Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 05, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | STIFEL FINANCIAL CORP | |
Entity Central Index Key | 720,672 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 69,507,842 |
Consolidated Statements Of Fina
Consolidated Statements Of Financial Condition - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Assets | |||
Cash and cash equivalents | $ 607,100 | $ 689,782 | |
Cash segregated for regulatory purposes | 321 | 49,646 | |
Receivables: | |||
Brokerage clients, net | 708,067 | 483,887 | |
Brokers, dealers, and clearing organizations | 651,274 | 651,074 | |
Securities purchased under agreements to resell | [1] | 88,467 | 55,078 |
Financial instruments owned, at fair value | 812,976 | 786,855 | |
Available-for-sale securities, at fair value | 659,832 | 1,513,478 | |
Held-to-maturity securities, at amortized cost | [2] | 1,095,793 | 1,177,565 |
Loans held for sale, at lower of cost or market | 179,588 | 121,939 | |
Bank loans, net of allowance | 2,409,399 | 2,065,420 | |
Investments, at fair value | 160,240 | 210,255 | |
Fixed assets, net | 183,020 | 124,246 | |
Goodwill | 884,793 | 795,026 | |
Intangible assets, net | 58,479 | 54,563 | |
Deferred tax assets, net | 268,157 | 258,142 | |
Other assets | 344,118 | 283,438 | |
Total Assets | 9,359,179 | 9,518,151 | |
Payables: | |||
Brokerage clients | 423,849 | 321,496 | |
Brokers, dealers, and clearing organizations | 106,803 | 14,023 | |
Drafts | 69,516 | 75,198 | |
Securities sold under agreements to repurchase | [3] | 106,937 | 39,180 |
Bank deposits | 4,116,811 | 4,790,081 | |
Financial instruments sold, but not yet purchased, at fair value | 512,323 | 587,265 | |
Accrued compensation | 259,863 | 359,050 | |
Accounts payable and accrued expenses | 339,149 | 302,320 | |
Borrowings | 398,338 | ||
Senior notes | 450,000 | 625,000 | |
Debentures to Stifel Financial Capital Trusts | 82,500 | 82,500 | |
Total liabilities | $ 6,866,089 | $ 7,196,113 | |
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 69,507,842 and 66,336,018 shares, respectively | $ 10,426 | $ 9,950 | |
Additional paid-in-capital | 1,783,767 | 1,634,114 | |
Retained earnings | 798,377 | 716,305 | |
Accumulated other comprehensive income | (34,491) | (38,331) | |
Total Stockholders' Equity | 2,558,079 | 2,322,038 | |
Treasury stock, at cost, 1,438,862 and 5 shares, respectively | (64,989) | ||
Total Equity | 2,493,090 | 2,322,038 | |
Total Liabilities and Shareholders’ Equity | 9,359,179 | 9,518,151 | |
Financial Advisors and Other Employees [Member] | |||
Receivables: | |||
Loans and advances to financial advisors and other employees, net | $ 247,555 | $ 197,757 | |
[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] | 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. | ||
[3] | 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 Fin3
Consolidated Statements Of Financial Condition (Parenthetical) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Statement Of Financial Position [Abstract] | ||
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 | 69,507,842 | 66,336,018 |
Treasury stock, shares | 1,438,862 | 5 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Revenues: | |||||
Commissions | $ 194,083 | $ 167,601 | $ 562,249 | $ 510,070 | |
Principal transactions | 95,593 | 94,828 | 281,794 | 318,312 | |
Investment banking | 118,753 | 118,717 | 400,302 | 390,848 | |
Asset management and service fees | 130,636 | 96,638 | 364,442 | 280,039 | |
Interest | 43,376 | 52,096 | 129,964 | 141,035 | |
Other income | 18,930 | 4,803 | 44,471 | 18,745 | |
Total revenues | 601,371 | 534,683 | 1,783,222 | 1,659,049 | |
Interest expense | 9,796 | 11,228 | 32,914 | 28,701 | |
Net revenues | [1] | 591,575 | 523,455 | 1,750,308 | 1,630,348 |
Non-interest expenses: | |||||
Compensation and benefits | 404,205 | 331,440 | 1,169,896 | 1,033,478 | |
Occupancy and equipment rental | 53,282 | 41,611 | 145,798 | 125,110 | |
Communications and office supplies | 35,678 | 27,464 | 96,026 | 78,151 | |
Commissions and floor brokerage | 12,430 | 9,971 | 31,623 | 28,247 | |
Other operating expenses | 63,632 | 47,203 | 176,480 | 143,945 | |
Total non-interest expenses | 569,227 | 457,689 | 1,619,823 | 1,408,931 | |
Income from continuing operations before income tax expense | 22,348 | 65,766 | 130,485 | 221,417 | |
Provision for income taxes | 5,169 | 25,673 | 49,321 | 87,774 | |
Income from continuing operations | 17,179 | 40,093 | 81,164 | 133,643 | |
Discontinued operations: | |||||
Loss from discontinued operations, net of tax | (190) | (2,757) | |||
Net income | $ 17,179 | $ 39,903 | $ 81,164 | $ 130,886 | |
Earnings per basic common share | |||||
Income from continuing operations | $ 0.25 | $ 0.60 | $ 1.18 | $ 2.01 | |
Income from discontinued operations | (0.04) | ||||
Earnings per basic common share | 0.25 | 0.60 | 1.18 | 1.97 | |
Earnings per diluted common share | |||||
Income from continuing operations | 0.22 | 0.52 | 1.04 | 1.76 | |
Income from discontinued operations | (0.04) | ||||
Earnings per diluted common share | $ 0.22 | $ 0.52 | $ 1.04 | $ 1.72 | |
Weighted-average number of common shares outstanding: | |||||
Basic | 69,633 | 66,691 | 68,675 | 66,344 | |
Diluted | 79,759 | 76,681 | 78,326 | 76,011 | |
[1] | No individual client accounted for more than 10 percent of total net revenues for the three and nine months ended September 30, 2015 or 2014. |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Statement Of Income And Comprehensive Income [Abstract] | |||||
Net income | $ 17,179 | $ 39,903 | $ 81,164 | $ 130,886 | |
Other comprehensive income, net of tax: | |||||
Changes in unrealized gains/(losses) on available-for-sale securities | [1],[2] | (611) | (3,884) | 5,261 | 1,683 |
Changes in unrealized gains on cash flow hedging instruments | [2],[3] | (289) | 1,108 | 199 | 2,094 |
Foreign currency translation adjustment | [2] | (2,935) | (8,388) | (1,620) | (6,320) |
Total other comprehensive income/(loss), net of tax | (3,835) | (11,164) | 3,840 | (2,543) | |
Comprehensive income | 13,344 | 28,739 | 85,004 | 128,343 | |
Changes in unrealized gains (losses) on available-for-sale securities, tax | (2,400) | 7,000 | 2,400 | (1,600) | |
Reclassifications to earnings of realized gains on available-for-sale securities | 200 | 700 | 2,100 | 1,900 | |
Reclassifications to earnings of losses on cash flow hedging instruments | $ 900 | $ 1,500 | $ 3,100 | $ 4,700 | |
[1] | Amounts are net of reclassifications to earnings of realized gains of $0.2 million and $0.7 million for the three months ended September 30, 2015 and 2014, respectively. Amounts are net of reclassifications to earnings of realized gains of $2.1 million and $1.9 million for the nine months ended September 30, 2015 and 2014, respectively. | ||||
[2] | Net of tax benefit of $2.4 million and $7.0 million for the three months ended September 30, 2015 and 2014, respectively. Net of taxes of $2.4 million and a tax benefit of $1.6 million for the nine months ended September 30, 2015 and 2014, respectively. | ||||
[3] | Amounts are net of reclassifications to earnings of losses of $0.9 million and $1.5 million for the three months ended September 30, 2015 and 2014, respectively. Amounts are net of reclassifications to earnings of losses of $3.1 million and $4.7 million for the nine months ended September 30, 2015 and 2014, respectively. |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash Flows From Operating Activities: | ||
Net income | $ 81,164 | $ 130,886 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization | 27,386 | 21,727 |
Amortization of loans and advances to financial advisors and other employees | 50,529 | 49,285 |
Amortization of premium on investment portfolio | 2,557 | 4,385 |
Provision for loan losses and allowance for loans and advances to financial advisors and other employees | 5,509 | 6,832 |
Amortization of intangible assets | 5,952 | 9,762 |
Deferred income taxes | 8,814 | 17,111 |
Excess tax benefits from stock-based compensation | (17,031) | (18,220) |
Stock-based compensation | 110,569 | 70,852 |
(Gains)/losses on sale of investments | 10,102 | (894) |
Other, net | 278 | 1,990 |
Decrease/(increase) in operating assets, net of assets acquired: | ||
Cash segregated for regulatory purposes and restricted cash | 49,325 | 4,264 |
Receivables: | ||
Brokerage clients | (112,106) | (19,195) |
Brokers, dealers, and clearing organizations | 33,517 | (263,745) |
Securities purchased under agreements to resell | (33,389) | 99,562 |
Financial instruments owned, including those pledged | 31,484 | (139,012) |
Loans originated as held for sale | (1,347,547) | (811,711) |
Proceeds from mortgages held for sale | 1,317,242 | 808,882 |
Loans and advances to financial advisors and other employees | (68,468) | (51,492) |
Other assets | 19,619 | 42,768 |
Increase/(decrease) in operating liabilities, net of liabilities assumed: | ||
Brokerage clients | 102,353 | 311 |
Brokers, dealers, and clearing organizations | 50,028 | 35,297 |
Drafts | (5,682) | (16,121) |
Financial instruments sold, but not yet purchased | (74,942) | 131,809 |
Other liabilities and accrued expenses | (248,703) | (169,588) |
Net cash used in operating activities | (1,440) | (54,255) |
Cash Flows From Investing Activities: | ||
Maturities, calls, sales, and principal paydowns of available-for-sale securities | 853,441 | 542,565 |
Calls and principal paydowns of held-to-maturity securities | 82,941 | 74,405 |
Sale or maturity of investments | 52,884 | 48,278 |
Sale of other real estate owned | 75 | 131 |
Increase in bank loans, net | (375,194) | (468,329) |
Payments for: | ||
Purchase of available-for-sale securities | (423) | (271,548) |
Purchase of held-to-maturity securities | (7,959) | |
Purchase of investments | (17,086) | (37,190) |
Purchase of fixed assets | (61,663) | (22,384) |
Acquisitions, net of cash acquired | 18,456 | (39,184) |
Net cash provided by/(used in) investing activities | 553,431 | (181,215) |
Cash Flows From Financing Activities: | ||
Proceeds/(repayments) of borrowings | 86,617 | (5,900) |
Proceeds from Federal Home Loan Bank advances | 96,000 | |
Proceeds from issuance of senior notes, net | 295,638 | |
Payment of contingent consideration | 29,598 | |
Increase/(decrease) in securities sold under agreements to repurchase | 67,757 | (119,995) |
Decrease in bank deposits, net | (673,270) | (110,801) |
Increase/(decrease) in securities loaned | 42,752 | (14,321) |
Excess tax benefits from stock-based compensation | 17,031 | 18,220 |
Issuance of common stock for stock option exercises | 343 | 135 |
Repurchase of common stock | (65,858) | |
Repayment of senior notes | (175,000) | |
Extinguishment of subordinated debt | (3,131) | |
Net cash provided by/(used in) financing activities | (633,226) | 59,845 |
Effect of exchange rate changes on cash | (1,447) | (5,817) |
Decrease in cash and cash equivalents | (82,682) | (181,442) |
Cash and cash equivalents at beginning of period | 689,782 | 716,560 |
Cash and cash equivalents at end of period | 607,100 | 535,118 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 29,673 | 31,205 |
Cash paid for income taxes, net of refunds | 45,115 | 59,434 |
Noncash financing activities: | ||
Unit grants, net of forfeitures | 132,145 | 152,115 |
Shares surrendered into treasury | 223 | |
Issuance of common stock for acquisitions | $ 80,981 | $ 11,741 |
Nature Of Operations And Basis
Nature Of Operations And Basis Of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [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, 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 several European cities. Our major geographic area of concentration is throughout the United States, with a growing presence in the United Kingdom and Europe. Our company’s principal customers are individual investors, corporations, municipalities, and institutions. Basis of Presentation The consolidated financial statements include Stifel Financial Corp. and its wholly owned subsidiaries, principally Stifel, Nicolaus & Company, Incorporated (“Stifel”) and Stifel Bank & Trust (“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, 2014 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, 2014. |
Recently Issued Accounting Guid
Recently Issued Accounting Guidance | 9 Months Ended |
Sep. 30, 2015 | |
Prospective Adoption Of New Accounting Pronouncements [Abstract] | |
Recently Issued Accounting Guidance | NOTE 2 – Recently Issued Accounting Guidance Business Combinations In September 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2015-16, Business Combinations (Topic 805): "Simplifying the Accounting for Measurement-Period Adjustments" (“ASU 2015-16”), which eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. Under this ASU, acquirers must recognize measurement-period adjustments in the period in which they determine the amounts, including the effect on earnings of any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date. This guidance is effective for fiscal years beginning after December 15, 2016, with early adoption permitted. We elected to early adopt this ASU in the third quarter of 2015. The adoption of ASU 2015-16 did not have a material impact on our consolidated financial statements. Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share In May 2015, the FASB issued ASU No. 2015-07, “Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).” The guidance removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The guidance also removes the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient. The guidance is effective for fiscal years beginning after December 15, 2015 and for interim periods within those years. The guidance shall be applied retrospectively for all periods presented. Early application is permitted. The guidance is not expected to have a material impact on our consolidated financial statements. Interest - Imputation of Interest In April 2015, the FASB issued ASU No. 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”). The guidance in ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted, and a retrospective approach is required. The guidance is not expected to have a material impact on our consolidated financial statements. Consolidation In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis” that amends the criteria for determining whether limited partnerships and similar entities are VIEs, clarifies when a general partner or asset manager should consolidate an entity and eliminates the indefinite deferral of certain aspects of VIE accounting guidance for investments in certain investment funds. Money market funds registered under Rule 2a-7 of the Investment Company Act and similar funds are exempt from consolidation under the new guidance. The new accounting guidance is effective beginning on January 1, 2016. Early adoption is permitted. The guidance is not expected to have a material impact on our consolidated financial statements. Repurchase Agreements In June 2014, the FASB issued 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 did not have a material impact on our results of operations or financial position. 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 FASB has approved a one year deferral of this standard, and this pronouncement is now effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period and is to be applied using one of two retrospective application methods, with early application 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 Discontinued Operations |
Acquisition of Sterne Agee Grou
Acquisition of Sterne Agee Group, Inc | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisition of Sterne Agee Group, Inc | Note 3 – Acquisition of Sterne Agee Group, Inc. On June 5, 2015, we completed the purchase of all of the outstanding shares of common stock of Sterne Agee Group, Inc. (“Sterne Agee”), a financial services firm that offers comprehensive wealth management and investment services to a diverse client base including corporations, municipalities and individual investors. The purchase was completed pursuant to the merger agreement dated February 23, 2015. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC 805 (“Topic 805”), “Business Combinations.” Accordingly, goodwill was measured as the excess of the acquisition-date fair value of the consideration transferred over the amount of acquisition-date identifiable assets acquired net of assumed liabilities. We recorded $90.1 million of goodwill and intangible assets in the consolidated statement of financial condition, which has been allocated to our company’s Global Wealth Management and Institutional Group segments. The allocation of the purchase price is preliminary and will be finalized upon completion of the analysis of the fair values of the net assets of Sterne Agee at closing and the identified intangible assets. The final goodwill and intangible assets recorded on the consolidated statement of financial condition may differ from that reflected herein as a result of future measurement period adjustments. In management’s opinion, the goodwill represents the value expected from the synergies created through the operational enhancement benefits that will result from the integration of Sterne Agee’s business and the reputation and expertise of Sterne Agee in the financial services sector. On June 5, 2015, certain employees were granted restricted stock units of our company as retention. The fair value of the awards issued as retention was $23.8 million. The fair value of the awards is based upon the closing price of our company’s common stock on the date of grant. 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 nine months ended September 30, 2015. In addition, we have paid $33.8 million in the form of notes to associates for retention. These notes will be forgiven by a charge to compensation and benefits over a five- to ten-year period if the individual satisfies certain conditions, usually based on continued employment and certain performance standards. Sterne, Agee & Leach, Inc. was a defendant in the Canyon Ridge, et al. matter and, prior to being acquired by Stifel, received an adverse jury verdict of $35.6 million. Prior to the closing date, Sterne Agee had established adequate reserves for various claims that were included the opening balance sheet. During the third quarter of 2015, this matter was settled and paid, and the excess reserves associated with the Canyon Ridge matter were distributed to Sterne Agee Group, Inc. shareholders. Under the terms of the agreements governing the acquisition, we have withheld a portion of the purchase price of Sterne Agee Group, Inc. pending the resolution of currently existing or subsequently arising liabilities relating to the operation of the Sterne Agee Group Inc. business prior to the closing of the acquisition. Based upon currently available information and review with counsel, we believe the amounts which we are allowed to withhold will be adequate to fully indemnify us from any losses related to the pre-closing operations of Sterne Agee Group, Inc. Pro forma information is not presented, because the acquisition is not considered to be material, as defined by the SEC. The results of operations of Sterne Agee have been included in our results prospectively from the date of acquisition. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | NOTE 4 – Discontinued Operations Three Months Nine Months Ended (in thousands) September 30, September 30, 2015 2014 2015 2014 Net revenues $ — $ (44 ) $ — $ (75 ) Restructuring expense — — — 217 Operating expenses — 110 — 3,664 Total non-interest expenses — 110 — 3,881 Loss from discontinued operations before income tax expense — (154 ) — (3,956 ) Income tax expense/(benefit) — 36 — (1,199 ) Loss from discontinued operations, net of tax $ — $ (190 ) $ — $ (2,757 ) |
Receivables From And Payables T
Receivables From And Payables To Brokers, Dealers And Clearing Organizations | 9 Months Ended |
Sep. 30, 2015 | |
Due To And From Broker Dealers And Clearing Organizations [Abstract] | |
Receivables From And Payables To Brokers, Dealers And Clearing Organizations | NOTE 5 – Receivables From and Payables to Brokers, Dealers, and Clearing Organizations Amounts receivable from brokers, dealers, and clearing organizations at September 30, 2015 and December 31, 2014, included (in thousands) September 30, 2015 December 31, 2014 Deposits paid for securities borrowed $ 333,348 $ 445,542 Receivables from clearing organizations 295,856 198,079 Securities failed to deliver 22,070 7,453 $ 651,274 $ 651,074 Amounts payable to brokers, dealers, and clearing organizations at September 30, 2015 and December 31, 2014, included (in thousands) September 30, 2015 December 31, 2014 Deposits received from securities loaned $ 47,495 $ 4,215 Payable to clearing organizations 31,136 2,443 Securities failed to receive 28,172 7,365 $ 106,803 $ 14,023 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, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 6 – 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. 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 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 Owned and Available-For-Sale Securities When available, the fair value of financial instruments is based on quoted prices in active markets and reported in Level 1. Level 1 financial instruments include highly liquid instruments with quoted prices, such as equity securities listed in active markets, corporate 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 has 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 include U.S. government agency securities, mortgage-backed securities, corporate fixed income securities infrequently traded, state and municipal securities, asset-backed securities, and equity securities not actively traded. We have identified Level 3 financial instruments to include certain corporate fixed income securities with unobservable pricing inputs and certain state and municipal securities, which include auction rate securities (“ARS”). Level 3 financial instruments have little to no pricing observability as of the report date. These financial instruments do not have active two-way markets and are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation. ARS are valued based upon our expectations of issuer redemptions and using internal discounted cash flow models that utilize unobservable inputs. 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. The valuation of these investments requires significant management judgment due to the absence of quoted market prices, inherent lack of liquidity, and long-term nature of these assets. As a result, these values cannot be determined with precision, and the calculated fair value estimates may not be realizable in a current sale or immediate settlement of the instrument. 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 $11.4 million and $11.5 million at September 30, 2015 and December 31, 2014, respectively. Financial Instruments Sold, But Not Yet Purchased Financial instruments sold, but not purchased, recorded at fair value based on quoted prices in active markets and other observable market data include highly liquid instruments with quoted prices, such as U.S. government securities, corporate fixed income securities, and equity securities listed in active markets, which are reported as Level 1. If quoted prices are not available, 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 has 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 include U.S. government agency securities, mortgage-backed securities not actively traded, and corporate fixed income securities. 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, 2015, are presented below (in thousands): September 30, 2015 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 90,582 $ 90,582 $ — $ — Financial instruments owned: U.S. government securities 15,750 15,750 — — U.S. government agency securities 124,292 — 124,292 — Mortgage-backed securities: Agency 202,480 — 202,480 — Non-agency 18,704 — 18,304 400 Corporate securities: Fixed income securities 251,416 40,361 211,055 — Equity securities 25,641 25,022 — 619 State and municipal securities 174,693 — 174,693 — Total financial instruments owned 812,976 81,133 730,824 1,019 Available-for-sale securities: U.S. government agency securities 1,708 — 1,708 — State and municipal securities 74,179 — 74,179 — Mortgage-backed securities: Agency 27,420 — 27,420 — Commercial 17,983 — 17,983 — Non-agency 2,785 — 2,785 — Corporate fixed income securities 88,725 — 88,725 — Asset-backed securities 447,032 — 447,032 — Total available-for-sale securities 659,832 — 659,832 — Investments: Corporate equity securities 30,305 27,074 — 3,231 Mutual funds 14,836 14,836 — — U.S. government securities 103 103 — — Auction rate securities: Equity securities 56,224 — — 56,224 Municipal securities 1,324 — — 1,324 Other 1 57,448 — 2,887 54,561 Total investments 160,240 42,013 2,887 115,340 $ 1,723,630 $ 213,728 $ 1,393,543 $ 116,359 1 September 30, 2015 Total Level 1 Level 2 Level 3 Liabilities: Financial instruments sold, but not yet purchased: U.S. government securities $ 217,648 $ 217,648 $ — $ — U.S. government agency securities — — — — Mortgage-backed securities: Agency 38,927 — 38,927 Non-agency — — — — Corporate securities: Fixed income securities 234,429 20,795 213,634 — Equity securities 21,089 21,084 5 — State and municipal securities 230 — 230 — Total financial instruments sold, but not yet purchased 512,323 259,527 252,796 $ — Derivative contracts 2 4,652 — 4,652 — $ 516,975 $ 259,527 $ 257,448 $ — 2 Included in accounts payable and accrued expenses in the consolidated statements of financial condition. Assets and liabilities measured at fair value on a recurring basis as of December 31, 2014, are presented below (in thousands): December 31, 2014 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 122,875 $ 122,875 $ — $ — Financial instruments owned: U.S. government securities 58,992 58,992 — — U.S. government agency securities 101,439 — 101,439 — Mortgage-backed securities: Agency 159,057 — 159,057 — Non-agency 13,366 189 12,371 806 Corporate securities: Fixed income securities 245,909 75,236 168,680 1,993 Equity securities 77,548 76,316 88 1,144 State and municipal securities 130,544 — 130,544 — Total financial instruments owned 786,855 210,733 572,179 3,943 Available-for-sale securities: U.S. government agency securities 1,610 — 1,610 — State and municipal securities 74,401 — 74,401 — Mortgage-backed securities: Agency 209,206 — 209,206 — Commercial 107,644 — 107,644 — Non-agency 3,137 — 3,137 — Corporate fixed income securities 337,406 50,892 286,514 — Asset-backed securities 780,074 — 736,029 44,045 Total available-for-sale securities 1,513,478 50,892 1,418,541 44,045 Investments: Corporate equity securities 59,203 35,123 24,080 — Mutual funds 18,144 18,144 — — U.S. government securities 6,555 104 6,451 — Auction rate securities: Equity securities 46,197 — — 46,197 Municipal securities 1,326 — — 1,326 Other 1 78,830 1,283 4,557 72,990 Total investments 210,255 54,654 35,088 120,513 $ 2,633,463 $ 439,154 $ 2,025,808 $ 168,501 1 December 31, 2014 Total Level 1 Level 2 Level 3 Liabilities: Financial instruments sold, but not yet purchased: U.S. government securities $ 146,592 $ 146,592 $ — $ — U.S. government agency securities 10,029 — 10,029 — Mortgage-backed securities: Agency 28,067 — 28,067 — Non-agency 4,556 401 4,155 — Corporate securities: Fixed income securities 293,008 17,116 275,892 — Equity securities 105,013 105,013 — — Total financial instruments sold, but not yet purchased 587,265 269,122 318,143 — Derivative contracts 2 5,641 — 5,641 — $ 592,906 $ 269,122 $ 323,784 $ — 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 months ended September 30, 2015 (in thousands): Three Months Ended September 30, 2015 Financial instruments owned Available- for-sale securities Mortgage- Backed Securities – Non-Agency Corporate Fixed Income Securities Equity Securities Asset- Backed Securities Balance at June 30, 2015 $ 670 $ 4,572 $ 619 $ — Unrealized gains/(losses): Included in changes in net assets 2 (157 ) (126 ) — — Included in OCI 3 — — — — Realized gains/(losses) 2 86 53 — — Purchases — — — — Sales — (4,499 ) — — Redemptions (199 ) — — — Transfers: Into Level 3 — — — — Out of Level 3 — — — — Net change (270 ) (4,572 ) — — Balance at September 30, 2015 $ 400 $ — $ 619 $ — Three Months Ended September 30, 2015 Investments Corporate Equity Securities Auction Securities – Equity Auction Rate Securities – Municipal Other 1 Balance at June 30, 2015 $ 2,962 $ 48,355 $ 1,324 $ 69,242 Unrealized gains/(losses): Included in changes in net assets 2 269 (631 ) — (1,576 ) Included in OCI 3 — — — — Realized gains 2 — — — 293 Purchases — 8,500 — 1,117 Sales — — — (11,533 ) Redemptions — — — (2,982 ) Transfers: Into Level 3 — — — — Out of Level 3 — — — — Net change 269 7,869 — (14,681 ) Balance at September 30, 2015 $ 3,231 $ 56,224 $ 1,324 $ 54,561 1 Includes partnership interests, private company investments, and private equity investments. 2 Realized and unrealized gains/(losses) related to financial instruments owned and investments are reported in other income in the consolidated statements of operations. 3 Unrealized gains/(losses) related to available-for-sale securities are reported in accumulated other comprehensive loss 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 nine months ended September 30, 2015 (in thousands): Nine Months Ended September 30, 2015 Financial instruments owned Available- for-sale securities Mortgage- Backed Securities – Non-Agency Corporate Fixed Income Securities Equity Securities Asset- Backed Securities Balance at December 31, 2014 $ 806 $ 1,993 $ 1,144 $ 44,045 Unrealized gains/(losses): Included in changes in net assets 2 (240 ) 84 — — Included in OCI 3 — — — 342 Realized gains/(losses) 2 119 53 — (2,136 ) Purchases — 11,643 — — Sales — (13,773 ) (525 ) (42,251 ) Redemptions (285 ) — — — Transfers: Into Level 3 — — — — Out of Level 3 — — — — Net change (406 ) (1,993 ) (525 ) (44,045 ) Balance at September 30, 2015 $ 400 $ — $ 619 $ — Nine Months Ended September 30, 2015 Investments Corporate Equity Securities Auction Rate Securities – Equity Auction Rate Securities – Municipal Other 1 Balance at December 31, 2014 $ — $ 46,197 $ 1,326 $ 72,990 Unrealized gains/(losses): Included in changes in net assets 2 354 (873 ) (2 ) 2,392 Included in OCI 3 — — — — Realized gains 2 — — — (210 ) Purchases — 15,125 — 4,396 Sales — — — (13,156 ) Redemptions — (4,225 ) — (3,066 ) Transfers: Into Level 3 2,877 — — — Out of Level 3 — — — (8,785 ) Net change 3,231 10,027 (2 ) (18,429 ) Balance at September 30, 2015 $ 3,231 $ 56,224 $ 1,324 $ 54,561 1 Includes partnership interests, private company investments, and private equity investments. 2 Realized and unrealized gains/(losses) related to financial instruments owned and investments are reported in other income in the consolidated statements of operations. 3 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 private equity investments and ARS, offset by ARS purchases during the nine months ended September 30, 2015. The changes in unrealized gains/(losses) recorded in earnings for the three and nine months ended September 30, 2015, relating to Level 3 assets still held at September 30, 2015, 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, 2015. Valuation technique Unobservable input Range Weighted average Investments: Auction rate securities: Equity securities Discounted cash flow Discount rate 2.3% - 13.5% 7.7% Workout period 1 - 3 years 2.5 years Municipal securities Discounted cash flow Discount rate 0.3% - 8.8% 7.1% Workout period 1 - 4 years 2.8 years 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 and broker quotes. 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 ongoing 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 $36.6 million and $42.1 million at September 30, 2015 and December 31, 2014, 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 $18.0 million and $21.2 million at September 30, 2015 and December 31, 2014, respectively. Direct investments in private equity companies may be valued using the market approach 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. 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. Transfers of financial assets from Level 1 to Level 2 during the three months ended September 30, 2015 were immaterial. There were $5.6 million of transfers of financial assets from Level 1 to Level 2 during the nine months ended September 30, 2015, primarily related to corporate fixed income securities for which there were low volumes of recent trade activity observed. There were no transfers of financial assets out of Level 3 during the three months ended September 30, 2015. There were $5.9 million of transfers of financial assets out of Level 3 during the nine months ended September 30, 2015, primarily related to other investments for which market trades were observed that provided transparency into the valuation of these assets. Fair Value of Financial Instruments The following reflects the fair value of financial instruments as of September 30, 2015 and December 31, 2014, whether or not recognized in the consolidated statements of financial condition at fair value (in thousands). September 30, 2015 December 31, 2014 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets: Cash and cash equivalents $ 607,100 $ 607,100 $ 689,782 $ 689,782 Cash segregated for regulatory purposes 321 321 49,646 49,646 Securities purchased under agreements to resell 88,467 88,467 55,078 55,078 Financial instruments owned 812,976 812,976 786,855 786,855 Available-for-sale securities 659,832 659,832 1,513,478 1,513,478 Held-to-maturity securities 1,095,793 1,132,501 1,177,565 1,211,976 Loans held for sale 179,588 179,588 121,939 121,939 Bank loans 2,409,399 2,427,355 2,065,420 2,086,864 Investments 160,240 160,240 210,255 210,255 Financial liabilities: Securities sold under agreements to repurchase $ 106,937 $ 106,937 $ 39,180 $ 39,180 Bank deposits 4,116,811 4,070,949 4,790,081 4,246,214 Financial instruments sold, but not yet purchased 512,323 512,323 587,265 587,265 Derivative contracts 1 4,652 4,652 5,641 5,641 Borrowings 398,338 398,338 — — Senior notes 450,000 454,282 625,000 638,690 Debentures to Stifel Financial Capital Trusts 82,500 73,875 82,500 76,714 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, 2015 and December 31, 2014 (in thousands): September 30, 2015 Total Level 1 Level 2 Level 3 Financial assets: Cash $ 516,518 $ 516,518 $ — $ — Cash segregated for regulatory purposes 321 321 — — Securities purchased under agreements to resell 88,467 88,467 — — Held-to-maturity securities 1,132,501 — 891,975 240,526 Loans held for sale 179,588 — 179,588 — Bank loans 2,427,355 — 2,427,355 — Financial liabilities: Securities sold under agreements to repurchase $ 106,937 $ 19,476 $ — $ 87,461 Bank deposits 4,070,949 — 4,070,949 — Borrowings 398,338 — 398,338 — Senior notes 454,282 454,282 — — Debentures to Stifel Financial Capital Trusts 73,875 — — 73,875 December 31, 2014 Total Level 1 Level 2 Level 3 Financial assets: Cash $ 566,907 $ 566,907 $ — $ — Cash segregated for regulatory purposes 49,646 49,646 — — Securities purchased under agreements to resell 55,078 44,996 10,082 — Held-to-maturity securities 1,211,976 — 969,913 242,063 Loans held for sale 121,939 — 121,939 — Bank loans 2,086,864 — 2,086,864 — Financial liabilities: Securities sold under agreements to repurchase $ 39,180 $ 39,180 $ — $ — Bank deposits 4,246,214 — 4,246,214 — Borrowings — — — — Senior notes 638,690 638,690 — — Debentures to Stifel Financial Capital Trusts 76,714 — — 76,714 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, 2015 and December 31, 2014. 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, 2015 and December 31, 2014 approximate fair value due to their 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 agency mortgage-backed securities, asset-backed securities, consisting of corporate obligations, collateralized debt obligation securities, and corporate fixed income securities. 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, 2015 and December 31, 2014 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. Borrowings The carrying amount of borrowings approximates fair value due to the relative short-term nature of such borrowings, some of which are day-to-day. The portion of borrowings which are not “day-to-day” are primarily comprised of Stifel Bank’s borrowings from the FHLB which, by their nature, reflect terms that approximate current market rates for similar borrowings. 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 5.375% senior notes due 2022. 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 And
Financial Instruments Owned And Financial Instruments Sold, But Not Yet Purchased | 9 Months Ended |
Sep. 30, 2015 | |
Trading Securities Balance Sheet Reported Amounts [Abstract] | |
Financial Instruments Owned And Financial Instruments Sold, But Not Yet Purchased | NOTE 7 – 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, 2015 and December 31, 2014 are as follows (in thousands) September 30, 2015 December 31, 2014 Financial instruments owned: U.S. government securities $ 15,750 $ 58,992 U.S. government agency securities 124,292 101,439 Mortgage-backed securities: Agency 202,480 159,057 Non-agency 18,704 13,366 Corporate securities: Fixed income securities 251,416 245,909 Equity securities 25,641 77,548 State and municipal securities 174,693 130,544 $ 812,976 $ 786,855 Financial instruments sold, but not yet purchased: U.S. government securities $ 217,648 $ 146,592 U.S. government agency securities — 10,029 Mortgage-backed securities: Agency 38,927 28,067 Non-agency — 4,556 Corporate securities: Fixed income securities 234,429 293,008 Equity securities 21,089 105,013 State and municipal securities 230 — $ 512,323 $ 587,265 At September 30, 2015 and December 31, 2014, financial instruments owned in the amount of $586.1 million and $425.1 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. |
Available-For-Sale And Held-To-
Available-For-Sale And Held-To-Maturity Securities | 9 Months Ended |
Sep. 30, 2015 | |
Investments Debt And Equity Securities [Abstract] | |
Available-For-Sale And Held-To-Maturity Securities | NOTE 8 – 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, 2015 and December 31, 2014 (in thousands) September 30, 2015 Amortized Cost Gross Unrealized Gains 1 Gross Unrealized Losses 1 Estimated Fair Value Available-for-sale securities U.S. government agency securities $ 1,703 $ 7 $ (2 ) $ 1,708 State and municipal securities 76,095 10 (1,926 ) 74,179 Mortgage-backed securities: Agency 27,415 294 (289 ) 27,420 Commercial 17,775 212 (4 ) 17,983 Non-agency 2,829 2 (46 ) 2,785 Corporate fixed income securities 88,270 1,050 (595 ) 88,725 Asset-backed securities 449,685 1,342 (3,995 ) 447,032 $ 663,772 $ 2,917 $ (6,857 ) $ 659,832 Held-to-maturity securities 2 Mortgage-backed securities: Agency $ 802,549 $ 34,457 $ (27 ) $ 836,979 Commercial 59,506 3,161 — 62,667 Non-agency 953 — (13 ) 940 Asset-backed securities 177,617 2,429 (2,913 ) 177,133 Corporate fixed income securities 55,168 — (385 ) 54,783 $ 1,095,793 $ 40,047 $ (3,338 ) $ 1,132,502 December 31, 2014 Amortized Cost Gross Unrealized Gains 1 Gross Unrealized Losses 1 Estimated Fair Value Available-for-sale securities U.S. government agency securities $ 1,613 $ 1 $ (4 ) $ 1,610 State and municipal securities 76,518 20 (2,137 ) 74,401 Mortgage-backed securities: Agency 206,982 3,137 (913 ) 209,206 Commercial 107,100 633 (89 ) 107,644 Non-agency 3,186 5 (54 ) 3,137 Corporate fixed income securities 336,210 2,016 (820 ) 337,406 Asset-backed securities 788,908 1,321 (10,155 ) 780,074 $ 1,520,517 $ 7,133 $ (14,172 ) $ 1,513,478 Held-to-maturity securities 2 Mortgage-backed securities: Agency $ 884,451 $ 32,926 $ (42 ) $ 917,335 Commercial 59,462 2,257 — 61,719 Non-agency 1,081 — (17 ) 1,064 Asset-backed securities 177,335 3,151 (2,645 ) 177,841 Corporate fixed income securities 55,236 4 (1,223 ) 54,017 $ 1,177,565 $ 38,338 $ (3,927 ) $ 1,211,976 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, 2015 we received proceeds of $89.0 million and $641.6 million, respectively, from the sale of available-for-sale securities, which resulted in net realized gains of $0.1 million and $3.2 million, respectively. During the three months ended September 30, 2015 and 2014, unrealized losses, net of deferred tax benefit, of $0.6 million and $3.9 million, respectively, were recorded in accumulated other comprehensive income in the consolidated statements of financial condition. During the nine months ended September 30, 2015 and 2014, unrealized gains, net of deferred taxes, of $5.3 million and $1.7 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) September 30, 2015 Available-for-sale securities Held-to-maturity securities Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Debt securities Within one year $ 9,756 $ 9,816 $ 15,006 $ 15,004 After one year through three years 48,743 49,321 40,162 39,779 After three years through five years 1,006 1,220 — — After five years through ten years 158,380 156,642 — — After ten years 397,868 394,644 177,617 177,133 Mortgage-backed securities After one year through three years 80 81 — — After five years through ten years 653 677 59,506 62,667 After ten years 47,286 47,431 803,502 837,919 $ 663,772 $ 659,832 $ 1,095,793 $ 1,132,502 The maturities of our available-for-sale (fair value) and held-to-maturity (amortized cost) securities at September 30, 2015, 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 $ 730 $ 978 $ — $ — $ 1,708 State and municipal securities — — 7,394 66,785 74,179 Mortgage-backed securities: Agency — — 677 26,744 27,421 Commercial — — — 17,983 17,983 Non-agency — 81 — 2,704 2,785 Corporate fixed income securities 9,086 49,563 30,075 — 88,724 Asset-backed securities — - 119,173 327,859 447,032 $ 9,816 $ 50,622 $ 157,319 $ 442,075 $ 659,832 Held-to-maturity: Mortgage-backed securities: Agency $ — $ — $ — $ 802,549 $ 802,549 Commercial — — 59,506 — 59,506 Non-agency — — — 953 953 Asset-backed securities — — — 177,617 177,617 Corporate fixed income securities 15,006 40,162 — — 55,168 $ 15,006 $ 40,162 $ 59,506 $ 981,119 $ 1,095,793 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, 2015 and December 31, 2014, securities and loans of $908.2 million and $1.2 billion, respectively, were pledged at the Federal Home Loan Bank as collateral for borrowings and letters of credit obtained to secure public deposits. At September 30, 2015, securities of $388.5 million were pledged with the Federal Reserve discount window. The following table shows the gross unrealized losses and fair value of the Company’s investment securities with unrealized losses, aggregated by investment category and length of time the individual investment securities have been in continuous unrealized loss positions, at September 30, 2015 (in thousands) 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 ) $ 131 $ — $ — $ (2 ) $ 131 State and municipal securities (519 ) 36,731 (1,408 ) 35,773 (1,927 ) 72,504 Mortgage-backed securities: Agency — — (289 ) 8,794 (289 ) 8,794 Commercial (4 ) 3,474 — — (4 ) 3,474 Non-agency (46 ) 2,608 — — (46 ) 2,608 Corporate fixed income securities (595 ) 25,102 — — (595 ) 25,102 Asset-backed securities (1,073 ) 137,510 (2,921 ) 137,224 (3,994 ) 274,734 $ (2,239 ) $ 205,556 $ (4,618 ) $ 181,791 $ (6,857 ) $ 387,347 Held-to-maturity securities Mortgage-backed securities: Agency $ — $ — $ (27 ) $ 2,309 $ (27 ) $ 2,309 Non-agency — — (13 ) 940 (13 ) 940 Asset-backed securities (73 ) 9,122 (2,578 ) 64,675 (2,651 ) 73,797 Corporate fixed income securities — — (385 ) 49,783 (385 ) 49,783 $ (73 ) $ 9,122 $ (3,003 ) $ 117,707 $ (3,076 ) $ 126,829 At September 30, 2015, the amortized cost of 48 securities classified as available for sale exceeded their fair value by $6.9 million, of which $4.6 million related to investment securities that had been in a loss position for 12 months or longer. The total fair value of these investments at September 30, 2015, was $387.3 million, which was 58.7% of our available-for-sale portfolio. At September 30, 2015, the carrying value of 21 securities held to maturity exceeded their fair value by $3.1million, of which $3.0 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, 2015 and 2014. We believe the gross unrealized losses related to all other securities of $9.9 million as of September 30, 2015, 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. No OTTI charge was recorded during the three and nine months ended September 30, 2015 related to these securities. Accordingly, we have concluded that the impairment on these securities is not other-than-temporary. |
Bank Loans
Bank Loans | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Bank Loans | NOTE 9 – Bank Loans The following table presents the balance and associated percentage of each major loan category in our bank loan portfolio at September 30, 2015 and December 31, 2014 (in thousands, except percentages) September 30, 2015 December 31, 2014 Balance Percent Balance Percent Commercial and industrial $ 1,121,643 45.9 % $ 896,853 42.4 % Consumer 1 1,026,197 42.0 758,288 35.8 Residential real estate 260,958 10.7 432,646 20.4 Commercial real estate 19,811 0.8 15,902 0.8 Home equity lines of credit 11,260 0.5 12,945 0.6 Construction and land 2,474 0.1 Gross bank loans 2,442,343 100.0 % 2,116,634 100.0 % Unamortized loan discount (994 ) (30,533 ) Unamortized loan fees, net of loan fees (1,841 ) (1,631 ) Loans in process (2,402 ) 1,681 Allowance for loan losses (27,707 ) (20,731 ) Bank loans, net $ 2,409,399 $ 2,065,420 1 Includes securities-based loans of $ 1.0 billion and $732.8 million at September 30, 2015 and December 31, 2014, respectively. At September 30, 2015 and December 31, 2014, Stifel Bank had loans outstanding to its executive officers, directors, and their affiliates in the amount of $1.9 million and $0.6 million, respectively, and loans outstanding to other Stifel Financial Corp. executive officers, directors, and their affiliates in the amount of $9.6 million and $5.3 million, respectively. At September 30, 2015 and December 31, 2014, we had mortgage loans held for sale of $179.6 million and $121.9 million, respectively. For the three months ended September 30, 2015 and 2014, we recognized gains of $3.3 million and $2.2 million, respectively, from the sale of originated loans, net of fees and costs. For the nine months ended September 30, 2015 and 2014, we recognized gains of $9.4 million and $5.8 million, respectively, from the sale of originated loans, net of fees and costs. During the three months ended September 30, 2015, the Bank reclassified $227.6 million of residential mortgages to held for sale. In September 2015, Stifel Bank sold $184.4 million in unpaid principal balance. As these loans carried a significant portion on the unamortized loan discount at the time of sale, we recognized a $14.7 million gain which is reflected in other income on the consolidated statements of operations. At September 30, 2015, $33.9 million remains in held for sale. The following table details activity in the allowance for loan losses by portfolio segment for the three and nine months ended September 30, 2015 (in thousands) Three Months Ended September 30, 2015 Beginning Balance Provision Charge-offs Recoveries Ending Balance Commercial and industrial $ 19,297 $ 3,117 $ — $ — $ 22,414 Consumer 1,568 39 — 6 1,613 Residential real estate 904 197 (27 ) 48 1,122 Commercial real estate 286 (36 ) — 14 264 Home equity lines of credit 265 (20 ) — 8 253 Construction & Land — 47 — — 47 Qualitative 1,603 391 — — 1,994 $ 23,923 $ 3,735 $ (27 ) $ 76 $ 27,707 Nine Months Ended September 30, 2015 Beginning Balance Provision Charge-offs Recoveries Ending Balance Commercial and industrial $ 16,609 $ 5,805 $ — $ — $ 22,414 Consumer 1,255 352 — 6 1,613 Residential real estate 787 425 (142 ) 52 1,122 Commercial real estate 232 (24 ) — 56 264 Home equity lines of credit 267 (22 ) — 8 253 Construction & Land — 47 — — 47 Qualitative 1,581 413 — — 1,994 $ 20,731 $ 6,996 $ (142 ) $ 122 $ 27,707 The following table presents the recorded balances of loans and amount of allowance allocated based upon impairment method by portfolio segment at September 30, 2015 (in thousands) Allowance for Loan Losses Recorded Investment in Loans Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Commercial and industrial $ — $ 22,414 $ 22,414 $ — $ 1,121,643 $ 1,121,643 Consumer 21 1,592 1,613 21 1,026,176 1,026,197 Residential real estate 24 1,098 1,122 945 260,013 260,958 Commercial real estate — 264 264 — 19,811 19,811 Home equity lines of credit 149 104 253 323 10,937 11,260 Construction & Land — 47 47 — 2,474 2,474 Qualitative — 1,994 1,994 — — — $ 194 $ 27,513 $ 27,707 $ 1,289 $ 2,441,054 $ 2,442,343 The following table details activity in the allowance for loan losses by portfolio segment for the three and nine months ended September 30, 2014 (in thousands) Three Months Ended September 30, 2014 Beginning Balance Provision Charge-offs Recoveries Ending Balance Commercial and industrial $ 13,557 $ 2,346 $ — $ — $ 15,903 Consumer 937 64 — — 1,001 Residential real estate 713 (41 ) — 2 674 Commercial real estate 210 10 — 19 239 Home equity lines of credit 131 143 — — 274 Construction & Land — — — — — Qualitative 1,555 (650 ) — — 905 $ 17,103 $ 1,872 $ — $ 21 $ 18,996 Nine Months Ended September 30, 2014 Beginning Balance Provision Charge-offs Recoveries Ending Balance Commercial and industrial $ 9,832 $ 6,539 $ (468 ) $ — $ 15,903 Consumer 892 113 (4 ) — 1,001 Residential real estate 408 261 — 5 674 Commercial real estate 198 (5 ) — 46 239 Home equity lines of credit 174 100 — — 274 Construction and land 12 (12 ) — — — Qualitative 1,152 (247 ) — — 905 $ 12,668 $ 6,749 $ (472 ) $ 51 $ 18,996 The following table presents the recorded balances of loans and amount of allowance allocated based upon impairment method by portfolio segment at September 30, 2014 (in thousands) Allowance for Loan Losses Recorded Investment in Loans Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Commercial and industrial $ — $ 15,903 $ 15,903 $ — $ 833,988 $ 833,988 Consumer — 1,001 1,001 — 638,810 638,810 Residential real estate 87 587 674 378 418,428 418,806 Commercial real estate 30 209 239 235 15,736 15,971 Home equity lines of credit 149 125 274 323 13,453 13,776 Construction and land — — — — — — Qualitative — 905 905 — — — $ 266 $ 18,730 $ 18,996 $ 936 $ 1,920,415 $ 1,921,351 The following table presents the recorded balances of loans and amount of allowance allocated based upon impairment method by portfolio segment at December 31, 2014 (in thousands) Allowance for Loan Losses Recorded Investment in Loans Individually Evaluated Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Commercial and industrial $ — $ 16,609 $ 16,609 $ — $ 896,853 $ 896,853 Consumer 13 1,242 1,255 13 758,275 758,288 Residential real estate 87 700 787 378 432,268 432,646 Commercial real estate 23 209 232 228 15,674 15,902 Home equity lines of credit 149 118 267 323 12,622 12,945 Construction and land — — — — — — Qualitative — 1,581 1,581 — — — $ 272 $ 20,459 $ 20,731 $ 942 $ 2,115,692 2,116,634 In determining the amount of our allowance, we rely on an analysis of our loan portfolio, our experience and our evaluation of general economic conditions, as well as the requirements of the written agreement and other regulatory input. If our assumptions prove to be incorrect, our current allowance may not be sufficient to cover future loan losses and we may experience significant increases to our provision. There are two components of the allowance for loan losses: the inherent allowance component and the specific allowance component. The inherent allowance component of the allowance for loan losses is used to estimate the probable losses inherent in the loan portfolio and includes non-homogeneous loans that have not been identified as impaired and portfolios of smaller balance homogeneous loans. The Company maintains methodologies by loan product for calculating an allowance for loan losses that estimates the inherent losses in the loan portfolio. Qualitative and environmental factors such as economic and business conditions, nature and volume of the portfolio and lending terms, and volume and severity of past due loans may also be considered in the calculations. The allowance for loan losses is maintained at a level reasonable to ensure that it can adequately absorb the estimated probable losses inherent in the portfolio. The specific allowance component of the allowance for loan losses is used to estimate probable losses for non-homogeneous exposures, including loans modified in a Troubled Debt Restructuring (“TDR”), which have been specifically identified for impairment analysis by the Company and determined to be impaired. At September 30, 2015, we had $0.6 million of non-accrual loans, net of discounts, which included $0.2 million in troubled debt restructurings, for which there was a specific allowance of $0.2 million. At December 31, 2014, we had $4.9 million of non-accrual loans, net of discounts, which included $1.0 million in troubled debt restructurings, for which there was a specific allowance of $0.3 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, 2015 and 2014, were insignificant to the consolidated financial statements. The tables below present loans that were individually evaluated for impairment by portfolio segment at September 30, 2015 and December 31, 2014, included the average recorded investment balance (in thousands) September 30, 2015 Unpaid Contractual Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment Commercial and industrial $ — $ — $ — $ — $ — $ — Consumer 23 — 21 21 2 24 Residential real estate 378 145 206 351 24 381 Commercial real estate — — — — — — Home equity lines of credit 323 — 323 323 148 323 Construction and land — — — — — — Total $ 724 $ 145 $ 550 $ 695 $ 174 $ 728 December 31, 2014 Unpaid Contractual Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment Commercial and industrial $ — $ — $ — $ — $ — $ — Consumer 13 — 13 13 13 15 Residential real estate 5,006 3,944 377 4,321 87 4,646 Commercial real estate 228 — 228 228 23 235 Home equity lines of credit 323 — 323 323 149 323 Construction and land — — — — — — Total $ 5,570 $ 3,944 $ 941 $ 4,885 $ 272 $ 5,219 The following table presents the aging of the recorded investment in past due loans at September 30, 2015 and December 31, 2014 by portfolio segment (in thousands) As of September 30, 2015 30 – 89 Days Past Due 90 or More Days Past Due Total Due Current Balance Total Commercial and industrial $ — $ — $ — $ 1,121,643 $ 1,121,643 Consumer 9 12 21 1,026,176 1,026,197 Residential real estate 2,103 23 2,126 258,832 260,958 Commercial real estate — — — 19,811 19,811 Home equity lines of credit — — — 11,260 11,260 Construction and land — — — 2,474 2,474 Total $ 2,112 $ 35 $ 2,147 $ 2,440,196 $ 2,442,343 As of September 30, 2015 * Non-accrual Restructured Total Commercial and industrial $ — $ — $ — Consumer 21 — 21 Residential real estate 23 328 351 Commercial real estate — — — Home equity lines of credit 323 — 323 Construction and land — — — Total $ 367 $ 328 $ 695 * There were no loans past due 90 days and still accruing interest at September 30, 2015. As of December 31, 2014 30 – 89 Days Past Due 90 or More Days Past Due Total Past Due Current Balance Total Commercial and industrial $ — $ — $ — $ 896,853 $ 896,853 Consumer 28 14 42 758,246 758,288 Residential real estate 6,603 4,834 11,437 421,209 432,646 Commercial real estate — — — 15,902 15,902 Home equity lines of credit — — — 12,945 12,945 Construction and land — — — — — Total $ 6,631 $ 4,848 $ 11,479 $ 2,105,155 $ 2,116,634 As of December 31, 2014* Non-accrual Restructured Total Commercial and industrial $ — $ — $ — Consumer 13 — 13 Residential real estate 4,321 504 4,825 Commercial real estate 228 — 228 Home equity lines of credit 323 — 323 Construction and land — — — Total $ 4,885 $ 504 $ 5,389 * There were no loans past due 90 days and still accruing interest at December 31, 2014. Credit quality indicators As of September 30, 2015, bank loans were primarily extended to non-investment grade borrowers. Substantially all of these loans align with the U.S. Federal bank regulatory agencies’ definition of Pass. Loans meet the definition of Pass when they are performing and/or do not demonstrate adverse characteristics that are likely to result in a credit loss. 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. 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, 2015 and December 31, 2014, 96.4 % and 95.8% 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 Company uses the following definitions for risk ratings: Pass. A credit exposure rated pass has a continued expectation of timely repayment, all obligations of the borrower are current, and the obligor complies with material terms and conditions of the lending agreement. Special Mention. Extensions of credit that have potential weakness that deserve management’s close attention, and if left uncorrected may, at some future date, result in the deterioration of the repayment prospects or collateral position. Substandard. Obligor has a well-defined weakness that jeopardizes the repayment of the debt and has a high probability of payment default with the distinct possibility that the Company will sustain some loss if noted deficiencies are not corrected. Doubtful. Inherent weakness in the exposure makes the collection or repayment in full, based on existing facts, conditions and circumstances, highly improbable, and the amount of loss is uncertain. Doubtful loans are considered impaired. Substandard loans are regularly reviewed for impairment. When a loan is impaired the impairment is measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate or as a practical expedient the observable market price of the loan or the fair value of the collateral if the loan is collateral dependent. Portfolio segments: Commercial and industrial (C&I). C&I loans primarily include commercial and industrial lending used for general corporate purposes, working capital and liquidity, and “event-driven." “Event-driven” loans support client merger, acquisition or recapitalization activities. C&I lending is structured as revolving lines of credit, letter of credit facilities, term loans and bridge loans. Risk factors considered in determining the allowance for corporate loans include the borrower’s financial strength, seniority of the loan, collateral type, leverage, volatility of collateral value, debt cushion, and covenants. Consumer . Consumer loans primarily include securities-based lending that allows clients to borrow money against the value of qualifying securities for any suitable purpose other than purchasing, trading, or carrying securities or refinancing margin debt. The majority of consumer loans are structured as revolving lines of credit and letter of credit facilities and are primarily offered through Stifel’s Pledged Asset ("SPA") program. The allowance methodology for securities-based lending considers the collateral type underlying the loan. Real Estate. Real estate loans include commercial real estate, residential real estate non-conforming loans, residential real estate conforming loans and home equity lines of credit. The allowance methodology real estate loans considers several factors, including, but not limited to, loan-to-value ratio, FICO score, home price index, delinquency status, credit limits, and utilization rates. Based on the most recent analysis performed, the risk category of our loan portfolio was as follows: (in thousands) As of September 30, 2015 Pass Special Substandard Doubtful Total Commercial and industrial $ 1,108,067 $ 12,052 $ 1,524 $ — $ 1,121,643 Consumer 1,026,176 — 21 — 1,026,197 Residential real estate 260,935 — 23 — 260,958 Commercial real estate 19,811 — — — 19,811 Home equity lines of credit 11,260 — — — 11,260 Construction and land 2,474 — — — 2,474 Total $ 2,428,723 $ 12,052 $ 1,568 $ — $ 2,442,343 As of December 31, 2014 Pass Special Substandard Doubtful Total Commercial and industrial $ 896,853 $ — $ — $ — $ 896,853 Consumer 758,246 28 14 — 758,288 Residential real estate 421,209 6,603 4,834 — 432,646 Commercial real estate 15,902 — — — 15,902 Home equity lines of credit 12,945 — — — 12,945 Construction and land — — — — — Total $ 2,105,155 $ 6,631 $ 4,848 $ — $ 2,116,634 |
Fixed Assets
Fixed Assets | 9 Months Ended |
Sep. 30, 2015 | |
Property Plant And Equipment [Abstract] | |
Fixed Assets | NOTE 10 – Fixed Assets The following is a summary of fixed assets as of September 30, 2015 and December 31, 2014 (in thousands): September 30, 2015 December 31, 2014 Furniture and equipment $ 238,315 $ 194,521 Building and leasehold improvements 155,528 124,390 Property on operating leases 21,164 — 415,007 318,911 Less accumulated depreciation and amortization (231,987 ) (194,665 ) $ 183,020 $ 124,246 For the three months ended September 30, 2015 and 2014, depreciation and amortization of furniture and equipment, and leasehold improvements totaled $12.5 million and $7.4 million, respectively. For the nine months ended September 30, 2015 and 2014, depreciation and amortization of furniture and equipment, and leasehold improvements totaled $27.4 million and $21.7 million, respectively. |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill And Intangible Assets | NOTE 11 – Goodwill and Intangible Assets Our annual goodwill impairment testing was completed as of July 31, 2015, with no impairment identified. The carrying amount of goodwill and intangible assets attributable to each of our reporting segments is presented in the following table (in thousands) December 31, 2014 Net Additions Impairment Losses September 30, 2015 Goodwill Global Wealth Management $ 177,171 $ 83,971 $ — $ 261,142 Institutional Group 617,855 5,796 — 623,651 $ 795,026 $ 89,767 $ — $ 884,793 December 31, 2014 Net Additions Amortization September 30, 2015 Intangible assets Global Wealth Management $ 23,503 $ 9,868 $ (3,244 ) $ 30,127 Institutional Group 31,060 — (2,708 ) 28,352 $ 54,563 $ 9,868 $ (5,952 ) $ 58,479 The additions to goodwill and intangible assets during the nine months ended September 30, 2015, are primarily attributable to the acquisition of Sterne Agee, which closed on June 5, 2015, and Merchant Capital, which closed on December 31, 2014. The allocation of the purchase price for these acquisitions is preliminary and will be finalized upon completion of the analysis of the fair values of the net assets of the acquisitions 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 the preliminary estimate reflected herein. Goodwill for certain of our acquisitions is deductible for tax purposes. Amortizable intangible assets consist of acquired customer relationships, trade name, investment banking backlog, and non-compete agreements that are amortized over their contractual or determined useful lives. Intangible assets subject to amortization as of September 30, 2015 and December 31, 2014 were as follows (in thousands) September 30, 2015 December 31, 2014 Gross Carrying Value Accumulated Amortization Gross Carrying Value Accumulated Amortization Customer relationships $ 71,649 $ 33,624 $ 63,661 $ 29,636 Trade name 23,303 6,426 21,423 5,322 Investment banking backlog 7,388 7,388 7,388 7,388 Core deposits 5,447 5,237 5,447 4,657 Non-compete agreements 1,484 235 1,484 120 $ 109,271 $ 52,910 $ 99,403 $ 47,123 Amortization expense related to intangible assets was $1.9 million and $1.6 million for the three months ended September 30, 2015 and 2014, respectively. Amortization expense related to intangible assets was $6.0 million and $9.8 million for the nine months ended September 30, 2015 and 2014, respectively. The weighted-average remaining lives of the following intangible assets at September 30, 2015, are: customer relationships, 7.2 years; core deposits, .3 years; trade name, 11.1 years; and non-compete agreements, 2.5 years. As of September 30, 2015, we expect amortization expense in future periods to be as follows (in thousands) Fiscal year Remainder of 2015 $ 1,974 2016 6,639 2017 6,066 2018 5,578 2019 5,372 Thereafter 30,732 $ 56,361 |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2015 | |
Short Term Debt Other Disclosures [Abstract] | |
Borrowings | NOTE 12 – Borrowings Our short-term financing is generally obtained through short-term bank line financing on an uncommitted, secured basis, committed bank line financing on an unsecured basis, advances from the Federal Home Loan Bank, term loans, 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. The following table details the components of borrowings (in thousands) September 30, December 31, 2014 Borrowings on secured lines of credit $ 238,600 $ — Federal Home Loan Bank advances 96,000 — Term loans 63,738 — $ 398,338 $ — Our uncommitted secured lines of credit at September 30, 2015, totaled $780.0 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 is subject to approval by the individual banks each time an advance is requested and may be denied. Our peak daily borrowing on our uncommitted secured lines was $465.6 million during the nine months ended September 30, 2015. There are no compensating balance requirements under these arrangements. Any borrowings on secured lines of credit are day-to-day and are generally utilized to finance certain fixed income securities. At September 30, 2015, our uncommitted secured lines of credit were collateralized by company-owned securities valued at $624.0 million. Our committed bank line financing at September 30, 2015, consisted of a $100.0 million revolving credit facility. The credit facility expires in December 2017. 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 2.00%, as defined in the revolving credit facility. At September 30, 2015, we had no advances on our revolving credit facility and were in compliance with all covenants. The Federal Home Loan advances as of September 30, 2015 are floating-rate advances. The weighted average interest rates during the three months ended September 30, 2015 on these advances is 0.28%. The advances are secured by Stifel Bank’s residential mortgage loan portfolio and investment portfolio. The interest rates reset on a daily basis. Stifel Bank has the option to prepay these advances without penalty on the interest reset date. As of September 30, 2015, a subsidiary of the Parent was a party to two Term Loans (“Term Loans”) with Regions Bank. The Term Loans mature on June 3, 2016. The interest rate under the Amended and Restated Credit Agreement is calculated as per annum rate equal to LIBOR, as defined. During the three months ended September 30, 2015, interest rates ranged from 1.68% to 1.72%. |
Senior Notes
Senior Notes | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Senior Notes | NOTE 13 – Senior Notes The following table summarizes our senior notes as of September 30, 2015 and December 31, 2014 (in thousands) September 30, 2015 December 31, 2014 6.70% senior notes, due 2022 1 $ — $ 175,000 5.375% senior notes, due 2022 2 150,000 150,000 4.250% senior notes, due 2024 3 300,000 300,000 $ 450,000 $ 625,000 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 January 15, 2015, we redeemed 100% of our company’s outstanding 6.70% senior notes. 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 contractual terms: 2015 $ — 2016 — 2017 — 2018 — 2019 — Thereafter 450,000 $ 450,000 |
Bank Deposits
Bank Deposits | 9 Months Ended |
Sep. 30, 2015 | |
Deposits Liabilities Balance Sheet Reported Amounts [Abstract] | |
Bank Deposits | NOTE 14 – Bank Deposits Deposits consist of money market and savings accounts, certificates of deposit, and demand deposits. Deposits at September 30, 2015 and December 31, 2014 were as follows (in thousands) September 30, 2015 December 31, 2014 Money market and savings accounts $ 4,021,029 $ 4,600,757 Demand deposits (interest-bearing) 58,399 101,652 Certificates of deposit 24,198 77,197 Demand deposits (non-interest-bearing) 13,185 10,475 $ 4,116,811 $ 4,790,081 The weighted-average interest rate on deposits was 0.17% and 0.19% at September 30, 2015 and December 31, 2014, respectively. Scheduled maturities of certificates of deposit at September 30, 2015 and December 31, 2014 were as follows (in thousands): September 30, 2015 December 31, 2014 Certificates of deposit, less than $100: Within one year $ 7,597 $ 26,769 One to three years 2,614 6,874 Three to five years 332 1,268 Over five years — — $ 10,543 $ 34,911 Certificates of deposit, $100 and greater: Within one year $ 11,139 $ 33,784 One to three years 1,733 7,520 Three to five years 783 723 Over five years — 259 13,655 42,286 $ 24,198 $ 77,197 At September 30, 2015 and December 31, 2014, the amount of deposits includes related party deposits, primarily brokerage customers’ deposits from Stifel of $4.1 billion and $4.7 billion, respectively, and interest-bearing and time deposits of executive officers, directors, and their affiliates of $0.2 million and $0.3 million, respectively. |
Derivative Instruments And Hedg
Derivative Instruments And Hedging Activities | 9 Months Ended |
Sep. 30, 2015 | |
General Discussion Of Derivative Instruments And Hedging Activities [Abstract] | |
Derivative Instruments And Hedging Activities | NOTE 15 – 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, 2015 and December 31, 2014 (in thousands): September 30, 2015 Asset Derivatives Liability Derivatives Notional Balance Location Positive Fair Value Balance Location Negative Fair Value Derivatives designated as hedging instruments under Topic 815: Cash flow interest rate contracts $ 186,835 Other assets $ — Accounts payable and accrued expenses $ (4,652 ) December 31, 2014 Asset Derivatives Liability Derivatives Notional Value Balance Location Positive Fair Value Balance Sheet Location Negative Fair Value Derivatives designated as hedging instruments under Topic 815: Cash flow interest rate contracts $ 272,967 Other assets $ — Accounts payable and accrued expenses $ (5,641 ) 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. The loss recognized during the three and nine months ended September 30, 2015, related to ineffectiveness was insignificant. 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 $2.4 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, 2015 and 2014 (in thousands): Three Months Ended September 30, 2015 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 $ (1,418 ) Interest expense $ 853 None $ — 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 $ 1,461 None $ — Nine Months Ended September 30, 2015 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 $ (2,816 ) Interest $ 3,060 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 $ (1,318 ) Interest expense $ 4,728 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, 2015, 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 $4.7 million (termination value). We have minimum collateral posting thresholds with certain of our derivative counterparties and have posted cash collateral of $12.7 million against our obligations under these agreements. If we had breached any of these provisions at September 30, 2015, 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, 2015 | |
Junior Subordinated Debenture Owed To Unconsolidated Subsidiary Trust [Abstract] | |
Debentures To Stifel Financial Capital Trusts | NOTE 16 – Debentures to Stifel Financial Capital Trusts The following table summarizes our debentures to Stifel Financial Capital Trusts as of September 30, 2015 and December 31, 2014 (in thousands) September 30, 2015 December 31, 2014 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 As
Disclosures About Offsetting Assets And Liabilities | 9 Months Ended |
Sep. 30, 2015 | |
Offsetting [Abstract] | |
Disclosures About Offsetting Assets And Liabilities | NOTE 17 – 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, 2015 and December 31, 2014 (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, 2015: Securities borrowing 1 $ 333,348 $ — $ 333,348 $ — $ (323,125 ) $ 10,223 Reverse repurchase agreements 2 88,467 — 88,467 — (88,467 ) — $ 421,815 $ — $ 421,815 $ — $ (411,592 ) $ 10,223 As of December 31, 2014: Securities borrowing 1 $ 445,542 $ — $ 445,542 $ — $ (431,301 ) $ 14,241 Reverse repurchase agreements 2 55,078 — 55,078 — (54,955 ) 123 $ 500,620 $ — $ 500,620 $ — $ (486,256 ) $ 14,364 1 Securities borrowing transactions are included in receivables from brokers, dealers, and clearing organizations on the consolidated statements of financial condition. See Note 3 in the notes to 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, 2015 and December 31, 2014 (in thousands) Gross amounts not offset in the Statement of Financial Condition Gross Amounts of Recognized Liabilities Gross Amounts Offset in the of Financial Condition Net Amounts Presented in the Statement of Financial Condition Financial Instruments Collateral Pledged Net Amount As of September 30, 2015: Securities lending 3 $ (47,495 ) $ — $ (47,495 ) $ — $ 44,765 $ (2,730 ) Repurchase agreements 4 (106,937 ) — (106,937 ) — 106,937 — Cash flow interest rate contracts (4,652 ) — (4,652 ) — 4,652 — $ (159,084 ) $ — $ (159,084 ) $ — $ 156,354 $ (2,730 ) As of December 31, 2014: Securities lending 3 $ (4,215 ) $ — $ (4,215 ) $ — $ 3,892 $ (323 ) Repurchase agreements 4 (39,180 ) — (39,180 ) — 39,089 (91 ) Cash flow interest rate contracts (5,641 ) — (5,641 ) — 5,641 — $ (49,036 ) $ — $ (49,036 ) $ — $ 48,622 $ (414 ) 3 Securities lending transactions are included in payables to brokers, dealers, and clearing organizations on the consolidated statements of financial condition. See Note 3 in the notes to 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 Co
Commitments, Guarantees, And Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Loss Contingency [Abstract] | |
Commitments, Guarantees, And Contingencies | NOTE 18 – 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, 2015, 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 $57.1 million to satisfy the minimum margin deposit requirement at September 30, 2015. In connection with margin deposit requirements of the National Securities Clearing Corporation, we deposited $57.0 million in cash to satisfy the minimum margin deposit requirement at September 30, 2015. 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. 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 23 in the notes to consolidated financial statements for further details. We have committed capital to certain entities, and these commitments generally have no specified call dates. We had $26.7 million of commitments outstanding at September 30, 2015, of which $15.3 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, 2015 and December 31, 2014, 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, 2015 | |
Loss Contingency Information About Litigation Matters [Abstract] | |
Legal Proceedings | NOTE 19 – 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 our 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 We have previously disclosed the civil lawsuit filed against our company in U.S. District Court for the Eastern District of Wisconsin on August 10, 2011. The action has been set for trial commencing on April 11, 2016 and 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. EDC Bond Issuance Matter We have previously disclosed the various claims asserted by LDF Acquisition LLC, a special purpose vehicle created by Saybrook Tax Exempt Investors LLC (collectively “Saybrook”) and by the Lac Du Flambeau Band of Lake Superior Chippewa Indians and its Lake of the Torches Economic Development Corporation (the “Tribe”) in which, among other things, Saybrook seeks repayment from the Tribe for the proceeds from a 2008 bond offering and in which the Tribe seeks to avoid repayment. The claims are not yet set for trial. |
Regulatory Capital Requirements
Regulatory Capital Requirements | 9 Months Ended |
Sep. 30, 2015 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Capital Requirements | NOTE 20 – 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 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). Our other broker-dealer subsidiaries 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, 2015, Stifel had net capital of $333.4 million, which was 50.6% of aggregate debit items and $320.2 million in excess of its minimum required net capital. At September 30, 2015, all of our other broker-dealer subsidiaries’ net capital exceeded the minimum net capital required under the SEC rule. Our international subsidiaries are subject to the regulatory supervision and requirements of the Financial Conduct Authority (“FCA”) in the United Kingdom. At September 30, 2015, our international subsidiaries’ 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. Effective January 1, 2015, our company and Stifel Bank became subject to Basel III. Under the Basel III rules, the quantity and quality of regulatory capital increases, a capital conservation buffer was established, selected changes were made to the calculation of risk-weighted assets, and a new ratio, common equity Tier 1 was introduced, all of which are applicable to both our company and Stifel Bank. Various aspects of Basel III will be subject to multi-year transition periods through December 31, 2018. Our company and Stifel Bank are required to maintain minimum amounts and ratios of Total and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), Tier 1 capital to average assets (as defined), and under rules defined in Basel III, Common equity Tier 1 capital to risk-weighted assets. Our company and Stifel Bank each calculate these ratios in order to assess compliance with both regulatory requirements and their internal capital policies. At current capital levels, our company and Stifel Bank are each categorized as “well capitalized” under the regulatory framework for prompt corrective action. 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 September 30, 2015 Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital $ 1,431,187 29.4 % $ 219,095 4.5 % $ 316,471 6.5 % Tier 1 capital 1,431,187 29.4 292,127 6.0 389,502 8.0 Total capital 1,459,683 30.0 389,502 8.0 486,878 10.0 Tier 1 leverage 1,431,187 16.4 348,017 4.0 435,022 5.0 Stifel Bank – Federal Reserve Capital Amounts September 30, 2015 Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital $ 368,273 14.8 % 112,148 4.5 % 161,992 6.5 % Tier 1 capital 368,273 14.8 149,531 6.0 199,375 8.0 Total capital 395,980 15.9 199,375 8.0 249,218 10.0 Tier 1 leverage 368,273 7.6 193,442 4.0 241,802 5.0 |
Interest Income And Interest Ex
Interest Income And Interest Expense | 9 Months Ended |
Sep. 30, 2015 | |
Interest Income Expense Net [Abstract] | |
Interest Income And Interest Expense | NOTE 21 – 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, 2015 2014 2015 2014 Interest income: Investment securities $ 10,641 $ 16,976 $ 38,674 $ 54,500 Bank loans, net of unearned income 20,705 23,475 60,460 52,377 Margin balances 6,183 4,873 15,668 14,382 Other 5,847 6,772 15,162 19,776 $ 43,376 $ 52,096 $ 129,964 $ 141,035 Interest expense: Senior notes $ 5,408 $ 7,831 $ 19,364 $ 18,158 Bank deposits 1,783 1,743 5,945 5,438 Other 2,605 1,654 7,605 5,105 $ 9,796 $ 11,228 $ 32,914 $ 28,701 |
Employee Incentive, Deferred Co
Employee Incentive, Deferred Compensation, And Retirement Plans | 9 Months Ended |
Sep. 30, 2015 | |
Share Based Compensation Allocation And Classification In Financial Statements [Abstract] | |
Employee Incentive, Deferred Compensation, And Retirement Plans | NOTE 22 – 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 award, stock units and debentures 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 2.1 million shares at September 30, 2015. 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 $29.6 million and $30.7 million for the three months ended September 30, 2015 and 2014, respectively. The tax benefit related to stock-based compensation recognized in shareholders’ equity was $3.8 million and $1.0 million for the three months ended September 30, 2015 and 2014, 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 $107.6 million and $79.2 million for the nine months ended September 30, 2015 and 2014, respectively. The tax benefit related to stock-based compensation recognized in shareholders’ equity was $17.0 million and $18.2 million for the nine months ended September 30, 2015 and 2014, respectively. On June 5, 2015, certain employees were granted restricted stock units of our company as retention. The fair value of the awards issued as retention was $23.8 million. The fair value of the awards is based upon the closing price of our company’s common stock on the date of grant. 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 three and nine months ended September 30, 2015. 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, 2015, no options were granted. At September 30, 2015, 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, 2015 and 2014. 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 one to eight years and are distributable, if vested, at future specified dates. At September 30, 2015, the total number of stock units outstanding was 18.3 million, of which 13.2 million were unvested. At September 30, 2015, there was unrecognized compensation cost for stock units of $315.5 million, which is expected to be recognized over a weighted-average period of 2.7 years. Deferred Compensation Plans The Wealth Accumulation Plan (the “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 and debentures. Participants may elect to defer a portion of their incentive compensation. Deferred awards 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 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 Plan, the financial advisors will defer 4% of their gross commissions. They have the option to: 1) defer 4% of their gross commissions into company stock units with a 25% matching contribution and may elect to defer an additional 1% of 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 have no ownership in the mutual funds. Included in the investments in the consolidated statements of financial condition are investments in mutual funds of $14.8 million and $18.1 million at September 30, 2015 and December 31, 2014, 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, 2015 and December 31, 2014, the deferred compensation liability related to the mutual fund option of $11.9 million and $15.7 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. |
Off-Balance Sheet Credit Risk
Off-Balance Sheet Credit Risk | 9 Months Ended |
Sep. 30, 2015 | |
Concentration Risks Types No Concentration Percentage [Abstract] | |
Off-Balance Sheet Credit Risk | NOTE 23 – 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, 2015 and December 31, 2014, the fair value of securities accepted as collateral where we are permitted to sell or repledge the securities was $1.1 billion and $1.2 billion, respectively, and the fair value of the collateral that had been sold or repledged was $106.9 million and $39.2 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 15 in the notes to 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 as long as there is no violation of any condition established by the contract. 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, 2015 and December 31, 2014, Stifel Bank had outstanding commitments to originate loans aggregating $178.0 million and $122.8 million, respectively. The commitments extended over varying periods of time, with all commitments at September 30, 2015, 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, 2015 and December 31, 2014, Stifel Bank had outstanding letters of credit totaling $10.2 million and $10.4 million, respectively. A majority of the standby letters of credit commitments at September 30, 2015, 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, 2015 and December 31, 2014, Stifel Bank had granted unused lines of credit to commercial and consumer borrowers aggregating $476.0 million and $368.7 million, respectively. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting Information Profit Loss [Abstract] | |
Segment Reporting | NOTE 24 – 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. 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, 2015 and 2014 is as follows (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Net revenues: (1) Global Wealth Management $ 357,306 $ 317,241 $ 1,030,097 $ 921,671 Institutional Group 232,125 215,160 729,269 720,849 Other 2,144 (8,946 ) (9,058 ) (12,172 ) $ 591,575 $ 523,455 $ 1,750,308 $ 1,630,348 Income/(loss) before income taxes: Global Wealth Management $ 97,227 $ 94,026 $ 290,049 $ 262,800 Institutional Group 25,853 29,500 100,124 117,812 Other (100,732 ) (57,760 ) (259,688 ) (159,195 ) $ 22,348 $ 65,766 $ 130,485 $ 221,417 1 No individual client accounted for more than 10 percent of total net revenues for the three and nine months ended September 30, 2015 or 2014. The following table presents our company’s total assets on a segment basis at September 30, 2015 and December 31, 2014 (in thousands) September 30, 2015 December 31, 2014 Global Wealth Management $ 5,719,140 $ 5,816,284 Institutional Group 3,418,526 3,476,592 Other 221,513 225,275 $ 9,359,179 $ 9,518,151 We have operations in the United States, United Kingdom, and Europe. The Company’s foreign operations are conducted through its wholly owned subsidiary, SNEL. 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, 2015 and 2014, were as follows (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 United States $ 567,153 $ 491,860 $ 1,654,500 $ 1,532,196 United Kingdom 22,174 29,073 88,022 89,665 Other European 2,248 2,522 7,786 8,487 $ 591,575 $ 523,455 $ 1,750,308 $ 1,630,348 |
Earnings Per Share ("EPS")
Earnings Per Share ("EPS") | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 25 – 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, 2015 and 2014 (in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Income from continuing operations $ 17,179 $ 40,093 $ 81,164 $ 133,643 Loss from discontinued operations, net of tax — (190 ) — (2,757 ) Net income $ 17,179 $ 39,903 $ 81,164 $ 130,886 Shares for basic and diluted calculation: Average shares used in basic computation 69,633 66,691 68,675 66,344 Dilutive effect of stock options and units (1) 10,126 9,990 9,651 9,667 Average shares used in diluted computation 79,759 76,681 78,326 76,011 Earnings per basic common share: Income from continuing operations $ 0.25 $ 0.60 $ 1.18 $ 2.01 Loss from discontinued operations — — — (0.04 ) Earnings per basic common share $ 0.25 $ 0.60 $ 1.18 $ 1.97 Earnings per diluted common share: Income from continuing operations $ 0.22 $ 0.52 $ 1.04 $ 1.76 Loss from discontinued operations — — — (0.04 ) Earnings per basic common share $ 0.22 $ 0.52 $ 1.04 $ 1.72 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, 2015 and 2014, the anti-dilutive effect from restricted stock units was immaterial. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Shareholders' Equity | NOTE 26 – 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, 2015, the maximum number of shares that may yet be purchased under this plan was 2.1 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. During the three and nine months ended September 30, 2015, we repurchased $65.9 million, or 1.5 million shares, using existing Board authorizations at an average price of $45.17 per share to meet obligations under our company’s employee benefit plans and for general corporate purposes. Issuance of Common Stock On June 5, 2015, we issued 1.4 million shares related to the purchase of Sterne Agee Group, Inc. See Note 3 in the notes to consolidated financial statements for additional information regarding the acquisition. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2015 | |
Variable Interest Entity Not Primary Beneficiary Disclosures [Abstract] | |
Variable Interest Entities | NOTE 27 – Variable Interest Entities 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 $278.5 million at September 30, 2015. 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, 2015 and 2014. In addition, our direct investment interest in these entities is insignificant at September 30, 2015 and December 31, 2014. 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 $271.5 million at September 30, 2015. 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, 2015. Management fee revenue earned by our company was insignificant during the three and nine months ended September 30, 2015 and 2014. 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 five-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, 2015, 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, 2015. 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, 2015. 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, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 28 – 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 non-recognized subsequent event: Share Repurchase We have an ongoing authorization, as amended, from the Board to repurchase our common stock in the open market or in negotiated transactions. On November 3, 2015, the Board authorized the repurchase of an additional 5.0 million shares. The share repurchase program will manage our equity capital relative to the growth of our business and help to meet obligations under our employee benefit plans. |
Nature of Operations and Basi35
Nature of Operations and Basis Of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature Of Operations | Nature of Operations Stifel Financial Corp. (the “Parent”), through its wholly owned subsidiaries, 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 several European cities. Our major geographic area of concentration is throughout the United States, with a growing presence in the United Kingdom and Europe. Our company’s principal customers are individual investors, corporations, municipalities, and institutions. |
Basis Of Presentation | Basis of Presentation The consolidated financial statements include Stifel Financial Corp. and its wholly owned subsidiaries, principally Stifel, Nicolaus & Company, Incorporated (“Stifel”) and Stifel Bank & Trust (“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, 2014 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, 2014. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Components Of Discontinued Operations | Three Months Nine Months Ended (in thousands) September 30, September 30, 2015 2014 2015 2014 Net revenues $ — $ (44 ) $ — $ (75 ) Restructuring expense — — — 217 Operating expenses — 110 — 3,664 Total non-interest expenses — 110 — 3,881 Loss from discontinued operations before income tax expense — (154 ) — (3,956 ) Income tax expense/(benefit) — 36 — (1,199 ) Loss from discontinued operations, net of tax $ — $ (190 ) $ — $ (2,757 ) |
Receivables From And Payables37
Receivables From And Payables To Brokers, Dealers And Clearing Organizations (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Due To And From Broker Dealers And Clearing Organizations [Abstract] | |
Amounts Receivable From Brokers, Dealers, And Clearing Organizations | Amounts receivable from brokers, dealers, and clearing organizations at September 30, 2015 and December 31, 2014, included (in thousands) September 30, 2015 December 31, 2014 Deposits paid for securities borrowed $ 333,348 $ 445,542 Receivables from clearing organizations 295,856 198,079 Securities failed to deliver 22,070 7,453 $ 651,274 $ 651,074 |
Amounts Payable To Brokers, Dealers, And Clearing Organizations | Amounts payable to brokers, dealers, and clearing organizations at September 30, 2015 and December 31, 2014, included (in thousands) September 30, 2015 December 31, 2014 Deposits received from securities loaned $ 47,495 $ 4,215 Payable to clearing organizations 31,136 2,443 Securities failed to receive 28,172 7,365 $ 106,803 $ 14,023 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Of Assets And Liabilities Measured On Recurring Basis | September 30, 2015 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 90,582 $ 90,582 $ — $ — Financial instruments owned: U.S. government securities 15,750 15,750 — — U.S. government agency securities 124,292 — 124,292 — Mortgage-backed securities: Agency 202,480 — 202,480 — Non-agency 18,704 — 18,304 400 Corporate securities: Fixed income securities 251,416 40,361 211,055 — Equity securities 25,641 25,022 — 619 State and municipal securities 174,693 — 174,693 — Total financial instruments owned 812,976 81,133 730,824 1,019 Available-for-sale securities: U.S. government agency securities 1,708 — 1,708 — State and municipal securities 74,179 — 74,179 — Mortgage-backed securities: Agency 27,420 — 27,420 — Commercial 17,983 — 17,983 — Non-agency 2,785 — 2,785 — Corporate fixed income securities 88,725 — 88,725 — Asset-backed securities 447,032 — 447,032 — Total available-for-sale securities 659,832 — 659,832 — Investments: Corporate equity securities 30,305 27,074 — 3,231 Mutual funds 14,836 14,836 — — U.S. government securities 103 103 — — Auction rate securities: Equity securities 56,224 — — 56,224 Municipal securities 1,324 — — 1,324 Other 1 57,448 — 2,887 54,561 Total investments 160,240 42,013 2,887 115,340 $ 1,723,630 $ 213,728 $ 1,393,543 $ 116,359 1 September 30, 2015 Total Level 1 Level 2 Level 3 Liabilities: Financial instruments sold, but not yet purchased: U.S. government securities $ 217,648 $ 217,648 $ — $ — U.S. government agency securities — — — — Mortgage-backed securities: Agency 38,927 — 38,927 Non-agency — — — — Corporate securities: Fixed income securities 234,429 20,795 213,634 — Equity securities 21,089 21,084 5 — State and municipal securities 230 — 230 — Total financial instruments sold, but not yet purchased 512,323 259,527 252,796 $ — Derivative contracts 2 4,652 — 4,652 — $ 516,975 $ 259,527 $ 257,448 $ — 2 Included in accounts payable and accrued expenses in the consolidated statements of financial condition. Assets and liabilities measured at fair value on a recurring basis as of December 31, 2014, are presented below (in thousands): December 31, 2014 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 122,875 $ 122,875 $ — $ — Financial instruments owned: U.S. government securities 58,992 58,992 — — U.S. government agency securities 101,439 — 101,439 — Mortgage-backed securities: Agency 159,057 — 159,057 — Non-agency 13,366 189 12,371 806 Corporate securities: Fixed income securities 245,909 75,236 168,680 1,993 Equity securities 77,548 76,316 88 1,144 State and municipal securities 130,544 — 130,544 — Total financial instruments owned 786,855 210,733 572,179 3,943 Available-for-sale securities: U.S. government agency securities 1,610 — 1,610 — State and municipal securities 74,401 — 74,401 — Mortgage-backed securities: Agency 209,206 — 209,206 — Commercial 107,644 — 107,644 — Non-agency 3,137 — 3,137 — Corporate fixed income securities 337,406 50,892 286,514 — Asset-backed securities 780,074 — 736,029 44,045 Total available-for-sale securities 1,513,478 50,892 1,418,541 44,045 Investments: Corporate equity securities 59,203 35,123 24,080 — Mutual funds 18,144 18,144 — — U.S. government securities 6,555 104 6,451 — Auction rate securities: Equity securities 46,197 — — 46,197 Municipal securities 1,326 — — 1,326 Other 1 78,830 1,283 4,557 72,990 Total investments 210,255 54,654 35,088 120,513 $ 2,633,463 $ 439,154 $ 2,025,808 $ 168,501 1 December 31, 2014 Total Level 1 Level 2 Level 3 Liabilities: Financial instruments sold, but not yet purchased: U.S. government securities $ 146,592 $ 146,592 $ — $ — U.S. government agency securities 10,029 — 10,029 — Mortgage-backed securities: Agency 28,067 — 28,067 — Non-agency 4,556 401 4,155 — Corporate securities: Fixed income securities 293,008 17,116 275,892 — Equity securities 105,013 105,013 — — Total financial instruments sold, but not yet purchased 587,265 269,122 318,143 — Derivative contracts 2 5,641 — 5,641 — $ 592,906 $ 269,122 $ 323,784 $ — 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, 2015 Financial instruments owned Available- for-sale securities Mortgage- Backed Securities – Non-Agency Corporate Fixed Income Securities Equity Securities Asset- Backed Securities Balance at June 30, 2015 $ 670 $ 4,572 $ 619 $ — Unrealized gains/(losses): Included in changes in net assets 2 (157 ) (126 ) — — Included in OCI 3 — — — — Realized gains/(losses) 2 86 53 — — Purchases — — — — Sales — (4,499 ) — — Redemptions (199 ) — — — Transfers: Into Level 3 — — — — Out of Level 3 — — — — Net change (270 ) (4,572 ) — — Balance at September 30, 2015 $ 400 $ — $ 619 $ — Three Months Ended September 30, 2015 Investments Corporate Equity Securities Auction Securities – Equity Auction Rate Securities – Municipal Other 1 Balance at June 30, 2015 $ 2,962 $ 48,355 $ 1,324 $ 69,242 Unrealized gains/(losses): Included in changes in net assets 2 269 (631 ) — (1,576 ) Included in OCI 3 — — — — Realized gains 2 — — — 293 Purchases — 8,500 — 1,117 Sales — — — (11,533 ) Redemptions — — — (2,982 ) Transfers: Into Level 3 — — — — Out of Level 3 — — — — Net change 269 7,869 — (14,681 ) Balance at September 30, 2015 $ 3,231 $ 56,224 $ 1,324 $ 54,561 1 Includes partnership interests, private company investments, and private equity investments. 2 Realized and unrealized gains/(losses) related to financial instruments owned and investments are reported in other income in the consolidated statements of operations. 3 Unrealized gains/(losses) related to available-for-sale securities are reported in accumulated other comprehensive loss 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 nine months ended September 30, 2015 (in thousands): Nine Months Ended September 30, 2015 Financial instruments owned Available- for-sale securities Mortgage- Backed Securities – Non-Agency Corporate Fixed Income Securities Equity Securities Asset- Backed Securities Balance at December 31, 2014 $ 806 $ 1,993 $ 1,144 $ 44,045 Unrealized gains/(losses): Included in changes in net assets 2 (240 ) 84 — — Included in OCI 3 — — — 342 Realized gains/(losses) 2 119 53 — (2,136 ) Purchases — 11,643 — — Sales — (13,773 ) (525 ) (42,251 ) Redemptions (285 ) — — — Transfers: Into Level 3 — — — — Out of Level 3 — — — — Net change (406 ) (1,993 ) (525 ) (44,045 ) Balance at September 30, 2015 $ 400 $ — $ 619 $ — Nine Months Ended September 30, 2015 Investments Corporate Equity Securities Auction Rate Securities – Equity Auction Rate Securities – Municipal Other 1 Balance at December 31, 2014 $ — $ 46,197 $ 1,326 $ 72,990 Unrealized gains/(losses): Included in changes in net assets 2 354 (873 ) (2 ) 2,392 Included in OCI 3 — — — — Realized gains 2 — — — (210 ) Purchases — 15,125 — 4,396 Sales — — — (13,156 ) Redemptions — (4,225 ) — (3,066 ) Transfers: Into Level 3 2,877 — — — Out of Level 3 — — — (8,785 ) Net change 3,231 10,027 (2 ) (18,429 ) Balance at September 30, 2015 $ 3,231 $ 56,224 $ 1,324 $ 54,561 1 Includes partnership interests, private company investments, and private equity investments. 2 Realized and unrealized gains/(losses) related to financial instruments owned and investments are reported in other income in the consolidated statements of operations. 3 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 Investments: Auction rate securities: Equity securities Discounted cash flow Discount rate 2.3% - 13.5% 7.7% Workout period 1 - 3 years 2.5 years Municipal securities Discounted cash flow Discount rate 0.3% - 8.8% 7.1% Workout period 1 - 4 years 2.8 years |
Schedule Of Fair Value Of Financial Instruments | September 30, 2015 December 31, 2014 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets: Cash and cash equivalents $ 607,100 $ 607,100 $ 689,782 $ 689,782 Cash segregated for regulatory purposes 321 321 49,646 49,646 Securities purchased under agreements to resell 88,467 88,467 55,078 55,078 Financial instruments owned 812,976 812,976 786,855 786,855 Available-for-sale securities 659,832 659,832 1,513,478 1,513,478 Held-to-maturity securities 1,095,793 1,132,501 1,177,565 1,211,976 Loans held for sale 179,588 179,588 121,939 121,939 Bank loans 2,409,399 2,427,355 2,065,420 2,086,864 Investments 160,240 160,240 210,255 210,255 Financial liabilities: Securities sold under agreements to repurchase $ 106,937 $ 106,937 $ 39,180 $ 39,180 Bank deposits 4,116,811 4,070,949 4,790,081 4,246,214 Financial instruments sold, but not yet purchased 512,323 512,323 587,265 587,265 Derivative contracts 1 4,652 4,652 5,641 5,641 Borrowings 398,338 398,338 — — Senior notes 450,000 454,282 625,000 638,690 Debentures to Stifel Financial Capital Trusts 82,500 73,875 82,500 76,714 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 | September 30, 2015 Total Level 1 Level 2 Level 3 Financial assets: Cash $ 516,518 $ 516,518 $ — $ — Cash segregated for regulatory purposes 321 321 — — Securities purchased under agreements to resell 88,467 88,467 — — Held-to-maturity securities 1,132,501 — 891,975 240,526 Loans held for sale 179,588 — 179,588 — Bank loans 2,427,355 — 2,427,355 — Financial liabilities: Securities sold under agreements to repurchase $ 106,937 $ 19,476 $ — $ 87,461 Bank deposits 4,070,949 — 4,070,949 — Borrowings 398,338 — 398,338 — Senior notes 454,282 454,282 — — Debentures to Stifel Financial Capital Trusts 73,875 — — 73,875 December 31, 2014 Total Level 1 Level 2 Level 3 Financial assets: Cash $ 566,907 $ 566,907 $ — $ — Cash segregated for regulatory purposes 49,646 49,646 — — Securities purchased under agreements to resell 55,078 44,996 10,082 — Held-to-maturity securities 1,211,976 — 969,913 242,063 Loans held for sale 121,939 — 121,939 — Bank loans 2,086,864 — 2,086,864 — Financial liabilities: Securities sold under agreements to repurchase $ 39,180 $ 39,180 $ — $ — Bank deposits 4,246,214 — 4,246,214 — Borrowings — — — — Senior notes 638,690 638,690 — — Debentures to Stifel Financial Capital Trusts 76,714 — — 76,714 |
Financial Instruments Owned A39
Financial Instruments Owned And Financial Instruments Sold, But Not Yet Purchased (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Trading Securities Balance Sheet Reported Amounts [Abstract] | |
Components Of Trading Securities Owned And Trading Securities Sold, But Not Yet Purchased | The components of financial instruments owned and financial instruments sold, but not yet purchased, at September 30, 2015 and December 31, 2014 are as follows (in thousands) September 30, 2015 December 31, 2014 Financial instruments owned: U.S. government securities $ 15,750 $ 58,992 U.S. government agency securities 124,292 101,439 Mortgage-backed securities: Agency 202,480 159,057 Non-agency 18,704 13,366 Corporate securities: Fixed income securities 251,416 245,909 Equity securities 25,641 77,548 State and municipal securities 174,693 130,544 $ 812,976 $ 786,855 Financial instruments sold, but not yet purchased: U.S. government securities $ 217,648 $ 146,592 U.S. government agency securities — 10,029 Mortgage-backed securities: Agency 38,927 28,067 Non-agency — 4,556 Corporate securities: Fixed income securities 234,429 293,008 Equity securities 21,089 105,013 State and municipal securities 230 — $ 512,323 $ 587,265 |
Available-For-Sale And Held-T40
Available-For-Sale And Held-To-Maturity Securities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule Of Amortized Cost And Fair Values Of The Available For Sale Securities 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, 2015 and December 31, 2014 (in thousands) September 30, 2015 Amortized Cost Gross Unrealized Gains 1 Gross Unrealized Losses 1 Estimated Fair Value Available-for-sale securities U.S. government agency securities $ 1,703 $ 7 $ (2 ) $ 1,708 State and municipal securities 76,095 10 (1,926 ) 74,179 Mortgage-backed securities: Agency 27,415 294 (289 ) 27,420 Commercial 17,775 212 (4 ) 17,983 Non-agency 2,829 2 (46 ) 2,785 Corporate fixed income securities 88,270 1,050 (595 ) 88,725 Asset-backed securities 449,685 1,342 (3,995 ) 447,032 $ 663,772 $ 2,917 $ (6,857 ) $ 659,832 Held-to-maturity securities 2 Mortgage-backed securities: Agency $ 802,549 $ 34,457 $ (27 ) $ 836,979 Commercial 59,506 3,161 — 62,667 Non-agency 953 — (13 ) 940 Asset-backed securities 177,617 2,429 (2,913 ) 177,133 Corporate fixed income securities 55,168 — (385 ) 54,783 $ 1,095,793 $ 40,047 $ (3,338 ) $ 1,132,502 December 31, 2014 Amortized Cost Gross Unrealized Gains 1 Gross Unrealized Losses 1 Estimated Fair Value Available-for-sale securities U.S. government agency securities $ 1,613 $ 1 $ (4 ) $ 1,610 State and municipal securities 76,518 20 (2,137 ) 74,401 Mortgage-backed securities: Agency 206,982 3,137 (913 ) 209,206 Commercial 107,100 633 (89 ) 107,644 Non-agency 3,186 5 (54 ) 3,137 Corporate fixed income securities 336,210 2,016 (820 ) 337,406 Asset-backed securities 788,908 1,321 (10,155 ) 780,074 $ 1,520,517 $ 7,133 $ (14,172 ) $ 1,513,478 Held-to-maturity securities 2 Mortgage-backed securities: Agency $ 884,451 $ 32,926 $ (42 ) $ 917,335 Commercial 59,462 2,257 — 61,719 Non-agency 1,081 — (17 ) 1,064 Asset-backed securities 177,335 3,151 (2,645 ) 177,841 Corporate fixed income securities 55,236 4 (1,223 ) 54,017 $ 1,177,565 $ 38,338 $ (3,927 ) $ 1,211,976 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 | The table below summarizes the amortized cost and fair values of debt securities by contractual maturity (in thousands) September 30, 2015 Available-for-sale securities Held-to-maturity securities Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Debt securities Within one year $ 9,756 $ 9,816 $ 15,006 $ 15,004 After one year through three years 48,743 49,321 40,162 39,779 After three years through five years 1,006 1,220 — — After five years through ten years 158,380 156,642 — — After ten years 397,868 394,644 177,617 177,133 Mortgage-backed securities After one year through three years 80 81 — — After five years through ten years 653 677 59,506 62,667 After ten years 47,286 47,431 803,502 837,919 $ 663,772 $ 659,832 $ 1,095,793 $ 1,132,502 |
Contractual Maturities | The maturities of our available-for-sale (fair value) and held-to-maturity (amortized cost) securities at September 30, 2015, 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 $ 730 $ 978 $ — $ — $ 1,708 State and municipal securities — — 7,394 66,785 74,179 Mortgage-backed securities: Agency — — 677 26,744 27,421 Commercial — — — 17,983 17,983 Non-agency — 81 — 2,704 2,785 Corporate fixed income securities 9,086 49,563 30,075 — 88,724 Asset-backed securities — - 119,173 327,859 447,032 $ 9,816 $ 50,622 $ 157,319 $ 442,075 $ 659,832 Held-to-maturity: Mortgage-backed securities: Agency $ — $ — $ — $ 802,549 $ 802,549 Commercial — — 59,506 — 59,506 Non-agency — — — 953 953 Asset-backed securities — — — 177,617 177,617 Corporate fixed income securities 15,006 40,162 — — 55,168 $ 15,006 $ 40,162 $ 59,506 $ 981,119 $ 1,095,793 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 | The following table shows the gross unrealized losses and fair value of the Company’s investment securities with unrealized losses, aggregated by investment category and length of time the individual investment securities have been in continuous unrealized loss positions, at September 30, 2015 (in thousands) 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 ) $ 131 $ — $ — $ (2 ) $ 131 State and municipal securities (519 ) 36,731 (1,408 ) 35,773 (1,927 ) 72,504 Mortgage-backed securities: Agency — — (289 ) 8,794 (289 ) 8,794 Commercial (4 ) 3,474 — — (4 ) 3,474 Non-agency (46 ) 2,608 — — (46 ) 2,608 Corporate fixed income securities (595 ) 25,102 — — (595 ) 25,102 Asset-backed securities (1,073 ) 137,510 (2,921 ) 137,224 (3,994 ) 274,734 $ (2,239 ) $ 205,556 $ (4,618 ) $ 181,791 $ (6,857 ) $ 387,347 Held-to-maturity securities Mortgage-backed securities: Agency $ — $ — $ (27 ) $ 2,309 $ (27 ) $ 2,309 Non-agency — — (13 ) 940 (13 ) 940 Asset-backed securities (73 ) 9,122 (2,578 ) 64,675 (2,651 ) 73,797 Corporate fixed income securities — — (385 ) 49,783 (385 ) 49,783 $ (73 ) $ 9,122 $ (3,003 ) $ 117,707 $ (3,076 ) $ 126,829 |
Bank Loans (Tables)
Bank Loans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Schedule Of Balance And Associated Percentage Of Each Major Loan Category In Bank Loan Portfolio | September 30, 2015 December 31, 2014 Balance Percent Balance Percent Commercial and industrial $ 1,121,643 45.9 % $ 896,853 42.4 % Consumer 1 1,026,197 42.0 758,288 35.8 Residential real estate 260,958 10.7 432,646 20.4 Commercial real estate 19,811 0.8 15,902 0.8 Home equity lines of credit 11,260 0.5 12,945 0.6 Construction and land 2,474 0.1 Gross bank loans 2,442,343 100.0 % 2,116,634 100.0 % Unamortized loan discount (994 ) (30,533 ) Unamortized loan fees, net of loan fees (1,841 ) (1,631 ) Loans in process (2,402 ) 1,681 Allowance for loan losses (27,707 ) (20,731 ) Bank loans, net $ 2,409,399 $ 2,065,420 1 Includes securities-based loans of $ 1.0 billion and $732.8 million at September 30, 2015 and December 31, 2014, respectively. |
Activity In The Allowance For Loan Losses By Portfolio Segment | Three Months Ended September 30, 2015 Beginning Balance Provision Charge-offs Recoveries Ending Balance Commercial and industrial $ 19,297 $ 3,117 $ — $ — $ 22,414 Consumer 1,568 39 — 6 1,613 Residential real estate 904 197 (27 ) 48 1,122 Commercial real estate 286 (36 ) — 14 264 Home equity lines of credit 265 (20 ) — 8 253 Construction & Land — 47 — — 47 Qualitative 1,603 391 — — 1,994 $ 23,923 $ 3,735 $ (27 ) $ 76 $ 27,707 Nine Months Ended September 30, 2015 Beginning Balance Provision Charge-offs Recoveries Ending Balance Commercial and industrial $ 16,609 $ 5,805 $ — $ — $ 22,414 Consumer 1,255 352 — 6 1,613 Residential real estate 787 425 (142 ) 52 1,122 Commercial real estate 232 (24 ) — 56 264 Home equity lines of credit 267 (22 ) — 8 253 Construction & Land — 47 — — 47 Qualitative 1,581 413 — — 1,994 $ 20,731 $ 6,996 $ (142 ) $ 122 $ 27,707 Three Months Ended September 30, 2014 Beginning Balance Provision Charge-offs Recoveries Ending Balance Commercial and industrial $ 13,557 $ 2,346 $ — $ — $ 15,903 Consumer 937 64 — — 1,001 Residential real estate 713 (41 ) — 2 674 Commercial real estate 210 10 — 19 239 Home equity lines of credit 131 143 — — 274 Construction & Land — — — — — Qualitative 1,555 (650 ) — — 905 $ 17,103 $ 1,872 $ — $ 21 $ 18,996 Nine Months Ended September 30, 2014 Beginning Balance Provision Charge-offs Recoveries Ending Balance Commercial and industrial $ 9,832 $ 6,539 $ (468 ) $ — $ 15,903 Consumer 892 113 (4 ) — 1,001 Residential real estate 408 261 — 5 674 Commercial real estate 198 (5 ) — 46 239 Home equity lines of credit 174 100 — — 274 Construction and land 12 (12 ) — — — Qualitative 1,152 (247 ) — — 905 $ 12,668 $ 6,749 $ (472 ) $ 51 $ 18,996 |
Recorded Balances Of Loans And Amount Of Allowance Allocated Based Upon Impairment Method By Portfolio Segment | Allowance for Loan Losses Recorded Investment in Loans Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Commercial and industrial $ — $ 22,414 $ 22,414 $ — $ 1,121,643 $ 1,121,643 Consumer 21 1,592 1,613 21 1,026,176 1,026,197 Residential real estate 24 1,098 1,122 945 260,013 260,958 Commercial real estate — 264 264 — 19,811 19,811 Home equity lines of credit 149 104 253 323 10,937 11,260 Construction & Land — 47 47 — 2,474 2,474 Qualitative — 1,994 1,994 — — — $ 194 $ 27,513 $ 27,707 $ 1,289 $ 2,441,054 $ 2,442,343 Allowance for Loan Losses Recorded Investment in Loans Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Commercial and industrial $ — $ 15,903 $ 15,903 $ — $ 833,988 $ 833,988 Consumer — 1,001 1,001 — 638,810 638,810 Residential real estate 87 587 674 378 418,428 418,806 Commercial real estate 30 209 239 235 15,736 15,971 Home equity lines of credit 149 125 274 323 13,453 13,776 Construction and land — — — — — — Qualitative — 905 905 — — — $ 266 $ 18,730 $ 18,996 $ 936 $ 1,920,415 $ 1,921,351 Allowance for Loan Losses Recorded Investment in Loans Individually Evaluated Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Commercial and industrial $ — $ 16,609 $ 16,609 $ — $ 896,853 $ 896,853 Consumer 13 1,242 1,255 13 758,275 758,288 Residential real estate 87 700 787 378 432,268 432,646 Commercial real estate 23 209 232 228 15,674 15,902 Home equity lines of credit 149 118 267 323 12,622 12,945 Construction and land — — — — — — Qualitative — 1,581 1,581 — — — $ 272 $ 20,459 $ 20,731 $ 942 $ 2,115,692 2,116,634 |
Loans That Were Individually Evaluated For Impairment By Portfolio Segment | September 30, 2015 Unpaid Contractual Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment Commercial and industrial $ — $ — $ — $ — $ — $ — Consumer 23 — 21 21 2 24 Residential real estate 378 145 206 351 24 381 Commercial real estate — — — — — — Home equity lines of credit 323 — 323 323 148 323 Construction and land — — — — — — Total $ 724 $ 145 $ 550 $ 695 $ 174 $ 728 December 31, 2014 Unpaid Contractual Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment Commercial and industrial $ — $ — $ — $ — $ — $ — Consumer 13 — 13 13 13 15 Residential real estate 5,006 3,944 377 4,321 87 4,646 Commercial real estate 228 — 228 228 23 235 Home equity lines of credit 323 — 323 323 149 323 Construction and land — — — — — — Total $ 5,570 $ 3,944 $ 941 $ 4,885 $ 272 $ 5,219 |
Aging Of The Recorded Investment In Past Due Loans | As of September 30, 2015 30 – 89 Days Past Due 90 or More Days Past Due Total Due Current Balance Total Commercial and industrial $ — $ — $ — $ 1,121,643 $ 1,121,643 Consumer 9 12 21 1,026,176 1,026,197 Residential real estate 2,103 23 2,126 258,832 260,958 Commercial real estate — — — 19,811 19,811 Home equity lines of credit — — — 11,260 11,260 Construction and land — — — 2,474 2,474 Total $ 2,112 $ 35 $ 2,147 $ 2,440,196 $ 2,442,343 As of September 30, 2015 * Non-accrual Restructured Total Commercial and industrial $ — $ — $ — Consumer 21 — 21 Residential real estate 23 328 351 Commercial real estate — — — Home equity lines of credit 323 — 323 Construction and land — — — Total $ 367 $ 328 $ 695 * There were no loans past due 90 days and still accruing interest at September 30, 2015. As of December 31, 2014 30 – 89 Days Past Due 90 or More Days Past Due Total Past Due Current Balance Total Commercial and industrial $ — $ — $ — $ 896,853 $ 896,853 Consumer 28 14 42 758,246 758,288 Residential real estate 6,603 4,834 11,437 421,209 432,646 Commercial real estate — — — 15,902 15,902 Home equity lines of credit — — — 12,945 12,945 Construction and land — — — — — Total $ 6,631 $ 4,848 $ 11,479 $ 2,105,155 $ 2,116,634 As of December 31, 2014* Non-accrual Restructured Total Commercial and industrial $ — $ — $ — Consumer 13 — 13 Residential real estate 4,321 504 4,825 Commercial real estate 228 — 228 Home equity lines of credit 323 — 323 Construction and land — — — Total $ 4,885 $ 504 $ 5,389 * There were no loans past due 90 days and still accruing interest at December 31, 2014. |
Risk Category Of Loan Portfolio | As of September 30, 2015 Pass Special Substandard Doubtful Total Commercial and industrial $ 1,108,067 $ 12,052 $ 1,524 $ — $ 1,121,643 Consumer 1,026,176 — 21 — 1,026,197 Residential real estate 260,935 — 23 — 260,958 Commercial real estate 19,811 — — — 19,811 Home equity lines of credit 11,260 — — — 11,260 Construction and land 2,474 — — — 2,474 Total $ 2,428,723 $ 12,052 $ 1,568 $ — $ 2,442,343 As of December 31, 2014 Pass Special Substandard Doubtful Total Commercial and industrial $ 896,853 $ — $ — $ — $ 896,853 Consumer 758,246 28 14 — 758,288 Residential real estate 421,209 6,603 4,834 — 432,646 Commercial real estate 15,902 — — — 15,902 Home equity lines of credit 12,945 — — — 12,945 Construction and land — — — — — Total $ 2,105,155 $ 6,631 $ 4,848 $ — $ 2,116,634 |
Fixed Assets (Tables)
Fixed Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Property Plant And Equipment [Abstract] | |
Summary Of Fixed Assets | September 30, 2015 December 31, 2014 Furniture and equipment $ 238,315 $ 194,521 Building and leasehold improvements 155,528 124,390 Property on operating leases 21,164 — 415,007 318,911 Less accumulated depreciation and amortization (231,987 ) (194,665 ) $ 183,020 $ 124,246 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Carrying Amount Of 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) December 31, 2014 Net Additions Impairment Losses September 30, 2015 Goodwill Global Wealth Management $ 177,171 $ 83,971 $ — $ 261,142 Institutional Group 617,855 5,796 — 623,651 $ 795,026 $ 89,767 $ — $ 884,793 December 31, 2014 Net Additions Amortization September 30, 2015 Intangible assets Global Wealth Management $ 23,503 $ 9,868 $ (3,244 ) $ 30,127 Institutional Group 31,060 — (2,708 ) 28,352 $ 54,563 $ 9,868 $ (5,952 ) $ 58,479 |
Intangible Assets Subject To Amortization | Intangible assets subject to amortization as of September 30, 2015 and December 31, 2014 were as follows (in thousands) September 30, 2015 December 31, 2014 Gross Carrying Value Accumulated Amortization Gross Carrying Value Accumulated Amortization Customer relationships $ 71,649 $ 33,624 $ 63,661 $ 29,636 Trade name 23,303 6,426 21,423 5,322 Investment banking backlog 7,388 7,388 7,388 7,388 Core deposits 5,447 5,237 5,447 4,657 Non-compete agreements 1,484 235 1,484 120 $ 109,271 $ 52,910 $ 99,403 $ 47,123 |
Amortization Expense In Future Periods | As of September 30, 2015, we expect amortization expense in future periods to be as follows (in thousands) Fiscal year Remainder of 2015 $ 1,974 2016 6,639 2017 6,066 2018 5,578 2019 5,372 Thereafter 30,732 $ 56,361 |
Borrowings (Tables)
Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Short Term Debt Other Disclosures [Abstract] | |
Components Of Borrowings | The following table details the components of borrowings (in thousands) September 30, December 31, 2014 Borrowings on secured lines of credit $ 238,600 $ — Federal Home Loan Bank advances 96,000 — Term loans 63,738 — $ 398,338 $ — |
Senior Notes (Tables)
Senior Notes (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule Of Corporate Debt | The following table summarizes our senior notes as of September 30, 2015 and December 31, 2014 (in thousands) September 30, 2015 December 31, 2014 6.70% senior notes, due 2022 1 $ — $ 175,000 5.375% senior notes, due 2022 2 150,000 150,000 4.250% senior notes, due 2024 3 300,000 300,000 $ 450,000 $ 625,000 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 January 15, 2015, we redeemed 100% of our company’s outstanding 6.70% senior notes. 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 Date Maturity | Our senior notes mature as follows, based upon contractual terms: 2015 $ — 2016 — 2017 — 2018 — 2019 — Thereafter 450,000 $ 450,000 |
Bank Deposits (Tables)
Bank Deposits (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Deposits Liabilities Balance Sheet Reported Amounts [Abstract] | |
Schedule Of Deposits | Deposits consist of money market and savings accounts, certificates of deposit, and demand deposits. Deposits at September 30, 2015 and December 31, 2014 were as follows (in thousands) September 30, 2015 December 31, 2014 Money market and savings accounts $ 4,021,029 $ 4,600,757 Demand deposits (interest-bearing) 58,399 101,652 Certificates of deposit 24,198 77,197 Demand deposits (non-interest-bearing) 13,185 10,475 $ 4,116,811 $ 4,790,081 |
Schedule Of Maturities Of Certificates Of Deposit | Scheduled maturities of certificates of deposit at September 30, 2015 and December 31, 2014 were as follows (in thousands): September 30, 2015 December 31, 2014 Certificates of deposit, less than $100: Within one year $ 7,597 $ 26,769 One to three years 2,614 6,874 Three to five years 332 1,268 Over five years — — $ 10,543 $ 34,911 Certificates of deposit, $100 and greater: Within one year $ 11,139 $ 33,784 One to three years 1,733 7,520 Three to five years 783 723 Over five years — 259 13,655 42,286 $ 24,198 $ 77,197 |
Derivative Instruments And He47
Derivative Instruments And Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
General Discussion Of Derivative Instruments And Hedging Activities [Abstract] | |
Schedule Of Notional Values And Fair Values Of Derivative Instruments | The following table provides the notional values and fair values of our derivative instruments as of September 30, 2015 and December 31, 2014 (in thousands): September 30, 2015 Asset Derivatives Liability Derivatives Notional Balance Location Positive Fair Value Balance Location Negative Fair Value Derivatives designated as hedging instruments under Topic 815: Cash flow interest rate contracts $ 186,835 Other assets $ — Accounts payable and accrued expenses $ (4,652 ) December 31, 2014 Asset Derivatives Liability Derivatives Notional Value Balance Location Positive Fair Value Balance Sheet Location Negative Fair Value Derivatives designated as hedging instruments under Topic 815: Cash flow interest rate contracts $ 272,967 Other assets $ — Accounts payable and accrued expenses $ (5,641 ) |
Schedule Of Derivative Instruments In Consolidated Statements Of Operations | 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, 2015 and 2014 (in thousands): Three Months Ended September 30, 2015 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 $ (1,418 ) Interest expense $ 853 None $ — 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 $ 1,461 None $ — Nine Months Ended September 30, 2015 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 $ (2,816 ) Interest $ 3,060 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 $ (1,318 ) Interest expense $ 4,728 None $ — |
Debentures To Stifel Financia48
Debentures To Stifel Financial Capital Trusts (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Junior Subordinated Debenture Owed To Unconsolidated Subsidiary Trust [Abstract] | |
Debentures To Stifel Financial Capital Trusts | The following table summarizes our debentures to Stifel Financial Capital Trusts as of September 30, 2015 and December 31, 2014 (in thousands) September 30, 2015 December 31, 2014 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 49
Disclosures About Offsetting Assets And Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Offsetting [Abstract] | |
Financial Assets And Derivative Assets That Are Subject to Offset | The following table provides information about financial assets and derivative assets that are subject to offset as of September 30, 2015 and December 31, 2014 (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, 2015: Securities borrowing 1 $ 333,348 $ — $ 333,348 $ — $ (323,125 ) $ 10,223 Reverse repurchase agreements 2 88,467 — 88,467 — (88,467 ) — $ 421,815 $ — $ 421,815 $ — $ (411,592 ) $ 10,223 As of December 31, 2014: Securities borrowing 1 $ 445,542 $ — $ 445,542 $ — $ (431,301 ) $ 14,241 Reverse repurchase agreements 2 55,078 — 55,078 — (54,955 ) 123 $ 500,620 $ — $ 500,620 $ — $ (486,256 ) $ 14,364 1 Securities borrowing transactions are included in receivables from brokers, dealers, and clearing organizations on the consolidated statements of financial condition. See Note 3 in the notes to 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 | The following table provides information about financial liabilities and derivative liabilities that are subject to offset as of September 30, 2015 and December 31, 2014 (in thousands) Gross amounts not offset in the Statement of Financial Condition Gross Amounts of Recognized Liabilities Gross Amounts Offset in the of Financial Condition Net Amounts Presented in the Statement of Financial Condition Financial Instruments Collateral Pledged Net Amount As of September 30, 2015: Securities lending 3 $ (47,495 ) $ — $ (47,495 ) $ — $ 44,765 $ (2,730 ) Repurchase agreements 4 (106,937 ) — (106,937 ) — 106,937 — Cash flow interest rate contracts (4,652 ) — (4,652 ) — 4,652 — $ (159,084 ) $ — $ (159,084 ) $ — $ 156,354 $ (2,730 ) As of December 31, 2014: Securities lending 3 $ (4,215 ) $ — $ (4,215 ) $ — $ 3,892 $ (323 ) Repurchase agreements 4 (39,180 ) — (39,180 ) — 39,089 (91 ) Cash flow interest rate contracts (5,641 ) — (5,641 ) — 5,641 — $ (49,036 ) $ — $ (49,036 ) $ — $ 48,622 $ (414 ) 3 Securities lending transactions are included in payables to brokers, dealers, and clearing organizations on the consolidated statements of financial condition. See Note 3 in the notes to 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. |
Regulatory Capital Requiremen50
Regulatory Capital Requirements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, 2015 Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital $ 1,431,187 29.4 % $ 219,095 4.5 % $ 316,471 6.5 % Tier 1 capital 1,431,187 29.4 292,127 6.0 389,502 8.0 Total capital 1,459,683 30.0 389,502 8.0 486,878 10.0 Tier 1 leverage 1,431,187 16.4 348,017 4.0 435,022 5.0 Stifel Bank – Federal Reserve Capital Amounts September 30, 2015 Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital $ 368,273 14.8 % 112,148 4.5 % 161,992 6.5 % Tier 1 capital 368,273 14.8 149,531 6.0 199,375 8.0 Total capital 395,980 15.9 199,375 8.0 249,218 10.0 Tier 1 leverage 368,273 7.6 193,442 4.0 241,802 5.0 |
Interest Income And Interest 51
Interest Income And Interest Expense (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Interest Income Expense Net [Abstract] | |
Components Of 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, 2015 2014 2015 2014 Interest income: Investment securities $ 10,641 $ 16,976 $ 38,674 $ 54,500 Bank loans, net of unearned income 20,705 23,475 60,460 52,377 Margin balances 6,183 4,873 15,668 14,382 Other 5,847 6,772 15,162 19,776 $ 43,376 $ 52,096 $ 129,964 $ 141,035 Interest expense: Senior notes $ 5,408 $ 7,831 $ 19,364 $ 18,158 Bank deposits 1,783 1,743 5,945 5,438 Other 2,605 1,654 7,605 5,105 $ 9,796 $ 11,228 $ 32,914 $ 28,701 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting Information Profit Loss [Abstract] | |
Schedule Of Operating Information, Segment | Information concerning operations in these segments of business for the three and nine months ended September 30, 2015 and 2014 is as follows (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Net revenues: (1) Global Wealth Management $ 357,306 $ 317,241 $ 1,030,097 $ 921,671 Institutional Group 232,125 215,160 729,269 720,849 Other 2,144 (8,946 ) (9,058 ) (12,172 ) $ 591,575 $ 523,455 $ 1,750,308 $ 1,630,348 Income/(loss) before income taxes: Global Wealth Management $ 97,227 $ 94,026 $ 290,049 $ 262,800 Institutional Group 25,853 29,500 100,124 117,812 Other (100,732 ) (57,760 ) (259,688 ) (159,195 ) $ 22,348 $ 65,766 $ 130,485 $ 221,417 1 No individual client accounted for more than 10 percent of total net revenues for the three and nine months ended September 30, 2015 or 2014. |
Schedule Of Information Of Total Assets On Segment Basis | The following table presents our company’s total assets on a segment basis at September 30, 2015 and December 31, 2014 (in thousands) September 30, 2015 December 31, 2014 Global Wealth Management $ 5,719,140 $ 5,816,284 Institutional Group 3,418,526 3,476,592 Other 221,513 225,275 $ 9,359,179 $ 9,518,151 |
Schedule Of Net Revenues Earned On Major Geographical Areas | Revenues, classified by the major geographic areas in which they are earned for the three and nine months ended September 30, 2015 and 2014, were as follows (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 United States $ 567,153 $ 491,860 $ 1,654,500 $ 1,532,196 United Kingdom 22,174 29,073 88,022 89,665 Other European 2,248 2,522 7,786 8,487 $ 591,575 $ 523,455 $ 1,750,308 $ 1,630,348 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Computation Of Basic And Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2015 and 2014 (in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Income from continuing operations $ 17,179 $ 40,093 $ 81,164 $ 133,643 Loss from discontinued operations, net of tax — (190 ) — (2,757 ) Net income $ 17,179 $ 39,903 $ 81,164 $ 130,886 Shares for basic and diluted calculation: Average shares used in basic computation 69,633 66,691 68,675 66,344 Dilutive effect of stock options and units (1) 10,126 9,990 9,651 9,667 Average shares used in diluted computation 79,759 76,681 78,326 76,011 Earnings per basic common share: Income from continuing operations $ 0.25 $ 0.60 $ 1.18 $ 2.01 Loss from discontinued operations — — — (0.04 ) Earnings per basic common share $ 0.25 $ 0.60 $ 1.18 $ 1.97 Earnings per diluted common share: Income from continuing operations $ 0.22 $ 0.52 $ 1.04 $ 1.76 Loss from discontinued operations — — — (0.04 ) Earnings per basic common share $ 0.22 $ 0.52 $ 1.04 $ 1.72 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. |
Acquisition of Sterne Agee Gr54
Acquisition of Sterne Agee Group, Inc (Details) - USD ($) $ in Millions | Jun. 05, 2015 | Sep. 30, 2015 |
Sterne, Agee & Leach, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Proceeds from Legal Settlements | $ 35.6 | |
Sterne Agee Group, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill and intangible assets | $ 90.1 | |
Fair value of awards issued as retention | 23.8 | |
Employee retention compensation paid in notes | $ 33.8 | |
Sterne Agee Group, Inc. [Member] | Minimum [Member] | ||
Business Acquisition [Line Items] | ||
Individual compensation and benefits useful period | 5 years | |
Sterne Agee Group, Inc. [Member] | Maximum [Member] | ||
Business Acquisition [Line Items] | ||
Individual compensation and benefits useful period | 10 years |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2014 | Sep. 30, 2014 | |
Discontinued Operations And Disposal Groups [Abstract] | ||
Net revenues | $ (44) | $ (75) |
Restructuring expense | 217 | |
Operating expenses | 110 | 3,664 |
Total non-interest expenses | 110 | 3,881 |
Loss from discontinued operations before income tax expense | (154) | (3,956) |
Income tax expense/(benefit) | 36 | (1,199) |
Loss from discontinued operations, net of tax | $ (190) | $ (2,757) |
Receivables From And Payables56
Receivables From And Payables To Brokers, Dealers And Clearing Organizations (Amounts Receivable From Brokers, Dealers, And Clearing Organizations) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Due To And From Broker Dealers And Clearing Organizations [Abstract] | ||
Deposits paid for securities borrowed | $ 333,348 | $ 445,542 |
Receivables from clearing organizations | 295,856 | 198,079 |
Securities failed to deliver | 22,070 | 7,453 |
Receivables from brokers, dealers and clearing organizations, Total | $ 651,274 | $ 651,074 |
Receivables From And Payables57
Receivables From And Payables To Brokers, Dealers And Clearing Organizations (Amounts Payable To Brokers, Dealers, And Clearing Organizations) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Due To And From Broker Dealers And Clearing Organizations [Abstract] | ||
Deposits received for securities loaned | $ 47,495 | $ 4,215 |
Payable to clearing organizations | 31,136 | 2,443 |
Securities failed to receive | 28,172 | 7,365 |
Payables to broker, dealers and clearing organizations, Total | $ 106,803 | $ 14,023 |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | |||
Commitments Investments In Affiliated And Unaffiliated Partnerships | $ 11.4 | $ 11.4 | $ 11.5 |
General and limited partnership interests in investment partnerships | 36.6 | 36.6 | 42.1 |
Direct investments in private equity companies held by private equity funds | 18 | 18 | $ 21.2 |
Fair Value Level One To Level Two Transfers Amount | 5.6 | ||
Transfers, Out of Level 3, Assets | $ 0 | $ 5.9 | |
Stated interest rate | 5.375% | 5.375% | |
Maturity date | Dec. 31, 2022 |
Fair Value Of Financial Instr59
Fair Value Of Financial Instruments (Fair Value Of Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 90,582 | $ 122,875 |
Financial instruments owned | 812,976 | 786,855 |
Available-for-sale securities, Estimated fair value | 659,832 | 1,513,478 |
Investments | 160,240 | 210,255 |
Total Assets | 1,723,630 | 2,633,463 |
Financial instruments sold, but not yet purchased, at fair value | 512,323 | 587,265 |
Derivative contracts, Liabilities | 4,652 | 5,641 |
Total Liabilities | 516,975 | 592,906 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 90,582 | 122,875 |
Financial instruments owned | 81,133 | 210,733 |
Available-for-sale securities, Estimated fair value | 50,892 | |
Investments | 42,013 | 54,654 |
Total Assets | 213,728 | 439,154 |
Financial instruments sold, but not yet purchased, at fair value | 259,527 | 269,122 |
Total Liabilities | 259,527 | 269,122 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 730,824 | 572,179 |
Available-for-sale securities, Estimated fair value | 659,832 | 1,418,541 |
Investments | 2,887 | 35,088 |
Total Assets | 1,393,543 | 2,025,808 |
Financial instruments sold, but not yet purchased, at fair value | 252,796 | 318,143 |
Derivative contracts, Liabilities | 4,652 | 5,641 |
Total Liabilities | 257,448 | 323,784 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 1,019 | 3,943 |
Available-for-sale securities, Estimated fair value | 44,045 | |
Investments | 115,340 | 120,513 |
Total Assets | 116,359 | 168,501 |
U.S. Government Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 15,750 | 58,992 |
Investments | 103 | 6,555 |
Financial instruments sold, but not yet purchased, at fair value | 217,648 | 146,592 |
U.S. Government Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 15,750 | 58,992 |
Investments | 103 | 104 |
Financial instruments sold, but not yet purchased, at fair value | 217,648 | 146,592 |
U.S. Government Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 6,451 | |
U.S. Government Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 124,292 | 101,439 |
Available-for-sale securities, Estimated fair value | 1,708 | 1,610 |
Financial instruments sold, but not yet purchased, at fair value | 10,029 | |
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 | 124,292 | 101,439 |
Available-for-sale securities, Estimated fair value | 1,708 | 1,610 |
Financial instruments sold, but not yet purchased, at fair value | 10,029 | |
Corporate Fixed Income Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 251,416 | 245,909 |
Available-for-sale securities, Estimated fair value | 88,725 | 337,406 |
Financial instruments sold, but not yet purchased, at fair value | 234,429 | 293,008 |
Corporate Fixed Income Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 40,361 | 75,236 |
Available-for-sale securities, Estimated fair value | 50,892 | |
Financial instruments sold, but not yet purchased, at fair value | 20,795 | 17,116 |
Corporate Fixed Income Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 211,055 | 168,680 |
Available-for-sale securities, Estimated fair value | 88,725 | 286,514 |
Financial instruments sold, but not yet purchased, at fair value | 213,634 | 275,892 |
Corporate Fixed Income Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 1,993 | |
Corporate Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 25,641 | 77,548 |
Investments | 30,305 | 59,203 |
Financial instruments sold, but not yet purchased, at fair value | 21,089 | 105,013 |
Corporate Equity Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 25,022 | 76,316 |
Investments | 27,074 | 35,123 |
Financial instruments sold, but not yet purchased, at fair value | 21,084 | 105,013 |
Corporate Equity Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 88 | |
Investments | 24,080 | |
Financial instruments sold, but not yet purchased, at fair value | 5 | |
Corporate Equity Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 619 | 1,144 |
Investments | 3,231 | |
State And Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 174,693 | 130,544 |
Available-for-sale securities, Estimated fair value | 74,179 | 74,401 |
Financial instruments sold, but not yet purchased, at fair value | 230 | |
State And Municipal Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 174,693 | 130,544 |
Available-for-sale securities, Estimated fair value | 74,179 | 74,401 |
Financial instruments sold, but not yet purchased, at fair value | 230 | |
Asset-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Estimated fair value | 447,032 | 780,074 |
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 | 447,032 | 736,029 |
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 | 44,045 | |
Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 14,836 | 18,144 |
Mutual Funds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 14,836 | 18,144 |
Auction Rate Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 56,224 | 46,197 |
Auction Rate Equity Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 56,224 | 46,197 |
Auction Rate Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 1,324 | 1,326 |
Auction Rate Municipal Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 1,324 | 1,326 |
Other Investment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 57,448 | 78,830 |
Other Investment [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 1,283 | |
Other Investment [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 2,887 | 4,557 |
Other Investment [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 54,561 | 72,990 |
Investments In Partnerships [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 36,600 | 42,100 |
Private Company Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 14,300 | 16,400 |
Private Equity And Other Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 3,700 | 14,300 |
Mortgage-backed securities [Member] | Agency [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 202,480 | 159,057 |
Available-for-sale securities, Estimated fair value | 27,420 | 209,206 |
Financial instruments sold, but not yet purchased, at fair value | 38,927 | 28,067 |
Mortgage-backed securities [Member] | Agency [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 202,480 | 159,057 |
Available-for-sale securities, Estimated fair value | 27,420 | 209,206 |
Financial instruments sold, but not yet purchased, at fair value | 38,927 | 28,067 |
Mortgage-backed securities [Member] | Non-Agency [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 18,704 | 13,366 |
Available-for-sale securities, Estimated fair value | 2,785 | 3,137 |
Financial instruments sold, but not yet purchased, at fair value | 4,556 | |
Mortgage-backed securities [Member] | Non-Agency [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 189 | |
Financial instruments sold, but not yet purchased, at fair value | 401 | |
Mortgage-backed securities [Member] | Non-Agency [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 18,304 | 12,371 |
Available-for-sale securities, Estimated fair value | 2,785 | 3,137 |
Financial instruments sold, but not yet purchased, at fair value | 4,155 | |
Mortgage-backed securities [Member] | Non-Agency [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 400 | 806 |
Mortgage-backed securities [Member] | Commercial [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Estimated fair value | 17,983 | 107,644 |
Mortgage-backed securities [Member] | 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 | $ 17,983 | $ 107,644 |
Fair Value Of Financial Instr60
Fair Value Of Financial Instruments (Schedule Of Changes In Fair Value Carrying Values Associated With Level 3 Financial Instruments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Transfers, Out of Level 3 | $ 0 | $ (5,900) |
Non-Agency [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 670 | 806 |
Unrealized gains/(losses), Included in changes in net assets | (157) | (240) |
Realized gains/(losses) | 86 | 119 |
Redemptions | (199) | (285) |
Net change | (270) | (406) |
Ending Balance | 400 | 400 |
Corporate Fixed Income Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 4,572 | 1,993 |
Unrealized gains/(losses), Included in changes in net assets | (126) | 84 |
Realized gains/(losses) | 53 | 53 |
Purchases | 11,643 | |
Sales | (4,499) | (13,773) |
Net change | (4,572) | (1,993) |
Equity Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 619 | 1,144 |
Sales | (525) | |
Net change | (525) | |
Ending Balance | 619 | 619 |
Asset-Backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 44,045 | |
Unrealized gains/(losses), Included in OCI, Assets | 342 | |
Realized gains/(losses) | (2,136) | |
Sales | (42,251) | |
Net change | (44,045) | |
Corporate Equity Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 2,962 | |
Unrealized gains/(losses), Included in changes in net assets | 269 | 354 |
Transfers, Into Level 3 | 2,877 | |
Net change | 269 | 3,231 |
Ending Balance | 3,231 | 3,231 |
Equity Auction Rate Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 48,355 | 46,197 |
Unrealized gains/(losses), Included in changes in net assets | (631) | (873) |
Purchases | 8,500 | 15,125 |
Redemptions | (4,225) | |
Net change | 7,869 | 10,027 |
Ending Balance | 56,224 | 56,224 |
Municipal Auction Rate Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 1,324 | 1,326 |
Unrealized gains/(losses), Included in changes in net assets | (2) | |
Net change | (2) | |
Ending Balance | 1,324 | 1,324 |
Other Investment [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 69,242 | 72,990 |
Unrealized gains/(losses), Included in changes in net assets | (1,576) | 2,392 |
Realized gains/(losses) | 293 | (210) |
Purchases | 1,117 | 4,396 |
Sales | (11,533) | (13,156) |
Redemptions | (2,982) | (3,066) |
Transfers, Out of Level 3 | (8,785) | |
Net change | (14,681) | (18,429) |
Ending Balance | $ 54,561 | $ 54,561 |
Fair Value Of Financial Instr61
Fair Value Of Financial Instruments (Quantitative Information related To The Significant Unobservable Inputs Utilized In Company's Level 3 Recurring Fair Value Measurements) (Details) - Discounted Cash Flow [Member] | 9 Months Ended |
Sep. 30, 2015 | |
Auction Rate Equity Securities [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Discount rate range, low end | 2.30% |
Discount rate range, high end | 13.50% |
Workout period range, low end | 1 year |
Workout period range, high end | 3 years |
Discount rate, weighted average | 7.70% |
Weighted average workout period | 2 years 6 months |
Auction Rate Municipal Securities [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Discount rate range, low end | 0.30% |
Discount rate range, high end | 8.80% |
Workout period range, low end | 1 year |
Workout period range, high end | 4 years |
Discount rate, weighted average | 7.10% |
Weighted average workout period | 2 years 9 months 18 days |
Fair Value Of Financial Instr62
Fair Value Of Financial Instruments (Schedule Of Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | $ 90,582 | $ 122,875 | |
Securities purchased under agreements to resell | [1] | 88,467 | 55,078 |
Financial instruments owned | 812,976 | 786,855 | |
Available-for-sale securities | 659,832 | 1,513,478 | |
Held-to-maturity securities | [2] | 1,132,502 | 1,211,976 |
Investments, at fair value | 160,240 | 210,255 | |
Securities sold under agreements to repurchase | [3] | 106,937 | 39,180 |
Bank deposits | 4,116,811 | 4,790,081 | |
Financial instruments sold, but not yet purchased, at fair value | 512,323 | 587,265 | |
Derivative contracts | 4,652 | 5,641 | |
Borrowings | 398,338 | ||
Carrying Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 607,100 | 689,782 | |
Cash segregated for regulatory purposes | 321 | 49,646 | |
Securities purchased under agreements to resell | 88,467 | 55,078 | |
Financial instruments owned | 812,976 | 786,855 | |
Available-for-sale securities | 659,832 | 1,513,478 | |
Held-to-maturity securities | 1,095,793 | 1,177,565 | |
Loans held for sale | 179,588 | 121,939 | |
Bank loans | 2,409,399 | 2,065,420 | |
Investments, at fair value | 160,240 | 210,255 | |
Securities sold under agreements to repurchase | 106,937 | 39,180 | |
Bank deposits | 4,116,811 | 4,790,081 | |
Financial instruments sold, but not yet purchased, at fair value | 512,323 | 587,265 | |
Derivative contracts | [4] | 4,652 | 5,641 |
Borrowings | 398,338 | ||
Senior notes | 450,000 | 625,000 | |
Debentures to Stifel Financial Capital Trusts | 82,500 | 82,500 | |
Estimated Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 607,100 | 689,782 | |
Cash segregated for regulatory purposes | 321 | 49,646 | |
Securities purchased under agreements to resell | 88,467 | 55,078 | |
Financial instruments owned | 812,976 | 786,855 | |
Available-for-sale securities | 659,832 | 1,513,478 | |
Held-to-maturity securities | 1,132,501 | 1,211,976 | |
Loans held for sale | 179,588 | 121,939 | |
Bank loans | 2,427,355 | 2,086,864 | |
Investments, at fair value | 160,240 | 210,255 | |
Securities sold under agreements to repurchase | 106,937 | 39,180 | |
Bank deposits | 4,070,949 | 4,246,214 | |
Financial instruments sold, but not yet purchased, at fair value | 512,323 | 587,265 | |
Derivative contracts | [4] | 4,652 | 5,641 |
Borrowings | 398,338 | ||
Senior notes | 454,282 | 638,690 | |
Debentures to Stifel Financial Capital Trusts | $ 73,875 | $ 76,714 | |
[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] | 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. | ||
[3] | 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. | ||
[4] | Included in accounts payable and accrued expenses in the consolidated statements of financial condition. |
Fair Value Of Financial Instr63
Fair Value Of Financial Instruments (Estimated Fair Values Of Financial Instruments Not Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash | $ 90,582 | $ 122,875 | |
Securities purchased under agreements to resell | [1] | 88,467 | 55,078 |
Held-to-maturity securities | [2] | 1,132,502 | 1,211,976 |
Securities sold under agreements to repurchase | [3] | 106,937 | 39,180 |
Bank deposits | 4,116,811 | 4,790,081 | |
Borrowings | 398,338 | ||
Senior notes | 450,000 | 625,000 | |
Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash | 90,582 | 122,875 | |
Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash | 516,518 | 566,907 | |
Cash segregated for regulatory purposes | 321 | 49,646 | |
Securities purchased under agreements to resell | 88,467 | 55,078 | |
Held-to-maturity securities | 1,132,501 | 1,211,976 | |
Loans held for sale | 179,588 | 121,939 | |
Bank loans | 2,427,355 | 2,086,864 | |
Securities sold under agreements to repurchase | 106,937 | 39,180 | |
Bank deposits | 4,070,949 | 4,246,214 | |
Borrowings | 398,338 | ||
Senior notes | 454,282 | 638,690 | |
Debentures to Stifel Financial Capital Trusts | 73,875 | 76,714 | |
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash | 516,518 | 566,907 | |
Cash segregated for regulatory purposes | 321 | 49,646 | |
Securities purchased under agreements to resell | 88,467 | 44,996 | |
Securities sold under agreements to repurchase | 19,476 | 39,180 | |
Senior notes | 454,282 | 638,690 | |
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 | 10,082 | ||
Held-to-maturity securities | 891,975 | 969,913 | |
Loans held for sale | 179,588 | 121,939 | |
Bank loans | 2,427,355 | 2,086,864 | |
Bank deposits | 4,070,949 | 4,246,214 | |
Borrowings | 398,338 | ||
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 | 240,526 | 242,063 | |
Securities sold under agreements to repurchase | 87,461 | ||
Debentures to Stifel Financial Capital Trusts | $ 73,875 | $ 76,714 | |
[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] | 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. | ||
[3] | 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 A64
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 ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | $ 812,976 | $ 786,855 |
Trading securities pledged | 388,500 | |
U.S. Government Agency Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 124,292 | 101,439 |
U.S. Government Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 15,750 | 58,992 |
Corporate Fixed Income Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 251,416 | 245,909 |
Corporate Equity Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 25,641 | 77,548 |
State And Municipal Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 174,693 | 130,544 |
Mortgage-backed securities [Member] | Agency [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 202,480 | 159,057 |
Mortgage-backed securities [Member] | Non-Agency [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 18,704 | 13,366 |
Securities Owned [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 812,976 | 786,855 |
Securities Owned [Member] | U.S. Government Agency Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading securities owned | 15,750 | 58,992 |
Securities Owned [Member] | U.S. Government Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading securities owned | 124,292 | 101,439 |
Securities Owned [Member] | Corporate Fixed Income Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Fixed income securities | 251,416 | 245,909 |
Securities Owned [Member] | Corporate Equity Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Equity securities | 25,641 | 77,548 |
Securities Owned [Member] | State And Municipal Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
State and municipal securities | 174,693 | 130,544 |
Securities Owned [Member] | Mortgage-backed securities [Member] | Agency [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading securities owned | 202,480 | 159,057 |
Securities Owned [Member] | Mortgage-backed securities [Member] | Non-Agency [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading securities owned | 18,704 | 13,366 |
Securities Sold, But Not yet Purchased [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 512,323 | 587,265 |
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 | 10,029 | |
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 | 217,648 | 146,592 |
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 | 234,429 | 293,008 |
Securities Sold, But Not yet Purchased [Member] | Corporate Equity Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Equity securities | 21,089 | 105,013 |
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 | 230 | |
Securities Sold, But Not yet Purchased [Member] | Mortgage-backed securities [Member] | Agency [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading securities owned | 38,927 | 28,067 |
Securities Sold, But Not yet Purchased [Member] | Mortgage-backed securities [Member] | Non-Agency [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading securities owned | 4,556 | |
Repurchase Agreements And Short-Term Borrowings [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading securities pledged | $ 748,100 | $ 425,100 |
Financial Instruments Owned A65
Financial Instruments Owned And Financial Instruments Sold, But Not Yet Purchased (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Financial instruments pledged as collateral | $ 908.2 | $ 1,200 |
Securities Owned [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Financial instruments pledged as collateral | $ 586.1 | $ 425.1 |
Available-For-Sale And Held-T66
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 ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Schedule of Available for Sale and Held to Maturity Securities [Line Items] | |||
Available-for-sale Securities, Amortized cost | $ 663,772 | $ 1,520,517 | |
Available for sale securities, unrealized gains | [1] | 2,917 | 7,133 |
Available-for-sale Securities, Gross unrealized losses | [1] | (6,857) | (14,172) |
Available-for-sale securities, Estimated fair value | 659,832 | 1,513,478 | |
Held-to-maturity Securities, Amortized cost | [2] | 1,095,793 | 1,177,565 |
Held-to-maturity Securities, Gross unrealized gains | [2] | 40,047 | 38,338 |
Held-to-maturity Securities, Gross unrealized losses | [2] | (3,338) | (3,927) |
Held-to-maturity securities, Estimated fair value | [2] | 1,132,502 | 1,211,976 |
U.S. Government Agency Securities [Member] | |||
Schedule of Available for Sale and Held to Maturity Securities [Line Items] | |||
Available-for-sale Securities, Amortized cost | 1,703 | 1,613 | |
Available for sale securities, unrealized gains | [1] | 7 | 1 |
Available-for-sale Securities, Gross unrealized losses | [1] | (2) | (4) |
Available-for-sale securities, Estimated fair value | 1,708 | 1,610 | |
State And Municipal Securities [Member] | |||
Schedule of Available for Sale and Held to Maturity Securities [Line Items] | |||
Available-for-sale Securities, Amortized cost | 76,095 | 76,518 | |
Available for sale securities, unrealized gains | [1] | 10 | 20 |
Available-for-sale Securities, Gross unrealized losses | [1] | (1,926) | (2,137) |
Available-for-sale securities, Estimated fair value | 74,179 | 74,401 | |
Corporate Fixed Income Securities [Member] | |||
Schedule of Available for Sale and Held to Maturity Securities [Line Items] | |||
Available-for-sale Securities, Amortized cost | 88,270 | 336,210 | |
Available for sale securities, unrealized gains | [1] | 1,050 | 2,016 |
Available-for-sale Securities, Gross unrealized losses | [1] | (595) | (820) |
Available-for-sale securities, Estimated fair value | 88,725 | 337,406 | |
Held-to-maturity Securities, Amortized cost | [2] | 55,168 | 55,236 |
Held-to-maturity Securities, Gross unrealized gains | [2] | 4 | |
Held-to-maturity Securities, Gross unrealized losses | [2] | (385) | (1,223) |
Held-to-maturity securities, Estimated fair value | [2] | 54,783 | 54,017 |
Asset-Backed Securities [Member] | |||
Schedule of Available for Sale and Held to Maturity Securities [Line Items] | |||
Available-for-sale Securities, Amortized cost | 449,685 | 788,908 | |
Available for sale securities, unrealized gains | [1] | 1,342 | 1,321 |
Available-for-sale Securities, Gross unrealized losses | [1] | (3,995) | (10,155) |
Available-for-sale securities, Estimated fair value | 447,032 | 780,074 | |
Held-to-maturity Securities, Amortized cost | [2] | 177,617 | 177,335 |
Held-to-maturity Securities, Gross unrealized gains | [2] | 2,429 | 3,151 |
Held-to-maturity Securities, Gross unrealized losses | [2] | (2,913) | (2,645) |
Held-to-maturity securities, Estimated fair value | [2] | 177,133 | 177,841 |
Mortgage-backed securities [Member] | Agency [Member] | |||
Schedule of Available for Sale and Held to Maturity Securities [Line Items] | |||
Available-for-sale Securities, Amortized cost | 27,415 | 206,982 | |
Available for sale securities, unrealized gains | [1] | 294 | 3,137 |
Available-for-sale Securities, Gross unrealized losses | [1] | (289) | (913) |
Available-for-sale securities, Estimated fair value | 27,420 | 209,206 | |
Held-to-maturity Securities, Amortized cost | [2] | 802,549 | 884,451 |
Held-to-maturity Securities, Gross unrealized gains | [2] | 34,457 | 32,926 |
Held-to-maturity Securities, Gross unrealized losses | [2] | (27) | (42) |
Held-to-maturity securities, Estimated fair value | [2] | 836,979 | 917,335 |
Mortgage-backed securities [Member] | Commercial [Member] | |||
Schedule of Available for Sale and Held to Maturity Securities [Line Items] | |||
Available-for-sale Securities, Amortized cost | 17,775 | 107,100 | |
Available for sale securities, unrealized gains | [1] | 212 | 633 |
Available-for-sale Securities, Gross unrealized losses | [1] | (4) | (89) |
Available-for-sale securities, Estimated fair value | 17,983 | 107,644 | |
Held-to-maturity Securities, Amortized cost | [2] | 59,506 | 59,462 |
Held-to-maturity Securities, Gross unrealized gains | [2] | 3,161 | 2,257 |
Held-to-maturity securities, Estimated fair value | [2] | 62,667 | 61,719 |
Mortgage-backed securities [Member] | Non-Agency [Member] | |||
Schedule of Available for Sale and Held to Maturity Securities [Line Items] | |||
Available-for-sale Securities, Amortized cost | 2,829 | 3,186 | |
Available for sale securities, unrealized gains | [1] | 2 | 5 |
Available-for-sale Securities, Gross unrealized losses | [1] | (46) | (54) |
Available-for-sale securities, Estimated fair value | 2,785 | 3,137 | |
Held-to-maturity Securities, Amortized cost | [2] | 953 | 1,081 |
Held-to-maturity Securities, Gross unrealized losses | [2] | (13) | (17) |
Held-to-maturity securities, Estimated fair value | [2] | $ 940 | $ 1,064 |
[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. |
Available-For-Sale And Held-T67
Available-For-Sale And Held-To-Maturity Securities (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015USD ($)security | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)security | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | ||
Other Than Temporary Impairment Credit Losses Recognized In Earnings [Line Items] | ||||||
Proceeds from sale of available-for-sale securities | $ 89,000,000 | $ 641,600,000 | ||||
Net realized gains resulting from sale of available-for-sale securities | 100,000 | 3,200,000 | ||||
Unrealized gains (losses) recorded in accumulated other comprehensive income | [1],[2] | (611,000) | $ (3,884,000) | 5,261,000 | $ 1,683,000 | |
Financial instruments pledged as collateral | 908,200,000 | 908,200,000 | $ 1,200,000,000 | |||
Trading securities pledged | $ 388,500,000 | $ 388,500,000 | ||||
Number of available for sale securities whose amortized costs exceeded their fair values | security | 48 | 48 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | $ 6,857,000 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 4,618,000 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 387,347,000 | $ 387,347,000 | ||||
Percentage of available-for-sale portfolio | 58.70% | 58.70% | ||||
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | security | 21 | 21 | ||||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss | $ 3,076,000 | |||||
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 3,003,000 | |||||
Credit-related OTTI | $ 0 | $ 0 | 0 | $ 0 | ||
Gross unrealized losses related to all other securities | [3] | 6,857,000 | 6,857,000 | $ 14,172,000 | ||
OTTI on all other securities | 0 | 0 | ||||
Available-for-sale and Held-to-maturity Securities [Member] | ||||||
Other Than Temporary Impairment Credit Losses Recognized In Earnings [Line Items] | ||||||
Gross unrealized losses related to all other securities | $ 9,900,000 | $ 9,900,000 | ||||
[1] | Amounts are net of reclassifications to earnings of realized gains of $0.2 million and $0.7 million for the three months ended September 30, 2015 and 2014, respectively. Amounts are net of reclassifications to earnings of realized gains of $2.1 million and $1.9 million for the nine months ended September 30, 2015 and 2014, respectively. | |||||
[2] | Net of tax benefit of $2.4 million and $7.0 million for the three months ended September 30, 2015 and 2014, respectively. Net of taxes of $2.4 million and a tax benefit of $1.6 million for the nine months ended September 30, 2015 and 2014, respectively. | |||||
[3] | Unrealized gains/(losses) related to available-for-sale securities are reported in accumulated other comprehensive income. |
Available-For-Sale And Held-T68
Available-For-Sale And Held-To-Maturity Securities (Schedule Of Amortized Cost And Fair Values Of Debt Securities By Contractual Maturity) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Schedule Of Debt Securities At Amortized Cost And Fair Value Basis [Line Items] | |||
Available-for-sale Securities, debt maturities, Amortized Cost | $ 663,772 | ||
Available-for-sale Securities, debt maturities, within one year, Fair Value | [1] | 9,816 | |
Available-for-sale Securities, debt maturities, after five through ten years, fair value | [1] | 157,319 | |
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | [1] | 442,075 | |
Available-for-sale Securities, debt maturities, Fair Value | [1] | 659,832 | |
Held-to-maturity Securities, debt maturities, within one year, Amortized Cost | 15,006 | ||
Held-to-maturity Securities, debt maturities, after five through ten years, Amortized Cost | 59,506 | ||
Held-to-maturity Securities, debt maturities, after ten years, Amortized Cost | 981,119 | ||
Held-to-maturity Securities, Amortized cost | [2] | 1,095,793 | $ 1,177,565 |
Held-to-maturity Securities, debt maturities, Fair Value | [2] | 1,132,502 | $ 1,211,976 |
Excluding Mortgage Backed Securities | |||
Schedule Of Debt Securities At Amortized Cost And Fair Value Basis [Line Items] | |||
Available-for-sale Securities, debt maturities, within one year, Amortized Cost | 9,756 | ||
Available-for-sale Securities, debt maturities, after one year through three years, Amortized Cost | 48,743 | ||
Available-for-sale Securities, debt maturities, after three year through five years, Amortized Cost | 1,006 | ||
Available-for-sale Securities, debt maturities, after five through ten years, Amortized Cost | 158,380 | ||
Availably-for-sale Securities, debt maturities, after ten years, Amortized Cost | 397,868 | ||
Available-for-sale Securities, debt maturities, within one year, Fair Value | 9,816 | ||
Available-for-sale Securities, debt maturities, after one year through three years, Fair Value | 49,321 | ||
Available-for-sale Securities, debt maturities, after three year through five years, Fair Value | 1,220 | ||
Available-for-sale Securities, debt maturities, after five through ten years, fair value | 156,642 | ||
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | 394,644 | ||
Held-to-maturity Securities, debt maturities, within one year, Amortized Cost | 15,006 | ||
Held-to-maturity Securities, debt maturities, after one year through three years, Amortized Cost | 40,162 | ||
Held-to-maturity Securities, debt maturities, after ten years, Amortized Cost | 177,617 | ||
Held-to-maturity Securities, debt maturities, within one year, Fair Value | 15,004 | ||
Held-to-maturity Securities, debt maturities, after one year through three years, Fair Value | 39,779 | ||
Held-to-maturity Securities, debt maturities, after ten years, Fair Value | 177,133 | ||
Mortgage-backed securities [Member] | |||
Schedule Of Debt Securities At Amortized Cost And Fair Value Basis [Line Items] | |||
Available-for-sale Securities, debt maturities, after one year through three years, Amortized Cost | 80 | ||
Available-for-sale Securities, debt maturities, after five through ten years, Amortized Cost | 653 | ||
Availably-for-sale Securities, debt maturities, after ten years, Amortized Cost | 47,286 | ||
Available-for-sale Securities, debt maturities, after one year through three years, Fair Value | 81 | ||
Available-for-sale Securities, debt maturities, after five through ten years, fair value | 677 | ||
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | 47,431 | ||
Held-to-maturity Securities, debt maturities, after five through ten years, Amortized Cost | 59,506 | ||
Held-to-maturity Securities, debt maturities, after ten years, Amortized Cost | 803,502 | ||
Held-to-maturity Securities, debt maturities, after five through ten years, Fair Value | 62,667 | ||
Held-to-maturity Securities, debt maturities, after ten years, Fair Value | $ 837,919 | ||
[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. |
Available-For-Sale And Held-T69
Available-For-Sale And Held-To-Maturity Securities (Contractual Maturities) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Schedule of Available for Sale and Held to Maturity Securities [Line Items] | |||
Available-for-sale Securities, debt maturities, within one year, Fair Value | [1] | $ 9,816 | |
Available-for-sale Securities, debt maturities, after one year through five, Fair Value | [1] | 50,622 | |
Available-for-sale Securities, debt maturities, after five through ten years, fair value | [1] | 157,319 | |
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | [1] | 442,075 | |
Available-for-sale Securities, debt maturities, Fair Value | [1] | 659,832 | |
Held-to-maturity Securities, debt maturities, within one year, Amortized Cost | 15,006 | ||
Held-to-maturity Securities, debt maturities, after one year through five, Amortized Cost | 40,162 | ||
Held-to-maturity Securities, debt maturities, after five through ten years, Amortized Cost | 59,506 | ||
Held-to-maturity Securities, debt maturities, after ten years, Amortized Cost | 981,119 | ||
Held-to-maturity Securities, Amortized cost | [2] | 1,095,793 | $ 1,177,565 |
U.S. Government Agency Securities [Member] | |||
Schedule of Available for Sale and Held to Maturity Securities [Line Items] | |||
Available-for-sale Securities, debt maturities, within one year, Fair Value | [1] | 730 | |
Available-for-sale Securities, debt maturities, after one year through five, Fair Value | [1] | 978 | |
Available-for-sale Securities, debt maturities, Fair Value | [1] | 1,708 | |
State And Municipal Securities [Member] | |||
Schedule of Available for Sale and Held to Maturity Securities [Line Items] | |||
Available-for-sale Securities, debt maturities, after five through ten years, fair value | [1] | 7,394 | |
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | [1] | 66,785 | |
Available-for-sale Securities, debt maturities, Fair Value | [1] | 74,179 | |
Corporate Fixed Income Securities [Member] | |||
Schedule of Available for Sale and Held to Maturity Securities [Line Items] | |||
Available-for-sale Securities, debt maturities, within one year, Fair Value | [1] | 9,086 | |
Available-for-sale Securities, debt maturities, after one year through five, Fair Value | [1] | 49,563 | |
Available-for-sale Securities, debt maturities, after five through ten years, fair value | [1] | 30,075 | |
Available-for-sale Securities, debt maturities, Fair Value | [1] | 88,724 | |
Held-to-maturity Securities, debt maturities, within one year, Amortized Cost | 15,006 | ||
Held-to-maturity Securities, debt maturities, after one year through five, Amortized Cost | 40,162 | ||
Held-to-maturity Securities, Amortized cost | [2] | 55,168 | 55,236 |
Asset-Backed Securities [Member] | |||
Schedule of Available for Sale and Held to Maturity Securities [Line Items] | |||
Available-for-sale Securities, debt maturities, after five through ten years, fair value | [1] | 119,173 | |
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | [1] | 327,859 | |
Available-for-sale Securities, debt maturities, Fair Value | [1] | 447,032 | |
Held-to-maturity Securities, debt maturities, after ten years, Amortized Cost | 177,617 | ||
Held-to-maturity Securities, Amortized cost | [2] | 177,617 | 177,335 |
Mortgage-backed securities [Member] | |||
Schedule of Available for Sale and Held to Maturity Securities [Line Items] | |||
Available-for-sale Securities, debt maturities, after five through ten years, fair value | 677 | ||
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | 47,431 | ||
Held-to-maturity Securities, debt maturities, after five through ten years, Amortized Cost | 59,506 | ||
Held-to-maturity Securities, debt maturities, after ten years, Amortized Cost | 803,502 | ||
Mortgage-backed securities [Member] | Agency [Member] | |||
Schedule of Available for Sale and Held to Maturity Securities [Line Items] | |||
Available-for-sale Securities, debt maturities, after five through ten years, fair value | [1] | 677 | |
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | [1] | 26,744 | |
Available-for-sale Securities, debt maturities, Fair Value | [1] | 27,421 | |
Held-to-maturity Securities, debt maturities, after ten years, Amortized Cost | 802,549 | ||
Held-to-maturity Securities, Amortized cost | [2] | 802,549 | 884,451 |
Mortgage-backed securities [Member] | Commercial [Member] | |||
Schedule of Available for Sale and Held to Maturity Securities [Line Items] | |||
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | [1] | 17,983 | |
Available-for-sale Securities, debt maturities, Fair Value | [1] | 17,983 | |
Held-to-maturity Securities, debt maturities, after five through ten years, Amortized Cost | 59,506 | ||
Held-to-maturity Securities, Amortized cost | [2] | 59,506 | 59,462 |
Mortgage-backed securities [Member] | Non-Agency [Member] | |||
Schedule of Available for Sale and Held to Maturity Securities [Line Items] | |||
Available-for-sale Securities, debt maturities, after one year through five, Fair Value | [1] | 81 | |
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | [1] | 2,704 | |
Available-for-sale Securities, debt maturities, Fair Value | [1] | 2,785 | |
Held-to-maturity Securities, debt maturities, after ten years, Amortized Cost | 953 | ||
Held-to-maturity Securities, Amortized cost | [2] | $ 953 | $ 1,081 |
[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. |
Available-For-Sale And Held-T70
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) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Schedule of Available for Sale and Held to Maturity Securities [Line Items] | |
Less than 12 months | $ (2,239) |
Less than 12 months | 205,556 |
12 months or more | (4,618) |
12 months or more | 181,791 |
Total | (6,857) |
Total | 387,347 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (73) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 9,122 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (3,003) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 117,707 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss, Total | (3,076) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value, Total | 126,829 |
U.S. Government Agency Securities [Member] | |
Schedule of Available for Sale and Held to Maturity Securities [Line Items] | |
Less than 12 months | (2) |
Less than 12 months | 131 |
Total | (2) |
Total | 131 |
State And Municipal Securities [Member] | |
Schedule of Available for Sale and Held to Maturity Securities [Line Items] | |
Less than 12 months | (519) |
Less than 12 months | 36,731 |
12 months or more | (1,408) |
12 months or more | 35,773 |
Total | (1,927) |
Total | 72,504 |
Corporate Fixed Income Securities [Member] | |
Schedule of Available for Sale and Held to Maturity Securities [Line Items] | |
Less than 12 months | (595) |
Less than 12 months | 25,102 |
Total | (595) |
Total | 25,102 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (385) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 49,783 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss, Total | (385) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value, Total | 49,783 |
Asset-Backed Securities [Member] | |
Schedule of Available for Sale and Held to Maturity Securities [Line Items] | |
Less than 12 months | (1,073) |
Less than 12 months | 137,510 |
12 months or more | (2,921) |
12 months or more | 137,224 |
Total | (3,994) |
Total | 274,734 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (73) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 9,122 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (2,578) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 64,675 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss, Total | (2,651) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value, Total | 73,797 |
Mortgage-backed securities [Member] | Agency [Member] | |
Schedule of Available for Sale and Held to Maturity Securities [Line Items] | |
12 months or more | (289) |
12 months or more | 8,794 |
Total | (289) |
Total | 8,794 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (27) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2,309 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss, Total | (27) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value, Total | 2,309 |
Mortgage-backed securities [Member] | Commercial [Member] | |
Schedule of Available for Sale and Held to Maturity Securities [Line Items] | |
Less than 12 months | (4) |
Less than 12 months | 3,474 |
Total | (4) |
Total | 3,474 |
Mortgage-backed securities [Member] | Non-Agency [Member] | |
Schedule of Available for Sale and Held to Maturity Securities [Line Items] | |
Less than 12 months | (46) |
Less than 12 months | 2,608 |
Total | (46) |
Total | 2,608 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (13) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 940 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss, Total | (13) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value, Total | $ 940 |
Bank Loans (Schedule Of Balance
Bank Loans (Schedule Of Balance And Associated Percentage Of Each Major Loan Category In Bank Loan Portfolio) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Gross bank loans | $ 2,442,343 | $ 2,116,634 | $ 1,921,351 | ||||||
Unamortized loan discount | (994) | (30,533) | |||||||
Unamortized loan fees, net of loan fees | (1,841) | (1,631) | |||||||
Loans in process | (2,402) | 1,681 | |||||||
Allowance for loan losses | (27,707) | $ (23,923) | (20,731) | (18,996) | $ (17,103) | $ (12,668) | |||
Bank loans, net | $ 2,409,399 | $ 2,065,420 | |||||||
Gross bank loans, Percent | 100.00% | 100.00% | |||||||
Securities-based loans | $ 1,000,000 | $ 732,800 | |||||||
Commercial And Industrial [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Gross bank loans | 1,121,643 | 896,853 | 833,988 | ||||||
Allowance for loan losses | $ (22,414) | (19,297) | $ (16,609) | (15,903) | (13,557) | (9,832) | |||
Gross bank loans, Percent | 45.90% | 42.40% | |||||||
Consumer [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Gross bank loans | $ 1,026,197 | [1] | $ 758,288 | [1] | 638,810 | ||||
Allowance for loan losses | $ (1,613) | (1,568) | $ (1,255) | (1,001) | (937) | (892) | |||
Gross bank loans, Percent | [1] | 42.00% | 35.80% | ||||||
Residential Real Estate [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Gross bank loans | $ 260,958 | $ 432,646 | 418,806 | ||||||
Allowance for loan losses | $ (1,122) | (904) | $ (787) | (674) | (713) | (408) | |||
Gross bank loans, Percent | 10.70% | 20.40% | |||||||
Commercial Real Estate [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Gross bank loans | $ 19,811 | $ 15,902 | 15,971 | ||||||
Allowance for loan losses | $ (264) | (286) | $ (232) | (239) | (210) | (198) | |||
Gross bank loans, Percent | 0.80% | 0.80% | |||||||
Home Equity Lines Of Credit [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Gross bank loans | $ 11,260 | $ 12,945 | 13,776 | ||||||
Allowance for loan losses | $ (253) | $ (265) | $ (267) | $ (274) | $ (131) | (174) | |||
Gross bank loans, Percent | 0.50% | 0.60% | |||||||
Construction And Land [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Gross bank loans | $ 2,474 | ||||||||
Allowance for loan losses | $ (47) | $ (12) | |||||||
Gross bank loans, Percent | 0.10% | ||||||||
[1] | Includes securities-based loans of $ 1.0 billion and $732.8 million at September 30, 2015 and December 31, 2014, respectively. |
Bank Loans (Narrative) (Details
Bank Loans (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans held for sale, at lower of cost or market | $ 179,588 | $ 179,588 | $ 121,900 | $ 179,588 | $ 121,900 | $ 121,939 |
Gains recognized from sale of loans | 3,300 | $ 2,200 | 9,400 | $ 5,800 | ||
Nonaccrual loans more than 90 days past due | 600 | 600 | 600 | 4,900 | ||
Troubled debt restructurings | 200 | 200 | 200 | 1,000 | ||
Specific allowance | $ 174 | $ 174 | $ 174 | $ 272 | ||
Collateralized loan portfolio | 96.40% | 96.40% | 96.40% | 95.80% | ||
Residential Mortgages [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gains recognized from sale of loans | $ 14,700 | |||||
Reclassification of loans held for sale | $ 227,600 | |||||
Principal balance of loans sold | 184,400 | |||||
Remaining portion of loans held for sale | 33,900 | 33,900 | $ 33,900 | |||
Stifel Bank [Member] | Executive Officers Directors and Their Affiliates [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans outstanding amount | 1,900 | 1,900 | 1,900 | $ 600 | ||
Stifel Financial Corp. [Member] | Executive Officers Directors and Their Affiliates [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans outstanding amount | $ 9,600 | $ 9,600 | $ 9,600 | $ 5,300 |
Bank Loans (Activity In The All
Bank Loans (Activity In The Allowance For Loan Losses By Portfolio Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning Balance | $ 23,923 | $ 17,103 | $ 20,731 | $ 12,668 |
Provision | 3,735 | 1,872 | 6,996 | 6,749 |
Charge-offs | (27) | (142) | (472) | |
Recoveries | 76 | 21 | 122 | 51 |
Ending Balance | 27,707 | 18,996 | 27,707 | 18,996 |
Commercial And Industrial [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning Balance | 19,297 | 13,557 | 16,609 | 9,832 |
Provision | 3,117 | 2,346 | 5,805 | 6,539 |
Charge-offs | (468) | |||
Ending Balance | 22,414 | 15,903 | 22,414 | 15,903 |
Consumer [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning Balance | 1,568 | 937 | 1,255 | 892 |
Provision | 39 | 64 | 352 | 113 |
Charge-offs | (4) | |||
Recoveries | 6 | 6 | ||
Ending Balance | 1,613 | 1,001 | 1,613 | 1,001 |
Residential Real Estate [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning Balance | 904 | 713 | 787 | 408 |
Provision | 197 | (41) | 425 | 261 |
Charge-offs | (27) | (142) | ||
Recoveries | 48 | 2 | 52 | 5 |
Ending Balance | 1,122 | 674 | 1,122 | 674 |
Commercial Real Estate [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning Balance | 286 | 210 | 232 | 198 |
Provision | (36) | 10 | (24) | (5) |
Recoveries | 14 | 19 | 56 | 46 |
Ending Balance | 264 | 239 | 264 | 239 |
Home Equity Lines Of Credit [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning Balance | 265 | 131 | 267 | 174 |
Provision | (20) | 143 | (22) | 100 |
Recoveries | 8 | 8 | ||
Ending Balance | 253 | 274 | 253 | 274 |
Construction And Land [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning Balance | 12 | |||
Provision | 47 | 47 | (12) | |
Ending Balance | 47 | 47 | ||
Qualitative [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning Balance | 1,603 | 1,555 | 1,581 | 1,152 |
Provision | 391 | (650) | 413 | (247) |
Ending Balance | $ 1,994 | $ 905 | $ 1,994 | $ 905 |
Bank Loans (Recorded Balances O
Bank Loans (Recorded Balances Of Loans and Amount Of Allowance Allocated Based Upon Impairment Method by Portfolio Segment) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | $ 194 | $ 272 | $ 266 | |||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 27,513 | 20,459 | 18,730 | |||||
Allowance for Loan Losses, Total | 27,707 | $ 23,923 | 20,731 | 18,996 | $ 17,103 | $ 12,668 | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 1,289 | 942 | 936 | |||||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 2,441,054 | 2,115,692 | 1,920,415 | |||||
Recorded Investment in Loans, Total | 2,442,343 | 2,116,634 | 1,921,351 | |||||
Commercial And Industrial [Member] | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 22,414 | 16,609 | 15,903 | |||||
Allowance for Loan Losses, Total | 22,414 | 19,297 | 16,609 | 15,903 | 13,557 | 9,832 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 1,121,643 | 896,853 | 833,988 | |||||
Recorded Investment in Loans, Total | 1,121,643 | 896,853 | 833,988 | |||||
Consumer [Member] | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 21 | 13 | ||||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 1,592 | 1,242 | 1,001 | |||||
Allowance for Loan Losses, Total | 1,613 | 1,568 | 1,255 | 1,001 | 937 | 892 | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 21 | 13 | ||||||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 1,026,176 | 758,275 | 638,810 | |||||
Recorded Investment in Loans, Total | 1,026,197 | [1] | 758,288 | [1] | 638,810 | |||
Residential Real Estate [Member] | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 24 | 87 | 87 | |||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 1,098 | 700 | 587 | |||||
Allowance for Loan Losses, Total | 1,122 | 904 | 787 | 674 | 713 | 408 | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 945 | 378 | 378 | |||||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 260,013 | 432,268 | 418,428 | |||||
Recorded Investment in Loans, Total | 260,958 | 432,646 | 418,806 | |||||
Commercial Real Estate [Member] | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 23 | 30 | ||||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 264 | 209 | 209 | |||||
Allowance for Loan Losses, Total | 264 | 286 | 232 | 239 | 210 | 198 | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 228 | 235 | ||||||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 19,811 | 15,674 | 15,736 | |||||
Recorded Investment in Loans, Total | 19,811 | 15,902 | 15,971 | |||||
Home Equity Lines Of Credit [Member] | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 149 | 149 | 149 | |||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 104 | 118 | 125 | |||||
Allowance for Loan Losses, Total | 253 | 265 | 267 | 274 | 131 | 174 | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 323 | 323 | 323 | |||||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 10,937 | 12,622 | 13,453 | |||||
Recorded Investment in Loans, Total | 11,260 | 12,945 | 13,776 | |||||
Construction And Land [Member] | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 47 | |||||||
Allowance for Loan Losses, Total | 47 | 12 | ||||||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 2,474 | |||||||
Recorded Investment in Loans, Total | 2,474 | |||||||
Qualitative [Member] | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 1,994 | 1,581 | 905 | |||||
Allowance for Loan Losses, Total | $ 1,994 | $ 1,603 | $ 1,581 | $ 905 | $ 1,555 | $ 1,152 | ||
[1] | Includes securities-based loans of $ 1.0 billion and $732.8 million at September 30, 2015 and December 31, 2014, respectively. |
Bank Loans (Loans That Were Ind
Bank Loans (Loans That Were Individually Evaluated For Impairment By Portfolio Segment) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Financing Receivable Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | $ 724 | $ 5,570 |
Recorded Investment with No Allowance | 145 | 3,944 |
Recorded Investment with Allowance | 550 | 941 |
Total Recorded Investment | 695 | 4,885 |
Related Allowance | 174 | 272 |
Average Recorded Investment | 728 | 5,219 |
Consumer [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 23 | 13 |
Recorded Investment with Allowance | 21 | 13 |
Total Recorded Investment | 21 | 13 |
Related Allowance | 2 | 13 |
Average Recorded Investment | 24 | 15 |
Residential Real Estate [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 378 | 5,006 |
Recorded Investment with No Allowance | 145 | 3,944 |
Recorded Investment with Allowance | 206 | 377 |
Total Recorded Investment | 351 | 4,321 |
Related Allowance | 24 | 87 |
Average Recorded Investment | 381 | 4,646 |
Commercial Real Estate [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 228 | |
Recorded Investment with Allowance | 228 | |
Total Recorded Investment | 228 | |
Related Allowance | 23 | |
Average Recorded Investment | 235 | |
Home Equity Lines Of Credit [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 323 | 323 |
Recorded Investment with Allowance | 323 | 323 |
Total Recorded Investment | 323 | 323 |
Related Allowance | 148 | 149 |
Average Recorded Investment | $ 323 | $ 323 |
Bank Loans (Aging Of The Record
Bank Loans (Aging Of The Recorded Investment In Past Due Loans) (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | |||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||||
Total Past Due | $ 2,147,000 | $ 11,479,000 | ||||
Current Balance | 2,440,196,000 | 2,105,155,000 | ||||
Recorded Investment in Loans, Total | 2,442,343,000 | 2,116,634,000 | $ 1,921,351,000 | |||
Non-accrual | 367,000 | [1] | 4,885,000 | [2] | ||
Restructured | 328,000 | [1] | 504,000 | [2] | ||
Total | 695,000 | [1] | 5,389,000 | [2] | ||
Loans past due 90 days and still accruing interest | 0 | 0 | ||||
30 - 89 Days Past Due [Member] | ||||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||||
Total Past Due | 2,112,000 | 6,631,000 | ||||
90 or More Days Past Due [Member] | ||||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||||
Total Past Due | 35,000 | 4,848,000 | ||||
Commercial And Industrial [Member] | ||||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||||
Current Balance | 1,121,643,000 | 896,853,000 | ||||
Recorded Investment in Loans, Total | 1,121,643,000 | 896,853,000 | 833,988,000 | |||
Consumer [Member] | ||||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||||
Total Past Due | 21,000 | 42,000 | ||||
Current Balance | 1,026,176,000 | 758,246,000 | ||||
Recorded Investment in Loans, Total | 1,026,197,000 | [3] | 758,288,000 | [3] | 638,810,000 | |
Non-accrual | 21,000 | [1] | 13,000 | [2] | ||
Total | 21,000 | [1] | 13,000 | [2] | ||
Consumer [Member] | 30 - 89 Days Past Due [Member] | ||||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||||
Total Past Due | 9,000 | 28,000 | ||||
Consumer [Member] | 90 or More Days Past Due [Member] | ||||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||||
Total Past Due | 12,000 | 14,000 | ||||
Residential Real Estate [Member] | ||||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||||
Total Past Due | 2,126,000 | 11,437,000 | ||||
Current Balance | 258,832,000 | 421,209,000 | ||||
Recorded Investment in Loans, Total | 260,958,000 | 432,646,000 | 418,806,000 | |||
Non-accrual | 23,000 | [1] | 4,321,000 | [2] | ||
Restructured | 328,000 | [1] | 504,000 | [2] | ||
Total | 351,000 | [1] | 4,825,000 | [2] | ||
Residential Real Estate [Member] | 30 - 89 Days Past Due [Member] | ||||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||||
Total Past Due | 2,103,000 | 6,603,000 | ||||
Residential Real Estate [Member] | 90 or More Days Past Due [Member] | ||||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||||
Total Past Due | 23,000 | 4,834,000 | ||||
Commercial Real Estate [Member] | ||||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||||
Current Balance | 19,811,000 | 15,902,000 | ||||
Recorded Investment in Loans, Total | 19,811,000 | 15,902,000 | 15,971,000 | |||
Non-accrual | [2] | 228,000 | ||||
Total | [2] | 228,000 | ||||
Home Equity Lines Of Credit [Member] | ||||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||||
Current Balance | 11,260,000 | 12,945,000 | ||||
Recorded Investment in Loans, Total | 11,260,000 | 12,945,000 | $ 13,776,000 | |||
Non-accrual | 323,000 | [1] | 323,000 | [2] | ||
Total | 323,000 | [1] | $ 323,000 | [2] | ||
Construction And Land [Member] | ||||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||||
Current Balance | 2,474,000 | |||||
Recorded Investment in Loans, Total | $ 2,474,000 | |||||
[1] | There were no loans past due 90 days and still accruing interest at September 30, 2015. | |||||
[2] | There were no loans past due 90 days and still accruing interest at December 31, 2014. | |||||
[3] | Includes securities-based loans of $ 1.0 billion and $732.8 million at September 30, 2015 and December 31, 2014, respectively. |
Bank Loans (Risk Category Of Lo
Bank Loans (Risk Category Of Loan Portfolio) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | ||
Financing Receivable Recorded Investment [Line Items] | |||||
Total risk category of loan portfolio | $ 2,442,343 | $ 2,116,634 | $ 1,921,351 | ||
Pass [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Total risk category of loan portfolio | 2,428,723 | 2,105,155 | |||
Special Mention [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Total risk category of loan portfolio | 12,052 | 6,631 | |||
Substandard [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Total risk category of loan portfolio | 1,568 | 4,848 | |||
Commercial And Industrial [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Total risk category of loan portfolio | 1,121,643 | 896,853 | 833,988 | ||
Commercial And Industrial [Member] | Pass [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Total risk category of loan portfolio | 1,108,067 | 896,853 | |||
Commercial And Industrial [Member] | Special Mention [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Total risk category of loan portfolio | 12,052 | ||||
Commercial And Industrial [Member] | Substandard [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Total risk category of loan portfolio | 1,524 | ||||
Consumer [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Total risk category of loan portfolio | 1,026,197 | [1] | 758,288 | [1] | 638,810 |
Consumer [Member] | Pass [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Total risk category of loan portfolio | 1,026,176 | 758,246 | |||
Consumer [Member] | Special Mention [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Total risk category of loan portfolio | 28 | ||||
Consumer [Member] | Substandard [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Total risk category of loan portfolio | 21 | 14 | |||
Residential Real Estate [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Total risk category of loan portfolio | 260,958 | 432,646 | 418,806 | ||
Residential Real Estate [Member] | Pass [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Total risk category of loan portfolio | 260,935 | 421,209 | |||
Residential Real Estate [Member] | Special Mention [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Total risk category of loan portfolio | 6,603 | ||||
Residential Real Estate [Member] | Substandard [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Total risk category of loan portfolio | 23 | 4,834 | |||
Commercial Real Estate [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Total risk category of loan portfolio | 19,811 | 15,902 | 15,971 | ||
Commercial Real Estate [Member] | Pass [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Total risk category of loan portfolio | 19,811 | 15,902 | |||
Home Equity Lines Of Credit [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Total risk category of loan portfolio | 11,260 | 12,945 | $ 13,776 | ||
Home Equity Lines Of Credit [Member] | Pass [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Total risk category of loan portfolio | 11,260 | $ 12,945 | |||
Construction And Land [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Total risk category of loan portfolio | 2,474 | ||||
Construction And Land [Member] | Pass [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Total risk category of loan portfolio | $ 2,474 | ||||
[1] | Includes securities-based loans of $ 1.0 billion and $732.8 million at September 30, 2015 and December 31, 2014, respectively. |
Fixed Assets (Summary Of Fixed
Fixed Assets (Summary Of Fixed Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Property Plant And Equipment [Abstract] | ||
Furniture and equipment | $ 238,315 | $ 194,521 |
Building and leasehold improvements | 155,528 | 124,390 |
Property on operating leases | 21,164 | |
Total | 415,007 | 318,911 |
Less accumulated depreciation and amortization | (231,987) | (194,665) |
Fixed assets, net | $ 183,020 | $ 124,246 |
Fixed Assets (Narrative) (Detai
Fixed Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Property Plant And Equipment [Abstract] | ||||
Depreciation and amortization of furniture and equipment, and leasehold improvements | $ 12,500 | $ 7,400 | $ 27,386 | $ 21,727 |
Goodwill And Intangible Asset80
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) | Jul. 31, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 |
Schedule of Goodwill and Intangible Assets [Line Items] | |||||
Indicators of impairment | $ 0 | ||||
Amortization expense of intangible assets | $ 1,900,000 | $ 1,600,000 | $ 5,952,000 | $ 9,762,000 | |
Customer Relationships [Member] | |||||
Schedule of Goodwill and Intangible Assets [Line Items] | |||||
Weighted-average remaining lives of intangible assets | 7 years 2 months 12 days | ||||
Core Deposits [Member] | |||||
Schedule of Goodwill and Intangible Assets [Line Items] | |||||
Weighted-average remaining lives of intangible assets | 3 months 18 days | ||||
Trade Name [Member] | |||||
Schedule of Goodwill and Intangible Assets [Line Items] | |||||
Weighted-average remaining lives of intangible assets | 11 years 1 month 6 days | ||||
Non-Compete Agreements [Member] | |||||
Schedule of Goodwill and Intangible Assets [Line Items] | |||||
Weighted-average remaining lives of intangible assets | 2 years 6 months |
Goodwill And Intangible Asset81
Goodwill And Intangible Assets (Carrying Amount Of Goodwill And Intangible Assets) (Details) - USD ($) | Jul. 31, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 |
Schedule of Goodwill and Intangible Assets [Line Items] | |||||
Goodwill, Beginning balance | $ 795,026,000 | ||||
Goodwill, Net additions | 89,767,000 | ||||
Goodwill, Impairment losses | $ 0 | ||||
Goodwill, Ending balance | $ 884,793,000 | 884,793,000 | |||
Intangible assets, Beginning balance | 54,563,000 | ||||
Intangible assets, Net additions | 9,868,000 | ||||
Intangible assets, Amortization | (1,900,000) | $ (1,600,000) | (5,952,000) | $ (9,762,000) | |
Intangible assets, Ending balance | 58,479,000 | 58,479,000 | |||
Global Wealth Management [Member] | |||||
Schedule of Goodwill and Intangible Assets [Line Items] | |||||
Goodwill, Beginning balance | 177,171,000 | ||||
Goodwill, Net additions | 83,971,000 | ||||
Goodwill, Ending balance | 261,142,000 | 261,142,000 | |||
Intangible assets, Beginning balance | 23,503,000 | ||||
Intangible assets, Net additions | 9,868,000 | ||||
Intangible assets, Amortization | (3,244,000) | ||||
Intangible assets, Ending balance | 30,127,000 | 30,127,000 | |||
Institutional Group [Member] | |||||
Schedule of Goodwill and Intangible Assets [Line Items] | |||||
Goodwill, Beginning balance | 617,855,000 | ||||
Goodwill, Net additions | 5,796,000 | ||||
Goodwill, Ending balance | 623,651,000 | 623,651,000 | |||
Intangible assets, Beginning balance | 31,060,000 | ||||
Intangible assets, Amortization | (2,708,000) | ||||
Intangible assets, Ending balance | $ 28,352,000 | $ 28,352,000 |
Goodwill And Intangible Asset82
Goodwill And Intangible Assets (Intangible Assets Subject To Amortization) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | $ 109,271 | $ 99,403 |
Accumulated Amortization | 52,910 | 47,123 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 71,649 | 63,661 |
Accumulated Amortization | 33,624 | 29,636 |
Trade Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 23,303 | 21,423 |
Accumulated Amortization | 6,426 | 5,322 |
Investment Banking Backlog [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 7,388 | 7,388 |
Accumulated Amortization | 7,388 | 7,388 |
Core Deposits [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 5,447 | 5,447 |
Accumulated Amortization | 5,237 | 4,657 |
Non-Compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 1,484 | 1,484 |
Accumulated Amortization | $ 235 | $ 120 |
Goodwill And Intangible Asset83
Goodwill And Intangible Assets (Amortization Expense In Future Periods) (Details) $ in Thousands | Sep. 30, 2015USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Remainder of 2015 | $ 1,974 |
2,016 | 6,639 |
2,017 | 6,066 |
2,018 | 5,578 |
2,019 | 5,372 |
Thereafter | 30,732 |
Future amortization expense total | $ 56,361 |
Borrowings - Components of Borr
Borrowings - Components of Borrowings (Details) $ in Thousands | Sep. 30, 2015USD ($) |
Short-term Debt [Line Items] | |
Borrowings | $ 398,338 |
Borrowings on secured lines of credit [Member] | |
Short-term Debt [Line Items] | |
Borrowings | 238,600 |
Federal Home Loan Bank advances [Member] | |
Short-term Debt [Line Items] | |
Borrowings | 96,000 |
Term Loans [Member] | |
Short-term Debt [Line Items] | |
Borrowings | $ 63,738 |
Borrowings (Details)
Borrowings (Details) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015USD ($)item | Sep. 30, 2015USD ($)item | |
Short-term Debt [Line Items] | ||
Uncommitted secured lines of credit | $ 780 | |
Number of banks | item | 4 | 4 |
Daily borrowings under our uncommitted secured lines | $ 465.6 | $ 465.6 |
Compensating balances | 0 | 0 |
Company-owned securities collateralized value | 388.5 | 388.5 |
Committed revolving credit facility | 100 | 100 |
Outstanding on our revolving credit facility | 0 | $ 0 |
Maturity date | Dec. 31, 2022 | |
Revolving Credit Facility [Member] | ||
Short-term Debt [Line Items] | ||
LIBOR rate | 2.00% | |
Company Owned Securities [Member] | ||
Short-term Debt [Line Items] | ||
Company-owned securities collateralized value | $ 624 | $ 624 |
Federal Home Loan Bank advances [Member] | ||
Short-term Debt [Line Items] | ||
Weighted average interest rate on borrowings | 0.28% | |
Term Loans [Member] | LIBOR [Member] | ||
Short-term Debt [Line Items] | ||
Maturity date | Jun. 3, 2016 | |
Term Loans [Member] | Minimum [Member] | LIBOR [Member] | ||
Short-term Debt [Line Items] | ||
Interest on restated credit agreement | 1.68% | |
Term Loans [Member] | Maximum [Member] | LIBOR [Member] | ||
Short-term Debt [Line Items] | ||
Interest on restated credit agreement | 1.72% |
Senior Notes (Schedule Of Corpo
Senior Notes (Schedule Of Corporate Debt) (Details) - USD ($) $ in Thousands | Jan. 31, 2012 | Sep. 30, 2015 | Dec. 31, 2014 | Jul. 31, 2014 | Dec. 31, 2012 | ||
Debt Instrument [Line Items] | |||||||
Long-term Debt | $ 450,000 | $ 625,000 | |||||
Stated interest rate | 5.375% | ||||||
Debt instrument, maturity date | Dec. 31, 2022 | ||||||
Senior notes 6.70%, due 2022 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | $ 175,000 | 175,000 | [1] | ||||
Stated interest rate | 6.70% | 6.70% | |||||
Due date | 2,022 | ||||||
Debt instrument, maturity date | Jan. 31, 2012 | ||||||
Senior notes 5.375%, due 2022 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | $ 150,000 | [2] | 150,000 | [2] | $ 150,000 | ||
Stated interest rate | 5.375% | 5.375% | |||||
Due date | Dec. 31, 2022 | ||||||
Redemption price, percentage of principal amount | 100.00% | ||||||
Senior notes 4.250% due 2024 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | $ 300,000 | [3] | $ 300,000 | [3] | $ 300,000 | ||
Stated interest rate | 4.25% | 4.25% | |||||
Due date | Jul. 31, 2024 | ||||||
Redemption price, percentage of principal amount | 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 January 15, 2015, we redeemed 100% of our company’s outstanding 6.70% senior notes. | ||||||
[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, $300.0 million in aggregate principal amount of 4.250% senior notes due July 2024. Interest on these senior notes is payable semi-annually in arrears. We may redeem the notes in whole or in part, at our option, at a redemption price equal to 100% of their principal amount, plus a “make-whole” premium and accrued and unpaid interest, if any, to the date of redemption. |
Senior Notes (Schedule Of Cor87
Senior Notes (Schedule Of Corporate Debt Principal Maturities) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Long-term Debt, Total | $ 450,000 | $ 625,000 |
Non Recourse Debt [Member] | ||
Debt Instrument [Line Items] | ||
Thereafter | 450,000 | |
Long-term Debt, Total | $ 450,000 |
Bank Deposits (Schedule Of Depo
Bank Deposits (Schedule Of Deposits) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Deposits Liabilities Balance Sheet Reported Amounts [Abstract] | ||
Money market and savings accounts | $ 4,021,029 | $ 4,600,757 |
Demand deposits (interest-bearing) | 58,399 | 101,652 |
Certificates of deposit | 24,198 | 77,197 |
Demand deposits (non-interest-bearing) | 13,185 | 10,475 |
Bank deposits | $ 4,116,811 | $ 4,790,081 |
Weighted average interest rate on deposits | 0.17% | 0.19% |
Bank Deposits (Scheduled Maturi
Bank Deposits (Scheduled Maturities Of Certificates Of Deposit) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Scheduled Maturities Of Certificates Of Deposit [Line Items] | ||
Within one year | $ 7,597 | $ 26,769 |
One to three years | 2,614 | 6,874 |
Three to five years | 332 | 1,268 |
Certificates of deposit, less than $100 | 10,543 | 34,911 |
Within one year | 11,139 | 33,784 |
One to three years | 1,733 | 7,520 |
Three to five years | 783 | 723 |
Over five years | 259 | |
Certificates of deposit, $100 and greater | 13,655 | 42,286 |
Total certificates of deposit | 24,198 | 77,197 |
Brokerage Customers Deposits [Member] | ||
Scheduled Maturities Of Certificates Of Deposit [Line Items] | ||
Deposits of related parties | 4,100,000 | 4,700,000 |
Stifel Nicolaus [Member] | ||
Scheduled Maturities Of Certificates Of Deposit [Line Items] | ||
Interest bearing and time deposits of executive officers, directors, and affiliates | $ 200 | $ 300 |
Derivative Instruments And He90
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, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Notional Value | $ 186,835,000 | $ 272,967,000 |
Accounts Payable and Accrued Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives, Negative fair value | $ (4,652,000) | $ (5,641,000) |
Derivative Instruments And He91
Derivative Instruments And Hedging Activities (Narrative) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
General Discussion Of Derivative Instruments And Hedging Activities [Abstract] | |
Term of interest rate swap agreements | 10 years |
Estimated derivatives to be reclassified as increase to interest expense | $ 2.4 |
Fair value of derivative net liability position | 4.7 |
Derivative counterparty posted collateral against obligation | $ 12.7 |
Derivative Instruments And He92
Derivative Instruments And Hedging Activities (Schedule Of Derivative Instruments In Consolidated Statements Of Operations) (Details) - Cash Flow Interest Rate Contracts [Member] - Interest Expense [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain /(Loss) recognized in OCI (effectiveness) | $ (1,418) | $ 340 | $ (2,816) | $ (1,318) |
Loss reclassified from OCI into income | $ 853 | $ 1,461 | $ 3,060 | $ 4,728 |
Debentures To Stifel Financia93
Debentures To Stifel Financial Capital Trusts (Details) - USD ($) $ in Thousands | 9 Months Ended | ||||||
Sep. 30, 2015 | Dec. 31, 2014 | Jun. 28, 2007 | Mar. 30, 2007 | Aug. 12, 2005 | |||
Debt Instrument [Line Items] | |||||||
Debenture to Stifel Financial Capital Trust | $ 82,500 | $ 82,500 | |||||
Stated interest rate | 5.375% | ||||||
Maturity date | Dec. 31, 2022 | ||||||
Stifel Financial Capital Trust II [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debenture to Stifel Financial Capital Trust | $ 35,000 | [1] | 35,000 | [1] | $ 35,000 | ||
Stated interest rate | 6.38% | ||||||
Maturity date | Sep. 30, 2035 | ||||||
Earliest call date | Sep. 30, 2010 | ||||||
Interest rate terms, spread over reference rate | 1.70% | ||||||
Reference rate | Three-month LIBOR plus 1.70% per annum | ||||||
Stifel Financial Capital Trust III [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debenture to Stifel Financial Capital Trust | $ 35,000 | [2] | 35,000 | [2] | $ 35,000 | ||
Stated interest rate | 6.79% | ||||||
Maturity date | Jun. 6, 2037 | ||||||
Earliest call date | Jun. 6, 2012 | ||||||
Interest rate terms, spread over reference rate | 1.85% | ||||||
Reference rate | Three-month LIBOR plus 1.85% per annum. | ||||||
Stifel Financial Capital Trust IV [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debenture to Stifel Financial Capital Trust | $ 12,500 | [3] | $ 12,500 | [3] | $ 35,000 | ||
Stated interest rate | 6.78% | ||||||
Maturity date | Sep. 6, 2037 | ||||||
Earliest call date | Sep. 6, 2012 | ||||||
Interest rate terms, spread over reference rate | 1.85% | ||||||
Reference rate | Three-month LIBOR plus 1.85% per annum. | ||||||
[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 $35.0 million of 6.78% Cumulative Trust Preferred Securities. The trust preferred securities were offered by Stifel Financial Capital Trust IV (the “Trust IV”), a non-consolidated wholly owned subsidiary of our company. The trust preferred securities mature on September 6, 2037, but may be redeemed by our company, and in turn, Trust IV would call the debenture beginning September 6, 2012. Trust IV requires quarterly distributions of interest to the holders of the trust preferred securities. Distributions will be payable at a floating interest rate equal to three-month LIBOR plus 1.85% per annum. |
Disclosures About Offsetting 94
Disclosures About Offsetting Assets And Liabilities (Financial Assets And Derivative Assets That Are Subject To Offset) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Offsetting [Abstract] | |||
Gross amounts of recognized assets, Securities borrowing | [1] | $ 333,348 | $ 445,542 |
Net amounts presented in the Statement of Financial Condition, Securities borrowing | [1] | 333,348 | 445,542 |
Gross amounts not offset in the Statement of Financial Position, Collateral received, Securities borrowing | [1] | (323,125) | (431,301) |
Securities borrowed, Net amount | [1] | 10,223 | 14,241 |
Gross amounts of recognized assets, Reverse repurchase agreements | [2] | 88,467 | 55,078 |
Net amounts presented in the Statement of Financial Condition, Securities purchased under agreements to resell | [2] | 88,467 | 55,078 |
Gross amounts not offset in the Statement of Financial Position, Collateral received, Securities purchased under agreements to resell | [2] | (88,467) | (54,955) |
Securities purchased under agreements to resell, Net amount | [2] | 123 | |
Gross amounts of recognized assets | 421,815 | 500,620 | |
Net amounts presented in the Statements of Financial Condition | 421,815 | 500,620 | |
Gross amounts not offset in the Statement of Financial Position, Collateral received | (411,592) | (486,256) | |
Net amount | $ 10,223 | $ 14,364 | |
[1] | Securities borrowing transactions are included in receivables from brokers, dealers, and clearing organizations on the consolidated statements of financial condition. See Note 3 in the notes to 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 95
Disclosures About Offsetting Assets And Liabilities (Financial Liabilities And Derivative Liabilities That Are Subject To Offset) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Offsetting [Abstract] | |||
Gross amounts of recognized liabilities, Securities lending | [1] | $ (47,495) | $ (4,215) |
Net amounts presented in the Statement of Financial Condition, Securities lending | [1] | (47,495) | (4,215) |
Gross amounts not offset in the Statement of Financial Position, Collateral pledged, Securities lending | [1] | 44,765 | 3,892 |
Securities lending, Net amount | [1] | (2,730) | (323) |
Gross amounts of recognized liabilities, Securities purchased under agreements to resell | [2] | (106,937) | (39,180) |
Net amounts presented in the Statement of Financial Condition, Securities purchased under agreements to resell | [2] | (106,937) | (39,180) |
Gross amounts not offset in the Statement of Financial Position, Collateral pledged, Securities purchased under agreements to resell | [2] | 106,937 | 39,089 |
Securities purchased under agreements to repurchase, Net amount | [2] | (91) | |
Gross amount of recognized liabilities, Cash flow interest rate contracts | (4,652) | (5,641) | |
Net amounts presented in the Statement of Financial Condition, Cash flow interest rate contracts | (4,652) | (5,641) | |
Gross amounts not offset in the Statement of Financial Position, Financial instruments, Cash flow interest rate contracts | 4,700 | ||
Gross amounts not offset in the Statement of Financial Position, Collateral pledged, Cash flow interest rate contracts | 4,652 | 5,641 | |
Gross amounts of recognized liabilities | (159,084) | (49,036) | |
Net amounts presented in the Statement of Financial Condition | (159,084) | (49,036) | |
Gross amounts not offset in the Statement of Financial Condition, Collateral pledged | 156,354 | 48,622 | |
Net amount | $ (2,730) | $ (414) | |
[1] | Securities lending transactions are included in payables to brokers, dealers, and clearing organizations on the consolidated statements of financial condition. See Note 3 in the notes to 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 96
Commitments, Guarantees, And Contingencies (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Loss Contingencies [Line Items] | ||
Customer-owned securities pledged | $ 106.9 | $ 39.2 |
Minimum margin deposit requirements | 57 | |
Outstanding committed capital to certain entities | 26.7 | |
Business Development Corporations [Member] | ||
Loss Contingencies [Line Items] | ||
Outstanding committed capital to certain entities | 15.3 | |
Options Clearing Corporation [Member] | ||
Loss Contingencies [Line Items] | ||
Customer-owned securities pledged | $ 57.1 |
Regulatory Capital Requiremen97
Regulatory Capital Requirements (Narrative) (Details) $ in Millions | Sep. 30, 2015USD ($) |
Stifel Financial Corp. [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Net capital under the alternative method | $ 1 |
Aggregate debit balances | 2.00% |
Our Other Broker-Dealer Subsidiaries | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Ratio of indebtedness to net capital | 15 |
Stifel Nicolaus [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Aggregate debit balances | 50.60% |
Net capital | $ 333.4 |
Excess of minimum required net capital | $ 320.2 |
Regulatory Capital Requiremen98
Regulatory Capital Requirements (Schedule Of Total Risk-Based, Tier 1 Risk-Based, And Tier 1 Leverage Ratios) (Details) $ in Thousands | Sep. 30, 2015USD ($) |
Stifel Financial Corp. [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Common equity tier 1, Actual Amount | $ 1,431,187 |
Common equity tier 1, Actual Ratio | 29.40% |
Common equity tier 1, For Capital Adequacy Purposes Amount | $ 292,127 |
Common equity tier 1, For Capital Adequacy Purposes Ratio | 6.00% |
Common equity tier 1, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 389,502 |
Common equity tier 1, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 8.00% |
Total capital, Actual Amount | $ 1,459,683 |
Total capital, Actual Ratio | 30.00% |
Total capital, For Capital Adequacy Purposes Amount | $ 389,502 |
Total capital, For Capital Adequacy Purposes Ratio | 8.00% |
Total capital, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 486,878 |
Total capital, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10.00% |
Tier 1 leverage, Actual Amount | $ 1,431,187 |
Tier 1 leverage, Actual Ratio | 16.40% |
Tier 1 leverage, For Capital Adequacy Purposes Amount | $ 348,017 |
Tier 1 leverage, For Capital Adequacy Purposes Ratio | 4.00% |
Tier 1 leverage, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 435,022 |
Tier 1 leverage, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% |
Stifel Financial Corp. [Member] | Common Stock | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Common equity tier 1, Actual Amount | $ 1,431,187 |
Common equity tier 1, Actual Ratio | 29.40% |
Common equity tier 1, For Capital Adequacy Purposes Amount | $ 219,095 |
Common equity tier 1, For Capital Adequacy Purposes Ratio | 4.50% |
Common equity tier 1, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 316,471 |
Common equity tier 1, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.50% |
Stifel Bank [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Common equity tier 1, Actual Amount | $ 368,273 |
Common equity tier 1, Actual Ratio | 14.80% |
Common equity tier 1, For Capital Adequacy Purposes Amount | $ 149,531 |
Common equity tier 1, For Capital Adequacy Purposes Ratio | 6.00% |
Common equity tier 1, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 199,375 |
Common equity tier 1, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 8.00% |
Total capital, Actual Amount | $ 395,980 |
Total capital, Actual Ratio | 15.90% |
Total capital, For Capital Adequacy Purposes Amount | $ 199,375 |
Total capital, For Capital Adequacy Purposes Ratio | 8.00% |
Total capital, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 249,218 |
Total capital, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10.00% |
Tier 1 leverage, Actual Amount | $ 368,273 |
Tier 1 leverage, Actual Ratio | 7.60% |
Tier 1 leverage, For Capital Adequacy Purposes Amount | $ 193,442 |
Tier 1 leverage, For Capital Adequacy Purposes Ratio | 4.00% |
Tier 1 leverage, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 241,802 |
Tier 1 leverage, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% |
Stifel Bank [Member] | Common Stock | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Common equity tier 1, Actual Amount | $ 368,273 |
Common equity tier 1, Actual Ratio | 14.80% |
Common equity tier 1, For Capital Adequacy Purposes Amount | $ 112,148 |
Common equity tier 1, For Capital Adequacy Purposes Ratio | 4.50% |
Common equity tier 1, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 161,992 |
Common equity tier 1, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.50% |
Interest Income And Interest 99
Interest Income And Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Interest Income Expense Net [Abstract] | ||||
Investment securities | $ 10,641 | $ 16,976 | $ 38,674 | $ 54,500 |
Bank loans, net of unearned income | 20,705 | 23,475 | 60,460 | 52,377 |
Margin balances | 6,183 | 4,873 | 15,668 | 14,382 |
Other | 5,847 | 6,772 | 15,162 | 19,776 |
Total interest income | 43,376 | 52,096 | 129,964 | 141,035 |
Senior notes | 5,408 | 7,831 | 19,364 | 18,158 |
Bank deposits | 1,783 | 1,743 | 5,945 | 5,438 |
Other | 2,605 | 1,654 | 7,605 | 5,105 |
Total interest expense | $ 9,796 | $ 11,228 | $ 32,914 | $ 28,701 |
Employee Incentive, Deferred100
Employee Incentive, Deferred Compensation, And Retirement Plans (Details) - USD ($) $ in Thousands | Jun. 05, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares authorized to grant | 2,100,000 | 2,100,000 | ||||
Stock-based compensation | $ 110,569 | $ 70,852 | ||||
Options granted during the period | 0 | 0 | ||||
Investments, at fair value | $ 160,240 | $ 160,240 | $ 210,255 | |||
Deferred compensation liability | 11,900 | 11,900 | 15,700 | |||
Incentive Stock Award Plans [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation | 29,600 | $ 30,700 | 107,600 | 79,200 | ||
Tax benefit related to stock-based compensation recognized in shareholders' equity | $ 3,800 | $ 1,000 | $ 17,000 | $ 18,200 | ||
Stock Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Fair value of awards issued as retention | $ 23,800 | |||||
Total number of stock units outstanding | 18,300,000 | 18,300,000 | ||||
Unvested stock units outstanding | 13,200,000 | 13,200,000 | ||||
Unrecognized compensation expense related to non-vested options | $ 315,500 | $ 315,500 | ||||
Weighted-average period, compensation cost expected to recognized, in years | 2 years 8 months 12 days | |||||
SWAP Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Elective deferrals vested percentage | 100.00% | 100.00% | ||||
Percentage of earnings deferred into company stock units | 4.00% | 4.00% | ||||
Percentage of earnings deferred into company stock units, Company match | 25.00% | 25.00% | ||||
Percentage of earnings deferred into company stock units, Additional elective deferral | 1.00% | |||||
Mutual Funds [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percentage of earnings deferred into mutual funds | 2.00% | 2.00% | ||||
Investments, at fair value | $ 14,800 | $ 14,800 | $ 18,100 | |||
Minimum [Member] | Incentive Stock Award Plans [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Awards vesting period in years | 3 years | |||||
Minimum [Member] | Stock Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Awards vesting period in years | 1 year | |||||
Minimum [Member] | SWAP Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Awards vesting period in years | 3 years | |||||
Minimum [Member] | Deferred Compensation Plans [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Awards vesting period in years | 5 years | |||||
Maximum [Member] | Incentive Stock Award Plans [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Awards vesting period in years | 8 years | |||||
Maximum [Member] | Stock Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Awards vesting period in years | 8 years | |||||
Maximum [Member] | SWAP Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Awards vesting period in years | 7 years | |||||
Maximum [Member] | Deferred Compensation Plans [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Awards vesting period in years | 8 years |
Off-Balance Sheet Credit Risk (
Off-Balance Sheet Credit Risk (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
General settlement period of securities transactions | 3 days | |
Fair value of securities accepted as collateral permitted to sell or repledge | $ 1,100 | $ 1,200 |
Fair value of collateral securities sold or repledged | 106.9 | 39.2 |
Outstanding commitments to originate loans | 178 | 122.8 |
Letters of credit outstanding | 10.2 | 10.4 |
Unused Lines Of Credit [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Unused lines of credit to commercial and consumer borrowers | $ 476 | $ 368.7 |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Operating Information, Segment) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)item | Sep. 30, 2014USD ($) | ||
Segment Reporting Information [Line Items] | |||||
Number of business segments | item | 3 | ||||
Net revenues | [1] | $ 591,575 | $ 523,455 | $ 1,750,308 | $ 1,630,348 |
Income before income tax expense | $ 22,348 | $ 65,766 | $ 130,485 | $ 221,417 | |
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 | item | 2 | ||||
Net revenues | [1] | $ 357,306 | $ 317,241 | $ 1,030,097 | $ 921,671 |
Income before income tax expense | 97,227 | 94,026 | 290,049 | 262,800 | |
Institutional Group [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | [1] | 232,125 | 215,160 | 729,269 | 720,849 |
Income before income tax expense | 25,853 | 29,500 | 100,124 | 117,812 | |
Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | [1] | 2,144 | (8,946) | (9,058) | (12,172) |
Income before income tax expense | $ (100,732) | $ (57,760) | $ (259,688) | $ (159,195) | |
[1] | No individual client accounted for more than 10 percent of total net revenues for the three and nine months ended September 30, 2015 or 2014. |
Segment Reporting (Schedule 103
Segment Reporting (Schedule Of Information Of Total Assets On Segment Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 9,359,179 | $ 9,518,151 |
Global Wealth Management [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 5,719,140 | 5,816,284 |
Institutional Group [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 3,418,526 | 3,476,592 |
Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 221,513 | $ 225,275 |
Segment Reporting (Schedule 104
Segment Reporting (Schedule Of Net Revenues Earned On Major Geographical Areas) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Segment Reporting Information [Line Items] | |||||
Total net revenues | [1] | $ 591,575 | $ 523,455 | $ 1,750,308 | $ 1,630,348 |
United States [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net revenues | 567,153 | 491,860 | 1,654,500 | 1,532,196 | |
United Kingdom [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net revenues | 22,174 | 29,073 | 88,022 | 89,665 | |
Other European [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net revenues | $ 2,248 | $ 2,522 | $ 7,786 | $ 8,487 | |
[1] | No individual client accounted for more than 10 percent of total net revenues for the three and nine months ended September 30, 2015 or 2014. |
Earnings Per Share (Computation
Earnings Per Share (Computation Of Basic And Diluted Earnings Per Share ) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Earnings Per Share [Abstract] | |||||
Income from continuing operations | $ 17,179 | $ 40,093 | $ 81,164 | $ 133,643 | |
Loss from discontinued operations, net of tax | (190) | (2,757) | |||
Net income | $ 17,179 | $ 39,903 | $ 81,164 | $ 130,886 | |
Average shares used in basic computation | 69,633 | 66,691 | 68,675 | 66,344 | |
Dilutive effect of stock options and units | [1] | 10,126 | 9,990 | 9,651 | 9,667 |
Average shares used in diluted computation | 79,759 | 76,681 | 78,326 | 76,011 | |
Income from continuing operations | $ 0.25 | $ 0.60 | $ 1.18 | $ 2.01 | |
Loss from discontinued operations | (0.04) | ||||
Earnings per basic common share | 0.25 | 0.60 | 1.18 | 1.97 | |
Income from continuing operations | 0.22 | 0.52 | 1.04 | 1.76 | |
Loss from discontinued operations | (0.04) | ||||
Earnings per diluted common share | $ 0.22 | $ 0.52 | $ 1.04 | $ 1.72 | |
[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) - USD ($) $ / shares in Units, $ in Millions | Jun. 05, 2015 | Sep. 30, 2015 | Sep. 30, 2015 |
Business Acquisition Equity Interests Issued Or Issuable [Line Items] | |||
Number of shares authorized to be repurchased | 2,100,000 | 2,100,000 | |
Treasury Stock, Value, Acquired, Cost Method | $ 65.9 | $ 65.9 | |
Treasury Stock, Shares, Acquired | 1,500,000 | 1,500,000 | |
Treasury Stock Acquired, Average Cost Per Share | $ 45.17 | $ 45.17 | |
Sterne Agee Group, Inc. [Member] | |||
Business Acquisition Equity Interests Issued Or Issuable [Line Items] | |||
Issuance of common stock for acquisitions, Shares | 1,400,000 |
Variable Interest Entities (Det
Variable Interest Entities (Details) | 9 Months Ended | |
Sep. 30, 2015USD ($)item | Dec. 31, 2014USD ($) | |
Variable Interest Entity [Line Items] | ||
Assets in partnership | $ 278,500,000 | |
Convertible promissory note to FSI | $ 18,000,000 | |
Number of extension options | item | 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 | $ 6,866,089,000 | $ 7,196,113,000 |
Weisel Capital Management LLC [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets in partnership | 271,500,000 | |
Stifel Financial Corp. [Member] | ||
Variable Interest Entity [Line Items] | ||
Loss exposure | 18,000,000 | |
FSI Group, LLC [Member] | ||
Variable Interest Entity [Line Items] | ||
Liabilities related to VIE | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) | 9 Months Ended | |
Sep. 30, 2015itemshares | Nov. 03, 2015shares | |
Subsequent Event [Line Items] | ||
Number of types of subsequent events | item | 2 | |
Number of shares authorized to be repurchased | 2,100,000 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Number of shares authorized to be repurchased | 5,000,000 |