Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value Of Assets And Liabilities Measured On Recurring Basis

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2015, are presented below (in thousands):

	December 31, 2015
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	91,268	$	91,268	$	—	$	—
Financial instruments owned:
U.S. government securities		45,167		45,167		—		—
U.S. government agency securities		116,949		—		116,949		—
Mortgage-backed securities:
Agency		205,473		—		205,473		—
Non-agency		33,319		—		31,843		1,476
Corporate securities:		-
Fixed income securities		203,910		13,203		190,707		—
Equity securities		31,642		29,388		1,635		619
State and municipal securities		112,983		—		112,983		—
Total financial instruments owned		749,443		87,758		659,590		2,095
Available-for-sale securities:
U.S. government agency securities		1,698		—		1,698		—
State and municipal securities		74,167		—		74,167		—
Mortgage-backed securities:
Agency		304,893		—		304,893		—
Commercial		11,310		—		11,310		—
Non-agency		2,518		—		2,518		—
Corporate fixed income securities		319,408		—		319,408		—
Asset-backed securities		915,913		—		915,913		—
Total available-for-sale securities		1,629,907		—		1,629,907		—
Investments:
Corporate equity securities		30,737		26,436		—		4,301
Mutual funds		15,493		15,493		—		—
U.S. government securities		102		102		—		—
Auction rate securities:
Equity securities		55,710		—		5,268		50,442
Municipal securities		1,315		—		—		1,315
Other¹		77,660		4,911		2,873		69,876
Total investments		181,017		46,942		8,141		125,934
	$	2,651,635	$	225,968	$	2,297,638	$	128,029

¹	Includes $54.5 million of partnership interests, $14.6 million of private company investments, and $2.8 million of private equity and other investments.

	December 31, 2015
	Total		Level 1		Level 2		Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities	$	186,030	$	186,030	$	—	$	—
U.S. government agency securities		—		—		—		—
Mortgage-backed securities:
Agency		50,830		—		50,830
Non-agency		—		—		—		—
Corporate securities:
Fixed income securities		255,700		3,601		252,099		—
Equity securities		29,184		22,894		6,290		—
State and municipal securities		—		—		—		—
Total financial instruments sold, but not yet purchased		521,744		212,525		309,219		—
Derivative contracts ²		3,591		—		3,591		—
	$	525,335	$	212,525	$	312,810	$	—

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, 2014, are presented below (in thousands):

	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

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.

	December 31, 2014
	Total		Level 1		Level 2		Level 3
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		—
Non-agency		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		—
Derivative contracts ²		5,641		—		5,641		—
	$	592,906	$	269,122	$	323,784	$	—

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, 2015 and 2014 (in thousands):

	Year Ended December 31, 2015
	Financial instruments owned									Available- for-sale securities
	Mortgage- Backed Securities – Non-Agency			Corporate Fixed Income Securities			Equity Securities			Asset- Backed Securities
Balance at December 31, 2014	$	806		$	1,993		$	1,144		$	44,045
Unrealized gains/(losses):
Included in changes in net assets ²		(241	)		84			—			—
Included in OCI ³		—			—			—			342
Realized gains/(losses) ²		127			53			—			(2,136	)
Purchases		—			11,643			—			—
Sales		—			(13,773	)		(525	)		(42,251	)
Redemptions		(332	)		—			—			—
Transfers:
Into Level 3		1,116			—			—			—
Out of Level 3		—			—			—			—
Net change		670			(1,993	)		(525	)		(44,045	)
Balance at December 31, 2015	$	1,476		$	—		$	619		$	—

	Year Ended December 31, 2015
	Investments
	Corporate Equity Securities			Auction Rate Securities – Equity			Auction Rate Securities – Municipal			Other 1
Balance at December 31, 2014	$	—		$	46,197		$	1,326		$	72,990
Unrealized gains/(losses):
Included in changes in net assets ²		1,410			(413	)		(11	)		1,241
Included in OCI ³		—			—			—			(1,381	)
Realized gains ²		—			—			—			—
Purchases		—			15,176			—			26,659
Sales		—			—			—			(16,245	)
Redemptions		—			(5,250	)		—			(4,770	)
Transfers:
Into Level 3		7,732			—			—			—
Out of Level 3		(4,841	)		(5,268	)		—			(8,618	)
Net change		4,301			4,245			(11	)		(3,114	)
Balance at December 31, 2015	$	4,301		$	50,442		$	1,315		$	69,876

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.

	Year Ended December 31, 2014
	Financial instruments owned									Available- for-sale securities
	Mortgage- Backed Securities – Non-Agency			Corporate Fixed Income Securities			Equity Securities			State & Municipal Securities
Balance at December 31, 2013	$	—		$	2,039		$	241		$	6,200
Unrealized gains/(losses):
Included in changes in net assets ²		(127	)		(445	)		(494	)		—
Included in OCI ³		—			—			—			62
Realized gains/(losses) ²		13			(1,320	)		4,965			—
Purchases		—			8,549			1,394			—
Sales		—			(5,783	)		(5,205	)		—
Redemptions		(44	)		(88	)		—			—
Transfers:
Into Level 3		964			—			243			—
Out of Level 3		—			(959	)		—			(6,262	)
Net change		806			(46	)		903			(6,200	)
Balance at December 31, 2014	$	806		$	1,993		$	1,144		$	—

	Year Ended December 31, 2014
	Investments
	Asset Backed Securities			Auction Rate Securities – Equity			Auction Rate Securities – Municipal			Other 1
Balance at December 31, 2013	$	58,078		$	56,693		$	10,939		$	97,768
Unrealized gains/(losses):
Included in changes in net assets ²		—			604			688			(18	)
Included in OCI 3		(530	)		—			—			—
Realized gains 2		1,322			—			—			3,412
Purchases		—			25			1,650			3,630
Sales		(4,825	)		(1,725	)		(10,324	)		(25,030	)
Redemptions		(10,000	)		(9,400	)		(1,627	)		(4,413	)
Transfers:
Into Level 3		—			—			—			1,524
Out of Level 3		—			—			—			(3,883	)
Net change		(14,033	)		(10,496	)		(9,613	)		(24,778	)
Balance at December 31, 2014	$	44,045		$	46,197		$	1,326		$	72,990

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
Investments:
Auction rate securities:
Equity securities	Discounted cash flow	Discount rate	2.3% - 13.4%		7.2%
		Workout period	1 - 3 years	2.3 years
Municipal securities	Discounted cash flow	Discount rate	0.3% - 12.7%		7.7%
		Workout period	1 - 4 years	2.8 years

Schedule Of Fair Value Of Financial Instruments

The following reflects the fair value of financial instruments as of December 31, 2015 and 2014, whether or not recognized in the consolidated statements of financial condition at fair value (in thousands).

	December 31, 2015				December 31, 2014
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets:
Cash and cash equivalents	$	811,019	$	811,019	$	689,782	$	689,782
Cash segregated for regulatory purposes		227,727		227,727		49,646		49,646
Securities purchased under agreements to resell		160,423		160,423		55,078		55,078
Financial instruments owned		749,443		749,443		786,855		786,855
Available-for-sale securities		1,629,907		1,629,907		1,513,478		1,513,478
Held-to-maturity securities		1,855,399		1,874,998		1,177,565		1,211,976
Loans held for sale		189,921		189,921		121,939		121,939
Bank loans		3,143,515		3,188,402		2,065,420		2,086,864
Investments		181,017		181,017		210,255		210,255
Financial liabilities:
Securities sold under agreements to repurchase	$	278,674	$	278,674	$	39,180	$	39,180
Bank deposits		6,638,356		6,627,818		4,790,081		4,246,214
Financial instruments sold, but not yet purchased		521,744		521,744		587,265		587,265
Derivative contracts ¹		3,591		3,591		5,641		5,641
Borrowings		237,084		237,084		—		—
Senior notes		750,000		745,999		625,000		638,690
Debentures to Stifel Financial Capital Trusts		82,500		72,371		82,500		76,714

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, 2015
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	719,751	$	719,751	$	—	$	—
Cash segregated for regulatory purposes		227,727		227,727		—		—
Securities purchased under agreements to resell		160,423		160,423		—		—
Held-to-maturity securities		1,874,998		—		1,317,582		557,416
Loans held for sale		189,921		—		189,921		—
Bank loans		3,188,402		—		3,188,402		—
Financial liabilities:
Securities sold under agreements to repurchase	$	278,674	$	278,674	$	—	$	—
Bank deposits		6,627,818		—		6,627,818		—
Borrowings		237,084		—		237,054		—
Senior notes		745,999		745,999		—		—
Debentures to Stifel Financial Capital Trusts		72,371		—		—		72,371

	December 31, 2014
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	566,907	$	566,907	$	—	$	—
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		—
Borrowings		—		—		—		—
Senior notes		638,690		638,690		—		—
Debentures to Stifel Financial Capital Trusts		76,714		—		—		76,714