Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 01, 2019 | |
Document And Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | STIFEL FINANCIAL CORP | |
Entity Central Index Key | 0000720672 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-09305 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 43-1273600 | |
Entity Address, Address Line One | 501 N. Broadway | |
Entity Address, City or Town | St. Louis | |
Entity Address, State or Province | MO | |
Entity Address, Postal Zip Code | 63102-2188 | |
City Area Code | 314 | |
Local Phone Number | 342-2000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Common Stock [Member] | ||
Document And Entity Information [Line Items] | ||
Trading Symbol | SF | |
Title of 12(b) Security | Common Stock, $0.15 par value per share | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 68,373,976 | |
Depository Shares, each representing 1/1,000th interest in a share of 6.25% Non-Cumulative Preferred Stock, Series A [Member] | ||
Document And Entity Information [Line Items] | ||
Trading Symbol | SF PRA | |
Title of 12(b) Security | Depository Shares, each representing 1/1,000th interest in a share of 6.25% Non-Cumulative Preferred Stock, Series A | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 6,000 | |
Depository Shares, each representing 1/1,000th interest in a share of 6.25% Non-Cumulative Preferred Stock, Series B [Member] | ||
Document And Entity Information [Line Items] | ||
Trading Symbol | SF PRB | |
Title of 12(b) Security | Depository Shares, each representing 1/1,000th interest in a share of 6.25% Non-Cumulative Preferred Stock, Series B | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 6,400 |
Consolidated Statements Of Fina
Consolidated Statements Of Financial Condition - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | ||
Assets | ||||
Cash and cash equivalents | $ 868,866 | $ 1,936,560 | ||
Cash segregated for regulatory purposes | 62,654 | 132,814 | ||
Receivables: | ||||
Brokerage clients, net | 1,396,132 | 1,201,477 | ||
Brokers, dealers, and clearing organizations | 672,557 | 515,574 | ||
Securities purchased under agreements to resell | [1] | 624,049 | 699,900 | |
Financial instruments owned, at fair value | 1,189,892 | 1,267,449 | ||
Available-for-sale securities, at fair value | 3,448,801 | 3,070,447 | ||
Held-to-maturity securities, at amortized cost | 2,881,484 | 4,218,854 | [2] | |
Loans: | ||||
Held for investment, net | 9,101,903 | 8,517,615 | ||
Held for sale, at lower of cost or market | 265,330 | 205,557 | ||
Investments, at fair value | 74,167 | 67,982 | ||
Fixed assets, net | 1,043,322 | 372,939 | ||
Goodwill | 1,158,123 | 1,034,679 | ||
Intangible assets, net | 116,438 | 119,655 | ||
Loans and advances to financial advisors and other employees, net | 488,355 | 408,436 | ||
Deferred tax assets, net | 111,108 | 112,008 | ||
Other assets | 657,596 | 637,652 | ||
Total assets | 24,160,777 | 24,519,598 | ||
Payables: | ||||
Brokerage clients | 907,140 | 837,379 | ||
Brokers, dealers, and clearing organizations | 613,788 | 432,299 | ||
Drafts | 84,815 | 104,887 | ||
Securities sold under agreements to repurchase | [3] | 564,892 | 535,394 | |
Bank deposits | 14,836,646 | 15,863,613 | ||
Financial instruments sold, but not yet purchased, at fair value | 905,797 | 947,306 | ||
Accrued compensation | 350,821 | 460,347 | ||
Accounts payable and accrued expenses | 1,012,229 | 344,152 | ||
Federal Home Loan Bank advances | 250,000 | 540,000 | ||
Borrowings | 150 | 180,655 | ||
Senior notes | 1,016,751 | 1,015,973 | ||
Debentures to Stifel Financial Capital Trusts | 60,000 | 60,000 | ||
Total liabilities | 20,603,029 | 21,322,005 | ||
Commitments and contingent liabilities | ||||
Stifel Financial Corp. shareholders' equity: | ||||
Preferred stock - $1 par value; authorized 3,000,000 shares; issued 12,400 and 6,000 shares, respectively | 310,000 | 150,000 | ||
Common stock - $0.15 par value; authorized 194,000,000 shares; issued 74,441,094 and 74,441,017 shares, respectively | 11,166 | 11,166 | ||
Additional paid-in-capital | 1,889,815 | 1,893,304 | ||
Retained earnings | 1,603,826 | 1,366,503 | ||
Accumulated other comprehensive loss | (23,594) | (72,523) | ||
Treasury stock, at cost, 5,565,470 and 3,639,399 shares, respectively | (289,498) | (180,857) | ||
Total Stifel Financial Corp. shareholders’ equity | 3,501,715 | 3,167,593 | ||
Non-controlling interests | 56,033 | 30,000 | ||
Total equity | 3,557,748 | 3,197,593 | ||
Total liabilities and equity | $ 24,160,777 | $ 24,519,598 | ||
[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 $623.2 million and $695.6 million at September 30, 2019 and December 31, 2018, 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 counterparty. These securities are included in the consolidated statements of financial condition unless we default. Collateral pledged by our company to the counterparty includes U.S. government agency securities, U.S. government securities, and corporate fixed income securities with market values of $ million and $ 558.6 million at September 30, 2019 and December 31, 2018, respectively . |
Consolidated Statements Of Fi_2
Consolidated Statements Of Financial Condition (Parenthetical) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
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 | 12,400 | 6,000 |
Common stock, par value | $ 0.15 | $ 0.15 |
Common stock, shares authorized | 194,000,000 | 194,000,000 |
Common stock, shares issued | 74,441,094 | 74,441,017 |
Treasury stock, shares | 5,565,470 | 3,639,399 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Revenues: | |||||
Revenue from contracts with customers | $ 585,587 | $ 532,144 | $ 1,661,442 | $ 1,605,149 | |
Principal transactions | 97,847 | 83,152 | 298,343 | 269,918 | |
Interest | 178,784 | 169,760 | 557,795 | 461,915 | |
Other income | 8,747 | 6,127 | 34,461 | 18,557 | |
Total revenues | 865,716 | 786,810 | 2,539,262 | 2,343,632 | |
Interest expense | 44,144 | 48,468 | 146,483 | 112,200 | |
Net revenues | [1] | 821,572 | 738,342 | 2,392,779 | 2,231,432 |
Non-interest expenses: | |||||
Compensation and benefits | 486,160 | 422,324 | 1,411,135 | 1,322,387 | |
Occupancy and equipment rental | 58,649 | 54,035 | 178,566 | 165,226 | |
Communications and office supplies | 36,817 | 33,330 | 107,583 | 103,468 | |
Commissions and floor brokerage | 10,542 | 11,338 | 32,506 | 30,798 | |
Other operating expenses | 78,650 | 76,785 | 226,444 | 231,122 | |
Total non-interest expenses | 670,818 | 597,812 | 1,956,234 | 1,853,001 | |
Income from operations before income tax expense | 150,754 | 140,530 | 436,545 | 378,431 | |
Provision for income taxes | 40,632 | 36,672 | 117,227 | 98,525 | |
Net income | 110,122 | 103,858 | 319,318 | 279,906 | |
Net income applicable to non-controlling interests | 708 | 1,612 | |||
Net income applicable to Stifel Financial Corp. | 109,414 | 103,858 | 317,706 | 279,906 | |
Preferred dividends | 4,844 | 2,343 | 12,476 | 7,031 | |
Net income available to common shareholders | $ 104,570 | $ 101,515 | $ 305,230 | $ 272,875 | |
Earnings per common share: | |||||
Basic | $ 1.47 | $ 1.41 | $ 4.21 | $ 3.80 | |
Diluted | 1.34 | 1.25 | 3.87 | 3.35 | |
Cash dividends declared per common share | $ 0.15 | $ 0.12 | $ 0.45 | $ 0.36 | |
Weighted-average number of common shares outstanding: | |||||
Basic | 71,197 | 71,919 | 72,512 | 71,824 | |
Diluted | 78,144 | 81,484 | 78,826 | 81,425 | |
Commissions [Member] | |||||
Revenues: | |||||
Revenue from contracts with customers | $ 163,920 | $ 158,016 | $ 484,350 | $ 490,693 | |
Investment Banking [Member] | |||||
Revenues: | |||||
Revenue from contracts with customers | 198,790 | 169,012 | 540,247 | 506,437 | |
Asset Management and Service Fees [Member] | |||||
Revenues: | |||||
Revenue from contracts with customers | $ 217,628 | $ 200,743 | $ 624,066 | $ 596,112 | |
[1] | No individual client accounted for more than 10 percent of total net revenues for the three and nine months ended September 30, 2019 or 2018. |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Statement Of Income And Comprehensive Income [Abstract] | |||||
Net income | $ 110,122 | $ 103,858 | $ 319,318 | $ 279,906 | |
Other comprehensive income/(loss), net of tax: | |||||
Changes in unrealized gains/(losses) on available-for-sale securities | [1],[2],[3],[4] | 16,344 | (3,138) | 58,428 | (28,065) |
Changes in unrealized gains/(losses) on cash flow hedging instruments | [2],[4],[5] | (477) | (1,523) | (4,260) | 1,895 |
Foreign currency translation adjustment | [2],[4] | (4,106) | (1,336) | (5,239) | (3,434) |
Total other comprehensive income/(loss), net of tax | 11,761 | (5,997) | 48,929 | (29,604) | |
Comprehensive income | 121,883 | 97,861 | 368,247 | 250,302 | |
Net income applicable to non-controlling interests | 708 | 1,612 | |||
Comprehensive income applicable to Stifel Financial Corp. | $ 121,175 | $ 97,861 | $ 366,635 | $ 250,302 | |
[1] | As part of | ||||
[2] | Net of tax expense of $4.4 million and tax benefit of $2.1 million for the three months ended September 30, 2019 and 2018, respectively. Net of tax expense of $18.1 million and tax benefit of $10.4 million for the nine months ended September 30, 2019 and 2018, respectively. | ||||
[3] | Reclassifications to earnings during the three months ended September 30, 2019 were immaterial. Net of reclassifications to earnings of realized losses of $0.2 million for the nine months ended September 30, 2019. There were no reclassifications to earnings during the three and nine months ended September 30, 2018. | ||||
[4] | The adoption of ASU 2018-02 on January 1, 2018 resulted in a reclassification of $3.0 million to retained earnings related to cash flow hedges and investment portfolio risk. | ||||
[5] | Amounts are net of reclassifications to earnings of gains of $0.6 million and $1.5 million for the three months ended September 30, 2019 and 2018, respectively. Amounts are net of reclassifications to earnings of gains of $2.9 million and $3.3 million for the nine months ended September 30, 2019 and 2018, respectively. |
Consolidated Statements Of Co_2
Consolidated Statements Of Comprehensive Income (Parenthetical) (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Other comprehensive income/(loss), tax | $ 4,400,000 | $ (2,100,000) | $ 18,100,000 | $ (10,400,000) |
Reclassifications to earnings of realized losses on available-for-sale securities | 0 | 200,000 | 0 | |
Increase in accumulated comprehensive income | 17,900,000 | 17,900,000 | ||
Reclassifications to earnings of gains on cash flow hedging instruments | 600,000 | $ 1,500,000 | 2,900,000 | $ 3,300,000 |
ASU 2019-04 [Member] | ||||
Increase in accumulated comprehensive income | $ 17,900,000 | |||
ASU 2018-02 [Member] | ||||
Reclassification to retained earnings related to cash flow hedges and investment portfolio risk | $ 3,000,000 |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock at Cost [Member] | Parent [Member] | Non-controlling Interests [Member] | ||
Balance, beginning of period at Dec. 31, 2017 | $ 150,000 | $ 10,746 | $ 1,733,348 | $ 1,033,526 | $ (26,736) | $ (39,308) | |||||
Common stock issued under employee plans | 123 | 22,846 | |||||||||
Common stock repurchased | $ (62,500) | (62,514) | |||||||||
Common stock issued for acquisitions | 297 | 110,374 | |||||||||
Unit amortization, net of forfeitures | 77,350 | ||||||||||
Net income | 279,906 | 279,906 | |||||||||
Dividends declared, Common | (31,097) | ||||||||||
Dividends declared, Preferred | (7,031) | ||||||||||
Common stock issued under employee plans and related tax benefits | (52,922) | (9,774) | |||||||||
Other | 8 | 1,130 | |||||||||
Dividends declared to equity-award holders | 5,074 | ||||||||||
Unrealized gains/(losses) on securities, net of tax | (28,065) | [1],[2],[3],[4] | (28,065) | ||||||||
Unrealized gains/(losses) on cash flow hedging activities, net of tax | 1,895 | ||||||||||
Foreign currency translation adjustment, net of tax | (3,434) | [2],[4] | (3,433) | ||||||||
Cumulative adjustments for accounting changes | [5] | (1,124) | (3,050) | ||||||||
Balance, end of period at Sep. 30, 2018 | 3,161,569 | 150,000 | 11,166 | 1,873,232 | 1,265,536 | (59,389) | (78,976) | $ 3,161,569 | |||
Balance, beginning of period at Jun. 30, 2018 | 150,000 | 10,869 | 1,736,853 | 1,175,151 | (53,393) | (65,118) | |||||
Common stock issued under employee plans | 2,773 | ||||||||||
Common stock repurchased | (16,600) | (16,631) | |||||||||
Common stock issued for acquisitions | 297 | 110,374 | |||||||||
Unit amortization, net of forfeitures | 27,752 | ||||||||||
Net income | 103,858 | 103,858 | |||||||||
Dividends declared, Common | (10,524) | ||||||||||
Dividends declared, Preferred | (2,343) | ||||||||||
Common stock issued under employee plans and related tax benefits | (3,516) | (664) | |||||||||
Other | 45 | 58 | |||||||||
Dividends declared to equity-award holders | 1,724 | ||||||||||
Unrealized gains/(losses) on securities, net of tax | (3,138) | [1],[2],[3],[4] | (3,138) | ||||||||
Unrealized gains/(losses) on cash flow hedging activities, net of tax | (1,523) | ||||||||||
Foreign currency translation adjustment, net of tax | (1,336) | [2],[4] | (1,335) | ||||||||
Balance, end of period at Sep. 30, 2018 | 3,161,569 | 150,000 | 11,166 | 1,873,232 | 1,265,536 | (59,389) | (78,976) | 3,161,569 | |||
Balance, beginning of period at Dec. 31, 2018 | 3,197,593 | 150,000 | 11,166 | 1,893,304 | 1,366,503 | (72,523) | (180,857) | $ 30,000 | |||
Common stock issued under employee plans | 71,793 | ||||||||||
Common stock repurchased | (180,400) | (180,434) | |||||||||
Unit amortization, net of forfeitures | 86,388 | ||||||||||
Net income | 317,706 | 319,318 | 1,612 | ||||||||
Dividends declared, Common | (38,249) | ||||||||||
Dividends declared, Preferred | (12,476) | ||||||||||
Common stock issued under employee plans and related tax benefits | (84,902) | (18,770) | |||||||||
Issuance of preferred stock | 160,000 | (5,012) | |||||||||
Other | 37 | (1,296) | |||||||||
Unrealized gains/(losses) on securities, net of tax | 58,428 | [1],[2],[3],[4] | 58,428 | ||||||||
Unrealized gains/(losses) on cash flow hedging activities, net of tax | (4,260) | ||||||||||
Foreign currency translation adjustment, net of tax | (5,239) | [2],[4] | (5,239) | ||||||||
Cumulative adjustments for accounting changes | [5] | (11,204) | |||||||||
Capital contributions from non-controlling interest holders | 26,800 | ||||||||||
Distributions to non-controlling interest holders | (2,379) | ||||||||||
Balance, end of period at Sep. 30, 2019 | 3,557,748 | 310,000 | 11,166 | 1,889,815 | 1,603,826 | (23,594) | (289,498) | 3,501,715 | 56,033 | ||
Balance, beginning of period at Jun. 30, 2019 | 310,000 | 11,166 | 1,867,209 | 1,512,702 | (35,355) | (236,596) | 56,296 | ||||
Common stock issued under employee plans | 2,566 | ||||||||||
Common stock repurchased | (55,500) | (55,468) | |||||||||
Unit amortization, net of forfeitures | 26,300 | ||||||||||
Net income | 109,414 | 110,122 | 708 | ||||||||
Dividends declared, Common | (12,572) | ||||||||||
Dividends declared, Preferred | (4,844) | ||||||||||
Common stock issued under employee plans and related tax benefits | (3,708) | (478) | |||||||||
Other | 14 | (709) | |||||||||
Unrealized gains/(losses) on securities, net of tax | 16,344 | [1],[2],[3],[4] | 16,344 | ||||||||
Unrealized gains/(losses) on cash flow hedging activities, net of tax | (477) | ||||||||||
Foreign currency translation adjustment, net of tax | (4,106) | [2],[4] | (4,106) | ||||||||
Cumulative adjustments for accounting changes | [6] | (395) | |||||||||
Distributions to non-controlling interest holders | (971) | ||||||||||
Balance, end of period at Sep. 30, 2019 | $ 3,557,748 | $ 310,000 | $ 11,166 | $ 1,889,815 | $ 1,603,826 | $ (23,594) | $ (289,498) | $ 3,501,715 | $ 56,033 | ||
[1] | As part of | ||||||||||
[2] | Net of tax expense of $4.4 million and tax benefit of $2.1 million for the three months ended September 30, 2019 and 2018, respectively. Net of tax expense of $18.1 million and tax benefit of $10.4 million for the nine months ended September 30, 2019 and 2018, respectively. | ||||||||||
[3] | Reclassifications to earnings during the three months ended September 30, 2019 were immaterial. Net of reclassifications to earnings of realized losses of $0.2 million for the nine months ended September 30, 2019. There were no reclassifications to earnings during the three and nine months ended September 30, 2018. | ||||||||||
[4] | The adoption of ASU 2018-02 on January 1, 2018 resulted in a reclassification of $3.0 million to retained earnings related to cash flow hedges and investment portfolio risk. | ||||||||||
[5] | |||||||||||
[6] | Cumulative adjustments for accounting changes relate to the adoption of certain accounting updates during 2019. See Note 2 to the consolidated financial statements for further information. |
Consolidated Statements Of Sh_2
Consolidated Statements Of Shareholders' Equity (Parenthetical) (Unaudited) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Statement Of Stockholders Equity [Abstract] | |||
Preferred stock, par value | $ 1 | $ 1 | $ 1 |
Common stock, par value | $ 0.15 | $ 0.15 | $ 0.15 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash Flows From Operating Activities: | ||
Net income | $ 319,318 | $ 279,906 |
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | ||
Depreciation and amortization | 28,930 | 20,503 |
Amortization of loans and advances to financial advisors and other employees | 69,286 | 61,783 |
Amortization of premium on investment portfolio | 26,687 | 18,714 |
Provision for loan losses and allowance for loans and advances to financial advisors and other employees | 5,837 | 13,980 |
Amortization of intangible assets | 10,960 | 8,741 |
Deferred income taxes | (13,573) | 718 |
Stock-based compensation | 78,329 | 75,382 |
(Gains)/losses on sale of investments | (1,279) | 10,442 |
Other, net | (32,062) | (86,576) |
Receivables: | ||
Brokerage clients | (194,655) | (82,568) |
Brokers, dealers, and clearing organizations | (156,658) | (187,013) |
Securities purchased under agreements to resell | 75,851 | (110,141) |
Financial instruments owned, including those pledged | 110,240 | (19,048) |
Loans originated as held for sale | (1,293,650) | (1,099,187) |
Proceeds from mortgages held for sale | 1,255,823 | 1,051,789 |
Loans and advances to financial advisors and other employees | (147,144) | (67,872) |
Other assets | (41,002) | 31,543 |
Increase/(decrease) in operating liabilities, net of liabilities assumed: | ||
Brokerage clients | 69,761 | (200,461) |
Brokers, dealers, and clearing organizations | 56,711 | 180,463 |
Drafts | (20,072) | (15,404) |
Financial instruments sold, but not yet purchased | (41,565) | 132,511 |
Other liabilities and accrued expenses | (132,768) | (66,290) |
Net cash provided by/(used in) operating activities | 33,305 | (48,085) |
Cash Flows From Investing Activities: | ||
Principal paydowns, sales, calls, and maturities of available-for-sale securities | 1,034,741 | 763,982 |
Calls and principal paydowns of held-to-maturity securities | 456,804 | 443,295 |
Sale of other real estate owned | 7,300 | |
Sale or maturity of investments | 4,263 | 24,345 |
Increase in bank loans, net | (592,547) | (810,798) |
Payments for: | ||
Purchase of fixed assets | (116,307) | (18,271) |
Purchase of available-for-sale securities | (239,155) | (331,657) |
Purchase of held-to-maturity securities | (243,335) | (1,313,587) |
Purchase of investments | (9,100) | (7,578) |
Acquisitions, net of cash received | (136,196) | 599 |
Net cash provided by/(used in) investing activities | 166,468 | (1,249,670) |
Cash Flows From Financing Activities: | ||
Repayments of borrowings, net | (62,810) | (257,197) |
(Repayments of)/proceeds from Federal Home Loan Bank advances, net | (290,000) | 309,050 |
Payment of contingent consideration | (6,925) | (11,909) |
Increase in securities sold under agreements to repurchase | 5,189 | 261,780 |
(Decrease)/increase in bank deposits, net | (1,026,967) | 590,000 |
Increase in securities loaned | 124,707 | 471,367 |
Tax payments related to shares withheld for stock-based compensation plans | (30,425) | (39,815) |
Proceeds from preferred stock issuance, net | 154,988 | |
Proceeds from non-controlling interests | 26,800 | |
Proceeds from stock option exercises | 2,278 | |
Repurchase of common stock | (180,434) | (62,514) |
Cash dividends on preferred stock | (12,476) | (7,031) |
Cash dividends paid to common stock and equity-award holders | (31,697) | (26,023) |
Other | (2,379) | |
Net cash (used in)/provided by financing activities | (1,332,429) | 1,229,986 |
Effect of exchange rate changes on cash | (5,198) | (3,429) |
Decrease in cash, cash equivalents, and cash segregated for regulatory purposes | (1,137,854) | (71,198) |
Cash, cash equivalents, and cash segregated for regulatory purposes at beginning of period | 2,069,374 | 787,085 |
Cash, cash equivalents, and cash segregated for regulatory purposes at end of period | 931,520 | 715,887 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes, net of refunds | 110,907 | 27,280 |
Cash paid for interest | 149,984 | 111,832 |
Noncash financing activities: | ||
Unit grants, net of forfeitures | $ 128,539 | 119,051 |
Issuance of common stock for acquisitions | $ 110,671 |
Cash, Cash Equivalents, and Cas
Cash, Cash Equivalents, and Cash Restricted for Regulatory Purposes for Periods Presented in Consolidated Statement of Financial Condition - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Statement Of Cash Flows [Abstract] | ||
Cash and cash equivalents | $ 868,866 | $ 1,936,560 |
Cash segregated for regulatory purposes | 62,654 | 132,814 |
Total cash, cash equivalents, and cash segregated for regulatory purposes | $ 931,520 | $ 2,069,374 |
Nature of Operations, Basis of
Nature of Operations, Basis of Presentation, and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Operations, Basis of Presentation, and Summary of Significant Accounting Policies | NOTE 1 – Nature of Operations, Basis of Presentation, and Summary of Significant Accounting Policies 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 2, 2019, the Company completed the acquisition of First Empire Holding Corp. (“First Empire”) and its subsidiaries, including First Empire Securities, Inc., an institutional broker-dealer specializing in the fixed income markets. On July 1, 2019, the Company completed the acquisition of Mooreland Partners (“Mooreland”), an independent M&A and private capital advisory firm serving the global technology industry. On September 3, 2019, the Company completed the acquisition of B&F Capital Markets, Inc. (“B&F”), a privately held firm focused on providing regional and community banks throughout the United States with interest rate derivative programs through a combination of experienced professionals and proprietary software. On September 27, 2019, the Company completed the acquisition of certain assets of George K. Baum & Company (“GKB”), a privately held investment-banking firm focused on public finance and taxable fixed income sales and trading. See Note 8 in the notes to consolidated financial statements for more details on our acquisitions. Pro forma information is not presented, because these acquisition are not considered to be material, as defined by the SEC. The results of operations of First Empire, Mooreland, B&F, and GKB have been included in our results prospectively from the respective dates of acquisition. 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 Bancorp, Inc. (“Stifel Bancorp”). 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, 2018 on file with the SEC. Certain amounts from prior periods have been reclassified to conform to the current period’s presentation. The effect of these reclassifications on our company’s previously reported consolidated financial statements was not material. Consolidation Policies The consolidated financial statements include the accounts of Stifel Financial Corp. and its subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. For consolidated subsidiaries that are less than wholly owned, the third-party holdings of equity interests are referred to as non-controlling interests. The portion of shareholders’ equity that is attributable to non-controlling interests for such subsidiaries is presented as non-controlling interests, a component of total equity, in the consolidated statements of financial condition. Our non-controlling interest represents a 27.5% third-party ownership of North Shore Aviation Holdings LLC (“North Shore”), a consolidated subsidiary of the Company that, through its subsidiary, owns airplane engines. We have investments or interests in other entities for which we must evaluate whether to consolidate by determining whether we have a controlling financial interest or are considered to be the primary beneficiary. Under our current consolidation policy, which complies with the provisions of ASC 810 as amended by ASU 2015-02, we consolidate those entities where we have the power to direct the activities of the entity that most significantly impact the entity’s economic performance and the obligation to absorb losses of the entity or the rights to receive benefits from the entity that could potentially be significant to the entity. We determine whether we are the primary beneficiary of a variable interest entity (“VIE”) by performing an analysis of the VIE’s control structure, expected benefits and losses, and expected residual returns. This analysis includes a review of, among other factors, the VIE’s capital structure, contractual terms, which interests create or absorb benefits or losses, variability, related party relationships, and the design of the VIE. We reassess our evaluation of whether an entity is a VIE when certain reconsideration events occur. We reassess our determination of whether we are the primary beneficiary of a VIE on an ongoing basis based on current facts and circumstances. See Note 25 for additional information on VIEs. Summary of Significant Accounting Policies For a detailed discussion about the Company’s significant accounting policies, see Note 2, Summary of Significant Accounting Policies, in our consolidated financial statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2018. During the nine months ended September 30, 2019, other than the following, there were no significant changes made to the Company’s significant accounting policies. The accounting policy changes are attributable to the adoption of the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2016-02, “Leases” (the “new lease standard” or “ASU 2016-02”) on January 1, 2019. These lease policy updates are applied prospectively in our consolidated financial statements from January 1, 2019. Reported financial information for the historical comparable period was not revised and continues to be reported under the accounting standards in effect during the historical periods. Operating Leases Our company enters into operating leases for real estate, office equipment and other assets, substantially all of which are used in connection with its operations. We adopted ASU 2016-02 on January 1, 2019, which required our company to recognize, for leases longer than one year, a right-of-use asset representing the right to use the underlying asset for the lease term, and a lease liability representing the liability to make payments. The lease term is generally determined based on the contractual maturity of the lease. For leases where our company has the option to terminate or extend the lease, an assessment of the likelihood of exercising the option is incorporated into the determination of the lease term. Such assessment is initially performed at the inception of the lease and is updated if events occur that impact the original assessment. An operating lease right-of-use asset is initially determined based on the operating lease liability, adjusted for initial direct costs, lease incentives and amounts paid at or prior to lease commencement. This amount is then amortized over the lease term. See Note 17 for information about operating leases. For leases where our company ceased using the space and management has concluded that it will not derive any future economic benefits, we record an impairment of right-of-use assets. |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2019 | |
Prospective Adoption Of New Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements | NOTE 2 – New Accounting Pronouncements Recently Adopted Accounting Guidance Fair Value Measurement In August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. The objective of this guidance is to improve the effectiveness of disclosure requirements on fair value measurement by eliminating certain disclosure requirements for fair value measurements for all entities, requiring public entities to disclose certain new information and modifying some disclosure requirements. The accounting update is effective for the fiscal year beginning after December 15, 2019 (January 1, 2020 for our company) and early adoption is permitted. We early adopted the guidance in the update on January 1, 2019. The adoption of the accounting update did not have a material impact on our consolidated financial statements. See Note 4 for further information. Derivatives and Hedging In August 2017, the FASB issued ASU 2017-12, “Targeted Improvements to Accounting for Hedging Activities” (“ASU 2017-12”), which amends the hedge accounting recognition and presentation requirements. The accounting update improves the transparency and understandability of information conveyed to financial statement users by better aligning companies’ hedging relationship to their existing risk management strategies, simplifies the application of hedge accounting and increases transparency regarding the scope and results of hedging program. The accounting update is effective for the fiscal year beginning after December 15, 2018 (January 1, 2019 for our company). The adoption of the accounting update did not have a material impact on our consolidated financial statements. See Note 12 for further information. In April 2019, the FASB issued ASU No. 2019-04, "Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments" which clarifies and improves areas of guidance related to the recently issued standards on credit losses, hedging, recognition and measurement. The accounting update clarifies that the reclassification of a debt security from held-to-maturity to available-for-sale under the transition guidance in ASU 2017-12 would not (1) call into question the classification of other held-to-maturity securities, (2) be required to actually designate any reclassified security in a last-of-layer hedge, or (3) be restricted from selling any reclassified security. The accounting update is effective for fiscal years beginning after December 15, 2019 (January 1, 2020 for our company) and early adoption is permitted. We early adopted the provisions of the accounting update related to Topic 815 on August 1, 2019. As a result of the adoption of the accounting update, we made a one-time decision to transfer a portion of our held-to-maturity securities to available-for-sale. The adoption of the accounting guidance had no other impact on our consolidated financial statements. See Note 6 for further information. Callable Debt Securities In March 2017, the FASB issued ASU 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities,” which shortens the amortization period for the premium on certain callable debt securities to the earliest call date. The amendments are applicable to any purchased individual debt security with an explicit and non-contingent call feature that is callable at a fixed price on a preset date. The accounting update is effective for fiscal years beginning after December 15, 2018 (January 1, 2019 for our company) under a modified retrospective approach. The change was applied prospectively from January 1, 2019 and there is no impact to our previously presented results. The adoption of the accounting update resulted in a reduction of beginning retained earnings of $4.4 million after-tax as a cumulative effect of adoption of an accounting change. Leases In February 2016, the FASB issued ASU 2016-02 that requires for leases longer than one year, a lessee recognize in the statements of financial condition a right-of-use asset, representing the right to use the underlying asset for the lease term, and a lease liability, representing the liability to make lease payments. The accounting update also requires that for finance leases, a lessee recognize interest expense on the lease liability, separately from the amortization of the right-of-use asset in the statements of earnings, while for operating leases, such amounts should be recognized as a combined expense. In addition, this accounting update requires expanded disclosures about the nature and terms of lease agreements. This change was applied prospectively from January 1, 2019 and there is no impact on our previously presented results. Upon adoption, in accordance with the new lease standard, we elected to not reassess the lease classification or initial direct costs of existing leases, and to not reassess whether existing contracts contain a lease. In addition, we have elected to account for each contract’s lease and non-lease components as a single lease component. The adoption of the new lease standard resulted in a reduction of beginning retained earnings of $6.8 million after-tax as a cumulative effect of adoption of an accounting change. Upon adoption, the company recorded a gross up of approximately $670 million on its consolidated statements of financial condition to recognize the right-of-use assets, included in fixed assets, net and lease liabilities, included in accounts payable and accrued expenses. Recently Issued Accounting Guidance Goodwill Impairment Testing In January 2017, the FASB issued ASU 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 accounting update, 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. The accounting update is effective for annual or any interim impairment tests in fiscal years beginning after December 15, 2019 (January 1, 2020 for our company) and early adoption is permitted. We are currently evaluating the impact of the accounting update, but the adoption is not expected to have a material impact on our consolidated financial statements. Financial Instruments – Credit Losses In June 2016, the FASB issued ASU 2016-13, “Financial Instruments − Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” This accounting update impacts the impairment model for certain financial assets measured at amortized cost by requiring a current expected credit loss (“CECL”) methodology to estimate expected credit losses over the entire life of the financial asset, recorded at inception or purchase. CECL will replace the loss model currently applicable to bank loans, held-to-maturity securities, and other receivables carried at amortized cost. The accounting update also eliminates the concept of other-than-temporary impairment for available-for-sale securities. Impairments on available-for-sale securities will be required to be recognized in earnings through an allowance, when the fair value is less than amortized cost and a credit loss exists or the securities are expected to be sold before recovery of amortized cost. Under the accounting update, there may be an ability to determine there are no expected credit losses in certain circumstances, e.g., based on collateral arrangements for lending and financing transactions or based on the credit quality of the borrower or issuer. Expected credit losses, including losses on off-balance-sheet exposures, such as lending commitments, will be measured based on historical experience, current conditions and forecasts that affect the collectability of the reported amount. Overall, the amendments in this accounting update are expected to accelerate the recognition of credit losses for portfolios where CECL models will be applied. The accounting update is effective for fiscal years beginning after December 15, 2019 (January 1, 2020 for our company) under a modified retrospective approach with early adoption permitted. We have substantially completed development of credit loss models for significant loan portfolios and are in the process of testing these models and validating data inputs, while continuing to develop the policies, systems and controls that will be required to implement CECL. The adoption of the accounting update is not expected to have a material impact on our consolidated financial statements. Ultimately, the extent of the impact of adoption of this accounting update on our company’s consolidated financial statements may vary and will depend on, among other things, the economic environment, the completion of our company’s models, policies and other management judgments, and the size and type of loan portfolios held by our company on the date of adoption. In April 2019, the FASB issued ASU No. 2019-04, "Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments" which clarifies and improves areas of guidance related to the recently issued standards on credit losses, hedging, recognition and measurement. The accounting update provides guidance on how companies will estimate expected credit losses by incorporating (1) expected recoveries of financial assets, including recoveries of amounts expected to be written off and those previously written off, and (2) clarifying that contractual extensions or renewal options that are not unconditionally cancellable by the lender are considered when determining the contractual term over which expected credit losses are measured. The accounting update is effective for fiscal years beginning after December 15, 2019 (January 1, 2020 for our company) and early adoption is permitted. The adoption of the accounting update is not expected to have a material impact on our consolidated financial statements. In May 2019, the FASB issued ASU No. 2019-05, “Financial Instruments - Credit Losses (Topic 326); Targeted Transition Relief,” which allows entities to irrevocably elect, upon adoption of ASU 2016-13, the fair value option on financial instruments that (1) were previously recorded at amortized cost and (2) are within the scope of ASC 326-20 if the instruments are eligible for the fair value option under ASC 825-10. The fair value option election does not apply to held-to-maturity debt securities. Entities are required to make this election on an instrument-by-instrument basis. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2019 (January 1, 2020 for our company). The adoption of the accounting update is not expected to have a material impact on our consolidated financial statements. |
Receivables From And Payables T
Receivables From And Payables To Brokers, Dealers And Clearing Organizations | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 and December 31, 2018, included (in thousands) September 30, 2019 December 31, 2018 Receivables from clearing organizations $ 350,730 $ 320,277 Deposits paid for securities borrowed 214,100 109,795 Securities failed to deliver 107,727 85,502 $ 672,557 $ 515,574 Amounts payable to brokers, dealers, and clearing organizations at September 30, 2019 and December 31, 2018, included (in thousands) September 30, 2019 December 31, 2018 Deposits received from securities loaned $ 516,941 $ 392,163 Securities failed to receive 76,774 27,975 Payable to clearing organizations 20,073 12,161 $ 613,788 $ 432,299 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, 2019 | |
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 and equity securities infrequently traded, state and municipal securities, sovereign debt, and asset-backed securities, which primarily include collateralized loan obligations. We have identified Level 3 financial instruments to include certain asset-backed securities and loans with unobservable pricing inputs. 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 primarily valued based on quoted prices in active markets and reported in Level 1. ARS are primarily valued based upon our expectations of issuer redemptions and using internal discounted cash flow models that utilize unobservable inputs. ARS are primarily reported as Level 3 assets. Direct investments in private companies may be valued using the market approach and were valued based on an assessment of each underlying investment, incorporating evaluation of additional significant third-party financing, changes in valuations of comparable peer companies, the business environment of the companies, market indices, assumptions relating to appropriate risk adjustments for nonperformance, and legal restrictions on disposition, among other factors. The fair value derived from the methods used are evaluated and weighted, as appropriate, considering the reasonableness of the range of values indicated. Under the market approach, fair value may be determined by reference to multiples of market-comparable companies or transactions, including earnings before interest, taxes, depreciation, and amortization (“EBITDA”) multiples. For securities utilizing the market comparable companies valuation technique, a significant increase (decrease) in the EBITDA multiple in isolation could result in a significantly higher (lower) fair value measurement. Investments in Funds That Are Measured at Net Asset Value Per Share The Company’s investments in funds measured at NAV include 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, 2019 Fair value of investments Unfunded commitments Money market funds $ 28,047 $ — Mutual funds 7,315 — Private equity funds 2,508 1,477 Partnership interests 3,458 952 Total $ 41,328 $ 2,429 December 31, 2018 Fair value of investments Unfunded commitments Money market funds $ 19,719 $ — Mutual funds 9,122 — Private equity funds 3,461 1,480 Partnership interests 3,976 1,024 Total $ 36,278 $ 2,504 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, equity and fixed income 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, agency mortgage-backed securities not actively traded, corporate fixed income, and sovereign debt 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, 2019, are presented below (in thousands) : September 30, 2019 Total Level 1 Level 2 Level 3 Financial instruments owned: U.S. government securities $ 24,034 $ 24,034 $ — $ — U.S. government agency securities 112,481 — 112,481 — Mortgage-backed securities: Agency 457,110 — 457,110 — Non-agency 10,205 — 10,205 — Asset-backed securities 36,157 — 35,982 175 Corporate securities: Fixed income securities 333,808 4,364 329,444 — Equity securities 77,649 77,186 463 — Sovereign debt 1,977 — 1,977 — State and municipal securities 118,671 — 118,671 — Loans 17,800 — — 17,800 Total financial instruments owned 1,189,892 105,584 1,066,333 17,975 Available-for-sale securities: U.S. government agency securities 4,610 100 4,510 — State and municipal securities 31,510 — 31,510 — Mortgage-backed securities: Agency 887,760 — 887,760 — Commercial 114,498 — 114,498 — Non-agency 10,511 — 10,511 — Corporate fixed income securities 674,878 — 674,878 — Asset-backed securities 1,725,034 — 1,725,034 — Total available-for-sale securities 3,448,801 100 3,448,701 — Investments: Corporate equity securities 36,603 35,543 — 1,060 Auction rate securities: Equity securities 13,664 — — 13,664 Municipal securities 654 — 470 184 Other 9,965 8,847 265 853 Investments in funds and partnerships measured at NAV 13,281 Total investments 74,167 44,390 735 15,761 Cash equivalents measured at NAV 28,047 Derivative contracts (1) 1,416 — 1,416 — $ 4,742,323 $ 150,074 $ 4,517,185 $ 33,736 (1) September 30, 2019 Total Level 1 Level 2 Level 3 Liabilities: Financial instruments sold, but not yet purchased: U.S. government securities $ 421,418 $ 421,418 $ — $ — Agency mortgage-backed securities 157,903 — 157,903 — Corporate securities: Fixed income securities 238,245 119 238,126 — Equity securities 78,764 78,764 — — Sovereign debt 9,467 — 9,467 — Total financial instruments sold, but not yet purchased $ 905,797 $ 500,301 $ 405,496 $ — Assets and liabilities measured at fair value on a recurring basis as of December 31, 2018, are presented below (in thousands) : December 31, 2018 Total Level 1 Level 2 Level 3 Financial instruments owned: U.S. government securities $ 42,121 $ 42,121 $ — $ — U.S. government agency securities 72,532 — 72,532 — Mortgage-backed securities: Agency 564,111 — 564,111 — Non-agency 25,727 — 25,726 1 Asset-backed securities 25,905 — 25,730 175 Corporate securities: Fixed income securities 310,457 1,100 309,357 — Equity securities 57,911 57,125 786 — Sovereign debt 14,063 — 14,063 — State and municipal securities 154,622 — 154,622 — Total financial instruments owned 1,267,449 100,346 1,166,927 176 Available-for-sale securities: U.S. government agency securities 5,215 417 4,798 — State and municipal securities 68,226 — 68,226 — Mortgage-backed securities: Agency 230,408 — 230,408 — Commercial 69,715 — 69,715 — Non-agency 1,219 — 1,219 — Corporate fixed income securities 931,604 — 931,604 — Asset-backed securities 1,764,060 — 1,764,060 — Total available-for-sale securities 3,070,447 417 3,070,030 — Investments: Corporate equity securities 33,046 31,670 1,376 — Auction rate securities: Equity securities 16,632 — — 16,632 Municipal securities 704 — — 704 Other 1,041 — 184 857 Investments in funds and partnerships measured at NAV 16,559 Total investments 67,982 31,670 1,560 18,193 Cash equivalents measured at NAV 19,719 Derivative contracts (1) 7,683 — 7,683 — $ 4,433,280 $ 132,433 $ 4,246,200 $ 18,369 (1) December 31, 2018 Total Level 1 Level 2 Level 3 Liabilities: Financial instruments sold, but not yet purchased: U.S. government securities $ 534,817 $ 534,817 $ — $ — U.S. government agency securities 32,755 — 32,755 — Agency mortgage-backed securities 123,456 — 123,456 — Corporate securities: Fixed income securities 208,725 1,289 207,436 — Equity securities 36,117 35,398 719 — Sovereign debt 11,429 — 11,429 — State and municipal securities 7 — 7 — Total financial instruments sold, but not yet purchased $ 947,306 $ 571,504 $ 375,802 $ — The following table summarizes the changes in fair value associated with Level 3 financial instruments during the three months ended September 30, 2019 (in thousands) Three Months Ended September 30, 2019 Financial instruments owned Investments Asset-Backed Securities Loans Corporate Equity Securities Auction Securities – Equity Auction Rate Securities – Municipal Other Balance at June 30, 2019 $ 175 $ — $ — $ 16,732 $ 184 $ 853 Unrealized gains/(losses): Included in changes in net assets (1) — — — (418 ) — — Realized gains/(losses) (1) — — — — — — Purchases — 17,335 — — — — Sales — — — — — — Redemptions — — — (2,650 ) — — Transfers: Into Level 3 — 465 1,060 — — — Out of Level 3 — — — — — — Net change — 17,800 1,060 (3,068 ) — — Balance at September 30, 2019 $ 175 $ 17,800 $ 1,060 $ 13,664 $ 184 $ 853 (1) Realized and unrealized gains/(losses) related to financial instruments owned and investments are reported in other income in the consolidated statements of operations. The following table summarizes the change in fair value associated with Level 3 financial instruments during the nine months ended September 30, 2019 (in thousands): Nine Months Ended September 30, 2019 Financial instruments owned Investments Mortgage- Backed Securities – Non-Agency Asset-Backed Securities Loans Corporate Equity Securities Auction Securities – Equity Auction Rate Securities – Municipal Other Balance at December 31, 2018 $ 1 $ 175 $ — $ — $ 16,632 $ 704 $ 857 Unrealized gains/(losses): Included in changes in net assets (1) — 2 — — (318 ) — — Realized gains/(losses) (1) (1 ) — — — — — — Purchases — — 17,335 — — — — Sales — — — — — — — Redemptions — (2 ) — — (2,650 ) (50 ) (4 ) Transfers: Into Level 3 — — 465 1,060 — — — Out of Level 3 — — — — — (470 ) — Net change (1 ) — 17,800 1,060 (2,968 ) (520 ) (4 ) Balance at September 30, 2019 $ — $ 175 $ 17,800 $ 1,060 $ 13,664 $ 184 $ 853 (1) Realized and unrealized gains/(losses) related to financial instruments owned and investments are reported in other income in the consolidated statements of operations. 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 in unrealized gains/(losses) recorded in earnings for the three and nine months ended September 30, 2019, relating to Level 3 assets still held at September 30, 2019, were immaterial. 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. 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. Fair Value of Financial Instruments The following reflects the fair value of financial instruments as of September 30, 2019 and December 31, 2018, whether or not recognized in the consolidated statements of financial condition at fair value (in thousands) September 30, 2019 December 31, 2018 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets: Cash and cash equivalents $ 868,866 $ 868,866 $ 1,936,560 $ 1,936,560 Cash segregated for regulatory purposes 62,654 62,654 132,814 132,814 Securities purchased under agreements to resell 624,049 624,049 699,900 699,900 Financial instruments owned 1,189,892 1,189,892 1,267,449 1,267,449 Available-for-sale securities 3,448,801 3,448,801 3,070,447 3,070,447 Held-to-maturity securities 2,881,484 2,855,791 4,218,854 4,122,907 Bank loans 9,101,903 9,223,031 8,517,615 8,565,347 Loans held for sale 265,330 265,330 205,557 205,557 Investments 74,167 74,167 67,982 67,982 Derivative contracts (1) 1,416 1,416 7,683 7,683 Financial liabilities: Securities sold under agreements to repurchase $ 564,892 $ 564,892 $ 535,394 $ 535,394 Bank deposits 14,836,646 13,849,447 15,863,613 14,661,996 Financial instruments sold, but not yet purchased 905,797 905,797 947,306 947,306 Federal Home Loan Bank advances 250,000 250,000 540,000 540,000 Borrowings 150 150 180,655 180,655 Senior notes 1,016,751 1,068,923 1,015,973 989,790 Debentures to Stifel Financial Capital Trusts 60,000 43,570 60,000 49,747 (1) The following tables present the estimated fair values of financial instruments not measured at fair value on a recurring basis as of September 30, 2019 and December 31, 2018 (in thousands) September 30, 2019 Total Level 1 Level 2 Level 3 Financial assets: Cash $ 840,819 $ 840,819 $ — $ — Cash segregated for regulatory purposes 62,654 62,654 — — Securities purchased under agreements to resell 624,049 541,495 82,554 — Held-to-maturity securities 2,855,791 — 2,690,211 165,580 Bank loans 9,223,031 — 9,223,031 — Loans held for sale 265,330 — 265,330 — Financial liabilities: Securities sold under agreements to repurchase $ 564,892 $ 19,175 $ 545,717 $ — Bank deposits 13,849,447 — 13,849,447 — Federal Home Loan Bank advances 250,000 250,000 — — Borrowings 150 150 — — Senior notes 1,068,923 1,068,923 — — Debentures to Stifel Financial Capital Trusts 43,570 — — 43,570 December 31, 2018 Total Level 1 Level 2 Level 3 Financial assets: Cash $ 1,916,841 $ 1,916,841 $ — $ — Cash segregated for regulatory purposes 132,814 132,814 — — Securities purchased under agreements to resell 699,900 645,632 54,268 — Held-to-maturity securities 4,122,907 — 3,960,099 162,808 Bank loans 8,565,347 — 8,565,347 — Loans held for sale 205,557 — 205,557 — Financial liabilities: Securities sold under agreements to repurchase $ 535,394 $ 87,273 $ 448,121 $ — Bank deposits 14,661,996 — 14,661,996 — Federal Home Loan Bank advances 540,000 540,000 — — Borrowings 180,655 180,655 — — Senior notes 989,790 989,790 — — Debentures to Stifel Financial Capital Trusts 49,747 — — 49,747 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, 2019 and December 31, 2018. 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, 2019 and December 31, 2018 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, 2019 and December 31, 2018 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 Bancorp’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 similar type debt instruments. 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, 2019 | |
Investments Debt And Equity Securities [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, 2019 and December 31, 2018 are as follows (in thousands) September 30, 2019 December 31, 2018 Financial instruments owned: U.S. government securities $ 24,034 $ 42,121 U.S. government agency securities 112,481 72,532 Mortgage-backed securities: Agency 457,110 564,111 Non-agency 10,205 25,727 Asset-backed securities 36,157 25,905 Corporate securities: Fixed income securities 333,808 310,457 Equity securities 77,649 57,911 Sovereign debt 1,977 14,063 State and municipal securities 118,671 154,622 Loans 17,800 — $ 1,189,892 $ 1,267,449 Financial instruments sold, but not yet purchased: U.S. government securities $ 421,418 $ 534,817 U.S. government agency securities — 32,755 Agency mortgage-backed securities 157,903 123,456 Corporate securities: Fixed income securities 238,245 208,725 Equity securities 78,764 36,117 Sovereign debt 9,467 11,429 State and municipal securities — 7 $ 905,797 $ 947,306 At September 30, 2019 and December 31, 2018, financial instruments owned in the amount of $586.9 million and $669.0 million, respectively, were pledged as collateral for our repurchase agreements and short-term borrowings. 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, 2019 | |
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, 2019 and December 31, 2018 (in thousands) September 30, 2019 Amortized Cost Gross Unrealized Gains (1) Gross Unrealized Losses (1) Estimated Fair Value Available-for-sale securities U.S. government agency securities $ 4,565 $ 48 $ (3 ) $ 4,610 State and municipal securities 31,366 144 — 31,510 Mortgage-backed securities: Agency 892,207 2,604 (7,051 ) 887,760 Commercial 114,052 627 (181 ) 114,498 Non-agency 10,468 70 (27 ) 10,511 Corporate fixed income securities 664,800 10,183 (105 ) 674,878 Asset-backed securities 1,733,203 601 (8,770 ) 1,725,034 $ 3,450,661 $ 14,277 $ (16,137 ) $ 3,448,801 Held-to-maturity securities (2) Asset-backed securities $ 2,881,484 $ 7,385 $ (33,078 ) $ 2,855,791 December 31, 2018 Amortized Cost Gross Unrealized Gains (1) Gross Unrealized Losses (1) Estimated Fair Value Available-for-sale securities U.S. government agency securities $ 5,237 $ 13 $ (35 ) $ 5,215 State and municipal securities 72,487 — (4,261 ) 68,226 Mortgage-backed securities: Agency 234,292 88 (3,972 ) 230,408 Commercial 74,411 4 (4,700 ) 69,715 Non-agency 1,245 — (26 ) 1,219 Corporate fixed income securities 958,406 — (26,802 ) 931,604 Asset-backed securities 1,779,496 672 (16,108 ) 1,764,060 $ 3,125,574 $ 777 $ (55,904 ) $ 3,070,447 Held-to-maturity securities (2) Mortgage-backed securities: Agency $ 1,198,442 $ 1,307 $ (31,689 ) $ 1,168,060 Commercial 51,524 185 — 51,709 Asset-backed securities 2,968,888 4,585 (70,335 ) 2,903,138 $ 4,218,854 $ 6,077 $ (102,024 ) $ 4,122,907 (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. For the three and nine months ended September 30, 2019, we received proceeds of $486.5 million and $641.8 million, respectively, from the sale of available-for-sale securities, which resulted in an immaterial realized gain for the third quarter of 2019 and a realized loss of $0.3 million for the nine months ended September 30, 2019. For the three and nine months ended September 30, 2018, we received proceeds of $55.4 million from the sale of available-for-sale securities, which resulted in a realized loss of $0.4 million. During the third quarter of 2019, the Company transferred certain mortgage-backed securities from the held-to-maturity category to available-for sale. As of August 1, 2019, the securities reclassified had a fair value of $1.1 billion and resulted in a net of tax increase to other comprehensive income of $17.9 million for the three and nine months ended September 30, 2019. During the three months ended September 30, 2019 and September 30, 2018, unrealized losses, net of deferred taxes, of $1.6 million and $3.1 million were recorded in accumulated other comprehensive loss in the consolidated statements of financial condition. During the nine months ended September 30, 2019 and September 30, 2018, unrealized gains, net of deferred taxes, of $40.5 million and unrealized losses, net of deferred taxes, of $28.1 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 our securities by contractual maturity at September 30, 2019 and December 31, 2018. 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, 2019 December 31, 2018 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Available-for-sale securities Within one year $ 1,899 $ 1,897 $ 5,872 $ 5,855 After one year through three years 226,534 226,822 234,101 227,951 After three years through five years 413,589 419,809 407,507 397,372 After five years through ten years 412,619 415,878 469,566 458,442 After ten years 2,396,020 2,384,395 2,008,528 1,980,827 $ 3,450,661 $ 3,448,801 $ 3,125,574 $ 3,070,447 Held-to-maturity securities Within one year $ — $ — $ — $ — After one year through three years — — 51,524 51,709 After three years through five years — — — — After five years through ten years 495,850 494,530 536,717 530,616 After ten years 2,385,634 2,361,261 3,630,613 3,540,582 $ 2,881,484 $ 2,855,791 $ 4,218,854 $ 4,122,907 The maturities of our available-for-sale (fair value) and held-to-maturity (amortized cost) securities at September 30, 2019, are as follows ( in thousands Within 1 Year 1-5 Years 5-10 Years After 10 Years Total Available-for-sale securities (1) U.S. government agency securities $ 1,597 $ 3,013 $ — $ — $ 4,610 State and municipal securities — — 5,854 25,656 31,510 Mortgage-backed securities: Agency — 950 26,463 860,347 887,760 Commercial — 36,091 — 78,407 114,498 Non-agency — 9,483 — 1,028 10,511 Corporate fixed income securities 300 597,094 77,484 — 674,878 Asset-backed securities — — 306,077 1,418,957 1,725,034 $ 1,897 $ 646,631 $ 415,878 $ 2,384,395 $ 3,448,801 Held-to-maturity securities Asset-backed securities $ — $ — $ 495,850 $ 2,385,634 $ 2,881,484 (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, 2019 and December 31, 2018, securities of $675.5 million and $1.9 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, 2019 and December 31, 2018, securities of $946.4 million and $1.6 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, 2019 (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 $ — $ — $ (3 ) $ 1,746 $ (3 ) $ 1,746 Mortgage-backed securities: Agency (4,945 ) 485,290 $ (2,106 ) $ 182,398 (7,051 ) 667,688 Commercial (162 ) 36,263 (19 ) 2,216 (181 ) 38,479 Non-agency — — (27 ) 1,027 (27 ) 1,027 Corporate fixed income securities (19 ) 44,242 (86 ) 57,443 (105 ) 101,685 Asset-backed securities (5,241 ) 702,155 (3,529 ) 239,386 (8,770 ) 941,541 $ (10,367 ) $ 1,267,950 $ (5,770 ) $ 484,216 $ (16,137 ) $ 1,752,166 Held-to-maturity securities Asset-backed securities $ (3,899 ) $ 572,590 $ (29,179 ) $ 1,515,354 $ (33,078 ) $ 2,087,944 At September 30, 2019, the amortized cost of 137 securities classified as available for sale exceeded their fair value by $16.1 million, of which $5.8 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, 2019, was $1.8 billion, which was 50.8% of our available-for-sale portfolio. At September 30, 2019, the carrying value of 108 securities held to maturity exceeded their fair value by $33.1 million, of which $29.2 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, 2019 and 2018. We believe the gross unrealized losses of $49.2 million related to our investment portfolio, as of September 30, 2019, 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, 2019 | |
Receivables [Abstract] | |
Bank Loans | NOTE 7 – Bank Loans Our loan portfolio consists primarily of the following segments: Commercial and industrial (C&I). C&I loans primarily include commercial and industrial lending used for general corporate purposes, working capital and liquidity, and “event-driven." “Event-driven” loans support client merger, acquisition or recapitalization activities. C&I lending is structured as revolving lines of credit, letter of credit facilities, term loans and bridge loans. Risk factors considered in determining the allowance for corporate loans include the borrower’s financial strength, seniority of the loan, collateral type, leverage, volatility of collateral value, debt cushion, and covenants. Real Estate. Real estate loans include residential real estate non-conforming loans, residential real estate conforming loans, commercial real estate, 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. 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. Construction and land. Short-term loans used to finance the development of a real estate project. Other. Other loans include consumer, credit card, and indirect lending. The following table presents the balance and associated percentage of each major loan category in our bank loan portfolio at September 30, 2019 and December 31, 2018 (in thousands, except percentages) September 30, 2019 December 31, 2018 Balance Percent Balance Percent Commercial and industrial $ 3,315,706 36.0 % $ 3,304,234 38.5 % Residential real estate 3,043,271 33.1 2,875,014 33.5 Securities-based loans 1,986,339 21.6 1,786,966 20.8 Commercial real estate 387,868 4.2 318,961 3.7 Construction and land 293,116 3.2 138,245 1.6 Home equity lines of credit 50,518 0.5 38,098 0.4 Other 120,814 1.4 120,129 1.5 Gross bank loans 9,197,632 100.0 % 8,581,647 100.0 % Unamortized loan discount, net (8,418 ) (12,155 ) Loans in process 2,450 27,984 Unamortized loan fees, net 1,599 5,972 Allowance for loan losses (91,360 ) (85,833 ) Bank loans, net $ 9,101,903 $ 8,517,615 At September 30, 2019 and December 31, 2018, Stifel Bancorp had loans outstanding to its executive officers and directors and executive officers and directors of certain affiliated entities in the amount of $26.3 At September 30, 2019 and December 31, 2018, we had loans held for sale of $265.3 million and $205.6 million, respectively. For the three months ended September 30, 2019 and 2018, we recognized gains of $4.5 million and $2.6 million, respectively, from the sale of originated loans, net of fees and costs. For the nine months ended September 30, 2019 and 2018, we recognized gains of $7.7 million and $7.8 million, respectively, from the sale of originated loans, net of fees and costs. The following tables detail activity in the allowance for loan losses by portfolio segment for the three and nine months ended September 30, 2019 (in thousands) . Three Months Ended September 30, 2019 Beginning Balance Provision Charge-offs Recoveries Ending Balance Commercial and industrial $ 69,263 $ (1,070 ) $ (21 ) $ — $ 68,172 Residential real estate 12,042 519 — 1 12,562 Securities-based loans 2,311 (130 ) — — 2,181 Commercial real estate 2,478 425 — — 2,903 Construction and land 2,402 865 — — 3,267 Home equity lines of credit 421 13 — 1 435 Other 179 38 (35 ) 13 195 Qualitative 1,376 269 — — 1,645 $ 90,472 $ 929 $ (56 ) $ 15 $ 91,360 Nine Months Ended September 30, 2019 Beginning Balance Provision Charge-offs Recoveries Ending Balance Commercial and industrial $ 68,367 $ (116 ) $ (79 ) $ — $ 68,172 Residential real estate 11,228 1,246 — 88 12,562 Securities-based loans 1,978 203 — — 2,181 Commercial real estate 1,778 1,125 — — 2,903 Construction and land 1,241 2,026 — — 3,267 Home equity lines of credit 310 123 — 2 435 Other 88 156 (87 ) 38 195 Qualitative 843 802 — — 1,645 $ 85,833 $ 5,565 $ (166 ) $ 128 $ 91,360 The following table presents the recorded balances of loans and amount of allowance allocated based upon impairment method by portfolio segment at September 30, 2019 (in thousands) Allowance for Loan Losses Recorded Investment in Loans Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Commercial and industrial $ 8,158 $ 60,014 $ 68,172 $ 14,169 $ 3,301,537 $ 3,315,706 Residential real estate 24 12,538 12,562 1,697 3,041,574 3,043,271 Securities-based loans — 2,181 2,181 — 1,986,339 1,986,339 Commercial real estate — 2,903 2,903 — 387,868 387,868 Construction and land — 3,267 3,267 — 293,116 293,116 Home equity lines of credit — 435 435 184 50,334 50,518 Other 18 177 195 153 120,661 120,814 Qualitative — 1,645 1,645 — — — $ 8,200 $ 83,160 $ 91,360 $ 16,203 $ 9,181,429 $ 9,197,632 The following tables detail activity in the allowance for loan losses by portfolio segment for the three and nine months ended September 30, 2018 (in thousands) . Three Months Ended September 30, 2018 Beginning Balance Provision Charge-offs Recoveries Ending Balance Commercial and industrial $ 59,572 $ 5,008 $ — $ — $ 64,580 Residential real estate 9,328 1,165 — — 10,493 Securities-based loans 1,928 (5 ) — — 1,923 Commercial real estate 1,672 90 — — 1,762 Home equity lines of credit 229 — — — 229 Construction and land 303 600 — — 903 Other 13 (3 ) — 1 11 Qualitative 730 69 — — 799 $ 73,775 $ 6,924 $ — $ 1 $ 80,700 Nine Months Ended September 30, 2018 Beginning Balance Provision Charge-offs Recoveries Ending Balance Commercial and industrial $ 54,474 $ 10,118 $ (12 ) $ — $ 64,580 Residential real estate 8,430 2,063 — — 10,493 Securities-based loans 2,088 (165 ) — — 1,923 Commercial real estate 1,520 242 — — 1,762 Home equity lines of credit 162 65 — 2 229 Construction and land 100 803 — — 903 Other 16 (5 ) (2 ) 2 11 Qualitative 676 123 — — 799 $ 67,466 $ 13,244 $ (14 ) $ 4 $ 80,700 The following table presents the recorded balances of loans and amount of allowance allocated based upon impairment method by portfolio segment at December 31, 2018 (in thousands) Allowance for Loan Losses Recorded Investment in Loans Individually Evaluated Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Commercial and industrial $ 8,678 $ 59,689 $ 68,367 $ 23,677 $ 3,280,557 $ 3,304,234 Residential real estate 24 11,204 11,228 519 2,874,495 2,875,014 Securities-based loans — 1,978 1,978 — 1,786,966 1,786,966 Commercial real estate — 1,778 1,778 — 318,961 318,961 Construction and land — 1,241 1,241 — 138,245 138,245 Home equity lines of credit — 310 310 184 37,914 38,098 Other 1 87 88 21 120,108 120,129 Qualitative — 843 843 — — — $ 8,703 $ 77,130 $ 85,833 $ 24,401 $ 8,557,246 $ 8,581,647 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, which have been specifically identified for impairment analysis by the Company and determined to be impaired. At September 30, 2019, we had $16.2 million of impaired loans, net of discounts, which included $0.2 million in troubled debt restructurings. The specific allowance on impaired loans at September 30, 2019 was $8.2 million. At December 31, 2018, we had $24.4 million of impaired loans, net of discounts, which included $9.1 million in troubled debt restructurings. The specific allowance on impaired loans at December 31, 2018 was $8.7 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, 2019 and 2018, were insignificant to the consolidated financial statements. The tables below present loans that were individually evaluated for impairment by portfolio segment at September 30, 2019 and December 31, 2018, including the average recorded investment balance for the year to date period presented (in thousands) September 30, 2019 Unpaid Contractual Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment Commercial and industrial $ 14,169 $ 104 $ 14,065 $ 14,169 $ 8,158 $ 22,102 Residential real estate 1,767 1,532 165 1,697 24 1,536 Home equity lines of credit 184 184 — 184 — 184 Other 303 — 153 153 18 185 Total $ 16,423 $ 1,820 $ 14,383 $ 16,203 $ 8,200 $ 24,007 December 31, 2018 Unpaid Contractual Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment Commercial and industrial $ 23,677 $ 242 $ 23,435 $ 23,677 $ 8,678 $ 23,807 Residential real estate 544 352 167 519 24 275 Home equity lines of credit 184 184 — 184 — 184 Other 694 11 10 21 1 70 Total $ 25,099 $ 789 $ 23,612 $ 24,401 $ 8,703 $ 24,336 The following tables present the aging of the recorded investment in past due loans at September 30, 2019 and December 31, 2018 by portfolio segment (in thousands) As of September 30, 2019 30 – 89 Days Past Due 90 or More Days Past Due Total Due Current Balance Total Commercial and industrial $ — $ 14,116 $ 14,116 $ 3,301,590 $ 3,315,706 Residential real estate 3,018 1,248 4,266 3,039,005 3,043,271 Securities-based loans — — — 1,986,339 1,986,339 Commercial real estate — — — 387,868 387,868 Construction and land — — — 293,116 293,116 Home equity lines of credit 216 — 216 50,302 50,518 Other 175 147 322 120,492 120,814 Total $ 3,409 $ 15,511 $ 18,920 $ 9,178,712 $ 9,197,632 As of September 30, 2019* Non-Accrual Restructured Total Commercial and industrial $ 14,116 $ — $ 14,116 Residential real estate 1,532 165 1,697 Home equity lines of credit 184 — 184 Other 153 — 153 Total $ 15,985 $ 165 $ 16,150 * There were no loans past due 90 days and still accruing interest at September 30, 2019. As of December 31, 2018 30 – 89 Days Past Due 90 or More Days Past Due Total Past Due Current Balance Total Commercial and industrial $ — $ 14,656 $ 14,656 $ 3,289,578 $ 3,304,234 Residential real estate 6,970 377 7,347 2,867,667 2,875,014 Securities-based loans — — — 1,786,966 1,786,966 Commercial real estate — — — 318,961 318,961 Construction and land — — — 138,245 138,245 Home equity lines of credit 33 — 33 38,065 38,098 Other — 134 134 119,995 120,129 Total $ 7,003 $ 15,167 $ 22,170 $ 8,559,477 $ 8,581,647 As of December 31, 2018* Non-Accrual Restructured Total Commercial and industrial $ 14,741 $ 8,936 $ 23,677 Residential real estate 352 167 519 Home equity lines of credit 184 — 184 Other 21 — 21 Total $ 15,298 $ 9,103 $ 24,401 * There were no loans past due 90 days and still accruing interest at December 31, 2018. 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, 2019 and December 31, 2018, 98.3% and 98.4% 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. Substandard loans are regularly reviewed for impairment. Doubtful loans are considered impaired. 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, 2019 Pass Special Substandard Doubtful Total Commercial and industrial $ 3,275,266 $ 26,271 $ 14,169 $ — $ 3,315,706 Residential real estate 3,041,574 — 1,697 — 3,043,271 Securities-based loans 1,986,339 — — — 1,986,339 Commercial real estate 387,868 — — — 387,868 Construction and land 293,116 — — — 293,116 Home equity lines of credit 50,334 — 184 — 50,518 Other 120,661 — — 153 120,814 Total $ 9,155,158 $ 26,271 $ 16,050 $ 153 $ 9,197,632 As of December 31, 2018 Pass Special Substandard Doubtful Total Commercial and industrial $ 3,254,698 $ 34,795 $ 14,741 $ — $ 3,304,234 Residential real estate 2,874,495 — 519 — 2,875,014 Securities-based loans 1,786,966 — — — 1,786,966 Commercial real estate 318,961 — — — 318,961 Construction and land 138,245 — — — 138,245 Home equity lines of credit 37,914 — 184 — 38,098 Other 119,912 196 — 21 120,129 Total $ 8,531,191 $ 34,991 $ 15,444 $ 21 $ 8,581,647 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | NOTE 8 – Goodwill and Intangible Assets The carrying amount of goodwill and intangible assets attributable to each of our reporting segments is presented in the following table (in thousands) December 31, 2018 Adjustments Write-off September 30, 2019 Goodwill Global Wealth Management $ 340,395 $ 6,336 $ — $ 346,731 Institutional Group 694,284 117,108 — 811,392 $ 1,034,679 $ 123,444 $ — $ 1,158,123 December 31, 2018 Net Additions Amortization September 30, 2019 Intangible assets Global Wealth Management $ 60,532 $ — $ (5,527 ) $ 55,005 Institutional Group 59,123 7,743 (5,433 ) 61,433 $ 119,655 $ 7,743 $ (10,960 ) $ 116,438 The adjustments to goodwill included in our Institutional Group segment during the nine months ended September 30, 2019 are primarily attributable to the following: On January 2, 2019, the Company completed the acquisition of First Empire. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC 805, “Business Combinations.” Accordingly, goodwill was measured as the excess of the acquisition-date fair value of the consideration transferred over the amount of acquisition-date identifiable assets acquired net of assumed liabilities. We recorded $ million of goodwill and intangible assets in the consolidated statement of financial condition, which has been allocated to our company’s Institutional Group segment. On July 1, 2019, the Company completed the acquisition of Mooreland. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC 805, “Business Combinations.” Accordingly, goodwill was measured as the excess of the acquisition-date fair value of the consideration transferred over the amount of acquisition-date identifiable assets acquired net of assumed liabilities. We recorded $37.4 million of goodwill and intangible assets in the consolidated statement of financial condition, which has been allocated to our company’s Institutional Group segment. On September 3, 2019, the Company completed the acquisition of B&F. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC 805, “Business Combinations.” Accordingly, goodwill was measured as the excess of the acquisition-date fair value of the consideration transferred over the amount of acquisition-date identifiable assets acquired net of assumed liabilities. We recorded $19.6 million of goodwill and intangible assets in the consolidated statement of financial condition, which has been allocated to our company’s Institutional Group segment. On September 27, 2019, the Company completed the acquisition of certain assets of GKB. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC 805, “Business Combinations.” Accordingly, goodwill was measured as the excess of the acquisition-date fair value of the consideration transferred over the amount of acquisition-date identifiable assets acquired net of assumed liabilities. We recorded $45.2 million of goodwill and intangible assets in the consolidated statement of financial condition, which has been allocated to our company’s Institutional Group segment. The allocation of the purchase price of these acquisitions are preliminary and will be finalized upon completion of the analysis of the fair values of the net assets as of the respective acquisition dates and the identified intangible assets. The final goodwill recorded on the consolidated statement of financial condition may differ from that reflected herein as a result of future measurement period adjustments and the recording of identified intangible assets. See Note 1 in the notes to our consolidated financial statements for additional information regarding our acquisitions. The goodwill represents the value expected from the synergies created through the operational enhancement benefits that will result from the integration of each respective business, its employees and customer base. Goodwill is expected to be deductible for federal income tax purposes. The adjustments to goodwill included in our Global Wealth Management segment during the nine months ended September 30, 2019 are primarily attributable to the Business Bank acquisition, which closed on August 31, 2018. 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, 2019 and December 31, 2018 were as follows (in thousands) September 30, 2019 December 31, 2018 Gross Carrying Value Accumulated Amortization Gross Carrying Value Accumulated Amortization Customer relationships $ 168,110 $ 72,794 $ 160,745 $ 65,254 Trade name 27,131 13,200 26,831 11,755 Core deposits 8,615 2,474 8,615 816 Non-compete agreements 2,714 1,794 2,603 1,452 Investment banking backlog 1,445 1,315 1,431 1,293 $ 208,015 $ 91,577 $ 200,225 $ 80,570 Amortization expense related to intangible assets was $3.8 million and $3.0 million for the three months ended September 30, 2019 and 2018, respectively. Amortization expense related to intangible assets was $11.0 million and $8.7 million for the nine months ended September 30, 2019 and 2018, respectively. Amortization expense is included in other operating expenses in the consolidated statements of operations. The weighted-average remaining lives of the following intangible assets at September 30, 2019, are: customer relationships, 9.7 years; trade name, 9.0 years; core deposits, 4.4 years; and non-compete agreements, 9.3 years. We have an intangible asset that is not subject to amortization and is, therefore, not included in the table below. As of September 30, 2019, we expect amortization expense in future periods to be as follows (in thousands) Fiscal year Remainder of 2019 $ 3,493 2020 13,573 2021 12,718 2022 11,903 2023 11,234 Thereafter 61,399 $ 114,320 |
Borrowings and Federal Home Loa
Borrowings and Federal Home Loan Bank Advances | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019, totaled $935.0 million with five 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 $276.0 million during the nine months ended September 30, 2019. 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, 2019, we had no outstanding balances on our uncommitted secured lines of credit. The Federal Home Loan advances of $250.0 million as of September 30, 2019 are floating-rate advances. The weighted average interest rates on these advances during the three and nine months ended September 30, 2019 was 1.70% and 1.79%, respectively. The advances are secured by Stifel Bancorp’s residential mortgage loan portfolio and investment portfolio. The interest rates reset on a daily basis. Stifel Bancorp has the option to prepay these advances without penalty on the interest reset date. Our committed bank line financing at September 30, 2019, consisted of a $200.0 million revolving credit facility. The credit facility expires in March 2024. 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 1.75%, as defined in the revolving credit facility. At September 30, 2019, we had no advances on our revolving credit facility and were in compliance with all covenants. Stifel, our broker-dealer subsidiary, has a 364-day Credit Agreement (“Stifel Credit Facility”) with a maturity date of June 2020 in which the lenders are a number of financial institutions. This committed unsecured borrowing facility provides for maximum borrowings of up to $250.0 million at variable rates of interest. At September 30, 2019, we had no advances on the Stifel Credit Facility and were in compliance with all covenants. |
Senior Notes
Senior Notes | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Senior Notes | NOTE 10 – Senior Notes The following table summarizes our senior notes as of September 30, 2019 and December 31, 2018 (in thousands) September 30, 2019 December 31, 2018 4.250% senior notes, due 2024 (1) $ 500,000 $ 500,000 3.50% senior notes, due 2020 (2) 300,000 300,000 5.20% senior notes, due 2047 (3) 225,000 225,000 1,025,000 1,025,000 Debt issuance costs, net (8,249 ) (9,027 ) Senior notes, net $ 1,016,751 $ 1,015,973 (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. (3) Our senior notes mature as follows, based upon contractual terms (in thousands) 2019 $ — 2020 300,000 2021 — 2022 — 2023 — Thereafter 725,000 $ 1,025,000 |
Bank Deposits
Bank Deposits | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 and December 31, 2018 were as follows (in thousands) September 30, 2019 December 31, 2018 Money market and savings accounts $ 13,573,614 $ 13,609,612 Certificates of deposit 792,515 1,763,336 Demand deposits (interest-bearing) 359,529 392,765 Demand deposits (non-interest-bearing) 110,988 97,900 $ 14,836,646 $ 15,863,613 The weighted-average interest rate on deposits was 0.73% and 0.60% at September 30, 2019 and December 31, 2018, respectively. Scheduled maturities of certificates of deposit at September 30, 2019 and December 31, 2018 were as follows (in thousands): September 30, 2019 December 31, 2018 Certificates of deposit, less than $100,000: Within one year $ 5,317 $ 4,858 One to three years 437 623 Three to five years 113 140 $ 5,867 $ 5,621 Certificates of deposit, $100,000 and greater: Within one year $ 706,225 $ 1,535,784 One to three years 70,398 195,159 Three to five years 10,025 26,772 786,648 1,757,715 $ 792,515 $ 1,763,336 At September 30, 2019 and December 31, 2018, the amount of deposits includes related party deposits, primarily interest-bearing and time deposits of executive officers, directors, and their affiliates of $8.9 million and $6.5 million, respectively. Brokerage customers’ deposits were $13.7 billion and $15.2 billion, respectively. |
Derivative Instruments And Hedg
Derivative Instruments And Hedging Activities | 9 Months Ended |
Sep. 30, 2019 | |
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 designated as hedging instruments as of September 30, 2019 and December 31, 2018 (in thousands) September 30, 2019 Notional Balance Location Fair Value Derivative Assets Cash flow interest rate contracts $ 250,000 Other assets $ 1,416 December 31, 2018 Notional Value Balance Location Fair Value Derivative Assets Cash flow interest rate contracts $ 540,000 Other assets $ 7,683 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 1.3 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. 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 $1.0 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, 2019 and 2018 (in thousands) Gain/(Loss) Recognized in OCI Gain Reclassified From OCI Into Income Three Months Ended September 30, Three Months Ended September 30, 2019 2018 2019 2018 Cash flow interest rate contracts $ 40 $ (603 ) $ 604 $ 1,504 Gain/(Loss) Recognized in OCI Gain Reclassified From OCI Into Income Nine Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Cash flow interest rate contracts $ 2,846 $ (5,823 ) $ 2,910 $ 3,262 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. 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, 2019 | |
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, 2019 and December 31, 2018 (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, 2019: Securities borrowing (1) $ 214,100 $ — $ 214,100 $ (139,759 ) $ (55,766 ) $ 18,575 Reverse repurchase agreements (2) 624,049 — 624,049 (27,766 ) (595,165 ) 1,118 Cash flow interest rate contracts 1,416 — 1,416 — — 1,416 $ 839,565 $ — $ 839,565 $ (167,525 ) $ (650,931 ) $ 21,109 As of December 31, 2018: Securities borrowing (1) $ 109,795 $ — $ 109,795 $ (57,328 ) $ (45,005 ) $ 7,462 Reverse repurchase agreements (2) 699,900 — 699,900 (365,822 ) (329,740 ) 4,338 Cash flow interest rate contracts 7,683 — 7,683 — — 7,683 $ 817,378 $ — $ 817,378 $ (423,150 ) $ (374,745 ) $ 19,483 (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 $623.2 million and $695.6 million at September 30, 2019 and December 31, 2018, respectively. The following table provides information about financial liabilities and derivative liabilities that are subject to offset as of September 30, 2019 and December 31, 2018 (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, 2019: Securities lending (3) $ (516,941 ) $ — $ (516,941 ) $ 139,759 $ 377,182 $ — Repurchase agreements (4) (564,892 ) — (564,892 ) 27,766 537,126 — $ (1,081,833 ) $ — $ (1,081,833 ) $ 167,525 $ 914,308 $ — As of December 31, 2018: Securities lending (3) $ (392,163 ) $ — $ (392,163 ) $ 57,328 $ 325,110 $ (9,725 ) Repurchase agreements (4) (535,394 ) — (535,394 ) 365,822 169,572 — $ (927,557 ) $ — $ (927,557 ) $ 423,150 $ 494,682 $ (9,725 ) (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 counterparty. These securities are included in the consolidated statements of financial condition unless we default. Collateral pledged by our company to the counterparty includes U.S. government agency securities, U.S. government securities, and corporate fixed income securities with market values of $ million and $ 558.6 million at September 30, 2019 and December 31, 2018, respectively . |
Commitments, Guarantees, And Co
Commitments, Guarantees, And Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019, had no material effect on the consolidated financial statements. As a part of our fixed income public finance operations, we enter into forward commitments to purchase agency mortgage-backed securities. In order to hedge the market interest rate risk to which we would otherwise be exposed between the date of the commitment and date of sale of the mortgage-backed securities, we enter into to be announced (“TBA”) security contracts with investors for generic mortgage-backed security at specific rates and prices to be delivered on settlement dates in the future. We may be subject to loss if the timing of, or the actual amount of, the mortgage-backed security differs significantly from the term and notional amount of the TBA security contract to which we entered. These TBA securities and related purchase commitment are accounted for at fair value. As of September 30, 2019, the fair value of the TBA securities and the estimated fair value of the purchase commitments were insignificant. 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 Bancorp has commitments to extend credit in the form of commitments to originate loans, standby letters of credit, and lines of credit. See Note 21 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, 2019, 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, 2019 | |
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, 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. |
Regulatory Capital Requirements
Regulatory Capital Requirements | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019, Stifel had net capital of $326.4 million, which was 18.2% of aggregate debit items and $290.6 million in excess of its minimum required net capital. At September 30, 2019, 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, 2019, 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, Stifel Bank & Trust, Stifel Bank, Stifel Trust Company, N.A., and Stifel Trust Company, Delaware, N.A. (collectively, “bank subsidiaries”) 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 its bank subsidiaries’ financial results. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, our company and its bank subsidiaries 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 its bank subsidiaries’ capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. 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 its bank subsidiaries. Our company and its bank subsidiaries are required to maintain minimum amounts and ratios of Total and Tier 1 capital (as defined) 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 its bank subsidiaries 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 its bank subsidiaries are each categorized as “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well capitalized,” our company and its bank subsidiaries must maintain total risk-based, Tier 1 risk-based, and Tier 1 leverage ratios. The amounts and ratios for Stifel Financial Corp., Stifel Bank & Trust, and Stifel Bank as of September 30, 2019 are represented in the tables below (in thousands, except ratios). Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Stifel Financial Corp. Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital $ 1,952,043 15.6 % $ 563,006 4.5 % $ 813,231 6.5 % Tier 1 capital 2,266,356 18.1 % 750,675 6.0 % 1,000,900 8.0 % Total capital 2,416,874 19.3 % 1,000,900 8.0 % 1,251,125 10.0 % Tier 1 leverage 2,266,356 10.0 % 907,623 4.0 % 1,134,529 5.0 % Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Stifel Bank & Trust Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital $ 1,032,752 13.1 % $ 355,002 4.5 % $ 512,781 6.5 % Tier 1 capital 1,037,065 13.1 % 473,336 6.0 % 631,115 8.0 % Total capital 1,127,126 14.3 % 631,115 8.0 % 788,894 10.0 % Tier 1 leverage 1,037,065 7.3 % 568,473 4.0 % 710,592 5.0 % Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Stifel Bank Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital $ 148,620 17.9 % $ 37,443 4.5 % $ 54,084 6.5 % Tier 1 capital 148,620 17.9 % 49,924 6.0 % 66,565 8.0 % Total capital 158,649 19.1 % 66,565 8.0 % 83,206 10.0 % Tier 1 leverage 148,620 7.0 % 84,407 4.0 % 105,508 5.0 % |
Operating Leases
Operating Leases | 9 Months Ended |
Sep. 30, 2019 | |
Lessee Disclosure [Abstract] | |
Operating Leases | NOTE 17 – Operating Leases The table below presents information about operating lease liabilities as of September 30, 2019, (in thousands, except percentages) Remainder of 2019 $ 22,331 2020 86,712 2021 81,631 2022 80,779 2023 79,830 Thereafter 537,119 Total undiscounted lease payments 888,402 Imputed interest (215,274 ) Total operating lease liabilities $ 673,128 Weighted average remaining lease term 11.4 years Weighted average discount rate 4.60 % In the table above, the weighted average discount rate represents our company’s incremental borrowing rate as of January 2019 for leases existing on the date of adoption of the new lease standard and at the lease inception date for leases entered into subsequent to the adoption of ASU 2016-02. Operating lease costs, included in occupancy and equipment rental in the consolidated statements of operations, were $22.1 million and $21.5 million for the three months ended September 30, 2019 and 2018, respectively. Operating lease costs were $65.6 million and $65.6 million for the nine months ended September 30, 2019 and 2018, respectively. As of September 30, 2019, the Company had a total lease portfolio of 13 aircraft engines with a net book value of $179.1 million, which is included in fixed assets, net in the consolidated statements of financial condition. As of September 30, 2019, minimum future payments under non-cancelable leases were (in thousands) Remainder of 2019 $ 6,531 2020 24,598 2021 20,162 2022 11,980 2023 6,865 Thereafter 11,737 $ 81,873 Lease income, included in other income in the consolidated statements of operations, was $5.2 million and $18.5 million for the three and nine months ended September 30, 2019, respectively. |
Revenues from Contracts with Cu
Revenues from Contracts with Customers | 9 Months Ended |
Sep. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenues from Contracts with Customers | NOTE 18 – Revenues from Contracts with Customers The following table presents the Company’s total revenues broken out by revenues from contracts with customers and other sources of revenues for the three and nine months ended September 30, 2019 and 2018 (in thousands) Three Months Ended September 30, 2019 2018 Revenues from contracts with customers: Commissions $ 163,920 $ 158,016 Investment banking 198,790 169,012 Asset management and service fees 217,628 200,743 Other 5,249 4,394 Total revenue from contracts with customers 585,587 532,165 Other sources of revenue: Interest 178,784 169,760 Principal transactions 97,847 83,152 Other 3,498 1,733 Total revenues $ 865,716 $ 786,810 Nine Months Ended September 30, 2019 2018 Revenues from contracts with customers: Commissions $ 484,350 $ 490,693 Investment banking 540,247 506,437 Asset management and service fees 624,066 596,112 Other 12,779 11,908 Total revenue from contracts with customers 1,661,442 1,605,150 Other sources of revenue: Interest 557,795 461,915 Principal transactions 298,343 269,918 Other 21,682 6,649 Total revenues $ 2,539,262 $ 2,343,632 Revenue from contracts with customers is recognized when, or as, we satisfy our performance obligations by transferring the promised services to the customers. A service is transferred to a customer when, or as, the customer obtains control of that service. A performance obligation may be satisfied over time or at a point in time. Revenue from a performance obligation satisfied over time is recognized by measuring our progress in satisfying the performance obligation in a manner that depicts the transfer of the services to the customer. Revenue from a performance obligation satisfied at a point in time is recognized at the point in time that we determine the customer obtains control over the promised service. The amount of revenue recognized reflects the consideration we expect to be entitled to in exchange for those promised services (i.e., the “transaction price”). In determining the transaction price, we consider multiple factors, including the effects of variable consideration. Variable consideration is included in the transaction price only to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainties with respect to the amount are resolved. In determining when to include variable consideration in the transaction price, we consider the range of possible outcomes, the predictive value of our past experiences, the time period of when uncertainties expect to be resolved and the amount of consideration that is susceptible to factors outside of our influence, such as market volatility or the judgment and actions of third parties. The following provides detailed information on the recognition of our revenues from contracts with customers: Commissions. We earn commission revenue by executing, settling, and clearing transactions for clients primarily in OTC and listed equity securities, insurance products, and options. Trade execution and clearing and custody services, when provided together, represent a single performance obligation as the services are not separately identifiable in the context of the contract. Commission revenues associated with combined trade execution and clearing and custody services, as well as trade execution services on a standalone basis, are recognized at a point in time on trade-date. Commission revenues are generally paid on settlement date and we record a receivable between trade-date and payment on settlement date. Investment Banking. We provide our clients with a full range of capital markets and financial advisory services. Capital markets services include underwriting and placement agent services in both the equity and debt capital markets, including private equity placements, initial public offerings, follow-on offerings, underwriting and distributing public and private debt. Capital raising revenues are recognized at a point in time on trade-date, as the client obtains the control and benefit of the capital markets offering at that point. Costs associated with capital raising transactions are deferred until the related revenue is recognized or the engagement is otherwise concluded, and are recorded on a gross basis within other operating expenses in the consolidated statements of operations as we are acting as a principal in the arrangement. Any expenses reimbursed by our clients are recognized as investment banking revenues. Revenues from financial advisory services primarily consist of fees generated in connection with merger, acquisition and restructuring transactions. Advisory fees from mergers and acquisitions engagements are recognized at a point in time when the related transaction is completed, as the performance obligation is to successfully broker a specific transaction. Fees received prior to the completion of the transaction are deferred within accounts payable and accrued expenses on the consolidated statements of financial condition. Advisory fees from restructuring engagements are recognized over time using a time elapsed measure of progress as our clients simultaneously receive and consume the benefits of those services as they are provided. A significant portion of the fees we receive for our advisory services are considered variable as they are contingent upon a future event (e.g., completion of a transaction or third party emergence from bankruptcy) and are excluded from the transaction price until the uncertainty associated with the variable consideration is subsequently resolved, which is expected to occur upon achievement of the specified milestone. Payment for advisory services are generally due promptly upon completion of a specified milestone or, for retainer fees, periodically over the course of the engagement. We recognize a receivable between the date of completion of the milestone and payment by the customer. Expenses associated with investment banking advisory engagements are deferred only to the extent they are explicitly reimbursable by the client and the related revenue is recognized at the same time as the associated expense. All other investment banking advisory related expenses, including expenses incurred related to restructuring assignments, are expensed as incurred. All investment banking advisory expenses are recognized within other operating expenses on the consolidated statements of operations and any expenses reimbursed by our clients are recognized as investment banking revenues. Asset Management Fees. We earn management and performance fees in connection with investment advisory services provided to institutional and individual clients. Investment advisory fees are charged based on the value of assets in fee-based accounts and are affected by changes in the balances of client assets due to market fluctuations and levels of net new client assets. Fees are charged either in advance based on fixed rates applied to the value of the customers’ account at the beginning of the period or periodically based on contracted rates and account performance. Contracts can be terminated at any time with no incremental payments due to our company upon termination. If the contract is terminated by the customer fees are prorated for the period and fees charged for the post termination period are refundable to the customer. Disaggregation of Revenue The following tables present the Company’s revenues from contracts with customers by reportable segment disaggregated by major business activity and primary geographic regions for the three and nine months ended September 30, 2019 and 2018 (in thousands) Three Months Ended September 30, 2019 (1) Global Wealth Management Institutional Group Other Total Major business activity: Commissions $ 118,061 $ 45,859 $ — $ 163,920 Capital raising (1) 9,855 84,088 — 93,943 Advisory fees (1) — 104,847 — 104,847 Investment banking 9,855 188,935 — 198,790 Asset management 217,616 12 — 217,628 Other 4,615 — 634 5,249 Total 350,147 234,806 634 585,587 Primary Geographic Region: United States 350,147 195,220 634 546,001 United Kingdom — 38,249 — 38,249 Other — 1,337 — 1,337 $ 350,147 $ 234,806 $ 634 $ 585,587 Three Months Ended September 30, 2018 (1) Global Wealth Management Institutional Group Other Total Major business activity: Commissions $ 117,795 $ 40,220 $ — $ 158,015 Capital raising (1) 7,722 85,553 — 93,275 Advisory fees (1) — 75,717 — 75,717 Investment banking 7,722 161,270 — 168,992 Asset management 200,735 8 — 200,743 Other 3,376 — 1,018 4,394 Total 329,628 201,498 1,018 532,144 Primary Geographic Region: United States 329,628 172,382 1,018 503,028 United Kingdom — 28,197 — 28,197 Other — 919 — 919 $ 329,628 $ 201,498 $ 1,018 $ 532,144 (1) Nine Months Ended September 30, 2019 (1) Global Wealth Management Institutional Group Other Total Major business activity: Commissions $ 348,272 $ 136,078 $ — $ 484,350 Capital raising (1) 28,637 218,962 — 247,599 Advisory fees (1) — 292,648 — 292,648 Investment banking 28,637 511,610 — 540,247 Asset management 624,025 41 — 624,066 Other 10,619 — 2,160 12,779 Total 1,011,553 647,729 2,160 1,661,442 Primary Geographic Region: United States 1,011,553 544,918 2,160 1,558,631 United Kingdom — 99,020 — 99,020 Other — 3,791 — 3,791 $ 1,011,553 $ 647,729 $ 2,160 $ 1,661,442 Nine Months Ended September 30, 2018 (1) Global Wealth Management Institutional Group Other Total Major business activity: Commissions $ 355,129 $ 135,563 $ — $ 490,692 Capital raising (1) 23,378 222,666 — 246,044 Advisory fees (1) 81 260,312 — 260,393 Investment banking 23,459 482,978 — 506,437 Asset management 596,081 31 — 596,112 Other 8,969 — 2,939 11,908 Total 983,638 618,572 2,939 1,605,149 Primary Geographic Region: United States 983,638 522,147 2,939 1,508,724 United Kingdom — 92,029 — 92,029 Other — 4,396 — 4,396 $ 983,638 $ 618,572 $ 2,939 $ 1,605,149 (1) See Note 22 for further break-out of revenues by geography. Information on Remaining Performance Obligations and Revenue Recognized from Past Performance We do not disclose information about remaining performance obligations pertaining to contracts that have an original expected duration of one year or less. The transaction price allocated to remaining unsatisfied or partially unsatisfied performance obligations with an original expected duration exceeding one year was not material at September 30, 2019. Investment banking advisory fees that are contingent upon completion of a specific milestone and fees associated with certain distribution services are also excluded as the fees are considered variable and not included in the transaction price at September 30, 2019. Contract Balances The timing of our revenue recognition may differ from the timing of payment by our customers. We record a receivable when revenue is recognized prior to payment and we have an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, we record deferred revenue until the performance obligations are satisfied. We had receivables related to revenues from contracts with customers of $147.6 million and $116.7 million at September 30, 2019 and December 31, 2018, respectively. We had no significant impairments related to these receivables during the nine months ended September 30, 2019. Our deferred revenue primarily relates to retainer fees received in investment banking advisory engagements and investment advisory fees where the performance obligation has not yet been satisfied. Deferred revenue at September 30, 2019 and December 31, 2018 was $14.4 million and $11.1 million, respectively. |
Interest Income and Interest Ex
Interest Income and Interest Expense | 9 Months Ended |
Sep. 30, 2019 | |
Banking And Thrift Interest [Abstract] | |
Interest Income and Interest Expense | NOTE 19 – 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, 2019 2018 2019 2018 Interest income: Bank loans, net $ 95,436 $ 78,766 $ 284,541 $ 210,790 Investment securities 54,945 66,825 182,127 185,263 Margin balances 13,334 13,066 40,437 36,322 Financial instruments owned 5,668 5,733 18,395 15,645 Other 9,401 5,370 32,295 13,895 $ 178,784 $ 169,760 $ 557,795 $ 461,915 Interest expense: Bank deposits $ 24,815 $ 25,856 $ 82,228 $ 49,329 Senior notes 11,121 11,248 33,365 33,488 Federal Home Loan Bank advances 1,146 4,232 5,735 10,579 Other 7,062 7,132 25,155 18,804 $ 44,144 $ 48,468 $ 146,483 $ 112,200 |
Employee Incentive, Deferred Co
Employee Incentive, Deferred Compensation, And Retirement Plans | 9 Months Ended |
Sep. 30, 2019 | |
Share Based Compensation Allocation And Classification In Financial Statements [Abstract] | |
Employee Incentive, Deferred Compensation, and Retirement Plans | NOTE 20 – Employee Incentive, Deferred Compensation, and Retirement Plans We maintain an incentive stock plan and a wealth accumulation plan (“the Plan”) that provides for the granting of stock options, stock appreciation rights, restricted stock, performance awards, stock units, and debentures (collectively, “deferred awards”) to our employees. We are permitted to issue new shares under all stock award plans approved by shareholders or to reissue our treasury shares. Stock awards issued under our company’s incentive stock plan are granted at market value at the date of grant. Our deferred awards generally vest ratably over a one- to ten-year vesting period. Our 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 the incentive stock plan, we are authorized to grant an additional 3.3 million shares at September 30, 2019. Stock-based compensation expense included in compensation and benefits expense in the consolidated statements of operations for our company’s incentive stock award plan was $33.6 million and $31.7 million for the three months ended September 30, 2019 and 2018, respectively, and $97.4 million and $82.5 million for the nine months ended September 30, 2019 and 2018, respectively. Restricted Stock Units and Restricted Stock Awards A restricted stock unit represents the right to receive a share of the Company’s common stock 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 certain of 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. Any resulting delivery of shares for PRSUs granted as part of compensation will occur after four years for 80% of the earned award, and in the fifth year for the remaining 20% of the earned award. The number of shares converted has the potential to range from 0% to 200% based on how the Company performs during the performance period. Restricted stock awards are restricted as to sale or disposition. These restrictions lapse over the next one to five years. Compensation expense is amortized over the service period based on the fair value of the deferred award on the grant date. The Company’s pre-determined performance objectives must be met for the deferred awards to vest. Employees forfeit unvested deferred awards upon termination of employment with a corresponding reversal of compensation expense. Certain deferred awards may continue to vest under certain circumstances as described in the Plan. At September 30, 2019, the total number of restricted stock units, PRSUs, and restricted stock awards outstanding was 15.9 million, of which 13.8 million were unvested. At September 30, 2019, there was unrecognized compensation cost for deferred awards of approximately $456.7 million, which is expected to be recognized over a weighted-average period of 2.8 years. Deferred Compensation Plans 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, restricted stock, and debentures. Participants may elect to defer a portion of their incentive compensation. Deferred awards generally vest over a one- to ten-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 the option 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 is split between company restricted stock units and debentures. 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 $3.2 million and $3.4 million for the three months ended September 30, 2019 and 2018, respectively and $9.6 million and $10.1 million for the nine months ended September 30, 2019 and 2018, respectively. |
Off-Balance Sheet Credit Risk
Off-Balance Sheet Credit Risk | 9 Months Ended |
Sep. 30, 2019 | |
Concentration Risks Types No Concentration Percentage [Abstract] | |
Off-Balance Sheet Credit Risk | NOTE 21 – 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, 2019 and December 31, 2018, the fair value of securities accepted as collateral where we are permitted to sell or repledge the securities was $2.7 billion and $2.4 billion, respectively, and the fair value of the collateral that had been sold or repledged was $564.9 million and $535.4 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 Bancorp 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, 2019 and December 31, 2018, Stifel Bancorp had outstanding commitments to originate loans aggregating $616.1 million and $146.7 million, respectively. The commitments extended over varying periods of time, with all commitments at September 30, 2019, scheduled to be disbursed in the following three months. Through Stifel Bancorp, 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 Bancorp 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 Bancorp 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, 2019 and December 31, 2018, Stifel Bancorp had outstanding letters of credit totaling $16.1 million and $26.3 million, respectively. A majority of the standby letters of credit commitments at September 30, 2019, 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 Bancorp uses the same credit policies in granting lines of credit as it does for on-balance sheet instruments. At September 30, 2019 and December 31, 2018, Stifel Bancorp had granted unused lines of credit to commercial and consumer borrowers aggregating $1.4 billion and $919.5 million, respectively. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | NOTE 22 – 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 Bancorp. 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 our bank subsidiaries, which provide 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, 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, 2019 and 2018 is as follows (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net revenues: (1) Global Wealth Management $ 534,571 $ 498,161 $ 1,577,614 $ 1,481,063 Institutional Group 290,222 245,952 822,110 768,855 Other (3,221 ) (5,771 ) (6,945 ) (18,486 ) $ 821,572 $ 738,342 $ 2,392,779 $ 2,231,432 Income/(loss) before income taxes: Global Wealth Management $ 202,823 $ 183,377 $ 589,665 $ 548,043 Institutional Group 48,623 34,305 120,129 114,899 Other (100,692 ) (77,152 ) (273,249 ) (284,511 ) $ 150,754 $ 140,530 $ 436,545 $ 378,431 (1) No individual client accounted for more than 10 percent of total net revenues for the three and nine months ended September 30, 2019 or 2018. The following table presents our company’s total assets on a segment basis at September 30, 2019 and December 31, 2018 (in thousands) September 30, 2019 December 31, 2018 Global Wealth Management $ 20,153,135 $ 21,040,224 Institutional Group 3,730,332 3,238,617 Other 277,310 240,757 $ 24,160,777 $ 24,519,598 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, 2019 and 2018, were as follows (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 United States $ 775,356 $ 703,746 $ 2,271,056 $ 2,113,039 United Kingdom 43,632 32,623 113,783 109,482 Other 2,584 1,973 7,940 8,911 $ 821,572 $ 738,342 $ 2,392,779 $ 2,231,432 |
Earnings Per Share ("EPS")
Earnings Per Share ("EPS") | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 23 – 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, 2019 and 2018 (in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net income applicable to Stifel Financial Corp. $ 109,414 $ 103,858 $ 317,706 $ 279,906 Preferred dividends 4,844 2,343 12,476 7,031 Net income available to common shareholders $ 104,570 $ 101,515 $ 305,230 $ 272,875 Shares for basic and diluted calculation: Average shares used in basic computation 71,197 71,919 72,512 71,824 Dilutive effect of stock options and units (1) 6,947 9,565 6,314 9,601 Average shares used in diluted computation 78,144 81,484 78,826 81,425 Earnings per common share: Basic $ 1.47 $ 1.41 $ 4.21 $ 3.80 Diluted $ 1.34 $ 1.25 $ 3.87 $ 3.35 (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, 2019 and 2018, the anti-dilutive effect from restricted stock units was immaterial. Cash Dividends During the three and nine months ended September 30, 2019, we declared and paid cash dividends of $0.15 and $0.45 per common share. During the three and nine months ended September 30, 2018, we declared and paid cash dividends of $0.12 and $0.36 per common share. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Shareholders' Equity | NOTE 24 – 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, 2019, the maximum number of shares that may yet be purchased under this plan was 5.8 million. The repurchase program has no expiration date. These purchases may be made on the open market or in privately negotiated transactions, depending upon market conditions and other factors. Repurchased shares may be used to meet obligations under our employee benefit plans and for general corporate purposes. During the three months ended September 30, 2019, we repurchased $55.5 million, or 1.0 million shares using existing Board authorizations at an average price of $55.43 per share to meet obligations under our company’s employee benefit plans and for general corporate purposes. During the nine months ended September 30, 2019, we repurchased $180.4 million, or 3.3 million shares using existing Board authorizations at an average price of $55.10 per share to meet obligations under our company’s employee benefit plans and for general corporate purposes. During the three months ended September 30, 2018, we repurchased $16.6 million, or 0.3 million shares using existing Board authorizations at an average price of $53.93 per share to meet obligations under our company’s employee benefit plans and for general corporate purposes. During the nine months ended September 30, 2018, we repurchased $ 62.5 million, or 1.1 million shares using existing Board authorizations at an average price of $ 55.66 per share to meet obligations under our company’s employee benefit plans and for general corporate purposes. Issuance of Common Stock During the nine months ended September 30, 2019, we issued 1.4 million shares, which were primarily reissued from treasury. Share issuances were primarily a result of the vesting and conversion transactions under our incentive stock award plans. Issuance of Preferred Stock On February 21, 2019, the Company issued $150.0 million of 6.25% Non-Cumulative Perpetual Preferred Stock, Series B, $1.00 par value, with a liquidation preference of $25,000 per share (equivalent to $25 liquidation preference per depositary share). In March 2019, we completed a public offering of an additional $10.0 million of Series B Preferred, pursuant to the over-allotment option. When, as, and if declared by the board of directors of the Company, dividends will be payable at an annual rate of 6.25%, payable quarterly, in arrears. The Company may redeem the Series B preferred stock at its option, subject to regulatory approval, on or after March 15, 2024 or following a regulatory capital treatment event, as defined. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2019 | |
Variable Interest Entity Not Primary Beneficiary Disclosures [Abstract] | |
Variable Interest Entities | NOTE 25 – 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 $245.2 million at September 30, 2019. 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, 2019 and 2018. In addition, our direct investment interest in these entities is insignificant at September 30, 2019. 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 $223.4 million at September 30, 2019. 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, 2019. Management fee revenue earned by our company was insignificant during the three and nine months ended September 30, 2019 and 2018. 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. 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. Securitization Interests On July 31, 2018, the Company purchased 100% of the share capital of Jet Holding S.a.r.l. (“Jet Holdings”), which is the owner of 100% of the outstanding E-Certificates in FAN Engine Securitization Ltd. (“FAN”). FAN is a securitization which purchases, leases, and disposes of commercial aircraft engines. As of the acquisition date, FAN owned 24 leased aircraft engines through common law trusts and FAN Leasing Dublin Limited, all of which are wholly owned subsidiaries of FAN. As the holder of the E-Certificate, our obligation to absorb losses is limited to the equity at risk (in this instance the consideration paid to acquire the E-Certificate). The residual returns that could be potentially generated by the activities of FAN are not pro rata with our ownership interests in the securitization. As Jet Holdings maintained significant power and benefits of FAN through the E-Certificate and other contractual rights, on the acquisition date, our company was considered the primary beneficiary, and Jet Holdings and FAN were consolidated. On May 1, 2019, the holders of the Series A Notes issued a Written Direction to Give Default Notice to Deutsche Bank Trust. The Event of Default Notice, which accelerated the amortization on the repayment of the debt, materially altered the cash flows and benefits available to our company as the holder of the E-Certificate. Based on the structural changes of the securitization interests, the Company concluded that it was no longer the primary beneficiary of the variable interest; therefore, Jet Holdings and FAN were deconsolidated on July 1, 2019. The impact of the deconsolidation was immaterial to the consolidated financial statements. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 26 – 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. |
Nature of Operations, Basis o_2
Nature of Operations, Basis of Presentation, and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
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 2, 2019, the Company completed the acquisition of First Empire Holding Corp. (“First Empire”) and its subsidiaries, including First Empire Securities, Inc., an institutional broker-dealer specializing in the fixed income markets. On July 1, 2019, the Company completed the acquisition of Mooreland Partners (“Mooreland”), an independent M&A and private capital advisory firm serving the global technology industry. On September 3, 2019, the Company completed the acquisition of B&F Capital Markets, Inc. (“B&F”), a privately held firm focused on providing regional and community banks throughout the United States with interest rate derivative programs through a combination of experienced professionals and proprietary software. On September 27, 2019, the Company completed the acquisition of certain assets of George K. Baum & Company (“GKB”), a privately held investment-banking firm focused on public finance and taxable fixed income sales and trading. See Note 8 in the notes to consolidated financial statements for more details on our acquisitions. Pro forma information is not presented, because these acquisition are not considered to be material, as defined by the SEC. The results of operations of First Empire, Mooreland, B&F, and GKB have been included in our results prospectively from the respective dates of acquisition. |
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 Bancorp, Inc. (“Stifel Bancorp”). 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, 2018 on file with the SEC. Certain amounts from prior periods have been reclassified to conform to the current period’s presentation. The effect of these reclassifications on our company’s previously reported consolidated financial statements was not material. |
Consolidation Policies | Consolidation Policies The consolidated financial statements include the accounts of Stifel Financial Corp. and its subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. For consolidated subsidiaries that are less than wholly owned, the third-party holdings of equity interests are referred to as non-controlling interests. The portion of shareholders’ equity that is attributable to non-controlling interests for such subsidiaries is presented as non-controlling interests, a component of total equity, in the consolidated statements of financial condition. Our non-controlling interest represents a 27.5% third-party ownership of North Shore Aviation Holdings LLC (“North Shore”), a consolidated subsidiary of the Company that, through its subsidiary, owns airplane engines. We have investments or interests in other entities for which we must evaluate whether to consolidate by determining whether we have a controlling financial interest or are considered to be the primary beneficiary. Under our current consolidation policy, which complies with the provisions of ASC 810 as amended by ASU 2015-02, we consolidate those entities where we have the power to direct the activities of the entity that most significantly impact the entity’s economic performance and the obligation to absorb losses of the entity or the rights to receive benefits from the entity that could potentially be significant to the entity. We determine whether we are the primary beneficiary of a variable interest entity (“VIE”) by performing an analysis of the VIE’s control structure, expected benefits and losses, and expected residual returns. This analysis includes a review of, among other factors, the VIE’s capital structure, contractual terms, which interests create or absorb benefits or losses, variability, related party relationships, and the design of the VIE. We reassess our evaluation of whether an entity is a VIE when certain reconsideration events occur. We reassess our determination of whether we are the primary beneficiary of a VIE on an ongoing basis based on current facts and circumstances. See Note 25 for additional information on VIEs. |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies For a detailed discussion about the Company’s significant accounting policies, see Note 2, Summary of Significant Accounting Policies, in our consolidated financial statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2018. During the nine months ended September 30, 2019, other than the following, there were no significant changes made to the Company’s significant accounting policies. The accounting policy changes are attributable to the adoption of the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2016-02, “Leases” (the “new lease standard” or “ASU 2016-02”) on January 1, 2019. These lease policy updates are applied prospectively in our consolidated financial statements from January 1, 2019. Reported financial information for the historical comparable period was not revised and continues to be reported under the accounting standards in effect during the historical periods. |
Operating Leases | Operating Leases Our company enters into operating leases for real estate, office equipment and other assets, substantially all of which are used in connection with its operations. We adopted ASU 2016-02 on January 1, 2019, which required our company to recognize, for leases longer than one year, a right-of-use asset representing the right to use the underlying asset for the lease term, and a lease liability representing the liability to make payments. The lease term is generally determined based on the contractual maturity of the lease. For leases where our company has the option to terminate or extend the lease, an assessment of the likelihood of exercising the option is incorporated into the determination of the lease term. Such assessment is initially performed at the inception of the lease and is updated if events occur that impact the original assessment. An operating lease right-of-use asset is initially determined based on the operating lease liability, adjusted for initial direct costs, lease incentives and amounts paid at or prior to lease commencement. This amount is then amortized over the lease term. See Note 17 for information about operating leases. For leases where our company ceased using the space and management has concluded that it will not derive any future economic benefits, we record an impairment of right-of-use assets. |
New Accounting Pronouncements (
New Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Recently Adopted Accounting Guidance | Recently Adopted Accounting Guidance Fair Value Measurement In August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. The objective of this guidance is to improve the effectiveness of disclosure requirements on fair value measurement by eliminating certain disclosure requirements for fair value measurements for all entities, requiring public entities to disclose certain new information and modifying some disclosure requirements. The accounting update is effective for the fiscal year beginning after December 15, 2019 (January 1, 2020 for our company) and early adoption is permitted. We early adopted the guidance in the update on January 1, 2019. The adoption of the accounting update did not have a material impact on our consolidated financial statements. See Note 4 for further information. Derivatives and Hedging In August 2017, the FASB issued ASU 2017-12, “Targeted Improvements to Accounting for Hedging Activities” (“ASU 2017-12”), which amends the hedge accounting recognition and presentation requirements. The accounting update improves the transparency and understandability of information conveyed to financial statement users by better aligning companies’ hedging relationship to their existing risk management strategies, simplifies the application of hedge accounting and increases transparency regarding the scope and results of hedging program. The accounting update is effective for the fiscal year beginning after December 15, 2018 (January 1, 2019 for our company). The adoption of the accounting update did not have a material impact on our consolidated financial statements. See Note 12 for further information. In April 2019, the FASB issued ASU No. 2019-04, "Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments" which clarifies and improves areas of guidance related to the recently issued standards on credit losses, hedging, recognition and measurement. The accounting update clarifies that the reclassification of a debt security from held-to-maturity to available-for-sale under the transition guidance in ASU 2017-12 would not (1) call into question the classification of other held-to-maturity securities, (2) be required to actually designate any reclassified security in a last-of-layer hedge, or (3) be restricted from selling any reclassified security. The accounting update is effective for fiscal years beginning after December 15, 2019 (January 1, 2020 for our company) and early adoption is permitted. We early adopted the provisions of the accounting update related to Topic 815 on August 1, 2019. As a result of the adoption of the accounting update, we made a one-time decision to transfer a portion of our held-to-maturity securities to available-for-sale. The adoption of the accounting guidance had no other impact on our consolidated financial statements. See Note 6 for further information. Callable Debt Securities In March 2017, the FASB issued ASU 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities,” which shortens the amortization period for the premium on certain callable debt securities to the earliest call date. The amendments are applicable to any purchased individual debt security with an explicit and non-contingent call feature that is callable at a fixed price on a preset date. The accounting update is effective for fiscal years beginning after December 15, 2018 (January 1, 2019 for our company) under a modified retrospective approach. The change was applied prospectively from January 1, 2019 and there is no impact to our previously presented results. The adoption of the accounting update resulted in a reduction of beginning retained earnings of $4.4 million after-tax as a cumulative effect of adoption of an accounting change. Leases In February 2016, the FASB issued ASU 2016-02 that requires for leases longer than one year, a lessee recognize in the statements of financial condition a right-of-use asset, representing the right to use the underlying asset for the lease term, and a lease liability, representing the liability to make lease payments. The accounting update also requires that for finance leases, a lessee recognize interest expense on the lease liability, separately from the amortization of the right-of-use asset in the statements of earnings, while for operating leases, such amounts should be recognized as a combined expense. In addition, this accounting update requires expanded disclosures about the nature and terms of lease agreements. This change was applied prospectively from January 1, 2019 and there is no impact on our previously presented results. Upon adoption, in accordance with the new lease standard, we elected to not reassess the lease classification or initial direct costs of existing leases, and to not reassess whether existing contracts contain a lease. In addition, we have elected to account for each contract’s lease and non-lease components as a single lease component. The adoption of the new lease standard resulted in a reduction of beginning retained earnings of $6.8 million after-tax as a cumulative effect of adoption of an accounting change. Upon adoption, the company recorded a gross up of approximately $670 million on its consolidated statements of financial condition to recognize the right-of-use assets, included in fixed assets, net and lease liabilities, included in accounts payable and accrued expenses. |
Recently Issued Accounting Guidance | Recently Issued Accounting Guidance Goodwill Impairment Testing In January 2017, the FASB issued ASU 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 accounting update, 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. The accounting update is effective for annual or any interim impairment tests in fiscal years beginning after December 15, 2019 (January 1, 2020 for our company) and early adoption is permitted. We are currently evaluating the impact of the accounting update, but the adoption is not expected to have a material impact on our consolidated financial statements. Financial Instruments – Credit Losses In June 2016, the FASB issued ASU 2016-13, “Financial Instruments − Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” This accounting update impacts the impairment model for certain financial assets measured at amortized cost by requiring a current expected credit loss (“CECL”) methodology to estimate expected credit losses over the entire life of the financial asset, recorded at inception or purchase. CECL will replace the loss model currently applicable to bank loans, held-to-maturity securities, and other receivables carried at amortized cost. The accounting update also eliminates the concept of other-than-temporary impairment for available-for-sale securities. Impairments on available-for-sale securities will be required to be recognized in earnings through an allowance, when the fair value is less than amortized cost and a credit loss exists or the securities are expected to be sold before recovery of amortized cost. Under the accounting update, there may be an ability to determine there are no expected credit losses in certain circumstances, e.g., based on collateral arrangements for lending and financing transactions or based on the credit quality of the borrower or issuer. Expected credit losses, including losses on off-balance-sheet exposures, such as lending commitments, will be measured based on historical experience, current conditions and forecasts that affect the collectability of the reported amount. Overall, the amendments in this accounting update are expected to accelerate the recognition of credit losses for portfolios where CECL models will be applied. The accounting update is effective for fiscal years beginning after December 15, 2019 (January 1, 2020 for our company) under a modified retrospective approach with early adoption permitted. We have substantially completed development of credit loss models for significant loan portfolios and are in the process of testing these models and validating data inputs, while continuing to develop the policies, systems and controls that will be required to implement CECL. The adoption of the accounting update is not expected to have a material impact on our consolidated financial statements. Ultimately, the extent of the impact of adoption of this accounting update on our company’s consolidated financial statements may vary and will depend on, among other things, the economic environment, the completion of our company’s models, policies and other management judgments, and the size and type of loan portfolios held by our company on the date of adoption. In April 2019, the FASB issued ASU No. 2019-04, "Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments" which clarifies and improves areas of guidance related to the recently issued standards on credit losses, hedging, recognition and measurement. The accounting update provides guidance on how companies will estimate expected credit losses by incorporating (1) expected recoveries of financial assets, including recoveries of amounts expected to be written off and those previously written off, and (2) clarifying that contractual extensions or renewal options that are not unconditionally cancellable by the lender are considered when determining the contractual term over which expected credit losses are measured. The accounting update is effective for fiscal years beginning after December 15, 2019 (January 1, 2020 for our company) and early adoption is permitted. The adoption of the accounting update is not expected to have a material impact on our consolidated financial statements. In May 2019, the FASB issued ASU No. 2019-05, “Financial Instruments - Credit Losses (Topic 326); Targeted Transition Relief,” which allows entities to irrevocably elect, upon adoption of ASU 2016-13, the fair value option on financial instruments that (1) were previously recorded at amortized cost and (2) are within the scope of ASC 326-20 if the instruments are eligible for the fair value option under ASC 825-10. The fair value option election does not apply to held-to-maturity debt securities. Entities are required to make this election on an instrument-by-instrument basis. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2019 (January 1, 2020 for our company). The adoption of the accounting update is not expected to have a material impact on our consolidated financial statements. |
Revenue Recognition | Commissions. We earn commission revenue by executing, settling, and clearing transactions for clients primarily in OTC and listed equity securities, insurance products, and options. Trade execution and clearing and custody services, when provided together, represent a single performance obligation as the services are not separately identifiable in the context of the contract. Commission revenues associated with combined trade execution and clearing and custody services, as well as trade execution services on a standalone basis, are recognized at a point in time on trade-date. Commission revenues are generally paid on settlement date and we record a receivable between trade-date and payment on settlement date. Investment Banking. We provide our clients with a full range of capital markets and financial advisory services. Capital markets services include underwriting and placement agent services in both the equity and debt capital markets, including private equity placements, initial public offerings, follow-on offerings, underwriting and distributing public and private debt. Capital raising revenues are recognized at a point in time on trade-date, as the client obtains the control and benefit of the capital markets offering at that point. Costs associated with capital raising transactions are deferred until the related revenue is recognized or the engagement is otherwise concluded, and are recorded on a gross basis within other operating expenses in the consolidated statements of operations as we are acting as a principal in the arrangement. Any expenses reimbursed by our clients are recognized as investment banking revenues. Revenues from financial advisory services primarily consist of fees generated in connection with merger, acquisition and restructuring transactions. Advisory fees from mergers and acquisitions engagements are recognized at a point in time when the related transaction is completed, as the performance obligation is to successfully broker a specific transaction. Fees received prior to the completion of the transaction are deferred within accounts payable and accrued expenses on the consolidated statements of financial condition. Advisory fees from restructuring engagements are recognized over time using a time elapsed measure of progress as our clients simultaneously receive and consume the benefits of those services as they are provided. A significant portion of the fees we receive for our advisory services are considered variable as they are contingent upon a future event (e.g., completion of a transaction or third party emergence from bankruptcy) and are excluded from the transaction price until the uncertainty associated with the variable consideration is subsequently resolved, which is expected to occur upon achievement of the specified milestone. Payment for advisory services are generally due promptly upon completion of a specified milestone or, for retainer fees, periodically over the course of the engagement. We recognize a receivable between the date of completion of the milestone and payment by the customer. Expenses associated with investment banking advisory engagements are deferred only to the extent they are explicitly reimbursable by the client and the related revenue is recognized at the same time as the associated expense. All other investment banking advisory related expenses, including expenses incurred related to restructuring assignments, are expensed as incurred. All investment banking advisory expenses are recognized within other operating expenses on the consolidated statements of operations and any expenses reimbursed by our clients are recognized as investment banking revenues. Asset Management Fees. We earn management and performance fees in connection with investment advisory services provided to institutional and individual clients. Investment advisory fees are charged based on the value of assets in fee-based accounts and are affected by changes in the balances of client assets due to market fluctuations and levels of net new client assets. Fees are charged either in advance based on fixed rates applied to the value of the customers’ account at the beginning of the period or periodically based on contracted rates and account performance. Contracts can be terminated at any time with no incremental payments due to our company upon termination. If the contract is terminated by the customer fees are prorated for the period and fees charged for the post termination period are refundable to the customer. |
Receivables From And Payables_2
Receivables From And Payables To Brokers, Dealers And Clearing Organizations (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 and December 31, 2018, included (in thousands) September 30, 2019 December 31, 2018 Receivables from clearing organizations $ 350,730 $ 320,277 Deposits paid for securities borrowed 214,100 109,795 Securities failed to deliver 107,727 85,502 $ 672,557 $ 515,574 |
Amounts Payable To Brokers, Dealers, And Clearing Organizations | Amounts payable to brokers, dealers, and clearing organizations at September 30, 2019 and December 31, 2018, included (in thousands) September 30, 2019 December 31, 2018 Deposits received from securities loaned $ 516,941 $ 392,163 Securities failed to receive 76,774 27,975 Payable to clearing organizations 20,073 12,161 $ 613,788 $ 432,299 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Fair Value Of Investments In And Unfunded Commitments To Funds Measured At Net Asset Value | September 30, 2019 Fair value of investments Unfunded commitments Money market funds $ 28,047 $ — Mutual funds 7,315 — Private equity funds 2,508 1,477 Partnership interests 3,458 952 Total $ 41,328 $ 2,429 December 31, 2018 Fair value of investments Unfunded commitments Money market funds $ 19,719 $ — Mutual funds 9,122 — Private equity funds 3,461 1,480 Partnership interests 3,976 1,024 Total $ 36,278 $ 2,504 |
Fair Value Of Assets And Liabilities Measured On Recurring Basis | September 30, 2019 Total Level 1 Level 2 Level 3 Financial instruments owned: U.S. government securities $ 24,034 $ 24,034 $ — $ — U.S. government agency securities 112,481 — 112,481 — Mortgage-backed securities: Agency 457,110 — 457,110 — Non-agency 10,205 — 10,205 — Asset-backed securities 36,157 — 35,982 175 Corporate securities: Fixed income securities 333,808 4,364 329,444 — Equity securities 77,649 77,186 463 — Sovereign debt 1,977 — 1,977 — State and municipal securities 118,671 — 118,671 — Loans 17,800 — — 17,800 Total financial instruments owned 1,189,892 105,584 1,066,333 17,975 Available-for-sale securities: U.S. government agency securities 4,610 100 4,510 — State and municipal securities 31,510 — 31,510 — Mortgage-backed securities: Agency 887,760 — 887,760 — Commercial 114,498 — 114,498 — Non-agency 10,511 — 10,511 — Corporate fixed income securities 674,878 — 674,878 — Asset-backed securities 1,725,034 — 1,725,034 — Total available-for-sale securities 3,448,801 100 3,448,701 — Investments: Corporate equity securities 36,603 35,543 — 1,060 Auction rate securities: Equity securities 13,664 — — 13,664 Municipal securities 654 — 470 184 Other 9,965 8,847 265 853 Investments in funds and partnerships measured at NAV 13,281 Total investments 74,167 44,390 735 15,761 Cash equivalents measured at NAV 28,047 Derivative contracts (1) 1,416 — 1,416 — $ 4,742,323 $ 150,074 $ 4,517,185 $ 33,736 (1) September 30, 2019 Total Level 1 Level 2 Level 3 Liabilities: Financial instruments sold, but not yet purchased: U.S. government securities $ 421,418 $ 421,418 $ — $ — Agency mortgage-backed securities 157,903 — 157,903 — Corporate securities: Fixed income securities 238,245 119 238,126 — Equity securities 78,764 78,764 — — Sovereign debt 9,467 — 9,467 — Total financial instruments sold, but not yet purchased $ 905,797 $ 500,301 $ 405,496 $ — Assets and liabilities measured at fair value on a recurring basis as of December 31, 2018, are presented below (in thousands) : December 31, 2018 Total Level 1 Level 2 Level 3 Financial instruments owned: U.S. government securities $ 42,121 $ 42,121 $ — $ — U.S. government agency securities 72,532 — 72,532 — Mortgage-backed securities: Agency 564,111 — 564,111 — Non-agency 25,727 — 25,726 1 Asset-backed securities 25,905 — 25,730 175 Corporate securities: Fixed income securities 310,457 1,100 309,357 — Equity securities 57,911 57,125 786 — Sovereign debt 14,063 — 14,063 — State and municipal securities 154,622 — 154,622 — Total financial instruments owned 1,267,449 100,346 1,166,927 176 Available-for-sale securities: U.S. government agency securities 5,215 417 4,798 — State and municipal securities 68,226 — 68,226 — Mortgage-backed securities: Agency 230,408 — 230,408 — Commercial 69,715 — 69,715 — Non-agency 1,219 — 1,219 — Corporate fixed income securities 931,604 — 931,604 — Asset-backed securities 1,764,060 — 1,764,060 — Total available-for-sale securities 3,070,447 417 3,070,030 — Investments: Corporate equity securities 33,046 31,670 1,376 — Auction rate securities: Equity securities 16,632 — — 16,632 Municipal securities 704 — — 704 Other 1,041 — 184 857 Investments in funds and partnerships measured at NAV 16,559 Total investments 67,982 31,670 1,560 18,193 Cash equivalents measured at NAV 19,719 Derivative contracts (1) 7,683 — 7,683 — $ 4,433,280 $ 132,433 $ 4,246,200 $ 18,369 (1) December 31, 2018 Total Level 1 Level 2 Level 3 Liabilities: Financial instruments sold, but not yet purchased: U.S. government securities $ 534,817 $ 534,817 $ — $ — U.S. government agency securities 32,755 — 32,755 — Agency mortgage-backed securities 123,456 — 123,456 — Corporate securities: Fixed income securities 208,725 1,289 207,436 — Equity securities 36,117 35,398 719 — Sovereign debt 11,429 — 11,429 — State and municipal securities 7 — 7 — Total financial instruments sold, but not yet purchased $ 947,306 $ 571,504 $ 375,802 $ — |
Schedule Of Changes In Fair Value Associated With Level 3 Financial Instruments | Three Months Ended September 30, 2019 Financial instruments owned Investments Asset-Backed Securities Loans Corporate Equity Securities Auction Securities – Equity Auction Rate Securities – Municipal Other Balance at June 30, 2019 $ 175 $ — $ — $ 16,732 $ 184 $ 853 Unrealized gains/(losses): Included in changes in net assets (1) — — — (418 ) — — Realized gains/(losses) (1) — — — — — — Purchases — 17,335 — — — — Sales — — — — — — Redemptions — — — (2,650 ) — — Transfers: Into Level 3 — 465 1,060 — — — Out of Level 3 — — — — — — Net change — 17,800 1,060 (3,068 ) — — Balance at September 30, 2019 $ 175 $ 17,800 $ 1,060 $ 13,664 $ 184 $ 853 (1) Realized and unrealized gains/(losses) related to financial instruments owned and investments are reported in other income in the consolidated statements of operations. Nine Months Ended September 30, 2019 Financial instruments owned Investments Mortgage- Backed Securities – Non-Agency Asset-Backed Securities Loans Corporate Equity Securities Auction Securities – Equity Auction Rate Securities – Municipal Other Balance at December 31, 2018 $ 1 $ 175 $ — $ — $ 16,632 $ 704 $ 857 Unrealized gains/(losses): Included in changes in net assets (1) — 2 — — (318 ) — — Realized gains/(losses) (1) (1 ) — — — — — — Purchases — — 17,335 — — — — Sales — — — — — — — Redemptions — (2 ) — — (2,650 ) (50 ) (4 ) Transfers: Into Level 3 — — 465 1,060 — — — Out of Level 3 — — — — — (470 ) — Net change (1 ) — 17,800 1,060 (2,968 ) (520 ) (4 ) Balance at September 30, 2019 $ — $ 175 $ 17,800 $ 1,060 $ 13,664 $ 184 $ 853 (1) Realized and unrealized gains/(losses) related to financial instruments owned and investments are reported in other income in the consolidated statements of operations. |
Schedule Of Fair Value Of Financial Instruments | September 30, 2019 December 31, 2018 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets: Cash and cash equivalents $ 868,866 $ 868,866 $ 1,936,560 $ 1,936,560 Cash segregated for regulatory purposes 62,654 62,654 132,814 132,814 Securities purchased under agreements to resell 624,049 624,049 699,900 699,900 Financial instruments owned 1,189,892 1,189,892 1,267,449 1,267,449 Available-for-sale securities 3,448,801 3,448,801 3,070,447 3,070,447 Held-to-maturity securities 2,881,484 2,855,791 4,218,854 4,122,907 Bank loans 9,101,903 9,223,031 8,517,615 8,565,347 Loans held for sale 265,330 265,330 205,557 205,557 Investments 74,167 74,167 67,982 67,982 Derivative contracts (1) 1,416 1,416 7,683 7,683 Financial liabilities: Securities sold under agreements to repurchase $ 564,892 $ 564,892 $ 535,394 $ 535,394 Bank deposits 14,836,646 13,849,447 15,863,613 14,661,996 Financial instruments sold, but not yet purchased 905,797 905,797 947,306 947,306 Federal Home Loan Bank advances 250,000 250,000 540,000 540,000 Borrowings 150 150 180,655 180,655 Senior notes 1,016,751 1,068,923 1,015,973 989,790 Debentures to Stifel Financial Capital Trusts 60,000 43,570 60,000 49,747 (1) |
Estimated Fair Values Of Financial Instruments Not Measured At Fair Value | September 30, 2019 Total Level 1 Level 2 Level 3 Financial assets: Cash $ 840,819 $ 840,819 $ — $ — Cash segregated for regulatory purposes 62,654 62,654 — — Securities purchased under agreements to resell 624,049 541,495 82,554 — Held-to-maturity securities 2,855,791 — 2,690,211 165,580 Bank loans 9,223,031 — 9,223,031 — Loans held for sale 265,330 — 265,330 — Financial liabilities: Securities sold under agreements to repurchase $ 564,892 $ 19,175 $ 545,717 $ — Bank deposits 13,849,447 — 13,849,447 — Federal Home Loan Bank advances 250,000 250,000 — — Borrowings 150 150 — — Senior notes 1,068,923 1,068,923 — — Debentures to Stifel Financial Capital Trusts 43,570 — — 43,570 December 31, 2018 Total Level 1 Level 2 Level 3 Financial assets: Cash $ 1,916,841 $ 1,916,841 $ — $ — Cash segregated for regulatory purposes 132,814 132,814 — — Securities purchased under agreements to resell 699,900 645,632 54,268 — Held-to-maturity securities 4,122,907 — 3,960,099 162,808 Bank loans 8,565,347 — 8,565,347 — Loans held for sale 205,557 — 205,557 — Financial liabilities: Securities sold under agreements to repurchase $ 535,394 $ 87,273 $ 448,121 $ — Bank deposits 14,661,996 — 14,661,996 — Federal Home Loan Bank advances 540,000 540,000 — — Borrowings 180,655 180,655 — — Senior notes 989,790 989,790 — — Debentures to Stifel Financial Capital Trusts 49,747 — — 49,747 |
Financial Instruments Owned A_2
Financial Instruments Owned And Financial Instruments Sold, But Not Yet Purchased (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Investments Debt And Equity Securities [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, 2019 and December 31, 2018 are as follows (in thousands) September 30, 2019 December 31, 2018 Financial instruments owned: U.S. government securities $ 24,034 $ 42,121 U.S. government agency securities 112,481 72,532 Mortgage-backed securities: Agency 457,110 564,111 Non-agency 10,205 25,727 Asset-backed securities 36,157 25,905 Corporate securities: Fixed income securities 333,808 310,457 Equity securities 77,649 57,911 Sovereign debt 1,977 14,063 State and municipal securities 118,671 154,622 Loans 17,800 — $ 1,189,892 $ 1,267,449 Financial instruments sold, but not yet purchased: U.S. government securities $ 421,418 $ 534,817 U.S. government agency securities — 32,755 Agency mortgage-backed securities 157,903 123,456 Corporate securities: Fixed income securities 238,245 208,725 Equity securities 78,764 36,117 Sovereign debt 9,467 11,429 State and municipal securities — 7 $ 905,797 $ 947,306 |
Available-For-Sale And Held-T_2
Available-For-Sale And Held-To-Maturity Securities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule Of Amortized Cost And Fair Values Of Available For Sale Securities And Held To Maturity Securities | The following tables provide a summary of the amortized cost and fair values of the available-for-sale securities and held-to-maturity securities at September 30, 2019 and December 31, 2018 (in thousands) September 30, 2019 Amortized Cost Gross Unrealized Gains (1) Gross Unrealized Losses (1) Estimated Fair Value Available-for-sale securities U.S. government agency securities $ 4,565 $ 48 $ (3 ) $ 4,610 State and municipal securities 31,366 144 — 31,510 Mortgage-backed securities: Agency 892,207 2,604 (7,051 ) 887,760 Commercial 114,052 627 (181 ) 114,498 Non-agency 10,468 70 (27 ) 10,511 Corporate fixed income securities 664,800 10,183 (105 ) 674,878 Asset-backed securities 1,733,203 601 (8,770 ) 1,725,034 $ 3,450,661 $ 14,277 $ (16,137 ) $ 3,448,801 Held-to-maturity securities (2) Asset-backed securities $ 2,881,484 $ 7,385 $ (33,078 ) $ 2,855,791 December 31, 2018 Amortized Cost Gross Unrealized Gains (1) Gross Unrealized Losses (1) Estimated Fair Value Available-for-sale securities U.S. government agency securities $ 5,237 $ 13 $ (35 ) $ 5,215 State and municipal securities 72,487 — (4,261 ) 68,226 Mortgage-backed securities: Agency 234,292 88 (3,972 ) 230,408 Commercial 74,411 4 (4,700 ) 69,715 Non-agency 1,245 — (26 ) 1,219 Corporate fixed income securities 958,406 — (26,802 ) 931,604 Asset-backed securities 1,779,496 672 (16,108 ) 1,764,060 $ 3,125,574 $ 777 $ (55,904 ) $ 3,070,447 Held-to-maturity securities (2) Mortgage-backed securities: Agency $ 1,198,442 $ 1,307 $ (31,689 ) $ 1,168,060 Commercial 51,524 185 — 51,709 Asset-backed securities 2,968,888 4,585 (70,335 ) 2,903,138 $ 4,218,854 $ 6,077 $ (102,024 ) $ 4,122,907 (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 | The table below summarizes the amortized cost and fair values of our securities by contractual maturity at September 30, 2019 and December 31, 2018. 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, 2019 December 31, 2018 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Available-for-sale securities Within one year $ 1,899 $ 1,897 $ 5,872 $ 5,855 After one year through three years 226,534 226,822 234,101 227,951 After three years through five years 413,589 419,809 407,507 397,372 After five years through ten years 412,619 415,878 469,566 458,442 After ten years 2,396,020 2,384,395 2,008,528 1,980,827 $ 3,450,661 $ 3,448,801 $ 3,125,574 $ 3,070,447 Held-to-maturity securities Within one year $ — $ — $ — $ — After one year through three years — — 51,524 51,709 After three years through five years — — — — After five years through ten years 495,850 494,530 536,717 530,616 After ten years 2,385,634 2,361,261 3,630,613 3,540,582 $ 2,881,484 $ 2,855,791 $ 4,218,854 $ 4,122,907 |
Contractual Maturities | The maturities of our available-for-sale (fair value) and held-to-maturity (amortized cost) securities at September 30, 2019, are as follows ( in thousands Within 1 Year 1-5 Years 5-10 Years After 10 Years Total Available-for-sale securities (1) U.S. government agency securities $ 1,597 $ 3,013 $ — $ — $ 4,610 State and municipal securities — — 5,854 25,656 31,510 Mortgage-backed securities: Agency — 950 26,463 860,347 887,760 Commercial — 36,091 — 78,407 114,498 Non-agency — 9,483 — 1,028 10,511 Corporate fixed income securities 300 597,094 77,484 — 674,878 Asset-backed securities — — 306,077 1,418,957 1,725,034 $ 1,897 $ 646,631 $ 415,878 $ 2,384,395 $ 3,448,801 Held-to-maturity securities Asset-backed securities $ — $ — $ 495,850 $ 2,385,634 $ 2,881,484 (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, 2019 (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 $ — $ — $ (3 ) $ 1,746 $ (3 ) $ 1,746 Mortgage-backed securities: Agency (4,945 ) 485,290 $ (2,106 ) $ 182,398 (7,051 ) 667,688 Commercial (162 ) 36,263 (19 ) 2,216 (181 ) 38,479 Non-agency — — (27 ) 1,027 (27 ) 1,027 Corporate fixed income securities (19 ) 44,242 (86 ) 57,443 (105 ) 101,685 Asset-backed securities (5,241 ) 702,155 (3,529 ) 239,386 (8,770 ) 941,541 $ (10,367 ) $ 1,267,950 $ (5,770 ) $ 484,216 $ (16,137 ) $ 1,752,166 Held-to-maturity securities Asset-backed securities $ (3,899 ) $ 572,590 $ (29,179 ) $ 1,515,354 $ (33,078 ) $ 2,087,944 |
Bank Loans (Tables)
Bank Loans (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Schedule Of Balance And Associated Percentage Of Each Major Loan Category In Bank Loan Portfolio | September 30, 2019 December 31, 2018 Balance Percent Balance Percent Commercial and industrial $ 3,315,706 36.0 % $ 3,304,234 38.5 % Residential real estate 3,043,271 33.1 2,875,014 33.5 Securities-based loans 1,986,339 21.6 1,786,966 20.8 Commercial real estate 387,868 4.2 318,961 3.7 Construction and land 293,116 3.2 138,245 1.6 Home equity lines of credit 50,518 0.5 38,098 0.4 Other 120,814 1.4 120,129 1.5 Gross bank loans 9,197,632 100.0 % 8,581,647 100.0 % Unamortized loan discount, net (8,418 ) (12,155 ) Loans in process 2,450 27,984 Unamortized loan fees, net 1,599 5,972 Allowance for loan losses (91,360 ) (85,833 ) Bank loans, net $ 9,101,903 $ 8,517,615 |
Activity In The Allowance For Loan Losses By Portfolio Segment | Three Months Ended September 30, 2019 Beginning Balance Provision Charge-offs Recoveries Ending Balance Commercial and industrial $ 69,263 $ (1,070 ) $ (21 ) $ — $ 68,172 Residential real estate 12,042 519 — 1 12,562 Securities-based loans 2,311 (130 ) — — 2,181 Commercial real estate 2,478 425 — — 2,903 Construction and land 2,402 865 — — 3,267 Home equity lines of credit 421 13 — 1 435 Other 179 38 (35 ) 13 195 Qualitative 1,376 269 — — 1,645 $ 90,472 $ 929 $ (56 ) $ 15 $ 91,360 Nine Months Ended September 30, 2019 Beginning Balance Provision Charge-offs Recoveries Ending Balance Commercial and industrial $ 68,367 $ (116 ) $ (79 ) $ — $ 68,172 Residential real estate 11,228 1,246 — 88 12,562 Securities-based loans 1,978 203 — — 2,181 Commercial real estate 1,778 1,125 — — 2,903 Construction and land 1,241 2,026 — — 3,267 Home equity lines of credit 310 123 — 2 435 Other 88 156 (87 ) 38 195 Qualitative 843 802 — — 1,645 $ 85,833 $ 5,565 $ (166 ) $ 128 $ 91,360 Three Months Ended September 30, 2018 Beginning Balance Provision Charge-offs Recoveries Ending Balance Commercial and industrial $ 59,572 $ 5,008 $ — $ — $ 64,580 Residential real estate 9,328 1,165 — — 10,493 Securities-based loans 1,928 (5 ) — — 1,923 Commercial real estate 1,672 90 — — 1,762 Home equity lines of credit 229 — — — 229 Construction and land 303 600 — — 903 Other 13 (3 ) — 1 11 Qualitative 730 69 — — 799 $ 73,775 $ 6,924 $ — $ 1 $ 80,700 Nine Months Ended September 30, 2018 Beginning Balance Provision Charge-offs Recoveries Ending Balance Commercial and industrial $ 54,474 $ 10,118 $ (12 ) $ — $ 64,580 Residential real estate 8,430 2,063 — — 10,493 Securities-based loans 2,088 (165 ) — — 1,923 Commercial real estate 1,520 242 — — 1,762 Home equity lines of credit 162 65 — 2 229 Construction and land 100 803 — — 903 Other 16 (5 ) (2 ) 2 11 Qualitative 676 123 — — 799 $ 67,466 $ 13,244 $ (14 ) $ 4 $ 80,700 |
Recorded Balances Of Loans and Amount Of Allowance Allocated Based Upon Impairment Method by Portfolio Segment | Allowance for Loan Losses Recorded Investment in Loans Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Commercial and industrial $ 8,158 $ 60,014 $ 68,172 $ 14,169 $ 3,301,537 $ 3,315,706 Residential real estate 24 12,538 12,562 1,697 3,041,574 3,043,271 Securities-based loans — 2,181 2,181 — 1,986,339 1,986,339 Commercial real estate — 2,903 2,903 — 387,868 387,868 Construction and land — 3,267 3,267 — 293,116 293,116 Home equity lines of credit — 435 435 184 50,334 50,518 Other 18 177 195 153 120,661 120,814 Qualitative — 1,645 1,645 — — — $ 8,200 $ 83,160 $ 91,360 $ 16,203 $ 9,181,429 $ 9,197,632 Allowance for Loan Losses Recorded Investment in Loans Individually Evaluated Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Commercial and industrial $ 8,678 $ 59,689 $ 68,367 $ 23,677 $ 3,280,557 $ 3,304,234 Residential real estate 24 11,204 11,228 519 2,874,495 2,875,014 Securities-based loans — 1,978 1,978 — 1,786,966 1,786,966 Commercial real estate — 1,778 1,778 — 318,961 318,961 Construction and land — 1,241 1,241 — 138,245 138,245 Home equity lines of credit — 310 310 184 37,914 38,098 Other 1 87 88 21 120,108 120,129 Qualitative — 843 843 — — — $ 8,703 $ 77,130 $ 85,833 $ 24,401 $ 8,557,246 $ 8,581,647 |
Loans That Were Individually Evaluated For Impairment By Portfolio Segment | September 30, 2019 Unpaid Contractual Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment Commercial and industrial $ 14,169 $ 104 $ 14,065 $ 14,169 $ 8,158 $ 22,102 Residential real estate 1,767 1,532 165 1,697 24 1,536 Home equity lines of credit 184 184 — 184 — 184 Other 303 — 153 153 18 185 Total $ 16,423 $ 1,820 $ 14,383 $ 16,203 $ 8,200 $ 24,007 December 31, 2018 Unpaid Contractual Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment Commercial and industrial $ 23,677 $ 242 $ 23,435 $ 23,677 $ 8,678 $ 23,807 Residential real estate 544 352 167 519 24 275 Home equity lines of credit 184 184 — 184 — 184 Other 694 11 10 21 1 70 Total $ 25,099 $ 789 $ 23,612 $ 24,401 $ 8,703 $ 24,336 |
Aging Of The Recorded Investment In Past Due Loans | As of September 30, 2019 30 – 89 Days Past Due 90 or More Days Past Due Total Due Current Balance Total Commercial and industrial $ — $ 14,116 $ 14,116 $ 3,301,590 $ 3,315,706 Residential real estate 3,018 1,248 4,266 3,039,005 3,043,271 Securities-based loans — — — 1,986,339 1,986,339 Commercial real estate — — — 387,868 387,868 Construction and land — — — 293,116 293,116 Home equity lines of credit 216 — 216 50,302 50,518 Other 175 147 322 120,492 120,814 Total $ 3,409 $ 15,511 $ 18,920 $ 9,178,712 $ 9,197,632 As of September 30, 2019* Non-Accrual Restructured Total Commercial and industrial $ 14,116 $ — $ 14,116 Residential real estate 1,532 165 1,697 Home equity lines of credit 184 — 184 Other 153 — 153 Total $ 15,985 $ 165 $ 16,150 * There were no loans past due 90 days and still accruing interest at September 30, 2019. As of December 31, 2018 30 – 89 Days Past Due 90 or More Days Past Due Total Past Due Current Balance Total Commercial and industrial $ — $ 14,656 $ 14,656 $ 3,289,578 $ 3,304,234 Residential real estate 6,970 377 7,347 2,867,667 2,875,014 Securities-based loans — — — 1,786,966 1,786,966 Commercial real estate — — — 318,961 318,961 Construction and land — — — 138,245 138,245 Home equity lines of credit 33 — 33 38,065 38,098 Other — 134 134 119,995 120,129 Total $ 7,003 $ 15,167 $ 22,170 $ 8,559,477 $ 8,581,647 As of December 31, 2018* Non-Accrual Restructured Total Commercial and industrial $ 14,741 $ 8,936 $ 23,677 Residential real estate 352 167 519 Home equity lines of credit 184 — 184 Other 21 — 21 Total $ 15,298 $ 9,103 $ 24,401 * There were no loans past due 90 days and still accruing interest at December 31, 2018. |
Risk Category Of Loan Portfolio | As of September 30, 2019 Pass Special Substandard Doubtful Total Commercial and industrial $ 3,275,266 $ 26,271 $ 14,169 $ — $ 3,315,706 Residential real estate 3,041,574 — 1,697 — 3,043,271 Securities-based loans 1,986,339 — — — 1,986,339 Commercial real estate 387,868 — — — 387,868 Construction and land 293,116 — — — 293,116 Home equity lines of credit 50,334 — 184 — 50,518 Other 120,661 — — 153 120,814 Total $ 9,155,158 $ 26,271 $ 16,050 $ 153 $ 9,197,632 As of December 31, 2018 Pass Special Substandard Doubtful Total Commercial and industrial $ 3,254,698 $ 34,795 $ 14,741 $ — $ 3,304,234 Residential real estate 2,874,495 — 519 — 2,875,014 Securities-based loans 1,786,966 — — — 1,786,966 Commercial real estate 318,961 — — — 318,961 Construction and land 138,245 — — — 138,245 Home equity lines of credit 37,914 — 184 — 38,098 Other 119,912 196 — 21 120,129 Total $ 8,531,191 $ 34,991 $ 15,444 $ 21 $ 8,581,647 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Carrying Amount Of Goodwill And Intangible Assets | The carrying amount of goodwill and intangible assets attributable to each of our reporting segments is presented in the following table (in thousands) December 31, 2018 Adjustments Write-off September 30, 2019 Goodwill Global Wealth Management $ 340,395 $ 6,336 $ — $ 346,731 Institutional Group 694,284 117,108 — 811,392 $ 1,034,679 $ 123,444 $ — $ 1,158,123 December 31, 2018 Net Additions Amortization September 30, 2019 Intangible assets Global Wealth Management $ 60,532 $ — $ (5,527 ) $ 55,005 Institutional Group 59,123 7,743 (5,433 ) 61,433 $ 119,655 $ 7,743 $ (10,960 ) $ 116,438 |
Intangible Assets Subject To Amortization | Intangible assets subject to amortization as of September 30, 2019 and December 31, 2018 were as follows (in thousands) September 30, 2019 December 31, 2018 Gross Carrying Value Accumulated Amortization Gross Carrying Value Accumulated Amortization Customer relationships $ 168,110 $ 72,794 $ 160,745 $ 65,254 Trade name 27,131 13,200 26,831 11,755 Core deposits 8,615 2,474 8,615 816 Non-compete agreements 2,714 1,794 2,603 1,452 Investment banking backlog 1,445 1,315 1,431 1,293 $ 208,015 $ 91,577 $ 200,225 $ 80,570 |
Amortization Expense In Future Periods | As of September 30, 2019, we expect amortization expense in future periods to be as follows (in thousands) Fiscal year Remainder of 2019 $ 3,493 2020 13,573 2021 12,718 2022 11,903 2023 11,234 Thereafter 61,399 $ 114,320 |
Senior Notes (Tables)
Senior Notes (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Senior Notes | The following table summarizes our senior notes as of September 30, 2019 and December 31, 2018 (in thousands) September 30, 2019 December 31, 2018 4.250% senior notes, due 2024 (1) $ 500,000 $ 500,000 3.50% senior notes, due 2020 (2) 300,000 300,000 5.20% senior notes, due 2047 (3) 225,000 225,000 1,025,000 1,025,000 Debt issuance costs, net (8,249 ) (9,027 ) Senior notes, net $ 1,016,751 $ 1,015,973 (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. (3) |
Schedule of Corporate Date Maturity | Our senior notes mature as follows, based upon contractual terms (in thousands) 2019 $ — 2020 300,000 2021 — 2022 — 2023 — Thereafter 725,000 $ 1,025,000 |
Bank Deposits (Tables)
Bank Deposits (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 and December 31, 2018 were as follows (in thousands) September 30, 2019 December 31, 2018 Money market and savings accounts $ 13,573,614 $ 13,609,612 Certificates of deposit 792,515 1,763,336 Demand deposits (interest-bearing) 359,529 392,765 Demand deposits (non-interest-bearing) 110,988 97,900 $ 14,836,646 $ 15,863,613 |
Schedule of Maturities of Certificates of Deposit | Scheduled maturities of certificates of deposit at September 30, 2019 and December 31, 2018 were as follows (in thousands): September 30, 2019 December 31, 2018 Certificates of deposit, less than $100,000: Within one year $ 5,317 $ 4,858 One to three years 437 623 Three to five years 113 140 $ 5,867 $ 5,621 Certificates of deposit, $100,000 and greater: Within one year $ 706,225 $ 1,535,784 One to three years 70,398 195,159 Three to five years 10,025 26,772 786,648 1,757,715 $ 792,515 $ 1,763,336 |
Derivative Instruments And He_2
Derivative Instruments And Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
General Discussion Of Derivative Instruments And Hedging Activities [Abstract] | |
Schedule Of Notional Values And Fair Values Of Derivative Instruments Designated As Hedging Instruments | The following table provides the notional values and fair values of our derivative instruments designated as hedging instruments as of September 30, 2019 and December 31, 2018 (in thousands) September 30, 2019 Notional Balance Location Fair Value Derivative Assets Cash flow interest rate contracts $ 250,000 Other assets $ 1,416 December 31, 2018 Notional Value Balance Location Fair Value Derivative Assets Cash flow interest rate contracts $ 540,000 Other assets $ 7,683 |
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, 2019 and 2018 (in thousands) Gain/(Loss) Recognized in OCI Gain Reclassified From OCI Into Income Three Months Ended September 30, Three Months Ended September 30, 2019 2018 2019 2018 Cash flow interest rate contracts $ 40 $ (603 ) $ 604 $ 1,504 Gain/(Loss) Recognized in OCI Gain Reclassified From OCI Into Income Nine Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Cash flow interest rate contracts $ 2,846 $ (5,823 ) $ 2,910 $ 3,262 |
Disclosures About Offsetting _2
Disclosures About Offsetting Assets And Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 and December 31, 2018 (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, 2019: Securities borrowing (1) $ 214,100 $ — $ 214,100 $ (139,759 ) $ (55,766 ) $ 18,575 Reverse repurchase agreements (2) 624,049 — 624,049 (27,766 ) (595,165 ) 1,118 Cash flow interest rate contracts 1,416 — 1,416 — — 1,416 $ 839,565 $ — $ 839,565 $ (167,525 ) $ (650,931 ) $ 21,109 As of December 31, 2018: Securities borrowing (1) $ 109,795 $ — $ 109,795 $ (57,328 ) $ (45,005 ) $ 7,462 Reverse repurchase agreements (2) 699,900 — 699,900 (365,822 ) (329,740 ) 4,338 Cash flow interest rate contracts 7,683 — 7,683 — — 7,683 $ 817,378 $ — $ 817,378 $ (423,150 ) $ (374,745 ) $ 19,483 (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 $623.2 million and $695.6 million at September 30, 2019 and December 31, 2018, 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, 2019 and December 31, 2018 (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, 2019: Securities lending (3) $ (516,941 ) $ — $ (516,941 ) $ 139,759 $ 377,182 $ — Repurchase agreements (4) (564,892 ) — (564,892 ) 27,766 537,126 — $ (1,081,833 ) $ — $ (1,081,833 ) $ 167,525 $ 914,308 $ — As of December 31, 2018: Securities lending (3) $ (392,163 ) $ — $ (392,163 ) $ 57,328 $ 325,110 $ (9,725 ) Repurchase agreements (4) (535,394 ) — (535,394 ) 365,822 169,572 — $ (927,557 ) $ — $ (927,557 ) $ 423,150 $ 494,682 $ (9,725 ) (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 counterparty. These securities are included in the consolidated statements of financial condition unless we default. Collateral pledged by our company to the counterparty includes U.S. government agency securities, U.S. government securities, and corporate fixed income securities with market values of $ million and $ 558.6 million at September 30, 2019 and December 31, 2018, respectively . |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Regulatory Capital Requirements [Abstract] | |
Schedule Of Total Risk-Based, Tier 1 Risk-Based, And Tier 1 Leverage Ratios | Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Stifel Financial Corp. Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital $ 1,952,043 15.6 % $ 563,006 4.5 % $ 813,231 6.5 % Tier 1 capital 2,266,356 18.1 % 750,675 6.0 % 1,000,900 8.0 % Total capital 2,416,874 19.3 % 1,000,900 8.0 % 1,251,125 10.0 % Tier 1 leverage 2,266,356 10.0 % 907,623 4.0 % 1,134,529 5.0 % Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Stifel Bank & Trust Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital $ 1,032,752 13.1 % $ 355,002 4.5 % $ 512,781 6.5 % Tier 1 capital 1,037,065 13.1 % 473,336 6.0 % 631,115 8.0 % Total capital 1,127,126 14.3 % 631,115 8.0 % 788,894 10.0 % Tier 1 leverage 1,037,065 7.3 % 568,473 4.0 % 710,592 5.0 % Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Stifel Bank Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital $ 148,620 17.9 % $ 37,443 4.5 % $ 54,084 6.5 % Tier 1 capital 148,620 17.9 % 49,924 6.0 % 66,565 8.0 % Total capital 158,649 19.1 % 66,565 8.0 % 83,206 10.0 % Tier 1 leverage 148,620 7.0 % 84,407 4.0 % 105,508 5.0 % |
Operating Leases (Tables)
Operating Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Schedule of Information About Operating Lease Liabilities | The table below presents information about operating lease liabilities as of September 30, 2019, (in thousands, except percentages) Remainder of 2019 $ 22,331 2020 86,712 2021 81,631 2022 80,779 2023 79,830 Thereafter 537,119 Total undiscounted lease payments 888,402 Imputed interest (215,274 ) Total operating lease liabilities $ 673,128 Weighted average remaining lease term 11.4 years Weighted average discount rate 4.60 % |
Non-cancelable Leases [Member] | |
Schedule of Information About Operating Lease Liabilities | As of September 30, 2019, minimum future payments under non-cancelable leases were (in thousands) Remainder of 2019 $ 6,531 2020 24,598 2021 20,162 2022 11,980 2023 6,865 Thereafter 11,737 $ 81,873 |
Revenues from Contracts with _2
Revenues from Contracts with Customers (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Total Revenues Broken Out by Revenues from Contracts with Customers and Other Sources of Revenues | The following table presents the Company’s total revenues broken out by revenues from contracts with customers and other sources of revenues for the three and nine months ended September 30, 2019 and 2018 (in thousands) Three Months Ended September 30, 2019 2018 Revenues from contracts with customers: Commissions $ 163,920 $ 158,016 Investment banking 198,790 169,012 Asset management and service fees 217,628 200,743 Other 5,249 4,394 Total revenue from contracts with customers 585,587 532,165 Other sources of revenue: Interest 178,784 169,760 Principal transactions 97,847 83,152 Other 3,498 1,733 Total revenues $ 865,716 $ 786,810 Nine Months Ended September 30, 2019 2018 Revenues from contracts with customers: Commissions $ 484,350 $ 490,693 Investment banking 540,247 506,437 Asset management and service fees 624,066 596,112 Other 12,779 11,908 Total revenue from contracts with customers 1,661,442 1,605,150 Other sources of revenue: Interest 557,795 461,915 Principal transactions 298,343 269,918 Other 21,682 6,649 Total revenues $ 2,539,262 $ 2,343,632 |
Revenues from Contracts with Customers Disaggregated by Major Business Activity and Primary Geographic Regions | The following tables present the Company’s revenues from contracts with customers by reportable segment disaggregated by major business activity and primary geographic regions for the three and nine months ended September 30, 2019 and 2018 (in thousands) Three Months Ended September 30, 2019 (1) Global Wealth Management Institutional Group Other Total Major business activity: Commissions $ 118,061 $ 45,859 $ — $ 163,920 Capital raising (1) 9,855 84,088 — 93,943 Advisory fees (1) — 104,847 — 104,847 Investment banking 9,855 188,935 — 198,790 Asset management 217,616 12 — 217,628 Other 4,615 — 634 5,249 Total 350,147 234,806 634 585,587 Primary Geographic Region: United States 350,147 195,220 634 546,001 United Kingdom — 38,249 — 38,249 Other — 1,337 — 1,337 $ 350,147 $ 234,806 $ 634 $ 585,587 Three Months Ended September 30, 2018 (1) Global Wealth Management Institutional Group Other Total Major business activity: Commissions $ 117,795 $ 40,220 $ — $ 158,015 Capital raising (1) 7,722 85,553 — 93,275 Advisory fees (1) — 75,717 — 75,717 Investment banking 7,722 161,270 — 168,992 Asset management 200,735 8 — 200,743 Other 3,376 — 1,018 4,394 Total 329,628 201,498 1,018 532,144 Primary Geographic Region: United States 329,628 172,382 1,018 503,028 United Kingdom — 28,197 — 28,197 Other — 919 — 919 $ 329,628 $ 201,498 $ 1,018 $ 532,144 (1) Nine Months Ended September 30, 2019 (1) Global Wealth Management Institutional Group Other Total Major business activity: Commissions $ 348,272 $ 136,078 $ — $ 484,350 Capital raising (1) 28,637 218,962 — 247,599 Advisory fees (1) — 292,648 — 292,648 Investment banking 28,637 511,610 — 540,247 Asset management 624,025 41 — 624,066 Other 10,619 — 2,160 12,779 Total 1,011,553 647,729 2,160 1,661,442 Primary Geographic Region: United States 1,011,553 544,918 2,160 1,558,631 United Kingdom — 99,020 — 99,020 Other — 3,791 — 3,791 $ 1,011,553 $ 647,729 $ 2,160 $ 1,661,442 Nine Months Ended September 30, 2018 (1) Global Wealth Management Institutional Group Other Total Major business activity: Commissions $ 355,129 $ 135,563 $ — $ 490,692 Capital raising (1) 23,378 222,666 — 246,044 Advisory fees (1) 81 260,312 — 260,393 Investment banking 23,459 482,978 — 506,437 Asset management 596,081 31 — 596,112 Other 8,969 — 2,939 11,908 Total 983,638 618,572 2,939 1,605,149 Primary Geographic Region: United States 983,638 522,147 2,939 1,508,724 United Kingdom — 92,029 — 92,029 Other — 4,396 — 4,396 $ 983,638 $ 618,572 $ 2,939 $ 1,605,149 (1) |
Interest Income and Interest _2
Interest Income and Interest Expense (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 2018 2019 2018 Interest income: Bank loans, net $ 95,436 $ 78,766 $ 284,541 $ 210,790 Investment securities 54,945 66,825 182,127 185,263 Margin balances 13,334 13,066 40,437 36,322 Financial instruments owned 5,668 5,733 18,395 15,645 Other 9,401 5,370 32,295 13,895 $ 178,784 $ 169,760 $ 557,795 $ 461,915 Interest expense: Bank deposits $ 24,815 $ 25,856 $ 82,228 $ 49,329 Senior notes 11,121 11,248 33,365 33,488 Federal Home Loan Bank advances 1,146 4,232 5,735 10,579 Other 7,062 7,132 25,155 18,804 $ 44,144 $ 48,468 $ 146,483 $ 112,200 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 and 2018 is as follows (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net revenues: (1) Global Wealth Management $ 534,571 $ 498,161 $ 1,577,614 $ 1,481,063 Institutional Group 290,222 245,952 822,110 768,855 Other (3,221 ) (5,771 ) (6,945 ) (18,486 ) $ 821,572 $ 738,342 $ 2,392,779 $ 2,231,432 Income/(loss) before income taxes: Global Wealth Management $ 202,823 $ 183,377 $ 589,665 $ 548,043 Institutional Group 48,623 34,305 120,129 114,899 Other (100,692 ) (77,152 ) (273,249 ) (284,511 ) $ 150,754 $ 140,530 $ 436,545 $ 378,431 (1) No individual client accounted for more than 10 percent of total net revenues for the three and nine months ended September 30, 2019 or 2018. |
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, 2019 and December 31, 2018 (in thousands) September 30, 2019 December 31, 2018 Global Wealth Management $ 20,153,135 $ 21,040,224 Institutional Group 3,730,332 3,238,617 Other 277,310 240,757 $ 24,160,777 $ 24,519,598 |
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, 2019 and 2018, were as follows (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 United States $ 775,356 $ 703,746 $ 2,271,056 $ 2,113,039 United Kingdom 43,632 32,623 113,783 109,482 Other 2,584 1,973 7,940 8,911 $ 821,572 $ 738,342 $ 2,392,779 $ 2,231,432 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 and 2018 (in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net income applicable to Stifel Financial Corp. $ 109,414 $ 103,858 $ 317,706 $ 279,906 Preferred dividends 4,844 2,343 12,476 7,031 Net income available to common shareholders $ 104,570 $ 101,515 $ 305,230 $ 272,875 Shares for basic and diluted calculation: Average shares used in basic computation 71,197 71,919 72,512 71,824 Dilutive effect of stock options and units (1) 6,947 9,565 6,314 9,601 Average shares used in diluted computation 78,144 81,484 78,826 81,425 Earnings per common share: Basic $ 1.47 $ 1.41 $ 4.21 $ 3.80 Diluted $ 1.34 $ 1.25 $ 3.87 $ 3.35 (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. |
Nature of Operations, Basis o_3
Nature of Operations, Basis of Presentation, and Summary of Significant Accounting Policies (Narrative) (Details) | Sep. 30, 2019 |
North Shore Aviation Holdings LLC [Member] | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |
Noncontrolling Interest, Ownership Percentage by Parent | 27.50% |
New Accounting Pronouncements_2
New Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Thousands | Jan. 01, 2019 | Sep. 30, 2019 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Lease liabilities | $ 673,128 | |
ASU 2017-08 [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Cumulative adjustments for accounting changes | $ 4,400 | |
ASU 2016-02 [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Cumulative adjustments for accounting changes | 6,800 | |
Right-of-use assets | $ 670,000 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertyPlantAndEquipmentNet | |
Lease liabilities | $ 670,000 | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent |
Receivables From And Payables_3
Receivables From And Payables To Brokers, Dealers And Clearing Organizations (Amounts Receivable From Brokers, Dealers, And Clearing Organizations) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Due To And From Broker Dealers And Clearing Organizations [Abstract] | ||
Receivables from clearing organizations | $ 350,730 | $ 320,277 |
Deposits paid for securities borrowed | 214,100 | 109,795 |
Securities failed to deliver | 107,727 | 85,502 |
Receivables from brokers, dealers and clearing organizations, Total | $ 672,557 | $ 515,574 |
Receivables From And Payables_4
Receivables From And Payables To Brokers, Dealers And Clearing Organizations (Amounts Payable To Brokers, Dealers, And Clearing Organizations) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Due To And From Broker Dealers And Clearing Organizations [Abstract] | ||
Deposits received from securities loaned | $ 516,941 | $ 392,163 |
Securities failed to receive | 76,774 | 27,975 |
Payable to clearing organizations | 20,073 | 12,161 |
Payables to broker, dealers and clearing organizations, Total | $ 613,788 | $ 432,299 |
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, 2019 | Dec. 31, 2018 |
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | $ 41,328 | $ 36,278 |
Unfunded commitments | 2,429 | 2,504 |
Money Market Funds [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | 28,047 | 19,719 |
Mutual Funds [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | 7,315 | 9,122 |
Private Equity Funds [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | 2,508 | 3,461 |
Unfunded commitments | 1,477 | 1,480 |
Partnership Interests [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | 3,458 | 3,976 |
Unfunded commitments | $ 952 | $ 1,024 |
Fair Value Of Financial Instr_2
Fair Value Of Financial Instruments (Fair Value Of Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | $ 1,189,892 | $ 1,267,449 |
Available-for-sale securities | 3,448,801 | 3,070,447 |
Investments | 74,167 | 67,982 |
Cash equivalents measured at NAV | 28,047 | 19,719 |
Derivative contracts, Assets | 1,416 | 7,683 |
Total Assets | 4,742,323 | 4,433,280 |
Financial instruments sold, but not yet purchased, at fair value | 905,797 | 947,306 |
Sovereign Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 1,977 | 14,063 |
Financial instruments sold, but not yet purchased, at fair value | 9,467 | 11,429 |
U.S. Government Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 112,481 | 72,532 |
Available-for-sale securities | 4,610 | 5,215 |
Financial instruments sold, but not yet purchased, at fair value | 32,755 | |
Asset-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 36,157 | 25,905 |
Available-for-sale securities | 1,725,034 | 1,764,060 |
Corporate Fixed Income Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 333,808 | 310,457 |
Available-for-sale securities | 674,878 | 931,604 |
Financial instruments sold, but not yet purchased, at fair value | 238,245 | 208,725 |
Corporate Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 77,649 | 57,911 |
Investments | 36,603 | 33,046 |
Financial instruments sold, but not yet purchased, at fair value | 78,764 | 36,117 |
State And Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 118,671 | 154,622 |
Available-for-sale securities | 31,510 | 68,226 |
Financial instruments sold, but not yet purchased, at fair value | 7 | |
Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 17,800 | |
Auction Rate Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 13,664 | 16,632 |
Auction Rate Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 654 | 704 |
Other Investment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 9,965 | 1,041 |
Investments in Funds and Partnerships Measured at NAV [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 13,281 | 16,559 |
U.S. Government Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 24,034 | 42,121 |
Financial instruments sold, but not yet purchased, at fair value | 421,418 | 534,817 |
Mortgage Backed Securities [Member] | Agency [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 457,110 | 564,111 |
Available-for-sale securities | 887,760 | 230,408 |
Financial instruments sold, but not yet purchased, at fair value | 157,903 | 123,456 |
Mortgage Backed Securities [Member] | Non-Agency [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 10,205 | 25,727 |
Available-for-sale securities | 10,511 | 1,219 |
Mortgage Backed Securities [Member] | Commercial [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 114,498 | 69,715 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 105,584 | 100,346 |
Available-for-sale securities | 100 | 417 |
Investments | 44,390 | 31,670 |
Total Assets | 150,074 | 132,433 |
Financial instruments sold, but not yet purchased, at fair value | 500,301 | 571,504 |
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 | 100 | 417 |
Level 1 [Member] | Corporate Fixed Income Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 4,364 | 1,100 |
Financial instruments sold, but not yet purchased, at fair value | 119 | 1,289 |
Level 1 [Member] | Corporate Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 77,186 | 57,125 |
Investments | 35,543 | 31,670 |
Financial instruments sold, but not yet purchased, at fair value | 78,764 | 35,398 |
Level 1 [Member] | Other Investment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 8,847 | |
Level 1 [Member] | U.S. Government Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 24,034 | 42,121 |
Financial instruments sold, but not yet purchased, at fair value | 421,418 | 534,817 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 1,066,333 | 1,166,927 |
Available-for-sale securities | 3,448,701 | 3,070,030 |
Investments | 735 | 1,560 |
Derivative contracts, Assets | 1,416 | 7,683 |
Total Assets | 4,517,185 | 4,246,200 |
Financial instruments sold, but not yet purchased, at fair value | 405,496 | 375,802 |
Level 2 [Member] | Sovereign Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 1,977 | 14,063 |
Financial instruments sold, but not yet purchased, at fair value | 9,467 | 11,429 |
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 | 112,481 | 72,532 |
Available-for-sale securities | 4,510 | 4,798 |
Financial instruments sold, but not yet purchased, at fair value | 32,755 | |
Level 2 [Member] | Asset-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 35,982 | 25,730 |
Available-for-sale securities | 1,725,034 | 1,764,060 |
Level 2 [Member] | Corporate Fixed Income Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 329,444 | 309,357 |
Available-for-sale securities | 674,878 | 931,604 |
Financial instruments sold, but not yet purchased, at fair value | 238,126 | 207,436 |
Level 2 [Member] | Corporate Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 463 | 786 |
Investments | 1,376 | |
Financial instruments sold, but not yet purchased, at fair value | 719 | |
Level 2 [Member] | State And Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 118,671 | 154,622 |
Available-for-sale securities | 31,510 | 68,226 |
Financial instruments sold, but not yet purchased, at fair value | 7 | |
Level 2 [Member] | Auction Rate Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 470 | |
Level 2 [Member] | Other Investment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 265 | 184 |
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 | 457,110 | 564,111 |
Available-for-sale securities | 887,760 | 230,408 |
Financial instruments sold, but not yet purchased, at fair value | 157,903 | 123,456 |
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 | 10,205 | 25,726 |
Available-for-sale securities | 10,511 | 1,219 |
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 | 114,498 | 69,715 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 17,975 | 176 |
Investments | 15,761 | 18,193 |
Total Assets | 33,736 | 18,369 |
Level 3 [Member] | Asset-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 175 | 175 |
Level 3 [Member] | Corporate Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 1,060 | |
Level 3 [Member] | Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 17,800 | |
Level 3 [Member] | Auction Rate Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 13,664 | 16,632 |
Level 3 [Member] | Auction Rate Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 184 | 704 |
Level 3 [Member] | Other Investment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | $ 853 | 857 |
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 | $ 1 |
Fair Value Of Financial Instr_3
Fair Value Of Financial Instruments (Schedule Of Changes In Fair Value Associated With Level 3 Financial Instruments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Non-Agency [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | $ 1 | |
Realized gains/(losses) | (1) | |
Net change | (1) | |
Asset-Backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | $ 175 | 175 |
Unrealized gains/(losses), Included in changes in net assets | 2 | |
Redemptions | (2) | |
Ending Balance | 175 | 175 |
Loans [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases | 17,335 | 17,335 |
Transfers, Into Level 3 | 465 | 465 |
Net change | 17,800 | 17,800 |
Ending Balance | 17,800 | 17,800 |
Corporate Equity Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Transfers, Into Level 3 | 1,060 | 1,060 |
Net change | 1,060 | 1,060 |
Ending Balance | 1,060 | 1,060 |
Equity Auction Rate Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 16,732 | 16,632 |
Unrealized gains/(losses), Included in changes in net assets | (418) | (318) |
Redemptions | (2,650) | (2,650) |
Net change | (3,068) | (2,968) |
Ending Balance | 13,664 | 13,664 |
Auction Rate Municipal Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 184 | 704 |
Redemptions | (50) | |
Transfers, Out of Level 3 | (470) | |
Net change | (520) | |
Ending Balance | 184 | 184 |
Other Investment [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 853 | 857 |
Redemptions | (4) | |
Net change | (4) | |
Ending Balance | $ 853 | $ 853 |
Fair Value Of Financial Instr_4
Fair Value Of Financial Instruments (Schedule Of Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities purchased under agreements to resell | [1] | $ 624,049 | $ 699,900 | |
Financial instruments owned | 1,189,892 | 1,267,449 | ||
Available-for-sale securities | 3,448,801 | 3,070,447 | ||
Held-to-maturity securities | 2,855,791 | 4,122,907 | [2] | |
Derivative contracts | 1,416 | 7,683 | ||
Securities sold under agreements to repurchase | [3] | 564,892 | 535,394 | |
Bank deposits | 14,836,646 | 15,863,613 | ||
Financial instruments sold, but not yet purchased, at fair value | 905,797 | 947,306 | ||
Senior notes | 1,016,751 | 1,015,973 | ||
Carrying Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 868,866 | 1,936,560 | ||
Cash segregated for regulatory purposes | 62,654 | 132,814 | ||
Securities purchased under agreements to resell | 624,049 | 699,900 | ||
Financial instruments owned | 1,189,892 | 1,267,449 | ||
Available-for-sale securities | 3,448,801 | 3,070,447 | ||
Held-to-maturity securities | 2,881,484 | 4,218,854 | ||
Bank loans | 9,101,903 | 8,517,615 | ||
Loans held for sale | 265,330 | 205,557 | ||
Investments | 74,167 | 67,982 | ||
Derivative contracts | 1,416 | 7,683 | ||
Securities sold under agreements to repurchase | 564,892 | 535,394 | ||
Bank deposits | 14,836,646 | 15,863,613 | ||
Financial instruments sold, but not yet purchased, at fair value | 905,797 | 947,306 | ||
Federal Home Loan Bank advances | 250,000 | 540,000 | ||
Borrowings | 150 | 180,655 | ||
Senior notes | 1,016,751 | 1,015,973 | ||
Debentures to Stifel Financial Capital Trusts | 60,000 | 60,000 | ||
Estimated Fair Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 868,866 | 1,936,560 | ||
Cash segregated for regulatory purposes | 62,654 | 132,814 | ||
Securities purchased under agreements to resell | 624,049 | 699,900 | ||
Financial instruments owned | 1,189,892 | 1,267,449 | ||
Available-for-sale securities | 3,448,801 | 3,070,447 | ||
Held-to-maturity securities | 2,855,791 | 4,122,907 | ||
Bank loans | 9,223,031 | 8,565,347 | ||
Loans held for sale | 265,330 | 205,557 | ||
Investments | 74,167 | 67,982 | ||
Derivative contracts | 1,416 | 7,683 | ||
Securities sold under agreements to repurchase | 564,892 | 535,394 | ||
Bank deposits | 13,849,447 | 14,661,996 | ||
Financial instruments sold, but not yet purchased, at fair value | 905,797 | 947,306 | ||
Federal Home Loan Bank advances | 250,000 | 540,000 | ||
Borrowings | 150 | 180,655 | ||
Senior notes | 1,068,923 | 989,790 | ||
Debentures to Stifel Financial Capital Trusts | $ 43,570 | $ 49,747 | ||
[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 $623.2 million and $695.6 million at September 30, 2019 and December 31, 2018, 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 counterparty. These securities are included in the consolidated statements of financial condition unless we default. Collateral pledged by our company to the counterparty includes U.S. government agency securities, U.S. government securities, and corporate fixed income securities with market values of $ million and $ 558.6 million at September 30, 2019 and December 31, 2018, respectively . |
Fair Value Of Financial Instr_5
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, 2019 | Dec. 31, 2018 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities purchased under agreements to resell | [1] | $ 624,049 | $ 699,900 | |
Held-to-maturity securities | 2,855,791 | 4,122,907 | [2] | |
Securities sold under agreements to repurchase | [3] | 564,892 | 535,394 | |
Bank deposits | 14,836,646 | 15,863,613 | ||
Senior notes | 1,016,751 | 1,015,973 | ||
Fair Value, Measurements, Nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash | 840,819 | 1,916,841 | ||
Cash segregated for regulatory purposes | 62,654 | 132,814 | ||
Securities purchased under agreements to resell | 624,049 | 699,900 | ||
Held-to-maturity securities | 2,855,791 | 4,122,907 | ||
Bank loans | 9,223,031 | 8,565,347 | ||
Loans held for sale | 265,330 | 205,557 | ||
Securities sold under agreements to repurchase | 564,892 | 535,394 | ||
Bank deposits | 13,849,447 | 14,661,996 | ||
Federal Home Loan Bank advances | 250,000 | 540,000 | ||
Borrowings | 150 | 180,655 | ||
Senior notes | 1,068,923 | 989,790 | ||
Debentures to Stifel Financial Capital Trusts | 43,570 | 49,747 | ||
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash | 840,819 | 1,916,841 | ||
Cash segregated for regulatory purposes | 62,654 | 132,814 | ||
Securities purchased under agreements to resell | 541,495 | 645,632 | ||
Securities sold under agreements to repurchase | 19,175 | 87,273 | ||
Federal Home Loan Bank advances | 250,000 | 540,000 | ||
Borrowings | 150 | 180,655 | ||
Senior notes | 1,068,923 | 989,790 | ||
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 | 82,554 | 54,268 | ||
Held-to-maturity securities | 2,690,211 | 3,960,099 | ||
Bank loans | 9,223,031 | 8,565,347 | ||
Loans held for sale | 265,330 | 205,557 | ||
Securities sold under agreements to repurchase | 545,717 | 448,121 | ||
Bank deposits | 13,849,447 | 14,661,996 | ||
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 | 165,580 | 162,808 | ||
Debentures to Stifel Financial Capital Trusts | $ 43,570 | $ 49,747 | ||
[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 $623.2 million and $695.6 million at September 30, 2019 and December 31, 2018, 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 counterparty. These securities are included in the consolidated statements of financial condition unless we default. Collateral pledged by our company to the counterparty includes U.S. government agency securities, U.S. government securities, and corporate fixed income securities with market values of $ million and $ 558.6 million at September 30, 2019 and December 31, 2018, respectively . |
Financial Instruments Owned A_3
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, 2019 | Dec. 31, 2018 |
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | $ 1,189,892 | $ 1,267,449 |
U.S. Government Agency Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 112,481 | 72,532 |
Corporate Fixed Income Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 333,808 | 310,457 |
Corporate Equity Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 77,649 | 57,911 |
State and Municipal Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 118,671 | 154,622 |
Loans [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 17,800 | |
U.S. Government Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 24,034 | 42,121 |
Sovereign Debt [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 1,977 | 14,063 |
Securities Sold, But Not yet Purchased [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 905,797 | 947,306 |
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 | 32,755 | |
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 | 238,245 | 208,725 |
Securities Sold, But Not yet Purchased [Member] | Corporate Equity Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Equity securities | 78,764 | 36,117 |
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 | 7 | |
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 | 421,418 | 534,817 |
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 | 157,903 | 123,456 |
Securities Sold, But Not yet Purchased [Member] | Sovereign Debt [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Sovereign debt | 9,467 | 11,429 |
Securities Owned | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Asset-backed securities | 36,157 | 25,905 |
Financial instruments owned, at fair value | 1,189,892 | 1,267,449 |
Securities Owned | U.S. Government Agency Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Trading securities owned | 112,481 | 72,532 |
Securities Owned | Corporate Fixed Income Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Fixed income securities | 333,808 | 310,457 |
Securities Owned | Corporate Equity Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Equity securities | 77,649 | 57,911 |
Securities Owned | State and Municipal Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
State and municipal securities | 118,671 | 154,622 |
Securities Owned | Loans [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Fixed income securities | 17,800 | |
Securities Owned | U.S. Government Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Trading securities owned | 24,034 | 42,121 |
Securities Owned | Mortgage Backed Securities [Member] | Agency [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Trading securities owned | 457,110 | 564,111 |
Securities Owned | Mortgage Backed Securities [Member] | Non-Agency [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Trading securities owned | 10,205 | 25,727 |
Securities Owned | Sovereign Debt [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Sovereign debt | $ 1,977 | $ 14,063 |
Financial Instruments Owned A_4
Financial Instruments Owned And Financial Instruments Sold, But Not Yet Purchased (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments pledged as collateral | $ 675.5 | $ 1,900 |
Securities Owned | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments pledged as collateral | $ 586.9 | $ 669 |
Available-For-Sale And Held-T_3
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, 2019 | Dec. 31, 2018 | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||||
Available-for-sale Securities, Amortized cost | $ 3,450,661 | $ 3,125,574 | ||
Available for sale securities, unrealized gains | [1] | 14,277 | 777 | |
Available-for-sale Securities, Gross unrealized losses | [1] | (16,137) | (55,904) | |
Available-for-sale securities | 3,448,801 | 3,070,447 | ||
Held-to-maturity Securities, Amortized cost | 2,881,484 | 4,218,854 | [2] | |
Held-to-maturity Securities, Gross unrealized gains | [2] | 6,077 | ||
Held-to-maturity Securities, Gross unrealized losses | [2] | (102,024) | ||
Held-to-maturity securities, Estimated fair value | 2,855,791 | 4,122,907 | [2] | |
U.S. Government Agency Securities [Member] | ||||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||||
Available-for-sale Securities, Amortized cost | 4,565 | 5,237 | ||
Available for sale securities, unrealized gains | [1] | 48 | 13 | |
Available-for-sale Securities, Gross unrealized losses | [1] | (3) | (35) | |
Available-for-sale securities | 4,610 | 5,215 | ||
State And Municipal Securities [Member] | ||||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||||
Available-for-sale Securities, Amortized cost | 31,366 | 72,487 | ||
Available for sale securities, unrealized gains | [1] | 144 | ||
Available-for-sale Securities, Gross unrealized losses | [1] | (4,261) | ||
Available-for-sale securities | 31,510 | 68,226 | ||
Mortgage Backed Securities [Member] | Agency [Member] | ||||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||||
Available-for-sale Securities, Amortized cost | 892,207 | 234,292 | ||
Available for sale securities, unrealized gains | [1] | 2,604 | 88 | |
Available-for-sale Securities, Gross unrealized losses | [1] | (7,051) | (3,972) | |
Available-for-sale securities | 887,760 | 230,408 | ||
Held-to-maturity Securities, Amortized cost | [2] | 1,198,442 | ||
Held-to-maturity Securities, Gross unrealized gains | [2] | 1,307 | ||
Held-to-maturity Securities, Gross unrealized losses | [2] | (31,689) | ||
Held-to-maturity securities, Estimated fair value | [2] | 1,168,060 | ||
Mortgage Backed Securities [Member] | Commercial [Member] | ||||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||||
Available-for-sale Securities, Amortized cost | 114,052 | 74,411 | ||
Available for sale securities, unrealized gains | [1] | 627 | 4 | |
Available-for-sale Securities, Gross unrealized losses | [1] | (181) | (4,700) | |
Available-for-sale securities | 114,498 | 69,715 | ||
Held-to-maturity Securities, Amortized cost | [2] | 51,524 | ||
Held-to-maturity Securities, Gross unrealized gains | [2] | 185 | ||
Held-to-maturity securities, Estimated fair value | [2] | 51,709 | ||
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 | 10,468 | 1,245 | ||
Available for sale securities, unrealized gains | [1] | 70 | ||
Available-for-sale Securities, Gross unrealized losses | [1] | (27) | (26) | |
Available-for-sale securities | 10,511 | 1,219 | ||
Corporate Fixed Income Securities [Member] | ||||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||||
Available-for-sale Securities, Amortized cost | 664,800 | 958,406 | ||
Available for sale securities, unrealized gains | [1] | 10,183 | ||
Available-for-sale Securities, Gross unrealized losses | [1] | (105) | (26,802) | |
Available-for-sale securities | 674,878 | 931,604 | ||
Asset-Backed Securities [Member] | ||||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||||
Available-for-sale Securities, Amortized cost | 1,733,203 | 1,779,496 | ||
Available for sale securities, unrealized gains | [1] | 601 | 672 | |
Available-for-sale Securities, Gross unrealized losses | [1] | (8,770) | (16,108) | |
Available-for-sale securities | 1,725,034 | 1,764,060 | ||
Held-to-maturity Securities, Amortized cost | [2] | 2,881,484 | 2,968,888 | |
Held-to-maturity Securities, Gross unrealized gains | [2] | 7,385 | 4,585 | |
Held-to-maturity Securities, Gross unrealized losses | [2] | (33,078) | (70,335) | |
Held-to-maturity securities, Estimated fair value | [2] | $ 2,855,791 | $ 2,903,138 | |
[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-T_4
Available-For-Sale And Held-To-Maturity Securities (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019USD ($)security | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)security | Sep. 30, 2018USD ($) | Aug. 01, 2019USD ($) | Dec. 31, 2018USD ($) | |
Other Than Temporary Impairment Credit Losses Recognized In Earnings [Line Items] | ||||||
Proceeds from sale of available-for-sale securities | $ 486,500 | $ 55,400 | $ 641,800 | $ 55,400 | ||
Net realized gains (loss) resulting from sale of available-for-sale securities | (400) | (300) | (400) | |||
Transfers from held to maturity to available for sale securities reclassification fair value | $ 1,100,000 | |||||
Other comprehensive income (loss), transfers from held-to-maturity to available-for-sale securities, net of tax | 17,900 | 17,900 | ||||
Unrealized gains (losses) recorded in accumulated other comprehensive loss | (1,600) | (3,100) | 40,500 | (28,100) | ||
Financial instruments pledged as collateral | $ 675,500 | $ 675,500 | $ 1,900,000 | |||
Number of available for sale securities whose amortized costs exceeded their fair values | security | 137 | 137 | ||||
Available-for-sale Securities, Continuous | $ 16,137 | $ 16,137 | ||||
Available-for-sale Securities, Continuous Unrealized | 5,770 | 5,770 | ||||
Available-for-sale Securities, Continuous | $ 1,752,166 | $ 1,752,166 | ||||
Percentage of available-for-sale portfolio | 50.80% | 50.80% | ||||
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | security | 108 | 108 | ||||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss | $ 33,100 | $ 33,100 | ||||
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 29,200 | 29,200 | ||||
Credit-related OTTI | 0 | $ 0 | 0 | $ 0 | ||
Gross unrealized losses related to investment portfolio | 49,200 | |||||
Pledged [Member] | ||||||
Other Than Temporary Impairment Credit Losses Recognized In Earnings [Line Items] | ||||||
Trading securities pledged | $ 946,400 | $ 946,400 | $ 1,600,000 |
Available-For-Sale And Held-T_5
Available-For-Sale And Held-To-Maturity Securities (Schedule Of Amortized Cost And Fair Values Of Available-For-Sale Securities And Held-To-Maturity Securities By Contractual Maturity) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | ||
Investments Debt And Equity Securities [Abstract] | ||||
Available-for-sale Securities, debt maturities, within one year, Amortized Cost | $ 1,899 | $ 5,872 | ||
Available-for-sale Securities, debt maturities, after one year through three years, Amortized Cost | 226,534 | 234,101 | ||
Available-for-sale Securities, debt maturities, after three year through five years, Amortized Cost | 413,589 | 407,507 | ||
Available-for-sale Securities, debt maturities, after five through ten years, Amortized Cost | 412,619 | 469,566 | ||
Available-for-sale Securities, debt maturities, after ten years, Amortized Cost | 2,396,020 | 2,008,528 | ||
Available-for-sale Securities, debt maturities, Amortized Cost | 3,450,661 | 3,125,574 | ||
Available-for-sale Securities, debt maturities, within one year, Fair Value | 1,897 | [1] | 5,855 | |
Available-for-sale Securities, debt maturities, after one year through three years, Fair Value | 226,822 | 227,951 | ||
Available-for-sale Securities, debt maturities, after three year through five years, Fair Value | 419,809 | 397,372 | ||
Available-for-sale Securities, debt maturities, after five through ten years, fair value | 415,878 | [1] | 458,442 | |
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | 2,384,395 | [1] | 1,980,827 | |
Available-for-sale Securities, debt maturities, Fair Value | 3,448,801 | [1] | 3,070,447 | |
Held-to-maturity Securities, debt maturities, after one year through three years, Amortized Cost | 51,524 | |||
Held-to-maturity Securities, debt maturities, after five through ten years, Amortized Cost | 495,850 | 536,717 | ||
Held-to-maturity Securities, debt maturities, after ten years, Amortized Cost | 2,385,634 | 3,630,613 | ||
Held-to-maturity Securities, Amortized cost | 2,881,484 | 4,218,854 | [2] | |
Held-to-maturity Securities, debt maturities, after one year through three years, Fair Value | 51,709 | |||
Held-to-maturity Securities, debt maturities, after five through ten years, Fair Value | 494,530 | 530,616 | ||
Held-to-maturity Securities, debt maturities, after ten years, Fair Value | 2,361,261 | 3,540,582 | ||
Held-to-maturity Securities, debt maturities, Fair Value | $ 2,855,791 | $ 4,122,907 | [2] | |
[1] | Due to the immaterial amount of income recognized on tax-exempt securities, yields were not calculated on a tax-equivalent basis. | |||
[2] | Held-to-maturity securities are carried in the consolidated statements of financial condition at amortized cost, and the changes in the value of these securities, other than impairment charges, are not reported on the consolidated financial statements. |
Available-For-Sale And Held-T_6
Available-For-Sale And Held-To-Maturity Securities (Contractual Maturities) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||||
Available-for-sale Securities, debt maturities, within one year, Fair Value | $ 1,897 | [1] | $ 5,855 | ||
Available-for-sale Securities, debt maturities, after one year through five, Fair Value | [1] | 646,631 | |||
Available-for-sale Securities, debt maturities, after five through ten years, fair value | 415,878 | [1] | 458,442 | ||
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | 2,384,395 | [1] | 1,980,827 | ||
Available-for-sale Securities, debt maturities, Fair Value | 3,448,801 | [1] | 3,070,447 | ||
Held-to-maturity Securities, debt maturities, after five year through ten, Amortized Cost | 495,850 | 536,717 | |||
Held-to-maturity Securities, debt maturities, after ten years, Amortized Cost | 2,385,634 | 3,630,613 | |||
Held-to-maturity Securities, Amortized cost | 2,881,484 | 4,218,854 | [2] | ||
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] | 1,597 | |||
Available-for-sale Securities, debt maturities, after one year through five, Fair Value | [1] | 3,013 | |||
Available-for-sale Securities, debt maturities, Fair Value | [1] | 4,610 | |||
State And Municipal Securities [Member] | |||||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||||
Available-for-sale Securities, debt maturities, after five through ten years, fair value | [1] | 5,854 | |||
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | [1] | 25,656 | |||
Available-for-sale Securities, debt maturities, Fair Value | [1] | 31,510 | |||
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] | 300 | |||
Available-for-sale Securities, debt maturities, after one year through five, Fair Value | [1] | 597,094 | |||
Available-for-sale Securities, debt maturities, after five through ten years, fair value | [1] | 77,484 | |||
Available-for-sale Securities, debt maturities, Fair Value | [1] | 674,878 | |||
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] | 306,077 | |||
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | [1] | 1,418,957 | |||
Available-for-sale Securities, debt maturities, Fair Value | [1] | 1,725,034 | |||
Held-to-maturity Securities, debt maturities, after five year through ten, Amortized Cost | 495,850 | ||||
Held-to-maturity Securities, debt maturities, after ten years, Amortized Cost | 2,385,634 | ||||
Held-to-maturity Securities, Amortized cost | 2,881,484 | ||||
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 one year through five, Fair Value | [1] | 950 | |||
Available-for-sale Securities, debt maturities, after five through ten years, fair value | [1] | 26,463 | |||
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | [1] | 860,347 | |||
Available-for-sale Securities, debt maturities, Fair Value | [1] | 887,760 | |||
Held-to-maturity Securities, Amortized cost | [2] | 1,198,442 | |||
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 one year through five, Fair Value | [1] | 36,091 | |||
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | [1] | 78,407 | |||
Available-for-sale Securities, debt maturities, Fair Value | [1] | 114,498 | |||
Held-to-maturity Securities, Amortized cost | [2] | $ 51,524 | |||
Mortgage Backed Securities [Member] | Non-Agency [Member] | |||||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||||
Available-for-sale Securities, debt maturities, after one year through five, Fair Value | [1] | 9,483 | |||
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | [1] | 1,028 | |||
Available-for-sale Securities, debt maturities, Fair Value | [1] | $ 10,511 | |||
[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-T_7
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 | Sep. 30, 2019USD ($) |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |
Available-for-sale Securities, Gross unrealized losses, Less than 12 months | $ (10,367) |
Available-for-sale Securities, Estimated fair value, Less than 12 months | 1,267,950 |
Available-for-sale Securities, Gross unrealized losses, 12 months or more | (5,770) |
Available-for-sale Securities, Estimated fair value, 12 months or more | 484,216 |
Available-for-sale Securities, Gross unrealized losses, Total | (16,137) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 1,752,166 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (29,200) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss, Total | (33,100) |
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, 12 months or more | (3) |
Available-for-sale Securities, Estimated fair value, 12 months or more | 1,746 |
Available-for-sale Securities, Gross unrealized losses, Total | (3) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 1,746 |
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 | (19) |
Available-for-sale Securities, Estimated fair value, Less than 12 months | 44,242 |
Available-for-sale Securities, Gross unrealized losses, 12 months or more | (86) |
Available-for-sale Securities, Estimated fair value, 12 months or more | 57,443 |
Available-for-sale Securities, Gross unrealized losses, Total | (105) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 101,685 |
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 | (5,241) |
Available-for-sale Securities, Estimated fair value, Less than 12 months | 702,155 |
Available-for-sale Securities, Gross unrealized losses, 12 months or more | (3,529) |
Available-for-sale Securities, Estimated fair value, 12 months or more | 239,386 |
Available-for-sale Securities, Gross unrealized losses, Total | (8,770) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 941,541 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (3,899) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 572,590 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (29,179) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,515,354 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss, Total | (33,078) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value, Total | 2,087,944 |
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 | (4,945) |
Available-for-sale Securities, Estimated fair value, Less than 12 months | 485,290 |
Available-for-sale Securities, Gross unrealized losses, 12 months or more | (2,106) |
Available-for-sale Securities, Estimated fair value, 12 months or more | 182,398 |
Available-for-sale Securities, Gross unrealized losses, Total | (7,051) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 667,688 |
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, Less than 12 months | (162) |
Available-for-sale Securities, Estimated fair value, Less than 12 months | 36,263 |
Available-for-sale Securities, Gross unrealized losses, 12 months or more | (19) |
Available-for-sale Securities, Estimated fair value, 12 months or more | 2,216 |
Available-for-sale Securities, Gross unrealized losses, Total | (181) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 38,479 |
Mortgage Backed Securities [Member] | Non-Agency [Member] | |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |
Available-for-sale Securities, Gross unrealized losses, 12 months or more | (27) |
Available-for-sale Securities, Estimated fair value, 12 months or more | 1,027 |
Available-for-sale Securities, Gross unrealized losses, Total | (27) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | $ 1,027 |
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, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross bank loans | $ 9,197,632 | $ 8,581,647 | ||||
Unamortized loan discount, net | (8,418) | (12,155) | ||||
Loans in process | 2,450 | 27,984 | ||||
Unamortized loan fees, net | 1,599 | 5,972 | ||||
Allowance for loan losses | (91,360) | $ (90,472) | (85,833) | $ (80,700) | $ (73,775) | $ (67,466) |
Bank loans, net | $ 9,101,903 | $ 8,517,615 | ||||
Gross bank loans, Percent | 100.00% | 100.00% | ||||
Commercial And Industrial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross bank loans | $ 3,315,706 | $ 3,304,234 | ||||
Allowance for loan losses | $ (68,172) | (69,263) | $ (68,367) | (64,580) | (59,572) | (54,474) |
Gross bank loans, Percent | 36.00% | 38.50% | ||||
Residential Real Estate [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross bank loans | $ 3,043,271 | $ 2,875,014 | ||||
Allowance for loan losses | $ (12,562) | (12,042) | $ (11,228) | (10,493) | (9,328) | (8,430) |
Gross bank loans, Percent | 33.10% | 33.50% | ||||
Securities-Based Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross bank loans | $ 1,986,339 | $ 1,786,966 | ||||
Allowance for loan losses | $ (2,181) | (2,311) | $ (1,978) | (1,923) | (1,928) | (2,088) |
Gross bank loans, Percent | 21.60% | 20.80% | ||||
Commercial Real Estate [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross bank loans | $ 387,868 | $ 318,961 | ||||
Allowance for loan losses | $ (2,903) | (2,478) | $ (1,778) | (1,762) | (1,672) | (1,520) |
Gross bank loans, Percent | 4.20% | 3.70% | ||||
Construction And Land [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross bank loans | $ 293,116 | $ 138,245 | ||||
Allowance for loan losses | $ (3,267) | (2,402) | $ (1,241) | (903) | (303) | (100) |
Gross bank loans, Percent | 3.20% | 1.60% | ||||
Home Equity Lines Of Credit [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross bank loans | $ 50,518 | $ 38,098 | ||||
Allowance for loan losses | $ (435) | (421) | $ (310) | (229) | (229) | (162) |
Gross bank loans, Percent | 0.50% | 0.40% | ||||
Other [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross bank loans | $ 120,814 | $ 120,129 | ||||
Allowance for loan losses | $ (195) | $ (179) | $ (88) | $ (11) | $ (13) | $ (16) |
Gross bank loans, Percent | 1.40% | 1.50% |
Bank Loans (Narrative) (Details
Bank Loans (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Mortgage loans held for sale | $ 265,330 | $ 265,330 | $ 205,557 | ||
Gains (losses) recognized from sale of loans | 4,500 | $ 2,600 | 7,700 | $ 7,800 | |
Impaired loans more than 90 days past due | 16,200 | 16,200 | 24,400 | ||
Troubled debt restructurings | 200 | 200 | 9,100 | ||
Specific allowance | $ 8,200 | $ 8,200 | $ 8,703 | ||
Collateralized loan portfolio | 98.30% | 98.30% | 98.40% | ||
Residential Real Estate [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Mortgage loans held for sale | $ 265,300 | $ 265,300 | $ 205,600 | ||
Stifel Bancorp [Member] | Executive Officers and Directors [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans outstanding amount | 26,300 | 26,300 | 28,800 | ||
Stifel Bancorp [Member] | Executive Officers and Directors of Certain Affiliated Entities [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans outstanding amount | $ 26,300 | $ 26,300 | $ 28,800 |
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, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning Balance | $ 90,472 | $ 73,775 | $ 85,833 | $ 67,466 |
Provision | 929 | 6,924 | 5,565 | 13,244 |
Charge-offs | (56) | (166) | (14) | |
Recoveries | 15 | 1 | 128 | 4 |
Ending Balance | 91,360 | 80,700 | 91,360 | 80,700 |
Commercial And Industrial [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning Balance | 69,263 | 59,572 | 68,367 | 54,474 |
Provision | (1,070) | 5,008 | (116) | 10,118 |
Charge-offs | (21) | (79) | (12) | |
Ending Balance | 68,172 | 64,580 | 68,172 | 64,580 |
Residential Real Estate [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning Balance | 12,042 | 9,328 | 11,228 | 8,430 |
Provision | 519 | 1,165 | 1,246 | 2,063 |
Recoveries | 1 | 88 | ||
Ending Balance | 12,562 | 10,493 | 12,562 | 10,493 |
Securities-Based Loans [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning Balance | 2,311 | 1,928 | 1,978 | 2,088 |
Provision | (130) | (5) | 203 | (165) |
Ending Balance | 2,181 | 1,923 | 2,181 | 1,923 |
Commercial Real Estate [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning Balance | 2,478 | 1,672 | 1,778 | 1,520 |
Provision | 425 | 90 | 1,125 | 242 |
Ending Balance | 2,903 | 1,762 | 2,903 | 1,762 |
Construction And Land [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning Balance | 2,402 | 303 | 1,241 | 100 |
Provision | 865 | 600 | 2,026 | 803 |
Ending Balance | 3,267 | 903 | 3,267 | 903 |
Home Equity Lines Of Credit [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning Balance | 421 | 229 | 310 | 162 |
Provision | 13 | 123 | 65 | |
Recoveries | 1 | 2 | 2 | |
Ending Balance | 435 | 229 | 435 | 229 |
Other [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning Balance | 179 | 13 | 88 | 16 |
Provision | 38 | (3) | 156 | (5) |
Charge-offs | (35) | (87) | (2) | |
Recoveries | 13 | 1 | 38 | 2 |
Ending Balance | 195 | 11 | 195 | 11 |
Qualitative [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning Balance | 1,376 | 730 | 843 | 676 |
Provision | 269 | 69 | 802 | 123 |
Ending Balance | $ 1,645 | $ 799 | $ 1,645 | $ 799 |
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, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | $ 8,200 | $ 8,703 | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 83,160 | 77,130 | ||||
Allowance for Loan Losses, Total | 91,360 | $ 90,472 | 85,833 | $ 80,700 | $ 73,775 | $ 67,466 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 16,203 | 24,401 | ||||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 9,181,429 | 8,557,246 | ||||
Recorded Investment in Loans, Total | 9,197,632 | 8,581,647 | ||||
Commercial And Industrial [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 8,158 | 8,678 | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 60,014 | 59,689 | ||||
Allowance for Loan Losses, Total | 68,172 | 69,263 | 68,367 | 64,580 | 59,572 | 54,474 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 14,169 | 23,677 | ||||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 3,301,537 | 3,280,557 | ||||
Recorded Investment in Loans, Total | 3,315,706 | 3,304,234 | ||||
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 | 12,538 | 11,204 | ||||
Allowance for Loan Losses, Total | 12,562 | 12,042 | 11,228 | 10,493 | 9,328 | 8,430 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 1,697 | 519 | ||||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 3,041,574 | 2,874,495 | ||||
Recorded Investment in Loans, Total | 3,043,271 | 2,875,014 | ||||
Securities-Based Loans [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 2,181 | 1,978 | ||||
Allowance for Loan Losses, Total | 2,181 | 2,311 | 1,978 | 1,923 | 1,928 | 2,088 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 1,986,339 | 1,786,966 | ||||
Recorded Investment in Loans, Total | 1,986,339 | 1,786,966 | ||||
Commercial Real Estate [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 2,903 | 1,778 | ||||
Allowance for Loan Losses, Total | 2,903 | 2,478 | 1,778 | 1,762 | 1,672 | 1,520 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 387,868 | 318,961 | ||||
Recorded Investment in Loans, Total | 387,868 | 318,961 | ||||
Construction And Land [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 3,267 | 1,241 | ||||
Allowance for Loan Losses, Total | 3,267 | 2,402 | 1,241 | 903 | 303 | 100 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 293,116 | 138,245 | ||||
Recorded Investment in Loans, Total | 293,116 | 138,245 | ||||
Home Equity Lines Of Credit [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 435 | 310 | ||||
Allowance for Loan Losses, Total | 435 | 421 | 310 | 229 | 229 | 162 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 184 | 184 | ||||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 50,334 | 37,914 | ||||
Recorded Investment in Loans, Total | 50,518 | 38,098 | ||||
Other [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 18 | 1 | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 177 | 87 | ||||
Allowance for Loan Losses, Total | 195 | 179 | 88 | 11 | 13 | 16 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 153 | 21 | ||||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 120,661 | 120,108 | ||||
Recorded Investment in Loans, Total | 120,814 | 120,129 | ||||
Qualitative [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 1,645 | 843 | ||||
Allowance for Loan Losses, Total | $ 1,645 | $ 1,376 | $ 843 | $ 799 | $ 730 | $ 676 |
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, 2019 | Dec. 31, 2018 | |
Financing Receivable Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | $ 16,423 | $ 25,099 |
Recorded Investment with No Allowance | 1,820 | 789 |
Recorded Investment with Allowance | 14,383 | 23,612 |
Total Recorded Investment | 16,203 | 24,401 |
Related Allowance | 8,200 | 8,703 |
Average Recorded Investment | 24,007 | 24,336 |
Commercial And Industrial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 14,169 | 23,677 |
Recorded Investment with No Allowance | 104 | 242 |
Recorded Investment with Allowance | 14,065 | 23,435 |
Total Recorded Investment | 14,169 | 23,677 |
Related Allowance | 8,158 | 8,678 |
Average Recorded Investment | 22,102 | 23,807 |
Residential Real Estate [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 1,767 | 544 |
Recorded Investment with No Allowance | 1,532 | 352 |
Recorded Investment with Allowance | 165 | 167 |
Total Recorded Investment | 1,697 | 519 |
Related Allowance | 24 | 24 |
Average Recorded Investment | 1,536 | 275 |
Home Equity Lines Of Credit [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 184 | 184 |
Recorded Investment with No Allowance | 184 | 184 |
Total Recorded Investment | 184 | 184 |
Average Recorded Investment | 184 | 184 |
Other [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 303 | 694 |
Recorded Investment with No Allowance | 11 | |
Recorded Investment with Allowance | 153 | 10 |
Total Recorded Investment | 153 | 21 |
Related Allowance | 18 | 1 |
Average Recorded Investment | $ 185 | $ 70 |
Bank Loans (Aging Of The Record
Bank Loans (Aging Of The Recorded Investment In Past Due Loans) (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | $ 18,920,000 | $ 22,170,000 | |||
Current Balance | 9,178,712,000 | 8,559,477,000 | |||
Recorded Investment in Loans, Total | 9,197,632,000 | 8,581,647,000 | |||
Non-Accrual | 15,985,000 | [1] | 15,298,000 | [2] | |
Restructured | 165,000 | [1] | 9,103,000 | [2] | |
Total | 16,150,000 | [1] | 24,401,000 | [2] | |
Loans past due 90 days and still accruing interest | 0 | 0 | |||
30 - 89 Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 3,409,000 | 7,003,000 | |||
90 or More Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 15,511,000 | 15,167,000 | |||
Commercial And Industrial [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 14,116,000 | 14,656,000 | |||
Current Balance | 3,301,590,000 | 3,289,578,000 | |||
Recorded Investment in Loans, Total | 3,315,706,000 | 3,304,234,000 | |||
Non-Accrual | 14,116,000 | [1] | 14,741,000 | [2] | |
Restructured | [2] | 8,936,000 | |||
Total | 14,116,000 | [1] | 23,677,000 | [2] | |
Commercial And Industrial [Member] | 90 or More Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 14,116,000 | 14,656,000 | |||
Residential Real Estate [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 4,266,000 | 7,347,000 | |||
Current Balance | 3,039,005,000 | 2,867,667,000 | |||
Recorded Investment in Loans, Total | 3,043,271,000 | 2,875,014,000 | |||
Non-Accrual | 1,532,000 | [1] | 352,000 | [2] | |
Restructured | 165,000 | [1] | 167,000 | [2] | |
Total | 1,697,000 | [1] | 519,000 | [2] | |
Residential Real Estate [Member] | 30 - 89 Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 3,018,000 | 6,970,000 | |||
Residential Real Estate [Member] | 90 or More Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 1,248,000 | 377,000 | |||
Securities-Based Loans [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Current Balance | 1,986,339,000 | 1,786,966,000 | |||
Recorded Investment in Loans, Total | 1,986,339,000 | 1,786,966,000 | |||
Commercial Real Estate [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Current Balance | 387,868,000 | 318,961,000 | |||
Recorded Investment in Loans, Total | 387,868,000 | 318,961,000 | |||
Construction And Land [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Current Balance | 293,116,000 | 138,245,000 | |||
Recorded Investment in Loans, Total | 293,116,000 | 138,245,000 | |||
Home Equity Lines Of Credit [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 216,000 | 33,000 | |||
Current Balance | 50,302,000 | 38,065,000 | |||
Recorded Investment in Loans, Total | 50,518,000 | 38,098,000 | |||
Non-Accrual | 184,000 | [1] | 184,000 | [2] | |
Total | 184,000 | [1] | 184,000 | [2] | |
Home Equity Lines Of Credit [Member] | 30 - 89 Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 216,000 | 33,000 | |||
Other [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 322,000 | 134,000 | |||
Current Balance | 120,492,000 | 119,995,000 | |||
Recorded Investment in Loans, Total | 120,814,000 | 120,129,000 | |||
Non-Accrual | 153,000 | [1] | 21,000 | [2] | |
Total | 153,000 | [1] | 21,000 | [2] | |
Other [Member] | 30 - 89 Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 175,000 | ||||
Other [Member] | 90 or More Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | $ 147,000 | $ 134,000 | |||
[1] | There were no loans past due 90 days and still accruing interest at September 30, 2019. | ||||
[2] | There were no loans past due 90 days and still accruing interest at December 31, 2018. |
Bank Loans (Risk Category Of Lo
Bank Loans (Risk Category Of Loan Portfolio) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | $ 9,197,632 | $ 8,581,647 |
Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 9,155,158 | 8,531,191 |
Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 26,271 | 34,991 |
Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 16,050 | 15,444 |
Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 153 | 21 |
Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 3,315,706 | 3,304,234 |
Commercial And Industrial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 3,275,266 | 3,254,698 |
Commercial And Industrial [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 26,271 | 34,795 |
Commercial And Industrial [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 14,169 | 14,741 |
Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 3,043,271 | 2,875,014 |
Residential Real Estate [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 3,041,574 | 2,874,495 |
Residential Real Estate [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 1,697 | 519 |
Securities-Based Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 1,986,339 | 1,786,966 |
Securities-Based Loans [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 1,986,339 | 1,786,966 |
Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 387,868 | 318,961 |
Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 387,868 | 318,961 |
Construction And Land [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 293,116 | 138,245 |
Construction And Land [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 293,116 | 138,245 |
Home Equity Lines Of Credit [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 50,518 | 38,098 |
Home Equity Lines Of Credit [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 50,334 | 37,914 |
Home Equity Lines Of Credit [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 184 | 184 |
Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 120,814 | 120,129 |
Other [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 120,661 | 119,912 |
Other [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 196 | |
Other [Member] | Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | $ 153 | $ 21 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Carrying Amount Of Goodwill And Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Schedule of Goodwill and Intangible Assets [Line Items] | ||||
Goodwill, Beginning balance | $ 1,034,679 | |||
Goodwill, Adjustments | 123,444 | |||
Goodwill, Ending balance | $ 1,158,123 | 1,158,123 | ||
Intangible assets, Beginning balance | 119,655 | |||
Intangible assets, Net Additions | 7,743 | |||
Intangible assets, Amortization | (3,800) | $ (3,000) | (10,960) | $ (8,741) |
Intangible assets, Ending balance | 116,438 | 116,438 | ||
Global Wealth Management [Member] | ||||
Schedule of Goodwill and Intangible Assets [Line Items] | ||||
Goodwill, Beginning balance | 340,395 | |||
Goodwill, Adjustments | 6,336 | |||
Goodwill, Ending balance | 346,731 | 346,731 | ||
Intangible assets, Beginning balance | 60,532 | |||
Intangible assets, Amortization | (5,527) | |||
Intangible assets, Ending balance | 55,005 | 55,005 | ||
Institutional Group [Member] | ||||
Schedule of Goodwill and Intangible Assets [Line Items] | ||||
Goodwill, Beginning balance | 694,284 | |||
Goodwill, Adjustments | 117,108 | |||
Goodwill, Ending balance | 811,392 | 811,392 | ||
Intangible assets, Beginning balance | 59,123 | |||
Intangible assets, Net Additions | 7,743 | |||
Intangible assets, Amortization | (5,433) | |||
Intangible assets, Ending balance | $ 61,433 | $ 61,433 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 27, 2019 | Sep. 03, 2019 | Jul. 01, 2019 | Jan. 02, 2019 | Dec. 31, 2018 | |
Schedule of Goodwill and Intangible Assets [Line Items] | |||||||||
Goodwill | $ 1,158,123 | $ 1,158,123 | $ 1,034,679 | ||||||
Amortization of intangible assets | $ 3,800 | $ 3,000 | $ 10,960 | $ 8,741 | |||||
Customer Relationships [Member] | |||||||||
Schedule of Goodwill and Intangible Assets [Line Items] | |||||||||
Weighted-average remaining lives of intangible assets | 9 years 8 months 12 days | ||||||||
Trade Name [Member] | |||||||||
Schedule of Goodwill and Intangible Assets [Line Items] | |||||||||
Weighted-average remaining lives of intangible assets | 9 years | ||||||||
Core Deposits [Member] | |||||||||
Schedule of Goodwill and Intangible Assets [Line Items] | |||||||||
Weighted-average remaining lives of intangible assets | 4 years 4 months 24 days | ||||||||
Non-Compete Agreements [Member] | |||||||||
Schedule of Goodwill and Intangible Assets [Line Items] | |||||||||
Weighted-average remaining lives of intangible assets | 9 years 3 months 18 days | ||||||||
First Empire [Member] | |||||||||
Schedule of Goodwill and Intangible Assets [Line Items] | |||||||||
Goodwill | $ 22,700 | ||||||||
Mooreland [Member] | |||||||||
Schedule of Goodwill and Intangible Assets [Line Items] | |||||||||
Goodwill | $ 37,400 | ||||||||
B&F [Member] | |||||||||
Schedule of Goodwill and Intangible Assets [Line Items] | |||||||||
Goodwill | $ 19,600 | ||||||||
GKB [Member] | |||||||||
Schedule of Goodwill and Intangible Assets [Line Items] | |||||||||
Goodwill | $ 45,200 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets (Intangible Assets Subject To Amortization) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 208,015 | $ 200,225 |
Accumulated Amortization | 91,577 | 80,570 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 168,110 | 160,745 |
Accumulated Amortization | 72,794 | 65,254 |
Trade Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 27,131 | 26,831 |
Accumulated Amortization | 13,200 | 11,755 |
Core Deposits [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 8,615 | 8,615 |
Accumulated Amortization | 2,474 | 816 |
Non-Compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 2,714 | 2,603 |
Accumulated Amortization | 1,794 | 1,452 |
Investment Banking Backlog [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 1,445 | 1,431 |
Accumulated Amortization | $ 1,315 | $ 1,293 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets (Amortization Expense In Future Periods) (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Remainder of 2019 | $ 3,493 |
2020 | 13,573 |
2021 | 12,718 |
2022 | 11,903 |
2023 | 11,234 |
Thereafter | 61,399 |
Future amortization expense total | $ 114,320 |
Borrowings and Federal Home L_2
Borrowings and Federal Home Loan Bank Advances (Narrative) (Details) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019USD ($)item | Sep. 30, 2019USD ($)item | |
Short-term Debt [Line Items] | ||
Uncommitted secured lines of credit | $ 935,000,000 | |
Number of banks | item | 5 | 5 |
Daily borrowings under our uncommitted secured lines | $ 276,000,000 | $ 276,000,000 |
Compensating balances | 0 | 0 |
Federal home loan advances, floating-rate | 250,000,000 | 250,000,000 |
Revolving Credit Facility [Member] | ||
Short-term Debt [Line Items] | ||
Committed revolving credit facility with bank and broker dealer - subsidiary | 200,000,000 | $ 200,000,000 |
Credit facility expiration date | 2024-03 | |
LIBOR rate | 1.75% | |
Outstanding credit facility | 0 | $ 0 |
Stifel Credit Facility [Member] | ||
Short-term Debt [Line Items] | ||
Committed revolving credit facility with bank and broker dealer - subsidiary | 250,000,000 | $ 250,000,000 |
Credit facility expiration date | 2020-06 | |
Outstanding credit facility | $ 0 | $ 0 |
Credit agreement maturity days | 364 days | |
Company Owned Securities [Member] | ||
Short-term Debt [Line Items] | ||
Uncommitted secured lines of credit | $ 0 | |
Federal Home Loan Bank advances [Member] | ||
Short-term Debt [Line Items] | ||
Weighted average interest rate on borrowings | 1.70% | 1.79% |
Senior Notes (Summary of Senior
Senior Notes (Summary of Senior Notes) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Oct. 31, 2017 | Dec. 31, 2015 | Jul. 31, 2014 | |
Debt Instrument [Line Items] | ||||||
Long-term Debt, gross | $ 1,025,000 | $ 1,025,000 | ||||
Debt issuance costs, net | (8,249) | (9,027) | ||||
Senior notes, net | 1,016,751 | 1,015,973 | ||||
Senior notes 4.250% due 2024 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, gross | [1] | 500,000 | 500,000 | |||
Senior notes, net | $ 300,000 | |||||
Senior notes 3.50% due 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, gross | [2] | 300,000 | 300,000 | |||
Senior notes, net | $ 300,000 | |||||
Senior notes 5.20% due 2047 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, gross | [3] | $ 225,000 | $ 225,000 | |||
Senior notes, net | $ 200,000 | |||||
[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. | |||||
[3] | In October 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 $25.0 million aggregate principal amount of Notes pursuant to the over-allotment option. |
Senior Notes (Summary of Seni_2
Senior Notes (Summary of Senior Notes) (Parenthetical) (Details) - USD ($) $ in Thousands | Oct. 27, 2017 | Jul. 31, 2016 | Sep. 30, 2019 | Dec. 31, 2018 | Oct. 31, 2017 | Dec. 31, 2015 | Jul. 31, 2014 |
Debt Instrument [Line Items] | |||||||
Senior notes | $ 1,016,751 | $ 1,015,973 | |||||
Senior notes 4.250% due 2024 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 4.25% | ||||||
Senior notes | $ 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% | ||||||
Senior notes | $ 300,000 | ||||||
Debt instrument, maturity date | Dec. 31, 2020 | ||||||
Redemption price, percentage of principal amount | 100.00% | ||||||
Senior notes 5.20% due 2047 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 5.20% | ||||||
Senior notes | $ 200,000 | ||||||
Debt instrument, maturity date | Oct. 31, 2047 | ||||||
Redemption price, percentage of principal amount | 100.00% | ||||||
Additional issuance of long-term debt | $ 25,000 |
Senior Notes (Schedule Of Corpo
Senior Notes (Schedule Of Corporate Debt Principal Maturities) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Senior notes, net | $ 1,016,751 | $ 1,015,973 |
Non Recourse Debt [Member] | ||
Debt Instrument [Line Items] | ||
2020 | 300,000 | |
Thereafter | 725,000 | |
Senior notes, net | $ 1,025,000 |
Bank Deposits (Schedule Of Depo
Bank Deposits (Schedule Of Deposits) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Deposits Liabilities Balance Sheet Reported Amounts [Abstract] | ||
Money market and savings accounts | $ 13,573,614 | $ 13,609,612 |
Certificates of deposit | 792,515 | 1,763,336 |
Demand deposits (interest-bearing) | 359,529 | 392,765 |
Demand deposits (non-interest-bearing) | 110,988 | 97,900 |
Bank deposits | $ 14,836,646 | $ 15,863,613 |
Bank Deposits (Narrative) (Deta
Bank Deposits (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Bank Deposits [Line Items] | ||
Weighted average interest rate on deposits | 0.73% | 0.60% |
Brokerage Customers Deposits [Member] | ||
Bank Deposits [Line Items] | ||
Deposits of related parties | $ 13,700 | $ 15,200 |
Stifel Nicolaus [Member] | ||
Bank Deposits [Line Items] | ||
Interest bearing and time deposits of executive officers, directors, and affiliates | $ 8.9 | $ 6.5 |
Bank Deposits (Scheduled Maturi
Bank Deposits (Scheduled Maturities of Certificates of Deposit) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Deposits Liabilities Balance Sheet Reported Amounts [Abstract] | ||
Within one year | $ 5,317 | $ 4,858 |
One to three years | 437 | 623 |
Three to five years | 113 | 140 |
Certificates of deposit, less than $100,000 | 5,867 | 5,621 |
Within one year | 706,225 | 1,535,784 |
One to three years | 70,398 | 195,159 |
Three to five years | 10,025 | 26,772 |
Certificates of deposit, $100,000 and greater | 786,648 | 1,757,715 |
Total certificates of deposit | $ 792,515 | $ 1,763,336 |
Derivative Instruments And He_3
Derivative Instruments And Hedging Activities (Schedule Of Notional Values And Fair Values Of Derivative Instruments Designated As Hedging Instruments) (Details) - Cash Flow Interest Rate Contracts [Member] - Designated As Hedging Instrument [Member] - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Notional Value | $ 250,000,000 | $ 540,000,000 |
Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets , Fair Value | $ 1,416,000 | $ 7,683,000 |
Derivative Instruments And He_4
Derivative Instruments And Hedging Activities (Narrative) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($) | |
General Discussion Of Derivative Instruments And Hedging Activities [Abstract] | |
Average remaining life of interest rate swap agreements | 1 year 3 months 18 days |
Estimated derivatives to be reclassified as interest income | $ 1 |
Derivative Instruments And He_5
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, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(Loss) Recognized in OCI | $ 40 | $ (603) | $ 2,846 | $ (5,823) |
Gain Reclassified From OCI Into Income | $ 604 | $ 1,504 | $ 2,910 | $ 3,262 |
Disclosures About Offsetting _3
Disclosures About Offsetting Assets And Liabilities (Financial Assets And Derivative Assets That Are Subject To Offset) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Offsetting [Abstract] | |||
Gross amounts of recognized assets, Securities borrowing | [1] | $ 214,100 | $ 109,795 |
Net amounts presented in the Statement of Financial Condition, Securities borrowing | [1] | 214,100 | 109,795 |
Gross amounts not offset in the Statement of Financial Position, Financial instruments, Securities borrowing | [1] | (139,759) | (57,328) |
Gross amounts not offset in the Statement of Financial Position, Collateral received, Securities borrowing | [1] | (55,766) | (45,005) |
Securities borrowed, Net amount | [1] | 18,575 | 7,462 |
Gross amounts of recognized assets, Reverse repurchase agreements | [2] | 624,049 | 699,900 |
Net amounts presented in the Statement of Financial Condition, Securities purchased under agreements to resell | [2] | 624,049 | 699,900 |
Gross amounts not offset in the Statement of Financial Position, Financial instruments, Securities purchased under agreements to resell | [2] | (27,766) | (365,822) |
Gross amounts not offset in the Statement of Financial Position, Collateral received, Securities purchased under agreements to resell | [2] | (595,165) | (329,740) |
Securities purchased under agreements to resell, Net amount | [2] | 1,118 | 4,338 |
Gross amounts of recognized assets, Cash flow interest rate contracts | 1,416 | 7,683 | |
Net amounts presented in the Statement of Financial Condition, Cash flow interest rate contracts | 1,416 | 7,683 | |
Cash flow interest rate contracts, Net amount | 1,416 | 7,683 | |
Gross amounts of recognized assets | 839,565 | 817,378 | |
Net amounts presented in the Statements of Financial Condition | 839,565 | 817,378 | |
Gross amounts not offset in the Statement of Financial Position | (167,525) | (423,150) | |
Gross amounts not offset in the Statement of Financial Position, Collateral received | (650,931) | (374,745) | |
Net amount | $ 21,109 | $ 19,483 | |
[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 $623.2 million and $695.6 million at September 30, 2019 and December 31, 2018, respectively. |
Disclosures About Offsetting _4
Disclosures About Offsetting Assets And Liabilities (Financial Assets And Derivative Assets That Are Subject To Offset) (Details) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Offsetting Assets [Line Items] | |||
Fair value of securities pledged as collateral | [1] | $ 595,165 | $ 329,740 |
Fair Value Of Securities Pledged As Collateral [Member] | |||
Offsetting Assets [Line Items] | |||
Fair value of securities pledged as collateral | $ 623,200 | $ 695,600 | |
[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 $623.2 million and $695.6 million at September 30, 2019 and December 31, 2018, respectively. |
Disclosures About Offsetting _5
Disclosures About Offsetting Assets And Liabilities (Financial Liabilities And Derivative Liabilities That Are Subject To Offset) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Offsetting [Abstract] | |||
Gross amounts of recognized liabilities, Securities lending | [1] | $ (516,941) | $ (392,163) |
Net amounts presented in the Statement of Financial Condition, Securities lending | [1] | (516,941) | (392,163) |
Gross amounts not offset in the Statement of Financial Position, Financial instruments, Securities lending | [1] | 139,759 | 57,328 |
Gross amounts not offset in the Statement of Financial Position, Collateral pledged, Securities lending | [1] | 377,182 | 325,110 |
Securities lending, Net amount | [1] | (9,725) | |
Gross amounts of recognized liabilities, Securities purchased under agreements to resell | [2] | (564,892) | (535,394) |
Net amounts presented in the Statement of Financial Condition, Securities purchased under agreements to resell | [2] | (564,892) | (535,394) |
Gross amounts not offset in the Statement of Financial Position, Financial instruments, Securities purchased under agreements to resell | [2] | 27,766 | 365,822 |
Gross amounts not offset in the Statement of Financial Position, Collateral pledged, Securities purchased under agreements to resell | [2] | 537,126 | 169,572 |
Gross amounts of recognized liabilities | (1,081,833) | (927,557) | |
Net amounts presented in the Statement of Financial Condition | (1,081,833) | (927,557) | |
Gross amounts not offset in the Statement of Financial Position, Financial instruments | 167,525 | 423,150 | |
Gross amounts not offset in the Statement of Financial Condition, Collateral pledged | $ 914,308 | 494,682 | |
Net amount | $ (9,725) | ||
[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 counterparty. These securities are included in the consolidated statements of financial condition unless we default. Collateral pledged by our company to the counterparty includes U.S. government agency securities, U.S. government securities, and corporate fixed income securities with market values of $ million and $ 558.6 million at September 30, 2019 and December 31, 2018, respectively . |
Disclosures About Offsetting _6
Disclosures About Offsetting Assets And Liabilities (Financial Liabilities And Derivative Liabilities That Are Subject To Offset) (Details) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Offsetting Liabilities [Line Items] | |||
Fair value of securities pledged as collateral to counter party | [1] | $ 537,126 | $ 169,572 |
U.S. Government Agency Securities And U.S. Government Securities And Corporate Fixed Income Securities [Member] | Fair Value Of Securities Pledged As Collateral [Member] | |||
Offsetting Liabilities [Line Items] | |||
Fair value of securities pledged as collateral to counter party | $ 586,900 | $ 558,600 | |
[1] | Collateral pledged includes the fair value of securities pledged by our company to the counterparty. These securities are included in the consolidated statements of financial condition unless we default. Collateral pledged by our company to the counterparty includes U.S. government agency securities, U.S. government securities, and corporate fixed income securities with market values of $ million and $ 558.6 million at September 30, 2019 and December 31, 2018, respectively . |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements (Narrative) (Details) $ in Millions | Sep. 30, 2019USD ($) |
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 | 18.20% |
Net capital | $ 326.4 |
Excess of minimum required net capital | 290.6 |
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 Requiremen_4
Regulatory Capital Requirements (Schedule Of Total Risk-Based, Tier 1 Risk-Based, And Tier 1 Leverage Ratios) (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Stifel Financial Corp. [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Tier 1 capital, Actual Amount | $ 2,266,356 |
Tier 1 capital, Actual Ratio | 18.10% |
Tier 1 capital For Capital Adequacy Purposes, Amount | $ 750,675 |
Tier 1 capital For Capital Adequacy Purposes, Ratio | 6.00% |
Tier 1 capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 1,000,900 |
Tier 1 To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% |
Total capital, Actual Amount | $ 2,416,874 |
Total capital, Actual Ratio | 19.30% |
Total capital For Capital Adequacy Purposes, Amount | $ 1,000,900 |
Total capital For Capital Adequacy Purposes, Ratio | 8.00% |
Total capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 1,251,125 |
Total capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% |
Tier 1 leverage, Actual Amount | $ 2,266,356 |
Tier 1 leverage, Actual Ratio | 10.00% |
Tier 1 leverage For Capital Adequacy Purposes, Amount | $ 907,623 |
Tier 1 leverage For Capital Adequacy Purposes, Ratio | 4.00% |
Tier 1 leverage To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 1,134,529 |
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 | $ 1,952,043 |
Tier 1 capital, Actual Ratio | 15.60% |
Tier 1 capital For Capital Adequacy Purposes, Amount | $ 563,006 |
Tier 1 capital For Capital Adequacy Purposes, Ratio | 4.50% |
Tier 1 capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 813,231 |
Tier 1 To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% |
Stifel Bank & Trust [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Tier 1 capital, Actual Amount | $ 1,037,065 |
Tier 1 capital, Actual Ratio | 13.10% |
Tier 1 capital For Capital Adequacy Purposes, Amount | $ 473,336 |
Tier 1 capital For Capital Adequacy Purposes, Ratio | 6.00% |
Tier 1 capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 631,115 |
Tier 1 To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% |
Total capital, Actual Amount | $ 1,127,126 |
Total capital, Actual Ratio | 14.30% |
Total capital For Capital Adequacy Purposes, Amount | $ 631,115 |
Total capital For Capital Adequacy Purposes, Ratio | 8.00% |
Total capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 788,894 |
Total capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% |
Tier 1 leverage, Actual Amount | $ 1,037,065 |
Tier 1 leverage, Actual Ratio | 7.30% |
Tier 1 leverage For Capital Adequacy Purposes, Amount | $ 568,473 |
Tier 1 leverage For Capital Adequacy Purposes, Ratio | 4.00% |
Tier 1 leverage To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 710,592 |
Tier 1 leverage To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% |
Stifel Bank & Trust [Member] | Common Stock [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Tier 1 capital, Actual Amount | $ 1,032,752 |
Tier 1 capital, Actual Ratio | 13.10% |
Tier 1 capital For Capital Adequacy Purposes, Amount | $ 355,002 |
Tier 1 capital For Capital Adequacy Purposes, Ratio | 4.50% |
Tier 1 capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 512,781 |
Tier 1 To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% |
Stifel Bank [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Tier 1 capital, Actual Amount | $ 148,620 |
Tier 1 capital, Actual Ratio | 17.90% |
Tier 1 capital For Capital Adequacy Purposes, Amount | $ 49,924 |
Tier 1 capital For Capital Adequacy Purposes, Ratio | 6.00% |
Tier 1 capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 66,565 |
Tier 1 To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% |
Total capital, Actual Amount | $ 158,649 |
Total capital, Actual Ratio | 19.10% |
Total capital For Capital Adequacy Purposes, Amount | $ 66,565 |
Total capital For Capital Adequacy Purposes, Ratio | 8.00% |
Total capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 83,206 |
Total capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% |
Tier 1 leverage, Actual Amount | $ 148,620 |
Tier 1 leverage, Actual Ratio | 7.00% |
Tier 1 leverage For Capital Adequacy Purposes, Amount | $ 84,407 |
Tier 1 leverage For Capital Adequacy Purposes, Ratio | 4.00% |
Tier 1 leverage To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 105,508 |
Tier 1 leverage To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% |
Stifel Bank [Member] | Common Stock [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Tier 1 capital, Actual Amount | $ 148,620 |
Tier 1 capital, Actual Ratio | 17.90% |
Tier 1 capital For Capital Adequacy Purposes, Amount | $ 37,443 |
Tier 1 capital For Capital Adequacy Purposes, Ratio | 4.50% |
Tier 1 capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 54,084 |
Tier 1 To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% |
Operating Leases - Schedule of
Operating Leases - Schedule of Information About Operating Lease Liabilities (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Lessee Disclosure [Abstract] | |
Remainder of 2019 | $ 22,331 |
2020 | 86,712 |
2021 | 81,631 |
2022 | 80,779 |
2023 | 79,830 |
Thereafter | 537,119 |
Total undiscounted lease payments | 888,402 |
Imputed interest | (215,274) |
Total operating lease liabilities | $ 673,128 |
Weighted average remaining lease term | 11 years 4 months 24 days |
Weighted average discount rate | 4.60% |
Operating Leases (Narrative) (D
Operating Leases (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019USD ($)AircraftEngine | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)AircraftEngine | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Lessee Lease Description [Line Items] | |||||
Operating lease costs | $ 22,100 | $ 21,500 | $ 65,600 | $ 65,600 | |
Number of aircraft engines | AircraftEngine | 13 | 13 | |||
Net book value of aircraft engines | $ 1,043,322 | $ 1,043,322 | $ 372,939 | ||
Lease income | $ 5,200 | $ 18,500 | |||
Operating Lease, Income, Comprehensive Income [Extensible List] | us-gaap:OtherIncomeMember | us-gaap:OtherIncomeMember | |||
Aircraft Engines [Member] | |||||
Lessee Lease Description [Line Items] | |||||
Net book value of aircraft engines | $ 179,100 | $ 179,100 |
Operating Leases - Summary of M
Operating Leases - Summary of Minimum Future Payments Uder Non-cancelable Leases (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Lessee Lease Description [Line Items] | |
Remainder of 2019 | $ 22,331 |
2020 | 86,712 |
2021 | 81,631 |
2022 | 80,779 |
2023 | 79,830 |
Thereafter | 537,119 |
Total undiscounted lease payments | 888,402 |
Non-cancelable Leases [Member] | |
Lessee Lease Description [Line Items] | |
Remainder of 2019 | 6,531 |
2020 | 24,598 |
2021 | 20,162 |
2022 | 11,980 |
2023 | 6,865 |
Thereafter | 11,737 |
Total undiscounted lease payments | $ 81,873 |
Revenues from Contracts with _3
Revenues from Contracts with Customers (Schedule of Total Revenues Broken Out by Revenues from Contracts with Customers and Other Sources of Revenues) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenues: | ||||
Revenue from contracts with customers | $ 585,587 | $ 532,144 | $ 1,661,442 | $ 1,605,149 |
Other | 5,249 | 4,394 | 12,779 | 11,908 |
Total revenue from contracts with customers | 585,587 | 532,165 | 1,661,442 | 1,605,150 |
Other sources of revenue: | ||||
Interest | 178,784 | 169,760 | 557,795 | 461,915 |
Principal transactions | 97,847 | 83,152 | 298,343 | 269,918 |
Other | 3,498 | 1,733 | 21,682 | 6,649 |
Total revenues | 865,716 | 786,810 | 2,539,262 | 2,343,632 |
Commissions [Member] | ||||
Revenues: | ||||
Revenue from contracts with customers | 163,920 | 158,016 | 484,350 | 490,693 |
Investment Banking [Member] | ||||
Revenues: | ||||
Revenue from contracts with customers | 198,790 | 169,012 | 540,247 | 506,437 |
Asset Management and Service Fees [Member] | ||||
Revenues: | ||||
Revenue from contracts with customers | $ 217,628 | $ 200,743 | $ 624,066 | $ 596,112 |
Revenues from Contracts with _4
Revenues from Contracts with Customers (Revenues from Contracts with Customers Disaggregated by Major Business Activity and Primary Geographic Regions) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Disaggregation Of Revenue [Line Items] | |||||
Commissions | $ 163,920 | $ 158,015 | $ 484,350 | $ 490,692 | |
Investment banking | 198,790 | 168,992 | 540,247 | 506,437 | |
Revenue from contracts with customers | 585,587 | 532,144 | 1,661,442 | 1,605,149 | |
Other | 5,249 | 4,394 | 12,779 | 11,908 | |
Capital Raising [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Investment banking | [1] | 93,943 | 93,275 | 247,599 | 246,044 |
Advisory Fees [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Investment banking | [1] | 104,847 | 75,717 | 292,648 | 260,393 |
Asset Management [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Revenue from contracts with customers | 217,628 | 200,743 | 624,066 | 596,112 | |
Global Wealth Management [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Commissions | 118,061 | 117,795 | 348,272 | 355,129 | |
Investment banking | 9,855 | 7,722 | 28,637 | 23,459 | |
Revenue from contracts with customers | 350,147 | 329,628 | 1,011,553 | 983,638 | |
Other | 4,615 | 3,376 | 10,619 | 8,969 | |
Global Wealth Management [Member] | Capital Raising [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Investment banking | [1] | 9,855 | 7,722 | 28,637 | 23,378 |
Global Wealth Management [Member] | Advisory Fees [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Investment banking | [1] | 81 | |||
Global Wealth Management [Member] | Asset Management [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Revenue from contracts with customers | 217,616 | 200,735 | 624,025 | 596,081 | |
Institutional Group [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Commissions | 45,859 | 40,220 | 136,078 | 135,563 | |
Investment banking | 188,935 | 161,270 | 511,610 | 482,978 | |
Revenue from contracts with customers | 234,806 | 201,498 | 647,729 | 618,572 | |
Institutional Group [Member] | Capital Raising [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Investment banking | [1] | 84,088 | 85,553 | 218,962 | 222,666 |
Institutional Group [Member] | Advisory Fees [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Investment banking | [1] | 104,847 | 75,717 | 292,648 | 260,312 |
Institutional Group [Member] | Asset Management [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Revenue from contracts with customers | 12 | 8 | 41 | 31 | |
Other [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Revenue from contracts with customers | 634 | 1,018 | 2,160 | 2,939 | |
Other | 634 | 1,018 | 2,160 | 2,939 | |
United States [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Revenue from contracts with customers | 546,001 | 503,028 | 1,558,631 | 1,508,724 | |
United States [Member] | Global Wealth Management [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Revenue from contracts with customers | 350,147 | 329,628 | 1,011,553 | 983,638 | |
United States [Member] | Institutional Group [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Revenue from contracts with customers | 195,220 | 172,382 | 544,918 | 522,147 | |
United States [Member] | Other [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Revenue from contracts with customers | 634 | 1,018 | 2,160 | 2,939 | |
United Kingdom [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Revenue from contracts with customers | 38,249 | 28,197 | 99,020 | 92,029 | |
United Kingdom [Member] | Institutional Group [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Revenue from contracts with customers | 38,249 | 28,197 | 99,020 | 92,029 | |
Other [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Revenue from contracts with customers | 1,337 | 919 | 3,791 | 4,396 | |
Other [Member] | Institutional Group [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Revenue from contracts with customers | $ 1,337 | $ 919 | $ 3,791 | $ 4,396 | |
[1] | Excludes revenues not derived from contracts with customers included in the Other segment. |
Revenues from Contracts with _5
Revenues from Contracts with Customers (Narrative) (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | ||
Receivables related to contract with customers | $ 147,600,000 | $ 116,700,000 |
Impairment related to receivables | 0 | |
Deferred Revenue | $ 14,400,000 | $ 11,100,000 |
Interest Income and Interest _3
Interest Income and Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Interest Income Expense Net [Abstract] | ||||
Bank loans, net | $ 95,436 | $ 78,766 | $ 284,541 | $ 210,790 |
Investment securities | 54,945 | 66,825 | 182,127 | 185,263 |
Margin balances | 13,334 | 13,066 | 40,437 | 36,322 |
Financial instruments owned | 5,668 | 5,733 | 18,395 | 15,645 |
Other | 9,401 | 5,370 | 32,295 | 13,895 |
Total interest income | 178,784 | 169,760 | 557,795 | 461,915 |
Bank deposits | 24,815 | 25,856 | 82,228 | 49,329 |
Senior notes | 11,121 | 11,248 | 33,365 | 33,488 |
Federal Home Loan Bank advances | 1,146 | 4,232 | 5,735 | 10,579 |
Other | 7,062 | 7,132 | 25,155 | 18,804 |
Total interest expense | $ 44,144 | $ 48,468 | $ 146,483 | $ 112,200 |
Employee Incentive, Deferred _2
Employee Incentive, Deferred Compensation, And Retirement Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized to grant | 3,300,000 | |||
Stock-based compensation | $ 78,329 | $ 75,382 | ||
Contributions to the Profit Sharing Plan | $ 3,200 | $ 3,400 | 9,600 | 10,100 |
Incentive Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 33,600 | $ 31,700 | $ 97,400 | $ 82,500 |
Restricted Stock Units, PRSUs, and Restricted Stock Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total number of stock awards outstanding | 15,900,000 | 15,900,000 | ||
Unvested stock awards outstanding | 13,800,000 | 13,800,000 | ||
Performance-based Restricted Stock Units [Member] | One to Four Years [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of earned award vested | 80.00% | |||
Performance-based Restricted Stock Units [Member] | Fifth Year [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of earned award vested | 20.00% | |||
Restricted Stock Units and Restricted Stock Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense related to non-vested options | $ 456,700 | $ 456,700 | ||
Weighted-average period, compensation cost expected to recognized, in years | 2 years 9 months 18 days | |||
SWAP Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Elective deferrals vested percentage | 100.00% | 100.00% | ||
Percentage of earnings deferred into company stock units | 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] | Deferred Awards [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] | Restricted Stock Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards vesting period in years | 1 year | |||
Minimum [Member] | SWAP Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards vesting period in years | 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] | Deferred Awards [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] | Restricted Stock Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards vesting period in years | 5 years | |||
Maximum [Member] | SWAP Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards vesting period in years | 10 years |
Off-Balance Sheet Credit Risk (
Off-Balance Sheet Credit Risk (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
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 | $ 2,700 | $ 2,400 |
Fair value of collateral securities sold or repledged | 564.9 | 535.4 |
Outstanding commitments to originate loans | 616.1 | 146.7 |
Letters of credit outstanding | 16.1 | 26.3 |
Unused Lines Of Credit [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Unused lines of credit to commercial and consumer borrowers | $ 1,400 | $ 919.5 |
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, 2019Segment | |
Segment Reporting Information [Line Items] | |
Number of business segments | 3 |
Global Wealth Management [Member] | |
Segment Reporting Information [Line Items] | |
Number of businesses within operating 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, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Segment Reporting Information [Line Items] | |||||
Net revenues | [1] | $ 821,572 | $ 738,342 | $ 2,392,779 | $ 2,231,432 |
Income/(loss) before income taxes | 150,754 | 140,530 | 436,545 | 378,431 | |
Global Wealth Management [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | [1] | 534,571 | 498,161 | 1,577,614 | 1,481,063 |
Income/(loss) before income taxes | 202,823 | 183,377 | 589,665 | 548,043 | |
Institutional Group [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | [1] | 290,222 | 245,952 | 822,110 | 768,855 |
Income/(loss) before income taxes | 48,623 | 34,305 | 120,129 | 114,899 | |
Other Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | [1] | (3,221) | (5,771) | (6,945) | (18,486) |
Income/(loss) before income taxes | $ (100,692) | $ (77,152) | $ (273,249) | $ (284,511) | |
[1] | No individual client accounted for more than 10 percent of total net revenues for the three and nine months ended September 30, 2019 or 2018. |
Segment Reporting (Schedule O_2
Segment Reporting (Schedule Of Operating Information, Segment) (Parenthetical) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Segment Reporting [Abstract] | ||||
Net revenues accounted for by individual client, maximum percentage | 10.00% | 10.00% | 10.00% | 10.00% |
Segment Reporting (Schedule O_3
Segment Reporting (Schedule Of Information Of Total Assets On Segment Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 24,160,777 | $ 24,519,598 |
Global Wealth Management [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 20,153,135 | 21,040,224 |
Institutional Group [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 3,730,332 | 3,238,617 |
Other Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 277,310 | $ 240,757 |
Segment Reporting (Schedule O_4
Segment Reporting (Schedule Of Net Revenues Earned On Major Geographical Areas) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Segment Reporting Information [Line Items] | |||||
Total net revenues | [1] | $ 821,572 | $ 738,342 | $ 2,392,779 | $ 2,231,432 |
United States [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net revenues | 775,356 | 703,746 | 2,271,056 | 2,113,039 | |
United Kingdom [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net revenues | 43,632 | 32,623 | 113,783 | 109,482 | |
Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net revenues | $ 2,584 | $ 1,973 | $ 7,940 | $ 8,911 | |
[1] | No individual client accounted for more than 10 percent of total net revenues for the three and nine months ended September 30, 2019 or 2018. |
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, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Net income applicable to Stifel Financial Corp. | $ 109,414 | $ 103,858 | $ 317,706 | $ 279,906 |
Preferred dividends | 4,844 | 2,343 | 12,476 | 7,031 |
Net income available to common shareholders | $ 104,570 | $ 101,515 | $ 305,230 | $ 272,875 |
Average shares used in basic computation | 71,197 | 71,919 | 72,512 | 71,824 |
Dilutive effect of stock options and units | 6,947 | 9,565 | 6,314 | 9,601 |
Average shares used in diluted computation | 78,144 | 81,484 | 78,826 | 81,425 |
Basic | $ 1.47 | $ 1.41 | $ 4.21 | $ 3.80 |
Diluted | $ 1.34 | $ 1.25 | $ 3.87 | $ 3.35 |
Earnings Per Share (Details)
Earnings Per Share (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Cash dividends declared per common share | $ 0.15 | $ 0.12 | $ 0.45 | $ 0.36 |
Cash dividends paid per common share | $ 0.15 | $ 0.12 | $ 0.45 | $ 0.36 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 21, 2019 | Mar. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 |
Business Acquisition Equity Interests Issued Or Issuable [Line Items] | |||||||
Number of shares authorized to be repurchased | 5,800,000 | 5,800,000 | |||||
Purchase of treasury stock | $ 55.5 | $ 16.6 | $ 180.4 | $ 62.5 | |||
Treasury stock acquired, Shares, | 1,000,000 | 300,000 | 3,300,000 | 1,100,000 | |||
Treasury Stock Acquired, Average Cost Per Share | $ 55.43 | $ 53.93 | $ 55.10 | $ 55.66 | |||
Preferred stock, par value | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | ||
Non-Cumulative Perpetual Preferred Stock, Series B [Member] | |||||||
Business Acquisition Equity Interests Issued Or Issuable [Line Items] | |||||||
Issuance of preferred stock | $ 150 | ||||||
Preferred stock, dividend rate percentage | 6.25% | ||||||
Preferred stock, par value | $ 1 | ||||||
Preferred stock liquidation preference per depositary share | 25 | ||||||
Preferred stock, liquidation preference per share | $ 25,000 | ||||||
Preferred stock, redemption terms | The Company may redeem the Series B preferred stock at its option, subject to regulatory approval, on or after March 15, 2024 or following a regulatory capital treatment event, as defined | ||||||
Series B Preferred Stock [Member] | Over-Allotment Option [Member] | |||||||
Business Acquisition Equity Interests Issued Or Issuable [Line Items] | |||||||
Issuance of preferred stock | $ 10 | ||||||
Business Bancshares, Inc. [Member] | |||||||
Business Acquisition Equity Interests Issued Or Issuable [Line Items] | |||||||
Shares issued | 1,400,000 |
Variable Interest Entities (Det
Variable Interest Entities (Details) $ in Millions | Jul. 31, 2018Air_craft | Sep. 30, 2019USD ($) |
Variable Interest Entity [Line Items] | ||
Assets in partnership | $ 245.2 | |
Jet Holding S.a.r.l. [Member] | ||
Variable Interest Entity [Line Items] | ||
Ownership interest | 100.00% | |
Weisel Capital Management LLC [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets in partnership | $ 223.4 | |
FAN Engine Securitization Ltd [Member] | ||
Variable Interest Entity [Line Items] | ||
Number of Aircraft engines | Air_craft | 24 | |
FAN Engine Securitization Ltd [Member] | Jet Holding S.a.r.l. [Member] | ||
Variable Interest Entity [Line Items] | ||
Ownership interest | 100.00% |
Subsequent Events (Details)
Subsequent Events (Details) | 9 Months Ended |
Sep. 30, 2019Event | |
Subsequent Events [Abstract] | |
Number of types of subsequent events | 2 |