data. We may occasionally adjust certain values provided by the third-party pricing service when we believe, as the result of our review, that the adjusted price most appropriately reflects the fair value of the particular security. | |||||||||||||||||||||
Following are descriptions of the valuation methodologies and key inputs used to measure financial assets and liabilities recorded at fair value. The descriptions include an indication of the level of the fair value hierarchy in which the assets or liabilities are classified. | |||||||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||
Cash equivalents include highly liquid investments with original maturities of three months or less. Due to their short-term nature, the carrying amount of these instruments approximates the estimated fair value. Actively traded money market funds are measured at their reported net asset value, which approximates fair value. As such, we classify the estimated fair value of these instruments as Level 1. | |||||||||||||||||||||
Financial Instruments (Financial instruments owned and available-for-sale securities) | |||||||||||||||||||||
When available, the fair value of financial instruments are based on quoted prices in active markets for identical instruments and reported in Level 1. Level 1 financial instruments include highly liquid instruments with quoted prices, such as equity securities listed in active markets, certain fixed income securities, and U.S. government securities. | |||||||||||||||||||||
If quoted prices are not available for identical instruments, fair values are obtained from pricing services, broker quotes, or other model-based valuation techniques with observable inputs, such as the present value of estimated cash flows and reported as Level 2. The nature of these financial instruments include instruments for which quoted prices are available but traded less frequently, instruments whose fair value have been derived using a model where inputs to the model are directly observable in the market, or can be derived principally from or corroborated by observable market data, and instruments that are fair valued using other financial instruments, the parameters of which can be directly observed. Level 2 financial instruments generally include U.S. government agency securities, mortgage-backed securities, corporate fixed income securities infrequently traded, certain state and municipal obligations, asset-backed securities, and certain equity securities not actively traded. | |||||||||||||||||||||
Securities classified as Level 3, of which the substantial majority is auction rate securities (“ARS”), represent securities in less liquid markets requiring significant management assumptions when determining fair value. Due to the lack of a robust secondary auction-rate securities market with active fair value indicators, fair value for all periods presented was determined using an income approach based on an internally developed discounted cash flow model. In addition to ARS, we have classified certain fixed income securities and state and municipal securities with unobservable pricing inputs as Level 3. The methods used to value these securities are the same as the methods used to value ARS, discussed above. | |||||||||||||||||||||
Investments | |||||||||||||||||||||
Investments carried at fair value primarily include corporate equity securities, ARS, investments in mutual funds, U.S. government securities, and investments in public companies, private equity securities, and partnerships, which are classified as other in the following tables. | |||||||||||||||||||||
Corporate equity securities, mutual funds and U.S. government securities are valued based on quoted prices in active markets and reported in Level 1. | |||||||||||||||||||||
ARS for which the market has been dislocated and largely ceased to function are reported as Level 3 assets. The methods used to value ARS are discussed above. | |||||||||||||||||||||
Investments in partnerships and other investments include our general and limited partnership interests in investment partnerships and direct investments in non-public companies. The net assets of investment partnerships consist primarily of investments in non-marketable securities. The value of these investments is at risk to changes in equity markets, general economic conditions and a variety of other factors. We estimate fair value for private equity investments based on our percentage ownership in the net asset value of the entire fund, as reported by the fund or on behalf of the fund, after indication that the fund adheres to applicable fair value measurement guidance. For those funds where the net asset value is not reported by the fund, we derive the fair value of the fund by estimating the fair value of each underlying investment in the fund. In addition to using qualitative information about each underlying investment, as provided by the fund, we give consideration to information pertinent to the specific nature of the debt or equity investment, such as relevant market conditions, offering prices, operating results, financial conditions, exit strategy and other qualitative information, as available. The lack of an independent source to validate fair value estimates, including the impact of future capital calls and transfer restrictions, is an inherent limitation in the valuation process. Commitments to fund additional investments in nonmarketable equity securities recorded at fair value were $11.6 million and $12.4 million at September 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||
Derivatives | |||||||||||||||||||||
Derivatives are valued using quoted market prices for identical instruments when available or pricing models based on the net present value of estimated future cash flows. The valuation models used require market observable inputs, including contractual terms, market prices, yield curves, credit curves, and measures of volatility. We manage credit risk for our derivative positions on a counterparty-by-counterparty basis and calculate credit valuation adjustments, included in the fair value of these instruments, on the basis of our relationships at the counterparty portfolio/master netting agreement level. These credit valuation adjustments are determined by applying a credit spread for the counterparty to the total expected exposure of the derivative after considering collateral and other master netting arrangements. We have classified our interest rate swaps as Level 2. | |||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis as of September 30, 2014 and December 31, 2013 are presented below: | |||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash equivalents | $ | 73,708 | $ | 73,708 | $ | - | $ | - | |||||||||||||
Financial instruments owned: | |||||||||||||||||||||
U.S. government agency securities | 95,595 | 20 | 95,575 | - | |||||||||||||||||
U.S. government securities | 55,172 | 55,172 | - | - | |||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||
Agency | 194,582 | - | 194,582 | - | |||||||||||||||||
Non-agency | 25,208 | - | 25,208 | - | |||||||||||||||||
Corporate securities: | |||||||||||||||||||||
Fixed income securities | 295,825 | 74,435 | 217,233 | 4,157 | |||||||||||||||||
Equity securities | 121,828 | 121,184 | 372 | 272 | |||||||||||||||||
State and municipal securities | 163,644 | - | 163,644 | - | |||||||||||||||||
Total financial instruments owned | 951,854 | 250,811 | 696,614 | 4,429 | |||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||
U.S. government agency securities | 1,713 | - | 1,713 | - | |||||||||||||||||
State and municipal securities | 74,113 | - | 74,113 | - | |||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||
Agency | 206,211 | - | 206,211 | - | |||||||||||||||||
Commercial | 29,438 | - | 29,438 | - | |||||||||||||||||
Non-agency | 127,885 | - | 127,885 | - | |||||||||||||||||
Corporate fixed income securities | 360,214 | 43,834 | 316,380 | - | |||||||||||||||||
Asset-backed securities | 728,173 | - | 675,044 | 53,129 | |||||||||||||||||
Total available-for-sale securities | 1,527,747 | 43,834 | 1,430,784 | 53,129 | |||||||||||||||||
Investments: | |||||||||||||||||||||
Corporate equity securities | 62,825 | 33,835 | 28,990 | - | |||||||||||||||||
Corporate preferred securities | - | - | - | - | |||||||||||||||||
Mutual funds | 17,558 | 17,558 | - | - | |||||||||||||||||
Auction rate securities: | |||||||||||||||||||||
Equity securities | 47,208 | - | - | 47,208 | |||||||||||||||||
Municipal securities | 1,472 | - | - | 1,472 | |||||||||||||||||
Other (1) | 80,068 | 4,606 | 3,931 | 71,531 | |||||||||||||||||
Total investments | 209,131 | 55,999 | 32,921 | 120,211 | |||||||||||||||||
$ | 2,762,440 | $ | 424,352 | $ | 2,160,319 | $ | 177,769 | ||||||||||||||
Liabilities: | |||||||||||||||||||||
Financial instruments sold, but not yet purchased | |||||||||||||||||||||
U.S. government securities | $ | 99,447 | $ | 99,447 | $ | - | $ | - | |||||||||||||
U.S. government agency securities | 21,981 | - | 21,981 | - | |||||||||||||||||
Agency mortgage-backed securities | 97,492 | - | 97,492 | - | |||||||||||||||||
Corporate securities: | |||||||||||||||||||||
Fixed income securities | 257,458 | 17,277 | 240,181 | - | |||||||||||||||||
Equity securities | 136,581 | 136,576 | 5 | - | |||||||||||||||||
State and municipal securities | 64 | - | 64 | - | |||||||||||||||||
Total financial instruments sold, but not yet purchased | 613,023 | 253,300 | 359,723 | - | |||||||||||||||||
Derivative contracts (2) | 5,772 | - | 5,772 | - | |||||||||||||||||
$ | 618,795 | $ | 253,300 | $ | 365,495 | $ | - | ||||||||||||||
(1) Includes $43.3 million of partnership interests, $13.8 million of private company investments, and $14.4 million of private equity and other investments. | |||||||||||||||||||||
(2) Included in accounts payable and accrued expenses in the consolidated statements of financial condition. | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash equivalents | $ | 78,163 | $ | 78,163 | $ | - | $ | - | |||||||||||||
Financial instruments owned: | |||||||||||||||||||||
U.S. government agency securities | 80,835 | 307 | 80,528 | - | |||||||||||||||||
U.S. government securities | 10,594 | 10,594 | - | - | |||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||
Agency | 267,933 | - | 267,933 | ||||||||||||||||||
Non-agency | 22,570 | - | 22,570 | ||||||||||||||||||
Corporate securities: | |||||||||||||||||||||
Fixed income securities | 201,579 | 23,106 | 176,434 | 2,039 | |||||||||||||||||
Equity securities | 76,709 | 76,462 | 6 | 241 | |||||||||||||||||
State and municipal securities | 141,274 | - | 141,274 | - | |||||||||||||||||
Total financial instruments owned | 801,494 | 110,469 | 688,745 | 2,280 | |||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||
U.S. government agency securities | 1,072 | - | 1,072 | - | |||||||||||||||||
State and municipal securities | 90,677 | - | 84,477 | 6,200 | |||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||
Agency | 183,987 | - | 183,987 | - | |||||||||||||||||
Commercial | 211,246 | - | 211,246 | - | |||||||||||||||||
Non-agency | 4,619 | - | 4,619 | - | |||||||||||||||||
Corporate fixed income securities | 498,316 | 83,655 | 414,661 | - | |||||||||||||||||
Asset-backed securities | 766,336 | - | 708,258 | 58,078 | |||||||||||||||||
Total available-for-sale securities | 1,756,253 | 83,655 | 1,608,320 | 64,278 | |||||||||||||||||
Investments: | |||||||||||||||||||||
Corporate equity securities | 32,402 | 32,402 | - | - | |||||||||||||||||
Corporate preferred securities | - | - | - | - | |||||||||||||||||
Mutual funds | 16,994 | 16,994 | - | - | |||||||||||||||||
Auction rate securities: | |||||||||||||||||||||
Equity securities | 56,693 | - | - | 56,693 | |||||||||||||||||
Municipal securities | 10,939 | - | - | 10,939 | |||||||||||||||||
Other (1) | 100,200 | 10 | 2,422 | 97,768 | |||||||||||||||||
Total investments | 217,228 | 49,406 | 2,422 | 165,400 | |||||||||||||||||
$ | 2,853,138 | $ | 321,693 | $ | 2,299,487 | $ | 231,958 | ||||||||||||||
Liabilities: | |||||||||||||||||||||
Financial instruments sold, but not yet purchased | |||||||||||||||||||||
U.S. government securities | $ | 253,221 | $ | 253,221 | $ | - | $ | - | |||||||||||||
Agency mortgage-backed securities | 37,201 | - | 37,201 | - | |||||||||||||||||
Corporate securities: | |||||||||||||||||||||
Fixed income securities | 100,745 | 17,857 | 82,888 | - | |||||||||||||||||
Equity securities | 90,015 | 86,933 | 3,082 | - | |||||||||||||||||
State and municipal securities | 32 | - | 32 | - | |||||||||||||||||
Total financial instruments sold, but not yet purchased | 481,214 | 358,011 | 123,203 | - | |||||||||||||||||
Derivative contracts (2) | 9,349 | - | 9,349 | - | |||||||||||||||||
$ | 490,563 | $ | 358,011 | $ | 132,552 | $ | - | ||||||||||||||
(1) Includes $56.0 million of partnership interests, $22.5 million of private company investments, and $19.2 million of private equity and other investments. | |||||||||||||||||||||
(2) Included in accounts payable and accrued expenses in the consolidated statements of financial condition. | |||||||||||||||||||||
The following table summarizes the changes in fair value carrying values associated with Level 3 financial instruments during the three and nine months ended September 30, 2014 (in thousands): | |||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||
Financial instruments owned | Available-for-sale securities | Investments | |||||||||||||||||||
Corporate Fixed Income Securities (1) | Equity Securities | State & Municipal Securities | Asset-Backed Securities | Auction Rate Securities - Equity | Auction Rate Securities - Municipal | Other (2) | |||||||||||||||
Balance at June 30, 2014 | $ | 3,368 | $ | - | $ | - | $ | 58,370 | $ | 52,184 | $ | 1,930 | $ | 80,344 | |||||||
Unrealized gains/(losses): | |||||||||||||||||||||
Included in changes in net assets (3) | -3 | - | - | - | -101 | 47 | 205 | ||||||||||||||
Included in OCI (4) | - | - | - | -589 | - | - | - | ||||||||||||||
Realized gains/(losses) (3) | -59 | - | - | 173 | - | - | 69 | ||||||||||||||
Purchases | 3,200 | 272 | - | - | 25 | - | 49 | ||||||||||||||
Sales | -2,293 | - | - | -4,825 | - | - | -7,231 | ||||||||||||||
Redemptions | -56 | - | - | - | -4,900 | -505 | -1,905 | ||||||||||||||
Transfers: | |||||||||||||||||||||
Into Level 3 | - | - | - | - | - | - | - | ||||||||||||||
Out of Level 3 | - | - | - | - | - | - | - | ||||||||||||||
Net change | 789 | 272 | - | -5,241 | -4,976 | -458 | -8,813 | ||||||||||||||
Balance at September 30, 2014 | $ | 4,157 | $ | 272 | - | $ | 53,129 | $ | 47,208 | $ | 1,472 | $ | 71,531 | ||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||
Financial instruments owned | Available-for-sale securities | Investments | |||||||||||||||||||
Corporate Fixed Income Securities (1) | Equity Securities | State & Municipal Securities | Asset-Backed Securities | Auction Rate Securities - Equity | Auction Rate Securities - Municipal | ||||||||||||||||
Balance at December 31, 2013 | $ | 2,039 | $ | 241 | $ | 6,200 | $ | 58,078 | $ | 56,693 | $ | 10,939 | |||||||||
Unrealized gains/(losses): | |||||||||||||||||||||
Included in changes in net assets (3) | -444 | - | - | - | 615 | 684 | |||||||||||||||
Included in OCI (4) | - | - | 62 | -297 | - | - | |||||||||||||||
Realized gains/(losses) (3) | -1,354 | 4,964 | - | 173 | - | - | |||||||||||||||
Purchases | 6,556 | 272 | - | - | 25 | 1,650 | |||||||||||||||
Sales | -2,552 | -5,205 | - | -4,825 | -1,725 | -10,324 | |||||||||||||||
Redemptions | -88 | - | - | - | -8,400 | -1,477 | |||||||||||||||
Transfers: | |||||||||||||||||||||
Into Level 3 | - | - | - | - | - | - | |||||||||||||||
Out of Level 3 | - | - | -6,262 | - | - | - | |||||||||||||||
Net change | 2,118 | 31 | -6,200 | -4,949 | -9,485 | -9,467 | |||||||||||||||
Balance at September 30, 2014 | $ | 4,157 | $ | 272 | $ | - | $ | 53,129 | $ | 47,208 | $ | 1,472 | |||||||||
-1 | Included in financial instruments owned in the consolidated statements of financial condition. | ||||||||||||||||||||
-2 | Includes partnership interests, private company investments, and private equity investments. | ||||||||||||||||||||
-3 | Realized and unrealized gains/(losses) related to financial instruments owned and investments are reported in other income in the consolidated statements of operations. | ||||||||||||||||||||
-4 | Unrealized gains/(losses) related to available-for-sale securities are reported in accumulated other comprehensive loss in the consolidated statements of financial condition. | ||||||||||||||||||||
The results included in the table above are only a component of the overall investment strategies of our company. The table above does not present Level 1 or Level 2 valued assets or liabilities. The changes to our company’s Level 3 classified instruments were principally a result of: sales of certain investments, redemptions of ARS at par, and unrealized gains and losses during the three and nine months ended September 30, 2014. The changes in unrealized gains/(losses) recorded in earnings for the three and nine months ended September 30, 2014 relating to Level 3 assets still held at September 30, 2014 were immaterial. | |||||||||||||||||||||
The following table summarizes quantitative information related to the significant unobservable inputs utilized in our company’s Level 3 recurring fair value measurements as of September 30, 2014. | |||||||||||||||||||||
Valuation technique | Unobservable input | Range | Weighted average | ||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||
Auction rate securities | |||||||||||||||||||||
Asset-backed securities | Discounted cash flow | Discount rate | 6.0% - 11.5% | 8.4% | |||||||||||||||||
Workout period | 3 - 4 years | 3.9 years | |||||||||||||||||||
Investments: | |||||||||||||||||||||
Auction rate securities | |||||||||||||||||||||
Equity securities | Discounted cash flow | Discount rate | 2.1% - 12.9% | 7.3% | |||||||||||||||||
Workout period | 1 - 3 years | 2.4 years | |||||||||||||||||||
Municipal securities | Discounted cash flow | Discount rate | 0.2% - 8.6% | 6.6% | |||||||||||||||||
Workout period | 1 - 4 years | 2.8 years | |||||||||||||||||||
Other | |||||||||||||||||||||
Investments in partnerships | Market approach | Revenue multiple | 1.3- 4.2 | 3.3 | |||||||||||||||||
EBITDA multiple | 4.1- 15.3 | 8.7 | |||||||||||||||||||
Private equity investments | Market/Income approach | Revenue multiple | 0.5- 2.0 | 1.4 | |||||||||||||||||
EBITDA multiple | 4.3- 9.8 | 6.7 | |||||||||||||||||||
The fair value of certain Level 3 assets was determined using various methodologies as appropriate, including net asset values (“NAVs”) of underlying investments, third-party pricing vendors, broker quotes and market and income approaches. These inputs are evaluated for reasonableness through various procedures, including due diligence reviews of third-party pricing vendors, variance analyses, consideration of current market environment and other analytical procedures. | |||||||||||||||||||||
The fair value for our auction-rate securities was determined using an income approach based on an internally developed discounted cash flow model. The discounted cash flow model utilizes two significant unobservable inputs: discount rate and workout period. The discount rate was calculated using credit spreads of the underlying collateral or similar securities. The workout period was based on an assessment of publicly available information on efforts to re-establish functioning markets for these securities and our company’s own redemption experience. Significant increases in any of these inputs in isolation would result in a significantly lower fair value. On an on-going basis, management verifies the fair value by reviewing the appropriateness of the discounted cash flow model and its significant inputs. | |||||||||||||||||||||
General and limited partnership interests in investment partnerships totaled $43.3 million and $56.0 million at September 30, 2014 and December 31, 2013, respectively. The general and limited partnership interests in investment partnerships were primarily valued based upon NAVs received from third-party fund managers. The various partnerships are investment companies, which record their underlying investments at fair value based on fair value policies established by management of the underlying fund. Fair value policies at the underlying fund generally require the funds to utilize pricing/valuation information, including independent appraisals, from third-party sources. However, in some instances, current valuation information for illiquid securities or securities in markets that are not active may not be available from any third-party source or fund management may conclude that the valuations that are available from third-party sources are not reliable. In these instances, fund management may perform model-based analytical valuations that may be used as an input to value these investments. | |||||||||||||||||||||
Direct investments in private equity companies totaled $18.6 million and $14.8 million at September 30, 2014 and December 31, 2013, respectively. Direct investments in private equity companies may be valued using the market approach or the income approach, or a combination thereof, and were valued based on an assessment of each underlying investment, incorporating evaluation of additional significant third-party financing, changes in valuations of comparable peer companies, the business environment of the companies, market indices, assumptions relating to appropriate risk adjustments for nonperformance and legal restrictions on disposition, among other factors. The fair value derived from the methods used are evaluated and weighted, as appropriate, considering the reasonableness of the range of values indicated. Under the market approach, fair value may be determined by reference to multiples of market-comparable companies or transactions, including earnings before interest, taxes, depreciation and amortization (“EBITDA”) multiples. Under the income approach, fair value may be determined by discounting the cash flows to a single present amount using current market expectations about those future amounts. Unobservable inputs used in a discounted cash flow model may include projections of operating performance generally covering a five-year period and a terminal value of the private equity direct investment. For securities utilizing the discounted cash flow valuation technique, a significant increase (decrease) in the discount rate, risk premium or discount for lack of marketability in isolation could result in a significantly lower (higher) fair value measurement. For securities utilizing the market comparable companies valuation technique, a significant increase (decrease) in the EBITDA multiple in isolation could result in a significantly higher (lower) fair value measurement. | |||||||||||||||||||||
Transfers Within the Fair Value Hierarchy | |||||||||||||||||||||
We assess our financial instruments on a quarterly basis to determine the appropriate classification within the fair value hierarchy. Transfers between fair value classifications occur when there are changes in pricing observability levels. Transfers of financial instruments among the levels are deemed to occur at the beginning of the reporting period. There were $5.9 million and $10.3 million of transfers of financial assets from Level 2 to Level 1 during the three and nine months ended September 30, 2014, respectively, primarily related to corporate fixed income securities for which market trades were observed that provided transparency into the valuation of these assets. There were $8.9 million and $9.3 million of transfers of financial assets from Level 1 to Level 2 during the three and nine months ended September 30, 2014, respectively, primarily related to corporate fixed income securities for which there were low volumes of recent trade activity observed. There were no transfers out of Level 3 during the three months ended September 30, 2014. There were $10.2 million of transfers out of Level 3 during the nine months ended September 30, 2014 primarily related to state and municipal securities and private company investments for which market trades were observed that provided transparency into the valuation of these assets and, in the case of the private company investments, have had an initial public offering of their securities. | |||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||
The following reflects the fair value of financial instruments, as of September 30, 2014 and December 31, 2013, whether or not recognized in the consolidated statements of financial condition at fair value (in thousands). | |||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||
Carrying value | Estimated fair value | Carrying value | Estimated fair value | ||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 535,118 | $ | 535,118 | $ | 716,560 | $ | 716,560 | |||||||||||||
Restricted cash | - | - | 4,268 | 4,268 | |||||||||||||||||
Cash segregated for regulatory purposes | 39 | 39 | 35 | 35 | |||||||||||||||||
Securities purchased under agreements to resell | 125,513 | 125,513 | 225,075 | 225,075 | |||||||||||||||||
Financial instruments owned | 951,854 | 951,854 | 801,494 | 801,494 | |||||||||||||||||
Available-for-sale securities | 1,527,747 | 1,527,747 | 1,756,253 | 1,756,253 | |||||||||||||||||
Held-to-maturity securities | 1,199,364 | 1,221,555 | 1,312,115 | 1,305,959 | |||||||||||||||||
Loans held for sale | 104,277 | 104,277 | 109,110 | 109,110 | |||||||||||||||||
Bank loans | 1,867,177 | 1,890,834 | 1,404,353 | 1,420,068 | |||||||||||||||||
Investments | 209,131 | 209,131 | 217,228 | 217,228 | |||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Securities sold under agreements to repurchase | $ | 143,814 | $ | 143,814 | $ | 263,809 | $ | 263,809 | |||||||||||||
Bank deposits | 4,552,522 | 4,009,299 | 4,663,323 | 4,072,038 | |||||||||||||||||
Financial instruments sold, but not yet purchased | 613,023 | 613,023 | 481,214 | 481,214 | |||||||||||||||||
Securities sold, but not yet purchased | - | - | - | - | |||||||||||||||||
Derivative contracts (1) | 5,772 | 5,772 | 9,349 | 9,349 | |||||||||||||||||
Senior notes | 625,000 | 633,181 | 325,000 | 328,635 | |||||||||||||||||
Non-recourse debt | - | - | - | - | |||||||||||||||||
Debentures to Stifel Financial Capital Trusts | 82,500 | 66,291 | 82,500 | 72,201 | |||||||||||||||||
Liabilities subordinated to claims of general creditors | - | - | 3,131 | 3,122 | |||||||||||||||||
(1) Included in accounts payable and accrued expenses in the consolidated statements of financial condition. | |||||||||||||||||||||
The following table presents the estimated fair values of financial instruments not measured at fair value on a recurring basis as of September 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash | $ | 461,410 | $ | 461,410 | $ | - | $ | - | |||||||||||||
Cash segregated for regulatory purposes | 39 | 39 | - | - | |||||||||||||||||
Securities purchased under agreements to resell | 125,513 | 95,683 | 29,830 | - | |||||||||||||||||
Held-to-maturity securities | 1,221,555 | - | 978,400 | 243,155 | |||||||||||||||||
Loans held for sale | 104,277 | - | 104,277 | - | |||||||||||||||||
Bank loans | 1,890,834 | - | 1,890,834 | - | |||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Securities sold under agreements to repurchase | $ | 143,814 | $ | 46,999 | $ | 96,815 | $ | - | |||||||||||||
Bank deposits | 4,009,299 | - | 4,009,299 | - | |||||||||||||||||
Senior notes | 633,181 | 633,181 | - | - | |||||||||||||||||
Non-recourse debt | - | - | - | - | |||||||||||||||||
Debentures to Stifel Financial Capital Trusts | 66,291 | - | - | 66,291 | |||||||||||||||||
Liabilities subordinated to claims of general creditors | - | - | - | - | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash | $ | 638,397 | $ | 638,397 | $ | - | $ | - | |||||||||||||
Restricted cash | 4,268 | 4,268 | - | - | |||||||||||||||||
Cash segregated for regulatory purposes | 35 | 35 | - | - | |||||||||||||||||
Securities purchased under agreements to resell | 225,075 | 225,075 | - | - | |||||||||||||||||
Held-to-maturity securities | 1,305,959 | - | 1,073,953 | 232,006 | |||||||||||||||||
Loans held for sale | 109,110 | - | 109,110 | - | |||||||||||||||||
Bank loans | 1,420,068 | - | 1,420,068 | - | |||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Securities sold under agreements to repurchase | $ | 263,809 | $ | 747 | $ | 263,062 | $ | - | |||||||||||||
Bank deposits | 4,072,038 | - | 4,072,038 | - | |||||||||||||||||
Senior notes | 328,635 | 328,635 | - | - | |||||||||||||||||
Debentures to Stifel Financial Capital Trusts | 72,201 | - | - | 72,201 | |||||||||||||||||
Liabilities subordinated to claims of general creditors | 3,122 | - | - | 3,122 | |||||||||||||||||
The following, as supplemented by the discussion above, describes the valuation techniques used in estimating the fair value of our financial instruments as of September 30, 2014 and December 31, 2013. | |||||||||||||||||||||
Financial Assets | |||||||||||||||||||||
Securities Purchased Under Agreements to Resell | |||||||||||||||||||||
Securities purchased under agreements to resell are collateralized financing transactions that are recorded at their contractual amounts plus accrued interest. The carrying values at September 30, 2014 and December 31, 2013 approximate fair value due to the short-term nature. | |||||||||||||||||||||
Held-to-Maturity Securities | |||||||||||||||||||||
Securities held to maturity are recorded at amortized cost based on our company’s positive intent and ability to hold these securities to maturity. Securities held to maturity include asset-backed securities, consisting of corporate obligations, collateralized debt obligation securities and ARS. The estimated fair value, included in the above table, is determined using several factors; however, primary weight is given to discounted cash flow modeling techniques that incorporated an estimated discount rate based upon recent observable debt security issuances with similar characteristics. | |||||||||||||||||||||
Loans Held for Sale | |||||||||||||||||||||
Loans held for sale consist of fixed-rate and adjustable-rate residential real estate mortgage loans intended for sale. Loans held for sale are stated at lower of cost or fair value. Fair value is determined based on prevailing market prices for loans with similar characteristics or on sale contract prices. | |||||||||||||||||||||
Bank Loans | |||||||||||||||||||||
The fair values of mortgage loans and commercial loans were estimated using a discounted cash flow method, a form of the income approach. Discount rates were determined considering rates at which similar portfolios of loans would be made under current conditions and considering liquidity spreads applicable to each loan portfolio based on the secondary market. | |||||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||
Securities Sold Under Agreements to Repurchase | |||||||||||||||||||||
Securities sold under agreements to repurchase are collateralized financing transactions that are recorded at their contractual amounts plus accrued interest. The carrying values at September 30, 2014 and December 31, 2013 approximate fair value due to the short-term nature. | |||||||||||||||||||||
Bank Deposits | |||||||||||||||||||||
The fair value of interest-bearing deposits, including certificates of deposits, demand deposits, savings, and checking accounts, was calculated by discounting the future cash flows using discount rates based on the replacement cost of funding of similar structures and terms. | |||||||||||||||||||||
Senior Notes | |||||||||||||||||||||
The fair value of our senior notes is estimated based upon quoted market prices. | |||||||||||||||||||||
Debentures to Stifel Financial Capital Trusts | |||||||||||||||||||||
The fair value of our trust preferred securities is based on the discounted value of contractual cash flows. We have assumed a discount rate based on the coupon achieved in our 6.7% senior notes due 2022. | |||||||||||||||||||||
Liabilities Subordinated to Claims of General Creditors | |||||||||||||||||||||
The fair value of subordinated debt was measured using the interest rates commensurate with borrowings of similar terms. | |||||||||||||||||||||
These fair value disclosures represent our best estimates based on relevant market information and information about the financial instruments. Fair value estimates are based on judgments regarding future expected losses, current economic conditions, risk characteristics of the various instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in the above methodologies and assumptions could significantly affect the estimates. | |||||||||||||||||||||
Financial_Instruments_Owned_An
Financial Instruments Owned And Financial Instruments Sold, But Not Yet Purchased | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Financial Instruments Owned And Financial Instruments Sold, But Not Yet Purchased [Abstract] | ' | |||||
Financial Instruments Owned And Financial Instruments Sold, But Not Yet Purchased | ' | |||||
NOTE 6 – Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased | ||||||
The components of financial instruments owned and financial instruments sold, but not yet purchased, at September 30, 2014 and December 31, 2013, are as follows (in thousands): | ||||||
30-Sep-14 | 31-Dec-13 | |||||
Financial instruments owned: | ||||||
U.S. government agency securities | $ | 95,595 | $ | 80,835 | ||
U.S. government securities | 55,172 | 10,594 | ||||
Mortgage-backed securities: | ||||||
Agency | 194,582 | 267,933 | ||||
Non-agency | 25,208 | 22,570 | ||||
Corporate securities: | ||||||
Fixed income securities | 295,825 | 201,579 | ||||
Equity securities | 121,828 | 76,709 | ||||
State and municipal securities | 163,644 | 141,274 | ||||
$ | 951,854 | $ | 801,494 | |||
Financial instruments sold, but not yet purchased | ||||||
U.S. government securities | $ | 99,447 | $ | 253,221 | ||
U.S. government agency securities | 21,981 | - | ||||
Agency mortgage-backed securities | 97,492 | 37,201 | ||||
Corporate securities: | ||||||
Fixed income securities | 257,458 | 100,745 | ||||
Equity securities | 136,581 | 90,015 | ||||
State and municipal securities | 64 | 32 | ||||
$ | 613,023 | $ | 481,214 | |||
At September 30, 2014 and December 31, 2013, financial instruments owned in the amount of $493.0 million and $687.0 million, respectively, were pledged as collateral for our repurchase agreements and short-term borrowings. | ||||||
Financial instruments sold, but not yet purchased, represent obligations of our company to deliver the specified security at the contracted price, thereby creating a liability to purchase the security in the market at prevailing prices in future periods. We are obligated to acquire the securities sold short at prevailing market prices in future periods, which may exceed the amount reflected in the consolidated statements of financial condition. | ||||||
AvailableForSale_And_HeldToMat
Available-For-Sale And Held-To-Maturity Securities | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
Available-For-Sale And Held-To-Maturity Securities [Abstract] | ' | |||||||||||||||||||||||||||||||
Available-For-Sale And Held-To-Maturity Securities | ' | |||||||||||||||||||||||||||||||
NOTE 7 – Available-for-Sale and Held-to-Maturity Securities | ||||||||||||||||||||||||||||||||
The following tables provide a summary of the amortized cost and fair values of the available-for-sale securities and held-to-maturity securities at September 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||||||||||||||
Amortized cost | Gross unrealized gains (1) | Gross unrealized losses (1) | Estimated fair value | |||||||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||||||
U.S. government agency securities | $ | 1,716 | $ | 1 | $ | -4 | $ | 1,713 | ||||||||||||||||||||||||
State and municipal securities | 76,660 | 81 | -2,628 | 74,113 | ||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||
Agency | 205,163 | 2,637 | -1,589 | 206,211 | ||||||||||||||||||||||||||||
Commercial | 127,774 | 717 | -606 | 127,885 | ||||||||||||||||||||||||||||
Non-agency | 29,247 | 191 | - | 29,438 | ||||||||||||||||||||||||||||
Corporate fixed income securities | 358,773 | 2,797 | -1,356 | 360,214 | ||||||||||||||||||||||||||||
Asset-backed securities | 734,087 | 1,350 | -7,264 | 728,173 | ||||||||||||||||||||||||||||
$ | 1,533,420 | $ | 7,774 | $ | -13,447 | $ | 1,527,747 | |||||||||||||||||||||||||
Held-to-maturity securities (2) | ||||||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||
Agency | $ | 906,177 | $ | 20,764 | $ | -18 | $ | 926,923 | ||||||||||||||||||||||||
Commercial | 59,447 | 1,376 | - | 60,823 | ||||||||||||||||||||||||||||
Non-agency | 1,226 | 1 | -13 | 1,214 | ||||||||||||||||||||||||||||
Asset-backed securities | 177,254 | 3,802 | -2,319 | 178,737 | ||||||||||||||||||||||||||||
Corporate fixed income securities | 55,260 | 5 | -1,407 | 53,858 | ||||||||||||||||||||||||||||
$ | 1,199,364 | $ | 25,948 | $ | -3,757 | $ | 1,221,555 | |||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
Amortized cost | Gross unrealized gains (1) | Gross unrealized losses (1) | Estimated fair value | |||||||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||||||
U.S. government agency securities | $ | 1,074 | $ | - | $ | -2 | $ | 1,072 | ||||||||||||||||||||||||
State and municipal securities | 96,475 | 739 | -6,537 | 90,677 | ||||||||||||||||||||||||||||
Mortgage-backed securities: | - | |||||||||||||||||||||||||||||||
Agency | 184,533 | 2,859 | -3,405 | 183,987 | ||||||||||||||||||||||||||||
Commercial | 209,949 | 3,084 | -1,787 | 211,246 | ||||||||||||||||||||||||||||
Non-agency | 4,547 | 72 | - | 4,619 | ||||||||||||||||||||||||||||
Corporate fixed income securities | 496,385 | 4,769 | -2,838 | 498,316 | ||||||||||||||||||||||||||||
Asset-backed securities | 769,553 | 2,499 | -5,716 | 766,336 | ||||||||||||||||||||||||||||
$ | 1,762,516 | $ | 14,022 | $ | -20,285 | $ | 1,756,253 | |||||||||||||||||||||||||
Held-to-maturity securities (2) | ||||||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||
Agency | $ | 968,759 | $ | 1,156 | $ | -7,915 | $ | 962,000 | ||||||||||||||||||||||||
Commercial | 59,404 | - | -186 | 59,218 | ||||||||||||||||||||||||||||
Asset-backed securities | 228,623 | 6,157 | -2,774 | 232,006 | ||||||||||||||||||||||||||||
Corporate fixed income securities | 55,329 | 11 | -2,605 | 52,735 | ||||||||||||||||||||||||||||
Municipal auction rate securities | - | - | - | - | ||||||||||||||||||||||||||||
$ | 1,312,115 | $ | 7,324 | $ | -13,480 | $ | 1,305,959 | |||||||||||||||||||||||||
-1 | Unrealized gains/(losses) related to available-for-sale securities are reported in accumulated other comprehensive income. | |||||||||||||||||||||||||||||||
-2 | Held-to-maturity securities are carried in the consolidated statements of financial condition at amortized cost, and the changes in the value of these securities, other than impairment charges, are not reported on the consolidated financial statements. | |||||||||||||||||||||||||||||||
For the three and nine months ended September 30, 2014, we received proceeds of $162.9 million and $229.7 million, respectively, from the sale of available-for-sale securities, which resulted in realized gains of $1.2 million and $3.2 million, respectively. For the three and nine months ended September 30, 2013, we received proceeds of $4.5 million and $194.1 million, respectively, from the sale of available-for-sale securities, which resulted in realized gains of $0.2 million and $1.7 million, respectively. | ||||||||||||||||||||||||||||||||
During the three months ended September 30, 2014, unrealized losses, net of deferred tax benefits, of $3.9 million were recorded in accumulated other comprehensive income in the consolidated statements of financial condition. During the nine months ended September 30, 2014, unrealized gains, net of deferred taxes, of $1.7 million were recorded in accumulated other comprehensive income in the consolidated statements of financial condition. During the three and nine months ended September 30, 2013, unrealized losses, net of deferred tax benefits, of $8.2 million and $48.2 million, respectively, were recorded in accumulated other comprehensive income in the consolidated statements of financial condition. | ||||||||||||||||||||||||||||||||
The table below summarizes the amortized cost and fair values of debt securities, by contractual maturity (in thousands). Expected maturities may differ significantly from contractual maturities, as issuers may have the right to call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||||||||||||||
Available-for-sale securities | Held-to-maturity securities | |||||||||||||||||||||||||||||||
Amortized cost | Estimated fair value | Amortized cost | Estimated fair value | |||||||||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||||||||||
Within one year | $ | 118,969 | $ | 120,197 | $ | - | $ | - | ||||||||||||||||||||||||
After one year through three years | 66,062 | 66,405 | 15,031 | 15,034 | ||||||||||||||||||||||||||||
After three years through five years | 142,771 | 143,348 | 40,229 | 38,824 | ||||||||||||||||||||||||||||
After five years through ten years | 348,396 | 347,259 | - | - | ||||||||||||||||||||||||||||
After ten years | 495,038 | 487,004 | 177,254 | 178,736 | ||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||
Within one year | - | - | - | - | ||||||||||||||||||||||||||||
After three years through five years | 180 | 184 | - | - | ||||||||||||||||||||||||||||
After five years through ten years | 79,408 | 80,976 | 59,447 | 60,824 | ||||||||||||||||||||||||||||
After ten years | 282,596 | 282,374 | 907,403 | 928,137 | ||||||||||||||||||||||||||||
$ | 1,533,420 | $ | 1,527,747 | $ | 1,199,364 | $ | 1,221,555 | |||||||||||||||||||||||||
The maturities of our available-for-sale (fair value) and held-to-maturity (amortized cost) securities at September 30, 2014, are as follows (in thousands): | ||||||||||||||||||||||||||||||||
Within 1 year | 1 - 5 years | 5 - 10 years | After 10 years | Total | ||||||||||||||||||||||||||||
Available-for-sale: 1 | ||||||||||||||||||||||||||||||||
U.S. government agency securities | $ | 327 | $ | 1,386 | $ | - | $ | - | $ | 1,713 | ||||||||||||||||||||||
State and municipal securities | - | - | 1,639 | 72,474 | 74,113 | |||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||
Agency | - | - | 40,501 | 165,710 | 206,211 | |||||||||||||||||||||||||||
Commercial | - | - | 40,474 | 87,411 | 127,885 | |||||||||||||||||||||||||||
Non-agency | - | 184 | - | 29,254 | 29,438 | |||||||||||||||||||||||||||
Corporate fixed income securities | 119,870 | 198,729 | 41,615 | - | 360,214 | |||||||||||||||||||||||||||
Asset-backed securities | - | 9,638 | 304,006 | 414,529 | 728,173 | |||||||||||||||||||||||||||
$ | 120,197 | $ | 209,937 | $ | 428,235 | $ | 769,378 | $ | 1,527,747 | |||||||||||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||
Agency | $ | - | $ | - | $ | - | $ | 906,177 | $ | 906,177 | ||||||||||||||||||||||
Commercial | - | - | 59,447 | - | 59,447 | |||||||||||||||||||||||||||
Non-agency | - | - | - | 1,226 | 1,226 | |||||||||||||||||||||||||||
Asset-backed securities | - | - | - | 177,254 | 177,254 | |||||||||||||||||||||||||||
Corporate fixed income securities | - | 55,260 | - | - | 55,260 | |||||||||||||||||||||||||||
$ | - | $ | 55,260 | $ | 59,447 | $ | 1,084,657 | $ | 1,199,364 | |||||||||||||||||||||||
-1 | Due to the immaterial amount of income recognized on tax-exempt securities, yields were not calculated on a tax equivalent basis. | |||||||||||||||||||||||||||||||
At September 30, 2014 and December 31, 2013, securities of $1.2 billion and $505.5 million, respectively, were pledged at the Federal Home Loan Bank as collateral for borrowings and letters of credit obtained to secure public deposits. | ||||||||||||||||||||||||||||||||
The following table is a summary of the amount of gross unrealized losses and the estimated fair value by length of time that the available-for-sale and held to maturity securities have been in an unrealized loss position at September 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||||||||||
Gross unrealized losses | Estimated fair value | Gross unrealized losses | Estimated fair value | Gross unrealized losses | Estimated fair value | |||||||||||||||||||||||||||
Available-for-sale securities | ||||||||||||||||||||||||||||||||
U.S. government securities | $ | -4 | $ | 1,214 | $ | - | $ | - | $ | -4 | $ | 1,214 | ||||||||||||||||||||
State and municipal securities | -1 | 426 | -2,627 | 67,458 | -2,628 | 67,884 | ||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||
Agency | -306 | 73,769 | -1,283 | 47,285 | -1,589 | 121,054 | ||||||||||||||||||||||||||
Commercial | -404 | 41,123 | -202 | 9,996 | -606 | 51,119 | ||||||||||||||||||||||||||
Non-agency | - | - | - | - | - | - | ||||||||||||||||||||||||||
Corporate fixed income securities | -134 | 37,915 | -1,222 | 64,541 | -1,356 | 102,456 | ||||||||||||||||||||||||||
Asset-backed securities | -2,950 | 314,910 | -4,314 | 182,303 | -7,264 | 497,213 | ||||||||||||||||||||||||||
$ | -3,799 | $ | 469,357 | $ | -9,648 | $ | 371,583 | $ | -13,447 | $ | 840,940 | |||||||||||||||||||||
Held-to-maturity securities | ||||||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||
Agency | $ | -18 | $ | 3,221 | $ | - | $ | - | $ | -18 | $ | 3,221 | ||||||||||||||||||||
Commercial | -13 | 524 | - | - | -13 | 524 | ||||||||||||||||||||||||||
Asset-backed securities | -129 | 12,587 | -2,190 | 55,817 | -2,319 | 68,404 | ||||||||||||||||||||||||||
Corporate fixed income securities | - | - | -1,407 | 48,855 | -1,407 | 48,855 | ||||||||||||||||||||||||||
$ | -160 | $ | 16,332 | $ | -3,597 | $ | 104,672 | $ | -3,757 | $ | 121,004 | |||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||||||||||
Gross unrealized losses | Estimated fair value | Gross unrealized losses | Estimated fair value | Gross unrealized losses | Estimated fair value | |||||||||||||||||||||||||||
Available-for-sale securities | ||||||||||||||||||||||||||||||||
U.S. government securities | $ | -2 | $ | 721 | $ | - | $ | - | $ | -2 | $ | 721 | ||||||||||||||||||||
State and municipal securities | -2,966 | 32,272 | -3,571 | 41,182 | -6,537 | 73,454 | ||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||
Agency | -3,260 | 89,395 | -145 | 1,335 | -3,405 | 90,730 | ||||||||||||||||||||||||||
Commercial | -1,787 | 46,970 | - | - | -1,787 | 46,970 | ||||||||||||||||||||||||||
Corporate fixed income securities | -2,062 | 80,700 | -776 | 39,421 | -2,838 | 120,121 | ||||||||||||||||||||||||||
Asset-backed securities | -4,516 | 436,770 | -1,200 | 31,938 | -5,716 | 468,708 | ||||||||||||||||||||||||||
$ | -14,593 | $ | 686,828 | $ | -5,692 | $ | 113,876 | $ | -20,285 | $ | 800,704 | |||||||||||||||||||||
Held-to-maturity securities | ||||||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||
Agency | $ | -91 | $ | 8,127 | $ | -7,824 | $ | 838,295 | $ | -7,915 | $ | 846,422 | ||||||||||||||||||||
Commercial | - | - | -186 | 59,219 | -186 | 59,219 | ||||||||||||||||||||||||||
Asset-backed securities | - | - | -2,774 | 92,806 | -2,774 | 92,806 | ||||||||||||||||||||||||||
Corporate fixed income securities | - | - | -2,605 | 47,727 | -2,605 | 47,727 | ||||||||||||||||||||||||||
$ | -91 | $ | 8,127 | $ | -13,389 | $ | 1,038,047 | $ | -13,480 | $ | 1,046,174 | |||||||||||||||||||||
At September 30, 2014, the amortized cost of 103 securities classified as available for sale exceeded their fair value by $13.4 million, of which $9.6 million related to investment securities that had been in a loss position for 12 months or longer. As of September 30, 2014, the carrying value of 20 securities held to maturity exceeded their fair value by $3.8 million, of which $3.6 million related to securities held to maturity that have been in a loss position for 12 months or longer. As discussed in more detail below, we conduct periodic reviews of all securities with unrealized losses to assess whether the impairment is other-than-temporary. | ||||||||||||||||||||||||||||||||
Other-Than-Temporary Impairment | ||||||||||||||||||||||||||||||||
We evaluate all securities in an unrealized loss position quarterly to assess whether the impairment is other-than-temporary. Our other-than-temporary impairment (“OTTI”) assessment is a subjective process requiring the use of judgments and assumptions. There was no credit-related OTTI recognized during the three and nine months ended September 30, 2014. | ||||||||||||||||||||||||||||||||
We believe the gross unrealized losses of $13.4 million related to our available-for-sale portfolio as of September 30, 2014, are attributable to issuer-specific credit spreads and changes in market interest rates and asset spreads. We, therefore, do not expect to incur any credit losses related to these securities. In addition, we have no intent to sell these securities with unrealized losses, and it is not more likely than not that we will be required to sell these securities prior to recovery of the amortized cost. Accordingly, we have concluded that the impairment on these securities is not other-than-temporary. | ||||||||||||||||||||||||||||||||
Bank_Loans
Bank Loans | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Bank Loans [Abstract] | ' | |||||||||||||
Bank Loans | ' | |||||||||||||
NOTE 8 – Bank Loans | ||||||||||||||
The following table presents the balance and associated percentage of each major loan category in our loan portfolio at September 30, 2014 and December 31, 2013 (in thousands, except percentages): | ||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||
Balance | Percent | Balance | Percent | |||||||||||
Consumer (1) | $ | 638,811 | 33.2 | % | $ | 552,333 | 37.7 | % | ||||||
Commercial and industrial | 833,988 | 43.5 | 509,484 | 34.8 | ||||||||||
Residential real estate | 418,806 | 21.8 | 372,789 | 25.5 | ||||||||||
Home equity lines of credit | 13,776 | 0.7 | 16,327 | 1.1 | ||||||||||
Commercial real estate | 15,970 | 0.8 | 12,284 | 0.8 | ||||||||||
Construction and land | - | - | 490 | 0.1 | ||||||||||
1,921,351 | 100.0 | % | 1,463,707 | 100.0 | % | |||||||||
Unamortized loan discount | -32,772 | -45,100 | ||||||||||||
Unamortized loan fees, net of origination costs | -1,251 | -1,920 | ||||||||||||
Loans in process | -1,155 | 334 | ||||||||||||
Allowance for loan losses | -18,996 | -12,668 | ||||||||||||
$ | 1,867,177 | $ | 1,404,353 | |||||||||||
-1 | Includes securities-based loans of $628.3 million and $508.9 million at September 30, 2014 and December 31, 2013, respectively. | |||||||||||||
Changes in the allowance for loan losses for the periods presented were as follows (in thousands): | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Allowance for loan losses, beginning of period | $ | 17,104 | $ | 10,919 | $ | 12,668 | $ | 8,145 | ||||||
Provision for loan losses | 1,871 | 2,297 | 6,749 | 5,537 | ||||||||||
Charge-offs: | ||||||||||||||
Residential real estate | - | - | - | -501 | ||||||||||
Commercial and industrial | - | - | -468 | - | ||||||||||
Commercial real estate | - | - | - | - | ||||||||||
Other | - | - | -4 | - | ||||||||||
Total charge-offs | - | - | -472 | -501 | ||||||||||
Recoveries | 21 | 17 | 51 | 52 | ||||||||||
Allowance for loan losses, end of period | $ | 18,996 | $ | 13,233 | $ | 18,996 | $ | 13,233 | ||||||
A loan is determined to be impaired, when principal or interest becomes 90 days past due or when collection becomes uncertain. At the time a loan is determined to be impaired, the accrual of interest and amortization of deferred loan origination fees is discontinued (“non-accrual status”), and any accrued and unpaid interest income is reversed. At September 30, 2014, we had $3.6 million of non-accrual loans, net of discount, which included $0.4 million in troubled debt restructurings, for which there was a specific allowance of $0.3 million. At December 31, 2013, we had $1.5 million of non-accrual loans, which included $0.4 million in troubled debt restructurings, for which there was a specific allowance of $0.2 million. The gross interest income related to impaired loans, which would have been recorded had these loans been current in accordance with their original terms, and the interest income recognized on these loans during the three and nine months ended September 30, 2014 and 2013 were insignificant to the consolidated financial statements. | ||||||||||||||
Credit Quality | ||||||||||||||
We closely monitor economic conditions and loan performance trends to manage and evaluate our exposure to credit risk. Trends in delinquency ratios are an indicator, among other considerations, of credit risk within our loan portfolios. The level of nonperforming assets represents another indicator of the potential for future credit losses. Accordingly, key metrics we track and use in evaluating the credit quality of our loan portfolio include delinquency and nonperforming asset rates, as well as charge-off rates and our internal risk ratings of the loan portfolio. In general, we are a secured lender. At September 30, 2014 and December 31, 2013, approximately 96.3% and 96.8% of our loan portfolio was collateralized, respectively. Collateral is required in accordance with the normal credit evaluation process based upon the creditworthiness of the customer and the credit risk associated with the particular transaction. | ||||||||||||||
The following is a breakdown of the allowance for loan losses by type for as of September 30, 2014 and December 31, 2013 (in thousands, except rates): | ||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||
Balance | Percent (1) | Balance | Percent (1) | |||||||||||
Commercial and industrial | $ | 15,545 | 43.5 | % | $ | 9,538 | 37.7 | % | ||||||
Consumer | 1,001 | 33.2 | 892 | 34.8 | ||||||||||
Residential real estate | 674 | 21.8 | 408 | 25.5 | ||||||||||
Home equity lines of credit | 274 | 0.7 | 174 | 1.1 | ||||||||||
Commercial real estate | 239 | 0.8 | 198 | 0.8 | ||||||||||
Construction and land | - | 0.0 | 12 | 0.1 | ||||||||||
Qualitative | 1,263 | - | 1,446 | - | ||||||||||
$ | 18,996 | 100.0 | % | $ | 12,668 | 100.0 | % | |||||||
(1) Loan category as a percentage of total loan portfolio. | ||||||||||||||
At September 30, 2014 and December 31, 2013, Stifel Bank had loans outstanding to its executive officers, directors, and their affiliates in the amount of $0.6 million and $0.6 million, respectively, and loans outstanding to other Stifel Financial Corp. executive officers, directors, and their affiliates in the amount of $5.6 million and $6.4 million, respectively. | ||||||||||||||
At September 30, 2014 and December 31, 2013, we had loans held for sale of $104.3 million and $109.1 million, respectively. For the three months ended September 30, 2014 and 2013, we recognized gains of $2.2 million and $1.9 million, respectively, from the sale of originated and purchased loans, net of fees and costs. For the nine months ended September 30, 2014 and 2013, we recognized gains of $5.8 million and $9.8 million respectively, from the sale of originated and purchased loans, net of fees and costs. | ||||||||||||||
Fixed_Assets
Fixed Assets | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Fixed Assets [Abstract] | ' | |||||
Fixed Assets | ' | |||||
NOTE 9 – Fixed Assets | ||||||
The following is a summary of fixed assets as of September 30, 2014 and December 31, 2013 (in thousands): | ||||||
30-Sep-14 | 31-Dec-13 | |||||
Furniture and equipment | $ | 191,630 | $ | 174,976 | ||
Building and leasehold improvements | 122,202 | 101,840 | ||||
Property on operating leases | - | - | ||||
Total | 313,832 | 276,816 | ||||
Less accumulated depreciation and amortization | -187,825 | -170,370 | ||||
$ | 126,007 | $ | 106,446 | |||
For the three months ended September 30, 2014 and 2013, depreciation and amortization of furniture and equipment, and leasehold improvements totaled $7.4 million and $8.6 million, respectively. For the nine months ended September 30, 2014 and 2013, depreciation and amortization of furniture and equipment and leasehold improvements totaled $21.7 million and $25.2 million respectively. | ||||||
Goodwill_And_Intangible_Assets
Goodwill And Intangible Assets | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Goodwill And Intangible Assets [Abstract] | ' | |||||||||||
Goodwill And Intangible Assets | ' | |||||||||||
NOTE 10 – Goodwill and Intangible Assets | ||||||||||||
The carrying amount of goodwill and intangible assets attributable to each of our reporting segments is presented in the following table (in thousands): | ||||||||||||
31-Dec-13 | Net additions | Impairment losses | 30-Sep-14 | |||||||||
Goodwill | ||||||||||||
Global Wealth Management | $ | 161,358 | $ | 2,293 | $ | - | $ | 163,651 | ||||
Institutional Group | 565,978 | 32,676 | - | 598,654 | ||||||||
$ | 727,336 | $ | 34,969 | $ | - | $ | 762,305 | |||||
31-Dec-13 | Net additions | Amortization | 30-Sep-14 | |||||||||
Intangible assets | ||||||||||||
Global Wealth Management | $ | 19,394 | $ | 1,670 | $ | -6,324 | $ | 14,740 | ||||
Institutional Group | 30,495 | - | -3,438 | 27,057 | ||||||||
$ | 49,889 | $ | 1,670 | $ | -9,762 | $ | 41,797 | |||||
The adjustments to goodwill and intangible assets during the nine months ended September 30, 2014 are primarily attributable to our acquisition of De La Rosa & Co (“DLR”), which closed on April 3, 2014 and Oriel Securities, which closed on July 31, 2014. The allocation of the purchase price of DLR and Oriel are preliminary and will be finalized upon completion of the analysis of the fair values of the net assets of DLR and Oriel as of the respective acquisition dates and the identified intangible assets. The final goodwill recorded on the consolidated statement of financial condition may differ from that reflected herein as a result of future measurement period adjustments and the recording of identified intangible assets. | ||||||||||||
Amortizable intangible assets consist of acquired customer relationships, trade name, investment banking backlog, and core deposits that are amortized over their contractual or determined useful lives. Intangible assets subject to amortization as of September 30, 2014 and December 31, 2013 were as follows (in thousands): | ||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||
Gross carrying value | Accumulated amortization | Gross carrying value | Accumulated amortization | |||||||||
Customer relationships | $ | 51,866 | $ | 27,681 | $ | 51,166 | $ | 24,034 | ||||
Trade name | 19,342 | 4,930 | 18,442 | 3,585 | ||||||||
Investment banking backlog | 7,388 | 7,348 | 7,388 | 6,871 | ||||||||
Core deposits | 5,447 | 4,587 | 5,447 | 182 | ||||||||
Non-compete agreements | 2,511 | 2,494 | - | - | ||||||||
$ | 86,554 | $ | 47,040 | $ | 82,443 | $ | 34,672 | |||||
Amortization expense related to intangible assets was $1.6 million and $1.3 million for the three months ended September 30, 2014 and 2013, respectively. Amortization expense related to intangible assets was $9.8 million and $4.1 million for the nine months ended September 30, 2014 and 2013, respectively. | ||||||||||||
The weighted-average remaining lives of the following intangible assets at September 30, 2014 are: customer relationships, 5.1 years; trade name, 8.5 years; core deposits, 0.8 years; and non-compete agreements, 0.5 year. The investment banking backlog will be amortized over its estimated life, which we expect to be within the next 12 months. As of September 30, 2014, we expect amortization expense in future periods to be as follows (in thousands): | ||||||||||||
Fiscal year | ||||||||||||
Remainder of 2014 | $ | 2,380 | ||||||||||
2015 | 5,257 | |||||||||||
2016 | 4,701 | |||||||||||
2017 | 4,129 | |||||||||||
2018 | 3,642 | |||||||||||
Thereafter | 19,405 | |||||||||||
$ | 39,514 | |||||||||||
ShortTerm_Borrowings
Short-Term Borrowings | 9 Months Ended |
Sep. 30, 2014 | |
Short-Term Borrowings [Abstracts] | ' |
Short-Term Borrowings | ' |
NOTE 11 – Short-Term Borrowings | |
Our short-term financing is generally obtained through short-term bank line financing on an uncommitted, secured basis, committed short-term bank line financing on an unsecured basis and securities lending arrangements. We borrow from various banks on a demand basis with company-owned and customer securities pledged as collateral. The value of customer-owned securities used as collateral is not reflected in the consolidated statements of financial condition. Our uncommitted secured lines of credit at September 30, 2014 totaled $680.0 million with four banks and are dependent on having appropriate collateral, as determined by the bank agreements, to secure an advance under the line. The availability of our uncommitted lines are subject to approval by the individual banks each time an advance is requested and may be denied. Our peak daily borrowing was $414.9 million during the nine months ended September 30, 2014. There are no compensating balance requirements under these arrangements. | |
Our committed short-term bank line financing at September 30, 2014 consisted of a $100.0 million revolving credit facility. The credit facility expires in December 2014. The applicable interest rate under the revolving credit facility is calculated as a per annum rate equal to the London Interbank Offered Rate (“LIBOR”) plus 2.25%. At September 30, 2014, we had no advances on our revolving credit facility and were in compliance with all covenants. | |
At September 30, 2014, short-term borrowings from banks were $49.8 million at an average rate of 1.00%, which were collateralized by company-owned securities valued at $366.5 million. At December 31, 2013, short-term borrowings from banks were $55.7 million at an average rate of 1.22%, which were collateralized by company-owned securities valued at $440.8 million. The average bank borrowing was $29.2 million and $246.8 million for the three months ended September 30, 2014 and 2013, respectively, at average daily effective interest rates of 1.10% and 1.33%, respectively. The average bank borrowing was $126.1 million and $290.4 million for the nine months ended September 30, 2014 and 2013, respectively, at average daily effective interest rates of 1.12% and 1.25%, respectively. | |
At September 30, 2014 and December 31, 2013, Stifel had a stock loan balance of $25.8 million and $40.1 million, respectively, at average daily interest rates of 0.20% and 0.16%, respectively. The average outstanding securities lending arrangements utilized in financing activities were $31.3 million and $120.7 million during the three months ended September 30, 2014 and 2013, respectively, at average daily effective interest rates of 0.22% and 0.23%, respectively. The average outstanding securities lending arrangements utilized in financing activities were $57.4 million and $89.0 million during the nine months ended September 30, 2014 and 2013, respectively, at average daily effective interest rates of 0.18% and 0.16%, respectively. Customer-owned securities were utilized in these arrangements. | |
Senior_Notes
Senior Notes | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Senior Notes [Abstract] | ' | ||||||
Senior Notes | ' | ||||||
NOTE 12 –Senior Notes | |||||||
The following table summarizes our senior notes as of September 30, 2014 and December 31, 2013 (in thousands): | |||||||
30-Sep-14 | 31-Dec-13 | ||||||
6.70% senior notes, due 2022 (1) | $ | 175,000 | $ | 175,000 | |||
5.375% senior notes, due 2022 (2) | 150,000 | 150,000 | |||||
4.250% senior notes, due 2024 (3) | 300,000 | - | |||||
$ | 625,000 | $ | 325,000 | ||||
-1 | In January 2012, we sold in a registered underwritten public offering, $175.0 million in aggregate principal amount of 6.70% senior notes due January 2022. Interest on these senior notes is payable quarterly in arrears. On or after January 15, 2015, we may redeem some or all of the senior notes at any time at a redemption price equal to 100% of the principal amount of the notes being redeemed plus accrued interest thereon to the redemption date. | ||||||
-2 | In December 2012, we sold in a registered underwritten public offering, $150.0 million in aggregate principal amount of 5.375% senior notes due December 2022. Interest on these senior notes is payable quarterly in arrears. On or after December 31, 2015, we may redeem some or all of the senior notes at any time at a redemption price equal to 100% of the principal amount of the notes being redeemed plus accrued interest thereon to the redemption date. | ||||||
-3 | In July 2014, we sold in a registered underwritten public offering, $300.0 million in aggregate principal amount of 4.250% senior notes due July 2024. Interest on these senior notes is payable semi-annually in arrears. We may redeem the Notes in whole or in part at our option at a redemption price equal to 100% of their principal amount, plus a “make-whole” premium and accrued and unpaid interest, if any, to the date of redemption. | ||||||
Our senior notes mature as follows, based upon its contractual terms: | |||||||
2014 | $ | - | |||||
2015 | - | ||||||
2016 | - | ||||||
2017 | - | ||||||
2018 | - | ||||||
Thereafter | 625,000 | ||||||
$ | 625,000 | ||||||
Bank_Deposits
Bank Deposits | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Bank Deposits [Abstract] | ' | |||||
Bank Deposits | ' | |||||
NOTE 13 – Bank Deposits | ||||||
Deposits consist of money market and savings accounts, certificates of deposit, and demand deposits. Deposits at September 30, 2014 and December 31, 2013 were as follows (in thousands): | ||||||
30-Sep-14 | 31-Dec-13 | |||||
Money market and savings accounts | $ | 4,410,904 | $ | 4,310,223 | ||
Demand deposits (interest-bearing) | 30,071 | 93,684 | ||||
Demand deposits (non-interest-bearing) | 10,496 | 17,935 | ||||
Certificates of deposit | 101,051 | 241,481 | ||||
$ | 4,552,522 | $ | 4,663,323 | |||
The weighted average interest rate on deposits was 0.18% and 0.07% at September 30, 2014 and December 31, 2013, respectively. | ||||||
Scheduled maturities of certificates of deposit at September 30, 2014 and December 31, 2013 were as follows (in thousands): | ||||||
30-Sep-14 | 31-Dec-13 | |||||
Certificates of deposit, less than $100: | ||||||
Within one year | $ | 37,820 | $ | 82,115 | ||
One to three years | 10,266 | 34,694 | ||||
Three to five years | 1,529 | 3,701 | ||||
Over five years | - | 66 | ||||
$ | 49,615 | $ | 120,576 | |||
Certificates of deposit, $100 and greater: | ||||||
Within one year | $ | 36,677 | $ | 75,577 | ||
One to three years | 13,723 | 41,756 | ||||
Three to five years | 783 | 3,336 | ||||
Over five years | 253 | 236 | ||||
$ | 51,436 | $ | 120,905 | |||
$ | 101,051 | $ | 241,481 | |||
At September 30, 2014 and December 31, 2013, the amount of deposits includes related party deposits, primarily brokerage customers’ deposits from Stifel Nicolaus of $4.4 billion and $4.3 billion, respectively, and interest-bearing and time deposits of executive officers, directors, and their affiliates of $0.3 million and $0.4 million, respectively. | ||||||
Derivative_Instruments_And_Hed
Derivative Instruments And Hedging Activities | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Derivative Instruments And Hedging Activities [Abstract] | ' | |||||||||||||||
Derivative Instruments And Hedging Activities | ' | |||||||||||||||
NOTE 14 – Derivative Instruments and Hedging Activities | ||||||||||||||||
We use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps generally involve the exchange of fixed and variable rate interest payments between two parties, based on a common notional principal amount and maturity date with no exchange of underlying principal amounts. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for our company making fixed payments. Our policy is not to offset fair value amounts recognized for derivative instruments and fair value amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral arising from derivative instruments recognized at fair value executed with the same counterparty under master netting arrangements. | ||||||||||||||||
The following table provides the notional values and fair values of our derivative instruments as of September 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||
30-Sep-14 | ||||||||||||||||
Asset derivatives | Liability derivatives | |||||||||||||||
Notional value | Balance sheet location | Positive fair value | Balance sheet location | Negative fair value | ||||||||||||
Derivatives designated as hedging instruments under Topic 815: | ||||||||||||||||
Cash flow interest rate contracts | $ | 296,722 | Other assets | $ | - | Accounts payable and accrued expenses | $ | -5,772 | ||||||||
31-Dec-13 | ||||||||||||||||
Asset derivatives | Liability derivatives | |||||||||||||||
Notional value | Balance sheet location | Positive fair value | Balance sheet location | Negative fair value | ||||||||||||
Derivatives designated as hedging instruments under Topic 815: | ||||||||||||||||
Cash flow interest rate contracts | $ | 386,212 | Other assets | $ | - | Accounts payable and accrued expenses | $ | -9,349 | ||||||||
Cash Flow Hedges | ||||||||||||||||
We have entered into interest rate swap agreements that effectively modify our exposure to interest rate risk by converting floating rate debt to a fixed rate debt over the next ten years. | ||||||||||||||||
Any unrealized gains or losses related to cash flow hedging instruments are reclassified from accumulated other comprehensive loss into earnings in the same period the hedged forecasted transaction affects earnings and are recorded in interest expense on the accompanying consolidated statements of operations. The ineffective portion of the cash flow hedging instruments is recorded in other income or other operating expense. There was an immaterial loss recognized during the three and nine months ended September 30, 2014 related to ineffectiveness. | ||||||||||||||||
Amounts reported in accumulated other comprehensive loss related to derivatives will be reclassified to interest expense as interest payments are made on our variable rate deposits. During the next twelve months, we estimate that $4.4 million will be reclassified as an increase to interest expense. | ||||||||||||||||
The following table shows the effect of our company’s derivative instruments in the consolidated statements of operations for the three and nine months ended September 30, 2014 and 2013 (in thousands): | ||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||
Gain/(Loss) recognized in OCI (effectiveness) | Location of loss reclassified from OCI into income | Loss reclassified from OCI into income | Location of loss recognized in OCI (ineffectiveness) | Loss recognized due to ineffectiveness | ||||||||||||
Cash flow interest rate contracts | $ | 340 | Interest expense | $ | 1,461 | None | $ | - | ||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||
Gain/(Loss) recognized in OCI (effectiveness) | Location of loss reclassified from OCI into income | Loss reclassified from OCI into income | Location of loss recognized in OCI (ineffectiveness) | Loss recognized due to ineffectiveness | ||||||||||||
Cash flow interest rate contracts | $ | -1,320 | Interest expense | $ | 2,092 | None | $ | - | ||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||
Gain/(Loss) recognized in OCI (effectiveness) | Location of loss reclassified from OCI into income | Loss reclassified from OCI into income | Location of loss recognized in OCI (ineffectiveness) | Loss recognized due to ineffectiveness | ||||||||||||
Cash flow interest rate contracts | $ | -1,319 | Interest expense | $ | 4,728 | None | $ | - | ||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||
Gain/(Loss) recognized in OCI (effectiveness) | Location of loss reclassified from OCI into income | Loss reclassified from OCI into income | Location of loss recognized in OCI (ineffectiveness) | Loss recognized due to ineffectiveness | ||||||||||||
Cash flow interest rate contracts | $ | 2,087 | Interest expense | $ | 6,716 | None | $ | - | ||||||||
We maintain a risk management strategy that incorporates the use of derivative instruments to minimize significant unplanned fluctuations in earnings caused by interest rate volatility. Our goal is to manage sensitivity to changes in rates by hedging the maturity characteristics of variable rate affiliated deposits, thereby limiting the impact on earnings. By using derivative instruments, we are exposed to credit and market risk on those derivative positions. We manage the market risk associated with interest rate contracts by establishing and monitoring limits as to the types and degree of risk that may be undertaken. Credit risk is equal to the extent of the fair value gain in a derivative if the counterparty fails to perform. When the fair value of a derivative contract is positive, this generally indicates that the counterparty owes our company and, therefore, creates a repayment risk for our company. When the fair value of a derivative contract is negative, we owe the counterparty and, therefore, have no repayment risk. See Note 5 in the notes to our consolidated financial statements for further discussion on how we determine the fair value of our financial instruments. We minimize the credit (or repayment) risk in derivative instruments by entering into transactions with high-quality counterparties that are reviewed periodically by senior management. | ||||||||||||||||
Credit Risk-Related Contingency Features | ||||||||||||||||
We have agreements with our derivative counterparties containing provisions where if we default on any of our indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then we could also be declared in default on our derivative obligations. | ||||||||||||||||
We have agreements with certain of our derivative counterparties that contain provisions where if our shareholders’ equity declines below a specified threshold or if we fail to maintain a specified minimum shareholders’ equity, then we could be declared in default on our derivative obligations. | ||||||||||||||||
Certain of our agreements with our derivative counterparties contain provisions where if a specified event or condition occurs that materially changes our creditworthiness in an adverse manner, we may be required to fully collateralize our obligations under the derivative instrument. | ||||||||||||||||
Regulatory Capital-Related Contingency Features | ||||||||||||||||
Certain of our derivative instruments contain provisions that require us to maintain our capital adequacy requirements. If we were to lose our status as “adequately capitalized,” we would be in violation of those provisions, and the counterparties of the derivative instruments could request immediate payment or demand immediate and ongoing full overnight collateralization on derivative instruments in net liability positions. | ||||||||||||||||
As of September 30, 2014, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $5.8 million (termination value). We have minimum collateral posting thresholds with certain of our derivative counterparties and have posted cash collateral of $13.6 million against our obligations under these agreements. If we had breached any of these provisions at September 30, 2014, we would have been required to settle our obligations under the agreements at the termination value. | ||||||||||||||||
Counterparty Risk | ||||||||||||||||
In the event of counterparty default, our economic loss may be higher than the uncollateralized exposure of our derivatives if we were not able to replace the defaulted derivatives in a timely fashion. We monitor the risk that our uncollateralized exposure to each of our counterparties for interest rate swaps will increase under certain adverse market conditions by performing periodic market stress tests. These tests evaluate the potential additional uncollateralized exposure we would have to each of these derivative counterparties assuming changes in the level of market rates over a brief time period. | ||||||||||||||||
Debentures_To_Stifel_Financial
Debentures To Stifel Financial Capital Trusts | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debentures To Stifel Financial Capital Trusts [Abstract] | ' | |||||||
Debentures To Stifel Financial Capital Trusts | ' | |||||||
NOTE 15 – Debentures to Stifel Financial Capital Trusts | ||||||||
The following table summarizes our debentures to Stifel Financial Capital Trusts as of September 30, 2014 and December 31, 2013 (in thousands): | ||||||||
30-Sep-14 | 31-Dec-13 | |||||||
Debenture to Stifel Financial Capital Trust II (1) | $ | 35,000 | $ | 35,000 | ||||
Debenture to Stifel Financial Capital Trust III (2) | 35,000 | 35,000 | ||||||
Debenture to Stifel Financial Capital Trust IV (3) | 12,500 | 12,500 | ||||||
$ | 82,500 | $ | 82,500 | |||||
-1 | On August 12, 2005, we completed a private placement of $35.0 million of 6.38% Cumulative Trust Preferred Securities. The trust preferred securities were offered by Stifel Financial Capital Trust II (the “Trust II”), a non-consolidated wholly owned subsidiary of our company. The trust preferred securities mature on September 30, 2035, but may be redeemed by our company, and in turn, the Trust II would call the debenture beginning September 30, 2010. The Trust II requires quarterly distributions of interest to the holders of the trust preferred securities. Distributions will be payable at a floating interest rate equal to three-month LIBOR plus 1.70% per annum. | |||||||
-2 | On March 30, 2007, we completed a private placement of $35.0 million of 6.79% Cumulative Trust Preferred Securities. The trust preferred securities were offered by Stifel Financial Capital Trust III (the "Trust III"), a non-consolidated wholly owned subsidiary of our company. The trust preferred securities mature on June 6, 2037, but may be redeemed by our company, and in turn, Trust III would call the debenture beginning June 6, 2012. Trust III requires quarterly distributions of interest to the holders of the trust preferred securities. Distributions will be payable at a floating interest rate equal to three-month LIBOR plus 1.85% per annum. | |||||||
-3 | On June 28, 2007, we completed a private placement of $35.0 million of 6.78% Cumulative Trust Preferred Securities. The trust preferred securities were offered by Stifel Financial Capital Trust IV (the “Trust IV”), a non-consolidated wholly owned subsidiary of our company. The trust preferred securities mature on September 6, 2037, but may be redeemed by our company, and in turn, Trust IV would call the debenture beginning September 6, 2012. Trust IV requires quarterly distributions of interest to the holders of the trust preferred securities. Distributions will be payable at a floating interest rate equal to three-month LIBOR plus 1.85% per annum. | |||||||
Disclosures_About_Offsetting_A
Disclosures About Offsetting Assets And Liabilities | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Disclosures About Offsetting Assets And Liabilities [Abstract] | ' | |||||||||||||||||
Disclosures About Offsetting Assets And Liabilities | ' | |||||||||||||||||
NOTE 16 – Disclosures About Offsetting Assets and Liabilities | ||||||||||||||||||
The following table provides information about financial assets and derivative assets that are subject to offset as of September 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||||
Gross amounts not offset in the Statement of Financial Condition | ||||||||||||||||||
Gross amounts of recognized assets | Gross amounts offset in the Statement of Financial Condition | Net amounts presented in the Statement of Financial Condition | Financial instruments | Collateral received | Net amount | |||||||||||||
As of September 30, 2014: | ||||||||||||||||||
Securities borrowing (1) | $ | 438,863 | $ | - | $ | 438,863 | $ | - | $ | -438,863 | $ | - | ||||||
Reverse repurchase agreements (2) | 125,513 | - | 125,513 | - | -125,513 | - | ||||||||||||
$ | 564,376 | $ | - | $ | 564,376 | $ | - | $ | -564,376 | $ | - | |||||||
As of December 31, 2013: | ||||||||||||||||||
Securities borrowing (1) | $ | 227,640 | $ | - | $ | 227,640 | $ | - | $ | -227,640 | $ | - | ||||||
Reverse repurchase agreements (2) | 225,075 | - | 225,075 | - | 225,075) | - | ||||||||||||
$ | 452,715 | $ | - | $ | 452,715 | $ | - | $ | -452,715 | $ | - | |||||||
-1 | Securities borrowing transactions are included in receivables from brokers, dealers, and clearing organizations on the consolidated statements of financial condition. See Note 4 in the notes to our consolidated financial statements for additional information on receivables from brokers, dealers, and clearing organizations. | |||||||||||||||||
-2 | Collateral received includes securities received by our company from the counterparty. These securities are not included on the consolidated statements of financial condition unless there is an event of default. | |||||||||||||||||
The following table provides information about financial liabilities and derivative liabilities that are subject to offset as of September 30, 2014 and December 31, 2013: | ||||||||||||||||||
Gross amounts not offset in the Statement of Financial Condition | ||||||||||||||||||
Gross amounts of recognized liabilities | Gross amounts offset in the Statement of Financial Condition | Net amounts presented in the Statement of Financial Condition | Financial instruments | Collateral pledged | Net amount | |||||||||||||
As of September 30, 2014: | ||||||||||||||||||
Securities lending (3) | $ | 25,765 | $ | - | $ | 25,765 | $ | - | $ | -25,765 | $ | - | ||||||
Repurchase agreements (4) | 143,814 | - | 143,814 | - | -143,814 | - | ||||||||||||
Cash flow interest rate contracts | 5,772 | - | 5,772 | - | -5,772 | - | ||||||||||||
$ | 175,351 | $ | - | $ | 175,351 | $ | - | $ | -175,351 | $ | - | |||||||
As of December 31, 2013: | ||||||||||||||||||
Securities lending (3) | $ | 40,101 | $ | - | $ | 40,101 | $ | - | $ | -40,101 | $ | - | ||||||
Repurchase agreements (4) | 263,809 | - | 263,809 | - | 263,809) | - | ||||||||||||
Cash flow interest rate contracts | 9,349 | - | 9,349 | - | -9,349 | - | ||||||||||||
$ | 313,259 | $ | - | $ | 313,259 | $ | - | $ | -313,259 | $ | - | |||||||
-3 | Securities lending transactions are included in payables to from brokers, dealers, and clearing organizations on the consolidated statements of financial condition. See Note 4 in the notes to our consolidated financial statements for additional information on payables to brokers, dealers, and clearing organizations. | |||||||||||||||||
-4 | Collateral pledged includes the fair value of securities pledged by our company to the counter party. These securities are included on the consolidated statements of financial condition unless we default. | |||||||||||||||||
Commitments_Guarantees_And_Con
Commitments, Guarantees, And Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments, Guarantees, And Contingencies [Abstract] | ' |
Commitments, Guarantees, And Contingencies | ' |
NOTE 17 – Commitments, Guarantees, and Contingencies | |
Broker-Dealer Commitments and Guarantees | |
In the normal course of business, we enter into underwriting commitments. Settlement of transactions relating to such underwriting commitments, which were open at September 30, 2014, had no material effect on the consolidated financial statements. | |
In connection with margin deposit requirements of The Options Clearing Corporation, we pledged customer-owned securities valued at $58.6 million to satisfy the minimum margin deposit requirement at September 30, 2014. | |
In connection with margin deposit requirements of the National Securities Clearing Corporation, we deposited $37.0 million in cash at September 30, 2014 to satisfy the minimum margin deposit requirement at September 30, 2014. | |
We also provide guarantees to securities clearinghouses and exchanges under their standard membership agreement, which requires members to guarantee the performance of other members. Under the agreement, if another member becomes unable to satisfy its obligations to the clearinghouse, other members would be required to meet shortfalls. Our liability under these agreements is not quantifiable and may exceed the cash and securities we have posted as collateral. However, the potential requirement for us to make payments under these arrangements is considered remote. Accordingly, no liability has been recognized for these arrangements. | |
Thomas Weisel Partners LLC (“TWP”) entered into settlement and release agreements (“Settlement Agreements”) with certain customers, whereby it will purchase their ARS, at par, in exchange for a release from any future claims. At September 30, 2014, we estimate that TWP customers held $16.3 million par value of ARS, which may be repurchased over the next 2 years. The amount estimated for repurchase assumes no issuer redemptions. | |
Other Commitments | |
In the ordinary course of business, Stifel Bank has commitments to extend credit in the form of commitments to originate loans, standby letters of credit, and lines of credit. See Note 22 in the notes to our consolidated financial statements for further details. | |
We have committed capital to certain entities and these commitments generally have no specified call dates. We had $34.5 million of commitments outstanding at September 30, 2014, of which $22.9 million relate to commitments to certain strategic relationships with Business Development Corporations. | |
Concentration of Credit Risk | |
We provide investment, capital-raising, and related services to a diverse group of domestic customers, including governments, corporations, and institutional and individual investors. Our exposure to credit risk associated with the non-performance of customers in fulfilling their contractual obligations pursuant to securities transactions can be directly impacted by volatile securities markets, credit markets, and regulatory changes. This exposure is measured on an individual customer basis and on a group basis for customers that share similar attributes. To reduce the potential for risk concentrations, counterparty credit limits have been implemented for certain products and are continually monitored in light of changing customer and market conditions. As of September 30, 2014 and December 31, 2013, we did not have significant concentrations of credit risk with any one customer or counterparty, or any group of customers or counterparties. | |
Legal_Proceedings
Legal Proceedings | 9 Months Ended |
Sep. 30, 2014 | |
Legal Proceedings [Abstract] | ' |
Legal Proceedings | ' |
NOTE 18 – Legal Proceedings | |
Our company and its subsidiaries are named in and subject to various proceedings and claims arising primarily from our securities business activities, including lawsuits, arbitration claims, class actions, and regulatory matters. Some of these claims seek substantial compensatory, punitive, or indeterminate damages. Our company and its subsidiaries are also involved in other reviews, investigations, and proceedings by governmental and self-regulatory organizations regarding our business, which may result in adverse judgments, settlements, fines, penalties, injunctions, and other relief. We are contesting the allegations in these claims, and we believe that there are meritorious defenses in each of these lawsuits, arbitrations, and regulatory investigations. In view of the number and diversity of claims against the company, the number of jurisdictions in which litigation is pending, and the inherent difficulty of predicting the outcome of litigation and other claims, we cannot state with certainty what the eventual outcome of pending litigation or other claims will be. | |
We have established reserves for potential losses that are probable and reasonably estimable that may result from pending and potential legal actions, investigations and regulatory proceedings. In many cases, however, it is inherently difficult to determine whether any loss is probable or even possible or to estimate the amount or range of any potential loss, particularly where proceedings may be in relatively early stages or where plaintiffs are seeking substantial or indeterminate damages. Matters frequently need to be more developed before a loss or range of loss can reasonably be estimated. | |
In our opinion, based on currently available information, review with outside legal counsel, and consideration of amounts provided for in our consolidated financial statements with respect to these matters, including the matters described below, the ultimate resolution of these matters will not have a material adverse impact on our financial position and results of operations. However, resolution of one or more of these matters may have a material effect on the results of operations in any future period, depending upon the ultimate resolution of those matters and depending upon the level of income for such period. For matters where a reserve has not been established and for which we believe a loss is reasonably possible, as well as for matters where a reserve has been recorded but for which an exposure to loss in excess of the amount accrued is reasonably possible, based on currently available information, we believe that such losses will not have a material effect on our consolidated financial statements. | |
SEC/Wisconsin Lawsuit | |
The SEC filed a civil lawsuit against our company in U.S. District Court for the Eastern District of Wisconsin on August 10, 2011. The action arises out of our role in investments made by five Southeastern Wisconsin school districts (the “school districts”) in transactions involving collateralized debt obligations (“CDOs”). This lawsuit relates to the same transactions that are the subject of the civil lawsuit filed by the school districts noted below. The SEC has asserted claims under Section 15c(1)(A), Section 10b and Rule 10b-5 of the Exchange Act and Sections 17a(1), 17a(2) and 17a(3) of the Securities Act. The claims are based upon both alleged misrepresentations and omissions in connection with the sale of the CDOs to the school districts, as well as the allegedly unsuitable nature of the CDOs. We have denied the substantive allegations of the SEC complaint, as amended, and asserted various affirmative defenses. The parties are currently taking written discovery and depositions, with all discovery scheduled to close in April 2015. After close of discovery, we anticipate the District Court will set the case for trial. We believe, based upon currently available information and review with outside counsel, that we have meritorious defenses to the SEC’s lawsuit and intend to vigorously defend the SEC’s claims. | |
Wisconsin School Districts/RBC OPEB lawsuit | |
We were named in a civil lawsuit filed in the Circuit Court of Milwaukee, Wisconsin (the “Wisconsin State Court”) on September 29, 2008. The lawsuit was filed against our company, Stifel, as well as Royal Bank of Canada Europe Ltd. and certain of its affiliates (“RBC”) by the school districts and the individual trustees for other post-employment benefit (“OPEB”) trusts established by those school districts (collectively the “Plaintiffs”). This lawsuit relates to the same transactions that are the subject of the SEC action noted above. We entered into a settlement of the Plaintiffs’ lawsuit against our company and Stifel in March 2012. The school districts are continuing their lawsuit against RBC, and we are pursuing claims against RBC to recover payments we have made to the school districts and for amounts owed to the OPEB trusts. Subsequent to the settlement, RBC asserted claims against the school districts, our company and Stifel for fraud, negligent misrepresentation, strict liability misrepresentation and information negligently provided for the guidance of others based upon our role in connection with the school districts’ purchase of the CDOs. RBC has also asserted claims against Stifel for civil conspiracy and conspiracy to injure its business based upon the settlement by Stifel with the school districts and pursuit of claims against RBC. We have filed our Answer, denying RBC’s claims, and discovery continues in the case. We believe we have meritorious legal and factual defenses to the claims asserted by RBC and we intend to vigorously defend those claims. | |
EDC Bond Issuance Matter | |
In January 2008, our company was the initial purchaser of a $50.0 million bond offering under Rule 144A by the Lake of the Torches Economic Development Corporation (“EDC”) which is associated with Lac Du Flambeau Band of Lake Superior Chippewa Indians (together with EDC, the “Tribe”). We then sold all of the bonds to LDF Acquisition LLC, a special purpose vehicle created by Saybrook Tax Exempt Investors LLC (collectively, “Saybrook”), with Wells Fargo Bank, NA (“Wells Fargo”) as the indenture trustee for the bonds. In 2009 Saybrook and Wells Fargo brought an action in a Wisconsin federal court against the Tribe to enforce the bonds (the “2009 federal action”). The Wisconsin federal court declared, in relevant part, the Bond Indenture to be void ab initio, and the Seventh Circuit Court of Appeals affirmed but remanded the case for further proceedings as to enforceability of the other bond documents. In April 2012 Saybrook dismissed the 2009 federal action. | |
On January 16, 2012, Saybrook filed a new action in Wisconsin state court (the “State Action”), naming as defendants our company, Stifel, the Tribe, and the law firm of Godfrey & Kahn, S.C. (“G&K”), which served as both issuer’s and bond counsel. Saybrook seeks enforcement of the obligations under the bonds, a judgment for rescission, restitution (including the amounts paid by Saybrook for the bonds), and costs. Alternatively, if Saybrook fails to recover from the Tribe, Saybrook seeks to recover damages, costs and attorneys’ fees from us and/or G&K. In the State Action, Saybrook asserts a claim against our company for fraud under the Wisconsin Uniform Securities Law, and with respect to Stifel, claims for breaches of implied warranties of validity and title, securities fraud and statutory misrepresentation under Wisconsin state law, and intentional and negligent misrepresentations relating to the validity of the bond documents and their sovereign immunity waivers. Saybrook also asserts claims against Stifel for rescission based on alleged misrepresentation or mutual mistake. | |
We have answered the Complaint in the State Action, denying the claims, and filed cross claims against the Tribe and G&K. The Tribe also moved to dismiss our cross claim, but on November 6, 2014 the court denied that motion. The Tribe moved to dismiss Saybrook’s claims against them on the grounds that the state court does not have jurisdiction over them due to assertions that they have sovereign immunity from suit. On October 23, 2014 the state court denied the Tribe’s motion to dismiss Saybrook’s claims against the Tribe, thereby allowing the case to move forward against the Tribe in state court – subject to the Tribe’s anticipated appeal of that ruling to the Wisconsin intermediate court of appeals. Additionally, G&K filed a cross-claim against us seeking contribution and alleging that if G&K is found negligent then we too must have been negligent. We have answered G&K’s cross-claim, denying those allegations. Additionally, G&K filed a third party complaint against Dentons US LLP. Written discovery is on-going between the non-Tribal Parties. | |
Additionally, on April 25, 2013, the Tribe filed a suit against Saybrook, our company, Stifel, G&K, and Wells Fargo in the Lac du Flambeau Tribal Court, seeking a declaration that all of the bond documents are void (the “Tribal Action”). Our motion to dismiss the Tribal Action was denied, and on August 27, 2013 we filed an Answer, denying the claims. | |
In response to the Tribal Action, on May 24, 2013 we, together with Saybrook, Wells Fargo and G&K, also filed an action in a Wisconsin federal court (the “Federal Action”) seeking to enjoin the Tribal Action. On May 16, 2014 the Wisconsin federal court preliminarily enjoined the Tribal Parties from litigating the Tribal Action. The Tribal Parties have appealed the preliminary injunction to the Seventh Circuit Court of Appeals. In light of the Tribal Parties’ appeal, the Tribal Action is stayed pending the resolution of the appeal. | |
While there can be no assurance that we will be successful, based upon currently available information and review with outside counsel, we believe that we have meritorious legal and factual defenses to the matter, and we intend to vigorously defend the substantive claims as well as the procedural attempt to move the litigation to the Lac du Flambeau Tribal Court. | |
Lac Courte Oreilles Tribal Lawsuit | |
On December 13, 2012, the Lac Courte Oreilles Band of Lake Superior Chippewa Indians of Wisconsin (the “Tribe”) filed a civil lawsuit against Stifel in the Tribe’s Tribal Court (the “Tribal Lawsuit”) regarding Stifel’s participation in the Tribe’s offering of two series of taxable municipal bonds as a means of raising revenue to fund various projects (the “2006 Bond Transaction”). The Complaint alleges that we failed to disclose certain information before the 2006 Bond Transaction. On February 19, 2013 we filed a declaratory judgment action in a Wisconsin federal court seeking to establish that the Tribal Court lacks jurisdiction over the Tribal Lawsuit (the “Federal Action”). On February 20, 2013, we filed a motion to dismiss the Tribal Lawsuit, challenging the jurisdiction of the Tribal Court, which motion was denied by the Tribal Court. The Tribe filed a motion to dismiss the Federal Action. Shortly thereafter, the Tribe agreed to withdraw its motion to dismiss the Federal Action and agreed to stay the Tribal Lawsuit pending a determination by the Wisconsin federal court as to whether the Tribal Court has jurisdiction over the claims. Basic discovery was taken in the Federal Action, and we filed a summary judgment motion with the U.S. District Court, asking the court for a determination that the Tribal Court does not have jurisdiction over the claims brought by the Tribe. On June 19, 2014, the District Court issued a conditional Order finding the Tribal Court has jurisdiction over the dispute. The conditional Order was issued subject to additional briefing of the issues by Stifel, which briefing has been filed with the District Court. We are currently waiting for a final decision from the District Court, which is expected in December 2014. If the District Court issues a final Order finding the Tribal Court has jurisdiction over the dispute, we intend to appeal the decision to the Seventh Circuit Court of Appeals. In the event of an appeal, the stay of proceedings in Tribal Court will remain in effect during the pendency of the appeal. While there can be no assurance that we will be successful, based upon currently available information and review with outside counsel, we believe that we have meritorious defenses to the Tribe’s claims and we intend to vigorously defend the allegations. | |
Regulatory_Capital_Requirement
Regulatory Capital Requirements | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Regulatory Capital Requirements [Abstract] | ' | ||||||||||||||||||||||||||||||||
Regulatory Capital Requirements | ' | ||||||||||||||||||||||||||||||||
NOTE 19 – Regulatory Capital Requirements | |||||||||||||||||||||||||||||||||
We operate in a highly regulated environment and are subject to capital requirements, which may limit distributions to our company from its subsidiaries. Distributions from our broker-dealer subsidiaries are subject to net capital rules. A broker-dealer that fails to comply with the SEC’s Uniform Net Capital Rule (Rule 15c3-1) may be subject to disciplinary actions by the SEC and self-regulatory organizations, such as FINRA, including censures, fines, suspension, or expulsion. Stifel Nicolaus has chosen to calculate its net capital under the alternative method, which prescribes that their net capital shall not be less than the greater of $1.0 million or two percent of aggregate debit balances (primarily receivables from customers) computed in accordance with the SEC’s Customer Protection Rule (Rule 15c3-3). KBW, CSA, and Miller Buckfire calculate their net capital under the aggregate indebtedness method, whereby their aggregate indebtedness may not be greater than fifteen times their net capital (as defined). | |||||||||||||||||||||||||||||||||
At September 30, 2014, Stifel Nicolaus had net capital of $339.4 million, which was 52.3% of aggregate debit items and $326.4 million in excess of its minimum required net capital. At September 30, 2014, KBW’s, CSA’s, and Miller Buckfire’s net capital exceeded the minimum net capital required under the SEC rule. | |||||||||||||||||||||||||||||||||
Our international subsidiaries, SNEL, Oriel, and KBW Limited, are subject to the regulatory supervision and requirements of the Financial Conduct Authority (“FCA”) in the United Kingdom. At September 30, 2014, SNEL’s, Oriel’s, and KBW Limited’s capital and reserves were in excess of the financial resources requirement under the rules of the FCA. | |||||||||||||||||||||||||||||||||
Our company, as a bank holding company, and Stifel Bank are subject to various regulatory capital requirements administered by the Federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on our company’s and Stifel Bank’s financial results. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, our company and Stifel Bank must meet specific capital guidelines that involve quantitative measures of our assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. Our company’s and Stifel Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. | |||||||||||||||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require our company, as a bank holding company, and Stifel Bank to maintain minimum amounts and ratios of total and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), and Tier 1 capital to average assets (as defined). To be categorized as “well capitalized,” our company and Stifel Bank must maintain total risk-based, Tier 1 risk-based, and Tier 1 leverage ratios as set forth in the tables below (in thousands, except ratios). | |||||||||||||||||||||||||||||||||
Stifel Financial Corp. - Federal Reserve Capital Amounts | |||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||
Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||
Total capital to risk-weighted assets | $ | 1,373,999 | 28.3 | % | $ | 388,960 | 8.0 | % | $ | 486,200 | 10.0 | % | |||||||||||||||||||||
Tier 1 capital to risk-weighted assets | 1,354,869 | 27.9 | 194,480 | 4.0 | 291,720 | 6.0 | |||||||||||||||||||||||||||
Tier 1 capital to adjusted average total assets | 1,354,869 | 16.0 | 339,540 | 4.0 | 424,425 | 5.0 | |||||||||||||||||||||||||||
Stifel Bank - Federal Reserve Capital Amounts | |||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||
Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||
Total capital to risk-weighted assets | $ | 425,358 | 13.9 | % | $ | 244,883 | 8.0 | % | $ | 306,104 | 10.0 | % | |||||||||||||||||||||
Tier 1 capital to risk-weighted assets | 406,362 | 13.3 | 122,442 | 4.0 | 183,662 | 6.0 | |||||||||||||||||||||||||||
Tier 1 capital to adjusted average total assets | 406,362 | 8.0 | 204,490 | 4.0 | 255,612 | 5.0 | |||||||||||||||||||||||||||
Interest_Income_And_Interest_E
Interest Income And Interest Expense | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Interest Income And Interest Expense [Abstract] | ' | |||||||||||
Interest Income And Interest Expense | ' | |||||||||||
NOTE 20 – Interest Income and Interest Expense | ||||||||||||
The components of interest income and interest expense are as follows (in thousands): | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Interest income: | ||||||||||||
Investment securities | $ | 16,976 | $ | 17,514 | $ | 54,500 | $ | 44,046 | ||||
Bank loans, net of unearned income | 23,475 | 8,819 | 52,377 | 26,489 | ||||||||
Margin balances | 4,873 | 4,722 | 14,382 | 13,521 | ||||||||
Other | 6,772 | 8,075 | 19,776 | 17,773 | ||||||||
$ | 52,096 | $ | 39,130 | $ | 141,035 | $ | 101,829 | |||||
Interest expense: | ||||||||||||
Senior notes | 7,831 | 5,164 | 18,158 | 15,484 | ||||||||
Bank deposits | 1,743 | 2,636 | 5,438 | 8,365 | ||||||||
Other | 1,654 | 3,735 | 5,105 | 10,889 | ||||||||
$ | 11,228 | $ | 11,535 | $ | 28,701 | $ | 34,738 | |||||
Employee_Incentive_Deferred_Co
Employee Incentive, Deferred Compensation, And Retirement Plans | 9 Months Ended |
Sep. 30, 2014 | |
Employee Incentive, Deferred Compensation, And Retirement Plans [Abstract] | ' |
Employee Incentive, Deferred Compensation, And Retirement Plans | ' |
NOTE 21 – Employee Incentive, Deferred Compensation, and Retirement Plans | |
We maintain several incentive stock award plans that provide for the granting of stock options, stock appreciation rights, restricted stock, performance awards, and stock units to our employees. We are permitted to issue new shares under all stock award plans approved by shareholders or to reissue our treasury shares. Awards under our company’s incentive stock award plans are granted at market value at the date of grant. The awards generally vest ratably over a three- to eight-year vesting period. | |
All stock-based compensation plans are administered by the Compensation Committee of the Board of Directors (“Compensation Committee”), which has the authority to interpret the plans, determine to whom awards may be granted under the plans, and determine the terms of each award. According to these plans, we are authorized to grant an additional 3.8 million shares at September 30, 2014. | |
Stock-based compensation expense included in compensation and benefits expense in the consolidated statements of operations for our company’s incentive stock award plans was $30.7. million and $39.2 million for the three months ended September 30, 2014 and 2013, respectively. The tax benefit related to stock-based compensation recognized in shareholders’ equity was $1.0 million and $0.8 million for the three months ended September 30, 2014 and 2013, respectively. | |
Stock-based compensation expense included in compensation and benefits expense in the consolidated statements of operations for our company’s incentive stock award plans was $79.2 million and $109.5 million for the nine months ended September 30, 2014 and 2013, respectively. The tax benefit related to stock-based compensation recognized in shareholders’ equity was $18.2 million and $10.4 million for the nine months ended September 30, 2014 and 2013, respectively. | |
On closing date of our acquisition of Oriel Securities, certain employees of Oriel Securities were granted restricted stock or restricted stock units of Stifel as retention. The fair value of the awards issued as retention was $11.6 million. Certain awards issued as retention had no continuing service requirements, and accordingly were expensed at date of grant. This charge of $6.8 million is included in compensation and benefits in the consolidated statement of operations for the three and nine months ended September 30, 2014. | |
On closing date of our acquisition of KBW, Inc., certain employees of KBW, Inc. and our company were granted restricted stock or restricted stock units of Stifel as retention. The fair value of the awards issued as retention was $30.6 million. There are no continuing service requirements associated with these restricted stock units, and accordingly were expensed at date of grant. This charge is included in compensation and benefits in the consolidated statement of operations for the nine months ended September 30, 2013. | |
Stock Options | |
We have substantially eliminated the use of stock options as a form of compensation. During the three and nine months ended September 30, 2014, no options were granted. | |
At September 30, 2014, all outstanding options were exercisable. Cash proceeds from the exercise of stock options, including the tax benefits realized from the exercise of stock options, were immaterial for the three and nine months ended September 30, 2014 and 2013. . | |
Stock Units | |
A stock unit represents the right to receive a share of common stock from our company at a designated time in the future without cash payment by the employee and is issued in lieu of cash incentive, principally for deferred compensation and employee retention plans. The restricted stock units vest on an annual basis over the next three to eight years and are distributable, if vested, at future specified dates. At September 30, 2014, the total number of stock units outstanding was 18.4 million, of which 11.8 million were unvested. | |
At September 30, 2014, there was unrecognized compensation cost for stock units of $305.5 million, which is expected to be recognized over a weighted-average period of 2.6 years. | |
Deferred Compensation Plans | |
The Stifel Nicolaus Wealth Accumulation Plan (the “SWAP Plan”) is provided to certain revenue producers, officers, and key administrative employees, whereby a certain percentage of their incentive compensation is deferred as defined by the Plan into company stock units with a 25% matching contribution by our company. Participants may elect to defer up to an additional 15% of their incentive compensation with a 25% matching contribution. Units generally vest over a three- to seven-year period and are distributable upon vesting or at future specified dates. Deferred compensation costs are amortized on a straight-line basis over the vesting period. Elective deferrals are 100% vested. | |
Additionally, the SWAP Plan allows Stifel Nicolaus’ financial advisors who achieve certain levels of production, the option to defer a certain percentage of their gross commissions. As stipulated by the SWAP Plan, the financial advisors have the option to: 1) defer 4% of their gross commissions into company stock units with a 25% matching contribution or 2) defer up to 2% in mutual funds, which earn a return based on the performance of index mutual funds as designated by our company or a fixed income option. The mutual fund deferral option does not include a company match. Financial advisors may elect to defer an additional 1% of gross commissions into company stock units with a 25% matching contribution. Financial advisors have no ownership in the mutual funds. Included in the investments in the consolidated statements of financial condition are investments in mutual funds of $17.6 million and $17.0 million at September 30, 2014 and December 31, 2013, respectively, that were purchased by our company to economically hedge, on an after-tax basis, its liability to the financial advisors who choose to base the performance of their return on the index mutual fund option. At September 30, 2014 and December 31, 2013, the deferred compensation liability related to the mutual fund option of $14.7 million and $14.3 million, respectively, is included in accrued compensation in the consolidated statements of financial condition. | |
In addition, certain financial advisors, upon joining our company, may receive company stock units in lieu of transition cash payments. Deferred compensation related to these awards generally vests over a five- to eight-year period. Deferred compensation costs are amortized on a straight-line basis over the deferral period. | |
OffBalance_Sheet_Credit_Risk
Off-Balance Sheet Credit Risk | 9 Months Ended |
Sep. 30, 2014 | |
Off-Balance Sheet Credit Risk [Abstract] | ' |
Off-Balance Sheet Credit Risk | ' |
NOTE 22 – Off-Balance Sheet Credit Risk | |
In the normal course of business, we execute, settle, and finance customer and proprietary securities transactions. These activities expose our company to off-balance sheet risk in the event that customers or other parties fail to satisfy their obligations. | |
In accordance with industry practice, securities transactions generally settle within three business days after trade date. Should a customer or broker fail to deliver cash or securities as agreed, we may be required to purchase or sell securities at unfavorable market prices. | |
We borrow and lend securities to facilitate the settlement process and finance transactions, utilizing customer margin securities held as collateral. We monitor the adequacy of collateral levels on a daily basis. We periodically borrow from banks on a collateralized basis, utilizing firm and customer margin securities in compliance with SEC rules. Should the counterparty fail to return customer securities pledged, we are subject to the risk of acquiring the securities at prevailing market prices in order to satisfy our customer obligations. We control our exposure to credit risk by continually monitoring our counterparties’ positions, and where deemed necessary, we may require a deposit of additional collateral and/or a reduction or diversification of positions. Our company sells securities it does not currently own (short sales) and is obligated to subsequently purchase such securities at prevailing market prices. We are exposed to risk of loss if securities prices increase prior to closing the transactions. We control our exposure to price risk from short sales through daily review and setting position and trading limits. | |
We manage our risks associated with the aforementioned transactions through position and credit limits and the continuous monitoring of collateral. Additional collateral is required from customers and other counterparties when appropriate. | |
We have accepted collateral in connection with resale agreements, securities borrowed transactions, and customer margin loans. Under many agreements, we are permitted to sell or repledge these securities held as collateral and use these securities to enter into securities lending arrangements or to deliver to counterparties to cover short positions. At September 30, 2014 and December 31, 2013, the fair value of securities accepted as collateral where we are permitted to sell or repledge the securities was $1.24 billion and $1.16 billion, respectively, and the fair value of the collateral that had been sold or repledged was $143.8 million and $263.8 million, respectively. | |
We enter into interest rate derivative contracts to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Our derivative financial instruments are principally used to manage differences in the amount, timing, and duration of our known or expected cash payments related to certain variable-rate affiliated deposits. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for us making fixed-rate payments. Our interest rate hedging strategies may not work in all market environments and, as a result, may not be effective in mitigating interest rate risk. | |
Derivatives’ notional contract amounts are not reflected as assets or liabilities in the consolidated statements of financial condition. Rather, the market, or fair value, of the derivative transactions are reported in the consolidated statements of financial condition as other assets or accounts payable and accrued expenses, as applicable. | |
For a complete discussion of our activities related to derivative instruments, see Note 14 in the notes to our consolidated financial statements. | |
In the ordinary course of business, Stifel Bank has commitments to originate loans, standby letters of credit, and lines of credit. Commitments to originate loans are agreements to lend to a customer. These commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since a portion of the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash commitments. Each customer’s creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained, if necessary, is based on the credit evaluation of the counterparty. Collateral held varies, but may include accounts receivable, inventory, property, plant and equipment, commercial real estate, and residential real estate. | |
At September 30, 2014 and December 31, 2013, Stifel Bank had outstanding commitments to originate loans aggregating $101.6 million and $66.8 million, respectively. The commitments extended over varying periods of time, with all commitments at September 30, 2014 scheduled to be disbursed in the following three months. | |
Through Stifel Bank, in the normal course of business, we originate residential mortgage loans and sell them to investors. We may be required to repurchase mortgage loans that have been sold to investors in the event there are breaches of certain representations and warranties contained within the sales agreements. We may be required to repurchase mortgage loans that were sold to investors in the event that there was inadequate underwriting or fraud, or in the event that the loans become delinquent shortly after they are originated. We also may be required to indemnify certain purchasers and others against losses they incur in the event of breaches of representations and warranties and in various other circumstances, and the amount of such losses could exceed the repurchase amount of the related loans. Consequently, we may be exposed to credit risk associated with sold loans. | |
Standby letters of credit are irrevocable conditional commitments issued by Stifel Bank to guarantee the performance of a customer to a third party. Financial standby letters of credit are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing, and similar transactions. Performance standby letters of credit are issued to guarantee performance of certain customers under non-financial contractual obligations. The credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending loans to customers. Should Stifel Bank be obligated to perform under the standby letters of credit, it may seek recourse from the customer for reimbursement of amounts paid. At September 30, 2014 and December 31, 2013, Stifel Bank had outstanding letters of credit totaling $11.1 million and $5.1 million, respectively. One of the standby letters of credit has an expiration of December 31, 2015. All of the remaining standby letters of credit commitments at September 30, 2014 have expiration terms that are less than one year. | |
Lines of credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Lines of credit generally have fixed expiration dates. Stifel Bank uses the same credit policies in granting lines of credit as it does for on-balance sheet instruments. At September 30, 2014 and December 31, 2013, Stifel Bank had granted unused lines of credit to commercial and consumer borrowers aggregating $478.5 million and $282.0 million, respectively. | |
Segment_Reporting
Segment Reporting | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Segment Reporting | ' | |||||||||||
NOTE 23 – Segment Reporting | ||||||||||||
We currently operate through the following three business segments: Global Wealth Management, Institutional Group, and various corporate activities combined in the Other segment. | ||||||||||||
Our Global Wealth Management segment consists of two businesses, the Private Client Group and Stifel Bank. The Private Client Group includes branch offices and independent contractor offices of our broker-dealer subsidiaries located throughout the United States, primarily in the Midwest and Mid-Atlantic regions with a growing presence in the Northeast, Southeast, and Western United States. These branches provide securities brokerage services, including the sale of equities, mutual funds, fixed income products, and insurance, as well as offering banking products to their clients through Stifel Bank. Stifel Bank segment provides residential, consumer, and commercial lending, as well as FDIC-insured deposit accounts to customers of our broker-dealer subsidiaries and to the general public. | ||||||||||||
The Institutional Group segment includes institutional sales and trading. It provides securities brokerage, trading, and research services to institutions, with an emphasis on the sale of equity and fixed income products. This segment also includes the management of and participation in underwritings for both corporate and public finance (exclusive of sales credits generated through the private client group, which are included in the Global Wealth Management segment), merger and acquisition, and financial advisory services. | ||||||||||||
The Other segment includes interest income from stock borrow activities, unallocated interest expense, interest income and gains and losses from investments held, compensation expense associated with the expensing of restricted stock awards with no continuing service requirements in conjunction with recent acquisitions, and all unallocated overhead cost associated with the execution of orders; processing of securities transactions; custody of client securities; receipt, identification, and delivery of funds and securities; compliance with regulatory and legal requirements; internal financial accounting and controls; and general administration and acquisition charges. | ||||||||||||
Information concerning operations in these segments of business for the three and nine months ended September 30, 2014 and 2013 is as follows (in thousands): | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Net revenues: (1) | ||||||||||||
Global Wealth Management | $ | 317,241 | $ | 274,669 | $ | 921,671 | $ | 824,344 | ||||
Institutional Group | 215,160 | 205,132 | 720,849 | 593,875 | ||||||||
Other | -8,946 | -1,162 | -12,172 | -7,298 | ||||||||
$ | 523,455 | $ | 478,639 | $ | 1,630,348 | $ | 1,410,921 | |||||
Income/(loss) from continuing operations before income taxes: | ||||||||||||
Global Wealth Management | $ | 94,026 | $ | 72,128 | $ | 262,800 | $ | 220,551 | ||||
Institutional Group | 29,500 | 34,986 | 117,812 | 94,298 | ||||||||
Other | -57,760 | -76,106 | -159,195 | -207,608 | ||||||||
$ | 65,766 | $ | 31,008 | $ | 221,417 | $ | 107,241 | |||||
-1 | No individual client accounted for more than 10 percent of total net revenues for the three and nine months ended September 30, 2014 or 2013. | |||||||||||
The following table presents our company’s total assets on a segment basis at September 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||
Global Wealth Management | $ | 5,698,937 | $ | 5,505,076 | ||||||||
Institutional Group | 3,406,450 | 3,290,573 | ||||||||||
Other | 220,730 | 213,221 | ||||||||||
$ | 9,326,117 | $ | 9,008,870 | |||||||||
We have operations in the United States, United Kingdom, and Europe. Our company’s foreign operations are conducted through its wholly owned subsidiaries, SNEL Oriel, and KBW Limited. Substantially all long-lived assets are located in the United States. | ||||||||||||
Revenues, classified by the major geographic areas in which they are earned for the three and nine months ended September 30, 2014 and 2013, were as follows (in thousands): | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
United States | $ | 491,860 | $ | 453,381 | $ | 1,532,196 | $ | 1,357,938 | ||||
United Kingdom | 29,073 | 22,697 | 89,665 | 45,120 | ||||||||
Other European | 2,522 | 2,561 | 8,487 | 7,863 | ||||||||
$ | 523,455 | $ | 478,639 | $ | 1,630,348 | $ | 1,410,921 | |||||
Earnings_Per_Share_EPS
Earnings Per Share ("EPS") | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share | ' | |||||||||||
NOTE 24 – Earnings Per Share (“EPS”) | ||||||||||||
Basic EPS is computed by dividing earnings available to common shareholders by the weighted-average number of common shares outstanding. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. Diluted earnings per share include dilutive stock options and stock units under the treasury stock method. | ||||||||||||
The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2014 and 2013 (in thousands, except per share data): | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Income from continuing operations | 40,093 | 74,929 | 133,643 | 120,782 | ||||||||
Loss from discontinued operations, net of tax | -190 | -5,239 | -2,757 | -7,037 | ||||||||
Net income | $ | 39,903 | $ | 69,690 | $ | 130,886 | $ | 113,745 | ||||
Shares for basic and diluted calculation: | ||||||||||||
Average shares used in basic computation | 66,691 | 64,706 | 66,344 | 63,133 | ||||||||
Dilutive effect of stock options and units | 9,990 | 10,485 | 9,667 | 9,718 | ||||||||
Average shares used in diluted computation: | 76,681 | 75,191 | 76,011 | 72,851 | ||||||||
Earnings per basic common share | ||||||||||||
Income from continuing operations | $ | 0.60 | $ | 1.16 | $ | 2.01 | $ | 1.91 | ||||
Loss from discontinued operations | - | -0.08 | -0.04 | -0.11 | ||||||||
Earnings per basic common share | $ | 0.60 | $ | 1.08 | $ | 1.97 | $ | 1.80 | ||||
Earnings per diluted common share | ||||||||||||
Income from continuing operations | $ | 0.52 | $ | 1.00 | $ | 1.76 | $ | 1.66 | ||||
Loss from discontinued operations | - | -0.07 | -0.04 | -0.1 | ||||||||
Earnings per diluted common share | $ | 0.52 | $ | 0.93 | $ | 1.72 | $ | 1.56 | ||||
(1)Diluted earnings per share is computed on the basis of the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Diluted earnings per share include stock options and units. | ||||||||||||
For the three and nine months ended September 30, 2014 and 2013, the anti-dilutive effect from restricted stock units was immaterial. | ||||||||||||
Shareholders_Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2014 | |
Shareholders' Equity [Abstract] | ' |
Shareholders' Equity | ' |
NOTE 25 – Shareholders’ Equity | |
Share Repurchase Program | |
We have an ongoing authorization from the Board of Directors to repurchase our common stock in the open market or in negotiated transactions. At September 30, 2014, the maximum number of shares that may yet be purchased under this plan was 3.5 million. The repurchase program has no expiration date. These purchases may be made on the open market or in privately negotiated transactions, depending upon market conditions and other factors. Repurchased shares may be used to meet obligations under our employee benefit plans and for general corporate purposes. | |
On July 31, 2014, we acquired Oriel Securities. As part of the purchase consideration, at the close of the acquisition, we issued 0.3 million shares of our common stock. | |
Variable_Interest_Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2014 | |
Variable Interest Entities [Abstract] | ' |
Variable Interest Entities | ' |
NOTE 26 – Variable Interest Entities | |
The determination as to whether an entity is a VIE is based on the structure and nature of the entity. We also consider other characteristics, such as the ability to influence the decision-making relative to the entity’s activities and how the entity is financed. The determination as to whether we must consolidate a VIE is based on whether we are the primary beneficiary for certain entities. The primary beneficiary determination is based on a qualitative analysis of the VIE’s expected losses and expected residual returns. This analysis includes a review of, among other factors, the VIE’s capital structure, contractual terms, which interests create or absorb variability, related party relationships, and the design of the VIE. For other entities, the determination as to whether we must consolidate the VIE is based on an analysis of the power to direct the activities of the VIE as well as the obligation to absorb losses or benefits that could potentially be significant to the entity. Where qualitative analyses are not conclusive, we perform a quantitative analysis. Our company’s involvement with VIEs is limited to entities used as investment vehicles and private equity funds, the establishment of Stifel Financial Capital Trusts, and our issuance of a convertible promissory note. | |
We have formed several non-consolidated investment funds with third-party investors that are typically organized as limited liability companies (“LLCs”) or limited partnerships. These partnerships and LLCs have assets of $255.2 million at September 30, 2014. For those funds where we act as the general partner, our company’s economic interest is generally limited to management fee arrangements as stipulated by the fund operating agreements. We have generally provided the third-party investors with rights to terminate the funds or to remove us as the general partner. Management fee revenue earned by our company was insignificant during the three and nine months ended September 30, 2014 and 2013. In addition, our direct investment interest in these entities is insignificant at September 30, 2014 and December 31, 2013. | |
Thomas Weisel Capital Management LLC, a subsidiary of our company, acts as the general partner of a series of investment funds in venture capital and fund of funds and manages investment funds that are active buyers of secondary interests in private equity funds, as well as portfolios of direct interests in venture-backed companies. These partnerships have combined assets of $272.8 million at September 30, 2014. We hold variable interests in these funds as a result of our company’s rights to receive management fees. Our company’s investment in and additional capital commitments to the private equity funds are also considered variable interests. The additional capital commitments are subject to call at a later date and are limited in amount. Our exposure to loss is limited to our investments in, advances and commitments to, and receivables due from these funds, and that exposure is insignificant at September 30, 2014. Management fee revenue earned by our company was insignificant during the three and nine months ended September 30, 2014 and 2013. | |
For the entities noted above that were determined to be VIEs, we have concluded that we are not the primary beneficiary and therefore we are not required to consolidate these entities. Additionally, for certain other entities we reviewed other relevant accounting guidance, which states the general partner in a limited partnership is presumed to control that limited partnership. The presumption may be overcome if the limited partners have either: (1) the substantive ability to dissolve the limited partnership or otherwise remove the general partner without cause, or (2) substantive participating rights, which provide the limited partners with the ability to effectively participate in significant decisions that would be expected to be made in the ordinary course of the limited partnership’s business and thereby preclude the general partner from exercising unilateral control over the partnership. If the criteria are not met, the consolidation of the partnership or limited liability company is required. Based on our evaluation of these entities, we determined that these entities do not require consolidation. | |
Debenture to Stifel Financial Capital Trusts | |
We have completed private placements of cumulative trust preferred securities through Stifel Financial Capital Trust II, Stifel Financial Capital Trust III, and Stifel Financial Capital Trust IV (collectively, the “Trusts”). The Trusts are non-consolidated wholly owned business trust subsidiaries of our company and were established for the limited purpose of issuing trust securities to third parties and lending the proceeds to our company. | |
The trust preferred securities represent an indirect interest in junior subordinated debentures purchased from our company by the Trusts, and we effectively provide for the full and unconditional guarantee of the securities issued by the Trusts. We make timely payments of interest to the Trusts as required by contractual obligations, which are sufficient to cover payments due on the securities issued by the Trusts, and believe that it is unlikely that any circumstances would occur that would make it necessary for our company to make payments related to these Trusts other than those required under the terms of the debenture agreements and the trust preferred securities agreements. The Trusts were determined to be VIEs because the holders of the equity investment at risk do not have adequate decision-making ability over the Trust’s activities. Our investment in the Trusts is not a variable interest, because equity interests are variable interests only to the extent that the investment is considered to be at risk. Because our investment was funded by the Trusts, it is not considered to be at risk. | |
Interest in FSI Group, LLC (“FSI”) | |
We have provided financing of $18.0 million in the form of a convertible promissory note to FSI, a limited liability company specializing in investing in banks, thrifts, insurance companies, and other financial services firms. In February 2013, the convertible promissory note was amended and restated. The convertible promissory note matures in April 2018; however, FSI has three 5 year extension options. The note is convertible at our election into a 49.9% interest in FSI only after the last extension option. The convertible promissory note has a minimum coupon rate equal to 8% per annum plus additional interest related to certain defined cash flows of the business, not to exceed 18% per annum. As we do not hold the power to direct the activities of FSI nor to absorb a majority of the expected losses, or receive a majority of the expected benefits, it was determined that we are not required to consolidate this entity. | |
Our company’s exposure to loss is limited to the carrying value of the note with FSI at September 30, 2014, of $18.0 million, which is included in other assets in the consolidated statements of financial condition. Our company had no liabilities related to this entity at September 30, 2014. We have the discretion to make additional capital contributions. We have not provided financial or other support to FSI that we were not previously contractually required to provide as of September 30, 2014. Our company’s involvement with FSI has not had a material effect on our consolidated financial position, operations, or cash flows. | |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
NOTE 27 – Subsequent Events | |
We evaluate subsequent events that have occurred after the balance sheet date but before the financial statements are issued. There are two types of subsequent events: (1) recognized, or those that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements, and (2) non-recognized, or those that provide evidence about conditions that did not exist at the date of the balance sheet but arose after that date. Based on the evaluation, we identified the following as a non-recognized event. | |
Acquisition of Legg Mason Investment Counsel & Trust Co., N.A. (“LMIC”) | |
On November 7, 2014 we completed the acquisition of Legg Mason Investment Counsel & Trust Co., N.A. (“LMIC”). LMIC provides customized investment advisory and trust services, on a discretionary basis, to individuals, families, and institutions throughout the country. | |
Recovered_Sheet1
Nature of Operations and Basis Of Presentation (Policy) | 9 Months Ended |
Sep. 30, 2014 | |
Nature Of Operations And Basis Of Presentation [Abstract] | ' |
Nature Of Operations | ' |
Nature of Operations | |
Stifel Financial Corp. (the “Parent”), through its wholly owned subsidiaries, principally Stifel, Nicolaus & Company, Incorporated (“Stifel Nicolaus”), Stifel Bank & Trust (“Stifel Bank”), Stifel Nicolaus Europe Limited (“SNEL”), Century Securities Associates, Inc. (“CSA”), Keefe, Bruyette & Woods, Inc. (“KBW”), Keefe, Bruyette & Woods Limited (“KBW Limited”), Oriel Securities (“Oriel”), and Miller Buckfire & Co. LLC (“Miller Buckfire”), is principally engaged in retail brokerage; securities trading; investment banking; investment advisory; retail, consumer, and commercial banking; and related financial services. We have offices throughout the United States and three European cities. Our major geographic area of concentration is the Midwest and Mid-Atlantic regions, with a growing presence in the Northeast, Southeast and Western United States. Our company’s principal customers are individual investors, corporations, municipalities, and institutions. | |
Our Canadian subsidiary, Stifel Nicolaus Canada, Inc. (“SN Canada”) ceased business operations as of September 30, 2013. The results of SN Canada, previously reported in the Institutional Group segment, are classified as discontinued operations for all periods presented. See Note 3 to our consolidated financial statements for further discussion of our discontinued operations. | |
Basis Of Presentation | ' |
Basis of Presentation | |
The consolidated financial statements include Stifel Financial Corp. and its wholly owned subsidiaries, principally Stifel Nicolaus and Stifel Bank. All material intercompany balances and transactions have been eliminated. Unless otherwise indicated, the terms “we,” “us,” “our,” or “our company” in this report refer to Stifel Financial Corp. and its wholly owned subsidiaries. | |
We have prepared the accompanying unaudited consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Pursuant to these rules and regulations, we have omitted certain information and footnote disclosures we normally include in our annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles. In management’s opinion, we have made all adjustments (consisting only of normal, recurring adjustments, except as otherwise noted) necessary to fairly present our financial position, results of operations and cash flows. Our interim period operating results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. These financial statements and accompanying notes should be read in conjunction with the consolidated financial statements and the notes thereto in our Annual Report on Form 10-K for the year ended December 31, 2013 on file with the SEC. | |
Certain amounts from prior periods have been reclassified to conform to the current period’s presentation. The effect of these reclassifications on our company’s previously reported consolidated financial statements was not material. | |
There have been no material changes in our significant accounting policies, as compared to the significant accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2013. | |
Consolidation Policies | ' |
Consolidation Policies | |
The consolidated financial statements include the accounts of Stifel Financial Corp. and its subsidiaries. We also have investments or interests in other entities for which we must evaluate whether to consolidate by determining whether we have a controlling financial interest or are considered to be the primary beneficiary. In determining whether to consolidate these entities, we evaluate whether the entity is a voting interest entity or a variable interest entity (“VIE”). | |
Voting Interest Entity | ' |
Voting Interest Entity. Voting interest entities are entities that have (i) total equity investment at risk sufficient to fund expected future operations independently, and (ii) equity holders who have the obligation to absorb losses or receive residual returns and the right to make decisions about the entity’s activities. We consolidate voting interest entities when we determine that there is a controlling financial interest, usually ownership of all, or a majority of, the voting interest. | |
Variable Interest Entity | ' |
Variable Interest Entity. VIEs are entities that lack one or more of the characteristics of a voting interest entity. We are required to consolidate certain VIEs in which we have the power to direct the activities of the entity and the obligation to absorb significant losses or receive significant benefits. In other cases, we consolidate VIEs when we are deemed to be the primary beneficiary. The primary beneficiary is defined as the entity that has a variable interest, or a combination of variable interests, that maintains control and receives benefits or will absorb losses that are not pro rata with its ownership interests. See Note 26 for additional information on VIEs. | |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Discontinued Operations [Abstract] | ' | |||||||||||
Components Of Discontinued Operations | ' | |||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Net revenues | $ | -44 | $ | 4,696 | $ | -75 | $ | 12,930 | ||||
Restructuring expense | - | 5,516 | 217 | 5,516 | ||||||||
Operating expenses | 110 | 4,418 | 3,664 | 14,341 | ||||||||
Total non-interest expenses | 110 | 9,934 | 3,881 | 19,857 | ||||||||
Loss from discontinued operations before income tax expense | -154 | -5,238 | -3,956 | -6,927 | ||||||||
Income tax expense/(benefit) | 36 | 1 | -1,199 | 110 | ||||||||
Loss from discontinued operations, net of tax | $ | -190 | $ | -5,239 | $ | -2,757 | $ | -7,037 | ||||
Receivables_From_And_Payables_1
Receivables From And Payables To Brokers, Dealers And Clearing Organizations (Tables) | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Receivables From And Payables To Brokers, Dealers And Clearing Organizations [Abstract] | ' | |||||
Amounts Receivable From Brokers, Dealers, And Clearing Organizations | ' | |||||
30-Sep-14 | 31-Dec-13 | |||||
Deposits paid for securities borrowed | $ | 438,863 | $ | 227,640 | ||
Receivable from clearing organizations | 182,198 | 125,538 | ||||
Securities failed to deliver | 30,367 | 27,944 | ||||
$ | 651,428 | $ | 381,122 | |||
Amounts Payable To Brokers, Dealers, And Clearing Organizations | ' | |||||
30-Sep-14 | 31-Dec-13 | |||||
Deposits received from securities loaned | $ | 25,765 | $ | 40,101 | ||
Securities failed to receive | 43,507 | 7,411 | ||||
Payable to clearing organizations | 9,839 | 10,623 | ||||
$ | 79,111 | $ | 58,135 | |||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||||||
Fair Value Of Assets And Liabilities Measured On Recurring Basis | ' | ||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash equivalents | $ | 73,708 | $ | 73,708 | $ | - | $ | - | |||||||||||||
Financial instruments owned: | |||||||||||||||||||||
U.S. government agency securities | 95,595 | 20 | 95,575 | - | |||||||||||||||||
U.S. government securities | 55,172 | 55,172 | - | - | |||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||
Agency | 194,582 | - | 194,582 | - | |||||||||||||||||
Non-agency | 25,208 | - | 25,208 | - | |||||||||||||||||
Corporate securities: | |||||||||||||||||||||
Fixed income securities | 295,825 | 74,435 | 217,233 | 4,157 | |||||||||||||||||
Equity securities | 121,828 | 121,184 | 372 | 272 | |||||||||||||||||
State and municipal securities | 163,644 | - | 163,644 | - | |||||||||||||||||
Total financial instruments owned | 951,854 | 250,811 | 696,614 | 4,429 | |||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||
U.S. government agency securities | 1,713 | - | 1,713 | - | |||||||||||||||||
State and municipal securities | 74,113 | - | 74,113 | - | |||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||
Agency | 206,211 | - | 206,211 | - | |||||||||||||||||
Commercial | 29,438 | - | 29,438 | - | |||||||||||||||||
Non-agency | 127,885 | - | 127,885 | - | |||||||||||||||||
Corporate fixed income securities | 360,214 | 43,834 | 316,380 | - | |||||||||||||||||
Asset-backed securities | 728,173 | - | 675,044 | 53,129 | |||||||||||||||||
Total available-for-sale securities | 1,527,747 | 43,834 | 1,430,784 | 53,129 | |||||||||||||||||
Investments: | |||||||||||||||||||||
Corporate equity securities | 62,825 | 33,835 | 28,990 | - | |||||||||||||||||
Corporate preferred securities | - | - | - | - | |||||||||||||||||
Mutual funds | 17,558 | 17,558 | - | - | |||||||||||||||||
Auction rate securities: | |||||||||||||||||||||
Equity securities | 47,208 | - | - | 47,208 | |||||||||||||||||
Municipal securities | 1,472 | - | - | 1,472 | |||||||||||||||||
Other (1) | 80,068 | 4,606 | 3,931 | 71,531 | |||||||||||||||||
Total investments | 209,131 | 55,999 | 32,921 | 120,211 | |||||||||||||||||
$ | 2,762,440 | $ | 424,352 | $ | 2,160,319 | $ | 177,769 | ||||||||||||||
Liabilities: | |||||||||||||||||||||
Financial instruments sold, but not yet purchased | |||||||||||||||||||||
U.S. government securities | $ | 99,447 | $ | 99,447 | $ | - | $ | - | |||||||||||||
U.S. government agency securities | 21,981 | - | 21,981 | - | |||||||||||||||||
Agency mortgage-backed securities | 97,492 | - | 97,492 | - | |||||||||||||||||
Corporate securities: | |||||||||||||||||||||
Fixed income securities | 257,458 | 17,277 | 240,181 | - | |||||||||||||||||
Equity securities | 136,581 | 136,576 | 5 | - | |||||||||||||||||
State and municipal securities | 64 | - | 64 | - | |||||||||||||||||
Total financial instruments sold, but not yet purchased | 613,023 | 253,300 | 359,723 | - | |||||||||||||||||
Derivative contracts (2) | 5,772 | - | 5,772 | - | |||||||||||||||||
$ | 618,795 | $ | 253,300 | $ | 365,495 | $ | - | ||||||||||||||
(1) Includes $43.3 million of partnership interests, $13.8 million of private company investments, and $14.4 million of private equity and other investments. | |||||||||||||||||||||
(2) Included in accounts payable and accrued expenses in the consolidated statements of financial condition. | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash equivalents | $ | 78,163 | $ | 78,163 | $ | - | $ | - | |||||||||||||
Financial instruments owned: | |||||||||||||||||||||
U.S. government agency securities | 80,835 | 307 | 80,528 | - | |||||||||||||||||
U.S. government securities | 10,594 | 10,594 | - | - | |||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||
Agency | 267,933 | - | 267,933 | ||||||||||||||||||
Non-agency | 22,570 | - | 22,570 | ||||||||||||||||||
Corporate securities: | |||||||||||||||||||||
Fixed income securities | 201,579 | 23,106 | 176,434 | 2,039 | |||||||||||||||||
Equity securities | 76,709 | 76,462 | 6 | 241 | |||||||||||||||||
State and municipal securities | 141,274 | - | 141,274 | - | |||||||||||||||||
Total financial instruments owned | 801,494 | 110,469 | 688,745 | 2,280 | |||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||
U.S. government agency securities | 1,072 | - | 1,072 | - | |||||||||||||||||
State and municipal securities | 90,677 | - | 84,477 | 6,200 | |||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||
Agency | 183,987 | - | 183,987 | - | |||||||||||||||||
Commercial | 211,246 | - | 211,246 | - | |||||||||||||||||
Non-agency | 4,619 | - | 4,619 | - | |||||||||||||||||
Corporate fixed income securities | 498,316 | 83,655 | 414,661 | - | |||||||||||||||||
Asset-backed securities | 766,336 | - | 708,258 | 58,078 | |||||||||||||||||
Total available-for-sale securities | 1,756,253 | 83,655 | 1,608,320 | 64,278 | |||||||||||||||||
Investments: | |||||||||||||||||||||
Corporate equity securities | 32,402 | 32,402 | - | - | |||||||||||||||||
Corporate preferred securities | - | - | - | - | |||||||||||||||||
Mutual funds | 16,994 | 16,994 | - | - | |||||||||||||||||
Auction rate securities: | |||||||||||||||||||||
Equity securities | 56,693 | - | - | 56,693 | |||||||||||||||||
Municipal securities | 10,939 | - | - | 10,939 | |||||||||||||||||
Other (1) | 100,200 | 10 | 2,422 | 97,768 | |||||||||||||||||
Total investments | 217,228 | 49,406 | 2,422 | 165,400 | |||||||||||||||||
$ | 2,853,138 | $ | 321,693 | $ | 2,299,487 | $ | 231,958 | ||||||||||||||
Liabilities: | |||||||||||||||||||||
Financial instruments sold, but not yet purchased | |||||||||||||||||||||
U.S. government securities | $ | 253,221 | $ | 253,221 | $ | - | $ | - | |||||||||||||
Agency mortgage-backed securities | 37,201 | - | 37,201 | - | |||||||||||||||||
Corporate securities: | |||||||||||||||||||||
Fixed income securities | 100,745 | 17,857 | 82,888 | - | |||||||||||||||||
Equity securities | 90,015 | 86,933 | 3,082 | - | |||||||||||||||||
State and municipal securities | 32 | - | 32 | - | |||||||||||||||||
Total financial instruments sold, but not yet purchased | 481,214 | 358,011 | 123,203 | - | |||||||||||||||||
Derivative contracts (2) | 9,349 | - | 9,349 | - | |||||||||||||||||
$ | 490,563 | $ | 358,011 | $ | 132,552 | $ | - | ||||||||||||||
(1) Includes $56.0 million of partnership interests, $22.5 million of private company investments, and $19.2 million of private equity and other investments. | |||||||||||||||||||||
(2) Included in accounts payable and accrued expenses in the consolidated statements of financial condition. | |||||||||||||||||||||
Schedule Of Changes In Fair Value Carrying Values Associated With Level 3 Financial Instruments | ' | ||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||
Financial instruments owned | Available-for-sale securities | Investments | |||||||||||||||||||
Corporate Fixed Income Securities (1) | Equity Securities | State & Municipal Securities | Asset-Backed Securities | Auction Rate Securities - Equity | Auction Rate Securities - Municipal | Other (2) | |||||||||||||||
Balance at June 30, 2014 | $ | 3,368 | $ | - | $ | - | $ | 58,370 | $ | 52,184 | $ | 1,930 | $ | 80,344 | |||||||
Unrealized gains/(losses): | |||||||||||||||||||||
Included in changes in net assets (3) | -3 | - | - | - | -101 | 47 | 205 | ||||||||||||||
Included in OCI (4) | - | - | - | -589 | - | - | - | ||||||||||||||
Realized gains/(losses) (3) | -59 | - | - | 173 | - | - | 69 | ||||||||||||||
Purchases | 3,200 | 272 | - | - | 25 | - | 49 | ||||||||||||||
Sales | -2,293 | - | - | -4,825 | - | - | -7,231 | ||||||||||||||
Redemptions | -56 | - | - | - | -4,900 | -505 | -1,905 | ||||||||||||||
Transfers: | |||||||||||||||||||||
Into Level 3 | - | - | - | - | - | - | - | ||||||||||||||
Out of Level 3 | - | - | - | - | - | - | - | ||||||||||||||
Net change | 789 | 272 | - | -5,241 | -4,976 | -458 | -8,813 | ||||||||||||||
Balance at September 30, 2014 | $ | 4,157 | $ | 272 | - | $ | 53,129 | $ | 47,208 | $ | 1,472 | $ | 71,531 | ||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||
Financial instruments owned | Available-for-sale securities | Investments | |||||||||||||||||||
Corporate Fixed Income Securities (1) | Equity Securities | State & Municipal Securities | Asset-Backed Securities | Auction Rate Securities - Equity | Auction Rate Securities - Municipal | ||||||||||||||||
Balance at December 31, 2013 | $ | 2,039 | $ | 241 | $ | 6,200 | $ | 58,078 | $ | 56,693 | $ | 10,939 | |||||||||
Unrealized gains/(losses): | |||||||||||||||||||||
Included in changes in net assets (3) | -444 | - | - | - | 615 | 684 | |||||||||||||||
Included in OCI (4) | - | - | 62 | -297 | - | - | |||||||||||||||
Realized gains/(losses) (3) | -1,354 | 4,964 | - | 173 | - | - | |||||||||||||||
Purchases | 6,556 | 272 | - | - | 25 | 1,650 | |||||||||||||||
Sales | -2,552 | -5,205 | - | -4,825 | -1,725 | -10,324 | |||||||||||||||
Redemptions | -88 | - | - | - | -8,400 | -1,477 | |||||||||||||||
Transfers: | |||||||||||||||||||||
Into Level 3 | - | - | - | - | - | - | |||||||||||||||
Out of Level 3 | - | - | -6,262 | - | - | - | |||||||||||||||
Net change | 2,118 | 31 | -6,200 | -4,949 | -9,485 | -9,467 | |||||||||||||||
Balance at September 30, 2014 | $ | 4,157 | $ | 272 | $ | - | $ | 53,129 | $ | 47,208 | $ | 1,472 | |||||||||
-1 | Included in financial instruments owned in the consolidated statements of financial condition. | ||||||||||||||||||||
-2 | Includes partnership interests, private company investments, and private equity investments. | ||||||||||||||||||||
-3 | Realized and unrealized gains/(losses) related to financial instruments owned and investments are reported in other income in the consolidated statements of operations. | ||||||||||||||||||||
-4 | Unrealized gains/(losses) related to available-for-sale securities are reported in accumulated other comprehensive loss in the consolidated statements of financial condition. | ||||||||||||||||||||
Quantitative Information Related To The Significant Unobservable Inputs Utilized In Level 3 Recurring Fair Value Measurements | ' | ||||||||||||||||||||
Valuation technique | Unobservable input | Range | Weighted average | ||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||
Auction rate securities | |||||||||||||||||||||
Asset-backed securities | Discounted cash flow | Discount rate | 6.0% - 11.5% | 8.4% | |||||||||||||||||
Workout period | 3 - 4 years | 3.9 years | |||||||||||||||||||
Investments: | |||||||||||||||||||||
Auction rate securities | |||||||||||||||||||||
Equity securities | Discounted cash flow | Discount rate | 2.1% - 12.9% | 7.3% | |||||||||||||||||
Workout period | 1 - 3 years | 2.4 years | |||||||||||||||||||
Municipal securities | Discounted cash flow | Discount rate | 0.2% - 8.6% | 6.6% | |||||||||||||||||
Workout period | 1 - 4 years | 2.8 years | |||||||||||||||||||
Other | |||||||||||||||||||||
Investments in partnerships | Market approach | Revenue multiple | 1.3- 4.2 | 3.3 | |||||||||||||||||
EBITDA multiple | 4.1- 15.3 | 8.7 | |||||||||||||||||||
Private equity investments | Market/Income approach | Revenue multiple | 0.5- 2.0 | 1.4 | |||||||||||||||||
EBITDA multiple | 4.3- 9.8 | 6.7 | |||||||||||||||||||
Schedule Of Fair Value Of Financial Instruments | ' | ||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||
Carrying value | Estimated fair value | Carrying value | Estimated fair value | ||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 535,118 | $ | 535,118 | $ | 716,560 | $ | 716,560 | |||||||||||||
Restricted cash | - | - | 4,268 | 4,268 | |||||||||||||||||
Cash segregated for regulatory purposes | 39 | 39 | 35 | 35 | |||||||||||||||||
Securities purchased under agreements to resell | 125,513 | 125,513 | 225,075 | 225,075 | |||||||||||||||||
Financial instruments owned | 951,854 | 951,854 | 801,494 | 801,494 | |||||||||||||||||
Available-for-sale securities | 1,527,747 | 1,527,747 | 1,756,253 | 1,756,253 | |||||||||||||||||
Held-to-maturity securities | 1,199,364 | 1,221,555 | 1,312,115 | 1,305,959 | |||||||||||||||||
Loans held for sale | 104,277 | 104,277 | 109,110 | 109,110 | |||||||||||||||||
Bank loans | 1,867,177 | 1,890,834 | 1,404,353 | 1,420,068 | |||||||||||||||||
Investments | 209,131 | 209,131 | 217,228 | 217,228 | |||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Securities sold under agreements to repurchase | $ | 143,814 | $ | 143,814 | $ | 263,809 | $ | 263,809 | |||||||||||||
Bank deposits | 4,552,522 | 4,009,299 | 4,663,323 | 4,072,038 | |||||||||||||||||
Financial instruments sold, but not yet purchased | 613,023 | 613,023 | 481,214 | 481,214 | |||||||||||||||||
Securities sold, but not yet purchased | - | - | - | - | |||||||||||||||||
Derivative contracts (1) | 5,772 | 5,772 | 9,349 | 9,349 | |||||||||||||||||
Senior notes | 625,000 | 633,181 | 325,000 | 328,635 | |||||||||||||||||
Non-recourse debt | - | - | - | - | |||||||||||||||||
Debentures to Stifel Financial Capital Trusts | 82,500 | 66,291 | 82,500 | 72,201 | |||||||||||||||||
Liabilities subordinated to claims of general creditors | - | - | 3,131 | 3,122 | |||||||||||||||||
(1) Included in accounts payable and accrued expenses in the consolidated statements of financial condition. | |||||||||||||||||||||
Estimated Fair Values Of Financial Instruments Not Measured At Fair Value | ' | ||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash | $ | 461,410 | $ | 461,410 | $ | - | $ | - | |||||||||||||
Cash segregated for regulatory purposes | 39 | 39 | - | - | |||||||||||||||||
Securities purchased under agreements to resell | 125,513 | 95,683 | 29,830 | - | |||||||||||||||||
Held-to-maturity securities | 1,221,555 | - | 978,400 | 243,155 | |||||||||||||||||
Loans held for sale | 104,277 | - | 104,277 | - | |||||||||||||||||
Bank loans | 1,890,834 | - | 1,890,834 | - | |||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Securities sold under agreements to repurchase | $ | 143,814 | $ | 46,999 | $ | 96,815 | $ | - | |||||||||||||
Bank deposits | 4,009,299 | - | 4,009,299 | - | |||||||||||||||||
Senior notes | 633,181 | 633,181 | - | - | |||||||||||||||||
Non-recourse debt | - | - | - | - | |||||||||||||||||
Debentures to Stifel Financial Capital Trusts | 66,291 | - | - | 66,291 | |||||||||||||||||
Liabilities subordinated to claims of general creditors | - | - | - | - | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash | $ | 638,397 | $ | 638,397 | $ | - | $ | - | |||||||||||||
Restricted cash | 4,268 | 4,268 | - | - | |||||||||||||||||
Cash segregated for regulatory purposes | 35 | 35 | - | - | |||||||||||||||||
Securities purchased under agreements to resell | 225,075 | 225,075 | - | - | |||||||||||||||||
Held-to-maturity securities | 1,305,959 | - | 1,073,953 | 232,006 | |||||||||||||||||
Loans held for sale | 109,110 | - | 109,110 | - | |||||||||||||||||
Bank loans | 1,420,068 | - | 1,420,068 | - | |||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Securities sold under agreements to repurchase | $ | 263,809 | $ | 747 | $ | 263,062 | $ | - | |||||||||||||
Bank deposits | 4,072,038 | - | 4,072,038 | - | |||||||||||||||||
Senior notes | 328,635 | 328,635 | - | - | |||||||||||||||||
Debentures to Stifel Financial Capital Trusts | 72,201 | - | - | 72,201 | |||||||||||||||||
Liabilities subordinated to claims of general creditors | 3,122 | - | - | 3,122 | |||||||||||||||||
Financial_Instruments_Owned_An1
Financial Instruments Owned And Financial Instruments Sold, But Not Yet Purchased (Tables) | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Financial Instruments Owned And Financial Instruments Sold, But Not Yet Purchased [Abstract] | ' | |||||
Components Of Trading Securities Owned And Trading Securities Sold, But Not Yet Purchased | ' | |||||
30-Sep-14 | 31-Dec-13 | |||||
Financial instruments owned: | ||||||
U.S. government agency securities | $ | 95,595 | $ | 80,835 | ||
U.S. government securities | 55,172 | 10,594 | ||||
Mortgage-backed securities: | ||||||
Agency | 194,582 | 267,933 | ||||
Non-agency | 25,208 | 22,570 | ||||
Corporate securities: | ||||||
Fixed income securities | 295,825 | 201,579 | ||||
Equity securities | 121,828 | 76,709 | ||||
State and municipal securities | 163,644 | 141,274 | ||||
$ | 951,854 | $ | 801,494 | |||
Financial instruments sold, but not yet purchased | ||||||
U.S. government securities | $ | 99,447 | $ | 253,221 | ||
U.S. government agency securities | 21,981 | - | ||||
Agency mortgage-backed securities | 97,492 | 37,201 | ||||
Corporate securities: | ||||||
Fixed income securities | 257,458 | 100,745 | ||||
Equity securities | 136,581 | 90,015 | ||||
State and municipal securities | 64 | 32 | ||||
$ | 613,023 | $ | 481,214 | |||
AvailableForSale_And_HeldToMat1
Available-For-Sale And Held-To-Maturity Securities (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
Available-For-Sale And Held-To-Maturity Securities [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedule Of Amortized Cost And Fair Values Of The Available For Sale Securities And Held To Maturity Securities | ' | |||||||||||||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||||||||||||||
Amortized cost | Gross unrealized gains (1) | Gross unrealized losses (1) | Estimated fair value | |||||||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||||||
U.S. government agency securities | $ | 1,716 | $ | 1 | $ | -4 | $ | 1,713 | ||||||||||||||||||||||||
State and municipal securities | 76,660 | 81 | -2,628 | 74,113 | ||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||
Agency | 205,163 | 2,637 | -1,589 | 206,211 | ||||||||||||||||||||||||||||
Commercial | 127,774 | 717 | -606 | 127,885 | ||||||||||||||||||||||||||||
Non-agency | 29,247 | 191 | - | 29,438 | ||||||||||||||||||||||||||||
Corporate fixed income securities | 358,773 | 2,797 | -1,356 | 360,214 | ||||||||||||||||||||||||||||
Asset-backed securities | 734,087 | 1,350 | -7,264 | 728,173 | ||||||||||||||||||||||||||||
$ | 1,533,420 | $ | 7,774 | $ | -13,447 | $ | 1,527,747 | |||||||||||||||||||||||||
Held-to-maturity securities (2) | ||||||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||
Agency | $ | 906,177 | $ | 20,764 | $ | -18 | $ | 926,923 | ||||||||||||||||||||||||
Commercial | 59,447 | 1,376 | - | 60,823 | ||||||||||||||||||||||||||||
Non-agency | 1,226 | 1 | -13 | 1,214 | ||||||||||||||||||||||||||||
Asset-backed securities | 177,254 | 3,802 | -2,319 | 178,737 | ||||||||||||||||||||||||||||
Corporate fixed income securities | 55,260 | 5 | -1,407 | 53,858 | ||||||||||||||||||||||||||||
$ | 1,199,364 | $ | 25,948 | $ | -3,757 | $ | 1,221,555 | |||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
Amortized cost | Gross unrealized gains (1) | Gross unrealized losses (1) | Estimated fair value | |||||||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||||||
U.S. government agency securities | $ | 1,074 | $ | - | $ | -2 | $ | 1,072 | ||||||||||||||||||||||||
State and municipal securities | 96,475 | 739 | -6,537 | 90,677 | ||||||||||||||||||||||||||||
Mortgage-backed securities: | - | |||||||||||||||||||||||||||||||
Agency | 184,533 | 2,859 | -3,405 | 183,987 | ||||||||||||||||||||||||||||
Commercial | 209,949 | 3,084 | -1,787 | 211,246 | ||||||||||||||||||||||||||||
Non-agency | 4,547 | 72 | - | 4,619 | ||||||||||||||||||||||||||||
Corporate fixed income securities | 496,385 | 4,769 | -2,838 | 498,316 | ||||||||||||||||||||||||||||
Asset-backed securities | 769,553 | 2,499 | -5,716 | 766,336 | ||||||||||||||||||||||||||||
$ | 1,762,516 | $ | 14,022 | $ | -20,285 | $ | 1,756,253 | |||||||||||||||||||||||||
Held-to-maturity securities (2) | ||||||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||
Agency | $ | 968,759 | $ | 1,156 | $ | -7,915 | $ | 962,000 | ||||||||||||||||||||||||
Commercial | 59,404 | - | -186 | 59,218 | ||||||||||||||||||||||||||||
Asset-backed securities | 228,623 | 6,157 | -2,774 | 232,006 | ||||||||||||||||||||||||||||
Corporate fixed income securities | 55,329 | 11 | -2,605 | 52,735 | ||||||||||||||||||||||||||||
Municipal auction rate securities | - | - | - | - | ||||||||||||||||||||||||||||
$ | 1,312,115 | $ | 7,324 | $ | -13,480 | $ | 1,305,959 | |||||||||||||||||||||||||
-1 | Unrealized gains/(losses) related to available-for-sale securities are reported in accumulated other comprehensive income. | |||||||||||||||||||||||||||||||
-2 | Held-to-maturity securities are carried in the consolidated statements of financial condition at amortized cost, and the changes in the value of these securities, other than impairment charges, are not reported on the consolidated financial statements. | |||||||||||||||||||||||||||||||
Schedule Of Amortized Cost And Fair Values Of Debt Securities By Contractual Maturity | ' | |||||||||||||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||||||||||||||
Available-for-sale securities | Held-to-maturity securities | |||||||||||||||||||||||||||||||
Amortized cost | Estimated fair value | Amortized cost | Estimated fair value | |||||||||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||||||||||
Within one year | $ | 118,969 | $ | 120,197 | $ | - | $ | - | ||||||||||||||||||||||||
After one year through three years | 66,062 | 66,405 | 15,031 | 15,034 | ||||||||||||||||||||||||||||
After three years through five years | 142,771 | 143,348 | 40,229 | 38,824 | ||||||||||||||||||||||||||||
After five years through ten years | 348,396 | 347,259 | - | - | ||||||||||||||||||||||||||||
After ten years | 495,038 | 487,004 | 177,254 | 178,736 | ||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||
Within one year | - | - | - | - | ||||||||||||||||||||||||||||
After three years through five years | 180 | 184 | - | - | ||||||||||||||||||||||||||||
After five years through ten years | 79,408 | 80,976 | 59,447 | 60,824 | ||||||||||||||||||||||||||||
After ten years | 282,596 | 282,374 | 907,403 | 928,137 | ||||||||||||||||||||||||||||
$ | 1,533,420 | $ | 1,527,747 | $ | 1,199,364 | $ | 1,221,555 | |||||||||||||||||||||||||
Debt Securities By Contractual Maturities | ' | |||||||||||||||||||||||||||||||
Within 1 year | 1 - 5 years | 5 - 10 years | After 10 years | Total | ||||||||||||||||||||||||||||
Available-for-sale: 1 | ||||||||||||||||||||||||||||||||
U.S. government agency securities | $ | 327 | $ | 1,386 | $ | - | $ | - | $ | 1,713 | ||||||||||||||||||||||
State and municipal securities | - | - | 1,639 | 72,474 | 74,113 | |||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||
Agency | - | - | 40,501 | 165,710 | 206,211 | |||||||||||||||||||||||||||
Commercial | - | - | 40,474 | 87,411 | 127,885 | |||||||||||||||||||||||||||
Non-agency | - | 184 | - | 29,254 | 29,438 | |||||||||||||||||||||||||||
Corporate fixed income securities | 119,870 | 198,729 | 41,615 | - | 360,214 | |||||||||||||||||||||||||||
Asset-backed securities | - | 9,638 | 304,006 | 414,529 | 728,173 | |||||||||||||||||||||||||||
$ | 120,197 | $ | 209,937 | $ | 428,235 | $ | 769,378 | $ | 1,527,747 | |||||||||||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||
Agency | $ | - | $ | - | $ | - | $ | 906,177 | $ | 906,177 | ||||||||||||||||||||||
Commercial | - | - | 59,447 | - | 59,447 | |||||||||||||||||||||||||||
Non-agency | - | - | - | 1,226 | 1,226 | |||||||||||||||||||||||||||
Asset-backed securities | - | - | - | 177,254 | 177,254 | |||||||||||||||||||||||||||
Corporate fixed income securities | - | 55,260 | - | - | 55,260 | |||||||||||||||||||||||||||
$ | - | $ | 55,260 | $ | 59,447 | $ | 1,084,657 | $ | 1,199,364 | |||||||||||||||||||||||
-1 | Due to the immaterial amount of income recognized on tax-exempt securities, yields were not calculated on a tax equivalent basis. | |||||||||||||||||||||||||||||||
Schedule Of Gross Unrealized Losses And The Estimated Fair Value By Length Of Time | ' | |||||||||||||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||||||||||
Gross unrealized losses | Estimated fair value | Gross unrealized losses | Estimated fair value | Gross unrealized losses | Estimated fair value | |||||||||||||||||||||||||||
Available-for-sale securities | ||||||||||||||||||||||||||||||||
U.S. government securities | $ | -4 | $ | 1,214 | $ | - | $ | - | $ | -4 | $ | 1,214 | ||||||||||||||||||||
State and municipal securities | -1 | 426 | -2,627 | 67,458 | -2,628 | 67,884 | ||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||
Agency | -306 | 73,769 | -1,283 | 47,285 | -1,589 | 121,054 | ||||||||||||||||||||||||||
Commercial | -404 | 41,123 | -202 | 9,996 | -606 | 51,119 | ||||||||||||||||||||||||||
Non-agency | - | - | - | - | - | - | ||||||||||||||||||||||||||
Corporate fixed income securities | -134 | 37,915 | -1,222 | 64,541 | -1,356 | 102,456 | ||||||||||||||||||||||||||
Asset-backed securities | -2,950 | 314,910 | -4,314 | 182,303 | -7,264 | 497,213 | ||||||||||||||||||||||||||
$ | -3,799 | $ | 469,357 | $ | -9,648 | $ | 371,583 | $ | -13,447 | $ | 840,940 | |||||||||||||||||||||
Held-to-maturity securities | ||||||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||
Agency | $ | -18 | $ | 3,221 | $ | - | $ | - | $ | -18 | $ | 3,221 | ||||||||||||||||||||
Commercial | -13 | 524 | - | - | -13 | 524 | ||||||||||||||||||||||||||
Asset-backed securities | -129 | 12,587 | -2,190 | 55,817 | -2,319 | 68,404 | ||||||||||||||||||||||||||
Corporate fixed income securities | - | - | -1,407 | 48,855 | -1,407 | 48,855 | ||||||||||||||||||||||||||
$ | -160 | $ | 16,332 | $ | -3,597 | $ | 104,672 | $ | -3,757 | $ | 121,004 | |||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||||||||||
Gross unrealized losses | Estimated fair value | Gross unrealized losses | Estimated fair value | Gross unrealized losses | Estimated fair value | |||||||||||||||||||||||||||
Available-for-sale securities | ||||||||||||||||||||||||||||||||
U.S. government securities | $ | -2 | $ | 721 | $ | - | $ | - | $ | -2 | $ | 721 | ||||||||||||||||||||
State and municipal securities | -2,966 | 32,272 | -3,571 | 41,182 | -6,537 | 73,454 | ||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||
Agency | -3,260 | 89,395 | -145 | 1,335 | -3,405 | 90,730 | ||||||||||||||||||||||||||
Commercial | -1,787 | 46,970 | - | - | -1,787 | 46,970 | ||||||||||||||||||||||||||
Corporate fixed income securities | -2,062 | 80,700 | -776 | 39,421 | -2,838 | 120,121 | ||||||||||||||||||||||||||
Asset-backed securities | -4,516 | 436,770 | -1,200 | 31,938 | -5,716 | 468,708 | ||||||||||||||||||||||||||
$ | -14,593 | $ | 686,828 | $ | -5,692 | $ | 113,876 | $ | -20,285 | $ | 800,704 | |||||||||||||||||||||
Held-to-maturity securities | ||||||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||
Agency | $ | -91 | $ | 8,127 | $ | -7,824 | $ | 838,295 | $ | -7,915 | $ | 846,422 | ||||||||||||||||||||
Commercial | - | - | -186 | 59,219 | -186 | 59,219 | ||||||||||||||||||||||||||
Asset-backed securities | - | - | -2,774 | 92,806 | -2,774 | 92,806 | ||||||||||||||||||||||||||
Corporate fixed income securities | - | - | -2,605 | 47,727 | -2,605 | 47,727 | ||||||||||||||||||||||||||
$ | -91 | $ | 8,127 | $ | -13,389 | $ | 1,038,047 | $ | -13,480 | $ | 1,046,174 | |||||||||||||||||||||
Bank_Loans_Tables
Bank Loans (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Bank Loans [Abstract] | ' | |||||||||||||
Schedule Of Balance And Associated Percentage Of Each Major Loan Category In Loan Portfolio | ' | |||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||
Balance | Percent | Balance | Percent | |||||||||||
Consumer (1) | $ | 638,811 | 33.2 | % | $ | 552,333 | 37.7 | % | ||||||
Commercial and industrial | 833,988 | 43.5 | 509,484 | 34.8 | ||||||||||
Residential real estate | 418,806 | 21.8 | 372,789 | 25.5 | ||||||||||
Home equity lines of credit | 13,776 | 0.7 | 16,327 | 1.1 | ||||||||||
Commercial real estate | 15,970 | 0.8 | 12,284 | 0.8 | ||||||||||
Construction and land | - | - | 490 | 0.1 | ||||||||||
1,921,351 | 100.0 | % | 1,463,707 | 100.0 | % | |||||||||
Unamortized loan discount | -32,772 | -45,100 | ||||||||||||
Unamortized loan fees, net of origination costs | -1,251 | -1,920 | ||||||||||||
Loans in process | -1,155 | 334 | ||||||||||||
Allowance for loan losses | -18,996 | -12,668 | ||||||||||||
$ | 1,867,177 | $ | 1,404,353 | |||||||||||
-1 | Includes securities-based loans of $628.3 million and $508.9 million at September 30, 2014 and December 31, 2013, respectively. | |||||||||||||
Changes In The Allowance For Loan Losses For The Periods Presented | ' | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Allowance for loan losses, beginning of period | $ | 17,104 | $ | 10,919 | $ | 12,668 | $ | 8,145 | ||||||
Provision for loan losses | 1,871 | 2,297 | 6,749 | 5,537 | ||||||||||
Charge-offs: | ||||||||||||||
Residential real estate | - | - | - | -501 | ||||||||||
Commercial and industrial | - | - | -468 | - | ||||||||||
Commercial real estate | - | - | - | - | ||||||||||
Other | - | - | -4 | - | ||||||||||
Total charge-offs | - | - | -472 | -501 | ||||||||||
Recoveries | 21 | 17 | 51 | 52 | ||||||||||
Allowance for loan losses, end of period | $ | 18,996 | $ | 13,233 | $ | 18,996 | $ | 13,233 | ||||||
Schedule Of The Allowances For Loan Losses By Type | ' | |||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||
Balance | Percent (1) | Balance | Percent (1) | |||||||||||
Commercial and industrial | $ | 15,545 | 43.5 | % | $ | 9,538 | 37.7 | % | ||||||
Consumer | 1,001 | 33.2 | 892 | 34.8 | ||||||||||
Residential real estate | 674 | 21.8 | 408 | 25.5 | ||||||||||
Home equity lines of credit | 274 | 0.7 | 174 | 1.1 | ||||||||||
Commercial real estate | 239 | 0.8 | 198 | 0.8 | ||||||||||
Construction and land | - | 0.0 | 12 | 0.1 | ||||||||||
Qualitative | 1,263 | - | 1,446 | - | ||||||||||
$ | 18,996 | 100.0 | % | $ | 12,668 | 100.0 | % | |||||||
(1) Loan category as a percentage of total loan portfolio. | ||||||||||||||
Fixed_Assets_Tables
Fixed Assets (Tables) | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Fixed Assets [Abstract] | ' | |||||
Summary Of Fixed Assets | ' | |||||
30-Sep-14 | 31-Dec-13 | |||||
Furniture and equipment | $ | 191,630 | $ | 174,976 | ||
Building and leasehold improvements | 122,202 | 101,840 | ||||
Property on operating leases | - | - | ||||
Total | 313,832 | 276,816 | ||||
Less accumulated depreciation and amortization | -187,825 | -170,370 | ||||
$ | 126,007 | $ | 106,446 | |||
Goodwill_And_Intangible_Assets1
Goodwill And Intangible Assets (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Goodwill And Intangible Assets [Abstract] | ' | |||||||||||
Carrying Amount Of Goodwill And Intangible Assets | ' | |||||||||||
31-Dec-13 | Net additions | Impairment losses | 30-Sep-14 | |||||||||
Goodwill | ||||||||||||
Global Wealth Management | $ | 161,358 | $ | 2,293 | $ | - | $ | 163,651 | ||||
Institutional Group | 565,978 | 32,676 | - | 598,654 | ||||||||
$ | 727,336 | $ | 34,969 | $ | - | $ | 762,305 | |||||
31-Dec-13 | Net additions | Amortization | 30-Sep-14 | |||||||||
Intangible assets | ||||||||||||
Global Wealth Management | $ | 19,394 | $ | 1,670 | $ | -6,324 | $ | 14,740 | ||||
Institutional Group | 30,495 | - | -3,438 | 27,057 | ||||||||
$ | 49,889 | $ | 1,670 | $ | -9,762 | $ | 41,797 | |||||
The adjustments to goodwill and intangible assets during the nine months ended September 30, 2014 are primarily attributable to our acquisition of De La Rosa & Co (“DLR”), which closed on April 3, 2014 and Oriel Securities, which closed on July 31, 2014. The allocation of the purchase price of DLR and Oriel are preliminary and will be finalized upon completion of the analysis of the fair values of the net assets of DLR and Oriel as of the respective acquisition dates and the identified intangible assets. The final goodwill recorded on the consolidated statement of financial condition may differ from that reflected herein as a result of future measurement period adjustments and the recording of identified intangible assets. | ||||||||||||
Intangible Assets Subject To Amortization | ' | |||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||
Gross carrying value | Accumulated amortization | Gross carrying value | Accumulated amortization | |||||||||
Customer relationships | $ | 51,866 | $ | 27,681 | $ | 51,166 | $ | 24,034 | ||||
Trade name | 19,342 | 4,930 | 18,442 | 3,585 | ||||||||
Investment banking backlog | 7,388 | 7,348 | 7,388 | 6,871 | ||||||||
Core deposits | 5,447 | 4,587 | 5,447 | 182 | ||||||||
Non-compete agreements | 2,511 | 2,494 | - | - | ||||||||
$ | 86,554 | $ | 47,040 | $ | 82,443 | $ | 34,672 | |||||
Amortization Expense In Future Periods | ' | |||||||||||
Fiscal year | ||||||||||||
Remainder of 2014 | $ | 2,380 | ||||||||||
2015 | 5,257 | |||||||||||
2016 | 4,701 | |||||||||||
2017 | 4,129 | |||||||||||
2018 | 3,642 | |||||||||||
Thereafter | 19,405 | |||||||||||
$ | 39,514 | |||||||||||
Senior_Notes_Tables
Senior Notes (Tables) | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Senior Notes [Abstract] | ' | ||||||
Schedule Of Corporate Debt | ' | ||||||
30-Sep-14 | 31-Dec-13 | ||||||
6.70% senior notes, due 2022 (1) | $ | 175,000 | $ | 175,000 | |||
5.375% senior notes, due 2022 (2) | 150,000 | 150,000 | |||||
4.250% senior notes, due 2024 (3) | 300,000 | - | |||||
$ | 625,000 | $ | 325,000 | ||||
-1 | In January 2012, we sold in a registered underwritten public offering, $175.0 million in aggregate principal amount of 6.70% senior notes due January 2022. Interest on these senior notes is payable quarterly in arrears. On or after January 15, 2015, we may redeem some or all of the senior notes at any time at a redemption price equal to 100% of the principal amount of the notes being redeemed plus accrued interest thereon to the redemption date. | ||||||
-2 | In December 2012, we sold in a registered underwritten public offering, $150.0 million in aggregate principal amount of 5.375% senior notes due December 2022. Interest on these senior notes is payable quarterly in arrears. On or after December 31, 2015, we may redeem some or all of the senior notes at any time at a redemption price equal to 100% of the principal amount of the notes being redeemed plus accrued interest thereon to the redemption date. | ||||||
-3 | In July 2014, we sold in a registered underwritten public offering, $300.0 million in aggregate principal amount of 4.250% senior notes due July 2024. Interest on these senior notes is payable semi-annually in arrears. We may redeem the Notes in whole or in part at our option at a redemption price equal to 100% of their principal amount, plus a “make-whole” premium and accrued and unpaid interest, if any, to the date of redemption. | ||||||
Schedule Of Corporate Debt Maturity | ' | ||||||
2014 | $ | - | |||||
2015 | - | ||||||
2016 | - | ||||||
2017 | - | ||||||
2018 | - | ||||||
Thereafter | 625,000 | ||||||
$ | 625,000 | ||||||
Bank_Deposits_Tables
Bank Deposits (Tables) | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Bank Deposits [Abstract] | ' | |||||
Schedule Of Deposits | ' | |||||
30-Sep-14 | 31-Dec-13 | |||||
Money market and savings accounts | $ | 4,410,904 | $ | 4,310,223 | ||
Demand deposits (interest-bearing) | 30,071 | 93,684 | ||||
Demand deposits (non-interest-bearing) | 10,496 | 17,935 | ||||
Certificates of deposit | 101,051 | 241,481 | ||||
$ | 4,552,522 | $ | 4,663,323 | |||
Schedule Of Maturities Of Certificates Of Deposit | ' | |||||
30-Sep-14 | 31-Dec-13 | |||||
Certificates of deposit, less than $100: | ||||||
Within one year | $ | 37,820 | $ | 82,115 | ||
One to three years | 10,266 | 34,694 | ||||
Three to five years | 1,529 | 3,701 | ||||
Over five years | - | 66 | ||||
$ | 49,615 | $ | 120,576 | |||
Certificates of deposit, $100 and greater: | ||||||
Within one year | $ | 36,677 | $ | 75,577 | ||
One to three years | 13,723 | 41,756 | ||||
Three to five years | 783 | 3,336 | ||||
Over five years | 253 | 236 | ||||
$ | 51,436 | $ | 120,905 | |||
$ | 101,051 | $ | 241,481 | |||
Derivative_Instruments_And_Hed1
Derivative Instruments And Hedging Activities (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Derivative Instruments And Hedging Activities [Abstract] | ' | |||||||||||||||
Schedule Of Notional Values And Fair Values Of Derivative Instruments | ' | |||||||||||||||
30-Sep-14 | ||||||||||||||||
Asset derivatives | Liability derivatives | |||||||||||||||
Notional value | Balance sheet location | Positive fair value | Balance sheet location | Negative fair value | ||||||||||||
Derivatives designated as hedging instruments under Topic 815: | ||||||||||||||||
Cash flow interest rate contracts | $ | 296,722 | Other assets | $ | - | Accounts payable and accrued expenses | $ | -5,772 | ||||||||
31-Dec-13 | ||||||||||||||||
Asset derivatives | Liability derivatives | |||||||||||||||
Notional value | Balance sheet location | Positive fair value | Balance sheet location | Negative fair value | ||||||||||||
Derivatives designated as hedging instruments under Topic 815: | ||||||||||||||||
Cash flow interest rate contracts | $ | 386,212 | Other assets | $ | - | Accounts payable and accrued expenses | $ | -9,349 | ||||||||
Schedule Of Derivative Instruments In Consolidated Statements Of Operations | ' | |||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||
Gain/(Loss) recognized in OCI (effectiveness) | Location of loss reclassified from OCI into income | Loss reclassified from OCI into income | Location of loss recognized in OCI (ineffectiveness) | Loss recognized due to ineffectiveness | ||||||||||||
Cash flow interest rate contracts | $ | 340 | Interest expense | $ | 1,461 | None | $ | - | ||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||
Gain/(Loss) recognized in OCI (effectiveness) | Location of loss reclassified from OCI into income | Loss reclassified from OCI into income | Location of loss recognized in OCI (ineffectiveness) | Loss recognized due to ineffectiveness | ||||||||||||
Cash flow interest rate contracts | $ | -1,320 | Interest expense | $ | 2,092 | None | $ | - | ||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||
Gain/(Loss) recognized in OCI (effectiveness) | Location of loss reclassified from OCI into income | Loss reclassified from OCI into income | Location of loss recognized in OCI (ineffectiveness) | Loss recognized due to ineffectiveness | ||||||||||||
Cash flow interest rate contracts | $ | -1,319 | Interest expense | $ | 4,728 | None | $ | - | ||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||
Gain/(Loss) recognized in OCI (effectiveness) | Location of loss reclassified from OCI into income | Loss reclassified from OCI into income | Location of loss recognized in OCI (ineffectiveness) | Loss recognized due to ineffectiveness | ||||||||||||
Cash flow interest rate contracts | $ | 2,087 | Interest expense | $ | 6,716 | None | $ | - | ||||||||
Debentures_To_Stifel_Financial1
Debentures To Stifel Financial Capital Trusts (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debentures To Stifel Financial Capital Trusts [Abstract] | ' | |||||||
Debentures To Stifel Financial Capital Trusts | ' | |||||||
30-Sep-14 | 31-Dec-13 | |||||||
Debenture to Stifel Financial Capital Trust II (1) | $ | 35,000 | $ | 35,000 | ||||
Debenture to Stifel Financial Capital Trust III (2) | 35,000 | 35,000 | ||||||
Debenture to Stifel Financial Capital Trust IV (3) | 12,500 | 12,500 | ||||||
$ | 82,500 | $ | 82,500 | |||||
-1 | On August 12, 2005, we completed a private placement of $35.0 million of 6.38% Cumulative Trust Preferred Securities. The trust preferred securities were offered by Stifel Financial Capital Trust II (the “Trust II”), a non-consolidated wholly owned subsidiary of our company. The trust preferred securities mature on September 30, 2035, but may be redeemed by our company, and in turn, the Trust II would call the debenture beginning September 30, 2010. The Trust II requires quarterly distributions of interest to the holders of the trust preferred securities. Distributions will be payable at a floating interest rate equal to three-month LIBOR plus 1.70% per annum. | |||||||
-2 | On March 30, 2007, we completed a private placement of $35.0 million of 6.79% Cumulative Trust Preferred Securities. The trust preferred securities were offered by Stifel Financial Capital Trust III (the "Trust III"), a non-consolidated wholly owned subsidiary of our company. The trust preferred securities mature on June 6, 2037, but may be redeemed by our company, and in turn, Trust III would call the debenture beginning June 6, 2012. Trust III requires quarterly distributions of interest to the holders of the trust preferred securities. Distributions will be payable at a floating interest rate equal to three-month LIBOR plus 1.85% per annum. | |||||||
-3 | On June 28, 2007, we completed a private placement of $35.0 million of 6.78% Cumulative Trust Preferred Securities. The trust preferred securities were offered by Stifel Financial Capital Trust IV (the “Trust IV”), a non-consolidated wholly owned subsidiary of our company. The trust preferred securities mature on September 6, 2037, but may be redeemed by our company, and in turn, Trust IV would call the debenture beginning September 6, 2012. Trust IV requires quarterly distributions of interest to the holders of the trust preferred securities. Distributions will be payable at a floating interest rate equal to three-month LIBOR plus 1.85% per annum. | |||||||
Disclosures_About_Offsetting_A1
Disclosures About Offsetting Assets And Liabilities (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Disclosures About Offsetting Assets And Liabilities [Abstract] | ' | |||||||||||||||||
Financial Assets And Derivative Assets That Are Subject to Offset | ' | |||||||||||||||||
Gross amounts not offset in the Statement of Financial Condition | ||||||||||||||||||
Gross amounts of recognized assets | Gross amounts offset in the Statement of Financial Condition | Net amounts presented in the Statement of Financial Condition | Financial instruments | Collateral received | Net amount | |||||||||||||
As of September 30, 2014: | ||||||||||||||||||
Securities borrowing (1) | $ | 438,863 | $ | - | $ | 438,863 | $ | - | $ | -438,863 | $ | - | ||||||
Reverse repurchase agreements (2) | 125,513 | - | 125,513 | - | -125,513 | - | ||||||||||||
$ | 564,376 | $ | - | $ | 564,376 | $ | - | $ | -564,376 | $ | - | |||||||
As of December 31, 2013: | ||||||||||||||||||
Securities borrowing (1) | $ | 227,640 | $ | - | $ | 227,640 | $ | - | $ | -227,640 | $ | - | ||||||
Reverse repurchase agreements (2) | 225,075 | - | 225,075 | - | 225,075) | - | ||||||||||||
$ | 452,715 | $ | - | $ | 452,715 | $ | - | $ | -452,715 | $ | - | |||||||
-1 | Securities borrowing transactions are included in receivables from brokers, dealers, and clearing organizations on the consolidated statements of financial condition. See Note 4 in the notes to our consolidated financial statements for additional information on receivables from brokers, dealers, and clearing organizations. | |||||||||||||||||
-2 | Collateral received includes securities received by our company from the counterparty. These securities are not included on the consolidated statements of financial condition unless there is an event of default. | |||||||||||||||||
Financial Liabilities And Derivative Liabilities That Are Subject To Offset | ' | |||||||||||||||||
Gross amounts not offset in the Statement of Financial Condition | ||||||||||||||||||
Gross amounts of recognized liabilities | Gross amounts offset in the Statement of Financial Condition | Net amounts presented in the Statement of Financial Condition | Financial instruments | Collateral pledged | Net amount | |||||||||||||
As of September 30, 2014: | ||||||||||||||||||
Securities lending (3) | $ | 25,765 | $ | - | $ | 25,765 | $ | - | $ | -25,765 | $ | - | ||||||
Repurchase agreements (4) | 143,814 | - | 143,814 | - | -143,814 | - | ||||||||||||
Cash flow interest rate contracts | 5,772 | - | 5,772 | - | -5,772 | - | ||||||||||||
$ | 175,351 | $ | - | $ | 175,351 | $ | - | $ | -175,351 | $ | - | |||||||
As of December 31, 2013: | ||||||||||||||||||
Securities lending (3) | $ | 40,101 | $ | - | $ | 40,101 | $ | - | $ | -40,101 | $ | - | ||||||
Repurchase agreements (4) | 263,809 | - | 263,809 | - | 263,809) | - | ||||||||||||
Cash flow interest rate contracts | 9,349 | - | 9,349 | - | -9,349 | - | ||||||||||||
$ | 313,259 | $ | - | $ | 313,259 | $ | - | $ | -313,259 | $ | - | |||||||
-1 | Securities lending transactions are included in payables to from brokers, dealers, and clearing organizations on the consolidated statements of financial condition. See Note 4 in the notes to our consolidated financial statements for additional information on payables to brokers, dealers, and clearing organizations. | |||||||||||||||||
Collateral pledged includes the fair value of securities pledged by our company to the counter party. These securities are included on the consolidated statements of financial condition unless we default. | ||||||||||||||||||
Regulatory_Capital_Requirement1
Regulatory Capital Requirements (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Regulatory Capital Requirements [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule Of Total Risk-Based, Tier 1 Risk-Based, And Tier 1 Leverage Ratios | ' | ||||||||||||||||||||||||||||||||
Stifel Financial Corp. - Federal Reserve Capital Amounts | |||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||
Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||
Total capital to risk-weighted assets | $ | 1,373,999 | 28.3 | % | $ | 388,960 | 8.0 | % | $ | 486,200 | 10.0 | % | |||||||||||||||||||||
Tier 1 capital to risk-weighted assets | 1,354,869 | 27.9 | 194,480 | 4.0 | 291,720 | 6.0 | |||||||||||||||||||||||||||
Tier 1 capital to adjusted average total assets | 1,354,869 | 16.0 | 339,540 | 4.0 | 424,425 | 5.0 | |||||||||||||||||||||||||||
Stifel Bank - Federal Reserve Capital Amounts | |||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||
Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||
Total capital to risk-weighted assets | $ | 425,358 | 13.9 | % | $ | 244,883 | 8.0 | % | $ | 306,104 | 10.0 | % | |||||||||||||||||||||
Tier 1 capital to risk-weighted assets | 406,362 | 13.3 | 122,442 | 4.0 | 183,662 | 6.0 | |||||||||||||||||||||||||||
Tier 1 capital to adjusted average total assets | 406,362 | 8.0 | 204,490 | 4.0 | 255,612 | 5.0 | |||||||||||||||||||||||||||
Interest_Income_And_Interest_E1
Interest Income And Interest Expense (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Interest Income And Interest Expense [Abstract] | ' | |||||||||||
Components Of Interest Income And Interest Expense | ' | |||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Interest income: | ||||||||||||
Investment securities | $ | 16,976 | $ | 17,514 | $ | 54,500 | $ | 44,046 | ||||
Bank loans, net of unearned income | 23,475 | 8,819 | 52,377 | 26,489 | ||||||||
Margin balances | 4,873 | 4,722 | 14,382 | 13,521 | ||||||||
Other | 6,772 | 8,075 | 19,776 | 17,773 | ||||||||
$ | 52,096 | $ | 39,130 | $ | 141,035 | $ | 101,829 | |||||
Interest expense: | ||||||||||||
Senior notes | 7,831 | 5,164 | 18,158 | 15,484 | ||||||||
Bank deposits | 1,743 | 2,636 | 5,438 | 8,365 | ||||||||
Other | 1,654 | 3,735 | 5,105 | 10,889 | ||||||||
$ | 11,228 | $ | 11,535 | $ | 28,701 | $ | 34,738 | |||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Schedule Of Operating Information, Segment | ' | |||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Net revenues: (1) | ||||||||||||
Global Wealth Management | $ | 317,241 | $ | 274,669 | $ | 921,671 | $ | 824,344 | ||||
Institutional Group | 215,160 | 205,132 | 720,849 | 593,875 | ||||||||
Other | -8,946 | -1,162 | -12,172 | -7,298 | ||||||||
$ | 523,455 | $ | 478,639 | $ | 1,630,348 | $ | 1,410,921 | |||||
Income/(loss) from continuing operations before income taxes: | ||||||||||||
Global Wealth Management | $ | 94,026 | $ | 72,128 | $ | 262,800 | $ | 220,551 | ||||
Institutional Group | 29,500 | 34,986 | 117,812 | 94,298 | ||||||||
Other | -57,760 | -76,106 | -159,195 | -207,608 | ||||||||
$ | 65,766 | $ | 31,008 | $ | 221,417 | $ | 107,241 | |||||
-1 | No individual client accounted for more than 10 percent of total net revenues for the three and nine months ended September 30, 2014 or 2013. | |||||||||||
Schedule Of Information Of Total Assets On Segment Basis | ' | |||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||
Global Wealth Management | $ | 5,698,937 | $ | 5,505,076 | ||||||||
Institutional Group | 3,406,450 | 3,290,573 | ||||||||||
Other | 220,730 | 213,221 | ||||||||||
$ | 9,326,117 | $ | 9,008,870 | |||||||||
Schedule Of Net Revenues Earned On Major Geographical Areas | ' | |||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
United States | $ | 491,860 | $ | 453,381 | $ | 1,532,196 | $ | 1,357,938 | ||||
United Kingdom | 29,073 | 22,697 | 89,665 | 45,120 | ||||||||
Other European | 2,522 | 2,561 | 8,487 | 7,863 | ||||||||
$ | 523,455 | $ | 478,639 | $ | 1,630,348 | $ | 1,410,921 | |||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Computation Of Basic And Diluted Earnings Per Share | ' | |||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Income from continuing operations | 40,093 | 74,929 | 133,643 | 120,782 | ||||||||
Loss from discontinued operations, net of tax | -190 | -5,239 | -2,757 | -7,037 | ||||||||
Net income | $ | 39,903 | $ | 69,690 | $ | 130,886 | $ | 113,745 | ||||
Shares for basic and diluted calculation: | ||||||||||||
Average shares used in basic computation | 66,691 | 64,706 | 66,344 | 63,133 | ||||||||
Dilutive effect of stock options and units | 9,990 | 10,485 | 9,667 | 9,718 | ||||||||
Average shares used in diluted computation: | 76,681 | 75,191 | 76,011 | 72,851 | ||||||||
Earnings per basic common share | ||||||||||||
Income from continuing operations | $ | 0.60 | $ | 1.16 | $ | 2.01 | $ | 1.91 | ||||
Loss from discontinued operations | - | -0.08 | -0.04 | -0.11 | ||||||||
Earnings per basic common share | $ | 0.60 | $ | 1.08 | $ | 1.97 | $ | 1.80 | ||||
Earnings per diluted common share | ||||||||||||
Income from continuing operations | $ | 0.52 | $ | 1.00 | $ | 1.76 | $ | 1.66 | ||||
Loss from discontinued operations | - | -0.07 | -0.04 | -0.1 | ||||||||
Earnings per diluted common share | $ | 0.52 | $ | 0.93 | $ | 1.72 | $ | 1.56 | ||||
(1)Diluted earnings per share is computed on the basis of the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Diluted earnings per share include stock options and units. | ||||||||||||
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Discontinued Operations [Abstract] | ' | ' | ' | ' |
Net revenues | ($44) | $4,696 | ($75) | $12,930 |
Restructuring expense | ' | 5,516 | 217 | 5,516 |
Operating expenses | 110 | 4,418 | 3,664 | 14,341 |
Total non-interest expenses | 110 | 9,934 | 3,881 | 19,857 |
Loss from discontinued operations before taxes | -154 | -5,238 | -3,956 | -6,927 |
Income tax expense/(benefit) | 36 | 1 | -1,199 | 110 |
Loss from discontinued operations, net of tax | ($190) | ($5,239) | ($2,757) | ($7,037) |
Receivables_From_And_Payables_2
Receivables From And Payables To Brokers, Dealers And Clearing Organizations (Amounts Receivable From Brokers, Dealers, And Clearing Organizations) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Receivables From And Payables To Brokers, Dealers And Clearing Organizations [Abstract] | ' | ' |
Deposits paid for securities borrowed | $438,863 | $227,640 |
Receivable from clearing organizations | 182,198 | 125,538 |
Securities failed to deliver | 30,367 | 27,944 |
Receivables from brokers, dealers and clearing organizations, Total | $651,428 | $381,122 |
Receivables_From_And_Payables_3
Receivables From And Payables To Brokers, Dealers And Clearing Organizations (Amounts Payable To Brokers, Dealers, And Clearing Organizations) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Receivables From And Payables To Brokers, Dealers And Clearing Organizations [Abstract] | ' | ' |
Deposits received for securities loaned | $25,765 | $40,101 |
Securities failed to receive | 43,507 | 7,411 |
Payable to clearing organizations | 9,839 | 10,623 |
Payables to broker, dealers and clearing organizations, Total | $79,111 | $58,135 |
Fair_Value_Of_Financial_Instru
Fair Value Of Financial Instruments (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Recently Adopted Accounting Guidance | ' | ' | ' |
Transfers of financial assets from level 2 to level 1 | $5.90 | $10.30 | ' |
Fair Value Level One To Level Two Transfers Amount | 8.9 | 9.3 | ' |
Transfers, Out of Level 3, Assets | 10.2 | 10.2 | ' |
General and limited partnership interests in investment partnerships | 43.3 | 43.3 | 56 |
Direct investments in private equity companies held by private equity funds | 18.6 | 18.6 | 14.8 |
Commitments Investments In Affiliated And Unaffiliated Partnerships | $11.60 | $11.60 | $12.40 |
Stated interest rate | 6.70% | 6.70% | ' |
Maturity date | ' | 31-Dec-22 | ' |
Fair_Value_Of_Financial_Instru1
Fair Value Of Financial Instruments (Fair Value Of Assets And Liabilities Measured On Recurring Basis) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | $73,708 | $78,163 |
Financial instruments owned | 951,854 | 801,494 |
Available-for-sale securities, Estimated fair value | 1,527,747 | 1,756,253 |
Investments | 209,131 | 217,228 |
Total Assets | 2,762,440 | 2,853,138 |
Financial instruments sold, but not yet purchased, at fair value | 613,023 | 481,214 |
Derivative contracts, Liabilities | 5,772 | 9,349 |
Total Liabilities | 618,795 | 490,563 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 73,708 | 78,163 |
Financial instruments owned | 250,811 | 110,469 |
Available-for-sale securities, Estimated fair value | 43,834 | 83,655 |
Investments | 55,999 | 49,406 |
Total Assets | 424,352 | 321,693 |
Financial instruments sold, but not yet purchased, at fair value | 253,300 | 358,011 |
Total Liabilities | 253,300 | 358,011 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial instruments owned | 696,614 | 688,745 |
Available-for-sale securities, Estimated fair value | 1,430,784 | 1,608,320 |
Investments | 32,921 | 2,422 |
Total Assets | 2,160,319 | 2,299,487 |
Financial instruments sold, but not yet purchased, at fair value | 359,723 | 123,203 |
Derivative contracts, Liabilities | 5,772 | 9,349 |
Total Liabilities | 365,495 | 132,552 |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial instruments owned | 4,429 | 2,280 |
Available-for-sale securities, Estimated fair value | 53,129 | 64,278 |
Investments | 120,211 | 165,400 |
Total Assets | 177,769 | 231,958 |
U.S. Government Agency Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial instruments owned | 95,595 | 80,835 |
Available-for-sale securities, Estimated fair value | 1,713 | 1,072 |
Financial instruments sold, but not yet purchased, at fair value | 21,981 | ' |
U.S. Government Agency Securities [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial instruments owned | 20 | 307 |
U.S. Government Agency Securities [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial instruments owned | 95,575 | 80,528 |
Available-for-sale securities, Estimated fair value | 1,713 | 1,072 |
Financial instruments sold, but not yet purchased, at fair value | 21,981 | ' |
U.S. Government Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial instruments owned | 55,172 | 10,594 |
Financial instruments sold, but not yet purchased, at fair value | 99,447 | 253,221 |
U.S. Government Securities [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial instruments owned | 55,172 | 10,594 |
Financial instruments sold, but not yet purchased, at fair value | 99,447 | 253,221 |
Corporate Fixed Income Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial instruments owned | 295,825 | 201,579 |
Available-for-sale securities, Estimated fair value | 360,214 | 498,316 |
Financial instruments sold, but not yet purchased, at fair value | 257,458 | 100,745 |
Corporate Fixed Income Securities [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial instruments owned | 74,435 | 23,106 |
Available-for-sale securities, Estimated fair value | 43,834 | 83,655 |
Financial instruments sold, but not yet purchased, at fair value | 17,277 | 17,857 |
Corporate Fixed Income Securities [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial instruments owned | 217,233 | 176,434 |
Available-for-sale securities, Estimated fair value | 316,380 | 414,661 |
Financial instruments sold, but not yet purchased, at fair value | 240,181 | 82,888 |
Corporate Fixed Income Securities [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial instruments owned | 4,157 | 2,039 |
Corporate Equity Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial instruments owned | 121,828 | 76,709 |
Investments | 62,825 | 32,402 |
Financial instruments sold, but not yet purchased, at fair value | 136,581 | 90,015 |
Corporate Equity Securities [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial instruments owned | 121,184 | 76,462 |
Investments | 33,835 | 32,402 |
Financial instruments sold, but not yet purchased, at fair value | 136,576 | 86,933 |
Corporate Equity Securities [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial instruments owned | 372 | 6 |
Investments | 28,990 | ' |
Financial instruments sold, but not yet purchased, at fair value | 5 | 3,082 |
Corporate Equity Securities [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial instruments owned | 272 | 241 |
State And Municipal Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial instruments owned | 163,644 | 141,274 |
Available-for-sale securities, Estimated fair value | 74,113 | 90,677 |
Financial instruments sold, but not yet purchased, at fair value | 64 | 32 |
State And Municipal Securities [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial instruments owned | 163,644 | 141,274 |
Available-for-sale securities, Estimated fair value | 74,113 | 84,477 |
Financial instruments sold, but not yet purchased, at fair value | 64 | 32 |
State And Municipal Securities [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, Estimated fair value | ' | 6,200 |
Mortgage-backed Securities: Agency [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial instruments owned | 194,582 | 267,933 |
Available-for-sale securities, Estimated fair value | 206,211 | 183,987 |
Financial instruments sold, but not yet purchased, at fair value | ' | 37,201 |
Mortgage-backed Securities: Agency [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial instruments owned | 194,582 | 267,933 |
Available-for-sale securities, Estimated fair value | 206,211 | 183,987 |
Financial instruments sold, but not yet purchased, at fair value | ' | 37,201 |
Commercial [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, Estimated fair value | 29,438 | 211,246 |
Commercial [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, Estimated fair value | 29,438 | 211,246 |
Mortgage-backed Securities: Non-Agency [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial instruments owned | 25,208 | 22,570 |
Available-for-sale securities, Estimated fair value | 127,885 | 4,619 |
Financial instruments sold, but not yet purchased, at fair value | 97,492 | ' |
Mortgage-backed Securities: Non-Agency [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial instruments owned | 25,208 | 22,570 |
Available-for-sale securities, Estimated fair value | 127,885 | 4,619 |
Financial instruments sold, but not yet purchased, at fair value | 97,492 | ' |
Asset-Backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, Estimated fair value | 728,173 | 766,336 |
Asset-Backed Securities [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, Estimated fair value | 675,044 | 708,258 |
Asset-Backed Securities [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, Estimated fair value | 53,129 | 58,078 |
Mutual Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 17,558 | 16,994 |
Mutual Funds [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 17,558 | 16,994 |
Auction Rate Equity Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 47,208 | 56,693 |
Auction Rate Equity Securities [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 47,208 | 56,693 |
Auction Rate Municipal Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 1,472 | 10,939 |
Auction Rate Municipal Securities [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 1,472 | 10,939 |
Other Investment [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 80,068 | 100,200 |
Other Investment [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 4,606 | 10 |
Other Investment [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 3,931 | 2,422 |
Other Investment [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 71,531 | 97,768 |
Investments In Partnerships [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 43,300 | 56,000 |
Private Company Investments [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 13,800 | 22,500 |
Private Equity And Other Investments [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | $14,400 | $19,200 |
Fair_Value_Of_Financial_Instru2
Fair Value Of Financial Instruments (Schedule Of Changes In Fair Value Carrying Values Associated With Level 3 Financial Instruments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | |||||||||||
Corporate Fixed Income Securities [Member] | Corporate Fixed Income Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | State And Municipal Securities [Member] | Asset-Backed Securities [Member] | Asset-Backed Securities [Member] | Equity Auction Rate Securities [Member] | Equity Auction Rate Securities [Member] | Municipal Auction Rate Securities [Member] | Municipal Auction Rate Securities [Member] | Other Investment [Member] | ||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Beginning Balance | ' | ' | $3,368 | [1] | $2,039 | [1] | ' | $241 | $6,200 | $58,370 | $58,078 | $52,184 | $56,693 | $1,930 | $10,939 | $80,344 | [2] | ||||||||
Unrealized gains/(losses), Included in changes in net assets | ' | ' | -3 | [1],[3] | ' | ' | ' | ' | ' | ' | -101 | [3] | ' | 47 | [3] | ' | 205 | [2],[3] | |||||||
Unrealized gains/(losses), Included in OCI, Assets | ' | ' | ' | -444 | [1],[3] | ' | ' | 62 | [4] | -589 | [4] | -297 | [4] | ' | 615 | [3] | ' | 684 | [3] | ' | |||||
Realized gains/(losses) | ' | ' | -59 | [1],[3] | -1,354 | [1],[3] | ' | 4,964 | [3] | ' | 173 | [3] | 173 | [3] | ' | ' | ' | ' | 69 | [2],[3] | |||||
Purchases | ' | ' | 3,200 | [1] | 6,556 | [1] | 272 | 272 | ' | ' | ' | 25 | 25 | ' | 1,650 | 49 | [2] | ||||||||
Sales | ' | ' | -2,293 | [1] | -2,552 | [1] | ' | -5,205 | ' | -4,825 | -4,825 | ' | -1,725 | ' | -10,324 | -7,231 | [2] | ||||||||
Redemptions | ' | ' | -56 | [1] | -88 | [1] | ' | ' | ' | ' | ' | -4,900 | -8,400 | -505 | -1,477 | -1,905 | [2] | ||||||||
Transfers, Out of Level 3 | -10,200 | -10,200 | ' | ' | ' | ' | -6,262 | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net change | ' | ' | 789 | [1] | 2,118 | [1] | 272 | 31 | -6,200 | -5,241 | -4,949 | -4,976 | -9,485 | -458 | -9,467 | -8,813 | [2] | ||||||||
Ending Balance | ' | ' | $4,157 | [1] | $4,157 | [1] | $272 | $272 | ' | $53,129 | $53,129 | $47,208 | $47,208 | $1,472 | $1,472 | $71,531 | [2] | ||||||||
[1] | Included in financial instruments owned in the consolidated statements of financial condition | ||||||||||||||||||||||||
[2] | Includes partnership interests, private company investments, and private equity investments | ||||||||||||||||||||||||
[3] | Realized and unrealized gains/(losses) related to financial instruments owned and investments are reported in other income in the consolidated statements of operations. | ||||||||||||||||||||||||
[4] | Unrealized gains/(losses) related to available-for-sale securities are reported in accumulated other comprehensive loss in the consolidated statements of financial condition. |
Fair_Value_Of_Financial_Instru3
Fair Value Of Financial Instruments (Quantitative Information related To The Significant Unobservable Inputs Utilized In Company's Level 3 Recurring Fair Value Measurements) (Details) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Discounted Cash Flow [Member] | State And Municipal Securities [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Discount rate range, low end | 6.00% | ' |
Discount rate range, high end | 11.50% | ' |
Discount rate, weighted average | 8.40% | 8.40% |
Workout period range, low end | '3 years | ' |
Workout period range, high end | '4 years | ' |
Weighted average workout period | '3 years 10 months 24 days | ' |
Discounted Cash Flow [Member] | Auction Rate Equity Securities [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Discount rate range, low end | 2.10% | ' |
Discount rate, weighted average | 7.30% | 7.30% |
Workout period range, low end | '1 year | ' |
Workout period range, high end | '3 years | ' |
Weighted average workout period | '2 years 4 months 24 days | ' |
Discounted Cash Flow [Member] | Auction Rate Municipal Securities [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Discount rate range, low end | 0.20% | ' |
Discount rate range, high end | 8.60% | ' |
Discount rate, weighted average | 6.60% | 6.60% |
Workout period range, low end | '1 year | ' |
Workout period range, high end | '4 years | ' |
Weighted average workout period | '2 years 9 months 18 days | ' |
Minimum [Member] | Market Approach [Member] | Investments In Partnerships [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Revenue multiple | 1.3 | ' |
EBITDA multiple | 4.1 | ' |
Minimum [Member] | Market / Income Approach [Member] | Private Equity Investments [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Revenue multiple | 0.5 | ' |
EBITDA multiple | 4.3 | ' |
Maximum [Member] | Market Approach [Member] | Investments In Partnerships [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Revenue multiple | 4.2 | ' |
EBITDA multiple | 15.3 | ' |
Maximum [Member] | Market / Income Approach [Member] | Private Equity Investments [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Revenue multiple | 2 | ' |
EBITDA multiple | 9.8 | ' |
Weighted Average [Member] | Market Approach [Member] | Investments In Partnerships [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Revenue multiple | 3.3 | ' |
EBITDA multiple | 8.7 | ' |
Weighted Average [Member] | Market Approach [Member] | Private Equity Investments [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Revenue multiple | 1.4 | ' |
EBITDA multiple | 6.7 | ' |
Fair_Value_Of_Financial_Instru4
Fair Value Of Financial Instruments (Schedule Of Fair Value Of Financial Instruments) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Cash and cash equivalents | $73,708 | $78,163 | ||
Securities purchased under agreements to resell | 125,513 | [1] | 225,075 | [1] |
Financial instruments owned | 951,854 | 801,494 | ||
Available-for-sale Securities | 1,527,747 | 1,756,253 | ||
Held-to-maturity securities, Estimated fair value | 1,221,555 | 1,305,959 | ||
Investments, at fair value | 209,131 | 217,228 | ||
Securities purchased under agreements to resell | 143,814 | [2] | 263,809 | [2] |
Bank deposits | 4,552,522 | 4,663,323 | ||
Financial instruments sold, but not yet purchased, at fair value | 613,023 | 481,214 | ||
Derivative contracts | 5,772 | 9,349 | ||
Carrying Value [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Cash and cash equivalents | 535,118 | 716,560 | ||
Restricted cash | ' | 4,268 | ||
Cash segregated for regulatory purposes | 39 | 35 | ||
Securities purchased under agreements to resell | 125,513 | 225,075 | ||
Financial instruments owned | 951,854 | 801,494 | ||
Available-for-sale Securities | 1,527,747 | 1,756,253 | ||
Held-to-maturity securities, Estimated fair value | 1,199,364 | 1,312,115 | ||
Loans held for sale | 104,277 | 109,110 | ||
Bank loans | 1,867,177 | 1,404,353 | ||
Investments, at fair value | 209,131 | 217,228 | ||
Securities purchased under agreements to resell | 143,814 | 263,809 | ||
Bank deposits | 4,552,522 | 4,663,323 | ||
Financial instruments sold, but not yet purchased, at fair value | 613,023 | 481,214 | ||
Derivative contracts | 5,772 | 9,349 | ||
Senior notes | 625,000 | 325,000 | ||
Debentures to Stifel Financial Capital Trusts | 82,500 | 82,500 | ||
Liabilities subordinated to the claims of general creditors | ' | 3,131 | ||
Estimated Fair Value [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Cash and cash equivalents | 535,118 | 716,560 | ||
Restricted cash | ' | 4,268 | ||
Cash segregated for regulatory purposes | 39 | 35 | ||
Securities purchased under agreements to resell | 125,513 | 225,075 | ||
Financial instruments owned | 951,854 | 801,494 | ||
Available-for-sale Securities | 1,527,747 | 1,756,253 | ||
Held-to-maturity securities, Estimated fair value | 1,221,555 | 1,305,959 | ||
Loans held for sale | 104,277 | 109,110 | ||
Bank loans | 1,890,834 | 1,420,068 | ||
Investments, at fair value | 209,131 | 217,228 | ||
Securities purchased under agreements to resell | 143,814 | 263,809 | ||
Bank deposits | 4,009,299 | 4,072,038 | ||
Financial instruments sold, but not yet purchased, at fair value | 613,023 | 481,214 | ||
Derivative contracts | 5,772 | 9,349 | ||
Senior notes | 633,181 | 328,635 | ||
Debentures to Stifel Financial Capital Trusts | 66,291 | 72,201 | ||
Liabilities subordinated to the claims of general creditors | ' | $3,122 | ||
[1] | Collateral received includes securities received by our company from the counterparty. These securities are not included on the consolidated statements of financial condition unless there is an event of default. | |||
[2] | Collateral pledged includes the fair value of securities pledged by our company to the counter party. These securities are included on the consolidated statements of financial condition unless we default. |
Fair_Value_Of_Financial_Instru5
Fair Value Of Financial Instruments (Estimated Fair Values Of Financial Instruments Not Measured At Fair Value On A Recurring Basis) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash | $73,708,000 | $78,163,000 | ||
Securities purchased under agreements to resell | 125,513,000 | [1] | 225,075,000 | [1] |
Held-to-maturity securities, Estimated fair value | 1,221,555,000 | 1,305,959,000 | ||
Investments, at fair value | 209,131,000 | 217,228,000 | ||
Securities sold under agreements to repurchase | 143,814,000 | [2] | 263,809,000 | [2] |
Bank deposits | 4,552,522,000 | 4,663,323,000 | ||
Senior notes | 625,000,000 | 325,000,000 | ||
Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash | 73,708,000 | 78,163,000 | ||
Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash | 461,410,000 | 638,397,000 | ||
Restricted cash | ' | 4,268,000 | ||
Cash segregated for regulatory purposes | 39,000 | 35,000 | ||
Securities purchased under agreements to resell | 125,513,000 | 225,075,000 | ||
Held-to-maturity securities, Estimated fair value | 1,221,555,000 | 1,305,959,000 | ||
Loans held for sale | 104,277,000 | 109,110,000 | ||
Bank loans | 1,890,834,000 | 1,420,068,000 | ||
Securities sold under agreements to repurchase | 143,814,000 | 263,809,000 | ||
Bank deposits | 4,009,299,000 | 4,072,038,000 | ||
Senior notes | 633,181,000 | 328,635,000 | ||
Debentures to Stifel Financial Capital Trusts | 66,291,000 | 72,201,000 | ||
Liabilities subordinated to the claims of general creditors | ' | 3,122,000 | ||
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash | 461,410,000 | 638,397,000 | ||
Restricted cash | ' | 4,268,000 | ||
Cash segregated for regulatory purposes | 39,000 | 35,000 | ||
Securities purchased under agreements to resell | 95,683,000 | 225,075,000 | ||
Securities sold under agreements to repurchase | 46,999,000 | 747,000 | ||
Senior notes | 633,181,000 | 328,635,000 | ||
Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities purchased under agreements to resell | 29,830,000 | ' | ||
Held-to-maturity securities, Estimated fair value | 978,400,000 | 1,073,953,000 | ||
Loans held for sale | 104,277,000 | 109,110,000 | ||
Bank loans | 1,890,834,000 | 1,420,068,000 | ||
Securities sold under agreements to repurchase | 96,815,000 | 263,062,000 | ||
Bank deposits | 4,009,299,000 | 4,072,038,000 | ||
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Held-to-maturity securities, Estimated fair value | 243,155,000 | 232,006,000 | ||
Debentures to Stifel Financial Capital Trusts | 66,291,000 | 72,201,000 | ||
Liabilities subordinated to the claims of general creditors | ' | $3,122,000 | ||
[1] | Collateral received includes securities received by our company from the counterparty. These securities are not included on the consolidated statements of financial condition unless there is an event of default. | |||
[2] | Collateral pledged includes the fair value of securities pledged by our company to the counter party. These securities are included on the consolidated statements of financial condition unless we default. |
Financial_Instruments_Owned_An2
Financial Instruments Owned And Financial Instruments Sold, But Not Yet Purchased (Components Of Trading Securities Owned And Trading Securities Sold, But Not Yet Purchased) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Trading securities | $951,854 | $801,494 |
Trading securities pledged | 847,320 | 686,997 |
U.S. Government Agency Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Trading securities | 95,595 | 80,835 |
U.S. Government Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Trading securities | 55,172 | 10,594 |
Mortgage-backed Securities: Agency [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Trading securities | 194,582 | 267,933 |
Mortgage-backed Securities: Non-Agency [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Trading securities | 25,208 | 22,570 |
Corporate Fixed Income Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Trading securities | 295,825 | 201,579 |
Corporate Equity Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Trading securities | 121,828 | 76,709 |
State And Municipal Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Trading securities | 163,644 | 141,274 |
Securities Owned [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Trading securities | 951,854 | 801,494 |
Securities Owned [Member] | U.S. Government Agency Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Trading securities owned | 95,595 | 80,835 |
Securities Owned [Member] | U.S. Government Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Trading securities owned | 55,172 | 10,594 |
Securities Owned [Member] | Mortgage-backed Securities: Agency [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Trading securities owned | 194,582 | 267,933 |
Securities Owned [Member] | Mortgage-backed Securities: Non-Agency [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Trading securities owned | 25,208 | 22,570 |
Securities Owned [Member] | Corporate Fixed Income Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Fixed income securities | 295,825 | 201,579 |
Securities Owned [Member] | Corporate Equity Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Equity securities | 121,828 | 76,709 |
Securities Owned [Member] | State And Municipal Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
State and municipal securities | 163,644 | 141,274 |
Securities Sold, But Not yet Purchased [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Trading securities | 613,023 | 481,214 |
Securities Sold, But Not yet Purchased [Member] | U.S. Government Agency Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Trading securities owned | 21,981 | ' |
Securities Sold, But Not yet Purchased [Member] | U.S. Government Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Trading securities owned | 99,447 | 253,221 |
Securities Sold, But Not yet Purchased [Member] | Mortgage-backed Securities: Agency [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Trading securities owned | 97,492 | 37,201 |
Securities Sold, But Not yet Purchased [Member] | Corporate Fixed Income Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Fixed income securities | 257,458 | 100,745 |
Securities Sold, But Not yet Purchased [Member] | Corporate Equity Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Equity securities | 136,581 | 90,015 |
Securities Sold, But Not yet Purchased [Member] | State And Municipal Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
State and municipal securities | $64 | $32 |
AvailableForSale_And_HeldToMat2
Available-For-Sale And Held-To-Maturity Securities (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | ||||||
security | security | |||||||||
Available-For-Sale And Held-To-Maturity Securities [Abstract] | ' | ' | ' | ' | ' | |||||
Carrying value of securities pledged as collateral | $1,200,000,000 | ' | $1,200,000,000 | ' | $505,500,000 | |||||
Gross unrealized losses related to all other securities | 13,447,000 | [1] | ' | 13,447,000 | [1] | ' | 20,285,000 | [1] | ||
Realized gains resulted from sale of available-for-sale securities | 1,200,000 | 200,000 | 3,200,000 | 1,700,000 | ' | |||||
Proceeds from sale of available-for-sale securities | 162,900,000 | 4,500,000 | 229,700,000 | 194,100,000 | ' | |||||
Unrealized gains (losses) recorded in accumulated other comprehensive income | -3,884,000 | [2],[3] | -8,160,000 | [2],[3] | 1,683,000 | [2],[3] | -48,158,000 | [2],[3] | ' | |
Number of available for sale securities whose amortized costs exceeded their fair values | 103 | ' | 103 | ' | ' | |||||
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 20 | ' | 20 | ' | ' | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | ' | ' | 13,447,000 | ' | 20,285,000 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | ' | ' | 9,648,000 | ' | 5,692,000 | |||||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss | ' | ' | 3,757,000 | ' | 13,480,000 | |||||
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | ' | ' | $3,597,000 | ' | $13,389,000 | |||||
[1] | Unrealized gains/(losses) related to available-for-sale securities are reported in accumulated other comprehensive income. | |||||||||
[2] | Net of taxes of $7.0 million and $3.1 million for the three months ended September 30, 2014 and 2013, respectively. Net of taxes of $1.6 million and $25.8 million for the nine months ended September 30, 2014 and 2013, respectively. | |||||||||
[3] | Amounts are net of reclassifications to earnings of realized gains of $0.7 million and $0.2 million for the three months ended September 30, 2014 and 2013, respectively. Amounts are net of reclassifications to earnings of realized gains of $1.9 million and $1.1 million for the nine months ended September 30, 2014 and 2013, respectively. |
AvailableForSale_And_HeldToMat3
Available-For-Sale And Held-To-Maturity Securities (Schedule Of Amortized Cost And Fair Values Of The Available For Sale Securities And Held To Maturity Securities) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities, Amortized cost | $1,533,420 | $1,762,516 | ||
Available for sale securities, unrealized gains | 7,774 | [1] | 14,022 | [1] |
Available-for-sale Securities, Gross unrealized losses | -13,447 | [1] | -20,285 | [1] |
Available-for-sale securities, Estimated fair value | 1,527,747 | 1,756,253 | ||
Held-to-maturity Securities, Amortized cost | 1,199,364 | 1,312,115 | ||
Held-to-maturity Securities, Gross unrealized gains | 25,948 | [1] | 7,324 | [1] |
Held-to-maturity Securities, Gross unrealized losses | -3,757 | [1] | -13,480 | [1] |
Held-to-maturity securities, Estimated fair value | 1,221,555 | 1,305,959 | ||
U.S. Government Agency Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities, Amortized cost | 1,716 | 1,074 | ||
Available for sale securities, unrealized gains | 1 | [1] | ' | |
Available-for-sale Securities, Gross unrealized losses | -4 | [1] | -2 | [1] |
Available-for-sale securities, Estimated fair value | 1,713 | 1,072 | ||
State And Municipal Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities, Amortized cost | 76,660 | 96,475 | ||
Available for sale securities, unrealized gains | 81 | [1] | 739 | [1] |
Available-for-sale Securities, Gross unrealized losses | -2,628 | [1] | -6,537 | [1] |
Available-for-sale securities, Estimated fair value | 74,113 | 90,677 | ||
Mortgage-backed Securities: Agency [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale securities, Estimated fair value | 206,211 | 183,987 | ||
Held-to-maturity Securities, Amortized cost | 906,177 | ' | ||
Commercial [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale securities, Estimated fair value | 29,438 | 211,246 | ||
Held-to-maturity Securities, Amortized cost | 59,447 | ' | ||
Mortgage-backed Securities: Non-Agency [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale securities, Estimated fair value | 127,885 | 4,619 | ||
Held-to-maturity Securities, Amortized cost | 1,226 | ' | ||
Corporate Fixed Income Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities, Amortized cost | 358,773 | 496,385 | ||
Available for sale securities, unrealized gains | 2,797 | [1] | 4,769 | [1] |
Available-for-sale Securities, Gross unrealized losses | -1,356 | [1] | -2,838 | [1] |
Available-for-sale securities, Estimated fair value | 360,214 | 498,316 | ||
Held-to-maturity Securities, Amortized cost | 55,260 | [2] | 55,329 | [2] |
Held-to-maturity Securities, Gross unrealized gains | 5 | [1],[2] | 11 | [1],[2] |
Held-to-maturity Securities, Gross unrealized losses | -1,407 | [1],[2] | -2,605 | [1],[2] |
Held-to-maturity securities, Estimated fair value | 53,858 | [2] | 52,735 | [2] |
Asset-Backed Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities, Amortized cost | 734,087 | 769,553 | ||
Available for sale securities, unrealized gains | 1,350 | [1] | 2,499 | [1] |
Available-for-sale Securities, Gross unrealized losses | -7,264 | [1] | -5,716 | [1] |
Available-for-sale securities, Estimated fair value | 728,173 | 766,336 | ||
Held-to-maturity Securities, Amortized cost | 177,254 | [2] | ' | |
Held-to-maturity Securities, Gross unrealized gains | 3,802 | [1],[2] | ' | |
Held-to-maturity Securities, Gross unrealized losses | -2,319 | [1],[2] | ' | |
Held-to-maturity securities, Estimated fair value | 178,737 | [2] | ' | |
Mortgage-backed securities [Member] | Mortgage-backed Securities: Agency [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities, Amortized cost | 205,163 | 184,533 | ||
Available for sale securities, unrealized gains | 2,637 | [1] | 2,859 | [1] |
Available-for-sale Securities, Gross unrealized losses | -1,589 | [1] | -3,405 | [1] |
Available-for-sale securities, Estimated fair value | 206,211 | 183,987 | ||
Held-to-maturity Securities, Amortized cost | 906,177 | [2] | 968,759 | [2] |
Held-to-maturity Securities, Gross unrealized gains | 20,764 | [1],[2] | 1,156 | [1],[2] |
Held-to-maturity Securities, Gross unrealized losses | -18 | [1],[2] | -7,915 | [1],[2] |
Held-to-maturity securities, Estimated fair value | 926,923 | [2] | 962,000 | [2] |
Mortgage-backed securities [Member] | Commercial [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities, Amortized cost | 127,774 | 209,949 | ||
Available for sale securities, unrealized gains | 717 | [1] | 3,084 | [1] |
Available-for-sale Securities, Gross unrealized losses | -606 | [1] | -1,787 | [1] |
Available-for-sale securities, Estimated fair value | 127,885 | 211,246 | ||
Held-to-maturity Securities, Amortized cost | 59,447 | [2] | 59,404 | [2] |
Held-to-maturity Securities, Gross unrealized gains | 1,376 | [1],[2] | ' | |
Held-to-maturity Securities, Gross unrealized losses | ' | [1],[2] | -186 | [1],[2] |
Held-to-maturity securities, Estimated fair value | 60,823 | [2] | 59,218 | [2] |
Mortgage-backed securities [Member] | Mortgage-backed Securities: Non-Agency [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities, Amortized cost | 29,247 | 4,547 | ||
Available for sale securities, unrealized gains | 191 | [1] | 72 | [1] |
Available-for-sale Securities, Gross unrealized losses | ' | [1] | ' | |
Available-for-sale securities, Estimated fair value | 29,438 | 4,619 | ||
Held-to-maturity Securities, Amortized cost | 1,226 | [2] | ' | |
Held-to-maturity Securities, Gross unrealized gains | 1 | [1],[2] | ' | |
Held-to-maturity Securities, Gross unrealized losses | -13 | [1],[2] | ' | |
Held-to-maturity securities, Estimated fair value | 1,214 | [2] | ' | |
Mortgage-backed securities [Member] | Asset-Backed Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Held-to-maturity Securities, Amortized cost | ' | 228,623 | [2] | |
Held-to-maturity Securities, Gross unrealized gains | ' | 6,157 | [1],[2] | |
Held-to-maturity Securities, Gross unrealized losses | ' | -2,774 | [1],[2] | |
Held-to-maturity securities, Estimated fair value | ' | $232,006 | [2] | |
[1] | Unrealized gains/(losses) related to available-for-sale securities are reported in accumulated other comprehensive income. | |||
[2] | Held-to-maturity securities are carried in the consolidated statements of financial condition at amortized cost, and the changes in the value of these securities, other than impairment charges, are not reported on the consolidated financial statements. |
AvailableForSale_And_HeldToMat4
Available-For-Sale And Held-To-Maturity Securities (Schedule Of Amortized Cost And Fair Values Of Debt Securities By Contractual Maturity) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Schedule of Debt Securities at Amortized Cost and Fair Value Basis [Line Items] | ' | ' | |
Debt securities, Available-for-sale, Amortized cost, Total | $1,533,420 | ' | |
Debt securities, Available-for-sale, Estimated fair value, Within one year | 120,197 | [1] | ' |
Debt securities, Available-for-sale, Estimated fair value, After five years through ten years | 428,235 | [1] | ' |
Debt securities, Available-for-sale, Estimated fair value, After ten years | 769,378 | [1] | ' |
Debt securities, Available-for-sale, Estimated fair value, Total | 1,527,747 | [1] | ' |
Debt securities, Held-to-maturity, Amortized cost, After five years through ten years | 59,447 | ' | |
Debt securities, Held-to-maturity, Amortized cost, After ten years | 1,084,657 | ' | |
Held-to-maturity Securities, Amortized cost | 1,199,364 | 1,312,115 | |
Held-to-maturity securities, Estimated fair value | 1,221,555 | 1,305,959 | |
Excluding Mortgage Backed Securities [Member] | ' | ' | |
Schedule of Debt Securities at Amortized Cost and Fair Value Basis [Line Items] | ' | ' | |
Debt securities, Available-for-sale, Amortized cost, Within one year | 118,969 | ' | |
Debt securities, Available-for-sale, Amortized cost, After one year through three years | 66,062 | ' | |
Debt securities, Available-for-sale, Amortized cost, After three years through five years | 142,771 | ' | |
Debt securities, Available-for-sale, Amortized cost, After five years through ten years | 348,396 | ' | |
Debt securities, Available-for-sale, Amortized cost, After ten years | 495,038 | ' | |
Debt securities, Available-for-sale, Estimated fair value, Within one year | 120,197 | ' | |
Debt securities, Available-for-sale, Estimated fair value, After one year through three years | 66,405 | ' | |
Debt securities, Available-for-sale, Estimated fair value, After three years through five years | 143,348 | ' | |
Debt securities, Available-for-sale, Estimated fair value, After five years through ten years | 347,259 | ' | |
Debt securities, Available-for-sale, Estimated fair value, After ten years | 487,004 | ' | |
Debt securities, Held-to-maturity, Amortized cost, Within one year | ' | ' | |
Debt securities, Held-to-maturity, Amortized cost, After one year through three years | 15,031 | ' | |
Debt securities, Held-to-maturity, Amortized cost, After three years through five years | 40,229 | ' | |
Debt securities, Held-to-maturity, Amortized cost, After five years through ten years | ' | ' | |
Debt securities, Held-to-maturity, Amortized cost, After ten years | 177,254 | ' | |
Debt securities, Held-to-maturity, Estimated fair value, Within one year | ' | ' | |
Debt securities, Held-to-maturity, Estimated fair value, After one year through three years | 15,034 | ' | |
Debt securities, Held-to-maturity, Estimated fair value, After three years through five years | 38,824 | ' | |
Debt securities, Held-to-maturity, Estimated fair value, After five years through ten years | ' | ' | |
Debt securities, Held-to-maturity, Estimated fair value, After ten years | 178,736 | ' | |
Mortgage-backed securities [Member] | ' | ' | |
Schedule of Debt Securities at Amortized Cost and Fair Value Basis [Line Items] | ' | ' | |
Debt securities, Available-for-sale, Amortized cost, After one year through three years | ' | ' | |
Debt securities, Available-for-sale, Amortized cost, After three years through five years | 180 | ' | |
Debt securities, Available-for-sale, Amortized cost, After five years through ten years | 79,408 | ' | |
Debt securities, Available-for-sale, Amortized cost, After ten years | 282,596 | ' | |
Debt securities, Available-for-sale, Estimated fair value, After one year through three years | ' | ' | |
Debt securities, Available-for-sale, Estimated fair value, After three years through five years | 184 | ' | |
Debt securities, Available-for-sale, Estimated fair value, After five years through ten years | 80,976 | ' | |
Debt securities, Available-for-sale, Estimated fair value, After ten years | 282,374 | ' | |
Debt securities, Held-to-maturity, Amortized cost, After one year through three years | ' | ' | |
Debt securities, Held-to-maturity, Amortized cost, After three years through five years | ' | ' | |
Debt securities, Held-to-maturity, Amortized cost, After five years through ten years | 59,447 | ' | |
Debt securities, Held-to-maturity, Amortized cost, After ten years | 907,403 | ' | |
Debt securities, Held-to-maturity, Estimated fair value, After one year through three years | ' | ' | |
Debt securities, Held-to-maturity, Estimated fair value, After three years through five years | ' | ' | |
Debt securities, Held-to-maturity, Estimated fair value, After five years through ten years | 60,824 | ' | |
Debt securities, Held-to-maturity, Estimated fair value, After ten years | $928,137 | ' | |
[1] | Due to the immaterial amount of income recognized on tax-exempt securities, yields were not calculated on a tax equivalent basis. |
AvailableForSale_And_HeldToMat5
Available-For-Sale And Held-To-Maturity Securities (Contractual Maturities) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities, Debt Maturities, within One Year, Fair Value | $120,197 | [1] | ' | |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 209,937 | [1] | ' | |
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Fair Value | 428,235 | [1] | ' | |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 769,378 | [1] | ' | |
Available-for-sale: Total | 1,527,747 | [1] | ' | |
Held-to-maturity Securities, Debt Maturities, after One Through Five Years, Net Carrying Amount | 55,260 | ' | ||
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount | 59,447 | ' | ||
Held-to-maturity Securities, Debt Maturities, after Ten Years, Net Carrying Amount | 1,084,657 | ' | ||
Held-to-maturity: Total | 1,199,364 | 1,312,115 | ||
U.S. Government Agency Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities, Debt Maturities, within One Year, Fair Value | 327 | [1] | ' | |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 1,386 | [1] | ' | |
Available-for-sale: Total | 1,713 | [1] | ' | |
State And Municipal Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Fair Value | 1,639 | [1] | ' | |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 72,474 | [1] | ' | |
Available-for-sale: Total | 74,113 | [1] | ' | |
Mortgage-backed Securities: Agency [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Fair Value | 40,501 | [1] | ' | |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 165,710 | [1] | ' | |
Available-for-sale: Total | 206,211 | [1] | ' | |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Net Carrying Amount | 906,177 | ' | ||
Held-to-maturity: Total | 906,177 | ' | ||
Commercial [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Fair Value | 40,474 | [1] | ' | |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 87,411 | [1] | ' | |
Available-for-sale: Total | 127,885 | [1] | ' | |
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount | 59,447 | ' | ||
Held-to-maturity: Total | 59,447 | ' | ||
Mortgage-backed Securities: Non-Agency [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 184 | [1] | ' | |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 29,254 | [1] | ' | |
Available-for-sale: Total | 29,438 | [1] | ' | |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Net Carrying Amount | 1,226 | ' | ||
Held-to-maturity: Total | 1,226 | ' | ||
Corporate Fixed Income Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities, Debt Maturities, within One Year, Fair Value | 119,870 | [1] | ' | |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 198,729 | [1] | ' | |
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Fair Value | 41,615 | [1] | ' | |
Available-for-sale: Total | 360,214 | [1] | ' | |
Held-to-maturity Securities, Debt Maturities, after One Through Five Years, Net Carrying Amount | 55,260 | ' | ||
Held-to-maturity: Total | 55,260 | [2] | 55,329 | [2] |
Asset-Backed Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 9,638 | [1] | ' | |
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Fair Value | 304,006 | [1] | ' | |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 414,529 | [1] | ' | |
Available-for-sale: Total | 728,173 | [1] | ' | |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Net Carrying Amount | 177,254 | ' | ||
Held-to-maturity: Total | $177,254 | [2] | ' | |
[1] | Due to the immaterial amount of income recognized on tax-exempt securities, yields were not calculated on a tax equivalent basis. | |||
[2] | Held-to-maturity securities are carried in the consolidated statements of financial condition at amortized cost, and the changes in the value of these securities, other than impairment charges, are not reported on the consolidated financial statements. |
AvailableForSale_And_HeldToMat6
Available-For-Sale And Held-To-Maturity Securities (Schedule Of Gross Unrealized Losses And The Estimated Fair Value By Length Of Time In A Loss Position) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Gross unrealized losses, Less than 12 months | ($3,799) | ($14,593) |
Available-for-sale Securities, Estimated fair value, Less than 12 months | 469,357 | 686,828 |
Available-for-sale Securities, Gross unrealized losses, 12 months or more | -9,648 | -5,692 |
Available-for-sale Securities, Estimated fair value, 12 months or more | 371,583 | 113,876 |
Available-for-sale Securities, Gross unrealized losses, Total | -13,447 | -20,285 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 840,940 | 800,704 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | -160 | -91 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 16,332 | 8,127 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | -3,597 | -13,389 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 104,672 | 1,038,047 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss, Total | -3,757 | -13,480 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value, Total | 121,004 | 1,046,174 |
U.S. Government Agency Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Gross unrealized losses, Less than 12 months | -4 | -2 |
Available-for-sale Securities, Estimated fair value, Less than 12 months | 1,214 | 721 |
Available-for-sale Securities, Gross unrealized losses, Total | -4 | -2 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 1,214 | 721 |
State And Municipal Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Gross unrealized losses, Less than 12 months | -1 | -2,966 |
Available-for-sale Securities, Estimated fair value, Less than 12 months | 426 | 32,272 |
Available-for-sale Securities, Gross unrealized losses, 12 months or more | -2,627 | -3,571 |
Available-for-sale Securities, Estimated fair value, 12 months or more | 67,458 | 41,182 |
Available-for-sale Securities, Gross unrealized losses, Total | -2,628 | -6,537 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 67,884 | 73,454 |
Corporate Fixed Income Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Gross unrealized losses, Less than 12 months | -134 | -2,062 |
Available-for-sale Securities, Estimated fair value, Less than 12 months | 37,915 | 80,700 |
Available-for-sale Securities, Gross unrealized losses, 12 months or more | -1,222 | -776 |
Available-for-sale Securities, Estimated fair value, 12 months or more | 64,541 | 39,421 |
Available-for-sale Securities, Gross unrealized losses, Total | -1,356 | -2,838 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 102,456 | 120,121 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | -1,407 | -2,605 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 48,855 | 47,727 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss, Total | -1,407 | -2,605 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value, Total | 48,855 | 47,727 |
Asset-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Gross unrealized losses, Less than 12 months | -2,950 | -4,516 |
Available-for-sale Securities, Estimated fair value, Less than 12 months | 314,910 | 436,770 |
Available-for-sale Securities, Gross unrealized losses, 12 months or more | -4,314 | -1,200 |
Available-for-sale Securities, Estimated fair value, 12 months or more | 182,303 | 31,938 |
Available-for-sale Securities, Gross unrealized losses, Total | -7,264 | -5,716 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 497,213 | 468,708 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | -129 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 12,587 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | -2,190 | -2,774 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 55,817 | 92,806 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss, Total | -2,319 | -2,774 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value, Total | 68,404 | 92,806 |
Mortgage-backed securities [Member] | Mortgage-backed Securities: Agency [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Gross unrealized losses, Less than 12 months | -306 | -3,260 |
Available-for-sale Securities, Estimated fair value, Less than 12 months | 73,769 | 89,395 |
Available-for-sale Securities, Gross unrealized losses, 12 months or more | -1,283 | -145 |
Available-for-sale Securities, Estimated fair value, 12 months or more | 47,285 | 1,335 |
Available-for-sale Securities, Gross unrealized losses, Total | -1,589 | -3,405 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 121,054 | 90,730 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | -18 | -91 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 3,221 | 8,127 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | ' | -7,824 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | ' | 838,295 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss, Total | -18 | -7,915 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value, Total | 3,221 | 846,422 |
Mortgage-backed securities [Member] | Commercial [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Gross unrealized losses, Less than 12 months | -404 | -1,787 |
Available-for-sale Securities, Estimated fair value, Less than 12 months | 41,123 | 46,970 |
Available-for-sale Securities, Gross unrealized losses, 12 months or more | -202 | ' |
Available-for-sale Securities, Estimated fair value, 12 months or more | 9,996 | ' |
Available-for-sale Securities, Gross unrealized losses, Total | -606 | -1,787 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 51,119 | 46,970 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | -13 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 524 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | ' | -186 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | ' | 59,219 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss, Total | -13 | -186 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value, Total | 524 | 59,219 |
Mortgage-backed securities [Member] | Mortgage-backed Securities: Non-Agency [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Gross unrealized losses, Less than 12 months | ' | ' |
Available-for-sale Securities, Estimated fair value, Less than 12 months | ' | ' |
Available-for-sale Securities, Gross unrealized losses, 12 months or more | ' | ' |
Available-for-sale Securities, Estimated fair value, 12 months or more | ' | ' |
Available-for-sale Securities, Gross unrealized losses, Total | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | ' | ' |
Bank_Loans_Narrative_Details
Bank Loans (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ' | ' |
Nonaccrual loans more than 90 days past due | $3,600,000 | ' | $3,600,000 | ' | $1,500,000 |
Specific allowance | 300,000 | ' | 300,000 | ' | 200,000 |
Troubled debt restructurings | 400,000 | ' | 400,000 | ' | 400,000 |
Collateralized loan portfolio | 96.30% | ' | 96.30% | ' | 96.80% |
Mortgage loans held for sale | 104,277,000 | ' | 104,277,000 | ' | 109,110,000 |
Gains recognized from sale of loans | 2,200,000 | 1,900,000 | 5,800,000 | 9,800,000 | ' |
Stifel Financial Corp. [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ' | ' |
Loans outstanding amount | 5,600,000 | ' | 5,600,000 | ' | 6,400,000 |
Stifel Bank [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ' | ' |
Loans outstanding amount | $600,000 | ' | $600,000 | ' | $600,000 |
Bank_Loans_Schedule_Of_Balance
Bank Loans (Schedule Of Balance And Associated Percentage Of Each Major Loan Category In Loan Portfolio) (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ||
Loans and Leases Receivable, Gross Carrying Amount, Total | $1,921,351,000 | ' | $1,463,707,000 | ' | ' | ' | ||
Loans and Leases Receivable, Gross Carrying Amount, Total | 100.00% | ' | 100.00% | ' | ' | ' | ||
Unamortized loan discount | -32,772,000 | ' | -45,100,000 | ' | ' | ' | ||
Unamortized loan fees, net of origination costs | -1,251,000 | ' | -1,920,000 | ' | ' | ' | ||
Loans in process | -1,155,000 | ' | 334,000 | ' | ' | ' | ||
Allowance for loan losses | -18,996,000 | -17,104,000 | -12,668,000 | -13,233,000 | -10,919,000 | -8,145,000 | ||
Loans and leases receivable, net reported amount | 1,867,177,000 | ' | 1,404,353,000 | ' | ' | ' | ||
Securities-based loans | 628,300,000 | ' | 508,900,000 | ' | ' | ' | ||
Consumer [Member] | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ||
Loans and Leases Receivable, Gross Carrying Amount, Consumer | 638,811,000 | [1] | ' | 552,333,000 | [1] | ' | ' | ' |
Loans and Leases Receivable, Gross Carrying Amount, Consumer, Percentage of Total | 33.20% | [1] | ' | 37.70% | [1] | ' | ' | ' |
Commercial And Industrial [Member] | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ||
Loans and Leases Receivable, Gross Carrying Amount, Commercial and Industrial | 833,988,000 | ' | 509,484,000 | ' | ' | ' | ||
Loans and Leases Receivable, Gross Carrying Amount, Commercial and Industrial, Percentage of Total | 43.50% | ' | 34.80% | ' | ' | ' | ||
Residential Real Estate [Member] | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ||
Loans and Leases Receivable, Gross Carrying Amount, Residential Real Estate | 418,806,000 | ' | 372,789,000 | ' | ' | ' | ||
Loans and Leases Receivable, Gross Carrying Amount, Residential Real Estate, Percentage of Total | 21.80% | ' | 25.50% | ' | ' | ' | ||
Home Equity Lines Of Credit [Member] | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ||
Loans and Leases Receivable, Gross Carrying Amount, Home Equity Lines of Credit | 13,776,000 | ' | 16,327,000 | ' | ' | ' | ||
Loans and Leases Receivable, Gross Carrying Amount, Home Equity Lines of Credit, Percentage of Total | 0.70% | ' | 1.10% | ' | ' | ' | ||
Commercial Real Estate [Member] | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ||
Loans and Leases Receivable, Gross Carrying Amount, Commercial Real Estate | 15,970,000 | ' | 12,284,000 | ' | ' | ' | ||
Loans and Lease Receivable, Gross Carrying Amount, Commercial Real Estate Percentage Of Total | 0.80% | ' | 0.80% | ' | ' | ' | ||
Construction And Land [Member] | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ||
Loans and Leases Receivable, Gross Carrying Amount, Construction and Land | ' | ' | $490,000 | ' | ' | ' | ||
Loans and Leases Receivable, Gross Carrying Amount, Construction and Land, Percentage of Total | ' | ' | 0.10% | ' | ' | ' | ||
[1] | Includes securities-based loans of $628.3 million and $508.9 million at September 30, 2014 and December 31, 2013, respectively. |
Bank_Loans_Changes_In_The_Allo
Bank Loans (Changes In The Allowance For Loan Losses) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Allowance for loan losses, beginning of period | $17,104 | $10,919 | $12,668 | $8,145 |
Provision for loan losses | 1,871 | 2,297 | 6,749 | 5,537 |
Total charge-offs | ' | ' | -472 | -501 |
Recoveries | 21 | 17 | 51 | 52 |
Allowance for loan losses, end of period | 18,996 | 13,233 | 18,996 | 13,233 |
Residential Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Total charge-offs | ' | ' | ' | -501 |
Construction And Land [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Total charge-offs | ' | ' | -468 | ' |
Commercial Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Total charge-offs | ' | ' | ' | ' |
Other Loans [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Total charge-offs | ' | ' | ($4) | ' |
Bank_Loans_Schedule_Of_The_All
Bank Loans (Schedule Of The Allowances For Loan Losses By Type) (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' | ||
Allowance for loan losses | $18,996 | $12,668 | ||
Percentage of loan allowance losses | 100.00% | [1] | 100.00% | [1] |
Commercial And Industrial [Member] | ' | ' | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' | ||
Allowance for loan losses | 15,545 | 9,538 | ||
Percentage of loan allowance losses | 43.50% | [1] | 37.70% | [1] |
Consumer [Member] | ' | ' | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' | ||
Allowance for loan losses | 1,001 | 892 | ||
Percentage of loan allowance losses | 33.20% | [1] | 34.80% | [1] |
Residential Real Estate [Member] | ' | ' | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' | ||
Allowance for loan losses | 674 | 408 | ||
Percentage of loan allowance losses | 21.80% | [1] | 25.50% | [1] |
Home Equity Lines Of Credit [Member] | ' | ' | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' | ||
Allowance for loan losses | 274 | 174 | ||
Percentage of loan allowance losses | 0.70% | [1] | 1.10% | [1] |
Commercial Real Estate [Member] | ' | ' | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' | ||
Allowance for loan losses | 239 | 198 | ||
Percentage of loan allowance losses | 0.80% | [1] | 0.80% | [1] |
Construction And Land [Member] | ' | ' | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' | ||
Allowance for loan losses | ' | 12 | ||
Percentage of loan allowance losses | 0.00% | [1] | 0.10% | [1] |
Qualitative [Member] | ' | ' | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' | ||
Allowance for loan losses | $1,263 | $1,446 | ||
[1] | Loan category as a percentage of total loan portfolio. |
Fixed_Assets_Summary_Of_Fixed_
Fixed Assets (Summary Of Fixed Assets) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Fixed Assets [Abstract] | ' | ' | ' | ' | ' |
Furniture and equipment | $191,630 | ' | $191,630 | ' | $174,976 |
Building and leasehold improvements | 122,202 | ' | 122,202 | ' | 101,840 |
Property on operating lease | ' | ' | ' | ' | ' |
Total | 313,832 | ' | 313,832 | ' | 276,816 |
Less accumulated depreciation and amortization | -187,825 | ' | -187,825 | ' | -170,370 |
Fixed assets, net | 126,007 | ' | 126,007 | ' | 106,446 |
Depreciation and amortization of furniture and equipment, and leasehold improvements | $7,400 | $8,600 | $21,727 | $25,162 | ' |
Goodwill_And_Intangible_Assets2
Goodwill And Intangible Assets (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Schedule of Goodwill and Intangible Assets [Line Items] | ' | ' | ' | ' |
Indicators of impairment | ' | ' | ' | ' |
Amortization expense of intangible assets | $1,600 | $1,300 | $9,762 | $4,145 |
Customer Relationships [Member] | ' | ' | ' | ' |
Schedule of Goodwill and Intangible Assets [Line Items] | ' | ' | ' | ' |
Weighted-average remaining lives of intangible assets | ' | ' | '5 years 1 month 6 days | ' |
Trade Name [Member] | ' | ' | ' | ' |
Schedule of Goodwill and Intangible Assets [Line Items] | ' | ' | ' | ' |
Weighted-average remaining lives of intangible assets | ' | ' | '8 years 6 months | ' |
Core Deposits [Member] | ' | ' | ' | ' |
Schedule of Goodwill and Intangible Assets [Line Items] | ' | ' | ' | ' |
Weighted-average remaining lives of intangible assets | ' | ' | '9 months 18 days | ' |
Non-Compete Agreements [Member] | ' | ' | ' | ' |
Schedule of Goodwill and Intangible Assets [Line Items] | ' | ' | ' | ' |
Weighted-average remaining lives of intangible assets | ' | ' | '6 months | ' |
Goodwill_And_Intangible_Assets3
Goodwill And Intangible Assets (Carrying Amount Of Goodwill And Intangible Assets) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Schedule of Goodwill and Intangible Assets [Line Items] | ' | ' | ' | ' |
Goodwill, Beginning balance | ' | ' | $727,336 | ' |
Goodwill, Net additions | ' | ' | 34,969 | ' |
Goodwill, Impairment losses | ' | ' | ' | ' |
Goodwill, Ending balance | 762,305 | ' | 762,305 | ' |
Intangible assets, Beginning balance | ' | ' | 49,889 | ' |
Intangible assets, Net additions | ' | ' | 1,670 | ' |
Intangible assets, Amortization | -1,600 | -1,300 | -9,762 | -4,145 |
Intangible assets, Ending balance | 41,797 | ' | 41,797 | ' |
Global Wealth Management [Member] | ' | ' | ' | ' |
Schedule of Goodwill and Intangible Assets [Line Items] | ' | ' | ' | ' |
Goodwill, Beginning balance | ' | ' | 161,358 | ' |
Goodwill, Net additions | ' | ' | 2,293 | ' |
Goodwill, Impairment losses | ' | ' | ' | ' |
Goodwill, Ending balance | 163,651 | ' | 163,651 | ' |
Intangible assets, Beginning balance | ' | ' | 19,394 | ' |
Intangible assets, Net additions | ' | ' | 1,670 | ' |
Intangible assets, Amortization | ' | ' | -6,324 | ' |
Intangible assets, Ending balance | 14,740 | ' | 14,740 | ' |
Institutional Group [Member] | ' | ' | ' | ' |
Schedule of Goodwill and Intangible Assets [Line Items] | ' | ' | ' | ' |
Goodwill, Beginning balance | ' | ' | 565,978 | ' |
Goodwill, Net additions | ' | ' | 32,676 | ' |
Goodwill, Impairment losses | ' | ' | ' | ' |
Goodwill, Ending balance | 598,654 | ' | 598,654 | ' |
Intangible assets, Beginning balance | ' | ' | 30,495 | ' |
Intangible assets, Net additions | ' | ' | ' | ' |
Intangible assets, Amortization | ' | ' | -3,438 | ' |
Intangible assets, Ending balance | $27,057 | ' | $27,057 | ' |
Goodwill_And_Intangible_Assets4
Goodwill And Intangible Assets (Intangible Assets Subject To Amortization) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying value | $86,554 | $82,443 |
Accumulated Amortization | 47,040 | 34,672 |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying value | 51,866 | 51,166 |
Accumulated Amortization | 27,681 | 24,034 |
Trade Name [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying value | 19,342 | 18,442 |
Accumulated Amortization | 4,930 | 3,585 |
Investment Banking Backlog [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying value | 7,388 | 7,388 |
Accumulated Amortization | 7,348 | 6,871 |
Core Deposits [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying value | 5,447 | 5,447 |
Accumulated Amortization | 4,587 | 182 |
Non-Compete Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying value | 2,511 | ' |
Accumulated Amortization | $2,494 | ' |
Goodwill_And_Intangible_Assets5
Goodwill And Intangible Assets (Amortization Expense In Future Periods) (Details) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Goodwill And Intangible Assets [Abstract] | ' |
Remainder of 2014 | $2,380 |
2015 | 5,257 |
2016 | 4,701 |
2017 | 4,129 |
2018 | 3,642 |
Thereafter | 19,405 |
Future amortization expense total | $39,514 |
ShortTerm_Borrowings_Details
Short-Term Borrowings (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Short-term Debt [Line Items] | ' | ' | ' | ' | ' |
Daily borrowings under credit arrangements | $414,900,000 | ' | $414,900,000 | ' | ' |
Uncommitted secured lines of credit | ' | ' | 680,000,000 | ' | ' |
Committed revolving credit facility | 100,000,000 | ' | 100,000,000 | ' | ' |
Compensating balances | 0 | ' | 0 | ' | ' |
Outstanding on our revolving credit facility | 0 | ' | 0 | ' | ' |
Short-term borrowings from banks | 49,800,000 | ' | 49,800,000 | ' | 55,700,000 |
Company-owned securities collateralized value | 847,320,000 | ' | 847,320,000 | ' | 686,997,000 |
Weighted average daily interest rates | 1.00% | ' | 1.00% | ' | 1.22% |
Debt instrument interest rate during period | 1.10% | 1.33% | 1.12% | 1.25% | ' |
Average outstanding securities | 29,200,000 | 246,800,000 | 126,100,000 | 290,400,000 | ' |
Stock loan balance | 25,765,000 | ' | 25,765,000 | ' | 40,101,000 |
Stifel Nicolaus [Member] | ' | ' | ' | ' | ' |
Short-term Debt [Line Items] | ' | ' | ' | ' | ' |
Short-term borrowings from banks | 49,800,000 | ' | 49,800,000 | ' | ' |
Debt instrument interest rate during period | 0.22% | 0.23% | 0.18% | 0.16% | ' |
Average outstanding securities | 31,300,000 | 120,700,000 | 57,400,000 | 89,000,000 | ' |
Company Owned Securities [Member] | ' | ' | ' | ' | ' |
Short-term Debt [Line Items] | ' | ' | ' | ' | ' |
Company-owned securities collateralized value | 366,500,000 | ' | 366,500,000 | ' | 440,800,000 |
Stock Loan Balance [Member] | Stifel Nicolaus [Member] | ' | ' | ' | ' | ' |
Short-term Debt [Line Items] | ' | ' | ' | ' | ' |
Weighted average daily interest rates | 0.20% | ' | 0.20% | ' | 0.16% |
Stock loan balance | $25,800,000 | ' | $25,800,000 | ' | $40,100,000 |
Senior_Notes_Schedule_Of_Corpo
Senior Notes (Schedule Of Corporate Debt) (Details) (USD $) | 9 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | Jan. 31, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Jul. 31, 2014 | Sep. 30, 2014 | ||||||
Senior notes 6.70%, due 2022 [Member] | Senior notes 6.70%, due 2022 [Member] | Senior notes 6.70%, due 2022 [Member] | Senior notes 5.375%, due 2022 [Member] | Senior notes 5.375%, due 2022 [Member] | Senior notes 5.375%, due 2022 [Member] | Senior notes 4.250% due 2024 [Member] | Senior notes 4.250% due 2024 [Member] | Non Recourse Debt [Member] | ||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Long-term Debt | $625,000,000 | $325,000,000 | $175,000,000 | $175,000,000 | [1] | $175,000,000 | [1] | $150,000,000 | [2] | $150,000,000 | [2] | $150,000,000 | $300,000,000 | [3] | $300,000,000 | $625,000,000 |
Stated interest rate | 6.70% | ' | 6.70% | 6.70% | ' | 5.38% | ' | ' | 4.25% | ' | ' | |||||
Due date | ' | ' | ' | '2022 | ' | 'December 31, 2022 | ' | ' | 'July 31, 2024 | ' | ' | |||||
Debt instrument, maturity date | 31-Dec-22 | ' | 1-Jan-22 | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Redemption price, percentage of principal amount | ' | ' | ' | 100.00% | ' | 100.00% | ' | ' | 100.00% | ' | ' | |||||
[1] | In January 2012, we sold in a registered underwritten public offering, $175.0 million in aggregate principal amount of 6.70% senior notes due January 2022. Interest on these senior notes is payable quarterly in arrears. On or after January 15, 2015, we may redeem some or all of the senior notes at any time at a redemption price equal to 100% of the principal amount of the notes being redeemed plus accrued interest thereon to the redemption date. | |||||||||||||||
[2] | In December 2012, we sold in a registered underwritten public offering, $150.0 million in aggregate principal amount of 5.375% senior notes due December 2022. Interest on these senior notes is payable quarterly in arrears. On or after December 31, 2015, we may redeem some or all of the senior notes at any time at a redemption price equal to 100% of the principal amount of the notes being redeemed plus accrued interest thereon to the redemption date. | |||||||||||||||
[3] | In July 2014, we sold in a registered underwritten public offering, $300.0 million in aggregate principal amount of 4.250% senior notes due July 2024. Interest on these senior notes is payable semi-annually in arrears. We may redeem the Notes in whole or in part at our option at a redemption price equal to 100% of their principal amount, plus a bmake-wholeb premium and accrued and unpaid interest, if any, to the date of redemption. |
Senior_Notes_Schedule_Of_Corpo1
Senior Notes (Schedule Of Corporate Debt Principal Maturities) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Total | $625,000,000 | $325,000,000 |
Non Recourse Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
2014 | ' | ' |
2015 | ' | ' |
2016 | ' | ' |
2017 | ' | ' |
2018 | ' | ' |
Thereafter | 625,000,000 | ' |
Long-term Debt, Total | $625,000,000 | ' |
Bank_Deposits_Schedule_Of_Depo
Bank Deposits (Schedule Of Deposits) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Bank Deposits [Abstract] | ' | ' |
Money market and savings accounts | $4,410,904 | $4,310,223 |
Demand deposits (interest-bearing) | 30,071 | 93,684 |
Demand deposits (non-interest-bearing) | 10,496 | 17,935 |
Certificates of deposit | 101,051 | 241,481 |
Bank deposits | $4,552,522 | $4,663,323 |
Weighted average interest rate on deposits | 0.18% | 0.07% |
Bank_Deposits_Scheduled_Maturi
Bank Deposits (Scheduled Maturities Of Certificates Of Deposit) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Within one year | $37,820,000 | $82,115,000 |
One to three years | 10,266,000 | 34,694,000 |
Over three years | 1,529,000 | 3,701,000 |
Over five years | ' | 66,000 |
Certificates of deposit, less than $100 | 49,615,000 | 120,576,000 |
Within one year | 36,677,000 | 75,577,000 |
One to three years | 13,723,000 | 41,756,000 |
Over three years | 783,000 | 3,336,000 |
Over five years | 253,000 | 236,000 |
Certificates of deposit, $100 and greater | 51,436,000 | 120,905,000 |
Total certificates of deposit | 101,051,000 | 241,481,000 |
Deposits of related parties | 4,400,000,000 | 4,300,000,000 |
Stifel Nicolaus [Member] | ' | ' |
Interest bearing and time deposits of executive officers, directors, and affiliates | $300,000 | $400,000 |
Derivative_Instruments_And_Hed2
Derivative Instruments And Hedging Activities (Narrative) (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Derivative Instruments And Hedging Activities [Abstract] | ' |
Estimated derivatives to be reclassified as increase to interest expense | $4.40 |
Fair value of derivative net liability position | 5.8 |
Derivative counterparty posted collateral against obligation | $13.60 |
Derivative_Instruments_And_Hed3
Derivative Instruments And Hedging Activities (Schedule Of Notional Values And Fair Values Of Derivative Instruments) (Details) (Cash Flow Interest Rate Contracts [Member], Designated As Hedging Instrument [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Notional Value | $296,722 | $386,212 |
Other Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset derivatives, Positive fair value | ' | ' |
Accounts Payable and Accrued Expenses [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability derivatives, Negative fair value | ($5,772) | ($9,349) |
Derivative_Instruments_And_Hed4
Derivative Instruments And Hedging Activities (Schedule Of Derivative Instruments In Consolidated Statements Of Operations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Derivative Instruments And Hedging Activities [Abstract] | ' | ' | ' | ' |
(Gain)/loss recognized in OCI (effectiveness) | $340 | ($1,320) | ($1,319) | $2,087 |
Loss reclassified from OCI into income | $1,461 | $2,092 | $4,728 | $6,716 |
Debentures_To_Stifel_Financial2
Debentures To Stifel Financial Capital Trusts (Details) (USD $) | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Aug. 12, 2005 | Sep. 30, 2014 | Dec. 31, 2013 | Mar. 30, 2007 | Sep. 30, 2014 | Dec. 31, 2013 | Jul. 28, 2007 | |||||||
Stifel Financial Capital Trust II [Member] | Stifel Financial Capital Trust II [Member] | Stifel Financial Capital Trust II [Member] | Stifel Financial Capital Trust III [Member] | Stifel Financial Capital Trust III [Member] | Stifel Financial Capital Trust III [Member] | Stifel Financial Capital Trust IV [Member] | Stifel Financial Capital Trust IV [Member] | Stifel Financial Capital Trust IV [Member] | |||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Debenture to Stifel Financial Capital Trust | $82,500,000 | $82,500,000 | $35,000,000 | [1] | $35,000,000 | [1] | $35,000,000 | $35,000,000 | [2] | $35,000,000 | [2] | $35,000,000 | $12,500,000 | [3] | $12,500,000 | [3] | $35,000,000 |
Stated interest rate | 6.70% | ' | 6.38% | ' | ' | 6.79% | ' | ' | 6.78% | ' | ' | ||||||
Maturity date | 31-Dec-22 | ' | 30-Sep-35 | ' | ' | 6-Jun-37 | ' | ' | 6-Sep-37 | ' | ' | ||||||
Earliest call date | ' | ' | 30-Sep-10 | ' | ' | 6-Jun-12 | ' | ' | 6-Sep-12 | ' | ' | ||||||
Interest rate terms, spread over reference rate | ' | ' | 1.70% | ' | ' | 1.85% | ' | ' | 1.85% | ' | ' | ||||||
Reference rate | ' | ' | 'LIBOR | ' | ' | 'LIBOR | ' | ' | 'LIBOR | ' | ' | ||||||
[1] | On August 12, 2005, we completed a private placement of $35.0 million of 6.38% Cumulative Trust Preferred Securities. The trust preferred securities were offered by Stifel Financial Capital Trust II (the bTrust IIb), a non-consolidated wholly owned subsidiary of our company. The trust preferred securities mature on September 30, 2035, but may be redeemed by our company, and in turn, the Trust II would call the debenture beginning September 30, 2010. The Trust II requires quarterly distributions of interest to the holders of the trust preferred securities. Distributions will be payable at a floating interest rate equal to three-month LIBOR plus 1.70% per annum. | ||||||||||||||||
[2] | On March 30, 2007, we completed a private placement of $35.0 million of 6.79% Cumulative Trust Preferred Securities. The trust preferred securities were offered by Stifel Financial Capital Trust III (the "Trust III"), a non-consolidated wholly owned subsidiary of our company. The trust preferred securities mature on June 6, 2037, but may be redeemed by our company, and in turn, Trust III would call the debenture beginning June 6, 2012. Trust III requires quarterly distributions of interest to the holders of the trust preferred securities. Distributions will be payable at a floating interest rate equal to three-month LIBOR plus 1.85% per annum. | ||||||||||||||||
[3] | On June 28, 2007, we completed a private placement of $35.0 million of 6.78% Cumulative Trust Preferred Securities. The trust preferred securities were offered by Stifel Financial Capital Trust IV (the bTrust IVb), a non-consolidated wholly owned subsidiary of our company. The trust preferred securities mature on September 6, 2037, but may be redeemed by our company, and in turn, Trust IV would call the debenture beginning September 6, 2012. Trust IV requires quarterly distributions of interest to the holders of the trust preferred securities. Distributions will be payable at a floating interest rate equal to three-month LIBOR plus 1.85% per annum. |
Disclosures_About_Offsetting_A2
Disclosures About Offsetting Assets And Liabilities (Financial Assets And Derivative Assets That Are Subject To Offset) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Disclosures About Offsetting Assets And Liabilities [Abstract] | ' | ' | ||
Gross amounts of recognized assets, Securities borrowing | $438,863 | [1] | $227,640 | [1] |
Gross amounts offset in the Statement of Financial Condition, Securities borrowing | ' | [1] | ' | [1] |
Net amounts presented in the Statement of Financial Condition | 438,863 | [1] | 227,640 | [1] |
Gross amounts not offset in the Statement of Financial Position, Financial instruments, Securities borrowing | ' | [1] | ' | [1] |
Gross amounts not offset in the Statement of Financial Position, Collateral received, Securities borrowing | -438,863 | [1] | -227,640 | [1] |
Securities borrowed, Net amount | ' | [1] | ' | [1] |
Gross amounts of recognized assets, Reverse repurchase agreements | 125,513 | [2] | 225,075 | [2] |
Gross amounts offset in the statement of Financial Condition, Securities purchased under agreements to resell | ' | [2] | ' | [2] |
Net amounts presented in the Statement of Financial Condition, Securities purchased under agreements to resell | 125,513 | [2] | 225,075 | [2] |
Gross amounts not offset in the Statement of Financial Position, Financial instruments, Securities purchased under agreements to resell | ' | [2] | ' | [2] |
Gross amounts not offset in the Statement of Financial Position, Collateral received, Securities purchased under agreements to resell | -125,513 | [2] | 225,075 | [2] |
Securities purchased under agreements to resell, Net amount | ' | [2] | ' | [2] |
Gross amounts of recognized assets, Cash flow interest rate contracts | ' | ' | ||
Gross amounts offset in the Statement of Financial Condition, Cash flow interest rate contracts | ' | ' | ||
Net amounts presented in the Statement of Financial Condition | ' | ' | ||
Gross amounts not offset in the Statement of Financial Position, Financial instruments, Cash flow interest rate contracts | ' | ' | ||
Gross amounts not offset in the Statement of Financial Position, Financial instruments, Cash flow interest rate contracts | ' | ' | ||
Cash flow interest rate contracts, Net amount | ' | ' | ||
Gross amounts of recognized assets | 564,376 | 452,715 | ||
Gross amounts offset in the Statement of Financial Condition | ' | ' | ||
Net amounts presented in the Statements of Financial Condition | 564,376 | 452,715 | ||
Gross amounts not offset in the Statement of Financial Position | ' | ' | ||
Gross amounts not offset in the Statement of Financial Position, Collateral received | -564,376 | -452,715 | ||
Net amount | ' | ' | ||
[1] | Securities borrowing transactions are included in receivables from brokers, dealers, and clearing organizations on the consolidated statements of financial condition. See Note 4 in the notes to our consolidated financial statements for additional information on receivables from brokers, dealers, and clearing organizations. | |||
[2] | Collateral received includes securities received by our company from the counterparty. These securities are not included on the consolidated statements of financial condition unless there is an event of default. |
Disclosures_About_Offsetting_A3
Disclosures About Offsetting Assets And Liabilities (Financial Liabilities And Derivative Liabilities That Are Subject To Offset) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Disclosures About Offsetting Assets And Liabilities [Abstract] | ' | ' | ||
Gross amounts of recognized liabilities, Securities lending | $25,765 | [1] | $40,101 | [1] |
Gross amounts offset in the Statement of Financial Condition, Securities lending | ' | [1] | ' | [1] |
Net amounts presented in the Statement of Financial Condition, Securities lending | 25,765 | [1] | 40,101 | [1] |
Gross amounts not offset in the Statement of Financial Position, Financial instruments, Securities loaned | ' | [1] | ' | [1] |
Gross amounts not offset in the Statement of Financial Position, Collateral pledged, Securities lending | -25,765 | [1] | -40,101 | [1] |
Securities lending, Net amount | ' | [1] | ' | [1] |
Gross amounts of recognized liabilities, Securities purchased under agreements to resell | 143,814 | [2] | 263,809 | [2] |
Gross amounts offset in the Statement of Financial Condition, Securities purchased under agreements to resell | ' | [2] | ' | [2] |
Net amounts presented in the Statement of Financial Condition, Securities purchased under agreeemnts to resell | 143,814 | [2] | 263,809 | [2] |
Gross amounts not offset in the Statement of Financial Position, Financial instruments, Securities purchased under agreements to resell | ' | [2] | ' | [2] |
Gross amounts not offset in the Statement of Financial Position, Collateral pledged, Securities purchased under agreements to resell | -143,814 | [2] | 263,809 | [2] |
Securities purchased under agreements to repurchase, Net amount | ' | [2] | ' | [2] |
Gross amount of recognized liabilities, Cash flow interest rate contracts | 5,772 | 9,349 | ||
Gross amounts offset in the Statement of Financial Condition, Cash flow interest rate contracts | ' | ' | ||
Net amounts presented in the Statement of Financial Condition, Cash flow interest rate contracts | 5,772 | 9,349 | ||
Gross amounts not offset in the Statement of Financial Position, Financial instruments, Cash flow interest rate contracts | ' | ' | ||
Gross amounts not offset in the Statement of Financial Position, Collateral pledged, Cash flow interest rate contracts | -5,772 | -9,349 | ||
Cash flow interest rate contracts, Net amount | ' | ' | ||
Gross amounts of recognized liabilities | 175,351 | 313,259 | ||
Gross amounts offset in the Statement of Financial Condition | ' | ' | ||
Net amounts presented in the Statement of Financial Condition | 175,351 | 313,259 | ||
Gross amounts not offset in the Statement of Financial Position, Financial instruments | ' | ' | ||
Gross amounts not offset in the Statement of Financial position, Collateral pledged | -175,351 | -313,259 | ||
Net amount | ' | ' | ||
[1] | Securities lending transactions are included in payables to from brokers, dealers, and clearing organizations on the consolidated statements of financial condition. See Note 4 in the notes to our consolidated financial statements for additional information on payables to brokers, dealers, and clearing organizations. | |||
[2] | Collateral pledged includes the fair value of securities pledged by our company to the counter party. These securities are included on the consolidated statements of financial condition unless we default. |
Commitments_Guarantees_And_Con1
Commitments, Guarantees, And Contingencies (Narrative) (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Loss Contingencies [Line Items] | ' | ' |
Outstanding committed capital to certain entities | $34.50 | ' |
Customer-owned securities pledged | 143.8 | 263.8 |
Minimum margin deposit requirements | 37 | ' |
Auction rate securities, at par, held by retail clients after issuer redemptions and Stifel repurchases | 16.3 | ' |
Auction rate securities, repurchase period | '2 years | ' |
Options Clearing Corporation [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Customer-owned securities pledged | 58.6 | ' |
Business Development Corporations [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Outstanding committed capital to certain entities | $22.90 | ' |
Legal_Proceedings_Details
Legal Proceedings (Details) (USD $) | Jan. 31, 2008 |
In Millions, unless otherwise specified | |
Legal Proceedings [Abstract] | ' |
Bond offering | $50 |
Regulatory_Capital_Requirement2
Regulatory Capital Requirements (Narrative) (Details) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' |
Net capital under the alternative method | $1 |
Aggregate debit balances | 2.00% |
Stifel Nicolaus [Member] | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' |
Aggregate debit balances | 52.30% |
Net capital | 339.4 |
Excess of minimum required net capital | $326.40 |
Regulatory_Capital_Requirement3
Regulatory Capital Requirements (Schedule Of Total Risk-Based, Tier 1 Risk-Based, And Tier 1 Leverage Ratios) (Details) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Stifel Financial Corp. [Member] | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' |
Total capital to risk-weighted assets, Actual Amount | $1,373,999 |
Total capital to risk-weighted assets, For Capital Adequacy Purposes Amount | 388,960 |
Total capital to risk-weighted assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 486,200 |
Tier 1 capital to risk-weighted assets, Actual Amount | 1,354,869 |
Tier 1 capital to risk-weighted assets, For Capital Adequacy Purposes Amount | 194,480 |
Tier 1 capital to risk-weighted assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 291,720 |
Tier 1 capital to adjusted average total assets, Actual Amount | 1,354,869 |
Tier 1 capital to adjusted average total assets, For Capital Adequacy Purposes Amount | 339,540 |
Tier 1 capital to adjusted average total assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 424,425 |
Total capital to risk-weighted assets, Actual Ratio | 28.30% |
Total capital to risk-weighted assets, For Capital Adequacy Purposes Ratio | 8.00% |
Total capital to risk-weighted assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10.00% |
Tier 1 capital to risk-weighted assets, Actual Ratio | 27.90% |
Tier 1 capital to risk-weighted assets, For Capital Adequacy Purposes Ratio | 4.00% |
Tier 1 capital to risk-weighted assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.00% |
Tier 1 capital to adjusted average total assets, Actual Ratio | 16.00% |
Tier 1 capital to adjusted average total assets, For Capital Adequacy Purposes Ratio | 4.00% |
Tier 1 capital to adjusted average total assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% |
Stifel Bank [Member] | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' |
Total capital to risk-weighted assets, Actual Amount | 425,358 |
Total capital to risk-weighted assets, For Capital Adequacy Purposes Amount | 244,883 |
Total capital to risk-weighted assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 306,104 |
Tier 1 capital to risk-weighted assets, Actual Amount | 406,362 |
Tier 1 capital to risk-weighted assets, For Capital Adequacy Purposes Amount | 122,442 |
Tier 1 capital to risk-weighted assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 183,662 |
Tier 1 capital to adjusted average total assets, Actual Amount | 406,362 |
Tier 1 capital to adjusted average total assets, For Capital Adequacy Purposes Amount | 204,490 |
Tier 1 capital to adjusted average total assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $255,612 |
Total capital to risk-weighted assets, Actual Ratio | 13.90% |
Total capital to risk-weighted assets, For Capital Adequacy Purposes Ratio | 8.00% |
Total capital to risk-weighted assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10.00% |
Tier 1 capital to risk-weighted assets, Actual Ratio | 13.30% |
Tier 1 capital to risk-weighted assets, For Capital Adequacy Purposes Ratio | 4.00% |
Tier 1 capital to risk-weighted assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.00% |
Tier 1 capital to adjusted average total assets, Actual Ratio | 8.00% |
Tier 1 capital to adjusted average total assets, For Capital Adequacy Purposes Ratio | 4.00% |
Tier 1 capital to adjusted average total assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% |
Interest_Income_And_Interest_E2
Interest Income And Interest Expense (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Interest Income And Interest Expense [Abstract] | ' | ' | ' | ' |
Investment securities | $16,976 | $17,514 | $54,500 | $44,046 |
Bank loans, net of unearned income | 23,475 | 8,819 | 52,377 | 26,489 |
Margin balances | 4,873 | 4,722 | 14,382 | 13,521 |
Other | 6,772 | 8,075 | 19,776 | 17,773 |
Total interest income | 52,096 | 39,130 | 141,035 | 101,829 |
Senior notes | 7,831 | 5,164 | 18,158 | 15,484 |
Bank deposits | 1,743 | 2,636 | 5,438 | 8,365 |
Other | 1,654 | 3,735 | 5,105 | 10,889 |
Total interest expense | $11,228 | $11,535 | $28,701 | $34,738 |
Employee_Incentive_Deferred_Co1
Employee Incentive, Deferred Compensation, And Retirement Plans (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||
Share data in Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Incentive Stock Award Plans [Member] | Incentive Stock Award Plans [Member] | Incentive Stock Award Plans [Member] | Incentive Stock Award Plans [Member] | Stock Units [Member] | SWAP Plan [Member] | Mutual Funds [Member] | Mutual Funds [Member] | Ouriel Securities [Member] | Ouriel Securities [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | ||||
Incentive Stock Award Plans [Member] | Stock Units [Member] | Deferred Compensation Plans [Member] | SWAP Plan [Member] | Incentive Stock Award Plans [Member] | Stock Units [Member] | Deferred Compensation Plans [Member] | SWAP Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Awards vesting period in years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '8 years | '8 years | '8 years | '7 years | '3 years | '3 years | '5 years | '3 years |
Shares authorized to grant | 3.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation | $70,852,000 | $124,835,000 | ' | $30,700,000 | $39,200,000 | $79,200,000 | $109,500,000 | ' | ' | ' | ' | $6,800,000 | $6,800,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit related to stock-based compensation recognized in shareholders' equity | ' | ' | ' | 1,000,000 | 800,000 | 18,200,000 | 10,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of awards issued as retention | 30,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Retention awards fair value Oriel | 11,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense related to non-vested options | ' | ' | ' | ' | ' | ' | ' | 305,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average period, compensation cost expected to recognized, in years | ' | ' | ' | ' | ' | ' | ' | '2 years 7 months 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total number of stock units outstanding | ' | ' | ' | ' | ' | ' | ' | 18.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Elective deferrals vested percentage | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unvested stock units outstanding | ' | ' | ' | ' | ' | ' | ' | 11.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of incentive compensation deferred into company stock units | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of earnings deferred into company stock units | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of earnings deferred into company stock units, Company match | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of earnings deferred into mutual funds | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of additional elective incentive compensation deferral | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments, at fair value | 209,131,000 | ' | 217,228,000 | ' | ' | ' | ' | ' | ' | 17,600,000 | 17,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred compensation liability | $14,700,000 | ' | $14,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OffBalance_Sheet_Credit_Risk_D
Off-Balance Sheet Credit Risk (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
Fair value of securities accepted as collateral permitted to sell or repledge | $1,240,000,000 | $1,160,000,000 |
General settlement period of securities transactions | '3 days | ' |
Fair value of collateral securities sold or repledged | 143,800,000 | 263,800,000 |
Outstanding commitments to originate loans | 101,600,000 | 66,800,000 |
Letters of credit outstanding | 11,100,000 | 5,100,000 |
Unused lines of Credit [Member] | ' | ' |
Unused lines of credit to commercial and consumer borrowers | $478,500,000 | $282,000,000 |
Segment_Reporting_Schedule_Of_
Segment Reporting (Schedule Of Operating Information, Segment) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
item | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Number of business segments | ' | ' | 3 | ' | ||||
Net revenues | $523,455 | [1] | $478,639 | [1] | $1,630,348 | [1] | $1,410,921 | [1] |
Income before income tax expense | 65,766 | 31,008 | 221,417 | 107,241 | ||||
Net revenues accounted for by individual client, maximum percentage | 10.00% | 10.00% | 10.00% | 10.00% | ||||
Global Wealth Management [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Number of businesses within reportable segment | ' | ' | 2 | ' | ||||
Net revenues | 317,241 | [1] | 274,669 | [1] | 921,671 | [1] | 824,344 | [1] |
Income before income tax expense | 94,026 | 72,128 | 262,800 | 220,551 | ||||
Institutional Group [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net revenues | 215,160 | [1] | 205,132 | [1] | 720,849 | [1] | 593,875 | [1] |
Income before income tax expense | 29,500 | 34,986 | 117,812 | 94,298 | ||||
Other [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net revenues | -8,946 | [1] | -1,162 | [1] | -12,172 | [1] | -7,298 | [1] |
Income before income tax expense | ($57,760) | ($76,106) | ($159,195) | ($207,608) | ||||
[1] | No individual client accounted for more than 10 percent of total net revenues for the three and nine months ended September 30, 2014 or 2013. |
Segment_Reporting_Schedule_Of_1
Segment Reporting (Schedule Of Information Of Total Assets On Segment Basis) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Total assets | $9,326,117 | $9,008,870 |
Global Wealth Management [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 5,698,937 | 5,505,076 |
Institutional Group [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 3,406,450 | 3,290,573 |
Other [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | $220,730 | $213,221 |
Segment_Reporting_Schedule_Of_2
Segment Reporting (Schedule Of Net Revenues Earned On Major Geographical Areas) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Total net revenues | $523,455 | [1] | $478,639 | [1] | $1,630,348 | [1] | $1,410,921 | [1] |
United States [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Total net revenues | 491,860 | 453,381 | 1,532,196 | 1,357,938 | ||||
United Kingdom [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Total net revenues | 29,073 | 22,697 | 89,665 | 45,120 | ||||
Other European [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Total net revenues | $2,522 | $2,561 | $8,487 | $7,863 | ||||
[1] | No individual client accounted for more than 10 percent of total net revenues for the three and nine months ended September 30, 2014 or 2013. |
Earnings_Per_Share_Computation
Earnings Per Share (Computation Of Basic And Diluted Earnings Per Share ) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Earnings Per Share [Abstract] | ' | ' | ' | ' | ||||
Income from continuing operations | $40,093 | $74,929 | $133,643 | $120,782 | ||||
Loss from discontinued operations, net of tax | -190 | -5,239 | -2,757 | -7,037 | ||||
Net income | $39,903 | $69,690 | $130,886 | $113,745 | ||||
Average shares used in basic computation | 66,691 | 64,706 | 66,344 | 63,133 | ||||
Dilutive effect of stock options and units | 9,990 | 10,485 | 9,667 | 9,718 | ||||
Average shares used in diluted computation | 76,681 | 75,191 | 76,011 | 72,851 | ||||
Income from continuing operations | $0.60 | $1.16 | $2.01 | $1.91 | ||||
Loss from discontinued operations | ' | ($0.08) | ($0.04) | ($0.11) | ||||
Earnings per basic common share | $0.60 | $1.08 | $1.97 | $1.80 | ||||
Income from continuing operations | $0.52 | $1 | $1.76 | $1.66 | ||||
Loss from discontinued operations | ' | ($0.07) | ($0.04) | ($0.10) | ||||
Earnings per diluted common share | $0.52 | [1] | $0.93 | [1] | $1.72 | [1] | $1.56 | [1] |
[1] | Diluted earnings per share is computed on the basis of the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Diluted earnings per share include stock options and units. |
Shareholders_Equity_Details
Shareholders' Equity (Details) | Sep. 30, 2014 | Jul. 31, 2014 |
Ouriel Securities [Member] | ||
Number of shares authorized to be repurchased | 3,500,000 | ' |
Shares issued | ' | 300,000 |
Variable_Interest_Entities_Det
Variable Interest Entities (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
item | ||
Assets in partnership | $255,200,000 | ' |
Convertible promissory note to FSI | 18,000,000 | ' |
Number of extension options | 3 | ' |
Extension options, period | '5 years | ' |
Potential ownership interest upon conversion of notes issued to FSI | 49.90% | ' |
Convertible promissory note minimum coupon rate | 8.00% | ' |
Maximum rate of interest related to certain defined cash flows | 18.00% | ' |
Liabilities related to VIE | 7,087,568,000 | 6,946,890,000 |
Stifel Financial Corp. [Member] | ' | ' |
Loss exposure | 18,000,000 | ' |
Weisel Capital Management LLC [Member] | ' | ' |
Assets in partnership | 272,800,000 | ' |
FSI Group, LLC [Member] | ' | ' |
Liabilities related to VIE | $0 | ' |
Subsequent_Events_Details
Subsequent Events (Details) | 9 Months Ended |
Sep. 30, 2014 | |
item | |
Subsequent Events [Abstract] | ' |
Number of types of subsequent events | 2 |