Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 01, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | SF | |
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 | 68,467,283 |
Consolidated Statements Of Fina
Consolidated Statements Of Financial Condition - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | |
Assets | |||
Cash and cash equivalents | $ 588,916 | $ 912,932 | |
Cash segregated for regulatory purposes | 25,175 | 73,235 | |
Receivables: | |||
Brokerage clients, net | 1,290,031 | 1,415,936 | |
Brokers, dealers, and clearing organizations | 335,913 | 1,024,752 | |
Securities purchased under agreements to resell | [1] | 458,335 | 248,588 |
Financial instruments owned, at fair value | 1,065,503 | 925,045 | |
Available-for-sale securities, at fair value | 3,694,298 | 3,181,313 | |
Held-to-maturity securities, at amortized cost | [2] | 3,554,765 | 3,038,405 |
Loans held for sale, at lower of cost or market | 166,335 | 228,588 | |
Bank loans, net | 6,783,078 | 5,591,190 | |
Investments, at fair value | 112,649 | 133,563 | |
Fixed assets, net | 174,640 | 172,828 | |
Goodwill | 968,609 | 962,282 | |
Intangible assets, net | 112,019 | 116,304 | |
Loans and advances to financial advisors and other employees, net | 376,429 | 396,318 | |
Deferred tax assets, net | 204,658 | 225,453 | |
Other assets | 572,727 | 482,624 | |
Total Assets | 20,484,080 | 19,129,356 | |
Payables: | |||
Brokerage clients | 747,420 | 842,014 | |
Brokers, dealers, and clearing organizations | 419,760 | 523,107 | |
Drafts | 77,362 | 94,451 | |
Securities sold under agreements to repurchase | [3] | 155,396 | 268,546 |
Bank deposits | 12,883,961 | 11,527,483 | |
Financial instruments sold, but not yet purchased, at fair value | 749,323 | 699,032 | |
Accrued compensation | 330,655 | 295,354 | |
Accounts payable and accrued expenses | 455,689 | 400,570 | |
Federal Home Loan Bank advances | 790,000 | 500,000 | |
Borrowings | 78,000 | 377,000 | |
Senior notes | 796,609 | 795,891 | |
Debentures to Stifel Financial Capital Trusts | 67,500 | 67,500 | |
Total liabilities | 17,551,675 | 16,390,948 | |
Shareholders’ Equity: | |||
Preferred stock - $1 par value; authorized 3,000,000 shares; 6,000 shares issued | 150,000 | 150,000 | |
Common stock - $0.15 par value; authorized 97,000,000 shares; issued 69,690,856 and 69,507,842 shares, respectively | 10,400 | 10,426 | |
Additional paid-in-capital | 1,800,424 | 1,840,551 | |
Retained earnings | 1,047,859 | 876,958 | |
Accumulated other comprehensive loss | (17,534) | (39,042) | |
Stockholders' Equity before adjustment for Treasury Stock | 2,991,149 | 2,838,893 | |
Treasury stock, at cost, 1,273,936 and 2,866,492 shares, respectively | (58,744) | (100,485) | |
Total Shareholders’ Equity | 2,932,405 | 2,738,408 | |
Total Liabilities and Shareholders’ Equity | $ 20,484,080 | $ 19,129,356 | |
[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. The fair value of securities pledged as collateral was $453.1 million and $248.5 million at September 30, 2017 and December 31, 2016, respectively. | ||
[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. Collateral pledged by our company to the counter party includes U.S. government agency securities, U.S. government securities, and corporate fixed income securities with market values of $163.0 million and $299.3 million at September 30, 2017 and December 31, 2016, respectively. |
Consolidated Statements Of Fin3
Consolidated Statements Of Financial Condition (Parenthetical) - $ / shares | Sep. 30, 2017 | Dec. 31, 2016 |
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 | 6,000 | 6,000 |
Common stock, par value | $ 0.15 | $ 0.15 |
Common stock, shares authorized | 97,000,000 | 97,000,000 |
Common stock, shares issued | 69,690,856 | 69,507,842 |
Treasury stock, shares | 1,273,936 | 2,866,492 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Revenues: | |||||
Commissions | $ 162,612 | $ 171,272 | $ 510,150 | $ 551,306 | |
Principal transactions | 87,010 | 117,002 | 299,570 | 364,376 | |
Investment banking | 181,904 | 144,799 | 494,017 | 378,582 | |
Asset management and service fees | 179,848 | 144,206 | 515,501 | 433,305 | |
Interest | 117,862 | 74,881 | 327,766 | 203,488 | |
Other income | 9,558 | 9,209 | 25,508 | 33,804 | |
Total revenues | 738,794 | 661,369 | 2,172,512 | 1,964,861 | |
Interest expense | 17,625 | 19,383 | 50,165 | 50,756 | |
Net revenues | [1] | 721,169 | 641,986 | 2,122,347 | 1,914,105 |
Non-interest expenses: | |||||
Compensation and benefits | 448,410 | 434,236 | 1,338,673 | 1,305,372 | |
Occupancy and equipment rental | 57,427 | 62,453 | 167,864 | 178,455 | |
Communications and office supplies | 34,650 | 31,182 | 102,686 | 105,268 | |
Commissions and floor brokerage | 11,232 | 10,777 | 33,187 | 34,653 | |
Other operating expenses | 61,311 | 75,356 | 209,581 | 202,669 | |
Total non-interest expenses | 613,030 | 614,004 | 1,851,991 | 1,826,417 | |
Income from operations before income tax expense | 108,139 | 27,982 | 270,356 | 87,688 | |
Provision for income taxes | 41,603 | 10,168 | 85,497 | 33,048 | |
Net income | 66,536 | 17,814 | 184,859 | 54,640 | |
Preferred dividends | 2,343 | 1,563 | 7,031 | 1,563 | |
Net income available to common shareholders | $ 64,193 | $ 16,251 | $ 177,828 | $ 53,077 | |
Earnings per common share: | |||||
Basic | $ 0.94 | $ 0.24 | $ 2.60 | $ 0.79 | |
Diluted | $ 0.79 | $ 0.21 | $ 2.21 | $ 0.69 | |
Weighted-average number of common shares outstanding: | |||||
Basic | 68,522 | 66,482 | 68,488 | 66,950 | |
Diluted | 80,881 | 77,544 | 80,562 | 76,612 | |
[1] | No individual client accounted for more than 10 percent of total net revenues for the three and nine months ended September 30, 2017 or 2016. |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Statement Of Income And Comprehensive Income [Abstract] | |||||
Net income | $ 66,536 | $ 17,814 | $ 184,859 | $ 54,640 | |
Other comprehensive income/(loss), net of tax: | |||||
Changes in unrealized gains on available-for-sale securities | [1],[2] | 4,736 | 4,494 | 12,283 | 14,915 |
Amortization of losses of securities transferred to held-to-maturity from available-for-sale | [1] | 439 | 1,633 | 1,348 | 2,942 |
Changes in unrealized gains/(losses) on cash flow hedging instruments | [1],[3] | 183 | 4,279 | 698 | (4,128) |
Foreign currency translation adjustment | [1] | 2,644 | (1,036) | 7,178 | (8,315) |
Total other comprehensive income, net of tax | [1] | 8,002 | 9,370 | 21,507 | 5,414 |
Comprehensive income | $ 74,538 | $ 27,184 | $ 206,366 | $ 60,054 | |
[1] | Net of tax expense of $5.0 million and $5.8 million for the three months ended September 30, 2017 and 2016, respectively. Net of tax expense of $13.5 million and tax expense of $3.4 million for the nine months ended September 30, 2017 and 2016, respectively. | ||||
[2] | There were no reclassifications to earnings during the three and nine months ended September 30, 2017 and 2016, respectively. | ||||
[3] | Amounts are net of reclassifications to earnings of gains of $0.7 million and losses of $1.4 million for the three months ended September 30, 2017 and 2016, respectively. Amounts are net of reclassifications to earnings of losses of $0.8 million and $4.3 million for the nine months ended September 30, 2017 and 2016, respectively. |
Consolidated Statements Of Com6
Consolidated Statements Of Comprehensive Income (Parenthetical) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Changes in unrealized gains (losses) on available-for-sale securities, tax | $ 5 | $ 5.8 | $ 13.5 | $ 3.4 |
Reclassifications to earnings of realized gains on available-for-sale securities | 0 | 0 | 0 | 0 |
Reclassifications to earnings of gains/(losses) on cash flow hedging instruments | $ 0.7 | $ (1.4) | $ (0.8) | $ (4.3) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash Flows From Operating Activities: | ||
Net income | $ 184,859 | $ 54,640 |
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | ||
Depreciation and amortization | 26,976 | 31,928 |
Amortization of loans and advances to financial advisors and other employees | 69,393 | 53,046 |
Amortization of premium on investment portfolio | 11,248 | 8,561 |
Provision for loan losses and allowance for loans and advances to financial advisors and other employees | 19,025 | 11,402 |
Amortization of intangible assets | 9,092 | 10,558 |
Deferred income taxes | 14,875 | 26,448 |
Tax deficit from stock-based compensation | 5,797 | |
Stock-based compensation | 81,613 | 149,093 |
(Gains)/losses on sale of investments | (2,888) | 3,680 |
Gain on extinguishment of Stifel Financial Capital Trust | (5,607) | |
Other, net | 2,377 | 4,479 |
Decrease/(increase) in operating assets, net of assets acquired: | ||
Cash segregated for regulatory purposes and restricted cash | 48,060 | 226,903 |
Receivables: | ||
Brokerage clients | 125,905 | 149,744 |
Brokers, dealers, and clearing organizations | 689,648 | 36,681 |
Securities purchased under agreements to resell | (209,747) | (137,404) |
Financial instruments owned, including those pledged | (139,205) | (399,342) |
Loans originated as held for sale | (1,152,654) | (1,919,714) |
Proceeds from mortgages held for sale | 1,194,709 | 1,893,352 |
Loans and advances to financial advisors and other employees | (46,699) | (61,660) |
Other assets | (77,373) | (135,030) |
Increase/(decrease) in operating liabilities, net of liabilities assumed: | ||
Brokerage clients | (94,594) | (69,064) |
Brokers, dealers, and clearing organizations | 63,554 | (42,812) |
Drafts | (17,089) | (123,948) |
Financial instruments sold, but not yet purchased | 50,291 | 144,013 |
Other liabilities and accrued expenses | 91,896 | (95,292) |
Net cash provided by/(used in) operating activities | 943,272 | (179,548) |
Cash Flows From Investing Activities: | ||
Maturities and principal paydowns of available-for-sale securities | 850,102 | 140,453 |
Calls and principal paydowns of held-to-maturity securities | 193,140 | 163,913 |
Sale or maturity of investments | 25,394 | 33,615 |
Disposition of business, net | 12,597 | |
Increase in bank loans, net | (1,202,124) | (1,821,877) |
Payments for: | ||
Purchase of available-for-sale securities | (1,350,033) | (1,637,419) |
Purchase of held-to-maturity securities | (712,450) | (551,984) |
Purchase of investments | (1,592) | (9,873) |
Purchase of fixed assets | (21,153) | (21,315) |
Acquisitions, net of cash received | (6,743) | (71,924) |
Net cash used in investing activities | (2,225,459) | (3,763,814) |
Cash Flows From Financing Activities: | ||
Proceeds from/(repayments of) borrowings, net | (299,000) | 145,116 |
Proceeds from Federal Home Loan Bank advances, net | 290,000 | 352,000 |
Payment of contingent consideration | (13,328) | |
Proceeds from issuance of senior notes, net | 201,632 | |
Proceeds from issuance of preferred stock, net | 145,275 | |
Decrease in securities sold under agreements to repurchase | (113,150) | (16,940) |
Increase in bank deposits, net | 1,356,478 | 3,247,085 |
Increase/(decrease) in securities loaned | (166,901) | 69,055 |
Tax deficit from stock-based compensation | (5,797) | |
Restricted stock conversions | (76,242) | (47,507) |
Proceeds from stock option exercises | 214 | |
Repurchase of common stock | (12,998) | (113,462) |
Cash dividends on preferred stock | (7,031) | (1,563) |
Cash dividends on common stock | (6,835) | |
Extinguishment of Stifel Financial Capital Trust | (9,393) | |
Repayment of senior notes | (150,000) | |
Net cash provided by financing activities | 950,993 | 3,815,715 |
Effect of exchange rate changes on cash | 7,178 | (8,315) |
Decrease in cash and cash equivalents | (324,016) | (135,962) |
Cash and cash equivalents at beginning of period | 912,932 | 811,019 |
Cash and cash equivalents at end of period | 588,916 | 675,057 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes, net of refunds | 18,591 | 22,063 |
Cash paid for interest | 49,901 | 46,617 |
Noncash financing activities: | ||
Unit grants, net of forfeitures | 55,941 | 158,345 |
Issuance of common stock for acquisitions | $ 9,352 | $ 11,427 |
Nature Of Operations And Basis
Nature Of Operations And Basis Of Presentation | 9 Months Ended |
Sep. 30, 2017 | |
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 “Company”), 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 Europe. 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. On January 3, 2017, the Company completed the acquisition of City Financial Corporation and its wholly owned subsidiary, City Securities Corporation (“City Securities”), an independent investment bank focused primarily on offering wealth management and public finance services across the Midwest. The acquisition was funded with cash from operations and common stock. Basis of Presentation The consolidated financial statements include Stifel Financial Corp. and its wholly owned subsidiaries, principally Stifel, Nicolaus & Company, Incorporated (“Stifel”), Keefe, Bruyette & Woods, Inc., 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, 2016 on file with the SEC. Certain amounts from prior periods have been reclassified to conform to the current period’s presentation. During the first quarter of 2017, we adopted Accounting Standards Update (“ASU”) 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. Amounts previously reported for the three and nine months ended September 30, 2016 have been restated as required upon adoption of the ASU. See Note 2 for further discussion. 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, 2016, with the exception of the new guidance on stock-based compensation. |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2017 | |
Prospective Adoption Of New Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements | NOTE 2 – New Accounting Pronouncements Recently Adopted Accounting Guidance Share-Based Payments In March 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-09, “Improvements to Employee Share-Based Payment Accounting” that requires an entity to record all excess tax benefits and tax deficiencies as an income tax benefit or expense in the income statement. The update no longer requires cash flows related to excess tax benefits to be presented as a financing activity separate from other income tax cash flows. The update also clarifies that all cash payments to taxing authorities made on an employee's behalf for withheld shares should be presented as a financing activity on the statement of cash flows and requires an entity to elect an accounting policy to either estimate the number of forfeitures or account for forfeitures when they occur. The guidance is effective for fiscal years beginning after December 15, 2016 (January 1, 2017 for our company). We adopted the guidance in the update on January 1, 2017, and during the nine months ended September 30, 2017 recognized an excess tax benefit from stock-based compensation of $17.4 million in the provision for income taxes on the accompanying consolidated statements of operations (adopted prospectively). Excess tax benefits from stock based compensation are now classified in operating activities on the accompanying consolidated statement of cash flows instead of being separately stated in financing activities for the nine months ended September 30, 2017 (adopted prospectively). Cash paid to a tax authority by our company when withholding shares from an employee’s award for tax-withholding purposes are now classified as a financing activity in the accompanying consolidated statement of cash flows (adopted retrospectively). We reclassified $47.5 million from operating activities to financing activities in the accompanying consolidated statement of cash flows for the nine months ended September 30, 2016 pertaining to shares withheld from employee awards for tax withholding purposes. Following the adoption of ASU 2016-09, we will continue to estimate forfeitures. Recently Issued Accounting Guidance Derivatives and Hedging In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities” to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The guidance is effective for fiscal years beginning after December 15, 2018 (January 1, 2019). Early adoption is permitted. The guidance requires a modified retrospective transition method in which a company will recognize the cumulative effect of the change on the opening balance of each affected component of equity in the statement of financial position as of the date of adoption. We are currently evaluating the effect that the new guidance will have on our consolidated financial statements. Goodwill Impairment Testing In January 2017, the FASB issued ASU No. 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,” which simplifies the subsequent measurement of goodwill and eliminates Step 2 from the goodwill impairment test. Under the new guidance, the annual, or interim, goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount, and an impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In addition, income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit should be considered when measuring the goodwill impairment loss, if applicable. The amendments also eliminate the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The amendments are to be applied on a prospective basis. The guidance is effective for annual or any interim impairment tests in fiscal years beginning after December 15, 2019 (January 1, 2020 for our company). Early adoption is permitted. We are currently evaluating the effect that the new guidance will have on our consolidated financial statements. Statement of Cash Flow – Restricted Cash In November 2016, the FASB issued ASU 2016-18, "Statement of Cash Flow - Restricted Cash," which adds or clarifies guidance on the classification and presentation of restricted cash in the statement of cash flows. The ASU is effective for the fiscal year beginning after December 15, 2017 (January 1, 2018 for our Company). Early adoption is permitted. The guidance is not expected to have a material impact on our consolidated financial statements. Financial Instruments – Credit Losses In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” For trade receivables, loans, and held-to-maturity debt securities, the current probable loss recognition methodology is being replaced by an expected credit loss model. For available-for-sale debt securities, the recognition model on credit losses is generally unchanged, except the losses will be presented as an adjustable allowance. The guidance is effective for fiscal years beginning after December 15, 2019 (January 1, 2020 for our Company), including interim periods within that reporting period. Early adoption is permitted for annual periods beginning after December 15, 2018. We have been closely monitoring FASB activity related to the new standard. During the second half of 2016, we began developing a plan regarding the evaluation of the potential changes from adopting the new standard on our future financial reporting and disclosures. We expect to adopt the requirements of the new standard in the first quarter of 2020. Leases In February 2016, the FASB issued ASU No. 2016-02, “Leases” that requires lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases with the exception of short-term leases. For lessees, leases will continue to be classified as either operating or finance leases in the income statement. Lessor accounting is similar to the current model but updated to align with certain changes to the lessee model. Lessors will continue to classify leases as operating, direct financing or sales-type leases. The new standard must be adopted using a modified retrospective transition and requires application of the new guidance at the beginning of the earliest comparative period presented. The guidance is effective for fiscal years beginning after December 15, 2018 (January 1, 2019 for our company). Early adoption is permitted. We have been closely monitoring FASB activity related to the new standard. During the second half of 2016, we began developing a plan regarding the evaluation of the potential changes from adopting the new standard on our future financial reporting and disclosures. We also made progress on our contract reviews and detailed policy drafting. Based on our evaluation, we expect to adopt the requirements of the new standard in the first quarter of 2019 using the modified retrospective approach. Financial Assets and Financial Liabilities In January 2016, the FASB issued ASU No. 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities” that will change the income statement impact of equity investments held by an entity, and the recognition of changes in fair value of financial liabilities when the fair value option is elected. The guidance is effective for fiscal years beginning after December 15, 2017 (January 1, 2018 for our company). The guidance is not expected to have a material impact on our consolidated financial statements. Revenue Recognition In April 2016, the FASB issued ASU No. 2016-10, “Identifying Performance Obligations and Licensing” that amends the revenue guidance in ASU 2014-09 on identifying performance obligations. The effective date of the new guidance will coincide with ASU 2014-09 during the first quarter 2018. In March 2016, the FASB issued ASU No. 2016-08, “Principal versus Agent Considerations (Reporting Revenue Gross versus Net)” (“ASU 2016-08”) that amends the principal versus agent guidance in ASU 2014-09. ASU 2016-08 clarifies that the analysis must focus on whether the entity has control of the goods or services before they are transferred to the customer. ASU 2016-08 also provides additional guidance about how to apply the control principle when services are provided and when goods or services are combined with other goods or services. The effective date of the standard for the Company will coincide with ASU 2014-09 during the first quarter 2018. In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)," ("ASU 2014-09") that 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 have been closely monitoring FASB activity related to the new standard. Our implementation efforts include the identification of revenue within the scope of the guidance, and the potential impact on its consolidated results of operations and disclosures. Our implementation efforts include the identification of revenue and associated costs within the scope of the guidance, as well as the evaluation of revenue contracts, and any changes to existing revenue recognition policies. While we have not yet identified any material changes in the timing of revenue recognition, our review is ongoing, and we continue to evaluate the presentation of certain contract costs (whether presented gross or offset against revenue). Based on our implementation work to date, we expect that we will be required to present certain underwriting costs (currently offset against Investment banking revenues) gross as non-interest expense upon adoption. The current broker dealer industry treatment of the timing of performance fee recognition related to consolidated alternative asset management entities, and fees received for equity research may be impacted by the new guidance. Our company plans to expand its quantitative and qualitative disclosures within the notes to the consolidated financial statements. We are also evaluating whether certain asset management contract costs can be capitalized on the consolidated statements of financial position. We plan on adopting the requirements of the new standard in the first quarter of 2018 using the modified retrospective approach. |
Receivables From And Payables T
Receivables From And Payables To Brokers, Dealers And Clearing Organizations | 9 Months Ended |
Sep. 30, 2017 | |
Due To And From Broker Dealers And Clearing Organizations [Abstract] | |
Receivables From And Payables To Brokers, Dealers And Clearing Organizations | NOTE 3 – Receivables From and Payables to Brokers, Dealers, and Clearing Organizations Amounts receivable from brokers, dealers, and clearing organizations at September 30, 2017 and December 31, 2016, included (in thousands) September 30, 2017 December 31, 2016 Deposits paid for securities borrowed $ 159,536 $ 382,691 Receivables from clearing organizations 133,326 568,373 Securities failed to deliver 43,051 73,688 $ 335,913 $ 1,024,752 Amounts payable to brokers, dealers, and clearing organizations at September 30, 2017 and December 31, 2016, included (in thousands) September 30, 2017 December 31, 2016 Deposits received from securities loaned $ 309,561 $ 478,814 Payable to clearing organizations 64,116 16,411 Securities failed to receive 46,083 27,882 $ 419,760 $ 523,107 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, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 4 – Fair Value Measurements We measure certain financial assets and liabilities at fair value on a recurring basis, including 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. 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, U.S. government securities, and U.S. government agency 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, and asset-backed securities, which primarily include collateralized loan obligations. We have identified Level 3 financial instruments to include certain equity securities with unobservable pricing inputs and certain non-agency mortgage-backed securities. 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. Investments Investments carried at fair value primarily include corporate equity securities, auction-rate securities (“ARS”), and private company investments. Corporate equity securities are valued based on quoted prices in active markets and reported in Level 1. ARS are valued based upon our expectations of issuer redemptions and using internal discounted cash flow models that utilize unobservable inputs. ARS are reported as Level 3 assets. ARS for which recent market trades were observed that provided transparency into their valuation were classified as Level 2 at September 30, 2017. Direct investments in private companies, reported as Level 3 assets, 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. Investments in Funds That Are Measured at Net Asset Value Per Share The Company’s investments in funds measured at NAV include private company investments, partnership interests, mutual funds, private equity funds, and money market funds. Private equity funds primarily invest in a broad range of industries worldwide in a variety of situations, including leveraged buyouts, recapitalizations, growth investments and distressed investments. The private equity funds are primarily closed-end funds in which the Company’s investments are generally not eligible for redemption. Distributions will be received from these funds as the underlying assets are liquidated or distributed. 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. The tables below present the fair value of our investments in, and unfunded commitments to, funds that are measured at NAV (in thousands): September 30, 2017 Fair value of investments Unfunded commitments Partnership interests $ 5,415 $ 1,348 Mutual funds 10,038 — Private equity funds 8,663 1,865 Money market funds 16,528 — Total $ 40,644 $ 3,213 December 31, 2016 Fair value of investments Unfunded commitments Private company investments $ 18,763 $ 8,526 Partnership interests 15,798 1,822 Mutual funds 11,301 — Private equity funds 9,310 2,020 Money market funds 35,637 — Total $ 90,809 $ 12,368 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, corporate fixed income securities, and state and municipal 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, 2017, are presented below (in thousands) September 30, 2017 Total Level 1 Level 2 Level 3 Financial instruments owned: U.S. government securities $ 48,900 $ 48,900 $ — $ — U.S. government agency securities 128,014 — 128,014 — Mortgage-backed securities: Agency 258,348 — 258,348 — Non-agency 37,185 — 36,827 358 Corporate securities: Fixed income securities 409,550 8,499 400,803 248 Equity securities 38,280 38,013 — 267 State and municipal securities 145,226 — 145,226 — Total financial instruments owned 1,065,503 95,412 969,218 873 Available-for-sale securities: U.S. government agency securities 4,686 199 4,487 — State and municipal securities 71,961 — 71,961 — Mortgage-backed securities: Agency 311,888 — 311,888 — Commercial 72,733 — 72,733 — Non-agency 1,619 — 1,619 — Corporate fixed income securities 1,072,376 — 1,072,376 — Asset-backed securities 2,159,035 — 2,159,035 — Total available-for-sale securities 3,694,298 199 3,694,099 — Investments: Corporate equity securities 51,475 51,235 — 240 Auction rate securities: Equity securities 34,608 — — 34,608 Municipal securities 840 — — 840 Other 1,610 — 370 1,240 Investments in funds measured at NAV 24,116 Total investments 112,649 51,235 370 36,928 Cash equivalents measured at NAV 16,528 Derivative contracts (1) 5,669 5,669 $ 4,894,647 $ 146,846 $ 4,669,356 $ 37,801 (1) September 30, 2017 Total Level 1 Level 2 Level 3 Liabilities: Financial instruments sold, but not yet purchased: U.S. government securities $ 297,690 $ 297,690 $ — $ — U.S. government agency securities 22,140 — 22,140 — Mortgage-backed securities Agency 65,716 — 65,716 — Corporate securities: Fixed income securities 311,516 33,793 277,723 — Equity securities 52,261 52,261 — — Total financial instruments sold, but not yet purchased $ 749,323 $ 383,744 $ 365,579 $ — Assets and liabilities measured at fair value on a recurring basis as of December 31, 2016, are presented below (in thousands) December 31, 2016 Total Level 1 Level 2 Level 3 Financial instruments owned: U.S. government securities $ 9,951 $ 9,951 $ — $ — U.S. government agency securities 89,833 — 89,833 — Mortgage-backed securities: Agency 305,774 — 305,774 — Non-agency 28,402 — 27,320 1,082 Corporate securities: Fixed income securities 299,946 1,944 297,729 273 Equity securities 32,044 31,444 — 600 State and municipal securities 159,095 — 159,095 — Total financial instruments owned 925,045 43,339 879,751 1,955 Available-for-sale securities: U.S. government agency securities 4,197 300 3,897 — State and municipal securities 72,490 — 72,490 — Mortgage-backed securities: Agency 338,732 — 338,732 — Commercial 72,773 — 72,773 — Non-agency 1,892 — 1,892 — Corporate fixed income securities 823,511 — 823,511 — Asset-backed securities 1,867,718 — 1,867,718 — Total available-for-sale securities 3,181,313 300 3,181,013 — Investments: Corporate equity securities 27,247 23,414 — 3,833 Auction rate securities: Equity securities 48,689 — — 48,689 Municipal securities 832 — — 832 Other 1,623 — 383 1,240 Investments measured at NAV 55,172 Total investments 133,563 23,414 383 54,594 Cash equivalents measured at NAV 35,637 Derivative contracts (1) 10,390 — 10,390 — $ 4,285,948 $ 67,053 $ 4,071,537 $ 56,549 (1) December 31, 2016 Total Level 1 Level 2 Level 3 Liabilities: Financial instruments sold, but not yet purchased: U.S. government securities $ 362,536 $ 362,536 $ — $ — U.S. government agency securities 20,549 — 20,549 — Mortgage-backed securities Agency 94,552 — 94,552 — Non-agency 1 — 1 — Corporate securities: Fixed income securities 202,968 980 201,988 — Equity securities 18,395 18,395 — — State and municipal securities 31 — 31 — Total financial instruments sold, but not yet purchased 699,032 381,911 317,121 — Derivative contracts (2) 1,823 — 1,823 — $ 700,855 $ 381,911 $ 318,944 $ — (2) Included in accounts payable and accrued expenses in the consolidated statements of financial condition. The following table summarizes the changes in fair value associated with Level 3 financial instruments during the three months ended September 30, 2017 (in thousands) Three Months Ended September 30, 2017 Financial instruments owned Investments Mortgage- Backed Securities – Non-Agency Fixed Income Securities Equity Securities Corporate Equity Securities Auction Securities – Equity Auction Rate Securities – Municipal Other Balance at June 30, 2017 $ 525 $ 256 $ 367 $ 240 $ 34,621 $ 841 $ 1,240 Unrealized gains/(losses): Included in changes in net assets (1) (160 ) — 159 — (13 ) (1 ) — Included in OCI (2) — — — — — — — Realized gains/(losses) (1) (7 ) — (259 ) — — — — Purchases — — — — — — — Sales — — — — — — — Redemptions — (8 ) — — — — — Transfers: Into Level 3 — — — — — — — Out of Level 3 — — — — — — — Net change (167 ) (8 ) (100 ) — (13 ) (1 ) — Balance at September 30, 2017 $ 358 $ 248 $ 267 $ 240 $ 34,608 $ 840 $ 1,240 (1) Realized and unrealized gains/(losses) related to financial instruments owned and investments are reported in other income in the consolidated statements of operations. (2) 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 change in fair value associated with Level 3 financial instruments during the nine months ended September 30, 2017 (in thousands): Nine Months Ended September 30, 2017 Financial instruments owned Investments Mortgage- Backed Securities – Non-Agency Fixed Income Securities Equity Securities Corporate Equity Securities Auction Securities – Equity Auction Rate Securities – Municipal Other Balance at December 31, 2016 $ 1,082 $ 273 $ 600 $ 3,833 $ 48,689 $ 832 $ 1,240 Unrealized gains/(losses): Included in changes in net assets (1) (260 ) — (74 ) — 604 8 — Included in OCI (2) — — — — — — — Realized gains/(losses) (1) 90 — (259 ) — — — — Purchases — — — — — — — Sales (324 ) — — — — — — Redemptions (230 ) (25 ) — — — — — Transfers: Into Level 3 — — — — — — — Out of Level 3 — — — (3,593 ) (14,685 ) — — Net change (724 ) (25 ) (333 ) (3,593 ) (14,081 ) 8 — Balance at September 30, 2017 $ 358 $ 248 $ 267 $ 240 $ 34,608 $ 840 $ 1,240 (1) Realized and unrealized gains/(losses) related to financial instruments owned and investments are reported in other income in the consolidated statements of operations. (2) Unrealized gains/(losses) related to available-for-sale securities are reported in accumulated other comprehensive loss in the consolidated statements of financial. The results included in the tables above are only a component of the overall investment strategies of our company. The tables above do not present Level 1 or Level 2 valued assets or liabilities. The changes to our company’s Level 3 classified instruments during the nine months ended September 30, 2017 were principally a result of transfers out of Level 3 due to market activity that provided transparency into the valuation of these assets. The changes in unrealized gains/(losses) recorded in earnings for the three and nine months ended September 30, 2017, relating to Level 3 assets still held at September 30, 2017, 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, 2017. Valuation technique Unobservable input Range Weighted average Investments: Auction rate securities: Equity securities Discounted cash flow Discount rate 1.2% - 11.7% 5.3% Workout period 1 - 3 years 2.2 years Municipal securities Discounted cash flow Discount rate 1.9% - 9.2% 4.0% Workout period 1 - 4 years 1.9 years The fair value of certain Level 3 assets was determined using various methodologies, as appropriate, including 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. 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 2 to Level 1 during the three months ended September 30, 2017 were immaterial. There were $1.1 million of transfers of financial assets from Level 2 to Level 1 during the nine months ended September 30, 2017, respectively, primarily related to corporate fixed income securities for which market trades were observed that provided transparency into the valuation of these assets. There were $0.1 million and $4.5 million of transfers of financial assets from Level 1 to Level 2 during the three and nine months ended September 30, 2017, respectively, primarily related to corporate fixed income securities for which there were low volumes of recent trade activity observed. There were no transfers into Level 3 during the nine months ended September 30, 2017. There were no transfers of financial assets out of Level 3 during the three months ended September 30, 2017. There were $18.3 million of transfers of financial assets out of Level 3 during the nine months ended September 30, 2017, primarily related to ARS and corporate equity securities 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, 2017 and December 31, 2016, whether or not recognized in the consolidated statements of financial condition at fair value (in thousands) September 30, 2017 December 31, 2016 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets: Cash and cash equivalents $ 588,916 $ 588,916 $ 912,932 $ 912,932 Cash segregated for regulatory purposes 25,175 25,175 73,235 73,235 Securities purchased under agreements to resell 458,335 458,335 248,588 248,588 Financial instruments owned 1,065,503 1,065,503 925,045 925,045 Available-for-sale securities 3,694,298 3,694,298 3,181,313 3,181,313 Held-to-maturity securities 3,554,765 3,572,646 3,038,405 3,040,554 Loans held for sale 166,335 166,335 228,588 228,588 Bank loans 6,783,078 6,776,966 5,591,190 5,633,804 Investments 112,649 112,649 133,563 133,563 Derivative contracts (1) 5,669 5,669 10,390 10,390 Financial liabilities: Securities sold under agreements to repurchase $ 155,396 $ 155,396 $ 268,546 $ 268,546 Bank deposits 12,883,961 12,147,029 11,527,483 11,092,185 Financial instruments sold, but not yet purchased 749,323 749,323 699,032 699,032 Derivative contracts (2) — — 1,823 1,823 Federal Home Loan Bank advances 790,000 790,000 500,000 500,000 Borrowings 78,000 78,000 377,000 377,000 Senior notes 796,609 810,052 795,891 799,632 Debentures to Stifel Financial Capital Trusts 67,500 50,830 67,500 52,525 (1) (2) 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, 2017 and December 31, 2016 (in thousands) September 30, 2017 Total Level 1 Level 2 Level 3 Financial assets: Cash $ 572,388 $ 572,388 $ — $ — Cash segregated for regulatory purposes 25,175 25,175 — — Securities purchased under agreements to resell 458,335 458,335 — — Held-to-maturity securities 3,572,646 — 3,380,094 192,552 Loans held for sale 166,335 — 166,335 — Bank loans 6,776,966 — 6,776,966 — Financial liabilities: Securities sold under agreements to repurchase $ 155,396 $ — $ 155,396 $ — Bank deposits 12,147,029 — 12,147,029 — Federal Home Loan Bank advances 790,000 790,000 — — Borrowings 78,000 78,000 — — Senior notes 810,052 810,052 — — Debentures to Stifel Financial Capital Trusts 50,830 — — 50,830 December 31, 2016 Total Level 1 Level 2 Level 3 Financial assets: Cash $ 877,295 $ 877,295 $ — $ — Cash segregated for regulatory purposes 73,235 73,235 — — Securities purchased under agreements to resell 248,588 227,983 20,605 — Held-to-maturity securities 3,040,554 — 2,830,869 209,685 Loans held for sale 228,588 — 228,588 — Bank loans 5,633,804 — 5,633,804 — Financial liabilities: Securities sold under agreements to repurchase $ 268,546 $ 149,881 $ 118,665 $ — Bank deposits 11,092,185 — 11,092,185 — Federal Home Loan Bank advances 500,000 500,000 — — Borrowings 377,000 377,000 — — Senior notes 799,632 799,632 — — Debentures to Stifel Financial Capital Trusts 52,525 — — 52,525 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, 2017 and December 31, 2016. 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, 2017 and December 31, 2016 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 collateralized loan 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 market value. Market 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, with similar remaining maturities, would be made 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, 2017 and December 31, 2016 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. In addition, Stifel Bank’s FHLB advances 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 4.250% senior notes due 2024. 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, 2017 | |
Trading Securities Balance Sheet Reported Amounts [Abstract] | |
Financial Instruments Owned And Financial Instruments Sold, But Not Yet Purchased | NOTE 5 – 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, 2017 and December 31, 2016 are as follows (in thousands) September 30, 2017 December 31, 2016 Financial instruments owned: U.S. government securities $ 48,900 $ 9,951 U.S. government agency securities 128,014 89,833 Mortgage-backed securities: Agency 258,348 305,774 Non-agency 37,185 28,402 Corporate securities: Fixed income securities 409,550 299,946 Equity securities 38,280 32,044 State and municipal securities 145,226 159,095 $ 1,065,503 $ 925,045 Financial instruments sold, but not yet purchased: U.S. government securities $ 297,690 $ 362,536 U.S. government agency securities 22,140 20,549 Mortgage-backed securities: Agency 65,716 94,552 Non-agency — 1 Corporate securities: Fixed income securities 311,516 202,968 Equity securities 52,261 18,395 State and municipal securities — 31 $ 749,323 $ 699,032 At September 30, 2017 and December 31, 2016, financial instruments owned in the amount of $459.4 million and $992.9 million, respectively, were pledged as collateral for our repurchase agreements and short-term borrowings. Financial instruments owned on a settlement-date basis were $1.3 billion at December 31, 2016. Our financial instruments owned are presented on a trade-date basis in the consolidated statements of financial condition. 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, 2017 | |
Investments Debt And Equity Securities [Abstract] | |
Available-For-Sale And Held-To-Maturity Securities | NOTE 6 – 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, 2017 and December 31, 2016 (in thousands) September 30, 2017 Amortized Cost Gross Unrealized Gains (1) Gross Unrealized Losses (1) Estimated Fair Value Available-for-sale securities U.S. government agency securities $ 4,705 $ — $ (19 ) $ 4,686 State and municipal securities 75,288 — (3,327 ) 71,961 Mortgage-backed securities: Agency 314,255 102 (2,469 ) 311,888 Commercial 75,842 34 (3,143 ) 72,733 Non-agency 1,619 — — 1,619 Corporate fixed income securities 1,070,694 4,324 (2,642 ) 1,072,376 Asset-backed securities 2,140,688 19,901 (1,554 ) 2,159,035 $ 3,683,091 $ 24,361 $ (13,154 ) $ 3,694,298 Held-to-maturity securities (2) Mortgage-backed securities: Agency $ 1,392,113 $ 17,065 $ (12,569 ) $ 1,396,609 Commercial 59,336 2,093 — 61,429 Asset-backed securities 2,063,289 13,095 (1,816 ) 2,074,568 Corporate fixed income securities 40,027 54 (41 ) 40,040 $ 3,554,765 $ 32,307 $ (14,426 ) $ 3,572,646 December 31, 2016 Amortized Cost Gross Unrealized Gains (1) Gross Unrealized Losses (1) Estimated Fair Value Available-for-sale securities U.S. government agency securities $ 4,213 $ 2 $ (18 ) $ 4,197 State and municipal securities 76,066 — (3,576 ) 72,490 Mortgage-backed securities: Agency 340,738 298 (2,304 ) 338,732 Commercial 77,417 59 (4,703 ) 72,773 Non-agency 2,032 — (140 ) 1,892 Corporate fixed income securities 830,695 1,418 (8,602 ) 823,511 Asset-backed securities 1,858,929 9,857 (1,068 ) 1,867,718 $ 3,190,090 $ 11,634 $ (20,411 ) $ 3,181,313 Held-to-maturity securities (2) Mortgage-backed securities: Agency $ 1,567,758 $ 14,537 $ (17,037 ) $ 1,565,258 Commercial 59,581 1,786 — 61,367 Non-agency 688 — (13 ) 675 Asset-backed securities 1,370,300 6,242 (3,396 ) 1,373,146 Corporate fixed income securities 40,078 30 — 40,108 $ 3,038,405 $ 22,595 $ (20,446 ) $ 3,040,554 (1) Unrealized gains/(losses) related to available-for-sale securities are reported in accumulated other comprehensive loss. (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. There were no sales of available-for-sale securities during the three months ended September 30, 2017. For the nine months ended September 30, 2017, we received proceeds of $87.3 million from the sale of available-for-sale securities, which resulted in realized gains of $0.4 million. There were no sales of available-for-sale securities during the three and nine months ended September 30, 2016. During the three months ended September 30, 2017 and September 30, 2016, unrealized gains, net of deferred taxes, of $4.7 million and $4.5 million were recorded in accumulated other comprehensive loss in the consolidated statements of financial condition. During the nine months ended September 30, 2017 and September 30, 2016, unrealized gains, net of deferred taxes, of $12.3 million and $14.9 million were recorded in accumulated other comprehensive loss in the consolidated statements of financial condition. The table below summarizes the amortized cost and fair values of debt securities by contractual maturity. Expected maturities may differ significantly from contractual maturities, as issuers may have the right to call or prepay obligations with or without call or prepayment penalties. September 30, 2017 Available-for-sale securities Held-to-maturity securities Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Debt securities Within one year $ 162,117 $ 162,402 $ 40,027 $ 40,041 After one year through three years 203,072 204,360 — — After three years through five years 349,602 349,427 — — After five years through ten years 794,146 797,204 335,021 335,834 After ten years 1,782,438 1,794,665 1,728,268 1,738,733 Mortgage-backed securities After three years through five years — — 59,336 61,428 After five years through ten years 58,428 55,982 152,555 151,316 After ten years 333,288 330,258 1,239,558 1,245,294 $ 3,683,091 $ 3,694,298 $ 3,554,765 $ 3,572,646 The maturities of our available-for-sale (fair value) and held-to-maturity (amortized cost) securities at September 30, 2017, 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 $ 1,996 $ 2,690 $ — $ — $ 4,686 State and municipal securities 375 189 16,621 54,776 71,961 Mortgage-backed securities: - Agency — — 361 311,527 311,888 Commercial — — 55,621 17,112 72,733 Non-agency — — — 1,619 1,619 Corporate fixed income securities 160,031 550,908 361,437 — 1,072,376 Asset-backed securities — — 419,146 1,739,889 2,159,035 $ 162,402 $ 553,787 $ 853,186 $ 2,124,923 $ 3,694,298 Held-to-maturity: Mortgage-backed securities: Agency $ — $ — $ 152,555 $ 1,239,558 $ 1,392,113 Commercial — 59,336 — — 59,336 Asset-backed securities — — 335,021 1,728,268 2,063,289 Corporate fixed income securities 40,027 — — — 40,027 $ 40,027 $ 59,336 $ 487,576 $ 2,967,826 $ 3,554,765 (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, 2017 and December 31, 2016, securities of $1.8 billion and $2.0 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, 2017 and December 31, 2016, securities of $2.3 billion and $1.7 billion, respectively, 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, 2017 (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 $ (19 ) $ 4,686 $ — $ — $ (19 ) $ 4,686 State and municipal securities (11 ) 3,054 (3,316 ) 68,907 (3,327 ) 71,961 Mortgage-backed securities: Agency (942 ) 151,575 (1,527 ) 147,738 (2,469 ) 299,313 Commercial — — (3,143 ) 71,293 (3,143 ) 71,293 Non-agency — — — 1,593 — 1,593 Corporate fixed income securities (820 ) 213,865 (1,822 ) 171,610 (2,642 ) 385,475 Asset-backed securities (1,554 ) 22,457 — — (1,554 ) 22,457 $ (3,346 ) $ 395,637 $ (9,808 ) $ 461,141 $ (13,154 ) $ 856,778 Held-to-maturity securities Mortgage-backed securities: Agency $ (5,719 ) $ 575,048 $ (6,850 ) $ 221,305 $ (12,569 ) $ 796,353 Asset-backed securities (30 ) 35,198 (1,786 ) 42,920 (1,816 ) 78,118 Corporate fixed income securities (41 ) 9,965 — — (41 ) 9,965 $ (5,790 ) $ 620,211 $ (8,636 ) $ 264,225 $ (14,426 ) $ 884,436 At September 30, 2017, the amortized cost of 134 securities classified as available for sale exceeded their fair value by $13.2 million, of which $9.8 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, 2017, was $856.8 million, which was 23.2% of our available-for-sale portfolio. At September 30, 2017, the carrying value of 41 securities held to maturity exceeded their fair value by $14.4 million, of which $8.6 million related to securities held to maturity that have been in a loss position for 12 months or longer. As discussed in more detail below, we conduct periodic reviews of all securities with unrealized losses to assess whether the impairment is other-than-temporary. Other-Than-Temporary Impairment We evaluate all securities in an unrealized loss position quarterly to assess whether the impairment is other-than-temporary. Our other-than-temporary impairment (“OTTI”) assessment is a subjective process requiring the use of judgments and assumptions. There was no credit-related OTTI recognized during the three and nine months ended September 30, 2017 and 2016. We believe the gross unrealized losses of $27.6 million related to our investment portfolio, as of September 30, 2017, are attributable to issuer-specific credit spreads and changes in market interest rates and asset spreads. We, therefore, do not expect to incur any credit losses related to these securities. In addition, we have no intent to sell these securities with unrealized losses, and it is not more likely than not that we will be required to sell these securities prior to recovery of the amortized cost. Accordingly, we have concluded that the impairment on these securities is not other-than-temporary. |
Bank Loans
Bank Loans | 9 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Bank Loans | NOTE 7 – Bank Loans Our loan portfolio consists primarily of the following segments: 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 related to 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. 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. Securities-based loans. Securities-based loans allow 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, including the liquidity and trading volume of the collateral, position concentration and other borrower specific factors such as personal guarantees. Consumer. Consumer loans allow customers to purchase non-investment goods and services. Construction and land. Short-term loans used to finance the development of a real estate project. The following table presents the balance and associated percentage of each major loan category in our bank loan portfolio at September 30, 2017 and December 31, 2016 (in thousands, except percentages) September 30, 2017 December 31, 2016 Balance Percent Balance Percent Residential real estate $ 2,517,543 36.6 % $ 2,161,400 38.4 % Commercial and industrial 2,380,417 34.6 1,710,399 30.3 Securities-based loans 1,839,981 26.7 1,614,033 28.6 Commercial real estate 78,614 1.1 78,711 1.4 Consumer 36,149 0.5 45,391 0.8 Home equity lines of credit 13,072 0.2 15,008 0.3 Construction and land 18,115 0.3 12,623 0.2 Gross bank loans 6,883,891 100.0 % 5,637,565 100.0 % Unamortized loan premium/(discount), net 655 858 Unamortized loan fees, net of loan fees 707 (49 ) Loans in process (39,946 ) (2,021 ) Allowance for loan losses (62,229 ) (45,163 ) Bank loans, net $ 6,783,078 $ 5,591,190 At September 30, 2017 and December 31, 2016, Stifel Bank had loans outstanding to its executive officers, directors, and their affiliates in the amount of $3.7 million and $3.7 million, respectively, and loans outstanding to other Stifel Financial Corp. executive officers, directors, and their affiliates in the amount of $7.2 million and $5.6 million, respectively. At September 30, 2017 and December 31, 2016, we had loans held for sale of $166.3 million and $228.6 million, respectively. For the three months ended September 30, 2017 and 2016, we recognized gains of $3.2 million and $4.9 million, respectively, from the sale of originated loans, net of fees and costs. For the nine months ended September 30, 2017 and 2016, we recognized gains of $9.4 million and $11.7 million, respectively, from the sale of originated loans, net of fees and costs. The following table details activity in the allowance for loan losses by portfolio segment for the three and nine months ended September 30, 2017 (in thousands) Three Months Ended September 30, 2017 Beginning Balance Provision Charge-offs Recoveries Ending Balance Commercial and industrial $ 40,805 $ 6,312 $ — $ 35 $ 47,152 Securities-based loans 3,600 (288 ) — — 3,312 Consumer 105 (3 ) — 1 103 Residential real estate 5,569 1,566 — — 7,135 Commercial real estate 932 95 — — 1,027 Home equity lines of credit 283 (13 ) — 1 271 Construction and land 224 9 — — 233 Qualitative 2,684 312 — — 2,996 $ 54,202 $ 7,990 $ — $ 37 $ 62,229 Nine Months Ended September 30, 2017 Beginning Balance Provision Charge-offs Recoveries Ending Balance Commercial and industrial $ 35,127 $ 12,239 $ (250 ) $ 36 $ 47,152 Securities-based loans 3,094 218 — — 3,312 Consumer 129 (27 ) — 1 103 Residential real estate 2,660 4,475 — — 7,135 Commercial real estate 1,363 2,367 (2,703 ) — 1,027 Home equity lines of credit 371 (102 ) — 2 271 Construction and land 232 1 — — 233 Qualitative 2,187 809 — — 2,996 $ 45,163 $ 19,980 $ (2,953 ) $ 39 $ 62,229 The following table presents the recorded balances of loans and amount of allowance allocated based upon impairment method by portfolio segment at September 30, 2017 (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 Residential real estate $ 24 $ 7,111 $ 7,135 $ 173 $ 2,517,370 $ 2,517,543 Commercial and industrial 2,131 45,021 47,152 14,511 2,365,906 2,380,417 Securities-based loans — 3,312 3,312 — 1,839,981 1,839,981 Commercial real estate — 1,027 1,027 — 78,614 78,614 Consumer 3 100 103 3 36,146 36,149 Home equity lines of credit 149 122 271 322 12,750 13,072 Construction and land — 233 233 — 18,115 18,115 Qualitative — 2,996 2,996 — — — $ 2,307 $ 59,922 $ 62,229 $ 15,009 $ 6,868,882 $ 6,883,891 The following table details activity in the allowance for loan losses by portfolio segment for the three and nine months ended September 30, 2016 (in thousands) Three Months Ended September 30, 2016 Beginning Balance Provision Charge-offs Recoveries Ending Balance Commercial and industrial $ 29,816 $ 2,631 $ (267 ) $ — $ 32,180 Securities-based loans 1,731 172 — — 1,903 Consumer 107 203 (16 ) 1 295 Residential real estate 1,529 346 — — 1,875 Commercial real estate 512 (8 ) — — 504 Home equity lines of credit 283 2 — — 285 Construction and land 144 59 — — 203 Qualitative 1,744 156 — — 1,900 $ 35,866 $ 3,561 $ (283 ) $ 1 $ 39,145 Nine Months Ended September 30, 2016 Beginning Balance Provision Charge-offs Recoveries Ending Balance Commercial and industrial $ 24,748 $ 7,699 $ (267 ) $ — $ 32,180 Securities-based loans 1,607 296 — — 1,903 Consumer 105 205 (16 ) 1 295 Residential real estate 1,241 644 (13 ) 3 1,875 Commercial real estate 264 233 — 7 504 Home equity lines of credit 290 (5 ) — — 285 Construction and land 78 125 — — 203 Qualitative 1,454 446 — — 1,900 $ 29,787 $ 9,643 $ (296 ) $ 11 $ 39,145 The following table presents the recorded balances of loans and amount of allowance allocated based upon impairment method by portfolio segment at December 31, 2016 (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 Residential real estate $ 24 $ 2,636 $ 2,660 $ 178 $ 2,161,222 $ 2,161,400 Commercial and industrial 2,392 32,735 35,127 16,815 1,693,584 1,710,399 Securities-based loans — 3,094 3,094 — 1,614,033 1,614,033 Commercial real estate 722 641 1,363 9,522 69,189 78,711 Consumer 6 123 129 6 45,385 45,391 Home equity lines of credit 231 140 371 413 14,595 15,008 Construction and land — 232 232 — 12,623 12,623 Qualitative — 2,187 2,187 — — — $ 3,375 $ 41,788 $ 45,163 $ 26,934 $ 5,610,631 $ 5,637,565 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. 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, 2017, we had $15.0 million of impaired loans, net of discounts, which included $8.9 million in troubled debt restructurings, for which there was a specific allowance of $2.3 million. At December 31, 2016, we had $26.9 million of impaired loans, net of discounts, which included $9.7 million in troubled debt restructurings, for which there was a specific allowance of $3.4 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, 2017 and 2016, were insignificant to the consolidated financial statements. The tables below present loans that were individually evaluated for impairment by portfolio segment at September 30, 2017 and December 31, 2016, including the average recorded investment balance for the year to date period presented (in thousands) September 30, 2017 Unpaid Contractual Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment Commercial and industrial $ 14,511 $ — $ 14,511 $ 14,511 $ 2,131 $ 16,057 Consumer 677 — 3 3 3 6 Residential real estate 173 — 173 173 24 175 Home equity lines of credit 322 — 322 322 149 323 Total $ 15,683 $ — $ 15,009 $ 15,009 $ 2,307 $ 16,561 December 31, 2016 Unpaid Contractual Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment Commercial and industrial $ 16,815 $ — $ 16,815 $ 16,815 $ 2,392 $ 22,559 Commercial real estate 10,503 — 9,522 9,522 722 9,080 Consumer 833 — 6 6 6 9 Home equity lines of credit 413 — 413 413 231 413 Residential real estate 178 — 178 178 24 181 Total $ 28,742 $ — $ 26,934 $ 26,934 $ 3,375 $ 32,242 The following table presents the aging of the recorded investment in past due loans at September 30, 2017 and December 31, 2016 by portfolio segment (in thousands) As of September 30, 2017 30 – 89 Days Past Due 90 or More Days Past Due Total Due Current Balance Total Residential real estate $ 5,471 $ — $ 5,471 $ 2,512,072 $ 2,517,543 Commercial and industrial — — — 2,380,417 2,380,417 Securities-based loans — — — 1,839,981 1,839,981 Commercial real estate — — — 78,614 78,614 Consumer 314 2 316 35,833 36,149 Home equity lines of credit — — — 13,072 13,072 Construction and land — — — 18,115 18,115 Total $ 5,785 $ 2 $ 5,787 $ 6,878,104 $ 6,883,891 As of September 30, 2017 * Non-Accrual Restructured (1) Total Commercial and industrial $ 5,749 $ 8,762 $ 14,511 Home equity lines of credit 322 — 322 Residential real estate — 173 173 Consumer 3 — 3 Total $ 6,074 $ 8,935 $ 15,009 (1) On non-accrual status. * There were no loans past due 90 days and still accruing interest at September 30, 2017. As of December 31, 2016 30 – 89 Days Past Due 90 or More Days Past Due Total Past Due Current Balance Total Residential real estate $ 1,923 $ — $ 1,923 $ 2,159,477 $ 2,161,400 Commercial and industrial — — — 1,710,399 1,710,399 Securities-based loans — — — 1,614,033 1,614,033 Commercial real estate 9,522 — 9,522 69,189 78,711 Consumer — 2 2 45,389 45,391 Home equity lines of credit 78 196 274 14,734 15,008 Construction and land — — — 12,623 12,623 Total $ 11,523 $ 198 $ 11,721 $ 5,625,844 $ 5,637,565 As of December 31, 2016* Non-Accrual Restructured Total Commercial and industrial $ 16,815 $ — $ 16,815 Commercial real estate — 9,522 9,522 Home equity lines of credit 413 — 413 Residential real estate — 178 178 Consumer 6 — 6 Total $ 17,234 $ 9,700 $ 26,934 * There were no loans past due 90 days and still accruing interest at December 31, 2016. Credit quality indicators Loans meet the definition of Pass when they are performing and 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 portfolio. 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, 2017 and December 31, 2016, 96.8% and 97.9% 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. Based on the most recent analysis performed, the risk category of our loan portfolio was as follows: (in thousands) As of September 30, 2017 Pass Special Substandard Doubtful Total Residential real estate $ 2,516,586 $ 784 $ 173 $ — $ 2,517,543 Commercial and industrial 2,338,246 26,548 15,623 — 2,380,417 Securities-based loans 1,839,981 — — — 1,839,981 Commercial real estate 78,614 — — — 78,614 Consumer 36,144 — 5 — 36,149 Home equity lines of credit 12,750 — 322 — 13,072 Construction and land 18,115 — — — 18,115 Total $ 6,840,436 $ 27,332 $ 16,123 $ — $ 6,883,891 As of December 31, 2016 Pass Special Substandard Doubtful Total Residential real estate $ 2,161,223 $ — $ 177 $ — $ 2,161,400 Commercial and industrial 1,652,211 27,905 30,283 — 1,710,399 Securities-based loans 1,614,033 — — — 1,614,033 Commercial real estate 69,189 — 9,522 — 78,711 Consumer 45,385 — 6 — 45,391 Home equity lines of credit 14,595 — 413 — 15,008 Construction and land 12,623 — — — 12,623 Total $ 5,569,259 $ 27,905 $ 40,401 $ — $ 5,637,565 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill And Intangible Assets | NOTE 8 – Goodwill and Intangible Assets Our annual goodwill impairment testing was completed as of July 31, 2017, 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, 2016 Adjustments Write-off September 30, 2017 Goodwill Global Wealth Management $ 270,779 $ 5,698 $ — $ 276,477 Institutional Group 691,503 629 — 692,132 $ 962,282 $ 6,327 $ — $ 968,609 December 31, 2016 Net Additions Amortization September 30, 2017 Intangible assets Global Wealth Management $ 45,231 $ 3,800 $ (3,391 ) $ 45,640 Institutional Group 71,073 1,007 (5,701 ) 66,379 $ 116,304 $ 4,807 $ (9,092 ) $ 112,019 The adjustments to goodwill and intangible assets during the nine months ended September 30, 2017, are primarily attributable to the acquisition of City Securities, which closed on January 3, 2017. 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, 2017 and December 31, 2016 were as follows (in thousands) September 30, 2017 December 31, 2016 Gross Carrying Value Accumulated Amortization Gross Carrying Value Accumulated Amortization Customer relationships $ 146,387 $ 53,411 $ 141,621 $ 46,209 Trade name 24,713 9,846 24,713 8,670 Investment banking backlog 2,520 1,095 1,345 379 Non-compete agreements 1,445 812 2,578 813 $ 175,065 $ 65,164 $ 170,257 $ 56,071 Amortization expense related to intangible assets was $2.9 million and $2.6 million for the three months ended September 30, 2017 and 2016, respectively. Amortization expense related to intangible assets was $9.1 million and $10.6 million for the nine months ended September 30, 2017 and 2016, respectively. The weighted-average remaining lives of the following intangible assets at September 30, 2017, are: customer relationships, 10.9 years; trade name, 10.8 years; non-compete agreements, 9.9 years; and backlog within the next 3 months. As of September 30, 2017, we expect amortization expense in future periods to be as follows (in thousands) Fiscal year Remainder of 2017 $ 2,826 2018 10,933 2019 10,328 2020 10,108 2021 9,591 Thereafter 66,115 $ 109,901 |
Borrowings and Federal Home Loa
Borrowings and Federal Home Loan Bank Advances | 9 Months Ended |
Sep. 30, 2017 | |
Short Term Debt Other Disclosures [Abstract] | |
Borrowings and Federal Home Loan Bank Advances | NOTE 9 – Borrowings and Federal Home Loan Bank Advances Our short-term financing is generally obtained through short-term bank line financing on an uncommitted, secured basis, securities lending arrangements, advances from the Federal Home Loan Bank, term loans, and committed bank line financing on an unsecured basis. We borrow from various banks on a demand basis with company-owned and customer securities pledged as collateral. The value of customer-owned securities used as collateral is not reflected in the consolidated statements of financial condition. Our uncommitted secured lines of credit at September 30, 2017, totaled $1.0 billion with six 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 $444.4 million during the nine months ended September 30, 2017. There are no compensating balance requirements under these arrangements. Any borrowings on secured lines of credit are generally utilized to finance certain fixed income securities. At September 30, 2017, our uncommitted secured lines of credit of $78.0 million were collateralized by company-owned securities valued at $205.0 million. The Federal Home Loan advances as of September 30, 2017 are floating-rate advances. The weighted average interest rates on these advances during the three and nine months ended September 30, 2017 was 0.63% and 0.99%, respectively. 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. Our committed bank line financing at September 30, 2017, consisted of a $200.0 million revolving credit facility. The credit facility expires in March 2020. 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, 2017, we had no advances on our revolving credit facility and were in compliance with all covenants. |
Senior Notes
Senior Notes | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Senior Notes | NOTE 10 – Senior Notes The following table summarizes our senior notes as of September 30, 2017 and December 31, 2016 (in thousands) September 30, 2017 December 31, 2016 4.250% senior notes, due 2024 (1) $ 500,000 $ 500,000 3.50% senior notes, due 2020 (2) 300,000 300,000 800,000 800,000 Debt issuance costs, net (3,391 ) (4,109 ) $ 796,609 $ 795,891 1 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. In July 2016, we issued an additional $200.0 million in aggregate principal amount of 4.25% senior notes due 2024. 2 In December 2015, we sold in a registered underwritten public offering, $300.0 million in aggregate principal amount of 3.50% senior notes due December 2020. 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 (in thousands) 2017 $ — 2018 — 2019 — 2020 300,000 2021 — Thereafter 500,000 $ 800,000 |
Bank Deposits
Bank Deposits | 9 Months Ended |
Sep. 30, 2017 | |
Deposits Liabilities Balance Sheet Reported Amounts [Abstract] | |
Bank Deposits | NOTE 11 – Bank Deposits Deposits consist of money market and savings accounts, certificates of deposit, and demand deposits. Deposits at September 30, 2017 and December 31, 2016 were as follows (in thousands) September 30, 2017 December 31, 2016 Money market and savings accounts $ 12,658,209 $ 11,264,285 Demand deposits (interest-bearing) 216,438 253,545 Demand deposits (non-interest-bearing) 7,349 5,752 Certificates of deposit 1,965 3,901 $ 12,883,961 $ 11,527,483 The weighted-average interest rate on deposits was 0.10% and 0.09% at September 30, 2017 and December 31, 2016, respectively. At September 30, 2017 and December 31, 2016, the amount of deposits includes related party deposits, primarily brokerage customers’ deposits from Stifel of $12.9 billion and $11.5 billion, respectively, and interest-bearing and time deposits of executive officers, directors, and their affiliates of $0.2 million and $0.5 million, respectively. |
Derivative Instruments And Hedg
Derivative Instruments And Hedging Activities | 9 Months Ended |
Sep. 30, 2017 | |
General Discussion Of Derivative Instruments And Hedging Activities [Abstract] | |
Derivative Instruments And Hedging Activities | NOTE 12 – 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, 2017 and December 31, 2016 (in thousands) September 30, 2017 Notional Balance Location Fair Value Asset Derivatives Cash flow interest rate contracts $ 540,000 Other assets $ 5,669 December 31, 2016 Notional Value Balance Location Fair Value Asset Derivatives Cash flow interest rate contracts $ 790,000 Other assets $ 10,390 Liability Derivatives Cash flow interest rate contracts $ 121,442 Accounts payable and accrued expenses $ 1,823 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. The swaps have an average remaining life of 2.3 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, 2017 and 2016, respectively, 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 $1.6 million will be reclassified as interest income. 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, 2017 and 2016 (in thousands) Three Months Ended September 30, 2017 Gain/(Loss) Recognized in OCI (Effectiveness) Location of Loss Reclassified From OCI Into Income Gain/(Loss) Reclassified From OCI Into Income Location of Loss Recognized in OCI (Ineffectiveness) Gain/(Loss) Recognized Due to Ineffectiveness Cash flow interest rate contracts $ 928 Interest expense $ 724 Interest expense $ — Three Months Ended September 30, 2016 Gain/(Loss) Recognized in OCI (Effectiveness) Location of Loss Reclassified From OCI Into Income Gain(Loss) Reclassified From OCI Into Income Location of Loss Recognized in OCI (Ineffectiveness) Loss Recognized Due to Ineffectiveness Cash flow interest rate contracts $ 5,552 Interest $ (1,391 ) None $ 1 Nine Months Ended September 30, 2017 Gain/(Loss) Recognized in OCI (Effectiveness) Location of Loss Reclassified From OCI Into Income Gain/(Loss) Reclassified From OCI Into Income Location of Loss Recognized in OCI (Ineffectiveness) Loss Recognized Due to Ineffectiveness Cash flow interest rate contracts $ 3,504 Interest $ (810 ) None $ — Nine Months Ended September 30, 2016 Gain/(Loss) Recognized in OCI (Effectiveness) Location of Loss Reclassified From OCI Into Income Gain/(Loss) Reclassified From OCI Into Income Location of Loss Recognized in OCI (Ineffectiveness) Loss Recognized Due to Ineffectiveness Cash flow interest rate contracts $ (10,973 ) Interest expense $ (4,273 ) None $ 45 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 4 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, 2017, 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 not material (termination value). We have minimum collateral posting thresholds with certain of our derivative counterparties and have posted cash collateral of $0.8 million against our obligations under these agreements. If we had breached any of these provisions at September 30, 2017, 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. |
Disclosures About Offsetting As
Disclosures About Offsetting Assets And Liabilities | 9 Months Ended |
Sep. 30, 2017 | |
Offsetting [Abstract] | |
Disclosures About Offsetting Assets And Liabilities | NOTE 13 – 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, 2017 and December 31, 2016 (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 of Financial Condition Amounts available for offset Available collateral Net Amount As of September 30, 2017: Securities borrowing (1) $ 159,536 $ — $ 159,536 $ (122,171 ) $ (20,995 ) $ 16,370 Reverse repurchase agreements (2) 458,335 — 458,335 (98,523 ) (354,592 ) 5,220 Cash flow interest rate contracts 5,669 — 5,669 — — 5,669 $ 623,540 $ — $ 623,540 $ (220,694 ) $ (375,587 ) $ 27,259 As of December 31, 2016: Securities borrowing (1) $ 382,691 $ — $ 382,691 $ (291,793 ) $ (68,776 ) $ 22,122 Reverse repurchase agreements (2) 248,588 — 248,588 (216,542 ) (32,046 ) — Cash flow interest rate contracts 10,390 — 10,390 — — 10,390 $ 641,669 $ — $ 641,669 $ (508,335 ) $ (100,822 ) $ 32,512 (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 fair value of securities pledged as collateral was $453.1 million and $248.5 million at September 30, 2017 and December 31, 2016, respectively. The following table provides information about financial liabilities and derivative liabilities that are subject to offset as of September 30, 2017 and December 31, 2016 (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 Amounts available for offset Collateral Pledged Net Amount As of September 30, 2017: Securities lending (3) $ (309,561 ) $ — $ (309,561 ) $ 122,171 $ 183,623 $ (3,767 ) Repurchase agreements (4) (155,396 ) — (155,396 ) 98,523 56,873 — $ (464,957 ) $ — $ (464,957 ) $ 220,694 $ 240,496 $ (3,767 ) As of December 31, 2016: Securities lending (3) $ (478,814 ) $ — $ (478,814 ) $ 291,793 $ 175,849 $ (11,172 ) Repurchase agreements (4) (268,546 ) — (268,546 ) 216,542 52,004 — Cash flow interest rate contracts (1,823 ) — (1,823 ) — 1,823 — $ (749,183 ) $ — $ (749,183 ) $ 508,335 $ 229,676 $ (11,172 ) (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. Collateral pledged by our company to the counter party includes U.S. government agency securities, U.S. government securities, and corporate fixed income securities with market values of $163.0 million and $299.3 million at September 30, 2017 and December 31, 2016, respectively. |
Commitments, Guarantees, And Co
Commitments, Guarantees, And Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments, Guarantees, And Contingencies | NOTE 14 – 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, 2017, had no material effect on the consolidated financial statements. 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 19 in the notes to consolidated financial statements for further details. 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, 2017 and December 31, 2016, 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, 2017 | |
Loss Contingency Information About Litigation Matters [Abstract] | |
Legal Proceedings | NOTE 15 – 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 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 reasonably 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. Broyles, et al. v. Cantor Fitzgerald & Co. et al. Matter In December 2013, Stone & Youngberg, LLC (“Stone & Youngberg”) was named in an Amended Complaint filed in U.S. District Court for the Middle District of Louisiana alleging fraud on the part of Stone & Youngberg in connection with the 2007 formation of the Collybus CDO, which was manufactured by Cantor Fitzgerald & Co. (“Cantor”) and purchased by Commonwealth Advisors (“CA”) on behalf of several CA funds, as well as in connection with, among other things, Stone & Youngberg’s facilitation of subsequent trades of Collybus CDO securities by CA on behalf of the CA funds during 2007 and 2008. In the Amended Complaint, plaintiffs allege that they lost over $200 million during the financial crisis through mismanagement of the CA funds. In addition to the claims asserted against Stone & Youngberg, the Amended Complaint seeks to hold our company and Stifel liable for Stone & Youngberg’s alleged wrongdoing under theories of successor and alter ego liability, arising out of our company’s purchase of the membership interests of Stone & Youngberg in 2011 and the subsequent operation of that business. The original Complaint named Cantor, CA, and CA’s CEO, Walter Morales. The CA funds filed a Chapter 11 bankruptcy petition which stayed the original lawsuit until the reorganization plan was entered by the court in the fall of 2013. Shortly thereafter, the CA funds filed their first Amended Complaint, which is the first complaint that asserted claims against Stone & Youngberg, our company or Stifel. The action is now proceeding under a Fourth Amended Complaint. On September 29, 2016, the court postponed the trial for an extended, but undefined, period to consider various motions and other matters that will impact, among other things, the ultimate trial date and the issues to be tried. In a related action, approximately one dozen individual investors brought a direct action against the Company and other defendants, seeking recessionary damages of approximately $90 million. The court ruled that the individual plaintiffs had no standing to pursue these claims because the CA funds are separately pursuing claims. The individual plaintiffs have appealed this decision to the Fifth Circuit. On August 17, 2017, the individual plaintiffs, Stone & Youngberg, our company and Stifel entered into a settlement agreement that would finally resolve and settle any claims among the individual plaintiffs and the various defendants, including by terminating the appeal of the direct action and by requiring the conveyance of the individual plaintiffs’ interests in the plaintiff CA Funds to Stifel. The settlement is subject to court approval. While there can be no assurance of success, Stone & Youngberg intends to vigorously defend the claims against it, and our company and Stifel intend to vigorously defend the claims seeking to hold us responsible for Stone & Youngberg’s alleged liability. |
Regulatory Capital Requirements
Regulatory Capital Requirements | 9 Months Ended |
Sep. 30, 2017 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Capital Requirements | NOTE 16 – 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, 2017, Stifel had net capital of $273.8 million, which was 18.5% of aggregate debit items and $244.2 million in excess of its minimum required net capital. At September 30, 2017, all of our other broker-dealer subsidiaries’ net capital exceeded the minimum net capital required under the SEC rule. Our international subsidiary is subject to the regulatory supervision and requirements of the Financial Conduct Authority (“FCA”) in the United Kingdom. At September 30, 2017, our international subsidiary’s capital and reserves were in excess of the financial resources requirement under the rules of the FCA. Our company, as a bank holding company, and Stifel Bank are subject to various regulatory capital requirements administered by the Federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on our company’s and Stifel Bank’s financial results. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, our company and Stifel Bank must meet specific capital guidelines that involve quantitative measures of our assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. Our company’s and Stifel Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Our company and Stifel Bank are subject to Basel III. Under the Basel III rules, the quantity and quality of regulatory capital increased, 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, 2017 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 $ 1,760,021 18.3 % $ 432,769 4.5 % $ 625,111 6.5 % Tier 1 capital 1,969,702 20.5 % 577,026 6.0 % 769,368 8.0 % Total capital 2,031,937 21.1 % 769,368 8.0 % 961,710 10.0 % Tier 1 leverage 1,969,702 10.4 % 754,009 4.0 % 942,511 5.0 % Stifel Bank – Federal Reserve Capital Amounts September 30, 2017 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 $ 1,007,303 14.4 % $ 314,873 4.5 % $ 454,817 6.5 % Tier 1 capital 1,007,303 14.4 % 419,831 6.0 % 559,774 8.0 % Total capital 1,070,198 15.3 % 559,774 8.0 % 699,718 10.0 % Tier 1 leverage 1,007,303 7.1 % 567,587 4.0 % 709,484 5.0 % |
Interest Income And Interest Ex
Interest Income And Interest Expense | 9 Months Ended |
Sep. 30, 2017 | |
Banking And Thrift Interest [Abstract] | |
Interest Income And Interest Expense | NOTE 17 – 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, 2017 2016 2017 2016 Interest income: Bank loans, net $ 54,006 $ 35,484 $ 147,495 $ 91,517 Investment securities 48,072 27,161 136,123 73,968 Margin balances 9,919 7,438 27,124 24,135 Inventory 4,371 4,895 12,953 13,912 Other 1,494 (97 ) 4,071 (44 ) $ 117,862 $ 74,881 $ 327,766 $ 203,488 Interest expense: Senior notes $ 8,655 $ 12,164 $ 24,935 $ 28,518 Bank deposits 4,770 1,732 8,424 5,475 Federal Home Loan Bank advances 1,255 1,896 5,771 5,288 Other 2,945 3,591 11,035 11,475 $ 17,625 $ 19,383 $ 50,165 $ 50,756 |
Employee Incentive, Deferred Co
Employee Incentive, Deferred Compensation, And Retirement Plans | 9 Months Ended |
Sep. 30, 2017 | |
Share Based Compensation Allocation And Classification In Financial Statements [Abstract] | |
Employee Incentive, Deferred Compensation, And Retirement Plans | NOTE 18 – 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 one- to ten-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 5.9 million shares at September 30, 2017. 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 $32.5 million and $56.6 million for the three months ended September 30, 2017 and 2016, respectively, and $98.1 million and $151.4 million for the nine months ended September 30, 2017 and 2016, respectively. As a result of the adoption of a new accounting standard on January 1, 2017, we recognized an excess tax benefit from stock-based compensation of $0.3 million and $17.4 million in the provision for income taxes on the accompanying consolidated statements of operations for the three and nine months ended September 30, 2017. We adopted the new guidance prospectively. During the three and nine months ended September 30, 2016, the tax impact related to stock-based compensation was a provision of $0.6 million and $5.8 million, respectively. 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 ten years and are distributable, if vested, at future specified dates. Our Company grants Performance-based Restricted Stock Units (“PRSUs”) to its executive officers. Under the terms of the grants, the number of PRSUs that will vest and convert to shares will be based on the Company's achievement of the pre-determined performance objectives during the performance period. The PRSUs will be measured over a four-year performance period and vested over a five-year period. The number of shares converted has the potential to range from 0% to 200% based on how the Company performs during the performance period. Compensation expense is amortized on a straight-line basis over the service period based on the fair value of the award on the grant date. The Company’s pre-determined performance objectives must be met for the awards to vest. Employees forfeit unvested share units upon termination of employment with a corresponding reversal of compensation expense. At September 30, 2017, the total number of stock units outstanding was 19.5 million, of which 16.1 million were unvested. At September 30, 2017, the total number of PRSUs was 0.6 million, of which all were unvested. At September 30, 2017, there was unrecognized compensation cost for stock units of approximately $337.4 million, which is expected to be recognized over a weighted-average period of 2.9 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 one- to eight-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’s financial advisors who achieve certain levels of production to defer a certain percentage of their gross commissions. As stipulated by the Plan, the financial advisors will defer 5% of their gross commissions. The mandatory deferral will be split evenly between company restricted stock units and a company fixed-rate cash debenture. They have the option to defer an additional 1% of gross commissions into company stock units with a 25% matching contribution. 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 one- to eight-year period. Deferred compensation costs are amortized on a straight-line basis over the deferral period. Profit Sharing Plan Eligible employees of our company who have met certain service requirements may participate in the Stifel Financial Corp. Profit Sharing 401(k) Plan (the “401(k) Plan”). Employees are permitted within limitations imposed by tax law to make pre-tax contributions to the 401(k) Plan. We may match certain employee contributions or make additional contributions to the 401(k) Plan at our discretion. Our contributions to the 401(k) Plan were $1.8 million and $1.6 million for the three months ended September 30, 2017 and 2016, respectively and $5.5 million and $4.5 million for the nine months ended September 30, 2017 and 2016, respectively. |
Off-Balance Sheet Credit Risk
Off-Balance Sheet Credit Risk | 9 Months Ended |
Sep. 30, 2017 | |
Concentration Risks Types No Concentration Percentage [Abstract] | |
Off-Balance Sheet Credit Risk | NOTE 19 – 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 two 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, 2017 and December 31, 2016, the fair value of securities accepted as collateral where we are permitted to sell or repledge the securities was $2.3 billion and $2.5 billion, respectively, and the fair value of the collateral that had been sold or repledged was $155.4 million and $268.5 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 12 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, 2017 and December 31, 2016, Stifel Bank had outstanding commitments to originate loans aggregating $223.1 million and $205.8 million, respectively. The commitments extended over varying periods of time, with all commitments at September 30, 2017, 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, 2017 and December 31, 2016, Stifel Bank had outstanding letters of credit totaling $84.7 million and $88.9 million, respectively. A majority of the standby letters of credit commitments at September 30, 2017, 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, 2017 and December 31, 2016, Stifel Bank had granted unused lines of credit to commercial and consumer borrowers aggregating $598.8 million and $492.5 million, respectively. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting | NOTE 20 – 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, amortization of stock-based awards for certain administrative employees, 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, 2017 and 2016 is as follows (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Net revenues: (1) Global Wealth Management $ 453,558 $ 390,032 $ 1,348,280 $ 1,155,875 Institutional Group 264,747 258,800 778,367 760,996 Other 2,864 (6,846 ) (4,300 ) (2,766 ) $ 721,169 $ 641,986 $ 2,122,347 $ 1,914,105 Income/(loss) before income taxes: Global Wealth Management $ 161,756 $ 109,079 $ 457,045 $ 307,466 Institutional Group 51,717 44,923 144,481 116,628 Other (105,334 ) (126,020 ) (331,170 ) (336,406 ) $ 108,139 $ 27,982 $ 270,356 $ 87,688 (1) No individual client accounted for more than 10 percent of total net revenues for the three and nine months ended September 30, 2017 or 2016. The following table presents our company’s total assets on a segment basis at September 30, 2017 and December 31, 2016 (in thousands) September 30, 2017 December 31, 2016 Global Wealth Management $ 17,619,527 $ 16,065,503 Institutional Group 2,484,337 2,657,183 Other 380,216 406,670 $ 20,484,080 $ 19,129,356 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, 2017 and 2016, were as follows (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 United States $ 681,337 $ 602,422 $ 2,020,598 $ 1,796,143 United Kingdom 38,103 37,139 95,393 110,731 Other European 1,729 2,425 6,356 7,231 $ 721,169 $ 641,986 $ 2,122,347 $ 1,914,105 |
Earnings Per Share ("EPS")
Earnings Per Share ("EPS") | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 21 – 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, 2017 and 2016 (in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Net income $ 66,536 $ 17,814 $ 184,859 $ 54,640 Preferred dividends 2,343 1,563 7,031 1,563 Net income available to common shareholders $ 64,193 $ 16,251 $ 177,828 $ 53,077 Shares for basic and diluted calculation: Average shares used in basic computation 68,522 66,482 68,488 66,950 Dilutive effect of stock options and units (1) 12,359 11,062 12,074 9,662 Average shares used in diluted computation 80,881 77,544 80,562 76,612 Earnings per common share: Basic $ 0.94 $ 0.24 $ 2.60 $ 0.79 Diluted $ 0.79 $ 0.21 $ 2.21 $ 0.69 (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. For the three and nine months ended September 30, 2017 and 2016, the anti-dilutive effect from restricted stock units was immaterial. Cash Dividends During the three and nine months ended September 30, 2017, we declared and paid a cash dividend of $0.10 per common share. There were no dividends declared or paid during 2016. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Shareholders' Equity | NOTE 22 – 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, 2017, the maximum number of shares that may yet be purchased under this plan was 7.1 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. There were no share repurchases during the three months ended September 30, 2017. During the nine months ended September 30, 2017, we repurchased $13.0 million, or 0.3 million shares using existing Board authorizations at an average price of $43.83 per share to meet obligations under our company’s employee benefit plans and for general corporate purposes. During the three and nine months ended September 30, 2016, we repurchased $18.3 million and $113.5 million, or 0.6 million and 3.4 million shares, respectively, using existing Board authorizations at an average price of $30.52 and $33.22 per share, respectively, to meet obligations under our company’s employee benefit plans and for general corporate purposes. Issuance of Common Stock On January 3, 2017, we issued 0.2 million shares related to the purchase of City Securities. During the nine months ended September 30, 2017, we issued 1.9 million shares, which were reissued from treasury. Share issuances were primarily a result of the vesting and exercise transactions under our incentive stock award plans and shares issued as part of the purchase consideration in our acquisition of City Securities. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2017 | |
Variable Interest Entity Not Primary Beneficiary Disclosures [Abstract] | |
Variable Interest Entities | NOTE 23 – 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 $184.0 million at September 30, 2017. 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, 2017 and 2016. In addition, our direct investment interest in these entities is insignificant at September 30, 2017 and December 31, 2016. 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 $315.4 million at September 30, 2017. 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, 2017. Management fee revenue earned by our company was insignificant during the three and nine months ended September 30, 2017 and 2016. 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 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 promissory note was amended and restated. The promissory note matures in April 2018; however, FSI has three five-year extension options. We entered into an agreement with FSI, whereby we have agreed to waive the convertibility feature of the promissory note conditioned upon FSI entering into a new asset management services agreement prior to February 28, 2018. Prior to such agreement, the note was convertible at our election into a 49.9% interest in FSI only after the last extension option. The 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, 2017, 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, 2017. 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, 2017. 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, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 24 – 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 did not identify any recognized subsequent events that would have required adjustment to the consolidated financial statements. Based on the evaluation, we identified the following as non-recognized events. Issuance of Senior Notes On October 4, 2017, we completed the pricing of a registered underwritten public offering of $200.0 million in aggregate principal amount of 5.20% senior notes due October 2047. Interest on the senior notes is payable quarterly in arrears on January 15, April 15, July 15, and October 15. On or after October 15, 2022, 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. On October 27, 2017, we completed the sale of an additional $25.0 million aggregate principal amount of Notes pursuant to the over-allotment option. |
New Accounting Pronouncements (
New Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature Of Operations | Nature of Operations Stifel Financial Corp. (the “Company”), 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 Europe. 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. On January 3, 2017, the Company completed the acquisition of City Financial Corporation and its wholly owned subsidiary, City Securities Corporation (“City Securities”), an independent investment bank focused primarily on offering wealth management and public finance services across the Midwest. The acquisition was funded with cash from operations and common stock. |
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”), Keefe, Bruyette & Woods, Inc., 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, 2016 on file with the SEC. Certain amounts from prior periods have been reclassified to conform to the current period’s presentation. During the first quarter of 2017, we adopted Accounting Standards Update (“ASU”) 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. Amounts previously reported for the three and nine months ended September 30, 2016 have been restated as required upon adoption of the ASU. See Note 2 for further discussion. 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, 2016, with the exception of the new guidance on stock-based compensation. |
Recently Adopted Accounting Guidance | Recently Adopted Accounting Guidance Share-Based Payments In March 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-09, “Improvements to Employee Share-Based Payment Accounting” that requires an entity to record all excess tax benefits and tax deficiencies as an income tax benefit or expense in the income statement. The update no longer requires cash flows related to excess tax benefits to be presented as a financing activity separate from other income tax cash flows. The update also clarifies that all cash payments to taxing authorities made on an employee's behalf for withheld shares should be presented as a financing activity on the statement of cash flows and requires an entity to elect an accounting policy to either estimate the number of forfeitures or account for forfeitures when they occur. The guidance is effective for fiscal years beginning after December 15, 2016 (January 1, 2017 for our company). We adopted the guidance in the update on January 1, 2017, and during the nine months ended September 30, 2017 recognized an excess tax benefit from stock-based compensation of $17.4 million in the provision for income taxes on the accompanying consolidated statements of operations (adopted prospectively). Excess tax benefits from stock based compensation are now classified in operating activities on the accompanying consolidated statement of cash flows instead of being separately stated in financing activities for the nine months ended September 30, 2017 (adopted prospectively). Cash paid to a tax authority by our company when withholding shares from an employee’s award for tax-withholding purposes are now classified as a financing activity in the accompanying consolidated statement of cash flows (adopted retrospectively). We reclassified $47.5 million from operating activities to financing activities in the accompanying consolidated statement of cash flows for the nine months ended September 30, 2016 pertaining to shares withheld from employee awards for tax withholding purposes. Following the adoption of ASU 2016-09, we will continue to estimate forfeitures. |
Recently Issued Accounting Guidance | Recently Issued Accounting Guidance Derivatives and Hedging In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities” to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The guidance is effective for fiscal years beginning after December 15, 2018 (January 1, 2019). Early adoption is permitted. The guidance requires a modified retrospective transition method in which a company will recognize the cumulative effect of the change on the opening balance of each affected component of equity in the statement of financial position as of the date of adoption. We are currently evaluating the effect that the new guidance will have on our consolidated financial statements. Goodwill Impairment Testing In January 2017, the FASB issued ASU No. 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,” which simplifies the subsequent measurement of goodwill and eliminates Step 2 from the goodwill impairment test. Under the new guidance, the annual, or interim, goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount, and an impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In addition, income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit should be considered when measuring the goodwill impairment loss, if applicable. The amendments also eliminate the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The amendments are to be applied on a prospective basis. The guidance is effective for annual or any interim impairment tests in fiscal years beginning after December 15, 2019 (January 1, 2020 for our company). Early adoption is permitted. We are currently evaluating the effect that the new guidance will have on our consolidated financial statements. Statement of Cash Flow – Restricted Cash In November 2016, the FASB issued ASU 2016-18, "Statement of Cash Flow - Restricted Cash," which adds or clarifies guidance on the classification and presentation of restricted cash in the statement of cash flows. The ASU is effective for the fiscal year beginning after December 15, 2017 (January 1, 2018 for our Company). Early adoption is permitted. The guidance is not expected to have a material impact on our consolidated financial statements. Financial Instruments – Credit Losses In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” For trade receivables, loans, and held-to-maturity debt securities, the current probable loss recognition methodology is being replaced by an expected credit loss model. For available-for-sale debt securities, the recognition model on credit losses is generally unchanged, except the losses will be presented as an adjustable allowance. The guidance is effective for fiscal years beginning after December 15, 2019 (January 1, 2020 for our Company), including interim periods within that reporting period. Early adoption is permitted for annual periods beginning after December 15, 2018. We have been closely monitoring FASB activity related to the new standard. During the second half of 2016, we began developing a plan regarding the evaluation of the potential changes from adopting the new standard on our future financial reporting and disclosures. We expect to adopt the requirements of the new standard in the first quarter of 2020. Leases In February 2016, the FASB issued ASU No. 2016-02, “Leases” that requires lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases with the exception of short-term leases. For lessees, leases will continue to be classified as either operating or finance leases in the income statement. Lessor accounting is similar to the current model but updated to align with certain changes to the lessee model. Lessors will continue to classify leases as operating, direct financing or sales-type leases. The new standard must be adopted using a modified retrospective transition and requires application of the new guidance at the beginning of the earliest comparative period presented. The guidance is effective for fiscal years beginning after December 15, 2018 (January 1, 2019 for our company). Early adoption is permitted. We have been closely monitoring FASB activity related to the new standard. During the second half of 2016, we began developing a plan regarding the evaluation of the potential changes from adopting the new standard on our future financial reporting and disclosures. We also made progress on our contract reviews and detailed policy drafting. Based on our evaluation, we expect to adopt the requirements of the new standard in the first quarter of 2019 using the modified retrospective approach. Financial Assets and Financial Liabilities In January 2016, the FASB issued ASU No. 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities” that will change the income statement impact of equity investments held by an entity, and the recognition of changes in fair value of financial liabilities when the fair value option is elected. The guidance is effective for fiscal years beginning after December 15, 2017 (January 1, 2018 for our company). The guidance is not expected to have a material impact on our consolidated financial statements. Revenue Recognition In April 2016, the FASB issued ASU No. 2016-10, “Identifying Performance Obligations and Licensing” that amends the revenue guidance in ASU 2014-09 on identifying performance obligations. The effective date of the new guidance will coincide with ASU 2014-09 during the first quarter 2018. In March 2016, the FASB issued ASU No. 2016-08, “Principal versus Agent Considerations (Reporting Revenue Gross versus Net)” (“ASU 2016-08”) that amends the principal versus agent guidance in ASU 2014-09. ASU 2016-08 clarifies that the analysis must focus on whether the entity has control of the goods or services before they are transferred to the customer. ASU 2016-08 also provides additional guidance about how to apply the control principle when services are provided and when goods or services are combined with other goods or services. The effective date of the standard for the Company will coincide with ASU 2014-09 during the first quarter 2018. In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)," ("ASU 2014-09") that 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 have been closely monitoring FASB activity related to the new standard. Our implementation efforts include the identification of revenue within the scope of the guidance, and the potential impact on its consolidated results of operations and disclosures. Our implementation efforts include the identification of revenue and associated costs within the scope of the guidance, as well as the evaluation of revenue contracts, and any changes to existing revenue recognition policies. While we have not yet identified any material changes in the timing of revenue recognition, our review is ongoing, and we continue to evaluate the presentation of certain contract costs (whether presented gross or offset against revenue). Based on our implementation work to date, we expect that we will be required to present certain underwriting costs (currently offset against Investment banking revenues) gross as non-interest expense upon adoption. The current broker dealer industry treatment of the timing of performance fee recognition related to consolidated alternative asset management entities, and fees received for equity research may be impacted by the new guidance. Our company plans to expand its quantitative and qualitative disclosures within the notes to the consolidated financial statements. We are also evaluating whether certain asset management contract costs can be capitalized on the consolidated statements of financial position. We plan on adopting the requirements of the new standard in the first quarter of 2018 using the modified retrospective approach. |
Receivables From And Payables33
Receivables From And Payables To Brokers, Dealers And Clearing Organizations (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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, 2017 and December 31, 2016, included (in thousands) September 30, 2017 December 31, 2016 Deposits paid for securities borrowed $ 159,536 $ 382,691 Receivables from clearing organizations 133,326 568,373 Securities failed to deliver 43,051 73,688 $ 335,913 $ 1,024,752 |
Amounts Payable To Brokers, Dealers, And Clearing Organizations | September 30, 2017 December 31, 2016 Deposits received from securities loaned $ 309,561 $ 478,814 Payable to clearing organizations 64,116 16,411 Securities failed to receive 46,083 27,882 $ 419,760 $ 523,107 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Fair Value Of Investments In And Unfunded Commitments To Funds Measured At Net Asset Value | September 30, 2017 Fair value of investments Unfunded commitments Partnership interests $ 5,415 $ 1,348 Mutual funds 10,038 — Private equity funds 8,663 1,865 Money market funds 16,528 — Total $ 40,644 $ 3,213 December 31, 2016 Fair value of investments Unfunded commitments Private company investments $ 18,763 $ 8,526 Partnership interests 15,798 1,822 Mutual funds 11,301 — Private equity funds 9,310 2,020 Money market funds 35,637 — Total $ 90,809 $ 12,368 |
Fair Value Of Assets And Liabilities Measured On Recurring Basis | September 30, 2017 Total Level 1 Level 2 Level 3 Financial instruments owned: U.S. government securities $ 48,900 $ 48,900 $ — $ — U.S. government agency securities 128,014 — 128,014 — Mortgage-backed securities: Agency 258,348 — 258,348 — Non-agency 37,185 — 36,827 358 Corporate securities: Fixed income securities 409,550 8,499 400,803 248 Equity securities 38,280 38,013 — 267 State and municipal securities 145,226 — 145,226 — Total financial instruments owned 1,065,503 95,412 969,218 873 Available-for-sale securities: U.S. government agency securities 4,686 199 4,487 — State and municipal securities 71,961 — 71,961 — Mortgage-backed securities: Agency 311,888 — 311,888 — Commercial 72,733 — 72,733 — Non-agency 1,619 — 1,619 — Corporate fixed income securities 1,072,376 — 1,072,376 — Asset-backed securities 2,159,035 — 2,159,035 — Total available-for-sale securities 3,694,298 199 3,694,099 — Investments: Corporate equity securities 51,475 51,235 — 240 Auction rate securities: Equity securities 34,608 — — 34,608 Municipal securities 840 — — 840 Other 1,610 — 370 1,240 Investments in funds measured at NAV 24,116 Total investments 112,649 51,235 370 36,928 Cash equivalents measured at NAV 16,528 Derivative contracts (1) 5,669 5,669 $ 4,894,647 $ 146,846 $ 4,669,356 $ 37,801 (1) September 30, 2017 Total Level 1 Level 2 Level 3 Liabilities: Financial instruments sold, but not yet purchased: U.S. government securities $ 297,690 $ 297,690 $ — $ — U.S. government agency securities 22,140 — 22,140 — Mortgage-backed securities Agency 65,716 — 65,716 — Corporate securities: Fixed income securities 311,516 33,793 277,723 — Equity securities 52,261 52,261 — — Total financial instruments sold, but not yet purchased $ 749,323 $ 383,744 $ 365,579 $ — Assets and liabilities measured at fair value on a recurring basis as of December 31, 2016, are presented below (in thousands) December 31, 2016 Total Level 1 Level 2 Level 3 Financial instruments owned: U.S. government securities $ 9,951 $ 9,951 $ — $ — U.S. government agency securities 89,833 — 89,833 — Mortgage-backed securities: Agency 305,774 — 305,774 — Non-agency 28,402 — 27,320 1,082 Corporate securities: Fixed income securities 299,946 1,944 297,729 273 Equity securities 32,044 31,444 — 600 State and municipal securities 159,095 — 159,095 — Total financial instruments owned 925,045 43,339 879,751 1,955 Available-for-sale securities: U.S. government agency securities 4,197 300 3,897 — State and municipal securities 72,490 — 72,490 — Mortgage-backed securities: Agency 338,732 — 338,732 — Commercial 72,773 — 72,773 — Non-agency 1,892 — 1,892 — Corporate fixed income securities 823,511 — 823,511 — Asset-backed securities 1,867,718 — 1,867,718 — Total available-for-sale securities 3,181,313 300 3,181,013 — Investments: Corporate equity securities 27,247 23,414 — 3,833 Auction rate securities: Equity securities 48,689 — — 48,689 Municipal securities 832 — — 832 Other 1,623 — 383 1,240 Investments measured at NAV 55,172 Total investments 133,563 23,414 383 54,594 Cash equivalents measured at NAV 35,637 Derivative contracts (1) 10,390 — 10,390 — $ 4,285,948 $ 67,053 $ 4,071,537 $ 56,549 (1) December 31, 2016 Total Level 1 Level 2 Level 3 Liabilities: Financial instruments sold, but not yet purchased: U.S. government securities $ 362,536 $ 362,536 $ — $ — U.S. government agency securities 20,549 — 20,549 — Mortgage-backed securities Agency 94,552 — 94,552 — Non-agency 1 — 1 — Corporate securities: Fixed income securities 202,968 980 201,988 — Equity securities 18,395 18,395 — — State and municipal securities 31 — 31 — Total financial instruments sold, but not yet purchased 699,032 381,911 317,121 — Derivative contracts (2) 1,823 — 1,823 — $ 700,855 $ 381,911 $ 318,944 $ — (2) Included in accounts payable and accrued expenses in the consolidated statements of financial condition. |
Schedule Of Changes In Fair Value Associated With Level 3 Financial Instruments | Three Months Ended September 30, 2017 Financial instruments owned Investments Mortgage- Backed Securities – Non-Agency Fixed Income Securities Equity Securities Corporate Equity Securities Auction Securities – Equity Auction Rate Securities – Municipal Other Balance at June 30, 2017 $ 525 $ 256 $ 367 $ 240 $ 34,621 $ 841 $ 1,240 Unrealized gains/(losses): Included in changes in net assets (1) (160 ) — 159 — (13 ) (1 ) — Included in OCI (2) — — — — — — — Realized gains/(losses) (1) (7 ) — (259 ) — — — — Purchases — — — — — — — Sales — — — — — — — Redemptions — (8 ) — — — — — Transfers: Into Level 3 — — — — — — — Out of Level 3 — — — — — — — Net change (167 ) (8 ) (100 ) — (13 ) (1 ) — Balance at September 30, 2017 $ 358 $ 248 $ 267 $ 240 $ 34,608 $ 840 $ 1,240 (1) Realized and unrealized gains/(losses) related to financial instruments owned and investments are reported in other income in the consolidated statements of operations. (2) Unrealized gains/(losses) related to available-for-sale securities are reported in accumulated other comprehensive loss in the consolidated statements of financial condition. Nine Months Ended September 30, 2017 Financial instruments owned Investments Mortgage- Backed Securities – Non-Agency Fixed Income Securities Equity Securities Corporate Equity Securities Auction Securities – Equity Auction Rate Securities – Municipal Other Balance at December 31, 2016 $ 1,082 $ 273 $ 600 $ 3,833 $ 48,689 $ 832 $ 1,240 Unrealized gains/(losses): Included in changes in net assets (1) (260 ) — (74 ) — 604 8 — Included in OCI (2) — — — — — — — Realized gains/(losses) (1) 90 — (259 ) — — — — Purchases — — — — — — — Sales (324 ) — — — — — — Redemptions (230 ) (25 ) — — — — — Transfers: Into Level 3 — — — — — — — Out of Level 3 — — — (3,593 ) (14,685 ) — — Net change (724 ) (25 ) (333 ) (3,593 ) (14,081 ) 8 — Balance at September 30, 2017 $ 358 $ 248 $ 267 $ 240 $ 34,608 $ 840 $ 1,240 (1) Realized and unrealized gains/(losses) related to financial instruments owned and investments are reported in other income in the consolidated statements of operations. (2) Unrealized gains/(losses) related to available-for-sale securities are reported in accumulated other comprehensive loss in the consolidated statements of financial. |
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 1.2% - 11.7% 5.3% Workout period 1 - 3 years 2.2 years Municipal securities Discounted cash flow Discount rate 1.9% - 9.2% 4.0% Workout period 1 - 4 years 1.9 years |
Schedule Of Fair Value Of Financial Instruments | September 30, 2017 December 31, 2016 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets: Cash and cash equivalents $ 588,916 $ 588,916 $ 912,932 $ 912,932 Cash segregated for regulatory purposes 25,175 25,175 73,235 73,235 Securities purchased under agreements to resell 458,335 458,335 248,588 248,588 Financial instruments owned 1,065,503 1,065,503 925,045 925,045 Available-for-sale securities 3,694,298 3,694,298 3,181,313 3,181,313 Held-to-maturity securities 3,554,765 3,572,646 3,038,405 3,040,554 Loans held for sale 166,335 166,335 228,588 228,588 Bank loans 6,783,078 6,776,966 5,591,190 5,633,804 Investments 112,649 112,649 133,563 133,563 Derivative contracts (1) 5,669 5,669 10,390 10,390 Financial liabilities: Securities sold under agreements to repurchase $ 155,396 $ 155,396 $ 268,546 $ 268,546 Bank deposits 12,883,961 12,147,029 11,527,483 11,092,185 Financial instruments sold, but not yet purchased 749,323 749,323 699,032 699,032 Derivative contracts (2) — — 1,823 1,823 Federal Home Loan Bank advances 790,000 790,000 500,000 500,000 Borrowings 78,000 78,000 377,000 377,000 Senior notes 796,609 810,052 795,891 799,632 Debentures to Stifel Financial Capital Trusts 67,500 50,830 67,500 52,525 (1) (2) 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, 2017 Total Level 1 Level 2 Level 3 Financial assets: Cash $ 572,388 $ 572,388 $ — $ — Cash segregated for regulatory purposes 25,175 25,175 — — Securities purchased under agreements to resell 458,335 458,335 — — Held-to-maturity securities 3,572,646 — 3,380,094 192,552 Loans held for sale 166,335 — 166,335 — Bank loans 6,776,966 — 6,776,966 — Financial liabilities: Securities sold under agreements to repurchase $ 155,396 $ — $ 155,396 $ — Bank deposits 12,147,029 — 12,147,029 — Federal Home Loan Bank advances 790,000 790,000 — — Borrowings 78,000 78,000 — — Senior notes 810,052 810,052 — — Debentures to Stifel Financial Capital Trusts 50,830 — — 50,830 December 31, 2016 Total Level 1 Level 2 Level 3 Financial assets: Cash $ 877,295 $ 877,295 $ — $ — Cash segregated for regulatory purposes 73,235 73,235 — — Securities purchased under agreements to resell 248,588 227,983 20,605 — Held-to-maturity securities 3,040,554 — 2,830,869 209,685 Loans held for sale 228,588 — 228,588 — Bank loans 5,633,804 — 5,633,804 — Financial liabilities: Securities sold under agreements to repurchase $ 268,546 $ 149,881 $ 118,665 $ — Bank deposits 11,092,185 — 11,092,185 — Federal Home Loan Bank advances 500,000 500,000 — — Borrowings 377,000 377,000 — — Senior notes 799,632 799,632 — — Debentures to Stifel Financial Capital Trusts 52,525 — — 52,525 |
Financial Instruments Owned A35
Financial Instruments Owned And Financial Instruments Sold, But Not Yet Purchased (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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, 2017 and December 31, 2016 are as follows (in thousands) September 30, 2017 December 31, 2016 Financial instruments owned: U.S. government securities $ 48,900 $ 9,951 U.S. government agency securities 128,014 89,833 Mortgage-backed securities: Agency 258,348 305,774 Non-agency 37,185 28,402 Corporate securities: Fixed income securities 409,550 299,946 Equity securities 38,280 32,044 State and municipal securities 145,226 159,095 $ 1,065,503 $ 925,045 Financial instruments sold, but not yet purchased: U.S. government securities $ 297,690 $ 362,536 U.S. government agency securities 22,140 20,549 Mortgage-backed securities: Agency 65,716 94,552 Non-agency — 1 Corporate securities: Fixed income securities 311,516 202,968 Equity securities 52,261 18,395 State and municipal securities — 31 $ 749,323 $ 699,032 |
Available-For-Sale And Held-T36
Available-For-Sale And Held-To-Maturity Securities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule Of Amortized Cost And Fair Values Of Available For Sale Securities And Held To Maturity Securities | September 30, 2017 Amortized Cost Gross Unrealized Gains (1) Gross Unrealized Losses (1) Estimated Fair Value Available-for-sale securities U.S. government agency securities $ 4,705 $ — $ (19 ) $ 4,686 State and municipal securities 75,288 — (3,327 ) 71,961 Mortgage-backed securities: Agency 314,255 102 (2,469 ) 311,888 Commercial 75,842 34 (3,143 ) 72,733 Non-agency 1,619 — — 1,619 Corporate fixed income securities 1,070,694 4,324 (2,642 ) 1,072,376 Asset-backed securities 2,140,688 19,901 (1,554 ) 2,159,035 $ 3,683,091 $ 24,361 $ (13,154 ) $ 3,694,298 Held-to-maturity securities (2) Mortgage-backed securities: Agency $ 1,392,113 $ 17,065 $ (12,569 ) $ 1,396,609 Commercial 59,336 2,093 — 61,429 Asset-backed securities 2,063,289 13,095 (1,816 ) 2,074,568 Corporate fixed income securities 40,027 54 (41 ) 40,040 $ 3,554,765 $ 32,307 $ (14,426 ) $ 3,572,646 December 31, 2016 Amortized Cost Gross Unrealized Gains (1) Gross Unrealized Losses (1) Estimated Fair Value Available-for-sale securities U.S. government agency securities $ 4,213 $ 2 $ (18 ) $ 4,197 State and municipal securities 76,066 — (3,576 ) 72,490 Mortgage-backed securities: Agency 340,738 298 (2,304 ) 338,732 Commercial 77,417 59 (4,703 ) 72,773 Non-agency 2,032 — (140 ) 1,892 Corporate fixed income securities 830,695 1,418 (8,602 ) 823,511 Asset-backed securities 1,858,929 9,857 (1,068 ) 1,867,718 $ 3,190,090 $ 11,634 $ (20,411 ) $ 3,181,313 Held-to-maturity securities (2) Mortgage-backed securities: Agency $ 1,567,758 $ 14,537 $ (17,037 ) $ 1,565,258 Commercial 59,581 1,786 — 61,367 Non-agency 688 — (13 ) 675 Asset-backed securities 1,370,300 6,242 (3,396 ) 1,373,146 Corporate fixed income securities 40,078 30 — 40,108 $ 3,038,405 $ 22,595 $ (20,446 ) $ 3,040,554 (1) Unrealized gains/(losses) related to available-for-sale securities are reported in accumulated other comprehensive loss. (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 | September 30, 2017 Available-for-sale securities Held-to-maturity securities Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Debt securities Within one year $ 162,117 $ 162,402 $ 40,027 $ 40,041 After one year through three years 203,072 204,360 — — After three years through five years 349,602 349,427 — — After five years through ten years 794,146 797,204 335,021 335,834 After ten years 1,782,438 1,794,665 1,728,268 1,738,733 Mortgage-backed securities After three years through five years — — 59,336 61,428 After five years through ten years 58,428 55,982 152,555 151,316 After ten years 333,288 330,258 1,239,558 1,245,294 $ 3,683,091 $ 3,694,298 $ 3,554,765 $ 3,572,646 |
Contractual Maturities | The maturities of our available-for-sale (fair value) and held-to-maturity (amortized cost) securities at September 30, 2017, 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 $ 1,996 $ 2,690 $ — $ — $ 4,686 State and municipal securities 375 189 16,621 54,776 71,961 Mortgage-backed securities: - Agency — — 361 311,527 311,888 Commercial — — 55,621 17,112 72,733 Non-agency — — — 1,619 1,619 Corporate fixed income securities 160,031 550,908 361,437 — 1,072,376 Asset-backed securities — — 419,146 1,739,889 2,159,035 $ 162,402 $ 553,787 $ 853,186 $ 2,124,923 $ 3,694,298 Held-to-maturity: Mortgage-backed securities: Agency $ — $ — $ 152,555 $ 1,239,558 $ 1,392,113 Commercial — 59,336 — — 59,336 Asset-backed securities — — 335,021 1,728,268 2,063,289 Corporate fixed income securities 40,027 — — — 40,027 $ 40,027 $ 59,336 $ 487,576 $ 2,967,826 $ 3,554,765 (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, 2017 (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 $ (19 ) $ 4,686 $ — $ — $ (19 ) $ 4,686 State and municipal securities (11 ) 3,054 (3,316 ) 68,907 (3,327 ) 71,961 Mortgage-backed securities: Agency (942 ) 151,575 (1,527 ) 147,738 (2,469 ) 299,313 Commercial — — (3,143 ) 71,293 (3,143 ) 71,293 Non-agency — — — 1,593 — 1,593 Corporate fixed income securities (820 ) 213,865 (1,822 ) 171,610 (2,642 ) 385,475 Asset-backed securities (1,554 ) 22,457 — — (1,554 ) 22,457 $ (3,346 ) $ 395,637 $ (9,808 ) $ 461,141 $ (13,154 ) $ 856,778 Held-to-maturity securities Mortgage-backed securities: Agency $ (5,719 ) $ 575,048 $ (6,850 ) $ 221,305 $ (12,569 ) $ 796,353 Asset-backed securities (30 ) 35,198 (1,786 ) 42,920 (1,816 ) 78,118 Corporate fixed income securities (41 ) 9,965 — — (41 ) 9,965 $ (5,790 ) $ 620,211 $ (8,636 ) $ 264,225 $ (14,426 ) $ 884,436 |
Bank Loans (Tables)
Bank Loans (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Schedule Of Balance And Associated Percentage Of Each Major Loan Category In Bank Loan Portfolio | September 30, 2017 December 31, 2016 Balance Percent Balance Percent Residential real estate $ 2,517,543 36.6 % $ 2,161,400 38.4 % Commercial and industrial 2,380,417 34.6 1,710,399 30.3 Securities-based loans 1,839,981 26.7 1,614,033 28.6 Commercial real estate 78,614 1.1 78,711 1.4 Consumer 36,149 0.5 45,391 0.8 Home equity lines of credit 13,072 0.2 15,008 0.3 Construction and land 18,115 0.3 12,623 0.2 Gross bank loans 6,883,891 100.0 % 5,637,565 100.0 % Unamortized loan premium/(discount), net 655 858 Unamortized loan fees, net of loan fees 707 (49 ) Loans in process (39,946 ) (2,021 ) Allowance for loan losses (62,229 ) (45,163 ) Bank loans, net $ 6,783,078 $ 5,591,190 |
Activity In The Allowance For Loan Losses By Portfolio Segment | Three Months Ended September 30, 2017 Beginning Balance Provision Charge-offs Recoveries Ending Balance Commercial and industrial $ 40,805 $ 6,312 $ — $ 35 $ 47,152 Securities-based loans 3,600 (288 ) — — 3,312 Consumer 105 (3 ) — 1 103 Residential real estate 5,569 1,566 — — 7,135 Commercial real estate 932 95 — — 1,027 Home equity lines of credit 283 (13 ) — 1 271 Construction and land 224 9 — — 233 Qualitative 2,684 312 — — 2,996 $ 54,202 $ 7,990 $ — $ 37 $ 62,229 Nine Months Ended September 30, 2017 Beginning Balance Provision Charge-offs Recoveries Ending Balance Commercial and industrial $ 35,127 $ 12,239 $ (250 ) $ 36 $ 47,152 Securities-based loans 3,094 218 — — 3,312 Consumer 129 (27 ) — 1 103 Residential real estate 2,660 4,475 — — 7,135 Commercial real estate 1,363 2,367 (2,703 ) — 1,027 Home equity lines of credit 371 (102 ) — 2 271 Construction and land 232 1 — — 233 Qualitative 2,187 809 — — 2,996 $ 45,163 $ 19,980 $ (2,953 ) $ 39 $ 62,229 Three Months Ended September 30, 2016 Beginning Balance Provision Charge-offs Recoveries Ending Balance Commercial and industrial $ 29,816 $ 2,631 $ (267 ) $ — $ 32,180 Securities-based loans 1,731 172 — — 1,903 Consumer 107 203 (16 ) 1 295 Residential real estate 1,529 346 — — 1,875 Commercial real estate 512 (8 ) — — 504 Home equity lines of credit 283 2 — — 285 Construction and land 144 59 — — 203 Qualitative 1,744 156 — — 1,900 $ 35,866 $ 3,561 $ (283 ) $ 1 $ 39,145 Nine Months Ended September 30, 2016 Beginning Balance Provision Charge-offs Recoveries Ending Balance Commercial and industrial $ 24,748 $ 7,699 $ (267 ) $ — $ 32,180 Securities-based loans 1,607 296 — — 1,903 Consumer 105 205 (16 ) 1 295 Residential real estate 1,241 644 (13 ) 3 1,875 Commercial real estate 264 233 — 7 504 Home equity lines of credit 290 (5 ) — — 285 Construction and land 78 125 — — 203 Qualitative 1,454 446 — — 1,900 $ 29,787 $ 9,643 $ (296 ) $ 11 $ 39,145 |
Recorded Balance 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 Residential real estate $ 24 $ 7,111 $ 7,135 $ 173 $ 2,517,370 $ 2,517,543 Commercial and industrial 2,131 45,021 47,152 14,511 2,365,906 2,380,417 Securities-based loans — 3,312 3,312 — 1,839,981 1,839,981 Commercial real estate — 1,027 1,027 — 78,614 78,614 Consumer 3 100 103 3 36,146 36,149 Home equity lines of credit 149 122 271 322 12,750 13,072 Construction and land — 233 233 — 18,115 18,115 Qualitative — 2,996 2,996 — — — $ 2,307 $ 59,922 $ 62,229 $ 15,009 $ 6,868,882 $ 6,883,891 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 Residential real estate $ 24 $ 2,636 $ 2,660 $ 178 $ 2,161,222 $ 2,161,400 Commercial and industrial 2,392 32,735 35,127 16,815 1,693,584 1,710,399 Securities-based loans — 3,094 3,094 — 1,614,033 1,614,033 Commercial real estate 722 641 1,363 9,522 69,189 78,711 Consumer 6 123 129 6 45,385 45,391 Home equity lines of credit 231 140 371 413 14,595 15,008 Construction and land — 232 232 — 12,623 12,623 Qualitative — 2,187 2,187 — — — $ 3,375 $ 41,788 $ 45,163 $ 26,934 $ 5,610,631 $ 5,637,565 |
Loans That Were Individually Evaluated For Impairment By Portfolio Segment | September 30, 2017 Unpaid Contractual Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment Commercial and industrial $ 14,511 $ — $ 14,511 $ 14,511 $ 2,131 $ 16,057 Consumer 677 — 3 3 3 6 Residential real estate 173 — 173 173 24 175 Home equity lines of credit 322 — 322 322 149 323 Total $ 15,683 $ — $ 15,009 $ 15,009 $ 2,307 $ 16,561 December 31, 2016 Unpaid Contractual Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment Commercial and industrial $ 16,815 $ — $ 16,815 $ 16,815 $ 2,392 $ 22,559 Commercial real estate 10,503 — 9,522 9,522 722 9,080 Consumer 833 — 6 6 6 9 Home equity lines of credit 413 — 413 413 231 413 Residential real estate 178 — 178 178 24 181 Total $ 28,742 $ — $ 26,934 $ 26,934 $ 3,375 $ 32,242 |
Aging Of The Recorded Investment In Past Due Loans | As of September 30, 2017 30 – 89 Days Past Due 90 or More Days Past Due Total Due Current Balance Total Residential real estate $ 5,471 $ — $ 5,471 $ 2,512,072 $ 2,517,543 Commercial and industrial — — — 2,380,417 2,380,417 Securities-based loans — — — 1,839,981 1,839,981 Commercial real estate — — — 78,614 78,614 Consumer 314 2 316 35,833 36,149 Home equity lines of credit — — — 13,072 13,072 Construction and land — — — 18,115 18,115 Total $ 5,785 $ 2 $ 5,787 $ 6,878,104 $ 6,883,891 As of September 30, 2017 * Non-Accrual Restructured (1) Total Commercial and industrial $ 5,749 $ 8,762 $ 14,511 Home equity lines of credit 322 — 322 Residential real estate — 173 173 Consumer 3 — 3 Total $ 6,074 $ 8,935 $ 15,009 (1) On non-accrual status. * There were no loans past due 90 days and still accruing interest at September 30, 2017. As of December 31, 2016 30 – 89 Days Past Due 90 or More Days Past Due Total Past Due Current Balance Total Residential real estate $ 1,923 $ — $ 1,923 $ 2,159,477 $ 2,161,400 Commercial and industrial — — — 1,710,399 1,710,399 Securities-based loans — — — 1,614,033 1,614,033 Commercial real estate 9,522 — 9,522 69,189 78,711 Consumer — 2 2 45,389 45,391 Home equity lines of credit 78 196 274 14,734 15,008 Construction and land — — — 12,623 12,623 Total $ 11,523 $ 198 $ 11,721 $ 5,625,844 $ 5,637,565 As of December 31, 2016* Non-Accrual Restructured Total Commercial and industrial $ 16,815 $ — $ 16,815 Commercial real estate — 9,522 9,522 Home equity lines of credit 413 — 413 Residential real estate — 178 178 Consumer 6 — 6 Total $ 17,234 $ 9,700 $ 26,934 * There were no loans past due 90 days and still accruing interest at December 31, 2016. |
Risk Category Of Loan Portfolio | As of September 30, 2017 Pass Special Substandard Doubtful Total Residential real estate $ 2,516,586 $ 784 $ 173 $ — $ 2,517,543 Commercial and industrial 2,338,246 26,548 15,623 — 2,380,417 Securities-based loans 1,839,981 — — — 1,839,981 Commercial real estate 78,614 — — — 78,614 Consumer 36,144 — 5 — 36,149 Home equity lines of credit 12,750 — 322 — 13,072 Construction and land 18,115 — — — 18,115 Total $ 6,840,436 $ 27,332 $ 16,123 $ — $ 6,883,891 As of December 31, 2016 Pass Special Substandard Doubtful Total Residential real estate $ 2,161,223 $ — $ 177 $ — $ 2,161,400 Commercial and industrial 1,652,211 27,905 30,283 — 1,710,399 Securities-based loans 1,614,033 — — — 1,614,033 Commercial real estate 69,189 — 9,522 — 78,711 Consumer 45,385 — 6 — 45,391 Home equity lines of credit 14,595 — 413 — 15,008 Construction and land 12,623 — — — 12,623 Total $ 5,569,259 $ 27,905 $ 40,401 $ — $ 5,637,565 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Carrying Amount Of Goodwill And Intangible Assets | Our annual goodwill impairment testing was completed as of July 31, 2017, 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, 2016 Adjustments Write-off September 30, 2017 Goodwill Global Wealth Management $ 270,779 $ 5,698 $ — $ 276,477 Institutional Group 691,503 629 — 692,132 $ 962,282 $ 6,327 $ — $ 968,609 December 31, 2016 Net Additions Amortization September 30, 2017 Intangible assets Global Wealth Management $ 45,231 $ 3,800 $ (3,391 ) $ 45,640 Institutional Group 71,073 1,007 (5,701 ) 66,379 $ 116,304 $ 4,807 $ (9,092 ) $ 112,019 |
Intangible Assets Subject To Amortization | Intangible assets subject to amortization as of September 30, 2017 and December 31, 2016 were as follows (in thousands) September 30, 2017 December 31, 2016 Gross Carrying Value Accumulated Amortization Gross Carrying Value Accumulated Amortization Customer relationships $ 146,387 $ 53,411 $ 141,621 $ 46,209 Trade name 24,713 9,846 24,713 8,670 Investment banking backlog 2,520 1,095 1,345 379 Non-compete agreements 1,445 812 2,578 813 $ 175,065 $ 65,164 $ 170,257 $ 56,071 |
Amortization Expense In Future Periods | As of September 30, 2017, we expect amortization expense in future periods to be as follows (in thousands) Fiscal year Remainder of 2017 $ 2,826 2018 10,933 2019 10,328 2020 10,108 2021 9,591 Thereafter 66,115 $ 109,901 |
Senior Notes (Tables)
Senior Notes (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Summary of Senior Notes | The following table summarizes our senior notes as of September 30, 2017 and December 31, 2016 (in thousands) September 30, 2017 December 31, 2016 4.250% senior notes, due 2024 (1) $ 500,000 $ 500,000 3.50% senior notes, due 2020 (2) 300,000 300,000 800,000 800,000 Debt issuance costs, net (3,391 ) (4,109 ) $ 796,609 $ 795,891 1 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. In July 2016, we issued an additional $200.0 million in aggregate principal amount of 4.25% senior notes due 2024. 2 In December 2015, we sold in a registered underwritten public offering, $300.0 million in aggregate principal amount of 3.50% senior notes due December 2020. 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 (in thousands) 2017 $ — 2018 — 2019 — 2020 300,000 2021 — Thereafter 500,000 $ 800,000 |
Bank Deposits (Tables)
Bank Deposits (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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, 2017 and December 31, 2016 were as follows (in thousands) September 30, 2017 December 31, 2016 Money market and savings accounts $ 12,658,209 $ 11,264,285 Demand deposits (interest-bearing) 216,438 253,545 Demand deposits (non-interest-bearing) 7,349 5,752 Certificates of deposit 1,965 3,901 $ 12,883,961 $ 11,527,483 |
Derivative Instruments And He41
Derivative Instruments And Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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, 2017 and December 31, 2016 (in thousands) September 30, 2017 Notional Balance Location Fair Value Asset Derivatives Cash flow interest rate contracts $ 540,000 Other assets $ 5,669 December 31, 2016 Notional Value Balance Location Fair Value Asset Derivatives Cash flow interest rate contracts $ 790,000 Other assets $ 10,390 Liability Derivatives Cash flow interest rate contracts $ 121,442 Accounts payable and accrued expenses $ 1,823 |
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, 2017 and 2016 (in thousands) Three Months Ended September 30, 2017 Gain/(Loss) Recognized in OCI (Effectiveness) Location of Loss Reclassified From OCI Into Income Gain/(Loss) Reclassified From OCI Into Income Location of Loss Recognized in OCI (Ineffectiveness) Gain/(Loss) Recognized Due to Ineffectiveness Cash flow interest rate contracts $ 928 Interest expense $ 724 Interest expense $ — Three Months Ended September 30, 2016 Gain/(Loss) Recognized in OCI (Effectiveness) Location of Loss Reclassified From OCI Into Income Gain(Loss) Reclassified From OCI Into Income Location of Loss Recognized in OCI (Ineffectiveness) Loss Recognized Due to Ineffectiveness Cash flow interest rate contracts $ 5,552 Interest $ (1,391 ) None $ 1 Nine Months Ended September 30, 2017 Gain/(Loss) Recognized in OCI (Effectiveness) Location of Loss Reclassified From OCI Into Income Gain/(Loss) Reclassified From OCI Into Income Location of Loss Recognized in OCI (Ineffectiveness) Loss Recognized Due to Ineffectiveness Cash flow interest rate contracts $ 3,504 Interest $ (810 ) None $ — Nine Months Ended September 30, 2016 Gain/(Loss) Recognized in OCI (Effectiveness) Location of Loss Reclassified From OCI Into Income Gain/(Loss) Reclassified From OCI Into Income Location of Loss Recognized in OCI (Ineffectiveness) Loss Recognized Due to Ineffectiveness Cash flow interest rate contracts $ (10,973 ) Interest expense $ (4,273 ) None $ 45 |
Disclosures About Offsetting 42
Disclosures About Offsetting Assets And Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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, 2017 and December 31, 2016 (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 of Financial Condition Amounts available for offset Available collateral Net Amount As of September 30, 2017: Securities borrowing (1) $ 159,536 $ — $ 159,536 $ (122,171 ) $ (20,995 ) $ 16,370 Reverse repurchase agreements (2) 458,335 — 458,335 (98,523 ) (354,592 ) 5,220 Cash flow interest rate contracts 5,669 — 5,669 — — 5,669 $ 623,540 $ — $ 623,540 $ (220,694 ) $ (375,587 ) $ 27,259 As of December 31, 2016: Securities borrowing (1) $ 382,691 $ — $ 382,691 $ (291,793 ) $ (68,776 ) $ 22,122 Reverse repurchase agreements (2) 248,588 — 248,588 (216,542 ) (32,046 ) — Cash flow interest rate contracts 10,390 — 10,390 — — 10,390 $ 641,669 $ — $ 641,669 $ (508,335 ) $ (100,822 ) $ 32,512 (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 fair value of securities pledged as collateral was $453.1 million and $248.5 million at September 30, 2017 and December 31, 2016, respectively. |
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, 2017 and December 31, 2016 (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 Amounts available for offset Collateral Pledged Net Amount As of September 30, 2017: Securities lending (3) $ (309,561 ) $ — $ (309,561 ) $ 122,171 $ 183,623 $ (3,767 ) Repurchase agreements (4) (155,396 ) — (155,396 ) 98,523 56,873 — $ (464,957 ) $ — $ (464,957 ) $ 220,694 $ 240,496 $ (3,767 ) As of December 31, 2016: Securities lending (3) $ (478,814 ) $ — $ (478,814 ) $ 291,793 $ 175,849 $ (11,172 ) Repurchase agreements (4) (268,546 ) — (268,546 ) 216,542 52,004 — Cash flow interest rate contracts (1,823 ) — (1,823 ) — 1,823 — $ (749,183 ) $ — $ (749,183 ) $ 508,335 $ 229,676 $ (11,172 ) (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. Collateral pledged by our company to the counter party includes U.S. government agency securities, U.S. government securities, and corporate fixed income securities with market values of $163.0 million and $299.3 million at September 30, 2017 and December 31, 2016, respectively. |
Regulatory Capital Requiremen43
Regulatory Capital Requirements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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, 2017 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 $ 1,760,021 18.3 % $ 432,769 4.5 % $ 625,111 6.5 % Tier 1 capital 1,969,702 20.5 % 577,026 6.0 % 769,368 8.0 % Total capital 2,031,937 21.1 % 769,368 8.0 % 961,710 10.0 % Tier 1 leverage 1,969,702 10.4 % 754,009 4.0 % 942,511 5.0 % Stifel Bank – Federal Reserve Capital Amounts September 30, 2017 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 $ 1,007,303 14.4 % $ 314,873 4.5 % $ 454,817 6.5 % Tier 1 capital 1,007,303 14.4 % 419,831 6.0 % 559,774 8.0 % Total capital 1,070,198 15.3 % 559,774 8.0 % 699,718 10.0 % Tier 1 leverage 1,007,303 7.1 % 567,587 4.0 % 709,484 5.0 % |
Interest Income And Interest 44
Interest Income And Interest Expense (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Banking And Thrift Interest [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, 2017 2016 2017 2016 Interest income: Bank loans, net $ 54,006 $ 35,484 $ 147,495 $ 91,517 Investment securities 48,072 27,161 136,123 73,968 Margin balances 9,919 7,438 27,124 24,135 Inventory 4,371 4,895 12,953 13,912 Other 1,494 (97 ) 4,071 (44 ) $ 117,862 $ 74,881 $ 327,766 $ 203,488 Interest expense: Senior notes $ 8,655 $ 12,164 $ 24,935 $ 28,518 Bank deposits 4,770 1,732 8,424 5,475 Federal Home Loan Bank advances 1,255 1,896 5,771 5,288 Other 2,945 3,591 11,035 11,475 $ 17,625 $ 19,383 $ 50,165 $ 50,756 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule Of Operating Information, Segment | Information concerning operations in these segments of business for the three and nine months ended September 30, 2017 and 2016 is as follows (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Net revenues: (1) Global Wealth Management $ 453,558 $ 390,032 $ 1,348,280 $ 1,155,875 Institutional Group 264,747 258,800 778,367 760,996 Other 2,864 (6,846 ) (4,300 ) (2,766 ) $ 721,169 $ 641,986 $ 2,122,347 $ 1,914,105 Income/(loss) before income taxes: Global Wealth Management $ 161,756 $ 109,079 $ 457,045 $ 307,466 Institutional Group 51,717 44,923 144,481 116,628 Other (105,334 ) (126,020 ) (331,170 ) (336,406 ) $ 108,139 $ 27,982 $ 270,356 $ 87,688 (1) No individual client accounted for more than 10 percent of total net revenues for the three and nine months ended September 30, 2017 or 2016. |
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, 2017 and December 31, 2016 (in thousands) September 30, 2017 December 31, 2016 Global Wealth Management $ 17,619,527 $ 16,065,503 Institutional Group 2,484,337 2,657,183 Other 380,216 406,670 $ 20,484,080 $ 19,129,356 |
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, 2017 and 2016, were as follows (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 United States $ 681,337 $ 602,422 $ 2,020,598 $ 1,796,143 United Kingdom 38,103 37,139 95,393 110,731 Other European 1,729 2,425 6,356 7,231 $ 721,169 $ 641,986 $ 2,122,347 $ 1,914,105 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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, 2017 and 2016 (in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Net income $ 66,536 $ 17,814 $ 184,859 $ 54,640 Preferred dividends 2,343 1,563 7,031 1,563 Net income available to common shareholders $ 64,193 $ 16,251 $ 177,828 $ 53,077 Shares for basic and diluted calculation: Average shares used in basic computation 68,522 66,482 68,488 66,950 Dilutive effect of stock options and units (1) 12,359 11,062 12,074 9,662 Average shares used in diluted computation 80,881 77,544 80,562 76,612 Earnings per common share: Basic $ 0.94 $ 0.24 $ 2.60 $ 0.79 Diluted $ 0.79 $ 0.21 $ 2.21 $ 0.69 (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. |
New Accounting Pronouncements47
New Accounting Pronouncements (Narrative) (Details) - ASU No. 2016-09 [Member] - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Reclassification from Operating Activities to Financing Activities [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Shares withheld from employee awards for tax withholding purposes | $ 47.5 | |
Incentive Stock Award Plans [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Provision for income tax expense (benefit) | $ (17.4) |
Receivables From And Payables48
Receivables From And Payables To Brokers, Dealers And Clearing Organizations (Amounts Receivable From Brokers, Dealers, And Clearing Organizations) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Due To And From Broker Dealers And Clearing Organizations [Abstract] | ||
Deposits paid for securities borrowed | $ 159,536 | $ 382,691 |
Receivables from clearing organizations | 133,326 | 568,373 |
Securities failed to deliver | 43,051 | 73,688 |
Receivables from brokers, dealers and clearing organizations, Total | $ 335,913 | $ 1,024,752 |
Receivables From And Payables49
Receivables From And Payables To Brokers, Dealers And Clearing Organizations (Amounts Payable To Brokers, Dealers, And Clearing Organizations) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Due To And From Broker Dealers And Clearing Organizations [Abstract] | ||
Deposits received from securities loaned | $ 309,561 | $ 478,814 |
Payable to clearing organizations | 64,116 | 16,411 |
Securities failed to receive | 46,083 | 27,882 |
Payables to broker, dealers and clearing organizations, Total | $ 419,760 | $ 523,107 |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments (Schedule Of Fair Value Of Investments In And Unfunded Commitments To Funds Measured At Net Asset Value) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | $ 40,644 | $ 90,809 |
Unfunded commitments | 3,213 | 12,368 |
Private Company Investments [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | 18,763 | |
Unfunded commitments | 8,526 | |
Partnership Interests [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | 5,415 | 15,798 |
Unfunded commitments | 1,348 | 1,822 |
Mutual Funds [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | 10,038 | 11,301 |
Private Equity Funds [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | 8,663 | 9,310 |
Unfunded commitments | 1,865 | 2,020 |
Money Market Funds [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | $ 16,528 | $ 35,637 |
Fair Value Of Financial Instr51
Fair Value Of Financial Instruments (Fair Value Of Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | $ 1,065,503 | $ 925,045 |
Available-for-sale securities | 3,694,298 | 3,181,313 |
Investments | 112,649 | 133,563 |
Cash equivalents measured at NAV | 16,528 | 35,637 |
Derivative contracts, Assets | 5,669 | 10,390 |
Total Assets | 4,894,647 | 4,285,948 |
Financial instruments sold, but not yet purchased, at fair value | 749,323 | 699,032 |
Derivative contracts, Liabilities | 1,823 | |
Total Liabilities | 700,855 | |
U.S. Government Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 128,014 | 89,833 |
Available-for-sale securities | 4,686 | 4,197 |
Financial instruments sold, but not yet purchased, at fair value | 22,140 | 20,549 |
Corporate Fixed Income Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 409,550 | 299,946 |
Available-for-sale securities | 1,072,376 | 823,511 |
Financial instruments sold, but not yet purchased, at fair value | 311,516 | 202,968 |
Corporate Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 38,280 | 32,044 |
Investments | 51,475 | 27,247 |
Financial instruments sold, but not yet purchased, at fair value | 52,261 | 18,395 |
State And Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 145,226 | 159,095 |
Available-for-sale securities | 71,961 | 72,490 |
Financial instruments sold, but not yet purchased, at fair value | 31 | |
Asset-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,159,035 | 1,867,718 |
Auction Rate Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 34,608 | 48,689 |
Auction Rate Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 840 | 832 |
Other Investment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 1,610 | 1,623 |
Investments In Funds Measured At NAV [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 24,116 | 55,172 |
U.S. Government Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 48,900 | 9,951 |
Financial instruments sold, but not yet purchased, at fair value | 297,690 | 362,536 |
Mortgage Backed Securities [Member] | Agency [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 258,348 | 305,774 |
Available-for-sale securities | 311,888 | 338,732 |
Financial instruments sold, but not yet purchased, at fair value | 65,716 | 94,552 |
Mortgage Backed Securities [Member] | Non-Agency [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 37,185 | 28,402 |
Available-for-sale securities | 1,619 | 1,892 |
Financial instruments sold, but not yet purchased, at fair value | 1 | |
Mortgage Backed Securities [Member] | Commercial [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 72,733 | 72,773 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 95,412 | 43,339 |
Available-for-sale securities | 199 | 300 |
Investments | 51,235 | 23,414 |
Total Assets | 146,846 | 67,053 |
Financial instruments sold, but not yet purchased, at fair value | 383,744 | 381,911 |
Total Liabilities | 381,911 | |
Level 1 [Member] | U.S. Government Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 199 | 300 |
Level 1 [Member] | Corporate Fixed Income Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 8,499 | 1,944 |
Financial instruments sold, but not yet purchased, at fair value | 33,793 | 980 |
Level 1 [Member] | Corporate Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 38,013 | 31,444 |
Investments | 51,235 | 23,414 |
Financial instruments sold, but not yet purchased, at fair value | 52,261 | 18,395 |
Level 1 [Member] | U.S. Government Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 48,900 | 9,951 |
Financial instruments sold, but not yet purchased, at fair value | 297,690 | 362,536 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 969,218 | 879,751 |
Available-for-sale securities | 3,694,099 | 3,181,013 |
Investments | 370 | 383 |
Derivative contracts, Assets | 5,669 | 10,390 |
Total Assets | 4,669,356 | 4,071,537 |
Financial instruments sold, but not yet purchased, at fair value | 365,579 | 317,121 |
Derivative contracts, Liabilities | 1,823 | |
Total Liabilities | 318,944 | |
Level 2 [Member] | U.S. Government Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 128,014 | 89,833 |
Available-for-sale securities | 4,487 | 3,897 |
Financial instruments sold, but not yet purchased, at fair value | 22,140 | 20,549 |
Level 2 [Member] | Corporate Fixed Income Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 400,803 | 297,729 |
Available-for-sale securities | 1,072,376 | 823,511 |
Financial instruments sold, but not yet purchased, at fair value | 277,723 | 201,988 |
Level 2 [Member] | State And Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 145,226 | 159,095 |
Available-for-sale securities | 71,961 | 72,490 |
Financial instruments sold, but not yet purchased, at fair value | 31 | |
Level 2 [Member] | Asset-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,159,035 | 1,867,718 |
Level 2 [Member] | Other Investment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 370 | 383 |
Level 2 [Member] | Mortgage Backed Securities [Member] | Agency [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 258,348 | 305,774 |
Available-for-sale securities | 311,888 | 338,732 |
Financial instruments sold, but not yet purchased, at fair value | 65,716 | 94,552 |
Level 2 [Member] | Mortgage Backed Securities [Member] | Non-Agency [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 36,827 | 27,320 |
Available-for-sale securities | 1,619 | 1,892 |
Financial instruments sold, but not yet purchased, at fair value | 1 | |
Level 2 [Member] | Mortgage Backed Securities [Member] | Commercial [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 72,733 | 72,773 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 873 | 1,955 |
Investments | 36,928 | 54,594 |
Total Assets | 37,801 | 56,549 |
Level 3 [Member] | Corporate Fixed Income Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 248 | 273 |
Level 3 [Member] | Corporate Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 267 | 600 |
Investments | 240 | 3,833 |
Level 3 [Member] | Auction Rate Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 34,608 | 48,689 |
Level 3 [Member] | Auction Rate Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 840 | 832 |
Level 3 [Member] | Other Investment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 1,240 | 1,240 |
Level 3 [Member] | Mortgage Backed Securities [Member] | Non-Agency [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | $ 358 | $ 1,082 |
Fair Value Of Financial Instr52
Fair Value Of Financial Instruments (Schedule Of Changes In Fair Value Associated With Level 3 Financial Instruments) (Details) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Sep. 30, 2017 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Transfers, Into Level 3 | $ 0 | |
Transfers, Out of Level 3 | $ 0 | (18,300,000) |
Non-Agency [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 525,000 | 1,082,000 |
Unrealized gains/(losses), Included in changes in net assets | (160,000) | (260,000) |
Realized gains/(losses) | (7,000) | 90,000 |
Sales | (324,000) | |
Redemptions | (230,000) | |
Net change | (167,000) | (724,000) |
Ending Balance | 358,000 | 358,000 |
Fixed Income Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 256,000 | 273,000 |
Redemptions | (8,000) | (25,000) |
Net change | (8,000) | (25,000) |
Ending Balance | 248,000 | 248,000 |
Equity Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 367,000 | 600,000 |
Unrealized gains/(losses), Included in changes in net assets | 159,000 | (74,000) |
Realized gains/(losses) | (259,000) | (259,000) |
Net change | (100,000) | (333,000) |
Ending Balance | 267,000 | 267,000 |
Corporate Equity Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 240,000 | 3,833,000 |
Transfers, Out of Level 3 | (3,593,000) | |
Net change | (3,593,000) | |
Ending Balance | 240,000 | 240,000 |
Equity Auction Rate Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 34,621,000 | 48,689,000 |
Unrealized gains/(losses), Included in changes in net assets | (13,000) | 604,000 |
Transfers, Out of Level 3 | (14,685,000) | |
Net change | (13,000) | (14,081,000) |
Ending Balance | 34,608,000 | 34,608,000 |
Auction Rate Municipal Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 841,000 | 832,000 |
Unrealized gains/(losses), Included in changes in net assets | (1,000) | 8,000 |
Net change | (1,000) | 8,000 |
Ending Balance | 840,000 | 840,000 |
Other Investment [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 1,240,000 | 1,240,000 |
Ending Balance | $ 1,240,000 | $ 1,240,000 |
Fair Value Of Financial Instr53
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, 2017 | |
Auction Rate Equity Securities [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Workout period range, low end | 1 year |
Workout period range, high end | 3 years |
Discount rate, weighted average | 5.30% |
Weighted average workout period | 2 years 2 months 13 days |
Auction Rate Equity Securities [Member] | Minimum [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Discount rate range | 1.20% |
Auction Rate Equity Securities [Member] | Maximum [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Discount rate range | 11.70% |
Auction Rate Municipal Securities [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Workout period range, low end | 1 year |
Workout period range, high end | 4 years |
Discount rate, weighted average | 4.00% |
Weighted average workout period | 1 year 10 months 25 days |
Auction Rate Municipal Securities [Member] | Minimum [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Discount rate range | 1.90% |
Auction Rate Municipal Securities [Member] | Maximum [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Discount rate range | 9.20% |
Fair Value Of Financial Instr54
Fair Value Of Financial Instruments (Narrative) (Details) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017USD ($) | Sep. 30, 2017USD ($) | |
Fair Value Disclosures [Abstract] | ||
Transfers of financial assets from Level 2 to Level 1 | $ 1,100,000 | |
Transfers of financial assets from Level 1 to Level 2 | $ 100,000 | 4,500,000 |
Transfers, Into Level 3 | 0 | |
Transfers, out of Level 3, assets | $ 0 | $ 18,300,000 |
Stated interest rate | 4.25% | 4.25% |
Maturity date | Dec. 31, 2024 |
Fair Value Of Financial Instr55
Fair Value Of Financial Instruments (Schedule Of Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Securities purchased under agreements to resell | [1] | $ 458,335 | $ 248,588 |
Financial instruments owned | 1,065,503 | 925,045 | |
Available-for-sale securities | 3,694,298 | 3,181,313 | |
Held-to-maturity securities | [2] | 3,572,646 | 3,040,554 |
Investments, at fair value | 112,649 | 133,563 | |
Derivative contracts | 5,669 | 10,390 | |
Securities sold under agreements to repurchase | [3] | 155,396 | 268,546 |
Bank deposits | 12,883,961 | 11,527,483 | |
Financial instruments sold, but not yet purchased, at fair value | 749,323 | 699,032 | |
Derivative contracts | 1,823 | ||
Borrowings | 78,000 | 377,000 | |
Carrying Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 588,916 | 912,932 | |
Cash segregated for regulatory purposes | 25,175 | 73,235 | |
Securities purchased under agreements to resell | 458,335 | 248,588 | |
Financial instruments owned | 1,065,503 | 925,045 | |
Available-for-sale securities | 3,694,298 | 3,181,313 | |
Held-to-maturity securities | 3,554,765 | 3,038,405 | |
Loans held for sale | 166,335 | 228,588 | |
Bank loans | 6,783,078 | 5,591,190 | |
Investments, at fair value | 112,649 | 133,563 | |
Derivative contracts | 5,669 | 10,390 | |
Securities sold under agreements to repurchase | 155,396 | 268,546 | |
Bank deposits | 12,883,961 | 11,527,483 | |
Financial instruments sold, but not yet purchased, at fair value | 749,323 | 699,032 | |
Derivative contracts | 1,823 | ||
Federal Home Loan Bank advances | 790,000 | 500,000 | |
Borrowings | 78,000 | 377,000 | |
Senior notes | 796,609 | 795,891 | |
Debentures to Stifel Financial Capital Trusts | 67,500 | 67,500 | |
Estimated Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 588,916 | 912,932 | |
Cash segregated for regulatory purposes | 25,175 | 73,235 | |
Securities purchased under agreements to resell | 458,335 | 248,588 | |
Financial instruments owned | 1,065,503 | 925,045 | |
Available-for-sale securities | 3,694,298 | 3,181,313 | |
Held-to-maturity securities | 3,572,646 | 3,040,554 | |
Loans held for sale | 166,335 | 228,588 | |
Bank loans | 6,776,966 | 5,633,804 | |
Investments, at fair value | 112,649 | 133,563 | |
Derivative contracts | 5,669 | 10,390 | |
Securities sold under agreements to repurchase | 155,396 | 268,546 | |
Bank deposits | 12,147,029 | 11,092,185 | |
Financial instruments sold, but not yet purchased, at fair value | 749,323 | 699,032 | |
Derivative contracts | 1,823 | ||
Federal Home Loan Bank advances | 790,000 | 500,000 | |
Borrowings | 78,000 | 377,000 | |
Senior notes | 810,052 | 799,632 | |
Debentures to Stifel Financial Capital Trusts | $ 50,830 | $ 52,525 | |
[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. The fair value of securities pledged as collateral was $453.1 million and $248.5 million at September 30, 2017 and December 31, 2016, respectively. | ||
[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. Collateral pledged by our company to the counter party includes U.S. government agency securities, U.S. government securities, and corporate fixed income securities with market values of $163.0 million and $299.3 million at September 30, 2017 and December 31, 2016, respectively. |
Fair Value Of Financial Instr56
Fair Value Of Financial Instruments (Estimated Fair Values Of Financial Instruments Not Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities purchased under agreements to resell | [1] | $ 458,335 | $ 248,588 |
Held-to-maturity securities | [2] | 3,572,646 | 3,040,554 |
Securities sold under agreements to repurchase | [3] | 155,396 | 268,546 |
Bank deposits | 12,883,961 | 11,527,483 | |
Borrowings | 78,000 | 377,000 | |
Senior notes | 796,609 | 795,891 | |
Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash | 572,388 | 877,295 | |
Cash segregated for regulatory purposes | 25,175 | 73,235 | |
Securities purchased under agreements to resell | 458,335 | 248,588 | |
Held-to-maturity securities | 3,572,646 | 3,040,554 | |
Loans held for sale | 166,335 | 228,588 | |
Bank loans | 6,776,966 | 5,633,804 | |
Securities sold under agreements to repurchase | 155,396 | 268,546 | |
Bank deposits | 12,147,029 | 11,092,185 | |
Federal Home Loan Bank advances | 790,000 | 500,000 | |
Borrowings | 78,000 | 377,000 | |
Senior notes | 810,052 | 799,632 | |
Debentures to Stifel Financial Capital Trusts | 50,830 | 52,525 | |
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash | 572,388 | 877,295 | |
Cash segregated for regulatory purposes | 25,175 | 73,235 | |
Securities purchased under agreements to resell | 458,335 | 227,983 | |
Securities sold under agreements to repurchase | 149,881 | ||
Federal Home Loan Bank advances | 790,000 | 500,000 | |
Borrowings | 78,000 | 377,000 | |
Senior notes | 810,052 | 799,632 | |
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 | 20,605 | ||
Held-to-maturity securities | 3,380,094 | 2,830,869 | |
Loans held for sale | 166,335 | 228,588 | |
Bank loans | 6,776,966 | 5,633,804 | |
Securities sold under agreements to repurchase | 155,396 | 118,665 | |
Bank deposits | 12,147,029 | 11,092,185 | |
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 | 192,552 | 209,685 | |
Debentures to Stifel Financial Capital Trusts | $ 50,830 | $ 52,525 | |
[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. The fair value of securities pledged as collateral was $453.1 million and $248.5 million at September 30, 2017 and December 31, 2016, respectively. | ||
[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. Collateral pledged by our company to the counter party includes U.S. government agency securities, U.S. government securities, and corporate fixed income securities with market values of $163.0 million and $299.3 million at September 30, 2017 and December 31, 2016, respectively. |
Financial Instruments Owned A57
Financial Instruments Owned And Financial Instruments Sold, But Not Yet Purchased (Components Of Trading Securities Owned And Trading Securities Sold, But Not Yet Purchased) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | $ 1,065,503 | $ 925,045 |
U.S. Government Agency Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 128,014 | 89,833 |
Corporate Fixed Income Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 409,550 | 299,946 |
Corporate Equity Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 38,280 | 32,044 |
State and Municipal Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 145,226 | 159,095 |
U.S. Government Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 48,900 | 9,951 |
Mortgage Backed Securities [Member] | Non-Agency [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 37,185 | 28,402 |
Mortgage Backed Securities [Member] | Agency [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 258,348 | 305,774 |
Securities Sold, But Not yet Purchased [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 749,323 | 699,032 |
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 | 22,140 | 20,549 |
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 | 311,516 | 202,968 |
Securities Sold, But Not yet Purchased [Member] | Corporate Equity Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Equity securities | 52,261 | 18,395 |
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 | 31 | |
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 | 297,690 | 362,536 |
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 | 1 | |
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 | 65,716 | 94,552 |
Securities Owned | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 1,065,503 | 925,045 |
Securities Owned | U.S. Government Agency Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Trading securities owned | 128,014 | 89,833 |
Securities Owned | Corporate Fixed Income Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Fixed income securities | 409,550 | 299,946 |
Securities Owned | Corporate Equity Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Equity securities | 38,280 | 32,044 |
Securities Owned | State and Municipal Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
State and municipal securities | 145,226 | 159,095 |
Securities Owned | U.S. Government Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Trading securities owned | 48,900 | 9,951 |
Securities Owned | Mortgage Backed Securities [Member] | Non-Agency [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Trading securities owned | 37,185 | 28,402 |
Securities Owned | Mortgage Backed Securities [Member] | Agency [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Trading securities owned | $ 258,348 | $ 305,774 |
Financial Instruments Owned A58
Financial Instruments Owned And Financial Instruments Sold, But Not Yet Purchased (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments pledged as collateral | $ 1,800 | $ 2,000 |
Financial instruments owned | 1,300 | |
Securities Owned | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments pledged as collateral | $ 459.4 | $ 992.9 |
Available-For-Sale And Held-T59
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, 2017 | Dec. 31, 2016 | |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-sale Securities, Amortized cost | $ 3,683,091 | $ 3,190,090 | |
Available for sale securities, unrealized gains | [1] | 24,361 | 11,634 |
Available-for-sale Securities, Gross unrealized losses | [1] | (13,154) | (20,411) |
Available-for-sale securities | 3,694,298 | 3,181,313 | |
Held-to-maturity Securities, Amortized cost | [2] | 3,554,765 | 3,038,405 |
Held-to-maturity Securities, Gross unrealized gains | [2] | 32,307 | 22,595 |
Held-to-maturity Securities, Gross unrealized losses | [2] | (14,426) | (20,446) |
Held-to-maturity securities, Estimated fair value | [2] | 3,572,646 | 3,040,554 |
U.S. Government Agency Securities [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-sale Securities, Amortized cost | 4,705 | 4,213 | |
Available for sale securities, unrealized gains | [1] | 2 | |
Available-for-sale Securities, Gross unrealized losses | [1] | (19) | (18) |
Available-for-sale securities | 4,686 | 4,197 | |
State And Municipal Securities [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-sale Securities, Amortized cost | 75,288 | 76,066 | |
Available-for-sale Securities, Gross unrealized losses | [1] | (3,327) | (3,576) |
Available-for-sale securities | 71,961 | 72,490 | |
Corporate Fixed Income Securities [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-sale Securities, Amortized cost | 1,070,694 | 830,695 | |
Available for sale securities, unrealized gains | [1] | 4,324 | 1,418 |
Available-for-sale Securities, Gross unrealized losses | [1] | (2,642) | (8,602) |
Available-for-sale securities | 1,072,376 | 823,511 | |
Held-to-maturity Securities, Amortized cost | [2] | 40,027 | 40,078 |
Held-to-maturity Securities, Gross unrealized gains | [2] | 54 | 30 |
Held-to-maturity Securities, Gross unrealized losses | [2] | (41) | |
Held-to-maturity securities, Estimated fair value | [2] | 40,040 | 40,108 |
Asset-Backed Securities [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-sale Securities, Amortized cost | 2,140,688 | 1,858,929 | |
Available for sale securities, unrealized gains | [1] | 19,901 | 9,857 |
Available-for-sale Securities, Gross unrealized losses | [1] | (1,554) | (1,068) |
Available-for-sale securities | 2,159,035 | 1,867,718 | |
Held-to-maturity Securities, Amortized cost | [2] | 2,063,289 | 1,370,300 |
Held-to-maturity Securities, Gross unrealized gains | [2] | 13,095 | 6,242 |
Held-to-maturity Securities, Gross unrealized losses | [2] | (1,816) | (3,396) |
Held-to-maturity securities, Estimated fair value | [2] | 2,074,568 | 1,373,146 |
Mortgage Backed Securities [Member] | Agency [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-sale Securities, Amortized cost | 314,255 | 340,738 | |
Available for sale securities, unrealized gains | [1] | 102 | 298 |
Available-for-sale Securities, Gross unrealized losses | [1] | (2,469) | (2,304) |
Available-for-sale securities | 311,888 | 338,732 | |
Held-to-maturity Securities, Amortized cost | [2] | 1,392,113 | 1,567,758 |
Held-to-maturity Securities, Gross unrealized gains | [2] | 17,065 | 14,537 |
Held-to-maturity Securities, Gross unrealized losses | [2] | (12,569) | (17,037) |
Held-to-maturity securities, Estimated fair value | [2] | 1,396,609 | 1,565,258 |
Mortgage Backed Securities [Member] | Commercial [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-sale Securities, Amortized cost | 75,842 | 77,417 | |
Available for sale securities, unrealized gains | [1] | 34 | 59 |
Available-for-sale Securities, Gross unrealized losses | [1] | (3,143) | (4,703) |
Available-for-sale securities | 72,733 | 72,773 | |
Held-to-maturity Securities, Amortized cost | [2] | 59,336 | 59,581 |
Held-to-maturity Securities, Gross unrealized gains | [2] | 2,093 | 1,786 |
Held-to-maturity securities, Estimated fair value | [2] | 61,429 | 61,367 |
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 | 1,619 | 2,032 | |
Available-for-sale Securities, Gross unrealized losses | [1] | (140) | |
Available-for-sale securities | $ 1,619 | 1,892 | |
Held-to-maturity Securities, Amortized cost | [2] | 688 | |
Held-to-maturity Securities, Gross unrealized losses | [2] | (13) | |
Held-to-maturity securities, Estimated fair value | [2] | $ 675 | |
[1] | Unrealized gains/(losses) related to available-for-sale securities are reported in accumulated other comprehensive loss. | ||
[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-T60
Available-For-Sale And Held-To-Maturity Securities (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017USD ($)security | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)security | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($) | ||
Other Than Temporary Impairment Credit Losses Recognized In Earnings [Line Items] | ||||||
Proceeds from sale of available-for-sale securities | $ 0 | $ 0 | $ 87,300,000 | $ 0 | ||
Net realized gains resulting from sale of available-for-sale securities | 400,000 | |||||
Unrealized gains (losses) recorded in accumulated other comprehensive loss | [1],[2] | 4,736,000 | 4,494,000 | 12,283,000 | 14,915,000 | |
Financial instruments pledged as collateral | 1,800,000,000 | 1,800,000,000 | $ 2,000,000,000 | |||
Trading securities pledged | $ 2,300,000,000 | $ 2,300,000,000 | 1,700,000,000 | |||
Number of available for sale securities whose amortized costs exceeded their fair values | security | 134 | 134 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | $ 13,154,000 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 9,808,000 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 856,778,000 | $ 856,778,000 | ||||
Percentage of available-for-sale portfolio | 23.20% | 23.20% | ||||
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | security | 41 | 41 | ||||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss | $ 14,426,000 | |||||
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 8,636,000 | |||||
Credit-related OTTI | $ 0 | $ 0 | 0 | $ 0 | ||
Gross unrealized losses related to investment portfolio | [3] | 13,154,000 | 13,154,000 | $ 20,411,000 | ||
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 investment portfolio | $ 27,600,000 | $ 27,600,000 | ||||
[1] | Net of tax expense of $5.0 million and $5.8 million for the three months ended September 30, 2017 and 2016, respectively. Net of tax expense of $13.5 million and tax expense of $3.4 million for the nine months ended September 30, 2017 and 2016, respectively. | |||||
[2] | There were no reclassifications to earnings during the three and nine months ended September 30, 2017 and 2016, respectively. | |||||
[3] | Unrealized gains/(losses) related to available-for-sale securities are reported in accumulated other comprehensive loss. |
Available-For-Sale And Held-T61
Available-For-Sale And Held-To-Maturity Securities (Schedule Of Amortized Cost And Fair Values Of Debt Securities By Contractual Maturity) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | |
Schedule Of Debt Securities At Amortized Cost And Fair Value Basis [Line Items] | |||
Available-for-sale Securities, debt maturities, Amortized Cost | $ 3,683,091 | ||
Available-for-sale Securities, debt maturities, within one year, Fair Value | [1] | 162,402 | |
Available-for-sale Securities, debt maturities, after five through ten years, fair value | [1] | 853,186 | |
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | [1] | 2,124,923 | |
Available-for-sale Securities, debt maturities, Fair Value | [1] | 3,694,298 | |
Held-to-maturity Securities, debt maturities, within one year, Amortized Cost | 40,027 | ||
Held-to-maturity Securities, debt maturities, after five through ten years, Amortized Cost | 487,576 | ||
Held-to-maturity Securities, debt maturities, after ten years, Amortized Cost | 2,967,826 | ||
Held-to-maturity Securities, Amortized cost | [2] | 3,554,765 | $ 3,038,405 |
Held-to-maturity Securities, debt maturities, Fair Value | [2] | 3,572,646 | $ 3,040,554 |
Excluding Mortgage Backed Securities [Member] | |||
Schedule Of Debt Securities At Amortized Cost And Fair Value Basis [Line Items] | |||
Available-for-sale Securities, debt maturities, within one year, Amortized Cost | 162,117 | ||
Available-for-sale Securities, debt maturities, after one year through three years, Amortized Cost | 203,072 | ||
Available-for-sale Securities, debt maturities, after three year through five years, Amortized Cost | 349,602 | ||
Available-for-sale Securities, debt maturities, after five through ten years, Amortized Cost | 794,146 | ||
Availably-for-sale Securities, debt maturities, after ten years, Amortized Cost | 1,782,438 | ||
Available-for-sale Securities, debt maturities, within one year, Fair Value | 162,402 | ||
Available-for-sale Securities, debt maturities, after one year through three years, Fair Value | 204,360 | ||
Available-for-sale Securities, debt maturities, after three year through five years, Fair Value | 349,427 | ||
Available-for-sale Securities, debt maturities, after five through ten years, fair value | 797,204 | ||
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | 1,794,665 | ||
Held-to-maturity Securities, debt maturities, within one year, Amortized Cost | 40,027 | ||
Held-to-maturity Securities, debt maturities, after five through ten years, Amortized Cost | 335,021 | ||
Held-to-maturity Securities, debt maturities, after ten years, Amortized Cost | 1,728,268 | ||
Held-to-maturity Securities, debt maturities, within one year, Fair Value | 40,041 | ||
Held-to-maturity Securities, debt maturities, after five through ten years, Fair Value | 335,834 | ||
Held-to-maturity Securities, debt maturities, after ten years, Fair Value | 1,738,733 | ||
Mortgage Backed Securities [Member] | |||
Schedule Of Debt Securities At Amortized Cost And Fair Value Basis [Line Items] | |||
Available-for-sale Securities, debt maturities, after five through ten years, Amortized Cost | 58,428 | ||
Availably-for-sale Securities, debt maturities, after ten years, Amortized Cost | 333,288 | ||
Available-for-sale Securities, debt maturities, after five through ten years, fair value | 55,982 | ||
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | 330,258 | ||
Held-to-maturity Securities, debt maturities, after three year through five years, Amortized Cost | 59,336 | ||
Held-to-maturity Securities, debt maturities, after five through ten years, Amortized Cost | 152,555 | ||
Held-to-maturity Securities, debt maturities, after ten years, Amortized Cost | 1,239,558 | ||
Held-to-maturity Securities, debt maturities, after three year through five years, Fair Value | 61,428 | ||
Held-to-maturity Securities, debt maturities, after five through ten years, Fair Value | 151,316 | ||
Held-to-maturity Securities, debt maturities, after ten years, Fair Value | $ 1,245,294 | ||
[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-T62
Available-For-Sale And Held-To-Maturity Securities (Contractual Maturities) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-sale Securities, debt maturities, within one year, Fair Value | [1] | $ 162,402 | |
Available-for-sale Securities, debt maturities, after one year through five, Fair Value | [1] | 553,787 | |
Available-for-sale Securities, debt maturities, after five through ten years, fair value | [1] | 853,186 | |
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | [1] | 2,124,923 | |
Available-for-sale Securities, debt maturities, Fair Value | [1] | 3,694,298 | |
Held-to-maturity Securities, debt maturities, within one year, Amortized Cost | 40,027 | ||
Held-to-maturity Securities, debt maturities, after one year through five, Amortized Cost | 59,336 | ||
Held-to-maturity Securities, debt maturities, after five year through ten, Amortized Cost | 487,576 | ||
Held-to-maturity Securities, debt maturities, after ten years, Amortized Cost | 2,967,826 | ||
Held-to-maturity Securities, Amortized cost | [2] | 3,554,765 | $ 3,038,405 |
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] | 1,996 | |
Available-for-sale Securities, debt maturities, after one year through five, Fair Value | [1] | 2,690 | |
Available-for-sale Securities, debt maturities, Fair Value | [1] | 4,686 | |
State And Municipal 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] | 375 | |
Available-for-sale Securities, debt maturities, after one year through five, Fair Value | [1] | 189 | |
Available-for-sale Securities, debt maturities, after five through ten years, fair value | [1] | 16,621 | |
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | [1] | 54,776 | |
Available-for-sale Securities, debt maturities, Fair Value | [1] | 71,961 | |
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] | 160,031 | |
Available-for-sale Securities, debt maturities, after one year through five, Fair Value | [1] | 550,908 | |
Available-for-sale Securities, debt maturities, after five through ten years, fair value | [1] | 361,437 | |
Available-for-sale Securities, debt maturities, Fair Value | [1] | 1,072,376 | |
Held-to-maturity Securities, debt maturities, within one year, Amortized Cost | 40,027 | ||
Held-to-maturity Securities, Amortized cost | [2] | 40,027 | 40,078 |
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] | 419,146 | |
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | [1] | 1,739,889 | |
Available-for-sale Securities, debt maturities, Fair Value | [1] | 2,159,035 | |
Held-to-maturity Securities, debt maturities, after five year through ten, Amortized Cost | 335,021 | ||
Held-to-maturity Securities, debt maturities, after ten years, Amortized Cost | 1,728,268 | ||
Held-to-maturity Securities, Amortized cost | [2] | 2,063,289 | 1,370,300 |
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 | 55,982 | ||
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | 330,258 | ||
Held-to-maturity Securities, debt maturities, after five year through ten, Amortized Cost | 152,555 | ||
Held-to-maturity Securities, debt maturities, after ten years, Amortized Cost | 1,239,558 | ||
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] | 361 | |
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | [1] | 311,527 | |
Available-for-sale Securities, debt maturities, Fair Value | [1] | 311,888 | |
Held-to-maturity Securities, debt maturities, after five year through ten, Amortized Cost | 152,555 | ||
Held-to-maturity Securities, debt maturities, after ten years, Amortized Cost | 1,239,558 | ||
Held-to-maturity Securities, Amortized cost | [2] | 1,392,113 | 1,567,758 |
Mortgage Backed Securities [Member] | Commercial [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] | 55,621 | |
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | [1] | 17,112 | |
Available-for-sale Securities, debt maturities, Fair Value | [1] | 72,733 | |
Held-to-maturity Securities, debt maturities, after one year through five, Amortized Cost | 59,336 | ||
Held-to-maturity Securities, Amortized cost | [2] | 59,336 | 59,581 |
Mortgage Backed Securities [Member] | Non-Agency [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] | 1,619 | |
Available-for-sale Securities, debt maturities, Fair Value | [1] | $ 1,619 | |
Held-to-maturity Securities, Amortized cost | [2] | $ 688 | |
[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-T63
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, 2017USD ($) | |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |
Available-for-sale Securities, Gross unrealized losses, Less than 12 months | $ (3,346) |
Available-for-sale Securities, Estimated fair value, Less than 12 months | 395,637 |
Available-for-sale Securities, Gross unrealized losses, 12 months or more | (9,808) |
Available-for-sale Securities, Estimated fair value, 12 months or more | 461,141 |
Available-for-sale Securities, Gross unrealized losses, Total | (13,154) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 856,778 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (5,790) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 620,211 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (8,636) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 264,225 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss, Total | (14,426) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value, Total | 884,436 |
U.S. Government Agency Securities [Member] | |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |
Available-for-sale Securities, Gross unrealized losses, Less than 12 months | (19) |
Available-for-sale Securities, Estimated fair value, Less than 12 months | 4,686 |
Available-for-sale Securities, Gross unrealized losses, Total | (19) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 4,686 |
State And Municipal Securities [Member] | |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |
Available-for-sale Securities, Gross unrealized losses, Less than 12 months | (11) |
Available-for-sale Securities, Estimated fair value, Less than 12 months | 3,054 |
Available-for-sale Securities, Gross unrealized losses, 12 months or more | (3,316) |
Available-for-sale Securities, Estimated fair value, 12 months or more | 68,907 |
Available-for-sale Securities, Gross unrealized losses, Total | (3,327) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 71,961 |
Corporate Fixed Income Securities [Member] | |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |
Available-for-sale Securities, Gross unrealized losses, Less than 12 months | (820) |
Available-for-sale Securities, Estimated fair value, Less than 12 months | 213,865 |
Available-for-sale Securities, Gross unrealized losses, 12 months or more | (1,822) |
Available-for-sale Securities, Estimated fair value, 12 months or more | 171,610 |
Available-for-sale Securities, Gross unrealized losses, Total | (2,642) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 385,475 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (41) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 9,965 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss, Total | (41) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value, Total | 9,965 |
Asset-Backed Securities [Member] | |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |
Available-for-sale Securities, Gross unrealized losses, Less than 12 months | (1,554) |
Available-for-sale Securities, Estimated fair value, Less than 12 months | 22,457 |
Available-for-sale Securities, Gross unrealized losses, Total | (1,554) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 22,457 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (30) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 35,198 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (1,786) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 42,920 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss, Total | (1,816) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value, Total | 78,118 |
Mortgage Backed Securities [Member] | Agency [Member] | |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |
Available-for-sale Securities, Gross unrealized losses, Less than 12 months | (942) |
Available-for-sale Securities, Estimated fair value, Less than 12 months | 151,575 |
Available-for-sale Securities, Gross unrealized losses, 12 months or more | (1,527) |
Available-for-sale Securities, Estimated fair value, 12 months or more | 147,738 |
Available-for-sale Securities, Gross unrealized losses, Total | (2,469) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 299,313 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (5,719) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 575,048 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (6,850) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 221,305 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss, Total | (12,569) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value, Total | 796,353 |
Mortgage Backed Securities [Member] | Commercial [Member] | |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |
Available-for-sale Securities, Gross unrealized losses, 12 months or more | (3,143) |
Available-for-sale Securities, Estimated fair value, 12 months or more | 71,293 |
Available-for-sale Securities, Gross unrealized losses, Total | (3,143) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 71,293 |
Mortgage Backed Securities [Member] | Non-Agency [Member] | |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |
Available-for-sale Securities, Estimated fair value, 12 months or more | 1,593 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | $ 1,593 |
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, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross bank loans | $ 6,883,891 | $ 5,637,565 | ||||
Unamortized loan premium/(discount), net | 655 | 858 | ||||
Unamortized loan fees, net of loan fees | 707 | (49) | ||||
Loans in process | (39,946) | (2,021) | ||||
Allowance for loan losses | (62,229) | $ (54,202) | (45,163) | $ (39,145) | $ (35,866) | $ (29,787) |
Bank loans, net | $ 6,783,078 | $ 5,591,190 | ||||
Gross bank loans, Percent | 100.00% | 100.00% | ||||
Residential Real Estate [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross bank loans | $ 2,517,543 | $ 2,161,400 | ||||
Allowance for loan losses | $ (7,135) | (5,569) | $ (2,660) | (1,875) | (1,529) | (1,241) |
Gross bank loans, Percent | 36.60% | 38.40% | ||||
Commercial And Industrial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross bank loans | $ 2,380,417 | $ 1,710,399 | ||||
Allowance for loan losses | $ (47,152) | (40,805) | $ (35,127) | (32,180) | (29,816) | (24,748) |
Gross bank loans, Percent | 34.60% | 30.30% | ||||
Securities-Based Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross bank loans | $ 1,839,981 | $ 1,614,033 | ||||
Allowance for loan losses | $ (3,312) | (3,600) | $ (3,094) | (1,903) | (1,731) | (1,607) |
Gross bank loans, Percent | 26.70% | 28.60% | ||||
Consumer [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross bank loans | $ 36,149 | $ 45,391 | ||||
Allowance for loan losses | $ (103) | (105) | $ (129) | (295) | (107) | (105) |
Gross bank loans, Percent | 0.50% | 0.80% | ||||
Commercial Real Estate [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross bank loans | $ 78,614 | $ 78,711 | ||||
Allowance for loan losses | $ (1,027) | (932) | $ (1,363) | (504) | (512) | (264) |
Gross bank loans, Percent | 1.10% | 1.40% | ||||
Home Equity Lines Of Credit [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross bank loans | $ 13,072 | $ 15,008 | ||||
Allowance for loan losses | $ (271) | (283) | $ (371) | (285) | (283) | (290) |
Gross bank loans, Percent | 0.20% | 0.30% | ||||
Construction And Land [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross bank loans | $ 18,115 | $ 12,623 | ||||
Allowance for loan losses | $ (233) | $ (224) | $ (232) | $ (203) | $ (144) | $ (78) |
Gross bank loans, Percent | 0.30% | 0.20% |
Bank Loans (Narrative) (Details
Bank Loans (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans held for sale, at lower of cost or market | $ 166,335 | $ 166,335 | $ 228,588 | ||
Gains (losses) recognized from sale of loans | 3,200 | $ 4,900 | 9,400 | $ 11,700 | |
Impaired loans more than 90 days past due | 15,000 | 15,000 | 26,900 | ||
Troubled debt restructurings | 8,900 | 8,900 | 9,700 | ||
Specific allowance | $ 2,307 | $ 2,307 | $ 3,375 | ||
Collateralized loan portfolio | 96.80% | 96.80% | 97.90% | ||
Stifel Financial Corp. [Member] | Executive Officers Directors and Their Affiliates [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans outstanding amount | $ 7,200 | $ 7,200 | $ 5,600 | ||
Stifel Bank [Member] | Executive Officers Directors and Their Affiliates [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans outstanding amount | $ 3,700 | $ 3,700 | $ 3,700 |
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, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning Balance | $ 54,202 | $ 35,866 | $ 45,163 | $ 29,787 |
Provision | 7,990 | 3,561 | 19,980 | 9,643 |
Charge-offs | (283) | (2,953) | (296) | |
Recoveries | 37 | 1 | 39 | 11 |
Ending Balance | 62,229 | 39,145 | 62,229 | 39,145 |
Commercial And Industrial [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning Balance | 40,805 | 29,816 | 35,127 | 24,748 |
Provision | 6,312 | 2,631 | 12,239 | 7,699 |
Charge-offs | (267) | (250) | (267) | |
Recoveries | 35 | 36 | ||
Ending Balance | 47,152 | 32,180 | 47,152 | 32,180 |
Securities-Based Loans [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning Balance | 3,600 | 1,731 | 3,094 | 1,607 |
Provision | (288) | 172 | 218 | 296 |
Ending Balance | 3,312 | 1,903 | 3,312 | 1,903 |
Consumer [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning Balance | 105 | 107 | 129 | 105 |
Provision | (3) | 203 | (27) | 205 |
Charge-offs | (16) | (16) | ||
Recoveries | 1 | 1 | 1 | 1 |
Ending Balance | 103 | 295 | 103 | 295 |
Residential Real Estate [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning Balance | 5,569 | 1,529 | 2,660 | 1,241 |
Provision | 1,566 | 346 | 4,475 | 644 |
Charge-offs | (13) | |||
Recoveries | 3 | |||
Ending Balance | 7,135 | 1,875 | 7,135 | 1,875 |
Commercial Real Estate [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning Balance | 932 | 512 | 1,363 | 264 |
Provision | 95 | (8) | 2,367 | 233 |
Charge-offs | (2,703) | |||
Recoveries | 7 | |||
Ending Balance | 1,027 | 504 | 1,027 | 504 |
Home Equity Lines Of Credit [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning Balance | 283 | 283 | 371 | 290 |
Provision | (13) | 2 | (102) | (5) |
Recoveries | 1 | 2 | ||
Ending Balance | 271 | 285 | 271 | 285 |
Construction And Land [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning Balance | 224 | 144 | 232 | 78 |
Provision | 9 | 59 | 1 | 125 |
Ending Balance | 233 | 203 | 233 | 203 |
Qualitative [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning Balance | 2,684 | 1,744 | 2,187 | 1,454 |
Provision | 312 | 156 | 809 | 446 |
Ending Balance | $ 2,996 | $ 1,900 | $ 2,996 | $ 1,900 |
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, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | $ 2,307 | $ 3,375 | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 59,922 | 41,788 | ||||
Allowance for Loan Losses, Total | 62,229 | $ 54,202 | 45,163 | $ 39,145 | $ 35,866 | $ 29,787 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 15,009 | 26,934 | ||||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 6,868,882 | 5,610,631 | ||||
Recorded Investment in Loans, Total | 6,883,891 | 5,637,565 | ||||
Residential Real Estate [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 24 | 24 | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 7,111 | 2,636 | ||||
Allowance for Loan Losses, Total | 7,135 | 5,569 | 2,660 | 1,875 | 1,529 | 1,241 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 173 | 178 | ||||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 2,517,370 | 2,161,222 | ||||
Recorded Investment in Loans, Total | 2,517,543 | 2,161,400 | ||||
Commercial And Industrial [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 2,131 | 2,392 | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 45,021 | 32,735 | ||||
Allowance for Loan Losses, Total | 47,152 | 40,805 | 35,127 | 32,180 | 29,816 | 24,748 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 14,511 | 16,815 | ||||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 2,365,906 | 1,693,584 | ||||
Recorded Investment in Loans, Total | 2,380,417 | 1,710,399 | ||||
Securities-Based Loans [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 3,312 | 3,094 | ||||
Allowance for Loan Losses, Total | 3,312 | 3,600 | 3,094 | 1,903 | 1,731 | 1,607 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 1,839,981 | 1,614,033 | ||||
Recorded Investment in Loans, Total | 1,839,981 | 1,614,033 | ||||
Commercial Real Estate [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 722 | |||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 1,027 | 641 | ||||
Allowance for Loan Losses, Total | 1,027 | 932 | 1,363 | 504 | 512 | 264 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 9,522 | |||||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 78,614 | 69,189 | ||||
Recorded Investment in Loans, Total | 78,614 | 78,711 | ||||
Consumer [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 3 | 6 | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 100 | 123 | ||||
Allowance for Loan Losses, Total | 103 | 105 | 129 | 295 | 107 | 105 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 3 | 6 | ||||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 36,146 | 45,385 | ||||
Recorded Investment in Loans, Total | 36,149 | 45,391 | ||||
Home Equity Lines Of Credit [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 149 | 231 | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 122 | 140 | ||||
Allowance for Loan Losses, Total | 271 | 283 | 371 | 285 | 283 | 290 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 322 | 413 | ||||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 12,750 | 14,595 | ||||
Recorded Investment in Loans, Total | 13,072 | 15,008 | ||||
Construction And Land [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 233 | 232 | ||||
Allowance for Loan Losses, Total | 233 | 224 | 232 | 203 | 144 | 78 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 18,115 | 12,623 | ||||
Recorded Investment in Loans, Total | 18,115 | 12,623 | ||||
Qualitative [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 2,996 | 2,187 | ||||
Allowance for Loan Losses, Total | $ 2,996 | $ 2,684 | $ 2,187 | $ 1,900 | $ 1,744 | $ 1,454 |
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, 2017 | Dec. 31, 2016 | |
Financing Receivable Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | $ 15,683 | $ 28,742 |
Recorded Investment with Allowance | 15,009 | 26,934 |
Total Recorded Investment | 15,009 | 26,934 |
Related Allowance | 2,307 | 3,375 |
Average Recorded Investment | 16,561 | 32,242 |
Commercial And Industrial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 14,511 | 16,815 |
Recorded Investment with Allowance | 14,511 | 16,815 |
Total Recorded Investment | 14,511 | 16,815 |
Related Allowance | 2,131 | 2,392 |
Average Recorded Investment | 16,057 | 22,559 |
Consumer [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 677 | 833 |
Recorded Investment with Allowance | 3 | 6 |
Total Recorded Investment | 3 | 6 |
Related Allowance | 3 | 6 |
Average Recorded Investment | 6 | 9 |
Residential Real Estate [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 173 | 178 |
Recorded Investment with Allowance | 173 | 178 |
Total Recorded Investment | 173 | 178 |
Related Allowance | 24 | 24 |
Average Recorded Investment | 175 | 181 |
Home Equity Lines Of Credit [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 322 | 413 |
Recorded Investment with Allowance | 322 | 413 |
Total Recorded Investment | 322 | 413 |
Related Allowance | 149 | 231 |
Average Recorded Investment | $ 323 | 413 |
Commercial Real Estate [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 10,503 | |
Recorded Investment with Allowance | 9,522 | |
Total Recorded Investment | 9,522 | |
Related Allowance | 722 | |
Average Recorded Investment | $ 9,080 |
Bank Loans (Aging Of The Record
Bank Loans (Aging Of The Recorded Investment In Past Due Loans) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | $ 5,787 | $ 11,721 | |||
Current Balance | 6,878,104 | 5,625,844 | |||
Recorded Investment in Loans, Total | 6,883,891 | 5,637,565 | |||
Non-Accrual | 6,074 | [1] | 17,234 | [2] | |
Restructured | 8,935 | [1],[3] | 9,700 | [2] | |
Total | 15,009 | [1] | 26,934 | [2] | |
30 - 89 Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 5,785 | 11,523 | |||
90 or More Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 2 | 198 | |||
Residential Real Estate [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 5,471 | 1,923 | |||
Current Balance | 2,512,072 | 2,159,477 | |||
Recorded Investment in Loans, Total | 2,517,543 | 2,161,400 | |||
Restructured | 173 | [1],[3] | 178 | [2] | |
Total | 173 | [1] | 178 | [2] | |
Residential Real Estate [Member] | 30 - 89 Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 5,471 | 1,923 | |||
Commercial And Industrial [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Current Balance | 2,380,417 | 1,710,399 | |||
Recorded Investment in Loans, Total | 2,380,417 | 1,710,399 | |||
Non-Accrual | 5,749 | [1] | 16,815 | [2] | |
Restructured | [1],[3] | 8,762 | |||
Total | 14,511 | [1] | 16,815 | [2] | |
Securities-Based Loans [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Current Balance | 1,839,981 | 1,614,033 | |||
Recorded Investment in Loans, Total | 1,839,981 | 1,614,033 | |||
Commercial Real Estate [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 9,522 | ||||
Current Balance | 78,614 | 69,189 | |||
Recorded Investment in Loans, Total | 78,614 | 78,711 | |||
Restructured | [2] | 9,522 | |||
Total | [2] | 9,522 | |||
Commercial Real Estate [Member] | 30 - 89 Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 9,522 | ||||
Consumer [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 316 | 2 | |||
Current Balance | 35,833 | 45,389 | |||
Recorded Investment in Loans, Total | 36,149 | 45,391 | |||
Non-Accrual | 3 | [1] | 6 | [2] | |
Total | 3 | [1] | 6 | [2] | |
Consumer [Member] | 30 - 89 Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 314 | ||||
Consumer [Member] | 90 or More Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 2 | 2 | |||
Home Equity Lines Of Credit [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 274 | ||||
Current Balance | 13,072 | 14,734 | |||
Recorded Investment in Loans, Total | 13,072 | 15,008 | |||
Non-Accrual | 322 | [1] | 413 | [2] | |
Total | 322 | [1] | 413 | [2] | |
Home Equity Lines Of Credit [Member] | 30 - 89 Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 78 | ||||
Home Equity Lines Of Credit [Member] | 90 or More Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 196 | ||||
Construction And Land [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Current Balance | 18,115 | 12,623 | |||
Recorded Investment in Loans, Total | $ 18,115 | $ 12,623 | |||
[1] | There were no loans past due 90 days and still accruing interest at September 30, 2017. | ||||
[2] | There were no loans past due 90 days and still accruing interest at December 31, 2016. | ||||
[3] | On non-accrual status. |
Bank Loans (Aging Of The Reco70
Bank Loans (Aging Of The Recorded Investment In Past Due Loans) (Parenthetical) (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Receivables [Abstract] | ||
Loans past due 90 days and still accruing interest | $ 0 | $ 0 |
Bank Loans (Risk Category Of Lo
Bank Loans (Risk Category Of Loan Portfolio) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | $ 6,883,891 | $ 5,637,565 |
Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 6,840,436 | 5,569,259 |
Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 27,332 | 27,905 |
Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 16,123 | 40,401 |
Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 2,517,543 | 2,161,400 |
Residential Real Estate [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 2,516,586 | 2,161,223 |
Residential Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 784 | |
Residential Real Estate [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 173 | 177 |
Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 2,380,417 | 1,710,399 |
Commercial And Industrial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 2,338,246 | 1,652,211 |
Commercial And Industrial [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 26,548 | 27,905 |
Commercial And Industrial [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 15,623 | 30,283 |
Securities-Based Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 1,839,981 | 1,614,033 |
Securities-Based Loans [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 1,839,981 | 1,614,033 |
Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 78,614 | 78,711 |
Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 78,614 | 69,189 |
Commercial Real Estate [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 9,522 | |
Consumer [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 36,149 | 45,391 |
Consumer [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 36,144 | 45,385 |
Consumer [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 5 | 6 |
Home Equity Lines Of Credit [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 13,072 | 15,008 |
Home Equity Lines Of Credit [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 12,750 | 14,595 |
Home Equity Lines Of Credit [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 322 | 413 |
Construction And Land [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 18,115 | 12,623 |
Construction And Land [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | $ 18,115 | $ 12,623 |
Goodwill And Intangible Asset72
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) | Jul. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 |
Schedule of Goodwill and Intangible Assets [Line Items] | |||||
Indicators of impairment | $ 0 | ||||
Amortization of intangible assets | $ 2,900,000 | $ 2,600,000 | $ 9,092,000 | $ 10,558,000 | |
Customer Relationships [Member] | |||||
Schedule of Goodwill and Intangible Assets [Line Items] | |||||
Weighted-average remaining lives of intangible assets | 10 years 10 months 25 days | ||||
Trade Name [Member] | |||||
Schedule of Goodwill and Intangible Assets [Line Items] | |||||
Weighted-average remaining lives of intangible assets | 10 years 9 months 19 days | ||||
Non-Compete Agreements [Member] | |||||
Schedule of Goodwill and Intangible Assets [Line Items] | |||||
Weighted-average remaining lives of intangible assets | 9 years 10 months 25 days | ||||
Backlog [Member] | |||||
Schedule of Goodwill and Intangible Assets [Line Items] | |||||
Weighted-average remaining lives of intangible assets | 3 months |
Goodwill And Intangible Asset73
Goodwill And Intangible Assets (Carrying Amount Of Goodwill And Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Schedule of Goodwill and Intangible Assets [Line Items] | ||||
Goodwill, Beginning balance | $ 962,282 | |||
Goodwill, Adjustments | 6,327 | |||
Goodwill, Ending balance | $ 968,609 | 968,609 | ||
Intangible assets, Beginning balance | 116,304 | |||
Intangible assets, Net Additions | 4,807 | |||
Intangible assets, Amortization | (2,900) | $ (2,600) | (9,092) | $ (10,558) |
Intangible assets, Ending balance | 112,019 | 112,019 | ||
Global Wealth Management [Member] | ||||
Schedule of Goodwill and Intangible Assets [Line Items] | ||||
Goodwill, Beginning balance | 270,779 | |||
Goodwill, Adjustments | 5,698 | |||
Goodwill, Ending balance | 276,477 | 276,477 | ||
Intangible assets, Beginning balance | 45,231 | |||
Intangible assets, Net Additions | 3,800 | |||
Intangible assets, Amortization | (3,391) | |||
Intangible assets, Ending balance | 45,640 | 45,640 | ||
Institutional Group [Member] | ||||
Schedule of Goodwill and Intangible Assets [Line Items] | ||||
Goodwill, Beginning balance | 691,503 | |||
Goodwill, Adjustments | 629 | |||
Goodwill, Ending balance | 692,132 | 692,132 | ||
Intangible assets, Beginning balance | 71,073 | |||
Intangible assets, Net Additions | 1,007 | |||
Intangible assets, Amortization | (5,701) | |||
Intangible assets, Ending balance | $ 66,379 | $ 66,379 |
Goodwill And Intangible Asset74
Goodwill And Intangible Assets (Intangible Assets Subject To Amortization) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 175,065 | $ 170,257 |
Accumulated Amortization | 65,164 | 56,071 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 146,387 | 141,621 |
Accumulated Amortization | 53,411 | 46,209 |
Trade Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 24,713 | 24,713 |
Accumulated Amortization | 9,846 | 8,670 |
Investment Banking Backlog [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 2,520 | 1,345 |
Accumulated Amortization | 1,095 | 379 |
Non-Compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 1,445 | 2,578 |
Accumulated Amortization | $ 812 | $ 813 |
Goodwill And Intangible Asset75
Goodwill And Intangible Assets (Amortization Expense In Future Periods) (Details) $ in Thousands | Sep. 30, 2017USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Remainder of 2017 | $ 2,826 |
2,018 | 10,933 |
2,019 | 10,328 |
2,020 | 10,108 |
2,021 | 9,591 |
Thereafter | 66,115 |
Future amortization expense total | $ 109,901 |
Borrowings and Federal Home L76
Borrowings and Federal Home Loan Bank Advances (Narrative) (Details) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2017USD ($)item | Sep. 30, 2017USD ($)item | Dec. 31, 2016USD ($) | |
Short-term Debt [Line Items] | |||
Uncommitted secured lines of credit | $ 1,000,000,000 | ||
Number of banks | item | 6 | 6 | |
Daily borrowings under our uncommitted secured lines | $ 444,400,000 | $ 444,400,000 | |
Compensating balances | 0 | 0 | |
Trading securities pledged | 2,300,000,000 | 2,300,000,000 | $ 1,700,000,000 |
Revolving Credit Facility | |||
Short-term Debt [Line Items] | |||
Committed revolving credit facility | 200,000,000 | $ 200,000,000 | |
Revolving credit facility expiration date | 2020-03 | ||
LIBOR rate | 2.00% | ||
Outstanding on our revolving credit facility | 0 | $ 0 | |
Company Owned Securities [Member] | |||
Short-term Debt [Line Items] | |||
Uncommitted secured lines of credit | 78,000,000 | ||
Trading securities pledged | $ 205,000,000 | $ 205,000,000 | |
Federal Home Loan Bank advances [Member] | |||
Short-term Debt [Line Items] | |||
Weighted average interest rate on borrowings | 0.63% | 0.99% |
Senior Notes (Summary of Senior
Senior Notes (Summary of Senior Notes) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jul. 31, 2014 | |
Debt Instrument [Line Items] | |||||
Long-term Debt, gross | $ 800,000 | $ 800,000 | |||
Debt issuance costs, net | (3,391) | (4,109) | |||
Long-term Debt | 796,609 | 795,891 | |||
Senior notes 4.250% due 2024 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, gross | [1] | 500,000 | 500,000 | ||
Long-term Debt | $ 300,000 | ||||
Senior notes 3.50% due 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, gross | [2] | $ 300,000 | $ 300,000 | ||
Long-term Debt | $ 300,000 | ||||
[1] | 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. In July 2016, we issued an additional $200.0 million in aggregate principal amount of 4.25% senior notes due 2024. | ||||
[2] | In December 2015, we sold in a registered underwritten public offering, $300.0 million in aggregate principal amount of 3.50% senior notes due December 2020. Interest on these senior notes is payable semi-annually in arrears. We may redeem the notes in whole or in part, at our option, at a redemption price equal to 100% of their principal amount, plus a “make-whole” premium and accrued and unpaid interest, if any, to the date of redemption. |
Senior Notes (Summary of Seni78
Senior Notes (Summary of Senior Notes) (Parenthetical) (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | |||
Jul. 31, 2016 | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jul. 31, 2014 | |
Debt Instrument [Line Items] | |||||
Stated interest rate | 4.25% | ||||
Long-term Debt | $ 796,609 | $ 795,891 | |||
Debt instrument, maturity date | Dec. 31, 2024 | ||||
Senior notes 4.250% due 2024 [Member] | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 4.25% | 4.25% | |||
Long-term Debt | $ 300,000 | ||||
Debt instrument, maturity date | Jul. 31, 2024 | ||||
Redemption price, percentage of principal amount | 100.00% | ||||
Additional issuance of long-term debt | $ 200,000 | ||||
Senior notes 3.50% due 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 3.50% | 3.50% | |||
Long-term Debt | $ 300,000 | ||||
Debt instrument, maturity date | Dec. 31, 2020 | ||||
Redemption price, percentage of principal amount | 100.00% |
Senior Notes (Schedule Of Corpo
Senior Notes (Schedule Of Corporate Debt Principal Maturities) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 796,609 | $ 795,891 |
Non Recourse Debt [Member] | ||
Debt Instrument [Line Items] | ||
2,020 | 300,000 | |
Thereafter | 500,000 | |
Long-term Debt | $ 800,000 |
Bank Deposits (Schedule Of Depo
Bank Deposits (Schedule Of Deposits) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Deposits Liabilities Balance Sheet Reported Amounts [Abstract] | ||
Money market and savings accounts | $ 12,658,209 | $ 11,264,285 |
Demand deposits (interest-bearing) | 216,438 | 253,545 |
Demand deposits (non-interest-bearing) | 7,349 | 5,752 |
Certificates of deposit | 1,965 | 3,901 |
Bank deposits | $ 12,883,961 | $ 11,527,483 |
Bank Deposits (Narrative) (Deta
Bank Deposits (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Bank Deposits [Line Items] | ||
Weighted average interest rate on deposits | 0.10% | 0.09% |
Brokerage Customers Deposits [Member] | ||
Bank Deposits [Line Items] | ||
Deposits of related parties | $ 12,900 | $ 11,500 |
Stifel Nicolaus [Member] | ||
Bank Deposits [Line Items] | ||
Interest bearing and time deposits of executive officers, directors, and affiliates | $ 0.2 | $ 0.5 |
Derivative Instruments And He82
Derivative Instruments And Hedging Activities (Schedule Of Notional Values And Fair Values Of Derivative Instruments) (Details) - Cash Flow Interest Rate Contracts [Member] - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Notional Value | $ 540,000,000 | $ 790,000,000 |
Liability Derivatives, Notional Value | 121,442,000 | |
Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | $ 5,669,000 | 10,390,000 |
Accounts Payable and Accrued Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | $ 1,823,000 |
Derivative Instruments And He83
Derivative Instruments And Hedging Activities (Narrative) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2017USD ($) | |
General Discussion Of Derivative Instruments And Hedging Activities [Abstract] | |
Average remaining life of interest rate swap agreements | 2 years 3 months 19 days |
Estimated derivatives to be reclassified as interest income | $ 1.6 |
Derivative counterparty posted collateral against obligation | $ 0.8 |
Derivative Instruments And He84
Derivative Instruments And Hedging Activities (Schedule Of Derivative Instruments In Consolidated Statements Of Operations) (Details) - Cash Flow Interest Rate Contracts [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(Loss) Recognized Due to Ineffectiveness | $ 1 | $ 45 | ||
Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(Loss) Recognized in OCI (Effectiveness) | $ 928 | 5,552 | $ 3,504 | (10,973) |
Gain/(Loss) Reclassified From OCI Into Income | $ 724 | $ (1,391) | $ (810) | $ (4,273) |
Disclosures About Offsetting 85
Disclosures About Offsetting Assets And Liabilities (Financial Assets And Derivative Assets That Are Subject To Offset) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | |
Offsetting [Abstract] | |||
Gross amounts of recognized assets, Securities borrowing | [1] | $ 159,536 | $ 382,691 |
Net amounts presented in the Statement of Financial Condition, Securities borrowing | [1] | 159,536 | 382,691 |
Gross amounts not offset in the Statement of Financial Position, Financial instruments, Securities borrowing | [1] | (122,171) | (291,793) |
Gross amounts not offset in the Statement of Financial Position, Collateral received, Securities borrowing | [1] | (20,995) | (68,776) |
Securities borrowed, Net amount | [1] | 16,370 | 22,122 |
Gross amounts of recognized assets, Reverse repurchase agreements | [2] | 458,335 | 248,588 |
Net amounts presented in the Statement of Financial Condition, Securities purchased under agreements to resell | [2] | 458,335 | 248,588 |
Gross amounts not offset in the Statement of Financial Position, Financial instruments, Securities purchased under agreements to resell | [2] | (98,523) | (216,542) |
Gross amounts not offset in the Statement of Financial Position, Collateral received, Securities purchased under agreements to resell | [2] | (354,592) | (32,046) |
Securities purchased under agreements to resell, Net amount | [2] | 5,220 | |
Gross amounts of recognized assets, Cash flow interest rate contracts | 5,669 | 10,390 | |
Net amounts presented in the Statement of Financial Condition, Cash flow interest rate contracts | 5,669 | 10,390 | |
Cash flow interest rate contracts, Net amount | 5,669 | 10,390 | |
Gross amounts of recognized assets | 623,540 | 641,669 | |
Net amounts presented in the Statements of Financial Condition | 623,540 | 641,669 | |
Gross amounts not offset in the Statement of Financial Position | (220,694) | (508,335) | |
Gross amounts not offset in the Statement of Financial Position, Collateral received | (375,587) | (100,822) | |
Net amount | $ 27,259 | $ 32,512 | |
[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 fair value of securities pledged as collateral was $453.1 million and $248.5 million at September 30, 2017 and December 31, 2016, respectively. |
Disclosures About Offsetting 86
Disclosures About Offsetting Assets And Liabilities (Financial Assets And Derivative Assets That Are Subject To Offset) (Details) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | |
Offsetting Assets [Line Items] | |||
Fair value of securities pledged as collateral | [1] | $ 354,592 | $ 32,046 |
Securities Pledged As Collateral [Member] | |||
Offsetting Assets [Line Items] | |||
Fair value of securities pledged as collateral | $ 453,100 | $ 248,500 | |
[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. The fair value of securities pledged as collateral was $453.1 million and $248.5 million at September 30, 2017 and December 31, 2016, respectively. |
Disclosures About Offsetting 87
Disclosures About Offsetting Assets And Liabilities (Financial Liabilities And Derivative Liabilities That Are Subject To Offset) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | |
Offsetting [Abstract] | |||
Gross amounts of recognized liabilities, Securities lending | [1] | $ (309,561) | $ (478,814) |
Net amounts presented in the Statement of Financial Condition, Securities lending | [1] | (309,561) | (478,814) |
Gross amounts not offset in the Statement of Financial Position, Financial instruments, Securities lending | [1] | 122,171 | 291,793 |
Gross amounts not offset in the Statement of Financial Position, Collateral pledged, Securities lending | [1] | 183,623 | 175,849 |
Securities lending, Net amount | [1] | (3,767) | (11,172) |
Gross amounts of recognized liabilities, Securities purchased under agreements to resell | [2] | (155,396) | (268,546) |
Net amounts presented in the Statement of Financial Condition, Securities purchased under agreements to resell | [2] | (155,396) | (268,546) |
Gross amounts not offset in the Statement of Financial Position, Financial instruments, Securities purchased under agreements to resell | [2] | 98,523 | 216,542 |
Gross amounts not offset in the Statement of Financial Position, Collateral pledged, Securities purchased under agreements to resell | [2] | 56,873 | 52,004 |
Gross amount of recognized liabilities, Cash flow interest rate contracts | (1,823) | ||
Net amounts presented in the Statement of Financial Condition, Cash flow interest rate contracts | (1,823) | ||
Gross amounts not offset in the Statement of Financial Position, Collateral pledged, Cash flow interest rate contracts | 1,823 | ||
Gross amounts of recognized liabilities | (464,957) | (749,183) | |
Net amounts presented in the Statement of Financial Condition | (464,957) | (749,183) | |
Gross amounts not offset in the Statement of Financial Position, Financial instruments | 220,694 | 508,335 | |
Gross amounts not offset in the Statement of Financial Condition, Collateral pledged | 240,496 | 229,676 | |
Net amount | $ (3,767) | $ (11,172) | |
[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. Collateral pledged by our company to the counter party includes U.S. government agency securities, U.S. government securities, and corporate fixed income securities with market values of $163.0 million and $299.3 million at September 30, 2017 and December 31, 2016, respectively. |
Disclosures About Offsetting 88
Disclosures About Offsetting Assets And Liabilities (Financial Liabilities And Derivative Liabilities That Are Subject To Offset) (Details) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | |
Offsetting Liabilities [Line Items] | |||
Fair value of securities pledged as collateral to counter party | [1] | $ 56,873 | $ 52,004 |
U.S. Government Agency Securities And U.S. Government Securities And Corporate Fixed Income Securities [Member] | Securities Pledged As Collateral [Member] | |||
Offsetting Liabilities [Line Items] | |||
Fair value of securities pledged as collateral to counter party | $ 163,000 | $ 299,300 | |
[1] | 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. Collateral pledged by our company to the counter party includes U.S. government agency securities, U.S. government securities, and corporate fixed income securities with market values of $163.0 million and $299.3 million at September 30, 2017 and December 31, 2016, respectively. |
Legal Proceedings (Narrative) (
Legal Proceedings (Narrative) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Stone & Youngberg [Member] | |
Loss Contingencies [Line Items] | |
Loss contingency, damages sought, value | $ 200 |
CA Funds [Member] | |
Loss Contingencies [Line Items] | |
Loss contingency, damages sought, value | $ 90 |
Loss contingency, damages sought | In a related action, approximately one dozen individual investors brought a direct action against the Company and other defendants, seeking recessionary damages of approximately $90 million. |
Loss contingency, actions taken by court | The court ruled that the individual plaintiffs had no standing to pursue these claims because the CA funds are separately pursuing claims. |
Regulatory Capital Requiremen90
Regulatory Capital Requirements (Narrative) (Details) $ in Millions | Sep. 30, 2017USD ($) |
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 | 18.50% |
Net capital | $ 273.8 |
Excess of minimum required net capital | 244.2 |
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% |
Regulatory Capital Requiremen91
Regulatory Capital Requirements (Schedule Of Total Risk-Based, Tier 1 Risk-Based, And Tier 1 Leverage Ratios) (Details) $ in Thousands | Sep. 30, 2017USD ($) |
Stifel Bank [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Tier 1 capital, Actual Amount | $ 1,007,303 |
Tier 1 capital, Actual Ratio | 14.40% |
Tier 1 capital For Capital Adequacy Purposes, Amount | $ 419,831 |
Tier 1 capital For Capital Adequacy Purposes, Ratio | 6.00% |
Tier 1 capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 559,774 |
Tier 1 To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% |
Total capital, Actual Amount | $ 1,070,198 |
Total capital, Actual Ratio | 15.30% |
Total capital For Capital Adequacy Purposes, Amount | $ 559,774 |
Total capital For Capital Adequacy Purposes, Ratio | 8.00% |
Total capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 699,718 |
Total capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% |
Tier 1 leverage, Actual Amount | $ 1,007,303 |
Tier 1 leverage, Actual Ratio | 7.10% |
Tier 1 leverage For Capital Adequacy Purposes, Amount | $ 567,587 |
Tier 1 leverage For Capital Adequacy Purposes, Ratio | 4.00% |
Tier 1 leverage To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 709,484 |
Tier 1 leverage To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% |
Common Stock [Member] | Stifel Bank [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Tier 1 capital, Actual Amount | $ 1,007,303 |
Tier 1 capital, Actual Ratio | 14.40% |
Tier 1 capital For Capital Adequacy Purposes, Amount | $ 314,873 |
Tier 1 capital For Capital Adequacy Purposes, Ratio | 4.50% |
Tier 1 capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 454,817 |
Tier 1 To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% |
Stifel Financial Corp. [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Tier 1 capital, Actual Amount | $ 1,969,702 |
Tier 1 capital, Actual Ratio | 20.50% |
Tier 1 capital For Capital Adequacy Purposes, Amount | $ 577,026 |
Tier 1 capital For Capital Adequacy Purposes, Ratio | 6.00% |
Tier 1 capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 769,368 |
Tier 1 To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% |
Total capital, Actual Amount | $ 2,031,937 |
Total capital, Actual Ratio | 21.10% |
Total capital For Capital Adequacy Purposes, Amount | $ 769,368 |
Total capital For Capital Adequacy Purposes, Ratio | 8.00% |
Total capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 961,710 |
Total capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% |
Tier 1 leverage, Actual Amount | $ 1,969,702 |
Tier 1 leverage, Actual Ratio | 10.40% |
Tier 1 leverage For Capital Adequacy Purposes, Amount | $ 754,009 |
Tier 1 leverage For Capital Adequacy Purposes, Ratio | 4.00% |
Tier 1 leverage To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 942,511 |
Tier 1 leverage To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% |
Stifel Financial Corp. [Member] | Common Stock [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Tier 1 capital, Actual Amount | $ 1,760,021 |
Tier 1 capital, Actual Ratio | 18.30% |
Tier 1 capital For Capital Adequacy Purposes, Amount | $ 432,769 |
Tier 1 capital For Capital Adequacy Purposes, Ratio | 4.50% |
Tier 1 capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 625,111 |
Tier 1 To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% |
Interest Income And Interest 92
Interest Income And Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Interest Income Expense Net [Abstract] | ||||
Bank loans, net | $ 54,006 | $ 35,484 | $ 147,495 | $ 91,517 |
Investment securities | 48,072 | 27,161 | 136,123 | 73,968 |
Margin balances | 9,919 | 7,438 | 27,124 | 24,135 |
Inventory | 4,371 | 4,895 | 12,953 | 13,912 |
Other | 1,494 | (97) | 4,071 | (44) |
Total interest income | 117,862 | 74,881 | 327,766 | 203,488 |
Senior notes | 8,655 | 12,164 | 24,935 | 28,518 |
Bank deposits | 4,770 | 1,732 | 8,424 | 5,475 |
Federal Home Loan Bank advances | 1,255 | 1,896 | 5,771 | 5,288 |
Other | 2,945 | 3,591 | 11,035 | 11,475 |
Total interest expense | $ 17,625 | $ 19,383 | $ 50,165 | $ 50,756 |
Employee Incentive, Deferred 93
Employee Incentive, Deferred Compensation, And Retirement Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized to grant | 5,900,000 | |||
Stock-based compensation | $ 81,613 | $ 149,093 | ||
Provision for income tax expense (benefit) | $ 41,603 | $ 10,168 | 85,497 | 33,048 |
Contributions to the Profit Sharing Plan | 1,800 | 1,600 | 5,500 | 4,500 |
Incentive Stock Award Plans [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 32,500 | 56,600 | 98,100 | 151,400 |
Tax impact related to stock-based compensation provision | $ 600 | $ 5,800 | ||
Incentive Stock Award Plans [Member] | ASU No. 2016-09 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Provision for income tax expense (benefit) | $ (300) | $ (17,400) | ||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total number of stock units outstanding | 19,500,000 | 19,500,000 | ||
Unvested stock units outstanding | 16,100,000 | 16,100,000 | ||
Unrecognized compensation expense related to non-vested options | $ 337,400 | $ 337,400 | ||
Weighted-average period, compensation cost expected to recognized, in years | 2 years 10 months 25 days | |||
Performance-based Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards vesting period in years | 5 years | |||
Total number of stock units outstanding | 600,000 | 600,000 | ||
Unvested stock units outstanding | 600,000 | 600,000 | ||
Award performance period | 4 years | |||
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 | 5.00% | 5.00% | ||
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% | |||
Minimum [Member] | Deferred Compensation Plans [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards vesting period in years | 1 year | |||
Minimum [Member] | Incentive Stock Award Plans [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards vesting period in years | 1 year | |||
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards vesting period in years | 1 year | |||
Minimum [Member] | Performance-based Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Potential percentage of converted shares | 0.00% | |||
Minimum [Member] | SWAP Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards vesting period in years | 1 year | |||
Maximum [Member] | Deferred Compensation Plans [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards vesting period in years | 8 years | |||
Maximum [Member] | Incentive Stock Award Plans [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards vesting period in years | 10 years | |||
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards vesting period in years | 10 years | |||
Maximum [Member] | Performance-based Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Potential percentage of converted shares | 200.00% | |||
Maximum [Member] | SWAP Plan [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, 2017 | Dec. 31, 2016 | |
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
General settlement period of securities transactions | 2 days | |
Fair value of securities accepted as collateral permitted to sell or repledge | $ 2,300 | $ 2,500 |
Fair value of collateral securities sold or repledged | 155.4 | 268.5 |
Outstanding commitments to originate loans | 223.1 | 205.8 |
Letters of credit outstanding | 84.7 | 88.9 |
Unused Lines Of Credit [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Unused lines of credit to commercial and consumer borrowers | $ 598.8 | $ 492.5 |
Standby Letters of Credit [Member] | Maximum [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Letters of credit, expiration period | 1 year |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2017Segment | |
Segment Reporting Information [Line Items] | |
Number of business segments | 3 |
Global Wealth Management [Member] | |
Segment Reporting Information [Line Items] | |
Number of businesses within reportable segment | 2 |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Operating Information, Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Segment Reporting Information [Line Items] | |||||
Net revenues | [1] | $ 721,169 | $ 641,986 | $ 2,122,347 | $ 1,914,105 |
Income/(loss) before income taxes | 108,139 | 27,982 | 270,356 | 87,688 | |
Global Wealth Management [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | [1] | 453,558 | 390,032 | 1,348,280 | 1,155,875 |
Income/(loss) before income taxes | 161,756 | 109,079 | 457,045 | 307,466 | |
Institutional Group [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | [1] | 264,747 | 258,800 | 778,367 | 760,996 |
Income/(loss) before income taxes | 51,717 | 44,923 | 144,481 | 116,628 | |
Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | [1] | 2,864 | (6,846) | (4,300) | (2,766) |
Income/(loss) before income taxes | $ (105,334) | $ (126,020) | $ (331,170) | $ (336,406) | |
[1] | No individual client accounted for more than 10 percent of total net revenues for the three and nine months ended September 30, 2017 or 2016. |
Segment Reporting (Schedule O97
Segment Reporting (Schedule Of Operating Information, Segment) (Parenthetical) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Segment Reporting [Abstract] | ||||
Net revenues accounted for by individual client, maximum percentage | 10.00% | 10.00% | 10.00% | 10.00% |
Segment Reporting (Schedule O98
Segment Reporting (Schedule Of Information Of Total Assets On Segment Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 20,484,080 | $ 19,129,356 |
Global Wealth Management [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 17,619,527 | 16,065,503 |
Institutional Group [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 2,484,337 | 2,657,183 |
Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 380,216 | $ 406,670 |
Segment Reporting (Schedule O99
Segment Reporting (Schedule Of Net Revenues Earned On Major Geographical Areas) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Segment Reporting Information [Line Items] | |||||
Total net revenues | [1] | $ 721,169 | $ 641,986 | $ 2,122,347 | $ 1,914,105 |
United States [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net revenues | 681,337 | 602,422 | 2,020,598 | 1,796,143 | |
United Kingdom [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net revenues | 38,103 | 37,139 | 95,393 | 110,731 | |
Other European [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net revenues | $ 1,729 | $ 2,425 | $ 6,356 | $ 7,231 | |
[1] | No individual client accounted for more than 10 percent of total net revenues for the three and nine months ended September 30, 2017 or 2016. |
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, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 66,536 | $ 17,814 | $ 184,859 | $ 54,640 |
Preferred dividends | 2,343 | 1,563 | 7,031 | 1,563 |
Net income available to common shareholders | $ 64,193 | $ 16,251 | $ 177,828 | $ 53,077 |
Average shares used in basic computation | 68,522 | 66,482 | 68,488 | 66,950 |
Dilutive effect of stock options and units | 12,359 | 11,062 | 12,074 | 9,662 |
Average shares used in diluted computation | 80,881 | 77,544 | 80,562 | 76,612 |
Basic | $ 0.94 | $ 0.24 | $ 2.60 | $ 0.79 |
Diluted | $ 0.79 | $ 0.21 | $ 2.21 | $ 0.69 |
Earnings Per Share (Details)
Earnings Per Share (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Cash dividend declared per common share | $ 0.10 | $ 0 | $ 0.10 | $ 0 |
Cash dividend paid per common share | $ 0.10 | $ 0 | $ 0.10 | $ 0 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) | Jan. 03, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 |
Business Acquisition Equity Interests Issued Or Issuable [Line Items] | |||||
Number of shares authorized to be repurchased | 7,100,000 | 7,100,000 | |||
Purchase of treasury stock | $ 0 | $ 18,300,000 | $ 13,000,000 | $ 113,500,000 | |
Treasury Stock, Shares, Acquired | 600,000 | 300,000 | 3,400,000 | ||
Treasury Stock Acquired, Average Cost Per Share | $ 30.52 | $ 43.83 | $ 33.22 | ||
Common stock reissued | 1,900,000 | ||||
City Securities [Member] | |||||
Business Acquisition Equity Interests Issued Or Issuable [Line Items] | |||||
Stock Issued During Period Shares Acquisitions | 200,000 |
Variable Interest Entities (Det
Variable Interest Entities (Details) | 9 Months Ended | |
Sep. 30, 2017USD ($)item | Dec. 31, 2016USD ($) | |
Variable Interest Entity [Line Items] | ||
Assets in partnership | $ 184,000,000 | |
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 | $ 17,551,675,000 | $ 16,390,948,000 |
Stifel Financial Corp. [Member] | ||
Variable Interest Entity [Line Items] | ||
Loss exposure | 18,000,000 | |
Weisel Capital Management LLC [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets in partnership | 315,400,000 | |
FSI Group, LLC [Member] | ||
Variable Interest Entity [Line Items] | ||
Liabilities related to VIE | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) | Oct. 30, 2017 | Oct. 04, 2017USD ($) | Sep. 30, 2017USD ($)item | Oct. 27, 2017USD ($) | Dec. 31, 2016USD ($) |
Subsequent Event [Line Items] | |||||
Number of types of subsequent events | item | 2 | ||||
Long-term Debt | $ 796,609,000 | $ 795,891,000 | |||
Stated interest rate | 4.25% | ||||
Debt instrument, maturity date | Dec. 31, 2024 | ||||
Subsequent Event [Member] | Ziegler Wealth Management [Member] | |||||
Subsequent Event [Line Items] | |||||
Business acquisition, definitive agreement entered date | Oct. 30, 2017 | ||||
Subsequent Event [Member] | Senior Notes 5.20% due October 2047 [Member] | |||||
Subsequent Event [Line Items] | |||||
Long-term Debt | $ 200,000,000 | ||||
Stated interest rate | 5.20% | ||||
Debt instrument, maturity date | Oct. 31, 2047 | ||||
Redemption price for on or after October 15, 2022, percentage of principal amount | 100.00% | ||||
Debt instrument, principal amount sold pursuant to over-allotment option | $ 25,000,000 |