Fair Value Measurements (Tables)
|
9 Months Ended |
Sep. 30, 2020 |
Fair Value Disclosures [Abstract] |
|
Schedule Of Fair Value Of Investments In And Unfunded Commitments To Funds Measured At Net Asset Value |
|
|
September 30, 2020 |
|
|
December 31, 2019 |
|
|
|
Fair value of investments |
|
|
Unfunded commitments |
|
|
Fair value of investments |
|
|
Unfunded commitments |
|
Money market funds |
|
$ |
106,207 |
|
|
$ |
— |
|
|
$ |
25,734 |
|
|
$ |
— |
|
Mutual funds |
|
|
6,152 |
|
|
|
— |
|
|
|
7,875 |
|
|
|
— |
|
Private equity funds |
|
|
1,538 |
|
|
|
1,203 |
|
|
|
2,288 |
|
|
|
1,203 |
|
Partnership interests |
|
|
3,221 |
|
|
|
895 |
|
|
|
3,058 |
|
|
|
953 |
|
Total |
|
$ |
117,118 |
|
|
$ |
2,098 |
|
|
$ |
38,955 |
|
|
$ |
2,156 |
|
|
Fair Value Of Assets And Liabilities Measured On Recurring Basis |
|
|
September 30, 2020 |
|
|
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
Financial instruments owned: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government securities |
|
$ |
42,444 |
|
|
$ |
42,444 |
|
|
$ |
— |
|
|
$ |
— |
|
U.S. government agency securities |
|
|
117,805 |
|
|
|
— |
|
|
|
117,805 |
|
|
|
— |
|
Mortgage-backed securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agency |
|
|
215,333 |
|
|
|
— |
|
|
|
215,333 |
|
|
|
— |
|
Non-agency |
|
|
1,197 |
|
|
|
— |
|
|
|
1,197 |
|
|
|
— |
|
Asset-backed securities |
|
|
44 |
|
|
|
— |
|
|
|
35 |
|
|
|
9 |
|
Corporate securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed income securities |
|
|
219,734 |
|
|
|
1,167 |
|
|
|
218,567 |
|
|
|
— |
|
Equity securities |
|
|
71,387 |
|
|
|
67,093 |
|
|
|
4,294 |
|
|
|
— |
|
Sovereign debt |
|
|
3,069 |
|
|
|
— |
|
|
|
3,069 |
|
|
|
— |
|
State and municipal securities |
|
|
143,201 |
|
|
|
— |
|
|
|
143,201 |
|
|
|
— |
|
Loans |
|
|
5,501 |
|
|
|
— |
|
|
|
— |
|
|
|
5,501 |
|
Total financial instruments owned |
|
|
819,715 |
|
|
|
110,704 |
|
|
|
703,501 |
|
|
|
5,510 |
|
Available-for-sale securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government agency securities |
|
|
4,630 |
|
|
|
— |
|
|
|
4,630 |
|
|
|
— |
|
State and municipal securities |
|
|
2,459 |
|
|
|
— |
|
|
|
2,459 |
|
|
|
— |
|
Mortgage-backed securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agency |
|
|
682,174 |
|
|
|
— |
|
|
|
682,174 |
|
|
|
— |
|
Commercial |
|
|
97,821 |
|
|
|
— |
|
|
|
97,821 |
|
|
|
— |
|
Non-agency |
|
|
6,779 |
|
|
|
— |
|
|
|
6,779 |
|
|
|
— |
|
Corporate fixed income securities |
|
|
605,555 |
|
|
|
— |
|
|
|
605,555 |
|
|
|
— |
|
Asset-backed securities |
|
|
1,424,840 |
|
|
|
— |
|
|
|
1,424,840 |
|
|
|
— |
|
Total available-for-sale securities |
|
|
2,824,258 |
|
|
|
— |
|
|
|
2,824,258 |
|
|
|
— |
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate equity securities |
|
|
24,925 |
|
|
|
23,865 |
|
|
|
— |
|
|
|
1,060 |
|
Auction rate securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity securities |
|
|
12,615 |
|
|
|
— |
|
|
|
— |
|
|
|
12,615 |
|
Municipal securities |
|
|
183 |
|
|
|
— |
|
|
|
— |
|
|
|
183 |
|
Other |
|
|
59,778 |
|
|
|
9,749 |
|
|
|
15,028 |
|
|
|
35,001 |
|
Investments in funds and partnerships measured at NAV |
|
|
10,911 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investments |
|
|
108,412 |
|
|
|
33,614 |
|
|
|
15,028 |
|
|
|
48,859 |
|
Cash equivalents measured at NAV |
|
|
106,207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
3,858,592 |
|
|
$ |
144,318 |
|
|
$ |
3,542,787 |
|
|
$ |
54,369 |
|
|
|
September 30, 2020 |
|
|
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial instruments sold, but not yet purchased: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government securities |
|
$ |
220,510 |
|
|
$ |
220,510 |
|
|
$ |
— |
|
|
$ |
— |
|
U.S. government agency securities |
|
|
6,265 |
|
|
|
— |
|
|
|
6,265 |
|
|
|
— |
|
Agency mortgage-backed securities |
|
|
135,005 |
|
|
|
— |
|
|
|
135,005 |
|
|
|
— |
|
Corporate securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed income securities |
|
|
177,744 |
|
|
|
1,495 |
|
|
|
176,249 |
|
|
|
— |
|
Equity securities |
|
|
42,017 |
|
|
|
42,017 |
|
|
|
— |
|
|
|
— |
|
Sovereign debt |
|
|
18,393 |
|
|
|
— |
|
|
|
18,393 |
|
|
|
— |
|
Total financial instruments sold, but not yet purchased |
|
$ |
599,934 |
|
|
$ |
264,022 |
|
|
$ |
335,912 |
|
|
$ |
— |
|
Assets and liabilities measured at fair value on a recurring basis as of December 31, 2019, are presented below (in thousands):
|
|
December 31, 2019 |
|
|
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
Financial instruments owned: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government securities |
|
$ |
9,266 |
|
|
$ |
9,266 |
|
|
$ |
— |
|
|
$ |
— |
|
U.S. government agency securities |
|
|
66,881 |
|
|
|
— |
|
|
|
66,881 |
|
|
|
— |
|
Mortgage-backed securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agency |
|
|
388,856 |
|
|
|
— |
|
|
|
388,856 |
|
|
|
— |
|
Non-agency |
|
|
5,155 |
|
|
|
— |
|
|
|
5,155 |
|
|
|
— |
|
Asset-backed securities |
|
|
28,385 |
|
|
|
— |
|
|
|
28,210 |
|
|
|
175 |
|
Corporate securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed income securities |
|
|
250,783 |
|
|
|
872 |
|
|
|
249,911 |
|
|
|
— |
|
Equity securities |
|
|
64,009 |
|
|
|
61,579 |
|
|
|
2,430 |
|
|
|
— |
|
Sovereign debt |
|
|
12,403 |
|
|
|
— |
|
|
|
12,403 |
|
|
|
— |
|
State and municipal securities |
|
|
137,211 |
|
|
|
— |
|
|
|
137,211 |
|
|
|
— |
|
Loans |
|
|
9,983 |
|
|
|
— |
|
|
|
832 |
|
|
|
9,151 |
|
Total financial instruments owned |
|
|
972,932 |
|
|
|
71,717 |
|
|
|
891,889 |
|
|
|
9,326 |
|
Available-for-sale securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government agency securities |
|
|
5,067 |
|
|
|
— |
|
|
|
5,067 |
|
|
|
— |
|
State and municipal securities |
|
|
24,297 |
|
|
|
— |
|
|
|
24,297 |
|
|
|
— |
|
Mortgage-backed securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agency |
|
|
837,878 |
|
|
|
— |
|
|
|
837,878 |
|
|
|
— |
|
Commercial |
|
|
109,537 |
|
|
|
— |
|
|
|
109,537 |
|
|
|
— |
|
Non-agency |
|
|
9,758 |
|
|
|
— |
|
|
|
9,758 |
|
|
|
— |
|
Corporate fixed income securities |
|
|
675,311 |
|
|
|
— |
|
|
|
675,311 |
|
|
|
— |
|
Asset-backed securities |
|
|
1,592,889 |
|
|
|
— |
|
|
|
1,592,889 |
|
|
|
— |
|
Total available-for-sale securities |
|
|
3,254,737 |
|
|
|
— |
|
|
|
3,254,737 |
|
|
|
— |
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate equity securities |
|
|
35,083 |
|
|
|
34,023 |
|
|
|
— |
|
|
|
1,060 |
|
Auction rate securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity securities |
|
|
14,243 |
|
|
|
— |
|
|
|
— |
|
|
|
14,243 |
|
Municipal securities |
|
|
654 |
|
|
|
— |
|
|
|
470 |
|
|
|
184 |
|
Other |
|
|
16,771 |
|
|
|
9,905 |
|
|
|
6,013 |
|
|
|
853 |
|
Investments in funds and partnerships measured at NAV |
|
|
13,221 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investments |
|
|
79,972 |
|
|
|
43,928 |
|
|
|
6,483 |
|
|
|
16,340 |
|
Cash equivalents measured at NAV |
|
|
25,734 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative contracts (1) |
|
|
1,086 |
|
|
|
— |
|
|
|
1,086 |
|
|
|
— |
|
|
|
$ |
4,334,461 |
|
|
$ |
115,645 |
|
|
$ |
4,154,195 |
|
|
$ |
25,666 |
|
(1) |
Included in other assets in the consolidated statements of financial condition. |
|
|
December 31, 2019 |
|
|
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial instruments sold, but not yet purchased: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government securities |
|
$ |
243,570 |
|
|
$ |
243,570 |
|
|
$ |
— |
|
|
$ |
— |
|
U.S. government agency securities |
|
|
1,000 |
|
|
|
— |
|
|
|
1,000 |
|
|
|
— |
|
Agency mortgage-backed securities |
|
|
231,909 |
|
|
|
— |
|
|
|
231,909 |
|
|
|
— |
|
Corporate securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed income securities |
|
|
140,100 |
|
|
|
633 |
|
|
|
139,467 |
|
|
|
— |
|
Equity securities |
|
|
32,047 |
|
|
|
32,047 |
|
|
|
— |
|
|
|
— |
|
Sovereign debt |
|
|
13,271 |
|
|
|
— |
|
|
|
13,271 |
|
|
|
— |
|
Loans |
|
|
955 |
|
|
|
— |
|
|
|
— |
|
|
|
955 |
|
Total financial instruments sold, but not yet purchased |
|
$ |
662,852 |
|
|
$ |
276,250 |
|
|
$ |
385,647 |
|
|
$ |
955 |
|
|
Schedule Of Changes In Fair Value Associated With Level 3 Financial Instruments |
|
|
Three Months Ended September 30, 2020 |
|
|
|
Financial instruments owned |
|
|
Investments |
|
|
|
Asset-Backed Securities |
|
|
Loans |
|
|
Corporate Equity Securities |
|
|
Auction Rate
Securities –
Equity |
|
|
Auction Rate
Securities –
Municipal |
|
|
Other |
|
Balance at June 30, 2020 |
|
$ |
175 |
|
|
$ |
9,611 |
|
|
$ |
1,060 |
|
|
$ |
12,621 |
|
|
$ |
183 |
|
|
$ |
35,001 |
|
Unrealized gains/(losses) |
|
|
(166 |
) |
|
|
690 |
|
|
|
— |
|
|
|
(6 |
) |
|
|
— |
|
|
|
— |
|
Purchases |
|
|
— |
|
|
|
667 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Sales |
|
|
— |
|
|
|
(4,467 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Redemptions |
|
|
— |
|
|
|
(1,000 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net change |
|
|
(166 |
) |
|
|
(4,110 |
) |
|
|
— |
|
|
|
(6 |
) |
|
|
— |
|
|
|
— |
|
Balance at September 30, 2020 |
|
$ |
9 |
|
|
$ |
5,501 |
|
|
$ |
1,060 |
|
|
$ |
12,615 |
|
|
$ |
183 |
|
|
$ |
35,001 |
|
|
|
Nine Months Ended September 30, 2020 |
|
|
|
Financial instruments owned |
|
|
Investments |
|
|
|
Asset-Backed Securities |
|
|
Loans |
|
|
Corporate Equity Securities |
|
|
Auction Rate
Securities –
Equity |
|
|
Auction Rate
Securities –
Municipal |
|
|
Other |
|
Balance at December 31, 2019 |
|
$ |
175 |
|
|
$ |
9,151 |
|
|
$ |
1,060 |
|
|
$ |
14,243 |
|
|
$ |
184 |
|
|
$ |
853 |
|
Unrealized losses |
|
|
(166 |
) |
|
|
(2,923 |
) |
|
|
— |
|
|
|
(1,628 |
) |
|
|
(1 |
) |
|
|
(478 |
) |
Purchases |
|
|
— |
|
|
|
7,748 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Sales |
|
|
— |
|
|
|
(7,472 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(20 |
) |
Redemptions |
|
|
— |
|
|
|
(1,003 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Transfers into Level 3 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
34,646 |
|
Net change |
|
|
(166 |
) |
|
|
(3,650 |
) |
|
|
— |
|
|
|
(1,628 |
) |
|
|
(1 |
) |
|
|
34,148 |
|
Balance at September 30, 2020 |
|
$ |
9 |
|
|
$ |
5,501 |
|
|
$ |
1,060 |
|
|
$ |
12,615 |
|
|
$ |
183 |
|
|
$ |
35,001 |
|
|
Schedule Of Fair Value Of Financial Instruments |
|
|
September 30, 2020 |
|
|
December 31, 2019 |
|
|
|
Carrying
Value |
|
|
Estimated
Fair Value |
|
|
Carrying
Value |
|
|
Estimated
Fair Value |
|
Financial assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,716,570 |
|
|
$ |
1,716,570 |
|
|
$ |
1,142,596 |
|
|
$ |
1,142,596 |
|
Cash segregated for regulatory purposes |
|
|
154,374 |
|
|
|
154,374 |
|
|
|
131,374 |
|
|
|
131,374 |
|
Securities purchased under agreements to resell |
|
|
436,860 |
|
|
|
436,860 |
|
|
|
385,008 |
|
|
|
385,008 |
|
Financial instruments owned |
|
|
819,715 |
|
|
|
819,715 |
|
|
|
972,932 |
|
|
|
972,932 |
|
Available-for-sale securities |
|
|
2,824,258 |
|
|
|
2,824,258 |
|
|
|
3,254,737 |
|
|
|
3,254,737 |
|
Held-to-maturity securities |
|
|
3,397,713 |
|
|
|
3,335,033 |
|
|
|
2,856,219 |
|
|
|
2,827,883 |
|
Bank loans |
|
|
10,650,760 |
|
|
|
10,721,120 |
|
|
|
9,624,042 |
|
|
|
9,801,986 |
|
Loans held for sale |
|
|
281,475 |
|
|
|
281,475 |
|
|
|
389,693 |
|
|
|
389,693 |
|
Investments |
|
|
108,412 |
|
|
|
108,412 |
|
|
|
79,972 |
|
|
|
79,972 |
|
Derivative contracts (1) |
|
|
— |
|
|
|
— |
|
|
|
1,086 |
|
|
|
1,086 |
|
Financial liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities sold under agreements to repurchase |
|
$ |
182,271 |
|
|
$ |
182,271 |
|
|
$ |
391,634 |
|
|
$ |
391,634 |
|
Bank deposits |
|
|
16,400,001 |
|
|
|
16,198,251 |
|
|
|
15,332,581 |
|
|
|
14,467,894 |
|
Financial instruments sold, but not yet purchased |
|
|
599,934 |
|
|
|
599,934 |
|
|
|
662,852 |
|
|
|
662,852 |
|
Federal Home Loan Bank advances |
|
|
— |
|
|
|
— |
|
|
|
250,000 |
|
|
|
250,000 |
|
Senior notes |
|
|
1,412,005 |
|
|
|
1,560,013 |
|
|
|
1,017,010 |
|
|
|
1,069,425 |
|
Debentures to Stifel Financial Capital Trusts |
|
|
60,000 |
|
|
|
39,338 |
|
|
|
60,000 |
|
|
|
45,847 |
|
(1) |
Included in other assets in the consolidated statements of financial condition. |
|
Estimated Fair Values Of Financial Instruments Not Measured At Fair Value |
|
|
September 30, 2020 |
|
|
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
Financial assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
1,610,363 |
|
|
$ |
1,610,363 |
|
|
$ |
— |
|
|
$ |
— |
|
Cash segregated for regulatory purposes |
|
|
154,374 |
|
|
|
154,374 |
|
|
|
— |
|
|
|
— |
|
Securities purchased under agreements to resell |
|
|
436,860 |
|
|
|
337,095 |
|
|
|
99,765 |
|
|
|
— |
|
Held-to-maturity securities |
|
|
3,335,033 |
|
|
|
— |
|
|
|
3,179,239 |
|
|
|
155,794 |
|
Bank loans |
|
|
10,721,120 |
|
|
|
— |
|
|
|
10,721,120 |
|
|
|
— |
|
Loans held for sale |
|
|
281,475 |
|
|
|
— |
|
|
|
281,475 |
|
|
|
— |
|
Financial liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities sold under agreements to repurchase |
|
$ |
182,271 |
|
|
$ |
— |
|
|
$ |
182,271 |
|
|
$ |
— |
|
Bank deposits |
|
|
16,198,251 |
|
|
|
— |
|
|
|
16,198,251 |
|
|
|
— |
|
Senior notes |
|
|
1,560,013 |
|
|
|
1,560,013 |
|
|
|
— |
|
|
|
— |
|
Debentures to Stifel Financial Capital Trusts |
|
|
39,338 |
|
|
|
— |
|
|
|
— |
|
|
|
39,338 |
|
|
|
December 31, 2019 |
|
|
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
Financial assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
1,116,862 |
|
|
$ |
1,116,862 |
|
|
$ |
— |
|
|
$ |
— |
|
Cash segregated for regulatory purposes |
|
|
131,374 |
|
|
|
131,374 |
|
|
|
— |
|
|
|
— |
|
Securities purchased under agreements to resell |
|
|
385,008 |
|
|
|
342,132 |
|
|
|
42,876 |
|
|
|
— |
|
Held-to-maturity securities |
|
|
2,827,883 |
|
|
|
— |
|
|
|
2,666,773 |
|
|
|
161,110 |
|
Bank loans |
|
|
9,801,986 |
|
|
|
— |
|
|
|
9,801,986 |
|
|
|
— |
|
Loans held for sale |
|
|
389,693 |
|
|
|
— |
|
|
|
389,693 |
|
|
|
— |
|
Financial liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities sold under agreements to repurchase |
|
$ |
391,634 |
|
|
$ |
22,205 |
|
|
$ |
369,429 |
|
|
$ |
— |
|
Bank deposits |
|
|
14,467,894 |
|
|
|
— |
|
|
|
14,467,894 |
|
|
|
— |
|
Federal Home Loan Bank advances |
|
|
250,000 |
|
|
|
250,000 |
|
|
|
— |
|
|
|
— |
|
Senior notes |
|
|
1,069,425 |
|
|
|
1,069,425 |
|
|
|
— |
|
|
|
— |
|
Debentures to Stifel Financial Capital Trusts |
|
|
45,847 |
|
|
|
— |
|
|
|
— |
|
|
|
45,847 |
|
|