Fair Value Of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2013

Fair Value Assets And Liabilities Measured On Recurring Basis


	March 31, 2013
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	171,890	$	171,890	$	-	$	-
Trading securities owned:
U.S. government agency securities		204,162		-		204,162		-
U.S. government securities		27,703		27,703		-		-
Corporate securities:
Fixed income securities		426,046		49,761		368,811		7,474
Equity securities		123,044		106,333		4,177		12,534
State and municipal securities		142,497		-		142,497		-
Total trading securities owned		923,452		183,797		719,647		20,008
Available-for-sale securities:
U.S. government agency securities		1,217		-		1,217		-
State and municipal securities		186,777		-		91,819		94,958
Mortgage-backed securities:
Agency		726,796		-		726,796		-
Commercial		247,980		-		247,980		-
Non-agency		6,294		-		6,294		-
Corporate fixed income securities		500,609		313,327		187,282		-
Asset-backed securities		60,164		-		60,164		-
Total available-for-sale securities		1,729,837		313,327		1,321,552		94,958
Investments:
Corporate equity securities		70,995		70,995		-		-
Corporate preferred securities		-		-		-		-
Mutual funds		19,408		19,408		-		-
U.S. government securities		7,069		7,069		-		-
Auction rate securities:
Equity securities		63,401		-		-		63,401
Municipal securities		13,999		-		-		13,999
Other		93,210		5,953		4,999		82,258
Total investments		268,082		103,425		4,999		159,658
	$	3,093,261	$	772,439	$	2,046,198	$	274,624

Liabilities:
Trading securities sold, but not yet purchased
U.S. government securities	$	187,253	$	187,253	$	-	$	-
U.S. government agency securities		5,256		-		5,256		-
Corporate securities:
Fixed income securities		313,191		132,239		180,952		-
Equity securities		83,135		78,376		4,759		-
State and municipal securities		87		-		87		-
Total trading securities sold, but not yet purchased		588,922		397,868		191,054		-
Securities sold, but not yet purchased		24,550		24,550		-		-
Derivative contracts⁽¹⁾		17,459		-		17,459		-
	$	630,931	$	422,418	$	208,513	$	-

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


	December 31, 2012
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	72,596	$	72,596	$	-	$	-
Trading securities owned:
U.S. government agency securities		123,758		-		123,758		-
U.S. government securities		3,573		3,573		-		-
Corporate securities:
Fixed income securities		396,878		66,795		329,500		583
Equity securities		35,472		33,650		1,822		-
State and municipal securities		203,927		-		203,927		-
Total trading securities owned		763,608		104,018		659,007		583
Available-for-sale securities:
U.S. government agency securities		1,113		-		1,113		-
State and municipal securities		157,420		-		66,933		90,487
Mortgage-backed securities:
Agency		684,848		-		684,848		-
Commercial		260,974		-		260,974		-
Non-agency		13,878		-		13,878		-
Corporate fixed income securities		480,182		263,017		217,165		-
Asset-backed securities		26,753		-		26,753		-
Total available-for-sale securities		1,625,168		263,017		1,271,664		90,487
Investments:
Corporate equity securities		32,162		32,162		-		-
Corporate preferred securities		56,970		-		56,970
Mutual funds		18,021		18,021		-		-
U.S. government securities		7,069		7,069		-		-
Auction rate securities:
Equity securities		64,397		-		-		64,397
Municipal securities		14,067		-		-		14,067
Other		43,748		1,620		4,831		37,297
Total investments		236,434		58,872		61,801		115,761
	$	2,697,806	$	498,503	$	1,992,472	$	206,831

Liabilities:
Trading securities sold, but not yet purchased
U.S. government securities	$	162,661	$	162,661	$	-	$	-
U.S. government agency securities		15		-		15		-
Corporate securities:
Fixed income securities		150,698		46,274		104,424		-
Equity securities		6,281		5,936		345		-
State and municipal securities		87		-		87		-
Total trading securities sold, but not yet purchased		319,742		214,871		104,871		-
Securities sold, but not yet purchased		22,966		22,966		-		-
Derivative contracts⁽¹⁾		19,934		-		19,934		-
	$	362,642	$	237,837	$	124,805	$	-

⁽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 March 31, 2013
	Trading Securities Owned						Investments
	Corporate Fixed Income Securities		Equity Securities		State & Municipal Securities ⁽¹⁾		Auction Rate Securities - Equity		Auction Rate Securities - Municipal		Other

Balance at December 31, 2012	$	583	$	-	$	90,487	$	64,397	$	14,067	$	37,297
Unrealized gains/(losses):
Included in changes in net assets⁽²⁾		216		1,168		-		304		32		3,661
Included in OCI⁽³⁾		-		-		(235)		-		-		-
Realized gains/(losses) ⁽²⁾		-		-		6		-		-		(208)
Purchases		7,494		11,476		5,000		75		-		42,925
Sales		(257)		(110)		-		-		-		(1,286)
Redemptions		(562)		-		(300)		(1,375)		(100)		(131)
Transfers:
Into Level 3		-		-		-		-		-		-
Out of Level 3		-		-		-		-		-		-
Net change		6,891		12,534		4,471		(996)		(68)		44,961
Balance at March 31, 2013	$	7,474	$	12,534	$	94,958	$	63,401	$	13,999	$	82,258

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



	Valuation Technique	Unobservable input	Range	Weighted average

Available-for-sale securities:
State and municipal securities	Discounted cash flow	Discount rate	1.8% of par - 9.7% of par	5.5% of par
		Workout period	2 - 4 years	3.4 years

Investments:
Auction rate securities
Equity securities	Discounted cash flow	Discount rate	2.0% of par - 11.7% of par	6.9% of par
		Workout period	1 - 3 years	2.8 years

Municipal securities	Discounted cash flow	Discount rate	0.0% of par - 10.0% of par	5.6% of par
		Workout period	1 -4 years	2.6 years

Other
Investments in partnerships	Market approach	Revenue multiple	1.3-3.9	2.7
		EBITDA multiple	7.0-14.3	9.1

Private equity investments	Market approach	Revenue multiple	0.5-3.3	2.2
		EBITDA multiple	4.3-17.6	10.0

Schedule Of Fair Value Of Financial Instruments


	March 31, 2013				December 31, 2012
	Carrying value		Estimated fair value		Carrying value		Estimated fair value
Financial assets:
Cash and cash equivalents	$	573,664	$	573,664	$	403,941		403,941
Restricted cash		4,415		4,415		4,414		4,414
Cash segregated for regulatory purposes		32		32		128,031		128,031
Securities purchased under agreements to resell		156,341		156,341		158,695		158,695
Trading securities owned		923,452		923,452		763,608		763,608
Available-for-sale securities		1,729,837		1,729,837		1,625,168		1,625,168
Held-to-maturity securities		716,273		725,843		708,008		715,274
Loans held for sale		165,698		165,698		214,531		214,531
Bank loans		886,647		909,115		815,937		834,188
Investments		268,082		268,082		236,434		236,434
Financial liabilities:
Securities sold under agreements to repurchase	$	108,529	$	108,529	$	140,346	$	140,346
Bank deposits		3,556,568		3,581,155		3,346,133		3,368,643
Trading securities sold, but not yet purchased		588,922		588,922		319,742		319,742
Securities sold, but not yet purchased		24,550		24,550		22,966		22,966
Derivative contracts⁽¹⁾		17,459		17,459		19,934		19,934
Senior notes ⁽²⁾		325,000		349,242		325,000		338,475
Non-recourse debt ⁽²⁾		55,934		57,069		58,992		58,992
Debentures to Stifel Financial Capital Trusts		82,500		68,113		82,500		66,545
Liabilities subordinated to claims of general creditors		3,131		3,048		5,318		5,204

⁽¹⁾ Included in accounts payable and accrued expenses in the consolidated statements of financial condition.
⁽²⁾ Included in corporate debt in the consolidated statements of financial condition.

Estimated Fair Values Of Financial Instruments Not Measured At Fair Value


	March 31, 2013
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	401,774	$	401,774	$	-	$	-
Restricted cash		4,415		4,415		-		-
Cash segregated for regulatory purposes		32		32		-		-
Securities purchased under agreements to resell		156,341		155,927		414		-
Held-to-maturity securities		725,843		-		490,054		235,789
Loans held for sale		165,698		-		165,698		-
Bank loans		909,115		-		909,115		-
Financial liabilities:
Securities sold under agreements to repurchase	$	108,529	$	108,529	$	-	$	-
Bank deposits		3,581,155		-		3,581,155		-
Senior notes		349,242		349,242		-		-
Non-recourse debt		57,069		-		57,069		-
Debentures to Stifel Financial Capital Trusts		68,113		-		-		68,113
Liabilities subordinated to claims of general creditors		3,048		-		-		3,048


	December 31, 2012
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	331,345	$	331,345	$	-	$	-
Restricted cash		4,414		4,414		-		-
Cash segregated for regulatory purposes		128,031		128,031		-		-
Securities purchased under agreements to resell		158,695		154,688		4,007		-
Held-to-maturity securities		715,274		-		487,775		227,499
Loans held for sale		214,531		-		214,531		-
Bank loans		834,188		-		834,188		-
Financial liabilities:
Securities sold under agreements to repurchase	$	140,346	$	140,346	$	-	$	-
Bank deposits		3,368,643		-		3,368,643		-
Senior notes		338,475		338,475		-		-
Non-recourse debt		58,992		-		58,992		-
Debentures to Stifel Financial Capital Trusts		66,545		-		-		66,545
Liabilities subordinated to claims of general creditors		5,204		-		-		5,204

- 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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