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


	December 31, 2013
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	78,163	$	78,163	$	-	$	-
Financial instruments owned:
U.S. government agency securities		88,930		-		88,930		-
U.S. government securities		10,594		10,594		-		-
Corporate securities:
Fixed income securities		483,987		23,413		458,535		2,039
Equity securities		76,709		76,462		6		241
State and municipal securities		141,274		-		141,274		-
Total financial instruments owned		801,494		110,469		688,745		2,280
Available-for-sale securities:
U.S. government agency securities		1,072		-		1,072		-
State and municipal securities		90,677		-		84,477		6,200
Mortgage-backed securities:
Agency		183,987		-		183,987		-
Commercial		211,246		-		211,246		-
Non-agency		4,619		-		4,619		-
Corporate fixed income securities		498,316		83,655		414,661		-
Asset-backed securities		766,336		-		708,258		58,078
Total available-for-sale securities		1,756,253		83,655		1,608,320		64,278
Investments:
Corporate equity securities		32,402		32,402		-		-
Corporate preferred securities		-		-		-		-
Mutual funds		16,994		16,994		-		-
U.S. government securities		-		-		-		-
Auction rate securities:
Equity securities		56,693		-		-		56,693
Municipal securities		10,939		-		-		10,939
Other (1)		100,200		10		2,422		97,768
Total investments		217,228		49,406		2,422		165,400
	$	2,853,138	$	321,693	$	2,299,487	$	231,958

Liabilities:
Financial instruments sold, but not yet purchased
U.S. government securities	$	253,221	$	253,221	$	-	$	-
U.S. government agency securities		2,068		-		2,068		-
Corporate securities:
Fixed income securities		135,878		17,857		118,021		-
Equity securities		90,015		86,933		3,082		-
State and municipal securities		32		-		32		-
Total financial instruments sold, but not yet purchased		481,214		358,011		123,203		-
Securities sold, but not yet purchased		-		-		-		-
Derivative contracts (2)		9,349		-		9,349		-
	$	490,563	$	358,011	$	132,552	$	-

(1) Includes $56.0 million of partnership interests, $22.5 million of private company investments, and $21.7 million of private equity and other investments.
(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	$	-	$	-
Financial instruments 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 financial instruments 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 (1)		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:
Financial instruments 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		29,247		28,902		345		-
State and municipal securities		87		-		87		-
Total financial instruments sold, but not yet purchased		342,708		237,837		104,871		-
Securities sold, but not yet purchased		-		-		-		-
Derivative contracts (2)		19,934		-		19,934		-
	$	362,642	$	237,837	$	124,805	$	-

(1) Includes $21.5 million of partnership interests, $13.5 million of private equity investments, and $8.7 million of private company and other investments.
(2) Included in accounts payable and accrued expenses in the consolidated statements of financial condition.

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:
Asset-backed securities	Discounted cash flow	Discount rate	5.7% - 11.1%	7.7%
		Workout period	1 - 4 years	3.4 years

Investments:
Auction rate securities
Equity securities	Discounted cash flow	Discount rate	2.9% - 12.7%	7.2%
		Workout period	1 - 3 years	2.4 years

Municipal securities	Discounted cash flow	Discount rate	0.1% - 10.8%	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


	December 31, 2013				December 31, 2012
	Carrying value		Estimated fair value		Carrying value		Estimated fair value
Financial assets:
Cash and cash equivalents	$	716,560	$	716,560	$	403,941		403,941
Restricted cash		4,268		4,268		4,414		4,414
Cash segregated for regulatory purposes		35		35		128,031		128,031
Securities purchased under agreements to resell		225,075		225,075		158,695		158,695
Financial instruments owned		801,494		801,494		763,608		763,608
Available-for-sale securities		1,756,253		1,756,253		1,625,168		1,625,168
Held-to-maturity securities		1,312,115		1,305,959		708,008		715,274
Loans held for sale		109,110		109,110		214,531		214,531
Bank loans		1,404,353		1,420,068		815,937		834,188
Investments		217,228		217,228		236,434		236,434
Financial liabilities:
Securities sold under agreements to repurchase	$	263,809	$	263,809	$	140,346	$	140,346
Bank deposits		4,663,323		4,072,038		3,346,133		3,368,643
Financial instruments sold, but not yet purchased		481,214		481,214		342,708		342,708
Securities sold, but not yet purchased		-		-		-		-
Derivative contracts (1)		9,349		9,349		19,934		19,934
Senior notes (2)		325,000		328,635		325,000		338,475
Non-recourse debt (2)		-		-		58,992		58,992
Debentures to Stifel Financial Capital Trusts		82,500		72,201		82,500		66,545
Liabilities subordinated to claims of general creditors		3,131		3,122		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


	December 31, 2013
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	638,397	$	638,397	$	-	$	-
Restricted cash		4,268		4,268		-		-
Cash segregated for regulatory purposes		35		35		-		-
Securities purchased under agreements to resell		225,075		225,075		-		-
Held-to-maturity securities		1,305,959		-		1,073,953		232,006
Loans held for sale		109,110		-		109,110		-
Bank loans		1,420,068		-		1,420,068		-
Financial liabilities:
Securities sold under agreements to repurchase	$	263,809	$	747	$	263,062	$	-
Bank deposits		4,072,038		-		4,072,038		-
Senior notes		328,635		328,635		-		-
Non-recourse debt		-		-		-		-
Debentures to Stifel Financial Capital Trusts		72,201		-		-		72,201
Liabilities subordinated to claims of general creditors		3,122		-		-		3,122


	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