Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 09, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | STIFEL FINANCIAL CORP | ||
Entity Central Index Key | 0000720672 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Tax Identification Number | 43-1273600 | ||
Entity Address, Address Line One | 501 North Broadway | ||
Entity Address, City or Town | St. Louis | ||
Entity Address, State or Province | MO | ||
Entity Address, Postal Zip Code | 63102-2188 | ||
City Area Code | 314 | ||
Local Phone Number | 342-2000 | ||
Entity File Number | 001-09305 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 6.5 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
ICFR Auditor Attestation Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Auditor Firm ID | 42 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | Stamford, Connecticut | ||
Documents Incorporated by Reference | Portions of the Proxy Statement for the annual meeting of shareholders, to be filed within 120 days of our fiscal year ended December 31, 2023, are incorporated by reference in Part III hereof. | ||
Document Financial Statement Error Correction [Flag] | false | ||
Common Stock [Member] | |||
Document Information [Line Items] | |||
Trading Symbol | SF | ||
Title of 12(b) Security | Common Stock, $0.15 par value per share | ||
Security Exchange Name | NYSE | ||
Entity Common Stock, Shares Outstanding | 102,796,022 | ||
Depository Shares, each representing 1/1,000th interest in a share of 6.25% Non-Cumulative Preferred Stock, Series B [Member] | |||
Document Information [Line Items] | |||
Trading Symbol | SF-PB | ||
Title of 12(b) Security | Depository Shares, each representing 1/1,000th interest in a share of 6.25% Non-Cumulative Preferred Stock, Series B | ||
Security Exchange Name | NYSE | ||
Entity Common Stock, Shares Outstanding | 6,400 | ||
Depository Shares, each representing 1/1,000th interest in a share of 6.125% Non-Cumulative Preferred Stock, Series C [Member] | |||
Document Information [Line Items] | |||
Trading Symbol | SF-PC | ||
Title of 12(b) Security | Depository Shares, each representing 1/1,000th interest in a share of 6.125% Non-Cumulative Preferred Stock, Series C (SF-PC) | ||
Security Exchange Name | NYSE | ||
Entity Common Stock, Shares Outstanding | 9,000 | ||
Depository Shares, each representing 1/1,000th interest in a share of 4.50% Non-Cumulative Preferred Stock, Series D [Member] | |||
Document Information [Line Items] | |||
Trading Symbol | SF-PD | ||
Title of 12(b) Security | Depository Shares, each representing 1/1,000th interest in a share of 4.50% Non-Cumulative Preferred Stock, Series D | ||
Security Exchange Name | NYSE | ||
Entity Common Stock, Shares Outstanding | 12,000 | ||
Senior notes 5.20% due 2047 [Member] | |||
Document Information [Line Items] | |||
Trading Symbol | SFB | ||
Title of 12(b) Security | 5.20% Senior Notes due 2047 | ||
Security Exchange Name | NYSE | ||
Entity Common Stock, Shares Outstanding | 225,000,000 |
Consolidated Statements Of Fina
Consolidated Statements Of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | ||
Assets | ||||
Cash and cash equivalents | $ 3,361,801 | $ 2,199,985 | ||
Cash segregated for regulatory purposes | 162,048 | 29,017 | ||
Receivables: | ||||
Brokerage clients, net | 841,507 | 924,385 | ||
Brokers, dealers, and clearing organizations | 414,144 | 418,091 | ||
Securities purchased under agreements to resell | 349,849 | 348,162 | ||
Financial instruments owned, at fair value | 918,741 | 731,752 | ||
Available-for-sale securities, Fair Value | 1,551,686 | [1] | 1,636,041 | |
Held-to-maturity securities, at amortized cost | [2] | 5,888,798 | 5,990,451 | |
Loans: | ||||
Held for investment, net | 19,305,805 | 20,465,092 | ||
Held for sale, at lower of cost or market | 423,999 | 156,912 | ||
Investments, at fair value | 91,105 | 99,376 | ||
Fixed assets, net | 191,528 | 200,043 | ||
Operating lease right-of-use assets, net | 778,216 | 775,949 | ||
Goodwill | 1,388,243 | 1,326,548 | ||
Intangible assets, net | 133,279 | 130,589 | ||
Loans and advances to financial advisors and other employees, net | 683,486 | 654,112 | ||
Deferred tax assets, net | 121,522 | 159,207 | ||
Other assets | 1,121,703 | 950,412 | ||
Total assets | 37,727,460 | 37,196,124 | ||
Payables: | ||||
Brokerage clients | 734,821 | 770,336 | ||
Brokers, dealers, and clearing organizations | 231,736 | 94,954 | ||
Drafts | 117,688 | 102,212 | ||
Securities sold under agreements to repurchase | 417,644 | 212,011 | ||
Bank deposits | 27,334,579 | 27,117,111 | ||
Financial instruments sold, but not yet purchased, at fair value | 497,741 | 454,817 | ||
Accrued compensation | 585,612 | 677,376 | ||
Accounts payable and accrued expenses | 1,337,579 | 1,264,282 | ||
Senior notes, net | 1,115,629 | 1,114,554 | ||
Debentures to Stifel Financial Capital Trusts | 60,000 | 60,000 | ||
Total liabilities | 32,433,029 | 31,867,653 | ||
Equity | ||||
Preferred stock - $1 par value; authorized 3,000,000 shares; issued 27,400 shares | 685,000 | 685,000 | ||
Common stock - $0.15 par value; authorized 194,000,000 shares; issued 111,662,321 and 111,662,034 shares, respectively | 16,749 | 16,749 | ||
Additional paid-in-capital | 1,905,097 | 1,928,069 | ||
Retained earnings | 3,398,610 | 3,169,095 | ||
Accumulated other comprehensive loss | (74,326) | (117,960) | ||
Treasury stock, at cost, 10,600,793 and 6,314,033 shares, respectively | (636,699) | (352,482) | ||
Total equity | 5,294,431 | 5,328,471 | ||
Total liabilities and equity | $ 37,727,460 | $ 37,196,124 | ||
[1] Due to the immaterial amount of income recognized on tax-exempt securities, yields were not calculated on a tax-equivalent basis. Held-to-maturity securities are carried in the consolidated statements of financial condition at amortized cost, and the changes in the value of these securities, other than impairment charges, are not reported on the consolidated financial statements. |
Consolidated Statements Of Fi_2
Consolidated Statements Of Financial Condition (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, shares authorized | 3,000,000 | 3,000,000 |
Preferred stock, shares issued | 27,400 | 27,400 |
Common stock, par value | $ 0.15 | $ 0.15 |
Common stock, shares authorized | 194,000,000 | 194,000,000 |
Common stock, shares issued | 111,662,321 | 111,662,034 |
Treasury Stock, common, shares | 10,600,793 | 6,314,033 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Revenues: | ||||
Commissions | $ 673,597 | $ 710,589 | $ 809,500 | |
Principal transactions | 490,440 | 529,033 | 581,164 | |
Investment banking | 731,255 | 971,485 | 1,565,381 | |
Asset management | 1,299,496 | 1,262,919 | 1,206,516 | |
Interest | 1,955,745 | 1,099,115 | 548,400 | |
Other income | 8,747 | 19,685 | 72,125 | |
Total revenues | 5,159,280 | 4,592,826 | 4,783,086 | |
Interest expense | 810,336 | 201,387 | 45,998 | |
Net revenues | [1] | 4,348,944 | 4,391,439 | 4,737,088 |
Non-interest expenses: | ||||
Compensation and benefits | 2,554,581 | 2,586,232 | 2,820,301 | |
Occupancy and equipment rental | 339,322 | 313,247 | 290,243 | |
Communications and office supplies | 184,652 | 175,135 | 165,490 | |
Commissions and floor brokerage | 58,344 | 57,752 | 59,681 | |
Provision for credit losses | 24,999 | 33,506 | (11,502) | |
Other operating expenses | 480,354 | 340,451 | 345,794 | |
Total non-interest expenses | 3,642,252 | 3,506,323 | 3,670,007 | |
Income before income tax expense | 706,692 | 885,116 | 1,067,081 | |
Provision for income taxes | 184,156 | 222,961 | 242,223 | |
Net income | 522,536 | 662,155 | 824,858 | |
Preferred dividends | 37,281 | 37,281 | 35,587 | |
Net income available to common shareholders | $ 485,255 | $ 624,874 | $ 789,271 | |
Earnings per common share: | ||||
Basic | $ 4.55 | $ 5.74 | $ 7.34 | |
Diluted | 4.28 | 5.32 | 6.66 | |
Cash dividends declared per common share | $ 1.44 | $ 1.2 | $ 0.6 | |
Weighted-average number of common shares outstanding: | ||||
Basic | 106,661 | 108,848 | 107,536 | |
Diluted | 113,453 | 117,540 | 118,530 | |
[1] No individual client accounted for more than 10 percent of total net revenues for the years ended December 31, 2023, 2022, and 2021. |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 522,536 | $ 662,155 | $ 824,858 | |
Other comprehensive income/(loss), net of tax: | ||||
Changes in unrealized gains/(losses) on available-for-sale securities, net of tax | [1],[2] | 38,180 | (177,731) | (19,385) |
Foreign currency translation adjustment, net of tax | [1],[3] | 5,454 | 55,053 | (3,536) |
Total other comprehensive income/(loss), net of tax | [1] | 43,634 | (122,678) | (22,921) |
Comprehensive income | $ 566,170 | $ 539,477 | $ 801,937 | |
[1] Net of a tax expense of $ 15.4 million, tax benefit of $ 41.3 million, and tax benefit of $ 6.7 million for the years ended December 31, 2023, 2022, and 2021, respectively. Net of reclassifications to earnings of realized losses of $ 5.6 million for the year ended December 31, 2023. There were no reclassifications to earnings for the years ended December 31, 2022 and 2021. During the year ended December 31, 2022, we closed our derivative instruments used to hedge the foreign exchange risk related to our equity investment in non-U.S. Dollar functional currency foreign subsidiaries, primarily the British Pound and Euro. The net gain recorded on these hedges was $ 75.0 million, which included $ 23.3 million in tax expense. |
Consolidated Statements Of Co_2
Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Other comprehensive income/(loss), tax (benefit) expense | $ 15.4 | $ 41.3 | $ 6.7 |
Reclassifications to earnings of realized gains/(losses) on available-for-sale securities | 5.6 | $ 0 | $ 0 |
Net gain recorded on hedges | 75 | ||
Net gain recorded on hedges, Net of tax | $ 23.3 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Shareholders' Equity - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | |
Balance, beginning of year at Dec. 31, 2020 | $ 535,000 | $ 16,749 | $ 1,888,982 | $ 2,078,135 | $ 27,639 | $ (307,739) | ||
Net Income (Loss) | $ 824,858 | 824,858 | ||||||
Unit amortization, net of forfeitures | 127,458 | |||||||
Distributions under employee plans | (120,158) | (35,233) | 74,568 | |||||
Dividends declared, Common | (74,437) | |||||||
Dividends declared, Preferred | (35,587) | |||||||
Issuance of preferred stock | 300,000 | (9,112) | ||||||
Common stock issued for acquisitions | 35,186 | 54,814 | ||||||
Redemption of preferred stock | (150,000) | |||||||
Unrealized gains/(losses) on securities, net of tax | (19,385) | [1],[2] | (19,385) | |||||
Foreign currency translation adjustment, net of tax | (3,536) | [1],[3] | (3,536) | |||||
Other | 26 | (528) | ||||||
Common stock repurchased | (172,741) | |||||||
Balance, end of year at Dec. 31, 2021 | 5,034,959 | 685,000 | 16,749 | 1,922,382 | 2,757,208 | 4,718 | (351,098) | |
Net Income (Loss) | 662,155 | 662,155 | ||||||
Unit amortization, net of forfeitures | 150,408 | |||||||
Distributions under employee plans | (144,658) | (65,415) | 104,447 | |||||
Dividends declared, Common | (148,694) | |||||||
Dividends declared, Preferred | (37,281) | |||||||
Issuance of preferred stock | 0 | 0 | ||||||
Common stock issued for acquisitions | 0 | 0 | ||||||
Redemption of preferred stock | 0 | |||||||
Unrealized gains/(losses) on securities, net of tax | (177,731) | [1],[2] | (177,731) | |||||
Foreign currency translation adjustment, net of tax | 55,053 | [1],[3] | 55,053 | |||||
Other | (63) | 1,122 | ||||||
Common stock repurchased | (105,800) | (105,831) | ||||||
Balance, end of year at Dec. 31, 2022 | 5,328,471 | 685,000 | 16,749 | 1,928,069 | 3,169,095 | (117,960) | (352,482) | |
Net Income (Loss) | 522,536 | 522,536 | ||||||
Unit amortization, net of forfeitures | 149,088 | |||||||
Distributions under employee plans | (172,154) | (83,135) | 159,659 | |||||
Dividends declared, Common | (172,985) | |||||||
Dividends declared, Preferred | (37,281) | |||||||
Issuance of preferred stock | 0 | |||||||
Unrealized gains/(losses) on securities, net of tax | 38,180 | [1],[2] | 38,180 | |||||
Foreign currency translation adjustment, net of tax | 5,454 | [1],[3] | 5,454 | |||||
Other | 94 | 380 | ||||||
Common stock repurchased | (441,300) | (443,876) | ||||||
Balance, end of year at Dec. 31, 2023 | $ 5,294,431 | $ 685,000 | $ 16,749 | $ 1,905,097 | $ 3,398,610 | $ (74,326) | $ (636,699) | |
[1] Net of a tax expense of $ 15.4 million, tax benefit of $ 41.3 million, and tax benefit of $ 6.7 million for the years ended December 31, 2023, 2022, and 2021, respectively. Net of reclassifications to earnings of realized losses of $ 5.6 million for the year ended December 31, 2023. There were no reclassifications to earnings for the years ended December 31, 2022 and 2021. During the year ended December 31, 2022, we closed our derivative instruments used to hedge the foreign exchange risk related to our equity investment in non-U.S. Dollar functional currency foreign subsidiaries, primarily the British Pound and Euro. The net gain recorded on these hedges was $ 75.0 million, which included $ 23.3 million in tax expense. |
Consolidated Statements Of Ch_2
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Stockholders' Equity [Abstract] | |||
Preferred stock, par value | $ 1 | $ 1 | $ 1 |
Common stock, par value | $ 0.15 | $ 0.15 | $ 0.15 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flows From Operating Activities: | |||
Net income | $ 522,536 | $ 662,155 | $ 824,858 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 60,533 | 50,615 | 45,574 |
Amortization of loans and advances to financial advisors and other employees | 145,227 | 132,012 | 114,690 |
Amortization of premium on investment portfolio | 9,871 | 12,156 | 17,042 |
Provision for credit losses and allowance for loans and advances to financial advisors and other employees | 24,999 | 33,506 | (11,502) |
Amortization of intangible assets | 20,929 | 19,595 | 18,188 |
Deferred income taxes | 15,968 | 12,693 | 32,104 |
Stock-based compensation | 140,263 | 135,505 | 119,384 |
Unrealized (gains)/losses on investments | (460) | 11,892 | 2,999 |
Other, net | 2,572 | 8,852 | 26,222 |
Receivables: | |||
Brokerage clients, net | 82,878 | 228,492 | (214,033) |
Brokers, dealers, and clearing organizations | 5,341 | 156,165 | (8,496) |
Securities purchased under agreements to resell | (1,687) | 231,704 | (266,801) |
Financial instruments owned, including those pledged | (131,576) | 425,252 | (271,475) |
Loans originated as held for sale | (995,084) | (576,153) | (1,997,561) |
Proceeds from loans held for sale | 864,996 | 593,086 | 2,313,934 |
Loans and advances to financial advisors and other employees | (181,583) | (132,384) | (172,553) |
Other assets | (107,859) | (66,020) | (96,700) |
Increase/(decrease) in operating liabilities, net of liabilities assumed: | |||
Brokerage clients | (35,515) | (201,588) | (92,015) |
Brokers, dealers, and clearing organizations | 43,060 | (81,661) | 6,535 |
Drafts | 15,476 | (20,405) | 4,880 |
Financial instruments sold, but not yet purchased | 12,582 | (301,333) | 229,708 |
Other liabilities and accrued expenses | (14,139) | (176,721) | 247,112 |
Net cash provided by operating activities | 499,328 | 1,157,415 | 872,094 |
Cash Flows From Investing Activities: | |||
Principal paydowns, calls, maturities, and sales of available-for-sale securities | 138,216 | 330,049 | 562,352 |
Calls and principal paydowns of held-to-maturity securities | 101,240 | 114,741 | 1,751,313 |
Sale of fixed assets | 0 | 0 | 148,375 |
Sale or maturity of investments | 15,694 | 20,753 | 19,606 |
Decrease/(increase) in loans held for investment, net | 1,002,320 | (3,822,654) | (5,609,314) |
Payments for: | |||
Purchase of available-for-sale securities | (19,635) | (103,339) | (813,657) |
Purchase of held-to-maturity securities | 0 | (754,306) | (2,668,221) |
Purchase of investments | (29,257) | (15,551) | (23,309) |
Purchase of fixed assets | (51,976) | (82,327) | (188,176) |
Acquisitions, net of cash received | (111,958) | (11,903) | (144,471) |
Net cash provided by/(used in) investing activities | 1,044,644 | (4,324,537) | (6,965,502) |
Cash Flows from Financing Activities: | |||
Increase/(decrease) in securities sold under agreements to repurchase | 205,633 | (173,517) | 135,588 |
Increase in bank deposits, net | 217,468 | 3,836,763 | 5,883,851 |
Increase/(decrease) in securities loaned | 67,588 | (81,114) | 4,095 |
Tax payments related to shares withheld for stock-based compensation plans | (94,387) | (102,546) | (78,565) |
Repurchase of common stock | (443,876) | (105,831) | (172,741) |
Cash dividends on preferred stock | (37,281) | (37,281) | (35,587) |
Cash dividends paid to common stock and equity-award holders | (162,984) | (133,747) | (66,336) |
Payment of contingent consideration | (6,740) | (11,313) | (16,798) |
Other financing, net | 0 | 0 | 140,888 |
Net cash (used in)/provided by financing activities | (254,579) | 3,191,414 | 5,794,395 |
Effect of exchange rate changes on cash | 5,454 | 55,053 | (3,536) |
Increase/(decrease) in cash, cash equivalents, and cash segregated for regulatory purposes | 1,294,847 | 79,345 | (302,549) |
Cash, cash equivalents, and cash segregated for regulatory purposes at beginning of year | 2,229,002 | 2,149,657 | 2,452,206 |
Cash, cash equivalents, and cash segregated for regulatory purposes at end of year | 3,523,849 | 2,229,002 | 2,149,657 |
Supplemental disclosure of cash flow information: | |||
Cash paid for income taxes, net of refunds | 183,815 | 217,133 | 288,950 |
Cash paid for interest | 821,741 | 220,851 | 62,510 |
Noncash investing and financing activities: | |||
Unit grants, net of forfeitures | 188,641 | 194,741 | 156,535 |
Issuance of common stock for acquisitions | $ 0 | $ 0 | $ 90,000 |
Cash, Cash Equivalents, and Cas
Cash, Cash Equivalents, and Cash Restricted for Regulatory Purposes for Periods Presented in Consolidated Statement of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Cash Flows [Abstract] | ||||
Cash and cash equivalents | $ 3,361,801 | $ 2,199,985 | $ 1,963,326 | |
Cash segregated for regulatory purposes | 162,048 | 29,017 | 186,331 | |
Total cash, cash equivalents, and cash segregated for regulatory purposes | $ 3,523,849 | $ 2,229,002 | $ 2,149,657 | $ 2,452,206 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 522,536 | $ 662,155 | $ 824,858 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 shares | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | On October 30, 2023 , Victor Nesi , President and Director of Institutional Group, entered into trading plans to sell an aggregate of 36,000 shares held indirectly through trusts (the “Nesi Sales Plans”), with sales commencing on January 31, 2024, and terminating on the earliest to occur of (i) the close of business on January 29, 2025 ; (ii) the date on which the total shares subject to the Nesi Sales Plans have been sold; and (iii) the date the Nesi Sales Plans are terminated in connection with certain extraordinary transactions as specified by the terms of the Nesi Sales Plans. The Nesi Sales Plans were entered into during an open insider trading window and are intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act of 1934, as amended, and the Company’s policies regarding insider transactions. |
Name | Victor Nesi |
Title | President and Director |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | October 30, 2023 |
Rule 10b5-1 Arrangement Terminated | true |
Termination Date | January 29, 2025 |
Arrangement Duration | 457 days |
Aggregate Available | 36,000 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Basis of Presentation | NOTE 1 – Nature of Operation s and Basis of Presentation Nature of Operations Stifel Financial Corp. (the “Company”), through its wholly owned subsidiaries, is principally engaged in retail brokerage; securities trading; investment banking; investment advisory; retail, consumer, and commercial banking; and related financial services. Our major geographic area of concentration is throughout the United States, with a growing presence in the United Kingdom, Europe, and Canada. Our company’s principal customers are individual investors, corporations, municipalities, and institutions. Basis of Presentation The consolidated financial statements include Stifel Financial Corp. and its wholly owned subsidiaries, principally Stifel, Nicolaus & Company, Incorporated (“Stifel”), Keefe Bruyette & Woods, Inc. (“KBW”), Stifel Bancorp, Inc. (“Stifel Bancorp”), Stifel Nicolaus Canada Inc. (“SNC”), and Stifel Nicolaus Europe Limited (“SNEL”). Unless otherwise indicated, the terms “we,” “us,” “our,” or “our company” in this report refer to Stifel Financial Corp. and its wholly owned subsidiaries. The accompanying consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles, which require management to make certain estimates and assumptions that affect the reported amounts. We consider significant estimates, which are most susceptible to change and impacted significantly by judgments, assumptions, and estimates, to be: valuation of financial instruments and investments in partnerships, accrual for contingencies, allowance for loan losses, derivative instruments and hedging activities, fair value of goodwill and intangible assets, provision for income taxes and related tax reserves, and forfeitures associated with stock-based compensation. Actual results could differ from those estimates. Certain amounts from prior periods have been reclassified to conform to the current period’s presentation. The effect of these reclassifications on our company’s previously reported consolidated financial statements was not material. Consolidation Policies The consolidated financial statements include the accounts of Stifel Financial Corp. and its subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. We have investments or interests in other entities for which we must evaluate whether to consolidate by determining whether we have a controlling financial interest or are considered to be the primary beneficiary. Under our current consolidation policy, we consolidate those entities where we have the power to direct the activities of the entity that most significantly impact the entity’s economic performance and the obligation to absorb losses of the entity or the rights to receive benefits from the entity that could potentially be significant to the entity. We determine whether we are the primary beneficiary of a variable interest entity (“VIE”) by performing an analysis of the VIE’s control structure, expected benefits and losses, and expected residual returns. This analysis includes a review of, among other factors, the VIE’s capital structure, contractual terms, which interests create or absorb benefits or losses, variability, related party relationships, and the design of the VIE. We reassess our evaluation of whether an entity is a VIE when certain reconsideration events occur. We reassess our determination of whether we are the primary beneficiary of a VIE on an ongoing basis based on current facts and circumstances. See Note 29 for additional information on VIEs. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | NOTE 2 – Summary of Signif icant Accounting Policies Cash and Cash Equivalents We consider money market mutual funds and highly liquid investments with original maturities of three months or less that are not restricted or segregated to be cash equivalents. Cash and cash equivalents include deposits with banks, federal funds sold, money market mutual funds, and certificates of deposit. Cash and cash equivalents also include balances that our bank subsidiaries maintain at the Federal Reserve Bank. Cash Segregated for Regulatory Purposes Our broker-dealer subsidiaries are subject to Rule 15c3-3 under the Securities Exchange Act of 1934, which requires our company to maintain cash or qualified securities in a segregated reserve account for the exclusive benefit of its clients. In accordance with Rule 15c3-3, our company has portions of its cash segregated for the exclusive benefit of clients at December 31, 2023. Brokerage Client Receivables, Net Brokerage client receivables include receivables of our company’s broker-dealer subsidiaries, which represent amounts due on cash and margin transactions and are generally collateralized by securities owned by clients. The brokerage client receivables consisting of floating-rate loans collateralized by customer-owned securities are charged interest at rates similar to other such loans made throughout the industry. The receivables are reported at their outstanding principal balance net of allowance for doubtful accounts. When a brokerage client receivable is considered to be impaired, the amount of the impairment is generally measured based on the fair value of the securities acting as collateral, which is measured based on current prices from independent sources, such as listed market prices or broker-dealer price quotations. Securities owned by customers, including those that collateralize margin or other similar transactions, are not reflected in the consolidated statements of financial condition. Securities Borrowed and Securities Loaned Securities borrowed require our company to deliver cash to the lender in exchange for securities and are included in receivables from brokers, dealers, and clearing organizations in the consolidated statements of financial condition. For securities loaned, we generally receive collateral in the form of cash in an amount in excess of the market value of securities loaned. Securities loaned are included in payables to brokers, dealers, and clearing organizations in the consolidated statements of financial condition. We monitor the market value of securities borrowed and loaned on a daily basis, with additional collateral obtained or refunded as necessary. Fees received or paid are recorded in interest revenue or interest expense in the consolidated statements of operations. Substantially all of these transactions are executed under master netting agreements, which gives us right of offset in the event of counterparty default; however, such receivables and payables with the same counterparty are not set off in the consolidated statements of financial condition. Securities Purchased Under Agreements to Resell and Repurchase Agreements Securities purchased under agreements to resell (“resale agreements”) are collateralized financing transactions that are recorded at their contractual amounts plus accrued interest. We obtain control of collateral with a market value equal to or in excess of the principal amount loaned and accrued interest under resale agreements. These agreements are short-term in nature and are generally collateralized by U.S. government securities, U.S. government agency securities, and corporate bonds. We value collateral on a daily basis, with additional collateral obtained when necessary to minimize the risk associated with this activity. Securities sold under agreements to repurchase (“repurchase agreements”) are collateralized financing transactions that are recorded at their contractual amounts plus accrued interest. We make delivery of securities sold under agreements to repurchase and monitor the value of collateral on a daily basis. When necessary, we will deliver additional collateral. Financial Instruments We measure certain financial assets and liabilities at fair value on a recurring basis, including cash equivalents, financial instruments owned, available-for-sale securities, investments, financial instruments sold, but not yet purchased, and derivatives. Other than those separately discussed in the notes to the consolidated financial statements, the remaining financial instruments are generally short-term in nature, and their carrying values approximate fair value. The fair value of a financial instrument is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., “the exit price”) in an orderly transaction between market participants at the measurement date. We have categorized our financial instruments measured at fair value into a three-level classification in accordance with Topic 820, “Fair Value Measurement,” which established a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs reflect our assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the transparency of inputs as follows: Level 1 – Quoted prices (unadjusted) are available in active markets for identical assets or liabilities as of the measurement date. A quoted price for an identical asset or liability in an active market provides the most reliable fair value measurement, because it is directly observable to the market. Level 2 – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the measurement date. The nature of these financial instruments includes instruments for which quoted prices are available but traded less frequently, derivative instruments whose fair value have been derived using a model where inputs to the model are directly observable in the market, or can be derived principally from or corroborated by observable market data, and instruments that are fair valued using other financial instruments, the parameters of which can be directly observed. Level 3 – Instruments that have little to no pricing observability as of the measurement date. These financial instruments do not have two-way markets and are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation. Valuation of Financial Instruments When available, we use observable market prices, observable market parameters, or broker or dealer prices (bid and ask prices) to derive the fair value of financial instruments. In the case of financial instruments transacted on recognized exchanges, the observable market prices represent quotations for completed transactions from the exchange on which the financial instrument is principally traded. A substantial percentage of the fair value of our financial instruments owned, available-for-sale securities, investments, and financial instruments sold, but not yet purchased, are based on observable market prices, observable market parameters, or derived from broker or dealer prices. The availability of observable market prices and pricing parameters can vary from product to product. Where available, observable market prices and pricing or market parameters in a product may be used to derive a price without requiring significant judgment. In certain markets, observable market prices or market parameters are not available for all products, and fair value is determined using techniques appropriate for each particular product. These techniques involve some degree of judgment. For investments in illiquid or privately held securities that do not have readily determinable fair values, the determination of fair value requires us to estimate the value of the securities using the best information available. Among the factors we consider in determining the fair value of investments are the cost of the investment, terms and liquidity, developments since the acquisition of the investment, the sales price of recently issued securities, the financial condition and operating results of the issuer, earnings trends and consistency of operating cash flows, the long-term business potential of the issuer, the quoted market price of securities with similar quality and yield that are publicly traded, and other factors generally pertinent to the valuation of investments. In instances where a security is subject to transfer restrictions, the value of the security is based primarily on the quoted price of a similar security without restriction but may be reduced by an amount estimated to reflect such restrictions. The fair value of these investments is subject to a high degree of volatility and may be susceptible to significant fluctuation in the near term, and the differences could be material. The degree of judgment used in measuring the fair value of financial instruments generally correlates to the level of pricing observability. Pricing observability is impacted by a number of factors, including the type of financial instrument, whether the financial instrument is new to the market and not yet established, and the characteristics specific to the transaction. Financial instruments with readily available active quoted prices for which fair value can be measured from actively quoted prices generally will have a higher degree of pricing observability and a lesser degree of judgment used in measuring fair value. Conversely, financial instruments rarely traded or not quoted will generally have less, or no, pricing observability and a higher degree of judgment used in measuring fair value. See Note 5 for additional information on how we value our financial instruments. Available-for-Sale and Held-to-Maturity Securities Securities available for sale, which are carried at fair value, include U.S. government agency securities; state and municipal securities; agency, non-agency, and commercial mortgage-backed securities; corporate fixed income securities; and asset-backed securities, which primarily includes collateralized loan obligations. Securities held to maturity are recorded at amortized cost based on our company’s positive intent and ability to hold these securities to maturity. Securities held to maturity include asset-backed securities, consisting of collateralized loan obligation securities and student loan ARS. We evaluate each available-for-sale security where the value has declined below amortized cost. If our company intends to sell or believes it is more likely than not that it will be required to sell the debt security, it is written down to fair value through earnings. For available-for-sale debt securities our company intends to hold, we evaluate the debt securities for expected credit losses except for debt securities that are guaranteed by the U.S. Treasury or U.S. government agencies where we apply a zero credit loss assumption. For the remaining available-for-sale debt securities, we consider qualitative parameters such as internal and external credit ratings and the value of underlying collateral. If an available-for-sale debt security fails any of the qualitative parameters, a discounted cash flow analysis is used by our company to determine if a portion of the unrealized loss is a result of a credit loss. Any credit losses determined are recognized as an increase to the allowance for credit losses through provision expense recorded in the consolidated statement of operations in provision for credit losses. Cash flows expected to be collected are estimated using all relevant information available, such as remaining payment terms, prepayment speeds, the financial condition of the issuer, expected defaults, and the value of the underlying collateral. If any of the decline in fair value is related to market factors, that amount is recognized in accumulated other comprehensive income. In certain instances, the credit loss may exceed the total decline in fair value, in which case, the allowance recorded is limited to the difference between the amortized cost and the fair value of the asset. We separately evaluate our held-to-maturity debt securities for any credit losses. We perform a discounted cash flow analysis to estimate any credit losses, which are then recognized as part of the allowance for credit losses. For available-for-sale and held-to-maturity debt securities, we have established a nonaccrual policy that results in timely write-off of accrued interest. See Note 7 for more information. Unrealized gains and losses on our available-for-sale securities are reported, net of taxes, in accumulated other comprehensive income included in shareholders’ equity. Amortization of premiums and accretion of discounts are recorded as interest income in the consolidated statements of operations using the interest method. Realized gains and losses from sales of securities available for sale are determined on a specific identification basis and are included in other income in the consolidated statements of operations in the period they are sold. For securities transferred from available-for-sale to held-to-maturity, carrying value also includes unrealized gains and losses recognized in accumulated other comprehensive income at the date of transfer. Such unrealized gains or losses are accreted over the remaining life of the security with no impact on future net income. Loan Classification We classify loans based on our investment strategy and management’s assessment of our intent and ability to hold loans for the foreseeable future or until maturity. Management’s intent and ability with respect to certain loans may change from time to time depending on a number of factors, including economic, liquidity, and capital conditions. The accounting and measurement framework for loans differs depending on the loan classification. The classification criteria and accounting and measurement framework for bank loans and loans held for sale are described below. Bank Loans Bank loans consist of commercial and residential mortgage loans, commercial and industrial loans, stock-secured loans, home equity loans, construction loans, and consumer loans originated or acquired by Stifel Bancorp. Bank loans include those loans that management has the intent and ability to hold and are recorded at outstanding principal adjusted for any charge-offs, allowance for loan losses, deferred origination fees and costs, and purchased discounts. Loan origination costs, net of fees, and premiums and discounts on purchased loans are deferred and recognized over the contractual life of the loan as an adjustment of yield using the interest method. Bank loans are generally collateralized by real estate, real property, marketable securities, or other assets of the borrower. Interest income is recognized using the effective interest rate method, which is based upon the respective interest rates and the average daily asset balance. Discount accretion/premium amortization is recognized using the effective interest rate method, which is based upon the respective interest rate and expected lives of loans. Allowance for Credit Losses The measurement of the allowance for credit losses, which includes the allowance for loan losses and the reserve for unfunded lending commitments, is based on management’s best estimate of lifetime expected credit losses inherent in the Company’s relevant financial assets. The expected credit losses on our loan portfolio are referred to as the allowance for loan losses and are reported separately as a contra-asset to loans on the consolidated statement of financial condition. The expected credit losses for unfunded lending commitments, including standby letters of credit and binding unfunded loan commitments, are reported on the consolidated statement of financial condition in accounts payable and accrued expenses. The provision for loan losses related to the loan portfolio and the provision for unfunded lending commitments are reported in the consolidated statement of operations in provision for credit losses. For loans, the expected credit loss is typically estimated using quantitative methods that consider a variety of factors, such as historical loss experience derived from proxy data, the current credit quality of the portfolio, as well as an economic outlook over the life of the loan. The life of the loan for closed-ended products is based on the contractual maturity of the loan adjusted for any expected prepayments. The contractual maturity includes any extension options that are at the sole discretion of the borrower. For open-ended products, the expected credit loss is determined based on the maximum repayment term associated with future draws from credit lines. In our loss forecasting framework, we incorporate forward-looking information through the use of macroeconomic scenarios applied over the forecasted life of the assets. These macroeconomic scenarios include variables that have historically been key drivers of increases and decreases in credit losses. These variables include, but are not limited to, unemployment rates, real estate prices, gross domestic product levels, corporate bond spreads, and long-term interest rate forecasts. To estimate losses for contractual periods that extend beyond the forecast horizon, we revert to an average historical loss experience. As any one economic outlook is inherently uncertain, we leverage multiple scenarios. The scenarios that are chosen each quarter and the amount of weighting given to each scenario depend on a variety of factors, including recent economic events, leading economic indicators, and industry trends. The reserve for unfunded lending commitments is estimated using the same scenarios, models, and economic data as the loan portfolio. The allowance for loan losses includes adjustments for qualitative reserves based on our company’s assessment that may not be adequately represented in the quantitative methods or the economic assumptions described above. For example, factors that we consider include changes in lending policies and procedures, business conditions, the nature and size of the portfolio, portfolio concentrations, the volume and severity of past due loans and nonaccrual loans, the effect of external factors such as competition, and legal and regulatory requirements, among others. Further, we consider the inherent uncertainty in quantitative models that are built on historical data. As a result of the uncertainty inherent in the quantitative models, other quantitative and qualitative factors are considered in adjusting allowance amounts, including, but not limited to, the following: model imprecision, imprecision in macroeconomic scenario forecasts, or changes in the economic environment affecting specific portfolio segments that deviate from the macroeconomic forecasts. The evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. Depending on changes in circumstances, future assessments of credit risk may yield materially different results from the prior estimates, which may require an increase or a decrease in the allowance for loan losses. Loans Held for Sale Loans that we intend to sell or for which we do not have the ability and intent to hold for the foreseeable future are classified as held for sale. Loans held for sale consist of fixed-rate and adjustable-rate residential and multi-family real estate mortgage loans intended for sale. Loans held for sale are stated at lower of cost or market value on an individual loan basis. Declines in market value below cost and any gains or losses on the sale of these assets are recognized in other income in the consolidated statements of operations. Market value is determined based on prevailing market prices for loans with similar characteristics or on sale contract prices. Deferred fees and costs related to these loans are not amortized but are recognized as part of the cost basis of the loan at the time it is sold. Because loans held for sale are reported at lower of cost or market value, an allowance for loan losses is not established for loans held for sale. Impaired Loans A loan is considered impaired when, based on current information and events, it is probable that the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement will not be collectible. Factors considered in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. We determine the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower's prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Effective January 1, 2023, we prospectively adopted the new guidance that eliminated the recognition and measurement of TDRs. Following the adoption of this guidance, we evaluate all loans and receivables restructurings according to the accounting guidance for loan refinancing and restructuring to determine whether such loan modification should be accounted for as a new loan or a continuation of the existing loan. Our loan restructurings for borrowers experiencing financial difficulty are generally accounted for as a continuation of the existing loan, which reflects the ongoing effort to support our customer and recover our investment in the existing loan. Once a loan is determined to be impaired, when principal or interest becomes 90 days past due or when collection becomes uncertain, the accrual of interest and amortization of deferred loan origination fees is discontinued (“nonaccrual status”) and any accrued and unpaid interest income is reversed. Loans placed on nonaccrual status are returned to accrual status when all delinquent principal and interest payments are collected and the collectibility of future principal and interest payments is reasonably assured. Loan losses are charged against the allowance for loan losses when we believe the uncollectibility of a loan balance is certain. Subsequent recoveries, if any, are credited to the allowance for loan losses. We do not include reserves for interest receivable in the measurement of the allowance for credit losses, as we generally classify loans as nonperforming at 90 days past due and reverse interest income for these loans at that time. Large groups of smaller balance homogenous loans are collectively evaluated for impairment. Accordingly, we do not separately identify individual consumer and residential loans for impairment measurements. Impairment is measured on a loan-by-loan basis for non-homogeneous loans, and a specific allowance is established for individual loans determined to be impaired. Impairment is measured by comparing the carrying value of the impaired loan to the present value of its expected cash flow discounted at the loan’s effective interest rate, the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. See Note 8 for more information. Investments Our broker-dealer subsidiaries report changes in fair value of marketable and non-marketable securities in other income in the consolidated statements of operations. The fair value of marketable investments is generally based on either quoted market or dealer prices. The fair value of non-marketable securities is based on management’s estimate using the best information available, which generally consists of quoted market prices for similar securities and internally developed discounted cash flow models. Investments in the consolidated statements of financial condition contain investments in securities that are marketable and securities that are not readily marketable. These investments are not included in our broker-dealer trading inventory or available-for-sale or held-to-maturity portfolios and represent the acquiring and disposing of debt or equity instruments for our benefit. Fixed Assets, Net Office equipment is depreciated on a straight-line basis over the estimated useful life of the asset of two to seven years . Leasehold improvements are amortized on a straight-line basis over the lesser of the estimated useful life of the asset or the term of the lease. Buildings and building improvements are amortized on a straight-line basis over the estimated useful life of the asset of three to thirty-nine years . Internally developed software is amortized on a straight-line basis over the estimated useful life of the asset. Depreciation expense is recorded in occupancy and equipment rental in the consolidated statements of operations. Office equipment, leasehold improvements, and internally developed software are stated at cost net of accumulated depreciation and amortization in the consolidated statements of financial condition. Fixed assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Goodwill and Intangible Assets Goodwill represents the cost of acquired businesses in excess of the fair value of the related net assets acquired. We test goodwill for impairment on an annual basis and on an interim basis when certain events or circumstances exist. We test goodwill for impairment on an annual basis as of October 1 and on an interim basis when certain events or circumstances exist. Evaluating goodwill for impairment requires management to make significant judgments, including, in part, the use of unobservable inputs that are subject to uncertainty. Goodwill impairment tests are performed at the reporting unit level, which is generally at the level of or one level below our business segments. Goodwill no longer retains its association with a particular acquisition once it has been assigned to a reporting unit. As such, all the activities of a reporting unit, whether acquired or organically developed, are available to support the value of the goodwill. For both the annual and interim tests, we have the option to either (i) perform a quantitative impairment test or (ii) first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, in which case the quantitative test would be performed. When performing a quantitative impairment test, we compare the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of the reporting unit is less than its carrying amount, the goodwill impairment loss is equal to the excess of the carrying value over the fair value, limited to the carrying amount. The carrying value of each reporting unit is determined based on the capital allocated to the reporting unit. The estimated fair value of the reporting units is derived based on valuation techniques we believe market participants would use. The estimated fair values are generally determined by utilizing a discounted cash flow methodology or methodologies that incorporate price-to-book and price-to-earnings multiples of certain comparable companies for goodwill impairment testing. The Company performed impairment testing on October 1, 2023, with no impairment charges resulting from the annual impairment test. Identifiable intangible assets, which are amortized over their estimated useful lives, are tested for potential impairment whenever events or changes in circumstances suggest that the carrying value of an asset or asset group may not be fully recoverable. Loans and Advances to Financial Advisors and Other Employees, Net We offer transition pay, principally in the form of upfront loans, to financial advisors and certain key revenue producers as part of our company’s overall growth strategy. These loans are generally forgiven by a charge to compensation and benefits over a five- to ten-year period if the individual satisfies certain conditions, usually based on continued employment and certain performance standards. We monitor and compare individual financial advisor production to each loan issued to ensure future recoverability. In the event that the financial advisor is no longer affiliated with us, any unpaid balance of such loan becomes immediately due and payable to us. In determining the allowance for doubtful accounts related to former employees, management primarily considers our historical collection experience as well as other factors, including amounts due at termination, the reasons for the terminated relationship, and the former financial advisor’s overall financial position. When the review of these factors indicates that further collection activity is highly unlikely, the outstanding balance of such loan is written-off and the corresponding allowance is reduced. The aging of this receivable balance is not a determinative factor in computing our allowance for doubtful accounts, as concerns regarding the recoverability of these loans primarily arise in the event that the financial advisor is no longer affiliated with us. We present the outstanding balance of loans to financial advisors on our consolidated statements of financial condition, net of the allowance for doubtful accounts. Our allowance for doubtful accounts was approximately $ 26.8 million and $ 19.8 million at December 31, 2023 and 2022, respectively. Derivative Instruments In order to mitigate the interest rate exposure associated with its customer transactions, the Company also enters into offsetting derivative transactions with derivative dealers. We recognize all of our derivative instruments at fair value as either assets or liabilities in the consolidated statements of financial condition, with changes in fair value recorded through earnings in principal transactions, net. These instruments are recorded in other assets or accounts payable and accrued expenses in the consolidated statements of financial condition and in the operating section of the consolidated statements of cash flows as increases or decreases of other assets and accounts payable and accrued expenses. Derivatives consist of interest rate swaps and options. Interest rate swaps are contractual agreements that convert the interest rate bases (i.e., fixed or floating) on an underlying financial asset or liability. Interest rate options grant the option holder the right to buy or sell an underlying financial instrument for a predetermined price before the contract expires. Our company’s policy is not to offset fair value amounts recognized for derivative instruments and fair value amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral arising from derivative instruments recognized at fair value executed with the same counterparty under master netting arrangements. The accounting for changes in the fair value (i.e., gains and losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, we must also designate the hedging instrument or transaction, based upon the exposure being hedged. See Note 14 for additional details. Revenue Recognition Customer securities transactions are recorded on a settlement date basis, with related commission revenues and expenses recorded on a trade date basis. Commission revenues are recorded as the amount charged to the customer, which, in certain cases, may include varying discounts. Principal securities transactions are recorded on a trade date basis. We typically distribute our proprietary equity research products to our client base of institutional investors at no charge. These proprietary equity research products are accounted for as a cost |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Acquisitions | NOTE 3 – Ac quisitions Sierra Pacific Securities, LLC On August 1, 2023 , the Company acquired Sierra Pacific Securities, LLC (“Sierra Pacific”), an algorithmic trading-focused, fixed income market-making firm. Consideration for this acquisition consisted of cash from operations. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC 805 (“ASC Topic 805”), “Business Combinations.” Accordingly, goodwill was measured as the excess of the acquisition-date fair value of the consideration transferred over the amount of acquisition-date identifiable assets acquired net of assumed liabilities. We recorded $ 6.6 million of goodwill in the consolidated statement of financial condition, which has been allocated to our company’s Institutional Group segment. Identifiable intangible assets purchased by our company consisted of acquired technology and non-compete agreements with an acquisition-date fair value of $ 18.1 million. The goodwill represents the value expected from the synergies created through the operational enhancement benefits that will result from the integration of the Sierra Pacific business. Goodwill will not be deductible for federal income tax purposes. Pro forma information is not presented because the acquisition is not considered to be material, as defined by the SEC. The results of operations of Sierra Pacific have been included in our results prospectively from the date of acquisition. Torreya Partners LLC On March 1, 2023 , the Company acquired Torreya Partners LLC (“Torreya”), an independent M&A and private capital advisory firm that serves the global life sciences industry. Consideration for this acquisition consisted of cash from operations. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC 805 (“ASC Topic 805”), “Business Combinations.” Accordingly, goodwill was measured as the excess of the acquisition-date fair value of the consideration transferred over the amount of acquisition-date identifiable assets acquired net of assumed liabilities. We recorded $ 55.1 million of goodwill in the consolidated statement of financial condition, which has been allocated to our company’s Institutional Group segment. Identifiable intangible assets purchased by our company consisted of backlog, customer relationships, and non-compete agreements with an acquisition-date fair value of $ 5.3 million. The goodwill represents the value expected from the synergies created through the operational enhancement benefits that will result from the integration of the Torreya business. A majority of goodwill is expected to be deductible for federal income tax purposes. Pro forma information is not presented because the acquisition is not considered to be material, as defined by the SEC. The results of operations of Torreya have been included in our results prospectively from the date of acquisition. ACXIT Capital Partners On July 1, 2022 , the Company acquired ACXIT Capital Partners, a leading independent corporate finance and financial advisory firm serving European middle-market clients and entrepreneurs. Consideration for this acquisition consisted primarily of cash from operations. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC 805 (“ASC Topic 805”), “Business Combinations.” Accordingly, goodwill was measured as the excess of the acquisition-date fair value of the consideration transferred over the amount of acquisition-date identifiable assets acquired net of assumed liabilities. We recorded $ 17.3 million of goodwill in the consolidated statement of financial condition, which has been allocated to our company’s Institutional Group segment. Identifiable intangible assets purchased by our company consisted of customer relationships with an acquisition-date fair value of $ 5.0 million. The goodwill represents the value expected from the synergies created through the operational enhancement benefits that will result from the integration of the ACXIT Capital Partners business. Goodwill will not be deductible for federal income tax purposes. We recognized a liability for estimated earn-out payments. These payments will be based on the performance of ACXIT Capital Partners over a one-year period. The liability for earn-out payments was $ 5.2 million at December 31, 2022. The contingent consideration accrual is included in accounts payable and accrued expenses in the consolidated statements of financial condition. Pro forma information is not presented because the acquisition is not considered to be material, as defined by the SEC. The results of operations of ACXIT Capital Partners have been included in our results prospectively from the date of acquisition. Vining Sparks On November 1, 2021 , the Company acquired Vining Sparks and its affiliates (“Vining Sparks”). Established in 1981 and headquartered in Memphis, Tennessee, Vining Sparks provides institutional fixed income brokerage, balance sheet management, and underwriting services to institutional clients, with a core focus on depository institutions, but also serving municipalities, money managers, insurance companies, trust departments, and pension funds. Consideration for this acquisition consisted of cash from operations and shares of company common stock. We issued approximately 1.2 million shares as part of the consideration for the Vining Sparks acquisition. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC 805 (“ASC Topic 805”), “Business Combinations.” Accordingly, goodwill was measured as the excess of the acquisition-date fair value of the consideration transferred over the amount of acquisition-date identifiable assets acquired net of assumed liabilities. We recorded $ 127.0 million of goodwill in the consolidated statement of financial condition, which has been allocated to our company’s Institutional Group segment. Identifiable intangible assets purchased by our company consisted of customer relationships and trade name with an acquisition-date fair value of $ 25.4 million. The goodwill represents the value expected from the synergies created through the operational enhancement benefits that will result from the integration of the Vining Sparks business. Goodwill is expected to be deductible for federal income tax purposes. Pro forma information is not presented because the acquisition is not considered to be material, as defined by the SEC. The results of operations of Vining Sparks have been included in our results prospectively from the date of acquisition. |
Receivables From and Payables t
Receivables From and Payables to Brokers, Dealers and Clearing Organizations | 12 Months Ended |
Dec. 31, 2023 | |
Due to and from Broker-Dealers and Clearing Organizations [Abstract] | |
Receivables From And Payables To Brokers, Dealers And Clearing Organizations | NOTE 4 – Receivables From and Payables to B rokers, Dealers, and Clearing Organizations Amounts receivable from brokers, dealers, and clearing organizations at December 31, 2023 and 2022, included (in thousands) : December 31, 2023 2022 Deposits paid for securities borrowed $ 215,368 $ 219,052 Receivable from clearing organizations 178,991 186,800 Securities failed to deliver 19,785 12,239 $ 414,144 $ 418,091 Amounts payable to brokers, dealers, and clearing organizations at December 31, 2023 and 2022, included (in thousands) : December 31, 2023 2022 Deposits received from securities loaned $ 135,693 $ 68,105 Securities failed to receive 91,636 12,385 Payable to clearing organizations 4,407 14,464 $ 231,736 $ 94,954 Deposits paid for securities borrowed approximate the market value of the securities. Securities failed to deliver and receive represent the contract value of securities that have not been delivered or received on settlement date. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 5 – Fair Va lue Measurements We measure certain financial assets and liabilities at fair value on a recurring basis, including financial instruments owned, available-for-sale securities, investments, financial instruments sold, but not yet purchased, and derivatives. We generally utilize third-party pricing services to value Level 1 and Level 2 available-for-sale investment securities, as well as certain derivatives designated as cash flow hedges. We review the methodologies and assumptions used by the third-party pricing services and evaluate the values provided, principally by comparison with other available market quotes for similar instruments and/or analysis based on internal models using available third-party market data. We may occasionally adjust certain values provided by the third-party pricing service when we believe, as the result of our review, that the adjusted price most appropriately reflects the fair value of the particular security. Following are descriptions of the valuation methodologies and key inputs used to measure financial assets and liabilities recorded at fair value. The descriptions include an indication of the level of the fair value hierarchy in which the assets or liabilities are classified. Financial Instruments Owned and Available-For-Sale Securities When available, the fair value of financial instruments is based on quoted prices in active markets and reported in Level 1. Level 1 financial instruments include highly liquid instruments with quoted prices, such as U.S. government securities, corporate fixed income securities, and equity securities listed in active markets. If quoted prices are not available for identical instruments, fair values are obtained from pricing services, broker quotes, or other model-based valuation techniques with observable inputs, such as the present value of estimated cash flows, and reported as Level 2. The nature of these financial instruments include instruments for which quoted prices are available but traded less frequently, instruments whose fair value has been derived using a model where inputs to the model are directly observable in the market, or can be derived principally from or corroborated by observable market data, and instruments that are fair valued using other financial instruments, the parameters of which can be directly observed. Level 2 financial instruments include U.S. government agency securities, agency mortgage-backed securities, fixed income and equity securities infrequently traded, state and municipal securities, asset-backed securities, and non-agency mortgage-backed securities and sovereign debt securities, included in other in the table below. We have identified Level 3 financial instruments to include certain asset-backed securities and syndicated loans, included in other in the table below, and equity securities with unobservable pricing inputs. Level 3 financial instruments have little to no pricing observability as of the report date. These financial instruments do not have active two-way markets and are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation. Investments Investments carried at fair value primarily include corporate equity securities, auction-rate securities (“ARS”), and private company investments. Corporate equity securities are primarily valued based on quoted prices in active markets and reported in Level 1. Corporate equity securities that have little to no pricing observability are reported in Level 3. ARS are primarily valued based upon our expectations of issuer redemptions and using internal discounted cash flow models that utilize unobservable inputs. ARS are reported as Level 3 assets. Private company investments are primarily valued based upon internally developed models. These valuations require significant management judgment due to the absence of quoted market prices, the inherent lack of liquidity, and their long-term nature. Typically, the initial costs of these investments are considered to represent fair market value, as such amounts are negotiated between willing market participants. Private company investments are primarily reported as Level 3 assets. Investments at fair value include investments in funds, including certain money market funds that are measured at net asset value (“NAV”). The Company uses NAV to measure the fair value of its fund investments when (i) the fund investment does not have a readily determinable fair value and (ii) the NAV of the investment fund is calculated in a manner consistent with the measurement principles of investment company accounting, including measurement of the underlying investments at fair value. The Company’s investments in funds measured at NAV include partnership interests, mutual funds, money market funds, and private equity funds. Private equity funds primarily invest in a broad range of industries worldwide in a variety of situations, including leveraged buyouts, recapitalizations, growth investments, and distressed investments. The private equity funds are primarily closed-end funds in which the Company’s investments are generally not eligible for redemption. Distributions will be received from these funds as the underlying assets are liquidated or distributed. The general and limited partnership interests in investment partnerships were primarily valued based upon NAVs received from third-party fund managers. The various partnerships are investment companies, which record their underlying investments at fair value based on fair value policies established by management of the underlying fund. Fair value policies at the underlying fund generally require the funds to utilize pricing/valuation information, including independent appraisals, from third-party sources. However, in some instances, current valuation information for illiquid securities or securities in markets that are not active may not be available from any third-party source or fund management may conclude that the valuations that are available from third-party sources are not reliable. In these instances, fund management may perform model-based analytical valuations that may be used as an input to value these investments. The table below presents the fair value of our investments in, and unfunded commitments to, funds that are measured at NAV (in thousands): December 31, 2023 December 31, 2022 Fair value of investments Unfunded commitments Fair value of investments Unfunded commitments Partnership interests $ 24,261 $ 14,454 $ 18,817 $ 9,853 Money market funds 4,706 — 1,650 — Mutual funds 3,632 — 4,728 — Private equity funds 368 1,181 417 1,181 Total $ 32,967 $ 15,635 $ 25,612 $ 11,034 Financial Instruments Sold, But Not Yet Purchased Financial instruments sold, but not purchased, recorded at fair value based on quoted prices in active markets and other observable market data include highly liquid instruments with quoted prices, such as U.S. government securities, and equity and fixed income securities listed in active markets, which are reported as Level 1. If quoted prices are not available, fair values are obtained from pricing services, broker quotes, or other model-based valuation techniques with observable inputs, such as the present value of estimated cash flows, and reported as Level 2. The nature of these financial instruments include instruments for which quoted prices are available but traded less frequently, instruments whose fair value has been derived using a model where inputs to the model are directly observable in the market, or can be derived principally from or corroborated by observable market data, and instruments that are fair valued using other financial instruments, the parameters of which can be directly observed. Level 2 financial instruments include U.S. government agency securities, agency mortgage-backed securities not actively traded, fixed income securities, and asset-backed securities and state and municipal securities, included in other in the table below. We have identified Level 3 financial instruments to include syndicated loans, included in other in the table below. Level 3 financial instruments have little to no pricing observability as of the report date. These financial instruments do not have active two-way markets and are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation. Derivatives Derivatives are valued using quoted market prices for identical instruments when available or observable inputs from forward and futures yield curves. The valuation models used require market observable inputs, including contractual terms, market prices, yield curves, credit curves, and measures of volatility. We have classified our derivatives as Level 2. The counterparties to most of our company’s derivative transactions represent regulated banks, bank holding companies, and derivative clearing houses. Management has determined that the counterparty credit risk associated with its derivative transactions is not significant. Accordingly, the recorded fair values for these transactions have not been adjusted to reflect counterparty credit risk. Assets and liabilities measured at fair value on a recurring basis as of December 31, 2023, are presented below (in thousands) : December 31, 2023 Total Level 1 Level 2 Level 3 Financial instruments owned: U.S. government securities $ 32,411 $ 32,411 $ — $ — U.S. government agency securities 106,634 — 106,634 — Agency mortgage-backed securities 159,903 — 159,903 — Asset-backed securities 19,604 — 18,106 1,498 Corporate securities: Fixed income securities 237,671 210 237,461 — Equity securities 52,520 52,158 362 — State and municipal securities 223,155 — 223,155 — Other (1) 86,843 — 3,879 82,964 Total financial instruments owned 918,741 84,779 749,500 84,462 Available-for-sale securities: U.S. government agency securities 2,219 — 2,219 — State and municipal securities 2,351 — 2,351 — Mortgage-backed securities: Agency 746,170 — 746,170 — Commercial 66,671 — 66,671 — Non-agency 261 — 261 — Corporate fixed income securities 556,161 — 556,161 — Asset-backed securities 177,853 — 177,853 — Total available-for-sale securities 1,551,686 — 1,551,686 — Investments: Corporate equity securities 22,406 10,313 215 11,878 Auction rate securities 783 — — 783 Other (2) 39,655 73 115 39,467 Investments in funds and partnerships measured at NAV 28,261 Total investments 91,105 10,386 330 52,128 Cash equivalents measured at NAV 4,706 Derivative contracts (3) 118,668 — 118,668 — $ 2,684,906 $ 95,165 $ 2,420,184 $ 136,590 (1) Includes syndicated loans, non-agency mortgage-backed securities, and sovereign debt. (2) Primarily includes private company investments. (3) Included in other assets in the consolidated statements of financial condition. December 31, 2023 Total Level 1 Level 2 Level 3 Liabilities: Financial instruments sold, but not yet purchased: U.S. government securities $ 273,653 $ 273,653 $ — $ — U.S. government agency securities 4,924 — 4,924 — Agency mortgage-backed securities 52,664 — 52,664 — Corporate securities: Fixed income securities 138,359 — 138,359 — Equity securities 21,576 21,576 — — Other (4) 6,565 — 2,729 3,836 Total financial instruments sold, but not yet purchased 497,741 295,229 198,676 3,836 Derivative contracts (5) 118,651 — 118,651 — $ 616,392 $ 295,229 $ 317,327 $ 3,836 (4) Includes syndicated loans, state and municipal securities, and asset-backed securities. (5) 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, 2022, are presented below (in thousands) : December 31, 2022 Total Level 1 Level 2 Level 3 Financial instruments owned: U.S. government securities $ 38,956 $ 38,956 $ — $ — U.S. government agency securities 73,608 — 73,608 — Agency mortgage-backed securities 172,642 — 172,642 — Asset-backed securities 8,270 — 6,091 2,179 Corporate securities: Fixed income securities 202,169 689 201,480 — Equity securities 38,129 37,383 746 — State and municipal securities 126,237 — 126,237 — Other (1) 71,741 — 1,853 69,888 Total financial instruments owned 731,752 77,028 582,657 72,067 Available-for-sale securities: U.S. government agency securities 2,148 — 2,148 — State and municipal securities 2,351 — 2,351 — Mortgage-backed securities: Agency 791,022 — 791,022 — Commercial 66,113 — 66,113 — Non-agency 388 — 388 — Corporate fixed income securities 566,294 — 566,294 — Asset-backed securities 207,725 — 207,725 — Total available-for-sale securities 1,636,041 — 1,636,041 — Investments: Corporate equity securities 23,597 9,928 1,791 11,878 Auction rate securities 14,681 — — 14,681 Other (2) 37,136 117 45 36,974 Investments in funds and partnerships measured at NAV 23,962 Total investments 99,376 10,045 1,836 63,533 Cash equivalents measured at NAV 1,650 Derivative contracts (3) 142,042 — 142,042 — $ 2,610,861 $ 87,073 $ 2,362,576 $ 135,600 (1) Includes syndicated loans, non-agency mortgage-backed securities, and sovereign debt. (2) Primarily includes private company investments. (3) Included in other assets in the consolidated statements of financial condition. December 31, 2022 Total Level 1 Level 2 Level 3 Liabilities: Financial instruments sold, but not yet purchased: U.S. government securities $ 254,265 $ 254,265 $ — $ — U.S. government agency securities 3,971 — 3,971 — Agency mortgage-backed securities 44,793 — 44,793 — Corporate securities: Fixed income securities 134,381 88 134,293 — Equity securities 11,590 11,590 — — Other (4) 5,817 — 36 5,781 Total financial instruments sold, but not yet purchased 454,817 265,943 183,093 5,781 Derivative contracts (5) 142,028 — 142,028 — $ 596,845 $ 265,943 $ 325,121 $ 5,781 (4) Includes syndicated loans and state and municipal securities. (5) Included in accounts payable and accrued expenses in the consolidated statements of financial condition. The following table summarizes the changes in fair value associated with Level 3 financial instruments during the year ended December 31, 2023 (in thousands) : Year Ended December 31, 2023 Financial instruments owned Investments Asset-Backed Securities Syndicated Loans Corporate Equity Auction Rate Other Balance at December 31, 2022 $ 2,179 $ 69,888 $ 11,878 $ 14,681 $ 36,974 Unrealized gains/(losses) — ( 15 ) — 2 993 Realized gains/(losses) 1,007 ( 2,161 ) — ( 232 ) — Purchases — 69,881 — — 1,500 Sales — ( 35,988 ) — — — Redemptions ( 1,688 ) ( 18,641 ) — ( 13,668 ) — Net change ( 681 ) 13,076 — ( 13,898 ) 2,493 Balance at December 31, 2023 $ 1,498 $ 82,964 $ 11,878 $ 783 $ 39,467 The following table summarizes the changes in fair value associated with Level 3 financial instruments during the year ended December 31, 2022 (in thousands) : Year Ended December 31, 2022 Financial instruments owned Investments Asset-Backed Securities Corporate Equity Syndicated Loans Corporate Equity Auction Rate Other Balance at December 31, 2021 $ 64,706 $ 225 $ 26,857 $ 5,754 $ 13,032 $ 35,837 Unrealized gains 4,789 — 550 6,124 1,649 1,183 Realized gains 4,287 1,621 2,653 — — 992 Purchases 4,820 — 227,548 — — — Sales — ( 1,846 ) ( 177,895 ) — — ( 999 ) Redemptions ( 76,423 ) — ( 9,825 ) — — ( 39 ) Net change ( 62,527 ) ( 225 ) 43,031 6,124 1,649 1,137 Balance at December 31, 2022 $ 2,179 $ — $ 69,888 $ 11,878 $ 14,681 $ 36,974 The results included in the tables above are only a component of the overall investment strategies of our company. The tables above do not present Level 1 or Level 2 valued assets or liabilities. The changes in unrealized gains/(losses) recorded in earnings for the years ended December 31, 2023 and 2022, relating to Level 3 assets still held at December 31, 2023, were immaterial. The fair value of certain Level 3 assets was determined using various methodologies, as appropriate, including third-party pricing vendors and broker quotes. These inputs are evaluated for reasonableness through various procedures, including due diligence reviews of third-party pricing vendors, variance analyses, consideration of current market environment, and other analytical procedures. The fair value for our auction rate securities was determined using an income approach based on an internally developed discounted cash flow model. The discounted cash flow model utilizes two significant unobservable inputs: discount rate and workout period. Significant increases in any of these inputs in isolation would result in a significantly lower fair value. On an ongoing basis, management verifies the fair value by reviewing the appropriateness of the discounted cash flow model and its significant inputs. Fair Value of Financial Instruments The following reflects the fair value of financial instruments as of December 31, 2023 and 2022, whether or not recognized in the consolidated statements of financial condition at fair value (in thousands) . December 31, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Financial assets: Cash and cash equivalents $ 3,361,801 $ 3,361,801 $ 2,199,985 $ 2,199,985 Cash segregated for regulatory purposes 162,048 162,048 29,017 29,017 Securities purchased under agreements to resell 349,849 349,849 348,162 348,162 Financial instruments owned 918,741 918,741 731,752 731,752 Available-for-sale securities 1,551,686 1,551,686 1,636,041 1,636,041 Held-to-maturity securities 5,888,798 5,852,176 5,990,451 5,738,418 Bank loans 19,305,805 18,259,923 20,465,092 19,752,043 Loans held for sale 423,999 423,999 156,912 156,912 Investments 91,105 91,105 99,376 99,376 Derivative contracts (1) 118,668 118,668 142,042 142,042 Financial liabilities: Securities sold under agreements to repurchase $ 417,644 $ 417,644 $ 212,011 $ 212,011 Bank deposits 27,334,579 25,326,174 27,117,111 24,274,224 Financial instruments sold, but not yet purchased 497,741 497,741 454,817 454,817 Senior notes 1,115,629 1,041,217 1,114,554 1,016,755 Debentures to Stifel Financial Capital Trusts 60,000 55,507 60,000 53,385 Derivative contracts (2) 118,651 118,651 142,028 142,028 (1) Included in other assets in the consolidated statements of financial condition. (2) Included in accounts payable and accrued expenses in the consolidated statements of financial condition. The following tables present the estimated fair values of financial instruments not measured at fair value on a recurring basis as of December 31, 2023 and December 31, 2022 (in thousands) : December 31, 2023 Total Level 1 Level 2 Level 3 Financial assets: Cash $ 3,357,095 $ 3,357,095 $ — $ — Cash segregated for regulatory purposes 162,048 162,048 — — Securities purchased under agreements to resell 349,849 — 349,849 — Held-to-maturity securities 5,852,176 — 5,758,130 94,046 Bank loans 18,259,923 — 18,259,923 — Loans held for sale 423,999 — 423,999 — Financial liabilities: Securities sold under agreements to repurchase $ 417,644 $ — $ 417,644 $ — Bank deposits 25,326,174 — 25,326,174 — Senior notes 1,041,217 1,041,217 — — Debentures to Stifel Financial Capital Trusts 55,507 — — 55,507 December 31, 2022 Total Level 1 Level 2 Level 3 Financial assets: Cash $ 2,198,335 $ 2,198,335 $ — $ — Cash segregated for regulatory purposes 29,017 29,017 — — Securities purchased under agreements to resell 348,162 218,515 129,647 — Held-to-maturity securities 5,738,418 — 5,624,042 114,376 Bank loans 19,752,043 — 19,752,043 — Loans held for sale 156,912 — 156,912 — Financial liabilities: Securities sold under agreements to repurchase $ 212,011 $ — $ 212,011 $ — Bank deposits 24,274,224 — 24,274,224 — Senior notes 1,016,755 1,016,755 — — Debentures to Stifel Financial Capital Trusts 53,385 — — 53,385 The following, as supplemented by the discussion above, describes the valuation techniques used in estimating the fair value of our financial instruments as of December 31, 2023 and 2022. Financial Assets Securities Purchased Under Agreements to Resell Securities purchased under agreements to resell are collateralized financing transactions that are recorded at their contractual amounts plus accrued interest. The carrying values at December 31, 2023 and 2022 approximate fair value due to their short-term nature. Held-to-Maturity Securities Securities held to maturity are recorded at amortized cost based on our company’s positive intent and ability to hold these securities to maturity. Securities held to maturity include asset-backed securities, consisting of collateralized loan obligation securities and student loan ARS. The estimated fair value, included in the above table, is determined using several factors; however, primary weight is given to discounted cash flow modeling techniques that incorporated an estimated discount rate based upon recent observable debt security issuances with similar characteristics. Bank Loans The fair values of mortgage loans and commercial loans were estimated using a discounted cash flow method, a form of the income approach. Discount rates were determined considering rates at which similar portfolios of loans, with similar remaining maturities, would be made and considering liquidity spreads applicable to each loan portfolio based on the secondary market. Loans Held for Sale Loans held for sale consist of fixed-rate and adjustable-rate residential real estate mortgage loans intended for sale. Loans held for sale are stated at lower of cost or market value. Market value is determined based on prevailing market prices for loans with similar characteristics or on sale contract prices. Financial Liabilities Securities Sold Under Agreements to Repurchase Securities sold under agreements to repurchase are collateralized financing transactions that are recorded at their contractual amounts plus accrued interest. The carrying values at December 31, 2023 and 2022 approximate fair value due to the short-term nature. Bank Deposits The fair value of interest-bearing deposits, including certificates of deposits, demand deposits, savings, and checking accounts, was calculated by discounting the future cash flows using discount rates based on the replacement cost of funding of similar structures and terms. Senior Notes The fair value of our senior notes is estimated based upon quoted market prices. Debentures to Stifel Financial Capital Trusts The fair value of our trust preferred securities is based on the discounted value of contractual cash flows. We have assumed a discount rate based on similar type debt instruments. These fair value disclosures represent our best estimates based on relevant market information and information about the financial instruments. Fair value estimates are based on judgments regarding future expected losses, current economic conditions, risk characteristics of the various instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in the above methodologies and assumptions could significantly affect the estimates. |
Financial Instruments Owned and
Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased | NOTE 6 – Financial Instruments Owned and Finan cial Instruments Sold, But Not Yet Purchased The components of financial instruments owned and financial instruments sold, but not yet purchased, at December 31, 2023 and 2022, are as follows (in thousands) : December 31, 2023 2022 Financial instruments owned: U.S. government securities $ 32,411 $ 38,956 U.S. government agency securities 106,634 73,608 Agency mortgage-backed securities 159,903 172,642 Asset-backed securities 19,604 8,270 Corporate securities: Fixed income securities 237,671 202,169 Equity securities 52,520 38,129 State and municipal securities 223,155 126,237 Other (1) 86,843 71,741 $ 918,741 $ 731,752 Financial instruments sold, but not yet purchased: U.S. government securities $ 273,653 $ 254,265 U.S. government agency securities 4,924 3,971 Agency mortgage-backed securities 52,664 44,793 Corporate securities: Fixed income securities 138,359 134,381 Equity securities 21,576 11,590 Other (2) 6,565 5,817 $ 497,741 $ 454,817 (1) Includes syndicated loans, non-agency mortgage-backed securities, and sovereign debt. (2) Includes syndicated loans, state and municipal securities, and asset-backed securities. At December 31, 2023 and 2022, financial instruments owned in the amount of $ 303.2 million and $ 218.9 million, respectively, were pledged as collateral for our repurchase agreements and short-term borrowings. Our financial instruments owned are presented on a trade-date basis in the consolidated statements of financial condition. Financial instruments sold, but not yet purchased, represent obligations of our company to deliver the specified security at the contracted price, thereby creating a liability to purchase the security in the market at prevailing prices in future periods. We are obligated to acquire the securities sold short at prevailing market prices in future periods, which may exceed the amount reflected in the consolidated statements of financial condition. |
Available-for-Sale and Held-to-
Available-for-Sale and Held-to-Maturity Securities | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-Sale and Held-to-Maturity Securities | NOTE 7 – Available-for-Sale an d Held-to-Maturity Securities The following tables provide a summary of the amortized cost and fair values of the available-for-sale securities and held-to-maturity securities at December 31, 2023 and 2022 (in thousands) : December 31, 2023 Amortized Gross (1) Gross (1) Fair Value Available-for-sale securities U.S. government agency securities $ 2,376 $ 5 $ ( 162 ) $ 2,219 State and municipal securities 2,350 1 — 2,351 Mortgage-backed securities: Agency 855,456 — ( 109,286 ) 746,170 Commercial 70,326 — ( 3,655 ) 66,671 Non-agency 274 — ( 13 ) 261 Corporate fixed income securities 615,131 — ( 58,970 ) 556,161 Asset-backed securities 181,717 — ( 3,864 ) 177,853 $ 1,727,630 $ 6 $ ( 175,950 ) $ 1,551,686 Held-to-maturity securities (2) Asset-backed securities $ 5,888,798 $ 6,387 $ ( 43,009 ) $ 5,852,176 December 31, 2022 Amortized Gross (1) Gross (1) Fair Value Available-for-sale securities U.S. government agency securities $ 2,345 $ 6 $ ( 203 ) $ 2,148 State and municipal securities 2,350 1 — 2,351 Mortgage-backed securities: Agency 921,676 — ( 130,654 ) 791,022 Commercial 71,462 — ( 5,349 ) 66,113 Non-agency 442 — ( 54 ) 388 Corporate fixed income securities 643,379 18 ( 77,103 ) 566,294 Asset-backed securities 221,565 126 ( 13,966 ) 207,725 $ 1,863,219 $ 151 $ ( 227,329 ) $ 1,636,041 Held-to-maturity securities (2) Asset-backed securities $ 5,990,451 $ 3,213 $ ( 255,246 ) 5,738,418 (1) Unrealized gains/(losses) related to available-for-sale securities are reported in accumulated other comprehensive income. (2) Held-to-maturity securities are carried in the consolidated statements of financial condition at amortized cost, and the changes in the value of these securities, other than impairment charges, are not reported on the consolidated financial statements. We are required to evaluate our available-for-sale and held-to-maturity debt securities for any expected losses with recognition of an allowance for credit losses, when applicable. For more information, see Note 2 – Summary of Significant Accounting Policies . At December 31, 2023, we did not have an allowance for credit losses recorded on our investment portfolio. Accrued interest receivable for our investment portfolio at December 31, 2023 and 2022, was $ 95.7 million and $ 82.3 million, respectively, and is reported in other assets in the consolidated statements of financial condition. We do not include reserves for interest receivable in the measurement of the allowance for credit losses. For the year ended December 31, 2023, we received proceeds of $ 2.4 million from the sale of available-for-sale securities, which resulted in a realized loss of $ 7.6 million. For the year ended December 31, 2022, we received proceeds of $ 80.0 million from the sale of available-for-sale securities, which resulted in a realized gain of $ 0.1 million. There were no sales of available-for-sale securities during the year ended December 31, 2021. The table below summarizes the amortized cost and fair values of our securities by contractual maturity (in thousands) . Expected maturities may differ significantly from contractual maturities, as issuers may have the right to call or prepay obligations with or without call or prepayment penalties. December 31, 2023 December 31, 2022 Amortized Fair Value Amortized Fair Value Available-for-sale securities Within one year $ 105,389 $ 104,113 $ 16,047 $ 15,877 After one year through three years 184,975 174,827 185,012 178,776 After three years through five years 38,462 34,316 123,696 108,707 After five years through ten years 448,931 398,624 442,055 380,362 After ten years 949,873 839,806 1,096,409 952,319 $ 1,727,630 $ 1,551,686 $ 1,863,219 $ 1,636,041 Held-to-maturity securities After five years through ten years 2,754,817 2,740,154 2,413,239 2,323,608 After ten years 3,133,981 3,112,022 3,577,212 3,414,810 $ 5,888,798 $ 5,852,176 $ 5,990,451 $ 5,738,418 The maturities of our available-for-sale (fair value) and held-to-maturity (amortized cost) securities at December 31, 2023, are as follows (in thousands) : Within 1 1-5 Years 5-10 Years After 10 Total Available-for-sale securities (1) U.S. government agency securities $ — $ 2,219 $ — $ — $ 2,219 State and municipal securities — 2,351 — — 2,351 Mortgage-backed securities: Agency — 286 92,573 653,311 746,170 Commercial — — — 66,671 66,671 Non-agency — — 261 — 261 Corporate fixed income securities 104,113 204,287 247,761 — 556,161 Asset-backed securities — — 58,029 119,824 177,853 $ 104,113 $ 209,143 $ 398,624 $ 839,806 $ 1,551,686 Held-to-maturity securities Asset-backed securities $ — $ — $ 2,754,817 $ 3,133,981 $ 5,888,798 (1) Due to the immaterial amount of income recognized on tax-exempt securities, yields were not calculated on a tax-equivalent basis. At December 31, 2023 and 2022, securities of $ 746.4 million and $ 796.2 million, respectively, were pledged at the Federal Home Loan Bank as collateral for borrowings and letters of credit obtained to secure public deposits. At December 31, 2023 and 2022, securities of $ 1.3 billion and $ 1.3 billion, respectively, were pledged with the Federal Reserve discount window. The following table shows the gross unrealized losses and fair value of the Company’s investment securities with unrealized losses, aggregated by investment category and length of time the individual investment securities have been in continuous unrealized loss positions, at December 31, 2023 (in thousands) : Less than 12 months 12 months or more Total Gross Fair Value Gross Fair Value Gross Fair Value Available-for-sale securities U.S. government agency securities $ — $ — $ ( 162 ) $ 1,775 $ ( 162 ) $ 1,775 Mortgage-backed securities: Agency ( 382 ) 24,584 ( 108,904 ) 721,586 ( 109,286 ) 746,170 Commercial — — ( 3,655 ) 66,671 ( 3,655 ) 66,671 Non-agency — — ( 13 ) 261 ( 13 ) 261 Corporate fixed income securities ( 152 ) 8,297 ( 58,818 ) 547,864 ( 58,970 ) 556,161 Asset-backed securities ( 1,338 ) 68,770 ( 2,526 ) 109,083 ( 3,864 ) 177,853 $ ( 1,872 ) $ 101,651 $ ( 174,078 ) $ 1,447,240 $ ( 175,950 ) $ 1,548,891 At December 31, 2023, the amortized cost of 281 securities classified as available for sale exceeded their fair value by $ 176.0 million, of which $ 174.1 million related to investment securities that had been in a loss position for 12 months or longer. The total fair value of these investments at December 31, 2023, was $ 1.5 billion , which was 99.8 % of our available-for-sale portfolio. Credit Quality Indicators The Company uses Moody credit ratings as the primary credit quality indicator for its held-to-maturity debt securities. Each security is evaluated at least quarterly. The indicators represent the rating for debt securities, as of the date presented, based on the most recent assessment performed. The following table shows the amortized cost of our held-to-maturity securities by credit quality indicator at December 31, 2023 (in thousands) : AAA AA A C Total Held-to-maturity securities Asset-backed securities $ 1,145,186 $ 4,737,237 $ 5,000 $ 1,375 $ 5,888,798 |
Bank Loans
Bank Loans | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Bank Loans | NOTE 8 – B ank Loans The following table presents the balance and associated percentage of each major loan category in our bank loan portfolio at December 31, 2023 and 2022 (in thousands, except percentages) : December 31, 2023 December 31, 2022 Balance Percent Balance Percent Residential real estate $ 8,047,647 41.4 % $ 7,371,671 35.8 % Fund banking 3,633,126 18.7 4,182,641 20.3 Commercial and industrial 3,566,987 18.3 4,897,176 23.8 Securities-based loans 2,306,455 11.9 2,724,551 13.2 Construction and land 1,034,370 5.3 593,191 2.9 Commercial real estate 660,631 3.4 675,599 3.3 Home equity lines of credit 136,270 0.7 107,136 0.5 Other 55,981 0.3 50,593 0.2 Gross bank loans 19,441,467 100.0 % 20,602,558 100.0 % Loans in process 1,108 ( 3,526 ) Unamortized loan fees, net ( 8,478 ) ( 22,287 ) Allowance for loan losses ( 128,292 ) ( 111,653 ) Loans held for investment, net $ 19,305,805 $ 20,465,092 At December 31, 2023 and 2022, Stifel Bancorp had loans outstanding to its executive officers and directors and executive officers and directors of certain affiliated entities in the amount of $ 46.0 million and $ 86.4 million, respectively. At December 31, 2023 and 2022, we had loans held for sale of $ 424.0 million and $ 156.9 million, respectively. For the years ended December 31, 2023 and 2022, we recognized losses, included in other income in the consolidated statements of operations, of $ 1.2 million and $ 7.8 million, respectively, from the sale of originated loans, net of fees and costs. For the year ended December 31, 2021, we recognized a gain of $ 29.8 million, included in other income in the consolidated statements of operations, from the sale of originated loans, net of fees and costs. At December 31, 2023 and 2022, loans, primarily consisting of residential and commercial real estate loans of $ 7.4 billion and $ 7.0 billion, respectively, were pledged at the Federal Home Loan Bank as collateral for borrowings. Accrued interest receivable for loans and loans held for sale at December 31, 2023 and 2022, was $ 94.0 million and $ 65.7 million, respectively, and is reported in other assets on the consolidated statement of financial condition. The following tables detail activity in the allowance for loan losses by portfolio segment for the years ended December 31, 2023 and 2022 (in thousands) . Year Ended December 31, 2023 Beginning Provision Charge- Recoveries Ending Commercial and industrial $ 54,143 $ 21,881 $ ( 9,100 ) $ 153 $ 67,077 Commercial real estate 12,897 8,489 — — 21,386 Residential real estate 20,441 ( 6,586 ) — — 13,855 Construction and land 8,568 3,249 — — 11,817 Fund banking 11,711 ( 1,538 ) — — 10,173 Securities-based loans 3,157 ( 122 ) — — 3,035 Home equity lines of credit 364 7 — — 371 Other 372 206 — — 578 $ 111,653 $ 25,586 $ ( 9,100 ) $ 153 $ 128,292 Year Ended December 31, 2022 Beginning Provision Charge- Recoveries Ending Commercial and industrial $ 44,661 $ 13,662 $ ( 4,550 ) $ 370 $ 54,143 Residential real estate 28,560 ( 8,119 ) — — 20,441 Commercial real estate 3,934 8,963 — — 12,897 Fund banking 8,868 2,843 — — 11,711 Construction and land 8,536 32 — — 8,568 Securities-based loans 4,006 ( 813 ) ( 36 ) — 3,157 Home equity lines of credit 511 ( 147 ) — — 364 Other 268 104 — — 372 $ 99,344 $ 16,525 $ ( 4,586 ) $ 370 $ 111,653 During the year ended December, 31, 2023, we recorded $ 25.0 million of net credit loss reserves, including $ 25.6 million of the reserve for credit losses for funded loans and $ 2.3 million related to uncollectible broker notes, partially offset by a release of $ 2.9 million of the allowance for unfunded lending commitments. During the year ended December 31, 2022, we recorded $ 33.5 million of net credit loss reserves, including $ 16.5 million of the reserve for credit losses for funded loans and $ 17.0 million of the reserve for unfunded lending commitments. For more information on our company’s credit loss accounting policies, including the allowance for credit losses, see Note 2 – Summary of Significant Accounting Policies. For more information on the reserve for unfunded lending commitments, see Note 24 – Off-Balance Sheet Credit Risk. At December 31, 2023, we had $ 45.5 million of impaired loans, net of discounts, which included $ 0.1 million in modified loans. The specific allowance on impaired loans at December 31, 2023, was $ 5.0 million. At December 31, 2022, we had $ 10.3 million of impaired loans, net of discounts, which included $ 0.2 million in modified loans. The specific allowance on impaired loans at December 31, 2022, was $ 6.5 million. The gross interest income related to impaired loans, which would have been recorded had these loans been current in accordance with their original terms, and the interest income recognized on these loans during the year ended December 31, 2023 and 2022, were insignificant to the consolidated financial statements. The following tables present the aging of the recorded investment in past due loans at December 31, 2023 and 2022, by portfolio segment (in thousands) : December 31, 2023 30-89 90 or More Total Past Current Total Residential real estate $ 15,312 $ 3,945 $ 19,257 $ 8,028,390 $ 8,047,647 Fund banking — — — 3,633,126 3,633,126 Commercial and industrial — 2,022 2,022 3,564,965 3,566,987 Securities-based loans — 3 3 2,306,452 2,306,455 Construction and land — — — 1,034,370 1,034,370 Commercial real estate — — — 660,631 660,631 Home equity lines of credit 570 87 657 135,613 136,270 Other 45 59 104 55,877 55,981 Total $ 15,927 $ 6,116 $ 22,043 $ 19,419,424 $ 19,441,467 December 31, 2023 * Nonaccrual Modified Nonperforming loans with no allowance Total Commercial real estate $ 39,195 $ — $ — $ 39,195 Residential real estate 2,945 145 1,000 4,090 Commercial and industrial — — 2,022 2,022 Securities-based loans — — 3 3 Home equity lines of credit 22 — 65 87 Other 59 — — 59 Total $ 42,221 $ 145 $ 3,090 $ 45,456 * There were no loans past due 90 days and still accruing interest at December 31, 2023. December 31, 2022 30-89 90 or More Total Past Current Total Residential real estate $ 2,445 $ 688 $ 3,133 $ 7,368,538 $ 7,371,671 Commercial and industrial — 9,226 9,226 4,887,950 4,897,176 Fund banking — — — 4,182,641 4,182,641 Securities-based loans — — — 2,724,551 2,724,551 Commercial real estate — — — 675,599 675,599 Construction and land — — — 593,191 593,191 Home equity lines of credit 29 182 211 106,925 107,136 Other 36 6 42 50,551 50,593 Total $ 2,510 $ 10,102 $ 12,612 $ 20,589,946 $ 20,602,558 December 31, 2022 * Nonaccrual Modified Nonperforming loans with no allowance Total Commercial and industrial $ 9,226 $ — $ — $ 9,226 Residential real estate 870 150 — 1,020 Other 6 — — 6 Total $ 10,102 $ 150 $ — $ 10,252 * There were no loans past due 90 days and still accruing interest at December 31, 2022. Credit quality indicators As of December 31, 2023, bank loans were primarily extended to non-investment-grade borrowers. Substantially all of these loans align with the U.S. Federal bank regulatory agencies’ definition of Pass. Loans meet the definition of Pass when they are performing and do not demonstrate adverse characteristics that are likely to result in a credit loss. A loan is determined to be impaired when principal or interest becomes 90 days past due or when collection becomes uncertain. At the time a loan is determined to be impaired, the accrual of interest and amortization of deferred loan origination fees is discontinued (“nonaccrual status”), and any accrued and unpaid interest income is reversed. We closely monitor economic conditions and loan performance trends to manage and evaluate our exposure to credit risk. Trends in delinquency ratios are an indicator, among other considerations, of credit risk within our loan portfolio. The level of nonperforming assets represents another indicator of the potential for future credit losses. Accordingly, key metrics we track and use in evaluating the credit quality of our loan portfolio include delinquency and nonperforming asset rates, as well as charge-off rates and our internal risk ratings of the loan portfolio. In general, we are a secured lender. At December 31, 2023 and 2022, 97.0 % and 97.5 % of our loan portfolio was collateralized, respectively. Collateral is required in accordance with the normal credit evaluation process based upon the creditworthiness of the customer and the credit risk associated with the particular transaction. The Company uses the following definitions for risk ratings: Pass . A credit exposure rated pass has a continued expectation of timely repayment, all obligations of the borrower are current, and the obligor complies with material terms and conditions of the lending agreement. Special Mention . Extensions of credit that have potential weakness that deserve management’s close attention and, if left uncorrected, may, at some future date, result in the deterioration of the repayment prospects or collateral position. Substandard . Obligor has a well-defined weakness that jeopardizes the repayment of the debt and has a high probability of payment default with the distinct possibility that the Company will sustain some loss if noted deficiencies are not corrected. Doubtful . Inherent weakness in the exposure makes the collection or repayment in full, based on existing facts, conditions, and circumstances, highly improbable, and the amount of loss is uncertain. Substandard loans are regularly reviewed for impairment. Doubtful loans are considered impaired. When a loan is impaired, the impairment is measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate, or as a practical expedient, the observable market price of the loan or the fair value of the collateral if the loan is collateral dependent. Portfolio segments: Commercial and industrial (“C&I”). C&I loans primarily include commercial and industrial lending used for general corporate purposes, working capital and liquidity, and “event-driven.” “Event-driven” loans support client merger, acquisition, or recapitalization activities. C&I lending is structured as revolving lines of credit, letter of credit facilities, term loans, and bridge loans. Risk factors considered in determining the allowance for corporate loans include the borrower’s financial strength, seniority of the loan, collateral type, leverage, volatility of collateral value, debt cushion, and covenants. Fund banking. Fund banking loans primarily include capital call lines of credit, also known as subscription lines of credit. These credit facilities are used by closed-end private investment funds (“Fund”) that have raised capital commitments from limited partners to effectively manage the Fund’s cash and bridge timing between the Fund’s investments and capital calls. The lines of credit are collateralized by a pledge of the limited partner’s contractually callable capital and the general partner’s right to call such capital as permitted in the Fund’s partnership agreement. Securities-based loans . Securities-based loans allow clients to borrow money against the value of qualifying securities for any suitable purpose other than purchasing, trading, or carrying securities or refinancing margin debt. The majority of consumer loans are structured as revolving lines of credit and letter of credit facilities and are primarily offered through Stifel’s Pledged Asset (“SPA”) program. The allowance methodology for securities-based lending considers the collateral type underlying the loan, including the liquidity and trading volume of the collateral, position concentration, and other borrower specific factors such as personal guarantees. Real Estate . Real estate loans include residential real estate non-conforming loans, residential real estate conforming loans, commercial real estate, and home equity lines of credit. The allowance methodology related to real estate loans considers several factors, including, but not limited to, loan-to-value ratio, FICO score, home price index, delinquency status, credit limits, and utilization rates. Construction and land . Short-term loans used to finance the development of a real estate project. Other. Other loans includes consumer and credit card lending. Based on the most recent analysis performed, the risk category of our loan portfolio was as follows: (in thousands) : December 31, 2023 Pass Special Mention Substandard Doubtful Total Residential real estate $ 8,042,246 $ 1,456 $ 3,945 $ — $ 8,047,647 Fund banking 3,633,126 — — — 3,633,126 Commercial and industrial 3,294,891 89,302 180,772 2,022 3,566,987 Securities-based loans 2,306,452 — — 3 2,306,455 Construction and land 963,083 71,287 — — 1,034,370 Commercial real estate 512,171 49,264 99,196 — 660,631 Home equity lines of credit 135,806 377 87 — 136,270 Other 55,922 — — 59 55,981 Total $ 18,943,697 $ 211,686 $ 284,000 $ 2,084 $ 19,441,467 December 31, 2022 Pass Special Mention Substandard Doubtful Total Residential real estate $ 7,370,717 $ 266 $ — $ 688 $ 7,371,671 Commercial and industrial 4,743,290 87,761 56,899 9,226 4,897,176 Fund banking 4,182,641 — — — 4,182,641 Securities-based loans 2,724,548 — — 3 2,724,551 Commercial real estate 655,599 20,000 — — 675,599 Construction and land 593,191 — — — 593,191 Home equity lines of credit 106,954 — — 182 107,136 Other 50,587 — — 6 50,593 Total $ 20,427,527 $ 108,027 $ 56,899 $ 10,105 $ 20,602,558 Term Loans Amortized Cost Basis by Origination Year – December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total Residential real estate: Pass $ 1,216,823 $ 2,638,262 $ 2,313,511 $ 916,443 $ 414,142 $ 543,065 $ — $ 8,042,246 Special Mention — 1,192 — — — 264 — 1,456 Substandard — 2,603 — — — 1,342 — 3,945 Doubtful — — — — — — — — $ 1,216,823 $ 2,642,057 $ 2,313,511 $ 916,443 $ 414,142 $ 544,671 $ — $ 8,047,647 Commercial and industrial: Pass $ 633,616 $ 979,509 $ 758,901 $ 124,717 $ 139,886 $ 79,285 $ 578,977 $ 3,294,891 Special Mention 6,606 33,914 — 18,249 — — 30,533 89,302 Substandard — 36,442 81,653 — 3,729 — 58,948 180,772 Doubtful — — — 432 — 1,590 — 2,022 $ 640,222 $ 1,049,865 $ 840,554 $ 143,398 $ 143,615 $ 80,875 $ 668,458 $ 3,566,987 Fund banking: Pass $ 14,817 $ 55,338 $ — $ 534 $ — $ — $ 3,562,437 $ 3,633,126 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — $ 14,817 $ 55,338 $ — $ 534 $ — $ — $ 3,562,437 $ 3,633,126 Securities-based loans: Pass $ 15,347 $ 23,511 $ 2,123 $ 47,394 $ 27,278 $ 9,294 $ 2,181,505 $ 2,306,452 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — 3 3 $ 15,347 $ 23,511 $ 2,123 $ 47,394 $ 27,278 $ 9,294 $ 2,181,508 $ 2,306,455 Commercial real estate: Pass $ 31,542 $ 315,818 $ 64,380 $ 30,925 $ 2,770 $ 66,736 $ — $ 512,171 Special Mention — 31,371 — — 17,893 — — 49,264 Substandard — 60,000 39,196 — — — — 99,196 Doubtful — — — — — — — — $ 31,542 $ 407,189 $ 103,576 $ 30,925 $ 20,663 $ 66,736 $ — $ 660,631 Construction and land: Pass $ 73,332 $ 488,202 $ 210,183 $ 178,054 $ 13,312 $ — $ — $ 963,083 Special Mention — — — — 71,287 — — 71,287 Substandard — — — — — — — — Doubtful — — — — — — — — $ 73,332 $ 488,202 $ 210,183 $ 178,054 $ 84,599 $ — $ — $ 1,034,370 Home equity lines of credit: Pass $ — $ — $ — $ — $ — $ — $ 135,806 $ 135,806 Special Mention — — — — — — 377 377 Substandard — — — — — — 87 87 Doubtful — — — — — — — — $ — $ — $ — $ — $ — $ — $ 136,270 $ 136,270 Other: Pass $ 8,410 $ 9,991 $ — $ 10,000 $ — $ 20,097 $ 7,424 $ 55,922 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — 59 59 $ 8,410 $ 9,991 $ — $ 10,000 $ — $ 20,097 $ 7,483 $ 55,981 |
Fixed Assets
Fixed Assets | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | NOTE 9 – Fi xed Assets The following is a summary of fixed assets as of December 31, 2023 and 2022 (in thousands) : December 31, 2023 2022 Office equipment $ 356,707 $ 341,641 Leasehold improvements 141,585 129,279 Internally developed software 85,993 67,250 Building 80,771 73,549 Aircraft engine operating leases 2,370 8,612 667,426 620,331 Accumulated depreciation and amortization ( 475,898 ) ( 420,288 ) $ 191,528 $ 200,043 For the years ended December 31, 2023, 2022, and 2021, depreciation and amortization totaled $ 60.5 million, $ 50.6 million, and $ 45.6 million, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | NOTE 10 – Goodwill an d Intangible Assets The carrying amount of goodwill and intangible assets attributable to each of our reporting segments is presented in the following table (in thousands) : December 31, Adjustments Write-off December 31, Goodwill Global Wealth Management $ 335,009 $ — $ — $ 335,009 Institutional Group 991,539 61,695 — 1,053,234 $ 1,326,548 $ 61,695 $ — $ 1,388,243 December 31, Adjustments Amortization December 31, Intangible assets Global Wealth Management $ 33,499 $ — $ ( 4,812 ) $ 28,687 Institutional Group 97,090 23,619 ( 16,117 ) 104,592 $ 130,589 $ 23,619 $ ( 20,929 ) $ 133,279 The adjustments to goodwill and intangible assets included in our Institutional Group segment during the year ended December 31, 2023, are primarily attributable to the acquisitions of Torreya on March 1, 2023, and Sierra Pacific on August 1, 2023. The allocation of the purchase price of these acquisitions are preliminary and will be finalized upon completion of the analysis of the fair values of the net assets as of the respective acquisition dates and the identified intangible assets. The final goodwill recorded on the consolidated statement of financial condition may differ from that reflected herein as a result of future measurement period adjustments and the recording of identified intangible assets. See Note 3 in the notes to our consolidated financial statements for additional information regarding our acquisitions. The goodwill represents the value expected from the synergies created through the operational enhancement benefits that will result from the integration of each respective business, its employees, and customer base. Amortizable intangible assets consist of acquired customer relationships, trade names, acquired technology, non-compete agreements, investment banking backlog, and core deposits that are amortized over their contractual or determined useful lives. Intangible assets as of December 31, 2023 and 2022, were as follows (in thousands) : December 31, 2023 December 31, 2022 Gross Accumulated Gross Accumulated Customer relationships $ 227,486 $ 122,971 $ 225,631 $ 109,216 Trade names 30,359 22,366 30,359 20,861 Acquired technology 18,314 3,447 840 840 Non-compete agreements 10,700 8,421 9,440 7,158 Investment banking backlog 8,913 5,758 5,545 4,377 Core deposits 8,615 8,145 8,615 7,389 $ 304,387 $ 171,108 $ 280,430 $ 149,841 Amortization expense related to intangible assets was $ 20.9 million, $ 19.6 million, and $ 18.2 million for the years ended December 31, 2023, 2022, and 2021, respectively, and is included in other operating expenses in the consolidated statements of operations. The weighted-average remaining lives of the following intangible assets at December 31, 2023, are: customer relationships, 9.6 years; trade names, 7.1 years; non-compete agreements, 4.4 years; acquired technology, 2.6 years; core deposits, 1.2 years; and investment banking backlog, 4.7 years. We have an intangible asset that is not subject to amortization and is, therefore, not included in the table below. As of December 31, 2023, we expect amortization expense in future periods to be as follows (in thousands) : Fiscal year 2024 $ 22,917 2025 20,952 2026 16,885 2027 13,188 2028 12,230 Thereafter 44,989 $ 131,161 |
Borrowings and Federal Home Loa
Borrowings and Federal Home Loan Bank Advances | 12 Months Ended |
Dec. 31, 2023 | |
Short-Term Debt, Other Disclosure [Abstract] | |
Borrowings and Federal Home Loan Bank Advances | NOTE 11 – Borrowings and Federal Home Loan Bank Advances Our short-term financing is generally obtained through short-term bank line financing on an uncommitted, secured basis, securities lending arrangements, repurchase agreements, advances from the Federal Home Loan Bank, term loans, and committed bank line financing on an unsecured basis. 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. We also have an unsecured, committed bank line available. Our uncommitted secured lines of credit at December 31, 2023, totaled $ 880.0 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 is subject to approval by the individual banks each time an advance is requested and may be denied. Our peak daily borrowing on our uncommitted secured lines was $ 240.0 million during the year ended December 31, 2023. There are no compensating balance requirements under these arrangements. Any borrowings on secured lines of credit are generally utilized to finance certain fixed income securities. At December 31, 2023, we had no outstanding balances on our uncommitted secured lines of credit. The Federal Home Loan advances are floating-rate advances. The weighted average interest rate on these advances during the year ended December 31, 2023, was 4.99 % . The advances are secured by Stifel Bancorp’s residential mortgage loan portfolio and investment portfolio. The interest rates reset on a daily basis. Stifel Bancorp has the option to prepay these advances without penalty on the interest reset date. At December 31, 2023, there were no Federal Home Loan advances. On September 27, 2023, the Company and Stifel (the “Borrowers”) entered into an unsecured credit agreement with a syndicate of lenders led by Bank of America, N.A., as administrative agent (the “Credit Agreement”). Concurrently with, and conditional upon, the effectiveness of the Credit Agreement, all of the commitments under the Borrowers’ existing $ 500.0 million unsecured revolving credit facility agreement were terminated. The Credit Agreement has a maturity date of September 27, 2028 , and provides for a committed unsecured borrowing facility for maximum aggregate borrowings of up to $ 750.0 million, depending on the amount of outstanding borrowings of the Borrowers from time to time during the duration of the Credit Agreement. The interest rates on borrowings under the Credit Agreement are variable and based on the Secured Overnight Financing Rate. There were no borrowings outstanding on the Credit Facility as of December 31, 2023. |
Senior Notes
Senior Notes | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Senior Notes | NOTE 12 – Se nior Notes The following table summarizes our senior notes as of December 31, 2023 and 2022 (in thousands) : December 31, 2023 2022 4.25 % senior notes, due 2024 (1) $ 500,000 $ 500,000 4.00 % senior notes, due 2030 (2) 400,000 400,000 5.20 % senior notes, due 2047 (3) 225,000 225,000 1,125,000 1,125,000 Debt issuance costs, net ( 9,371 ) ( 10,446 ) Senior notes, net $ 1,115,629 $ 1,114,554 (1) In July 2014, we sold in a registered underwritten public offering, $ 300.0 million in aggregate principal amount of 4.25 % senior notes due July 2024 . Interest on these senior notes is payable semi-annually in arrears. We may redeem the notes in whole or in part, at our option, at a redemption price equal to 100 % of their principal amount, plus a “make-whole” premium and accrued and unpaid interest, if any, to the date of redemption. In July 2016, we issued an additional $ 200.0 million in aggregate principal amount of 4.25% senior notes due 2024. (2) In May 2020, we sold in a registered underwritten public offering, $ 400.0 million in aggregate principal amount of 4.00 % senior notes due May 2030 . Interest on these senior notes is payable semi-annually in arrears. We may redeem the notes in whole or in part, at our option, at a redemption price equal to the greater of a) 100 % of their principal amount, or b) discounted present value at Treasury rate plus 50 basis points prior to February 15, 2030, and on or after February 15, 2030, at 100 % of their principal amount, and accrued and unpaid interest, if any, to the date of redemption. (3) In October 2017, we completed the pricing of a registered underwritten public offering of $ 200.0 million in aggregate principal amount of 5.20 % senior notes due October 2047 . Interest on the senior notes is payable quarterly in arrears. We may redeem some or all of the senior notes at any time at a redemption price equal to 100 % of the principal amount of the notes being redeemed plus accrued interest thereon to the redemption date. On October 27, 2017, we completed the sale of an additional $ 25.0 million aggregate principal amount of Notes pursuant to the over-allotment option. Our senior notes mature as follows, based upon contractual terms (in thousands) : 2024 $ 500,000 2025 — 2026 — 2027 — 2028 — Thereafter 625,000 $ 1,125,000 |
Bank Deposits
Bank Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Deposits Liabilities, Balance Sheet, Reported Amounts [Abstract] | |
Bank Deposits | NOTE 13 – Ba nk Deposits Deposits consist of interest-bearing-demand deposits (primarily money market and savings accounts), non-interest-bearing demand deposits, and certificates of deposit. Deposits at December 31, 2023 and 2022, were as follows (in thousands) : December 31, 2023 2022 Demand deposits (interest-bearing) $ 27,111,072 $ 26,805,073 Demand deposits (non-interest-bearing) 223,505 305,138 Certificates of deposit 2 6,900 $ 27,334,579 $ 27,117,111 The weighted-average interest rate on deposits was 2.66 % and 0.58 % at December 31, 2023 and 2022, respectively. At December 31, 2023 and 2022, related party deposits, primarily interest-bearing and time deposits of executive officers, directors, and their affiliates, were $ 9.0 million and $ 9.8 million, respectively. Brokerage customers’ deposits were $ 24.1 billion and $ 25.3 billion, respectively. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | NOTE 14 – De rivative Instruments and Hedging Activities We manage the interest rate risk associated with our derivative transactions with customers by entering into offsetting positions with other derivative dealers, resulting in a substantially “matched book” portfolio. Credit risk associated with its derivative transactions is managed through a variety of measures, including initial and ongoing periodic underwriting of its counterparties’ creditworthiness, establishment of customer credit limits, and collateral maintenance requirements for customer exposures that exceed certain preset thresholds. Our policy is not to offset fair value amounts recognized for derivative instruments and fair value amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral arising from derivative instruments recognized at fair value executed with the same counterparty under master netting arrangements. The following tables provide the notional values and fair values of our derivative instruments as of December 31, 2023 and 2022 (in thousands) : December 31, 2023 Derivative Assets Derivative Liabilities Notional value Interest rate contracts $ 118,668 $ 118,651 $ 1,994,919 December 31, 2022 Derivative Assets Derivative Liabilities Notional value Interest rate contracts $ 142,042 $ 142,028 $ 1,395,135 The scheduled maturities of our derivative instruments as of December 31, 2023, are as follows (in thousands) : Within one year $ 59,925 One to three years 694,176 Three to five years 383,215 Five to ten years 747,395 Ten to fifteen years 91,136 Fifteen years and thereafter 19,072 $ 1,994,919 The following table presents the distribution of customer interest rate derivative transactions, by derivative product, as of December 31, 2023 and 2022 (in thousands) : December 31, 2023 2022 Swaps $ 1,824,919 $ 1,375,135 Written options 170,000 20,000 $ 1,994,919 $ 1,395,135 |
Debentures To Stifel Financial
Debentures To Stifel Financial Capital Trusts | 12 Months Ended |
Dec. 31, 2023 | |
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust [Abstract] | |
Debentures To Stifel Financial Capital Trusts | NOTE 15 – Debentures to Stif el Financial Capital Trusts The following table summarizes our debentures to Stifel Financial Capital Trusts as of December 31, 2023 and 2022 (in thousands) : December 31, 2023 2022 Debenture to Stifel Financial Capital Trust II (1) $ 20,000 $ 20,000 Debenture to Stifel Financial Capital Trust III (2) 35,000 35,000 Debenture to Stifel Financial Capital Trust IV (3) 5,000 5,000 $ 60,000 $ 60,000 (1) On August 12, 2005, we completed a private placement of $ 35.0 million of 6.38 % Cumulative Trust Preferred Securities. The trust preferred securities were offered by Stifel Financial Capital Trust II (the “Trust II”), a non-consolidated wholly owned subsidiary of our company. The trust preferred securities mature on September 30, 2035 , but may be redeemed early by our company, and in turn, the Trust II would call the debenture. The Trust II requires quarterly distributions of interest to the holders of the trust preferred securities. Distributions are payable at a floating interest rate equal to three-month LIBOR, or an appropriate alternative reference rate at the time that LIBOR ceases to be published, plus 1.70 % per annum . During 2016, we extinguished $ 15.0 million of the Trust II debentures. (2) On March 30, 2007, we completed a private placement of $ 35.0 million of 6.79 % Cumulative Trust Preferred Securities. The trust preferred securities were offered by Stifel Financial Capital Trust III (the “Trust III”), a non-consolidated wholly owned subsidiary of our company. The trust preferred securities mature on June 6, 2037 , but may be redeemed early by our company, and in turn, Trust III would call the debenture. Trust III requires quarterly distributions of interest to the holders of the trust preferred securities. Distributions are payable at a floating interest rate equal to three-month LIBOR, or an appropriate alternative reference rate at the time that LIBOR ceases to be published, plus 1.85 % per annum . (3) On June 28, 2007, we completed a private placement of $ 35.0 million of 6.78 % Cumulative Trust Preferred Securities. The trust preferred securities were offered by Stifel Financial Capital Trust IV (the “Trust IV”), a non-consolidated wholly owned subsidiary of our company. The trust preferred securities mature on September 6, 2037 , but may be redeemed early by our company, and in turn, Trust IV would call the debenture. Trust IV requires quarterly distributions of interest to the holders of the trust preferred securities. Distributions are payable at a floating interest rate equal to three-month LIBOR, or an appropriate alternative reference rate at the time that LIBOR ceases to be published, plus 1.85 % per annum . |
Disclosures About Offsetting As
Disclosures About Offsetting Assets and Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Offsetting [Abstract] | |
Disclosures About Offsetting Assets and Liabilities | NOTE 16 – Disclosures About Off setting Assets and Liabilities The following table provides information about financial assets and derivative assets that are subject to offset as of December 31, 2023 and 2022 (in thousands) : As of December 31, 2023 Securities borrowing (1) Reverse repurchase agreements (2) Interest rate contracts (3) Total Gross amounts of recognized assets $ 215,368 $ 349,849 $ 118,668 $ 683,885 Gross amounts offset in the statement of financial condition — — — — Net amounts presented in the statement of financial condition 215,368 349,849 118,668 683,885 Gross amounts not offset in the statement of financial condition: Amounts available for offset ( 23,691 ) ( 23,441 ) ( 14,556 ) ( 61,688 ) Available collateral ( 184,689 ) ( 325,627 ) ( 82,607 ) ( 592,923 ) Net amount $ 6,988 $ 781 $ 21,505 $ 29,274 As of December 31, 2022 Securities borrowing (1) Reverse repurchase agreements (2) Interest rate contracts (3) Total Gross amounts of recognized assets $ 219,052 $ 348,162 $ 142,042 $ 709,256 Gross amounts offset in the statement of financial condition — — — — Net amounts presented in the statement of financial condition 219,052 348,162 142,042 709,256 Gross amounts not offset in the statement of financial condition: Amounts available for offset ( 46,647 ) ( 12,028 ) ( 1,959 ) ( 60,634 ) Available collateral ( 160,139 ) ( 334,537 ) ( 55,568 ) ( 550,244 ) Net amount $ 12,266 $ 1,597 $ 84,515 $ 98,378 (1) Securities borrowing transactions are included in receivables from brokers, dealers, and clearing organizations on the consolidated statements of financial condition. See Note 4 in the notes to consolidated financial statements for additional information on receivables from brokers, dealers, and clearing organizations. (2) Available collateral includes securities received from the counterparty. These securities are not included on the consolidated statements of financial condition unless there is an event of default. The fair value of securities received as collateral was $ 350.2 million and $ 346.5 million at December 31, 2023 and 2022, respectively. (3) Available collateral includes securities received from the counterparty. These securities are not included on the consolidated statements of financial condition unless there is an event of default. The fair value of securities received as collateral was $ 84.1 million and $ 50.0 million at December 31, 2023 and 2022, respectively. The following table provides information about financial liabilities and derivative liabilities that are subject to offset as of December 31, 2023 and 2022 (in thousands) : As of December 31, 2023 Securities lending (4) Repurchase agreements (5) Interest rate contracts (6) Total Gross amounts of recognized liabilities $ ( 135,693 ) $ ( 417,644 ) $ ( 118,651 ) $ ( 671,988 ) Gross amounts offset in the statement of financial condition — — — — Net amounts presented in the statement of financial condition ( 135,693 ) ( 417,644 ) ( 118,651 ) ( 671,988 ) Gross amounts not offset in the statement of financial condition: Amounts available for offset 23,691 23,441 14,556 61,688 Collateral pledged 111,981 394,203 22,661 528,845 Net amount $ ( 21 ) $ — $ ( 81,434 ) $ ( 81,455 ) As of December 31, 2022 Securities lending (4) Repurchase agreements (5) Interest rate contracts (6) Total Gross amounts of recognized liabilities $ ( 68,105 ) $ ( 212,011 ) $ ( 142,028 ) $ ( 422,144 ) Gross amounts offset in the statement of financial condition — — — — Net amounts presented in the statement of financial condition ( 68,105 ) ( 212,011 ) ( 142,028 ) ( 422,144 ) Gross amounts not offset in the statement of financial condition: Amounts available for offset 46,647 12,028 1,959 60,634 Collateral pledged 21,448 199,983 25,850 247,281 Net amount $ ( 10 ) $ — $ ( 114,219 ) $ ( 114,229 ) (4) Securities lending transactions are included in payables to brokers, dealers, and clearing organizations on the consolidated statements of financial condition. See Note 4 in the notes to consolidated financial statements for additional information on payables to brokers, dealers, and clearing organizations. (5) Collateral pledged includes the fair value of securities pledged to the counterparty. These securities are included on the consolidated statements of financial condition unless we default. Collateral pledged by our company to the counterparty includes U.S. government agency securities, U.S. government securities, and corporate fixed income securities with market values of $ 425.9 million and $ 218.3 million at December 31, 2023 and 2022, respectively. (6) Collateral pledged includes the fair value of securities pledged to the counterparty. The fair value of securities pledged as collateral was $ 19.1 million and $ 24.1 million at December 31, 2023 and 2022, respectively. |
Commitments, Guarantees, and Co
Commitments, Guarantees, and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Guarantees, and Contingencies | NOTE 17 – Commitments, Guar antees, and Contingencies Broker-Dealer Commitments and Guarantees In the normal course of business, we enter into underwriting commitments. Settlement of transactions relating to such underwriting commitments, which were open at December 31, 2023, had no material effect on the consolidated financial statements. As a part of our fixed income public finance operations, we enter into forward commitments to purchase agency mortgage-backed securities. In order to hedge the market interest rate risk to which we would otherwise be exposed between the date of the commitment and date of sale of the mortgage-backed securities, we enter into to be announced (“TBA”) security contracts with investors for generic mortgage-backed securities at specific rates and prices to be delivered on settlement dates in the future. We may be subject to loss if the timing of, or the actual amount of, the mortgage-backed security differs significantly from the term and notional amount of the TBA security contract to which we entered. These TBA securities and related purchase commitment are accounted for at fair value. As of December 31, 2023, the fair value of the TBA securities and the estimated fair value of the purchase commitments was $ 52.7 million. We also provide guarantees to securities clearinghouses and exchanges under their standard membership agreement, which requires members to guarantee the performance of other members. Under the agreement, if another member becomes unable to satisfy its obligations to the clearinghouse, other members would be required to meet shortfalls. Our liability under these agreements is not quantifiable and may exceed the cash and securities we have posted as collateral. However, the potential requirement for us to make payments under these arrangements is considered remote. Accordingly, no liability has been recognized for these arrangements. Other Commitments In the ordinary course of business, Stifel Bancorp has commitments to extend credit in the form of commitments to originate loans, standby letters of credit, and lines of credit. See Note 24 in the notes to consolidated financial statements for further details. Concentration of Credit Risk We provide investment, capital-raising, and related services to a diverse group of domestic customers, including governments, corporations, and institutional and individual investors. Our exposure to credit risk associated with the non-performance of customers in fulfilling their contractual obligations pursuant to securities transactions can be directly impacted by volatile securities markets, credit markets, and regulatory changes. This exposure is measured on an individual customer basis and on a group basis for customers that share similar attributes. To reduce the potential for risk concentrations, counterparty credit limits have been implemented for certain products and are continually monitored in light of changing customer and market conditions. As of December 31, 2023 and 2022, we did not have significant concentrations of credit risk with any one customer or counterparty, or any group of customers or counterparties. |
Legal Proceedings
Legal Proceedings | 12 Months Ended |
Dec. 31, 2023 | |
Loss Contingency, Information about Litigation Matters [Abstract] | |
Legal Proceedings | NOTE 18 – Lega l Proceedings Our company and its subsidiaries are named in and subject to various proceedings and claims arising primarily from our securities business activities, including lawsuits, arbitration claims, class actions, and regulatory matters. Some of these claims seek substantial compensatory, punitive, or indeterminate damages. Our company and its subsidiaries are also involved in other reviews, investigations, and proceedings by governmental and self-regulatory organizations regarding our business, which may result in adverse judgments, settlements, fines, penalties, injunctions, and other relief. We are contesting allegations in these claims, and we believe that there are meritorious defenses in each of these lawsuits, arbitrations, and regulatory investigations. In view of the number and diversity of claims against our company, the number of jurisdictions in which litigation is pending, and the inherent difficulty of predicting the outcome of litigation and other claims, we cannot state with certainty what the eventual outcome of pending litigation or other claims will be. We have accrued for potential losses that are probable and reasonably estimable that may result from pending and potential legal actions, investigations, and regulatory proceedings. In many cases, however, it is inherently difficult to determine whether any loss is probable or reasonably possible or to estimate the amount or range of any potential loss, particularly where proceedings may be in relatively early stages or where plaintiffs are seeking substantial or indeterminate damages. Matters frequently need to be more developed before a loss or range of loss can reasonably be estimated. In our opinion, based on currently available information, review with outside legal counsel, and consideration of amounts provided for in our consolidated financial statements with respect to these matters, including the matter described below, the ultimate resolution of these matters will not have a material adverse impact on our financial position and results of operations. However, resolution of one or more of these matters may have a material effect on the results of operations in any future period, depending upon the ultimate resolution of those matters and depending upon the level of income for such period. For matters where a liability has not been established and for which we believe a loss is reasonably possible, as well as for matters where an accrual has been recorded but for which an exposure to loss in excess of the amount accrued is reasonably possible, based on currently available information, we believe that such losses will not have a material effect on our consolidated financial statements. SEC and CFTC Investigation of Communications Recordkeeping The Company has been contacted by each of the SEC and the CFTC in connection with an investigation of the Company’s compliance with records preservation requirements for off-channel communications relating to the broker-dealer or investment adviser business activities of the Company using personally owned communications devices and/or messaging platforms that have not been approved by the Company. The SEC and the CFTC have provided the Company with settlement offers, and the Company has established an accrual for potential losses that are probable and reasonably estimable, but at this time, based upon currently available information and review with outside counsel, the Company is not able to state with certainty that any settlements will be achieved or the ultimate resolution of these matters. |
Regulatory Capital Requirements
Regulatory Capital Requirements | 12 Months Ended |
Dec. 31, 2023 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Regulatory Capital Requirements | NOTE 19 – Regulatory Capital Requirements We operate in a highly regulated environment and are subject to capital requirements, which may limit distributions to our company from its subsidiaries. Distributions from our broker-dealer subsidiaries are subject to net capital rules. A broker-dealer that fails to comply with the SEC’s Uniform Net Capital Rule (Rule 15c3-1) may be subject to disciplinary actions by the SEC and self-regulatory organizations, such as FINRA, including censures, fines, suspension, or expulsion. Stifel has chosen to calculate its net capital under the alternative method, which prescribes that their net capital shall not be less than the greater of $ 1.0 million or two percent of aggregate debit balances (primarily receivables from customers) computed in accordance with the SEC’s Customer Protection Rule (Rule 15c3-3). Our other broker-dealer subsidiaries calculate their net capital under the aggregate indebtedness method, whereby their aggregate indebtedness may not be greater than fifteen times their net capital (as defined). At December 31, 2023, Stifel had net capital of $ 457.9 million, which was 41.5 % of aggregate debit items and $ 435.9 million in excess of its minimum required net capital. At December 31, 2023, all of our other broker-dealer subsidiaries’ net capital exceeded the minimum net capital required under the SEC rule. Our international subsidiary, SNEL, is subject to the regulatory supervision and requirements of the Financial Conduct Authority (“FCA”) in the United Kingdom. At December 31, 2023, our international subsidiary’s capital and reserves were in excess of the financial resources requirement under the rules of the FCA. Our Canadian subsidiary, SNC, is subject to the regulatory supervision and requirements of the Canadian Investment Regulatory Organization (“CIRO”). At December 31, 2023, SNC’s net capital and reserves were in excess of the financial resources requirement under the rules of the CIRO. Our company, as a bank holding company, Stifel Bank & Trust, Stifel Bank, Stifel Trust Company, N.A., and Stifel Trust Company, Delaware, N.A., (collectively, “banking subsidiaries”), are subject to various regulatory capital requirements administered by the Federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on our company’s and its banking subsidiaries’ financial results. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, our company and its banking subsidiaries must meet specific capital guidelines that involve quantitative measures of our assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. Our company’s and its banking subsidiaries’ capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Under the Basel III rules, the quantity and quality of regulatory capital increased, a capital conservation buffer was established, selected changes were made to the calculation of risk-weighted assets, and a new ratio, common equity Tier 1, was introduced, all of which are applicable to both our company and its banking subsidiaries. Our company and its banking subsidiaries are required to maintain minimum amounts and ratios of Total and Tier 1 capital (as defined) to risk-weighted assets (as defined), Tier 1 capital to average assets (as defined), and under rules defined in Basel III, Common equity Tier 1 capital to risk-weighted assets. Our company and its banking subsidiaries each calculate these ratios in order to assess compliance with both regulatory requirements and their internal capital policies. At current capital levels, our company and its banking subsidiaries are each categorized as “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well capitalized,” our company and its banking subsidiaries must maintain total risk-based, Tier 1 risk-based, and Tier 1 leverage ratios. The amounts and ratios for Stifel Financial Corp., Stifel Bank & Trust, and Stifel Bank as of December 31, 2023, are represented in the tables below (in thousands, except ratios) . Actual For Capital To Be Well Capitalized Stifel Financial Corp. Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital $ 3,230,965 14.2 % $ 1,023,670 4.5 % $ 1,478,634 6.5 % Tier 1 capital 3,915,965 17.2 % 1,364,893 6.0 % 1,819,857 8.0 % Total capital 4,129,814 18.2 % 1,819,857 8.0 % 2,274,822 10.0 % Tier 1 leverage 3,915,965 10.5 % 1,498,042 4.0 % 1,872,552 5.0 % Actual For Capital To Be Well Capitalized Stifel Bank & Trust Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital $ 1,344,589 11.8 % $ 511,437 4.5 % $ 738,743 6.5 % Tier 1 capital 1,344,589 11.8 % 681,916 6.0 % 909,222 8.0 % Total capital 1,464,939 12.9 % 909,222 8.0 % 1,136,527 10.0 % Tier 1 leverage 1,344,589 7.3 % 740,724 4.0 % 925,905 5.0 % Actual For Capital To Be Well Capitalized Stifel Bank Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital $ 788,811 11.9 % $ 298,030 4.5 % $ 430,488 6.5 % Tier 1 capital 788,811 11.9 % 397,374 6.0 % 529,831 8.0 % Total capital 827,822 12.5 % 529,831 8.0 % 662,289 10.0 % Tier 1 leverage 788,811 7.2 % 440,792 4.0 % 550,990 5.0 % |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2023 | |
Lessee Disclosure [Abstract] | |
Operating Leases | NOTE 20 – Operatin g Leases Our operating leases primarily relate to office space and office equipment with remaining lease terms of 1 to 12 years. At December 31, 2023 and 2022, operating lease right-of-use assets were $ 778.2 million and $ 775.9 million, respectively, and lease liabilities were $ 825.5 million and $ 819.7 million, respectively, and included in accounts payable and accrued expenses in the consolidated statements of financial condition. The table below summarizes our net lease cost for the years ended December 31, 2023 and 2022 (in thousands) : Year Ended December 31, 2023 2022 Operating lease cost $ 107,281 $ 107,963 Short-term lease cost 2,164 1,385 Variable lease cost 28,623 23,106 Sublease income ( 1,111 ) ( 2,303 ) Net lease cost $ 136,957 $ 130,151 Operating lease costs are included in occupancy and equipment rental in the consolidated statements of operations. The table below summarizes other information related to our operating leases as of and for the year ended December 31, 2023 (in thousands) : Operating lease cash flows $ 111,295 Right-of-use assets obtained in exchange for new operating lease liabilities $ 91,925 Weighted average remaining lease term (years) 12.6 Weighted average discount rate 5.03 % The weighted-average discount rate represents our company’s incremental borrowing rate at the lease inception date. The table below presents information about operating lease liabilities as of December 31, 2023, (in thousands, except percentages) : 2024 $ 105,502 2025 99,994 2026 100,545 2027 100,148 2028 97,335 Thereafter 651,330 Total undiscounted lease payments 1,154,854 Imputed interest ( 329,325 ) Total operating lease liabilities $ 825,529 |
Revenues from Contracts with Cu
Revenues from Contracts with Customers | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenues from Contracts with Customers | NOTE 21 – Revenues From Co ntracts With Customers The following table presents the Company’s total revenues broken out by revenues from contracts with customers and other sources of revenue for the years ended December 31, 2023 and 2022 (in thousands) : Year Ended December 31, 2023 2022 Revenues from contracts with customers: Commissions $ 673,597 $ 710,589 Investment banking 731,255 971,485 Asset management 1,299,496 1,262,919 Other 5,281 5,834 Total revenue from contracts with customers 2,709,629 2,950,827 Other sources of revenue: Interest 1,955,745 1,099,115 Principal transactions 490,440 529,033 Other 3,466 13,851 Total revenues $ 5,159,280 $ 4,592,826 Revenue from contracts with customers is recognized when, or as, we satisfy our performance obligations by transferring the promised services to the customers. A service is transferred to a customer when, or as, the customer obtains control of that service. A performance obligation may be satisfied over time or at a point in time. Revenue from a performance obligation satisfied over time is recognized by measuring our progress in satisfying the performance obligation in a manner that depicts the transfer of the services to the customer. Revenue from a performance obligation satisfied at a point in time is recognized at the point in time that we determine the customer obtains control over the promised service. The amount of revenue recognized reflects the consideration we expect to be entitled to in exchange for those promised services (i.e., the “transaction price”). In determining the transaction price, we consider multiple factors, including the effects of variable consideration. Variable consideration is included in the transaction price only to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainties with respect to the amount are resolved. In determining when to include variable consideration in the transaction price, we consider the range of possible outcomes, the predictive value of our past experiences, the time period of when uncertainties expect to be resolved and the amount of consideration that is susceptible to factors outside of our influence, such as market volatility or the judgment and actions of third parties. The following provides detailed information on the recognition of our revenues from contracts with customers: Commissions. We earn commission revenue by executing, settling, and clearing transactions for clients primarily in OTC and listed equity securities, insurance products, and options. Trade execution and clearing and custody services, when provided together, represent a single performance obligation as the services are not separately identifiable in the context of the contract. Commission revenues associated with combined trade execution and clearing and custody services, as well as trade execution services on a standalone basis, are recognized at a point in time on trade-date. Commission revenues are generally paid on settlement date, and we record a receivable between trade-date and payment on settlement date. Investment Banking. We provide our clients with a full range of capital markets and financial advisory services. Capital markets services include underwriting and placement agent services in both the equity and debt capital markets, including private equity placements, initial public offerings, follow-on offerings, underwriting and distributing public and private debt. Capital-raising revenues are recognized at a point in time on trade-date, as the client obtains the control and benefit of the capital markets offering at that point. Costs associated with capital-raising transactions are deferred until the related revenue is recognized or the engagement is otherwise concluded, and are recorded on a gross basis within other operating expenses in the consolidated statements of operations as we are acting as a principal in the arrangement. Any expenses reimbursed by our clients are recognized as investment banking revenues. Revenues from financial advisory services primarily consist of fees generated in connection with merger, acquisition, and restructuring transactions. Advisory revenues from mergers and acquisitions engagements are recognized at a point in time when the related transaction is completed, as the performance obligation is to successfully broker a specific transaction. Fees received prior to the completion of the transaction are deferred within accounts payable and accrued expenses on the consolidated statements of financial condition. Advisory revenues from restructuring engagements are recognized over time using a time elapsed measure of progress as our clients simultaneously receive and consume the benefits of those services as they are provided. A significant portion of the fees we receive for our advisory services are considered variable as they are contingent upon a future event (e.g., completion of a transaction or third party emergence from bankruptcy) and are excluded from the transaction price until the uncertainty associated with the variable consideration is subsequently resolved, which is expected to occur upon achievement of the specified milestone. Payment for advisory services are generally due promptly upon completion of a specified milestone or, for retainer fees, periodically over the course of the engagement. We recognize a receivable between the date of completion of the milestone and payment by the customer. Expenses associated with investment banking advisory engagements are deferred only to the extent they are explicitly reimbursable by the client, and the related revenue is recognized at the same time as the associated expense. All other investment banking advisory-related expenses, including expenses incurred related to restructuring assignments, are expensed as incurred. All investment banking advisory expenses are recognized within other operating expenses on the consolidated statements of operations, and any expenses reimbursed by our clients are recognized as investment banking revenues. Asset Management Fees. We earn management and performance fees in connection with investment advisory services provided to institutional and individual clients. Investment advisory fees are charged based on the value of assets in fee-based accounts and are affected by changes in the balances of client assets due to market fluctuations and levels of net new client assets. Fees are charged either in advance based on fixed rates applied to the value of the customers’ account at the beginning of the period or periodically based on contracted rates and account performance. Contracts can be terminated at any time with no incremental payments due to our company upon termination. If the contract is terminated by the customer fees are prorated for the period and fees charged for the post termination period are refundable to the customer. Disaggregation of Revenue The following tables present the Company’s revenues from contracts with customers by reportable segment disaggregated by major business activity and primary geographic regions for the years ended December 31, 2023 and 2022 (in thousands) : Year Ended December 31, 2023 Global Wealth Management Institutional Group Other Total Major business activity: Commissions $ 444,949 $ 228,648 $ — $ 673,597 Capital raising 16,680 248,987 — 265,667 Advisory — 465,588 — 465,588 Investment banking 16,680 714,575 — 731,255 Asset management 1,299,361 135 — 1,299,496 Other 5,079 17 185 5,281 Total 1,766,069 943,375 185 2,709,629 Primary Geographic Region: United States 1,766,069 741,283 185 2,507,537 United Kingdom — 107,631 — 107,631 Canada — 42,263 — 42,263 Other — 52,198 — 52,198 $ 1,766,069 $ 943,375 $ 185 $ 2,709,629 Year Ended December 31, 2022 Global Wealth Management Institutional Group Other Total Major business activity: Commissions $ 473,638 $ 236,951 $ — $ 710,589 Capital raising 19,515 237,347 — 256,862 Advisory — 714,623 — 714,623 Investment banking 19,515 951,970 — 971,485 Asset management 1,262,841 78 — 1,262,919 Other 5,569 — 265 5,834 Total 1,761,563 1,188,999 265 2,950,827 Primary Geographic Region: United States 1,761,563 970,960 265 2,732,788 United Kingdom — 148,690 — 148,690 Canada — 33,718 — 33,718 Other — 35,631 — 35,631 $ 1,761,563 $ 1,188,999 $ 265 $ 2,950,827 See Note 26 for further break-out of revenues by geography. Information on Remaining Performance Obligations and Revenue Recognized From Past Performance We do not disclose information about remaining performance obligations pertaining to contracts that have an original expected duration of one year or less. The transaction price allocated to remaining unsatisfied or partially unsatisfied performance obligations with an original expected duration exceeding one year was not material at December 31, 2023. Investment banking advisory revenues that are contingent upon completion of a specific milestone and fees associated with certain distribution services are also excluded as the fees are considered variable and not included in the transaction price at December 31, 2023. Contract Balances The timing of our revenue recognition may differ from the timing of payment by our customers. We record a receivable when revenue is recognized prior to payment and we have an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, we record deferred revenue until the performance obligations are satisfied. We had receivables related to revenues from contracts with customers of $ 136.9 million and $ 141.2 million at December 31, 2023 and December 31, 2022, respectively, in other assets in the consolidated statements of financial condition. We had no significant impairments related to these receivables during the year ended December 31, 2023. Our deferred revenue primarily relates to retainer fees received in investment banking advisory engagements where the performance obligation has not yet been satisfied. Deferred revenue at December 31, 2023 and December 31, 2022, was $ 18.5 million and $ 12.8 million, respectively, and included in accounts payable and accrued expenses in the consolidated statements of financial condition. |
Interest Income and Interest Ex
Interest Income and Interest Expense | 12 Months Ended |
Dec. 31, 2023 | |
Banking and Thrift, Interest [Abstract] | |
Interest Income and Interest Expense | NOTE 22 – Interest Incom e and Interest Expense The components of interest income and interest expense are as follows (in thousands) : Year Ended December 31, 2023 2022 2021 Interest income: Loans held for investment, net $ 1,253,008 $ 752,273 $ 378,086 Investment securities 467,199 247,755 129,858 Interest-bearing cash and federal funds sold 123,363 29,996 3,794 Margin balances 61,138 43,751 25,780 Financial instruments owned 16,726 20,545 15,041 Other 34,311 4,795 ( 4,159 ) $ 1,955,745 $ 1,099,115 $ 548,400 Interest expense: Bank deposits $ 724,857 $ 146,636 $ 4,510 Senior notes 50,025 44,424 47,500 Other 35,454 10,327 ( 6,012 ) $ 810,336 $ 201,387 $ 45,998 |
Employee Incentive, Deferred Co
Employee Incentive, Deferred Compensation, and Retirement Plans | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement, Recognized Amount [Abstract] | |
Employee Incentive, Deferred Compensation, and Retirement Plans | NOTE 23 – Employee Incentive, Deferre d Compensation, and Retirement Plans We maintain an incentive stock plan and a wealth accumulation plan (“the Plan”) that provides for the granting of stock options, stock appreciation rights, restricted stock, performance awards, stock units, and debentures (collectively, “deferred awards”) to our associates. We are permitted to issue new shares under all stock award plans approved by shareholders or to reissue our treasury shares. Stock awards issued under our company’s incentive stock plan are granted at market value at the date of grant. Our deferred awards generally vest ratably over a one - to ten-year vesting period. Our stock-based compensation plans are administered by the Compensation Committee of the Board of Directors (“Compensation Committee”), which has the authority to interpret the plans, determine to whom awards may be granted under the plans, and determine the terms of each award. According to the incentive stock plan, we are authorized to grant an additional 5.2 million shares at December 31, 2023. Expense associated with our stock-based compensation, included in compensation and benefits expense in the consolidated statements of operations for our company’s incentive stock award plan was $ 137.6 million, $ 135.2 million, and $ 120.7 million for the years ended December 31, 2023, 2022, and 2021, respectively. Additionally, the tax benefit associated with the stock-based compensation expense was $ 27.8 million, $ 30.8 million, and $ 26.9 million for the years ended December 31, 2023, 2022, and 2021, respectively. The excess tax benefit related to stock-based compensation that vested during the year was $ 36.9 million, $ 23.8 million, and $ 38.7 million for the years ended December 31, 2023, 2022, and 2021, respectively. Expense associated with our debentures, included in compensation and benefits expense in the consolidated statements of operations was $ 105.8 million, $ 91.6 million, and $ 64.4 million for the years ended December 31, 2023, 2022, and 2021, respectively. Deferred Awards A restricted stock unit represents the right to receive a share of the Company’s common stock at a designated time in the future without cash payment by the associate and is issued in lieu of cash incentive, principally for deferred compensation and employee retention plans. The restricted stock units vest on an annual basis over the next one to ten years and are distributable, if vested, at future specified dates. Restricted stock awards are restricted as to sale or disposition. These restrictions lapse over the next one to two years. The Company grants Performance-based Restricted Stock Units (“PRSUs”) to certain of its executive officers. Under the terms of the grants, the number of PRSUs that will vest and convert to shares will be based on the Company’s achievement of the pre-determined performance objectives during the performance period. The PRSUs will be measured over a four-year performance period and vested over a five-year period. Any resulting delivery of shares for PRSUs granted as part of compensation will occur after four years for 80 % of the earned award, and in the fifth year for the remaining 20 % of the earned award. The number of shares converted has the potential to range from 0 % to 200 % based on how the Company performs during the performance period. Compensation expense is amortized over the service period based on the fair value of the deferred award on the grant date. The Company’s pre-determined performance objectives must be met for the awards to vest. Associates forfeit unvested deferred awards upon termination of employment with a corresponding reversal of compensation expense. Certain deferred awards may continue to vest under certain circumstances as described in the Plan. At December 31, 2023, the total number of restricted stock units, PRSUs, and restricted stock awards outstanding was 15.5 million, of which 13.5 million were unvested. A summary of unvested restricted equity award activity, which includes restricted stock units and restricted stock awards, for the year ended December 31, 2023, is presented below (in thousands, except weighted-average fair value) : Weighted-average grant date fair value Unvested December 31, 2022 14,845 $ 46.83 Granted 3,101 62.14 Vested ( 4,017 ) 40.49 Cancelled ( 400 ) 50.38 Unvested December 31, 2023 13,529 $ 52.12 At December 31, 2023, there was approximately $ 708.8 million of unrecognized compensation cost for all deferred awards, which is expected to be recognized over a weighted-average period of 2.5 years. The fair value of restricted stock units and restricted stock that vested or converted during the year ended December 31, 2023, was $ 162.7 million. Deferred Compensation Plans The Plan is provided to certain revenue producers, officers, and key administrative associates, whereby a certain percentage of their incentive compensation is deferred as defined by the Plan into company stock units, restricted stock, and debentures. Participants may elect to defer a portion of their incentive compensation. Deferred awards generally vest over a one - to ten-year period and are distributable upon vesting or at future specified dates. Deferred compensation costs are amortized on a straight-line basis over the vesting period. Elective deferrals are 100 % vested. Additionally, the Plan allows Stifel financial advisors who achieve certain levels of production the option to defer a certain percentage of their gross commissions. As stipulated by the Plan, the financial advisors will defer 5 % of their gross commissions. The mandatory deferral is split between company restricted stock units and debentures. They have the option to defer an additional 1 % of gross commissions into company stock units. In addition, certain revenue producers, upon joining the Company, may receive company stock units in lieu of transition cash payments. Deferred compensation related to these awards generally vests over a one - to eight-year period. Deferred compensation costs are amortized on a straight-line basis over the deferral period. Profit Sharing Plan Eligible U.S. associates of the Company who have met certain service requirements may participate in the Stifel Financial Corp. Profit Sharing 401(k) Plan (the “401(k) Plan”). Associates are permitted within limitations imposed by tax law to make pre-tax contributions to the 401(k) Plan. We may match certain associate contributions or make additional contributions to the 401(k) Plan at our discretion. Our contributions to the 401(k) Plan, included in compensation and benefits in the consolidated statements of operations, were $ 17.6 million, $ 15.8 million, and $ 15.2 million for the years ended December 31, 2023, 2022, and 2021, respectively. |
Off-Balance Sheet Credit Risk
Off-Balance Sheet Credit Risk | 12 Months Ended |
Dec. 31, 2023 | |
Concentration Risks, Types, No Concentration Percentage [Abstract] | |
Off-Balance Sheet Credit Risk | NOTE 24 – Off-Balanc e Sheet Credit Risk In the normal course of business, we execute, settle, and finance customer and proprietary securities transactions. These activities expose our company to off-balance sheet risk in the event that customers or other parties fail to satisfy their obligations. In accordance with industry practice, securities transactions generally settle within two business days after trade date. Should a customer or broker fail to deliver cash or securities as agreed, we may be required to purchase or sell securities at unfavorable market prices. We borrow and lend securities to facilitate the settlement process and finance transactions, utilizing customer margin securities held as collateral. We monitor the adequacy of collateral levels on a daily basis. We periodically borrow from banks on a collateralized basis, utilizing firm and customer margin securities in compliance with SEC rules. Should the counterparty fail to return customer securities pledged, we are subject to the risk of acquiring the securities at prevailing market prices in order to satisfy our customer obligations. We control our exposure to credit risk by continually monitoring our counterparties’ positions, and where deemed necessary, we may require a deposit of additional collateral and/or a reduction or diversification of positions. Our company sells securities it does not currently own (short sales) and is obligated to subsequently purchase such securities at prevailing market prices. We are exposed to risk of loss if securities prices increase prior to closing the transactions. We control our exposure to price risk from short sales through daily review and setting position and trading limits. We manage our risks associated with the aforementioned transactions through position and credit limits and the continuous monitoring of collateral. Additional collateral is required from customers and other counterparties when appropriate. We have accepted collateral in connection with resale agreements, securities borrowed transactions, and customer margin loans. Under many agreements, we are permitted to sell or repledge these securities held as collateral and use these securities to enter into securities lending arrangements or to deliver to counterparties to cover short positions. At December 31, 2023 and 2022, the fair value of securities accepted as collateral where we are permitted to sell or repledge the securities was $ 1.6 billion and $ 1.8 billion, respectively, and the fair value of the collateral that had been sold or repledged was $ 417.6 million and $ 212.0 million, respectively. We enter into interest rate derivative contracts to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Our derivative financial instruments are principally used to manage differences in the amount, timing, and duration of our known or expected cash payments related to certain variable-rate affiliated deposits. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for us making fixed-rate payments. Our interest rate hedging strategies may not work in all market environments and, as a result, may not be effective in mitigating interest rate risk. Derivatives’ notional contract amounts are not reflected as assets or liabilities in the consolidated statements of financial condition. Rather, the market or fair value of the derivative transactions are reported in the consolidated statements of financial condition as other assets or accounts payable and accrued expenses, as applicable. For a complete discussion of our activities related to derivative instruments, see Note 14 in the notes to consolidated financial statements. In the ordinary course of business, Stifel Bancorp has commitments to originate loans, standby letters of credit, and lines of credit. Commitments to originate loans are agreements to lend to a customer as long as there is no violation of any condition established by the contract. These commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since a portion of the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash commitments. Each customer’s creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained, if necessary, is based on the credit evaluation of the counterparty. Collateral held varies, but may include accounts receivable, inventory, property, plant and equipment, commercial real estate, and residential real estate. At December 31, 2023 and 2022, Stifel Bancorp had outstanding commitments to originate loans aggregating $ 103.6 million and $ 164.6 million, respectively. The commitments extended over varying periods of time, with all commitments at December 31, 2023, scheduled to be disbursed in the following three months. Through Stifel Bancorp, in the normal course of business, we originate residential mortgage loans and sell them to investors. We may be required to repurchase mortgage loans that have been sold to investors in the event there are breaches of certain representations and warranties contained within the sales agreements. We may be required to repurchase mortgage loans that were sold to investors in the event that there was inadequate underwriting or fraud, or in the event that the loans become delinquent shortly after they are originated. We also may be required to indemnify certain purchasers and others against losses they incur in the event of breaches of representations and warranties and in various other circumstances, and the amount of such losses could exceed the repurchase amount of the related loans. Consequently, we may be exposed to credit risk associated with sold loans. Standby letters of credit are irrevocable conditional commitments issued by Stifel Bancorp to guarantee the performance of a customer to a third party. Financial standby letters of credit are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing, and similar transactions. Performance standby letters of credit are issued to guarantee performance of certain customers under non-financial contractual obligations. The credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending loans to customers. Should Stifel Bancorp be obligated to perform under the standby letters of credit, it may seek recourse from the customer for reimbursement of amounts paid. At December 31, 2023 and 2022, Stifel Bancorp had outstanding letters of credit totaling $ 37.1 million and $ 22.9 million, respectively. A majority of the standby letters of credit commitments at December 31, 2023, have expiration terms that are less than one year . Lines of credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Lines of credit generally have fixed expiration dates. Stifel Bancorp uses the same credit policies in granting lines of credit as it does for on-balance sheet instruments. At December 31, 2023 and 2022, Stifel Bancorp had granted unused lines of credit to commercial and consumer borrowers aggregating $ 6.3 billion and $ 6.1 billion, respectively. We are required to evaluate our loan portfolio for any expected losses with recognition of an allowance for credit losses, when applicable. At December 31, 2023 and 2022, the expected credit losses for unfunded lending commitments was $ 33.3 million and $ 36.2 million, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |
Income Taxes | NOTE 25 – I ncome Taxes The provision for income taxes consists of the following (in thousands) : Year Ended December 31, 2023 2022 2021 Current taxes: Federal $ 127,771 $ 159,383 $ 167,258 State 39,361 49,956 39,911 Foreign 1,056 929 2,950 168,188 210,268 210,119 Deferred taxes: Federal 9,067 8,752 19,747 State 2,917 4,203 5,640 Foreign 3,984 ( 262 ) 6,717 15,968 12,693 32,104 Provision for income taxes $ 184,156 $ 222,961 $ 242,223 Reconciliation of the statutory federal income tax rate with our company’s effective income tax rate is as follows (in thousands) : Year Ended December 31, 2023 2022 2021 Statutory rate $ 148,405 $ 185,874 $ 224,087 State income taxes, net of federal income tax 34,012 42,813 37,169 Non-deductible business expenses 25,177 10,944 9,732 Change in valuation allowance 21,931 9,802 2,248 Foreign tax rate difference ( 2,471 ) ( 2,846 ) 125 Federal tax credits ( 7,002 ) ( 2,793 ) ( 2,126 ) Excess tax benefit from stock-based compensation ( 31,109 ) ( 19,418 ) ( 32,004 ) Other, net ( 4,787 ) ( 1,415 ) 2,992 $ 184,156 $ 222,961 $ 242,223 Tax effect of temporary differences and carryforwards that comprise significant portions of deferred tax assets and liabilities (in thousands) : December 31, 2023 2022 Deferred tax assets: Lease liabilities $ 205,487 $ 206,091 Deferred compensation 82,593 81,457 Receivable reserves 52,342 47,308 Unrealized loss on investments 51,549 62,318 Net operating loss carryforwards 45,879 28,997 Accrued expenses 15,457 25,833 Total deferred tax assets 453,307 452,004 Valuation allowance ( 46,843 ) ( 24,779 ) 406,464 427,225 Deferred tax liabilities: Lease right-of-use assets ( 195,962 ) ( 199,085 ) Goodwill and other intangibles ( 72,927 ) ( 61,225 ) Prepaid expenses ( 6,966 ) ( 4,427 ) Depreciation ( 3,620 ) ( 1,180 ) Other ( 5,467 ) ( 2,101 ) ( 284,942 ) ( 268,018 ) Net deferred tax asset $ 121,522 $ 159,207 Our net deferred tax asset at December 31, 2023, includes net operating loss carryforwards of $ 134.0 million that expire between 2024 and 2043. Certain of our net operating loss carryforwards do not expire. A valuation allowance is recorded to the extent that it is more likely than not that any portion of the deferred tax asset will not be realized. The valuation allowance was increased by $ 22.1 million. We believe the realization of the remaining net deferred tax asset of $ 121.5 million is more likely than not based on the ability to carry back certain tax attributes against prior year taxable income for tax years before 2023 and to carry forward net operating losses indefinitely after 2023, and expectations of future taxable income, which is supported by a history of cumulative income. The current tax payable, included in accounts payable and accrued expenses, is $ 6.1 million and $ 9.1 million as of December 31, 2023 and 2022, respectively. The current tax receivable, included in other assets, is $ 38.9 million and $ 28.1 million as of December 31, 2023 and 2022, respectively. As of December 31, 2023, we considered all undistributed earnings of non-U.S. subsidiaries to be permanently reinvested. Therefore, we have not provided for any U.S. deferred income taxes. Because the time or manner of repatriation is uncertain, we cannot determine the impact of local taxes, withholding taxes and foreign tax credits associated with the future repatriation of such earnings, and therefore cannot quantify the tax liability that would be payable in the event all such foreign earnings are repatriated. Uncertain Tax Positions As of December 31, 2023 and 2022, we had $ 5.4 million and $ 5.3 million, respectively, of gross unrecognized tax benefits, all of which, if recognized, would impact the effective tax rate. We recognize interest and penalties related to uncertain tax positions in provision for income taxes in the consolidated statements of operations. As of December 31, 2023 and 2022, we had accrued interest and penalties of $ 0.4 million and $ 0.3 million, respectively, before benefit of federal tax deduction, included in accounts payable and accrued expenses in our consolidated statements of financial condition. The amount of interest and penalties recognized in our consolidated statements of operations for the years ended December 31, 2023, 2022, and 2021, was not significant. The following table summarizes the activity related to our company’s unrecognized tax benefits from January 1, 2021 to December 31, 2023 (in thousands) : Year Ended December 31, 2023 2022 2021 Beginning balance $ 5,271 $ 4,924 $ 3,962 Increase related to prior year tax positions 112 195 2,719 Decrease related to prior year tax positions ( 63 ) ( 635 ) ( 119 ) Increase related to current year tax positions 1,083 978 745 Decrease related to settlements with taxing authorities — — ( 2,370 ) Decrease related to lapsing of statute of limitations ( 973 ) ( 191 ) ( 13 ) Ending balance $ 5,430 $ 5,271 $ 4,924 We file income tax returns with the U.S. federal jurisdiction, various states, and certain foreign jurisdictions. We are not subject to U.S. federal examination for taxable years before 2020. We are not subject to certain state and local, or non-U.S. income tax examinations for taxable years before 2015. There is a reasonable possibility that the unrecognized tax benefits will change within the next 12 months as a result of the expiration of various statutes of limitations or for the resolution of U.S. federal and state examinations, but we do not expect this change to be material to the consolidated financial statements. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting | NOTE 26 – Segm ent Reporting We currently operate through the following three business segments: Global Wealth Management, Institutional Group, and various corporate activities combined in the Other segment. Our Global Wealth Management segment consists of two businesses, the Private Client Group and Stifel Bancorp. The Private Client Group includes branch offices and independent contractor offices of our broker-dealer subsidiaries located throughout the United States. These branches provide securities brokerage services, including the sale of equities, mutual funds, fixed income products, and insurance, as well as offering banking products to their clients through our bank subsidiaries, which provide residential, consumer, and commercial lending, as well as FDIC-insured deposit accounts to customers of our private client group and to the general public. The Institutional Group segment includes institutional sales and trading. It provides securities brokerage, trading, and research services to institutions, with an emphasis on the sale of equity and fixed income products. This segment also includes the management of and participation in underwritings for both corporate and public finance (exclusive of sales credits generated through the private client group, which are included in the Global Wealth Management segment), merger and acquisition, and financial advisory services. The Other segment includes interest income from stock borrow activities, unallocated interest expense, interest income and gains and losses from investments held, amortization of stock-based awards, and all unallocated overhead cost associated with the execution of orders; processing of securities transactions; custody of client securities; receipt, identification, and delivery of funds and securities; compliance with regulatory and legal requirements; internal financial accounting and controls; and general administration and acquisition charges. Information concerning operations in these segments of business for the years ended December 31, 2023, 2022, and 2021, is as follows (in thousands) : Year Ended December 31, 2023 2022 2021 Net revenues: (1) Global Wealth Management $ 3,049,962 $ 2,825,866 $ 2,598,837 Institutional Group 1,226,317 1,536,017 2,152,439 Other 72,665 29,556 ( 14,188 ) $ 4,348,944 $ 4,391,439 $ 4,737,088 Income/(loss) before income taxes: Global Wealth Management $ 1,215,822 $ 1,067,571 $ 914,953 Institutional Group 2,100 254,132 558,937 Other ( 511,230 ) ( 436,587 ) ( 406,809 ) $ 706,692 $ 885,116 $ 1,067,081 (1) No individual client accounted for more than 10 percent of total net revenues for the years ended December 31, 2023, 2022, and 2021. The following table presents our company’s total assets on a segment basis at December 31, 2023 and 2022 (in thousands) : December 31, 2023 2022 Global Wealth Management $ 32,773,613 $ 32,449,466 Institutional Group 4,564,058 4,285,212 Other 389,789 461,446 $ 37,727,460 $ 37,196,124 We have operations in the United States, United Kingdom, Europe, and Canada. The Company’s foreign operations are conducted through its wholly owned subsidiaries, SNEL and SNC. Substantially all long-lived assets are located in the United States. Revenues, classified by the major geographic areas in which they were earned for the years ended December 31, 2023, 2022, and 2021, were as follows (in thousands): Year Ended December 31, 2023 2022 2021 United States $ 4,095,476 $ 4,125,563 $ 4,332,743 United Kingdom 152,125 192,985 239,559 Canada 40,034 29,268 109,285 Other 61,309 43,623 55,501 $ 4,348,944 $ 4,391,439 $ 4,737,088 |
Earnings Per Share ("EPS")
Earnings Per Share ("EPS") | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share ("EPS") | NOTE 27 – Earnings Per Share (“EPS”) Basic EPS is computed by dividing earnings available to common shareholders by the weighted-average number of common shares outstanding. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. Diluted earnings per share include dilutive stock options and stock units under the treasury stock method. The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31, 2023, 2022, and 2021 (in thousands, except per share data) : Year Ended December 31, 2023 2022 2021 Net income $ 522,536 $ 662,155 $ 824,858 Preferred dividends 37,281 37,281 35,587 Net income available to common shareholders $ 485,255 $ 624,874 $ 789,271 Shares for basic and diluted calculation: Average shares used in basic computation 106,661 108,848 107,536 Dilutive effect of stock options and units (1) 6,792 8,692 10,994 Average shares used in diluted computation 113,453 117,540 118,530 Earnings per common share: Basic $ 4.55 $ 5.74 $ 7.34 Diluted $ 4.28 $ 5.32 $ 6.66 (1) Diluted earnings per share is computed on the basis of the weighted-average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Diluted earnings per share include units. For the years ended December 31, 2023, 2022, and 2021, the anti-dilutive effect from restricted stock units was immaterial. Cash Dividends During the year ended December 31, 2023, we declared and paid cash dividends of $ 1.44 per common share. During the year ended December 31, 2022, we declared and paid cash dividends of $ 1.20 per common share. During the year ended December 31, 2021, we declared and paid cash dividends of $ 0.60 per common share. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Shareholders' Equity | NOTE 28 – Share holders’ Equity Share Repurchase Program We have an ongoing authorization from the Board of Directors to repurchase our common stock in the open market or in negotiated transactions. At December 31, 2023, the maximum number of shares that may yet be purchased under this plan was 11.8 million. The repurchase program has no expiration date. These purchases may be made on the open market or in privately negotiated transactions, depending upon market conditions and other factors. Repurchased shares may be used to meet obligations under our employee benefit plans and for general corporate purposes. During the year ended December 31, 2023, we repurchas ed $ 441.3 m illion or 7.2 million shares using existing Board authorizations at an average price of $ 61.50 per share to meet obligations under our company’s employee benefit plans and for general corporate purposes. During the year ended December 31, 2022, we repurchas ed $ 105.8 m illion or 1.8 million shares using existing Board authorizations at an average price of $ 60.24 per share to meet obligations under our company’s employee benefit plans and for general corporate purposes. Issuance of Common Stock from Treasury During the years ended December 31, 2023 and 2022, we issued 2.9 million and 2.6 million shares, respectively, of common stock from treasury primarily as a result of vesting and exercise transactions under our incentive stock award plans. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2023 | |
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract] | |
Variable Interest Entities | NOTE 29 – Variable Interest Entities Our variable interests in VIEs include debt and equity interests, commitments, certain fees, the establishment of Stifel Financial Capital Trusts, and our issuance of a convertible promissory note. Our involvement with VIEs arises primarily from the following activities: purchases of securities in connection with our trading and secondary market-making activities; retained interests held as a result of securitization activities; and loans to, investments in, and fees from various investment vehicles. Partnership Interests We have formed several non-consolidated investment funds with third-party investors that are typically organized as limited liability companies (“LLCs”) or limited partnerships. These investment vehicles have assets primarily consisting of private and public equity investments. For those funds where we act as the general partner, our company’s economic interest is generally limited to management fee arrangements as stipulated by the fund operating agreements. We have generally provided the third-party investors with rights to terminate the funds or to remove us as the general partner. We have concluded that we are not the primary beneficiary of these VIEs, and therefore, we do not consolidate these entities. Debt and Equity Investments Our exposure to loss is limited to the total of our carrying value. These investment vehicles have net assets, primarily consisting of aircraft, aircraft engine-related assets, and debt. For these investments, our involvement is primarily limited to management fee arrangements as stipulated by the operating agreements. We have concluded that we are not the primary beneficiary of these VIEs, and therefore, we do not consolidate these entities. The following tables present the aggregate assets, liabilities, and our exposure to loss from those VIEs in which we hold a variable interest, but as to which we have concluded we are not the primary beneficiary (in thousands) : December 31, 2023 Aggregate Assets Aggregate Liabilities Our Risk of Loss Debt and Equity Investments $ 456,286 $ 277,924 $ 40,088 Partnership Interests 341,980 678 — $ 798,266 $ 278,602 $ 40,088 December 31, 2022 Aggregate Assets Aggregate Liabilities Our Risk of Loss Debt and Equity Investments $ 388,408 $ 296,375 $ 14,776 Partnership Interests 402,703 1,180 — $ 791,111 $ 297,555 $ 14,776 Debenture to Stifel Financial Capital Trusts We have completed private placements of cumulative trust preferred securities through Stifel Financial Capital Trust II, Stifel Financial Capital Trust III, and Stifel Financial Capital Trust IV (collectively, the “Trusts”). The Trusts are non-consolidated wholly owned business trust subsidiaries of our company and were established for the limited purpose of issuing trust securities to third parties and lending the proceeds to our company. The trust preferred securities represent an indirect interest in junior subordinated debentures purchased from our company by the Trusts, and we effectively provide for the full and unconditional guarantee of the securities issued by the Trusts. We make timely payments of interest to the Trusts as required by contractual obligations, which are sufficient to cover payments due on the securities issued by the Trusts, and believe that it is unlikely that any circumstances would occur that would make it necessary for our company to make payments related to these Trusts other than those required under the terms of the debenture agreements and the trust preferred securities agreements. The Trusts were determined to be VIEs because the holders of the equity investment at risk do not have adequate decision-making ability over the Trust’s activities. Our investment in the Trusts is not a variable interest, because equity interests are variable interests only to the extent that the investment is considered to be at risk. Because our investment was funded by the Trusts, it is not considered to be at risk. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Stifel Financial Corp. (the “Company”), through its wholly owned subsidiaries, is principally engaged in retail brokerage; securities trading; investment banking; investment advisory; retail, consumer, and commercial banking; and related financial services. Our major geographic area of concentration is throughout the United States, with a growing presence in the United Kingdom, Europe, and Canada. Our company’s principal customers are individual investors, corporations, municipalities, and institutions. |
Basis of Presentation | Basis of Presentation The consolidated financial statements include Stifel Financial Corp. and its wholly owned subsidiaries, principally Stifel, Nicolaus & Company, Incorporated (“Stifel”), Keefe Bruyette & Woods, Inc. (“KBW”), Stifel Bancorp, Inc. (“Stifel Bancorp”), Stifel Nicolaus Canada Inc. (“SNC”), and Stifel Nicolaus Europe Limited (“SNEL”). Unless otherwise indicated, the terms “we,” “us,” “our,” or “our company” in this report refer to Stifel Financial Corp. and its wholly owned subsidiaries. The accompanying consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles, which require management to make certain estimates and assumptions that affect the reported amounts. We consider significant estimates, which are most susceptible to change and impacted significantly by judgments, assumptions, and estimates, to be: valuation of financial instruments and investments in partnerships, accrual for contingencies, allowance for loan losses, derivative instruments and hedging activities, fair value of goodwill and intangible assets, provision for income taxes and related tax reserves, and forfeitures associated with stock-based compensation. Actual results could differ from those estimates. Certain amounts from prior periods have been reclassified to conform to the current period’s presentation. The effect of these reclassifications on our company’s previously reported consolidated financial statements was not material. |
Consolidation Policies | Consolidation Policies The consolidated financial statements include the accounts of Stifel Financial Corp. and its subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. We have investments or interests in other entities for which we must evaluate whether to consolidate by determining whether we have a controlling financial interest or are considered to be the primary beneficiary. Under our current consolidation policy, we consolidate those entities where we have the power to direct the activities of the entity that most significantly impact the entity’s economic performance and the obligation to absorb losses of the entity or the rights to receive benefits from the entity that could potentially be significant to the entity. We determine whether we are the primary beneficiary of a variable interest entity (“VIE”) by performing an analysis of the VIE’s control structure, expected benefits and losses, and expected residual returns. This analysis includes a review of, among other factors, the VIE’s capital structure, contractual terms, which interests create or absorb benefits or losses, variability, related party relationships, and the design of the VIE. We reassess our evaluation of whether an entity is a VIE when certain reconsideration events occur. We reassess our determination of whether we are the primary beneficiary of a VIE on an ongoing basis based on current facts and circumstances. See Note 29 for additional information on VIEs. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider money market mutual funds and highly liquid investments with original maturities of three months or less that are not restricted or segregated to be cash equivalents. Cash and cash equivalents include deposits with banks, federal funds sold, money market mutual funds, and certificates of deposit. Cash and cash equivalents also include balances that our bank subsidiaries maintain at the Federal Reserve Bank. |
Cash Segregated For Regulatory Purposes | Cash Segregated for Regulatory Purposes Our broker-dealer subsidiaries are subject to Rule 15c3-3 under the Securities Exchange Act of 1934, which requires our company to maintain cash or qualified securities in a segregated reserve account for the exclusive benefit of its clients. In accordance with Rule 15c3-3, our company has portions of its cash segregated for the exclusive benefit of clients at December 31, 2023. |
Brokerage Client Receivables, Net | Brokerage Client Receivables, Net Brokerage client receivables include receivables of our company’s broker-dealer subsidiaries, which represent amounts due on cash and margin transactions and are generally collateralized by securities owned by clients. The brokerage client receivables consisting of floating-rate loans collateralized by customer-owned securities are charged interest at rates similar to other such loans made throughout the industry. The receivables are reported at their outstanding principal balance net of allowance for doubtful accounts. When a brokerage client receivable is considered to be impaired, the amount of the impairment is generally measured based on the fair value of the securities acting as collateral, which is measured based on current prices from independent sources, such as listed market prices or broker-dealer price quotations. Securities owned by customers, including those that collateralize margin or other similar transactions, are not reflected in the consolidated statements of financial condition. |
Securities Borrowed and Securities Loaned | Securities Borrowed and Securities Loaned Securities borrowed require our company to deliver cash to the lender in exchange for securities and are included in receivables from brokers, dealers, and clearing organizations in the consolidated statements of financial condition. For securities loaned, we generally receive collateral in the form of cash in an amount in excess of the market value of securities loaned. Securities loaned are included in payables to brokers, dealers, and clearing organizations in the consolidated statements of financial condition. We monitor the market value of securities borrowed and loaned on a daily basis, with additional collateral obtained or refunded as necessary. Fees received or paid are recorded in interest revenue or interest expense in the consolidated statements of operations. Substantially all of these transactions are executed under master netting agreements, which gives us right of offset in the event of counterparty default; however, such receivables and payables with the same counterparty are not set off in the consolidated statements of financial condition. |
Securities Purchased Under Agreements to Resell and Repurchase Agreements | Securities Purchased Under Agreements to Resell and Repurchase Agreements Securities purchased under agreements to resell (“resale agreements”) are collateralized financing transactions that are recorded at their contractual amounts plus accrued interest. We obtain control of collateral with a market value equal to or in excess of the principal amount loaned and accrued interest under resale agreements. These agreements are short-term in nature and are generally collateralized by U.S. government securities, U.S. government agency securities, and corporate bonds. We value collateral on a daily basis, with additional collateral obtained when necessary to minimize the risk associated with this activity. Securities sold under agreements to repurchase (“repurchase agreements”) are collateralized financing transactions that are recorded at their contractual amounts plus accrued interest. We make delivery of securities sold under agreements to repurchase and monitor the value of collateral on a daily basis. When necessary, we will deliver additional collateral. |
Financial Instruments | Financial Instruments We measure certain financial assets and liabilities at fair value on a recurring basis, including cash equivalents, financial instruments owned, available-for-sale securities, investments, financial instruments sold, but not yet purchased, and derivatives. Other than those separately discussed in the notes to the consolidated financial statements, the remaining financial instruments are generally short-term in nature, and their carrying values approximate fair value. The fair value of a financial instrument is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., “the exit price”) in an orderly transaction between market participants at the measurement date. We have categorized our financial instruments measured at fair value into a three-level classification in accordance with Topic 820, “Fair Value Measurement,” which established a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs reflect our assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the transparency of inputs as follows: Level 1 – Quoted prices (unadjusted) are available in active markets for identical assets or liabilities as of the measurement date. A quoted price for an identical asset or liability in an active market provides the most reliable fair value measurement, because it is directly observable to the market. Level 2 – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the measurement date. The nature of these financial instruments includes instruments for which quoted prices are available but traded less frequently, derivative instruments whose fair value have been derived using a model where inputs to the model are directly observable in the market, or can be derived principally from or corroborated by observable market data, and instruments that are fair valued using other financial instruments, the parameters of which can be directly observed. Level 3 – Instruments that have little to no pricing observability as of the measurement date. These financial instruments do not have two-way markets and are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation. Valuation of Financial Instruments When available, we use observable market prices, observable market parameters, or broker or dealer prices (bid and ask prices) to derive the fair value of financial instruments. In the case of financial instruments transacted on recognized exchanges, the observable market prices represent quotations for completed transactions from the exchange on which the financial instrument is principally traded. A substantial percentage of the fair value of our financial instruments owned, available-for-sale securities, investments, and financial instruments sold, but not yet purchased, are based on observable market prices, observable market parameters, or derived from broker or dealer prices. The availability of observable market prices and pricing parameters can vary from product to product. Where available, observable market prices and pricing or market parameters in a product may be used to derive a price without requiring significant judgment. In certain markets, observable market prices or market parameters are not available for all products, and fair value is determined using techniques appropriate for each particular product. These techniques involve some degree of judgment. For investments in illiquid or privately held securities that do not have readily determinable fair values, the determination of fair value requires us to estimate the value of the securities using the best information available. Among the factors we consider in determining the fair value of investments are the cost of the investment, terms and liquidity, developments since the acquisition of the investment, the sales price of recently issued securities, the financial condition and operating results of the issuer, earnings trends and consistency of operating cash flows, the long-term business potential of the issuer, the quoted market price of securities with similar quality and yield that are publicly traded, and other factors generally pertinent to the valuation of investments. In instances where a security is subject to transfer restrictions, the value of the security is based primarily on the quoted price of a similar security without restriction but may be reduced by an amount estimated to reflect such restrictions. The fair value of these investments is subject to a high degree of volatility and may be susceptible to significant fluctuation in the near term, and the differences could be material. The degree of judgment used in measuring the fair value of financial instruments generally correlates to the level of pricing observability. Pricing observability is impacted by a number of factors, including the type of financial instrument, whether the financial instrument is new to the market and not yet established, and the characteristics specific to the transaction. Financial instruments with readily available active quoted prices for which fair value can be measured from actively quoted prices generally will have a higher degree of pricing observability and a lesser degree of judgment used in measuring fair value. Conversely, financial instruments rarely traded or not quoted will generally have less, or no, pricing observability and a higher degree of judgment used in measuring fair value. See Note 5 for additional information on how we value our financial instruments. |
Available-for-Sale and Held-to-Maturity Securities | Available-for-Sale and Held-to-Maturity Securities Securities available for sale, which are carried at fair value, include U.S. government agency securities; state and municipal securities; agency, non-agency, and commercial mortgage-backed securities; corporate fixed income securities; and asset-backed securities, which primarily includes collateralized loan obligations. Securities held to maturity are recorded at amortized cost based on our company’s positive intent and ability to hold these securities to maturity. Securities held to maturity include asset-backed securities, consisting of collateralized loan obligation securities and student loan ARS. We evaluate each available-for-sale security where the value has declined below amortized cost. If our company intends to sell or believes it is more likely than not that it will be required to sell the debt security, it is written down to fair value through earnings. For available-for-sale debt securities our company intends to hold, we evaluate the debt securities for expected credit losses except for debt securities that are guaranteed by the U.S. Treasury or U.S. government agencies where we apply a zero credit loss assumption. For the remaining available-for-sale debt securities, we consider qualitative parameters such as internal and external credit ratings and the value of underlying collateral. If an available-for-sale debt security fails any of the qualitative parameters, a discounted cash flow analysis is used by our company to determine if a portion of the unrealized loss is a result of a credit loss. Any credit losses determined are recognized as an increase to the allowance for credit losses through provision expense recorded in the consolidated statement of operations in provision for credit losses. Cash flows expected to be collected are estimated using all relevant information available, such as remaining payment terms, prepayment speeds, the financial condition of the issuer, expected defaults, and the value of the underlying collateral. If any of the decline in fair value is related to market factors, that amount is recognized in accumulated other comprehensive income. In certain instances, the credit loss may exceed the total decline in fair value, in which case, the allowance recorded is limited to the difference between the amortized cost and the fair value of the asset. We separately evaluate our held-to-maturity debt securities for any credit losses. We perform a discounted cash flow analysis to estimate any credit losses, which are then recognized as part of the allowance for credit losses. For available-for-sale and held-to-maturity debt securities, we have established a nonaccrual policy that results in timely write-off of accrued interest. See Note 7 for more information. Unrealized gains and losses on our available-for-sale securities are reported, net of taxes, in accumulated other comprehensive income included in shareholders’ equity. Amortization of premiums and accretion of discounts are recorded as interest income in the consolidated statements of operations using the interest method. Realized gains and losses from sales of securities available for sale are determined on a specific identification basis and are included in other income in the consolidated statements of operations in the period they are sold. For securities transferred from available-for-sale to held-to-maturity, carrying value also includes unrealized gains and losses recognized in accumulated other comprehensive income at the date of transfer. Such unrealized gains or losses are accreted over the remaining life of the security with no impact on future net income. |
Loan Classification | Loan Classification We classify loans based on our investment strategy and management’s assessment of our intent and ability to hold loans for the foreseeable future or until maturity. Management’s intent and ability with respect to certain loans may change from time to time depending on a number of factors, including economic, liquidity, and capital conditions. The accounting and measurement framework for loans differs depending on the loan classification. The classification criteria and accounting and measurement framework for bank loans and loans held for sale are described below. Bank Loans Bank loans consist of commercial and residential mortgage loans, commercial and industrial loans, stock-secured loans, home equity loans, construction loans, and consumer loans originated or acquired by Stifel Bancorp. Bank loans include those loans that management has the intent and ability to hold and are recorded at outstanding principal adjusted for any charge-offs, allowance for loan losses, deferred origination fees and costs, and purchased discounts. Loan origination costs, net of fees, and premiums and discounts on purchased loans are deferred and recognized over the contractual life of the loan as an adjustment of yield using the interest method. Bank loans are generally collateralized by real estate, real property, marketable securities, or other assets of the borrower. Interest income is recognized using the effective interest rate method, which is based upon the respective interest rates and the average daily asset balance. Discount accretion/premium amortization is recognized using the effective interest rate method, which is based upon the respective interest rate and expected lives of loans. Allowance for Credit Losses The measurement of the allowance for credit losses, which includes the allowance for loan losses and the reserve for unfunded lending commitments, is based on management’s best estimate of lifetime expected credit losses inherent in the Company’s relevant financial assets. The expected credit losses on our loan portfolio are referred to as the allowance for loan losses and are reported separately as a contra-asset to loans on the consolidated statement of financial condition. The expected credit losses for unfunded lending commitments, including standby letters of credit and binding unfunded loan commitments, are reported on the consolidated statement of financial condition in accounts payable and accrued expenses. The provision for loan losses related to the loan portfolio and the provision for unfunded lending commitments are reported in the consolidated statement of operations in provision for credit losses. For loans, the expected credit loss is typically estimated using quantitative methods that consider a variety of factors, such as historical loss experience derived from proxy data, the current credit quality of the portfolio, as well as an economic outlook over the life of the loan. The life of the loan for closed-ended products is based on the contractual maturity of the loan adjusted for any expected prepayments. The contractual maturity includes any extension options that are at the sole discretion of the borrower. For open-ended products, the expected credit loss is determined based on the maximum repayment term associated with future draws from credit lines. In our loss forecasting framework, we incorporate forward-looking information through the use of macroeconomic scenarios applied over the forecasted life of the assets. These macroeconomic scenarios include variables that have historically been key drivers of increases and decreases in credit losses. These variables include, but are not limited to, unemployment rates, real estate prices, gross domestic product levels, corporate bond spreads, and long-term interest rate forecasts. To estimate losses for contractual periods that extend beyond the forecast horizon, we revert to an average historical loss experience. As any one economic outlook is inherently uncertain, we leverage multiple scenarios. The scenarios that are chosen each quarter and the amount of weighting given to each scenario depend on a variety of factors, including recent economic events, leading economic indicators, and industry trends. The reserve for unfunded lending commitments is estimated using the same scenarios, models, and economic data as the loan portfolio. The allowance for loan losses includes adjustments for qualitative reserves based on our company’s assessment that may not be adequately represented in the quantitative methods or the economic assumptions described above. For example, factors that we consider include changes in lending policies and procedures, business conditions, the nature and size of the portfolio, portfolio concentrations, the volume and severity of past due loans and nonaccrual loans, the effect of external factors such as competition, and legal and regulatory requirements, among others. Further, we consider the inherent uncertainty in quantitative models that are built on historical data. As a result of the uncertainty inherent in the quantitative models, other quantitative and qualitative factors are considered in adjusting allowance amounts, including, but not limited to, the following: model imprecision, imprecision in macroeconomic scenario forecasts, or changes in the economic environment affecting specific portfolio segments that deviate from the macroeconomic forecasts. The evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. Depending on changes in circumstances, future assessments of credit risk may yield materially different results from the prior estimates, which may require an increase or a decrease in the allowance for loan losses. Loans Held for Sale Loans that we intend to sell or for which we do not have the ability and intent to hold for the foreseeable future are classified as held for sale. Loans held for sale consist of fixed-rate and adjustable-rate residential and multi-family real estate mortgage loans intended for sale. Loans held for sale are stated at lower of cost or market value on an individual loan basis. Declines in market value below cost and any gains or losses on the sale of these assets are recognized in other income in the consolidated statements of operations. Market value is determined based on prevailing market prices for loans with similar characteristics or on sale contract prices. Deferred fees and costs related to these loans are not amortized but are recognized as part of the cost basis of the loan at the time it is sold. Because loans held for sale are reported at lower of cost or market value, an allowance for loan losses is not established for loans held for sale. |
Impaired Loans | Impaired Loans A loan is considered impaired when, based on current information and events, it is probable that the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement will not be collectible. Factors considered in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. We determine the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower's prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Effective January 1, 2023, we prospectively adopted the new guidance that eliminated the recognition and measurement of TDRs. Following the adoption of this guidance, we evaluate all loans and receivables restructurings according to the accounting guidance for loan refinancing and restructuring to determine whether such loan modification should be accounted for as a new loan or a continuation of the existing loan. Our loan restructurings for borrowers experiencing financial difficulty are generally accounted for as a continuation of the existing loan, which reflects the ongoing effort to support our customer and recover our investment in the existing loan. Once a loan is determined to be impaired, when principal or interest becomes 90 days past due or when collection becomes uncertain, the accrual of interest and amortization of deferred loan origination fees is discontinued (“nonaccrual status”) and any accrued and unpaid interest income is reversed. Loans placed on nonaccrual status are returned to accrual status when all delinquent principal and interest payments are collected and the collectibility of future principal and interest payments is reasonably assured. Loan losses are charged against the allowance for loan losses when we believe the uncollectibility of a loan balance is certain. Subsequent recoveries, if any, are credited to the allowance for loan losses. We do not include reserves for interest receivable in the measurement of the allowance for credit losses, as we generally classify loans as nonperforming at 90 days past due and reverse interest income for these loans at that time. Large groups of smaller balance homogenous loans are collectively evaluated for impairment. Accordingly, we do not separately identify individual consumer and residential loans for impairment measurements. Impairment is measured on a loan-by-loan basis for non-homogeneous loans, and a specific allowance is established for individual loans determined to be impaired. Impairment is measured by comparing the carrying value of the impaired loan to the present value of its expected cash flow discounted at the loan’s effective interest rate, the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. See Note 8 for more information. |
Investments | Investments Our broker-dealer subsidiaries report changes in fair value of marketable and non-marketable securities in other income in the consolidated statements of operations. The fair value of marketable investments is generally based on either quoted market or dealer prices. The fair value of non-marketable securities is based on management’s estimate using the best information available, which generally consists of quoted market prices for similar securities and internally developed discounted cash flow models. Investments in the consolidated statements of financial condition contain investments in securities that are marketable and securities that are not readily marketable. These investments are not included in our broker-dealer trading inventory or available-for-sale or held-to-maturity portfolios and represent the acquiring and disposing of debt or equity instruments for our benefit. |
Fixed Assets, Net | Fixed Assets, Net Office equipment is depreciated on a straight-line basis over the estimated useful life of the asset of two to seven years . Leasehold improvements are amortized on a straight-line basis over the lesser of the estimated useful life of the asset or the term of the lease. Buildings and building improvements are amortized on a straight-line basis over the estimated useful life of the asset of three to thirty-nine years . Internally developed software is amortized on a straight-line basis over the estimated useful life of the asset. Depreciation expense is recorded in occupancy and equipment rental in the consolidated statements of operations. Office equipment, leasehold improvements, and internally developed software are stated at cost net of accumulated depreciation and amortization in the consolidated statements of financial condition. Fixed assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill represents the cost of acquired businesses in excess of the fair value of the related net assets acquired. We test goodwill for impairment on an annual basis and on an interim basis when certain events or circumstances exist. We test goodwill for impairment on an annual basis as of October 1 and on an interim basis when certain events or circumstances exist. Evaluating goodwill for impairment requires management to make significant judgments, including, in part, the use of unobservable inputs that are subject to uncertainty. Goodwill impairment tests are performed at the reporting unit level, which is generally at the level of or one level below our business segments. Goodwill no longer retains its association with a particular acquisition once it has been assigned to a reporting unit. As such, all the activities of a reporting unit, whether acquired or organically developed, are available to support the value of the goodwill. For both the annual and interim tests, we have the option to either (i) perform a quantitative impairment test or (ii) first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, in which case the quantitative test would be performed. When performing a quantitative impairment test, we compare the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of the reporting unit is less than its carrying amount, the goodwill impairment loss is equal to the excess of the carrying value over the fair value, limited to the carrying amount. The carrying value of each reporting unit is determined based on the capital allocated to the reporting unit. The estimated fair value of the reporting units is derived based on valuation techniques we believe market participants would use. The estimated fair values are generally determined by utilizing a discounted cash flow methodology or methodologies that incorporate price-to-book and price-to-earnings multiples of certain comparable companies for goodwill impairment testing. The Company performed impairment testing on October 1, 2023, with no impairment charges resulting from the annual impairment test. Identifiable intangible assets, which are amortized over their estimated useful lives, are tested for potential impairment whenever events or changes in circumstances suggest that the carrying value of an asset or asset group may not be fully recoverable. |
Loan and Advances to Financial Advisors and Other Employees, Net | Loans and Advances to Financial Advisors and Other Employees, Net We offer transition pay, principally in the form of upfront loans, to financial advisors and certain key revenue producers as part of our company’s overall growth strategy. These loans are generally forgiven by a charge to compensation and benefits over a five- to ten-year period if the individual satisfies certain conditions, usually based on continued employment and certain performance standards. We monitor and compare individual financial advisor production to each loan issued to ensure future recoverability. In the event that the financial advisor is no longer affiliated with us, any unpaid balance of such loan becomes immediately due and payable to us. In determining the allowance for doubtful accounts related to former employees, management primarily considers our historical collection experience as well as other factors, including amounts due at termination, the reasons for the terminated relationship, and the former financial advisor’s overall financial position. When the review of these factors indicates that further collection activity is highly unlikely, the outstanding balance of such loan is written-off and the corresponding allowance is reduced. The aging of this receivable balance is not a determinative factor in computing our allowance for doubtful accounts, as concerns regarding the recoverability of these loans primarily arise in the event that the financial advisor is no longer affiliated with us. We present the outstanding balance of loans to financial advisors on our consolidated statements of financial condition, net of the allowance for doubtful accounts. Our allowance for doubtful accounts was approximately $ 26.8 million and $ 19.8 million at December 31, 2023 and 2022, respectively. |
Derivative Instruments | Derivative Instruments In order to mitigate the interest rate exposure associated with its customer transactions, the Company also enters into offsetting derivative transactions with derivative dealers. We recognize all of our derivative instruments at fair value as either assets or liabilities in the consolidated statements of financial condition, with changes in fair value recorded through earnings in principal transactions, net. These instruments are recorded in other assets or accounts payable and accrued expenses in the consolidated statements of financial condition and in the operating section of the consolidated statements of cash flows as increases or decreases of other assets and accounts payable and accrued expenses. Derivatives consist of interest rate swaps and options. Interest rate swaps are contractual agreements that convert the interest rate bases (i.e., fixed or floating) on an underlying financial asset or liability. Interest rate options grant the option holder the right to buy or sell an underlying financial instrument for a predetermined price before the contract expires. Our company’s policy is not to offset fair value amounts recognized for derivative instruments and fair value amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral arising from derivative instruments recognized at fair value executed with the same counterparty under master netting arrangements. The accounting for changes in the fair value (i.e., gains and losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, we must also designate the hedging instrument or transaction, based upon the exposure being hedged. See Note 14 for additional details. |
Revenue Recognition | Revenue Recognition Customer securities transactions are recorded on a settlement date basis, with related commission revenues and expenses recorded on a trade date basis. Commission revenues are recorded as the amount charged to the customer, which, in certain cases, may include varying discounts. Principal securities transactions are recorded on a trade date basis. We typically distribute our proprietary equity research products to our client base of institutional investors at no charge. These proprietary equity research products are accounted for as a cost of doing business. Investment Banking Revenues from investment banking activities consist of revenues earned from underwriting, primarily equity and fixed income securities and loan syndications, and advisory fees, primarily for mergers, acquisitions, and restructurings. Underwriting revenues are generally recognized on trade date if there is no uncertainty or contingency related to the amount to be paid. Advisory revenues from mergers and acquisitions engagements are recognized at a point in time when the related transaction is completed, as the performance obligation is to successfully broker a specific transaction. Underwriting expenses are recognized as non-interest expense in other operating expenses in the consolidated statements of operations, and any expense reimbursements are recognized as investment banking revenues (i.e., expenses are not netted against revenues). Advisory expenses are deferred only to the extent they are explicitly reimbursable by the client and the related revenue has not been recognized. All other investment banking advisory related expenses, including expenses incurred related to restructuring assignments, are expensed as incurred in the relevant non-interest expense line items. Asset management We earn management and performance fees in connection with investment advisory services provided to institutional and individual clients. Investment advisory fees are charged based on the value of assets in fee-based accounts and are affected by changes in the balances of client assets due to market fluctuations and levels of net new client assets. Fees are charged either in advance based on fixed rates applied to the value of the customers’ account at the beginning of the period or periodically based on contracted rates and account performance. Contracts can be terminated at any time with no incremental payments due to our company upon termination. If the contract is terminated by the customer fees are prorated for the period and fees charged for the post termination period are refundable to the customer. We earn fees from the investment partnerships that we manage or of which we are a general partner. Such management fees are generally based on the net assets or committed capital of the underlying partnerships. We have agreed, in certain cases, to waive management fees, in lieu of making a cash contribution, in satisfaction of our general partner investment commitments to the investment partnerships. In these cases, we generally recognize our management fee revenues at the time when we are allocated a special profit interest in realized gains from these partnerships. Interest revenue We recognize interest revenue in the period earned based upon average or daily asset balances, contractual cash flows, and interest rates. Interest revenue represents interest earned on bank loans, investment securities, margin loans, trading inventory, cash and cash equivalents, securities borrowed transactions, and resale agreements. |
Operating Leases | Operating Leases Our company enters into operating leases for real estate, office equipment, and other assets, substantially all of which are used in connection with its operations. We recognize, for leases longer than one year, a right-of-use asset representing the right to use the underlying asset for the lease term, and a lease liability representing the liability to make payments. The lease term is generally determined based on the contractual maturity of the lease. For leases where our company has the option to terminate or extend the lease, an assessment of the likelihood of exercising the option is incorporated into the determination of the lease term. Such assessment is initially performed at the inception of the lease and is updated if events occur that impact the original assessment. An operating lease right-of-use asset is initially determined based on the operating lease liability, adjusted for initial direct costs, lease incentives, and amounts paid at or prior to lease commencement. This amount is then amortized over the lease term. At December 31, 2023, the right-of-use assets are included in operating lease right-of-use assets, net with the corresponding lease liabilities included in accounts payable and accrued expenses in the consolidated statements of financial condition. See Note 20 for information about operating leases. For leases where our company ceased using the space and management has concluded that it will not derive any future economic benefits, we record an impairment of right-of-use assets. |
Income Taxes | Income Taxes We compute income taxes using the asset and liability method, under which deferred income taxes are provided for the temporary differences between the financial statement carrying amounts and the tax basis of our company’s assets and liabilities. We establish a valuation allowance for deferred tax assets if it is more likely than not that these items will either expire before we are able to realize their benefits, or that future deductibility is uncertain. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. We recognize interest and penalties related to uncertain tax positions in provision for income taxes in the consolidated statements of operations. See Note 25 for further information regarding income taxes. |
Foreign Currency Translation | Foreign Currency Translation We consolidate our foreign subsidiaries, which have designated their local currency as their functional currency. Assets and liabilities of these foreign subsidiaries are translated at year-end rates of exchange. Revenues and expenses are translated at an average rate for the period. Gains or losses resulting from translating foreign currency financial statements are reflected in accumulated other comprehensive income, a separate component of Stifel Financial Corp. shareholders’ equity, net of hedging activity. Gains or losses resulting from foreign currency transactions are included in other income in the consolidated statements of operations. |
Recently Adopted Accounting Guidance | Recently Issued Accounting Guidance Fair Value Measurement In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (ASU 2022-03), an update to ASC Topic 820 – Fair Value Measurement. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendments require new disclosures related to equity securities subject to contractual sale restrictions, including the fair value of such equity securities, the nature and remaining duration of the corresponding restrictions, and any circumstances that could cause a lapse in the restrictions. The amendments are effective for annual reporting periods beginning after December 15, 2023 (January 1, 2024, for our company), and for the interim periods within those annual reporting periods. Early adoption is permitted, including in an interim period. The adoption of the accounting update is not expected to have a material impact on our consolidated financial statements. Leases In March 2023, the FASB issued ASU 2023-01, “Leases (Topic 842): Common Control Arrangements,” which requires entities to classify and account for leases with related parties on the basis of legally enforceable terms and conditions of the arrangement. The accounting update is effective for interim and annual periods beginning after December 15, 2023 (January 1, 2024, for our company), and early adoption is permitted. The adoption of the accounting update is not expected to have a material impact on our consolidated financial statements. Segment Reporting In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which requires enhanced disclosures for significant expenses by reportable operating segment. Significant expense categories and amounts are those regularly provided to the chief operating decision maker (CODM) and included in the measure of a segment’s profit or loss. The updated guidance will also require us to disclose the title and position of our CODM, including an explanation of how our CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The accounting update is effective for annual periods beginning after December 15, 2023 (January 1, 2024 for our company), with early adoption permitted. The adoption of the accounting update is not expected to have a material impact on our consolidated financial statements. Income Taxes In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 240): Improvements to Income Tax Disclosures,” which requires additional disclosure and disaggregated information in the Income Tax Rate reconciliation using both percentages and reporting currency amounts, with additional qualitative explanations of individually significant reconciling items. The updated guidance also requires disclosure of the amount of income taxes paid (net of refunds received) disaggregated by jurisdictional categories (federal (national), state, and foreign). The accounting update is effective for annual periods beginning after December 15, 2024 (January 1, 2025 for our company), with early adoption permitted. We are currently assessing the updated guidance; however, it is not expected to have a material impact to our consolidated financial statements. Recently Adopted Accounting Guidance Financial Instruments – Credit Losses Effective January 1, 2023, we adopted new accounting guidance on trouble debt restructurings (TDRs) and vintage disclosures. The new guidance eliminates the existing TDR guidance, now requiring an entity to determine whether a modification results in a new loan or a continuation of an existing loan, as well as expanding disclosures related to modifications and requires disclosure of current period gross write-offs of financing receivables within the vintage disclosures table. The adoption of the accounting update did not have a material impact on our consolidated financial statements. Income Taxes In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” which is intended to simplify various aspects related to accounting for income taxes. This accounting update removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. We prospectively adopted the accounting update on January 1, 2021. The adoption did not have a material impact on our consolidated financial statements. |
Receivables From and Payables_2
Receivables From and Payables to Brokers, Dealers and Clearing Organizations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Due to and from Broker-Dealers and Clearing Organizations [Abstract] | |
Amounts Receivable From Brokers, Dealers, and Clearing Organizations | Amounts receivable from brokers, dealers, and clearing organizations at December 31, 2023 and 2022, included (in thousands) : December 31, 2023 2022 Deposits paid for securities borrowed $ 215,368 $ 219,052 Receivable from clearing organizations 178,991 186,800 Securities failed to deliver 19,785 12,239 $ 414,144 $ 418,091 |
Amounts Payable To Brokers, Dealers, and Clearing Organizations | Amounts payable to brokers, dealers, and clearing organizations at December 31, 2023 and 2022, included (in thousands) : December 31, 2023 2022 Deposits received from securities loaned $ 135,693 $ 68,105 Securities failed to receive 91,636 12,385 Payable to clearing organizations 4,407 14,464 $ 231,736 $ 94,954 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Fair Value Of Investments In And Unfunded Commitments To Funds Measured At Net Asset Value | The table below presents the fair value of our investments in, and unfunded commitments to, funds that are measured at NAV (in thousands): December 31, 2023 December 31, 2022 Fair value of investments Unfunded commitments Fair value of investments Unfunded commitments Partnership interests $ 24,261 $ 14,454 $ 18,817 $ 9,853 Money market funds 4,706 — 1,650 — Mutual funds 3,632 — 4,728 — Private equity funds 368 1,181 417 1,181 Total $ 32,967 $ 15,635 $ 25,612 $ 11,034 |
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, 2023, are presented below (in thousands) : December 31, 2023 Total Level 1 Level 2 Level 3 Financial instruments owned: U.S. government securities $ 32,411 $ 32,411 $ — $ — U.S. government agency securities 106,634 — 106,634 — Agency mortgage-backed securities 159,903 — 159,903 — Asset-backed securities 19,604 — 18,106 1,498 Corporate securities: Fixed income securities 237,671 210 237,461 — Equity securities 52,520 52,158 362 — State and municipal securities 223,155 — 223,155 — Other (1) 86,843 — 3,879 82,964 Total financial instruments owned 918,741 84,779 749,500 84,462 Available-for-sale securities: U.S. government agency securities 2,219 — 2,219 — State and municipal securities 2,351 — 2,351 — Mortgage-backed securities: Agency 746,170 — 746,170 — Commercial 66,671 — 66,671 — Non-agency 261 — 261 — Corporate fixed income securities 556,161 — 556,161 — Asset-backed securities 177,853 — 177,853 — Total available-for-sale securities 1,551,686 — 1,551,686 — Investments: Corporate equity securities 22,406 10,313 215 11,878 Auction rate securities 783 — — 783 Other (2) 39,655 73 115 39,467 Investments in funds and partnerships measured at NAV 28,261 Total investments 91,105 10,386 330 52,128 Cash equivalents measured at NAV 4,706 Derivative contracts (3) 118,668 — 118,668 — $ 2,684,906 $ 95,165 $ 2,420,184 $ 136,590 (1) Includes syndicated loans, non-agency mortgage-backed securities, and sovereign debt. (2) Primarily includes private company investments. (3) Included in other assets in the consolidated statements of financial condition. December 31, 2023 Total Level 1 Level 2 Level 3 Liabilities: Financial instruments sold, but not yet purchased: U.S. government securities $ 273,653 $ 273,653 $ — $ — U.S. government agency securities 4,924 — 4,924 — Agency mortgage-backed securities 52,664 — 52,664 — Corporate securities: Fixed income securities 138,359 — 138,359 — Equity securities 21,576 21,576 — — Other (4) 6,565 — 2,729 3,836 Total financial instruments sold, but not yet purchased 497,741 295,229 198,676 3,836 Derivative contracts (5) 118,651 — 118,651 — $ 616,392 $ 295,229 $ 317,327 $ 3,836 (4) Includes syndicated loans, state and municipal securities, and asset-backed securities. (5) 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, 2022, are presented below (in thousands) : December 31, 2022 Total Level 1 Level 2 Level 3 Financial instruments owned: U.S. government securities $ 38,956 $ 38,956 $ — $ — U.S. government agency securities 73,608 — 73,608 — Agency mortgage-backed securities 172,642 — 172,642 — Asset-backed securities 8,270 — 6,091 2,179 Corporate securities: Fixed income securities 202,169 689 201,480 — Equity securities 38,129 37,383 746 — State and municipal securities 126,237 — 126,237 — Other (1) 71,741 — 1,853 69,888 Total financial instruments owned 731,752 77,028 582,657 72,067 Available-for-sale securities: U.S. government agency securities 2,148 — 2,148 — State and municipal securities 2,351 — 2,351 — Mortgage-backed securities: Agency 791,022 — 791,022 — Commercial 66,113 — 66,113 — Non-agency 388 — 388 — Corporate fixed income securities 566,294 — 566,294 — Asset-backed securities 207,725 — 207,725 — Total available-for-sale securities 1,636,041 — 1,636,041 — Investments: Corporate equity securities 23,597 9,928 1,791 11,878 Auction rate securities 14,681 — — 14,681 Other (2) 37,136 117 45 36,974 Investments in funds and partnerships measured at NAV 23,962 Total investments 99,376 10,045 1,836 63,533 Cash equivalents measured at NAV 1,650 Derivative contracts (3) 142,042 — 142,042 — $ 2,610,861 $ 87,073 $ 2,362,576 $ 135,600 (1) Includes syndicated loans, non-agency mortgage-backed securities, and sovereign debt. (2) Primarily includes private company investments. (3) Included in other assets in the consolidated statements of financial condition. December 31, 2022 Total Level 1 Level 2 Level 3 Liabilities: Financial instruments sold, but not yet purchased: U.S. government securities $ 254,265 $ 254,265 $ — $ — U.S. government agency securities 3,971 — 3,971 — Agency mortgage-backed securities 44,793 — 44,793 — Corporate securities: Fixed income securities 134,381 88 134,293 — Equity securities 11,590 11,590 — — Other (4) 5,817 — 36 5,781 Total financial instruments sold, but not yet purchased 454,817 265,943 183,093 5,781 Derivative contracts (5) 142,028 — 142,028 — $ 596,845 $ 265,943 $ 325,121 $ 5,781 (4) Includes syndicated loans and state and municipal securities. (5) Included in accounts payable and accrued expenses in the consolidated statements of financial condition. |
Schedule Of Changes In Fair Value Associated With Level 3 Financial Instruments | The following table summarizes the changes in fair value associated with Level 3 financial instruments during the year ended December 31, 2023 (in thousands) : Year Ended December 31, 2023 Financial instruments owned Investments Asset-Backed Securities Syndicated Loans Corporate Equity Auction Rate Other Balance at December 31, 2022 $ 2,179 $ 69,888 $ 11,878 $ 14,681 $ 36,974 Unrealized gains/(losses) — ( 15 ) — 2 993 Realized gains/(losses) 1,007 ( 2,161 ) — ( 232 ) — Purchases — 69,881 — — 1,500 Sales — ( 35,988 ) — — — Redemptions ( 1,688 ) ( 18,641 ) — ( 13,668 ) — Net change ( 681 ) 13,076 — ( 13,898 ) 2,493 Balance at December 31, 2023 $ 1,498 $ 82,964 $ 11,878 $ 783 $ 39,467 The following table summarizes the changes in fair value associated with Level 3 financial instruments during the year ended December 31, 2022 (in thousands) : Year Ended December 31, 2022 Financial instruments owned Investments Asset-Backed Securities Corporate Equity Syndicated Loans Corporate Equity Auction Rate Other Balance at December 31, 2021 $ 64,706 $ 225 $ 26,857 $ 5,754 $ 13,032 $ 35,837 Unrealized gains 4,789 — 550 6,124 1,649 1,183 Realized gains 4,287 1,621 2,653 — — 992 Purchases 4,820 — 227,548 — — — Sales — ( 1,846 ) ( 177,895 ) — — ( 999 ) Redemptions ( 76,423 ) — ( 9,825 ) — — ( 39 ) Net change ( 62,527 ) ( 225 ) 43,031 6,124 1,649 1,137 Balance at December 31, 2022 $ 2,179 $ — $ 69,888 $ 11,878 $ 14,681 $ 36,974 |
Schedule Of Fair Value Of Financial Instruments | The following reflects the fair value of financial instruments as of December 31, 2023 and 2022, whether or not recognized in the consolidated statements of financial condition at fair value (in thousands) . December 31, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Financial assets: Cash and cash equivalents $ 3,361,801 $ 3,361,801 $ 2,199,985 $ 2,199,985 Cash segregated for regulatory purposes 162,048 162,048 29,017 29,017 Securities purchased under agreements to resell 349,849 349,849 348,162 348,162 Financial instruments owned 918,741 918,741 731,752 731,752 Available-for-sale securities 1,551,686 1,551,686 1,636,041 1,636,041 Held-to-maturity securities 5,888,798 5,852,176 5,990,451 5,738,418 Bank loans 19,305,805 18,259,923 20,465,092 19,752,043 Loans held for sale 423,999 423,999 156,912 156,912 Investments 91,105 91,105 99,376 99,376 Derivative contracts (1) 118,668 118,668 142,042 142,042 Financial liabilities: Securities sold under agreements to repurchase $ 417,644 $ 417,644 $ 212,011 $ 212,011 Bank deposits 27,334,579 25,326,174 27,117,111 24,274,224 Financial instruments sold, but not yet purchased 497,741 497,741 454,817 454,817 Senior notes 1,115,629 1,041,217 1,114,554 1,016,755 Debentures to Stifel Financial Capital Trusts 60,000 55,507 60,000 53,385 Derivative contracts (2) 118,651 118,651 142,028 142,028 (1) Included in other assets in the consolidated statements of financial condition. (2) 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 | The following tables present the estimated fair values of financial instruments not measured at fair value on a recurring basis as of December 31, 2023 and December 31, 2022 (in thousands) : December 31, 2023 Total Level 1 Level 2 Level 3 Financial assets: Cash $ 3,357,095 $ 3,357,095 $ — $ — Cash segregated for regulatory purposes 162,048 162,048 — — Securities purchased under agreements to resell 349,849 — 349,849 — Held-to-maturity securities 5,852,176 — 5,758,130 94,046 Bank loans 18,259,923 — 18,259,923 — Loans held for sale 423,999 — 423,999 — Financial liabilities: Securities sold under agreements to repurchase $ 417,644 $ — $ 417,644 $ — Bank deposits 25,326,174 — 25,326,174 — Senior notes 1,041,217 1,041,217 — — Debentures to Stifel Financial Capital Trusts 55,507 — — 55,507 December 31, 2022 Total Level 1 Level 2 Level 3 Financial assets: Cash $ 2,198,335 $ 2,198,335 $ — $ — Cash segregated for regulatory purposes 29,017 29,017 — — Securities purchased under agreements to resell 348,162 218,515 129,647 — Held-to-maturity securities 5,738,418 — 5,624,042 114,376 Bank loans 19,752,043 — 19,752,043 — Loans held for sale 156,912 — 156,912 — Financial liabilities: Securities sold under agreements to repurchase $ 212,011 $ — $ 212,011 $ — Bank deposits 24,274,224 — 24,274,224 — Senior notes 1,016,755 1,016,755 — — Debentures to Stifel Financial Capital Trusts 53,385 — — 53,385 |
Financial Instruments Owned a_2
Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Components Of Trading Securities Owned And Trading Securities Sold, But Not Yet Purchased | The components of financial instruments owned and financial instruments sold, but not yet purchased, at December 31, 2023 and 2022, are as follows (in thousands) : December 31, 2023 2022 Financial instruments owned: U.S. government securities $ 32,411 $ 38,956 U.S. government agency securities 106,634 73,608 Agency mortgage-backed securities 159,903 172,642 Asset-backed securities 19,604 8,270 Corporate securities: Fixed income securities 237,671 202,169 Equity securities 52,520 38,129 State and municipal securities 223,155 126,237 Other (1) 86,843 71,741 $ 918,741 $ 731,752 Financial instruments sold, but not yet purchased: U.S. government securities $ 273,653 $ 254,265 U.S. government agency securities 4,924 3,971 Agency mortgage-backed securities 52,664 44,793 Corporate securities: Fixed income securities 138,359 134,381 Equity securities 21,576 11,590 Other (2) 6,565 5,817 $ 497,741 $ 454,817 (1) Includes syndicated loans, non-agency mortgage-backed securities, and sovereign debt. (2) Includes syndicated loans, state and municipal securities, and asset-backed securities. |
Available-for-Sale and Held-t_2
Available-for-Sale and Held-to-Maturity Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Values of Available for Sale Securities and Held to Maturity Securities | The following tables provide a summary of the amortized cost and fair values of the available-for-sale securities and held-to-maturity securities at December 31, 2023 and 2022 (in thousands) : December 31, 2023 Amortized Gross (1) Gross (1) Fair Value Available-for-sale securities U.S. government agency securities $ 2,376 $ 5 $ ( 162 ) $ 2,219 State and municipal securities 2,350 1 — 2,351 Mortgage-backed securities: Agency 855,456 — ( 109,286 ) 746,170 Commercial 70,326 — ( 3,655 ) 66,671 Non-agency 274 — ( 13 ) 261 Corporate fixed income securities 615,131 — ( 58,970 ) 556,161 Asset-backed securities 181,717 — ( 3,864 ) 177,853 $ 1,727,630 $ 6 $ ( 175,950 ) $ 1,551,686 Held-to-maturity securities (2) Asset-backed securities $ 5,888,798 $ 6,387 $ ( 43,009 ) $ 5,852,176 December 31, 2022 Amortized Gross (1) Gross (1) Fair Value Available-for-sale securities U.S. government agency securities $ 2,345 $ 6 $ ( 203 ) $ 2,148 State and municipal securities 2,350 1 — 2,351 Mortgage-backed securities: Agency 921,676 — ( 130,654 ) 791,022 Commercial 71,462 — ( 5,349 ) 66,113 Non-agency 442 — ( 54 ) 388 Corporate fixed income securities 643,379 18 ( 77,103 ) 566,294 Asset-backed securities 221,565 126 ( 13,966 ) 207,725 $ 1,863,219 $ 151 $ ( 227,329 ) $ 1,636,041 Held-to-maturity securities (2) Asset-backed securities $ 5,990,451 $ 3,213 $ ( 255,246 ) 5,738,418 (1) Unrealized gains/(losses) related to available-for-sale securities are reported in accumulated other comprehensive income. (2) Held-to-maturity securities are carried in the consolidated statements of financial condition at amortized cost, and the changes in the value of these securities, other than impairment charges, are not reported on the consolidated financial statements. |
Schedule of Amortized Cost and Fair Values of Debt Securities by Contractual Maturity | The table below summarizes the amortized cost and fair values of our securities by contractual maturity (in thousands) . Expected maturities may differ significantly from contractual maturities, as issuers may have the right to call or prepay obligations with or without call or prepayment penalties. December 31, 2023 December 31, 2022 Amortized Fair Value Amortized Fair Value Available-for-sale securities Within one year $ 105,389 $ 104,113 $ 16,047 $ 15,877 After one year through three years 184,975 174,827 185,012 178,776 After three years through five years 38,462 34,316 123,696 108,707 After five years through ten years 448,931 398,624 442,055 380,362 After ten years 949,873 839,806 1,096,409 952,319 $ 1,727,630 $ 1,551,686 $ 1,863,219 $ 1,636,041 Held-to-maturity securities After five years through ten years 2,754,817 2,740,154 2,413,239 2,323,608 After ten years 3,133,981 3,112,022 3,577,212 3,414,810 $ 5,888,798 $ 5,852,176 $ 5,990,451 $ 5,738,418 |
Schedule of Contractual Maturities | The maturities of our available-for-sale (fair value) and held-to-maturity (amortized cost) securities at December 31, 2023, are as follows (in thousands) : Within 1 1-5 Years 5-10 Years After 10 Total Available-for-sale securities (1) U.S. government agency securities $ — $ 2,219 $ — $ — $ 2,219 State and municipal securities — 2,351 — — 2,351 Mortgage-backed securities: Agency — 286 92,573 653,311 746,170 Commercial — — — 66,671 66,671 Non-agency — — 261 — 261 Corporate fixed income securities 104,113 204,287 247,761 — 556,161 Asset-backed securities — — 58,029 119,824 177,853 $ 104,113 $ 209,143 $ 398,624 $ 839,806 $ 1,551,686 Held-to-maturity securities Asset-backed securities $ — $ — $ 2,754,817 $ 3,133,981 $ 5,888,798 (1) Due to the immaterial amount of income recognized on tax-exempt securities, yields were not calculated on a tax-equivalent basis. |
Schedule of Gross Unrealized Losses and Estimated Fair Value by Length of Time | The following table shows the gross unrealized losses and fair value of the Company’s investment securities with unrealized losses, aggregated by investment category and length of time the individual investment securities have been in continuous unrealized loss positions, at December 31, 2023 (in thousands) : Less than 12 months 12 months or more Total Gross Fair Value Gross Fair Value Gross Fair Value Available-for-sale securities U.S. government agency securities $ — $ — $ ( 162 ) $ 1,775 $ ( 162 ) $ 1,775 Mortgage-backed securities: Agency ( 382 ) 24,584 ( 108,904 ) 721,586 ( 109,286 ) 746,170 Commercial — — ( 3,655 ) 66,671 ( 3,655 ) 66,671 Non-agency — — ( 13 ) 261 ( 13 ) 261 Corporate fixed income securities ( 152 ) 8,297 ( 58,818 ) 547,864 ( 58,970 ) 556,161 Asset-backed securities ( 1,338 ) 68,770 ( 2,526 ) 109,083 ( 3,864 ) 177,853 $ ( 1,872 ) $ 101,651 $ ( 174,078 ) $ 1,447,240 $ ( 175,950 ) $ 1,548,891 |
Schedule of Amortized Cost of Held-to-Maturity Securities by Credit Quality Indicator | The following table shows the amortized cost of our held-to-maturity securities by credit quality indicator at December 31, 2023 (in thousands) : AAA AA A C Total Held-to-maturity securities Asset-backed securities $ 1,145,186 $ 4,737,237 $ 5,000 $ 1,375 $ 5,888,798 |
Bank Loans (Tables)
Bank Loans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Schedule Of Balance And Associated Percentage Of Each Major Loan Category In Bank Loan Portfolio | December 31, 2023 December 31, 2022 Balance Percent Balance Percent Residential real estate $ 8,047,647 41.4 % $ 7,371,671 35.8 % Fund banking 3,633,126 18.7 4,182,641 20.3 Commercial and industrial 3,566,987 18.3 4,897,176 23.8 Securities-based loans 2,306,455 11.9 2,724,551 13.2 Construction and land 1,034,370 5.3 593,191 2.9 Commercial real estate 660,631 3.4 675,599 3.3 Home equity lines of credit 136,270 0.7 107,136 0.5 Other 55,981 0.3 50,593 0.2 Gross bank loans 19,441,467 100.0 % 20,602,558 100.0 % Loans in process 1,108 ( 3,526 ) Unamortized loan fees, net ( 8,478 ) ( 22,287 ) Allowance for loan losses ( 128,292 ) ( 111,653 ) Loans held for investment, net $ 19,305,805 $ 20,465,092 |
Activity In The Allowance For Loan Losses By Portfolio Segment | The following tables detail activity in the allowance for loan losses by portfolio segment for the years ended December 31, 2023 and 2022 (in thousands) . Year Ended December 31, 2023 Beginning Provision Charge- Recoveries Ending Commercial and industrial $ 54,143 $ 21,881 $ ( 9,100 ) $ 153 $ 67,077 Commercial real estate 12,897 8,489 — — 21,386 Residential real estate 20,441 ( 6,586 ) — — 13,855 Construction and land 8,568 3,249 — — 11,817 Fund banking 11,711 ( 1,538 ) — — 10,173 Securities-based loans 3,157 ( 122 ) — — 3,035 Home equity lines of credit 364 7 — — 371 Other 372 206 — — 578 $ 111,653 $ 25,586 $ ( 9,100 ) $ 153 $ 128,292 Year Ended December 31, 2022 Beginning Provision Charge- Recoveries Ending Commercial and industrial $ 44,661 $ 13,662 $ ( 4,550 ) $ 370 $ 54,143 Residential real estate 28,560 ( 8,119 ) — — 20,441 Commercial real estate 3,934 8,963 — — 12,897 Fund banking 8,868 2,843 — — 11,711 Construction and land 8,536 32 — — 8,568 Securities-based loans 4,006 ( 813 ) ( 36 ) — 3,157 Home equity lines of credit 511 ( 147 ) — — 364 Other 268 104 — — 372 $ 99,344 $ 16,525 $ ( 4,586 ) $ 370 $ 111,653 |
Aging Of The Recorded Investment In Past Due Loans | December 31, 2023 30-89 90 or More Total Past Current Total Residential real estate $ 15,312 $ 3,945 $ 19,257 $ 8,028,390 $ 8,047,647 Fund banking — — — 3,633,126 3,633,126 Commercial and industrial — 2,022 2,022 3,564,965 3,566,987 Securities-based loans — 3 3 2,306,452 2,306,455 Construction and land — — — 1,034,370 1,034,370 Commercial real estate — — — 660,631 660,631 Home equity lines of credit 570 87 657 135,613 136,270 Other 45 59 104 55,877 55,981 Total $ 15,927 $ 6,116 $ 22,043 $ 19,419,424 $ 19,441,467 December 31, 2023 * Nonaccrual Modified Nonperforming loans with no allowance Total Commercial real estate $ 39,195 $ — $ — $ 39,195 Residential real estate 2,945 145 1,000 4,090 Commercial and industrial — — 2,022 2,022 Securities-based loans — — 3 3 Home equity lines of credit 22 — 65 87 Other 59 — — 59 Total $ 42,221 $ 145 $ 3,090 $ 45,456 * There were no loans past due 90 days and still accruing interest at December 31, 2023. December 31, 2022 30-89 90 or More Total Past Current Total Residential real estate $ 2,445 $ 688 $ 3,133 $ 7,368,538 $ 7,371,671 Commercial and industrial — 9,226 9,226 4,887,950 4,897,176 Fund banking — — — 4,182,641 4,182,641 Securities-based loans — — — 2,724,551 2,724,551 Commercial real estate — — — 675,599 675,599 Construction and land — — — 593,191 593,191 Home equity lines of credit 29 182 211 106,925 107,136 Other 36 6 42 50,551 50,593 Total $ 2,510 $ 10,102 $ 12,612 $ 20,589,946 $ 20,602,558 December 31, 2022 * Nonaccrual Modified Nonperforming loans with no allowance Total Commercial and industrial $ 9,226 $ — $ — $ 9,226 Residential real estate 870 150 — 1,020 Other 6 — — 6 Total $ 10,102 $ 150 $ — $ 10,252 * There were no loans past due 90 days and still accruing interest at December 31, 2022. |
Risk Category Of Loan Portfolio | Based on the most recent analysis performed, the risk category of our loan portfolio was as follows: (in thousands) : December 31, 2023 Pass Special Mention Substandard Doubtful Total Residential real estate $ 8,042,246 $ 1,456 $ 3,945 $ — $ 8,047,647 Fund banking 3,633,126 — — — 3,633,126 Commercial and industrial 3,294,891 89,302 180,772 2,022 3,566,987 Securities-based loans 2,306,452 — — 3 2,306,455 Construction and land 963,083 71,287 — — 1,034,370 Commercial real estate 512,171 49,264 99,196 — 660,631 Home equity lines of credit 135,806 377 87 — 136,270 Other 55,922 — — 59 55,981 Total $ 18,943,697 $ 211,686 $ 284,000 $ 2,084 $ 19,441,467 December 31, 2022 Pass Special Mention Substandard Doubtful Total Residential real estate $ 7,370,717 $ 266 $ — $ 688 $ 7,371,671 Commercial and industrial 4,743,290 87,761 56,899 9,226 4,897,176 Fund banking 4,182,641 — — — 4,182,641 Securities-based loans 2,724,548 — — 3 2,724,551 Commercial real estate 655,599 20,000 — — 675,599 Construction and land 593,191 — — — 593,191 Home equity lines of credit 106,954 — — 182 107,136 Other 50,587 — — 6 50,593 Total $ 20,427,527 $ 108,027 $ 56,899 $ 10,105 $ 20,602,558 |
Schedule of Term Loans Amortized Cost Basis by Origination Year and Revolving Cost Amortized Cost Basis | Term Loans Amortized Cost Basis by Origination Year – December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total Residential real estate: Pass $ 1,216,823 $ 2,638,262 $ 2,313,511 $ 916,443 $ 414,142 $ 543,065 $ — $ 8,042,246 Special Mention — 1,192 — — — 264 — 1,456 Substandard — 2,603 — — — 1,342 — 3,945 Doubtful — — — — — — — — $ 1,216,823 $ 2,642,057 $ 2,313,511 $ 916,443 $ 414,142 $ 544,671 $ — $ 8,047,647 Commercial and industrial: Pass $ 633,616 $ 979,509 $ 758,901 $ 124,717 $ 139,886 $ 79,285 $ 578,977 $ 3,294,891 Special Mention 6,606 33,914 — 18,249 — — 30,533 89,302 Substandard — 36,442 81,653 — 3,729 — 58,948 180,772 Doubtful — — — 432 — 1,590 — 2,022 $ 640,222 $ 1,049,865 $ 840,554 $ 143,398 $ 143,615 $ 80,875 $ 668,458 $ 3,566,987 Fund banking: Pass $ 14,817 $ 55,338 $ — $ 534 $ — $ — $ 3,562,437 $ 3,633,126 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — $ 14,817 $ 55,338 $ — $ 534 $ — $ — $ 3,562,437 $ 3,633,126 Securities-based loans: Pass $ 15,347 $ 23,511 $ 2,123 $ 47,394 $ 27,278 $ 9,294 $ 2,181,505 $ 2,306,452 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — 3 3 $ 15,347 $ 23,511 $ 2,123 $ 47,394 $ 27,278 $ 9,294 $ 2,181,508 $ 2,306,455 Commercial real estate: Pass $ 31,542 $ 315,818 $ 64,380 $ 30,925 $ 2,770 $ 66,736 $ — $ 512,171 Special Mention — 31,371 — — 17,893 — — 49,264 Substandard — 60,000 39,196 — — — — 99,196 Doubtful — — — — — — — — $ 31,542 $ 407,189 $ 103,576 $ 30,925 $ 20,663 $ 66,736 $ — $ 660,631 Construction and land: Pass $ 73,332 $ 488,202 $ 210,183 $ 178,054 $ 13,312 $ — $ — $ 963,083 Special Mention — — — — 71,287 — — 71,287 Substandard — — — — — — — — Doubtful — — — — — — — — $ 73,332 $ 488,202 $ 210,183 $ 178,054 $ 84,599 $ — $ — $ 1,034,370 Home equity lines of credit: Pass $ — $ — $ — $ — $ — $ — $ 135,806 $ 135,806 Special Mention — — — — — — 377 377 Substandard — — — — — — 87 87 Doubtful — — — — — — — — $ — $ — $ — $ — $ — $ — $ 136,270 $ 136,270 Other: Pass $ 8,410 $ 9,991 $ — $ 10,000 $ — $ 20,097 $ 7,424 $ 55,922 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — 59 59 $ 8,410 $ 9,991 $ — $ 10,000 $ — $ 20,097 $ 7,483 $ 55,981 |
Fixed Assets (Tables)
Fixed Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary Of Fixed Assets | The following is a summary of fixed assets as of December 31, 2023 and 2022 (in thousands) : December 31, 2023 2022 Office equipment $ 356,707 $ 341,641 Leasehold improvements 141,585 129,279 Internally developed software 85,993 67,250 Building 80,771 73,549 Aircraft engine operating leases 2,370 8,612 667,426 620,331 Accumulated depreciation and amortization ( 475,898 ) ( 420,288 ) $ 191,528 $ 200,043 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Carrying Amount Of Goodwill And Intangible Assets | The carrying amount of goodwill and intangible assets attributable to each of our reporting segments is presented in the following table (in thousands) : December 31, Adjustments Write-off December 31, Goodwill Global Wealth Management $ 335,009 $ — $ — $ 335,009 Institutional Group 991,539 61,695 — 1,053,234 $ 1,326,548 $ 61,695 $ — $ 1,388,243 December 31, Adjustments Amortization December 31, Intangible assets Global Wealth Management $ 33,499 $ — $ ( 4,812 ) $ 28,687 Institutional Group 97,090 23,619 ( 16,117 ) 104,592 $ 130,589 $ 23,619 $ ( 20,929 ) $ 133,279 |
Intangible Assets | Intangible assets as of December 31, 2023 and 2022, were as follows (in thousands) : December 31, 2023 December 31, 2022 Gross Accumulated Gross Accumulated Customer relationships $ 227,486 $ 122,971 $ 225,631 $ 109,216 Trade names 30,359 22,366 30,359 20,861 Acquired technology 18,314 3,447 840 840 Non-compete agreements 10,700 8,421 9,440 7,158 Investment banking backlog 8,913 5,758 5,545 4,377 Core deposits 8,615 8,145 8,615 7,389 $ 304,387 $ 171,108 $ 280,430 $ 149,841 |
Amortization Expense In Future Periods | As of December 31, 2023, we expect amortization expense in future periods to be as follows (in thousands) : Fiscal year 2024 $ 22,917 2025 20,952 2026 16,885 2027 13,188 2028 12,230 Thereafter 44,989 $ 131,161 |
Senior Notes (Tables)
Senior Notes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Senior Notes | The following table summarizes our senior notes as of December 31, 2023 and 2022 (in thousands) : December 31, 2023 2022 4.25 % senior notes, due 2024 (1) $ 500,000 $ 500,000 4.00 % senior notes, due 2030 (2) 400,000 400,000 5.20 % senior notes, due 2047 (3) 225,000 225,000 1,125,000 1,125,000 Debt issuance costs, net ( 9,371 ) ( 10,446 ) Senior notes, net $ 1,115,629 $ 1,114,554 (1) In July 2014, we sold in a registered underwritten public offering, $ 300.0 million in aggregate principal amount of 4.25 % senior notes due July 2024 . Interest on these senior notes is payable semi-annually in arrears. We may redeem the notes in whole or in part, at our option, at a redemption price equal to 100 % of their principal amount, plus a “make-whole” premium and accrued and unpaid interest, if any, to the date of redemption. In July 2016, we issued an additional $ 200.0 million in aggregate principal amount of 4.25% senior notes due 2024. (2) In May 2020, we sold in a registered underwritten public offering, $ 400.0 million in aggregate principal amount of 4.00 % senior notes due May 2030 . Interest on these senior notes is payable semi-annually in arrears. We may redeem the notes in whole or in part, at our option, at a redemption price equal to the greater of a) 100 % of their principal amount, or b) discounted present value at Treasury rate plus 50 basis points prior to February 15, 2030, and on or after February 15, 2030, at 100 % of their principal amount, and accrued and unpaid interest, if any, to the date of redemption. (3) In October 2017, we completed the pricing of a registered underwritten public offering of $ 200.0 million in aggregate principal amount of 5.20 % senior notes due October 2047 . Interest on the senior notes is payable quarterly in arrears. We may redeem some or all of the senior notes at any time at a redemption price equal to 100 % of the principal amount of the notes being redeemed plus accrued interest thereon to the redemption date. On October 27, 2017, we completed the sale of an additional $ 25.0 million aggregate principal amount of Notes pursuant to the over-allotment option. |
Schedule of Corporate Date Maturity | Our senior notes mature as follows, based upon contractual terms (in thousands) : 2024 $ 500,000 2025 — 2026 — 2027 — 2028 — Thereafter 625,000 $ 1,125,000 |
Bank Deposits (Tables)
Bank Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deposits Liabilities, Balance Sheet, Reported Amounts [Abstract] | |
Schedule of Deposits | Deposits consist of interest-bearing-demand deposits (primarily money market and savings accounts), non-interest-bearing demand deposits, and certificates of deposit. Deposits at December 31, 2023 and 2022, were as follows (in thousands) : December 31, 2023 2022 Demand deposits (interest-bearing) $ 27,111,072 $ 26,805,073 Demand deposits (non-interest-bearing) 223,505 305,138 Certificates of deposit 2 6,900 $ 27,334,579 $ 27,117,111 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Table) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Values of Derivative Instruments | The following tables provide the notional values and fair values of our derivative instruments as of December 31, 2023 and 2022 (in thousands) : December 31, 2023 Derivative Assets Derivative Liabilities Notional value Interest rate contracts $ 118,668 $ 118,651 $ 1,994,919 December 31, 2022 Derivative Assets Derivative Liabilities Notional value Interest rate contracts $ 142,042 $ 142,028 $ 1,395,135 |
Schedule of Maturities of Derivative Instruments | The scheduled maturities of our derivative instruments as of December 31, 2023, are as follows (in thousands) : Within one year $ 59,925 One to three years 694,176 Three to five years 383,215 Five to ten years 747,395 Ten to fifteen years 91,136 Fifteen years and thereafter 19,072 $ 1,994,919 |
Schedule of Distribution of Customer Interest Rate Derivative | The following table presents the distribution of customer interest rate derivative transactions, by derivative product, as of December 31, 2023 and 2022 (in thousands) : December 31, 2023 2022 Swaps $ 1,824,919 $ 1,375,135 Written options 170,000 20,000 $ 1,994,919 $ 1,395,135 |
Debentures To Stifel Financia_2
Debentures To Stifel Financial Capital Trusts (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust [Abstract] | |
Debentures To Stifel Financial Capital Trusts | The following table summarizes our debentures to Stifel Financial Capital Trusts as of December 31, 2023 and 2022 (in thousands) : December 31, 2023 2022 Debenture to Stifel Financial Capital Trust II (1) $ 20,000 $ 20,000 Debenture to Stifel Financial Capital Trust III (2) 35,000 35,000 Debenture to Stifel Financial Capital Trust IV (3) 5,000 5,000 $ 60,000 $ 60,000 (1) On August 12, 2005, we completed a private placement of $ 35.0 million of 6.38 % Cumulative Trust Preferred Securities. The trust preferred securities were offered by Stifel Financial Capital Trust II (the “Trust II”), a non-consolidated wholly owned subsidiary of our company. The trust preferred securities mature on September 30, 2035 , but may be redeemed early by our company, and in turn, the Trust II would call the debenture. The Trust II requires quarterly distributions of interest to the holders of the trust preferred securities. Distributions are payable at a floating interest rate equal to three-month LIBOR, or an appropriate alternative reference rate at the time that LIBOR ceases to be published, plus 1.70 % per annum . During 2016, we extinguished $ 15.0 million of the Trust II debentures. (2) On March 30, 2007, we completed a private placement of $ 35.0 million of 6.79 % Cumulative Trust Preferred Securities. The trust preferred securities were offered by Stifel Financial Capital Trust III (the “Trust III”), a non-consolidated wholly owned subsidiary of our company. The trust preferred securities mature on June 6, 2037 , but may be redeemed early by our company, and in turn, Trust III would call the debenture. Trust III requires quarterly distributions of interest to the holders of the trust preferred securities. Distributions are payable at a floating interest rate equal to three-month LIBOR, or an appropriate alternative reference rate at the time that LIBOR ceases to be published, plus 1.85 % per annum . (3) On June 28, 2007, we completed a private placement of $ 35.0 million of 6.78 % Cumulative Trust Preferred Securities. The trust preferred securities were offered by Stifel Financial Capital Trust IV (the “Trust IV”), a non-consolidated wholly owned subsidiary of our company. The trust preferred securities mature on September 6, 2037 , but may be redeemed early by our company, and in turn, Trust IV would call the debenture. Trust IV requires quarterly distributions of interest to the holders of the trust preferred securities. Distributions are payable at a floating interest rate equal to three-month LIBOR, or an appropriate alternative reference rate at the time that LIBOR ceases to be published, plus 1.85 % per annum . |
Disclosures About Offsetting _2
Disclosures About Offsetting Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Offsetting [Abstract] | |
Financial Assets and Derivative Assets that are Subject to Offset | The following table provides information about financial assets and derivative assets that are subject to offset as of December 31, 2023 and 2022 (in thousands) : As of December 31, 2023 Securities borrowing (1) Reverse repurchase agreements (2) Interest rate contracts (3) Total Gross amounts of recognized assets $ 215,368 $ 349,849 $ 118,668 $ 683,885 Gross amounts offset in the statement of financial condition — — — — Net amounts presented in the statement of financial condition 215,368 349,849 118,668 683,885 Gross amounts not offset in the statement of financial condition: Amounts available for offset ( 23,691 ) ( 23,441 ) ( 14,556 ) ( 61,688 ) Available collateral ( 184,689 ) ( 325,627 ) ( 82,607 ) ( 592,923 ) Net amount $ 6,988 $ 781 $ 21,505 $ 29,274 As of December 31, 2022 Securities borrowing (1) Reverse repurchase agreements (2) Interest rate contracts (3) Total Gross amounts of recognized assets $ 219,052 $ 348,162 $ 142,042 $ 709,256 Gross amounts offset in the statement of financial condition — — — — Net amounts presented in the statement of financial condition 219,052 348,162 142,042 709,256 Gross amounts not offset in the statement of financial condition: Amounts available for offset ( 46,647 ) ( 12,028 ) ( 1,959 ) ( 60,634 ) Available collateral ( 160,139 ) ( 334,537 ) ( 55,568 ) ( 550,244 ) Net amount $ 12,266 $ 1,597 $ 84,515 $ 98,378 (1) Securities borrowing transactions are included in receivables from brokers, dealers, and clearing organizations on the consolidated statements of financial condition. See Note 4 in the notes to consolidated financial statements for additional information on receivables from brokers, dealers, and clearing organizations. (2) Available collateral includes securities received from the counterparty. These securities are not included on the consolidated statements of financial condition unless there is an event of default. The fair value of securities received as collateral was $ 350.2 million and $ 346.5 million at December 31, 2023 and 2022, respectively. (3) Available collateral includes securities received from the counterparty. These securities are not included on the consolidated statements of financial condition unless there is an event of default. The fair value of securities received as collateral was $ 84.1 million and $ 50.0 million at December 31, 2023 and 2022, respectively. |
Financial Liabilities and Derivative Liabilities that are Subject to Offset | The following table provides information about financial liabilities and derivative liabilities that are subject to offset as of December 31, 2023 and 2022 (in thousands) : As of December 31, 2023 Securities lending (4) Repurchase agreements (5) Interest rate contracts (6) Total Gross amounts of recognized liabilities $ ( 135,693 ) $ ( 417,644 ) $ ( 118,651 ) $ ( 671,988 ) Gross amounts offset in the statement of financial condition — — — — Net amounts presented in the statement of financial condition ( 135,693 ) ( 417,644 ) ( 118,651 ) ( 671,988 ) Gross amounts not offset in the statement of financial condition: Amounts available for offset 23,691 23,441 14,556 61,688 Collateral pledged 111,981 394,203 22,661 528,845 Net amount $ ( 21 ) $ — $ ( 81,434 ) $ ( 81,455 ) As of December 31, 2022 Securities lending (4) Repurchase agreements (5) Interest rate contracts (6) Total Gross amounts of recognized liabilities $ ( 68,105 ) $ ( 212,011 ) $ ( 142,028 ) $ ( 422,144 ) Gross amounts offset in the statement of financial condition — — — — Net amounts presented in the statement of financial condition ( 68,105 ) ( 212,011 ) ( 142,028 ) ( 422,144 ) Gross amounts not offset in the statement of financial condition: Amounts available for offset 46,647 12,028 1,959 60,634 Collateral pledged 21,448 199,983 25,850 247,281 Net amount $ ( 10 ) $ — $ ( 114,219 ) $ ( 114,229 ) (4) Securities lending transactions are included in payables to brokers, dealers, and clearing organizations on the consolidated statements of financial condition. See Note 4 in the notes to consolidated financial statements for additional information on payables to brokers, dealers, and clearing organizations. (5) Collateral pledged includes the fair value of securities pledged to the counterparty. These securities are included on the consolidated statements of financial condition unless we default. Collateral pledged by our company to the counterparty includes U.S. government agency securities, U.S. government securities, and corporate fixed income securities with market values of $ 425.9 million and $ 218.3 million at December 31, 2023 and 2022, respectively. (6) Collateral pledged includes the fair value of securities pledged to the counterparty. The fair value of securities pledged as collateral was $ 19.1 million and $ 24.1 million at December 31, 2023 and 2022, respectively. |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Schedule Of Total Risk-Based, Tier 1 Risk-Based, And Tier 1 Leverage Ratios | The amounts and ratios for Stifel Financial Corp., Stifel Bank & Trust, and Stifel Bank as of December 31, 2023, are represented in the tables below (in thousands, except ratios) . Actual For Capital To Be Well Capitalized Stifel Financial Corp. Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital $ 3,230,965 14.2 % $ 1,023,670 4.5 % $ 1,478,634 6.5 % Tier 1 capital 3,915,965 17.2 % 1,364,893 6.0 % 1,819,857 8.0 % Total capital 4,129,814 18.2 % 1,819,857 8.0 % 2,274,822 10.0 % Tier 1 leverage 3,915,965 10.5 % 1,498,042 4.0 % 1,872,552 5.0 % Actual For Capital To Be Well Capitalized Stifel Bank & Trust Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital $ 1,344,589 11.8 % $ 511,437 4.5 % $ 738,743 6.5 % Tier 1 capital 1,344,589 11.8 % 681,916 6.0 % 909,222 8.0 % Total capital 1,464,939 12.9 % 909,222 8.0 % 1,136,527 10.0 % Tier 1 leverage 1,344,589 7.3 % 740,724 4.0 % 925,905 5.0 % Actual For Capital To Be Well Capitalized Stifel Bank Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital $ 788,811 11.9 % $ 298,030 4.5 % $ 430,488 6.5 % Tier 1 capital 788,811 11.9 % 397,374 6.0 % 529,831 8.0 % Total capital 827,822 12.5 % 529,831 8.0 % 662,289 10.0 % Tier 1 leverage 788,811 7.2 % 440,792 4.0 % 550,990 5.0 % |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Lessee Disclosure [Abstract] | |
Schedule of Net Lease Cost | The table below summarizes our net lease cost for the years ended December 31, 2023 and 2022 (in thousands) : Year Ended December 31, 2023 2022 Operating lease cost $ 107,281 $ 107,963 Short-term lease cost 2,164 1,385 Variable lease cost 28,623 23,106 Sublease income ( 1,111 ) ( 2,303 ) Net lease cost $ 136,957 $ 130,151 The table below summarizes other information related to our operating leases as of and for the year ended December 31, 2023 (in thousands) : Operating lease cash flows $ 111,295 Right-of-use assets obtained in exchange for new operating lease liabilities $ 91,925 Weighted average remaining lease term (years) 12.6 Weighted average discount rate 5.03 % |
Schedule of Information About Operating Lease Liabilities | The table below presents information about operating lease liabilities as of December 31, 2023, (in thousands, except percentages) : 2024 $ 105,502 2025 99,994 2026 100,545 2027 100,148 2028 97,335 Thereafter 651,330 Total undiscounted lease payments 1,154,854 Imputed interest ( 329,325 ) Total operating lease liabilities $ 825,529 |
Revenues from Contracts with _2
Revenues from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Total Revenues Broken Out by Revenues from Contracts with Customers and Other Sources of Revenue | The following table presents the Company’s total revenues broken out by revenues from contracts with customers and other sources of revenue for the years ended December 31, 2023 and 2022 (in thousands) : Year Ended December 31, 2023 2022 Revenues from contracts with customers: Commissions $ 673,597 $ 710,589 Investment banking 731,255 971,485 Asset management 1,299,496 1,262,919 Other 5,281 5,834 Total revenue from contracts with customers 2,709,629 2,950,827 Other sources of revenue: Interest 1,955,745 1,099,115 Principal transactions 490,440 529,033 Other 3,466 13,851 Total revenues $ 5,159,280 $ 4,592,826 |
Revenues from Contracts with Customers Disaggregated by Major Business Activity and Primary Geographic Regions | The following tables present the Company’s revenues from contracts with customers by reportable segment disaggregated by major business activity and primary geographic regions for the years ended December 31, 2023 and 2022 (in thousands) : Year Ended December 31, 2023 Global Wealth Management Institutional Group Other Total Major business activity: Commissions $ 444,949 $ 228,648 $ — $ 673,597 Capital raising 16,680 248,987 — 265,667 Advisory — 465,588 — 465,588 Investment banking 16,680 714,575 — 731,255 Asset management 1,299,361 135 — 1,299,496 Other 5,079 17 185 5,281 Total 1,766,069 943,375 185 2,709,629 Primary Geographic Region: United States 1,766,069 741,283 185 2,507,537 United Kingdom — 107,631 — 107,631 Canada — 42,263 — 42,263 Other — 52,198 — 52,198 $ 1,766,069 $ 943,375 $ 185 $ 2,709,629 Year Ended December 31, 2022 Global Wealth Management Institutional Group Other Total Major business activity: Commissions $ 473,638 $ 236,951 $ — $ 710,589 Capital raising 19,515 237,347 — 256,862 Advisory — 714,623 — 714,623 Investment banking 19,515 951,970 — 971,485 Asset management 1,262,841 78 — 1,262,919 Other 5,569 — 265 5,834 Total 1,761,563 1,188,999 265 2,950,827 Primary Geographic Region: United States 1,761,563 970,960 265 2,732,788 United Kingdom — 148,690 — 148,690 Canada — 33,718 — 33,718 Other — 35,631 — 35,631 $ 1,761,563 $ 1,188,999 $ 265 $ 2,950,827 |
Interest Income and Interest _2
Interest Income and Interest Expense (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Banking and Thrift, Interest [Abstract] | |
Components of Interest Income and Interest Expense | The components of interest income and interest expense are as follows (in thousands) : Year Ended December 31, 2023 2022 2021 Interest income: Loans held for investment, net $ 1,253,008 $ 752,273 $ 378,086 Investment securities 467,199 247,755 129,858 Interest-bearing cash and federal funds sold 123,363 29,996 3,794 Margin balances 61,138 43,751 25,780 Financial instruments owned 16,726 20,545 15,041 Other 34,311 4,795 ( 4,159 ) $ 1,955,745 $ 1,099,115 $ 548,400 Interest expense: Bank deposits $ 724,857 $ 146,636 $ 4,510 Senior notes 50,025 44,424 47,500 Other 35,454 10,327 ( 6,012 ) $ 810,336 $ 201,387 $ 45,998 |
Employee Incentive, Deferred _2
Employee Incentive, Deferred Compensation, and Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement, Recognized Amount [Abstract] | |
Unvested Stock Award Activity | A summary of unvested restricted equity award activity, which includes restricted stock units and restricted stock awards, for the year ended December 31, 2023, is presented below (in thousands, except weighted-average fair value) : Weighted-average grant date fair value Unvested December 31, 2022 14,845 $ 46.83 Granted 3,101 62.14 Vested ( 4,017 ) 40.49 Cancelled ( 400 ) 50.38 Unvested December 31, 2023 13,529 $ 52.12 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |
Provision For Income Taxes/(Benefit) | The provision for income taxes consists of the following (in thousands) : Year Ended December 31, 2023 2022 2021 Current taxes: Federal $ 127,771 $ 159,383 $ 167,258 State 39,361 49,956 39,911 Foreign 1,056 929 2,950 168,188 210,268 210,119 Deferred taxes: Federal 9,067 8,752 19,747 State 2,917 4,203 5,640 Foreign 3,984 ( 262 ) 6,717 15,968 12,693 32,104 Provision for income taxes $ 184,156 $ 222,961 $ 242,223 |
Reconciliation Of The Statutory Federal Income Tax With The Company's Effective Tax Rate | Reconciliation of the statutory federal income tax rate with our company’s effective income tax rate is as follows (in thousands) : Year Ended December 31, 2023 2022 2021 Statutory rate $ 148,405 $ 185,874 $ 224,087 State income taxes, net of federal income tax 34,012 42,813 37,169 Non-deductible business expenses 25,177 10,944 9,732 Change in valuation allowance 21,931 9,802 2,248 Foreign tax rate difference ( 2,471 ) ( 2,846 ) 125 Federal tax credits ( 7,002 ) ( 2,793 ) ( 2,126 ) Excess tax benefit from stock-based compensation ( 31,109 ) ( 19,418 ) ( 32,004 ) Other, net ( 4,787 ) ( 1,415 ) 2,992 $ 184,156 $ 222,961 $ 242,223 |
Deferred Tax Assets And Liabilities | Tax effect of temporary differences and carryforwards that comprise significant portions of deferred tax assets and liabilities (in thousands) : December 31, 2023 2022 Deferred tax assets: Lease liabilities $ 205,487 $ 206,091 Deferred compensation 82,593 81,457 Receivable reserves 52,342 47,308 Unrealized loss on investments 51,549 62,318 Net operating loss carryforwards 45,879 28,997 Accrued expenses 15,457 25,833 Total deferred tax assets 453,307 452,004 Valuation allowance ( 46,843 ) ( 24,779 ) 406,464 427,225 Deferred tax liabilities: Lease right-of-use assets ( 195,962 ) ( 199,085 ) Goodwill and other intangibles ( 72,927 ) ( 61,225 ) Prepaid expenses ( 6,966 ) ( 4,427 ) Depreciation ( 3,620 ) ( 1,180 ) Other ( 5,467 ) ( 2,101 ) ( 284,942 ) ( 268,018 ) Net deferred tax asset $ 121,522 $ 159,207 |
Unrecognized Tax Benefits | The following table summarizes the activity related to our company’s unrecognized tax benefits from January 1, 2021 to December 31, 2023 (in thousands) : Year Ended December 31, 2023 2022 2021 Beginning balance $ 5,271 $ 4,924 $ 3,962 Increase related to prior year tax positions 112 195 2,719 Decrease related to prior year tax positions ( 63 ) ( 635 ) ( 119 ) Increase related to current year tax positions 1,083 978 745 Decrease related to settlements with taxing authorities — — ( 2,370 ) Decrease related to lapsing of statute of limitations ( 973 ) ( 191 ) ( 13 ) Ending balance $ 5,430 $ 5,271 $ 4,924 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule Of Operating Information, Segment | Information concerning operations in these segments of business for the years ended December 31, 2023, 2022, and 2021, is as follows (in thousands) : Year Ended December 31, 2023 2022 2021 Net revenues: (1) Global Wealth Management $ 3,049,962 $ 2,825,866 $ 2,598,837 Institutional Group 1,226,317 1,536,017 2,152,439 Other 72,665 29,556 ( 14,188 ) $ 4,348,944 $ 4,391,439 $ 4,737,088 Income/(loss) before income taxes: Global Wealth Management $ 1,215,822 $ 1,067,571 $ 914,953 Institutional Group 2,100 254,132 558,937 Other ( 511,230 ) ( 436,587 ) ( 406,809 ) $ 706,692 $ 885,116 $ 1,067,081 (1) No individual client accounted for more than 10 percent of total net revenues for the years ended December 31, 2023, 2022, and 2021. |
Schedule Of Information Of Total Assets On Segment Basis | The following table presents our company’s total assets on a segment basis at December 31, 2023 and 2022 (in thousands) : December 31, 2023 2022 Global Wealth Management $ 32,773,613 $ 32,449,466 Institutional Group 4,564,058 4,285,212 Other 389,789 461,446 $ 37,727,460 $ 37,196,124 |
Schedule Of Net Revenues Earned On Major Geographical Areas | Revenues, classified by the major geographic areas in which they were earned for the years ended December 31, 2023, 2022, and 2021, were as follows (in thousands): Year Ended December 31, 2023 2022 2021 United States $ 4,095,476 $ 4,125,563 $ 4,332,743 United Kingdom 152,125 192,985 239,559 Canada 40,034 29,268 109,285 Other 61,309 43,623 55,501 $ 4,348,944 $ 4,391,439 $ 4,737,088 |
Earnings Per Share ("EPS") (Tab
Earnings Per Share ("EPS") (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Computation Of Basic And Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31, 2023, 2022, and 2021 (in thousands, except per share data) : Year Ended December 31, 2023 2022 2021 Net income $ 522,536 $ 662,155 $ 824,858 Preferred dividends 37,281 37,281 35,587 Net income available to common shareholders $ 485,255 $ 624,874 $ 789,271 Shares for basic and diluted calculation: Average shares used in basic computation 106,661 108,848 107,536 Dilutive effect of stock options and units (1) 6,792 8,692 10,994 Average shares used in diluted computation 113,453 117,540 118,530 Earnings per common share: Basic $ 4.55 $ 5.74 $ 7.34 Diluted $ 4.28 $ 5.32 $ 6.66 (1) Diluted earnings per share is computed on the basis of the weighted-average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Diluted earnings per share include units. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract] | |
Aggregate Assets, Liabilities, and Our Exposure to Loss from those VIEs | The following tables present the aggregate assets, liabilities, and our exposure to loss from those VIEs in which we hold a variable interest, but as to which we have concluded we are not the primary beneficiary (in thousands) : December 31, 2023 Aggregate Assets Aggregate Liabilities Our Risk of Loss Debt and Equity Investments $ 456,286 $ 277,924 $ 40,088 Partnership Interests 341,980 678 — $ 798,266 $ 278,602 $ 40,088 December 31, 2022 Aggregate Assets Aggregate Liabilities Our Risk of Loss Debt and Equity Investments $ 388,408 $ 296,375 $ 14,776 Partnership Interests 402,703 1,180 — $ 791,111 $ 297,555 $ 14,776 |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Loan impairment threshold period | 90 days | |
Allowance for doubtful accounts | $ 26,800,000 | $ 19,800,000 |
Incremental payments due upon termination of contract | $ 0 | |
Office Equipment [Member] | Minimum [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Fixed assets, Useful life | 2 years | |
Office Equipment [Member] | Maximum [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Fixed assets, Useful life | 7 years | |
Building and Building Improvements [Member] | Minimum [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Fixed assets, Useful life | 3 years | |
Building and Building Improvements [Member] | Maximum [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Fixed assets, Useful life | 39 years |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ in Thousands, shares in Millions | Aug. 01, 2023 | Mar. 01, 2023 | Jul. 01, 2022 | Nov. 01, 2021 | Dec. 31, 2023 | Dec. 31, 2022 |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 1,388,243 | $ 1,326,548 | ||||
Institutional Group [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | $ 1,053,234 | 991,539 | ||||
Sierra Pacific Securities, LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Date of acquisition | Aug. 01, 2023 | |||||
Payments to Acquire Intangible Assets | $ 18,100 | |||||
Sierra Pacific Securities, LLC [Member] | Institutional Group [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | $ 6,600 | |||||
Torreya Partners, LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Date of acquisition | Mar. 01, 2023 | |||||
Payments to Acquire Intangible Assets | $ 5,300 | |||||
Torreya Partners, LLC [Member] | Institutional Group [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | $ 55,100 | |||||
ACXIT Capital Partners [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Date of acquisition | Jul. 01, 2022 | |||||
Payments to Acquire Intangible Assets | $ 5,000 | |||||
Period of contingent consideration | 1 year | |||||
Liability for earn-out payments | $ 5,200 | |||||
ACXIT Capital Partners [Member] | Institutional Group [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | $ 17,300 | |||||
Vining Sparks [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Date of acquisition | Nov. 01, 2021 | |||||
Shares issued as part of the consideration | 1.2 | |||||
Payments to Acquire Intangible Assets | $ 25,400 | |||||
Vining Sparks [Member] | Institutional Group [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | $ 127,000 |
Receivables From and Payables_3
Receivables From and Payables to Brokers, Dealers and Clearing Organizations (Amounts Receivable From Brokers, Dealers, and Clearing Organizations) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Due to and from Broker-Dealers and Clearing Organizations [Abstract] | ||
Deposits paid for securities borrowed | $ 215,368 | $ 219,052 |
Receivable from clearing organizations | 178,991 | 186,800 |
Securities failed to deliver | 19,785 | 12,239 |
Receivables from brokers, dealers and clearing organizations, Total | $ 414,144 | $ 418,091 |
Receivables From and Payables_4
Receivables From and Payables to Brokers, Dealers and Clearing Organizations (Amounts Payable To Brokers, Dealers, and Clearing Organizations) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Due to and from Broker-Dealers and Clearing Organizations [Abstract] | ||
Deposits received from securities loaned | $ 135,693 | $ 68,105 |
Securities failed to receive | 91,636 | 12,385 |
Payable to clearing organizations | 4,407 | 14,464 |
Payables to broker, dealers and clearing organizations, Total | $ 231,736 | $ 94,954 |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments (Schedule Of Fair Value Of Investments In And Unfunded Commitments To Funds Measured At Net Asset Value) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | $ 32,967 | $ 25,612 |
Unfunded commitments | 15,635 | 11,034 |
Partnership Interests [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | 24,261 | 18,817 |
Unfunded commitments | 14,454 | 9,853 |
Money Market Funds [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | 4,706 | 1,650 |
Mutual Funds [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | 3,632 | 4,728 |
Private Equity Funds [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | 368 | 417 |
Unfunded commitments | $ 1,181 | $ 1,181 |
Fair Value Of Financial Instr_2
Fair Value Of Financial Instruments (Fair Value Of Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial instruments owned | $ 918,741 | $ 731,752 | |||
Available-for-sale securities | 1,551,686 | [1] | 1,636,041 | ||
Investments | 91,105 | 99,376 | |||
Cash equivalents measured at NAV | 4,706 | 1,650 | |||
Derivative contracts, Assets | 118,668 | [2] | 142,042 | [3] | |
Total Assets | 2,684,906 | 2,610,861 | |||
Financial instruments sold, but not yet purchased, at fair value | 497,741 | 454,817 | |||
Derivative contracts, Liabilities | 118,651 | [4] | 142,028 | [5] | |
Total Liabilities | 616,392 | 596,845 | |||
U.S. Government Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial instruments owned | 32,411 | 38,956 | |||
Financial instruments sold, but not yet purchased, at fair value | 273,653 | 254,265 | |||
U.S. Government Agency Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial instruments owned | 106,634 | 73,608 | |||
Available-for-sale securities | 2,219 | [1] | 2,148 | ||
Financial instruments sold, but not yet purchased, at fair value | 4,924 | 3,971 | |||
Asset-Backed Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial instruments owned | 19,604 | 8,270 | |||
Available-for-sale securities | 177,853 | 207,725 | |||
Corporate Fixed Income Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial instruments owned | 237,671 | 202,169 | |||
Available-for-sale securities | 556,161 | [1] | 566,294 | ||
Financial instruments sold, but not yet purchased, at fair value | 138,359 | 134,381 | |||
Corporate Equity Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial instruments owned | 52,520 | 38,129 | |||
Investments | 22,406 | 23,597 | |||
Financial instruments sold, but not yet purchased, at fair value | 21,576 | 11,590 | |||
State And Municipal Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial instruments owned | 223,155 | 126,237 | |||
Available-for-sale securities | 2,351 | [1] | 2,351 | ||
Other Investment [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments | 39,655 | [6] | 37,136 | [7] | |
Investments In Funds And Partnerships Measured At Net Asset Value [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments | 28,261 | 23,962 | |||
Agency Mortgage-Backed Securities [Member] | Agency Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial instruments owned | 172,642 | ||||
Available-for-sale securities | 746,170 | [1] | 791,022 | ||
Financial instruments sold, but not yet purchased, at fair value | 52,664 | 44,793 | |||
Agency Mortgage-Backed Securities [Member] | Commercial [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 66,671 | [1] | 66,113 | ||
Agency Mortgage-Backed Securities [Member] | Non-Agency [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 261 | [1] | 388 | ||
Auction Rate Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments | 783 | 14,681 | |||
Sovereign Debt [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial instruments owned | 918,741 | 731,752 | |||
Financial instruments sold, but not yet purchased, at fair value | [8] | 6,565 | |||
Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial instruments owned | 86,843 | [9] | 71,741 | [10] | |
Financial instruments sold, but not yet purchased, at fair value | [11] | 5,817 | |||
Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments | 10,386 | 10,045 | |||
Total Assets | 95,165 | 87,073 | |||
Financial instruments sold, but not yet purchased, at fair value | 295,229 | 265,943 | |||
Total Liabilities | 295,229 | 265,943 | |||
Level 1 [Member] | U.S. Government Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial instruments owned | 32,411 | 38,956 | |||
Financial instruments sold, but not yet purchased, at fair value | 273,653 | 254,265 | |||
Level 1 [Member] | Corporate Fixed Income Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial instruments owned | 210 | 689 | |||
Financial instruments sold, but not yet purchased, at fair value | 88 | ||||
Level 1 [Member] | Corporate Equity Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial instruments owned | 52,158 | 37,383 | |||
Investments | 10,313 | 9,928 | |||
Financial instruments sold, but not yet purchased, at fair value | 21,576 | 11,590 | |||
Level 1 [Member] | Other Investment [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments | 73 | [6] | 117 | [7] | |
Level 1 [Member] | Sovereign Debt [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial instruments owned | 84,779 | 77,028 | |||
Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 1,551,686 | 1,636,041 | |||
Investments | 330 | 1,836 | |||
Derivative contracts, Assets | 118,668 | [2] | 142,042 | [3] | |
Total Assets | 2,420,184 | 2,362,576 | |||
Financial instruments sold, but not yet purchased, at fair value | 198,676 | 183,093 | |||
Derivative contracts, Liabilities | 118,651 | [4] | 142,028 | [5] | |
Total Liabilities | 317,327 | 325,121 | |||
Level 2 [Member] | U.S. Government Agency Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial instruments owned | 106,634 | 73,608 | |||
Available-for-sale securities | 2,219 | 2,148 | |||
Financial instruments sold, but not yet purchased, at fair value | 4,924 | 3,971 | |||
Level 2 [Member] | Asset-Backed Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial instruments owned | 18,106 | 6,091 | |||
Available-for-sale securities | 177,853 | 207,725 | |||
Level 2 [Member] | Corporate Fixed Income Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial instruments owned | 237,461 | 201,480 | |||
Available-for-sale securities | 556,161 | 566,294 | |||
Financial instruments sold, but not yet purchased, at fair value | 138,359 | 134,293 | |||
Level 2 [Member] | Corporate Equity Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial instruments owned | 362 | 746 | |||
Investments | 215 | 1,791 | |||
Level 2 [Member] | State And Municipal Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial instruments owned | 223,155 | 126,237 | |||
Available-for-sale securities | 2,351 | 2,351 | |||
Level 2 [Member] | Other Investment [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments | 115 | [6] | 45 | [7] | |
Level 2 [Member] | Agency Mortgage-Backed Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial instruments owned | 159,903 | ||||
Level 2 [Member] | Agency Mortgage-Backed Securities [Member] | Agency Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial instruments owned | 172,642 | ||||
Available-for-sale securities | 746,170 | 791,022 | |||
Financial instruments sold, but not yet purchased, at fair value | 52,664 | 44,793 | |||
Level 2 [Member] | Agency Mortgage-Backed Securities [Member] | Commercial [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 66,671 | 66,113 | |||
Level 2 [Member] | Agency Mortgage-Backed Securities [Member] | Non-Agency [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 261 | 388 | |||
Level 2 [Member] | Sovereign Debt [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial instruments owned | 749,500 | 582,657 | |||
Financial instruments sold, but not yet purchased, at fair value | [8] | 2,729 | |||
Level 2 [Member] | Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial instruments owned | 3,879 | [9] | 1,853 | [10] | |
Financial instruments sold, but not yet purchased, at fair value | 36 | ||||
Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments | 52,128 | 63,533 | |||
Total Assets | 136,590 | 135,600 | |||
Financial instruments sold, but not yet purchased, at fair value | 3,836 | 5,781 | |||
Total Liabilities | 3,836 | 5,781 | |||
Level 3 [Member] | Asset-Backed Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial instruments owned | 1,498 | 2,179 | |||
Level 3 [Member] | Corporate Equity Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments | 11,878 | 11,878 | |||
Level 3 [Member] | Other Investment [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments | 39,467 | [6] | 36,974 | [7] | |
Level 3 [Member] | Auction Rate Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments | 783 | 14,681 | |||
Level 3 [Member] | Sovereign Debt [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial instruments owned | 84,462 | 72,067 | |||
Financial instruments sold, but not yet purchased, at fair value | [8] | 3,836 | |||
Level 3 [Member] | Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial instruments owned | $ 82,964 | [9] | 69,888 | [10] | |
Financial instruments sold, but not yet purchased, at fair value | $ 5,781 | ||||
[1] Due to the immaterial amount of income recognized on tax-exempt securities, yields were not calculated on a tax-equivalent basis. Included in other assets in the consolidated statements of financial condition. Included in other assets in the consolidated statements of financial condition. Included in accounts payable and accrued expenses in the consolidated statements of financial condition. Included in accounts payable and accrued expenses in the consolidated statements of financial condition. Primarily includes private company investments. Primarily includes private company investments. Includes syndicated loans, state and municipal securities, and asset-backed securities. Includes syndicated loans, non-agency mortgage-backed securities, and sovereign debt. Includes syndicated loans, non-agency mortgage-backed securities, and sovereign debt. Includes syndicated loans and state and municipal securities. |
Fair Value Of Financial Instr_3
Fair Value Of Financial Instruments (Schedule Of Changes In Fair Value Associated With Level 3 Financial Instruments) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Asset-Backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | $ 2,179 | $ 64,706 |
Unrealized gains/(losses) | 4,789 | |
Realized gains/(losses) | 1,007 | 4,287 |
Purchases | 4,820 | |
Redemptions | (1,688) | (76,423) |
Net change | (681) | (62,527) |
Ending Balance | 1,498 | 2,179 |
Corporate Equity Securities Financial Instruments Owned [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 225 | |
Realized gains/(losses) | 1,621 | |
Sales | (1,846) | |
Net change | (225) | |
Syndicated Loans [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 69,888 | 26,857 |
Unrealized gains/(losses) | (15) | 550 |
Realized gains/(losses) | (2,161) | 2,653 |
Purchases | 69,881 | 227,548 |
Sales | (35,988) | (177,895) |
Redemptions | (18,641) | (9,825) |
Net change | 13,076 | 43,031 |
Ending Balance | 82,964 | 69,888 |
Corporate Equity Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 11,878 | 5,754 |
Unrealized gains/(losses) | 6,124 | |
Net change | 6,124 | |
Ending Balance | 11,878 | 11,878 |
Auction Rate Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 14,681 | 13,032 |
Unrealized gains/(losses) | 2 | 1,649 |
Realized gains/(losses) | (232) | |
Redemptions | (13,668) | |
Net change | (13,898) | 1,649 |
Ending Balance | 783 | 14,681 |
Other Investment [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 36,974 | 35,837 |
Unrealized gains/(losses) | 993 | 1,183 |
Realized gains/(losses) | 992 | |
Purchases | 1,500 | |
Sales | (999) | |
Redemptions | (39) | |
Net change | 2,493 | 1,137 |
Ending Balance | $ 39,467 | $ 36,974 |
Fair Value Of Financial Instr_4
Fair Value Of Financial Instruments (Schedule Of Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Securities purchased under agreements to resell | $ 349,849 | $ 348,162 | |||
Financial instruments owned | 918,741 | 731,752 | |||
Available-for-sale securities | 1,551,686 | [1] | 1,636,041 | ||
Held-to-maturity securities | [2] | 5,852,176 | 5,738,418 | ||
Derivative contracts, Assets | 118,668 | [3] | 142,042 | [4] | |
Securities sold under agreements to repurchase | 417,644 | 212,011 | |||
Financial instruments sold, but not yet purchased, at fair value | 497,741 | 454,817 | |||
Senior notes | 1,115,629 | 1,114,554 | |||
Carrying Value [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Cash and cash equivalents | 3,361,801 | 2,199,985 | |||
Cash segregated for regulatory purposes | 162,048 | 29,017 | |||
Securities purchased under agreements to resell | 349,849 | 348,162 | |||
Financial instruments owned | 918,741 | 731,752 | |||
Available-for-sale securities | 1,551,686 | 1,636,041 | |||
Held-to-maturity securities | 5,888,798 | 5,990,451 | |||
Bank loans | 19,305,805 | 20,465,092 | |||
Loans held for sale | 423,999 | 156,912 | |||
Investments | 91,105 | 99,376 | |||
Derivative contracts, Assets | [5] | 118,668 | 142,042 | ||
Securities sold under agreements to repurchase | 417,644 | 212,011 | |||
Bank deposits | 27,334,579 | 27,117,111 | |||
Financial instruments sold, but not yet purchased, at fair value | 497,741 | 454,817 | |||
Senior notes | 1,115,629 | 1,114,554 | |||
Debentures to Stifel Financial Capital Trusts | 60,000 | 60,000 | |||
Derivative contracts | [6] | 118,651 | 142,028 | ||
Estimated Fair Value [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Cash and cash equivalents | 3,361,801 | 2,199,985 | |||
Cash segregated for regulatory purposes | 162,048 | 29,017 | |||
Securities purchased under agreements to resell | 349,849 | 348,162 | |||
Financial instruments owned | 918,741 | 731,752 | |||
Available-for-sale securities | 1,551,686 | 1,636,041 | |||
Held-to-maturity securities | 5,852,176 | 5,738,418 | |||
Bank loans | 18,259,923 | 19,752,043 | |||
Loans held for sale | 423,999 | 156,912 | |||
Investments | 91,105 | 99,376 | |||
Derivative contracts, Assets | [5] | 118,668 | 142,042 | ||
Securities sold under agreements to repurchase | 417,644 | 212,011 | |||
Bank deposits | 25,326,174 | 24,274,224 | |||
Financial instruments sold, but not yet purchased, at fair value | 497,741 | 454,817 | |||
Senior notes | 1,041,217 | 1,016,755 | |||
Debentures to Stifel Financial Capital Trusts | 55,507 | 53,385 | |||
Derivative contracts | [6] | $ 118,651 | $ 142,028 | ||
[1] Due to the immaterial amount of income recognized on tax-exempt securities, yields were not calculated on a tax-equivalent basis. Held-to-maturity securities are carried in the consolidated statements of financial condition at amortized cost, and the changes in the value of these securities, other than impairment charges, are not reported on the consolidated financial statements. Included in other assets in the consolidated statements of financial condition. Included in other assets in the consolidated statements of financial condition. Included in other assets in the consolidated statements of financial condition. Included in accounts payable and accrued expenses in the consolidated statements of financial condition. |
Fair Value Of Financial Instr_5
Fair Value Of Financial Instruments (Estimated Fair Values Of Financial Instruments Not Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities purchased under agreements to resell | $ 349,849 | $ 348,162 | |
Held-to-maturity securities | [1] | 5,852,176 | 5,738,418 |
Securities sold under agreements to repurchase | 417,644 | 212,011 | |
Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash | 3,357,095 | 2,198,335 | |
Cash segregated for regulatory purposes | 162,048 | 29,017 | |
Securities purchased under agreements to resell | 349,849 | 348,162 | |
Held-to-maturity securities | 5,852,176 | 5,738,418 | |
Bank loans | 18,259,923 | 19,752,043 | |
Loans held for sale | 423,999 | 156,912 | |
Securities sold under agreements to repurchase | 417,644 | 212,011 | |
Bank deposits | 25,326,174 | 24,274,224 | |
Senior notes | 1,041,217 | 1,016,755 | |
Debentures to Stifel Financial Capital Trusts | 55,507 | 53,385 | |
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash | 3,357,095 | 2,198,335 | |
Cash segregated for regulatory purposes | 162,048 | 29,017 | |
Securities purchased under agreements to resell | 0 | 218,515 | |
Held-to-maturity securities | 0 | ||
Bank loans | 0 | ||
Loans held for sale | 0 | ||
Securities sold under agreements to repurchase | 0 | ||
Bank deposits | 0 | ||
Senior notes | 1,041,217 | 1,016,755 | |
Debentures to Stifel Financial Capital Trusts | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash | 0 | ||
Cash segregated for regulatory purposes | 0 | ||
Securities purchased under agreements to resell | 349,849 | 129,647 | |
Held-to-maturity securities | 5,758,130 | 5,624,042 | |
Bank loans | 18,259,923 | 19,752,043 | |
Loans held for sale | 423,999 | 156,912 | |
Securities sold under agreements to repurchase | 417,644 | 212,011 | |
Bank deposits | 25,326,174 | 24,274,224 | |
Senior notes | 0 | ||
Debentures to Stifel Financial Capital Trusts | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash | 0 | ||
Cash segregated for regulatory purposes | 0 | ||
Securities purchased under agreements to resell | 0 | ||
Held-to-maturity securities | 94,046 | 114,376 | |
Bank loans | 0 | ||
Loans held for sale | 0 | ||
Securities sold under agreements to repurchase | 0 | ||
Bank deposits | 0 | ||
Senior notes | 0 | ||
Debentures to Stifel Financial Capital Trusts | $ 55,507 | $ 53,385 | |
[1] Held-to-maturity securities are carried in the consolidated statements of financial condition at amortized cost, and the changes in the value of these securities, other than impairment charges, are not reported on the consolidated financial statements. |
Financial Instruments Owned a_3
Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased (Components Of Trading Securities Owned And Trading Securities Sold, But Not Yet Purchased) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |||
Financial instruments owned, at fair value | $ 918,741 | $ 731,752 | |
U.S. Government Agency Securities [Member] | |||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |||
Financial instruments owned, at fair value | 106,634 | 73,608 | |
Corporate Fixed Income Securities [Member] | |||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |||
Financial instruments owned, at fair value | 237,671 | 202,169 | |
Corporate Equity Securities [Member] | |||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |||
Financial instruments owned, at fair value | 52,520 | 38,129 | |
State and Municipal Securities [Member] | |||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |||
Financial instruments owned, at fair value | 223,155 | 126,237 | |
U.S. Government Securities [Member] | |||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |||
Financial instruments owned, at fair value | 32,411 | 38,956 | |
Securities Sold, But Not yet Purchased [Member] | |||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |||
Other | [1] | 6,565 | 5,817 |
Financial instruments owned, at fair value | 497,741 | 454,817 | |
Securities Sold, But Not yet Purchased [Member] | U.S. Government Agency Securities [Member] | |||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |||
Trading securities owned | 4,924 | 3,971 | |
Securities Sold, But Not yet Purchased [Member] | Corporate Fixed Income Securities [Member] | |||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |||
Fixed income securities | 138,359 | 134,381 | |
Securities Sold, But Not yet Purchased [Member] | Corporate Equity Securities [Member] | |||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |||
Financial instruments owned, at fair value | 21,576 | 11,590 | |
Securities Sold, But Not yet Purchased [Member] | U.S. Government Securities [Member] | |||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |||
Trading securities owned | 273,653 | 254,265 | |
Securities Sold, But Not yet Purchased [Member] | Mortgage-Backed Securities [Member] | Agency Securities [Member] | |||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |||
Trading securities owned | 52,664 | 44,793 | |
Securities Owned [Member] | |||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |||
Asset-backed securities | 19,604 | 8,270 | |
Other | [2] | 86,843 | 71,741 |
Financial instruments owned, at fair value | 918,741 | 731,752 | |
Securities Owned [Member] | U.S. Government Agency Securities [Member] | |||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |||
Trading securities owned | 106,634 | 73,608 | |
Securities Owned [Member] | Corporate Fixed Income Securities [Member] | |||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |||
Fixed income securities | 237,671 | 202,169 | |
Securities Owned [Member] | Corporate Equity Securities [Member] | |||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |||
Financial instruments owned, at fair value | 52,520 | 38,129 | |
Securities Owned [Member] | State and Municipal Securities [Member] | |||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |||
State and municipal securities | 223,155 | 126,237 | |
Securities Owned [Member] | U.S. Government Securities [Member] | |||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |||
Trading securities owned | 32,411 | 38,956 | |
Securities Owned [Member] | Mortgage-Backed Securities [Member] | Agency Securities [Member] | |||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |||
Trading securities owned | $ 159,903 | $ 172,642 | |
[1] Includes syndicated loans, state and municipal securities, and asset-backed securities. Includes syndicated loans, non-agency mortgage-backed securities, and sovereign debt. |
Financial Instruments Owned a_4
Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments pledged as collateral | $ 746.4 | $ 796.2 |
Securities Owned [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments pledged as collateral | $ 303.2 | $ 218.9 |
Available-for-Sale and Held-t_3
Available-for-Sale and Held-to-Maturity Securities (Schedule of Amortized Cost and Fair Values of Available for Sale Securities and Held to Maturity Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||||
Available-for-sale Securities, Amortized Cost | $ 1,727,630 | $ 1,863,219 | ||
Available for sale securities, Gross Unrealized Gains | [1] | 6 | 151 | |
Available-for-sale Securities, Gross Unrealized Losses | [1] | (175,950) | (227,329) | |
Available-for-sale securities, Fair Value | 1,551,686 | [2] | 1,636,041 | |
Held-to-maturity Securities, Amortized cost | [3] | 5,888,798 | 5,990,451 | |
Held-to-maturity Securities, Gross unrealized gains | [1],[3] | 6,387 | 3,213 | |
Held-to-maturity Securities, Gross unrealized losses | [1],[3] | (43,009) | (255,246) | |
Held-to-maturity securities, Estimated Fair Value | [3] | 5,852,176 | 5,738,418 | |
U.S. Government Agency Securities [Member] | ||||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||||
Available-for-sale Securities, Amortized Cost | 2,376 | 2,345 | ||
Available for sale securities, Gross Unrealized Gains | [1] | 5 | 6 | |
Available-for-sale Securities, Gross Unrealized Losses | [1] | (162) | (203) | |
Available-for-sale securities, Fair Value | 2,219 | 2,148 | ||
State and Municipal Securities [Member] | ||||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||||
Available-for-sale Securities, Amortized Cost | 2,350 | 2,350 | ||
Available for sale securities, Gross Unrealized Gains | [1] | 1 | 1 | |
Available-for-sale Securities, Gross Unrealized Losses | [1] | 0 | 0 | |
Available-for-sale securities, Fair Value | 2,351 | 2,351 | ||
Mortgage-Backed Securities [Member] | Agency Securities [Member] | ||||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||||
Available-for-sale Securities, Amortized Cost | 855,456 | 921,676 | ||
Available for sale securities, Gross Unrealized Gains | [1] | 0 | 0 | |
Available-for-sale Securities, Gross Unrealized Losses | [1] | (109,286) | (130,654) | |
Available-for-sale securities, Fair Value | 746,170 | [2] | 791,022 | |
Mortgage-Backed Securities [Member] | Commercial [Member] | ||||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||||
Available-for-sale Securities, Amortized Cost | 70,326 | 71,462 | ||
Available for sale securities, Gross Unrealized Gains | [1] | 0 | 0 | |
Available-for-sale Securities, Gross Unrealized Losses | [1] | (3,655) | (5,349) | |
Available-for-sale securities, Fair Value | 66,671 | [2] | 66,113 | |
Mortgage-Backed Securities [Member] | Non-Agency [Member] | ||||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||||
Available-for-sale Securities, Amortized Cost | 274 | 442 | ||
Available for sale securities, Gross Unrealized Gains | [1] | 0 | 0 | |
Available-for-sale Securities, Gross Unrealized Losses | [1] | (13) | (54) | |
Available-for-sale securities, Fair Value | 261 | [2] | 388 | |
Corporate Fixed Income Securities [Member] | ||||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||||
Available-for-sale Securities, Amortized Cost | 615,131 | 643,379 | ||
Available for sale securities, Gross Unrealized Gains | [1] | 0 | 18 | |
Available-for-sale Securities, Gross Unrealized Losses | [1] | (58,970) | (77,103) | |
Available-for-sale securities, Fair Value | 556,161 | 566,294 | ||
Asset-Backed Securities [Member] | ||||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||||
Available-for-sale Securities, Amortized Cost | 181,717 | 221,565 | ||
Available for sale securities, Gross Unrealized Gains | [1] | 0 | 126 | |
Available-for-sale Securities, Gross Unrealized Losses | [1] | (3,864) | (13,966) | |
Available-for-sale securities, Fair Value | 177,853 | [2] | $ 207,725 | |
Held-to-maturity Securities, Amortized cost | $ 5,888,798 | |||
[1] Unrealized gains/(losses) related to available-for-sale securities are reported in accumulated other comprehensive income. Due to the immaterial amount of income recognized on tax-exempt securities, yields were not calculated on a tax-equivalent basis. Held-to-maturity securities are carried in the consolidated statements of financial condition at amortized cost, and the changes in the value of these securities, other than impairment charges, are not reported on the consolidated financial statements. |
Available-for-Sale and Held-t_4
Available-for-Sale and Held-to-Maturity Securities (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Security | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Other Than Temporary Impairment Credit Losses Recognized In Earnings [Line Items] | |||
Proceeds from sale of available-for-sale securities | $ 2,400,000 | $ 80,000,000 | $ 0 |
Net realized gains (loss) resulting from sale of available-for-sale securities | (7,600,000) | 100,000 | |
Accrued interest receivable | 94,000,000 | 65,700,000 | |
Financial instruments pledged as collateral | $ 746,400,000 | 796,200,000 | |
Number of available for sale securities whose amortized costs exceeded their fair values | Security | 281 | ||
Available-for-sale Securities, Continuous | $ 175,950,000 | ||
Available-for-sale Securities, Continuous | 1,548,891,000 | ||
Available-for-sale Securities, Continuous Unrealized | $ 174,078,000 | ||
Percentage of available-for-sale portfolio | 99.80% | ||
Pledged [Member] | |||
Other Than Temporary Impairment Credit Losses Recognized In Earnings [Line Items] | |||
Trading securities pledged | $ 1,300,000,000 | 1,300,000,000 | |
Other Assets [Member] | |||
Other Than Temporary Impairment Credit Losses Recognized In Earnings [Line Items] | |||
Accrued interest receivable | $ 95,700,000 | $ 82,300,000 |
Available-for-Sale and Held-t_5
Available-for-Sale and Held-to-Maturity Securities (Schedule of Amortized Cost and Fair Values of Debt Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | ||
Investments, Debt and Equity Securities [Abstract] | ||||
Available-for-sale Securities, debt maturities, within one year, Amortized Cost | $ 105,389 | $ 16,047 | ||
Available-for-sale Securities, debt maturities, after one year through three years, Amortized Cost | 184,975 | 185,012 | ||
Available-for-sale Securities, debt maturities, after three year through five years, Amortized Cost | 38,462 | 123,696 | ||
Available-for-sale Securities, debt maturities, after five year through ten years, Amortized Cost | 448,931 | 442,055 | ||
Available-for-sale Securities, debt maturities, after ten years, Amortized Cost | 949,873 | 1,096,409 | ||
Available-for-sale Securities, Amortized Cost | 1,727,630 | 1,863,219 | ||
Available-for-sale Securities, debt maturities, within one year, Fair Value | 104,113 | [1] | 15,877 | |
Available-for-sale Securities, debt maturities, after one year through three years, Fair Value | 174,827 | 178,776 | ||
Available-for-sale Securities, debt maturities, after three year through five years, Fair Value | 34,316 | 108,707 | ||
Available-for-sale Securities, debt maturities, after five year through ten years, fair value | 398,624 | [1] | 380,362 | |
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | 839,806 | [1] | 952,319 | |
Available-for-sale Securities, debt maturities, Fair Value | 1,551,686 | [1] | 1,636,041 | |
Held-to-maturity Securities, debt maturities, after five through ten years, Amortized Cost | 2,754,817 | 2,413,239 | ||
Held-to-maturity Securities, debt maturities, after ten years, Amortized Cost | 3,133,981 | 3,577,212 | ||
Held-to-maturity Securities, Amortized cost | [2] | 5,888,798 | 5,990,451 | |
Held-to-maturity Securities, debt maturities, after five through ten years, Fair Value | 2,740,154 | 2,323,608 | ||
Held-to-maturity Securities, debt maturities, after ten years, Fair Value | 3,112,022 | 3,414,810 | ||
Held-to-maturity Securities, debt maturities, Fair Value | [2] | $ 5,852,176 | $ 5,738,418 | |
[1] Due to the immaterial amount of income recognized on tax-exempt securities, yields were not calculated on a tax-equivalent basis. Held-to-maturity securities are carried in the consolidated statements of financial condition at amortized cost, and the changes in the value of these securities, other than impairment charges, are not reported on the consolidated financial statements. |
Available-for-Sale and Held-t_6
Available-for-Sale and Held-to-Maturity Securities (Schedule of Contractual Maturities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||||
Available-for-sale Securities, debt maturities, within one year, Fair Value | $ 104,113 | [1] | $ 15,877 | |
Available-for-sale Securities, debt maturities, after one year through five, Fair Value | [1] | 209,143 | ||
Available-for-sale Securities, debt maturities, after five year through ten years, fair value | 398,624 | [1] | 380,362 | |
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | 839,806 | [1] | 952,319 | |
Available-for-sale Securities, debt maturities, Fair Value | 1,551,686 | [1] | 1,636,041 | |
Held-to-maturity Securities, debt maturities, after five year through ten, Amortized Cost | 2,754,817 | 2,413,239 | ||
Held-to-maturity Securities, debt maturities, after ten years, Amortized Cost | 3,133,981 | 3,577,212 | ||
Held-to-maturity Securities, Amortized cost | [2] | 5,888,798 | 5,990,451 | |
U.S. Government Agency Securities [Member] | ||||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||||
Available-for-sale Securities, debt maturities, within one year, Fair Value | [1] | 0 | ||
Available-for-sale Securities, debt maturities, after one year through five, Fair Value | [1] | 2,219 | ||
Available-for-sale Securities, debt maturities, after five year through ten years, fair value | [1] | 0 | ||
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | [1] | 0 | ||
Available-for-sale Securities, debt maturities, Fair Value | 2,219 | [1] | 2,148 | |
State And Municipal Securities [Member] | ||||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||||
Available-for-sale Securities, debt maturities, within one year, Fair Value | [1] | 0 | ||
Available-for-sale Securities, debt maturities, after one year through five, Fair Value | [1] | 2,351 | ||
Available-for-sale Securities, debt maturities, after five year through ten years, fair value | [1] | 0 | ||
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | [1] | 0 | ||
Available-for-sale Securities, debt maturities, Fair Value | 2,351 | [1] | 2,351 | |
Corporate Fixed Income Securities [Member] | ||||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||||
Available-for-sale Securities, debt maturities, within one year, Fair Value | [1] | 104,113 | ||
Available-for-sale Securities, debt maturities, after one year through five, Fair Value | [1] | 204,287 | ||
Available-for-sale Securities, debt maturities, after five year through ten years, fair value | [1] | 247,761 | ||
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | [1] | 0 | ||
Available-for-sale Securities, debt maturities, Fair Value | 556,161 | [1] | 566,294 | |
Asset-Backed Securities [Member] | ||||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||||
Available-for-sale Securities, debt maturities, within one year, Fair Value | [1] | 0 | ||
Available-for-sale Securities, debt maturities, after one year through five, Fair Value | [1] | 0 | ||
Available-for-sale Securities, debt maturities, after five year through ten years, fair value | [1] | 58,029 | ||
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | [1] | 119,824 | ||
Available-for-sale Securities, debt maturities, Fair Value | 177,853 | [1] | 207,725 | |
Held-to-maturity Securities, debt maturities, after five year through ten, Amortized Cost | 2,754,817 | |||
Held-to-maturity Securities, debt maturities, after ten years, Amortized Cost | 3,133,981 | |||
Held-to-maturity Securities, Amortized cost | 5,888,798 | |||
Mortgage-Backed Securities [Member] | Agency Securities [Member] | ||||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||||
Available-for-sale Securities, debt maturities, within one year, Fair Value | [1] | 0 | ||
Available-for-sale Securities, debt maturities, after one year through five, Fair Value | [1] | 286 | ||
Available-for-sale Securities, debt maturities, after five year through ten years, fair value | [1] | 92,573 | ||
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | [1] | 653,311 | ||
Available-for-sale Securities, debt maturities, Fair Value | 746,170 | [1] | 791,022 | |
Mortgage-Backed Securities [Member] | Commercial [Member] | ||||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||||
Available-for-sale Securities, debt maturities, within one year, Fair Value | [1] | 0 | ||
Available-for-sale Securities, debt maturities, after one year through five, Fair Value | [1] | 0 | ||
Available-for-sale Securities, debt maturities, after five year through ten years, fair value | [1] | 0 | ||
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | [1] | 66,671 | ||
Available-for-sale Securities, debt maturities, Fair Value | 66,671 | [1] | 66,113 | |
Mortgage-Backed Securities [Member] | Non-Agency [Member] | ||||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||||
Available-for-sale Securities, debt maturities, within one year, Fair Value | [1] | 0 | ||
Available-for-sale Securities, debt maturities, after one year through five, Fair Value | [1] | 0 | ||
Available-for-sale Securities, debt maturities, after five year through ten years, fair value | [1] | 261 | ||
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | [1] | 0 | ||
Available-for-sale Securities, debt maturities, Fair Value | $ 261 | [1] | $ 388 | |
[1] Due to the immaterial amount of income recognized on tax-exempt securities, yields were not calculated on a tax-equivalent basis. Held-to-maturity securities are carried in the consolidated statements of financial condition at amortized cost, and the changes in the value of these securities, other than impairment charges, are not reported on the consolidated financial statements. |
Available-for-Sale and Held-t_7
Available-for-Sale and Held-to-Maturity Securities (Schedule of Gross Unrealized Losses and Estimated Fair Value by Length of Time) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |
Available-for-sale Securities, Gross unrealized losses, Less than 12 months | $ (1,872) |
Available-for-sale Securities, Estimated fair value, Less than 12 months | 101,651 |
Available-for-sale Securities, Gross unrealized losses, 12 months or more | (174,078) |
Available-for-sale Securities, Estimated fair value, 12 months or more | 1,447,240 |
Available-for-sale Securities, Gross unrealized losses, Total | (175,950) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 1,548,891 |
U.S. Government Agency Securities [Member] | |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |
Available-for-sale Securities, Gross unrealized losses, Less than 12 months | 0 |
Available-for-sale Securities, Estimated fair value, Less than 12 months | 0 |
Available-for-sale Securities, Gross unrealized losses, 12 months or more | (162) |
Available-for-sale Securities, Estimated fair value, 12 months or more | 1,775 |
Available-for-sale Securities, Gross unrealized losses, Total | (162) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 1,775 |
Corporate Fixed Income Securities [Member] | |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |
Available-for-sale Securities, Gross unrealized losses, Less than 12 months | (152) |
Available-for-sale Securities, Estimated fair value, Less than 12 months | 8,297 |
Available-for-sale Securities, Gross unrealized losses, 12 months or more | (58,818) |
Available-for-sale Securities, Estimated fair value, 12 months or more | 547,864 |
Available-for-sale Securities, Gross unrealized losses, Total | (58,970) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 556,161 |
Mortgage-Backed Securities [Member] | Agency Securities [Member] | |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |
Available-for-sale Securities, Gross unrealized losses, Less than 12 months | (382) |
Available-for-sale Securities, Estimated fair value, Less than 12 months | 24,584 |
Available-for-sale Securities, Gross unrealized losses, 12 months or more | (108,904) |
Available-for-sale Securities, Estimated fair value, 12 months or more | 721,586 |
Available-for-sale Securities, Gross unrealized losses, Total | (109,286) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 746,170 |
Mortgage-Backed Securities [Member] | Commercial [Member] | |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |
Available-for-sale Securities, Gross unrealized losses, Less than 12 months | 0 |
Available-for-sale Securities, Estimated fair value, Less than 12 months | 0 |
Available-for-sale Securities, Gross unrealized losses, 12 months or more | (3,655) |
Available-for-sale Securities, Estimated fair value, 12 months or more | 66,671 |
Available-for-sale Securities, Gross unrealized losses, Total | (3,655) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 66,671 |
Mortgage-Backed Securities [Member] | Non Agency Mortgage Backed Securities [Member] | |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |
Available-for-sale Securities, Gross unrealized losses, Less than 12 months | 0 |
Available-for-sale Securities, Estimated fair value, Less than 12 months | 0 |
Available-for-sale Securities, Gross unrealized losses, 12 months or more | (13) |
Available-for-sale Securities, Estimated fair value, 12 months or more | 261 |
Available-for-sale Securities, Gross unrealized losses, Total | (13) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 261 |
Asset-Backed Securities [Member] | |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |
Available-for-sale Securities, Gross unrealized losses, Less than 12 months | (1,338) |
Available-for-sale Securities, Estimated fair value, Less than 12 months | 68,770 |
Available-for-sale Securities, Gross unrealized losses, 12 months or more | (2,526) |
Available-for-sale Securities, Estimated fair value, 12 months or more | 109,083 |
Available-for-sale Securities, Gross unrealized losses, Total | (3,864) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | $ 177,853 |
Available-for-Sale and Held-t_8
Available-for-Sale and Held-to-Maturity Securities (Schedule of Amortized Cost of Held-to-Maturity Securities by Credit Quality Indicator) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule Of Held To Maturity Securities [Line Items] | |||
Held-to-maturity securities, at amortized cost | [1] | $ 5,888,798 | $ 5,990,451 |
Asset-Backed Securities [Member] | |||
Schedule Of Held To Maturity Securities [Line Items] | |||
Held-to-maturity securities, at amortized cost | 5,888,798 | ||
Asset-Backed Securities [Member] | AAA [Member] | |||
Schedule Of Held To Maturity Securities [Line Items] | |||
Held-to-maturity securities, at amortized cost | 1,145,186 | ||
Asset-Backed Securities [Member] | AA [Member] | |||
Schedule Of Held To Maturity Securities [Line Items] | |||
Held-to-maturity securities, at amortized cost | 4,737,237 | ||
Asset-Backed Securities [Member] | A [Member] | |||
Schedule Of Held To Maturity Securities [Line Items] | |||
Held-to-maturity securities, at amortized cost | 5,000 | ||
Asset-Backed Securities [Member] | C [Member] | |||
Schedule Of Held To Maturity Securities [Line Items] | |||
Held-to-maturity securities, at amortized cost | $ 1,375 | ||
[1] Held-to-maturity securities are carried in the consolidated statements of financial condition at amortized cost, and the changes in the value of these securities, other than impairment charges, are not reported on the consolidated financial statements. |
Bank Loans (Schedule Of Balance
Bank Loans (Schedule Of Balance And Associated Percentage Of Each Major Loan Category In Bank Loan Portfolio) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross bank loans | $ 19,441,467 | $ 20,602,558 | |
Loans in process | 1,108 | (3,526) | |
Unamortized loan fees, net | (8,478) | (22,287) | |
Allowance for loan losses | (128,292) | (111,653) | $ (99,344) |
Loans held for investment, net | $ 19,305,805 | $ 20,465,092 | |
Gross bank loans, Percent | 100% | 100% | |
Residential Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross bank loans | $ 8,047,647 | $ 7,371,671 | |
Allowance for loan losses | $ (13,855) | $ (20,441) | (28,560) |
Gross bank loans, Percent | 41.40% | 35.80% | |
Fund Banking [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross bank loans | $ 3,633,126 | $ 4,182,641 | |
Allowance for loan losses | $ (10,173) | $ (11,711) | (8,868) |
Gross bank loans, Percent | 18.70% | 20.30% | |
Commercial and Industrial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross bank loans | $ 3,566,987 | $ 4,897,176 | |
Allowance for loan losses | $ (67,077) | $ (54,143) | (44,661) |
Gross bank loans, Percent | 18.30% | 23.80% | |
Securities-Based Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross bank loans | $ 2,306,455 | $ 2,724,551 | |
Allowance for loan losses | $ (3,035) | $ (3,157) | (4,006) |
Gross bank loans, Percent | 11.90% | 13.20% | |
Construction And Land [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross bank loans | $ 1,034,370 | $ 593,191 | |
Allowance for loan losses | $ (11,817) | $ (8,568) | (8,536) |
Gross bank loans, Percent | 5.30% | 2.90% | |
Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross bank loans | $ 660,631 | $ 675,599 | |
Allowance for loan losses | $ (21,386) | $ (12,897) | (3,934) |
Gross bank loans, Percent | 3.40% | 3.30% | |
Home Equity Lines Of Credit [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross bank loans | $ 136,270 | $ 107,136 | |
Allowance for loan losses | $ (371) | $ (364) | (511) |
Gross bank loans, Percent | 0.70% | 0.50% | |
Other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross bank loans | $ 55,981 | $ 50,593 | |
Allowance for loan losses | $ (578) | $ (372) | $ (268) |
Gross bank loans, Percent | 0.30% | 0.20% |
Bank Loans (Narrative) (Details
Bank Loans (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans held for sale | $ 423,999 | $ 156,912 | |
Gains (losses) recognized from sale of loans | $ 29,800 | ||
Accrued interest receivable | 94,000 | 65,700 | |
Impaired loans more than 90 days past due | 45,500 | 10,300 | |
Troubled debt restructurings | 100 | 200 | |
Specific allowance | $ 5,000 | $ 6,500 | |
Collateralized loan portfolio | 97% | 97.50% | |
ASU 2016-13 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Loss Reserves Net | $ 25,000 | $ 33,500 | |
Allowance for credit losses | 25,600 | 16,500 | |
Uncollectible broker notes | 2,300 | ||
Residential Real Estate [Member] | Asset Pledged as Collateral [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans pledged as collateral | 7,400,000 | 7,000,000 | |
Other Income | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gains (losses) recognized from sale of loans | 1,200 | 7,800 | |
Residential Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans held for sale | 424,000 | 156,900 | |
Unfunded Commitment [Member] | ASU 2016-13 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Reserve For Unfunded Commitments For Credit Loss | 2,900 | 17,000 | |
Stifel Bancorp [Member] | Executive Officers and Directors of Certain Affiliated Entities [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans outstanding amount | $ 46,000 | $ 86,400 |
Bank Loans (Activity In The All
Bank Loans (Activity In The Allowance For Loan Losses By Portfolio Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning Balance | $ 111,653 | $ 99,344 |
Provision | 25,586 | 16,525 |
Charge-offs | (9,100) | (4,586) |
Recoveries | 153 | 370 |
Ending Balance | 128,292 | 111,653 |
Commercial and Industrial [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning Balance | 54,143 | 44,661 |
Provision | 21,881 | 13,662 |
Charge-offs | (9,100) | (4,550) |
Recoveries | 153 | 370 |
Ending Balance | 67,077 | 54,143 |
Commercial Real Estate [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning Balance | 12,897 | 3,934 |
Provision | 8,489 | 8,963 |
Ending Balance | 21,386 | 12,897 |
Residential Real Estate [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning Balance | 20,441 | 28,560 |
Provision | (6,586) | (8,119) |
Ending Balance | 13,855 | 20,441 |
Construction And Land [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning Balance | 8,568 | 8,536 |
Provision | 3,249 | 32 |
Ending Balance | 11,817 | 8,568 |
Fund Banking [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning Balance | 11,711 | 8,868 |
Provision | (1,538) | 2,843 |
Ending Balance | 10,173 | 11,711 |
Securities-Based Loans [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning Balance | 3,157 | 4,006 |
Provision | (122) | (813) |
Charge-offs | (36) | |
Ending Balance | 3,035 | 3,157 |
Home Equity Lines Of Credit [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning Balance | 364 | 511 |
Provision | 7 | (147) |
Recoveries | 0 | |
Ending Balance | 371 | 364 |
Other [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning Balance | 372 | 268 |
Provision | 206 | 104 |
Charge-offs | 0 | |
Recoveries | 0 | |
Ending Balance | $ 578 | $ 372 |
Bank Loans (Aging Of The Record
Bank Loans (Aging Of The Recorded Investment In Past Due Loans) (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | $ 22,043,000 | $ 12,612,000 | |||
Total | 19,441,467,000 | 20,602,558,000 | |||
Non-accrual | 42,221,000 | [1] | 10,102,000 | [2] | |
Restructured | 145,000 | [1] | 150,000 | [2] | |
Nonperforming loans with no allowance | 3,090,000 | [1] | 0 | [2] | |
Total | 45,456,000 | [1] | 10,252,000 | [2] | |
Loans past due 90 days and still accruing interest | 0 | 0 | |||
30 - 89 Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 15,927,000 | 2,510,000 | |||
90 or More Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 6,116,000 | 10,102,000 | |||
Current Balance [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 19,419,424,000 | 20,589,946,000 | |||
Residential Real Estate [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 19,257,000 | 3,133,000 | |||
Total | 8,047,647,000 | 7,371,671,000 | |||
Non-accrual | 2,945,000 | [1] | 870,000 | [2] | |
Restructured | 145,000 | [1] | 150,000 | [2] | |
Nonperforming loans with no allowance | 1,000,000 | [1] | 0 | [2] | |
Total | 4,090,000 | [1] | 1,020,000 | [2] | |
Residential Real Estate [Member] | 30 - 89 Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 15,312,000 | 2,445,000 | |||
Residential Real Estate [Member] | 90 or More Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 3,945,000 | 688,000 | |||
Residential Real Estate [Member] | Current Balance [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 8,028,390,000 | 7,368,538,000 | |||
Fund Banking [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total | 3,633,126,000 | 4,182,641,000 | |||
Fund Banking [Member] | Current Balance [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 3,633,126,000 | 4,182,641,000 | |||
Commercial and Industrial [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 2,022,000 | 9,226,000 | |||
Total | 3,566,987,000 | 4,897,176,000 | |||
Non-accrual | [2] | 9,226,000 | |||
Nonperforming loans with no allowance | [1] | 2,022,000 | |||
Total | 2,022,000 | [1] | 9,226,000 | [2] | |
Commercial and Industrial [Member] | 30 - 89 Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 0 | ||||
Commercial and Industrial [Member] | 90 or More Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 2,022,000 | 9,226,000 | |||
Commercial and Industrial [Member] | Current Balance [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 3,564,965,000 | 4,887,950,000 | |||
Securities-Based Loans [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 3,000 | ||||
Total | 2,306,455,000 | 2,724,551,000 | |||
Nonperforming loans with no allowance | [1] | 3,000 | |||
Total | [1] | 3,000 | |||
Securities-Based Loans [Member] | 90 or More Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 3,000 | ||||
Securities-Based Loans [Member] | Current Balance [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 2,306,452,000 | 2,724,551,000 | |||
Construction And Land [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total | 1,034,370,000 | 593,191,000 | |||
Construction And Land [Member] | Current Balance [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 1,034,370,000 | 593,191,000 | |||
Commercial Real Estate [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 0 | ||||
Total | 660,631,000 | 675,599,000 | |||
Non-accrual | [1] | 39,195,000 | |||
Total | [1] | 39,195,000 | |||
Commercial Real Estate [Member] | 90 or More Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 0 | ||||
Commercial Real Estate [Member] | Current Balance [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 660,631,000 | 675,599,000 | |||
Home Equity Lines Of Credit [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 657,000 | 211,000 | |||
Total | 136,270,000 | 107,136,000 | |||
Non-accrual | [1] | 22,000 | |||
Nonperforming loans with no allowance | [1] | 65,000 | |||
Total | [1] | 87,000 | |||
Home Equity Lines Of Credit [Member] | 30 - 89 Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 570,000 | 29,000 | |||
Home Equity Lines Of Credit [Member] | 90 or More Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 87,000 | 182,000 | |||
Home Equity Lines Of Credit [Member] | Current Balance [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 135,613,000 | 106,925,000 | |||
Other [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 104,000 | 42,000 | |||
Total | 55,981,000 | 50,593,000 | |||
Non-accrual | 59,000 | [1] | 6,000 | [2] | |
Nonperforming loans with no allowance | [2] | 0 | |||
Total | 59,000 | [1] | 6,000 | [2] | |
Other [Member] | 30 - 89 Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 45,000 | 36,000 | |||
Other [Member] | 90 or More Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 59,000 | 6,000 | |||
Other [Member] | Current Balance [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | $ 55,877,000 | $ 50,551,000 | |||
[1] There were no loans past due 90 days and still accruing interest at December 31, 2023. There were no loans past due 90 days and still accruing interest at December 31, 2022. |
Bank Loans (Risk Category Of Lo
Bank Loans (Risk Category Of Loan Portfolio) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | $ 19,441,467 | $ 20,602,558 |
Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 18,943,697 | 20,427,527 |
Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 211,686 | 108,027 |
Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 284,000 | 56,899 |
Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 2,084 | 10,105 |
Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 3,566,987 | 4,897,176 |
Commercial and Industrial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 3,294,891 | 4,743,290 |
Commercial and Industrial [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 89,302 | 87,761 |
Commercial and Industrial [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 180,772 | 56,899 |
Commercial and Industrial [Member] | Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 2,022 | 9,226 |
Fund Banking [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 3,633,126 | 4,182,641 |
Fund Banking [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 3,633,126 | 4,182,641 |
Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 8,047,647 | 7,371,671 |
Residential Real Estate [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 8,042,246 | 7,370,717 |
Residential Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 1,456 | 266 |
Residential Real Estate [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 3,945 | 0 |
Residential Real Estate [Member] | Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 688 | |
Securities-Based Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 2,306,455 | 2,724,551 |
Securities-Based Loans [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 2,306,452 | 2,724,548 |
Securities-Based Loans [Member] | Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 3 | 3 |
Construction And Land [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 1,034,370 | 593,191 |
Construction And Land [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 963,083 | 593,191 |
Construction And Land [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 71,287 | 0 |
Construction And Land [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 0 | |
Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 660,631 | 675,599 |
Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 512,171 | 655,599 |
Commercial Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 49,264 | 20,000 |
Commercial Real Estate [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 99,196 | |
Commercial Real Estate [Member] | Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 0 | |
Home Equity Lines Of Credit [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 136,270 | 107,136 |
Home Equity Lines Of Credit [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 135,806 | 106,954 |
Home Equity Lines Of Credit [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 377 | 0 |
Home Equity Lines Of Credit [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 87 | |
Home Equity Lines Of Credit [Member] | Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 182 | |
Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 55,981 | 50,593 |
Other [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 55,922 | 50,587 |
Other [Member] | Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | $ 59 | $ 6 |
Bank Loans (Schedule of Term Lo
Bank Loans (Schedule of Term Loans Amortized Cost Basis by Origination Year and Revolving Cost Amortized Cost Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | $ 19,441,467 | $ 20,602,558 |
Residential Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 8,047,647 | 7,371,671 |
Residential Real Estate [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty Three [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 1,216,823 | |
Residential Real Estate [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty Two [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 2,642,057 | |
Residential Real Estate [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty One [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 2,313,511 | |
Residential Real Estate [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 916,443 | |
Residential Real Estate [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Nineteen [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 414,142 | |
Residential Real Estate [Member] | Prior [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 544,671 | |
Residential Real Estate [Member] | Revolving Loans Amortized Cost Basis [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 0 | |
Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 3,566,987 | 4,897,176 |
Commercial and Industrial [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty Three [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 640,222 | |
Commercial and Industrial [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty Two [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 1,049,865 | |
Commercial and Industrial [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty One [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 840,554 | |
Commercial and Industrial [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 143,398 | |
Commercial and Industrial [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Nineteen [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 143,615 | |
Commercial and Industrial [Member] | Prior [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 80,875 | |
Commercial and Industrial [Member] | Revolving Loans Amortized Cost Basis [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 668,458 | |
Fund Banking [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 3,633,126 | 4,182,641 |
Fund Banking [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty Three [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 14,817 | |
Fund Banking [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty Two [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 55,338 | |
Fund Banking [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty One [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 0 | |
Fund Banking [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 534 | |
Fund Banking [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Nineteen [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 0 | |
Fund Banking [Member] | Prior [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 0 | |
Fund Banking [Member] | Revolving Loans Amortized Cost Basis [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 3,562,437 | |
Securities-Based Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 2,306,455 | 2,724,551 |
Securities-Based Loans [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty Three [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 15,347 | |
Securities-Based Loans [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty Two [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 23,511 | |
Securities-Based Loans [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty One [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 2,123 | |
Securities-Based Loans [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 47,394 | |
Securities-Based Loans [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Nineteen [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 27,278 | |
Securities-Based Loans [Member] | Prior [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 9,294 | |
Securities-Based Loans [Member] | Revolving Loans Amortized Cost Basis [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 2,181,508 | |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 660,631 | 675,599 |
Commercial Real Estate [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty Three [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 31,542 | |
Commercial Real Estate [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty Two [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 407,189 | |
Commercial Real Estate [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty One [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 103,576 | |
Commercial Real Estate [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 30,925 | |
Commercial Real Estate [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Nineteen [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 20,663 | |
Commercial Real Estate [Member] | Prior [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 66,736 | |
Commercial Real Estate [Member] | Revolving Loans Amortized Cost Basis [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 0 | |
Construction And Land [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 1,034,370 | 593,191 |
Construction And Land [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty Three [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 73,332 | |
Construction And Land [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty Two [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 488,202 | |
Construction And Land [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty One [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 210,183 | |
Construction And Land [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 178,054 | |
Construction And Land [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Nineteen [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 84,599 | |
Construction And Land [Member] | Prior [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 0 | |
Construction And Land [Member] | Revolving Loans Amortized Cost Basis [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 0 | |
Home Equity Lines Of Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 136,270 | 107,136 |
Home Equity Lines Of Credit [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty Three [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 0 | |
Home Equity Lines Of Credit [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty Two [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 0 | |
Home Equity Lines Of Credit [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty One [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 0 | |
Home Equity Lines Of Credit [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 0 | |
Home Equity Lines Of Credit [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Nineteen [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 0 | |
Home Equity Lines Of Credit [Member] | Prior [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 0 | |
Home Equity Lines Of Credit [Member] | Revolving Loans Amortized Cost Basis [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 136,270 | |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 55,981 | 50,593 |
Other [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty Three [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 8,410 | |
Other [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty Two [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 9,991 | |
Other [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty One [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 0 | |
Other [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 10,000 | |
Other [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Nineteen [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 0 | |
Other [Member] | Prior [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 20,097 | |
Other [Member] | Revolving Loans Amortized Cost Basis [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 7,483 | |
Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 18,943,697 | 20,427,527 |
Pass [Member] | Residential Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 8,042,246 | 7,370,717 |
Pass [Member] | Residential Real Estate [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty Three [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 1,216,823 | |
Pass [Member] | Residential Real Estate [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty Two [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 2,638,262 | |
Pass [Member] | Residential Real Estate [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty One [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 2,313,511 | |
Pass [Member] | Residential Real Estate [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 916,443 | |
Pass [Member] | Residential Real Estate [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Nineteen [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 414,142 | |
Pass [Member] | Residential Real Estate [Member] | Prior [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 543,065 | |
Pass [Member] | Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 3,294,891 | 4,743,290 |
Pass [Member] | Commercial and Industrial [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty Three [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 633,616 | |
Pass [Member] | Commercial and Industrial [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty Two [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 979,509 | |
Pass [Member] | Commercial and Industrial [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty One [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 758,901 | |
Pass [Member] | Commercial and Industrial [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 124,717 | |
Pass [Member] | Commercial and Industrial [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Nineteen [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 139,886 | |
Pass [Member] | Commercial and Industrial [Member] | Prior [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 79,285 | |
Pass [Member] | Commercial and Industrial [Member] | Revolving Loans Amortized Cost Basis [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 578,977 | |
Pass [Member] | Fund Banking [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 3,633,126 | 4,182,641 |
Pass [Member] | Fund Banking [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty Three [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 14,817 | |
Pass [Member] | Fund Banking [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty Two [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 55,338 | |
Pass [Member] | Fund Banking [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 534 | |
Pass [Member] | Fund Banking [Member] | Revolving Loans Amortized Cost Basis [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 3,562,437 | |
Pass [Member] | Securities-Based Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 2,306,452 | 2,724,548 |
Pass [Member] | Securities-Based Loans [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty Three [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 15,347 | |
Pass [Member] | Securities-Based Loans [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty Two [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 23,511 | |
Pass [Member] | Securities-Based Loans [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty One [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 2,123 | |
Pass [Member] | Securities-Based Loans [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 47,394 | |
Pass [Member] | Securities-Based Loans [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Nineteen [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 27,278 | |
Pass [Member] | Securities-Based Loans [Member] | Prior [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 9,294 | |
Pass [Member] | Securities-Based Loans [Member] | Revolving Loans Amortized Cost Basis [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 2,181,505 | |
Pass [Member] | Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 512,171 | 655,599 |
Pass [Member] | Commercial Real Estate [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty Three [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 31,542 | |
Pass [Member] | Commercial Real Estate [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty Two [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 315,818 | |
Pass [Member] | Commercial Real Estate [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty One [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 64,380 | |
Pass [Member] | Commercial Real Estate [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 30,925 | |
Pass [Member] | Commercial Real Estate [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Nineteen [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 2,770 | |
Pass [Member] | Commercial Real Estate [Member] | Prior [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 66,736 | |
Pass [Member] | Construction And Land [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 963,083 | 593,191 |
Pass [Member] | Construction And Land [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty Three [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 73,332 | |
Pass [Member] | Construction And Land [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty Two [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 488,202 | |
Pass [Member] | Construction And Land [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty One [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 210,183 | |
Pass [Member] | Construction And Land [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 178,054 | |
Pass [Member] | Construction And Land [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Nineteen [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 13,312 | |
Pass [Member] | Home Equity Lines Of Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 135,806 | 106,954 |
Pass [Member] | Home Equity Lines Of Credit [Member] | Revolving Loans Amortized Cost Basis [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 135,806 | |
Pass [Member] | Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 55,922 | 50,587 |
Pass [Member] | Other [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty Three [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 8,410 | |
Pass [Member] | Other [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty Two [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 9,991 | |
Pass [Member] | Other [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 10,000 | |
Pass [Member] | Other [Member] | Prior [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 20,097 | |
Pass [Member] | Other [Member] | Revolving Loans Amortized Cost Basis [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 7,424 | |
Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 211,686 | 108,027 |
Special Mention [Member] | Residential Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 1,456 | 266 |
Special Mention [Member] | Residential Real Estate [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty Two [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 1,192 | |
Special Mention [Member] | Residential Real Estate [Member] | Prior [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 264 | |
Special Mention [Member] | Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 89,302 | 87,761 |
Special Mention [Member] | Commercial and Industrial [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty Three [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 6,606 | |
Special Mention [Member] | Commercial and Industrial [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty Two [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 33,914 | |
Special Mention [Member] | Commercial and Industrial [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 18,249 | |
Special Mention [Member] | Commercial and Industrial [Member] | Revolving Loans Amortized Cost Basis [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 30,533 | |
Special Mention [Member] | Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 49,264 | 20,000 |
Special Mention [Member] | Commercial Real Estate [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty Two [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 31,371 | |
Special Mention [Member] | Commercial Real Estate [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Nineteen [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 17,893 | |
Special Mention [Member] | Construction And Land [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 71,287 | 0 |
Special Mention [Member] | Construction And Land [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Nineteen [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 71,287 | |
Special Mention [Member] | Home Equity Lines Of Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 377 | 0 |
Special Mention [Member] | Home Equity Lines Of Credit [Member] | Revolving Loans Amortized Cost Basis [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 377 | |
Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 284,000 | 56,899 |
Substandard [Member] | Residential Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 3,945 | 0 |
Substandard [Member] | Residential Real Estate [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 2,603 | |
Substandard [Member] | Residential Real Estate [Member] | Prior [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 1,342 | |
Substandard [Member] | Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 180,772 | 56,899 |
Substandard [Member] | Commercial and Industrial [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty Two [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 36,442 | |
Substandard [Member] | Commercial and Industrial [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty One [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 81,653 | |
Substandard [Member] | Commercial and Industrial [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Nineteen [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 3,729 | |
Substandard [Member] | Commercial and Industrial [Member] | Revolving Loans Amortized Cost Basis [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 58,948 | |
Substandard [Member] | Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 99,196 | |
Substandard [Member] | Commercial Real Estate [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty Two [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 60,000 | |
Substandard [Member] | Commercial Real Estate [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty One [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 39,196 | |
Substandard [Member] | Construction And Land [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 0 | |
Substandard [Member] | Home Equity Lines Of Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 87 | |
Substandard [Member] | Home Equity Lines Of Credit [Member] | Revolving Loans Amortized Cost Basis [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 87 | |
Doubtful [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 2,084 | 10,105 |
Doubtful [Member] | Residential Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 688 | |
Doubtful [Member] | Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 2,022 | 9,226 |
Doubtful [Member] | Commercial and Industrial [Member] | Term Loans Amortized Cost Basis By Origination Year Two Thousand Twenty [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 432 | |
Doubtful [Member] | Commercial and Industrial [Member] | Prior [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 1,590 | |
Doubtful [Member] | Securities-Based Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 3 | 3 |
Doubtful [Member] | Securities-Based Loans [Member] | Revolving Loans Amortized Cost Basis [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 3 | |
Doubtful [Member] | Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 0 | |
Doubtful [Member] | Home Equity Lines Of Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 182 | |
Doubtful [Member] | Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 59 | $ 6 |
Doubtful [Member] | Other [Member] | Revolving Loans Amortized Cost Basis [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | $ 59 |
Fixed Assets (Summary Of Fixed
Fixed Assets (Summary Of Fixed Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Abstract] | ||
Office equipment | $ 356,707 | $ 341,641 |
Leasehold improvements | 141,585 | 129,279 |
Internally developed software | 85,993 | 67,250 |
Building | 80,771 | 73,549 |
Aircraft engine operating leases | 2,370 | 8,612 |
Fixed assets, gross | 667,426 | 620,331 |
Accumulated depreciation and amortization | (475,898) | (420,288) |
Fixed assets, net | $ 191,528 | $ 200,043 |
Fixed Assets (Narrative) (Detai
Fixed Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization | $ 60,533 | $ 50,615 | $ 45,574 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Carrying Amount Of Goodwill And Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Goodwill and Intangible Assets [Line Items] | |||
Goodwill, Beginning balance | $ 1,326,548 | ||
Goodwill, Adjustments | 61,695 | ||
Goodwill, Ending balance | 1,388,243 | $ 1,326,548 | |
Intangible assets, Beginning balance | 130,589 | ||
Intangible assets, Adjustments | 23,619 | ||
Intangible assets, Amortization | (20,929) | (19,595) | $ (18,188) |
Intangible assets, Ending balance | 133,279 | 130,589 | |
Global Wealth Management [Member] | |||
Schedule of Goodwill and Intangible Assets [Line Items] | |||
Goodwill, Beginning balance | 335,009 | ||
Goodwill, Adjustments | 0 | ||
Goodwill, Ending balance | 335,009 | 335,009 | |
Intangible assets, Beginning balance | 33,499 | ||
Intangible assets, Adjustments | 0 | ||
Intangible assets, Amortization | (4,812) | ||
Intangible assets, Ending balance | 28,687 | 33,499 | |
Institutional Group [Member] | |||
Schedule of Goodwill and Intangible Assets [Line Items] | |||
Goodwill, Beginning balance | 991,539 | ||
Goodwill, Adjustments | 61,695 | ||
Goodwill, Ending balance | 1,053,234 | 991,539 | |
Intangible assets, Beginning balance | 97,090 | ||
Intangible assets, Adjustments | 23,619 | ||
Intangible assets, Amortization | (16,117) | ||
Intangible assets, Ending balance | $ 104,592 | $ 97,090 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Goodwill and Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 20,929 | $ 19,595 | $ 18,188 |
Customer Relationships [Member] | |||
Schedule of Goodwill and Intangible Assets [Line Items] | |||
Weighted-average remaining lives of intangible assets | 9 years 7 months 6 days | ||
Trade Names [Member] | |||
Schedule of Goodwill and Intangible Assets [Line Items] | |||
Weighted-average remaining lives of intangible assets | 7 years 1 month 6 days | ||
Non-Compete Agreements [Member] | |||
Schedule of Goodwill and Intangible Assets [Line Items] | |||
Weighted-average remaining lives of intangible assets | 4 years 4 months 24 days | ||
Acquired Technology [Member] | |||
Schedule of Goodwill and Intangible Assets [Line Items] | |||
Weighted-average remaining lives of intangible assets | 2 years 7 months 6 days | ||
Core Deposits [Member] | |||
Schedule of Goodwill and Intangible Assets [Line Items] | |||
Weighted-average remaining lives of intangible assets | 1 year 2 months 12 days | ||
Investment Banking Backlog [Member] | |||
Schedule of Goodwill and Intangible Assets [Line Items] | |||
Weighted-average remaining lives of intangible assets | 4 years 8 months 12 days |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 304,387 | $ 280,430 |
Accumulated Amortization | 171,108 | 149,841 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 227,486 | 225,631 |
Accumulated Amortization | 122,971 | 109,216 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 30,359 | 30,359 |
Accumulated Amortization | 22,366 | 20,861 |
Acquired Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 18,314 | 840 |
Accumulated Amortization | 3,447 | 840 |
Non-Compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 10,700 | 9,440 |
Accumulated Amortization | 8,421 | 7,158 |
Investment Banking Backlog [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 8,913 | 5,545 |
Accumulated Amortization | 5,758 | 4,377 |
Core Deposits [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 8,615 | 8,615 |
Accumulated Amortization | $ 8,145 | $ 7,389 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets (Amortization Expense In Future Periods) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 | $ 22,917 |
2025 | 20,952 |
2026 | 16,885 |
2027 | 13,188 |
2028 | 12,230 |
Thereafter | 44,989 |
Future Amortization Expense Total | $ 131,161 |
Borrowings and Federal Home L_2
Borrowings and Federal Home Loan Bank Advances (Narrative) (Details) | 12 Months Ended | |
Sep. 27, 2023 USD ($) | Dec. 31, 2023 USD ($) Item | |
Short-term Debt [Line Items] | ||
Uncommitted secured lines of credit | $ 880,000,000 | |
Number of banks | Item | 4 | |
Daily borrowings under our uncommitted secured lines | $ 240,000,000 | |
Compensating balances | 0 | |
Federal Home Loan Bank advances | 0 | |
Credit Agreement [Member] | ||
Short-term Debt [Line Items] | ||
Credit agreement maturity date | Sep. 27, 2028 | |
Termination of committed revolving credit facility | $ 500,000,000 | |
Committed revolving credit facility with bank and broker dealer - subsidiary | $ 750,000,000 | |
Outstanding credit facility | 0 | |
Company Owned Securities [Member] | ||
Short-term Debt [Line Items] | ||
Uncommitted secured lines of credit | $ 0 | |
Federal Home Loan Bank advances [Member] | ||
Short-term Debt [Line Items] | ||
Weighted average interest rate on borrowings | 4.99% |
Senior Notes (Summary of Senior
Senior Notes (Summary of Senior Notes) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | May 31, 2020 | Oct. 31, 2017 | Jul. 31, 2014 | |
Debt Instrument [Line Items] | ||||||
Long-term Debt, gross | $ 1,125,000 | $ 1,125,000 | ||||
Debt issuance costs, net | (9,371) | (10,446) | ||||
Senior notes, net | 1,115,629 | 1,114,554 | ||||
Senior notes 4.25% due 2024 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, gross | [1] | 500,000 | 500,000 | |||
Senior notes, net | $ 300,000 | |||||
Senior notes 4.00% due 2030 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, gross | [2] | 400,000 | 400,000 | |||
Senior notes, net | $ 400,000 | |||||
Senior notes 5.20% due 2047 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, gross | [3] | $ 225,000 | $ 225,000 | |||
Senior notes, net | $ 200,000 | |||||
[1] In July 2014, we sold in a registered underwritten public offering, $ 300.0 million in aggregate principal amount of 4.25 % senior notes due July 2024 . Interest on these senior notes is payable semi-annually in arrears. We may redeem the notes in whole or in part, at our option, at a redemption price equal to 100 % of their principal amount, plus a “make-whole” premium and accrued and unpaid interest, if any, to the date of redemption. In July 2016, we issued an additional $ 200.0 million in aggregate principal amount of 4.25% senior notes due 2024. In May 2020, we sold in a registered underwritten public offering, $ 400.0 million in aggregate principal amount of 4.00 % senior notes due May 2030 . Interest on these senior notes is payable semi-annually in arrears. We may redeem the notes in whole or in part, at our option, at a redemption price equal to the greater of a) 100 % of their principal amount, or b) discounted present value at Treasury rate plus 50 basis points prior to February 15, 2030, and on or after February 15, 2030, at 100 % of their principal amount, and accrued and unpaid interest, if any, to the date of redemption. In October 2017, we completed the pricing of a registered underwritten public offering of $ 200.0 million in aggregate principal amount of 5.20 % senior notes due October 2047 . Interest on the senior notes is payable quarterly in arrears. We may redeem some or all of the senior notes at any time at a redemption price equal to 100 % of the principal amount of the notes being redeemed plus accrued interest thereon to the redemption date. On October 27, 2017, we completed the sale of an additional $ 25.0 million aggregate principal amount of Notes pursuant to the over-allotment option. |
Senior Notes (Summary of Seni_2
Senior Notes (Summary of Senior Notes) (Parenthetical) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Feb. 15, 2030 | Oct. 27, 2017 | Jul. 31, 2016 | Dec. 31, 2023 | Dec. 31, 2022 | May 31, 2020 | Oct. 31, 2017 | Jul. 31, 2014 | |
Debt Instrument [Line Items] | ||||||||
Long-term Debt | $ 1,115,629 | $ 1,114,554 | ||||||
Senior notes 4.25% due 2024 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | 4.25% | ||||||
Long-term Debt | $ 300,000 | |||||||
Debt instrument, maturity date | Jul. 31, 2024 | |||||||
Redemption price, percentage of principal amount | 100% | |||||||
Additional issuance of long-term debt | $ 200,000 | |||||||
Senior notes 4.00% due 2030 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4% | 4% | ||||||
Long-term Debt | $ 400,000 | |||||||
Debt instrument, maturity date | May 31, 2030 | |||||||
Senior notes 4.00% due 2030 [Member] | After February 15, 2030 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Redemption price, percentage of principal amount | 100% | |||||||
Senior notes 4.00% due 2030 [Member] | Measurement Input, Discount Rate [Member] | Prior to February 15, 2030 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Redemption at treasury rate basis point | 0.50% | |||||||
Senior notes 4.00% due 2030 [Member] | Forecast | ||||||||
Debt Instrument [Line Items] | ||||||||
Redemption price, percentage of principal amount | 100% | |||||||
Senior notes 5.20% due 2047 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.20% | 5.20% | ||||||
Long-term Debt | $ 200,000 | |||||||
Debt instrument, maturity date | Oct. 31, 2047 | |||||||
Redemption price, percentage of principal amount | 100% | |||||||
Additional issuance of long-term debt | $ 25,000 |
Senior Notes (Schedule Of Corpo
Senior Notes (Schedule Of Corporate Debt Principal Maturities) (Details) - Non Recourse Debt [Member] $ in Thousands | Dec. 31, 2023 USD ($) |
Debt Instrument [Line Items] | |
2024 | $ 500,000 |
Thereafter | 625,000 |
Long-term Debt, Total | $ 1,125,000 |
Bank Deposits (Schedule of Depo
Bank Deposits (Schedule of Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deposits Liabilities, Balance Sheet, Reported Amounts [Abstract] | ||
Demand deposits (interest-bearing) | $ 27,111,072 | $ 26,805,073 |
Demand deposits (non-interest-bearing) | 223,505 | 305,138 |
Certificates of deposit | 2 | 6,900 |
Bank deposits | $ 27,334,579 | $ 27,117,111 |
Bank Deposits (Narrative) (Deta
Bank Deposits (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Bank Deposits [Line Items] | ||
Weighted average interest rate on deposits | 2.66% | 0.58% |
Brokerage Customers Deposits [Member] | ||
Bank Deposits [Line Items] | ||
Deposits of related parties | $ 24,100 | $ 25,300 |
Stifel Nicolaus [Member] | ||
Bank Deposits [Line Items] | ||
Interest bearing and time deposits of executive officers, directors, and affiliates | $ 9 | $ 9.8 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Schedule of Fair Values of Derivative Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | ||
Derivative [Line Items] | ||||
Derivative Assets | $ 118,668 | [1] | $ 142,042 | [2] |
Notional value | 1,994,919 | 1,395,135 | ||
Interest Rate Contracts [Member] | ||||
Derivative [Line Items] | ||||
Derivative Assets | $ 118,668 | $ 142,042 | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets | ||
Derivative Liabilities | $ 118,651 | $ 142,028 | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities | ||
Notional value | $ 1,994,919 | $ 1,395,135 | ||
[1] Included in other assets in the consolidated statements of financial condition. Included in other assets in the consolidated statements of financial condition. |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities (Schedule of Maturities of Derivative Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Within one year | $ 59,925 | |
One to three years | 694,176 | |
Three to five years | 383,215 | |
Five to ten years | 747,395 | |
Ten to fifteen years | 91,136 | |
Fifteen years and thereafter | 19,072 | |
Total | $ 1,994,919 | $ 1,395,135 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities (Schedule of Distribution of Customer Interest Rate Derivative) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Derivative, notional amount | $ 1,994,919 | $ 1,395,135 |
Swap [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount | 1,824,919 | 1,375,135 |
Written options [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount | $ 170,000 | $ 20,000 |
Debentures To Stifel Financia_3
Debentures To Stifel Financial Capital Trusts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2023 | Dec. 31, 2016 | Dec. 31, 2022 | Jun. 28, 2008 | Mar. 30, 2007 | Aug. 12, 2005 | |||
Debt Instrument [Line Items] | ||||||||
Debenture to Stifel Financial Capital Trust | $ 60,000 | $ 60,000 | ||||||
Stifel Financial Capital Trust II [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debenture to Stifel Financial Capital Trust | $ 20,000 | [1] | 20,000 | [1] | $ 35,000 | |||
Stated interest rate | 6.38% | |||||||
Maturity date | Sep. 30, 2035 | |||||||
Interest rate terms, spread over reference rate | 1.70% | |||||||
Reference rate | three-month LIBOR, or an appropriate alternative reference rate at the time that LIBOR ceases to be published, plus 1.70% per annum | |||||||
Extinguishment of debentures | $ 15,000 | |||||||
Stifel Financial Capital Trust III [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debenture to Stifel Financial Capital Trust | $ 35,000 | [2] | 35,000 | [2] | $ 35,000 | |||
Stated interest rate | 6.79% | |||||||
Maturity date | Jun. 06, 2037 | |||||||
Interest rate terms, spread over reference rate | 1.85% | |||||||
Reference rate | three-month LIBOR, or an appropriate alternative reference rate at the time that LIBOR ceases to be published, plus 1.85% per annum | |||||||
Stifel Financial Capital Trust IV [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debenture to Stifel Financial Capital Trust | $ 5,000 | [3] | $ 5,000 | [3] | $ 35,000 | |||
Stated interest rate | 6.78% | |||||||
Maturity date | Sep. 06, 2037 | |||||||
Interest rate terms, spread over reference rate | 1.85% | |||||||
Reference rate | three-month LIBOR, or an appropriate alternative reference rate at the time that LIBOR ceases to be published, plus 1.85% per annum | |||||||
[1] On August 12, 2005, we completed a private placement of $ 35.0 million of 6.38 % Cumulative Trust Preferred Securities. The trust preferred securities were offered by Stifel Financial Capital Trust II (the “Trust II”), a non-consolidated wholly owned subsidiary of our company. The trust preferred securities mature on September 30, 2035 , but may be redeemed early by our company, and in turn, the Trust II would call the debenture. The Trust II requires quarterly distributions of interest to the holders of the trust preferred securities. Distributions are payable at a floating interest rate equal to three-month LIBOR, or an appropriate alternative reference rate at the time that LIBOR ceases to be published, plus 1.70 % per annum . During 2016, we extinguished $ 15.0 million of the Trust II debentures. On March 30, 2007, we completed a private placement of $ 35.0 million of 6.79 % Cumulative Trust Preferred Securities. The trust preferred securities were offered by Stifel Financial Capital Trust III (the “Trust III”), a non-consolidated wholly owned subsidiary of our company. The trust preferred securities mature on June 6, 2037 , but may be redeemed early by our company, and in turn, Trust III would call the debenture. Trust III requires quarterly distributions of interest to the holders of the trust preferred securities. Distributions are payable at a floating interest rate equal to three-month LIBOR, or an appropriate alternative reference rate at the time that LIBOR ceases to be published, plus 1.85 % per annum . On June 28, 2007, we completed a private placement of $ 35.0 million of 6.78 % Cumulative Trust Preferred Securities. The trust preferred securities were offered by Stifel Financial Capital Trust IV (the “Trust IV”), a non-consolidated wholly owned subsidiary of our company. The trust preferred securities mature on September 6, 2037 , but may be redeemed early by our company, and in turn, Trust IV would call the debenture. Trust IV requires quarterly distributions of interest to the holders of the trust preferred securities. Distributions are payable at a floating interest rate equal to three-month LIBOR, or an appropriate alternative reference rate at the time that LIBOR ceases to be published, plus 1.85 % per annum . |
Disclosures About Offsetting _3
Disclosures About Offsetting Assets and Liabilities - Financial Assets and Derivative Assets that are Subject to Offset (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Offsetting Assets [Line Items] | ||
Gross amounts of recognized assets, Securities borrowing | $ 215,368 | $ 219,052 |
Net amounts presented in the Statement of Financial Condition, Securities borrowing | 215,368 | 219,052 |
Gross amounts not offset in the Statement of Financial Position, Financial instruments, Securities borrowing | (23,691) | (46,647) |
Gross amounts not offset in the Statement of Financial Position, Collateral received, Securities borrowing | (184,689) | (160,139) |
Securities borrowed, Net amount | 6,988 | 12,266 |
Gross amounts of recognized assets, Reverse repurchase agreements | 349,849 | 348,162 |
Net amounts presented in the Statement of Financial Condition, Securities purchased under agreements to resell | 349,849 | 348,162 |
Gross amounts not offset in the Statement of Financial Position, Financial instruments, Securities purchased under agreements to resell | (23,441) | (12,028) |
Gross amounts not offset in the Statement of Financial Position, Collateral received, Securities purchased under agreements to resell | (325,627) | (334,537) |
Securities purchased under agreements to resell, Net amount | 781 | 1,597 |
Gross amounts of recognized assets | 683,885 | 709,256 |
Net amounts presented in the Statements of Financial Condition | 683,885 | 709,256 |
Gross amounts not offset in the Statement of Financial Position | (61,688) | (60,634) |
Gross amounts not offset in the Statement of Financial Position, Collateral received | (592,923) | (550,244) |
Net amount | 29,274 | 98,378 |
Interest Rate Contracts [Member] | ||
Offsetting Assets [Line Items] | ||
Gross amounts of recognized assets | 118,668 | 142,042 |
Net amounts presented in the Statements of Financial Condition | 118,668 | 142,042 |
Gross amounts not offset in the Statement of Financial Position | (14,556) | (1,959) |
Gross amounts not offset in the Statement of Financial Position, Collateral received | (82,607) | (55,568) |
Offsetting assets interest rate contracts net | $ 21,505 | $ 84,515 |
Disclosures About Offsetting _4
Disclosures About Offsetting Assets and Liabilities - Financial Assets and Derivative Assets that are Subject to Offset (Details) (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Offsetting Assets [Line Items] | ||
Fair value of securities received as collateral | $ 325,627 | $ 334,537 |
Fair Value Of Securities Received As Collateral [Member] | ||
Offsetting Assets [Line Items] | ||
Fair value of securities received as collateral | 350,200 | 346,500 |
Fair Value Of Securities Received As Collateral [Member] | Interest Rate Contracts [Member] | ||
Offsetting Assets [Line Items] | ||
Fair value of securities received as collateral | $ 84,100 | $ 50,000 |
Disclosures About Offsetting _5
Disclosures About Offsetting Assets and Liabilities - Financial Liabilities and Derivative Liabilities that are Subject to Offset (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Offsetting Liabilities [Line Items] | ||
Gross amounts of recognized liabilities, Securities lending | $ (135,693) | $ (68,105) |
Net amounts presented in the Statement of Financial Condition, Securities lending | (135,693) | (68,105) |
Gross amounts not offset in the Statement of Financial Position, Financial instruments, Securities lending | 23,691 | 46,647 |
Gross amounts not offset in the Statement of Financial Position, Collateral pledged, Securities lending | 111,981 | 21,448 |
Securities lending, Net amount | (21) | (10) |
Gross amounts of recognized liabilities, Securities purchased under agreements to resell | (417,644) | (212,011) |
Net amounts presented in the Statement of Financial Condition, Securities purchased under agreements to resell | (417,644) | (212,011) |
Gross amounts not offset in the Statement of Financial Position, Financial instruments, Securities purchased under agreements to resell | 23,441 | 12,028 |
Gross amounts not offset in the Statement of Financial Position, Collateral pledged, Securities purchased under agreements to resell | 394,203 | 199,983 |
Gross amounts of recognized liabilities | (671,988) | (422,144) |
Net amounts presented in the Statement of Financial Condition | (671,988) | (422,144) |
Gross amounts not offset in the Statement of Financial Position, Financial instruments | 61,688 | 60,634 |
Gross amounts not offset in the Statement of Financial Condition, Collateral pledged | 528,845 | 247,281 |
Net amount | (81,455) | (114,229) |
Interest Rate Contracts [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross amounts of recognized liabilities | (118,651) | (142,028) |
Net amounts presented in the Statement of Financial Condition | (118,651) | (142,028) |
Gross amounts not offset in the Statement of Financial Position, Financial instruments | 14,556 | 1,959 |
Gross amounts not offset in the Statement of Financial Condition, Collateral pledged | 22,661 | 25,850 |
Offsetting liability interest rate contracts net | $ (81,434) | $ (114,219) |
Disclosures About Offsetting _6
Disclosures About Offsetting Assets and Liabilities - Financial Liabilities and Derivative Liabilities that are Subject to Offset (Details) (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Offsetting Liabilities [Line Items] | ||
Fair value of securities pledged as collateral to counterparty | $ 394,203 | $ 199,983 |
Fair Value Of Securities Pledged As Collateral [Member] | Interest Rate Contracts [Member] | ||
Offsetting Liabilities [Line Items] | ||
Fair value of securities pledged as collateral to counterparty | 19,100 | 24,100 |
U.S. Government Agency Securities And U.S. Government Securities And Corporate Fixed Income Securities [Member] | Fair Value Of Securities Pledged As Collateral [Member] | ||
Offsetting Liabilities [Line Items] | ||
Fair value of securities pledged as collateral to counterparty | $ 425,900 | $ 218,300 |
Commitments, Guarantees, and _2
Commitments, Guarantees, and Contingencies (Narrative) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Purchase Commitments [Member] | To Be Announced Security Contracts [Member] | |
Loss Contingencies [Line Items] | |
Estimated fair value of the purchase commitments | $ 52.7 |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements (Narrative) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Our Other Broker-Dealer Subsidiaries | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Ratio of indebtedness to net capital | 15 |
Stifel Nicolaus [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Aggregate debit balances | 41.50% |
Net capital | $ 457.9 |
Excess of minimum required net capital | 435.9 |
Stifel Financial Corp. [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Net capital under the alternative method | $ 1 |
Aggregate debit balances | 2% |
Regulatory Capital Requiremen_4
Regulatory Capital Requirements (Schedule Of Total Risk-Based, Tier 1 Risk-Based, And Tier 1 Leverage Ratios) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Stifel Financial Corp. [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Tier 1 capital, Actual Amount | $ 3,915,965 |
Tier 1 capital, Actual Ratio | 0.172 |
Tier 1 capital For Capital Adequacy Purposes, Amount | $ 1,364,893 |
Tier 1 capital For Capital Adequacy Purposes, Ratio | 0.06 |
Tier 1 capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 1,819,857 |
Tier 1 To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.08 |
Total capital, Actual Amount | $ 4,129,814 |
Total capital, Actual Ratio | 0.182 |
Total capital For Capital Adequacy Purposes, Amount | $ 1,819,857 |
Total capital For Capital Adequacy Purposes, Ratio | 0.08 |
Total capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 2,274,822 |
Total capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.10 |
Tier 1 leverage, Actual Amount | $ 3,915,965 |
Tier 1 leverage, Actual Ratio | 0.105 |
Tier 1 leverage For Capital Adequacy Purposes, Amount | $ 1,498,042 |
Tier 1 leverage For Capital Adequacy Purposes, Ratio | 0.04 |
Tier 1 leverage To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 1,872,552 |
Tier 1 leverage To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.05 |
Stifel Financial Corp. [Member] | Common Stock [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Tier 1 capital, Actual Amount | $ 3,230,965 |
Tier 1 capital, Actual Ratio | 0.142 |
Tier 1 capital For Capital Adequacy Purposes, Amount | $ 1,023,670 |
Tier 1 capital For Capital Adequacy Purposes, Ratio | 0.045 |
Tier 1 capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 1,478,634 |
Tier 1 To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.065 |
Stifel Bank & Trust [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Tier 1 capital, Actual Amount | $ 1,344,589 |
Tier 1 capital, Actual Ratio | 0.118 |
Tier 1 capital For Capital Adequacy Purposes, Amount | $ 681,916 |
Tier 1 capital For Capital Adequacy Purposes, Ratio | 0.06 |
Tier 1 capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 909,222 |
Tier 1 To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.08 |
Total capital, Actual Amount | $ 1,464,939 |
Total capital, Actual Ratio | 0.129 |
Total capital For Capital Adequacy Purposes, Amount | $ 909,222 |
Total capital For Capital Adequacy Purposes, Ratio | 0.08 |
Total capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 1,136,527 |
Total capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.10 |
Tier 1 leverage, Actual Amount | $ 1,344,589 |
Tier 1 leverage, Actual Ratio | 0.073 |
Tier 1 leverage For Capital Adequacy Purposes, Amount | $ 740,724 |
Tier 1 leverage For Capital Adequacy Purposes, Ratio | 0.04 |
Tier 1 leverage To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 925,905 |
Tier 1 leverage To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.05 |
Stifel Bank & Trust [Member] | Common Stock [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Tier 1 capital, Actual Amount | $ 1,344,589 |
Tier 1 capital, Actual Ratio | 0.118 |
Tier 1 capital For Capital Adequacy Purposes, Amount | $ 511,437 |
Tier 1 capital For Capital Adequacy Purposes, Ratio | 0.045 |
Tier 1 capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 738,743 |
Tier 1 To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.065 |
Stifel Bank [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Tier 1 capital, Actual Amount | $ 788,811 |
Tier 1 capital, Actual Ratio | 0.119 |
Tier 1 capital For Capital Adequacy Purposes, Amount | $ 397,374 |
Tier 1 capital For Capital Adequacy Purposes, Ratio | 0.06 |
Tier 1 capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 529,831 |
Tier 1 To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.08 |
Total capital, Actual Amount | $ 827,822 |
Total capital, Actual Ratio | 0.125 |
Total capital For Capital Adequacy Purposes, Amount | $ 529,831 |
Total capital For Capital Adequacy Purposes, Ratio | 0.08 |
Total capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 662,289 |
Total capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.10 |
Tier 1 leverage, Actual Amount | $ 788,811 |
Tier 1 leverage, Actual Ratio | 0.072 |
Tier 1 leverage For Capital Adequacy Purposes, Amount | $ 440,792 |
Tier 1 leverage For Capital Adequacy Purposes, Ratio | 0.04 |
Tier 1 leverage To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 550,990 |
Tier 1 leverage To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.05 |
Stifel Bank [Member] | Common Stock [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Tier 1 capital, Actual Amount | $ 788,811 |
Tier 1 capital, Actual Ratio | 0.119 |
Tier 1 capital For Capital Adequacy Purposes, Amount | $ 298,030 |
Tier 1 capital For Capital Adequacy Purposes, Ratio | 0.045 |
Tier 1 capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 430,488 |
Tier 1 To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.065 |
Operating Leases (Narrative) (D
Operating Leases (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Lessee Lease Description [Line Items] | ||
Operating lease right-of-use assets, net | $ 778,216 | $ 775,949 |
Operating lease liabilities | $ 825,529 | $ 819,700 |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities |
Minimum [Member] | Office Space and Office Equipment [Member] | ||
Lessee Lease Description [Line Items] | ||
Operating leases remaining lease term | 1 year | |
Maximum [Member] | Office Space and Office Equipment [Member] | ||
Lessee Lease Description [Line Items] | ||
Operating leases remaining lease term | 12 years |
Operating Leases - Schedule of
Operating Leases - Schedule of Net Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Lessee Disclosure [Abstract] | ||
Operating lease cost | $ 107,281 | $ 107,963 |
Short-term lease cost | 2,164 | 1,385 |
Variable lease cost | 28,623 | 23,106 |
Sublease income | (1,111) | (2,303) |
Net lease cost | 136,957 | $ 130,151 |
Operating lease cash flows | 111,295 | |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 91,925 | |
Weighted-average remaining lease term (years) | 12 years 7 months 6 days | |
Weighted-average discount rate | 5.03% |
Operating Leases - Schedule o_2
Operating Leases - Schedule of Information About Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Lessee Disclosure [Abstract] | ||
2024 | $ 105,502 | |
2025 | 99,994 | |
2026 | 100,545 | |
2027 | 100,148 | |
2028 | 97,335 | |
Thereafter | 651,330 | |
Total undiscounted lease payments | 1,154,854 | |
Imputed interest | (329,325) | |
Total operating lease liabilities | $ 825,529 | $ 819,700 |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities |
Revenues from Contracts with _3
Revenues from Contracts with Customers (Schedule of Total Revenues Broken Out by Revenues from Contracts with Customers and Other Sources of Revenues) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues: | |||
Revenue from contracts with customers | $ 2,709,629 | $ 2,950,827 | |
Other sources of revenue: | |||
Interest | 1,955,745 | 1,099,115 | $ 548,400 |
Principal transactions | 490,440 | 529,033 | 581,164 |
Other Income | 3,466 | 13,851 | |
Total revenues | 5,159,280 | 4,592,826 | $ 4,783,086 |
Commissions [Member] | |||
Revenues: | |||
Revenue from contracts with customers | 673,597 | 710,589 | |
Investment Banking [Member] | |||
Revenues: | |||
Revenue from contracts with customers | 731,255 | 971,485 | |
Asset Management [Member] | |||
Revenues: | |||
Revenue from contracts with customers | 1,299,496 | 1,262,919 | |
Other [Member] | |||
Revenues: | |||
Revenue from contracts with customers | $ 5,281 | $ 5,834 |
Revenues from Contracts with _4
Revenues from Contracts with Customers (Revenues from Contracts with Customers Disaggregated by Major Business Activity and Primary Geographic Regions) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disaggregation Of Revenue [Line Items] | ||
Commissions | $ 673,597 | $ 710,589 |
Investment banking | 731,255 | 971,485 |
Revenue from contracts with customers | 2,709,629 | 2,950,827 |
Capital Raising [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Investment banking | 265,667 | 256,862 |
Advisory [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Investment banking | 465,588 | 714,623 |
Asset Management [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from contracts with customers | 1,299,496 | 1,262,919 |
Other [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from contracts with customers | 5,281 | 5,834 |
Global Wealth Management [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Commissions | 444,949 | 473,638 |
Investment banking | 16,680 | 19,515 |
Revenue from contracts with customers | 1,766,069 | 1,761,563 |
Global Wealth Management [Member] | Capital Raising [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Investment banking | 16,680 | 19,515 |
Global Wealth Management [Member] | Asset Management [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from contracts with customers | 1,299,361 | 1,262,841 |
Global Wealth Management [Member] | Other [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from contracts with customers | 5,079 | 5,569 |
Institutional Group [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Commissions | 228,648 | 236,951 |
Investment banking | 714,575 | 951,970 |
Revenue from contracts with customers | 943,375 | 1,188,999 |
Institutional Group [Member] | Capital Raising [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Investment banking | 248,987 | 237,347 |
Institutional Group [Member] | Advisory [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Investment banking | 465,588 | 714,623 |
Institutional Group [Member] | Asset Management [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from contracts with customers | 135 | 78 |
Institutional Group [Member] | Other [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from contracts with customers | 17 | |
Other [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from contracts with customers | 185 | 265 |
Other [Member] | Other [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from contracts with customers | 265 | |
Other | 185 | |
United States [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from contracts with customers | 2,507,537 | 2,732,788 |
United States [Member] | Global Wealth Management [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from contracts with customers | 1,766,069 | 1,761,563 |
United States [Member] | Institutional Group [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from contracts with customers | 741,283 | 970,960 |
United States [Member] | Other [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from contracts with customers | 185 | 265 |
United Kingdom [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from contracts with customers | 107,631 | 148,690 |
United Kingdom [Member] | Institutional Group [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from contracts with customers | 107,631 | 148,690 |
Canada [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from contracts with customers | 42,263 | 33,718 |
Canada [Member] | Institutional Group [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from contracts with customers | 42,263 | 33,718 |
Other [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from contracts with customers | 52,198 | 35,631 |
Other [Member] | Institutional Group [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from contracts with customers | $ 52,198 | $ 35,631 |
Revenues from Contracts with _5
Revenues from Contracts with Customers (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | ||
Receivables related to contract with customers | $ 136,900,000 | $ 141,200,000 |
Impairment related to receivables | 0 | |
Deferred Revenue | $ 18,500,000 | $ 12,800,000 |
Interest Income and Interest _3
Interest Income and Interest Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest Income (Expense), Net [Abstract] | |||
Loans held for investment, net | $ 1,253,008 | $ 752,273 | $ 378,086 |
Investment securities | 467,199 | 247,755 | 129,858 |
Interest-bearing cash and federal funds sold | 123,363 | 29,996 | 3,794 |
Margin balances | 61,138 | 43,751 | 25,780 |
Financial instruments owned | 16,726 | 20,545 | 15,041 |
Other | 34,311 | 4,795 | (4,159) |
Total interest income | 1,955,745 | 1,099,115 | 548,400 |
Bank deposits | 724,857 | 146,636 | 4,510 |
Senior notes | 50,025 | 44,424 | 47,500 |
Other | 35,454 | 10,327 | (6,012) |
Total interest expense | $ 810,336 | $ 201,387 | $ 45,998 |
Employee Incentive, Deferred _3
Employee Incentive, Deferred Compensation, and Retirement Plans (Details) - USD ($) $ in Thousands, shares in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized to grant | 5.2 | |||
Stock-based compensation | $ 140,263 | $ 135,505 | $ 119,384 | |
Unrecognized compensation expense related to non-vested options | 708,800 | |||
Contributions to profit sharing | 17,600 | 15,800 | 15,200 | |
Debentures [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 105,800 | 91,600 | 64,400 | |
Deferred Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value of stock awards vested | 162,700 | |||
Incentive Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 137,600 | 135,200 | 120,700 | |
Tax benefit related to stock-based compensation | 27,800 | 30,800 | 26,900 | |
Excess tax benefit related to vested stock-based compensation | $ 36,900 | $ 23,800 | $ 38,700 | |
Restricted Stock Units, PRSUs, and Restricted Stock Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total number of stock awards outstanding | 15.5 | |||
Unvested stock awards outstanding | 13.5 | |||
Weighted-average period, compensation cost expected to recognized, in years | 2 years 6 months | |||
Performance-based Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards vesting period in years | 5 years | |||
Award performance period in years | 4 years | |||
Performance-based Restricted Stock Units [Member] | One to Four Years [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of earned award vested | 80% | |||
Performance-based Restricted Stock Units [Member] | Fifth Year [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of earned award vested | 20% | |||
SWAP Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Elective deferrals vested percentage | 100% | |||
Percentage of earnings deferred into company stock units | 5% | |||
Percentage of earnings deferred into company stock units, Additional elective deferral | 1% | |||
Minimum [Member] | Deferred Compensation Plans [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards vesting period in years | 1 year | |||
Minimum [Member] | Deferred Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards vesting period in years | 1 year | |||
Minimum [Member] | Restricted Stock Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards vesting period in years | 1 year | |||
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards vesting period in years | 1 year | |||
Minimum [Member] | Performance-based Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Potential percentage of converted shares | 0% | |||
Minimum [Member] | SWAP Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards vesting period in years | 1 year | |||
Maximum [Member] | Deferred Compensation Plans [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards vesting period in years | 8 years | 8 years | ||
Maximum [Member] | Deferred Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards vesting period in years | 10 years | 10 years | ||
Maximum [Member] | Restricted Stock Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards vesting period in years | 2 years | |||
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards vesting period in years | 10 years | |||
Maximum [Member] | Performance-based Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Potential percentage of converted shares | 200% | |||
Maximum [Member] | SWAP Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards vesting period in years | 10 years | 10 years |
Employee Incentive, Deferred _4
Employee Incentive, Deferred Compensation, and Retirement Plans (Schedule Of Unvested Restricted Stock Award Roll Forward) (Details) - Restricted Stock Units and Restricted Stock Awards [Member] shares in Thousands | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested, Beginning balance | shares | 14,845 |
Granted | shares | 3,101 |
Vested | shares | (4,017) |
Cancelled | shares | (400) |
Unvested, Ending balance | shares | 13,529 |
Unvested, Weighted-average grant date fair value, Beginning balance | $ / shares | $ 46.83 |
Granted, Weighted-average grant date fair value | $ / shares | 62.14 |
Vested, Weighted-average grant date fair value | $ / shares | 40.49 |
Cancelled, Weighted-average grant date fair value | $ / shares | 50.38 |
Unvested, Weighted-average grant date fair value, Ending balance | $ / shares | $ 52.12 |
Off-Balance Sheet Credit Risk (
Off-Balance Sheet Credit Risk (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
General settlement period of securities transactions | 2 days | |
Fair value of securities accepted as collateral permitted to sell or repledge | $ 1,600 | $ 1,800 |
Fair value of collateral securities sold or repledged | 417.6 | 212 |
Outstanding commitments to originate loans | 103.6 | 164.6 |
Letters of credit outstanding | 37.1 | 22.9 |
Unfunded Commitment [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Unused lines of credit to commercial and consumer borrowers | 33.3 | 36.2 |
Unused Lines Of Credit [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Unused lines of credit to commercial and consumer borrowers | $ 6,300 | $ 6,100 |
Standby Letters of Credit [Member] | Maximum [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Letters of credit, expiration period | 1 year |
Income Taxes (Provision For Inc
Income Taxes (Provision For Income Taxes/(Benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Current taxes: Federal | $ 127,771 | $ 159,383 | $ 167,258 |
Current taxes: State | 39,361 | 49,956 | 39,911 |
Current taxes: Foreign | 1,056 | 929 | 2,950 |
Current taxes: Total | 168,188 | 210,268 | 210,119 |
Deferred taxes: Federal | 9,067 | 8,752 | 19,747 |
Deferred taxes: State | 2,917 | 4,203 | 5,640 |
Deferred taxes: Foreign | 3,984 | (262) | 6,717 |
Deferred Income Tax Expense (Benefit), Total | 15,968 | 12,693 | 32,104 |
Provision for income taxes | $ 184,156 | $ 222,961 | $ 242,223 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of The Statutory Federal Income Tax With The Company's Effective Tax Rate) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Statutory rate | $ 148,405 | $ 185,874 | $ 224,087 |
State income taxes, net of federal income tax | 34,012 | 42,813 | 37,169 |
Non-deductible business expenses | 25,177 | 10,944 | 9,732 |
Change in valuation allowance | 21,931 | 9,802 | 2,248 |
Foreign tax rate difference | (2,471) | (2,846) | 125 |
Federal tax credits | (7,002) | (2,793) | (2,126) |
Excess tax benefit from stock-based compensation | (31,109) | (19,418) | (32,004) |
Other, net | (4,787) | (1,415) | 2,992 |
Provision for income taxes | $ 184,156 | $ 222,961 | $ 242,223 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||
Lease liabilities | $ 205,487 | $ 206,091 |
Deferred compensation | 82,593 | 81,457 |
Receivable reserves | 52,342 | 47,308 |
Unrealized loss on investments | 51,549 | 62,318 |
Net operating loss carryforwards | 45,879 | 28,997 |
Accrued expenses | 15,457 | 25,833 |
Total deferred tax assets | 453,307 | 452,004 |
Valuation allowance | (46,843) | (24,779) |
Deferred tax assets | 406,464 | 427,225 |
Lease right-of-use assets | (195,962) | (199,085) |
Goodwill and other intangibles | (72,927) | (61,225) |
Prepaid expenses | (6,966) | (4,427) |
Depreciation | (3,620) | (1,180) |
Other | (5,467) | (2,101) |
Total deferred tax liabilities | (284,942) | (268,018) |
Net deferred tax asset | $ 121,522 | $ 159,207 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax [Line Items] | ||||
Net operating loss carryforward | $ 134,000 | |||
Valuation allowance increase | 22,100 | |||
Net deferred tax asset | 121,522 | $ 159,207 | ||
Unrecognized tax benefits | 5,430 | 5,271 | $ 4,924 | $ 3,962 |
Unrecognized tax benefits, accrued interest and penalties | 400 | 300 | ||
Accounts Payable and Accrued Expenses [Member] | ||||
Income Tax [Line Items] | ||||
Current taxes payable | 6,100 | 9,100 | ||
Other Assets [Member] | ||||
Income Tax [Line Items] | ||||
Current taxes receivable | $ 38,900 | $ 28,100 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Beginning balance | $ 5,271 | $ 4,924 | $ 3,962 |
Increase related to prior year tax positions | 112 | 195 | 2,719 |
Decrease related to prior year tax positions | (63) | (635) | (119) |
Increase related to current year tax positions | 1,083 | 978 | 745 |
Decrease related to settlements with taxing authorities | 0 | 0 | (2,370) |
Decrease related to lapsing of statute of limitations | (973) | (191) | (13) |
Ending balance | $ 5,430 | $ 5,271 | $ 4,924 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2023 Segment | |
Segment Reporting Information [Line Items] | |
Number of business segments | 3 |
Global Wealth Management [Member] | |
Segment Reporting Information [Line Items] | |
Number of businesses within operating segment | 2 |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Operating Information, Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Segment Reporting Information [Line Items] | ||||
Net revenues | [1] | $ 4,348,944 | $ 4,391,439 | $ 4,737,088 |
Income/(loss) before income taxes | 706,692 | 885,116 | 1,067,081 | |
Global Wealth Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | [1] | 3,049,962 | 2,825,866 | 2,598,837 |
Income/(loss) before income taxes | 1,215,822 | 1,067,571 | 914,953 | |
Institutional Group [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | [1] | 1,226,317 | 1,536,017 | 2,152,439 |
Income/(loss) before income taxes | 2,100 | 254,132 | 558,937 | |
Other Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | [1] | 72,665 | 29,556 | (14,188) |
Income/(loss) before income taxes | $ (511,230) | $ (436,587) | $ (406,809) | |
[1] No individual client accounted for more than 10 percent of total net revenues for the years ended December 31, 2023, 2022, and 2021. |
Segment Reporting (Schedule O_2
Segment Reporting (Schedule Of Operating Information, Segment) (Parenthetical) (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting [Abstract] | |||
Net revenues accounted for by individual client, maximum percentage | 10% | 10% | 10% |
Segment Reporting (Schedule O_3
Segment Reporting (Schedule Of Information Of Total Assets On Segment Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Segment Reporting Information [Line Items] | ||
Assets | $ 37,727,460 | $ 37,196,124 |
Global Wealth Management [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 32,773,613 | 32,449,466 |
Institutional Group [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 4,564,058 | 4,285,212 |
Other Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 389,789 | $ 461,446 |
Segment Reporting (Schedule O_4
Segment Reporting (Schedule Of Net Revenues Earned On Major Geographical Areas) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Segment Reporting Information [Line Items] | ||||
Total net revenues | [1] | $ 4,348,944 | $ 4,391,439 | $ 4,737,088 |
United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 4,095,476 | 4,125,563 | 4,332,743 | |
United Kingdom [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 152,125 | 192,985 | 239,559 | |
Canada [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 40,034 | 29,268 | 109,285 | |
Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | $ 61,309 | $ 43,623 | $ 55,501 | |
[1] No individual client accounted for more than 10 percent of total net revenues for the years ended December 31, 2023, 2022, and 2021. |
Earnings Per Share ("EPS") (Com
Earnings Per Share ("EPS") (Computation Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Earnings Per Share [Abstract] | ||||
Net Income (Loss) | $ 522,536 | $ 662,155 | $ 824,858 | |
Preferred dividends | 37,281 | 37,281 | 35,587 | |
Net income available to common shareholders | $ 485,255 | $ 624,874 | $ 789,271 | |
Average shares used in basic computation | 106,661 | 108,848 | 107,536 | |
Dilutive effect of stock options and units | [1] | 6,792 | 8,692 | 10,994 |
Average shares used in diluted computation | 113,453 | 117,540 | 118,530 | |
Basic | $ 4.55 | $ 5.74 | $ 7.34 | |
Diluted | $ 4.28 | $ 5.32 | $ 6.66 | |
[1] Diluted earnings per share is computed on the basis of the weighted-average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Diluted earnings per share include units. |
Earnings Per Share ("EPS") (Det
Earnings Per Share ("EPS") (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Cash dividends declared per common share | $ 1.44 | $ 1.2 | $ 0.6 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Business Acquisition Equity Interests Issued Or Issuable [Line Items] | ||
Number of shares authorized to be repurchased | 11.8 | |
Purchase of treasury stock | $ 441.3 | $ 105.8 |
Treasury stock acquired, Shares, | 7.2 | 1.8 |
Treasury Stock Acquired, Average Cost Per Share | $ 61.5 | $ 60.24 |
Common stock reissued | 2.9 | 2.6 |
Variable Interest Entities (Sch
Variable Interest Entities (Schedule of Aggregate Assets, Liabilities, and Our Exposure to Loss from those VIEs) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Variable Interest Entity [Line Items] | ||
Assets | $ 37,727,460 | $ 37,196,124 |
Total liabilities | 32,433,029 | 31,867,653 |
Variable Interest Entity Not Primary Beneficiary [Member] | Debt and Equity [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | 798,266 | 791,111 |
Total liabilities | 278,602 | 297,555 |
Gain (Loss) on Price Risk Derivatives, Net | 40,088 | 14,776 |
Variable Interest Entity Not Primary Beneficiary [Member] | Miscellaneous Investments [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | 456,286 | 388,408 |
Total liabilities | 277,924 | 296,375 |
Gain (Loss) on Price Risk Derivatives, Net | 40,088 | 14,776 |
Variable Interest Entity Not Primary Beneficiary [Member] | Partnership Interests [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | 341,980 | 402,703 |
Total liabilities | 678 | 1,180 |
Gain (Loss) on Price Risk Derivatives, Net | $ 0 | $ 0 |