Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value Of Assets And Liabilities Measured On Recurring Basis


	December 31, 2014
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	122,875	$	122,875	$	-	$	-
Financial instruments owned:
U.S. government securities		58,992		58,992		-		-
U.S. government agency securities		101,439		-		101,439		-
Mortgage-backed securities:
Agency		159,057		-		159,057		-
Non-agency		13,366		189		12,371		806
Corporate securities:
Fixed income securities		245,909		75,236		168,680		1,993
Equity securities		77,548		76,316		88		1,144
State and municipal securities		130,544		-		130,544		-
Total financial instruments owned		786,855		210,733		572,179		3,943
Available-for-sale securities:
U.S. government agency securities		1,610		-		1,610		-
State and municipal securities		74,401		-		74,401		-
Mortgage-backed securities:
Agency		209,206		-		209,206		-
Commercial		107,644		-		107,644		-
Non-agency		3,137		-		3,137		-
Corporate fixed income securities		337,406		50,892		286,514		-
Asset-backed securities		780,074		-		736,029		44,045
Total available-for-sale securities		1,513,478		50,892		1,418,541		44,045
Investments:
Corporate equity securities		59,203		35,123		24,080		-
Mutual funds		18,144		18,144		-		-
U.S. government securities		6,555		104		6,451		-
Auction rate securities:
Equity securities		46,197		-		-		46,197
Municipal securities		1,326		-		-		1,326
Other (1)		78,830		1,283		4,557		72,990
Total investments		210,255		54,654		35,088		120,513
	$	2,633,463	$	439,154	$	2,025,808	$	168,501
Liabilities:
Financial instruments sold, but not yet purchased
U.S. government securities	$	146,592	$	146,592	$	-	$	-
U.S. government agency securities		10,029		-		10,029		-
Mortgage-backed securities:
Agency		28,067		-		28,067		-
Commercial		4,556		401		4,155		-
Corporate securities:
Fixed income securities		293,008		17,116		275,892		-
Equity securities		105,013		105,013		-		-
Total financial instruments sold, but not yet purchased		587,265		269,122		318,143		-
Securities sold, but not yet purchased		-		-		-		-
Derivative contracts (2)		5,641		-		5,641		-
	$	592,906	$	269,122	$	323,784	$	-

(1) Includes $42.1 million of partnership interests, $16.4 million of private company investments, and $14.3 million of private equity and other investments.
(2) Included in accounts payable and accrued expenses in the consolidated statements of financial condition.

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 are presented below:


	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		80,835		307		80,528		-
U.S. government securities		10,594		10,594		-		-
Mortgage-backed securities:
Agency		267,933		-		267,933
Non-agency		22,570		-		22,570
Corporate securities:
Fixed income securities		201,579		23,106		176,434		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		-		-		-		-
Agency mortgage-backed securities		37,201		-		37,201		-
Corporate securities:
Fixed income securities		100,745		17,857		82,888		-
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 $19.2 million of private equity and other investments.
(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

The following table summarizes the changes in fair value carrying values associated with Level 3 financial instruments during the years ended December 31, 2014 and 2013 (in thousands):


	Year Ended December 31, 2014
	Financial instruments owned						Available-for-sale securities				Investments
	Mortgage-backed securities		Corporate Fixed Income Securities		Equity Securities		State & Municipal Securities		Asset-Backed Securities		Auction Rate Securities - Equity		Auction Rate Securities - Municipal		Other (1)

Balance at December 31, 2013	$	-	$	2,039	$	241	$	6,200	$	58,078	$	56,693	$	10,939	$	97,768
Unrealized gains/(losses):
Included in changes in net assets (2)		(127)		(445)		(494)		-		-		604		688		903
Included in OCI (3)		-		-		-		62		(530)		-		-		-
Realized gains/(losses) (2)		13		(1,320)		4,965		-		1,322		-		-		3,290
Purchases		-		8,549		1,394		-		-		25		1,650		1,263
Sales		-		(5,783)		(5,205)		-		(4,825)		(1,725)		(10,324)		(22,058)
Redemptions		(44)		(88)		-		-		(10,000)		(9,400)		(1,627)		(4,294)
Transfers:
Into Level 3		964		-		243		-		-		-		-		-
Out of Level 3				(959)		-		(6,262)		-		-		-		(3,882)
Net change		806		(46)		903		(6,200)		(14,033)		(10,496)		(9,613)		(24,778)
Balance at December 31, 2014	$	806		1,993	$	1,144		-	$	44,054	$	46,197	$	1,326	$	72,990


	Year ended December 31, 2013
	Financial instruments Owned				Available-for-sale securities				Investments
	Corporate Fixed Income Securities		Equity Securities		State & Municipal Securities		Asset-Backed Securities		Auction Rate Securities - Equity		Auction Rate Securities - Municipal		Other (1)

Balance at December 31, 2012	$	583	$	-	$	90,487	$	-	$	64,397	$	14,067	$	37,297
Unrealized gains/(losses):
Included in changes in net assets (2)		779		1,333		-		(233)		571		75		6,328
Included in OCI (3)		-		-		(1,822)		-		-		-		-
Realized gains/(losses) (2)		281		-		2,053		-		-		-		13
Purchases		10,261		11,717		5,000		-		75		-		50,914
Sales		(6,888)		(208)		-		-		-		-		(6,801)
Redemptions		(1,349)		-		(32,000)		-		(8,350)		(3,203)		(2,584)
Transfers:
Into Level 3		139		-		6,201		58,311		-		-		12,601
Out of Level 3		(1,767)		(12,601)		(63,719)		-		-		-		-
Net change		1,456		241		(84,287)		58,078		(7,704)		(3,128)		60,471
Balance at December 31, 2013	$	2,039	$	241		6,200	$	58,078	$	56,693	$	10,939	$	97,768

(1) Includes partnership interests, private company investments, and private equity investments.

(2) Realized and unrealized gains/(losses) related to financial instruments owned and investments are reported in other income in the consolidated statements of operations.

(3) Unrealized gains/(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



	Valuation technique	Unobservable input	Range	Weighted average
Available-for-sale securities:
Asset-backed securities	Discounted cash flow	Discount rate	6.3% - 8.4%	8.2%
		Workout period	3 - 4 years	3.9 years

Investments:
Auction rate securities
Equity securities	Discounted cash flow	Discount rate	2.2% - 13.2%	5.8%
		Workout period	1 - 3 years	2.3 years

Municipal securities	Discounted cash flow	Discount rate	0.1% - 8.6%	7.0%
		Workout period	1 -4 years	2.9 years

Other
Investments in partnerships	Market approach	Revenue multiple	1.3 - 4.2	2.9
		EBITDA multiple	9.4 - 15.3	12.3

Private equity investments	Market/Income approach	Revenue multiple	0.5 - 2.0	1.4
		EBITDA multiple	4.3 - 9.8	6.7

Schedule Of Fair Value Of Financial Instruments


	December 31, 2014				December 31, 2013
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets:
Cash and cash equivalents	$	689,782	$	689,782	$	716,560	$	716,560
Restricted cash		-		-		4,268		4,268
Cash segregated for regulatory purposes		49,646		49,646		35		35
Securities purchased under agreements to resell		55,078		55,078		225,075		225,075
Financial instruments owned		786,855		786,855		801,494		801,494
Available-for-sale securities		1,513,478		1,513,478		1,756,253		1,756,253
Held-to-maturity securities		1,177,565		1,211,976		1,312,115		1,305,959
Loans held for sale		121,939		121,939		109,110		109,110
Bank loans		2,065,420		2,086,864		1,404,353		1,420,068
Investments		210,255		210,255		217,228		217,228
Financial liabilities:
Securities sold under agreements to repurchase	$	39,180	$	39,180	$	263,809	$	263,809
Bank deposits		4,790,081		4,246,214		4,663,323		4,072,038
Financial instruments sold, but not yet purchased		587,265		587,265		481,214		481,214
Derivative contracts (1)		5,641		5,641		9,349		9,349
Senior notes		625,000		638,690		325,000		328,635
Debentures to Stifel Financial Capital Trusts		82,500		76,714		82,500		72,201
Liabilities subordinated to claims of general creditors		-		-		3,131		3,122

(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


	December 31, 2014
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	566,907	$	566,907	$	-	$	-
Restricted cash		-		-		-		-
Cash segregated for regulatory purposes		49,646		49,646		-		-
Securities purchased under agreements to resell		55,078		44,996		10,082		-
Held-to-maturity securities		1,211,976		-		969,913		242,063
Loans held for sale		121,939		-		121,939		-
Bank loans		2,086,864		-		2,086,864		-
Financial liabilities:
Securities sold under agreements to repurchase	$	39,180	$	39,180	$	-	$	-
Bank deposits		4,246,214		-		4,246,214		-
Senior notes		638,690		638,690		-		-
Debentures to Stifel Financial Capital Trusts		76,714		-		-		76,714


	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		-		-
Debentures to Stifel Financial Capital Trusts		72,201		-		-		72,201
Liabilities subordinated to claims of general creditors		3,122		-		-		3,122

- 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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