Fair Value Of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2012

Fair Value Assets And Liabilities Measured On Recurring Basis


	June 30, 2012
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	62,045	$	62,045	$	-	$	-
Trading securities owned:
U.S. government agency securities		80,673		-		80,673		-
U.S. government securities		31,879		31,879		-		-
Corporate securities:
Fixed income securities		432,086		85,059		334,219		12,808
Equity securities		43,997		42,934		1,063		-
State and municipal securities		162,312		-		162,312		-
Total trading securities owned		750,947		159,872		578,267		12,808
Available-for-sale securities:
U.S. government agency securities		1,115		-		1,115		-
State and municipal securities		119,603		-		18,873		100,730
Mortgage-backed securities:
Agency		411,277		-		411,277		-
Commercial		283,825		-		283,825		-
Non-agency		15,408		-		15,408		-
Corporate fixed income securities		470,981		288,066		170,915		12,000
Asset-backed securities		27,150		-		27,150		-
Total available-for-sale securities		1,329,359		288,066		928,563		112,730
Investments:
Corporate equity securities		25,473		25,358		115		-
Mutual funds		15,836		15,836		-		-
U.S. government securities		7,068		7,068		-		-
Auction rate securities:
Equity securities		80,037		-		-		80,037
Municipal securities		11,503		-		-		11,503
Other		40,163		709		363		39,091
Total investments		180,080		48,971		478		130,631
	$	2,322,431	$	558,954	$	1,507,308	$	256,169

Liabilities:
Trading securities sold, but not yet purchased
U.S. government securities	$	208,786	$	208,786	$	-	$	-
U.S. government agency securities		6,658		-		6,658		-
Corporate securities:
Fixed income securities		177,976		62,330		115,646		-
Equity securities		18,090		17,939		151		-
State and municipal securities		170		-		170		-
Total trading securities sold, but not yet purchased		411,680		289,055		122,625		-
Securities sold, but not yet purchased		20,857		20,857		-		-
Derivative contracts⁽¹⁾		23,207		-		23,207		-
	$	455,744	$	309,912	$	145,832	$	-

⁽¹⁾ Included in accounts payable and accrued expenses in the consolidated statements of financial condition.


	December 31, 2011
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	14,156	$	14,156	$	-	$	-
Trading securities owned:
U.S. government agency securities		66,424		-		66,424		-
U.S. government securities		32,845		32,845		-		-
Corporate securities:
Fixed income securities		244,535		31,398		209,395		3,742
Equity securities		19,859		19,506		353		-
State and municipal securities		111,288		-		111,288		-
Total trading securities owned		474,951		83,749		387,460		3,742
Available-for-sale securities:
U.S. government agency securities		1,103		-		1,103		-
State and municipal securities		86,932		-		20,036		66,896
Mortgage-backed securities:
Agency		404,662		-		404,662		-
Commercial		271,510		-		271,510		-
Non-agency		17,460		-		17,460		-
Corporate fixed income securities		405,985		153,855		240,130		12,000
Asset-backed securities		26,489		-		26,489		-
Total available-for-sale securities		1,214,141		153,855		981,390		78,896
Investments:
Corporate equity securities		23,921		23,921		-		-
Mutual funds		33,958		33,958		-		-
Auction rate securities:
Equity securities		103,176		-		-		103,176
Municipal securities		11,729		-		-		11,729
Other		38,424		1,055		336		37,033
Total investments		211,208		58,934		336		151,938
	$	1,914,456	$	310,694	$	1,369,186	$	234,576

Liabilities:
Trading securities sold, but not yet purchased
U.S. government securities	$	109,776	$	109,776	$	-	$	-
U.S. government agency securities		954		-		954		-
Corporate securities:
Fixed income securities		149,460		74,719		74,741		-
Equity securities		6,060		6,019		41		-
State and municipal securities		583		-		583		-
Total trading securities sold, but not yet purchased		266,833		190,514		76,319		-
Securities sold, but not yet purchased		19,223		19,223		-		-
Derivative contracts⁽¹⁾		24,877		-		24,877		-
	$	310,933	$	209,737	$	101,196	$	-

⁽¹⁾ Included in accounts payable and accrued expenses in the consolidated statements of financial condition.

Schedule Of Changes In Fair Value Carrying Values Associated With Level 3 Financial Instruments


	Three Months Ended June 30, 2012
							Investments
	Corporate Fixed Income Securities⁽¹⁾		State & Municipal Securities		Corporate Fixed Income Securities			Auction Rate Securities - Equity		Auction Rate Securities - Municipal		Other

Balance March 31, 2011	$	6,697	$	64,859	$	12,000		$	92,077	$	13,404	$	37,982
Unrealized gains/(losses):
Included in changes in net assets⁽²⁾		-		-		-			(15)		134		2,127
Included in OCI⁽³⁾		-		(1,129)		-			-		-		-
Realized gains/(losses) ⁽²⁾		110		-		-			-		-		63
Purchases		16,662		37,000		-			-		215		854
Sales		(8,870)		-		-			-		-		(1,935)
Redemptions		-		-		-			(12,025)		(2,250)		-
Transfers:
Into Level 3		2,459		-		-			-		-		-
Out of Level 3		(4,250)		-		-			-		-		-
Net change		6,111		35,871		-			(12,040)		(1,901)		1,109
Balance June 30, 2012	$	12,808	$	100,730	$	12,000		$	80,037	$	11,503	$	39,091


	Six Months Ended June 30, 2012
							Investments
	Corporate Fixed Income Securities⁽¹⁾		State & Municipal Securities		Corporate Fixed Income Securities			Auction Rate Securities - Equity		Auction Rate Securities - Municipal		Other

Balance December 31, 2011	$	3,742	$	66,896	$	12,000		$	103,176	$	11,729	$	37,033
Unrealized gains/(losses):
Included in changes in net assets⁽²⁾		47		-		-			436		69		2,831
Included in OCI⁽³⁾		-		(1,284)		-			-		-		-
Realized gains/(losses) ⁽²⁾		128		118		-			-		-		653
Purchases		21,908		37,000		-			2,800		2,255		1,244
Sales		(11,427)		-		-			-		-		(2,670)
Redemptions		-		(2,000)		-			(26,375)		(2,550)		-
Transfers:
Into Level 3		2,686		-		-			-		-		-
Out of Level 3		(4,276)		-		-			-		-		-
Net change		9,066		33,834		-			(23,139)		(226)		2,058
Balance June 30, 2012	$	12,808	$	100,730	$	12,000		$	80,037	$	11,503	$	39,091

⁽¹⁾ Included in trading securities owned in the consolidated statements of financial condition.
⁽²⁾ Realized and unrealized gains/(losses) related to trading securities and investments are reported in other income in the consolidated statements of operations.
⁽³⁾ Unrealized losses related to available-for-sale securities are reported in accumulated other comprehensive loss in the consolidated statements of financial condition.

Quantitative Information Related To The Significant Unobservable Inputs Utilized In Level 3 Recurring Fair Value Measurements


			Discounted cash flow model - unobservable inputs
			Discount rate		Workout period
	Estimated Fair Value		Range	Weighted average	Range	Weighted average

Available-for-sale securities:
State and municipal securities	$	100,730	1.8% - 9.7%	5.3%	2 - 4 years	3.3 years
Investments:
Auction rate securities
Equity securities	$	80,037	1.6% - 9.2%	5.4%	1 - 3 years	2.4 years
Municipal securities	$	11,503	0.4% - 10.0%	4.9%	1 - 4 years	2.6 years

Schedule Of Fair Value Of Financial Instruments


	June 30, 2012				December 31, 2011
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets:
Cash and cash equivalents	$	441,699	$	441,699	$	167,671		167,671
Restricted cash		6,587		6,587		6,883		6,883
Cash segregated for regulatory purposes		27		27		26		26
Securities purchased under agreements to resell		156,748		156,748		75,455		75,455
Trading securities owned		750,947		750,947		474,951		474,951
Available-for-sale securities		1,329,359		1,329,359		1,214,141		1,214,141
Held-to-maturity securities		521,378		525,208		190,484		189,071
Loans held for sale		117,166		117,166		131,754		131,754
Bank loans		708,879		720,297		632,140		639,341
Investments		208,080		208,080		239,208		239,208
Financial liabilities:
Securities sold under agreements to repurchase	$	153,284	$	153,284	$	80,176	$	80,176
Bank deposits		2,776,684		2,775,323		2,071,738		2,067,324
Trading securities sold, but not yet purchased		411,680		411,680		266,833		266,833
Securities sold, but not yet purchased		20,857		20,857		19,223		19,223
Derivative contracts⁽¹⁾		23,207		23,207		24,877		24,877
Senior notes		175,000		193,478		-		-
Debentures to Stifel Financial Capital Trusts		82,500		68,437		82,500		67,594
Liabilities subordinated to claims of general creditors		5,318		5,120		6,957		6,671

⁽¹⁾ Included in accounts payable and accrued expenses in the consolidated statements of financial condition.

Estimated Fair Values Of Financial Instruments Not Measured At Fair Value


	June 30, 2012 (1)
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	379,654	$	379,654	$	-	$	-
Restricted cash		6,587		6,587		-		-
Cash segregated for regulatory purposes		27		27		-		-
Securities purchased under agreements to resell		156,748		142,437		14,311		-
Held-to-maturity securities		525,208		14,284		39,462		471,462
Loans held for sale		117,166		-		117,166		-
Bank loans		720,297		-		720,297		-
Investments		28,000		-		-		28,000
Financial liabilities:
Securities sold under agreements to repurchase	$	153,284	$	10,314	$	142,970	$	-
Bank deposits		2,775,323		-		2,775,323		-
Senior notes		193,478		193,478		-		-
Debentures to Stifel Financial Capital Trusts		68,437		-		-		68,437
Liabilities subordinated to claims of general creditors		5,120		-		-		5,120

⁽¹⁾We adopted the provisions of Update No. 2011-04 in the first quarter of 2012 on a prospective basis. Accordingly, disclosures for prior periods are not presented.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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