Fair Value Of Financial Instruments (Tables)

6 Months Ended

9 Months Ended

Jun. 30, 2013

Sep. 30, 2013

Fair Value Assets And Liabilities Measured On Recurring Basis


	September 30, 2013
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	138,833	$	138,833	$	-	$	-
Trading securities owned:
U.S. government agency securities		121,136		-		121,136		-
U.S. government securities		13,627		13,627		-		-
Corporate securities:
Fixed income securities		519,180		46,644		471,739		797
Equity securities		85,183		84,138		1,045		-
State and municipal securities		108,526		-		108,526		-
Total trading securities owned		847,652		144,409		702,446		797
Available-for-sale securities:
U.S. government agency securities		1,226		-		1,226		-
State and municipal securities ⁽¹⁾		163,414		-		84,979		78,435
Mortgage-backed securities:
Agency		176,933		-		176,933		-
Commercial		231,709		-		231,709		-
Non-agency		4,838		-		4,838		-
Corporate fixed income securities		499,966		62,743		437,223		-
Asset-backed securities		153,485		-		153,485		-
Total available-for-sale securities		1,231,571		62,743		1,090,393		78,435
Investments:
Corporate equity securities		39,212		39,212		-		-
Corporate preferred securities		-		-		-		-
Mutual funds		15,805		15,805		-		-
U.S. government securities		-		-		-		-
Auction rate securities:
Equity securities		59,728		-		-		59,728
Municipal securities		12,409		-		-		12,409
Other		106,624		881		4,837		100,906
Total investments		233,778		55,898		4,837		173,043
	$	2,451,834	$	401,883	$	1,797,676	$	252,275

Liabilities:
Trading securities sold, but not yet purchased
U.S. government securities	$	174,688	$	174,688	$	-	$	-
U.S. government agency securities		23,248		-		23,248		-
Corporate securities:
Fixed income securities		213,757		6,150		207,607		-
Equity securities		83,881		83,424		457		-
State and municipal securities		84		-		84		-
Total trading securities sold, but not yet purchased		495,658		264,262		231,396		-
Securities sold, but not yet purchased		28,598		28,598		-		-
Derivative contracts⁽²⁾		11,101		-		11,101		-
	$	535,357	$	292,860	$	242,497	$	-

⁽¹⁾ Includes $72.3 million of municipal ARS at September 30, 2013.
⁽²⁾ 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 ⁽¹⁾		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⁽²⁾		19,934		-		19,934		-
	$	362,642	$	237,837	$	124,805	$	-

⁽¹⁾ Includes $84.6 million of municipal ARS at December 31, 2012.
⁽²⁾ Included in accounts payable and accrued expenses in the consolidated statements of financial condition.

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


	Three Months Ended September 30, 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 June 30, 2013	$	5,057	$	12,601	$	81,930	$	62,109	$	13,330	$	86,994
Unrealized gains/(losses):
Included in changes in net assets⁽²⁾		(29)		-		-		519		31		3,514
Included in OCI⁽³⁾		-		-		329		-		-		-
Realized gains/(losses) ⁽²⁾		101		-		383		-		-		(632)
Purchases		398		-		-		-		-		2,127
Sales		(2,707)		-		-		-		-		(2,602)
Redemptions		(259)		-		(5,000)		(2,900)		(952)		(1,096)
Transfers:
Into Level 3		2		-		6,201		-		-		12,601
Out of Level 3		(1,766)		(12,601)		(5,408)		-		-		-
Net change		(4,260)		(12,601)		(3,495)		(2,381)		(921)		13,912
Balance at September 30, 2013	$	797	$	-	$	78,435	$	59,728	$	12,409	$	100,906


	Nine Months Ended September 30, 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⁾		434		1,333		-		206		(6)		9,245
Included in OCI⁽³⁾		-		-		(1,840)		-		-		-
Realized gains/(losses) ⁽²⁾		281		-		895		-		-		(129)
Purchases		9,362		11,476		5,000		75		-		50,804
Sales		(6,888)		(208)		-		-		-		(6,801)
Redemptions		(1,347)		-		(16,900)		(4,950)		(1,652)		(2,111)
Transfers:
Into Level 3		139		-		6,201		-		-		12,601
Out of Level 3		(1,767)		(12,601)		(5,408)		-		-		-
Net change		214		-		(12,052)		(4,669)		(1,658)		63,609
Balance at September 30, 2013	$	797	$	-	$	78,435	$	59,728	$	12,409	$	100,906

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	5.6% - 11.0%	7.5%
		Workout period	1 - 4 years	3.4 years

Investments:
Auction rate securities
Equity securities	Discounted cash flow	Discount rate	2.3% - 12.7%	7.4%
		Workout period	1 - 3 years	2.6 years

Municipal securities	Discounted cash flow	Discount rate	0.1% - 11.0%	6.5%
		Workout period	1 -4 years	2.6 years

Other
Investments in partnerships	Market approach	Revenue multiple	1.7-4.0	2.6
		EBITDA multiple	4.5-9.9	7.7

Private equity investments	Market approach	Revenue multiple	0.5-3.0	1.8
		EBITDA multiple	4.3-11.3	7.8

Schedule Of Fair Value Of Financial Instruments


	September 30, 2013				December 31, 2012
	Carrying value		Estimated fair value		Carrying value		Estimated fair value
Financial assets:
Cash and cash equivalents	$	649,244	$	649,244	$	403,941		403,941
Restricted cash		4,419		4,419		4,414		4,414
Cash segregated for regulatory purposes		33		33		128,031		128,031
Securities purchased under agreements to resell		168,182		168,182		158,695		158,695
Trading securities owned		847,652		847,652		763,608		763,608
Available-for-sale securities		1,231,571		1,231,571		1,625,168		1,625,168
Held-to-maturity securities		1,723,482		1,732,534		708,008		715,274
Loans held for sale		75,440		75,440		214,531		214,531
Bank loans		1,061,150		1,076,079		815,937		834,188
Investments		233,778		233,778		236,434		236,434
Financial liabilities:
Securities sold under agreements to repurchase	$	255,451	$	255,451	$	140,346	$	140,346
Bank deposits		4,228,405		3,659,589		3,346,133		3,368,643
Trading securities sold, but not yet purchased		495,658		495,658		319,742		319,742
Securities sold, but not yet purchased		28,598		28,598		22,966		22,966
Derivative contracts⁽¹⁾		11,101		11,101		19,934		19,934
Senior notes ⁽²⁾		325,000		335,986		325,000		338,475
Non-recourse debt ⁽²⁾		32,111		32,541		58,992		58,992
Debentures to Stifel Financial Capital Trusts		82,500		74,313		82,500		66,545
Liabilities subordinated to claims of general creditors		3,131		3,097		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


	September 30, 2013
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	510,411	$	510,411	$	-	$	-
Restricted cash		4,419		4,419		-		-
Cash segregated for regulatory purposes		33		33		-		-
Securities purchased under agreements to resell		168,182		144,171		24,011		-
Held-to-maturity securities		1,732,534		-		1,500,738		231,796
Loans held for sale		75,440		-		75,440		-
Bank loans		1,076,079		-		1,076,079		-
Financial liabilities:
Securities sold under agreements to repurchase	$	255,451	$	4,131	$	251,320	$	-
Bank deposits		3,659,589		-		3,659,589		-
Senior notes		335,986		335,986		-		-
Non-recourse debt		32,541		-		32,541		-
Debentures to Stifel Financial Capital Trusts		74,313		-		-		74,313
Liabilities subordinated to claims of general creditors		3,097		-		-		3,097


	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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