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Short-Term Borrowings
6 Months Ended
Jun. 30, 2014
Short-Term Borrowings [Abstracts]  
Short-Term Borrowings

NOTE 11 –  Short-Term Borrowings

Our short-term financing is generally obtained through short-term bank line financing on an uncommitted, secured basis, committed short-term bank line financing on an unsecured basis and securities lending arrangements. 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 June 30, 2014 totaled $680.0 million with four 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 are subject to approval by the individual banks each time an advance is requested and may be denied. Our peak daily borrowing was $414.9 million during the six months ended June 30, 2014. There are no compensating balance requirements under these arrangements.

Our committed short-term bank line financing at June 30, 2014 consisted of a $100.0 million revolving credit facility. The credit facility expires in December 2014. The applicable interest rate under the revolving credit facility is calculated as a per annum rate equal to the one-month Eurocurrency rate plus 1.00%, as defined in the revolving credit facility. At June 30, 2014, we had no advances on our revolving credit facility and were in compliance with all covenants.

At June 30, 2014, short-term borrowings from banks were $368.0 million at an average rate of 1.18%, which were collateralized by company-owned securities valued at $573.6 million. At December 31, 2013, short-term borrowings from banks were $55.7 million at an average rate of 1.22%, which were collateralized by company-owned securities valued at $440.8 million. The average bank borrowing was $252.3 million and $414.7 million for the three months ended June 30, 2014 and 2013, respectively, at average daily effective interest rates of 1.12% and 1.33%, respectively. The average bank borrowing was $175.4 million and $312.6 million for the six months ended June 30, 2014 and 2013, respectively, at average daily effective interest rates of 1.13% and 1.25%, respectively.

At June 30, 2014 and December 31, 2013, Stifel had a stock loan balance of $25.1 million and $40.1 million, respectively, at average daily interest rates of 0.22% and 0.16%, respectively. The average outstanding securities lending arrangements utilized in financing activities were $68.1 million and $81.0 million during the three months ended June 30, 2014 and 2013, respectively, at average daily effective interest rates of 0.19% and 0.13%, respectively. The average outstanding securities lending arrangements utilized in financing activities were $70.5 million and $72.9 million during the six months ended June 30, 2014 and 2013, respectively, at average daily effective interest rates of 0.18% and 0.13%, respectively. Customer-owned securities were utilized in these arrangements.