XML 50 R39.htm IDEA: XBRL DOCUMENT v3.20.2
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